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ERAL

ULLETIN
JULY 1947

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS

CARL E. PARIO

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

Debt Retirement and Bank Credit.
Survey of Consumer Finances—Part II. Consumer Incomes and Liquid Asset
Holdings. .
The Structure of Interest Rates on Business Loans at Member Banks, by Richard
Youngdahl

775-787
788-802
803-819

Retail Credit Survey—1946.

820-826

Regulation of Consumer Instalment Credit. .

827-829

Revised Consumer Credit Series

830-835

Report of National Advisory Council on International Monetary and Financial
Problems. .

836-850
851

Transactions in Gold at Premium Prices.
Law Department:
Purchase of International Bank Debentures

852

Foreign Funds Control—Treasury Department Release

852
853

Current Events and Announcements.
National Summary of Business Conditions

854-855

Financial, Industrial, Commercial Statistics U. S. (See p. 857 for list of tables)

857-916

International Financial Statistics (See p. 917 for list of tables) .

917-935

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

936

Senior Officers of Federal Reserve Banks; Managing Officers of Branches

937

Map of Federal Reserve Districts

938

Federal Reserve Publications (See inside of bac\ cover)

Subscription Price of BULLETIN
A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription
price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba,
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$1.50 for 12 months.




FEDERAL RESERVE BULLETIN
VOLUME

July 1947

33

NUMBER 7

DEBT RETIREMENT AND BANK CREDIT
In the sixteen months from February 1946
through June 1947, a sizable amount of the
huge public debt incurred to finance the war
was repaid, and the over-all volume of bank
credit, which had expanded rapidly during
the war, was reduced. The sharp contraction of the public debt, of bank assets, and
of total bank deposits during 1946 resulted
principally from Treasury use of large deposit balances accumulated in the Victory
Loan Drive to retire maturing obligations.
Most of these were held by banks. In the
early months of 1947 a considerable portion
of the funds used for debt retirement was
obtained through current excess of receipts
over expenditures. This surplus was particularly large for the first three months of
the year because of exceptionally heavy tax
collections, which are customarily concentrated in those months. For the fiscal year
ending June 30, 1947, as a whole, there was a
budgetary surplus of 0.8 billion dollars and
total cash receipts of the Treasury exceeded
cash expenditures by 7.4 billion.
In addition to accumulated balances and
the current surplus, a small amount of funds
for the retirement of marketable debt has
been made available during recent months
through net sales by the Treasury of nonmarketable securities. Net redemptions of
savings notes had exceeded the net increase
in savings bonds outstanding during most of
1946, but in 1947 a further increase in savings
JULY 1947




bonds outstanding more than offset the continued decline in savings notes. Accumulations of special issues by Federal agencies and
trust accounts have also made possible a reduction in the amount of marketable obligations held by banks and other investors.
Since a considerable part of the issues retired was held by the Federal Reserve System,
withdrawal of funds from banks to redeem
maturing debt exerted a drain on bank reserves. Reversal in the trend of Treasury
finance thus resulted in restricting somewhat bank credit expansion and in checking the decline in long-term interest rates
that developed in 1945 and early 1946. The
restricting effect, however, was limited, because banks could meet the drain on reserves due to retirement of Federal Reserve
held debt by selling securities which were
in turn purchased for Federal Reserve account. During 1946 banks also sold additional securities to meet the increased demand for loans. The Federal Reserve System
stood ready to absorb these securities in order
to assure an orderly and stable market for
Government securities. Because of their
large holdings of such securities, banks were
able in this way to obtain any additional reserves they needed.
Total bank deposits declined during 1946,
because of the decrease in war loan deposits,
but deposits of individuals and businesses
775

DEBT RETIREMENT AND BANK CREDIT

continued to expand. This expansion resulted largely from a sharp increase in bank
loans and the retirement of public debt held
by nonbank investors. During the first half
of 1947, in contrast, deposits of individuals
and businesses showed no further growth;
the effect of a continued increase in bank
loans was offset by Treasury retirement of
bank held debt from an excess of current
receipts over expenditures.
With war loan deposits almost completely
exhausted by June 30, 1947, possible further
retirement of marketable securities will depend on the extent to which Treasury receipts
exceed expenditures and on further net sales
of nonmarketable securities. Prospects for
the new fiscal year just beginning are that
there will be some funds available for debt
retirement. Most of these funds, which in
any event will be considerably less than retirements during the past sixteen months,
will not become available until the first quarter of the next calendar year. The amounts
will depend on appropriations for expenditures, possible legislation as to tax rates, and
the level of taxable incomes. In the meantime there will be a large volume of maturing debt to be refunded, and the nature of
the refunding program will have a bearing
upon and be influenced by both credit, conditions and the course of interest rates. Changes
in private demands for credit, however,
may become more important factors than
Government finance in shaping future credit
developments.
With the end of the large-scale debt retirement, the resulting drain on bank reserves will also cease. Banks will again be
in a better position to shift into other assets
offering larger returns by selling short-term
Government securities to the Federal Reserve
System, thereby obtaining additional re776




serves. New measures of restraint may be
required to check further bank credit expansion.
TERMINATION OF FEDERAL RESERVE BUYING
RATE ON TREASURY BILLS

On July 2, the following announcement
was issued:
The Federal Open Market Committee of the
Federal Reserve System has directed the Federal
Reserve Banks to terminate the policy of buying
all Treasury bills offered to them at a fixed rate of
% per cent per annum and to terminate the repurchase option privilege on Treasury bills. The
new policy will apply to bills issued on or after
July 10, 1947. Existing policy will continue to apply
to bills issued prior to that date.
The above action was taken by the Committee
after consultation with the Secretary of the Treasury.
The so-called posted rate on Treasury bills was
a wartime measure adopted in 1942 to facilitate
war financing and to stabilize the market for Government securities. It was designed primarily to
encourage banks to make fuller use of their excess
reserves and thus bring about a wider distribution
of Treasury bills. Under current peacetime conditions these arrangements no longer serve their
original purpose and tend to distort conditions in
the money market and the securities market. Certificates of indebtedness which bear a higher rate
than Treasury bills, have largely replaced bills in
the market, not only as a medium for the investment of short-term funds but also as a means by
which banks adjust their reserve positions.
Increased amounts of Treasury bills have been
sold to the Federal Reserve Banks by the market,
and bills have gradually ceased to be a market instrument. Currently, only about 1.5 billion dollars
of the nearly 16 billion total of Treasury bills outstanding are held outside the Federal Reserve
Banks. The Treasury bill rate has thus been eliminated as a factor in the money market. The need
for large-scale borrowing of new money by the
Treasury ceased with the completion of the Victory
Loan Drive and since that time the public debt
has been reduced substantially. Consequently there
is no reason for continuing this wartime mechanism. On the contrary, its elimination will serve a
useful purpose in restoring the bill as a market
instrument and giving addedflexibilityto the Treasury's debt management program.
Under the new policy the Treasury bill rate will
FEDERAL RESERVE BULLETIN

DEBT RETIREMENT AND BANK CREDIT

be expected to find its level in the market in proper
relation to the yields on certificates of indebtedness.
The Federal Reserve System will continue to purchase and hold Treasury bills as well as other Government securities in amounts deemed necessary
in the maintenance of an orderly Government security market and the discharge of the System's
responsibility with regard to the general credit
situation of the country.
As a result of the action taken by the Board of
Governors of the Federal Reserve System in April
to transfer to the Treasury the excess earnings of
the Federal Reserve Banks, the Reserve Banks are
now paying into the Treasury approximately 90
per cent of their net earnings after dividends. Since
most of the Treasury bills now outstanding are
held by the Federal Reserve Banks, whatever increase in interest cost to the Treasury results from
the termination of the posted buying rate and repurchase option will be largely ofTset by increased
Reserve Bank payments to the Treasury.

standing issues during and after the Drive.
Not only did the Victory Loan bring in
funds in excess of the announced goal but
also the budget position became more favorable in the spring of 1946; thus the large
amount of funds obtained in the Drive was
not needed for current expenditures and
could be applied to payment of maturing
debt. Considered in retrospect, the combined
Victory Loan Drive and the subsequent retirement program was essentially a transfer
in debt holdings. Long-term debt was first
placed largely with nonbank investors and
the funds were used subsequently in main
SOURCES OF FUNDS FOR RETIREMENT OF MARKETABLE DEBT,
AND CHANGES IN GROSS DEBT, MARCH 1, 1946-JUNE 30, 1947

[In billions of dollars]
DEBT RETIREMENT PROGRAM

Growth in public debt brought about in
the course of financing the war came to an
end in February 1946 when the gross debt
stood at 279 billion dollars. Since then it has
been reduced by 21 billion dollars to 258
billion on June 30, 1947. This change reflected a reduction in marketable debt of 31
billion, offset in part by an increase of about
8 billion in special issues to trust funds and in
international obligations. An increase in savings bonds outstanding was about offset by a
reduction in savings notes, but total nonmarketable public issues increased by nearly
2 billion dollars over the sixteen-month
period, reflecting the issuance of armed forces
leave bonds.
The debt retirement program in 1946,
which reduced the marketable debt by 23
billion dollars from the February peak, was
financed almost entirely by drawing on
balances accumulated in the Victory Loan
Drive. Funds raised in the Drive had been
drawn in a considerable part from nonbank
investors, although banks purchased outJULY 1947




Source of funds and
change in debt

Mar. 1- Jan.1- Mar. 1?
1946Dec.31, June 30, June 30,
1946
1947
1947

Funds for retirement of marketable debt
Excess of cash income over cash
outgo1
2.1
Net cash sales of nonmarketable
-1.4
debt 2 ....
Draft on Treasury General Fund
22.5
balance, etc
23.2
Total
Change in gross direct debt
-23.2
Marketable debt
-.8
Nonmarketable public issues
+3.9
Other debt4
-20.1
Total
.. .

*4.6

e6.1

+1.7

+ .3

31.6

24.1

7.9
-7.9
+2.6
+4.4

31.1
-31.1

-.9

-21.0

+ 1.8
+8.3

e
1 Estimated.
The excess of cash income over cash outgo does not equal the
budget surplus shown in the daily Treasury statement. Budget
expenditures also include noncash expenditures, and budget
receipts exclude certain social security employment taxes, so that
the budget surplus is usually smaller than the cash surplus.
2
Differs from change in nonmarketable public issues shown in
lower part of table principally because of exclusion of accrued
discount on savings bonds and savings notes and of armed forces
leave bonds and of inclusion of special issues to the Postal Savings
System and the Federal Deposit Insurance Corporation.
3
The actual decline in the balance was 0.2 billion dollars. The
figure of 1.6 billion dollars shown represents the net of certain
additional adjustments consisting principally of a gain of 1.8
billion to the general fund balance due to the transaction in connection with the payment of the United States' contribution to
International Monetary Fund, and a loss of 0.4 billion dollars
the In
reflecting adjustments due to preliminary nature of data.
4
This increase in debt reflects issuance of securities for some
noncash expenditures, including transfers to trust accounts, and
international securities. These noncash items, which are included
in budget expenditures but not in cash outgo, arefinancedby the
issuance of Treasury obligations and hence affect the gross public
debt.

part to retire short-term issues held by the
banks.
As shown in the preceding table and the

777

DEBT RETIREMENT AND BANK CREDIT

chart, debt redemptions during the first six
months of 1947 were made possible principally by an excess of current cash income
over cash outgo which supplied funds for
more than half of the retirement of marketable debt during this period. Owing to declining expenditures and a high level of tax
receipts, the position of the budget continued
to improve and current surplus became an increasingly important source of debt retirement as funds acquired in the Victory Loan
were depleted. Seasonally high tax receipts
in the first quarter of 1947 resulted in an
excess of cash income over cash outgo of over
5 billion dollars, but for the second quarter
of 1947 the cash outgo exceeded cash income.
CASH INCOME AND OUTGO OF THE U. S TREASURY

CASH OUTGO

/
\

/

>

/
/

,/* CASH INC

OME

EX CESS

;J

SH INCOME I

OF CA

/
EXCE

SS OF CASH

OUTGO

N

/

\

1940

1941

1942

1943

Treasury Department data. Cash income and outgo data
do not agree with budgetary figures, as shown in the Daily
Treasury Statement; for explanation of the differences see
Treasury Bulletin for February 1939. Latest figures, for
second quarter of 1947, are partly estimated by Federal Reserve.

Total maturities, other than Treasury bills,
from February 1946 through June 1947
amounted to 64 billion dollars. As shown
in the following table, nearly 30 billion of this
amount was redeemed for cash, in addition
to 1.2 billion dollars of Treasury bills. Maturing Treasury bonds, which accounted for
only a very small part of total maturities during the period, were retired in full. About
three-fourths of maturing Treasury notes
were paid in cash and the remainder was re778




funded into certificates. Thus, nearly 11 billion dollars of total cash payments represented retirements of maturing Treasury
notes and bonds, while cash retirements of
certificates and bills amounted to 20 billion.
Matured certificates and bills not redeemed
were refunded into like securities.
RETIREMENT AND REFUNDING OF UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES, MARCH 1,
1946JUNE 30,

1947

[In billions of dollars]
Total
Matured

80.9

Refunded:
Into certificates
Into bills
Paid in cash, total

34.0
15.8
31.1

To Federal Reserve Banks2 6.6
To commercial banks 2. . . 15.7
To other holders 2
8.8

Bills
H7.0

ik'.k'
1.2
1.0
"".2

Certifi- Notes Bonds
cates
50.2

11.4

2.3

31.1

2.9

19.1

8.5

2.3

4.3
9.1
5.7

1.1
5.3
2.1

.2
1.3
.8

1
The total of Treasury bills outstanding matures every 13 weeks
so that the total bill maturities during the period amounted to
90 billion dollars. There were 17 billion dollars of bills outstanding
continuously until April 1947, when the retirement of part of
weekly maturities was begun, and there were 15.8 billion outstanding on June 30, 1947.
2
Amounts shown represent par value of holdings of issues retired, at end of month or latest date available preceding retirement. Payments to commercial banks are estimated on basis
of data in Treasury Survey of Ownership of U. S. Government
securities.

As shown in the chart on the next page and
in the preceding table, nearly the entire decline in debt reflected a decrease in short-term
issues—bills, certificates, and notes. Since cash
retirements were heavily concentrated in
short-term issues, which are held mostly by
the banking system, the retirement program
was a significant factor in the credit picture.
CHANGES IN OWNERSHIP OF DEBT

Changes in the distribution of holdings of
United States Government securities since
the spring of 1946 were influenced primarily
by the retirement program. Commercial
banks showed the largest decline in holdings; they accounted for half of the retired
issues and in addition sold substantial
amounts of securities in the market. Federal
FEDERAL RESERVE BULLETIN

DEBT RETIREMENT AND BANK CREDIT

is discussed in a later section of this article.
From the beginning of the retirement program to June 30, 1947, the total decline in
United States Government security holdings
of commercial banks is estimated at 22.6 billion dollars. The decline, as shown in a
chart at the end of this article, was largely in
issues maturing in less than one year, since
both cash retirement of matured issues and
market sales were from issues in this group.
Securities due or callable in from one to five
years increased somewhat. A small amount
of sales and the passage of issues into the
shorter maturity classification were more
than offset by issues moving down into this
group from the over-five-year range. In the
longer maturity groups, comprising securities
callable in over five years, commercial banks
made some market purchases but, due to the
passage of issues into shorter maturity classes,
a sizable decline in bank holdings of these
maturities was shown.
Because of the drastic decline in short-

Reserve holdings showed a slight decline;
open market purchases did not quite offset
redemptions. Holdings of nonbank investors also declined; reductions under the retirement program were offset only in small
part by market purchases.
Market sales of United States Government
securities by commercial banks occurred
mostly in 1946. Security holdings of commercial banks declined from February
through December 1946 by 18.6 billion dollars, or 5.8 billion dollars more than the decline in holdings due to cash payments under
the retirement program. These market
sales, which were largely for the purpose of
replenishing reserve funds, were mostly absorbed through Federal Reserve purchases,
largely of certificates and bills. During the
first half of 1947 commercial banks as a group
continued to sell Government securities, but
less continuously and for the six-month period as a whole in substantially smaller
amounts. The effect of these and other developments on the reserve position of banks
INTEREST-BEARING

DEBT

OF THE

U

&

GOVERNMENT

OWNERSHIP, BY GROUPS OF HOLDERS

OUTSTANDING, BY TYPES OF ISSUES

COMMERC IAL B ANKS

J
-

/

f

/

-•*

y
y

-

F WEftAL i \GENCI ES
E
A D TRUS T FUN DSy-^
N

— " •

cot POUATIONS

PMIES

/

—

/

y

J

MUTUAL SAVINGS

FEOEF
BANKS

1
1944

1946

^ ^ S T A TE

1944

AND

1946

i fll Reserve Banks. Guaranteed issues
Figures represent par values. Treasury Department data except holdings of Federal R
ngs b(
are included in all groups except types of securities outstanding. Included in U. S. savings bonds, savings notes, etc., are other

JULY 1947




779

DEBT RETIREMENT AND BANK CREDIT
CHANGES IN OWNERSHIP OF UNITED STATES GOVERNMENT
MARKETABLE PUBLIC SECURITIES, MARCH 1, 1946-JUNE 30,

1947
[In billions of dollars]
Banking system
Period and
type of change

Mar. 1-Dec. 31, 1946
Cash redemption
Net purchase or sale. .
Total change
Jan. 1-June 30, 1947
Cash redemption
Net purchase or sale
Total change
Total, Mar. 1, 1946June 30, 1947
Cash redemption
Net purchase or sale
Total change

Total Com- Fedmer- eral
Re- Total
cial
banks serve
Banks
-23.2 -12.8
-5.8

Other
investors

- 4 . 6 -17.4

-5.8

+5.1 - . 7 + .7
-23.2 -18.6 + .5 -18.1 - 5 . 1
-7.9
-7.9

-2.9
-1.1

-2.0

-4.9
-.6

-3.0

+ .5

-4.0

-1.5

-5.5

-2.4

- 6 . 6 -22.3

-8.8

- 1 . 0 -23.6

-7.5

-31.1 -15.7
-6.9
-31.1 -22.6

+ .6

+5.6 - 1 . 3 +1.3

NOTE.—Figures are estimated in part on the basis of estimated
changes in holdings of all member banks and in part on the basis
of data in Treasury Survey of Ownership of U. S. Government
securities.

term holdings, the average maturity composition of Government security portfolios at
commercial banks lengthened somewhat;
issues due or callable in one year, which at
the beginning of the retirement program
comprised over one-third of total holdings,
declined to one-fourth by April 30,1947. The
relative importance of intermediate maturities, those within one to five years, rose considerably, while the proportion of longerterm issues remained about unchanged.
From February through December 1946
market transactions of investors other than
Federal Reserve and commercial banks included some net purchases, but these fell far
short of retirements. Mutual savings banks
and insurance companies made substantial
net purchases while Federal agencies and
trust accounts showed substantial net sales.
Marketable issues held for these accounts
were sold in the market and were replaced
by special issues. Corporations, individuals,
780




and others as a group bought on balance.
Bonds were purchased by commercial banks,
insurance companies, and mutual savings
banks and were supplied primarily by Federal agencies and trust accounts and by corporations.
During the first six months of 1947 market
transactions by investors other than commercial banks or Federal Reserve Banks resulted
in some increase in their holdings which continued to decline on balance due to debt retirement. Mutual savings banks and insurance companies continued to purchase and
Federal agencies and trust accounts continued
to show net sales, which were heavily concentrated in recent months. The other groups,
largely corporations, purchased heavily in the
market during the first quarter of the year
but probably made net sales during the second quarter. Changes in nonmarketable
debt during both periods included reductions
in tax notes held by corporations and a gradual increase in savings bonds outstanding.
CHANGES IN DEPOSITS

The debt retirement program resulted in
a substantial reduction in total deposits because a large part of the public debt which
was retired was held by the banking system.
To the extent that the public debt retired
was held by commercial banks or Federal
Reserve Banks, redemption payments resulted in an equal reduction of total deposits.
Where the debt was held by nonbank investors, redemptions resulted in no change in
total deposits; the use of accumulated war
loan deposits to retire such debt merely
shifted deposits from Treasury to private accounts. Fluctuations in deposits at banks
and in currency in circulation outside banks
are shown in the chart on the next page.
Total deposits at commercial banks, includFEDERAL RESERVE BULLETIN

DEBT RETIREMENT AND BANK CREDIT

ing United States Government deposits but
excluding interbank balances, declined by
12.3 billion dollars in the period from February through December 1946, but by only an
additional 1.6 billion during the first six
months of 1947. As shown in the following
table, retirement of bank held debt of 17.4
billion dollars was the major factor of contraction during the earlier period, but it was
offset in considerable part by the creation of
new deposits resulting from a rapid expansion of commercial bank loans and some increase in investments other than Government securities. During the later period, the
retirement of bank held debt amounted to
only 4.9 billion dollars, but the offsetting
credit creation due to the expansion of private loans and investments was also at a
much slower rate.
The economic significance of deposit
changes during the past year and a half lies
BANK DEPOSITS AND CURRENCY

loan deposits from 24 billion dollars at the
end of February 1946 to less than one billion
at the close of June 1947 reflected the wiping
out of funds, most of which had been obtained by Treasury borrowing in excess of
needs and had never entered the active money
stream. The increase in privately held deposits, on the other hand, added to potentially effective purchasing power.
Privately held deposits continued to expand in 1946 to new high levels. The growth
of 9.6 billion dollars from February through
FACTORS IN EXPANSION

Factors of change
in deposits

Mar. 1Dec.31,
1946

Contractive factors
Retirement of U. S. Government
securities
Held by Reserve Banks
Held by commercial banks
Sales of U. S. Government securities by banks to other investors

4.6
12.8

Total

-

TOTA

-

.

. . .

Expansive factors
Increase in loans and other investments of commercial banks . .
Other factors, net1
Total

/
J

DEMAND DEPOSITS
ADJUSTED*

Changes in deposits, total
Treasury deposits 2
Private deposits, total

„

I \

Demand deposits, adjusted
Time deposits
TIfc

-

"

CURRENCY
OUTSIDE BANKS

5

_

v

-

•»^—• •
U. & GOV"T DEPOSITS |

'

Figures are partly estimated. Deposits are for all banks in
United States.
Demand deposits adjusted exclude U. S.
Government and interbank deposits and items in process of
collection. Time deposits include deposits in the Postal Savings
System and in mutual savings banks. Figures are for June
and December, 1939-1942; end of month, 1943-1946; last Wednesday of month, beginning 1947; figures for 1947 are preliminary. Latest figures are for May 1947.

not in the decrease of total deposits but in the
further growth of deposits of businesses and
individuals. The decline in Treasury war




1947

Mar. 1,
1946June 30?
1947

2.0
2.9

6.6
15.7

Jan.1June 30,

.7

.6

1.3

18 1

5 5

23 6

5.4
.4

2.6
1.3

8.0
1.7

5 8

3 9

9 7

-12.3

-1.6

-13.9

— 21 9

—1 6

—23 5

+9.6
+6.9
+2.7

-1.0

+ 1.0

+9.6
+5.9
+3.7

1

E
^

JULY 1947

OF DEPOSITS AT

BANKS

[In billions of dollars]

-

I

AND CONTRACTION

COMMERCIAL

Includes among other factors changes in monetary gold stock,
Treasury currency, currency in circulation, bank capital, and
Treasury deposits with Federal Reserve Banks.
2
Excluding Treasury deposits with Federal Reserve Banks.
NOTE.—Factors of contraction and expansion are partly estimated.

December was at an annual rate nearly
equal to the average annual increase during the war period. The growth of privately
held deposits reflected both the creation of
new credit, largely through bank loan expansion, and a shift of deposits from Treasury
to private account. This shift, which was of
nearly equal importance with the creation of
781

DEBT RETIREMENT AND BANK CREDIT

new credit, resulted from the use of war loan
deposits to retire nonbank held debt.
In the first half of 1947, on the other hand,
the expansive factors offset the contractive;
total deposits showed only a slight decrease
and privately held deposits ceased to increase.
Loan expansion was at a slower rate and
the further reduction in war loan deposits
was very small. Retirement out of current
budget surplus of debt held by commercial
banks at the same time tended to reduce
deposits and, as shown in the preceding table,
served to offset the remaining gain in privately held deposits from other sources.
EFFECT ON BANK RESERVES

The effect of the retirement program on
bank reserves was conditioned by the distribution of holdings of maturing issues
among Federal Reserve Banks, commercial
banks, and nonbank investors, and by the
source of funds. In general the effect was to
exercise some drain on bank reserves through
the retirement of Reserve System holdings
and to increase required reserves slightly
through the retirement of nonbank holdings.
Retirement of issues held by commercial
banks, about 16 billion dollars out of the
total of 31 billion retired, had only a minor
effect on the reserve position of banks. Total
reserves were unaffected and the effect on
the level of required reserves was slight.
Retirement of bank held debt out of current
budget surplus tended to reduce privately
held deposits and to lower required reserves.
The bulk of the redemption payments, however, was financed out of accumulated war
loan deposits; the resulting reduction in these
deposits did not lower required reserves because under wartime legislation war loan deposits were exempted from reserve requirements. The provision for exempting war
782




loan deposits from reserve requirements expired on July 1, but such deposits at that time
had been reduced to below one billion dollars. Nevertheless, retirement of debt held
by commercial banks exerted some pressures
upon bank reserves as a result of the shifting
of funds between individual banks which accompanied the retirement process. In recent
months, moreover, calls on war loan deposits
have been timed so as to exert some temporary pressure upon the reserve position of
commercial banks.
The restrictive effects of the retirement
program were greatest where the maturing
debt was held by the Federal Reserve Banks.
As shown in an earlier table (page 780),
total retirement of Federal Reserve held debt
from February 1946 through June 1947,
amounted to over 6 billion dollars and resulted in a direct drain on commercial bank
reserves of this amount. Since April of this
year such retirement has been given special
emphasis through a program of retiring
Treasury bills, which are largely held by the
Reserve System. About 400 million dollars
of bills were retired in April, 600 million during May and 200 million in June.
About 9 billion dollars of retirement payments were on matured issues held by nonbank investors. To the extent that such payments were financed by draft on war loan
deposits, they resulted in a transfer of reserve
exempt Treasury balances to deposits held by
individuals and businesses which are subject
to reserve requirements. Hence, they added
to required reserves.
At the same time the shift from war loan
to private deposits released short-term Government securities that previously had been
held as secondary reserves in anticipation of
the withdrawal of war loan deposits. For
example, at the end of February 1946 bank
holdings of securities maturing or callable in
FEDERAL RESERVE BULLETIN

DEBT RETIREMENT AND BANK CREDIT

less than one year exceeded war loan deposits tially short of the loss of reserves due to the
by 10 billion dollars and this excess amounted retirement of Federal Reserve held debt. The
to 13 per cent of demand deposits held by remaining loss of funds was made up from
individuals and businesses. By the end of other sources—mostly gold inflow, which
April 1947 this ratio had increased to 18 per has been a significant factor during recent
months, and reduction of currency in circulacent.
In the course of the retirement program tion. Also, the shrinkage in demand deposits
commercial banks faced with a drain on their over this period resulted in some reduction
reserves found it necessary to obtain reserves in required reserves.
from other sources. This replenishing was
MONEY RATES AND BOND YIELDS
accomplished largely through sales of Government securities, and bills and certificates
The debt retirement program resulted in
were purchased in the market by the Reserve the removal of some of the factors bringing
System in accordance with the policy of about declines in long-term interest rates, but
maintaining yields on Government securi- did not produce any appreciable rise in
ties at established levels. These market pur- money rates. No significant tightening was
chases by the Federal Reserve for the period possible as the twelve-month certificate rate
as a whole came close to the volume of cash continued to be held at 7/8 per cent and the
redemptions at the Federal Reserve Banks posted buying rate and repurchase option on
and thus largely offset the tightening effects Treasury bills was retained at % per cent.
of the retirement program. To meet an in- In this way, an abundant supply of low cost
creased demand for loans, moreover, banks funds remained at the disposal of commercial
obtained additional reserves through the sale banks and any tightening effect of the retireof short-term Government securities. Ac- ment program on the money market was
cordingly, commercial bank sales of securities limited.
from February through December of 1946
In the spring and summer of 1946, followwere sufficient not only to recover funds lost ing elimination of the preferential discount
from the retirement of Federal Reserve held rate on advances to member banks secured
debt, but also to form the basis for an excep- by Government obligations and accompanytionally large expansion of loans.
ing the retirement program, there were upAlthough reserves were readily supplied ward adjustments in rates charged by comthrough Federal Reserve purchases, some mercial banks on loans secured by Governtightening effect remained. The pressure on ment securities, on loans to brokers, and on
commercial banks to sell short-term securities bankers' acceptances. Since then money
to obtain reserves somewhat reduced their in- market rates on commercial credit have
clination to sell additional Government se- changed very little. Rates on short-term
curities for the purpose of purchasing longer- Treasury certificates fluctuated slightly in
accordance with temporary variations in the
term issues in the market.
During the first six months of 1947 banks reserve position of banks and variations in
as a group continued to sell Government nonbank demand.
In the spring of 1946, following a sharp
securities to the Federal Reserve, but less continuously. As shown in a preceding table decline after the close of the Victory Loan
(page 780), funds thus obtained fell substan- Drive, yields on long-term Treasury bonds
JULY 1947




783

DEBT RETIREMENT AND BANK CREDIT

were lower than at any previous time. Subsequently, yields rose through the third quarter
of 1946 and decreased slightly thereafter.
Long-term bond yields, while above the very
low level of March 1946, have remained
YIELDS ON TREASURY AND CORPORATE SECURITIES

For Treasury bills, rate is average discount on new issue
offered during week. In general 3-to5-year Treasury securities
are represented by Treasury notes maturing within that range;
however, selected issues of notes or bonds were substituted during periods when they were considered more representative.
Latest figures are for week ended June 28, 1947.

lower than at any time prior to that year.
In 1947 there has been a narrowing in
the spread between yields on restricted and
unrestricted issues of comparable maturity.
The sharp decline in bond yields in the
spring of 1946 was caused by heavy bank
and nonbank demand. Purchases of bonds
were induced in large part by the higher
yield that could be obtained from longerterm issues, especially in view of the premiums that became available as these issues
approached maturity while the short-term
interest rates were maintained at a low
level. Anticipation of a further decline in
long-term rates was also a factor in encouraging investment in longer-term maturities.
Following the inauguration of the debt retirement program and the elimination of the
preferential discount rate, anticipations of
further declines in interest rates changed and
yields rose.
Late in 1946, Treasury bond yields again
became subject to downward pressure which
continued into 1947. Sales of Treasury
784




bonds by corporations declined, and the supply of new corporate issues being offered
decreased early in the year. The demand by
insurance companies and mutual savings
banks for long-term bonds became more insistent. This did not reflect any large increase in available funds but rather a change
in investment attitude. Throughout the winter, commercial banks continued a cautious
attitude toward investment in longer-term
Treasury issues, but during more recent
months there has again been an expansion in
bond holdings. Reductions in earnings due
to debt retirement and increased costs, a
growing tendency to discount the possibility
of rising interest rates, and other factors encouraged banks to lengthen their portfolios.
As against these factors of increasing demand, the pressure on yields was relieved
during recent months through the sale of
Treasury bonds for account of Government
agencies and trust funds amounting to about
800 million dollars by June 30. These sales
have supported the level of long-term yields,
which otherwise might have dropped substantially, and in recent weeks the prices
of restricted bonds have declined slightly.
Further developments will depend on commercial bank demand, the Treasury's refunding program, the possibility of continued
sales for Treasury account, and the supply of
new securities offered in the market by corporations, State and local governments, and
the International Bank.
REFUNDING PROGRAM

With the Treasury balance at or close to
a working minimum, debt reduction in the
future will have to be financed out of current Treasury surplus, although some retirement of marketable obligations, particularly
of those held by banks, can be effected
through sale of nonmarketable securities to
FEDERAL RESERVE BULLETIN

DEBT RETIREMENT AND BANK CREDIT

nonbank investors. While the budget outlook remains uncertain, it is evident that future debt retirement will be at a much slower
rate than during the past sixteen months and
that available funds will be small relative to
the large volume of debt that will mature.
On the basis of the expenditure total recommended in the President's Budget and assuming that present tax rates and a high level
of income will continue throughout the current fiscal year, it may be estimated that the
budget will show a surplus of about 3 billion
dollars and that there will be an excess of
cash income over cash outgo of more than
5 billion, which will be available for retirement of marketable debt. Correspondingly larger amounts may become available
should the expenditure total be reduced below the budget recommendation. On the
other hand, available funds might well be
less if there should be an expansion of expenditures, if taxable income should decline
sharply, or if tax rates should be reduced in
the course of the year.
Such funds as become available will be
concentrated largely in the first quarter
of 1948, when seasonally high tax receipts
flow into the Treasury. Little or no funds
will be available in the second half of 1947
or in the second quarter of 1948; but there
are large maturities in both of these periods
which will have to be refunded.
Total maturities other than bills during
the fiscal year 1948 will amount to 36.6 billion
dollars, of which about 11 billion mature in
the third quarter of 1947 and a slightly larger
amount in the first quarter of 1948. As shown
in the table, the total includes 25.3 billion
of certificates, 4.4 billion of Treasury notes,
and 6.9 billion of Treasury bonds. Nearly
two-thirds of the maturing issues are held
by commercial banks and Federal Reserve
Banks combined. Commercial banks hold
JULY 1947




about 70 per cent of the maturing bonds.
The present composition of the public
debt and its distribution by types of holders
will be an important conditioning factor in
the refunding program. The charts on the
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE
PUBLIC SECURITIES MATURING OR CALLABLE IN FISCAL YEAR

1948
[In billions of dollars]
Held by
Type of issue and
quarter due or callable

Total

Federal ComReserve mercial
Banks
banks

Other
investors

Type of issue
Certificates
Notes
Bonds

25.3
4.4
6.9

6.2
.1
.2

9.5
2.5
4.7

9.6
1.8
2.0

Total

36.6

6.5

16.7

13.4

10.9
7.9
11.6
6.2

1.9
.8
3.1
.7

5.0
3.1
5.4
3.2

4.0
4.0
3.1
2.3

Due or callable

1947, July-Sept
Oct.-Dec
1948, Jan.-Mar
Apr.-June

NOTE.—Figures represent par value and exclude Treasury
bills, which are held almost entirely by the Federal Reserve
System. Holdings of commercial banks are totals of holdings of
individual issues maturing or callable infiscalyear 1948 as reported
in Treasury Survey of Ownership of U. S. Government securities
for Apr. 30, 1947. Holdings of Federal Reserve Banks are as
of June 30, 1947.

next page show ownership of public marketable securities by type of issue and by maturity distribution, as well as changes since the
beginning of the war. The largest part of
the wartime increase in the outstanding public debt was in longer-term securities—that
is, in Treasury bonds—and the next largest
was in one-year certificates. Commercial
banks absorbed about one-third of the total
increase in Treasury bonds outstanding,
with practically the entire amount in issues due or callable within ten years. Bank
purchases of bonds included new issues
bought in the early years of the war, as
well as substantial amounts of outstanding issues bought in the market, particularly
in later years.
About half of the wartime increase in certificates was absorbed by commercial banks
785

DEBT RETIREMENT AND BANK CREDIT
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC SECURITIES
BY EARLIEST CALLABLE OR DUE DATE
BILLIONS OF DOLLARS

END OF MONTH FIGURES

80

BILLIONS OF DOLLARS

TIFT

5 - 1 0 YEARS

60
-

_jr\

-

V///A

g| mm
-

-

40
-

*°
-

ml

MM
1942

1%

1944

1

i1
Wm

60

40

-

-

1948

1946

J

-

20

„„.„„..
-

OVER 10 YEARS

1 - 5 Y EARS

60

0

1m1
m

40
-

-l\-

NorJBANK HO LDIN6S

JrTr

M
1942

-

20

[V.W
^^§^^» i

1944

n

1948

1946

BY CLASSES OF SECURITIES
END OF MONTH FIGURES

BILLIONS OF DOLLARS

40

BILLIONS OF DOLLARS

BILLS
120

CERTIFICATES

40
-

^

20
0

A

-

^

lllJ^ISlM

60

40

20

1942

1944

1946

1948

1942

1944

1946

1948

Par value of holdings as reported in Treasury Survey Ownership of United States Government securities. Commercial banks covered in the Survey during 1946 accounted for approximately 93 per cent of the holdings of Government
securities of all commercial banks in the United States. Latest figures for all groups of holders combined are for June 1947,
and latest figures for subgroups are for April 1947.
!

786




FEDERAL RESERVE

BULLETIN

DEBT RETIREMENT AND BANK CREDIT

and the remainder was divided between Federal Reserve Banks and nonbank investors.
Treasury notes, similarly, were absorbed
largely by commercial banks. Treasury bills,
which had served as an effective short-term
market instrument, especially during the
early stages of war finance, drifted almost
entirely into the Federal Reserve Banks and
have ceased to be traded actively in the market. The recent action to discontinue the
posted buying rate and repurchase option is
designed to reinstate the bill as a market
instrument.
Since the beginning of the retirement program in March 1946, extensive retirement of
maturing certificates and notes resulted in
a sharp reduction in the share of total marketable securities held by commercial banks.
The present distribution of public debt holdings is characterized by the fact that the Federal Reserve Bank holdings are almost entirely in the group maturing or callable
within one year, while commercial bank
holdings are mostly in the maturity groups
due or callable within ten years with some

JULY 1947




concentration in the one- to five-year group.
The bulk of nonbank investment is in the
over-ten-year range, which is almost entirely composed of bank restricted issues.
Total nonbank holdings of issues eligible
for bank purchase in all groups amount to
more than 30 billion dollars. Nearly all of
this is due or callable in less than ten years.
The manner in which the maturing issues
are refunded will have important bearing
upon the cost of the public debt, outlets for
various investor groups, and the pattern of
rates and yields. A refunding program will
have to be developed during the next twelve
months that will preserve the taxpayers' interest in maintaining a low level of interest
cost, provide the Treasury with the necessary
funds, and meet the legitimate investment
needs of various investor groups. In addition, the refunding program should facilitate
the adoption of credit policies designed to
restrict excessive bank credit expansion and
at the same time maintain an orderly market
for Government securities.

787

SURVEY OF CONSUMER FINANCES1
Part II. Consumer Incomes and Liquid Asset Holdings

As the first full year of peace after almost four
years of costly war, the year 1946 is one of noteworthy interest and significance. During that year
the armed forces were largely demobilized; the
nation's industrial and distributive organization
completed its reconversion from war production
and quickly attained high levels of peacetime output and employment; and strategic wartime controls over production and prices were first relaxed
and then largely abandoned. Deferred demands of
millions of consumers and deferred plans of thousands of enterprises were thus given opportunity
for relatively free expression in a market place still
short of goods. Federal Government expenditures
were sharply reduced and were but little larger than
cash receipts of the Government; the public debt
was substantially reduced by drawing upon cash
balances accumulated by the Treasury in earlier
years. Bank creclit was in abundant supply at low
cost, and, because of private credit demands, bank
deposits of individuals continued to increase at
rates only moderately lower than in war years.
In these circumstances, prices of many goods and
the money incomes of many individual consumer
units advanced rapidly to new high levels.
These swift and fundamental changes in economic conditions were substantially reflected in
the many statistical data currently available. Their
exact effects upon the distribution of income among
consumers at high-, middle-, and low-income levels,
x
This article was prepared by Duncan McC. Holthausen of
the Board's Division of Research and Statistics. It is the
second in a series to be issued presenting the results of the
Board's Survey of Consumer Finances in 1947. The first
article appeared in the June 1947 BULLETIN and a third will
appear in a later issue.
Dr. Rensis Likert, Director, and Dr. Angus Campbell,
Assistant Director, Survey Research Center, University of
Michigan, were in general charge of the survey. Responsibility for detailed planning and supervision of the survey,
including interviewing, editing, tabulation of results and
their presentation to the Board, was carried by Dr. George
Katona in collaboration with Mrs. Eleanor E. Maccoby, both
of the Survey Research Center's staff. Mr. Charles F. Cannell
served as head of the field staff and Mr. Roe Goodman as
head of the sampling section of the Center. This staff was
formerly associated with the Division of Program Surveys,
U. S. Department of Agriculture.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas,
Director, and Ralph A. Young, Assistant Director, of the
Division of Research and Statistics. Mr. Holthausen has
been in charge of the analysis of the data and the preparation
of reports. Generous and helpful cooperation was received
from members of the technical staffs of the Bureau of the
Budget and other interested public agencies in developing the
survey plans.

788




however, have not been known. Likewise unknown
have been their effects upon the ownership distribution of the billions of dollars of liquid asset
holdings—Government securities and bank deposits
—which consumers have come to hold primarily
as a result of recent war finance.
This article supplies new statistical information
on these important subjects for the year 1946
and compares such information with similar data
for 1945. It is the second of a series of articles presenting the results of a second national
interview survey of consumer finances, conducted early in 1947 under the auspices of the
Board of Governors of the Federal Reserve System
by the Survey Research Center of the University
of Michigan.2 Some of the major findings of the
survey were presented in the June 1947 BULLETIN.
In addition, a more detailed analysis was made of
those results pertaining to consumer purchases of
durable goods, houses, and investments in 1946;
to plans regarding such purchases and their financing in 1947; and to consumer attitudes concerning
the economic outlook as of the beginning of 1947.
Where possible, comparisons were drawn between
findings of the first and second surveys. Also
included was an explanation of the sampling and
survey methods employed in these national surveys. A third article will consider consumer holdings of nonliquid assets—life insurance, securities
other than Federal, and houses—at the beginning of
1947; analyze saving and factors influencing saving
in 1945 and 1946; and give survey results concerning the saving expectations of consumers for 1947.
The interview unit of the surveys of consumer
finances is the spending unit, defined as all persons
living in the same dwelling unit and belonging to
the same family who pooled their incomes to meet
major expenses. For the most part results arc
presented in terms of groups of spending units, but
certain income and liquid asset data are presented
on a family basis as well. Differences in results at2
The first survey was made for the Board of Governors early
in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. Results
of that survey were reported in 1946 in the June, July, and
August issues of the BULLETIN under the general title National'
Survey of Liquid Assets.

FEDERAL RESERVE BULLETIN

SURVEY OF CONSUMER FINANCES
tributable to differences in the unit of tabulation
are discussed in the text.
The universe from which the samples were selected for the consumer finances surveys was the
population of the United States residing in private
households during the interview periods, that is,
January-March 1946 in the first survey and JanuaryMarch 1947 in the second survey. The following
groups were omitted: (1) members of the armed
forces living at military reservations; (2) residents
in hospitals and in religious, educational, and penal
institutions; and (3) the floating population, that
is, people living in hotels, large boarding houses,
and tourist camps.
SUMMARY OF FINDINGS ON CONSUMER INCOME AND
LIQUID ASSET HOLDINGS

An important aspect of the economic transition
from war to peace was a substantial rise in money
incomes received by individuals. It is estimated
that income received by individuals residing in the
continental United States and covered by this
survey amounted in 1946 to at least 10 billion
dollars more than in 1945. This is a somewhat
larger increase than the growth shown by aggregate estimates of total income payments; the latter
include the pay of Federal, military, and civilian
personnel overseas, which declined in 1946, and
thus understate the actual increase in income payments within the continental United States between
1945 and 1946. As our armed forces were withdrawn from overseas, payments to individuals
within the United States and thus within the scope
of this survey increased considerably.
Individual holdings of liquid assets—United
States Government bonds, savings accounts, and
checking accounts—also increased during 1946. As
estimated from over-all banking and Treasury statistics, these holdings amounted to approximately
8 billion dollars more at the beginning of 1947
than a year earlier. The bulk of the increase occurred in savings accounts and checking accounts,
while holdings of United States Government bonds
rose only moderately.
Consumer income.
(1) The over-all increase in total money income
during 1946 was accompanied by a significant
shifting of spending units to higher income groups,
with the result that 60 per cent of all units received
annual incomes of $2,000 or more in 1946, as comJULY

1947




pared with 53 per cent in 1945, and the median
income for all units rose from a little over $2,000
in 1945 to $2,300 in 1946.
(2) About seven of every ten spending units
experienced some change in income between 1945
and 1946, increases being more frequent than decreases.
(3) The shift of consumers towards higher income levels was particularly marked for such occupational groups as professional persons, managerial
groups and self-employed businessmen, clerical and
sales personnel, and farm operators. There was no
significant change in the income levels of skilled,
semi-skilled, and unskilled workers. It is known
that basic hourly wage rates for many of these workers were higher in 1946 than the year before, but, on
the average, the amounts of total annual income
remained about the same.
(4) Spending units in the clerical and sales and
the professional groups reported the largest number
of increases in annual money incomes during 1946
while unskilled wage-earners reported the fewest
increases. Skilled and semi-skilled wage earners
showed more decreases than any other group, but
also an average number of increases.
(5) There was no significant shift between 1945
and 1946 in the proportion of total income received by the 30 per cent of spending units with
the highest incomes in each of these years. About
60 per cent of total money income was accounted
for by these groups in both years. The remaining
70 per cent of the spending units received about 40
per cent of total income in both 1945 and 1946.
(6) Optimism generally characterized consumer
expectations as to 1947 incomes, especially among
spending units in occupational groups with higher
average incomes.
Liquid asset holdings.
(7) Half of all spending units had annual incomes in 1946 of between $2,000 and $5,000, received a little over half of aggregate income for
all units, and early in 1947 owned nearly half of
the total amounts of saving accounts, checking
accounts, and Government bonds held by individuals for their personal accounts. The incomes
and liquid asset holdings of these persons are no
doubt much greater than in prewar periods. The
10 per cent of spending units with annual incomes
of $5,000 or more received almost a third of total income and held about two-fifths of all liquid assets

789

SURVEY OF CONSUMER FINANCES
of the types reported. The remaining 40 per cent
of spending units had incomes below $2,000 and
accounted for approximately 15 per cent of income
and of liquid assets.
(8) There was little change during 1946 in the
relative degree of concentration in the ownership
of liquid assets as compared with the previous year.
This was true because the over-all increases in liquid
assets were generally distributed among the various
segments of spending units in amounts proportionate to their status in the previous year. A ranking
of liquid asset holders either by size of income or
by amount of liquid asset holdings as reported in
the first and second surveys of consumer finances
shows no significant change in amounts of liquid
assets held by each tenth of the spending units thus
arrayed. In other words, the share of the total
increase in liquid asset holdings received by spending units at the upper end of the income scale was
roughly in proportion to their share of total holdings at the beginning of the year.
(9) Liquid assets continued to be dispersed in
widely varying amounts among individuals within
each income group.
(10) As compared with the beginning of 1946,
about 3 million fewer spending units reported that
they held Government bonds in early 1947. This
shift was offset by increased numbers of spending
units having savings accounts and thus the proportion of spending units holding some type of liquid
asset was about the same for both years.
(11) Professional persons and managerial and
self-employed businessmen most frequently held
liquid assets, and, moreover, held relatively large
amounts of them. Unskilled workers most frequently held no liquid assets; about one-half of
the spending units in this group reported no holdings, and the majority of unskilled workers with
holdings had relatively small amounts.
DISTRIBUTION OF SPENDING UNITS AND FAMILIES
BY INCOME

Total money income before taxes as covered in
this survey is the sum of the net money earnings
from civilian employment (including wages and
salaries and the net incomes or losses from farm and
nonfarm business and professional self-employment), armed forces pay of civilians not in the
services at the time of interview and of members
of the services living in private households, and
net money income or losses other than earnings.

790




It does not include income received in kind, such
as the value of home-produced food, meals, or
rent-free living quarters. Nor does it include the
value of farm inventory changes or farm depreciation charges. Furthermore, it does not include
capital gains or losses.
The money income reported was based on memory, sometimes supplemented by actual records
of total income received by the spending unit.
Heads of spending units (in some cases other
members) were asked to report separately the
amount of money income received by the spending
unit from each of a number of specified types of
income such as wages and salaries; interest, dividends, rents, or royalties; income from professional
practice or unincorporated business; various types
of allotments, pensions, retirement pay, contributions, and other income of this type; and income
from work other than regular employment.
The over-all increase in total consumer income—
money income before taxes—during 1946 was accompanied by a significant shift in the distribution
of spending units by levels of money income. Many
more spending units reported money incomes of
$2,000 and above in 1946 than in 1945. Whereas in
1945 some 53 per cent of all consumer spending
units had incomes of $2,000 or above, as shown in
the chart, the proportion in this income group in
1946 was 60 per cent.3 Thus there were about
27.5 million spending units with incomes of $2,000
and above last year as compared with an estimated
24.5 million units with such incomes the year before. A decade ago only one-fourth as many spending units as in 1946 had incomes at these levels.
The spending unit population that received money
incomes before taxes during 1946 in the amount
of $3,000 and over approximated 16 million, or
several times more than the estimated number of
spending units receiving such incomes in the midthirties.
The shift of spending units to higher income
groups during the past two years had the effect of
raising the midmost level of money income for all
spending units. Table 1 shows that the median
3
Because of the sampling error contained in a sample of
approximately 3,000 cases such as was used in the surveys of
consumer finances, changes between two years in any percentage grouping of spending units must be of the following
magnitudes to be adjudged statistically significant: for groups
containing from 20 to 80 per cent of all spending units,
about 3 or more percentage points; for groups containing from
10 to 20 per cent or from 80 to 90 per cent of all spending
units, about 2 or more percentage points; and for groups containing from 5 to 10 per cent or from 90 to 95 per cent of
all spending units, about 1V2 percentage points.

FEDERAL RESERVE BULLETIN

SURVEY OF CONSUMER FINANCES
income for spending units was $2,300 in 1946 and
$2,020 in 1945. Despite this increase in the midmost level of money income, many spending units
in 1946 found that the effective purchasing power
DISTRIBUTION OP SPENDING UNITS
BY INCOME GROUPS, 1946 AND 1945

PER CENT OF

PER CENT OF

l94sJK|l945

J

i

ii

IJ

1 ! feh

O JJHB^LJBK2£2_JBK221_JBB£i^l-_^
UNDER

91,000

9 2.000

I 3,000

#4.000

#5,000

0

#7.600

NOTE.—Covers money income before taxes.

of their incomes did not change correspondingly
because of substantial increases in prices of consumer goods. Within income groups the reported
median income of spending units varied from $600
in the lowest bracket (under $1,000) to $10,250
in the highest bracket ($7,500 and over).
Certain financial data obtained in the 1946 and
1947 surveys of consumer finances have been tabulated by family units (as defined by the Bureau of
TABLE 1
DISTRIBUTION OF SPENDING U N I T S AND FAMILY

UNITS

BY SIZE OF INCOME, 1946 AND 1945 x

[Per cent]
Spending units

Family units

1946

1945

1946

1945

17
23
25
17
8
6
4

20
27
23
15
7
5
3

15
20
22
18
10
9
6

18
22
22
17
9
8
4

100

100

100

100

$2,300

$2,020

$2,600

$2,400

Annual monev income
before taxes
Under $1,000. .
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over. ..
All income groups....
Median income 2

1
The 1945 income data are based on interviews in JanuaryMarch 1946 (first survey); the 1946 income data on interviews in
January-March 1947 (second survey). This table shows that approximately 10 per cent of all spending units had incomes of
$5,000 and above. Before rounding this percentage was 9.6 and,
as shown in later charts and tables, exactly 10 per cent of all
spending units reported incomes of $4,850 and above.
2
The median amount is that of the middle unit when all units
are ranked by size of income.

JULY 1947




the Census, United States Department of Commerce) as well as by spending units. The Census
defines a family as all persons living in the same
dwelling who are related by blood, marriage, or
adoption. Table 1 also presents income distributions by family units for both 1945 and 1946 as derived from these surveys. It is estimated that at the
beginning of 1947 there were roughly 46.3 million
spending units and 40.6 million family units.
Since the spending unit is defined as all persons
living in the same dwelling and belonging to the
same family who pool their incomes to meet their
major expenses,4 there may be more than one spending unit in any family. Early in 1947 about 34
million dwelling units were occupied by families
(including only persons related to the head of the
household) which represented only one spending
unit. In approximately 5 million dwelling units,
however, the families consisted of two or more
spending units and accounted for the entire difference in number of family units as against spending units. In these families there were married
sons or daughters (many of them veterans) who
did not pool their incomes with the head of the
family and therefore were considered separate
spending units; there were also employed single
sons and daughters, or in some cases elderly parents or other relatives who had separate incomes
but did not pool them with the head of the household.
With the same total amount of money income
for a given year distributed among family units
instead of spending units, it is to be expected that
there will be a larger proportion of family units in
higher-income groups. As Table 1 indicates, approximately 65 per cent of all families had incomes
4
Within a family any person not pooling his income with the
head of the family was considered a separate spending unit unless he was under 18 years of age, earned less than $10 a week,
or contributed more than one-half his income to the main spending unit. Husbands and wives were always considered members
of the same spending units.
At the beginning of 1947, there were an estimated 38.7
million dwelling units in the United States. A breakdown of
the occupants of these dwelling units by families and single
individuals and by spending units is shown below:

Families
and single
Spending
individuals
units
(Estimated number, in millions)
Dwelling units where the family and the
spending unit are identical
33.9
33.9
Dwelling units where the family consists
of two or more spending units
4.8
10.5
Additional units in dwellings, i.e., roomers
and servants, not related to the head
1.9
1.9
the household
Total

40. o

46.3

791

SURVEY OF CONSUMER FINANCES
lowest incomes, although as many as one-third had
money incomes above $1,000.
Income distributions of spending units according to occupation of the head of the unit are presented in Table 2 for the years 1946 and 1945.
Because of the small number of cases in each occupational group, these income distributions by occupation should be considered as approximations only
and as rough guides to general trends in the distribution of income between 1945 and 1946. Shifts
in the income distribution of spending units towards higher income levels in the professional, business, clerical and sales, and farm operator groups
were especially marked and were reflected in substantially higher median incomes in 1946 than in
1945. Changes between'the two years in the overall income levels of unskilled, semi-skilled, and
skilled workers were not so marked and were reflected in median incomes for 1946 only slightly
above those in 1945. While it is known that the
heads of spending units in these groups frequently
received increases in basic hourly wage rates, these
increases must have been offset by a reduction in
hours worked plus loss of overtime premiums
formerly received in war industries, and also by
changes on the part of a substantial number of
workers to lower-paying jobs.
Income distributions of spending units according

of $2,000 or more in 1946 as compared with 60
per cent of all spending units. Further, some 25
per cent of all family units received incomes of
$4,000 and above last year as compared with 18 per
cent of all spending units. The median family income in 1946 was $2,600, or approximately oneeighth higher than the median income for spending
units. Whether survey results are tabulated by
spending or family units, however, between 1945
and 1946 the same general pattern of shift towards
higher income levels is shown.
Income distributions of spending units within
different occupational groups indicate that approximately one-third of the spending units headed by
professional persons or businessmen received incomes of over $5,000 in 1946. Skilled and semiskilled workers received somewhat higher incomes
than clerical and sales personnel and substantially
higher incomes than unskilled workers. Money incomes before taxes of farm operators were more
heavily concentrated in the lowest income bracket
than were the incomes of the other gainfully employed groups. Their money incomes, however, are
substantially supplemented by non-money income,
such as food produced on the farm; hence their
reported incomes are not closely comparable with
those of other occupational classes. As might be
anticipated, retired people as a group reported the

TABLE 2
DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL GROUPS, BY SIZE OF INCOME, 1946 AND 1945 *

[Per cent]

Under $1,000
$l,000-$l,999
$2,OOO-$2,999
$3,OOO-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over
Not ascertained
All income grojps.. .
Median income

Professional

Managerial
and selfemployed

1946

Annual money income
before taxes

1946

1945

1945

Clerical
and sales
personnel
1946

Skilled , semiskilled , and
unskilled

1945

1946

1945

8
10
18
13
16
19
15
1

3
22
18
20
17
11
8
1

3
16
15
18
13
14
19
2

5
15
21
18
12
14
14
1

8
22
30
20
11
6
3
(3)

8
36
24
18
6
6
1
1

12
25
32
20

11
29
30
20

7

7
2
(3)

100

100

100

100

100

100

100

r arm
operators 2

Retired
1946

1946

1945

62
20
9
4
1
2
2
(3)

55

100

100

$4,000 $3,300 $3,700 $3,300 $2,600 $2,200 $2,3004 $2,200

(5)

4
(3)
(3)

1945
46
28
11

1

35
27
17
8
5
2
1
5

100

100

100

21
10
4
5
3
1

7

4
2
1
1

(5) $1,300 $1,000

1
The 1945 income data are based on interviews in January-March 1946 (first survey); the 1946 income data on interviews in JanuaryMarch 1947 (second survey). Because of the small number of cases in the various occupational groups and also because of some differences in the coding by occupations between the two years, these distributions should be considered as approximations only and as very
rough guides to general shifts in the distribution of incomes between 1945 and 1946. Separate data are not available for skilled, semiskilled, and unskilled workers in the two years because of differences in coding. All the occupational groupings are in terms of the occupation of the head of the spending unit.
2
As explained in the text; the income distribution for farm operators is not closely comparable with the distributions for other groups
because of the large amount of non-money income that farmers produce for their own consumption.
3
Less than one-half of 1 per cent.
4
The 1946 median income of skilled and semi-skilled workers was $2,800.
5
Not computed.

792




FEDERAL RESERVE BULLETIN

SURVEY OF CONSUMER FINANCES
to other basic characteristics such as their size, the
number of their members employed, and their
place of residence, show essentially the same pattern
for 1946 as for 1945 and other years for which data
are available. One-person spending units as a rule
received lower incomes than larger spending units;
the more employed people in a spending unit, the
higher was its income. Spending units in metro-

a somewhat smaller share of total money income
down to the lowest tenth of all spending units.
The lowest tenth, which included units with incomes ranging downward from $700, received only
one per cent of total income. Half of the spending units received annual incomes of between
$2,000 and $5,000 each and as a group received a
little over half of total income.

TABLE 3
DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF INCOME, 1946

1

[Per cent]
Employed persons in
spending unit

Number of persons in spending unit

Annual money income
before taxes

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over
Not ascertained
All income groups.

One

Two

37
34
22
4
1
5
()
1
1

17
21
23
18
10
6
3
2

100

100

Five
Three

16
32
22
9

9
5
100

Four

6
21
23
23
13
7
6
1

11
21
28
20
8

100

100

6
5
1

None 2

57
26
9
2
2
1
2
1

One

Two
or
more

13
25
28
17
7
5
4
1

6
12
21
25
18
12
4

100

100

Residence of
spending unit
Metropolitan
area 3
10
17
26
20

10
9
7
1
100

Other
urban

area

Rural
area4

13
22
29
20
8
5
3

29
31
19
9
5
3
2
2

100

100

1
For comparable 1945 data, see Tables 18, 19, and 20 in Part Two of National Survey of Liquid Asset Holdings, Spending, and Saving
Division of Program Surveys, U. S. Department of Agriculture.
2
Members of spending unit were unemployed, retired, housewives, students, etc.
3
The 12 largest cities in the nation and their suburbs.
4
Towns with less than 2,500 population and open country.
8
Less than one-half of 1 per cent.

politan areas (including the 12 largest cities in the
nation and their suburbs) generally received
somewhat higher incomes than units in other urban
areas and considerably higher incomes than spending units in rural areas (towns with less than
2,500 population and open country). Income
distributions of spending units having these various
characteristics are presented in Table 3.
SHARES OF MONEY INCOME RECEIVED BY SPENDING
UNITS

When the nation's 46.3 million spending units
were ranked into tenths by size of income in 1946,
as shown in the chart on the next page, the 4.6 million units receiving the highest incomes accounted
for about one-third of the total money income received during the year by all the units. The incomes of this top tenth of the spending units ranged
upwards from about $5,000. Total income of the
next highest tenth of the spending units, whose
incomes ranged from $3,750 to nearly $5,000, was
less than half that of the top tenth. Below the
second tenth, each successive tenth accounted for
JULY 1947




On the whole, the share of total money income
received in 1946 by each tenth of all spending units
when ranked by their incomes in that year was
not substantially different from the distribution
shown in 1945 when spending units were ranked
by their money incomes in that year. While the
proportion of income received by the top tenth may
have increased slightly, both the top tenth and the
bottom six tenths of the income receivers accounted
for nearly a third of total money income before
taxes in the two years. The total and average dollar
amounts of income received, however, were larger
for each group in 1946 than in 1945. Supplemental
Table 13 presents this income comparison for 1946
and 1945.
In connection with these estimates it is important
to recognize that the proportion of income accounted for by the 10 per cent of spending units
having the highest incomes is probably somewhat
underestimated and, on the other hand, that some
of the spending units having lower incomes, such
as farmers, received certain amounts of non-money

793

SURVEY OF CONSUMER FINANCES
income. Results of consumer interview surveys
have always understated the highest incomes owing
to difficulties in securing a representative sample of
high income spending units and also because of
reporting errors by consumers. In the survey of

siderable improvement in the adequacy of survey
results, with a sample of 3,000 spending units it
cannot be expected that a completely representative
sample of the highest dollar incomes will be obtained. It is possible, therefore, that the proportion
of total income received by the 10 per cent of the
spending units having the highest incomes may
be understated by several percentage points. In
all probability, however, the survey findings do
show the correct proportion of all spending units
receiving incomes of nearly $5,000 or more. In
addition, it should be noted that the aggregate
total of money income as estimated from the survey
approximates the recognized aggregate income estimates, such as those of the Department of Commerce, after adjustment for differences of coverage .G

TOTAL MONEY INCOME
PROPORTION RECEIVED BY EACH TENTH
OF THE NATION'S SPENDING UNITS RANKED BY NCOME
SPENDING UNITS

SECOND TENTH

•i

THIRD TENTH

•

FOURTH TENTH

INCOME RANGE

PERCENTAGE OF TOTAL MONEY INCOME RECEIVED

$ 3.7S0 - $ 4 , 8 5 0

1 3,1 10 - $ 3.750

•cm

% 2,7OO-$3,IIO

• 2,300 - $ 2 , 7 0 0

FIFTH TENTH

•a

$ 2,000 - $ 2 , 3 0 0

SEVENTH TENTH

D

$ 1,500 - $ 2 , 0 0 0

EIGHTH TENTH

in

$ 1 ,1 50 - I 1, 500

SIXTH TENTH

CHANGES IN INCOME DURING 1946

The general shifting of spending units to higher
income groups from 1945 to 1946 reflected substantial income changes—both upward and downpi
ward—for a sizable proportion of all the spending
3
units. About seven of every ten spending
units reported some change in income between the
years 1945 and 1946; for four of the seven it was
NOTE.—Each tenth represents approximately 4.6 million
an increase and for the remaining three a decrease.
spending units.
As is shown by Table 4, over two-fifths of the
spending units reported higher incomes in 1946
consumer finances, high-income groups are deliband about one-quarter reported lower incomes.
erately over-sampled to increase the reliability of
Almost one-fifth of all spending units reported
results.5 Although this technique brings about con$

NINTH TENTH

700 - $ 1. 150

UNDER

LOWEST TENTH

$ 700

20
PER CENT

3
A discussion of the expansions of certain findings from the
survey of consumer finances in comparison with accepted national estimates of income, saving, and liquid assets will be
presented in a forthcoming article.

5

For a discussion of this over-sampling, see the explanation
of the sampling method in the Federal Reserve BULLETIN for
June 1947, p. 662.

TABLE

INCOME

CHANGES

FROM

1945

TO

1946

AS

REPORTED

BY

4

SPENDING

UNITS

IN

VARIOUS

OCCUPATIONAL

GROUPS1

Percentage distribution of spending units within occupational group
Change in annual money
income before taxes

All
spending
units

Professional

Managerial
and selfemployed

Clerical
and sales
personnel

Skilled
and semiskilled

Unskilled

Farm
operators

1946 income larger than 1945
Larger by 25 per cent or more. . .
Somewhat larger

42
17
25

46
14
32

42
17
25

59
24

41
17
24

35
15
20

40
16
24

No substantial change in income. . .

27

29

29

21

27

32

1946 income smaller than 1945
Somewhat smaller
Smaller by 25 per cent or more. .

28
16
12

24
14
10

27
15
12

36
21
15

33
20
13

24
18
6

Not ascertained...
All units
1

3
100

1
100

35
21

2

17
8
9
3

100

100

2

5

4

100

100

100

Based on changes in amount of annual money income received as reported by spending units early in 1947 (second survey).

794




FEDERAL RESERVE BULLETIN"

SURVEY OF CONSUMER FINANCES
substantially higher incomes while one-eighth reported substantially lower incomes.
It was the professional, business, farm, and clerical
and sales groups that reported increases much more
frequently than decreases in the total amount of
money income they received during 1946 as compared to 1945. Spending units in the skilled, semiskilled, and unskilled worker groups reported decreases in annual money incomes from 1945 to 1946
almost as frequently as they reported increases.
Increases in income during 1946 were much more
frequent in urban than in rural areas, but somewhat less common in metropolitan than in other
urban areas. About six of every ten spending
units in which the head of the unit was under 25
years of age reported an increase in annual income
as compared with three of every ten units in which
the head of the unit was 45 or more years old. As
might be expected, frequency of increase in income
declined systematically with advance in age.
Spending units referred most frequently to
changes in wage and salary rates as the reason for
changes in income. Discharge from the armed
services was the second most important reason
given for income increases in 1946, but was rarely
mentioned by those whose income had decreased
during the year. Unemployment, strikes, and a
decline in the number of employed people in spending units were other reasons for declines in income.
CONSUMER INCOME EXPECTATIONS, 1947

Consumer expectations with regard to future
income were optimistic at the beginning of 1947
and very similar to expectations expressed a year
earlier. Roughly one-fourth of all spending units

TABLE

CONSUMER EXPECTATIONS CONCERNING

INCOMES

1947 AND 1 9 4 6 x
Percentage of
spending units

Income expectations

1947 2

1946 3

8
18
42
8
4
18
2

11
14
34
14
9
13

100

100

Increase of 25 per cent or more
Increase of 5-25 per cent
Same income (within 5 per cent)
Decrease of 5-25 per cent.
Decrease of 25 per cent or more
Uncertain
Not ascertained.
All units

5

1

The question was: "How large do you think your income will
be2for the entire year 1947 [1946]?" Farm operators omitted.
Based on interviews in January-March 1947 (second survey).
* Based on interviews in January-March 1946 (first survey).

expected their incomes to increase while about oneeighth expected their incomes to decline during
1947. As is shown in Table 5, early in 1947 there
were considerably fewer spending units expecting
income declines than there had been early in 1946.
Since the units anticipating the largest percentage
increases were primarily in the lowest-income
groups and those anticipating the largest percentage
declines were primarily in upper-income groups,
the over-all dollar totals of expected increases and
decreases in money income during 1947 of all
spending units were almost the same. In other
words, people, in the aggregate, expected a total
income in 1947 substantially the same as in 1946.
The income expectations of the various occupational groups showed considerable differences.
More people in the professional, business, and
clerical and sales groups than in other groups ex-

TABLE
EXPECTED INCOME CHANGES DURING 1947,

5

6

BY OCCUPATION OF H E A D OF SPENDING

UNIT1

Percentage distribution of spending units within each occupational group
Expected change of income
during coming year

Increase of 5 per cent or more
Same income
Decrease of 5 per cent or more
Don't know
Not ascertained
All units.

All
spending
units

Professional

Managerial
and selfemployed

Clerical
and sales
personnel

Skilled
and semiskilled

Unskilled

Farm
operators

23
42
14
19
2

34
39
7
20
0

30
30
14
25
1

39
38
8
14
1

21
46
15
16
2

14
46
13
25
2

19
33
28
18
2

100

100

100

100

100

100

100

1

The question was: "Do you think a year from now you will be making more money or less money than you are now, or will you
be making about the same?" The results are based on interviews in January-March 1947.

JULY

1947




795

SURVEY OF CONSUMER FINANCES
pected their incomes at the beginning of 1948 to be
higher than they were at the time of the interviews early this year. Among unskilled workers,
about the same numbers expected increases as expected decreases. In the case of farm operators,
however, the proportion expecting lower incomes
exceeded the proportion anticipating higher incomes. The detailed data on 1947 income expectations by occupational groups are set forth in Table 6.
In general, the income expectations expressed
by the various occupational groups at the beginning of 1947 conform quite closely to expectations
expressed a year earlier. Perhaps the two most
noticeable changes in 1947 are the greater degree
of uncertainty expressed by most groups and the less
pessimistic outlook of the skilled and semi-skilled
groups.
LIQUID ASSET HOLDINGS OF SPENDING UNITS

During 1946 there was a net increase of approximately 8 billion dollars in total personal holdings
of liquid assets—United States Government bonds,
savings accounts, and checking accounts. This inSPENDING UNITS HOLDING
VARIOUS TYPES OF LIQUID ASSETS
BY INCOME GROUPS, EARLY

1947

ANY LIQU 10 ASSETS*

US

GO V T B O N D S ^
4

-

"SAVINGS
ACCOUNTS

-

S
•

CHECKING
ACCOUNTS

-

-

UNDER
$1,000

-

$1,00
$1,99

$2,000
$2999

$3,000
$3999

* Includes U. S. Government bonds, savings accounts, or
checking accounts.

crease, as estimated from over-all banking and
Treasury statistics, brought personal holdings of
these liquid assets to the record total of about 130
billion dollars at the beginning of 1947. These
figures do not include liquid savings in the form

796




TABLE 7
SPENDING U N I T S HOLDING VARIOUS T Y P E S OF LIQUID ASSETS,
EARLY

1947 AND 1946, BY INCOME

GROUPS1

Percentage of spending units in each
income group having:
Annual money
income
before taxes

Any
liquid
asset2

Government
bonds 3

Savings
accounts4

Checking
accounts

1947 1946 1947 1946 1947 1946 1947 1946
Under $1,000. . 49
$1,000-$ 1,999.. 65
$2,000-$2,999.. 80
$3,000-$3,999.. 89
$4,000-$4,999. . 92
$5,000-$7,499.. 100
$7,500 and over. 100

49
68
85
92
94
98
100

25
44
62
69
77
86
91

31
54
74
80
89
91
96

26
37
50
60
62
69
69

22
32
43
50
55
60
52

21
30
30
39
56
72
89

21
29
28
42
50
67
88

All income
groups. .

76

56

63

47

39

37

34

76

1
Data for early 1947 are based on interviews in January-March
1947 (second survey); for 1946 on interviews in January-March
1946 (first survey).
2
Includes all types of U. S. Government bonds, savings accounts,
and checking accounts.
3
Includes all types of U. S. Government bonds.
4
Includes savings accounts in banks and savings and loan
associations, postal savings, and shares in credit unions.

of currency, for which representative information
could not be obtained from individual holders.7
As was noted in Part I of the publication of the
results of this survey of consumer finances (June
1947 Federal Reserve BULLETIN), the increase in
liquid assets during 1946 was not shared by all
spending units. As many spending units reported
decreases in liquid asset holdings during 1946 as
reported increases. The effects of these shifts in
holdings upon the types and amounts of liquid
assets held by spending units and also upon the concentration of these holdings are discussed in the
following pages.
There was no change between early 1946 and
early 1947 in the estimated number of spending
units holding at least one of the three reported types
of liquid assets, that is, Government bonds, savings
accounts, or checking accounts. As is shown by
Table 7, roughly three-fourths of all spending units
held some type of liquid asset in both years.
There were significant shifts, however, in the
number of spending units holding a particular type
of liquid asset. Roughly 3 million fewer spending
units held Government bonds at the beginning
of 1947 than a year earlier. In contrast to the
7
Information was obtained on the amounts of currency held
by spending units for current transactions, however, and will
be reported in a later article.

FEDERAL RESERVE BULLETIN

SURVEY OF CONSUMER FINANCES
TABLE

8

LIQUID ASSETS HOLDINGS OF SPENDING U N I T S IN EARLY 1947

AND 1946,

BY INCOME G R O U P S 1

Percentage distribution of spending units within income groups
Amounts of liquid assets held

All spending
units

lender $1,000

$l,000-$2,999

$3,000-$4,999

1946

1947

$5,000 and over

1947

1946

1947

1946

1947

24
26

24
29

51
29

27
31

24
35

10
24

7
23

15
5
2

15
3
2

30
9
3

29
9
3

34
24
8

41
22
7

0
10

2
4

29
12
6

51
27

28
14
8

22
27
41

25
29
40

100

100

100

100

100

100

100

100

100

100

44
32

37
37

75
19

37
45

28
36

18
39

13
21

9
21

20
6

4
2

69
24

47
37

18
6

6
1

13
3

15
3

30
6

35
8

34
32

40
30

100

100

100

100

100

100

100

100

100

100

53
18
18

61
16
16

78
13
6

56
21
17

63
18
14

31
15
18

43

7

3

3

6

5

39
20
25

49
19
22

11

74
15
8

16

10

36

8
27
22

100

100

100

100

100

100

100

100

100

100

63
21
12
4

66
18
14
2

79
14
6
1

79
17
3
1

70
19
9
2

72
19
8
1

56
26
14
4

55
26
14

5

21
26
30
23

25
25
30
20

100

100

100

100

100

100

100

100

100

100

1946

1947

1946

Total liquid assets:None
$l-$499
$500-$l,999
$2,000-$4 999
$5,000 and over
All units

. .

. . .

.

U. S. savings bonds (Series A-F):*
None
$l-$499
$500-$l,999
$2,000 and over
All units
Savings accounts:*
None
..
$l-$499
$500-$ 1 999
$2,000 and over

..

. . . .

All units
Checking accounts:
None
$l-$499
. . . .
$500-$l,999
$2,000 and over
All units
1

Data for early 1947 based on interviews in January-March 1947 (second survey); data for 1946 on interviews in January-March 1946
(first2 survey).
Includes all types of U. S. Government bonds, savings accounts, and checking accounts.
3 Amounts refer to purchase price of savings bonds.
* Includes savings accounts in banks and savings and loan associations, postal savings, and shares in credit unions.

change noted in holdings of Government bonds, a
significantly larger proportion of spending units
held savings accounts and checking accounts at
the beginning of 1947 than a year earlier. This
shift is particularly noticeable in the case of savings
accounts; about four of every ten spending units
had such accounts in early 1946 as compared with
almost five of every ten at the beginning of 1947.8
United States Government bonds are still the
most widely held liquid asset. As was discovered a
year ago, not only does a greater percentage of the
nation's total spending units hold Government
bonds than any other type of liquid asset, but also
a greater percentage of the spending units in each
8
There is some possibility that this
as shown in Table 7, is somewhat
of a change between the two years
interviewers to obtain information

JULY

1947




shift to savings accounts,
overstated as the result
in the questions vised by
about people's savings

income grouping. As is shown in the accompanying chart, this generalization was also true of Government bond holdings in 1947. Data presented in
the chart also confirm the finding of the first survey that Government bonds and savings accounts
are distributed in a manner similar to total holdings of liquid assets, with the proportion of holders
increasing quite steadily from lower- to higherincome groups. Checking accounts, on the other
hand, are held by a relatively small percentage of
units in the lower- and middle-income brackets and
by a relatively large percentage of those in the
highest brackets.
There was some upward shifting in the proportion of spending units holding relatively large
amounts of liquid assets, as is indicated in Table 8.
Over one-fifth of the nation's spending units held
$2,000 or more in liquid assets at the beginning

797

SURVEY OF CONSUMER FINANCES
of 1947, as compared with a somewhat lower proportion in the previous year. At the beginning
of 1947 slightly smaller proportions of all spending
units held $l-$499 and $500-$ 1,999 in liquid assets than a year earlier. The median amount of
liquid assets held by all spending units (including
those who had none) was $470 at the beginning
of 1947 and $400 at the beginning of 1946. The
median amount held by spending units that had
some liquid assets was $890 in early 1947 and $750
a year earlier.
The most striking change in dollar holdings of
savings bonds between 1947 and 1946 is the decline in the proportion of spending units, particularly in income groups below $3,000, holding less
than $500. It is evident that there was considerable
turnover in Government bond holdings during
1946, especially of small denomination savings
bonds. Of the spending units holding discount
bonds (Series A-F) at some time during the year,
29 per cent reported that during the year they had
redeemed bonds and bought none, 20 per cent reported that they had bought bonds but redeemed
none, and 4 per cent reported that they had both
bought and redeemed bonds. The remainder of
those holding bonds (about 50 per cent) reported
that they had neither bought nor redeemed bonds
during the year.
In the case of savings accounts, there was a considerable increase in holdings between the begin-

ning of 1946 and 1947. Many more spending units
with incomes above $3,000 held $2,000 or more in
banks or savings and loan associations, while in
all income groups there were increases in the numbers of spending units holding amounts of less
than $2,000 in savings accounts and declines in
those having no savings accounts.
While there is a strong tendency for high-income
groups to have large holdings of liquid assets and
low-income groups to have smaller holdings or none
at all, there is a great deal of variation within
every income group in the size of liquid asset
holdings. This was first pointed out in last year's
survey, and, as Table 9 indicates, there has been
no change in this relationship. When holders
within each income class were ranked according
to size of holdings, every holder in the quarter
with the highest holdings had more liquid assets
than the middle holder of the next higher income
group except for the two highest income groups.
SHARES OF LIQUID ASSETS HELD BY SPENDING UNITS

Shares of total liquid assets held by each tenth
of the nation's spending units, when ranked by
the size of their liquid asset holdings, showed no
change during 1946. Early in 1947 the top tenth
of the holders held 60 per cent of the total amount
of liquid assets owned by all spending units. As
shown in Table 10, this same proportion was held
TABLE

TABLE

PROPORTION

9

OF LIQUID

W H E N RANKED (1)
DISPERSION OF LIQUID ASSET HOLDINGS, EARLY 1947,

WITHIN

10

ASSETS

HELD

BY SPENDING

BY SIZE OF INCOME AND (2)

LIQUID ASSET HOLDINGS, EARLY 1947

AND

UNITS

BY SIZE OF
1946

INCOME GROUPS

Annual money income
before taxes

Under $1,000..
$1,000-$l,999..
$2,OOO-$2,999. .
$3,000-$3,999. .
$4,000-$4,999. .
$5,OOO~$7,499. .
$7,500 and over

Amount of liquid assets
held by spending unit at:*

330
760
1,300
2,150
3,250
5,250
12,000

1
Figures refer to spending units within each income group selected as follows:
First quartile—holdings of the spending unit which separates
the fourth with smallest holdings from the upper three-fourths.
Median—holdings of the spending unit which is the mid-point
of the distribution; half of the spending units are below and half
above.
Third quartile—holdings of the spending unit which separates
the fourth with largest holdings from the lower three-fourths.
Similar data as published from the 1946 survey (see Table 5 in
July 1946 Federal Reserve BULLETIN, p. 718), are not strictly comparable since they include savings in the form of currency.

798




Percentage
Percentage
of liquid asof liquid assets held by
sets held b y
each tenth
each t e n t h
Spending units
Spending units
ranked according of liquid asranked according of income
receivers
set holders
to their holdings
to their incomes
of liquid assets
Early Early
1947 i 1946 2
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth. . . .
All tenths

39
15
9
7
7
7
5
4
4
3

40
13
10
7
8
6
5
4
3
4

100

100

Early
1947

Early
1946

60
17
10
6
4
2
1
(3)
0
0

60
17
10
6
4
2
t
<*)
0
0

All t e n t h s . . . . 100

100

Highest tenth.. .
Second
Third
Fourth
Fifth . .
Sixth
Seventh
Eighth
Ninth
Lowest tenth. . .

1
F o r s p e n d i n g u n i t s r a n k e d in o r d e r of t h e i r 1946 a n n u a l incomes (second s u r v e y ) .
2
F o r s p e n d i n g u n i t s r a n k e d in o r d e r of t h e i r 1945 a n n u a l incomes (first s u r v e y ) .
s Less t h a n one-half of 1 per c e n t .

FEDERAL RESERVE BULLETIN

SURVEY OF CONSUMER FINANCES
by the top tenth of holders at the beginning of
1946. Also, in both years nearly 40 per cent of
all spending units held none, or small amounts,
of the liquid assets reported. Table 16 at the end
of this article shows that there was a general upward shifting of the amounts of liquid assets held
by the individual spending units in each segment,
except the lowest 40 per cent.
Perhaps a more significant way of analyzing the
distribution of liquid assets from the standpoint of
their possible use for consumption or investment
purposes is to rank spending units by the size of
their incomes and determine the relative proportion of liquid assets held at the upper and lower
ends of the income scale. The results of this procedure, shown in Table 10 and also in the accompanying chart for 1947 only, indicate that the top 10
TOTAL LIQUID ASSETS
PROPORTION HELD BY EACH TENTH
OF THE NATION'S SPENDING UNITS RANKED BY INCOME

<BY EACH TENTH OF ALL SPENDING UNITS!

(RANKED BY INCOME)

(OF EACH TENTH)

| 4.850 AND OVER

SECOND TENTH

$ 3,750 - •

—

4,850

THIRD TENTH

H E D B

t 3, 100 - | 3 , 7 5 0

FOURTH TENTH

H Q H

$ 2 . 7 0 0 - f 3,100

FIFTH TENTH

H E S

| 2,300-12.700

SIXTH TENTH

J E H

f 2,000 - | 2,300

SEVENTH TENTH

B T J

• 1,500 - | 2.000

EIGHTH TENTH

IHW

• 1.150 - | 1,500

NINTH TENTH

| 3 i

$

7 0 0 - | 1.150

UNDER

LOWEST TENTH

# 700

20
PERCENT

NOTE.—Each tenth represents approximately 4.6 million
spending units. Total liquid assets include U. S. Government
bonds, checking accounts, and savings accounts as reported
by spending units in January-March 1947.

per cent of spending units, ranked according to income, held roughly 40 per cent of total liquid assets
at the beginning of this year. The same proportion
of total assets was held a year earlier by the group
containing the 10 per cent of spending units having
the highest incomes at that time. Many spending
units that were in the top tenth of income receivers
in 1945 fell into lower tenths in 1946; conversely, many spending units that were in lower
ranks in 1945 were in the top tenth in 1946.
JULY

1947




Also, there were substantial changes in the liquid
asset holdings of many individual spending units.
Thus the unchanged distribution of liquid assets
by income ranking reflects numerous offsetting
changes in both income and liquid asset holdings.
In general, the share of liquid assets held by
spending units increased with the size of their
incomes. And, as has been pointed out earlier in
this article, the percentage of spending units holding
liquid assets increased with income. Nevertheless,
many spending units with relatively high incomes
held no liquid assets and a sizable number of spending units with low incomes held substantial amounts
of liquid assets.
The 30 per cent of spending units with the
largest incomes in 1946 held a little over 60 per
cent of total liquid assets in early 1947. The bottom
50 per cent of income receivers, as shown in the
chart, held almost 25 per cent of the total amount
of liquid assets owned by the nation's spending
units. Another combination indicates that the 50
per cent of the spending units with annual incomes
of between $2,000 and $5,000 in 1946 received
slightly more than half of the total income of all
units and held close to half of the liquid assets
reported.
Liquid asset holdings of the 50 per cent of the
spending units with the lowest incomes, that is, less
than $2,300 in 1946, may approximate 30 billion
dollars. This is no doubt much larger than holdings of this group in prewar years, when total
liquid assets amounted to little over 50 billion dollars and were probably much more largely concentrated at the upper end of the income scale than
is now the case. Present holdings, although considered as permanent reserves by most holders, represent a sizable sum available for living expenses,
emergencies, and other consumption purposes, the
primary uses for which a substantial number of
spending units at the lower end of the income scale
reduced their liquid assets in 1946. The liquid
assets held by the top 10 per cent of income receivers (including spending units with incomes of
almost $5,000 or more) amounted to roughly 50
billion dollars at the beginning of 1947. Persons
with high incomes who reduced their liquid asset
holdings in 1946 converted them primarily into
investments or housing.
The relative concentration of liquid asset holdings when units are ranked by size of holdings
is identical whether the population is distributed

799

SURVEY OF CONSUMER FINANCES
among spending units or family units. Family
units of course hold somewhat larger average
amounts of liquid assets than spending units, but
the relative distribution of these holdings among
units of either type is the same.
Supplementary Tables 17 and 18 indicate for
family units the size of liquid asset holdings by
income groups and the proportion of liquid assets
held by the various income groups.
CHARACTERISTICS OF LIQUID ASSET HOLDERS

There are significant differences among occupational groups in the amounts of liquid assets held,
as indicated by Table 11. Professional and business people held relatively large amounts, on the
average, and few spending units in these groups
had no liquid assets. Clerical and sales personnel
had moderate amounts of assets—the majority holding less than $1,000—and there were relatively few
spending units in this category that held either
very large amounts or no liquid assets. Among
skilled and unskilled workers, and especially
among unskilled workers, there was a sizable
group that held no liquid assets, and the possession of large amounts was quite uncommon. Differences among occupational groups in the size
of liquid asset holdings appear to correspond quite
closely to differences in the size of incomes. Most
professional people and self-employed businessmen
and managerial groups have higher incomes than
skilled and unskilled workers, and therefore may

well be expected to have more accumulated wealth
in liquid forms.
A comparison of the size of liquid asset holdings
according to the relative age of the head of the
spending unit reveals that spending units with the
youngest members as heads of the units had the
smallest accumulations of liquid assets as of early
1947. About a third of the youngest group (aged
18-24) had no assets, and few had large holdings
of assets. As Table 11 shows, the largest amounts
were held by the group between 45 and 64 years
old. Among those over 65, there was a sizable
group without liquid assets as well as a considerable
number with substantial holdings.
Although in many respects differences in the
size of liquid asset holdings, when spending units
are grouped by occupation, age, and other factors,
appear to be closely associated with income, not
all the differences in the size of these holdings can
be attributed to income. The influences of factors
other than income on liquid asset holdings of
individual spending units can be analyzed by comparing the characteristics of "large," "medium,"
and "small" holders within the same income groups.
"Large holders" were defined to include the top
25 per cent of asset holders of spending units in
each income group, "small holders" the bottom
25 per cent, and "medium holders" the middle
50 per cent. "Large holders" are thus units whose
holdings are large for their income, not large in the
absolute sense.

TABLE 11
DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL AND AGE GROUPS, BY AMOUNT OF LIQUID ASSET
HOLDINGS, EARLY 1947

[Per cent]
Occupational group of head of spending unit

Amounts of total1 liquid
assets held

None
$l-$499
$500-$l,999
$2,000-$4,999
$5,000 and over
Not ascertained
All units .
Median asset holdings
1
2

3

Professional
6
20
31
19
19
5

Skilled
Managerial Clerical
Unand sales and semi- skilled
and selfskilled
employed personnel
10
18
31
19
16
6

12
31
32
16
6
3

22
30
29
12
4
3

Age of head of spending unit
Retired

18-24

25-34

35-44

45-64

65 and
over

48
28
18
5
(2)

40
18
15
11
11
5

32
41
22
4
0
1

24
33
27
11
3
2

23
23
29
15
7
3

20
22
26
16
12
4

32
22
22
11
9
4

100

100

100

100

100

100

100

100

100

100

100

$1,300

$1,250

$600

$400

$50

(3)

(3)

(3)

(3)

(s)

(3)

Includes all U. S. Government bonds, savings accounts, and checking accounts
Less than one-half of 1 per cent.

Not computed.

800




FEDERAL RESERVE BULLETIN

SURVEY OF CONSUMER FINANCES
The various characteristics of large, medium,
and small holders are shown in Table 12 and are
similar to characteristics ascertained in last year's
survey. Skilled and semi-skilled workers, when
TABLE

Tables 13 through 18 contain supplementary information relating to results presented in the text.
TABLE

13

SHARE OF TOTAL M O N E Y INCOME RECEIVED BY EACH T E N T H
OF THE NATION'S SPENDING U N I T S , W H E N RANKED BY SIZE
OF INCOME, 1946 AND 1945 x

12

CHARACTERISTICS OF LARGE, M E D I U M , AND SMALL HOLDERS
OF LIQUID ASSETS W I T H INCOME H E L D C O N S T A N T 1

[Percentage distribution of spending units within group]

Group of spending units

By age of head of unit:
18-24
25-34
35-44
f 45-64
65 and over

All
Medi- Small
um
spend- Large
holding
hold- hold- ers 2
units
ers 2
ers 2

100
100
100
100
100

14
19
21
30
38

61
50
51
49
43

25
31
28
21
19

By occupational grouping of head of
unit:
Professional or clerical and sales.
Managerial or self-employed....
Skilled, semi-skilled, or unskilled
Retired

100
100
100
100

26
29
18
38

58
49
51
40

16
22
31
22

By education of head of unit:
Grammar school
High school
College

100
100
100

24
23
32

46
54
52

30
23
16

100
100

26
19

50
52

24
29

100
100
100

25
26
29

51
49
48

22

52

26

49

1946

1946

1946

1945

32
15
12
10

Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth

1945
29
16
13
11
9

32
47
58
69
78
85
91
95
99
100

29
45
58
69
78
85
91
96
99
100

9
7
6

7

6
5
3
1

5
3
1

25

1945

$4,850 $4,450
3,750 3,500
3,100 2,950
2,700 2,450
2,300 2,050
1,700
2,000
1,350
1,500
1,000
1,150
700
550
0
0

26

100

Spending units
ranked according
to size of income By each tenth

24
25
23

100

Cumulative

Amount of
income of
smallest income receiver
in group

Percentage of total money
income received before taxes:

By type of community:
Metropolitan areas 3
Other cities of more than 50,000
Towns of 2,500 to 50,000 population
Towns of under 2,500 population.
Open country
By veteran status:
Veteran of World War II in unit.
No veteran of World War II in
unit
1

For comparable data in the 1946 survey, see July 1946 Federal
Reserve BULLETIN, Table 8, p. 721.
2
The one-fourth in each income group with the largest liquid asset
holdings were considered "large holders." The one-fourth in each
income group with the smallest holdings, many of whom had no
assets, were considered "small holders." "Medium holders" were
the middle 50 per cent in each income group.
3
The 12 largest cities in the nation and their suburbs.

compared with people of similar incomes but
different occupations, had considerably smaller
amounts of liquid assets. Spending units with the
oldest heads (aged 65 and over) had larger asset
holdings than others at the same income levels.
People with college educations tended to be large
asset holders in their income groups while those
with only a grammar school education tended to
be small holders. Spending units from opencountry areas were more often large holders than
were units in other types of community. In addition, relatively more nonveterans than veterans of
World War II were large holders.
JULY 1947




1
The 1945 income data are based on interviews in January-March
1946 (first survey); the 1946 income data on interviews in JanuaryMarch 1947 (second survey). It is possible that the proportion of
income received by the highest tenth of income receivers is underestimated by several percentage points in both years. A sample
of approximately 3,000 spending units having been used in both
surveys, it cannot be expected that a completely representative
sample of the highest dollar incomes was obtained.
NOTE.—Detailed figures may not add to cumulative figures
because of rounding.

TABLE
DISTRIBUTION

OF

CEIVED,

LIQUID

AND

SPENDING

UNITS,

ASSETS,
AND

14

BY

1945

MONEY

INCOME

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over
All income groups..

RE1946

1945

1946
Annual money
income
before taxes

INCOME
GROUPS,

x

InInSpend- come Liquid Spend- come Liquid
assets ing
assets
ing
rereunits ceived held2 units ceived held*
17
23
25
17
8
6
4

3
12
21
20
13
11
20

5
11
17
16
12
13
26

20
27
23
15
7
5
3

5
16
23
20
12
11
13

7
14
17
16
10
13
23

100

100

100

100

100

100

1
Covers 1946 and 1945 money income before taxes and liquid
assets held in early 1947 and early 1946. The 1945 income data
and early 1946 liquid assets data are based on interviews in January-March 1946 (first survey), and the 1946 income data and
early 1947 liquid assets data on interviews in January-March
1947 (second survey).
2 Early 1947.
s Early 1946.

801

SURVEY OF CONSUMER FINANCES
TABLE

TABLE

15

MEDIAN AMOUNTS OF MONEY INCOME AND LIQUID ASSETS OF
SPENDING U N I T S , BY INCOME GROUPS, 1946

Annual money income
before taxes

Under $1,000.
$l,000-$l,999.
$2,000-$2,999
$3,000-$3,999..
$4,000-$4,999..
$5,OOO-$7,499.....
$7,500 and over.

Median
income
(In dollars)

$

All income groups

600
1,450
2,400
3,350
4,400
5,500
10,250

Median
liquid
asset
holdings
(in dollars)1

$

Median
holdings
as a percentage
of
income

o

1,400
2,750
7,250

0
2
20
27
32
50
71

470

20

2,300

40
480
900

1
Includes holdings of all U. S. Government bonds, savings accounts, and checking accounts as of early 1947. Excludes currency
holdings.

TABLE

LIQUID ASSET HOLDINGS OF FAMILY U N I T S IN EARLY
BY INCOME GROUPS

None
$l-$499
$500-$ 1,999
$2,000-$4,999. . .
$5,000 and over..
All units

All
income
groups

Under
$1,000

$1,000$2,999

$3,000$4,999

$5,000and
over

23
25
26
17
9

54
25
14
6
1

28
31
28
9
4

10
23
34
26
7

1
10
24
30
35

100

100

100

100

Spending units
ranked according
to their holdings
of liquid assets 1

By each
tenth

AND LIQUID ASSETS, BY INCOME GROUPS, 1946 AND 1945

Cumulative

1947

Highest tenth. . . . .
Second
Third.
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth. . . . .

1946

1947

1946

60
17
10
6
4
2
1

60
17
10
6
4
2
1
(2)
0
0

60
77
87
93
97
99
100
100
100
100

60
77
87
93
97
99
100
100
100
100

(2)

0
0

$4,250
2,150
1,300
800
450
250
50
0
0
0

1946
$3,400
1,800
1,100
650
400
200
50
0
0
0

1
Includes all U. S. Government bonds, savings accounts, and
checking accounts.
2
Less than one-half of 1 per cent.

802




a

[Per cent]
1946

Amount of
liquid assets
held by
smallest
holder
in group

1947

18

DISTRIBUTION OF FAMILY U N I T S , MONEY INCOME RECEIVED,

ASSET HOLDINGS, EARLY 1947 AND 1946

Percentage of total
liquid assets held:

100

1
Includes all U. S. Government bonds, savings accounts, and
checking accounts.

TABLE

SHARE OF TOTAL LIQUID ASSETS H E L D BY E A C H T E N T H OF

1947

Percentage distribution of family units
within income group
Amount of liquid
assets held x

16

THE NATION'S SPENDING U N I T S W H E N RANKED BY SIZE OF

17

Annual money
income
before taxes

1945

InInFam- come Liquid Fam- come Liquid
ily
re- assets
re- assets ily
units ceived held2 units ceived helds
15
20
22
18
10
9
6

2
9
17
19
14
16
23

4
9
15
15
13
16
28

18
22
22
17
9
8
4

3
11
19
21
14
16
16

5
9
14
17
14
15
26

All income groups.. 100

100

100

100

100

100

Under $1,000
$l,000-$l,999
$2,OOO-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over

1

Covers 1946 and 1945 money income before taxes and liquid
assets held in early 1947 and early 1946. The 1945 income data
and early 1946 liquid assets data are based on interviews in January-March 1946 (first survey), and the 1946 income data and
early 1947 liquid assets data on interviews in January-March
1947 (second survey).
" Early 1947.
3 Early 1946.

FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS
AT MEMBER BANKS1
by
Richard Youngdahl
Throughout the banking system, the structure
of interest rates on business loans currently conforms to a remarkably standard pattern. Although
average rates for different sections of the country
and for broad types of loans show substantial variations, borrowers of like characteristics pay approximately comparable rates for a given amount and
type of loan at banks of varying sizes in large and
small centers. Of the various factors making for
differences in rates, the most important appears to
be size of loan. Size of borrower, however, is
another strategic factor in rate differentials. Besides these major factors of rate variation, some
differences are evidently attributable to characteristics such as security and maturity of the loan,
industry of the borrower, corporate status and age of
the concern, size of the bank, and geographical
influences, but these differences are generally narrow. The attainment of a relatively consistent
structure of interest rates on business loans for the
banking system as a whole is evidence of the present
nation-wide character of the business credit market
served by banks.
Information on interest rates on member bank
loans to businesses has become available through
the recent Federal Reserve System survey of such
loans outstanding on November 20, 1946. Almost
2,000 member banks, including banks in all regions
and size classes, participated in the survey and sub1
The present article is the fourth in a series covering the
results of the nation-wide sample survey of business loans outstanding at member banks as of Nov. 20, 1946. The three
previous articles were "Business Loans of Member Banks," by
Albert R. Koch, Federal Reserve BULLETIN, March 1947,
"Term Lending to Business by Commercial Banks in 1946,"
by Duncan McC. Holthausen, Federal Reserve BULLETIN,
May 1947, and "Security Pledged on Member Bank Loans to
Business," by Tynan Smith, Federal Reserve BULLETIN, June
1947. An article on loans to small businesses will appear in a
forthcoming issue of the BULLETIN.
The survey of bank loans to industrial and commercial businesses, on which this article is based, was planned by the
Board's Division of Research and Statistics in consultation
with the Board's Divisions of Bank Operations and of Examinations, the Federal Reserve Banks, and other interested agencies.
The information was collected and compiled into district totals
at the Reserve Banks and national totals were prepared at the
Board's offices.
Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A.
Young, Assistant Director of the Division of Research and
Statistics. Richard Youngdahl, of the Division, has been
largely responsible for the supervision of the collection and
tabulation of information.

JULY

1947




mitted detailed information on about 100,000 individual loans. The sample of loans included about
one-sixth of the estimated total number of loans
outstanding at member banks on the date of the
survey.
SUMMARY

Major features of the current structure of interest
rates on business loans, as shown by the survey
data, are:
(1) The bulk of the loans in dollar amounts bore
rates of 3 per cent or less. The average rate on
all loans was 2.9 per cent.
(2) Rates varied from less than 1 to more than
13 per cent. Six per cent was the rate most frequently charged, and the median—that is, the middle—rate was 5 per cent.
(3) Characteristics of loans accounted for significant variation in rates charged business customers. Thus, rates were considerably higher on
small loans than on large loans, even to borrowers
of the same size. Rate differentials were also
shown by type of security pledged on loans. Shortterm loans carried slightly lower rates than longterm loans.
(4) Rates also varied according to the characteristics of the borrower. Although a large part of
the differences in over-all averages for various broad
types of loans seems to reflect variations in size structure, there are significant differences among loans
of the same size. Large concerns generally paid
lower rates than did small companies for a given
amount of credit. Borrowers in certain industries
paid higher rates than did borrowers in other lines.
Unincorporated businesses were charged higher
rates than were incorporated concerns. New enterprises paid more for bank credit than did longestablished concerns.
(5) Differences in the characteristics and location of banks were reflected in very moderate rate
differentials. Rates on like loans varied only slightly
among banks of different sizes in large and small
centers. Rates on comparable loans were only
slightly higher in the West and Southwest than in
803

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
other sections of the country, although average
rates for all loans showed pronounced differences.
(6) The average level of rates was lower at the
end of 1946 than in early war and prewar years,
thus continuing a downward tendency dating from
the early thirties.
The detailed description of the structure of interest rates charged on business loans at member
banks near the end of 1946, which supports the
foregoing summary, is presented in the following
pages. The analysis sets forth the results of various
tests made for the purpose of determining the
effects of common borrower and loan characteristics
on the existing structure of rates. The figures on
the amount and number of business loans at various
interest rates and average interest rates for particular groups of loans are estimates based on the
sample of loans included in the survey.
LOANS OUTSTANDING AT VARIOUS INTEREST RATES

About 30 of every 100 member bank loans to
businesses on November 20, 1946 were made at an
interest rate of 6 per cent, as is shown in Table I.2
Rates of 5 and 4 per cent were also frequently
charged, and 88 of every 100 loans were at rates
TABLE 1
DISTRIBUTION

OF MEMBER

NOVEMBER 20,

1946,

BANK

BUSINESS

LOANS,

BY INTEREST R A T E 1

[Estimates of outstanding loans]

Interest rate
(Per cent
per annum)

Amount Number
Percentage
Average
of loans of loans
distribution
size of
(In
(In
loan (In
millions) thouthousands) Amount Number sands)

53
Less than 1.0.... $
1.0
146
1.1-1.9
4,261
20
1,294

0.3
0.9
12.0
9.4

0.4
1.1
32.2
9.8

0.1
1.8
1.4

$214
154
354
138

2.1-2.9
3.0
3 1-3 9
4.0

1,482
1,287
542
1,836

13.7
34.8
13.2
117.2

11.2
9.7
4.1
13.9

2.0
5.2
2.0
17.5

108
37
41
16

4.1-4.9
5.0
5.1-5.9
6.0-6.9

447
1,054
46
634

26.6
141.1
3.6
199.7

3.4
8.0
0.3
4.8

4.0
21.1
0.5
29.8

17
7
13
3

7.0-7.9
8.0-8.9
9.0-9.9
10.0-10.9

25
50
7
26

14.7
29.1
2.0
18.4

0.2
0.4
0.1
0.2

2.2
4.3
0.3
2.8

2
2
4
1

11.0-11.9
12.0-12.9
13.0 and over... .

1
26
5

1.2
29.2
2.7

0.2

0.2
4.4
0.4

1
t
2

All r a t e s . . . .

13,222

669.6

100.0

100.0

of 4 per cent or higher. Less than 5 of every 100
loans were made at rates of under 2 per cent.
Loans at such low rates are commonly of considerable size, however, and the total dollar
amounts outstanding at low interest levels are correspondingly large. About one-third of the total
dollar amount of member bank loans to businesses
outstanding in November 1946 were at rates of
under 2 per cent. In contrast, loans at 6 per cent,
which individually averaged only about" $3,000 in
size, accounted for less than 5 per cent of the
dollar volume. Thus although the median rate—
that is, the middle rate in terms of number of loans
—was 5 per cent, the average rate paid on all business loans at member banks was 2.9 per cent.3
The range of such rates was from less than 1 per
cent to more than 13 per cent per annum. .
Wide dispersion in loan rates charged business
customers at member banks is a result of interaction of many factors in the bank credit market.
The interest rate charged an individual business is
usually determined in personal negotiation between
bank and borrower. It reflects such attributes as the
borrower's size and general credit standing, his
access to alternative credit sources, the size and
maturity of the loan, the character of the borrower's
business, the value to the bank of his deposit account and of other business relationships, and the
nature of the security, if any, to be pledged. Certain other factors not related directly to the borrower or the loan but rather to the lending bank
or perhaps the banking structure can also be shown
to have some effect on interest rates charged for
bank business loans. These are the size of the
lending bank, the size of the center in which the
bank is located, and the area of the country where
the loan was made.

20

1
Excludes a small amount of loans for which the interest rate
was not reported.
2
Less than 0.05 per cent.
NOTE.—Detailed figures may not add to totals because of
rounding.

804




DIFFERENCES IN RATES PAID BY LARGE AND SMALL
BORROWERS

Large business concerns, which usually have
widely established credit and borrow large amounts,
obtain most of their loans at rates considerably
below those most frequently paid by small and
medium-size establishments. Near the end of
1946 most bank loans to very large companies
2
Almost all of the loans shown in Tables 1, 2, and 4 as at
rates of 6.0-6.9 per cent were at 6.0 per cent.
3
Average interest rates used in this article were computed
by weighting each interest rate, recorded in tenths of 1 per
cent, by the dollar volume of loans outstanding at that rate.

FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
most common rate paid ranged from 1.75 per
cent for the largest borrowers to 4 per cent for
moderately large and medium-size concerns and
to 5 per cent for small companies with assets of
from $50,000 to $250,000. The rate most frequently charged very small businesses—those with
assets of less than $50,000—was 6 per cent. Many

—those with total assets of 5 million dollars or
more—were at rates between 1 and 2 per cent,
as is shown in Table 2 and Chart I. Less than
15 per cent of the number of loans to such businesses were at rates of 3 per cent or more. As the
size of the borrower declined rates at which the
bulk of bank loans were placed increased. The

TABLE 2
DISTRIBUTION OF MEMBER BANK BUSINESS LOANS, NOVEMBER 20,

1946,

BY INTEREST RATE AND SIZE OF BORROWER

[Estimates of outstanding loans]
Size of b o r r o w e r
(Total assets, in t h o u s a n d s of
Interest rate
(Per cent per a n n u m )

U n d e r
50

5 0 250

2 5 0 750

A m o u n t
Less t h a n
1.0
1.1-1.9
2 0

1.0

$
$

2 1-? 9
3.0
3.1-3.9
4.0

2
5
11

1
5
32
53

7 5 0 5 , 0 0 0

of l o a n s , i n
$

2
21
105
79

18
62
21
252

102
253
106
671

73
309
8
333

199
483
9
229

.9
9
9
10.9

18
38
4
20

6
7
2
3

11.0-11.9
12 0-12 9
13.0 a n d over

1
23
3

$

.1-4.9
0
1-5 9
.0-6.9

7.0-7
8 0-8
9 0-9
10.0-

All

rates

1,201

11.7
86.9
2.9
161.3

10.7
45.4
0.6
32.5

13.6
26.0
1.6
16.6

1.0
1.7
0.3
1.1

0)

2,397

5 , 8 5 5
Percentage

Less than
1.0
1.1-1 9
2.0
2
3.
3
4.

1.0
.

.

.

0.2
0.4
0.9

4.1-4.9
5.0
5.1-5.9
6.0-6 9

. .

.9
9
9
10.9

0.7
1.6
6 0 . 4
14.3
14
4
1
2

.5
2
.8
. 0

4.7
11.7
4.9
30.9

8
20
8
2 6

6
7
2
5

15.8
17.7
7.4
15.4

6
2 5
0
27

.1
. 8
. 6
.7

9.2
22.3
0.4
10.6

7.0
10.0
1.2
3.2

2.4
3.9
0.5
0.7

0.3
"0.3
0.1
0.2

0.2
0.1

1
3.
0.
1

11.0-11.9
12.0-12.9
13 0 a n d over
All rates
1
Less than $500,000 or 500 loans.
*Less than 0.05 per cent.
N O T E . — D e t a i l e d figures m a y not a d d

JULY

0.3
1.0
22.5
12.4

0.1
1.4
7.2
5.5

1
5
1
2 1

1-2 9
0
1-3 9
0.

7.0-7
8.0-8
9.0-9
10.0-

0. 1
0.2
1 .5
2.5

1947




.5
1
3
.7

0.1
1 .9
0.2
100.0

C2)
0.1

.
.
.
.

(

to totals b e c a u s e of

100.0

0.1
0.1

1

0)

0.4

0)

H)
(*)
I1)

(l)

0)
0.1

0)

C1)

0.1

1.0
0.2

0.1
0.1

431.6

160.9

36.0

2 0 . 0

11.2

0.1
0.8
1.6

0.1
0.4
3.4
3.6

0.5
1.1
15.4
9.9

0.
2.
5 3 .
14.
14
6
1
4

C)

0)

distribution

0.1
0.4

2
7
3
25

.
.
.
.

5
8
2
2

6.9
16.8
7.8
28.4

13.
16.
7.
21.

4
8
4
1

0.2
0.2

2.7
20.1
0.7
37.4

6
28
0
20

.
.
.
.

7
2
4
2

7.9
14.8
0.3
8.6

3
8
0
2

.
.
.
.

3
2
2
2

3.1
6.0
0.4
3.8

0 . 6
1.1
0.2
0.7

0.1
0.3
0.1
0.2

0
0
0
0

.
.
.
.

1
2
1
1

0.3
6.4
0.6

0 . 6
0.1

0.2
0.1

100.0

100.0

100.0

4
7
3
5

6.2

?

100.0

0.7
1.6

0.6
2.7
0.8
14.0

0.1
100.0

.9
.3
.1
.1

.4
. 0
.9
.3

C2)

C2)

1.6
0.7
0.1
0.5

0.2
1.2
1.3

1.2
27.7
2.4

0)

1

2.7
3.4
1.5
4.2

2
5
0
3

11
10
2

5
1
8
2

.
.
.
.

2.6
11.4
3.4
60.2

thousands

0.3
6.0
1.6

2
6
2
10

841
233
113
135

5 . 0 0 0
a n d over

0.1
0.2
3.1
2.0

0)

0
5
7
9

0)'

0)
1,456

of l o a n s , i n

0)

0.1
0.3
1.6

7505,000

2 5 0 750

57
94
12
17

0)

2

50250

0.2
1.3
2.6
4.1
12.6
5.2
40.5

38
42
17
36

3
1

0)
2,165

4 4
94
3 , 5 3 4
838

0)

0)

Under
50

N u m b e r
$

6
24
540
297

102
145
18
46

4
5
5
6

.

5 , 0 0 0
a n d over

millions

126
301
119
387

.

Size of borrower
(Total assets, in thousands of dollars)

dollars)

100.0

100.0

.5
.4
.2
. 4

1 .2
1.3
0.2

0. i

100.0

rounding.

805

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
loans to small businesses, however, were at rates
comparable to those frequently charged on loans
to large concerns. In number, almost 20 per cent
of member bank loans to businesses with total assets of less than $50,000, and over 40 per cent of

On all business loans the median rate, that is
the rate charged on the middle loan when loans
are arranged in order of interest rate, was 5 per
cent. The median rate was 6 per cent for loans to
very small businesses and it declined throughout

CHART!

DISTRIBUTION OF BUSINESS LOANS, BY INTEREST RATE AND BY SIZE OF BORROWER.
NOVEMBER 20.1946
AMOUNT OF LOANS

NUMBER OF LOANS
SIZE OF BORROWER (TOTAL ASSETS)

fSMOO
1250,000

#IMM0
#750,000

1750,000
$ 5,000,000

•"Of00
i£

I™*-000
j 5,000,000

15,000,000 PERCENTAGE OF
AWP 0 V
"
TOTAU M>AN5

•
loans to concerns with assets of from $50,000 to
$250,000, were at rates of 4 per cent or less.
Loans at these rates were commonly larger than the
average of all loans to small concerns.
Distribution of the dollar amount of business
loans shows a greater concentration at the lower
rates than is shown for number of loans. This
is true for loans to all sizes of borrowers and
reflects a general tendency for rates to decline as
size of loan increases. Sixty per cent of the dollar
volume of loans to very large companies were outstanding at rates between 1 and 2 per cent, as is
indicated in Table 2. Over 95 per cent of the
amount of bank credit extended to the largest
concerns, and almost 70 per cent of the amount of
loans to enterprises in the next largest business
size group, were at rates of 3 per cent or less. In
contrast, medium-size businesses obtained less than
half of the amount of their bank credit at rates of
3 per cent or below, while smaller companies were
charged such rates for less than one-fifth of the
amount of their bank loans.

806




the range of business size to 1.8 per cent on loans
to very large companies. The average rate paid on
the total amount of business loans was 2.9 per cent
and this measure varied by size of borrower from
5.2 to 1.9 per cent.
Differences in rates on large and small loans. For
broad size groups of loans, the market appears to
have established a corresponding pattern of interest
rates, declining as size of loan increases. This
pattern is reflected by the average interest rates for
various loan size groups, presented in Table 3 and
Chart II. As is shown in the left-hand column of
the table and in the chart, average rates on all
member bank business loans declined without interruption as size of loan increased, from over 7
per cent on amounts of less than $500 to 2 per cent
on amounts of 1 million dollars or more.4 In part
4
It should be noted that the size-of-loan classification has
necessarily been made in accordance with the amount outstanding as of Nov. 20, 1946. Thus loans which have been
reduced by repayment are grouped with loans of smaller original amount. This factor probably results in some understatement of the differences between rates on large and small loans.

FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
this relationship reflected differences in rates associated with size of borrower since there was a close
correspondence between business size and loan size.
The inverse relationship between size of loan and
interest rate, however, tended also to hold for loans
to each size of borrower. Companies of all sizes
CHARTn

AVERAGE INTEREST RATE ON BUSINESS LOANS,
BY SIZE OF LOAN, NOVEMBER 2 0 . 1946

average rates than did small companies. For each
size of loan the rate declined without exception
as size of borrower increased. In part this may
reflect the fact that loans are classified by size as
of the survey date rather than as of the date the
credit was extended and that some shift of loans
from large to small has occurred as a result of paydowns. The practice of instalment repayment,
however, is at least as common with small as with

INTEREST RATE (PER CENT PER ANNUM)

SIZE OF LOAN

I

2

3

4

5

6
TABLK

3

LESS THAN $500
AVERAGE INTEREST RATES ON M E M B E R BANK BUSINESS LOANS,
1 5 0 0 - | 999

NOVEMBER 20, 1946,

BY SIZE OE LOAN AND SIZE OE BORROWER

f 1,000-14,999

Size of borrower
(Total assets, in thousands of dollars)

15,000-19,999
| 10,000-f 24,999

Size of loan
(In dollars)

All
borrowers l

Under
50

50250

250750

7505,000

$25,000-1 49,999

Interest rate; per cent per annum

$ 50,000-199,999

$ 500,000-^ 999,999
$ 1,000,000 AND OVER

ALL LOANS

Less than 500
500-999
1,000-4,999
5,000-9,999
10,000-24,999....
25,000-49,999....
S0,000-99,999....
100,000-499,999. .
500,000-999,999. .
1,000,000 and over . .

7.3
6.7
5.6
4.9
4.4
4.0
3.6
2.7
2.2
2.0

All loans. .

$100,000-f 499,999

5,000
and
over

2.9

7.4
.6.8
5.7
5.0
4.7
4.4

6.0
5.6
5.2
4.7
4.4
4.1
4.0
3.8

5.5
5.0
4.5
4.3
4.0
3.8
3.6
3.4
3 2

5.0
4.6
4.1
4.0
3.6
3.3
3.0
2.7
2.7
2.8

2.6
2.6
2.6
2.6
2.5
2.1
1.9
1.9
1.9

5.2

4.2

3.5

2.8

1 .9

Percentage of total amount of loans

commonly paid higher rates on small loans than on
large loans. Exceptions are that there appears to
have been no further general decline in rates associated with loan size for loans of $100,000 or more.
Moreover, very large borrowers paid on an average
about the same rates for their relatively few loans
of less than $50,000 irrespective of size.
To an important extent differences in rates paid
by large and small businesses were related to differences in rates charged for large and small loans
and to wide disparities in the size of loans made
to companies of each size. Because large concerns
rarely borrowed except in large amounts, the average rate on all their loans was close to the low
rates charged on the largest loans. Small companies
on the other hand obviously had the largest part of
their borrowings in loans of less than $50,000, and
rates on loans of this size averaged just over 5 per
cent and were largely concentrated between 4
and 6 per cent.
Table 3 also shows, however, that large establishments obtained a loan of a given size at lower
JULY 1947




Less than 500
500-999
1,000-4,999
5 000-9 999
10,000-24,999
25,000-49,999
50,000-99,999
100,000-499,999
500,000-999,999
1,000,000 and over. .
All loans

4
4
8
7
8
23
14
31
100

2
4
37
26
23
8

100

1
4
9
28
24
20
14

100

<*>
1
2
7
13
23
46
7
100

C2)
1
3
9

00

49
24
14

1
16
19
64

100

100

1
Includes rates on a small amount of loans unclassified by size
of borrower.
2
Less than 0.5 per cent.
NOTE.—Percentages may not add to totals because of rounding.

large borrowers and it does not appear that this
factor is of primary importance. Of more significance to the relationship between size of loan and
rate may be the practice for large and medium-size
businesses to establish a line of bank credit upon
which they may draw by placing loans of varying
size as required. Where a loan is a part of such an
arrangement the interest rate charged probably reflects either entirely or in part the size of the credit
line rather than the amount of the individual loan.
807

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
Nevertheless, such arrangements are a part of the
business relationship between bank and borrower,
and they are a part of the complex of factors that
make up the business credit market. Whatever the
competitive factors involved it is clear that, for a
given size of loan, large business borrowers paid a
lower average rate than did small businesses.

VARIATIONS IN RATES AMONG BANKS

Size of bank. A rate of 6 per cent was charged
more frequently than any other on business loans
at member banks, as was stated above. When loans
are separated according to the size of the lending
bank, moreover, it is shown that this rate was widely

TABLE
DISTRIBUTION- o r

4

MF.MBKR HANK RISTNESS LOANS, NOVEMBER 20,

1946,

BY INTEREST RATE AND SIZE OE BANK

[Estimates of outstanding loans]
Size of bank
(Total deposits, in millions of dollars)

Size of bank
(Total deposits, in millions of dollars)
Interest rate
(Per"cent per annum^

Under
2
-

Less than 1.0
1.0
1.1-1.0
2.0

$

2.1-2.9.
3.0
3.1-3.0.
4.0
4.1 -4.9 .
5.0
5.1-5.9.
6.0-6.9

%

3
i
17
3
25
29

7.0 7.9.
8.0-8.9. .
9.0-9.9. . . .
10.0 10.9. .

3
5

C1)

1

1

C)

1.1.0-11.9
12.0-12.9
13.0 and over.
All rates. .

LTnder
2

89

1
2
4
7

$

2
46
224
124

$

12
81
1.182
386

210

10100

100500

500
and over

Number of loans, in thousands

Amount of loans, U i millions

0)

.

500
and over

100500

10100

210

$

39
17
2,850
776

0.1
0.1
0.2
0 5

0.1
0.4
2.7
3 1

0.1
0.3
4.9
2 9

0.1
4.2
2 8

0.4
0.1
3 5

0.8
4.5
1.2
27 6

4.9
15.1
5.8
56 3

4.1
10.1
3.8
23 8

3.8
4.7
2.3
5 9

(j)
0)

(*•)

17
51
16
238

150
337
129
762

403
542
190
581

912
356
207

51
240
3
228

220
531
37
281

119
212
3
64

55
46
2
31

0.4
7.3
0.1
16.4

5.1
44.2
0.8
84.7

13.5
67.0
1.4
77.0

5.1
18.3
0.5
15.1

2.5
4.2
0.7
6.4

9
19
2
8

8
17
1
10

2
8
4
5

3
1

2.5
3.4

5.3
11.9
0.7
5.3

2.8
10.5
0.8
8.0

0.4
2.7
0.3
2.8

3.7
0.6
0.1
1.1

(*)
9
1

1
12
3

0)

(*)

0)

0)

0)

0.8
0.1

0.4
9.3
0.8

0.6
13.4
1.2

0.1
3.4
0.6

2.3

906

2,894

3,798

5,535

36.3

203.7

284.7

99.4

45.6

(2)

0.1
0.3
4.9
2.9

0.1
0.2
9.2
6.2

0)

1.3

0)
0)

P ercentage distribulion of all business loans
Less than 1.0. . .
1.0
1.1-1.9. . . .
2.0..

0 3
2.1
31.1
10.2

0 7
0.3
51.5
14.0

0.1
0.1

0.1
0.1
0.3

1 .0
0.1

0 1
0.2
0.4
0.8

2.1-2.9.
3.0.. . .
}. 1-3.9.
4.0. .

0.2
2.3
0.8
19.0

1.9
5.6
1 7
26.2

5.2
11.6
4.5
26.3

10.6
14.3
5.0
15.3

16.5
6.4
3.7
4.3

0.1
1.0
0.3
9.7

0.4
2.2
0.6
13.6

1.7
5.3
2.0
19.8

4.1
10.2
3.9
23.9

8.4
10.2
5.0
13.0

4.1-4.9.
5.0
5.1-5.9. .
6.0 6.9.

3.2
28.4
0.3
32.8

5.6
26.5
0.4
25.2

7.6
18.3
1.3
9.7

3.1
5.6
0.1
1.7

1.0
0.8

1.0
20.2
0.2
45.2

2.5
21.7
0.4
41.6

4.7
23.5
0.5
27.1

5.2
18.4
0.5
15.2

5.4
9.3
1.6
14.0

3.3
5.9
0.1
1.4

1.0
2.1
0.2
0.9

0.3
0.6

0.1
0.2
0.1
0.1

6.8
9.3
3.4

2.6
5.9
0.4
2.6

1.0
3.7
0.3
2.8

0.4
2.7
0.3
2.8

8.2
1.4
0.3
2.4

0.9
0.1

10
0 1

0.4
0.1

0.1

09

0.1
2.3
0.2

0.2
4.6
0.4

0.2
4.7
0.4

0.1
3.4
0.7

5.0
0.1

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

7.0-7.9.
8.0-8.9
9.0-9.9. . . .
10.0-10.9.
11.0-1.1.0.
12.0-12.9.
13.0 and over.
All rates

C-;

....

0 1
1 .6
7.7
4.3

0.4

0.6

o
p

eo

(2)

0.2
1 .0
1.1

1

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

2

808




FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
used by both large and small banks. Except for
banks with total deposits of from 100 million to
500 million dollars, in fact, 6 per cent was more
commonly charged than any other rate. Table 4
shows, however, that the dispersion of the number
of business loans by interest rate was much broader
for large banks than for small. As the size of bank
decreased, there was increased concentration of
lending at the 6 and 5 per cent levels. Four per cent
is another level at which loans tended to concentrate, the occurrence of this rate having been highest
for banks with total deposits ranging from 100 million to 500 million dollars. At the larger banks
2 and 3 per cent were also levels of marked loan
concentration.
Over half of the amount of business loans at
banks in the largest size group bore rates of between 1 and 2 per cent, and at banks in the next
largest group 31 per cent of the amount outstanding
were at these rates. At smaller banks the greatest
dollar volume of loans was outstanding at 4, 5,
and 6 per cent. Average rates declined in order
from 5.2 per cent at banks with total deposits of
less than 2 million dollars to 2.1 per cent at banks
with deposits of over 500 million, as is shown in
Table 5.
Sharp differences in average rates charged by
large, medium-size, and small banks reflect primarily differences in the size and kind of their
business customers and the size composition of
their loan portfolios. Although small banks appear
to have charged concerns of a given size somewhat
higher rates than did large banks, the rate variation
from the largest to the smallest banks for any
given size-of-borrower group was not more than
1.4 percentage points. Companies with assets
of less than $50,000, for example, borrowed at an
average rate of 5.7 per cent at very small member
banks. This rate average declined progressively as
size of bank increased, but even at the largest banks
these companies paid an average rate of 4.6 per
cent. For very large borrowers the differences in
rates by size of bank were strikingly small. At the
smallest banks there were not enough loans to concerns with assets of 5 million dollars or more to permit computation of an average rate, and even at
banks with deposits of from 2 to 10 million dollars
there were less than 200 loans to such companies
outstanding near the end of 1946. Medium-size
banks, however, apparently competed on about even
JULY

1947




interest terms for the loan business of large establishments, and the aver ige rate charged such borrowers
was 1.9 per cent at these banks as well as at larger
banks.
TABLE 5
AVERAGE INTEREST RATES ON M E M B E R BANK BUSINESS LOANS,
NOVEMBER 20, 1946,

BY SIZE OF BANK AND SIZE OF BORROWER

[Per cent per annum]

Size of bank
(Total deposits, in
millions of dollars)

Under 2
2-10
10-100
100-500
500 and over
All banks

Size of borrower
(Total assets, in thousands of dollars)

All
borrowers 1

Under
50

50250

250750

7505,000

5,000
and
over

5.4
4.9
4.0
2.8
2.1
2.9

5.7
5.5
5.1
4.7
4.6
5.2

4.9
4.6
4.3
4.0
3.6
4.2

4.5
4.1
3.8
3.3
3.1
3.5

2.9
3.7
3.3
2.7
2.5
2.8

(2)
2.2
1.9
1 .9
1.9
1.9

1
Includes rates on a small amount of loans unclassified by size
of 2borrower.
Insufficient number of loans to permit computation of an
average rate.

The five business size groups used for this survey
are necessarily broad and the foregoing comparisons may tend to overstate differences in rates
charged a given size of company by various sizes of
banks inasmuch as within each business size group
the average size of borrower may be larger at the
larger banks. In order to compare rates charged by
each size of bank for a more nearly homogeneous
group of loans, average rates paid by companies in
two of the business groups—very small and medium-size concerns—are shown by size of loan
in Table 6.
As indicated in the left section of the table, very
small concerns paid a lower rate for loans of less
than $1,000 at small banks than borrowers of similar
size paid on similar loans at large banks. This probably reflects the practice at many larger banks of
making such loans in the personal loan department
where rates are usually higher than in departments devoted entirely to business lending. For a
given size of loan larger than $1,000, very small
customers paid somewhat higher rates at small
banks than at large banks. The size of loan required, however, appears to have been a much more
important factor in determining the interest rate
paid than the size of bank at which the loan was
made.
Medium-size businesses—those with total assets
of from $250,000 to $750,000—borrowed a given

809

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
TABLE 6
AVERAGE INTEREST RATES ON MEMBER BANK LOANS TO VERY SMALL AND MEDIUM-SIZE CONCERNS, NOVEMBER 20,

1946

BY SIZE OF LOAN AND SIZE OF BANK

[Per cent per annum]
Borrowers with total assets
of less than $50,000
Size of bank
(Total deposits, in millions of dollars)

Size of loan
(In dollars)

Under 500
500-999
1 000-4 999
5 000-9 999
.
10,000-24,999
25 000 49 999
•50 000 99 999
100 000 499 999
500 000 999 999
All loans

.

All
banks

. . . .

Borrowers with total assets
of $25O,OOO-$75O,OOO

Size of bank
(Tota deposits, in millions of dollars)

2-10

6 9
6 5
5.8
5.2
4.8

7 4
6 8
5.7
5.0
4.7
4 4

Under
2

7 3
6.8
5.9
5.3
4.9
4.5

5.7

5.2

5.5

10-100

100500

500
and
over

7.5
6.9
5.7
4.9
4.7
4.6

7.8
6.9
5.5
4.7
4.3
4.3

8.3
7.3
5.5
4.0
4.0
3.8

5.1

sum at only slightly higher rates at small banks
than at large banks. While larger banks tended to
charge somewhat lower rates, in only one size-ofloan class was there a difference in average rate of
more than 1 percentage point and, since this class
represented loans of over $500,000, this difference
is doubtless to be explained by the unusual circumstances and security relating to these credits. Commonly the differences were considerably less than
1 percentage point.
Size of city. The size of the city in which a loan
is made appears to have only a minor effect on the
interest rate. Data heretofore available on business
loan rates in large and small centers—largely averages of rates paid on all sizes of loans—have indicated that rates are much lower at large cities than
at small ones. Such a relationship is also shown by

4.7

4.6

All
banks

5.5
5.0
4.5
4.3
4.0
3.8
3.6
3.4
3.2
3.5

Under
2

2-10

4.8
4.3
3.9

10010-100 500

6.0
5.8
5.0
4.6
4.3
3.9
4.0
3.9

5.5
4.7
4.5
4.3
4.0
4.0
3.8

3.6
4.3
3.8

4.1

4.5

5.3
5.0
4.2
4.0
3.9
3.7
3.5

3.3
2.6
3.3

500
and
over

5.0
3.9
3.4
3.2
3.0
3.2
3.1

the average rates, by size of city, on all business
loans outstanding near the end of 1946, presented
in the left-hand column of Table 7. More detailed
data on rates by size of loan also shown in the table
indicate, however, that this relationship is due
primarily to the greater importance in large cities of
large loans (and large borrowers). Rates on very
small business loans—under $5,000—at banks in
small centers varied from slightly below to slightly
above those charged at large city banks, reflecting
in part the influence noted previously of loans made
for business purposes in personal loan departments
at some city banks. Rates on other loans tended
to be lower in larger cities but differences are generally moderate except for loans of over $100,000.
It is noteworthy that only loans of $100,000 or
more in cities of more than 100,000 population had
average rates of less than 2.9 per cent, the average

TABLE 7
AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, NOVEMBER 20, 1946, BY SIZE OF CITY AND SIZE OF LOAN

[Per cent per annum]

Size of city
(Population)

Less than 5,000
5,000-24,999
25,000-99,999
100,000-499,999
500,000 and over
All cities

810




Size of loan
(In dollars)

All

loans

5.1
4.8
4.1
3.1
2.4
2.9

Less than
500
6.8
7.3
7.5
7.5
7.9
7.3

500999
6.5
6.6
6.7
7.0
7.1
6.7

1,0004,999
5.8
5.6
5.6
5.5
5.4
5.6

5,0009,999
5.3
5.1
4.9
4.6
4.3
4.9

10,000- 25,000- 50,000- 100,000- 500,000- 1,000,000
24,999 49,999 99,999 499,999 999,999 and over
4.9
4.7
4.5
4.2
4.1
4.4

4.5
4.3
6.5
3.9
3.7
4.0

4.3
4.4
3.8
3.5
3,3
3.6

4.0
3.9
3.1
2.8
2.6
2.7

4.2
4.0
2.3
2.1
2.1

3.9
2.1
1.9
2.0

FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
TABLE

8

AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS OF SELECTED SIZES, NOVEMBER 20,
BY

1946

SIZE OF CITY AND SIZE OF BANK

[Per cent per annum]
Loans from $10,000-$24,999 in size

Loans from $500-$999 in size

All
banks
Under
2

Less than 5 000
5,000-24,999
.
25,000-99,999
100,000-499 999
500,000 and over

. .

6.5
6.6
6.7
7 0
7 1
6.7

2-10

10-100

100500

6.5
7.3

6.4
6.4
6.9
9.0
8.7
6.7

6.8
7.1
6.6
6.9
6.3




500
and
over

" 8'. 2 "
6.7
6.5

6.5

for all business loans. Such loans accounted, however, for almost two-thirds of the dollar amount of:
all bank loans to businesses outstanding in November 1946.
When rates are compared for various sizes of
loans made at each size of bank, differences between
large and small centers almost disappear. This is
illustrated in Table 8, where such a comparison is
made for loans ranging in amount from $500 to
$1,000 and from $10,000 to $25,000. These loan
groups indicate the relationship prevailing for
small and medium-size loans and were selected
because they permit comparison of a relatively full
range of cities and banks. Large loans are not
made in small centers or at small banks, and consequently only a partial set of rates for these loans
can be computed. What comparisons of this type
are possible indicate that rates on loans of from
$500,000 to $1,000,000 were somewhat lower in
the largest cities and at the largest banks. Loans of
1 million dollars or more averaged from 1.9 to 2.1
per cent at banks and in cities where such loans
were made.
A further fact revealed by the data in Table 8 is
that within cities of less than 100,000 population
there appears to have been no clear-cut difference in
rates charged by large and small banks for a given
size of loan. In very large cities, however, rates
on medium-size loans were somewhat lower at the
largest banks.
Rates on participation loans. Average rates on
all business loans extended through a participation
arrangement between two or more commercial
JULY 1947

Size of bank
(Total deposits, in millions of dollars)

Size of bank
(Total deposits, in millions of dollars)

Size of city
(Population)

All
banks
Under
2

4.9
4.7
4.5
4.2
4.1

2-10

10-100

100500

4.8
4.4

4.9
4.6
4.5
4.6
4.7

4.3
4.8
4.5
4.2
4.2

4.4
4.1
4.1

500
and
over

3.7
3.7

banks were lower at both large and small banks than
average rates on other loans. Differences in these
averages, however, stem primarily from the fact
that the proportion of loans made to large concerns
was greater for participation loans than for nonparticipation loans. Actually, at banks of all sizes
large companies paid slightly higher rates on participation loans than on others, as is shown by comparison of Table 9 and Table 5. Rates to mediumsize borrowers were about the same on both types
of loans. Very small borrowers, on the other hand,
appear to have obtained lower rates on the few
loans that for some reason were made through a
participation arrangement.
TABLE

9

AVERAGE INTEREST RATES ON MEMBER
LOANS TO BUSINESS, NOVEMBER 20,

BANK

1946,

PARTICIPATION

BY SIZE OF BANK

AND SIZE OF BORROWER

[Per cent per annum]
Size of borrower
(Total assets, in thousands of dollars)
Size of bank
(Total deposits, in
millions of dollars)

Under 2
2-10 .
10-100
100-500
500 and over
All banks

All
borrowers i

4.7
4.3
3.3
2.4
2.0
2.3

Under
50

50250

250750

5.5
4.6
4.5
(2)
(2)
4.2

4.8
4.4
4.4
4.0
(2)
4.4

(2)
4.1
3.8
3.4
(2)
3.8

7505,000

5,000
and
over

(2)
3.5
3.3
2.8
3.1

(2)
2.3
2.0
2.1
2.0

3.0

2.0

1
Includes rates on a small number of loans unclassified by size
of borrower.
2
Insufficient number of loans to permit computation of an
average rate.

811

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
RATES PAID BY DIFFERENT

KINDS OF BORROWERS

Rates to borrowers in various industries. Marked
differences existed in the rates paid for bank credit
by companies in different industries, but it seems
that these reflect principally variations by size of
borrower. Rate averages for all concerns in each
industry group, presented in the left-hand column
of Table 10, show that the sales finance, wholesale
apparel, public utility, and manufacturing industries paid lower rates than others. Differences in
industry-wide averages of rates paid tend to reflect
variations in the size composition of industries and
may not represent actual differences in interest rates
paid by borrowers of comparable size. When borrowers are classified by size, as is indicated by the
detailed rates in Table 10, differences in rates
among industries cover a very narrow range, although some differences of significance may be
noted.
Retail trade concerns of all sizes paid rates close
to the corresponding average for all industries.
While rates paid by various kinds of retail trade
enterprises showed only small variations, it appears
that apparel and department stores obtained bank
TABLE

credit on slightly more favorable interest terms than
the average retail store of comparable size. Retail
outlets for home furnishings and building materials,
on the other hand, tended to pay slightly higher
rates.
Rates paid by the wholesale trade industry were
for each business size group somewhat lower than
average, reflecting largely favorable terms obtained
by wholesalers of apparel and dry goods and to
some extent by dealers in food, liquor, tobacco, and
drugs.
Manufacturing and mining concerns of a given
size paid rates close to the average for all businesses
of that size. Companies in the petroleum, coal,
chemicals, and rubber group, however, borrowed at
rates consistently above average. This may have
been due primarily to continuation of the higher
interest charges on loans to petroleum companies
revealed by a previous survey in which these concerns were classified separately.5 Manufacturers of
textile, apparel, and leather products, particularly
the small and medium-size companies, generally
6
See "Interest Rates at Member Banks," Federal Reserve
BULLETIN, November 1942, p. 1095.

10

AVERAGE INTEREST,RATES ON M E M B E R BANK BUSINESS LOANS, NOVEMBER 20,

1946.

BY BUSINESS AND SIZE OF BORROWER

[Per cent per annum]

Business of borrower

Size of borrower
(Total assets, in thousands of dollars)

All borrowers 1

Under 50

50-250

250-750

7505,000

5,000
and over

Retail trade, total
Food, liquor, tobacco, and drugs
Apparel, dry goods, and department stores
Home furnishings, metal products, and building materials.
Automobiles, parts, and filling stations
All other

4.0
4.2
3.0
4.6
4.5
4.3

5.3
5.4
5.1
5.4
5.1
5.4

4.4
4.5
4.1
4.6
4.2
4.4

3.6
3.8
3.3
3.8
3.5
3.7

2.7
3.0
2.5
3.3
3.0
2.7

1.9
1.8
1.9
2.0
1.7
2.2

Wholesale trade, total
Food, liquor, tobacco, and drugs
Apparel and dry goods
Home furnishings, metal products, and building materials.
Automobiles, parts, and petroleum
All other

2.9
2.9
2.2
3.7
3.7
3.0

4.9
4.9
4.5
4.9
5.2
4.7

4.1
4.2
3.7
4.3
4.1
4.0

3.3
3.3
2.9
3.7
4.2
3.2

2.5
2.8
2.1
2.7
3.0
2.2

1.7
1.6

Manufacturing and mining, total
Food, liquor, and tobacco
Textiles, apparel, and leather
Metals and metal products
Petroleum, coal, chemicals, and rubber.
All other

2.6
2.4
2.9
2.5
2.7
3.1

5.0
4.9
4.5
5.0
5.4
5.1

4.2
4.1
3.8
4.2
4.6
4.3

3.6
3.7
3.2
3.6
4.0
3.5

2.8
2.8
2.5
2.7
3.3
2.9

2.0
1.8
2.0
1.9
2.1
2.2

Public utilities (including transportation companievs). . .
Services
Construction
Sales finance
All other 2
All borrowers

2.5
4.1
4.2
1.9
3.4
2.9

5.5
3.8
4.8

4.4
4.3
4.5
3.9
4.0

4.1
3.7
3.8
3.2
3.5

2.9
3.5
3.0
2.2
3.0

1.9
2.6
2.5
1.5
1.9

5.2

4.2

3.5

2.8

1.9

1
?

6.1

1

5.2

1 .7
2.2
2.4
1.7

Includes rates on a small amount of loans unclassified by size of borrower.
Includes rates on a small amount of loans unclassified by business of borrower.

812




FEDERAL RESERVE

BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
paid lower rates than did other manufacturers of
comparable size.
Small transportation and other public utility companies generally borrowed at comparatively high
rates, although large firms in these industries obtained bank credit at about average cost. Both
the service and construction industries paid relatively high rates.
Sales finance companies of all sizes borrowed almost without exception at rates below those paid
by any other industry. These concerns have long
been accorded special rate treatment at banks and
this favorable position is due to the very satisfactory
experience of banks with such loans and, particularly in the case of the large sales finance companies, to the range of sources, both bank and nonbank, from which they may obtain funds.
Incorporated and unincorporated businesses. Unincorporated businesses paid somewhat higher rates
for bank loans than did corporations of comparable
size, as is shown in Table 11. Examination of
detailed figures not shown in the table reveals that
these differentials prevailed throughout all industry
groups. They were particularly striking, however,
in retail trade and manufacturing.
To some extent differences in average rates paid
by incorporated and unincorporated concerns may
reflect differences in average size of borrower
within the broad business size groups used for the
survey, but this is not a complete explanation. It
TABLE 11
MEMBER BANK LOANS TO INCORPORATED AND UNINCORPORATED BUSINESSES, NOVEMBER 20, 1946, BY SIZE OF BORROWER

Incorporated
Size of borrower
(Total assets,
in thousands
of dollars)

Unincorporated

Percentage of
amount
of loans

Average
interest
rate
(Per cent
per
annum)

Percentage of
amount
of loans

Average
interest
rate
(Per cent
per
annum)

Under 50
50-250
250-750
750-5,000
5,000 and over. . .

2.0
9.8
10.1
20.8
57.3

4.7
4.1
3.4
2.7
1.9

29.6
35.6
14.2
11.9
8.7

5.3
4.3
3.7
3.0
2.2

All borrowers.

100.0

2.5

100.0

4.2

seems evident that businesses with the corporate
form of organization are generally preferred bank
customers. This may reflect a tendency for the
more successful concerns, and therefore the better
JULY

1947




credit risks, to incorporate in preparation for further growth. Moreover, it is possible that the
corporate form of business organization may foster
better-than-average accounting practices and that as
a result of more complete financial statements these
companies may be able more fully to satisfy banks
as to their credit worthiness.
Old and new businesses. Companies established
in 1942 or before obtained bank loans at lower
rates than did concerns which were organized more
recently. As shown in Table 12, new small and
TABLE 12
MEMBER BANK LOANS TO OLD AND NEW BUSINESSES *
NOVEMBER 20, 1946, BY SIZE OF BORROWER

Old businesses
Size of borrower
(Total assets,
in thousands
of dollars)

New businesses * *

Percentage of
amount
of loans

Average
interest
rate
(Per cent
per
annum)

Percentage of
amount
of loans

Average
interest
rate
(Per cent
per
annurr)

Under 50
50-250
250-750
750-5,000
5,000 and over. . .

6.4
14.7
11.0
19.1
48.8

5.1
4.2
3.5
2.7
1.9

36.2
34.2
12.7
12.0
4.9

5.4
4.4
3.8
3.3
2.5

All borrowers.

100.0

2.8

100.0

4.4

1
Old businesses are defined as those organized in 1942 or before
and new businesses as those organized after 1942.

medium-size companies paid between 0.2 and 0.3
percentage points more on their loans than did
other concerns of comparable size. This differential prevailed for such companies in all industries.
Rate differences between loans to new and old establishments widened as size of business increased, reflecting largely the fact that new manufacturing
and mining companies paid an average rate almost
1 percentage point higher than that paid by older
concerns. As would be expected, the table shows
that the bulk of the dollar volume of loans to new
businesses was outstanding to small companies
whereas most of the bank credit extended to old
concerns was to large companies. Consequently,
the average rate on all loans to new concerns was
substantially higher than that paid by all establishments.
REGIONAL PATTERN OF INTEREST RATES

Credit has historically been relatively scarce in
the newer and less developed regions of the country, and interest rates have accordingly been rela-

813

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
tively high. Higher rates in these areas were due
in part to the greater risks attached to enterprise
there, but to a considerable degree they reflected the
fact that the banking structure of the country was
not closely knit and that accordingly there were
many local money markets rather than one nationwide market. During the past several decades
several factors have worked to narrow regional
differences in the price of bank credit, including
the rapid economic growth and industrialization
of many sections of the South and West, general
improvement of methods of communication, the
establishment of the Federal Reserve System and
other financial institutions which tend to contribute
to credit fluidity, and the extension by large banks
of their lending activities on a wide scale throughout the country. A further factor of importance in
recent years has been the rapid growth of deposits
in all regions and the expansion of bank reserves
and of bank assets that may be converted readily
into reserves. As a result a large supply of loanable
funds exists throughout the country.
TABLE

13

AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS,
NOVEMBER 20,

1946,

BY FEDERAL RESERVE DISTRICT AND

SIZE OF BORROWER

[Per cent per annum]

Federal
Reserve
district

All
borrowers 1

Size of borrower
(Total assets, in thousands of dollars)
Under
50

50250

250750

750- 5,000
and
5,000 over

Boston
New York
Philadelphia

3.0
2.3
3.1

5.0
4.8
5.2

4.0
3.9
4.4

3.2
3.3
3.4

2.4
2.6
2.7

2.1
1.8
1.9

Cleveland
Richmond
Atlanta

2.9
3.3
3.5

5.2
5.0
5.0

4.4
3.9
4.1

3.8
3.1
3.6

2.7
2.5
2.8

1.8
1.7
1.9

Chicago
St. Louis
Minneapolis

2.7
3.1
3.2

4.9
4.9
5.2

4.0
3.8
4.6

3.3
3.3
3.6

2.6
2.5
2.4

2.0
1.8
1.8

Kansas City
Dallas
San Francisco
All d i s t r i c t s . . . .

3.6
3.7
3.8
2.9

5.7
5.7
5.8
5.2

4.5
4.5
4.7
4.2

3.6
3.7
4.2
3.5

2.6
2.9
3.5
2.8

1.8
2.1
2.2
1.9

1
Includes rates on a small amount of loans unclassified bysize of borrower.

A survey of member bank business loans conducted by the Federal Reserve System in 1942
revealed that regional interest rate differentials on
customer loans were moderate at that time. While
average interest rates on all such loans were

814




clearly lower in the northeastern areas, it was
shown that when comparable loans were considered
the spread in rates between the traditionally lowrate East and the West seldom exceeded 1.5 percentage points. Moreover, the survey revealed that
rates in the mid-western districts ran closely with
those in the northeastern region.
Since 1942 there has been a further tendency for
regional rate differentials to narrow. While for
a given type of' loan, rates in the Dallas and San
Francisco Federal Reserve Districts were consistently
above the national average, they were commonly
much less than 1 percentage point higher, as is
shown in Table 13. Lowest rates were paid by
borrowers in the New York, Richmond, and St.
Louis Districts, and rates in the Chicago and Boston
Districts were below average except those on loans
to the largest businesses. Customers in the Philadelphia, Cleveland, Atlanta, and Minneapolis Districts paid rates close to the national average. In
the Kansas City District small borrowers tended
to pay somewhat higher rates than in other districts while large businesses paid rates comparable
with those charged in the low-rate regions.
This pattern of rates also tends to prevail when
loans are grouped by size of bank as well as by
size of borrower, as is shown in Table 14. Banks
of virtually all sizes in the Richmond, New York,
and St. Louis Districts tended to charge borrowers
of a given size rates somewhat below the corresponding national average, and in the Boston and
Chicago Districts banks charged relatively low rates
to all but the largest companies. On the other
hand, with few exceptions, rates at all sizes of
banks were higher in the Dallas and San Francisco
Districts.
While this general regional structure of rates is
rather consistently maintained for all sizes of business at various sizes of banks, the significant finding is that the differences are as small as they appear to be. For comparable loans at a given size
of bank, average rates rarely varied as much as 1.5
percentage points. In each district differences in
rates paid by large and small borrowers were considerably larger than the variations shown between
the highest- and lowest-rate areas of the country.
SECURITY PLEDGED ON BUSINESS LOANS AND INTEREST
RATES

In a previous article which presented findings
of this survey with respect to security pledged on
FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
TABLE

14

AVERAGE INTEREST RATES ON M E M B E R BANK BUSINESS LOANS, NOVEMBER 20,
BY

1946

FEDERAL RESERVE DISTRICT, SIZE OF BANK, AND SIZE OF BORROWER

[Per cent per annum]
Size of bank (Total deposits, in millions of dollars)
Less than 2

Federal
Reserve
district

2-10

Size of
borrower
(Total assets, in
All
All
thousands
bor- of dollars) borrowrowers2
ers2
Under
50

Size of borrower
(Total assets, in
thousands of dollars)

Under
50

50250

10-100

50250

100 and over

Size of borrower
(Total assets, in
thousands of dollars)

All
borrowers2

Size of borrower
(Total assets, in
thousands of dollars)

All
borrowers2

Under
50

250- 750750 5,000

50250

250- 750- 5,000
750 5,000 and
over

l

Under
50

50250

250- 750- 5,000
and
750 5,000 over

Boston
New Y o r k . . . .
Philadelphia. .

5.1
5.4
5.1

5.3
5.4
5.3

4.7
5.3
4.8

4.7
4.7
5.0

5.1
5.2
5.3

4.4
4.4
4.9

3.9
4.3
4.6

3.0
2.8
3.5

3.8
4.0
3.9

5.1
4.9
5.2

4.1
4.2
4.3

3.5
3.8
3.9

2.9
3.2
3.3

1.7
1.7
1.5

2.4
2.1
2.3

4.4
4.5
4.8

3.8
3.7
3.7

2.8
3.2
2.9

2.3
2.5
2.6

2.1
1.8
1.9

Cleveland....
Richmond.. . .
Atlanta

5.3
5.0
5.9

5.4
5.1
6.3

5.0
4.7
4.4

5.0
4.4
4.8

5.4
5.1
5.5

4.9
4.1
4.4

4.4
3.6
3.6

3.4
2.8
3.2

4.3
3.7
3.9

5.1
5.0
5.0

4.4
4.1
4.2

4.4
3.4
3.7

3.6
2.7
3.2

2.0
1.8
2.1

2.3
2.5
3.0

5.1
4.5
4.3

4.0
3.5
3.8

3.2
2.7
3.4

2.6
2.4
2.7

1.8
1.8
1.9

Chicago
St. Louis
Minneapolis. .

5.1
5.2
5.5

5.3
5.8
5.7

4.4
5.4
4.8

4.8
4.8
4.7

5.2
5.2
5.1

4.5
4.4
4.6

4.1
4.3
3.6

3.9
3.8
3.4

3.7
3.3
4.0

4.6
4.5
5.2

4.0
3.7
4.4

3.3
3.3
3.8

3.1
2.3
3.3

1.9
1.8
1.7

2.3
2.6
2.5

4.8
4.6
5.1

3.6
3.6
4.7

3.2
3.1
3.3

2.6
2.5
2.2

2.0
i.7
1.8

Kansas City. .
Dallas
San Francisco.
All districts.

6.1
5.8
5.7
5.4

6.2
6.3
6.9
5.7

5.2
5.2
5.0
4.9

5.4
5.6
5.1
4.9

5.9
6.4
6.2

5.0
5.2
4.8
4.6

3.6
4.5
4.2
4.1

2.1
2.9
3.9
3.7

4.0
4.2
4.3
4.0

5.6
5.4
5.7
5.1

4.5
4.7
4.8
4.3

3.9
4.2
4.4
3.8

2.6
3.2
3.7
3.3

1.8
2.0
2.1

2.8
3.2
3.0
2.4

5.0
4.7
4.9
4.6

4.1
4.0
4.3
3.9

3.3
3.4
4.0
3.3

2.6
2.8
3.2
2.6

1.9
2.1
2.2
1.9

5.5

1.9

1

Banks with deposits of over 500 million dollars are grouped with banks with deposits of from 100-500 million to avoid disclosing
operations of individual banks.
2
Includes rates on a small amount of loans unclassified by size of borrower.

business loans, relationships between interest paid
and kind of security used were analyzed. It was
pointed out that there are significant variations
in rates among loans secured in different ways but
that the effect of security on rates is overshadowed
by the importance of size of borrower and size of
loan. As was brought out in that article and as is
shown in Table 15, very small businesses were enabled by pledge of most kinds of security to borrow
for less than the average rate charged such concerns
on unsecured loans. Medium-size and large companies, on the other hand, borrowed at lower rates
on an unsecured basis than when most kinds of
security were pledged. This difference reflects the
fact that, particularly for large concerns, a collateral
requirement for bank credit may be a sign of some
financial weakness and also that the use of some
types of security may entail larger administrative
costs for the loan.
For loans secured by stocks and bonds and life
insurance, small and medium-size establishments
paid considerably lower rates than for other loans.
These types of security are easily appraised and
JULY 1947




handled and reduce collection problems to a minimum in event of default.
Rates showed a smaller variation by size of borrower on real estate loans than on almost any
other type. The market for mortgage loans is more
highly organized than for most others and customary rate ranges are relatively well established. For
the Cleveland Federal Reserve District—a region
where the bank rate structure is rather typical of
that for the nation as a whole—real estate loans
to businesses were tabulated individually by interest rate. These loans showed a very much smaller
dispersion by interest rate than did loans otherwise
secured and, except for a few large loans, almost
all real estate loans were made at rates of from 4 to
5 per cent.
Loans secured by equipment were generally at
higher rates than other types of loans, except that
large public utilities, including transportation companies, commonly obtained long-term equipment
trust loans at very low rates. Small equipment
loans are frequently handled at some banks in the
personal loan department and discount may be
815

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
TABLE 15

MATURITY OF LOAN AND INTEREST RATES

AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS,
NOVEMBER 20, 1946, BY TYPE OF SECURITY
AND SIZE OF BORROWER

For more than a decade short-term rates in the
open market have been below medium- and longterm rates. Banks and other lenders have had large
quantities of funds which they were disposed to
hold in liquid form and they have been willing to
invest large amounts in short-term securities at
yields considerably below those on longer-dated
securities of approximately equal soundness. In
November 1946 Treasury certificates of 9-12-month
maturities sold in the market to yield an average of
0.84 per cent. In that month Treasury notes of
3-5-year maturities sold to yield somewhat more
than 1.2 per cent and 7-9-year Treasury bonds were
available in the market at an average yield of almost 1.6 per cent. In 1946 similar, although not
identical, differentials in yields existed between
short-, medium-, and long-term corporate and
municipal issues. Although, because of amortization, long-term loans are not directly comparable
with bonds from the standpoint of maturity, it
might be expected that the term structure of rates
in the open market would be reflected in some
differences in rates charged business customers on
short-, medium-, and long-term loans. To a moderate extent this is true, but the differences in rates
charged for loans of various maturities are small
and are outweighed by differences related to other
factors such as size of borrower, size of loan, and
type of security pledged.

[Per cent per annum]

Type of security

All
borrowers^

Unsecured
Secured:
Endorsed or comaker
Inventory
Equipment
Plant and other
real estate
Stocks and bonds..
Accounts receivable
Life insurance....
Assignment of
claims 2
Government participation or
guarantee
Other security....
All types

Size of borrower
(Total assets, in thousands
of dollars)
750- 5,000
and
5,000 over

Under
50

50250

250750

2.5

5.4

4.3

3.3

2.5

1.8

3 7
3.1
4.4
4.3
2.7

5 5
4.8
6.3

4.2
4.2
5.0

3.4
3.6
4.6

2.8
3.2
3.6

1.6
2.8
2.0

4.8
3.8

4.3
3.2

4.1
2.6

3.7
2.5

3.2
2.1

4.5
3.4

5.5
3.9

4.9
3.5

4.5
3.1

3.8
2.6

3.6
2.3

3.5

5.0

4.5

4.0

3.5

2.6

4.0
2.6
2.9

4.6
4.7
5.2

4.3
3.7
4.2

4.1
3.5
3.5

4.0
2.4
2.8

3.3
1.8
1.9

1
Includes rates on a small amount of loans unclassified by size
of 2borrower.
Includes oil runs.

charged on the original amount of instalment loans.
It is estimated that about 10 per cent of the amount
of loans made in bank personal loan departments
are loans to businesses.6
8

Instalment Loans to Small Business, The American Bank-

ers Association, New York, 19.47, p. 3.

TABLE 16
AVERAGE INTEREST RATES ON SHORT- AND LONG-TERM BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946
BY SIZE OF LOAN AND SIZE OF BORROWER

J

[Per cent per annum]

All
borrowers2

Size of loan
(In dollars)

Size of borrower
(Total as.;ets, in thousands of dollars)
Under 50

50-250

250-750

750-5,000

Shortterra
Less than 500
500-999
1 000-4 999
5,000-9 999
10 000-24 999
25,000-49 999
50 000-99 999
100 000-499 999
500 000-999 999
1 000 000 and over
All loans
1
2

. . . .

Longterm

Shortterm

Longterm

Shortterm

Longterm

Shortterm

Longterm

Shortterm

7.0
6.5
5.5
4 8
4.3
3.9
3.5
2.6
2.2
1.8
3.0

8.9
7.7
5.9
5.1
4.6
4.2
3.8
3.0
2.4
2.1
2.8

7.1
6.6
5.6
4.9
4.7
4.4

9.0
7.8
6.0
5.2
4.8
4.5

5.9
5.5
5.1
4 7
4.4
4.1
3 9
3.7

6.9
6.0
5.6
5 .0
4.5
4.3
4.2
4.3

4.3
5.0
4.4
4.3
3.9
3.7
3.5
3.2
3.1

6.8
4.9
5.0
4.3
4.3
4.2
4.0
3.9
3.8

5.1

5.4

4.2

4.4

3.4

4.0

4.5
5.6
4.0
4 0
3.5
3.2
2.9
2.5
2.6
2.8
2.7

Longterm

"4.5"
3 3
4.5
3.6
3.3
3.2
3.2
2.8
3.2

5,000 and over
Shortterm

3.4
3 0
2.8
2.7
2.1
1.8
1.7
1.6
1.7

Longterm

- 2.4
2.4
2 4
2.4
2.4
2.2
2.2
2.1
2.1
2.1

Short- and long-term loans are defined as those maturing in one year or less and in over one year, respectively.
Includes rates paid on a small amount of loans unclassified by size of borrower.

816




FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
been lower than short-term rates because of the
importance in this group of big loans to railroads
and other public utilities. On real estate loans, also,
rates were higher on short-term than on long-term
loans, although the differences were moderate. In
part this may have been due to the high fixed costs
of handling real estate loans. It may also reflect the
frequent use of real estate as collateral for shortterm loans by companies with relatively weak credit
standing. Such companies are probably not in a
strong position to bargain for more favorable rates.
A more detailed breakdown on maturity of loan
shown in Table 18 reveals apparently erratic movements in rates paid by borrowers of each size for
loans of increasing maturity. Rates to very small
enterprises increased sharply from 4.6 per cent on
demand loans to 6.6 per cent on loans maturing
in between one and two years and subsequently
declined as maturity lengthened. The same general term pattern of rates was shown by loans to
companies with assets of from $50,000 to $250,000.
Rates on loans to medium-size concerns showed a
slight trend upward as maturity increased, although
this is partly obscured by fluctuations in rates for
loans maturing in from one to four years. Borrowers with total assets of from $750,000 to $5,000,000
paid increasing rates on loans as maturity lengthened to between three and four years and thereafter
rates showed some tendency to decline. Very large

Businesses in each size group paid lower average
rates on short-term loans than on long-term loans,
as is shown in the bottom line of Table 16. Differences, however, were not large, and on the average
tor all borrowers what rate variations were related
to maturity were more than offset by the fact that
long-term loans were more heavily concentrated
in the hands of large companies which borrowed
at very low rates.
That rates on long-term business loans were somewhat above those on short-term credit extensions
is evidenced further by data presented in Table 16.
With few exceptions businesses tended to pay more
for a given amount of credit when the funds were
extended for periods in excess of one year than they
paid for loans with shorter maturities. Short-term
rates were higher than long-term rates only for
small loans to large companies.
On loans secured by most of the common types
of security, businesses of a given size tended to
pay higher rates for long-term than for short-term
credit extensions, as is shown in Table 17. Rates
on equipment loans made to very small and very
large companies failed to show this relationship by
maturity. For small concerns this probably reflected the higher rates charged on one-year instalment-type loans secured by equipment items such
as trucks. Average rates on long-term equipment
loans made to very large concerns appear to have
TABLE

17

AVERAGE INTEREST RATES ON SHORT- AND LONG-TERM BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20,

1946

x

BY T Y P E OF SECURITY AND SIZE OF BORROWER

[Per cent 3er annum]
Size of borrower
(Total assets, in thousand * of dollars)
All

Type of security

borrowers-

Under 50

50-250

250-750

750-5,000

5,000 and over

Shortterm
Unsecured
Secured:
Endorsed and co- maker
Inventory
Equipment
Plant and other real estate. . .
Stocks and bonds
Assignment of claims 3
Government participation or
guarantee
All other
\\\ types
1
2
3

Longterm

Shortterm

Longterm

Shortterm

Longterm

Shortterm

Longterm

Shortterm

Longterm

Shortterm

Longterm

2.6

2.2

5.4

5.7

4.3

4.2

3.3

3.5

2.4

2.8

1.6

2.0

3.5
3 9
4 8
4.0
3.5
3.0

2.8
3.1
3.3
3.7
2.4
3.4

2.7
4.1
3.7
3.6
2.7
3.5

1.5
1.7
2.3
3.5
1.7
2.6

1.0
2.4
2.0
3.1
2.3
2 7

4.2
3.1
4.0

3.8
2.4
2.7

4.2
2.5
3.1

3.1.
1.9

3.0
1.7

1.7

2.1

3.7
3.0
5 0
4.4
2.7
4.0

3.3
3.4
4 0
4.2
2.5
3.2

5.4
4.7
6 4
5.0
3.7
4.6

6.2
6.3
6 2
4.7
4.5
5 .0

4.2
4.2
5 0
4.4
3.2
4.4

4.4
4.2
5 0
4.3
3.7
4.5

3.4
3.6
4 4
4.1
2.5
4.1

3.7
3.0
3.0

4.3
1.8
2.8

4.3
4.6
5.1

4.7
5.3
5.4

4.2
3.7

4.3
4.9

4.2

4.4

4.0
3.5
3.4

Short- and long-term loans are denned as those maturing in one year or less and over one year, respectively,
Includes rates on a small amount of loans unclassified by business of borrower.
Includes oil runs, accounts receivable, and life insurance.

JULY

1947




THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
borrowers paid an average rate of 1.7 per cent for
loans maturing in less than two years and approximately 2.1 per cent on extensions of funds for longer
terms.
TABLE

18

AVERAGE INTEREST RATES ON M E M B E R BANK BUSINESS LOANS,
N O V E M B E R 20, 1946, BY MATURITY OF LOAN
AND SIZE OF BORROWER

[Per cent per annum]

All

Maturity of loan

Demand
Less than 90 days. . .
90 days-^6 months
6-9 months
9 months—1 year.
1-2 years
2-3 years
3-4 years
4—5 years
5-10 years
Over 10 y e a r s . . . .
All loans 2

borrowers1

Size of borrower
(Total assets, in thousands
of dollars)
Under
50

50250

250750

750- 5,000
and
5,000 over

3 0

4 6

4 0

3 5

3.2
3.0
3.2
3.1
3.5
3.3

5.2
5.1
5.3
5.9
6.6
5.7
5.4

3.4
3.3
3.7
3.5
4.1
3.7
4.7

3 0

4 8
4.8
4.5

4.3
4.1
4.5
4.4
4.9
4.5
4.6
4.3
4.2
4.3

3.9
4.2

2.7
2.7
2.5
2.7
3.0
3.2
3.4
3.6
3.3
3.0
3.0

2.9

5.2

4.2

3.5

2.8

2.8

2.5
2.4

3 9

1 6
1.7
1.7
1.7
1.7
1.7
2.1
1.9

2 2
2.1
2.1
1.9

1

Includes rates on a small amount of loans unclassified by size
of 2borrower.
Includes rates on a small amount of loans unclassified by maturity.

That differences between short- and long-term
rates on comparable customer loans are moderate
as compared with differences in yields on shortand long-term issues in the open market is due
in considerable degree to the character of business relationship between bank and borrower.
Funds invested on short term in the open market
may be called in at maturity without regard ordinarily for the effect of such action on the borrower.
Even though it may be in need of funds, however,
a bank may not feel at liberty to insist on repayment at maturity of a short-term loan to a customer.
Such action might result in serious financial loss
to the business borrower, and destroy for the bank
a profitable business connection. Short-term business
loans, therefore, are not ordinarily considered by
banks as fully liquid and consequently rates on
customer loans would not be expected to show the
same differentials by maturity as do rates on securities or open market paper.
A further factor accounting for some of the apparent differences in the maturity pattern of rates
on loans and on open market credit is that many
term loans are on an amortized basis and consequently the actual average maturity of the loan is

818




much shorter than that indicated by the dating of
the final payment.
CHANGES IN RATES SINCE 1942

A Federal Reserve System survey of business
loans made at member banks from April 16 to
May 15, 1942 showed that customer rates averaged
3.4 per cent during this period.7 The results of
this survey indicated, moreover, that rates in 1942
were moderately lower than in the middle 1930's
and considerably below those prevailing in the
1920's.
Comparison of rates paid by business borrowers
near the end of 1946 with those paid on loans made
during the one-month survey period in 1942 indicates that some further reduction has occurred.8
Short-term rates appear to have declined an average of about one-half of one percentage point, with
somewhat greater declines occurring in rates
charged medium-size and small companies. Very
large borrowers paid an average rate of 1.8 per cent
on short-term loans made from April 16-May 15,
1942 and an average of 1.7 per cent on such loans
outstanding near the end of 1946.
Rates on long-term loans to very large businesses
appear to have declined significantly since 1942.
In the 1942 survey period long-term loans were
made to very large companies at an average rate
of 2.5 per cent whereas the rate on long-term loans
outstanding to such concerns near the end of 1946
was 2.1 per cent. Data on rates shown by the two
surveys for long-term loans to medium-size and
small establishments are not comparable because
small loans and loans secured by real estate, which
constitute an important segment of long-term loans
to these companies, were not reported in the 1942
survey.
The conclusion that rates have fallen further
since 1942 is supported by other evidence. Information on customer loan rates obtained quarterly from
banks in 19 cities indicates that at these banks,
which are largely institutions with total deposits of
more than 100 million dollars, a decline in short7
Reported by G. L. Bach in "Interest Rates at Member
Banks," Federal Reserve BULLETIN, November 1942, pp. 10891097.
8
Data obtained in the 1942 survey are not entirely comparable
with figures shown in this article. Information was obtained
only for loans made during the period from April 16-May 15,
1942 and not for all business loans outstanding. In the 1942
survey loans secured by real estate and small loans were not
reported and the average rates obtained probably slightly understated rates on all loans. Because of the small amounts involved, however, this probably had little effect on the average
rates for all banks.

FEDERAL RESERVE BULLETIN

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS
term loans rates of about one-quarter of one per
cent has occurred. Unpublished data on loans maturing in over one year at these banks show a drop
in long-term rates since 1942 of about one-half of
one per cent.
In the previously mentioned article on security
for bank loans, comparison of interest rates paid
in 1946 and 1941 was made for loans secured by
certain types of collateral. It was indicated that
rates declined significantly over that period on
loans secured by field warehouse receipts, accounts
receivable, and equipment.
Further indication on changes in bank interest
rates is given by data on the earnings and expenses
of member banks. Interest received on loans and
discounts may be compared with the average
amount of loans outstanding to obtain a measure of
the average rate of interest charged on all types of
loans. These figures must be used with consider-

JULY

1947




able caution since changes may reflect merely shifts
in the composition of loan portfolios. After allowance for what shifts appear to have occurred, however, the data tend to confirm that since 1942 some
decline in bank interest rates has taken place.
BOARD'S SERIES ON CUSTOMER RATES

The Board's series on average interest rates
charged customers by banks in principal cities show
significant differences in rates among banks in New
York, seven northern and eastern cities, and eleven
southern and western cities. Differences in rates
among these sections, however, reflect largely interarea differences in the characteristics of bank customers and in the size composition of bank loan
portfolios. Disparities in the general pattern of
customer rates charged by reporting banks in different centers are not wide.

819

RETAIL CREDIT SURVEY—1946
Credit sales in 1946 increased 38 per cent to a
record high level of 22.5 billion dollars, according
to estimates based on findings of the annual Retail
Credit Survey. Dollarwise most of the increase
in credit sales occurred in charge-account transactions, which increased about one-third from the
unprecedentedly large volume of 1945. Instalment
sales expanded almost twice as fast as chargeaccount sales, but remained considerably below the
prewar level. Cash sales rose at a less rapid rate
than either type of credit transaction. Nevertheless,
sales for cash accounted for more than three-fourths
of all retail sales during 1946 and were higher than
at any other time on record. Total retail sales of
nearly 97 billion dollars represented a rise of 26 per
cent above the 1945 volume.

With continued high levels of income in 1946,
consumers spent freely at retail establishments.
During the early months of the year many individuals purchased more than a current supply of
personal or household articles that had been difficult
to obtain for several years. As the year progressed,
consumers began to exercise more care in selecting
merchandise, giving greater consideration to quality,.
RETAIL

SALES
BILLIONS OF DOLLARS

TABLE 1
RETAIL SALES BY TYPE OF TRANSACTION

Annual estimates for total retail trade
Sales (In billions of dollars)

Year
Total

1939
1940
1941
1942
1943
1944
1945
1946

. .

Cash

42 0
46.4
55.5
57 6
63.7
69.5
76.6
96.7

27 2
29.9
36.3
42 5
48.9
54.4
60.3
74.2

Percentage of total
sales

Charge

Instalment

9 9
10.7
12.4
12.3
12.4
12.8
14.0
18.8

4.9

65

23

5.8
6.8

64
66

2.8

74

23
22

2.4
2.3
2.3
3.7

77
78
79
77

account

Cash

Charge Instalaccount
ment

21

19
19
18
19

12
13
12
5

4
3
3
4

NOTE.—Estimates of total retail sales compiled by the Bureau
of Foreign and Domestic Commerce, United States Department
of Commerce. Sales by type of transaction are based on data from
the Census of American Business for 1939, projected according to
data from the Retail Credit Survey for subsequent years with
appropriate allowances in cash sales to adjust for bias in the Survey sample.

Price increases, accelerated by the removal of
most controls in the latter half of 1946, accounted
for some of the dollar expansion in retail sales. If
adequate adjustment were made for price changes,
the gains in physical volume of sales for the year as
a whole probably would not exceed 15 per cent.
In physical as well as dollar volume, cash sales were
undoubtedly higher than at any time in the past,
but credit sales adjusted for price changes would
probably fall below the figures for the early forties.
Copies of the 1946 Retail Credit
the Division of Administrative
Services,

820




1939

1940

1941

1942

1943

1944

1945

1946

price, and immediate need. Fewer luxury items
were bought, and replacement or acquisition of
durable goods became of increasing importance.
During this year of record buying consumers continued to save from current income, but at a sharply
reduced rate as compared with the war years, partly
NOTE.—The 1946 Retail Credit Survey covers nine trades
and is based on data from some 6,470 stores, all of which
transact a part of their business on credit. Nearly 4,350 stores
supplied data for selected balance sheet items. Totals include
firms which submitted consolidated reports for multiple units
which could not be classified by size, or in some cases, by Federal Reserve districts.
Since stores operating on a strictly
cash basis are not represented, the proportion of cash sales for
individual trades is undoubtedly understated. Estimates of total
retail sales presented in Table 1 make allowance for this bias
in the reporting sample.
Coverage varies considerably among tbe several *rades,
ranging from around 63 per cent of total 1946 sales for department stores to around 5 per cent for household appliance and
hardware stores.
Summaries of the data collected in previous Retail Credit
Surveys conducted by the Federal Reserve System are published
in the Federal Reserve BULLETINS for July 1943, July 1944,
May 1945, and June 1946.

Survey, which contains separate data for nine trades, may be obtained on request
Board of Governors of the Federal Reserve System, Washington 25, D. C.

from

FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY
because current savings were offset to a greater
extent by an increase in indebtedness arising from
major purchases.
The gradual return to prewar use of credit at
retail establishments, which began in the latter
part of 1945, continued at an accelerated rate in
1946. Nevertheless, credit sales for the year as
a whole were less than one-fourth of total sales
as compared with more than one-third in the early
forties. As is shown in the table and chart on the
preceding page, charge-account sales of all retailers
increased in dollar amount throughout most of the
war period, but failed to keep pace with the rapid
and continual advance in cash sales. As a consequence, charge-account sales represented a diminishing proportion of the total during those years,
and in 1945 accounted for only 18 per cent of total
sales as against 23 per cent in 1939 and 1940 and 19
per cent in 1946.
Beginning late in 1941 instalment sales declined
rapidly both in absolute amount and in relation to
total sales. The slight recovery in instalment sales
in the latter part of 1945 was not enough to change
their relative importance, but the year 1946 brought
sufficiently large increases in both open credit and
instalment sales to raise credit business to 23 per
cent of all retail sales, two percentage points more
than a year earlier. This is the first time since 1940
that gains in credit transactions have outweighed
increases in cash purchases.
The upward trend in credit sales and the increased availability of most commodities in 1946
were reflected in retailers' balance sheets. Customer
accounts receivable, based on instalment purchases
and a record volume of charge-account business,
rose sharply during the year and were further stimulated after December 1 by the removal of credit
controls from all but the major durable goods and
by the elimination of restrictions on charge accounts. Inventories were built up rapidly, particularly at durable goods stores where commodities
were in strong demand and stocks had been extremely low at the end of 1945. In order to finance
their larger inventories and to carry their expanded
receivables, retailers were forced to draw down
their large cash and security holdings and to increase their bank and trade notes payable from the
low levels of a year earlier. At the end of 1946 the
ratio of current assets to current liabilities for most
retailers was somewhat smaller than at the end of
JULY

1947




1946

the preceding year, but a majority were still in a
highly liquid position.
GROWTH OF SALES IN SELECTED TRADES

Expansion in retail sales during 1946 was larger
percentagewise than in the preceding year for all
of the nine trades covered in the Retail Credit
Survey. Gains were greatest for automobile dealers and household appliance stores, amounting to
139 per cent and 134 per cent, respectively, and
ranged downward to 23 per cent for jewelry stores
and only 17 per cent at women's apparel stores.
Prospective style changes combined with higher
prices were a limiting factor in sales at women's
apparel stores. With appropriate allowance for
price increases, physical volume of sales at such outlets may have dropped below the 1945 level.
The marked contrast in rate of growth among the
several trades is largely attributable to shifts in consumer expenditures from nondurable goods, which
were relatively plentiful during the war years, to the
purchase of durable goods as the latter became
available in greater volume. According to Department of Commerce estimates, retail sales at durable
goods stores increased about 65 per cent in 1946
compared with a gain of only 19 per cent for nondurable goods stores. Sales at durable goods stores
constituted nearly 20 per cent of 1946 retail sales in
contrast to around 15 per cent during the preceding
three-year period, but they were still well below the
28 per cent proportion for 1941.
The rise of 27 per cent in department store sales,
the largest gain recorded at these outlets in the past
five years, reflects sharply increased sales of major
household appliances and home furnishings, as well
as of men's and boys' clothing, which were in exceedingly short supply the preceding year. More
ample inventories enabled men's clothing stores to
expand sales 25 per cent above the 1945 volume, a
higher rate of growth than in any year since before the war. Although sales of jewelry stores advanced less rapidly than those of most kinds of
retail establishments reporting in the Survey, they
were nearly one-fourth higher than in 1945 and
more than twice the prewar volume. Percentage
increases in retail sales from 1945 to 1946 for all
retail trades covered in the Survey and a percentage
distribution by type of payment are given in
Table 2.
In 1946 credit sales increased more rapidly than*
821

RETAIL CREDIT SURVEY
TABLE

1946

2

RETAIL SALES BY T Y P E OF TRANSACTION AND BY K I N D OF BUSINESS

Stores reporting in 1946 Retail Credit Survey
Percentage of total sales, 1946

Percentage change, 1945-46
Kind of business

Number
of stores
reporting

Total
sales

Cash
sales

Chargeaccount
sales

Instalment
sales

Department stores
Men's clothing stores
Women's apparel stores

1,534
359
359

+ 27
+ 25
+ 17

+ 19
-f 19
+ 9

+ 42
+ 35
+ 28

Furniture stores
Household appliance stores
Jewelry stores

1,032
577
388

+ 49
+ 134
+ 23
+ 43
-H39
+ 47

+ 56
+ 130
+ 12

+ 60
+ 117
+ 32

+ 39
+ 191
+ 46

+ 46
+ 82
+ 43

cash transactions for most of the trade groups, thus
reversing the situation prevailing throughout the
period 1942-45. Only at furniture stores and automobile dealers was the rate of growth in credit
sales less than that of cash transactions. The tendency toward a relatively greater expansion in cash
purchases is evident in those markets still characterized by limited selections, as in the case of better
quality furniture, and where existing demand
greatly exceeds available supplies, as in the case
of automobiles. A sustained demand from cash
buyers enabled automobile dealers to expand cash
sales to nearly three times the 1945 volume while
credit business increased 86 per cent.
Although the year 1946 marked a gradual return to more extensive use of retail credit, the proportion of credit sales for all nine trades remained
substantially below that prevailing in prewar years.
At department, men's clothing, women's apparel,
and jewelry stores charge-account sales made up a
larger proportion of all sales than in 1945; at other
types of retail outlets charge-account business declined in relation to the total or remained virtually
unchanged. More than three-fifths of the sales
of automobile dealers were on a cash basis while
instalment sales constituted only 11 per cent of the
total—a somewhat lower percentage than in 1945.
At household appliance and jewelry stores instalment sales increased in relation to the total, but at
furniture stores, cash transactions continued to rise
in relative importance and instalment sales accounted for only 53 per cent of the total, a decline
of two percentage points from the preceding year.

822




32
35
47

6
3
3

28
42
48

19
36
24

53
22
28

56
62
49

+ 69
+ 100
+ 85

557
764
904

Charge
accounts

62
62
50

+ 49
+ 36
+ 11
+ 42
+ 178
+ 38

Hardware stores
Automobile dealers
Automobile tire and accessory stores

Instal-

Cash

42
27
44

2
11
7

ment

CHARGE-ACCOUNT SALES AND RECEIVABLES

Charge-account sales of all retail establishments
in 1946 are estimated at nearly 19 billion dollars, or
34 per cent above those in the preceding year.
Considerable expansion in sales of this type was
characteristic of stores of all sizes in the nine kinds
of business covered by the Survey.1 The largest
increases were reported by household appliance
stores and automobile dealers as customers attempted to satisfy accumulated demand for their
merchandise. A decline from 1945 to 1946 in the
proportion of total business transacted on char-ge
account was evidenced in both of these trade lines,
and was particularly marked in the case of automobile dealers.
For all of the other trade lines covered by the
1
Reporting firms are classified as small, medium, and large,
on the basis of 1946 annual sales volume. These classifications
have different meanings for the various kinds of business. The
size range for each is indicated below:

Kind of business

Small
Medium
Large
(1946 annual sales. In thousands of dollars)

Department stores Under 1,000 1,000 to 10,000 10,000 and over
Men's clothing
stores
Under 250 250 to 1,000 1,000 and over
Women's apparel
stores
Under 250 250 to 1,000 1,000 and over
Furniture stores... Under
Household appliance stores
Under
Jewelry stores
Under
Hardware stores. .
Automobile deal- Under
ers
Automobile tire Under
and accessory
Under
stores

200

200 to

500

500 and over

100

100 to
100 to

250
500

250 and over
500 and over

100
100
250
50

100 to

500

500 and over

250 to

500

500 and over

50 to

100

100 and over

FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY

1946

TABLE 3
RETAIL ACCOUNTS RECEIVABLE

Stores reporting in 1946 Retail Credit Survey
Percentage change
in accounts receivable
during 1946
Kind of business
Charge
account

Instal-

Instalment paper
sold as percentage of
instalment sales

Average collection period for
accounts receivable
Charge account
(In days)

Instalment
(In months)
1946

ment

1946

1945

1946

1945

1945

Department stores
Men's clothing stores
Women's apparel stores

+57
+54
+32

+ 63
+ 47
+ 26

48
61
56

47
55
57

8
7
6

9
6
6

0)

Furniture stores
Household appliance stores
Jewelrv stores

+59
+79
+25
+51
+59
+25

+ 31
+ 116
+ 52

60
44
50

59
59
54

8
7
6

9
9
7

1
7

1
3

+ 51
+ 64
+ 122

55
36
37

54
41
42

7
10
7

8
9
7

5
39
10

3
39
7

Hardware stores
Automobile dealers
Automobile tire and accessory stores....
1
2

1

1
2

Less than one-half of one per cent.
No instalment paper sold.

Survey except automobile tire and accessory stores,
as in the field of retail trade as a whole, chargeaccount sales constituted an increasing proportion
of total sales in 1946. The growing importance
of so-called 30-day or "convenience" credit was
most pronounced at department and apparel stores,
where this type of transaction always has been
popular and sufficient merchandise has been available to maintain a large volume of sales throughout the war years. As prices increased and individuals and families settled down to peacetime
living, some purchases at these stores which might
have been for cash in 1945 were placed on charge
accounts in 1946. Preferential treatment of charge
customers by some stores in the distribution of
small stocks of such hard-to-get items as hosiery,
white shirts, and pressure cookers continued to
encourage the opening of new accounts and use of
inactive ones.
Charge accounts customarily make up a greater
proportion of total business at large stores than at
small ones. This was true again in 1946 for all
except automobile dealers. Large outlets in the
automobile trade were under little pressure to
promote charge accounts and transacted nearly as
large a proportion of their business for cash as did
the smaller firms.
At the end of 1946 charge-account indebtedness
had increased 54 per cent over the amount outstanding a year earlier. This compares with an increase
of only 34 per cent in the annual volume of chargeJULY

1947




account sales. Part of this difference in rate of
growth may be attributed to a particularly large
rise in charge accounts receivable in December after
wartime restrictions imposed on such accounts by
Regulation W had been removed. Although acceleration of collections on charge accounts, evident
during the war years, continued in several lines
throughout 1946, some lengthening of the average
collection period was apparent at department, furniture, hardware, and men's clothing stores. Figures available for the early months of 1947 indicate
some further slackening in rate of repayment at
department and furniture stores.
INSTALMENT SALES AND RECEIVABLES

Instalment sales expanded rapidly in 1946 as
stocks of goods customarily sold on deferred payment plans gradually returned to the market.
Viewed in terms of the very low level of instalment
sales in 1944 and 1945, the 61 per cent rise in 1946
appears very moderate and undoubtedly would have
been greater with more plentiful supplies of passenger cars and standard models of household appliances, the items accounting for the bulk of instalment sales before the war.
All trade lines increased their instalment sales
but the largest percentage gains were at household
appliance stores, automobile dealers, automobile tire
and accessory stores, and hardware stores, where
customary stocks had been abnormally low over a
period of several years. At furniture stores, which

823

RETAIL CREDIT SURVEY 1946
had experienced small gains in instalment sales in
1944 and 1945, the increase of 42 per cent reflected
a persistent demand from individuals establishing
new households. If home construction had been
greater and choices of many items of furniture and
home furnishings less restricted, instalment sales of
furniture stores doubtless would have increased
more sharply.
Gains in end-of-year instalment receivables
roughly approximated the increase in instalment
sales volume, but with considerable variation among
the different trades. The rise in instalment accounts receivable held by automobile dealers was
considerably less than the growth in sales largely
because a substantial part of the paper arising from
the instalment sales was sold. Household appliance, hardware, and furniture stores also experienced a greater expansion in instalment sales than
in accounts receivable. With down payment requirements for major durable goods under Regulation W virtually unchanged and individual incomes continuing at a high level, the amount of
credit extended in connection with instalment sales
was held down and liquidation of accounts continued to be prompt. Increased instalment buying
around the year-end at department, jewelry, apparel, and automobile tire and accessory stores resulted in a relatively greater rise in accounts receivable than in annual sales volume. Instalment
collections at these outlets were well sustained,
however, and the average period for repayment remained about the same as in 1945 except at department and jewelry stores, where it was reduced
slightly to eight and six months, respectively.
Contrary to the experience of most kinds of retail
establishments, the average repayment period for
instalment accounts of automobile dealers was
somewhat longer in 1946 than in the preceding
year. With the sharp rise in prices plus the tendency to equip new cars with a wide variety of
accessories, the average size of instalment contract
increased appreciably during 1946. As a consequence, the repayment period averaged around
ten months in 1946 as compared with nine months
in 1945.

drawn down in 1946 in order to replenish inventories, to finance an increasing volume of consumer
credit purchases, and to expand and improve existing facilities. Additions were made to bank indebtedness, which had been sharply curtailed during the war years, and amounts owed to trade
creditors were substantially higher. Total current liabilities increased more rapidly than current
TABLE 4
SELECTED BALANCE SHEET ITEMS
Weighted total for stores reporting in Retail Credit Survey 1
Percentage
change
during 1946

Corporations

Current assets:
Cash and bank deposits
United States Government securities
Accounts receivable....
Inventories
Other current assets. . .

Other

-17

Percentage of total current assets at end
of year
Corporations

Other

1946 1945 1946 1945

- 12

18

25

25

34

-40 - s
+50 + 37
+67 + 59
+ 10 + 39

11
23
43
5

21
18
31
5

12
16
39
8

15
14
30
7

+ 17

+ 20

100

100

100

100

+88
+27
+ <>

+ 140
+ 59
+ 28

4
11
21

3
10
22

3
12
10

2
9
9

Total

+20

+ 50

36

35

25

20

Net working capital

+ 16

+ 13

64

65

75

80

2.8

2.8

4.0

5.0

Total
Current liabilities:
Notes payable to banks.
Trade payables
Other current liabilities.

Current ratio 2

1
Reported figures for individual retail trades were weighted in
accorr'pnce with the relative importance of the total business in
each year.
- Ratio of current assets to current liabilities.

assets, but the current ratio for most firms, particularly corporations, showed little change and net
working capital continued to increase.
Cash and security holdings of retailers, which
at the end of 1945 accounted for almost one-half
of total current assets of both incorporated and unincorporated businesses, were a considerably smaller
part of the total a year later. The percentage decrease in both bank deposits and securities, as
shown in the accompanying table, was much greater
for corporations than for noncorporate retailers.
FINANCIAL POSITION OF RETAILERS
At least three factors probably contributed to this
Comparatively few retailers maintained through- trend. Large corporations, with the possible exout 1946 the high liquidity which prevailed at the ception of national chains, tend to sell a larger
beginning of the year. The large holdings of cash proportion of their merchandise on credit than
and securities built up during the war years were do individually owned stores. Some of the cor824




FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY 1946
porate cash holdings have been used to handle the
expanding volume of credit business during the
past year. In the early months o£ 1946 corporations may have been willing to tie up more funds
to obtain scarce merchandise in a highly competitive market. In addition, many firms put into
immediate effect their plans for postwar expansion
either through acquisition of additional outlets or
through improvement of existing properties.
Either step undoubtedly involved withdrawals of
cash or reduction of security holdings. At the end
of 1946, however, corporations still had 29 per cent
of their total current assets in liquid form as compared with 37 per cent for unincorporated businesses.
All retailers were able to build up their inventories considerably in 1946 as durable goods and
other recently scarce products again became available. Inventories were around two-thirds larger
at the end of 1946 than a year earlier and accounted
for 43 per cent of total current assets in the case of
corporations and 39 per cent in the case of nonincorporated businesses. At the end of 1945 about
30 per cent of total current assets was invested in
inventory.
Unincorporated retailers increased their current
indebtedness more rapidly in 1946 than incorporated
concerns, and at the end of the year their current
liabilities amounted to one-fourth of current assets
as compared with one-fifth on December 31 of the
preceding year. The relationship between current
assets and current liabilities of corporations was
virtually unchanged during the year and the current ratio remained at 2.8. Bank indebtedness increased sharply for firms of both types of organization but continued to be a relatively unimportant
part of the current balance sheet.

most of the paper sold. Automobile dealers customarily dispose of the bulk of their instalment
paper but in both 1945 and 1946 those reporting in
this Survey transferred only 39 per cent to financial
institutions. As in other recent years, department,
furniture, and apparel stores carried all but a small
fraction of their instalment credits on their own
books, while jewelry stores sold none of their instalment contracts.
INVENTORIES

Retailers experienced less difficulty in building up
inventories in 1946 than at any time since the
early months of the war. At the beginning of the
year the quota system was widely used for allocating commodities in short supply; selection was
limited in many lines; and deliveries were often
delayed even on merchandise of a seasonal character. As more articles became readily available,
merchants began to examine their inventory position with a view to restoring some balance in the
TABLE 5
INVENTORIES BY K I N D OF BUSINESS \\ T D BY SIZE OF STORK

Stores reporting in 1946 Retail Credit Survey

Kind of business

Inventory turnover in 1946
Perby size of store1
centage
change
Not
durMeclassiing
Total Small
Large
dium
fied
1946
by size

Department stores. .
Men's clothing stores.
Women's apparel
stores

+68
+90

4.8
5.0

4.1
3.8

5.2
4.1

5. 1
5.9

+55

4.6

4.4

5.0

4.4

Furniture stores
Household appliance
stores
Jewelry stores

+72

3.0

2.9

3.3

2.9

+97
+34
+41
+87

4.4
1.9

3.9
1.7

4.8
1 .9

4.8
1 .8

2.9
4.2
2.0

3.8
8.8

3.2
6.8

3.8
8.0

4.3
9.4

3.8
8.8

+61

4.9

4.2

4.4

6.2

3.7

Hardware stores. . . .
Automobile dealers. .
Automobile tire and
accessory stores. . .

4.0
5.3
4.9

INSTALMENT PAPER SOLD

Retailers in a majority of the trades represented
in the Survey sold about the same proportion of
their instalment paper in 1946 as they did in 1945.
Household appliance, hardware, and automobile
tire and accessory stores increased the proportion sold, but none of these trade groups sold more
than 10 per cent of the instalment contracts they
originated. Small establishments among household appliance stores disposed of a larger part
of their contracts than did medium-size and
large firms or chain outlets. Among automobile
tire and accessory stores, chain outlets accounted for
JULY 1947




1
For basis of si/e classification, see footnote 1, p. 822.
NOTE.—Figures in this table are based on inventories at retail
prices.

stock on hand, reducing the supply of plentiful
items having slow turnover, and determining the
necessary price markdown on top-heavy accumulations of inferior or little known lines. The early
months of 1947 saw a gradual return to the prewar
practice of ordering on short-term commitment and
limiting orders placed in advance of the season to
permit fill-ins at a later date.
Stock on hand at the end of 1946 for all nine
trade lines included in the Survey was considerably
825

RETAIL CREDIT SURVEY
larger than a year earlier. Large percentage increases in inventories of some kinds of business
are not highly significant since stocks of commodities ordinarily accounting for the bulk of their
sales volume were abnormally low at the end of
1945. Inventories were nearly doubled at household appliance stores as major appliances became
available in increasing quantities to supplement the
small appliances which appeared first on the market.
Automobile dealers, in spite of a record inventory
turnover, were able to build up their stocks 87
per cent. At men's clothing stores, where nearly
all kinds of apparel were in extremely short supply
at the end of 1945, stocks rose 90 per cent. Hardware and jewelry stores reported the smallest gains
in inventory over the year, 41 per cent and 34
per cent, respectively.
Expansion in inventories more than kept pace
with the rise in sales volume in 1946 and the high
rate of inventory turnover was reduced somewhat
for most kinds of business surveyed. Only two
reported a more rapid rate of turnover in 1946 than
a year earlier, automobile dealers and household
appliance stores, which sold some of their merchandise before delivery. Department stores and men's
clothing and women's apparel stores showed the
sharpest reductions in inventory turnover in 1946,
but the rate continued at around five times a year,
a comparatively rapid turnover for these kinds of

826




1946

business. As has been customary in the past, the
rate of turnover was less rapid for small stores
than for the large outlets. Rates of turnover by
kind of business and by size of store are shown in
Table 5.
Consumers' buying practices in the early months
of 1947 and fairly general optimism concerning ]oh
security and the maintenance of purchasing power,
even in the face of rising prices, seem to indicate
that 1947 may be another year of record retail sales.
Fewer luxury goods may be bought but heavy demand for semidurable and major durable goods
probably will continue throughout the year. Even
if cash and charge-account sales level off, it appears
almost certain that instalment sales will show a
further substantial rise. The expansion in instalment sales in all probability will be accompanied
by a more than proportionate rise in accounts
receivable. A slackening in the rate of collection,
already in evidence, is likely to continue as total
indebtedness mounts but need not present a serious
problem to retailers in 1947 provided credit terms
are not unduly eased. In view of the highly liquid
position at the beginning of the year and general
awareness of the need to adjust inventory position
to cushion any abrupt shifts in demand or prices,
retailers should go through the year 1947 in relatively strong financial position.

FEDERAL RESERVE BULLETIN

REGULATION OF CONSUMER INSTALMENT CREDIT
Statement of June 10,1947 by Marriner S. Eccles, with appropriate exceptions to provide administraChairman of the Board of Governors of the Federal tiveflexibility,prescribe maximum maturities for all
Reserve System, to the Banking and Currency Com- types of instalment credit and in addition would
mittees of the Senate and the House, recommending prescribe minimum down payments for instalment
continuance on a legislative basis of the regulation credit to finance the purchase of important
of consumer instalment credit now exercised by the categories of consumers' durable goods. Thus, the
Board of Governors under a wartime Executive regulation would cover not only instalment credit
Order. The statement includes a letter dated for consumers' durable goods but also instalment
]une 5, 1947 from President Truman to Chairman credit for other consumer purposes, both of which
Eccles in which the President expressed the hope contribute to the accentuation of business upswings
that Congress would enact the necessary legislation. and downswings and neither of which can be
sharply disassociated from the other.
The Board of Governors of the Federal Reserve
Generally speaking, the instalment terms now
System has recommended to the Chairmen of the
prescribed by Regulation W call for maturities of
Senate and House Banking and Currency Commitnot more than 15 months and down payments of at
tees a bill which would authorize the Board to conleast one-third. Under the proposed legislation,
tinue on a specific legislative basis the regulation of terms would, of course, be varied from time to time
consumer instalment credit that is now based on depending upon changing economic conditions but
Executive Order.
with a view to restraining the development of unAs the members of your Committee know, since sound credit terms and with a view to preventing
the end of the war the question of whether some or reducing excessive expansion or contraction of
restraints upon overexpansion of this type of credit consumer instalment credit which is that sector of
should be retained has been the subject of sharp consumer credit subject to the widest fluctuation.
controversy. The Board has hoped that Congress These would be the declared statutory objectives.
would hear the pros and cons before coming to a
Under existing conditions when the articles comconclusion as to whether legislation should or monly financed with instalment credit are for the
should not be enacted. We feel that regulation of most part in short supply relative to demand, it is
this character should have specific legislative sanc- apparent that the restraints help to dampen the detion if it is to be indefinitely extended in peacetime. mand and thus reduce the upward pressure on
Accordingly, we have recommended to the Presi- prices. Even when goods become available in larger
dent that the Executive Order be vacated in the quantities, however, reasonable restraints on conevent that the Banking and Currency Committees sumer instalment credit would serve a useful public
do not recommend favorably the enactment of ap- purpose, because they would tend to induce sellers
propriate authority for continuing regulation. The to reach more customers by reducing prices instead
President has written a letter, which I will later read of by resorting to a competitive relaxation of instalinto the record, indicating that he will follow the ment credit terms while still maintaining high
Board's recommendation.
prices. Under prevailing conditions of maximum
If legislation is to be passed, we believe from our peacetime employment and national income, it
experience that consumer credit regulation should would be economically unsound to encourage people
be directed to the volatile sector of consumer credit, to go deeper and deeper into debt on increasingly
that is, instalment credit. This is the part which easy terms.
has been subject to the greatest fluctuations in the
Notwithstanding continued shortages of goods,
past, thus contributing to instability and unemploy- particularly durable goods, and notwithstanding
ment. Regulation under the proposed legislation regulation of consumer credit, instalment credit
would be in about the form and scope effective at expanded during the past 12 months by more than
present under the Board's Regulation W. It would, 2 billion dollars. The economic effect of adding
JULY

1947




827

REGULATION OF CONSUMER INSTALMENT CREDIT
borrowed dollars to current income, together with
the unprecedentedly large volume of savings in the
hands of the public generally, can only be to prolong
the period of inflated prices. The premature relaxation of restraints, or their complete removal, would
make no more goods available. It would only help
to hold prices high in the market place.
With existing shortages in consumers' durable
goods and the restraint of Regulation W, the
volume of consumer instalment credit has not
reached a point where it could be considered excessive as viewed in relation to the level of national
income and production. The restraint is now imposed because of other current factors such as the
high individual incomes and the large cash resources which consumers widely possess as related
to the supplies of consumers' durable goods available. Were goods available in larger volume and
were many consumers able to finance their purchases on easier credit terms, there is little question
but that the volume of consumer instalment credit
would be much higher. As an indication of the
potentialities, sales of consumers' durable goods in
1946 were nearly twice the dollar volume of such
sales in 1940 but the volume of instalment sales
credit extended in 1946 was less than three-fourths
of the instalment sales credit extended in 1940.
Thus with the elimination of restraint and the
larger supplies of goods that are becoming available,
consumer instalment credit could increase rapidly
in absolute volume and in relation to national
income.
The need for regulation is not merely a temporary
one. Experience has shown that the excessive expansion and subsequent contraction of consumer
instalment credit contributes substantially to the
rise and fall of production and employment. Its
role in instability is increasing with the growing
importance of consumers' durable goods in the
economy. It is recognized that the development
of this type of credit has gone hand in hand with
and facilitated the unparalleled industrial development of the nation. Yet, it is equally significant
that when competition takes the form of relaxing
credit terms and is carried to extremes, it is a
symptom and cause of economic unsoundness. Millions of people are encouraged to overpledge future
income. This inevitably entails instability, because
the excessive credit extended during a business
boom accentuates the boom and has to be liquidated

828




out of current income on the downswing, which
accentuates depression. The fact that current income has to be used to pay off excessive instalment
debt created during the business boom necessarily
diverts that income from the channels of consumer
expenditures in the depression, especially in the
important sector of consumers' durable goods.
Voluntary efforts made by foresighted retailers,
sales finance companies, banks, and other lenders
to prevent down payments from becoming excessively small and repayment periods from becoming
over-extended in times of credit expansion are ineffective because of the aggressive competition of
those who will not voluntarily cooperate in this
objective.
The present trend of expansion in consumer instalment debt needs to be carefully watched and
restrained so that the country shall not repeat the
pattern of inducing American families to go heavily
into debt on too easy terms, particularly for highpriced goods many of which are not only highpriced but of inferior quality. The decline that
would be bound to follow would be felt not only
in the durable goods industries but throughout the
economy. Continued restraints as proposed in the
legislation would help to prevent a repetition of
such an unsound sequence of events.
The Board feels that this type of regulation,
which is of a selective character, serves a useful
purpose which cannot be reached by the exercise
of any powers over bank credit in general. The
regulation is needed, therefore, as a supplement to
general credit control powers. As the Board
pointed out in its 1945 Annual Report to Congress,
however, over-all restraints to the sources of bank
credit have, under existing conditions, lost much of
their effectiveness. For this reason it is all the more
important for Congress to consider whether a selective control such as proposed would, as the Board
believes, reduce economic instability and thus help
to provide conditions more favorable to the maintenance of our private enterprise system.
LETTER OF THE PRESIDENT

The Council of Economic Advisers has transmitted to me a memorandum in regard to the legislation which the Board of Governors has recommended for consideration by Congress to continue
instalment credit regulations now in effect under
an Executive Order based on the Trading with the
FEDERAL RESERVE BULLETIN

REGULATION OF CONSUMER INSTALMENT CREDIT
Enemy Act. In their memorandum the Council
states:
"There now exists the power to limit the growth
of instalment credit which, even under the present
restraints, has been expanding at a disturbing rate.
This power now rests on wartime Executive Order,
which may have to be rescinded in the absence of
legislative authority for its continuation. If the
curbs on the extension of instalment credit now
being exercised under Regulation W were to be
removed at this time, there would be a tendency of
producers and distributors to try to sustain the
absorptive power of the market by accepting lower
down payments and a longer time period rather
than adjusting prices to the purchasing power of
current incomes. This would postpone rather than

JULY

1947




promote the kind of stable adjustment that our
economy requires."
I wish to advise you that I am in full accord with
the Council's recommendations and hope that the
Congress will enact the necessary legislation to retain restraints upon excessive expansion which results in excessive contraction of consumer credit
thereby making for economic instability, reduced
production, and unemployment. If the Congress
does not see fit to provide the necessary legislative
authority, it is my intention to vacate the Executive
Order because I do not believe that such regulations
should rest indefinitely in peacetime on emergency
or war powers after the Congress has had ample
opportunity to consider the subject.

829

REVISED CONSUMER CREDIT SERIES
Revisions for the following segments of the consumer credit series are presented in this article: (1)
consumer instalment credits of commercial banks,
(2) consumer instalment loans at small loan companies, (3) consumer instalment loans at credit

unions, and (4) single-payment loans outstanding.
Total instalment loans, total consumer instalment
credit, and total consumer credit outstanding have
also been revised to incorporate these changes in
the several parts.

CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY T Y P E OF CREDIT

[Revised estimates.

In millions of dollars]

AMOUNT OUTSTANDING

Automobile
retail
End of month

Pur- Direct
chased loans

VOLUME EXTENDED DURING MONTH

Repair
and
nodernization
loans1

Other
retail,
purTotal
chased
Pur- Direct and
chased loans direct
Automobile
retail

Month

Repair Perand sonal
mod- instalerniza- ment
cash
tion
loans1 loans

1943—July
August. . .
September,
October.. .
November.
December.

558
542
534
525
516
516

61
59
58
57
55
54

80
79
79
79
79
79

103
J00
97
95
92
89

1943—July
August. . .
September
October.. .
November
December.

78
79
84
78
75
83

9
10
11
9
8
7

15
16
15
15
14
15

10
9
10
11
12
14

7
7
7
7
6
5

37
37
41
36
35
42

1944—January...
February..
March. . . .
April
May
June
July
August....
September
October.. .
November.
December.

506
494
501
500
508
522
530
534
535
538
543
557

52
51
50
50
51
54
59
60
60
58
57
55

78
78
80
83
87
90
92
93
93
93
94
96

84
81
79
76
76
77
78
79
81
81
83
84

1944—January...
February..
March
April
May

June

July
August. . .
September
October.. .
November
December.

73
70
96
82
97
101
95
93
89
92
92
102

7
8
9
10
11
12
14
12
10
10
9
8

14
14
19
18
21
20
19
18
17
18
17
18

14
9
10
11
15
12
11
11
12
15
15
18

4
4
5
6
7
8
8
9
9
9
9
8

34
35
53
37
43
49
43
43
41
40
42
50

1945—January...
February..
March....
April
May
June
July
August. . .
September,
October.. .
November.
December.

561
556
574
581
595
614
624
628
640
668
704
742

54
53
54
53
53
54
54
55
57
58
61
64

97
98
103
105
107
111
112
114
116
122
128
139

83
84
86
88
91
96
99
102
105
112
119
124

1945—January...
February..
March. . . .
April
May
June
July
August. . .
September
October.. .
November
December.

96
86
113
102
110
116
107
109
106
133
142
148

9
9
11
9
9
11
10
11
11
12
14
14

19
19
24
21
21
23
21
21
21
26
28
30

17
12
14
16
19
15
13
16
14
20
22
24

7
7
9
10
11
12
11
12
12
16
16
13

44
39
55
46
50
55
52
49
48
59
62
67

1946—January...
February..
March
April
May
June
July
August. . .
September.
October.. .
November.
December.

784
821
882
958
1,035
1,108
1,179
1,264
1,334
1,413
1,494
1,591

68
72
79
92
103
109
115
127
136
145
156
165

148
155
165
180
196
212
225
241
252
268
285
306

129
136
147
159
170
183
195
211
226
242
256
273

1946—January...
February.
March
April
May
June
July
August....
September
October. . .
November
December.

158
156
191
214
229
219
242
255
246
279
274
306

18
17
20
28
28
23
28
33
30
34
33
39

32
33
39
44
49
47
49
53
51
58
58
64

28
25
26
34
40
38
48
43
46
54
54
61

14
16
20
23
23
23
24
29
27
31
29
28

66
65
86
85
89
88
93
97
92
102
100
114

1947—January...
February..
March
April?. . . .
May"...,. .

1,668
1,732
1,821
1,922
2,025

181
196
215
237
254

325
348
373
397
423

280
284
296
314
335

1947—January...
February. .
March
April?. . . .
May?

307
289
343
364
375

44
42
54
60
58

69
70
81
84
83

65
55
59
69
78

24
25
31
36
41

105
97
118
115
115

p Preliminary.
These series include FHA-insured loans outstanding at commercial banks and also an unjcnown amount of noninsured loans held by
these institutions.
1

830




FEDERAL RESERVE BULLETIN

REVISED CONSUMER CREDIT SERIES
ESTIMATES OF CONSUMER INSTALMENT CREDITS OF
COMMERCIAL BANKS

The monthly series of consumer instalment
credits at commercial banks has been revised from
June 30, 1943, the date of the previous benchmark,
to the present on the basis of call report data for
insured commercial banks. Revised figures for
both amounts outstanding and loan volume by type
of credit are presented in the accompanying table.
The new benchmark from which current projections are made is based on the total amount of
consumer instalment paper held by all commercial
banks on December 31, 1946. This benchmark
was derived by adjusting the call report total of
consumer instalment loans for insured commercial
banks so as to (1) exclude instalment loans of insured industrial and Morris Plan banks, (2) include an estimate of consumer instalment loans held
by uninsured commercial banks, and (3) obtain the
net amount outstanding by deducting from call figures the amount of deposits accumulated for the
payment of personal loans.
Beginning with the December 31, 1946 call report, separate figures are available for repair and
modernization loans outstanding. For the period
December 31, 1942 through June 29, 1946, these
loans were reported in combination with figures for
"other retail instalment loans." With this change,
benchmark figures are now available for the principal classifications of consumer instalment paper
held by insured banks, i.e., retail automobile instalment paper, other retail instalment paper, repair
and modernization loans, and instalment cash loans.
Call reports subsequent to June 30, 1942 have not
shown a breakdown of retail automobile instalment and other retail instalment paper as between
paper purchased from dealers and loans made directly to consumers for the purchase of automobiles
and other durable goods. Benchmark data for purchased paper and direct loans for both the retail
automobile and the other retail instalment segment are derived on the assumption that the relationship between purchased paper and direct loans
was accurately reflected in the June 30, 1942 call
report, and that the month-to-month percentage
changes as shown by the reporting sample provide
an accurate basis for current projections. These
assumptions probably are reasonably accurate, but
in the absence of recent call data to which current
estimates can be adjusted, the estimated totals for
JULY

1947




retail automobile and for other retail instalment
outstandings are undoubtedly more reliable than
either of the parts.
The estimated amount outstanding for each type
of credit as derived from figures for monthly reporting banks was adjusted to June and December
call figures for insured commercial banks for the
period December 1943 through December 1946.
Estimates for months between call dates are based
on the month-to-month movement for each loan
classification as shown for reporting banks. The
estimates for each type of loan for all commercial
banks are aggregates of district estimates.
Effect of the revision. The principal effect of
the revision has been to raise the level of total consumer instalment credits outstanding at commercial
banks throughout most of the period. As a result
of the revision the estimated total for April 1947
has been raised approximately 18 million dollars.
Although the over-all effect was to raise the estimated level, estimates for retail automobile outstandings, both purchased paper and direct loans,
were reduced throughout the period July 1943 to
date. An upward adjustment occurred in personal
instalment cash loans and repair and modernization
loans during this interval. The level of other retail instalment paper was also adjusted upward
beginning with the second quarter of 1945.
Revised estimates of loans made. Revised estimates of monthly loan volume for all commercial
banks were derived on the basis of the relationship
between loans made and amounts outstanding for
the reporting sample of approximately 370 banks.
There are no call report figures for loans made
which may be used to derive a benchmark for all
commercial banks. Estimates of loans of each type
for each Federal Reserve district are obtained by
applying the ratio of loan volume to amount outstanding for the reporting banks to the estimated
amount outstanding for all commercial banks. This
method of estimation assumes that if reporting
banks in a given district hold 30 per cent of retail
automobile instalment loans outstanding in that
district, those banks also extended 30 per cent of
the automobile credit in that district. This assumption may not be entirely accurate, and, in the absence of periodic benchmark figures for all commercial banks, estimates of loan volume are subject to a greater margin of error than those for
amounts outstanding.
831

REVISED CONSUMER CREDIT SERIES
CONSUMER INSTALMENT LOANS OF SELECTED LENDERS

[Revised estimates in millions of dollars]

Year and month Amount Loans
outstanding,
end of
month

1930—January...
February .
March.. . .
April
May

June

July
August. . .
September
October...
November
December.

264
264
265
267
270
270
272
271
269

270
271
277

Amount outstanding, end of month

Small loan
companies

Small loan
companies

Year and month Amount Loans Year and month
out-

made
during
month

standing,
end of
month

made
during
month

36
30
36
39
43
44
42
38
36
40
40
61

1936—January...
February..
March....
April
May
Tune
July
August....
September.
October. . .
November.
December.

290
292
297
304
308
298
298
301
305
309
313
326

39
40
49
52
50
50
48
52
50
51
49
80

1942—January.. .
February..
March. . . .
April
May

44
35
38
41
41
46

1937—January. . .
February. .
March....
April
May
June
July
August... .
September.
October. . .
November.
December.

326
327
333
338
343
350
355

46
46
62

Small
loan
companies

Loans made during
month

ComSmall Commer- Credit loan mer- Credit
cial 1 unions com- cial 1 unions
banks
panies banks

June

523
517
516
512
499
488
476
460
446
431
421
417

65
64
84
71
57
67
62
59
59
58
57
81

1943—January. . .
February ..
March....
April
May
June
July
August....
September.
October. . .
November.
December.

397
381
380
371
359
363
355
349
350
346
347
364

''324'
320
318
315
312
316

45
50
85
61
57
79
62
63
69
66
69
94

53
54
58
52
51
58

52
59
94
61
71
74
72
70
66
68
77
105

50
51
73
57
66
70
63
64
61
61
61
72

July
August....
September.
October. ..
November.
December.

1931—January...
February .
March.. . .
April
May
June
July
August. . .
September
October...
November
December.

281
281

281
282
282
282
284
287

41
40
41
37

1932—January...
February..
March....
April
May
June
July
August. . .
September
October.. .
November
December.

284
282
281
280
278
275
274
273
272
268
270
268

32 1938—January...
32
February..
37
March....
36
April
33
May
34
Tune
30
July
30
August.. .
29 i
September.
29
October. . .
29
November.
42
December.

374
372
373
374
371
370
370
369
369
371
371
380

43 1944—January. . .
February..
38
March....
49
April
55
51
May
56
June
54
July
August....
55
September.
53
59
October. . .
61
November.
December.
90

352
348
361
356
355
358
360
357
358
356
360
384

310
307
320
323
330
340
343
345
344
344
345
357

1933—January...
February..
March
April
May
June
July
August. . .
September
October...
November
December.

264
261
254
254
250
246
244
244
241
241
242
246

27 1939—January.. .
23
February..
21
March....
24
Aorii
23
May
25
Tune
25
July
27
August
25
September.
28
October. . .
30
November.
44
December.

379
377
381
386
392
400
408
416
420
425
430
448

51
49
66
64
68
76
73
74
67
69
71
99

1945—January.. .
February..
March. . . .
April
May
June
July
August.. . .
September.
October. . .
November.
December.

374
367
377
376
379
384
386
384
382
390
403
439

358
357
374
379
389
402
409
409
417
432
454
477

120
118
120
120
120
122
123
121
120
122
124
128

56
55
92
68
77
80
74
70
72
87
95
130

66
61
82
70
75
81
76
73
73
89
95
101

15
16
22
18
20
21
18
18
16
20
21
23

1934—January...
February .
March. . .
April....
May
June
July
August. . .
September
October...
November
December.

24 5
244
243
245
247
249
251
254
253
256
258
2C4

29
23
32
33
34

1940—January...
Februarv. .
March
April
May
37
June
35
July
36
August....
32
September.
37
October. . .
36
November.
49
December.

451
451
457
462
468
475
479
485
484
482
482
498

65
61
80
75

68
73
76
106

1046—January.. .
February..
March....
April
May
June
July
August... .
September.
October. . .
November.
December.

440
445
455
475
485
498
512
527
536
547
565
608

500
525
567
612
656
702
744
790
824
865
907
956

127
128
132
137
143
149
155
158
164
171
176
185

75
79
101
103
95
98
105
108
96
105
120
166

105
105
133
140
148
148
155
164
156
176
172
191

19
19
24
25
28
28
29
30
31
34
33
39

1935—January...
February .
March....
April. .
May
June
July
August. . .
September
October.. .
November
December.

262
260
260
261
264
267
271

30
28
34
38
37
40
40
39
34

1941—January. . .
February..
March.'. . .
April
May..
..
June
July.
...
August....
September.
October. . .
39 j
39 I
November.
December.
57

496
495
500
509
515
523
528
534
530
525
525
531

68
66
84
88
85
86
84
86
68
76
81
103

1947—January...
February..
March....
April P. . . .
May".

611
611
617
627
633

186
190
197
204
213

08
90
121
116
115

187
180
214
213
212

33
33
38
39
42

276
274
277
278

275
276
278
279
287

45

45

357
361
362
363
374

57
59
64
53
48
49

52
52

74

77
78
77
76

991
1 ,030
1 .079
1,123

P Preliminary.
1
These figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans: thev do not
include purchased paper or repair and modernization loans.

832




FEDERAL RESERVE BULLETIN

REVISED CONSUMER CREDIT SERIES
ESTIMATES OF INSTALMENT LOANS OF SMALL LOAN
COMPANIES

Estimates of instalment loans outstanding at
small loan companies and of loans made have been
revised from January 1930 to date, bringing them
into line with official year-end figures compiled by
State supervisory authorities. Allowances were
made in the official data for those States reporting
for fiscal periods other than the calendar year.
The estimated amount of consumer instalment
loans outstanding at the end of each year, derived
from reports of approximately 750 small loan companies submitting monthly figures, was adjusted
to year-end data for all small loan companies. Estimates for intervening months were adjusted on a
straight-line basis.
Revised estimates of annual loan volume were
obtained by establishing a relationship between
amounts outstanding at the year-end and the volume of loans made during the year, as reported to
State supervisory authorities, and applying this relationship to estimated year-end loan balances for all
companies. Monthly estimates of loan volume were
derived by distributing the annual volume according to the pattern shown by the monthly reporting
sample. Inasmuch as all States do not compile
data on loans made, estimates of monthly loan
volume are probably subject to a larger margin ol
error than are those of amounts outstanding.
The principal effect of the revision was to lower
the level of both amounts outstanding and loans
made for the years 1930 and 1931 and for the period
from January 1940 to date. Estimates covering
the period January 1932 through December 1939
were revised upward, largely through the inclusion
of data for companies in California and Colorado
which were not available for these years when the
series was established. The revised estimates for
amounts outstanding and loans made covering the
period January 1930 to date are shown in the table
on page 832.
CONSUMER INSTALMENT LOANS OUTSTANDING
AT CREDIT UNIONS

The monthly series of consumer instalment loans
outstanding at credit unions has been revised from

JULY

1947




January 1945 forward on the basis of official yearend data compiled by the Federal Deposit Insurance
Corporation for Federal credit unions and by the
Bureau of Labor Statistics for State-chartered credit
unions. Adjustments were made in official data
for those States reporting for a fiscal period other
than the calendar year. Estimates for intervening
months were adjusted on a straight-line basis.
New estimates of annual loan volume were obtained by applying the ratio between loans made
and end-of-year balances as shown by the official
reports to supervisory authorities. Monthly estimates of loan volume were obtained by distributing
the annual volume according to the monthly movement shown by the reporting sample of approximately 1,050 credit unions. Revised estimates are
shown in the table on page 832.
ESTIMATES OF CONSUMERS' SINGLE-PAYMENT
LOANS OUTSTANDING

The series on single-payment loans outstanding has been revised from July 1946 to date to
adjust the estimates in accordance with December 31, 1946 call report data for insured commercial banks. No revision was made in the estimates
for single-payment loans outstanding at pawnbrokers, which constitute a negligible part of the
total. Revised figures are shown in the table following.1
REVISED CONSUMER CREDIT AGGREGATES

New consumer credit aggregates and revised subtotals for instalment credit have been computed
for the period from January 1930 to date to incorporate the revised figures described in the foregoing
sections. Total consumer credit outstanding at the
end of April 1947 was raised approximately 157
million dollars. This increase was the net effect of
a 180 million dollar upward adjustment in singlepayment loans and a downward adjustment of
23 million in instalment loans. The following
table shows the revised amount outstanding for the
total and for the subtotals affected by the revisions.
1
For description of the procedure used in obtaining current
estimates of single-payment loans, see Federal Reserve BULLETIN, January 1945, p. 27.

833

REVISED CONSUMER CREDIT SERIES
REVISED CONSUMER CREDIT SERIES

[Estimated amounts outstanding.

In millions of dollars]
Total
consumer
credit

Total
instalment
credit

Total
instalment
loans l

5,347
5,340
5,487
5,687
5,917
6,048
124
215

2,614
2,613
2,717
2,869
3,028
3,161
3,261
3,326
3,368
3,393
3,408
3,526

847
872
909
938
961
967
981
1,044
1 ,062
1,090

238
272
357
444
484
453
,491

3,479
3,450
.,547
3,677
3,818
3,946
4,007
4,055
4,062
4,042
3,986
3,971

1,102
1,116
1,141
1 ,162
1,179
1,193
1,202
1,205
1,208
1,209
1,207
1,219

1938—January...
February..
March....
April
May
June
July
August.
September
October. . .
November.
December. .

7,166
6,943
6,889
6,866
6,823
6,799
6,682
6,680
6,731
6,752
6,830
7,064

3,823
3,692
3,639
3,618
3,599
3.581
3,532
3,525
3,503
3,490
3,508
3,612

1,204
1,189
1,195
1,206
1,215
1,232
1,238
1,247
1,260
1.268
1.277
1,299

517
507
492
489
485
481
477
476
474
473
471
483

1939—January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December. .

6,864
6,793
6,873
6,973
7,124
7,236
235
320
488
622
7,700
7,994

3,572
.,548
3,616
3.711
3,849
3,971
4,035
4,104
4,153
4,241
4,305
4,449

1,31.1
1,323
1,348
1,380
1,418
1,462
1,498
1,533
1,568
1,608
1 ,635
1,657

1,553
1,534
1,557
1,615
1,685
1,741
1,776
1,807
1,812
1,839
1,838
1,867

471
468
471
475
482
489
496
506
514
528
536
550

1940—January...
February.
March. . . .
April
May
June
July
August...
September.
October. . .
November.
December. .

7,810
7,718
7,820
7 ,946
8,125
8,284
8,278
8,361
8,489
8,644
8,776
9,146

4,415
4,405
4,485
4,611
4,774
4,909
4,996
5,067
5,091
5,173
5,250
5,448

1,675
1,694
1,727
1,751
1,796
1,843
1,868
1,903
1,927
1 ,947
1,965
1,998

1,847
1,849
1,915
2,025
2,130
2,228
2,317
2,395
2,436
2,476
2,527
2,627

556
564
578
598
621
649
681
712
739
767
791
822

1941—January. . .
February. .
March....
April
May
June
July
August
September.
October. . .
November.
December. .

8,945
8,911
9,014
9,321
9,649
9,888
9,940
10,092
10,107
9,995
9.844
9,895

5,410
5,444
5,517
5,757
6 008
6,174
6,2646,366
6,248
6,126
5,988
5,920

2,017
2,034
2,064
2,115
2,164
2,201
2.229
2,250
2,241
2,218
2,192
2,176

Total
consumer
credit

Total
instalment
credit

Total
instalment
loans l

7,320
7,111
7,083
7,098
7,070
7,044
6,923
6,858
6,852
6,829
6,750
6,829

027
911
872
898
887
900
2,882

1936—January...
February..
March....
April
May

,849
2,805
2,771
2,702
2,696

652
648
650
656
660
659
665
662
658
659
659
664

1931—January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.

6.522
6,310
6,223
6,180
6,131
6,050
5,887
5,764
5,710
5,638
5,496
5,526

2,585
2,491
2,436
2,440
2,452
2,451
2,430
2,390
2,344
2,302
2,232
2,212

659
653
642
640
643
641
645
638
632
633
622
617

1937—January...
February. .
March....
April
May... .
June
July
August. . . .
September.
October. . .
November.
December. .

6.640
6,599
6.756
6,912
094

1932—January...
February. .
March....
April
May
June
July
August. . . .
September.
October. . .
November.
December.

5,212
4.986
4,863
4,748
4,645
4,540
4,354
4,247
4,203
4,147
4,061
4,093

2,105
2,006
1,930
1.878
1,838
1,802
1,730
1,681
1,636
1.595
1,551
1,526

610
599
595
589
586
576
568
559
551
540
536
527

1933—January...
February..
March....
April
May
June
July
August . . .
September.
October. . .
November.
December. .

890
754
693
666
670
3,679
3,633
3,666
3,740
3,798
3,799
3,929

1,472
1,423
1,384
1,390
1 ,426
1,469
1,492
1,541
1,570
1 ,592
1,585
1,605

1934—January. . .
February..
March. . . .
April
May
June
July
August. . . .
September.
October. . .
November.
December. .

3,791
3,743
3,800
3,885
3,973
4,038
4,034
4,076
4,147
4,225
4,240
4,396

1935- -January. . .
February..
March
April
May
June
July
August....
September.
October. . .
November.
December. .

4,279
4,255
4,373
4,542
4,640
4,769
4,821
4,898
4,998
5,102
5,214
5,439

End of month

1930—January. . .
February. .
March. . . .
April
May

June

July... .
August. . .
September
October. . .
November.
December.

1

End of month

June

July
August. .
September.
October. . .
November.
December. .

6,355
6,487
6,560
6,796

Single
payment
loan?

1 ,003
1,024

These figures include revised estimates for commercial banks, small loan companies, and credit unions shown in the table on p. 832.

834




FEDERAL RESERVE

BULLETIN

REVISED CONSUMER CREDIT SERIES
REVISED CONSUMER C R E D I T

SERIES—{Continued)

[Estimated amounts outstanding.

In millions of dollars]

Total
consumer
credit

Total
instalment
credit

Total
instalment
loans l

1942—January
February
March
April
May
June
July
August
September
October
November
December

9,533
9,161
8,988
8,741
8,319
7,873
7,359
7,059
6,896
6,744
6,502
6,478

5,616
5,352
5,127
4,898
4,620
4,333
4,047
3,757
3,521
3.281
3,079
2,948

2,110
2,057
2,026
1,982
1,918
1,861
1,804
1,728
1,661
1,580
1 ,510
1,457

1945—January
February
March
April
May
June
July. . .
August
September
October
November
December

1943—January
February
March
April
May
June
July
August
September
October
November
December

6.018
5,796
5,654
5,545
5,377
5,360
5,123
5,037
5,125
5,224
5,311
5,334

2,689
2,497
2,357
2,26?
2,156
2,093
2,008
1,958
1,932
1,909
1 897
1,957

1,377
1 ,309
1,289
1 245
1,203
1,198
1,171
1,153
1,148
1,133
1 122
1,143

1944—January
February.
March
April
May
June
July
August .
September
October
November
December

4,985
4,832
5,014
5,003
5,113
5,184
5,115
5,163
5,236
5.384
5,571
5,776

1,854
1,803
1,821
1 804
1,816
1,838
1,844
1 849
1.865
1,889
1 925
2,034

1,112
1,098
1,126
1 115
1 ,117
1,132
1,139
1,141
1,146
1,146
1 153
1,199

End of month

Single
payment
loans

Total
consumer
credit

Total
instalment
credit

Total
instalment
loans l

5,480
5,337
5,597
5,477
5,533
5,685
5,627
5,599
5,630
5,914
6,236
6,637

1,967
1,923
1,948
1,945
1,957
1,984
1,991
1,986
2,010
2,086
2,190
2,365

1,190
1,182
1,217
1,222
1,239
1,265
1,279
1,280
1,293
1,332
1.385
1,462

1946—January
Februarv
March
Anril
May
June
Julv
Alienist
September. . .
October
November
December

6,427
6,530
6,984
7 368
7,607
7.905
8,025
8,362
8,631
9,013
9,527
10,147

2,364
2,404
2,503
2,649
2,783
2,902
3,022
3,165
3,288
3,458
3,646
3,976

1,487
1,525
1,598
1,692
1,779
1,867
1,952
2,041
2,111
2,197
2,288
2,418

1 ,766
1,814
1,846
1,886
1,938
2,000
2,081
2,164
2,253

1947—January
February
March
A.prilP.
MayP . . .

9,967
9,910
10,216
10,413
10,664

4,048
4,157
4,329
4,543
4,747

2,482
2,548
2,634
2,730
2,824

2,286
2,277
2,243
2.215
2,203

End of month

Single
payment
loans

Preliminary.

JULY 1947




835

REPORT OF NATIONAL ADVISORY COUNCIL ON INTERNATIONAL
MONETARY AND FINANCIAL PROBLEMS
Given below is the text of the report submitted
by the National Advisory Council to the President,
on June 24, 1947. On June 26 the President sent
the report to Congress for its information and consideration. The report includes a survey of the
foreign financial assistance extended by the United
States since the end of the war. The text was accompanied by an extensive Statistical Appendix,

giving figures on credit extensions and other advances and grants by the United States Government
to foreign countries between July 1, 1945 and December 3 1, 1946. Copies of the full report may be
obtained from the National Advisory Council on
International Monetary and Financial Problems,
Washington 25, D. C.

I. ORGANIZATION OF THE COUNCIL
STATUTORY BASIS

The National Advisory Council on International
Monetary and Financial Problems was established
by the Congress in the Bretton Woods Agreements
Act (59 Stat. 512; 22 U.S.C. 286b), which was approved by the President on July 31, 1945. The
statute directs the Council to coordinate the policies
and operations of the representatives of the United
States on the International Monetary Fund and
the International Bank for Reconstruction and Development, the Export-Import Bank of Washington
and all other agencies of the Government "to the
extent that they make or participate in the making
of foreign loans or engage in foreign financial, exchange or monetary transactions." The Council is
also directed to advise and consult with the President and the United States representatives on the
Fund and the Bank on major problems arising in
the administration of the Fund and the Bank; and
to recommend to the President general policy directives for the guidance of the representatives of the
United States on the Fund and Bank.
REPORTS

Since its first meeting on August 21, 1945, the
Council has submitted three formal reports to the
President and to the Congress as follows:
"Statement of the Foreign Loan Policy of the
United States Government by the National Advisory Council on International Monetary and
Financial Problems" forwarded to the President,
and transmitted by the President to the Congress
on March 1, 1946 (H. Doc. No. 489, 79th Cong.,
2d sess.; subsequently included as Appendix B to H.
Doc. No. 497, 79th Cong., 2d sess.).1
1

See Federal Reserve BULLETIN,, March 1946, pp. 227-31.

836




"Report of the National Advisory Council on
International Monetary and Financial Problems for
the Period of the Last Six Months" forwarded to
the President, and transmitted by the President to
the Congress on March 8, 1946 (H. Doc. No. 497,
79th Cong., 2d sess.).
"Report by the National Advisory Council on
International Monetary and Financial Problems
with respect to the Participation of the United
States in the International Bank for Reconstruction
and Development and in the International Monetary Fund to October 31, 1946" forwarded to the
President, and transmitted by the President to the
Congress on January 13, 1947 (H. Doc. No. 53,
80th Cong., 1st sess.).2
The present report covers the activities of the
Council from February 28, 1946, to March 31, 1947,
and includes a survey of foreign financial assistance
extended by the United States since the end of the
war. It also includes (see Part III below) the
second report by the Council on participation of the
United States in the International Bank for Reconstruction and Development and in the International
Monetary Fund, covering the period from October 31, 1946, to March 31, 1947.
MEMBERSHIP

The present members of the Council, according
to law, are the following:
The Secretary of the Treasury, John W. Snyder,
Chairman.
The Secretary of State, George C. Marshall.
The Secretary of Commerce, W. Averell Harriman.
The Chairman of the Board of Governors of the
- See Federal Reserve BULLETIN, February 1947, pp. 125-29.

FEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL
Federal Reserve System, Marriner S. Eccles.
The Chairman of the Board of Directors of the
Export-Import Bank, William McChesney Martin, Jr.
By agreement, the following serve as alternates:
Andrew N. Overby, Special Assistant to the
Secretary of the Treasury.
William L. Clayton, Under Secretary of State for
Economic Affairs.
Thomas C. Blaisdell, Jr., Assistant to the Secretary of Commerce.
J. Burke Knapp, Assistant Director of Research
and Statistics, Board of Governors of the Federal Reserve System,
Herbert E. Gaston, Vice Chairman of the Board
of Directors of the Export-Import Bank.
Harold Glasser, Director of Monetary Research
in the Treasury Department, is the Secretary of the
Council.
The United States Executive Directors on the
International Monetary Fund and the International
Bank for Reconstruction and Development regularly attend the meetings of the Council.
PROCEDURE

The Council ordinarily meets each week and
holds such special meetings as are required. Since
February 1946, the Council has held 53 meetings,
including several joint meetings with the President's
Committee for Financing Foreign Trade. Members of the Council also formed a special committee
which was charged with carrying through the financial negotiations with representatives of the Provisional Government of France in the spring of
1946.
The Council has made use of the services of the
existing personnel of its five member agencies. As
described in previous reports, its Staff Committee,
consisting of technical representatives of member
agencies and a representative of the Securities and

Exchange Commission, collects and analyzes information and prepares reports and recommendations
for the Council. Secretariat functions are performed by personnel of the Treasury Department.
Through this procedure, the Council has not only
operated economically but has also maintained the
close interagency liaison essential for successful performance of its coordinating function.
In accordance with its statutory responsibility,
the Council has coordinated a wide variety of
foreign financial transactions by agencies of this
Government, including foreign loans, financial settlement of war accounts, and credits to foreign governments or their nationals for purchase of United
States Government surplus property. Its objective
has been to achieve a consistent United States foreign financial policy. Problems which before the
institution of the Council had been dealt with by
individual agencies and, in many cases, with only
incidental coordination, have been made the subject
of joint discussion and joint decision. The Council
considers various criteria for foreign loans, among
which are the purpose of the loan, the need for the
loan, the borrower's ability to repay, the allocation
of available loan funds among applicant countries,
the alternative sources of loan funds, and the possible effects of the use of loan proceeds on the
United States domestic economy. On the basis of
these criteria the Council approves or disapproves
consideration by the lending agency of a proposed
loan or credit. Thus, through an over-all analysis,
the Council offers its best judgment to a lending
agency with regard to particular loan applications.
Similarly, through continuous consultation with
United States representatives on the International
Fund and Bank, and through exercise of the special
powers granted to the United States in the Bank's
Articles of Agreement over the Bank's operations
involving United States dollars, the Council has
assured coordination between the operations of
these international institutions and the foreign financial operations of the United States Government.

II. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK
THE ANGLO-AMERICAN FINANCIAL AGREEMENT

On July 15, 1946 President Truman signed the
Joint Congressional Resolution which implemented
the Financial Agreement of December 6, 1945, with
the United Kingdom, and the Agreement became
effective immediately. The resolution implementing the Agreement authorized the Secretary of the
Treasury, in consultation with the National Advisory Council, to carry out the Agreement of December 6, 1945.
JULY

1947




The initial drawing under the line of credit provided for by the Financial Agreement was made by
the British Government on July 18, 1946. Six subsequent withdrawals brought the total drawings to
1,300 million dollars as of April 1, 1947.
To implement the Joint Congressional Resolution
which provided that "the Secretary of the Treasury,
in consultation with the National Advisory Council
on International Monetary and Financial Problems,
is hereby authorized to carry out the Agreement
837

REPORT OF NATIONAL ADVISORY COUNCIL
dated December 6, 1945 between the United States
and the United Kingdom," the Council directed its
Staff Committee to coordinate the study of problems
arising under the Agreement.
On September 17, 1946, the United Kingdom
signed an agreement with Argentina, providing
for the settlement of sterling balances accumulated
by Argentina during the war. Since implementation of one clause of this agreement involved a
potential violation of the principle, embodied in the
Anglo-American Financial Agreement, that sterling
balances should not be used as a device for discriminatory expansion of British exports, the National Advisory Council recommended that the
Secretary of the Treasury write to the British Chancellor of the Exchequer, with respect to this clause
of the Argentine agreement. There followed an
exchange of letters between the Secretary and the
Chancellor, which was made public on February 5,
1947. Chancellor Dalton gave assurances that the
clause objected to would not be written into any
subsequent agreement for the settlement of sterling
balances held by other countries. Subsequently,
Argentina and the United Kingdom have agreed to
liquidate Argentina's total sterling balances through
use of these balances to purchase British-owned
railways in Argentina. Such liquidation is consistent with the Financial Agreement.
The United Kingdom has also negotiated a series
of agreements with other countries to carry out the
obligations under the Anglo-American Financial
Agreement which become effective July 15, 1947.
In December 1946, the United Kingdom signed an
agreement with Canada, under which sterling was
made freely transferable between Canadian, American, and Argentine accounts and Canada agreed to
accept sterling in payment of exports from a large
number of countries. In February 1947, the United
Kingdom signed three supplementary agreements
amending the monetary agreements with Belgium,
the Netherlands, and Portugal, making sterling balances held by these countries immediately available
for current payments in any currency area.
EXPORT-IMPORT BANK CREDITS

From the beginning of its operations on August
21, 1945, through March 31, 1947, the Council approved (or referred) for consideration by the Export-Import Bank approximately 2 billion dollars
of credits (excluding 600 million earmarked for
China and Italy) which were subsequently authorized by the Board of Directors of the Export-Import
Bank. Several credits, also available for postwar
use, were authorized or negotiated by the Bank,
some between July 1, 1945 and the beginning date
of Council operations, and some, which were as-




sociated with earlier Bank commitments, after the
beginning of Council operations. The following
table shows the distribution of credits by country
and object of financing.
In March 1946, the Council approved consideration by the Bank of the extension to Chinese Government agencies and private enterprises of credits
aggregating 500 million dollars for the purchase in
the United States of materials, equipment, and
services to assist in the rehabilitation and development of the Chinese economy. The Bank earmarked this amount for the extension of credits
for specific projects submitted to the Bank and approved by it prior to June 30, 1947. As of March 31,
1947 no credits had been approved.
In January 1947, the Council approved consideration by the Bank of credits to Italy totaling
not more than 100 million dollars. The Bank has
earmarked this amount for the extension during
1947 of credits for the purpose of financing imports
from the United States and, thereby, assisting
specific parts of Italian industry in the restoration
and expansion of export markets. Stable conditions
in Italy and that country's ability to provide for
other essential imports are prerequisites to the extension of credits under the agreement. As of
March 31, 1947, no credits had been approved.
Several additional loan applications, which the
Council approved for consideration, are under
study by the Bank. As of March 31, 1947, the
unutilized lending capacity of the Bank, after deduction of the earmarked amounts for China and Italy,
was approximately 320 million dollars.
THE PHILIPPINE LOAN

During May 1946, the President-elect of the new
Philippine Republic conferred with President Truman, Congressional leaders and various Government officials concerning the financial situation of
that country and the possibilities of obtaining
sizable loans from the United States for budgetary
and trade purposes.
On the basis of available information the Council
during July reached the conclusion that a loan of
not more than 75 million dollars would suffice to
carry the Philippine Government through its financial difficulties during the current fiscal year.
The Council agreed that such a loan, because of its
special nature, should be presented to the Congress
for direct authorization; and that a Joint PhilippineAmerican Finance Commission should make a
thorough study of the entire financial and budgetary
situation of the Philippine Government.
Congress, by Public Law 656 (79th Congress),
approved August 7, 1946, authorized the Reconstruction Finance Corporation to extend credits durFEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL
NET

CREDITS

AUTHORIZED

BY

THE

EXPORT-IMPORT

BANK

X

JULY 1, 1945-MARCH 31, 1947
[In millions of dollars]
Object of credit financing
Total

Area and country
Lend-lease
requisitions
Europe—total
Austria
Belgium.
. .
Czechoslovakia
Denmark
Finland
France
Greece
Hungary
Italy
Netherlands
Norway
Poland
Unalloted cotton credits
Latin America—total .
Argentina
Bolivia
Brazil
Chile. .
Colombia
Kcuador
. .
Mexico
.
Peru
Venezuela

Reconstruction

655.0
.

17.8
30.8

20.0

50.0

6

. .

4

2.0

7 0

5 10.0

7.0
25 0

"5.0

201.1
50.0
40 0
41 0

.

. . .

.

. .

. .

33.0
33 0

222.9
66.8
100.0
25.0
28.1
3.0

10.7

136.8
33 8
100.0

10.7

181.2

133.0

2,217.4

53.1
25 0
28.1

3.0

Miscellaneous
655.0

1,230.4

1

17.8

Cancellations and expirations deducted. Numerous small exporter-importer loans extended by the Bank, July
Mar. 31, 1947, are excluded.
2
Credits extended by the Export-Import Bank under general approval of the Council.
3
Revolving credit.
4
For financing tobacco purchases.
5
For financing food purchases.
6
Excludes 49 million dollar participation by private banks through Mar. 31, 1947.

ing the fiscal year 1947 to the Philippine Government of up to 75 million dollars upon such terms
as that agency, after consultation with the National
Advisory Council, should deem to be warranted by
the financial position of the Philippine Government.
A formal request for an initial advance of 25 million dollars under this authorization was subsequently received in Washington. On the basis
of this request the Council approved consideration
by the Reconstruction Finance Corporation of a loan
of 25 million dollars to the Philippine Government
with interest at a rate of 2 per cent per annum and
maturing on January 1, 1952. This recommendation was accepted by the Reconstruction Finance
Corporation and the Philippine Government.
The Joint Finance Commission recommended
by the Council was established by agreement between the two Governments and has been working
in Manila since the end of January. The CommisJULY 1947




1,866.4
0.8
100.0
22.0
20.0
79.5
1,200.0
25.0
7.0
30.0
251.1
50.0
40.0
41.0
117.4
0.2
3.0
53.8
47.4
3.5
1.8
7.0
0.1
0.6

117.4
0 2
3 0
53 8
47 4
3.5
1 8
7 0
0 1
0.6

Asia and Africa—total
China
Netherlands Indies
Saudi Arabia
Turkey . . .
.
Ethiopia

All Areas—total

Other

45 0
20 0
62 5
650.0
25 0

Cotton
purchases2
100.0

1,093.6

55 0

550.0

.

Development

1945, through

sion is expected to report to the two Governments
during the spring of this year.
WAR SETTLEMENTS ARRANGEMENTS AND CREDITS

The Council has continued to coordinate policy
governing the financial settlements with foreign
countries arising from the war. This work includes
lend-lease settlements, general financial terms for
the disposal of surplus property located abroad,
adjustment payments for the expenditures of United
States armed forces in foreign countries, and settlement of other war claims. The Department of
State has primary responsibility for agreements
concerning lend-lease and surplus property located
abroad, under general principles approved by the
Council.
In many cases all pending war accounts with a
particular country have been negotiated at one
839

REPORT OF NATIONAL ADVISORY COUNCIL
time, as a means of facilitating agreement between Allied Military lira currency for the procurement
the parties. An over-all settlement was concluded of supplies, services and facilities in Italy.
with France on May 28, 1946, and similar types of
settlement were concluded with Belgium on Sep- OFFICE OF FOREIGN LIQUIDATION COMMISSIONER
CREDITS
tember 24, 1946, and with the Union of South
Africa on March 21, 1947.
The general policies established by the Council
The agreement with France was reviewed by the for the guidance of the Office of the Foreign LiquiCouncil. This over-all war settlement resulted in a dation Commissioner, Department of State, with
net French obligation to the United States of 720 regard to the financing of surplus property sales
million dollars. The amount of this obligation abroad may be summarized as follows:
covers final settlement of lend-lease and reciprocal
(a) Cash payment shall be obtained in United
aid, transfer of certain surplus property to France States dollars insofar as this can be done without
and French North and West Africa on long-term unduly reducing total proceeds.
credit, adjustment of the United States' share of
(b) Where cash sales are not possible, credits recivilian supplies received by the French through
payable in dollars may be extended by the Foreign
combined military channels, and the settlement
of other financial claims of each government arising Liquidation Commissioner who will endeavor to
make provision for this Government's right to obout of the conduct of the war.
tain accelerated payments in the debtor country's
The agreement reached with Belgium covers final currency to meet United States Government exsettlement of lend-lease and reciprocal aid, transfer penditures in such country.
of surplus property in Belgium on long-term credit,
(c) Where dollar credits are extended, the terms
the adjustment of the United States' share of civilian shall not be more favorable to recipient countries
supplies received by the Belgians from combined than 2 % per cent interest and 30-year final maturity,
military channels and the settlement of other finan- except in the case of surplus property sales made in
cial claims of each government arising out of the connection with an over-all settlement of war acconduct of the war. An ancillary agreement signed counts.
with Luxembourg settled outstanding claims of the
(d) In exceptional circumstances local currency
United States and Luxembourg Governments. The may be accepted by the Foreign Liquidation Comsettlement with the Union of South Africa covers missioner in amounts and under conditions conlend-lease and reciprocal aid, mutual financial claims sidered appropriate by the State Department in conarising from the war, and certain surplus property sultation with the Treasury Department.
items.
(e) Insofar as practicable, Export-Import Bank
Lend-lease and surplus property agreements were funds should not be used for the purchase of goods
also concluded with India on May 16, 1946, with in the United States of the same types as are anyAustralia on June 7, 1946, and with New Zealand where available as United States surplus property.
on July 10, 1946. An agreement covering transfer
When foreign countries make purchases of surof certain surplus property was signed with China
on August 30, 1946. There remain some unsettled plus property on credit terms consistent with the
war accounts on which the Chinese Government Council's general policies, the individual transachas been requested to negotiate. Most of the major tions are not usually referred to the Council for its
aspects of lend-lease accounts with Latin American consideration, but the Office of the Foreign Liquicountries have been settled. Negotiations on over- dation Commissioner informs the Council of the
all settlements with Norway and the Netherlands credits that have been extended. In the case of
are now well advanced. In the case of Greece and proposed surplus property sales to Japanese agencies
Czechoslovakia, discussions are in the initial stages. involving different payment terms from those estabFormal negotiation with the Union of Soviet lished by the Council's general policies, the Council
Socialist Republics had not yet begun as of March passed upon specific credit terms.
Public Law 584, 79th Congress, approved August
31, 1947.
In accordance with a recommendation of the 1, 1946 and known as the Fulbright Amendment to
Council and after consultation with appropriate the Surplus Property Act of 1944, established the
committees of the Congress and clearance with Department of State as the sole disposal agency for
the Comptroller General, the Department of State, surplus property located outside the continental
at the direction of the President, announced that United States, its territories and possessions; and
payments would be made to the Italian Government substantially broadened both the authorized types of
of dollars already set aside in the Treasury to cover consideration that might be accepted in the disposal
expenditures made by United States armed forces in of surplus property located abroad, and the author840




FEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL
countries, the Council recognized the need for liberal credit terms which would facilitate and assist
in this work and which borrowers could be expected
UNITED STATES MARITIME COMMISSION FOREIGN
to meet without undue burden on their balances of
CREDITS
payments. At the same time, the Council took
Under the Merchant Ship Sales Act of 1946, the cognizance of the cost of loan funds to the United
United States Maritime Commission was author- States and the need for the various foreign lending
ized, with certain limitations, to sell war-built ves- agencies of the Government to conduct their foreign
sels to noncitizens at not less than the statutory sales credit operations on a self-sustaining basis.
price and upon terms and conditions not more
At the beginning of its operations the Council
favorable than those extended to United States was confronted with the problem of determining
citizens. Under its statutory authority the Mari- charges on Export-Import Bank long-term loans
time Commission, after consultation with the Coun- to countries disrupted by the war. An interest rate
cil in each case, has extended the following credits of 3 per cent was established on 20-30-year loans.
for which contracts had been signed as of March On Export-Import Bank loans to finance the pur31, 1947:
chase of goods requisitioned by foreign governments prior to V-J Day under lend-lease arrangeAmount of credit
ments, it was considered appropriate to apply the
(In millions of
terms contained in the lend-lease 3(c) agreements
Country
dollars)
and established pursuant to Section 3(c) of the
Brazil
2.1
Lend-Lease Act. Accordingly, the Bank's rate
France
28.8
was set at 2% per cent for 30-year loans of this type.
Greece
40.1
In the summer of 1946, detailed consideration was
Italy
20.4
given by the Council to the Export-Import Bank
Peru
2.8
rate on loans other than those for reconstruction purTurkey
2.8
poses. Among the factors affecting the Council's
decision was the desirability of establishing a rate
Total
97.0
which would attract private capital participation in
Ships for which mortgage contracts were not yet the Bank's loan program without unduly burdening
signed as of March 31, 1947, have also been deliv- foreign borrowers and which would be likely to
ered to Norway under special custody agreements. conform with the future pattern of International
Bank charges on development loans of comparable
WAR ASSETS ADMINISTRATION FOREIGN CREDITS
maturities. The Council also considered the cost to
After discussions with representatives of the War the United States Government of public funds
Assets Administration, the Council approved in used by the Export-Import Bank and the rate at
principle the extension of credits by that agency to which the Bank should accumulate reserves against
finance sales of domestic surplus property to foreign possible losses. The Council finally determined that
governments. The details of coordinating such a the average or effective rate on Export-Import Bank
program with the over-all foreign financial opera- development loans to foreign governments, governtions of this Government were worked out and con- ment agencies and private borrowers should be 3/4
firmed by an exchange of correspondence between per cent on 15-year maturities; and that this rate
the Chairman of the Council and the War Assets should be adjusted upward or downward by the
Administrator in the early part of this year. Several Bank according to the structure of rates for difforeign applications for credits for the purchase of ferent maturities in the private capital market and,
United States domestic surplus property have been in the case of loans to private borrowers without
acted on by the Council. As of March 31, 1947, government guarantee, according to differences in
no contracts covering such purchases had been risks.
signed.
In the spring of 1946, the Council considered the
CREDIT TERMS^
problem of credit terms on the net obligation due
The establishment and coordination of credit this Government from the Provisional Government
terms to foreign countries obtaining loans or credits of France as a result of an over-all settlement of
from various United States Government agencies war accounts with that country and a bulk purchase
has been a continuous concern of the Council. In by France of United States surplus property located
view of this Government's interest in the work of abroad. The Council determined that the interest
reconstructing war-devastated countries and in pro- rate on credits extended in the over-all settlement of
moting economic development in underdeveloped war accounts with the French Government should

ized use of the proceeds from the disposal of this
property.

JULY

1947




841

REPORT OF NATIONAL ADVISORY COUNCIL
be 2 per cent and that the period of repayment
should be 35 years with an initial 5-year period of
grace on repayment of principal. While the rate
of interest is thus the same as under the Financial
Agreement with the United Kingdom, the French
agreement differs in that it does not provide for any
waiver of interest. The Council, however, approved
the inclusion of a provision whereby, if both countries agreed that because of extraordinary and adverse economic conditions arising during the course
of payment any periodic payment would not be to
the common advantage of both Governments, such
payment might be postponed upon such terms and
conditions as might be agreed. The Council also
made the above terms applicable to over-all settlements of war accounts with other foreign governments.
Since it appeared that credits would be required
in order to maximize the ultimate proceeds from the
disposal to foreign countries of United States surplus property located abroad, the Council at an
early stage in its activities considered the subject of
credit terms to be extended by the Office of the
Foreign Liquidation Commissioner. After due
consideration the Council determined that terms
should not be more favorable to foreign countries
than 2% per cent interest and 30-year final maturity. An exception was later made for bulk purchases of surplus property in connection with overall settlement of war accounts, as noted above in the
French case. The Council also coordinated the payment terms on which surplus property might be
made available to Japanese agencies with the War
Department's arrangements for securing payments
for imports into Japan for the prevention of disease
and unrest and for the accomplishment of the objectives of the mission.
In accordance with the provisions of the Merchant
Ship Sales Act of 1946, the minimum rate of interest chargeable by the United States Maritime Commission on ship purchase credits to foreign purchasers is 3/4 per cent and the maximum amount
of credit is limited to 75 per cent of the sales price.
It was administratively determined by the Maritime
Commission that the credit period should not exceed the remaining economic life of the vessel. In
the light of this background, the Council determined that the statutory minimum rate should be
charged.
RELIEF

The imminent termination of the UNRRA program led the United Nations General Assembly in
its fall session of 1946 to consider means of providing for the post-UNRRA relief needs of countries
devastated by the war and not yet sufficiently recovered to provide their own minimum require-

842




ments for basic essentials such as food, medical supplies and working capital for agriculture. The
United Nations Special Technical Committee on
Relief Needs after Termination of UNRRA estimated a total 1947 need of 583 million dollars for
Austria, Greece, Hungary, Italy, Poland and Yugoslavia.
The State Department in an independent analysis
estimated a 1947 relief deficit of 576 million dollars
for Austria, Greece, Hungary, Italy, Poland and
Trieste. The State Department's estimate was
arrived at in conformity with the United Nations
General Assembly's resolution of December 11,
1946 which defined 1947 foreign relief needs as the
value of a country's net minimum import needs
to prevent suffering and economic retrogression.
The State Department carefully considered what
part of the total relief needs might properly be met
by a United States contribution.
In view of the studies prepared by the United
Nations and by the State Department the Council
considered the share recommended by the State
Department as ah appropriate United States contribution to post-UNRRA relief during the calendar
year 1947. In recognizing the responsibility of the
State Department for the proposed amount and
administration of the United States contribution,
the Council expressed its opinion that the program
would be consistent with the foreign financial policy
of the United States Government. In order to coordinate the administration of United States postUNRRA relief with other phases of this Government's foreign financial policy the Council requested the State Department to report periodically
on the allocation of relief funds and on the agreements reached with the recipient countries. The
President subsequently submitted to the Congress
an appropriation request of 350 million dollars.
OTHER COUNCIL ACTIVITIES

Early in 1946 the Council determined that until
further notice, foreign requests for short-term loans
on gold from Federal Reserve Banks need not be
submitted to the Council for consideration. The
Chairman of the Board of Governors of the Federal
Reserve System was requested, however, to inform
the Council whenever a new loan of this type was
granted. Loans on gold do not create a net addition to foreign countries' dollar resources; dollars
obtained through the pledge of gold might alternatively have been obtained through sale of the gold
to the United States. The volume of such loans
outstanding as of March 31, 1947 amounted to 131.8
million dollars.
The Council formulated this Government's position with regard to the assumption by the Economic
FEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL
and Social Council of the United Nations of certain
technical functions of the League of Nations in connection with a series of international loans made
during the inter-war period. The Council agreed
that these residual technical functions were no longer
of sufficient importance to warrant their assumption
by the Economic and Social Council. These views
were transmitted by the State Department to the
United States representative to the Economic and
Social Council for his guidance and instruction.
During March of this year, the Council studied
the problem of export credit insurance and transfer
guarantees for United States exporters and concluded that there did not appear at this time any
convincing need for a Government system of such
insurance and guarantees. The Council agreed,
however, that if sufficient need could be demonstrated a properly administered system of Government export credit and transfer risk insurance
would seem feasible.
The Council made available to the United States
delegation to the UNRRA conference in August
1946, specialized studies of the capacities to pay of
certain UNRRA recipient countries.
The Council, through the Securities and Exchange Commission, has kept itself informed of
registrations and public offerings of foreign government bonds in the United States market.
PRESIDENT'S COMMITTEE FOR FINANCING FOREIGN
TRADE

On June 26, 1946 the President appointed a committee of bankers and industrialists to work in conjunction with the National Advisory Council on
the problem of financing foreign trade. The President pointed out that United States foreign trade,
export and import, must in the long run be privately
handled and privately financed if it is to serve well
this country and the world economy.

The Committee is composed of the following
members:
Mr. Winthrop W. Aldrich, Chairman, The Chase
National Bank of the City of New York
Mr. Champ Carry, President, Pullman-Standard
Car Manufacturing Corporation
Mr. Walter J. Cummings, Chairman, ContinentalIllinois National Bank and Trust Company
Mr. L. M. Giannini, President, Bank of America
Mr. Paul G. Hoffman, President, Studebaker Corporation
Mr. Edward Hopkinson, Jr., Partner, Drexel and
Company
Mr. Fowler McCormick, Chairman, International
Harvester Company
Mr. Irving S. Olds, Chairman, U. S. Steel Corporation
Mr. Herbert H. Pease, President, New Britain
Machine Company
Mr. Gordon S. Rentschler, Chairman, National City
Bank of New York
Mr. A. W. Robertson, Chairman, Westinghouse
Electric Corporation
Mr. Tom K. Smith, President, the Boatmen's National Bank of St. Louis
At the first joint meeting of the President's Committee for Financing Foreign Trade and the National Advisory Council in September 1946, the
Committee recommended to the National Advisory
Council that they confer informally on designated
topics concerning which the Council desired information and advice, so that the Committee might
make available to the Council the points of view of
its members in the varying fields represented by
them. Accordingly, meetings have been held at
approximately monthly intervals to consider subjects of mutual interest.

III. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
Effective operation of the International Monetary
Fund and the International Bank leading toward
full achievement of the purposes stated in their
Articles of Agreement is a major consideration of
this Government, not only because of its interest as
a member in the adoption of sound and constructive
international economic policies but also because of
the necessity of coordinating United States Government foreign financial operations with the currency
transactions and loans of these organizations. The
National Advisory Council under the statutory authority of the Bretton Woods Agreements Act has,
therefore, engaged in regular discussions with the
JULY

1947




United States Executive Directors of the Fund and
Bank for the purpose of giving them assistance in
their joint efforts with the representatives of other
member countries to carry forward the operations of
the Fund and Bank. While the Fund and Bank
can evolve many of their policies only in the light
of specific developments, these institutions have already investigated in detail and resolved many of
the policy and administrative problems which confronted them.
PAR VALUES

The first major problem facing the Fund during the recent period was the establishment of
843

REPORT OF NATIONAL ADVISORY COUNCIL
initial par values of members' currencies for purposes of the Fund. In discussing this matter with
the United States Executive Director, the Council
recognized the complexity of the problem involved
and expressed views substantially in accord with
those contained in the statement issued by the Fund
in connection with the announcement on December 18, 1946, of the schedule of initial par values.
Certain excerpts from the Fund's statement follow:
"This is the first time that a large number of
nations have submitted their exchange rates to consideration by an international organization and
thus a new phase of international monetary cooperation has begun. The major significance of the
present step is not in the particular rates of exchange which are announced, but in the fact that
the participating nations have now fully established
a regime wherein they are pledged to promote exchange stability, to make no changes in the par
values of their currencies except in accordance with
the Fund Agreement, and to assist each other in
attaining the general objectives of the Fund.
"The initial par values are, in all cases, those
which have been proposed by members, and they
are based on existing rates of exchange. The acceptance of these rates is not, however, to be interpreted as a guarantee by the Fund that all the
rates will remain unchanged. As the Executive
Directors of the Fund stated in their First Annual
Report, issued in September: 'We recognize that
in some cases the initial par values that are established may later be found incompatible with the
maintenance of a balanced international payments
position at a high level of domestic economic activity. . . . When this occurs, the Fund will be faced
with new problems of adjustment and will have to
recognize the unusual circumstances under which
the initial par values were determined. It is just at
such times that the Fund can be most useful in
seeing that necessary exchange adjustments are
made in an orderly manner and competitive exchange depreciation is avoided.'
"The Fund realizes that at the present exchange
rates there are substantial disparities in price and
wage levels among a number of countries. In present circumstances, however, such disparities do not
have the same significance as in normal times. For
practically all countries, exports are being limited
mainly by difficulties of production or transport,
and the wide gaps which exist in some countries
between the cost of needed imports and the proceeds of exports would not be appreciably narrowed
by changes in their currency parities. In addition,
many countries have just begun to recover from the
disruption of war, and efforts to restore the productivity of their economies may be expected gradu844




ally to bring their cost structures into line with
those of other countries. Furthermore, for many
countries now concerned with combating inflation
there is a danger that a change in the exchange rate
would aggravate the internal tendencies toward
inflation.
"In view of all these considerations, the Fund has
reached the conclusion that the proper course of
action is to accept as initial par values the existing
rates of exchange."
The par values announced were the existing
rates of exchange as certified by member countries.
In the cases of Brazil, China, Dominican Republic,
Greece, Poland, Yugoslavia, France in respect of
Indo-China, and the Netherlands in respect of the
Netherlands Indies, an extension of time for the
determination of their initial par values was granted
by the Fund. The Fund stated that the initial par
value of the currency of Uruguay would not be
definitely established until the completion of certain legislative proceedings in Uruguay.
March 1, 1947 was the date established by the
Fund for the beginning of exchange transactions.
As of March 31, 1947, no applications for the purchase of foreign exchange had been received by
the Fund.
FUND'S SERVICE CHARGE

During this period the United States Executive
Director of the Fund requested the advice of the
Council concerning the size of the service charge
to be levied by the Fund on exchange transactions.
The Articles of Agreement specify that "Any member buying the currency of another member from
the Fund in exchange for its own currency shall pay
a service charge uniform for all members of threefourths per cent in addition to the parity price.
The Fund in its discretion may increase this service
charge to not more than one per cent or reduce it
to not less than one-half per cent."
In considering this matter the Council recalled
that this Government had taken the position at the
time the Bretton Woods legislation was passed that
the Fund should interfere as little as possible with
the operations of private foreign exchange markets
and should supplement rather than displace the use
by member countries of their own exchange resources. The Council also considered the possible
effects of different rates on the earnings of the Fund.
After careful study, the Council advised the United
States Executive Director that it saw no adequate
reason at this time to change the service charge of
three-fourths per cent.
OTHER COUNCIL ACTIONS ON FUND MATTERS

In December 1946, the Council on behalf of the
United States Government notified the Managing
FEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL

Director of the Fund that this Government was prepared to accept the obligations of Article VIII, Sections 2, 3 and 4 of the Fund Agreement with respect to avoidance of restrictions on current international payments, avoidance of discriminatory currency practices, and convertibility of balances of its
currency held by other members of the Fund.
At the request of the Managing Director of the
Fund that this Government designate the depository at which it would prefer to pay its gold subscription, the Council notified the Fund of this
Government's preference to pay its gold subscription at the Federal Reserve Bank of New York, the
depository of the Fund in the United States.
CHANGES IN RULES AND REGULATIONS OF THE FUND

Among several amendments and additions to the
Rules and Regulations of the Fund in the recent
period, the most important pertain to the procedure
for handling by the Fund of requests from its members for the purchase of currencies.
The relevant sections of the Rules and Regulations are as follows:
"G-3. When a duly authenticated request for the
purchase of foreign exchange in accordance with
Article V, Section 3 is received, the Fund shall, on
the third business day following the day of receipt of the request instruct the appropriate depository to make the transfer, except in cases which
the Executive Board may indicate. The first business day after receipt of the request shall be regarded as the first of the three days.
"G-5. When the request of a member, if consummated, would increase to more than 5 per cent of its
quota the aggregate purchases by the member pursuant to Article V, Section 3, during the 30-day
period preceding the date of action specified in
G-3, the Managing Director shall notify each Executive Director (or his Alternate if the Executive
Director is not available) on the first business day
after receipt of the request. If neither the Executive Director nor the Alternate is in Washington
or its environs, the notification will be assumed to
have been duly delivered if appropriate notice is
delivered to his office.
"At the request of any Executive Director or on
the initiative of the Managing Director, a special
meeting shall be called by the Managing Director to
discuss the request as soon as feasible, but not later
than the morning of the second business day."
ORGANIZATIONAL CHANGE IN THE FUND

On March 31, 1947, Mr. Harry D. White tendered his resignation as the United States Executive
Director of the Fund to become effective after the
return from Europe of the Managing Director of
JULY

1947




the Fund in May. In recognition of his outstanding services the Executive Board of the Fund named
Mr. White as Honorary Advisor to the International
Monetary Fund.
INTERNATIONAL BANK LOAN APPLICATIONS

Loan applications totaling 2,345 million dollars
had been presented to the International Bank as of
March 31, 1947. The countries and amounts involved are: Chile, 40 million; Czechoslovakia, 350
million; Denmark, 50 million; France, 500 million;
Iran, 250 million; Luxembourg, 20 million; Netherlands, 535 million; and Poland, 600 million. The
Government of Greece has also indicated its intention to submit an application to the Bank upon
completion of its plans for reconstruction projects.
Although negotiations with several of the applicants
were well advanced, no loans had been approved
by the Bank as of March 31, 1947.
In discussions concerning these applications with
the United States Executive Director, the Council
recognized that in order to deal with such matters
as relative priorities of usefulness and urgency
among loan projects submitted by applicants, it
was advisable for the Bank to give concurrent consideration to various loan applications.
TERMS AND CONDITIONS OF BANK LOANS

The Council has expressed to the United States
Executive Director its views with regard to the
Bank's charges on long-term loans. The Bank is
required by its Articles of Agreement to impose on
borrowers a commission of 1 to \]A per cent per
annum for the creation of a special reserve, but the
size of the interest charge to be made by the Bank
is a matter for determination by the Bank in the
light of such factors as the rate of interest paid
on its borrowings and the amount of liquid funds
which the Bank would consider it prudent to keep
on hand.
The Council requested the United States Executive Director to attempt to secure agreement by
the International Bank to the incorporation in all
its loan contracts of a provision requiring consultation with the Bank by any borrower who, in the
judgment of the Bank, was pursuing policies which
might interfere with the success of the projects
financed by the Bank in any member country or
jeopardize fulfillment of the borrower's, or other
member countries', obligations to the Bank.
USE OF UNITED STATES CAPITAL AND FLOTATION
OF SECURITIES

The Bank, under its Articles of Agreement, is required to obtain the approval of the United States
Government if it wishes either to use this country's

845

REPORT OF NATIONAL ADVISORY COUNCIL
18 per cent capital contribution for making loans
or to raise funds by selling securities in this country. Hence, before the Bank could undertake any
substantial program of loan commitments involving the use of United States dollars, such approval
was needed.
On March 26, 1947, following earlier discussions
between the Council and the United States Executive Director, the Bank formally requested approval
to use the full amount of this country's 18 per cent
capital contribution for making loans, and this approval was granted shortly thereafter by the Council
on behalf of the United States Government.
The Council also discussed with the United States
Executive Director various problems connected
with the flotation of the Bank's securities in the
United States market, including the possible amount
of the Bank's initial issues. The Council advised
him that on formal request by the Bank this Government would assent to the Bank's selling initial
issues of securities on this market within the
amounts discussed.
ORGANIZATIONAL CHANGES IN THE BANK

Mr. John J. McCloy was elected President of the
Bank by the Board of Executive Directors on February 28, 1947, to succeed Mr. Eugene Meyer whose
resignation became effective December 18, 1946.
On February 28, 1947, Mr. McCloy announced the
election of Mr. Robert L. Garner as Vice President
of the Bank. Following the resignation of Mr.
Emilio G. Collado as United States Executive Director of the Bank, the President of the United
States nominated Mr. Eugene R. Black for that position. Mr. Black's nomination was confirmed by
the United States Senate on March 14, 1947.
MEMBERSHIP IN THE FUND AND BANK

The admission of three countries into Fund
membership and four countries into Bank membership between October 31, 1946 and March 31,
1947 raised the number of member countries in
each institution to 42. As of March 31, 1947, the
total quotas of members of the Fund amounted
to $7,710,500,000, while the total capital subscriptions of members of the Bank amounted to $8,013,500,000. Members that have recently joined these
organizations and the amounts of their subscriptions are indicated below.
Colombia, which was already a member of the
Fund, signed the Articles of Agreement of the
International Bank on December 26, 1946. Its subscription to the capital of the Bank is 35 million
dollars.
Venezuela became a member of the International
Monetary Fund and of the International Bank on

846




December 30, 1946. Having participated in the
Bretton Woods Monetary and Financial Conference, Venezuela was among the nations entitled to
sign the Articles of Agreement of the Fund and the
Bank before December 31, 1946. Venezuela's
quota in the Fund is 15 million dollars and its subscription to the Bank is 10.5 million.
Turkey and Italy signed the Articles of Agreement of the Fund and of the Bank on March 11 and
March 27, 1947, respectively. Their applications
for membership in the Fund and the Bank had been
approved by the Boards of Governors of the Bank
and the Fund at their First Annual Meeting in
Washington, September 27 to October 3, 1946.
Turkey's quota in the Fund and subscription to the
Bank are each 43 million dollars; Italy's quota in
the Fund and subscription to the Bank are each
180 million.
Syria and Lebanon, whose applications for membership were also approved at the First Annual
Meeting of the Boards of Governors of the Fund
and Bank, did not sign the Articles of Agreement
until after March 31, 1947.
UNITED STATES PAYMENTS TO THE FUND

On February 26, 1947 the United States Government paid the remaining balance of its subscription to the International Monetary Fund in accordance with Article III, Section 3 and Article XX,
Section 4 (c) of the Fund Agreement, which provide for full payment on or before the date when
the Fund begins exchange transactions.
As of March 31, 1947, therefore, the United States
had paid its entire subscription of $2,750,000,000
to the Fund. Of this amount $687,500,000.11,
representing the 25 per cent gold portion of the
subscription stipulated by Article III, Section
3(b)(i) of the Fund Agreement, was paid in gold;
$280,499,999.89, representing approximately 10 per
cent of the United States subscription, was paid in
United States dollar funds; and $1,782,000,000 was
represented by United States non-negotiable, noninterest bearing demand notes. By delivery of these
special United States notes in accordance with Section 7(c) of the Bretton Woods Agreements Act,
the United States exercised the option available
under Article III, Section 5 of the Fund Agreement. These notes are payable on demand in dollars when needed by the Fund in its operations.
UNITED STATES PAYMENTS TO THE BANK

On November 21, 1946, the United States made
a payment of the second 5 per cent on its subscription to the capital of the Bank pursuant to the
Bank's notice of call for payment. On February 24,
FEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL
1947, the United States made a further payment
of 5 per cent on its capital subscription. The
amount of each of these payments was $158,750,000,
totaling $317,500,000.
As of March 31, 1947, the United States had
paid 15 per cent ($476,250,000) of its subscription
to the capital of the Bank. Of this amount, $407,035,000 was represented by non-negotiable, noninterest bearing demand notes in accordance with
Section 7(c) of the Bretton Woods Agreements Act
and Article V, Section 12 of the Articles of Agreement of the Bank, and $69,215,000 was represented

by United States dollar funds.
The Bank has given notice that it intends to
make an additional call of 5 per cent of capital,
payable as of May 26, 1947. When this payment
of $158,750,000 has been made, the total United
States paid-in capital will amount to $635,000,000,
or 20 per cent of the United States subscription.
Under the Bank's Articles of Agreement there can
be no further calls for payment upon the United
States subscription unless the Bank should need
to call on member countries for funds to meet its
obligations.

IV. SURVEY OF POSTWAR FOREIGN FINANCIAL ASSISTANCE EXTENDED BY THE
UNITED STATES GOVERNMENT
By V-J Day, this Government had already made
preparations to meet many of the difficult foreign
financial problems connected with the postwar period of adjustment and reconstruction. The terms
of the Lend-Lease Act enabled the President to
make settlements without imposing upon the
recipients of lend-lease aid a dead-weight burden
of debt resulting from the Allied war effort. The
Congress had approved this Government's participation in the United Nations Relief and Rehabilitation Administration. It had increased the lending
authority of the Export-Import Bank from 700 million dollars to 3.5 billion dollars for the primary
purpose of enabling that agency to meet part of
the foreign postwar reconstruction needs. It had
authorized this Government's membership in the
International Monetary Fund and the International
Bank for Reconstruction and Development.
These measures were shortly thereafter supplemented by an important additional step—the approval of the Financial Agreement with the United
Kingdom.
SCOPE OF OPERATIONS THROUGH MARCH 31,

1947

United States Government foreign financial
assistance since the war has taken a variety of
forms, including (1) cash loans and advances, (2)
transfers of goods and services on deferred payment
terms, and (3) contributions of money and supplies. Such assistance has been supplemented by the
United States subscriptions to the International
Monetary Fund and the International Bank.
The dollar magnitude of the foreign financial
assistance extended by the United States Government is presented in the following summary table.
A country breakdown of the data covering the period June 30, 1945 through December 31, 1946,
JULY

1947




and an explanation of the nature of the data are
presented in Appendix B.3
The foreign financial assistance extended by the
United States Government is characterized by a
broad geographical distribution covering more than
50 countries. Of the 14.3 billion dollar total made
available between June 30, 1945 and December 31,
1946, almost one-half (7.1 billion) is definitely assignable to the United Kingdom and other Northern and Western European countries. This share
consists almost entirely of loans and credits for reconstruction purposes.
The bulk of other aid and grants was extended
to Central, Southern and Eastern European countries and Far Eastern areas where provision of human necessities was urgently required before any
appreciable reconstruction and development work
could be undertaken. The aid for Germany and
Japan, aside from the basic civilian supply program designed to prevent disease and unrest, is
intended to restore economic activity, especially in
export industries, and to relieve the occupying
powers of the burden of supporting these countries.
PRESENT STATUS

An appraisal of the financial assistance extended
to foreign countries by the United States Government is particularly appropriate at this time. The
International Monetary Fund and the International
Bank for Reconstruction and Development, upon
which the United States Government places reliance
as the principal instruments to achieve the longrange international financial objectives of the member countries of these two organizations, have recently come into operation. The Export-Import
Bank has committed or earmarked practically all
of the 2.8 billion dollar increase in lending authority
granted by the Congress in July 1945, mainly for
3
Available upon request from the National Advisory Council
on International and Financial Problems, Washington 25, D. C.

847

REPORT OF NATIONAL ADVISORY COUNCIL
U N I T E D STATES GOVERNMENT POSTWAR FOREIGN FINANCIAL ASSISTANCE

Amount Available through March 31, 1947, and Status as of December 31, 1946, by Type and Agency Concerned
[In millions of dollars]
Amount x
available
6 /30/453731/47

Amount 1
available
6/30/4512/31/46

Amount
utilized
7/1/4512/31/46

Unutilized
balance
as of
12/31/46

Outstanding
indebtedness
as of
12/31/462

Loans—total
Loan to United Kingdom (Treasury Dept.)
Reconstruction, development and other loans (Export-Import
Bank)
Loans to U. KM Philippine Republic and others (R. F. C.). . .

6,364
3,750
2,552
62

6,237
3,750
2,425
62

1,688
600

2,084
600

1,086
2

4,549
3,150
1,339
60

3 1,248
236

Property Credits—total
Lend-lease "pipeline" and inventory credits (State Dept.). . .
Surplus property credits (O. F. L. C.)4
Ship sales credits (U. S. Maritime Commission)
Surplus property credits (War Assets Administration) 6
Miscellaneous

2,874
1,446
1,248
150
10
20

2,713
1,446
1,140
107

2,165
1.242
875
28

548
204
265
79

2,209
1,286
5 875
28

20

20

Loans and Property Credits—total. .

9,238

8,950

3,853

5,097

2,218

1,968

9977

1,960
977
726

8

91,202

Type and agency concerned

Other Aid—total
Civilian supplies to occupied areas (War 8
and Navy Depts.) 8 ..
Postwar lend-lease supplies (State Dept.)
1942 Congressional10 Credit of 500 million dollars to China
(Treasury Dept.)
Cotton advances for Germany and Japan 11 S. Commercial
(U.
Company and Commodity Credit Corp.)
Other Advances for Germany (U. S. Commercial Company).
Grants—total
UNRRA supplies (U. S. Government contribution)
Grants to Philippine Republic (State Dept. and War Damage
Commission)
Grants to Latin America (State Dept.)
Grand total

9 726

9 726

120

120

9

162

3,347
2,700
620
27
14,803

20
7

4,293

120
137

9

137
3,347
2,700
620
27
14,265

1,998
1,884
100
14

1,349
816
520
13

7,811

6,454

1

Unutilized balances of previous authorizations as of June 30, 1945, plus net authorizations, July 1, 1945-Mar. 31, 1947 in the case
of the first column and plus net authorizations, July 1, 1945-Dec. 31, 1946 in the case of the second column.
2
Excludes indebtedness arising out of World War I.
3
Includes 7 million dollar participation by another agency.
4
Extended for purchase of surplus property located abroad.
5
Amount does not reflect small repayments received through Dec. 31, 1946, for which detailed data are not yet available in Washington, D. C.
6
Extended for purchase of surplus property located in the United States.
7
Consists of outstanding indebtedness as of June 30, 1945 (573 million dollars) plus amount utilized July 1, 1945-Dec. 31, 1946
(3,853 million), minus amount of repayments July 1, 1945-Dec. 31, 1946 (131 million) and a charge-off of approximately 1 million. Calculation of outstanding indebtedness by this formula will differ slightly from indebtedness shown in table due to rounding. The 573
million dollars of outstanding indebtedness as of June 30, 1945 consisted of: Export-Import Bank—221 million dollars; Lend-Lease—55
million; Reconstruction Finance Corporation—297 million. The repayments between July 1, 1945 and Dec. 31, 1946 consisted of: ExportImport Bank—59 million dollars; Lend-Lease—10 million; Reconstruction Finance Corporation—62 million.
8
Terms still subject to settlement as of Mar. 31, 1947.
9
Amount utilized. Estimated for "Civilian supplies to occupied areas" and "Postwar lend-lease supplies" for period June 30, 1945—
Mar.1031, 1947.
Terms on entire 500 million dollars still subject to settlement as of Mar. 31, 1947.
11
Reimbursement based on the requirement that approximately 60 per cent (subject to adjustment) of textiles manufactured from
Commodity Credit Corporation cotton during each three-month period will be delivered to United States Commercial Company for sale.

the extension of reconstruction loans to war-devastated areas. Private United States capital has reentered the field of foreign financing but only on a
very limited scale. UNRRA has virtually terminated its activities but urgent relief needs still
remain in certain areas. Finally, the decision is
being made by many countries as to whether the
world will move towards a freer and higher level
of international trade through such an instrumentality as the International Trade Organization or
towards a system of closed trading areas.
Two immediate postwar financial objectives of
this Government which have already been largely
achieved are the settlement of war accounts and
the disposal of surplus property located abroad.
All major war settlements have either been com-

848




pleted or are in process of negotiation. In accord
with the Lend-Lease Act, terms have been designed
to avoid imposition of a burden on trade between
the United States and allied countries in the form
of repayments which would unduly aggravate the
postwar balance of payments difficulties faced by
most of these countries.
Over 80 per cent of all United States salable surplus located abroad (including estimated future
declarations) has been disposed of, and largely
delivered, during the period when such property
was likely to contribute most to the restoration of
war-devastated areas and under terms conducive
to maximization of eventual proceeds for this Government. Substantial amounts of domestic surplus
property and of surplus ships may also be disposed
FEDERAL RESERVE BULLETIN

REPORT OF NATIONAL ADVISORY COUNCIL

of by the War Assets Administration and the Maritime Commission through sales abroad on deferred
payment terms.
Other postwar foreign financial objectives of the
United States Government include alleviation of
the suffering of the peoples of war-devastated areas,
restoration of the productive capacities of these
areas, and development of economically undeveloped countries. These objectives have only been
partially attained to date. At the same time the
purchasing power represented by unutilized lending authority, unutilized loan balances, unutilized
relief grants and the gold and foreign exchange
assets of foreign countries has been cut by the increase in prices here and abroad.
Relief and other forms of aid have carried a number of countries through the worst period of postwar readjustment. In Central and Southern Europe, and in parts of the Far East, however, the
task of providing even a minimum of subsistence
goods largely remains.
It has proved necessary to propose to the Congress a special post-UNRRA appropriation of 350
million dollars for the calendar year 1947 while,
in the case of Greece, further direct assistance in
economic rehabilitation is included in the 400 million dollar appropriation request for Greece and
Turkey. The purposes to be served by this latter
program have been fully developed in hearings before Congressional committees and in debates in
the Congress. Assistance for military supplies, as
well as the aid designed to restore political and
economic stability in Greece, do not fall within the
purposes of the Export-Import Bank or the International Bank for Reconstruction and Development.
In the case of the combined British and American
zones of Germany, the net import requirements for
minimum consumers' needs and basic working
capital requirements are being shared between the
two occupying powers. The outlay for this purpose
on the part of the United States for the period 1947
through 1949 has been estimated by the occupation
authorities at 500 million dollars. Additional United
States financing may prove necessary to support the
economies of Japan and the occupied area of Korea.
Reconstruction of the productive facilities of some
war-devastated countries and development of certain economically undeveloped areas have already
been accelerated by the extension of United States
Government loans. In Northern and Western Europe, for example, United States reconstruction
loans have made available the financial means of
achieving a considerable degree of recovery from
the effects of the war. Even in countries in these
areas, however, shortages of industrial working
capital such as coal have kept the rate of reconJULY

1947




struction below that previously anticipated.
The Export-Import Bank will continue not only
to disburse substantial amounts on outstanding commitments but also to undertake new operations
complementing those of other institutions. Coordination of the activities of the Export-Import
Bank and the United States representatives on the
International Bank will be undertaken by the National Advisory Council and will be guided by the
particular circumstances in each case. In general,
it may be expected that projects deemed appropriate for consideration by the Export-Import Bank
would be those in which there is a special and important United States interest. Such interest may
exist because the project is designed to open up an
additional supply of essential imports into the
United States, or because it requires United States
equipment and services of kinds which this country especially desires to export. Such interest may
also exist because the project is being sponsored
and financed in part by private United States interests, or because it is in a field in which the ExportImport Bank already has participated financially,
or because the applicant country is not yet a member of the International Bank. The Bank will also
continue, of course, to receive applications from
United States exporters and importers who do not
have direct access to the International Bank. In
general too, it may be expected that the ExportImport Bank will limit itself to projects that can
be amortized in a relatively short period of years.
The Export-Import Bank had unutilized funds
at its disposal as of March 31, 1947 of approximately 320 million dollars, after deduction of earmarked amounts for China and Italy. Applications
were pending before the Bank at that time in an
aggregate amount in excess of this remaining lending authority. On the other hand, the Bank has
the prospect of recouping lending authority from
time to time as outstanding loans fall due and are
repaid, as present commitments to make loans are
canceled or expire, and as private capital may be
induced to participate at its own risk in the outstanding loans of the Bank.
In order to meet reconstruction and development
requirements, the International Bank must also
rely heavily upon dollar funds. For the present a
large part of the needed goods can be obtained
only in the United States, and there are few countries outside the United States whose balance of
payments position permits them to engage in any
substantial export of capital. Through the payment
of 20 per cent of its subscription to the capital of
the Bank, the United States Government is providing 635 million dollars for the Bank's use, and similar dollar capital contributions by other members
raise the total of the Bank's available United States
849

REPORT OF NATIONAL ADVISORY COUNCIL

dollar funds to about 725 million. For the rest of
its dollar needs, the Bank must rely upon its ability
to draw funds from the private capital market in
the United States. The timing and extent of private capital investment abroad, either directly or
through the International Bank, will determine to a
considerable extent the ability of this Government
to withdraw from the field of large-scale direct
foreign lending without sacrificing the basic objectives of its foreign policy.
Temporary balance of payments deficits that
develop in the current international transactions of
member countries may require financing through
the International Monetary Fund. As in the case
of foreign loan requirements and the International
Bank, however, monetary stabilization requirements
of a type or in an amount that cannot be met by
the International Monetary Fund may develop.
Such cases, particularly when they involve special
interests of this Government, may be handled by
the United States Stabilization Fund in harmony
with the achievement of the objectives of the International Monetary Fund.
The subject of repayment of United States foreign loans was treated in some detail in pages 5-7
of the "Statement of the Foreign Loan Policy of
the United States Government by the National Advisory Council on International Monetary and
Financial Problems" transmitted by the President
to the Congress on March 1, 1946. At this time,
the Council wishes to emphasize again that:
". . . the ability of foreign countries to transfer
interest and amortization on foreign loans to the
United States depends upon the extent to which
we make dollars available to the world through
imports of goods and services, including personal
remittances and tourist expenditures, and through
new investment abroad."
The extension of foreign financial assistance by
this Government, in conjunction with its pursuit
of a commercial policy designed to reduce restrictions on the free flow of international trade, will
help the United States to maintain a-volume of exports appropriate for a country with its tremendous
productive capacity, and a volume of imports that
will permit repayment of its loans to foreign countries, increase the standard of living, and provide
needed basic resources. This Government's policies
are therefore designed to make an important contribution not only to world stability but also to the
welfare of the American people.
In 1946, total transfers of goods and services to
foreign countries amounted to 15.3 billion dollars,
while United States imports of goods and services
amounted to only 7.1 billion. Utilization by foreign countries of United States Government loans
and other aid, including private donations and re850




mittances, served to finance approximately 6 billion
dollars of the net balance. About 2 billion was
financed through the use by foreign countries of
their own dollar assets and gold.
Foreign requirements of goods and services from
the United States to continue relief and reconstruction programs, to meet deferred demands from the
war period and to continue development projects
remain large in 1947. The Department of Commerce reports that in the first quarter of 1947, total
United States transfers of goods and services to
foreign countries amounted to almost 4.9 billion
dollars while United States imports of goods and
services amounted to slightly more than 1.9 billion.
The first quarter amounts are equivalent to an
annual rate of 19.5 billion dollars of transfers of
goods and services to foreign countries and only
about 7.7 billion of imports. During the first quarter of 1947, foreign countries financed the difference between United States transfers of goods and
services and United States imports of goods and
services by net utilization of about 1.9 billion dollars of United States Government loans and other
aid, including private donations and remittances,
and by a reduction of about 1.1 billion in their own
dollar assets and gold.
Unutilized amounts of United States foreign
loans and aid declined from 6.5 billion dollars as of
December 31, 1946, to about 5.4 billion on March
31, 1947. Foreign gold and dollar assets in the
form of short-term balances and marketable securities declined from approximately 25 billion dollars
as of December 31, 1946, to about 24 billion on
March 31, 1947. A sizable portion of these gold
and dollar assets and of new foreign gold production, currently at the rate of about 700 million dollars per annum exclusive of production of the
Union of Soviet Socialist Republics, must be maintained as working balances for trade purposes and
currency reserves.
As of March 31, 1947, almost all United
States governmental resources authorized for foreign financial assistance, excluding United States
participation in the International Monetary Fund
and the International Bank, had been committed
to foreign countries. It has during the period under
review become increasingly clear that such resources as remain available will not, by reason
either of their amount or of the nature of developing needs abroad, prove adequate for the accomplishment of the purposes for which foreign financial assistance has been provided. The question
of the extent to which this country will need to
provide additional assistance to foreign countries
cannot be readily answered. The agencies represented on the National Advisory Council are
giving continuing consideration to this matter.
FEDERAL RESERVE BULLETIN

TRANSACTIONS IN GOLD AT PREMIUM PRICES1
Secretary Snyder as Chairman of the National
Advisory Council on International Monetary and
Financial Problems has received from Mr. Camille
Gutt, Managing Director of the International Monetary Fund, the following statement which has been
sent by the International Monetary Fund to all of
the members of the Fund:
"The International Monetary Fund has given
consideration to the international gold transactions
at prices substantially above monetary parity which
have been taking place in various areas of the
world. Because of the importance of this matter
the Fund has prepared this statement of its views.
"A primary purpose of the Fund is world exchange stability and it is the considered opinion
of the Fund that exchange stability may be undermined by continued and increasing external purchases and sales of gold at prices which directly or
indirectly produce exchange transactions at depreciated rates. From information at its disposal,
the Fund believes that unless discouraged this practice is likely to become extensive, which would
fundamentally disturb the exchange relationships
among the members of the Fund. Moreover, these
transactions involve a loss to monetary reserves,
since much of the gold goes into private hoards
rather than into central holdings. For these rea1
Statement of June 24, 1947, released by the Chairman of
the National1%1
Advisory Council on International Monetary and
Financia 1 T) - ems,

JULY

1947




sons, the Fund strongly deprecates international
transactions in gold at premium prices and recommends that all of its members take effective action
to prevent such transactions in gold with other
countries or with the nationals of other countries.
"It is realized that some of these transactions are
being conducted by or through nonmember countries or their nationals. The Fund recommends
that members make any representations which, in
their judgment, are warranted by the circumstances
to the governments of nonmember countries to
join with them in eliminating this source of exchange instability.
"The Fund has not overlooked the problems
arising in connection with domestic transactions in
gold at prices above parity. The conclusion was
reached that the Fund would not object at this
time to such transactions unless they have the effect
of establishing new rates of exchange or undermining existing rates of other members, or unless
they result in a significant weakening of the international financial position of a member which
might affect its utilization of the Fund's resources.
"The Fund has requested its members to take
action as promptly as possible to put into effect the
recommendations contained in this statement."
The National Advisory Council on International
Monetary and Financial Problems is in full accord
with the statement of the views of the International
Monetary Fund quoted above.

851

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.

Purchase of International Bank
Debentures
The Treasury Department on May 29, 1947,
issued the following press release No. S-347:
"It was announced today by Preston Delano,
Comptroller of the Currency, that national
banks may purchase the debentures of the International Bank for Reconstruction and Development up to the full legal limit of ten per
cent of their capital and surplus."
In view of the provisions of Section 9 of the
Federal Reserve Act and of Section 5136 of the
U. S. Revised Statutes, State banks which are members of the Federal Reserve System may likewise
purchase debentures of the International Bank up
to ten per cent of their capital stock and surplus
subject, of course, to any applicable provisions of
State law.
Foreign Funds Control
Treasury Department Release
The following release relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
has 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 Regulation
issued pursuant thereto:

852




Treasury Department
FOREIGN FUNDS CONTROL

June 25, 1947
AMENDMENT TO GENERAL LICENSE NO. 53

Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amended, by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
Paragraph (4) (a) of General License No. 53 (Paragraph
( d ) ( l ) of §131.53) is hereby amended to read as follows:
4. As used in this general license:
(a) The term "generally licensed trade area" shall include
all foreign countries except the following:
(i) Germany and Japan;
(ii) Bulgaria, Hungary, Roumania, and Italy;
(iii) Sweden, Switzerland, Spain, Portugal, and Liechtenstein;
(iv) France (including Monaco), Belgium, Norway, Finland, the Netherlands, Czechoslovakia, Luxembourg, Denmark, Greece, Poland, Estonia, Latvia, Lithuania, Austria,
and Yugoslavia, but not including any colony or other nonEuropean territory subject to the jurisdiction of any such
country except French West Africa, Algeria, Tunisia, and
French Morocco.
JOHN W. SNYDER,

Secretary of the Treasury.
* Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat.
179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App.
Sup., 5(b); E.O. 8389, April 10, 1940, as amended by E.O.
8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963,
Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6,
1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum.
Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended
June 14, 1941, February 19, 1946, June 28, 1946 and January
1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184,
12 F.R. 6.

FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Election of Class A Director

On June 13, 1947, the Federal Reserve Bank of
Cleveland announced the election of Mr. John D.
Bainer, President, The Merchants National Bank
and Trust Company of Meadville, Meadville, Pennsylvania, as a Class A Director to fill the unexpired
portion of the term ending December 31, 1949.
Mr. Bainer succeeds Mr. H. B. McDowell, deceased.
Appointment of Class C Director
The Board of Governors of the Federal Reserve
System on July 7, 1947, announced the appointment
of Mr. Edward R. Stettinius, Jr., of Rapidan, Virginia, as a Class C Director of the Federal Reserve
Bank of Richmond for the unexpired portion of the
term ending December 31, 1949. Mr. Stettinius is
Rector of the University of Virginia.
Death of Director
Mr. Allen W. Holmes, President, The Middletown National Bank, Middletown, Connecticut,
who had served as a Class A director of the Federal
Reserve Bank of Boston since October 13, 1942, died
on July 7, 1947.
Appointment of Branch Director
The Board of Governors of the Federal Reserve
System on June 25, 1947, announced the appoint-

JULY

1947




ment of Mr. E. O. Batson of New Orleans, Louisiana, as a director of the New Orleans Branch of
the Federal Reserve Bank of Atlanta for the unexpired portion of the term ending December 31,
1949. Mr. Batson is President of the BatsonMcGehee Company, Inc., Millard, Mississippi.
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, 1947 to June 15, 1947:
Illinois
Ridgway—Gallatin County State Bank
New Mexico
Grants—Grants State Bank
New Yor\
Bronxville—Bronxville Trust Company
Texas
Premont—First State Bank

853

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled ]une 25, and released for publication ]une 27]
Output and employment at factories showed
further slight declines in May, although employment in the economy as a whole increased seasonally. Value of retail trade in May and the early
part of June was at earlier record levels. The
general index of wholesale prices advanced slightly
after the early part of May, with widely varying
changes for individual commodities.
INDUSTRIAL PRODUCTION

Production of manufactured goods showed a
further slight decline in May, while output of
minerals increased considerably, and the Board's
preliminary seasonally adjusted index of industrial
production was maintained at the* April rate of
186 per cent of the 1935-39 average.
Activity in durable goods industries in May was
somewhat below the April rate, reflecting small
decreases in most lines. Steel production increased,
however, and was at the highest level since May
1945. Activity at electrical machinery plants declined somewhat further in May, and output of
passenger cars and trucks was curtailed about 10
per cent, mainly because of a shortage of steel
sheets. Automobile production increased in the
first three weeks of June but remained below the
April rate. Nonferrous metal fabricating activity
declined somewhat further in May; and output of
most building materials continued to show a
INDUSTRIAL PRODUCTION

smaller increase than is usual at this season.
Production of nondurable goods, as measured by
the Board's index, continued to decline in May.
Output at cotton and most wool textile mills declined further. Cotton consumption in May was
about 10 per cent below the peak rate reached last
November and apparel wool consumption has been
reduced by a larger amount. Output at wool
carpet and rayon fabric mills, on the other hand,
increased in that period. Production of most
manufactured food products declined somewhat in
May after allowance for usual seasonal changes.
Activity in rubber products industries continued
to be curtailed. Output of paperboard, however,
rose to a new record rate, which was 84 per cent
above the 1935-39 average. Production of most
other nondurable goods showed little change or
declined slightly.
Output of minerals rose 7 per cent in May, reflecting a substantial gain in fuels production to
the highest rate on record. Output of coal advanced sharply after declining in April because
of work stoppages early in that month, and output
of crude petroleum advanced further to a new
peak rate.
EMPLOYMENT

Manufacturing employment continued to decline
somewhat in May, owing mainly to production
curtailments in various industries, while employment in most other types of nonagricultural esDEPARTMENT STORE SALES AND STOCKS
_AR VOLUME SEASONALLY ADJUSTED, 19

A

/

A

:

'-

SALES
f.

A *L A,

:

l

:

v

•

STOCKS

:

'-

1939

1941

1943

1945

Federal Reserve index.
for May.

854




1947 1939

1941

1943

©45

1947

Monthly figures, latest shown are

1939

1940

1941

1942

1943

1944

1945

1946

1947

Federal Reserve indexes. Monthly figures, latest shown are
for May.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
tablishments increased somewhat. The number
of persons unemployed in May declined to about
2 million from a level of about 2.4 million during
the first four months of this year.
CONSTRUCTION

Construction contract awards, according to the
F. W. Dodge Corporation, were 12 per cent larger
in May than in April, owing chiefly to a sharp
rise in public awards. Value of awards for commercial and industrial buildings showed little
change. Awards for private residential construction declined further in value; the number of
dwelling units, however, showed little change,
with an increase in apartments and a decrease in
single-family dwellings built for sale or rent.
DISTRIBUTION

Department store sales increased in May and
the Board's seasonally adjusted index rose from a
level of about 275 in March and April to 290 per
cent of the 1935-39 average, equaling the all-time
high reached in August 1946. Sales in the first
two weeks of June continued at the high May level.
Retail sales at most other types of stores also
increased in May and were at about the same levels
as those prevailing during the first quarter of the
year, after allowance for seasonal changes.
Loadings of railroad revenue freight increased
in May and the first half of June, reflecting larger
shipments of coal and ore. Shipments of manufactured goods, after allowance for seasonal
changes, declined somewhat further.
COMMODITY PRICES

The general level of wholesale prices increased
slightly from the beginning of May to the third

week of June, reflecting chiefly increases in prices
of cotton, corn, cattle, and beef. Prices of wheat,
flour, and vegetable oils declined further.
Crude rubber prices dropped from 25 cents per
pound to 14 cents, which is 3 cents lower than
the price prevailing at the outbreak of war in 1939.
Prices of various other industrial materials showed
further declines but some items like hides, coke,
and steel scrap increased. Prices of automobile
tires and soap were reduced, while prices of most
other manufactured goods continued to show little
change.
TREASURY FINANCE AND BANK CREDIT

During May and the first three weeks of June
reserve funds were supplied by a substantial gold
inflow and by a decline in foreign deposits at
Reserve Banks. As a result member bank reserve
balances increased and Reserve Bank holdings of
Government securities declined further. Treasury
debt retirement continued in May and June with
redemption for cash of a part of certain bill
issues and one billion dollars of certificates maturing June 1.
Holdings of Government securities at member
banks in leading cities declined somewhat in May
and the early part of June. Commercial and industrial loans continued to decline, while real estate and consumer loans increased moderately.
Treasury war loan deposits at commercial banks
were reduced to about one-half billion dollars as a
result of withdrawals for debt retirement. Deposits
of businesses and individuals increased further in
May and June, reflecting in part cash redemption
of certificates held by these groups.
LOANS AT MEMBER BANKS IN LEADING CITIES

WHOLESALE PRICES
1926 "100

1940

1941

1942

1943

1944

1945

1946

1947

Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending June 21.
JULY

1947




1940

1941

1942

1943

1944

1945

1946

1947

Excludes loans to banks. Wednesday figures, latest shown
are for June 18.

855

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements. .
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes....
Weekly reporting member banks
Weekly reporting member banks—revised series.
....
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 books. .
Number of banking offices in the United States.

859

860
861-864
865
865-866
867-868
868
869
870-871
872-873
874-877
878-883
884
^
885
886-887
888
889-891
892
893-902
903-905
906-908
909
910
911
912-915
916

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

1947




857

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

10

WEDNESDAY FIGURES

BILLIONS OF DOLLARS

—i

10

1939

1940

1941

1939

1940

1941

1942

1943

1944

1945

1946

1947

1946

1947

30

10

Jm

^jf^^f
1942

|
1943

)
1944

BONDS
1945

Wednesday figures, latest shown are for June 27. See p. 859.

858



FEDERAL RESERVE BULLETIN

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

Member
>ank reserve
balances

Reserve Bank credit outstanding

Lr. s . Government
securities
Disounts
and
advances

Date

Total

Monthly averages of
daily figures:
1946—Mar..
A.pr.
May
1947—Mar..
Apr.
May

566
433
212
307
208
130

End of month figures:
1946—Mar. 3 0 . . . .
Apr. 3 0 . . . .
May 3 1 . . .
1947—Mar. 3 1 . . .
Apr. 3 0 . . .
May 31. . .

626
279
254
538
125
179

2,
2
2
22
21
22

Wednesday figures:
1946—Aug. 7 . .
Aug. 1 4 . . .
Aug. 2 1 . . .
Aug. 2 8 . . .

258
263
229
216

4...
11. . .
18...
25...

2 , 549
2 , 260
2 , 699
2 , 978
2 , 104
1, 782

'reasury
bills
and
ertificates

20,
19.
20,
21,
20,
20,

All
ther 1

Total

Gold
tock

All
other

243 2,307
855 2,406
376 2,623
831 1,147
998 1,105
686 1,096

418
376
458
436
411
372

601
732
932
593
857
088

2 0 , 234 2,366
2 0 , 166 2,566
2 0 , 291 2,641
2 1 , 488 1,105
2 0 , 752 1,105
2 0 , 984 1,105

403
346
331
300
223
471

2 3 , 630
2 3 , 357
2 3 , 518
2 3 , 431
2 2 , 205
22, 738

23
23
23
23

593
575
486
606

2 2 , 242
2 2 , 224
2 2 , 135
2 2 , 256

1,351
1,351
1,351
1,351

283
400
394
279

2 4 , 134
2 4 , 238
2 4 , 109
2 4 , 102

29
250
26
29

23
23
23
23

387
291
421
866

2 2 , 036
2 1 , 940
2 2 , 070
2 2 , 515

1,35
1,35
1,35
1,35

332
395
541
425

24
23
24
24

011
935 2 0 , 288
224 2 0 , 28
585 2 0 , 30

Oct. 2 . . .
Oct. 9. . .
Oct. 16. . .
Oct. 2 3 . . .
Oct. 3 0 . . .

21
27
25
24
23

23 555
23 502
23 ,418
23 ,056
23 ,608

2 2 , 126
2 2 , 074
2 1 , 973
21 610
22 162

1,428
1,428
1,445
1,44
1,44

368
275
480
332
256

24
24
24
23
24

140
048
15
63
10

Nov.
Nov.
Nov.
Nov.

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

37
39
33
28

23 ,515
23 ,684
23 ,522
23 ,682

22
22
21
22

020
105
933
093

1,49
1,57
1,58
1,58

216
484
463
451

24
24
24
24

Dec.
Dec.
Dec.
Dec.
Dec.

4. . .
11. . .
18...
24. . .
31. . .

24
29
30
34
16

23 ,888
24 ,128
23 ,211
23 ,722
23 ,350

22
22
22
22
22

239
47
10
61
24

1,64
1,64
1,10
1,10
1,10

452
378
815
81
58

24 58
24 79
24 32
24 ,87
24 ,09

20
20
20
20
20

24 23 ,733
24 23 ,32
23 23 ,43
31 23 ,86

22
22
22
22

62
21
32
75

1,10
1,10
1,10
1,10

39
53
53
33

24 ,37
24 ,10
24 ,20
24 , 5 1

20
20
20
20

Sept.
Sept.
Sept.
Sept.

1947—Jan. 8 . . .
Jan. 1 5 . . .
Jan. 2 2 . . .
Jan. 2 9 . . .

3 , 533 0 , 237
3 , 070 0 , 252
3 , 369 0 , 246
3 , 721 o, 406
2 1 722 o, 586
2 ]284 0, 865

*reasury
currency
outtanding

4,464
4,510
4,534
4,557
4,558
4^559

Money
n circulation

reasury
cash
holdings

reasry deDosits
with
ederal
Reserve
Banks

Nonmemerdeosits

Other
Federal
Reserve
acTotal
ounts

Excess*

27, <
n3
27 123
2 7 , ?78
2 8 , 273
2 8 , 185
2 8 , 158

2,274
2,261
2,263
1,332
1,329
1,340

809
448
556
1,344
723
612

1 167
1 120
L 074
1 097
1 060
993

536 5,536 1,031
550 5,531 1,024
551 5,727
956
871
633 6,006
639 5,931
833
627 5,978
784

o, 256
o, 251
242
o, 463
o, 774
o, 933
o,

4,480 2 7 , 879
4,537 2 7 , 885
4,535 2 8 , 120
4,559 2 8 , 230
4,561 2 8 , 114
4,558 2 8 , 261

2,288
2,263
2,257
1,336
1,329
1,330

1,593
679
846
2,014
619
728

1 213
1 ,166
866
971
1 ,025
1 ,044

540
547
553
638
627
629

4,853
5,606
5,653
5,264
5,826
6,238

627
959
807
344
654
991

o, 266
o, 268
o, 274
o, 280
o, 284

4,538
4,541
4,543
4,543

2 8 , 326
2 8 , 353
2 8 , 365
2 8 , 376

2,263
2,262
2,265
2,274

353
557
540
620

1 ,331

1 ,250
1 ,214

573
572
572
574

6,093
6,008
5,933
5,867

964
898
805
714

4,543
4,545
4,545
4,547

2 8 , 506
2 8 , 499
2 8 , 453
2 8 , 448

2,281
2,280
2,265
2,279

293
199
359
928

1 ,188
1 ,122
1 ,111
1 ,212

581 5,989
581 6,086
588 6,280
590 5,975

778
754
872
724

2 0 , 30
2 0 , 30
2 0 , 30
20 38
20 39

4,546
4,544
4,545
4,546
4,548

2 8 , 526
2 8 , 608
2 8 , 597
2 8 , 585
2 8 , 588

2,301
2,270
2,274
2,270
2,285

357 1 ,045
920
483
868
524
972
369
462 1 ,006

597
598
596
595
595

16,166
16,019
16,142
15,779
16,111

934
766
855
435
737

10 20 40
56 20 42
31 20 46
41 20 46

4,548
4,548
4,54
4,548

28,
28,
28,
28

750
76
68
81

2,276
2,294
2,28
2,27

967
408
577 1 ,04

599
599
59
59

16,060
16,259
16,098
16,131

637
838
618
643

47
45
47
52
52

4,55
4,55
4,55
4,55
4,56

28
28
29
29
28

90
94
10
16
95

2,28
2,27
2,20
2,25
2,27

67
62
23
54
39

60
60
60
61
60

16,222
16,479
16,517
16,530
16,139

669
874
656
913
562

53
56
69
80

4,56
4,56
4,55
4,55

28
28
28
28

74
51
36
26

2,28
2,29
2,29
2,32

40
40
86
1,53

96
96
1 ,00
1 ,02

61
61
61
61

16,457
16,43
16,308
16,124

903
850
726
663

633
665

,295

1 ,02
953
91
875
770
84
82

5...
Feb.
Feb. 1 2 . . .
Feb. 1 9 . . .
Feb. 2 6 . . .

27
39
34
39

23 ,41
23 ,80
23 ,91
24 ,04

22 30
22 , 6 9
22 ,77
22 , 8 6

1,10
1,10
1,14
1,18

35
44
41
32

24 ,05
24 ,63
24 ,67
24 .76

20 74
20 ,75
20 ,77
20 ,32

4,55
4,55
4,55
4,55

28
28
28
28

29
34
27
26

2,32
2,33
2,32
1,38

1,16
1,71
2,35
2,37

86
93
64
1 ,21

62
62
62
62

16,095
15,994
15,770
15,78

761
779
614
703

Mar. 5. . .
Mar. 1 2 . . .
Mar. 19. . .
Mar 26...

23
23
23
28

23 ,24
23 ,24
22 ,41
22 ,81

22 ,04
22 ,05
21 , 3 0
21 ,70

1,19
1,19
1,10
1,10

32
29
40
39

23 ,80
23 ,78
23 ,04
23 ,48

20 ,37
20 ,40
20 ,41
20 ,43

4,55
4,55
4,55
4,55

28 . 3 3
28 ,33
28 , 2 4
28 ,17

1,33
1,33
1,33
1,35

1,40
1,42
71
1,60

.10
,17
,14

62
62
63
63

15,93
15,84
15,94
15,65

800
718
673
559

Apr. 2 . . .
Apr. 9. . .
Apr. 16. .
Apr. 2 3 . .
Apr. 3 0 . .

42 21 .93
27 22 ,89
10 21 ,90
14 21 .82
12 21 ,85

20 ,83
21 ,17
20 ,80
20 ,72
20 ,75

1,10
1,10
1,10
1,10
1,10

39
33
46
25
22

22 7S
22 ,89
22 ,47
22 ,23
22 ,20

?0 48
20 ,49
20 ,58
20 ,62
20 ,77

4,55
4,55
4,55
4,55
4,56

28 ,24
28 ,25
28 ,16
28 , 1 0
28 ,11

1,33
1,33
1,33
1,33
1,32

94
75
61
48
61

64
64
64
64
62

15,54
15,93
15,98
15,82
15,82

563
886
844
658
654

May 7..
M a y 14. .
May 21..
May 28..

10
13
11
13

21 ,85
21 ,76
21 ,67
21 ,59

20
20
20
20

,74
,67
,58
,48

1,10
1,09
1,08
1,10

27
33
27
29

22 ,23
22 ,23
22 ,07
22 ,01

20 ,81
20 ,87
20 ,88
20 ,93

4,56
4,55
4,55
4,56

28 ,19
28 ,13
28 ,11
28 ,21

1,32
1,33
1,33
1.37

65
55
53
75

1,06

95
84

62
62
62
62

15,87
15,94
15,94
15,70

654
787
752
520

June
June
June
June

17
17
13
13

21 ,76
21 ,57
21 ,18
21 ,58

20 ,66
20 ,48
20 ,08
20 ,48

1,09
1,09
1,09
1,09

30
28
47
34

22 ,23
22 ,04
21 ,79
22 ,05

20 ,99
21 ,02
21 ,12
21 ,17

4,56
4,56
4,56
4,55

28 ,26
28 ,25
28 ,19
28 ,18

1,36
1,33
1,33
1,32

65
49
22
64

95
88
85
91

62
62
63
63

15,92
16,02
16,24
16,08

4. .
11. .
18..
25. .

L,06
1,09
L,03
87

1,02
1,02
91

626
667

P859
P729

v 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 1947



859

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

Other secured advances
[Sec. 10(b)]

Effective

Rate

Effective

Apr. 27,
1946
Apr. 25,
1946
Apr. 25,
1946
May 3, 1946
May 10, 1946
May 10, 1946
Apr. 26,
1946
Apr. 26,1946
Apr. 26,1946
Apr. 27,
1946
May 10, 1946
Apr. 25,
1946

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

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

IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK

Rate

1942
Oct. 27,
1942
Oct. 30,
1942
Oct. 17,
Sept. 12,1942
1942
Oct. 28,
1942
Oct. 15,
Aug. 29, 1942
Mar. 14, 1942
1942
Oct. 30,
1942
Oct. 27,
1942
Oct. 17,
1942
Oct. 28,

Effective
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

I*
2

2K
2
2
2
2
2
2

2K

FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity

Rate on
June 30

Treasury bills
Bankers acceptances:
1- 90 days
91-120 days
121-180 days

In effect beginning—

H

To industrial or
commercial
businesses

Apr. 30, 1942

l
l
l

Previous
rate

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect June 30. Per cent per annum]

!Aug. 24, 1946
*Aug. 24, 1946
x
Oct. 20, 1933

l*

Federal
Reserve
Bank

1

Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Period in effect
June 21, 1917-Aug. 15, 1936.
Aug. 16,1936-Feb. 28, 1937.
Mar. 1, 1937-Apr. 30, 1937.
May 1, 1937-Apr. 15, 1938.
Apr. 16, 1938-Oct. 31, 1941.
Nov. 1, 1941-Aug. 19, 1942.
Aug. 20, 1942-Sept. 13, 1942.
Sept. 14, 1942-Oct. 2, 1942.
Oct. 3, 1942 and after

Central
reserve
city
banks

Reserve Country
city
banks
banks

Time
deposits
(all
member
banks)

7
10
3
IOK
4K
15
12*
5*
17K
14
6
12
20
5
26
14
6
17K
22H
6
14
20
26
6
14
20
24
6
14
20
22
20
20
1
Demand deposits subject to reserve requirements, i. e., demand
deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.

13

19K
22H

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

2K
2K

2K
2K
2K

I*
1

NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.

860



On
loans v

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

On

commit-

ments

Portion
for which
institution is
obligated

K-i
K-i*

On

Remaining
portion

(

?
(')

<2

K-i*
K-i*

*-i*
K-i*
K-i*
K-i*
K-i*
K-i*

1-lK

1

8
8

2K-5

§

commit-

ments

K-l
K-l*
K-l*
•K-l*
gK-i*
*-i*
*-i*
K-l*
K-i*
•K-l*
•K-l*

Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
* Rate charged borrower.
4
May charge rate charged borrower by financing institution, if
lower.
6
Charge of * per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table "118,
pp. 446-447.
MARGIN REQUIREMENTS J
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934

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

2K
2K

On discounts or
purchases

1
2

MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]

Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days

To financing institutions

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

Julv 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947

Effective
Feb. 1,
1947

75
75

100
100

75
75

75

100

75

1

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

FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
June 25
Assets
Gold certificates.
Redemption fund
F. R. notes

End of month
1947

1947

Item
June 18

May 28

June 4

June 11

May 21

May

June

May 14

June

19,229,179 19,181,176 19,069,678 19,024,678 18,974,678 18,930,178 18,910,176 19,329,178 18,974,678 17,347,057

for

709,924

710,242

712,417

712,415

714,053

715,500

717,399

709,924

714,053

755,979

Total gold certificate reserves. . . . 19,939,103 19,891,418 19,782,095 19,737,093 19,688,731 19,645,678 19,627,575 20,039,102 19,688,731 18,103,036
239,935

229,375

229,759

232,594

251,537

259,423

233,675

238,842

108,231

150,260

150,216

106,659

93,565

115,990

42,397

155,485

36,772

27,530

24,530

24,530

23,500

23,500

23,500

23,500

27,530

23,500

120,000

132,363

Total discounts and
advances

230,050

104,833

Other cash
' Discounts and advances:
For member banks.. .
For nonmember
banks, etc

132,761

174,790

173,716

130,159

117,065

139,490

69,927

178,985

156,772

1,603

1,597

1,670

1,778

1,618

1,206
18,057

1,773
1,706
Industrial loans
1,762
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
5,038,899 4,647 ,314 5,044
option
9,344,102 9,339 ,397 9,334
Other
Certificates:
Special
6,102,266 6,102 ,266 6,102
Other
369,300
369 ,300
Notes
369
727,390
727 ,390
Bonds
727'

Total U. S. Govt.
21,581,957 21,185 ,667 21,578,324
securities
Other Reserve Bank
341,308
476 ,992
credit outstanding. . .
284,689

1,699

280,138

378,118 5,335,
284,187 9,231,

5,473,762 5,584,
9,303,567 9,375 :

5,310,080 5,687,731 5,383,696
9,185,547 9,284,187 9,082,635

,001,266 5,917
369
369,300
735,
727,390

5,811,718 5,711.
351,
351,800
739,
735,390

6,279,766 6,011,718 6,813,370
369,300 1,748,200
369,300
755,290
735,390
727,390

,760,261 21,589,

21,676,237 21,762,

21,872,083 22,088,326 23,783,191

298,706

275,760

297,

329

226,208

469,227

496,589

Total Reserve Bank
credit outstanding 22,057,401 21,797 ,126 22,039,565 22,234,382 22,018,746 22,070,659 22,232,920 22,169,996 22,738,156 24,455,815
Liabilities
Federal Reserve notes. . 24,064,354 24,068 ,072 24,110,240 24,130,578 24,110,158 24,002,215 24,013,393 24,154,115 24,120,146 24,190,592
Deposits:
Member bank — re16,080,585 16,240,980 16,027,782 15,920,609 15,705,449 15,942,303 15,948,953 16,111,703 16,237,764 16,123,380
serve account
U. S. Treasurer—gen833,364
727,801
eral account
641,816
224, 570
755,571
538,793
556,
495
653,003
751
504,531
373,122
Foreign
405,187
305 465
347,293
573,
488,973
430
510,304
402
745,209
670,700
Other
509,579
551, 367
533,857
492,
468,025
458
446,072
443
Total deposits

17,637,167 17,322,382 17,412,522 17,529,988 17,302,472 17,438,094 17,571,455 17,748,424 18,009,387 18,206,484

Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per c e n t ) . . .

47.8

48.1

47.4

47.6

47.8

47.5

46.7

42.7

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
May 28
June 4
June 11
June 18
June 25
Industrial loans:
May 28
June 4
June 11
June 18
June 25
U. S. Government securities:
May 28
June 4
June 11
June 18
June 25

JULY

1947




130,159
173,716
174,790
132,761
132,363

Within
15 days

1,603
1,699
1,762
1,706
1,773

92, 310
139, 233
149, 487
111, 489
108, 859
1, 042
1, 138
1, 204
1, 148
1, 216

21,589,821
21,760,261
21,578,324
21,185,667
21,581,957

3,721, 099
3,569, 265
3,436, 464
3,839, 530
4,018, 232

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

20,579
17,491
18,744
15,172
4,014

14,895
14,692
4,054
3,310
2,735

5,955

10,800

4
3

4
3
3
28
34

29
35
35
10
3

33
29
29
29
26

75

53
53
53
53
53

108
108
108
108
108

330
330
330
330
330

410,774 5 102,308 4 ,500,963 1,530,075 3,293,812
083,355 4,476,209 5,336,505 905,603 3 ,366,534
028,343 4 336,989 5 ,382,101 913,103 3 ,458,534
106,034 4 334,692 5,584,884 851,203 3 ,483,534
022,008 4 ,445,568 5 ,775,622 851,203 3,483,534

320,400
320,400
320,400
295,400
295,400

148,350
148,350
148,350
148,350
148,350

562,040
554,040
554,040
542,040
542,040

861

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

Assets
Gold certificates:
May 28
June 4
June 11
June 18
June 25
Redemption fund
for F. R. notes:
May 28
June 4
June 11
June 18
June 25
Total gold certificate reserves:
May 28
<
June 4
June 11
June 18
June 25
Other cash:
May 28
June 4
June 11
June 18
June 25
Discounts & advances :
Secured by
U. S. Govt.
securities:
May 28. .
June 4. .
June 11..
June 18. .
June 25. .
Other:
May 28. .
June 4. .
June 11. .
June 18. .
June 25. .
Industrial loans:
May 28
June 4
June 11
June 18
June 25.' .' .' ' .' .'
U. S. Govt.
securities:
Bills:
Under repurchase
option:
May 28. .
June 4. .
June 11..
June 18..
June 25..
Other bills:
May 28. .
June 4.
June 11.
June 18.
June 25.
Certificates:
May 28...
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
Notes:
May 28. ..
June 4. . .
June 11. ..
June 1 8 . . .
June 25. ..
Bonds:
May 28. ..
June 4 . . .
June 11. ..
June 18. ..
June 2 5 . . .
Total U. S. Govt
securities:
May 28
June 4
June 11
June 1 8 . . . .
June 2 5 . .
Total loans and
securities:
May 28
June 4
June 11
June 18
June 25

Boston

New
York

Philadelphia

Cleveland

Richmond

\tlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

SanFrancisco

Dallas

8,974,678
9,024,678
9,069,678
9,181,176
9,229,179

714,060
707,594
742,817
722,178
757,296

5,495,834
5,572,647
5,533,440
6,147,874
5,901,288

786,074
776,285
804,296
799,943
814,852

,229,994
,171,584
,121,717
,112,986
,146,771

950,262
972,163
930,767
864,906
924,487

928,300
929,564
922,357
861,975
912,537

,388,225
,550,683
,587,821
,357,272
,447,889

553,034
549,358
547,899
549,129
552,690

377,533
345,548
357,870
323,704
349,457

620,045
586,437
599,083
567,303
594,898

435,907
443,321
450,540
436,191
453,488

2,495,410
2,419,494
2,471,071
2,437,715
2,373,526

714,053
712,415
712,417
710,242
709,924

54,547
54,467
54,468
54,344
54,187

115,766
115,413
115,413
114,899
114,360

59,799
59,656
59,656
59,937
59,732

75,052
74,948
74,949
74,797
74,630

54,894
54,311
54,311
53,246
54,527

43,981
43,903
43,903
43,775
43,632

81,497
81,382
81,382
81,211
81,058

45,639
45,602
45,602
45,550
45,513

21,259
21,247
21,247
21,228
21,209

33,358
33,334
33,334
33,287
33,255

24,365
24,346
24,346
24,309
24,281

103,896
103,806
103,806
103,659
103,540

9,688,731
9,737,093
9,782,095
9,891,418
9,939,103

768,607
762,061
797,285
776,522
811,483

5,611,600 845,873 ,305,046 ,005,156
5,688,060 835,941 ,246,532 ,026,474
5,648,853 863,952 ,196,666 985,078
6,262,773 859,880 ,187,783 918,152
6,015,648 874,584 ,221,401 979,014

972,281
973,467
966,260
905,750
956,169

,469,722 598,673
,632,065 594,960
,669,203 593,501
,438,483 594,679
,528,947 598,203

398,792
366,795
379,117
344,932
370,666

653,403
619,771
632,417
600,590
628,153

460,272
467,667
474,886
460,500
477,769

2,599,306
2,523,300
2,574,877
2.541,374
2,477,066

232,594
229,759
229,375
230,050
239,935

20,532
20,748
21,415
21,478
20,321

43,390
45,644
48,940
46,692
48,025

14,712
15,866
15,028
14,560
14,713

22,343
19,510
19.570
18,542
20,483

13,429
13,761
13,339
12,656
13,766

18,546
19,870
17,977
21,606
20,752

26,852
27,555
28,174
30,033
31,169

12,474
11,733
11,865
11,963
13,153

5,442
6,009
5,171
5,976
5,722

8,162
8,868
9,023
9,535
9,597

10,932
9,706
9,949
10,254
10,491

35,780
30,489
28,924
26,755
31,743

106,659
150,216
150,290
108,171
104,776

13,928
15,603
18,497
8,833
8,533

38,738
40,178
28,063
13,505
15,374

8.915
13,230
9,645
5,915
7,560

8,763
8,734
33,9.16
28,635
13,960

8,395
7,687
9,457
7,927
12,415

4,400
7,400
5,101
7,400
5,299

2,095
18,009
4,775

5,400
16,600
15,050
11,345
9,270

800

8,850
12,600
10,250
10,550
12,350

500

4,800
12,000
8,000
9,800

101
101
200

5,875
3,675
3,435
5,485
7,250

23,500
23,500
24,500
24,590
27,587

1,395
1,395
1,568
1,568
1,068

8,676
8,676
7,840
7,840
16,144

1,766
1,766
1,985
1,984
1,353

2,028
2,028
2,278
2,279
1,553

1,068
1,068
1,201
1,201

894
894

1,004
1,094

763
763
858
858

772

2,965
2,965
3,332
3,332
2,271

585

545
545
613
613
418

763
763
857
857
584

719
719
808
808
551

1,918
1,918
2,156
2,156
1,470

1,603
1,699
1,762
1,706
1,773

12
12
12
12
g

5,335,921
5,378,118
5,044,576
4,647,314
5,038,899

105,014
104,459
66,467
79,170
90,909

3,614,882
3,634,624
3,488,061
3,104,726
3,277,303

168,225
176,490
148,211
126,804
140,138

38,260
61,980
82,480
65,380
94,275

45,771
40,501
47,336
47,226
37,091

14,200
17,700
13,500
9,960
8,860

917,350
772,619
644,394
679,930
804,910

98,627
100,177
119,357
97,550
107,367

33,096
47,312
43,721
46,163
44,333

52,076
71,931
55,199
40,284
36,437

9,240
20,995
18,514
18,215
19,125

239,180
329,330
317,336
331,906
378,151

9,231,492
9,284,187
9,334,792
9,339,397
9,344,102

849,405
872,128
875,576
881,047
850,395

167,371
180,070
192,265
193,37.
194,509

995,227
950,642
963,760
941,373
981,645

1,407,774 922,488
1,412,879 925,831
1,417,782 929,041
1,374,924 929,333
1,406,019 929,632

778,251 633,082
781,044 682,786
783,726 729,127
783,970 810,015
784,219 740,681

653,070
642,321
607,875
597,841
614,502

386,268
387,760
389,193
389,324
389,457

668,928
671,492
673,954
674,178
674,407

562,915
565,221
555,390
546,451
560,597

1,206,713
1,212,013
1,217,103
1,217,566
1,218,039

5,917,718
6,001,26
6,102,26
6,102,26
6,102,26

407,119
412,97
420,057
420,057
420,057

1,515,519
1,535,950
1,560,521,560,52
1,560,52-

422,278
428,529
436,128
436,128
436,128

531,547 364,533
539,503 369,796
549,180 376,174
549,180 376,174
549,180 376,174

303,986
308,383
313,713
313,713
313,713

790,691
801,547
814,629
814,629
814,629

305,635
309,801
314,816
314,816
314,816

169,233
171,604
174,467
174,467
174,467

274,530
278,551
283,432
283,432
283,432

264,300
267,971
272,399
272,399
272,399

568,347
576,660
586,749
586,749
586,749

369,300
369,300
369,30
369,30
369,30

25,40
25,413
25,42
25,42
25,42

94,57
94,518
94,440
94,440
94,440

26,352
26,37
26,394
26,394
26,394

33,172
33,199
33,236
33,236
33,236

22,749
22,756
22,766
22,766
22,766

18,97
18,977
18,985
18,98.
18,985

49,344
49,325
49,300
49,300
49,300

19,073
19,064
19,052
19,052
19,052

10,561
10,560
10,559
10,559
10,559

17,132
17,141
17,153
17,153
17,153

16,494
16.490
16,485
16,485
16,485

35,468
35,486
35,509
35,509
35,509

735,39
727,39
727,39
727,39
727,39

50,593
50,05
50,07
50,07
50,07

52,47f
51,94
51,986
51,986
51,98

66,05.
65,39
65,46
65,46
65,46

45,300
44,822
44,84(
44,840
44,840

37,776
37,378
37,394
37,394
37,394

98,258
97,15
97,104
97,104
97,10

37,981
37,549
37,526
37,526
37,526

21,03
20,800
20,797
20,79
20,79

34,115
33,762
33,785
33,785
33,785

32,845
32,479
32,470
32,470
32,470

70,628
69,895
69,941
69,941
69,941

818

475

2,765

1,700

1,591
1,687
1,750
1,694
1,764

188,33
186,16
186,01
186,01
186,01

21,589,82 1,437,53
21,760,26 1,465,02
21,578,32 1,437,59
21,185,66 1,455,76
21,581,95 1,436,85

5,580,68
5,631,32
5,521,30
5.139,07
5,312,78

1,664,55
1,633,97
1,626,47
1,582,68
1,636,29

2,076,80
2,112,95
2,148,14
2.088,18
2,148,17

1,400,84
1,403,70
1,420,15
1,420,33
1,410,50

1,153,18
1,163,48
1,167,31
1,164,02
1,163,17

2,488,72
2,403,42
2,334,55
2,450,97
2,506,62

1,114,38
1,108,91
1,098,62
1,066,78
1,093,26

620,18
638,03
638,73
641,31
639,61

1,046,781
1,072,877
1,063,523
1,048,832
1,045,214

885,794
903,156
895,258
886,020
901,07f

2,120,336
2,223,384
2,226,638
2,241,671
2,288,389

21,721,58 1,452,87
21,935,67 1,482,03
21,754.87 1,457,66
21,320,13 1,466,17
21,716,09 1,446,46

5,628,09
5,680,18
5,557,20
5,160,42
5,344,30

1,676,83
1,650,65
1,639,85
1,592,27
1.646,96

2,087,59
2,123,71
2,184,33
2,119,09
2,163,68

1,410,30
1,412,46
1,430,81
1,429,46
1,423,73

1,158,47
1,171,77
1,173,42
1,172,51
1,169,24

2,493,78
2,424,40
2,342,66
2,454,78
2,511,66

1,120,54
1,126,27
1,114,53
1,078,98
1,103,11

621,53
643,38
651,35
649,92
649,83

1,056,39^
t,086,24()
l,074,63()
1,060,23<)
1,058,14*?

887,01:
905,57*
896,16'
886,92<
901,82*

2,128,129
2,228,977
2,232,229
2,249,312
2,297,109

862



FEDERAL RESERVE BULLETIN

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

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

SanFrancisco

Due from foreign
133
102
6
4
14
May 28
8
9
5
4
3
3
4
9
102
6
4
14
133
8
9
5
4
3
4
3
9
June 4
102
6
133
8
9
5
4
14
4
3
3
4
9
June 11
102
6
4
14
133
8
9
5
4
3
3
« 4
.
9
June 18.
102
6
8
9
5
4
14
4
3
4
3
9
June 25
1 33
Federal Reserve
notes of other
Banks:
98,848
3,847
May 28
15,372
4,804
11,840
10,773
6,048
11,300
9,623
4,195
5,107
3,219
12,720
2,945
6,035
11,828
June 4
87,526
2,846
13,199
6,015
6,446
9,358
7,795
11,601
6,131
3,327
5,341
3,869
12,725
June 11
100,341
3,837
13,110
5,572
5,737
10,709
10,895
12,129
13,787
2,630
3,574
7,061
14,073
June 18
103,701
4,374
13,295
5,755
6,609
10,227
13,534
14,204
6,907
4,088
June 25
3,945
6,758
13,918
100,843
4,692
11,312
5,708
6,436
9,926
10,039
12,802
9,120
6,187
Uncollected
items:
2,209,391 182,995
May 28
461,759 143,157 211,073 192,498 139,242 342,886
99,709
89,311 182,286
55,997 108,478
96,097 207,619
June 4
2,376,669 194,987
453,069 165,596 212,206 201,051 158,846 391,216 112,067
57,180 126,735
June 11
98,975 209,675
2,304,413 183,852
428,242 155,775 204,673 208,419 151,154 371,947 115,185
62,170 114,346
June 18
3,005,584 232,243
598,863 209,974 289,322 275,868 188,686 458,243 134,793
78,854 144,508 120,107 274,123
June 25
99,515 245,961
2,494,030 205,855
466,676 161,386 238,248 243,581 161,810 350,741 111,379
62,227 146,651
Bank premises:
32,035
1,273
May 28
8,386
1,508
3,120
3,037
2,651
1,992
1,227
784
3,803
2,497
1,757
2,491
781
1,757
June 4
32,006
1,273
8,367
3,120
3,803
2,651
1,508
3,037
1,991
1,227
781
2,491
1,757
June 11
32,006
1,273
8,367
3,120
3,803
2,651
1,508
3,037
1,991
1,227
781
1,757
2,491
June 18
32,006
1,273
8,367
3,120
3,803
2,651
1,508
3,037
1,991
1,227
2,491
781
1,751
June 25
31,990
1,273
8,367
3,112
3,803
2,651
1,505
3,037
1,992
1,227
Other assets:
2,153
2,226
5,834
May 28. . .
50,246
3,383
12,027
3,148
4,662
3,056
2,737
6,744
2,882
1,394
2,059
2,268
5,009
June 4
49,454
3,460
11,801
3,260
4,649
3,037
2,723
6,824
2,940
1,424
2,202
2,130
5,172
Tune 11
51,211
3,602
12,573
3,101
4,790
3,196
2,801
7,073
3,026
1,545
2,043
2,108
4,963
Tune 18
49,150
5,284
11,396
2,854
4,385
2,848
2,588
6,671
2,712
1,298
2,109
2,169
5,052
June 25
48,138
3,261
11,784
2,931
4,579
2,975
2,619
6,542
2,765
1,352
Total assets:
May 28
44,033,530 2,433,516 11,780,662 2,691,652 3,640,583 2,638,399 2,303,569 7,354,880 1,845,906 1,088,584 1,836,198 1,453,760 4,965,821
June 4
44,448,285 2,467,416 11,900,356 2,680,462 3,616,869 2,668,798 2,335,989 7,496,715 1,856,101 1,079,346 1,852,412 1,484,833 5,008,988
June 11
44,254,419 2,468,939 11,717,323 2,686,415 3,619,582 2,654,212 2,324,022 7,434,238 1,853,893 1,103,213 1,840,454 1,486,760 5,065,368
June 18
44,632,145 2,507,359 12,101,841 2,688,429 3,629,549 2,651,874 2,306,192 7,405,470 1,832,037 1,086,301 1,826 471 1,484,256 5 112,366
44,570,234 2,493,354 11,906,151 2,709,410 3,658,644 2,675,654 2,322,140 7,444,912 1,839,734 1,097,215 1,853,911 1,496,500 5,072,609
June 25
Liabilities
Federal Reserve
notes:
24,110,158 1,450,376 5,563,214 1,644,407 2,071,205 1,658,790 1,371,363 1,502,500 1,073,729 585,483 903,330 571,468 2,714,293
May 28. .
June 4
24,130,578 1,450,872 5,564,094 1,636,194 2,072,854 1,658,827 1,373,236 4,507,334 1,076,509 588,910 907,511 577,592 2,716,645
June 11
24,110,240 1,445,866 5,548,699 1,636,334 2,073,925 1,655,772 1,369,143 4,509,083 1,079,605 589,278 906,679 578,580 2,717,276
June 18
24,068,072 1,443,953 5,543,104 1,631,406 2,072,763 1,654,314 1,363,960 4,508,838 1,074,253 588,026 903,872 576,917 2,706,666
June 25
24,064,354 1,451,163 5,543,152 1,635,715 2,079,449 1,657,528 1,361,734 4,510,486 1,072,235 587,059 900,668 575,282 2,689,883
Deposits:
Member bank
—reserve
account:
May 28. . 15,705,449 698,829 4,911,356 786,811 1,199,105 705,994 713,002 2.328,780 591,500 390,745 758,507 727,078 1,893,742
June 4. . 15,920,609 744,255 4,978,551 781,688 1,194,071 720,527 722,959 2,375,221 580,952 388,615 761,845 746,379 1,925,546
June 11. . 16,027,782 743,386 4,956,365 788,002 1,193,261 717,012 726,816 2,387,102 599,000 409,427 766,666 755,323 1,985,422
Tune 18.. 16,240,980 780,088 5,066,940 802,337 1,210,755 711,959 710,264 2,392,436 592,428 403,656 760,294 763,263 2,046,560
June 25. . 16,080,585 718,824 5,078,387 800,932 1,208,663 694,403 706,239 2,382,301 593,229 396,251 766,679 761,079 1,973,598
U. S. Treasurer-general
account:
42,701
35,327
59,962
May 28. .
751,052
44,262
199,195
45,986
70,086
51,485
37,720
87,069
44,173
33,086
22,994
42,742
653,003
19,382
33,969 109,798
45,508
18,628
36,549
June 4. .
214,151
35,464
25,965
47,853
26,267
23,504
38,572
June 1 1 . .
495,300
34,850
90,347
31,472
57,450
41,007
32,358
73,447
24,687
21,339
559
563
788
849
513
558
452
500
517
468
Tune 18..
224,570
217,723
1,080
28,889
29,537
50,298
June 2 5 . .
641,816
55,321
123,270
44,644
51,150
64,748
43,721
94,245
27,977
28,016
Foreign:
13,463
12,693
33,925
May 28. .
15,770
13,463
9,616
402,724
24,687 2141,019
52,312
31,156
35,772
18,848
17,154
16,173
43,135
June 4. .
510,304
31,437 H76,958
39,698
45,579
24,015
20,094
66,654
17,154
12,253
2
14,618
13,783
36,761
June 11. . 430,674
26,801 2146,583
33,831
38,843
20,466
17,125
56,803
14,618
10,442
10,518
9,917
26,498
June 1 8 . .
305,465
19,302
100,999
24,340
27,947
14,725
12,320
40,868
10.518
7,513
June 2 5 . .
13,584
12,807
34,207
405,187
24,909 2141,153
31,436
36,093
19,017
15,912
52,782
13,584
9,703
Other:
May 28. .
768
35,405
6,017
2,030
379,217
1,543
818
443,247
l,80(
1,601
9,491
1,800
2,757
1,434
2,071
33,318
June 4 . .
446,072
2,343
375,918
2,722
9,312
3,088
2,862
4,037
6,590
2,377
1,002
897
34,128
June 1 1 . .
458,766
1,930
393,042
2,761
8,008
2,129
3,808
2,615
6,037
2,409
1,152
965
39,191
June 18..
551,367
2,214
472,920
2,841
11,934
2,046
4,246
5,302
5,933
2,623
521
1,363
49,249
June 25. . 509,579
3,291
421,007
2,492
11,733
2,786
3,685
4,694
5,853
2,905
Total deposits:
17 302 472 769,578 5,630,787 865,554 1,314,454 778,127 768,035 2,470 918 655,153 435,477 815,489 775,866 2,023,034
May 28
June 4
17,529,988 797,417 5,745,578 850,073 1,296,815 783,094 779,884 2,555,710 650,204 421,873 816,982 787,617 2,044,741
June 11
17,412,522 806,967 5,586,337 856,066 1,297,562 780,614 780,107 2,519,967 644,342 443,617 808,553 793,507 2,094,883
June 18
17,322,382 802,453 5,858,582 829,986 1,251,136 729,247 727,388 2,439,058 609,438 414,872 772,477 774,708 2,113,037
June 25
17,637,167 802,345 5,763,817 879,504 1,307,639 780,954 769,557 2,534,022 640,643 436,875 809,673 804,786 2,107,352
Deferred availability items:
91,284
81,460 165,610
May 28
1,912,330 168,194
366,169 124,409 189,352 165 87? 134 167 286,061
90.763
48,989
94,706 184,519
49,900 101,734
369,910 136,824 181,54( 191,199 152,847 338,251 103,064
June 4
2,078,065 173,571
98,954
89,677 189,984
June 11
2.019,826 170,539
361,024 136,477 182,249 182,008 144,640 309,568 103,535
51,171
June 18
2,528,694 215,233
478,348 169,464 239,707 232.410 184,671 361,647 121,951
64,663 123,859 107,521 229,220
91,225 211.685
June 25
2,152,824 194,065
376,403 136,456 205,357 201,205 160,527 304,067 100,348
54,299 117,187
Other liab. incl.
accrued div.:
719
663
605
412
552
638
1,152
823
946
May 28
14,060
3,977
1,373
2,200
844
889
705
606
570
404
564
503
1,215
June 4
13,658
3,976
1,370
2,012
657
601
852
597
543
1,211
765
846
965
June 11
14,793
4,196
1,462
2,098
912
762
643
564
422
569
613
1,262
873
Tune 18
14,717
4,495
1,456
2,146
917
989
730
706
604
622
600
672
1,327
June 25
16,459
5,239
1,611
2,442
1
2

After deducting $69,000 participations of other Federal Reserve Banks on May 28; June 4; June 11; June 18; and June 25.
After deducting $261,559,000 participations of other Federal Reserve Banks on May 28; $333,269,000 on June 4; $284,016,000 on June 11;
$204,340,000 on June 18; and $263,908,000 on June 25.

JULY 1947



863

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

Total liabilities:
May 28
June 4
June 11
June 1 8 . . . .
June 25

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

SanFrancisco

43,339,020
43,752,289
43,557,381
43,933,865
43,870,804

2,388,971
2,422,704
2,424,218
2,462,512
2,448,490

11,564,147
11,683,558
11,500,256
11,884,529
11,688,611

2,635,316
2,623,980
2,629,842
2,631,768
2,652,664

3,576,384
3,552,579
3,555,198
3,565,062
3,594,056

2,603,508
2,633,825
2,619,159
2,616,733
2,640,417

2,274,228
2,306,573
2,294,547
2,276,662
2,292,524

7,261,679
7,403,307
7,340,716
7,311,689
7,351,017

1,820,250
1,830,347
1,828,083
1,806,206
1,813,830

1,070,361
1,061,087
1,084,918
1,067,983
1,078,855

1,810,655
1,826,791
1,814,783
1,800,777
1,828,128

1,429,432
1,460,418
1,462,307
1,459,759
1,471,965

1,904,089
4,947,120
5,003,354
5,050,185
5,010,247

11,169
11,170
11,171
11,171
11,174

67,308
67,338
67,351
67,354
67,360

14,207
14,208
14,209
14,209
14,209

18,714
18,715
18,713
18,716
18,722

8,067
8,070
8,072
8,078
8,092

7,299
7,303
7,309
7,316
7,343

22,798
22,801
22,808
22,967
22,973

6,313
6,313
6,317
6,318
6,318

4,208
4,208
4,210
4,213
4,223

6,380
6,383
6,384
6,391
6,395

7,088
7,091
7,093
7,102
7,105

17,853
17,860
17,862
17,861
17,874

27,557
27,557
27,557
27,557
27,557

136,549
136,549
136,549
136,549
136,549

34,720
34,720
34,720
34,720
34,720

41,394
41,394
41,394
41,394
41,394

20,676
20,676
20,676
20,676
20,676

18,663
18,663
18,663
18,663
18,663

65,078
65,078
65,078
65,078
65,078

16,577
16,577
16,577
16,577
16,577

10,997
10,997
10,997
10,997
10,997

15,729
15,729
15,729
15,729
15,729

13,777
13,777
13,777
13,777
13,777

38,106
38,106
38,106
38,106
38,106

3,012
3,012
3,012
3,012
3,012

7,253
7,253
7,253
7,253
7,253

4,489
4,489
4,489
4,489
4,489

1,007
1,007
1,007
1,007
1,007

3,325
3,325
3,325
3,325
3,325

762
762
762
762
762

1,429
1,429
1,429
1,429
1,429

521
521
521
521
521

1,073
1,073
1,073
1,073
1,073

1,137
1,137
1,137
1,137
1,137

1,307
1,307
1,307
1,307
1,307

2,140
2,140
2,140
2,140
2,140

2,807
2,973
2,981
3,107
3,121

5,405
5,658
5,914
6,156
6,378

2,920
3,065
3,155
3,243
3,328

3,084
3,174
3,270
3,370
3,465

2,823
2,902
2,980
3,062
3,144

2,617
2,688
2,741
2,789
2,848

3,896
4,100
4,207
4,307
4,415

2,245
2,343
2,395
2,415
2,488

1,945
1,981
2,015
2,035
2,067

2,297
2,372
2,421
2,437
2,522

2,156
2,240
2,276
2,311
2,346

3,633
3,762
3,906
4,074
4,242

2,433,516
2,467,416
2,468,939
2,507,359
2,493,354

11,780,662
11,900,356
11,717,323
12,101,841
11,906,151

2,691,652
2,680,462
2,686,415
2,688,429
2,709,410

3,640,583
3,616,869
3,619,582
3,629,549
3,658,644

2,638,399
2,668,798
2,654,212
2,651,874
2,675,654

2,303,569
2,335,989
2,324,022
2,306,192
2,322,140

7,354,880
7,496,715
7,434,238
7,405,470
7,444,912

1,845,906
1,856,101
1,853,893
1,832,037
1,839,734

1,088,584
1,079,346
1,103,213
1,086,301
1,097,215

1,836,198
1,852,412
1,840,454
1,826,471
1,853,911

1,453,760
1,484,833
1,486,760
1,484,256
1,496,500

4,965,821
5,008,988
5,065,368
5,112,366
5,072,609

416
403
389
383
379

!2,080
12,015
H,943
H,917
H,894

526
510
492
485
479

605
586
565
557
550

319
309
298
293
290

266
258
249
245
242

884
856
826
815
805

228
220
212
210
207

163
157
152
150
148

228
220
212
210
207

215
208
200
198
195

572
554
534
527
521

1,166

1,618
1,599
1,524
1,524
1,524

89
85
82
80
81

27
27
27
27

13
33
33
32
32

2,200
2,200

Capital Accts.
Capital paid in:
May 28
191,404
June 4 . . . .
191,460
June 11
191,499
June 1 8 . . . .
191,696
June 25
191,788
Surplus
(section 7):
May 28
439,823
June 4 . . . .
439,823
June 11
439,823
June 1 8 . . . .
439,823
June 25
439,823
Surplus
(section 13b):
May 28
27,455
June 4 . . . .
27,455
June 11
27,455
June 18
27,455
June 2 5 . . . .
27,455
Other cap. accts.:
May 28
35,828
June 4 . . . .
37,258
June 11
38,261
June 1 8 . . . .
39,306
June 2 5 . . . .
40,364
Total liabilities
and cap. accts.:
May 28
44,033,530
June 4 . . . . 44,448,285
June 11
44,254,419
June 18
44,632,145
June 25
44,570,234
Contingent liability on bills
purchased for
foreign correspondents :
May 28
6,502
June 4 . . . .
6,296
June 11
6,072
June 1 8 . . . .
5,990
June 25
5,917
Commit, to make
indus. loans:
May 2 8 . . . .
5,703
June 4 . . . .
5,528
June 11
6,876
June 1 8 . . . .
6,91?
June 25.
7,02^

967
897
936

1,045

450
450

167
167
163
163
163

3,750
3,750
3,750

400
400
400

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank):
May 28
24,694,470
June 4
24,737,502
June 11
24,751,617
June 18
24,734,391
June 25
24,736,553
Collateral held against
notes outstanding:
Gold certificates:
May 28
12,133,000
June 4
12,033,000
12,133,000
June 11
12,103,000
June 18
11,998,000
June 25
Eligible paper:
May 28
90,901
June 4
114,373
June 11
106,397
June 18
71,245
June 25
82,552
U. S. Govt. sec:
May 28
13,578,627
June 4
13,580,177
June 11
13,599,357
June 18
13,577,550
June 25
13,587,367
Total collateral:

Boston

New
York

1,475,340
1,476,964
1,479,526
1,476,536
1,482,194

Philadelphia

5,138
5,696
5i,708,380
5i,702,842
5,698,434

Cleveland

1,680,522 2,118,133
1,685,556 2 ,119,157
1,679,172 2,121,301
1,680,657 2,125,390
5,698,895 ,680,690 2 ,128,885

455,000 3,470,000
455,000 3,;
5,470,000
3,470,000
455,000 :
455,000 3,470,000
455,000 3,470,000

500,000
500,000
500,000
500,000
500,000

13,928
15,603
18,497
8,833
8,533

38,738
40,178
28,063
13,505
15,374
2,400,000
2 ,400,000
2 ,400,000
2 ,400,000
2,400,000

1,200,000
1,200,000
1,200,000
1,200,000
1,200,000

Atlanta

Chicago

St.
Louis

1,709,953
1,710,734
1,707,902
1,706,476
1,709,144

1,405,077
1,409,838
1,409,218
1,401,012
1,399,191

4 ,567,902
4,578,329
,224
4,584,
4,585,903
4,583,019

1,106,596
1,111,441
1,108,970
1,107,299
1,106,843

600,900
602,336
604,329
603,261
601 ,823

922,518
925,355
928,343
924,290
921,092

596,537 2,814,854
597,240 2 ,812,172
611,179 2,814,611
609,507 2,815,626
608,288 2,816,489

690,000
690,000
690,000
680,000
675,000

590,000
590,000
590,000
570,000
570,000

3,000,000
3,000,000
3,000,000
3,000,000
3,000,000

300,000
300,000
300,000
300,000
300,000

184,000
184,000
184,000
184,000
184,000

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

169,000
169,000
169,000
169,000
169,000

5,400
800
16,600 4,800
15,050 12,000
11,345 8,000
9,270 9,800

8,850
12,600
10,250
10,550
12,350

8,395
7,687
9,457
7,612
12,415

8,915
13,230
9,645
5,915
7,560

1,100,000
1,100,000
1,100,000
1,100,000
1,100,000

645,000
645,000
645,000
645,000
645,000

1,055,000
1,055,000
1,055,000
1,055,000
1,055,000

Minne- Kansas
apolis
City Dallas

1,600,000
1,600,000
1,600,000
1,600,000
1,600,000

948,627
950,177
969,357
947,550
957,367

25,802,528 1,568,928 5,908,738 1,708,915 2,145,000 1 ,753,395 1,440,000 4,600,000
25,727,550 1,570,603 5,910,178 1,713,230 2 ,145,000 1,752,687 1,440,000 4,600,000
25,838,754 1,573,497 5,898,063 1,709,645 2,145,000 1,754,457 1,440,000 4,600,000
25,751,795 1,563,833 5,883,505 1,705,915 2,145,000 1,742,612 1,420,000 4,600,000
25,667,919 1,563,533 5,885,374 1,707,560 2,145,000 1,742,415 1,420,000 4,600,000
1
After deducting $4,421,000 participations of other Federal Reserve Banks on May 28; $4,281,000
on June 18; and $4,023,000 on June 25.

1,254,027
1,266,777
,284,407
1,258,895
1,266,637

May
June
June
June
June

28
4
11
18
25

864



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

San
Francisco

Richmond

850,000
850,000
850,000
850,000
850,000

425,000
425,000
425,000
425,000
425,000

700,000
700,000
700,000
700,000
700,000

1,850,000
1,750,000
1,850.000
1,850,000
1,750,000
5,875
3,675
3,435
5,485
7,250

500,000
500,000
500,000
500,000
500,000

1,300,000
1,300,000
1,300,000
1,300,000
1,300,000

988,850 669,000 3,155,875
992,600 669,000 3,053,675
990,250 669,000 3,1
5,153,435
990,550 669,000 3,155,485
992,350 669,000 3,057,250
on June 4; $4,129,000 on June 11; $4,073,000
609,800
613,800
621,000
7,000
617,000
618,800

FEDERAL RESERVE

BULLETIN

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

Additional
amount
available to
borrowers
under guarPortion antee agreeguaranments
teed
outstanding

Guaranteed
loans
outstanding

Date
Number

Amount

1942
June 30
Dec. 31

565
2,665

310,680
2,688,397

1943
June 30
Dec. 31

4,217
5,347

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

1944
June 30
Dec. 30

6,433
7,434

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

Total
amount

81,108
803,720

137,888
69,674
632,474 1,430,121

1945
June 30
Dec. 31

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

1946
June 29
Dec. 31

8,771
8,771

10,344,018
10,344,018

70,267
18,996

60,214
17,454

142,617
28,791

1947
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31

8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018

18,025
14,238
11,746
10,356
9,236

16,654
13,237
10,965
9,658
8,601

22,424
21,183
15,392
13,452
13,176

NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
Number

proved
Loans Commitments
but not
outoutcom- standing8
pleted1 (amount) standing
(amount)
Amount (amount)

1934...
1935. . .
1936...
1937...
1938...
1939. . .
1940. . .
1941. . .

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

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

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

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

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

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

1942
June 24
Dec. 31

3,352
3,423

338,822
408,737

26,346
4,248

11,265
14,126

16,832
10,661

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]

Month, or
week ending Thursday

Participations
outstanding
(amount)

1943
June 30
Dec. 31

3,452
3,471

475,468
491,342

3,203
926

13,044
10,532

12,132
9,270

3,483
3,489

510,857
525,532

45
1,295

11,366
3,894

4,048
4,165

11,063
2,706

1945
June 30
Dec. 31

3,502
3,511

537,331
544,961

70
320

3,252
1,995

5,224
1,644

2,501
1,086

1946
June 29
Dec. 31

3,524
3,542

552,711
565,913

615
4,577

1,210
554

5,366
8,309

1,110
2,670

J947
Jan. 3 1 .
Feb. 28.
Mar. 31.
Apr. 30
May 31

3,545
3,548
3,548
3,552
3,553

568,540
569,487
569,825
571,408
571,893

4,795
4,795
4,595
5,371
4,595

593
996
1,081
1,109
1,618

8,217
8,186
8,160
7,279
5,735

2,677
2,729
2,727
2,616
2,761

1
Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
8
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 1947



New
York

Chicago

Reserve
city
banks

Country
banks i

15,531
15,727
15,931
15,978

4,015
4,077
4,125
4,141

872
878
879
911

6,127
6,220
6,294
6,317

4,517
4,552
4,633
4,608

Apr.
May
May
May
May
May
June
June

24
1
8
15
22
29
5
12

15,943
15,905
16,011
15,980
15,938
15,984
16,061
16,121

4,160
4,158
4,174
4,132
4,124
4,145
4,148
4,149

894
897
911
913
922
923
928
937

6,287
6,275
6,319
6,315
6,298
6,325
6,340
6,389

4,602
4,575
4,607
4,619
4,593
4,591
4,645
4,646

Excess reserves:
1946—April
May
1947—April
May

1,024
956
833
784

36
12
13
12

24
-1
11
-2

215
230
226
224

748
714
583
550

771
730
789
801
765
792
795
773

14
15
14
13
15
17
14
11

4
4
4
4
3
5
2
4

202
190
222
223
210
235
226
220

551
521
549
561
537
535
553
538

393
150
126
107

139
7
4

47
2
16

148
105
51
49

60
36
55
50

60
54
44
51
51
47
54
77

46
64
43
62
46
58
63
62

Apr.
May
May
May
May
May
June
June

24
1
8
15
22
29
5
12

Borrowings a t Federal
Reserve B a n k s :
1946—April
May
1947—April
May
Apr.
May
May
May
May
May
June
June

24
1
8
15
22
29
5
12

107
119
88
123
98
113
155
159

1
1
10
1
8
34
20

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 IN LARGE AND
SMALL CENTERS *
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
Demand
deposits
except
interbank*

19,070
17,930

1944
June 30
Dec. 30

Central reserve
city banks

T o t a l reserves h e l d :
1946—April
May
1947—April
May

26,430
17,305

Date (last
Wednesday
or last day
of period)

All
member 1
banks

May 1946
April 1947

'17,037
'15,154

May 1947

In places of under
15,000 population

Time
deposits

Demand
deposits
except
interbank 2

Time
deposits

7,845
8,385

••12,001
11,671

5,437
'5,939

r

15,077

8,416

11,588

5,955

Boston
New York
Philadelphia
Cleveland

1,801
2,782
1,073
1,292

882
2,161
741
912

323
975
880
1,036

230
1,141
886
820

Richmond
Atlanta
Chicago
St. Louis

1,048
1,532
1,877
618

396
489
1,363
331

850
665
1,653
966

466
212
935
275

Minneapolis
Kansas City
Dallas
San Francisco. . .

540
504
886
1,125

292
105
138
607

731
1,557
1,395
555

434
199
60
297

r
Revised.
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All reserve cities have a population of more than 15,000.
2
Includes war loan deposits, shown separately for all country bankg
in the table on the following page.

865

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposil.s
i

Class of bank
and
Federal Reserve district

Total

Interbank

U. S.
Government
war loan
deposits8

Other

Demand
deposits
ad- 8
justed

Net
demand
deposits*

Time
deposits5

Demand
balances
due
from
domestic
banks

Reserves with Federal
Reserve Banks

Total

Required

Excess

Borrowings
at
Federal
Reserve
Banks

First half May 1947

All member banks

86,525

11,119

1,924

73,482

68,546

74,490

27,852

5,374

15,966

15,200

767

102

22,160
4,845

4,126
1,114

385
90

17,649
3,641

16,153
3,320

20,268
4,284

47
154

4,145
903

4,141
908

4
-5

5

. . . 31,848

4,941
261
27
309
458
307
443

701
40
11
35
105
42
30

27,117
1,701
478
1,955
3,167
1,772
1,668
3,173
1,550
792
2,142
1 810
6,909

6,304
356
116
414
746
398
376

6,094
352
114
409
713
381
358

210
4
2
6
33
16
17

47

106

23,851
1,472
475
1,714
2,860
1,547
1,364
2,990
1,116
570
1,548
1,549
6,646

1,758
34
24
70
159
95
142

480

26,205
1,597
514
1,857
3,100
1,695
1,527
3,258
1,272
658
1,754
1,684
7,289

1,454
857
11,176
201
309
292
1,317
449
409
2,055
323
175
358
333
4,955

25,987
2,070
3,649
1,895
2,240
1,854
2,163
3,403
1,547
1 229
2,015
2,261
1,660

25,222
1,956
3,481
1,844
2,187
1,778
2,103
3,334
1,508
1 197
1,993
2,223
1,617

22,822
1,875
3,270
1,679
1,960
1,639
1,947
2,910
1,397
1 098
1,701
1,890
1,456

Central reserve city banks:
New York

Reserve citv banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis

1,898
551
2,202
3,662
2,045
1,999
3,843
1,849
960
2,639
2,203
7,996

Kansas Citv
Dallas

27,672
2,211
3,835
1,979
2,355
2,012
2,385
3,599
1,700
1,337
2,138*
2,406
1,715

Country banks
New York
Philadelphia
Cleveland
St Louis
Kansas Citv
Dallas .
San Francisco

531
280
837
490
519

45
22
47
30
188

938

748

84
80
14
24
108
175
70
113
64
70
115
23

57
106
71
92
50
48
125
40
44
54
30
33

14,364
1,112
3,302
1,626
1,730

3
6
9
5
5

342
173
467
419
1,705

758

329
169
450
382
1,679

35

4

101
59
250
231
288

13
4
18
37
26

5
2
7

3,414

4,614

4,057

557

49

172
303
183
255
257
338
504
227
166
368
453
189

359
724
377
440
319
355
632
263
225
304
330
286

329
656
333
378
281
315
545
232
197
256
276
258

29
68
45
61
38
41
87
31
27
48
53
27

13
22
5
4
3

305

861
702

2,293
605
726
304
197
905

793

1

1
1

Second half of May 1947
86,203

All member banks
Central reserve city banks:
New York
Reserve citv banks

10,814

1,767

73,621

68,659

74,421

27,907

5,253

15,988

15,188

800

111

21,977
4,910

4,004
1,107

339
82

17,634
3,722

16,160
3,383

20,151
4,338

1,464

49
156

4,138

4,118

20

10

861

919

919

31,815
1,903

4,801
252

649
37

26,365
1,614
515
1,860
3,136
1,706
1,538
3,284
1,301

23,969
1,481

27,094
1,697

11,205
201

1,759
38

6,328
359

6,091
352

237
7

50

1,699
2,877
1,550
1,373
3,025
1,140

1,936
3,169
1,765
1,670
3,196
1,557

1,791
1,701
7,255

1,588
1,563
6,624

2,145
1,818
6,882

25,147
1,958
3,493
1,826
2,183
1,772
2,084
3,345
1,503
1,195
1,981
2,209
1,598

22,838
1,876
3,292
1,668
1,963
1,638
1,945
2,922
1,398
1,099
1,706
1,885
1,447

3,288

1,674
4,059

2
5
7
6
5
6
4
3
6
1
3

25,900
2,071
3,662
1,876
2,240
1,846
2,142
3,413
1,542
1,225
2,001
2,244
1,638

1,714
4,603

3
6
47
18
14
34
12
3
18
34
40

544

169
289
176
249
249
315
501
219
159
347
436
179

358
727
374
444
314
348
635
263
226
303
330
282

329
659
331
379
281
314
547
232
197
257
276
257

29
68
42
66
33
34
87
31
28
46
54
25

51
12
21
6
3
5
1
1
1

551

St Louis

2,200
3,678
2,041
1,989
3,851
1,854

Kansas Citv
Dallas
San Francisco

2,640
2,212
7,946

26
309
449
295
423
468
512
267
804
484
512

27,501
2,202
3,836
1,954
2,349
1,997
2,354
3,599
1,691
1 327
2,119
2 381
1,691

903
81
77
14
23
106
168
68
110
60
66
108
22

New York
Philadelphia
Cleveland

. • •

Atlanta

950

Countrv banks
New York
Philadelphia
Cleveland
Atlanta
Chicago
St. Louis

•

Kansas City

10
31
94
39
28
99
41
20
44
26
179

698
51
97
65
86
46
44
118
39
43
52
29
31

663

474

574

477

782

309
292

1,319

449
410

2,066

323
175
358
337

4,965
14,377
1,113
3,302
1,628
1,733
862
701

2,301

606
725
304
198
903

24
73
165
94
130
306
98
59
255
233
285

117
411
760
398
373
797
343
170
468
417

114
405
713
380
359
763
331
167
450
383

1

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based on deposits at opening of business.
* . u
u u \
2
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. b. Government witn member Danics
and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
» Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than war loan and Series E bond accounts) on the latest available call report date.
.
• Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
.
6
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member tiank call Keport.

866



FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars!
Total
in circulation 1

Total

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515

167
292
518
021
015
147
5,553
6,247
8,120
11,576
14,871
17,580
20,683

1946—February
March
April
May
June
July
August
September...
October
November...
December. . .

27,954
27,879
27,885
28,120
28,245
28,254
28,448
28,507
28,600
28,861
28,952

20,139 1,264
20,045 1,269
19,997 1,280
20,171 1,291
20,248 1,300
20,185 1,311
20,271 1,319
20,262 1,332
20,273 1,345
20,447 1,355
20,437 1,361

1947—January
February
March
April
May

28,262
28,304
28,230
28,114
28,261

19,808
19,873
19,807
19,684
19,773

1,337
1,337
1,344
1,351
1,351

End of year or
month

Coin and small denomination currency*
Coin

»$1

$5

Large denomination currency*

$10

$20

Total

$50

$100

$500 $1,000 $5,000 $10,000

Unassorted

33
32
33
35
33
34
36
39
44
55
70
81
73

719
771
815
906
905
946
,019
,129
,355
,693
,973
2,150
2,313

1.229
.,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782

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

,360
364
,254
337
,369
358
,530
399
,542
387
,714
409
2,048
460
2,489
538
724
3,044
3,837 1,019
5,580 1,481
7,730 1,996
7,834 2,327

618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220

125
112
122
135
139
160
191
227
261
287
407
555
454

237
216
239
265
288
327
425
523
556
586
749
990
801

8
5
7
7
6
17
20
30
24
9
9
10
7

10
7
16
18
12
32
32
60
46
25
22
24
24

8
10
5
8
7
5
2
4
4
3
2
$
2

982
984
987
999
998
990
992
1,001
1,000
1,010
1,029

68
67
66
67
67
67
66
66
65
65
67

2,211
,191
2,173
2,199
,191
,166
,165
,156
,148
,169
2,173

6,570
6,547
6,509
6,586
6,604
6,552
6,571
6,528
6,494
6,543
6,497

9,044
8,986
8,981
9,029
9,087
9,099
9,159
9,180
9,221
9,305
9,310

7,816
7,834
7,889
7,950
7,998
8,071
8,178
8,247
8,329
8,416
8,518

2,322
2,327
2,337
2,352
2,364
2,377
2,402
2,419
2,436
2,458
2,492

4,248
4,267
4,309
4,356
4,387
4,437
4,509
4,567
4,645
4,711
4,771

443
442
439
438
438
436
436
436
434
435
438

772
768
773
775
781
790
802
795
784
782
783

9
9
8
8
8
8
8
8
8
8
8

22
22
22
21
22
21
20
21
21
21
26

1
1
1
1
2
2
2
2
2
2
3

972
967
969
972
985

63
64
63
63
63

2,074
2,090
2,085
2,065
2,089

6,284
6,336
6,309
6,253
6,303

9,077
9,079
9,036
8,979
8,982

8,457
8,434
8,424
8,432
8,489

2,460
2,456
2,447
2,442
2,449

4,757
755
4,754
4,769
4,789

434
433
432
431
430

774
769
771
773
804

9
6
6
5

23
14
14
12
11

3
3
1
1
2

442
402
452
423
478
460
517
499
537
505
550
524
590
559
648
610
751
695
880
801
1,019
909
1,156
987
1,274 1,039

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
as destroyed.
« Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1

Money held in the Treasury
Total outstanding, As security
May 31,
against
Treasury
1947
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars

20,933
19,737
24,705
4,558
. . .

....

2

1,196

16,873

May 31,
1947

. .

May 31,
1946

2,815

48

48

50

677
239

23,953
4,259

23.853
4,213

23,861
4,209

74
60

319
1 921

24

3

148

147

139

2,071
874
330

2.023
873
331

321

318

2,019
837
315
317
468
114

22
11

169
27
8

2

24

417
108

IVIinor coin
United States notes
Federal Reserve Bank notes
National Bank notes

Apr. 30,
1947

3 2,240

347

Silver certificates and Treasury notes of 1890. .

Total—May 31 1947
April 30 1947
May 31 1946

494
1 921
32,240
923
349

19,737

Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents

1
(5)

6
1

410
107

3,732
3,861
3,806

28,261

(4)
(4)
(4)

21,977
21,811
20,368

1,330
1,329
2,257

16,873
16,721
15,277

414
108
28,114

28,120

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. 859, and seasonally adjusted figures in table on p. 868.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes ot 1890 outstanding
is not included in total Treasury currency outstanding.
4
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 of explanation of these duplications.
5
Less than $500,000.
NOTE.—There are maintained in the Treasury— (i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.

JULY 1947




867

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation

Date

Amount—
adjusted for
seasonal
variation

Change in
seasonally
adjusted

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952

Monthly averages of daily
figures:
1946—February
March
April
May
June
July
August
September
October
November
December

27,944
27,913
27,923
27,978
28,140
28,281
28,352
28,478
28,588
28,727
28,997

27,944
27,997
28,148
28,175
28,281
28,338
28,494
28,535
28,588
28,641
28,710

-130
+53
+151
+27
+106
+57
+156
+41
+53
+53
+69

28,543
28,300
28,273
28,185
'28,158
28,236

28,458
28,300
28,358
28,412
'28,356
28,378

-252
-158
+58
+54
'-56
+22

March
April
May
June

+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437

Gold
stock
at end
of
period

Period

series *

End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946

1947—January

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

1936
1937 .
. .
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—j u n e
July
August
September..
October
November..
December..
1947—January
February...
March
April
May

June

Increase
in gold
stock

ni,258
1,132.5
1,502.5
12,760
14,512
1,751.5
17,644
3,132.0
21,995
4,351.2
22,737
741.8
22,726
-10.3
21,938
-788.5
20,619 — 1,319.0
20,065
—553.9
20 529
464 0
28.1
20,270
20,267
-3.2
20,280
13.2
20,305
25.3
20,402
96.7
20,470
67.7
20,529
59.4
20,748
219.3
20,330 "-418.2
20,463
132.5
20,774
311.5
20,933
159.0
vl1,266
P333.3
2

EarNet
marked
gold
gold: deimport
crease
or export
or increase(—)
1,116.6
1,585 5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
—845.4
— 106.3
311 5
36.3
6.3
15.2
-7.6
24.2
77.9
-61.2
— 16.8
20.4
153.6
44.1
P129.7

-85.9
—200 4
—333 5
-534.4
—644 7
-407.7
—458 4
-803.6
—459 8
-356.7
465 4
15 0
8.0
60.1
12.3
115.7
127.5
82.8
196.1
-684.5
203.5
272.0
13.1
5
119.0

Domestic
gold
production1
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
56.9
3.4

4.0
8.3
6.8
5.9
4.9
6.3
7.6
5.5
5.3
6.2
7.2

Preliminary.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 920 adjusted to exclude
Philippine Islands production received in United States.
2
Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
' Revised.
1
* Change reflects primarily gold subscription to International MonFor end of year figures, represents change computed on absolute
etary Fund.
amounts in first column.
4
Not yet available.
NOTE.—For discussion of seasonal adjustment factors and for back
6
Gold held under earmark at the Federal Reserve Banks for foreign
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
account including gold held for the account of international institutions
Because of an apparent recent change in the seasonal pattern around
amounted to 3,709.3 million dollars on June 30, 1947. Gold under earthe year end, adjustment factors have been revised somewhat for dates
mark is not included in the gold stock of the United States.
affected, beginning with December 1942; seasonally adjusted figures
NOTE.—For back figures, see Banking and Monetary Statistics, Table
for money in circulation, as shown in Banking and Monetary Statistics,
156, pp. 536-538, and for description of statistics see pp. 522-523 in
Table 111, p. 414, and described on p. 405, are based on an older series
the same publication.
of adjustment factors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts

1

Annual rate of
turnover of total
deposits except
interbank

Year and month

100 other
leading
cities

New
York
City

100 other
leading
cities

164,945
167,939
167,373
193,729
200,337

186,140
200,636
217,744
270,439
308,913

25.1
21.0
17.1
17.3
18.0

19.9
19.4
18.6
19.4
18.4

258,398
298,902
351,602
374,365

369,396
403,400
412,800
449,414

20.5
22.4
24.2
25.5

17.4
17.3
16.1
16.9

9.2
9.9
10.1
9.6

10.7
10.6
11.6
12.6

30,408
32,439
32,667
28,127
27,864
29,401
28,843
36,905

35,324
36,921
38,240
37,858
36,578
40,057
39,325
45,142

24.5
26.3
25.6
21.6
23.7
22.1
24.1
29.1

15.8
16.7
16.8
16.0
17.1
16.7
18.2
19.8

11.6
11.6
'11.9
11.3
11.3

31,084
27,129
31,822
27,768
29,075

41,925
37,672
'43,699
40,538
41,743

24.2
24.5
25.3
21.9
23.0

17.9
18.6
19.2
17.8
17.9

140
other
centers J

Other
reporting
centers 2

405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
974,102
1,050,021

168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475

204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336

32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210

16.1
16.5
17.1
18.3
19.0

13.1
11.7
10.8
9.7
10.0

1946-May
June
July
August
September
October
November
December

85,908
86,655
91,358
82,704
83,295
91,340
86,645
103,900

35,085
34,972
37,357
30,216
31,397
33,913
31,088
41,252

42,433
43,219
45,017
43,683
43,155
47,671
46,105
52,295

8,390
8,464
8,985
8,805
8,743
9,756
9,452
10,353

17.9
18.9
20.0
16.3
19.3
18.7
19.9
25.8

1947—January
February
March
April
May

'93,488
'•81,567
'93,314
'87,771
87,836

34,305
29,745
33,547
31,391
30,895

»-49,140
'43,199
'49,955
'46,904
47,459

10,043
8,622
9,812
9,475
9,482

20.6
20.4
20.4
19.2
19.0

1938
1939
1940
1941
1942—old series »
1942—new series *
1943
1944
1945
1946

New
York
City

Annual rate of
turnover of demand
deposits except interbank and Government

New
York
City

333 other
reporting
centers

New
York
City*

Total, all
reporting
centers

Debits to demand
deposit accounts
except interbank
and Government

'1 Revised
National series for which bank debit figures are available beginning with 1919.
1
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
8
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.

868



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
End of month

Total
demand
deposits
adjusted
and

Time deposits
Total
deposits
adjusted

Demand
deposits
adjusted^

United
States
Government
deposits 2

Currency
outside
banks

Commercial
banks * *

Mutual
savings
banks 4

25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738

19,557
19,192
10,849
11,019
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777

753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608

27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452

15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135

8,905
8,838
9,621
9,488
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385

,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932

5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490

Total

currency
outside
banks

currency
outside
banks

55,171
54,713
41,680
42,548
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761

51,532
51,156
36,919
37,766
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911

22,540
22,809
14,411
15,035
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851

381
158
852
1,016
666
824
599
889
792
846
828
753

28,611
28,189
21,656
21,715

Postal
Savings
System *

1929—June
December
1933—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December

74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401

26,179
26,366
19,172
19,817
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341

1946—May
June
July
August
September
October
November
December

173,500
171,237
170,700
170,600
170,200
170,000
169,500
167,107

104,900
105,992
106,700
107,200
107,900
108,900
109,700
110,044

147,200
144,721
144,300
144,000
143,700
143,500
142,800
140,377

78,600
79,476
80,300
80,600
81,400
82,400
83,000
83,314

17,400
13,416
11,600
10,700
9,300
7,900
6,400
3,103

51,200
51,829
52,400
52,700
53,000
53,200
53,400
53,960

32,000
32,429
32,800
33,100
33,300
33,500
33,500
33,808

16,100
16,281
16,400
16,400
16,500
16,500
16,600
16,869

3,100
3,119
3,200
3,200
3,200
3,200
3,300
3,283

26,300
26,516
26,400
26,600
26,500
26,500
26,700
26,730

1947—January (Jan. 29) v
165,900
February (Feb. 26)P 165,400
March (Mar. 26)P. 165,100
April (Apr. 30)P.. . '165,200
May (May 28) P
164,900

t08,600
106,800
106,400
'107,300
107,500

139,800
139,200
139,100
p
139,200
138,900

82,500
80,600
80,400
r
&1,300
81,500

3,100
3,900
3,800
2,800
2,100

54,200
54,700
54,900
55,100
55,300

33,900
34,200
34,300
34,500
34,600

17,000
17,100
17,200
17,200
17,300

3,300
3,400
3,400
3,400
3,400

26,100
26,200
26,000
26,000
26,000

149
159
,186
,208
,267
,269
,251
,251
,261
,278
,292
,303

3,639
3,557
761
782

r
l
Revised.
P Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of col2
lection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
s Excludes interbank time deposits and postal savings redeposited in banks.
* Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
6
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.

POSTAL SAVINGS SYSTEM

BANK SUSPENSIONS

I

[In millions of dollars]
Assets
DeposEnd of month itors'
balances1

Total

Cash
in depository
banks

U. S. Government
securities

Total

Direct

Cash
reserve
Guar- funds,
anetc 2
teed

1939—Dec.
1940—Dec .
1941—Dec .
1942—Dec .
1943—Dec.
1944—Dec .
1945—Dec.

1,279
1,304
1,314
1,417
1,788
2,342
2,933

1,319
1,348
1,396
1,464
1,843
2,411
3,022

53
36
26
16
10
8
6

1,192
1,224
1,274
1,345
1,716
2,252
2,837

1,046
1,078
1,128
1,220
1,716
2,252
2,837

1946—June. .
July..
Aug.. .
Sept..
Oct...
Nov...
Dec.

3,120
3,160
3,188
3,207
3,235
3,260
3,284

3,220
3,258
3,288
3,306
3,337
3,360
3,387

5
5
6
6
6
6
6

3,026
3,060
3,088
3,114
3,134
3,151
3,182

3,026
3,060
3,088
3,114
3,134
3,151
3,182

188
193
194
186
197
204
200

1947—Jan. . .
Feb...
Mar...
Apr.
May

3,331
3,355
3,375

3,436
3,463
3,481

6
6
5

3,234 3,234
3,257 3,257
3,284 3,284

Number of banks suspended:
1934-39

196
200
192

146
146
146
126

74
88
95
102
118
152
179

P3,390

P3.393

p Preliminary.
1 Outstanding principal, represented by certificates of deposit.
2
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.
JULY

1947




National State

291

15

22

1940
1941
1942
1943
1944
1945
1946
1947—Jan.-June

Nonmember
banks

Member
banks
Total,
all
banks

1

8
9
4

4
2

1
0
0
0

6

Insured

Noninsured

189

81

18

3

3
6
2
1

1
3

Deposits of suspended banks
(in thousands of dollars) :2
125,991 14,616 26,548 44,348 40,479
1934-39
1940
1941
1942
1943
1944
1945
1946
1947

Tan -Tune

. .

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

0

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.

869

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of bank
and
call date

Total

Loans
Total

All banks:
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—June
Dec.

31
30
31
31
31

31
30
31
29
31

All commercial banks:
1938.—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31

D e c 31

U. S.
Government
obligations

Other
securities

27,
28,
30
34
54
73
93
109
105
96

579
719
422
511
231
365
446
865
087
050

17,972
19,417
20,972
25,511
45,951
65,932
85,885
101,288
95,911
86,558

9 ,607
9 ,302
9 ,449
8 ,999
8 ,280
7 ,433
7 ,561
8 ,577
9 ,175
9 ,491

18 ,255
23 ,292
28 ,090
27 ,344
28 ,701
28 ,475
30 ,790
35 ,415
33 ,124
35 ,041

409
238
800
714
221
117
644
083
130
122

22
23
25
29
48
65
83
97
92
82

319
430
129
032
172
978
886
936
318
871

15,098
16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780

7 221
7 ,114
7 ,372
7 ,225
6 ,793
6 ,136
6 ,329
7 ,331
7 ,845
8 ,091

17 ,673
22 ,474
27 ,124
26 ,551
28 ,039
27 ,677
30 ,206
34 ,806
32 ,378
34 ,223

112 178

16
16
18
21
18
18
21
25
26
30

022
863
395
259
903
841
352
765
791
733

21
22
24
28
47
64
82
96
90
81

450
427
162
031
336
666
030
043
618
445

14,506
15,567
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554

6 943
6 ,860
7 ,099
6 984
6 ,631
5 ,983
6 ,155
7 ,131
7 ,641
7 ,891

17 ,174
21 ,873
26 ,287
25 ,788
27 ,586
27 ,183
29 ,733
34 ,292
31 ,843
33 ,694

32
33
37
43
59
74
91
107
102
96

13
13
15
18
16
16
18
22
23
26

208
962
321
021
088
288
676
775
302
696

18 863
19 979
21 805
25 500
43 175
57 970
72 .893
84 ,408
78 ,729
69 666

13,223
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042

5 ,640
5 ,651
5 ,982
5 .961
5 ,629
5 ,022
5 ,208
6 ,070
6 ,458
6 ,625

15 ,489
19 ,782
23 ,963
23 ,123
24 ,280
23 ,790
25 ,860
29 ,845
28 ,079
29 ,587

48,
50,
54,
61,
78,
96,

884
884
177
126
147
966
119, 461
140, 227
136, 572
131, 698

2 1 , 305
2 2 , 165
2 3 , 756
2 6 , 615
2 3 , 916
2 3 , 601
2 6 , 015
30 362
31 486
3 5 , 648

38,
40
43
50,
67
85
105
124
119
113

16
17
18
21
19
19
21
26
27
31

728
668
929
746
393
095
530
019
448
993

All insured commercial
banks:
37 471
1938—Dec. 31
39 290
1939—Dec. 30
42 557
1940— Dec. 31
49 290
1941—Dec. 31
66 240
1942—Dec. 31
83 507
1943—Dec. 31
103 382
1944—Dec. 30
121 809
1945—Dec. 31
117 409
1946—June 29
All member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec 30
1945—Dec 31
1946—June 29
Dec. 31

Other
Cash
assets *

070
941
126
521
263
258
569
183
032
362

Total i

465
242
996
816
803
117, 661
141, 448
165, 612
159, 171
155, 902
61,
68,
75,
81,
99,

51,
57,
65,
71,
89,

Interbank 1

7 ,480
9 ,874
10 ,934
10 ,982
11 ,308
11 ,003
12 ,235
14 ,065
12 ,311
12 ,656

185
718
337
283
135
923
072
227
890
033

7 480
9 .874
10 ,934
10 ,982
11 ,308
11 ,003
12 ,235
14 ,065
12 ,311
12 ,656

772
069
461
411
803
104, 094
125, 714
147, 775
140, 612
136, 990

7 254
9 ,523
10 ,539
10 ,654
11 ,144
10 ,705
12 ,074
13 ,883
12 ,007
12 ,320

105,
128,
150,
142,
139,

49,
56,
63,
69,
87,

43,
49,
56,
61,
78,
92,

Total Number
of
capital
accounts banks
De-

Time

28,
32,
38,
44,
61,
75,
91,

25 ,221
25 ,855
26 ,503
26 ,485
27 ,064
31 ,089
37 ,561
45 ,627
48 ,817
50 ,800

8 ,118
8 ,194
8 ,302
8 ,414
8 ,566
8 ,996
9 ,643
10 ,542
11 ,067
11 ,360

15,207
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,567
14,585

28,
32,
38,
44,
61,
75,
91,

14 ,941
15 ,331
15 ,844
15 ,952
16 ,395
19 ,350
24 ,184
30 ,241
32 ,536
33 ,930

6 ,814
6 ,885
7 ,010
7 ,173
7 ,330
7 ,719
8 ,265
8 ,950
9 ,352
9 ,577

14,653
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,026
14,044

27,
31,
37,
43,
60,
74,
89,

14 ,669
15 ,063
15 ,589
15 699
16 ,154
19 ,081
23 ,879
29 ,876
32 ,145
33 ,526

6 ,438
6 ,527
6 ,676
6 844
7 ,055
7 ,453
7 ,989
8 ,671
9 ,068
9 ,286

13,657
13,534
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13,354

764
513
558
349
431
569
653
105, 921
9 8 , 043
9 2 , 446
764
513
558
349
431
569
653
105, 921
9 8 , 043
9 2 , 446

849
483
333
059
504
309
761
104, 015
9 6 , 459
9 1 , 144

7 ,153

110,
129,
122,
118,

363
340
430
717
277
262
917
670
519
170

9 ,410
10 ,423
10 ,525
11 ,000
10 ,555
11 ,884
13 ,640
11 ,801
12 ,060

24,
28,
33,
38,
54,
66,
79,
91,
84,
78,

842
231
829
846
523
438
774
820
602
920

11 ,369
11 ,699
12 ,178
12 ,347
12 ,754
15 ,268
19 ,259
24 ,210
26 ,115
27 ,190

5 ,424
5 ,522
5 ,698
5 ,886
6 ,101
6 ,475
6 ,968
7 ,589
7 ,920
8 ,095

6,338
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900

All national banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec 31
1942—Dec 31
1943—Dec 31
1944—Dec 30
1945—Dec 31
1946—June 29
D e c 31

20 903
21 810
23 648
27 571
37 576
47 ,499
58 308
69 312
66 277
63 723

8 469
9 022
10 ,004
11 ,725
10 ,183
10 ,116
11 ,480
13 ,925
14 ,469
17 ,272

12 ,434
12 ,789
13 ,644
15 ,845
27 ,393
37 ,382
46 ,828
55 ,387
51 ,809
46 ,451

8,691
9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658

3 ,743
3 ,731
3 ,908
3 ,806
3 ,648
3 ,318
3 ,536
4 ,137
4 ,537
4 ,793

9 ,692
12 ,489
15 ,099
14 ,977
16 ,184
16 ,017
17 ,570
20 ,114
18 ,607
20 ,012

27
31
35
39
50
59
71
84
80
78

996
559
787
458
468
961
858
939
212
775

4 ,499
5 ,898
6 ,574
6 ,786
7 ,400
7 ,159
8 ,056
9 ,229
7 ,816
8 ,169

15,
17,
20,
24,
34,
42,
50,
59,
54,
52,

587
579
885
350
499
605
900
486
930
194

7 ,910
8 ,081
8 ,329
8 ,322
8 ,570
10 ,196
12 ,901
16 ,224
17 ,466
18 ,412

3 ,321
3 ,397
3 ,528
3 ,640
3 ,729
3 ,950
4 ,265
4 ,644
4 ,862
5 ,138

5,224
5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,007

S t a t e member b a n k s :
1938—Dec 31
1939—Dec. 30
1940—Dec. 31
1941—Dec 31
1942—Dec 31
1943—Dec 31
1944—Dec 30
1945—Dec 31
1946—Tune 2Q
D e c 31

11 ,168
12 ,130
13 ,478
15 ,950
21 ,687
26 ,759
33 ,261
37 ,871
35 ,754
32 ,639

4 ,738
4 ,940
5 ,316
6 ,295
5 ,905
6 ,171
7 ,196
8 ,850
8 834
9 ,424

6 ,429
7 ,190
8 ,162
9 ,654
15 ,782
20 ,588
26 ,065
29 ,021
26 ,921
23 ,216

4,532
5,271
6,088
7,500
13,802
18,883
24,393
27,089
25,000
21,384

1 ,897
1 ,920
2 ,074
2 ,155
1 ,980
1 ,705
1 ,672
1 ,933
1 ,921
1 ,832

5 ,797
7 ,293
8 ,865
8 ,145
8 ,096
7 ,773
8 ,290
9 ,731
9 ,472
9 ,575

15
17
20
22
27
32
39
44
42
39

367
781
642
259
808
302
059
730
307
395

2 ,653
3 ,512
3 ,849
3 ,739
3 ,600
3 ,397
3 ,827
4 ,411
3 .986
3 ,890

9,
10
12
14,
20
23
28
32
29
26

255
652
944
495
024
833
874
334
672
726

3 ,459
3 ,617
3 ,849
4 ,025
4 ,184
5 ,072
6 ,357
7 ,986
8 ,649
8 ,779

2 ,103
2 ,124
2 ,169
2 ,246
2 ,371
2 ,525
2 ,703
2 ,945
3 058
2 ,957

L.114
L, 175
L.342
1,502
L,598
L,698
L.789
1,867
1,875
1,893

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. "All banks" comprise "all
commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member
banks" except three mutual savings banks that became members of the Federal Reserve System in 1941; these three banks are included in both
"member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks."
NOTE.—These tables have been revised to include (1) cash assets (reserves with Federal Reserve Banks, other bank balances, cash, and cash
items in process of collection) and (2) total capital accounts. In the revision of these data numerous relatively small changes were made in other
asset and liability items and in number of banks, particularly for dates prior to 1943 for noninsured banks. Bank of North Dakota figures are
now included for the entire period; heretofore they had been included only for 1942 and subsequent dates.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
For other footnotes, see following page.

870



FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of bank
and
call date

Other
Cash
assets i

Total

All nonmember commercial banks:

Total

U. S.
Government
obligations

Other
securities

Loans

Total 1

Inter-x
bank

Total
Number
of
capital
accounts banks
Demand

Time

1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31

6,658
6,727
6,803
7,233
8,137
10,847
13,972
16,849
17,430
17,646

3,202
3,276
3,479
3,696
3,136
2,832
2,971
3,310
3,830
4,429

3,456
3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217

1,875
1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749

1,581
1,464
1,389
1,266
1,166
1,115
1,122
1,262
1,388
1,468

2,185
2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639

7,822
8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879

327
464
512
457
309
448
351
425
510
597

3,923
4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526

3,572
3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756

,390
,363
,312
,288
,230
,245
,298
,362
,433
,483

8,315
8,122
7,859
7,662
7,460
7,299
7,181
7,130
7,142
7,147

Insured n o n m e m b e r
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—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31

5,401
5,350
5,431
5,776
6 984
9,258
11,824
14,639
15,392
15,831

2,814
2,901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040

2,587
2,448
2,357
2,535
4,166
6,702
9,146
11,647
11,901
11,791

1,284
1,239
1.240
1,509
3,162
5,739
8,197
10,584
10,716
10,524

1,303
1,210
1,116
1,025
1,004

6,409
6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836

101
113
116
129
145
149
190
244
206
260

3,007
3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12,225

3,300
3,365
3 411
3,360
3,409
3,823
4,632
5,680
6,045
6,351

,014
.005

1,063
1,185
1,268

1,685
2,091
2,324
2,668
3,308
3,395
3,875
4,448
3,766
4,109

1,022
1,083
1,149
1,193

7,319
7,172
6,952
6,810
6 667
6',535
6,452
6.416
6,446
6,457

1,257
1,378
1.372
1,457
1,154
1,588
2,148
2,211
2,038
1,815

388
375
405
455
318
276
292
318
339
389

869

499
601
837
763
452
494
473
514
534
530

1,413
1,649
1.876
1,872
1,332
1,829
2,358
2,452
2,279
2,043

226
351
396
329
164
299
161
181
303
336

915

272
268
255
253
241
270
305
365
391
404

377
358
334
329
275
267
276
279
284
290

996
950
907
852
793
764
729
714
696
690

10,156
10,216
10,248
10,379
10.754
11^871
13,931
16,208
17,125
17,704
972

Noninsured nonmember commercial
banks:
1938—Dec.
1939—Dec.
1940— Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—June
Dec.

31
30
31
31 2
31
31
30
31
29
31

All mutual savings
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31

962
949

978
959
955
979

836

592
749
694
761
674

1,312
1,856
1,893
1,699
1,426

1,160
1,682
1,693
1,496
1,226

277
254
273
241
162
153
174
200
204
200

4,896
4,927
4,956
4,901
4,695
4,484
4 370
4', 279
4,356
4,526

5,261
5 ,289
5^292
5,478
6 059
7^387
9,560
11,928
12,769
13,179

2,874
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778

2.387
2,188
2,078
1,774
1,487
1,297
1 232
1', 246
1,331
1,400

581
818
966
793
663
797
584
609
747
818

10,280
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869

10,280
10,524
10,659
10,533
10,668
11,738
13 376
15,385
16,281
16,869

1,304
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,715
1.784

554
551
551
548
546
545
543
542
541
541

461
605
637
642
740

511
724

280
422
548
629
861

232
303
470
421
405
608
604
606
660
695

71
133
202
151
130
559
400
429
550
612

1,012
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428

1,012
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428

122
153
161
164
201
808
892

48
51
53
52
56
184
192
192
191
191

2,155
1,885
1,607
1,353
1,082

510
685
764
642
533
238
184
180
197
206

9,268
9,114
8,841
8,744
8,620
4,204
4^466
5,022
5,302
5,442

9,268
9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442

1,003
967

1,002

1,031
1,225
1,291

927

1,261
1,892
1,905
1,584
1,302

Insured mutual savings
banks:
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1936—June
Dec.

31
30
31
31
31
31
30
31
29
31

1,329
1,654
1,693
2,007
7,525
9,223
10,846
11,453
11,891

1938—Dec. 31
9,184
1939—Dec. 30
8,887
1940—Dec. 31
8,594
1941—Dec. 31
8,687
1942—Dec. 31
8,747
1943—Dec. 31
4 345
1944—Dec. 30.'.'.'. '. '. . 4^708
1945—Dec. 31
5,361
1946—June 29
5,671
Dec. 31
5,813

Noninsured mutual
savings banks:

3,073
3,110
3,081
3,132
3,250

1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641

3,844
5,509
7,160
7,662
7,946

4,435
4,323
4,319
4,259
3,954
1,411
1^260
1.198
1,224
1,275

4,749
4,565
4,274
4,428
4,792
2,935
3^448
4,163
4.447
4,538

2,595
2,679
2,667
3,075
3,711
2,246
2^819
3,522
3,777
3,833

689
629
641
671
705

1,034
1,122
1,173

1,181
1,156
1,131
1,077
1,035

468
485
558
593
611

506
500
498
496
490
361
351
350
350
350

1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks
and 2
525 million at all insured commercial banks.
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc,
For other footnotes, see preceding page,

JULY 1947




ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Class of bank
and
call date

Total
loans
and
investments

All insured c o m mercial b a n k s :
1940—Dec. 31»-. 42,557
1041 n Pf » v>?1 r 49 290
"1
lV*ri
-L^cC.
66^240
1942—Dec. 31. . 83,507
1943—Dec. 31. .
1944—Dec. 30. 03,382
1945—Dec. 31. . 121,809
1946—June 29. . 117,409
Dec. 31. . 112,178

Total

18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733

Member banks,
total:
37,126 15,321
1941 Dec 31 . 43,521 18,021
1940—Dec. 31.
1942—Dec. 31. . 59^263
1943—Dec. 31. . 74,258
1944—Dec. 30. . 91,569
1945—Dec. 31. . 107,183
1946—June 2 9 . . 102,032
Sept. 30
99 706
Dec. 31.''. 96^362
New York City:2
1940—Dec 31 • • 10,910
X 7 T v
X-^V^V^» v/ X.
1941 D#»r \j x • • 12,896
x^^x
xycv*» 31
17,'957
1942—Dec. 3 1 . .. 19,994
1943—Dec. 31.
1944—Dec. 30. . 24,003
1945—Dec. 31. . 26,143
1946—June 2 9 . . 23,304
Sept. 30. . *21,972
Dec. 31. . 20^834
Chicago:2

1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Tune 29
Sept. 30. .
Dec. 31. .
Reserve city banks
1940—Dec. 31
1941—Dec 31 • •
X 7Trl
X—'V.^* *-» -*
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Sept. 3 0 . .
Dec. 3 1 . .
Country banks:..
1940—Dec \*r •». • •
X 7 TCVf
J-^\_V*« 31
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Sept. 30.
Dec. 3 1 . .

Insured nonmember commercial banks:

1940—Dec. 31 rr
1941—Dec. 3 1
1942—Dec. 31. .
1943—Dec. 31.
1944—Dec. 30
1945—Dec. 31. .
1946—June 29.
Dec. 31 . .

Investment

u . S. Government

Commercial,

16,088
16,288
18,676
22,775
23,302
24,775
26,696
3,384
4,072
4,116
4,428
5,760
7,334
6,506
6,258
6,368

2,377
2,760
3,973
4,554
5,443
5,931
5,167
4.972
4,765

1,004
1,184
1,333
1,329
1,370
1,499

13,013
IS 347
20]915
27,521
33,603
40,108
37,675
36,706
35,351

5,931
7,105
6,102
6,201
6,822
8,514
8,862
9,814
10,825

10,826
12,518
16,419
22,188
28,520
35,002
35,886
36 056
35!412

5,309
5,890
5,038
4,654
4,910
5,596
6,605
7,334
8,004

5,43
5,776
6,984
9,258
11,824
14,639
15.392
15.83

3,07
3,24
2,81
2,55
2,67
2,99
3,49
4,040

696
954
832

Loans for
purchasing
or carrying
nAgri- securities
ealelud- culConesing
umer Other
To
tate loans loans Total
open- tur- brokali
loans
10
marers
ket
and others
padealperi
ers

7 ,178
9 ,214
7 ^757
7 ,777
7 ,920
9 ,461
10 ,334
14 ,016

1,281
1,450
1,642
1,505
1,723
1,314
1,366
1,358

663
614
950

1,414
2,269
3,164
2,417
1,517

727
662
597
922
• ,265
3 ,606
,656
L,609

13 ,154 " 8 8 4 1,506 [ ,467 5 ,

2 , 756 9 , 925 3 ,719 3,608 3,491
3 159 2 797 [. , 102 3 6S1 3 333

5 8 , 683
7 5 , 875
8 8 , 912
8 2 , 977
73 554

4,636
3,971
2,455
1,220
1,271

1 3 , 218 7, 672 3 0 , 656 2 ,501 3,287 2,696
15, 300 15, 778 3 9 , 848
978 3,422 2,733
19, 071 16 045 5 1 , 321
22 3,873 3,258
17, 637 12, 004 5 2 , 092
24 3.973 3,668
12, 288 6 780 53 200
15 4,298 3,592

21,805
25,500
43,175
57,970
72,893
84,408
78,729
74,931
358 3',308 i',020 69,666

15 823
19 539
37 546
52 948
67 685
78 338
72, 272
68 232
6 3 , 042

652
971
4,363
4,360
3,748
2,275
1,072

2 594 9
3 007 11
6 , 285 5 409 18
12, 071 6 906 27
1 3 , 982 14 127 34
16, 985 14 271 44
15, 292 10 467 45

7,527
8 823
13[841
15,566
18,243
18,809
16,798
15 714
250 14,465

6
7
12
14
17
17
15
14
13

1,681
1,806

228
494
423
274
209
455
267

6
465
8
412
21
787
24 1,054
30 1,742

2,453
1,852

190
169
193
323
859
,172
798

130
123
117
107
86
80
83

4 ,078

1,096

389

99

468
554
303
252
253
287
378
455

42
48
34
102
163
211
188

54
52
32
52
163
233
185

19
22
23
22
24
36
43

1 ,094

3

117

101

51

2 ,589
1 ,957
• ,058
\ ,034

,661
3,932

263
300
290
279
348
205
197

115
207
114
194
97
153
217
267
311
777
427 1 , 5 0 3
321 1 ,142

c ,548

201

264

L,676
L.226
1,084
L.149
1,484
L.781

453

590
659
772
713
802
648
679

21
20
17
25
32
42
34

201
183
161
197
310
471
354

2,433

681

29

273 2 ,970 1,312

518
543
370
356
389
512
649
862

416
478
553
482
525
459
488
474

21
20
16
16
21
31
21
12

75
64
59
82
156
228
176
14-?

1 ,240
1 ,282
1 ,225
1 ,165
1 ,136
1 ,224
1 .473
1 .748

5 602 46 219

1, 725

992 10 202

1
1
2
3
3
4
3
3
2

307
430
789
238
913
213
48 5
^60
912

297
256
397
199
250
133
14

637
877
1 045
1 467
1, 042

145
153
391
484
779
749
529

752
903
282
602
809
864
900

60

498

146

7,081 5
8,243 6
14,813 13
21,321 19
26,781 25
31,594 29
28,813 26
26 892 24
435 24,527 22

204
467
038
682
042
552
585
61-1
250

103
295
1,441
1,802
1,704
1,034
410

',718 3^533 3^098

3 ,486
3 832
2 ,540
2 ,345
902
16
20

3,013 2,970
3 090 2,871
2',965 2,664
2,729 2,294
2,857 2,350
3,254 2,815
3,307 3,151
3 617 3,082
11 3^548 3,077

2 207

18 3,141
14 3,550
34 4,258
40 4,598
32 3,837
29

1, 322
436
527
1,512
312
486
808
301
658
420
313
660
379
404
855
459
453
743 1,073

1,400
1,530
674
528
547
707
937

1,167 10, 043

091
729
948
265
927
792
420

2, 144
3 , 409
3 , 740
3 , 433
2 , 980

105

704 2 237 1,436

40] 705 4,462 6 , 727 5 ! 799 20*, 999

044
207
265
311
547 1,855
563 1,328
179
913
574
477
646
201
410
308
387

148
153
179
298
226

84
96
62
45
45
51
76

5
6
6
6
17
2
1

1 644
1 823
1 ,797
1 ,725
1 ,719
1 ,881
2 ,398

24,162
28,031
47^336
64,666
82,030
96,043
90,618
81,445

3,273
3,692
1,847 870
1,484 848
1,505 877
1,900 1,104
2,464 1,133

492
732
658
763
738
760
804

,456

j

Total

662
988

2 ,125
2 807
2 ]546
2 ,515
2 ,610
3 ,044
3 ,169

1
1
1
1
1
1
1

ga-

tions
of
States Other
and secuCertifiuarcates
an- politi- rities
cal
of inBills debt- Notes B o n d s teed subdiviedsions
ness
Direct

17, 064
21 046

4 , 468
4 , 773
4 , 646
4 , 437
4 , 343
4 , 677
5 f 738
7 ( 103

865
642
6 ,660
652 3 ,
972
8 ,671
594
598 3 ,
934
7 ,387 1,089
538 3 ,
7 ,421 1,023 1,398
839 3 ,
7 ,531 1,198 2,249 2 ,108 3 ,
855 3,133 3 ,378 3 ,
8 ,949
877 2,395 2 ,480 4 ,
9 ,685

4,077
4,545
2,269 1,042
1,868 918
1,888 944
2,361 1,181
3,069 1,211
4,031 1,098

Obli-

obligat ons

3,602
3,266

2
4
5
6
6

253
691
730
982
038

1
1
2
1
3
3
2

1
2
5
5
4

245 2 977 1 ,615
623 3 652 I 679
056 5 420 1 [071
829 7 014
984
745 8 592
189
325 10 337
1
229 10 234
1
1
112
119
83
74
31

3 799

5,517 3 ,269
45
6,628 4 ,377
110
11,380 9 ,172 671
17,534 15 ,465 1,032
23,610 21 ,552 882
29,407 26 ,999 630
29,281 26 ,556 447
28 722 25 948
306 2 7,'408 24 ^572
279

251
094
466
102
231

433 2 ,081
481 2 , 9 2 6
1 ,240 5 , 4 3 6
2 ,096 8 ,705
4 ,422 12 ,540
4 ,544 16 , 7 1 3
3 ,696 17 , 1 7 0

803
2,357 1 ,240
854
2,535 1 ,509
173 4,166 3 ,162
422
385
70 6,702 5 ,739
383
67 9,146 8 ,197
460
77 11,64 10 ,584
605
79 11,90 10 ,716
723
79 11.79 10 ,524

10
17
99
276
223
180
147
104

i

4 ,020 2 ,470 17 ,797

442
1 ,147
1 ,319
2 ,087
2 ,346
2 ,247

188
182
166
158
160
181
153
148
167

186
193
186
155
185
204
200
194
187

1,269 1,009
1,272 1,004

1 ,993 16 , 0 1 3

3
3
5
5

788
830
701
558
596
629
618
611
601

771 3 281 1 ,049
893
984
820
751 4 248 1 173
956
723 6 810 '811
821
954
497 9 943
749
913
726
181 11 987
440 1,000
740
5 1,126
916
653 15 878
7 1,194 1,034
014 16 116

441

393
381
351
363
422

695
729
593
444
468
606
535
693
557

162
152
390
766
1 ,652
1 ,774
1 ,538
1 ,179

834
1 ,069
2 ,053
3 ,395
4 ,928
6 ,538
6 ,682
6 ,991

1 146 1,102
l',222 1,028
1,252 956
1,214 855
1,230 829
1,342 1,067
1,426 1,299
1,507 1,268
6 1,'551 1,285

710
861
574
538
241
9
12

234
271
179
156
76
6
t

595
563
569
S60
566
619
667
752

521
462
435
403
383
443
518
516

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit Insurance Corporation. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are
included in "member banks" but are not included in "all insured commercial banks."
r
Minor revisions have been made in the figures for insured nonmember commercial banks for 1940 and 1941 to include certain trust companies without deposits nreviously omitted from this table.
1
During the periodDec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec.231, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.

872



FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits

Time deposits

Re-

Class of bank
and
call date

BalDeInterbank
deposits
with
Cash ances mand
with
deFederal in
doRevault mestic posits
adserve
banks3 justed4 Do- 3 ForBanks
mestic eign

U. S.
Certi- IndiCapi
IndiGov- States viduals, Bor- tal
fied viduals,
U. S. States and partnerrow- acand
ernand
Gov- political offiInter- ment polit- partner- ings count?
ships,
ern- subdi- cers' ships, bank and
ical and corment visions checks, and corPostal subdi- poraporaSav- visions tions
etc.
tions
ings

All insured commercial banks:
1940—Dec. 31".
1941—Dec. 31 »\
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 31. .

13,992
12,396
13,072
12,834
14,260
15,810
15,999
16,013

702
666
1,234 8,202 33,820 9,677
673 1,761
1,358 8,570 37,845 9,823
813 8,167
1,305 9,080 48,221 10,234
893 9,950
1,445 8,445 59,921 9,743
948 19,754
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566 1,248 23,740
1,471 9,102 78,281 10,584 1,346 12,941
2,012 9,481 82,085 10,888 1,364 2,930

31..
31. .
31..
31..
30..
31..
29..
30. .
31..

13,992
12,396
13,072
12,835
14,261
15,811
16,001
15,792
16,015

1,087
1,019
1,132
1,271
1,438
1,141
1,382
1,576

6,185
6,246
6,147
5,450
6,354
7,117
5,772
5,660
5,936

30,429
33,754
42,570
52,642
57,308
64,184
67,461
68,818
70,243

9,581
9,714
10,101
9,603
10,881
12,333
10,391
10,042
10,644

New York City:*
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—June 29. .
Sept. 30..
Dec. 3 1 . .

7,057
5,105
4,388
3,596
3,766
4,015
4,255
4,015
4,046

102
93
72
92
102
111
85
129
131

122
141
82
61
76
78
68
61
87

11,062
10,761
11,899
13,899
14,042
15,065
16,158
16,119
16,429

4,032
3,595
3,209
2,867
3,179
3,535
3,127
2,954
3,031

1,051
1,021
902
821
899
942
870
900
928

42
43
39
38
43
36
26
24
29

319
298
164
158
177
200
162
156
172

1,941
2,215
2,557
3,050
3,041
3,153
3,189
3,287
3,356

1,132
1,292
1,047
1,026
1,130

Reserve city banks:
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—June 29. .
Sept. 30. .
Dec. 31. .

4,027
4,060
4,940
5,116
5,687
6,326
6,332
6,278
6,337

396
425
365
391
441
494
399
471
532

2,741
2,590
2,202
1,758
2,005
2,174
1,858
1,777
1,923

9,581
11,117
14,849
18,654
20,267
22,372
23,483
23,849
24,221

Country banks:
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—June 29. .
Sept. 30..
Dec. 3 1 . .

1,857
2,210
2,842
3,303
3,909
4,527
4,543
4,599
4,703

452
526
542
611
684
796
631
758
883

3,002
3,216
3,699
3,474
4,097
4,665
3,684
3,666
3,753

243
271
287
313
352
391
330
437

2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,959 10,537
3,332 10,821
3,547 11,842

3,298
3,677
3,996
4,352
4,518
5,098
5,807
5,967

1,077
1,219
1,669
1,354
2,585
2,320
2,361

616
700
671 1,709
811 7,923
891 9,444
945 18,509

1,243
1,339
1,370
1,353

22,179
12,009
7,763
2,672

2,724
3,066
3,318
3,602
3,744
4,240
4,826
4,763
4,915

1,009
1,142
1,573
1,251
2,450
2,179
1,796
2,207

641
607
733
810
851

48
866

370
319
263
252
199
237
293
246
218

32,398
36,544
47,122
58,338
64,133
72,593
75,391
79,887

160
158
97
68
64
70
77
68

69
59
61
124
109
103
107
119

522
492
397
395
423
496
552
664

14,998
15,146
15,697
18,561
23,347
29,277
31,487
32,742

11 6,676
10 6,844
10 7,055
46 7,453
122 7,989
215 8,671
83 9,068
39 9,286

29,576
33,061
42,139
51,820
56,270
62,950
65,589
67,129
69,127

141
140
87
62
58
64
72
72
62

56
50
56
120
105
99
101
104
114

435
418
332
327
347
399
447
491
551

11,687
11,878
12,366
14,822
18,807
23,712
25,568
26,150
26,525

3
4
5
39
111
208
72
77
30

768
942

11,357
11,282
12,501
14,373
14,448
15,712
16,836
16.657
17,216

5
6
3
4
11
17
27
27
20

5
7
10
8
7
15

51
29
23
26
17
20
17
17
39

27
34
38
44
33
66
37
44
47

1,905
2,152
2,588
3,097
3400
3,160
3,153
3', 335
3,495

5

8

789
525
152

174
233
178
174
167
237
262
234
228

3,919
4,302
4,831
4,770
5,421
6,307
5,220
5,089
5,417

327
49
54
491
63 1,982
63 3,373
70 6,157
110 8,221
129 4,531
125 2,971
127
991

995

1,144
1,319
1,448
1,509
1,763
2,003
1,955
2,077

228
286
385
475
488
611
558
543
693

9,468
11,127
15,061
18,790
20,371
22,281
23,005
23,601
24,288

633
7,845
790
9,661
957
13,265
994
17,039
19,958 1,149
23,595 1,199
997
24,630
972
25,563
26,237 1,067

2
151
2
225
4 1,090
5 1,962
8 4,230
8 5,465
8 3,194
8 2,155
8
877

1,184
1,370
1,558
1,727
1,868
2,004
2,269
2,328
2,391

187
239
272
344
369
435
453
441
524

574
611
678
75C
775
858
981

58
68

971

Member banks.
total:
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946— June
Sept.
Dec.

991

4,186
3,395
6,722
1,105 6,940
1,178 3,495
1,213 2,112
651
1,195

913

471
450
448
710
361

1,338
1,132

5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,077
8,095

1,615
768
1,648
778
1,72?
711
816 "*29 1,862
96 1,966
977
1,206 195 2,120
27 2,176
1,372
5 2,19f
1,400

1,395

2,205
270
288
304
326
354
377
394
397
404

2

Chicago:
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 / .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—June 29. .
Sept. 30..
Dec. 31. .

Insured nonmember commercial banks:r
1940—Dec.
1041 J—' V*V> •
Dec
X 7 *X X
1942—Dec
I943—Dec
I944—Dec.
1945—Dec.
1946—Tune
x y^\/
j wiiv
Dec.

31 .
31 r
•
31
31
30
31
29
+* ^ • •
31
VX

997

1,027
1,105
972

95
108
133
141
182
233
194
244

g
8
12
14
16
20
24
24
24

3
2
2
2
3
5
7
11

90
127
665
713

1,400
1,552

50
53
243
506

1,245
1,560

932
258

1,052

It

96
103
135
142
154

2
2
2

1
1
4

496
476
453
505
619
719
779
792
823

107
104
63
41
33
30
27
28
25

19
20
22
56
40
38
43
42
43

226
243
169
151
154
160
187
219
235

4,505
4,542
4,805
5,90?
7,561
9,563
10,190
10,381
10,580

2
27
30
4

1,904
1,967
2,028
2,135
2,327
2,566
2,676
2.73J
2,729

6,846
8,500
11,989
15,561
18,350
21,797
22,594
23,536
24,128

29
30
20
17
14
17
18
17
17

a3
31
32
56
57
52
48
54
55

150
146
140
149
175
219
242
254
272

5,917
6,082
6,397
7,599
9,650
12,224
13,226
13,577
13,727

3
4
3
10
16
11
18
41
26

1,909
1,982
2,042
2,153
2,321
2,525
2,674
2,752
2,757

2,822
3,483
4! 983
6^518
7,863
9,643
9,802
10,761

18
18
10
6
6
6
c
6

13
g
5
4
4
4
6
5

87
74
65
68
76
97
105
113

3,311
3,276
3', 339
3,750
4,553
5,579
5 934
6,232

8
(

978
959
955
979

2
2

I
1

7

(
1(
11
9

1,022
1,083
1,149
1,193

3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31,1942, aggregated 513 million dollars at all member banks nd
525 million at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see p. 872.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

JULY

1947




873

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D INVESTMENTS
[Monthly d a t a a r e averages of W e d n e s d a y

figures.

I n millions of dollars]

Investments

Loans

Date or month

Total
loans
and
nvesttents

otal

ommercial,
industrial,
and
agriculural

For purchasing
or carrying securities
To brokers
ind dealers

U. S. Government obligations

To others

Real Loans
istate
to
tther
U. S, )ther U.S. )ther ioans •anks
Govt. se- jOVt. seobobliga- :uri- liga- ;urities
tions ties
10ns

Total—101 Cities
1946—May
June

54,12 4,899 7,468 1,351
52,612 4,812 7,506 1,296

1947—March
April
May
June

5,43
5,01;
54,88:
54,85*

6,804 0,986
1,04:
6,94
6,91' 0,76<
0,63*
7,09

Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30

4,73
4,838
55,208
55,108
55,17

7,io;

7,05.
6,89:
6,73
6,92

May 7
May 14
May 21
May 28

14,94;
14,86:
54,80
4,92<

June
June
June
June

54,60^ .7,231
54,698 7,01
5,10i L6,98
55,021 17,15.

New York City
1946—May
June

21,99.
21,50

1947—March
April
May
June

ertificates
Bills of indebtedness

'otal
otal

758
731

713
59

445
450

,213
,258

84
95

,86'
,87<

9,225
7,800

5,840
4,425

360
367
541
707

383
376
389
49

521
496
481
462

418
422
415
410

,653
,700
,73<
,75;

13
14<
17
15

,34«
,39C
,4i:

8,627
8,072
7,965
17,76

1,14
1,13'
1,05
0,94
0,92

388
393
377
302
37(

404
36(
360
368
382

513
494
48"
492
49

42
41
41!
41i
43

,68
,691
,70C
,7H
,72

164
17(
10
11
18

,38.
,37.
,38
,39C
,41

6,94: 0,82.
6,92< .0,83
6,80. 0,73'
6,99: 0,67

40.
5054C
71

43.
39!
364
361

48'
484
47,
47i

41
41
42
41

,72'
,73
,74'
,74:

0.63C
0,63f
0,633
0,65i

76;
69;
64
72

53
469
484
47

47.
47.
44'
44'

40!
41
41
40!

,74:
,75;
,76:
,77:

2,92;
2,89
4,12
4,15.
3,97
3,90

1,05'
1,02;

18,42.
18,36
18,21.
18,34

5,96:
5,78'
5,67
5,7
5,70'
5,84-

Apr. 23
Apr. 30

18,35
18,22
18,35<
18,42
18,48

5,86
5,84
5,661
5,54;
5,721

May 7
May 14
May 21
May 28

18,33
18,1
18,16
18,22

5,72'
5,68:
5,61
5,81

June
June
June
June

18,1
18,16
18,46
18,5.

4
11
18
25

Apr.
Apr.

2
9

Apr. 16

4
11
18
25

Outside
New York City
1946—May

June

1947—March
April
May
June

Motes Bonds

1

Dther
securities

0,436 6,854
014 9,648 6,636

27,444
27,12

,385
,375

15,138
34,526
34,493
34,23

901
818
618
747

4,479
4,178
4,263
3,883

2,866
2,486
2,425
2,309

26,892
27,044
27,187
27,292

,489
,546
,472
,530

7,634 14,092
(7,785 34,24<
38,316 34,767
38,36" 34,81
38,25! 34.7OC

641
725
,097
917
708

4,022
4,055
4,128
4,300
4,387

2,489
2,506
2,474
2,478
2,482

26,940
26,963
27,068
27,124
27,123

,542
,536
,549
,550
,555

,402 37,99. 14,495
,408 37,93i 14,45"
.407 7,998 4,53.
4,47'
,43: 37,93

55
4,348
542 4,28
65
4,24
725 4,183

2,449
2,443
2,446
2,360

27,15
27,192
27,19:
27,21

,496
,477
,463
,453

,45 37,368 13,84.
,47
7,681 4 , 1 7
,47 38,12 34,59e
,51 37,86: 34,31

393
75
,078
764

3,855
3,818
3,92
3,93

2,369
2,312
2,275
2,280

21,22t
27.29C
27,3K:
27,33

,525
,510
,529
,556

2,768
2,665

2,15!
2,06'

9,72'
9,55

,023
,029

,47<

6,03
15,71

5,00!
4,68«

26?
27!
44,
58

12,74!
12,64C
12,5Oe
12,497

,664
,525
,45:
,40,

1,12
1.03C
1,07.
88:

96:
736
74C
702

9,21
9,45
9,534
9,539

4,23
4,2
4,168
4.08C
4,068

28«
304
28C
214
28

12,49^
12,381
12,68
12,88:
12,76

,38!
,26C
,55<
,76!
,65;

98
98
95
1,068
1,162

75
762
705
72
73

9,37- ,111
9,39
,121
9.47J ,123
,115
9,51
9,53 1,106

32
41
44
59'

12,60
12,46'
12,54
12,41

11,55
11,40
11,49.
11,35!

1,14
1,091,05
1,00'

73'
73
75
74'

9,54< 1,056
9,55. 1,057
9,52 1,048
,053
9,51

5,9'
5,80
5,75
5,86

4,00
4,00
3,9;
3,92
3,91
3,90
3,88
3,90

63'
57.
5:
60

12,24;
12,36
12,71
12,67

11,15.
11,28'
11,61.
11,55

754
709
67
67.

9,52
9,52'
9,53'
9,57'

42,13
41,10

8,93
9,02

4,54.
4,61

1,11
1,05

1,1
1,19

1,35
,40

33,19 30,83
32,08 29,73'

7,668 4,695
6,97< 4,565

17,71. 2,362
17,571 2,346

37,00
36,64i
36,66
36,5

11,121
11,2
11,20
11,25

6,85'
6,88<
6,79
6,73

120

41
39
38
37

1,5
1,62
1,66
1,68

,77
1,8
1,8'
1,8'

25,8
25,43:
25,45'
25,26

23,4
23,00
23,04
22,8:

3,35!
3,14!
3,185
3,00

,904
,750
,68i
,60'

17,67
17,58.
17,65.
17,75

2,405
2,431
2,418
2,436

11,24:
11,2
11,22
11,1

6,9
6,9
6,88
6,86
6,85

99
89
97
88
89

1,6C
1,6
1,62
1,631,64.

1,8
1,8C
1,8
1,8
1,82

25,13
25,40
25,63
25,48
25,49

22,70
22,98'
23,20!
23,05
23,04

3,03
3,07
3,17
3,23
3,22

,73
,74'
,76;
,75'
,75

17,56
17,56
17,59
17,61
17,58.

2,431
2,415
2,426
2,435
2,449

6,82
6,83*
6,78

84
91
99
119

1,65
1,66
1,67
1,66'

1,82
1,83
1,
1,

25,38!
25,47:
25,45
25,52

22,94!
23,05:
23,04:
23,12

3,19"
3,18
,191
,17

,71
,70!
,69.
,621

17,60:
17,641
17,67
17,69

2,440
2,420
2,415
2,400

6,71
6,73
6,74
6,75

126
120
116
121

1,66
1,6
1,68*
1,6'

1,86
1,88
1,8"
1,9

25,12.
25,3
25,41.
25,19;

22,691
22,88'
22,98
22,75

3,02
2,99
3,02
2,96

,61
,60
,60
,60

17,70
17,76
17,77
17,76

2,433
2,433
2,432
2,444

Apr.
Apr.
Apr.
Apr.
Apr.

2
9. . . .
16
23
30. . . .

36,38
36,6
36,85!
36,68
36,69

May
May
May
May

7
14. . .
21
28....

36,6
36,7
36,64
36,70

June
June
June
June

4
11
18
25

36,4
36,52"
36,631
36,48

11,2
11,2
11,22
11,28

82
826
904
969

,084
,115
1,054
,094

1,092
1,077
1,097
1,112

1

Including guaranteed obligations.
Bach figures—Set Banking and Monetary Statistics, pp. 127-227,

874



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 i nterbank

Date or month

Reserves
BalDewith Cash ances mand
Feddewith
in
eral vault do- posits
Remestic ad- 1
serve
banks iusted
Banks

Total—101 Cities
10, 083
1946—May
10, 217
June.
9 , 956
1947—March
9 , 977
April
10, 055
10, 192

May

June

Time deposits,
except interbank

Interbank
deposits

IndiIndividvidU.S.
Demand
uals, States Certiuals, States Govand
fied
and
part- politU. S. part- polit- ernand
nerGov- nerical
offiical ment
ships, subern- ships, suband
cers'
Doand
and
divi- checks, ment cordivi- Postal mes- Forcor- sions
Saveign
etc.
tic
sions ings
poraporations
tions

Bor- Caprow- ital
acings counts
Time

Bank
debits'

562
595

2 ,155 38 ,502 38,350 2 ,403
2 ,139 39 ,592 39,564 2 ,404

,306 11,864 9,769
,336 9,257 9,910

129
124

49 9,368 1,241
53 9,266 1,243

52
53

139 5,124 65,732
165 5,141 69,360

618
612
638
639

2 ,146
2 ,118
2 ,095
2 ,093

2 ,309
2 467
2 ,573
2 ,652

1,127 2 n>;7 10,410
150 ^630 10,434
,172 :1,232 10,474
413 10,491
1,219

192
210
217
213

69 9,028 1,279
66 8,761 1,289
63 8,566 1,309
63 8,555 1,273

46
43
41
38

170
172
151
150

5,279
5,299
5,315
5 ,321

75,521
68,306
70,818
55,083

38 ,801
38 993
39 ,522
40 ,378

39,165
39 183
39,569
40,446

Apr. 2 . . . . 9 , 716
Apr. 9 . . . . 10, 059
Apr. 1 6 . . . . to, 093
Apr. 2 3 . . . . 9 , 998
Apr. 3 0 . . . . 10, 017

586 2 ,087 38 ,110 38,222 2 ,434
640 2 ,104 38 ,581 38,632 2 ,395
603 2 ,229 39 ,126 39.884 2 ,397
622 2 ,061 39 ,461 39,429 2 ,454
607 2 ,109 39 ,686 39,749 2 ,652

1,214
L.070
1,153
1,131
1,183

1,704
1,755
1,777
1,526
1,387

10,419
10,437
10,437
10,440
10,439

193
212
216
215
212

68
68
68
64
64

1,294
1,279
1,287
1,296
1,291

44
43
43
44
43

353 5,293
192 5,298
69 5,294
97 5,298
151 5,311

20,055
14,064
16,124
16,120
15,320

M a y 7 . . . 10, 042
M a y 1 4 . . . . 10, 098
M a y 2 1 . . . . 10, 115
M a y 2 8 . . . . 9 , 964

621
651
622
656

2 ,060
2 ,202
2 ,083
2 ,034

39 ,231
39 ,317
39 ,638
39 ,902

38,878
39,905
39,679
39,814

2 ,562
2 ,543
2 .580
2 ,606

1,227
1,168
1,070
1,225

1,288
1.349
1,248
1,043

10,463
10,470
10,480
10,482

216
217
220
216

62 8,696 1,336
62 8,788 1,325
63 8,444 1,301
63 8,337 1,275

41
41
41
41

214
150
89
152

5,322
5,312
5,312
5,313

16,758
16,067
16,024
15,636

10, 134
10, 134
10, 258
10, 242

619
657
640
640

2 ,033
2 ,091
2 ,208
2 ,040

40 ,139
40 ,302
40 ,523
40 ,551

39,931
40,444
40,955
40,455

2 ,724
2 ,616
2 ,609
2 ,659

1,228
1,253
1,142
1,253

323
399
432
496

10,486
10,492
10,489
10,497

215
214
212
209

63 8,501 1,279
63 8,534 1,248
64 8,803 1,258
63 8,381 1,306

38
38
38
38

229
122
126
121

5,326
5,317
5,322
5,320

15,832
16,745
17,571
16,904

3 , 718
3 , 761

88
96

27 13 ,965 14,290
28 14 ,446 14,823

279
240

797
824

1,425 1 ,197
3,408 ] ,250

21
18

8
8

2,990 1,101
2,988 1,092

25
26

34
67

177

81 2,003 31,822
65 2,010 27,768
85 2,017 29,075
62 2,013 23,517

June
June
June
June

4
11
18....
25....

New York City
1946—May

June

8,811
8,944
8,986
8,524
8,538

1,965 30,408
1,966 32,439

662
665
708
737

105
104
113
109

29
43
26
26

14 ,127
14 239
14 ,260
14 ,628

14,583
14,676
14,624
15,007

214
230
217

626
637
697
720

614
490
355
115

1
1,281

June

3,
3,
3,
3,

1,276
,277
,286

17
16
17
16

15
15
15
15

2,821
2,776
2,753
2,766

1,135
1,149
1,167
1,138

22
20
18
16

Apr. 2 . . . .
Apr. 9 . . . .
Apr. 1 6 . . . .
Apr. 2 3 . . . .
Apr. 3 0 . . . .

3,
3,
3,
3,
3,

633
686
651
649
709

100
109
102
105
102

113
25
27
26
24

14 ,234
13 .992
14 .110
14 ,401
14 ,460

14,661
14,382
14,694
14,719
14,922

186
181
191
212
298

677
578
652
627
655

514
529
535
454
416

1,280
,278
1,275
,273
1,272

16
17
16
15
15

15
15
15
15
15

2,737
2,833
2,848
2,717
2,747

1,149
1,138
1,146
1,158
1,156

21
20
20
20
20

102
80
31
27
86

2,010
2,011
2,007
2,007
2,017

9,094
5,602
6,503
6,570
6,065

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

3,
3,
3,
3,

706
759
716
649

107
112
105
129

24
27
25
27

14 ,198
14 ,148
14 ,324
14 ,368

14,379
14,654
14,707
14,754

239
228
216
236

735
687
608
760

381
385
359
296

L.276
1,275
1,279
L ,279

15
17
17
17

15
15
15
15

2,799
2,807
2,704
2,701

1,196
1,181
1,157
1,133

19
18
18
18

146
79
14
102

2,019
2,019
2,016
2,012

7,489
6,178
6,177
6,495

June 4
June 11
June 1 8 . . . .

3,
3,
3,
3,

713
673
773
787

107
114
106
109

25
30
26
25

14 ,473
14 ,512
14 ,678
14 ,848

14,763
14,924
15,141
15,201

218
202
216
233

747
760
631
740

87
106
125
141

1,283
1,289
1,286
1,286

17
17
17
15

15
15
15
14

2,750
2,727
2,870
2,716

1,140
1,114
1,121
1,176

16
16
16
16

144 2,019
20 2,014
46 2,013
37 2,009

6,841
7,403
7,368
6,962

Outside
New York City
1946—May
June

6 , 365
6 , 456

474
499

2 ,128 24 ,537 24,060 2 , 124
2 ,111 25 ] 146 24,741 2 !l64

509
512

7,439 {$,572
5,849 i5,660

108
106

41
45

6,378
6,278

140
151

27
27

105 3,159 35,324
98 3,175 36,921

1947—March
April
May
June

6 , 294
6 312
6 347
6 , 455

513 2 ,117
508 2 ,075
525 2 ,069
530 2 ,067

24 ,674
24 ,754
25 ,262
25 ,750

24,582
24,507
24,945
25,439

2 ,132
2 ,253
2 ,343
2 ,435

501
513
475
499

1,443 9,129
1,140 9,158
877 9,197
298 9,205

175
194
200
197

54 6,207
51 5,985
48 5,813
48 5,789

144
140
142
135

24
23
23
22

89
107
66
88

3,276
3,289
3,298
3,308

Apr. 2. . . .
Apr. 9....
Apr. 1 6 . . . .
Apr. 2 3 . . . .
Apr. 3 0 . . . .

6
6
6
6
6

083
373
442
349
308

486 1 ,974 23 ,876
531 2 ,079 24 ,589
501 2 ,202 25 ,016
517 2 ,035 25 ,060
505 2 ,085 25 ,226

23,561
24,250
25,190
24,710
24,827

2 ,248
2 ,214
2 ,206
2 ,242
2 ,354

537
492
501
504
528

1,190 3,139
1,226 3,159
1,242 9,162
1,072 9.167
971 9,167

177
195
200
200
197

53
53
53
49
49

6,074
6,111
6,138
5,807
5,791

145
141
141
138
135

23
23
23
24
23

251
112
38
70
65

3,283
3,287
3,287
3,291
3,294

43,699
40,538
41,743
31,566
10.961
8,462
9,621
9,550
9,255

May 7....
M a y 14
May 21....

May 2 8 . . . .

6
6
6
6

336
339
399
315

514
539
517
527

2 ,036
2 ,175
2 ,058
2 ,007

25 ,033
25 ,169
25 ,314
25 ,534

24,499
25,251
24,972
25,060

2 ,323
2 ,315
2 ,364
2 ,370

492
481
462
465

907 9,187
964 9,195
889 9,201
747 9,203

201
200
203
199

47 5.897
47 5,981
48 5,740
48 5,636

140
144
144
142

22
23
23
23

68
71
75
50

3,303
3,293
3,296
3,301

9,269
9,889
9,847
9,141

4... .
11
18....
25....

6
6
6
6

421
461
485
455

512
543
534
531

2 ,008
2 ,061
2 ,182
2 ,015

25 ,666
25 ,790
25 ,845
25 ,703

25,168
25,520
25,814
25,254

2 ,506
2 ,414
2 ,393
2 ,426

481
493
511
513

236
293
307
355

3,203
3,203
3,203
3,211

198
197
195
194

48 5,751
48 5,807
49 5,933
49 5,665

139
134
137
130

22
22
22
22

85
102
80
84

1947—March
April
May

June 2 5 . . . .

June
June
June
June

3,307 8,991
3,303 9,342
3,309 10,203
3,311 9,942

1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.

JULY 1947



875

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Federal Reserve
district and date

Boston
May 28
June 4
June 11
June 18
June 25
New York*
May 28
June 4
June 11
June 18
June, 25
Philadelphia
May 28
June 4
June 11
June 18
June 25
Cleveland
May 28
June 4
June 11
June 18
June 25
Richmond
May 28
June 4
June 11
June 18
June 25
Atlanta
May 28
June 4
June 11
June 18
June 25
Chicago*
May 28
June 4
June 11
June 18
June 25
St. Louis
May 28
June 4
June 11
June 18
June 25
Minneapolis
May 28
June 4
June 11
June 18
June 25
Kansas City
May 28
June 4
June 11
June 18
June 25
Dallas
May 28
June 4
June 11
June 18
June 25
San Francisco
May 28
June 4
June 11
June 18
June 25
City of Chicago*
May 28
June 4
June 11
June 18
June 25

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 Govt. seseob- curi- ob- curiligaligations ties tions ties

Certificates
of indebtedness

Real Loans
estate to Other Total
loans banks loans

Total

1,847
155 1,881
1,918
1,909
159 1,919

1,746
1,782
1,814
1,804
1,810

24
22
52
40
38

186
228
225
224
230

Bills

Other
securities
Notes Bonds
1

86 1,450
86 1,446
85 1,452
85 1,455
85 1,457

101
99
104
105
109

848
866
819
781
783

10,634
10,639
10,635
10,647
10,678

1,173
1,213
1,199
1,222
1,238

126
116
105
119
110

47
47
47
47
46

1,077
1,075
1,075
1,076
1,075

204
203
207
208
213

66
39
19
37
7

215
199
201
196
212

141
140
140
140
137

2,527
2,526
2,530
2,528
2,523

320
321
333
335
335

,251
,239
,239
,246
,245

13
15
11
11
16

177
167
171
178
171

64
62
59
60
60

997
995
998
997
998

89
89
90
90
90

1,326
1,318
1,321
1,319
1,311

,166
,157
,160
,158
,152

17
16
17
14
18

236
231
234
237
228

112
109
109
109
104

801
801
800
798
802

160
161
161
161
159

271
272
273
272

5,851
5,691
5,800
5,830
5,727

5,293
5,106
5,242
5,274
5,167

202
56
182
197
90

725
638
605
609
606

319
329
332
334
341

4,047
4,083
4,123
4,134
4,130

558
585
558
556
560

112
112
113
113
114

145
144
146
148
150

1,135
1,127
1,111
1,116
1,092

1,004
991
976
984
961

25
16
2
17
2

82
78
80
77
71

120
121
121
116
117

777
776
773
774
771

131
136
135
132
131

6
6
5
6
6

46
46
46
46
47

81
83
84
84

759
751
751
746
745

700
690
691
686
685

13
5
3
1
4

36
35
38
32
28

69
69
68
70
71

582
581
582
583
582

59
61
60
60
60

4
4
5
5
4

9
9
9
9
9

68
68
67
67
67

100
99
100
101

1,529
1,486
1,491
1,513
1,501

1,363
1,321
1,324
1,346
1,332

57
37
48
62
50

282
268
259
267
266

141
137
134
135
137

883
879
883
882
879

166
165
167
167
169

493
491
494
492
494

6
6
6
6
6

36
35
36
36
36

60
61
61
62
62

106
108
108
109
110

1,113
1,095
1,106
1,109
1,107

1,024
1,005
1,018
1,021
1,019

48
36
39
39
38

218
211
212
213
212

111
110
108
108
108

647
648
659
661
661

89
90

2,039
2,045
2,044
2,046
2,061

1,191

25
26
22
22
27

29
29
30
29
29

488
486
491
497
500

253
254
261
259
261

4,430
4,317
4,351
4,346
4,339

4,027
3,915
3,943
3,941
3,935

118
63
87
73
70

818
782
786
797
793

293
290
290
291

2,789
2,777
2,780
2,781
2,781

403
402
408
405
404

1,493
1,567
1,511
1,517
1,527

1,157
1,149
1,157
1,166
1,171

20
102
36
32
28

54
54
55
55
55

41
41
41
41
42

126
126
127
129
135

3,264
3,170
3,241
3,271
3,177

2,915
2,794
2,895
927
2,830

116
26
115
140
32

437
370
344
350!
360

139
137
138
139
138

2,223
2,261
2,298
2,298
2,300

349
376
346
344
347

2,725
2,783
2,789
2,785
2,799

878
902
871
876
880

554
550
555
551
548

26
30
19
25
24

9
14
11
12
15

18
19
18
18
18

14
14
14
14
14

95
94
95
96
96

26
2
2
6

20,221
20,191
20,170
20,473
20,520

6,360
6,492
6,357
6,307
6,417

4,203
4,188
4,177
4,162
4,178

598
641
580
530
607

239
313
321
345
323

107
108
111
93
94

177
175
176
178
172

191
190
194
194
192

151
173
91
99
129

694
704
707
706
722

13,861
13,699
13,813
14,166
14,103

12,688
12,486
12,614
12,944
12,865

124
79
258
538
400

1,082
902
902
978
1,004

411
412
411
407
406

1

2,165

696
697
693
689
690

17
19
18
17
17

13
12
12
12
12

7
7
7
7
7

53
53
53
53
54

7
6
2
2
2

188
189
189
190

1,472
1,450
1,467
1,499
1,475

1,268
1,247
1,260
1,291
1,262

18
9
33
49
31

4,584
4,562
4,556
4,573
4,568

1,315
1,337
1,333
1,337
1,354

722
721
726
733
735

19
24
23
21
29

85
85
85
85

17
17
18
18
18

235
235
235
237
237

2
17
2

218
220
222
224
229

3,269
3,225
3,223
3,236
3,214

2,949
2,904
2,890
2,901
2,879

1,832
1,818
1,821
1,828
1,829

49:
490
49:
492
494

254
250
250
251
250

5
6
6
5
6

15
15
15
15
15

85
86
87
87
88

109
109
110
110

1,340
1,328
1,329
1,336
1,335

1,901
1,889
1,894
1,892
1,884

575
571
573
573
573

332
330
331
329
328

5
5
6
6
5

24
24
24
24
25

46
46
46
46
47

116
114
115
117
117

8,158
8,072
8,129
8,161
8,071

2,307
2,381
2,329
2,331
2,344

1,569
1,557
1,569
1,577
1,582

27
110
44
39
36

63
63
63
63
63

263
265
265
267
268

1,821
1,809
1,792
1,802
1,776

686
682
681
686
684

384
380
378
383
382

4
6
5
4
4

14
14
15
14
14

1,099
1,092
1,092
1,089
1,096

340
341
341
343
351

195
192
193
194
197

1
3
2
2
2

2,097
2,051
2,055
2,076
2,064

568
565
564
563
563

373
368
368
366
367

1,849
1,830
1,845
1,847
1,848

736
735
739
738
741

6,469
6,362
6,395
6,392
6,400
4,757
4,737
4,752
4,788
4,704

1
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.

876



The figures

FEDERAL RESERVE BULLETIN

"WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]

Time deposits,
except interbank

Demand deposits,
except interbank

Federal Reserve
district and date

Re
BalDeserves
with Cash ances mand
with
deFedin
posits
eral vault domestic ad- 1
Rebanks justed
serve
Banks

IndiIndividviduals, States Certiuals, States
and
fied
part- and
part- politner- polit- and u. s. ner- ical
offi- Gov- ships,
ships, ical
suband sub- cers' ern- and divicor- divi- checks, ment cor- sions
pora- sions etc.
pora

tions

Boston (6 cities)
M a y 28
460
June 4
502
June 11.
484
June 18... ......
488
June 25
483
New York (8 cities)*
M a y 28
3,904
June 4
3,973
June 11
3,945
June 18..
4,037
June 25
4,050
Philadelphia (4 cities)
May 28..
420
June 4
414
June 11
419
June 18.
428
June 25
436
Cleveland (10 cities)
May 28
765
June 4.
772
June 11
76;
Tune 18.
784
June 25
783
Richmond (12 cities
M a y 28
334
June 4.
341
June 11.
336
June 18..
333
June 25
328
Atlanta (8 cities)
May 28
359
June 4
360
June 11.
357
June 1 8 . . .
358
June 25
354
Chicago (12 cities)*
May 28
1,463
June 4
1.505
Tune 1.1
.
1,503
June 1.8..
1,490
June 25
.,506
.S7. Louis (5 cities)
M a y 28
335
June 4.
323
June 11....
342
June 18
334
June 25
336
Minneapolis (8 cities)
M a y 28...
' . 196
June 4.
195
June 11
.
206
June 18
199
June 25.
198
Kansas City (12 cities)
M a y 28
428
June 4
429
June 11
431
June 18.
416
June 25
430
Dallas (9 cities)
M a y 28
381
June 4
399
June 11
400
June 18.
409
June 25
398
San Francisco (7 cities)
M a y 28
'
.
919
June 4
921
June 11
946
June 18
982
June 25...
940
City of Chicago*
M a y 28
898
June 4
903
Tune 11
932
June 18
926
June 25
932

tions

Interbank
deposits

Demand
U. S.
Bor- Cap- Bank
Govrow- ital
debacernings counts its*
ment
Time
and
DoPostal mes- ForSavtic eign
ings

59
59
63
61
59

100
104
107
114
105

2,244
2,362
2,332
2,309
2,315

2,212
2,319
2,313
2,365
2,282

148
165
148
150
152

46
39
41
44
43

165
144
154
144
146

112
109
112
119

15,757
15,898
15,941
16,114
16,258

15,931
15,948
16,128
16.355
16,385

501
506
490
497
541

799
788
798
677
781

33
33
36
35
34

85
80
84
90
81

1 ,808
1,811
1,834
1,850
1,833

1,877
1 ,883
1,905
1 ,951
1,903

68
72
74
69
74

21
23
27
27
25

87
86
89
89
87

182
179
178
196
174

3.165
3,207
3,174
3.194
3,188

3,220
3,220
3,231
3,273
3,221

173
174
166
167
169

49
53
54
53
62

41
40
42
42
43

107
116
130
131
120

1,385
1,385
1 ,413
1 .420
1,413

,384
,420
,439
,432
,424

106
99
106
112
109

29
25
33
36
33

41
13
14
16
21

34
32
33
32
32

134
141
149
148
125

1 ,401
1 ,404
1,415
1 ,408
1,401

,277
,317
.314
,323
,285

251
254
252
243
247

16
14
17
20
19

30
11
12
13
16

97
94
100
100
100

401
391
388
403
379

5.689
5,720
5,749
5,741
5,708

5,539
5,469
5,592
5,623
5,489

604
681
643
634
648

81
92
88
94
90

147 2,076
45 2,082
64 2,082
57 2,082
69 2,084

25
24
25
24
24

106
106
101
103
99

1,214
1,190
1,201
1,204
1,199

1,270
1,255
1,271
1,283
1,254

81
80
84
86
86

17
21
17
14
18

385
385
385
385
385

496
513
500
497
477

146
146
146
147
147

420
445
434
493
468

12
11
12
12
12

82
83
83
82
77

747
739
746
747
756

710
709
730
716
715

117
123
118
128
129

13
15
16
14
18

238
239
239
239
239

284
296
295
283
275

94
94
94
94
94

312
296
241
364
330

25
23
26
24
25

244
236
254
282
263

1,527
1,491
1,520
1,512
1 ,510

1,492
1,475
1,517
1,534
1 ,501

196
190
184
184
186

24
24
25
24
24

42
19
21
23
24

319
319
319
319
319

737
736
735
769
752

163
163
163
164
164

532
512
524
692
606

27
27
28
26
27

232
229
244
256
243

1,530
1,532
1,543
1,540
1,532

1,496
1,524
1,533
1,555
1,523

130
146
133
123
118

26
31
29
34
39

27
11
16
17
17

305
305
306
307
307

460
468
486
505
489

156
156
155
156
157

485
387
486
520
544

51
46
49
51
51

249
259
261
284
263

3,435
,406
3,400
,392
3,434 3,471
3,484 3,545
3,438 3,473

231
234
218
216
200

104
103
108
105
101

158 2,190
35 2,191
50 2,193
2,193
2,198

364
386
401
412
390

588
588
588
590
589

1,201
1,127
1,206
1,367
1 ,305

32
32
33
36
37

170
170
160
163
161

3,406
3,454
3,454
3,460
3,431

265
330
307
302
300

36
39
38
40
43

874
876
877
876
877

1,071
1,066
1,088
1,110
1,049

406
410
410
410
410

1 ,596
1,804
1,873
1,698
1,561

3,443
3,410
3,464
3,492
3,405

481
481
481
480
480

262
266
286
299
285

21
20
20
19
19

7
12
13
5
4

303
301
301
302
301

684
770
746
738
884

328 1,999
95 2,003
116 2,009
137 2,006
154 2,006

2,760
2,814
2,790
2,934
2,778

1,136
1,143
1,117
1,124
1,179

116
149
33
49
39

2.180
2.187
2,182
2,181
2,177

6,937
7,341
7,893
7.869
7,441

275
265
263
264
264

297
305
308
332
315

11
10
10
10
10

3
4
2

263
264
263
263
263

620
537
585
628
684

104 1,373
33 1,375
34 1,374
39 1,374
44 1,375

443
454
451
474
449

4
4
4
4
4

496 1,011
498
993
497 1,003
1,163
1.115

383
383
383
382
382

305
327
317
314
294

5
5
3
3
3

151
152
152
152
153

442
405
440
516
489

458
458
458
458
458

402
413
416
412
384

7
7
5
6
6

136
136
136
135
136

461
395
488
536
511

1,527
1,523
1,549
1,572
1 ,493

29
29
28
30
29

58
33
39
42
46

42
8
11
11
18

2,531
2,624
640 2,699
2,685
2,527

* 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 interbank and U. S. Government accounts.

1
2

JULY

1947




877

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES. TOTAL FOR ALL LEADING CITIES*
LOANS AND INVESTMENTS
[In millions of dollars]
L

Total
loans
and
invest- Total
ments

F or purcl iaein g
or ct rryin.E «ecur ities
Commercial, To brokers
indus- and dealers To c thers
trial,
and

agricultural

52,247
51,697
52,164
51,790
51,827

525 2,088
-524 2,106
540 2,124
512 2,140

174
187
190
188

2,339
2,343
2,356
2,365

50,949
50,925
50,993
50,868

48,303 1,131 11,425 5,664 30,083 3,944
801 11,221 5,584 30,160 3,931
47,766
48,168 1,205 11,083 5,588 30,292 3.996
838 11,062 5,559 30,316 4,015
47,77'5
875 11,111 5,532 30,290 4,019
47,808
747 10,401 5,464 30,336 4,001
46,948
829 10,321 5,417 30,356 4,002
46,923
930 10,262 5,436 30,385 3,980
47,013
824 10,208 5,416 30,436 3,984
46,884

504
476
494
485

2,157
2,175
2,202
2,221

188
129
100
139

2,392
2,424
2,444
2,452

49,767
49,907
49,931
49,409

45,795
45,930
45,858
45,319

640
904
881
635

9,343
9,180
9,053
8,764

1 ,131
1 ,084
1 ,063
1 ,028
1 ,013

485
473
478
481
493

2,241
2,261
2,282
2,303
2,324

134
159
139
132
199

2,463
2,492
2,498
2,531
2,551

48,449
48,552
48,512
48,934
48,336

44,281
44,504
44,513
44,978
44,375

746
847
941
741

7,792
7,857
7,880
7,994
7,994

471
451
430
456

989
995
927
901

478
477
523
488

2,338
2,362
2,381
2,400

234
216
115
152

2,570
2,580
2,600
2,629

47,162
46,823
47,044
46,996

43,231
42,889
43,121
43,069

517
585
862
795

7,081
6,840
6,751
6,742

459
436
646
623
467

879
855
801
777
753

485
496
498
494
503

2,413
2,441
2,455
2,472
2,490

170
195
253
188
72

2,662
2,682
2,722
2,734
2,782

46,757
46,670
45,626
44,873
45,037

42,855
42,762
41,661
40,906
41,053

Aug.
Aug.
Aug.
Aug.

7. . 68,214
14. . . 68,303
21 . . 68,423
28. . 68,375

17,265
17,378
17,430
17,507

9,037
9,212
9,343
9,444

940
917
857
875

730 1 ,432
682
,407
646 1 ,374
628 1 ,355

Sept.
Sept.
Sept.
Sept.

4. . 67,420
11 . . . 67,563
18. . . 67,786
25. .. 67,449

17,653
17,656
17,855
18,040

9,570
9,731
9,912
10,068

914
875
920
970

609
589
606
545

1 ,319
1 ,237
1 ,177
1 ,160

Oct. 2. . 66,450
Oct. 9. . . 66,607
Oct. 16. . . 66,733
Oct. 23. .. 67,249
Oct. 30. .. 67,040

18,001
18,055
18,221
18,315
18,704

10,180
10,412
10,591
10,673
10,825

849
692
688
713
848

518
482
482
454
451

. . 66,053
. . 66,011
.. 66,211
.. 66,242

18,891
19,188
19,167
19,246

10,912
11,112
11,243
11,234

899
995
948
986

Dec. 4. . . 66,087
Dec. 11 . . . 66,104
Dec. 18. . 65,264
Dec. 2 4 .
64,525
Dec. 31 . . 64,454

19,330
19,434
19,638
19,652
19,417

11,253 1,009
956
11,373
812
11,451
11,427
937
11,346 1,004

6.
13.
20.
27.

896

827
812
775
854
745

529
532
524
532
555

5,373
5,347
5,349
5,302
5,177
5,127
5,068
5,001
5,004

30,439
30,499
30,575
30,618
30,566
30,673
30,624
30,646
30,636

3,972
3,977
4,073
4.090
4,168
4,048
3.999
3.956
3,961

758 6,628
672 6,597
1,078 6,512
615 6,381
962 6,299

4,964
4,863
4.906
4,958
4,877
4,947
3,519
3,440
3,418

3,931
3,934
3,923
3,927
3,902
3,908
3,965
3,967
3,984

754 6,307
1,133 6,300
917 6,449
438 6,345

3,424
3,407
3,418
3,461

30,669
30,601
30,602
30,574
30,592
30,546
30,552
30,470
30,374
30,385
30,431
30,431
30,398

6,076
5,765
5,507
5,382
40,159 1,019 5,318
872 5,437
40,138
40,141 1,311 5,641
793 5,503
39,480

3,483
3,486
3,452
3,459
3,494
3,536
2,886
2,879
2,815
2,883
2,822
2,855
2,838
2,802
2,796
2,793
2,702

30,414
30,431
30,402
30,354
30,328
30,293
30,303
30,305
30,307
30,266
30,402
30,488
30,472
30,497
30,547
30,525
30,556

3,953
3,953
3,951
3,959
3,946
3,946
3,932
3,931
4,001
4,023
4,046
4,130
4,109
4,105
4,110
4,113
4,109
4,051
4,026
4,010
4,004

2,707
2,662
2,623
2,637

30,582
30,644
30,673
30,692

4,088
4,073
4,088
4,112

Jan. 15. . 64,442 19,218 11,437
Jan. 22. .. 64,430 19,264 11,542
Jan. 29. .. 64,167 19,566 11,599

813
727
671
818

440
426
418
417

695
681
655
625

509
513
506
514

2,507
2,529
2,550
2,563

114
111
130
215

2,770
2,794
2,792
2,815

44,823
45,224
45,166
44,601

40,870
41,271
41,215
40,642

Feb. 5. . . 63,880
Feb. 12. . . 63,549
Feb. 19. . . 63,372
Feb. 26. . . 63,309

40,539
40,023
39,802
39,619

1947—Jan.

8. . . 63,986 19,163 11,315

Bills

2,271
2,264
2,269
2,295
2,304

1,283
1,401
1,098
1,004

Total

CerOther
tifisecucates
rities
of in- Notes Bonds'
debtedness

183
124
134
129
195

8,475
8,590
8,694
8,866
8,916

Nov.
Nov.
Nov.
Nov.

Real Loans
to
estate
Other Total
loans banks

1 ,989
2,009
2,030
2,047
2,071

1 ,625
1 ,583
1 ,537
1 ,491
1 ,460

17,182
17,315
17,061
17,110
17,250

3

10.
17
24.
31

U. S . Government obligations

U. S. Other
Other
Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions

69,429
.. 69,012
. . 69,225
. 68,900
. 69,077

1946—Tulv
Julv
Tulv
Tulv
July

Investments

tans

19,395
19,580
19,638
19,759

11,673
11,780
11,757
11,820

595
728
739
789

411
401
453
402

626
620
616
616

506
509
508
496

2,578
2,594
2,613
2,631

186
101
126
170

2,820
2,847
2,826
2,835

44,485
43,969
43,734
43,550

1,337

566
341
441
424

Mar.
Mar.
Mar.
Mar.

5.
12.
19.
26.

. . 63,687
.. 63,875
. . 63,873
. . 63,461

19,527
19,714
19,686
19,851

11,910
12,119
12,208
12,192

447
423
343
394

432
430
393
432

592
574
564
561

498
496
496
496

2,657
2,673
2,698
2,721

151
147
120
180

2,840
2,852
2,864
2,875

44,160
44,161
44,187
43,610

Apr.
Apr.
Apr.
Apr.
Apr.

2 . . . 62,979
. 9.'.'. 63,111
16. . . 63,474
23. . . 63,420
30. .. 63,438

20,020
19,972
19,808
19,657
19,864

12,271
12,269
12,172
12,057
12,043

433
438
411
333
414

441
402
402
406
419

566
546
542
543
542

497
49C
492
492
509

2,739
2,767
2,783
2,806
2,831

179
180
111
120
184

2,894
2,880
2,895
2,900
2,922

42,959
43,139
43,666
43,763
43,574

Mav
May
Mav
May

7
14.
21.
28.

. . 63,247
. . 63,137
.. 63,053
.. 63,239

19,923
19,914
19,817
20,015

11,953
11,960
11,857
11,792

446
544
597
773

484
438
399
396

538
532
524
527

486
483
498
482

2,845
2,868
2,895
2,897

257
160
116
191

2,914
2,929
2,931
2,957

43,324
43,223
43,236
43,224

692 5,036
38,850
819 5,066
39,034
39,556 1,181 5,151
39,650 1,003 5,304
753 5,402
39,465
607 5,367
39,273
579 5,275
39,197
697 5,211
39,226
827 5,135
39,220

June
June
June
June

4.
11.
18.
25.

. . 62,909
. . 62,970
. . 63,406
.. 63,285

20,285
20,080
20,072
20,230

11,752
11,763
11,754
11,780

829
760
713
784

576
507
526
514

528
525
503
498

477
485
485
480

2,904
2.930
2,949
2.967

237
109
130
151

2,982 42,624
3,001 42,890
3,012 43,334
3,056 43,055

471 4,776
38,536
819 4,692
38,817
39,246 1,151 4,799
832 4,782
38,943

* For description of the revision see BULLETIN for June 1947, p. 692.
1
Including guaranteed obligations.

878



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES*—Cont.
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks

BalDeances mand
with
dedoposits
mestic a d banks justed 1

Individuals,
partnerships,
and
corporations

Interbank
deposits

Time depos its,
except interbank

States Certiand
fied
U. S.
and
Govpolitical
offiernsubcers'
ment
divi- checks,
sions
etc.

Individuals,
partnerships,
and
corporations

States
and
political
subdivisions

U. S.
Government
and
Postal
Savings

Borrowings

Demand

Domestic

Time

Bank
Capdebital
acits '
counts

Foreign

3. . . .
10
17
24.
31. . . .

11,510
11,534
11,594
11,554
11,623

650
733
706
702
693

2,389
2,361
2,467
2,343
2,387

45,417
45,389
45,493
45,684
45,650

45,307
45,237
45,786
45,500
45,546

2,837
2,766
2,709
2,755
2,791

1,753
1,559
1,519
1,482
1,473

8,188
7,912
7,940
7,631
7,781

13,249
13,264
13,290
13,313
13,346

191
207
212
214
214

72 9,872
73 9,831
73 10,096
73 9,723
74 9,785

1,313
1,311
1,324
1,316
1,321

61
62
61
61
60

245
217
169
175
255

5,530
5,535
5,530
5,535
5,553

23,731
18,831
20,760
19,985
19,470

Aug. 7 . . . .
Aug. 14. . . .
Aug. 21
Aug. 2 8 . . . .

11,720
11,636
11,590
11,514

689
728
695
734

2,314
2,467
2,357
2,337

45,382
45,436
45,504
45,625

44,885 2,765
45,737 2,739
45,380 2,727
45,301 2,773

1,386
1,474
1,356
1,311

7,025
7,065
7,109
6,993

13,384
13,407
13,422
13,424

215
218
221
222

75
75
76
79

9,853
9,977
9,749
9,655

1,361
1,327
1,349
1,371

61
59
59
53

240
249
231
200

5,563
5,566
5,566
5,569

19,169
17,471
19,029
17,200

Sept. 4 . . . .
Sept. 11
Sept. 18
Sept. 2 5 . . . .

11,622
11,627
11,831
11,615

695
776
740
735

2,255
2,352
2,466
2,308

45,770
46,004
46,242
45,901

45,483
46,344
46,545
45,767

2,785
2,695
2,717
2,719

1,394
L.47O
1,474
L.430

5,718
5,765
5,801
5,841

13,428
13,442
13,455
13,489

226
224
226
229

79
79
74
75

9,734
9,860
9,961
9,468

1,363
1,383
1,389
1,368

54
54
53
56

290
169
164
210

5,591
5,589
5,597
5,589

16,692
18,277
22,102
19,830

Oct.
2
Oct.
9 . .
Oct. 16
Oct. 23 .
Oct. 30.
.

11,699
11,596
11,681
11,418
11,642

695
741
720
749
765

2,333
2,314
2,473
2,348
2,326

45,621
45,723
45,757
46,189
46,187

45,584
45,535
46,945
46,356
46,186

2,872
2,699
2,648
2,630
2,757

L,5O7
L ,332
1,354
1,333
L ,355

5,003
4,871
4,900
4,954
4,956

13,504
13,544
13,559
13,570
13,573

226
222
224
221
222

76 9,733
76 ^9,687
75 10,037
76 9,692
76 9,671

1,358
1,373
1,347
1,366
1,368

55
56
55
55
55

147
212
180
153
194

5,611
5,620
5,611
5,618
5,625

20,597
18,010
19,074
21,125
19,825

Nov. 6.
Nov. 13 . . .
Nov. 20.
Nov. 27.
.

11,607
11,755
11,685
11,716

762
806
769
761

2,304
2,432
2,345
2,310

46,091
46,082
46,426
46,751

46,481
47,171
46,853
46,978

2,786
2,777
2,755
2,796

1,432
1,451
L,483
1,416

3,634
3,661
3,697
3,762

13,604
13,611
13,616
13,585

220
220
239
240

76 9,826
76 10,102
76 9,868
77 9,568

1,387
1,373
1,350
1,346

55
55
56
56

354
348
200
164

5,649
5,643
5,643
5,642

22,740
18,892
23,249
20,027

Dec.
4.
. 11,790
Dec. 1 1 . . 11,996
Dec. 18. . . 11,995
Dec. 24.
12,043
Dec. 31
11,633

768
840
842
789
781

2,339
2,396
2,433
2,315
2,455

46,681
46,989
47,722
47,166
46,582

46,547
47,385
48,314
47,326
47,252

2,798
2,805
2,871
2,834
2,907

1,475
1,584
1,756
1,492
1,770

3,537
3,606
1,597
1,672
1,917

13,594
13,597
13,606
13,627
13,719

239
243
248
246
259

77 9,859
77 9,799
77 10,052
78 9,674
85 9,891

1,322
1,306
1,342
1,330
1,326

54
54
55
54
52

186
231
300
296
7

5,654
5,648
5,648
5,641
5,627

19,533
19,443
25,936
20,345
22,134

11,944
11,885
11,835
11,690

788
756
747
765

2,351
2,570
2,412
2,255

46.5C4
46,830
46,787
46,552

46,362
47,425
46,763
46,106

2,800
2,861
2,863
2,948

1,445
1,562
1,679
1,608

1,516
1,586
1,674
1,819

13,770
13,759
13,776
13,775

258
245
234
237

84 9,891
84 10,233
84 9,892
84 9,310

1,338
1,338
1,357
1,344

52
52
52
51

132
103
129
290

5,625
5,606
5,623
5,632

20,105
18,508
18,891
18,433

11,684
11,601
11,411
. 11,460

694
730
733
740

2,213
2,230
2,290
2,253

45,975
45,586
45,212
45,124

45,430 2,948
45,500 2,978
45,381 2,888
45,199 2,937

1,373
1,400
1,461
1,399

1,965
2,026
2,045
2,135

13,794
13,809
13,849
13,887

248
250
254
254

85
84
84
85

9,343
9,264
9,313
9,154

1,345
1,339
1,361
1,339

50
53
51
53

254
277
221
318

5,648
5,653
5,649
5,651

19,298
14,589
21,389
17,313

11,440
11,434
11,492
11,362

702
771
751
749

2,334
2,462
2,425
2,208

45,002 44,797 2,951
45,234 45,625 2,885
45,499 45,596 2,939
45,288- 44,951 3,069

1,424
1,336
1,395
1,294

2,277
2,357
2,020
2,092

13,958
13,943
13,923
13,914

279
280
278
282

85
83
84
84

9,581
9,661
9,625
8,943

1,336
1,358
1,349
1,340

51
51
52
49

168
151
182
245

5,665
5,665
5,662
5,670

21,084
17,728
19,859
18,479

Apr. 2.
11,167
Apr. 9.
I1,545
Apr. 16. . . 11,563
Apr. 23. . . . 11,489
Apr. 30. . . 11,512

706
770
725
749
727

2,285
2,310
2,453
2,259
2,321

44,482
45,011
45,537
45,960
46,150

44,210
44,683
46,000
45,485
45,798

3,075
3,029
3,022
3,111
3,350

1,449
1,301
1,396
1,368
1,392

1,817
1,870
1,890
1,625
1,476

13,936
13,952
13,929
13,958
13,955

285
311
316
313
312

82
83
82
81
82

9,227
9,369
9,428
8,933
8,944

1,361
1,344
1,354
1,362
1,359

48
48
48
48
48

373
207
89
115
172

5,684
5,687
5,678
5,689
5,716

22,349
15.698
18,106
18,032
17,115

May 7.
.
May 14. . . .
May 2 1 . . . .
May 28.

11,531
11,574
11,623
11,394

740
778
746
788

2,256
2,403
2,285
2,219

45,731
45,760
46,061
46,314

44,990 3,240
46,012 3,222
45,700 3,261
45,807 3,268

1,467
1,398
1,278
1,441

1,372
1,438
1,333
1,119

13,977
13,984
14,004
14,005

320
323
327
324

82
81
81
82

9,114
9,200
8,846
8,736

1,408
1,395
1,370
1,341

47
47
48
49

232
165
110
168

5,724
5,714
5,713
5,721

18,966
18,096
18,123
17,515

June 4 . . . .
June 1 1 .
June 1 8 . . . .
June 25

11,598
11,629
11,768
11,728

736
784
767
771

2,225
2,290
2,418
2,228

46,627
46,779
47,035
46,989

46,008 3,365
46,596 3,237
47,103 3,231
46,521 3,285

1,448
1,504
1,403
1 ,504

350
434
472
544

14,014
14,024
14,025
14,039

322
322
329
325

81
81
81
79

8,910
8,940
9,209
8,768

1,348
1,319
1,327
1,375

48
48
48
48

257
148
137
139

5,734
5,727
5,729
5.730

17.544
19,167
19,726
18.770

1946—July
Tuly
Tuly
July
July

1947—Jan. 8.
Jan. 1 5 . . . .
Jan. 2 2 . . .
Jan. 29. . . .
Feb.
Feb.
Feb.
Feb.

5
12
19.
26.

Mar. 5 . . . .
Mar. 12
Mar. 19. . . .
Mar. 26.

* For description of the revision see BULLETIN for June 1947, p. 692.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.

2

JULY 1947



879

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments

Loans

Total
loans
and
invest- Total
ments

Date

Commercial,
industrial,
and
agricultural

For purchasing
or carrying securities
To brokers
and dealers

To others

U.S.
U.S.
Govt. Other Govt. Other
ob-

se-

ob-

U. S. Government obligations

Real Loans
estate
to
Other Total
loans banks

Total

Bills

se-

liga- curi- liga- curitions ties tions ties

CerOther
tifisecucates
1 rities
of in- Notes Bonds
debtedness

1 9 4 6 — J u l y 3 . . . 22,705
July 10. .. 22,334
July 17. . . 22,377
July 24. . . 22,196
July 3 1 . . . 22,388

6,336
6,422
6,100
5,986
6,139

3,146 1,036
3,180 1,189
897
3,191
715
3,270
827
3,285

590
575
543
555
516

552
529
517
485
471

246
241
239
240
269

76
77
78
77
78

169
107
118
114
168

521
524
517
530
525

16,369
15,912
16,277
16,210
16,249

15,234
14,779
15,099
15,028
15,065

385
53
381
255
171

3,227
3,113
3,018
3,065
3,204

10,045
10,059
10,170
10,193
10,171

1,135
1,133
1,178
1,182
1,184

Aug. 7 . . .
Aug. 14. . .
Aug. 2 1 . . .
Aug. 2 8 . . .

21,798
21,808
21,879
21,847

6,045
6,064
6,050
6,047

3,341
3,400
3,456
3,490

757
742
672
698

499
469
450
426

460
450
437
430

242
238
255
226

78
79
79
80

134
148
162
163

534
538
539
534

15,753
15,744
15,829
15,800

14,579
14,571
14,667
14,635

97
140
257
160

2,827 1,511 10,144
2,773 1,512 10,146
2,735 ,500 10,175
2,761
,535 10,179

1,174
1,173
1,162
1,165

Sept. 4 . . .
Sept. 1 1 . . .
Sept. 1 8 . . .
Sept. 2 5 . . .

21,419
21,528
21,589
21,603

6,103
6,034
6,088
6,174

3,534
3,587
3,643
3,707

726
688
731
793

415
389
400
351

417
406
387
375

216
214
210
204

81
82
88
88

170
116
76
95

544
552
553
561

15,316
15,494
15,501
15,429

14,157
14,330
14,263
14,163

94
235
206
119

2,376 1,514 10,173
2,372 1,515 10,208
2,297 ,534 10,226
2,266 L.543 10,235

1,159
1,164
1,238
1,266

Oct. 2 . . .
Oct. 9 . . .
Oct. 16. . .
Oct. 2 3 . . .
Oct. 3 0 . . .

21,255
21,223
21,156
21,554
21,292

6,036
5,993
6,010
6,005
6,248

3,738
3,817
3,867
3,852
3,898

663
536
526
562
697

334
309
307
291
295

364
348
341
328
321

202
194
196
202
210

89
89
90
92
92

92
137
122
114
169

554
563
561
564
566

15,219
15,230
15,146
15,549
15,044

13,936
14,000
13,960
14,390
13,882

274
271
261
663
105

1,946
2,044
2,067
2,143
2,164

1,473
1,451
1,426
,432
1,451

10,243
10,234
10,206
10,152
10,162

1,283
L,230
1,186
1,159
1,162

Nov.
Nov.
Nov.
Nov.

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

20,939
20,812
20,992
20,987

6,339
6,465
6,367
6,391

3,909
3,981
4,016
3,994

756
848
802
843

304
293
276
294

298
294
270
253

196
196
242
207

94
94
96
96

213
193
92
129

569
566
573
575

14,600
14,347
14,625
14,596

13,452
13,200
13,492
13,464

40
28
363
222

,446
1,832
1,683 1,390
1,588 1,441
1,616 1,516

10,134
10,099
10,100
10,110

1,148
1,147
1,133
,132

Dec.
Dec.
Dec.
Dec.
Dec.
1947—Jan.
Jan.
Jan.
Jan.

4...
11. . .
18...
24. . .
31...
8...
15...
22...
29. . .

20,894
20,802
20,924
20,466
20,440

6,436
6,451
6,562
6,536
6,280

3,993
4,052
4,105
4,075
4,043

864
818
651
763
792

295
273
478
453
304

246
240
199
183
174

200
204
205
207
214

96
99
96
94
94

150
175
223
162
52

592
590
605
599
607

14,458
14,351
14,362
13,930
14,160

13,342
13,238
13,217
12,785
13,014

188
77
486
158
379

1,559 1,439 10,156
1,546 1,518 10,097
960 10,113
1,658
936 10,048
1,643
971 9.993
1,671

20,090
20,179
20,252
20,225

6,123
6,088
6,074
6,379

4,050
4,064
4,118
4,156

645
591
539
696

283
280
273
275

147
142
136
133

213
216
212
220

94
95
94
94

90
85
92
176

601
615
610
629

13,967
14,091
14,178
13,846

12,838
12,962
13,059
12,732

200
368
389
55

1,655
1,641
1,729
1,699

1,008
1,006
1,035
1,083

9,975
9,947
9,906
9,895

1,116
1,113
1,145
1,145
1,146
1,129
1,129
1,119
1,114

Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.

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

20,020
19,835
19,778
19,749

6,124
6,265
6,266
6,372

4,187
4,236
4,198
4,243

482
616
612
673

275
271
293
263

130
131
129
129

211
215
217
208

95
95
97
97

124
76
104
136

620
625
616
623

13,896
13,570
13,512
13,37 7

12,791
12,467
12,416
12,285

114
7
158
15

1,607
1,362
1,176
1,156

1,117
1,133
1,122
1.144

9,953
9,965
9,960
9,970

19,906
19,942
20,151
19,992

6,125
6,211
6,098
6,222

4,307
4,433
4,453
4,437

349
339
248
304

300
284
262
286

115
109
108
105

205
204
205
205

97
98
100
99

132
126
104
160

620
618
618
626

13,781
13,731
14,053
13,770

12,627
12,569
12,896
12,555

294
247
708
309

1,176 1,191 9,966
1,206 1,210 9,906
835 9,949
1,404
851 10,001
1,394

Apr. 2 . . .
Apr. 9 . . .
Apr. 16. . .
Apr. 2 3 . . .
Apr. 30. . .

19,929
19,783
19,918
20,031
20,059

6,355
6,327
6,142
6,012
6,185

4,520
4,519
4,452
4,357
4,347

332
348
314
248
325

301
268
267
274
286

107
104
104
105
106

207
204
203
205
221

100
100
98
97
97

163
159
75
99
165

625
625
629
627
638

13,574
13,456
13,776
14,019
13,874

12,371
12,242
12,561
12,812
12,677

282
125
433
500
236

1,179
1,177
1,145
1,273
1,368

814
818
773
792
802

10,096
10,122
10,210
10,247
10,271

May 7 . . .
May 14. . .
May 2 1 . . .
May 2 8 . . .

19,923
19,718
19,737
19,814

6,210
6,162
6,106
6,303

4,285
4,288
4,231
4,202

362
453
497
656

328
303
271
266

105
104
96
101

194
190
207
191

97
96
99
99

212
107
85
161

627
621
620
627

13,713
13,556
13,631
13,511

12,570
12,411
12,496
12,370

124
27
176
108

1,355
1,285
1,231
1,178

807
806
825
814

10,284
10,293
10,264
10,270

1,105
1,103
1,096
1,092
1,154
1,162
1,157
1,215
1,203
1,214
1,215
L,2O7
L ,197
1,143
1,145
1,135
,141

June 4 . . .
June 11. . .
June 18. . .
June 2 5 . . .

19,775
19,718
20,069
20,118

6,448
6,304
6,264
6,351

4,194
4,183
4,160
4,181

703
640
597
663

346
352
380

103
106
88
88

189
190
193
187

98
102
101

178
92
109
129

637
639
636
651

13,327
13,414
13,805
13,767

12,143
12,248
12,618
12,565

52
231
540
385

978
945

1,027
1,093

828
783
745
750

10,285
10,289
10,306
10,337

,184
,166
,187
L.202

355

97

1,577
1,554
1,530
1,515
,519

* For description of the revision see BULLETIN for June 1947, p. 692.
1
Including guaranteed obligations.

880



FEDERAL RESERVE

BULLETIN

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks

DeBalances mand
with
dedoposits
mestic adbanks usted 1

Individuals,
partnerships,
and
corporations

Interbank
deposits

Time deposits,
except interbank

i

I
States Certiand
fied
U. S.
politand
Govical
offiernsubcers'
divi- checks, ment
sions
etc.

Individuals,
partnerships,
and
corporations

States U. S.
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings

Demand
Borrowings

|
Fime
Domestic

CapBank
ital
debacits 2
counts

Foreign

3
10
17
24
31

4,015
4.054
4,034
4,035
3,969

109
116
108
105
105

36
37
44
44
42

15,789
15.671
15,646
15,765
15,722

16,304
16,118
16,141
16,206
16,164

215
197
253
254
256

1 ,030
889
823
804
808

2,987
2,889
2,894
2,768
2,807

1.299
,292
,298
.302
,323

16
16
16
16
16

7
7
7
7
7

3,190
3,118
3.190
3,037
3,052

1 ,154
1 ,156
1,167
1,157
1 ,164

27
27
27
27
27

150
119
89
89
175

Aug. 7
Aug. 14
Aug. 21
Aug. 28

4,117
4,055
4,075
3,977

106
113
104
113

29
38
36
37

15,545
15,538
15,610
15,563

15,814
16,068
15,974
15,920

233
229
224
212

685
812
733
691

2,515
2,525
2,541
2,492

.329
,328
,328
,327

16
18
16
16

7
7
7
7

3,032
3,052
3,009
2,982

1 ,206
1,167
1 ,189
1.210

27
27
26
20

143 2,140
133 2,141
142 2,136
135 2,133

7,320
6,519
6,848
6,297

Sept. 4 . . .
Sept. 11. . .
Sept. 18. . .
Sept. 25. . . .

4,101
3,978
4,169
4,095

109
135
120
119

37
36
46
41

15.701
15,697
15,821
15,850

16,050
16.224
16,309
16,208

202
184
222
218

744
793
766
775

2,001
2,021
2,018
2,028

,324
L ,323
,326
,345

16
17
17
19

7 3,017
7 3,063
3,172
7 2,981

1 .204
1 ,231
1 .233
1,217

20
20
20
22

159
79
50
112

2,140
2,138
2,138
2,135

6,453
6,834
8,630
7,035

Oct.
2
Oct. 9
Oct. 16. . . .
Oct. 23
Oct. 30. . . .

4,100
4,076
4.073
3,884
4,105

116
121
113
117
123

41
35
40
39
37

15,718
15,775
15,714
16,013
15,920

16,099
16,063
16,381
16,334
16,228

305
236
247
254
336

857
691
684
703
712

1 ,736
1 ,685
1,695
1,709
1,707

1,341
1.343
1,348
,333
1,326

19
19
18
18
18

7
7
7
7
7

3,110
3,006
3,026
2,964
2,958

1 ,205
1 ,221
1 .194
1,203
1 ,205

22
22
22
22
22

97
97
82
48
123

2,146
2,148
2,144
2,146
2,142

8,213
6,923
6,946
7,390
6,797

Nov. 6
Nov. 13
Nov. 20. . . .
Nov. 27 . . . .

4,041
4,157
4,063
4,055

129
137
126
134

36
38
46
40

15,863
I5 r 924
16,104
16,155

16,221
16,448
16,524
16,586

339
325
303
319

765
764
812
778

1,241 1,333
1 ,243 ,327
1,252 1,330
1,275 1,312

18
18
37
38

7
7
7
7

2,974
2,964
2,984
2,882

1 ,226
1,213
1,189
1 ,188

22
23
23
23

187 2,158
159 2.159
29 2,160
59 2,154

7,447
6,618
8,138
7,346

Dec.
4
Dec. 11
Dec. 18
Dec. 24
Dec. 31 . . . .

4,095
4,205
4.234
4,226
3,967

127
144
144
131
126

39
39
48
42
44

16.034
16,119
16,600
16,331
16,057

16,353
16,623
17.262
16,783
16,845

265
257
256
215
210

769
889
992
799
929

1,203
1,222
517
543
635

1,328
1,322
1,324
1 ,326
1 ,335

38
38
38
39
41

7
7
7
7
15

3,022
2,960
3.228
2,988
3,030

1,160
1.148
1,187
1,171
1 ,171

22
22
23
21
20

103 2 ,160
113 2,157
155 2,157
158 2,151
2,154

7,677
7,239
10,891
8,264
9,021

1947—Jan.
8....
Jan. 15 . . . .
Jan. 22
Jan. 29

4,182
4,124
4,098
4,068

133
116
122
125

33
37
38
33

15,979
15,916
15,982
15,959

16.32(
16,503
16.365
16,260

186
197
219
236

753
839
965
929

487
499
525
576

1,349
1,343
1 ,351
1,344

42
31
21
19

15
15
15
15

3,046
3.170
3,099
2,938

1,182
1 ,179
1 ,196
1 .188

20
20
21
20

51 2.154
31 2.155
56 2,155
155 2,156

8,239
7,347
7,639
7,562

4,076
4,005
3,920
4,009

114
116
113
117

29
31
35
36

15,713
15.522
15,408
15,481

16,007
15.928
15,900
15,966

192
187
180
181

729
762
776
745

616
631
635
647

1,344
1,342
1,348
1,353

19
19
19
19

15
15
15
15

2,957
2,871
2.925
2,823

1,195
1 .192
1.213
1 ,192

19
22
22
23

138 2,165
136 2,166
39 2,162
133 2,161

8,416
5,629
8,341
6,641

Mar. 5
Mar. 12. . . .
Mar. 19
Mar. 26. . . .

4,002
3,980
4,018
3,965

114
121
114
116

35
35
42
45

15,455
15,432
15,661
15,731

15,844
15.982
16,234
16,147

192
186
163
207

787
662
693
665

687
701
623
636

1,364
1,353
1,346
1,342

17
16
17
18

15
15
15
15

2,987
3,024
3,072
2,767

1,187
1 ,209
1,195
1 .189

23
23
23
21

88
66
97
116

2,164
2,163
2,162
2,159

8,853
7,188
7,680
7,032

Apr. 2 . . . .
Apr. 9
Apr. 16
Apr. 23
Apr. 30. . . .

3,953
4,021
3,994
3,990
4,047

112
121
114
117
114

122
33
39
42
36

15,687
15.442
15,572
15,920
15,938

16,135
15,858
16,206
16,234
16,425

195
191
202
224
313

756
667
743
i 12
720

551
567
573
487
444

1,351
1,349
1,346
1,343
1 ,341

16
17
16
15
15

15
15
15
15
15

2,875
2,972
2.990
2.852
2 ,883

1 ,209
1,198
1 .208
1,219
1.217

21
20
20
20
20

104
84
39
31
103

2 ,169
2,170
2,166
2,167
2,176

9,955
6,050
7,028
7,062
6,539

May 7
May 14. . . .
Mav 21
May 2 8 . . . .

4,033
4,098
4,060
3,986

119
124
117
142

34
37
38
36

15,673
15,625
15,804
15.867

15.934
16,165
16,211
16,254

261
246
234
253

824
767
672
842

406
411
384
318

1,345
1,344
1,350
1,350

16
17
17
17

15
15
15
15

2.942
2,944
2,843
2,838

1 .262
1 .243
1.217
1 ,195

19
20
21
22

158 2,179
87 2,179
32 2,176
108 2.172

8,271
6,797
6,702
6,985

June 4 . . . .
June 1 1 . . . .
June 1 8 . . . .
June 2 5 . . . .

4,051
4,010
4,113
4,132

119
127
118
121

33
39
35
35

15,970
15,966
16,195
16,356

16,269
16,424
16,684
16,725

231
209
223
240

832
865
720
835

92
113
135
152

1,354
1,360
1,357
1,358

17
17
17
15

15 2,885
15 2,865
15 3,008
14 2,851

1 .203
1,178
1,185
1,237

21
22
22
21

160
36
52
44

1946—July
July
July
July
July

Feb.
Feb.
Feb.
Feb.

5
12....
19. . .
26

2,127 10,397
2,128 6,480
2,127 8,299
2,129 7,646
2,136 7,767

2 ,1 79
2,174
2,172
2,169

7,349
8,433
7,921
7,560

* For description of the revision see BULLETIN for June 1947, p. 692.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection,
* Debits to demand deposit accounts except interbank and U. S. Government accounts.

JULY 1947




881

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY •
LOANS AND INVESTMENTS
fin millions of dollars]
Loans

Total
loans
and
invest- Total
ments

te

Commercial,
industrial,
and
agricultural

Investments

For purchasing
or carrying\ securities
To brokers
and dealers

To others

U.S.
U. S.
Govt. Other Govt. Other
seseob- curi- ob- curiliga- ties liga- ties
tions
tions

U. S. Government obligations

Real Loans Other
estate
to
Total
loans banks loans

Total

Bills

CerOther
tifisecucates
1 rities
of in- Notes Bonds
debtedness

. . 46,724
. . 46,678
.. 46,848
. . 46,704
.. 46,689

10,846
10,893
10,961
11,124
11,111

5,329
5,410
5,503
5,596
5,631

247
212
201
181
177

237
237
232
299
229

1,073
1,054
1,020
1,006

989

283
291
285
292
286

1,913
1,932
1,952
1,970
1,993

14
17
16
15
27

1,750
1,740
1,752
1,765
1,779

35,878 33,069
35,785 32 ,987
35,887 33 ,069
35,580 32 ,747
35,578 32 ,743

746
748
824
583
704

8,198
8,108
8,065
7,997
7,907

4,087
4,030
4,058
4,044
4,013

20,038
20,101
20,122
20,123
20,119

2,809
2,798
2,818
2,833
2,835

Aug.
Aug.
Aug.
Aug.

7. . 46,416
14. . . 46,495
21 . . . 46,544
28. . . 46,528

11,220
11,314
11,380
11,460

5,696
5,812
5,887
5,954

183
175
185
177

231
213
196
202

972
957
937
925

283
286
285
286

2,010
2,027
2,045
2,060

40
39
28
25

1,805
1,805
1,817
1,831

35,196
35,181
35,164
35,068

32
32
32
32

,369
,352
,346
,249

650
689
673
664

7,574
7,548
7,527
7,447

3,953
3,905
3,936
3,881

20,192
20,210
20,210
20,257

2,827
2,829
2,818
2.819

Sept.
Sept.
Sept.
Sept.

4. . . 46,001
11 . . . 46,035
18. . . 46,197
25. .. 45,846

11,550
11,622
11,767
11,866

6,036
6,144
6,269
6,361

188
187
189
177

194
200
206
194

902
831
790
785

288
282
284
281

2,076
2,093
2,114
2,133

18
13
24
44

1,848
1,872
1,891
1.891

34,451
34,413
34,430
33,980

31
31
31
31

,638
,600
,595
,156

546
669
675
516

6,967
6,808
6,756
6,498

3,859
3,832
3,815
3,759

20,266
20,291
20,349
20,383

2,813
2,813
2,835
2,824

Oct. 2. . . 45,195
Oct. 9. . . 45,384
Oct. 16. . . 45,577
Oct. 23. . . 45,695
Oct. 30. .. 45,748

11,965
12,062
12,211
12,310
12,456

6,442
6,595
6,724
6,821
6,927

186
156
162
151
151

184
173
175
163
156

767
736
722
700
692

283
279
282
279
283

2,152
2,172
2,192
2,211
2,232

42
22
17
18
30

1,909
1,929
1,937
1,967
1,985

33,230
33,322
33,366
33,385
33,292

30
30
30
30
30

,345
,504
,553
,588
,493

472
576
680
674
636

5,846
5,813
5,813
5,851
5,830

3,704
3,676
3,642
3,569
3,553

20,323
20,439
20,418
20,494
20,474

2,885
2,818
2,813
2,797
2,799

1946—July
July
July
July
July

3.
10.
17.
24.
31.

Nov.
Nov.
Nov.
Nov.

6.
13.
20.
27.

45,114
45,199
45,219
45,255

12,552
12,723
12,800
12,855

7,003
7,131
7,227
7,240

143
147
146
143

167
158
154
162

691
701
657
648

282
281
281
281

2,244
2,268
2,285
2,304

21
23
23
23

2,001
2,014
2,027
2,054

32,562
32,476
32,419
32,400

29
29
29
29

,779
,689
,629
,605

477
557
499
573

5,249
5,157
5,163
5,126

3,518
3,473
3,465
3,442

20,535
20,502
20,502
20,464

2,783
2,787
2,790
2,795

Dec.
Dec.
Dec.
Dec.
Dec.

4. . . . 45,193
11. .. 45,302
18. . . 44,340
24. . . 44,059
31 . . . 44,014

12,894
12,983
13,076
13,116
13,137

7,260
7,321
7,346
7,352
7,303

145
138
161
174
212

164
163
168
170
163

633
615
602
594
579

285
292
293
287
289

2,317
2,342
2,359
2,378
2,396

20
20
30
26
20

2,070
2,092
2,117
2,135
2,175

32,299
32,319
31,264
30,943
30,877

29
29
28
28
28

,513
,524
,444
,121
,039

570
595
592
457
583

5,069
5,051
4,854
4,738
4,628

3,438
3,429
2,559
2,504
2,447

20,436
20,449
20,439
20,422
20,381

2,786
2. 795
2 ,820
2,822
2,838

8. . . 43,896 13,040 7,265

Jan. 15. .. 44,263 13,130 7,373
Jan. 22. .. 44,178 13,190 7,424
Jan. 29. .. 43,942 13,187 7,443

168
136
132
122

157
146
145
142

548
539
519
492

296
297
294
294

2,413
2,434
2,456
2,469

24
26
38
39

2,169
2,179
2,182
2,186

30,856
31,133
30,988
30,755

28
28
28
27

,032
,309
,156
,910

554
765
528
383

4,652
4,659
4,720
4,646

2,416
2,401
2,383
2,378

20,410
20,484
20,525
20,503

2,824
2,824
2,832
2,845

Feb. 5. . . 43,860
Feb. 12. . . 43,714
Feb. 19. . . 43,594
Feb. 26. .. 43,560

1947—Jan.

..
..
..
..

13,271
13,315
13,372
13,387

7,486
7,544
7,559
7,577

113
112
127
116

136
130
160
139

496
489
487
487

295
294
291
288

2,483
2,499
2,516
2,534

62
25
22
34

2,200
2,222
2,210
2,212

30,589
30,399
30,222
30,173

27
27
27
27

,748
,556
,386
,334

452
334
283
409

4,469
4,403
4,331
4,226

2,366 20,461
2,353 20,466
2; 330 20,442
2,315 20,384

2,841
2 ,843
2,836
2 .839

. . 43,781
. . 43,933
. . 43,722
. . 43,469

13,402
13,503
13,588
13,629

7,603
7,686
7,755
7,755

98
84
95
90

132
146
131
146

477
465
456
456

293
292
291
291

2,560
2,575
2,598
2,622

19
21
16
20

2,220
2,234
2,246
2,249

30,379
30,430
30,134
29,840

27
27
27
26

,532
,569
,245
,925

725
625
603
484

4,142
4,231
4,237
4,109

2,303
2,326
2,051
2,028

20,362
20,387
20,354
20,304

2,847
2,861
2 ,889
2,915

Apr. 2. . . 43,050
Apr. 9. . . 43,328
Apr. 16. . . 43,556
Apr. 23. . . 43,389
Apr. 30. . . 43,379

13,665
13,645
13,666
13,645
13,679

7,751
7,750
7,720
7,700
7,696

101
90
97
85
89

140
134
135
132
133

459
442
438
438
436

290
286
289
287
288

2,639
2,667
2,685
2,709
2, 734

16
21
36
21
19

2,269
2,255
2,266
2,273
2,284

29,385
29,683
29,890
29,744
29,700

26 ,479
26 ,792
26 ,995
26 ,838
26 ,788

410
694
748
503
517

3,857
3,889
4,006
4,031
4,034

2,001
2,065
2,049
2,063
2,036

20,211
20,144
20,192
20,241
20,201

2,906
2,891
2,895
2,906
2,912

May
May
May
May

7. . . 43,324
14. . . 43,419
21 . . . 43,316
28. . . 43,425

13,713
13,752
13,711
13,712

7,668
7,672
7,626
7,590

84
91
100
117

156
135
128
130

433
428
428
426

292
293
291
291

2,748
2,772
2,796
2,798

45
53
31
30

2,287
2,308
2,311
2,330

29,611
29,667
29,605
29,713

26
26
26
26

,703
,786
,730
,850

483
552
521
719

4,012
3,990
3,980
3,957

1,995
1,990
1,968
1,888

20,213
20,254
20,261
20,286

2,908
2.881
2,875
2,865

June
June
June
June

4.
11.
18.
25.

13,837 7,558
13,776 7,580
13,808 7,594
13,879 7,599

126
120
116
121

230
155
146
159

425
419
415
410

288
295
292
293

2,806
2,828
2,848
2,870

59
17
21
22

2,345
2,362
2,376
2,405

29,297
29,476
29,529
29,288

26
26
26
26

,393
,569
,628
,378

419
588
611
447

3,798
3,747
3,772
3,689

1,879
1,879
1,878
1,887

20,297
20,355
20,367
20,355

2,904
2,907
2,90!
2.910

Mar.
Mar.
Mar.
Mar.

5.
12.
19.
26.

. . 43,134
. . 43,252
. . 43,337
. . 43,167

* For description of the revision see BULLETIN for June 1947, p. 692.
1
Including guaranteed obligations.

882



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
with Cash
Fedin
eral vault
Reserve
Banks

Time deposits,
except interbank

Interbank
deposits

IndiIndiBalDevidU. S.
vidances mand uals, States Certiuals, States Govdewith
and
fied U. S. partand
erndo- posits part- polit- and
Gov- ner- polit- ment
nermestic ad- 1 ships, ical
offiical
ern- ships, suband
banks justed and
subcers' ment
and
dividivi- Postal
cor- sions checks,
cor- sions Savetc.
poraings
porations
tions

Bor- Cap- Bank
ital
rowdebacings counts its 2
Time

Demand

Do-

For-

1V4(J—July

3.

Inly
Tuly
July
July

10.
17.
24.
31.

7 ,495
7 ,480
7,560
7,519
7,654

541
617
598
597
588

2,353
2,324
2,423
2,299
2,345

29,628
29,718
29,847
29,919
29,928

29,003
29,119
29,645
29,294
29,382

2,622
2,569
2,456
2,501
2,535

723
670
696
678
665

11,950
11,972
11,992
12,011
12,023

175
191
196
198
198

65
66
66
66
67

6,682
6,713
6,906
6,686
6,733

159
155
157
159
157

34
35
34
34
33

95
98
80
86
80

3,403
3,407
3,403
3,406
3,417

13,334
12,351
12,461
12,339
11,703

Aug. 7.
Aug. 14.
Aug. 21
Aug. 28.

7 ,603
7,581
7,515
7,537

583
615
591
621

2,285 29,837
2,429 29,898
2,321 29,894
2 ,300 30,062

29,071
29,669
29,406
29,381

2,532
2,510
2,503
2,561

701 4,510 12,055
662 4,540 12,079
623 4,568 12,094
620 4,501 12,097

199
200
205
206

68 6,821
68 6,925
69 6,740
72 6,673

155
160
160
161

34
32
33
33

97
116
89
65

3,423
3,425
3 ,430
3,436

11,849
10,952
12,181
10,903

Sept.
Sept.
Sept.
Sept.

7 ,521
7.649
7,662
7,520

586
641
620
616

2,218
2,316
2,420
2,267

30,069
30,307
30,421
30,051

29,433
30,120
30,236
29,559

2,583
2,511
2 ,495
2,501

650
677
708
655

3,717
3,744
3,783
3,813

12,104
12,119
12,129
12,144

210
207
209
210

72
72
67
68

6,717
6,797
6,789
6,487

159
152
156
151

34
34
33
34

131
90
114
98

3,451
3,451
3,459
3,454

10,239
11,443
13,472
12,795

Oct. 2.
Oct. 9.
Oct. 16.
Oct. 23.
Oct. 30.

7,599
7,520
7,608
7,534
7,537

579 2,292 29,903
620 2,279 29,948
607 2,433 30,043
632 2,309 30,176
642 2,289 30,267

29,485
29,472
30,564
30,022
29,958

2,567
2,463
2,401
2,376
2,421

650
641
670
630
643

3,267
3,186
3,205
3,245
3,249

12,163
12,201
12,211
12,237
12,247

207
203
206
203
204

69
69
68
69
69

,623
,681
,011
6,728
,713

153
152
153
163
163

33
34
33
33
33

50
115
98
105
71

3,465
3,472
3,467
3,472
3,483

12,384
11,087
12,128
13,735
13,028

Nov.
Nov.
Nov.
Nov.

6.
13.
20.
27.

7,566
7,598
7,622
7,661

633 2,268 30,228 30,260
669 2,394 30,158 30,723
643 2,299 30,322 30,329
627 2,270 30,596 30,392

2,447
2,452
2,452
2,477

667 2 ,393 12,271
687 2,418 12,284
671 2,445 12,286
638 2,487 12,273

202
202
202
202

69
69
69
70 6,686

161
160
161
158

33
32
33
33

167
189
171
105

3,491
3,484
3,483
3,488

15,293
12,274
15,111
12,681

Dec.
Dec.
Dec.
Dec.
Dec.

4.
11 .
18.
24.
31 .

7,695
7,791
7,761
7,817
7,666

641
696
698
658
655

2,300
2,357
2,385
2,273
2,411

30,647
30,870
31,122
30,835
30,525

30,194
30,762
31,052
30,543
30,407

2,533
2,548
2,615
? 619
2,697

706 2,334 12,266
695 2,384 12,275
764 1,080 12,282
693 1,129 12,301
841 1,282 12,384

201
205
210
207
218

70
70
70
71
70

6,837
6,839
6,824
6,686
6,861

162
158
155
159
155

32
32
32
33
32

83
118
145
138
7

3,494
3,491
3,491
3,490
3,473

11,856
12,204
15,045
12,081
13,113

1947—Tan. 8.
Ian. 15.
Ian. 22.
Jan. 29.

7,762
7,761
7,737
7,622

655
640
625
640

2,318
2,533
2,374
2,222

30,585
30,914
30,805
30,593

30,042
30,922
30,398
29,846

2,614
2 ,664
2,644
2,712

692
723
714
679

1,029
1,087
1,149
1,243

12,421
12,416
12,425
12,431

216
214
213
218

69 6,845
69 7,063
69 6,793
69 6,372

156
159
161
156

32
32
31
31

81
72
73
135

3,471
3,451
3,468
3,476

11,866
11,161
11,252
10,871

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

7,608
7,596
7,491
7,451

580
614
620
623

2,184
2,199
2,255
2,217

30,262
30,064
29,804
29,643

29,423
29,572
29,481
29,233

2,756
2,791
2,708
2,756

644
638
685
654

1,349
1,395
1,410
1,488

12,450
12,467
12,501
12,534

229
231
235
235

70
69
69
70

6,386
6,393
6,388
6,331

150
147
148
147

31
31
29
30

116
141
182
185

3,483
3,487
3,487
3,490

10,882
8,960
13,048
10,672

Mar.
Mar.
Mar.
Mar.

5.
12.
19.
26.

7,438
7,454
7,474
7,397

588
650
637
633

2,299
2,427
2,383
2,163

29,547
29,802
29,838
29,557

28,953
29,643
29,362
28,804

2,759
2,699
2,776
2,862

637
674
702
629

1,590
1,656
1,397
1,456

12,594
12,590
12,577
12,572

262
264
261
264

70
68
69
69

6,594
6,637
6,553
6,176

149
149
154
151

28
28
29
28

80
85
85
129

3,501
3,502
3,500
3,511

12,231
10,540
12,179
11,447

Apr. 2.
Apr. 9.
Apr. 16.
Apr. 23.
Apr. 30.

7,214
7,524
7,569
7,499
7,465

594 2,163
649 2,277
611 2,414
632 2,217
613 2,285

28,795
29,569
29,965
30,040
30,212

28,075
28,825
29,794
29,251
29,373

2,880
2,838
2,820
2,887
3,037

693
634
653
656
672

1,266
L.303
1,317
1,138
1,032

12,585
12,603
12,583
12,615
12,614

269
294
300
298
297

67
68
67
66
67

6,352
6,397
6,438
6,081
6,061

152
146
146
143
142

27
28
28
28
28

269
123
50
84
69

3,515
3,517
3,512
3,522
3,540

12,394
9,648
11,078
10,970
10,576

May 7.
May 14.
May 2 1 .
May 28.

7,498
7,476
7,563
7,408

621 2,222
654 2,366
629 2,247
646 2,183

30,058
30,135
30,257
30,447

29,056
29,847
29,489
29,553

2,979
2,976
3,027
3,015

643
631
606
599

966 12,632
1,027 12,640
949 12,654
801 12,655

304
306
310
307

67 6,172
66 6,256
66 6,003
67 5 ,898

146
152
153
146

28
27
27
27

74
78
78
60

3,545
3,535
3,537
3,549

10,695
11,299
11,421
10,530

June 4.
June 11.
June 18.
June 25.

7,547
7.619
7,655
7,596

617
657
649
650

2,192
2,251
2,383
2,193

30,657
30,813
30,840
30,633

29,739
30,172
30,419
29,796

3,134
3,028
3,008
3,045

616
639
683
669

12,660
12,664
12,668
12,681

305
305
312
310

66 6,025
66 6,075
66 6,201
65 5.917

145
141
142
138

27
26
26
27

4.
11.
18.
25.

5,201
5,023
5 ,046
4,863
4,974

258
321
337
392

97 3,555 10,195
112 3,553 10,734
85 3,557 11,805
95 3,561 11,210

* For description of the revision see BULLETIN for June 1947, p. 692.
- 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
>
'
~ Debits to demand deposit accounts except interbank and U. S. Government accounts.

JULY 1947



883

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by

Commercial
paper
out- 1 Total
outstanding standing

End of month

Based o n '

Accepting banks

Total

Own
bills

Bills
bought

1946—April
May
June
,
July
August
September
October. .
November
December.

149
126
121
131
142
148
202
227
228

169
177
192
205
207
200
204
208
227

109
108
109
118
140
151
154
155
169

65
66
65
67
68
68
71
73
74

44
42
45
51
72
82
82
82
94

1947—January...
February .
March...,
April
May.

236
243
266
256
250

241
230
228
215
189

183
171
170
154
130

85
76
75
71
67

Federal
Reserve
Banks
(For own
account)

98
95
95
83
63

13
13
18
34
13
2

Imports
into
United
States

Others

Exports
from
United
States

Goods stored in or
shipped between
points in
United
States

47
55
64
54
54
47
50
54
58

114
124
134
146
152
150
154
152
162

16
18
22
24
22
20
18
23
29

30
28
27
26
26
23
23
26
29

58
59
58
61
59

172
164
158
140
118

35
35
36
42
45

Foreign
countries

27
24
27
25
21

1
As reported by dealers; includes some finance company paper sold in open market.
* Dollar exchange less than $500,000 throughout the period.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
(Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)*
accounts
accounts

Credit balances
Customers'
credit balances1

Cash on
hand
and in
banks

Money
borrowed2
Free

Other
(net)

Other credit balances
In firm
In partners'
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
S

420
424
397
355
298
305
280
277
269
247

1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...

616
600
496
543
761
788
887
1,041
1,223
1,138

11
8
9
7
9
11
5
7
11
12

89
86
86
154
190
188
253
260
333
413

186
211
180
160
167
181
196
209
220
313

395
368
309
378
529
557
619
726
853
795

255
289
240
270
334
354
424
472
549
654

65
63
56
54
66
65
95
96
121
112

17
17
16
15
15
14
15
18
14
29

7
5
4
4
5
11
8
13
13

222
213
189
182
212
198
216
227
264
299

1946—June
July
August
September. .
October
November. .
December...

809
•745
723
•631
3 583
'571
537

7

399

370

120

24

17

314

5

311

453

651
653
'647
8 729
»72O
'723
693

118

30

10

289

1947—January....
February...
March......
April
,
May. . . . . . .

•533
3573
'576
'553
3 530

3

498
442
3 377
'305
'253
'238
217
3

3

'210
3217
3
216
3 205
3 201

•687
'681
3 677
8 665
3 652

1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
8
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, 65; April, 62; May, 63.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.

884



FEDERAL RESERVE BULLETIN

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES

U. S. Government
security yields
Stock
exchange
9-to 12call
month
loan
3certifi- 3-to 5reyear
month cates taxable
newbills'
of in- issues 4
als3
debtedness

Prime
commercial
paper,
4 - t o 6months 1

Prime
bankers'
acceptances,
90
days 1

.73
.75
.81

.44
.44
,61

1.00
1.00
1.16

.375
.375
.375

.79
.81
.82

1946—June
July.......
August
September.
October
November.
December..

.75
.77
.81
.81
.88
.94
1 .00

.50
.59
.71
.81
.81
.81
.81

1.00
1.00
1.38
1.38
1.38
1.38
1.38

.375
.375
.375
.375
.375
.376
.375

.8$
.84
.84
85
.83
.84
.85

1 .15
1 .13
1 .14
1 .22
1 .24
1 .22
1 .22

1947—January...
February..
March....
April
May
, ,
June

LOO
LOO
LOO
LOO
LOO
.00

.81
.81
81

1.38
1.38
1.38
1.38
t.38
1.38

.376
.376
.376
.376
.376
.376

.84
.85
.82
.83
.85
.85

1 .18
1 .18
1 .17
1 .17
L19
.21

13/16
13/16
13/16
13/16
13/16

1 yA-\y2

.376
\\i-\y* 376
iH-iH .376
IK-IK .376
IK-IK .376

.85
.85
85
.85
.85

[Per cent per annum]

1 .33
1 .18
1 .15

L19
L.19
L21
L22
L22

Year,
month, or
week

1944 average
1945 a v e r a g e . . . .
1946 average

Week ending:
May 3 1 . . .
June 7 . . .
June 1 4 . . .
June 2 1 . . .
June 2 8 . . .

1
1
1
1
1

.8!
.81
.81

Total
19 cities

New
York
City

7 Other
Northern and
Eastern
cities

11 Southern and
Western
cities

2.88
2.75
2.87
2.56
2.55

3.25
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85

1937 average'
1938 average1
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average

2.59
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34

1.73
1.69
2.07
2.04
1 97
2.07
2.30
2.11
i 99

1943—June
September
December..

3.00
2.48
2.65

2 70
2 OS
2 !0

2.98
2.71
2.76

3.38
2.73
3.17

1944—March
June

September.
December..

2.63
2.63
2.69
2.39

2 10
2.23
2.18
1.93

2.75
2.55
2.82
2.61

3.12
3.18
3.14
2.65

1945—March
June
September.
December..

2.53
2.50
2.45
2.09

1.99
2.20
2.05
1.71

2.73
2.55
2.53
2.23

.91
80
.81
.38

1946—March.....
June
September.
December..

2.31
2.41
2.32
2.33

1.75
1.84
1.83
1.85

2.34
2.51
2.43
2.43

2.93
2.97
2.75
2.76

1947—March .
June.. .

2.31
2.38

1.82
1.83

2.37
2.44

2.80
2.95

1
Monthly figures are averages of weekly prevailing rates.
* The average rate on 90-day stock exchange time loans was 1.50
percent beginning Aug. 2,1946. Prior to that date it was 1.25 per cent.
1
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.

1 82

1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Backfigures.—-SeeBanking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426 427.

BOND YIELDS 1
[Per cent per annum]
IT. S. Government
(taxable)
ear, month, or week

15

7 to 9
vears

years

Corporate (MoodyY)1
Municipal
(highgrade)2

and

Corporate
(highgrade)3

By ratings

By groups

Total

over

Number of issues.

1-5

1-8

1944 average.. . .
1945 average....
1946 average

1.94
1.60
1.45

2.48
2.37
2.19

86
67
64

2.60
2.54
2.44

3.05
2.87
2.74

1946—June
July
August
September
October. .
November
December.

1.40
1 .46
1.55
1 .56
1.58
1.56

2.16
2.18
2.23
2.28
2.26
2.25
2.24

.55
.60
.65
.75
.84
.80
.97

2.42
2.41
2.44
2.50
2.51
2.51
2.55

2.71
2.71
2.73
2.79
2.82
2.82
2.83

1.51
1.49
1.47
1.47
1.47
1.47

2.21
2.21
2.19
2.19
2.19
6
2.22

.92
.99
.02
.98
.95
.92

2.48
2.48
2.49
2.47
2.46
2.47

2.79
2.
2
2
2
2.81

«2.24
2.24

.95
.93
.93
.92
.91

2.46
2.46
2.47
2.47
2.47

2.80
2.80
2.81
2.81
2.81

194 7—January. .
February.
March. . .
April
May
June
Week ending:
May 31. .
June 7 . .
June 14. .
Tune 21. ,
June 28. .

1.46
1.45
1.47
1.48
1.49

5

120

72
72
2.72

1
-i
4

Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been 5reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
1
5
Number of issues included reduced from 9 to 8 on June 15.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN- for May 1945, pp. 483-490.

JULY 1947




885

SECURITY MARKETS 1
Stock prices6

Bond prices
Corporate
Year, month, or week

U. S.
Government2

Municipal
(highgrade)3 Highgrade

Medium- and lower-grade
Total

Number of issues

Industrial

Volume
of trading7 (in
thousands of
Public shares)
utility

Common (index, 1935-39 = 100)
Preferred*
Defaulted
Public
utility

Railroad

Total

Industrial

Railroad

15

15

50

10

20

20

15

15

402

354

20

28

1944 average
1945 average
1946 average

100.25
102.04
104.77

135.7
139.6
140.1

120.9
122.1
123.4

114.7
117.9
118.5

120.5
122.2
123.6

107.3
115.1
117.0

116.3
116.3
114.9

59.2
75.4
76.7

175.7
189.1
198.5

100
122
140

102
123
143

101
137
143

90
106
120

971
1,443
1,390

1946—June
July
August
September
October
November
December

105.28
104.87
104.11
103.25
103.58
103.71
103.87

142.0
140.9
140.0
137.8
136.0
136.8
133.4

123.9
124.0
123.8
122.8
121.8
121.6
121.5

119.5
119.1
119.0
117.4
115.8
115.9
115.9

123.9
123.4
124.0
123.3
122.2
122.5
123.0

118.7
118.5
117.7
114.3
112.3
112.7
112.9

116.0
115.3
115.4
114.7
112.9
112.6
111.9

83.2
80.0
78.8
65.4
62.7
63.6
67.7

202.4
204.1
203.4
196.2
191.6
189.3
186.2

153
150
146
125
122
121
126

157
153
150
129
126
124
129

162
154
147
119
110
113
119

130
128
125
110
107
106
110

1,086
936
946
2,173
1,256
1,191
1,320

1947—January
February
March
April
May
June

104.32
104.35
104.61
104.57
104.48
104.08

134.4
133.1
132.5
133.2
133.9
134.4

122.6
122.7
122.4
122.8
122.9
122.8

116.3
116.8
116.6
116.5
115.0
U4.3

123.5
123.7
123.7
123.5
123.2
122.6

114.3
114.3
113.6
113.2
109.2
107.3

111.2
112.4
112.5
112.7
112.5
113.0

68.3
69.3
66.0
64.0
61.9
63.4

187.3
189.0
188.1
186.5
186.2
186.2

125
129
124
119
115
119

129
133
128
123
119
124

115
119
110
102
95
98

111
111
107
105
102
101

998
1,176
841
912
912
833

Week ending:
May 3 1 . .
Tune 7
June 14
Tune 21
June 28

104.51
104.41
104.20
8
103.95
103.81

133.8
134.2
134.2
134.4
134.6

122.8
122.9
122.8
122.7
122.7

114.2
114.3
114.4
114.0
114.5

123.2
123.2
122.9
122.0
122.3

106.6
107.1
107.3
107.1
107.7

112.8
112.7
112.8
112.9
113.5

61.0
61.3
62.4
63.8
65.4

185.7
186.2
185.7
186.2
186.7

116
116
120
120
121

119
120
124
126
126

96
95
97
99
100

102
102
102
99
101

750
642
912
942
867

1
8

Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
• Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
• Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
1
Standard and Poor's Corporation.
• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
T
Average daily volume of trading in stocks on the New York Stock Exchange.
8
Number of issues included reduced from 9 to 8 on June 15.
Back figures.See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIW
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital

Year or month

Total
(new
and
refunding)

For refunding

Domestic
Total
(domestic
and
forTotal
eign)

Domestic

Corporate
State Fedand
eral
munici- agen- Total Bonds Stocks
and
cies1
pal
notes

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

6,214 1,972 1,949
,138 2,094
3,937
,360 2,325
4,449
5,790 2,277 2,239
4,803 1,951 1,948
5,546 2,854 2,852
2,114 1,075 1,075
642
640
2,174
913
896
4,216
7,991 1,772 1,761
8,581 4,588 4,579

735
712
971
931
751
518
342
176
235
471
952

22
157
481
924
461
1,272
108
90
15
26
121

1946—May
June
July
August...
September
October. .
November
December

1,022
817
981
560
441
562
761
993

294
429
493
419
242
363
659
788

286
429
493
419
242
363
659
788

103
108
124
64
71
49
69
119

7
9

1947—January..
February.
March. . .
April
May

636
387
855
880
697

498
249
635
779
345

487
249
614
773
330

215
96
293
397
103

47

1,192
839
352
1,225
817
408
873
807
67
383
287
97
736
601
135
1,062
889
173
624
506
118
374
282
92
646
422
224
1,264
607
657
3,506 2,038 1,468

Total
(doFor- mestic
eign* and
forTotal
eign)

23
44
35
38
2
1

State
and
municipal

Federal
agencies1 Total

Corporate

Foreign

Bonds
and Stocks
notes

4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,219
3,993

4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863

382
191
129
195
482
435
181
259
404
324
208

353
281
665
1,537
344
698
440
497
418
912
741

3,387
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,937
2,914

3,187
856
1,236
1,596
1,834
1,430
407
2,178
4,281
2,313

200
352
31
137
193
126
11
82
288
656
601
127
65
71
53
1
29
19
27
18
22
4
34
91

603

176
312
369
354
170
267
590
669

83
115
184
196
96
223
444
544

93
197
184
159
75
43
145
125

728
388
488
141
200
199
102
205

728
388
436
126
200
199
102
190

47
16
8
1
17
1
2
50

17
41
33
33
38
133
13
34

664
331
395
93
65
86
105

536
266
324
39
143
36
68
79

252
118
310
376
212

208
75
265
240
80

44
44
44
136
132

139
139
220
101
352

135
56
191
96
352

11
1
2
3
1

22
24
50
20
33

103
31
140
73
31

84
8
136
39
227

119
119
28
48

90
15
46
130

52
15

15
4
83
29
5

1
1

Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce,
•ubject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.

886



Monthly figures

FEDERAL RESERVE BULLETIN

NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month

Estimated Estimated
gross
net
proceeds2 proceeds8

New money
Total

1934
1935
1936
1937
1938
1939
1940
4941
1942
1943
1944
1945
1946

Retirement of securities

Plant and Working
equipment capital

Total

Bonds and
notes

Preferred
stock

Repayment
of
other debt

Other
purposes

397
2,332
4,572
• 2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,500

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,358

57
208
858
991
681
325
569
868
474
308
657
1.080
3,003

32
111
380
574
504
170
424
661
287
141
252
638
2,012

26
96
478
417
177
155
145
207
187
167
405
442
991

231
1,865
3.368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,728

231
1,794
3,143
911
1,119
1,637
1,726
1.483
366
667
2,038
4,117
2,258

71
226
190
87
59
128
100
30
72
351
438
469

84
170
154
111
215
69
174
144
138
73
49
134
408

11
23
49
36
7
26
19
28
35
27
47
133
219

1946—May
June
July
August
September
October
November
December

844
663
720
527
267
383
629
818

825
643
703
518
261
377
617
807

153
245
327
344
138
202
511
623

91
169
198
126
101
160
329
557

62
77
129
219
37
43
183
66

630
317
305
115
98
48
81
114

514
285
265
94
38
36
74
97

116
32
40
21
60
12
6
17

28
14
46
50
18
122
6
59

14
67
25
10
6
5
19
12

1947—January
February
March
April
May.

322
265
450
449
446

316
260
442
441
437

183
206
285
254
180

138
105
153
101
109

45
101
132
• 153
71

120
34
121
85
232

81
18
110
80
198

38
16
11
5
34

11
15
31
98
19

2
5
5
3
7

. . .

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility

Railroad

Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—j^ ay

June

172

1947—January... .
February...
March
^pril ..
May
1
2

21

120

57
139
228
24
85
115
253
32
46
102
115

54
558
110
30
97
186
108
15
114
500
1,320

693

••

Other

Retire- All
Total
Retire- All Total
Retire- All Total
Total
Retire- All
New ment of other net
New ment of other net
net
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- pur- 4
ties
ceeds
poses ceeds
poses ceeds
ties poses ceeds
ties
ties
poses
120
774
338
54
182
319
361
47
160
602
1,436

July
August
September..
October
November
December..

Industrial

129

560

76
35

7
9

69
26

9
3
19
40
18

8
3
16
21
18

31

10
77
1
18

3

i

3
19

130

11

1,250

30
63
89
180
43
245
317
145
22
40
69

77

761

1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,207

424
179

5
10

408
134

338
41
111
124
61

181
6
13
108
18

156
33
86
17
33

]1,987

751
1,208
L.246
1,180
340
464
469
1,400
2,291
2,052

42

30
27
50
86
47
13
30
27
25
17
63
11
35

10

83

1
2
12

62

34

2

20

19

550
761
373
226
353
738
463
89
199
504
1,010

150
80
90
136
43
56
121
146
71
76
148

122
390
71
16
102
155
94
4
21
107
206

46
218
57
8
9
42
55
4
13
61
85

72
152
7
7
88
9
18
42
65

3
56

903

451

258

113

56

89

289
405

127
206

137
153

25
45

37
24

17
4

325
422
130
210
530

131
326
108
71
470

150
80
9
12
48

44
16
13
127
12

31
53
1
3
8

14
20

226

47

35

10

2

483

411

72

33
8
12

28
7
9

5
2
1

43
67
332

14
47
223

26
18
107

3

2

2
2

229
119
90

17
37

17
15

93
225

30
31

61
179

2
16

328
165

22

25

74
774
1,280
439
1,079
616
831 469
584 188
167
961
828 244
527 293
497 228
1,033
454
1,969
811
3,355 2,000

145
136
95
52

204
129

17

84
8
5
24
26

6
9
1
3
5

4

1

64

52

32

15

9
16
33

11
66
9

5
58
1

99
10

3
10

3
5

5
6
8

4
20
7
1
5
104
21
4

6

**25*
42

3
4
1
2

5

Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.

»Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and

expenses.
* Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.

JULY

1947




887

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter

Other Nontrans- ferrous
AuMaporta- metals
chin- tomo- tion
and
ery
biles equip- prodment
ucts

Oil
Other Foods, produc- Indusing
dura- bevertrial
ages,
and
ble
chemiand
goods tobacco refincals
ing

Total

Iron
and
steel

629

47

69

15

1,465
1,818
2,163
1,769
1,800
1,896
1,925
3
2,545

146

115
158
193
159
165
174
163
3171

223

102

119

70

278
325
226
204
194
188
283

242
274
209
201
222
243
130

173
227
182
180
190
169
127

133
153
138
128
115
108
136

88
113
90
83
88
88
3

444
459
475

47
46
47

40
40
38

52
55
55

«52

518

55

55

59

492

49

38

508
439
485

53
37
49

42
35
47

63
77
46
58

Number of companies.
Annual

1939
1940
1941
1942
1943
1944
1945
1946

Quarterly
1944—i
2
3
4....
1945—i
2
3
4
1946—1
2
3
4

323
604
698

3853

22
67
96
97

-19
49
32
361

875

124

69

4
4
4

77

75

49

Other
nondurable
goods

30

80

74

152

151

98
112
174
152
186
220
223
281

186
194
207
164
170
187
187
273

134
160
187
136
149
147
154
302

122
132
152
161
171
184
203
321

847
1,028
1,137

165

148
159
151
162
175
199
356

29
30
28

47
47
43

45

20
22
21

38
43
45

49
52
56

42
43
49

36
37
37
37

39
43
52
50
45
47
53
58

49

64

53

31

21

45

62

48

27
23
27

21
20
26

46
50
58

64
61
37

45
43
51

39
38
37
40

-5
51
38
4
44

20
26
41
50

12
37
41

3 57

65
74
93
124

56
62
77
85

63
66
67
77

62
71
77
91

45

51

103

89

89

97

64

4

4

46

152

152

90

564
669
705
552
556
611
612
657

1,139

90
92
88
86
86
85
82

224
230
244

3

82
80
93
66

4

99

25

50
47
36
4 36
4

28

4
4
4

-34
21
42
102

1947—1

68

Dividends
MiscellaNet
neous profits1
servPre- Comices s
ferred mon

21
22
20

888
902
970
989

272

23

142
149
137
184

250

22
21
22

142
145
143
182

116
250
310

415

20
21
20
21

146
153
149
209

424

3

20

269
224
246

20

168

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power 6

Railroad »
Year or quarter

Operating
revenue

Income
before
income
tax*

Net
income1

Dividends

Operating
revenue

Income
before
income
tax*

629
692
774
847
913
902
905
953

535

444
447
437
408
410
398
407
454

1.067
L,129
1,235
1,362
1,537
L.641
L,803
L.992

227

548
527
490
502
507
534
645

930
890
882
913

265
245
207
185

137
127
114
129

98
105
95
100

31
68
28
118

966
909
888
917

288
230
205
181

142
125
119
148

14
-45
128
191

56
52
41
85

970
920
936

1,002

299
221
207
226

86

43

'1.079

289

Operating
revenue

Net
income1

Dividends

756
273

93
189
500
902
873
667
450
289

126
159
186
202
217
246
246
235

2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828

2,273
2,363
2,445
2,356

458
508
550
455

152
172
176
168

31
55
43
116

2,277
2,422
2,230
1,973

430
514

237
-426

149
199
127
-25

194(5—i
2
3
4

1,869
1,703
2,047
2,008

39
-57
161
130

1947—1

2,039

163

1939
1940
1941
1942
1943 . ..
1944
1945
1946
1944—i
2
3
4
1945—i
2
3
4

Annual

Quarterly

..

1

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627

126
249
674

1,658
2,211
1,972

Income
before
income
tax»

Telephone'

Net
income1

Dividends

248
271
302
374
399
396
275

191
194
178
163
180
174
177
200

175
178
172
163
168
168
173
182

400
406
409
426

97
101
98
104

42
43
43
46

42
42
42
43

101
95
96
115

436
444
449
474

115
109
103
70

46
45
44
43

41
44
43
46

196
151
142
156

107
110
112
125

475
497
502
519

84
74
55
62

54
53
44
49

46
46
45
45

191

115

527

67

44

41

r

"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Revised.
* Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
8
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following amounts (in millionss of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
• Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
'Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
1
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.

End of month

Total
interestbearing
direct
debt

Total
gross
direct
debt

Marketable public issues

Total'

42,968
42,376
45,025
44,458
48,961
48,387
57,938
57,451
72,422
71,968
108,170 107,308
136,696 135,380
165,877 164,508
201,003 199,543
230,630 228,891
258,682 256,357
278.115 275,694
269,422 268,111

34,436
35,645
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198.778
189,606

1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17.037
17,039

1946—July
Aug
Sept
Oct.
Nov
Dec
1947—Jan
Feb
Mar
Aor
May
June....

268,270 267,039
267,546 266,359
265,369 264,217
263,532 262,415
262,277 260,925
259,149 257,640
259.776 258,378
261,418 258.113
259.124 255,800
257,701 254,427
258,343 254.975
258,286 255,113

187,596
186,350
184,338
182.318
180,328
176.613
176,444
175.410
172,462
170,535
169,926
168,702

17,023
17,024
17,007
16,987
17,000
17,033
17,074
17,048
17,038
16,610
16,002
15,775

In millions of dollars]

Nonmarketable public issues

CertifiTreasury cates of Treasury Treasury
indebtbills
notes
bonds
edness

1941—June
Dec.
1942—June
Dec,
1943—June
Dec.
1944—June
Dec.
1945—June
Dec.....
1946—June

1940—June

1

Noninterestbearing
debt

Fully
guaranteed interestbearing
securities

4,775
5,370
6,120
2,471* 6,982
7,885
3,015
9,032
6,384
7,495 10,871
8,586 12,703
9.557 14,287
9.843 16,326
10,136 18,812
8.235 20,000
6,711 22,332

591
566
574
487
454
862
1,316
1,370
1,460
L, 739
2,326
2.421
1,311

5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467

23,045
23,443
23,854
24,015
24,254
24.585
24,777
24,938
25,183
25,280
26,186
27,366

1,231
1,187
1,152
1,117
1,352
1,500
1,399
J.305
5,324
5,275
5,368
5,173

324
370
391
378
362
331
262
181
175
171
171
83

Total'

Special
U. S. Treasury issues
savings tax and
savings
bonds
n< tes

3^096
10,534
16,561
22,843
28,822
30,401
34,136
38.155
34,804

6,383
6,178
5,698
5,997
6.689
9,863
9,168
11,175
17.405
23,039
23,497
22.967
18,261

26,555
27,960
30,215
33,367
38.085
49,268
57,520
67,944
79,244
91,585
106,448
120.423
119,323

3,166
3,444
4,555
8,907
13,510
21.788
29,200
36,574
44,855
50,917
56,226
56.915
56,173

2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40.361
45,586
48.183
49,035

37,720
36,473
34,478
32,478
30,475
29,987
29,791
28,784
27,792
26,294
26,294
25,296

13.351
13,351
13,351
13,351
13,351
10.090
10.090
10,090
8,142
8,142
8,142
8,142

119,323
119,323
119,323
119,323
119.32 ?
119,323
119,323
119,323
119,323
119,323
119,323
119,323

56,399
56,566
56.025
56,081
56,343
56,451
57,157
57,765
58,156
58,612
58,863
59,045

49,320
49,447
49,545
49,624
49,709
49,776
50,343
50,717
50,945
51,117
51,240
51,367

6,669
6,688
6,096
6.003
5,978
5.725
5,590
5.570
5,443
5,477
5,525
5,560

1

Including amounts held by Government agencies and trust funds, which aggregated 5,919 million dollars on May 31, 1947.
* Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted £
depositary, and Armed Forces Leave bonds not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JUNE 30, 1947

UNITED STATES SAVINGS BONDS
[In millions of dollarsl

(On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate

Amount

Treasury bills *
July 3,1947
July 10, 1947
July 17, 1947
July 24, 1947
July 31, 1947
Aug. 7, 1947
Aug. 14, 1947
Aug. 21, 1947
Aug. 28. 1947
Sept. 4, 1947
Sept. 11, 1947
Sept. 18. 1947
Sept. 25, 1947...

1,303
1,314
1,108
1,100
1,100
1,112
1,202
1,203
1,311
1,307
1,303
1,305
1 ,104

Cert, of indebtedness
July 1, 1947
Aug. 1, 1947
Sept. 1, 1947
Oct. 1, 1947
Nov. 1,1947
Dec. 1, 1947
Jan. 1, 1948
Feb. 1, 1948
Mar. 1. 1948
Apr. 1, 1948
Y
June 1, 1948.
J

2.916
1.223
2.341
1,440
1,775
3.281
3.134
3.947
2.142
1,321
1,777

Treasury notes
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948

Treasury
Oct. 15.
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15.
Dec. 15.
June 15,
Sept. 15.
Dec. 15,

1H
I
1H

Bonds
1947-52 2 AH
19472
2
1948-50 2
2
1948-51 .2
1948
19482
1948-50 2
1949-51
1949-51
1949-51
2

2,707
1.687
3.748

Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 2..3" '
Dec. 15, 1949-53 2.
Mar. 15, 1950-52..
Sept. 15, 1950-52 2.
Sept. 15, 1950-52..
Dec. 15. 1950
June 15, 1951-54 2.
Sept. 15, 1951-53
.2
Sept. 15, 1951-55 2 . . . . 3
Dec. 15, 1951-53 2..2 K
Dec. 15, 1951-55
2
Mar. 15, 1952-54... 2 ^
June 15, 1952-54
2
June 15. 1952-55...2 %
Dec. 15, 1952-54
2
June 15, 1953-55 2 . . . . 2
June 15. 1954-56 2.. 2 ^
Mar. 15, 1955-60 2.. 2 %
Mar. 15, 1956-58.. . 2 ^
Sept. 15, 1956-59'.. 2%
Sept. 15, 1956-59... 2 %
June 15, 1958-63 2..2 %
June 15, 1959-62-*..2 %
Dec. 15, 1959-62 1.. 2%
Dec. 15, 1960-65 2 . . 2 "
June 15, 1962-67 1..2
Dec. 15, 1963-68 K.2
June 15, 1964-69 4.. 2
Dec. 15, 1964-69 4.. 2
Mar. 15, 1965-70 4..2- _
Mar. 15, 1966-71 4.. 2}/2
June 15, 1967-72 4 . . 2 ^
Sept. 15. 1967-72... 2V2
Dec. 15. 1967-72 4..2H

Amount
491
1,786
1,963
1.186
4,939
2.635
1,627
7,986
755
1,118
510
1,024
5.825
1,501
8,662
725
681
2.611
1,449
982
3,823
919
5.284
3,470
1,485
2.118
2,831
3,761
3,838
5,197
3.481
7.967
2,716
11,689

4 759

701 Postal Savings
116
1,115
bonds
2%
50
1,223 P a n a m a Canal L o a n . 3
3,062
168,702
Total direct issues
451
571
1.014 G u a r a n t e e d securities
Federal Housing Admin.
1,292
Various
2,098

1 Sold on discount basis. See table on Open-Market Money Rates,
2
p. 885.
Partially tax exempt.
* Called for redemption on Oct. 15, 1947.
* Restricted.

JULY

1947




Month

RedempAmount Funds received from sales during tions and
outpenou
maturities
standing
at end of
All
month
Series Series Series
All
series
E
F
G
series

Fiscal year
ending:
June—1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1946—June..
July...
Aug... .
Sept....
Oct
Nov....
Dec... .
1947—Jan
Feb... .
Mar....
Apr. . . .
May.. .

2,905 1 ,109
203
4,314 1 ,492
10.188 5 ,994 3 526
21,256 11 ,789 8 271
34,606 15 .498 11 820
45,586 14 ,891 11 553
49,035 9 .61?
6.739
51,367 7 ,208 4 303
571
321
49,035
753
386
49.320
590
347
49,477
494
309
49,545
519
327
49,624
453 1 294
49.709
576 |
370
49.776
952 i
535
50.343
712 |
394
50,717
616
372
50,945
572
349
51,117
488
305
51.240
482
317
June.. . 51,367

67
435
758
802
679
407
358
24
31
25
20
24
20
29
53
41
35
33
25
22

2
2
2
2
2
2

395
032
759
876
658
465
546
226
335
217
165
169
139
178
364
278
209
191
158
143

114
148
207
848

2,371
4,298
6,717
5,545
519
537
478
482
489
418
504
483
398
449
455
421
433

Maturities and amounts outstanding June 30, 194
Year of
maturity

All
series

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
19S8
1959
....
Unclassified. .

239
507
811
978
1,580
4,387
7,849
10 262
9,038
6,650
4,746
2,914
1,456

Total

Series
C-D
239
507
811
978
434

Series
E

1,146
4,387
6,506
7,522
6,146
3,337
1,813

Series
F

Series
G

2 0 8 " " 1,136"
546
2,194
2,289
603
2,629
683
2,386
546
2,597
318
193
1,263

-51

51,367

2,968

30.858

3.098

14,494

889

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

Held by nonbank investors

Com- Federal
mercial Reserve
banks * Banks

Total

Total

Insurance
companies

Individuals

Mutual
savings
banks

Other
corporations
and
associations

State
and
local
governments

U. S. Government agencies
and trust funds
Special

Public

1940—June
1941—June
December . . .
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June

47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578

18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108.183

16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
'84,200
'90,800
'84,400

2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783

29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395

9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900

6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300

3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500

2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
•29,800
-29,100
-25,200

400
600
700
900
1,000
1,500
100
200
300
5,300
6,500
6,500

4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332

2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798

1946—September...
October
November. . .
December

264,608
262,792
261,286
257,980

104,249
102,818
101,244
'97,850

'80,200
'79,300
'77,300
'74,500

24,049
23,518
23,944
23,350

160,359
159,974
160,042
160,130

'62,800
'62,900
'63,200
'63,500

25,400
25,400
25,300
25,300

11,700
11,700
11,700
11,800

'23,700
'23,300
'23,000
'22,400

6,300
6,300
6,200
6,200

23,854
24,015
24,254
24,585

6,524
6,419
6,355
6,338

1947—January
February....
March
April

258,640
258,294
255,976
254,598

'•97,841
'96,817
'94,093
93,557

'73,900
'72,700
'71,500
71,700

23,941
24,117
22,593
21,857

160,779
161,477
'161,883
161,041

'64,200
'64,700
65,200
65,400

25,400
25,400
25,100
25,100

11,900
12,000
12,000
12,000

'22,000
'21,900
'21,700
20,500

6,200
6,200
6,300
6,300

24,777
24,938
25,183
25,280

6,389
6,374
6,388
6,268

r
1

Revised.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Mar. 31, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. In millions of dollars]

Total
End of month

outstanding

U. S.
Govern- Fed- Com- Mument eral mer- tual Insuragen- Recial
sav- ance Other
cies serve banks ings combanks panies
and Banks
trust
funds

U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
agen- Recial
sav- ance Other
cies serve banks ings com1
and Banks C )
banks panies
trust
funds

Treasury bonds

Type of
security:
Total:'
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar
Apr
Treasury bills:
1944—Dec
1945—Dec
1946—June....
Dec
1947—Mar.. . .
Apr
Certificates:
1944—Dec
1945—Dec
1946—June....
Dec
1947—Mar.. . .
Apr
Treasury notes:
1944—Dec
1945—Dec
1946—June....
Dec
1947—Mar
Apr
Treasury bonds:
1944—Dec
1945—Dec
1946—June....
Dec
1947—Mar
Apr

End of month

Total
outstanding

162,843
198,820
189,649
176,658
172,507
170,581
16,428
17,037
17,039
17,033
17,038
16,610
30,401
38,155
34,804
29,987
27,792
26,294
23,039
22,967
18,261
10,090
8,142
8,142
91,585
120,423
119,323
119,323
119,323
119,323

5,338
7,009
6,768
6,302
6,352
6,278
6
5
3
2
15
18
62
38
58
64
87

86

18,846 72,045
24,262 82,830
23,783 76,578
23,350 66,962
22,593 64,263
21,857 64,368
11,148 4,113
12,831 2,476
14,466 1,142
14,745 1,187
681
15,090
928
15,101
4,887 15,032
8,364 18,091
6,813 16,676
7,496 11,221
6,399 9,991
5,651 9,837

60 1,566
8 2,120
9 1,748
6
355
11
352
12
352

15,411
15,701
11,396
6,120
5,122
5,051

8,183
10,491
11,220
11,521
11,689
11,696

18,761
23,183
24,285
24,346
24,061
24,097

1

1
1
1
11
6

3
3
1
136
91
243
257
292

293
336
179

227
211
154
162

5,173 1,243 36,508 7,704
6,915
947 46,535 10,217
6,655
755 47,335 10,743
6,186
753 48,408 11,049
6,192
753 48,442 11,237
6,116
753 48,526 11,236

39,670
51,046
47,015
44,177
43,549
42,284
1,159
1,723
1,424
1,088
1,243
562

9,974
11,211
10,439
10,459
10,574
447 9,980

310
360
576
490
449

568 5,098
576 4,383
623 4,258
603 2,796
279 2,224
2,289
276
17,859 23,098
22,230 33,579
23,073 30,764
23,226 29,700
23,311 29,388
23,359 29,333

and notes,
due or
callable:
Within 1 year:
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar.. . .
Apr
1-5 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar
Apr
5-10 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar.. . .
Apr
10-20 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar
Apr
After 20 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar
Apr

6,737
15,222
10,119
7,802
8,193
8,193

83
185
4
29
83
83

646 4,016
2,017 9,956
1,431 5,655
72 4,341
209 5,079
209 5,049

34,965
35,376
35,055
39,570
38,257
38,257

580
408
443
576
575
533

1,557 23,490
866 1,884 6,589
693 25,165
701 1,742 6,673
797 25,285
709 1,506 6,319
831 28,470 1,047 2,101 6,550
692 27,001 1,248 2,158 6,583
692 26,986 1,244 2,151 6,646

37,909
33,025
32,847
27,283
26,258
26,258

725
787
716
529
479

23,817
34,985
37,189
32,384
32,384
32,384

2,098
2,779
3,400
2,975
2,975
2,963

11,194
24,781
22,372
22,372
22,372
22,372

1,748
2,764
2,103
2,084
2,091
2,076

473

34
63
116
181
234
251

171
235
495
591
306
311

1,790
2,761
2,418
2,591
2,284
2,294

366
210
135
72
72

19,953
21 007
21,933
16,657
16,415
72 16,485

3,447
2,058
1,609
2,042
1,794
1,750

3,787
2,902
2,822
2,826
2,741
2,768

9,631
6,063
5,632
5,156
4,758
4,710

145 3,391
90 3,691
83 3,308
78 2,433
78 2,440
78 2,448

3,186
5,523
6,026
5,303
5,329
5,357

8,204
10,996
12,547
11,708
11,746
11,758

6,793
11,905
11,829
9,886
9,815
9,782

1,066
2,418
2,550
2,632
2,631
2,611

509
2,051
2,510
2,687
2,787
2,797

4,381
6,933
6,325
6,602
6,639
6,642

3,394
10,559
8,826
8,313
8,169
8,190

95
57
57
55
55
55

* 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.
« Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below.

890



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIncome taxes 1 cellaIn- War jTransfers
neous Social Other Total Net
ter- and j trustto
deSecu- reinterrereacrity ceipts ceipts ceipts* est fense
nal
on
With[counts
taxes
debt activ- j etc.
held2 Other reveities
nue 1

Period

Fiscal year ending:
June 1945
10,289 24,884 6,949 1,793 3 824 47,740 46 457 3,617190,029| 1,646 5,106 100,397
June 1946... , 9,392 21,493 7,725 1,714 3 915 44,239 43,038 4 ,722148,542, 1,918 8,532 63.714
June 1947 . 10,013 19,292 8,049 2,,039 5 309 44,703 43,259 4,958 17,142 1,355 19,051 42,505
1946—June
1,510 5,352
615
399 4,482 4,479 1,395 2,442
650 2,742
695
July.......
974
631 1,574 3,644
514
67 349 2,600 2,539 249 1,190
679
August....
13 1,288 2,932
443
302 223 2,717 2,434 122 1,509
1,070
656
September.
32
974 2,755
705 2,845
89 186 4,481 4,478 648 1,100
October
48 1,276 2,965
752
557
847
74 386 2,617 2,544 160 1,481
27
669
961 2,529
November
1,111
332
290 236 2,639 2,364 105 1,436
722
1,110 3,662
December..
766 2,120
89 416 4,113 4,107 952 l,580J
343i 1,412;
1947—January, ..
693
71 1,288
546 2,117
58 445 3,860
3,113
February.., 1,376 1,845
666
124 1,457
387 368 4,643
2,318
3,914
March . . . .
682
626 1,428!
785 3,865
118 275 5,724
1,544
April. . . . . .
638
2,085
75 315 2,624 2,556 141 1,728!
584 1,012
595
92 1.327
432 2,000
May
400
365 625 3,204 2,865
1,218
602
125 1,484 5,480 5,473 1,396 1,493
June
18 2,632
778 2,492
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts

Fiscal year ending:
June 1 9 4 5 . . . .
June 1946
June 1947....
1946—June
July
August....
September.
October
November.
December..
1947—January...
February..
March
April
May
June

3,239
2.940
3,219
232
276
492
57
159
430
71

219
440
83
157
590
246

Net expenditures
in checking acExInvest- pendi- counts of
Governments tures
ment
agencies

2,757
,261
,785
359
103
122
271
-5
87
237
45
87
201
5
159
476

453
1,618
1,493
140
137
135
112
116
104
109
126
123
134
133
126
137

1,553
95
-196
93
-204
-70
29
-58
26
-27
131
11
-32
-60
-33
90

-67

+ 791J +4,529+57,679
-524j -10.460+10,740
- 5 4 8 j - 1 0 , 9 3 0 --11,136
- 2 6 5 | -4,298 - 3 . 1 6 1
+48| -2,209 - 1 , 1 5 2
-724
-989
+234J
-868 -2,177
-414!
+ 156J -2,101 - 1 , 8 3 7
+ 15 -1,405 - 1 , 2 5 5
-480| -3,163 - 3 , 1 2 8
+628
-125! +1,210
+317i +2,422 +1,642
-224 -2,294
-33!
+269| - 2 , 5 9 8 - 1 , 4 2 3
-245
+642
+99i
-758
-57
-634

Assets

Investments

Expenditures

-938
2,444
2,407
2,817
3, 694
119
253
448
331
-12
192
228
46
78
26
265
60
331
26

3,820
4,735
3,009
467
586
108
216
155
127
125
123
361
207
197
327
477

-53,941
-20,676
+ 754
-873
-1,105
-499
+1,723
-420
-165
+445
+706
+464
+2,102
-1,445
-987

General fund of the Treasury (end of period)
Other

Receipts

! Increase ( + ) or
~r u s t i decrease (—)
l
! during period
counts G e n e r a l
etc 4
Gross
'
fund
! balance debt

Budget
Other Total surplus
exbudget (+) or
pendi- expend- deficit
tures iture!

44
41
17
32
456

121
224
2
-26
110

654

Total

Deposits
in
Federal
Reserve
Banks

Deposits
in
special
depositaries

Other
assets

25,119
14,708
3,730
14,708
12,444
11,431
10,524
8,393
6,965
3,920
5,102
7,478
7,233
4,707
,402
3,730

1,500
1,006
1,202
1,006
702
872
1,445
773
824
682
1,620
2,561
2,369
842
989
1,202

22,622
12,993
962
12,993
10,961
9,842
8,377
6,936
5,487
2,570
2,736
3,363
3,292
2,317
1,807
962

997
708
1,565
708
781
716
702
684
655
668
746
1,554
1,571
1,548
1,607
1,565

Total
liabilities

421
470
422
470
415
391
353
323
300
418
391
344
323
395
336
422

Balance
in
general
fund

24,698
14,238
3,308
14,238
12,029
11,040
10,171
8,070
6.665
3,502
4,711
7,134
6,909
4,312
4.066
3,308

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.

CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY
[In millions of dollars]

INTERNAL REVENUE COLLECTIONS

Period

[On basis of reports of collections. In millions of dollars]
Corporation income
Individual
Estate
income taxes
and profits taxes
and
Other
gift
Normal Excess
Withprofits
Other
and
taxes
profits
held
surtax
taxes

Fiscal year ending:
June—1940
1941
1942
1943
1944
1945 . . . .
1946

982
686

7,823
10,264
9,858
1,245

1,418
3,263
5,944
f0,438
8,770
8,847

Excise anc
other miscellaneous
taxes

1,121
1,852
3 069
4,521
5,284
4,880
4,640

1,618
5,064
9,345
11,004
7,822

27
37
57
84
137
144
91

360
407
433
447
511
643
677

2,000
2,547
3,405
4,124
4,842
6,317
7,036

82
744
192

157
994
330

3
16
4

64
63
74

577
548
634

164

1946—May
June
July
August
September..
October....
November..
December..

1,339
30
1,062
1,243
27

77
1,198
234
80
420

142
692
232
122
752

204
978
344
123
925

4
10
4
3
9

58
43
57
49
62

631
604
706
612
652

1947—January
February...
March
April
May

657
1,971
81
1,014
1,528

2,196
1,082
1,967
648

250
177
1,712
228

266
127
80
66

6
3
3
2

66
84
103
68

639
595
541
572

158

170

63

3

62

539

JULY

30
858

1947




175

1,053
375

Cash
income

Cash
outgo

Fiscal year ending
June—1940
1941
1942
1943
1944
1945
1946.
1946—April
May
June
July
August
September.
October...
November.
December.

7,019
9,298
15,374
25,485
48,254
51,332
48,103
2,934
3,492
4,736
2,703
3,016
4,698
2,803
2,892
4,257

9 ,555
14 ,031
34 ,717
79 ,253
94 ,296
96 ,263
65 ,904
4 .171
4 ,383
5 ,046
2 ,923
2 ,928
2 ,988
2 ,850
2 ,276
3 ,643

1947—January...
February..
March . . . .
April
May

3,948
5,163
5,975
2,862
3,349

2 ,827
3 ,690
3 ,352
3 ,687
3 ,283

Period

Excess
of cash
income(+)
or
outgo(-0
-2,536
-4,733
-19,342
-53,769
-46,043
-44,931
-17,800
-1,237
-891
-310
-219

+88
+1,710
-47
+616
+614
+1,121
+ 1,474
+2,623
-825
+66

891

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES

Liabilities, other than
interagency items

Assets, other than interagency items1
CommodiLoans ties,
resupTotal Cash ceiv- plies,
able and
materials

Corporation or agency

All agencies:
Mar. 31, 1946.,
June 30, 1946..
Sept. 30, 1946.
Dec. 31. 1946..
Mar. 31, 1947.

33,325 ,279
29,869 ,305
29,569 1,157
30.40O 1 .398
32,337 1,588

Classification by agency,
Mar. 31, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
322
Federal intermediate credit banks.
388
Federal land banks
1,076
Production credit corporations....
113
Regional Agricultural Credit Corp.
15
Agricultural Marketing Act Revolving Fund
2
Federal Farm Mortgage Corp
118
Rural Electrification Administration.
581
Commodity Credit Corp
1,277
Farmers' Home Administration
478
Federal Crop Insurance Corp
16
National Housing Agency:
Federal Home Loan Bank Adm.:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company

5,069
5,381
5,949
6,649
7,294

Land, Destruc- ferred
and
tures, undis- Other
and
U. S.
tribGovt. Other equip- uted
secusecu- rities2 ment charges3
rities

1,918
1,550
1,429
1,265
1,003

Investments

1,789
285 20,784
1,767
439 17,438
1,836
390 16,973
1.873
547 16,974
1,985 3,426 15,486

254
326
889

7
6

503
77
3

1,518
1,123
267
769
4,192
7,003
6,514

4.959 26,218
4,939 22,889
3,377 24,069
3,5 24,810
588
3,142 27,268

479
482
496
498
509

39
349
722

1
108
570
172
327

273
37
77
113
15

243

3
214
56
13

383
(4)

6
I
40

198
175
15

1,226
4
22

3
2

8

227
55
1

140

2
113
581
-74
473
-6

176
609

12

7

487

1,508
1
75

48

2

516
56
158
5
41

141 2,587

230

701 3,757

8
9
47
4

193 1,325
953
267
760

212
191
135

393 3,799
6,670
6,453

()

1 J04

143
731

25
560
1
163
37 i', i 70

11

86

6

122

278
1
26
5
33
727

1
9
2

()

126

1

*583

4,457

Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission activities
War Shipping Adm. activities 6
All other7

,133
,234
,250
,252
,250

43
43
137
68

236

Reconstruction Finance Corp. 5 . .

536
325
377
261
169

460 1,741
385 1,605
299 1,536
1,414
1,176

1

180
633
528
57
200
5
42

U.S. PriBonds, notes,
Gov- vately
and debenerntures payable Other ment owned
liabil- inter- interest
Fully
ities
est
guaranteed Other
by U.S.

3,305
6,507
23 3^227 1,894

29
115
10

36

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1947
Purpose of loan

Fed.
Home
Fed.
Banks Com- Rural
Fed. Farm inter- for co- modity Elec- Farm- Owners'
land Mort. medi- opera- Credit trifica- Home
ers'
ate
banks Corp. credit tives Corp.
Loan
tion
Adm. Adm. Corp.
banks

To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions :
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
Total loans receivable
(net)

957

137

326

255

201

570

Fed.
ExFed.
Public home R.F.C. portand
Hous- loan affili- Iming
port
Auth. banks ates Bank

600

150
163

68

29

(4)

889

108

326

278

1

29

(4)

273

13

254

172

570

327

583

278

236

12
2
239
226
66
765

3,056
663

2,884
659

167
204

171
192

5

40

236

Dec. 31,
1946,
All
all
agen- agencies
cies

10
27
17
41

(4)

596

All
other

19
295
2,284
623
478
6,649

1,515
(4)

* i!ioo
86
10

17
238
2,854
590
497

1,508

1,277

7,294

1

Assets are shown on a net basis, i.e., after reserves for losses.
2 Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—June 30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; International Monetary Fund Quota—Mar. 31, 1947, 2,750.
3 Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
5
Less than $500,000.
Includes U. S. Commercial Company and War Damage Corp.
6
Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities.
'Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and
those of The Virgin Islands Co. are as of Dec. 31, 1946.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.

892



FEDERAL RESERVE

BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation)

Income
payments 1
value)
935-39
=100

Year
and
Month

Ad-

1919
1920
1921
1922
1923 . . . .
1924
1925
1926
1927
1928 .
1929, . . .
1930
1931

Employment*
1939=100

Manufactures
Total
Durable

justed

Construction
contracts
awarded (value) 1
1923-25=100

Industrial production
(physical volume)* J
1935-39=100

Nondurable

Minerals

Total

Residential

All
other

Nonagricultural

Factory

DepartFac- Freight ment Wholesale
tory arload- store com- I!ost of

pay
sales
ings*
modity living*
rolls* 935-39 (val- prices4 935-39^
939= —100 ue)**
1926 = 1 0 0
100
935-39
—100
=100

AdAdUnad- A d AdAdAdAdAdAdUnad- Unad- Adjusted justed justed justed justed justed justed iusted justed justed justed justed justed

P170

84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
P192

62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
J*165

71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
P134

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

63
63
56
79
84
94
122
129
129
135
117 .
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
153

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
143

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102
161

Adjusted

Unadjusted

Unadjusted

103.7
104! 2
79.7
88.2
101 0
93.8
97.0
98.9
96.8
96 9
103.1
89.8
75.8
64! 4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
177 7
172.4
151.8
142.0

102'.8
95.8
86 3
75.7
76.1
84.0
87.8
95.1
101.1
94.6
100 0
105.8
119.4
131 .1
138 8
137.0
132.0
134.4

103.9
124 2
80.2
86 0
109 1
101 .7
107 2
110.5
108 5
109 7
117.1
94.7
71 8
49.5
53.1
68.3
78.6
91.2
108.8
84.7
100 0
114.5
167.5
245.2
334 4
345.7
293.4
266.4

120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
80
92
107
111
89
101
109
130
138
137
140
135
132

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
186
207
264

138.6
154.4
97! 6
96 7
ioo!6
98 !i
103.5
100 6
95! 4
96 7
95.3
86.4
73 0
64! 8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78! 6
87.3
98.8
103 1
104 !o
105.8
121.1

123.8
143! 3
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122 6
122! 5
119.4
108 7
97!6
92.4
95.7
98.1
99.1
102.7
100.8
99 4
100.2
105.2
116.5
123 6
125! 5
128.4
139.3
126.4
126.5
126.5
126.6
127.0

1939
1940
1941 . . .
1942
1943.. . .
1944
1945
1946

122.9
109 1
92 3
70 6
68 9
78.7
87.1
101.3
107.7
98.5
105.4
113.5
138.0
174.6
213.0
233.4
239.1
*245.1

1944
August...
September
October..
November
December

234.0
232.5
235.5
237.5
239.0

232
230
232
232
232

235
234
234
232
230

348
342
344
341
343

168
168
169
173
173

142
143
143
143
137

41
39
42
46
51

13
13
13
13
14

63
61
65
73
81

136.5
136.0
135.5
135.4
135.9

170.7
169.3
168.1
167.2
168.0

172.0
170.1
168.5
167.7
168.3

343.1
341.9
343.8
341.0
346.7

14?
139
137
141
137

'188
190
193
'200

103.9
104.0
104 1
104.4
104.7

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

48
59
72
70
58
50
54
61
69
83
94
108

14
13
15
18
20
22
23
24
26
36
44
56

75
96
118
11?
89
73
7<
91
104
121
134
150

136.2
136.6
136.4
135.8
134.8
134.2
132 9
13l!8
125.8
125.4
126.5
127.0

168.8
169.3
168.3
166.0
163.6
160.3
155.0
150.4
130.1
129.5
130.1
130.6

168.2
168.7
167.7
165.2
162.5
160.0
155 6
15i!7
130.8
129.9
130.5
130.9

347.0
347.5
345.7
338.,
324 9
321.8
306 6
273.6
228.7
227.
227.7
231.4

144
139
145
141
141
140
139
128
127
118
13.
12

198
••207
'214
184
190
203
'214
'201
203
213
'2?'
P22O

104.0
105.2
105.3
105.7
106.0
106.1
105 Q
105! 7
105.?
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

1946
January..
February.
March. . .
April
May
June
July
August...
September
October. .
November
December

233.5
231.7
234.7
236.4
239.7
240 9
250.6
252.1
246.6
254.5
259.2
261.6

160
152
168
165
159
170
172
178
180
182
183
182

156
148
164
163
159
171
174
18
184
18
18
18

166
138
183
190
175
193
202
208
212
214
214
211

161
167
166
164
161
16?
157
164
165
168
173
174

141
141
137
104
115
139
146
144
146
145
136
13

107
136
147
170
169
174
165
158
15
14.
139
15

61
95
129
172
179
177
161
157
147
140
122
143

145
169
161
168
16
17!
16!
158
155
148
152
163

129.0
127.2
130.5
132.4
133.5
134.5
134*9
136! 6
137.7
138.1
139.0
139.3

133.2
124.4
132.6
139.4
140.7
142 ?
143.0
146.3
148.6
149.1
151.5
152.4

132.
123.
132.
138.
139.

234.
214.
238.
254.

13
12
130
10
10
13
13
14
13
13
13
14

227
250
'256
252
'259
276
27.
290
270
25
'27

107.
107.
108.9
110.
129!
124.
134.
139.
140.

129.9
129.6
130.2
131.1
131.7
133! 3
141.2
144.1
145.9
148.6
152.2
153.3

1947
January..
February.
March. . .
April.....
May

263.6
263.6
264.5
26?.6
P264.9

189
189
190
186

22
222
225
222
P220

177
176
176
172
P169

146
146
148
14
P152

14
15
13
13

144
152
129
12.
P108

148
149
134
142

139.2 153.4
139.fi 154.4
139.9 154.6
138.7 153.8
P152.2

152.
153.
154.
152.
P151.

15
14
14

26.
'268
'273

141.
144.
140.
147.
146.

153.3
153.2
156.3
156.1
155.8

1932.!!!
1933.,..
1934 . . .
1935 . . .
1936
1937
1938 . . .

P186

18
18
18
18
P18

P12

141
143

147!
149.
149.
152.
152.

253

262.
267!
284.
200.
292.
298.
306.
307.
310.
313.
310.

••1.3

14

••276

'27
29

Ill

112.
124

r
* Average per working day.
P Preliminary.
Revised
1
Department of Commerce series on value of payments to individuals.
* For indexes by groups or industries, see pp. 894-897. For points in total index, by major groups, see p. 914.
* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see o. 891 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.
* For indexes by Federal Reserve districts and other department store data, see pp. 903-905.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pr>. 933-937, and October 1043, pp. 958-Q84;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
stores sales. June 1944, pp. 549-561.

JULY

1947




893

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average=100]

Industry
May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y
Industrial Production—Total.

159

170

172

178

180

182

183

182

189

189

196

186 P186

Manufactures—Total

167

176

177

184

186

188

191

190

196

197

198

194 P192

175

193

202

208

212

214

214

211

221

222

225

222

109

154

180

184

185

184

178

159

192

191

196

195

86
126
98
319

144
167
142
343

178
190
169
343

186
196
170
381

184
196
172
366

183
195
171
369

174
193
163
404

152
174
145
381

193
206
177414

191
207
174
446

194
213
179
457

189
213
178
468

230

241

243

254

261

268

271

276

277

277

281

275 v273

239

238

241

242

240

237

235

235

229

233

•238

162

167

176

182

188

185

187

187

181

190

197

128

137

151

159

172

184

192

197

204

'205

105

110

140

150

161

168

175

181

138

147

155

163

176

191

129

133

120

135

137

123
142

127
146

121
144

126
152

175

190

192

193
133
213
127
140
187
222

209
119
240
155
148
194
232

218
129
249
155
147
187
233

Durable Manufactures.. .
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery

193
215
179
476

1

Manufacturing Arsenals and Depots . . .
Transportation Equipment
Automobiles2
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government) l
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...
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

W86

r

199

197

184

'195

203

203

212

200

142

141

142

147

147

152

127
155

135
157

132
160

131
161

137
167

138
166

135
161 P159

197

204

200

202

210

219

219

218

211 P198

215
114
251
159
150
215
242

238
161
265
162
150
212
235

227
158
250
156
149
212
241

226
152
251
162
150
215
252

232
135
265
177
152
219
263

245
149
278
182
168
227
271

235
154
263
203
164
232
260

241
159
269
192
165
224
258

234 228
151
163
263 250
175
141
165 P161
218 P204
249 P240

161

162

157

164

165

168

173

174

177

176

176

172

165

165

145

163

168

169

174

164

172

173

172

166 P162

153
149
251

154
152
245

133
127
239

152
149
240

156
153
242

157
155
248

163
164
256

152
141
254

160
161
263

161
161
262

160
160
270

154

174
134
231
176
180
170
176

174
137
225
175
178
170
178

144
101
192
143
147
138
151

173
137
226
173
178
165
176

181
144
239
180
183
176
184

178
143
230
177
177
176
181

181
161
230
178
178
177
181

180
165
223
175
171
180
181

171
155
214
166
160
175
173

178
174
222
169
158
184
178

172
182
210
161
145
183
171

160
170
196
150
130
178
158

127

128

103

120

119

117

121

115

116

120

'122

115

104
124
75
49
118

107
128
75
45
128
142

99
117
66
45
125
106

101
119
70
49
124

101
114
81
51
134

97
103
78
67
141

110
121
91
70
137
129

113
127

118
134

'122
140

r98

rOQ

67
117
118

133

131

81
108
121

rOO
r84

130

110
122
94
68
130
117

119
136
104
79
96
113 P109

136

146

156

162

161

147

156

145

155

162

158

142
145

139

150

109

127

100
131
P120 >129 P 1 3 6 P137
62
62
73
74
167 168 169
163 174 178 173

135

135

i 43
79
168
163

102
121

P150

'157 P158
160

P148

P153
P143

P146

P146 P147 P148 P 1 4 9 P153 P154 P152'
77
82
81
85
82
79
79
79
198 '206
190
164 172 172 178 185
164 173
142 143 148 147 152

r
l
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
2
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies.
$>arts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.

S94



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1946

1947

Industry
May

June July

Aug. Sept. Oct. Nov.

Dec.

Jan.

Feb.

Mar. Apr.

May

151
154
159
119
102

Manufactured Food Products—Continued
120
151
90
68
94

85
97
65
60
126

165
190
145
132
121

138
141
139
134
110

38
24
41
81
93

115
116
107
140
131

163
179
150
160
116

151
151
162
138
105

163
172
164
133
108

159
165
167
121
104

149
143
169
122
101

150
153
159
121
105

156
158
136
159

151
162
123
153

153
175
109
154

151
155
107
158

150
143
110
159

154
167
123
156

160
160
135
164

168
170
147
172

165
158
157 137
138 142
171 '166

*-160
r
151
145
r
165

161
144

p

168

P\63

155

161

176

174

227

206

213

234

241

223

208

189

162

109
60
352
387

123
61
343
367

128
65
377
426

123
56
426
427

197
71
384
461

179
68
241
460

194
64
191
463

202
158
333
426

183
188
623
408

157
179
695
372

160
151
619
314

154
131
503
276

149
106
350
194

163
...

153

140

155

157

173

169

148

158

168

158

160

142

10
1
219
71

108
200
76

99
110
181 202
72 ' 79

112
205
76

127
226
79

131
216
81

109
192
72

112
208
69

110
98
228
216
. 67
66

94
221
68

106
187
55

142

146

136

147

150

152

153

150

156

157

159

156

P160

138
150
92
100
223
• . 133
136
160
84
141
143
128
83

142
161
99
107
250
137
139
164
85
143
142
132
83

131
147
96
101
229
122
129
155
72
127
138
124
84

142
156
98
110
238
132
140
169
85
134
151
135
83

144
162
101
111
249
136
142
172
85
138
152
133
87

146
163
106
108
244
141
144
172
89
144
155
135
85

147
162
96
109
248
139
145
175
90
142
156
136
84

146
159
98
109
236
139
144
168
86
155
152
134
87

150
166
99
109
252
145
147
179
83
153
148
137
87

151
171
100
109
260
150
148
181
83
155
142
137
89

154
174
99
113
266
151
151
180
88
160
151
139
89

150
169
97
112
254
150
147
178
87
158
144
132
93

P154

124

129

124

129

128

132

130

138

138

140

142

141

P142

108

116

121

123

117

119

118

120

122

125

124

124

125

Pl 74

P178

P179

P177

P185

P181

P181

138
168
132
167

140
170
146
175

144
166
135
172

149
164
152
162

146
165
153
155

145
160
159
163

148
161
147
150

148
167
154
162

142
166
160
175

143
170
162
185

142
174
167
176

139
163
156
170

P142

73
75
16

137
133
276

160
155
336

165
159
369

166
161
352

167
160
406

152
148
272

143
139
278

171
163
410

172
165
416

172
165
424

166
162
324

169
161
433

• . 231
.

233

235

237

235

238

243

249

253

252

252

251

P251

143
121
261
383

146
122
256
389

150
120
255
396

153
117
262
395

149
114
267
395

148
111
271
402

150
115
279
411

152
128
281
422

154
131
288
430

156
136
290
429

157
135
289
432

155
137
291
432

P136
P296
P430

Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
Processed fruits and vegetables
Confectionery
.. .
Other food products
..
... .
Alcoholic Beverages

M^alt liquor
Whiskey
Other distilled spirits
Rectified liquors

.

•

.

\3S

Industrial Alcohol from Beverage Plants^
Tobacco Products. .
Cigars

•

• •

•

Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp

.

. .

Soda pulp
.
Sulphate pulp
.
....
Sulohite D U I O
Paper
Paperboard
Fine paper
Printing paper
. .
Tissue and absorbent paper

•

Newsprint
. •
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
.
Printing paper (same as shown under Paper)
Petroleum and Coal Products

P163

Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition1
Other chemical products1

. . . .

.

....

P182

P181

P178

P180

P185

152
184
88
160
148
141
92

... 215

218

211

221

234

234

243

252

247

246

239

234

P224

Minerals—Total

115

139

146

144

146

145

136

137

146

146

148

142

P152

Fuds

124

149

153

150

151

150

140

141

151

150

153

144

P156

73
60
125
149

142
156
86
153

153
159
128
154

149
156
120
151

155
163
125
149

152
160
124
149

118
116
123
150

128
130
121
147

162
173
118
146

151
162
107
150

153
163
113
153

122
127
102
155

P155
P168

63

78

103

107

111

111

117

111

117

122

117

P135

P124

Metals other than gold and silver

89

114

147

148

153

157

169

153

158

166

159

P189

P170

(Copper; Lead; Zinc)1
Gold
Silver

32
13

32
21

44
35

50
49

52
58

44
60

44
58

53
55

60
64

61
66

58
68

Rubber Products

. . . . .

Coal
Bituminous coal
Anthracite
Crude petroleum
Metals

.

.

,

.

P157

r
1
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2

JULY 1947



895

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1946

1947

Industry
May June July Aug. Sept. Oct. Nov. Dec.

Jan. Feb. Mar. Apr.

Industrial Production—Total.

159

171

174

180

184

184

183

180

185

Manufactures—Total

167

176

178

186

191

191

192

188

192

175

194

203

210

214

215

214

209

218

109

154

180

184

185

178

159

192

86
126
98
319

144
167
142
343

178
190
169
343

186
196
170
381

184
196
172
366

183
195
171
369

174
193
163
404

152
174
145
381

230

241

243

254

261

268

271

239

23ft

241

242

240

237

162

167

176

182

188

185

128

137

150

159

172

105

110

139

150

161

138

147

155

163

131

141

137

126
142

138
146

180
204
133
228
134
140
190
222

Durable Manufactures
Iron and Steel

Pig iron
Steel
Open hearth.
Electric
Machinery

May

185

187

P184

P186

193

'195 P193

P192

220

223

P221

P220

191

196

195

197

193
206
177
414

191
207
174
446

194
213
179
457

189
213
178
468

193
215
179
476

276

277

277

281

•P275

P273

235

235

229

233

'238

P237 P233

187

187

181

190

'197

P193

184

192

197

204

'205

199

197 P192

167

176

182

184

'190

196

203 P200

176

191

198

203

212

211

'200

194

144

147

142

159

129

126

135

140

143 '144

133
144

140
152

144
152

136
155

131
157

114
160

107
161

118
167

126
166

134 '136
161 '159

191

193

204

212

209

207

203

208

205

209

208 '204

207
119
237
166
147
198
232

211
129
239
171
147
187
233

223
114
261
179
154
215
242

242
161
270
188
155
216
235

232
158
258
181
158
218
241

228
152
254
175
155
219
252

218
135
247
161
158
224
263

241
149
273
148
156
218
271

229
154
255
154
156
221
260

241
159
269
157
159
•215
258

234 241
151 163
263 268
166 148
160 •160
215 '207
249 '240

184

Manufacturing Arsenals and Depots l.
Transportation Equipment
Automobiles *
.
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products.

Smelting and refining
(Copper smiting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin)1
,
Fabricating
(Copper oroducts: Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)1
Lumber and Products.

Lumber...
Furniture.
Stone, Clay, and Glass Products.

Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products *.
Nondurable Manufacture
Textiles and Products.

Textile fabrics
Cotton consumption
Rayon deliveries
.
Nylon and silk consumption *...
Wool textiles
Carpet wool consumotion. .
Apoarei wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.

Leather tanning
Cattle hide leathers
Calf and kio leathers
Goat and kid lathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.

Wheat flour
Cane sugar meltingsl
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice Cream..

189

160

162

159

166

172

172

174

172

172

171

171

169

165

165

145

163

168

169

174

164

172

173

172

166

153
149
251

154
152
245

133
127

152
149
240

156
153
242

157
155
248

163
164
256

152
141
254

160
161
263

161
161
262

160
160
270

154 •150
154 148
270 273

174
134
231
176
180
170
176

174
137
225
175
178
170
178

144
101
192
143
147
138
151

173
137
226
173
178
165
176

181
144
239
180
183
176
184

178
143
230
177
177
176
181

181
161
230
178
178
177
181

180
165
223
175
171
180
181

171
155
214
166
160
175
173

178
174
222
169
158
184
178

172
182
210
161
145
183
171

160
170
196
150
130
178
158

127

127

101

119

118

117

123

114

116

123

121

115

113

105
124
72
48
127
142

104
123
77
46
127
142

94
110
66
45
116
106

100
115
73
47
127

99
111
80
51
131
131

98
104
80
67
141
130

114
126
94
68
145
129

110
122
92
68
124
117

113
130
109
118

127
145
'104
84
119
121

121
140
'97
83
99
121

118
136
100
82
94
113

109

137

137

161

164

158

158

157

149

140

140

144

96

104

125

147

143

146

153

162

160

157

143

'160
80
222
227

189
86
237
240

•197
89
207
207

151
76
171
150

120
68
148
115

P96
59
129
103

P95

P95
68
132
119

107
71
151
137

127
77
178
161

P202
84 102
214 255
196

133
164
130
175
81
189
179

62
124
114

r

168

138

r
l
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is currently based upon man-hour statistic* for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
2

896



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1946

1947

Industry
May June July Aug. Sept. Oct.

Nov. Dec.

Jan.

Feb.

Mar. Apr. Ma;

138
133
154
115
99

Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.

120
151
90
70
96

84
97
63
60
117

154
167
147
132
116

122
108
141
132
107

37
19
44
89
100

117
109
117
160
136

181
210
156
172
116

175
199
162
130
103

191
225
168
124
115

152
162
153
106
105

Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products

140
103
104
156

141
125
91
154

162
228
89
157

173
255
115
161

188
315
142
163

173
216
161
164

166
147
159
172

164
132
149
175

150
102
142
164

'L43
86
144
158

157

174

187

174

237

221

196

210

206

195

187

182

167

124
60
211
387

154
61
213
367

160
65
219

141
56
230
427

199
71
526
461

166
68
624
460

149
64
401
463

161
158
366
426

150
188
405
408

142
179
417
372

149
151
403
314

162
131
302
276

170
106
210
194

164

159

145

161

166

179

172

138

157

160

149

110
219
71

108
210
77

99
190
72

110
212
77

112
219
81

127
235
85

131
221
83

109
177
63

112
208
68

110
215
65

98
201
66

142

147

136

147

150

152

153

150

156

157

159

138
151
100
100
223
133
136
160
84
141
143
128
83

142
162
100
107
250
137
139
164
85
143
145
132
84

131
146
86
101
229
122
128
155
72
127
133
124
82

142
154
86
110
238
132
140
169
85
134
151
135
82

144
160
90
111
249
136
142
172
85
138
152
133
87

146
162
98
108
244
141
144
172
89
144
156
135
85

147
162
101
109
248
139
145
175
90
142
156
136
85

146
159
99
109
236
139
144
168
86
155
147
134
85

167
103
109
252
145
147
179
83
153
147
137
87

151
171
104
109
260
150
148
181
83
155
147
137
89

126

129

115

123

128

135

135

141

133

112

115

104

111

119

125

129

126

114

P!63 P174

P!78

Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors

139
139
149
118
102

151
154
159
124
104

142 P143
83
88
135
159
161

Industrial Alcohol from Beverage Plants l .
Tobacco Products
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
•
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp.
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing.
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products.
Petroleum r e f i n i n g 2 . . . . . . . . . .
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 4
Other chemical products l . . .

P181

'177 P!78

142
94
205
68

106
187
55

154
175
106
113
266
151
151
180
88
160
151
139
89

150
171
106
112
254
150
147
178
87
158
146
132
95

152
184
88
160
148
141
93

138

145

144

145

122

129

131

P180 P185 P185 P181

148
167
152
167

142
166
155
179

143
170
160
194

142
174
165
180

139
163
162
174

Pi 42

143
139
278

171
163
410

172
165
416

172
165
424

166
162
324

169
161
433

250

252

253

254

251 P250

149
116
279
411

152
128
281
422

151
128
288
430

154
134
290
429

157 P157
135 P135
289
432 P435

138
168
137
169

140
170
146
164

144
166
133
160

149
164
151
155

146
165
153
154

145
160
159
163

73
75
16

137
133
276

160
155
336

165
159
369

166
161
352

167
160
406

231

231

232

233

235

240

148
272
244

147
117
261
383

150
119
256
389

149
119
255
396

151
119
262
395

148
119
267
395

148
116
271
402

148
161
147
155

158
132
296
430

215

218

211

221

234

234

243

252

247

246

239

234

P224

Minerals—Total.

115

141

150

147

149

147

135

132

141

141

143

139

P!54

Fuels

124

149

153

150

151

150

140

141

151

150

153

144 P156

73
60
125
149

142
156
86
153

153
159
128
154

149
156
120
151

155
163
125
149

152
160
124
149

118
116
123
150

128
130
121
147

162
173
118
146

151
162
107
150

153
163
113
153

122
127
102 P104
155

62

95

126

132

136

126

105

76

81

89
116

143
233

188
295

189
282

192
282

180
252

144
174

92
58

Rubber

Products...

Coal

Bituminous coal.
Anthracite
Crude petroleum

Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

84
104
73

r

83 Pill P139

103
72

173

201
279

p
p Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
* This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.

JULY 1947



897

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory pay rolls

Factory employment
Industry group or industry

1946

1946
Apr.

May

Jan.

Feb.

Mar.

Apr.

May

Mar.

1947

Apr.

Jan.

May

Feb.

Mar.

Apr.

Total
Durable goods
Nondurable goods..

138.5 139.6 152.7 153.7 154.0 152.9 151.0 238.3 254.8 253.5 307.3 310.6 313.9 310.4
155.9 159.0 178.0 180.1 180.9 180.7 179.1 244.8 275. 275.1 340.0 344.6 350.2 350.2
277.4 278.3 271.5
124.8 124.3 132.8 133.0 132.8 130.9 128.9 232.1 234.4 232.3 275

Iron and Steel and Products
Blast furnaces, steel works, e t c —
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

140.7
120
166
117
122
108

139.1
115
169
125
125
109

156.5
124
168
131
140
136

157.5
124
165
130
142
138

158.1
124
164
129
143
139

158.0 157.6 225.1
189
125
164
213
132
178
141
209
136
182

145
128

150
130

174
153

173
154

173
155

168
153

136

140

162

163

166

218
219

242.1
193
293
206
230
195

232.3
176
291
207
236
192

287.9
209
303
243
292
278

287.9
209
293
239
299
274

294.2
213
305
243
300
282

295.7
220
309
249
301
277

263

270
246

331
318

332
314

336
325

330
324

306

307

242

166

288
233

323.0 425.6 422.9 431.2 398.4
177.9 194.2 230.8 232.0 231.. 218.7 211.1 232.3
Electrical Machinery
296.6 245
315
319
155
317
324
176
175
173
148
130
175
Electrical equipment
416
410
308
420
213
212
286
423
206
170
165
213
Radios and phonographs
209
300
322.5 406.6 409.6 416.6 423.0
186.1 194.1 222.0 223.5 225.1 226.6 225.7
Machinery except Electrical
312.9
Machinery and
machine-shop
352
284
350
358
190
355
191
258
170
171
191
189
290
products
493
370
492
495
498
244
244
231
185
198
241
244
312
Engines and turbines
274
192
273
286
279
175
199
130
150
176
179
175
178
Tractors
308
228
295
333
313
169
170
147
178
166
168
175
Agricultural, excluding tractors . . . 109
279
260
283
270
276
158
257
162
161
156
163
161
261
Machine tools
333
292
343
320
327
195
291
183
183
190
204
199
Machine-tool accessories
288
485
402
467
485
490
247
359
213
219
246
243
245
378
Pumps
325
257
346
388
359
201
200
142
154
207
194
191
Refrigerators
232
Transportation Equipment, except Autos. 317.6 309.2 298.4 297.6 296.7 300.8 304.5 525.5 578.7 558.3 562.6 558., 556.9 565.3
668
660
669
662
553
566
359
524
311
356
363
Aircraft, except aircraft engines. . . 304
358
507
535
488
480
469
293
316
384
458
294
315
331
322
Aircraft engines
378
396
385
397
499
307
206
549
279
202
555
206
203
Shipbuilding and boatbuilding.
173.0 250.7 241.4 321.1 337.. 347.7 343.4

Automobiles

160.5 167.8 187.7 196.6 198.2 200.5 192.

Nonferrous Metals and Products
Primary smelting and refining.
Alloying and rolling, except aluminum
Aluminum manufactures

153.4 157.0 186.9 188.5 187.5 184.8 180.9 252.1 276.2 281.4 354.8 360.0 359.0 353.0
279
270
282
284
176
101
102
182
173
146
149
148
148

Lumber and Timber Basic Products.
Sawmills and logging camps
Planing and plywood mills

133
135
197
188
123., 127.8
75
77
93
95

301
382
140.9 142.3 145.4 148.9 153.2 219.1 231.7 244.2 292.4
163
132
147
83
140
80
81
79
216
175
165
107
170
106
106
106

162
217

164
216

161
215

159
208

200
299

240
330

233
321

307
375

299
383

295
363

310.7 312.6 326.2
182
175
175
226
220
222

283.1 292.0 r292.0 286.8
279 r289
289 '282

Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products.
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products

116.3 r116.2 131.
115
129

Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles

102.8 103.0 108.6 109.1 108.6 106.9 104.4 211.4
112
112
119
119
119
118
242
75
76
80
80
80
164
78
107
107
109
106
109
103
234
71
71
76
76
75
74
129
95
94
99
99
99
181

214.4
246
167
239
131
179

Apparel and Other Finished Textiles.
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery

126.7 126.0 138.0
110
111
124
83
85
97
141
139
147
101
81
95

259.0
219
171
297
173

Leather and Leather Products. .
Leather
Boots and shoes

103.3 103.4 104.4 104.9 104.5 103.2 101.3 203.6 205.3 204.6 220.8 223.0 222.4 214.9
92
93
179
185
183
92
165
159
186
92
92
164
92
89
198
90
198
190
90
185
185
90
183
199
89

Food and Kindred Products
Slaughtering and meat packing.
Flour
Baking
Confectionery
Malt liquors
Canning and preserving

121.6
115
118
107
104
140
68

Tobacco Manufactures. . .
Cigarettes
Cigars

90.8 91.2 96.1 95.4 92.2 87.5
120
121
124
120
122
120
76
77
79
83
82
72

217.9 223.9 221.6
2\S '222 '220
131.1 132.3 144.9 144.5 145.3 146.0 142.4 223.1 230.3 230.2
147
243
247
250
146
146
148
149
149
105
177
109
121
121
155
172
122
123
99
102
180
111
112
169
181
111
114
134
215
132
217
219
152
152
150
152

119.9
113
110
104
98
139
70

128.4
128
123
108
114
146
70

134.5 r134.2 r132.1
132
131
129

141.7
125
100
154
102

123.9
124
123
106
111
145
61

r

141.9 135.0 130.1 259.1
212
125
124
100
170
99
155
142
299
103
86
207

123.5
119
123
106
113
146
57

125.0 125.7 209.7
191
115
214
121
107
183
114
186
150
200
60
132

208.5
181
203
179
193
195
149

r

280.0
283
198
227
270

278.4
271
201
227
279

285.7
284
203
232
288

288.8
289
209
236
290

213.5
244
167
238
131
175

254.3
304
201
252
156
215

262.0
309
207
275
158
217

265.0
322
209
262
158
218

255.4
315
201
248
146
215

254.2
222
177
287
115

300.6
277
226
322
170

314.1
281
234
345
202

311.5
281
234
340
197

267
227
278

205.1
181
182
171
174
201
150

256.4
268
268
201
226
236
158

242.5
238
257
195
227
234
137

239.3
211
261
193
232
240
130

274.3

138

243.1
211
253
195
231
252
140

89.1 171.3 174.6 181.1 209.4 201.0 193.1 180.&
217
242
227
218
202
234
205
156
164
195
176
159
162
186

r
Revised.
NOTE.—Indexes for totals, major groups, and industries in the Furniture and Apparel groups have been adjusted to final 1945
data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown
are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for May 1947 are preliminary.

898



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
1946

Industry group or industry

1947

1947

1946

Mar.

Apr.

May

Mar.

Apr.

May

Jan.

Feb.

145.9
126

145.0
125

144.1

Apr.

May

Jan.

136.0
119

136.8
120

145 .6 145.9
125
126

123

123

127

127

122

123

126

132

131

131

118.5

118 7 127 2 128 1 128 2 128 6 128.8

108

109

114

116

117

118

154

122

121

132

131

130

130

200

Chemicals and Allied Products . .
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers

187.1
187
122
170

182 8 195 6 197 1 197 5 196 2 194 1 317 0
188
301
198
197
198
197
121
122
121
200
122
121
168
179
180
276
179
179

318 8
302
201
283

311 1 362 9 372 6 377 5 378.3
360
305
353
363
363
239
200
220
236
236
330
324
327
278

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

Paper and Allied Products
Paper and pulp
Paper goods, n . e . c
Paper boxes
Printing and Publishing

. . . .

Newspaper periodicals
Book and job
.. .

Rubber Products
Rubber tires and inner tubes
Rubber goods, other

176

181
78
155

177
65
131

141.9
134
113
179.1
193
130

. .

199

Feb.

Mar.

Apr.
290.9
255

238.6
210

240.0
213

285.1
247

288.1
251

290.9
253

212

212

212

246

246

249

130

191

235.4
208

126

213

216

217

258

257

261

257

183.8

185.6

186.4

219.6

221.8

227.7

230.9

158

161

185

191

197

202

200

197

235

234

239

240

192

310

307

267

320

308

158
84
146

377
198
387

342
168
363

319
140
301

332
295
328

334
281
361

147.7

237.2
218
210

238.9
221
193

2 34.4 253.9
222
228
169
223

185.0

298.2
281
242

319.7
313
241

322.1
314
241

185

188

156
114
137

155
108
149

156
99
153

140.6
134
105

145.4
135
118

146.0
135
120

145.9
135
119

145.4
134
119

179.7
193
129

198.8
204
148

198.2
201
148

196.5
199
146

193.5
195
144

386.3
361
303

248

311

315

333
254
385

336
207
381

256.8
229
231

262.1
235
229

264.2
236
230

385.0
358
303

374.3
344
299

383.9
358
298

165 1 166 3 179 3 180 9 182 1 179 8 176 5 295 7 304 2 303 1 356 7 360 0 367 6 361 0
203
328
330
326
198
182
182
346
342
331
328
181
180
250
272
136
271
221
139
147
147
220
146
148
254
215

Instruments, scientific
Photographic apparatus
For footnotes see page 898.

FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1947

1946
Group

Apr.

Preliminary.

June

July

Aug.

Sept.

Oct

Nov.

Dec.

Jan

Feb

Mar.

Apr.

139.4
156.2
126.1

Total
Durable
Nondurable

May

140.7
159.2
126.2

142 2
162 3
126 3

143 0
165 2
125 6

146.3
169.7
127.8

148.6
172.7
129.6

149. 1
173. 8
129. 7

151 5
176 4
131 8

152.4
177.1
133.0

153 4
178 7
133 4

154. 4
180. 8
133. 6

154.6
181.5
133.4

153 8
181 2
132 2

May

P152.2
P179.3
P130.9

NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry group

1946

1946

Mar. Apr. Dec. Jan.
All manufacturing..

.

Durable Goods.
Iron and steel products
Electrical machinery
Machinery except electrical
Transportation equipment except autos.
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished basic products. . .
Stone, clay, and glass products
Nondurable Goods
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied industries.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries

Feb. Mar. Apr

Mar.

Apr.

1947
Jan.
Dec.

F e b . Mar.

Apr.

40.7

40.5

40.9

40.6

40.4

40 4 40.1

103.5 105.8

114 8 116.1 117.0 118 0 118 6

40.6

40.4

40.8

40.5

40.5

40.7

40.5

110.3 113.1

121.6

122.4 122.9

40.0
40.3
41.7
40.0
37.0
42.2
41.1
42.5
41.6

39.9
40.2
41.5
39.9
37.4
41.8
41.3
42.3
41.3

39.8
41.1
41.4
40.6
39.4
41.7
41.7
42.2
41.0

40.2
40.5
41.4
40.2
38.9
41.0
40.6
41.8
40.5

40.0
40.0
41.3
39.7
38.8
41.0
42.1
41.9
40.1

40.4
40.6
41.5
39.9
39.7
40.9
41.1
41.7
40.5

40.4
39.4
41.5
39.9
38.5
40.8
41.5
41.5
40.6

116.9
103.6
117.2
126.4
126.4
111.3
84.8
88.8

118.0
109.6
117.9
131.6
130.2
113.1
85.6
90.3
100.4

124.8
119.5
127.7
136.2
139.5
121.0
93.1
100.7
111.9

126.1
119.9
128.3
135.6
139.0
121.7
96.2
101.5
112.5

125.8
120.3
129.0
136.7
139.9
122.2
97.9
102.2
113.3

126.9
121.4
129.8
136.1
139.4
122.6
98.8
103.0
114.4

128.1
121.8
130.6
136.3
140.4
123.1
99.3
103.0
114.9

40.9

40.6

41.1

40.7

40.4

40.1

39.6

97.5

98.8

107.7

111 .9

112.2

40.3
37.2
40.5
42.8
39.2
43.5
41.0
41.4
40.0
40.3
41.8

40.9
37.0
39.1
44.4
40.2
43.7
41.5
41.6
40.0
41.1
41.6

40.5
36.9
39.3
43.6
39.2
43.2
41.0
41.5
40.2
40.6
41.1

40.4
36.9
39.5
42.7
37.8
43.2
40.1
41.4
40.1
40.6
41.0

40.0
36.7
39.1
42.3
37.5
43.2
40.3
41.3
40.2
39.8
41.0

39.1
35.5
38.3
42.1
36.8
43.0
40.1
41.0
40.6
39.6
40.7

85.8
96.1
91.7
94.3
83.0
95.7
123.5
103.3
130.7
113.8
99.9

86.9
96.6
92.8
95.2
83.0
96.6
124.8
104.5
133.2
123.2
101.5

95.9
100.6
101.8
105.8
94.7
107.1
137.4
113.3
136.2
133.1
110.3

109.4
97.0
103.7
102.3
108.4
93.8
108.8
138.1
114.3
137.2
133.0
112.0

110.7

40.4
37.5
40.8
42.9
39.7
43.9
41.2
41.6
40.8
40.8
42.1

99.7
104.9
102.1
108.8
93.7
109.8
141.5
116.5
138.2
133.1
112.3

102.4
104.5
103.1
108.8
93.9
110.9
144.2
117.7
140.8
133.1
113.9

102.7
99.9
103.1
109.7
94.6
112.1
146.5
119.3
141.0
139.8
113.9

98.5

123.7 124.4

irnings
NOTE.—Preliminary May 1947 figures for average weekly hours and hourly earnings are: All Manufacturing, 40.4 and 121.0; Durable,
rr\m the Rnroon of Labor QfoficftVo
41.1 and 128.2; Nondurable, 39.7 and 112.8, respectively. Back figures are available from fVio Buireau r\f T oKnr Statistics.

JULY 1947



899

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]

Contract
construction

Transportation and
public
utilities

Trade

Finance,
service,
and miscellaneous

845
916
947
983
917
883
826
836

1,150
1,294
1,790
2,170
1,567
1,094
1,082
1,493

2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023

6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448

4,610
4,781
5,016
5,148
5,187
5,169
5,274
5,954

3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595,

17,288
17,493
17,608
17,608
17,569
17,696
17,812
17,687

908
915
915
912
915
910
901
907

1,677
1,575
1,491
1,424
1,369
1,279
1,247
1,233

3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687

7,306
7,326
7,335
7,315
7,314
7,325
7,355
7,316

203
206
172
183
5,211
185
186
5,201

6,1626,183
6,136,
6,079,
5,981
5,991
5,973;
5,941

42,008
41,999
41,896
41,652
41,571
41,545
41,391
41,327
41,181
41,036
41,014
41,171

17,643
17,637
17,503
17,314
17,219
17,140
17,037
16,952
16,809
16,714
16,661
16,712

900
901
896
892
890
895
885
886
878
865
859
852

1,224
1,174
1,129
1,097
1,098
1,092
1,088
1,081
1,061
1,040
1,036
1,031

3,720
3,741
3,775
3,799
3,809
3,815
3,803
3,810
3,827
3,820
3,819
3,835

7,309
7,347
7,412
7,370
7,361
7,374
7,391
7,406
7,422
7,441
7,462
7,486

5,197
5,194
5,182
5,170
5,179
5,193
5,147
5,157
5,178
5,146
5,145
5,151

6,015;
6,005
5,999
6,010,,
6,015
6,036,
6,040:
6,035
6,006
6,010,
6,032
6,104

1945—January...
February. .
March. . . .
April
,
May
June
July
August. . . .
September.
October. . .
November.
December. .

41,260
41,377
41,325
41,131
40,832
40,652
40,261
39,917
38,108
37,990
38,321
38,474

16,808
16,856
16,783
16,607
16,405
16,087
15,641
15,217
13,341
13,267
13,334
13,297

848
845
844
806
769
843
832
832
833
762
843
855

1,044
1,049
1,048
1,051
1,049
1,060
1,072
1,093
1,093
1,109
1,148
1,166

3,838
3,849
3,858
3,862
3,858
3,867
3,869
3,864
3,876
3,861
3,912
3,952

7,487
7,536
7,558
7,577
7,545
7,551
7,587
7,635
7,733
7,793
7,882
7,936

159
158
137
136
140
169
5,197
5,238
5,270
5,437
5,534
5,631

6,076
6,084
6,097
6,092
6,066,
6,075
6,063
6,038
5,962
5,761
5,668;
5,637

1946—January. . .
February. .
March. . . .
April
May
June
July
August....
September.
October. . .
November.
December.

39,057
38,523
39,525
40,105
40,443
40,751
40,856
41,361
41,698
41,823
42,108
42,176 .

13,547
12,797
13,482
14,124
14,274
14,400
14,475
14,745
14,953
15,019
15,233
15,310

864
864
857
542
753
864
873
886
884
883
883
874

1,192
1,210
1,280
1,384
1,424
1,473
1,535
1,601
1,648
1,670
1,679
1,731

3,992
3,983
4,003
4,011
3,946
3,956
3,991
4,042
4.064
4,093
4,101
4,091

8,096
8,213
8,364
8,371
8,386
8,426
8,464
8,573
8,609
8,581
8,639
8,630

5,696
5,776
5,840
5,984
5,965
5,961
5,975
5,984
5,990
6,054
6,098
6,119

5,670,
5,680,
5,699»
5,6895,695
5,671
5,543
5,530,
5.550,
5,523
5,475
5,421

1947—January..
February.
March. . .
April
May

42,166
42,277
42,372
42,016
42,174

15,426
15,529
15,565
15,502
15,381

883
880
879
856
882

1,678
1,651
1,632
1,652
1,723

4,075
4,052
4,041
3,810
3,933

8,595
8,637
8,693
8,637
8,655

6,071
6,107
6,120
6,106
6,153

5,438;
5,421
5,442
5,453
5,447-

1946—February
March
April
May
June
July
August
September
October
November
December. . . . .

38,148
39,184
39,908
40,258
40,680
40,877
41,466
41,848
42,065
42,439
42,928

12,751
13,433
14,045
14,159
14,371
14,526
14,876
15,035
15,064
15,271
15,348

864
857
542
753
864
873
886
884
883
883
874

1,101
1,203
1,356
1,438
1,532
1,627
1,713
1,747
1,753
1,713
1,644

3,943
3,983
3,991
3,946
3,996
4,051
4,103
4,064
4,093
4,101
4,071

8,090
8,197
8,329
8,302
8,342
8,337
8,402
8,523
8,667
8,898
9,234

5,776
5,840
5,984
5,965
5,961
5,975
5,984
5,990
6,054
6,098
6,119

5,623
5,671
5,661
5,695
5,614
5,488
5,502
5,605
5,551
5,475
5,638

1947- —January. .
February.
March. . .
Aoril
May

41,803
41,849
42,043
41,767
41,983

15,372
15,475
15,511
15,418
15,260

883
880
879
856

1,527
1,502
1,534
1.619
1 ,740

4,014
4,011
4,021
3,791
3,933

8,552
8,507
8,563
8,551
8,568

6,071
6,107
6,120
6,106
6,153

5,384
5,367
5,415
5,426
5,447

Total

Manufacturing

30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712

10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365

1943—May
June
July
August
September
October
November
December

42,141
42,318
42,291
42,160
41,992
42,057
42,157
41,972

1944—January
February
March
April
May
June
July
August
September
October
November
December

Year and month

1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
SEASONALLY ADJUSTED

UNADJUSTED

* Includes Federal Force Account Construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. These estimates have been adjusted to levels indicated by final 1945;
data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and'
salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. May 1947 figures are preliminary. Back unadjusted data are,
available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.

900



FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
fFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Residential
building

Total
Month

Factories
1946

1947

1946

1947

1946

357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619.9
573.2
503.7
457.3

571.6
442.2
596.8
602.3

89.7
102.1
275.2
370.6
463.6
332.2
281.2
284.0
293.8
235.1
221.1
193.4

257.4
208.4
282.9
256.7

104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
73.6
69.9

January

February
. .
JVIarch
<
April
,..
May........
June
July
August
September
October,
November
December

7,489.7

Year

|3,142.1

86.5
73.9
82.1
65.6

1,317.3

Total

1945 1946 1947 1945 1946 1947

1947

69.0
77.5
112.7
75.1
88.7
" 55.2
72.8
56.6
50.0
41.0
36.1
38.6

38.3
46.4
52.6
66.3

773.2

1947

1946
18.1
17.1
11.4
18.0
23.5
23.5
35.7
7.8
18.8
12.6
15.1
19.7

1946

19.7
13.5
21.4
22.7

221.4

396
243
227
258
264
August
September.. 278
317
October
November. . 370
December... 331

May
July

25.8
28.3
40.9
37.9
38.3
35.2
45.8
37.7
27.1
31.5
36.0
19.8

358
387
698
735
952
808
718
680
620
573
504
457

3,299 7,490

572
442
597
602
675

75
74
221
309
148
82
108
67
43
61
61
62

47
56
146
127
197
215
202
205
187
134
130
109

167 66
96 73
143 107
177 87
234
95
146
149
196
235
256
309
269

1,311 1,754

311
331
551
608
756
593
516
475
433
439
373
348

405
346
453
441

.
.
.
.
.
.

1,988 5,735 .

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month

. . .
.

1947

50.2
64.7
143.6
128.1
197.9
202.5
153.1
184.4
156.4
112.8
121.8
115.9

55.9
9.4
35.8
29.6

113.9
90.5
122.0
161.4

1,631.3

404.4

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1947
Federal Reserve district
May

. . .
. . .

1946—May
June
July
August
September..
October
November..
December. .
1947—January....
February...
March
April
May.......

Total

320
557
495
694
954
1.026
1.186
1.137
942
886
684
798
80
83
80
55
63
85
67
77
89
79
86
117
112

Property
improvement
224
246
60
160
208
251
262
141
96
125
189
363
39
40
42
25
32
47
35
40
44
39
40
51
42

Small
home
construction

"i3
25
26
21
15
1

2

C)
(2)
(2)
(2)
(2)
(2)
""'(I)"
(2)
(2)

Mortgages on
l-to4- Rental War and
and
family group Veterans'
houses housing housing
(Title (Title (Title
VI)i
ID
ID
94
309
424
473
669
736
877
691
243
216
219
347
31
37
33
26
26
33
26
28
30
27
28
33
36

2
2
11
48
51
13
13
6
(2)
4
3
1
j

13
284
601
537
272
85
10
6
5
4
4
6
7
9
16
13
18
33
34

1
Mortgages insured under War Housing Title VI through April
1946; figures thereafter represent mainly mortgages insured under
the Veterans' Housing Title VI (approved May 22, 1946) but include
a few refinanced mortgages originally written under the War Housing
a
Title VI.
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.

JULY 1947



April

39 ,717
120 ,389
47 .978
58 ,045
70 ,712
71 ,950
122 ,093
44 ,063
26 ,067
19 ,220
54 ,423

56,689
76,340
40,187
55,046
85,377
62,261
92,346
35,683
23,393
31,200
43,816

674 ,657

602,338

Boston
New York. . .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta....
Chicago. . .
St. Louis. . .
Minneapolis.
Kansas City.
Dallas
Total (11 districts),

1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

1946

1947

Public ownership Private ownership

1945 1946 1947

January.... 141
February... 147
329
March

Year

1946

Public works
and public
utilities

Other

Educational

Commercial

1947

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

Value of contracts in millions of doliarsl

Nonresidential building

INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

Total

SavCom- Mutual ings
and
mer- savloan
cial
ings associbanks banks
ations

365
771
1,199
1.793
2,409

228
430
634
902
1,162

8
27
38
71
130

56
110
149
192
224

1941—Mar
June
Sent
Dec

2,598
2,755
2 942
3,107

1,246
1,318
1,400
1,465

146
157
171

1942—June
Dec

3,491
3,620

1943—June
Dec

End of month

Insur- Federal Other"
ance
com- agenpanies cies1

5
32
77
153
201

27
53
90
133
150

230
237
246

41
118
212
342
542
606
668
722

160

186

254

789

210
220
225
234

179

1,623
1,669

219
236

272
940
276 1,032

243
245

195
163

. 3,700
3,626

1,700
1,705

252
256

284 1,071
292 1,134

235
79

158
159

1944—June
Dec

3,554
3,399

1,669
1,590

258
260

284 1,119
269 1,072

73
68

150
140

1945—June
Dec

3,324
3,156

1,570
1,506

265
263

264 1,047
253 1,000

43
13

134
122

1946—June
Dec

3,102
2,946

1,488
1,436

260
246

247
233

11
9

122
105

1936—Dec
1937—Dec
193g—Dec<
1939—Dec
1940—Dec.

t#

974
917

154
178

i T h e 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 the
Federal Housing Administration.

901

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports1

Merchandise imports2

Excess of exports

Month
1944

1945

1,124
1,107
1,197

903
887
1,030

1943
Tanuary
February
March.

750
728
992

April

1947

1946

1943
230
234
249

799 Pi,115
670 Pi,151
815 Pl.327

1945

1944

1947

1946

1943

1946

1945

1944

1947
P582
P716

334
325
365

301
314
358

394
318
385

9533
P435
P444

520
494
743

823
793
839

569
561
665

405
352
431

P512

732
810
707

870
1,069
965

639
763
511

350
P453
P492

June

989
1,092
1,003

1,231
1,455
1,296

1,005
1,135
870

P878

258
282
296

361
386
332

366
372
360

407
P397
»386

July .
August
September....

1 265
1,280
1,269

1 197
1,191
1,194

893
737
514

P883
P643

302
318
289

294
304
282

356
360
335

P425
P378

963
962
981

903
887
912

537
378
180

P392
P458
P265

October
1,237
November
1,07?
December. .... 1,286

1,144
1 185
938

455
P537
639
P988
736 Pl.097

329
312
282

329
323
336

344
322
297

P394
P482
P536

908
760
1,004

815
862
602

111
317
439

Pi 43
P506
P561

Jan.-Apr..

4,659

971

1,334

2 ,489

3,325

2,435

1,538

P883

May

3,459

3,825

757

3,041

P1,296

P4,889

1 ,390

1,503

P 1,924

P2,965

* Preliminary.
1
Including both domestic and foreign merchandise.
* General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18
FREIGHT CARLOADINGS BY CLASSES

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS

(Index numbers: 1935-39 average = 100]

[In millions of dollars]
ForLive- est
Total Coal Coke Grain stock products

Annual
1939
1940 ... .
1941
1942
1943
1944
1945
1946

101
109
130
138
137

140
135
132

98
111
123
135
138
143
134
130

102
137
168
181
186
185
172
146

107
101
112
120
146
139
151
138

Ore

Miscellaneous

Merchandise
lcl
...

96
96
91

100
114
139

110
147
183

101
110
136

97
96
100

104
117

155
141

206
192

146
145

69
63

124

143

180

147

67

125
129

129
143

169
136

142
138

69
79

SEASONALLY
ADJUSTED

1946—March
April
I f av
^
June
July

139
109
106
133

.

August
September...
October
November...
December. . .
1947—January
February....
ML arch.
April
M a y .... .

139
141
138
139
137
140

150
142
146
r
137

142

155
26
68
146
145
152
160
155
117
132

165
94
62
140
177
184
183
183
166
155

141 141
112 143
126 115
126 118
139 166
131 118
125
91
142 128
147 136
162 122

163
149
147
119
155

175
171
180
173
185

157
147
159
151
138

155
26
68
146
145
152
160
155
117
132

166
93
61
138
172
177
181
180
166
163

130
99
111
128
166
142
140
142
144
152

163
149
147
119
155

184
182
182
169
183

157
144
146
133
121

134
143
125
149

121
66
66
137

143
143
123
135

153
157
154
146
151
156

164
162
164
157
157
145

141
145
139
139
148
148

123
111
121
111

163
166
159
148

176
172
171
184

152
145
151
147

77
76
78
79

104

148

184

145

76

111

134

35

136

79

127
103

143
130

50
103

141
125

82
'73

96

155

213

139

81

135
113
120
197
171
118

153
165
166
154
148
139

263
243
245
216
169
45

142
146
150
151
154
139

78
77
79
82
84
78

118
89
96
98
94

147
159
159
148
154

44
43
50
157
267

139
136
144
145
146

74
74
79
80
76

78
81
'73
81
78
77
75
79
83
81

UNADJUSTED

1946—March
April
May

132
107
107

137
June
July . . .
143
August
145
September... 149
October
149
November... 141
December... 131
1947—January
February
^darch.
April

May

138
133
137
134
144

' 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.

902



Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946

Net
railway
operating
income

Net
income

P7,008

589
682
998
1,485
1,362
1,093
849
i»619

93
189
500
902
874
668
447
*289

635
651
566
515
639
651
664
673
663
663
658

555
667
562
524
586
603
613
605
606
601
523

80
-16
4
-9
53
48
51
68
57
62
135

51
-45
-28
-41
20
16
18
37
25
29
98

698
••696
723
685

624
631
642
637

74
65
81

42
33
48

1946—February..
March
April
May
June
July
August
September.
October...
November.
December.

579
646
567
533
612
674
710
660
710
658
637

529
652
'556
537
574
611
629
593
625
594
534

51
6
11
-5
38
63
82
67
85
64
103

'22
33
21
37
15
32
53
39
57
38
89

1947—January . .
February..
March
April

686
636
718
689

628
593
645
631

58
43
73
58

3,995
4,297
5,347
7,466
9,055
9,437
8,899
P7,627

1946—February..
March....
April
May
June
July
August. . .
September.
October...
November.
December.
1947—January . .
February..
March
April

3,406
3,614
4,348
5,982
7,693
8,343
8,049

SEASONALLY
ADJUSTED

UNADJUSTED

29
14
P43

33

p Preliminary.
' Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.

FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
Year or month

United
States

Dallas

San
Francisco

105
110
127
149
184
205
229
287

112
116
138
157
212
245
276
353

109
117
139
169
200
221
244
306

252
248
253
259
265
254
252
251

289
288
281
300
321
297
283
299

'348
368
381
381
376
349
356
348

'304
315
323
324
313
319
320
317

278
200
294
306
321

262
261
279
257
272

281
272
298
296
316

363
347
347
377
379

313
330
'325
'315
323

234
245
198
236
268
268
318
409

272
274
234
284
316
313
371
463

'241
236
204
232
287
281
302
385

272
265
239
279
311
312
340
448

'327
313
290
332
395
384
434
567

'283
288
266
292
326
330
376
504

273
298
346
350
349

196
210
250
258
276

228
244
288
297
315

196
202
258
264
261

225
247
283
200
297

294
306
337
347
356

249
278
295
'297
301

107
113
139
191
175
190
198
250

107
115
140
178
161
185
188
258

103
111
134
186
160
161
159
205

102
108
134
176
152
159
166
225

103
110
138
171
151
169
165
211

99
105
125
159
152
157
158
210

106
113
130
161
159
177
190
250

106
113
137
187
172
177
182
238

192
209
213
208
221
232
249
258

233
243
264
264
262
274
298
319

239
252
267
271
277
297
330
348

191
199
213
210
220
235
249
256

211
222
231
234
240
264
274
292

186
207
224
219
227
244
259
281

'195
212
206
201
219
234
249
303

239
253
252
262
267
274
303
364

217
218
250
240
249
270
296
334

216
225
223
'221
212

257
261
264
246
238

315
307
295
302
292

311
335
321
320
308

262
264
263
257
243

291
296
288
281
272

278
270
266
287
268

298
293
302
'2S2
266

327
343
343
326
335

192
192
196
218
216
217
247
213

'183
184
192
213
231
247
242
187

194
201
213
225
246
268
263
214

228
232
260
297
294
312
316
266

232
255
275
292
305
333
347
293

191
195
209
225
244
263
274
231

211
222
240
255
266
295
293
246

185
200
228
232
245
271
279
246

191
212
230
225
246
266
266
248

227
246
272
296
299
310
324
306

225
221
265
263
281
299
313
274

206
231
241
233
224

188
218
223
'225
214

225
242
254
253
241

268
290
295
304
286

280
312
321
317
299

225
240
255
252
243

250
266
279
281
272

253
257
267
273
266

258
264
272
'273
261

294
305
326
r
316
318

277
290
312
309
304

Richmond

Atlanta

Chicago

St.
Louis

106
114
138
153
167
182
201
257

109
120
144
170
194
215
236
289

113
123
145
162
204
244
275
345

107
116
135
149
161
176
193
250

111
119
143
158
179
200
227
292

106
109
123
129
148
164
185
247

'234
253
'243
'259
'246
n33
'239
'250

256
273
260
286
249
248
266
277

'279
303
307
306
298
286
290
293

329
365
343
365
367
348
347
363

234
253
254
281
263
250
261
264

277
305
300
330
313
293
294
303

228
224
229
235
253

'247
'234
'236
'258
275

256
256
257
272

291
281
307
299
303

341
338
346
353
367

245
262
260
261
276

211
216
157
184
237
240
284
398

214
221
158
189
214
202
301
392

222
228
175
195
246
'258
'318
408

243
257
203
249
251
265
333
430

'278
266
219
253
316
312
369
493

313
306
275
321
374
372
416
570

209
222
266
268
280

170
171
227
227
241

182
188
229
223
237

188
192
255
'248
261

194
210
262
266
283

218
226
292
290
301

102
108
131
179
155
162
166
213

99
105
124
165
142
147
153
182

97
102
123
181
143
150
160
195

96
99
119
167
141
148
150
191

99
106
130
182
144
151
156
205

200
210
222
221
226
237
256
274

177
181
187
186
192
207
209
205

189
200
208
210
200
192
221
238

'181
194
203
205
210
217
220
219

268
275
273
'265
253

197
206
211
211
198

234
249
242
230
221

1946—May
June
July.......
August
September.
October
November.
December..

200
205
223
238
250
267
277
235

173
174
179
198
210
231
236
186

1947—January..
February..
March.
April
May.

234
252
265
263
253

180
194
207
202
194

Boston

New
York

106
114
133
149
168
186
207
264

104
108
126
140
148
162
176
221

101
106
119
128
135
150
169
220

104
111
129
143
151
167
184
236

1946—May
June
July
August....
September.
October
November.
December..

'259
276
273
290
270
257
'•271
"276

213
232
227
246
226
216
230
231

228
243
236
259
205
179
231
232

1947—January. .
February.
March
April
May.

265
•"268
••273
'276
291

215
219
237
227
244

r

249
253
208
242
278
278
336
441

1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.

SALES*

Phila- Clevedelphia land

Minne- Kansas
City
apolis

SEASONALLY ADJUSTED

UNADJUSTED

1946—May
June.
July
August
September. .
October
November. .
December...
1947—January
February....
March
April
May
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.

STOCKS*

SEASONALLY ADJUSTED

1946—May
June
July
August....
September.
October
November.
December..
1947—January..
February.
March
ADril
May

315
330
336
313
203

r

UNADJUSTED

' Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
JULY

1947




903

DEPARTMENT STORE STATISTICS—CO»/I«M^
WEEKLY INDEX OF SALES

SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES

[Weeks ending on dates shown.

Amount
(In millions of dollars)

Year or month

Without seasonal adjustment

Stocks
(end of
month)

128
136
156
179
204
227
255
318

344
353
419
599
508
534
564
714

108
194
263
530
560
728
907

1946—April
May
June
July
August
September
October. . .
November,
December.

319
304
304
244
303
309
341
404
526

644
674
699
735
806
828
879
919
776

910
934
1048
1073
1012
960
845
691
557

1947—January. .
February
March
April
May

256
250
332
321

769
838
865
849
P810

Aug.

619
603
485
387
P348

1939
1940
1941
1942
1943
1944
1945
1946

average
average.
average
average
average
average
average
average

1945
1946
4... ..167 Aug. 3... ..217 Feb.
11... ..176
10... ..228

1946
1947
1
2... ..197 Feb.
.217
8.... .219
9... ..214

18

Outstanding
orders
(end of
month)

Sales
(total
for
month)

1935-39 average=100j

16

124

17

. .239

25... ..182
24... ..255
Sept. 1... ..194
31... ..281
8... ..177 Sept. 7... ..264
15... ..213
14... ..293
22... ..220
21... ..280
29... .209
28... ..257
6... ..242 Oct.
Oct.
5... ..277
13... ..245
12... ..281
20... ..237
19... ..295
27... ..233
26... ..287
Nov. 3... ..23f Nov. 2... .277
10... 261
9... 314
17!.. '.'.275
16... ..'342
24... ..25F
23... ..363
Dec. 1
326
30... 334
8 ' . .'!401 Dec. 7... !.#475
..'
15... ..433
14... ..519
22... ..421
21... ..53?
29... ..158
28... ..281
Jan.

t
1946
1947
5... ..135 Jan.
4... ..18*
12... ..188
11... ..232
19... ..191
18... ..223
26... ..188
25... ..22C

..209

15

246

23... ..213
22
.216
2... ..217 Mar. 1.... .238
8
9... ..233
.254
15.... .267
16... ..243
22.... .286
23... ..255
30... ..257
29.... .283
Apr. 6... ..272 Apr. 5.... .319
12.... .265
13... ..28?
20... ..289
19
.271
27... ..23?
26.... .267
3.... .279
May
4.. ..248 May
11... 274
10
311
17... .273
18... .'.246
24.... .277
25... ..245
Tune 1
22? -mm 31
250
.293
8... .'.273 June 7
14
.300
15... ..283
?t
.256
22... ..24F
29... 23°
28
5
Tulv 6. . .192July
Mar.

12
19

13
210
20!!.' !!201
..204
27...

26,...

NOTE.—Revised series. For description and back figures see pp.
K74-875 of BULLETIN for September 1944.

* Preliminary.
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. Five
mos.
1947 1947 1947

Five
May Apr. mos.
1947 1947 1947
United

States. P+14

Boston
New Haven...
Portland
Boston Area. .
Downtown
Boston,..
Springfield....
Worcester....
Providence. . .
New York
Bridgeport *...
Newark »
Albany
Binghamton. .
Buffalo^
Elmira
Niagara Falls.
New York City
Poughkeepsie.
Rochester l . . .
Schenectady..
Syracuse *. . . .
Utica

+76
+ 10
+1
+ 17
+ 15
+ 12
+ 13
+ 11
+ 11
+25|
+4
+ 16|
+ 15
+ 17
+35
+17
+8
+24
+ 18
+ 10
+ 20!
+ 18

+5 +10 Cleveiand-cont •
Toledo 1
+2 + 11 Youngstown l . .
- 6 +5 Erie 1
-5

0 Pittsburgh»

+4! +14 Wheeling1
+3 + 13
+6
-2
+5! + 10
3 +4

~i

+iol
+9|
+9
+ 11!
+3

+9j
+2!

Philadelphia..
Trenton 1 1
Lancaster
Philadelphia*.
Reading 1
Wilkes-Barrel.
York 1

+7
+ 18
+ 16i
+24!
+26k

Cleveland
Akron 1
Canton 1 1
Cincinnati ...
Cleveland >. . .
Columbus l1 . .
Springfield .,

+ 16 +5
1
+8 + 1
+ 17 + 10
+ 18 +2
+ 14 +4
+10 +3
+ 15 +3

Richmond
Washington 1 ...
Baltimore
Raleigh, N . C . . .
Winston-Salem.
Charleston, S. C
Greenville.S.C.
Lynchburg
Norfolk
Richmond
Roanoke
Charleston,
W. Va
Huntington

+10
+ 12
+6
+ 12
+ 11
+ 10
+ 17
+ 12
+9
+ 10
+ 13
+9 Atlanta
+ 16 Birmingham*. ..
+ 10 Mobile
1
Montgomery ..
Jacksonville 1 ...
Miami 2
Orlando
Tampa 1J.
Atlanta
Augusta
Columbus
Macon l
1
+ 11 Baton Rouge1 ..
+7 New Orleans ..
Bristol, Tenn...
+ 17
+ 11 Jackson *• 1
+9 Chattanooga ..
1
+9 Knoxville

+14
+6
+ 17
+ 14
+ 18
+ 19
+9

+ 15
+ 19
+23
+ 18
+ 10
,1

+3 + 11
+7 + 14
+ 13
+ 12
+1
+2

+7

+3
+8
+6
+ 12
+ 14
+23
+27 + 16i +23
-2
+ 121
+ 1 +5
+8i
+8! +4
+5
+ 11|
+3

A

j + 1 + 15
- 6 + 11
+ 11 +9
+20| + 10 + 7
+7
+12,
+4\ +8
+ 13, +2i +7
+ 17! - 3 ; +6
+ 14| +4! + 10
+ 13! +5! + 7
+i + 14| + 13
+ l +91 +8
+2! + 15 + 12
+9| -31 +3
+ 151 + 13j + 7
+ 16 + 12 + 12
+2
+6 - 8
+ 16 +6 + 11
+ 11 +5! + 11
+26 +3! + 10
0! +6
+7
+ 14
+7
+ 10
5
+ 18 +2! +6
+

-4-21 j

l

May Apr. Five
mos.
1947
1947

May Apr. Five
1947 1947 mos.
1947

p+19
Chicago 1
Chicago ... . +23
J
P+23
Peoria
Fort Wayne * p+15
Indianapolis ]' + 13
+29
Terre Haute
Des Moines.. + 14
+ 16
Detroit 1
+ 14
Flint 1
Grand Rapids + 16
+23
Lansing....
Milwaukee».. + 12
Green Bay l . + 18
Madison. .
+ 12
St. Louis
+17
Fort Smith.
-5
Little Rock 1
+3
Quincy
+ 17
Evansville.. . +26
Louisville1.
+25
East St. Louis + 113
St. Louis 1 . . . + 17
St. Louis Area + 19
Springfield
+5
Memphis 1 .
+ 17
Minneapolis l \
Minneapolis \
St. P a u l 1 . . . .
Duluth- l
Superior . .
Kansas City..
Denver...,..
Pueblo
Hutchison...
Topeka
Wichita
Joplin
Kansas City.
St. Joseph...
Omaha

+7 +12
+3 + 11
+5 + 15
+9 + 12
+ 10i +9
+ 12 +14
+ 10 +13
+ 7 + 12
+ 10 + 19
+• 11 , + 1 7

Kansas City—
cont.

Oklahoma City.
Tulsa

Dallas
Shreveport
Corpus1 Christi
Dallas
Fort Worth
Houston l
+ 19! +20 San Antonio. . .
- 1 | +7

+61 +16San Francisco .

+4
+6 +2 +6
+1
+ 11
+9 +3 +8
+ 16 + 1 +6
+ 10 +2 + 12
+3 - 3 +3
+ 13 +3 + 8
+ 12 +4 + 15
+ 15 + 10 + 10
P+8
+4 +10
+9 + 13
p+n
+4 + 12 + 13
+ 15 + 11
+5
+7 + 16 + 13
-1
+4
+5
+ 14 + 1 + 12
+7
+7

+ 10J +12 Phoenix 1
+6! +11 Tucson
-111 -10 Bakersfield1. . .
-5j +1 Fresno J
+8j +11 Long Beach l...
+ 10 +16 Los Angeles1. .
+ 7 +13 Oakland and
+ 127+101 Berkeley 1 . . . .
+7 +12 Riverside and
+ 10 +14 San Bernardino.
+9 +5 Sacramento 1
-2j +7 San Diego»
x
+8 +ii +14 San Francisco . .
l
+5! + 9 San Jose
+7
+ 14 + 15! +18 Santa Rosa *
Stockton
+ 6J +12 Vallejo land
+ 16
Napa
+11 +6l\ +9 Boise and
+ 1 + 10! +15 Nampa
1
+ 12 + 11 Portland
-1
+ 11 +6 +7 Salt Lake City 1 .
+3 + 10 Bellingham 1 ....
+9
x
-6
— 2 Everett
+3
+ 18 +22 + 14 Seattle 1 1
+ 11 + 10 Spokane1
+ 11
+ 14 + 14 +9 Tacoma1
+ 11 +5 +9 Yakima

0

+ 10
+9
+2
+5
+ 1 -1
- 1 +20
+20
+4 + 11 + 10
0 + 11 + 19
+21
+3
+7
0

-8

+8
+5

— 14

-14

-5
+9

+6 + 8
+ 7 + 12
P+7
+3 +9
+4 + 11 + 10
+ 1 +8 + 11
+7
+4
P+9 + 18 +21
+7
P + 1 +4
+ 11 + 15 + 15

+5 Na frvWei
* Preliminary.
' Revised.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located

904



FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)

Department

Number
of stores
reporting

Ratio of
stocks to

Stocks
Sales during 'end of
period
month)

April

Apr.
1947

GRAND TOTAL—entire stored

355

MAIN STORE—total

355

-1

Women's apparel and accessories...
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips. . .
Negligees, robes, lounging apparel.
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
,
Handbags, small leather goods

352
337
338
333
314
225
238
292
337
161
184
164
316
248
270
248
292
177
331
337
345
325

-7
-5

Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes, slippers

326
239
313
288
188

Home furnishings
Furniture, beds, mattresses, springs.
Domestic floor coverings
Draperies, curtains, upholstery
Major household a p p l i a n c e s . . . . . . . .
Domestic, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
.
China and glassware
Housewares

316
239
265
297
233
304
203
175
188
238
240
239

Piece goods

297
110
91
127

Silks, rayons, and velvets.
Woolen dress goods
Cotton wash goods

Small wares
Lace, trimmings, embroideries, and ribbons. . .
Notions
Toilet articles, drug sundries, and prescriptions.
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines.
Stationery
Books, magazines

339
121
229
326
303
208
127
237
251
157
90

Miscellaneous
Toys and games
Sporting goods, cameras
Luggage

303
153
64
249

BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings.
Home furnishings
Piece goods
Shoes

209
199
164
138
54
131

A

-6
-17
-12
-24
-2

+3
+ 11
-1
+4
-fl
0
-11
-12
-17
-15
-8

Four
mos.
1947

-4

+21

48
+ 13
-11
+ 14
-1

-12
+ 12
-8
-5
-8

Apr.

Apr.

Mar,

Apr.

2.1

203

212

205

592

602

432

+28
+45
+95

2.2
1.2
1.6
2.8
2.0
1.6
2.5
2.2
2.6
2.3
2.5
2.4
2.6
3.2
5.6
2.0
4.4
0.8
3.1
2.4
2.2
2.1

1.7
1.0
1.2
2.8
1.8
1.5
2.0
1.5
1.8
1.7
1.5
2.3
2.4
1.7
6.2
2.0
4.2
0.8
2.2
.8
.0

216
262
246
227
243
267
229
209
199
208
204
186
271
235
50
225
141
231
197
262
139
194

236
329
226
226
344
339
365
177
193
206
201
174
307
254
114
261
137
264
202
269
140
208

231
275
257
240
293
305
301
213
194
188
206
178
269
234
56
284
170
272
214
254
164
241

476
325
391
635
481
430
581
467
507
485
515
463
709
743
281
508
620
175
609
649
309
401

502
418
407
627
530
484
628
472
491
492
492
439
718
736
334
553
649
245
659
663
322
418

397
264
316
684
r
510
451
610
320
344
317
312
430
654
400
347
554
708
223
479
443
159
436

+83
+ 160
+80
+36
+ 104

3.4
2.4
3.9
3.8
4.4

8
0
2.1
2.2
2.2

185
202
167
207
171

193
213
159
261
172

195
195
173
264
168

636
502
650
780
766

625
491
620
836
743

347
195
362
576
372

+62
+78
+ 101
+51
+394
+57
+51
+ 138
+36
+5
+57
+25

4.2
3.2
3.7
1.4
4.2
5.1
2.6
4.6
4.1
6.0
3.6

3.6

2.5
2.3
2.0
2.3
0.8
2.5
3.0
1.1
3.3
3.8
4.1
3.0

202
176
207
208
326
160
147
179
145
176
133
276

196
174
199
195
323
161
143
204
145
167
130
247

181
183
170
218
115
168
163
179
149
182
125
265

738
743
672
765
446
664
749
473
674
724
799
979

753
754
685
834
452
674
769
455
696
744
768
1010

455
416
332
508
91
422
495
193
494
70S
501
780

+89
+ 135
+58
+ 136

2.6
2.1
4.3
2.1

1.4
1.0
2.4
1.0

290
294
186
335

367
436
446
324

268
261
211
295

748
606
806
710

752
759
839
687

397
256
529
304

0
—9

+34
-5
+3
+3
-1

-11

3.8
2.5
2.9
4.3
4.2
4.1
3.8
4.9
3.9
4.2
3.4

3.8
2.4
3.1
4.1
3.8
4.2
2.9
5.2
3.8
4.3
3.2

166
302
237
129
180
176
185
140
152
141
149

168
293
214
132
178
176
179
174
172
163
176

168
344
212
140
189
190
177
139
154
134
160

633
755
679
552
752
713
699
678
600
597
505

640
776
699
570
759
736
681
676
588
588
520

632
816
642
572
719
802
505
719
584
573
516

+29
+3
+65
+33

3.4
5.4
4.8
3.9

2.4
3.8
3.3
3.2

171
105
164
189

165
100
134
163

181
144
143
176

579
559
789
739

567
545
749
709

444
544
478
543

+15

2.2
1.7
2.8
2.8
2.6
3.3

2.0
1.8
2.4
2.3
1.5
2.8

192
199
190
192
277
155

198
214
189
179
315
162

182
200
161
173
250
139

424
343
524
542
720
504

443
367
533
562
755
508

367
351
383
403
388
393

+4
+ 13
<
+8
+ 11
+7
+5
-3
-4
-4

-1

0
+ 11
+9
+ 14
+ 12
+ 13
+ 18

+3
2

+ 12

-3

-6

+2

0

Mar,

+20
+22
+25

-7

+ 18
+ 11
+ 11
+ 12

Apr.

-1
y
_4
-4
-4
-8
0
-5

+5
+1
-1
+5

+8
+6

1946

2.1

0
-3
+9
+8
+7
+ 15

-27
+ 14

1947

2.9

-2
-4
+ 182 +202
-4
+3
-10
-7
0 + 18
-2
+1
-3

+7
+4

1946

1946

2.8

+3
+2

1947

+37

+ 11
+29
+5
0
+8
+18
+3
+24

+12

1947

Apr.
1947

Stocks at end
of month

+34

+1
+8

-3
-21

Sales during
period

+7
+6

+3

-15
-19
-5

Index numbers
without seasonal adjustment
1941 average monthly sales=100 J

-18

+ 19
+9
+11
+5
+23
+ 15
+ 17
+25

-6
-7
-6
-4

+45
+47
+53
+62
+ 10
+9
+85
-19
-8
-13
-21

-9

+5
-4
+5

-2

+37
+34
+92
+28

1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
3
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were reversed.
8
For movements of total department store sales and stocks see the indexes for the United States on p. 903.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

JULY

1947




905

CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit 1

End of year
or month

1929
1930
1931
1932
1933
1934
1935
1936
1937.. . .
1938
1939
1940
1941
1942
1943
1944
1945
1946
194(5—April
May . .

7,637
6,829
5,526
4,093
3,929
4,396
5,439
6,796
7,491
7,064
7,994
.9,146
9,895
6.478
5,334
5,776
6,637
10,147
7,368
7,607
7,905
8,025
8,362
8,631
9,013
9,527
10,147
9,967
9,910
10,216
10,413
10,664

.. .

Tulv
August
September
October
November
December
1947—January
February
March
ADHIP

Mayp .

Total
instalment
credit 1
3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
2,649
2,783
2,902
3,022
3,165
3,288
3,458
3,646
3,976
4,048
4,157
4,329
4.543
4,747

Loans2
Total

Automobile

2,515
2,032
1,595

1,318

999

1,197
1,104

970

482
175
200
227
544

668
686
699

425
466
505
544

1,035
L,070
1,124
1,177
1,261
1,358
,558
,566
,609
,695
,813
,923

1,014

289
318
336

957
1
1,004

Service
credit

1,749
1,611
1,381
1,114
1,081
1,203
1,292
L.419
L 459
1,487
1,544
L 650
1
1,764
1,513
1,498
1,758

596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
864

752
795
853

639
635
676

705
730

365
394

1,014
985
978

581
631

1,004
1,060
1,113

691
753
810

962
776
875

1 048
1 331
1 504
1 442
1 468
1 488
1 601
1 369
1 192
1*255
1 519
2 253
1 766
1 814
1 846
1,886
1 938
2 000
2,081
2 164
2.253
2 286
2,277
2,243
2,215
2,203

1,090
1,219
1,299
1,657
1,998
2,176
1,457
1,143
1,199
1,462
2,418
1,692
1,779
1,867
1,952
2,041
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,730
2,824

1,147
1,368
1,343
1,525
1,721
1,802
L.009

1,267
1,729
1,942

1,558

652
664
617
527
483
550
822

958
677
663
741
865

1,289
1,384

814
835
903

Charge
accounts

Other

928
637
322
459
576
940

1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491

Singlepayment
loans3
2,125
1 949
1 402

Sale credit

OKI

3,054
2 138
2 188
2,327
2,281
2,418
2,495
2,621
2,859
3,054
2,764
2,602
2,768
2,782
2,840

815
822
830

836
841
848
853
858
864
869
874

876
873
874

p Preliminary.
1
Revised. See footnotes 2 and 3.
2
Includes repair and modernization loans insured by Federal Housing Administration. Totals revised to include new estimates of instalment
loans3 of commercial banks, small loan companies, and credit unions. For description and back figures see pp. 830-835 of this BULLETIN.
Revised beginning April 1946 to adjust estimates of single-payment loans at commercial banks to recent call report data.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amount s outstanding
(end of period)
Year or month
Total

1929.
1930.
1931.
1932
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1946—April
May

June

July
August
September. .
October
November. .
December...
1947—January....
February. . .
March....
April?
Mayp

1

652
664
617
527
483
550
822

1,090
1,219
1,299
1,657
1,998
2,176
1,457
1,143
1,199
1,462
? 418
1,692
1,779
1,867
1,952
2,041
2.111
2,197
2,288
2,418
2,482
2,548
2,634
2,730
2,824

Commercial
banksi 2

Small
loan
companies 1

43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956

263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608

129
131
132
134
89
67
68
76
117

612
656
702
744
790
824
865
907
956

475
485
498
512
527
536
547
565
608

991

611
611
617
627
633

1,030
1,079
1,123
1,165

Industrial
banks 3

Industrial
loan
com- 3
panies

Loans made by principal lending institutions
(during period)
Credit
unions 1

Miscellaneous
lenders

95
99
104
107
72
59
60
70
98

32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185

95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110

85
88
92
96
100
103
108
112
117

76
78
79
81
84
86
90
94
98

137
143
149
155
158
164
171
176
185

97
98
99

122
125
128
133
138

102
105
108
113
116

186
190
197
204
213

219
218
184
143
121
125
156
191
221

r

Insured
repair
Small
Comand
loan
modern- mercia 2 comx
ization banks
panies 1
loans4

25
168
244
148
154
213
284
301
215
128
120
179
344

792
639
749
942

463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956

69
130
248
368
460
680

Indusrtrial
banks 3

Industrial
Credit
loan
l
com- 3 unions
panies

176
194
198
203
146
128
139
151
210

42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
339

413
380
340
250
202
234
288
354
409

1,793

1,251

238
261
255
255
182
151
155
166
231

102
103
104
106
110

210
231
248
263
280
295
312
328
344

140
148
148
155
164
156
176
172
191

103
95
98
105
108
96
105
120
166

18
19
19
20
20
20
21
22
26

16
16
17
17
18
18
19
20
25

25
28
28
29
30
31
34
33
39

110
110
111
112
113

360
377
394
418
446

187
180
214
213
212

98
90
121
116
115

22
21
24
24
24

20
20
23
24
24

33
33
38
39
42

101

1,017
1,198

r
x
P Preliminary.
Revised.
Revised. For description and back figures see pp. 830-835 of this BULLETIN.
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 91 million dollars, and
loans made during May were 14 million.
8
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans4 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
2

906



FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outs tanding.
Department
Total,
End of
stores
excludyear or ing autoand
mailmonth
mobile
order
houses
1929 . , .
1,197
160
155
1930 . . . .
1,104
958
138
1931....
677
103
1932
1933
663
119
741
146
1934...
1935
865
186
1936
1,147
256
314
1937
1,368
302
1938
1,343
1939
1,525
377
1940
1,721
439
1941
1,802
466
1942
1,009
252
1943
639
172
635
183
1944.
1945... .
676
198
1946
1,014
337
1946
668
200
April
May

June

July
August
September.
October. . .
November.
December.
1947
January. . .
February..
March . . . .
Aoril P . . . .
MayP

686
699
705
730
752
795
853

1,014
985
978

1,004
1 ,060
1,113

In millions of dollars]

Furniture
stores

Household
appliance
stores

Jewelry
stores

All
other
retail
stores

583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
366

265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
28

56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
123

133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
160

206
210
212
221
235
257
284
337

288
295
299
299
308
311
322
337
366

15
16
17
20
22
23
25
26
28

60
61
63
63
64
65
66
72
123

105
108
110
111
115
118
125
134
160

337
338
358
386
408

352
349
354
366
382

27
30
29
32
33

114
107
105
109
115

155
154
158
167
175

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year and month
Outstanding at end
of period:
1941—June
December...
1942—June
December..
1943—June
December...
1944—June
December...
1945—June
December...
1946—April
May
June
July
August
September. .
October
November...
December. . .
1947—January
February....
March
April?
MayP
Volume extended
during month:
1946—April
May
June
July
August
September. .
October
November...
December...
1947—January . . . .
February . . .
March
April?

MayP

Retail instalment paper 3

Total

Automobile

202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
94.6
104.1
118.1
122.4
127.4
132.6
138.5
142.9
150.6
156.1
162.7

53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.8
13.8
16.8
17.6
18.5
19.9
21.3
22.1
24.4
26.2
27.5

168.1
172.6
177.4
184.2
191.4
23.6
24.4
23.8
26.3
26.7
25.2
28.8
28.5
31.2
29.1
27.4
31.3
32.4
32.8

1

Other

Repair Personal
and
instalmodern- ment
ization
cash
loans 2
loans
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
14.2
17.2
20.2
21.2
22.0
23.1
24.2
25.4
26.7
27.5
28.3

112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
59.9
63.3
69.3
70.9
73.2
75.8
78.9
80.7
83.8
85.7
89.1

29.5
31.3
33.5
36.4
38.6

18.4
18.8
16.3
12.8
8.8
7.7
6.8
7.8
7.7
9.8
11.8
12.7
13.7
13.8
14.1
14.7
15.7
16.7
17.8
18.6
19.6
19.4
20.5
21.8

28.9
29.6
30.3
31.4
33.1

91.1
92.1
94.2
95.9
97.9

4.2
3.9
3.9
4.7
4.7
4.3
5.5
5.2
5.6
6.4
6.2
7.1
7.7
7.5

2.4
2.8
2.7
2.8
3.0
2.7
3.5
3.6
3.7
3.5
3.4
3.5
4.1
4.3

2.5
2.5
2.3
2.6
2.8
2.7
3.3
2.8
2.6
2.4
2.4
2.7
3.1
3.7

14.5
15.2
14.9
16.2
16.2
15.5
16.5
16.9
19.3
16.8
15.4
18.0
17.5
17.3

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT i
[Estimates. In millions of dollars]

Total

Year or month

Outstanding at end of
period:
1939.
1940
1941
1942
1943
1944
1945
1946
1946—April
May
Tune
July
August
September. .
October. . . .
November. .
December. .
1947—January....
February...
March... .
April?
May*1
Volume extended during month:
1946—April
May
Tune
July
August
September..
October. . . .
November. .
December. .
1947—January....
February...
March... .
April*
May*

1947




Repair Perand
sonal
mod- instalerniza- ment
cash
tion
loans 2 loans

1,093
1,450
1,694
845
516
557
742
1,591

21S
311
411
136
54
55
64
165

1.64
253
310
123
79
96
139
306

155
217
288
143
68
75
100
275

209
247
234
154
80
84
124
273

347
422
451
289
226
247
315
572

958
1,035
1,108
1,179
1,264
1,334
1,413
1,494
1 ,591

92
103
109
115
127
136
145
156
165

180
196
212
225
241
252
268
285
306

134
151
165
184
201
214
233
251
275

159
170
183
195
211
226
242
256
273

393
415
439
460
484
506 1
525,
546
572

1,668
1,732
1,821
1,922
2,025

181
196
215
237
254

325
348
373
397
423

296
305
317
337
362

280
284
296
314
335

586
599
620
637
651

214
229
219
242
255
246
279
274
306

28
28
23
28
33
30
34
33
39

44
49
47
49
53
51
58
58
64

34
40
38
48
43
46
54
54
61

23
23
23
24
29
27
31
29
28

85
89
88
93
97
92
102
100
114

307
289
343
364
375

44
42
54
60
58

69
70
81
84
83

65
55
59
69
78

24
25
31
36
41

105
97
118
115
115

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year or month

Total

Retail instalment paper 3
Automobile

Outstanding at end
of period:
1944:.::
1945
1946
1946—April
May
June
July
August
September. .
October
November...
December...
1947—January... .
February . . .
March.
April?
MayP

67.1
76.7
108.4
83.2
85.6
87.5
89.0
93.1
95.3
99.7
103.7
108.4
112.2
115.5
118.7
124.6
128.5

10.5
11.0
15.0
12.1
12.6
12.7
13.0
13.6
13.8
14.5
14.9
15.0
15.6
16.5
17.1
18 7
20.5

Volume extended
during month:
1946—April
May
June
July
August
September..
October
November...
December...
1947—January . . .
February . . .
March
April*
MayP

18.0
18.4
18.3
19.6
20.5
20.0
22.5
23.0
26.2
22.4
22.2
25.6
27.4
26.9

3.1
3.2
2.7
3.3
3.5
3.4
4.0
4.1
3.4
3.6
3.9
3.9
4.8
4.7

Revised, July 1943 to date. For description and back figures see pp. 830-835 of this BULLETIN.
- Includes not only loans insured by Federal Housing Administration but also noninsured loans.
3
Includes both direct loans and paper purchased.

JULY

Other
retail,
purPur- Direct chased
and
chased loans
direct
Automobile
retail

Other

3.8
4.0
7.4

Repair Personal
instaland
modern- ment
cash
ization
loans
loans2

10.8

.1
.5
.4
6
.7
.7
.9
2.0
2.0
2.2
2.3
2.4
2.5
2.5
2.6
2.7
3.0

51.7
60.2
83.6
65.0
66.5
67.9
68.7
71.9
73.3
76.0
78.9
83.6
86.1
88.1
90.1
93.3
94.2

1.0
.2
.2
.4
.1
.4
.8
.7
1.6
1.8
1.6
1.8
2.4
2.4

0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.2
0.3
0.2
0.2
0.3
0.3
0.5

13 7
13.8
14.2
14.6
15.6
14.9
16.4
17 0
20.9
16.8
16.5
19.6
19.9
19.3

4.5
4.8
5.2
5.4
5.6
6.2
7.0
7.6
7.4
8.0
8.4
8.9
9.9

Preliminary.

907

CONSUMER CREDIT STATISTICS— Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1

FURNITURE STORE STATISTICS
Percentage change
from preceding
month

1947P

Apr.
1947

Mar.
1947

1947P

Apr.
1947

Mar.
1947

+ 10
+8
+ 12
+2

+3
+1
+2
+4

+ 16
+ 13
+20
+3

+ 17
-10

+ 12
-11

+15
-10

+28
+23

+ 18
+31

+23
+36

+5
+3

Item

Percentage change
from corresponding
month of preceding
year

+3
+3

+3
+1

+40
+32

+40
+34

+42
+34

May

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at
end of month:
Total
Instalment . . . .

May

Collections during
month:
Total
....
Instalment

+7
+6

—2
-4

+ 10
+ 15

+22
+ 13

+21
+ 11

+25
+ 17

Inventories, end of
month, at retail value.

-3

0

+1

+41

+54

+64

Charge
accounts

Instalment accounts
Year and month

Household ap- Jewelry Department
pliance
stores
stores
stores

Department
stores

Furniture
stores

36

32
35
34
37
37
35

28
27
26
26
26
25
27
27
26

56
55
56
57
54
51
52
47
47

32
34
33
32
33
30
32
34
44

63
62
60
57
59
56
60
59
54

29
28
32
29
29

23
21
25
23
25

47
42
44
43
42

26
25
27
25
26

52
51
56
54
56

1946
April
May
June
July
August......
September...
October
November...
December.. .
1947
January
February. ..
March. . . , . . ,
April
May?

p
P Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1

* Preliminary.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month

Sales during month

Year and month

Percentage of total sales

Collections during
month

Cash
sales

Total

Cash

Instalment

Charge
account

Instalment

Charge
account

Instalment

Charge
account

100
114
130
145
162
202

100
131
165
188
211
243

100
82
71
66
68
101

100
102
103
111
124
176

100
78
46
38
37
50

100
91
79
84
94
138

100
103
80
70
69
89

100
110
107
112
127
168

48
56
61
64
64
59

1946-April
May
June
July
August
September
October
November
December

205
194
193
156
193
197
218
257
330

249
'233
233
192
234
229
249
297
384

97
85
81
74
99
97
119
146
199

175
169
169
130
164
180
202
233
292

45
45
46
45
48
50
55
62
75

125
129
133
119
127
145
156
176
224

84
84
87
101
109
117

154
168
167
165
152
152
186
197
205

60
59
59
61
60
57
56
57
57

1947—January
February
March
April
May P

163
159
210
207
216

188
179
236
230
241

106
109
'146
141
138

146
144
-192
192
202

75
74
76
80
82

176
154
160
164
167

118
112
126
120
124

251
195
185
186
198

57
56
'55
55
55

1941
1942
1943
1944
1945
1946

average
average
average
average
average
average.

"•85
81
79

Instalment
sales

<
i
A

,

I

i
,

[

;
5
5
S
S

s
s
s

Chargeaccount
salea

43
38
34
32
32
37
36
37
37
35
36
39
39
38
38
37
38
'39
39
39

P Preliminary.
•• Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 903.

908



FEDERAL RESERVE BULLETIN

COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]

Fuel,

House
furnishings

All items

Food

Clothing

Rent

electricity,
and ice

1929
1930
1931
1932
1933
1934
1935

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

108.7
97.6
92.4
95.7
98.1

103.9
86.5
84.1
93.7
100.4

102.6
90.8
87.9
96.1
96.8

130.3
116.9
100.7
94.4
94.2

108.9
103.4
100.0
101.4
100.7

98.0
85.4
84.2
92.8
94.8

104.1
101.7
98.4
97.9
98.1

1936
1937
1938
1939
1940

99.1
102.7
100.8
99.4
100.2

101.3
105.3
97.8
95.2
96.6

97.6
102.8
102.2
100.5
101.7

96.4
100.9
104.1
104.3
104.6

100.2
100.2
99.9
99.0
99.7

96.3
104.3
103.3
101.3
100.5

98.7
101.0
101.5
100.7
101.1

1941
1942
1943
1944
1945
1946

105.2
116.5
123.6
125.5
128.4
139.3

105.5
123.9
138.0
136.1
139.1
159.6

106.3
124.2
129.7
138.8
145.9
160.2

106.2
108.5
108.0
108.2
108.3
108.6

102.2
105.4
107.7
109.8
110.3
112.4

107.3
122.2
125.6
136.4
145.8
159.2

104.0
110.9
115.8
121.3
124.1
128.8

1945—June
July
August
September,
October...
November.
December.

129.0
129.4
129.3
128.9
128.9
129.3
129.9

141.1
141.7
140.9
139.4
139.3
140.1
141.4

145.4
145.9
146.4
148.2
148.5
148.7
149.4

108. 3

110.0
111.2
111.4
110.7
110.5
110.1
110.3

145.8
145.6
146.0
146.8
146.9
147.6
148.3

124.0
124.3
124.5
124.6
124.7
124.6
124.8

1946—January...
February..
March....
April
May
June
July
August
September
October...
November.
December.

129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3

141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9

149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
168.1
171.0
176.5

110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5

148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1

125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
131.0
132.5
136.1

1947—January...
February.,

153.3
153.2
156.3
156.1
155.8

183.8
182.3
189.5
188.0
187.6

179.0
181.5
184.3
184.6
184.4

117.3
117.5
117.6
118.4
117.6

179.1
180.8
182.3
182.4
181.6

137.1
137.4
138.2
139.1
138.7

Year or month

March
April.:...,
May

108. 3
108. 3

108. 4
108. 5
108.7
108.8

108.8
108.9
109.0
109.0
109.2

Miscellaneoi

Back Figures.—Bureau of Labor Statistics, Department of Labor.

JULY 1947




909

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 = 100]

Other commodities
Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936
1937
1936
1939
1940
1941
1942
1943
1944
1945
1946

. .

1046—Mav
June
. ...
July
August
September
October
November . . . .
D ece mb er
1947—January
February
March
April
May

Week ending:
1947—Mar i
Mar. 8
Mar 15
Mar 22
Mar. 29
Apr 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31 .
June 7
June 14
June 21
June 23

All
commodities

Farm
products

Foods

95.3
86.4
73.0
64 8
65.9
74.9
80.0
80.8
86.3
78 6
77.1
78.6
87 3
98 8
103.1
104 0
105 8
121.1

104 9
88.3
64.8
48 2
51.4
65.3
78 8
80 9
86.4
68 5
65 3
67.7
82 4
105 9
122 6
123 3
128 2
148 9

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104 9
106.2
130.7

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6

94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102 .4
102.7
104.3
104.5
111.6

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3

111 0
112 9
124 7
129 1
124^0
134 1
139.7
140 9
141 5
144.6
149 6
147 7
146 9

137 5
140 1
157 0
161 0
154.3
165 3
169 8
168 1
165 0
170.4
182 6
177 0
175 7

111.5
112.9
140.2
149 0
131.9
157.9
165.4
160.1
156.2
162.0
167.6
162.4
159.8

103.9
105.6
109.5
111.6
112.2
115.8
120.7
124.7
127.6
128.6
131.3
131.8
131.7

120.4
122.4
141.2
138.9
141.6
142.4
172.5
176.7
175.1
173.8
174.6
166.4
165.6

108.8
109.2
118.1
124.0
125.7
128.6
131.3
134.7
136.6
138.0
139.6
139.2
138.9

86.1
87.8
90.3
94.4
94.3
94.2
94.5
96.1
97.7
97.9
100.8
103.4
103.3

109.4
112.2
113.3
114.0
114.2
125.8
130.2
134.7
138.0
138.6
140.6
140.3
141.4

127.8
129.9
132.1
132.7
133.8
134.8
145.5
157.8
169.7
174.8
177.5
178.8
177.0

96.5
96.4
99.3
98.4
98.4
99.9
118.9
125.7
128.1
129.3
132.2
133.2
127.1

108.3
110.4
111.9
112.6
113.6
115.3
118.2
120.2
123.3
124.6
125.8
127.4
128.8

97.0
98.5
101.3
102.0
102.1
104.0
106.5
108.9
110.3
110.9
115 3
115 7
116.1

146 4
148.7
148 3
149 0
149 4
148 8
148 1
147.2
146.8
146 7
146.7
147 0
146.9
147 4
147.9
147.6
147 8
147.6

176 1
181.8
184 2
182 9
183 8
181 2
180 1
175.4
177.6
174 6
176.3
176.9
177.2
178 4
179.5
178.3
178 7
179.0

167.5
170.7
166.5
166.2
166.5
164 4
163.0
162.2
160.3
162.7
161.1
161.1
160.3
161.6
163.1
162.4
162.6
162.2

12S.7
129.4
130.0
131.3
131.9
132.3
132.1
132.4
132.0
131.8
131.7
132.1
132.2
132.3
132.2
132.1
132.1
132.0

174.1
174.2
175.7
174.9
174.2
174.3
173.8
172.5
171.9
166.7
166.7
166.4
166.4
166.5
166.6
167.0
169.4
170.0

137.0
137.4
138.3
138.7
138.7
139.3
139.6
138.8
137.8
138.0
138.0
138.5
138.3
138.5
138.5
138.5
138.4
138.4

98.6
98.8
98.8
101.7
103.5
103.9
104.0
104.1
103.9
104.0
104.0
104.1
104.3
104.1
104.4
104.4
104.5
104.5

138.6
139.7
140.2
140.3
140.3
140.3
140.3
140.9
140.8
140.7
140.7
141.8
141.8
142.3
142.5
142.3
141.5
141.4

173.0
175.3
175.3
176.7
177.0
177.8
177.9
178.4
178.0
178.5
178.6
177.4
177.0
178.0
177.5
176.1
176.3
175.4

129.3
130.6
131.7
133.0
132.8
134.5
134.5
132.5
130.5
128.6
127.2
125.9
126.0
126.4
124.7
124.4
124.3
123.2

125.5
126.1
126.1
126.6
126.6
126.7
126.7
128.1
128.6
128.6
128.6
129.4
129 A
129.5
129.5
129.6
131 .0
131.0

111.2
111.9
113.0
114.6
114.9
115 7
114.3
115.6
115.2
115 4
114.9
115.9
116.5
116.1
115.9
116.0
115 8
115.8

Total

ChemiHides and Textile Fuel and
Metals
Houseleather products lighting and metal Building cals and furnish- Miscelallied
materials
laneous
products
materials products
products ing goods

1946

1947

1946
May

Farm Products:
Grains
Livestock and poul t r v
Other farm product a
Foods:
Dairy products
Cereal products
Fruits and vegetab es
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather prodiicts
Textile Products:
Clothing
Cotton goods
Hosiery and undersvear
Silk
Rayon
Woolen and worsted goods.
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal .
...
Coke
Electricity
Gas

Petroleum products

1947

Subgroups

Subgroups
Feb.

Mar.

Apr.

May

148.1 171.1 203.3 199.8 202.4
134.9 201.5 216.0 199.2 198.7
135 1 150 5 155 8 156 4 153 5
117.0
100.3
140.6
110.5
98 1

161.8
141.3
134.2
199.5
146 0

157.6
150.4
141.5
207.3
152 8

148.8
154.1
142.2
196.7
147 6

138.8
151.7
144.3
203.0
138 4

128.9
120.7
104.0
115.2

171.5
191.4
181.1
137.1

171.5
192.2
183.7
137.7

172.1
178.1
158.0
137.7

172.2
177.7
154.5
138.3

119 6
138.6
75.7
30 2
112.7
111.9

132 7
193.7
100.0
80 2
37 0
121.9
170.1

133 0
196.6
100.8
73 2
37 0
127.5
175.1

133 0
194.7
100.8
69 4
37 0
129.1
175.8

133 9
193.0
100.8
67.9
37 0
129.2
176.1

104 1 114 8 114.9 113.9 112.2
125 3 143.3 143.6 145.0 145.1
133 5 155 1 155 2 155 4 155 7
67 0 65 7 64.3
80 2 84.3 84.9 84.0
63.5 76.6 81.7 86.3 86.8

Maj

Metals and Metal 1Products:
Agricultural irnplements.
Farm machine ry
Iron and steel
Motor vehicles l
Nonferrous nuitals
Plumbing and heating...
Building Materials
Brick and tile
Cement
Lurnber
Pai nt and pairit materials5 . . . .
Plu mbing and heating...
Str nctural stee 1
Oth er building materials.
ChemicaIs and Alii td Products
Che
Drugs and Pharmaceuticals..
Fertilizer materials
Mixed fertilizers
Oil^ s*nH fats
Housefu rnishing Goods:
Fur nishings
Fur nirnre
Miscellaneous:
Auto tires and t u b e s . . . .
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

Feb.

Mar.

Apr

May

101. 7 117.6 116.8
102. 7 119.0 118.2
107
125 0 195 9
1S1 3 151 9
89. 0 131.3 139.0
100. 8 117.1 117.9
120. 5 132.3 132.4
102
109 9 112 3
172. 5 263.6 269^3
108. 2 173.9 176.1
100. 8 117.1 117.9
120. 1 127.7 127.7
115. 7 141.5 143.5

116 6 117.8
118 0 119.2
128 6
148 g 149 3
141 0 143.9
118 2 120.0
134 5 134.5
114 o 114 0
273 5 269.4
175 5 169.2
118 2 120.0
127 7 127.7
143
144.8

97 o 113 8
112. 4 182.5
81. 9 99.2
86 6 96 3
214 3
102

119
118 7
181 0 173.6
101 2 102.5
96 7 96 7
220 1 179 9

114 5
182.7
101.8
96 3
231 5

113. 4 129.6 131.4 134 4 136.9
102. 9 119.5 120.0 120 0 120.3
73.0 73.0 73 0 73.0
73. 0
173. 6 178.6 238 4 208 Q 237 4
115.
143.4 145.1 152 S 154.3
46. ?
52.9 52.9 52 0 45.6
100. 2 118.8 122.2 123 3 122.1

1

Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.

910



FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce. In billions of dollars!
Seasonally adjusted annual
by quarters

Annual totals

1947

1946*
1941

1940

1942

1943

1944

1945 »

rates

1946 »
1

2

3

4

1

152.3

187.4

197.6

194.0

183.7

190.2

196.6

204.7

209.0

62.7
55.3

93.5
86.2

97.1
89.5

83.6
75.8

34.7
25.2

39.6
31.1

36.7
27.7

31.3
21.5

30.8
20.3

31.5

8.8

26.5
18.6

2.8
6.1

13.3
5.3

50.3
5.0

81.3
4.9

83.7
5.7

69.4
6.3

....

14.8
4.3

19.1
5.3

7.6
2.9

2.5
1.6

2.0
1.6

9.1
2.6

16.2
8.9
9.5
32.1
7.9

23.8
7.3
8.5
23.1
6.5

19.2
8.6
9.0
31.4
8.0

12.0
9.5
9.8
35.7
8.3

10.0
10.3
10.5
37.9
8.8

Residential
Other
Producers durable equipment
N e t change in business inventories..
N e t exports of goods a n d services.
Net exports and monetary use o f

2.4
2.0

2.8
2.5

1.3
1.6

0.6
1.0

8.9
3.5
1.2

5.1
- 0 . 5
0)

3.1
- 0 . 6
- 1 . 5

0.5
1.1

6.9
1.8
1.5

4.0
- 1 . 7
- 1 . 8

•6.6
-0.6

«12.8
6 5

•9.5
3.4

•12.0
4.0

•14.0
8.6

•15.6
9.7

0.3
65.7
7.4
34.4
23.9

0.2
74.6
9.1
40.1
25.4

0
82
6
47
27

91
6
55
29

3
6
1
7

- 0 . 1
98.5
6.7
60.0
31.8

106.4
7.7
65.6
33.1

127
14
77
35

97.1

120.2

152.3

187.4

197.6

199.2

194.0

12.4
6 4
0 7

18.5

23.1

27.4

29.7

25.0

8.0
0.5

8.2
0.5

28.6

Gross national product
Government expenditures for goods and

97.1
16.7

Federal Government
War
Nonwar
State and local governments
P r i v a t e gross capital formation
Construction

Services
Deductions:
Business tax a n d nontax liabilities...
Other business reserves
Capital outlay charged t o current
Adjustments:
For inventory revaluation

120.2

7.0

0 8
1.3

0.9

....

Additions:

—0 4
—0.4
77.6

—3 2
—1 1
96.9

.1
.0
.3
.9
.8

7.6
0.6
1.1

—2 1
- 0 . 2
122.2

.
.
.
.

0.8

- 0 . 2

0.9

149.4

—0.1
—2.2
160.7

1.5

199.2

0.7
1.9

4.9

8.0

0 5
1.1
(4)

0.1

161.0

.2
.1
.3
.8

3.7
12
1
7
3

1
1
5
4

.0
.7
.1
.2

183.7

7.4
122
13
74
35

.1
1
.0
.0

4.8
129
15
78
36

.6
0
3
.3

3.8
136
16
81
37

.0
7
8
.5

138.5

190.2

196.6

204.7

209.0

7.2

0 4
2.0

—3 5
—2 . 1
165.0

2.6

2.5

2.7

3.2

5.3

8.1

1.8

4 0

4.4

5.5

5.4

4.5

6.9

2.1

Deductions:
Corporate savings
Contributions to social insurance

39.0

3.2

3.8

3.9

3.8

4.0

11.0

Income payments to individuals

76.2

2 6
92.7

117.3

143.1

156.8

160.8

165.1

156.7

160.6

167.8

173.4

176.9

Income payments to individuals
Personal taxes and nontax payments
Federal
State a n d local
Disposable
income
of i n d i v i d u a l s
Consumer expenditures
N e t savings of individuals

76.2
3.3
1.4
1.9
72.9
65.7
7.3

92.7
4.0
2.0
2.0
88.7
74.6
14.2

117.3
6.7
4.7
2.0
110.6
82.0
28.6

143.1
18.6
16.6
2.0
124.6
91.3
33.3

156.8
19.4
17.4
2.1
137.4
98.5
38.9

160.8
21.2
19.0
2.1
139.6
106.4
33.1

165.1
19.1
17.0
2.1
146.0
127.2
18.8

156.7
18.6
16.4
2.1
138.1
121.0
17.1

160.6
18.7
16.6
2.1
141.9
122.1
19.8

167.8
19.4
17.2
2 2
148.4
129.6
18.8

173.4
19.8
17.7
2 2
153.6
136.0
17.6

176.9

77.6
52.3
48 6

96.9
64.5
60 8

122.2
84.1
80.8

149.4
106.3
103.1

160.7
116.0
112.8

161.0
114.5
111.4

165.0
109.8
106.6

152.9

158.5

169.4

177.5

180.5

Salaries a n d wages
Supplements
Net income
of proprietors
Nonagricultural
Dividends

3.7

12

0
4.4
7.6

7.5
5.8
4.0
1.8

15

3.7

3.3

8

20.6

6.3

9.7

9 6
8.0
8.5
4.5
4.0

10.9
8.8
8.7
4.3
4.4

3.2

23.5
11.9
11.6
9.7
9.8
4.3
5.5

3.2

24.1
11.8
12 3
10.6
9.9
4.5
5.4

3.1

25
12
13
11

.6
.5
.1
.8

9.0
4.5
4.5

3.3

30
14
15
13
12

2
.9
3
.0
.0

5.1
6.9

1
Revised
figures.
Q u a r t e r l y u n a d j u s t e d d a t a for all c o m p o n e n t s o n u n r e v i s e d basis a n d r e v i s e d
figures
for the quarterly adjusted series
a p p e a r in t h e BULLETIN for July 1946, p. 806, a n d J a n u a r y 1947, p 88, respectively.
*R e v i s e d
figures
Quarterly unadjusted data have not yet been published.
» Based on n e w sources a n d not precisely comparable with previous years.
< Less t h a n 50 million dollars.
NOTE.—Detail
d o e s n o t a l w a y s a d d t o t o t a l s b e c a u s e o f r o u n d i n g . F o r a g e n e r a l d e s c r i p t i o n o f a b o v e s e r i e s s e e t h e S u r v e y of C u r r e n t B u s i n e s s
for M a y a n d August 1942 a n d M a r c h 1943.
Back
figures.—For
a n n u a l t o t a l s 1 9 2 9 t h r o u g h 1 9 3 9 , s e e t h e S u r v e y of C u r r e n t B u s i n e s s , M a y 1 9 4 2 a n d A p r i l 1 9 4 4 . F o r q u a r t e r l y e s t i m a t e s
1 9 3 9 t h r o u g h 1 9 4 4 s e e t h e S u r v e y of C u r r e n t B u s ' n e s s f o r A p r i l 1 9 4 4 a n d F e b r u a r y 1 9 4 6 .

JULY

1947




911

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
1947
May
28

June

June

June
18

June
25

RESERVES AND CURRENCY

Reserve Bank credit, t o t a l . . . . 2
U. S. Govt. securities, total. . 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits. . . 2
Member bank reserves
2, 4
Required reserves.
4
Excess reserves e
4
Excess reserves (weekly avg.):
Total e
5
New York City
5
Chicago
5
Reserve city banks
5
Country banks e
5

MONEY RATES, ETC.

22.02
21.59
14.57
5.92
.37
.74
20.93
28.21
2.12
15.71
15.19
.52

22.23
21.76
14.66
6.00
.37
.73
20.99
28.26
2.02
15.92
15.30
.63

22.04
21.58
14.38
6.10
.37
.73
21.03
28.25
1.83
16.03
15.36
.67

21.80
21.19
13.99
6.10
.37
.73
21.12
28.20
1.56
16.24
•15.38

.79
.02
(2)
.24
.54

.80
.01
(2)
.23
.55

.77
.01
(2)
.22
.54

P. 86

P.86

.01
(2)
.24

P.60

54.61
33.84
27.23
3.86
2.37
.39
3.53
40.14
.39
17.24
10.63
1.74

54.70
34.17
27.29
3.82
2.31
.75
3.51
40.30
.46
17.02
10.64
1.75

55.11
34.60
27.32
3.93
2.28
1.08
3.53
40.52
.50
16.98
10.63
1.77

55.02
34.31
27.34
3.93
2.28
.76
3.56
40.55
.56
17.15
10.66
1.7

1.96
1.19
.77
2.43

2.18
1.24
.94
2.45

2.05
1.17
.88
2.47

1.99
1.09
.90
2.48

18.5
11.56
9.57
.97

.60
.24
.25
.80

.31
.25

.58
.32
.26
.76

.53
.3
.24
.76

.61
.32
.23

36.70
23.1
17.70
3.18
1.6:
.63
25.53
.80
5.78
9.43
11.18
6.75
1.67
.88
1

36.42
22.69
17.71
3.03
1.62
.34
25.67
.28
5
9.42
11.29
6.72
1.67
.98
1.9.

36.53
22.89
17.76
2.99
1.60
.53
25.79
.34
5.94
9.42
11
6.73
1.67
.90
1.90

36.6'
22.98
17.78
3.02
1.60
.58
25.85
.36
6.07
9.42
11.23
6.75
1.6'
.88
1.91

36.49
22.75
17.77
2.96
1.6

.376

.376

.85

.85

1.19
1.46
2.19

1.19
1.45
2.30

376
376
.85
.85
1.21 1.22
1.47 1.48
2 .21 32 .24

.4:

2.56
3.21
2.47

2.55
3.22
2.47

116
120
95
102
.64

120
124
97
102
.91

121
126
100
101
.87

120
126
99
99
.94

BUSINESS CONDITIONS

Wholesale prices (1926 =100):
Total
69
Farm products
69
Other than farm and food. . 69
'roduction:
Steel (% of capacity)
75
Automobile (thous. c a r s ) . . . 75
Paperboard (thous. tons) . . . 76
Electric power(mill. kw. hrs.) 77
Basic commodity prices
(1939=100)
76
Dep't store sales (1935-39 =
100)
77
Freight carloadings(thous. cars):
Total
78
Miscellaneous
78

147.4 147.9 147.6 147.8 147.6
178.4 179.5 178.3 178.7 179.0
132.3 132.2 132.1 132.1 132.0
95.4 97.0 96.9 95.8
79
98
103
98
172
183
178
183
4,635 4,702 4,676
4,429
298.0 297.7 299.1 299.8

250

293

300

901
388

895
387

4,675
298.3

256

830
361

95.6
105
177

901
388

245
846
392

1947
Mar.
MONTHLY FIGURES

Apr.

May

In billions of dollars

RESERVES AND CURRENCY

.67 Reserve Bank credit
.35 Gold stock

14.85
.16
3.89
1.32
5.87
3.90

Per cent per annum
34
34
34
3
34, 37

116
119
96
102
.75

2.0:
1.18
.88
2.52

18.22 18.19 18.17
11.29
11.36 11
9.51 9.52 9.53
.83
.83
1.01
.71
.75
.74
.2
.10
.05
14.4 14.51
14.3
.1
.10
.31
3.84
3.8'
3
1.32
1.3:
1.31
5.95 5.81
5
3.93 3.91 3.90

2.55
3.22
2.47

In unit indicated

40
40
Railroad
40
P.77 Public utility
40
.01 /blume of trading (mill, shares) 40

.21
P.54

2.53
3.20
2.46

2.53
3.19
2.46

.37
.73
21.17
28.18
1.97
16.08 Stock prices (1935-39 =100):
15.35
Total
Industrial
P.73

54.92
34.48
27.21
4.18
2.36
.73
3.45
39.90
1.11
16.99
10.67
1.74

MONEY RATES, ETC.

U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more

Per cent per annum

Cont.

22.06 Corporate bonds:
21.58 Aaa
37
14.38 Baa
37
6.10
High grade (Treas. series). . 37

MEMBER BANKS IN LEADING CITIES

All reporting banks:
Loans and investments
16
U. S. Govt. securities, total. . 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities... 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
OnU. S.Govts
21
On other securities. . . 21
To others
21
Allother
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
.
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21

June

May

WEEKLY FIGURES 1 —Cont.

In billions of dollars

WEEKLY FIGURES *

1947

Chart
book
page

23.72
20.41
28.27
1.33
1.34

22.72
20.59
28.18
1.33
.72

22.28
20.87
28.16
1.34
.61

16.01
5.01
6.31
4.69

15.93
5.00
6.29
4.63

15.98
5.05
6.32
4.61

15.13
4.98
6.09
4.06

15.10
4.98
6.07
4.05

15.19
5.04
6.09
4.06

.87
.02
()
.22
.63
28.23
8.42
15.35
4.46

.83
.01
.01
.23
.58
28.11
8.43
15.23
4.45

.78
.01
()
.22
.55
28.26
8.49
15.29
4.49

1
C
1
G
1
C
h
H

P165.10
P80.40
P54.90
P26.00
P 3 . 80

P165.20
P81.30
P55.1O
P26.OO
P2.80

P164.90
P81.50
P55.3O
P26.00
P2.10

1
1
1
1

P113.10
P32.40
P72.40
P8.30

P113.00
P32.80
P71.8O
P8.40

P112.7O
P33.10
P71.3O
P8.30

Money in circulation
Treasury cash
Treasury deposits
Member bank reserves:
Total
4,7,12
Central reserve city banks.. 1
Reserve city banks
1
Country banks
1
Required reserves:
Total
Central reserve city banks. . 1
Reserve city banks
1
Country banks
1
Excess reserves:
Total
4,
New York City
Chicago
Reserve city banks
Country banks
Money in circulation, t o t a l . . . .
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills. . .

25.70
.40
5.8i
9.43
11.2'
ALL BANKS
6.75
IN THE UNITED STATES
1.7i
.91
1.94 Total deposits and currency«..
Demand depositse
Time depositse
Currency outside banks*
U. S. Govt. deposits e ..;
ALL COMMERCIAL BANKS
.37<
e
.81 Loans and investments, total .
1.2.
Loans e
6
1.45
U. S. Govt. securities
2.2
Other securities6

2

2

For footnotes see p. 915.

912



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued

Chart
book
page

1947
Mar.

Apr.

May

In billions of dollars

MONTHLY FIGURES—Cont.
MEMBER BANKS

12
12
12
12
12
12
12
12

95.39
27.61
60.95
6.82
67.88
27.65
11.49
5.51

95.31
27.89
60.57
6.85
68.78
27.81
11.25
5.40

12
12
12
12
12
12
12

24.92
7.85
15.47
1.60
19.08
2.30
5.27

25.18
7.82
15.75
1.60
19.58
2.31
5.21

13
13
13
13
13
13
13

35.11
11.20
21.60
2.31
23.65
11.08
1.80

34.87
11.24
21.34

13
13
13
13
13
13
13

35.36
8.57
23.88
2.91
25.15
14.28
3.51

35.26
8.83
23.48
2.95
25.22
14.36
3.41

2.30
23.98
11.15
1.79

22
22
22
22
22, 23
23
23
23
23

TREASURY FINANCE

U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds and tax n o t e s . . . .
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks e
Fed. agencies and trust funds. . .
F. R. Banks
Individuals 6 6
Corporations
Insurance companies"
Mutual savings banks66
State and local govts.
Marketable public issues:
By classes of securities:
Bills: 6
Nonbank
Commercial bank
F. R. Bank
Certificates:6
Nonbank
Commercial bank
F. R. Bank
Notes: 6
Nonbank
Commercial bank
F. R.6 Bank
Bonds:
Nonbank:
Restricted issues
Unrestricted issues
Commercial bank
F. R. Bank

28
28
28
28
28
29
29
29
29
29
29
29
29

30
30
30
30
30
30
30
30
30
30
30
30
30

10.22 P10.41
2.24 P2.22
4.33
.63
1.70
.69
1.00

P2.78
P.87
M.54
P2.73

Restricted issues
Unrestricted issues
Commercial bank
F. R. Bank

PI.81
P. 75

Pl.06

May

53.14
37.46
21.70

51.21
36.78
20.96

50.61

31
31
31

38.26
27.69
.69

38.26
27.68
.69

38 .26

31
31
31

26.26
16.49
.07

26.26
16.56

26 .26

.07

.07

31
31
31
31

54.81
6.65
5.21
.13

54.81
6.64
5.20
.13

54.91

35.17
8.92
33
23.27 '. R. Bank discount rate
33
2.97 Treasury bills (new issues)
25.23 Corporate bonds:
33.37
14.38 Aaa
Baa
37
3.35
High grade (Treas. series)
37
U. S. Govt. bonds, 15 years or more. .
37
PIO.66

P2.20
P2.84
P.87
P4.75 Stock prices (1935-39 = 100):
Total
P2.82
Industrial
Pi.92
Railroad
P.81
Public utility
Pi.11

Apr.

31
31
31

MONEY RATES, ETC.

CONSUMER CREDIT e

Mar.

Cont.

95.04 Ownership of U. S. Govt. securities—
28.14
Cont.
60.15 Marketable public issues—Cont.
6.75
By earliest callable or due date:
68.95
Within 1 year: 6
27.92
Nonbank
10.96
Commercial bank
5.31
F. R. Bank
1-5 years: 6
24.95
Nonbank
7.92
Commercial bank
15.53
F. R. Bank
5-10 years: 6
1.50
Nonbank
19.59
Commercial bank
2.33
F. R. Bank
5.17
Over 10 years: 6
34.92
Nonbank holdings:
11. "30
21.35
2.28
24.14
11.21
1.76

1947

In billions of dollars

MONTHLY FIGURES—Cont.
TREASURY FINANCE

All m e m b e r banks:
Loans and investments, total...
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total. ..
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e . ..
Time deposits
Balances due to banks
Reserve city banks:
Loans and investments, t o t a l . . . .
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted 6
Time deposits
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due from banks
Consumer credit, total 5 5
Single payment loans
Charge accounts
Service credit
Instalment credit, total 5
Instalment loans 5
Instalment sale credit, total
Automobile
Other

Chart
book
page

Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended to c u s t o m e r s . . . .
Money borrowed
255.98 254.60 255.15 Customers' free credit balances. . .
119.32 119.32 119.32
52.97 51.05 50.44
58.16 58.61 58.86
BUSINESS CONDITIONS
25.18 25.28 26.19
Income payments (bill, dollars):67
Total
71.50 71.70
Total salaries and wages
31.57 31.55 32.15
Excluding Govt
22.59 21.86 22.09 Entrepreneurial income
65.20 65.40
Dividends and interest
21.70 20.50
Other
25.10 25.10
Labor force (mill, persons): 6
12.00 12.00
Total.
6.30
6.30
Civilian
Unemployment
Employment
Nonagricultural
17.04 16.61 16.00
Agricultural
15.77 16.03
Factory employment and pay rolls
15.09 15.10 ii.97
(1939=100):
Pay rolls
27.79 26.29 26.29
Employment
16.39
15.49
Hours and earnings at factories:
6.40
5.65 "(S.'oi
Weekly earnings (dollars)
Hourly earnings (cents)
8.14
Hours worked (per week)
8.14
8.14
5.47
Nonagricultural employment (mill,
5.40
persons):« 7
.35
.35 '".'37
Total
Manufacturing and mining
119.32 119.32 119.32
Trade
71.1
71.15
Government
49.20 49.28
Transportation and utilities
.74
Construction
.75
.75

21 .21

.69

.12

Per cent per annum
1.00
.376

1.00
.376

1.00
.376

2.55
3.15
2.49
2.19

2.53
3.16
2.47
2.19

2.53
3.17
2.46
2.19

In unit indicated
39
39
39
39
39

124
128
110

41
41
41

576

119
123
102
105
.91

115
11.9
95
102
.91

677

553
205
665

530
201
652

45
45
45
45
45
45

14.8
9.4
8.1
3.3
1.2
1.0

14.7
9.3
8.1
3.2
1.2
.9

47
47
47
47
48
48

60.0
58.4
2.3
56.1
48.8
7.2

60.7
59.1
2.4
56.7
48.8
7.9

49
49

313.9
154.0

310.4
152.9

50
50
50

47.72
118.0
40.4

47.50 P48.86
118.6 P121.0
M0.4
40.1

51
51
51
51
51
51

42.4
16.4

107
.84
216

8.7
5.4
4.0
1.6

42.0
16.4
8.6
5.5
3.8
1.7

P9.5
P8.3
P3.2

Pl.2
P.9

61 .8
60.3
2.0
58,3
49.4
9.0

P42.2
P16.3
P8.7
Pl.7

For footnotes see p. 915.

JULY

1947




913

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
MONTHLY FIGURES—Cont.

1947
Mar.

Apr.

In unit indicated

BUSINESS CONDITIONS—Cont.

Industrial production: 7
Total (1935-39 = 100)
53, 54
Groups (points in total index):
Durable manufactures
53
Machinery and trans, equip....
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53,54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food p r o d u c t s . . . .
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
56
New orders, shipments, and inventories (1939-100):
New orders:
Total
57
Durable
57
Nondurable.
57
Shipments:
Total
57
Durable
.
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 7(3 mo. moving
avg., mill, dollars) :
'Total
59
Residential
59
Other
59
Residential contracts (mill, dollars): 7
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction activity (mill,
dollars): e
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings:7
Total (1935-39=100)
63
Groups (points in total index):
Miscellaneous
63
Coal
63
All other
63
7
Department stores (1935-39 =100) :
Sales
65
Stocks
65
Consumers' prices (1935-39=100):
All items
67
Food
67
Clothing
67
Rent
67
Wholesale prices (1926 = 100):
Total
69
Farm products
69
Other than farm and food
69
Prices paid and received by farmers
(1910-14=100):
Paid
71
Received.
.
71

Chart
book
page

May

Mar.

MONTHLY FIGURES—Cont.

Apr.

May

In unit indicated

BUSINESS CONDITIONS—Cont.

190

186

Cash farm income (mill, dollars):
Total
Livestock and products
Crops
P44^0
Govt. payments
P21.7

85.3
45.2
21.6

84.1
44.5
21.5

82.3
22.1
23.0

18.2
80.7
21.3
22.7

P17.6

23.1
14.1
22.5

22.8
13.9
21.7

P22.7
P14.2
P23.0

195
213
192
138
238
281

203
213
175
135
237
275

210
160
157
180
122
432
289

196
154
158
178
119
432
291

P79.1
P20.8

P21.5

P200

215
141
P132
P233
P273

73
73
73
73

289
314
271

P2S6
P322
P261

217
238
199

P221
P244

541
237
304

548
226
322

P510
P198
P312

249
13
236
197
39

215
15
200
160
40

219
35
184
137
47

P201

QUARTERLY FIGURES

198
356

24
285

16
306

82.8
31.3
31.6
'273
273

.96
2.99
.75

Pl.327 P I . 2 9 6
Pl.326 Pi,294
P444
P512
P882

P782

1947
JanMar.

Apr.June

26
26
26
26
26
26
26
27
27
27

9.16
4.50
9.02
7.72
3.07
2.52
2.14

10.63
4.30
13.90
12.61
7.95
2.62
2.03

9.95
8.77

13.39
4.55
10.89

15.09
9.87

+ 1.18 +5.22
Per cent per annum

MONEY RATES

Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities

33
35
35
35

Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars) :<"
10
Net proceeds:
339
All issuers
.
Industrial
142
Railroad
Public utility
79.
New money:
33.
All issuers
29.
Industrial
Railroad
291
Public utility
252

2.33
1.85
2,43
2.76

2.31
1.82
2.37
2.80

2.38
1.83
2.44
2.95

In unit indicated

958

154
363

146

8
8
8

In billions of dollars

CORPORATE SECURITY ISSUES
826

5.67
2.69

Oct.Dec.

TREASURY FINANCE
P240
P278
P218

8
8

1946

Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo. . .

249
287
225

1,972 P2.025
1,330 Pl.381
P6O7
582
P37
60

INTERNATIONAL TRADE AND FINANCE

Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
79
Official
79
Invested in U. S. Treasury bills
and certificates
79
Private
79
Total assets
79
Exports and imports (mill, dollars):
.Exports
81
Excluding Lend-Lease exports...
81
Imports
81
Excess of exports or imports excluding Lend-Lease exports
81
Foreign exchange rates:
See page 933 of this BULLETIN . . 82, 83

148
P153
184
P430
P296

1,996
1,322
608
66

137
80.7
25.3
30.7
'276
264

156.3
189.5
184.3
109.0

156.1
188.0
184.6
109.0

149.6
182.6
131.3

147.7
177.0
131.8

227
280

230
276

231
378

155.8
187.6
184.4
109

42
42

1.78
1.53

.95
.68

43
43
43
43

1,801
966
105
668

1,018
438
53
442

43
43
43
43

1,336
686
74
537

673
283
43
284

44
44
44
44
74

204.7
136.0
30.8
37.9
485

209.0
138.5
31.5
39.0
484

74
74

211
267

221
267

BUSINESS CONDITIONS

Gross national product (bill, dollars) e .
Consumer expenditures
Govt. expenditures
Private capital formation
146.9 Cash farm income (1910-14 = 100)
175.7 Prices paid and received by farmers
131.
(1910-14=100):
Paid.
Received
229
Farm real estate values (1912-14 =
272
100)

74

(9)

9

159

For footnotes see p. 915.

914



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS- -Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued

Chart
book
page

CALL DATE FIGURES

June
29

Dec.
31

Sept.

In billions of dollars

ALL MEMBER BANKS

Holdings of U. S. Govt. securities:
Bonds
Certificates
Notes
Bills
Loans :
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local govt. securities. . .
Other securities

Chart
book
page
SELECTED DATES—Cont.
LIQUID ASSET

14
14
14
14

45 .42
15 .29
10 .47
1 .07

(10)
(10)
(10)
(10)

15
15
15
15

9 .69
.88
4 .27
2 .46

(10)
(10)
(10)
(10)

15
15
15
15

2 .40
2 .48
3 .31
3 .15

3.62
3.08

1946

Dec.

June

In billions of dollars

HOLDINGS e —Cont.

46.22
10.04
5.60
1.17

orporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
13.15 Total holdings
. 88 Deposits and currency
5.36
U. S. Govt. securities
3.31

(10)
(10)

1945

24
24
24

43.3
24.7
18.6

24
24
24

27.2
18.0
9.2

1.51
1.47
3.55
3.08

1947
Feb. 26P
OWNERSHIP OF DEMAND DEPOSITSe

1946
June?
SELECTED DATES

In billions of dollars

LIQUID ASSET HOLDINGS''

Individuals and businesses:
Total holdings
Deposits and currency
U. S. Govt. securities. . .
Individuals:
Total holdings
Deposits and currency. . .
U. S. Govt. securities.

24
24
24

221.2
133.5
87.7

222.5
139.4
83.1

24
24
24

147.3
91.9
55.4

152.0
96.7
55.3

Individuals, partnerships, and corporaations, total
Nonfinancial:
Total
Manufacturing and mining. . . .
Trade
Public utilities
Other
Financial:
Total
Insurance companies. . .
Other
Individuals:
Total
Individuals excl. farmers. . . .
Farmers
Nonprofit ass'ns and other. .

25

77.5

25
25
25
25
25

38.3
16.4
13.0
4.4
4.5

7/ .8
37.2
16.0
12.5
4.2
4.5

25
25
25

6.6
2. 1
4.5

6.5
2.1
4.5

25
25
25
25

27.6
21 .4

28.9
22.1
6.7
5.2

6.2
5.0

e
r
Estimated.
^Preliminary.
Revised.
1
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
2
Less than $5,000,000.
3 Number of issues included reduced from 9 to 8 on June 15.
4
For charts on pages 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that
5
Revised. For back figures see pp. 830-835 of this BULLETIN.
fi
The figures shown here are cumulative totals, not aggregates of the individual components.
7
8
Adjusted for seasonal variation.
As of Feb. 28.
9
No data available for December Quarter since surveys are made only three times a year; figure for March quarter is as of
10

show those series.

Mar. 1, 1947.
Figures available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription price of $9.00; individual copies ot monthly
ssues, at $1.00 each.
CONSUMER CREDIT •
Chart
book
page1

1947
Mar.

Apr.P

May

(In millions of dollars)
Consumer credit outstanding, total 2 . .
3
Instalment credit, total2
3, 5
Instalment loans2
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans2
3
Service credit
3
Consumer credit outstanding, cumulative totals: 3
Instalment credit2
4
Charge accounts
4
Single-payment loans2
4
Service credit
4
Consumer instalment sale credit outstanding, cumulative totals: 3
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6

10,216 10,413 10,664 Consumer instalment sale3 credit
4,329 4,543 4,747 granted, cumulative totals:
By automobile dealers
2,634 2,730 2,824
By furniture and household appli1,923
1,695 1,813
ance stores
2,768 2,782 2,840
By department stores and mail2,243 2,215 2,203
order houses
874
876
873
By all other retailers
Consumer instalment loan credit out10,216 10,413 10,664 standing, cumulative totals: 3
Commercial and industrial banks2
5,887 5,870 5,917
Small loan companies2
3,119 3,088 3,077
Credit unions2
874
876
873
Miscellaneous lenders
Insured repair and modernization
loans
1,695 1,813 1,923
1 ,060 1,113
621
263

662
276

698
290

1
P Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
Revised. See pp. 830-835 of this BULLETIN.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
3

JULY

1947




915

NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks J
All
reporting
banks

Banks (Head Offices)
Dec. 31, 1942
Dec. 31, 1943
Dec. 31, 1944
Dec. 31, 1945
Dec. 31, 1946
May 31, 1947?
Branches a n d
Additional Offices*
Dec. 31, 1942
Dec. 31, 1943
Dec 31, 1944
Dec. 31, 1945
Dec 31 1946
May 31, 1947?

Total
Total*

National

Mutual savings
banks

Nonmember banks J

Member banks
State«

Total

Insured

6,667
6,535
6,452
6,416
6,457
6,458

793
764
729
714
690

56
184
192
192
191

490
361
351
350
350

679

191

350

935
952

52
52

35
95

102
41

978
981

54
57
62
61

99
101
115
120

41
42
42
43

14,682
14,579
14,535
14,553
14,585
14,602

14,136
14,034
13,992
14,011
14,044
14,061

6,679
6,738
6,814
6,884
6,900
6,927

5,081
5,040
5,025
5,017
5,007
5,013

1,598
1,698
1,789
1,867
1,893
1,914

7,460
7,299
7,181
7,130
7,147
7,137

3,739
3,933
4,064
4,090
4 138
4,196

3,602
3,797
3,924
3,947
3 981
4,033

2,615
2,793
2 892
2,909
2 913
2,959

1,592
1,741
1,813
1,811
1 781
1,806

1,023
1,052
1,079
1,098
1 132
1,153

987
1,004
1,032
1,038
1 068
1,074

Noninsured1

1 006
1,013

Insured 2

Nonreporting
banks
(nonmembe
noninsured)

Noninsured

130
119
120
112
111
108

P Preliminary.
1
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 10 "cooperative" banks in Arkansas and 96 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
* The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks
are not included in the total for "Commercial banks" and are included only once in "All reporting banks."
1
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308,241, 79, and 75, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monttary 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 1
Federal Reserve
district or State

United
Dec.
Dec.
Dec.
Dec.
Dec.
May

States total
31, 1942.
31, 1943.
31, 1944.
31, 1945.
31,1946..
31, 1947?

Total 1

14,123
14,021
13,989
14,002
14,043
14,060

Total

11,413
11,492
11,544
11,869
11,957
12,000

Member
banks

6,670
6,729
6,806
6,877
6,894
6,921

Nonmember
banks

4,743
4,763
4,738
4,992
5,063
5,079

487
933
845
1,164

487
933
845
1,164

335
801
648
724

152
132
197
440

Richmond
Atlanta
Chicago
St. Louis

1,012
1,153
2,480
1,469

786
529
2,423
1,116

476
337
1,000
499

310
192
1,423
617

Minneapolis
Kansas City
Dallas
San Francisco

1,276
1,747
988
506

601
1,736
878
502

473
755
603
270

128
981
275
232

State

Total i
Total

Member
banks

l

Nonmember
banks

226
624
57
353
675

11
110
4

Kentucky
Louisiana
Maine
Maryland
Massachusetts

385
158
63
169
183

385
56
63
169
183

114
45
38
79
148

271
11
25
90
35

Michigan
Minnesota
Mississippi
Missouri
Montana

443
677
205
592
110

443
264
38
523
110

228
208
30
181
80

215
56
8
342
30

Nebraska
Nevada
New Hampshire....
New Jersey
New Mexico

2,710
2,529
2,445
2,133
2,086
2,060

By d i s t r i c t s a n d
by States
May 31, 1947*
Boston
New York
Philadelphia
Cleveland

On par list

Not
on
par
list 1

409
8
65
343
45

409
8
65
343
45

145
6
52
295
32

264
2
13
48
13

New York
North Carolina
North Dakota
Ohio
Oklahoma

663
204
151
673
384

663
86
44
673
374

577
53
41
429
224

86
33
3
244
150

Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota

70

70

1,006

1,006

19
54
68

33
767
11
30
63

37
239
8
24
5

Not
on
par
list 1

19
149
170

102

413
167
69

118
107
10

95
102

Tennessee
Texas
Utah
Vermont
Virginia
Alabama
Arizona
Arkansas
California
Colorado

219
10
228
191
141

107
10
99
191
141

85
5
66
113
92

22
5
33
78
49

Connecticut
Delaware
Dist. of Columbia.
Florida
Georgia

114
39
19
178
371

114
39
19
114
92

63
17
16
72
63

51
22
3
42
29

Idaho
Illinois.....
Indiana
Iowa
Kansas

48
872
489
663
610

48
870
489
663
608

25
503
238
164
214

23
367
251
499
394

916



112

294
873
59
71
315

192
813
59
71
305

82
554
34
40
203

110
259
25
31
102

102
60

Washington
West Virginia
Wisconsin
Wyoming

123
181
553
55

119
178
443
55

55
108
163
37

64
70
280
18

4
3
110

10

P Preliminary.
Represents banks on which checks are drawn, except that it excludes
both member and nonmember mutual savings banks on a few of which
some checks are drawn.
The total in this table differs from total commercial banks in preceding table because the commercial bank total excludes some banks on
which checks are drawn, 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.
Back figures.—See annual reports and Banking and Monetary
Statistics, Table 15, and descriptive text, pp. 14-15.
1

64

279

FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments , .

919

Gold production..

920

Gold movements

920

International capital transactions of the United States..

921-926

Central banks . .

927-930

Money rates in foreign countries...

931

Commercial banks .

932

Foreign exchange rates. . .

933

Price movements:
Wholesale prices . .

934

Retail food prices and cost of living

935

Security p r i c e s . . . .

935

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.

JULY 1947




917

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States

Belgium

Brazil

Canada

Chile

Colombia

Cuba

192
214
»7
5
6
5
6
2
361

30
30
30
31
36
54
79
82

24
21
17
16
25
59
92
127

1
1
1
16
46
111
191

S3
56
58
61
61
61
61
61

83
81
73
73
71
71
65
63
54

134
135
141
142
143
144
145
147
125
126
98
92

201
201
201
211
221
221
226

1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec

14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065

431
466
353
354
»658
>939
U.lll
403

581
609
734
734
735
734
716

32
40
51
70
115
254
329
354

1946—June....
July....
Aug
Sept....
Oct ,
Nov.. . .
Dec
1947—Jan ,
Feb
Mar....
Apr
May....

20,270
20,267
20,280
20,305
20,402
20,470
20,529
20,748
20,330
20,463
20,774
20,933

406
407
407
*>424
»460
»483
P563
»645
P706

761
756
750
722
726
726
735
723
691
633
634
639

359
358
357
355
354
354
354
354
354
354
354
354

6
6
7
7
7
7
2 543
6
7
7
6
7

End of month

India

Iran
(Persia)

Italy

Japan

Java

1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec

274
274
274
274
274
274
274
274

26
26
26
26
34
92
128
131

193
144
120

164
164
164
s 164

80
90
140
235
4
216

1946—June
July....
Aug
Sept
Oct
Nov
Dec
1947—Jan
Feb
Mar....
Apr
May....

274
274
274
274
274
274
274
274
274
274

124
124
124
123

End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec...
1943—Dec...
1944—Dec
1945—Dec

Czecho- Denslomark
vakia

Argentina 1

P726
P726

New
Mexico Nether- Zealand
lands
29
32
47
47
39
203
222
294

998
692
617
575
506
500
500
270

23
23
23
23
23
23
23
23

235
229
218
213
200
191
181
170
148
149
149
141

270
270
270
265
265
265
265
265
245
197
197
196

Switzerland8

Turkey

United
Kingdom

Uruguay

Venezuela

Yugoslavia

321
308
160
223
335
387
463
482

701
549
502
665
824
6
965
1,158
:L.342

29
29
88
92
114
161
221
241

2,69( )

69
68
90
100
89
121
157
195

52
52
29
41
68
89
130
202

57
59
82
4
83

L
L

France

Germany

Greece

Hungary

53
53
52
44
44
44
44
38

55
55
52
52
52
52
52
52

2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090

29
29
29
29
29
29
29

27
28
28
28
28
28
28

37
24
24
24
24
24
24

61
61
61
61
61
61

38
38
38
38
38
38
38
38
32
32
32
32

52
52
52
52
52
53
53
53
' 53
53
53

796
796
796
796
796
796
796
796
796
696
696
696

Norway

Peru

94
94
*84

20
20
20
21
25
31
32
28

23
23
23
23
23
23
23
23
23
23
23
23

Sweden

8;

Egypt

Poland Portu- Rumania
gal
85
«84

69
69
59
59
59
60
60
60

133
152
158
182
203
260
267
269

23
23
23
24
24
24
24
24

B.I.S.
"

24
24
24
24
24
27
27

Other
countries 7

14
7
12
12
21
45
37
39

166
178
170
166
185
229
245
247

South
Africa
220
249
367
366
634
706
814
914
1,046
1,027
1,001
970
965
941
939
886
851
803
798

Spain
3

525
42
42
91
105
110
111
111
111
111
111
111
111
111
111
111

Government gold reserves 1 not included in
previous figures
United
End of month United KingStates
dom

France

Belgium

80
2 759
331
44
1938—Dec
559
1,732
154
1939—Mar....
477
May . .
85
17
June....
215
240
1
473
238
39
204
L.376
1946—June. .
164
•876
Sept
17 '
215
240
1
470
238
41
205
L,393
July...
156
Dec
17
215
240
474
238
41
205
1,396
Aug.. .
86
1940—June...
17
215
237
1
472
237
40
205
L.412
1
Sept...
48
292
Dec...
17
215
236
469
237
40
205
1,408
Oct....
89
1941—June....
17
215
235
426
237
40
200
L.418
Nov...
25
Dec
* 151
17
215
237
381
240
32
200
1,430
Dec.. .
8
1942—June...
17
215
238
348
200
28
239
1,432
1947—Jan....
12
Dec
17
235
238
324
239
28
1,431
200
11
Feb....
1943—June....
235
233
17
265
197
27
240
1,432
43
Dec
Mar...
235
226
17
217
P240
27
.427
21
1944—June... .
Apr .
17
P240
235
12
May. . . . 190
Dec
17
81
1945—June...
17
18
Dec
p Preliminary.
71
1946—June....
1
Figures through March 1940 and for December 1942, December 1943, and December 1944
177
Dec
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.
1
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con1
trol Board. Gold reported since that time is gold held by Minister of Finance, except for
Reported at infrequent intervals or on deDecember 1945 and December 1946 when gold holdings of Foreign Exchange Control Board layed basis: U. S.—Exchange Stabilization Fund
are included also.
(Special A/c No. 1); U. K.—Exchange Equali» Figure for December 1938 is that officially reported on Apr. 30, 1938.
zation Account; France—Exchange Stabilization
• Figures relate to last official report dates for the respective countries, as follows: Java— Fund and Rentes Fund; Belgium—Treasury.
8
Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
Figure for end of September.
6
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa• Reported figure for total British gold reserves
rately.
on Aug. 31, 1939, less reported holdings of Bank
6
Beginning December 1943, includes gold holdings of Swiss Government.
of 4England on that date.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
Figure for Sept. 1, 1941.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
NOTE.—For available back figures and for deExchange Equalization Account during 1939.
tails regarding special internal gold transfers
NOTE.— Forback figures, see Banking and Monetary Statisttcs, Tables 156-160, pp. 536-555, affecting the British and French institutions, see
and for a description of figures, including details regarding special internal gold transfers affect- Banking and Monetary Statistics, p. 526, and
ing the reported data, see pp. 524-535 in the same publication.
BULLETIN for February 1945, p. 190.

JULY

1947




'.

919

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month

1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—May.
June. .
July..
Aug.. .
Sept..
Oct.. .
Nov..
Dec..
1947—Jan...
Feb..
Mar..
Apr.. .

Estimated
world
production Total
reported
outside
U.S.S.R.1 monthly

South I
Africa

1,136,360 958,770 425,649
1,208,705 1,020,297 448,753
1,297,349 ,094,264 491,628
1,288,945 1,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
646,914 427,862
668,973 417,647
55,857 36,740
54,749 35,732
57,193 36,657
60,795 35,553
57,221 34,509
59,464 35,922
55,424 33,823
56,977 34,184
58,116 34,021
41,013 19,965
28,665
31,824

Production reported monthly
Africa
North and South America
Other
RhoWest I Belgian United CanMex- Colom- I
British
Nica8
Chile I ragua7 Austra- I India 9
ico*
desia Africa^ | Congo^ States*
lia
bia
|
9
-15*
$1-- I-a. grains of gold /io fine;i. e., an ounce offinegold=$35,
8,470 178,143 165 ,379 32,306 18,225 10,290 1,557 54,264 11,284
28,532 24,670
28,009 28,564 3 8,759 196,391 178 ,303 29,426 19,951 11,376 3,506 56,182 11,078
29,155 32 ,163 8,862 210,109 185 ,890 30,878 22,117 11,999 5,429 55,878 10,157
27,765 32,414
209,175 187 ,081 27,969 22,961 9,259 7,525 51,039 9,940
26,641 29,225
130,963 169 ,446 28,019 20,882 6,409 8,623 42,525 8,960
23,009 19,740
48,808 127 ,796 22,055 19,789 6,081 7,715 28,560 8,820
20,746 18,445
35,778 102 ,302 17,779 19,374 7,131 7,865 16,310 6,545
19,888 18,865
17,734 6,282 6,985 16,450 5,950
32,511 94 ,385
4,585
19,061 20,475
56,890 98 ,994
15,301
8,068 6,357 21,595
56,890
1,609
1,610
3,158
8,412
1,610
1,350
455
488
425
1,654
1,715
3,416
8,203
1,540
1,094
490
563
342
1,643 1,750
3,993 8,384
1,785
1,335
525
456
665
1,646
1,750
8,310
8,092
3,080
1,048
490
448
377
1,578
1,715
6,798 8,047
1,925
1,425
490
379
354
1,579
1,785
5,930 8,429
1,925
1,332
525
654
1,384
1,527
1,820
4,900 8,092
1,925
1,161
315
657
1,203
1,585
1,820
6,255 7,961
1,088
490
559 2,170
864
1,524
1,785
7,612
8,184
2,205
1,423
525
566
271
1,502
1,750
5,483 7,775
1,820
1,276
490
581
371
1,574
1,855
5,500 9,212
1,820
1,273
490
555
1,890
6,246
560
610

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
3
Coast only.
Beginning May 1940, monthly figures no longer reported.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures
represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193
so that aggregate for year is equal to annual estimate compiled by Bureau of the6 Mint.
5
Figures for Canada beginning 1945 are subject to official revision.
Beginning April 1942, monthly figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.

GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Total
net
imports

Year

United
Kingdom

France

Belgium

Netherlands

Sweden

Net imports from or net exports (—) to:
Other PhilSwitzLatin
iperCanada Mexico Ameri- pine
land
can Republics | lands

Australia

South
Africa

Japan

British
India

All
other
countries

76,315 36,472 65,23127,880
162
401|168 74016 159 13,301
1,973,569 1,208,728 81,135 15,488163,049 60,146; 1,363
250 22,862|165 605 50 956 168,623
3,574,151 1,826,403 3, 798165,122 341,618 28,715|86,987 612,949 33,610 57,020 35,636
977 63,260161 ,489 90,320 2,622,330 29.880J 128,25938,627103 777 184,756111,739 49 989 2284,2O8
4,744,472 633,083 241,778
1
1,747
899 412,056 16,791 61,86242,678 67,492292,893 9,444
665 3 63,071
3,779
982,378
1
528 4,119
5 208,917 40,016| 39,680! 321
129 20,008
1,955
315,678
- 3 , 2 8 7 13,489
152
-8,731
66,920
307
88
68,938
199 3,572
18,365
46,210 -109,695 108,560
-845,392 -695,483
15,094i -41,748
106
357
4-133,471
53,148
103
160
-106,250
3,59ll 134,405! -156
-2,613 s-18,083
344,130
458
311,494
41118,550

1938
1939
1940
1941
1942
1943
1944
1945
1946

1946
36,329
6,347
July
15,210
Aug.
Sept. - 7 , 6 2 9
24,182
Oct.
77,903
Nov.
Dec. - 6 1 , 1 9 3
1947
Jan. -16,820
Feb.
20,361
Mar. 153,634
Apr.
44,050
M
129,734

-4
-1

June

-8
38;

9
-120
-75

-2
•-31

32,277
639
649
197
134
25,248
27,473

902
29
11
476
2,328
516 -8,502
-6
82 -29,198
198
4,523
1,065
621
449 -110,276 - 1 5 1

443 -97,579 -132
51,174
—30,341! - 4 9
30,319
-13,269 - 1 |
101,642
2,898
26,341 - 9 , 7 9 3
122|
262 24,352
26,442
87;.

2
41|

15 19,886!
17,902
19,912
38,601
17 18,883

32,544
37,490
66,6741
26,376!
80,446|

-236
-398
-682
-430
-868

63,112
6 2,865
e 2,887
e 3,785
103
6
12,415
• 3,279

-374 7 -2,899
-556j -16,734
-l,140i
-214
-l,390i
-515
-78; - 1 , 5 2 8

P Preliminary.
1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
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.
3 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
* Includes $133,980,000 to China and $509,000 from other countries.
6 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
s Includes imports from U. S. S. R. as follows: June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000; November,
$11,793,000; December, $4,492,000.
T
Includes $14,000,000 to China and $2,734,000 to other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
2

920



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935

[Net movement from United States, ( - ) . In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES

From Jan. 2, 1935, through—

Increase in foreign banking
funds in U. S.

Total

Total

Official i

Other

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)

265.9
632.5
920.2
1,440.7

64.1
230.3
371.5
631.5

4.4
22.6
16.3
38.0

59.7
207.7
355.2
593.5

155.0
312.8
388.6
361.4

31.8
43.7
40.1
125.2

—6.2
15.8
90.3
316.7

21.1
29.8
29.8
6.0

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

1,546.3
1,993.6
2,331.9
2,667.4

613.6
823.4
947.1
989.5

79.6
80.3
86.0
140.1

534.0
743.1
861.1
849.4

390.3
449.0
456.2
431.5

114.4
180.5
272.2
316.2

427.6
524.1
633.3
917.4

1937—Mar.
June
Sept.
Dec.

2,998.4
3,639.6
3,995.5
3,501.1

1,188.6
1,690.1
1,827.2
1,259.3

129.8
293.0
448.2
334.7

1,058.8
1,397.1
1,379.0
924.6

411.0
466.4
518.1
449.1

319.1
395.2
493.3
583.2

1,075.7
1,069.5
1,125.1
1,162.0

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

,150.4
,155.3
,125.4
,219.7

.4
16.5
23.2
12.9
4.1
18.3
31.9
47.5
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

,188.9
,201.4
,177.3
,133.7

63.9
74.0
83.1
80.6

1940—Mar. (Apr. 3)
Tune (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

646.7
664.5
676.9
725.7
761.6
785.6
793.1
803.8

1,095.0
1,042.1
987.0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

5 ,607 .4
5,660.1
5,612 6
5,354.1

3,229.7
3,278.0
3,241.8
2,979.6

1,388.6
,459.8
,424.0
,177.1

1,841.0
1,818.2
1,817.7
1,802.6

767.4
818.6
805.3
791.3

812.7
834.1
841.1
855.5

701.8
631.2
623.5
626.7

95.9
98.2
100.9
100.9

1942—Mar.
June
Sept.
Dec.

(Apr. 1).
30 2
30
31

5,219.3
5,636.4
5,798.0
5,980.2

2,820.9
3,217.0
3,355.7
3,465.5

,068.9
,352.8
,482.2
,557.2

1,752.0
1,864.2
1,873.5
1,908.3

819.7
842.3
858.2

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. 3 1 . . .
June 3 0 . . .
Sept. 3 0 . . .
Dec. 3 1 . . .

7,611.9
7,610.4
7,576.9
7,728.4

5,034.4
5,002.5
4,807.2
4,865.2

3,005.0
2,812.2
2 ,644.8
2,624.9

2,029.4
2,190.3
2,162.3
2,240.3

868.0
856.6
883.5
805.8

904.1
929.8
1,026.2
1,019.4

685.8
702.4
737.8
911.8

119.6
119.1
122.2
126.3

1945—Mar. 31
June 30
Sept. 30
Dec. 31

8,002.6
8,422.8
8,858.6
8,802.8

5,219.4
5,671.0
6,042.2
6,144.5

2,865.1
3,313.2
3,554.9
3,469.0

2,354.3
2,357.9
2,487.2
2,675.5

848.5
760.4
865.3
742.7

983.7
1,011.2
998.2
972.8

820.6
848.4
818.4
798.7

130.5
131.8
134.6
144.1

3,601.6

2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.2
2,811.7
2,847.5
2,884.0
2,962.7
2,938.7

729.2
728.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2

1,097.8
1,067.2
1,073.0
1,076.1
1,104.2
1,103.9
1,125.3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9

625.9
672.4
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5

135.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7

2,884.6
2,964.6

404.8
380.9

1,308.2
1,229.8

464.4
439.7

150.4
156.6

31
30
29
29... ..

1946—Jan. 3 1 . . .
Feb. 2 8 . . . .
Mar 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1947—Jan. 3 1 . .
Feb. 2 8 . .

8,822.9

6,234.7

3
8,775.1
3
8,730.8
3
8,674.4
3
8,405.8
3
8,338.2
3
8,496.2
3
8,344.2
3
8,250.1
3
8,280.2
3
8,270.4
3

3
6.173.0
3
6,169.3
3
6.124.6
3
5,896.2
3
5,853.5
3
6,149.7
3
6,009.3
3
5,930.8
3
5,925.3
3
5,936.8
3

3
3,473.9
3
3,455.2
3
3,344.7
3
3,119.6
3
3,042.9
3
3,386.6
3
3,197.6
3
3,083.3
3
3,041.4
3
2,974.1
3

3
8,047.3
3

3

3

8,009.5

9,853.4

5,726.1

5,719.6
37,646.4

2,787.4

2,835.0
34,681.8

1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); beginning
Jan. 231, 1946, accounts of international institutions; and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury.
The weekly series of capital movement statistics reported through July 1,1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3 Includes cumulative movement in accounts of international instituti6ns as follows (in millions of dollars): 1946—Feb. 28, 16.2; Mar. 31, 70.6;
Apr. 30, 48.5; May 31, 45.4; June 30, 190.8; July 31, 200.0; Aug. 31, 280.3; Sept. 30, 249.1; Oct. 31, 264.4; Nov. 30, 441.5; Dec. 31, 453.8; 1947—
Jan. 31, 449.0; Feb. 28, 2,705.6.
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 1947




921

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2,1935, through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28

Total

1,440.7
2,667.4
3,501.1
4, 1939). . 3,933.0
3, 1940) . . 5,112.8
1, 1941). . 5.807.9
5,354.1
5,980.2
7,267.1
7,728.4
8,802.8
38,730.8
38,674.4
3
8,405.8
38.338.2
3
8,496.2
38,344.2
38,250.1
38,280.2
38,270.4
38,009.5
38,047.3
3
9,853.4
1, 1936)..

United
King- France
dom

Netherlands

Switzerland

Germany

Italy

210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
515.1
453.3
464.1
432.5
419.4
393.2
421.1
433.1
401.7
384.8
369.4
336.3

114.5
229.7
311.9
328.6
470.3
455,6
464.4
474.0
487.7
506.2
539.7
536.5
528.2
426.3
411.9
389.4
376.4
370.1
351.1
322.8
326.4
319.1
295.6

130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
728.8
730.4
725.4
737.0
741.0
752.5
745.9
756.3
760.9
766.1
769.5
776.8

36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.7
179.3
179.3
179.2
179.3
179.6
179.6
179.3
180.0
180.4
183.8
181.9
182.1

24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
136.2
159.0
165.7
170.4
196.9
201.0
203.5
213.4
228.0
287.5
342.8
256.2

554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
892.5
719.1
709.5
585.8
485.3
756.0
624.1
665.1
736.3
640.9
563.1
585.6
558.2

Total
Other
Europe Europe
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
1,132.1
1,116.7
1,140.0
1,152.2
1,138.3
1,108.5
1,085.2
1,064.6
1,068.7
1,069.1
1,062.5
1,077.6
1,050.7

1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4.081.8
4,037.0
3,931.7
3,899.6
3,698.7
3,554.8
3,790.7
3,612.0
3,649.5
3,738.9
3,603.8
3,574.2
3,645.8
3,455.8

Canada

Latin
America Asia*

(l)
150.5
106.3
155.3
229.4
411.7
340.5
425.1
760.3
976.4
1,395.7
1,370.5
1,347.7
1,306.2
1,313.2
1,278.7
1,223.5
1,177.7
1,110.6
1,067.0
979.7
967.1
856.8

70.9
201.2
410.6
384.6
483.4
606.8
567.5
835.8
951.0
1,193.7
1,338.4
1,391.5
1,400.9
1,431.5
1,471.6
1,486.1
1,566.2
1,544.8
1,569.6
1,546.4
1,474.0
1,466.3
1,431.2

All
other1

12.7
156.5
21.4
243.0
15.9
315.4
36.2
302.7
87.4
522.6
90.2
642.6
691.1 128.6
932.9 178.3
1,161.6 201.4
1,273.6 203.0
247.5
1,784.1
1,716.5 3 320.6
1,723.1 3 303.1
3
1,677.5 291.9
1,560.3 3 438.4
1,492.1 3 448.5
1,425.4 3517.0
3
1,365.9 512.2
3534.5
1,326.6 3
1,327.4 725.8
3
1,258.3 3 723.4
1,217.1 751.0
) 32,953.7
1,155.9

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2,1935, through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Tan. 31
Feb. 28

Total

631.5
989.5
1 ,259.3
4, 1939). . . 1 ,513.9
3, 1940). . . 2 ,522.4
1, 1941). . . 3 ,239.3
2 ,979.6
3 ,465.5
4 ,644.8
4 .865.2
6 ,144.5
36 .169.3
36 ,124.6
35 ,896.2
35 ,853.5
36 ,149.7
36 ,009.3
35 ,930.8
35 ,925.3
35 ,936.8
35 ,726.1
35 ,719.6
37 ,646.4
1, 1936)...

United
King- France
dom

Netherlands

Switzerland

Germany

128
163
189
364
376
293
328
493
939
804
646
492
492
373
273

55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
278.4
278.3
251.8
239.5
217.5
210.5
222.4
199.1
185.8
208.2
195.6
197.8

72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
303.2
306.5
305.3
314.6
318.8
341.1
333.1
345.5
353.2
359.0
363.6
370.5

_ .8

6
5
3
0
1
3
6
3
4
4
4
4
1
0
7

599.7

464 0
509 0
576. 8
485 5
397 6
423 0
381 9

129 . 6
144 .2

111.8

155 . 3
256 .1
458 . 0

416.5

394 .5
404 .1
356 . 6
229 . 9
284 . 3
225 .7

239.5

205 . 8
195 .1
170 . 6
195 . 4
204 .5
181 .2
165 . 8
157 . 0
129 . 0

2 .7
9 .6
- 1 1 .8
- 2 0 .1
- 2 2 .9
- 2 3 .1
- 2 2 .7
- 2 3 .7
- 2 3 .4
- 2 3 .3
- 2 3 .6

Italy

7 3
23 0
6. 9
1. 7
19. 7
9
-3.' 4
-6. 2
-6. 9
7. 0
50. 1
80. 2

103.1
-23.6
.7 , 110. 2
.9
116. 6
.8
145. 2
.8
154. 0
.8
158. 6
.4
168. 6
.0
185. 2
.1
247. 6
.0
300. 7
.7
227. 1

-23
-23
-23
-23
-23
-23
-23
-23
-25
-24

Other Total
Europe Europe
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
769.1
738.0
760.9
777.6
771.5
742.2
715.0
703.2
712.1
716.1
710.3
726.0
697.8

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
2,223.4
2,152.8
2,143.0
2,033.7
1,897.9
2,194.8
2,031.4
2,097.9
2,183.0
2,084.0
2,065.5
2,141.0
1,979.3

Canada
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399.5
704.7
818.6
1,414.2
1,251.8
1,236.2
1,140.3
1,155.8
1,176.4
1,111.6
1,069.6
995.4
937.4
823.9
748.0
708.2

Latin
America Asia*
33.5
149.3
166.3
127.6
215.1
326.4
296.7
482.8
578.7
794.7
924.9
972.4
956.2
986.5
1,029.7
1,052.8
1,105.0
1,059.2
1,058.9
1,029.3
983.3
1,010.3
981.0

All
other1

11.5
87.0
15.2
149.4
8.0
217.0
22.2
251.8
60.5
417.0
61.3
531.2
541.4 101.6
141.9
743.9
928.2 162.0
888.6 169.7
212.91,369.1
1,505.0 3287.3
1,518.7 3 270.6
1,475.0 3 260.6
1,360.8 3 409.3
3418.9
1,306.8 3
1,256.9 504.4
3 488.3
1,215.8
1,178.7 3S09.3
1,183.9 3 702.3
1,135.7 3 717.7
1,082.9 3 3 737.5
1,013.55 2,964.$

TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2,1935, through—

Total

United
King- France
dom

1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Tan. 31
Feb. 28

361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
404.8
380.9

208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
263.4
260.4
259.4
261.5
216.2
226.2
226.7
235.5
236.1
244.3
241.5
252.6

1936)
1939)
1940)
1941)

Netherlands

Switzerland

Germany

Italy

— .4
48.1
1.6
2.7
62.0
-3.3
2.6
65.3
-4.4
2.6
68.4
-5.6
2.9
73.8
12.9
6.5
74.6
17.7
5.4
76.9
17.6
6.6
77.8
18.1
5.1
77.9
18.3
6.8
77.7
18.3
5.2
78.0
-17.7
-17.1
78.3
2.5
1.6
78.2
-24.7
.1
78.2
-99.9
1.6
78.1 -100.7
1.4
75.7 - 1 0 1 . 0
3.4
76.0 - 1 0 4 . 2
2.6
76.1 - 1 1 8 . 4
75.1 -110.2
a.7
1.8
75.0 - 1 2 0 . 2
73.4 - 1 3 2 . 3 - 1 . 7
69.2 - 1 1 7 . 9 - 3 . 5
66.1 -135.1 - 4 . 1

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
200.4
200.4
200.4

13.7
16.3
6.5

13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.1
26.0
25.5
24.1
22.2
17.8
15.9
16.0
13.7
10.6
11.7
8.9

Total
Other
Europe Europe
8.8

22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
38.3
57.9
61.0
58.5
51.3
45.9
49.1
39.5
35.1
32.1
26.6
25.6
25.5

310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
608.1
599.3
518.8
512.9
457.3
465.2
439.2
452.0
435.4
421.3
426.9
414.3

Canada
-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
39.5
30.0
28.2
42.8
39.3
50.6
49.3
42.6
43.2
40.0
40.7
44.1
49.9

Latin
America

Asia*

All
other1

20.1 37.3
24.9 30.4
51.6 18.7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2 34.8
17.7 64.7
68.3 93.8
55.7 102.7
37.0 77.7
9.1
99.2
- 1 0 . 4 75.5
1.9
71.9
10.0 74.7
3.3
72.8
-2.4
71.9
- 1 7 . 3 61.1
- 1 4 . 6 56.4
-14.1
54.8
- 3 2 . 2 54.1
- 5 8 . 8 29.9
- 9 2 . 4 34.6
- 1 1 1 . 6 44.0

-1.6
-4.4
-8.7
-7.0
-.8
2.1
-1.2
6.6
7.5
-.3
1.5
.4
-.2
-1.5
-3.9
-3.4
-4.2
-3.7
-3.1
-4.4
-5.8
-8.4
-15.7

1
1

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Inflow less than $50,000.
a See Table 1. footnote 3.

922



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. l t 1936) . . .
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941)...
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28

125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1.019.4
972.8
1,073.0
1,076.1
1,104.2
1,103.9
1,125.3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9
1,308.2
1,229.8

Netherlands

Switzerland

Germany

Italy

6.8

7.4

18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
51.1
51.2
51.1
51.0
50.9
49.9
49.9
49.5
49.1
50.2
50.0
49.9

10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
33.1
33.2
33.3
33.2
33.1
31.4
30.3
29.1
27.5
26.0
24.7
23.6

-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
45.0
45.1
44.9
45.0
44.9
36.4
37.4
34.5
31.0
31.2
31.5
31.8

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
36.7
36.9
36.9
36.9
36.9
36.9
36.9
36.9
36.9

13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.3
27.3
27.3
27.3
27.3
27.1
27.1
26.8
26.7
26.7
27.0
26.8

United
King, France
dom

67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
112.4
110.8
110.9
109.7
107.3
101.5
100.4
98.3
95.0
96.8
98.1
101.3

2.9
9.4

Other
Total
Europe Europe
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207.6
210.1
210.4
212.8
212.9
213.1
213.3
213.8
221.5
220.7
221.3
221.1
220.3
223.3
224.9
227.7

Latin
Canada America Asia*

143.1 -39.7
1.7
278.3
366.4
10.5
440.6 - 9 . 7
495.2
-7.6
510.0
25.0
521.3
35.4
526.3 - 3 . 0
530.3
41.2
530.1 104.9
523.8
49.1
518.3 149.1
517.2 147.8
517.3 169.8
516.7 166.2
521.9 179.7
503.8 193.7
503.4 200.2
496.2 207.7
486.5 226.4
491.2 236.6
493.0 290.0
497.9 218.9

12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
323.1
328.8
334.4
338.1
341.0
378.2
390.3
414.2
439.9
448.4
453.2
457.6

7.9

17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
60.4
60.0
59. £
59.8
59.7
59.7
59.4
59.4
59.5
61.1
61.0
61.1

All

other1
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
22.1
22.5
22.9
23.0
23.0
6.5
17.4
19.3
19.3
.7
10.9

TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—! Total
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Tan. 31
Feb. 28

1, 1936). .
4, 1939). .
3, 1940). .
1, 1941)..

316.7
917.4
,162.0
,219.7
,133.7
888.7
626.7
673.3
701.1
911.8
798.7
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
464.4
439.7

United
King- France
dom

Netherlands

Switzerland

Germany

Italy

Other
Total
Europe Europe

23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
77.2
74.0
71.1
73.3
73.4
73.0
77.6
81.6
74.3
74.9
73.0
71.4

50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
233.5
226.1
225.8
225.2
224.0
223.6
222.9
220.1
216.8
213.6
207.0
199.4
194.4

55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
346.1
345.2
342.8
342.3
342.1
335.6
335.8
334.7
336.3
337.9
338.4
338.7

-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
-30.4
-30.4
-30.5
-30.5
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4

-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
-.1
.6
1.9
2.2
2.1
2.0
2.1
1.8
1.7
1.6
1.7
1.6
2.0
2.1
3.0
-7.0

2.8
3.7
12.9
286.2
38.5
818.0
32.6 15.5
55.7 1,041.6
37.6 18.2
56.6 1,094.1
25.7 23.7
60.4 1,004.4
- 2 . 6 30.1
64.9
851.3 - 1 8 . 4 25.6
67.3
615.0 -44.7 28.1
75.3
644.7
- 4 5 . 1 35.2
86.3
645.7
-58.2 40.5
103.2
633.7
-28.1 54.9
98.5
582.9 -126.6 81.3
94.7
- 8 0 . 3 98.2
546.5
91.9
535.4 - 8 3 . 9 102.7
89.8
524.0 - 6 6 . 3 89.7
88.8
520.9
- 6 6 . 8 90.3
85.6
509.8 -147.7 86.1
86.8
502.8 -150.3 87.5
86.4
501.6 -153.9 91.5
86.4
497.2 -155.7 93.4
85.9
486.7 -158.2 94.1
87.7
484.3 -143.0 87.6
87.0
474.2 -137.1 84.9
85.7
455.2 -141.9 86.2

149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-169.2
-173.0
-176.7
-179.0
-186.2
-186.7
-189.7
-193.4
-194.9
-194.9
-196.2
-197.5

Can-

Latin
1
America Asia

All
other1

21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
71.3
67.7
63.8
62.1
49.7
43.4
30.5
29.7
25.0
26.8
33.4
32.1

2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.9
9.4
8.9
8.5
8.4
8.3
8.8
8.6
7.5
6.9
8.8
9.1
8.0

Latin
1
Amerk'a Asia

All
other1

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

6.0
1935—Dec. (Jan. 1, 1936) . . .
12.9
1936—Dec. 30
47.5
1937—Dec. 29
47.6
1938—Dec. (Jan. 4, 1939) . . .
80.6
1939—Dec. (Jan. 3, 1940) . . .
1940— Dec. (Jan. 1, 1941). . . 100.9
100.9
1941—Dec. 31
104.4
1942—Dec. 31
117.8
1943—Dec. 31
126.3
1944—Dec. 31
144.1
1945—Dec. 31
1946—Mar. 31
139.9
141.7
Apr. 30
140.9
May 31
141.4
June 30
140.9
July 31
146.8
Aug. 31
150.4
Sept. 30
153.1
Oct. 31
154.7
Nov. 30
153.7
Dec. 31
150.4
1947—Jan. 31..:
<156.6
Feb. 28

United
King- France
dom

Netherlands

Switzerland

2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.4
24.1
24.3
24.2
24.3
24.4
23.7
22.1
22.4
22.0
20.5
20.1
20.0

1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
26.0
16.1
15.7
16.0
15.9
16.1
15.8
15.7
16.3
16.1
17.5
17.3
14.9

2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
30.3
32.1
32.0
32.2
33.4
33.8
35.9
36.9
37.9
38.6
39.6
39.5
39.9

(*)
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.8
20.0
19.2
19.1
19.3
18.9
19.2
18.6
19.2
19.2
19.2
19.2
19.8

Germany
— .2

"A
-.i
-.2
-.2
— .1

8
8
(')

-.3

Italy

Other
Total
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
13.6
13.3
13.1
12.9
12.9
13.2
13.7
14.2
14.1
14.8
14.6
14.2
14.0

7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
113.6
106.0
104.8
105.0
106.3
107.0
108.9
107.5
110.4
111.2
112.0
110.8
109.0

Canada
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
19.5
19.9
19.4
19.6
18.5
19.8
19.1
19.2
20.1
21.5
21.5
22.1
21.7

1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
5.9
8.2
11.3
10.9
10.2
8.5
12.9
18.3
17.1
15.3
13.4
10.3
18.0

2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.5
4.8
4.1
4.8
3.9
4.4
3.7
4.0
5.0
4.8
5.3
5.2

-.9
)
2.1
.7
.8
.9
1.3
1.8
1.3
1.3
1.3
1.4
1.5
1.7
1.6
1.6
1.5
1.8
2.0
1.9
2.8

1
2

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other "
Inflow less than $50,000.
« Outflow less than $50,000.
* Amounts outstanding Feb. 28, in millions of dollars: foreign brokerage balances in United States, 112.3; United States brokerage balance;
abroad, 32.5.
JULY

1947




923

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Total1
Official
and
private

Date

934—Dec*
1935—Dec.'
1936—Dec. 30
1937—Dec. 29
1938—Dec.'
1939—Dec."
1940—Dec > . . . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31 . . . .

669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1

1946—Mar. 3 1 . . . .
Apr. 3 0 . . . .
May 3 1 . . . .
June 30
July 3 1 . . . .
Aug. 3 1 . . . .
Sept. 30
Oct. 3 1 . . . .
Nov. 30
Dec. 31
1947—Tan. 3 1 . . . .
Feb. 2 8 . . . .

46,927.8
46,883.1
4
6,654.6
-6,612.0
4
6,908.2
4
6,767.8
46,689.3
45
6,679.5
46,691.0
46,480.3
46,473.7
48,400.5

NethUnited
King- France erdom
lands

Switzerland

92.4
76.9 33.9 12.9
130.3
205.5 163.5 68.6
232.5
235.7 176.3 78.8
427.1
261.5 143.9 89.1
473.8
436.1 187.4 101.8
781.0
448.2 288.2 204.9
1,418.9
365.5 490.1 174.3
1,314.9
400.8 448.6 174.9
2,244.4
554.6 432.3 186.6
3,320.3 1,000.8 439.9 193.3
3,335.2
865.7 401.2 209.7
4,179.3
707.7 310.0 281.6

13.7
86 1
123.5
302.1
218.8
376.3
508 4
339^9
184.2
210.6
239.3
304.2

Official

44,185.4
44,074.9
43,849.9
43,773.1
44,116.8
43,927.8
43,813.6
43,771.6
43,704.4
^3,517.6
*3 ,565.2
4
5,412.0

553.8
553.4
434.4
335.1
661.1
525.3
570.3
638.1
546.8
458.9
484.4
443.3

364.5
305.8
319.7
286.0
275.2
250.8
275.5
284.6
261.4
245.9
237.2
209.1

295.0
294.9
268.4
256.1
234.1
227.1
239.0
215.7
202.4
224.9
212.2
214.4

Germany

Can- Latin Asia 2 All
other
ada America

Total
Other
Europe Europe

Italy

29.9
18 8
29.0 • 26 1
32.0
41.7
39.0
25.7
17.8
20.4
9.5
38.5
6 7
17 9
6.6
15!4
7.5
12.1
6.5
11.3
6.8
27.3
7.0
70.4

321.2
324.4
323.2
332.5
336.7
359.0
351.1
5
359.1
366.8
372.6
377 2
384.1

46.8
107.5
126.3
156.0
255.5
516.9
650.6
608.0
643.4
722.1
767.7
902.1

232.9
99.3 122.8 202.8
686.3 145.3 156.3 289.8
814.3 186.1 263.9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201.8 248.5 435.5
1,882.6 274.6 336.0 655.7
2,213.5 434 3 447.3 769 9
1,994.0 373.2 417.7 780.0
2,020.7 507.4 597.7 930.0
2,584.5 812.6 693.7 1,108.8
2,517.8 926.5 909.3 1,069.2
2,583.0 1,522.2 1.046.4 1,549.7

100.5
123.4
130.5
137.0
165.5
174.3
178.9
188.9
205.5
267.9
321 .0
247.4

871.0
894.0
910.6
904.5
875.3
848.0
836.2
845.1
849.1
843.4
859.0
830.8

2,512.4
2,502.5
2,393.2
2,257.4
2,554.4
2,391.0
2,457.4
52,538.3
2,439.3
2,420.7
2.496.2
2,334.6

6.6
6.6
6.5
6.4
6.4
6.5
6.4
6.8
7.3
7.1
5.3
5.5

1,359.7
1,344.1
1,248.2
1,263.8
1,284.3
1,219.6
1,177.5
1,103.3
1,045.3
931.8
855.9
816.2

1,094.0
1,077.7
1,108.1
1,151.3
1,174.4
1,226.6
1,180.7
1,180.5
1,150.8
1,104.8
1,131.8
1,102.6

12.0
23.4
27.1
20.0
34.1
72.5
73.3
113.6
149.6
175.3
174.0
181. S

1,685.6 4276.1
1,699.3 4 259.4
1,655.7 4 249.4
1,541.4 4398.1
1,487.5 4407.7
1,437.5 U93.2
4
1,396.4 4 477.1
1,359.3 4 498.1
1,364.5 4691.1
1,316.4 47O6 5
1,263.5 4 726 2
1,194.2 2,953.O

LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Belgium

Denmark

Finland

1939—Dec. (Jan. 3, 1940) . . 516.9
1940—Dec. (Jan. 1, 1941) . . 650.6
608 0
1941—Dec 31
643.4
1942—Dec. 31
722.1
1943—Dec. 31
767.7
1944—Dec. 31
1945—D ec , 31
902.1

159.2
144.8
117.3
121.8
122.9
124.3
185.0

28.1
17.3
18.1
17.7
13.9
14.8
25.9

21.4
16.5
5.7
7.9
7.7
7.1
5.5

39.3
43.5
48.7
70.8

1946—Mar. 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec 31
I947—j a n 3t
Feb. 28.

166.3
176.4
177.8
175.7
169.0
160.1
158.7
177.0
186.0
159.5
165 3
149.3

44.2
47 4
48.6
49.7
50.4
52 1
56.8
54.9
57.0
66.5
73 3
68.3

11.2
10.1
11.9
11.2
11.9
13.1
13.6

74.9
76.7
75.5
72.3
64.1
60.1
64.4
58 4
55.5
49.3
43 7
43.0

Other
Europe

Date

871.0
894 0
910.6
904.5
875.3
. ... 848 0
836.2
845 1
849.1
843.4
859 0
. . . 830.8

17 0
18.6
22.2
21 6
28.9

Greece6 Luxembourg8

Norway

PortuRuAll
Spain6 Sweden USSR6 Yugo- other
mania8
gal6
slavia6

18.3
18.4
18.6
22.3

56 3
48 7
65 2
132.4
158.9
220.8
216 1

35.7
53.4
54.5
47.9

22.3
22 0
22.1
22.6
22.9
22 8
21.7
21 6
21.8
22.6
22 5
22.5

174.0
159 3
161.6
161.1
148.9
142 3
140 8
136 0
123.1
123 5
117 4
106.8

45.4
49 7
49.5
48.6
47.6
50 2
49.1
48 8
43.5
39 0
45 4
44.0

9.4
9.3
9.5
9.3

17.5
31.8
43.4
31.7

142.2
235.4
210.7
153.5
163.2
152.1
210.1

9.2

35.4
36.2
35.5
32.3
20.7
18.2
18.9
20 2
15.3
16.4
19 8
20.0

205.2
200.0
196.0
191.7
204.4
196.3
183.1
159 9
165.4
172.6
164 2
159.1

10.0
10.2
10.0
10.9
8 5
8.7

8 7

9.0
8.9

8 9
8.9

14.3
12.3
16.1
28.0

17.7

24.8
44.9
57.4
59.5
50.2
47 9
37.5
46 4
53.2
60 5
60 4
58.5

6.8

9.9
5.7
5.7

7 7
7.3
7.4
8.3

8 7

8.5

8 4
10.4
12 4
12 9
13.9

109.8
187.9
191.0
57.9
76.9
52.1
43.7
51.2
53.6
57.4
62.3
65.9
67.7
74.7
87.8
90.3
89-9
101 4
107.8

Latin America

Date

1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
I943—Dec.
I944—Dec.
I945—Dec.

Latin
BoAmer- Argen- livia* Brazil Chile
tina
ica

336.0
(Jan. 3, 1940)
(Jan. 1, 1941)..... 447.3
417.7
31
597.7
31
31
693.7
31
909.3
31
1,046.4

57.7
115.4
75.7
67.6
69.8
93.9
77.3

36.4
36.2
50.5
i6!8 67.7
12.6 98.7
17.7 140.8
14.5 195.1

26.8
28.5
27.3
34.5
54.0
55.0
66.3

1 094.0
1,077.7
1,108.1
1,151.3
1,174.4
1,226.6
1,180.7
1,180.5
1,150.8
1,104.8
1,131 .8
1,102.6

83.9
84.1
92.6
116.6
124.4
147.9
144.5
147.9
131.4
112.6
166.0
180.0

13.6
12.7
11.9
10.7
12.3
11.5
13.5
14.3
13.6
14.0
12.4
13.7

210.6
206.8
222.0
218.8
231.1
255.9
231.0
223.5
205.6
174.0
183.4
157.8

63.9
60.3
55.3
59.3
62.1
53.9
51.2
49.8
50.5
50.7
46.2
45.2

1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Tan. 31
Feb. 28

Colombia'

French
West
Costa Cuba Indies Mexand
Rica'
ico
Guiana7

43.4
67.1
83.6
79.2

37.0
47.9
62.5
100.3
\2A
12.2 70.4
7.4 139.3
6.9 128.3

58.8
55.0
37.7
il9 95.7
2.6 70.4
4 4 83.1
7.1 116.4

77.5
72.4
69.6
66.3
75.2
67.4
65.2
61.5
60.7
57.8
51 .0
55.9

6.3 139.5
6 . 0 152.7
6.9 163.7
6.7 169.6
6 . 8 167.0
6 5 175.6
6 . 7 160.6
7.1 158.0
8 6 159.1
7.7 153.5
7.3 147.3
9.0 145.9

6.6 140.7
6 . 6 122.3
7.0 119.8
7.0 137 1
7 . 6 135.3
7 4 143 1
7 8 142 2
6.7 133.2
6 0 143 2
5.4 152 2
4.9 149 3
3.9 142.1

Netherlands
Other
West Pana- Peru 7 Vene- Latin
Indies ma*
zuela7 Amerand
ica
Surinam7

41.2
36.0
28.2

26!7

34.0
58.7
42.1
36.9
57.6
69.1
88.7

i7\7

17.4
27.7
43.9

20^9
24.2
31 5
49.7

85.3
105.6
121.8
64 2
95.4
119 8
144.8

20.7
21.7
19.2
16.7
14.7
14 1
13.7
13.6
13 5
16.1
13.6
11.8

91.2
90.3
88.9
87.1
84.8
84 3
85.4
84.6
84 1
77.2
78.2
75.2

41 9
39.8
40.3
40 6
39.2
38 8
39 1
43.8
40 7
40.9
37.0
34.3

41 3
49 5
50.3
46 1
42 3
50 9
52 5
68.7
67 3
74.0
51.5
45.5

156 3
152 4
160.5
168 6
171 5
169 4
167 3
167.6
166 7
168.7
183.8
182.4

For footnotes see p. 925.

924



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

Asia

India,
China
and French Hong BurMan- Indo- 1 Kong ma,
and
chu- China
Ceyria
lon1

1939—Dec.
(Jan. 3,1940)
655.7 167.0
71.4
1940—Dec.
(Jan. 1,1941) 769.9 207.5
91.1
1941—Dec. 31
780.0 156.8
61.6
1942—Dec. 31
930.0 360.9 "27*.4 41.6 13.1
1943—Dec. 3 1 . . . . 1,108.8 574.2 27.4 23.9 18.2
1944— Dec. 31
1,069.2 427.3 27.4 22.9 22.1
1945—Dec. 3 1 . . . . 1,549.6 582.3 28.0 27.4 33.4
1946—Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28. . . .
1
2
1

1,685.6
1,699.3
1,655.7
1,541.4
1,487.5
1,437.5
1,396.4
1,359.3
1,364.5
1,316.4
1,263.5
1,194.2

732.1
717.0
695.4
657.0
611.9
561.8
525.3
490.1
456.5
431.9
398.7
359.7

37.9
38.0
39.0
43.6
47.2
55.0
42.9
37.7
36.2
39 9
42.1
36.0

34.8
36.4
35.4
37.8
33.2
34.1
37.9
35.6
46.1
44.9
39.2
40.8

Egypt
Neth- PhilBriUnion
and
ertish Japan lands ippine Tur- Other
of
All 2 Aus- New Anglo- French
1
Motra- ZeaMa- 1
IsEast 1 lands key Asia other lia land Egyp- rocco South
tian
laya
Africa
Indies
Sudan
165.4

193. 4

58.5

110.3
69.9

198. 6
226. 8
254. 7
259. 1
365. 8
629. 1

29.9
35.4
23.7
52.5

162.4
264.9
36.2
55.5
64.2
78.0

66.1
66.9
72.0
69.3
64.5
62.9
61.0
58.6
64.3
54.7
60.8
56.5

86.3
81.9
87.4
86.8
89.5
84.6
80.6
80.5
89.2
93 8
88.5
85.1

4.8
4.1
4.0
4.1

"i'.o
.9
1.3
1.2

25.7
1.5
34.6 1.6
1.4
37.6
36.1 1.6
2.2
33.2
28.3 10.3
35.8 9 . 3
33.3 9 . 5
40.1 17.2
43 5 17 3
42.5 8 . 8
7.1
44.2

160.4
110.1
110.5
113.7

3.8
3.7
3.7
3.5
9.2

99.0
102.1
103.6
100.2
114.3
120.1
128.9
133.4
134.5
127.1
117.4
116.6

13.4
9.5

14.1
14.1
16 6
17.2
17.7

598. 4
617. 0
580. 2
505. 5
482. 4

466 9
465. 2
466 6
466 3
446 6
448 3
430 5

Other

72 .5
73
113
149
175
174
181

.3
.6
8
.6 231 1
.3 25 3 5 1
.0 52 9 3 5
.8 28 9 4 3

3 276.1
259 .4
3 249.4
3 398.1
3 407.7
3 493.2
3 477.1
3
498 .1

3

'4'

24 3
26 6
23 8

24.4

28
33
39
41
3 691.1 35
3
45
706
3 726 . 2 40
32,953.0 59

7
6
9
1
1

s

9
4

3
3
4
7
6
5
5
5
5
8
8
8

"6*. 8 "12'. 1
6 1
7. 3
18 9

10. 3
4. 3
10. 0

110
4*. 5
8.3
6.4

18
17
16
17
17
19
20
21
22
20
19
18

10. 3
11. 3
12. 4
11. 2
11. 5
11. 6
13. 4
13. 3
14. 5
14 Q
16 0
16 9

9.5
8.9
11.3

8
8
8
5
4
2
5
5
7
0
2
3

9
9
8
7
7
0
2
8
3
8
8
4

12.8
10.1
13.4
24.5
29.4
52.2
47 2
82.5
33.9

"91
124
97
113

8
1
6
4

3 209 3
3
190 9
3
180.4
3 324 5
3 333 3
3 410 3
3 373 6
8 386 9
3 561 2
3 570 1
3 558 8
32,816.2

Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 4 below.

Footnotes to table on p. 924.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
» Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan. 41, 1941.
Includes accounts of international institutions as follows, in millions of dollars: 1946—Jan. 31, 19.9; Feb. 28, 36.1; Mar. 31, 90.5; Apr. 30 ,
68.4; May 31, 65.4; June 30, 210.8; July 31, 219.9; Aug. 31, 300.3; Sept. 30, 269.0; Oct. 31, 284.4; Nov. 30, 461.4; Dec. 31, 473.7; 1947—Jan.
31, 468.9; and Feb. 28, 2,725.6.
6
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States" have been adjusted to exclude the unreal movement introduced by this change.
8
Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for May 1947, p. 621, and September 1945, pp. 967-970.
ASSETS

Date

1934—Dec.
1935—Dec.
1935—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.

Total

United
King- France
dom

Netherlands

Switzerland

Germany

Italy

(Jan. 2, 1 9 3 5 ) . . . . 1,139. 9
778. 6
(Jan. 1, 1936)
30 .
672. 6
655. 0
29.
594 0
(Jan. 4, 1939)
508 7
(Jan. 3, 1940)
384 0
(Jan. 1, 1941)
367 8
31 .
246 7
31. .
257 9
31 .
329 7
31
392 8
31 .

296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4

80.5
32.5
16.8
13.5
10.3
4.9
4.2
1.8

18. 6
19. 0
21 9
23 0
24 2
5 7
9
1 1

8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6

231. 7
202. 0
165. 1
126. 1
89. 4
53. 4
39. 6
34. 4

27. 2
13. 5
10 Q
20. 8
13. 5
11. 8
2 0
1 5

1.3
1.1

5
4

1.5
3.0

34 0
33 9

4
4
3

431 9
434 3
490 7
511 0
561 .4
581 S
615.7
602.7
642.6

28.6
31.6
32.6
30.5
75.8
65.8
65.3
56.5
55.9
47.7
50.5
39.4

.7
.9
.9
.9
3.4
3.1
3.0
3.9
4.1
5.7
9.9
13.0

31 .
30
31 .
30. .
31
AUK 31. .
Sept 30
Oct. 31 .
Nov 30 .
Dec. 3 1 . .
1947—Jan. 31
Feb. 2 8 .

1946—Mar.
Apr.
May
June
July

708 3

730 .7
754 .6

1.4
1.1

1.3
2.9

33 9
33 9

5.6
6.5
8.0
6.5
6.7
4.7
5.5
4.5
6.3

33
33
33
33
33
33
33
33
33

151 0

9.8

30 4

16 0

136 .6
153 .7

11.7
12.2

30 .3
30 .4

14.9
17.7

3
36 3
35 8
43 4
118 S
119 .4
119 .6
122 8
137 .1
128 .8
138 8

9
8
9
9
9
9
9
9
9

1

2
4
8
10
10
12

4
6
0
4
3
8
7
5
9

Canada

Latin
America

2
0
1
5
9
2
0
4

96.3
100.9
59.4
118 0
60 4
39 7
36 0
33 6

72 6

34 3
37 8
28 1

Other
Total
Europe Europe
80.0
71.2
57.8
52.9
45.9
51.4
29.9
26.2
22.3
19.0
44.4
40.8
21.1
18.0
20.5
27.7
33.2
29.9
39.6
44.0
46.9
52.5
53.4
53.5

743
433
392
326
274
172
101
88

77,6
107 5
140 7
126 .1
134 .8
215
221 .2
lid .8
269 0
294 .9
282 .1
298 8

53

62 .9
64 .7
50 1
53 .6
42 .2
43 6
50 .3
49 .7
52 9

312 9

52

307 .3
319 .8

48 .8
43 .0

Asia1

All
other 1

174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9

117 4
80 .1
67
78 .9
144 .1
174 .1
117 .8
87 Q

8. 5
10. 1
12. 9
17. 2
15. 5
9 3
6. 4
9 7

51 .4
?9 9

11.7
9,9

178.4
166.1
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
279.6

53 .6
57 .1
54 4
56 .2
57 .1
68 0
72 .7
74 .3
75 0

11
11
12
15
14
15
15
14
15

26

99

94 .5
85 .0

4 8
3 0

0
6
Q

3
8

1
5
8
17 7
19 .8
27 1

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

1947




925

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
Denmark

Other
BelEurope gium

Date

Finland

1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31

51.4
29.9
26.2
22.3
19.0
44.4
40.8

6.5
1.5
1.1
.8
.7
.7
.6

21.1
18.0
20.5
27.7
33.2
29.9
39.6
44.0
46.9
52.5
53.4
53.5

3.6
4.6
5.0
7.7
8.8
9.1
6.9
7.2
7.7
7.5
7.1
7.4

PorSweRutugal1 mania1 Spain' den

Yugo- All
USSR1 slavia1 other

3.6
.9
.5
.2
.2
35.1
31.6

2.4
1.4
.8
.5

3.2
3.2
1.8
1.6

8.7
1.0
.6
.4
.2
.2
.9

28.0
24.5
22.1
8.4
5.0
5.1
4.7

.8
2.0
1.5
1.1
1.6
2.1
12.6
12.6
13.0
12.4
12.4
12.5

1.2
.6
2.0
4.4
4.3
4.0
3.5
4.3
5.9
6.2
6.4
6.1

Norway

1.1
.6
.6
.7

1.4
1.8
1.9
5.6
7.6

1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28

LuxemGreece^ bourg1

6.2
.2
1.2
.3
.6
.5
.7
.7
2.1
3.3
3.7
4.0

.4
.4
.6
.5
.7
.7
1.0
1.3
.9
1.0
.9
.9

1.5
1.4
2.1
2.9
4.2
3.3
3.6
7.2
6.5
7.2
7.3
6.2

1.3
2.4
3.0
5.6
7.6
5.5
5.5
4.1
3.9
4.9
5.5
5.6

4.9
5.0
5.1
5.0
5.0
4.3
5.5
6.1
6.2
9.4
9.5
10.2

Latin America

Latin
BoAmer- Argen- livia' Brazil Chile
tina
ica

Date

Colombia3

NetherFrench
lands
West
Other
West
Costa Cuba Indies Mexico Indies Pana- Peru3 Vene- Latin
3
Rica
ma4
zuela3 Amerand
and
Guiica
Suri3
;• a n a

1939—Dec.
1940— Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.

113.3
122.7
148.3
99.7
112.2
131.0
158.9

1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28

,

16.8
11.9
16.8
6.9
15.3
3.1
21.0

178.4
166.1
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
279.6

(Jan. 3,1940)
(Jan. 1,1941)
31
31
31
31
31

24.7
26.8
20.4
20.4
27.9
25.6
21.4
22.5
24.0
41.8
49.1
45.5

3.0
1.8
1.8
1.3

32.2
33.1
38.0
16.7
18.9
25.3
24.7

9.7
13.4
14.9
15.3
16.6
9.0

2.7
2.9
2.0
3.1
4.4
3.2
2.6
2.2
2.0
2.3
2.6
2.6

30.0
31.9
30.9
28.4
28.6
41.3
37.2
40.4
43.9
49.8
54.4
63.1

7.1
7.0
6.7
8.0

6.6

7.5
10.6
14.5
13.8
14.0
14.6
13.1
15.3

20.7
12.2
15.5
16.8

.6
.7
1.2
1.2

10.5
11.7
11.3
8.3
20.1
47.4
33.3

20.1
20.0
21.2
23.2
21.3
22.6
23.8
21.0
19.8
26.4
29.9
30.2

1.4
1.4
1.2
1.5
2.1
9.8
1.7
2.6
2.5
2.9
3.4
3.7

5.9
6.1
7.6
4.8
11.2
8.6
11.0

37.1
22.9
27.6
29.3
25.7
15.6
21.1
27.9
41.1
25.7
35.5
37.9

1.0
2.1
2.4
2.1
1.1
.8
1.1

2.8
1.4
1.2
1.9

3.9
3.8
5.1
6.1

37.2
44.4
57.3
14.2
8.7
11.7
33.4

14.3
14.1
13.5
15.0
15.2
17.2
22.0
17.6
20.6
25.5
27.0
28.8

2.9
1.1
1.1
1.8
1.6
1.3
.9
.9
.8
1.3
1.6
1.7

3.8
3.6
3.8
3.5
3.4
3.6
3.0
2.7
2.7
3.7
5.4
6.5

7.7
7.4
7.7
7.9
8.1
8.1
7.0
4.8
6.6
8.7
10.4
15.6

26.1
26.6
21.2
22.1
24.0
25.8
27.0
24.9
21.7
23.1
27.1
27.9

Asia and All Other

Date

India,
China
and French Hong Burma,
Indo- Kong and
Asia Man-)
chu- China*
Ceyria
lon*

174.1
1939—Dec. (Jan. 3,1940)
117.8
1940—Dec. (Jan. 1,1941)
87.9
1941—Dec. 31
35.3
1942—Dec. 31
26.3
1943—Dec. 31
51.4
1944—Dec. 31
29.9
1945—Dec. 31

22.0
23.7
23.5
11.1
1.7
1.5
1.0

1.9
1.7
3.1
.9 2.2
1.0 2.0
.9 22.3
.8 7.5

1946—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28

22.8
25.6
22.6
23.9
19.0
28.6
34.7
34.6
40.8
53.9
43.8
36.8

1.5
1.5
2.0
2.0
2.2
2.9
3.2
6.5
4.0
5.9
5.0
5.1

1
2
3
4
5
6

53.6
57.1
54.4
56.2
57.1
68.0
72.7
74.3
75.0
99.2
94.5
85.0

6.8
7.2

6.6
7.4
9.4
10.8
11.7
10.1
9.1
12.0
12.7
12.9

Egypt
Neth- PhilBriand
Union
ertish Japan lands ippine Tur- Other All 8 Aus- Ne Anglo French of
MoMa-1
Is- key* Asia other tra- Zea- Egyp- rocco South Other
East
lia land tian
laya
Africa
Indies8 lands
Sudan

.7
.5
.1
.1

102.1
55.8
18.9
.5
.5
.5
.5

.2
.2
.3
.1
1.7
.1
.2
.2
.2
.2
.5
.5

.3
.3
.3
.3
.3
.3
.3
.5
.2
.2
.2
.2

Prior to June 30, 1942, included under "All other."
Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.

926



1.6
1.7
.5
.4

26.4
22.6
23.0
14.4
13.9
13.8
13.8

1.8
3.2
1.8
2.0

.4
.4
.4
.4
.2
.3
1.2
1.0
.9
1.0
1.1
.9

16.0
16.1
16.7
16.7
18.5
19.2
16.6
16.0
14.7
20.2
25.3
23.0

1.1
.9
.9
.9
.9
.9
.9
1.3
.9
1.4
1.4
1.5

21.6 9.3
14.0 6.4
19.5 9.7
2.0 4.8 1.0
1.8 3.9
.5
8.8 11.7
.6
2.7 9.9 1.7

1.7
2.4
9.7
4.7

1.2
.7
1.0
2.5

11.0
11.6
12.9
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
27.1

5.8
6.7
7.8
8.5
8.0
8.1
7.7
8.4
9.1
10.1
10.5
14.7

2.9
2.6
2.5
3.9
2.5
3.0
2.5
2.0
2.4
2.2
3.4
4.5

3.3
3.9
3.6
3.5
3.9
3.9
3.9
4.0
4.2
4.4
4.5
4.0

1.3
1.5
1.8
1.9
2.9
2.9
3.3
2.7
3.1
3.4
4.3
6.2

(2)

8

(2)

FEDERAL RESERVE BULLETIN

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department

Assets of banking department
Cash reserves

Gold

Other
assets 2

1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
1944—Dec. 27
1945—Dec. 26

200.1
313.7
326.4
326.4

260.0
200.0
220.0
230.0

1946—June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25

.2
.2
.2
.2
.2
.2
.2

950.0
1,100.0
1,250.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
5 1,400.0
1,450.0

1947—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28

.2
.2
.2
.2
.2

1,450.0
1,450.0
1,450.0
1,450.0
1,450.0

1

.2
.2
.2
.2
.2
.2

Discounts
and ad-

Securi-

Notes

.6
.6

1.0
.9
.3
.9
.9
1.9
.4

35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3

8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4

94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0

923.4
1,088.7
1,238.6
1,379.9

1.8
1.4
1.1
1.2
1.0
1.1
1.3

36.4
13.4
32.7
41.5
38.5
34.2
22.1

12.5
15.8
9.9
18.8
9.5
25.3
13.6

315.2
288.0
343.4
324.6
327.2
333.9
327.6

1,363.9
1,386.9
1,367.5
1,358.7
1,361.8
1,366.0
1,428.2

1.0
.9

85.8
74.7
59.5
62.6
56.1

25.4
16.0
11.1
18.0
8.7

271.0
294.6
338.7
344.8
353.9'

1,364.5
1,375.6
1,390.7
1,387.6
1,394.1

5
5
5

.6

1.0
1.3

Deposits
Bankers'

Coin

5 580.0
5630.0
5 780.0

4 .2

Liabilities of banking department
Note
circulation 3

424.5
467.4
505.3
504.7
554.6
616.9
751.7

Public

Other

72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
286.0
238.7
307.6
302.9
292.7
310.1
278.9
288.4
285.2
286.4
303.7
301.9

12.1
12.1
11.4
15.9
29.7
12.5
11.2

37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
56.5
54.4
54.0
55.5
57.5
56.3
57.3
60.6
60.1
94.4
98.0
95.1

Assets
Bank of Canada
(Figures in millions of
Canadian dollars)

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.

31 . . .
31. . .
31. . .
31. . .
30. ..
31. . .
31. ..
31. . .
31. . .
30. ..
31. . .

1946—june 29 . . .
Tuly 31. ..
Aug. 31. . .
Sept. 30. . .
Oct. 31. ..
Nov. 30. ..
Dec. 31. ..
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.

Gold

180.5
179.4
179.8
185.9
225.7

Sterling
and United
States
dollars

4.2
9.1
14.9
28.4
64.3
38.4

200.9
.5
.6
172.3
156.8
2.0
1.8
1.7
.7
.9
.9

1.0
1.0
1.0
1.2
1.0
1.0

9.0

10.3
5.2
5.3

5.3
7.1
7.0
9.3
8.2

10.1
10.3
16.0
22.4
10.6
6.9
5.0

Other
liabilities
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
18.3
18.4
18.5
17.8
17.9
18.1
18.3
18.4
18.5
17.8
18.0

Liabilities

Dominion and provincial government
securities

Deposits
Note
Other
assets circulation'
Chartered
banks

Shortterm6

Other

30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,218.5
1,276.6
1,257.7
1,259.1
1,301.5
1,283.8
1,197.4

83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3

8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5

99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1

540.7
541.8
530.8
523.9
521.5
605.0
708.2

30.8
31.4
44.1
38.3
40.1
40.9
42.1

1,114.0
1,117.9
1,127.4
1,147.5
1,156.9
1,161.1
1,186.2

,196.8
,172.3
,146.9
186.0
1,123.0

718.8
738.9
757.5
751.2
731.0

39.3
47.6
40.4
59.2
41.3

1,138.6
1,137.9
1,153.2
1,153.9
1,148.1

Dominion
government

181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
500.5
532.5
521.1
511.3
538.6
579.5
565.5
533.3
493.6
536.3
542.6
477.6

17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
57.9
69.1
69.1
27.4
36.6
63.9
60.5
150.1
215.7
159.8
195.7
179.4

Other
liabilities8
Other
.8
2.1
3.5
3.1

17.9
9.5
6.0

19.1
17.8
27.7
29.8
85.6
90.1
79.7
87.8
85.2
79.4
93.8
82.9
75.3
64.6
69.3
58.5

7.7

13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
34.2
42.1
37.1
48.0
46.7
46.8
42.7
51.0
37.3
32.1
35.9
32.6

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
3 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
4 Notes issued less amounts held in banking department.
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. U
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July fi and Dec. 10, 1945, and on Dec. 10, 1946.
3,
Securities maturing in two years or less.
•Includes notes held by the chartered banks, which constitute an important part of their reserves.
i
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.

JULY 1947




927

CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)

Liabilities
Advances to
Government

Domestic bills
Gold*

Foreign
exchange

Deposits

Other

For occupation Other*
costs 1

Open
market* Special'

Other

1,797
2,345
661
12
169
29
48
303

7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548

72,317
142,507
210,965
326,973
426,000
426,000

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.

29...
28...
26...
31...
31...
30...
28...
27...

87,265
697,267
684,616
84,598
84,598
84,598
75,151
6
129,817

821
112
42
38
37
37
42
68

7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038

1946—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29..
27..
25..
29...
26...
31...
28...
26 . .

694,817
94,817
94,817
94,817
94,817
94,817
94,817
94,817

5
5
6
5
6
5
6
7

63,090
64,985
64,769
64,474
70,577
71,224
74,739
77,621

546
3,124
3,344
3,135

45,512
46,204
45,324
61,657
62,567
63,127
67,396
76,254

1947—Jan.
Feb.
Mar.
Apr.

30...
27...
27...
30. ..

94,817
94,817
782.817
82,817

5
8
5
6

75,500
82,958
83,613
85,120

2,209
1,435
694
134

82,674
85,917
85,221
80,901

assets*

Note
circulation

Govern- C.A.R.8
ment

20,627
34,673
63,900
69,500
68,250
64,400
15,850

18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122

110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
570,006 12,048

426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000

11,200
13,400
8,600
8,600
28,100
46,600
55,500
67,900

41,848
42,053
40,915
45,049
44,703
52,693
47,116
47,577

625,809
629,181
612,879
633,327
667,567
696,924
704,796
721,865

426,000
426,000
426,000
426,000

55,200
54,000
79,500
55,000

54,507
53,066
58,083
8
1O8,758

730,253
737,692
746,266
770,670

Other
liabilities

Other
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755

2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087

745
750
717
779
804
814
824
765

51,845
53,265
59,829
62,282
54,743
55,612
58,549
63,468

4,072
4,268
7,006
4,213
4,201
4,241
4,748
7,213

789
831
767
770

55.020
54,512
63,880
62,304

4,849
5,166
5,021
4,992

41,400
64,580
16,857
10,724

1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
4
Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National Bank of Belgium on Dec. 22, 1944.
6
Central Administration of the Reichskreditkassen.
6
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury bonds covering these contributions is shown under "Other assets."
8
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.

Central Bank
(Figures as of last report
date of month)

1947
May

Apr.

1946
Mar.

May

Central Bank of the Argentine
Republic (millions of pesos):
2,654
940 1,208
Gold reported separately
2,270
227 4,127
Other gold and foreign exchange.
958
939
873
Government securities
76
67
84
Temporary advances to Govt..1 .
10,001
356 7,915
Rediscounts and loans to banks .
2,265
119
395
Other assets
4,210
110 3,415
Currency circulation *
604
531 2,186
Deposits—Member bank
793
741
436
Government
11,850
530 8,072
Nationalized»
74
75
200
Other
Certificates of participation in
122
Government securities
692
661
171
Other liabilities
Commonwealth Bank of Australia (thousands of pounds):
222.
Gold and foreign exchange
223,024 199,305
2,330
Checks and bills of other banks..
2, 959
Securities (incl. Government and
396 367 382,956 414,549
Treasury bills)
13, 238
,813 14,486
Other assets
201 430 198, ,680 199,964
Note circulation
Deposits of Trading Banks:
284 084 277,
261,112
Special
22, 602
24,377
Other
127 416 122
148,218
Other liabilities
National Bank of Belgium
(millions of francs):
27,998 27,792
33,328
Gold
516
10,255
4,047
Foreign exchange
214
2,014
Net claim on Int'l. Fund »

1947

Central Bank
(Figures as of last report
date of month)

1946

May

National Bank ot Belgium
Loans to Government
Other loans and discounts
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits 4
Blocked accounts
Other liabilities
Central Bank of Bolivia—Monetary Dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 6
Central Bank of Chile (millions
of pesos):
Gold
Gold contribution to Int'l. Fund.
Discounts for member banks....
Loans to Government
Other loans and discounts
Other assets..
Note circulation
Deposits—Bank
Other
Other liabilities

Apr.

Mar,

49,338
4,530
64,597
2,250
75,446
4,811
79,099
1,626

49,253
4,680
64,597
2,320
75,996
4,567
79,212
1,597

50,088
3,828
64,597
2,328
74,690
5,328
79,248
1,549

48,212
2,761
64,597
2,023
72,542
2,772
78,222
1,433

(Feb.)
922
263
309
431
12
1,682
242
12

919
366
176
406
12
,631
247
2

239
43
674
1,268
985
1,860
3,787
641
156
487

May

383

362
701
915
1,856
3,043
550
227
398

1
1

Government decree of Apr. 24, 1946, provided tor the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
• This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
* Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
Latest month available.
6
For last available report (January 1943) see BULLETIN for July 1943, p. 697.

928



Until such

FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund *
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities
Other assets.
Note circulation
Deposits
Other liabilities
National Bank of Costa Rica—
Issue dept. (thousands of colones):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank.
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Czechoslovakia
in Prague (millions of koruny):
Gold and foreign exchange 2 . . .
Loans and discounts
Other assets
Note circulation—Old
New
Deposits—Old
New
Other liabilities
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation a c c o u n t . . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
•
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Loans and discounts
Government debt and securities
Other assets
Note circulation
Deposits
Other liabilities
r
1

1947
May

Apr.

161,025
63,734
21,867
1,225
77,947
83,896
40,990
238,660
169,130
42,894

170, 929
54,
21, 867
1, 225
7c! 856
84 082
38 880

1946
Mar,

May

220,250 232 ,444
73 ,235

21,867
1,225
56,348 22 201
714
84,326
756
32,714
199
231 ,663 235,064
306
166,174
846
38,077
276 11,255 22 ,536
,497
136 13,465
321 30,321
4
548
55 ,073
041
,045
338
,352
759 74,715
,219
396 42
,433
506
,141
999 3 333
4, 627
599
6. 184
3, 520
525 123: 601
124, 203
931
950
42, 939 42,904 33 594
241 71,665
630
70
236
9,133
9 463
775 8,490
710

71
79
71
18
101
6,208
257
1,487

2,081
3,092
144

71
87
78
15
72
,306
260
,506
,053
,177
153

307
23
133
88
120
14 491

83
141
105
28
98
,594
98
,497
,791
,622
236

273,
25,
16,
202,
221
127. 365 104
331, 322 318
268,
245
45, 934 33
6 376
15 187
3 809

71
98
115
21
70
,482
217
,506
,656
,760
152

645
572

,376
,089
,829

241
283
112

717
898
324
294
215

85,246
.23,482
13,357

,720
692
,492
046
,722
789

212 37,256
781
563
,563
695
,468
546
,575
546
,615
806 56,483
106 30,941
431
8,343

163
131
825
642
991
184

24,074
133,792

Central Bank
(Figures as of last report
date of month)
Bank of F i n l a n d (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to In'tl Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. .
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities

1947
May

Apr.

2
2,033
-5,882
31,451
412
798

802
17
627
779
82
657
74
159
1,416

772
8
670
685
77
559
77
166
1,409

1947




1,126
8
513
215
29
389
136
43
1,323

27,228 27,228
23,988 23,345
1,250
1,250
8,062 8,277
29,937 30,471
2,784 2,777
6,296 5,371
13,461 13,776
8,050 7,705
314
133
577
340

314
98
511
340

370
1,258
27
85
364

413
1,173
45
65
393

444
444
444
11,353 11,353 11,303
578
578
578
257
183
205
12,398 12,420 12,340
235
4,769
34
11
745
5.513
280

160
4,772
32

169
5,931
25

942
5,620
287

510
6,302
332

2,646 2,646 2,646 2,646
37,882 37,580 37,568 34,766
40,528 40,226 40,214 37,412
523
526
8,699 5,351
484,450 460 ,055
21,887 44,988
55,921 16,126
105,630 68,886
36,411 20,032
441,133 293 592
",
82,830 91,982
6,771 33,764
69,657 58,893
94,948 127,212
18,182 10,521

Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
•time 2 as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning Dec. 31, 1946.

JULY

May

Mar.

2
1
3,248
499
-7,099 -6,798
30,580 30,726
452
565
632
1,072
20,944 18,442
2,323
1,753
5,558 4,860

21,653
1,296
5,864

27,228
23,651
1,250
1,530
8,109
29,643
2,799
6,885
14,052
8,389

1946

Until such

929

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Japan l
Bank of Java 1
Bank of Mexico (millions of pesos):
Metallic reserve 2
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities
Bank of Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund3
Contribution to Int'l. Bank
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal 1
National Bank of Rumania 1
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

1947
May

Apr.

680

1946

Mar.

May

680

688

739

1,636
571
87
1,686
1,035
254

,620
556
97
,674
,047
231

1,653
535
105
1,697
1,057
228

1,898
434
83
1,698
1,257
198

519
1
312
155
3,600
110
126

520
2
269
155
,600
104
137
,737
790
103
724
161

520
2
109
174
3,600
109
137
2,766
680
74
689
168

2,730
935
103
591
212

713
4,639
166
92
277
,290
,683
188
661
512

2,802
2,802
2,802
2,802
92,307 90,660 84,938 79,372
27,254
3,868
1,131
47,008
75,601
4,753

,000
27,
,868
844
,972
,527
,675
339
550
49
75
,108
62
,874
,318
876
927
341
848
870
898
507
800
959
685
658
691

31,053 40,479
3,868 4,045
1,431
1,123
46,968 44,344
72,053 78,428
5,072
5,050
336
554
58
76
8,108
52
1,883
4,925
733
929
360
354
1,870
3,404
38,173 31,641
5,598
1,427
9,821
9,909
2,835
524
37,170 29,378
13,019 14,586
8,108
2,941
78,111 117,938
20,491
2,480
115,534 31,573
610,140 652 ,008
82,650 18,280
619,008 511 ,178
201,250
,365
89,147 34,255

196
8
4,
13,
63,
153,
5,

197,398 131,069
9,952 29,562
4,092
5,313
14,041 122,943
63,137 66,737
155,929 217 ,187
6,418
4,962
1,214
1.213
522
585
15,773 15,856

Central Bank
(Figures as of last report
date of month)

1947
May

Apr.

1946
Mar.

May

Bank of Spain—Continued
Other loans and discounts
7,952
3,935
Other assets
2,659
3,647
Note circulation
22,390 18,866
Deposits—Government
2,307
1 ,538
Other
2,954 4,351
Other liabilities
468
482
Bank of Sweden (millions of kronor):
Gold
418
478
585
1,043
Foreign assets (net)
279
384
1,028
453
Swedish Govt. securities and ad- 5
vances to National Debt Office
2,322
,087 2,011 1,235
Other domestic bills and advances
118
106
146
59
Other assets
526
567
467
826
Note circulation
2,556
,608 2,640 2,453
Demand deposits—Government.
581
526
547
1,163
Other
192
137
118
141
351
356
Other liabilities
335
435
Swiss National Bank (millions of
francs):
Gold
5,037
,039 4.960 4,784
Foreign exchange
138
147
158
176
Loans and discounts
65
72
80
68
87
84
Other assets
89
91
3,908
Note circulation
,918 3,932 3,564
Other sight liabilities
1,179
,185 1,109 1,256
241
Other liabilities
246
240
297
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold6
632,096 653,002 300,927
Foreign exchange and foreign
294 249 268 ,831 77,224
clearings
560 065 548 ,255 674,765
Loans and discounts
181
Securities
,704 167,369
24 030
451 82,165
Other assets
986 157
Note circulation
,765 836,276
181
Deposits—Gold
604 91,821
299
Other
405 147,779
224
Other liabilities
231,470 226,574
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
298,611 309,341
Silver
12,940 13,720
Paid-in capital—Int'l. Bank
318
Advances to State and government bodies
16,012 26,545
Other loans and discounts
135,469 99,668
Other assets
381,169 328 ,626
Note circulation
224,268 187,101
Deposits—Government
37,099 42,732
Other
252,758 249 ,884
Other liabilities
330,395 298,183
Central Bank of Venezuela (thousands of bolivares):
617,912 617 912 617,912 557,080
Gold7
670 40 133 16,624 44,116
Foreign exchange (net)
62,296 58 250 66,862 16,710
Other assets
Note circulation—Central Bank. 498, C 491 791 490,340 394 ,167
National banks. 5,726 6 350 6,576 8,272
141,120 181 124 171,070 199,516
Deposits
36,025 37 029 33,412 15,951
Other liabilities
National Bank of the Kingdom
of Yugoslavia i
Bank for International Settlements 8 (thousands of Swiss gold
francs):
Gold in bars
81,725 82,688 120,164
Cash on hand and on current
,650 9,144 11,831
account with banks
496
496
142
Sight funds at interest
Rediscountable bills and accept26 781 27,589 9,415
ances (at cost)
10 170 12,983 2,750
Time funds at interest
73 016 74,582 304,635
Sundry bills and investments...
Funds invested in Germany 9 . . .
291 160 291,160
496
2, 534
Other assets
38
Demand deposits (gold)
18 107 18,128 14,559
Short-term deposits (various
currencies):
Central banks for own account
699 8,110 3,581
Other
414 1,501 1,093
Long-term deposits: Special accounts
228, 909 228,909 229,001
Other liabilities
245, 405 242,490 200,742

1
For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942),
see BULLETIN for March 1943, p. 278; of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944), see BULLETIN for
March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
2
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
3
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds.
8
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Govern8
9
ment.
See BULLETIN for December 1936, p. 1025.
Before March 1947, included in "Sundry bills and investments."

930



FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

In effect Dec. 31,
1936
Jan 28 1937 . .
June 15
July 7
Aug 4
Sept 3
Nov 13
May 10, 1938...
May 13
May 30
. ..
Sept. 28
Oct 27
Nov. 25
Jan.
4,1939...
Apr 17
....
May 11
July 6
Aug. 24 . .
Aug. 29
Sept. 28
Oct. 26...
Dec 15
Jan. 25, 1940 . .
Apr. 9
May 17
Mar. 17, 1941...
May 29
June 27
Jan. 16,1945...
Jan 20
Feb. 9
Nov
7 1946
Dec 19
Jan. 10, 1947.. .
In effect June 30,
1947

NethUnited
SwitzGerKing- France many Bel- er- Swe- ergium lands den land
dom

2

2
4
6
5
!*

1946
1944
1936
1933
1939
1945

Lithuania....
Mexico
Netherlands .
New Zealand.
Norway
Peru

6
4K
2K
IK
2K

July
June
June
July
Jan.
Aug.

15,
4,
27,
26,
9,
1.

1939
1942
1941
1941
1946
1940

3 * Jan. 15, 1946

El Salvador...
Estonia
Finland

2K

June
Oct.
4M Oct.
43^ June

Jan.
May
June
Dec.
Feb.

12,
8,
2,
1,
9,

1944
1944
1941
1938
1945

6

Aug.
Feb.
Dec.
July
3
Apr.
2K Oct.

\%

4
3

2K
3

3
2

3

2

3K

IH

3

Germany
Greece
Hungary......

2K

iK

2^

2K
IX
&2K
3

1943
1946
1935
1947

Portugal
Rumania....
South Africa.
Spain
Sweden

2K

Jan. 10,
Apr. 9,
Aug. 16,
Aug. 1,
Nov. 28,

1947
1940
1946
1946
1935

Switzerland..
Turkey
United Kingdom
U.S.S.R....
Yugoslavia . .

IK

Nov. 26, 1936
July 1. 1938

2
4
1-4

Oct. 26, 1939
July 1, 1936
Jan. 1, 1947

3

2K

NOTE.—Changes since May 31: Finland—June 5, up from 4 to 434 per cent.

3

&2tf

3K
10
7
3

14,
8,
16,
18,
1,
28,

8,
15,
1,
5,

4

3K

IX

2

Nov. 23, 1943
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940

Denmark

3

"i'H

Date
effective

2K
3.29
3
5

Bulgaria
Canada
Chile
Colombia
Costa Rica
Czechoslovakia

3

4

Rate
June
30

Ireland
Italy
Japan
Java
Latvia

Austria
Belgium
Bolivia

Mar. 21,
Mar. 1,
July 3,
Dec. 19,
Nov. 8,

Central
bank of—

1940
1936
1945
1946
1940

IK Argentina

2K

2

4

i*

Date
effective

in

Albania

2

4

Rate
June
30

Central
bank of—

2K

IK

OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month

Germany

Netherlands1

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

2.19

1.03
1.03
1.03
1.03
1.03
1.03
.53

2.07
.50
.89
.51
.52
.53
.51
1.36
1.03
1.01
1.01
1.01
1.01
1.01
.51

1.91
.61
.88
.75
.75
.75
.75
.76
1.00
1.00
1.00
1.03
1.13
1.00
.63

.90

.50

1.25

1946—May
June
July
Aug
Sept
Oct
Nov
Dec

.53
.53
.53
.53
.53
.53
.53
.53

.51
.50
.51
.51
.51
.51
.51
.50

.63
.63
.63
.63
.63
.63
.63
.63

1.27
1.42
1.52
1.41
1.30
1.07
1.01
1.21

.93
1.00
1.31
1.18
1.00
.90
.78
.78

1.25
1.25

1947—Jan
Feb
Mar
Apr

.53
.53
.53
.53

.50
.51
.51
.51

.63
.63
.63
.63

1.44
1.72
1.65
1.59

.77
1.46
1.19
1.11

1.25
1.25
1.25
1.25

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
1946—Apr

.59
.96
.59
.55
.55
.53
1 .40

Bankers'
allowance
on deposits

Private
discount
rate

Day-today
money

5.12
3.88
3.88
3.38
3.00
2.90
2.88
2.88
2.38
2.25
2.13
2.13
2.13

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

Treasury
bills
3 months

Day-today
money

1.50
1.50
1.50
1.80
2.25
1.00
1.00
1.00
1.25

1

The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

JULY

1947




931

COMMERCIAL BANKS
Assets

United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

1939—'December
1940—December
....
1941—December
1942—December.......
1943—December
1944—December
1945—December

274

324
366
390
422
500
536

Money at
call and
short
notice

Bills dis- Treasury Securities Loans to
deposit
counted receipts2
customers

174

334

265
171

314
758

142
151
199
252

198
133
147
369

896

301

470

159
141

609

Deposits

Other
assets

1 015
924
823

325
349
347
374

856

356

964

433

Demand

Time

2 441
2,800
3,329
3,629
4,032
4,545
4,850

290

794
761
772
827

1 398
1,770
2,168
2,429
2,712
3,045
3,262

1 043
J 030
1
1,161
1,200
1,319
1,500
,588

3,239
3,351
3,389
3,427
3,502
3,563
3,632
3,823

,655
,694
,724
,771
,800
,833
,870
,862

296
304
310
308
310

3,749
3,603
3,606
3,628

,880
,916
.950
1,956

348
364
374
376

1,307
1,667
1,523

,322
,382
,406
,393
,393
,403
1 ,410
1 ,427

894
885
906
930
944
994

505

4,894
5,045
5,113
5,198
5,302
5,397
5,503
5,685

1 ,427
1 ,439
,455
1 ,461

1,008
1,015
1,034
1,064

454
451
465
470

5,629
5,519
5,556
5,583

524
532
553
553
557

315
305
313
280
312

574

324

499

432

610

1,374
1,302
1,382
1,511
1,671
1,629
1,628
1,560

1947—January
February
March
April

475
463
466
476

428
421
444
435

624
659
750
709

1,563
1,436
1,317
1,346

526
522
464
405
472
497

293
324

399
386
369
379
390

Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—December

251

642
637

125
115

696
665
676

July
August

53
40
32
31
48
92

694

. .

1946—May

96
98
91

699
730
753

134
155
121

719

. ..

97
117
136

689
635
695

October
November
December
1947—January
February
March
April

Security
loans
abroad
and net Securities
Other
Security , oans and due from
foreign
loans
banks
liscounts

292
323
356
387
471
550

97

(4 large banks. End
of month figures in
millions of francs)

1,088
1,108
1,169
1,168
1,156
1,211
1,274

132
159
168
231
250
214

1,187
1,188
1,230
1,249
1,284
1,341
1,476
1,507

197
159

1,481
1,506
1,555
1,628

134
126
195

227

121
128
122

126
128
132

142

1 ,646
1 ,531
1 ,759

,293

2 ,940
3 ,611
4 ,038

(~\+Ufxr

assets

328

342

liabilities,
Time

85
80
71
60
42
34

2,774
2,805
3,105
3 657
4,395
5,137
5,941

1,033
1 163
1,436
1 984
2,447
2,714
3,076

1,741
1,641
1,669
1 673
1,948
2,423
2,865

1,049
1,172
1,289
1,386

907
896

24
23

876
865
960

23
23
22

5,882
5,756
5 887
5 892
6,037
6,201
6,362
6,252

2,576
2,393
2 476
2 426
2,513
2,724
2,902
2,783

3,306
3,364
3 411
3 466
3,524
3,477
3,460
3,469

1,456
1,490
1,407
1,428
1,449
1,470
1,493
1,525

6,233
6,171
6,188
6,356

2,700
2,585
2,569
2,719

3,533
3,586
3,619
3,637

1,514
1,558
1,590
1,594

612
570
653
657
744
782

869

26

,304
,275
,298
,336
,375
4 ,471
4 ,496
4 ,232

959
931
1,039

22
22
21

4 ,369
4 ,264
4 ,239
4 ,349

960
1,066
993
1,035

21
21
21
21

963
846
962

Lijibilities

Deposits

Bills discounted

1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—December

4,599
6,409
6,589
7,810
8,548
10,365
14,602

3,765
3,863
3,476
3,458
4,095
4,948
13,804

29,546
46,546
61,897
73,917
90,897
99,782
155,025

7,546
8,255
8,265
10,625
14,191
18,653
36,166

2,440
2,221
2,040
2,622
2,935
2,190
7,360

42, 443
61, 982
76, 656
91, 549
112, 732
128, 758
213, 908

1946—March

14,444
14,443
15,295
17,472
14,985
14,830
16,553
15,505
16,909
17,943

14,462
15,827
15,988
16,114
17,873
16,991
17,723
18,389
18,423
18,919

168,708
173,773
175,903
184,633
182,107
181,770
177,269
183,716
187,560
195,177

40,017
40,976
41,772
42,674
50,747
53,861
55,935
61,262
63,941
64,933

8,466
10,114
11,738
12,708
14,160
15,676
16,319
18,618
21,116
23,392

231, 499
239, 182
243, 228
255, 173
260, 371

17,267
16,992

20,241
19,127

195,750
197,377

67,084
66,114

18,367
18,756

295, 444
294, 922

1947—January
February

292

Demand

Due from
banks

July
August
September
October
November
December

236
245
250
265

Total

Cash
reserves

May

250
253

Deposits payable in Canada
excluding interbank deposits

Note
circulation

Assets

France

256

Liabilities

Entirely in Canada
Cash
reserves

Other
liabilities

Total

771
999
,120
,154
,165
,234

1946—May
June
July
August
September
October
November
December

509

Liabilities

Other
assets

Total

262 160

262, 130
273, 488
281, 576
291, 894

Own
ances

Other
liabilities

Demand

Time

41 ,872
221
,744
,225
191
,578
,871

571
762
912
324
1,541
2,180
2,037

2,898

4,609
4,753
5,199
6,422
7,506
6,623
10,151

??<; ,784

2 5 ' 5,386
?S?5,574
?6f ) 461
26C),366
271 ,672

m>,703
),004

1,715
1,702
1 659
1,787
1,797
1,699
1,765
1,816
1,872
1,890

6,007
6,774
7 879
8,330
9,527
10 376
10,798
12,490
14,370
15,694

8,590
9,177
9,589
10,096
9,973
10,592
10,871
11,513
12,004
12,777

29C
29:5,484
292',946

1,960
1,976

15,767
15,720

7,499
7,723

61
75
91
111
1?fi
211

?r ,481
569

844
558
413
462
428
557

1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at 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, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.

932



FEDERAL RESERVE BULLETIN;

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month

1938
1939
1940
1941
1942
1943
1944
1945
1946
1945—j u n e
July
Aug
Sept
Oct
Nov
Dec
1947—j an
Feb
Mar
Apr
M^ay

Year or month

1938
1939
1940
. . . .
1941
1942
1943
1944
1945
1946
1946—June
July .
Aug
Sept
Oct.
Nov
Dec
1947—j a n
Feb
Mar
Apr
May

Year or month

1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—June
July
Aug
Sept
Oct
Nov
Dec
1947—Jan
Feb
Mar
Apr
May

Argentina
(peso)
Special
Official Export

Official

32.597
30.850
29.773
29.773 223! 704*
29.773 23.704
29.773 24.732
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125
29.773 25.125

389 .55
353 .38
*322.80 305.16
322.80 321.27
322.80 321.50
322.80 *321.50
322.80
S
322.80 8 321.17
321.34
321.41
321.41
321.41
321.38
321.27
321.19
321.07
321.06
320.91
320.91
320.91
320.91

Australia
(pound)
Free

Belgium
(franc)

Brazil
(cruzeiro1)
Official

Free

In cents per unit of foreign currency]
Canada

Bul(dollar)
garia
(lev) Official Free

3.3788 5.8438
1.2424
99.419
3.3704 6.0027 5.1248 21.2111
96.018
23.3760 6.0562 5.0214
290.909 85.141
6.0575 5.0705
90.909 87.345
6.0584 5.1427
90.909 88.379
6.0586 5.1280
90.909 89.978
6.0594 5.1469
90.909 89.853
22.2860 6.0602 5.1802
90.909 90.485
4
2.2829 26.0602
95.198 93.288
()
2.2847 5 6.0602 5.1902
90.909 90.597
6
2.2847 6.0602
98.347 6 96.662
m
2.2847
5.3675
100.000 96.784
2.2803
5.4053
100.000 96.254
2.2798
5.4053
100.000 95.953
2.2797
5.4053
100.000 95.182
2.2795
5.4053
100.000 95.444
2.2790
5.4382
100.000 95.078
2.2797
5.4404
100.000 95.692
2.2822
5.4404
100.000 94.217
2.2836
100.000 91.901
5.4405
2.2831
100.000 91.954
5.4406

Czecho- Denslovakia mark
(koruna) (krone)

GerFinland France many Greece Hong Hun- India
Kong
gary
(mark- (franc) (reichs- (drach- (dollar) (peng6) (rupee)
ma)
ka)
mark)

3.4674
3.4252

2.1567 2.8781 40.164
1.9948 2.5103 40.061
1.8710 22.0827 40.021
2
2.0101
239.968

2

21.825
20.346
19.308

2

22.0060 220.876
2.0060 20.877
2.0060 20.877
2.0060 20.877
2.0060 20.877
2.0060 20.877
2.0060 20.877
2.0060 20.869
2.0060 20.867
2.0060 20.866
2.0060 20.866
2.0060 20.866
2.0060 20.866

....

21.9711
.8409
.8409
8409
.8408
.8408
.8409
.8408
8407
.8408
.8408
.8408
8407
.8408

Italy
(lira)

.8958 30.457 19.727 36.592 5.2605
.8153 27.454 19.238 33.279 5.1959
«.6715 22.958 18.475 30.155 5.0407
224.592 219.770 30.137 25.0703
30.122
30 122
30 122
30.122
30.155 2 .4434
30.182 7 .4434
30 182
30 185
30.170
30 156
30 155
30 152
30 157
30.153
30 153
30 160
30 161

Chile
(peso)

China
(yuan [Colombia
Shanghai)
(peso)
Official Export
5.1716 4.0000 21.360 55.953
5.1727 4.0000 11.879 57.061
5.1668 4.0000 6.000 57.085
25.1664 24.OOOO
25.313 57.004
57.052
57.265
57.272
57.014
57.020
57.007
57.007
57.007
57.007
57.007
57.065
57.140
57.140
57.041
56.980
56.980
56.980

New
NethJapan Mex- erlands Zeaico
(guild- land
(yen) (peso)
(pound)
er)
28.451
25.963
23.436
223.439

United
Kingdom
Straits
P o r t u - Ruma- South Spain Settle- Swe- Switz(pound)
Norway Poland
nia Africa
gal
den
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
Official
Free
24.566
23.226
222.709

220.176
20.161
20.161
20.161
20.161
20.161
20.161
20.161
20.161
20.161
20.161
20.161
20.160

18.860
H8.835

4.4267
4.0375
3.7110
2
4.0023

24.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0412
4.0313
4.0208

.7325 484.16 5.600 56.917
.7111 440.17 10.630 51.736
«.6896 397.99 9.322 46.979
398.00 29.130 247.133
398.00
46 919
398.00
398.00
399.05
400.50 29.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.63 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132

25.197
23.991
23.802
2
23.829

225.859
23.852
8
26.195
27.819
27.820
27.819
27.821
27.821
27.822
27.822
27.822
27.823
27.824

488.94
22.871
22.525
443 54
22.676 2403.50 383.00
223.210 403.50 403.18
403.50 403.50
403.50 2 403.50
403 50
2
403.50 3403.02
2
23.363
403.28
23.363
403.37
23.363
403.37
23.363
403.36
23.363
403.32
23.363
403.20
23.363
403.09
23.363
402.94
402.93
23.363
402.74
23.363
402.73
23.363
402.74
23.363
402.74
23.363

22.122
19.303
18.546
20.538
20.569
20 577
20 581
20.581
20.581
20.572
20.587
20.596
20.578
20.574
20.583
20.584
20.582
20.574
20.574
20.577
20.580

55.009 392.35
53.335 354.82
253.128 306.38
322.54
322.78
324.20
324.42
237.933 323.46
37.813 322.63
37.789 322.70
37.789 322.70
37.789 322.70
37.789 322.67
37.789 322.56
37.789 322.48
37.789 322.36
37.789 322.35
37.789 322.20
37.788 322.20
37.757 322.20
37.760 322.20

Uruguay
(peso)

Yugoslavia
(dinar)

Controlled

Noncontrolled

64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830

2.3115
236.789 2.2716
37.601 22.2463
43.380 2.2397
52.723
52.855
53.506
55.159
56.280
56.272
56.272
56.272
56.271
56.272
56.272
56.272
56.264
56.262
56.262
56.262
56.262

1
1
8

Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
4
The rate quoted after July 22, 1946,-is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July 1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955.
s
Based on quotations through July 19. Official rate abolished as of July 22.
•On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar.
7
Based on quotations through June 12.
8
As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to 3.60 kronor.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943,
p. 201, and February 1944, p.f209.

JULY 1947




933

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

United
States
(1926 100)

1926

Canada

Mexico i
(1929 100)

(1926 100)

United
Kingdom
(1930 =
100)

France *
(1938 100)

100

100

5 124

67
72
72
75

90
95
95
101

86
88
89
94

85

119

109

79
75
83
90

126
127
128
136

101
103
137
153

150

5 126

144

89
90
87
91

« 90
5 96

91
90
90
96

89

133

108

140
155
173
183

102
105
131
150

63
62
68
76

99

96

148

159

201

197

157

103
104
106
121

100
103
104
109

182
227
247
286

163
166
169
175

234
265
375
648

209
233
296
1,406

160
164
181
251

1946 -June
July
August
September
October
November. ...
December

113

109

604

1 436
1,574
1,643
1 789
1 787
1 948
2,063

249

1947—January
February
March
April
May

2,120
2 120
2,144
2,617

267
268
P27O
P268

110
109
109

282
285
293
299

173

125
134
140

111
111

305
309

178
179

141

112

313

180

142
145

114
118
120
P123

312
310
305
300
299

182
183
184
187
P189

150
148
147

177

571

177
177

Switzerland
(July 1914
= 100)

95
99
116
132

100
105
139
171

129
124

(1935 =
100)

132

89

79
77
79
87

Sweden

100
99
103
110

61
58
52
63

86

Netherlands <
(July 1938June 1939
-100)

Japan*
(1933 100)

106

66
75
80
81

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 ,
1946

Italy
(1928 100)

698
727
824
806
842
867
882
8 SO
?>837

252
257
259

262
264
266

100
102
114
111
115
146
172
189
196
196
194
186

111
107
111
143
184

210
218
223
221
215

186
186
185
185
186
190
192

213
214
215
213
217
219
219

194

219
2191
220
221

195
196

p Preliminary.
i Weighted index of 32 articles, published by the Office of Economic Studies of the Bank of Mexico.
1
New weighted index of 135 articles. For detailed description of the index see "Bulletin de la Statistique Generate," January-March 1945,
pp. 35-53. Yearly averages for 1926 and for 1933-1937 are calculated from old index, 1913 = 100.
• Bank of Japan index on new basis. Yearly average for 1926 is calculated from old index, October 1914 = 100.
4
New weighted index of 400 articles. For detailed description of the articles included and of the weight coefficients used in the index, see
Maandschrift for 1941, pp. 663-664. Yearly averages 1926-1938 are calculated from old index, 1926-30=100.
5
Approximate figure, derived from old index (1913=100).
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada

United States
(1926=100)

United K i n g d o m
(1930=100)

(1926=100)

Year or month

Raw and Fully and
chiefly
partly
Farm
manumanuproducts factured factured
goods
goods

Netherlands^
(July 1938-June 1939 = 100)

Industrial raw
products

Industrial
finished
products

Foods

Industrial
products

70
73
73
74
81
78
75
82

83
85
87
92
102
97
97
133

87
90
90
96
112
104
106
138

103
121

112
163

89

146

156

140

177

148

92
93
94
94
99

158
160
158
158
158

160
164
170
175
184

157
157
159
172
200

175
174
179
193
282

154
159

99
99
100
100
101

159
161
159
158
157

181
185
186
188
189

192
198
205
207
209

259
260
266
268
269

101
102

157
156

191
193

218
217

286
289
292
293
298
299
308

104
107
108

157
158
158
163

196
197
198
200

218
218

313
312

273
274

Foods

Other
commodities

1926

100

100

100

100

100

100

1933
1934
193S
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

51
65
79
81
86
69
65
68

61
71
84
82
86
74
70
71

71
78
78
80
85
82
81
83

82

83

89

106
123
123
128
149

100
107
105
106
131

96
97
99
100
110

57
64
66
71
84
73
67
75
82
90
99
104
106
109

140
157
161
154
165

113
140
149
132
158

106
110

170
168

165
160

121
125

51
59
64
69
87
74
64
68
73
85
98
107
110
112
113
114
111
111
113
114
114

110
110
108
108
112
113
113

165
170
183

156
162
168
162
160

128
129
131
132
132

114

115

116
116
P117

119
124
P126

....

1946—June
July
August
September
October
December
1947—January
February
M^arch
April

May

177
176

D\K3

....

K3

Farm
products

P112

Foods

104
126

163
184
268

271
272

P Preliminary.
1
Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

934



FEDERAL RESERVE

BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]

COST OF LIVING
[Index numbers]

United
SwitzUnited
CanKing- France 1 Nether- erStates
ada
lands land
dom
(1938
(1935-39 (1935-39 (July =100) (1911-13 (June
=100)
=100)
=100)
1914
1914
=100)
=100)

Year or
month

1936..
1937
1938
1939
1940
1941
1942
1943
1944 . .
1945
1946

101
105
98
95
97
106
124
138
136

98
103
104
101
106
116
127
131
131

130
139
141
141
164
168
161
166
168

139

133

170

377

169

645

1946-June

146
166
171
174
180

142
144
145
143
147

169
171
171
168
168

577
576
743
800
866

188

147

168

146

168

851

146
147
149
P152
Pi 55

168
168
169
168
162

160

July
August....
September.
October.. .
November.
December.

1947-January. ..
February..
March....
April
M a y . . . . ..

140

186
184
182
190
188
188

' ioo'
108
129
149
174
224
275

120
127
130
130
150
177
191
198

United
SwitzUnited
CanKing- France 1 Nether- erStates
ada
dom
lands land
(1938
(1935-39 (1935-39 (July =100) (1911-13 (June
=100)
=100)
=100)
1914
1914
=100)
=100)

Year or
month

1936
1937
1938
1939
1940
1941
1942
1943
1944
215 1945
210 1946

99
103
101
99
100
105
117
124
126

120
130
130
132
146
175
200
211
215

98
101
102
102
106
112
117
118
119

100
108
129
150
175
224
285

203

393

P830

119

139

124

204

133
141
144
146
149

124
125
126
126
127

203
205
205
203
203

152

127

127

203

153

216 1947-January.. .
215
February..
216
March
216
April
May

847
851
833

128

209 1946—June
209
July
209
August....
209
September.
215
October
November
216
216
December.

861

2

147
154
156
158
184
199
200
199
201

153
153
156
156
156

127
128
129
P131
P133

r Paris.

132
137
139
140
154
175
187
195

130
137
137
138
151
174
193
203
208
209

645

208

577
576
730
785
858

207
207
207
207
212

856

212

204

865

212

204
203
204
203
203

856
858
838

212
212
212

P837

213

For detailed description of the indexe

6 (see BULLETIN for April 1937, p. 373).
y 1942, p. 451; October 1939, p. 943; and April
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month

Number of issues. . .

United
States 1
(derived
price)

United
Canada 2 Kingdom
(1935-39 (December
=100)
1921=100)
(2)

Common stocks

France
(1938=
100)

Netherlands 8

United
States

Canada*

(1935-39
=100)

(1935-39
=100)

France 6
Netherlands
(December
(1926=100) 1938=100) (1930=100)

United
Kingdom

50

8

402

100

278

. ...

113 8
115 9
117 8
118 3
120.3
120.9
122 1
123.4

98.2
95 1
99 4
100.7
102.6
103.0
105 2
117.2

112.3
118 3
123 8
127.3
127.8
127.5
128 3
132.1

114.2
6
114.2
9
143.4
146.4
146.6
150.5
152 1
144.6

90.9
7
77.9
84.3
94.7
98.5
i° 103.7
102.4

94.2
88 1
80 0
69.4
91.9
99.8
121 5
139.9

77.4
67.5
64.2
83.5
83.8
99 6
115.7

75.9
70.8
72.5
75.3
84.5
88.6
92 4
96.2

1946—June
July
August
September. . .
October
November. . .
December....

123 9
124 0
123.8
122.8
121.8
121.6
121.5

117.8
117 5
117.6
117.8
117.6
117.6
117.6

132.0
132 2
132.2
132.5
133.0
134.6
134.7

146.3
143.5
142.8
142.1
139.9
141.0
142.6

100.9
100.3
103.0
101.8
99.4
104.3
95.5

153.2
149 6
146.4
125.4
122.3
120.6
125.5

123.3
119.1
116.9
104.4
101.8
102.5
106.4

99.5
99.2
97.6
94.7
93.0
95.3
97.8

1947—January
February....
March
April
May

122.6
122.7
122.4
122 8
122.9

117.8
118.1
118.2
P117 9

135.0
134.0
133.3
132 6

142.1
140.8
139.8
P138 6
P136 9

125.2
128.7
123.7
119 3
115.2

106.2
109.4
106.4
P104 8

98.6
96.7
96.9
96 6

1939
1940
1941
1942
1943
1944
1945
1946

15

87

6 275
6
9

112

140
308
479
540
551
694

875
540
569

896
933
1,034
1,080
1,244

100

89.7
8
95.0
129.1
131.5
151.0
10
151.4
" 111.4
123.2
115.9
109.8
110.9
111.4
103.6
105.2

1,068
1,028
1,103
PI.017
P1,003

P Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter on the capitalized yield as calculated on the 15th of every month.
3
Indexes of reciprocals of average yields. For old index, 1929-1936,1929=100; average yield in base year was 4.57 per cent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
4
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
6
In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique Generale," September-November 1946, p. 424.
7
• Average based on figures for 5 months; no data available June-Dec. 9 Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July. n Average based on figures for 10 months; no data available Jan.-Feb.
18
Average based on figures for 8 months; no data available Sept.-Dec. Average based on figures for 7 months; no data available Jan .-May.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935. p, 394; and February 1932, p. 121.

JULY

1947




935

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS

Assistant
to the Chairman

ELLIOTT THURSTON,

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary

RONALD RANSOM,

Vice Chairman

JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON

Special Adviser
to the Board of Governors

CHESTER MORRILL,

DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director

LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director

DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director

FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES,
ALLAN SPROUL, Vice
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK

Chairman
Chairman

JAMES K. VARDAMAN, JR.
LAURENCE F. WHITTEMORE
CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H. STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market

Account

936



DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant

Director

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT

Vice President
W. RANDOLPH BURGESS, NEW YORK DISTRICT
DAVID E. WILLIAMS,

PHILADELPHIA DISTRICT

JOHN H . MCCOY,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

J. T. BROWN,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
JAMES H . PENICK,

ST. LOUIS DISTRICT

HENRY E. ATWOOD,

MINNEAPOLIS DISTRICT

JAMES M. KEMPER,

KANSAS CITY DISTRICT

ED H . WINTON,

DALLAS DISTRICT

RENO ODLIN,

SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary
HERBERT

V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chairman1
Deputy Chairman

President
First Vice President

Boston

Albert M. Creighton
Donald K. David

Laurence F. Whittemore
William Willett
Allan Sproul
L. R. Rounds

New York
William I. Myers

Vice Presidents
E. G. Hult
E. 0. Latham
E. 0. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning1

Philadelphia

Thomas B. McCabe
Warren F. Whittier

Alfred H. Williams
W. J. Davis

Cleveland

George C. Brainard
Reynold E. Klages

Ray M. Gidney
Wm. H. Fletcher

Richmond

W. G. Wysor
Hugh Leach
- Charles P. McCormick
J. S. Walden, Jr.

R. L. Cherry
Claude L. Guthrie8
E. A. Kincaid

Atlanta

Frank H. Neely
J. F. Porter

W. S. McLarin, Jr.
L. M. Clark

Chicago

Clarence W. Avery
Paul G. Hoffman

C. S. Young
Charles B. Dunn

St. Louis

Russell L. Dearmont
Douglas W. Brooks

Chester C. Davis
F. Guy Hitt

P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black8
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills*
Otis R. Preston
0. P. Cordill
L. H. Earhart
Delos C. Johns
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis 8
J. M. Leisner
W. L. Partner

Minneapolis... . Roger B. Shepard
W. D. Cochran

J. N. Peyton
0. S. Powell

Kansas City

Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang

Dallas

J. R. Parten
R. B. Anderson

R. R. Gilbert
W. D. Gentry

San Francisco... Brayton Wilbur
Harry R. Wellman

C. E. Earhart
H. N. Mangels

Carl B. Pitman
0. A. Schlaikjer
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny
P. M. Poorman*
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
R.W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley8
W. H. Holloway
Watrous H. Irons
L. G. Pondrom*
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
0. P. Wheeler

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chief Officer

Branch

New York

Buffalo

I. B. Smith4

Cleveland

Cincinnati
Pittsburgh

B. J. Lazar
J. W. Kossin

Richmond

Baltimore
Charlotte

W. R. Milford
R. L. Cherry

Atlanta

Birmingham
Jacksonville
Nashville
New Orleans

P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris

Chicago

Detroit
Little Rock
Louisville
Memphis

C. M. Stewart
C. A. Schacht
William B. Pollard

Branch

Chief Officer

E. C. Harris

St. Louis

Federal Reserve
Bank of

1

JULY

Also Federal Reserve Agent.
1947




1

Cashier.

Minneapolis... . Helena

R. E. Towle

Kansas City.... Denver
Oklahoma City
Omaha

G. H. Pipkin
0. P. Cordill
L. H. Earhart

Dallas

Mac C. Smyth
W. H. Holloway
W. E. Eagle

El Paso
Houston
San Antonio

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

• Also Cashier.

W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

* General Manager.

937

oo

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES

OCTOBER I. 194$
\L RESERVE SYSTEIt.

c
r
w