Full text of Federal Reserve Bulletin : July 1947
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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
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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
1?
Mar. 1- Jan.1- Mar.
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
1e 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
the2 budget surplus is usually smaller than the cash surplus.
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
2
To Federal Reserve Banks
6.6
2
To commercial banks
. . . 15.7
2
To other holders
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 outstanding2 on June 30, 1947.
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
-
FEWEftAL i \GENCI ES
AND TRUS T FUN DSy-^
— " •
cot POUATIONS
PMIES
/
—
/
y
J
MUTUAL SAVINGS
FEOEF
BANKS
1
1944
1946
^ ^ S T A TE
1944
AND
1946
i fll R
Reserve Banks. Guaranteed issues
Figures represent par values. Treasury Department data except holdings of Federal
ngs bonds,
savings notes, etc., are other
are included in all groups except types of securities outstanding. Included in U. S. savings
b(
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
iWm1
60
40
-
-
1948
1946
J
-
20
„„.„„..
-
OVER 10 YEARS
1 - 5 Y EARS
60
0
1mm1
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]
Annual money income
before taxes
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
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
Rural4
area
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
liquid2
asset
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,
and3 checking accounts.
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 beginTABLE
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
PROPORTION
9
OF LIQUID
W H E N RANKED (1)
DISPERSION OF LIQUID ASSET HOLDINGS, EARLY 1947,
WITHIN
TABLE
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
income
ranked according of liquid asranked according of
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
24
25
23
100
22
52
26
100
26
49
25
By type of community:3
Metropolitan areas
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
the3 middle 50 per cent in each income group.
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
Cumulative
Amount of
income of
smallest income receiver
in group
1946
Percentage of total money
income received before taxes:
Spending units
ranked according
to size of income By each tenth
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth
1946
1945
1946
1945
32
15
12
10
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
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
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
In- Liquid Spend- In- Liquid
Spend- come
come assets
assets ing
ing
rereheld2 units ceived
held*
units ceived
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 holdings1
of liquid assets
Highest tenth. . . . .
Second
Third.
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth. . . . .
By each
tenth
AND LIQUID ASSETS, BY INCOME GROUPS, 1946 AND 1945
Cumulative
1947
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]
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
1946
Annual money
income
before taxes
1945
In- Liquid FamInFam- come
come Liquid
ily
ily
re- assets
re- assets
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
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
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.
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
126
301
119
387
73
309
8
333
199
483
9
229
102
145
18
46
.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
4
5
5
6
.
.
.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
5 , 0 0 0
a n d over
$
4 4
94
3 , 5 3 4
838
11
10
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)
0)
1
1,456
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
1-2 9
0
1-3 9
0.
4.1-4.9
5.0
5.1-5.9
6.0-6 9
7.0-7
8.0-8
9.0-9
10.0-
. .
.9
9
9
10.9
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
1947
0.1
1.4
7.2
5.5
0.3
1.0
22.5
12.4
0.7
1.6
6 0 . 4
14.3
14
4
1
2
1
5
1
2 1
.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
0. 1
0.2
1 .5
2.5
.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
0.7
1.6
0.1
0.1
1
0)
0.4
0)
H)
(*)
I1)
(l)
0)
0.1
0)
C1)
0.1
1.2
27.7
2.4
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
6.2
100.0
100.0
100.0
?
100.0
.9
.3
.1
.1
0.6
2.7
0.8
14.0
0.1
100.0
1.6
0.7
0.1
0.5
0.2
1.2
1.3
.4
. 0
.9
.3
C2)
C2)
2.7
3.4
1.5
4.2
2
5
0
3
57
94
12
17
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
100.0
5 . 0 0 0
a n d over
0.1
0.2
3.1
2.0
0)
0
5
7
9
0)'
0)
2
of l o a n s , i n
0)
0.1
0.3
1.6
7505,000
2 5 0 750
0.2
1.3
2.6
4.1
12.6
5.2
40.5
38
42
17
36
0)
50250
N u m b e r
$
6
24
540
297
3
1
0)
Under
50
millions
0)
0)
2,165
Size of borrower
(Total assets, in thousands of dollars)
dollars)
100.0
4
7
3
5
.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
$100,000-f 499,999
$ 500,000-^ 999,999
$ 1,000,000 AND OVER
ALL LOANS
5,000
and
over
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. .
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
op
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
borrow-1
ers
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]
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
. . . .
7 4
6 8
5.7
5.0
4.7
4 4
Borrowers with total assets
of less than $50,000
Borrowers with total assets
of $25O,OOO-$75O,OOO
Size of bank
(Total deposits, in millions of dollars)
Size of bank
(Tota deposits, in millions of dollars)
Under
2
2-10
6 9
6 5
5.8
5.2
4.8
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
6.0
5.8
5.0
4.6
4.3
3.9
4.0
3.9
10010-100 500
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
Less than 5 000
5,000-24,999
.
25,000-99,999
100,000-499 999
500,000 and over
All
banks
. .
6.5
6.6
6.7
7 0
7 1
6.7
Under
2
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
" 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)
500
and
over
All
banks
4.9
4.7
4.5
4.2
4.1
Under
2
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
borrow-1
ers
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
50250
10-100
Size of borrower
(Total assets, in
thousands of dollars)
Under
50
50250
Size of borrower
(Total assets, in
thousands of dollars)
All
borrowers2
250- 750750 5,000
100 and over
Size of borrower
(Total assets, in
thousands of dollars)
All
borrowers2
Under
50
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)
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
. . . .
Size of borrower
(Total as.;ets, in thousands of dollars)
Under 50
50-250
250-750
750-5,000
Shortterra
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
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
borrowers-
Under 50
50-250
250-750
750-5,000
Shortterm
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
5,000 and over
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
borrow-1
ers
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
1939
1940
1941
1942
1943
1944
1945
1946
. .
Total
Cash
42 0
46.4
55.56
57
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
+ 49
+ 36
+ 11
+ 42
+ 178
+ 38
+ 39
+ 191
+ 46
+ 46
+ 82
+ 43
+ 69
+ 100
+ 85
Hardware stores
Automobile dealers
Automobile tire and accessory stores
557
764
904
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
Instal-
Cash
Charge
accounts
62
62
50
32
35
47
6
3
3
28
42
48
19
36
24
53
22
28
56
62
49
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
Current assets:
Cash and bank deposits
United States Government securities
Accounts receivable....
Inventories
Other current assets. . .
Corporations
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
1,093.6
55 0
45 0
550.0
20 0
62 5
650.0
25 0
Cotton
purchases2
Other
100.0
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
.
. . .
.
. .
. .
136.8
33 8
100.0
33.0
33 0
222.9
66.8
100.0
25.0
28.1
3.0
10.7
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
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 8and 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
(U. S. Commercial
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 the2 first column and plus net authorizations, July 1, 1945-Dec. 31, 1946 in the case of the second column.
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 National
Advisory Council on International Monetary and
Financia 1 T) - 1%1 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
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)
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
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Oct. 27,1942
Oct. 30,1942
Oct. 17,1942
Sept. 12,1942
Oct. 28,1942
Oct. 15,1942
Aug. 29, 1942
Mar. 14, 1942
Oct. 30,1942
Oct. 27,1942
Oct. 17,1942
Oct. 28,1942
Rate
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
Apr. 30, 1942
l
l
l
!Aug. 24, 1946
*Aug.
24, 1946
x
Oct. 20, 1933
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]
To industrial or
commercial
businesses
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.
*4 Rate charged borrower.
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
Other cash
' Discounts and advances:
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
239,935
230,050
229,375
229,759
232,594
251,537
259,423
233,675
238,842
104,833
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
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
Dallas
SanFrancisco
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 liabilities:
May 28
June 4
June 11
June 1 8 . . . .
June 25
Total
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
5,6965,138
5i,708,380
5i,702,842
5,698,434
Philadelphia
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
455,000 :3,470,000
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
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
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
645,000
645,000
645,000
645,000
645,000
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
4,584,,224
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
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
26,430
17,305
Date (last
Wednesday
or last day
of period)
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
19,070
17,930
1944
June 30
Dec. 30
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
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Thursday
All
member 1
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks i
T o t a l reserves h e l d :
1946—April
May
1947—April
May
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*
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.
All2 reserve cities have a population of more than 15,000.
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
All member banks
Central reserve city banks:
New York
Reserve citv banks
86,203
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
based2 on deposits at opening of business.
* . u
u u \
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 circula-1
tion
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
. . .
....
Silver certificates and Treasury notes of 1890. .
IVIinor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—May 31 1947
April 30 1947
May 31 1946
. .
494
1 921
32,240
923
349
19,737
2
1,196
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
16,873
May 31,
1947
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
347
2
24
417
108
1
(5)
6
1
410
107
3,732
3,861
3,806
28,261
(4)
(4)
May 31,
1946
3 2,240
169
27
8
(4)
Apr. 30,
1947
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 not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance
and is not shown. See note 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.
'1 Revised.
* 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
savings4
banks
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.
*6 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
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
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
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945
1946
1947—Jan.-June
Nonmember
banks
Member
banks
Total,
all
banks
National State
291
15
22
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 banks2
(in thousands of dollars) :
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
All nonmember commercial banks:
Total
Other
Cash
assets i
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 2525 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
"?11 r 49 290
Pf » v>
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
1940—Dec.
31. . 43,521 18,021
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
10,910
X 7 T v
X-^V^V^» 31
v/ X. • •
1941 D#»r
31x • • 12,896
x^^x
xycv*» \j
17,'957
1942—Dec.
1 . .. 19,994
1943—Dec. 331.
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
X 7Trl
X—'V.^* 31
*-» -* • •
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
31
X 7 TCVf
J-^\_V*« \*r
•». • •
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- turali brokloans
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
2 207
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
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
secuand
Certifiuarcates
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
1 ,993 16 , 0 1 3
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
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
1
112
119
83
74
31
695
729
593
444
468
606
535
693
557
788
830
701
558
596
629
618
611
601
188
182
166
158
160
181
153
148
167
186
193
186
155
185
204
200
194
187
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
3 799
3
3
5
5
3 ,486
3 832
2 ,540
2 ,345
902
16
20
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
441
393
381
351
363
422
',718 3^533 3^098
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
1,269 1,009
1,272 1,004
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
mand
deposits
with
Cash ances
with
deFederal in
doposits
Revault mestic
adserve
banks3 justed4 Do- 3 ForBanks
mestic eign
U. S.
Certi- IndiCapi
IndiGov- States viduals, Bor- tal
fied viduals,
U. S. States
and partner- row- acand
and partner- Inter- ern- politGov- political
ings
ment
offiships,
count?
ships,
ern- subdi- cers'
ical and
and cor- bank and subdicorment visions
Postal
checks, 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
Dec
X 7 *X X
J—' V*V> •
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. seobob;uriliga- :urities
tions ties liga10ns
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
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
ertificates
Bills of indebtedness
'otal
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
Certiuals, States
uals, States
Govand
fied
and
part- politU.
S.
parternand
nerGov- ner- political
offiical ment
ships, subern- ships, suband
cers'
Do- Forand
ment and
Postal mesdivichecks,
divicor- sions
corSaveign
etc.
tic
sions
poraporaings
tions
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
11,281
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
se- Govt.
ob- seob- curiliga- ties liga- curitions ties
tions
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
doposits
eral vault
mestic ad- 1
Rebanks justed
serve
Banks
IndiIndividvid- States
Certiuals, States
uals,
and
fied
part- and
partner- polit- and u. s. ner- politoffi- Gov- ships, ical
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 1.1
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
Do- ForPostal mes- eign
Savtic
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 Notes Bonds' rities
of
indebtedness
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
*1 For description of the revision see BULLETIN for June 1947, p. 692.
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
*1 For description of the revision see BULLETIN for June 1947, p. 692.
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
S.
States U.
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings
Demand
Borrowings
|
Fime
Domestic
Foreign
CapBank
ital
debacits 2
counts
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. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
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
*1 For description of the revision see BULLETIN for June 1947, p. 692.
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
IndiIndiBalDevid- States CertiU. S.
vidances mand uals,
Govuals, States
dewith
and
fied U. S. partand
erndo- posits partpolitand
polit- ment
Govnernermestic ad- 1 ships, ical
offiical
ernand
ships,
banks justed and
subcers'
suband
divi- checks, ment
divi- Postal
cor- sions
Savcoretc.
porapora- sions ings
tions
tions
Bank
Bor- Capital
rowdeb-2
acings counts
its
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
98
95
95
83
63
Federal
Reserve
Banks
(For own
account)
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
27
24
27
25
21
Foreign
countries
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
U. S. Government
security yields
Stock
exchange
9-to 12call
month
loan
53certifi- 3-to
reyear
month
cates taxable
new3
bills'
4
of
inals
debted- issues
ness
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
1 .33
1 .18
1 .15
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
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
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
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
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
By groups
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.
15
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.
•1 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
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
muBonds
nici- agencies1 Total and Stocks
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
agen-1
cies 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
••
1947—January... .
February...
March
^pril ..
May
1
2
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
172
July
August
September..
October
November
December..
Industrial
21
120
120
774
338
54
182
319
361
47
160
602
1,436
57
139
228
24
85
115
253
32
46
102
115
54
558
110
30
97
186
108
15
114
500
1,320
693
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
1939
1940
1941
1942
1943
1944
1945
1946
Oil
Other Foods,
produc- Indusing
dura- bevertrial
ages,
and
ble
chemiand
refingoods tobacco
cals
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
Other Nontrans- ferrous
AuMaportametals
chin- tomo- tion
and
ery
biles equip- prodment
ucts
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
-34
21
42
102
1947—1
875
124
69
99
68
4
4
4
4
77
47
47
43
Dividends
75
49
Other
nondurable
goods
MiscellaNet 1
neous profits
servPre- Comices s
ferred mon
45
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
20
22
21
38
43
45
49
52
56
42
43
49
36
37
37
37
39
43
52
50
45
47
53
58
28
25
49
64
53
4
4
4
50
47
36
4 36
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
82
80
93
66
4
45
51
103
89
89
97
64
4
4
46
3
152
152
90
564
669
705
552
556
611
612
657
1,139
90
92
88
86
86
85
82
224
230
244
21
22
20
888
902
970
989
272
3
23
142
149
137
184
250
20
269
224
246
22
21
22
142
145
143
182
116
250
310
415
20
21
20
21
146
153
149
209
424
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,1 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
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
and issues
savings tax
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
50,717
| 394
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
Individuals
Insurance
companies
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 jjTransfers to
neous Social
Other Total Net
ter- and
de- trust
Secuinterreest fense
rereacrity
nal
on activ- [counts
With-2
taxes ceipts ceipts ceipts* debt
held Other reveities j etc.
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 acExcounts of
Invest- pendiGovernments 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
2
2
4
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
~l r u s t i decrease (—)
! 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
WithExcess
profits
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
Reconstruction Finance Corp. 5 . .
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
1,518
1,123
267
769
4,192
7,003
6,514
Land, Destruc- ferred
and Other
tures, undisand
U. S.
tribequipGovt. Other
secu-2 ment uted 3
secu- rities
charges
rities
1,918
1,550
1,429
1,265
1,003
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
U.S. PriBonds, notes,
Gov- vately
and debenern- owned
tures payable Other ment
interliabilinterest
Fully
ities
est
guaranteed Other
by U.S.
536
325
377
261
169
460 1,741
385 1,605
299 1,536
1,414
1,176
,133
,234
,250
,252
,250
4.959 26,218
4,939 22,889
3,377 24,069
3,5588 24,810
3,142 27,268
479
482
496
498
509
39
349
722
273
37
77
113
15
243
43
43
137
68
1
7
6
503
77
3
180
633
528
57
200
5
42
5,069
5,381
5,949
6,649
7,294
Investments
6
I
40
1
108
570
172
327
214
56
13
383
(4)
236
198
1
*583
175
15
3
2
278
1
26
5
33
727
1
9
2
3
487
1,508
1
75
8
227
55
6
122
1
12
48
126
1,226
4
22
140
2
113
581
-74
473
-6
86
176
609
7
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
()
3,305
6,507
23 3^227 1,894
29
115
10
11
36
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1947
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural Farm- Home
Fed. Farm
Ownfor co- modity Elecers'
land Mort. mediers'
ate opera- Credit trifica- Home
banks Corp. credit
Loan
tion
tives Corp. 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. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
600
(4)
40
596
150
163
236
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
All
other
Dec. 31,
1946,
All
all
agen- agencies
cies
10
27
17
41
3,056
663
2,884
659
167
204
171
192
5
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
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
Adjusted
Unadjusted
Unadjusted
103.7
104! 2
79.7
88.2
101 0
93.8
97.0
98.9
96.8
96 9
103.1
89.8
75.8
64! 4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
177 7
172.4
151.8
142.0
103.9
124 2
80.2
86 0
109 1
101 .7
107 2
110.5
108 5
109 7
117.1
94.7
71 8
49.5
53.1
68.3
78.6
91.2
108.8
84.7
100 0
114.5
167.5
245.2
334 4
345.7
293.4
266.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
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
*1 Average per working day.
P Preliminary.
Revised
Department of Commerce series on value of payments to individuals.
* For indexes by groups or industries, see pp. 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
P146
102
121
P150
'157 P158
160
P148
P153
P143
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
P2 Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies.
$>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
110
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
199
176
181
78
155
177
65
131
141.9
134
113
179.1
193
130
Feb.
191
Mar.
Apr.
290.9
255
235.4
208
238.6
210
240.0
213
285.1
247
288.1
251
290.9
253
126
212
212
212
246
246
249
130
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
Total
Durable
Nondurable
Preliminary.
Apr.
May
June
July
Aug.
Sept.
Oct
Nov.
Dec.
Jan
Feb
Mar.
Apr.
139.4
156.2
126.1
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
Dec.Jan.
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 are: All Manufacturing, 40.4 and 121.0; Durable,
NOTE.—Preliminary May 1947 figures for average weekly hours and hourly earnings
rr\m fVio
Rnroon
oKnr Statistics.
QfoficftVo
ireau r\f
of T
Labor
41.1 and 128.2; Nondurable, 39.7 and 112.8, respectively. Back figures are available from
the Bu
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
Public ownership Private ownership
1945 1946 1947
1945 1946 1947 1945 1946 1947
January.... 141
February... 147
329
March
396
243
227
258
264
August
September.. 278
317
October
November. . 370
December... 331
May
July
Year
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
1946
405
346
453
441
.
.
.
.
.
.
1,988 5,735 .
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
Title I Loans
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
. . .
.
. . .
. . .
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
War and
l-to4- Rental
and Veterans'
family group
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
1947
25.8
28.3
40.9
37.9
38.3
35.2
45.8
37.7
27.1
31.5
36.0
19.8
55.9
9.4
35.8
29.6
1946
1947
50.2
64.7
143.6
128.1
197.9
202.5
153.1
184.4
156.4
112.8
121.8
115.9
113.9
90.5
122.0
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
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),
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
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
Savings
Com- Mutual
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
301
314
358
1947
1946
1943
1945
1944
1946
1947
P582
P716
334
325
365
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
May
3,459
3,825
757
3,041
P1,296
P4,889
1 ,390
1,503
P 1,924
P883
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
l.c.l.
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
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
619
603
485
387
P348
1939
1940
1941
1942
1943
1944
1945
1946
average
average.
average
average
average
average
average
average
Without seasonal adjustment
Outstanding
orders
(end of
month)
Sales
(total
for
month)
1935-39 average=100j
Aug.
1945
1946
4... ..167 Aug. 3... ..217 Feb.
11... ..176
10... ..228
1946
1947
1
2... ..197 Feb.
.217
8.... .219
9... ..214
18
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
l
..
+2 + 11 Youngstown
1
- 6 +5 Erie
-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
+8 + 11
+ 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
Montgomery1 ..
Jacksonville
...
Miami 2
Orlando1
Tampa J.
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
1
+ 16
Detroit
+ 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
Springfield1
+5
Memphis .
+ 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
+ 11 + 10! +15 Nampa
+ 12 + 11 Portland
-1
1 .
+ 11 +6 +7 Salt Lake City
1
+3 + 10 Bellingham
....
+9
x
6
—
2
Everett
+3
+ 18 +22 + 14 Seattle 1 1
+ 11 + 11 + 10 Spokane1
+ 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
Department
Number
of stores
reporting
Per cent change
from a year ago
(value)
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
+32
+ 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
Sale credit
Loans2
Total
Automobile
2,515
2,032
1,595
1,318
999
1,197
1,104
970
957
11,004
1,035
L,070
1,124
1,177
1,261
1,358
,558
,566
,609
,695
,813
,923
Service
credit
2,125
1 949
1 402
1,749
1,611
1,381
1,114
1,081
1,203
1,292
L.419
L 459
1,487
1,544
L 650
11,764
1,513
1,498
1,758
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
864
482
175
200
227
544
1,014
289
318
336
668
686
699
425
466
505
544
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
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- merciax 2 comization4 banks
panies 1
loans
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
loans8 made during May were 14 million.
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 instal-3
ment paper
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
ization2
cash
loans
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?1
May*
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
ization2
loans
loans
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
Item
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
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
+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
House- Misceland furnishleather products lighting and metal Building cals
allied
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
Deductions:
Corporate savings
Contributions to social insurance
—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
39.0
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
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
2.0:
1.18
.88
2.52
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
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more
34
34
34
3
34, 37
.376
.376
.85
.85
1.19
1.46
2.19
1.19
1.45
2.30
116
119
96
102
.75
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
4,676
4,702
4,429
298.0 297.7 299.1 299.8
250
293
300
256
830
361
901
388
895
387
901
388
95.6
105
177
4,675
298.3
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
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
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
14.51
14.4
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
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
1C
1G
1C
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 ande currency«..
Demand deposits
Time depositse
Currency outside banks*
U. S. Govt. deposits e ..;
ALL COMMERCIAL BANKS
.37<
.81 Loans and
investments, total e .
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. Banks6
Individuals 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.6 Bank
Notes:
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
5
Instalment credit, total
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
Nonagricultural7 employment (mill,
5.40
persons):«
.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
15.09
9.87
13.39
4.55
10.89
+ 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
2
Instalment credit, total
3, 5
2
Instalment loans
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
2
Small loan companies
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
Noninsured
Nonreporting
banks
(nonmembe
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
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
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
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
On par list
Not
on
par
list 1
226
624
57
353
675
11
110
4
112
State
Total i
Total
Member
banks
l
Nonmember
banks
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
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
19
149
170
Not
on
par
list 1
102
413
167
69
118
107
10
95
102
Tennessee
Texas
Utah
Vermont
Virginia
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 Netherlands Zealand
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
23
23
23
23
23
23
23
23
23
23
23
23
Sweden
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
8;
L
L
"
Egypt
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
24
24
24
24
24
27
27
RumaPoland Portunia
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.
Other
coun-7
tries
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
States Kingdom
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
1L,393
470
238
41
205
July...
156
Dec
17
215
240
474
238
41
205
1,396
Aug.. .
86
1940—June...
17
215
237
1L.412
472
237
40
205
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
I British
I Nica-7 Austra8
Chile
ico*
desia Africa^ | Congo^ States*
lia
India 9
bia
| ragua
9
$1---15* 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
15,301
8,068 6,357 21,595
56,890 98 ,994
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
Coast4 only.
Beginning May 1940, monthly figures no longer reported.
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures
represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193
so that
aggregate for year is equal to annual estimate compiled by Bureau of the6 Mint.
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
13,489
3
,
2
8
7
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
106
357
4-133,471
-41,748
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 33 303.1
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
1,326.6 33534.5
1,327.4 725.8
1,258.3 33 723.4
1,217.1 751.0
1,155.9) 32,953.7
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
1,306.8 33418.9
1,256.9 504.4
1,215.8 3 488.3
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
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
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
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 44 249.4
1,541.4 398.1
1,487.5 4407.7
1,437.5 U93.2
1,396.4 44477.1
1,359.3 498.1
1,364.5 44691.1
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-6 other
mania8
gal6
slavia
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- Argentina livia* Brazil Chile
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
Gui-7
ana
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-7 Latin
Indies ma*
zuela 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
Cey-1
ria
lon
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- PhilBriand French Union
erNew Anglotish Japan lands
ippine Tur-1 Other
of
All 2 AusZea- Egyp- Mo- South
Ma- 1
Iskey Asia other traEast
land
rocco Africa
lia
1 lands
tian
laya
Indies
Sudan
"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
9
.3
35.8
33.3 9 . 5
40.1 17.2
43 5 17 3
42.5 8 . 8
7.1
44.2
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
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
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
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
1.2
.6
2.0
4.4
4.3
4.0
3.5
4.3
5.9
6.2
6.4
6.1
LuxemGreece^ bourg1
Norway
PorSweRutugal1 mania1 Spain' den
Yugo-1 All
USSR1 slavia
other
1.1
.6
.6
.7
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
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- Argentina livia' Brazil Chile
ica
Date
Colombia3
NetherFrench
lands
West
Other
West PanaCosta3 Cuba Indies Mexico Indies
3 Vene- Latin
Rica
ma4 Peru zuela3 Amerand
and
Gui-3
ica
Suri;• a n a
1939—Dec.
1940— Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
(Jan. 3,1940)
(Jan. 1,1941)
31
31
31
31
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
,
113.3
122.7
148.3
99.7
112.2
131.0
158.9
16.8
11.9
16.8
6.9
15.3
3.1
21.0
178.4
166.1
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
279.6
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
37.1
22.9
27.6
29.3
25.7
15.6
21.1
27.9
41.1
25.7
35.5
37.9
5.9
6.1
7.6
4.8
11.2
8.6
11.0
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,
IndoAsia Man-)
and
chu- China* Kong Ceyria
lon*
1939—Dec. (Jan. 3,1940)174.1
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 French Union
er- ippine Tur- Other All Aus- Ne
tish Japan lands
of
8 tra- Zea- Anglo MoOther
Ma-1
IsAsia
key*
other
EgypEast
lia land tian rocco South
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-
Coin
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
5 580.0
5630.0
5 780.0
4 .2
Liabilities of banking department
Note
circulation 3
5
5
5
.6
1.0
1.3
424.5
467.4
505.3
504.7
554.6
616.9
751.7
Deposits
Bankers'
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'
Short-6
term
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
Chartered
banks
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.
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 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 fi3, and Dec. 10, 1945, and on Dec. 10, 1946.
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)
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
1946
May
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
630
71,665
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
6 376
15 187
3 809
307
23
133
88
120
14 491
71
98
115
21
70
,482
217
,506
,656
,760
152
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
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
27,,000
,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
Turkey6 (thousands of pounds):
Gold
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
United
SwitzGer- Bel- Nether- Swe- erKing- France many
gium lands den land
dom
2
2
4
6
5
!*
4
3
2K
i*
2K
3
3
2
3
2
3K
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
Denmark
3 * Jan. 15, 1946
El Salvador...
Estonia
Finland
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.
\%
"i'H
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
4
3
4
Date
effective
2K
3.29
3
5
Bulgaria
Canada
Chile
Colombia
Costa Rica
Czechoslovakia
3
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
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
Loans to
Bills dis- Treasury
deposit 2 Securities customers
counted receipts
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
290
794
761
772
827
325
349
347
374
856
356
964
433
Demand
Time
2 441
2,800
3,329
3,629
4,032
4,545
4,850
1 398
1,770
2,168
2,429
2,712
3,045
3,262
1 043
J 030
11,161
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
. .
1946—May
July
August
October
November
December
1947—January
February
March
April
Security
loans
abroad
and net Securities
Other
due from
Security , oans
and foreign
loans
banks
liscounts
. ..
292
323
356
387
471
550
53
40
32
31
48
92
694
251
642
637
125
115
696
665
676
96
98
91
699
730
753
97
117
136
689
635
695
134
155
121
719
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
93.288
95.198
()
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)
GerFinHun- India
land France many Greece Hong
Kong
gary
(mark- (franc) (reichs- (drach(rupee)
ma)
(dollar)
(peng6)
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 MexZeaico erlands land
(guild(yen) (peso)
(pound)
er)
28.451
25.963
23.436
223.439
United
Kingdom
Straits Swe- SwitzRumaSouth
P
o
r
t
u
(pound)
Norway Poland
nia Africa Spain Settle- den erland
gal
(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
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 ,
1946
Canada
Mexico i
(1929 100)
(1926 100)
United
Kingdom
(1930 =
100)
France *
(1938 100)
100
100
5 124
106
66
75
80
81
67
72
72
75
90
95
95
101
86
88
89
94
61
58
52
63
86
85
119
109
89
79
77
79
87
79
75
83
90
126
127
128
136
101
103
137
153
100
105
139
171
Italy
(1928 100)
Netherlands <
(July 1938June 1939
-100)
Japan*
(1933 100)
150
5 126
144
89
90
87
91
« 90
5 96
91
90
90
96
89
133
108
95
99
116
132
140
155
173
183
102
105
131
150
96
148
159
201
197
157
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
109
109
282
285
293
299
173
110
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
698
727
824
806
842
Switzerland
(July 1914
= 100)
132
99
125
(1935 =
100)
100
99
103
110
63
62
68
76
103
104
106
121
129
124
Sweden
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.
i1 Weighted index of 32 articles, published by the Office of Economic Studies of the Bank of Mexico.
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
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
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
December
1947—January
February
M^arch
April
May
177
176
D\K3
K3
Other
commodities
1946—June
July
August
September
October
Industrial
finished
products
Industrial
products
Foods
....
Industrial raw
products
Foods
Farm
products
....
Netherlands^
(July 1938-June 1939 = 100)
P112
Foods
104
126
163
184
268
271
272
P1 Preliminary.
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
861
847
851
833
P830
98
101
102
102
106
112
117
118
119
100
108
129
150
175
224
285
203
393
128
119
139
124
204
209 1946—June
209
July
209
August....
209
September.
215
October
November
216
216
December.
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
153
153
156
156
156
127
128
129
P131
P133
r Paris.
2
147
154
156
158
184
199
200
199
201
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. . .
United1
States
(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.
•8 Average based on figures for 5 months; no data available June-Dec. 97 Average based on figures for 7 months; no data available May-Sept.
Average based on figures for 9 months; no data available May-July.
Average based on figures for 10 months; no data available Jan.-Feb.
18
Average based on figures for 8 months; no data available Sept.-Dec. n 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
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
William B. Pollard
1
JULY
Also Federal Reserve Agent.
1947
1
Cashier.
Federal Reserve
Bank of
Branch
Chief Officer
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
@FedFRASER