Full text of Federal Reserve Bulletin : June 1946
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ESERV
FEDERAL
BULLETIN
JUNE 1946
.******»„
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Recent Changes in Consumer Credit.
567-572
Statement by Chairman Eccles on Extension of the Emergency Price Control Act of 1942
573
A National Survey of Liquid Assets. .
574-580
Retail Credit Survey—1945..
581-587
Revised Index of Department Store Stocks, by Richard Youngdahl and John O. Bergelin 588-612
Law Department:
Regulation U Forbids Partial Transfers.
613
Consumer Credit:
Veterans Insured Loans Excepted.
Loans to Veterans Under New Jersey Law.
613
613-614
Foreign Funds Control—Treasury Department Releases.
614
Current Events .
615
National Summary of Business Conditions.
616-617
Financial, Industrial, Commercial Statistics, U. S. (See p. 619 for list of tables).
619-685
International Financial Statistics (See p. 686 for list of tables).
686-703
Board of Governors and Staff; Open Market Committee and Star!; Federal Advisory Council
704
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
705
Map of Federal Reserve Districts. .
706
Federal Reserve Publications (See inside of bac\ cover)
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FEDERAL RESERVE BULLETIN
VOLUME 32
June 1946
NUMBER 6
RECENT CHANGES IN CONSUMER CREDIT
Use of consumer credit has increased
sharply during recent months and the pattern of consumer spending, so far as it involves the use of credit, has begun to change
back towards what it was before the war.
During the war consumers did more of their
buying for cash and also did less borrowing
from banks and other financial institutions;
during recent months, their buying on credit
has expanded somewhat more than their
buying for cash and in addition their cash
expenditures have been financed to an increasing extent out of borrowed money.
Both the lessened use of consumer credit
during the war and the recent increase have
reflected in part the wartime shift away from
and the postwar shift back towards consumers' durable goods. Other factors have
also been at work, however, including an
increased disposition among consumers to
make use of credit and an increased effort by
credit-grantors in the consumer credit industry to expand their operations.
This change in the pattern of consumer
spending, towards a greater use of credit,
has come about since the end of the war. It
began late in 1945 but has become more
manifest in 1946. In the last quarter of
1945, consumer loans currently made by
financial institutions increased sharply not
only in absolute amount but also relative to
total retail purchases. During the first quarter of 1946 this increase was sustained at a
time when there is usually a seasonal decrease, with the largest increase in March,
JUNE
1946
and there was a further increase in April.
In February, March, and April, for the first
time in several years, the proportion of department store sales made on credit showed
an increase from the year before. New passenger car financing, which has been on the
increase since last November, rose sharply in
March and April. Instalment sellers of other
articles extended about 50 per cent more
credit in the first four months of 1946 than in
the corresponding period of 1945. It has now
become clear, in short, that with consumer
spending going on at a more rapid rate than
ever before, estimated by the Department of
Commerce at about 10 billion dollars per
month, consumers are in effect spending
more credit as well as more cash.
RECENT INCREASE IN CONSUMER CREDIT
The total amount of consumer credit outstanding, after declining during the war
from about 10 billion dollars to about 5 billion, began to increase about two years ago,
at first at a slow rate but since the end of the
war with Japan at a more rapid rate, and is
now close to the 7.5 billion level. During the
first 19 months it increased at the rate of
about 550 million dollars a year, but during
the seven months beginning with last October the rate of increase accelerated to more
than 2% billion dollars a year. From the
beginning of October to the end of April,
the increase was larger in amount than for
any previous 7-month period during the 16
years for which figures are available. Com567
RECENT CHANGES IN CONSUMER CREDIT
ing as it has at a time when the use of credit
to buy consumers' durable goods was still
far below normal, this increase is all the more
impressive.
The course of consumer credit over the
past 16 years is shown by the chart with
separate curves for total instalment credit
and for its components, instalment-sale credit
and instalment loans. It shows that the recent increase, although it still leaves the
total outstanding about 3 billion dollars below the peak level of 1941, has brought it
CONSUMER CREDIT
1930
1932
Estimates.
1934
1936
1938
1940
1942
1944
1946
Latest figures shown are for April.
close to its highest level prior to 1940. The
chart also brings out the fact that the prewar
tendency for instalment credit to increase
its proportion of total consumer credit, which
comprises also charge-account and service
credit and single-payment loans, has not yet
been resumed. This development had been
going on for many years before the war but
was reversed during the war. The main
reason why it has not yet been resumed is
that as yet most of the things available for
purchase by consumers are still of the nondurable variety, not of the durable variety
568
such as are customarily bought on the instalment plan or paid for with the proceeds of
instalment loans. There has accordingly
been little upturn as yet in instalment-sale
credit, the component of instalment credit
which, as shown by the chart, is usually most
active and fluctuates over the widest range.
More detailed figures show that the prime
mover in instalment-sale credit is automobile-sale credit, which before the war often
represented more than half of it. In the light
of experience, therefore, it is to be expected
that the recent upward course of consumer
credit may be sharply accentuated as more
automobiles, as well as more furniture,
household appliances, etc., become available
for purchase by consumers.
Not since 1926 has the volume of automobile-sale credit outstanding been as small
as during most of the last three years. At
less than 300 million dollars, it has been at a
level below the lowest during the depth of
the great depression in 1933. Within 8 years
from that time it had increased, with some
setback in 1938, by about 2 billion dollars to
the peak level of 1941, when national income
was about one-third smaller than it is now.
Automobile prices are now about one-fourth
above the prewar level and in course of time,
as more and more automobiles come to be
available, it seems altogether likely that automobile-purchase credit will increase more
rapidly than ever before and to a higher level.
This may occur notwithstanding the much
larger volume of liquid assets held by the
public and available for spending, as is suggested by the results of a National Survey of
Liquid Assets published elsewhere in this
BULLETIN.
COMPOSITION OF RECENT INCREASE
The composition of the recent increase in
consumer credit, which is shown in the table,
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN CONSUMER CREDIT
throws some light on its causation. Of the
total growth since the end of last September,
about 40 per cent, or 675 million dollars, was
in charge-account credit, which increased
over the period by more than two-fifths.
This reflects in large part the fact that, with
consumers eager to buy goods, the consumers'
goods available for purchase were mainly
nondurables and minor durables which, if
purchased on credit instead of for cash,
are typically purchased on charge account.
Another 40 per cent of the total increase, or
690 million dollars, was in consumer loans,
counting both instalment loans and singlepayment loans, which increased over the
period by about one-fourth. While a substantial part of this increase was in* singlepayment loans, of which the purposes are
not currently reported, the greater portion
CONSUMER CREDIT
Estimates. Amounts in millions of dollars. Figures preliminary.]
Amount
outstanding,
Apr. 30,
1946
Increase from
Percentage
increase
from
Feb. 29, Sept. 30, Sept. 30,
1945
1944
1945
Total consumer credit.
7,355
2,520
1,653
29.0
Charge accounts
Consumer loans—
total
2,146
928
676
46.0
3,447
1,232
688
24.9
Instalment loans.
Single-payment
loans
Instalment-sale credit.
Service credit
1,695
593
402
31.1
1,752
951
811
639
246
114
286
234
55
19.5
32.6
7.3
was in instalment loans, which increased at
all classes of lending institutions and seem to
have been mainly for miscellaneous purposes.
Instalment-sale credit, arising from such
transactions as the purchase of automobiles
and furniture and household appliances, increased by less than 240 million dollars, reflecting primarily the fact that the major
types of durable goods, such as are usually
bought on the instalment plan, have not yet
become available in quantity. It is evident,
therefore, that the sharply increased use of
JUNE 1946
credit by consumers during recent months
has been widely spread over the purchase of
various kinds of goods and services and that
its inflationary effect has been correspondingly diffused.
CREDIT BUYING IN 1945
Although consumers have begun to make
more use of credit than they did during the
war, the trend in this direction could go
much further before consumer credit would
have as much relative importance, in comparison with the total of consumer buying,
as it had in the prewar period. This is because its relative importance decreased so
much during the war. In 1944 and again in
1945, as shown by the Retail Credit Survey
also published in this BULLETIN, credit sales
represented only 22 per cent of total retail
sales as compared with about 35 per cent in
the last three years before Pearl Harbor.
Even at establishments in which credit sales
typically predominate, such as furniture and
household appliance stores, the proportion
of credit sales in 1945 was no greater than in
1944; in fact, it was somewhat less.
Consumers had more cash to spend during
the war than they had had before and the
things on which they could spend were
mostly of the noncredit-using category. In
coming months, in contrast with the wartime period, the goods available for consumers to buy will include more of the creditusing variety and this will bring into operation a factor of credit growth that has been
absent for more than four years.
COMPETITION FOR INSTALMENT FINANCING
In view of the prospective increase in consumer instalment financing as more and
more consumers' durables come to market,
competition for such financing is coming to
be even more energetic than it was before
569
RECENT CHANGES IN CONSUMER CREDIT
the war. Now as then, it is keenest with respect to automobile financing, but with increasing attention to household-appliance
financing and to the expansion of instalment
lending for miscellaneous purposes.
Notably keen is the competition between
sales finance companies on the one hand and
banks on the other, based as yet largely on
the assumption that the automobile dealer
will continue to originate the great bulk of
the retail instalment paper. That assumption, however, is being subjected to renewed
challenge, not only in the prewar manner
of persuading the customer to borrow directly from cash lenders but also in a new
manner by which agents writing automobile
insurance cooperate actively with banks to
direct business to the latter. Arrangements
are also being developed by which, throughout the country or at least over large regions,
associated groups of banks are offering a
financing service comparable in geographic
scope to that which has long been offered by
sales finance companies operating widespread branch systems. Against this competition, finance companies are taking vigorous
measures of their own, such as emphasizing
afresh their traditional willingness to give
the dealer diversified service and to be receptive towards the general run of the retail
paper which he originates. Speaking more
generally, the present situation is one in
which, in the rivalry for consumer credit
business, bank competes actively with bank,
company with company, and every kind of
financial institution with every other.
From the point of view of the consumer,
some decrease in the cost of his financing,
along with some increase in the availability
of credit facilities, is one of the noteworthy
consequences of this competition. Contributing to that result, in at least some degree, is
the fact that under prevailing Federal regu570
lations competition can not lawfully take the
direction, as it could and did before the war,
of progressively lowering down-payment requirements and progressively increasing the
length of instalment contracts. For most
consumer instalment financing, these regulations set a maximum length-of-contract of
12, 15, or 18 months and a minimum down
payment of one-third.
FEDERAL REGULATION OF CONSUMER CREDIT
Governmental policy with respect to consumer credit, as embodied in the Board's
Regulation W, has been conditioned from
the beginning by the superabundance of consumer purchasing power, arising from the
war and its financing, in comparison with
the relative shortage of consumers' goods.
Adopted in the autumn of 1941, the regulation was expanded and stiffened in the spring
of 1942, a few months after Pearl Harbor.
Thereafter its basic requirements underwent
no substantial change until after the end of
the war.
The basic 1942-45 requirements, if details
be disregarded, contemplated that as a rule
charge-account credits would be paid up
within less than 60 days from their date of
origin, that instalment credits would have a
maturity of not more than 12 months, and
that on instalment purchases of consumers'
goods (and loans to make such purchases) a
down payment of one-third would be obtained.
Changes made shortly after the end of the
war left most of the basic requirements unchanged, on the ground—publicly announced
—that until consumers' goods come on the
market in sufficient supply to meet demands
the use of consumer credit should so far as
possible be discouraged. But at the same
time, effective October 15,1945, two relaxing
changes were made, one in the requirements
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN CONSUMER CREDIT
relating to home-repair and home-improvement credits, which were released from the
control, and the other in the maturity permissible for one category of consumer loans,
viz., loans not for the purpose of purchasing
consumers' durable goods.
The removal of restrictions on home-repair and home-improvement credits followed
shortly after the War Production Board had
released from its control new construction
of all kinds of buildings. At that time, the
volume of insured repair and modernization
loans outstanding had already increased from
its low point in 1944 by about 50 million dollars. During the next 7 months, through
April 1946, it increased further by a somewhat larger amount, but the increase represented less than 5 per cent of the total
increase in consumer credit for the 7-month
period. That it was no greater seems to
have been for the reason that materials and
labor for home repairs and the like were
scarce and hard to find.
The other change in Regulation W, which
lengthened from 12 months to 18 the maturity permissible for one category of consumer loans, made it easier for consumers to
obtain credit for miscellaneous purposes such
as might be expected to emerge during a
period of rapid economic and social readjustment. This change, in contrast with the one
relating to credits for home repairs and home
improvements, may have been one of the
significant factors in the subsequent increase
in consumer loans. These loans, exclusive
of insured repair and modernization loans,
increased by about 625 million dollars during the next 7 months, with more than half
of the increase in consumer instalment loans.
The increase in the latter, which in previous
months had been at the rate of about 100
million dollars per year, rose to an annual
JUNE 1946
rate of over 575 million, which is larger than
has ever prevailed before.
Federal regulation of consumer credit is a
flexible control. Its appropriate objectives,
and still more the relative importance of
these among themselves, undergo change
from time to time as relevant circumstances
change, and so do its standard requirements.
When it first went into effect in 1941 and for
some time thereafter, its primary function
was to restrain demand for consumers' durables, then still available for purchase, and
thereby to reduce inflationary pressure on
them; its secondary function was to restrain
the over-all growth of consumer credit, the
expansion of consumer buying power in general, and thereby to reduce the inflationary
pressure on goods and services in general.
During the larger part of the war period,
the general anti-inflationary function was the
more important. This broader function remains important, since all sorts of consumers'
goods and services are still in short supply
relative to demand, but the narrower function is gaining in importance. This reflects
the two-sided circumstance that consumers'
durables are again coming to market but still
in quantities far short of current and accumulated demand. A noteworthy official recognition of this fact was in one of the statements in President Truman's first annual
message to the Congress last January: "Continued control of consumer credit will help
to reduce the pressure on prices of durable
goods and will also prolong the period during which the backlog demand will be effective."
The large reduction since 1941 in the volume of consumer credit outstanding, when
viewed in relation to the higher postwar incomes of consumers, signifies the building
up of a large amount of unused credit ca-
571
RECENT CHANGES IN CONSUMER CREDIT
pacity, an increase in capacity for consumer
spending. It represents a margin that can
be used, as savings can be used, when the
supply of consumers' goods becomes more
plentiful and when the need may arise for
a large volume of consumer buying to sustain
employment, production, and income. But
it is a resource that should not be depleted
before the need for it arises. Its premature
572
utilization, like that of accumulated savings,
would increase inflationary pressures making
for a higher cost of living; it would not increase production and employment. Consumer credit regulation, therefore, along
with more fundamental measures for promoting economic stability, continues to be a
form of governmental action that serves an
important public purpose.
FEDERAL RESERVE BULLETIN
EXTENSION OF THE EMERGENCY PRICE CONTROL ACT OF 1942
The statement given below was made by Chair- banks—and that is all to the good. Balancing the
man liccles before the Banking and Currency Com- budget and having the largest possible surplus with
mittee of the Senate on May 8, 1946.
which to reduce public debt will be necessary. But
this is inevitably a slow process.
The country is approaching the crucial stages in
Likewise, the idea advanced in some financial
the war on inflation. It is futile to talk about win- circles that increased interest rates would be an
ning if price controls are abandoned or hopelessly effective remedy reflects, in my opinion, a failure
crippled now. At best, however, they are a last line to evaluate correctly both the causes of and the
of defense. Without reinforcements they can not, appropriate weapons against the unprecedented inalone, succeed. At best they can do no more than flationary pressures today. Higher interest rates
block off inflationary forces until the armies of would make for serious complications in the Govproduction are fully mobilized and in action. Pro- ernment bond market and would greatly increase
duction—at the highest possible sustainable levels— the cost of carrying the public debt. No reduction
will decide whether we win or lose this struggle. in buying power and no increase in production
If we lose, no one can tell what may happen. Plans would result—and these are the basic causes of the
for economic stability, for peace and progress at problem.
home or abroad would become blueprints of a lost
The solution depends upon how quickly we deal
cause.
with what is overwhelmingly the chief cause—
Today the armies of production in many fields production, because we can not deal quickly enough
have quit. Others threaten to quit. The danger with the excessive money supply. We could have
is real and time is running out. We have already done better in dealing with it if we had not prelost too much time because of paralysis of vital in- maturely reduced taxes and repealed the excess
dustry—coal, steel, lumber, automobiles, among profits tax. We should not reduce taxes further
others. In this critical period, violent strife between while the danger exists.
labor and management that prostrates key indusIt should be borne in mind that necessary as it
tries or our transportation and communication sys- is to hold the line by price control legislation, such
tems threatens the public safety. No group, no controls are greatly weakened unless reinforced by
leaders, ever have the right to inflict such injury allocations of scarce materials and rationing.
upon the general public. Dictators assume such a Having discarded these reinforcements, the strain
right. It has no place in a democracy.
on price ceilings is intensified and the way made
Necessary as I believe it is to extend the Price easier for black markets and the resultant breakControl Act unhampered and with adequate finan- down of enforcement.
cial support, the public should not be misled into
We must, if this nation is to be saved from an
thinking that this is enough to hold the line. inflationary spiral that can only end in deflationary
Neither this nor other devices for dealing with collapse, hold on to the controls that are left; we
inflationary effects can succeed unless we reach full should, by all means, stop further growth of the
production without further delay. There is no money supply and, if possible, reduce it, but above
other way to win this battle against inflationary all the answer to the problem is more work and
forces. Failure to produce is the chief source of more production. If democracy is to survive we
the danger.
must be willing to face the fact that minority presIf our enormous money supply, actual and poten- sure groups, whether of labor or capital, have no
tial, could be rapidly reduced so as to be in reason- right to act in flagrant disregard of the public
able balance with goods and services, damage to interest. The people of the country look to their
the country resulting from strikes and shutdowns Government to protect them from such abuses of
would be less. Some progress has been made in freedom by finding effective means for continuing
reducing the money supply by using Treasury bal- production and employment while controversies
ances to pay off public debt held largely by the between labor and management are being settled.
JUNE
1946
573
A NATIONAL SURVEY OF LIQUID ASSETS1
How people make use of the extraordinary volume of liquid assets—currency, bank deposits, and
Government securities—that they have accumulated during the war may well be one of the major
factors determining the course and level of business activity and the cost of living over the next
few years. Personal holdings of such assets, excluding amounts held by trust funds, reached 130
billion dollars at the end of 1945, an increase of
90 billion from the end of 1939.
To obtain factual information on the distribution
of these assets and on the uses that people expected
to make of them under current conditions, the
Board of Governors requested the Division of
Program Surveys of the Bureau of Agricultural
Economics, United States Department of Agriculture, to undertake a national interview survey in
the first quarter of 1946 of a selected sample of
the population.2 Information was obtained on
1945 income and changes in income during the
year, on liquid asset holdings at the start and end
of the year, and on 1945 saving and changes in
saving during the year. In addition, questions
were asked to elicit respondents' attitudes toward
saving, their intended use of asset holdings, their
likely purchases of consumer durable goods, houses,
and other assets and the manner of financing such
purchases, and finally their prospective saving in
the light of changing conditions.
Partial results of this survey, a description of its
methods, and tests of the reliability of its results
are presented in this article. Additional findings
will appear in the next two issues of the BULLETIN.
It is to be emphasized that the use of surveys in
this field is still experimental, so that the results are
to be interpreted with caution. Similar information has not been available in the past; hence there
is no information for earlier years, or series of
ir
This article was prepared by Henry H. Villard of the
Board's Division of Research and Statistics. It summarizes
the results in part one of the report of the Division of
Program Surveys. Those wanting fuller information may obtain the full report by applying to the Division of Program
Surveys, Bureau of Agricultural Economics, U. S. Department
of Agriculture.
Mr. George Katona and Mrs. Eleanor
Maccoby of the Division of Program Surveys were primarily
responsible for the conduct of the studies and Mr. Villard was
closely associated with them throughout the planning and execution
of the investigation.
2
The results of two experimental surveys, undertaken to
determine the feasibility of obtaining such information by
means of surveys, were published in the September 1945
BULLETIN.
574
years, against which to test present findings. Comparable surveys taken in other periods of equally
strong inflationary pressures, for example, might
show similar consumer intentions regarding liquid
asset holdings and saving. Not until several such
surveys have been conducted under varying economic conditions and until their results have been
fully tested against other data and actual events,
will it be possible to be sure of the implications
of the findings of such surveys or the predictive
values that they may have.
DISTRIBUTION OF PERSONAL LIQUID ASSET HOLDINGS
The survey obtained information on income, saving, and liquid asset holdings of "spending units."
A "spending unit" is defined as all persons living
in the same dwelling and belonging to the same
family who pool their income to meet their major
expenses. Liquid asset holdings include savings
deposits, demand deposits, and United States Government bonds. The survey was unable, as other
surveys have been unable, to get information regarding currency holdings, so that such holdings
TABLE
1945
1
CONCENTRATION OF INCOME, SAVING, AND
LIQUID ASSET HOLDINGS
Spending units by
percentage classes
Total for each class as percentage
of national total*
Liquid
asset
holdings2
Money
income
Gross
saving1
cent....
cent....
cent....
cent....
cent....
29
45
58
69
78
53
72
84
92
97
60
82
96
105
111
60
77
87
93
97
Bottom 50 per c e n t . . . .
22
3
-11
3
Top
10 per
20 per
30 per
40 per
50 per
Net
saving1
* The table shows the percentage of the national totals accounted for by the 10 per cent of the income receivers with
the highest incomes, the 10 per cent of the savers with the
highest saving, and the 10 per cent of the liquid asset holders
with the largest holdings, and so on for other percentage classes.
The spending units with the highest income are not necessarily
those with the highest saving or asset holdings, so that different
individual units may be included in each percentage class. Information regarding distribution of sayings and liquid asset
saving jess dissaving (expenditures in excess of income). Additional information on saving and dissaving is presented later
in 2 this article.
Excluding currency.
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
are excluded in all subsequent discussion of liquid
assets. Table 1 shows how income, saving, and
liquid asset holdings of spending units were concentrated in 1945.
While less than half of the income was received
by the top fifth of the spending units, this same
fraction accounted for about three-quarters of the
saving and liquid asset holdings; hence saving and
liquid asset holdings were considerably more concentrated than income. The close relation between
the concentration of current saving and liquid asset holdings was also striking; it seems probable
that the similarity is the result of the rapid growth
in liquid asset holdings during the war years, when
the concentration of saving—and therefore of the
resulting liquid asset holdings—is believed to have
been relatively constant.
Although average holdings of liquid assets
amounted to about $1,750 per spending unit, most
families had much smaller amounts, as is illustrated
in Table 2. The top 30 per cent of all spending
units each held more than $1,100 of liquid assets and between them controlled seven-eighths
of such assets, while the next 30 per cent of all
spending units each had between $200 and $1,100
in liquid assets and controlled nearly one-eighth
of the total. But the bottom 40 per cent had practically no assets, accounting for only 1 per cent of
all such assets.
TABLE 2
DISTRIBUTION
OF
PERSONAL LTQUID ASSET HOLDINGS *
Spending units by percentage classes
Top
Next
Next
Bottom
10
20
30
40
per
per
per
per
cent
cent
cent
cent
Total
1
Excluding
Percentage
of all assets
held
Average
amount of
holdings
(In dollars)
60
27
12
1
10,500
2,350
700
40
100
1,750
currency.
Asset holdings of individual spending units
showed considerable variation. About one out of
every four spending units reported holdings of
only one type of asset, one out of every three
held two types of asset, and one out of every six
held three or four types of asset (counting Savings
bonds and other Government bonds separately),
while at the other extreme the remaining quarter
had no assets whatsoever. By far the most prevaJUNE
1946
lent asset is United States Savings bonds, which
were held by almost two-thirds of the units. On
the other hand, two-fifths of the units had savings
accounts and a third checking accounts, but only
3 per cent reported Government bonds other than
Savings bonds.1 Savings bonds averaged $640
per spending unit, savings accounts $550 per unit,
demand deposits $350 per unit, and all other Government bonds $210 per unit. Hence bank deposit holdings were on the average about $50
larger than holdings of all types of Government
bonds.
THE INTENDED USE OF LIQUID ASSETS IN 1946
In addition to obtaining information on asset
holdings, the survey questioned consumers on their
spending intentions. The overwhelming majority
reported that they had no expectation of using their
liquid assets for any purpose in 1946. More than
half of those with bank deposits had no intention
of using any of them this year (except in an emergency), while only one-quarter definitely expected
that they would utilize some part of their holdings.
The remainder were undecided. In the case of
Savings Bonds the situation was even more striking: over three-quarters were clear that they were
not going to redeem any of their bonds, while only
8 per cent definitely intended to use them for any
purpose. Those with large holdings of Savings
Bonds were no more willing to use them than
those with smaller holdings, but large holders of
bank deposits showed somewhat more willingness
to reduce their balances than small holders. In
evaluating these figures, however, it must be kept
in mind that they are based on intentions expressed
in the first quarter of the year. At that time, soon
after the end of the war, the same as during the
war, most people held the opinion that their liquid
assets were not intended for consumption purposes;
possibly the holders' intentions and actions will
change with changing conditions. Further, in view
of the large volume of present holdings, use of even
a small percentage of such holdings could have an
appreciable impact on consumer spending.
In this article attention is focused on the amount
of liquid assets likely to be used for consumption
purposes (including the purchase or building of
1
Including those holding Series G Savings bonds. Because
of the small number of holders involved, the expansions to yield
estimates of total amount held are subject to a sizable margin
of error.
575
A NATIONAL SURVEY OF LIQUID ASSETS
houses other than farm houses). As a first step
in determining the amount likely to be used for
consumption, probable purchases of major consumption goods were ascertained. Such purchases are
summarized in Table 3.
TABLE 3
INTENDED PURCHASES OF CONSUMER DURABLE GOODS AND
HOUSING IN 1946 x
[Number of purchasers in millions]
Purpose
Cars:
Percentage of spending
units
Number of new car purchasers
Number of old car purchasers
Other consumer durables:
Percentage of spending
units
Number of purchasers....
Housing:
Percentage of spending
units
Number of purchasers....
Will
buy
Will
probably
buy
Undecided
8
3
2
2.8
1.0
0.6
0.8
0.4
0.3
22
9.9
6
2.7
6
2.6
1
0.5
Will
Not
not ascerbuy tained
84
3
5
2.2
63
4
2
0.8
83
8
x
The number of purchasers has been estimated by multiplying
the number of spending units interviewed in each category by
the ratio of the estimated number of all spending units to the
total number interviewed. Some underestimate is involved, as
no allowance is made for transients, institutional residents, or
the armed forces.
On the average, prospective buyers expected to
pay $1,100 for a car, $320 for various consumer
durable goods other than cars, and $5,020 for a
house. Taking only those who stated that they
will buy or will probably buy, this involved an expenditure of between 4 and 5.5 billion dollars for
cars, between 3.2 and 4 billion for other consumer
durable goods, and between 13 and 15.5 billion
for houses. In the case of consumer durables (including cars), according to expressed intentions,
about a quarter of the proposed expenditure would
come from existing liquid asset holdings, around
two-fifths from current income, and roughly onethird from borrowing. In the case of housing, on
the other hand, where about a quarter of expenditure would also come from liquid assets, only onesixth would come from current income, and almost
three-fifths from borrowing. These percentages
make it clear that there will be an active demand for
both instalment and mortgage credit during the
year, and generally confirm the analysis made elsewhere in this issue of the BULLETIN in regard to
instalment credit.
576
Of those who indicated that they will or will
probably buy consumer durable goods (including
cars), 55 per cent did not -propose to use any of
their liquid assets. Only 20 per cent had a definite
idea as to how much of their liquid assets they
would use—with about half expecting to spend
between $100 and $500—while a further 8 per cent
expected to use an undetermined amount. This
contrasts with housing, where 40 per cent would
not use their assets but 35 per cent planned to use
a definite amount—with three out of seven expecting to spend between $1,000 and $3,000 and a further 12 per cent intending to spend an undetermined amount.
From this information it is possible to make
some broad over-all estimates of the amount of
liquid assets which people reported during the
first quarter that they would like to use to purchase consumer durables and housing in 1946. It
should be emphasized that, since no allowance is
made for the fact that fewer people are going to
be able to buy consumer durables than want to,
these estimates do not cover what people will spend;
they are simply the over-all totals of what the survey showed they intended to spend. In addition,
no allowance has been made for people not covered by the survey—mainly transients, institutional
residents, and the armed forces. A range is presented in Table 4, with the lower figure including
only those who said they will buy and the upper
figure including as well those who said they will
probably buy.
TABLE 4
INTENDED U S E OF LIQUID ASSETS FOR SPECIFIC PURPOSES
IN 1946
[In billions of dollars]
Purpose
Consumer durables1 . . . .
Housing2
. .
Total
1
2
Minimum
use
Maximum
use
2.0
3.0
2.7
4.0
5.0
6.7
Including automobiles.
Excluding farm housing.
Given these over-all estimates, it is possible to
carry the analysis a step further by hazarding
certain guesses as to the amount of liquid assets
that may actually be used to purchase currently
produced consumption goods and services if certain assumptions are made regarding the availability
FEDERAL RESERVE BULLETIN
A NATIONAL SURVEY OF LIQUID ASSETS
of new production. We know that those who said also increasing. Finally, these results are based on
they will buy or will probably buy planned to survey findings made in the first quarter of 1946;
purchase 3.8 million new cars and 1.2 million used with new developments changes may occur both in
cars; it seems unlikely that in actual practice more the expectations and the actual behavior of conthan 60 per cent of the new car purchases will be sumers. Hence, whether actual developments will
realized in 1946. A comparable estimate for all confirm these estimates remains to be seen.
consumer durable goods together can not be made
since the number of units people desired to purSAVING IN 1945 AND 1946
chase is not known, while in the case of housing
Even if the existing large liquid asset holdings
the number of new units people wished to buy
of
consumers are little used in 1946, they may have
was not ascertained. But if people should be able
important
indirect effects on consumption by into buy from new production in 1946 perhaps twoducing
consumers
to reduce their saving out of
thirds of the consumer durable goods (including
current
income.
The
survey measured saving by
cars) and one-quarter of the houses that they said
adding
to
the
change
in liquid assets (excluding
they will or will probably buy, then between 2 and
currency)
the
amount
used to purchase other as3 billion dollars of liquid assets would be spent
sets
(including
housing
and insurance) and to rethis year for new production. Part of this amount,
pay
loans
and
then
subtracting
the amount derived
however, would be offset during the year by curfrom
the
sale
of
such
assets
or
the
increase in loans.
rent saving. Again the exact amount can only
This
gives
the
saving
of
each
spending
unit, which
be guessed, but it seems doubtful if net dissaving
in
most
cases
is
positive
but
in
some
cases is a
of spending units in order to purchase new connegative
figure,
as
some
people
spend
more
than
sumer durable goods and new housing would
their
income.
The
sum
of
the
positive
saving
exceed 1 to 2 billion dollars.
of all spending units represents "gross saving," the
To the amount of liquid assets that may be
sum of the negative saving "gross dissaving," and
spent on new durable goods and housing must be
the difference between the two "net saving." It
added the amount that may be used to meet other
is believed that the results obtained in this way give
consumption expenditures. During 1945 dissaving
a reasonable estimate of the saving of those inter—expenditure in excess of income—by the people viewed, though it is obvious that some items may
who dissaved amounted to 2.9 billion dollars. This have been omitted in individual cases.
does not include expenditures for housing, and
Table 1 presented above indicates that the oneas consumer durable goods were not generally availfifth of the spending units with the highest saving
able, only a very small part of the 2.9 billion could
were responsible for about three-quarters of all
have been used to buy such goods. Instead, most
saving. At the other extreme 17 per cent of all
of the funds went to meet such consumption ex- units dissaved an amount equal to 12 per cent of
penditures as living expenses, medical care, and gross saving, 13 per cent saved nothing, and 20
vacations. Dissaving for these purposes is likely per cent were responsible for only 3 per cent of
to be considerably larger in 1946 than it was last gross saving, so that on balance the bottom 50 per
year. If the amount involved reaches 4 or 5 cent of the spending units dissaved an amount
billion dollars, then the total use of liquid assets equal to 9 per cent of gross saving and 11 per cent
for consumption purposes may run as high as 5 of net saving.
to 7 billion, although the margin of error in a
Those who were able to save put aside widely
rough guess of this sort is obviously very substantial. varying amounts. About 60 per cent of such
While this only amounts to between 5 and 10 units saved less than 20 per cent of their income,
per cent of liquid asset holdings and a somewhat while a further 30 per cent saved between 20 and
smaller percentage of probable consumer expendi- 50 per cent, but almost 10 per cent of the savers—
ture in 1946, it is a sizable sum. It represents a amounting to more than 6 per cent of the spending
fund in addition to disposable consumer income, units—managed to save more than 50 per cent
and therefore could add materially to prevailing of their income before taxes. It is probable that
inflationary pressure. Further, this addition would most of those saving over 50 per cent had addioccur at a time when consumer borrowing is tional income in kind or were subsidiary spending
JUNE
1946
577
A NATIONAL SURVEY OF LIQUID ASSETS
units living with their families. But one couple
from a mid-West farm State both worked in the
same war plant and had a combined income of
more than $5,000; from this they managed to save
$2,700 by living as cheaply as possible in a furnished
room, in order to be able to return to their home
State and buy a really up-to-date farm!
The extent to which saving is concentrated
among a small portion of the population is an
especially noteworthy finding and is extremely important when we turn to the amount that people
expected to save during 1946. What people expected to save and what they do save may, of
course, vary widely; in addition, there are many
people, especially farmers, who can not estimate
what they will be able to save. Apart from farmers, however, who were not asked the question,
about 75 per cent of those interviewed had definite
expectations as to whether they would save more,
the same, or less than in 1945. Of all spending units
21 per cent expected to save more and 19 per cent
less, with 34 per cent expecting to save the same
amount. But when these expectations are related to
actual saving in 1945, it appears that those saving
more than $1,000, who accounted for 60 per cent of
gross and 70 per cent of net saving, clearly expected to save less, as is shown in Table 5.
TABLE 5
SAVTNG EXPECTATIONS IN 1946
[Percentage of all spending units except farmers]
Amounts saved in 1945
Expected to save
in 1946
More than in 1945 . . . .
About the same
Less than in 1945
No definite expectation.
Not ascertained
Total
All
Nothing
spending
units
$200
to
$999
$1
to
$199
17
32
34
13
4
19
32
27
13
9
25
27
19
16
13
22
49
16
13
21
34
19
15
11
100
100
100
100
100
Over
$1,000
The expected decline in saving among large
savers clearly points to a smaller volume of saving
in 1946 than in 1945. It is a striking fact, however,
that more than half of the spending units expected
to maintain or increase their saving, while less
than 20 per cent definitely expected to save less.
Even among the largest savers about three-fifths of
those expressing an opinion expected to save as
much or more than in 1945. Hence, even if ex-
578
pressed intentions turn out to be optimistic, it would
appear that saving in 1945 was not predominantly
"involuntary" in character, induced solely by the
lack of available goods.
Just how much less people are likely to save
in 1946 can not be estimated exactly, but the effect
on spending could be substantial. If, for example,
gross savings is only two-thirds as large as in 1945,
the resulting increase in spending will be greater
than the increase likely to result from the use of
existing liquid asset holdings. The encouragement that existing liquid asset holdings gives people to maintain consumption in the face of rising
prices or other difficulties at the expense of current
saving may well be their most important effect on
the economy.
GENERAL METHOD USED IN THE SURVEY
The survey is based on hour-long interviews
with approximately 3,000 "spending units" so
selected as to give a representative sample of the
entire population. The interviews were conducted
by specially trained personnel using a carefully
prepared inquiry form. The training of the interviewers and the careful preparation of the inquiry form have been found to be of major importance in surveys of this sort. It has been found,
for example, that explaining the purpose of the
interview and requesting factual information regarding income and asset holdings near the start
of the interview brought far fewer refusals to supply information than somewhat apologetic attempts to obtain such information toward the end
of the interview. Hence the inquiry form was
rearranged and its questions reworded in the light
of test interviews until a questionnaire was obtained
which captured and retained the respondent's interest throughout. Largely because of the effectiveness of the final inquiry form and the careful training of the interviewers, successful interviews were
held with 90 per cent of those in the selected sample.
The fundamental unit of the survey was neither
the individual nor the family but rather a "spending
unit," defined as all persons living in the same
dwelling and belonging to the same family who
pool their income to meet their major expenses.
It was necessary to adopt this basic unit because
of the number of grown children (or children-inlaw) living with their families who had separate
FEDERAL RESERVE BULLETIN:
A NATIONAL SURVEY OF LIQUID ASSETS
incomes and assets and whose intentions toward
their assets were quite separate from their family's.
Including roomers, maids, and other extra people
found in the dwelling units sampled, such "secondary units" accounted for 18 per cent of all units
in the survey.
In designing the sample the 11 major metropolitan areas were withdrawn from the universe
and automatically included, making up somewhat
more than a quarter of the total. The remaining
counties were then stratified according to degree
of urbanization, percentage of industrialization,
previous sales of Series E Savings Bonds, average
size of farm, and percentage of native white inhabitants. Within these strata counties were
chosen at random, and within the counties so
chosen, dwelling units to be interviewed were also
selected at random. In metropolitan areas and
medium-sized cities, however, where information
was available as to the rent paid by dwelling units,
a larger representation of high-rent units and a
smaller representation of low-rent units was taken
for interview. The purpose of this was to increase
the reliability of the results for the higher income
groups, where the inclusion or exclusion of a single
individual may appreciably influence the average.
Such over-interviewing was prevented from influencing final results by weighting the interviews
with low-rent units more heavily and with highrent units less heavily, so that reliability was increased in this manner without altering the survey findings.
Within high- and low-rent areas and in all rural
areas a sampling ratio was set up designed to give
roughly 3,000 successful interviews. To meet the
sampling ratios, dwelling units were selected, entirely at random, from available lists, from actual
block to block enumeration of dwelling units, or
from maps and aerial photographs. Only the dwelling units actually chosen in this way were interviewed; if people in the unit refused to be interviewed, could not be found at home in three calls,
were sick, did not speak English, or were otherwise
unavailable, no substitute interviews were taken.
This means that although results for any area
sampled may be biased by the absence of data
from those not interviewed, they are not subject
to additional bias caused by the inclusion of
atypical substitute interviews. Finally, an examination of the units selected for interview but not
JUNE
1946
interviewed indicated that "secondary units" had
been somewhat more difficult to find at home than
"primary units"; hence, the weight given the secondary interviews which were obtained was somewhat increased. In all cases every effort was made
to interview the "head" of the spending unit, usually the husband; only if the wife had adequate
knowledge of the family's financial situation and
the husband was not available was she interviewed.
RELIABILITY OF THE RESULTS
It is possible to obtain some indication of the
reliability of the results by expanding the estimates
of income and asset holdings obtained from the
survey and comparing them with estimates from
other sources. To make as accurate a comparison
as possible, national estimates from other sources
were reduced 8 per cent to allow for groups not
covered in the survey (and not allowed for in
the expansion), including members of the armed
forces, institutional residents (hospitals and religious or penal institutions), and transients (including residents of hotels, boarding houses, tourist camps, and the like). In the case of net money
income, however, it was possible to deduct the
actual pay of the armed forces, so that a reduction
of only 4 per cent was necessary.
In general, it appears that adequate results were
obtained by the survey. In the case of bond holdings the results agreed closely with those based
on other sources, but in the case of bank deposits,
and especially time deposits, a sizable discrepancy
remains to be explained; it is quite probable that
this difference could be reduced in a future survey.
Finally, as with all previous surveys of this sort,
it was found impossible to obtain information as
to currency holdings at all comparable to the
amounts believed to be in the hands of individuals,
but this is not surprising in view of the possible
risks involved in making such an admission to a
stranger. It seems correct to conclude from the
detailed comparisons presented in Table 6 and
discussed below that the findings of the survey can
be considered reasonably reliable.
Savings bonds. The survey asked for holdings
of Series E Savings Bonds separately, and interviewers were instructed to include other discounttype bonds (Series A through D and F); it is not
clear, however, that all such bonds were in fact
included, which explains the range given under the
579
A NATIONAL SURVEY OF LIQUID ASSETS
TABLE 6
RELIABILITY OF THE SURVEY
Personal holdings of
Survey
estimate
Other
estimates
Savings bonds (excluding Series G
Bonds)
Other Government bonds (including
Series G Bonds)
Time deposits
Demand deposits
Net money income
30.0
9.7
25.4
15.9
120.6
28.5 to 32.5
5.5 to 9.5
40.0 to 45.0
20.0 to 20.5
137.5
"Other estimates" heading. In general, it is dear
that the survey result was highly accurate, as is to
be expected because Series E Savings Bonds, which
account for almost all discount bonds, can only
be registered in the name of an individual and
therefore do not give rise to the complexities which
mark other assets where personal and business
holdings are less easily distinguished.
Other Government bonds. Only 3 per cent of
the people interviewed—or less than 100 spending
units—were found to have other Government bonds,
including Series G Bonds. It is obvious that with
so small a number reporting the results are subject to a considerable margin of error, but the
holdings of the very small number involved were
so large as to account for all other Government
bonds believed to be in personal accounts. In fact,
the results appear to err somewhat on the high
side.
Time deposits. The range in the "Other estimates" column results from uncertainty in regard
to the extent to which respondents understood that
deposits in building and loan associations and
credit unions were to be included in their answers.
Although the question asked by the survey covered
such deposits, it is not certain whether they were
in fact reported. The lower estimate is based
on time deposits alone and is somewhat lower
than the figure published in the latest estimate
of total liquid asset holdings (contained in the
February 1946 BULLETIN).
The survey results were equal to around 65 per
cent of this minimum estimate. In deriving it all
certificates of deposit and open account time deposits were assigned to corporations. Of the savings
deposits which remained, 3.5 billion dollars were
580
assigned to unincorporated business and nonprofit
organizations. In the light of all "available information this is an ample allowance, as most banks
holding savings deposits may not so classify deposits where the beneficial interest is held by an
organization operated for profit, so that the only
unincorporated businesses operated for profit which
may legally hold such deposits are those operated
by a single individual.
In view of the sizable discrepancy between survey results and even the minimum estimate of
time deposits, a check was made of average holdings of time deposits weighted by the importance
of each State in the survey sample in comparison
with the national average, and the two were found
to be almost identical. This eliminates the uneven
geographic distribution of time deposits as a
source of error. In addition, a comparison of the
concentration of holdings obtained from the survey with concentration of all holdings seemed to
eliminate the hypothesis that there was systematic
underreporting. A part of the discrepancy may
result from a subjective classification by business
men of some of the deposits qualifying as savings
deposits as a part of their business assets, so that
such deposits were not reported when business men
were asked for their personal holdings. In the
main, however, the discrepancy remains unexplained and requires further study in future surveys.
Demand deposits. Surveys of deposit ownership
made by the Federal Reserve System provide the
basis for more accurate estimates of total personal
holdings of demand deposits than is the case for
time deposits. The survey has accounted for about
80 per cent of personal holdings, as given in the
most recent estimate of total liquid asset holdings.
Net money income. The total in the "Other estimates" column is the Department of Commerce
figure adjusted so far as possible to make it comparable with the results of the survey by deducting
income in kind and the like. While some minor
differences remain, they are not believed to be important. A special effort was made by the survey
to obtain income information; this seems to be reflected in the coverage obtained, as the survey
appears to have covered about 88 per cent of the
income involved.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY—1945
Retail sales in 1945 reached a new high level of
nearly 75 billion dollars and were more than 7 per
cent larger in volume than in 1944. The rate of
growth, although somewhat lower than in 1944
for the year as a whole, rose appreciably in the
closing months. Concentration of more than onethird of the annual sales in the last quarter of the
year was due in part to the increased availability
of some types of consumers' goods but chiefly to
the unusually large amount of holiday buying
following the end of the war.
In contrast with the other war years, when virtually the entire expansion in retail sales was in
cash business, credit and cash sales increased at
about the same rate in 1945. The rate of increase
in cash business has declined steadily since 1941
but until 1945 continued much higher than for
credit sales. In view of the greater relative growth
of cash sales in earlier war years, credit sales remained a much smaller proportion of total sales
than they had been prior to the war. As is indicated
in the accompanying table and chart, they continued
to be 22 per cent of total sales, the level reached in
1944 after a persistent decline from 36 per cent in
1940.
The growth in retail credit business was confined
to charge-account sales, which increased by 1.2
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
Total
Cash
42.0
46.4
55.5
57.6
63.7
69.5
74.6
27.2
29.9
36.3
42.5
48.9
54.4
58.3
Charge Instalaccount ment
9.9
10.7
12.4
12.3
12.4
12.8
14.0
4.9
5.8
6.8
2.8
2.4
2.3
2.3
Percentage of total sales
Cash
65
64
66
74
77
78
78
Charge Instalaccount ment
23
23
22
21
19
19
19
12
13
12
5
4
3
3
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.
billion dollars or 9 per cent during the year.
Instalment sales remained at the very low level of
2.3 billion dollars reached in 1944. This distribution of credit sales reflects the relatively greater
availability of the less durable types of consumers'
goods. As soon as moderate supplies of automobiles
RETAIL SALES
and major household appliances are on the market
it is to be expected that instalment sales will become a larger proportion of total sales, even if
consumer incomes remain at high levels and the
tendency toward cash purchases continues strong.
Sales on charge account also may be expected to
become more important relative to total sales,
NOTE.—The 1945 Retail Credit Survey covers nine retail
trades and includes reports from some 6,380 stores, all of which
conduct a part of their business on credit. Nearly 4,440 stores
supplied data for selected balance sheet items. Totals include
multi-unit firms which submitted consolidated reports, and,
therefore, could not be classified by size, or, in some cases, by
Federal Reserve districts. Since stores operating on a cash basis
are omitted, the proportion of cash sales for individual trades
is undoubtedly understated. Estimates of total sales shown in
Table 1 make allowance for this bias in the reporting sample.
Coverage varies greatly among the several trades, ranging
from about 62 per cent of total 1945 sales for department stores
to around 5 and 6 per cent for household appliance and hardware stores, respectively.
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, and
May 1945.
NOTE.—Copies of the 1945 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request
from i the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C.
JUNE
1946
581
RETAIL CREDIT SURVEY
particularly in view of the special efforts being
made by retailers to encourage greater use of charge
accounts.
Charge-account indebtedness, having increased
substantially during 1944 and 1945, was at an alltime high at the end of the year. Most of the rise
in 1945 resulted from unusually heavy buying in
the latter part of the year. The average period
during which charge accounts were outstanding
at a number of retail establishments was somewhat longer than in 1944, but the difference was
not sufficient to indicate an appreciable change in
the rate of payment.
According to the Board's over-all estimates of
consumer credit outstanding, instalment accounts
receivable arising from retail sales of consumer
goods were about 8 per cent larger at the end of
1945 than a year earlier. There was some further
shortening of the average period instalment accounts were outstanding but at most trade outlets
collection periods remained about the same as in
1944.
The foregoing comparison of cash and credit
sales is based on estimates obtained by applying to
Department of Commerce estimates of total retail
sales the results of the Federal Reserve Retail Credit
Survey, with allowances in cash sales for the bias
introduced by the selective character of the sample.
The experience of stores represented in the Retail
Credit Survey deviated in important respects from
that of all retail establishments. Departures from
the general pattern are apparent in the rate of sales
expansion as well as in the relative importance of
cash and credit business to the total. Since a primary purpose of the Survey is to follow significant
developments in retail credit, only those trades in
which credit selling is important are included. All
trades that normally specialize in instalment
sales of consumers' durable goods are covered, but
none of those in which charge-account sales usually
predominate. Strictly cash outlets of the trades
represented, as well as predominantly cash trades
such as food and drug stores and variety stores, are
also omitted. Concentration of reporting stores in
larger cities also may introduce some bias.
SALES EXPANSION IN SELECTED TRADES
All of the nine trade groups reporting in the
Retail Credit Survey shared in the expanded sales
of 1945. Gains ranged from a high of 19 per cent
582
1945
for household appliance stores to less than 10 per
cent for jewelry and men's clothing stores. Inability
to secure merchandise was a limiting factor in the
rate of growth for all the trades, but retailers who
relied on the sale of automobiles, major household
appliances, and men's clothing were the most
seriously affected by shortages.
In view of the severe reductions in sales of household appliance stores over a three-year period, the
increase of one-fifth during 1945 did not result in
a large volume of business. It was still one-fourth
below sales in 1941. Moreover, a part of the expansion must be ascribed to sales of nonrelated merchandise which had been stocked in lieu of appliances that were not on the market.
The smallness of the rise in sales at men's clothing
stores was largely due to serious shortages in men's
apparel lines. Despite the heavy demands of returning servicemen for civilian clothing and the
ability of many to make larger than average
purchases, there was practically no acceleration in
the rate of sales at men's clothing stores over 1944.
Supplies of women's clothing were less restricted,
although many low-cost lines were not obtainable,
and sales at women's apparel stores increased about
16 per cent, a gain substantially above that shown
in 1944. A part of this rise was due to higher
prices and continued willingness of customers to
shift to quality lines when budget-type clothes were
not available. The style element in women's clothes
undoubtedly induced most of the women leaving
military service to make larger than usual purchases
at apparel stores.
The rise in jewelry store sales, the smallest reported, followed record high sales in 1944 and
brought consumer expenditures at these outlets to
nearly twice the 1941 outlay. The percentage
change in retail sales from 1944 to 1945 for the
kinds of business reporting in the Survey and a
percentage distribution of 1945 volume are given
in Table 2 on the opposite page.
The increase in cash sales at all retail establishments was only 7 per cent but for the trades covered
in the Survey it averaged 13 per cent. This was
about 2 points higher than the rate of increase in
total sales. The greatest gains occurred at furniture
and household appliance stores, where cash sales
were approximately one-fourth larger than in 1944,
while the lowest was 12 per cent at department
stores.
As a percentage of total sales, cash transactions
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY
TABLE
1945
2
RETAIL SALES BY T Y P E OF TRANSACTION
AND BY KIND OF BUSINESS
Stores reporting in 1945 Retail Credit Survey
Percentage of total sales, 1945
Percentage change, 1944-45
Number
of stores
reporting
Kind of business
Department stores
Men's clothing stores
Women's apparel stores
1,514
495
425
Furniture stores
Household appliance stores.
Jewelry stores
1,003
461
379
472
745
Hardware stores
Automobile dealers
Automobile tire and accessory stores.
Total
sales
Cash
sales
Chargeaccount
sales
Instalment
sales
+ 11
+ 9
+16
+ 12
+ 19
+ 8
+ 12
+ 12
+ 13
+ 12
+ 15
+19
+25
+27
+ 13
+ 12
- 2
+14
+ 10
+17
+ 6
+ 10
+ 17
+ 12
+ 15
+15
+17
Cash
Charge
+2
66
68
55
29
29
42
5
3
3
+7
+8
- 1
27
43
56
17
35
24
56
22
20
- 9
- 9
54
50
46
44
36
50
2
14
4
-14
- 5
Instalment
i Less than 3^ per cent.
continued to rise for all nine trades. They were
one-half or more of the total in six of the reporting
trades, including automobile dealers, who usually
sell cars on instalment terms. The relative proportion of cash sales was lowest at furniture stores,
and next lowest but more than two-fifths at
household appliance stores. These are also trades
in which instalment sales usually predominate.
CHARGE-ACCOUNT SALES AND RECEIVABLES
Charge-account sales in 1945 for all retail establishments are estimated at about 9 per cent above
the 1944 volume, a new high of 14 billion dollars.
With the single exception of men's clothing stores,
growth in charge-account sales was experienced by
all the selected trades and at outlets of all sizes.1
1
Reporting firms are classified as small, medium, and large,
on the basis of 1945 annual sales volume. These classifications
have different meanings for t h e various kinds oJ business. T h e
size range for each is indicated below:
Small
Medium
Large
Kind of business (1945
annual sales. In thous ands of dollars)
Department stores Under 1 000
Men's clothing
stores
Under i150
Women's apparel
stores
Under 250
Furniture stores. . Under
Household appliance stores
Under
Jewelry stores.... Under
Hardware stores. . Under
Automobile dealers
Under
Automobile tire
and accessory
stores
Under
JUNE
1946
1,000 to 10,000 10,000 and over
250 to 1,000
1 000 and
250 to 1,000
i)
1 vvv
000 uiiu
and over
200
200 to
500
500 and over
100
100
100 to
100 to
250
500
250 and over
500 and over
100
100 to
500
500 and over
250
250 to
500
500 and over
50
50 to
100
100 and over
The largest percentage gains occurred at automobile dealers and household appliance stores, where
repair services and sale of parts continued to be an
important part of total business. For other trade
groups the rate of increase was generally more
rapid than in 1944.
As in the case of the retail field as a whole, sales
on charge account did not expand in relation to
total sales for the reporting sample. Only automobile dealers sold relatively more on charge account in 1945 than in the preceding year. At department and furniture stores the proportion
was about the same as in 1944. At jewelry, household appliance, men's clothing, and women's apparel stores, charge-account sales constituted a
slightly smaller percentage of total sales than in
1944.
This tendency to buy relatively less on charge
account was confined to trades which had particular
difficulty in securing their usual range of merchandise. Serious shortages in most lines o( men's
clothing, which necessitated extensive shopping
around, plus the ability of many returning servicemen to pay cash for essential purchases, undoubtedly
contributed to the declining importance of chargeaccount sales at men's clothing siorrs. Unequal
distribution among retailers of other scarce merchandise such as children's apparel, household
linens, women's hosiery, and household appliances,
to mention only a few, prompted consumers to buy
at any store offering a selection. Inability to charge
purchases did not alter a customer's intention
to buy. Similarly, customers whose charge accounts
583
RETAIL CREDIT SURVEY
194S
TABLE 3
RETAIL ACCOUNTS RECEIVABLE
Stores reporting in 1945 Retail Credit Survey
Percentage change
in accounts receivable during 1945
Kind of business
Charge
account
Instalment
Average collection period for accounts
receivable
Charge account
(In days)
Instalment
(In months)
1945
1944
-22
- 9
48
56
58
48
61
58
7
6
6
7
6
7
Instalment paper
sold as percentage of
instalment sales
1945
1944
1
C1)
3
2
0)
3
Department stores
Men's clothing stores
Women's apparel stores
+ 11
Furniture stores
Household appliance stores
Jewelry stores
+ 5
+16
1
+3
-11
+3
53
47
55
54
54
50
9
7
7
9
12
7
1
3
1
1
Hardware stores
Automobile dealers
Automobile tire and accessory stores
+ 11
+26
+20
- 8
-19
- 9
52
44
42
51
41
39
10
9
7
13
13
7
4
44
14
4
46
11
-11
+ 13
-
+5
1
Less than % per cent.
- No instalment paper sold.
were temporarily frozen would pay cash rather than
miss opportunities to obtain such merchandise.
In most retail businesses the larger stores customarily sell a higher proportion on charge account
than small stores. This tendency continued during
the war and was more pronounced in 1945 than in
the preceding years. Larger stores with wellestablished credit departments did not curtail charge
sales during the war to the same extent as did
many small stores, and when the war was over
they were able to build up credit sales more
promptly. By the end of 1945, however, retailers
in all size groups were soliciting new charge accounts and urging the greater use of inactive accounts, while some stores which had discontinued
credit sales were again offering charge-account
privileges. Also, the preferential treatment frequently accorded charge customers in the allocation
of scarce items was encouraging cash customers to
open accounts.
At the end of 1945 charge-account indebtedness
was nearly 13 per cent larger than at the end of
1944 although charge-account sales at all retail
stores had increased only 9 per cent during the
year. The ratio of year-end receivables to annual
sales remained about the same as in the preceding
year for all trades covered in the Survey except
men's clothing and household appliance stores. The
average collection periods for charge accounts receivable, as is shown in Table 3, also suggest that
the acceleration of collections evident in the other
584
war years has run its course. The average period
that accounts were outstanding in most trades
remained virtually unchanged or was slightly
longer than in 1944. Only at household appliance
and men's clothing stores was the average collection
period noticeably shorter than in the preceding
year.
INSTALMENT SALES AND RECEIVABLES
Increases in some trade groups were offset by
declines in others and instalment sales in 1945 remained at the low level of 1944. Changes in the
level of these sales by kind of business were closely
related to relative shortages in the respective lines
of goods. The largest decline (14 per cent) was at
men's clothing stores and the next largest (9 per
cent) was at automobile dealers and automobile
tire and accessory stores. On the other hand, there
was an increase of 8 per cent at household appliance
stores and of 7 per cent at furniture stores. The
rise in instalment sales at household appliance stores
was of minor significance to retail credit developments, since it followed three years of drastic reductions when the major household appliances were
rapidly disappearing from the market. It would
undoubtedly have been much greater if shortages
had not continued to characterize the field.
The absence of a greater increase in instalment
sales at furniture stores was in turn to some extent
attributable to the current housing shortage. Many
returning servicemen who ordinarily would have
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY
established separate households were obliged to
share living quarters and frequently postponed the
purchase of furniture. The unavailability of many
low-priced lines and incomplete stocks also led some
buyers to wait until wider selections were available.
Buyers unwilling to wait frequently had to shift
into higher-quality lines; in fact, a considerable part
of the increase in furniture store sales is attributable
to trading up of this kind.
Although instalment sales at all retail stores were
in no greater volume in 1945 than a year earlier,
instalment accounts receivable were somewhat
larger at the end of the year. During the latter
half of 1945 there was some increase in instalment
receivables based on automobile sales, chiefly of
used cars, but for the most part the rise resulted
from increased buying of furniture, home-furnishings, and recently available household appliances
during the last quarter of the year. Of the nine
trades reporting in the Survey, only three—department, furniture, and jewelry stores—showed increases in instalment accounts outstanding. In interpreting these data it should be borne in mind
that all of the groups, except jewelry stores, sold
a part of the instalment paper they originated.
The amounts outstanding on these contracts appear
in the portfolios of the financial institutions that
purchased the contracts and not on the books of
the retailers.
Average collection periods for instalment accounts
receivable held by automobile dealers, household
appliance stores, and hardware stores were noticeably shortened in 1945, while in other trades they
were about the same as in 1944. Down payments
were often above the minimum required under
Regulation W, but ability of consumers to make
comparatively large periodic payments continued
to be the principal factor in the rapidity of payment.
FINANCIAL POSITION OF RETAILERS
Conditions making for high liquidity prevailed
throughout 1945 and at the end of the year retailers
were in a sound operating position. Cash sales
continued to expand, year-end inventories remained
at approximately the 1944 level, and collections on
the somewhat larger accounts receivable were well
maintained. Although current liabilities increased
somewhat more than current assets, operating ratios
for both incorporated and unincorporated stores
were just about the same as they had been at the
JUNE
1946
1945
end of 1944. Unincorporated firms showed a 10
per cent increase in net working capital over the
year as compared with a gain of 6 per cent for
corporate retailers.
TABLE 4
SELECTED BALANCE SHEET ITEMS
*
Weighted total for stores reporting in Retail Credit Survey1
Percentage
change
during 1945
Percentage of total current
assets at end of year
Corporations
Corporations
Other
Other
1945
1944
1945
1944
Current assets:
Cash and bank deposits
+16
United States Government securities
+ 9
Accounts receivable + 3
Inventories
+ 1
+20
27
24
35
33
+23
+2 6
()
22
19
32
22
20
34
17
15
33
15
16
36
+ 7
+ 11
100
100
100
100
Current liabilities:
Notes payable to
banks
Trade payables . . .
Other current liabilities
+ 5
+ 12
2
11
2
10
2
9
2
9
+ 7
+ 3
+ 11
+20
20
20
8
7
Total
Net working capital..
+8
+6
+ 14
+ 10
33
67
32
68
19
81
18
82
3.1
3.1
5.4
5.5
Total
Current ratio
3
1
Reported figures for individual retail trades were weighted
in accordance with the relative importance of the total business
in 2 each year.
Less than % per cent.
3
Ratio of current assets to current liabilities.
Cash holdings of both corporations and unincorporated firms showed more substantial gains in
1945 than in the preceding year. A part of this
increase undoubtedly represented cash deposits of
customers for future delivery of automobiles and
other consumers' durable goods allocated on a customer priority basis. Continuance of a high volume
of cash sales, combined with inability to build up
inventories, also contributed to larger cash holdings.
Retailers' investments in Government securities
increased only moderately during 1945 but they
became a slightly larger proportion of total current
assets than they had been in 1944. Corporate retailers held a somewhat larger proportion of their
current assets in the form of Government securities
than did unincorporated businesses while the latter
held a noticeably larger proportion in cash and bank
deposits. At the end of 1945 approximately half
of the current assets of retailers consisted of cash
balances and United States Government securities
585
RETAIL CREDIT SURVEY 1945
ing furniture, household appliances, and clothing.
Nevertheless, year-end inventories priced at retail,
except those of automobile dealers and men's clothing stores, were larger in dollar volume than at the
end of 1944. Automobile dealers' stocks of used
cars were largely exhausted and the few new cars
available in 1945 were usually earmarked for specific buyers and moved out of stock almost immediately. Although sales of men's clothing stores
increased only 9 per cent, retailers were able to obtain only a small fraction of the goods required to
meet accumulated demands and inventories at the
end of the year were 36 per cent below those at the
end of 1944. The dollar volume of inventories at
both women's apparel and department stores was
slightly above that in 1944, but because of increased
prices and the larger proportion of higher-priced
lines the physical volume may have been lower.
Inventories of household appliance stores were onefifth larger than a year earlier, but, since supplies
of most items normally carried were largely depleted by the end of 1944, stocks were still small.
Moreover, a portion of these supplies was primarily
INSTALMENT PAPER SOLD
for display purposes and deliveries to customers
The proportion of instalment paper sold by re- were delayed until replacements were in sight.
tailers in the trades represented in this Survey has
not varied materially from year to year. Furniture
TABLE 5
stores have always held the bulk of their paper since
INVENTORIES BY KIND OF BUSINESS AND BY SIZE OF STORE
regular contacts with customers making payments
Stores reporting in 1945 Retail Credit Survey
on instalment accounts afford opportunities for
further sales. Only about one per cent of instalInventory turnover in
1945
Perby size of store1
centage
ment contracts arising at furniture stores was sold
Kind of business
change
in cither 1944 or 1945. Automobile dealers genduring
1945 Total Small Me- Large
dium
erally fellow the practice of selling most of their
instalment paper. Although they held large cash
5.4
Department stores
7.1
6.7
+2 6.6
6.0
-36
8.7
balances and substantial amounts of Government Men's clothing stores
8.3
7.2
5.6
6.2
Women's apparel stores. . .
5.7
6.3
+1
securities in 1945, they disposed of 44 per cent of
3.4
3.3
3.4
+8
stores
3.8
the instalment paper they originated as compared Furniture
3.8
5.9
+22
3.4
3.9
Household appliance stores.
2.1
2.0
2.0
+ 12
1.9
with 46 per cent in 1944. Household appliance Jewelry stores
2.9
3.6
3.6
4.8
Hardware stores
+8
stores and automobile tire and accessory stores sold Automobile
-4
6.4
5.7
7.6
6.0
dealers
a slightly larger proportion of their paper than in Automobile tire and acces7.8
+ 15
4.5
5.2
5.3
sory stores
the preceding year; department stores reduced the
percentage sold, and women's apparel stores sold
x
For basis of size classification, see footnote 1 on p. 583.
approximately the same proportion as in the preNOTE.—Figures in this table are based on inventories at retail
vious year.
and one-third was in inventories. The ratio of
inventories to total current assets was lower in 1945
than it was at the end of any other year for which
the System has obtained information on balance
sheet position.
Unlike the two preceding years, when retailers
sharply reduced their notes payable to banks, bank
borrowing increased slightly in 1945, with corporations showing an increase of 5 per cent and unincorporated firms 3 per cent. Since stocks could not be
built up substantially, most of the borrowing was
probably in connection with remodeling and enlarging display rooms, acquiring additional retail
outlets, and making other improvements in anticipation of further expansion in sales.
Notwithstanding the negligible rise in year-end
inventories, retailers' indebtedness to trade suppliers
was substantially larger than a year earlier. Evidently stocks were turned so rapidly, particularly
in the closing months of the year, that inventories
became sales before trade creditors were paid.
INVENTORIES
Throughout 1945 retailers experienced considerable difficulty in securing adequate supplies of
merchandise. Manufacturers continued to use a
quota basis for allotting many scarce goods includ-
586
Increased sales volume in 1945, accompanied in
some instances by smaller stocks, resulted in a
more rapid rate of inventory turnover than in 1944
for a majority of the trade groups. Stocks at men's
clothing stores were turned over seven times in
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY
1945 compared with four times in the preceding
year. Inventory turnover at small stores is usually
lower than at larger outlets and this remained true
in 1945. Comparisons of rate of turnover, by kind
of business and by size of store, are shown in the
preceding table.
The more cautious buying policies of retailers
that became evident in 1944 were to some extent
abandoned in 1945, especially in the latter part
of the year. Contrary to earlier expectations, the
buying public continued to display little selectivity,
JUNE 1946
1945
but eagerly purchased whatever merchandise was
on hand. Rising prices and the possibility of future shortages overcame any disposition to wait for
wider selections or improved quality of merchandise. Consequently, retailers were under strong
pressure to stock whatever price lines and items
were obtainable in order to meet the insistent demands of their customers. At the close of 1945
the building up of balanced inventories with complete price lines remained unfinished business for
most retailers.
587
REVISED INDEX OF DEPARTMENT STORE STOCKS
by
RICHARD YOUNGDAHL and JOHN O. BERGELIN
The Federal Reserve System indexes of department store stocks have been revised for the period
from 1919 to date. This revision, as was the case
when the sales indexes were revised in 1944, represents the joint work of the Board's Division of
Research and Statistics and the Research Departments of the twelve Federal Reserve Banks. The
principal features of the stocks indexes as revised
may be briefly summarized as follows:
(1) The indexes of department store stocks are
computed from end-of-month figures on the retail
value of stocks held in the store or in warehouses.
Such data are now reported regularly by about 900
stores throughout the country including a representative number of retail outlets of the large mail
order companies. The reporting group of stores
currently accounts for about 64 per cent of estimated
total department store stocks. In order to eliminate
any biases which might arise from the use of a
more or less constant sample of stores, the stocks
indexes have been tied to the sales indexes, which
are adjusted to levels indicated by Census data.
(2) The indexes for each of the twelve Federal
Reserve districts have been compiled on a similar
basis and the national index has been computed by
combining the twelve district indexes on the basis of
the relative importance of the retail value of stocks
in each district in the base period.
"(3) The average of the years 1935 to 1939, inclusive, has been used as the base period for the
indexes.
(4) The sample of reporting stores in each district has been enlarged, in some instances considerably.
(5) The indexes have been adjusted for customary seasonal movements which, though not so
large as those shown by sales, are still of considerable magnitude.
The following sections discuss the broad changes
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
PER CENT
MONTHLY
—
250
200
150
100
I0O
50
• — ADJUSTED FOR SEASONAL VARIATION
WITHOUT SEASONAL ADJUSTMENT.
1945
588
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
in the level of department store stocks since 1919
and the general procedures followed in the computation of the national and the district indexes.
Detailed descriptive material covering the various
district indexes has been prepared by the Research
Departments of the Federal Reserve Banks and
may be obtained from them upon request. Tables
giving back figures and the seasonal adjustment
factors used currently for the indexes are shown at
the end of this article.
CHANGES IN STOCKS, 1919-46
Movements in the value of department store
sales and stocks over the past two and a half
decades for the country as a whole and for each
Federal Reserve district are shown in the accompanying charts. During the period of sharp price
advances after the First World War, the value of
department store stocks rose rapidly and, following
the price break in the middle of 1920, stocks declined even more rapidly in the latter part of that
year and the early months of 1921. In many cases
it appears that this liquidation of stocks was accomplished only by severe mark-downs and forced sales.
Stocks showed little change during the remainder
of 1921 and throughout 1922 although sizable gains
in sales occurred in the latter year. In 1923, however, stocks rose sharply and were relatively
stable at this higher level throughout the remainder
of the 1920's while sales were gradually increasing.
With the onset of the depression late in 1929,
department store sales and stocks began a decline
which continued until the second quarter of 1933.
During the summer and fall of that year, inventories
rose sharply, reflecting in part a response to sales
increases and in part the anticipation by store
managers of higher prices in connection with the
NRA program. Following this rise stocks showed
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; adjusted for seasonal variation. 1935-39 average = 100]
PER CENT
MONTHLY
300
150
100
50
1935
JUNE
1946
1940
589
REVISED INDEX OF DEPARTMENT STORE STOCKS
little change during 1934, 1935, and the first half
of 1936. In the last half of 1936 and the first half
of 1937 there was a considerable increase in stocks,
followed by a rapid decline in late 1937 and early
1938 reflecting the general inventory boom and
decline of that period.
With the outbreak of war in Europe, department
stores began to build up their stocks. This movement was accelerated after the middle of 1940, when
this country began its defense program, and stocks
increased very rapidly, until the summer of 1942.
Owing to the difficulty of obtaining goods, the sharp
expansion in sales, and the inauguration of inventory controls by the Government, stocks declined
sharply in the last half of that year and the first
part of 1943. During the remainder of the war
period, the value of stocks was largely maintained
at levels of from 160 to 170 per cent of the 1935-39
average.
RELATIONSHIP BETWEEN STOCKS AND SALES
Over the years covered by the index there has
been a marked change in the relationship of department store stocks to department store sales as is
indicated in the accompanying chart. During the
early 1920's department stores generally held stocks
averaging somewhat more than a 3% months' supply in terms of current sales. This ratio declined
somewhat in the middle and latter part of that
decade, probably reflecting improvements in distribution techniques and in store management.
During the depression of the early 1930's the
decline in the amount of stocks held, relative to
sales, was halted. While the actual amount of
stocks continued to be reduced, the reduction was
less than that in sales and the ratio of stocks to
sales rose somewhat. However, when sales began
to increase in 1933 and rose further in following
years, department stores shifted to a practice, in
general, of carrying even smaller stocks, relative
to sales, than they had prior to the depression.
From 1935 on stocks held by department stores
averaged less than a 3 months' supply in terms of
current sales.
During the war years, as sales rose to new high
levels, department stores were not able to obtain
sufficient merchandise to maintain total store stocks
at even the prewar relationship to sales. Moreover,
stocks became far out of balance as between departments. For a time in 1941 and 1942 department stores were able to stock up heavily on most
590
items carried as a regular part of their business. In
this period stocks rose sharply, reaching a peak in
the spring and early summer of 1942 about twice as
high as the 1940 level, while sales were showing an
increase of only about 25 per cent. However,
growing shortages of goods, combined with governmental regulations regarding maximum inventories that a store might carry, halted the rise.
Subsequently, inventories were depleted rapidly
as sales continued upward, and from 1943 to the
present, department stores have operated on the
basis of a relatively small amount of inventories in
relation to sales—approximately a ratio of 2J4 to
2l/2 months' supply relative to current sales. In
terms of actual physical volume, stocks during
DEPARTMENT STORE STOCKS
RATIO TO CURRENT DEPARTMENT STORE SALES
MONTHS'SUPPLY
YEARLY
MONTHS'SUPPLY
5
A
1
1920
1
1
1 1
1925
!
I 1 1
till
1930
1935
till
1940
i
i
i
t
1945
The ratios shown are obtained by dividing average end-ofmonth stocks during the year by average monthly sales during
the year.
recent years have probably been little, if any, larger
than in the period just prior to the outbreak of
war, although sales have increased considerably.
The difference reflects the rapid flow of goods
through the stores to ultimate consumers engendered by the almost insatiable demand for merchandise resulting from generally larger incomes
and restrictions on the sale of many items either
because of lack of supply or rationing.
Examination of the data on sales and stocks for
the various Federal Reserve districts indicates that,
in addition to changes in the amount of stocks
relative to sales that are apparent over time, there
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
are also marked differences as between different
regions of the country. The accompanying table
shows average stock-sales ratios by Federal Reserve
districts in 1925, in the 1935-39 base period, and in
1945. Prior to the recent war it appears that
stores in those districts farthest removed from
manufacturing centers, i.e. the Southern and Western districts, generally carried larger stocks, relative
to sales, than stores in areas where goods could be
obtained more quickly owing to the shorter time
necessary for transportation. Since then, however,
this situation has been reversed, probably due to
sheer inability on the part of stores in the Southern
and Western regions of the country to obtain sufficient merchandise to meet the great increase in
demand and at the same time to maintain inventories of the desired size.
STOCK-SALES RELATIONSHIPS AT DEPARTMENT
BY
STORES
FEDERAL RESERVE DISTRICTS
Federal Reserve district
1925
1935-39
1945
Boston
New York
Philadelphia
Cleveland
3.1
3.1
3.8
3.7
2.7
2 7
2.8
2 9
2.4
2 5
2.3
2 3
Richmond
Atlanta
Chicago
St. Louis
3 6
3.7
3.3
3.7
2 7
2.7
2.7
3 0
2 3
1.8
2.2
2 2
Minneapolis
Kansas City
Dallas
San Francisco
4.0
4.1
4 5
3.8
3.2
3.0
2 9
3.0
2.9
2.0
2 0
2.2
United States
3.6
2.8
2.3
estimates of the retail value of department store
stocks in the various districts as of the end of each
month in the base period in order to obtain data
from which to compute weights for use in combining the district indexes into a national index.
This was done by calculating a stocks sales ratio
for each base period month from the figures on
monthly sales and end-of-month stocks of the reporting sample and applying these ratios to estimates of total dollar sales in each month, derived
from the comprehensive sales indexes compiled by
the System. In those districts where the stocks
index is an average of indexes for two separate
areas, the estimates of the dollar value of stocks
held in the district were likewise built up from
separate area figures.
The monthly estimates for each district for the
five years 1935-39 were averaged, the averages
were added to obtain a figure for the United States
total, and percentages of the United States total
were computed from the data so obtained. The
estimates of the average retail value of department
store stocks held in each district in the base period
are shown in the accompanying table, together
with the percentages indicating the relationship of
department store stocks in each district to the estimated total of such stocks in the entire country.
COMPUTATION
OF W E I G H T S
Department store stocks in 1935-39 period
Federal Reserve
district
NOTE.—The figures shown are ratios of stocks to sales obtained
by dividing average end-of-month stocks during the period indicated
by monthly average sales during the same period.
COMPUTATION OF THE NATIONAL INDEX
Boston
New York
Philadelphia
Cleveland
End-of-month average
(in millions of dollars)
Percentage of
United States total
52.1
122.1
53.8
90.9
6.64
15.57
6.86
11.59
49.4
6.30
Richmond
The national index of department store stocks is, Atlanta
4.16
32.6
19.25
151.0
like the national index of department store sales, Chicago
4.22
33.1
St. Louis
an average of the indexes for the twelve Federal
31.4
4.00
Minneapolis
Reserve districts, each weighted according to the Kansas City
36.9
4.70
28.5
3.63
Dallas
base period relationship of the total retail value of San Francisco
13.08
102.6
department store stocks held in the district to the
100.00
784.4
Total
total for the country as a whole. Actual data on
the total retail value of department store stocks are
not available.1 It was necessary, therefore, to make These percentages were used as weights in computing the national index throughout the period
1
In the Censuses of Business for 1929, 1935, and 1939,
information was collected on the total value, at cost, of stocks
of all department stores as of a single date, either the end of
the calendar or the fiscal year depending on which date was
the most convenient for a particular store to report.
These
data are not, however, considered satisfactory for use as benchmarks or for use in determining the weight to be given to the
index for each district. This is due in part to the differences
JUNE 1946
in the reporting date for individual stores, but it is due mainly
to the fact that the figures are at cost whereas the System's
indexes are measures of stocks at retail value. There is evidence to indicate that the average mark-up is not the same
throughout the country so that the relationship between the
districts shown by cost data would not in all probability be
the same as would be shown by retail value data.
591
REVISED INDEX OF DEPARTMENT STORE STOCKS
covered by the index and will be used in carrying
the index forward.
This procedure of obtaining a national index
from a weighted average of district indexes gives
the same results as would be obtained if each district index were converted to dollar estimates, the
dollar figures summed to obtain a national total,
and the national index then obtained by dividing
the estimated national dollar total for a particular
month by the monthly average of the corresponding
figures in the base period.
COMPUTATION OF THE DISTRICT INDEXES
The indexes for ten of the Federal Reserve districts are calculated from the sum of the end-ofmonth stocks figures reported by the most representative group of department stores for which
stocks data are available. The indexes for the other
two districts (Philadelphia and Minneapolis) are
in each case built up from two separate indexes—
one covering the major city or cities in each district
and the other covering the remainder of the district.
Most of the stocks indexes are based on somewhat
smaller samples than the corresponding sales indexes.2 Moreover, there are no Census data on
stocks at retail value to use as benchmarks for
adjusting the indexes in order to correct for any
longer-run bias. As an alternative to a direct
adjustment to Census data, such as was possible in
the case of sales indexes, the stocks index for each
district was adjusted indirectly on the assumption
that the relationship of sales and stocks was the
same for stores for which stocks data were not
available as for stores which reported both sales
and stocks. In support of this general assumption,
it may be said that in no district did the sales
experience of stores reporting stocks differ greatly
from sales trends evidenced by the estimated total
sales figures.
Each district index was computed by using one of
two basically similar methods. One method involved the computation of estimates of the total
value of department store stocks at the end of each
month. Such estimates were obtained by multiplying estimates of monthly sales, derived from the
sales index, by stocks sales ratios calculated from
the data submitted by stores which reported both
sales and stocks. The index of stocks was then
2
For a description of the sample on which the sales indexes
are based see pp. 544-45 of the Federal Reserve BULLETIN for
June 1944.
592
computed directly by dividing the monthly estimates of total stocks by monthly average stocks in
the base period. This method, while the most
direct and easily understandable, involved a considerable amount of clerical work. In order to reduce
the amount of clerical work, a variation of this
method was used by some of the Federal Reserve
Banks.
This second method involved first the calculation
of a preliminary end-of-month district index of
stocks based on the most representative data available for each year. This index was then adjusted in
accordance with the relationship shown between
an annual index of sales computed from the same
sample as the stocks index and the comprehensive
index of sales regularly compiled for the district.
The general procedure was as follows:
(1) The end-of-month stocks held by the stores
included in the sample were summed and the total
for each month was converted to an index number
by dividing by the average end-of-month stocks held
during the base period, 1935-39. Whenever necessary because of a change in the sample, this base
was adjusted for changes in the number of reporting stores by the following procedure, which is
similar to that used in the computation of the
System's revised indexes of department store sales:
When a department store previously in business
began reporting stocks figures, the base was increased by the percentage which the average
end-of-month stocks of the new reporting store
in the first reporting year were of the total
average stocks of the old sample in that year.
In the future, stocks data for a new reporting
store of this type will be included in the indexes
at once if stocks figures can be obtained for the
previous year. If not, the store will be included
in the sample as soon as it is believed that
sufficient data are available to make a proper
adjustment in the base.
When a reporting store discontinued reporting
but remained in business, the base was decreased
by the percentage which the average stocks of that
store were of the total average stocks of the
sample in the last year for which its reports were
obtained.
When a new reporting store was not previously in business and if the coverage of the
sample in the area was extensive, the stocks of
this store were included in the current reporting
sample and no adjustment was made in the base.
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
If the coverage of the sample was limited, an
adjustment in the base was made in accordance
with the best estimate of the statistician. Similarly, in cases where a reporting store went out
of business individual circumstances determined
whether adjustments were made in the base.
(2) A special annual sales index was then computed based on the sales data reported by those
stores included in the stocks sample. The ratio of
the regular district sales index to this special sales
index was computed for each year and these ratios
were plotted as horizontal lines on graph paper,
divided into months and years. A continuous freehand curve of monthly "moving ratios," averaging
for each year the same as the annual ratio for that
year, was drawn through the annual ratio lines and
the stocks index was adjusted by multiplying the
index for each month by the corresponding ratio
read from the free-hand curve. The resulting
series was converted to an index on a 1935-39 base.
After the index without seasonal adjustment had
been obtained by one of the two methods outlined
above, seasonal adjustment factors were computed
by the method generally used throughout the
Federal Reserve System. This method was described in the Federal Reserve BULLETIN for June
1941. It was found that no special adjustment for
the changing date of Easter was necessary in the
stocks index although such an adjustment is necessary in the case of department store sales. Seasonally adjusted indexes were then obtained by dividing
the index, without seasonal adjustment, by the
appropriate seasonal adjustment factor. In those
cases where the total district index was obtained
by combining separate indexes for component parts
of the district, each of the component series was
adjusted for seasonal variation before being consolidated into a district index.
DEPARTMENT STORE STOCKS
SEASONAL ADJUSTMENT FACTORS: 1945
Federal Reserve district
Jan.
Feb.
Mar.
Apr.
May
Boston
New York. 1. .
Philadelphia .
Cleveland....
91
89
87
87.5
94
94
97
92.8
98
101
100
96.3
96
101
102
103
98
101
101
101
Richmond. . .
Atlanta
Chicago
St. Louis
85.2
90
86
86
94.5
93
91
90
99.5
100
97
97
100.6
99
100
100
Minneapolis1.
Kansas City..
Dallas.... . ..
San Francisco,
91
86.5
90
87.9
95
90
89
87.9
100
90
95
92.9
95
97
97
98.8
United States 1
88
92
97
100
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
96
94
95
96
96
92
95
100.3
106
102
104
108.1
109
108
110
111.2
112
113
114
115.2
113
114
110
105.6
91
91
85
83
,200
,200
,200
,200
97.8
97
100
100
95.
101
98
100
98.7
103
98
104
112.5
108
107
109
112
110
111
111
114.1
112
112
112
106
105
110
107
83.3
82
90
84
,200
,200
,200
,200
99
98
95
103.8
97
100
97
101.
102
111.5
108
105.8
106
112
113
109.8
108
112
112
112.8
111
114
113
110.8
108
107
107
105.8
88
82
84
81.9
,200
,200
,200
,200
100
107
111
113
109
86
100
97
Total
1,200
1
These seasonal factors are approximations obtained by dividing the unadjusted index for each month by the corresponding seasonally adjusted index. Specific adjustment factors are not available because the seasonally adjusted index for each of these districts is a
weighted average of seasonally adjusted indexes for various parts of the district and that for the United States is a weighted average of
the twelve district indexes.
Back figures.—Changing seasonal factors are used in the computation of all of the System indexes of department store stocks. Back
figures may be obtained, upon request, from the various Federal Reserve Banks or from the Board of Governors.
JUNE
1946
593
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
UNITED STATES
Jan.
Feb..
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
1919
88
92
98
99
99
95
98
109
124
131
134
117
107
1920
1921
1922
1923
1924
116
106
107
112
121
128
111
114
122
130
140
118
124
133
143
146
122
124
136
145
143
119
119
134
140
139
115
114
127
131
137
114
111
123
127
143
120
116
131
131
156
131
126
144
143
159
135
130
150
152
151
135
134
153
151
119
113
113
126
126
140
120
119
133
137
1925
1926
1927
1928
1929
123
126
125
125
124
130
134
133
133
131
142
146
144
143
140
144
147
146
144
142
139
142
141
139
139
133
135
132
130
130
129
128
128
127
126
136
133
134
132
131
148
146
147
142
141
154
155
156
153
153
157
158
159
157
156
131
130
130
128
127
139
140
140
138
137
1930
1931
1932
1933
1934
119
105
91
72
81
125
109
94
74
86
135
117
100
76
91
137
118
99
77
94
133
116
96
77
93
125
108
90
76
87
117
102
81
76
82
118
104
80
85
85
128
114
87
99
93
137
121
93
107
99
140
121
96
107
103
114
98
77
85
83
127
111
90
84
90
1935
1936
1937
1938
1939
79
82
94
92
88
84
88
103
97
95
91
95
113
104
103
93
97
117
105
104
92
96
115
104
102
85
90
108
96
96
80
86
104
91
93
85
92
109
95
98
95
104
120
104
108
103
112
125
110
117
106
116
127
114
123
86
95
99
91
96
90
96
111
100
102
1940
1941
1942
1943
1944
94
100
132
141
144
103
108
151
136
154
110
117
170
144
159
111
120
186
143
160
110
122
198
146
162
101
118
197
147
160
96
121
196
156
160
102
134
199
171
175
114
152
197
178
178
123
171
195
177
182
127
173
185
173
174
102
136
144
143
134
108
131
179
155
162
1945
1946
138
146
147
158
153
172
165
188
173
175
175
182
184
185
179
136
166
1919
99
98
97
96
98
98
105
111
114
118
121
126
1920
1921
1922
1923
1924
130
119
120
125
135
136
117
120
128
136
139
117
122
129
138
141
117
120
131
139
141
118
117
132
138
144
120
118
132
137
146
122
119
133
137
146
123
119
135
135
145
122
119
136
136
143
121
117
136
137
136
121
120
136
135
129
122
122
136
137
1925
1926
1927
1928
1929
138
141
140
140
139
136
141
140
139
138
137
141
140
139
137
138
140
139
138
137
137
140
139
137
136
139
140
138
137
135
139
139
140
138
137
141
139
140
139
137
140
139
141
136
136
139
139
140
137
137
140
140
140
138
136
142
140
140
137
135
1930
1931
1932
1933
1934
133
118
102
80
90
133
116
100
78
91
132
115
98
75
90
131
114
96
75
91
130
114
94
76
91
129
112
93
79
90
128
111
89
83
90
124
109
85
90
89
124
110
83
95
89
123
108
83
95
88
122
105
82
92
89
121
104
82
91
89
1935
1936
1937
1938
1939
88
92
107
104
99
88
92
108
102
99
90
93
110
102
100
90
94
112
100
100
90
94
112
101
100
89
94
113
100
101
88
95
114
99
101
89
96
114
99
102
90
98
114
99
102
91
99
112
98
104
92
101
110
99
106
92
103
108
99
104
1940
1941
1942
1943
1944
106
113
151
161
164
108
114
163
147
167
108
116
172
147
163
107
118
184
143
161
108
120
195
145
161
106
124
203
151
164
105
130
201
158
161
107
135
192
160
163
107
140
181
161
161
109
151
173
157
161
110
151
167
159
160
112
152
164
164
156
1945
1946
157
167
159
171
157
176
166
189
173
179
176
169
166
164
165
158
Adjusted for seasonal variation
594
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
BOSTON FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
1919
100
101
107
110
108
103
106
1920
1921
1922
1923
1924
119
115
120
127
129
126
116
126
130
135
140
125
134
140
149
146
128
136
143
149
143
126
134
143
147
135
120
128
134
138
129
117
124
126
133
1925
1926
1927
1928
1929
129
129
131
132
128
134
134
136
138
131
146
144
151
148
142
148
146
153
152
147
145
144
151
150
144
138
136
142
138
134
1930
1931
1932
1933
1934
120
105
91
77
86
124
107
93
78
92
135
118
100
82
97
134
119
98
82
99
132
117
96
84
98
1935
1936
1937
1938
1939
84
87
97
91
88
87
92
105
94
91
96
99
115
101
100
95
102
115
100
99
1940
1941
1942
1943
1944
93
99
128
134
132
100
102
142
130
139
107
111
161
135
146
1945
1946
128
132
143
14*5
1919
110
1920
1921
1922
1923
1924
Sept.
Oct.
Nov.
Dec.
Year
116
133
147
152
133
118
134
119
126
134
132
149
133
141
150
146
153
140
149
163
157
151
146
155
167
163
124
124
132
142
137
137
126
134
142
143
130
130
136
130
128
133
127
135
130
126
145
147
151
141
139
154
157
161
154
150
163
166
169
162
157
137
140
144
138
133
142
142
147
143
138
124
109
93
83
90
113
100
83
82
84
109
98
82
91
88
123
111
89
107
97
133
119
97
113
102
138
123
101
115
109
119
102
86
94
92
125
111
92
91
95
95
102
113
101
99
88
94
105
91
93
84
89
102
86
90
90
94
106
89
95
98
104
115
97
104
108
111
121
104
114
113
119
124
110
121
94
102
101
93
99
94
99
110
97
99
106
114
173
128
142
107
115
181
131
145
97
110
175
135
141
93
112
173
140
137
98
124
177
155
157
108
143
180
160
161
118
161
179
160
165
127
166
177
161
166
105
133
138
130
129
105
124
165
142
147
147
154
156
164
159
153
154
164
166
169
167
127
153
107
107
106
106
108
115
124
126
130
133
138
131
126
132
139
141
134
124
135
138
144
140
125
133
139
145
141
124
132
139
145
142
124
132
141
144
141
125
133
140
144
140
128
135
137
145
143
127
134
143
142
140
125
135
144
141
136
125
133
146
141
133
127
135
145
142
129
129
137
146
142
1925
1926
1927
1928
1929
141
142
144
145
142
142
143
145
147
139
142
140
146
143
139
142
139
146
145
140
142
140
145
144
139
142
140
146
142
139
141
141
149
142
140
143
140
148
143
138
141
142
148
139
137
141
144
148
142
136
141
144
147
141
136
141
144
147
140
134
1930
1931
1932
1933
1934
133
117
101
85
96
132
115
100
84
99
132
115
98
82
97
128
114
95
80
96
127
113
93
82
95
126
111
94
88
95
124
109
91
90
93
122
109
90
96
93
121
109
87
104
94
121
107
87
101
92
120
105
86
98
92
120
103
87
96
94
1935
1936
1937
1938
1939
94
96
107
101
97
94
97
111
99
96
94
96
112
98
97
92
99
112
97
97
93
99
110
98
97
94
100
112
97
100
94
100
113
96
99
95
99
111
94
100
95
101
112
95
101
96
101
110
95
101
96
102
107
95
105
96
104
104
96
102
1940
1941
1942
1943
1944
102
109
140
148
145
105
108
151
138
148
103
111
164
137
149
104
112
175
134
148
105
115
181
134
148
104
117
183
141
147
103
121
181
146
142
103
126
177
146
148
105
133
166
147
147
104
142
160
143
148
109
143
154
143
147
108
146
151
143
142
1945
1946
141
145
152
154
150
157
162
171
162
160
161
155
152
151
148
139
June
July
Aug.
Without seasonal adjustment
Adjusted for seasonal variation
JUNE
1946
595
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; adjusted for seasonal variation. 1935-39 average = 100]
BOSTON FEDERAL RESERVE DISTRICT
PER CENT
PER CENT
350
350
300
300
250
250
AM
150
s
JY i
i
SALES <p
?
I
I
I
I
I
I
I
I
NEW YORK FEDERAL RESERVE DISTRICT
PER CENT
MONTHLY
PER CENT
350
350
300
1
hJ
1
T
i
596
i
i
i
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
.
FEDERAL RESERVE
BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
NEW YORK FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
1919
84
95
92
90
94
106
120
128
134
119
103
1920
1921
1922
1923
1924
120
106
111
112
120
131
111
112
116
120
148
119
125
126
131
150
121
126
131
137
142
120
120
129
131
137
115
115
122
123
136
112
111
118
118
143
116
114
123
123
154
128
126
137
137
155
134
129
147
147
149
136
138
150
149
120
115
117
126
126
140
119
120
128
130
1925
1926
1927
1928
1929
123
130
128
125
129
125
130
127
126
132
137
143
140
137
142
140
145
142
141
147
135
139
137
136
143
129
132
128
128
134
123
127
125
125
132
127
129
129
130
134
141
142
142
138
145
149
152
151
151
156
156
158
153
162
161
133
133
130
135
136
135
138
136
136
141
1930
1931
1932
1933
1934
126
114
100
75
129
115
101
76
92
141
123
107
79
98
145
125
105
81
101
142
123
103
85
100
134
115
95
83
93
125
107
84
80
84
126
108
84
94
90
140
122
91
110
99
150
130
99
115
105
156
134
103
116
112
129
115
84
94
94
137
119
96
91
96
1935
1936
1937
1938
1939
86
85
99
93
86
89
88
106
98
91
96
95
115
104
99
96
96
117
104
99
96
97
115
104
98
88
89
106
94
91
80
83
99
87
85
87
91
109
95
93
97
103
120
103
102
108
112
124
111
110
112
119
128
117
119
92
101
103
95
95
94
97
112
100
97
1940
1941
1942
1943
1944
94
125
137
136
96
102
149
134
148
103
110
172
137
152
102
113
189
128
144
101
113
200
132
148
94
108
197
132
142
87
107
197
134
139
97
125
202
155
161
108
144
203
163
164
118
162
199
166
167
126
167
191
165
166
103
132
148
139
129
102
123
181
143
150
1945
1946
133
144
143
156
153
171
162
182
166
165
160
173
174
175
173
136
159
1919
91
92
91
91
95
102
111
113
115
119
126
1920
1921
1922
1923
1924
131
115
120
122
130
140
118
119
123
128
146
117
123
124
129
144
117
121
126
132
141
119
119
128
130
144
121
121
129
130
148
122
121
129
129
149
121
120
130
130
146
122
120
131
131
140
120
116
133
133
132
120
122
132
130
126
121
122
131
131
1925
1926
1927
1928
1929
132
140
137
136
142
133
139
135
134
140
135
141
138
135
140
134
140
137
136
141
134
138
136
134
142
136
139
135
134
141
136
139
137
137
145
134
137
137
138
142
136
137
137
133
140
134
137
136
136
141
137
138
135
141
139
137
137
134
139
140
1930
1931
1932
1933
1934
140
127
111
83
97
137
123
107
81
98
139
121
105
78
97
140
121
103
80
99
141
122
102
84
99
142
121
100
89
99
139
119
95
91
96
133
114
89
99
94
134
117
87
104
95
135
115
88
101
93
132
114
87
98
95
132
118
86
97
96
1935
1936
1937
1938
1939
96
94
110
104
97
94
94
113
105
97
94
93
113
103
98
94
94
114
102
97
95
95
113
102
97
94
95
113
100
96
91
94
112
98
97
91
95
115
99
97
92
98
114
98
97
96
99
110
98
97
94
101
109
98
100
95
104
106
98
98
1940
1941
1942
1943
1944
98
106
141
154
153
103
108
158
142
157
101
109
170
135
150
100
111
188
127
142
100
111
197
131
147
100
115
209
141
151
99
121
214
145
151
101
126
199
152
158
102
133
188
151
151
104
143
176
147
148
106
143
167
144
145
107
142
163
152
142
1945
1946
150
162
153
166
151
170
160
180
164
176
174
170
161
155
152
150
Adjusted for seasonal variation
JUNE
1946
597
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
PHILADELPHIA FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
19191
192011
1921
19221
1923
1924
153
163
160
171
181
192
181
189
180
181
173
172
157
162
167
167
190
191
201
202
209
206
173
173
177
181
1925
1926
1927
1928
1929
164
166
163
158
139
170
172
171
167
149
195
192
191
177
156
190
188
187
176
157
183
179
178
168
152
179
174
171
160
146
164
161
161
153
138
171
168
165
155
140
193
192
187
169
155
203
197
204
186
172
213
214
208
188
179
180
178
172
150
144
184
182
180
167
152
1930
1931
1932
1933
1934
127
113
99
83
90
137
118
104
84
97
148
127
111
89
100
148
127
108
89
103
140
122
103
87
100
135
117
99
87
95
124
108
92
88
88
122
108
88
95
91
138
121
98
113
102
151
131
108
120
110
158
136
112
124
116
126
109
90
98
91
138
120
101
96
99
1935
1936
1937
1938
1939
86
88
96
91
83
91
95
108
97
92
97
101
114
104
98
100
103
116
102
99
99
100
112
102
97
92
94
105
94
91
85
88
97
86
85
87
93
102
89
91
102
108
115
100
102
113
118
124
108
113
114
122
124
111
117
91
100
96
87
87
96
101
109
98
96
1940
1941
1942
1943
1944
85
91
117
130
131
97
100
140
128
146
101
108
158
133
150
101
112
176
131
149
101
112
184
133
149
91
108
180
133
142
87
108
178
136
140
93
123
182
155
159
107
142
187
165
162
116
158
187
164
166
119
156
178
158
160
94
117
136
129
120
99
119
167
141
148
1945
1946
121
130
133
148
138
158
151
173
157
156
155
165
167
170
164
124
150
Adjusted for seasonal variation
19191
19201
19211
19221
1923
1924
170
181
170
182
172
182
174
182
180
181
180
179
177
182
180
179
181
182
180
181
180
177
180
180
1925
1926
1927
1928
1929
182
184
182
176
154
181
183
182
178
159
185
184
183
171
152
183
180
180
169
151
183
179
179
170
153
186
181
178
167
152
184
181
179
170
154
184
181
178
169
152
184
182
180
162
150
182
176
182
165
150
184
183
176
160
152
187
185
179
156
151
1930
1931
1932
1933
1934
141
126
110
92
100
146
125
110
90
103
146
125
109
87
98
142
122
104
86
99
142
123
104
87
100
140
122
103
91
99
136
119
101
98
97
133
117
95
103
99
134
118
96
110
98
131
114
94
105
96
134
115
95
105
98
131
113
94
102
97
1935
1936
1937
1938
1939
97
98
110
103
94
96
99
112
101
95
96
99
111
101
97
96
99
112
99
96
97
98
110
100
95
96
99
111
99
96
95
99
111
98
97
93
100
110
94
97
98
103
109
94
95
98
102
108
94
98
96
103
105
95
100
97
109
104
95
96
1940
1941
1942
1943
1944
96
103
135
149
150
101
103
145
132
151
99
106
158
133
150
99
109
172
128
146
99
110
182
132
148
96
114
189
140
149
98
122
187
143
146
98
129
175
149
152
99
131
170
150
146
101
138
164
144
144
102
133
162
144
144
103
128
161
152
140
1945
1946
139
149
137
153
138
158
148
170
155
164
163
159
152
149
149
146
1
Data not available.
598
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; adjusted for seasonal variation. 1935-39 average = 100|
PHILADELPHIA FEDERAL RESERVE DISTRICT
PER CENT
PER CENT
350
350
300
E50
T
200
STOCKS
/
v
SALES
100
1
1
1
I
1
t
i
l
l
i
i
i
i
i
i
i
1
i
1
1
1
1920
CLEVELAND FEDERAL RESERVE DISTRICT
PER CENT
PER CENT
350
350
300
— 250
ft &i
STOCKS
7
100 \-H»—r
SALLS
*•
r
i
i
i
i
i
1
!
1
i
i
i
!
1 ,
1
1
1
1
!
1945
JUNE
1946
599
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
CLEVELAND FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
1919
81
86
93
1920
1921
1922
1923
1924
107
102
96
102
115
124
109
107
117
130
141
119
119
129
142
1925
1926
1927
1928
1929
117
110
117
118
115
129
129
129
128
125
1930
1931
1932
1933
1934
111
98
85
65
75
1935
1936
1937
1938
1939
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
93
93
94
106
121
126
129
112
102
146
123
120
134
147
143
121
116
131
144
141
118
112
126
133
139
116
107
122
126
146
121
112
128
129
159
131
121
139
142
167
135
126
149
152
157
134
131
154
152
127
112
111
126
127
141
120
115
130
136
143
143
142
139
135
146
140
141
138
138
142
138
136
135
136
134
133
131
127
129
126
124
125
123
123
133
127
131
128
127
143
142
145
135
138
150
153
150
147
153
153
159
156
152
153
127
128
126
125
120
137
135
136
133
133
119
105
89
66
81
129
112
95
69
85
129
113
94
68
88
129
111
92
70
87
123
105
89
70
83
114
99
80
71
79
113
99
78
78
81
123
112
84
92
90
131
117
89
100
95
136
117
89
101
97
107
92
70
79
77
122
107
86
77
85
72
78
94
92
85
80
83
102
100
92
87
91
115
106
100
89
92
120
107
101
89
93
119
106
100
82
88
110
97
94
75
84
106
91
91
78
90
114
94
96
88
103
128
102
104
96
108
132
106
115
100
114
133
110
120
79
92
100
86
92
85
93
114
100
99
1940
1941
1942
1943
1944
91
95
134
136
138
102
103
153
131
148
109
115
172
137
151
110
118
192
135
153
109
122
207
135
150
98
116
206
134
150
94
122
205
145
149
101
136
202
155
161
111
153
198
165
164
122
175
194
167
169
124
174
182
161
160
96
136
139
132
123
106
130
182
144
151
1945
1946
130
138
140
151
144
168
158
183
164
166
166
169
171
174
165
124
156
1919
100
94
92
89
93
95
98
103
110
114
117
120
1920
1921
1922
1923
1924
131
124
116
122
137
135
117
115
125
137
139
116
115
124
136
137
116
113
127
139
142
118
113
128
140
144
120
115
128
136
146
123
114
131
137
145
122
114
132
134
147
122
115
132
136
151
121
113
134
136
141
121
117
137
132
135
119
118
135
136
1925
1926
1927
1928
1929
138
130
137
138
133
137
137
136
135
133
137
138
137
136
132
139
134
136
133
133
138
135
133
131
132
137
135
133
129
131
137
135
137
133
133
140
134
138
136
135
137
136
139
129
132
134
136
134
130
135
133
138
135
131
132
136
137
134
134
129
1930
1931
1932
1933
1934
127
112
97
73
85
126
112
96
71
87
127
111
94
69
85
125
110
93
67
86
125
108
90
68
85
125
106
90
71
85
122
106
86
76
85
120
105
82
83
86
118
106
79
87
84
116
104
78
89
84
118
101
77
87
83
115
100
77
87
84
1935
1936
1937
1938
1939
82
89
107
105
98
85
88
107
105
97
87
90
113
105
99
87
89
116
103
98
87
90
116
104
99
84
91
115
101
98
81
91
115
98
98
82
95
119
97
99
83
96
119
95
97
84
95
116
93
101
86
99
114
95
104
87
102
112
96
104
1940
1941
1942
1943
1944
105
110
154
156
158
108
110
163
141
159
109
114
173
138
155
107
115
186
131
148
107
121
205
134
149
103
121
216
141
156
100
129
124
149
151
102
135
196
147
151
102
140
180
150
148
107
153
169
145
147
108
153
163
147
149
109
157
162
154
147
1945
1946
149
157
150
163
149
174
153
178
162
173
166
156
153
151
157
149
Adjusted for seasonal variation
600
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
RICHMOND FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
19191
19201
19211
19221
1923
1924
95
103
110
118
119
133
125
129
119
126
113
113
115
113
130
122
137
132
137
136
137
133
108
106
120
122
1925
1926
1927
1928
1929
102
105
107
108
108
112
120
119
118
118
125
131
132
132
127
122
131
132
128
127
120
131
127
124
123
111
117
116
111
112
113
117
120
113
111
125
127
127
120
115
130
136
136
133
124
140
142
143
142
135
137
139
145
143
135
112
111
115
113
108
121
126
127
124
120
1930
1931
1932
1933
1934
100
86
75
64
77
111
94
82
69
123
103
88
73
94
120
104
87
72
92
115
101
83
72
91
105
91
78
72
83
100
86
75
77
80
101
91
74
89
84
115
101
82
105
94
120
107
89
112
100
122
107
91
109
104
93
82
70
82
80
110
96
81
83
89
1935
1936
1937
1938
1939
75
77
90
86
88
83
87
102
95
98
91
94
113
106
109
91
97
116
105
111
90
95
112
105
104
81
86
102
92
99
77
85
101
93
100
82
95
108
98
106
93
104
116
107
106
112
123
117
124
106
118
123
120
129
82
93
93
93
99
95
108
102
107
1940
1941
1942
1943
1944
94
101
135
155
164
109
115
158
149
182
117
127
183
165
187
117
129
198
164
194
116
131
209
166
189
104
123
200
167
182
102
128
207
175
187
108
143
214
201
213
121
164
214
202
213
131
181
217
206
214
137
184
202
193
200
106
138
156
160
158
113
139
191
175
190
1945
1946
167
177
180
190
184
205
197
218
202
202
210
224
224
224
207
160
198
Adjusted for seasonal variation
19191
19201
19211
19221
1923
1924
111
121
116
125
112
126
120
124
117
124
121
122
123
121
126
119
126
121
123
121
124
120
123
120
1925
1926
1927
1928
1929
120
124
125
126
127
118
127
126
125
125
118
125
126
126
121
118
126
127
123
122
118
128
125
122
121
120
127
126
121
122
120
126
129
122
121
123
126
128
122
118
120
126
127
124
116
124
126
126
125
118
123
124
127
124
117
125
124
128
125
119
1930
1931
1932
1933
1934
117
100
89
76
90
118
100
87
73
93
118
98
85
70
91
115
100
84
69
113
99
82
71
90
115 .
99
85
78
90
109
94
82
85
89
104
95
78
94
108
95
77
98
88
104
93
77
96
86
105
92
77
92
87
102
90
77
90
88
1935
1936
1937
1938
1939
88
90
105
101
103
87
92
108
101
104
91
109
102
105
87
93
111
101
107
94
110
103
103
94
110
99
106
86
94
111
102
108
85
99
111
101
108
87
98
108
101
108
92
97
107
102
108
90
101
106
103
110
90
102
103
103
110
1940
1941
1942
1943
1944
110
118
158
181
192
115
122
167
158
193
114
125
181
165
188
113
123
194
163
193
114
129
205
170
193
110
131
211
175
191
110
139
213
177
190
110
144
204
179
189
114
150
191
181
190
115
159
190
181
188
116
156
188
182
189
121
162
184
192
189
1945
1946
196
207
191
201
185
206
196
217
207
211
212
199
200
196
195
192
1
Data not available.
JUNE 1946
601
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; adjusted for seasonal variation. 1935-39 average — 100]
RICHMOND FEDERAL RESERVE DISTRICT
PER CENT
350
MONTHLY
350
I
300
1
1
250
200
1 50
v ll
^^V^STOCKS
100
SALES V l / ^
50
0
i
i
I9E5
I
I
I
1
!
1
1930
i
1
i
1
1935
1
1
I
!
:
:
1940
ATLANTA FEDERAL RESERVE DISTRICT
MONTHLY
350
350
300
(50
50
1920
602
1925
1940
1945
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
ATLANTA FEDERAL RESERVE DISTRICT
July
Jan,
Feb.
Mar.
Apr.
May
1919
107
110
Ill
108
103
99
102
117
132
141
1920
1921
1922
1923
1924
130
120
121
124
132
141
128
132
133
142
147
132
140
142
149
150
135
139
145
153
149
132
133
144
147
146
125
125
136
137
151
123
123
134
131
162
132
130
143
130
180
148
142
155
142
181
155
145
162
151
1925
1926
1927
1928
1929
126
130
125
129
125
129
131
139
141
139
135
144
151
146
144
137
146
154
150
147
134
136
143
144
142
125
129
128
134
133
121
126
127
129
128
132
129
133
132
132
142
144
149
145
139
145
154
156
153
147
1930
1931
1932
1933
1934
114
100
80
64
73
124
105
87
69
79
129
110
88
69
83
131
108
88
68
86
125
104
83
67
91
121
98
80
67
78
112
90
74
67
74
115
92
73
77
82
120
102
78
89
90
1935
1936
1937
1938
1939
79
84
95
93
94
87
90
107
100
103
92
95
112
107
109
93
96
116
106
109
90
91
110
102
104
83
84
104
94
97
76
80
101
88
94
81
87
108
98
100
1940
1941
1942
1943
1944
104
115
144
137
159
115
126
165
133
167
118
130
175
146
177
120
124
190
145
180
115
129
196
147
180
103
123
195
155
192
100
126
190
170
192
1945
1946
155
166
167
179
171
201
184
217
199
203
204
1919
116
113
111
108
105
105
109
1920
1921
1922
1923
1924
141
132
133
135
143
146
132
136
137
144
147
131
136
138
144
150
131
135
141
145
152
132
133
143
146
155
133
133
144
144
160
132
132
144
141
1925
1926
1927
1928
1929
133
131
131
131
132
132
131
135
134
137
137
142
141
134
142
141
140
134
141
141
140
136
144
140
140
135
142
141
139
135
135
141
137
137
138
141
137
137
142
141
136
138
144
139
135
1930
1931
1932
1933
1934
128
111
89
70
80
126
107
89
69
79
125
107
86
67
80
124
104
85
67
84
123
102
83
67
91
125
101
83
72
84
121
98
82
76
84
119
96
76
80
84
116
98
75
85
85
1935
1936
1937
1938
1939
86
92
105
102
103
87
90
107
100
103
88
90
106
101
104
88
90
110
100
103
90
91
110
102
104
89
91
111
101
106
87
91
116
101
108
87
93
114
103
106
1940
1941
1942
1943
1944
114
126
160
152
176
115
126
170
143
180
112
124
175
146
177
114
120
184
147
182
115
130
198
151
186
113
135
201
158
190
115
138
196
166
187
1945
1946
172
184
179
192
171
201
186
219
205
201
198
June
Nov.
Dec.
Year
144
123
116
171
152
147
160
148
128
126
121
131
116
153
134
133
142
140
146
151
161
155
146
117
122
126
128
117
132
137
141
140
136
125
105
84
94
96
129
105
88
94
100
100
82
69
75
79
120
100
81
75
84
95
98
122
108
117
99
107
126
112
126
105
111
128
118
131
84
92
98
92
97
89
93
111
102
107
109
145
192
183
203
120
161
188
191
206
133
183
187
194
212
139
183
182
181
199
108
139
139
151
151
115
140
178
161
185
202
205
211
203
155
188
117
120
126
129
134
162
135
133
145
133
164
137
132
145
134
162
138
129
145
135
154
137
132
145
135
139
137
133
145
133
132
133
135
140
142
139
134
137
145
139
129
140
140
142
130
115
95
76
84
85
114
93
76
81
85
111
91
75
82
86
90
93
116
102
110
89
95
113
100
111
90
95
112
102
111
91
99
109
103
109
116
146
186
169
188
113
152
178
173
187
117
162
167
173
189
118
159
167
172
190
121
159
160
176
185
187
186
188
193
189
Aug.
Sept.
Oct.
Without seasonal adjustment
Adjusted for seasonal variation
JUNE
1946
603
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers: 1935-39 average = 100]
CHICAGO F E D E R A L RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
19191
19201
1921
1922
1923
1924
89
86
98
102
92
94
111
114
99
102
121
127
101
102
122
128
98
98
120
123
95
94
110
114
94
92
111
112
102
100
120
118
106
105
129
126
112
111
132
134
111
112
137
130
92
93
110
114
99
99
118
120
1925
1926
1927
1928
1929
109
114
114
115
126
118
124
122
123
133
128
131
129
134
140
129
131
130
136
139
125
127
128
131
136
118
121
118
121
127
117
109
115
119
126
124
119
123
127
135
133
130
135
138
141
138
141
143
151
151
143
140
146
155
156
121
115
118
124
128
125
125
127
131
137
1930
1931
1932
1933
1934
122
105
87
67
77
127
108
92
70
82
136
117
96
71
87
138
118
95
71
89
134
116
92
71
88
124
107
85
72
84
121
103
77
74
80
120
104
77
80
81
127
112
81
94
88
135
118
84
101
94
137
118
88
100
97
116
92
71
81
79
128
110
85
79
86
1935
1936
1937
1938
1939
76
81
96
97
89
80
86
106
100
97
87
92
116
105
104
90
94
119
106
106
89
92
118
106
104
82
87
111
98
99
80
85
108
92
94
82
91
114
96
100
92
105
122
101
108
98
110
127
108
116
102
115
130
112
125
84
97
103
92
99
87
95
114
101
103
1940
1941
1942
1943
1944
98
104
135
147
144
107
111
157
142
154
113
120
177
149
160
112
125
194
149
159
112
124
203
151
158
103
120
202
152
157
98
122
198
158
155
104
135
214
175
171
116
155
207
181
177
126
175
204
183
181
132
179
195
179
175
107
141
154
150
139
111
134
186
160
161
1945
1946
134
140
143
150
150
163
162
179
168
168
164
172
174
171
Adjusted for seasonal variation
19191
19201
1921
1922
1923
1924
100
97
110
115
97
99
117
120
98
100
117
122
98
99
119
123
98
98
120
121
100
99
116
120
102
99
119
121
100
99
120
119
99
98
120
120
101
100
119
121
99
100
122
116
100
101
119
124
1925
1926
1927
1928
1929
123
127
127
128
140
121
128
126
127
140
123
126
124
129
137
124
126
125
130
134
124
125
127
130
t32
124
127
126
131
131
126
120
127
131
134
128
123
128
132
140
127
124
129
131
138
125
126
127
133
139
128
124
128
136
138
131
125
128
135
136
1930
1931
1932
1933
1934
136
118
98
74
85
135
116
95
72
85
133
114
95
69
86
133
113
92
69
86
130
112
90
70
87
128
110
87
74
85
129
109
82
79
85
124
107
82
85
86
125
110
79
92
86
124
109
77
93
86
120
102
76
88
85
123
98
75
86
84
1935
1936
1937
1938
1939
83
89
107
107
100
82
88
109
103
100
85
89
112
101
100
86
90
113
101
101
87
90
115
103
101
87
92
117
101
102
86
93
118
100
104
87
95
118
100
105
87
99
117
99
105
89
100
117
99
107
89
102
115
99
108
89
105
112
100
108
1940
1941
1942
1943
1944
110
117
157
170
167
110
119
172
156
169
110
118
179
154
165
109
123
192
149
159
108
122
200
151
158
109
127
206
155
161
109
131
204
161
158
109
137
203
163
160
111
142
190
163
159
112
156
182
163
162
113
157
176
162
159
116
155
171
167
154
1945
1946
156
163
157
165
154
168
162
179
168
171
167
161
155
156
155
147
1
Data not available.
604
FEDERAL RESERVE
BULLETIN
REVISED INDEX OF DEPARTMENT
STORE STOCKS
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; adjusted for seasonal variation. 1935-39 average = 100]
CHICAGO FEDERAL RESERVE DISTRICT
PER CENT
PER CENT
MONTHLY
350
350
300
250
I
A
1 F
STOCKS
\
100
100
SALES
i
i
i
i
i
I
I
I
1
!
1
i
I
1
I
I
!
I
I
I
!
ST. LOUIS FEDERAL RESERVE DISTRICT
PER CENT
350
MONTHLY
350
300
250
i
200
p
1
1 50
100
100
f --! 50
1
0
l
i
I9E0
JUNE 1946
i
i
i
1
!
!
!
I
' 1
1
1
1935
]
1
j
J
1945
605
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average — 100]
ST. LOUIS FEDERAL RESERVE
Jan.
Feb.
Mar.
Apr.
May
June
July
DISTRICT
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
19191
19201
19211
1922
1923
1924
103
104
129
Ill
128
143
122
136
157
119
135
159
119
136
157
111
127
145
113
129
142
121
141
152
124
153
155
131
156
165
127
146
167
110
127
134
118
135
151
1925
1926
1927
1928
1929
129
129
129
127
116
138
142
136
136
122
151
151
148
143
132
153
153
152
143
133
150
148
147
139
132
141
144
139
133
126
140
142
138
126
120
152
147
141
135
129
159
162
156
145
135
165
172
163
149
154
170
167
162
157
147
138
138
135
122
120
149
149
145
138
130
1930
1931
1932
1933
1934
111
102
86
73
85
116
108
97
79
91
132
120
103
80
93
133
117
102
84
97
130
114
98
79
96
123
107
92
77
90
116
102
86
79
85
123
109
86
89
90
126
114
92
101
93
143
125
103
107
103
139
118
101
106
101
112
96
87
85
95
125
111
94
87
93
1935
1936
1937
1938
1939
76
78
93
88
82
91
87
104
98
94
93
95
114
106
103
97
97
121
106
104
95
97
120
106
103
87
91
113
98
99
83
88
110
92
94
86
97
116
99
100
92
100
118
105
109
101
107
124
109
121
103
106
122
110
123
82
93
96
89
94
91
95
112
100
102
1940
1941
1942
1943
1944
88
94
129
142
136
101
111
156
136
143
111
121
173
143
154
114
127
192
143
160
113
131
203
150
157
105
128
198
146
162
98
128
191
162
169
106
147
185
169
175
112
154
185
170
178
123
169
189
172
179
124
170
176
164
166
98
132
141
131
130
108
134
176
152
159
1945
1946
128
138
145
158
152
180
169
193
172
182
181
181
190
186
175
130
166
Adjusted for seasonal variation
19191
1
19201
19211
1922
1923
1924
118
119
148
116
133
148
117
130
152
115
131
155
115
132
152
117
134
153
119
137
150
119
140
152
116
143
146
120
143
152
115
132
150
126
145
149
1925
1926
1927
1928
1929
148
149
148
146
135
145
150
144
146
132
147
149
147
141
130
149
149
148
140
128
147
147
146
138
129
149
150
144
138
130
148
151
146
135
129
152
150
144
136
131
148
151
147
138
131
149
152
144
131
133
150
148
143
139
128
151
149
146
131
129
1930
1931
1932
1933
1934
129
126
129
129
127
127
126
126
123
123
122
120
120
102
86
100
117
104
84
95
118
101
78
91
113
99
81
92
111
95
76
92
110
95
79
92
111
94
86
93
110
87
90
90
111
89
100
92
108
90
94
91
103
89
94
91
102
92
90
102
1935
1936
1937
1938
1939
89
92
110
106
97
95
92
109
104
99
91
93
112
104
101
93
93
116
101
99
91
92
114
101
98
90
93
116
101
101
89
95
118
98
101
87
97
115
99
100
91
97
114
100
103
90
95
111
97
107
92
95
109
97
109
89
101
106
99
106
1940
1941
1942
1943
1944
104
110
150
107
117
166
109
119
173
109
121
184
108
126
197
107
130
200
104
137
193
107
146
181
106
145
171
110
152
171
110
153
164
110
149
162
165
158
151
159
147
158
143
160
150
157
146
162
155
162
155
160
154
160
154
160
153
155
156
154
1945
1946
149
160
161
175
157
185
169
193
172
182
174
166
172
166
163
155
Data not available.
606
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
MINNEAPOLIS FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
1919
109
123
131
130
144
123
143
142
143
158
160
134
137
1920
1921
1922
1923
1924
145
119
128
130
137
159
131
139
143
149
172
142
149
158
162
173
141
141
155
158
176
143
141
155
161
165
140
135
145
150
167
139
132
143
145
174
147
139
150
150
182
156
147
159
163
183
161
154
168
174
178
161
155
167
176
139
137
128
136
144
168
143
141
151
156
1925
1926
1927
1928
1929
140
142
127
127
119
150
149
135
138
125
165
162
147
143
134
165
163
148
144
136
161
157
142
136
132
151
148
132
128
118
147
138
131
129
109
155
143
136
131
115
167
151
14/
136
122
170
154
152
143
132
173
155
152
140
134
142
125
122
117
111
157
149
139
134
124
1930
1931
1932
1933
1934
110
100
93
80
85
115
103
96
81
90
122
111
102
84
95
123
113
102
84
97
118
112
100
83
95
112
108
94
81
89
106
99
86
81
83
109
102
85
87
88
118
114
91
98
95
129
117
96
106
103
132
119
100
108
106
108
98
85
90
88
117
108
94
89
93
1935
1936
1937
1938
1939
77
85
93
89
88
82
90
100
93
94
92
97
111
100
106
91
98
115
99
101
92
96
115
103
103
83
90
108
97
98
81
90
104
92
98
88
94
111
97
104
101
105
121
107
110
107
109
124
109
117
109
113
123
112
124
89
93
97
90
97
91
97
110
99
103
1940
1941
1942
1943
1944
95
111
136
139
145
102
117
146
136
154
110
128
165
143
164
109
127
169
136
158
112
128
187
142
167
102
125
186
143
167
101
134
189
155
175
106
143
189
165
185
119
158
187
169
189
125
172
180
172
192
130
173
173
170
183
106
140
142
141
145
110
138
171
151
169
1945
1946
149
151
154
155
158
167
160
174
173
172
180
176
176
178
173
136
165
1919
123
126
127
129
141
128
147
142
136
143
146
149
1920
1921
1922
1923
1924
163
134
144
146
154
164
135
143
147
154
167
137
142
150
153
171
139
140
152
153
172
140
138
152
158
172
146
140
152
156
172
144
139
152
154
174
147
139
151
153
173
149
140
152
155
167
146
140
153
158
162
147
141
152
160
155
152
142
151
160
1925
1926
1927
1928
1929
157
157
139
138
129
154
154
139
142
129
156
156
141
138
129
158
155
140
136
129
158
154
140
134
130
157
154
139
135
124
157
147
139
137
119
158
146
138
134
121
159
144
141
132
119
156
142
140
131
120
158
141
138
128
121
158
139
136
130
119
1930
1931
1932
1933
1934
120
110
103
87
93
120
108
101
86
94
119
109
101
83
94
118
110
99
82
94
116
110
98
82
93
117
111
97
84
92
115
108
93
88
91
115
107
89
91
92
115
110
88
95
92
117
105
86
95
92
118
104
88
95
93
115
103
88
94
92
1935
1936
1937
1938
1939
86
95
104
99
98
86
95
106
98
99
90
95
108
97
102
89
96
112
97
99
90
95
113
101
102
88
96
114
101
103
88
98
113
99
106
90
97
114
100
106
94
97
112
99
104
96
98
111
98
106
96
99
108
98
109
96
101
105
98
106
107
149
153
159
107
122
153
142
161
106
125
163
142
164
109
127
173
143
165
111
128
188
143
168
108
132
195
148
172
107
139
193
154
172
109
146
186
156
174
111
149
174
156
175
112
154
161
154
172
115
154
157
157
171
116
153
158
161
166
163
166
161
162
157
166
168
183
174
178
177
166
163
160
160
155
Adjusted for seasonal variation
1940
1941
1942
1943
1944
-
1945
1946
JUNE
122
1946
607
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; adjusted for seasonal variation. 1935-39 average = 100]
MINNEAPOLIS FEDERAL RESERVE DISTRICT
MONTHLY
1925
1930
1935
1940
KANSAS CITY FEDERAL RESERVE DISTRICT
MONTHLY
PER CENT
PER CENT
350
350
250
250
J
\
AT.
s rocKs
f
\ \ A
100
sALES
!
t
1920
608
i
l
l
f
1925
i
l
l
*» 1
!
1930
. 1
My«
1 I
1935
i
1
1
1940
\
! . 1
1
1945
FEDERAL RESERVE
BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
KANSAS CITY FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
19191
19201
19211
19221
19231
1924
142
157
170
169
162
146
143
154
162
171
170
136
157
1925
1926
1927
1928
1929
143
155
151
153
146
164
177
176
176
169
179
193
189
184
176
180
190
185
184
180
149
186
180
167
173
166
173
168
167
162
158
168
159
161
155
180
181
186
176
168
191
193
197
183
177
197
205
211
195
185
198
203
212
192
187
161
164
163
157
148
172
182
181
175
169
1930
1931
1932
1933
1934
137
123
108
84
83
153
139
117
90
92
161
145
122
92
98
159
142
121
92
99
152
138
115
92
99
144
130
109
91
93
136
123
99
89
147
134
99
102
94
157
139
104
112
99
166
144
110
118
107
165
142
110
116
107
132
117
91
92
84
151
135
109
98
95
1935
1936
1937
1938
1939
80
81
92
87
86
87
89
104
95
95
97
95
115
101
102
97
99
119
102
101
96
98
110
99
99
93
107
95
95
81
89
101
89
90
87
97
110
96
94
100
107
118
105
103
107
137
120
109
111
113
117
123
114
117
95
96
90
93
93
100
109
98
99
1940
1941
1942
1943
1944
93
95
125
127
138
103
104
139
127
148
109
113
151
136
150
111
116
164
144
155
108
114
173
141
152
101
114
179
148
157
96
118
176
167
169
101
128
173
172
173
111
141
172
175
175
116
161
164
176
180
117
163
161
168
165
96
132
129
136
126
105
125
159
152
157
1945
1946
131
143
138
147
137
162
151
178
158
164
174
175
173
176
170
126
156
Adjusted for seasonal variation
19191
19201
19211
19221
19231
1924
155
156
157
157
167
154
157
154
154
159
157
157
1925
1926
1927
1928
1929
161
181
180
183
172
164
179
178
179
174
166
180
179
177
171
168
180
176
177
173
154
191
186
171
176
174
180
176
175
169
173
184
174
175
168
180
180
184
174
167
181
183
186
172
166
180
182
184
171
164
181
183
190
170
164
183
185
181
173
163
1930
1931
1932
1933
1934
160
143
124
95
95
157
143
121
94
96
156
142
119
90
96
154
138
118
90
95
152
138
114
90
96
151
137
114
95
97
149
135
109
99
98
148
135
101
105
98
147
130
98
107
95
147
127
98
104
94
145
125
97
101
93
144
126
96
98
90
1935
1936
1937
1938
1939
92
94
107
101
98
90
93
108
99
98
94
91
109
95
97
92
93
109
94
94
92
96
107
96
96
92
97
110
96
98
91
101
113
99
98
91
101
114
100
99
96
104
114
102
100
94
120
108
100
102
98
102
107
101
104
95
104
106
100
104
1940
1941
1942
1943
1944
105
108
142
146
159
105
109
148
138
162
105
113
157
145
161
103
111
162
147
160
105
113
171
140
155
105
118
182
150
157
104
125
178
161
157
105
129
168
163
158
106
133
157
159
156
107
145
147
155
159
104
145
146
156
154
106
148
146
156
151
1945
1946
152
165
153
163
152
180
155
183
164
156
157
154
155
158
i Data not available.
JUNE 1946
609
REVISED INDEX OF DEPARTMENT
STORE STOCKS
DEPARTMENT STORE STOCKS
fIndex numbers; 1935-39 average = 100]
DALLAS FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
1919
Ill
117
130
126
134
128
118
135
146
155
151
130
132
177
136
126
135
143
182
132
122
134
140
206
152
135
150
154
224
163
144
158
161
220
163
148
162
167
200
163
147
160
166
135
123
118
131
132
178
143
135
143
151
1920
1921
1922
1923
1924
135
123
126
118
132
149
136
132
133
147
161
143
143
143
157
165
145
142
147
161
178
139
139
144
153
1925
1926
1927
1928
1929
132
130
113
111
108
147
139
126
120
119
158
150
135
129
126
158
154
136
128
127
158
145
132
124
124
144
132
122
112
111
144
125
116
106
108
159
136
129
123
122
171
146
141
132
135
170
150
146
137
140
170
146
146
138
141
131
116
111
106
111
154
139
129
122
123
1930
1931
1932
1933
1934
107
93
76
61
71
112
89
83
68
79
119
105
86
71
86
120
104
85
72
89
117
99
79
70
87
108
94
76
67
81
100
87
68
66
76
107
95
69
77
85
118
105
78
92
93
131
108
81
95
99
131
109
86
96
99
98
83
66
73
76
114
98
78
76
85
1935
1936
1937
1938
1939
74
76
89
86
94
81
84
100
95
101
89
93
109
107
109
91
98
114
109
109
89
95
111
103
102
81
89
103
96
95
78
86
101
93
95
86
96
110
102
106
97
105
123
120
118
102
106
123
119
121
106
114
122
121
125
79
91
91
94
98
88
95
108
104
106
1940
1941
1942
1943
1944
100
103
136
130
159
111
108
147
125
162
119
119
160
137
168
122
124
171
145
171
112
119
174
144
168
103
118
171
151
175
108
136
173
188
199
121
150
172
191
198
127
163
167
192
199
128
166
160
180
189
104
136
126
145
148
113
130
161
159
177
1945
1946
148
161
155
169
166
185
176
202
186
201
100
123
169
178
189
212
212
237
218
202
166
190
1919
124
123
132
130
130
128
130
127
129
136
134
158
1920
1921
1922
1923
1924
152
140
144
134
152
157
143
139
138
153
163
142
140
139
152
167
144
138
140
153
175
137
137
141
150
181
140
133
144
152
200
143
132
144
150
197
146
131
146
150
198
146
129
147
148
193
145
132
146
151
178
147
134
145
151
163
146
136
151
152
1925
1926
1927
1928
1929
152
149
130
126
123
153
145
131
125
126
153
146
131
125
124
151
146
130
123
123
155
142
130
122
123
153
141
130
121
119
155
136
129
121
122
156
135
129
124
124
157
134
129
121
123
153
134
129
121
121
153
131
129
120
121
151
133
126
119
122
1930
1931
1932
1933
1934
121
106
87
71
82
119
95
88
72
84
117
104
85
70
86
116
102
84
69
86
115
99
80
71
86
88
91
106
103
104
87
93
108
104
104
86
95
111
104
103
87
96
110
103
108
89
94
109
105
107
110
91
72
81
85
93
99
106
105
108
107
90
72
81
85
86
90
106
100
106
108
96
71
83
84
88
95
111
108
107
114
94
71
83
86
86
89
103
99
107
114
99
78
75
86
87
96
112
103
105
111
98
71
78
86
1935
1936
1937
1938
1939
117
100
81
70
85
87
93
110
103
103
1940
1941
1942
1943
1944
112
115
153
145
176
115
115
161
141
182
114
117
165
144
176
116
119
170
148
177
114
123
181
151
177
112
125
178
155
180
110
131
164
166
175
110
134
161
168
176
111
138
156
171
176
112
144
148
170
176
112
148
147
167
177
115
150
145
173
177
1945
1946
165
179
174
190
175
195
182
208
196
208
196
187
212
193
189
198
Adjusted for seasonal variation
610
90
102
103
106
109
FEDERAL RESERVE BULLETIN
REVISED INDEX OF DEPARTMENT STORE STOCKS
DALLAS FEDERAL RESERVE DISTRICT
[Index numbers; adjusted for seasonal variation. 1935-39 average = 100]
DALLAS FEDERAL RESERVE DISTRICT
1935
1925
1945
SAN FRANCISCO FEDERAL RESERVE DISTRICT
PER CENT
350
JUNE 1946
MONTHLY
611
REVISED INDEX OF DEPARTMENT STORE STOCKS
DEPARTMENT STORE STOCKS
[Index numbers; 1935-39 average = 100]
SAN FRANCISCO FEDERAL RESERVE DISTRICT
Jan.
Feb.
Mar.
Apr.
May
1919
82
84
86
88
90
86
89
101
1920
1921
1922
1923
1924
107
98
103
106
113
118
97
106
108
118
124
101
115
117
130
136
109
116
125
136
131
108
105
120
132
132
105
103
120
127
124
104
103
113
122
122
110
100
116
121
1925
1926
1927
1928
1929
117
123
125
126
118
118
123
130
130
123
124
133
137
139
131
131
140
139
137
138
128
134
139
140
135
124
129
132
131
128
122
124
128
129
120
126
125
128
128
127
1930
1931
1932
1933
1934
121
107
98
73
80
126
109
92
71
81
133
112
97
75
86
138
120
101
76
90
132
117
97
73
92
124
108
89
73
85
117
104
79
67
80
1935
1936
1937
1938
1939
76
84
89
91
91
81
88
95
94
97
89
96
106
102
105
92
102
115
105
111
90
98
115
104
109
87
94
110
99
103
1940
1941
1942
1943
1944
99
105
143
155
158
106
111
153
142
162
113
120
168
155
169
119
124
185
163
179
119
129
209
167
191
1945
1946
147
161
149
167
157
177
176
212
191
1919
90
89
86
85
88
87
95
1920
1921
1922
1923
1924
117
108
112
115
125
103
112
114
124
100
114
117
128
105
102
117
123
125
130
128
133
105
103
120
131
110
109
120
129
130
104
111
120
128
1925
1926
1927
1928
1929
127
134
136
136
128
124
130
136
137
129
123
131
135
137
130
125
133
132
131
131
125
130
135
136
131
127
131
135
133
131
1930
1931
1932
1933
1934
131
116
102
78
86
132
114
96
75
86
131
112
97
75
86
131
114
96
72
86
128
113
94
71
89
126
110
90
73
86
1935
1936
1937
1938
1939
84
94
102
105
103
86
92
102
101
104
89
96
106
101
105
88
98
110
99
106
87
94
111
99
104
1940
1941
1942
1943
1944
112
119
161
176
180
114
119
173
162
184
113
120
180
167
182
113
125
186
165
181
1945
1946
168
183
169
190
169
190
178
215
July
Aug.
Oct.
Nov.
Dec.
119
122
124
106
98
138
124
114
131
133
139
119
111
133
139
132
120
118
137
138
105
100
103
112
114
125
108
108
120
127
136
135
136
136
136
143
143
147
146
149
139
149
148
149
154
118
124
127
121
123
127
132
135
134
132
117
104
77
76
79
124
115
82
89
89
128
118
88
100
91
133
116
91
103
95
109
94
73
79
76
125
110
89
80
85
84
91
108
97
100
86
90
102
95
99
92
104
119
110
115
100
110
123
109
122
104
114
124
112
123
83
90
94
89
96
89
97
108
101
106
112
128
220
169
185
106
132
220
184
185
107
141
209
193
191
121
156
205
206
192
128
178
204
187
195
127
178
185
191
183
103
145
140
155
135
113
137
187
172
177
200
200
205
207
205
202
144
182
106
107
112
113
117
128
115
105
121
124
111
108
124
128
110
103
122
121
110
108
125
115
109
113
122
128
126
126
128
126
125
129
131
135
136
130
132
130
134
134
132
128
132
133
133
133
132
131
135
134
137
127
135
134
132
136
128
135
137
132
134
126
112
86
73
87
124
111
82
81
85
121
113
80
83
83
117
108
81
92
82
117
103
80
91
84
118
102
79
86
85
88
95
111
100
104
88
95
112
101
105
92
96
108
101
105
87
97
111
102
107
90
99
111
98
110
92
101
110
99
109
93
101
106
100
108
114
124
199
161
184
113
129
214
166
182
111
138
206
174
175
114
141
200
176
174
113
145
190
183
171
115
160
182
169
176
112
157
173
181
173
116
163
169
189
165
184
196
189
186
184
185
191
176
June
Sept.
Year
Without seasonal adjustment
Adjusted for seasonal variation
612
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Regulation U Forbids Partial Transfers
The Board has been requested to rule whether
a loan already outstanding under Regulation U
may be divided up so that there will be two or more
separate borrowers (and loans) instead of the
original one. The sum total of indebtedness and
collateral would not be changed and the "subdivided" loans might all continue to be held by
the original lending bank, or one or more of them
might be transferred to other banks.
Amendment No. 5 to Regulation U which became effective July 16, 1945, vitally affects this question, as that amendment changed section 1 of the
Regulation, particularly with regard to withdrawals.
It limited many activities in a loan—including transactions which a bank would effect if it permitted a
borrower to transfer part of a loan to another
borrower.
The effect of these restrictions is more readily
apparent if we consider a simple case. The original
borrower has a $30,000 loan secured by 1,000 shares
with a total market value of $50,000. He wishes
to sell 500 shares ($25,000 market value) and to
transfer the shares, with $15,000 of indebtedness, to
the purchaser. He would retain the rest of the loan
and collateral for himself.
It is evident that there would be a withdrawal
of collateral having a $25,000 market value and a
reduction of only $15,000 in the loan. This would
clearly violate the present requirement that in such
a case the loan be "reduced by an amount equal to
the current market value of the collateral withdrawn." Section 3(e), dealing with the transfer of
"a loan," should not be construed to permit such a
partial transfer that would vitiate one of the keystones of the Regulation.
The result would be similar if the bank arranged a combination of transfers. These might be
arranged so that all transfers would be made at
once and the original borrower would step out of
the picture at the same time. However, this would
not change the fundamental fact that forbidden
withdrawals would occur.
JUNE 1946
In other words, it is the view of the Board that
the present withdrawal restrictions in effect prohibit the transfer of a part of a loan between borrowers, or any dividing up of a loan which has such
an effect.
The ruling in the 1937 BULLETIN, page 715, was
specifically limited to questions that "affect the
transferee bank." It did not consider the question
of transfers between borrowers, and it would in any
event be superseded, to the extent inconsistent, by
later changes in the Regulation.
Consumer Credit
Veterans Insured Loans Excepted
The question has been presented whether section
8(o) of Regulation W applies not only to extensions
of credit "guaranteed" by the Administrator of
Veterans' Affairs, but also to loans insured by the
Administrator pursuant to section 508, which was
added to Title III of the Servicemen's Readjustment Act of 1944 by the Act of December 28, 1945.
When section 8(o) was added to Regulation W,
Title III provided only for the guaranteeing of
loans by the Administrator. The new section provides:
"Sec. 508. (a) Any loans which might be
guaranteed under the provisions of this Title
# # # may, in lieu of such guarantee, be insured by the Administrator * * *".
There are differences in mechanics and in percentage of coverage as between guaranteed loans
and insured loans, but the objective of both the
guaranty and the insurance is the same. Consequently, the Board is of the opinion that the word
"guaranteed" can be taken to include the word "insured" for purposes of section 8(0).
Loans to Veterans Under New Jersey Law
Chapter 121 of the 1946 Pamphlet Laws of the
State of New Jersey amends the New Jersey Act for
guaranteeing and insuring loans to veterans by add-
613
LAW DEPARTMENT
ing a section making it applicable to certain loans
to finance the purchase of household furnishings
and household appliances. The question has been
asked whether such loans are exempted from the
requirements of Regulation W by the provisions of
section 8(0).
Although, with this amendment, the New Jersey
statute is less "similar" to the Federal Servicemen's
Readjustment Act of 1944 than it was prior to the
amendment, the Board is nevertheless of the opinion
that loans of the type referred to above, as well as
the other loans guaranteed or insured under the
New Jersey statute, are exempted by section 8(0).
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of the
Treasury under authority of the Executive Order
of April 10, 1940, as amended, and the Regulations
issued pursuant thereto:
Treasury Department
Foreign Funds Control
May 10, 1946
REVOCATION OF PUBLIC CIRCULAR NO. 28
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5{b) of
614
the Trading With the Enemy Act, as Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control*
Public Circular No. 28, issued May 29, 1945, is hereby
revoked.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
May 10, 1946
REVOCATION OF GENERAL LICENSE NO. 71
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
With the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control**
General License No. 71, issued August 16, 1941, as
amended February 9, 1943, is hereby revoked.
FRED M. VINSON,
Secretary of the Treasury.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941,
and February 19, 1946.
** Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54
Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order
8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended
by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940,
as amended June 14, 1941, July 26, 1941, and February 19,
1946.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting in
Washington on May 19-20, 1946, and met with the
Board of Governors of the Federal Reserve System
on May 20, 1946.
Changes in Board's Staff
J. Burke Knapp has been appointed as an Assistant Director of the Board's Division of Research
and Statistics effective June 1, 1946. Mr. Knapp
was associated with the Board's Division of Research and Statistics from February 1940, to
August 1944, when he resigned to accept a position
with the Department of State. He returned to the
Board in October 1945, and has been serving in the
capacity of Special Assistant to the Chairman on
International Finance.
David M. Kennedy has been appointed Special
Assistant to the Chairman effective June 1, 1946.
Mr. Kennedy was originally employed in the
Board's Division of Bank Operations in April 1930,
and since May 1941, has been associated with the
Board's Division of Research and Statistics where,
prior to his present appointment, he has been
serving in the capacity of Assistant Chief of the
Government Securities Section.
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 April 16, 1946, to May 15, 1946:
JUNE
1946
Indiana
Plainville—Farmers State Bank
Kentucky
Science Hill—Peoples Bank
New Jersey
Elmer—Elmer Trust Company
Oklahoma
Broken Bow—Citizens State Bank
Pennsylvania
Bridgeville—The Bridgeville Trust Company
Hanover—Peoples Bank of Hanover
Texas
Corpus Christi—First State Bank of Corpus
Christi
Member Bank Earnings in 1945
An article based on preliminary figures of member bank earnings in 1945 appeared on pages 37683 of the April 1946 issue of the Federal Reserve
BULLETIN. Detailed figures of earnings and related
items are now available and appear on pages 674685 of this BULLETIN, together with selected ratios.
The final figures are not substantially different from
the preliminary figures on which the article was
based.
615
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 24, and released for publication May 27]
Industrial output declined somewhat in April
and the early part of May owing to the coal strike.
Employment in the economy as a whole, however, continued to expand in April. The value
of retail trade was maintained at record levels and
commodity prices rose further.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production declined 2 per cent in April
INDUSTRIAL PRODUCTION
JUSTED. I935-39-I0O FOR TOTAL
A
240
rAL
220
200
180
160
140
1
1
MACf
rRAN 5POR FATION
EQ UIPM ENT
V
f
\
/
1
f
NON mm; Rl F
MANUFACTURES
£
120
-
-K—
—
/
100
80
1
OTHER
DURABLE
V
^
MINERALS
I
1940
1942
1944
1946
1940
1942
1944
1946
Federal Reserve indexes. Groups are expressed in terms
of points in the total index. Monthly figures, latest shown are
for April.
in activity in the railroad equipment industry and
in output of many types of electrical equipment.
Production of lumber and stone, clay, and glass
products was maintained at the March level, which
was above the same period last year.
Output of most nondurable goods was maintained in April at about the March level. Activity
at cotton mills declined slightly, owing to reduced
coal supplies, but output at other textile mills
advanced further.
The number of animals
slaughtered under Federal inspection continued
to decline sharply in April. Output of flour and
bakery products decreased somewhat in April
and is expected to decline substantially in May as
a result of the stringent wheat supply situation.
Minerals production declined by a fourth from
March to April, reflecting primarily the drop in
bituminous coal output. There was also a further
reduction in output of metals, while crude
petroleum production increased in April and early
May. On May 13 bituminous coal production
was resumed under a temporary work agreement,
and during the week ending May 18 output was
70 per cent of the pre-strike weekly rate.
Value of construction contracts awarded rose
sharply in April, according to reports of the F. W.
Dodge Corporation. The increase reflected a very
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
and was at 164 per cent of the 1935-39 average.
The drop in coal output after April 1 and the
resultant curtailment in operations in some industries were offset in part by substantial increases
in activity in the automobile and electrical machinery industries following settlement of wage
disputes in the latter part of March.
Production of durable manufactures as a group
rose 3 per cent in April. Iron and steel production declined about*6 per cent; decreased output
of pig iron and open hearth and bessemer steel
was partly offset by a sharp rise in electric steel
production. In May activity at steel mills continued to decline as a result of coal shortages and
during the past two weeks has averaged only about
50 per cent of capacity.
The number of passenger cars and trucks assembled in April was 80 per cent greater than in
March, and there also were substantial increases
616
LLIONS OF PERSONS
1940
MILLIONS OF PERSONS
1942
1944
1946
1940
1942
1944
1946
Latest figures shown are for April.
large expansion in awards for private residential
construction to a record level; awards for most
other types of private construction were maintained
at recent high levels.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
EMPLOYMENT
Nonagricultural employment continued to gain
in April notwithstanding the bituminous coal
strike, and unemployment decreased by about
350,000. Manufacturing employment rose by
about 400,000 largely because of settlement of
major labor disputes, and construction employment showed a further large gain.
COMMODITY PRICES
Price ceilings on grains were increased substantially on May 13 and ceilings for a number of
WHOLESALE PRICES
bO
FARM PRODUCT S
i*
ft
+v
/
10
^
-
^ ~ ~ *
**
OTHER*
90
if
70
50
• 1
•
OTHER T H .
FARM F-O0UCT8 AND F 0 0 W .
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending May 18.
nonagricultural products have also been raised
during the past month. Recent price increases
for industrial products have usually been between
10 and 20 per cent. Recent advances announced
for automobiles were smaller than these amounts
but they were in addition to price increases made
earlier this year.
Retail prices of most groups of commodities continued to show small advances in April and the
consumers' price index increased one-half per
cent to a point 3 per cent higher than in April 1945.
DISTRIBUTION
Retail sales continued at a high rate in April
and the first half of May. During the past four
weeks department store sales have been one-third
larger in value than in the corresponding period
of 1945.
Freight carloadings declined sharply in April,
reflecting chiefly the drop in coal shipments. Shipments of most manufactured products continued
to increase until the week ending May 18. In
that week interruptions in freight service resulted
JUNE
1946
in large decreases in loadings of manufactured
products but bituminous coal shipments were resumed, and total loadings increased slightly.
BANK CREDIT
Treasury deposits declined, reflecting disbursements in excess of receipts, and deposits subject to
reserve requirements increased during April and
the first three weeks of May. Reserve balances
increased less than required reserves, and excess
reserves declined to about 700 million dollars on
May 22. Federal Reserve holdings of Government securities, which declined substantially in
the early months of the year, have increased somewhat since the middle of April.
Member bank holdings of Treasury bills, certificates, and notes declined in April and the first
half of May, while holdings of Treasury bonds
increased further. Loans at member banks in leading cities declined, reflecting largely reductions in
loans for purchasing and carrying Government
securities.
In the latter part of April the Reserve Banks,
with the approval of the Board of Governors,
eliminated the wartime preferential discount rate
of about one-half of 1 per cent on advances to
member banks secured by Government obligations
due or callable in not more than one year. The
regular discount rate on advances secured by
Government obligations or eligible paper remains
at 1 per cent.
Yields of Government securities, which declined
in the early weeks of the year, rose sharply in the
latter part of April and early in May.
GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES
BILLIONS OF DOLL/
30 L
1
-
r
BONDS
1
" t
r
/
J
:
r
:
p
:
J
)~
L.
15
CER
\
h
. F/—',—~**
NOTES
:
X
" u
:
-
n [-^ ^
1939
BILLS ^ ^ W
—^r^
1940
1941
1942
1943
1944
1945
1946
Excludes guaranteed securities. Data not available prior to
Feb. 8. 1939; certificates first reported on Apr. 15, 1942.
Wednesday figures, latest shown are for May 22.
617
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements. .
.
Federal Reserve Bank statistics....
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates and bond yields. . . .
Security prices and new issues....
Corporate earnings and dividends. .
Treasury
finance
Government corporations and credit agencies.
Business indexes
Department store statistics. .
Consumer credit statistics. . .
Cost of living
Wholesale prices
Gross national product, national income, and income payments.
Current statistics for Federal Reserve chart book
Number of banking offices in the United States
Number of banks and branches in operation on Dec. 31, 1945.
Member bank earnings, 1945
Insured commercial bank earnings, 1942-1945..
621
622-623
623-627
627
627-628
629-630
630
631
632-633
634-635
636-639
640
641
642-643
644
645-647
648
649-658
659-662
663-665
665
666
667
668-670
671
672-673
674-684
685
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 arc 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.
JUNE
1946
619
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
1939
1940
1941
1942
1943
1944
(945
10
1939
1940
1941
1942
1943
Wednesday figures, latest shown are for May 22.
620
1944
1945
1946
See p. 621.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Treas-
U. S. Government
securities
Discounts
and
advances Total
Monthly averages of
daily figures:
1945—Feb
Mar
Apr
1946—Feb
Treasury
bills
and
certificates
All
other
16,440
17,313
17,985
20,811
20,243
19,855
ury
All
other1 Total
Gold
stock
currency
outstanding
TreasOther
ury deFedMoney Treas- posits Nonury
eral
with memin circash Federal ber de- Reculaholdposits serve
tion
Reings
acserve
counts
Banks
233
245
360
367
566
433
19,152
19,509
20,115
23,150
22,549
22,260
2,712
2,196
2,129
2,340
2,307
2,406
494
500
459
417
418
376
19,879
20,253
20,934
23,934
23,533
23,070
20,519
20,448
20,400
20,197
20,237
20,252
4,125
4,120
4,120
4,426
4,464
4,510
25,527
25,850
26,009
27,944
27,913
27,923
2,377
2,357
2,367
2,307
2,274
2,261
End of month figures:
1945—Feb. 2 8 . . . ,
Mar. 3 1 . . . .
Apr. 30
1946—Feb. 28
Mar. 3 0 . . . .
Apr. 30
321
245
489
347
626
279
19,439 16,748 2,692
19,669 17,490 2,180
20,455 18,344 2,111
22,904 20,584 2,320
22,601 20,234 2,366
22,732 20,166 2,566
398
396
362
397
402
346
20,158
20,311
21,307
23,648
23,630
23,357
20,506
20,419
20,374
20,232
20,256
20,251
4,122
4,119
4,130
4,451
4,480
4,537
25,751
25,899
26,189
27,954
27,879
27,885
2,355
2,346
2,371
2,301
2,288
2,263
Wednesday figures:
1945—July 3 . . .
July 1 1 . . . .
July 18
July 2 5 . . . .
39
73
126
229
21,745
21,544
21,613
21,570
18,948
18,747
18,816
18,771
2,798
2,798
2,798
2,799
464
411
430
331
22,249
22,028
22,170
22,129
20,213
20,214
20,213
20,212
4,145
4,145
4,144
4,144
26,834
26,932
26,901
26,926
2,285
2,230
2,274
2,279
667
585
690
594
Mar
Apr
..
536
269
504
856
809
448
Member
bank reserve
balances
Total
Excess2
952
1,633
1,495
1,516
1,248
1,167
1,120
410
423
437
517
536
550
14,040
14,429
14,621
15,685
15,536
15,531
1,581
1,361
1,549
1,193
1,593 1,213
679 1,166
410
429
437
519
540
547
14,228
965
796
14,166
918
14,818
15,537 1,014
627
14,853
959
15,606
1,647
1,617
1,553
1,539
450
453
450
450
14,722 1,408
14,570 1,136
14,660 1,048
14,699
994
460
647
446
829
1,010
931
1,131
1,031
1,024
Aug.
Aug.
Aug.
Aug.
Aug.
1....
8
15....
22....
29
399
353
312
400
442
21,877
21,910
21,869
22,296
22,358
19,066
19,099
19,058
19,466
19,516
2,811
2,811
2,811
2,829
2,841
288
342
601
447
263
22,564
22,606
22,782
23,142
23,063
20,152
20,151
20,130
20,088
20,088
4,198
4,197
4,198
4,201
4,215
27,130
27,269
27,351
27,506
27,600
2,260
2,269
2,257
2,248
2,262
678
538
398
671
397
1,532
1,588
1,643
1,557
1,577
454
457
458
458
458
14,861
14,833
15,004
14,992
15,070
Sept.
Sept.
Sept.
Sept.
5....
12
19....
26....
377
457
301
422
22,435
22,808
22,965
23,186
19,670
20,014
20,116
20,306
2,765
2,795
2,850
2,880
380
412
441
285
23,192
23,677
23,707
23,892
20,088
20,096
20,095
20,093
4,216
4,216
4,222
4,222
27,750
27,793
27,777
27,729
2,269
2,267
2,268
2,263
304
598
428
961
1,529
1,538
1,525
1,506
463
465
475
475
15,180
966
964
15,329
15,552 1,039
893
15,274
Oct.
Oct.
Oct.
Oct.
Oct.
3....
10
17....
24....
31....
314
313
316
389
439
23,212
23,272
22,901
23,089
23,276
20,297
20,357
19,985
20,192
20,379
2,916
2,916
2,916
2,898
2,898
294
338
482
312
272
23,821
23,923
23,699
23,790
23,987
20,072
20,040
20,039
20,038
20,036
4,248
4,257
4,262
4,270
4,278
27,853
27,962
27,952
27,974
28,049
2,268
2,282
2,249
2,248
2,244
648
535
293
295
429
1,469
1,419
1,324
1,349
1,373
484
485
482
482
483
15,420
15,537
15,700
15,751
15,723
Nov. 7 . . . .
Nov. 14. . . .
Nov. 21
Nov. 2 8 . . . .
508
596
630
792
23,076
23,448
23,343
23,646
20,179
20,510
20,372
20,627
2,898
2,938
2,970
3,019
292
455
359
326
23,877
24,498
24,331
24,764
20,035
20,034
20,032
20,031
4,285
4,284
4,297
4,297
28,137
28,178
28,198
28,169
2,268
2,265
2,272
2,269
261
580
410
557
1,310
1,313
1,360
1,351
484
486
484
485
15,737
928
15,994 1,163
15,937 1,043
16,261 1,293
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 1 9 . . . .
Dec. 2 6 . . . .
345
312
360
492
23,525
23,493
23,668
24,037
20,474
20,440
20,602
20,970
3,052
3,053
3,067
3,067
359
460
829
643
24,229
24,264
24,859
25,172
20,029
20,045
20,066
20,065
4,303
4,317
4,326
4,334
28,279
28,370
28,557
28,649
2,242
2,268
2,288
2,283
8
627
718
1,199
1,304
1,204
1,284
1,282
487
488
496
500
16,242
15,669
15,906
15,658
1,594
1,296
1,332
1,213
Jan. 3 0 . . . .
222
215
210
207
310
24,092
23,859
23,437
23,341
23,297
21,602
21,377
21,030
20,968
20,945
2,490
2,482
2,407
2,373
2,352
533
463
426
373
291
24,847
24,536
24,072
23,922
23,898
20,065
20,046
20,111
20,135
20,157
4,352
4,362
4,377
4,385
4,404
28,491
28,297
28,119
27,977
27,914
2,306
2,256
2,262
2,282
2,295
771
758
272
578
762
1,299
1,307
1,257
1.239
1,298
498
505
505
506
507
15,900
15,822
16,145
15,859
15,681
1,439
1,266
1,423
1,169
1,061
Feb. 6 . . . .
Feb. 1 3 . . . .
Feb. 20
Feb. 27
289
411
352
380
23,227 20,876 2,352
23,253 20,904 2,349
23,017 20,692 2,326
22,972 20,652 2,320
324
270
417
325
23,840
23,933
23,787
23,677
20,157
20,157
20,233
20,233
4,413
4,424
4,434
4,447
27,929
27,967
27,955
27,938
2,306
2,301
2,318
2,317
716
864
940
826
1,226
1,173
1,235
1,203
516
516
516
517
15,717 1,115
15,693 1,146
950
15,490
15,555 1,039
Mar.
Mar.
Mar.
Mar.
443
710
483
683
22,526
22,393
22,592
22,974
20,207
20,074
20,335
20,634
2,320
2,320
2,258
2,340
327
319
408
305
23,297
23,423
23,483
23,963
20,232
20,232
20,233
20,257
4,451
4,456
4,467
4,478
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
1,153
1,210
1,230
1,226
531
530
540
540
15,444
924
15,663 1,112
929
15,484
995
15,395
Apr. 3 . . . .
Apr. 10
Apr. 1 7 . . . .
Apr. 24
686
353
326
324
21,969
22,232
22,103
22,304
19,603
19,866
19,736
19,874
2,366
2,366
2,366
2,430
280
261
429
274
22,936
22,846
22,857
22,901
20,255
20,253
20,251
20,247
4,485
4,492
4,514
4,536
27,912
27,955
27,948
27,877
2,271
2,259
2,259
2,260
533
260
334
385
1,013
1,161
1,138
1,159
550
550
548
547
15,396 1,072
15,406
940
15,395
543
15,457
836
May 1
May 8 . . . .
May 15
May 2 2 . . . .
225
207
145
163
22,579 20,003 2,577
22,732 20,134 2,598
22,660 20,019 2,641
22,643 20,001 2,641
279
279
447
326
23,084
23,219
23,252
23,132
20,251
20,248
20,245
20,245
4,535
4,534
4,534
4,532
27,888
27,958
27,950
27,961
2,267
2,266
2,265
2,262
409
314
504
562
1,010
1,162
1,110
1,069
548
550
550
550
15,747 1,111
15,751 1,014
15,652
916
15,505 P696
1946—Jan.
Jan.
Jan.
Jan.
2
9....
16....
23....
6
13
20
27
1,063
1,066
1,132
1,018
986
1,001
1,027
1,032
1,002
904
p Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
JUNE 1946
621
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect May 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Effective
Rate
Boston
New York
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
Apr.
May
Apr.
27,
25,
25,
3,
10,
10,
26,
26,
26,
27,
10,
25,
Other secured advances
[Sec. 10(b)]
Rate
Effective
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
Oct. 27, 1942
Oct. 30, 1942
Oct. 17, 1942
Sept. 12,1942
Oct. 28, 1942
Oct. 15, 1942
Aug. 29, 1942
Mar.
Oct.
Oct.
Oct.
Oct.
14, 1942
30,1942
27,1942
17,1942
28,1942
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Effective
Mar. 29,
Apr. 6,
Mar. 23,
Mar. 9,
Mar. 16,
Mar. 16,
Mar. 16,
Mar. 16,
Mar. 23,
Apr. 13,
Mar. 16,
Apr. 25,
2
2V2
2
2Y2
2
2
2
2
2
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federa
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Rate on
May 31
In effect beginning—
H
Apr. 30, 1942
\
Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933
Treasury bills *
Bankers' acceptances: 2
1- 90 days
91-120 days
121-180 days
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five years
[In effect May 31. Per cent per annum]
To industrial or
commercial
To financing institutions
businesses
1
1
Federal
Reserve
Bank
1
Established rate at which Federal Reserve Banks stand ready
to buy all Treasury bills offered. Effective Aug. 3, 1942, purchases
of such bills, if desired by the seller, were made on condition that the
Reserve Bank, upon request before maturity, would sell back bills of
like amount and maturity at the same rate of discount. Since May
15, 1943, all purchases have been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND
CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect May 31]
F E E S PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)1
10
15
20
30
50
80 or less
85 .
90
95
Over 95
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
[Per cent per annum]
Maximum rate of i n t e r e s t . . . .
Maximum commitment rate 2 .
1
2
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative, charge a flat fee of not to exceed $50, without regard to the
amount or maturity of the commitment.
622
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco..
On discounts or
purchases
On
loans2
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
()
0)
()
2^-5
2^-5
i-S
1
See table on maximum interest and commitment rates chargeable
under Regulation V for rates on guaranteed Section 13b loans.
2
Including
loans made in participation with financing institutions.
3
Rate charged borrower less commitment rate.
*6 Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
8
Charge of K Per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1,1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
|
2
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.
FEDERAL RESERVE BULLETIN
MARGIN REQUIREMENTS *
[Per cent of market value]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
N e t demand deposits
Central
reserve
city
banks
Period in effect
June 21, 1917-Aug. 15,
Aug. 16, 1^36-Feb. 28,
Mar. 1, 1937-Apr. 30,
May
1, 1937-Apr. 15,
Apr. 16, 1938-Oct. 3 1 ,
Nov. 1, 1941-Aug. 19,
Aug. 20, 1942-Sept. 13,
Sept. 14, 1942-Oct. 2,
Oct. 3, 1942 and after
1936..
1937..
1937..
1938..
1941..
1942..
1942..
1942..
Reserve
city
banks
19H
10
15
22^
26
20
22M
ny
20 2
13
26
24
22
20
20
20
20
1
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 5,
1945July 4,
1945
July 5,
1945Jan. 20,
1946
Jan. 21,
1946
Regulation T :
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
50
50
75
75
100
100
50
75
100
Time
deposits
(all
Country member
bank3
banks)
7
ioy2
3
4^
14
12
14
14
14
14
6
5
6
6
6
6
12K
SK
Effective
1
1
Demand deposits subject to reserve requirements, i. e., demand
deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
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.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
May 29
Assets
Gold certificates
Redemption fund for
F. R. notes
End of month
1946
May 22
May 15
1946
May 8
May 1
Apr. 24
Apr. 17
May
April
May
17,344,060 17,346,055 17,346,060 17,346,060 17,346,055 17,346,055 17,346,060 17,344,055 17,346,060 17,416,463
748,058
747,445
747,611
749,015
750,409
752,146
753.976
748,059
750,570
695,095
Total gold certificate reserves. . . 18,092,118 18,093,500 18,093,671 18,095,075 18,096,464 18,098,201 18,100,036 18,092,114 18,096,630 18,111,558
Other cash.
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
Industrial loans
Acceptances purchased. .
U. S. Gov't securities:
Direct:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
259,945
290,966
297,404
304,103
328,409
338,808
323,061
264,866
333,581
248,175
116,507
118,082
100,124
161,917
184,518
283,546
286,299
134,092
239,131
873,774
120,000
45,000
45,000
45,000
40,000
40,000
40,000
120,000
40,000
790
236,507
163,082
145,124
206,917
224,518
323,546
326,299
254,092
279,131
874,564
1,324
11,324
1,354
13,745
1,412
17,070
1,383
16,497
1,497
13,141
1,443
8,729
1,525
6,963
1,306
13,456
1,447
13,196
4,230
5,248,049 4,986,372 5,056,440 5,252,329 5,276,985 5,044,548 4,900,541 5,072,062 5,102,789 4,898,361
8,757,805 8,679,415 8,635,025 8,646,245 8,558,485 8,503,245 8,508,243 8,824,125 8,558,485 8,055,176
6,335,596 6,335,596 6,327,096 6,235,596 6,167,296 6,326,196 6,327,696 6,394,596 6,504,896 5,870,011
1,738,200 1,738,200 1,738,200 1,695,200 1,673,700 1,526,800 1,463,300 1,738,200 1,662,700 1,017,450
902,942
902,942
902,942
902,942
902,942
902,942
902,942
902,942
902,942 1,112,642
Total U. S. Govt.
22,982,592 22,642,525 22 ,659, 703 22,732,312 22,579,408 22 ,303,731 22,102,722 22,931,925 22,731,812 20 ,953,640
securities
Other Reserve Bank
311,370
324,323
428,341
261,710
265,029
264,041
317,245
419,563
331,812
298,878
credit outstanding....
Total Reserve Bank
credit outstanding 23,556,070 23,132,076 23,251,650 23,218,819 23,083,593 22,901,490 22,857,072 23,518,024 23,357,398 22,131,312
Liabilities
Federal Reserve notes. . 24,066,413 23,946,502 23,950,426 23,964,229 23,931,916 23,927,959 23,995,130 24,064,389 23,924,800 22,885,307
Deposits:
Member bank — re15,688,738 15,505,017 15,652,429 15,750,966 15,747,249 15,456,965 15,395,107 15,653,470 15,605,871 15,295,863
serve account
U. S. Treasurer—gen561,524
eral account
680,516
504,134
313,900
409,255
333,717
846,175
384,630
678,668
361,571
660,099
Foreign
608,209
685,786
746,204
728,510
729,909
708,427
601,236
749,726 1,142,847
409,166
429,788
424,269
416,074
Other deposits
281,085
429,102
416,574
430,024
264,546
446,312
Total deposits
17,407,251 17,135,806 17,266,618 17,227,144 17,166,099 17,000,606 16,867,275 17,365,427 17,450,839 17,246,593
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
43.6
44.0
43.9
43.9
44.0
44.2
44.3
43.7
43.7
45.1
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
May 29, 1946
Discounts and advances
Industrial loans
Acceptances purchased
U. S. Government securities
JUNE 1946
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months 1 year to 2 years to Over
6 months to 1 year 2 years
5 years
5 years
days
236,507
60,374
22,186
146,937
7,010
1,324
1,106
7
9
56
73
11,324
5,167
3,436
2,690
31
22,982,592 3,657,542 2 383,885 5,538,209 5,026,610 2,740,050 2,564,206
21,400
460,500
590,190
623
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Apr. 24
May 1
May 8
May 15
May 22
Redemption fund
for F. R. notes:
Apr. 24
May 1
May 8
May 15
May 22
Total gold certifi-
Boston
New
York
Philadelphia
Cleveland
Richmond
Minneapolis
Kansas
City
Dallas
534,267
581,678
551,963
559,366
557,650
316,418
340,403
324,549
317,098
312,803
550,012
571,505
560,539
551,747
544,088
433,763
492,051
446,965
450,244
453,993
2,438,788
2,414,700
2,432,867
2,447,971
2,401,809
97,160
97,129
96,999
96,894
96,894
42,656
42,633
42,602
42,570
42,570
20,026
20,018
20,011
20,002
20,002
34,964
34,939
34,911
34,890
34,890
25,894
25,867
25,828
25,801
25,801
110,729
110,309
110,228
110,139
110,107
914,246 992,276 3,735,765
904,542 986,657 3,666,499
928,041 1,021,836 3,784,964
909,798 1,002,735 3,734,811
870,877 978,629 3,676,744
576,923
624,311
594,565
601,936
600,220
336,444
360,421
344,560
337,100
332,805
584,976
606,444
595,450
586,637
578,978
17,346,055
17,346,055
17,346,060
17,346,060
17,346,055
726,740
728,852
726,902
726,063
734,626
5,064,744
5,008,714
4,922,771
4,995,149
5,116,657
779,079
792,554
780,484
795,162
812,293
1,061,550
1,059,159
1,064,756
1,055,808
1,085,712
853,803
844,220
868,197
850,456
811,601
752,146
750,409
749,015
747,611
747,445
58,306
58,240
58,173
58,102
58,102
120,676
119,938
119,671
119,408
119,339
60,370
60,315
60,214
60,100
60,101
76,932
76,891
76,800
76,707
76,707
60,443
60,322
59,844
59,342
59,276
18,098,201
Apr. 24
May 1
18,096,464
May 8.
18,095,075
May 15
18,093,671
May 22
18,093,500
Other cash:
338,808
Apr. 24
May 1
328,400
May 8
304,103
May 15
297,404
May 22
290,966
Discounts & advances:
Secured by
U. S. Govt.
securities:
283,546
Apr. 24..
May 1 • • 184,518
161,917
May 8 . .
May 15..
100,124
May 22. .
118,082
Other:
40,000
Apr. 24..
40,000
May 1. .
45,000
May 8 . .
45,000
May 15. .
45,000
May 22. .
Industrial loans:
Apr. 24.
1,443
1,497
May 1
1,383
May 8
1,412
May 15
1,354
May 22
Acceptances
purchased:
Apr. 24
8,729
13,141
May 1
16,497
May 8.
17,070
May 15
13,745
May 22
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Apr. 24. . 5,044,548
May 1. . 5,276,985
May 8 . . 5,252,329
May 15. . 5,056,440
May 2 2 . . 4,986,372
Other bills:
Apr 24. . 8,503,245
May 1. . 8,558,485
May 8 . . 8,646,245
May 15. . 8,635,025
May 22. . 8,679,415
Certificates:
6,326,196
Apr. 24
May 1 . . . . 6,167,296
May 8
6,235,596
May 15
6,327,096
May 22
6,335,596
Notes:
1,526,800
Apr. 24
May 1
1,673,700
May 8
1,695,200
May 1 5 . . . . 1,738,200
May 22
1,738,200
Bonds:
902,942
Apr. 24
May 1 . . . .
902,942
902,942
May 8
May 15
902,942
May 22
902,942
Total U. S. Govt.
securities:
22,303,731
Apr. 24
22,579,408
May 1
22,732,312
May 8
22,659,703
May 15
22,642,525
May 22
785,046
787,092
785,075
784,165
792,728
5,185,420
5,128,652
5,042,442
5,114,557
5,235,996
839,449
852,869
840,698
855,262
872,394
31,408
30,157
28,842
27,801
25,999
79,906
81,311
77,441
79,100
73,747
19,254
20,875
20,288
19,606
19,467
1,138,482
1,136,050
1,141,556
1,132,515
1,162,419
28,825
30,276
25,985
26,702
23,107
21,447
18,309
16,543
9,068
4,818
104,906
33,551
24,821
20,196
20,351
2,560
2,560
2,880
2,880
2,880
13,320
13,320
14,985
14,985
14,985
CcxLc icScrVco.
624
92
92
92
92
87
36,900
17,749
19,850
4,154
34,300
7,259
36,030
3,434
3,764 " 28,400
3,720
3,320
3,720
3,320
4,185
3,735
4,185
3,735
4,185
3,735
San
Francisco
St.
Louis
Atlanta
Chicago
948,286 3,638,605
942,849 3,569,370
978,102 3,687,965
959,079 3,637,917
934,973 3,579,850
43,990
43,808
43,734
43,656
43,656
459,657 2,549,517
517,918 2,525,009
472,793 2,543,095
476,045 2,558,110
479,794 2,511,916
25,573
22,910
21,448
19,865
20,504
25,626
22,934
22,465
20,684
22,304
36,837
34,393
30,583
30,300
30,626
14,173
12,684
10,641
11,050
10,714
4,705
3,984
4,055
3,530
4,863
19,893
19,537
17,476
16,604
16,543
10,039
10,199
4,649
1,800
19,000
18,805
27,000
3,600
4,732
1,950
19,390
43,055
52,655
9,555
22,305
21,660
13,350
12,690
11,515
12,400
7,600
6 100
21,900
7,450
700
2,250
2,000
1,144
1,144
1,880
1,880
2,115
2,115
2,115
1,520
1,520
1,710
1,710
1,710
5,360
5,360
6,030
6,030
6,030
1,360
1,360
1,530
1,530
1,530
1,000
1,000
1,125
1,125
1,125
1,320
1,320
1,485
1,485
1,485
1,280
1,280
1,440
1,440
1,440
3,360
3,360
3,780
3.780
3,780
12,725
28,225
21,375
17,875
14,325
826,544
791,763
846,622
823,547
824,461
91,199
105,839
103,528
76,338
77,784
38,604
32,563
34,253
32,863
44,965
40,477
51,898
56,752
53,861
61,912
25,719
21,359
18,329
17,554
21,991
311,217
346,692
303,485
313,660
334,350
700,250 995,758
703,156 1,100,751
707,773 936,542
707,183 1,006,637
709,518 1,044,086
520,146
487,490
526,310
529,309
535,719
321,821
334,733
342,027
333,213
321,995
594,244
579,701
602,659
591,159
582,019
485,107
476,016
504,928
498,496
482,859
1,306,106
1,311,654
1,320,468
1,319,341
1,323,799
700
1,900
600
150
10,842
10,924
10,040
9,984
9,149
41,766
38,415
34,839
32,178
33,943
50
3,100
1,500
2,100
600
1,000
36
36
36
33
33
1,315
1,369
1,255
1,287
1,234
8,729
13,141
16,497
17,070
13,745
100,485
113,745
90,570
91,285
75,875
87,656
105,493
89,743
89,433
89,449
3,253,729
3,411,436
3,460,155
3,316,901
3,197,291
732,302
726.868
746,824
750,631
745,849
170,427
183,673
204,717
202,027
212,672
191,785
192,220
171,715
169,491
165,425
747,542
746,897
784,024
755,272
750,296
418,987
408,418
413,278
419,841
420,436
1,592,003
1,552,117
1,568,554
1,590,453
1,592,520
477,959
465,947
471,157
478,144
478,793
609,388
594,056
600,839
609,959
610,796
396,841
386,863
391,205
397,029
397,568
316,664
308,688
312,268
317,093
317,532
815,539
795,063
803,807
815,509
816,600
317,772
309,809
313,104
317,498
317,912
180,531
176,001
177,924
180,497
180,739
301,309
293,733
297,055
301,517
301,925
267,801
261,066
264,012
267,970
268,337
631,402
615,535
622,393
631,586
632,438
101,120
110,837
112,353
115,340
115,349
384,224
421,218
426,424
436,935
436,916
115,353
126,450
128,088
131,357
131,357
147,074
161,216
163,343
167,569
167,575
95,776
104,990
106,353
109,074
109,075
76,426
83,774
84,894
87,112
87,117
196,827
215,767
218,521
224,040
224,038
76,693
84,077
85,121
87,225
87,221
43,570
47,762
48,369
49,587
49,586
72,720
79,713
80,756
82,832
82,836
64,632
70,849
71,775
73,618
73,618
152,385
167,047
169,203
173,511
173,512
59,802
59,796
59,844
59,916
59,920
227,228
227,243
227,133
226,974
226,964
68,219
68,218
68,225
68,236
68,236
86,979
86,974
87,004
87,047
87,050
56,641
56,641
56,649
56,661
56,662
45,198
45,195
45,219
45,252
45,255
116,403
116,404
116,395
116,382
116,381
45,356
45,358
45,339
45,311
45,309
25,767
25,767
25,764
25,759
25,758
43,006
43,004
43,014
43,029
43,031
38,223
38,222
38,231
38,242
38,242
90,120
90,120
90,125
90,133
90,134
1,399,867
1,411,412
1,422,042
1,435,161
1,431,003
5,627,611
5,795,687
5,886,983
5,773,290
5,666,363
64,408
75,752
55,802
53,632
78,544
1,116,126 813,416
1,090,616 816,930
1,147,461 822,512
1,119,959 821,798
1,145,981 824,622
1,600,858 2,060.052
1,599,732 2,046,607
1,623,209 2,089,217
1,602,500 2,075,819
1,594,107 2,087,277
1,427,082 1,151,263 2,951,071
1,441,176 1,169,038 3,019,748
1,432,521 1,171,529 2,921,887
1,438,194 1,174,515 2,986,115
1,466,471 1,173,747 3,025,566
1,051,166 610,293 1,051,756 881,482 2,491,230
1,032,573 616,826 1,048,049 867,512 2,531,048
1,073,402 628,337 1,080,236 897,275 2,505,674
1,055,681 621,919 1,072,398 895,880 2,528,231
1,063,945 623,043 1,071,723 885,047 2,554,233
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total loans and
securities:
Apr. 24
22,637,449
May 1
22,818,564
May 8
22,957,109
May 15
22,823,309
May 22
22,820,706
Due from foreign
banks:
Apr. 24
110
110
May 1
110
May 8
110
May 15
110
May 22
Federal Reserve
notes of other
banks:
Apr. 24
137,072
May 1 . . . .
137.847
May 8 . . . .
123,333
May 15. . . .
124,189
May 22
115,806
Uncollected
items:
2,073,971
Apr. 24
May 1
2,004,296
May 8
1,818,921
May 15
2,474,584
May 22
2,095,994
Bank premises:
33,123
Apr. 24.
May 1
33,079
May 8
33,021
May 15
33,021
May 22
33,072
Other assets:
53,019
Apr 24
May 1
53,283
May 8
53,445
May 15.
55,356
May 22
56,632
Total assets:
43,371,753
Apr. 24
May 1
43,472,043
May 8
43,385,117
May 15
43,901,644
May 22
43,506,786
Liabilities
Federal Reserve
notes:
23,927,959
Apr. 24
May 1
23,931,916
May 8
23,964,229
May 15
23,950,426
May 22
23,946,502
Deposits:
Member bank
—reserve
account:
Apr. 24.. 15,456,965
May 1. . 15,747,249
May 8 . . 15,750,966
May 15. . 15,652,429
May 22. . 15,505,017
U. S. Treasurergeneral acApr 24. .
May 1. .
May 8. .
May 15..
May 2 2 . .
Foreign:
Apr. 24. .
May 1. .
May 8 . .
May 15. .
May 22. .
Other:
Apr. 24..
May 1. .
May 8. .
May 15. .
May 22. .
Total deposits:
Apr. 24
May 1
May 8
May 15
May 22
Deferred availability items:
Apr. 24
May 1
May 8
May 15
May 22
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
1,423,966
1,432,373
1,441,557
1,447,201
1,438,788
5,754,566
5,855,699
5,943,286
5,825,541
5,715,444
7
7
7
7
7
137
137
137
137
137
9
9
9
9
9
10
10
10
10
10
5
5
5
5
5
4
4
4
4
4
3,963
3,738
3,076
3,080
3,082
16,311
17,756
15,379
17,035
16,222
6,300
5,838
4,957
5,072
4,708
6,892
6,658
5,175
5,187
4,690
38.486
39,867
38,455
35,205
32,752
152,234
152,454
136,744
186,302
145,015
412,948
429,304
375,654
556,443
462,585
132,226
122,723
119,728
165,108
118,948
195,764
189,110
168,724
249,241
198,753
1,338
1,334
1,334
1,334
1,334
8,619
8,601
8,601
8,601
8,601
3,265
3,266
3,266
3,266
3,266
3,334
3,208
3,329
3,395
3,575
11,181
11,056
11,927
12,313
12,641
3,392
3,364
3,528
3,682
3,820
2,401,296
2,410,363
2,399,964
2,453,285
2,410,528
11,468.988
11,532,416
11,474,767
11,613,627
11,525,273
1,454,917
1,450,624
1,452,885
1,452,014
1,451,141
5,326,270
5,344,142
5,345,432
5,344,911
5,357,885
684,601
696,089
701,844
713,837
692,809
4,853,983
5,034,209
4,942,782
4,886,044
4,855,733
775,686
775,022
785,250
778,625
767,280
1,118,130
1,118,161
1,144,476
1,143,830
1,136,757
687,376
693,894
711,232
694,302
697,985
717,126
714,496
744,727
734,182
715,569
384,630
409,255
313,900
504,134
561,524
27,801
24,123
26,176
24,754
43,079
124,762
145,288
72,793
152,423
174,791
20,104
27,698
21,317
39,821
41,451
34,642
4,995
32,551
44,691
60,030
26,299
24,613
17,380
33,000
29,539
729,909
728,510
746,204
685,786
660,099
429,102
281,085
416,074
424,269
409,166
44,297
44,391
45,419
41,758
40,217
2 271,012
2
269,410
22 276,308
253,987
2
243,633
57,064
57,079
58,423
53,683
51,785
63,940
63,955
65,462
60,151
58,024
2,275
2,609
2,842
3,247
2,988
342,394
184,272
331,877
345,738
331,018
3,828
4,326
3,052
2,779
2,958
17,000,606
17,166,099
17,227,144
17,266,618
17,135,806
758,974
767,212
776,281
783,596
779,093
5,592,151
5,633,179
5,623,760
5,638,192
5,605,175
1,810,040
1,739,377
1,557,321
2,046,353
1,784,734
146,569
151,543
129,702
176,543
139,011
348,708
353,567
303,283
427,693
359,433
1,623,242 2,100,672
1,608,575 2,070,177
1,635,458 2,127,702
1,610,956 2,116,034
1,602,840 2,119,862
1,439,037
1,453,291
1,439,321
1,442,142
1,487,619
Chicago
1,171,588 2,975.821
1,197,558 3,068,163
1,176,839 2,980,572
1,180,957 3,001,700
1,177,407 3,053,901
Minneapolis
St.
Louis
Kansas
City
San
Francisco
Dallas
1,074,186
1,047,283
1,087,622
1,068,726
1,077,875
618,893
623,926
630,162
624,944
624,868
1,074,976
1,056,819
1,082,321
1,074,033
1,075,458
882,812
868,792
900,715
898,464
887,631
2,497,690
2,535 908
2,511,554
2,532,611
2,559,013
15
15
15
15
15
4
4
4
4
4
3
3
3
3
3
4
4
4
4
4
3
3
3
3
3
9
9
9
9
9
11,477
12,090
8,820
10,138
9,604
15,360
14,755
13,031
11,560
11,720
8,107
7,251
7,606
9,177
7,561
5,037
4,172
3,227
4,115
3,283
5,611
6,560
4,530
5,233
4,990
3,414
3,172
3,955
4,109
3,960
16,114
15,990
15,122
14,278
13,234
165,972
153,752
147,424
184,959
168,665
147,345
150,974
126,847
155,156
143,209
321,284
297,877
280,900
409,697
320,172
88,642
88,435
84,812
107,518
89,261
50,450
47,625
45,853
55,730
50,943
111,755
111,328
88,893
107,232
100,979
101,330
82,873
74,856
96,051
88,870
194,021
177,841
168,486
201,147
208,594
3,951
3,951
3,951
3,951
3,942
2,741
2,741
2,741
2,741
2,742
1,557
1,554
1,554
1,554
1,553
3,099
3,094
3,096
3,096
3,096
2,045
2,040
2,040
2,040
2,040
1,277
1,275
1,215
1,215
1,275
2,573
2,568
2,568
2 568
2,568
820
817
817
817
817
1,838
1,838
1,838
1,838
1,838
5,636
5,911
5,983
6,105
6,036
3,234
3,347
3,424
3,613
3,691
2,936
2,908
3,012
3,081
2,969
6,136
6,701
6,732
7,320
7,290
3,095
3,248
3,325
3,337
3,264
1,469
1,496
1,444
1,556
1,554
4.744
4,053
2,440
2,531
3,026
2,436
2,249
2,392
2,423
2,617
5,426
5,742
5,909
6,000
6,149
2,627,137 3,480,232
2,617,519 3,442,143
2,627,932 3,479,086
2,662,961 3,539,745
2,625,452 3,518,819
2,589,294 2,352,809
2,580,455 2,374,679
2,580,859 2,361,377
2,598,328 2,374,309
2,586,855 2,335,679
7,094,317
7,091,497
7,099,893
7,198,499
7,103,564
1,767,175
1,785,256
1,790,615
1,803,788
1,790,939
1,018,278
1,042,902
1,030,519
1,028,193
1,019,594
1,804,532
1,807,313
1,793,682
1,794,842
1,782,546
1,603,288 2,027,438
1,602,229 2,024,762
1,604,076 2,029,187
1,606,786 2,028,007
1,607,094 2,031,427
1,659,038
1,657,740
1,653,714
1,650,012
1,644,604
1,427,288 4,360,525
1,429,062 4,358,334
1,427,664 4,373,063
1,425,379 4,379,828
1,420,195 4,383,343
1,041,377
1,042,822
1,044,562
1,043,113
1,042,044
550,214
549,852
553,014
551,760
552,769
885,476
885,631
888,041
884,722
883,781
587,892
589,007
591,088
588,828
588,553
3,004,236
2,997,711
3,001,503
2,995,066
2,983,666
2,244,601
2,236,284
2,275,776
2,256,839
2,213,260
580,392
597,885
601,232
590,272
584,792
377,721
392,935
387,352
378,373
379,542
760,203
765,949
767,269
751,861
750,202
719,131
748,673
755,338
747,266
744,504
1,938,015
1,973,652
1,933,688
1,976,998
1,966,584
20,658
35,197
16,863
24,812
20,770
54,332
71,677
49,174
63,994
79,531
10,805
8,378
13,106
19,420
22,768
11,224
23 752
15,330
17,821
13,310
11,412
11,033
10,452
17,991
14,937
11,790
27,643
6,240
22,630
16,928
30,801
4,858
32,518
42,777
44,390
32 314
32,322
33,083
30,399
29,324
26.126
26,132
26,748
24,578
23,709
92,128
92,151
94,322
86,669
83,604
23,376
23,382
23,932
21,991
21,213
17,188
17,192
17,597
16,170
15,598
22,688
22,694
23,229
21,344
20,589
22,001
22,006
22,524
20,697
19,965
57,775
57,796
59,157
54,359
52,438
11,403
4,985
4,582
4,508
4,793
3,718
6,397
5,258
4,049
3,410
3,439
4,033
1,802
1,695
1,362
3,420
6,226
3,778
3,610
3,665
9,489
11,382
9,920
10,148
9,748
3,472
4,496
2,678
2,660
2,713
278
2,714
2,008
1,411
393
1,591
4,100
2,391
1,481
2,395
43,795
45,545
45,886
42,943
43,723
856,682
864,125
868,042
874,908
863,474
1,228,115
1,192,096
1,247,071
1,253,180
1,259,604
749,707
757,226
766,953
761,750
760,258
767,349
779,858
790,140
785,267
761,410
2,394,481
2,406,338
2,423,050
2,411,112
2,380,060
624,062
641,027
648,190
641,831
638,521
409,605
438,375
422,957
415,024
411,163
794,581
802,390
802,958
792,607
786,121
754,513
802,422
786,493
792,074
783,792
2,070,386
2,081,851
2,071,249
2,117,077
2,107,135
115,489
99,368
103,833
129,227
102,649
165,880
166,366
143,646
199,180
168,178
149,534
134,415
128,939
155,275
150,528
132,212
139,730
117,410
137,468
127,720
254,687
241,706
218,636
322,061
254,567
79,066
78,613
74,960
95,935
87,362
41,666
37,499
37,783
44,435
38,792
101,920
96,644
79,927
94,740
89,654
96,945
73,366
65,945
84,827
78,233
177,364
166,560
153,257
178,969
188,607
1,461,314 5,306.381
1,486,748 5,300,752
1,465,571 5,280,852
1,487,896 5,346,171
1,472,841 5,334,696
1
After deducting $73,000 participations of other Federal Reserve Banks on Apr. 24; May 1; May 8; May 15; and on May 22.
2 After deducting $458,578,000 participations of other Federal Reserve Banks on Apr. 24; $458,692,000 on May 1; $469,498,000 on May 8;
$431,404,000 on May 15; and $416,149,000 on May 22.
JUNE
1946
625
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars!
Total
Boston
Other liabilities
including accrued div.:
12,971
Apr. 24
12,694
May 1
12,888
May 8
13,139
May 15
12,915
May 22
Total liabilities:
Apr. 2 4 . . . . 42,751,576
42,850,086
May 1
42,761,582
May 8
May 15. . . . 43,276,536
42,879,957
May 22
Capital A c c ' t s :
Capital paid in:
181,650
Apr. 2 4 . . . .
May 1. . . • 181,719
181,761
May 8
181,871
May 15
181,936
May 22
Surplus
(section 7):
358,355
Apr. 2 4 . . . .
358,355
May 1
358,355
May 8 . . . .
358,355
May 15. .. .
358,355
May 22
Surplus
(section 13b):
27,428
Apr. 24
27,428
May 1
27,428
May 8 . . . .
27,428
May 15. . . .
27,428
May 22
Other capital accounts:
52,744
Apr. 2 4 . . . .
54,455
May 1. . . .
55,991
May 8
57,454
May 15 . . . .
59,110
May 22
Total liabilities
and capital accounts:
43,371,753
Apr. 24
43,472,043
May 1
43,385,117
May 8
43,901,644
May 15
43,506,786
May 22
Commitments to
make industrial loans:
Apr. 2 4 . . . .
1,550
1,681
May 1
1,914
May 8
1,845
May 15
5,411
May 22
Philadelphia
New
York
Richmond
Cleveland
676
752
737
737
748
4,306
3,578
3,949
4,090
3,650
1,178
1,138
1,243
1,199
1,247
597
593
660
597
649
2,361,136
2,370,131
2,359,605
2,412,890
2,369,993
11,271,435
11,334,466
11,276,424
11,414,886
11,326,143
2,576 193 3,422,611
2,566,443 3 ,384,362
2,576,721 3,421,147
2,611,i,686 3,481,566
2,""
574,011 3,460,456
2,558,876
2,549,974
2,550,266
2,567,634
2,556,039
10,814
10,815
10,815
10,817
10,809
64,329
64,331
64,328
64,332
64,338
13,467
13,471
13,481
13,482
13,489
18,134
18,153
18,160
18,246
18,257
7,590
7,594
7,598
7,598
7,601
6,744
6,756
6,765
6,765
6.783
22,439
22,439
22,439
22,439
22,439
116,860
116,860
116,860
116,860
116,860
28,946
28,946
28,946
28,946
28,946
33,745
33,745
33,745
33,745
33,745
15,593
15,593
15,593
15,593
15,593
3,012
3,012
3,012
3,012
3,012
7,205
7,205
7,205
7,205
7,205
4,501
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,895
3,966
4,093
4,127
4,275
9,159
9,554
9,950
10,344
10,727
4,030
4,158
4,283
4,346
4,505
2,401,296
2,410,363
2,399,964
2,453,285
2,410,528
11,468,988
11,532,416
11,474,767
11,613,627
11,525,273
734
721
770
765
794
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
1,946
2,069
1,986
2,060
2,066
434
455
493
473
465
487
834
382
544
393
456
473
495
493
602
482
403
432
480
504
1,132
1,160
1,179
1,177
1,222
2,327,392 7,011,639
2,349,168 7,008,447
2,335:,776 7,016,735
2,348,638 7 ,115,061
2,309,900 7,020,036
1,744,939
1,762,917
1,768,205
1,781,352
1,768,392
1,001,972
1,026,560
1,014,136
1,011,763
1,003,117
1,782,433
1,785,138
1,771,421
1,772,562
1,760,158
1,439,832
1,465,198
1,443,958
1,466,209
1,451,082
5,253,118
5,247,282
5,227,188
5,292,289
5,280,630
21,565
21,568
21,577
21,565
21,574
5,788
5,788
5,791
5,800
5,809
3,953
3,953
3,954
3,955
3,955
5,968
5,969
5,970
5,972
5,974
6,566
6,570
6,571
6,581
6,589
16,732
16,751
16,751
16,758
16,758
14,450
14 450
14,450
14,450
14,450
53,029
53,029
53,029
53,029
53,029
12,939
12,939
12,939
12,939
12.939
8,869
8,869
8,869
8,869
8,869
11,891
11,891
11,891
11,891
11,891
10,670
10,670
10,670
10,670
10,670
28,924
28,924
28,924
28,924
28,924
3,326
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
4,735
4,876
5,027
5,181
5,354
3,909
3,968
4,076
4,177
4,296
3,461
3,543
3,624
3,694
3,784
6,655
7,024
7,123
7,415
7,496
2,982
3,085
3,153
3,170
3,272
2,411
2,447
2,487
2,533
2,580
3,103
3,178
3,263
3,280
3,386
2,939
3,003
3,065
3,129
3,193
5,465
5,653
5,847
6,058
6,242
2,627 ,137
2,617,519
2,627,932
2,662,961
2,625,452
3,480,232
3,442,143
3,479,086
3,539,745
3,518,819
2,589,294
2,580,455
2,580,859
2,598,328
2,586,855
2,352,809
2,374,679
2,361,377
2,374,309
2,335,679
7,094,317
7,091,497
7,099,893
7,198,499
7,103,564
1,767,175
1,785,256
1,790,615
1,803,788
1,790,939
1,018,278
1,042,902
1,030,519
1,028,193
1,019,594
1,804,532
1,807,313
1,793,682
1,794,842
1,782,546
1,461,314
1,486,748
1,465,571
1,487,896
1,472,841
,306,381
,300,752
,280,852
,346,171
,334,696
701
741
854
816
837
401
401
521
521
521
200
299
299
270
265
178
170
170
170
170
67
67
67
65
15
543
518
562
524
575
3
3
3
3
3,603
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal Reserve notes
outstanding (issued
to Bank):
Apr. 24
May 1
May 8
May 15
May 22
Collateral held against
notes outstanding:
Gold certificates:
Apr. 24
May 1
May 8
May 15
May 22
Eligible paper:
Apr. 24
May 1
May 8
May 15
May 22
U. S. Govt. securities:
Apr. 24
May 1
May 8
May 15
May 22
Total collateral:
Apr. 24
May 1
May 8
May 15
May 22
Total
Boston
New
York
24,737,540
24,619,621
24,607,164
24,620,800
24,629,806
1,486,056
1,482,137
1,476,355
1,481,692
1,480,935
5,502,686
5,491,960
5,502,268
5,503,695
5,509,677
1,657,465
1,644,400
1,645,631
1,646,303
1,655,235
2,101,183
2,089,564
2,087,350
2,087,539
2,084,967
1,732,406
1,719,234
1,714,005
1,709,336
1,707,719
11,514,000
11,289,000
11,389,000
11,399.000
11,444,000
410,000
410,000
410,000
410,000
410,000
3,420,000
3,420,000
3,420,000
3,420,000
3,445,000
500,000
500,000
500,000
500,000
500,000
635,000
635,000
635,000
635,000
635,000
600,000
570,000
570,000
570,000
570,000
208,401
94,613
69,362
48,663
64,283
21,447
18,309
16,543
9,068
4,818
104,906
33,551
24,821
20,196
20,351
17,749
4,154
7,259
3,434
3,764
13,991,199
14,005,839
14,003,528
13,976,338
13,977,784
1,100,000 2. 100,000
1,100,000 2 ,100,000
1,100,000 2 ,100,000
1,100,000 2 100,000
1,100,000 2 100,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,550,000
1,550,000
1,550,000
1,550,000
1,550,000
1,175,000
1,175,000
1,175,000
1,175,000
1,175,000
850,000
850,000
850,000
850,000
850,000
1,900,000
1,900,000
1,900,000
1,900,000
1,900,000
25,713,600
25,389,452
25,461,890
25,424,001
25,486,067
1,531,447
1,528,309
1,526,543
1,519,068
1,514,818
1,717,749 2,185,000
1,704,154 2,185,000
1,707,259 2,185,000
1,703,434 2 ,185,000
1,703,764 2,,185,000
1,785,039
1,755,199
1,749,649
1,746,800
1,764,000
1,515,000
1,490,000
1,490,000
1,490,000
1,490,000
4,465,000
4,445,000
4,445,000
4,455.000
4,475,000
626
5,624,906
5,553,551
.
5,544,821
5,540,196
5,565,351
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
1,482,459 4,451,570
1,,468,756 4,439,372
1,464,936 4,437 ,196
1,466,187 4,439,672
1,464,454 4,456,355
665,000
640,000
640,000
640,000
640,000
2,565,000
2,545,000
2,545,000
2,555,000
2,575,000
10,039
10,199
4,649
1,800
19,000
Minne- Kansas
Dallas
apolis
City
St.
Louis
San
Francisco
1,082,291
1,077,274
1,079,212
1,082,097
1,077,412
560.779
559,881
562,098
562,328
561,339
916,566 619,512 35,144,567
,1
911,846 613,843 35,121,354
,1
911,581 614,119 3,112,413
908,064 616,224 3,117,663
907,668 613,777 3,110,268
300,000
300,000
300,000
300,000
300,000
170,000
170,000
170,000
170,000
170,000
280,000
280,000
280,000
280,000
280,000
21,660
13,350
12,690
11,515
12,400
7,600
6,100
700
1,900
700
21,900
7,450
600
150
2,250
916,199 400,000
930,839 400,000
928,528 400,000
901,338 400,000
902,784 400,000
700,000
700,000
700,000
700,000
700,000
1,237,859
1,244.189
1,241,218
1,212,853
1,215,184
169,000
169,000
169,000
169,000
169,000
1,800,000
1,650,000
1,750,000
1,750,000
1,750,000
3,100
1,500
2,100
600
1,000
500,000
500,000
500,000
500.000
500,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
577,600 1,001,900 669,000 3,403,100
576,100 987,450 669,000 3,251,500
570,700 980,600 669,000 3,352,100
571,900 980,150 669,000 3,350,600
570.700 982,250 669,000 3,351,000
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
Date
Guaranteed
loans
outstanding
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept. 30
Dec. 31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1,245,711 999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
Mar.
June
Sept.
Dec.
1944
31
30
30
30
5,904
6,433
6,882
7,434
7,466,762
8,046,672
8,685,753
9,310,582
2,009,511
2,064,318
1,960,785
1,735,970
Mar.
June
Sept.
Dec.
1945
31
30
30
31
7,886 9,645,378 1,599,120 1,365,959 3,963,961
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,695 10,313,868 1,073,892 916,851 3,043,674
8,757 10,339,400 510,270 435,345
966,595
1946
Jan. 31
Feb. 28
Mar. 30
Apr. 30
8,761
8,766
8,768
8,770
10,340,275
10,341,890
10,342,690
10,343,018
69,674
137,888
356,677
230,720
632,474 1,430,121
81,108
427,918
803,720
1,680,046
1,735,777
1,663,489
1,482,038
427,278
357,161
271,793
171,036
3,615,963
3,810,797
4,301,322
4,453,586
363,048
302,597
230,110
147,164
764,093
477,429
363,010
286,701
agreements outstanding represents amounts repaia, guarantees
Liable but not completed, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars
Date (last
Wednesday
or last day
of period)
Applications
approved
to date
Approved
Loans Commitments
but not
outoutcom- 1 standing2 standing
pleted (amount) (amount)
(amount)
Participations
outstanding
(amount)
Number
Amount
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
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 2 4 . . . 3,352
Dec. 3 1 . . . 3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
June 30. . . 3,452
Dec. 3 1 . . . 3,471
475,468
491,342
3,203
926
13,044
10,532
12,132
9,270
19,070
17,930
1944
June 3 0 . . . 3,483
Dec. 30. . . 3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
1945
Mar. 3 1 .
June 30.
Sept. 30.
Dec. 3 1 .
4,214
3,252
3,166
1,995
3,321
5,224
4,291
1,644
2,365
2,501
2,018
1,086
1,579
1,575
2.063
1,631
1,046
976
1,014
1,034
1934
1935
1936
1937
1938
1939
1940
1941
..
..
..
..
3,493
3,502
3,505
3,511
528,936
537,331
540,241
544,961
85
70
130
320
1946
Jan. 31
Feb.28....
Mar. 3 0 . . . .
Apr. 3 0 . . . .
3,512
3,513
3,519
3,520
545,372
546,149
547.581
551,512
195
545
755
4,095
1
1,843
1,590
1,536
1.486
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
JUNE 1946
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member 1
banks
Month, or
week ending Friday
Total reserves h e l d :
1945—Mar
Apr
1946—Mar
Apr
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
Excess reserves:
1945—Mar
Apr
1946—Mar
Apr
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
Borrowings a t Federal
Reserve B a n k s :
1945—Mar
Apr
1946—Mar
Apr
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
29
5
12
19
26
3
10
17
Central reserve
city banks
New
York
Chi-
Reserve
city
banks
Country
banks*
14,429
14,621
15,536
15,531
3,911
4,023
3,970
4,015
887
890
858
872
5,739
5,793
6,169
6,127
3,892
3,916
4,539
4,517
15,378
15,320
15,484
15,534
15,508
15,623
15,748
15,720
3,933
3,933
3,948
3,996
4,041
4,073
4,065
4,043
852
779
856
872
870
884
882
883
6,096
6,088
6,129
6,140
6,120
6,152
6,221
6,227
4,497
4,520
4,551
4,526
4,477
4,515
4,580
4,567
1,010
931
1,031
1,024
18
12
1
36
2
14
-6
24
272
227
225
215
719
678
812
748
971
1,032
1,045
997
902
955
1026
15
17
11
14
17
16
15
13
10
8
5
8
6
8
6
6
185
227
235
219
185
214
251
233
761
780
794
756
694
717
754
P717
244
360
526
393
109
127
297
139
2
42
47
86
150
133
148
48
80
54
60
683
686
455
363
351
287
227
179
323
214
187
125
83
42
161
168
129
148
165
151
132
90
97
97
91
90
102
92
85
78
102
207
48
i
2
2
3
P Preliminary
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
April 1945
March 1946
14,479
17,411
6,374
7,679
9,360
12,110
4,389
5,316
April 1946
17,229
7,755
11,980
5,376
Boston
New York
Philadelphia
Cleveland
2,144
3,382
1,225
1,504
832
2,001
680
850
357
1,119
970
1,091
216
1,049
794
736
Richmond
Atlanta
Chicago
St. Louis
1,202
1,719
2,109
650
362
455
1,240
306
886
743
1,604
976
415
186
837
242
Minneapolis
Kansas City
Dallas
San Francisco. . .
574
532
931
1,256
262
102
113
552
702
1,507
1,430
596
383
185
58
274
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 banks
in the table on the following page.
627
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
Interbank
U.S.
Government
war loan
deposits2
Other
Demand
deposits
adjusted8
Net
demand
deposits*
Time
deposits8
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of April 1946
99,519
12 ,243
18 ,816
68,460
64,232
70,800
25 ,307
5,911
15 ,520
14 ,407
1,113
484
New York
Chicago
26,385
5,607
4 ,240
1 ,201
5 ,761
1 ,311
16,385
3,095
15,107
2,831
19,291
3,912
1 ,321
87
122
3 ,983
3 ,937
744
859
827
46
33
191
92
Reserve city banks
37,192
2,327
5 ,684
7 ,064
554
119
586
906
451
406
905
412
278
451
424
1 ,570
24,444
1,498
22,424
1,399
26,406
1,631
10 ,138
1,796
1,790
2,860
1,587
1,355
3,019
1,169
1,660
2,665
1,452
1,211
2,805
1,036
1,927
3,029
1,709
1,687
3,015
1,533
1,644
1,533
6,924
1,475
1,417
6,334
2,119
1,764
6,762
43
24
77
160
112
144
281
113
64
267
222
287
6 ,130
343
112
405
700
390
384
756
335
168
473
407
1 ,658
5 ,889
182
285
203
145
4
2
7
23
4
4
39
25
4
30
1 ,624
240
6
6
8
22
22
23
42
10
2
29
36
33
24,537
1,956
3,507
1,800
2,122
1,751
2,125
3,103
1,434
1,091
1,860
2,148
216' 1,640
23,871
1,871
3,378
1,755
2,073
1,684
2,060
3,044
1,397
1,065
1,836
2,110
1,598
21,191
1,795
3,179
1,554
1,806
1,515
1,885
2,603
1,269
177
301
222
299
317
435
523
264
199
409
506
252
4 ,548
346
726
368
438
311
369
607
255
215
298
335
280
3 ,753
314
628
306
348
259
302
489
211
171
230
255
243
795
31
99
63
90
52
67
119
44
44
68
80
37
55
9
31
3
3
4
1
1
1
All member banks
Central reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
2,719
4,286
2,392
2,376
4,406
2,187
1,194
2,999
2,523
9,170
274
26
343
520
354
614
482
606
319
904
566
676
30,335
2,592
4,597
2,207
2,624
2,223
2,710
3,779
1,759
1,353
2,123
2,485
1,882
1 ,117
92
86
16
27
136
248
71
130
73
81
131
27
614
469
597
4 ,681
544
1 ,003
392
475
336
337
605
195
189
182
206
443
528
445
783
942
1,517
1,745
1,380
1 ,193
430
380
1 ,844
301
158
333
300
4 ,530
13 ,104
1 ,046
3 ,043
1 ,469
1 ,586
774
641
2 ,071
547
646
286
171
825
3,905
337
106
398
677
368
360
714
325
166
444
371
Second half of April 1946
All member banks.
99,890
12 ,124
18 ,066
69,700
65,334
71,831
25,401
5,862
15 ,542
14 ,606
935
302
26,530
5,835
4 ,294
1 ,145
5 ,513
1 ,254
16,723
3,436
15,436
3,146
19,705
4,114
1,321
752
57
178
4 ,047
884
4 ,020
868
27
16
86
1
37,229
2,333
613
2,708
4,286
2,388
2,369
4.435
2,174
1,184
2.996
2,519
9,225
5 ,590
280
26
345
505
353
593
479
587
312
892
565
654
6 ,790
533
115
563
871
433
392
869
397
266
433
406
1 ,512
24,849
1,520
22,736
1,411
26 ,613
1,647
10,170
1,807
1,799
2,910
1,601
1,385
3,087
1,190
1,653
2,699
1,466
1,234
2,870
1,057
1,928
3,046
1,727
1,687
3,062
1,547
183
286
207
1,672
1,548
7,059
1,502
1,418
6,446
2,116
1,765
6,855
46
22
72
163
108
145
295
101
63
284
223
284
6 ,123
345
109
408
700
391
374
761
333
168
462
400
1 ,671
5 ,933
340
107
398
681
371
360
724
328
166
443
371
1 ,643
191
5
2
10
19
20
14
38
6
2
19
28
28
150
6
" 5*
38
9
13
28
20
7
21
30,296
2,597
4,575
2,212
2,620
2,224
2,701
3,788
1,751
1,341
2,114
2,498
1,875
1 ,095
95
84
15
27
134
240
70
125
70
78
130
27
4 ,509
522
963
379
458
322
325
587
187
183
177
198
208
24,692
1,980
3,528
1,818
2,135
1,767
2,137
3,131
1,438
1,088
1,860
2,169
1,641
24,016
1,891
3,395
1,765
2,086
1,700
2,072
3,071
1,404
1,062
1,838
2,131
1,601
21,399
1,819
3,198
1,570
1,826
1,534
1,907
2,630
1,277
4 ,487
348
723
364
432
307
357
599
251
209
291
330
276
3 ,785
318
631
309
351
261
305
493
212
171
231
259
244
702
31
92
55
81
45
52
106
39
38
60
72
31
65
13
27
11
4
5
1
1
1
1
Central reserve city banks:
New York
Chicago
Reserve city banks..
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
Country banks. ..
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City...
Dallas
San Francisco.
473
606
447
534
451
784
945
1,528
1,774
1,390
1,196
432
383
1,853
303
159
334
302
4,532
13,157
1,050
3,058
1,478
1,586
778
642
2,083
550
645
288
172
827
3,821
177
296
215
292
313
417
523
257
191
397
498
245
1
Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
» Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than 4 war loan and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
«Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
628
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency2
Large denomination currency2
Total
in circula-1
tion
Total
Coin
3$1
$2
$5
$10
$20
Total
$50
$100
$500
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
442
452
478
517
537
550
590
648
751
880
1,019
402
423
460
499
505
524
559
610
695
801
909
33
32
33
35
33
34
36
39
44
55
70
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
,229
,288
,373
,563
,560
,611
1,772
2,021
2,731
4,051
5,194
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4.096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
364
337
358
399
387
409
460
538
724
1,019
1,481
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
125
112
122
135
139
160
191
227
261
287
407
237
216
239
265
288
327
425
523
556
586
749
1944—November...
December. . .
1945—January
February....
March
April
May
June
July
August
September...
October
November...
December. . .
25,019
25,307
25,290
25,751
25,899
26,189
26,528
26,746
27,108
27,685
27,826
28,049
28,211
28,515
17,461
17,580
17,456
17,778
18,000
18,353
18,715
19,183
19,599
20,141
20,235
20,381
20,500
20,683
,144
,156
,150
,158
,170
,180
,196
,205
,223
,236
,243
,252
,263
,274
962
987
950
953
954
957
972
981
995
,003
,001
,000
,009
,039
78
81
77
75
73
73
73
73
73
73
72
71
71
73
129
150
102
135
132
151
2,186
2,215
2,250
2,301
2,288
2,274
2,279
2,313
5,990
5,983
5,936
6,076
6,132
6,238
6,377
6,515
6,659
6,826
6,815
6,779
6,783
6,782
157
561
730
224
837
242
974
381
900
539
837
754
814
7,911
565
8,193
511
8,400
546
8,700
592
8,816
671
9,004
9,095 7,713
9,201 7,834
1,946
1,996
2,022
2,059
2,088
126
159
132
139
180
204
2,243
2,264
2,327
4,056
4,153
4,228
4,317
4,266
4,210
4,192
4,044
4,013
4,038
4,071
4,123
4,154
4,220
546
555
566
571
550
527
513
483
472
466
464
461
457
454
981
990
990
994
965
932
909
868
847
832
825
816
811
801
1946—January
February....
March
April
,
27,917 20,126
27,954 20,139
27,879 20,045
27,885 19,997
,261
,264
,269
,280
985
982
984
987
69
68
67
66
2,217
2,211
2,191
2,173
6,568
6,570
6,547
6,509
9,027
9,044
8,986
8,981
2,316
2,322
2,327
2,337
4,224
4,248
4,267
4,309
445
443
442
439
779
772
768
773
End of year or
month
5,705
7,794
7,816
7,834
7,889
$1,000 $5,000 $10,000
5
7
7
6
17
20
30
24
9
9
10
10
10
10
9
9
Unassorted
10
7
16
18
12
32
32
60
46
25
22
10
5
8
7
5
2
4
4
3
2
23
24
21
24
23
33
33
31
32
22
21
21
20
24
3
3
3
1
1
1
1
2
2
2
2
2
2
2
22
22
22
22
3
1
1
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
* Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
Apr. 30,
against
Treasury
1946
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
.
.
...
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Ivtinor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—April 30, 1946
March 31, 1946 ..
April 30 1945
20,251
18,147
24,616
4,537
494
1 909
32,238
869
321
347
480
117
w
(4)
For
Federal
Reserve
Banks
and
agents
Money in circulation 1
Money
held by
Federal
Reserve
Apr. 30,
30, Mar. 31,
Banks and Apr.
1945
1946
1946
agents
18,147
22,104
32,238
105
54
2,815
826
334
329
24
2
138
137
122
17
5
5
1
1
260
22
4
39
5
1
1,979
830
312
303
473
115
1,917
824
309
306
479
116
1,594
772:
287
321
537
121
3,975
4,464
3,769
27,885
15,281
1 909
20,386
20,310
20,052
2,263
2,288
2,371
15,281
15,260
15,392
51
23,685
4,149
51
23,741
4,087
52
22,384
3,753
27,879
26,189
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. 621, and seasonally adjusted figures in table on p. 6302
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31»
1945.3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold 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.
JUNE 1946
629
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series1
+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
7,598
8,732
11,160
15,410
20,449
25,307
28,515
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Monthly averages of daily
figures:
1944—December
25,207
24,957
+293
1945—January
February
March
April
May
June
July
August
September
October
November.....
December
25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
+210
+360
+401
+291
+318
+ 157
+278
+558
+291
+ 122
+ 124
+ 103
1946—January
February
March
April
May
28,158
27,944
27,913
27,923
27,978
28,074
27,944
27,997
28,148
28,175
-96
-130
+53
+ 151
+27
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
Gold
stock
at end
of
period
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—May
Increase
in gold
stock
DoEarNet
marked mestic
gold
gold
gold:
deimport
or export or induccrease(—) tion1
8,238
4,202 5 1 133 9
10 125
1 887 2 1 739 0
311,258
1 132 5 1 116 6
12 760
1 502 5 1 585 5
14,512
1,751.5 1,973.6
17 644
3 132 0 3 574 2
21,995
4 351 2 4 744 5
22 737
741 8
982 4
22,726
— 10 3
315 7
21,938
— 788 5
68 9
20 619 — 1 319 0 —845 4
20,065
—553 9
— 106 3
20,270
-103.3
-18.3
20,213
—57 3
—83 8
20 152
—60 6
—7 0
20,088
-64.6
-12.3
20,073
-15.0
13.5
20,036
-36.9
-4.3
.8
20,030
-6.2
20,065
35.2
19.3
20,156
91.0
154.1
20,232
76.3
82.4
20,256
23.9
31.4
20 251
—5 2 P — 20 5
^20,242
P-9.0
(4)
3
June
July
August
September..
October....
November..
December. .
1946—January.. . .
February. ..
March
April
May
82 6
2
—85 9
—200 4
-333.5
—534 4
—644 7
—407 7
—458 4
—803 6
—459 8
-356 7
-66.9
96 0
— 100 3
-63.0
-19.0
34.6
-38.2
-4.3
-12.5
-5.8
19.7
5 15 1
27.5
92.9
110 7
131.6
143 9
148.6
161 7
170.2
169 1
125.4
48.3
35.8
34 8
2.6
2 5
2 1
3.4
2.9
3.8
4.0
3.8
4.0
(4)
(4)
(4)
(4)
P Preliminary.
Annual figures through 1944 are estimates of the United States
Mint. Annual figure for 1945 and monthly figures are those published
in table on p. 688, adjusted to exclude Philippine Islands production
received
in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and
$353 a fine ounce thereafter.
Includes gold in the Inactive Account amounting to 27 million
dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4
Not
yet available.
*
5
Gold held under earmark at the Federal Reserve Banks for foreign
account amounted to 4,249.8 million dollars on May 31, 1946. Gold
under earmark is not included in the gold stock of the United States,
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
1
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
333 other
reporting
centers
New
York
City
13.1
11.7
10.8
9 7
Year and month
Other
reporting
centers2
Total, all
reporting
centers
New
York1
City
1937
1938
1939
1940
1941.
1942—old series3
1942—new series3
1943
1944
1945 s
469,463
405 929
423,932
445 863
537 343
607,071
641,778
792,937
891 910
974 102
197,836
168 778
171,382
171 582
197,724
210,961
226,865
296,368
345 585
404 543
235,206
204 745
218,298
236 952
293,925
342,430
347,837
419,413
462,354
479 760
36,421
32 406
34,252
37 329
45,694
53,679
67,074
77,155
83,970
89 799
16.1
16.5
17.1
18 3
1945—April
May
74,139
81,724
98 024
79,163
73,208
71,169
81,616
79,401
101,577
89,132
73,963
»-87,579
87,532
29,413
33,678
41,725
33,590
29,388
28,545
34,984
32,246
45,035
38,819
30,498
35,670
37,208
37,846
40,643
47,716
38,28<5
36,767
35,718
39,006
39,255
47,774
41,977
36,210
r
43,449
42,122
6,881
7,403
8,583
7,287
7,054
6,906
7,626
7,900
8,766
8,337
7,255
8,459
8,201
17.2
18.8
22.0
17.5
14.4
16.5
18.1
18.1
23.1
18.5
16.6
17.8
19.0
June
.
July
August
September
October
November
December
1946—January
February
March
April
140
other
centers1
9.9
10.1
11.3
9.2
8.2
9.1
8.8
9.9
10.9
9.0
8.7
r
9.4
9.2
Annual rate of
turnover of demand
deposits except interbank and Government
100 other
leading
cities
New
York
City
100 other
leading
cities
193,143
164 945
167,939
167 373
193,729
200,337
258,398
298,902
351 602
215,090
186 140
200,636
217 744
270,439
308,913
369,396
403,400
412 800
29.5
25 1
21.0
17 1
17.3
18.0
20.5
22.4
24 2
22.4
19 9
19.4
18.6
19.4
18.4
17.4
17.3
16 1
25,115
28,384
36,951
29,190
24,803
26,534
29,990
28,423
37,046
34,165
27,425
32,831
33,290
32,430
34,418
41,870
32,662
30,796
30,631
33,474
34,616
41,070
35,546
31,402
36,543
36,478
20.8
21.4
28.9
25.6
19.7
22.9
22.4
23.5
31.8
28.3
25.6
27.5
27.6
15.5
15.3
18.9
16.1
13.7
14.9
14.4
16.5
19.5
16.2
16.2
16.8
16.8
rr
Revised.
Kevisea.
1
National series for which bank debit figures are
2
Annual figures for 1937-1942 (old series) include
3
available beginning with 1919.
133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
630
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Time deposits
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted1
1929—June
December
55 171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—j u n e
December
41,680
42,548
19,172
19,817
36,919
37,766
14,411
15,035
1937—j u n e
December
1938—June
December
1939—June
December
1940—June
December
57,258
56,639
56,565
58,955
60,943
64,099
66 952
70,761
30,687
29^597
29,730
31,761
33,360
36,194
38,661
42,270
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
1941—June
December
1942—June
December
1943—June
December
1944—June
December
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
1945—April
May
150,900
152,600
162,784
163,600
163,200
162,900
163,900
167,300
175,401
176.300
177,000
173,700
174,100
98,100
100,800
94 150
97,700
99,900
101,700
104,500
106,300
102,341
102,700
102,300
101,200
103,500
End of month
June
July
August
September....
October
November
December
1946—January P
February?
March?
April P
United
States
Government
deposits2
Postal
Savings
System 5
Currency
outside
banks
Total
Commercial
banks 3 <
381
158
28,611
28,189
19 557
19 4 9 2
8 905
8,'838
149
159
3 639
3,557
852
1,016
21 656
21,715
10,849
11,019
9,621
9,488
1,186
1,208
4,761
4,782
25 198
23^959
24 313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25 905
26^218
26 236
26,305
26,791
27,059
27,463
27,738
14 513
14,'779
14,776
14,776
15,097
15,258
15,540
15,777
10,125
10^170
10,209
10,278
10,433
10,523
10 631
10',658
1,267
l]269
1,251
1,251
1,261
1,278
1,292
1,303
5 489
5^638
5,417
5,775
6,005
6,401
6 699
7,325
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
10,648
10,532
10,395
10,664
11,141
11,738
12 471
13^376
1,303
1,313
1,315
1,415
1,576
1,786
2 032
2',340
8,204
9,615
10,936
13,946
15 814
18,837
20,881
23,505
126,400
127,800
137,687
138,100
137,300
136,800
137,600
141,000
148,911
150,200
150,900
147,600
148,000
73,600
76,000
69,053
72,200
74,000
75.600
78,200
80.000
75,851
76,600
76,200
75,100
77,400
9,800
8,200
24 381
20,800
17,300
14,300
11,700
13,100
24.608
24,600
25,000
22,400
20,000
43,000
43,600
44,253
45,100
46,000
46,900
47,700
47,900
48.452
49,000
49,700
50,100
50,600
26,300
26,700
27,170
27,800
28,500
29,200
29,700
29,800
30,135
30,500
31,100
31,300
31,600
14,100
14,300
14,426
14,600
14,700
14,900
15,100
15,200
15,385
15,500
15,600
15,800
15,900
2,600
2,600
2,657
2,700
2,800
2,800
2,900
2,900
2,932
3,000
3,000
3,000
3,100
24,500
24,800
25,097
25,500
25,900
26,100
26,300
26,300
26.490
26,100
26,100
26,100
26,100
Mutual
savings
banks*
P Preliminary, ilncludes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning June 1941, the commercial bank figures exclude and mutual sayings 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.
1
0
4
6
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
I
[In millions of dollars]
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
1939—Dec... 1,279
1940—Dec.. . 1,304
1941—Dec... 1,314
1942—Dec.. . 1,417
1943—Dec.. . 1,788
1944—Dec.. . 2,342
1,319
1,348
1,396
1,464
1,843
2,411
53
36
26
16
10
8
1,192
1,224
1,274
1,345
1,716
2,252
1,046
1,078
1,128
1,220
1,716
2,252
1945—Apr.. . 2,563
May. . 2,609
June.. 2,659
J u l y . . 2,720
Aug.. . 2,785
Sept... 2,836
Oct. . . 2,880
Nov... 2,909
Dec. .. 2,933
1946—Jan.... 2,981
P3,013
Feb
Mar. P 3 , 0 4 3
Apr.. . P3.062
2,646
2,696
2,751
2,809
2,867
2,921
2,968
2,999
3,022
3,073
8
8
8
7
8
8
6
6
6
5
2,463
2,518
2,574
2,625
2,674
2,737
2,780
2,809
2,837
2,886
2,463
2,518
2,574
2,625
2,674
2,737
2,780
2,809
2,837
2,886
Cash
reserve
Guar- funds,
anetc 2
teed
146
146
146
126
74
88
95
102
118
152
175
170
169
176
185
176
182
184
179
181
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
JUNE 1946
Number of banks suspended:
1934-39
1940
1941
1942 .
1943
1944...
1945
1946—Jan -May
Nonmember
banks
Member
banks
Total,
all
banks
National
291
15
22
1
4
8
9
4
1
0
0
S3
Assets
State
6
Insured
Noninsured
189
81
18
3
3
6
2
1
a
1
Deposits of suspended banks2
(in thousands of dollars) :
1934-39 .
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1945—Jan -May
5,943
256
3,726 3,144
1,702
6,223 4,982
405
0
0
5,341
346
503
79
32?
1,375
1,241
405
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.]
631
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and
call date
Total
U.S.
Government
obligations
Other
securities
Total*
27,570 17,953
28,716 19,402
30,419 20,983
34,485 25,488
54,222 45,932
73,365 65,932
83,284 75,737
93,446 85,885
101,661 93,657
109,872 101,295
9,617
9,314
9,436
8,997
8,290
7,433
7,547
7,561
8,004
8,577
Loans
Total
All banks:
1938—Dec 31
I939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
I943—Dec. 31
1944—June 30
Dec 30
I945—j u n e 30
Dec. 31
Other
Interbank
Number
of banks
Demand
Time
61,319
68,225
75,963
81,780
99,796
117,661
128,605
141,449
151,033
165,612
7,484 28,695
9,883 32,492
10,941 38,518
10,989 44,316
11 318 61,395
11,012 75,561
11,219 83,588
12,245 91,644
12,605 96,725
14,065 105,923
25 140
25,850
26,504
26,476
27 083
31,088
33,797
37 559
41,702
45,623
15,207
15,035
14,895
14,825
14,682
14,579
14,553
14,535
14,542
14,553
48,831
50,885
54,170
61,101
78,137
96,966
108,707
119,461
129,639
140,227
21,261
22,169
23,751
26,616
23,915
23,601
25,424
26,015
27,979
30,355
38,669
40,667
43.922
50,722
67,391
85,095
95,731
105,530
114,505
124,019
16,364
17,243
18,792
21,711
19,217
19,117
21,010
21,644
23,672
26,076
22,305
23,424
25,130
29,011
48,174
65,978
74.722
83,886
90,833
97,943
15,071
16,300
17,759
21,788
41,373
59,842
68,431
77,558
84,069
90,613
7,234
7,124
7,371
7,223
6,801
6,136
6,290
6,329
6,764
7,331
51,041
57,702
65,305
71,248
89,132
105,923
116,133
128,072
136,607
150,227
7,484 28,695
9 883 32,492
10,941 38,518
10,989 44,316
11,318 61,395
11 012 75,561
11,219 83,588
12,245 91,644
12,605 96,725
14,065 105,923
14,862
15 327
15,846
15,944
16,419
19 350
21,326
24,183
27,276
30,238
14,652
14,484
14,344
14,277
14,136
14 034
14,009
13,992
14,000
14,011
All insured commercial banks:
1938—Dec. 31
I939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
I943—Dec. 31
1944—June 30
Dec. 30
1945—June 30
Dec. 31
37,470
39,289
42,556
49,288
66,240
83,507
93,936
103,382
112,353
121,809
16,021
16,863
18,394
21,258
18,903
18,841
20,729
21,352
23,376
25,765
21,449
22,426
24,161
28,030
47,336
64,666
73,207
82,030
88,978
96,043
14,506
15,566
17,063
21,046
40,705
58,683
67,085
75,875
82,401
88,912
6,943
6,859
7,098
6,984
6,631
5,983
6,122
6,155
6,577
7,131
49,772
56,069
63,461
69,411
87 803
104,094
114,145
125,714
134,245
147,775
7,254 27,849
9,523 31,483
10,539 37,333
10,654 43,061
11 144 60 504
10,705 74,309
11,038 82.061
12,074 89,761
12,401 94.910
13,883 104,015
14 669
15,063
15 589
15,697
16 154
19,081
21,045
23 879
26,934
29 876
13,655
13,531
13,438
13,426
13,343
13,270
13,264
13,263
13,277
13,297
All member banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31 2
1941—Dec 31
1942—Dec. 31
I943—Dec 31
1944—June 30
Dec 30
I945—j u n e 30
Dec. 31
32,070
33,941
37,126
43,521
59,263
74,258
83,587
91,569
99,426
107,183
13,208
13,962
15,321
18,021
16,088
16,288
18,084
18,676
20,588
22,775
18,863
19,979
21,805
25,500
43,175
57,970
65,503
72,893
78,838
84,408
13,223
14,328
15,823
19,539
37,546
52,948
60,339
67,685
73,239
78,338.
5,640
5,651
5,982
5,961
5,629
5,022
5,164
5,208
5,599
6,070
43,363
49,340
56,430
61,717
78,277
92,262
101,276
110 917
118,378
129,670
7,153
9,410
10,423
10,525
11,000
10 555
10,903
11,884
12,230
13,640
24,842
28,231
33,829
38,846
54,523
66,438
73,488
79,774
84,400
91,820
11,369
11 699
12,178
12 347
12,754
15 268
16,884
19 259
21,748
24,210
6,338
6,362
6,486
6,619
6.679
6 738
6,773
6 814
6,840
6,884
All national banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec 30
1945—June 30
Dec. 31
20,903
21,810
23,648
27,571
37,576
47,499
53,343
58,308
63,177
69,312
8,469
9,022
10,004
11,725
10,183
10,116
11,213
11,480
12,369
13,925
12,434
12,789
13,644
15,845
27,393
37,382
42,129
46,828
50,808
55,387
8,691
9,058
9,735
12,039
23,744
34,065
38,640
43,292
47,051
51,250
3,743
3,731
3,908
3,806
3,648
3,318
3,490
3,536
3,757
4,137
27,996
31,559
35,787
39,458
50,468
59,961
65,585
71,858
76,533
84,939
4,499
5,898
6,574
6,786
7,400
7,159
7,402
8,056
8,251
9,229
15,587
17,579
20,885
24,350
34,499
42,605
46,879
50,900
53,698
59,486
7,910
8 081
8,329
8,322
8 570
10,196
11,304
12 901
14,585
16,224
5,224
5,187
5,144
5,117
5 081
5,040
5,036
5 025
5,015
5,017
State member banks:
1938—Dec 31
1939—Dec. 30
1940—Dec. 31 2
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec 30
. . . .
I945—j u n e 30
Dec. 31
11,168
12,130
13,478
15,950
21,687
26,759
30,244
33,261
36,249
37,871
4,738
4,940
5,316
6,295
5,905
6,171
6,870
7,196
8,219
8,850
6,429
7,190
8,162
9,654
15,783
20,588
23,373
26,065
28,030
29,021
4,532
5,271
6,088
7,500
13,802
18,883
21,699
24,393
26,188
27,089
1.897
L.920
>,074
>,155
L.980
,705
1,674
1,672
1,842
L.933
15,367
17,781
20,642
22,259
27,808
32,302
35,690
39,059
41,844
44,730
2,653
3,512
3,849
3,739
3,600
3,397
3,501
3,827
3,980
4,411
9 255
10,652
12,944
14 495
20,024
23 833
26,609
28,874
30 702
32,334
3 459
3 617
3,849
4 025
4.184
5 072
5 580
6,357
7 163
7,986
1 114
1 175
1,342
1 502
1 598
1 698
1 737
1,789
1 825
1,867
All commercial banks:
1938—Dec. 31
I939—Dec 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—June 30
Dec. 30
I945—j u n e 30
Dec. 3 1 . . .
. . . .
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the1 Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
2
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These
banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
only 8once in "all banks."
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System
of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
4
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
632
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*~Coiffi»«e<*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and
call date
Total
Loans
Total
Other
U. S.
Government
obligations
Other
securities
Total*
Interbank^
All 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—Tune 30
Dec 30
. .
1945—June 30
Dec 31
6,598
6,726
6,796
7,208
8,135
10,847
12,155
13,972
15,091
16,849
3,156
3,281
3,471
3,693
3,132
2,832
2,929
2,971
3,087
3,303
3,442
3,445
3,325
3,515
5,003
8,014
9,226
11,002
12,005
13,546
1,848
1,971
1,936
2,251
3.829
6,899
8,099
9,880
10.839
12,284
1,594
1,474
1 389
1,264
1 174
1,115
1,128
1 122
1,166
1,262
7,678
8,362
8,875
9,539
10 864
13,671
14,869
17.168
18,242
20,571
331
i n s u r e d n o n m e m b e r commercial
banks:
1938—Dec. 31
1939—Dec 30
. .
1940—Dec. 31
1941—Dec 31
1942—Dec 31
1943—Dec 31
1944—Tune 30
...
Dec 30
1945—Ture 30
Dec 31
5,399
5,348
5,429
5,774
6.984
9,258
10,360
11,824
12,940
14,639
2,813
2,901
3,074
3,241
2,818
2,556
2,648
2,678
2,790
2,992
2,586
2,447
2,356
2,533
4,166
6,702
7,712
9,146
10,150
11,647
1.283
1,238
1,240
1,509
3,162
5,739
6,752
8,197
9.170
10,584
1,303
1 209
1,116
1,025
1,004
962
960
949
979
1,063
6,409
6,729
7,032
7,702
9,535
11,842
12,880
14,809
15,880
18,119
101
1,199
1,378
1,367
1,434
1,151
1,588
1,795
2,148
2,152
2,211
343
856
565
291
1.269
L,633
1,843
L,837
1,329
1,829
230
Noriinsured n o n m e m b e r commercial
banks:
1938—Dec 31
1939—Dec 30
...
1940—Dec 31
. .
1941—Dec. 313 4
1942 Dec 31
1943—Dec 31
1944—Tune 30
.
Dec. 30
1945—Tune 30
Dec 31
All m u t u a l savings b a n k s :
1938—Dec. 31
1939—Dec 30
.
1940—Dec. 31
1941—Dec 312
....
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec 30
1945—June 30
Dec. 31
. . .
Insured mutual savings banks:
1938—Dec 31
1939 Dec 30
1940—Dec 312
1941—Dec. 31
1942—Dec 31
1943 Dec 31
1944—June 30
Dec 30
1945—Tune 30
Dec 31
.
.*.
.
Noninsured mutual savings banks:
1938—Dec 31
1939—Dec 30
1940—Dec 31
1941—Dec 31
1942—Dec. 31
1943 Dec 31
1944—June 30
Dec. 30
1945—Tune 30
Dec 31
.
..
380
397
452
982
733
696
742
311
837
1,312
1,514
1,856
1,855
1,900
667
1,160
1,347
1,682
1,668
1,700
10,162
10,218
10,248
10,379
10,746
11,871
12,976
13,931
15,134
16,208
4,897
4,926
4,959
4,905
4,698
4,484
4,414
4,370
4,307
4,279
5,265
5,292
5,289
5,474
6,048
7,387
8,562
9,560
10,827
11,928
972
461
605
637
642
740
511
724
1,329
1,655
1,693
2,007
7,525
8,489
9,223
10,063
10,846
9,190
8,889
8,593
8,686
8,739
4,345
4,487
4,708
5,071
5,361
314
276
281
292
998
969
297
265
273
239
170
153
168
174
989
473
518
464
318
457
315
362
375
426
113
116
129
145
149
135
190
171
244
360
402
335
173
307
181
171
Number
of banks
Demand
Time
3,853
4,260
4 689
5,470
6 872
9,123
10,100
11 870
12,326
14,104
3 493
3,629
3 668
3,605
3 674
4 091
4,453
4 936
5,541
6,042
8,314
8,122
7 858
7,661
7 460
7,299
7,239
7,181
7,163
7,130
3.007
3 252
3,504
4,215
5 981
7,870
8,573
9,987
10,510
12,196
3,300
3 365
3,411
3,358
3 409
3,823
4,172
4,632
5,199
5 680
7,317
7.169
6,952
6,810
6,667
6.535
6,494
6.452
6,440
6,416
193
997
846
1,008
1 185
1,255
891
1,253
1,527
1,883
1,815
1,908
264
257
953
906
247
851
265
269
281
304
793
764
745
729
343
362
72.3
714
200
2,358
2,362
2,452
2,883
3,102
3,224
3,700
4,559
6,090
7,306
8,328
9,588
10,682
2,382
2,190
2,065
1 774
1,489
1,297
1,257
1 232
1,240
1,246
10,278
10,523
10,658
10 532
10,664
11,738
12,471
13 376
14,426
15,385
10,278
10 523
10,658
10 532
10 664
11,738
12,471
13 376
14,426
15,385
555
5S1
551
548
546
545
544
543
542
542
48
187
204
182
3,073
3,111
3,110
3,089
3,081
1,018
1,050
1,267
4,452
5,378
6,113
6,974
7,765
280
422
548
629
861
3,844
4,752
5,509
6 368
7,160
232
303
470
421
405
608
626
604
607
606
1,012
1 409
1 818
1,789
2 048
7 534
8,235
8 910
9 671
10,363
1 012
1 409
1 818
1,789
2 048
7 534
8,235
8 910
9 671
10,363
53
52
56
184
192
192
192
192
4,436
4,321
4,322
4,263
3,958
1,411
1,302
1,260
1,218
1,198
4,754
4,568
4,271
4,424
4,781
2,935
3,185
3,448
3,853
4,163
2,603
2,680
2,676
3,071
3,698
2,246
2,554
2,819
3,220
3,522
2,150
1 887
1,595
1 353
1,084
9,266
9 114
8,840
8 743
8,616
4 204
4 236
4,466
4 754
5,022
9 266
9 114
8,840
8 743
8,616
4 204
4,236
4,466
4 754
5,022
507
500
498
496
490
361
352
351
3 SO
350
689
631
629
633
641
For footnotes see page 632.
JUNE 1946
633
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
Total
loans
and
investments
All insured commercial banks:
1938—Dec. 31. .. 37,470
1940—Dec. 3 1 . . . 42,556
1941—Dec. 3 1 . . . 49,288
1942—Dec. 31. .. 66,240
1943—Dec. 3 1 . . . 83,507
1944—June 30. . . 93,936
Dec. 30. .. 103,382
1945—June 30. .. 112,353
Dec.31.... 121,809
Member banks,
total:
32,070
1938—Dec. 31.
1940—Dec.
31 .. 37,126
1941—Dec. 31 2 . . 43,521
1942—Dec. 31. .. 59,263
1943—Dec. 31. .. 74,258
1944—June 30. . . 83,587
Dec. 30. . . 91,569
1945—June 30. .. 99,426
D e c . 3 1 . . . 107,183
New York City:3
1938—Dec. 31. .. 8,335
1940—Dec. 3 1 . . . 10,910
1941—Dec. 31. .. 12,896
1942—Dec. 31. .. 17,957
1943—Dec. 31. .. 19,994
1944—June 30. . . 22,669
Dec. 30. .. 24,003
1945—June 30. . . 25,756
Dec. 3 1 . . . 26,143
Chicago:3
1938—Dec. 31. ..
1940—Dec. 31. . .
1941—Dec. 31. ..
1942—Dec. 3 1 . . .
1943—Dec. 31. ..
1944—June 30. . .
Dec. 30. ..
1945—June 30. ..
Dec. 3 1 . . .
Reserve city banks:
1938—Dec. 31. ..
1940—Dec. 31. ..
1941—Dec. 3 1 . . .
1942—Dec. 31. ..
1943—Dec. 3 1 . . .
1944—June 30. . .
Dec. 30. ..
1945—June 30. ..
Dec. 3 1 . . .
Country banks:
1938—Dec. 31. ..
1940—Dec. 31. ..
1941—Dec. 31. ..
1942—Dec. 31. ..
1943—Dec. 3 1 . . .
1944—June 30. ..
Dec. 30. . .
1945—June 30. ..
Dec.31...
Insured non-
Commercial,
includ- Agriculing
tur-1
Total open- al
market
paper l
16,021
18,394
21,258
18,903
18,841
20,729
21,352
23,376
25,765
5,636
7,178
9,214
7,757
7,777
7,406
7,920
7,501
9,461
1,060
1,281
1,450
1,642
1,505
1,474
1,723
1,632
1,314
13,208
15,321
18,021
16,088
16,288
18,084
18,676
20,588
22,775
5,179
6,660
8,671
7,387
7,421
7,023
7,531
7,095
8,949
712
865
972
3,262
3,384
4,072
4,116
4,428
5,479
5,760
7,069
7,334
1,594
2,125
2,807
2,546
2,515
2,430
2,610
2,380
3,044
5
6
8
21
24
64
30
53
539
1,969
2,377
696
2,760
954
832
3,973
4,554 1,004
5,124 1,064
5,443 1,184
5,730 1,250
5,931 1,333
335
492
732
658
763
710
738
671
760
17
5
6
6
6
11
17
13
2
1,089
1,023
1,023
1,198
1,125
Investments
Loans for
purchasing
orcai-rying
securities
To
brokTo
ers
and othdeal- ers
ers
1,002
663
614
950
1,414
2,221
2,269
3,113
3,164
973
642
594
934
1,398
2,200
2,249
3,089
855 3,133
787
465
412
787
885
727
662
597
922
2,296
2,265
3,601
3,606
775
652
598
538
839
2,130
2,108
3,407
3,378
Obliga-
Reales- Con- Other
tate sumer loans Total
loans loans
tions
of
States
Other
CerGuar- a n d secutifian- politi- rities
Bills cates Notes Bonds teed cal
of insubdebtdiviedsions
ness
Direct
Total
290
662
988
3,857
4,468
4,773
4,646
4,437
4,364
4,343
4,413
4,677
3,583
4,077
4,545
2,269 1,042
1,868 918
1,862 1,106
1,888 944
2,108 1,008
2,361 1,181
21,449
24,161
28,030
47,336
64,666
73,207
82,030
88,978
96,043
14,506
17,063
21,046
40,705
58,683
67,085
75,875
82,401
88,912
2,716
3,228
3,494
3,423
3,274
3,207
3,209
3,248
3,455
2 853
3,273
3,692
1,847 870
1,484 848
1,467 1,033
1,505 877
1,688 934
1,900 1,104
18,863
21,805
25,500
43,175
57,970
65,503
72,893
78,838
84,408
13,222
15,823
19,539
37,546
52,948
60,339
67,685
73,239
78,338
3,389 7,208 2,340
2 *594 9*091 3,486
3,007 11 729 3,832
5,409 18,948 2,540
6,906 27,265 2,345
10,640 30,118 887
14,127 34,927 902
33
14,723 40,266
16
14,271 44,792
2,448
3,013
3,090
2,965
2,729
2,834
2,857
3,102
3,254
3,192
2^970
2 [871
148
153
251
179
223
298
5,072
7,527
8,823
13,841
15,566
17,190
18,243
18,687
18,809
158
3,857
1 142 1 663 894
6,044
207
1^245 2,'977 1,615
311
7,265
1 623 3,652 1,679
12,547 1,855 2,144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
16,157 1,258 4,242 2,805 7,650 201
17,179 913 3,740 3,745 8,592 189
424 3,538 3,607 9,920
2
17,492
1
17,574 477 3,433 3,325 10,337
517
695
729
593
444
456
468
567
606
698
788
830
701
558
577
596
629
629
18
14
40
34
34
40
1,430
1,681
1,806
3,141
3,550
4,060
4,258
4,480
4,598
1,114
1,307
1,430
2,789
3,238
3,688
3,913
4,130
4,213
59
297
256
397
199
367
250
127
133
141
188
182
166
158
204
160
154
181
176
186
193186
155
1691
185
196
204
5,018
5,204
6,467
13,038
19,682
22,484
25,042
27,523
29,552
57
103
295
312
301
350
313
315
404
6,691
7,081
8,243
14,813
21,321
24,183
26,781
29,417
31,594
1,224 2,997 740 808
984
771 3,281 1,049
956
751 4,248 1,173
811
954
1,723 6,810
2,497 9,943 749 913
402
963
3,893 10,689
5,181 11,987 440 1,000
10
5,689 13,906
1,100
5 1,126
5,653 15,878
866
893;
820>
821
726
735
740>
794
916
5,669
5,517
6,628
11,380
17,534
20,071
23,610
26,253
29,407
11
732 1,893
3,233
3,269
45
433 2,081
110
481 2,926
4,377
671 1,251 1,240 5,436
9,172
15,465 1,032 3,094 2,096 8,705
18,009 926 3,362 3,355 10,114
882 3,466 4,422 12,540
21,552
762 4,194 4,613 14,504
24,094
26,999 630 5,102 4,544 16,713
220
190
169
193
323
751
859
121
130
123
117
107
93
86
76
80
535
468
554
303
252
232
253
270
287
70
54
52
32
52
130
163
299
233
12
19
22
23
22
21
24
23
36
6v3
84
96
62
45
49
45
50
51
1,054
1,657
1,742
2,528 1,539
2,453 1,172
43
42
48
34
102
102
163
159
211
U. S. Government obligations
11,654
13,013
15,347
20,915
27,521
30,943
33,603
36,572
40,108
4,963
5,931
7,105
6,102
6,201
6,761
6,822
7,155
8,514
2,063
2,589
3,456
2,957
3,058
2,787
3,034
2,883
3,661
207
263
300
290
279
277
348
304
205
10,113
10,826
12,518
16,419
22,188
24,850
28,520
31,368
35,002
4,444
5,309
5,890
5,038
4,654
4,780
4,910
5,114
5,596
1,186
1,453
1,676
1,226
1,084
1,096
1,149
1,162
1,484
483
590
659
772
713
671
802
755
648
25
21
20
17
25
33
32
32
42
243
201
183
161
197
345
310
422
471
1,353
1,644
1,823
1,797
1,725
1,708
1,719
1,771
1,881
674
528
536
547
611
707
5,399
5,429
5,774
6,984
9,258
10,360
11,824
12,940
14,639
2,813
3,074
3,241
2,818
2,556
2,648
2,678
2,790
2,992
457
518
543
370
356
383
389
406
512
348
416
478
553
482
452
525
506
459
28
21
20
16
16
21
21
24
31
110
75
64
59
82
166
156
193
228
1,141
1,240
1,282
1,225
1,165
1,159
1,136
1,167
1,224
730
2,586 1,283
803
2,356 1,240
854
2,533 1,509
422
173 4,166 3,162
385
70 6,702 5,739
395
73 7,712 6,752
383
67 9,146 8,197
420
74 10,150 9,170
460
77 11,647 10,584
119
242 1,230
115
207 1,436
114
194 1,527
97
153 1,486
217
267 1,420
409
903 1,385
311
777 1,379
371 1,147 1,378
427 1,503 1,459
1,101
1 322
1,512
808
658
650
660
757
855
1,154
1,400
1,530
393
381
392
351
362
363
4,462
4,636
4,708
3,971
2,831
2,455
286
652
971
4,363
4,360
4,466
3,748
2,633
2,275
1,441
1,802
1,914
1,704
1,320
1,034
3,648
2,756
3,159
6,727 5,799
13 J218 7,672
15,466 11,834
15,300 15,778
17,204 16,454
19,071 16,045
6,285
12,071
14,228
13,982
15,584
16,985
637
877
1,038
1,045
1,253
1,467
2 253
4J691
5,586
5,730
6,598
6,982
291
145
153
391
484
587
779
814
749
8,000
9,925
12,797
20,999
30,656
34,114
39,848
45,870
51,321
655
752
903
1,282
1,602
1,665
1,809
1,936
1,864
2,568
3,719
4,102
2,718
2,501
963
978
43
22
109
112
119
83
74
31
31
597
710
861
574
538
252
241
21
9
3,011 3,932
3,608 3,491
3,651 3,333
3,533 3,098
3,287 2,696
3,393 2,730
3,422 2,733
3,684 2,892
3,873 3,258
2,664
2,294
2,331
2,350
2,497
2,815
982 1,453
1,146 1,102
1,222 1.02&
1,252 9 5 6
1,214 855
1,212 849*
1,230 829*
1,281 8781,342 1,067?
member com-
mercial banks:
1938—Dec. 3 1 . . .
1940— Dec. 3 1 . . .
1941—Dec. 31. . .
1942—Dec. 3 1 . . .
1943—Dec. 31. ..
1944—June 30. . .
Dec. 30. . .
1945—June 30. . .
Dec.31. ..
4
10
17
99 " ' 4 4 2
276 1,147
242 1,238
223 1,319
198 1,620
180 2,087
259
162
152
390
766
1,194
1,652
1,731
1,774
793
834
1,069
2,053
3,395
4,002
4,928
5,611
6,538
228
234
271
179
156
76
76
10
6
563
595
563
569
560
560
566
584
619
739*
521
462'
435*
403
400?
383
396
443*
* These figures do not include data for banks in possessions of the United States and therefore differ from those published, by the Federal
Deposit
Insurance Corporation.
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered!
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items*
for Dec.
31, 1945, may not be entirely comparable with prior figures.
2
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These
banks
are included in "member banks" but are not included in "all insured commercial banks."
3
Central reserve city banks.
634
FEDERAL RESERVE BULLETIN;
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposits
Re-
Class of bank
and
call date
AH insured commercial banks:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
serves
Cash
with
Federal in
vault
Reserve
Banks
DeBalances mand
dewith
posits
do-^
ad- 5
mestic4 justed
banks
Interbank
deposits
DoFormestic4 eign
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
U.S.
IndiGov- States
viduals
ernand
partner- Inter- ment
ships, bank and political
and corPostal subdiporaSavvisions
tions
ings
8,694
13,992
12,396
13,072
12,834
12,812
14,260
14,806
15,810
950
5,663
1,234 8,202
1,358 8,570
1,305 9,080
1,445 8,445
1,464 8,776
L.622 9,787
1,474 9,959
1,829 11,075
25,198
33,820
37,845
48,221
59,921
59,197
65,960
68,048
74,722
503
838
6,595
702
666
9,677
673 1,762
9,823
813 8,167
10,234
893 9,950
9,743
940 18,757
10,030
948 19,754
11,063
11,217 1,119 23,478
12,566 1,248 23,740
2,942
3,298
3,677
3,996
4,352
4,402
4,518
4,698
5,098
1,077
1,219
1,669
1,550
1,354
1,240
2,585
36,544
47,122
58,338
57,351
64,133
65,494
72,593
31. .
31. .
31 2 .
31. .
31. .
30. .
30. .
30. .
31. .
8,694
13,992
12,396
13,072
12,835
12,813
14,261
14,807
15,811
4,240
6,185
6,246
6,147
5,450
5,799
6,354
6,486
7,117
22,293
30,429
33,754
42,570
52,642
51,829
57,308
59,133
64,184
790
501
6,510
700
616
9,581
671 1,709
9,714
811 7,923
10,101
891 9,444
9,603
937 17,634
9,904
945 18,509
10,881
11,064 1,106 21,967
12,333 1,243 22,179
2,386
2,724
3,066
3,318
3,602
3,638
3,744
3,877
4,240
547
913
1,087
1,019
1,132
1,143
1,271
1,150
L,438
1,009
1,142
1,573
1.460
1,251
1,138
2,450
New York City:*
1938—Dec. 31
1940—Dec! 31. .
1941—Dec. 31.
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
4,104
7,057
5,105
4,388
3,596
3,455
3,766
3,879
4,015
68
102
93
72
92
85
102
89
111
109
122
141
82
61
60
76
64
78
7,168
11,062
10,761
11,899
13,899
13,254
14,042
14,643
15,065
884
902
821
811
899
929
942
35
42
43
39
38
41
43
33
36
235
319
298
164
158
179
177
180
200
1,688
1,941
2,215
2,557
3,050
3,070
3,041
3,152
3,153
1,090
1,132
1,174
1,292
2,354
4,027
4,060
4,940
5,116
5,109
5,687
5,882
6,326
321
396
425
365
391
399
441
396
494
1,940
2,741
2,590
2,202
1,758
1,922
2,005
2,029
2,174
7,214
9,581
11,117
14,849
18,654
18,405
20,267
20,682
22,372
2,719
3,919
4,302
4,831
4,770
4,757
5,421
5,510
6,307
63
63
65
70
90
110
1,982
3,373
6,453
6,157
7,655
8,221
1,353
1,857
2,210
2,842
3,303
3,438
3,909
4,117
4,527
322
452
526
542
611
618
684
632
796
1,956
3,002
3,216
3,699
3,474
3,638
4,097
4,213
4,665
446
6,224
633
7,845
790
9,661
957
13,265
994
17,039
951
17,099
19,958 1,149
20,656 1,108
23,595 1,199
2
2
2
4
5
5
8
8
8
143
151
225
204
243
271
287
313
322
352
324
391
1,423 2,904
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
2,978 7,368
3,434 8,652
3,473 8,915
3,959 10,537
85
95
108
133
141
126
182
153
233
2
3
2
2
2
3
3
13
5
jMember banks,
total:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
4945—June
Dec.
Chicago : 3
1938 Dec 31
1940—Dec. 3 1 . .
^941—Dec. 31. .
1942—Dec. 31
1943—Dec. 31.'.
1944—June 30. .
Dec. 30. '.
4945—Tune 30
Dec. 31. .
Reserve city banks:
1938—Dec. 3 1 . .
4940—Dec. 3 1 . .
4941—Dec. 3 1 . .
1942—Dec. 3 1 . .
4943—Dec. 3 1 . .
4944—June 30. .
Dec. 30. .
4945—June 30. .
Dec. 31. .
Country banks:
4938—Dec. 3 1 . .
1940—Dec. 3 1 . .
4941—Dec. 3 1 . .
4942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
1,051
1,021
746
991
437
2,687
4,032
641
607
3,595
3,209
733
2,867
810
852
3,105
851
3,179
989
3,271
3,535 1,105
658
997
1,027
1,105
972
139
48
866
595 23,475
971 32,398
70
86
69
59
61
124
108
109
105
103
575
522
492
397
395
407
423
482
496
14,009
14,998
15,146
15,697
18,561
20,530
23,347
26,346
29,277
18
11
10
10
46
84
122
65
215
21,119
29,576
33,061
42,139
51,820
50,756
56,270
57,417
62,950
142
141
140
87
62
63
58
61
64
61
56
50
56
120
104
105
102
99
462
435
418
332
327
333
347
392
399
10,846
11,687
11,878
12,366
14,822
16,448
18,807
21,254
23,712
6 5,424
3 5,698
4 5,886
5 6,101
39 6,475
75 6,696
111 6,968
52 7.276
208 7,589
6
5
6
3
4
11
11
16
17
5
7
7
8
10
36
51
29
23
26
17
17
19
20
652
768
778
711
816
861
977
1,593
1,615
1 ^648
1,727
1,862
1,907
1,966
2,023
2,120
5
9
8
4,186
3,395
6,150
6,722
7,618
6,940
280
370
319
263
252
213
199
229
237
1,338
7,273
11,357
11,282
12,501
14,373
13,740
14,448
14,789
15,712
9
83
8
90
8
127
665
12
713
14
15 1,105
16 1,400
19 1,499
20 1,552
181
174
233
178
174
218
167
193
237
29
27
34
38
44
41
33
29
66
1,597
1,905
2,152
2 588
3,097
3,040
3,100
3,124
3,160
53
49
54
424
327
491
1,090
1,962
3,926
4,230
5,195
5,465
195
471
450
448
710
722
361
341
157
160
158
97
68
68
64
66
IndiCapividuals Bortal
partner- rowacships, ings counts
and corporations
2
2
1
1
1
1
1,082
1,206
29
64
96
40
195
452
496
476
453
505
543
619
663
719
6,434
6,673
6,841
7,055
7,453
7,709
7,989
8,340
8,671
257
270
288
304
326
343
354
362
377
1,144
1,319
1,448
1,464
1,509
1,516
L.763
170
7,034
228
9,468
286 11,127
385 15,061
475 18,790
384 18,367
488 20,371
422 20,559
611 22,281
113
107
104
63
41
37
33
31
30
17
19
20
22
56
45
40
39
38
269
226
243
169
151
158
154
166
160
1,128
1,184
L.37O
L,558
1,727
1,743
,868
1,939
2,004
154
5,215
187
6,846
239
8,500
272 11,989
344 15,561
314 15,609
369 18,350
346 18,945
435 21,797
23
29
30
20
17
15
14
14
17
44
33
31
32
56
52
57
54
52
147
5,509
150
5,917
146
6,082
140
6,397
149
7,599
157
8,477
175
9,650
207 10,981
219 12,224
6 1,798
3 1,909
4 1,982
3 2,042
10 2,153
11 2,239
16 2,321
9 2,440
11 2,525
48
58
68
76
96
90
103
101
135
15
18
18
10
6
5
6
5
6
25
13
8
5
4
4
4
4
4
113
87
74
65
68
74
76
90
97
11
8
6
5
6
9
10
13
796
995
4,233
4,505
4,542
4,805 " 2
5,902
6,567
7,561
8,529 " 3
2
9,563
1,777
1,904
1,967
2,028
2,135
2,207
2,327
2,450
2,566
Insured nonm e m b e r commercial b a n k s :
1938—Dec 31
1940—Dec. 3 1 . .
1941—Dec 31
1942—Dec 31
1943—Dec. 3 1 . .
1944—June 30
Dec 30
1945—June 30. .
Dec. 31. .
48
50
53
243
506
1,124
1,245
1,511
1,560
555
574
611
678
750
764
775
820
858
2,356
2,822
3,483
4,983
6,518
6,595
7,863
8,078
9,643
3,163
3,311
3,276
3,339
3,750
4,094
4 553
5,105
5,579
1,010
975
956
955
979
1,015
1,022
1,065
7 1,083
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
,"525 million
at all insured commercial banks.
8
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 634.
Back figures.—See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113.
JUNE
1946
635
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Total—101 Cities
57,271 11,039 5,989
1945—April
Investments
For purchasing
or carrying securities
To brokers
and dealers
T o others
U. S. Government obligations
Real- Loans
estate to Other Total
loans banks loans
U.S.
U. S.
Govt. Other Govt Other
seobobliga- curi- liga- curitions ties tions ties
881
Total
Bills
CerOther
tificates
Guar- secuof in- Note; Bond; an- rities.
debtteed
edness
651
350 1,041
76 1,296 46,232 43,15:
1,706 11,143 7,412 22,564
327 3,080
1945—December... 67,75: 15,746
7,148 1,881
854 2,560
434 1,086
99 1,684 52,006 48,710 1,958 11,196 9 080 26,464
12 3,296
1946—January..
February,
March.. .,
April
68,066
68,124
66,928
65,360
7,272
7,368
7,475
7,511
1,675
1,568
1,756
1,491
774 2,345
70.1 2,137
711 1,986
743 1,869
432
441
431
423
1946—Feb. 27
68,148 15,178
15,36
15,14:
15,340
15,128
755
1,102
1,120
1,140
1,169
63 1,704 52,699 49,325 1,849 12,518
75
52,982 49,576 !l,565 12,853
61
51,588 48,146 1,119 12,393
76 1,846 50,23 46,803 1,230 11,322
7,981
7,924
7,502
7,033
26,968
27,226
27,126
27,210
3,374
3,406
3,442
3,429
7,382 1,655
690 2,082
438 1,129
55 1,747 52,970 49,518 1,517 12,860 7,900 27,234
3,452
Mar. 6
Mar. 13
Mar. 20
Mar. 27
67,689
67,749
66,298
65,975
15,036
15,221
15,411
15,690
7,458
7,486
7,491
7,464
1,480
1,655
1,824
2,066
674 2,031
690 2,006
721 1,959
757 1,948
440
430
428
426
1,130
1,136
1,140
1,152
61 1.762 52,653 49,222 1,415 12,669 7 910 27,222
55 1.763 52,528 49,088 1,268 12,686 7,898 27,230
60
50,887 47,458 1,008 12,272 7,153 27,019
68 1,809 50,285 46,818
785 11,944 7 ,049 27,034
3,431
3,440
3,429
63,467
Apr.
Apr.
Apr.
Apr.
3
10
17
24
65,247
65,338
65,515
65,340
15,272
15,224
15,025
14,992
7,506
7,560
7,509
7,468
1,575
1,586
1,414
1,388
779
719
720
757
1,917
1,875
1,854
1,830
417
422
425
427
1,157
1,163
1,170
1,185
86
60
81
77
May
May
May
May
1....
8....
15....
22....
64,43.
64,06
64,071
64,160
15,053
14,911
14,815
14,812
7,473
7,456
7,461
7,467
1,400
1,349
1,342
1,294
804
754
715
718
1,780
1,747
1,702
1,671
444
435
442
457
1,195
1,206
1,214
1,221
91
100
65
91
699
580
230
1,835
1,839
1,852
1,860
49,975
50,114
50,490
50,348
1,039
1,243
1,376
1,262
11,345
11,252
11,346
11, 344
7,057
7,045
7,029
7,002
27,088
27,142
27,292
27,320
9 3,437
3,425
r3,440
•3,413
1,866 49,380 45,993 1,052 10,626 6,906 27,402
45,777
1,
984 10,479 6,890 27,418
1,874 49,256 45,871 1,220 10,361 6,856 27 ,427
1,893 49,348 45,965 1,262 10,445 6,782 27 ,469
3,387
3,3793,385
3,383
46,538
46,689
47,050
46,935
New York City
1945—April
20,27'
4,392
2,301
307 15,885 14,834
423 3,7102,612
8,032
57 1,051
1945—December..
23,875
6,837
2,792 1,529
632 1,091
194
65
72
462 17,038 15,958
580 3,155 2,916
9,305
1,080
1946—January....
February...
March
April
23,754 6,412
23,702 6,305
23,189 6,483
22,521 6,213
2,837
2,908
2,981
3,003
570
522
527
541
918
816
728
664
185
195
190
186
63
64
67
65
45
60
48
64
477
483
507
527
553
438
199
420
3,492 2,699
3,582 2,747
3,449 2 ,573
2,993 2,307
9,498
9,532
9,386
9,502
1.09&
1,097
1,098
1,085
17,342
17,397
16,706
16,308
16,244
16,300
15,608
15,223
6,365 2,928 1,349
510
790
194
65
40
489 17,355 16,229
365 3,599 2,771 9,493
23,514 6,211
23,641 6,386
22,837 6,542
22,765 6,796
2,976
2,994
2,985
2,971
1,176
1,341
1,499
1,724
498
508
536
564
759
740
711
703
192
189
185
193
67
66
69
66
45
45
45
58
498
503
512
517
17,303
17,255
16,295
15,969
16,200
16,156
15,206
14,870
283
212
189
111
3,627 2,807
3,694 2 ,818
3,349 2,365
3,127 2,304
9,482
9,431
9,302
9,327
1,103
1,0991,089
l099
3 . . . . 22,461 6,344
22,476 6,298
10
22,590 6,132
17
24
22,558 6,078
3,004
3,034
3,003
2,971
1,247
1,244
1,099
1,062
560
528
527
548
691
669
653
644
184
185
187
189
65
65
65
65
72
46
70
67
521
527
528
532
16,117
16,178
16,458
16,480
15,027
15,091
15,366
15,4061
311
389
505
473
2,987
2,956
2,997
3,031
2,351
2,309
2,285
2,283
9,377
9,436
9,578
9,618
1,090,
1,087
1,092
1,074.
6,090
6,023
5,913
5,883
2,949
2,933
2,925
2,910
1,069
1,067
1,059
1,016
557
532
496
496
633
623
591
576
204
197
203
215
66
66
66
63
79
90
53
74
533
515
520
533
16,055
15,929
16,002
16,153
15,042
14,913
14,976
15,123
341
255
386
477
2,804
2,749
2,729
2,815
2,224
2,208
2,130
2,071
9,672
9,700
9,730
9,759
1,013
1,016,
1,026
1,030*
36,994 6,647
421
204
1946—Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr.
Apr.
Apr.
Apr.
1,317
1,257
1,435
1,163
65
May 1 . . . .
May 8
May 1 5 . . . .
May 22
Outside
New York City
1945—April
23,720
22,145
21,952
21,915
22,036
1,126,
3,688
182
175
976
989 30,347 28,318 1,283 7,433 4,800 14,532
270 2,029'
1945—December.. 43,877 8,909 4,356
352
222 1,469
240 1,021
1,222 34,968 32,752 1,378 8,041 6,164 17,159
10 2,216-
8,955
8,837
8,857
8,915
4,435
4,460
4,494
4,508
358
311
321
328
204 ,427
181 ,321
184 ,258
202 ,205
247
246
241
237
1,227 35,357 13,081 1,296 9,026 5,282 17,470
1,247 35,585 13,276 1,127 9,271 5,177 17,694
1,273 34,882 12,538 920 8,944 ,929 17,740
1,319 33,924 11,580
810 8,329 4,726 17,708
2,276.
2,309.
2,344.
2,344
1946—January
February...
March
April
44,312
44,422
43,739
42,839
1946—Feb. 27
44,428
8,813
4,454
306
180
,292
244 1,064
Mar. 6
Mar. 13
Mar. 20
Mar. 27
44,175
44,108
43,461
43,210
8,825
8,835
8,869
8,894
4,482
4,492
4,506
4,493
304
314
325
342
176
182
185
193
,272
,266
,248
,245
248
241
243
233
1,063
1,070
1,071
1,086
1,264
1,260
1,276
1,292
35,350
35,273
34,592
34,316
13,022 1,132 9,042 ,103
12,932 1,056 8,992 5,080
12,252 819 8,923 4 ,788
11,948 674 8,817 4,745
17,740
17,799
17,717
17,707
2,328.
2,341
2,340*
2,368
3 . . . . 42,786 8,928 4,502
42,862 8,926 4,526
10
42,925 8,893 4,506
17
42,782 8,914 4,497
24
328
342
315
326
219
191
193
209
,226
,206
,201
,186
233 1,092
237 ,098
238 ,105
238 ,120
1,314
1,312
1,324
10 1,328
33,858
33,936
34,032
33,868
11,511
11,598
11,684
11,529
728
854
871
789
8,358
8,296
8,349
8,313
4,706
4,736
4,744
4,719
17,711
17,706
17,714
17,702
2,347
2,338,
2,348
2,339.
4,524
4,523
4,536
4,557
331
282
283
278
247
222
219
222
1,147
1,124
1,111
1,095
240 ,129
238 ,140
239 ,148
242 1,158
1,333
1,349
1,354
17 1,360
33,325
33,227
33,254
33,195
10,951
10,864
10,895
10,842
711
729
834
785
7,822 4 ,682
7,730 4 ,682
7,632 4,726
7,630 4 ,711;
17,730
17,718
17,697
17,710
2,374.
2,363
2,359
2,353,:
Apr.
Apr.
Apr.
Apr.
May 1 . . . .
May 8 . . . .
May 1 5 . . . .
May 2 2 . . . .
42,288
42,115
42,156
42,124
8,963
8,888
8,902
8,929
1,039
1,056
1,073
1,104
1,258 35,615 13,289 1,152 9,261 5,129 17,741
2,326,
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
636
FEDERAL RESERVE BULLETIN.-
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
DeBalwith
ances mand
Fed- :ash with
deeral
do- posits
Remestic ad- 1
banks justed
serve
Banks
Date or month
Time deposits,
except interbank
IndiIndividvid- States
Certiuals, States
uals,
and
fied
and
part- politU. S. part- politand
nerGov- nerical
offiical
ships, subern- ships subcers'
and
ment and dividivichecks,
corcoretc.
pora- sions
pora- sions
tions
tions
Interbank
deposits
Domestic
Capbanks
U. S.
Bank
Borital
Govdebrowacernits2
For- ings counts
ment
eign
and
Postal De- Time banks
Sav- mand
ings
Total 101 Cities
1945—April
9,806
578 2,130 38,231 38,202 2,096
853 7,690 8,109
104
9,035
1945—December...
10,223
643 2,507 37,S91 37,884 1,957
1,359 16,242 9,200
100
10,795
1,145
34!
4,959 78,116
1946—January
February...
March
April
10,21
10,060
9,930
9,862
592 2,431 37,648 37,888
580 2,271 37,665 37,822
569
37,386 37 ,413
568
37,412 37,329
1,254
1,170
1,167
1,258
16,237 9,372
16,377 9,482
15,119 9,567
13,725 9,632
102
119
126
130
10,790
10,121
9,787
9,543
1,189
1,221
1,240
1,264
200
303
508
360
4,99.
5,031
5,059
5,093
1,997
2,144
2,177
2,296
46
955
327 4,718 57,545
69,711
58,827
69,374
69,768
1946—Feb. 27
9,992
597 2,268 37,61037,741 2,160
1,092 16,481 9,526
123
10,026
1,214
275 5,035 12,933
Mar. 6
Mar. 13
Mar. 20
Mar. 27
9,911
10,051
9,886
9,871
551
593
562
569
2,243
2,237
2,110
2,071
37,387
^7,606
37, 435
"
37,116
37,286
37,950
37 ,426
36,990
2,142
2,150
2,165
2,243
1,068
1,205
1,192
1,202
15,843 9,554
15,637 9,563
14,459 9,569
14,536 9,582
123
126
126
127
10,099
10,008
9,690
9,352
1,226
1,238
1,244
1,251
361
626
429
614
9,807
9,816
9,86?
9,958
536
580
564
591
2,116
2,157
2,226
2,141
36,553
37,259
37,748
38,089
36,320
37,126
37,912
37 959
2,281
2,288
2,308
2,308
1,410
1,131
1,300
1,188
14,008 9,597
13,923 0,622
13,637 9,638
13,334 9,670
131
128
130
130
9,629
9,531
9,634
9,378
1,269
1,267
1,259
1,258
628 5,084 18,768
268 5,093 14,981
261 5,093 16,143
5,103 14,504
10,152
10,123
10,045
9,978
541
569
558
574
2,154
2,128
2,254
2,118
38,242
38,251
38,348
38,
38, 727
38 ,041
37,770
38 ,690
38,581
2,456
2,398
2,381
2,345
1,565
1,175
1,219
1,206
12,363 9,704
11, <
,740
11,922 9,765
11,666 9,785
129
131
130
129
9,505
9,422
9,540
9,247
1,280
1,279
1,252
1,252
198
181
77
122
New York City
1945—April
3,619
95
471
1945—December ..
3,636
1946—January... .
February. . .
March
April
3,654
3,628
3,563
3,577
91
94
87
87
1946—Feb. 27
3,603
100
Mar. 6
Mar. 13
Mar. 20
Mar. 27
3,527
3,575
3,551
3,598
85
90
83
89
Apr.
Apr.
Apr.
Apr.
3
10
17
24
3,595
3,533
3,549
3,629
83
91
S3
90
May 1
May 8
May 15
May 22
3,810
3,711
3,679
3,648
85
90
83
Apr.
Apr.
Apr.
Apr.
3. .
10.
17
24
May 1
May 8
May 15
May 22
.
110
58
27
27
25
29
5,055
5,056
5,061
5,065
5,119
5,126
5,124
5,128
16.4S6
14,516
16,828
14,933
17,708
15,051
14,991
15,276
14,121 14,485
233
2,869
857
131 1,816 25,115
13,548 14,001
194
6,361 1,090
10 3,335
1,016
240 1,900 37,046
13,534
13,600
13,445
13,563
13,934
13,950
13,790
13,898
214
264
230
254
6,263 1,118
712 6,252 1,132
701 5,723 1,137
768 5,159 1,148
3,356
3,141
3,014
2,999
1,059
1,092
1,114
1,132
119
143
322
136
13,643 13,991
262
628 6,266 1,141
10 3,091
13,489
13,460
13,386
13,445
13,788
13,889
13,691
13,794
213
244
227
236
627
744
706
725
6,012
5,928
5,467
5,486
1,134
1,135
1,136
1,142
3,118
3,082
2,992
2,864
13,377
13,425
13,58
13,864
13,653
13,759
13,998
14,182
253
259
244
261
906
669
803
694
5,265
5,240
5,127
5,004
1,144
1,145
1,147
1,155
2,996
2,976
3,075
2,948
13,887
13,863
13,827
14,091
14,255
14,086
14,279
14,401
322
263
284
262
986
695
712
720
4,609 1,172
4,485 1,187
4,449 1,190
4,348 ,191
3,113
2,969
3,017
2,946
3,163
966
18
1,922
1,937
1,943
1,955
34,165
27,425
32,831
33,290
1,086
129 1,935
5,652
1,102
1,110
1,117
1,125
193
509
261
324
1,944 7,795
1,945 6,930
1,943 8,030
1,942 6,695
1,140
1,139
1,128
1,123
210
126
94
113
1,955 9,360
1,956 7,167
1,955 7,576
1,955 6,505
1,144
1,139
1,116
1,108
47
46
10
29
1,967 8,835
1,968 7,183
1,968 6,711
1,965 6,878
Outside
New York City
1945—April
6,187
483
2,088 24,110 23,717 1,863
382 4,527 7,143
86
6,166
98
1945—December.. .
6,587
537
2,478 24,043 23,883 1,763
497 9,881 8,110
82
7,460
129
108 3,059
1,070
1946—January. . . .
February.. .
March
April
6,564
6,432
6,367
6,285
501
486
482
481
2,403
2,246
2,129
2,105
515 9,974 8,254
458 10,125 8,350
9,396 8,430
490 8,566 8,484
82
95
100
108
7,434
6,980
6,773
6,544
130
129
126
132
81
160
186
224
15,546
11,402
16,543
16,478
1946—Feb. 27
6,389
497 2,242 23,967 23,750 1,898
6,935
128
146 3,100
7,281
Mar. 6
Mar. 13
Mar. 20
Mar. 27
6,384
6,476
6,335
6,273
466
503
479
480
2,220 23,898 23,498 1,929
2,208 24,146 24,061 1,915
2,082 24,049 23,735 1,938
2,010
,671 23,196 2,007
441
461
486
477
9,831
9,709
8,992
9,050
8,420
8,428
,433
8,440
97
99
101
101
6,981
6,926
6,698
6,488
124
128
127
126
168
117
168
290
3,111
3,111
3,118
3,123
8,661
7,586
8,798
8,238
Apr.
Apr.
Apr.
Apr.
3
10
17
24
6,212
6,283
6,319
6,329
453
489
481
501
504
462
497
494
8,743
8,683
8,510
8,330
8,453
8,477
,491
8,515
105
108
110
110
6,633
6,555
6,559
6,430
129
128
131
135
418 3,129
142
167
169
9,408
7,814
8,567
7,999
May 1
May 8
May 15
May 22
6,342
6,412
6,366
6,330
456
479
475
486
2,006 23,176 22,667
2,099 23,834 23 367
2,199 241,161 23,914
2,
1,225 23,777 2,047
2,129 24,355 23,786
2,099 24,388 23,684
2,226 24,521 24,411
2,091 24,636 24,180 2,083
579
480
507
486
7,754 8,532
7,505 ,553
7,473 ,575
7,3188 ,594
108
110
109
108
6,392
6,453
6,523
6,301
136
140
136
144
151 3,152
135 3,158
67 3,156
1
2
24,114
,954 1,783
24,065 23,872 1,880
23,941 23,623 1,947
23,849 23,431 2,042
10,215 8,385
196 2,902 12,430
3,073
3,094
3,116
3,138
8,873
7,868
8,280.
3,163 8,398
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
JUNE
1946
637
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
fin millions of dollars]
Loans
Federal Reserve
district and date
Boston
Apr. 24
May 1
May 8
May 15
May 22
New York*
Apr. 24
May 1
May 8
May 15
May 22
Philadelphia
Apr. 24
May 1
May 8
May 15
May 22
Cleveland
Apr. 24
May 1
May 8
May 15
May 22
Richmond
Apr. 24
May 1
May 8
May 15
May 22
Atlanta
Apr. 24
May 1
May 8
May 15
May 22
Chicago*
Apr. 24
May 1
May 8
May 15
May 22
St. Louis
Apr. 24
May 1
May 8
May 15
May 22
Minneapolis
Apr 24
May 1
May 8
May 15
May 22
Kansas City
Apr. 24
May 1
May 8
May 15
May 22
Dallas
Apr. 24
May 1
May 8
May 15
May 22
San Francisco
Apr. 24
May 1
May 8
May 15
May 22
City of Chicago*
Apr. 24
May 1
May 8
May 15
May 22
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.
U. S.
Govt. Other Govt. Other
ob- cun- ob- cunligaligations ties tions ties
Real- Loans
estate to Other
Total
loans banks loans
Total
CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness
287
241
250
236
228
811
826
821
818
829
497
498
502
501
499
29
44
37
35
45
20
20
18
18
21
41
40
40
38
38
17
17
17
17
17
73
73
74
74
75
130
131
131
133
132
2,476
2,415
2,429
2,418
2,399
2,390
2,328
2,341
2,329
2,313
64
44
61
55
55
,796
,367
,167
,134
,269
6,458
6,478
6,406
6,298
6,270
3,120
3,103
3,086
3,078
3,065
1,070
1,077
1,073
1,065
1,023
553
563
537
502
500
678
666
656
623
608
210
225
218
224
236
157
159
159
160
158
603
606
587
593
606
18,338
17,889
17,761
17,836
17,999
17,170
16,781
16,652
16,716
16,872
506
362
275
416
507
,665
,628
,618
,612
,607
576
579
582
581
575
269
272
275
273
275
10
14
11
11
10
34
34
33
32
32
61
57
56
53
52
9
9
10
10
10
38
37
39
39
41
154
155
157
162
154
2,089
2,049
2,036
2,031
2,032
1,896
1,855
1,845
1,840
1,840
71
55
52
72
77
,258
,183
,152
,158
,169
1,132
1,137
1,117
1,118
1,128
447
457
459
459
463
66
62
54
54
54
31
42
33
33
33
242
235
223
224
222
14
14
15
14
14
169
170
171
172
175
4,126 3,841
3,755
3,744
4,040 3,747
4,041 3,750
195
179
187
180
156
412
412
404
404
403
183
183
182
183
181
6
6
3
3
3
7
9
7
7
7
71
67
65
63
63
9
9
9
9
9
53
54
55
55
56
81 1,783
82
,767
81
,783
82
,776
82
,753
252
220
208
216
214
497
495
498
496
496
237
237
236
235
235
1
1
1
1
1
10
10
10
10
10
115
112
113
115
115
10
10
10
10
10
27
27
27
28
28
409
395
295
302
312
1,839
1,861
1,830
1,838
1,841
988
997
996
1,009
1,025
156
152
131
129
119
48
70
61
59
57
228
216
212
206
203
69
69
67
70
71
181
184
185
188
189
130
093
078
103
097
600
594
589
589
586
331
320
315
311
309
3
4
3
5
3
59
60
59
59
57
16
16
15
15
16
75
75
76
77
78
338
312
315
318
316
224
229
230
232
235
101
104
104
106
108
1
1
1
1
1
31
32
32
32
31
5
5
4
4
4
417
374
372
381
374
418
419
420
422
426
236
235
238
240
243
3
2
2
2
2
46
46
44
43
42
138
096
098
111
097
690
684
683
684
681
405
404
404
405
403
1
1
1
1
1
455
345
327
320
321
1,335
1,339
,331
,335
,342
654
663
659
661
661
600
580
488
535
539
,262
,277
,249
,247
1,248
736
739
739
746
760
458
428
423
422
408
356 1,512
338 1,518
343 1,514
339 1,513
339 1,511
86
87
88
89
86
3,343 2,539
3,094 2 ,480
3,034 2,471
2,991 2,403
3,071 2,356
10,781
10,844
10,871
10,905
10,937
1,168
1,108
1,109
1,120
1,127
349
326
313
296
295
266
258
264
289
289
1,210
1,216
1,216
1,183
1,179
193
194
191
191
192
33
11
25
37
43
966
893
883
867
861
553
570
560
560
562
2,289
2,281
2,276
2,283
2,284
285
291
291
293
291
1,707
1,684
1,700
1,693
1,669
42
38
53
53
29
434
419
421
424
421
190
187
187
187
191
1,041
1,040
1,039
1,029
1,028
76
83
83
83
84
96
,755
96
,725
99
,710
94
,720
94 1,718
1,602
1,569
1,554
1,562
1,560
54
39
43
50
46
492
484
452
464
472
221
218
220
220
221
833
826
837
826
819
153
156
156
158
158
169
173
178
177
177
7,570
7,534
7,465
7.464
7,471
6,973
6,939
6,879
6,885
6,900
170
226
171
192
201
2,254
2,151
2,142
2,098
2,134
995
990
988
989
956
3,554
3,572
3,578
3,605
3,608
597
595
586
579
571
107
109
110
111
111!
1,530
1,499
1,489
1,514
1,511
1,396
1,362
1,350
1,377
1,374
30
18
21
49
42
275
255
248
238
240
263
252
247
259
259
828
837
834
831
833
134
137
139
137
137
30
31
31
31
31
52 1,114
51 1,083
55 1,085
55 1,086
56 1,081
1,055
1,025
1,024
1,024
1,020
11
9
8
18
6
225
193
190
187
188
146
147
147
142
147
673
676
679
677
679
59
58
61
62
61
9
9
9
9
9
44
45
45
46
46
76
76
77
77
78
1,999
1,955
1,952
1,959
1,948
1,845
1,795
1,790
1,797
1,786
85
79
79
85
77
539
503
498
494
493
345
341
344
345
344
876
872
869
873
872
154
160
162
162
162
124
120
118
118
115
27
28
28
28
29
38
38
40
40
40
85
85
85
85
86
1,448
1,412
1,415
1,427
1,416
1,384
1,344
1,347
1,359
1,347
54
54
56
59
56
459
422
437
438
429
214
213
211
216
215
657
655
643
646
647
64
68
68
68
69
42
36
32
35
32
134
129
129
128
125
32
33
33
32
32
300
302
304
304
304
145 6,006
142 5,996
6,120 5,676
5,556
5,551
5,985 5,542
155 5,979 5,534
142
117
140
134
1,550
1,458
1,438
1,442
1,433
914
912
908
907
903
3,066
3,065
3,062
3,056
3,072
444
450
445
443
445
153
150
129
126
116
143
134
131
127
126
60
60
58
61
62
41
42
42
42
42
4,338
4,303
4,239
4,288
4,291
1,396
1,320
1,306
1,311
1,350
547
545
545
515
1,890
1,892
1,901
1,922
1,924
384
372
363
356
348
157 4,046
162 4,035
3,954
3,931
3,876
3,932
3,943
172
124
154
154
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
638
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
Boston ( 6 cities)
Apr. 24
May 1
May 8
May 15
May 22
New York (8 cities)*
Apr. 24
May 1
May 8
May 15
May 22
Philadelphia (4 cities
Apr. 24
'
May 1
May 8
May 15
May 22
Cleveland (10 cities)
Apr. 24
May 1
May 8
May 15
May 22
Richmond (12 cities)
Apr. 24
May 1
May 8
May 15
May 22
Atlanta (8 cities)
Apr. 24
May 1
May 8
May 15
May 22
Chicago (12 cities)*
Apr. 24
May 1
May 8
M a y 15
May 22.. . . . . .
Reserves
BalDewith Cash ances mand
Feddewith
in
eral vault do- posits
Remestic adserve
banks justed
Banks
Individuals,
partnerand
corporations
States Certiand
fied
and
political
offisubcers'
divi- checks
sions
etc.
Individuals,
partu. s. ner
Gov- ships,
ern- and
ment corporations
States
and
political
subdivisions
Interbank
deposits
Domestic
U. S.
banks
Bank
Bor- CapGovrow- ital
deb1
acernForings
counts its
ment
eign
and
Postal De- Time banks
Sav- mand
ings
453
460
465
47
462
63
58
59
59
59
11
119
103
119
10
2,126
2,129
2,156
2,172
2,170
2,103
2,090
2,118
2,163
2,158
123
134
135
120
11
37
41
36
45
35
741
687
668
663
649
447
447
449
449
450
302
315
300
309
297
24
24
24
23
25
17
13
13
5
3
293
294
294
294
295
655
742
656
716
705
3,894
4,068
3,961
3,913
3,880
123
115
12
114
122
119
12:
12:
135
116
15,225
15,257
15,228
15,196
15,465
15,316
15,398
15,210
15,443
15,544
518
584
539
546
529
733
1,027
725
746
761
5,375
4,951
4,816
4,777
4,669
1,825
1,846
1,863
1,867
1,869
3,014
3,180
3,038
3,088
3,011
1,126
1,146
1,142
1,118
1,111
126
55
50
11
33
2,114
2,127
2,128
2,128
2,126
6,912
9,259
7,567
7,190
7,305
420
417
419
413
417
33
29
31
30
33
79
93
78
90
84
1,733
1,763
1,760
1,751
1,775
1,808
1,822
1,794
1,830
1,819
6
60
65
66
66
25
37
31
25
2
603
555
539
536
524
230
230
226
230
231
364
364
359
372
350
10
11
11
10
11
13
' 5
1
5
258
259
260
260
260
653
733
596
594
601
724
722
743
747
749
77
71
72
74
75
180
193
192
202
193
2,980
2,982
2,978
2,990
3,042
2,981
2,989
2,952
3,054
3,037
15
168
159
163
160
5:
63
5
56
55
950
891
868
863
845
1,273
1,275
1,277
1,279
1,281
495
498
499
515
492
4
4
4
4
4
38
24
36
35
28
938
487
488 1,014
488
871
488
846
489
838
334
333
352
345
341
40
35
38
37
39
140
143
136
141
133
1,345
1,350
1,385
1,387
1,355
1,336
1,346
1,367
1,387
1,356
96
99
9
9
93
30
31
31
35
30
436
401
390
388
380
360
361
363
363
365
382
386
384
378
369
6
6
5
7
10
13
9
2
17
142
141
142
142
142
383
433
409
406
427
364
364
37.
368
364
30
27
30
2
29
146
151
158
163
147
1,331 1,241
1,321 1,236
1,349 1,245
1,354 1,285
1,363 1,271
21
216
214
216
212
14
15
18
14
13
382
354
342
340
337
432
434
436
437
438
512
508
520
519
490
12
22
" "l
2
128
128
129
129
129
404
394
386
402
433
94
86
90
91
91
401
388
390
413
387
5,283
5,338
5,292
5,316
5,335
5,114
5,103
5,049
5,221
5,173
515
556
559
546
544
91
119
91
103
1,933
1,783
1,736
1,723
1,685
1,896
1,900
1,907
1,916
1,921
1,590
1,596
1,606
1,645
1,598
15
40
51
8
20
605
607
608
607
608
1,920
2,308
1,966
2,091
2,099
2
20
23
21
22
109
110
112
115
109
1,095
1,096
1,099
1,117
1,130
1,138
1,154
1,145
1,193
1,181
69
68
67
71
69
17
20
17
23
19
405
381
370
374
364
355
357
358
359
360
585
582
585
581
562
20
13
12
10
11
137
137
137
137
137
380
412
371
402
406
692
705
712
715
723
666
673
676
699
702
89
93
93
90
15
15
14
12
12
307
283
274
273
267
219
219
220
220
221
323
324
326
322
319
7
5
89
89
89
89
89
221
253
242
260
266
1,435
1,406
1,438
1,423
1,392
St. Louis (5 cities)
Apr. 24
334
May 1
342
May 8
348
May 15
339
May 22
336
Minneapolis (8 cities)
195
Apr. 24
209
May 1
204
May 8
196
May 15
200
May 22
Kansas City (12 cities)
435
Apr. 24
428
May 1
444
May 8
434
May 15
431
May 22
Dallas (9 cities)
376
Apr. 24
388
May 1
402
May 8
399
May 15
397
May 22
SanFrancisco(7 cities)
994
Apr. 24
1,015
May 1
972
May 8
May 15
996
May 22
1,009
City of Chicago
898
Apr. 24
868
May 1
902
May 8
871
May 15
845
May 22
11
9
11
11
11
23
21
22
22
22
273
262
262
277
264
1,431
1,426
1,435
1,466
1,469
1,392
1,384
1,387
1,440
1,413
181
178
175
175
180
24
26
24
27
34
417
390
379
376
370
302
302
303
304
304
828
811
834
819
798
151
151
151
151
152
433
473
413
459
481
25
23
24
24
24
225
214
225
236
225
1,393
1,413
1,422
1,432
1,427
1,411
1,412
1,403
1,450
1,423
91
90
102
96
93
32
32
25
26
27
396
362
353
357
350
281
281
282
283
284
551
523
546
554
537
144
144
144
144
145
382
411
365
405
451
49
47
47
48
47
264
268
263
272
265
3,455
3,462
3,435
3,452
3,473
3,453
3,434
3,424
3,525
3,504
195
210
203
195
194
118
139
106
107
109
1,389
1,325
1,255
1,252
1,226
,050
,052
,056
,058
,061
432
418
425
438
424
555 1,223
554 1,276
556 1,209
,220
555
,264
556
38
35
35
36
36
187
173
187
189
180
3,173
,184
3,199
,169
3,174 3,125
3,168 3,224
3,190 3,211
224
251
256
241
246
48 1,248
57 1,153
43 1,123
55 1,114
774
776
778
784
786
1,127
1,131
1,136
1,087
,166
1,134
381
383
384
383
384
1,260
L.548
L,305
1,332
1,318
* See note on page 638.
Demand deposits otner 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
1
JUNE
1946
639
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES
[In millions of dollars]
OUTSTANDING
Dollar acceptances outstanding
End of month
Based on
Held by
Commercial
Total
paper
outout- 1 standing
standing
Accepting banks
Total
Own
bills
Bills
bought
Others 2
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1945—January
February
March
April
May
June
July
August
September
October
November
December
162
157
147
119
103
101
107
110
111
127
156
159
130
126
128
117
104
107
117
128
135
135
145
154
98
97
96
90
82
80
90
101
104
100
107
112
48
52
54
52
51
44
45
50
52
53
58
64
50
46
42
38
32
36
45
50
52
46
49
48
32
29
32
26
22
27
2 26
28
31
35
38
42
86
87
87
81
72
74
81
91
98
95
100
103
13
12
11
10
9
10
9
10
11
12
15
18
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
25
24
25
24
22
20
22
25
23
22
23
26
5
4
4
2
2
3
4
2
1946—January
February
March
April
174
178
172
149
166
167
163
169
126
128
119
109
71
74
64
65
55
53
55
44
40
39
2 42
2 47
109
109
104
114
20
18
17
16
(3)
(3)
(3)
(3)
29
31
33
30
8
9
8
9
6
6
7
1
As reported by dealers; includes some finance company paper sold in open market.
2 None held by Federal Reserve Banks except on July 31, 1945, Mar. 31 and Apr. 30, 1946, when their holdings were $486,000, $2,016,000 and
$13,196,000, respectively.
3 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGF
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances 1
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
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—j un e
December...
616
600
496
543
761
788
887
1,041
11
8
9
7
9
11
5
7
89
86
86
154
190
188
253
260
186
211
180
160
167
181
196
209
395
368
309
378
529
557
619
726
255
289
240
270
334
354
424
472
65
63
56
54
66
65
95
96
17
17
16
15
15
14
15
18
7
5
4
4
7
5
11
8
222
213
189
182
212
198
216
227
1945—May
June
July
August
September. .
October
November. .
December...
31,094
1,223
31,141
31 , 100
31,084
31,063
31,095
1,138
3742
853
3824
3
758
3762
3743
3711
795
3583
549
3580
3573
3594
3632
3639
654
121"
14
13
264
112
29
13
299
1946—January....
February. . .
March
April
31,168
31,046'3 936
3 895
3 734
3 645
3
622
3 575
3 727
' 3 755
3 712
3 697
ll" " ""333"
12
413
220
r
1
Revised.
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
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): February, 172; March, 165; April, 154.
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.
640
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
u. s Government
security yields
Stock
Prime
Prime bankexcomchange
ers'
9-to 12mercial acceptcall
month
paper, ances,
loan
to 53certifi- 3-year
4- to 6-1
re90
month
cates taxable
months
1
newbills*
days
of inals2
debted- notes
ness
1943 average
1944 average
1945 average
.69
.73
.75
.44
.44
.44
1.00
1.00
1.00
.373
.375
.375
.75
.79
.81
1.34
1.33
1.18
1945—May
July
August....
September.
October
November.
December..
.75
.75
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.375
.375
.80
81
.80
.82
.84
.83
.84
.84
1.16
1.16
t. 16
L.17
L.19
L.17
t. 14
1.15
1946—January. . .
February. .
March
April
May
.75
.75
.75
75
.75
.44
.44
.44
.44
.47
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.79
.76
.79
.81
.83
1 12
1.18
Week ending:
Apr. 2 7 . . . .
May 4 . . . .
May 1 1 . . . .
May 1 8 . . . .
May 2 5 . . . .
X
X
X
%
%
7/16
7/16
7/16
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.376
.82
.83
.83
.83
.83
1.16
1.14
1.16
1.20
1.21
June
¥i
V*
4
4
L. 10
L.03
.99
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period.
4
From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15, 1950.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
1937
1938
1939
1940
1941
1942
1943
1944
1945
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
average 1
average 1
average
average
average
average
average
average
average
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.07
2.04
1.97
2.07
2.30
2.11
1.99
2.87
2.56
2.55
.58
.80
2.68
2.51
3.51
3.38
3.19
3.26
3.13
3.02
2.73
1941—December..
2.41
1.88
2.45
2.99
1942—March
June
September.
December..
2.48
2.62
2.70
2.63
1.85
2.07
2.28
2.09
2.48
2.56
2.66
2.63
3.20
3.34
3.25
3.26
1943—March
June
September.
December..
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September.
December..
.63
,63
69
2.10
2.23
2.18
1.93
2.75
2.55
2.82
3.12
3.18
3.14
2.65
1945—March
June
September.
December..
2.53
2.50
2.45
2.09
.99
.20
.05
.71
2.73
2.55
2.53
2.23
1946—March.
2.31
1.75
2.34
2.93
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS 1
[Per cent per annum]
Corporate (Moody's) 4
U. S. Government
Year, month,
or week
7 to 9
years
Taxable
15 years and
over
Partially tax
exempt
Municipal
(highgrade)2
Corporate
(highgrade)3
By groups
By ratings
Total
Aaa
Taxable
Aa
A
Baa
Industrial
Railroad
Public
utility
N u m b e r of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1943 a v e r a g e . . . .
1944 a v e r a g e . . . .
1945 a v e r a g e . . . .
1.96
1.94
1.60
1.98
1.92
1.66
2.47
2.48
2.37
2.06
1.86
1.67
2.64
2.60
2.54
3.16
3.05
2.87
2.73
2.72
2.62
2.86
2.81
2.71
1.57
1.56
1.58
1.59
1.56
1.50
1.42
5
1.38
1.68
1.63
1.63
1.68
1.68
1.62
1.56
1.51
2.39
2.35
2.34
2.36
2.37
2.35
2.33
2.33
1.58
1.58
1.57
1.70
1.79
1.76
1.70
1.64
2.53
2.54
2.53
2.56
2.56
2.54
2.54
2.54
2.89
2.87
2.85
2.86
2.85
2.84
2.82
2.80
2.62
2.61
2.60
2.61
2.62
2.62
2.62
2.61
2.72
2.69
2.68
2.70
2.70
2.70
2.68
2.68
3.91
3.61
3.29
3.32
3.29
3.26
3.26
3.24
3.20
3.15
3.10
2.85
2.80
2.68
2.68
2.68
2.68
2.68
2.67
2.65
2.64
2.64
3.64
3.39
3.06
3.05
3.03
3.00
3.02
3.05
3.03
2.99
2.96
2.99
2.97
2.89
June
July
August. . .
September
October.. .
November
December.
3.13
3.06
2.87
2.88
2.86
2.85
2.85
2.85
2.84
2.81
2.79
1946—January. .
February..
March
April
May
1.31
1.28
1.28
1.36
1.47
(6)
2.21
2.12
2.09
2.08
2.19
1.57
1.49
1.49
1.45
1.54
2.43
2.36
2.35
2.37
2.44
2.73
2.68
2.66
2.67
2.71
2.54
2.48
2.47
2.46
2.51
2.62
2.56
2.54
2.56
2.58
2.73
2.70
2.69
2.69
2.73
3.01
2.95
2.94
2.96
3.02
2.57
2.54
2.54
2.57
2.60
2.89
2.83
2.80
2.78
2.84
2.71
2.65
2.64
2.65
2.69
Week ending:
Apr. 27...
May 4...
May 1 1 . . .
May 18...
May 25...
1.44
1.44
1.47
1.48
1.48
2.14
2.18
2.19
2.20
2.19
1.49
1.56
1.53
1.54
1.54
2.39
2.43
2.43
2.45
2.44
2.69
2.70
2.71
2.71
2.71
2.48
2.50
2.51
2.51
2.51
2.58
2.58
2.58
2.59
2.58
2.71
2.73
2.72
2.73
2.73
2.98
3.00
3.01
3.02
3.03
2.59
2.61
2.61
2.61
2.60
2.81
2.83
2.82
2.84
2.84
2.67
2.68
2.69
2.70
2.70
1945—May
(6)
6
( )
(6)
(6)
(6)
(6)
(6)
(6)
(6)
2.93
2.89
2.87
2.86
2.85
2.84
2.81
2.79
1
Monthly
2
Standard
4
and weekly data are averages of daily figures,
except for municipal bonds, which are based on Wednesday figures.
3
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 5 reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively.
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
6
No partially tax-exempt bonds due or callable in 15 years and over.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
JUNE 1946
641
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate*
Year, month, or week
Number of issues
U. S.
Government2
Municipal
(highgrade) 3 Highgrade
Medium- and lower-grade
Total
Industrial
Volume
of trading7 (in
thousands of
shares)
Public
utility
Common (index, 1935-39=100)
Pre-8
De- ferred
Public faulted
utility
Railroad
Total
Industrial
Railroad
15
15
50
10
20
20
15
15
402
354
20
28
1943 average
1944 average
1945 average
100.50
100.25
102.04
131.8
135.7
139.6
120.3
120.9
122.1
109.5
114.7
117.9
117.0
120.5
122.2
97.6
107.3
115.1
114.0
116.3
116.3
44.0
59.2
75.4
172.7
175.7
189.1
92
100
122
94
102
123
89
101
137
82
90
106
1,032
971
1,443
1945—May
June
July
August
September
October
November
December
101.74
102.38
102.46
102.22
102.02
102.38
102.60
102.68
141.3
141.5
141.6
138.8
137.0
137.7
139.0
140.1
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9
117.9
118.1
117.9
117.2
117.1
117.7
118.3
119.0
122.1
122.2
122.2
121.7
121.4
122.0
122.5
123.1
115.0
115.5
115.2
114.4
114.4
115.3
116.6
117.5
116.5
116.7
116.4
115.5
115.6
115.7
116.0
116.2
77.5
81.4
80.4
75.6
74.5
76.6
78.9
82.1
191.2
190.9
189.6
188.1
186.7
188.0
192.2
195.3
118
121
118
118
126
132
137
140
120
122
119
119
128
135
139
142
135
144
140
131
138
145
154
157
101
106
108
107
111
114
121
120
1,357
1,828
951
1,034
1,220
1,556
1,961
1,626
1946—January
February
March
April
May
104.59
106.0:
106.46
106.61
104.8
141.6
143.4
143.4
144.1
142.1
123.8
124.5
124.5
124.3
123.7
119.7
120.0
120.1
119.9
119.5
123.9
124.4
124.5
124.4
123.9
118.9
119.6
119.9
119.6
118.6
116.3
116.1
115.9
115.8
116.0
84.9
85.4
82.7
83.6
81.8
197.9
200.5
203.1
204.9
201.8
145
143
142
152
154
148
146
145
156
159
164
160
154
157
157
124
124
123
128
129
2,183
1,776
1,116
1,391
1,311
Week ending:
Apr. 27
May 4
May 11
May 18
May 25
105.58
105.01
104.80
104.64
104.78
143.3
141.8
142.4
142.2
142.2
124.2
123.6
123.8
123.7
123.5
119.6
119.5
119.5
119.4
119.4
124.1
124.0
123.9
123.9
123.9
118.8
118.6
118.7
118.6
118.4
115.8
115.8
115.9
115.9
116.0
81.8
81.8
81.6
81.1
82.1
204.7
202.9
201.8
201.2
201.8
152
153
152
153
155
157
158
156
158
160
155
156
152
154
159
128
129
128
128
130
1,349
1,008
1,375
1,101
1,268
1-9
1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
2
Average of taxable bonds due or callable in 15 years and over.
8
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
B
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
bond.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Total
(new Total
and
(dorefund- mestic
and
ing)
for- Total
eign)
6,214 1,972 1,949
3,937 2,138 2,094
4,449 2,360 2,325
5,790 2,277 2,239
4,803 1,951 1,948
5,546 2,854 2,852
2,114 1,075 1,075
640
642
2,174
896
913
4,216
7,958 1,764 1,752
For refunding
Domestic
State
and
municipal
735
712
971
931
751
518
342
176
235
471
Domestic
Total
(do :
Corporate
For-2 mestic
Fedeign
and
eral
foragen-1
Bonds
eign)
cies Total and Stocks
notes
22
157
481
924
461
1,272
108
90
15
26
Total
1,192
1,225
873
383
736
1,062
624
374
646
1,255
839
817
807
287
601
889
506
282
422
602
352
408
67
97
135
173
118
92
224
654
50
103
631
397
117
981
366
737
1,096
129
594
631
395
117
981
366
732
1,070
129
594
146
284
334
723
146
284
311
698
1945—April
761
584
May
169
June
1,229
July
August. . . 510
September. 879
October.. . 1,338
November
223
December.
838
130
187
52
249
144
142
243
94
243
126
186
52
249
144
142
238
94
241
19
28
43
35
37
37
29
34
80
101
158
1
212
107
105
209
60
161
"34
64
35
103
28
107
51
55
1
178
43
70
106
31
54
346
1946—January..
350
February.
557
March. . .
April
1,097
200
65
223
373
200
65
222
373
68
131
47
127
290
10
5
17
118
122
42
111
172
23
44
35
38
2
1
4,242 4,123
1,799 1,680
2,089 2,061
3,513 3,465
2,852 2,852
2,693 2,689
1,039 1,039
1,532 1,442
3,303 3,288
6,194 6,146
State
and
municipal
Corporate
ForFedeign'
eral
Bonds
agen-1
and Stocks
cies Total
notes
3,387
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,911
3,187
856
1,236
1,596
1,834
1,430
407
603
2,178
4,256
200
352
31
137
193
126
11
82
288
655
46
19
30
200
20
17
42
44
255
555
367
79
750
338
705
989
78
337
530
272
79
623
297
645
820
60
282
25
95
127
41
60
169
18
55
30
20
23
326
113
264
284
363
55
247
238
277
58
17
46
85
382
191
129
195
482
435
181
259
404
324
353
281
665
1,537
344
698
440
497
418
912
30
9
8
31
7
9
38
7
3
119
119
28
48
90
15*
48
5
26
23
25
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.
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
642
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 proceeds3
Retirement of securities
New money
Total
Plant and
equipment
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
5,800
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,691
208
858
991
681
325
569
868
474
308
657
996
111
380
574
504
170
424
661
287
141
252
581
96
478
417
177
155
145
207
187
167
405
415
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,447
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,017
71
226
190
87
59
128
100
30
72
351
430
170
154
111
215
69
174
144
138
73
49
124
1944—October
November
December
742
380
182
729
373
178
125
33
66
10
17
9
115
17
57
594
338
109
570
224
106
24
115
3
3
1
1945—January
February
March
April
May
June
July
August
September
October
November
December
281
215
226
643
496
92
944
440
795
1,077
121
470
275
212
221
632
485
91
925
433
780
1,057
117
462
35
28
48
102
136
5
190
80
99
150
20
103
14
16
28
55
49
1
147
41
50
97
7
75
21
12
19
47
88
3
43
39
49
53
13
27
240
177
171
513
331
79
719
297
668
854
70
327
221
160
158
501
278
72
581
278
634
798
51
286
19
17
13
12
53
7
138
19
35
56
19
41
5
1
14
12
1
5
50
1
19
4
12
1
2
3
6
6
11
6
12
34
22
19
253
297
417
682
245
291
405
666
111
37
99
213
63
17
55
148
49
20
44
65
118
238
287
376
56
222
257
320
62
16
30
56
5
2
2
57
10
15
17
21
1935
1936.
1937
1938
1939
1940
1941
1942. .
1943
1944
1945
1946—January
February
March
April
23
49
36
7
26
19
28
35
27
47
124
7
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
1935
1936
1937 . .
1938
1939 .
1940
1941
1942
1943
1944
1945
Public utility
Retire- All
Total
Total
Retire- All Total
Retire- All Total
Retire- All
net
New ment of other
net
net
New ment of other
net
New ment of other
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purties
ceeds
poses*
poses ceeds
ties
ties
ties
poses ceeds
poses ceeds
1 250
1,987
751
1,208
1,246
18 1,180
1,340
464
30
63
89
180
43
245
317
145
1 190
1,897
611
943
1,157
922
993
292
469
22
423
57
139
228
24
85
115
253
32
102
115
500
1,320
1,400
2,196
40
61
1,343
2,083
1944—October....
November..
December..
36
52
82
2
4
35
48
82
499
272
21
9
7
485
265
20
1945—January
February...
March....
April
May
119
108
119
96
65
60
124
139
184
30
301
115
371
565
42
200
August
September..
October
November
December. .
1946—January
February..
March
April
46
""\2
54
558
110
30
97
186
108
15
10
77
1
114
360
75
105
84
270
246
14
18
346
57
12
10
4
27
93
74
266
219
68
19
50
7
150
192
98
7
1
2
1
148
190
97
1
43
32
78
138
2
23
65
60
122
127
183
30
297
110
364
523
35
169
1
1
1
6
43
31
76
119
2
12
1
4
"is
30
774
27 1,280
50 1,079
831
86
584
47
961
13
828
30
527
27
497
25
17 1,033
51 1,865
74
439
550
761
150
80
122
390
46
218
7
1
5
104
18
21
13
4
504
984
76
149
191
47
34
115
22
24
3
1
3
3
2
42
8
82
27
93
118
223
59
480
221
130
218
49
166
28
9
41
64
117
3
163
63
87
89
17
51
74
23
7
54
16
50
38
89
49
301
111
38
107
26
106
1
2
15
17
7
16
47
6
23
6
9
1C
18
4
15
2
2
40
13
10
27
27
27
1
11
6
8
19
1
9
13
181
100
126
412
98
26
94
198
68
59
13
157
15
15
19
56
13
9
10
18
6
9
2
7
1
4
6
26
5
90
136
43
56
121
146
199
71
4
20
7
7
88
9
454
732
228
373
226
353
738
463
89
72
152
57
8
9
42
55
4
71
16
102
155
94
4
21
107
194
5
616
469
188
167
244
293
61
88
42
60
1
42
1
8
7
4
12
(NO
120
774
338
54
182
319
361
47
160
602
1.436
June
July
Other
Industrial
1
2
29
2
5
10
3
4
3
47
2
5
1
1
5
1
4
15
15
7
8
3
9
:o underwriters, agents, etc., and exIBCS.
4
Includes repayment of other debt and other purposes.
ipilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491) a pubSource.—Securities and Exchange Commission; for compi
lication of the Board of Governors.
JUNE
1946
643
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,769
1,800
1,896
1,925
146
278
325
226
204
194
188
115
158
193
159
165
174
r
163
223
242
274
209
201
222
243
102
173
227
182
180
190
169
119
133
153
138
128
115
108
70
88
113
90
83
88
88
151
148
159
151
162
175
199
98
112
174
152
186
220
223
IS6
194
207
164
170
187
187
134
160
187
136
149
147
154
122
132
152
161
171
184
203
847
1,028
1 137
888
902
970
'989
90
90
92
88
86
86
85
564
669
705
552
556
611
612
Quarterly
X942—1
2
3
4
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
2
46
2 43
2 43
2
50
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
52
46
205
174
213
296
21
23
20
23
134
135
125
158
1943—i
2
3
4
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
2
2
48
2 46
46
2 41
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
246
21
22
21
22
127
132
127
170
1944—1
2
3
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
2 52
247
2 47
2 43
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
224
230
244
272
21
22
20
23
142
149
137
184
1945—i
2
3
4
492
508
439
'485
49
53
37
49
38
42
35
'47
63
77
46
58
2
50
247
2 36
2
36
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
48
45
43
51
39
38
37
40
45
47
53
58
250
269
224
r
246
20
22
21
22
142
145
143
182
1946—1
312
25
-17
-38
19
12
65
54
62
64
76
112
20
146
Number of companies.
1939
1940
1941
1942
1943
1944
1945
2-10
PUBLIC U T I L I T Y CORPORATIONS
[In millions of dollars]
Operating
revenue
Income
before
income
taxe
Net
income 1
Dividends
3,995
4,297
5,347
7,466
9,055
9,437
8,902
126
249
674
1 ,658
2,211
1 971
755
93
189
500
902
873
668
447
126
159
186
202
217
246
253
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
I943—1
2
3
4
2,091
2,255
2,368
2.340
515
608
653
435
I944—1
2
3
4
2,273
2.363
2,445
2,356
1945—1
2
3
4
1946—1
Year or quarter
1939
1940
1941
1942
1943
1944
1945
Telephone 5
Electric power4
Railroads
Operating
revenue
Income
before
income
tax*
Net
income1
Dividends
Operating
revenue
Income
before
income
tax«
2,647
2,797
3,029
3,216
3,464
3,618
3,695
629
692
774
847
914
915
906
535
548
527
490
502
499
523
444
447
437
408
410
390
399
1,067
1,129
1 235
1,362
1,537
1 641
1,803
227
248
271
302
374
399
396
191
194
178
163
180
174
177
175
178
172
163
168
168
173
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
2,277
2,422
2,231
1,972
425
504
229
—404
139
187
125
—4
30
72
29
123
971
909
887
928
292
233
211
171
139
123
116
145
102
96
92
109
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
1,866
38
14
56
971
280
176
107
475
84
54
44
Net
income 1
Dividends
Quarterly
1942 - 1
2
3
4
. ..
r
Revised.
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
4
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
5
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
6
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description
of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1
3
644
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues1
Nonmarketable public issues
Total
gross
direct
debt
Total
interestbearing
direct
debt
1942—Dec.
1943—June
Dec
1944—June....
Dec,
108,170
136,696
165,877
201,003
230,630
107,308 76,488 6,627
135,380 95,310 11,864
164,508 115,230 13,072
199,543 140,401 14,734
228,891 161,648 16,428
10,534
16,561
22,843
28,822
30,401
9,863
9,168
11,175
17,405
23,039
49,268
57,520
67,944
79,244
91,585
21,788
29,200
36,574
44,855
50,917
15,050
21,256
27,363
34,606
40,361
6,384
7,495
8,586
9,557
9,843
1945—May....
June....
238,832
258,682
262,045
263,001
262,020
261,817
265,342
278,115
278,887
279,214
276,012
273,898
272,583
235,761
256,357
259,781
260,746
259,630
259,439
262,849
275 ,694
277,456
277,912
274,748
272,711
271,440
162,652
181,319
183,080
183,334
182,833
182,790
185,112
198,778
199,633
199,810
197,063
195,079
193,487
34,442
34,136
34,472
34,430
35,072
35,021
35,021
38,155
41,502
41,413
40,399
38,408
36,828
18,588
23,497
23,498
23,498
23,498
23,498
23,498
22,967
19,551
19,551
18,261
18,261
18,261
92,377
106,448
107,890
108,172
107,049
107,049
109,371
120,423
121,358
121,635
121,177
121,177
121,177
54,517
56,226
57,143
57,379
56,278
56,072
57,028
56,915
57,168
57,206
56,550
56,408
56,472
43,767
45 ,586
46,508
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
48,828
48,917
10,031
10,136
10,119
10,148
9,021
8,776
9,058
8,235
8,107
8,043
7,365
7,144
7,127
E n d of m o n t h
July
Aug
Sept
Oct
Nov
Dec
1946—Jan.
Feb
Mar
Apr
May.. . .
Total2
CertifiTreasury cates of Treasury Treasury
indebtnotes
bonds
bills
edness
17,049
17,041
17,025
17,038
17,018
17,026
17,026
17,037
17,042
17,032
17,047
17,054
17,041
Total2
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
9,032
10,871
12,703
14,287
16,326
862
1,316
1,370
1,460
1,739
4,283
4,092
4,225
1,516
1,470
18,592
18,812
19,558
20,033
20,519
20,577
20,710
20,000
20,655
20,897
21,135
21,224
21,481
»3,071
2,326
2,264
2,255
2,391
4 2,378
5 2,492
2,421
1,431
1,301
1,264
1,188
1,143
1,151
409
484
515
527
541
536
553
545
539
542
533
542
Treasury Special
U. S. tax and issues
savings savings
bonds
notes
amounts held by Government agencies and trust funds, which aggregated 7,007 million dollars on Apr. 30, 1946.
I IIncluding
I).
2
Total
marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
To
depositary bonds not shown separately.
» Including prepayments amounting to 947 million dollars on securities dated June 1, 1945, sold in the Seventh War Loan, beginning on May
14, 1945.
4 Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning 5on Oct. 29, 1945.
Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, MAY 31, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Issue and coupon rate
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Amount
Month
Treasury bills*
June 6, 1946
June 13, 1946
June 20 1946
June 27, 1946
July 5 1946
July 11, 1946
July 18, 1946
July 25, 1946
Aug. 1, 1946
Aug. 8, 1946
Aug. 15. 1946
Aug. 22. 1946
Aug. 29 1946
1,309
1,304
1,315
J .313
... .
Cert. of indebtedness
Ys
June 1, 1946
K
Aug. 1, 1946
Sept. 1, 1946
14
%
Oct. 1, 1946
1
Nov. 1, 1946
4
%
Dec. 1, 1946
Jan. 1 1947
Feb. 1, 1947
Mar. 1, 1947
Apr. 1, 1947
Treasury notes
July 1, 1940
Dec. 15, 1946
Mar.
Sept.
Sept.
Sept.
15,
15,
15,
15,
1947
1947
1947
1948
,312
L ,317
L ,310
1,315
1,309
1,308
1,301
,314
1 313
...14
14
%
4,799
2,470
4,336
3,440
3,778
3,768
3,330
4,954
3,133
2,820
90
\V2
1M
\y2
1J4
\y2
4,910
3,261
1,948
2,707
1,687
3,748
%
Treasury bonds—Cont.
Sept. 15, 1949-51.. . . 2 1,292
Dec. 15, 1949-51.. . . .2 2,098
Dec. 15, 1949-52...3%
491
Dec. 15, 1949-53..
1,786
2
1,963
Mar. 15, 1950-52
Sept. 15, 1950-52.'."'.2Y2 1,186
Sept. 15, 1950-52.. . . .2 4,939
Dec. 15, 1950
\y 2,635
June 15, 1951-54.. .2% % 1,627
Sept. 15, 1951-53.. . . .2 7,986
Sept. 15, 1951-55.. . . .3
755
Dec. 15, 1951-53.. .234 1,118
510
Dec. 15, 1951-55 . . .2
Mar. 15, 1952-54..
1,024
June 15, 1952-54.. . . . 2 5,825
June 15, 1952-55..• 2M 1,501
8,662
Dec. 15, 1952-54..
725
June 15, 1953-55.. '.'. '.2
June 15, 1954-56..• 2M
681
Mar. 15, 1955-60..
2,611
Mar. 15, 1956-58..
1,449
982
Sept. 15, 1956-59.. 2 %
Sept. 15, 1956-59.. '.2H 3,823
June 15, 1958-63...2%
919
June 15, 1959-62...2H
5,284
Dec. 15, 1959-62..• 2H 3,470
1,485
Dec. 15, 1960-65..
2,118
June 15, 1962-67..
Dec. 15, 1963-68..'.2y2 2,831
June 15, 1964-69...2Y2 3,761
3,838
Dec. 15, 1964-69...iy2
Mar. 15, 1965-70. .2y2
5,197
Mar. 15, 1966-71..
3,481
June 15, 1967-72..
7,967
Sept. 15, 1967-72.. • 2Y2 2,716
Dec. 15, 1967-72..
11,689
'Yv
Treasury bonds
June 15, 1946-48
3 2 1,036
June 15, 1946-49.. .3lA
2 819 Postal Savings
15,
1947-52...
4
M
759
117
bonds
iy2
Oct. 15, 1947
2
13
701 Conversion bonds. . . . 3
Dec.
15,
1948-50
2
1,115
50
Panama
Canal
loan..
3
Mar.
Mar. 15, 1948-51... 2 3% 1,223
14
3,062
Total direct issues. . . . 193,487
June 15, 1948
2}/2
451
Sept. 15, 1948
571
15,
1948-50
2
Guaranteed
securities
Dec.
2 1,014 Federal Housing Admin.
June 15, 1949-51
Various
1
42
Sold on discount basis. See table on Open-Market Money Rates,
p. 2641.
Called for redemption on June 15, 1946.
JUNE 1946
Funds received from sales during Redemptions and
month
maturities
series
Series
E
Series
F
Series
G
All
series
All
1944 Nov
Dec...
38,308
40,361
1,023
2,386
807
1,855
43
125
174
406
382
365
1945—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
June.. .
July...
Aug....
Sept....
Oct
Nov
Dec
1946—Jan.. . .
Feb.. . .
Mar....
Apr... .
May.. .
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
48,828
48,917
1,074
804
653
712
684
1,195
1,468
1,032
571
420
510
865
908
641
367
371
388
345
42
31
27
23
63
178
47
22
18
8
54
83
40
30
27
30
24
228
164
151
130
282
532
215
107
76
107
265
262
278
225
228
251
225
341
323
464
404
426
403
428
531
528
616
533
559
629
565
634
621
552
848
889
838
1,540
2,178
1,295
700
514
625
1,184
1,254
960
622
626
668
594
Maturities and amounts outstanding, May 31, 1946
'l&
'.hi
Amount
outstanding
at end of
month
Year of
maturity
All
series
1946
1947
1948
1949
1950
1951. . . .
1952
1953
1954
1955
1956
1957
1958
Unclassified. .
238
423
497
800
985
1,620
4,721
8,593
11,439
10,292
5 021
3,073
1,294
-80
238
423
497
800
985
439
48,917
3,382
Total
Series
B-D
Series
E
1 182
4,721
7,213
8,588
7,251
1 550
30,504
Series
F
Series
G
212
576
649
726
580
141
1,168
2,274
2,392
2 746
2,493
1,154
2,883
12,226
645
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by non-bank investors
Held by banks
Total
interestbearing
End of month
1942—June
December
1943—j une
December
1944—June
December
1945—j une
1945—juiy
August
September
October
November
December
1946—January
February
March
76 517
111,591
139 472
168,732
201,059
230 361
256,766
260,265
261,261
260,156
259 980
263,386
276,246
278 001
278,451
. . . 275,290
m
.
Commerciall
banks
Total
28,645
47,289
59,402
71,443
83,301
96,546
105,892
107,217
107,230
107,028
107 676
109,372
114,362
115,264
'115,404
111,601
26,000
41,100
52,200
59,900
68,400
77,700
84,100
85,500
84,700
83,700
84,400
85,900
90,100
92,000
'92,500
89,000
Insurance
companies
Federal
Reserve I Total
Banks
Individuals
47,872
2,645
6,189
64,302
7,202
80,070
11,543
97,289
14,901 117,758
18,846 133,815
21,792 150,874
21,717 153,048
22,530 154,031
23,328 153,128
23,276 152,304
23,472 154,014
24,262 161,884
23,264 162,737
22,904 '163,047
22,601 163,689
18,200
9,200
23,800 11,300
30,300 13,100
37,100 15,100
45,100 17,300
52,200 19,600
58,500 22,700
59,700 22,700
59,800 22,500
59,500 22,500
59,300 22,400
62,000 22,200
63,600 '24,400
63,700 24,700
63,700 '24,800
63,800 25,000
Other
corporations
and
associations
State
and
local
governments
3,900
5,400
4,500 11,600
5,300 15,700
6,100 20,100
7,300 25,700
8,300 27,600
9,600 29,900
9,800 29,700
10,000 30,000
10,000 28,900
10,000 28 300
9,800 27,800
10,700 '29,900
10,900 '29,300
11,100 '29,000
11,200 29,100
1,300
2,000
3,200
4,300
5,300
5,500
5,500
5,500
5,500
5,300
6,300
6,400
6,400
6,400
Mutual
savings
banks
600
800
U. S. Government agencies
and trust funds
Special
issues
7,885
9,032
10 871
12,703
14,287
16,326
18,812
19,558
20,033
20,519
20 577
20,710
20,000
20 655
20,897
21,135
Public
issues
2,737
3,218
3,451
4,242
4,810
5,348
6,128
6,105
6,121
6,123
6,175
6,134
7,038
7,043
7,061
7,046
' Revised.
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 600 million on
Mar. 31, 1946.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. Par values in millions of dollars]
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Total:2
1945—Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Feb...
Mar..
183,369
182,870
182,829
185.151
198.820
199.672
199.849
197,104
Fed- Com- Mu- Insurmer- tual
eral
sav- ance Other
Recial
serve banks ings comBanks (x)
banks panies
6,092 22,530
6,094 23,328
6,146 23,276
6,104 23,472
7.009 24.262
7,014 23,264
7,030 22.904
7,016 22,601
77,862
76,939
77,547
78,935
82,830
84,700
85.192
81,861
9,775
9,845
9,847
9,587
10,491
10,726
10.871
10,955
21,273 45,837
21,437 45,227
21,501 44,512
21,375 45,679
23,183 51,046
23,758 50,210
23,895 49.957
24,008 50,663
13,254
13,234
13,172
12,593
12,831
12,866
13,038
13,280
1,574
1,721
1,850
i1 2,094
1,723
1,783
1 584
6 2,239
Treasury bills:
1945—Aug... 17,038
Sept.. 17,018
Oct... 17,026
Nov. . 17,026
D e c . . 17,037
1946—Jan.. . 17,042
Feb.
17,032
Mar. . 17,047
15
18
21
18
5
6
14
9
2,193
2,035
1,978
2,306
2 ,476
2,387
2,396
1,512
2
10
6
14
Certificates:
1945—Aug...
Sept..
Oct.. .
Nov. .
Dec...
1946—Jan.. .
Feb.. .
Mar. .
34,430
35,072
35,021
35,021
38,155
41.502
41.413
40,399
46 6,400 16,413
55 7,184 16,209
77 7,206 16,230
62 7,800 16,358
38 8,364 18,091
51 8,047 21,380
58 7,546 21,716
73 6,954 20,618
158
211
221
171
91
101
119
179
423
494
553
561
360
390
531
573
Treasury notes:
1945—Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan.. .
Feb...
Mar. .
23,498
23,498
23,498
23,498
22,967
19,551
19,551
18,261
52 1,762 16,058
53 1,933 15,830
80 1,920 15,834
71 2,102 15,678
8 2,120 15,701
8 1,405 13,652
7 1.373 13,625
9 1,463 12,292
247
260
258
223
179
176
184
211
587 4,793
581 4,841
591 4,815
607 4,817
575 4,383
546 3,764
538 3,824
520 3,765
Guaranteed
securities:
1945—Aug...
Sept.
Oct...
Nov. .
Dec...
1946—Jan.. .
Feb.. .
Mar..
35
37
39
39
41
39
39
40
7
7
7
7
7
7
8
8
11
12
12
13
11
12
12
13
1
2
2
2
2
3
3
3
3
3
13
13
13
14
14
13
13
13
10,991
10,918
10,735
10,070
11,211
11,532
11.442
12,003
2
4
4
3
6
4
4
3
End of month
Total
outstanding
Treasury bonds:
Total:
1945—Aug...
Sept..
Oct...
Nov. .
Dec...
1946—Jan...
Feb.. .
Mar. .
Maturing within
5 years:
1945—Aug...
Sept..
Oct...
108,172
107,049
107,049
109,371
120,423
121,358
121.635
121,177
8,939
7,725
7,725
Nov
8,214
Dec... 10.879
10 879
1946—Jan.
Feb.. . 10.879
Mar.. 11,613
Maturing in 5-10
years:
1945—Aug... 48,425
Sept.. 49,180
Oct... 49,180
Nov. . 49,180
Dec... 46,484
1946—Jan.. . 46,484
Feb.. . 46.484
Mar.. 45,261
Maturing in 10-20
years:
1945—Aug... 17,446
Sept.. 16,748
Oct... 16,748
Nov. . 16,880
Dec... 20,532
1946—Jan.. . 20.643
Feb... 20.692
Mar. . 20,701
Maturing after 20
years:
1945—Aug... 33,360
33,394
Sept
Oct... 33,394
Nov. . 35,095
Dec... 42,526
1946—Jan.. . 43,350
Feb. . 43.577
Mar. . 43.60J
U. S.
Govern- Fed- Com- Mu- Insurment eral
mer- tual
agen- Resav- ance Other
cial
ings comcies serve banks
and
Banks C1) banks panies
trust
funds
5,937 1,114 43,170 9,365 20,251 28,334
977 42,834 9,360 20,348 27,604
5,926
977 43,477 9,360 20,343 26,964
5,926
977 44.564 9,176 20,192 28,551
5,911
947 46,535 10,217 22,230 33,579
6,915
947 47,253 10,445 22,807 33,000
6,905
947
47,429 10,565 22.812 32,974
6,909
903 47,414 10,561 22,896 32,523
6,882
532
381
379
456
481
478
478
561
5,803
5,126
5,177
5,387
7,282
7,360
7,320
7,887
183
181
184
173
161
169
159
174
352
320
304
277
257
258
257
288
2,068
1,714
1,681
1,917
2,697
2 613
2,666
2,701
1,319
1,398
L.396
1,386
1,340
1,323
1,321
1.154
30,209
30,798
31,241
32,125
31,317
31,776
31,901
31,247
3,101
3,056
2,970
2,705
2,460
2,230
2,128
2,052
4,163
4,179
4,066
3,945
3,840
3,735
3,697
3,603
9,631
9,749
9,506
9,021
7,534
7,418
7,444
7,202
1,057
982
985
907
967
970
972
973
4,687
4,388
4,451
4,371
5,406
5,47')
5,541
5,596
2,814
2,868
2,928
2,966
3,298
3,427
3.476
3,422
2,534
2,493
2,505
2,458
2,995
3,054
2,986
3,012
6,352
6,020
5,880
6,178
7,865
7,711
7,718
7,696
4,141
4 141
4^140
4,139
5,073
5,082
5 086
5^098
2,470
2 521
2! 609
2,679
2,532
2,634
2 669
2^679
3,266
3 257
3^277
3,333
4,300
4,617
4,802
4^909
13,199
13,357
13,466
13,511
15,141
15,759
15 871
15',991
10,284
10,120
9,900
11,432
15,482
15,257
15 150
14^922
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial
banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by
other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies
for certain dates are shown in the table above.
1
Including stock savings banks. On Mar. 31, 1946, commercial banks reporting to the Treasury held 29,368 million dollars of U.S. Government3 securities due or callable within one year out of a total of 69,549 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
646
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
MisTransIncome taxes1 cella- Social
Na- fers to Other Total
neous Secu- Other Total Net Interest
tional
trust
exbudget Defiinter- rity
rereredeac- pendi- expend- cit
nal
ceipts ceipts ceipts3
taxes
fense
counts,
tures
itures
debt
With-2 Other reve-1
etc.
held
nue
Change
in
general
fund
balance
Trust
ac:ounts,
etc.*
Increase
gross
debt
Fiscal year ending:
16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109
June 1943....
435 3,827 78,179 55,897 -1.861 +6,515 64,274
8,393 26,262 5,291 1,751 3,711 45,408 44,149 i,609 87,039
June 1944
556 3,540 93,744 49,595 -4,051 + 10,662 64,307
June 1945.... 10, 289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,405 53,948 +798 +4,529 57,679
1945—May
June
July
August
September.
October....
November.
December..
1946—January...
February..
March
April
May
745
1,282
826 3,930
669 1,073
1,200
466
768 3,440
572 1,021
1,076
449
707 2,659
557
561
718
877
573
689
602
516
337
69
66
306
69
58
257
69
477 3,398 3,085
529 5,916 5,914
228 2,754 2,695
43: 3,281 2,997
34! 5,192 5,189
241 2,581 2,530
225 2,609 2,374
170 4,122 4,118
66
1,009
156
99
647
172
84
817
8,156
7,837
'7.325
'6,399
••5,367
••5,126
'4,226
'4,245
554
1,086
658
485
966
64i
584
649
642
615
51
310
100
65
285
39
191
176
42.
690
3.819
3.678
5,747
2.67"
2,733
309
118
646
174
106
3.417
2.702
2,550
2.560
2,182
2,201
1.704
4,180
1.118
442
3,848
3.875
5,762
2.734
2,998
Period
Net
receipts
Fiscal year ending:
2,810
June 1943
June 1944.... 3,202
June 1945.... 3,239
1945—May
June
July
August....
September.
October
November.
December..
1946—January.. .
February..
March
April
May
592
217
312
543
52
132
419
54
178
355
64
135
465
Net expenditures
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
General fund of the Treasury (end of period)
Other
Receipts
9,275
9,641
8.557
7,354
6,611
5,950
4,656
5,445
684
48
148
543
23 1..383
200 1.316
95 1,294
Details of trust accounts, etc.
Social Security
accounts
6,190 +686 -1,741 3,763
3,727 -1,050 + 15,073 19,850
5,862 -116 -2,615 3,362
4.357
-50 -3,451
956
1,422
-95 -2,497 -980
3,420 +302 -3,321 -203
2,282 +390 + 1,632 3,524
1,327 + 113 + 11,558 12,773
4,891 1,07*
-577
-276
772
3 510 + 168
+39
+534
327
4,602 +1,146
+462 -1,593 -3,201
+254 -3.433 -2,114
4.251 1,5
3,677
944 -139 -2,398 -1,316
757
460
••546
'694
'563
'615
'346
384
296
335
530
162
34
38
Assets
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
2,350
2,816
2,757
456
380
453
2,194
4,403
1,178
1,117
1,851
3,820
655
1.313
2,444
133
192
-571
10,149
20,775
25,119
1,038
1,442
1,500
7,667
18.007
22.622
1,444
1,327
997
643
607
421
9,507
20,169
24,698
271
482
203
239
241
-66
38
198
42
42
51
56
91
146
143
149
-154
778
222
530
701
579
336
407
284
295
260
296
663
441
172
163
80
65
54
-21
3
89
487
9
228
158
195
10,055
25,119
22.469
19,018
16,582
13,307
14,849
26,520
1,140
1,500
1,252
1,300
1,755
1.124
1,372
1,674
7 941
22,622
20.303
16,874
13,989
11,389
12,694
24.044
974
997
914
844
839
794
784
802
430
421
386
387
447
494
404
517
9,625
24,698
22,082
18,631
16,134
12,813
14,445
26.003
-36
-13
87
-60
72
178
178
174
155
158
810
393
181
326
390
583
225
72
133
584
548
30>
85
-18
25,851
26,414
24,743
21.293
18,859
1,011
1,209
2,160
1.124
1,230
24,030
24.447
21,776
19.502
16,949
810
758
807
667
681
424
453
376
359
323
25.427
25.961
24,367
20.935
18,536
-26
51
-274
-79
-395
-9
9
-635
A
181
' Revised.
2
Withheld by employers (Current Tax Payment Act of 1943).
Details on collection basis given in table below.
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.
1
1
INTERNAL REVENUE COLLECTIONS
[On basis of reports of coll ctions.
In millions of dollars]
Income taxes
Period
Total
Current Withindi- held 1
vidual
Fiscal year
June
June
June
ending:
1943.... 16,299 5,771
33,028 10,254 7 ] 038
1944
1945.... 35,062 8,567 10,263
907
2,408
915
1945—April
201 1,751
2,406
May
4,025 1,127
46
June
318 1,249
2,242
July
87 1,461
1,916
August
32
September. . . 3,553 1,112
271 1,094
2,031
October
41 1,405
November. . . 1,856
539
27
December.... 2,742
3.189
1946—January
February.. . . 3,206
4,320
March
April
1,703
1,670
604
949 1,848
1,821
154
460
708
Miscellaneous internal revenue
Current Back Excess Other
profits Total
corpo- taxes profits
taxes taxes
ration
Victory
tax
686 4,137
785 4,763
1 4,422
557 5,064
705 9,345
661 11,004
160
70
858
161
74
768
191
105
660
-26
443
79
295
79 1,895
75
429
62
228
46 1,584
47
421
50
248
105 1,398
9
10
21
8
5
11
6
6
13
517
571
572
791
824
531
706
605
512
151
-3
933
104
222
536
173
236
134 1,268
102
324
6
4
9
5
643
597
639
614
i
-l
84 4.571
137 5,353
144 6,960
ManufacCapi- Estate Alcoholic
To- Stamp turers'
and
tal
and beverbacco taxes retailers'
stock gift
age
taxes
tax
excise
taxes taxes
taxes
329
381
372
"105
209
7
30
1
447 1,423
511 1,618
643 2,310
924
988
932
45
51
66
Miscellaneous
taxes
670
732
729 1,075
1,207 1,430
75
64
62
49
69
34
44
44
45
171
180
191
198
199
198
243
230
188
68
83
93
84
108
101
120
98
62
5
6
6
6
5
6
7
8
7
97
116
104
121
102
93
122
112
107
100
121
116
228
132
93
140
113
102
61
54
84
66
221
210
212
214
96
89
99
96
8
8
9
7
136
142
113
111
121
93
120
119
i Withheld by employers (Current Tax Payment Act of 1943).
JUNE 1946
647
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars^
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
CommodiLoans ties,
supreceiv- plies,
and
able
materials
Corporation or agency
Total
All agencies:
June 30, 1945. .
Sept. 30, 1945..
Dec. 31, 1945. .
Mar. 31, 1946..
Classification by agency,
Mar. 31, 1946
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit b a n k s . .
Federal land banks
Production credit c o r p o r a t i o n s . . . .
Regional Agricultural Credit Corp..
Farm Security A d m i n i s t r a t i o n . . . .
Others
Federal Farm Mortgage Corp
Rural Electrification Administration.
Commodity Credit Corp
Federal Crop Insurance Corp
Federal Surplus Commodities Corp.. .
National Housing Agency:
Federal Home Loan Bank Administration:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public HousingAuthority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
4
Reconstruction Finance Corporation . .
Office of Emergency Management: 5
War Shipping Administration
Office of Inter-American Affairs
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission
All other
Cash
33,552
700
34,247
815
33,844
925
33,325 1,279
5,544
5,409
5,290
5,069
20
10
43
1
12
55
1
9
4
521
183
279
998
248
334
,200
124
15
456
26
151
432
,401
7
3
338
168
849
553
64
172
7
38
9,832
8,910
14
311
997
271
747
3,716
1,943
29
1
29
" 2
322
23
137
422
31
U. S.
Govt.
securities
Other
securities
1,679
1,756
1,683
1,789
43
43
135
73
267
797
49
4,162
4,486
4,212
4,959
27,266
27,610
27,492
26,218
()
37
( 2
50
\
5
1
4
,163
3
781
951
1,163
1,135
1,113
1,133
Other
liabilities
U. S.
Government
interest
00
163
15
42
502
551
555
536
772 1,811
442 2,154
472 1,845
1,741
20,164
20,816
21,017
20,784
759
166
oo""
375
368
325
285
Bonds, notes,
and debenLand,
tures payable
struc- LTn disOther
tures,
tribasand
Fully
uted
equip- charges sets
guarment
anteed Other
by U.S.
21
153
285
1
21
7
26
304
13
30
17
2
12
31
39
2,507
2,487
2,288
1,918
Investments
69
48
459
465
472
479
234
124
100
818
225
62
103
18
2
1
6
32
1
7
213
00
5
00
486
6,794
129
7.818
(
279
5
80
2
3
77
240
65
132
124
14
451
25
143
432
-255
3
3
Privately
owned
interest
OO
11
43
3
334
30
146
721
3,224
1,752
00
551
63
134
7
32
6
8,121
1,712
7,955
955
5
9
309
2
160
698
271
00
740
141 3,575
65 1,878
139
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1946
Purpose of loan
Fed.
land
banks
1,070
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. ""72
Total loans receivable
(net)
998
Fed.
Farm
Mort.
Corp.
Fed.
intermediate
credit
banks
206
279
Rural
Banks Comfor co- modity Electrificaopera- Credit
tion
Corp.
tives
Adm.
Farm
Security
Adm.
422
475
183
31
Home
Owners'
Loan
Corp.
Fed.
Public
Housing
Auth.
ExFed. R.F.C. porthome
and
Imloan
affiliport
banks ates
Bank
00
794 I
"l53'
70
137
"oo'
279
"oo"'
1
183
31
422
285
"l52
322
13
781
285
153
All
other
Dec.
All 31, 1945,
all
agen- agencies
cies
2,878
896
31
148
1
2,816
825
178
151
18
49
196
200
223
232
10
114
127
25
185
545
715
438
40
227
526
707
438
213
5,069
5,290
15
32
267
316
4
985
279
(2)
279
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
3
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4
Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial
Company, which were transferred to the Reconstruction Finance Corporation from Foreign Economic Administration under Executive Order
9630, and War Damage Corporation.
5
All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department
of Commerce.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.
648
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year
and
month
Income
payments
(value)1
1935-39
= 100
Adjusted
1919... .
1920
1921
1922.
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941..
1942
1943
1944
1945
206.9
208.8
209 4
212.8
214.8
216.7
216.8
219.3
222.9
224.7
Employment1
1939=100
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
Factory
Depart- WholeFac- Freight ment
sale Cost of
tory carload- store
com- living*
sales
pay4 ings*
modity
1935-39
(valrolls 1935-39
prices4 = 100
1939 = = 100 ue) *5
1926
1935-39
100
= 100
= 100
Ad- U n a d - AdAdAdAdAdAd- Unad- Unad- AdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
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
P239.1
1943
March....
April
May
June. . .
July
August....
September
October. . .
November.
December .
Construction
contracts
awarded (value) 3
1923-25=100
Industrial production
(physical volume)* 2
1935-39 =100
235
237
239
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
351
356
359
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
5C
70
74
80
81
89
149
235
92
61
102
'i02!6
95.5
86.1
75 5
76.0
83 8
87.6
94.9
100.9
94.4
100.0
104 7
117 5
126.7
130.9
127.5
121.8
133
131
129
117
134
135
138
136
133
137
85
63
52
45
60
59
65
49
60
61
42
33
31
32
36
35
35
34
37
35
119
87
68
55
80
79
89
61
78
81
132.0
131.4
130 9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
Adjusted
Unadjusted
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
166
166
172
176
168
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
83
103 8
104.2
79 8
88.2
101.0
93 8
97.1
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
149.5
103 2
123.5
79 7
85.5
108.4
101 2
106.6
109 9
107 9
109.1
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
288.4
120
137
140
135
168
186
207
175.1
176.2
176 9
179.0
180.1
180.2
179.6
180.6
181.5
179.9
174.6
175.4
175 8
178 3
180.2
181.4
180.8
181.4
181.9
180.3
318.0
324.9
330 4
336.1
335.8
343.1
349.5
354.9
359.7
350.7
138
136
135
161
160
159
127
141
140
140
137
139
143
168
169
129
110
121
142
139
146
152
99
92
94
105
105
110
113
147
114
130
138
133
149
148
152
131
105
78
82
89
92
107
111
89
101
109
Unadjusted
115
117
108
97
75
73
83
88
100
107
99
106
114
242
244
247
247
241
232
236
239
238
241
245
248
249
247
239
365
368
374
376
365
174
175
176
177
177
178
179
179
180
174
227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
243
244
241
239
236
235
230
232
230
232
232
232
240
240
238
237
236
236
232
235
234
234
232
230
369
367
364
361
356
354
347
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
142
139
142
143
143
143
137
55
45
40
36
33
34
38
41
39
42
46
51
29
21
17
17
16
15
14
13
13
13
13
14
76
64
59
52
46
50
57
63
61
65
73
81
130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.7
178.8
178.5
176.6
174.5
173.3
172.5
171.4
170.9
169.3
168.1
167.3
168.0
178.3
178.0
176.2
173.8
172.3
172.2
171.9
172.0
170.1
168.5
167.7
168.3
351.6
352.7
350.5
345.0
345.3
346.6
339.6
343.1
341.9
343.8
341.0
346.7
145
142
140
138
138
139
142
142
139
137
141
137
174
173
183
174
183
177
189
187
187
193
204
197
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
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
5V
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
112
89
73
79
91
104
121
134
150
126.6
126.7
126.7
125.1
124 4
123.4
122.7
121.5
115.8
115.4
116.4
117.3
168.1
168.0
166.5
163.8
160 8
157.2
151.7
147.6
127.8
127.2
127.8
128.1
167.7
167.5
166.0
163.0
159 8
156.9
152.1
148.7
128.5
127.6
128.2
128.4
345.6
344.8
341.7
333.3
318.7
314.6
298.7
267.3
224.2
222.9
222.9
226.2
144
139
145
141
140
140
139
128
127
118
133
127
198
210
220
182
188
202
218
200
200
213
225
216
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
127.1
126.9
126.8
127.1
128.1
129.0
129.4
129.3
128.9
128.9
129.3
129.9
1946
233.5
January
February.. 231.7
March. .. . P232.3
April
160
152
168
156
148
164
?161
166
138
182
161
167
166
P164
141
141
138
P103
107
136
147
P151
61
95
129
145
169
151
P148
119.7
'118.4
121.0
P121.7
'130.7 '130.2 '229.2
122.3 121.9 '210.2
130.1 129.7 232.5
P134.8 P134.1
133
126
139
110
228
254
'263
250
107.1
107.7
108.9
110.2
129.9
129.6
130.2
130.9
1944
January.. .
February..
March....
April
May
June
July
August... .
September
October. . .
November.
December .
1945
January.. .
February..
March....
April
May
June
July
August... .
September
October. . .
November.
December.
237
240
*>164
358
360
P187
P154
* 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. 650-653. For points in total index, by major groups, see p. 669.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 657 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 659-662.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1945, p. 529; for department
stores sales, June 1944, pp. 549-561.
1
2
3
4
JUNE 1946
649
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
I Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1946
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec
Jan. Feb. Mar. Apr,
Industry
Industrial
Production—Total.
Manufactures—Total
Durable Manufactures. . . .
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
163
235
230
225
220
210
186
167
162
168
163
160
152
168
252
247
240
233
222
194
173
168
173
169
163
154
173
174
345
336
323
308
292
239
194
186
191
185
166
138
182
•187
210
206
204
102
187
155
163
146
167
164
102
43
169
'159
129
159
139
307
158
178
160
306
164
172
155
203
10^
108
9>
199
'48 168
46 176
38 '161
106 "•286
567
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
405
393
371
310
230
232
231
232
217
651
610
572
535
405
273
258
252
217
220
231
218
207
188
142
105
120
95
107
'94
267
263
248
219
106
165
139
144
148
147
151
139
193
194
184
183
171
150
148
147
140
140
128
123
135
143
148
150
155
144
148
198
234
189
561
188
232
190
229
573
431
419
676
236
142
175
149
366
206
>219
206
>234
110
•148
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
(Aircraft: Railroad cars: Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
•.•••••.
(Copper smelting: Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shioments: Zinc shipments; Aluminum products;
Magnesium
products; Tin consumption) 1
188
202
272
296
133
Lumber and Products. .
121
110
107
98
91
92
108
119
126
Lumber
Furniture.. .
110
144
109
140
108
138
104
138
98
134
98
124
89
115
76
120
83
123
72
131
95
135
108
139
P117
166
167
162
166
169
160
161
161
158
164
772
184
191
175
61
216
86
124
183
306
183
62
225
85
122
180
300
179
61
220
85
115
168
295
176
43
223
95
121
172
298
193
62
240
93
117
179
287
177
61
218
97
110
162
260
200
79
243
97
110
172
220
186
50
235
106
116
177
218
175
4
235
113
119
181
215
181
$
244
119
124
182
217
190
29
247
131
144
197
199
216
106
255
149
144
•201
189
221
136
251
152
150
204
207
152*
150
203
209
164
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 consumption 1 . . ..
Wool textiles
Carpet wool consumption.. .
Apparel wool consumption..
Woolen and worsted yarn...
Woolen yarn
Worsted yarn
Woolen and worsted cloth. .
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers.. . .
Goat and kid leathers. . .
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings1
Manufactured dairy products .
Butter
Cheese
Canned and dried milk. ..
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
' Revised.
P Preliminary.
650
118
144
176
174
173
173
165
157
156
154
158
156
161
167
166
153
149
150
150
132
134
144
141
146
143
151
159
162
142
150
214
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
148
146
234
150
147
241
149
43
249
156
166
142
166
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
16 )
154
155
171
135
222
'17^
177
171
170
173
138
229
174
176
172
173
122
122
121
127
112
116
111
117
117
132
88
69
144
126
118
134
95
61
146
125
115
132
91
62
132
126
119
137
97
56
137
132
109
128
79
50
133
109
98
112
75
47
130
114
112
125
97
52
151
123
107
121
89
46
145
116
109
125
83
51
140
120
114
131
92
49
139
1C9
115 126 120
131 146 140
92
99
84
54
64
61
151 '14> 149
118 138 P 1 4 4
160
160
151
147
138
144
143
150
153
154
159
138
135
130
127
129
133
136
149
163
'143 P148 P146 P 1 4 8 P 1 4 5 P 1 5 4
89
85
75
72
90
65
179 181 171 160 155 149
206 222 208 201 156 146
59
143
130
'116
59
151
130
155
171
138
138
148
131
146
122
87
105
125
P138
84
168
189
87
181
204
87
175
196
146
139
165
104
129
134
137
139
88
121
132
135
134
95
128
P133
141
144
142
103
142
108
140
146
136
116
133
133
126
144
151
110
141
120
165
179
125
129
99
159
197
134
155
153
158
189
135
r
191
130
144
246
133 P134
vl50
122
P122
150
131
59
153
144
178
205
153
87
184
140
149
132
80
157
• 58
'125
65
162
130
157
101
72
132
i Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION. BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1945
Industry
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr,
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages.
Malt liquor
,
Whiskey
Other distilled spirits.
Rectified liquors
,
160
145
169
180
151
169
168
170
156
169
161
149
151
165
155
139
129
163
150
134
108
161
139
101
107
155
146
109
108
162
148
128
108
160
152
128
113
165
159
138
137
168
165
143
145
174
164
140
153
143 P144
174
173
148
144
136
139
193
173
192
201
216
212
231
238
176
153
0
156
265
152
0
67
283
139
0
61
291
139
0
57
318
147
199
448
293
149
55
399
306
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
125
524
416
127
100
370
401
123
120
128
139
128
150
167
154
112
143
156
161
154
93
147
91
91
143
90
92
156
94
93
177
90
83
162
91
195
98
106
206
99
111
216
96
110
194
94
87
139
64
104
185
71
111
205
69
110
217
65
109
205
69
141
140
141
142
135
131
143
143
142
134
133
140
148 P146
137
157
113
•101
227
139
134
157
84
127
148
133
82
136
160
114
103
234
141
132
158
79
126
144
129
80
136
160
108
103
236
140
133
161
78
125
141
132
80
137
160
116
103
236
138
134
160
75
126
139
139
79
131
149
120
93
227
122
128
149
73
122
146
133
80
129
146
118
92
219
120
126
141
74
126
142
135
72
138
152
124
100
223
126
136
165
77
125
142
141
81
139
154
124
101
227
129
137
157
80
133
147
147
79
138
153
114
103
223
131
136
158
79
132
145
140
81
132
137
95
100
195
120
131
143
78
132
149
140
86
130
131
93
102
167
125
130
145
81
134
146
128
86
136
144
96
104
203
130
135
155
82
139
141
135
86
143
156
98
111
239
132
141
165
82
144
149
138
86
139
166
85
144
143
1?6
86
105
105
105
106
105
HI
109
115 114
112 118 123
127
126
83
85
85
85
88
96
108
110
108
'166
Industrial Alcohol from Beverage Plants1.
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 refining
Gasoline
Fuel oil
Lubricating oil
,
Kerosene
Other petroleum products1.
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1 .
Other chemical products 1 . . . .
272 268 273 269
P267
96
P240
93
P!84
96
vl56
P!74
P172
P168
P!66
145
166
134
131
145
167
136
120
149
174
138
121
148
177
136
132
156
175
136
133
155
173
138
140
132
151
119
116
129
152
120
122
147
164
133
144
140
164
123
157
131
171
129
180
129
176
130
190
130
172
141
183
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
319
318
319
318
307
265
239
230
228
230
235
'233
234
139
135
244
402
135
134
241
405
131
134
240
407
134
132
243
412
139
130
243
409
133
122
222
368
136
126
237
386
139
124
238
371
142
124
244
370
142
127
145
-•246 '251
378 388
•147
126
•255
383
148 P 1 4 9
122
1
246 P257
389 P397
130
P236
Rubber Products. . .
236
233
224
222
218
193
172
191
192
205
215
215
220
P223
Minerals—Total .
142
140
138
144
143
140
134
124
138
133
141
141
137
P103
Fuels.
147
145
143
150
148
146
139
126
143
137
146
149
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
HI
HI
110
109
109
105
106
109
109
108
108
P95
163
159
159
'135
33
P37
P43
P3S
P42
Coal
Bituminous coal.
Anthracite
Crude petroleum....
Metals
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
170
169
167
168
168
162
161
164
P107
159
P32
168
PIO
125 P120
138
v93
P132
r
Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
N O T E . —Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see B U L L E T I N
for October 1943, pp. 940-984, Septemoer 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
JUNE 1946
651
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1945
Industry
Mar
I
Apr. May June July Aug. Sept
Oct. Nov. Dec
Jan. Feb. Mar. Apr,
Industrial Production—Total.
232
229
225
220
211
188
171
164
167
161
156
148
164 P161
Manufactures—Total
249
245
240
234
223
196
177
171
173
167
160
150
170 vl72
344
335
323
308
292
240
195
187
192
184
164
136
181 P 1 8 7
210
206
204
192
187
155
163
146
167
164
102
43
169 P159
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
'100
108
95
199
'48
46
38
106
168
176
'161
-•286
431
419
405
393
371
310
230
232
231
232
217
190
206
P219
676
651
610
572
535
405
273
258
252
217
'220
196
206
P234
236
231
218
207
188
142
105
120
137
95
107
r94
110 P148
267
263
248
219
196
165
139
144
148
147
151
139
194
194
189
183
182
171
150
148
148
141
140
128
123
296
291
272
234
202
162
135
143
148
150
155
144
i48
Lumber and Products
115
119
120
121
116
113
104
95
86
99
110
120
Lumber. . .
Furniture.
101
144
108
140
112
113
138
107
134
108
124
98
115
82
120
81
123
63
131
80
135
95
r
139
166
168
165
166
167
162
159
163
'173
183 P188
175
43
221
102
120
175
298
186
62
230
102
115
179
287
183
61
227
110
113
162
260
204
79
247
112
114
176
220
192
50
242
123
122
182
218
176
4
237
122
123
183
215
169
3
227
108
128
186
217
186
29
242
107
134
190
199
210
106
247
113
138
'191
'189
221
136
130
251
125
143 P 1 4 6
197 P201
207 P209
173
167
159
161
158
162
161
Durable Manufactures...
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing
Arsenals
Transportation
and Depots
1
. ..
Equipment......
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous
Metals
and
Products....
Smelting and refining
(Copper smelting; Lead refining; Zinc
smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; Magnesium products; Tin consumption) 1
138
Stone, Clay, and Glass Products. .
Nondurable Manufactures .
Textiles and Products.. .
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers..
Shoes
Food
Products....
Wheat flour
Cane sugar meltings l
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
* Revised.
165
175
61
216
71
119
177
306
183
62
225
81
119
177
300
172
171
153
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption x . . .
Wool textiles
Carpet wool consumption.. .
Apparel wool consumption. .
Woolen and worsted yarn...
Woolen yarn
Worsted yarn
Woolen and worsted cloth. .
Manufactured
161
v Preliminary.
652
P133
108 P116
142 P 1 4 4
167
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products...
Other stone and clay products l...
Leather and Products
142
175
149
366
190
61
235
89
115
169
295
172
150
158
154
157
146
143
151
P161
P162
142
150
214
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
132
125
228
140
138
233
148
146
234
150
147
241
149
43
249
156
166
142
166
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
172
173
122
122
121
126
107
107
118
113
117
111
117
137 P134
116
132
87
68
140
126
117
134
91
63
143
125
115
132
87
61
142
126
116
132
99
57
135
132
103
120
78
49
123
109
97
109
79
46
134
114
110
123
95
52
148
123
108
122.
91
46
145
116
113
130
86
50
148
120
113
131
90
49
132
109
115
134
90
54
140
118
136
119
157
140
104
82
67
61
160 145
138 P 1 4 4
142
145
146
150
157
151
166
153
151
149
143
144
122
133
134
132
133
128
139
136
134
135
149
165
144
246
139
P149
P178
P209
P185
P155
P120
77
151
186
89
189
231
112
234
272
124
254
284
109
223
257
93
191
214
72
164
185
62
139
127
P100
50
112
105
47
103
105
49
112
105
123
118
54
138
141
135
129
150
98
126
125
125
131
86
118
132
135
134
98
130
139
144
139
103
132
131
129
137
116
127
119
97
146
148
108
134
95
179
197
134
133
93
173
224
140
171
179
164
202
135
182
225
138
130
145
155
191
125
81
111
171
201
141
76
186
129
138
120
75
154
P85
P130
66
169
120
143
95
71
128
iSeries included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1946
1945
Industry
Manufactured
Food
May
June
July
Aug.
148
99
140
162
148
104
130
162
145
97
117
162
146
107
96
165
157
174
88
165
139
148
147
162
142
0
136
265
160
0
44
283
158
0
36
291
117
115
128
Sept. Oct.
Nov. Dec.
Jan.
Feb.
154
165
115
158
176
242
139
165
164
165
142
168
158
118
134
173
156
108
139
171
'152
149
167
149
r
88
144
»166
214
175
199
214
201
188
198
211
162
175
0
35
318
184
199
400
293
170
55
216
306
183
52
324
365
169
70
566
420
154
83
467
427
157
130
301
343
163
131
280
396
178
125
314
416
118
100
241
401
145
133
155
169
173
157
104
142
148
152
147
104
185
70
111
193
67
110
202
65
109
190
69
Mar. Apr.
Products—Continued
Other manufactured foods
Processed fruits and vegetables
Other food products
Alcoholic Beverages.
M a l t liquor
Whiskey
O t h e r distilled spirits
Rectified liquors
...
•
. . . .
Industrial
Alcohol from Beverage Plants *. .
Tobacco
Products...
. . .
.
. . . .
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
=
Pulp
Groundwood pulp
Soda DUIO
Sulphate pulp
. . .
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
..
Tissue and absorbent paper
WraDoins? DaDer . . .
Newsprint
..
Paperboard containers (same as Paperboard)
. . .
Printing find Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
P148
84
l
Products...
Paints
Soap
Industrial chemicals
Explosives and ammunition
Other chemical products 1
l
P142
P89
P!34
166
P159
93
137
91
91
133
90
92
156
95
93
186
92
83
170
88
91
204
95
106
220
106
111
225
103
110
198
97
87
128
57
141
141
142
142
134
131
144
143
142
134
133
141
148
TP146
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
"\39
166
85
144
144
126
88
137
158
121
101
227
139
134
157
84
127
148
133
82
136
162
125
103
234
141
132
158
79
126
145
129
82
137
161
117
103
236
140
133
161
78
125
141
132
81
137
160
117
103
236
138
134
160
75
126
142
139
80
130
147
107
93
227
122
128
149
73
122
140
133
78
129
144
104
92
219
120
126
141
74
126
142
135
71
138
150
110
100
223
126
136
165
77
125
142
141
81
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
107
108
106
105
99
107
110
117
118
114
114
122
129
129
87
90
88
84
76
87
94
101
104
96
94
106
114
114
272
268
273
269
145
166
132
134
145
167
141
123
149
174
143
122
148
177
136
124
156
175
134
124
155
173
137
135
132
151
119
115
129
152
120
122
147
164
133
148
140
164
122
162
131
171
125
184
129
176
129
200
130
172
139
187
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
116
111
296
91
85
»-295
151
145
337
*>21
321
320
318
315
303
261
239
232
230
231
r
234
-234
236
P238
139
135
244
402
137
131
241
405
135
130
240
407
138
130
243
412
137
129
243
409
132
124
222
368
135
131
237
386
139
130
238
371
140
125
244
370
142
127
'246
378
142
127
'25 1
388
145
124
255
383
148
122
246
389
P\SO
r
r223
P267
P240
P184
P156
P174 P172
P166
P161
P168
...
Other petroleum products
Coke
Bv-oroduct coke
Beehive coke
Chemical
Mar. Apr.
p
135
P12O
P257
P397
236
233
224
222
218
193
172
191
192
205
215
215
220
Minerals—Total.
136
140
141
147
145
143
137
125
134
126
134
134
131
P99
Fuels
147
145
143
150
148
146
139
126
143
137
146
149
145
P107
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
P49
Rubber Products....
Coal
Bituminous coal
Anthracite
Crude petroleum
...
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
109
131
129
125
124
123
116
80
61
60
104
80
166
216
207
304
204
301
196
289
192
289
188
281
175
245
111
108
79
50
78
50
21
56
21
61
21
54
20
47
23
42
25
46
29
51
32
54
34
52
34
47
P32
^120
P48
P57
22
28
III Hi
* Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures, see BULLETIN"
for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
JUNE 1946
653
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
Mar.
Apr.
Factory pay rolls
1946
Dec.
Jan.
Feb.
Mar.
1945
Apr.
Feb.
Mar.
Apr.
Dec.
Jan.
Feb.
Mar.
Total
Durable goods
Nondurable goods
166.0 163.0 128.4 130.2 121.9 129.7 134.1 344.8 341.7 333.3 226.2 229.2 '210.2 232.5
222.6 217.5 141.2 144.1 122.3 138.1 147.9 472.0 465.1 451.6 240.0 '243.0 '198.7 235.7
121.4 120.1 118.4 119.2 121.5 123.1 123.2 220.4 221.0 217.5 212.7 215.7 221.5 229.3
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
174.8 172.1 130.5 '131.9 r85.0
r44
122
'116
115
123
236
175
174
85
239
131
117
120
91
132
129
103
107 '108
131
134
112
111
95
138
Electrical Machinery
Electrical equipment
Radios and phonographs
280.2 276.0 186.9 183.7 "134.2
232
162
161
236
K>7
263
144
151
268
149
141.8 158.2 528.3 528.6 517.8
103
452
453
441
157
529
535
521
308.5 302.6 '211.1 225./
262
259 '145
156
258
272
272
286
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors....
Machine tools
Machine-tool accessories
Pumps
Refrigerators
228.3 224.0 172.9 '180.9 '157.7
166.5
288.7 ?2?7.5 '255.9 277.9
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
182
156
179
155
197
190
222
358
183
158
204
256
295
145
218
349
178
153
201
254
284
142
1298.4
1607
2369
1325
1560
2289
1233
145
121
145
123
113
104
90
161
207
165
145
146
184
217
127
165
209
-171
140
159
186
218
-135
146
131
'78
118
159
186
196
'125
1237.5 338.0 r326.9 '295.7
-•299
300
304
-•240 '239
246
-•360 -•329
382
r
99.6
127.9 133.2 332.1
120
224
125
454
105
227
112
278
103
274
333.5
229
458
231
281
270
328.8
229
451
228
275
265
220.5
181
297
202
196
198
'216.1 '127.2
'173
'48
264
144
208
149
'203
'196
197
159
211.1
182
207
178
209
182
119
117
355
338
350
331
348
323
254
222
252
225
192
189
204
216
122
396
369
365
137
205
155
133
125
121
155
186
202
124
290.8
295
249
318
176.
443.9 438.7
424
792
292
328
382
466
646
277
420
769
288
325
382
457
630
266
410
732
278
313
371
44?
593
260
300.9 2881.5 2767.9 2615.4
3235 3190
3071
4368 4280 3957
2907 2711
3108
265
364
235
249
245
279
406
'198
577.2
520
346
641
273
371
'249
'234
'2<2
284
391
164
239
231
'100
'186
257
277
346
'168
258
230
190
193
256
287
355
194
•-559.1
514
-357
•603
'493.6
'521
'369
'530
511.0
525
380
554
Automobiles
173.9 171.6
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
185.6 184.6 142.2 145.3 126.8
142
127
128
'122
143
187
299
Liimber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
123.0 121.3 118.6
69
76
74
87
96
94
122.3 124.0
70
70
89
91
127.0 131.9 225.1 226.2 228.3 199.4 207.7
140
118
72
140
141
114
171
168
149
91
145
167
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
106.2 104.3 102.6
94
90
96
106.0 108.1
94
95
109.9 111.2 202.8 201.3
182
97
184
185
300
96.4 '103.5
141
173
144
179
121
104
109.8 108.2 109.1 114.3 121.4
125
113
142
125
127
68
89
>92
68
rQ4
71
88
92
72
93
116
123
126
118
130
107.0 142.9 333.8 325.5 317.5
135.5 '153.5 '135.5 158.2
138.4 144.8 358.2 364.0 360.0 250.4 256.1
264
265
221
225
269
124
171
362
542
367
556
362
554
247
267
197.9 188.1
164
177
124.9 126.7 186.8 190.5 190.7 181.7
146
202
207
206
182
108
106
115
136
99
121
119
124
148
96
191
195
189
187
132
257
269
169
228.7 250.8
211
191
222
173
222
291
218.7 233.2
123
132
162
158
200.4 209.0
184
177
185.4 '203.9 216.3
192
237
247
135
'142
155
155
169
158
196
217
210
Textile-Mill and Fiber Products
97.3
98.6 101.2
93.9
95.7
108
110
Cotton goods except small wares... 107
107
105
73
Silk and rayon goods
73
74
72
74
99
100
Woolen and worsted manufactures. 97
95
103
66
61
67
62
69
Hosiery
89
86
91
Dyeing and finishing textiles
93
102.8
112
75
106
70
94
Apparel and Other Finished Textiles. . . . 119.7 118.0 118.9 121.0 125.8
91
81
83
85
Men's clothing, n.e.c
92
69
72
73
72
Shirts, collars, and night wear
70
76
76
79
78
75
Women's clothing, n.e.c
81
81
86
85
75
Millinery
128.6 128.7 227.5 233.1 219.7 215.0 228.0
174
87
171
148
167
141
74
132
133
136
129
134
80
154
157
149
141
144
88
156
160
119
147
126
240.2
158
148
153
153
Leather and Leather Products
Leather
Boots and shoes
102.4 102.9 168.6 172.3 169.3 179.2
93
150
162
151
148
88
150
157
154
150
185.2
163
164
194.5 202.1
164
165
174
183
215.0 211.5
218
'199
•228
242
180
181
191
183
228
238
144
'137
91.4
83
79
90.4
82
78
95.2
90
82
97.4 100.4
92
95
84
86
103.5 177.5 177.5 172.9 188.0 190.7 203.7 212.6
242
207
216
217
230
207
202
140
149
149
164
139
135
158
193
207
234
193
187
200
227
102
101
99
113
116
129
125
148
151
151
164
168
178
181
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
118.9
113
117
111
117
138
71
118.6 126.2
107
123
115
125
110
110
113
111
138
148
76
80
123.0 122.2
127
126
127
127
110
110
106
103
152
154
69
67
121.0 118.5 195.9 194.4 194.8
122
188
178
168
122
204
201
201
110
169
170
170
106
199
192
143
201
201
207
63
149
143
150
Tobacco Manufactures
Cigarettes
Cigars
87.8
127
65
86.8
125
65
87.0
118
69
87.9
117
73
87.8
120
69
87.3
116
72
165.6
208
135
229.4
215
221
181
202
227
167
166.0 160.8 164.1 166.7
207
185
201
200
135
149
146
131
165.2
194
149
263.6
170
153
173
170
206.6
191
214
183
186
200
132
171.3
202
156
r
Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for April 1946
are preliminary.
654
FEDERAL RESERVE BULLETIK
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
Factory pay rolls
1945
1946
Apr.
Mar.
Apr.
Dec.
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c.
Paper boxes
119.7
106
119
112
117.7
105
117
110
126.3 128.6 131.0 132.9 134.6
111
114 116
118
118
118
121
123
118
120
120
121
Printing and Publishing
Newspaper periodicals
Book and job
98.2 97.3 108.1 109.4 112.1 113.5 114.7
92
92
103
105
103
107
105
104
116
118
121
122
Chemicals and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosi ves and safety fuses
Ammunition, small-arms
Cottonseed oil
Fertilizers
242.3
182
113
166
1361
1576
107
143
240.5
183
110
165
1358
1581
95
145
Jan.
169.2
178
120
162
297
233
128
120
Feb.
169.7
182
123
165
239
226
117
133
170.3
'186
124
165
'213
198
101
152
Mar.
1946
Feb.
Mar.
Apr.
Dec.
Jan.
Feb.
Mar.
201.7
183
198
184
201.9
183
198
182
199.8
182
194
180
219.0
197
198
203
221.7
198
202
204
226.2
204
207
204
233.3
208
214
213
138.2 139.4 138.2 163.2 165.7 170.6 176.8
120
149
154
118
121
142
144
194
157
200
157
156
185
189
171.4 170.4 426.2 431.0 428.1
277
277
280
186
182
181
124
180
297
166
295
296
201
2020 2092 2076
194
3070 3167 3150
92
225
257
203
168
341
302
351
283.4
276
194
267
470
437
280
258
286.3
r297
'197
276
'328
384
215
336
285.2
281
197
277
365
428
253
283
202.3
301
200
281
315
377
198
387
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
126.6 126.4 132.3 134.0 133.7 137.2
126
126
131
132
132
133
102
100
107
104
117
110
138.6 223.8 224.6 230.3 222.2 220.9 224.7 231.0
221
227
in 218
218
213
211
184
179
189
179
211
186
190
Rubber Products
Rubber tires and inner tubes.. . .
Rubber goods, other
173.2 169.6 168.2 172.7 177.1 181.5
177
172
178
182
187
192
140
138
129
132
124
127
183.4 339.5 315.4 315.9 275.5 290.1 2^2.1 302.8
302
273
272
340
306
257
281
265
232
234
266
256
225
242
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
174.3 173.3 147.3 150.4 155.4 160.0
541
540
203
200
201
205
162
159
127
130
130
136
162.8 344.5 348.0 345.2 266.7 271.0 278.8 293.1
10£ 8 1070
1063
322
332
330
348
275
276
270
204
205
199
215
For footnotes, see page 654.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
Index numbers of the Board of Governors, 1939=100]
1945
Group
Total
Durable
Nondurable
Preliminary.
1946
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
166.5
222.8
122.0
163.8
217.6
121.3
160.8
211.5
120.8
157.2
204.3
120.1
151.7
195.2
117.4
147.6
187.5
116.1
127.8
144.8
114.5
127.2
142.6
115.1
127.8
143.3
115.6
128.1 •130.7
141.2 '144.4
117.8 119.8
' Revised.
Jan.
Feb.
Mar.
Apr.
122.3
122.6
122.1
130.1 P134.8
138.2 P148.0
123.7 P124.4
Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Con piled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
Average hourly earnings (cents per hour)
1945
1946
Feb. Mar. Nov. Dec. Jan. Feb. Mar.
All Manufacturing
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos.
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products
Stone, Clay, and Glass Products
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
" Revised.
JUNE
Mar.
Nov.
Dec.
Jan.
Feb.
45.4 45.4 41 2 41.5 41.0 40.5 40.8 104.3 104.4 99 0 99.4 '100.4 '100.1
46.8 46.7 41.1 41.4 40.8 '40.0 40.6 .113.9 113.9 106.4 106.6 '107.0 rlO6.3
46.9 47.1 42.1 42.5 '41.1 '39.2 40.1 109.8 110.7 108.2 109.1 '109.5 '108.4
46.7 46.6 41.3 41.5 41.3 -•40.3 40.4 106.7 107.0 103.9 105.0 105.3 '102.9
48.8 48.6 42.6 42.9 '42.0 '41.4 41.6 115.1 115.3 112.4 113.4 '113.9 '114.7
47.2 47.1 37.4 39.7 40.0 -"38.9 40.0 130.4 129.9 124.4 123.9 '123.1 '123.5
46.5 46.1 37.8 36.0 37.5 34.1 36.9 127.9 128.0 121.7 122.0 '123.0 '124.2
47.1 47.3 43.2 43.3 43.3 43.2 42.4 107.8 108.1 105.8 106.3 106.6 '109.1
43.3 43.1 40.5 39.0 38.8 40.1 41.1 79.4 79.8 78.9 81.4 83.0 83.6
44.8 44.6 42.0 42.5 41.8 '42.2 42.4 84.7 85.0 84.4 85.9 '86.4 '87.3
43.8 44.2 42.0 41.9 '40.7 • • 4 1 . 0 41.5 91.6 92.3 92.8 93.9 94.2 96.7
43.4 43.5 41.3 41.5 41.2 40.9 40.9
Nondurable Goods
Feb.
1946
42.3
38.8
42.2
44.9
43.0
46.3
41.0
45.5
47.3
47.3
46.0
42.4
39.0
42.5
45.1
42.9
46.3
41.6
45.9
47.4
45.3
46.1
40.3
36.1
39.6
44.4
40.4
45.7
41.7
42.5
44.0
40.2
41.9
40.7
36.4
40.6
45.3
39.1
45.6
41.5
42.5
42.9
40.9
42.1
'44.9
39.3
'44.3
41.1
42.0
41.7
41.7
"41.8
40.5
36.5
40.4
44.3
••38.5
'43.9
40.8
'41.8
41.4
40.6
41.8
89.2
89.6
91.8
92.7
94.1
40.4 73.1 73.3 78.6 79.5
37.5 86.2 87.4 86.4 87.5
40.8 83.
84.8 85.7 88.1
42.9 86,
86.4 90.8 91.5
39.7 73,
74.1 80.7 80.6
43.9 86,
87.1 90.2 91.0
41.3 111
112.1 117.1 118.8
41.8 97.2 97.5 99.1 100.1
40.8 119.6 119.5 121.7 123.6
40.7 114.9 111.7 111.2 111.3
42.3 98.8 99.1 96.5 98.5
80.3
90.6
'90.4
••92.1
'•82.4
'92.8
120.0
'101.5
124.9
112.1
'•99.1
Mar.
103.4
110.1
116.8
103.7
116.9
126.6
125.0
111.6
84.8
88.9
98.5
95.3 97.5
83.3
'92.3
'90.7
'92.4
'83.2
'93.8
121.6
'102.2
127.9
112.9
'98.5
85.8
96.2
91.7
94.4
83.0
95.7
123.0
103.5
130.2
113.8
99.1
NOTE.—Back figures are available from the Bureau of Labor Statistics.
1946
655
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Year and month
Total
Manufacturing
ling
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
30,353
31,784
35,668
38,447
39,728
38,698
36,981
10,078
10,780
12,974
15,051
16,924
16,121
13,897
845
916
947
970
891
835
779
1,753
1,722
2,236
2,078
1,259
2,912
3,013
3,248
3,433
3,619
3,761
3,822
6,618
6,906
7,378
7,263
7,030
7,044
7,173
4,160
4,310
4,438
4,447
4,115
4,348
4,589
3,988
4,136
4,446
5,203
5,890
5,911
5,887
1942—March
April
May
June
July
August
September
October
November
December
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
976
982
982
981
982
973
962
954
944
933
1943—January. . .
February..
March....
April
May
June
July
August.. . .
September.
October. . .
November.
December.
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
1944—January.. .
February..
March....
April
May
June
July
August
September.
October. . .
November.
December.
39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16 013
15,943
15,764
15,614
15,529
15,554
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
1945—January.. .
February..
March....
April
May
June
July
38,426
38,469
38,456
37,963
37,746
37,465
37,231
36,888
35,151
35,029
35,338
35,605
15,633
15,595
15,445
15,178
14,885
14,534
14,130
13,762
12,022
11,893
11,910
11,851
805
802
796
765
732
798
784
780
780
714
789
798
633
658
691
736
782
828
868
858
883
940
984
1946—January. . ..
February...
March
April
'36,333
'35,924
36,727
36,928
12,098
'11,450
12,064
12,438
814
812
801
492
1,085
1,230
'1,385
1,466
1,625
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
3,797
3,848
3,846
3,811
3,802
3,792
3,801
3,803
3,774
3,806
3,871
3,916
'3,956
'3,986
3,989
3,954
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
3,006
7,000
6,962
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
7,215
7,258
7,315
7,335
'7,673
'7,692
7,758
7,754
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
4,394
4,404
4,438
4,466
4,513
4,521
4,558
4,597
4,603
4,745
4,894
4,936
5,034
5,082
5,127
5,164
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
5,866
5 889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
5,954
5,998
6,026
6,003
5,976
5,953
5,973
5,967
5,874
5,673
5,575
5,684
5,528
'5,517
5,522
5,501
1944—July
August
September....
October
November. . ..
December....
38,731
38,744
38,571
38,360
38,347
38,889
16,013
16,023
15,843
15,692
15,607
15,632
833
834
826
816
812
806
686
700
671
652
629
594
1945—January.
ibruary..
Febri
March....
April
May
June
July
August....
September.
October. . .
November.
December.
37,952
37,968
38,062
37,791
37,679
37,549
37,273
36,984
35,321
35,231
35,639
36,314
15,555
15,517
15,368
15,102
14,811
14,534
14,130
13,831
12,082
11,952
11,970
11,910
801
798
796
761
728
794
784
784
784
718
793
802
582
599
636
699
798
845
911
927
945
1946—January. . .
February..
March....
April
'35,815
'35,360
36,271
36,721
12,038
'11,393
12,004
12,376
810
808
801
490
3,809
3,818
3,791
3,767
3,771
3,770
3,740
3,771
3,788
3,792
3,802
3,830
3,858
3,860
3,831
3,825
3,871
3,896
'3,897
'3,906
3,929
3,934
6,942
6,918
6,994
7,148
7,299
7,611
7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
7,143
7,331
7,571
7,959
'7,481
'7,500
7,618
7,738
4,618
4,582
4,488
4,340
4,315
4,304
4,350
4,360
4,394
4,444
4,513
4,589
4,672
4,666
4,603
4,698
4,845
4,936
4,984
5,031
5,076
5,138
5,830
5,869
5,958
5,945
5,914
6,172
5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
5,933
5,701
5,575
5,769
5,473
'5,462
5,494
5,501
1939
1940
1941
1942
1943
1944
1945
SEASONALLY ADJUSTED
August... .
September.
October. . .
November.
December.
UNADJUSTED
679
834
936
891
864
1,006
1,014
1,042
1,132
1,260
1,349
1,544
r
* Includes Contract Construction and Federal Force Account Construction.
Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in
nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic
servants, and personnel of the armed forces are excluded. April 1946 figures are preliminary. For back seasonally adjusted estimates see
BULLETIN for June 1944, p. 600, Back unadjusted data are available from the Bureau of Labor Statistics.
656
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars
Nonresidential building
Residential
building
Total
Month
Factories
January
February
March
April
May
June
July
August
September
October
November
December
1945
1946
140.9
147.0
328.9
395.8
242.5
227.3
257.7
263 6
278.3
316 6
370.1
330.7
357.5
387.4
697.6
734.9
3,299 3
Year
1945
1946
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59 9
88.4
86.1
89.7
102.1
275.2
370.6
1945
1946
45.2 104.7
66.6 97.7
160.4 113.7
174.5 105.1
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
1,027.0
563.5
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]
1945
1945
7.5
8 5
10.0
12.3
1946
69.0
77 5
112.7
75 1
4.9
3 0
4.6
4 3
Other
1946
1945
1946
1945
1946
18.1
17 1
11.4
18 0
25.8
28 3
40.9
37 9
39.8
32 0
90.6
111 9
107.9
95 0
89.9
77 5
54.6
61.1
74.0
51.0
50.2
64.7
143.6
128.1
9.5
5.1
18 8
19.8
25 5
45.5
60 8
62.8
65.5
10 5
13.4
10 4
10.2
18.6
7.0
8.2
23.9
17 6
36.3
49 9
29.4
35 6
36.9
32 0
27.0
30.8
30.0
27.3
346 4
100.2
376.8
January....
February...
March
April
May
159
137
176
179
144
June
164
July
191
169
August
September. . 176
145
October
November. . 165
December. . 188
141
147
329
396
243
227
258
264
278
317
370
331
1,994 3,299
358
387
698
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
67
43
61
61
62
37
28
43
46
46
42
42
44
49
43
62
74
47
56
146
1,435 1,311
559
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
Title I Loans
. . .
Total
320
557
495
694
954
1,026
1,186
1,137
942
886
684
1945—Apr.
May
June
July
Aug
Sept
Oct.
Nov
Dec
1946—j a n
Feb
Mar
Apr
Property
improvement
224
246
60
160
208
251
262
141
96
125
Small
home
construction
13
25
26
21
15
1
189.
•'
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
1- to 4- Rental
War
and
family group
housing
houses housing (Title
(Title (Title
VI)
H)
II)
15
22
19
19
Apr.
Mar.
Apr.
43,368
127 907
48,522
68,374
105,115
66,630
109,843
4? 65?
27,176
26,903
68,421
35,059
108 996
37,248
75,677
89,105
63,544
113,331
60 027
22,241
30.621
61,744
7,162
18 977
38,952
20,642
48,701
149,784
38,445
23 282
5,673
12,938
31,242
734,911
697,593
395,798
1,988
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
94
309
424
473
669
736
877
691
243
216
219
1945
1946
1944 1945 1946 1944 1945 1946
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or month
885.4
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]
Federal Reserve district
1944 1945 1946
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Educational
Public ownership Private ownership
Total
Month
Year
Commercial
Public works
and public
utilities
2
2
11
48
51
13
13
6
*
7
3
13
284
601
537
111
End of month
Total
SavCom- Muings
tual
merand
savcial
loan
ings associbanks banks
ations
Insur- Fedance
eral
com- agen- Other'
panies cies1
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar.. ,
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
111
789
210
220
225
234
160
154
178
179
1942—Mar. ,
June
Dec
. 3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
856
264
940
272
276 1,032
237
243
245
200
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
53
62
56
52
10
14
13
12
45
44
62
12
11
26
60
55
28
23
56
17
27
12
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
46
48
58
14
13
24
28
28
8
7
8
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
*
*
i
>
18
16
19
21
20
28
*
*
2
1
*
1
26
24
21
15
14
17
11
11
•Less than $500,000.
.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
JUNE 1946
x
The 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.
657
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchj mdise imports 2
Excess of exports
Month
1942
1943
1944
1945
1946
1,124
1,107
1,197
903
887
1,030
P800
P671
P816
January
February
March
482
483
637
749
728
988
April
May
June
717
542
989
1 092
1,003
1,231 P 1 , 0 0 5
1 455 Pi,135
1,297
P87O
1,265
1,280
1,269
1,197
1,191
1,194
P893
P737
P514
788
883
1,238
1,073
1,288
1 144
1,187
P455
P639
P736
1,601
2,465
3,428
. . . .
650
July
August
September....
659
October
November. . . .
December
803
705
732
Jan.-March
939
1942
1943
1945
1944
254
254
272
'230
234
249
'300
314
'358
334
325
365
235
258
'282
'296
'352
386
'331
302
'318
'289
191
215
'214
196
1943
1942
1944
1945
228
230
365
'519
494
739
'824
793
'839
569
561
665
P366
P372
*360
482
351
'434
'732
'810
'707
'879
1 069
965
P639
i>763
P511
294
304
282
P356
P360
P335
446
518
536
963
'962
'981
903
887
912
P537
P378
P180
603
620
'524
909
'761
' 1 005
815
863
'591
Pill
v317
J>439
822
1,752
2,456
1,795
200
329
'328
168
'359
r 31 2
'282
'347
P344
P322
P297
779
713
972
1,024
2,820 P2.287
1946
P392
P318
,1,094
1946
P408
P353
P432
PI.193
P1 Preliminary.
' Revised.
Including both domestic and foreign merchandise.
8
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
[Index numbers: 1935-39 average=100]
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Forest
Total Coal Coke Grain Livestock prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944 . .
1945
101
109
130
98
111
123
102
137
168
107
101
112
96
96
91
mo
14
139
110
147
183
138
137
135
138
181
186
120
146
104
117
155
141
206
192
140
135
143
134
185
172
139
151
124
124
143
129
180
169
Miscellaneous
Merchandise
I.C.I.
101
110
136
97
96
100
146
145
69
63
147
142
67
68
SEASONALLY
ADJUSTED
1945—February. . .
March
April
May
June
July
August
September.. .
October
November.. .
December...
139
145
141
140
139 178
137 '191
126 180
126 193
119
134
160
167
121
129
124
120
133
134
133
137
168
218
204
204
152
159
153
151
66
'68
71
69
140
139
128
143
136
128
181
193
167
155
157
163
146
146
132
114
123
145
140
68
67
64
143
109
148
133
146
158
167
153
144
140
133
170
171
166
155
113
167
164
121
121
115
1946—January
February....
March
. .
April
133
126
139
110
148
152
155
26
127
107
165
95
152
150
141
112
126
158
140
143
122
126
134
143
118
94
121
91
134
121
143
143
78
78
78
81
127
118
133
127
125
109
110
106
174
134
134
117
126
125
133
130
66
69
74
74
UNADJUSTED
1945—February. . . 130
136
March
139
April
142
May
145
June
July
143
132
August
September.. . 137
128
October
November.. . 136
December.... 119
139
137
126
126
188
192
176
191
117
124
141
147
97
102
111
108
128
134
133
143
42
63
203
268
t43
151
151
152
64
68
71
69
143
136
178
187
158
188
99
97
263
273
150
148
160
154
111
167
172
109
150
189
183
135
140
135
115
108
94
249
261
215
114
36
133
136
136
139
123
68
67
128
143
109
148
133
176
163
158
164
144
149
140
123
119
132
107
148
152
155
26
133
114
166
93
152
147
130
99
120
126
111
127
109
121
134
143
29
24
35
50
123
113
136
141
1946—January
February
March......
April
65
69
72
75
71
74
75
79
82
' Revised.
NoTti. —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.
658
Total
railway
operating
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
Net
Total
railway
railway operating
expenses income
3,995
4,297
5,347
7,466
9,055
9,437
3,406
3,614
4,348
5,982
7,693
8.343
P8,902
1945—January.. .
February..
March. .. .
April
May
June
July
August. . .
September
October...
November.
December.
1946—January.. .
February..
March....
Net
income
93
189
500
902
874
668
P8,052
589
682
998
1,485
1,362
1,093
P850
P447
766
781
796
799
796
831
791
705
691
657
668
628
673
678
698
704
704
725
696
648
655
620
608
674
93
103
98
96
92
106
95
57
36
37
61
-36
60
68
63
62
57
71
61
22
4
3
30
-56
655
6^5
651
567
555
667
80
-16
1945—January.. . .
February..
March
April
May
June
July
August. . .
September
October...
November.
December.
751
713
813
779
823
820
796
755
679
697
661
614
675
638
'711
68/
723
724
699
669
635
643
600
651
76
75
'102
92
100
96
97
87
44
54
61
-37
1946—January...
February..
March
641
579
646
570
521
667
58
-20
SEASONALLY
ADJUSTED
51
51
P-42
UNADJUSTED
71
43
'40
63
56
65
66
63
51
9
20
34
-75
34
29
P-42
p Preliminary.
' Revised.
No it. 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 BY FEDERAL RESERVE DISTRICTS
[Index numbers*, 1935-39 average = 100]
Federal Reserve district
Year and month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
.
.
.
.
.
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
83
99
92
94
105
. . . 105
110
113
114
115
. . 117
108
97
.. .. 75
73
S3
88
100
107
...
99
106
114
133
149
168
186
207
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
176
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
150
169
106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168
184
84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182
201
73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194
'215
'236
88
105
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103
113
123
145
162
204
244
275
80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176
193
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
227
113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
123
129
'148
164
r
185
177
189
187
187
193
204
197
155
160
158
162
165
168
174
144
150
152
149
151
161
156
158
169
157
170
167
182
170
166
191
182
180
190
204
190
208
211
215
219
228
230
221
237
262
243
247
260
271
258
165
178
180
181
185
189
190
189
198
207
210
207
213
218
198
210
220
182
188
202
218
200
200
213
225
216
167
166
193
157
160
177
183
166
167
177
183
188
154
165
187
150
156
169
177
165
161
172
182
179
172
188
203
161
170
185
198
175
175
184
202
184
186
204
222
174
179
197
220
189
187
209
220
211
234
238
251
210
210
235
252
236
225
248
251
237
268
274
274
234
243
277
300
274
268
292
298
288
184
202
207
168
170
184
197
189
193
199
208
206
228
254
'263
250
186
200
'279
210
194
210
232
219
205
221
244
223
214
242
271
236
262
283
294
276
308
339
'335
318
163
142
157
196
209
248
320
144
110
118
170
184
207
300
133
100
111
158
1.73
206
269
142
116
123
173
189
229
303
157
140
159
191
204
244
304
183
151
177
232
249
293
372
156
171
213
174
183
186
163
168
209
230
273
352
132
130
187
156
158
165
127
125
176
196
225
323
123
137
176
»-143
148
155
118
120
171
196
235
307
132
149
199
'151
163
167
137
136
178
208
255
327
145
163
214
171
177
187
161
165
199
224
264
338
179
207
•"238
255
147
156
'197
223
155
174
206
219
158
174
219
228
167
194
237
254
. .
Minne- Kansas
Dallas
City
apolis
San
Francisco
119
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205
229
93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212
246
277
67
80
75
78
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200
221
244
159
163
165
167
165
173
180
192
212
203
200
214
243
207
239
256
253
252
250
258
256
210
222
222
216
229
253
234
211
222
230
202
213
220
237
225
232
238
240
239
178
182
201
155
171
181
184
178
191
190
203
199
241
245
239
199
203
218
243
214
217
241
265
225
260
271
269
256
264
268
300
272
278
289
288
287
248
258
252
'220
234
233
255
231
232
245
273
256
209
241
'243
237
234
281
286
267
212
236
246
224
269
301
'275
267
306
339
'336
352
269
300
'297
291
199
197
216
257
273
317
417
160
139
151
185
197
231
295
170
154
178
212
221
268
333
151
132
147
181
182
207
277
177
168
191
220
225
263
338
203
194
220
265
275
314
417
193
184
202
225
239
297
373
176
191
251
193
209
207
181
194
239
271
319
399
214
236
282
227
238
233
225
244
279
307
348
466
147
162
200
165
170
178
154
158
197
213
254
320
173
187
230
192
209
198
185
194
234
255
303
365
133
141
190
156
164
172
149
160
207
210
243
305
178
194
232
195
205
200
192
201
239
253
286
366
211
239
269
228
248
228
228
237
292
318
352
467
197
217
233
205
219
215
211
210
243
254
321
407
197
227
264
281
246
292
r315
337
158
182
223
234
199
238
'255
272
248
299
316
335
214
253
'258
287
SEASONALLY
ADJUSTED
1944—June
July
August
September
October
November
December
1945—January
February
March
April
May
June
July
August
September
October
November
December
. ...
. .
1946—January
February
March
April
UNADJUSTED
1944—June
July
August
September
October
November
December
. ...
1945—January
February
March
April
May
June
Julv
.
.
...
August
September
October
November
December
February
March
April
. ..
.
r
167
193
192
236
••226
"•264
242
281
* Average per trading day.
' Revised
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
JUNE 1946
659
DEPARTMENT STORE STATISTICS—Continued
[Based on value figures]
STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers*, 1935-39 average = 100]
Federal Reserve district
United
States
Year and month
Richmond
Atlanta
Chicago
177
181
184
182
180
167
152
138
120
101
96
99
96
101
109
98
96
99
119
167
141
148
150
102
141
120
115
130
136
137
135
136
133
133
122
107
86
77
85
85
93
114
100
99
106
130
182
144
151
156
120
122
121
126
127
124
120
110
96
81
83
89
88
95
108
102
107
113
139
191
175
190
198
116
153
134
133
142
140
132
137
141
140
136
120
100
81
75
84
89
93
111
102
107
115
140
178
161
185
188
99
99
118
120
125
125
127
131
137
128
110
85
79
86
87
95
114
101
103
111
134
186
160
161
159
151
151
158
151
148
145
142
149
146
152
146
144
144
140
156
151
151
148
147
149
147
191
190
189
190
188
189
189
190
187
188
187
189
190
185
141
152
150
162
162
160
161
155
152
151
148
139
150
153
151
160
164
176
174
170
161
155
152
150
139
137
138
148
155
164
163
159
152
149
149
146
149
150
149
153
162
173
166
156
153
151
157
149
196
191
185
196
207
211
212
199
200
196
195
192
167
171
176
189
145
154
157
171
162
166
170
180
149
153
158
170
157
163
174
178
1944—June
July
August
September
October
November
December
160
160
175
178
182
174
134
141
137
157
161
165
166
129
142
139
161
164
167
166
129
142
140
159
162
166
160
120
1945—January
February
March
April
May
...
June
July
August
September
October
November
December
138
147
153
165
173
175
175
182
184
185
179
136
128
143
147
156
159
153
154
164
166
169
167
127
133
143
153
161
166
165
160
173
174
175
173
136
1946—January
February
March
April
146
158
172
188
132
145
154
164
144
156
171
182
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
.
.
.
Boston
New
York
107
140
120
119
133
137
139
140
140
138
137
127
111
90
84
90
90
96
111
100
102
108
131
179
155
162
166
118
137
126
134
142
143
142
142
147
143
138
125
111
92
91
95
94
99
110
97
99
105
124
165
142
147
153
103
140
119
120
128
130
135
138
136
136
141
137
119
96
91
96
94
97
112
100
97
102
123
181
143
150
159
164
161
163
161
161
160
156
147
142
148
147
148
147
142
157
159
157
166
173
179
176
169
166
164
165
158
Phila- Clevedelphia land
St.
Louis
Minne- Kansas Dallas
City
apolis
San
Francisco
157
172
182
181
175
169
151
135
109
98
95
93
100
109
98
99
105
125
159
152
157
156
132
178
143
135
143
151
154
139
129
122
123
114
98
78
76
85
88
95
108
104
106
113
130
161
159
177
190
98
125
108
108
120
127
127
132
135
134
132
125
110
89
80
85
89
97
108
101
106
113
137
187
172
177
182
172
172
174
175
172
171
166
157
157
158
156
159
154
151
180
175
176
176
176
177
177
182
175
174
171
176
173
165
149
161
157
169
172
182
174
166
172
166
163
155
163
161
157
168
174
178
177
166
163
160
160
155
152
153
152
155
161
164
156
157
154
155
158
154
165
174
175
182
196
208
196
187
212
193
189
198
168
169
169
178
184
196
189
186
184
185
191
176
163
165
168
179
160
175
185
193
166
162
166
183
165
163
180
183
179
190
195
208
183
190
190
215
192
192
203
206
212
199*
151
157
155
171
177
181
175
139
162
169
175
178
179
166
130
167
175
185
189
192
183
145
157
169
173
175
180
165
126
175
189
199
198
199
189
148
185
185
191
192
195
183
135
167
180
184
197
202
202
210
224
224
224
207
160
155
167
171
184
199
203
204
202
205
211
203
155
134
143
150
162
168
168
164
172
173
174
171
132
128
145
152
169
172
182
181
181
190
186
175
130
149
154
158
160
173
172
180
176
176
178
173
136
131
138
137
151
158
164
174
175
173
176
170
126
148
155
166
176
186
201
212
212
237
218
202
166
147
149
157
176
191
200
200
205
207
205
202
144
177
190
205
218
166
179
201
217
140
150
163
179
138
158
180
193
151
155
167
174
143
147
162
178
161
169
185
202
161
167
177
212
118
135
151
149
149
145
138
130
125
111
94
87
93
91
95
112
100
102
108
134
176
152
159
166
137
168
143
141
151
156
157
149
139
134
124
117
108
94
89
93
91
97
110
99
103
110
138
171
151
169
165
161
158
160
159
162
159
154
162
162
160
160
160
155
154
172
179
171
186
205
201
198
187
186
188
193
189
156
157
154
162
168
171
167
161
155
156
155
147
207
201
206
217
184
192
201
219
150
149
161
164
169
160
123
182
187
213
213
214
200
158
121
133
138
151
157
156
155
165
167
170
164
124
130
140
144
158
164
166
166
169
171
174
165
124
130
148
158
173
138
151
168
183
SEASONALLY
ADJUSTED
1944—June
Tulv
August
September
October
November
December
1945
Tanuarv
February
March
April
IVIay
June
Tulv
August
September
October
November
December
. .
• •
1946—January
February
March
April
UNADJUSTED
* End of month or annual average figures.
NOTE.—For description and monthly indexes for back years, see pp. 588-612.
660
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weekly ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve
districts]
Wi thout seasonal adjustment
Amount
(In millions of dollars)
1942
1943
Oct. 10. . . .171 Oct. 9. . . .188 Oct.
17. . . .166
16. . . .189
24. . . .172
23. . . .194
31. . . .168
30. . . .187
Nov. 7. . . .182 Nov. 6. . . .202 Nov.
14. . . .182
13. . . .211
21. . . .182
20. . . .223
28. . . .176
27. . . .201
Dec.
5. . . .250 Dec.
4. . . .269 Dec.
12. . . .295
11. . . .297
19. . . .333
18. . . .321
26. . . .222
25. . . .274
Out-
standing
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
128
136
156
179
204
227
255
344
353
419
599
508
534
564
108
194
263
530
560
728
1944—Sept
Oct
Nov
Dec
234
257
300
385
583
607
580
451
561
577
613
618
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
198
198
'280
209
231
236
191
213
243
298
334
429
463
495
524
566
591
601
592
625
620
624
602
462
767
819
772
725
671
697
722
671
652
700
777
764
1946—Jan
Feb
Mar
Apr
224
239
301
P319
488
529
582
*>644
'892
981
974
P910
1939
1940
1941
1942
1943
1944
1945
average
average
average
average
average
average
average
1943
2. . . .117
9. . . .146
16. . . .139
23. . . .125
30. . . .126
Feb.
6. . . .143
13. . . .178
20. . . .155
27. . . .162
Mar. 6. . . .150
13. . . .144
20. . . .147
27. . . .155
Apr. 3. . . .161
10. . . .168
17. . . .170
24. . . .182
May
1. . . .142
8. . . .169
15. . . .149
22. . . .153
29. . . . 151
June 5. . . .151
12. . . .168
19. . . .168
26. . . .132
Jan.
1944
1. . .
8. . .
15. . .
22. . .
29. . .
Feb.
5. . .
12. . .
19. . .
26. . .
Mar. 4. . .
11. . .
18. . .
25. . .
Apr. 1. . .
8. . .
15. . .
22. . .
29. . .
May
6. . .
13. . .
20. . .
27. . .
June 3. . .
10. . .
17. . .
24. . .
Jan.
.110 Jan.
.143
.146
.144
.137 Feb.
.146
.142
.142
.146 Mar.
.153
.160
.172
.182
.212 Apr.
.208
.152
.163
.168 M a y
.184
.197
.177
.168 June
.163
.172
.173
.151
1944
7. . . .218
14. . . .221
21. . . .209
28. . . .207
4. . . .215
11. . . .231
18. . . .252
25. . . .236
2. . . .304
9. . . .365
16. . . .377
23. . . .369
30. . . .123
1945
6. . . .145
13. . . .166
20. . . .160
27. . . .161
3. . . .163
10. . . .172
17. . . .176
24. . . .177
3. . . .182
10. . . .204
17. . . .214
24. . . .226
31. . . .230
7. . . .181
14. . . .156
21. . . .192
28. . . .184
5. . . .193
12. . . .196
19. . . .178
26. . . .182
2. . . .16 9
9. . . 1 9 6
16. . . •20£
23. . . • 1 8 3
30. . . • 1 7 3
1945
13. . . .245
20. . . .237
27. . . .233
Nov.
. .236
10!. . .261
17. . . .275
24. . . .258
Dec.
1. . . .326
8. . . . x O l
15. . . . 433
22. . . .421
29. . . .158
Oct.
1946
5. .
12. .
19. .
26. .
Feb.
2. .
9. .
16. .
23. .
Mar. 2. .
9. .
16. .
23. .
30. .
Apr. 6. .
13. .
20. .
27. .
May
4. .
11. .
18. .
25. .
June 1. .
8. .
15. .
22. .
29. .
Jan.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.135
.188
.191
.188
.197
.214
.209
.213
.217
.233
.243
.255
.257
.272
.282
.289
.232
.248
.274
.246
.245
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
r
P Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage, change from corresponding period of preceding year]
Apr. Mar. Four
mos.
1946 1946 1946
United States
+52
Boston
+49
+8
New Haven. . . +58
Portland
+38
Boston A r e a . . . +46
Downtown
+46
Boston
Springfield.... +48
+56
Worcester
Providence.. . . +50
+1
+3
+4
+8
+59
+63
+62
+65
+57
+53
+42
+35
+61
+65
+51
+49
+57
+50
+13
+ 12
+ 13
+25
+7
+3
-2
-10
New York
Bridgeport....
Newark
Albany
Binghamton...
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester
Schenectady...
Syracuse
Utica
-1
+16
+8
+7
-8
+9
Philadelphia. . +57 +6
+73 r+8
Trenton
+50 +7
Lancaster
Philadelphia... +56 +4
+60 + 10
Reading
Wilkes-Barre. . +69 r + 9
+57
York
+5
Cleveland
Akron
Canton...
Cincinnati
Cleveland
Columbus
Springfield....
r
Revised.
+54
+36
+39
+61
+53
+52
+43
+6
-4
-7
+ 11
+4
+6
-5
+23 Cleveland-cont.
Toledo
+19 Youngstown....
+18 Erie
+ 15 Pittsburgh
+20 Wheeling
+44
-2
+55
+2
+35
-4
+63 + 15
+54
+8
+20 Richmond
+51
+13 Washington.... +46
+23 Baltimore
+52
+19 Raleigh, N. C... +60
Winston-Salem.. +61
+30 Charleston, S. C. +17
+25 Greenville, S. C.+51
+31 Lynchburg
+64
+50 Norfolk
+25
+58
+27 Richmond
+26 Charleston,
+15
+67
W. Va
+8 Clarksburg
+54
+31 H u n t i n g t o n . . . . +53
+30
+54
+24 Atlanta
+13 Birmingham.... +51
+42
+30 Mobile
+17 Montgomery. . . +47
Jacksonville.... +65
+49
+23 Miami
+52
+33 Orlando
+53
+22 Tampa
+60
+20 Atlanta
+69
+28 Augusta
+46
+30 Columbus
+73
+20 Macon
Baton Rouge... +60
+23 New Orleans. . . +55
+12 Bristol, T e n n . . . +59
+48
+12 Jackson
+27 Chattanooga.. . +57
+34
+21 Knoxville
+68
+23 Nashville
+13
* Data net available.
JUNE 1946
Apr. Mar. Four
1946 1946 mos.
1946
+ 14
+ 18
+ 13
+29
+25
Apr. Mar. Four
1946 1946 mos.
1946
Chicago
Chicago
Peoria
Fort W a y n e . . .
Indianapolis...
Terre H a u t e . . .
Des Moines. . .
Detroit
Flint
Grand Rapids.
Lansing
Milwaukee....
Green Bay
Madison
+19
+ 18
+ 19
+23
+ 19
+1
+ 16
+20
- 2 St. Louis
+25 Fort Smith
Little Rock
+6 +26 Quincy
+ 13 +30 Evansville
+4 +22 Louisville
East St. Louis.
r+8 +24 St. Louis
+6 +22 St. Louis Area.
- 3 + 11 Springfield....
- 1 +17 Memphis
r
+l +20
+ 13 +26 Minneapolis. .
+21 +33 Minneapolis. . .
+17 +29 St. Paul
•+18 +31 Duluth-Superior
+13 +32
+9 Kansas City...
-9
+2 +28 Denver
+12 +32 Pueblo
+20 Hutchinson
'-1
+6 +24 Topeka
+3 +18 Wichita
+9 +28 Joplin
+ 1 +8 Kansas City...
+20 +35 St. J o s e p h . . . . .
Omaha
+2
0
+2
+ 10
0
-6
0
-1
-20
+7
+53
+57
+58
+50
+47
+57
+46
+46
+43
+49
+46
+64
+60
+50
+52
+53
+52
+52
+40
+45
+60
+54
+54
+54
+56
+56
+69
+60
+37
+45
+58
+40
+37
+40
*
+43
+54
+50
r+9
+ 12
+9
+9
+4
+11
+19
+7
+8
+1
+ 12
+6
+3
+23
+27
+25
+24
+ 18
+29
+26
+ 16
+7
+ 18
+ 16
+27
+23
+22
Apr. Mar. Four
mos.
1946 1946 1946
Kansas City—
cont.
Oklahoma City. +36
Tulsa
+39
Dallas
Shreveport
Corpus Christi.
Dallas
Fort Worth
Houston
San Antonio. . .
+53
+49
+49
+56
+49
+62
+53
San Francisco. +45
Phoenix
+46
+10 +24 Tucson
+53
+25 Bakersfield
+10
+43
+4 •4-20 Fresno
+44
+23 Long Beach
+7
+50
+ 17 Los Angeles.... +58
+5
+23 Oakland and
+ 11
+43
+27
Berkeley
+20
+24 Riverside and
+ 12
+24 San Bernardino +35
+ 12
+36 Sacramento.... +45
+21
+ 10
+26 San Diego
+31
San Francisco.. +40
+13 +28 San Jose
+47
+33 Santa R o s a . . . . +43
+19
+26 Stockton
+9
+40
-4
+12 Vallejo and
+ 15
Napa
T
+20 Boise and
+6
+44
Nampa
+27
+ 14
+9 * * _ 3 Portland
+43
-3
+ 14 Salt Lake City. +51
-3
+ 12 Bellingham.... +41
0
+14 Everett
+55
+ 12 **+23 Seattle
+34
+20 Spokane
+5
+41
+28 Tacoma
+ 13
+35
+26 Yakima
+9
+51
+5
+14
+ 12
+5
+ 19
+3
+ 17
+ 18
+7
+13
' + 16
+9
+3
+3
+12
-1
0
+ 10
-9
+1
+2
+2
r-l
+ 14
+ 13
+27
+22
+18
+32
+19
+28
+31
+19
+23
+28
+21
+21
+ 17
+25
+ 14
+14
+23
+4
+ 14
+20
+ 17
+13
-20
-6
r+U
+19
+17
+27
+23
+26
+10
+18
+ 10
+17
+8
+8
+ 11
+2
r+19
+11
-2
+7
** Three months 1946.
661
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Per cent change from a year ago (value)
Number
of stores
reporting
Department
+7
+9
355
355
352
334
336
327
310
314
290
337
335
346
329
240
268
246
284
169
322
GRAND TOTAL—entire store
MAIN STORE—total
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
-2
+9
+6
-1
-9
-15
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares
Piece goods
Cotton wash goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Miscellaneous
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
Three mos.
1946
Mar.
1946
+13
+14
+4
+8
+ 13
+6
+11
+U
+12
+9
+1
+9
0
-7
+ 11
+7
+ 13
+5
+ 13
+6
+ 16
+26
+1
+3
+ 14
+9
+32
+20
+50
+51
+55
+25
+407
+30
+47
+28
+63
+26
+46
+46
+46
+ 19
+430
+30
+44
+31
+64
+7
+1
+3
+9
+8
-4
+ 11
+5
+23
-4
+4
-12
-26
-2
-15
-20
-13
-12
326
234
300
286
179
314
234
258
292
194
299
228
225
224
293
128
339
122
226
321
304
239
230
300
231
210
198
164
142
52
129
Home furnishings
Stocks (end
of month)
Sales during period
Mar.
1946
-27
0
-13
-1
+18
0
-5
+9
+39
-4
-11
-2
+34
+7
-5
Ratio of stocks to sales
March
-4
+1
+21
+32
+ 16
-4
-8
+38
+20
+19
+ 10
+ 19
+22
+34
+24
-13
-9
-2
-5
-2
-23
-58
-13
-2
-16
-13
+20
+42
+3
-2
1945
2.0
2.0
1.6
0.7
1.2
2.5
1.6
2.3
1.3
1.5
1.6
1.0
2.6
1.8
4.1
2.0
5.0
1.1
2.2
2.0
2.0
1.4
0.8
1.3
2.0
1.1
1.7
1.5
1.7
1.3
0.8
1.6
1.9
3.7
1.4
1.5
2.6
2.6
3.0
2.0
3.4
3.1
3.3
2.8
2.4
1.6
2.7
4.2
3.8
3.4
1.9
0.9
2.1
2.7
2.4
2.5
2.3
2.0
2.4
0.9
2.3
3.8
3.8
3.1
1.2
1.0
3.7
2.9
3.1
4.1
3.8
4.0
3.7
+22
+3
+9
+27
+ 178
+ 13
+32
+27
+48
-1
+5
+18
+5
+ 13
+5
+28
+33
+31
+20
+45
2.6
3.0
+ 13
-12
+ 18
+7
+ 10
2.1
1.8
2.5
2.3
1.4
3.3
+8
+ 11
+28
+5
1946
1.3
1.0
3.2
2.4
3.0
3.8
3.5
3.0
2.7
2.4
2.9
1.8
1.4
2.8
2.6
1.4
2.8
NOTE.—Group totals include sales in departments not shown separately. The ratio of stocks to sales is obtained by dividing stocks at the
end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales
for that month.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Year and month
Accounts receivable
at end of month
Sales during month
Total
Cash
Instal-
ment
Charge
account
1945—March
April
May
June
July
August
September
October
November
December
178
133
147
149
121
136
154
190
212
270
230
171
190
194
163
182
203
245
272
357
74
52
55
52
48
58
63
90
101
108
141
107
117
117
88
99
118
147
165
204
1946—January
February
March
April?
142
151
190
204
186
191
232
249
65
72
85
97
106
122
162
175
Percentage of total sales
Collections during
month
Cash
Instalment
sales
Chargeaccomit
sales
Charge
account
Instal-
ment
Charge
account
40
37
35
34
32
32
33
36
41
48
96
88
88
88
76
76
85
99
113
145
79
'66
64
61
57
57
59
71
77
79
120
128
122
121
117
104
103
122
143
148
62
62
63
63
66
65
63
63
62
64
34
35
34
34
31
31
33
33
34
32
45
43
43
45
108
100
114
126
82
'75
82
82
100
140
138
154
64
61
59
59
32
35
37
37
Instalment
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 659.
662
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Total
consumer
credit
June
July
August
September
October
November
December
1946—January
February
MarrhP .
Aprils
Sale credit
Singlepayment
loans2
Loans 1
Total
Automobile
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,578
4,436
5,455
5,924
2,955
1,961
2,039
2,365
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
1,318
928
637
322
459
576
940
1,289
1,384
1,267
1,729
1,942
482
175
200
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1.802
1,009
639
635
903
227
676
5,483
5,541
5 697
5,654
5,649
5,702
6,000
6,344
6,734
'6,506
6,564
6,980
7,355
1,947
1,961
1,987
1,992
1,988
2,010
2,086
2,190
2,365
'2,364
2,408
2,510
2,646
723
184
539
718
719
712
706
717
754
805
903
877
879
904
184
188
192
196
202
210
219
227
235
245
264
534
531
520
510
515
544
586
676
642
634
640
951
289
662
970
Charge
accounts
Service credit
Other
7,637
6,839
5 528
4,082
3,905
4,378
5 419
6,771
7,467
7,030
7,981
9 153
9,899
6 485
5,338
5 777
6,734
....
1945—April
May
Total
nstalment
credit
I
674
619
516
459
532
802
1.065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
2 125
,949
402
962
776
875
048
,331
,504
,442
,468
,488
,601
L 369
1,192
L 251
L ,616
1 749
1,611
1 381
,114
,081
,203
292
1,224
1,243
1.268
1,280
1,282
1.293
1,332
1,385
L.462
1,487
t.529
1,606
1,695
1,288
L.348
1,420
1,452
1,466
1,466
1,490
1,556
1,616
1,659
1,671
1,695
1,752
[,506
L.488
L.544
.459
L.441
1,470
1,666
L,835
1,981
1,701
L.692
1 .972
2,146
652
596
573
531
491
467
451
472
419
520
557
523
,459
,487
,544
650
.764
,513
,498
758
.981
533
560
610
648
687
729
111
742
744
746
751
754
756
758
763
772
782
793
803
811
r
P Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Hou ing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
1929
1930
1931
1932
1933
1934
1935.
1936.
1937.
1938
1939.
1940
1941
1942.
1943
1944.
1945
May
June
July
August
September. .
October
November. .
December...
1946—January....
February.. .
March?
AprilP
Small
loan
companies
Industrial
loan
companies2
Indus
1,065
1.195
L 265
L.644
£.005
2,180
1,464
L.147
L.204
L.462
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358
471
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
445
129
131
132
134
89
67
68
76
L.224
L.243
L 268
1,280
L.282
,293
1,332
1,385
,462
r 1,487
L.529
1.606
1,695
377
388
400
406
406
413
428
448
471
494
522
564
607
381
384
389
391
389
387
395
409
445
446
452
462
482
68
69
70
70
70
70
71
73
76
76
78
82
85
652
674
619
516
459
532
802
1945—Anril
Commercial1
banks
219
218
184
143
121
125
156
191
221
Loans made by principal lending institutions
(during period
Credit
unions
Miscellaneous
lenders
95
99
104
107
72
59
60
70
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
60
61
63
63
63
64
64
67
70
70
71
73
76
119
120
122
122
121
120
121
124
128
127
128
132
136
87
87
88
88
88
87
88
90
93
93
94
95
97
Insured
repair
Commercial
modern- banks 1
ization
loans'
and
25
168
244
148
154
213
284
301
215
128
120
179
132
134
136
140
145
152
165
174
179
'181
184
198
212
Small
loan
companies
Industrial
banks 2
Industrial
loan
companies2
Credit
unions
792
636
744
938
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
238
261
255
255
182
151
155
166
176
194
198
203
146
128
139
151
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
69
75
81
75
73
72
88
94
101
104
105
132
139
70
78
82
76
71
74
89
97
133
76
80
103
105
12
14
14
13
13
13
16
15
18
14
14
18
18
11
13
13
12
11
12
14
14
16
14
14
16
16
18
20
21
18
18
16
20
21
23
19
19
24
25
69
130
248
368
460
680
1,017
1,198
413
380
340
250
202
234
288
354
409
r
P1 Preliminary.
Revised.
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 April amounted to 37 million dollars, and loans
made2 during April were 10 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans8 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
JUNE 1946
663
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dolla rs]
DepartAll
ment
Houseother
Total,
End of excluding stores
Furnihold
Jewelry
retail
and
year or
ture
applistores
stores
automailmonth
stores
ance
mobile
order
stores
houses
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
1945
Apr
May
June
July
Aug
Sept..
Oct
Nov
Dec
539
534
531
520
510
515
544
586
676
158
154
150
145
142
144
156
173
198
237
238
237
235
232
235
247
262
283
11
10
11
11
11
11
11
12
14
48
48
49
47
45
44
44
47
74
85
84
84
82
80
81
86
92
107
1946
Jan
Feb
Mar.P
Apr.p
642
634
640
662
189
184
187
199
272
274
279
286
14
14
14
15
66
62
59
58
101
100
101
104
1929
1930.
1931
1932.
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Retail instalment paper 2
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization1
cash
loans
loans
Outstanding at end
of period
1941—June
December. . .
1942—June
December. . .
1943—June
December. . .
1944—June
December. . .
1945—April
May
June
July
August
September...
October
November...
December. . .
1946—January
February....
MarchP
April?
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
91.1
92.6
94.6
95.1
95.1
95.7
97.7
100.9
104.1
105.5
107.2
112.8
118.0
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.5
12.6
12.8
12.8
12.7
12.6
13.1
13.6
13.8
14.3
14.7
15.5
16.9
18.4
18.8
16.3
12.8
8.8
7.7
6.8
7.8
7.5
7.5
7.7
7.8
7.9
8.0
8.4
9.0
9.8
9.9
10.1
11.0
11.9
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
13.3
13.6
14.2
14.6
14.9
15.4
16.2
16.8
17.2
18.0
18.2
19.1
20.2
112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
57.8
58.9
59.9
59.9
59.6
59.7
60.0
61.5
63.3
63.3
64.2
67.2
69.0
Volume extended
during month
1945—April
May
June
July
August
September...
October
November...
December. . .
1946—January
February
MarchP
April?
14.9
17.1
18.0
16.2
15.8
16.4
19.7
19.9
21.3
18.8
18.0
23.3
23.6
2.4
2.4
2.4
2.3
2.1
2.2
2.7
3.0
3.1
3.2
3.0
3.9
4.2
1.1
1.3
1.6
1.4
1.3
1.3
1.7
2.2
2.0
1.7
1.7
2.2
2.4
1.3
1.5
1.6
1.5
1.5
1.6
2.1
1.9
10.1
11.9
12.4
11.0
10.9
11.3
13.2
12.8
14.6
12.1
11.7
14.8
14.5
1
2
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars!
Year or month
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1945—April
May
June
July
August.. ..
September.
October. . .
November.
December.
1946—January...
February. .
March?....
Aprils. . . .
Volume extended during month:
1945—April
May
June
July
August... .
September.
October. . .
November.
December.
1946—January. ..
February..
March?
AprilP
Total
1,093
1,450
1,694
845
514
559
731
579
592
609
619
622
633
659
694
731
r771
809
871
945
101
110
116
107
108
106
131
140
147
157
155
188
212
Outstanding at end
of period
1944
1945
1945—April
May
June
July
August...
September
October. .
November
December
1946—January.
February
March?.
April?. .
Volume extended
during month
1945—April
May
June
July
August
September...
October
November...
December. . .
1946—January
February....
March?
April?
Total
Personal
instalment
cash
loans
347
422
451
289
221
245
302
252
258
265
270
267
271
279
291
302
'314
329
353
377
45
50
53
50
47
46
56
60
64
63
63
82
83
155
217
288
143
164
253
310
123
81
99
146
109
112
116
118
119
122
128
135
146
155
164
179
193
75
97
77
78
79
79
79
79
83
90
97
107
111
117
127
209
247
234
154
89
83
121
86
89
93
96
100
103
109
116
121
125
131
140
151
21
22
24
22
23
23
28
29
32
34
35
41
46
16
18
15
13
15
13
19
21
24
27
24
25
32
10
10
12
11
12
12
15
16
13
14
15
20
22
Retail instal-2
ment paper
Automobile
67.1
76.7
66.6
68.2
69.6
70.0
69.3
70.4
71.4
73.8
76.7
77.5
78.4
81.0
83.4
10.5
11.0
12.5
14.1
14.1
13.4
13.1
13.8
16.0
16.2
17.8
15.6
15.2
18.3
18.1
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
664
218
311
411
136
55
57
65
55
55
56
56
57
58
60
62
65
70
74
82
97
Repair
and
modernization
loans1
68
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
1.6
2.4
2.5
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Other
Repair Personal
and
instalmodern- ment
ization1
cash
loans
loans
10.0
10.6
11.0
11.2
11.2
11.6
12.0
3.8
4.0
3.5
3.6
3.7
3.8
3.7
3.8
3.9
4.0
4.0
4.0
4.1
4.2
4.5
1.1
1.5
1.2
1.2
1.3
1.3
1.3
1.4
1.5
1.6
1.5
1.5
1.6
1.6
1.6
51.7
60.2
52.5
54.0
55.4
55.3
54.7
55.6
56.0
57.6
60.2
60.8
61.5
63.6
65.3
2.2
2.0
2.3
2.4
2.2
2.2
2.6
2.7
2.7
2.6
2.4
3.0
3.1
0.6
0.7
0.6
0.7
0.7
0.7
1.0
1.1
0.8
0.7
0.8
0.9
1.0
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.2
0.2
9.6
11.2
11.0
10.1
10.0
10.7
12.2
12.2
14.1
12.2
11.9
14.2
13.8
9.4
9.4
9.2
9.6
9.6
9.6
Preliminary.
' Revised.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
Percentage change
from corresponding
month of preceding
year
Mar.
1946
Feb.
1946
Apr. Mar.
1946 P 1946
Feb.
1946
+6
+3
+9
+7
+ 18
+19
+ 10
+5
+8
+25
+61
+84
+54
+ 73
+44
+65
+51
+74
+29
+52
+42
+61
+3
+3
+3
+1
+1
+1
+ 18
+ 16
+ 14
+ 11
+ 10
+ 11
Collections during
month:
Total
Instalment
+1
-1
+ 14
+ 15
-6
-7
+37
+35
+27
+22
+24
+23
Inventories, end of
month, at retail value.
+7
+6
+6
+ 18
+ 13
+ 10
Apr.
1946P
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at
end of month:
Total
Instalment
+ 19
+ 11
Preliminary
1nstalment
Year and month
1945
March
April
May.
June
July
August
September
October
November
December
January
February
March
Aprils
. ...
Department
stores
Furni
ture
stores
Charge
accounts
account.
Household ap
pliance
stores
Jewelry
stores
36
Department
stores
36
24
32
66
'31
32
22
23
36
40
3J
33
'62
64
32
23
43
33
64
31
33
35
40
24
23
23
27
42
48
49
52
31
31
30
31
27
24
51
48
35
46
32
3l
25
24
52
51
32
'29
35
35
27
28
53
56
32
31
40
36
1946
r
62
63
63
66
67
61
61
60
64
63
r
P Preliminary.
Revised.
1
Ratio of collections during month to accounts receivable at beginning of month.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929
1930
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
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
130.3
116.9
100.7
94.4
94.2
96.4
100.9
104.1
104. '
104. t
100.2
100.2
99.9
99.0
9C-.7
96.3
104.3
103.3
101.3
100.5
98.7
101.0
101.5
100.7
101.1
1941
1942
1943
1944
1945
105.2
116.5
123.6
125.5
128.4
105.5
123.9
138.0
136.1
139.1
106.5
124.2
129.7
138.8
145.9
105.9
108.5
108.0
108.2
108.3
102.5
105.4
107.8
109.8
110.3
108.2
122.2
125.6
136.4
145.8
104.0
110.9
115.9
121.3
124.1
1945—January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December.
127.1
126.9
126.8
127.1
128.1
129.0
129 A
129.3
128.9
128.9
129.3
129.9
137.3
136.5
135.9
136.6
138.8
141.1
141.7
140.9
139.4
139.3
140.1
141.4
143.0
143.3
143.7
144.1
144.6
145.4
145.9
146.4
148.2
148.5
148.7
149.4
109.7
110.0
110.0
109.8
110.0
110.0
111.2
111.4
110.7
110.5
110.1
110.3
143.6
144.0
144.5
144.9
145.4
145.8
145.6
146.0
146.8
146.9
147.6
148.3
123.3
123.4
123.6
123.8
123.9
124.0
124.3
124.5
124.6
124.7
124.6
124.8
1946—January...
February..
March....
April
129.9
129.6
130.2
130.9
141.0
139.6
140.1
141.7
149.7
150.5
153.1
154.3
110.8
111.0
110.5
110.4
148.8
149.7
150.2
151.3
125.4
125.6
125.9
126.0
Year or month
108.3
108.3
* 108." 3 *
108.4
Back figures.—Bureau of Labor Statistics, Department of Labor.
JUNE
1946
665
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodi ties
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
105.3
105.7
106 0
May
June
.
. . . 106 1
105.9
July
August
.
105 7
105.2
September
105.9
October
106.8
November
December
107 1
1945—Tanuarv
107.1
107 7
February
March
108 9
April
110 2
Week ending:
1945—Dec. 15
106.7
Dec. 22
106.8
Dec. 29
107.0
IQ46—Jan. 5
106 8
Jan. 12
. . . . 106 7
106.7
Jan. 19
Tan. 26
106 8
Feb. 2
106.8
Feb. 9
107.1
107.2
Feb. 16
Feb. 23
107 4
107.6
Mar. 2
Mar. 9
108.2
Mar. 16
108.4
108.4
Mar. 23
J08.7
Mar. 30
109.1
Apr. 6
109.3
Apr. 13
Apr. 20
109.6
109.6
Apr. 27
109.9
May 4
110.1
May 11
110.9
May 18
110.7
May 25
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
127.2
129.0
129 9
130 4
129.0
126 9
124.3
127.3
131.1
1*1 5
1?9.9
130 8
133 4
135 4
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
104.6
105.8
107.0
107.5
106.9
106 4
104.9
105.7
107.9
108 6
107.3
107 8
109.4
110.8
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
99.2
99.3
99.4
99.6
99.7
99.9
99.8
100.1
100.2
100.5
100.8
101.3
102.2
103.3
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
117.8
117.9
117.9
118.0
118.0
118.0
118.7
118.6
118.8
118.9
119.4
119.6
119.8
119.8
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.' r
69.' r
73.8
84.?\
96.9
97.4
98.4
100.1
99.7
99.6
99.6
99.6
99.6
99.6
100.1
101 .0
101.1
101.4
101.6
102 2
104.7
107.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80 8
83 0
84 0
83.4
83.5
83 7
83 9
84.3
84 8
84.1
84.2
84.6
84.8
84.9
85 1
85 0
86 1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
104.2
104.2
104.3
104.7
104.7
104.7
104.9
105.0
105.2
105.6
105.7
106 6
108.4
108.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111 4
115.5
117.8
117.1
117.1
117.3
117.4
117.5
117.8
118.0
118.3
118.7
110.5
120.0
120.9
124.9
126.5
94 0
88.7
79.3
73.9
72.1
75.3
79.0
78 7
82.6
77.0
76.0
77.0
84.4
95.5
94 9
95 2
95.2
94.9
94.9
94.9
95.0
95.3
95 3
95.3
95.5
95.7
96.1
96.0
95.9
96.0
96.1
94 3
92.7
84.9
75.1
75 8
81.5
80.6
81 7
89.7
86.8
86.3
88 5
94.3
102.4
102 7
104 3
104 5
104.5
104.5
104.5
104.5
104.5
104 5
104.6
104.7
104.7
104.7
106.2
106 5
106.9
107.5
82 6
77.7
69.8
64.4
62 5
69.7
68.3
70 5
77.8
73.3
74.8
77 3
82.0
89.7
92 2
93 6
94.7
94.6
94.8
94 8
94.8
94.8
94 8
94.8
94.8
94.8
<)i 8
95.3
95 6
95.6
95.7
131.3
131.5
132.7
131.3
130.0
129.3
129.9
129.7
130.4
131.0
131.1
130.7
133.9
133.1
132.9
133.3
135.2
135.1
135.4
135.5
135.6
135.8
137.9
137.2
108.3
108.6
109.5
108.0
107.6
107.3
106 8
106.7
107.1
108.0
108.3
107.9
109.2
109.5
109.4
109.5
109.7
109.9
110.4
110.3
110.7
110.9
111.5
111.0
100.5
100.5
119.4
119.4
119.4
119.4
119.4
119.4
119.4
119.8
120.0
120.1
120.1
120.1
120.1
120.1
120.1
120.1
120.1
120.3
120.3
120.3
120.3
100.6
100.6
100.6
100.6
101.0
101.
101.
101.
101.
101.
101.
101.4
101.9
101.9
102.4
104.3
104.5
105.0
105.2
105.5
106.7
106. 7
108.:I
108.:I
85.2
85.2
85.3
85 2
85 5
85.5
85 4
85.4
85.8
85.7
85 6
85.4
85.4
85.4
85.4
85.4
85.5
86.5
86.6
86.6
87.0
87.0
87.0
87.1
105.3
105.3
105.3
105.3
105.4
105.4
105 8
105.8
105.8
105.8
105.8
107.8
107.8
107.7
107.9
107.9
108.0
108.2
109.0
109.0
109.1
109.3
109.3
109.4
118.8
118.8
118.9
119.1
119.2
119.8
119.9
119.9
119.9
120.0
120.2
121.0
121.1
123.3
123.6
123.6
124.0
124.0
126.0
126.0
126.6
126.8
126.9
127.2
96.1
96.1
96.1
96.1
96.1
96.1
96.0
96.0
96.0
95.9
96.0
96.0
96.0
96.0
96.0
96.0
96.0
96.1
96.1
96.1
96.1
96.2
96.3
96.6
106.4
106.4
106.4
106.4
106.4
106.6
106.6
106.8
106.8
106.8
108.0
108.0
108.3
108.4
108.4
108.5
108.7
108.7
108.7
108.7
108.7
95.0
95.0
95.0
95.0
95.0
95 0
95.0
95 0
95.3
95.4
9.5.4
95.4
95.4
95.4
95.4
95.4
95.4
95.4
95.4
95.5
96.2
96.2
96.3
96.6
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—March
April
ChemiHides and Textile Fuel and Metals
Building cals anc
leather
lighting and metal materials
products
allied
products
materials products
products
Total
too. e
100.6
100.7
100.8
100 9
100.5
101.1
101.1
101.1
101.5
101.6
101.5
102.C
102.3
102.4
102.8
103.1
103.1
103.6
103.7
104.C
104.1
12C . 3
12C . 9
12(1 . 9
1946
1945
Apr.
Jan.
Feb.
Mar.
Apr
130.5 133.8 133.9 136.7 137.0
136.4 131.5 132.7 133.5 135. I
123.2 126.9 127.9 131.4 134.1}
Foods:
Dairy products
Cereal products
Fruits and vegetables. . . . . .
Meats
Other foods
Hides and Leather Products:
110.7 115.0 115.8 116.1 116.3
95.4 95.8 96.1 96.2 99.4
123.4 125.7 127.5 133.1 138.2
108 2 108.1 108.1 109.6 110 3
94 7 96 2 96 5 97 7 97 7
Anthracite
.. .
Bituminous coal.. .
Coke
Electricity
Gas
Petroleum products
1946
1945
Farm Products:
Grains
..
Livestock and poult j-y
Other farm product s
Clothing
. ...-Cotton goods
Hosiery and underwear . . .
Silk
Rayon
Woolen and worstec goods..
Other textile produ<
Fuel and Lighting Mater ials:
108 .9
105 .4
105 .4
Subgroups
Subgroups
Shoes
. ..
Hides and skins. . .
Leather
Other leather products
Textile Products:
HouseMiscelfurnishing goods laneous
126.3
117.0
101 3
115.2
127.9
117.6
103.8
115.2
128.2
117.6
103.9
115.2
128.6
117.6
104.0
115.2
128.6
117.6
104.0
115..I
107 4 107.4 109.4 109.5 117."I
119.7 125.6 125.8 132.9 137.6
71.5 75.2 75.3 75.5 75.5
30.2 30.2 30.2 30.2 30.2
112.7 112.7 112.7 112.7 112.7
100.9 101.9 102.0 109.6 110.5
95.3 103.9 104.0 104.0 104.0
120.6 125.1 125.1 125.2 125. 2
130 7 134 9 134 9 134.9 133.
58.7 69.2 71.3
77 0 77 4 79 1 79 6
64.2 61.5 61.6 61.2 6 2 .
Apr
Metals and Metal Products:
Aeririiitural imnlements
Farm machine*ry
Tron and steel
Motor vehicleg
Nonferrous m etals
Plumbing anc heating... '.:'.:
Building Materials
Rrirk and tile
C e r " **•">*•
Lu mber
Pai nt and naint materials
Plumbing and heatinff...
Striirf-iirai steel
Other building materials
Chemicals and Allied Products
Chemirais
Drugs and ph armaceuticals. .
Fertilizer mat erials
Mixed fertiliz*
Oil 3 and fats
Housefu rnishing G oods:
Fu rnishings
Fu rniture..
Miscelln ne.nus:
Auto tires ancI tubes
Cattle feed .
Paper and pulp
Rubber, crude
Other miscella neous. . . .
Jan.
Feb.
Mar.
Apr.
97.5 98.1 98.1 98 5 98.6
98.7 99.1 99.2 99. 5 99.6
98.1 101.2 103.3 107 f> 107.4
112.8 112.8 112.8 112. 8 112.8
85.9 85.7 85.7 86. 1 87.1
92.4 95.0 95.1 95. 1 100.8
110.6
99 4
154.4
106.3
92.4
107 3
103.8
116.9
101 1
158.5
107.8
95.0
107.3
106.6
116 9
101 5
160.1
107.8
95.1
113 7
107.2
117
102
167.(5
107
95 I
120 I
112. 3
119 9
102 4
171.4
108.0
100.8
120 1
112.8.
95.8 97.1 97 0 97 f) 97 1
106.8 112.1 111.5 111. 7 112.4
81.9 81.9 81.9 81.
81.9
86.6 86.6 86.6 86. s 86 6.
102.0 101.7 101.8 102.1 102.1
107.5 109.7 110.1 110.9 112.1
101.5 102.8 102.9 102.9 102.9'
73.0 73.0 73.0 73. 0 73.0'
159 6 159 6 159 6 159 fS 159 6
109.0 112.0 113.7 i n 7 113 9
46.2 46.2 46.2 46. 2 46.2
98.9 98.9 98.9 98. 9 99.2
Back figures.—Bureau of Labor Statistics, Department of Labor.
666
FEDERAL RESERVE
BULLETIN!
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
1945 by quarters
Annual totals
1937 1938 1939 1940
1941
1942
1943
1944
1
Gross national product
Government expenditures for
goods and services
Federal Government
Seasonally adjusted
annual rates
Unadjusted
1945
2
3
4
1
2
3
4
87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8
13.6 14.4 16.0 16.7
6.1 6.8 7.9 8.8
26.5
18.6
62.7
55.3
93.5
86.2
97.1 83.0 24.0 25.1 19.5 14.5 95.6 99.2 79.5 57.7
89.5 75.1 21.9 23.1 17.7 12.4 87.8 91.3 71.6 49.8
1.4 2.8
6.5 6.1
7.6 8.1 7.9
7.7 10.9 14.8
3.3 3.6 4.3
13.3
5.3
7.9
19.1
5.3
50.3
5.0
7.4
7.6
2.9
81.3
4.9
7.4
2.5
1.6
83.7 69.0 20.5 21.3 16.3 10.8 82.2 85.3 65.2 43.3
1.6 5.6 6.0 6.4 6.5
5.7 6.1 1.4
1.7
1.4
7.7 7.9 2.0 2.0 1.7 2.1 7.8 7.8 7.9 8.0
1.2 1.6 3.5 3.1
9.4
2.0
7.1 12.5 14.2
3.9
1.6 2.7 0.4 0.6 0.8 1.0 1.8 2.3
2.9 3.7
2.0 2.4
1.6
2.0
Other
.
Producers durable equip6.3 4.5 5.5 6.9
ment
Net change in business in1.1 - 1 . 3 0.9 1.8
ventories
Net exports of goods and
0.1 1.1 0.8 1.5
services
Net exports and monetary
use of gold and silver.. . . 0.4 0.1 0.2 0.3
Consumer goods and services.. . 62.5 58.5 61.7 65.7
D u r a b l e goods
7.6 6.0 6.4 7.4
34.4
N o n d u r a b l e goods
J54.9 }52.5 32.6
Services
.
. . .
22.7 23.9
2.8
1.3
1.6
0.6
1.0
War
State and local governments. 7.5
Private gross capital formation. 11.6
3.7
Construction
Gross national product
Deductions:
Business tax and nontax
Depreciation and depletion.
Other business reserves....
Capital outlay charged to
current expense
Adjustments:
For inventory revaluation
For discrepancies
National income
Additions:
Transfer payments
Deductions:
Corporate savings
Contributions to social insurance funds
I n c o m e payments to individuals
Income payments to individuals
Personal taxes and nontax
Federal
State and local
Disposable income of individuals
Consumer expenditures. . .
Net savings of individuals.
^National income
Total compensation of employee
Salaries and wages
Supplements
Net income of proprietors....
Agricultural
Nonagricultural
Interest and net rents
Net corporate profit
Dividends
Savings
2.5
8.9
3.5
1.2
0.2
74.6
9.1
40.1
25.4
0.5
1.1
0.8
1.9
0.1
0.3
0.1
0.4
5.1
3.1
4.0
6.4
1.3
-0.5
-0.6
-1.7
0)
C1)
C1)
-1.5
-1.8
0.4 - 0 . 4 - 0 . 2
0.1
82.0
6.3
47.9
27.8
C1)
91.3
6.6
55.1
29.7
-0.1
98.5
6.7
60.0
31.8
1.5
0.2
0.5
0.3
0.6
1.8
1.8
6.1
7.0
7.2
0.4 - 0 . 2 - 1 . 3 - 0 . 2
0.2
1.6
0.5 - 1 . 7 - 1 . 0
2.5
1.9
- 0 . 1 (*)
C1)
C1) - 0 . 1 - 0 . 1
0)
104.9 24.7 25.0 25.7 29.5 105.0 100.0
7.4 1.5
1.7
1.7 2.5 7.2 6.7
64.4 15.0 14.9 15.7 18.8 65.2 59.5
33.1 8.2 8.4 8.3 8.2 32.6 33.7
-0.1
103.7
7.1
63.3
33.3
-0.1
110.9
8.4
69.5
33.0
-0.2
0.6
5.2
87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8
9.0
6.1
1.0
8.3 10.4 12.4
6.2 6.2 6.4
0.5 0.8 0.7
0.8
0.5
0.7
0.9
- 0 . 7 +0.9 - 0 . 4 - 0 . 4
0 -0.4
0 . 0
71.5 64.2 70.8 77.6
18.5
7.0
0.8
23.1
7.6
0.6
27.4
8.0
0.5
1.3
1.1
0.8
29.7 28.6
8.2 8.2
0.5 0.5
7.3
2.0
0.1
7.5
2.0
0.1
7.3
2.0
0 1
6.5
2.0
0.1
1.1
0.2
0.2
0.3
0.3
0.9
- 3 . 2 - 2 . 1 - 0 . 2 - 0 . 1 0)
0)
0)
C1)
0)
1.5 - 2 . 2 - 2 . 0 - 0 . 8 0.6 - 0 . 8 - 1 . 0
-1.1 -0.2
96.9 122.2 149.4 160.7 161.0 40.9 41.3 39.8 39.0 167.6 166.2 158.4 t50.7
2.4
2.4
2.6
2.5
2.7
3.2
5.3
8.1
1.5
1.7
1 9
3.0
-0.8 -1.5
0.4
1.8
4.0
4.4
5.5
5 4
4.5
1.6
1.5
1 1
0 2
1.9
2.0
2.1
2.6
3.2
3.8
3.9
3.8
1.0
1.0
0.9
0.9
1.7
1.7
72.3 66.2 70.8 76.2
92.7 117.3 143.1 156.8 160.7 39.8 40.4 39.7 40.9 163.7 163.2 158.6 156.9
72.3 66.2 70.8 76.2
92.7 117.3 143.1 156.8 160.7 39.8 40 4 39.7 40.9 163.7 163.2 158.6 156.9
3.1
3.3
1.4
1.7
3.1
3.3
1.6
1.3
1.4
1.7
1.9
1.9
69.2 62.9 67.7 72.9
62.5 58.5 61.7 65.7
6.7 4.4 6.0 7.3
71.5
48.3
45.0
3.3
11.9
5.1
6.8
7.4
3.9
4.7
-0.8
64 2
45.1
41.2
3.9
10.1
4.0
6.1
7.3
1.7
3.2
-1.5
70.8
48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
0.4
77.6
52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8
4.0
2.0
2.0
6.7
4.7
2.0
18.6
16.6
2.0
19.4 21.0
17 4 18.9
2.1 2.1
8.7
8.1
0.6
4.9
4.3
0.6
3.8
3 5
0.3
3.7 22.1 21.7 20.6 10.7
3 0 20 0 19 5 18 5 17.6
0.6 2.1 2.1 2.1 2.1
88.7 110.6 124.6 137.4 139.7 31.1 35.5 35.9 37.2 141.7 141 J 138.0 137.3
74.6 82.0 91.3 98.5 104.9 24.7 25.0 25.7 29.5 10a. 0 100.0 103.7 110.9
14.2 28.6 33.3 38.9 34.9 6.4 10.5 10.2 7.7 36.7 41 6 34.3 26.4
96.9 122.2 149.4 160.7 161.0 40.9 41.3 39.8 39.0 167.6 166.2 158.4
64.5 84.1 106.3 116.0 114.5 29.8 29.8 28.2 26.7 119.6 118.3 113.0
60.8 80.8 103.1 112.8 111.4 29.0 29.0 27.5 26.0 116.4 115.1 110.0
3.7
3.3
3.2
3.2 3.1 0.8 0.8 0.8 0.7 3.2 3.2 3.0
15.8 20.6 23.5
24.1 25.6 5.7 5.8
6.6
7.5 26.3 25.8 25.1
6.3
9.7 11.9 11.8 12.5 2.5 2.6 3.4 4.1 13.3 13.2 12.2
9.6
10.9 11.6 12.3 13.1 3.2 3.2 3.2 3.5 13.0 12.6 12.9
8.0
8.8
9.7
10.6 11.8 2.9
3.1 2.8
3.0 11.4 11.7 11.9
8.5
8.7
9.8
2.6
9.9 9.0
2.6 2.1
1.7 10.4 10.4 8.4
4.5
4.3
4.3
4.5 4.5 1.0
1.1
1.0
1.5
4.0
4.4
5.5
5.4 4.5 1.6
1.5
1.1 0.2
150.7
105.7
102.7
2.9
26.0
12.1
13.9
12.2
6.8
1
Less than 50 million dollars.
NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business
ior May and August 1942, and March 1943.
Back figures: For annual totals 1929 through 1936, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates
1939 through 1944, see the Survey of Current Business for April 1944 and February 1946.
"JUNE
1946
667
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page Apr. M a y
24
1946
May
In billions of dollars
WEEKLY FIGURES'
WEEKLY FIGURES*—Cont.
RESERVES AND CURRENCY
2
90 23. 08 23.22 23.25 23.13
22.73
66 22.64
30 22.
3
13.84 13.90 13.69 13.67
3
.33 6.34
17
3
74
.74
67
3
90 .90
90
.90
3
32
22 .21
.16
2
20.25
2 20 25 20 25 20.25
27.88 27. 27.96 27.95 27.96
.27 .27
2
2.26
.41 .31
.56
2
15.75 15.75 15.65 15.51
4
14.64 4.74 14. •14.81
4
1.01
4
P. 70
May I May
22
15
In unit indicated
Steel production (% of capacity)... 37 73.6 67.7
Electric power prod. (mill. kw. hrs.) . 37 3,977 4,012
Freight carloadings (thous. c a r s ) . . . 45 660 671
Department store sales (1935-39
= 100)
45 232 248
Wholesale prices (1926 = 100):
Total
109.6 109.9
135.5 135.6
Farm products
103.1 103.6
Other than farm and food
.02
.01
.21
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total
Bonds
Notes, certificates, and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U. S. G o v t s . . . .
Brokers'—on other securities
To others
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, total
Bonds
Notes, certificates, and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities
Allother
14 65.34 64.43
14 46.94 45.99
14 38.09 38.24
14 13.3812.41
14 14.9915.05
11.97
14.91 14.82
15 22.56 22.15 21.95 21.92
15.41 15.04 14.91 14.98 15
9.73
9.62 9.67
16 5.32 r .02 .96 4.86 4.89
16 .47 .34 .26 .39 ,48
15 13.86 13.89 13.86 13.83 14.09
5.01 4.62 .49
4.36
15 4.07 4.26 .11
.21
1.18 1.19
.02
6.08 6.09
2.95 .93
17
16 1.06 1.07
16 .55 .56
17 .83 .84
17 .66 .68
274
246
110.1 110.9 110.7
135.8 137.9 137.2
103.7 104.0 104.1
Reserve Bank credit
old stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks.
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, 2 and $5 bills
Mar.
Apr.
In billions of dollars
RESERVES AND CURRENCY
6
. 6
. 6
. 6
. 6
.6, 7
. 13
. 13
. 13
. 7
. 13
. 13
. 13
7
23.93
20.20
27.94
2.31
.86
15.68
4.94
6.24
4.51
14.55
4.91
5.97
3.67
1.13
23.53
20.24
27.91
2.27
.81
15.54
4.83
6.17
4.54
14.51
4.83
5.94
3.73
1.03
23.07
20.25
27.92
2.26
.45
15.53
4.89
6.13
4.52
14.51
4.83
5.91
3.77
1.02
13
. 13
1.92
4.19
27.95
7.82
15.61
4.53
1.84
4.02
27.88
7.83
15.53
4.51
1.80
3.86
27.89
7.89
15.49
4.51
P177.OO
P76.20
P49.70
P26.10
P25.00
P173.7O
P75.1O
P50.10
P26.10
P174.1O
P77.4O
P50.6G
P26.1O
P20.00
6.56
1.67
1.69
.79
2.41
1.53
.88
.25
.63
P6.98
Pl.70
Pl.97
P2.51
PI.61
P.90
P.26
P. 64
P2.65
Pl.70
p.95
P. 29
P. 66
278.45
275.29
273.24
121.63
78.00
57.21
20.90
121.18
75.71
56.55
21.14
121.18
73.72
56.41
21.22
110.91
67.33
46.59
88.90
70.26
41.41
17.03
109.72
66.12
45.37
87.34
69.43
40.40
17.05
109.72
66.12
45.37
85.36
67.45
38.41
17.05
92.50
27.96
22.90
11.10
24.80
99.20
44.10
89.00
28.18
22.60
11.20
25.00
99.30
44.80
ALL BANKS IN U. S.
.07
.53
.82
.67
1.02
.50 Total deposits and currency...
Demand deposits
.67 Time deposits
Currency outside banks
16 42. 12 U. S. Govt. deposits
15 42. 78 42.29 42.12
90 30. 84
15 31.53 30.95 30.86
16 17.70 17.73 17.72 17.70 17 71
CONSUMER CREDIT
12.35 Consumer credit, total 3
18
16 13.04 12.51 12.42
18
16 .79 .71 .73 .83 .79 Single payment loans
18
24.36 24.39 24.52 24.64 Charge accounts
15
.51 7.36
7.79
Service credit
18
15
.69 6.47
6.56
Instalment credit, total
18, 19
15
.68 8.70
8.64
Instalment loans
19
15
.90 8.93
8.96
Instalment sale credit, total
19
15
.54 4.56
4.52
Automobile. .
17
.85 1.84
1.97
Other
17
.51 2.54
2.47
17
P22.40
P.80
P7.36
PI.75
P2.15
P.81
TREASURY FINANCE
Per cent per annum
RATES, ETC.
24
24
24
24
24, 26
.375
.82
1.16
1.44
2.14
.375
.375
.375
.83
.83
.83
.376
.83
1.14 1.16 1.20
1.44 1.47 1.48
2.18 2.19 2.20
26 2.39 2.43 2.43 2.45 2.44
26 2.48 2.50 2.51 2.51 2.51
26 2.98 3.00 3.01 3.02 3.03
In unit indicated
Stock prices (1935-39=100), total. .
Industrial
Railroad
Public utility
Volume of trading (mill, s h a r e s ) . . . .
MONTHLY FIGURES
P.68
64.07 64 07 64
45. 78 45 87 45
38.25 38.35
58.7 48.9 49.2
3 ,911 3,939
685
688 '572
1946
Feb.
P. 92
.96 1.03
.02 .01
.01 .01
.21 .25
.72 .75
5
5
5
5
5
MEMBER BANKS IN LEADING CITIES
U. S. Govt. securities:
Bills (new issues)
Certificates
Notes
Bonds (7-9 years)
Bonds (15 years and over)
Corporate bonds:
High grade (5 issues)
Aaa
Baa
May
BUSINESS CONDITIONS
Reserve Bank credit, total
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves e
Excess reserves (weekly average):
Total
New York City
Chicago
Reserve city banks
Country banks e
MONEY
Chart
book
page Apr. M a y
May May
15
22
27 152 153 152 153 155
27 157 158 156 158 160
27 155 156 152 154 159
27 128 129 128 128 130
27 1.35 1.01 1.38 1.10 1.27
U. S. Govt. obligations outstanding,
total interest-bearing
By classes of securities:
Bonds (marketable issues)
Notes, cert., and bills
Savings bonds and tax notes. . .
Special issues
By maturities:
5 years and over
5-20 years
5-10 years
Within 5 years
Within 1 year
Certificates
Bills
Holdings of U. S. Govt. obligations:
Commercial banks
Fed. agencies and trust f u n d s . . . .
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
28.27
22.73
For footnotes see p. 670.
668
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
Feb.
Mar.
Apr.
2
2.48
.50
.375
2.47
.50
.375
2.46
1.00
.375
In unit indicated
Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances....
27
27
27
27
27
143
146
160
124
1.78
142
145
154
123
1.12
15
156
157
128
1.39
29
29
29
'1,046
645
'755
936
622
712
895
575
69
BUSINESS CONDITIONS
Income payments (mill, dollars) :4
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production: 4
Total (1935-39=100)
35, 49B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip...
49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49B
Nondurable manufactures
35
Textiles and leather
49 B
Food, liquor, and tobacco . . .
49B
Chemicals, petroleum, rubber,
and coal products
49B
Paper and printing
49B
Minerals
35, 49B
New orders, shipments, and inventories (1939=100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls
(1939=100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural
employment
(mill,
persons) :4
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (34 mo. moving
average, mill, dollars):
Total
41
Residential
41
Other
41
12,969 P13.003
8,108 P 8 , 2 7 1
4,861 P 4 , 7 3 2
1,455
863
520
72
5.2
1,425
882
487
56
4.4
3.8
543
38.3
16.0
2.7
51.7
44.7
7.0
55.7
39.4
16.3
2.7
53.0
45.4
7.6
56.9
40.3
16.6
2.4
54.6
46.4
8.2
152
168
'52.3
33.0
4.7
69.1
35.3
18.6
P7O.9
P38.4
P17.5
14.7
•78.1
20.9
23.7
15.2
77.6
21.2
22.2
P21.2
P21.4
'21.2
12.3
21.4
21.4
12.8
20.9
186
182
P192
182
152
202
P196
PISO
P2O7
167
174
160
P178
'210.2
121.9
232.5
129.7
'40.55
-100.1
40.5
42.14
103.4
40.8
35.9
12.3
7.7
5.5
4.0
1.4
36.7
12.9
7.8
5.5
4.0
1.5
557
175
383
602
237
365
P203
Feb.
MONTHLY FIGURES—Cont.
Per cent per annum
23
23
23
Chart
book
page
1946
P163
BUSINESS CONDITIONS
Mar.
Apr.2
In unit indicated
Cont.
[Residential contracts (mill, dollars):4
Total
Public
Private, total
1- and 2-family dwellings
Other
Value of construction activity (mill,
dollars):
Total
Residential:
Public
Private
Nonresidential:
Public
Private
Freight carloadings:4
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39=100) :4
Sales
Sto
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports.. .
Imports
Excess of exports excluding LendLease exports
Cost of living (1935-39=100):
All items
Food
Clothing
Rent
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
42
42
42
42
42
137
1
136
109
27
240
6
234
208
26
308
8
300
276
24
49C
519
609
711
49C
49C
3
170
5
200
250
49C
49C
75
271
94
310
106
347
43
126
139
110
43
43
43
66.0
32.4
27.5
78.3
32.9
28.2
78.2
5.6
26.2
44
44
254
171
'263
176
250
189
46
46
46
P671
P572
P31S
P699
P384
46
P254
47
47
47
47
129.6
139.6
150.5
130.2
140.1
153.1
108.4
130.9
141.7
154.3
49
49
49
107.7
130.8
101.3
108.9
133.4
102.2
110.2
135.4
103.3
P316
1945
1946
P76.7
P21.4
P12.7
P15.7
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue
Oct.Dec.
JulySept.
QUARTERLY FIGURES
49D
49D
49D
49 D
49D
49D
49D
P168
Jan.Mar.
In billions of dollars
22 .52
19 .09
10 .88
9 .86
4 .32
3 .39
2 .15
16.05
13.60
9.02
8.45
3.44
3.19
1.82
13.00
8.67
13.24
12.59
7.22
3.49
1.88
2.09
1.71
2.23
2.38
2.31
1.75
2.34
2.93
Per cent
MONEY RATES
*>158
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
23
25
25
25
In millions of dollars
SECURITY MARKETS
P36.9 Corporate security issues:
Net proceeds:
P12.9
All issues
P7.8
Industrial
P5.5
Railroad
P4.0
Public utility
PI.6
New money:
All issues
P619
Industrial
Railroad
P284
Public utility
P335
2.45
2.05
2.53
2.81
28
28
28
28
2,139
831
459
786
1,636
433
315
807
941
407
348
154
28
28
28
28
369
313
26
272
157
46
41
248
219
10
3
5
For footnotes see p. 670
JUNE
1946
669
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
1945
1945
Chart
book
page
Mar.
20
June
30
Dec.
31
In billions of dollars
CALL DATE FIGURES
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Agricultural
For purchasing securities:
Brokers
To others
Consumer
Demand deposits adjusted
In billions of dollars
GALL DATE F I G U R E S - C o n t .
CLASSES OF BANKS—CONT.
10
10
11
11
11
11
11
10
90.52
67.92
11
11
10
11
11
11
2.99
2.40
17.22
11
11
11
10
(66)
(6)
()
(6)
(66)
(6)
()
(6)
5.39
(6)
(66)
()
107.18 Country banks:
78.34 Loans and investments, total
44.79
U. S. Govt. obligations
16.98
Other securities
14.27
Loans
2.27
Demand deposits adjusted
.02 Time deposits
.03
5.60
6.07
99.43
73.24
40.27
15.58
14.72
2.63
3.10
2.50
20.59
7.10
3.25
1.13
3.25
2.82
22.78
8.95
3.46
.86
..
29.13
22.20
2.12
4.81
20.84
10.54
31.37
24.09
2.16
5.11
20.66
11.26
1945
SELECTED DATES
JulySept.
12
12
12
12
12
12
27.95
20.41
1.47
6.07
18.60
1.73
31.49
21.62
1.55
8.32
17.80
1.79
3.38 Cash farm income (bill, dollars, annual
1.90
basis)
64.18 Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-July
32.07
1914=100)
21.79
1.62
8.67
18.22
1.97
12
12
12
12
12
12
33.45
25.30
1.80
6.35
21.74
8.28
36.57
27.52
1.89
7.15
20.68
8.76
40.11
29.55 Cash farm income (bill, dollars)
2.04 Farm transfers (number per 1000
farms):
8.51
Total
22.37
Voluntary sales and trades
9.79
61.17
13
13
13
13
13
13
FARM REAL ESTATE VALUES
3.09
3.41
1.69
59.13
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total...
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, t o t a l . . . .
U. S. Govt. obligations
Other securities
Loan*
Demand deposits adjusted. . . . . . . .
Time deposits
Chart
book
page
35.00
27.00
2.41
5.60
23.60
12.51
1946
Jan.Mar.
Oct.Dec.
In unit indicated
49A
21.2
21.4
49A
7
7
130
P22.7
133
7
142
49A
173
175
178
49A
202
204
207
In unit indicated
49A
21.0
49A
49A
53.4
51.5
21.6
r
e Estimated.
J> Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
For information concerning the recent revision in several components of this series, see BULLETIN tor April 1946, p. 383.
Adjusted for seasonal variation.
Revised series. For description and back figures see pp. 588-612.
Figures available for June and December dates only.
As of July 1, Nov. 1, March 1.
* Current figures are for revised edition of the Chart Book announced on p. 478 of the BULLETIN for May. Copies may be obtained at a price
of 50 cents each.
1
2
3
4
5
6
7
670
FEDERAL RESERVE
BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercia banks »
All
re-
Banks (Head Offices)
Dec 31 1942
Dec 31 1943
Dec. 31. 1944
Dec. 31. 1945
Apr. 30 1946? . .
Dec
Dec.
Dec
Dec
Branches and
Additional Offices'
31 1942
31, 1943
31 1944
31, 1945
Apr
30
1946P
banks 1
Total
14,682
14,579
14,535
14,553
14,569
14,136
14,034
13,992
14,011
14,028
6,679
6,738
6.814
6.884
6,887
5,081
5,040
5,025
5,017
5,011
3,739
3,933
4,064
4,090
4,033
3,602
3.797
3,924
3,947
3,890
2.615
2,793
2,892
2,909
2,864
1,592
1,741
1,813
1,811
1,753
Total 2
National
Mutual savings
banks
Nonmember banks x
Member banks
Total
Insured
1,598
1,698
1,789
1,867
1,876
7.460
7.299
7.181
7,130
7,144
6,667
6,535
6,452
6,416
6,444
793
764
729
714
700
56
184
192
192
191
490
361
351
350
350
1,023
1,052
1,079
1,098
1.111
987
1,004
1,032
1,038
1,026
935
952
978
981
52
52
54
57
35
95
99
101
102
41
41
42
101
42
State 2
Noninsured l
968
Insured 2
58
Noninsured
Nonreporting
banks
(nonmember
noninsured)
130
119
120
112
112
P Preliminary.
1
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative"2 banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
The State member bank figures and the insured mutual savings b ink figures both include three member mutual savings banks. These banks
are not
included in the total for "Commercial banks" and are included only once in "All reporting banks."
3
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 152, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banting and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list 1
Federal Reserve
district or State
United
Dec.
Dec.
Dec.
Dec.
States total:
31, 1942. . .
31, 1943. . .
31, 1944. . .
31, 1945.
Apr. 30, 1 9 4 6 P . . .
Total i
14.123
14.021
13.989
14.002
14,023
Total
11,413
11.492
11.544
11,869
11,908
Member
banks
6,670
6.779
6.806
6.877
6,880
O n par listl
Nonmember
banks
4,743
4,763
4,738
4,992
5,028
Not
on
par
list i
2,710
2,529
2,445
2,133
2,115
By districts and
by States
April 30, 1946 v
Boston
New York
Philadelphia
Cleveland
493
950
851
1,176
493
950
851
1,176
338
809
647
720
155
141
204
456
Richmond
Atlanta
Chicago
St. Louis
1.009
1,125
2.464
1.463
771
496
2.405
1,098
474
326
996
493
297
170
,409
605
238
629
59
365
Minneapolis
Kansas City
Dallas
San Francisco
1.272
1,747
972
501
589
1.732
854
493
469
751
588
269
120
981
266
224
683
Alabama
Arizona
Arkansas
California
Colorado
217
11
227
191
139
102
11
96
191
139
83
6
66
111
92
19
5
30
80
47
115
Connecticut
Delaware
Dist. of Columbia..
Florida
Georgia
116
40
21
167
362
116
40
21
100
84
64
17
18
67
59
52
23
3
33
25
Idaho
Illinois
Indiana
Iowa
Kansas
46
856
492
658
612
46
854
492
658
610
26
490
238
164
213
20
364
254
494
397
Kentucky
Louisiana
Maine
Maryland
Massachusetts. . . .
385
153
63
170
185
385
52
63
170
185
113
43
38
80
149
272
9
25
90
JUNE 1946
36
15
118
67
278
2
'"2
'ioi'
State
Total 1
Total
Member
banks
Nonmember
banks
Not
on
par 1
list
1
417
170
74
2
Michigan
Minnesota
Mississippi
Missouri
Montana
443
674
203
591
110
442
257
33
517
108
230
208
29
183
77
212
49
4
334
31
Nebraska
Nevada
New Hampshire. . . .
New Jersey
New Mexico
411
8
65
346
41
408
8
65
346
41
146
6
53
295
28
262
2
12
51
13
New York.
North Carolina.
North Dakota..
Ohio
Oklahoma
677
205
150
677
380
677
85
45
677
369
584
55
42
424
216
93
30
3
253
153
70
,019
21
145
168
70
1,019
21
46
67
33
769
11
28
60
37
250
10
18
7
Tennessee.
Texas
Utah
Vermont..,
Virginia. . .
293
862
57
71
314
186
796
57
71
298
82
546
34
40
198
104
250
23
31
100
107
66
Washington
West Virginia
Wisconsin
Wyoming
121
179
555
56
113
176
439
56
54
108
166
38
59
68
273
18
8
3
116
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
120
105
99
101
16
P Preliminary.
1
Represents banks on which checks are drawn, except that it excludes
both member and nonmember mutual savings banks on a few of which
some checks are drawn. Similar par list figures published heretofore
have included member mutual savings banks and member nondeposit
trust companies (three and four, respectively, on Dec. 31, 1945)
on which no checks are drawn, because of the requirement that member
banks remit at par for checks presented to them through the Federal
Reserve Banks.
The total in this table differs from total commercial banks in preceding table because the commercial bank total excludes some banks on
which checks are drawn, namely, those that do not report to State
banking departments (see footnote 1 of preceding table), and includes
industrial banks and nondeposit trust companies whether or not
checks are drawn on them.
NOTE.—Prior to February 1946, statistics on the Federal Reserve
par list were published annually. For back figures see Banking and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
671
NUMBER OF BANKS AND BRANCHES
IN OPERATION ON DECEMBER 31, 1945
All banks maintaining branches or additional offices,
All banks, by class of bank
by classes of bank 1
Commercial banks
Geographic division
and State
Total
United States
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island. .
Connecticut
Middle Atlantic
New York
New Jersey
Pennsylvania
14,553
2
InNa- State
tional member sured
Noninsured
2192
1,122
309
201
578
34
52
33
16
337
12
26
42
24
30
6
34
1
17
4
31
93
23
5
1
1
124
25
4
8
?3
64
65
72
33
52
39
187
25
125
121
10
51
2,069 1,279
690
399
352
218
1,027
662
23,006
677
2555
97
3,259
3,258
741
679
646
592
678
646
592
185
97
80
2491
851
432
901
240
125
362
77
33
3
9
8
1
4
10
8
35
26
2
374
87
49
238
2
647 1,389
238
2 184
238
109
41
13
9
19
72
15
29
2
13
375
191
76
108
129
154
271
349
184
380
274 1,899
25
65
102
437
431
380
20
11
17
9
344
31
53
30
151
166
151
166
410
615
410
615
128
174
25
18
39
210
233
54
169
1,591
S o u t h Atlantic
Delaware
42
180
Maryland
21
Di=t. of Columbia
314
Virginia
179
West Virginia
229
North C a r o l i n a . . . .
145
South Carolina
306
Georgia
175
Florida
1,579
40
466
13
161
4
889
22
63
1
179
229
145
306
175
76
45
23
48
58
32
9
5
11
8
66
170
92
232
101
5i
5
25
15
8
East S o u t h C e n t r a l . 1,101
390
Kentucky
293
Tennessee
216
Alabama
202
Mississippi
1,101
390
293
216
202
1,589
215
151
380
843
55
20
12
18
5
153
16
10
18
109
753
250
205
129
169
West S o u t h Central. 1,589
215
Arkansas
151
Louisiana
380
Oklahoma
843
Xexas
251
93
70
65
26
716
50
33
199
434
IV^ountain
M^ontana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
469
111
46
56
139
41
11
469
111
46
56
139
41
11
203
40
16
27
77
22
4
104
38
10
11
15
5
660
142
107
154
257
155
33
19
18
41
14
5
57
57
1?
8
5
1
Pacific
Washington
Oregon
California
405
124
73
402
122
72
154
40
23
47
15
10
91
22
208
Insured
58
96
107
80
8
Noninsured
714
East N o r t h C e n t r a l . 3,017
680
Ohio
495
Indiana. . .
851
Illinois
432
Michigan
559
Wisconsin
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
InNa- State
tional memsured
ber
123
306
2,231
821
376
1,034
Total
NonIninsured sured
51
538
197
Total
Noninsured
Mutual savings banks
Nonm ember
ba nks
Member
banks
14,011 5,017 21,867 6,416
891
377
34
Nonm ember
ba iks
Member
banks
Total
Commercial '.:>anks
Mutual savings banks
170
21
314
208
42
35
64
9
130
16
9
67
9
22
103
105
87
3
116
190
9
3
7
4
2
2
4
10
5
1
68
13
42
12
6
6
20
33
16
2
6
2
160
131
22
7
2
272
150
59
63
223
108
56
59
91
40
22
29
90
50
26
14
37
16
8
13
5
2
3
29
3
2
1
234
41
234
41
38
9
39
18
152
14
5
23
37
1
22
89
4
13
5
169
15
2
3
2
1
49
5
50
89
169
1
1
2
117
4
6
1
16
95
?
49
5
50
2
117
4
16
?52
8
5
12
2
3
5
1
79
7
112
5
14
21
2
94
4
4
!
3
1
15
1
26
1
1
9
2
2
2
40
3
2
3
1
?
4
4
2
3
3
45
28
3
3
5
11
6
6
7
1
49
8
13
12
171
7
25
12
44
1
49
8
13
12
42
27
6
4
5
76
17
23
8
28
76
17
23
8
28
17
3
6
1
6
41
53
10
1
60
71
9
43
72
19
4
IS
72
19
31
4
18
32
3
7
4
18
3
31
1
27
37
16
7
34
34
18
2
1
7
7
6
6
4
6
5
4
3
1
5
4
6
5
7
5
3
1
1
51
12
6
50
11
6
19
7
2
9
1
1
21
3
4
33
33
10
8
14
1
3
3
7
28
12
44
7
2
27
3
4
20
3
2
1
49
42
3
4
147
3
9
26
1
3
1
175
8
3
2
1
1
5
70
23
174
64
35
75
350 1,207
1
6
3
8
8
2
3
1
1
15
21
14
1
6
3
3
1
1
See p. 673 for footnotes.
672
FEDERAL RESERVE BULLETIN
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1945—Continued
All branches and additional offices, by class of bank 1
Commercial banks
Geographic division
and State
Total
Total
Member
banks
United States...
New England
Maine
. .
New Hampshire . .
Vermont
Massachusetts
Rhode Island
Connecticut
...
3,947
1,811
1,098
981
57
101
42
1,728
276
66
98
6
104
29
48
24
26
7
9
38
142
6
116
32
54
7
10
7
112
11
52
4
18
170
3
9
137
Middle Atlantic
New York
New Jersey
Pennsylvania
999
731
135
133
East North Central
....
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic
Delaware
Maryland
....
District of Columbia
Virginia.
West Virginia . .
North Carolina
South Carolina
Georgia
Florida
East South Central
Kentucky
Tennessee
Alabama
Mississippi
West South Central
Arkansas
Louisiana
Oklahoma .
Texas
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico. .
Arizona
Utah
Nevada
Pacific
Washington
Oregon
California
....
. ..
Noninsured*
In
head
office
city
323
68
45
16
. . .
NonIninsured sured
Offices
at
military
reservanon- tions
In head In con- [n
office tiguous contiguous
county counties counties
Outside head office city
4,090
47
16
Ohio
Indiana
Illinois
Michigan
Wisconsin
Mutual
savngs
bainks
Nonmember
banks
NaState
Intional member sured
A.11 branches and additional offices
except offices at military
reservations by location
2
2
73
1
1
9
33
2
241
5
8
5
6
5
4
2
30
20
1
9
3
3
29
18
6
5
15
4
3
5
2
1
1
3
7
2
228
48
51
40
5
11
i
290
118
25
23
123
9
1
129
18
27
102
10
25
11
197
8
8
6
153
61
11
150
6
121
35
23
?4
9
13
19
12
14
11
89
107
71
920
671
131
118
289
188
42
59
529
426
66
37
96
54
23
19
584
175
79
5
179
146
584
175
79
5
179
146
139
41
14
5
64
15
216
112
14
218
22
50
11
83
7
241
6
156
5
25
44
2
3
241
6
156
5
25
44
2
3
36
6
468
452
125
97
12
18
29
1
10
24
23
8
48
15
10
8
6
3
3
79
60
4
15
19
5
20
2
3
13
90
34
89
1
150
30
32
13
172
35
61
25
51
172
35
61
25
51
107
22
61
4
107
20
20
20
2
3
225
10
29
1
5
i
12
"\2
4
1
3
142
4
18
24
27
14
7
11
4
13
37
2
1
58
3
4
1
35
16
7
62
8
19
5
30
25
2
46
13
22
43
15
7
4
28
3
2
1
19
39
43
3
12
25
1
1
1
3
8
2
3
2
13
6
6
1
8
4
5
252
21
11
220
98
13
5
80
147
27
7
113
518
43
49
426
47
10
2
6
128
4
2
4
70
18
23
1
17
85
10
24
1
50
49
21
25
3
44
19
24
61
4
60
3
33
4
25
24
120
120
95
21
3
40
40
38
9
1
3
2
....
1
6
21
3
57
30
13
3
6
8
8
6
1
7
34
19
16
27
14
12
1,076
113
72
891
1,075
112
72
891
899
103
68
728
59
1
3
4
17
1
9
5
7
12
14
4
3
5
2
31
2
5
4
20
4
2
4
7
34
19
16
8
5
5
14
105
34
89
1
150
30
32
13
4
686
52
29
818
634
90
94
18
3
4
508
16
5
119
56
38
25
10
5
9?
927
i
3
128
2
126
7
7
4
1
47
7
4
36
1
i
1
1
16
4
1
4
6
1
61
9
52
1
Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all
branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." Figures
include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents
of the Government. The table does not include "seasonal agencies," which are only in operation at certain periods of the year.
2
The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank
in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they re not included in the total for
"Commercial banks."
Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294295; and BULLETINS for July 1943, pp. 687-688, June 1944, pp. 612-613, and June 1945, pp. 616-617.
JUNE
1946
673
MEMBER BANK EARNINGS, 1945
ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks 1
Item
1943
1942
1945
1944
Earnings
1 , 486, 734 1, 650, 170
Interest and dividends on
securities:
U. S. Government
765, 828
539, 673
Other
Interest and discount on
7?1
55? 1?8
619,
loans
.
Service charges and fees on
10 849
9, 040
loans
. ..
Service charges on deposit
177
76 407
accounts
Other charges, commissions,
4 5 , 137
36 ?71
fees, etc
96 333
Trust department
9 1 , 9?S
103, 488
101, 927
Other current earnings
1,
1 001 j 556 1 038, 787
Expenses
174, 877
169 912
Salaries—officers
312, 125
290, 625
Salaries and wages—others..
Directors' and committee
8 S39
8 706
members' fees
123, 700
128 289
Interest on time deposits. . .
353
110
Interest on borrowed money.
Taxes other than on net in84 ?8?
81 ?60
come
.
..
Recurring depreciation on
banking house, furniture,
33 47?
434
and fixtures
301 265
289 387
Other current expenses
1,
873, 768
959, 787
All
State
member
banks
Central reserve
city member banks
New York
Chicago
Reserve
city
member
banks
Count ry
memb er
bank s
Year L945
2, 102 177 1, 344,242
757,935
432, 224
105,017
782,646
782, 290
996 802
139 368
648,740
92,776
348,062
46,592
222, 070
74, ?40
53,482
9,613
366,508
47,173
354, 742
58, 14?
777, ? ? 4
{
774
S71 776
373,248
198,528
4? 7
23,588
221,537
14 900
16 386
9,506
6,880
6, 181
1,903
6,069
?, ?11
8S SOO
87 499
60,929
26,570
7, S?1
947
31,403
47, 6 ? 8
53 7.06
104 333
63 833
11? 134
42,175
40,757
76,111
21,658
71,377
38,268
7 696
40, 700
742
114 ,379
24, 387
9,512
5,230
24,773
41,880
43,303
41, 459
126 733
187 503
337 440
1 767 633
208 ,237
371 ,374
813,048
134,862
228,445
454,585
73,375
142,929
216, 387
32, 142
84, 681
55,697
7,819
17,002
478,741
66,294
151,146
516, 808
101, 982
118, 545
9 S14
144 103
967
10 7S7
182 ,874
2 ,286
7,189
123,239
1,325
3,568
59,635
961
1, 100
5, 638
978
137
7,288
3
2,150
71,529
767
7, 161
98, 419
8? 844
81 476
54,785
28,691
10, 739
4,326
33,544
IS 367
34 004
723
548
107 768
90,
30 67?
70, 04?
538
329 423
374 ,625
23,374
239,829
10,630
134,796
77, 382
18,399
12,305
141,006
137, 838
34 9 3 9
4 718
16 7S8
Net current earnings before
income taxes
485 178
611 383
747 035
834 ,544
531,194
303,350
215, 837
49,320
303,905
265, 482
Recoveries, profits on securities, etc.
188 466
31?,
81 812
93 8S4
72 533
64 114
318 133
453
.785
113 ,221
738 835
55 ,918
45 811
260,030
54,135
141,767
37,359
26,769
193,755
59,086
97,068
18,559
19,042
1?9, 016
47, 600
67 875
7, 941
S 600
25,821
6,041
9,711
4,129
5,940
149,592
36,707
75,292
20,416
17,177
149, 356
22, 873
85 957
23. 432
17 004
Losses and charge-offs
On securities
On loans
All other
48 301
S9 911
55 903
?4 1S1
223 050
102 691
64 770
55 589
250 972
101 5 SO
61 360
86 053
232
97
60
74
229 ,856
117 78S
46 ,541
65 ,530
131,627
74,533
29,629
27,465
98,229
43,252
16,912
38,065
39, 909
1S, 980
6 61S
17, 985
20,420
17 034
1,475
1,911
94,650
48,377
23,153
23,120
74, 877
37, 08 S
IS 778
22, 514
Profits before income taxes.
450 594
672 744
832 985
1 ,058 ,473
659,597
398,876
304, 944
54,721
358,847
339, 961
115 491
f
076
67 530 1 102
12 S1S
183 715
160
14 S 7 0
270 ,062
,?81
?so
19 ,781
170,255
159,063
11,192
99,807
91,218
8,589
90, 687
70
1 1 , 484
90S
15,539
15,5336
90,454
85,479
4,975
73, 382
603 78S
S07
Recoveries o n s e c u r i t i e s . . . .
Profits on securities
Recoveries o n loans
All o t h e r
.
.
...
Taxes on n e t income
Federal
State
)
f
82
116
72
46
67 530
821
767
540
50S
183
146
781
754
Net profits
383 064
557 253
649 270
788 ,411
489,342
299,069
214, 257
39,182
268,393
266, 579
Cash dividends declared....
On preferred stock2
On common stock
203 007
11 090
208 368
10 8?8
226 ,002
9 687
245 ,934
8 76?
237 ,672
155,292
4,127
151,165
90,642
4,135
86,507
73, 069
477
13,196
88,459
3,296
85,163
71, 210
4 539
6 6 , 671
17 218 0 0 0 16 ,229 000
17 68^ 000
191 917
197 540
216 315
19 ,81 S,000 1? .075,000
324 000 71 ,795 ,000 46 ,348,000
131 000 5 ,566 ,000 3 .767,000
903 ,000
974 ,000
565,000
48? 000 76 ,700 ,000 18 ,093,000
72, 642
13,196
7 ,740,000 6 ,304, 000
25 ,446,000 17 ,203 000
1 ,799.000 1 ,152 000
Loans
. . .
U. S. Government securities. .
Other securities . . . . . . . . .
Real estate assets
Cash assets
25 ,408
5 ,842
1 ,167
?? 70S
000 48 ,182 000 60
000 5 ,286 000 5
000 1 ,071 000
000 ,741 000 ?4
Total assets
72 ,610
000 94 ,299 000 108 ,920 ,000 125 ,132 ,000 81 ,062,000 44 ,070,000 30 ,292 000 6.995,000 46 ,818,000 41 ,026 000
Time deposits
Total deposits
Total capital accounts
12 ,413
66 ,103
5 ,977
000 14 ,176 000 17 ,198 ,000 21 ,487 ,000 14 ,394,000 7 ,093,000 1 ,123 000 659.000 8 .655,000 11 ,050 000
000 87 ,381 000 101 ,484 ,000 116 ,983 ,000 76 ,058,000 40 .924,000 27 ,742 000 6.594.000 44 .150.000 38 ,497 000
000 6 ,304 000 6 ,712 ,000 7 ,243 ,000 4 ,437,000 2 ,806,000 2 ,026 000 362,000 2 .435,000 2 ,420 000
Number of officers
Number of employees
Number of banks
1,195,000
4,024.000
360,000
186 ooo
338,000
18,000
8 ,607,000 s ,11S
1,379,000
000
7 ,209,000 S 107 0 0 0
26 ,855,000 23 ,712 000
1 ,869,000 2 ,185 000
364 000
336.000
10 , 398,000 9 , S88 000
35 ,604
182 ,023
36 398
190 354
37 .693
193 ,279
39 .903
207 ,460
27,744
131,297
12,159
76,163
2 873
39 465
645
7,909
9,805
82,248
26 580
77 838
6 ,679
6 738
6 ,814
6 ,884
5,017
1,867
37
12
359
6 476
1
Includes figures for all banks t h a t were members of the Federal Reserve System a t the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year); and in addition includes figures for the first half of the year for the national banks
in operation on June 30 but not a t the year end.
2
Includes interest on capital notes and debentures.
N O T E . — T h e figures of assets, deposits, and capital accounts are averages of the amounts reported for every call date in the current year and the
final call date in the preceding year except for 1944 when the spring call date was omitted in averaging the amounts. Averages are distorted in 1945
because three of the call dates were in or near b >nd drives, waen deposits, loaas, and investments were at tneir peaks for tne year. The number of
officers, employees, and banks are as of the end of the year.
Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other
real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection.
Total
capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
674
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1945—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Richmond
Boston
New
York
Philadelphia
Cleveland
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on
loans
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
117,042
596,443
131,556
178,276
93,643
95,203
301,071
77,399
56,763
84,542
84,576
285,663
55,625
4,637
303,567
34,572
62,505
13,435
85,327
16,024
44,568
4,535
40,828
8,246
155,336
21,814
33,452
5,840
27,321
2,834
35,667
5,354
32,121
4,192
120,485
17,885
31,357
144,006
31,157
44,765
27,213
25,476
71,444
23,896
15,011
27,348
32,050
98,053
681
6.798
541
1,261
269
492
3,447
490
325
235
262
1,585
5,204
16,532
3,831
6,739
5,151
5,300
13,219
3,237
2,992
5,584
4,949
14,761
2,847
8,514
8,177
11,912
45,058
33,098
4,360
9,156
10,644
3,796
3,906
4,205
6,087
2,475
6,299
8,673
13,051
14,087
3,595
2,856
4,033
4,049
1,492
2,739
3,005
2,043
5,306
3,410
1,237
6,355
9,502
10,172
13,220
Expenses
Salaries—officers
Salaries and wages—others.
Directors' and committee
members' fees
Interest on time deposits...
Interest on borrowed money.
Taxes other than on net
income
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
72,605
12,578
19,987
328,839
50,721
112,562
2,597
11,274
6,216
79,167
13,147
21,671
112,805
16,291
28,137
59,667
10,815
15,979
60,683
9,726
15,702
185,151
28,822
51,001
47,947
9,111
12,232
35,391
7,395
8,539
51,263
11,583
13,662
53,860
11,582
14,015
180,255
26,466
57,887
777
10,580
111
29,476
1,198
1,355
12,193
49
986
20,937
149
684
9,360
126
485
7,608
68
1,269
34,232
226
493
5,865
137
424
6,237
54
514
4,011
85
521
3,034
8
627
39,341
75
4,166
16,264
5,414
13,897
4,171
5,662
11,941
4,500
1,597
3,198
5,350
7,316
2,123
22,283
7,920
108,076
2,899
22,439
3,516
28,892
1,827
16.7OS
2,019
19,413
4,198
53,462
1,245
14,364
812
10,333
1,355
16,855
1,718
17,632
4,372
44,171
Net current earnings before income taxes
44,437
267,604
52,389
65,471
33,976
34,520
115,920
29,452
21,372
33,279
30,716
105,408
Recoveries, profits on securities, etc
Recoveries on securities.. ..
Profits on securities
Recoveries on loans
All other
25,370
4,151
14,216
4,518
2,485
179,333
56,186
98,597
14,491
10,059
44,216
34,819
14,441
1,505
8,808
1,924
2,204
17,494
790
13,356
1,732
1,616
59,435
13,051
29,551
7.335
9,498
13,629
2,442
7,471
2,005
1,711
7,684
2,203
2,958
1,616
907
13,400
3,104
6,437
2,267
1,592
11,299
713
6,04
2,200
2,339
32,665
7,006
12,599
8,196
4,864
Losses and charge -off s
On securities
On loans
All other
13,329
65,577
28,484
11,929
25,164
27,823
14,241
3,571
10,011
18,838
11,824
2,300
4.714
6,873
3,156
1,054
2,663
5,907
2,605
1,356
1,946
33,822
25,595
3,615
4,612
8,038
4,646
1,374
2,018
4,110
2,722
654
734
7,802
5,231
1,474
1.097
8,515
4,1>9
1,818
2,538
29,222
9,786
14,647
4,789
Profits before income taxes
56,478
381,360
68,782
81,452
41,544
46,107
141,533
35,043
24,946
38,877
33,500
108,851
Taxes on net
Federal
State
15,696
13,509
2,187
106,718
94,304
12,414
13,928
13,928
17,395
17,395
11,436
11,341
95
11,456
11,094
362
33,202
33,173
29
7,725
7,723
2
5,970
5.094
876
9,176
8,512
664
9,422
9,401
21
27,938
24,807
3,131
Net profits
40,782
274,642
54,854
64,057
30,108
34,651
108,331
27,318
18,976
29,701
24,078
80,913
Cash dividends declared
. ..
On preferred stock2
On common stock
14,761
86,993
17,783
17,494
802
16,692
9,920
148
9,772
8,755
336
8,419
27,910
676
27,234
8,488
293
8,195
5,648
71
5,577
8,530
49
8,481
9,715
98
9,617
29,937
1,746
28,191
5,336
2,749
5,244
income.
210
14,551
2,622
3,204
83,789
13,113
21,359
4,449
5,295
629
17,154
17^436
5,185
3,241
Atlanta
Chicago St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Loans
1,031,000 7,396,000 856,000 1,383,000 776,000 776,000 2,474,000 755,000 408,000 690,000 923,000 2,347,000
U. S. Government securities. . 3,966,000 22,386,000 3,946,000 5,732,000 3,223,000 2,903,000 11,150,000 2,448,000 1,862,000 2,770,000 2,361,000 9,047,000
734,000
Other securities
179,000 1,536,000 443,000 534,000 165,000 312,000 946,000 235,000 113,000 233,000 137,000
108,000
Real estate ai=sets
59,000
25,000
43,000
279,000
78,000
88,000
52,000
76,000
49,000
18,000
28,000
Cash assets
245,000 6,752,000 1,322,000 2,076,000 1,404,000 1,533,000 3,977,000 1,148,000 726,000 1 ,686,000 1,701,000 3,131,000
Total a s s e t s . . . .
6,505,000 38,482,000 6,668,000 9,835,000 5,634,000 5,590,000 18,668,000 4,622,000 3,134,0005,412,000 5,170,000 15,410,000
Time deposits
Total deposits
Total capital accounts
,054,000 3,913,000 1,420,000 2,385,000 1,019,000 844,000 3,949,000 716,000 664,000 523,000 393,000 4,606,000
6,011,000 35,373,000 110,000 9.090,000
919,000 14,671,000
090,000 ,318,000 5,312,000 17,710,000 4,365,000
148,000 4,919,000
365,000 2,958,000 5,148,000
669,000
448,000 2,551,000 '533,000 704,000 296,000 258,000 891,000 235,000 161,000 256,000 240,000
Number of officers
Number of employees
Number of banks
2,191
12,059
6,801
55,906
2,888
12,950
3,360
15,909
2,325
9,953
2,029
9,882
5,209
28,242
2,244
8,281
1,908
5,833
3,031
8,866
2,749
8,974
5,168
30,605
340
814
647
721
472
325
995
490
472
751
585
272
See footnotes on p. 674.
JUNE
1946
675
MEMBER BANK EARNINGS, 1945
RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared.
On preferred stock2
On common stock
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
San
Francisco
Dallas
99,435
43,024
43,338
95,610
39,223
20,726
44,579
40,949
237,912
19,900
826
7,724
671
28,100
5,186
49,211
7,797
22,434
1,346
18,216
3,835
53,579
4,048
16,343
2,722
11,437
790
21,185
2,998
17,782
1,330
100,597
15,624
13,319
4,359
10,937
23,387
10,353
11,752
22,343
12,453
4,962
12,328
14,416
80,928
558
146
389
1,076
93
384
1,221
396
154
118
101
1,433
872
786
1,022
2,605
1,997
1,703
5,476
940
702
1,889
1,213
12,198
1,084
4,625
3,400
571
534
1,748
770
7,919
2,404
1,874
7,500
5,985
1,783
2,836
2,182
2,793
1,564
3,091
3,750
1,499
3,694
1,754
2,483
2,132
670
1,181
830
978
1,759
3,324
1,245
1,000
3,862
7,501
8,980
10,651
24,267
12,004
1,374
3,848
31,172
4,660
11,524
59,082
6,867
17,276
26,738
4,423
8,336
27,162
3,498
7,118
62,835
4,089
8,196
7,586
19,219
23,205
3,505
7,021
11,478
1,706
3,926
26,078
3,893
8,036
25,738
3,975
7,082
148,982
20,718
49,564
118
[1,387
28
68
1,843
15
231
1,177
33
248
8,940
116
208
2,845
37
143
3,030
32
294
12,655
212
111
2,112
104
81
1,179
50
143
1,881
79
115
1,940
390
32,540
61
1,099
654
2,053
7,771
2,166
3,166
3,463
2,274
358
1,757
2,688
6,095
631
8,719
369
3,833
756
10,738
1,634
16,230
717
8,006
931
9,244
1,442
17,964
540
7,538
209
3,969
658
9,631
9,030
3,510
36,104
20,317
4,535
25,555
40,353
16,286
16,176
32,775
16,018
9,248
18,501
15,211
88,930
6,670
8,901
2,356
5,038
716
791
25,608
9,736
11,967
1,761
2,144
20,009
7,406
6,529
8,766
2,814
1,900
536
4,949
583
1,338
8,114
319
6,066
892
837
17,236
4,543
9,755
1,241
1,697
7,857
1,298
4,418
1,179
962
3,696
1,087
1,592
549
468
9,281
2,344
5,099
846
992
6,569
392
4,081
744
1,352
28,245
6,288
10,321
7,377
4,259
6,046
3,907
756
1,383
17,696
9,621
1,745
6,330
12,257
7,985
1,444
2,828
3,671
1,532
402
1,737
2,791
1,321
553
91
6,385
3,987
1,234
1,164
4,200
2,497
755
948
1,365
1,082
159
124
4,709
3,642
533
534
4,352
2,324
524
1,504
25,912
1,909
1,365
1,992
21,721
7,390
33,467
48,105
20,021
21,499
43,626
19,675
11,579
23,073
17,428
91,263
6,497
5,262
1,235
784
668
116
8,481
8,481
10,729
10,729
6,185
6,175
10
5,667
5,538
129
9,768
9,767
1
4,689
4,689
3,192
2,673
519
5,775
5,413
362
5,774
5,774
22,913
20,310
2,603
15,224
6,606
24,986
37,376
13,836
15,832
33,858
14,986
8,387
17,298
11,654
68,350
6,921
36
6,885
1,497
130
1,367
9,679
46
9,633
10,749
616
10,133
4,835
54
4,781
4,379
6,921
397
6,524
4,980
66
4,914
2,517
35
2,482
4,332
22
4,310
5,228
37
5,191
26,421
Expenses
Salaries—officers
Salaries and wages-—others.
Directors' and committee
members' fees
Interest on time deposits.. .
Interest on borrowed money.
Taxes other than on net
income
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
Losses and charge-off s
On securities
On loans
All other
Cleveland
56,727
44,584
Recoveries, profits on securities, etc
Recoveries on securities. . . .
Profits on securities
Recoveries on loans
All other
Philadelphia
16,539
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on
loans
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commisions,
fees, etc
Trust department
Other current earnings
Net current earnings before income taxes
New
York
1,279
3,240
1,714
437
5,266
229
4,150
8,570
13,683
3,659
1,628
24,793
205,000 425,000 515,000 2,010,000
805,000 1,703,000 1,302,000 7,626,000
647,000
36,000 141,000
48,000
91,000
8,000
15,000
27,000
304,000 959,000 811,000 2,563,000
Loans
U. S. Government securities.
Other securities
Real estate assets
Cash assets
584,000
1,572,000
33,000
19,000
533,000
141,000 422,000 936,000 354,000 439,000
690,000 488,000
533,000 1,831,000 411,000 1,602,000 1,365,000 3,837,000 1,268,000
25,000 165,000 236,000
224,000 118,000
51,000 148,000
12,000
26,000
13,000
23,000
50,000
24,000
26,000
170,000 644,000 1,189,000 619,000 683,000 1,346,000 577,000
Total assets.
2,757,000
885,000 3,105,000 5,839,000 2,659,000 2,671,000
Time deposits
Total deposits
Total capital accounts
148,000
2,537,000
192,000
241,000 173,000 1,050,000 356,000 326,000 1,525,000 259,000 133,000 279,000 249,000 3,915,000
097,000 2,573,000 12,345,000
831,000 2,866,000 5,362,000 ,519,000 2,537,000 5,869,000 2,331,000 1,282,000 3,097,000
567,000
67,000 145,000 126,000
53,000 221,000 444,000 130,000 120,000
248,000 122,000
Number of officers
Number of employees
489
4,427
Number of banks
210
2,231
538
6,156
773
8,809
11
25
33
578
4,810
517
4,336
6,136,000 2,471,000 1,361,000 3,250,000 2,706,000 12,977,000
1,036
10,462
485
4,419
231
2,291
594
4,704
21
10
50
529
4,186
3,825
25,417
32
* Not including central reserve city banks.
See footnotes on p. 674.
676
FEDERAL RESERVE
BULLETIN
MEMBER BANK EARNINGS, 1945—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
Dallas
San
Francisco
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on
loans
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
72,458
147,680
74,829
78,841
50,619
51,865
100,444
38,176
36,037
39,963
43,627
47,751
35,725
3,811
73,773
9,661
34,405
8,249
36,116
8,227
22,134
3,189
22,612
4,411
48,275
8,153
17,109
3,118
15,884
2,044
14,482
2,356
14,339
2,862
19,888
2,261
18,038
40,220
20,220
21,378
16,860
13,724
25,513
11,443
10,049
15,020
17,634
17,125
123
469
152
185
176
108
323
94
171
117
161
152
4,332
8,225
2,809
4,134
3,154
3,597
6,796
2,297
2,290
3,695
3,736
2,563
1,763
3,889
4,777
3,645
4,724
6,963
1,827
3,355
3,812
2,486
1,656
4,659
2,013
1,070
2,023
4,181
2,040
5,163
48,338
8,489
11,791
100,448
17,205
24,033
47,995
8,487
10,147
53,723
9,424
10,861
32,929
3,379
311
1,909
23,913
5,689
4,613
2,027
284
1,982
25,185
7,690
5,626
2,165
237
2,493
28,122
7,607
6,933
2,001
1,192
2,569
Expenses
Salaries—officers
Salaries and wages—others.
Directors' and committee
members' fees
Interest on time deposits...
Interest on borrowed money.
Taxes other than on net
income
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
3,294
911
3,208
33,521
659
9,193
83
1,445
21,995
205
1,124
11,016
16
738
11,997
33
6,515
89
3,067
5,371
3,361
6,126
2,005
1,492
13,564
3,333
26,861
2,143
11,701
1,882
12,662
Net current earnings before income taxes
24,120
47,232
26,834
Recoveries, profits on securities, etc
Recoveries on securities.. . .
Profits on securities
Recoveries on loans
All other
18,700
2,872
10,976
2,804
2,048
41,416
3,668
18,608
3,377
9,392
2,688
3,151
8,063
3,427
1,384
3,252
19,622
9,288
4,538
5,796
34,757
9,199
Losses and charge-offs
On securities
On loans
All other
Profits before income taxes
Taxes on net income.
Federal
State
Net profits
Cash dividends declared.
On preferred stock2
On common stock
6,228
8,584
13,417
14,780
1,841
373
1,901
24,742
5,606
5,211
342
4,578
382
3,753
33
343
5,058
4
371
2,130
36
838
14,289
11
2,496
4,152
2,226
1,239
1,110
8,699
l.C
10,169
2,033
17,099
705
6,826
25,118
17,690
18,344
33,825
14,810
2,428
8,670
2,371
1,341
7,035
969
3,859
1,341
866
9,380
471
7,290
840
779
16,378
2,467
10,127
4,620
1,826
3,681
6,581
3,839
856
1,886
3,202
1,624
652
926
3,116
1,284
803
1,029
7,017
69,026
35,315
33,347
21,523
8,247
952
15,247
14,152
1,095
5,447
5,447
6,666
6,666
5,251
5,166
85
25,558
53,779
29,868
26,681
7,840
12,427
8,104
583
7,521
6,745
174
7,666
6,230
25,684
5,834
2,647
9,780
186
6,559
6,392
7,643
476
66,619
406
31,273
5,748
8,323
6
1,094
8
237
6,801
14
1,441
2,662
1,221
603
6,364
697
7,224
810
8,602
862
8,067
13,434
12,124
14,778
15,505
16,478
5,772
1,144
3,053
826
749
3,988
1,116
1,366
1,067
439
4,119
760
1,338
1,421
600
4,730
321
1,966
1,456
987
4,420
718
2,278
819
605
4,574
906
1,537
3,838
2,149
619
1,070
2,745
1,640
495
610
3,093
1,589
941
563
4,163
1,835
1,294
1,034
3,310
1,216
964
1,130
24,608
43,186
15,368
13,367
15,804
16,072
17,588
5,789
5,556
233
7,895
7,873
22
3,036
3,034
2
2,778
2,421
357
3,401
3,099
302
3,648
3,627
21
5,025
4,497
528
16,272
18,819
35,291
12,332
10,589
12,403
12,424
12,563
5,085
94
4,991
4,376
7,793
279
7,514
3,508
227
3,281
3,131
36
3,095
4,198
27
4,171
4,487
61
4,426
3,516
118
3,398
107
4,269
10,085
1,965
1,861
Loans
447,000
336,000
950,000 434,000 447,000 422,000 337,000
590,000 267,000 203,000 265,000 408,000
U. S. Government securities. . 2,394,000 4,649,000 2,116,000 2,321,000 1,622,000 1,538,000 3,289,000 1 ,179,000 1,057,000 1,067,000 1,059,000 1,421,000
Other securities
146,000
87,000
89,000
359,000 278,000 298,000 114,000 165,000
92,000
77,000
363,000 117,000
Real estate assets
40,000
17,000
15,000
81,000
10,000
52,000
38,000
11,000
25,000
36,000
14,000
25,000
Cash assets
568,000
712,000 1,247,000 678,000 886,000 785,000 849,000 1,251,000 571,000 423,000 727,000 890,000
Total assets
3,748,000 7,305,000 3,563,000 3,996,000 2,975,000 2,920,000 5,536,000 2,151,000 1,774,000 2,162,000 2,463,000 2,433,000
Time deposits
Total deposits
Total capital accounts. .
691,000
906,000 2,549,000 1,247,000 1,335,000 662,000 518,000 1,765,000 457,000 531,000 244,000 144,000
3,474,000 6,801,000 3 ,244,000 3,,728,000 2 ,799,000 2 ,775,000 5,246,000
,346,000 2,325,000
,050,000 2,346,000
,246,000 2,033,000
033,000 1,676,000 2,050,000
256,000
102,000
472,000 313,000 260,000 167,000 139,000
95,000 111,000 114,000
281,000 112,000
Number of officers
Number of employees
Number of banks. .
1,702
7,632
3,718
14,210
2,350
6,794
2,587
7,100
1,747
5,143
1,512
5,546
3,528
9,871
1,759
3,862
1,677
3,542
2,437
4,162
2,220
4,788
1,343
5,188
329
766
622
688
437
304
909
469
462
701
549
240
See footnotes on p. 674.
JUNE 1946
677
MEMBER BANK EARNINGS, 1945—Continued
ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
".
Interest and discount on loans. .
Service charges and fees on loans.
Service charges on deposit accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
2,097,449
9,131
42,730
140,433
149,864
213,514
160,831
995,635
1.39,292
571,148
16,377
3,123
607
3,933
34
.16,395
3,169
16,201
117
58,727
11,686
47,464
449
66.781
12,281
45,558
502
98,196
16,572
58,525
617
74,478
10,730
42.986
602
87,385
590
2,786
9,433
10,037
14,122
63,737
109,594
114,281
547
11
2,538
6,730
42
748
286
1,482
5,196
6,046
2,084
6,575
7,744
5,899
11,839
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
InterevSt on time deposits
Interest on borrowed m o n e y . . . .
Taxes other than on net income.
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
1,264,021
207,398
370,383
6,199
2,269
676
28,423
8,856
3,921
93,032
23,473
16,432
100,426
20,807
21,566
10,725
182,657
2,284
83,357
142
877
2
439
655
5,293
9
1,901
1 ,978
18,778
24
6,505
33,960
373,257
202
1,592
899
6,889
Net current earnings before
income taxes
833,428
2,932
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
453,148
113.209
238,285
55,858
45,796
Losses and charge-offs
On securities
On loans
All other
50,000100,000
Over
100,000
149,895 1,231,051
72,326
7,795
39,208
639
605,609
76,452
317,273
13,417
10,057
7,769
32,591
5,260
6,964
9,754
4,703
7,240
10.215
30,169
86,606
68,934
144,228
24,861
36,043
107,288
17,040
29,947
96,674
15,413
27,948
687,751
94,679
233,850
1,699
20,555
63
6,730
1,742
28,166
111
9,487
1,021
18.OS7
115
7,003
718
13,339
206
6,426
2,770
77,562
1,754
44,866
3,100
22,742
3,330
25,676
4,569
39,249
3,152
30,923
3,098
29,526
15,610
216,660
14,307
47,401
49,438
69,286
53,543
53,221
543,300
983
157
370
343
113
5,048
1,012
2,055
1,307
674
20,072
3,688
10,102
4,069
2,213
27,246
4,786
14.672
4,480
3,308
44,177
7,052
25,693
6,586
4.846
36,807
4,684
22,937
4.495
4,691
34,787
4,288
23,817
3,445
3,237
284,028
87,542
138,639
31,133
26,714
229,506
117,593
46,529
65,384
579
219
2,966
1,384
837
745
10,695
5,551
2,423
2,721
14,853
7,704
2,955
4,194
19,604
10,359
3,549
5,696
16,141
8,179
3,035
4,927
18,006
11,345
2,274
4,387
146,662
72,852
31,237
42,573
1,057,070
3,336
16,389
56,778
61,831
93,859
74,209
70,002
680,666
269,593
249,870
19,723
548
2,585
522
26
2,421
9,037
8,564
11,751
11,211
20,173
19,271
17,888
17,229
19,729
18,795
164
473
540
902
659
934
187,882
171,857
16,025
Net profits
787,477
2,788
13,804
47,741
50,080
73,686
56,321
50,273
492,784
Cash dividends declared
On preferred stock2
On common stock
245,346
8,261
237,085
954
25
929
4,108
122
3,986
13,068
439
12,629
13,276
828
12,448
18,438
1,342
17,096
13,018
800
12,218
12,670
992
11,678
169,814
3,713
166,101
Profits before income taxes. . . .
Taxes on net income
Federal
State
219
141
22,755 738
78,248,589
6,063,123
870,396
29,796,355
65 562
976 625 1 033 972 1,524,390 1,255,621 1,443,368 16,161,389
294 811
219,340 1,206,699 4,438,100 5,048,355 7,470,609 5,790,442 5,695,968 48,379,076
383,651 3,432,270
504,522
461,230
446,821
705,477
19,606
109,546
492,205
77,044
56,908
74,893
49,181
2,680
12,906
104,579
152,711
667,208 2,091,794 2,017,598 2,875,655 2,214,478 2,216,544 17,560,367
Total assets...
138,137,186
460,169 2,292,756 8,008,483 8,670,409 12,701,302 9,821,964 9,842,261 86,339,842
Time deposits
Total deposits
Total capital accounts
24 242 928
129,527,042
7,565,889
94 583
586 889 2 243,516 2 611,659 3 705 445 2,427,113 1,831,607 10,742,116
422,603 2,142,475 7,531,076 8,173,881 11,982,599 9,297,213 9,339,885 80,637,310
462,613 4,793,712
479,213
490,993
37,052
147,872
468,186
686,248
Loans. .
U. S. Government securities
Other securities
Real estate assets
Cash assets
Number of officers
Number of employees
Number of banks included
39,689
206,743
1,248
792
3,763
3,825
7,797
12,800
5,373
14,588
4,958
22,552
2.798
17;802
2,271
16,721
11,481
117,663
6,838
573
1,426
2,337
1,159
773
265
129
176
1
2
Totals are for all banks that submitted reports covering the entire year, except 3 trust companies.
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of year.
See note on p. 674 regarding the composition of real estate assets, cash assets, and total capital accounts.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1945—Continued
NATIONAL BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total 1
Item
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans. .
Service charges and fees on loans.
Service charges on deposit accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
1,342,558
6,585
30,425
106,973
109,231
154,021
98,249
99,966
737,108
647,880
92,744
372,741
9,497
2,236
493
2,833
23
11,652
2,437
11,341
73
45,524
9,427
34,954
324
49,939
9,346
31,930
307
72,523
12,136
40,475
355
46,291
7,307
25,435
412
48,402
5,344
26,068
425
371,313
46,254
199,705
7,578
60,829
414
2,028
7,184
7,375
10,549
6,443
5,159
21,677
42,091
40,736
76,040
373
11
202
1,778
24
1,092
5,078
458
4,024
4,301
1,169
4,864
5,744
3,719
8,520
3,270
2,881
6,210
3,236
3,768
7,564
18,311
28,706
43,564
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes other than on net income.
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
811,707
134,568
228,168
4,461
1,626
480
20,190
6,219
2,872
70,517
17,634
12,558
72,479
15,122
15,642
103,014
17,960
25,750
65,212
10,375
18,164
63,889
10,088
18,239
411,945
55,544
134,463
7,172
123,027
1,323
54,700
107
650
2
304
471
3,705
9
1,331
1,556
14,110
20
4,962
1,260
14,383
45
4,926
1,234
19,415
59
6,972
623
10,243
50
4,342
465
8,297
140
4,413
1,456
52,224
998
27,450
23,336
239,413
152
1,140
671
4,912
2,482
17,195
2,479
18,622
3,337
28,287
1,972
19,443
2,202
20,045
10,041
129,769
530,851
2,124
10,235
36,456
36,752
51,007
33,037
36,077
325,163
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
259,698
54,134
141,501
37,305
26,758
751
116
303
251
81
3,805
446
15,686
2,802
8,134
3,063
1,687
19,225
3,356
10,436
3,282
2,151
29,527
3,759
18,066
4,840
2,862
21,778
2,418
13,807
2,982
2,571
23,895
3,211
16,442
2,304
1,938
145,031
37,736
72,649
19,624
15,022
Losses and charge-offs.
On securities
On loans
All other
131,538
74,491
29,618
27,429
467
185
173
109
2,168
984
650
534
8,516
4,554
1,830
2,132
11,332
6,200
2,186
2,946
13,413
7,268
2,310
3,835
8,412
4,501
1,723
2,188
10,751
8,091
957
1,703
76,479
42,708
19,789
13,982
Profits before i n c o m e taxes. ..
659,011
2,408
11,872
43,626
44,645
67,121
46,403
49,221
393,715
Taxes on net i n c o m e
Federal
State
170,109
158,92"
11,182
393
372
21
1,865
1,731
134
6,966
6,575
391
8,543
8,142
401
14,765
14,037
728
11,155
10,822
333
13,382
12,805
577
113,040
104.443
8,597
Net profits
488,902
2,015
10,007
36,660
36,102
52,356
35,248
35,839
280,675
Gash dividends declared
On preferred stock2
On common stock
155,166
4,126
151,040
718
19
699
3,088
77
3,011
10,388
233
10,155
10,047
482
9,565
13,344
549
12,795
7,802
268
7,534
8,248
292
7,956
101,531
2,206
99,325
Loans
U. S. Government securities....
Other securities
Real estate assets
Cash assets
13,911,502
51,180,629
4,131,66.
548,427
20,075,323
46,394
154,126
15,649
2,094
106,799
Total assets. . .
90,092,109
325,268 1,622,199 6,117,546 6,408,081 9,395,232 6,306,326 6,836,556 53,080,901
Time deposits
Total deposits
Total capital a c c o u n t s . . . .
16,238,173
84,818,728
4,637,067
67,287
402,642 1,674,122 1,824,004 2,579,566 1,469,179 1,144,049 7,077,324
296,801 1,510,266 5,745,516 6,042,140 8,878,558 5,996,558 6,496,518 49,852,371
312,152 2,680,996
292,214
494,505
353,874
110,017
365,297
28,012
Number of officers
Number of employees
Number of banks included
27,633
131,024
561
4,984
408
Net current earnings
income taxes
before
736
1,664
959
994,969 9,401,393
754,912
715,225
728,815 1,066,961
202,833
848,819 3,393,197 3,730,318 5,520,129 3,654,706 3,882,351 29,996,983
271,901 2,189,017
314,212
523,031
378,679
82,713
356,463
289,839
50,004
43,718
72,868
41,516
9,965
38,423
476,809 1,609,780 1,522,422 2,197,538 1,524,998 1,619,949 11,017,028
2,623
2,776
5,911
9,761
3,970
10,592
1,772
858
3,630
16,150
1,720
10,860
1,47
10,791
174
88
7,422
69,533
See footnotes on p. 678.
JUNE
1946
679
MEMBER BANK EARNINGS, 1945—Continued
STATE MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total1
Item
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
754,891
2,546
12,305
33,460
40,633
59,493
62,582
49,929
493,943
347,755
46,548
198,407
6,880
887
114
1,100
11
4,743
732
4,860
44
13,203
2,259
12,510
125
16,842
2,935
13,628
195
25,673
4,436
18,050
262
28,187
3,423
17,551
190
23,924
2,451
13,140
214
234,296
30,198
117,568
5,839
26,556
176
758
2,249
2,662
3,573
3,614
2,610
10,914
21,646
68,858
38,241
174
"84
760
18
390
1,652
290
1,172
1,745
915
1,711
2,000
2,180
3,319
1,990
4,083
3,544
1,467
3,472
2,651
11,858
57,900
25,370
452,314
72,830
142,215
1,738
643
196
8,233
2,637
1,049
22,515
5,839
3,874
27,947
5,685
5,924
41,214
6,901
10,293
42,076
6,665
11,783
32,785
5,325
9,709
275,806
39,135
99,387
3,553
59,630
961
28,657
35
227
184
1,588
135
570
422
4,668
4
1,543
439
6,172
18
1,804
508
8,751
52
2,515
398
7,844
65
2,661
253
5,042
66
2,013
1,314
25,338
756
17,416
10,624
133,844
50
452
228
1,977
618
5,547
851
7,054
1,232
10,962
1,180
11,480
896
9,481
5,569
86,891
Net current earnings before
income taxes
302,577
808
4,072
10,945
12,686
18,279
20,506
17,144
218,137
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
193,450
59,075
96,784
18,553
19,038
232
41
67
92
32
1,243
276
391
348
228
4,386
886
1,968
1,006
526
8,021
1,430
4,236
1,198
1,157
14,650
15,029
10,892
3,293
7,627
1,746
1,984
2,266
9,130
1,513
2,120
1,077
7,375
1,141
1,299
138,997
49,806
65,990
11,509
11,692
97,968
43,102
16,911
37,955
112
34
46
32
798
400
187
211
2,179
997
593
589
3,521
1,504
769
1,248
6,191
3,091
1,239
1,861
7,729
3,678
1,312
2,739
7,255
3,254
1,317
2,684
70,183
30,144
11,448
28,591
398,059
928
4,517
13,152
17,186
26,738
27,806
20,781
286,951
99,484
90,943
8,541
155
150
5
720
690
30
2,071
1,989
82
3,208
3,069
139
5,408
5,234
174
6,733
6,407
326
6,347
5,990
357
74,842
67,414
7,428
298,575
773
3,797
11,081
13,978
21,330
21,073
14,434
212,109
90,180
4,135
86,045
236
6
230
1,020
45
975
2,680
206
2,474
3,229
346
2,883
5,094
793
4,301
5,216
532
4,684
4,422
700
3,722
68,283
1,507
66,776
8,844,236
27,067,960
1,931,458
321,969
9,721,032
19,168
65,214
3,957
586
45,912
91,978
261,400
305,157
500,709
448,399 6,759,996
457,429
357,880 1,044,903 1,318,037 1,950,480 2,135,736 1,813,617 18,382,093
26,833
90,358
125,843
182,446
147,018
111,750 1,243,253
2,941
10,758
15,392
31,711
202,366
27,040
31,175
190,399
482,014
495,176
678,117
596,595 6,543,339
689,480
Total assets
48,045,077
134,901
670,557 1,890,937 2,262,328 3,306,070 3,515,638 3,005,705 33,258,941
Time deposits
Total deposits
Total capital accounts
8,004,755
44,708,314
2,928,822
27,296
125,802
9,040
184,247
569,394
787,655 1,125,879
957,934
687,558 3,664,792
632,209 1,785,560 2,131,741 3,104,041 3,300,655 2,843,367 30,784,939
37,855
102,889
125,339
191,743
198,779
150,461 2,112,716
Number of officers
Number of employees
Number of banks
12,056
75,719
364
231
1,140
1,049
1,886
3,039
1,403
3,996
1,328
6,402
1,078
6,942
1,854
165
430
565
301
198
91
Expenses
Salaries—officers
Salaries and wages—others. . . . ,
Directors' and committee members' fees..
Interest on time deposits
Interest on borrowed money. . .
Taxes other than on net income
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
Losses and charge-offs
On securities
On loans
Allother
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Gash dividends declared
On preferred stock2
On common stock
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
,
,
798
5,930
4,059
48,130
63
See footnotes on p. 678
680
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1945—Continued
RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
All member banks
1942
1943
1944
All
All
State
national
member member
banks
banks
1945
Central reserve
city member
banks
New
York
Chicago
Reserve Country
city
member member
banks
banks
Year 1945
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities/
Other securities
\
Earnings on loans
Service charges on deposit accounts. .
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits..
Other current expenses. . .
Total expenses
Net current earnings before income taxes.
Net recoveries and profits (or losses —)
Taxes on net income
Net profits
Rates of earnings on securities and loans:
Percentage of total securities:
Interest and dividends on securities
Net recoveries and profits (or losses — ) . . .
Percentage of U. S. Government securities:1
Interest on U. S. Government securities ..
8.1
7.5
6.4
3.4
9.7
10.7
8.8
3.3
11.1
12.4
9.7
3.4
11.5
14.6
10.9
3.4
12.0
14.9
11.0
3.5
10.8
14.2
10.7
3.2
10.7
15.1
10.6
3.6
13.6
15.1
10.8
3.6
12.5
14.7
11.0
3.6
11.0
14.0
11.0
2.9
2.0
.7
.5
1.7
.6
.6
1.7
.7
.6
1.7
.7
.6
1.7
.7
.6
1.7
.7
.7
1.4
.7
.7
1.5
.7
.6
1.7
.6
.6
1.9
.6
.6
36.3
43.6
4.6
15.5
46.4
34.1
4.6
14.9
51.2,
30.1
4.6
14.1
47.4
6.6
28.0
4.2
13.8
48.3
6.9
28.5
4.5
11.8
45.9
6.2
27.1
3.5
17.3
51.4
5.6
24.4
1.7
16.9
50.9
9.2
24.3
.9
14.7
46.9
6.0
29.1
4.0
14.0
45.3
7.5
29.3
6.1
11.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.0
8.6
29.5
7.5
28.0
7.7
24.4
27.6
8.7
27.0
9.2
28.5
7.9
23.6
27.0
1.3
21.8
23.6
6.9
22.5
27.8
9.1
24.3
28.2
12.6
25.2
27.8
25.9
60.0
50.1
53.0
61.2
66.0
67.4
63.0
40.0
49.9
47.0
38.8
34.0
32.6
37.0
-2.3
4.5
25.8
3.8
7.0
33.8
1.7
.1
1.4
.1
60.1
39.9
4.6
9.8
34.7
1.5
24.0
24.3
60.3
60.5
39.7
10.7
12.9
37.5
39.5
9.6
12.7
36.4
12.6
13.2
39.4
20.7
21.0
49.6
5.1
14.8
37.3
7.0
11.5
34.3
9.5
9.4
34.1
1.5
.3
1.5
.2
1.4
.4
1.3
.5
1.4
-.03
1.4
.2
1.6
.3
1.4
1.4
1.4
1.3
1.3
1.4
1.5
Percentage of total loans:
Earnings on loans
Net recoveries (or losses —)
3.8
-.05
3.5
.1
3.2
.1
3.0
.05
3.2
.06
2.7
.02
1.7
.02
2.1
.2
3.2
-.04
4.5
.2
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
35.0
8.0
23.7
31.3
1.6
51.1
5.6
17.2
24.6
1.1
55.4
4.7
16.2
22.5
.9
57.4
4.4
15.8
21.3
.7
57.2
4.6
14.9
22.3
.7
57.7
4.1
17.6
19.5
.8
56.8
3.8
20.8
17.6
.6
57.5
5.1
17.1
19.7
.3
57.4
4.0
15.4
22.2
.7
57.8
5.3
12.4
23.4
.9
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and
cash assets
Total deposits
8.2
6.7
6.2
5.8
5.5
6.4
6.7
5.2
5.2
5.9
24.4
9.0
27.8
6.6
27.2
6.2
26.7
5.8
28.0
6.9
26.1
7.3
22.7
5.5
25.5
5.5
31.3
6.3
Time to total deposits
Interest on time deposits to time deposits. . .
18.8
1.0
27.6
7.2
16.2
.9
16.9
.8
18.4
.9
18.9
.9
17.3
.8
4.0
.5
10.0
1.1
19.6
.8
28.7
.9
i Not available wior to 1945.
NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of
these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's
figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based
on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of
the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately
equal to those of all the other member banks, numbering about 6,800.) Ratios based on aggregates show combined results for the banking system
as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of
individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks.
JUNE 1946
681
MEMBER BANK EARNINGS, 1945—Continued
RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
9.9
12.6
9.1
3.3
10.5
14.9
10.8
3.4
9.8
12.9
10.3
3.3
9.3
11.6
9.1
2.5
11.5
14.0
10.2
3.4
13.4
17.9
13.4
3.4
13.0
15.9
12.2
3.1
12.5
14.9
11.6
3.6
13.3
15.5
11.8
3.5
13.0
15.2
11.6
3.3
12.8
14.0
10.0
4.0
15.8
16.3
12.1
4.5
1.8
1.5
2.0
1.8
1.7
1.7
1.6
1.7
1.6
1.6
1.9
.8
.7
.5
47.5
4.0
27.4
4.4
16.7
50.9
5.8
25.3
2.8
15.2
47.5
10.2
24.1
2.9
15.3
47.9
9.0
25.8
3.8
13.5
47.6
4.8
29.4
5.5
12.7
42.9
8.6
27.3
5.6
15.6
51.6
7.2
24.9
4.4
11.9
43.2
7.6
31.5
4.2
13.5
48.1
5.0
27.0
5.3
14.6
42.2
6.3
32.6
6.6
12.3
38.0
4.9
38.2
5.9
13.0
42.2
6.2
34.9
5.2
11.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
27.8
9.0
25.2
27.4
4.9
22.8
26.5
9.3
24.4
24.9
11.7
26.7
28.6
10.0
25.1
26.7
8.0
29.0
26.5
11.4
23.6
27.6
7.6
26.7
28.1
11.0
23.3
29.9
4.7
26.0
30.3
3.6
29.8
29.5
13.8
19.8
Total expenses
62.0
55.1
60.2
63.3
63.7
63.7
61.5
61.9
62.4
60.6
63.7
63.1
Net current earnings before income taxes
38.0
44.9
39.8
36.7
36.3
36.3
38.5
38.1
37.6
39.4
36.3
36.9
10.2
13.4
34.8
19.0
17.9
46.0
12.5
10.6
41.7
9.0
9.8
35.9
8.1
12.2
32.2
12.1
12.0
36.4
8.5
11.0
36.0
7.2
10.0
35.3
6.3
10.5
33.4
6.6
10.9
35.1
3.3
11.1
28.5
1.2
9.8
28.3
1.5
.3
1.4
.5
1.7
.5
1.4
.2
1.5
.4
1.5
.1
1.5
.2
1.5
.1
1.4
.1
1.5
.1
1.4
.1
1.4
1.4
1.6
1.5
1.4
1.4
1.4
1.5
1.3
1.4
1.3
3.1
.2
2.0
.03
3.7
.1
3.3
.2
3.5
.1
3.3
.05
3.2
.08
3.8
.2
4.0
.1
3.5
.04
59.2
6.6
12.8
19.8
1.2
58.3
5.4
14.1
21.1
.9
57.2
2.9
13.8
24.9
.9
59.4
3.6
13.0
23.2
51.2
4.3
12.7
31.2
.5
Total earnings... .
Salaries and wages
Interest on time deposits. .
Other current expenses
Net recoveries and profits
Taxes on net income
Net profits
Rates of earnings on securities and
loans:
Percentage of total securities:
Interest and dividends on securities
Net recoveries and profits
Percentage of U. S. Government
securities:
Interest on U. S. Government
securities
.
Percentage of total loans:
Earnings on loans
Net recoveries (or losses —).
Distribution of assets :
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits....
682
3.0
.2
4.2
-.3
58.7
4.8
15.2
20.3
7
61.0
2.8
15.8
19.1
.9
58.2
4.0
19.2
17.5
.7
6.6
8.0
7.2
5.3
4.6
4.8
5.1
5.1
4.7
4.6
4.3
34.6
7.5
17.5
27.3
34.7
7.2
38.1
8.7
7.7
29.4
5.6
22.4
4.9
25.2
5.0
22.9
5.4
26.8
5.0
21.7
4.9
20.7
4.6
11.1
23.2
26.2
19.2
15.9
22.3
16.4
29.5
5.4
22.4
10.2
8.0
31.4
.9
.9
.9
1.0
.8
.9
.9
51.9
5.6
13.9
27.4
.9
59.7
5.1
13.3
21.3
53.0
5.1
16.3
24.8
.6
.6
.9
45.7
2.6
17.9
32.9
.9
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1945— Continued
RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages ]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings
Total earnings....
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net recoveries and profits
Taxes on net income
Net profits
Rates of earnings on securities and
loans:
Percentage of total securities:
Interest and dividends on securities.
Net recoveries and profits
Percentage of U. S. Government
securities:
Interest on U. S. Government
securities
Percentage of total loans:
Earnings on loans
Net recoveries (or losses —)l.. .
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
.
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
Boston
New
York
10.6
11.3
7.9
3.6
8.6
13.9
12.5
2.8
1.6
1.9
Phila- Clevedelland
phia
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
11.6
15.1
11.3
4.4
9.1
10.8
8.4
2.4
12.5
15.4
10.6
3.7
13.5
17.9
13.2
3.6
13.2
17.6
13.7
2.8
13.1
16.1
12.3
4.1
13.8
17.3
12.5
3.8
12.8
15.9
11.9
3.0
12.1
13.8
9.2
4.1
15.7
16.1
12.1
4.7
1.8
1.7
1.6
1.6
1.6
1.5
1.4
1.5
1.8
44.6
1.9
31.1
2.0
20.4
46.7
4.1
27.2
4.8
17.2
49.5
9.2
20.0
1.8
19.5
100.0
100.0
27.6
3.1
23.8
54.5
31.6
11.1
29.9
100.0
28.5
2.1
24.3
45.5
3.1
14.5
34.1
27.4
42.0
8.9
28.0
3.9
17.2
56.1
4.2
15.5
52.2
3.1
24.3
4.6
15.8
100.0
100.0
29.7
6.6
25.9
100.0
24.5
7.0
31.2
62.7
100.0
24.3
9.0
26.1
34.3
49.5
7.8
24.6
2.6
62.2
72.6
24.6
5.7
9.4
28.0
13.2
24.5
65.7
41.7
6.9
32.8
2.4
16.2
100.0
26.8
5.4
27.0
59.2
55.2
3.8
24.7
3.4
12.9
100.0
27.2
5.7
22.5
.6
.5
.6
.4
.7
.5
47.5
6.7
27.9
4.3
13.6
43.4
3.3
35.4
3.0
14.9
42.3
100.0
26.8
4.2
27.5
100.0
58.5
100.0
27.0
4.7
31.1
62.8
41.5
37.2
37.4
10.3
13.0
38.8
5.4
14.1
28.5
1.0
9.7
28.7
6.6
34.6
5.1
11.4
29.5
13.7
19.4
62.6
39.9
45.1
13.9
15.0
44.0
40.6
7.8
10.8
37.6
37.8
8.7
14.3
32.2
37.3
12.3
13.1
36.5
1.3
.2
1.5
.6
1.7
.6
1.6
.2
1.4
.2
1.5
.3
1.4
.3
1.4
.2
1.5
1.3
2
1.4
.2
1.4
.1
1.3
1.4
1.5
1.4
1.3
1.4
1.3
1.4
1.2
1.4
1.3
3.2
2.7
.0
2.6
.1
2.8
.08
3.4
.0
2.6
.09
2.5
2.9
.07
2.8
.04
59.0
5.3
13.6
20.7
58.4
4.0
16.0
20.4
.9
2.4
.06
57.0
1.2
21.2
19.3
.7
17.2
4.7
-.03
60.2
2.8
15.9
19.2
1.4
3.0
.05
60.2
1.9
13.3
23.3
1.0
11.3
10.2
35.4
40.8
9.3
11.9
38.2
51.1
5.5
16.4
25.6
.9
62.5
3.7
11.2
21.9
.4
51.3
4.8
19.7
23.4
.5
44.6
11.3
15.4
40.5
59.1
2.6
15.1
22.3
.6
52.4
4.3
13.1
29.5
.5
48.1
1.8
19.0
30.0
1.0
4.1
-.3
58.8
5.0
15.5
19.8
.7
7.0
6.0
7.1
7.6
4.9
4.9
4.9
4.5
4.7
4.4
29.4
7.6
29.1
6.4
35.1
7.7
6.0
.7
35.8
8.3
29.7
5.2
19.3
4.7
26.0
4.2
19.5
5.2
26.6
5.2
24.7
4.7
21.2
4.9
20.3
4.6
19.6
14.1
12.8
26.0
.8
11.1
.8
10.4
.9
9.0
9.7
31.7
.8
.8
5.8
.9
.9
.9
.7
* Not including central reserve city banks.
Ratios of less than .005 are shown as .0.
1
JUNE
1946
683
MEMBER BANK EARNINGS, 1945—Continued
RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed frorrt aggregate dollar amounts ; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
... .
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings
Total earnings
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
12.8
10.3
2.6
10.6
12.9
9.7
3.0
13.2
17.7
13.5
3.1
12.0
15.4
12.6
2.8
12.0
13.7
11.0
3.1
12.8
14.1
11.1
3.3
13 3
14.2
11.2
3.8
13 6
14.1
10.9
3.9
16 2
17.2
12.3
2.1
2.0
1.7
1.8
1.8
1.8
2.0
1.8
1.8
• 2.0
.8
.8
.6
.7
.6
.5
.6
.6
.6
.6
.6
.6
.7
.6
.7
.6
.6
.5
.7
.5
50.0
6.5
27.6
5.6
10.3
46.0
11.0
27.2
3.8
12.0
45.8
10.4
27.4
5.2
11.2
43.7
6.3
33.7
6.2
10.1
43.6
8.5
26.7
6.9
14.3
48.1
8.1
25.7
6.8
11.3
44.8
8.2
30.2
6.0
10.8
44.1
5.7
28.4
6.3
15.5
36.2
5.9
37.9
9.2
10.8
32.9
6.6
40.8
8.5
11.2
41.6
4.7
36.2
5.4
12.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
27.7
12.9
24.5
28.6
28.3
33.3
5.3
2.5
26.7
28.6
14.0
23.8
33.3
27.2
28.1
14.2
24.0
24.4
28.7
29.5
14.2
21.8
Boston
New
York
Philadelphia
Cleveland
9 4
13.6
10.0
3.1
10.0
14.6
11.4
2.6
8 6
11.3
9.5
2.6
1.9
2.0
.6
.7
.6
.7
49.3
5.2
25.1
6.0
14.4
100.0
9.7
3.4
28.0
12.7
26.0
28.0
14.9
25.1
24.9
14.7
24.5
25.7
15.2
27.2
Total expenses
66.7
68.0
64.1
68.1
65.1
64.6
66.3
64.8
66.4
63.0
64.5
65.5
Net current earnings before income taxes
33.3
32.0
35.9
31.9
34.9
35.4
33.7
35.2
33.6
37.0
35.5
34.5
14.7
12.7
35.3
14.7
10.3
36.4
11.3
7.3
39.9
10.4
8.5
33.8
7.6
10.4
32.1
12.1
11.2
36.3
9.3
7.9
35.1
5.1
8.0
32.3
3.5
7.7
29.4
2.5
8.5
31.0
1.3
8.3
28.5
2.3
10.5
26.3
1.6
.4
1.7
.5
1.8
.3
1.7
.3
1.5
.2
1.6
.4
1.5
.2
1.6
.2
1.6
.07
1.5
.04
1.5
.04
1.5
.1
1.5
1.6
1.6
1.6
1.4
1.5
1.5
1.5
1.5
1.4
1.4
1.4
41
.3
.1
.2
.3
.2
5 0
.3
5 7
.2
4.4
.04
63.9
3.9
11 9
19.0
63.6
4.9
13 0
17.1
59.4
7.8
12.2
19.0
58.1
7.5
11.2
22.2
54.5
3.8
14 2
26.4
52.7
5.7
11.5
29.1
59.4
6.6
10.7
22.6
54.8
5.4
12.4
26.5
59.6
4.3
11 4
23.8
49.3
4.3
12 3
33.6
43.0
3.6
16 6
36.1
1.1
1.1
1.5
1.0
.8
.9
.7
.7
.6
.5
.6
Salaries and wages
Interest on time deposits
Other current expenses
... .
Net recoveries and profits
Taxes on net income . .
Net profits
Rates of earnings on securities and
loans:
Percentage of total securities:
Interest and dividends on securities.
Net recoveries and profits
Percentage of U. S. Government
securities:
Interest on U. S. Government
securities
Percentage of total loans:
Net recoveries (or losses —)
...
Distribution of assets:
Percentage of total assets:
U- S. Government securities
Other securities.
Loans
. .
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securiities and cash assets . . . .
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
684
8.8
.01
.2
9.8
.08
5 1
-.04
58.4
3.6
13 8
23.3
.7
6 8
6 5
8 8
6 5
5 6
4 8
5.1
52
5 4
5 1
4 6
42
39.9
7.4
33.5
6.9
40.7
9.6
33.0
7.0
29 4
6.0
26.1
5.0
28.2
5.4
27.9
5.5
32.3
5.7
30.2
5.4
22.2
4.9
23.0
4.4
26.1
37.5
38.4
35.8
23.7
18.7
33.6
22.5
31.7
11.9
6.1
29.7
1.0
.9
.9
.9
1.0
.9
.8
.8
1.0
.9
.8
1.0
FEDERAL RESERVE BULLETIN
BANK EARNINGS, 1945
INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, 1942-1945
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System
All insured commercial banks1
Item
1942
1943
1944
1945
1942
1943
1944
1945
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
1,790,692
1,959,481
2,214,905
2,482,278
304,233
310,399
341,443
380,435
610,298
804,717
12,084
84,309
55,148
100,652
123,484
861,412
692,305
13,513
95,332
67,533
104,710
124,676
1,090,253
680,708
17,320
107,375
78,485
112,486
128,278
1.132,977
167,198
707,738
18,860
109,789
90,617
120,317
134,782
70,709
165,185
3,043
16,133
18,878
8,719
21,566
96,000
140,669
2,668
18,977
22,423
8,388
21,274
130,633
132,557
2,423
21,875
25,283
8,155
20,517
136,345
27,872
136,069
2,475
22,290
26,791
8,184
20,409
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees..
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation on banking house,
furniture, and fixtures
Other current expenses
1,222,157
219,388
333,171
11,541
174,674
336
97,085
1,256,025
225,142
356,958
11,775
163,900
502
99,915
1,356,680
240,354
386,346
12,907
186,773
1,112
97,307
1,522,778
266,018
424,881
14,610
233,321
2,448
98,683
220,815
49,508
42,564
3,006
46,480
230
15,841
218,087
50,441
44,993
3,074
40,430
149
15,684
230,189
52,886
48,933
3,395
42,798
145
14,472
255,415
57,818
53,534
3,855
50,600
162
15,216
39,917
346,04.
40,008
357,825
41,845
390,036
40,329
442,488
6,484
56,702
6,551
56,765
6,910
60,650
6,329
67,901
Net current earnings before income taxes
568,535
703,456
858,225
959,500
83,418
92,312
111,254
125,020
Recoveries, profits on securities, etc..
Recoveries on securities
Profits on securities
Recoveries on loans
All other
222,775
55,94'
66,45
68,546
31,825
353,015
91,891
103,143
85,664
72,317
361,726
92,778
129,834
84,224
54,890
509,329
122,364
266,764
67,014
53,18r
34,357
7,675
6,549
12,657
7,476
41,038
10,200
9,363
13,202
8,273
43,636
9,967
13,582
11,684
8,403
55 ,601
9 ,149
27 ,947
11 ,098
7 ,407
Losses and charge-offs
On securities
On loans
All other
271,118
120,614
80,647
69,85
290,645
116,383
75,22
99,039
265,881
110,439
70,090
85,352
264,122
132,870
55,901
75,351
48,079
17,929
15,883
14,26"
39,924
15,006
11,908
13,010
33,704
13,296
9,80
10,601
34 ,270
15 ,086
9 ,360
9 ,824
Profits before income taxes.
Taxes on net income. .
520,192
765,826
954,070
1,204,707
69,696
93,426
121,186
146,351
79,541
79,541
127,865
114,316
13,549
202,821
187,032
15,789
298,795
277,538
21,25
12,010
12,010
12,390
11,35-'
1,036
19,106
17,896
1,210
28,733
27,257
1,476
Federal
State
\
Net profits
440,651
637,96
751,24'
905,912
57,686
81,036
102,080
117,618
Cash dividends declared.
.
On preferred stock2
On common stock
227,608
14,523
213,085
233,490
14,324
219,166
253,193
13,645
239,548
274,438
11,769
262,669
24,601
3,440
21,161
25,164
3,510
21,65
27,192
3,959
23,233
28,504
3,507
24,997
Loans
U. S. Government securities.
Other securities
Real estate assets.
Cash assets
20,030,625 18,380,838 20,310,112 23,500,772 3,021,323 2,650,862 2,630,161 2,823,335
29,231,82 50,315,698 67,231,16 82,417,236 2,172,922 4,494,776 6,913,337 9,338,270
6,802,77
6,321,794 6,088,482 6,623,089 1,016,599
958,551
988,843
998,984
1,393,616 1,276,278
1,038,834
1,141,30
167,404
230,97
200,495
141,081
25,922,70: 26,774,094 28,042,727 31,236,090 2,883,391 3,316,204 3,562,451 4,080,815
Total assets. .
83,666,45: 103.370.18S 123,168,863 145,217,43* 9,347,89- 11,677,491 14,260,818 17,416,713
Time deposits
Total deposits
Total capital accounts.
15,888,54' 17,627,61* 21,415,276 26,979,470 3,375,399 3,624,839 4,228,321 5,192,631
76,134,514 95,506,22 114,682,390 135,948,38 8,343,246 10,663,90" 13,208,706 16,306,748
6,951,39
7,246,433 7,718,193 8.334.67C
971,423 1,006,413 1,058,344
959,741
Number of officers
Number of employees.
Number of banks
54,92.
216,47^
55,309
225,64'
56,494
229,37
59,11
245,275
19,331
34,468
18,921
35,311
18,811
36,115
19,226
37,831
13,34'
13,274
13,268
13,302
6,671
6,539
6,457
6,421
1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on
preceding
pages.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and
end of each year. The number of officers, employees, and banks are as of the end of each year.
JUNE 1946
685
PAGE
Gold reserves of central banks and governments.
687
Gold production
688
Gold movements. .
688
Net capital movements to United States since January 2, 1935.
689-694
Central banks.
695-698
Money rates in foreign countries . .
699
Commercial banks
700
Foreign exchange rates .
701
Price movements:
Wholesale prices .
702
Retail food prices and cost of living. .
703
Security prices .
703
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.
686
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
Argentina 1
14,512
17,644
21,995
22,737
22,726
21,938
20,619
431
466
353
354
1658
1939
20,270
20,213
20,152
20,088
Aug
Sept.. . . 20,073
Oct
20,036
Nov.. . . 20,030
Dec
20,065
1946—Jan.
20,156
Feb. . . . 20,232
20,256
Mar
20,251
Apr
1945—May
409
409
409
409
409
407
404
403
398
398
397
June
July
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec.
1943—Dec
1944—Dec.
Hungary
Iran
(Persia)
37
24
24
24
24
24
24
26
26
26
26
34
92
128
1945—May
Brazil
581
609
734
734
735
734
32
40
51
70
115
254
329
274
274
274
274
274
274
274
192
214
27
5
6
5
6
30
30
30
31
36
54
79
24
21
17
16
25
59
92
714
713
712
712
694
698
711
716
729
747
755
763
342
342
342
352
352
357
356
354
363
274
274
274
274
274
274
274
274
274
274
274
4
6
7
6
7
5
5
7
7
6
6
7
81
80
82
82
82
82
82
82
82
82
82
100
102
103
104
106
114
115
127
128
129
131
132
Italy
Japan
Java
193
144
120
164
164
164
B
164
80
90
140
235
4
British
Canada
India
216
128
131
P131
P131
June....
Tuly
Aug
Sept.
Oct.. . .
Nov.. . .
Dec.
1946—Jan....
P131
Feb
Mar
Apr
End of month
1938—Dec
1939—Dec.
1940—Dec
104.1
T~)rif-
1942—Dec
1943—Dec.
1944—Dec.. . .
1945—May
June... .
July
Aug
Sept. . . .
Oct.
Nov.
Dec
1946—Jan
Feb
Mar
Apr
Sweden
Switzerland
470
478
478
479
479
475
474
482
481
481
478
476
Chile
New
Mexico Netherlands Zealand
29
32
47
47
39
203
222
998
692
617
575
506
500
500
23
23
23
23
23
23
23
219
231
230
255
255
250
296
294
288
284
257
254
500
500
270
270
270
270
270
270
270
270
270
23
23
23
23
23
23
23
23
23
23
23
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
2,690
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
*83
1,052
29
29
88
92
114
161
221
1 105
1.069
L.073
L 084
1,085
1,111
L 109
8 1,104
L 099
L 091
L 102
225
234
234
234
236
236
236
241
241
241
241
173
175
179
189
195
195
195
195
195
161
176
176
186
191
191
202
202
212
212
212
212
321
308
160
223
335
387
463
701
549
502
665
824
964
OOQ
Colombia
Belgium
7
Cuba
Czechoslovakia
Denmark
Egypt
France
Germany
Greece
1
1
1
16
46
111
83
56
58
61
61
61
61
53
53
52
44
44
44
44
55
55
52
52
52
52
52
2 430
2,709
2,000
2,000
2,000
2,000
1,777
29
29
29
29
29
29
29
27
28
28
28
28
28
28
151
166
171
176
176
186
186
191
201
201
61
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
38
38
38
38
52
52
52
52
52
52
52
52
52
52
1,777
Norway
Peru
94
94
84
20
20
20
21
25
31
32
4
1946
4
85
84
69
69
59
59
59
60
60
30
28
28
28
28
28
28
28
28
28
28
28
B.I.S.
Other
countries 6
14
7
12
12
21
45
37
166
178
170
166
185
229
245
39
39
39
39
39
39
39
39
39
39
39
247
247
248
248
248
247
245
'247
P247
i>247
P246
r Revised.
P Preliminary
i Figures through March 1940 and for December 1942. December 1943. and December 1944
include, in addition to gold of the Centra Bank held at home, gold of the Central Bank held
abroad and gold belonging to the Argentine stabilization .bund.
2 On May 1, 1940, golc belonging to Bank of Canada transferred 1.0 Foreign Exchange Control
Board. Gold reported since that time is gold held by Minister of Finance.
3
Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows : Java—
Jan.
31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28 , 1941.
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
These countries are: Albania Algeria Australia, Austria through Mar. 7, 1938 Belgian
Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,
1939, Ecuador, El Salvador, Estonia, Finla nd, Guatemala, Iceland, Ireland beginning February
1943, Latvia, Lithuania Morocco, and Siam. Figures for certain of these countries have
been
carried forward from last previous official report.
7
Gold ho Id in zs of Bank of England reduced to nominal amount by gold transfers to British
Exchange
Equalization *Account during 1939.
8
In addition to gold held by the Swiss National Bank, Lhe Swiss National Bank's Annual
Report for 1945 stated that the Swiss Government owned gold amounting to 238 million
dollars on Dec. 31, 1945.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication.
JUNE
Poland Portugal
1 777
1,777
1 540
1,540
1,090
1 090
1,090
1 090
Rumania
South
Africa
133
152
158
182
241
316
220
249
367
366
634
706
814
3525
865
878
886
909
938
954
943
914
949
982
1,014
109
109
109
109
108
108
108
110
111
111
60
60
60
60
60
60
60
60
60
60
Spain
42
42
91
105
Government gold reserves 1 not incl uded
in previous figures
United
End of month United
France
States Kingdom
80
154
1938—Dec
1939—M ar
May .
June...
Sept
Dec
1940—June
Dec
1941—June
Dec.
1942—June
Dec.
I943—june
Dec
.
I944—june
Dec.
1945—Mar...
June
Sept
Dec.
85
164
156
86
48
89
25
8
12
11
43
21
12
32
81
20
18
2
759
1 732
331
559
477
Bel-
44
17
3876
292
4151
17
17
17
17
17
17
17
17
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equaiization Account ; France—Exchange Stabilization
Fund
and Rentes Fund ; Belgium—Treasury.
2
Figure for end of September
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details regarding special internal gold transfers
affecting the British and Frencl institutions, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for February 1945, p. 190.
687
Year or
month
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
Estimated
world
production Total
outside 1 reported South |
monthly || Africa
U.S.S.R.
823,003 708,453
882,533 752,847
971,514 833,895
,041,576 893,384
,136,360 958,770
,208,705 1,020,297
,297,349 1,094,264
,288,945 1,089,395
968,112
738.471
663,960
647,689
1945—Apr..
May.
June.
July..
Aug..,
Sept..
Oct.. .
Nov..
Dec...
1946—Jan.. .
Feb...
Mar...
54,096
53,934
53,213
»"53,340
53,560
52,953
55,937
•"54,883
55,093
P55.471
*>51,821
P50.463
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Rho- I West I Belgian United I CanMexColom-I Chile I Nicaico6
desia [Africa2 ] Congo^ \ States* | ada*
bia
ragua^
6
$1 = /5 /«i grains of gold */\9fine; i. e., an ounce of fine gold =$35.
24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166
25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251
868
7,386 152,509 131,181 26,465 13,632 9,018
28,053 16,295
807
28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544
848
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290
1,557
28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506
29,155 32,163 •8,862 210,109 185,890 30,878 22,117 11,999 5,429
27,765
26,641
23,009
20,746
19,888
32,414
29,225
19,740
18,445
18,865
35,937
1,718
36,073
1,673
35,800 1,645
36,311
1,679
34,199
1,668
35,313
1,680
36,809
1,664
36,005
1,595
35,043
1,597
35,892
1,584
32,971 fl, 584
30,871 fl,584
1,610
1,575
1,575
1,610
1,610
1,610
1,610
1,400
1,470
1,610
1,610
1,645
209,175
130,963
48,808
35,778
34,878
187,081 27,969
169,446 •30,000
127,796
101,980
92,794
2,328 7,831
2,563
7,614
2,516
7,426
2,078 7,357
3,528 7,411
2,926
7,404
3,836 8,034
4,020 7,726
3,832 8,391
3,984 8,346
'3,984 8,018
/3,984 ?8,330
Other
Austra-I
British9
8
lia
India
22,961
20,882
19,789
19,374
17,734
9,259
6,409
6,081
7,131
6,282
7,525
8,623
7,715
7,865
6,985
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
16,450
1,836
1,736
1,460
1,518
1,459
1,400
1,319
1,224
1,140
1,492
1,309
Pl.470
526
528
574
560
631
574
393
595
570
559
592
634
522
443
608
,225
,190
,295
,400
,065
,190
,190
,435
,365
,470
330
400
"•504
464
370
425
396
1,096
/396
/396
/396
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545
5,950
525
350
350
490
560
490
490
490
525
175
/175
/175
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.
p1 Preliminary.
/ Figure carried forward. r Revised.
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
Coast1 only.
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the
year.
4
Includes Philippine Islands production received in United States. Annual figures through 1944 are estimates of United States Mint. Annual 8figure for 1945 and monthly figures represent estimates of American Bureau of Metal Statistics.
Figures for Canada beginning 1944 are subject to official revision.
• Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in
first 7three months of year.
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
• Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
1943 they represent total Australia; beginning January 1944, Western Australia only.
• Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year
Total
or
net
month imports
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945
Aug.
Sept.
Oct.
Nov.
Dec.
1946
Jan.
Feb.
Mar.
Apr.p
United
Kingdom
France
Belgium
Netherlands
Sweden
Switzer- Canada
land
12,402
1,131,994 499,870 260,223 8,902 94,348
968
3 227,185
1,739,019 315,727 934,243
7,511
1,116,584 174,093 573,671 3,351 71,006
6 54,452
1,585,503 891,531 -13,710 90,859 6,461
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
3,798 165,122 341,618 28,715 86,987
3,574,151 1,826,403
977 63,260 161,489 90,320
4,744,472 633,083 241,778
899
1,747
1
1
3,779
982,378
5
1,955
315,678
88
68,938
-845,392 -695,483
160
-106,250
PhilOther
ipLatin
Ameri- pine
Iscan Republics lands
30,270
28,153 12,038
86,829
13,667
29,359 15,335
95,171
39,966
30,790 21,513
72,648
38,482
39,485 25,427
111,480
36,472
65,231 27,880
76,315
33,610
57,020 35,636
612,949
29,880 128,259 38,627
2,622,330
16,791
61,862 42,678
412,056
40,016
321
39,680
208,917
13,489
66,920 -3,287
46,210 -109,695 -108,560
15,094 -41,748 "io3
53,148
-12,339
13,496
-4,317
789
19,253
64
848
11,796
463
272
37,131
154,070
82,439
31,396
-20,534
36
34
151,270
80,629
25,265
222
41
Mexico
517
1,192
272
951
329
1,115
355
1,698
247 -18,499
391
126
75
149
1,729
1,479
1,386
637
100
3
-2
Australia
BritSouth
ish
Africa Japan India
All
other
countries
1,029
4 76,820 21,095
12
75,268 28,529
3,498
65
77,892 20,856
23,280
8
34,713
181 246,464 50,762
8,910
39,162
401 168,740 16,159
13,301
74,250 22,862 165,605 50,956 * 68,623
103,777 184,756 111,739 49,989 »284,208
67,492 292,893 9,444 9,665 < 63,071
129 20,008
528 4,119
152
307
-8,731
199 3,572
18,365
106
357
*-133,471
2
19
11
3
3
3
16
11
12
15
9
-15,014
407
-6,236
-1,562
297
23
11
3,267
9
654
191
1,366
«-21,586
* Preliminary.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
* 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
from1 other countries.
*6 Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
Includes $133,980,000 to China and $509,000 from other countries.
« Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
1
688
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^
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)
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
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
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
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. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
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
,069.5
,125.1
,162.0
.4
16.5
23.2
12.9
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
149.9
125.9
187.0
238.5
799.9
1,180.2
1,425.4
993.2
1,186.9
660.4
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
,150.4
,155.3
,125.4
,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
,188.9
,201.4
,177.3
,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1)
June 30*
Sept. 30
Dec. 31
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
1,211.7
1,339.1
1/412.0
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
1943—Mar. 31
June 30
Sept. 30
Dec. 31
6,147.1
6,506.4
6,771.3
7,118.6
3,643.4
4,002.6
4,130.6
4,496.3
1,723.1
2,071.4
2,190.9
2,461.5
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—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,423 4
7,440 9
7,4<0 9
7,460 2
7,530 5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
127.1
125.0
126.3
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
'7,632.4
'7,711.3
'7,693.1
'•7,748.4
'7,800.7
'8,013.2
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
5,261.4
2,468.7
2,587.3
2,555.6
2,588.9
2,634.0
2,903.6
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
'1,025.2
'989.3
'983.7
'1,012.6
'1,032.0
'1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
'8,238.1
'8,294.5
'8,411.2
'8,482.4
'8,350.3
'8,355.1
5,442.6
5,505.0
5,594.8
5,731.0
5,645.1
5,696.8
3,078.8
3,096.2
3,107.5
3,110.0
2,953.2
3,021.3
2,363.9
2,408.8
2,487.2
2,620.9
2,691.9
2,675.5
810.2
829.0
865.3
875.5
804.2
742.7
'1,015.0
'999.7
'998.2
'946.5
'983.0
'972.8
843.2
831.6
818.4
795.1
779.1
798.7
127.1
129.1
134.6
134.4
139.0
144.1
^3,655.1
*2,652.4
4729.2
1,097.8
625.9
<135.1
1946—Jan. 31
•8,895.6
4
« 6,307.4
6.0
* Revised.
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;
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 2shipping missions, diplomatic and consular establishments, etc.).
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July J Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
•4 Inflow reflects inclusion for the first time of official Philippine accounts, which on Jan. 31, 1946 amounted to 458.6 million dollars.
Amounts outstanding Jan. 31, in millions of dollars: total foreign banking funds in United States, 6,973.3, including official funds, 4,292.7,
and other funds, 2,680.6; United States banking funds abroad, 406.3; and brokerage balances (net due "foreigners"), 58.3.
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.
JUNE 1946
689
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—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
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. 3V
1944—Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
,412.5
,608.4
,410.3
,844.5
021.2
727.6
230.7
835.0
,118.6
,475.7
632.4
.711.3
693.1
748.4
,800.7
013.2
238.1
294.5
411.2
482.4
350.3
355.1
895.6
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
,257.7
,090.0
,008.6
,053.6
,048.9
,026.0
,029.3
,066.2
,075.0
,018.8
946.7
937.8
888.7
892.5
858.3
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
566.6
558.3
506.5
477.6
453.0
521.7
542.4
499.8
463.9
510.9
469.8
464.2
553.6
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
503.3
506.3
505.
130.4
355.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
659.6
666.4
673.0
670.7
677.1
679.7
689.9
695.6
698.4
705.2
709.8
722.3
728.6
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.0
179.0
179.2
179.2
179.0
179.0
179.0
179.2
179.3
179.5
179.4
179.7
179.6
24.0 130.0
45.6 228.5
22.1 312.2
32.2 472.0
58.0 752.9
55.4 922.7
50.5 891.8
48.1 850.9
48.2 954.8
63.1 993.3
66.7 965.2
69.8 970.5
72.0 967.6
75.5 990.5
77.5 ,003.6
80.0 ,017.9
85.2 ,053.0
89.6 ,059
94.2 1,134.2
98.0 1 ,118
100.8 ,127.8
106.5 ,132.1
107.3 ,142.9
1936).. .
1939). . .
1940). . .
1941). . .
506,
506.8
513.0
516.1
518.1
518.1
523.8
526.3
539.7
538.4
Other
Total
Europe Europe
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
,056.6
,626.3
,608.1
,192.8
,081.8
,949.0
,003.9
,952.9
,925.8
,926.4
,057.5
,140.6
,060.2
,034.8
,073.2
,002.6
,037.0
,108.7
Canada
Latin
1
America Asia
70.9
201.2
410.6
384.6
483.4
606.8
567.5
835.8
951.0
,193.7
,250.2
,262.4
,234.2
,263.0
,324.3
,353.8
,411.7
,392.1
,413.8
,404.7
,336.5
,338.4
,345.1
150.5
106.3
155.3
229.4
411.7
340.5
425.1
760.3
976.4
1,030.1
1,037.3
1,089.4
"1,145.9
•1,147.7
1,218.0
1,302.7
1,383.1
1,411.2
1,419.2
1,434.3
1,395.7
1,342.6
128.3
184.0
224.6
214.2
431.0
562.3
567.7
787.7
,013.1
,020.9
,199.2
,200.1
,205.3
,202.9
,193.8
,175.5
,175.5
,238.7
,316.3
,321.3
,323.9
.336.4
1,853.2
All
other*
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
204.1
207.7
211.4
210.7
208.5
208.4
207.6
220.3
235.2
264.1
253.0
247.5
246.0
TABLE 3.—INCREASE) IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936). . .
1936—Dec 30
I937—Dec. 29
1938—Dec. (Jan. 4, 1939).. .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941) . . .
1941—Dec. 31
1942—Dec 31
I943—Dec. 31
1944—Dec 31
I945—j an# 3 1 . . .
Feb 28
Mar. 31
Apr 30
May 3 1 . . . .
June 30
July 31 . .
Aug. 31
Sept 30
Oct 31
Nov. 30
Dec. 31
1946—Jan. 31
Total
603.3
930 5
1,168.5
1,425.4
2,430.8
3,159.0
2,856.2
3 320 3
4,496.3
4,612.5
4,723 9
4,887.3
4,909 9
4 958 2
5,004 5
5,261.4
5,442 6
5,505.0
5,594 8
5 731 0
5,645.1
5,696.8
36,307.4
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
338.9
329.6
286.4
258.3
235.0
292.2
318.8
276.6
233.3
280.2
247.1
229.9
318.2
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
190.0
192.6
192.2
192.2
192.7
196.7
199.2
201.4
204.0
211.4
253.0
265.0
277.3
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
219.8
227.1
234.5
234.1
240.1
243.2
250.6
255.8
259.7
266.5
272.0
286.3
297.5
-.8
2.7
9.6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.4
-23.4
-23.3
-23.3
-23.5
-23.5
-23.5
-23.4
-23.4
-23.2
-23.4
-23.3
-23.3
7.3
23.0
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
570.5
576.7
582.8
606 8
619.7
670.0
706.8
672.4
744.8
729.9
738.2
769.1
757.6
128.6
163 5
189.3
364.0
376.1
293.3
328.6
493 3
939.4
804.4
726 4
777.0
772.9
758 5
770.7
800.5
810.6
762.6
684.8
678 9
638.3
646.4
617.7
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
10.7
13.5
15.7
19.1
22.5
23.6
29.2
33.6
38.2
41.7
45.1
50.1
50.8
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
2,032.9
2,093.2
2,061.3
2,045 9
2,057.3
2,202.7
2,291.7
2,179.0
2,141.4
2,185.4
2,170.3
2,223.4
2,295.8
Latin
Can1
ada America Asia
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399 5
704.7
818.6
868.1
962.3
1,021.2
1,056 8
1,053.4
1,159.3
1,241.8
1,341.9
1,384.1
1,443 9
1,437.8
1,414.2
1,242.8
33.5
58.8
149.3
90.4
166.3
126.2
127.6
163.3
215.1
325.4
326.4
450.9
296.7
418.0
482 8
598 7
578.7
779.7
79'4.7
635.9
848.7
804 5
855.4
803.8
842.5
809 3
872 0
808 3
913.5
807.7
955.4
770.5
979.2
757.6
965.8
834.7
989.0
882 5
976.2
899 8
924.2
895.9
924.9
921.4
929.4 31,627.2
All
other*
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
169.7
172.5
175.7
175 2
172.7
173.5
172.3
183.6
197.6
225.7
216.8
212.9
212.3
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Netherlands
Switzerland
Germany
Italy
-.4
48.1
-3.3
62.0
-4.4
65.3
-5.6
68.4
12.9
73.8
17.7
74.6
17.6
76 9
18.1
77.8
18.3
77.9
18.3
77.7
18.3
77.6
18.3
77.6
18.3
77.6
77.6
18.1
18.2
77.8
18.0
77.8
18.3
77.8
18.2
77.8
18.0
77.8
18.0
78.1
78.0 - 1 7 . 9
78.0 - 1 7 . 7
78.3 - 1 7 . 1
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
6.2
7.3
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.4
26.2
26.2
26.2
From Jan. 2, 1935, through—
Total
United
King- France
dom
1935—Dec. (Jan. 1,
1936—Dec. 30
I937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
I943—Dec. 31
1944—Dec 31
I945—j a n . 31
Feb 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec 31
1946—j an 31
361.4
431 5
449.1
510.1
650.4
775.1
791 3
888.8
877.6
805.8
848.2
859 8
848 5
844.7
845 7
760.4
810.2
829 0
865.3
875.5
804.2
742 7
729.2
208.8
178 0
207.4
206.2
252.2
269.2
271 2
279.4
272.1
266.1
266.2
264 6
268 8
266.6
261 5
264.1
267.2
260 4
267.1
270.5
266.1
266 6
266.2
r
1
1
3
1936). . .
1939). . .
1940). . .
1941). . .
7.2
7.2
7.3
2.7
4.5
6.1
5.4
5.1
6.5
5.2
1.9
Other Total
Europe Europe
8.8
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
70.7
70.3
70.4
70.6
70.1
30.9
30.3
69.4
70.9
69.4
68.8
38.3
65.9
Canada
Latin
1
America Asia
All
other1
310.2
-4.6
343.7
36.9
409.3 - 2 1 . 7
460.9
35.9
563.5
56.5
634.7
60.3
647.4
62.7
661.5
58.6
656.5
55.1
626.6
64.8
662.0
61.8
661.2
68 1
665.3
69.0
663.3
69.9
658.0
67 3
616.5
39.1
621.2
47.7
655.0
51.4
662.5
53.3
664.4
60.7
624.6
54.9
593.4
39 5
618.3
18.5
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
64 7
17 7
68.3
93.8
55.7 102.7
37.0
77.7
36.1
87.6
40 7
88 2
23.9
88 1
23.0
86.4
40 1
77 9
23.5
79 9
58.2
81.4
51 4
68 4
47.4
98 3
54.4
91.7
22 2
99 9
9 1
99 2
3.3
88.5
-1.6
—4 4
-8.7
-7.0
2.1
—1 2
6.6
7.5
-.3
.&
1 7
2 2
2.1
2 4
1 5
l.S
2 9
3 8
4.2
2 6
1 5
.6
Revised.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Tnflow less than $50,000.
Inflow reflects inclusion for first time of official Philippine accounts, which on Jan. 31, 1946, amounted to 458.6 million dollars.
690
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2. 1935, through—
1935—Dec. (Jan.
1936—Dec. 30
1937—rjec 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 3i
1942—Dec 31
1943—Dec. 3i
1944—Dec. 3i
1945—j an 3i
Feb. 28
Mar 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1946—Jan. 31
Total
1, 1936). ..
125.2
316 2
583.2
641.8
4, 1939). . .
725.7
3, 1940). . .
803.8
1, 1941). . .
855.5
848.2
925.9
1,019.4
'1,025.2
'•989.3
'983.7
•1,012.6
'1,032.0
'1,011.2
'1,015.0
'999.7
'998.2
'946.5
'983.0
'972.8
1,097.8
United
King- France
dom
67.8
116 1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
124.8
125.2
124.0
121.6
120.8
118.9
119.0
119.0
119.1
119.2
119.1
117.7
115.0
6.8
18 2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.0
51.2
51.4
51.3
51.2
51.3
51.2
51.2
51.2
51.1
51.1
51.2
51.1
Netherlands
Switzerland
Germany
Italy
Other
Europe
7.4
10 4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.6
33.6
33.6
33 6
33.5
33.5
33.5
33.5
33.5
33.7
33.0
33.0
33.4
-1.2
13 7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
44.5
44.7
44.7
44.7
44.5
44.7
45.0
45.0
45.2
45.5
45.0
45.2
44.9
13.3
22 5
26.6
33.5
36.6
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.6
27.6
27.6
27 6
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207.6
210.1
210.4
210.4
210.3
210.3
210.1
210.0
210.1
210.1
210.1
210.9
211.1
210.4
212.8
212.5
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.5
27.3
Total
Europe
Canada
Latin
America Asiai
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
303.5
303.7
305.1
306.1
310.4
312.4
314.7
316.5
317.6
314.9
317.4
317.1
317.6
All
otheri
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
61.3
61.5
61.5
61.9
61.7
61.7
61.7
61.7
61.8
61.8
61.5
60.8
60.9
1.1
3 5
6.8
9.7
11.3
13.5
16 6
18.0
19.9
21.0
21.1
21.0
21.1
21 2
21 2
21.3
21 3
21.7
21 8
21.9
21.8
22.0
21.9
1
Latin
America Asia
All
other1
143.1 - 3 9 . 7
278 3
1.7
10.5
366.4
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
528.4 '110.8
529.1 '74.0
'67.9
528.0
525.4 '98.1
524.1 '114.5
522.5 '93.3
522.8 '94.4
522.9
'77.0
523.9
'73.1
524.6 '23.4
522.7
'59.6
523.8
'49.1
520.7 176.8
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec 3i
1942—Dec 31
1943—Dec. 3i
1944—Dec 31
1945—j an# 3i
Feb 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31.
Sept 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
1, 1936). . .
4, 1939). . .
3, 1940). . .
1, 1941). . .
Total
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
909.0
845.0
820.6
802.5
785.0
848.4
843.2
831.6
818.4
795.1
779.1
798.7
625.9
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-127.4
-131.7
— 135.4
-139.2
— 142 8
-138.9
-140.3
-141.5
-143.4
— 149 9
-154.0
-157.9
-161.9
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
239.0
239.1
239.1
239.4
239.3
241.3
240.9
240.7
237.8
235.5
234.0
233.5
228.6
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
366.1
363.3
362.2
360.1
359.4
363.1
363.5
362.0
360.2
360.9
358.1
355.4
354.0
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
—30.8
-30.8
—30 8
-30.8
—30 7
-30.7
-30.7
-30.7
-30.7
-30 7
-30.6
-30.4
-30.4
-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
— .1
12.9
38.5
55.7
56.6
60.4
64.9
67.3
75.3
86.3
103.2
103.0
102.4
93.7
92.5
93 5
96.4
95.3
96.5
96.4
96.4
98.0
98.5
93.7
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644 7
645.7
633.7
629 0
621.4
598 9
591.2
585 9
611.0
602.1
600.0
600.8
592 4
577.4
582 9
568.3
2.8
32.6
37.6
25.7
-2.6
-18.4
-44.7
—45 1
-58.2
-28.1
-27 4
-84.2
—85 7
-95.9
— 106 7
-91.7
-98.5
-105.4
-117.9
— 126 4
-136.8
— 126 6
-114.5
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
77.2
76.9
68.0
67.1
66.4
77.6
71.7
71.1
78.5
78.3
70.4
81.7
81.8
.6
1.9
1.8
2.1
2.1
2.2
.8
2.2
1.9
1.8
1.8
1.9
1.6
2.2
2.4
3.7
15 5
18.2
23.7
30.1
25.6
28.1
35 2
40.5
54.9
55 7
55.4
55 2
55.1
52 8
58.5
57.2
56.1
55.1
54 6
65.8
81 3
89.3
21.4
44 1
54.7
65.2
87.6
17.6
17.5
27 7
62 5
240.5
241 1
241.9
241 7
241.9
242 7
260.4
272.2
270.9
270.6
264 4
263.1
251 3
73.0
2.6
7 1
9.8
11.1
14.3
12.6
10.9
10 9
10 6
10.7
10 7
10.6
10 5
10.3
10 3
10.3
10.2
10.0
9.8
10 0
9 4
9 9
Latin
1
America Asia
All
other1
9.9
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 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—j an 31
Feb 28
Mar. 31
Apr 30
May 31
June 30
July 31 .
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1946—Jan 31
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
126.1
129.9
130.5
130.4
133.6
131.8
127.1
129.1
134.6
134.4
139.0
144.1
135.1
1936). . .
1939). . .
1940). . .
1941) . . .
....
United
King- France
dom
Netherlands
Switzerland
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
21.9
22.9
23.1
23.1
22.6
22.8
22.8
23.1
23.1
23.2
23.1
23.4
24.2
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
22.4
22.7
22.6
23.0
23.1
23.5
24.2
24.4
24.7
25.2
24.1
26.0
16.2
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
22.9
23.9
24.5
24.7
25.8
26.0
26.4
26.6
27.8
27.3
28.2
30.3
30.3
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
18.5
18.6
18.6
18 4
19.1
21.7
18.5
18.2
19.1
19.1
19.3
19.8
21.3
Germany
-.2
— .7
-.2
-.1
-.2
-.2
-.1
-.2
-.2
-.2
-.1
1
-.1
(2)
(3)
1
Italy
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.3
.3
.3
.3
.3
.3
.4
.4
.4
.4
.4
.4
.4
Other
Total
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
10.6
10.8
10.5
10.5
10.3
10.6
10.6
10.8
11.1
11.3
12.4
13.6
13.1
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
96.6
99.0
99.4
100 0
101.1
104.8
102 7
103.4
106.1
106 4
107.5
113 6
105.6
Canada
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17 6
16.2
16.7
17 0
17.0
17 0
19 3
17.9
17 3
18.2
18.6
17 6
18.8
19 5
19.0
1.0
-4.2
-.5
9
-.9
5 9
2.9
2.1
.5
-1.5
-3.4
6.0
6 3
6.0
6 0
5.6
4.7
4 8
4 7
4 4
3 9
3.0
2 7
3 2
3 2
3 6
3 4
3 8
5.5
3.6
1.5
9.2
3.9
4.2
3 8
5.1
6.3
7.2
7.5
7 0
7.5
4.1
2 3
2 3
4.5
4 5
6.9
2!l
.7
8
.9
1 3
1.8
1.8
1 9
1 9
1 9
1 9
1.9
1 9
2 0
22
2 2
2 4
1 3
' Revised.
1
Prior to Jan. 3, 1940, the figures under Asia
represent Far East only, the remaining Asiatic countries being included under "All other."
1
3
Inflow less than $50,000.
Outflow less than $50,000.
JUNE 1946
691
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Netherlands
Switzerland
Germany
Italy
Other Total
CanLatin
Europe Europe ada America Asia*
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
130.1
188.9
200.2
236.0
274.3
12.0
23.4
27.1
20.0
34.1
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
3,057.0
448.2 288.2
3,785.2
365.5 490.1
3,482.4
400.8 448.6
3,987.5
554.6 432.3
5,153.7 1,000.8 439.9
5,271.4
865.7 401.2
204.9
174.3
174.9
186.6
193.3
209.7
376.3
508.4
339.9
184.2
210.6
239.3
9.5
6.7
6.6
7.5
6.5
6.8
38.5
17.9
15.4
12.1
11.3
27.3
516.9
650.6
608.0
643.4
722.1
767.7
1,882.6
2,213.5
1,994.0
2,020.7
2.584.5
2,517.8
274.6
434.3
373.2
507.4
812.6
926.5
336.0
447.3
417.7
597.7
693.7
909.3
491.4
616.9
583.9
712.1
887.6
743.8
72.5
73.3
113.6
149.6
175.3
174.0
1945—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
5,553.1
5,575.7
5,624.0
5,670.4
5,927.3
6,108.5
6,170.8
6,260.6
6,396.8
6,310.9
6,362.7
26,973.3
209.3
208.8
208.8
209.3
213.3
215.8
218.0
220.6
228.1
269.6
281.6
293.9
245.0
252.5
252.0
258.0
261.2
268.5
273.8
277.7
284.4
290.0
304.2
315.5
6.8
6.9
7.0
6.7
6.7
6.8
6.9
6.9
7.1
6.9
7.0
6.9
33.8
36.0
39.4
42.9
43.9
49.5
53.9
58.5
62.0
65.4
70.4
71.1
709.8
715.8
739.9
752.7
803.0
839.8
805.4
877.9
862.9
871.2
902.1
890.6
2,452.8
2,420.8
2,405.5
2,416.9
2,562.3
2,651.3
2,538.6
2,501.0
2,545.0
2,529.9
2,583.0
2,655.4
1,070.3
1,129.1
1,164.8
1,161.3
1,267.3
1,349.8
1,449.9
1,492.1
1,551.8
1,545.7
1,522.2
1,350.7
976.9
964.0
993.5
1,035.0
1,076.9
1,100.7
1,087.4
911.7
917.2
916.2
915.6
878.4
865.5
942.6
i , n o . 6 990.4
1,097.7 1,007.7
1,045.7 1,003.9
1,046.4 21,029.3
1,050.9 1,735.1
141.4
144.5
144.1
141.6
142.4
141.2
152.5
166.5
194.6
185.7
181.8
181.1
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
United
King- France
dom
Total
Date
(Jan. 2, 1935). ..
(Jan. 1, 1936)...
30
29
(Jan. 4, 1939). . .
597.0
1,200.2
1,491.6
1,729.6
1,996.6
76.9
205.5
235.7
261.5
436.1
838.3
834.2
819.9
832.1
861.8
872.0
824.0
746.2
740.2
699.6
707.7
679.0
409.8
366.6
338.5
315.1
372.3
399.0
356.7
313.4
360.3
327.3
310.0
398.3
All
other*
LIABILITIES—SUPPLEMENTARY ]DATA
Other Europe
Belgium
Denmark
Finland
1939—Dec. (Jan. 3, 1940).. 516.9
1940—Dec. (Jan. 1, 1941). . 650.6
1941—Dec 3i
608.0
643 4
1942—Dec. 31
1943—Dec 31
722.1
1944—Dec 31
767.7
159.2
144.8
117.3
121 8
122.9
124.3
28.1
17.3
18.1
17.7
13.9
14.8
21.4
16.5
5.7
7.9
7.7
7.1
1945—Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1946—j an 3i
123 5
133.7
139 7
147.3
142 1
150.5
149 9
218.6
195.6
183.0
185.0
184.9
14.2
14.4
13.7
B.4
13.7
13.7
14.4
16.8
20.1
24.3
25.9
40.1
6.6
7.1
7.0
6.8
6.7
6.6
6.7
Other
Europe
Date
...
...
709 8
715.8
739 9
752.7
803 0
839.8
805 4
877.9
862.9
871.2
902.1
890.6
7.2
6.7
6.2
5.5
6.6
Greece8 Luxembourg8
Norway
39.3
43.5
48.7
18.3
18.4
18.6
56.3
48.7
65 2
132.4
158.9
220.8
48.6
50.6
52.5
53.7
56.6
60.5
63.2
66.1
68.7
71.0
70.8
70.0
18.6
18.6
18.5
19.1
19.3
22.9
22.9
22.9
22.9
23.0
22.3
22.3
187.2
194.7
199.9
194.0
240.6
236.6
187.1
184.4
182.7
182.9
216.1
176.5
8
PortuAll
8 YugoRugal8 mania8 Spain Sweden USSR slavia8 other
35.7
53.4
54.5
9 4
9.3
9.5
41.3
35.4
39.4
36.6
40.6
46.4
39.0
45.5
45.2
48.5
47.9
47.5
9 1
9.3
9 3
9.3
9 3
9.3
9 7
9.2
9.2
9.2
9.3
9.3
17.5
31.8
43.4
142 2
235.4
210 7
153.5
163.2
152.1
14 3
12.3
16.1
17 7
9.9
5.7
41.1
27.3
31.5
37.6
31.8
36.9
40.4
32.6
24.4
31.2
31.7
37.1
152.3
157.7
158.0
160.2
165.4
183.7
194.3
199.1
213.5
217.2
210.1
214.0
12 9
8.6
12 8
17.5
20 9
22.3
25 7
25.4
24.4
24.8
28.0
29.7
5 7
5.8
5 8
5.6
5 7
5.2
5 1
5.2
5.2
5 4
5.7
6.3
109.8
187 9
191.0
57 9
76.9
52.1
48 7
52.8
51 8
51.7
50 3
45.2
46 9
45.0
44.5
44.3
43.7
46.4
Latin America
Date
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—Feb 28
Mar. 31
Apr 30 ..
May 31
June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov. 30
Dec 31
1946—j an 3i
Latin
BoAmer- Argentina livia* Brazil Chile
ica
336.0
447.3
417.7
597.7
693.7
909.3
57.7
115.4
75.7
67.6
69.8
93.9
976.9
964.0
993.5
1,035.0
1,076.9
1,100.7
1,087.4
1,110.6
1,097.7
1,045.7
1,046.4
1,050.9
89.9
73.4
73.1
70.0
73.2
82.5
75.1
78.0
77.2
82.3
77.3
94.8
36.4
36.2
50.5
10.8 67.7
12 6 98.7
17.7 140.8
18.9
17.1
18.5
17.7
19.2
17.2
18.0
17.9
17.9
15.6
14.5
13.6
156.9
128.2
133.3
138.8
146.2
164.4
163.0
181.5
179.2
185.6
195.1
192.3
Colombia*
NethFrench
erWest
lands
Other
Costa Cuba Indies Mex- West PanaVene- Latin
Rica*
and
ico Indies ma1 Peru* zuela* Amer.and
Guiica
Suriana*
nam*
26.8
37.0
28.5
47.9
27.3
62.5
34.5 '43.'4* ii.i 100.3
54.0 67.1 12.2 70.4
55.0 83.6
7.4 139.3
53.2
52.1
51.3
54.9
66.8
64.6
64.5
63.2
63.6
71.4
66.3
66.6
82.8
81.5
77.2
76.6
76.2
82.3
90.2
93.2
83.1
84.5
79.2
82.4
6.9 136.6
7 . 4 141.2
8 . 1 160.2
8 . 2 169.6
7.5 190.4
8.0 153.9
7.0 156.9
6.2 154.5
6 . 6 145.4
7 . 1 136.5
6 . 9 128.3
6 . 0 122.2
4.9
2.6
4.4
58.8
55.0
37.7
95.7
70.4
83.1
5.1 114.2
5.4
5.2
6.3
6.3
8.6
7.3
7.8
7.3
6.6
7.1
7.2
129.0
140.1
158.4
163.8
177.2
158.7
164.4
164.3
111.8
116.4
125.9
20.7
41.2
36.0
34.0
58.7
42.1
36.9
57.6
69.1
17.7
17.4
27.7
85.3
105.6
.121.8
20.9
64.2
24 2
95 4
31.5 119.8
35.5
34.3
33.7
32.5
29.2
31.5
31.7
32.9
33.6
31.0
28.2
20.9
78.7
82.5
81.8
83.1
86.2
89.6
87.8
89.1
90.5
90.7
88.7
89.4
29.7
32.7
33.9
33.9
35.5
35.8
38.8
38.8
42.6
45.9
43.9
43.4
43.9
49.4
43 2
48.2
41.5
50.2
43.0
44 3
48.5
38.3
49.7
36.0
124 6
129.9
133 8
136.6
134.8
134 9
145.3
138 6
138.1
138.3
144.8
150.3
For footnotes see p. 693.
692
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA— Continued
Asia and All Other
Date
1939—Dec.
(Jan. 3, 1940). .
1940—Dec.
(Jan. 1, 1941). .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
1
8
1
Japan
Egypt
Neth- PhilBri- (incl.
and French Union
Koer- ippine Tur- Other All Aus- New Anglotish
of Other
2 tra- ZeaMo- Sbuth
lands
EgypMa-5 rea)
Isother
key
Asia
and
East 1 lands
lia land tian rocco Africa
laya ManIndies
Sudan
churia
India,
French Hong Burma,
China Indo-1 Kong and
China
Ceyl i
Asia
491.4 167.0
71.4
616.9
583.9
712.1
887.6
743.8
207.5
156.8
360.9
574.2
427.3
91.1
61.6
27.4 41.6 13.1
27.4 23.9 18.2
27.4 22.9 22.1
1.0
.9
1.3
911.7
917.2
916.2
915.6
878.4
865.5
942.6
990.4
1,007.7
1,003.9
1,029.3
31,735.1
556.9
554.4
546.9
541.7
519.6
501.1
578.7
588.5
591.7
581.4
582.3
756.3
27.4
27.4
27.5
27.5
27.5
27.5
27.6
27.6
27.5
27.5
28.0
28.2
.9
.9
.9
.8
1.0
.9
.9
.9
1.0
1.0
1.2
1.7
22.8
21.9
21.6
21.9
22.0
21.9
21.7
21.9
21.7
22.1
27.4
30.5
21.1
21.3
23.5
26.6
23.2
24.1
25.3
28.9
33.2
34.6
33.4
29.4
58.5 72.5
165.4
29.1
110.3
69.9
4.8 160.4
4.1 110.1
4.0 110.5
45.6
30.7
36. 8 29.
37. 9 35,
40. 4 23
3.9 113,
.0 116,
.0
.1
.3
.9
.2
.2
4.1
4.1
4.0
162.4
264.9
36.2
55.5
64.2
73.3
113.6
149.6 23.1
175.3 25.3
174.0 52.9
4.8
5.1
3.5
6.8
6.1
7.3
12.1
10.3
4.3
42.8 46.0 76.4 141.4 34.9
80.1 144.5 34.6
40
144.1 34.5
141.6 32.0
142.4 30.7
141.2 27.8
152.5 27.6
166.5 28.5
194.6 29.0
185.7 30.2
181.8 28.9
181.1 29.6
4.8
4.1
3.6
3.5
3.3
3.3
4.6
3.1
3.7
4.3
4.3
4.0
8.8
9.0
9.8
9.5
11.0
10.8
13.6
13.6
17.3
19.6
18.9
19.4
4.1
3.9
4.1
4.3
3.6
4.0
4.7
5.8
7.7
9.4
10.0
9.7
115,
43.8 51.6 80.9
117,
45 50.7 79.4
111,
49 51.5 68.6
112.
52 50.8 69.6
108,
50 51.2 74.2
99.
92.0 50.5 76.7
104
89 50.5 83.7
103.8 109.2 47.2 73.0
113.7 108. 8 52.5 78.0
110.0 3642. 8 57.3 75.1
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 2 for main table.
11.0 91.8
4.5 124.1
8.3 97.6
8.0
7.4
7.1
6.0
6.4
4.7
5.8
8.4
6.4
8.0
6.4
6.3
80.8
85.5
85.0
86.2
87.4
90.5
96.2
107.1
130.4
114.2
113.4
112.2
s
Footnotes
to table on p. 692.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2
Includes official Philippine accounts amounting to 458.6 million dollars held with the United States Treasury, which have not been included
previously.
(Revised back figures will be published in a later issue of the BULLETIN.)
3
Prior to June 30, 1942, included under "All other."
4
Prior
to
June 30, 1942, included under "Other Latin America."
5
Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584 and BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
Total
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia*
All
other1
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1,139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
117.4
80.1
67.2
78.9
144.1
8.5
10.1
12.9
17.2
15.5
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31.
31
31
508.7
384.0
367.8
246.7
257.9
329.7
39.9
23.0
20.9
12.6
19.9
25.9
4.9
.2
.8
.3
.1
.4
5.7
.9
1.1
.5
.4
.3
5.2
1.5
2.6
1.5
3.0
1.3
53.4
39.6
34.4
34.0
33.9
33.9
11.8
2.0
1.5
.4
.4
.3
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
72.6
77.6
107.5
39.7
36.0
33.6
34.3
37.8
28.1
113.3
122.7
148.3
99.7
112.2
131.0
174.1
117.8
87.9
35.3
26.3
51.4
9.3
6.4
9.7
4.8
3.9
11.7
275.6
286.9
290.8
289.8
375.0
325.2
306.5
270.2
260.0
331.3
392.8
406.3
27.4
23.2
25.4
30.5
27.9
24.8
31.6
24.9
21.5
25.9
25.4
25.9
.5
.5
.4
.3
.3
.2
.2
.2
.0
.1
.1
.3
.3
.5
.4
.7
.3
.4
.6
.6
36.5
36.3
35.7
.8
.9
.9
.8
5.4
3.6
2.0
2.7
3.0
1.6
2.9
6.2
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
.3
.3
.3
.3
.3
.3
.3
.3
.1
.3
.3
.3
8.7
8.7
8.4
8.9
48.2
48.7
9.7
8.1
9.6
10.2
40.8
13.1
72.9
68.8
70.8
76.2
117.6
113.0
79.1
71.7
69.8
109.6
140.7
115.8
24.8
23.9
23.0
25.6
53.8
45.2
41.5
39.6
32.2
38.0
53.3
74.3
127.3
144.1
145.0
127.9
144.5
109.8
116.6
120.6
113.6
145.8
158.9
164.7
40.9
41.0
42.6
51.1
49.2
47.7
60.7
30.8
37.3
29.1
29.9
40.6
9.7
9.2
9.3
9.0
9.9
9.5
8.5
7.6
7.2
8.8
9.9
10.8
1945—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
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.
JUNE 1946
693
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
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31
31
31
Other
BelEurope gium
Denmark
Finland
6.5
1.5
1.1
3.2
.3
1.4
1.8
1.9
5.6
7.6
51.4
29.9
26.2
22.3
19.0
44.4
8.7
8.7
8.4
8.9
48
48
9.7
8.1
9.6
10.2
40.8
13.1
1945—Feb. 28.
Mar. 31.
Apr. 30.
May 3 1 .
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 3 1 .
1946—Jan. 3 1 .
Greece1 Luxembourg1
1.1
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.7
.7
()
8
(2)
.8
.8
.8
.7
.5
.5
.6
.6
1.8
()
1.5
1.5
())
1.0
()
1.3
Norway
Sweden
Yugo- All
USSR1 slavia' other
3.2
3.2
1.8
8.7
1.0
.6
.4
.2
.2
28.0
24.5
22.1
8.4
5.0
5.1
1.2
1.3
.9
1.5
.9
.9
1.4
.9
1.0
.9
1.6
1.8
.2
.2
.2
.3
.3
.7
1.5
.3
.5
1.0
.9
1.1
PorRutugal 1 mania 1 Spain
3.6
.9
5
.2
.2
35.1
2.4
1.4
.8
.1
31.6
.1
.6
.5
.6
.6
.5
.2
.3
.3
.2
.4
.5
.4
(2)
8
8
8
<*)()
8
()
8
()
()
5.1
5.0
5.1
4.9
4.8
4.9
4.9
5.1
5.0
4.9
4.7
4.8
Latin America
Latin
BoAmer- Argentina livia3 Brazil Chile
ica
Date
1939—Dec.
1940—Dec#
1941—Dec
1942—Dec.
1943—Dec
1944—Dec
(Jan. 3, 1940)... 113.3
(Jan. 1, 1941)... 122.7
3i
148.3
99.7
31
31
112.2
31
131.0
16.8
11.9
16.8
6.9
15.3
3.1
127.3
144.1
145.0
127.9
144.5
109.8
116.6
120.6
113.6
14*. 8
158.9
164.7
2.9
5.5
8.7
194S—Feb 28
Mar 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct 31
Nov. 30
Dec. 31
1946—j a n 31
. .
7.7
8.3
14.1
11.0
12.8
10.8
20.5
21.0
24.2
3.0
.8
.8
?
L.3
4
3
1.2
?
3
L.I
L.8
?
3
7
32.2
33.1
38 0
16.7
18.9
25.3
9.7
13.4
14.9
15.3
16.6
9.0
23.8
22.7
24.1
25.5
30.6
26.9
24.4
21.7
18.2
22.0
24.7
26.8
8.5
7.8
8.7
8.4
7.0
8.4
6.3
7.5
6.8
7.2
6.6
7.0
Colombia'
French
West
Costa Cuba Indies Mexico
and
Rica'
Guiana'
20.7
12.2
15.5
.6
.7
1.2
13.5
16.0
14.7
15.1
16.8
16.3
17.1
16.7
14.2
19.4
16.8
17.5
1.0
.9
1.0
1.1
1.1
1.2
1.2
1.5
1.4
1.2
1.2
1.4
10.5
11.7
11 3
8.3
20.1
47.4
50 1
60.9
57.1
39.1
49.7
10.3
14 5
18.3
17.0
(2)
(2)
(2)
.2
.1
(2)
(2)
.1
.1
.1
.2
(2)
27.2
(2)
33.3
33.9
.1
.1
Netherlands
Other
West
Vene- Latin
4
Peru' zuela'
Indies Panama
Amerand
ica
Surinam'
5.9
6.1
7 6
4.8
11.2
8.6
8.4
9.1
8.8
8.7
8.9
10.2
8 7
9.0
9.7
10.6
11.0
10.5
.3
.5
.3
1.0
2.1
2 4
2.1
1.1
.8
3
.4
4
1 0
1.0
1 0
2.8
1.4
1.2
3.9
3.8
5.1
3 7
4.0
4 9
5 8
5.6
5 5
5 2
5.2
5.7
6 1
6 1
6.6
.4
.3
1.0
1.1
.3
.4
3
.8
.8
1 0
1 l
1 4
1.4
1 4
1 4
1.4
1 7
1 9
1.3
1.3
1 7
1 9
1.9
3.3
.9
.4
3
8
5
.3
37.2
44 4
57.3
14.2
8.7
11.7
11 4
13.1
n o6
12
12.3
12 4
23 7
24.1
25.4
27 3
33 4
29.5
Asia and .411 Other
India,
BurFrench
ma,
Asia China Indo-5 Hong
and
Kong
China
Ceylon*
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943 Dec
1944—Dec
(Jan. 3, 1940) 174.1 22.0
(Jan. 1, 1941) 117.8 23.7
87.9 23.5
31
31
35.3 11.1
1.7
31
26.3
1.5
51.4
31
...
1945—jreb 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1946—j a n # 3i
. .
. .
40.9
41 0
42.6
51.1
49.2
47.7
60 7
30.8
37.3
29.1
29.9
40.6
1.2
1.3
1.3
1.1
1.2
1.0
1.1
1.1
1.2
1.7
1.0
7.7
¥2
((2))
((»22))
«
Japan
Egypt
Neth- PhilBri- (incl.
and French Union
KoerNew Anglotish rea)
ippine Tur-5 Other All 8 Ausof Other
lands
traMo- South
ZeaMa-5 and
Iskey
Asia
other
EgypEast 5 lands
lia land tian rocco Africa
laya Man- Indies
Sudan
churia
102.1
1.9
55.8
1.7
18.9
3.1
.5 "i!6
.9 " 2 . 2 "".7
.5
1.0 2.0
.5
1.7
.5
.9 22.3
.1
1.5
.9 12.1
.9 11.8
. 9 12.1
.9 19.4
.8 16.8
.8 14.5
.8 15.0
.1
.1
.8
.8
.1
.1
.8
.8
1.1
8.0
7.2
7.1
7.5
7.9
.1
.1
.1
.1
.1
.1
.1
.1
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.3
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
26.4
21.6 9.3
22.6
14.0 6.4
23.0
19.5 9.7
14.4 1.8 2.0 4.8
13.9 3.2 1.8 3.9
13.8 1.8 8.8 11.7
13.9
13.9
13.9
13.9
13.6
13.9
26.0
13.6
13.0
13.7
13.8
18.5
1.8
1 8
1 9
2.0
? 0
2.2
2 1
? ^
1 6
1.7
? 0
9.0
9.1
10.5
11.8
12.5
13.1
13.6
1.0
2.5
2.9
11.4
2.0
2.7
i.'o
.5
.6
9.7
.7
9 2
8
9.3
.8
9.0 1.0
9
9.9
9.5 2.1
8 5 1 0
7.6
7.2
.7
.7
8.8
.9
9.9 1.7
10.8 2.1
.2
4
••
.1
.2
.3
3
.4
.4
.7
.2
.2
.3
4
.4
4
3
.6
.7
7
.6
" i.' 7 i. 2
i
.4
2
.3
3
3
.2
.2
.3
.2
1
2.4
9.7
.7
1 n
7.2
6 7
6 7
6. 1
6 0
5.2
5 0
4 5
4 1
5.0
4 7
.2
1
5.0
1
.2
> /\
1.6
I 8
1 5
1.9
2 5
2.9
1
2
3
Prior to June 30, 1942, included under "All other."
Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America."
*5 Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
6
Country breakdown not available until June 30, 1942.
694
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Cash reserves
Liabilities of banking department
Coin
Notes
Discounts
and advances
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5 630.0
* 780.0
6
950.0
5
1,100.0
5 1,250.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
Other
assets2
Gold1
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
« .2
.2
.2
.2
.2
.2
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
1944—Dec. 27
Assets of banking department
Securities
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1 ,088.7
11,238.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
1945—May 30
June 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
.2
.2
.2
.2
.2
.2
.2
.2
*5 1,300.0
1,300.0
s 1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
5 1,400.0
1.2
1.3
.9
.4
.2
.4
.5
.4
30.6
15.1
44.5
24.3
20.3
28.1
22.6
20.3
9.6
3.8
1.8
7.2
3.6
11.2
11.3
8.4
254.3
324.2
263.6
295.3
331.7
288.9
301.6
327.0
L.269.6
L.285.2
,305.7
L.325.9
1,329.9
1,322.2
1,327.6
1,379.9
212.4
262.3
229.1
238.2
279.1
244.2
250.2
274.5
14.8
12.7
10.3
16.0
5.5
9.2
10.5
5.3
50.7
51.6
53.6
55.0
53.1
57.4
57.7
58.5
17.8
17.9
17.9
18.0
18.1
17.7
17.8
17.8
1946—Jan.
Feb.
Mar.
Apr.
.2
.2
.2
.2
1,400.0
1,400.0
1,400.0
1,400.0
.5
.9
.8
1.0
68.8
77.1
71.9
52.0
5.5
7.4
20.0
22.4
289.6
236.7
238.7
256.3
1,331.4
L,323.1
1,328.3
1,348.3
279.7
234.5
249.1
253.4
11.0
16.7
9.9
7.4
55.9
53.0
54.0
53.1
17.9
18.0
18.5
17.8
30
27
27
24
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 31
1936—Dec 3i
1937—Dec. 31
1938—Dec 31
1939—Dec, 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
180.5
179.4
179.8
185.9
225.7
(9)
. .
1945—May 31
June 30
July 31
Aug 31
Sept. 29
Oct. 31
Nov 30
Dec. 31
1Q46—jan#
Feb.
Mar
Apr.
31
28
30
30
Gold
...
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Short-6
term
Deposits
Other
assets
Note
circulation7
Chartered
banks
Other
Dominion
government
Other
liabilities8
Other
4.2
9.1
14.9
28.4
64.3
38.4
200 9
.5
6
172.3
30.9
61.3
82.3
144.6
181.9
448.4
391 8
807.2
787 6
906.9
83.4
99.0
91.6
40.9
49.9
127.3
216 7
209.2
472 8
573.9
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47 3
34.3
99.7
135.7
165.3
175.3
232.8
359.9
496 0
693.6
874 4
1,036.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340 2
401.7
17.9
18.8
11.1
16.7
46.3
10.9
73 8
51.6
20 5
12.9
.8
2.1
3.5
3.1
17.9
9.5
6 0
19.1
17 8
27.7
7.7
13.4
14.4
9.3
13.3
28.5
35 1
24.0
55 4
209.1
177.9
174.4
174 4
176.1
176.1
176 1
159.0
156 8
1,068.3
1,073.8
1 034 7
1,031.5
1,028.9
1,109 4
1,168.1
1,157.3
533.5
559.5
558 3
584.0
591.4
590 6
629.4
688.3
42.0
34.4
56 5
62.3
34.9
39 5
69.5
29.5
1,055.8
1,063.2
1,078 8
1,097.9
1,112.4
1,136.6
1,113.8
1,129.1
464.8
492.0
441.1
444.4
442.9
474.2
495.2
521.2
33.6
43.9
57 5
32.6
39.6
51 0
159.1
153.3
32.4
35.9
37 6
39.7
22.4
32 4
27.4
29.8
235.1
207.1
208 8
239.2
213.9
221 3
230.5
198.5
101 8
95 2
95.2
24.1
1,143.8
1,155 2
1,296.2
1,348.0
686.2
688 8
559.9
553.0
33.2
48.0
39.4
48.6
1,088.1
1,086.7
1,102.2
1,114.4
505.9
522.9
518.1
555.8
187.2
201.7
149.2
183.3
34.2
56.4
89.1
62.7
149.6
119.6
132.1
57.4
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
#
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
s Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May 6 8, July 3, and Dec. 10, 1945.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning
November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 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.
JUNE 1946
695
CENTRAL BANKS—Continued
Assets
Bank of France
Advances to
Government
Domestic bills
(Figures in
millions of francs)
Foreign
exchange
Gold*
1929—Dec.
1930—Dec.
1931—Dec
1932—Dec
1933—Dec
1934—Dec
1935—Dec.
1936—Dec
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
27. . .
26
30
30
29
28
27
30
30 . .
29...
28...
26...
31...
31...
30. ..
28...
41,668
53,578
68 863
83,017
77 098
82,124
66,296
60,359
58,933
87,265
597,267
584,616
84,598
84,598
84,598
25,942
26,179
21,111
4,484
1,158
1945—Apr.
May
Aug.
Sept.
Oct.
Nov
Dec.
26...
31
30...
27...
31...
29
27...
75,151
75,151
75,151
75 151
44
45
46
46
47
45
129,817
129,817
129,817
69
1946—Jan. 3 1 . . .
Feb 28
•
Mar. 2 8 . . .
Liabilities
963
1,328
1,460
911
821
112
42
38
37
37
42
75,151
Open
market* Special*
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
48,257
48,141
48,703
49,363
60,087
62,210
7
68 23,038
565,152
65,152
129,817
5
69
69
26,081
27,247
25,524
For occupation Other*
costs'
Other
,624
,429
1,379
7 ,389
3 ,438
41,739
3 ,971
9 ,712
•43,634
•35,403
•41,666
•42 717
•46,152
6
45,859
•39,122
580,944
548 945
469,652
496 258
528,945
545,795
570,006
8
592.436
605,156
613,434
426, 000 20,900
426, 000 19,750
426, 000
27
153
14 ,967
1(1 ,162
1? ,936
14 242
7(1 ,442
?6 ,073
,415
,945
32 ,647
426, 000
426, 000
426, 000 16,000
220
160
46
,548
?7
426 000
426, 000
426, 000
426, 000
44,818
•46,744
«40,985
Reichsbank
1929 Der
1930—Dec
1931 Dec
1932—Dec
1933—Dec
1934—Dec.
1935—Dec
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
31
31
31
31
30
31
31
31
31 .. .
31
30
31
31 .. .
31
31....
1944—M ar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
3i
29
31
30
31. . .
31
30
31
30
30
1945
Reserves of gold and
foreign exchange
Total
re'serves
Gold
2 687
2 685
1 156
2,283
2,216
Tan 31
Feb 28
920
396
84
1,812
2 241
1 989
2 041
1 940
1 907
2 113
2 557
3 160
2 718
2,925
3,586
3,894
4,461
4,872
7 078
756
774
42 302
57 231
50 005
53 156
52 552
53 447
57,755
4 950
7 701
4 600
4 506
5 617
4 540
4,087
5,781
1 014
52 046
50 743
52,516
4 156
4 070
4,357
100
64,' 580
16, 357
10, 724
80,246
53 598
30,793
21,708
12,048
781
251
256
245
176
183
146
71
71
71
71
71
46
38
28
26
38
71
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53 954
56,939
63,497
112
64,625
70,699
199
307
82
66
76
76
71
71
77
77
77
77
Liabilities
Securities
Security
loans
2 848
2,572
4 242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
984
806
386
79
88
72
78
78
77
76
77
77
77
77
77
77
77
77
77
Bills (and
checks),
including
Treasury
bills
Other
liabilities
7,850
11 698
22 183
20 072
13 414
15 359
8 716
13 655
19 326
25 595
14,751
27,202
25,272
29,935
33,137
37 855
Assets
(Figures in millionsof
reichsmarka)
Other
circulation
Govern- C.A
ment
68,571 11,737
76 436 12,624
85 725 5 898
85,028 2,311
82 613 2 322
83 412 3,718
81,150 2,862
89 342 2 089
93,837 3,461
110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
.465
10.066
7 ,880
5 ,149
3 ,646
A,517
5 ,368
7 ,543
If ,592
303
Note
8,124
9,510
11,275
11,712
11 173
11,500
11,705
17,698 12,642
31,909 11,733
20,627 18,498
34,673 20,094
72, 317 63,900 23,179
142, 507 69,500 22,121
210, 965 68,250 21,749
326, 973 64,400 21,420
426, 000 15,850 •35,221
1,797
2,345
661
12
169
29
48
652
Deposits
Other
assets
Eligible
as note
cover
259
445
84
74
349
221
60
45
106
557
30
38
32
25
27
804
32
107
87
1
Other
Other
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
assets
33,792
34,569
35 229
35,920
36,888
38 579
42,301
44 704
46 870
50,102
9 ,088
9 603
10 829
13 ,535
2,004
2,054
2 185
2,160
2 216
2 264
2,445
51,207
55,519
13 ,566
16 ,419
2,353
1,909
853
765
861
67
70
62
69
21
1
45
81
112
60
61
2,083
2,591
20
25
24
755
652
755
540
640
984
Other
liabilities
1,621
2,498
2,066
2,311
1,664
2,337
735
827
47
46
42
Deposits
5 044
4 778
4 776
3 560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19*, 325
24,375
33,683
656
638
1 065
1 114
2,281
2,525
2 096
2,397
2,396
2 275
2,510
2 351
2 795
2,351
33
31
23
27
21
Note
circulation
1 ,032
1 ,012
1 ,059
1 ,527
2 ,018
2 ,561
3 ,649
5 ,292
8 ,186
7 ,237
7 ,179
7 240
6 ,754
6 ,813
7 480
736
822
1 338
1 313
836
1,001
923
953
970
] OO1
1L.378
L.396
L 493
1,680
L.980
11,788
1,833
QIC
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram.
For details on previous devaluations see BULLETIN for
May 2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
* By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
* 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, and in week ending Dec. 27, 1945, 53,000
million
francs of gold transferred from Bank of France to Stabilization Fund.
6
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec.
22, 1944.
7
Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
* Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 anc 167, pp. 641-613 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
696
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange
Government securities
Temporary advances to G o v t . . . .
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
Commonwealth
Bank of Australia 1 (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
National Bank of Belgium
(millions of francs):
Gold'
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits
Blocked accounts"
Other liabilities
Central Bank
of Bolivia—Monetary Dept. 4 (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and .discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank
of Czechoslovakia
in Prague 6 (millions of koruny):
Gold..
Foreign exchange
Loans and discounts.
Other assets
1946
Apr.
Mar.
1945
Feb.
1,206
3,491
866
12
144
2,979
1,828
408
1,209
3,438
866
41
148
2,940
1,833
398
161
164
194
161
208
Apr.
1,242
2,722
88:
" ii:
2,455
1,65:
445
120
139
17
197,255 185,800
2,446 2,034
421,735 423,240
21,374 19,107
195,464 194,214
253,674 247,553
29,772 35,481
163,899 152,934
33,452
5,122
48,303
2,105
64,597
1,894
72,564
3,223
78,505
1,181
33,095
4,659
49,410
2,217
64,597
1,751
72,838
3,133
78,349
1,408
32,728
4,576
49,894
2,128
64,597
1,725
73,143
2,675
78,434
1,398
31,327
2,772
39,598
529
64,589
2,052
52,847
5,327
81,667
1,026
(Jan.) s
917
566
4
533
8
1,623
404
1
383
311
701
652
1,955
2,918
523
204
356
384
287
701
645
1,892
2,850
545
188
326
277
292
710
962
,262
,583
420
171
330
28,456
86,102
10,565
72,577
39,371
91,300
103,577
42,194
226,108
101,708
9,709
72,196
29,377
189,647
208,950
40,501
72,474
99,350
19,537
70,578
31,132
69,918
.48,051
75,102
1,517
1,441
7,087
25,751
1,517 1,517
787
1,224
4,636 3,562
130,318 87,103
Central Bank
(Figures as of last report
date of month)
1946
Apr.
Mar.
1945
Feb.
Apr.
National Bank of Czechoslovakia
in Prague—Continued
1,191
Note circulation—Old
1,298 42,840
New
31,454 29,765
86,387 85,482 32', 205
Deposits—Old
New
6,855 3,643
Other liabilities
9,908 10,131 171924
National Bank of Denmark
(millions of kroner):
Gold
83
83
97
173
Foreign exchange
14'
130
23
99
Clearing accounts (net)
121 2,975
108
25
Loans and discounts
30
23
32
90
82
Securities
8
77
Govt. compensation account 7 . . . 7,594 7,594 7,611
65
115
Other assets
117
130 5,044
Note circulation
1,508
1,512
1,509 1,700
Deposits—Government
2,684
2,747
2,727 2,815
Other
3,744 3,650 3,695
3,267
Other liabilities
243
247
256
532
Central Bank of Ecuador
(Dec. 8
(thousands of sucres):
1945)
Gold
!88,872 288,655
Foreign exchange (net)
82,178 137,097
Loans and discounts
149,568 93,324
Other assets
98,356 92,491
Note circulation
335,483 308,131
Demand deposits
253,884 277,810
Other liabilities
29,607 25,625
National Bank of Egypt 9 (thousands of pounds):
Gold
6,241
6,241
Foreign exchange
16,137 18,355
Loans and discounts
2,709
3,629
British, Egyptian, and other
Government securities
304,309 282,492
Other assets
27,559 26,522
Note circulation
137,792 120,684
Deposits—Government
51,378 76,994
Other
151,721 125,986
Other liabilities
16,063 13,576
Central Reserve Bank of El Salvador (thousands of colones):
Gold
32,935 32,958 33,165
Foreign exchange
39,398 39,069 38,880
Loans and discounts
843
1,360
896
Government debt and securities.
6,255 6,307
5,056
Other assets
1,712
1,720
1,531
Note circulation
48,244 48,789 46,981
Deposits
26,078 25,811 25,624
Other liabilities
6,819 6,814 6,923
Bank of Finland8 5
Bank of Greece
National Bank of Hungary 5
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
444
444
444
Sterling securities
11,203 11,253
9,983
Indian Govt. securities
578
578
578
Rupee coin
158
132
176
Note circulation
12,188 11,959 11,070
Banking department:
Notes of issue department..
196
449
111
Balances abroad
6,040 5,853 3,969
Treasury bills discounted..
26
26
62
Loans to Government
Other assets
470
265
503
Deposits
6,434 6,530 4,107
Other liabilities
299
302
300
Central Bank of Ireland (thousands
of pounds):
Gold
2,646
2,646
2,646
2,646
Sterling funds
35,480 35,733 35,196 30,264
Note circulation
38,126
38,379
37,842
32,910
5
Bank of Japan
Bank of Java5
c
1
Corrected.
Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while
previously
these statements included the operations of the General Banking Division.
2
Gold revalued under authorization of decree of May 1, 1944; provisional rate fixed at 49.318 francs per gram.
•Includes
increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts
4
Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking
functions)
and
Commercial Banking Departments.
5
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary
(November
1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
6
First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia.
7
In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
Government
compensation account.
8
Latest month available.
• Issue and banking departments consolidated.
JUNE 1946
697
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Golds
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
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 4
Bank of5 Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets. . .
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange. . .
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Gold'
Other reserves (net)
Nonreserve exchange....
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a 4
South African Reserve Bank 8
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
Other assets
1946
Apr.
Ma
1945
Feb.
Apr.
753
764
758
659
1,951
438
66
1,726
1,286
196|
,997
420
57
,717
,339
182
1,998
406
47
1,707
1,323
179
1,647
406
87
1,390
1,245
164
713
1
,634
1
713
1
4,650
160
122
294
,096
,806
242
555
638
152
128
302
1,949
1,806
359
544
683
931
4,488
725
147
110
5,517
105
511
268
802
,872
2,802
2,802
73,703 51,436
,274
406
199
,617
802
134
41,632
12,861
1,624
43,516
84,154
4,952
30,004
14,325
1,315
40,299
55,612
3,970
3,323
3,326
404
955 26,903 22,299
261
3,563 5,110
100 10,111 10,658
446
1,306
465
192 26,579 28,023
046 15,020 12,944
928
1,732
2,766
(Jan.)'
159,503 123,039
36,770 24,290
572,692 513,822
19,514 22,518
501,0081428 ,244
253,103 225,912
34,367 29,513
(Jan.) 6
1,422
6,933
9,919
123
46
4
118
66
221
5
071
678|
827
631
298
125
783
292
1,018
732
7,913
11,543
859
1,416
5,917
9,384
264
1,020
715
7,349
10,563
804
119,189
54,151
4,026
111,470
66,134
217,854
4,849
103,228
29,921
3,642
92,431
59,865
164,854
4,504
1,213
585
15,826
3,840i
1,832
1,189
609
16,096
3,194
1,795
Central Bank
(Figures as of last report
date of month)
1946
Apr.
Mar
1945
Feb.
Apr.
Bank of Spain—Continued
Note circulation
18,479 17,104
Deposits—Government
427 1,997
Other
3,848 3,246
Other liabilities
542
538
Bank of Sweden (millions of kronor)
Gold
1,048 1,054 1,060 1,040
Foreign assets (net)
805
771
604
1,012
Swedish Govt. securities and ad- 9
vances to National Debt Office
1,213
1,140
1,280 1,207
Other domestic bills and advance?
28
42
27
25
Other assets
1,121 1,048
836 1,107
Note circulation
2,459 2,507 2,506 2,388
Demand deposits—Government
953
891
613
1,003
Other
133
73
195
280|
Other liabilities
674
669
663
460
Swiss National Bank (millions of
francs):
Gold
4,756 4,767 4,722 4,771
Foreign exchange
102
186
198
183
Loans and discounts
123
116
339
79
Other assets
89
84|
83
92
Note circulation
3,579 3,614 3,589 3,558
Other sight liabilities
1,447
1,258
1,232
1,239
Other liabilities
294
291
3001
291
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
300,926 300,926 281,200
Foreign exchange and foreign
69,449 64 919 98,187
clearings
752,584 760 147 815,209
Loans and discounts
170,951 171 958 172,332
Securities
38,7761 45 536 25,683
Other assets
897,667 898 014 973,508
Note circulation
91,821 91 821 85,586
Deposits—Gold
133,305 138 816 149,624
Other
209,893 214 835 183,893
Other liabilities
Bank of t h e Republic of Uruguayw|
(Jan.)
(thousands of pesos):
295,704 255.550
Gold
Silver
13,882 14,028
Adrames to State and govern11,397 12,037
ernment bodies
Other loans and discounts. . .
97,799 92,364
Other assets
326,079 307,280
Note circulation
173,916| 158,923
37,687 40,259
Deposits—Government
253,998) 225,895
Other
Other liabilities
279,260 256,452
Central Bank of Venezuela (thousands of bolivares):
Gld
47,582 547,582 547,582 392,758
47,741 15,549 41,897 85,213
Foreign exchange (net)
20,310
Credits to national banks
23,406 24,507 15,494 21,038
Other assets
7181377,703
373,278
316,042
80,
Note circulation—Central Bank. 8,876 8,981 9,142 15,459
National bank? 118,907 187,107 214,917 180,838
Deposits
10,227 13,847 7,636 6,980
Other liabilities
National Bank 4of t h e Kingdom
of Yugoslavia
Bank for
I n t e r n a t i o n a l Settlements 1 2 (thousands of Swiss gold
francs):
120,164 120,192 120,197 119,323
Gold in bars
Cash on hand and on current
13,692 13,669 43,241 46,300
account with banks
7,810
140 11,397
140
Sight funds at interest
Rediscountable bills and accept86,778
81,708
11,431
12,154
ances (at cost)
2,751 2,749 2,750| 2,749
Time funds at interest
Sundry bills and investments. . . 101,688 303,124 196,091 195,21S
105
53
103
56|
Other assets
14,623 16,958 16,958 18,432
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own ac5,187 3,662 3,664 7,304
count
1,942
1,592
1,078
1,092
Other
Long-term deposits: Special ac229,001 228,909 229,001 229,001
counts
Other liabilities
200,743 200,7501 204,271 201,604
1
2
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram.
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the*
currency
reform decrees effected between June and October 1945.
4
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942,
p. 282;
and
of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
5
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is
divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes
central
banking functions, was issued for the end of December 1944.
6
7
Latest month available.
Valued at average cost beginning October 1940.
8
9
Beginning July 1945, end-of-month statements have been available.
Includes small amount of non-Government bonds.
10
Issue
and
banking
departments
consolidated.
11
Beginning October 1944, a certain amount of gold, formerly reported in the12Bank's account, shown separately for account of the Govv.
ernment.
See BULLETIN for December 1936, p. 1025,
698
FEDERAL RESERVE BULLETIN}
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Centra 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 l^
May 30
Sept. 28
Oct 27
Nov. 25
Tan. 4,1939...
Apr. 17
May 11
1 uly 6
Aug. 24
Aug 29
Sept. 28
Oct 26
Dec 15
Tan. 25 1940
Apr. 9
May 17
Mat. 17, 1941.
May 29
Tune 27 . . . .
Jan. 16,1945...
Jan. 20
Feb. 9
In effect May 31,
1946
SwitzUnited
Ger- Bel- Netherer- SweKing- France many
den
gium
land
dom
lands
2
2
4
2
2
4
6
Rate
May
31
Central
bank of—
Albania
Argentina
Belgium...
Bolivia
2y2
Date
effective
Mar.
Mar.
Jan.
Nov
6
21,
1,
16,
8
Central
bank of—
1940
1936
1945
1940
5
4
3
Italy
Japan
Java
Latvia
Lithuania....
Rate
May
31
Date
effective
4
3.29
3
5
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb 17 1940
July 15, 1939
6
2
4
2y2
3
3
2y2
3
British India. .
Nov. 28, 1935
5
Bulgaria
Dec. 1, 1940
Canada
Feb. 8, 1944
Chile
3-4-hi Dec. 16, 1936
4
Colombia
July 18, 1933
Czechoslovakia
Oct. 28, 1945
Mexico
Netherlands
New Zealand.
Norway
Peru
Portugal....
Denmark. . .
Ecuador
El Salvador. . .
Estonia
Finland
Rumania. . . .
South Africa.
Spain
Sweden
Switzerland
214
j 1/
2)4
5
2Y2
June
June
July
Jan.
Aug.
Jan.
4,
27,
26.
8,
1,
12,
1942
1941
1941
1946
1940
1944
2
4
3
4
3
-i
2
3K
Tan. 15, 1946
M a y 26, 1938
4
Mar. 30, 1939
Oct. 1, 1935
Dec. 3, 1934
IK
Jan. 20, 1945
3
3
May
4
3
4
8, 1944
June 2, 1941
2y2
\y2
Dec. 1, 1938
Feb. 9, 1945
Nov. 26, 1936
2
3 ~y
France...
Germany
Greece
Hungary. . . . .
Ireland
SK
3
214
iy*
m
2
IK
2y2
IK
2*
2y2
3}A
7
3
2K
Apr.
Feb.
Oct.
Nov.
9,
11,
22,
23,
1940
1945
1940
1943
4
Turkey
United King2
dom
U. S. S. R.... 4
Yugoslavia. . 5
July
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1. 1935
NOTE.—Changes since Apr 30: None
IK
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Germany
Netherlands
Sweden
Switzerland
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1929—Mar
1930—Mar
1931—Mar
1932—Mar
1933—Mar
1934—Mar
1935—Mar
1936—Mar
1937—Mar
1938—Mar
1939—Mar
1940—Mar
1941—Mar
1942—Mar
1943—Mar
1944—Mar
1945—Mar
5.33
2.78
60
2.59
.62
.95
.57
.56
.55
.53
.63
1.03
1.03
1.03
1.03
1.03
1.03
5.30
2.55
2.56
2.28
.46
.84
.50
.52
.51
.50
.70
1.02
1.01
1.00
1.00
1.00
1.00
4.51
3.20
2.20
2.40
.64
.88
.72
.75
.75
.75
.75
.99
1.00
1.03
.90
1.13
1.00
1945—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1.03
1.03
1.03
1.03
1.03
1.03
.83
.53
.53
.01
.00
.00
.00
.00
.00
.75
.51
.50
1.00
1.03
1.13
1.13
1.13
1.13
.96
.63
.63
.25
.25
.25
.25
.25
.25
.25
.25
.25
1946—Tan
Feb
Mar
.53
.53
.53
.50
.51
.51
.63
.63
.63
.25
.25
.25
Bankers'
allowance
on deposits
\K-\K
3-1K
Private
discount
rate
6.31
5.12
4.76
6.10
3.88
3.88
3.38
3.00
3.00
2.88
2.88
2.50
2.25
2.13
2.13
2.13
2.13
Day-to-
day
money
6.97
5.57
5.00
7.76
4.97
4.89
3.94
2.99
3.10
2.86
2.70
2.16
1.83
1.95
1.94
1.93
Private
discount
rate
Money
for
1 month
4.64
2.50
1.09
1.22
.64
1.24
.60
1.11
.19
.13
.29
1.35
2.07
5.05
2.61
1.04
1.06
1.11
1.07
1.00
1.68
1.00
.50
.50
2.49
2.75
Loans
up to 3
months
Private
discount
rate
3.39
2.60
.99
1.50
1.50
1.50
1.50
2.26
1.00
.00
.00
.25
.25
.25
.25
.25
.25
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941. see Banking and Monetary Statistics, Table
172, pp. 656-661, and for description of statistics see pp. 571-5 72 in same publication.
JUNE 1946
699
COMMERCIAL BANKS
Assets
United Kingdom *
(11 London clearing
banks. Figures in
millions of pounds
sterling)
193 9 — D ecem ber
1940—December
1941—December
1942—December
1943—December
1944—December
Cash
reserves
....
. .
1945—April
May
June
July
August
September
....
October
November
December .. .
1946—January
February
March .
...
Liabilities
Money at
Loans to
call and Bills dis- Treasury
deposit Securities customers
short
counted receipts
*
notice
274
324
366
390
422
174
159
141
142
151
334
265
171
198
133
500
199
147
472
180
109
482
494
500
511
518
513
496
536
196
195
198
233
226
201
229
252
496
483
493
249
243
254
314
758
896
1,015
609
771
999
L.307
1,667
1,120
1,154
1,165
120
135
181
195
215
189
296
369
1,821
1,882
L.939
L.994
1,993
1,971
1,925
1,703
1,523
1,140
1,126
1,128
1,123
L, 126
1,146
1,178
1,201
1,234
361
340
379
1,493
1,468
L.443
1,230
1.241
246
Deposits
Other
assets
Total
Demand
Time
2,441
2,800
3,329
3,629
4,032
4,545
1,398
1,770
2,168
2,429
2,712
3,045
1 043
1,030
1,161
1,200
,319
1,500
2,994
3,064
3,147
3,205
3,236
3,266
3,277
3,254
3,262
1,530
1,553
I 605
1,613
1,638
1,632
I 582
1,535
1,588
3,135
3,078
3,143
1,594
L 606
924
823
794
<761
290
293
324
325
349
772
347
749
300
757
774
767
•769
771
•799
809
827
297
331
300
292
299
308
318
374
4,525
4,617
4,752
4,819
4,875
4,898
4,859
4,789
4,85C
840
847
863
333
338
353
4,729
4,684
4,749
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
256
250
253
236
245
250
245
243
243
244
244
247
254
263
265
271
276
281
Liabilities
Security
loans
abroad
and net Securities
Other
due from
Security loans
and foreign
loans
discounts banks
Entirely in Canada
Cash
reserves
606
Other
liabilities
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
292
323
356
387
471
550
53
40
32
31
48
92
1.088
1,108
1,169
1,168
1,156
1,211
132
159
168
231
250
214
1,646
1,531
1,759
2,293
2,940
3,611
612
570
653
657
744
782
85
80
71
60
42
34
2,774
2,805
3,105
3,657
4,395
5,137
1,033
1,163
1,436
1 984
2,447
2,714
1,741
1 641
1 669
1 673
1 948
2,423
11,289
1945—April
May
June
598
622
622
591
581
582
640
646
694
82
125
123
135
112
109
130
239
251
1,047
1,299
1,142
1,079
1,021
1,002
1,009
1,372
1,274
269
251
248
237
242
237
242
229
227
3,799
3,885
3,996
3,802
3,835
3,960
4,159
4,015
4,038
750
775
766
769
789
750
812
888
869
30
29
29
28
28
27
27
26
26
5,210
5,616
5,540
5,269
5,229
5,269
5,573
6.013
5,941
2,475
3,053
2,894
2,528
2,396
2,331
2,582
3,197
3,076
2,735
2 563
2,646
2 741
2 833
2 935
2,992
2 816
2 865
1,306
L 312
1,326
I 316
1,324
L 344
1,392
I 350
t 386
665
669
650
210
200
148
1,213
1,194
1.181
209
206
214
4,100
4,119
4,197
793
845
803
25
25
25
5,810
5,830
5,781
2,848
2,752
2,611
2,963
3 078
3,170
1,354
1,379
July
August
September
October
November
1946—January
March
Assets
France
(4 large banks. End
of month figures in
millions of francs)
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
Due from
banks
Bills discounted
Loans
assets
4,599
6,418
6,589
7,810
8,548
10,365
3,765
3,863
3,476
3,458
4,095
4,948
29,546
46,546
61,897
73,917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
8,673
9,623
8,117
8,582
27,281
16,282
11,990
11,104
11,122
11,942
11,898
14,602
4,969
4,790
5,072
4,954
4,999
5,660
5,944
5,991
6,080
6,337
6,859
13,804
93,982
94,986
98,593
99,146
109,270
156,620
146,195
143,799
143,818
143,567
145,110
155,025
18,586
18,705
21,255
22,246
23,108
23,216
27,127
27,697
28,732
30,153
32,165
36,166
1945—January
February
March
April
May
June
July
August
September
October
November
December
L 049
1,172
3R7
Liabilities
Cash
reserves
....
963
846
962
Deposits
Other
Own
Total
Demand
Time
2,440
2,229
2,033
2,622
2,935
2,190
42, 443
62, 032
76, 675
91, 549
112, 732
128, 758
41,872
61,270
75,764
91,225
111,191
126,578
571
762
912
324
1,541
2,180
1,887
1,949
2,118
2,490
3,008
3,618
4,212
4,970
5,279
5,906
6,325
7,360
121, 169
123, 070
128, 007
129, 859
159, 526
196, 167
185, 763
183, 140
184, 400
186, 740
190, 759
213, 908
119,039
121,118
126,132
128,154
157,453
193,828
183,477
180,779
182,105
184,637
188,748
211,871
2,130
1 952
1,876
1,705
2,073
2,339
2 286
2,361
2,296
2,103
2,010
2,037
acceptances
844
558
413
462
428
557
616
681
745
939
1 212
1,544
1 837
2 150
2,268
2,476
2,618
2,898
Other
liabilities
4,609
4 813
5,187
6 422
7 506
6 623
6,312
6 302
6 403
6,619
6 928
7,685
7 868
8 271
8,364
8,690
8,980
10,151
i Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported
by individual
banks for days, varying from bank to bank, toward the end of the month.
8
Represent six-month loans to the Treasury at 1H per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for
description of statistics see pp. 566-571 in same publication.
700
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Official
1937
1938
1939
1940
1941
1942
1943
1944
1945
. . .
. .
.
1945—May
June
July
Aug.
Sept
Oct. . .
Nov
Dec
194(5—j an
Feb
Mar
Apr
Year or month
Special
Export
32,959
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
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
(pound)
Official
Free
393.94
389.55
353.38
305.16
321.27
321.50
2321.50
Brazil
(cruzeiro1)
Belgium
(franc) Official
3.3752
3.3788
3.3704
23.3760
2322.80
322.80
322.80
322.80
322.80
2
322.80 2321.17 22.2860
British BulIndia garia
(rupee) (lev)
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57 014
1945—May
July
Aug
Sept
Oct
Nov
Dec
56 980
56.980
56 980
56.980
56.980
56.980
56.980
56.980
1946—j a n
Feb
Mar
Apr
56.980
56.980
56.980
57.032
3.4930
3.4674
23.4252
22.069
21.825
20.346
219.308
5
62.0060
2.0060
20.877
20.877
20.877
Free
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.753
90.828
90.736
90.475
89.908
90.358
90.736
90.725
5.1802
5.1802
5.1829
5.1902
30.122
30.122
30.122
30.139
90.909
90.909
90.909
90.909
90.712
90.695
90.747
90.764
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
25.0703
28.791
28.451
25.963
23.436
223.439
'2.2883
2.2879
2.2857
2.2839
321.41
321.41
321.41
321.40
2.2840
2.2845
2.2845
2.2844
6.0602
6.0602
6.0602
6.0602
4.0460
2.8781
2.5103
22.0827
Official
6.1983 37.326 •1.2846
100.004
99.419
36.592 1.2424
5!i248 33.279 21.2111
96.018
5.0214 30.155
290.909 85.141
5.0705 30.137
90.909 87.345
5.1427 30.122
90.909 88.379
5.1280 30.122
90.909 89.978
5.1469 30.122
90.909 89.853
5.1802 30.122
90.909 90.485
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
2.1811
2.1567
1.9948
1.8710
22.0101
Canada
(dollar)
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
6.0602
321.35
320.87
320.70
321.31
321.41
321.41
322.80
322.80
Free
In cents per unit of foreign currency]
GerFinColom- Czecho- Denland France m a n y Greece Hong Hunslovakia mark (markbia
gary
(drach- Kong
(reichs(franc)
(dollar) (pengS)
ma)
(peso) (koruna) (krone)
ka)
mark)
1937
1938
1939
1940
1941
1942
1943
1944
1945
June
Australia
Argentina
(peso)
40.204
40.164
40.061
40.021
239.968
.9055
.8958
.8153
2.6715
19.779
19.727
19.238
18.475
219.770
.
18.923
18.860
218.835
.8410
.8410
.8410
8409
7
Aug
Sept. .
Oct
Nov.
Dec
1946—Jan
Feb
Mar
Apr
6
2O.2O2
20.202
20.202
54.0501
4.0501
4.0501
55.045
55.009
53.335
253.128
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
237.933 323.46
20.580
20.581
20.580
20.580
4434
4434
400.50
400.50
400.50
400.50
"9.132
9.132
9.132
Kingdom
(pound)
Official
Free
37.933
37.926
37.789
37.789
Uruguay
(peso)
Controlled
Noncontrolled
494.40
22.938
488.94
22.871
443.54
22.525
22.676 2403.50 383.00
223.210 403.50 403.18
403.50 403.50
403.50 2403.50
403 50
2403.50 2 403.02
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
403 50
403.50
402.95
402.69
402.49
403.24
403.38
403.37
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
54.265
54.265
55.489
56.125
56.175
56.282
56.290
56.290
403.38
403.38
403.38
403.35
65.830
65.830
65.830
65.830
56.290
56.290
56.290
56.290
398 00
398.00
398.30
400.50
400.50
400 50
400.50
400.50
June
July
New
NethMex- erlands
Zeaico
land
(guild(peso)
(pound)
er)
2.0189
2.0189
2.0189
2.0186
1.7822
4.4792
.7294 489.62 6.053 57.973 25.487
4.4267
.7325 484.16 5.600 56.917 25.197
4.0375
.7111 440.17 10.630 51.736 23.991
3.7110 2.6896 397.99 9.322 46.979 23.802
2
4 0023
398.00 29.130 247.133 223.829
398.00
46.919
398.00
398 00
399.05
1945—May
24.0000 29.606
4.0000 21.360
4.0000 11.879
6.000
4.0000
24.OOOO 25.313
324.42
20 582
324.42
20 582
322.69
20 582
322.16
20.581
321.99
20.578
322.60
20.578
20.578 437'.933 322.70
20.579 37.933 322.70
Portu- Ruma- South Spain Straits
SwitzSettle- SweNorway Poland
gal
nia Africa
den erland
(krone) (zloty) (escudo) (leu) [pound) (peseta) ments (krona) (franc)
24.840
24.566
23.226
2
22 709
5.1697
5.1716
5.1727
5.1668
25.1664
21.9711
(dollar)
1937
1938
1939
1940
1941
1942
1943
1944
1945
China
(yuan
Shanghai)
Official Export
27.750
22.122
19.303
18.546
20.538
20.569
20 577
20 581
20.581
30.694
30.457
27.454
22.958
224.592
United
Year or month
Chile
(peso)
523.852 5 23.363
23.852 23.363
23.852 23.363
322.70
322.70
322.70
• 322.69
Yugoslavia
(dinar)
2.3060
2.3115
36.789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
2
1
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
• Based on quotations beginning Sept. 24.
6
• Based on quotations beginning Nov. 2.
Based on quotations beginning Feb. 5.
7
• Based on quotations beginning Mar.9.
Based on quotations beginning Mar. 22.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
JUNE 1946
701
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
United
Kingdom
(1930 =
100)
Canada
(1926 =
100)
1
France
(1913 =
100)
Germany
(1913 =
100)
1926
100
100
124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
65
67
86
427
97
66
75
80
67
72
72
86
88
89
398
376
338
93
98
102
1945—April
May
Tune
JulyAugust
September
October
November
December
81
86
75
85
94
109
411
581
104
106
79
77
79
87
99
79
75
83
90
96
101
103
137
153
159
653
707
106
107
110
112
114
116
103
104
106
100
103
103
106
106
103
103
105
106
107
107
.-
107
108
109
110
1946—Tanuary
February
March
April
Netherlands
(1926-30
= 100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
237
106
1126
144
161
65
180
178
63
63
62
i1 92
90
i 96
96
91
90
90
96
111
107
111
143
184
210
70
63
62
68
186198
238
76
89
95
99
116
132
251
278
311
329
100
64
76
102
114
72
74
«88
111
115
146
172
189
218
223
221
168
168
196
196
221
221
170
171
171
197
196
194
222
222
223
'184
185
215
213
P184
214
103
103
103
103
170
169
169
169
104
105
172
172
172
P173
105
Japan
(October
1900 =
100)
196
196
194
163
166
169
103
104
103
106
106
106
2 901
Italy
(1928 =
100)
191
191
191
190
222
220
219
214
r
1
2
8
Revised.
P Preliminary.
Approximate figure, derived from old index (1913 =100).
Average based on figures for 5 months; no data available since May 1940, when figure was 919.
Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
1926=100
United States
(1926=100)
Year or month
Other
Farm
commod- products
ities
United Kingdom
(1930 = 100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
70
70
88
83
85
87
73
73
74
85
87
92
90
90
96
Farm
products
Foods
100
100
100
100
100
100
48
51
61
61
70
71
48
51
55
57
65
79
81
71
84
82
78
78
80
59
64
69
64
66
71
1926
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 . .
82
106
123
123
128
83
100
107
105
106
89
96
97
99
100
71
83
96
103
105
1945—April
May
June
July
August
September
October
November
December
129
130
130
129
127
124
127
131
132
106
107
108
107
106
105
106
108
109
99
99
100
100
100
100
100
100
101
1946—January
February
March
April
130
131
133
135
107
108
109
111
101
101
102
103
86
69
65
68
86
74
70
71
85
82
81
83
87
74
64
67
84
73
67
75
81
78
75
82
102
97
97
133
112
104
106
138
82
90
99
104
105
89
92
93
94
94
146
158
160
158
158
156
160
164
170
175
105
105
106
108
106
104
106
106
106
105
105
106
107
106
105
105
105
105
94
94
94
94
94
94
94
94
94
156
156
160
161
161
158
158
158
158
174
175
175
176
176
175
175
175
175
107
107
107
105
106
106
95
95
96
157
157
158
180
179
179
Germany
[1913=100)
IndusIndusAgricul- trial raw trial
fintural
and semi- ished
products finished products
products
129
130
150
91
87
89
88
118
113
96
102
105
91
92
94
105
106
108
111
96
94
95
99
112
115
119
100
102
102
116
119
121
125
126
126
129
133
134
135
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
702
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or
month
COST OF LIVING
[Index numbers]
SwitzUnited
CanUnited
KingGer- Nether- erada
dom
lands land
States
many
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100) 1914
= 100)
= 100)
= 100)
1914
= 100)
= 100)
1934
1935
1936...
1937
1938
1939
1940
1941 .
1942
1943
1944
1945
94
100
101
105
98
95
97
106
124
138
136
93
95
98
103
104
101
106
116
127
131
131
122
125
130
139
141
141
164
168
161
166
168
139
133
1945-April
May
137
June
July
August....
September.
October...
November.
December.
1946-January...
February..
March. . . .
April
SwitzUnited
Ger- Nether- erCanKingUnited
land
ada
dom
many
lands
States
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
1914
= 100)
= 100)
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
170
1934 . .
1935
1936
1937
1938
1939 . . .
1940
175 1941
200 1942
211 1943
215 1944 .. .
215 1945
96
98
99
103
101
99
100
105
117
124
126
96
96
98
101
102
102
106
112
117
118
119
128
119
131
168
216 1945-April
127
119
202
209
139
141
142
141
139
139
140
132
133
136
136
134
133
134
168
170
176
172
169
169
169
216
217
217
216
216
213
210
134
169
119
120
120
121
120
120
120
203
204
207
205
203
203
203
210
210
211
210
210
208
207
141
128
129
129
129
129
129
129
210
130
120
203
141
133
169
130
120
203
207
140
133
140
142
133
P135
169
210 1946—January...
208
February
206
March....
April
130
120
120
P121
203
130
131
206
205
118
120
122
122
122
123
128
129
132
134
169
169
124
118
120
127
130
130
150
177
191
198
115
114
120
130
130
132
146
May
June . . .
Tulv
August
September.
October
November.
December.
141
143
147
154
156
158
184
199
200
199
201
121
123
125
125
126
126
130
133
137
139
203
129
128
130
137
137
138
151
174
193
203
208
140
136
1132
137
139
140
154
175
187
195
209
•
207
203
203
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(derived
price)1
United
Germany
France
Kingdom
(December (1938 = 100)2 (average
price)3
1921 =100)
Netherlands 4
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
NetherFrance
lands
Ger- (1938=100)2 (1930=100)
many
(5)
2295
94.1
114.6
136.8
142.1
145.0
112
6 140
9 308
479
540
551
453
15
87
50
*139
8
402
278
1939
1940 . .
1941
1942
1943
1944
1945
113.8
115.9
117.8
118.3
120.3
120.9
122.1
112.3
118.3
123.8
127.3
127.8
127.5
128.3
114.2
M14.2
9
143.4
146.4
146.6
150.5
152.1
99.0
100.7
103.0
6 103.3
90.9
7
77.9
84.3
94.7
98.5
94.2
88.1
80.0
69.4
91.9
99.8
121.5
75.9
70.8
72.5
75.3
84.5
88.6
92.4
1945—April
May
June
July
August
September. .
October.....
November. .
December...
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9
129.3
128.1
127.8
128.3
128.3
128.2
128.5
127.8
127.5
153.1
153.8
151.9
151.1
150.6
150.9
150.2
150.3
151.2
114.4
118.2
120.7
118.4
117.9
126.1
132.0
136.9
139.7
92.0
92.8
92.8
93.7
91.4
92.0
93.2
94.5
94.2
469
414
386
360
421
477
467
441
450
1946—January
February.. .
March
April
123.8
124.5
124.5
124.3
129.1
130.1
129.9
148.6
148.6
P147.5
144.8
143.3
141.8
151.7
95.2
94.9
93.8
433
461
P452
Number of issues. .
100
89.7
895.0
129.1
131.5
151.0
p1 Preliminary.
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number
of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295
thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin
de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes
from 3 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior
to that
date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
4
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, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent.
6
This number, originally 329, has declined as the number of securities eligible
for the index has diminished. In May 1941 it was down to 287.
6
Average
based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July.
• Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
JUNE 1946
703
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES,
RONALD RANSOM, Vice
Chairman
Chairman
M . S. SZYMCZAK
R. M . EVANS
ERNEST G. DRAPER
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON, Assistant to the Chairman
DAVID M. KENNEDY, Special Assistant
CHESTER MORRILL, Special
Adviser
to the Board of Governors
to the Chairman
OFFICE O F T H E SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
DIVISION O F SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION O F EXAMINATIONS
ROBERT F. LEONARD, Director
DIVISION O F ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
FRED A. NELSON, Assistant Director
OFFICE O F ADMINISTRATOR FOR WAR LOANS
LEO H . PAULGER, Director
EDWARD L. SMEAD,
C. E. CAGLE, Assistant Director
GARDNER L. BOOTHE, II, Assistant
Administrator
FEDERAL
ADVISORY COUNCIL
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
IRA CLERK
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
W. S. MCLARIN, JR.
RONALD RANSOM
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
Administrator
CHAS. E . SPENCER, JR.,
BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E . W I L L I A M S ,
PHILADELPHIA DISTRICT
JOHN H . M C C O Y ,
CLEVELAND DISTRICT
A . L . M . WIGGINS,
RICHMOND DISTRICT
ROBERT STRICKLAND,
ATLANTA DISTRICT
EDWARD E . BROWN,
CHICAGO DISTRICT
President
JAMES H . PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A . E . BRADSHAW,
KANSAS CITY DISTRICT
E. A. KINCAID, Associate Economist
ED
DALLAS DISTRICT
JOHN K. LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
R E N O ODLIN,
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS,
Economist
O. P. WHEELER, Associate Economist
H . WINTON,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN,
Secretary
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
Account
704
HERBERT V . PROCHNOW, Acting
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston....
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
Laurence F. Whittemore
William Willett
Allan Sproul
L. R. Rounds
Philadelphia. .
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Richmond
Atlanta
Vice Presidents
E. G. Hult
J. C. Hunter2
Carl B. Pitman
O. A. Schlaikjer
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
E. C. Hill
Wm. G. McCreedy
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
B. J. Lazar
Martin Morrison
W. F. Taylor
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
Malcolm H. Bryan
C. S. Young
Charles B. Dunn
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuessler
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
A. F. Bailey
Wm. E. Peterson
Minneapolis. .
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
William B. Pollard
C. A. Schacht
C. M. Stewart
E. W. Swanson
Sigurd Ueland
Harry I. Ziemer
Kansas City..
Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
Dallas.
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
E. B. Austin3
R. B. Coleman
H. R. DeMoss
San Francisco.
Henry F. Grady
Harry R. Wellman
Ira Clerk
C. E. Earhart
M. Leisner3
. N. Mangels
New York.
Chicago
H. G. McConnell
A. W. Mills2
Otis R. Preston
O. P. Cordill
L. H. Earhart
C. O. Hardy
C. A. Mcllhenny 1
Philip M. Poor man
C. A. Sienkiewicz
Delos C. Johns
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley*
W. E. Eagle
W. H. Holloway
Watrous H. Irons
L. G. Pondrom
H. F. Slade
W. F. Volberg
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Chief Officer
Branch
Buffalo
I. B. Smith*
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin5
Richmond
Baltimore
Charlotte
W. R. Milford*
W. T. Clements*
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
Chicago
Detroit
E. C. Harris5
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey1 5
C. A. Schacht
William B. Pollard5
JUNE
Also Federal Reserve Agent.
1946
Branch
Chief Officer
Minneapolis.... Helena
R. E. Towle*
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin5
0. P. Cordill5 5
L. H. Earhart
6
Cleveland
1
Federal Reserve
Bank of
1
Cashier.
Dallas
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
* Also Cashier.
« Managing Director.
W. E. Eagle5
L. G. Pondrom1 1
W. H. Holloway
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
' Vice President.
705
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
r1
td
5
=
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
-jfc-
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<S>
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
@FedFRASER