Full text of Federal Reserve Bulletin : June 1947
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F E D E R A L
R E S E R V E
BULLETIN
JUNE 1947
*******»,
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E.
PARRI
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
Construction and Real Estate Markets in 1947
635-646
Survey of Consumer Finances—Part I. Expenditures for Durable Goods and
Investments
647-663
Security Pledged on Member Bank Loans to Business, by Tynan Smith
664-680
Our Stake in German Economic Recovery, by M. S. Szymczak
681-688
Ownership of Demand Deposits
689-691
Revision of Weekly Statistics for Member Banks in Leading Cities
692-693
Law Department:
Purchase,of Government Obligations by Federal Reserve Banks
694
Consumer Credit—Automobile Appraisal Guides
694
Sale of Mortgages by State Member Banks.
695
Current Events and Announcements.
696
National Summary of Business Conditions
697-698
Financial, Industrial, Commercial Statistics, U. S. (See p. 699 for list of tables)
699-753
International Financial Statistics (See p. 754 for list of tables) .
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council.
754-771
772
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
773
Map of Federal Reserve Districts.
774
Federal Reserve Publications (See inside of bac\ cover)
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FEDERAL RESERVE BULLETIN
VOLUME
June 1947
33
NUMBER 6
CONSTRUCTION AND REAL ESTATE
MARKETS IN 1947
Since last autumn the volume of construction has leveled off, not showing the continued expansion which earlier had been
quite generally expected on the basis of
shortages accumulated during the war
period. While many difficulties arising out
of the war have been surmounted in the past
two years, other problems, particularly those
relating to construction costs and real estate
prices, have been aggravated.
Building materials, which contractors and
consumers were seeking unsuccessfully only
a few months ago, have been produced in
greatly increased volume and in greater
variety, permitting a physical volume of construction activity somewhat larger than that
of 1939 and also considerable replenishment
of manufacturers' and distributors' inventories. The labor force engaged in construction is much larger now than at the end of
the war as a result of the return of workers
from the armed forces and war production
industries and of the expansion of apprentice training programs. Contracting firms
have rebuilt their organizations and, with a
more favorable material supply situation,
have been able to increase the efficiency of
their operations.
Controls over building material and construction markets, which after the war had
changed in purpose from aiding the war
effort to helping to provide housing for vetJUNE
1947
erans, have been considerably relaxed. Last
November material price controls were eliminated and early this year the allowable
amount of nonresidential construction was
increased. While rents on existing residential properties have been held close to
earlier levels, considerably higher rents have
been allowed on newly-built structures. Also,
incomes generally have risen somewhat
further, and holdings of liquid assets which
are available for spending have continued
to increase. All these developments in the
construction field and in the economy generally have been favorable, at least in many
respects, to further expansion of construction
activity.
Meanwhile, however, costs and prices in
construction and real estate markets have
risen to levels which are high in relation to
many other prices and which may be difficult to sustain. Building material prices
by the early part of 1947 were more than
half again as high as at the end of the
war and about double the prewar level.
For some materials, notably lumber, much
higher levels were reached. Basic wage rates
in the building trades, which were relatively
stable throughout the war and for a year
afterward, have been rising recently as new
wage contracts have been negotiated. It appears that efficiency of operation, while improving, is still low and that contractors'
635
CONSTRUCTION AND REAL ESTATE MARKETS IN 1947
margins, which earlier had increased sharply,
owing in part to unusual allowances for contingencies, are still higher than in most
periods. Real estate prices, which advanced
considerably during the war, rose sharply for
a year or more after the end of the war in
response to the strong demand for residential
and business properties. Since last autumn
real estate prices have declined somewhat,
and since early spring construction costs have
been leveling off, along with prices in many
commodity markets.
As a result of these developments many
construction programs have been reconsidered. Numerous business concerns have deferred construction work previously planned,
and in some instances public bodies also have
delayed large improvement projects for
which the need is not urgent or for which
bids have exceeded authorized expenditures.
The amount of new residential building
showed less increase this spring than is usual,
and the total number of starts for the first
four months was little different from a year
ago.
Although the housing shortage, in the
sense of the number of family groups without quarters of their own, is probably as
great as at any time in the postwar period,
demand for housing is less insistent. Many
families actively in the market for houses last
year have settled in some sort of living arrangement and apparently are reluctant or
unable to pay the high prices asked for
houses, or to commit themselves to mortgage
obligations based on these prices. Moreover,
many families who could afford to buy
houses at going prices and incomes have
already bought and so also have some who
would ordinarily be renting. The market
for new houses has been limited to some
extent by the quality of materials available
and of structures built.
636
CONSTRUCTION VOLUME
The physical volume of construction, including repair and maintenance work as well
as new construction, so far this year has
been only moderately higher than in 1939
and not much greater than in the jearly
part of 1946. Reflecting the rise in costs,
the dollar amount of construction has been
substantially larger than a year ago and
more than double the prewar rate. The
course of the dollar volume of new construction, as measured by the Departments
of Commerce and of Labor, is shown
monthly for recent years on the chart.
VALUE OF NEW CONSTRUCTION ACTIVITY
-
MONTHLY
MONTI
MILLIONS OF DOLLARS
-
I
\
{!
,.,
MILLIONS OF DOLLA
NONRESIDENTIAL I
1
1
j
j
) 0 (
TOTAL
-
-
1/
jj
7
t rJ
-
....
1939
1941 1943 1945 1947
1939
1941
1943 1945 1947
Joint estimates of the Departments of Commerce and of Labor.
Data are not adjusted for seasonal variation. Latest figures
shown are preliminary estimates for May 1947.
During the winter of 1946-47 construction
activity showed a decline which was seasonal
in nature but in marked contrast with developments a year earlier when activity increased throughout the winter. This spring
activity has increased somewhat less than
seasonally. Employment in construction has
shown little change, after seasonal adjustment, since last October. The value of contract awards, as reported by the F. W. Dodge
Corporation, showed less than a seasonal rise
FEDERAL RESERVE BULLETIN
CONSTRUCTION
AND REAL ESTATE MARKETS IN
1947
this year through April. These figures, which when temporary housing for veterans was
often fluctuate widely from one month to being erected, has declined, while public nonanother, showed an increase in the first three residential building has increased.
weeks of May, chiefly in public projects.
COMPOSITION OF N E W CONSTRUCTION ACTIVITY
Increases in construction activity, after
[Percentage of total dollar amounts]
allowance for seasonal changes, had been
widely anticipated for the winter and spring
1947
1939
(first five
(year)
months, owing to large unsatisfied requiremonths)
ments and to increased building material
100
Total. .
supplies. In view of actual developments Private
77
60
Residential. .
33
35
this spring, however, estimates of probable
4
18
Industrial
5
7
Commercial
construction volume have been revised down11
Public utility
Other
ward. In April the Department of Com40
Public
23
14
merce reduced its forecast of new construcHighways
8
9
Educational, hospital and institutional.
3
1
3
Residental
tion activity for the year from 15 billion dol17
Other
9
lars to a range of 11.8 to 13.1 billion, making
SOURCE.—Departments of Commerce and of Labor.
the greatest reductions in estimates of private residential, industrial, and commercial
Private new construction this year has
building and of highways. No change was
made in the earlier forecast that repair and been in larger physical volume than in
maintenance work would be about 6l/2 bil- 1939 and has constituted 77 per cent of the
lion. The revised total for all construction total dollar volume as compared with 60 per
work shown in the April estimate is a range cent in 1939. Commercial and industrial
of 18.3 to 19.6 billion dollars for the year as a building has made up a very much larger
whole, compared with 15^ billion in 1946. share of private construction and has risen,
Composition of wor\ under way. The as a proportion of the total, from 9 to 25 per
character of new construction now under cent. Privately-financed public utility conway, as can be seen from the table, is some- struction represents 11 per cent of the total,
what different from that before the war. In somewhat more than in 1939. Private resiparticular, public construction now forms a dential work has made up a slightly smaller
smaller proportion of total new work, part of the total new construction and a conroughly one-fourth as compared with two- siderably smaller part of private new confifths before. In dollar amount, public new struction, despite the limitations on nonresiconstruction is now at a level similar to that dential building. Whereas in 1939 private
in 1939, but in physical terms it is consider- residential building was 35 per cent of total
ably lower. Work on streets and highways, new work, it has recently been only about
which before the war made up 14 per cent of 33 per cent, and as a share of private new
total new work, including private as well as construction, residential building has depublic work, now is only 8 per cent of the clined from 58 to 43 per cent.
Residential building. Despite the contintotal, and work on schools, hospitals, and institutional buildings is down from 9 to 3 per ued need for housing, and the increased supcent. Recently public residential building, plies of building materials and labor, the
which was in considerable volume in 1946 number of permanent residential units started
JUNE 1947
637
CONSTRUCTION AND REAL ESTATE MARKETS IN 1947
in the first four months of 1947 was only
about the same as in the corresponding period
last year, as is shown in the table. The number started in March and April was not
as large as last year. Many more units have
been completed so far this year than a year
ago when the carryover of uncompleted
houses from the preceding year was by no
means as large as at the end of 1946. The
number of unfinished houses has been reduced from the peak reached last autumn
but is still large.
PERMANENT N E W NONFARM FAMILY D W E L L I N G
UNITS
[In thousands]
Period
January-April—Monthly average
1939
1941
1946
1947
Monthly
1946—January
February
March
April
May
June
July
August
September
October
November
December
1947- -January. . .
February. .
March....
April
Started
Completed
Under
construction
(end of
period)
SUPPLIES AND PRICES OF BUILDING MATERIALS
37
55
51
50
n.a.
n.a.
22
57
n.a.
n.a.
245
314
36
43
60
66
68
64
64
64
57
58
50
40
42
42
53
64
19
20
23
26
30
35
41
42
50
55
55
58
59
60
57
53
144
167
205
245
282
311
334
356
364
367
362
344
327
309
305
315
n.a. Not available.
NOTE.—Data from Department of Labor. Only new permanent family dwelling units built in nonfarm areas are
represented, including units financed with public funds and
with private funds, and units built by conventional methods and
with varying amounts of prefabrication. Single person accommodations, conversions, trailers, and all temporary structures
are excluded.
During 1946 about one million residential
units were started, of which 671,000 were
new permanent units and the remainder
were chiefly temporary accommodations for
veterans. This number compares with 515,000 permanent units started in 1939, 703,000
in 1941, and 937,000 in 1925. In none of
these years was temporary construction important. The number of permanent units
638
completed in 1946 was only 454,000, due to
delays arising from shortages of materials
and from other causes.
The number of units provided in multifamily structures, which are almost entirely
for rent, has been relatively smaller than before the war. Such units, which accounted for
about 14 per cent of all private units started in
1939, were only about 8 per cent in 1946 and
also in the first quarter of 1947. Applications
to the Federal Housing Administration for
insurance of mortgages on rental housing
projects, however, have increased appreciably
in recent months from about 5,300 units in
the last quarter of 1946 to 22,000 units in the
first quarter of 1947 and 14,000 units in the
single month of April.
The building material supply situation has
shown marked improvement in recent
months. Whereas practically all materials
were in short supply earlier, some are now
freely available, having been* produced for a
considerable period in sufficient volume to
permit rebuilding of stocks. Production of
materials since last autumn has been a third
above the 1939 average, according to the
Department of Commerce index. Such an
increase is substantial, though not as large
as the increase of nearly three-fourths shown
by industrial production as a whole.
Expansion of building material production
has been uneven. Output of lumber in
April was about one-fifth above the 1939 rate,
while 22 other materials and supplies included in the index rose somewhat over twofifths on the average. Several items, such as
water heaters, sinks, gypsum and gypsum
lath, and warm air furnaces, were being produced at rates between twice and three times
as high as in 1939. On the other hand, some
items, such as mechanical stokers, range
FEDERAL RESERVE BULLETIN
CONSTRUCTION AND REAL ESTATE MARKETS IN
1947
boilers, and hardwood flooring were being to an equally complex, but quite different,
produced at rates below the 1939 average. array of products suitable for military and
The accumulation of stocks has also been military-supporting uses. Stocks of building
uneven. Since a year ago, stocks of lum- materials generally were drawn down to very
ber, cement, brick, structural tile, and some low levels.
Along with the changes in the character of
metal products have increased considerably,
while stocks of many other materials, notably material production went changes in types of
gypsum products and certain metal products, employment. Workers were attracted from
have continued near earlier low levels. Lum- peacetime lines into lines judged essential to
ber stocks at mills and in distributive chan- the war program. Shipyards, for example,
nels by the end of the first quarter were esti- early attracted skilled workers, such as rigmated to total 8 billion feet as compared with gers, from the woods, and war plants at4 billion a year earlier and 18 billion in 1939. tracted workers from relatively low-wage
There is still some lack of balance in the avail- industries, such as brick-making and lumber
ability of materials needed for assembly of manufacturing.
complete buildings, but this unbalance is a
Postwar shifts in material production.
minor problem compared with the major When the economy began shifting to a
problem which lack of materials proved to be peacetime basis, many adjustments that had
in the first year or more after the end of the been essential for war purposes were found
war. Plant capacity for production of many to constitute problems for peacetime operamaterials has been increasing.
tion. Several months were required for brick
Wartime shifts in material production. output to attain prewar levels, not only beThe general shortages which marked 1946 cause plants had to be physically reopened,
and the special shortages which have still but also because labor which had been abbeen evident in 1947 stemmed from the oper- sorbed by better-paying industries had to be
ation of the economy in wartime. Produc- replaced; operating costs, moreover, had
tion of some materials was encouraged, but risen, while prices of brick were controlled
in styles, sizes, and grades different from at close to prewar levels. Cast iron soil
those customarily used in construction. After pipe foundries faced similar problems, agthe middle of 1943, when the bulk of con- gravated by an acute general shortage of
struction for war purposes had been com- pig iron. The shifting of lumber prodpleted, production of many building materi- ucts in wartime had been achieved in
als was discouraged or prohibited. A sub- large measure by differential changes in
stantial portion of the brickmaking capacity prices which discouraged the output of
of the country, for example, was closed in civilian construction types and encouraged
the middle of 1943. Output of pig iron was types needed in shipbuilding, crating, dunincreasingly shifted from the manufacture of nage, and heavy construction. Following
plumbing supplies to other fabricated metal the war, with costs of production advanced
products, and the manufacture of specialized and market demand strong, readjustment of
electrical equipment and devices replaced the lumber price structure came about, after
production of standard construction types. considerable delay, largely through increases
The complex peacetime array of lumber of in the prices of normal civilian products.
By early 1946 it was recognized that advarious species, grades, and sizes gave way
JUNE 1947
639
CONSTRUCTION
AND REAL ESTATE
justment of the price structure of building
materials would have to come largely by increases in specific items, and between February and September of that year ceiling prices
of building materials at all stages of distribution were raised by amounts ranging from
10 to 20 per cent. During this period the
Office of Price Administration and the Office
of the Housing Expediter worked closely
together to remove impediments to production of building materials. Achievement
of volume production and the operation
of premium payment plans made possible
smaller increases in price than might otherwise have been necessary. After the removal
of price controls in November, building material prices rose sharply, but because of
earlier black market operations the rise from
October to April was probably considerably
less than the one-third shown by the wholesale price index of the Bureau of Labor
Statistics. In March and April of this year
WHOLESALE'PRICES OF BUILDING MATERIALS
PER
CE
NT
MONTHLY, 1 9 2 6 '
PE
280
280
/
(
240
240
200
200
LUMBER
160
/
1
120
1
/
r\
fj
zz£S\
i
80
1
BRICK AND TILE _ / ^ *
120
80
120
80
1
120
|
— / "
80
1939
1941
120
STRUCTURAL STEEL
1
f""\^
PLUMBS G AND
AT1NG S I PPL1ES
1943
1945
80
1947
Bureau of Labor Statistics indexes. Total includes "other
building materials" subgroup not shown separately. Latest
figures shown are for April 1947.
640
1947
wholesale prices of building materials were
about 50 per cent higher than at the end of
the war and 100 per cent higher than in 1939.
Prices of some items, notably lumber and
paint, had risen much more than prices of
other items, as can be seen from the chart.
The sharp rise in paint prices was due to
acute shortages of lead and other pigments
and also of linseed oil. Recently supplies of
both lumber and paint materials have been
increasing, and prices in some markets have
been declining.
In the broadest terms, it appears that the
adjustments in building material production
from peace to war were achieved by controlled increases in prices and wages, and
that the adjustments from war to peace have
been achieved by price and wage advances,
which were controlled in some degree at
first but later were left to the operation of free
markets. Because it took time to make available the supplies required and because meanwhile many other markets were strong, price
advances for building materials have been
large and long continued. The price levels
reached early this spring and recently maintained for the most part may, in many cases,
prove to be out of line with what can be sustained over the longer term.
CONSTRUCTION COSTS
120
PAINT AND
PAINT MATERIALS
80
IN
160
'"~^i—
1 1 ,"
TOTAL/1
r
MARKETS
Cost increases with which builders and
contractors have had to deal during and since
the war have not been confined to prices of
materials. Wage rates of building mechanics
have risen, and other cost increases have resulted from the many inefficiencies in operation arising out of delays in receiving materials, use of materials poorly adapted to
requirements, and other such factors.
Early in the defense program an agreement was reached between the building
trades unions and the Government to stabiFEDERAL RESERVE BULLETIN
CONSTRUCTION
AND REAL ESTATE MARKETS IN
lize basic wage rates on defense and war construction, and throughout the war wage rate
increases in the building trades were smaller
than in other nonagricultural employment.
Overtime work at premium rates of pay resulted in a substantial rise in average hourly
earnings during the war, but subsequently
the amount of overtime declined and along
with it average hourly earnings. Since the
middle of 1946 an increasing number of wage
contracts have been negotiated—generally
without work stoppages—and altogether advances in wage rates since the end of the war
have amounted to about 15 per cent.
Costs to owners have been increased by
wider contractors' margins, as well as by
higher material and wage costs, reflecting
partly the sellers' market for construction
services, and partly contingency allowances
made by contractors to protect themselves
against further increases in costs during the
progress of work. On the whole, it> seems
likely that costs to owners in the early months
of 1947 were roughly twice as high as in 1939
and that about half of the increase took place
after the end of the war.
In recent months there may have been little
change in costs, as higher wage rates have
been offset, at least in part, by improved efficiency of operation growing out of improvement in the material situation. To an increasing extent contractors have been willing to
make firm commitments as to prices and
completion dates.
Information on the cost of delays in work
is scarce, but evidence is ample that there
have been long delays. In the early part of
1946, according to sample surveys by the
Department of Labor, the usual time required for completion of a single-family
house was about eight months, compared
with three and a half months before the war.
In recent months, as the material situation
JUNE 1947
1947
has improved, delays have been reduced considerably. The average time required for
completion of a single family house has been
shortened from eight months to five. Because
of differences in the scale of operation and
in the sources of supply, delays in nonresidential construction may not have been so
great, but they have been substantial.
RESIDENTIAL REAL ESTATE MARKETS
The number of houses changing hands
rose through the year following the end of
the war as civilians altered their living arrangements and veterans entered the market.
About two and a half million houses changed
hands in this period, and prices of houses
rose sharply. The large volume of transfers
and the higher prices were made possible by
the high and rising levels of employment and
aggregate income, supplemented by large
holdings of liquid assets, and, particularly in
the case of veterans, by plentiful mortgage
credit.
By la$t autumn, however, real estate activity was declining, and since then prices
have declined somewhat. This shift reflected the unwillingness or inability of potential buyers to follow the market up even
though their incomes were showing some
further increase. Many people were becoming more or less adjusted to the rather unsatisfactory living quarters they were obligee!
to accept temporarily after the war. The
rapid rise in prices of foods and many other
consumer goods was encroaching seriously
on the purchasing power of consumer incomes. At the same time more goods, particularly durable goods, were becoming available to compete for consumers' dollars. Under these circumstances, following a considerable period in which many potential
buyers had satisfied their requirements, consumers gave more careful consideration to
641
CONSTRUCTION AND REAL ESTATE MARKETS IN
1947
the quality of houses available, the prices at of houses for sale expanded rapidly. Costs
which they could be bought, and the extent were high but still rising. Later the apparent
of the continuing obligations of home owner- end of the rise in the real estate market
ship. Once the market stopped advancing, while costs were still rising led to the failure
moreover, the prospect that buyers could of residential building to expand further at
dispose of properties later at a gain or at this time. Because incomes recently have not
least without loss was diminished.
been rising as rapidly as formerly, because
Prices of houses are now about double the other demands on income have risen sharply,
prewar level, with some up considerably because the most urgent demands for singlemore and others considerably less, and it has family houses have been met, and because the
been suggested that such a general level material supply situation has been improving,
might easily be maintained because con- high costs now discourage potential buyers
sumers' incomes, even after allowance for more than before. Many of the families
increased personal taxes, currently are more whose needs have been most pressing, or those
than double the prewar level. The problem, whose financial position has been strongest,
however, is much more complicated than have made their adjustments. Those who can
such a comparison would indicate. The wait, and those who cannot possibly afford
obligations of home ownership extend over to make the commitments required in the
a long period and one very basic question is present market, have probably reconciled
how incomes may change in this period. themselves to making their present quarters
Another consideration is that the higher cur- do. The requirement that houses built for
rent incomes are being derived in consid- sale be held for veteran occupancy, someerable part from a larger physical output of times cited as a reason for the leveling off
goods and services; accordingly, if the prices in residential building, would be no obstacle
of goods consumers buy were as much higher to sales if veterans could afford to buy and
than before the war as incomes, a substan- were willing to pay. Lenders and appraisers,
tial share of the goods being produced moreover, would be less reluctant to recognow could not be sold. In the real estate nize present costs as measures of value if they
market, it is true, the supply of housing has felt sure that the real estate market was still
increased very little and for this reason strong.
prices in this field may be relatively stronger
Rental housing. The low level of rental
than in some other fields. Recent develop- building relative to construction for sale, and
ments, however, indicate the existence of also to the number of families who would
elements of weakness in this market, evi- prefer to rent rather than own their homes,
dence of which appeared while building reflects a number of conditions. For several
materials were still acutely short and con- years the real estate market has been more fastruction costs were still rising.
vorable to building for sale than to building
Residential building for sale. The course for rent. In a period of rising real estate
of residential building, noted earlier, has been prices the builder for sale can assume the
strongly influenced by these changes in the risks of building with reasonable assurance
real estate market. The rapid rise of real that he will be able to find a buyer who, in
estate prices during most of 1946 provided a effect, will assume the risk of carrying the
favorable setting, and the volume of building real estate through whatever market condi642
FEDERAL RESERVE BULLETIN
CONSTRUCTION AND REAL ESTATE MARKETS IN 1947
tions may be ahead. The builder for rent,
on the other hand, must usually assume both
the risks of building and the risks of ownership. The risks of carrying real estate may
appear unduly large when building costs are
high, even though rents currently permitted
on new properties and actually obtainable
in the market at this time are also high.
In addition to the market factors making
building for sale more attractive, Government mortgage aids to private building haye
been better suited to building for sale than
to building for rent. In large measure they
have operated to relieve builders for sale of
the risks not only of carrying real estate
but also of construction itself, while builders
for rent have been required to assume part of
both of these risks. The long-term, amortized mortgage, sponsored by the Government, has strengthened the "for sale" market
by removing, as far as the obligations of the
buyer are concerned, some of the differences
between ownership and tenancy. Early in
1947 the Federal Housing Administration
modified some of its regulations governing
the insurance of rental-housing mortgages,
mainly in the direction of relieving builders
and sponsors of both construction and ownership risks, and this accounts in part for the
increase in applications for rental-housing
mortgage insurance, mentioned on page 638.
Rent control arrangements on new housing have permitted considerably higher rents
on new units than on old, especially since
the end of the war. Consequently, although
it seems clear that rents on old units have
been held below free market levels, there
is some question whether rents on new
units would have been set much higher in a
free market than they have been recently
under controls. In New York, for example,,
where rents much higher than the $80 per
month permitted for the rest of the country
JUNE 1947
were authorized in March, several institutional investors are reported to have delayed
construction of rental projects because they
felt that tenants would be unable to pay the
rentals required by current costs.
The need for additional housing continues
to be great, and relatively less has been done
to satisfy the rental market than the market
for owner-occupancy. At the present time
prices of houses and costs of construction appear to be too high, notwithstanding advanced levels of consumer incomes and large
accumulated savings, to permit the needs to
be met very rapidly. The situation in many
respects is similar to that after the first World
War when residential building declined in
1920, accompanying a sharp rise in building
costs, despite housing shortages and rising
rents. Residential building at that time recovered quickly after costs were adjusted
downward, despite unfavorable conditions
in many other sectors of the economy.
MORTGAGE DEBT ON HOUSES
Since the end of the war the amount of
outstanding mortgage debt on houses has
risen by about 6l/2 billion dollars, or onethird, from about 19 % billion dollars to
about 26 billion. The corresponding amount
at the end of 1929 was 21 billion and at the
low in. 1936 was 17 billion. The sharp increase in outstandings since the end of the
war has come about partly as a result of the
financing of the purchase of new houses but
chiefly as a result of a large amount of financing accompanying active trading in old
houses. Advancing prices of real estate have
contributed very directly to the rise, at once
making necessary additional borrowing for
the purchase of houses and increasing the
amount which could be borrowed. The
amount of new mortgage loans written in
this period of less than two years has been
643
CONSTRUCTION AND REAL ESTATE MARKETS IN 1947
about 14 billion dollars, of which about
3l/2 billion has been insured or guaranteed
under the Servicemen's Readjustment Act.
Monthly figures on the amount of loans made
under the Servicemen's Readjustment Act
and also on total recordings of $20,000 or
less are shown on the chart. The amount
retired, in considerable part in connection
with the writing of new loans, has been
about 7l/2 billion.
NONFARM MORTGAGE LENDING
vancing sharply then, and since expenditures
were limited by wartime shortages of goods
and by price control, larger amounts were
available for debt reduction. In these years
the volume of new loans made was considerably lower than in 1941, and this also contributed to the change from a situation of
increasing debt to one of net retirement of
debt. In 1944, however, the amount of new
loans written rose above the 1941 level and
approximated the amount of retirements.
New loans increased further in 1945, doubled
in 1946, and have continued at a high level
in 1947.
MORTGAGE D E B T OX 1- TO 4 - F A M I L Y HOUSES
[In millions of dollars]
Period
Loans
made
(during
period)
1941
1942
1943
1944 .
1945
.
1946?
1947 (4 months). .
3,768
3,155
3,183
3,830
4,701
9,453
3,000
Change
Apparent
retirein outments
standings
(during . (during
period)
period)
2,776
3,342
3,549
3,844
4,238
4,883
1,561
+992
-187
-366
-14
+463
+4,570
+ 1,439
Outstandings
(end of
period)
20,095
19,908
19,542
19,528
19,991
24,561
26,000
i' Preliminary.
NOTE.—Data on outstanding and loans made, 1941-46, from
Federal Home Loan Bank Administration; four months 1947,
estimated by Federal Reserve. Apparent retirements derived
from these data.
For mortgages under $20,000, data on nonfarm mortgages
recorded during month from Federal Home Loan Bank
Administration; for G.I. home loans, loans closed under the
Servicemen's Readjustment Act: October 1946-date, from Veterans Administration; January-September 1946, estimated by
National Housing Agency from records of Veterans Administration. Latest figures shown are for April 1947.
Annual figures on loans made, retirements,
and outstandings are shown in the table for
the period 1941 through early 1947. In
1941, a year of fairly active building and
trading, outstandings increased by about one
billion dollars. In marked contrast with this,
during the war years 1942 and 1943 retirements exceeded new loans and outstandings
declined. This shift after 1941 was due in
part to a steady increase in retirements, resulting from improvement in the cash position of many borrowers. Incomes were ad644
As a consequence of net debt retirement
of a little over one-half billion dollars during the war and an increase in debt of 6l/2
billion dollars since the war, the net increase
in outstanding mortgage debt on houses
since the end of 1941 has amounted to about
6 billion dollars, or 30 per cent. This increase contrasts with a decline of over one
billion dollars or nearly a fifth in farm
mortgage indebtedness during the same
period. The rise in aggregate indebtedness
on houses has been much less proportionately than the increase in the aggregate mark e t value of nonfarm houses, but many mortgages have been written at unusually high
ratios of debt to value.
FEDERAL RESERVE
BULLETIN
CONSTRUCTION AND REAL ESTATE MARKETS IN 1 9 4 7
Since the beginning of the war there have
been marked changes in the ownership of
the debt, as can be seen from the table. All
types of private lenders except mutual savings banks have increased their debt holdings. Savings and loan associations and commercial banks have increased their holdings
most, and their share of the total has risen
from 35 to 45 per cent. A considerable part
of this shift has occurred since the end of
the war.
OWNERSHIP OF MORTGAGES ON 1- TO 4-F AMILY HOUSES
End of
year
1941...
1942...
1943...
1944...
1945...
1946P..
Total
mortgages
(In bil-
iiorio oi
uuncix
Hollar^oy
20.1
19.9
19.5
19.5
20.0
24.6
Percentage distribution of mortgage holdings
All
mortgagees
100
100
100
100
100
100
ComSavings
and loan mercial
associabanks
tions
23
23
24
25
27
29
12
12
13
12
13
16
Insurance
companies
other
mortgagees
10
11
12
13
11
11
55
53
52
51
49
44
All
p Preliminary.
SOURCE.—Federal Home Loan Bank Administration.
From fragmentary data it appears that, of
the 27Y2 billion dollars of new loans made on
1- to 4-family houses since the beginning of
the war, some 7l/2 billion dollars was probably lent in connection with the purchase
of new houses built since the war began
and about 15 billion dollars was lent in
connection with the transfer of old properties. The remaining 5 billion dollars was
lent for property improvement, refinancing,
and other purposes not connected with new
building or with transfers of property. Of
the 2ll/2 billion dollars of debt retired,
about 9 billion, or less than half, was extinguished as a result of transfers of property. The difference between this amount
and the 15 billion dollars lent in connection with property transfers reflected chiefly
the fact that more properties were mortgaged for larger amounts after sale than
JUNE 1947
before. About 12% billion dollars of debt was
retired in regular amortization payments
and other transactions not connected with
transfers of property.
Home owners who have reduced or eliminated their mortgage debt are in a stronger
position now than they were before. Some of
the others, however—particularly those whose
debt has been written fairly recently—are in
a less favorable position. An element of
strength in this situation, at least as far as
lenders are concerned, is the underwriting
commitments of the Federal Government.
Of the 26 billion dollars of debt on 1- to
4-family houses outstanding at the end of
April, about 8 billion was insured or guaranteed by Federal agencies, 4% billion by
the Federal Housing Administration, and
3% billion by the Veterans Administration
under the Servicemen's Readjustment Act.
PROSPECTS
During the course of this year, evidence has
accumulated that with costs at current advanced levels construction activity cannot be
regarded as a wholly independent element
of strength in the economic situation notwithstanding existing shortages of buildings.
Real estate markets have already eased somewhat despite some further rise in national income. At existing costs, which are probably
double those before the war, construction
markets seem to depend to a considerable extent on the volume of work that can be undertaken without the usual regard for cost.
Even with liquid asset holdings at a high
level, there is real question whether current
and prospective levels of income, for both
business concerns and consumers, can continue to support the going level of construction costs or of real estate prices. In the field
of mortgage credit the amount of loans outstanding on residential properties has in645
CONSTRUCTION AND REAL ESTATE MARKETS IN 1947
creased sharply since the end of the war and
is considerably larger than before the war
although not so much larger as income. The
bulk of the existing debt has been written in
the rising market of recent years, and in many
instances mortgages have been written at
high ratios of debt to value. Lenders in considerable part are protected by Government
guarantees against loss on the mortgages, particularly on loans to veterans, but borrowers
in numerous cases have undertaken obligations which are large in relation to their incomes and which involve considerable risk.
Altogether the situation in construction and
real estate markets appears to be much less
satisfactory than had been expected by observers who underestimated the rise in costs
and the resistance to higher costs. The situation in this sector of the economy, however,
seems to be much less vulnerable than in the
late 1920's. Then vacancies were numerous,
646
following a prolonged period of high construction activity, and a great many obligations secured by real estate, including a large
number of junior liens, were on an unsound
basis. The immediate effect of a reduction in
building costs at this time might be to encourage delay in carrying out some construction
plans, but as costs reached lower levels and
the quality of construction improved, many
people could be expected to undertake projects now set aside. A decline in real estate
prices would increase the difficulties of those
who have assumed obligations written on the
basis of peak values but would make it possible for many people now priced out of the
market to re-enter it. Actual developments
in the whole field will depend in part on
adjustments made in this part of the economy
and in part on the course of activity, employment, and incomes in other sectors of
the economy.
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES1
PART I. Expenditures for Durable Goods and Investments
For the second successive year, the Board of
Governors of the Federal Reserve System has
sponsored a survey of consumer finances—saving,
liquid asset holding, income, and spending for
durable goods, houses, and investment.2 These
annual surveys provide insights into the shifting
financial positions of consumers; their purchases
and plans to purchase durable goods and houses;
their current attitudes and plans with regard to
saving, liquid asset holdings, and investment; and
their expectations as to general economic conditions.
This article presents survey findings with regard
to purchases of consumer durable goods and houses
in 1946; plans to purchase such items in 1947; how
consumers financed these purchases in 1946 and
plan to finance their purchases in 1947; uses of
liquid assets in 1946; and consumer attitudes concerning the economic outlook at the beginning of
1947 as compared with attitudes at the beginning
of 1946. Subsequent articles will present more
complete information dealing with consumer income, saving, and liquid asset holdings.
This second survey was conducted for the Board
by the Survey Research Center of the University of
Michigan. Approximately 3,000 interviews were
ir
This article was prepared by Duncan McC. Holthausen of
the Board's Division of Research and Statistics. It is the first
in a series to be issued presenting the results of the Board's
Survey of Consumer Finances in 1947. Other articles will
appear in succeeding issues of the BULLETIN.
Dr. Rensis Likert, Director, and Dr. Angus Campbell,
Assistant Director, Survey Research Center, University of
Michigan, were in general charge of the survey. Responsibility for detailed planning and supervision of the survey,
including interviewing, editing, tabulation of survey results,
and preparation of survey studies was carried by Dr. George
Katona in collaboration with Mrs. Eleanor E. Maccoby, both
of the Survey Research Center's staff". Mr. Charles F. Cannell
served as head of the field staff and Mr. Roe Goodman as
head of the sampling section of the Center. This staff was
formerly associated with the Division of Program Surveys,
U. S. Department of Agriculture.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas,
Director, and Ralph A. Young, Assistant Director, of the
Division of Research and Statistics. Mr. Holthausen has
been in charge of the analysis of the data and the preparation
of reports. Generous and helpful cooperation was received
from members of the technical staffs of the Bureau of the
Budget and other interested public agencies in developing the
survey plans.
2
The first survey was made for the Board of Governors early
in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. Results
of that survey were reported in 1946 in the June, July, and
August issues of the BULLETIN under the general title National
Survey of Liquid Assets.
JUNE
1947
taken in 66 areas distributed over the nation.
Different samples, each representing a cross-section
of the nation's consumers, were used in the first and
second surveys. The interview unit was the consumer spending unit, defined as all persons living in
the same dwelling and belonging to the same family who pooled their income to meet their major
expenses. Spending units were interviewed because
it is believed that they represent consumer units of
economic decisions, actions, and plans better than
families (which in some cases contain more than
one spending unit) or individuals. Sampling
methods used, however, permit tabulation of many
survey results on a family basis also, and some of
the results will be presented on this basis in following articles.
The technique of the sample survey used to obtain information on consumer finances in 1946 and
again in 1947 is a development of relatively recent
years.3 Inquiry about the financial position of
spending units—for instance, their incomes and
bank deposits—was made in the course of an hourlong personal interview in which the respondents
were given an opportunity to discuss freely their
financial actions, plans, attitudes, and expectations,
and were asked to explain why they acted as they
did and why they feel as they do. These methods,
and therefore the findings, are still experimental in
many respects. Significance of the findings is particularly difficult to assess because similar information has not been available in the past. As was
stated in the first article reporting the findings of
the 1946 survey: "Not until several such surveys
have been conducted under varying economic conditions and until their results have been fully tested
against other data and events, will it be possible
to be sure of the implications of the findings of such
surveys or the predictive value that they may have."
The availability of the 1946 survey results greatly
enhances the usefulness and meaning of this year's
survey, but the need for caution in interpreting the
survey findings continues to merit strong emphasis.
3
A nontechnical appendix to this article discusses the sampling
methods used in the present survey, the basis of selecting interview units, and the statistical reliability of the survey"s
results.
647
SURVEY OF CONSUMER FINANCES
SUMMARY OF SURVEY RESULTS
It is known from various sources of information
that in 1946 consumer saving, as measured by the
excess of income received by individuals over personal taxes paid and expenditures for consumption,
was much smaller than in wartime years. Comprehensive estimates indicate a volume of net
saving in 1946 of about 18 billion dollars, or about
half the wartime average. Individuals continued
to increase their bank deposits during the year,
while their holdings of United States Government
securities showed only slight further growth. Individuals spent larger amounts for the purchase of
durable goods, houses, and farms than in any
year since before the war, and at the same time they
increased their borrowings for the purchase of
durable goods and against mortgages. The principal purposes of the survey of consumer finances
were to ascertain how changes in income, savings,
and indebtedness were distributed among various
groups of people and also the recent and prospective behavior of these groups with reference to purchases of certain durable goods and housing and to
investment of their savings. Although the complete
results of the survey have not yet been analyzed,
some of the significant preliminary findings may be
summarized.
Liquid asset holdings and income.
1. The net increase of approximately 8 billion
dollars in total personal holdings of Government
bonds and bank deposits during 1946, as estimated
from Treasury and banking statistics, reflected increases by about two-fifths of all spending units,
while about the same proportion reported net declines. In upper-income groups additions to holdings were more frequent than withdrawals while
in lower-income groups the reverse was true. It
appears that increases were of larger average size
than withdrawals.
2. For all spending units showing a net decline
in liquid asset holdings during 1946, the total reduction approximated 10 billion dollars. Of this
aggregate decline in holdings about 40 per cent
was used to pay for living expenses, medical care,
emergencies, and other consumption purposes;
about 20 per cent for consumer durable goods; over
20 per cent for housing; and nearly 20 per cent for
investment purposes, including investment in
securities and unincorporated businesses.
3. Among spending units that reduced their
648
liquid asset holdings, those in the lower-income
brackets used the funds withdrawn primarily for
living expenses, emergencies, and other consumption
purposes. Among people in the higher-income
brackets, however, reduction of liquid asset holdings was more frequently a result of transfer of
bank deposits or Government bonds into real estate
or other investments.
4. There was a moderate shifting of spending
units from lower to higher income groups in 1946.
Fewer spending units had incomes of less than
$2,000 in 1946; more had incomes above this level.
Expenditures for durable goods and housing.
5. Spending units in the $>2,000-$5,000 income
groups, or about half of all units, accounted for
more than half of the amounts spent for durable
goods and houses in 1946. Units in higher-income
brackets accounted for a relatively larger portion of
the amount spent for these purposes than did units
in lower-income brackets.
6. The total number of spending; units actually
buying consumer durable goods and houses in 1946,
as estimated from this year's survey, was closely
similar to the number that in last year's survey indicated intentions to make such purchases. A significant proportion of prospective purchasers of
new durable goods and new houses were unable to
satisfy their demands and some of these prospective
buyers apparently shifted to markets for used durable goods or existing houses. In addition, a substantial number of consumers who had no plans
for buying cars at the beginning of the year purchased used cars. Thus the estimated number of
consumers expecting to buy these goods was nearly
identical with the estimated number that bought
during the year.
7. Of the total 1946 expenditures for durable
goods, less than one-fifth was borrowed and about
one-third was drawn from previously accumulated
liquid assets; trade-in allowances and current incomes accounted for the rest. In buying houses—
newly built as well as old houses—about half of the
purchase price, on the average, was obtained from
mortgages, with the balance derived largely from
the sale of real estate and from withdrawals of
liquid assets.
Economic attitudes and expectations of consumers.
8. People generally were optimistic about the
country's immediate economic future. Continuation of prosperous times during 1947 was anticiFEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
pated much more frequently than a possibility of
recession.
9. More consumers expected an increase in their
own money incomes during 1947 than expected a
decrease.
10. Spending units frequently expressed dissatisfaction about the high level of prices.
11. Nearly half of all spending units expected
prices to fall in the coming year and only one-eighth
definitely expected rising prices; the others looked
for little change or gave conditional answers.
12. Consumers generally felt that to save a part
of current income was at least as important today
as it was during the war.
Consumer intentions to purchase consumer durable
goods and houses and to invest in nonliquid assets.
13. Dissatisfaction with current levels of prices
and expectations of price reductions were reflected
in some hesitancy in making definite plans to purchase durable goods and houses. Accordingly, consumer spending plans reported early this year
indicate that demand for some of these items is
abating but continues at relatively high levels.
14. Demand for new automobiles, however, was
as strong at the beginning of 1947 as a year earlier.
The number of spending units intending to buy
new cars in 1947 appears to be considerably larger
than the number of cars likely to be produced for
domestic sale to consumers.
15. Used car demand tends to exceed substantially that indicated by consumer plans to purchase
because of the many unforeseen factors influencing
buying decisions in the used car market. In 1946,
about three times as many consumers bought used
cars as had indicated plans to buy.
16. Intentions to buy consumer durable goods
other than automobiles in 1947 are significantly
less pronounced than were intentions to buy these
same goods in 1946.
17. Because of price considerations many consumer units, and more particularly those in lowerincome brackets, have disappeared from the list of
prospective purchasers of houses. Consequently,
the indicated total of prospective house purchasers
for the year 1947 is somewhat below the total of
prospective purchasers estimated from the survey
for the year 1946.
18. In buying consumer durable goods during
1947, consumer credit and liquid assets will apparently be used to a greater extent than in 1946
if prospective purchasers carry out their intentions.
JUNE
1947
19. As a year ago, most holders of liquid assets
expressed preference for Government bonds and
bank deposits as against investments in real estate
or securities. Nevertheless, consumers planned to
transfer during 1947 a few billion dollars of their
liquid assets to other forms of investment. The
amounts to be placed in real estate (not for personal occupancy), securities, or unincorporated
businesses show no significant shift from 1946 intentions, which corresponded quite closely to actual
performance during that year.
Conclusions
20. With current money incomes generally at
maximum levels and liquid asset holdings further
increased, the financial position of consumers in
general continued strong during 1946. Increases
in liquid assets were not as great, however, as in
wartime years, and for consumers as a whole they
were oflset to a much greater extent by additional
indebtedness.
21. Some consumer units, particularly those in
lower-income brackets whose income status had
remained unchanged, showed weaker financial positions at the beginning of 1947 than at the beginning of 1946. Price increases during 1946 reduced
the effective purchasing power of their incomes and
of such savings as they had, and there was frequent
spending of liquid asset holdings by lower-income
groups during 1946 for regular living expenses and
medical care.
22. Consumer intentions to buy consumer durable goods and houses point to a possible tempering
during 1947 of the very strong demand for durable
goods, other than for automobiles, that characterized 1946. That is, some lessening of inflationary
pressures is indicated, but buying will apparently
continue at high levels. Any marked increase or
decrease in prices or in incomes during the year
might be expected to modify actual performance
as compared with earlier intentions.
23. Use of the large volume of accumulated
liquid assets, together with consumer borrowing,
will continue during 1947 to add significantly to
purchasing power available from current income.
Use of consumer credit, however, in purchasing
durable goods during 1947 will probably continue
to remain below prewar use relative to the volume
of current purchases. This is because of the large
liquid asset holdings of many individuals in all
649
SURVEY OF CONSUMER FINANCES
income classes, as well as because of limitations of
credit terms, imposed by regulation.
exact quantity of any durable item that will be
purchased during the year. In interpreting shifts
in the number of spending units intending to buy
EXPENDITURES FOR SELECTED CONSUMER DURABLE
consumer durable goods or houses at this stage,
GOODS AND HOUSES
only broad inferences as to the direction of possible
At the beginning of both 1946 and 1947 in- changes in demand for particular types of goods
formation was obtained on consumer intentions to are warranted.
Automobiles. According to consumer intentions
buy consumer durable goods and houses during the
year. From these data estimates were derived of expressed at the beginning of 1947 about 4 million
total prospective purchases. Table 1 shows the per- spending units are prospective buyers of new pascentages of spending units indicating intentions to senger automobiles in 1947. It thus appears that
purchase and actual purchases, derived estimates of consumer demand for new automobiles will likely
the total number of purchasers, the reported average absorb all of the new cars produced for domestic
use. Last year a similar number expected to buy
price per article, and estimated total expenditures.
The derived estimates of intentions to buy rep- new cars, but only about 2 million new passenger
resent experimental data and, as pointed out earlier cars were produced and roughly three-fourths of
in this article, must be interpreted with caution. these, after allowances for sales to businesses and
The volume of purchases in any given year also is a governments and for export, were distributed to
function of income, the availability of articles, price, domestic consumer markets; consequently, conquality and style considerations, and other factors sumers were unable to buy as many new cars as
not fully known to buyers at the beginning of the they planned.
year. In view of the exploratory nature of the inIn 1946 three times as many consumers bought
formation, no basis is afforded for predicting the used cars as expected to do so at the beginning of
TABLE 1
CONSUMER INTENTIONS TO BUY IN 1946
Type of purchase
Automobiles:
Purchases planned, 1946—total
New cars
Used cars
Actual purchases, 1946—total
New cars
Used cars
Purchases planned, 1947—total
New cars
Used cars
Other selected durable goods:
Purchases planned, 1946
Actual purchases, 1946
Purchases planned, 1947. . •.
Houses:
Purchases planned, 1946 4
Actual purchases, 1946 4 4
Purchases planned, 1947
AND 1947
Percentage of
spending units
AND ACTUAL PURCHASES IN
Estimated
number of
spending units
(In millions)
1946 1
Average
price
Estimated total
expenditures
(In billions)
$ 4.8- $ 6.2
()
()
4.6
2.3
2.3
9.6- 12.2
7.4- 9.3
2.2- 2.9
10.6
3.3
7.4
10.0-13.4
7.3- 9.7
2.7- 3.7
4.43.41.035.0
1.5
3.5
4.63.41.2-
6.2
4.5
1.7
$1,100
()
920
1,620
630
1,300
1.540
650
25.7-31.3
28.3
18.1-23.8
11.8-14.4
13.1
8.4-11.0
320
310
310
3.8- 4.6
4.1
2.6- 3.4
7.5- 9.3
6.5
5.0- 7.5
3 . 1 - 3.9
2.7
2 . 1 - 3.2
5,020
5,390
6,310
15.6-19.3
14.5
13.3-20.2
5.6
4.3
1.3
5
6.0- 8.1
5.2- 7.0
.8- 1.1
1
Intended purchases for the year 1946 were ascertained in the first survey made early in 1946. Actual purchases during 1946 and
intended purchases for 1947 were ascertained in the second survey, early in 1947. In each case where a range is presented the bottom
of the range includes all those who said definitely they would buy and one-half of those who said they probably would buy but might
not. The top of the range includes all those who said they definitely or probably would buy, and one-half of those who said they were
undecided. The distribution of spending units by intentions to buy, 1946 and 1947, is shown in supplementary Table 11 following the
text 2of this article.
Data not available.
3 This figure represents the number of cars bought, not the number of spending units that bought cars. The 5 million cars were
bought
by 4.9 million spending units—a few spending units bought more than one car.
4
Farmers are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their purchases of
farm5 land.
The figure is a rough estimate, subject to many qualifications. One of these is that the average price of the houses bought included
only expenditures made during the year 1946; those who built a house may have paid more than indicated, paying part of the cost in
1945 or 1947.
650
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
and only 1 per cent of the amount spent for
automobiles. The spending units with incomes of
$5,000 or more, or 10 per cent of all spending units,
bought 18 per cent of the cars purchased and spent
28 per cent of the money spent for cars. This upperincome group characteristically bought new cars,
while people with smaller incomes more often
bought used cars.
Other durable goods. Demand for other selected
consumer durable goods, including refrigerators,
furniture, radios, washing machines, and certain
other articles, does not appear to be as firmly supported by planned purchases as automobiles. As
may be seen from Table 1, the estimated number
of people expecting to buy such articles is considerably smaller than it was a year earlier. At
that time, over 25 per cent of the spending units
expected to buy some such item during 1946, while
only a little over 20 per cent have such plans for
1947.
The number of people who bought other
durable goods in 1946 is about the same as the
number who expected to do so. Intentions were
not uniformly carried out, however, in all types
of goods. People bought fewer refrigerators and
washing machines than they had intended to and
about the same number of radios, while many more
bought furniture than had planned to do so at the
beginning of the year. Failure to acquire refrigerators and washing machines as contemplated early
the year—many people who had expected to buy
new cars evidently shifted to used cars, and many
who had not expected to buy cars at all bought
used cars. Purchase of used cars is subject to
many influences which are not allowed for in planning. Damage in accidents or unexpectedly heavy
repair bills may bring about unforeseen purchases.
While an estimated 1.5 million people planned to
buy used cars in 1947, or few more than intended
to buy in 1946, it may be safely assumed that
the number of used cars bought in 1947 will be
much greater than that total.
While the people with incomes of under $3,000
bought about as many automobiles as they had
planned to buy in 1946, the upper-income groups
did not fully carry out their buying intentions. This
comparison is given in Table 2. Probably many of
these people preferred to wait until they could get
new cars; their deferred demand is being carried
over into the current year. In 1947 it may be anticipated that more spending units in all income
groups will buy automobiles (new and used cars
together) than actually planned to do so at the beginning of the year.
The market for cars (new and used considered
together) falls chiefly in the $1,000^5,000 income
brackets. As shown in the chart, spending units
with incomes of under $1,000 make up 17 per cent
of the spending units, but include only 3 per cent
of the people who bought automobiles in 1946
TABLE
DISTRIBUTION OF CONSUMER INTENTIONS TO BUY IN
2
1946
AND 1947
BY INCOME GROUP OF PURCHASER
AND OF ACTUAL PURCHASERS IN
1946
X
Prospective and actual purchasers as a percentage of
all units within each income class
Type of purchase
All income
groups
Automobiles:
Expected to buy in 1946
Bought in 1946
Plan to buy in 1947
Other selected durable goods:
Expected to buy in 1946
Bought in 1946
Plan to buy in 1947
Houses:
Expected to buy in 1946
Bought in 1946
Plan to buy in 1947
Less than
$1,000
$1,000$1,999
$2,000$2,999
$3,000$4,999
$5,000
and over
11
11
12
3
2
4
8
9
6
11
13
12
16
11
18
26
20
24
28
28
21
14
14
9
25
25
17
32
32
24
34
36
28
38
35
26
8
7
6
4
3
1
7
6
6
9
7
6
9
8
8
11
13
9
1
Intended purchases for the year 1946 were ascertained in the survey made early in 1946. Actual purchases during 1946 and intended purchases for 1947 were ascertained early in 1947. In every case, the percentage of people expecting to buy includes those who
said definitely they would buy and those who said they probably would do so. Intended purchases in 1946 are related to 1945 income,
and actual purchases in 1946 and intended purchases for 1947 to 1946 income.
JUNE
1947
651
SURVEY OF CONSUMER FINANCES
in 1946 was undoubtedly partly due to the fact
that these items were not fully available, and it
can be expected that in 1947 plans may be carried
out more completely. Again in 1947 there may
be a great many furniture buyers who at the beginning of the year did not anticipate their needs
for furniture.
PURCHASES OF AUTOMOBILES
AND SELECTED DURABLE GOODS
PERCENTAGE DISTRIBUTION BY INCOME GROUPS, 1946
These plans cover both newly constructed houses
and those built in previous years. The number of
spending units with definite plans to buy houses
during 1947 declined while the number of units
with indefinite plans increased. Spending units with
veterans as members account for almost one-half
of the prospective house purchasers.
More spending units are uncertain and undecided
about entering the housing market now than a
year ago. It is estimated that at the beginning of
1947 at least 1 million spending units planned to
buy newly built houses in 1947. Almost half the
prospective 1947 purchasers of newly built houses
would spend more than $6,000 but no more than
one quarter planned to pay as much as $10,000.
For houses of all types, they planned to pay about
$6,300 on the average, which is about 25 per cent
more than the average payment contemplated for
1946. The lowest income group of spending units
has almost completely withdrawn from the housing
market, and spending units with incomes of $5,000
or more also show a tempering of intentions to buy
houses, especially in relation to their actual purchases of houses in 1946.
METHOD OF PAYMENT FOR PURCHASES
SPENT
F
pURC°H ASERS
AUTOMOBILES
AOUNT
MUMBBR
PURCHASERS S P E N T
OP 8PENDIN0
UNITS
SELECTEO
DURABLE GOODS
As shown by Table 2, within each income group
the proportion of spending units purchasing selected
consumer durable goods during 1946 corresponded
to the proportion contemplating purchases at the
beginning of the year. The decrease already noted
in over-all buying intentions for 1947 also appears
within each income classification.
In 1946 spending units in the income classes of
$2,000 to $5,000 accounted for three-fifths of the
dollar volume of expenditures for selected durable
goods other than automobiles, and those with incomes of over $5,000 accounted for another quarter
of the total. As shown in the chart, about one-fifth
of the buyers were in the income class of $1,000 to
$1,999, but they contributed little over a tenth of
the total amount spent. Spending units with incomes below $1,000 accounted for a very minor
share of the market for these goods.
Houses. Fewer people plan to buy houses in 1947
than either planned to buy or bought them in 1946.
652
In purchasing automobiles and other selected durable goods, about 55 per cent of the prospective
buyers in 1947 plan to pay full cash (including
trade-in allowances). As shown in Table 3, this
corresponds closely to the number of purchasers
who expected to pay cash in 1946. Actually in that
year a larger proportion of buyers, nearly two-thirds
of the total, paid cash, and only one-third used
instalment credit. Cash payments, as shown in
this table, include amounts obtained from current
income during the year, withdrawals from previously accumulated liquid asset holdings, proceeds
from sales of other assets, and trade-in allowances.
Reductions in holdings of bank deposits and
savings bonds in order to finance the purchase of
automobiles and other consumer durable goods will
be more common in 1947 than they were in 1946,
according to the plans of prospective buyers. Nearly
half of the consumers who plan to buy durable
goods in 1947 expect to draw on their liquid assets,
as compared with a third of prospective purchasers
who expected to draw upon their liquid savings in
1946. In financing their purchases of automobiles
and other durable goods in 1946, consumers drew
on their liquid assets somewhat more heavily than
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
they had planned. Approximately one-third of
the amount spent for these purchases during the
year was covered by a net reduction for the year in
holdings of bank deposits and Government bonds
of the buyers.
TABLE
3
METHOD OF PAYMENT FOR AUTOMOBILES AND O T H E R SELECTED
DURABLE GOODS BY PROSPECTIVE AND ACTUAL BUYERS,
AND
1946
1947
Percentage distribution of buyers
Method of payment
Full cash (including trade-in
allowances)
Instalment credit (together
with down payments—cash
and trade-in allowances). . .
Uncertain as to method
All buyers...
Plans for
financing
in 1946
Actual
financing
in 1946
Plans for
financing
in 1947 1
56
66
55
35
9
32
2
37
8
100
100
100
Distributions of buyers of automobiles and of buyers of other
selected durable goods by methods of payment for 1947 are substantially similar.
Fully as many consumers plan to use instalment
credit in purchasing durable goods during 1947
as did in 1946. Fewer buyers, however, used instalment credit during 1946 than had indicated they
would do so at the beginning of the year. This
year if more consumers planning to buy new automobiles, refrigerators, washing machines, and other
durable items are successful in their buying plans,
there is the likelihood that the volume of instalment
sale credit will expand at a more rapid rate than
during 1946, and that use of liquid assets for these
purposes will be greater. Price increases in the
past year may be a factor in causing more prospective purchasers to consider it necessary to use
some part of their asset holdings or to borrow, if
they fulfill their intentions to purchase, than was
the case in 1946.
Among the people who expect to buy automobiles
in 1947, fewer of those who plan to buy new cars
contemplate using credit than of those intending
to buy used cars. While 59 per cent of the new
car buyers plan to pay all cash for their cars,
only 45 per cent of the used car buyers expect
to do so.
Among the prospective buyers of automobiles
and other durable goods in 1947 who contemplate
borrowing to finance their purchases, the average
amount expected to be borrowed is $380. A fairly
JUNE
1947
large number of prospective buyers do not know
how they will finance their purchases, but assuming
that they borrow at the same rate as those who
do have specific plans for financing, about one-fifth
of the total amount to be spent for automobiles
and other durable goods will be borrowed.
The people who use the instalment plan for the
purchase of durable goods (other than automobiles)
show the same general characteristics as for prewar
years: they are concentrated in the low- and middleincome groups; they live mainly in middle-size
cities; a large proportion of them are skilled, semiskilled, and unskilled workers; they include a disproportionately large number of young people. At
all income levels, borrowing for the purchase of
automobiles as well as of other durable goods in
1946 was more common among those with small
liquid asset holdings than among those who held
fairly large amounts.
TABLE
4
METHOD OF FINANCING PURCHASES OF HOUSES IN
Method of financing
Full cash
Borrowing less than 60 per cent of
price
Borrowing 60 per cent or more of
price
Borrowing uncertain amount
Not ascertained
1947
Percentage distribution
of spending units that plan
to buy or build houses
13
14
42
18
13
All buyers. .
As indicated in Table 4, most of those who expect
to buy houses in 1947 plan to resort to borrowing.
Most borrowers intend to borrow 60 per cent or
more of the price they plan to pay. About 5 out
of every 10 prospective buyers also expect to use
some of their liquid assets for the purchase of houses.
Less than 2 out of every 10 buyers plan to sell
other houses or investments to obtain funds with
which to make their purchases.
CHANGE IN LIQUID ASSET HOLDINGS IN
1946
According to over-all banking and Treasury
statistics, total personal holdings of liquid assets—
Government bonds and bank deposits4—increased
4
Holdings of currency, of which about 26 billion dollars is in
circulation outside of banks, including business as well as
personal holdings, are usually included in over-all compilations
of liquid asset holdings. Because satisfactory information as
to such holdings could not be obtained in the Survey of Consumer Finances, they are not covered in this analysis.
653
SURVEY OF CONSUMER FINANCES
by about 8 billion dollars during 1946, which was
a much slower rate than during the war years.
Notwithstanding the over-all increase, it was found
in the survey that the number of individual spending units showing net reductions in their holdings
exceeded somewhat the number showing net increases. The total decline in holdings of all units
that had smaller amounts of liquid assets at the
beginning of 1947 than at the beginning of 1946
approximated 10 billion dollars. These withdrawals were, however, apparently more than
counterbalanced by liquid savings on the part of
spending units that increased their holdings of
bonds and bank deposits during the year.5
SPENDING UNITS SHOWING CHANGES JN PERSONAL HOLDINGS
OF GOV'T BONDS AND BANK DEPOSITS, BY INCOME GROUPS
40
P
"
CE
20T
J
J
•
20
P E R
C
40
T
60
* 5.000.
AND OVER
•dttdii
••EMI
J :. Lz™^
Additions likewise occur as a result of buying other
securities or houses, repaying debt, paying for life
insurance premiums, and so on, and reductions in
savings occur as a result of going into debt and
selling real estate or securities. The discussion
of these other forms of saving and dissaving will
be presented in articles in subsequent BULLETINS.
Analysis of reductions in liquid assets is included
in this article because it provides some indication
of the extent to which liquid asset holdings supplement available purchasing power.
As indicated in the chart, slightly more than twofifths of all spending units reduced their holdings
of bank deposits and Government securities in 1946,
exceeding somewhat the number increasing their
holdings; the remaining fifth showed little change.
The number reducing holdings was greater in 1946
than in 1945, while the number adding to their
holdings declined. This was the case for all income groups. In 1946, among high- and mediumincome units, the number adding to holdings continued to exceed the number reducing holdings,
and this probably accounted for a large part of the
increase in total holdings. In the lower-income
brackets, spending units who reduced their holdings
TABLE
•
* 1.000
•EDBT
DISTRIBUTION OF DECREASES IN LIQUID ASSETS IN
BY
^
m
y
ALL HOLDERS
^
PURPOSE
OF
WITHDRAWAL
J
Purpose
Spending units showing no change are not included.
Some part of the reduction in previously accumulated holdings of liquid assets was, as pointed
out in the preceding section, for the purchase of
durable goods and houses, but withdrawals for
these purposes account for only a part of the change
that took place in these holdings during 1946. In
addition, some spending units reduced their holdings for other purposes.
Additions to and withdrawals from previously
accumulated holdings of Government bonds and
bank deposits, it should be noted, do not fully
represent changes in the balance sheet of savings.
5
In the light of the over-all increase in personal liquid asset
holdings during 1946 as estimated from banking and Treasury
statistics, the 1947 survey findings underestimated the increase
in liquid assets.
654
5
General living expenses3.
Automobiles and durable
goods
Houses and investments 4
Several purposes
All purposes
AND
INCOME
1946
GROUP
X
Percentage distribution of
spending units within selected
income groups reducing
Percentliquid assets
age of
net decline in
Income group
total
hold-2
All inings
come
groups Under $2,000- $5,000
and
£2,000 $4,999 over
33
57
67
55
34
9
29
29
11
14
18
7
9
17
13
14
18
14
32
20
100
100
100
100
100
1
Only spending units that had smaller amounts of Government
bonds and bank deposits at the beginning of 1947 than at the beginning of 1946 are included in this table. These units were asked
the following question: "We find that your current bond and bank
holdings are smaller than what, you had a year ago. You used
about $
from your savings. What sort of things did you
use2 this money for?"
Total (net) use of liquid assets refers to the dollar amount of
liquid assets used by those spending units showing a reduction in
their
holdings.
3
Includes living expenses, emergencies, and consumption purposes
such as repair of houses, moving, education.
4
Of the total amount used for houses and investments, slightly
more than half was for housing and other real estate and the remainder for investment in securities and unincorporated businesses.
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
were more frequent than those who increased their
holdings, in contrast to the situation in 1945 when
increases predominated in all groups.
As an indication of the purposes for which liquid
assets are drawn upon, information regarding the
intended use of withdrawn funds was obtained in
the survey from those reporting reductions in holdings of bank deposits and Government bonds.
Table 5 summarizes the proportions used for various
purposes, as well as the proportions of spending
units in different income groups that reduced their
holdings for the purposes indicated. It should be
noted that these data include neither spending units
that did not reduce their liquid assets, nor those
whose withdrawals from holdings were offset by
previous or subsequent additions during the year;
that is, they cover only holders who reported decreases in their total holdings and only the aggregate amounts of net declines shown by these holders.
These data show that among the principal purposes indicated for reductions in liquid assets, general living expenses were more frequently mentioned
than any other (by 57 per cent of all spending units)
and accounted for 33 per cent of the net decline
in total holdings. In terms of the dollar amounts
of assets withdrawn, housing and investment were
also important. Comparison of the purposes for
which liquid assets were used in 1945 and 1946
shows very close consistency in the two years. The
only clear exception was that in 1945 assets were
used to a lesser extent than in 1946 for the purchase
of consumer durable goods, which were available
during 1945 in very limited quantities.
Lower-income groups used their assets most frequently for living expenses and emergencies. The
higher the income group the greater the relative
use of assets for investment, or purchase of consumer durable goods, but it is significant that even
within the middle- and upper-income groups very
substantial numbers of spending units drew upon
holdings of liquid assets for living expenses.
Specific allocation of the liquid assets indicated
in Table 5 as spent for "several purposes" is not
feasible from survey returns. A rough allocation
in accordance with major purposes of spending,
however, would yield the following approximate
distribution: about two-fifths for general living expenses; about one-fifth for automobiles and other
durable goods; just over one-fifth for the purchase
of houses; and just under one-fifth for investment
JUNE
1947
in real estate, securities, and unincorporated businesses.
Most of the spending units that reduced their
liquid assets retained a part of their holdings.
Nevertheless, as shown in Table 6, almost onefourth of those who reduced their assets, or about
a twelfth of all holders, used all of their holdings.
About three-fifths of the asset withdrawers used
25 to 99 per cent of their holdings, and one-fifth used
less than 25 per cent. People with low incomes
used all of their liquid assets proportionally more
often than did people with middle incomes; no one
with an income of $5,000 or more reported using all
of his liquid assets. Among spending units with
higher incomes net decreases of $1,000 or more
were a large portion of all reductions.
TABLE
6
DISTRIBUTION OF DECREASES IN LIQUID ASSETS IN
BY
SIZE
OF REDUCTION
AND INCOME
1946
GROUP
Percentage distribution of holders
showing reduction
Reduction
Income groups
All income
groups
Percentage reduction in
liquid assets:
1-24 per cent
25-99 per cent
100 per cent
All classes
Amount of reduction in
liquid assets:
Under $200
$200-$999
$1,000 and over. . . .
All classes
Under
$2,000
$2,000- $5,000
$4,999 and over
18
59
23
4
20
12
12
34
11
2
5
0
100
36
57
7
30
49
21
13
17
6
16
30
11
1
2
4
100
36
57
7
CONTEMPLATED INVESTMENT OF LIQUID ASSETS
At the beginning of 1947, as was the case a year
earlier, only a small percentage of people with substantial holdings of liquid assets ($1,000 or more)
expressed intentions to transfer any part of these
assets to other forms of investment. At the same
time investor preferences for various types of nonliquid assets underwent some change.
Definite plans to transfer liquid assets to other
forms of investment during 1947 were expressed
by 6 per cent of the substantial holders of liquid
assets, as shown by Table 7. The frequency with
which such intentions were expressed had not
655
SURVEY OF CONSUMER FINANCES
changed substantially from the beginning of 1946.
The larger the liquid asset holdings, the more
frequently plans to transfer assets were expressed.
Among holders of $1,000 to $3,000 in Government
bonds and bank deposits, 7 per cent plan to transfer
some assets or will probably do so; the percentage
is almost 20 among holders of more than $5,000 of
liquid assets.
TABLE 7
PLANS TO TRANSFER LIQUID ASSETS TO NONLIQUID
MENTS D U R I N G
INVEST-
1947
Percentage of substantial holders 1
Type of investment
Real
Will use liquid assets to buy .
Will probably use liquid assets
to buy
Undecided
Will not use liquid assets to buy
Not ascertained
All substantial holders x .
1
3
79
16
Secur-
Business
Any one
type
1
1
82
14
2
4
75
16
4
5
70
15
100
100
100
1
Spending units holding $1,000 or more in liquid assets at the
beginning of 1947.
In both years approximately two-thirds of the
substantial holders of liquid assets considered it
wisest to buy assets with fixed value, such as Government bonds or bank deposits. Relatively small
proportions of large liquid asset holders preferred
investment in assets of changing value, such as real
estate and corporate stocks. In comparing opinions
expressed early this year wTith those expressed in
1946, however, two significant differences appear,
as shown in Table 8. First, among those preferring
assets of fixed value, the proportion of spending
units favoring bank deposits increased substantiallv,
while the proportion favoring Government bonds
declined somewhat. In this connection, it is interesting to observe that the largest increases in
people's liquid asset holdings during 1946 occurred
in bank accounts. The second significant difference in people's preference for assets was that at
the beginning of 1946 some 16 per cent of the spending units with substantial liquid asset holdings,
and this year only 8 per cent, thought it wiser to
buy assets with changing value. The decrease appears in the number preferring real estate as a form
of investment and not in the number preferring
securities or diversification of investment. From
656
explanations given, it was evident that this was an
unfavorable reaction to high real estate prices.
The various occupational groups show different
preferences for the various types of assets. Of the
unskilled and skilled workers, more than threefourths prefer either Government bonds or bank
deposits. White collar workers, professional people, businessmen, and farm operators in the order
named show diminishing preferences for these
liquid assets. As already indicated, 8 per cent ^>f
the substantial holders of liquid assets expressed a
preference for real estate or securities as a type of
investment. Of the various occupational groups,
the following proportions of substantial holders indicated a preference for this type of investment:
unskilled workers, 3 per cent; both skilled and
white collar workers, 6 per cent; professional people, 10 per cent; and both businessmen and farm
operators, 11 per cent.
CONSUMER ATTITUDES AND EXPECTATIONS
Several changes occurred during 1946 in the
attitudes and expectations of consumers regarding
general economic conditions and their own financial
status. In early 1947 more people were optimistic
about the country's immediate economic future than
at the beginning of 1946; over half of the people
TABLE 8
PREFERENCE
FOR ASSETS W I T H FIXED OR W I T H
CHANGING
VALUE1
Type of asset preferred
Percentage of substantial
holders of liquid assets 2
1946
1947
Assets with fixed value—total.
Government bonds
Bank deposits
Both types
61
37
6
18
68
31
19
18
Assets w i t h c h a n g i n g value—total
Real estate
Securities
Both types
16
11
3
2
8
4
3
1
Assets with fixed a n d c h a n g i n g
value—total
Government bonds and real estate. .
Other combinations
5
2
3
9
3
6
6
12
1
14
100
100
Undecided, " i t d e p e n d s "
Not ascertained
All cases
1
The question was: "People sometimes have money they don't
have to spend right away, and they can either put it in a bank or
they can invest it. What do you thiuk would be the wisest thing
to do with the money nowadays—put it in the bank, buy savingsbonds with it, buy other securities with it, or invest it in real
estate?"
"Why do you think so?"
2
Spending units holding $1,000 or more in liquid assets.
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
expected good times, compared with about a third
last year, while the proportion anticipating had
times declined from 36 to 22 per cent. Optimism
concerning their own personal situations had also
increased among consumers, as shown in Table 9.
When asked whether they considered themselves
better off or worse off than they were a year ago,
nearly a third reported that they were better off,
as compared with a fifth making this statement
a year earlier. While there was no greater tendency
to expect incomes to increase, fewer people expected
their incomes to fall.
The most pronounced shift in consumer attitudes
occurred in relation to the prospective trend of
prices. Early in 1947 most people giving unqualified answers expected prices to decline, while early
in 1946 the prevailing opinion was that prices
would rise. In the minds of consumers, a decline
in the price level does not seem to be associated
with deterioration of the general economic situation.
As shown in Table 10, more than a fourth of all
people expected both good times and falling prices
TABLE 10
RELATIONSHIP BETWEEN PRICE EXPECTATIONS AND OPINIONS
CONCERNING ECONOMIC OUTLOOK IN
j
Percentage of spending units
Expect prices to
go up
remain
the
same
down
Conditional
price
expectations
5
3
5
(r)
13
5
4
C1)
28
8
10
I
8
5
4
1
13
22
46
17
Expectations
TABLE 9
CONSUMER EXPECTATIONS CONCERNING THE GENERAL ECO-
1947
NOMIC OUTLOOK, INCOMES, AND PRICES
Percentage distribution of all
spending units
Expectations
Good times ahead
Uncertain, no change
Bad times ahead
Not ascertained
Total 2
1946 x
1947 2
1
2
General economic outlook 3
Good times ahead
Uncertain, no change
Bad times ahead
Not ascertained
....
...
....
All cases
35
23
36
6
55
21
22
2
100
100
25
34
23
13
5
26
42
12
18
2
100
100
Own incomes 4
Income will be larger than in preceding year. .
Income will be about the same
Income will be smaller than in preceding year.
Uncertain, "it depends"
Not ascertained
All cases..
Price changes 5
Will go up
Will remain the same
Will go down
Conditional answers
Not ascertained
All cases. .
1
2
3
.
53
21
8
13
5
100
13
22
46
17 .
2
100
Based on interview's in January-March 1946 (first survey).
Based on interviews in January-March 1947 (second survey).
The question was: "Considering the country as a whole, do you
think we will have good times or bad times or what during the
next
year or so?"
4
Farm operators were not asked their income expectations in
the first survey; consequently they are excluded from the compilation
of these answers.
6
The question was: "What do you think will happen to the
prices of the things you buy during the next year—do you think
they will go up or down or stay about like they are now?"
JUNE
1947
Less than one-half of 1 per cent.
Detailed figures may not add to totals because of rounding.
in the immediate future. Only a few, on the other
hand, expected both good times and rising prices,
and an equal number associated expectations of
rising prices with an outlook for hard times.
In the course of the survey, consumers were asked
whether their price expectations made any difference in their plans to buy durable goods, clothing,
house furnishings, and other similar items. In
answering this question, people expressed considerable dissatisfaction with the present price level.
More than one in four said they were postponing
certain purchases, especially of automobiles, other
durable goods, and clothing, until a more favorable
price situation should prevail. One-third of the
spending units, while not saying specifically that
they were postponing purchases, said that they were
following a policy of economy because of the high
prices, and were buying as little as they possibly
could.
Tables 11 through 14 on the following page contain additional information concerning some of
the preliminary findings presented in the text.
657
SURVEY OF CONSUMER FINANCES
TABLE
TABLE 12
11
CONSUMER ATTITUDES TOWARD SELECTED PURCHASES IN
1946
AND 1947
Type of product and attitude
toward purchase
Percentage distribution
of all spending units
1946
Automobiles:
Will buy
Will probably buy
Undecided, "it depends"
Will not buy
Not ascertained
All cases
Other selected durable goods:
Will buy at least one item
Will probably buy
Undecided, "it depends"
Will not buy any item
Not ascertained
All cases...
Houses :x
Plan to build or buy a house
Will probably buy
Undecided, "it depends"
Will not buy
Not ascertained
All cases
CONSUMER ATTITUDES TOWARD USE OF LIQUID ASSETS FOR
PURCHASE OF AUTOMOBILES AND OTHER SELECTED
DURABLE GOODS, 1946 AND 1947
1947
8
3
2
84
3
8
4
3
84
1
100
100
22
6
5
63
4
14
7
5
72
2
100
100
6
1
2
83
8
4
2
3
89
2
100
100
Percentage distribution of
prospective buyers
Intention of holders, with amounts
of anticipated expenditures
1946
1947
Will not use liquid a s s e t s . . .
55
45
Plan to use liquid assets—total. .
28
37
Less than $100
$100-$499
$500-$999
$l,000-$2,999
$3,000 or over
Uncertain as to amount
3
9
4
4
3
11
4
7
C1)
0)
8
2
12
17
Uncertain as to use .
All cases
18
100
100
1
2
1
Old as well as newly built houses on the part of the nonfarm
population.
Less than one-half of 1 per cent.
If prospective buyers whose financing intentions were not
ascertained are included in the distribution, the percentages
become:
1946
1947
Will not use liquid a s s e t s . . .
66
55
Plan to use liquid a s s e t s . . . .
34
45
TABLE 14
DISTRIBUTION OF PURCHASERS OF NEW AUTOMOBILES AND
OTHER DURABLE GOODS, BY PRICE CLASS, 1946 AND 1947
[Per cent]
Price class
DISTRIBUTION OF PROSPECTIVE PURCHASERS OF HOUSES,
BY PRICE CLASS, 1946 AND 1947 X
[Per cent]
Price class
Under $2,000
$2,OOO-$3,999
$4,000-$5,999
$6,000-$7,999
$8,000-$9,999
$10,000 or over
Uncertain
All cases
1947
1946
TABLE 13
1946
1947
18
16
19
15
9
7
16
10
13
18
13
11
18
17
100
100
1
The median price to be paid for houses (old as well as newly
built) was $4,000 for buyers with incomes under $2,000; $5,000 for
incomes of $2,000-$3,999; and $8,000 for incomes of $4,000 or over.
New automobiles:
Under $1,000
$1,000-11,349
$l,350-$l,999
$2,000 or over
Uncertain
Prospective
purchasers
Actual
purchasers
Prospective
purchasers
5
62
22
2
9
3
27
52
16
2
2
33
43
12
10
All cases
100
100
100
Other durable goods:
Under $100
$100-$199
$200-$299
$300-$499
$500-$999
$1,000 or more
Uncertain
19
24
17
14
10
5
11
24
24
17
13
11
6
5
12
21
26
14
11
5
11
100
100
100
All cases
APPENDIX
EXPLANATION OF THE SAMPLING METHOD x
The Survey of Consumer Finances is based upon
interviews with a sample of 3,058 consumers, repre1
This article was prepared by Eleanor E. Maccoby and Roe
Goodman of the staff of the Survey Research Center, University
of Michigan.
658
senting a cross-section of the public. People from
all walks of life are included—farmers, factory
workers, clerks, executives, and many others.
Readers of survey results often ask questions
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
about the people interviewed: How are they se- It has been found that just as a representative
lected? How can a sample of 3,000 people be rep- sample of fuses or water can be chosen, it is posresentative of many millions of consumers? The sible to select a representative sample of people.
present discussion describes in nontechnical terms The information from these people will give a very
the sampling methods and the rationale behind good idea of what would have been found if it
had been possible to get information from the
them.2
entire population. For example, to find out what
SUMMARY
The sample for the Survey of Consumer Finances proportion of the registered nurses in New York
is selected by the method of area sampling. First City are over 50 years of age it would not be necesa selection of counties is made (after all of the sary to tabulate the ages of all registered nurses.
counties in the country have been stratified), and Every 10th card in the registration file would give
then within each county chosen a selection of open a very accurate idea of the age distribution of all
country segments and city blocks is made. From registrants.
In a survey of consumer finances, limitations of
the selected city blocks, a sample of dwellings is
drawn, while all dwellings in the chosen open time and resources make it impossible to interview
country segments are included in the sample. All every family in the nation; nevertheless, the obspending units in each of the sample dwellings are jective is to obtain a good estimate of the distribuinterviewed. Dwelling units on high-rent blocks tion of income, liquid asset holdings, saving, and
and dwellings rated as high-income dwellings by other items, among all the nation's consumers.
the interviewers are sampled at a higher rate than It becomes necessary to select a sample of people
other dwellings, and the interviews from these who will represent the nation—a group of people
dwellings are then weighted downward in the among whom income, liquid asset holdings, and
analysis of the survey's results. This over-sampling saving will be distributed very much as they are for
of high-income dwellings reduces the sampling the nation as a whole. Such a sample is most likely
to be free from bias and hence representative if,
error of the survey.
The sample of 3,000 cases used for the national as the final step in its selection, the persons in the
Survey of Consumer Finances is large enough to sample are chosen by random processes. That is,
each consumer in the nation must be given an equal
furnish reliable estimates for percentage distribuor a known chance of being included in the sample.
tions, medians, and Lorenz curves based on the
Whenever a survey is based on a sample of people
whole sample; it is less reliable for means, and is
instead
of upon an entire group, the results will
too small to permit regional break-downs.
be subject to "sampling error." It might happen
BASIC PRINCIPLES OF SAMPLING
by chance, for example, that in the card file on
The idea of sampling has grown quite familiar registered nurses, cards 10, 20, 30, etc. are more
in recent years. Manufacturers of fuses know that often cards for older nurses, while the other cards
they need not test every fuse which is produced— are more often for younger nurses. A sample of
that a check on the quality of the product can be every 10th card from this file would not be fully
maintained by testing every 1,000th or 10,000th representative as to age. The larger the number of
fuse. Health technicians charged with maintain- cases any sample contains, the less likely it is to
ing the purity of a city's water supply need not have too many or too few of any one group.
test every cubic foot of water for bacterial content.
STRATIFICATION OF THE SAMPLE
It is sufficient to take samples at intervals from
There are ways of reducing sampling error so
different parts of the reservoir; the water in these
samples will be very similar to the whole water that even with a relatively small number of cases
supply from which they were taken; that is, they the chances of having an unrepresentative sample
will be very small. One common device for rewill be representative.
There are times when we wish to obtain in- ducing sampling error is stratification. To stratify
formation about certain characteristics of people. a sample means in eflect to arrange the units which
are being sampled in a certain order according to
2
A technical article on sampling procedures used in the Survey
of Consumer Finances, prepared by Mr. Goodman, will be sup- some characteristic before selecting every N'th
plied on request. Requests should be addressed to the Survey
(every 10th, 50th, 100th, etc.) unit.
Research Center, University of Michigan, Ann Arbor, Michigan.
JUNE
1947
659
SURVEY OF CONSUMER FINANCES
If we threw the names of the counties of the
United States into a hat, for example, and drew
out 100 of them at random, we might by chance
select too many predominantly urban counties and
too few predominantly rural counties. If we
arrange the counties in order of their urbanization,
however, from the most highly urbanized to the
most rural, and then select every N'th county,
we are certain to select a proper proportion of
highly urbanized and a proper proportion of rural
counties.
No sample can be improved, of course, by making
sure that the items sampled are representative of
a certain characteristic, unless the items of information being studied in the survey are related to
that characteristic. A survey of income distribution or occupational status, for instance, would
probably be more improved by stratification according to urbanization than would a survey of the
incidence of cancer or a sample study of the heightweight ratio.
A single sample may be stratified for several
characteristics. This is done by first arranging the
units according to one variable and dividing them
into several groups according to this variable, then
dividing each of these groups into subgroups according to a second variable, etc.
THE SIZE OF THE SAMPLE
Many considerations enter into the decision as
to how large a sample is needed for a survey. While
there is a point beyond which increasing the sample
size will not increase the precision of the sample
appreciably, it is generally true that the larger the
sample, the lower the sampling error. Also, large
samples permit more break-downs of the data (by
regions, occupational groups, etc.) than small
samples do. On the other hand, small samples
are less expensive, and they have one very great
advantage which is often overlooked: it is possible
to maintain a higher standard of interviewing skill
and closer field supervision when the sample is
small. This, of course, is more important when
the interview schedule is difficult to handle (as it
is in the Survey of Consumer Finances) than when
the study is simple. A small sample can be completed in a shorter period of time, and will therefore yield results which are more homogeneous
than those of a study whose field work must be
spread over many months.
660
The final decision as to sample size must depend
on the complexity of the interviewing job, and the
amount of sampling error which can be considered
acceptable. The sample of 3,000 cases on which the
Survey of Consumer Finances is based is too small
to permit certain kinds of internal analysis of the
findings—regional break-downs are not possible,
for example, and analysis of certain small but interesting segments of the population is severely
limited.
For many important items, national estimates
based on 3,000 interviews are quite reliable, however. The sampling error of percentages in percentage distributions is such that the probabilities
are only 1 in 20 that the survey findings differ from
the true percentages by more than 2 percentage
points. If the survey were to show, for example,
that 50 per cent of the respondents expect prices
to fall, or 50 per cent of the respondents hold
less than $200 worth of Government bonds, the
chances are only 1 in 20 that these percentages differ from the true percentage for the whole population by more than 2 points. For small percentages, the sampling error in percentage points is
smaller: A finding that 6 per cent of the sample
expect to buy houses would have a high probability
of falling within 1 percentage point of the true
figure.3 Some statistics yielded by the survey are
subject to greater sampling error than others. The
mean income, for example, has a greater sampling
error than the median income, because each individual affects the median to the same degree as each
other individual, but his effect on the mean is
weighted by the size of his income. The chance
inclusion or exclusion of a high-income person in
the sample, then, may affect the mean substantially
but not the median. Correspondingly, the sampling
error of the estimated average price paid for automobiles is greater than that of the estimate of the
number of automobiles sold.
It should be borne in mind that sampling error
does not diminish in direct ratio to an increase in
the size of the sample. The sampling error varies
inversely with the square root of the number of
cases. For national surveys, a point of diminishing
returns is soon reached, beyond which further in3
The standard error of percentages from the survey is about
1 per cent at the middle of the percentage range, and about onehalf of 1 per cent at the end of the range. It should be kept in
mind that the range of error cited here is sampling error only.
The true figures for the entire population may differ from survey findings by a larger amount due to other errors, such as
reporting error.
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
creases in the number of cases will not yield worthwhile gains in sampling efficiency. The point of
diminishing returns does not depend on the size
of the group being represented, but upon its
variability. In other words, a sample of 3,000
would represent a nation of 40 million families just
as well as it would represent a nation of 500,000
families, provided the two nations were similar
in the way incomes, savings, buying intentions, etc.,
were distributed among the population.
SELECTION OF THE INTERVIEW PLACES
In selecting a sample for a nation-wide survey
such as the Survey of Consumer Finances, one of
the first problems to be solved concerns the number
of places in which interviews are to be taken. To
take 3,000 interviews scattered over the United
States, without clustering them geographically in
any way, would mean that there would be very
many counties or towns in which only one interview would be obtained. Clearly, the travel costs
for interviewers would be prohibitively high with
this kind of sample, and the time needed to obtain
the interviews would be considerable. The usual
procedure for national surveys is to take a sample
of places (or sample points) first, and then within
these selected places to select a sample of dwellings
where interviews will be taken. Clustering the
interviews in sample points increases the sampling
error somewhat over the error of an unclustered
sample.
In the Survey of Consumer Finances, the 12
largest cities of the country were first selected as
sample points; then the remaining counties were
stratified according to the following variables:
Urbanization, average per capita sales of Government bonds in wartime, industrialization, percentage of the population who are native white, and
average size of farm. The stratification resulted in
54 strata, and within each stratum one county was
selected at random. Each county was given a
probability of selection proportional to its 1940
population.4 All the different regions of the country were represented among the counties chosen in
this way.
SELECTION OF INTERVIEW
DWELLINGS
AND RESPONDENTS
Once sample points are selected, the next step
is to select the particular dwellings within each
county where interviews are to be taken. For
sampling in the open country parts of each county,
materials from the Master Sample of Agriculture
were used.5 With the use of detailed maps, the
open country areas are divided into segments
(small areas bounded by easily identified landmarks
such as roads and streams) and a random selection
of segments is made. Then interviews are taken
at every dwelling in each of the selected segments.
In the 12 metropolitan areas, and in the towns
and cities in the 54 selected counties, a selection of
blocks is first made. Detailed maps are secured
for every town or city which is to be included in
the sample, and from these maps the blocks are
counted and numbered, and a random selection is
made among them.6 When blocks have been
chosen, interviewers are sent to these blocks to
list the dwellings. They start at a given corner
of the block, and proceed clockwise around it,
writing down on a listing sheet the address of each
dwelling they encounter. Each apartment in an
apartment house is listed as a separate dwelling.
The listing sheets furnished the interviewers have
check marks on every N'th line, and the checked
lines, constituting a sub-sample of the dwellings
on the block, are the dwellings in which interviews
are to be taken.
When a dwelling has been selected as a sample
dwelling by the above procedure, the interviewer
determines the financial facts concerning all the
people who live in the dwelling.
By drawing a representative sample of dwellings, we are at the same time drawing a representative sample of spending units, families, or individuals. The nature of the unit of which we have
a representative sample depends upon how the
occupants of the sample dwellings are grouped into
economic units by the interviewers. This, in turn,
depends on what unit has been chosen as the most
appropriate interviewing unit for the survey. In
the Survey of Consumer Finances, the inhabitants
5
See A. J. King and R. J. Jessen, "Master Sample of Agriculture," Journal of the American Statistical Association, Vol.
40, 1945, pp. 38-56.
6
The method of double sampling is used in the selection of
blocks in cities of more than 50,000. A large sample of blocks
is first chosen, then these blocks are stratified and from them
a sub-sample is taken to constitute the final sample of blocks.
JUNE
1947
661
SURVEY OF CONSUMER FINANCES
of each dwelling which falls into the sample are
grouped into spending units. A spending unit is
a group of people living in the same dwelling
related by blood, marriage, or adoption, who pool
their incomes for their major items of expense.7
For some of the survey findings, the occupants of
the sample dwellings are regrouped according to
families,8 and tabulations are made according to
both families and spending units.
OVER-SAMPLING OF UPPER-INCOME GROUPS
In any survey which deals with thefinancesof
the respondents, certain sampling problems assume
more importance than they do in other surveys. It
is essential in a financial survey to make sure that
there is an adequate representation of the people
in the upper-income groups. Since income and
savings are unevenly distributed (a relatively small
proportion of the population receive a relatively
large proportion of the national income, hold a
relatively large proportion of the liquid assets, and
account for a relatively large proportion of the
savings), the survey findings from the upper-income
groups weigh heavily in the averages and other
statistics computed from the survey. There is great
variation in the amounts received and held by members of the upper-income groups, and, when the
sample is small, there is danger that too many or
too few wealthy people will be included in the
sample. There are certain types of information,
furthermore, which can be obtained only from
upper-income people—for example, the plans of
those holding $1,000 or more in liquid assets for
investing liquid assets in real estate or securities.
It is necessary to strengthen the sample at the upperincome levels, to make sure that the wealthy people
will afJect the final results to the proper degree,
and to have a large enough group for study of certain special questions relating to this group only.
In the Survey of Consumer Finances, upperincome groups were over-sampled, through the use
of the following devices. In cities with populations
of over 50,000 there are Census figures available
on the average rent paid per block. Dwellings on
high-rent blocks were sampled at a higher rate than
dwellings on low-rent blocks. In addition, before
7
If people contributed more than one-half their income to
the family it was considered that they pooled their income.
In addition, a wife of the head of the family or a family member under 18 years of age or earning less than $10 a week was
always
considered a member of the main spending unit.
8
Families are defined as all persons living in the same dwelling
who are related by blood, marriage, or adoption.
662
interviewing began, interviewers were instructed
to rate the dwellings on the sample block according to whether they thought the dwellings were
occupied by high-, medium-, or low-income families;
the dwellings rated high and medium were sampled at a higher rate than those rated low. This
meant that the greater sample precision which results from a larger number of cases was obtained
for the high-income dwellings only, not for servants'
quarters and other low-income dwellings which
happened to be on high-rent blocks. In towns
under 50,000, where rent statistics were not available for the blocks, interviewer ratings of the economic status of sample dwellings were used; dwellings rated as high-income dwellings were oversampled, while low-income dwellings were sampled
at the regular rate. The dwellings which were
over-sampled were, of course, weighted downward
in the final tabulations so that they made up only
their proper proportion of the final results.
DETERMINATION OF THE SAMPLING RATE
In the foregoing description of the sampling procedure, it was stated that every N'th open country
segment (and every dwelling in the segment), or
every N'th block and every N'th dwelling on the
block, were selected for the sample. How is it
determined how large the N—the sampling rate—
should be? Should it be every 10th, every 100th,
or what? The sampling ratio depends, of course,
on the number of cases which are to be included
in the survey. Suppose that there are 40 million
dwelling units in the United States, and that a
national sample of 4,000 interviews is to be taken
(with no over-sampling of special groups). Then
each dwelling in the country must be given one
chance in 10,000 of being selected. If 1 out of every
50 counties is chosen, and if in cities within these
chosen counties every 100th block is selected, then
every second house on each of these blocks would
have to be included to maintain the sampling rate
of 1 in 10,000. Not all blocks in a city need be
chosen at the same rate. Sometimes it is desirable
to take densely populated blocks at a higher rate,
but to take dwellings within these blocks at a lower
rate, so as to minimize clustering of interviews
while maintaining the proper basic sampling rate.
In practice, dwellings are sampled at a somewhat
higher rate than the final number of interviews
desire3 would indicate. This over-sampling is
done in the expectation that there will be a certain
FEDERAL RESERVE BULLETIN
SURVEY OF CONSUMER FINANCES
proportion of the dwellings selected where no one
can be found at home after repeated calls, or where
the occupants will not consent to be interviewed.
When interviewers are not able to obtain an interview at the designated dwelling, they are not
allowed to choose a substitute dwelling for an interview—they simply go on to the next designated
dwelling.
»
COVERAGE OF THE SURVEY
The dwelling units, families, and spending units
covered in the current survey do not encompass all
the dwellings and all the people in the United
States. The following groups are omitted: (1)
people living outside the limits of the continental
United States; (2) members of the Armed Forces
living at military reservations; (3) residents in
hospitals and in religious, educational, and penal
institutions; (4) the floating population, that is,
people living in hotels, large boarding houses, and
tourist camps.
No exact data are available concerning the number of families and spending units in the nation not
covered in the survey. As an approximation, it
can be stated that about 5.5 per cent of the 141.5
million population was not included in the universe
from which the sample was drawn.
The group from which the sample is drawn is
made up of 40.6 million families (including singleperson families) and 46.3 million spending units.
TESTING THE RESULTS OF THE SAMPLING PROCEDURE
Once a national sample of 3,000 cases has been
selected and a survey conducted, it is possible to
do some checking of the representativeness of the
sample by comparing the survey results with facts
about the population known from other sources.
The sample should, for example, contain about the
same proportion of Negroes, and the same proportion of farmers, as are found in the entire population. While comparison of some findings from
JUNE
1947
the Survey of Consumer Finances with Census
data and other available information may not be
as precise as desired because the survey is based on
a different consumer unit (the spending unit),
whatever checking can be done usually reveals a
satisfactory correspondence between the composition
of the sample and the composition of the entire
population.
Some insight into the accuracy of samples
may be obtained by comparing several independent
samples. There is a high degree of correspondence
between the samples of the 1946 Liquid Assets
Survey and the 1947 Survey of Consumer Finances
with respect to occupational composition, racial
composition, etc. Also, the income distribution
produced by the 1946 Survey of Liquid Assets compares very closely with the income distribution
obtained by the Bureau of the Census in a sample
survey.
At this time it is not possible to check such
survey findings as the distribution of income by
income classes with information obtained through
sources other than sample surveys. Another means
of evaluating the sample and the reliability of
results, however, is to expand certain survey findings to over-all national estimates by multiplying
the average values obtained from the survey by
the best available estimate of the number of spending units in the nation. As has been pointed out
before, the margin of error for a sample of the
size used in this survey is much greater for dollar
estimates than for other types of numerical totals,
and therefore a comparison of the expanded dollar
estimates from the sample with outside estimates
cannot be expected to provide a basis for judging
the adequacy of the survey as a whole. A discussion of the expansion of certain findings from the
Survey of Consumer Finances in comparison with
accepted national estimates of data such as income,
liquid assets, and number of new passenger cars
registered, will be presented in a forthcoming article.
663
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS1
by
Tynan Smith
Division of Research and Statistics
Federal Deposit Insurance Corporation
An important aspect of the lending practices of
commercial banks is the use of security, such as
liens on equipment, inventory, plant, or securities,
to supplement the financial strength and earning
prospects of the borrower. Even with collateral
chief reliance for repayment is still the good faith
of the borrower. Pledge of collateral as security
for a loan is a device, however, like maturity and
amortization, for limiting the lender's risk. Not
only does collateral provide greater assurance of
ultimate repayment, but the legal arrangements
necessary to collection in the event of default may
be facilitated by the use of a secured rather than an
unsecured note. When circumstances of the credit
application do not justify an unsecured loan, banks
as well as other lenders typically tend to take as
much security as they can obtain in order to limit
their risks.
SUMMARY
Two out of every three member bank loans outstanding to business in the fall of 1946 were secured
by some form of collateral or were endorsed. These
loans were typically small and made largely to serve
the credit needs of small business. Small business
borrowers obtained larger loans when collateral was
furnished than on an unsecured basis. Since, however, most of the loans to large companies were
1
The present article is the third in a series covering the
results of the nation-wide sample survey of business loans
outstanding at member banks as of Nov. 20, 1946. The Federal
Deposit Insurance Corporation cooperated in the survey by providing the services of Mr. Smith to analyze the data reported as
to the security given for loans and to prepare this article. The
two previous articles were "Business Loans of Member Banks,"
by Albert R. Koch, Federal Reserve BULLETIN, March 1947,
and "Term Lending to Business by Commercial Banks in 1946,"
by Duncan McC. Holthausen, Federal Reserve BULLETIN, May
1947.
Subsequent articles, which deal with special phases of
bank loans to business, such as interest rates charged, and loans
to small business, will appear in forthcoming issues of the
BULLETIN.
The survey of bank loans to industrial and commercial businesses, on which this article is based, was planned by the Board's
Division of Research and Statistics in consultation with the
Board's Divisions of Bank Operations and of Examinations, the
Federal Reserve Banks, and other interested agencies. The
information was collected and compiled into district totals at the
Reserve Banks and national totals were prepared at the Board's
offices.
Supervision of the survey, analysis of results, and preparation
of articles are under the general direction of Ralph A. Young,
Assistant Director of the Division of Research and Statistics.
Richard Youngdahl, of the Division, has been largely responsible for the supervision of the collection and tabulation of
information.
664
unsecured, the secured loans amounted to less than
half of the total volume of member bank credit extended to business.
Types of security most commonly used were
those long established in banking practice, such as
equipment, real estate, stocks and bonds, inventories,
and endorsements. In recent years, commercial
banks have been adapting their lending practices to
include a wider range of collateral, such as
accounts receivable, field warehouse receipts, and
life insurance, which have been particularly developed by other financial institutions. These adaptations in part reflect the efforts of banks to expand
their services available to medium-size and small
enterprises. Accounts receivable and warehouse receipts, however, which are more expensive and inconvenient than other forms of collateral for commercial bank loans, appear to have been used less
extensively at the end of 1946 than before the war.
The stronger average financial position of mediumsize and small companies, together with shortages
of materials and supplies for inventory holdings,
reduced the use of these types of collateral in comparison with prewar years.
Bank loans secured by pledge of title on equipment are a much more important source of business
credit than before the war. Use of this type of
collateral by small business borrowers has been
facilitated through the establishment of personal
loan or consumer credit departments by a large
number of commercial banks.
Stocks and bonds are especially suitable as collateral for bank loans since their use reduces the
lender's risk to a minimum while the cost of
handling is slight. As a result, loans secured by
stocks and bonds carry the lowest average rate of
interest for either secured or unsecured loans made
to all but the largest companies.
The pledge of inventories as collateral may interfere with the borrower's use of inventory in his
business operations and frequently involves substantial handling costs. Thus, much of the credit
used to carry inventories is either unsecured or
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
secured by other types of collateral. Warehousing
and particularly the development of field warehousing in recent years has made it possible to
pledge inventories of bulk goods as collateral for
bank loans. However, the expense and inconvenience of warehousing make this type of collateral practicable only for loans of larger than average size.
This survey revealed that at least one out of
every three member banks was making business
loans under the guarantee or insurance provisions
of the Servicemen's Readjustment Act (G.I. loans).
These business loans were typically small and most
of them were to veterans engaged in retail trade and
service enterprises.
Among the very small business borrowers (those
with assets of less than $50,000) real estate, equipment, and endorsement were the types of security
most frequently used, whereas for the large concerns (assets of 5 million dollars or more) inventories, equipment, and stocks and bonds were
the predominant types. The kind of business
influenced the types of security employed to some
extent, since certain business operations give rise
to bankable collateral while others do not. Most
frequent use of title on equipment as collateral for
bank loans was by utility companies, which include transportation enterprises, where equipment
purchases constitute a major financial problem.
Similarly, the use of inventories as loan collateral
is relatively highest for wholesale trade companies,
which have a large proportion of their working
capital tied up in inventory assets.
The first part of this article analyzes the relative
importance of security and the predominant types
of collateral used in commercial bank lending to
different business groups and by various bank
groups. Discussion of loans secured by each of the
more significant types of collateral follows. Many
loans are secured by more than one type of collateral; in such cases the principal collateral is
accepted as the basis of loan classification.
THE USE OF SECURED LOANS
of the total volume of member bank business credit.
The most common types of collateral, as shown
in Table 1, are those of long-established usage in
commercial bank lending to business. Inventories
and stocks and bonds were pledged against the
TABLE 1
BUSINESS LOANS OF MEMBER
BY T Y P E
BANKS,
NOVEMBER 20,
1946
OF SECURITY
[Estimates of outstanding loans]
Major type of security
Unsecured
Secured
No information
All loans.
Percentage
Amount Number
distribution
of loans of loans
(In mil- (In thousands) Amount Numlions)
ber
239
410
22
55.3
43.8
116
0.9
3.3
13,237
671
100.0
100.0
706
1 195
420
62
458
255
76
35
7
1
7
19
706
18.5
8 6
1.8
0.3
1.8
4.7
27.1
$ 7,322
5,799
Secured:
Endorsed and co-maker
Inventories .
Bonded warehouse receipts.
Field warehouse receipts. . .
Other warehouse receipts. .
Other inventories
Equipment
Assignment of title on
equipment
Chattel
mortgage
on
equipment
Plant or other real estate. .
Stocks, bonds, and mortgages..
U. S. Government securities
Other bonds
Listed stocks
Unlisted stocks
Assignment of deed of
trust or mortgage on
property not owned by
the borrower
Accounts receivable
Life insurance
Oil rurs
Assignment of claims
Assignment of Government
claims
Assignment
of
claims
against other than Government
Savings accounts
Government participation or
guarantee
V, VT or T loans
R.F.C. participation
R.F.C. blanket guarantee..
F. R. Bank participation
or guarantee
Other security
All secured loans
G. I. guarantee or insurance
—partial security2
35.6
61.1
111
12.2
20 6
7.2
1.1
7.9
4.4
12.2
102
10
1.8
2.5
604
943
1,075
368
90
101
77
46
17
2
10.4
16.3
18.5
6.3
1.6
24.6
18.7
11.3
4.1
0.5
297
18
5.1
4.5
190
6
3.3
1.6
130
190
148
191
314
2
13
22
2
20
2.2
3.3
2 6
3.3
5.4
0.6
3.1
5.3
0.5
4.8
21
C1)
0.4
0.2
274
19
13
6
4.7
0.3
3.2
1.5
2.1
0.6
119
22
2
(i)
0.4
0)
64
32
1
1
1.1
0.6
0.3
0.2
1
212
C1)
6
3'7
C1)
1.5
$5,799
410
100.0
100.0
16
0.4
2.4
$
54
1
2
Less than 500 loans or 0.05 per cent.
Where G. I. guarantee or insurance is not the primary security
these loans are classified according to major collateral; otherwise
they are classified under "other security."
NOTE.—Figures may not add to total because of rounding.
Types of security. Nearly two-thirds of the
number of outstanding business loans of member
banks of the Federal Reserve System on November
20, 1946 were secured, including collateral and en- largest amounts of secured business loans, while
dorsement or co-maker. Since most of the largest equipment, real estate, and endorsement or cobusiness loans are made on an unsecured basis, the maker were the types of security most frequently
amount of secured loans represented less than half used by business borrowers. Commercial and inJUNE 1947
665
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
quires that no one of them be given a preferred
position by the pledge of collateral. Competition
among lenders for the business of these large companies is such that insistence upon collateral is usually tempered by the realization that the credit may
be secured from another source.
The situation of the smaller companies is different. The small borrower often does not have
adequate financial statements or budgets; he usually
cannot show an extended record of successful operation; and his sources of credit are limited. These
factors frequently make it impossible for the small
business borrower to obtain a loan in the amount
desired or needed without collateral. Even if the
smaller enterprise is able to obtain unsecured bank
loans the use of collateral may simplify the process,
since the value of many types of collateral can be
more readily determined than the small borrower's
net worth and income prospects. Although statements of net worth and income may also be
obtained even when the loan is secured, less careful
attention need be given such statements and less
judgment is required of the banker than for an
unsecured loan. Some banks make only a cursory
check on the financial standing of the borrower
whenever adequate collateral, particularly negotiable
paper, is provided. Another factor favoring the
pledge of collateral on bank loans to small business
is that the reduction in the lender's risk afforded
by the collateral is much more important than in
lending to large companies. The result is that a
bank loan to a small enterprise is generally made
at a lower rate of interest if it is secured than if it is
unsecured.
Among the smallest companies (total assets of
dustrial equipment was pledged against one-fourth
of the number of secured loans, but since most of
the loans so secured were for small amounts, they
accounted for only an eighth of the amount of
secured loans.
Accounts receivable and field warehouse receipts,
which are relatively new types of security for bank
loans, accounted for only a small part of the number
and amount of secured loans. The volume of loans
secured by oil runs is as large as that secured by
accounts receivable and three times that secured by
field warehouse receipts, although oil runs are a
very specialized type of security.
Influence of size and kind of business on use of
collateral. Size of borrower is a primary factor
in determining the extent to which bank loans are
usually made without supplementary collateral. As
Table 2 shows, the proportion of both the number
and amount of loans which were secured declined,
and conversely the number and amount of unsecured loans rose, as the size of business increased.
This relationship also held within each major kind
of business, with a few minor exceptions.
Large companies operating on a nation-wide
scale are able to obtain most of their bank credit
on an unsecured basis. They have frequent and
detailed balance sheet and income statements which
are readily available and usually verified by a responsible accounting firm. Further, their creditworthiness is generally recognized and they have
access to many nonbanking sources of credit, including other lenders such as insurance companies as
well as the securities markets. Lastly, they often
borrow from more than one bank and the maintenance of credit relations with several banks re-
TABLE 2
SECURED LOANS AS A PROPORTION OF A L L BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
1946,
BY SIZE OF BORROWER
[Estimates of outstanding loans]
Number
Amount
Size of borrower
(Total assets, in thousands of dollars)
Under 50
50-250
250-750
750-5 000
5,000 and over
All borrowers*
1
Secured loans
Secured loans
All loans
(In
millions)
In
millions
As a percentage of
all loans to each
size group
All loans
(In
thousands)
In
thousands
As a percentage of
all loans to each
size group
$ 1,213
2,172
1,456
2,387
5,856
$
867
1,441
886
1,105
1,373
71.5
66.3
60.8
46.3
23.5
433
161
36
20
11
275
95
21
9
3
63.6
58.6
57.1
46.6
29.1
$13,237
$5,799
43.8
671
410
61.1
A few loans not classified by size of borrower are not shown separately.
666
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
TABLE
3
SECURED LOANS AS A PROPORTION OF A L L BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
1946,
BY BUSINESS OF BORROWER
[Estimates of outstanding loans]
Number
Amount
Business of borrower
Manufacturing and mining
Wholesale trade ..
. . . .
Retail trade
Public utilities (incl. transportation)
Services
Construction
.. .
Sales finance.
. .
All other 1
All business
Secured loans
Secured loans
All loans
(In
millions)
All loans
(In
thousands)
As a percentage of
all loans to each
business group
In
millions
As a percentage of
all loans to each
business group
$ 5,675
2,424
1,473
1,229
494
459
783
702
$1,827
1,327
721
645
344
267,
140
529
32.2
54.7
49.0
52.5
69.6
58.2
17.9
75.4
116
88
252
39
77
43
7
49
67
51
146
31
52
26
3
34
58.0
57.4
57.9
80.6
67.8
59.5
46.0
68.9
$13,237
$5,799
43.8
671
410
61.1
In
thousands
1
Includes a few loans unclassified by business of borrower.
NOTE.—Figures may not add to totals because of rounding.
less than $50,000) real estate, equipment, and endorsement are the most common types of security.
For the largest firms (assets of 5 million dollars
or more) inventory, equipment, and stocks and
bonds were the predominant types of collateral used
near the end of 1946. The high proportion of loans
secured by pledge of equipment in the largest size
group of businesses was due chiefly to the extensive
use of this type of collateral by large transportation
and other utility companies.
Differences among the major kinds of businesses
in the proportion of member bank loans that were
secured, as shown in Table 3, were primarily due
to the size composition of the groups. Another
factor reflected by the data is that some business
operations make available collateral customarily
used for bank loans whereas other operations do
not. The purchase of many types of equipment
can be readily financed through loans in which
the equipment is used as collateral. This type of loan
is found most frequently in the utility group,
which includes transportation companies, where
equipment purchases constitute a major financial
problem. This offers a partial explanation for the
relatively high proportion of member bank loans
outstanding to these companies that are secured.
On the other hand, the chief type of bankable collateral obtained in the operations of sales finance
companies is notes receivable. Since assignment
of claims is a cumbersome type of collateral and
since in some States notification of the makers of
the notes is required, collateral of this sort is not
likely to be used unless a loan could not otherwise
be obtained.
TABLE
4
SECURED LOANS AS A PROPORTION OF A L L BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
1946,
BY SIZE OF BANK
[Estimates of outstanding loans]
Number
Amount
Size of bank
(Total deposits, in millions of dollars)
Under 2 ..
2-10
10-100
100-500
500 and over
All loans
(In
millions)
$
. .
All banks
89
913
2,901
3,799
5,535
$13,237
Secured loans
In
millions
As a percentage of
all loans by each
size group
Secured loans
All loans
(In
thousands)
In
thousands
As a percentage of
all loans by each
size group
59
601
1,775
1,643
1,723
66.2
65 8
61.2
43.2
31.1
36
201
288
99
46
22
120
178
64
27
59.7
59.4
61.6
63.9
60.1
$5,799
43.8
671
410
61.1
$
NOTE.—Figures may not add to totals because of rounding.
JUNE
1947
667
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
Among the twelve Federal Reserve districts the
proportion of the number of business loans that
was secured did not vary significantly. The proportion of the total amount of loans secured, however, was relatively low in the northeastern and
north central sections of the country, including the
New York, Philadelphia, Cleveland, and Chicago
Districts, as shown in Table 5. In these areas, manufacturing and mining concerns were the heaviest
borrowers, accounting for nearly half of the total
business loan volume. Since only about one-third
of the amount of loans outstanding to manufacturing and mining companies was secured, as com-
Loan collateral by size and location of banks. The
proportion of the number of secured business loans
was virtually constant for each size of bank. Because of the concentration of large unsecured loans
in the large banks, however, the proportion of the
amount of loans secured in the large banks was
only about half that in the smallest banks, as shown
in Table 4. Since small banks make most of their
loans to medium-size and small business, real estate
and equipment are the predominant types of collateral. At large banks, inventories and stocks and
bonds are the types of collateral securing most of
the loans, reflecting the borrowing of very large
TABLE 5
SECURED LOANS AS A PROPORTION OF ALL BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20,
BY FEDERAL RESERVE DISTRICT
1946
[Estimates of outstanding loans]
Number
Amount
Secured loans
Federal Reserve district
Boston
New York
Philadelphia..
Kansas City
Dallas
San Francisco
All districts
.
. .
In
millions
As a percentage of
all loans for each
district
All loans
(In
thousands)
Secured loans
In
thousands
As a percentage of
all loans for each
district
376
1,582
243
50.2
34 3
42.9
49
114
40
31
70
24
63.7
61 .5
60.0
840
497
565
326
281
371
38.8
56 6
65.7
52
43
46
32
29
31
60.3
68.4
68.8
1,840
547
237
751
333
111
40 8
60.8
47. t
77
29
20
45
19
13
58.4
67.3
64.8
418
652
1,711
236
382
807
56 6
58.6
47.2
35
44
124
21
27
67
60.3
62.3
54.3
$13,237
$5,799
43.8
671
410
61.1
$
Cleveland
Richmond ..
Atlanta
Chicago
St. Louis
Minneapolis.....
All loans
(In
millions)
749
4 615
565
$
NOTE.—Figures may not add to totals because of rounding.
firms. The largest banks also lend frequently to
small businesses on an endorsement or co-maker
basis; such loans accounted for a third of the number of secured business loans but only a small proportion of the amount at these banks.
Regional differences in the use of collateral in
business lending by member banks result from the
•interaction of several factors. The kind of business
and average size of firm in the area are significant
in determining the types of loan collateral and the
frequency of its use. Since large businesses tend
to obtain their bank credit from the larger banks,
the distribution of banks by size is another factor.
It is also probable that the lending practices with
respect to collateral vary in different regions.
668
pared with an over-all average of almost one-half,
the proportion of secured loans was low because of
the high degree of industrialization.
In the southeastern and south central agricultural
belt, including the Richmond, Atlanta, St. Louis,
Kansas City, and Dallas Districts, the proportion of
the outstanding loans secured was relatively high.
In these areas only about one-fourth of member
bank business loans by amount was outstanding
to manufacturing and mining firms, whereas the
largest share of the loan volume was to the smaller
retail, service, and wholesale establishments, which
make more use of collateral. Not only do the banks
in these districts deal to a considerable extent with
businesses which make the largest use of collateral,
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
but there appears to be a tendency for the banks
to require collateral to a greater extent than is the
practice elsewhere. In each of these districts, except
Dallas, the proportion of the amount of loans which
was secured was above average for almost every
kind of business. This was also true for most of the
bank size groups in these districts. In the Dallas
District, the pledge of oil runs was the significant
factor resulting in an above average proportion of
secured loans.
Loans secured by equipment were a relatively
high proportion of total secured loans in the western half of the country where small trade and service establishments predominate as business borrowers. The pledge of inventories was exceptionally
high in the San Francisco District, where the use
of the warehousing technique is extensive. Stocks
and bonds were used as collateral for a relatively
high proportion of the secured loan volume in
the New York and Chicago Districts. Many large
corporations having nation-wide operations have
their head offices in New York or Chicago, and
stocks or bonds of subsidiaries are sometimes
pledged as collateral for loans by these companies.
Characteristics of secured loans. The average size
of secured loans was only half that of unsecured
loans, $14,000 as compared with $29,000, This
TABLE 6
AVERAGE SIZE OF SECURED AND UNSECURED BUSINESS LOANS
OF MEMBER BANKS, NOVEMBER 20,
1946,
BY SIZE OF BOR-
ROWER AND T Y P E OF SECURITY
[Estimates of outstanding loans]
Size of borrower and
type of security
Total assets of borrower, in
thousands of dollars:
Under 50
50-250
250-750
750-5,000
5,000 and over
All borrowers. .
Type of security:
Endorsed and co-maker.. . .
Inventories
Equipment
Plant and other real estate..
Stocks and bonds
Accounts receivable
Life insurance
Assignment of claims 2
Government guarantee or
participation
Other security
Average size of loan
All loans
$
2,800
13,500
40,400
119,800
522,800
Secured
$
3,200
15,200
43,100
118,900
421,300
14,100
19,700
$
Unsecured1
$
2,200
10,900
36,900
120,600
564,500
28,700
9,300
34,400
6,400
12,300
23,300
14,900
6,800
23,000
49,100
34,200
1
Includes a small quantity of loans for which no information
regarding
type of security has been given.
2
Includes oil runs.
JUNE 1947
difference was due to the fact that such a sizable
proportion of the very large loans was unsecured.
A comparison of the average size of secured and
unsecured loans by size of business, as in Table 6,
shows that secured loans were larger on the average than unsecured loans for medium-size and
small businesses having assets of less than $750,000.
Thus, it appears that the use of collateral enables
the smaller firms to obtain larger loans than would
be possible on an unsecured basis. The average
size of secured loans for large companies was substantially below that of unsecured loans. Among
the largest companies collateral is used primarily
for credit carrying higher than average risks, except possibly the pledge of inventories by wholesale
trade companies and the equipment financing of
utilities.
Loans protected by inventories, stocks and bonds,
assignment of claims, and Government guarantee
or participation were above average size, while
loans secured by equipment, real estate, accounts
receivable, endorsement, and life insurance were
smaller than average. These size differences were
generally maintained by asset size of borrower,
although there were some exceptions. Loans on
real estate and accounts receivable were larger
than the average loan made to small borrowers,
while loans on endorsement or life insurance outstanding to large companies were well above average size. The latter reflects the use of endorsement
by and pledge of life insurance on the principal
officers as security for some of the loans to large
corporations. Loans protected by assignment of
claims and Government guarantee or participation
were smaller than the average of loans outstanding
to large companies.
The nature of the collateral is closely related to
the maturity of secured loans. Since business inventories are turned over within a short period of
time, loans secured by such collateral were predominantly short-term; more than 90 per cent were
made with original maturities of less than six
months. Loans secured by stocks and bonds and
endorsement were also largely short-term in character. Two-thirds of the amount of loans secured
by equipment had maturities of more than a
year; over half of the number of such loans, however, were for shorter terms.
Most loans, both secured and unsecured, are
repayable in a single payment, although this repayment plan is less widely applied to secured loans
669
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
than to unsecured loans. Most secured loans which
were predominantly short-term, such as those
secured by endorsement, inventory, stocks and
bonds, accounts receivable, life insurance and assignment of claims, also provided for a single payment.
A large proportion of the loans secured by pledge
of equipment or real estate carried provision for
repayment in equal instalments. Loans secured by
inventories, accounts receivable, and assignment of
claims were frequently to be repaid in unequal instalments, as the inventories were sold or used or
the receivables were paid off.
Interest rates are more closely related to size of
business and size of loan than to type of collateral.
The fact that the various types of secured loans carried higher average interest rates than did unsecured
loans, as shown in Table 7, is largely because most
of the secured loans are made to small borrowers.
The second highest average interest rate was on
loans secured by equipment. Not only are most
of such loans made to small borrowers but in many
banks they are often made in the personal loan
department, where interest charges are generally
higher than in departments devoted exclusively to
business loans.
TABLE
AVERAGE
BANKS,
INTEREST
RATES OF
NOVEMBER
20,
1946,
unsecured loan notwithstanding the additional cost
of appraising and handling the collateral. This
appears to be the case with small borrowers. For
business borrowers with assets of less than $50,000,
loans secured by nearly all of the major types of
collateral carried average interest rates significantly
below average rates on unsecured loans. For the
larger companies the use of collateral quite often
reflects a weaker than average financial position and
greater risk of loss so that the average interest
rates on most types of collateral loans were above
the rates on unsecured loans.
The low average interest rate on loans secured by
stocks and bonds reflects the ideal characteristics of
this type of loan collateral. Stocks and bonds can
be readily appraised and they present almost no
collection problem in the event of default. Thus,
their handling adds little to the cost of making the
loan and may even lower the cost if their use is
substituted for an appraisal of the credit-worthiness
of the borrower. They also reduce the lender's
risk of loss to a minimum. Such loans, therefore,
carry the lowest average interest rate for either
secured or unsecured loans outstanding to each
business size group except the very largest companies.
7
BUSINESS LOANS
BY
PRINCIPAL
OF
MEMBER
TYPES
MAJOR TYPES OF COLLATERAL
OF
Stocks and bonds. The widespread use of stocks
SECURITY
and bonds as collateral for member bank loans to
[Estimates of outstanding loans}
business in the latter part of 1946 was partly a
Average
result of the accumulation of Government securities
interest
Type of security
rates
during
the war. Loans secured by Federal obliga(Per cent)
tions amounted to one-third of all business loans
Unsecured
secured by stocks and bonds. It is also probable
2.5
Secured:
that business holdings of other securities increased
Endorsed and co-maker
3.7
3.1
Inventories
during the war as business income rose and main4.4
Equipment
4.3
Plant and other real estate
tenance and expansion were limited.
2.7
Stocks and bonds
4.5
Accounts receivable
About a third of the amount of these loans was
3.4
Life insurance
4.0
Government participation or guarantee.
to manufacturing and mining companies, although
the wholesale and retail trade, utility, service and
Two conflicting factors appear to affect the level "other" groups also were substantial users of this
of interest charges on loans secured by different type of collateral, as shown in Table 8.
types of collateral. First, the use of collateral
Most loans secured by stocks and bonds were to
sometimes means an additional cost for handling small companies, but over half of the amount was
which is passed on to the borrower in the form of in loans to medium and large corporations. Twohigher interest charges. This is particularly true thirds of the amount of such loans to manuwhere warehousing is required or in financing re- facturing and mining companies and nine-tenths
ceivables. Secondly, collateral security may some- of the amount to utility companies were to entertimes reduce the risk to such an extent that a prises with assets of $750,000 or more. In the case
lower interest rate may be warranted than on an of wholesale and retail trade and service companies
670
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
the major share of the amount as well as an overwhelming proportion of the number of these loans
was made to the small firms.
TABLE
MEMBER
BANK
8
BUSINESS LOANS
BONDS, NOVEMBER 20,
1946,
SECURED
BY STOCKS AND
BY BUSINESS AND SIZE OF
BORROWER
[Estimates of outstanding loans]
Business and size
of borrower
Business:
Manufacturing and mining.
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
Construction
Sales finance
Allother 1
All borrowers
Size (total assets, in thousands
of dollars):
Under 50
50-250
250-750
750-5 000
5,000 and over
All borrowers
2
Number
of loans
Average
size of
loans
Average
interest
rate
(Per cent)
8,600
6,300
14,500
$ 42,500
17,900
7,400
2.6
2.5
3.3
1,400
6,100
2,100
500
6,600
132,500
13,000
20,500
50,800
23,600
2.2
3.3
2.6
1.9
2.9
46,200
23,300
2.7
4,100
15,400
50,300
155,800
948,800
3.2
2.6
2.5
2.1
23,300
2.7
25,000
15,400
2,800
1,500
400
46,200
$
the borrower's use of the inventories in his
processing or distributive operations. Conveyance
of title also presents technical difficulties to the
lender. For large, identifiable items, such as automobiles or household appliances, assignment of title,
trust receipts, or even chattel mortgages may be the
instruments used, while for bulk goods some type
of warehousing is typically required.
As indicated in Tables 9 and 10, most of the
member bank loans secured by inventories to
manufacturing and mining and wholesale trade
companies were on warehouse receipts covering
bulk storage, while those outstanding to the retail
trade group were largely on the basis of trust
receipts, assignment of title, or chattel mortgages
on durable goods of high unit value. The latter
loans were of relatively small size and accounted
for only a small part of the dollar amount of member bank loans secured by inventories.
TABLE 9
3.8
MEMBER
NOVEMBER 20,
Although all but a very small percentage of the
number of loans secured by stocks and bonds were
short-term, almost one-third of the amount was
in loans with maturities of more than a year. Most
noteworthy in this respect were the term loans
of utility companies, which constituted almost threefourths of the total amount of loans secured by
stocks and bonds made to these companies. Also,
in the case of manufacturing and mining and service companies a substantial proportion of the
amount of the loans secured by stocks and bonds
carried maturities over one year.
Inventories. Loans secured by inventories are an
important source of funds in the manufacturing
and mining, wholesale trade, and retail trade
groups, where inventories comprise a large proportion of the current assets. Loans for the purpose
of carrying inventories are frequently unsecured
or secured by collateral other than inventories because the use of inventories as loan collateral presents several problems. The difficulty is that the
conveyance of title to the lender may interfere with
JUNE
1947
BUSINESS LOANS SECURED BY INVENTORIES
1946,
BY BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
Business and size
of borrower
1
Includes a small number of loans not classified by business of
borrower.
2
A small number of loans not classified by size of borrower is
not shown separately.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
BANK
Business:
Manufacturing and mining.
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
Construction
Sales finance
All other 1
All borrowers
Size (total assets, in thousands
of dollars):
Under 50
50-250
250-750
750-5,000
5,000 and over
All borrowers
2
Number
of loans
Average
size of
loans
Average
interest
rate
(Per cent)
7,200
10,000
15,700
$ 52,400
70,000
4,600
3.7
2.6
4.5
200
500
400
100
500
51,700
14,900
7,100
62,400
36,000
2.3
4.2
4.9
2.3
3.2
34,700
34,400
3.1
3,800
19,500
57,100
146,200
579,300
4.8
4.2
3.6
3.2
2.8
34,400
3.1
16,200
11,900
3,700
1,800
700
34,700
$
1
Includes a small number of loans not classified by business of
borrower.
2
A small number of loans not classified by size of borrower is
not shown separately.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
In the late fall of 1946, loans secured by inventories accounted for 29 per cent of the volume of
member bank credit extended to wholesale trade
establishments and 52 per cent of the amount of secured bank credit to such enterprises. Nearly half
of the amount of these inventory secured loans was
to large companies with assets of 5 million dollars
671
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
TABLE
10
MEMBER BANK BUSINESS LOANS SECURED BY WAREHOUSE RECEIPTS, NOVEMBER 20,
1946
BY BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
All warehouse receipt loans
Business and size of borrower
Business:
Manufacturing and mining .
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
...
Construction
Sales finance
Allother 1
All borrowers
Size (total assets, in thousands of dollars):
Under 50. .
50-250
250-750
750-5,000
5,000 and over
All borrowers2
Field warehouse receipt loans
Average
size of
loans
Average
interest rate
(Per cent)
$ 51,800
42,600
18 000
3.9
4 0
4 5
16,200
3,700
5.2
4.3
(3)
11,300
3.0
2.9
1,400
$ 41,300
4.0
4.6
4.1
3.6
3.1
200
800
200
200
$
500
6,700
24,600
70,200
184,500
728,500
7,800
37,100
58,500
75,700
133,000
4.8
4.1
4.0
3.6
3.0
17,800
55,800
2.9
41,300
4.0
Number
of
loans
Number
of
loans
Average
size of
loans
Average
interest rate
(Per cent)
3.6
2 5
4 3
4.6
4 0
4 7
3.0
2.8
700
400
400
$ 58,700
80 600
8 600
13,900
16 400
5,700
19,400
29,500
17,800
$ 55,800
$
5,100
8 000
3 900
100
200
5,600
7,700
2,500
1,200
200
(3)
100
1.7
1,400
1
2
3
Includes a small number of loans not classified by business of borrower.
A small number of loans not classified by size of borrower is not shown separately.
Less than 50 loans
NOTE.—Number of loans rounded to nearest hundred. Figures may not add to total because of rounding.
or more, while another third was to medium-size
enterprises.
The medium-size and large companies in the
manufacturing and mining group were also important borrowers on the pledge of inventories; over
three-fourths of the amount of member bank loans
on inventories outstanding to that industry was
to companies with assets of $250,000 or more.
That the largest share of the amount of loans on
inventory was to medium-size and large companies
is partly the result of the reduction in cost of handling this type of collateral as the size of loan increases. Most of the large inventory loans are
handled through warehousing arrangements in
which the fixed cost element is large.
Loans secured by inventories are largely shortterm since the inventories are pledged only until
they can be sold or used in some manufacturing
process. Nearly nine-tenths of both the number
and amount of member bank loans secured by inventories were written with maturities of less than
six months. Such loans made to manufacturing
and mining companies tended to have somewhat
longer maturities than did those made to wholesale establishments.
Field warehousing. Field warehousing is a type
of inventory financing that has expanded in recent
years to meet the problems involved in lending on
672
varieties of inventory that are too bulky to be conveniently moved to an established warehouse or
where ready and frequent access to the goods warehoused is essential. In field warehousing, arrangements are made to warehouse the goods on the
premises of the borrower under appropriate controls.
Thus, there is no transportation cost and the borrower can quickly add, withdraw, or substitute inventory as his operations require and the loan terms
permit. The expense of installing and operating
a field warehouse, which is borne by the borrower,
is an additional item of financing cost in this type
of loan.
For all member banks the average outstanding
field warehouse receipt loan balance in the fall of
1946 was $41,000. This was about the same average size as found in a survey of commercial bank
field warehouse loans made in mid-1941.2 For
such loans, however, the average size was twice that
for all business loans of member banks. Even the
field warehouse loans made to very small businesses were comparatively large. For businesses
with assets of under $50,000 the average field warehouse loan amounted to $7,800 as compared with
the general average of $3,000 for all member bank
loans made to this business group. Similarly, in
2
Neil H. Jacoby and Raymond J. Saulnier, Financing Inventory on Field Warehouse Receipts (National Bureau of Economic Research, 1944), p. 55.
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
the $50,000 to $250,000 asset size group, field warehouse loans averaged $37,000 while $14,000 was the
average size for all loans. But in the case of concerns with assets of $750,000 or more, field warehouse loans were substantially smaller in size than
the average of all loans, and were smaller than loans
secured by other types of warehouse receipts.
About one-half of the number and two-thirds of
the amount of member bank loans secured by field
warehouse receipts were to manufacturing and
mining concerns. Field warehousing is particularly suited to this type of enterprise since it permits lending on bulky raw materials or goods in the
process of manufacture.
Field warehouse financing was used chiefly by
small enterprises with assets of between $50,000
and $250,000. Concerns in this group accounted
for 57 per cent of the number and 50 per cent of
the amount of all field warehouse loans. Mediumsize companies with assets of between $250,000 and
5 million dollars made some use of this type of
financing, but the survey results showed only one
field warehouse loan to a company with assets of
over 5 million. This substantiates the observation
made in an earlier loan survey indicating that the
very large businesses do not find it necessary or
desirable to obtain bank credit through the use of
field warehouse receipts.3
Loans secured by field warehouse receipts appeared to follow the same maturity pattern as other
inventory loans. Most of the loans were to be repaid on demand or within 90 days. About onefourth of the loans were made with maturities of
from three to six months and another 10 per cent
with longer maturities. None of the field warehouse loans had maturities in excess of three years.
The average interest rate of 4 per cent on member bank loans secured by field warehouse receipts
in 1946 was probably lower than the prewar average, as indicated by a range from 3.5 to 6 per cent
in 1941.4 It must be remembered, however, that
the cost of warehousing is paid separately by the
borrower and the total cost of funds obtained in
this manner is correspondingly higher.
A very small proportion of the member banks,
less than 3 per cent, were found by the survey to be
engaging in field warehouse financing. This is in
sharp contrast to the 13 per cent of insured commercial banks found to be doing this kind of busi• Ibid., p. 57.
*Ibid., p. 80.
JUNE 1947
ness in a prewar survey.5 The difference cannot
be accounted for by the inclusion of the nonmember insured banks in the prewar survey since these
banks would be less active in field warehouse lending than would the member banks. It is possible
that since many enterprises came out of the war
in a relatively strong financial position, they have
not had to make as much use of field warehouse
financing as before the war. Shortages of materials
and supplies have been another factor impeding
the use of this type of financing. Since the borrower
has to bear the expense of warehousing, this is a
more costly method of borrowing than most other
methods and is generally used only when alternative sources of funds are not available.
Accounts receivable. Accounts receivable financing is another type of bank credit to business that
has been expanded in recent years. Its use first
became important after the depression of the early
1930's when banks were trying to find methods of
reducing risk while meeting the credit needs of
medium-size business in competition with other
lending agencies which had developed financing
methods based on this type of collateral.
In some States the law requires that pledging of
accounts receivable must be accompanied by notification of those whose accounts are being turned
over to a bank or other lender. Where notification
is required, concerns may be reluctant to use this
type of financing for fear of its being regarded by
their customers as a sign of financial weakness. Another difficulty with accounts receivable financing is
that the lender must give considerable attention to
the accounts pledged. As accounts are paid off
they must be replaced by other receivables unless
the loan is correspondingly reduced. The added
expense to the lender involved in handling and
supervising this type of collateral, together with
the fact that such loans are frequently regarded as
carrying above average risk, accounts for the higher
average interest rate on these loans than on most of
the other types of secured loans.
On the basis of this survey of business loans it
appears that about one out of every seven member
banks was engaging in lending against accounts receivable in the fall of 1946, as compared with one
out of four in 1941.6 The estimated total of accounts receivable loans outstanding at member
5
6
Ibid., p. 42.
Raymond J. Saulnier and Neil H. Jacoby, Accounts Receivable Financing (National Bureau of Economic Research, 1943),
p. 151.
673
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
banks on November 20, 1946 was 190 million dollars as compared with 135 million for all insured
commercial banks at the end of 1941.7 The 1946
volume represented about 0.7 per cent of all member bank loans and discounts, a smaller proportion than the 0.9 per cent indicated by a sample of
all insured commercial banks surveyed in 1941.8
The decline in the number of banks engaging in
accounts receivable financing probably reflects the
smaller market for this form of credit resulting
from the generally improved financial position of
most enterprises and from the high collection rate
on manufacturing and trade accounts characteristic
of boom levels of business activity.
Accounts receivable were used as collateral by a
fair proportion of the banks in each Federal Reserve
district. Their use was much more common in
the large than in the small banks, however, which
is to be expected since such loans require considerable attention.
Although this type of credit was employed by all
kinds of business, as shown in Table 11, the major
proportion was used by the manufacturing and
mining and the wholesale trade groups. Retail
trade and sales finance companies (including commercial finance companies) also made some use
of accounts receivable financing. Bank loans of
this type to the retail trade group were numerous
but relatively small in average size, while to finance
companies these loans were few in number but
quite large on the average. Most of the loans
secured by accounts receivable outstanding to manufacturing and mining and wholesale trade companies were to small and very small enterprises
with assets below $250,000.
Loans secured by accounts receivable are shortterm in nature. Four-fifths of them were either
demand loans or matured within 90 days. However, a few were made with maturities in excess
of a year and some with maturities of from 5 to 10
years, usually on the basis of revolving credit arrangements.
Although the average interest rate on loans
secured by accounts receivable was higher than
that on most types of secured loans, it was lower
than it had been before the war. The 4.5 per
cent average interest rate on all member bank
loans on accounts receivable compares with the
average rate of between 5 and 6 per cent indicated
t Ibid., p. 54.
*Md., p. 152.
674
TABLE
MEMBER
BANK
BUSINESS
RECEIVABLE,
BY
11
LOANS
SECURED
NOVEMBER
20,
BY
ACCOUNTS
1946
BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
Business and size
of borrower
Business:
Manufacturing and mining.
Wholesale trade
Retail trade . . . .
Utilities (incl. transportation)
Services
Construction
Sales finance x .
All other 2
All borrowers
Size (total assets, in thousands
of dollars):
Under 50
50-250
250-750
750-5,000
5,000 and over
All borrowers 3
Number
of loans
Average
size of
loans
Average
interest
rate
(Per cent)
5,100
2,900
1,800
$ 18,900
14,000
8,400
4.6
5.0
4.2
500
900
900
200
400
16,100
2,900
13,000
66,600
6,500
4.0
5.5
4.3
3 9
4.5
12,800
14,900
4.5
3,500
15,600
35,100
75,700
251,200
5.5
4.9
4.5
3.8
3.6
14,900
4.5
6,400
4,500
1 ,200
500
100
12,800
$
1
Includes commercial finance comoanies.
2
Includes a small number of loans not classified by business of
borrower.
3
A small number of loans not classified by size of business is
not shown separately.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
by the 1941 survey.9
Equipment. Equipment is a type of collateral
available to almost every business and is more
widely used than any other type. The purchase of
nearly any piece of business equipment, from a
calculating machine to an airplane, can be financed
by a bank loan on which the title to the equipment
is pledged as collateral.
Member bank loans secured by commercial and
industrial equipment amounted to an estimated
706 million dollars near the end of 1946. This
was three times the amount estimated for all insured commercial banks five years earlier.10 One
factor responsible for the increase in this type of
financing during recent years may be the substantial decline in interest rates. In 1941 such loans
were usually made on a 6 per cent discount basis
and, since most of them were repaid in instalments,
this meant an effective rate much higher than the
quoted discount rate.11 The average effective interest rate on member bank loans secured by equipment in 1946 was 4.4 per cent or less than half the
9
Ibid., p. 134.
10
Raymond J. Saulnier and Neil H. Jacoby, Financing Equipment for Commercial and Industrial Enterprise (National Bureau of Economic Research, 1944), p. 36.
« Ibid., p. 7.
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
usual effective rate in 1941. At the present time,
many of the equipment loans to small companies
are handled by the personal loan departments,
where discount is usually charged against the face
amount of instalment loans. As shown in Table
12, however, the effective average interest rate on
equipment loans to small borrowers is only 6 per
cent or about half the prewar rate.
TABLE
MEMBER
BANK
NOVEMBER
20,
BUSINESS
1946,
LOANS
12
SECURED
BY
EQUIPMENT
BY BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
Business and size
of borrower
Business:
Manufacturing and mining.
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
Construction
All other 1
All borrowers
Size (total assets, in thousands
of dollars):
Under 50
50-250
250 750
750-5 000
5,000 and over
All borrowers 2
Number
of loans
Average
size of
loans
14,000
7,200
35,900
$
Average
interest
rate
(Per cent)
9,000
7,800
2,200
4.5
4.6
6.0
21,800
16,800
10,200
400
4,700
14,200
2,900
5,100
37,200
4,700
3.4
5.7
5.7
3.9
4.4
110,900
6,400
4.4
2,100
11,600
28,100
108,600
176,600
4.6
3.6
2.0
6,400
4.4
92,000
12,300
2,500
900
1,000
110,900
$
6.3
5.0
1
Includes a small number of loans not classified by business of
borrower.
2
A small number of loans not classified by size of borrower are
not shown separately.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
An overwhelming majority of member bank
loans on equipment were to the smallest enterprises,
primarily in the retail trade, service, manufacturing,
and construction groups. The extensive use made
of this type of financing by the utility and transportation group is largely for the purchase of various kinds of transportation equipment, such as
trucks, busses, and airplanes. The average size of
member bank loans secured by equipment outstanding to the transportation and other utility
companies in the latter part of 1946 was over twice
the average size of all such loans.
About two-fifths of the equipment loans of member banks in the fall of 1946 had original maturities
of from one to five years. The smaller loans tended
to be short-term while the loans with maturities in
excess of five years were relatively large in size.
Over half of the number of equipment loans had
JUNE 1947
maturities of less than one year but this group accounted for only a third of the total amount. Most
of the long-term equipment loans, with maturities
in excess of five years, were made to large transportation and other utility companies. The longterm loans aggregated 25 per cent of the total
amount but only 3 per cent of the number of all
equipment loans.
Real estate. One out of every nine business loans
of member banks in the fall of 1946 was secured
by pledge of real estate. This is a type of collateral
available to most firms and acceptable by nearly
all banks. Small firms in particular find the pledge
of real estate a method for obtaining bank credit
when their size or short operating record would
warrant only a much smaller loan or perhaps no
loan.
Business loans of member banks secured by real
estate were largely made to small firms in the retail,
service, manufacturing and mining, and "other"
groups, as shown in Table 13. The inclusion of
real estate companies in the "other" category accounted for the high proportion of real estate loans
in that group. Ninety per cent of the number
and two-thirds of the amount of real estate loans
were to small and very small businesses with assets
of less than $250,000.
TABLE
MEMBER
13
BANK BUSINESS LOANS SECURED BY REAL
NOVEMBER
20,
1946,
ESTATE
BY BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
Business and size
of borrower
Business:
Manufacturing and mining.
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
Construction
Sales finance
All other1
All borrowers
Size (total assets, in thousands
of dollars):
Under 50
50-250
250-750
750-5,000
5,000 and over
All borrowers2
Average
interest
Number
of loans
Average
size of
loans
9,800
5,800
30,900
$ 21,200
12,100
7,200
4.1
4.4
4.6
2,200
11,900
4,300
300
11,400
13,300
11,400
17,500
13,800
17,500
4.2
4.5
4.2
3.8
3.9
76,500
12,300
4.3
200
5,300
17,300
32,600
79,600
384,700
4.8
4.3
4.1
3.7
3.2
76,500
12,300
4.3
49,200
20,400
3,800
1,500
$
rate
(Per cent)
1
Includes a small number of loans not classified by business of
borrower.
2
A small number of loans not classified by size of borrower are
not shown separately.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
675
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
Life insurance. In using life insurance as collateral for bank loans the cash surrender value may
be the major security, more than covering the
amount of the loan. In many cases, however, the
lender takes life insurance as collateral merely to
protect himself in the event of the death of the
borrower, in which case the cash surrender value
may just partly cover the loan.
Loans secured by the cash surrender value of
life insurance policies constituted a relatively small
part of the total credit extended to business by
member banks near the end of 1946. Although
loans on life insurance are not a very important
source of credit to any kind or size of business, this
type of collateral is generally available to supplement other credit sources. In making loans on this
basis commercial banks are engaging in a field
still dominated by the life insurance companies.
The use of life insurance as collateral reduces the
lender's risk as in the case of Government bonds
or listed securities, and entails little more expense.
The higher average interest rate on these loans than
on loans secured by stocks and bonds is, therefore,
primarily a reflection of the smaller average size of
life insurance loans.
As Table 14 shows, over 90 per cent of the numTABLE
ber and about two-thirds of the amount of member
bank loans secured by life insurance were to businesses with assets of less than $250,000, mostly in
the trade, service, and manufacturing groups. These
enterprises used this type of loan primarily for
short-term credit.
Loans under the Servicemen's Readjustment Act.
Most of the loans made under the guarantee or
insurance provisions of the Servicemen's Readjustment Act (G. I. loans) have been for the purchase
of homes; a few have been for purchasing and
equipping farms. A relatively small number of
business loans have also been made pursuant to the
Act. It is estimated that out of the total of 671,000
business loans outstanding at member banks on
November 20, 1946, 16,000, or a little more than
2 per cent, were partly guaranteed or insured under
this loan program. Many of these loans were also
secured by other collateral and the Federal protection is not necessarily the principal security. The
average size of these business loans was quite small,
$3,400, and the total amount, 54 million dollars,
was less than one-half of 1 per cent of the total of
member bank loans to business.
Guaranteed or insured lending to G. I.'s for business purposes was general among the member banks
14
TABLE
MEMBER BANK BUSINESS LOANS SECURED BY L I F E INSURANCE,
MEMBER
NOVEMBER
ADJUSTMENT
20,
1946,
BY BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
Average
interest
rate
(Per cent)
2,600
2,500
8,300
; 16,100
10,200
4,100
2.9
3.5
3.8
800
4,000
1,000
100
2,200
7,700
4,600
5,500
29,300
5,500
3.0
3.5
3.9
2.6
3.5
All borrowers..
21,600
6,800
3.4
Size (total assets, in thousands
of dollars):
Under 50
50-250
250-750
750-5,000
5,000 and over
15,800
4,500
700
200
2,800
10,000
28,000
115,700
842,900
3.9
3.5
3.1
2.6
2.3
21,600
6,800
3.4
Business:
Manufacturing and mining
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
Construction
Sales finance
Allother 1
All borrowers2.
1
Number
of loans
676
A C T , NOVEMBER
20,
1946,
SERVICEMEN'S R E BY BUSINESS
OF
AND SIZE OF BANK
Business of borrower and
size of bank
Business of borrower:
Manufacturing and mining. . .
Wholesale trade
Retail trade
Public utilities (incl. transportation)
Services
Construction
Sales finance
All other1
All borrowers
A small number of loans not classified by size of borrower are
not8 shown separately.
Less than 50 loans.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
15
LOANS UNDER
[Estimates of outstanding loans]
Size of bank (total deposits, in
millions of dollars):
Under 2
2-10
10-100
100-500
500 and over
All banks
Includes a small number of loans not classified by business of
2
BUSINESS
BORROWER
Average
size of
loans
Business and size
of borrower
BANK
Number
of loans
Average
size of
loans
1,300
800
6,600
$6,000
3,400
2,900
2,100
3,300
800
(2)
800
2,100
2,600
3,200
8,100
9,800
15,700
3,400
900
5,600
5,600
2,200
1,500
S3,500
3,200
3,300
4,800
2,200
15,700
3,400
1
Includes a small quantity of loans not classified by business of
borrower.
2
Less than 50 loans.
NOTE.—Number of loans rounded to nearest hundred. Figures
may not add to total because of rounding.
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
in all Federal Reserve districts. About a third of
all of the member banks had some of these business loans. A substantial proportion of the banks
in each size group engaged in this type of lending,
although it appeared to be more common among
the large than among the small banks, as indicated
in Table 15.
Most of the Government sponsored business loans
to G. I.'s were in the retail trade and service groups.
Many former servicemen engaged in manufacturing
and in transportation, probably small trucking
establishments, also made use of this form of credit.
A very small number and amount of G. I. loans
made under State guarantee provisions were also
reported in the survey of member bank loans to
business. These were all in New Jersey.
Supplementary detailed information regarding
the security pledged on member bank loans to busi-
ness is given in Tables 16 through 21, which follow
immediatelv.
TABLE
16
BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20, 1946, BY T Y P E OF SECURITY AND SIZE OF BORROWER
[Estimates of outstanding loans]
Type of security
All
borrowers
Size of borrower
(Total assets, in thousands of dollars)
Under
50
50250
250750
7505,000
5,000
and
over
All
borrowers
Amount of loans, in millions
Unsecured1
Secured
Size of borrower
(Total assets, in thousands of dollars)
Under
50
250750
50250
7505,000
5,000
and
over
Number of loans, in thousands
$570 $1,282
1,105
$4,482
1,373
261
410
157
275
67
95
15
21
11
9
1,456
2,387
5,856
671
433
161
36
20
201
232
143
353
237
70
45
89
140
212
69
125
141
43
20
74
158
262
101
121
231
38
29
106
78
416
176
16
5
191
76
35
111
77
46
13
22
22
53
16
92
49
25
6
16
13
17
12
12
20
15
4
4
3
4
2
4
3
1
1
1
1
2
1
2
1
(4)
(4)
1
39
27
23
35
22
40
27
62
2
6
1
3
1
1
0)
(4)
1
(0
17.6
12.6
13.0
21.6
16.3
17.0
18.0
12.0
18.7
13.6
17.3
19.3
10.0
16.3
16.0
3.8
22.0
30.6
5.3
2.7
9.0
4.9
11.0
2.0
0.2
17.4
$7,438
5,799
$345
867
$731
1,441
All loans*
13,237
Secured:
Endorsed and co-maker
706
Inventories
1,195
Equipment
706
Plant and other real estate. . .
943
1,075
Stocks and bonds
190
Accounts receivable
148
Life insurance
505
Assignment of claims3
Government participation or
119
guarantee
212
Other security
1,213
2,172
123
62
196
259
101
22
45
37
62
340
7
Percentage distribution of secured loans
Secured:
Endorsed and co-maker
Inventories
Equipment
Plant and other real estate. . .
Stocks and bonds
Accounts receivable
Life insurance
Assignment of claims3
Government participation or
guarantee
Other security
All secured loans
1
2
3
14.0
16.1
15.8
23.9
14.3
23.7
9.9
7.8
9.2
24.5
16.5
14.1
15.9
10.9
20.9
0.9
1.3
2.7
1.9
2.6
4.0
2.0
3.6
100.0
100.0
12.2
20.6
12.2
16.3
18.5
22.6
29.8
11.7
2.1
3.7
3.3
2.6
8.7
100.0
14.2
7.1
2.6
5.2
4.3
4.9
3.1
6.2
4.9
2.3
8.4
100.0
3.4
2.6
9.6
100.0
5.7
30.3
12.8
18.5
19.4
8.6
5.9
27.1
18.7
11.3
33.4
17.9
13.9
3.1
5.3
5.3
9.1
2.3
5.7
4.6
2.0
4.5
0.6
1.5
0.3
1.2
1.1
1.4
1.4
2.5
1.5
2.8
3.1
5.0
100.0
100.0
100.0
100.0
100.0
100.0
4.5
24.7
1.2
0.4
100.0
4.8
4.8
6.3
6.0
3.5
7.1
Includes a small quantity of loans for which no information regarding type of security has been given.
A small quantity of loans
not classified by size of borrower is not shown separately.
4
Includes oil runs.
Less than 500.
NOTE.—Detailed figures may not add to totals because of rounding.
JUNE 1947
677
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
TABLE
17
SECURED BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
1946,
BY BUSINESS AND SIZE OF BORROWER
[Estimates of outstanding loans]
Business of borrower
All
borrowed
Size of borrower
(Total assets, in thousands of dollars)
Under
50
50250
250750
5,000
and
over
7505,000
Size of borrower
(Total assets, in thousands of dollars)
All
borrowers1
5,000
and
over
Amount of loans, in millions
Manufacturing and mining. . . . $1,827
1,327
Wholesale trade
Retail trade
721
Public utilities (including transportation companies)
645
344
Services
267
Construction
140
Sales finance
529
All other*
All borrowers.
Number of loans, in thousands
$132
108
313
390
334
248
$330
237
71
65
116
56
7
70
68
109
109
35
149
46
34
48
32
86
77
42
46
38
127
370
32
3
24
47
1,441
886
1,105
1,373
5,799
480 $ 481
385
255
40
31
67
51
146
33
25
117
31
52
26
3
34
23
42
16
1
19
410
275
As a percentage of all loans to each business-size group
Manufacturing and mining
Wholesale trade
Retail trade
Public utilities (including transportation companies)
Services
Construction
Sales finance
All others
All borrowers.
32
55
49
71
69
67
65
62
61
59
48
42
46
27
15
50
11
58
57
58
64
61
59
59
56
54
55
53
48
42
46
28
20
36
17
52
70
58
18
75
90
81
65
75
79
83
79
64
67
80
79
71
62
54
79
71
70
47
33
81
42
36
81
68
60
46
69
84
68
60
63
69
74
65
56
61
68
78
63
68
54
72
69
54
52
32
79
63
34
12
9
39
44
72
66
61
46
24
59
57
47
30
60
14
4
43
1
A small quantity of loans not classified by size of borrower is not shown separately.
2
3
Includes a small quantity of loans not classified by business of borrower.
Less than 500 loans.
NOTE.—Detailed figures may not add to totals because of rounding.
TABLE
BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
18
1946,
BY T Y P E OF SECURITY AND BUSINESS OF BORROWER
[Estimates of outstanding loans]
Business of borrower
Type of security
All
businesses
Mfg.
and
mining
Wholesale
trade
Retail
trade
Public
utilities 1 Services
Construction
Sales
finance
All
other2
$173
529
Amount of loans, in millions
Unsecured3
Secured
$3,847
1,827
$1,097
1,327
752
721
13 ,237
5,675
2,424
1,473
706
1,195
706
943
1,075
190
148
191
314
119
212
232
377
125
208
366
96
42
186
79
79
38
189
700
56
70
113
41
25
2
48
130
73
78
222
107
15
34
(4)
35
10
17
All loans. . .
Secured:
Endorsed and co-maker. . .
Inventories
Equipment
Plant and other real estate
Stocks and bonds
Accounts receivable
Life insurance
Oil runs
Assignment of claims
Government participation or guaranty
Other security
6
77
$
584
$150
$192
$642
645
344
267
140
1,229
494
459
783
23
10
309
29
186
8
6
27
7
49
135
80
3
19
40
3
52
75
43
12
5
22
6
15
4
25
13
3
51
2
21
13
6
5
22
10
5
43
(4)
(4)
(4)
00
7 ,438
5 ,799
42
18
22
199
156
3
13
2
24
5
43
Number of loans, in thousands
3
Unsecured . . . .
Secured
All loans. . .
Secured:
Endorsed and co-maker...
Inventories
Equipment
Plant and other real estate
Stocks and bonds
Accounts receivable
Life insurance
Assignment of claims 5
Government participation or guarantee
Other security
18
26
38
51
106
146
671
88
252
77
76
11
10
31
16
7
6
6
3
3
3
36
9
1
17
12
6
1
4
2
261
410
35
111
77
46
13
22
22
2
6
49
67
31
15
2
8
6
1
2
31
15
34
49
()
11
7
"I
1
1
2
Including transportation.
.
Includes forestry, fishing, real estate, and a small quantity of loans unclassified by business of borrower,
s Includes small quantity of loans for which
no
information
regarding
security
has
been
given.
5
4 Less than $500,000 or 500 loans.
Includes oil runs.
NOTE.—Detailed figures may not add to totals because of rounding.
578
FEDERAL RESERVE BULLETIN
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
TABLE 19"
BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
1946,
BY T Y P E OF SECURITY AND SIZE OF BANK
[Estimates of outstanding loans]
Size of bank (Total deposits,
in millions of dollars)
Size of bank (Total deposits,
in millions of dollars)
All
banks
Type of security
All
banks
Type of security
Under
2
500
and
over
100500
10100
2-10
Under
2
j$7,438
5,799
$30
59
All loans. . .
J13 ,237
89
913 2 ,901 3 ,799 5,535
7
8
14
61
65
122
212
342
209
223
384
177
203
396
183
21
3
(2)
221
62
7
18
5
18
393
251
73
63
26
76
206
284
83
43
69
100
102
474
27
22
91
119
11
10
62
68
32
41
Secured:
Endorsed and comaker
|
706
Inventories
] 1,195
Equipment
|
706
Plant and other real
estate
J 943
Stocks and b o n d s . . . . > 1,075
Accounts receivable..]
190
Life insurance
148
Oil runs
|
191
Assignment of claims j
314
Government participation or guarantee
119
Other security
I 212
100500
500
and
over
$1 ,127 $2 ,156
601 1,775 1,643 1,723 Secured:
$312
(2)
1
1
10100
Percentage distribution of secured loans
Amount of loans, in millions
1
Unsecured
Secured
2-10
Endorsed and comaker
Inventories
Equipment
Plant and other real
estate
Stocks and b o n d s . . . .
Accounts receivable..
Life insurance
Oil runs
Assignment of claims
Government participation or guarantee
Other security
All secured loans. .
12.2
20.6
12.2
11 .0
13.6
24 .4
10.2
10.9
20 .3
11.9
19.3
11.8
13.6
23.4
10.8
11.8
23.0
10.6
16.3
18.5
34 .8
5 .4
0 .6
2 .5
0 .1
3 .5
36 .8
10.3
1.2
3 .0
0 .8
2 .9
22.2
14.1
12.5
17.3
3.3
2.6
3.3
5.4
4.1
3.5
1.5
4.3
5.0
2.6
4.2
6.1
5.9
27.5
1.6
1.3
5.3
6.9
2.1
3.7
2 .0
2 .2
1.9
1.7
3.5
3.8
1.9
2.5
0.8
5.4
100.0
100.0 100.0 100.0 100.0 100.0
1
Includes a small quantity of loans for which no information regarding type of security has been given.
Less than $500,000.
NOTE.—Detailed figures may not add to totals because of rounding.
2
TABLE
BUSINESS LOANS OF M E M B E R
BANKS, NOVEMBER 20,
1946,
20
BY T Y P E OF SECURITY AND FEDERAL RESERVE
DISTRICT
[Estimates of outstanding loans]
Federal Reserve district
Type of security
All
districts
Boston
New
York
PhilCleveadelland
phia
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Amount of loans, in millions
Unsecured 1 ....
Secured
All loans...
Secured:
Endorsed and co-maker
Inventories
Equipment
Plant and other real estate
Stocks and bonds
Accounts receivable
Life insurance
Oil runs
Assignment of claims
Government participation or guarantee
Other security
$ 7,438
5,799
13,237
$373 $3,033
376 1,582
749
4,615
$322
243
$514
326
$216
281
565
840
49
$194 $1,089
371
751
$214
333
$125
111
$182
236
1,840
547
237
418
565
$270$
382
904
807
1,711
706
1,195
706
943
1,075
190
148
191
314
251
346
186
133
370
50
41
36
70
44
108
67
128
193
26
19
57
59
69
306
121
153
87
20
9
1
26
119
212
28
71
18
30
9
5
Number of loans, in thousands
Unsecured1
Secured
261
410
All loans...
Secured:
Endorsed and co-maker
Inventories
Equipment
Plant and other real estate
Stocks and bonds
Accounts receivable
Life insurance
Oil runs
Assignment of claims
Government participation or guarantee
Other security
57
67
49
40
29
76
35
111
77
46
13
22
2
20
35
44
7
11
22
15
6
2
2
2
6
1
Includes a small quantity of loans for which no information regarding type of security has been given.
2 Less than $500,000 or 500 loans.
NOTE.—Detailed figures may not add to totals because of rounding.
JUNE 1947
679
SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS
TABLE 21
BUSINESS LOANS OF M E M B E R BANKS, NOVEMBER 20,
1946,
BY T Y P E OF SECURITY AND ORIGINAL MATURITY OF LOAN
[Estimates of outstanding loans]
Original maturity of loan
Type of security
Demand
Up to
6 months
6 months to 1 yr.
1-3
years
3-5
years
5-10
years
Over
10 years
A mount of loans, in millions
1
Unsecured .
Secured
All loans 2 .
Secured:
Endorsed and co-maker
Inventories
Equipment
Plant and other real estate
Stocks and bonds
Accounts receivable
* Life insurance
Assignment of claims4
Government participation or guarantee
Other security
$ 7,438
5,799
$
592
431
$482
480
$401
470
$1,526
786
$237
176
5,566
1,023
962
871
2,311
413
476
437
55
78
27
28
167
61
104
3
7
55
13
15
12
8
120
143
75
2
7
81
16
4
27
19
132
332
112
4
8
95
29
27
501
1,573
$3,699
1,867
13,237
2 ,074
706
1,195
706
943
1,075
190
148
505
119
212
99
620
162
261
89
42
121
21
81
106
116
399
77
63
113
31
47
261
410
22
70
189
169
671
93
357
76
35
111
77
5
13
8
12
13
5
6
6
76
$
63
65
104
10
19
25
6
4
40
60
19
2
'l5*
4
24
Number of loans, in thousands
Unsecured.
Secured. . .
All loans.
Secured:
Endorsed and co-maker
Inventories
Equipment
Plant and other real estate
Stocks and bonds
Accounts receivable
Life insurance
Assignment of claims4
Government participation or guarantee
Other security
1
2
8
46
13
22
22
2
6
55
18
25
13
28
7
10
10
24
53
17
64
4
24
29
81
9
2
26
6
3
1
3
2
(3)
6
1
42
7
2
(3)
3
(3)
1
()
CO
Includes a small quantity of loans for which no information regarding type of security has been given.
A small quantity of loans4 unclassified by original maturity of loan has not been shown separately.
Less than 500 loans.
Including oil runs.
NOTE.—Detailed figures may not add to totals ceoause of rounding.
680
FEDERAL RESERVE BULLETIN
OUR STAKE IN GERMAN ECONOMIC RECOVERY
by
M. S. SZYMCZAK *
Two world wars and their aftermath have made
it clear that problems within Germany stand in the
way of world peace and prosperity. For two years,
your representatives in the Military Government
have sought a basis for the solution of these problems. They can only succeed if the American
people are aware of both their achievements and
their difficulties, and if in turn the Military Government officials in Germany understand the attitude of the public at home. To • contribute to a
mutual exchange of such information is the main
purpose of this paper.
PRINCIPLES OF AMERICAN ECONOMIC POLICY IN
GERMANY
We all know that the German economy operated
in the past as one integrated unit. Each part
made its contribution to, and received its support from, the rest of the country. This integration alone made possible the industrial development of Germany. None of the areas that constitute the nation was ever self-sufficient in the past
or can be made self-sufficient in the future. None
of the German industries draws its tools and raw
materials from one single area or one single zone of
occupation. Steel and coal of the British zone are
vital to the metal-working industries of the American zone, but the coal mines in the British zone cannot operate without pit props from the American
and Russian zones. The light industries of the
American zone need optical glass from the Russian,
and glue from the French zone. On the other hand,
they supply the French and Russian zones with electrical equipment, anti-friction bearings, and dyestuffs.
For purposes of occupation Germany west of the
1
Text of speech delivered on May 19, 1947, before a luncheon
meeting of The Economic Club of Detroit. Governor Szymczak,
who has now resumed his duties as member of the Board of
Governors, took leave from the Board of Governors from July
1946 until May 1947 to work with the Office of Military Government for Germany (U. S.)> the United States element in the
quadripartite military government for Germany established in
Berlin. He served first as Chief of the Trade and Commerce
Branch in the Economics Division of OMGUS (this branch is
responsible for foreign trade, interzonal trade, and price control), and subsequently as Director of the Economics Division
(which includes, in addition to the Trade and Commerce Branch,
branches covering Industry, Food and Agriculture, Decartelization, Restitutions, Research, Supply and Accounting, and
Requirements and Allocations).
JUNE
1947
Oder-Neisse line has been divided into four zones:
American, British, French, and Russian. Moreover, the area of prewar Germany lying east of that
line has been put under Polish (or Russian) administration. The Potsdam Agreement provided
that the four zones should be treated as one economic unit. It has not worked out that way, however. Therefore I shall not speak so much of
global German problems such as economic unification, the levels to be established for German industry, and the reparations program. Instead I
shall concentrate on discussing the economic problems of the American zone and as far as necessary
of the combined American and British zones.
All of us are aware of the importance of early
high-level decisions on the basic economic questions wh'ch were recently discussed at Moscow.
The issues were pointed out some time ago by
Secretary Marshall and we all know their substance and the urgent need for their solution.
In view of the history of German aggression and
the part played therein by German industry, it may
be difficult to understand that one of the major
tasks of the Military Government is the provision
of assistance in rebuilding at least part of the
German industrial system. Such a reconstruction,
however, is necessary for two reasons: to prevent
Germany from remaining a source of perpetual
unrest in Europe, and to aid in the recovery of our
Allies.
In the crop year 1946-47, German farmers in the
combined American and British zones of occupation are producing foodstuffs sufficient to provide
an average diet of only about 1,000 calories daily
for that part of the population that does not live on
self-sufficient farms. Such a diet is less than half
of the minimum standard endorsed by the United
Nations Food and Agricultural Organization. Unless we are prepared to forego payment for the
large supplies of food that must be sent to Germany for an indefinite period just to prevent wholesale starvation, we must permit Germany to redevelop its manufacturing industries which alone
can produce the exports necessary to pay for food
imports.
681
OUR STAKE IN GERMAN ECONOMIC RECOVERY
Moreover, the products of German industry are
indispensable for the reconstruction of continental
Europe. In 1936—the last year in which the bulk
of the German economy was operated on a peacetime level—Germany was the largest exporter to,
and the largest importer from, Austria, Bulgaria,
Czechoslovakia, Greece, Hungary, Italy, Rumania,
Switzerland, Turkey, and Yugoslavia. It was first
as a supplier and second as a market for the Netherlands, Poland, and Sweden. Almost the entire
manufacturing industry of continental Europe was
dependent upon German machinery, precision instruments, electrical appliances, optical goods, transportation equipment, and chemicals.
The fact that Germany today cannot even supply spare parts is hampering economic reconstruction in such different countries as Austria, the
Netherlands, and Poland. The general shortage of
coal, which is the greatest single factor in retarding
European recovery, is due largely to low production
in the Ruhr mines. Lack of German potash is
delaying the rehabilitation of agriculture all over
Europe. An increase in the output of coal and
potash mines, however, depends upon the availability of mining equipment and upon larger supplies of consumer goods for miners. A German
miner can earn in two days all he needs to buy his
meager weekly rations and thereafter has little
incentive to work. A relatively small increase in
consumer goods offered to miners was an important
element in raising production in the Ruhr mines
by about one-fifth between the fall of 1946 and the
spring of 1947. A large-scale revival of German
consumer goods industries would have proportionately greater results.
Our own economy would benefit from the resumption of German industrial exports because the
availability of German goods would help meet the
foreign demand for many American goods which
are still in scarce supply relative to our own
domestic demand. Furthermore, some European
countries can pay for imports from the United
States only with the aid of dollar credits because
they lack dollar resources and lack exportable commodities adapted to the American market. If
they could import goods from Germany, however,
they could pay for them by exporting products
urgently needed in that country. In that way, they
would lighten the burden which the American
economy has had to bear both in respect to the
reconstruction of their own economies and to the
682
rehabilitation of Germany. For instance, before
the war the Netherlands exported substantial
quantities of vegetables to Germany while Germany paid for these imports in steel and machinery.
If that commerce could be restored today, it would
make it unnecessary for the American economy to
extend credits to the Netherlands in order to
enable that country to buy American machinery
and it would make it also unnecessary to divert
scarce American foodstuffs to Germany.
OBSTACLES TO EXECUTION OF THE POLICY
While the principle of assistance to German
recovery has been generally accepted in this country, it has been very difficult to carry out the program on an adequate scale. For obvious reasons
of justice and policy, the countries invaded by
Germany have been given a prior claim to our aid.
Our financial and material resources are limited
and foodstuffs and raw materials continue to fall
short of total demand. The allocation of wheat
and nonferrous metals, for instance, is a task that
simply cannot be fulfilled to the satisfaction of all.
Similarly, coal, of which Germany is a major producer, is in short supply. In order to promote reconstruction in the rest of Europe, we have had to
undertake substantial exports of German coal
even though the revival of German manufacturing
industry would have been considerably accelerated
if it had been possible to retain German production
for German domestic use.
It may be hoped that these scarcities will disappear within a few years, but other obstacles may
take their place. Concern has frequently been
expressed that the reconstruction of German industry may go too far and restore Germany's war
potential. The occupying powers have tried to
differentiate between industries that could be used
for aggressive purposes and therefore should be
restricted, and others that might be considered
peaceful and therefore should be encouraged. The
most innocuous industries, however, could conceivably be used for war purposes, and dangerous
ones frequently are indispensable for peacetime
uses. For this reason, some nations are critical of
any move to improve the level of German industry
even though they concede that such an improvement would benefit them from the economic point
of view.
Finally some countries see in Germany less a
source of supplies or a market for exports than a
FEDERAL RESERVE BULLETIN
OUR STAKE IN GERMAN ECONOMIC RECOVERY
dreaded competitor. At present, such fears seem
premature since production the world over has not
caught up with demand, and German production
remains a negligible part of the total. As soon,
however, as world market conditions become less
favorable to the sellers, any increase in German
industrial production, and especially in German
industrial exports, may injure the interests of some
industrial groups in other countries. Although
such exports will in turn make possible imports
into Germany and thus benefit Germany's trade
partners as well as Germany itself, the groups benefiting from access to the German market frequently will be different from those affected by
German competition.
ACHIEVEMENTS OF THE MILITARY GOVERNMENT
Despite the foregoing obstacles and the limited
financial and material means at the disposal of
the occupation authorities, there has been a degree
of rehabilitation in Germany.
Food and agriculture. The food situation continues to be the central German problem. It is far
from satisfactory, but we have been able to avoid
not only outright starvation but also any serious
deterioration of public health. Since last fall until
recently the official ration has been maintained in the
American and British zones at 1,550 calories daily
for the so-called normal consumer. This ration
still is more than one-fourth below the minimum
necessary to insure health in the long run and more
than two-fifths below the German prewar standard of nutrition. Moreover, the diet is far poorer
in quality than would be advisable from the point
of view of nutrition, a larger proportion consisting of grain products and a smaller proportion of
so-called protective foodstuffs. Even so, the ration
has been maintained only by importing into the
combined American and British zones foodstuffs
equal to about 60 per cent of their domestic production. These imports, mainly bread grains and flour
but including substantial quantities of potatoes,
sugar, fish, and milk, will amount to 2.3 million
tons and require an expenditure of 270 million
dollars in the first six months of 1947.
The food situation is constantly being threatened
by the fact that stocks of supplies are dangerously
low. Food is needed in many parts of the world.
For the sake of food importing countries a further
rise in world market prices must be avoided as far
as possible and priorities must be established by the
JUNE
1947
exporting nations. Every ton of food allotted to
Germany causes hardship in other parts of the
world. Difficulties in ocean transportation frequently delay shipments urgently needed for maintaining stocks in Germany at the minimum level
needed for the planning of equitable distribution.
German farmers frequently fail to deliver their
quotas. Trains must be rerouted to alleviate a
crisis in some part of Germany, thus creating a
shortage in another part. Losses from pilferage
increase in proportion to the deterioration of food
conditions. An unfortunate accumulation of such
factors was the cause of the difficulties currently
experienced in the Ruhr district. Delays in delivering the full rations invariably lead to unrest,
diminish the efficiency of labor and the output of
industrial goods, and thus add to the difficulties
of rehabilitation.
In future, we expect domestic production, collection, and distribution to yield substantially larger
quantities than this year. Such an improvement
will depend upon the availability of fertilizer and
upon a supply of industrial consumer goods which
will induce farmers to raise more crops for sale.
It also will depend upon the enforcement of a
strict program of collection and distribution which
must be efficiently performed by German officials.
We can have the utmost confidence in the ability of
the Military Government under General Clay to
meet this situation if it is given fair means to carry
out its program.
In the long run, however, the efficiency of industrial labor cannot be maintained on a diet representing less than 2,600 calories daily for the socalled normal consumer. The American and British zones cannot expect to produce more food than
sufficient for an average of 1,600 calories daily.
Import requirements in the long run therefore will
be the equivalent of at least 1,000 calories daily,
or about two-thirds more than actual imports in
the current year.
Industrial production. In 1945, most manufacturing industries in the western zones of Germany
were at a standstill. By November 1946, industrial
production in the American zone had reached 44
per cent of 1936—a year of virtually full employment in Germany. With the exception of lumber,
the production of all commodities is below the 1936
figure, but by 1948 prewar output is expected to
be reached in a number of important industries. In
the British zone, industrial production had recov-
683
OUR STAKE IN GERMAN ECONOMIC RECOVERY
ered last fall to only 38 per cent of 1936. The
British zone includes mainly heavy industries,
most of which are under severe restrictions as
possible war industries, while the American zone
contains mainly light industries, manufacturing
consumer goods.
Unfortunately, the exceptional severity of the
last winter has undone some of the progress experienced during the preceding year. Industrial
production in the American zone fell in December to 39 per cent, in January to 31 per cent, and
in February to 29 per cent of 1936. In March
it recovered to 35 per cent and in April to 42 per
cent but this level is still slightly below the peak of
November 1946.
In spite of the low level of production there is
little unemployment. Even in February 1947,
unemployment in the American zone was less
than 500,000 out of a labor force of more than 7
million. Only in the white-collar classes is the
number of job openings constantly smaller than
that of job seekers. This is the result of three
facts. The labor force has been greatly reduced by
war losses and by the retention of a large number
of prisoners of war in some Allied countries.
Secondly, much labor is needed for work, such as
removal of rubble and plant repair, which does
not show in production statistics but nevertheless
is vital for resumption of economic activity.
Thirdly, for physical and psychological reasons,
the productivity of labor has fallen considerably,
in some cases by as much as two-thirds. The
gradual revival of economic activity, more food,
housing facilities, and improved availability of industrial consumer goods will do much to remove
the causes of low efficiency.
Housing. Next to food, housing accommodations
are the most pressing requirements of the German people. Despite all war losses, the population of the American and British zones has risen
by around 20 per cent in comparison to prewar,
mainly because of the inflow of Germans expelled
from the area under Polish administration and
from Czechoslovakia and other Eastern European
countries. At the same time, urban housing suffered from terrific bomb damage during the war,
especially in the industrial and commercial centers. In Bremen, for instance, 55 per cent of all
homes were unusable in the summer of 1945.
Reconstruction has been hampered by the scarcity
of building materials, which in turn is due largely
684
to the lack of coal: approximately 12.5 tons of coal
are needed for producing the material necessary to
build a small apartment. Allied legislation provides for the equitable distribution of available
housing among the population, but this measure
can bring only small relief since the complete
equalization of all housing would only provide
around 80 square feet of floor space per person in
the American, and less than 70 square feet in the
British zone.
Improvement in housing conditions is particularly needed in the Ruhr district since the inflow
of additional miners from the southern area of our
combined zones, required to fulfill the program of
output expansion, depends upon the availability of
homes. A short-range program has been prepared to provide additional housing, including
temporary camps and billets and permanent reconstruction, and a long-range program is being
formulated. In addition to building material, beds,
bedding, and furniture must be produced. While
Military Government plays an important role in
drafting the program, its execution is entrusted to
the German authorities. Military Government has
helped in that task by reducing to a minimum the
requirements for military installations.
Domestic trade and transportation. Despite the
interdependence of the four zones of occupation,
interzonal trade has been slow to develop largely
because of the lack of economic unification. Since
January of this year, trade between the American
and British zones has been free, as the result of
the economic merger of these zones, and trade
between the merged zones and the rest of Germany
will be increased under agreements concluded
among the zonal authorities. Until and unless the
over-all economic unity of Germany is achieved,
however, German recovery will be hampered by
obstacles to the free flow of goods within the
country.
Transportation has suffered particularly badly
from war damage. The Military Government can
be proud, however, of its record in repairing rail'
roads, inland waterways, port facilities, and highways. Railroad tracks in operation represent 97
per cent of the prewar total. Almost as many sunken
vessels have been raised in the American zone as
in all other zones together and the proportion of
port channels cleared is higher than in any other
zone. The American zone also has a larger proportion of operating motor vehicles than any other
FEDERAL RESERVE BULLETIN
OUR STAKE IN GERMAN ECONOMIC RECOVERY
zone. Despite this progress, transportation is even
now in need of repair and maintenance is a constant
problem. Allocations of materials are being made
for this purpose but must be revised as required
to meet new priority demands from other sides
of the battered economic structure.
International trade. In 1946, the foreign trade of
the American zone was almost entirely confined
to the importation of foodstuffs and other essential
goods by the occupation forces in order to prevent
disease and unrest among the population. Such
imports are financed by War Department appropriations. The only other substantial import transaction was the shipment of some surplus American
cotton held by the Commodity Credit Corporation.
This cotton was delivered to German processors;
the finished goods are being exported in an amount
sufficient to pay for the cost of the imports, and
the rest is available for German consumption. In
the fall of 1946, similar arrangements were made
by the American Military Government for the importation of raw materials required for the manufacture of ceramics, optical instruments, building
materials, chemicals, and toys. The interim financing for these imports is handled by the United States
Commercial Company, a subsidiary of the Reconstruction Finance Corporation. Exports from the
American zone in 1946 were confined mainly to
lumber and hops and a few industrial goods, taken
from existing inventories or produced from raw
material stocks. The amounts shipped were very
small, in the neighborhood of 3 per cent of the estimated prewar exports of the zone's area.
Imports into the British zone were similar to
those of the American zone, but exports from the
British zone were considerably larger, due almost
entirely to Ruhr coal. Coal exports reached a
weekly volume of 260,000 tons in the summer of
1946, or about 40 per cent of prewar, but this involved heavy drafts on existing stocks and inadequate allocations to the needs of the German
economy. As a result, exports of coal had to be
reduced by about 30 per cent in the fall of 1946.
Even the peak figure in the summer of 1946 was
far from sufficient to meet demand in the rest of
Europe, and the reduction of coal exports was a
heavy blow to the importing countries.
In the first months of 1947, exports had to be
curtailed still further, reaching a low of 103,000
tons per week in February. Meanwhile, however,
the output of the Ruhr mines had risen and coal
JUNE
1947
exports could be increased again. In April and
May, the unsatisfactory food situation brought about
some labor disturbances which kept coal output
somewhat below the March peak. As soon as these
difficulties are overcome, a further rise in output
is expected. If it occurs, by summer exports might
reach a volume of 265,000 tons per week while at
the same time allotments for the needs of the
merged zones might be increased to 860,000 tons
per week, or about 30 per cent above the peak
allotment in 1946. The increase in domestic allotment would mainly benefit industrial enterprises,
which in this way would be enabled to raise their
output and thus to contribute more efficiently to the
projected expansion of foreign trade.
Apart from coal exports, foreign trade of the
merged zones in 1947 will be determined by the
working of the bi-zonal merger agreement. This
agreement provides for the cooperation of the
American and British occupation authorities, and
of the representatives of the German states, in
formulating an import-export program for the rehabilitation of the German economy. A major
objective of this rehabilitation program is to put
the merged zones of Germany back on a self-supporting basis, that is, to develop exports to a point
where they cover imports. Meanwhile, however,
the occupying powers must bear the cost not only
of the basic program for the prevention of "disease
and unrest," but also of the raw material and equipment imports required to "prime the pump" of
German export industries. Certain funds are already in hand for this second part of the program,
including the receipts from exports of 1945-45, some
former German external assets transferred to the
occupying powers under agreements with neutral
countries, and the credits negotiated with the United
States Commercial Company. The United Kingdom is participating in the program in two ways.
It bears half of the costs of sending basic necessities
to the merged American and British zones, and it
finances half of the funds needed for "priming the
pump" of the area's industry. Whenever, in the
future, additional advances should be required, the
United Kingdom also will bear an equal share with
the United States.
The expected increase in imports will necessitate, but also make possible, larger German exports. In order to facilitate exports, the occupation
authorities have authorized foreign businessmen
to correspond with prospective German trading
685
OUR STAKE IN GERMAN ECONOMIC RECOVERY
partners. Only so-called nontransactional mail,
that is, correspondence preparing rather than concluding actual contracts, has been allowed so far,
but transactional mail may be admitted in the near
future. Military Government also provides facilities for foreign businessmen to travel in Germany
and renew trade contacts. Contracts have to be
submitted for approval to the Military Government
U.S.-U.K. Joint Export-Import Agency, and all
payments have to be made to the account of the
Agency rather than individually to German exporters. The Agency has issued rules of procedure,
stating the principles which will determine the
approval or rejection of contracts, and has established branch offices in the most important trading
centers of the merged zones, mainly the state
capitals. Finally, the Agency is prepared to act
as seller of goods if a foreign buyer is prevented
by government restrictions from entering into legal
contracts with German nationals.
The necessity of setting up the bi-zonal exportimport organization and the hardships of the winter
months have delayed the beginning of the new
program. Despite these handicaps, foreign trade
has started to rise. In the first quarter of 1947,
contracts for exports were negotiated to the amount
of 22 million dollars. Imports, excluding basic
necessities imported by the occupation authorities,
were approved to the sum of 10 million dollars.
These amounts still are far below the levels that
must be reached in order to fulfill the bi-zonal
program, but they represent a material improvement in comparison with preceding periods.
Money and exchange. When the occupying powers entered Germany, the collapse of the currency
appeared imminent. Money in circulation had increased to approximately six times the prewar level.
The German people's recollection of the hyperinflation that followed the First World War added
to the dangers of the situation.
Despite the oversupply of money and the scarcity
of goods, the occupying powers took over the existing German system of price and wage controls
and have been able to prevent any serious rise in
legal prices and wages. The official cost-of-living
index stood in December 1946 at approximately
120 per cent of 1938. It is true that only the
meager official rations can be purchased at these
prices. The supply of black-market goods, however, is probably smaller than the amount of goods
distributed through legal channels. Furthermore,
686
many black-market transactions take the form of
barter, especially for cigarettes, rather than the
form of sales at high money prices.
The maintenance of the official price and wage
level at virtually prewar figures has had some unforeseen consequences. At the beginning of the
occupation, a military exchange rate of 10 marks
per dollar was established, as compared to a prewar
exchange rate of 2/4 marks per dollar. This rate
was introduced merely for the administrative use
of the occupying authorities, especially in calculating payments in marks to the troops. Its application
for general purposes, however, would have tended
to upset the entire price and wage system. German
domestic prices even before the war were managed
in such a manner that they had lost all relation
to world market prices. No uniform exchange rate,
and least of all the military rate, would represent
a generally applicable ratio between domestic prices
as expressed in marks, and world market prices in
dollars.
Thus a difficult problem has arisen in connection
with the pricing of export and import goods. The
German exporter receives for his sales the legal
domestic price in marks. Similarly, the German
importer has to pay for his purchases the legal
domestic price in marks. On the other hand, the
foreign importer of German goods pays, and the
foreign exporter of goods receives, the world market price in dollars.
The occupation authorities have decided for the
time being to refrain from fixing a uniform conversion factor for the translation of mark into dollar prices, and vice versa. Instead they have issued a long list of various conversion factors, reflecting for all major commodities the actual relation between legal domestic prices in marks and
world market prices in dollars. For instance, the
conversion factor for carbon brushes is 30 cents,
and for pharmaceuticals 80 cents per mark. This
means that a certain quantity of carbon brushes
that sells domestically for 100 marks has to be
priced for export at $30, but pharmaceuticals that
sell domestically for 100 marks have to be priced
for export at $80. As a practical matter, this
is the best that can be done until major monetary
reforms are undertaken in Germany and a more
normal price system is developed there. These
problems have been under quadripartite discussion
for some time and it is to be hoped that an early
agreement will be reached.
FEDERAL RESERVE BULLETIN
OUR STAKE IN GERMAN ECONOMIC RECOVERY
Banking. In December 1946, the Military Government established a new central banking organization in the American zone. Following the
principle of decentralization, each German state
received its own central bank, which took over the
assets of the former Reichsbank as far as they were
located in its area. The organization of the central
banks was largely influenced by the model of the
Federal Reserve System. As soon as the economic
unification of Germany is implemented, the state
central banks will be coordinated by a central
board, which will issue currency through the
medium of the state central banks. Until such
time, however, the central banks have no power
to issue bank notes or any other currency.
In consequence of the principle of decentralization, commercial banks in the American zone have
been ordered to sever their connection with central
offices in Berlin. Depositors are free, however, to
dispose of their accounts both within the American
zone and in transactions with the British and
French zones, except for blocking measures applied in the process of denazification. From September 1945 to December 1946, deposits in the
American zone increased by 20 per cent. Most of
the rise in deposits had to be kept by the banks in
cash or with other credit institutions since no other
investment opportunities are available. Total assets
of the banks in the American zone were 90 billion
marks on December 31, 1946, of which one-half
was kept in cash or bank balances, and one-third
in Treasury bills and other government securities,
the service of which has been suspended since the
end of the war.
PROBLEMS AND PROSPECTS
All the achievements of the Military Government
are merely the first step on the road to rehabilitation. The obstacles that still have to be overcome
are no doubt as great as any encountered so far.
First of all, the provision of the Potsdam Agreement which calls for the economic unification of
Germany must be carried out. Unification in itself
will not solve the economic problems of Germany,
but it will ensure the development of the whole
German economy on a more rational basis. Uncertainty as to economic unification is a handicap
in many fields, notably in adjusting the so-called
Level-of-Industry Plan to changed conditions. Under that plan, which was approved by all four
JUNE
1947
occupying powers one year ago, maximum levels
were established for most German industries with
a view particularly to preventing the resurgence
of German war potential. Most experts agree that
this plan needs substantial corrections, but the necessary amendments in each zone will largely depend
upon developments in other zones and upon the
question of whether the German economy is to be
redeveloped as a unit or in separate self-sufficient
parts.
Another problem that urgently needs attention
is currency reform. The disproportion between
the supply of money and of goods at prevailing
prices cannot be maintained indefinitely. All experts agree that a reduction in the volume of currency will be necessary. Obviously, the execution
of such a reform also depends upon the fate of
unification. If common action of all four occupying powers is not forthcoming, the advantages and
disadvantages of separate action in the merged
American and British zones must be weighed.
Other problems arise in connection with the
political aims of occupation. The decentralization
of economic control must be achieved in order
to make it impossible for the country to reorganize
for aggressive purposes. In this connection, the
Military Government in the American zone has
enacted a drastic decartelization statute, which is
aimed at destroying the concentration of economic
power in German industry. Property of Allied
nations looted during the war has been and is
being returned under the restitution program. War
plants have been and are being destroyed, and other
plants have been and are being removed for reparations. The over-all problem of reparations, however, still remains to be solved.
The lack of unified action of the four occupying
powers, moreover, creates uncertainties that are
detrimental to economic progress. As long as the
management of an enterprise does not know
whether or not a plant will be subject to restitution, or to destruction, or to removal under the
reparations program, it cannot make definite plans
for reconstruction or start an investment program
which might be interrupted at any moment.
Finally, the Military Government has to deal with
the problem of reaching equilibrium in the balance
of international payments of the merged American
and British zones. In this connection, the question of economic unification again becomes decisive.
As long as unification is not achieved, interzonal
687
OUR STAKE IN GERMAN ECONOMIC RECOVERY
trade must be treated as international rather than
domestic commerce, with the resulting need for
controlling interzonal payments.
The problem of equilibrium is particularly interesting to the American public. As long as the
proceeds from exports do not exceed import requirements, they must be devoted entirely to paying for current imports. Only when an export
surplus is reached, will it be possible for our merged
zones to start repaying the advances made by the
occupying powers for the importation of basic
necessities.
Our stake in the economic problems of Germany,,
however, is greater than our interest in receiving
repayment of our advances. We want peace, and
we know that in order to have peace, we must have
economic stability in Germany and in the rest of
Europe.
FEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS1
Demand deposits of individuals increased further
by 1.2 billion dollars during the seven-month period
ending February 26, according to estimates based
on the latest Federal Reserve System survey of deposit ownership. Balances of nonprofit associations
also grew substantially. Deposits of all business
groups, however, were drawn down over this
period, as is shown in Table 1. Total deposits of
individuals, partnerships, and corporations expanded rapidly in the last half of 1946 but declined
sharply in January and February 1947, reflecting
heavy tax payments in these months. Thus on
February 26 the total of these deposits was considerably reduced from the December peak and
amounted to 77.8 billion dollars or only 300 million more than on July 31, 1946, the date of the
previous survey.
1
This article was prepared by Richard F. Hart and Richard
Youngdahl of the Board's Division of Research and Statistics.
During the war period, as is shown in the chart
and also in Table 4, demand deposits of almost all
holder groups showed sustained growth. This expansion continued in the first 12 months after the
end of hostilities, with the important exception
that deposits of manufacturing and mining companies were reduced sharply during the period of
reconversion in the last half of 1945. The recent
decline in total business deposits, however, is the
first shown by the survey since early in 1944, when
deposits of businesses and individuals were temporarily affected by bond purchases in the Fourth
War Loan Drive. For the five-year period since
the end of 1941, demand deposits of individuals
(including farmers) approximately tripled in
amount and those of trade concerns increased by
170 per cent, while for manufacturing and mining
companies the growth was 60 per cent and for
OWNERSHIP OF DEMAND DEPOSITS
INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
100 I
1
B LLIONS OF DOLL
SELECTED DATES
BILLIONS OF DOLLARS
20 |
!
BROAD GROUPS
NONFINANCIAL BUSINESSES
-
A
24
OTHER HOLDERS
j |
-
/
(
16
80
/
TC)TAL
/MANUFACTURING
AND MINING
INDIVIDUALS
!
1
-
(EXCLUDNG
1
60
12
/
/-^
/
|
NONFINANCIAL
BUSINESSES^ ^ J ^
y
' 1
!
^
u
/
/
"~
NONPROFIT ASSOCIATIONS
AND O T H E R *
;
0
-!
ASSOCIATIONS
AND OTHER *
1
\
/
IITII 1TIF^
u 1 iL.11 mo -r—^^»
4
FARMERS^^^
NONPROFIT
PUBLIC
OTHER
NONFINANCIAL
|
12
>
FINANCIAL
BUSINESSES^.^
;
1
/
INDIVIDUALS,/^"*'^
/
I
I
/
.
20
16
1
/
r
/
8
/
[
/
40 [/
(
i
/
/
/
FARMERS)/
r
-
TRADE/
/
J
—!
h
-^-r-
/
/,
r^*'^
y
!
S\ ^ ^ ~ V
1944
JUNE 1947
1
4
FINANC /XL
BUSINESSES
v-*-*—
J
j
1
1
INSURANCE
COMPANIES
1946
1944
1948 1942
1944
.1946
1942
1948
1946
* Includes deposits of trust funds and foreigners.
Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Feb. 26, 1947
1942
20
1
—j
|
1948
689
OWNERSHIP OF DEMAND DEPOSITS
financial businesses 50 per cent. The total of all
groups approximately doubled.
Growth in deposits of individuals continued over
the August-February period at about the rate shown
during the previous six months. Increases in farmers' accounts, however, accounted for 500 million
dollars, or almost half of the recent rise in personal
deposits, whereas in the preceding period farmers'
deposits expanded only 200 million. While in part
the recent large increase in farmers' deposits is
due to the usual autumn rise in farm cash receipts,
it probably reflects to a considerable extent further
expansion in farmer incomes accompanying the
very sharp rise last fall in agricultural commodity
prices following the removal of price controls. Demand deposits of other individuals increased 700
million dollars over the period.
In addition to the growth in demand deposits
of individuals, time deposits, which are largely personal, rose by 2.4 billion dollars. Currency in circulation showed little change. Total deposits and
TABLE 1
CHANGES
IN OWNERSHIP
OF D E M A N D
DEPOSITS
OF INDI-
VIDUALS, PARTNERSHIPS, AND CORPORATIONS
[Estimates, in billions of dollars]
Change
Type of holder
Domestic businesses—total. . .
Nonfinancial businesses
Manufacturing and mining
Public utilities
Trade
Other nonfinancial
Financial businesses
Insurance c o m p a n i e s . . . .
O t h e r financial
Individuals
Farmers
Others
Trust funds
Nonprofit associations
Foreigners x
Total
Amount
outstanding February 26,
1947?
43.8
July 31,
1946 to
February
26, 1947?
January
31, 1946 to
February
-1.1
+0.9
+0.3
+0.2
37.2
16.0
4.2
12.5
4.5
-1.0
-0.3
-0.2
-0.5
-0.1
6.5
2.1
4.5
-0.1
28.9
6.7
22.1
+1.2
+0.5
+0.7
1.7
2.7
0.8
+0.3
77.8
+0.3
*
-0.1
26, 1947P
690
in the BULLETIN for May 1947.
Deposits of all major business groups except unincorporated financial businesses were reduced over
this period. About half of the decline occurred in
accounts of corporations and half in balances of
unincorporated businesses, as is shown in Table 2.
On a percentage basis, however, the decline was
much larger in noncorporate business deposits than
in corporate deposits.
TABLE 2
D E M A N D DEPOSITS OF CORPORATIONS AND UNINCORPORATED
BUSINESSES
[Estimates, dollar amounts in billions]
Change from July 31, 1946
-0.1
February 26,
1947?
+0.2
+0.6
+0.2
+0.4
+2.5
+0.7
+ 1.7
+0.1
+0.3
+3.7
p Preliminary.
* Less than 50 million dollars.
Excludes foreign banks and Governments.
NOTE.—The figures on deposit ownership are estimates of the
balances as recorded by the books of all banks and as a consequence are different from figures that appear on the books of depositors. The former include amounts represented by checks that
have been drawn by depositors and deducted from their books
but not yet charged off their balances on bank records. The latter
include checks received by the payees that have been entered on
their records but not yet deposited with the banks.
Detailed figures may not add to totals because of rounding.
1
currency held by individuals, therefore, expanded by
more than 3 billion dollars over this seven-month
period. A sizable amount of these funds is held
in anticipation of outlays for automobiles and other
durable consumers' goods and for housing, as is
revealed by a survey of consumer finances reported
elsewhere in this BULLETIN.
Business deposits declined by 1.1 billion dollars,
or 2.4 per cent, during the August-February period.
Reduction of nonfinancial business balances, accounting for 1 billion of this decline, occurred
notwithstanding a very high level of business profits
and reflected expenditures in record volume for
plant and equipment and for accumulation of inventory. In addition, many businesses drew upon
cash resources in connection with further large extension of credit to customers. Business finance
during 1946 was discussed in the leading article
Dollar amount
Percentage
Type of holder
NonCor- Non- Cor- Non- Corporate porate porate porate porate porate
Domestic businessestotal
Nonfinancial
Manufacturing
and mining. . .
Public utilities. .
Trade
Other nonfinancial .
...
Financial
Insurance
Other financial. .
$32.1
$11.7 $-0.6 $-0.5
-1.9
-3.9
10 0
-0 5
-0 5
-1.9
-5.0
4.1
6.5
1.7
0.2
5.9
-0.2
-0.1
-0.1
-0.1
-0.3
-1.6
-3.5
-2.0
-6.1
-7.8
-5.3
-0 3
—2 9
27.3
14.4
*
2 3
2 2
*
—0 1
4 8
17
1.9
2.9
0.1
1.6
—0 1
-0.1
*
*
*
*
—2 1 +2 9
- 2 . 9 + 16.0
- 1 . 6 +2.0
P Preliminary.
* Less than 50 million dollars.
NOTE.—Detailed figures may not add to totals because of
rounding.
FEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS
Regional differences in the changes in total demand deposits of individuals, partnerships, and
corporations, and in demand deposits of individuals
and nonfinancial businesses, are shown in Table
3. Personal deposits rose in all Federal Reserve
districts except Dallas, where they fell slightly.
The largest increases occurred in the Minneapolis,
St. Louis, and Chicago Districts, where farmers'
accounts increased very sharply. Declines in nonfinancial business deposits were recorded in all 12
districts. Total deposits of individuals, partnerships, and corporations increased somewhat in the
St. Louis, Minneapolis, and Chicago Districts,
where personal deposits showed the largest gains,
and in the Richmond District, where a slight decline in nonfinancial business deposits was offset
by a moderate growth in personal and other deposits. In other districts demand deposits either
showed little change or declined.
TABLE
CHANGES IN DEMAND
3
DEPOSITS OF INDIVIDUALS,
SHIPS, AND CORPORATIONS, BY FEDERAL RESERVE
JULY 31, 1946
TO FEBRUARY 26,
PARTNERDISTRICTS,
1947
Percentage changes in deposits of
Federal Reserve
district
All groups1
Individuals
Nonfinancial
businesses
Boston
New York
Philadelphia
-0.4
-1.6
-0.8
+ 1.1
+5.0
+2.0
-3.9
-2.7
-2.4
Cleveland
Richmond
Atlanta
+0.3
+3.2
-0.5
+3.7
+5.2
+4.3
+ 1.3
+4.0
+ 1.5
+9.1
+ 12.1
+ 16.0
-0.6
-0.8
-3.4
-1.6
-1.7
-7.7
+0.5
-1.2
-1.3
+3.3
-1.1
+ 1.5
-5.6
-2.5
-4.6
+0.4
+4.4
-2.7
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All districts
1
Includes also changes in deposits of financial busines;
profit associations, trust funds, and foreigners.
TABLE
4
OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-47
[Estimates, in billions of dollars]
Type of holder
Domestic businesses—total...
Corporate
Noncorporate
Dec. 31,
1941
July 31,
1943
Feb. 29,
1944
July 31,
1944
Jan. 31,
1945
July 31,
1945
24.8
36.3
35.9
37.6
40.4
*
*
*
*
*
*
29.2
8.5
30.6
9.9
Jan. 31,
1946 r
July 31,
1946 r
Feb. 26,
42.4
42.9
44.9
43.8
31.9
10.5
31.1
11.9
32.8
12.1
32.1
11.7
1947P
Nonfinancial business—total. . .
20.4
31.6
31.5
33.0
35.3
37.1
37.0
38.3
37.2
Manufacturing and mining
Public utilities
Trade
Other nonfinancial
10.0
3.1
4.6
2.7
16.5
3.7
8.0
3.4
16.3
3.7
8.2
3.4
17.2
3.7
8.8
3.3
17.5
3.7
10.3
3.7
18.4
4.0
10.9
3.8
16.1
4.0
12.6
4.2
16.4
4.4
13.0
4.5
16.0
4.2
12.5
4.5
4.4
4.7
4.3
4.6
5.2
5.3
5.9
6.6
6.5
1.9
2.5
1.9
2.8
1.7
2.6
1.7
3.0
1.9
3.3
1.8
3.5
1.8
4.1
2.1
4.5
2.1
4.5
9.6
15.8
17.7
18.4
21.5
23.0
26.4
27.6
28.9
*
3.3
12.5
4.2
13.5
4.0
14.4
4.7
16.7
5.2
17.8
6.0
20.4
6.2
21.4
6.7
22.1
1.2
1.4
0.9
1.3
1.5
0.8
1.3
1.5
0.7
1.4
1.9
0.7
1.5
2.0
0.7
1.6
2.4
0.8
1.8
2.4
0.8
1.7
2.7
0.8
55.6
57.2
59.6
65.9
69.6
74.1
77.5
77.8
Financial businesses—total. .
Insurance companies
Other financial
Individuals—total
...
Farmers
Others
Trust funds
Nonprofit associations
. . .
Foreigners—businesses and individuals
Total
37.6
r
P Preliminary.
Revised.
* Not available.
NOTE.—Detailed figures may not add to totals because of rounding.
JUNE 1947
691
REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS
IN LEADING CITIES
Beginning with the statement as of July 2, 1947,
the weekly series of statistics reported by member
banks in leading cities and published by the
Board of Governors will reflect revisions made to
increase and improve its coverage. The revised
series for all reporting banks, for New York City,
and for banks outside New York City will be published in the Federal Reserve BULLETIN for July
1947, and it will include back figures through
July 3, 1946. The same issue of the BULLETIN
will contain the usual tables for the old series
through June 25, 1947, the last date for which
these data will be compiled. Because of the additional time required to compile the data for the
revised series, the release date for the Reporting
Member Bank Statement will be changed from
Tuesday to Wednesday. Figures for banks in New
York City and Chicago, however, will continue to
be released on the Thursday afternoon following
the Wednesday report date.
Weekly condition reports have been collected by
the Board of Governors from selected member
banks in leading cities since November 1917. At
first 96 cities were included, but by 1919 the number had been increased to the present 101. A few
substitutions of cities have been made from time
to time, and some cities were temporarily suspended from the series as a result of the banking
holiday in March 1933. Since November 1935,
when the "101 cities" series was resumed, the reporting banks and the selected cities have remained
virtually unchanged. The only exceptions have
been the infrequent elimination and compensating substitution of banks in order to maintain
comparability following changes in membership,
mergers, etc.
Appreciable changes and geographic shifts in
population growth and business activity, in volume
and distribution of bank deposits, in membership in
the Federal Reserve System, and in general economic conditions have made it necessary to revise
the old series and to add a number of important
banks and cities. The growth of branch banking
has also introduced inconsistencies and difficulties
in reporting, inasmuch as most branches out-
692
side of the reporting cities were excluded from the
old series. As a result of the changes indicated
below, the series has been made a more complete
and representative indicator of current banking
conditions in the larger cities, both by districts
and for the country as a whole, than it was before
revision. The series is not designed to represent
conditions among banks outside leading cities.
One of the major changes made in the series was
to include consolidated figures for all branches of
all reporting banks, regardless of location. This
revision eliminated the necessity of pro-rating certain aggregate asset and liability figures between
excluded and included branches in order to obtain
estimates for use in the series.
The inclusion of all branches of reporting banks
removed the possibility of indicating precisely the
number of cities included in the series, particularly
in districts that have branch banking. The total
number of cities, including only the head-office
cities of branch systems, was reduced from 101 to
94. The selection of cities was based upon the
ratio of member bank deposits in a city to total
commercial bank deposits in the Federal Reserve
district, but exceptions were made for special
situations. Some cities not included in the earlier
series have been added, while a number of other
cities formerly included have been eliminated.
The coverage of bank deposits within included
cities was broadened considerably. The minimum
coverage was set at 75 per cent of all member bank
deposits in each city. With two minor exceptions,
the actual coverage ranges between 90 and 100
per cent. In the old series the percentage was less
than 60 in some cities.
The number of banks reporting was increased
from 371 to 441. Nearly one-half of the increase is
in three cities—New York, Chicago, and Washington—where 27, 26, and 14 banks respectively are
now included as compared with 16, 12, and 8 in the
old series. Banks added to the series were asked
to report their figures weekly beginning with April
2, 1947. In a number of districts the additional
banks were already reporting weekly to the Federal Reserve Banks, but in some cases weekly
FEDERAL RESERVE BULLETIN
REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES
figures from July 1946 to March 1947 had to be
estimated from less frequent reports of condition,
deposit reports for reserve computation purposes,
and other available sources. The portion estimated
is so small in relation to the total that the possible error is very slight.
The percentage of total commercial bank deposits represented by the series was increased from
49 to about 57, and the percentage of total member bank deposits represented was increased from
57 to about 67. The increased coverage is particularly outstanding in the San Francisco Reserve
District. The revised series includes over 75 per
cent of all commercial bank deposits in that district,
as compared with about 39 per cent in the old
JUNE
1947
series. The increase is due almost entirely to the
inclusion of the assets and liabilities of all branches
of reporting banks wherever located.
In the Richmond District, the revised series
represents about 44 per cent of all commercial bank
deposits as compared with 31 per cent in the old
series. The increase results from more complete
coverage in a number of cities and the inclusion
of all branches.
The new weekly reporting series includes over 98
per cent of the deposits of central reserve city banks,
and 96 per cent of the deposits of reserve city banks.
So-called "country" banks in the series hold about
17 per cent of the deposits of all country member
banks.
693
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Purchase of Government Obligations by
Federal Reserve Banks
directly from the United States which is held at any
one time by the twelve Federal Reserve banks
shall not exceed $5,000,000,000; and (2) after
Amendment to Section 14(b)
June 30, 1950, any bonds, notes, or other obligaBy Act of Congress approved April 28, 1947, tions which are direct obligations of the United
Section 14(b) of the Federal Reserve Act was States or which are fully guaranteed by the United
amended so as to authorize until July 1, 1950, the States as to principal and interest may be bought
purchase or sale by Federal Reserve Banks, di- and sold without regard to maturities but only in
rectly from or to the United States, of bonds, the open market. The Board of Governors of the
notes, or other obligations which are direct obliga- Federal Reserve System shall include in their
tions of the United States or which are fully annual report to Congress detailed information
guaranteed as to principal and interest, provided with respect to direct purchases and sales from
the aggregate amount acquired directly from the or to the United States under the provisions of
United States held at any one time by the twelve the preceding proviso."
Federal Reserve Banks shall not exceed 5 billion
Approved April 28, 1947.
dollars. The text of the Act is as follows:
Consumer Credit
[PUBLIC LAW 41—80TH CONGRESS]
[CHAPTER 44—1ST SESSION]
Automobile Appraisal Guides
[H. R. 2413]
AN ACT
The Board has been asked whether the provisions
of Part 4 of the Supplement to Regulation W,
To amend the Federal Reserve Act, and for other purposes.
which require reference to an automobile apBe it enacted by the Senate and House of Rep- praisal guide in determining the minimum down
resentatives of the United States of America in payment to be obtained on used automobiles, are
Congress assembled, That, notwithstanding the applicable to credits extended for used 1947 model
provisions of section 1501 of the Second War automobiles. The question arises because a number
Powers Act, 1942, as amended, section 14(b) of the designated appraisal guides are not at
of the Federal Reserve Act, as amended (U. S. C, present publishing retail values for such models.
The Board has ruled that no such reference need
1940 edition, Supp. V, title 12, sec. 355), is hereby
amended by striking out the proviso in such sec- be made until all designated appraisal guides pubtion 14 (b) and inserting in lieu thereof the follow- lish retail values for used 1947 automobiles. When
ing: "Provided, That, notwithstanding any other such publication occurs, notice will be given in all
provision of this Act, (1) until July 1, 1950, any appraisal guides. This means that the maximum
bonds, notes, or other obligations which are direct amount of credit which can be extended for used
obligations of the United States or which are fully 1947 automobiles at present is two-thirds of the
guaranteed by the United States as to principal cash price. The rule is the same as that apand interest may be bought and sold without regard plicable to 1936 and older models for which retail
to maturities either in the open market or directly values are published in some of the guides but
from or to the United States; but all such pur- not in others. In the case of the 1937 to 1946
chases and sales shall be made in accordance with model automobiles, the maximum amount of
the provisions of section 12A of this Act and the credit is two-thirds of the cash price or the apaggregate amount of such obligations acquired praisal guide value, whichever is lower.
694
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Sales of Mortgages by State Member Banks
The Board of Governors has given consideration
to an inquiry with regard to the applicability of
standard condition of membership numbered 3, or
a similar condition of membership, to the activity
of State member banks in selling to other banks in
some volume, without recourse, real estate mortgages which they will continue to service for a
consideration.
It is noted that the member banks are selling
such mortgages at no premium, that each bank
has now invested the aggregate amount in real
estate mortgages it is permitted to invest under the
limitations imposed by State law and that an active demand for such loans continues in the community served by each. However, these considerations do not appear to have a direct bearing upon
the applicability of the condition of membership.
Standard condition of membership numbered 3
reads as follows:
3. Such bank shall not engage as a business
in issuing or selling either directly or indirectly
(through affiliated corporations or otherwise)
notes, bonds, mortgages, certificates, or other
evidences of indebtedness representing real estate loans or participations therein, either with
or without a guarantee, indorsement, or other
obligation of such bank or an affiliated corporation.
A condition of membership having substantially
the same effect as the present standard condition
numbered 3 has been prescribed for all State banks
applying for membership since March 1933. One
of the practices that proved most harmful to a
number of banks in some sections had been that
JUNE
1947
of selling real estate mortgages or participations
therein to the general public with a guarantee expressed or implied, or in circumstances causing the
purchasers to assume that such mortgages would
be repurchased upon request. Often such obligations were sold without an expressed guarantee or
even with the provision that they were sold without recourse but the issuing or selling bank had
freely repurchased them upon demand over so long
a time that the holders had been led to believe that
they were, in fact, obligations of the bank payable
on demand. In prescribing the condition of membership, the Board had in mind particularly sales
of mortgages to the general public who were not
in a position to evaluate real estate loans and might
consider the bank at least morally obligated to make
good any loss sustained.
It is to be assumed that a bank or other financial
institution, such as an insurance company, purchasing real estate loans from a bank, without recourse, is qualified to appraise such loans and would
have no reason to feel that the selling bank acts
as guarantor of the soundness of the investment.
Therefore, the Board of Governors will not consider
the sale of real estate mortgages by a State member
bank to other banks or financial institutions, such
as insurance companies, without recourse, as coming within the purview of standard condition of
membership numbered 3, or a similar condition of
membership.
While the purpose and effect of the foregoing is
to remove from the scope of the condition of membership transactions of the kind set forth, it should
be noted that any abuses or unsafe or unsound
practices arising in such activity remain subject to
supervisory criticism and correction.
695
CURRENT EVENTS AND ANNOUNCEMENTS
Publication of the Annual Report of the
Board of Governors
The Thirty-third Annual Report of the Board
of Governors of the Federal Reserve System, covering operations for the calendar year 1946, will be
available for general distribution the latter part of
June. Copies may be obtained upon request from
the Board's Division of Administrative Services,
Washington 25, D. C.
Federal Reserve Meetings
The Federal Advisory Council held meetings in
Washington on May 18-20, 1947, and met with the
Board of Governors of the Federal Reserve System
on May 20, 1947.
A meeting of the Presidents of all of the Federal
Reserve Bank wras held in Washington on June 4
and 5, 1947. The Board of Governors met with the
Presidents on June 6.
In accordance with the requirement of the law
that the Federal Open Market Committee meet at
least four times each year, the third meeting of
the Committee during 1947 was held in Washington on June 5 and 6.
Death of Director
Mr. D. P. Cameron, President, The Merchants
Company, Hattiesburg, Mississippi, who had served
696
as a director of the New Orleans Branch of the
Federal Reserve Bank of Atlanta since August 6,
1946, died on May 20, 1947.
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, 1947 to May 15, 1947:
California
Bell Gardens—Bell Gardens Bank
New Jersey
Newark—Bank of Commerce
Oklahoma
Boswell—Boswell State Bank
Meeker—Bank of Meeker
Texas
Waxahachie—Waxahachie Bank and Trust
Company
Ysleta—Citizens State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 26, and released for publication May 28]
Industrial output and employment declined
slightly in April. Value of department store sales
continued to show usual seasonal changes in April,
but increased somewhat in May. The general level
of wholesale commodity prices declined somewhat
in April and showed little change in the first three
weeks of May.
INDUSTRIAL PRODUCTION
Industrial production declined slightly in April
according to the Board's seasonally adjusted index,
which was at a level of 187 per cent of the 1935-39
average for April as compared with 190 in March.
Output of both durable and nondurable manufactures and of minerals was below the March rate.
A slight decrease in activity in the durable goods
industries in April reflected mainly work stoppages
at plants producing communication equipment and
small declines in output of building materials after
allowance for usual seasonal changes. Output of
nonferrous metals and products declined slightly
in April as decreases in some fabricating industries
offset further gains in activity at smelters and refineries. Steel production was at 94 per cent of
capacity in April, as in March, and scheduled operations at steel mills during May have been maintained at this rate. Automobile output in April
continued at an annual rate of about Rve million
cars and trucks; and activity in other transportation
equipment industries increased somewhat. A decline in automobile production is indicated for May,
largely as a result of shortages of steel sheets.
Production of nondurable manufactures was in
somewhat smaller volume in April owing mainly
to a decrease in output of textiles. Activity in the
rubber products industry was slightly below the
exceptionally high first quarter levels when tires
for passenger cars, trucks, and busses were being
produced at an annual rate of 100 million as compared with about 60 million in 1940. Production of
most other nondurable goods in April showed little
change from the March rate.
Output of coal declined 20 per cent from March
to April, reflecting work stoppages at bituminous
coal mines in the early part of the month. Production of crude petroleum and of metals continued
to advance. Crude petroleum output rose further
in the early part of May to a new record rate.
EMPLOYMENT
Nonagricultural employment decreased by about
450,000 workers in April, according to Bureau of
Labor Statistics figures as adjusted for seasonal variation by Federal Reserve. This decline was due
chiefly to work stoppages in the telephone, bitumiCONSTRUCT1ON CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
NONRES1DENTIAL
1939
1939
1940
1941
1942
Federal Reserve index.
for April.
JUNE
1947
1943
1944
1945
1946
1941
1943
1945
1947 1939
1941
1943
1945
1947
1947
Monthly figures, latest shown are
F. W. Dodge Corporation data for 37 Eastern States.
Nonresidential includes awards for buildings and public works
and utilities. Monthly figures, latest shown are for April.
697
NATIONAL SUMMARY OF BUSINESS CONDITIONS
nous coal, and electrical machinery industries. Employment in industries manufacturing nondurable
goods, chiefly textiles and apparel, also declined.
The number of persons unemployed increased
slightly in April.
CONSTRUCTION
Total value of construction contracts awarded,
as reported by the F. W. Dodge Corporation,
showed little change from March to April and was
about one-fifth smaller than in April 1946. Private
residential and nonresidential awards declined, although awards usually show a seasonal increase in
April. Awards for publicly-financed construction
expanded further, reflecting chiefly a large increase
in the volume of contracts for streets and highways.
vanced, while prices of rubber, wool tops, paint
materials, and lumber declined. The general level
of wholesale prices, according to the Bureau of
Labor Statistics weekly index, has been at 147 per
cent of the 1926 average since the middle of April
as compared to an average level of 149 per cent
in March.
TREASURY FINANCE AND BANK CREDIT
Treasury redemption for cash of part of the
weekly maturing bill issues continued into May.
Between April 17, when the program began, and
May 22 one billion dollars of Treasury bills were
retired. Largely as a result of these retirements
Treasury war loan deposits at commercial banks
were reduced by about 800 million dollars in the
five weeks ending May 21.
DISTRIBUTION
Although Federal Reserve Banks held most of
Department store sales continued to show little
change in April, after allowance for usual seasonal the retired securities, their holdings of Treasury
changes. The Board's adjusted index was 275 per bills declined by considerably less than the amount
cent of the 1935-39 average in April, compared retired, as some commercial banks sold bills to
with 277 in March and an average of 271 in the maintain their reserve positions. A further increase
first four months of this year. In May dollar vol- in monetary gold stock of 300 million dollars during
ume of sales showed less than the usual seasonal the five weeks and a small inflow of currency from
decline and in the first half of the month was 12 per circulation supplied member banks with reserve
cent larger than in the corresponding period of 1946. funds and thereby reduced the need for additional
Freight carloadings declined in April largely be- sales of securities to the Reserve System.
Commercial and industrial loans, which had excause of a sharp drop in coal shipments early in the
month. Loadings of coal increased and shipments panded rapidly from the middle of 1946 until
of most other classes of freight were maintained in March 1947, declined somewhat during April and
the first half of May at banks in leading cities.
large volume in the early part of May.
Real estate and consumer loans continued to inCOMMODITY PRICES
crease. Government security holdings declined bePrices of most basic commodities showed little tween the middle of April and the middle of May.
change in the early part of May, following declines
MEMBER BANKS IN LEADING CITIES
in April. Prices of feed grains and copper adBILLIONS OF DOLLARS
WHOLESALE PRICES
1926-100
VT .
V
/fNj
U. S. GO
r
i
SECURI1 l E S / V '
ti
.*V>
V
/
"
1 / DEMAND DEPOSITS
ADJUSTED
J
v
U.S.
DEP GOVT\
_J
• • • "
1940
1939
1940
1941
1942
1943
1944
1945
1946
1947
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending May 21.
698
1941
1942
1943
1944
1945
DSITS
1946
\
1
1947
Demand deposits (adjusted) exclude U. S. Government and
interbank deposits and collection items. Government securities
include direct and guaranteed issues. Wednesday figures,
latest shown are for May 28.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements. .
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends. .
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Cost of living
Wholesale prices
Gross national product, national income, and income payments....
Current statistics for Federal Reserve chart books
Number of banking offices in the United States
Number of banks and branches in operation on December 31, 1946. .
701
702
703-706
707
707-708
709-710
710
711
712-713
714-715
716-719
720
721
722-723
724
725-727
728
729-738
739-741
742-744
745
746
747
748-750
751
752-753
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity arc 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
1947
699
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
.IONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
MONEY IN CIRCULATION
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
1939
1940
1941
1942
1943
1944
1945
1946
1947
TOTAL RESERVE BANK HOLDINGS
OF U.S. GOVERNMENT SECURITIES
1939
1940
1941
1942
1943
1944
Wednesday figures, latest shown are for May 28.
700
1945
1946
1947
See p. 701.
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In
Reserve
Ban
millions of dollars
c credit outstanding
U. S Government
securities
Discounts
and
advances Total
Date
Monthly averages of
v daily figures:
1946—Feb.
Mar.
Apr.
1947—Feb.
Treasury
bills
and
certificates
All
other
Gold
All 1 Total stock
other
TreasTreasury
Treas- ury deMoney
posits
curury
cirwith
rency in
cash
culaFederal
outholdtion
Restandings
serve
ing
Banks
367
566
433
339
307
208
23
22
22
23
22
22
,150
,549
,260
,824
,978
,104
20
20
19
22
21
20
,811
,243
,855
,690
,831
,998
2,340
2,307
2,406
1,135
1,147
1,105
417
418
376
438
436
411
23
23
23
24
23
22
,934
,533
,070
,601
,721
,722
20 197
20 237
20 ,252
20 ,726
20 ,406
20 586
4 ,426
4 ,464
4 ,510
4 ,558
4 ,557
4 ,558
27
27
27
28
28
28
,944
,913
,923
,300
,273
,185
2 ,307
2 ,274
2 ,261
2 ,214
1 ,332
1 ,329
End of month figures:
1946—Feb. 2 8 . . . .
Mar. 30
Apr. 3 0 . . . .
1947—Feb. 2 8 . . . .
Mar. 31
Apr. 3 0 . . . .
347
626
279
356
538
125
22
22
22
24
22
21
,904
,601
,732
,117
,593
,857
20
20 ,166
22 ,919
21 488
20 ,752
,584 2,320
,234 2,366
2,566
1,198
1,105
1,105
397
403
346
373
300
223
23
23
23
24
23
22
,648
,630
,357
,846
,431
,205
20 ,232
20 256
20 ,251
20 ,330
20 463
20 774
4
4
4
4
4
4
,451
,480
,537
,558
,559
,561
27
27
27
28
28
28
,954
,879
,885
,304
,230
,114
2 ,301
2 ,288
2 ,263
1 ,317
1 ,336
1 ,329
Wednesday figures:
1946—July 3 . . . .
July 1 0 . . . .
July 17
July 24
July 3 1 . . . .
239
292
204
210
246
23
23
23
23
23
,003
,394
,230
,652
,633
21
22
21
22
22
,652
,043
,879
,301
,282
1,351
1,351
1,351
1,351
1,351
453
333
462
358
286
23
24
23
24
24
,694
,019
,895
,229
,164
20
20
20
20
20
270
271
271
269
267
4 ,540
4 ,537
4 ,538
4 ,539
4 ,540
28
28
28
28
28
,395
,335
,241
,187
,254
2 ,249
2 ,254
2 ,249
2 ,263
2 ,250
507
664
513
674
513
Aug.
Aug.
Aug.
Aug.
7
14
21
28....
258
263
229
216
23
23
23
23
,593
,575
,486
,606
22
22
22
22
,242
,224
, 135
,256
1,351
1,351
1,351
1,351
283
400
394
279
24
24
24
24
,134
,238
,109
,102
20
20
20
20
266
268
274
280
4 ,538 28
4 ,541 28
4 ,543 28
4 ,543 28
,326
,353
,365
,376
2 ,263
2 ,262
2 ,265
2 ,274
Sept
Sept.
Sept.
Sept.
4
11... .
18
25
291
250
262
294
23
23
23
23
,387
,291
,421
,866
22
21
22
22
,036
,940
,070
,515
1,351
1,351
1,351
1,351
332
395
541
425
24
23
24
24
,011
,935
,224
,585
20
20
20
20
284
288
288
301
4
4
4
4
,543
,545
,545
,547
28
28
28
28
,506
,499
,453
,448
2
2
2
2
Oct. 2
Oct. 9 . . . .
Oct. 1 6 . . . .
Oct. 23
Oct. 3 0 . . . .
218
271
254
248
238
23
23
23
23
23
,555
,502
,418
,056
,608
22
22
21
21
22
,126
,074
,973
,610
,162
L.42S
1,428
L445
L, 445
1,445
368
275
480
332
256
24
24
24
23
24
,140
,048
,152
,636
,101
20
20
20
20
20
306
305
304
388
399
4
4
4
4
4
,546
,544
,545
,546
,548
28
28
28
28
28
,526
,608
,597
,585
,588
Nov.
Nov.
Nov.
Nov.
6....
13
20....
27. . . .
376
397
330
283
23
23
23
23
,515
,684
,522
,682
22
22
21
22
,020
,105
,933
,093
L, 494
1,578
L.588
1L.588
216 24
484 24
4f 3 24
451 24
,107
,565
,314
,416
20
20
20
20
405
420
461
469
4
4
4
4
,548
,548
,548
,548
28
28
28
28
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18....
24
31....
246
290
303
340
163
23
24
23
23
23
,888
,128
,211
,72?
,350
22
22
22
22
22
,239
,479
,102
,613
,241
,648
,648
,109
,109
,109
452
378
815
815
581
24
24
24
24
24
.585
,796
,328
,877
,093
20
20
20
20
20
477
450
477
527
529
4
4
4
4
4
,550
,551
,554
,554
,562
1947—Jan. 8
Jan. 15
Jan. 2 2 . . . .
Jan. 2 9 . . . .
247
243
238
317
23
23
23
23
,733
,327
,430
,863
22
22
22
22
,624
,218
,322
,754
,109
1 ,109
1 ,109
1 ,109
396
536
533
335
24
24
24
24
,375
,105
,201
,514
20
20
20
20
531
567
692
808
4
4
4
4
Feb. 5 . . . .
Feb. 1 2 . . . .
Feb. 19
Feb. 2 6 . . . .
278
393
342
392
23
23
23
24
,412
,803
,918
,044
22
22
22
22
,303
,691
,773
,861
1 ,145
1 ,183
,109
359
442
414
326
24
24
24
24
,050
,638
,674
,761
20
20
20
20
749
751
770
322
Mar.
Mar.
Mar.
Mar.
5
12
19
26....
23Q
237
234
287
23
23
22
22
,242
,247
22
22
21
21
,044
,050
,306
,704
1 ,198
1 ,198
1 ,105
1 ,105
323
295
402
390
23
23
23
23
,804
,780
,047
,486
20,
20,
20
20
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 3 0 . . . .
429
277
101
141
125
21 ,938
12 ,893
20
21
20
20
20
,833
,171
, 800
,724
,752
1 ,105
1 ,105
1 ,105
1 , 105
1 ,105
391
339
468
259
223
20 ,747
20 671
20 589
20 485
1 ,105
1 ,091
1 ,087
1 ,105
Mar
Apr.
May
May
May
May
7... .
14
21
28....
,810|
n , 905
21 .829
21 ,857
102 21 ,852
139 21 762
117 21 676
130 21 590;
1 ,109
Member
bank reserve
balances
Other
Non- Federal
memReber de- serve
posits
accounts Total
1,248
1,167
1,120
Excess2
846
1,895
1 ,344 1,097
723 1,060
517
536
550
623
633
639
15,685 1,131
15,536 1,031
15,531 1,024
16,006
805
871
16,006
15,931
833
1,193
1,213
679 1,166
2,491 1,103
971
2,014
619 1,025
519
540
547
624
638
627
15,537 1,014
627
14,853
15,606
959
847
15,895
344
15,264
15,826
654
971
1,116
1,165
1,473
1,401
567
568
568
563
562
15,815
15,889
15,968
15,877
15,991
730
825
859
753
856
353
557
540
620
1,331
1,295
1,250
1,214
573
572
572
574
16,093
16,00S
15,933
15,867
964
898
805
714
,281
,280
,265
,279
293
199
359
928
1,188
1,122
1,111
1,212
581
581
588
590
15,989
16,086
16,280
15,975
778
754
872
724
2
2
2
2
2
,301
,270
,274
,270
,285
357
483
524
369
462
1,045
597
598
596
595
595
16,166
16,019
16,142
15,779
16,111
934
766
855
435
737
,750
,761
,689
,815
2
2
2
2
,276
,294
,285
,271
408
967
665
953
599
599
597
598
16,060
16,259
16,098
16,131
637
838
618
643
28
28
29
29
28
,906
,946
,109
,163
,952
2 ,288
2 ,270
2 ,208
2 ,258
2 ,272
679
626
237
547
393
917
875
770
848
822
600
601
609
612
607
16,222
16,479
16,517
16,530
16,139
669
874
656
913
562
,561
,560
,559
,559
28
28
28
28
,748
,518
,369
,265
2 ,281
2 ,291
2 ,295
2 ,325
401
409
862
966
967
1,536
1,004
1,021
614
615
613
612
16,457
16,431
16,308
16,124
903
850
726
663
4
4
4
4
,559
,558
,556
,556
28
28
28
28
,295
,346
,276
,262
2 ,320
2 ,335
2 ,324
1 ,381
1,162
863
938
1,711
649
2,358
2,372 1,218
622
623
623
624
16,095
15,994
15,770
15,781
761
779
614
703
376
403
413
438
4
4
4
4
,557
,557
,557
,556
28
28
28
28
,335
,330
,242
,170
1 ,331
1 ,335
1 ,335
1 ,355
1,407
1,429
1,108
1,172
1,148
1,060
626
627
636
637
15,930
15,847
15,943
15,658
800
718
673
559
22
22
22
22
22
,758 20 486
, 893 20, 497
,474 20 583
,230 20 621
,205 20 774
4
4
4
4
4
,557
,559
,558
,558
,561
28
28
28
28
28
,247
,250
,163
,105
,114
1 ,333
1 ,336
1 ,332
1 ,338
1 ,329
946
753
613
482
619
1,093
1,033
642
641
641
643
627
15,540
15,934
15,987
15,820
15,826
563
886
844
658
654
276; 22
331 22
278 22
299 22
, 230 20 811
,233 20 878
,071 2 0 , 888
,019 2 0 , 932
4
4
4
4
,560
,559
,559
,561
28
28
28
28
,197
,134
,116
,211
1 ,328
1 ,337
1 ,338
1 ,372
654
556
539
751
626
628
626
620
15,877
15,949
15,942
15,705
654
787
P768
P512
856
809
448
829
1,593
920
868
972
1,006
577 1,044
633 1,021
713
1,600
879
1,021
1,025
918
1,066
957
846
i
P Preliminary.
1
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
2
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 s ame publication.
JUNE
1947
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 Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Effective
Rate
Effective
Oct. 27,1942
Oct. 30,1942
Oct. 17,1942
Sept. 12,1942
Oct. 28,1942
Oct. 15,1942
Aug. 29, 1942
Mar. 14, 1942
Oct. 30,1942
Oct. 27,1942
Oct. 17,1942
Oct. 28,1942
2
Mar. 29, 1946
Apr. 6, 1946
Mar. 23, 1946
Mar. 9, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 23, 1946
Apr. 13, 1946
Mar. 16, 1946
Apr. 25, 1946
Rate
Apr. 27,1946
Apr. 25,1946
Apr. 25,1946
May 3, 1946
May 10, 1946
May 10, 1946
Apr. 26,1946
Apr. 26,1946
Apr. 26,1946
Apr. 27,1946
May 10, 1946
Apr. 25,1946
IK
IK
IK
IK
1*
IK
IK
IK
IK
IK
IK
IK
2K
2K
2
2
2
2
2
2K
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 Federal
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
Treasury bills
Bankers acceptances:
1- 90 days
91-120 days
121-180 days
Previous
rate
In effect beginning—
H
Apr. 30, 1942
l
l
l
!Aug. 24, 1946
lAug. 24, 1946
K)ct. 20, 1933
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect May 31. Per cent per annum]
To industrial or
commercial
businesses
IK
Federal
Reserve
Bank
1
Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Period in effect
June 21,
Aug. 16,
Mar. 1,
M a y ' 1,
Apr. 16,
Nov. 1,
Aug. 20,
Sept. 14,
Oct. 3,
1917-Aug. 15, 1936..
1936-Feb. 28,1937..
1937-Apr. 30, 1937..
1937-Apr. 15,1938..
1938-Oct. 31,1941..
1941-Aug. 19, 1942..
1942-Sept. 13, 1942..
1942-Oct. 2, 1942..
1942 and after
Central
reserve
• city
banks
13
19K
22^
26
22^
26
24
22
20
Time
deposits
Reserve Country
(all
city
banks member
banks
banks)
10
15
20
7
2
14
12
14
14
14
14
17K
20
20
20
20
3
4
6
5
6
6
.6
6
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.
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.l, 1933-Feb.l, 1935- Effective
Jan. 31,1935 Dec.31,1935 Jan. 1,1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
2K
2K
2K
2K
2H
2%
2%
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.
702
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas C i t y . . .
Dallas
San Francisco..
To financing institutions
On discounts or
purchases
On
loans l
On
commitments
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
K-i
K-iX
K-iK
K-1X
K-iK
K-iK
2J/2-5
Portion
for which
institution is
obligated
H-1J4
K-iK
K-iK
#-iK
K-iK
1
2
On
Remaining
portion
00
*2
8(')
2K-5
l-i H
I
ments
K-i
K-lK
K-i#
(')
8
commit-
S K-i#
(8)
%->
K-1X
X-lX
X-iX
K-lK
•K-1X
«K-1K
8
8
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
»4 Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
6
Charge of J4 per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table/^118,
pp. 446-447.
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T :
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19461945Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
May 28
Assets
Gold certificates.
End of month
1947
1947
May 21
May 14
May 7
Apr. 30
Apr. 23
Apr. 16
1946
April
May
May
18,974,678 18,930,178 18,910,176 18,850,178 18,815,176 18,660,177 18,625,177 18,974,678 18,815,176 17 344,055
Redemption fund for
F. R. notes
714,053
715,500
717,399
719,288
721,334
723,380
720,709
714,053
721,334
748,059
Total gold certificate reserves.... 19,688,731 19,645,678 19,627,575 19,569,466 19,536,510 19,383,557 19,345,886 19,688,731 19,536,510 18,092,114
Other cash
232,594
251,537
259,423
106,659
93,565
23,500
23,500
130,159
117,065
288,467
238,842
276,061
264,866
119,397
77,664
155,485
103,364
134,092
21,800
22,800
23,500
21,800
120,000
141,197
100,464
178,985
125,164
254,092
Industrial loans
1,670
1,603
1,618
1,109
1,597
1,086
1,109
1,038
1,102
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
5,383,668
5,335,921 5,473,762 5,584,065 5,552,204 5,383,668 5,157,256 4,988,253 5,687,
option
9,716,885
9,231,492 9,303,567 9,375,472 9,543,187 9,716,885 9,900,855 10,052,094 9,284,
Other
Certificates:
Special
5,917,718 5,811,718 5,711,718 5,651,218 5,651,218 5,665,718 5,759,718 6,011, 718 5,651,218
Other
369. 300
351,800
369,300
351,800
351,800
351,800
351,800
Notes
351,800
351,800
735,390
735, 390
753,390
735,390
753,390
753,390
753,390
Bonds
739,390
753,390
1,306
13,456
Discounts and advances:
For member banks..
For nonmember
banks, etc
Total discounts and
advances
255,520
276,061
276,960
115,990
79,654
103,364
23,500
21,800
21,800
139,490
101,454
125,164
,072,062
,824,125
,394,596
,738,200
902,942
Total U. S. Govt.
21,589,821 21,676,237 21,762,445 21 851,799 21 856,961 21,829,019 21,905,255 22,088 ,326 21,856,961 22, 931,925
securities
Other Reserve Bank
317,245
222,117
469 ,227
297,163
275,760
credit outstanding. . .
258,453
467,267
329,315
275,346
222,117
Total Reserve Bank
credit outstanding 22,018,746 22,070,659 22,232,920 22,229,685 22,205,351 22,229,707 22,474,088 22,738,156 22,205,351 23,518,024
Liabilities
Federal Reserve notes.. 24,110,158 24,002,215 24,013,393 24,070,851 24,022,262 24,024,861 24,085,330 24,120,146 24,022,262 24,064,389
Deposits:
Member bank — reserve account
15,705,449 15,942,303 15,948,953 15,876,973 15,825,712 15,819,743 15,987,368 16,237,764 15,825,712 15,653,470
U. S. Treasurer—gen846,175
618,860
751,052
727 ,801
eral account
538,793
481,668
613,488
556,158
653,897
618,860
601,236
552,526
402,724
373 ,122
558,764
395,796
Foreign
488,973
552,526
573,443
454,366
264,546
472,756
443,247
700
461,795
670
472,756
483,345
Other
468,025
492,901
463,155
Total deposits
17,302,472 17,438,094 17,571,455 17,448,391 17,469,854 17,321,970 17,479,997 18,009,387 17,469,854 17,365,427
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
47.5
47.4
47.2
47.1
47.1
47.1
46.5
43.7
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Apr. 30
May 7
May 14
May 21
May 28
Industrial loans:
Apr. 30
May 7
May 14
May 21
May 28
U. S. Government securities:
Apr. 20
May 7
May 14
May 21
May 28
JUNE 1947
Within
15 days
125,164
101,454
139,490
117,065
130,159
89,397
67,673
106,160
83,929
92,310
1,109
1,086
1,670
1,597
1,603
1,045
1,026
1,110
1,036
1,042
,856,961
,851,799
,762,445
,676,237
,589,821
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
8,282
5,531
4,215
5,148
20,579
14,373
15,373
26,198
25,038
14,895
13,112
12,877
2,917
2,950
2,300
75
4
4
4
4
5
3
4
5
5
29
26
29
10
10
35
37
33
3,482,554 2,427,750 5 ,058,195 5
3,637,464 2,682,923 5,543.414 4
3,639,865 2,685,778 5,518,6144
3,804,119 2 ,419,206 5 ,347,894 4
3,721,099 2,410,774 5 ,102,308 4
039,840
399,321
283,011
373,841
500,963
1,427,,459 3,372,373
1,500,575 3,039,312
1,500,575 3 ,099,812
1,500,575 3 ,199,812
1,530,075 3 ,293,812
108
108
108
30
30
330
330
330
320,400
320,400
320,400
320,400
320,400
148,350
148,350
148,350
148,350
148,350
580,040
580,040
566,040
562,040
562,040
703
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Apr. 30
18,815,176
May 7
18,850,178
18,910,176
May 14
18,930,178
May 21
18,974,678
May 28
Redemption fund
for F. R. notes:
721,334
Apr. 30
719,288
May 7
717,399
May 14
May 21
715,500
714,053
May 28
Total gold certificate reserves:
Apr. 30
19,536,510
May 7
19,569,466
May 14
19,627,575
May 21
19,645,678
May 28
19,688,731
Other cash:
Apr. 30
276,061
May 7
255,520
May 14
259,423
251,537
May 21
232,594
May 28
Discounts & advances :
Secured by
U. S. Govt.
securities:
Apr. 30. .
102,993
May 7. .
79,284
May 14. .
115,664
May 21. .
93,318
May 28. .
106,659
Other:
22,171
Apr. 30. .
22.170
May 7. .
May 14. .
23,826
May 21. .
23,747
May 28. .
23,500
Industrial loans:
1,109
Apr. 30
1,086
May 7
1,670
May 14
May 21
1,597
1,603
May 28
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Apr. 3 0 . . 5,383,668
May 7. . 5,552,204
May 14. . 5,584,065
May 21. . 5,473,762
May 28. . 5,335,921
Other bills:
Apr. 3 0 . . 9,716,885
May 7. . 9,543,187
May 14. . 9,375,472
May 21. . 9,303,567
May 28. . 9,231,492
Certificates:
5,651,218
Apr. 30
May 7
5,651,218
May 14
5,711,718
May 21
5,811,718
May 28
5,917,718
Notes:
Apr. 30. . .
351,800
May
1....
351,800
May 14
351,800
May 21
351,800
May 28. . . .
369,300
Bonds:
Apr. 3 0 . . . .
753,390
May 7
753,390
May 14
739,390
May 21
735,390
May 28. . .
735,390
Total U. S. Govt.
securities:
Apr. 30
21,856,961
May 7
21,851,799
May 14
21,762,445
May 21
21,676,23
^ May 28
21,589,821
Total loans and
securities:
Apr. 30
21,983,234
May 7
21,954,339
May 14
21,903,60.
May 21
21,794,899
May 28
21,721,58:
704
Boston
New
York
Philadelphia
Cleveland
Richmond
SanFrancisco
St.
Louis
Minneapolis
Kansas
City
Dallas
567,676
565,270
558,052
549,262
553,034
380,494
396,551
381,451
381,109
377,533
621,968
623,112
641,313
621,259
620,045
442,850 ,429,178
436,169 ,464,572
450,270 ,495,501
449,387 ,491,238
435,907 2,495,410
82,043
81,897
81,754
81,754
81,49
45,791
45,749
45,709
45,673
45,639
21,340
21,308
21,283
21,271
21,259
33,474
33,445
33,414
33,384
33,358
948,006 4,235,232
981,986 4,318,214
991,094 4,318,948
977,908 4,344,428
972,281 4,469,722
613,467
611,019
603,761
594,935
598,673
401,834
417,859
402,734
402,380
398,792
655,442
656,557
674,727
654,643
653,403
Atlanta
Chicago
730,806
703,393
718,058
697,732
714,060
5,661,036
5,553,686
5,551,464
5,607,447
5,495,834
833,834
820,722
834,099
818,045
786,074
1,147,555
1,140,009
1,147,116
1,172,019
1,229,994
942,968
972,662
948,723
946,161
950,262
54,944
54,838
54,734
54,631
54,547
117,333
116,928
116,525
116,129
115,766
59,980
59,814
59,629
59,458
59,799
75,551
75,418
75,289
75,162
75,052
57,706
56,963
56,376
55,560
54,894
785,750
758,231
772,792
752,363
768,607
5,778,369
5,670,614
5,667,989
5,723,576
5,611,600
893,814
880,536
893,728
877,503
845,873
1,223,106
1,215,427
1,222,405
1,247,181
1,305,046
,000,674
,029.625
,005,099
,001,721
,005,156
21,014
20,701
21,216
21,775
20,532
62,006
54,871
58,162
50,788
43,390
18,507
18,049
17,152
16,649
14,712
25,615
20,892
23,904
21,163
22,343
15,130
15,764
15,596
15,388
13,429
21,480
22,867
21,656
21,543
18,546
26,471
25,423
26,078
26,403
26,582
13,004
11,627
13,100
13,521
12,474
6,793
6,503
5,701
6,329
5,442
9,631
7,997
8,697
8,872
8,162
12,093
10,929
11,129
11,297
10,932
44,317
39,897
37,032
37,809
35,780
14,200
10,993
15,393
12,410
13,928
16,613
19,150
36,315
24,705
38,738
6,656
9,173
11,383
7,895
8,915
13,288
9,653
14,403
8,338
8,763
13,982
10,825
15,600
10,845
8,395
7,100
525
2,025
1,450
4,400
4,215
725
3,725
8,775
2,095
14,640
4,890
4,320
4,200
5,400
2,100
1,100
5,800
7,300
800
4,300
9,450
4,550
4,700
8,850
949
200
200
1,300
500
4,950
2,600
1,950
1,400
5,875
691
1,331
1,331
1,395
1,395
14,456
7,656
9,356
8,676
8,676
875
1,685
1,685
1,766
1,766
1,005
1,935
1,935
2,028
2,028
529
1,019
1,019
1,068
1,068
443
853
853
894
894
1,839
3,199
3,155
3,212
2,965
378
728
728
763
763
270
520
520
545
545
378
728
728
763
763
356
686
686
719
719
950
1,830
1,830
1,918
1,918
21,030 990,363
23,530 1,006,737
8,130 958,940
7,700 992,130
14,200 917,350
99,636
103,989
108,533
108,795
98,627
26,819
26,779
33,731
32,502
33,096
53,294
61,763
46,813
42,154
52,076
23,129
10,995
16,828
14,943
9,240
387,460
366,380
352,340
390,190
239,180
903,622 4,153,189
937,715 4,236,317
946,935 4,237,194
933,845 4,262,674
928,300 4,388,225
44,384
44,271
44,159
44,063
43,981
24,466
24,437
24,410
24,410
24,365
104,322
104,220
104,117
104,005
103,896
467,316 2,533,500
460,606 2,568,792
474,680 2,599,618
473,797 2,595,243
460,272 2,599,306
1,094
1,071
1,655
1,585
1,591
15
15
15
12
12
98,599
92,379
105,675
95,001
105,014
3,424,522
3,585,908
3,654,201
3,514,327
3,614,882
163,086
146,184
164,299
155.754
168,225
52,955
94,745
85,135
77,635
38,260
42.775
32,815
49,440
42,631
45,771
875,265
903,277
861,400
882,421
849,405
284,349
242,489
202,070
184,741
167,371
978,688
985,209
971,921
979,084
995,227
1,454,799
1,437,971
1,421,723
1,414,757
1,407,774
953,277
942,259
931,621
927,060
922,488
803,979
794,772
785,882
782,071
778,251
799,845
680,233
687,766
643,130
633,082
654,695
663,720
655.310
649,843
653,070
400,012
395,094
390,345
388,309
386,268
692,547
684,095
675,934
672,435
668,928
563,897
576,006
570,306
565,754
562,915
1,255,532
1,238,062
1,221,194
1,213,962
1,206,713
388,429
388,429
392.653
399,660
407,119
1,450,629
1,450,629
1,465,546
1,489,944
1,515,519
402.245
402,245
406,738
414,239
422,278
506,040
506,040
511,743
521,293
531,547
347,709
347,709
351,506
357,813
364,533
289,931
289,931
293,101
298,371
303,986
756,153
756,153
764,053
777,027
790,691
292,392
292,392
295,428
300,404
305,635
161,674
161,674
163,394
166,231
169,233
261,663
261,663
264,555
269,376
274,530
252,612
252,612
255,276
259,666
264,300
541,741
541,741
547,725
557,694
568,347
24,180
24,180
24,184
24,193
25,407
90,305
90,305
90,267
90,191
94,577
25,041
25.041
25,052
25,075
26,352
31,502
31,502
31,520
31,555
33,172
21,645
21,645
21.650
21,659
22,749
18,049
18,049
18,053
18,061
18,971
47,072
47,072
47,060
47,036
49,344
18,202
18,202
18,196
18,184
19,073
10,065
10,065
10,064
10,063
10,561
16,289
16,289
16,295
16,306
17,132
15,725
15,725
15,723
15,718
16,494
33,725
33,725
33,736
33,759
35,468
51,783
51,783
50,829
50,571
50,593
193,390
193,390
189,717
188,531
188,332
53,626
53,626
52,653
52,41
52,476
67,462
67,462
66,246
65,962
66,055
46,355
46,355
45,503
45,276
45,300
38,652
38,652
37,943
37,754
37,776
100,807
100,807
98,907
98,322
98,258
38,980
38,980
38,243
38,012
37,981
21,554
21,554
21,152
21,034
21,031
34,883
34,883
34.247
34,086
34,115
33,676
33,676
33,046
32,857
32,845
72,222
72,222
70,904
70,568
70,628
1,438,256
1,460,048
1,434,741
1,451,846
1,437,538
5,443,195
5,562,721
5,601,801
5,467,734
5,580,681
1,622,686 2,112,758
1,612 305 2,137,720
1,620,663 2,116,367
1,626,569 2,111,202
1,664,558 2,076,808
1,411,761
1,390,783
1,399,720
1,394,439
1,400,841
1,171,641 2,694,240
1,164,934 2,591,002
1,143,109 2,556,726
1,143,957 2,557,64
1,153,184 2,488,725
1,103,905
1,117,283
,115,710
,115,238
,114,386
620,124
615,166
618,686
618,139
620,189
1,058,676
1,058,693
1,037,844
1,034,357
1,046,781
889,039 2,290,680
889,014 2,252,130
891,179 2,225,899
888,938 2,266,173
885,794 2,120,336
1,453,162
1,472,387
1,451,480
1,465,663
1,452,873
5,474,264 1,631,311 2,127,051 1,426,272 1,179,184 2,700,294
5,589,527 1,624,234 2,149,308 1,402,627 1,166,312 2,594,926
5,647,472 1,635,386 2,132,705 1,416,339 1,145,987 2,563,606
5,501,115 1.637,815 2,121,568 1,406,352 1,146,301 2,569,632
5,628,095 1,676,830 2,087,599 1,410,304 1,158,478 2,493,785
,118,923
,122,901
1,120,758
1,120,201
1,120,549
622,494
616,786
625,006
625,984
621,534
1,063,354
1,068,871
1,043,122
1,039,820
1,056,394
890,34. 2,296,580
889,900 2,256,560
892,065 2,229,679
890,957 2,269,491
887,013 2,128,129
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Due from foreign
banks:
Apr. 30
May 7
May 14
May 21
May 28
Federal Reserve
notes of other
Banks:
Apr. 30
May 7
May 14
May 21
May 28
Uncollected
items:
Apr. 30
May 7
May 14
May 21
May 28
Bank premises:
Apr. 30
May 7
May 14
May 21
May 28
Other assets:
Apr. 30
May 7
May 14
May 21
May 28
Total assets:
Apr. 30
May 7
May 14
May 21
May 28
Federal Reserve
notes:
Apr. 30
May 7
May 14
May 21
May 28
Deposits:
Member bank
—reserve
account:
Apr. 30. .
May 7. .
May 14. .
May 21. .
Mav 28. .
U S Treasurer-general
account:
Apr. 30. .
May 7. .
May 14. .
May 21. .
May 28. .
Foreign :
Apr. 30. .
May 7. .
May 14. .
May 21. .
May 28. .
Other"
Apr. 30. .
May 7. .
May 14. .
May 21. .
May 28. .
Total deposits:
Apr. 30
May 7.
May 14
May 21
May 28
Deferred availability items:
Apr. 30
May 7
May 14
May 21
Mav 28
Other liab. incl.
accrued div.:
Aor. 30
May 7
May 14
May 21
May 28
New
York
Boston
102
102
102
102
102
6
6
6
6
6
l 33
100,554
90,850
92,351
98,380
98,848
3,065
2,714
2,973
4,214
3,847
2,263,504
2,189,009
2,741,315
2,436,727
2,209,391
Philadelphia
Rich-.
mond
Cleveland
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
SanFrancisco
Dallas
8
8
8
8
8
9
9
9
9
9
5
5
5
5
5
4
4
4
4
4
14
14
14
14
14
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
16,226
16,138
17,174
17,212
15,372
4,315
4,479
4,713
5,001
4,804
5,463
4,616
4,986
4,604
6,048
11,872
10,371
9,293
9,508
11,300
13,600
9,670
10,594
10,200
10,773
14,271
11,319
12,262
13,256
11,840
5,535
7,075
7,707
9,264
9,623
3,054
3,053
2,686
3,021
4,195
4,598
4,588
5,903
4,686
5,107
4,434
3,509
3,941
3,807
3,219
14,121
13,318
10,119
13,607
12,720
181,750
184,785
229,665
204,655
182,995
484,384
436,992
585,959
490,651
461,759
140,845
131,348
165,628
150,217
143,157
207,319
188,067
274,884
232,521
211,073
188,429
187,004
238,041
211,740
192,498
155,765
154,765
180,491
158,485
139,242
359,087
352,545
420,156
362,509
342,886
98,638
98,245
128,478
114,174
99,709
52,416
56,005
64,658
56,190
55,997
118,737
116,132
133,560
128,221
108,478
86,269
89,941
109,559
106,969
89,311
189,865
193,180
210,236
220,395
182,286
32,085
32,078
32,078
32,078
32,035
1,278
1,278
1,278
1,278
1,273
8,386
8,386
8,386
8,386
8,386
3,132
3,132
3,132
3,132
3,120
3,813
3,813
3,813
3,813
3,803
2,658
2,658
2,658
2,658
2,651
1,512
1,511
1,511
1,511
1,508
3,032
3,032
3,032
3,032
3,037
1,995
1,995
1,995
1,995
1,992
1,229
1,229
1,229
1,229
1,227
2,503
2,497
2,497
2,497
2,497
784
784
784
784
784
1,763
1,763
1,763
1,763
1,757
43,624
44,652
46,360
48,477
50,246
2,982
3,047
3,167
3,311
3,383
9,933
10,296
11,183
11,472
12,027
2,720
2,813
2,918
3,022
3,148
4,145
4,201
4,384
4,564
4,662
2,772
2,761
3,001
2,942
3,056
2,606
2,585
2,565
2,642
2,737
6,012
6,135
6,141
6,379
6,744
2,720
2,764
2,765
2,834
2,882
1,245
1,284
1,327
1,340
1,394
1,988
2,088
2,061
2,056
2,153
1,958
1,951
1,988
2,141
2,226
4,543
4,727
4,860
5,774
5,834
44,235,674
44,136,016
44,702,809
44,307,878
44,033,530
2,449,007
2,443,149
2,482,577
2,453,265
2,433,516
11,833,601
11,786,857
11,996,358
11,803,233
11,780,662
2,694,652
2,664,599
2,722,665
2,693,347
2,691,652
3,596,521 2,647,812
3,586,333 2,650,815
3,667,090 2,690,032
3,635,423 2,650,314
3,640,583 2,638,399
2,322,157
2,339,700
2,353,902
2,318,594
2,303,569
7,344,413
7,311,608
7,350,237
7,325,653
7,354,880
1,854,286
1,855,630
1,878,568
1,856,928
1,845,906
1,089,068
1,102,722
1,103,344
1,096,476
1,088,584
1,856,257
1,858,734
1,870,571
1,840,799
1,836,198
24,022,262
24,070,851
24,013,393
24,002,215
24,110,158
1,445,995
1,449,800
1,445,802
1,442,730
1,450,376
5,498,209
5,503,888
5,484,164
5,499,152
5,563,214
1,373,564 4,475,024
1,377,000 4,484,968
1,372,505 4,481,157
1,368,846 4,486,225
1,371,363 4,502,500
1,078,278
1,079,578
1,077,096
1,074,556
1,073,729
587,586
589,509
587,055
587,332
585,483
906,356
909,376
905,450
904,419
903,330
573,314
574,576
571,889
570,575
571,468
2,716,417
2,725,899
2,718,970
2,707,449
2,714,293
15,825,712
15,876,973
15,948,953
15,942,303
15,705,449
713,253
712,178
703,843
707,666
698,829
4,940,981
4,961,595
5,027,641
4,981,267
4,911,356
789,763
777,514
788,884
785,545
786,811
1,172,789
1,170,514
1,189,374
1,200,400
1,199,105
703,605
712,736
718,498
698,036
705,994
718,315
734,801
723,659
711,912
713,002
2,287,534
2,303,315
2,287,093
2,312,354
2,328,780
594,646
601,538
597,492
592,356
591,500
394,266
395.046
401,235
396,555
390,745
769,295
769,912
773,756
757,982
758,507
743,921
736,453
751,021
754,653
727,078
1,997,344
2,001,371
1,986,457
2,043,577
1,893,742
618.860
653,897
556,158
538,793
751,052
552,526
454,366
573,443
488,973
402,724
41,003
41,943
35,844
37,002
44,262
33,770
27,399
35,953
30,149
24,687
157,225
183,743
179,831
126,528
199,195
50,852
56,187
41,525
46,247
70,086
41,346
44,132
34,949
42,841
51,485
26,936
29,576
27,096
29,827
37,720
115,287
89,289
52,971
51,807
87,069
33,874
37,719
31,130
34,320
44,173
25,662
38,845
24,355
30,764
33,086
48,971
39,712
52,142
43,708
35,772
25,802
20,924
27,473
23.029
18,848
21,589
17,508
22,988
19,269
15,770
71,613
58,074
76,251
63,917
52,312
18,430
14,945
19,623
16,449
13,463
13,164
10,675
14,017
11,749
9,616
28,178
31,686
26,247
26,435
42,701
18,430
14,945
19,623
16,449
13,463
24,671
26,547
27,757
29,750
35,327
17,377
14,091
18,502
15,509
12.693
38,458
34,994
36,308
47,788
59,962
192,087
2169,243
2141,019
35,368
39,236
38,145
35,484
45,986
42,652
34,588
45,414
38,068
31,156
472,756
463,155
492,901
468,025
443,247
1,958
1,920
1,673
2,258
1,800
399,597
391,795
427,557
403,795
379,217
2,421
2,038
1,916
2,102
1,601
7,286
6,996
5,513
5,870
9,491
4,887
4,600
2,292
2,305
1,800
2,116
1,943
1,877
1,389
1,543
2,433
2,848
2,388
3,427
2,757
6,614
6,020
6,119
5,812
6,017
2,347
2,232
2,650
1,909
2,030
3,425
5,009
2,590
1,326
469
S18
932
979
809
768
38,346
36,822
37,347
37,880
35,405
17,469,854
17,448,391
17.571,455
17,438,094
17,302,472
789,984
783,440
777,313
777,075
769,578
5,692,162
5,701,030
5,827,116
5,680,833
5,630,787
870,204
853,376
874,359
861,199
865,554
1,279,898
1,273,409
1,288,554
1,296,225
1,314,454
775,640
782,392
783,212
766,211
778,127
768,956
783,828
775,620
762,397
768,035
2,476,867
2,453,526
2,418,703
2,431,505
2,470,918
653,564
660,222
654,364
648,937
655,153
435,439
446,798
442,257
440,977
435,477
819,328
821.552
822,216
801,335
815,489
787,295
778,023
798,259
800,721
775,866
2,120,517
2,110,795
2,109,482
2,170,679
2,023,034
2,041,489
1,913,765
2,412,102
2,161,069
1,912,330
168,032
164,826
214,297
188,174
168,194
424,631
362,972
465,189
403,318
366,169
132,147
116,468
151,945
139,414
124,409
186,623
178,434
246,861
204,317
189,352
170,121
164,188
207,717
192.771
165,872
149,996
149,177
175,961
157,471
134,167
297,993
278,502
355,433
312,908
286,061
96,493
89.820
120,893
107,280
90,763
47,216
47,906
55.443
49,590
48,989
104,781
101,952
116,921
109,067
91,284
77,994
80,371
99,236
93,584
81,460
185,462
179,149
202,206
203,175
165,610
12,679
12,762
13,813
13,133
14,060
785
783
801
784
823
3,378
3,542
4,005
3,717
3.977
816
834
909
879
946
1,193
1,308
1,364
1,340
1,373
620
699
730
649
719
556
570
596
597
663
1,944
1,9^2
2,033
1,942
2,200
532
559
673
558
605
750
411
440
388
412
515
524
555
519
552
440
472
518
584
638
1,150
1,128
1,189
1,176
1,152
*33
133
*33
2194,359
2
163,897
2
1,635,537 2,065,096
1,637,915 2,069,403
1,639,307 2,066,348
1,635,609 2,069,451
1,644,407 2,071,205
1,666,886
1,668,939
1,663,650
1,655,871
1,658,790
1,463,202 5,084,698
1,457,623 5,078,246
1,494,149 5,093,316
1,489,755 5,144,091
1,453,760 4,965,821
46,369
37,608
49,370
41,434
33,925
1
After deducting $69,000 participations of other Federal Reserve Banks on Apr. 30; May 7; May 14; May 21; and May 28.
2
After deducting $358,066,000 participations of other Federal Reserve Banks on Apr. 30; $290,370,000 on May 7; $381,256,000 on May 14
$319,584,000 on May 21; and $261,559,000 on May 28.
JUNE 1947
705
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
Total liabilities;
Apr. 30
43,546,284 2,404,796
May 7
43,445,769 2,398,849
May 14.
44,010,763 2,438,213
May 21
43,614,511 2,408,763
May 28
43,339,020 2,388,971
Capital Accts.:
Capital paid in:
Apr. 30
191,249
11,166
May 7
191,279
11,168
May 14
191,320
11,167
May 21
191,355
11,168
May 28 . . . .
191,404
11,169
Surplus
(section 7):
Apr. 30
439,823
27,557
May 7 . . . .
439,823
27,557
May 14
439,823
27,557
May 21
439,823
27,557
May 2 8 . . . .
439,823
27,557
Surplus
(section 13b):
Apr. 30
27,455
3,012
May 7
27,455
3,012
May 14
27,455
3,012
May 21
27,455
3,012
May 28
27,455
3,012
Other cap. accts.:
Apr. 30
30,863
2,476
May 7
31,690
2,563
May 14
33,448
2,628
May 21
34,734
2,765
May 28
35,828
2,807
i otai iiaDinties
and cap. accts.:
Apr. 30
44,235,674 2,449,007
May 7
44,136,016 2,443,149
May 14
44,702,809 2,482,577
May 21
44,307,878 2,453,265
May 28
44,033,530 2,433,516
Contingent liability on bills
purchased for
foreign correspondents:
515
Apr. 30
8,040
494
May 7 . . . .
7,726
459
May 14
7,171
435
May 21
6,797
416
May 2 8 . . . .
6,502
Commit, to make
indus. loans:
Apr. 30. . . .
7,279
7 164
May 7
May 14. . . .
7,080
May 21
5 697
May 28
5,703
New
York
Philadelphia
11,618,380 2,638,704
11,571,432 2,608,593
11,780,474 2,666,520
11,587,020 2,637,101
11,564,147 2,635,316
Cleve- • Richmond
land
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
3,532,810 2,613,267
3,522,554 2,616,218
3,603,127 2,655,309
3,571,333 2,615,502
3,576,384 2,603,508
2,293,072
2,310,575
2,324,682
2,289,311
2,274,228
7,251,828
7,218,928
7,257,326
7,232,580
7,261,679
1,828,867
1,830,179
1,853,026
1,831,331
1,820,250
1,070,991
1,084,624
1,085,195
1,078,287
1,070,361
1,830,980
1,833,404
1,845,142
1,815,340
1,810,655
Dallas
SanFrancisco
1,439,043 5,023,546
1,433,442 5,016,971
1,469,902 5,031,847
1,465,464 5,082,479
1,429,432 4,904,089
67,262
67,273
67,280
67,282
67,308
14,205
14,205
14,205
14,205
14,207
18,698
18,698
18,710
18,715
18,714
8,065
8,065
8,065
8,065
8,067
7,298
7,299
7,299
7,299
7,299
22,778
22,781
22,786
22,794
22,798
6,300
6,301
6,301
6,309
6,313
4,197
4,197
4,200
4,205
4,208
6,349
6,356
6,371
6,376
6,380
7,081
7,085
7,085
7,086
7,088
17,850
17,851
17,851
17,851
17,853
136,549
136,549
136,549
136,549
136,549
34,720
34,720
34,720
34,720
34,720
41,394
41,394
41,394
41,394
41,394
20,676
20,676
20,676
20,676
20,676
18,663
18,663
18,663
18,663
18,663
65,078
65,078
65,078
65,078
65,078
16,577
16,577
16,577
16,577
16,577
10,997
10,997
10,997
10,997
10,997
15,729
15,729
15,729
15,729
15,729
13,777
13,777
13,777
13,777
13,777
38,106
38,106
38,106
38,106
38,106
7,253
7,253
7,253
7,253
7,253
4,489
4,489
4,489
4,489
4,489
1,007
1,007
1,007
1,007
1,007
3,325
3,325
3,325
3,325
3,325
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
4,157
4,350
4,802
5,129
5,405
2,534
2,592
2,731
2,832
2,920
2,612
2,680
2,852
2,974
3,084
2,479
2,531
2,657
2,746
2,823
2,362
2,401
2,496
2,559
2,617
3,300
3,392
3,618
3,772
3,896
2,021
2,052
2,143
2,190
2,245
1,810
1,831
1,879
1,914
1,945
2,062
2,108
2,192
2,217
2,297
1,994
2,012
2,078
2,121
2,156
3,056
3,178
3,372
3,515
3,633
3,596,521 2,647,812
3,586,333 2,650,815
3,667,090 2,690,032
3,635,423 2,650,314
3,640,583 2,638,399
2,322,157
2,339,700
2,353,902
2,318,594
2,303,569
7,344,413
7,311,608
7,350,237
7,325,653
7,354,880
1,854,286
1,855,630
1,878,568
1,856,928
1,845,906
1,089,068
1,102,722
1,103,344
1,096,476
1,088,584
1,856,257
1,858,734
1,870,571
1,840,799
1,836,198
330
317
294
279
266
1,093
1,051
975
924
884
281
270
251
238
228
201
193
179
170
163
281
270
251
238
228
13
1^
13
13
13
3,640
3,640
3,640
2,200
2,200
11,833,601 2,694,652
11,786,857 2,664,599
11,996,358 2,722,665
11,803,233 2,693,347
11,780,662 2,691,652
!2,573
12,473
12,295
12,175
12,080
651
626
581
551
526
748
718
667
632
605
394
379
351
333
319
1,164
1,187
1,103
1,172
1,166
1,761
1,618
1,618
1,618
1,618
81
89
89
77
89
1,463,202 5,084,698
1,457,623 5,078,246
1,494,149 5,093,316
1,489,755 5,144,091
1,453,760 4,965,821
265
255
237
224
215
450
450
450
450
450
708
680
631
598
572
170
167
167
167
167
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F.R. notes outstanding
(issued to Bank):
24,691,593 1,475,545 5,678,019 681,067 2,117,415 1,719,845 1,411,437 4,538,054 1,113,616 601,418 925,845 593,302 2,836,030
Apr. 30
,723 1,113,315 601,755 929,456 596,195 2,819,070
24,654,252 1,475,942 5,650, 132 ,678,160 2 114,745 1,718,626 1,411,
May 7
24,639,716 1,475,900 5,630,664 684,383 2,111,033 1,714,668 1,410,517 4,553,097 1,110,186 601,469 927,541 595,795 2,824,463
May 14
24,632,651 ,473,551 5,647,741 ,679,168 2,112,176 1,706,936 1,410,419 4,552,651 1,110,137 601,423 924,933 593,477 2,820,039
May 21
24,694,470 1,475,340 5,696,138 ,680,522 2,118,133 1,709,953 1,405,077 4,567,902 1,106,596 600,900 922,518 596,537 2,814,854
May 28
Collateral held against
notes outstanding:
Gold certificates:
12,053,000 455,000 3,470,000 500,000 645,000 690,000 590,000 2,970,000 300,000 184,000 280,000 169,000 1,800,000
Apr. 30
12,033,000 455,000 3,470,000 500,000 645,000 690,000 590,000 2,950,000 300,000 184,000 280,000 169,000 1,800,000
May 7
12,103,000 455,000 3,470,000 500,000 645,000 690,000 590,000 2,970,000 300,000 184,000 280,000 169,000 1,850,000
May 14
12,103,000 455,000 3,470,000 500,000 645,000 690,000 590,000 2,970,000 300,000 184,000 280,000 169,000 1,850,000
May 21
12,133,000 455,000 3,470,000 500,000 645,000 690,000 590,000 3,000,000 300,000 184,000 280,000 169,000 1,850,000
May 28
Eligible paper:
14,640 2,100
77,341
14,200
6,656
13,882
4,300
16,613
4,950
Apr. 30
4,890 1,100
68,081
10,993
19,150
9,173
10,725
9,450
May 7
2,600
36,315
4,320 5,800
95,211
15,393
11,383
15,500
4,550
May 14
1,950
24,705
4,200 7,300
73,355
12,410
7,895
10,745
4,700
May 21
1,400
38,738
800
5,400
90,901
13,928
8,915
8,395
8,850
May 28
5,875
U. S. Govt. secApr. 30
13,579,636 1,100,000 2,400,000 ,200,000 1,500,000 1,055,000 850,000 1,600,000 949,636 425,000 700,000 500,000 1,300,000
May 7
13,583,989 1,100,000 2,400,000 ,200,000 1,500,000 1,055,000 850,000 1 ,600,000 953,989 425,000 700,000 500,000 1,300,000
13,588,533 1,100,000 2,400,000 ,200,000 1,500,000 1,055,000 850,000 1,600,000 958,533 425,000 700,000 500,000 1,300,000
May 14
13,588,795 1,100,000 2,400,000 ,200,000 1,500,000 1,055,000 850,000 1,600,000 958,795 425,000 700,000 500,000 1,300,000
May 21
13,578,627 1,100,000 2,400,000 ,200,000 1,500,000 1,055,000 850,000 1,600,000 948,627 425,000 700,000 500,000 1,300,000
May 28
Total collateral:
!, 145,0001,758,882 1,440,000 4,570,000 1,264,276 6111,100 984,300 669,000 3,104,950
25,709,977 1,569,200 5,886,613 ,706,656 2,:
Apr. 30
1,145,000 1,755,725 1,440,000 4,550,000 1,258,879 610,
25,685,070 1,565,993
,709,173 2,:
0,100 989,450 669,000 3,102,600
May 7
1,760,500 1,440,000 4,570,000 1,262,853 614,800 984,550 669,000 3,1
25,786,744 1,570,393 5,906,315 .711,383 2,145,000
:
May 14
,151,950
1,145,000 1,755,745 1,440,000 4,570,000 1,262,995
May 21
25,765,150 ,567,410 5,894,705 ,707,895 2,:
984,700 669,000 3,151,400
:
25,802,528 ,568,928 5,908,738 ,708,915 2,145,000 1,753,395 1,440,000 4,600,000 1,254,027 609,800 988,850 669,000 3,],155,875
May 28
i After deducting $5,467,000 participations of other Federal Reserve Banks on Apr. 30; $5,253,000 on May 7; $4,876,000 on May 14; $4,622,000
on May 21; and $4,421,000 on May 28.
706
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
outstanding
Guaranteed loans
authorized
to date
Date
Total
Additional
amount
available to
borrowers
guarPortion underagreeguaran- antee
ments
teed
outstanding
Number
Amount
1942
June 30
Dec. 31
565
2,665
310,680
2,688,397
1943
June 30
Dec. 31
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
1944
June 30
Dec. 30
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
1945
June 30
Dec. 31
amount
81,108
803,720
137,888
69,674
632,474 1,430,121
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966,595
1946
June 29
Dec. 31
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
1947
Jan. 31
Feb. 28
Mar. 31
Apr. 30
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
18,025
14,238
11,746
10,356
16,654
13,237
10,965
9,658
22,424
21,183
15,392
13,452
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amomnts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Number
Approved
Loans Commitments
but not
outoutcom- standing2
pleted* (amount) standing
Amount (amount)
(amount)
1934...
If35...
1936...
1937...
1931...
1939...
1*40.. .
1941...
984
1,993
2,280
2,406
2,653
2,781
2,90S
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
1942
June 24
Dec. 31
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
June 30
D«c. 31
3,452
3,471
475,468
491,342
3,203
926
13,044
10,532
12,132
9,270
19,070
17,930
1944
June 30
Dec. 30
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
1945
June 30,
Dec. 31
3,502
3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
1946
June 29
Dec. 31
3,524
3,542
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
1947
Jan. 3 1 .
Feb. 28.
Mar. 31
Apr. 30
3,545
3,548
3,548
3,552
568,540
569,487
569,825
571,408
4,795
4,795
4,595
5,371
593
996
1,081
1,109
8,217
8,186
8,160
7,279
2,677
2,729
2,727
2,616
Date (last
Wednesday
or last day
of period)
Applications
approved
to date
Participations
outstanding
(amount)
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
1
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 1947
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks *
Month, or
week ending Thursday
Central reserve
city banks
N«w
York
Chicago
Re.
strvc Country 1
city banks
banks
T o t a l reserves h e l d :
1946—March
April
1947—March
April
15,536
15,531
16,006
15,931
3,970
4,015
4,129
4,125
858
872
877
879
6,169
6,127
6,308
6,294
4,539
4,517
4,693
4,633
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
27
3
10
17
24
1
8
15
15,872
15,710
15,933
16,016
15,943
15,905
16,011
15,980
4,136
4,101
4,094
4,112
4,160
4,158
4,174
4,132
869
795
873
887
894
897
911
913
6,254
6,211
6,293
6,340
6,287
6,275
6,319
6,315
4,612
4,603
4,673
4,677
4,602
4,575
4,607
4,620
Excess reserves:
1946—March
April
1947—March
April
1,031
1,024
871
833
1
36
21
13
-6
24
4
11
225
215
217
226
812
748
630
583
739
768
899
910
771
730
789
801
13
14
14
17
14
15
14
13
4
6
16
4
4
4
4
4
166
187
248
260
202
190
222
223
556
561
621
629
551
521
549
561
526
393
173
126
297
139
21
4
42
47
33
16
133
148
66
51
54
60
54
55
153
421
131
93
107
119
88
123
2
85
6
3
20
185
5
2
1
77
94
52
29
60
54
44
51
54
57
68
59
46
64
42
62
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
27
3
10
17
24
1
8
15
Borrowings a t Federal
Reserve B a n k s :
1946—March
April
1947—March
April
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
27
3
10
17
24
1
8
15
1
Weekly figures of excess restrves of all mtmber banks and of
country banks are estimates. Wtekly figurts of borrowings of all member banks and of country banks may includt 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
Time
deposits
Demand
deposits
except
interbank'
Time
deposits
••17,192
15,315
7,755
8,366
'•12,017
11,836
5,376
5,917
Demand
deposits
except
interbank'
April 1946
March 1947
In places of under
15,000 population
15,153
8,382
11,669
5,941
Boston
New York
Philadelphia
Cleveland
1,817
2,801
1,081
1,302
881
2,157
739
907
324
972
891
1,044
230
1,138
883
817
Richmond
Atlanta
Chicago
St. Louis
1,049
1,553
1,856
617
395
489
1,353
326
859
680
1,650
968
466
212
929
274
Minneapolis
Kansas City
Dallas
San Francisco. . .
540
510
884
1,143
290
104
134
607
743
1,567
1,409
563
434
198
60
300
April 1947
r
Revised.
1
Includes any banks in outlying sections of reserve cities that hav«
been given permission to carry the same reserves aa 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.
707
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
mand
deposits
ad- 3
justed
Net
demand
de- 4
posits
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
F rst half April 1947
. . . . 86,350
11,349
2,561
72,439
67,541
73,640
27,755
5,452
15,931
15,026
905
143
22,012
4,557
4,087
1,156
552
132
17,374
3,269
15,943
2,922
19,989
3,971
1,463
845
77
111
4,103
865
4,086
845
17
20
8
32
31,898
1,919
542
2,200
3,625
2,061
2,029
3,797
1,879
. •
981
2,671
• . • 2,208
7,984
5,128
262
24
947
55
14
26,894
1,702
467
1,931
3,104
1,759
1,676
3,100
1,560
796
2,135
1,798
6,867
1,795
36
25
6,296
360
114
6,047
352
112
249
8
2
47
1
1
65
43
259
23,478
1,474
468
1,685
2,785
1,523
1,351
2,925
1,103
545
1,528
1,530
6,561
11,129
201
308
868
498
554
25,823
1,602
504
1,835
3,020
1,680
1,515
3,187
1,263
641
1,738
1,667
7,171
27,882
2,224
.
. . 3,855
1,996
2,379
2,030
2,433
3,580
. . . . 1,708
1 359
2,156
2,419
1,744
978
83
930
73
25,974
2,067
3,637
1,891
2,245
1,851
2,186
3,359
1,542
1 238
2,017
2,264
1,679
25,199
1,954
3,471
1,839
2,189
1,777
2,122
3,288
1,502
1 205
1,995
2,225
1,634
22,786
1,874
3,282
1,664
1,954
1,634
1,960
2,886
1,396
1,097
1,691
1,881
1,467
All m e m b e r b a n k s
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
Atlanta
St Louis
Kansas Citv
Dallas
San Francisco
318
47
467
322
138
59
474
469
41
141
561
310
81
14
24
113
186
70
119
70
55
30
137
91
110
65
62
151
47
52
73
119
66
36
24
41
288
74
410
403
6
8
157
99
736
396
699
379
37
17
5
5
152
303
382
780
360
743
22
38
3
10
357
329
267
232
282
469
422
448
379
3
1,711
1,670
21
43
41
14,319
1,112
3,294
1,619
1,725
3,469
170
4,668
357
281
193
264
266
354
482
228
181
725
379
450
322
365
632
266
231
4,049
329
618
28
56
12
1,303
447
408
2,042
321
174
108
60
4,950
861
701
2,277
600
725
342
172
331
170
657
330
377
280
317
541
231
197
11
3
68
49
73
41
49
91
34
33
302
193
382
467
314
336
255
275
59
61
909
198
290
260
30
4
5
2
31
5
3
3
1
1
Second half of April 1947
All member banks
Central reserve city banks:
New York
Reserve city banks
New York
Philadelphia
Cleveland
Richmond
....
Atlanta
Chicago
St Louis
[Minneapolis
Kansas City
Dallas
San Francisco
86,666
11,154
2,258
73,253
68,345
74,345
27,789
5,355
15,930
15,169
761
22,180
4,789
4,087
1,096
463
111
17,630
3,582
16,188
3,259
20,256
4,197
1,455
55
161
4,147
4,138
851
893
891
8
3
32,012
1,933
5,028
821
23,777
1,485
27,101
1,717
1,787
6,292
6,089
47
13
41
122
51
35
124
47
26
56
37
26,164
1,622
11,154
264
27
308
461
308
445
458
539
289
855
488
1,850
3,126
1,687
1,534
3,242
1,281
1,703
2,869
1,537
1,369
2,986
1,118
1,942
3,174
1,762
1,674
3,149
1,562
201
308
293
646
561
796
2,147
1,798
6,907
355
114
406
713
379
359
753
332
170
451
380
223
1,554
1,538
6,583
360
115
414
758
394
371
784
341
171
466
410
586
1,767
1,684
7,210
35
26
70
165
96
143
305
98
56
268
230
944
863
83
80
13
24
110
177
70
113
66
72
113
23
67
125
86
100
60
56
141
45
50
62
35
37
25,877
2,074
3,647
1,877
2,236
1,840
2,162
3,363
1,537
1,225
2 009
2 252
1,655
25,121
1,962
3.478
1,823
2,181
1,765
2,103
3,297
1 499
1,194
1 989
2 216
1,614
22,791
1,878
3,285
1.662
,956
,634
,955
',891
,394
,097
554
...
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Dallas
2,199
3,709
2,046
2,014
3,824
1.867
962
2,678
2,209
8,019
27,685
2,224
3,851
1,976
2,360
2,011
2,395
3,573
1 695
1,341
2 144
2 399
1,716
515
474
475
694
J .887
11,458
1,311
448
409
2,049
322
175
357
332
203
4
2
8
45
15
11
32
9
2
15
30
4,950
294
1,708
1,678
30
14,328
1,111
3,295
1,625
1,723
3,352
4,598
4,050
547
330
658
330
377
280
316
542
231
197
255
276
258
29
67
41
60
35
37
85
31
29
52
55
26
861
701
2,286
602
723
303
195
905
173
284
179
253
252
333
486
221
166
372
446
186
358
725
371
437
315
353
627
263
226
307
331
284
110
55
1
1
7
6
7
6
5
8
6
4
1
3
54
15
23
5
4
5
1
1
Averages of daily dosing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
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 footnoted.
» Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than war loan and Series E bond accounts) on the latest available call report date.
• Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand
balances due from domestic banks.
6
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
708
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 currency 1
Total
in circula-1
tion
Total
Coin
»$1
$2
$5
$10
$20
Total
$50
$100
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
442
452
478
517
537
550
590
648
751
880
,019
,156
402
423
460
499
505
524
559
610
695
801
909
987
33
32
33
35
33
34
36
39
44
55
70
81
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
1.229
.,288
1,373
,563
,560
,611
,772
2,021
2,731
4,051
5,194
5,983
1,342
1,326
,359
,501
,475
,481
,576
1,800
2,545
4,096
5,705
7,224
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
125
112
122
135
139
160
191
227
261
287
407
555
237
216
239
265
288
327
425
523
556
586
749
990
1945—December.
28,515
20,683
,274 1,039
73
2,313 6,782 9,201 7,834 2,327 4,220
454
801
24
1946—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
u
1947—January...
February..
27,917 20,126
27,954 20,139
27,879 20,045
27,885 19,997
28,120 20,171
28,245 20,248
28,254 20,185
28,448 20,271
28,507 20,262
28,600 20,273
28,861 20,447
28,952 20,437
,261
,264
,269
,280
,291
,300
,311
,319
,332
,345
,355
,361
985
982
984
987
999
998
990
992
1,001
1,000
1,010
1,029
69
68
67
66
67
67
67
66
66
65
65
67
2,217
2,211
191
2,173
199
2,191
2,166
2,165
2,156
148
169
2,173
6,568
6,570
6,547
6,509
6,586
6,604
6,552
6,571
6,528
6,494
6,543
6,497
9,027
9.044
8,986
8,981
9,029
9,087
9,099
9,159
9,180
9,221
9,305
9,310
7,794
7,816
7,834
7,889
7,950
7,998
8,071
8,178
8,247
8,329
8,416
8,518
2,316
2,322
2,327
2,337
2,352
2,364
2,377
2,402
2,419
2,436
2,458
2,492
4,224
4,248
4,267
4.309
4,356
4,387
4,437
4,509
4.567
4.645
4,711
4,771
445
443
442
439
438
438
436
436
436
434
435
438
779
772
768
773
775
781
790
802
795
784
782
783
22
22
22
22
21
22
21
20
21
21
21
26
,337
,337
1,344
1,351
972
967
969
972
63
64
63
63
2,074
2,090
2,085
2,065
6,284
6,336
6,309
6,253
9.077
9,079
9,036
8,979
8,457
8,434
8,424
8,432
2,460
2,456
2,447
2,442
4.757
4,755
4,754
4,769
434
433
432
431
774
769
771
773
23
14
14
12
End of year or
month
March....
April
28,262
28,304
28,230
28,114
19,808
19,873
19,807
19,684
044
837
580
7,730
$500 $1,000 $5,000 $10,000
8
5
7
7
6
17
20
30
24
9
9
10
Unassorted
8
10
5
8
7
5
2
A
4
3
2
3
10
7
16
18
12
32
32
60
46
25
22
24
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 b y t h e 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
against
Apr. 30,
gold and Treasury
1947
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
.
..
Standard silver dollars
Silver bullion.
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin •.
....
.
.
United States notes
Federal Reserve Bank notes
National Bank notes
....
Xotal—April 30, 1947
March 31, 1947
April 30, 1946
20,774
19,585
24,692
4,561
494
1,919
32,226
923
349
347
421
109
(4)
(4)
(4)
19,585
2
1,189
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
16,721
2,815
770
276
Money in circulation 1
Apr. 30,
1947
Mar. 31,
1947
Apr. 30,
1946
48
23,853
4,213
48
23,999
4,183
23,685
4,149
51
"S2I226' '
69
71
307
1,919
35
4
147
147
138
20
11
3
1
203
30
7
26
6
1
2,023
873
331
318
414
108
1,996
869
328
314
421
108
1,979
830
3,861
3,886
3,975
28,114
(5)
21,811
21,495
20,386
1,329
1,336
2,263
16,721
16,406
15,281
28,230
312
303
473
115
27,885
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. 701, and seasonally adjusted figures in table on p. 710.
s8 Includes 1156,039,431 held as reserve against United States notes and Treasury notes of 1890.
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 of explanation of these duplications.
5
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal
Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold
certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United
States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund,which must be
deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may
be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates.
Federal Reserve Bank notes and national bank notes are in process of retirement.
JUNE 1947
709
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[ Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series 1
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
Monthly averages of daily
figures:
1946—January
February
March
April
May
June
July
August
September
October
November
December
28,158
27,944
27,913
27,923
27,978
28,140
28,281
28,352
28,478
28,588
28,727
28,997
28,074
27,944
27,997
28,148
28,175
28,281
28,338
28,494
28,535
28,588
28,641
28,710
-96
-130
+53
+151
+27
+106
+57
+156
+41
+53
+53
+69
1947—January
February
March
April
May
28,543
28,300
28,273
28,185
28,156
28,458
28,300
28,358
28,412
28,354
-252
-158
+58
+54
-58
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
»For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 . . . .
1946 .
1946—May
June
July
August
September
October..
November
December
1947—January..
February.
March...
April
May
Increase
in gold
stock
2
1,132 5
11,258
1,502.5
H2.760
14 512
1,751 5
17,644
3,132.0
21 995
4 351 2
22,737
741 8
22 726
— 10 3
—788 5
21,938
20,619 -1,319.0
—553 9
20 065
20 529
464 0
20 242
—9 1
28 1
20 270
20,267
—3.2
13.2
20,280
20,305
25.3
20,402
96.7
20,470
67.7
20,529
59.4
20,748
219.3
20,330
«-418.2
20,463
132.5
20 774
311 5
P 158.6
P20.933
EarDoNet
marked mestic
gold
gold:
degold
import
or export
or induo
crease(-) tion*
1 116 6
1,585.5
1 973 6
3,574 2
4 744 5
982 4
315 7
68 9
—845 4
— 106 3
311 5
—27 0
36 3
6.3
15.2
-7.6
24.2
77.9
-61.2
-16.8
20.4
153.6
P44 l
(4)
—85 9
—200 4
—333 5
—534 4
—644 7
—407 7
—458 4
—803 6
—459 8
—356 7
465 4
27 5
15 0
8 0
60.1
12.3
115.7
127.5
82.8
196.1
-684.5
203.5
272 0
6 13.1
131 6
143.9
148 6
161.7
170 2
169 1
125 4
48 3
35.8
32 0
56 9
3 2
3 4
4.0
8.3
6.8
5.9
4.9
<S.3
7.6
5.5
5.3
(4)
(4)
* Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 756 adjusted to exclude
Philippine
Islands production received in United States.
2
Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
» Change reflects primarily gold subscription to International Monetary Fund.
* Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,828.2 million dollars on May 29, 1947. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
Year and month
Total, all
reporting
centers
1938
1939
1940
1941
1942—old series «
1942—new series «
1943
1944
1945
1946
19445__ April
May
July
September
October
November
1947—Tanuarv
February
March
.
New
York
City*
other
centers *
Other
reporting
centers *
140
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
974,102
1,050,021
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210
87,532
85,908
86,655
91,358
82,704
83,295
91,340
86,645
103,900
37,208
35,085
34,972
37,357
30,216
31,397
33,913
31,088
41,252
42,122
42,433
43,219
45,017
43,683
43,155
47,671
46,105
52,295
8,201
8,390
8,464
8,985
8,805
8,743
9,756
9,452
93,495
81,573
'93,321
87,776
34,305
29,745
33,547
31,391
49,147
43,206
49,962
46,910
New
York
City
333 other
reporting
centers
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
164,945
167,939
167,373
193,729
200,337
186,140
200,636
217,744
270,439
308,913
25.1
21 0
17.1
17.3
18.0
19.9
19 4
18.6
19.4
18.4
258,398
298,902
351,602
374.365
369,396
403,400
412,800
449,414
20.5
22.4'
24.2
25.5
17.4
17.3
16.1
16.9
36,478
35,324
36,921
38,240
37,858
36,578
40,057
39,325
45,142
27.6
24.5
26.3
25.6
21.6
23.7
22.1
24.1
29.1
16.8
15.8
16.7
16.8
16.0
17.1
16.7
18.2
19.8
41,925
37,672
••43,704
40,538
24.2
24.5
25.3
21.9
17.9
18.6
19.2
17.8
13.1
11.7
10.8
9.6
10,353
16.1
16.5
17.1
18.3
19.0
19.0
17.9
18.9
20.0
16.3
19.3
18.7
19.9
25.8
10.7
10.6
11.6
12.6
33,290
30,408
32,439
32,667
28,127
27,864
29,401
28,843
36,905
10,043
8,622
'9,812
9,475
20.6
20.4
20.4
19.2
11.6
'11.6
12.0
11.3
31,084
27,129
31,822
27,768
9.7
10.0
9.2
9.2
9.9
10.1
Annual rate of
turnover of demand
deposits except interbank and Government
r
1
Revised
National series for which bank debit figures are available beginning with 1919.
*1 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.
-^ V *
710
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted1
United
States
Government
depositsJ
1929—June«
December
1933—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
55,171
54,713
41,680
42,548
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
26,179
26,366
19,172
19,817
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
51,532
51,156
36,919
37,766
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
22,540
22,809
14,411
15,035
25,198
23,959
24,313
25.986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
1946—April
May
June
July
August
September
October
November
December
174,400
173,500
171,237
170,700
170,600
170,200
170,000
169,500
167,107
103,700
104,900
105,992
106,700
107,200
107,900
108,900
109,700
110,044
148,200
147,200
144,721
144,300
144,000
143,700
143,500
142,800
140,377
1947—January (Jan. 29) *
February (Feb. 26)*
March (Mar. 26)P.
April (Apr. 30)P.. .
165,900
165,400
165,100
165,300
108,600
106,800
106,400
107,400
139,800
139,200
139,100
139,300
End of month
Time deposits
Currency
outtide
banks
Total
Commercial
banks»*
Mutual
savings4
banks
Postal
Savings
System »
381
158
852
1,016
666
824
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
28,611
28,189
21,656
21,715
25,905
26,218
26,236
26,305
26,791
27.059
27,463
27,738
19,557
19,192
10,849
11,019
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
8,905
8,838
9,621
9,488
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
149
159
,186
,208
,267
,269
,251
.251
,261
,278
,292
,303
3,639
3,557
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44.253
48,452
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
,303
,313
,315
1,415
1,576
1,786
2,032
2,340
2,657
2,932
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26.490
77,500
78,600
79,476
80,300
80,600
81,400
82,400
83,000
83,314
20,000
17,400
13,416
11,600
10,700
9,300
7,900
6,400
3,103
5O.7CO
51,200
51,829
52,400
52,700
53,000
53,200
53,400
53,960
31,600
32,000
32,429
32,800
33,100
33,300
33,500
33,500
33,808
16,000
16,100
16,281
16,400
16,400
16,500
16,500
16,600
16,869
3,100
3,100
3,119
3,200
3,200
3,200
3,200
3,300
3,283
2«,200
26,300
26,516
26,400
26,600
26,500
26,500
26,700
26,730
82,500
80,600
80,400
81,400
3,100
3,900
3,800
2,800
54,200
54,700
54,900
55,100
33,900
34,200
34,300
34,500
17,000
17,100
17,200
17,200
3,300
3,400
3,400
3.400
26,100
26,200
26,000
26,000
v1 Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
8
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 savings bank figures include three member mutual savings banks.
* Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35. for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
L
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
1,192
1,224
1,274
1,345
1,716
2,252
2,837
Direct
1,046
1,078
1,128
1,220
1,716
2,252
2,837
Cash
reserve
Guar- funds,
anetc.2
teed
146
146
146
126
1939—Dec. .
1940—Dec. .
1941—Dec. .
1942—Dec. .
1943—Dec..
1944—Dec. .
1945—Dec.. .
1,279
1.304
1,314
1,417
1,788
2,342
2,933
1,319
1,348
1,396
1,464
1,843
2,411
3,022
53
36
26
16
10
8
6
1946—May. .
June..
July..
Aug.. .
Sept..
Oct...
Nov...
Dec...
3,091
3,120
3,160
3,188
3,207
3,235
3,260
3,284
3,188
3,220
3,258
3,288
3,306
3,337
3,360
3,387
5
5
5
6
6
6
6
6
2,986 2,986
3,026 3,026
3,060 3,060
3,088 3.088
3,114 3,114
3,134 3,134
3,151 3,151
3.182 3,182
197
188
193
194
186
197
204
200
1947—Jan... 3,331
F e b . . . 3,355
Mar. P3.379
Apr,
P3.390
3,436
3,463
6
6
3,234 3,234
3,257 3,257
196
200
74
88
95
102
118
152
179
P1 Preliminary.
Outstanding principal, represented by certificates of deposit.
s
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.
JUNE 1947
Member
banks
Total,
all
banks
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945
1946
1947—y an -Mav
Nonmember
banks
Noninsured
NaIntional State sured
291
15
22
8
9
4
1
1
4
2
6
189
81
18
3
6
2
3
1
3
1
o0
0
Deposits of suspended banksa
(in thousands of dollars) :
1934-39
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1946
1947—.Jan -May
256
5.943
3,726 3,144
1 702
6,223 4,982
405
0
0
0
5,341
503
1 375
1,241
405
346
79
327
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).
* 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.
711
ALL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Total
Loans
Total
All "banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
Other
Investments
Class of bank
and
call date
U. S.
Govern- Other
ment
securities
obligations
Total1
Interbank!
Number
of banks
Demand
Time
48,831
50,885
54,170
61,101
78,137
96,966
119,461
140,227
136,572
131,702
21,261
22,169
23,751
26,616
23,915
23,601
26,015
30,355
31,486
35,649
27,570
28,716
30,419
34,485
54,222
73,365
93,446
109,872
105,087
96,054
17,953
19,402
20,983
25,488
45,932
65,932
85,885
101,295
95,911
86,562
9,617
9,314
9,436
8,997
8,290
7,433
7,561
8,577
9,175
9,492
61,319
68,225
75,963
81,780
99,796
117,661
141,449
165,612
159,171
155,904
7,484 28,695
9,883 32,492
10,941 38,518
10,989 44,316
11,318 61,395
11,012
75,561
12,245 91,644
14,065 105,923
12,311
98,043
12,667 92,439
25,140
25,850
26,504
26,476
27,083
31,088
37,559
45,623
48,817
50,798
15,207
15,035
14,895
14,825
14,682
14,579
14,535
14,553
14,567
14,585
All commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1043—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 3 1 . . .
38,669
40,667
43,922
50,722
67,391
85,095
105,530
124,019
119,448
113,998
16,364
17,243
18,792
21,711
19,217
19,117
21,644
26,076
27,130
31,123
22,305
23,424
25,130
29,011
48,174
65,978
83,886
97,943
92,318
82,875
15,071
16,300
17,759
21,788
41,373
59,842
77,558
90,613
84,473
74,784
7,234
7,124
7,371
7,223
6,801
6,136
6,329
7,331
7,845
8,092
51,041
57,702
65,305
71,248
89,132
105,923
178,072
150,227
142.890
139,035
7,484 28,695
9,883 32,492
10,941 38,518
10,989 44,316
11,318 61.395
75,561
11,012
12,245 91,644
14,065 105,923
12,311 98,043
12,667 92,439
14,862
15,327
15,846
15,944
16,419
19,350
24,183
30,238
32,536
33,929
14,652
14,484
14,344
14,277
14,136
14,034
13,992
14,011
14,026
14,044
All Insured commercial banks:
1938—Dec. 31
1939—Dec. 30
1940— Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
37,470
39,289
42,556
49,288
66,240
83,507
103,382
121,809
117,409
112,178
16,021
16,863
18,394
21,258
18,903
18,841
21,352
25,765
26,791
30,733
21,449
22,426
24,161
28,030
47,336
64,666
82,030
96,043
90,618
81,445
14,506
15,566
17,063
21,046
40,705
58,683
75,875
88,912
82,977
73,554
6,943
6,859
7,098
6,984
6,631
5,983
6,155
7,131
7,641
7,891
49,772
56,069
63,461
69,411
87,803
104,094
125,714
147,775
140,612
136,990
7,254 27,849
9,523 31,483
10,539 37,333
10,654 43,061
11,144 60,504
10,705
74,309
12,074 89,761
13,883 104,015
12,007 96,459
12,320 91,144
14,669
15,063
15.589
15,697
16,154
19,081
23,879
29,876
32,145
33,526
13,655
13,531
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13,354
32,070
33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,032
96,362
13,208
13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
18,863
19,979
21.805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
13,223
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
5,640
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,458
6,625
43,363
49,340
56,430
61,717
78,277
92,262
110,917
129,670
122,519
118,170
7,153
9,410
10,423
10,525
11,000
10,555
11,884
13,640
11,801
12,060
24,842
28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
11,369
11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
6,338
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
20,903
21,810
23,648
27,571
37,576
47,499
58,308
69,312
66,277
63,723
8,469
9,022
10,004
11,725
10,183
10,116
11,480
13,925
14,469
17,272
12,434
12,789
13,644
15,845
27,393
37,382
46,828
55,387
51,809
46,451
8,691
9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658
3,743
3,731
3,908
3,806
3,648
3,318
3,536
4,137
4,537
4,793
27,996
31,559
35,787
39,458
50,468
59,961
71,858
84,939
80,212
78,775
4,499
5,898
6,574
6,786
7,400
7,158
8,056
9,229
7,816
8,169
15,587
17,579
20,885
24,350
3i,499
42,605
50,900
59,486
54,930
52,194
7,910
8,081
8,329
8,322
8,570
10,196
12,901
16,224
17,466
18,412
5,224
5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,007
11,168
12,130
13,478
15,950
21,687
26,759
33,261
37,871
35,754
32,639
4,738
4,940
5,316
6,295
5,905
6,171
7,196
8,850
8,834
9,424
6,429
7,190
8,162
9,654
15,783
20,588
26,065
29,021
26,921
23,216
4,532
5,271
6,088
7,500
13,802
18,883
24,393
27.089
25,000
21,384
1,897
1,920
2,074
2,155
1,980
1,705
1,672
1,933
1,921
1,832
15,367
17,781
20,642
22,259
27,808
32,302
39,059
44,730
42,307
39,395
2,653
3,512
3,849
3,739
3,600
3,397
3,827
4,411
3,986
3,890
9,255
10,652
12,944
14,495
20,024
23,833
28,874
32,334
29,672
26,726
3,459
3,617
3,849
4,025
4,184
5,072
6,357
7,986
8,649
8,779
1,114
1,175
1,342
1,502
1,598
1,698
1,789
1,867
1,875
1,893
All member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
All national banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
State member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31*
1942—Dec. 31
1943—Dec. 31
1944— Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
:
.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
i 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.
» During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These
banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
only once in "all banks."
• Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
•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.
712
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and
call date
Total
Loans
Total
Other
U. S.
Government
obligations
Other
securities
Total*
Interbank^
All n on m e m b e r commercial b a n k s :
1938—Dec 31
1939—Dec. 30
1940—Dec 31
1941—Dec 31
1942—Dec 31
1943—Dec 31
.
1944—Dec. 30
1945—Dec. 31
1946—Tune 29
Dec 31
6,598
6,726
6,796
7,208
8,135
10,847
13,972
16,849
17,430
17,651
3,156
3,281
3,471
3,693
3,132
2,832
2,971
3,303
3,830
4,430
3,442
3,445
3,325
3,515
5,003
8,014
11,002
13,546
13,600
13,221
1 848
1 971
1,936
2 251
3,829
6 899
9 880
12,284
12,212
11,753
1 594
1,474
1,389
1 264
1,174
1 115
1,122
1,262
1,388
1,468
7,678
8,362
8,875
9,539
10,864
13,671
17,168
20,571
20,387
20,881
331
473
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—Dec. 30
1945—Dec 31
.
.
1946—Tune 29
Dec. 31
5,399
5,348
5,429
5,774
6,984
9,258
11,824
14,639
15,392
15,831
2,813
2,901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
2,586
2,447
2,356
2,533
4,166
6,702
9,146
11,647
11,901
11,791
1 283
1,238
1 240
1,509
3 162
5 739
8 197
10 584
10 716
10,524
1 303
1,209
1 116
1,025
1 004
101
113
116
1 063
1 185
1,268
6,409
6,729
7,032
7,702
9 535
11,842
14,809
18 119
18,108
18,836
1,199
1,378
1,367
1,434
1,151
1,588
2,148
2,211
2,038
1,820
343
380
397
452
314
276
292
311
339
390
856
998
969
982
837
1,312
1,856
1,900
1,699
1,430
565
733
696
742
667
1 160
1,682
1,700
1 496
1,229
291
265
273
239
170
153
174
200
204
201
1,269
1,633
1 843
1,837
1,329
1,829
2,358
2,452
2 279
2,045
All m u t u a l savings b a n k s :
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec. 3 P
1942—Dec. 31
1943—Dec. 31
1944—Dec 30
1945—Dec. 31
1946—y une 29
Dec 31
10,162
10,218
10,248
10,379
10,746
11,871
13,931
16,208
17,125
17,704
4,897
4,926
4,959
4,905
4,698
4,484
4 370
4,279
4 356
4,526
5,265
5 292
5 289
5,474
6 048
7,387
9 560
11 928
12 769
13 179
Insured m u t u a l savings b a n k s :
1938—Dec 31
. . .
1939_Dec. 30
1940—Dec. 31 2
1941—Dec 31
. .
1942—Dec. 31
1943—Dec 31
1944—Dec 30
1945—Dec 31
1946—j u n e 29
. . . .
Dec 31
1,329
1,655
1 693
2,007
7,525
9 223
10,846
11 453
11,891
972
461
605
637
642
740
Noninsured m u t u a l savings b a n k s :
1938—Dec. 31
1939—Dec 30
1940_Dec. 31
1941—Dec 31
1942—Dec 31
1943—Dec 31
1944—Dec. 30
1945—Dec. 31
1946—Tune 29
Dec 31
9,190
8 889
8,593
8 686
8 739
4 345
4,708
5,361
5,671
5,813
. .
Noninsured n o n m e m b e r c o m m e r c i a l
banks:
1938_Dec. 31
1939—Dec. 30
.
. . .
1940—Dec. 31
1941—Dec 31 3 4
1942—Dec. 3 1
1943—Dec. 31
1944—Dec 30
1945—Dec. 31
1946—Tune 29
Dec 31
. .
3
3
3
3
3
073
110
081
132
250
4 436
4 321
4 322
4 263
3 958
1 411
1 260
1 198
1,224
1,275
1
1
1
4
6
7
8
8
2
3
3
3
4
6
8
10
11
11
511
724
018
050
267
452
113
765
322
641
4 754
4 568
4 271
4 424
4 781
2 935
3 448
4 163
4,447
4,538
3
5
7
7
7
962
949
518
464
318
457
362
426
510
608
129
145
149
190
244
206
260
230
360
402
335
173
307
171
182
303
347
Number
of banks
Demand
Time
3 853
4,260
4,689
5,470
6,872
9 123
11,870
14,104
13,441
13,519
3 493
3,629
3,668
3 605
3,674
4 091
4 936
6,042
6,436
6,754
8,314
8,122
7,858
7,661
7,460
7,299
7,181
7,130
7,142
7,147
3 007
3,252
3 504
4,215
5 981
7 870
9 987
12 196
11 857
12,225
3 300
3,365
3 411
3,358
3 409
3 823
4 632
5 680
6 045
6,351
7,317
7,169
6,952
6,810
6 667
6,535
6,452
6,416
6.446
6,457
193
264
257
247
265
269
304
362
391
403
997
953
906
851
793
764
729
714
696
690
846
j nnft
I 185
1,255
891
1L 253
1,883
1,908
5R4
1,295
555
883
102
224
700
559
090
328
682
438
778
2 382
2 190
2 065
1774
1 489
1 297
1 232
1 246
1 33i
1 400
10
10
10
10
10
11
13
15
16
16
278
523
658
532
664
738
376
385
281
869
10
10
10
10
10
11
13
15
16
16
278
523
658
532
664
738
376
385
281
869
551
551
548
546
545
543
542
541
541
280
422
548
629
861
232
303
470
421
405
608
604
606
660
695
1
1
1
1
2
7
8
10
10
11
012
409
818
789
048
534
910
363
979
428
1
1
1
1
2
7
8
10
10
11
012
409
818
789
048
534
910
363
979
428
48
51
53
52
56
184
192
192
191
191
9 266
9* 114
8 840
8 743
8*616
4 204
4 466
5 022
5 302
5,442
507
500
498
496
490
361
351
350
3.SO
350
844
509
160
662
946
2 603
2 680
2 676
3 071
3 698
2 246
2 819
3 522
3 777
3,833
2
1
1
1
1
150
887
595
353
084
689
629
641
671
705
9 266
9 114
8 840
8 743
8 616
4 204
4 466
5 022
5 302
5,442
For footnotes see p. 712.
JUNE
1947
713
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
Total
loans
call date
investments
and
and
J_/tV-i
\J A
•
Loans for
purchasing
or carrying
inAgri- securities Realclud- culCones- sumer Other Total
ing
tur- To
tate loans loans
open- al1 brokTo loans
marers
ket
and othpa-1
deal- ers
per
ers
Total
•
7 178 1,281
O 9 1 1 1 450
V , L 1 4- 1*642
7,757
7,777 1,505
7,920 1,723
9,461 1,314
10 334 1,366
14!016 1,358
663
614
950
1,414
2,269
3,164
2 417
1*517
727
66?
597
922
2,265
3,606
2,656
l',609
4,468
4,773
4,646
4,437
4,343
4,677
5,738
7,103
4 , 377
4 545
2,269
1,868
1,888
2,361
3,069
4,031
24,161
28,030
1,042 47*336
918 64,666
944 82,030
1,181 96,043
1,211 90,618
1,098 81,445
3 , 273
6 660 865 642 652 3,228
3 , 592
8*671 972 594 598 3,494
7,387 1,089 934 538 3,423 1,847 870
839
7,421 1,023 1,398
3,274 1,484 848
7,531 1,198 2,249 2,108 3,209 1,505 877
855
8,949
3,133 3,378 3,455 1,900 1,104
9,685 877 2,395 2,480 4,267 2,464 1,133
21,805
25,500
43,175
57,970
72,89*
84,408
78,729
74,931
13 ",154 " 8 8 4 1 *, 506 i',467 5',358 3* 308 1,020 69,666
2,125
2 807
2*546
2,515
2,610
3,044
3,169
6
465
8
412
21
787
24 1,054
30 1,742
T, 078
1*096
5
6
6
6
17
2
1
42
48
34
102
163
211
188
1' 094
3
ii7
2 589
3*456
2,957
3,058
3,034
3,661
3,932
263
300
290
279
348
205
197
1,436
l o 522
115
114
1,527
1,512
97
808
312
1,486
217
1,420 658 301
311
660
3
1*
1,379
427 1,50* 1,459
855
404
453
321 1,142 1,743 1,073
5,548
201
264
1,453
1*676
1,226
1,084
1,149
1,484
1,781
590
659
772
713
802
648
679
21
20
17
25
32
42
34
201
18*
161
197
310
471
354
2,433
681
29
273 2,970 1,312
518
543
370
356
389
512
649
862
416
478
553
482
525
459
488
474
21
20
16
16
21
31
21
12
75
64
59
82
156
228
176
142
492
732
658
763
738
760
804
190
160
19*
32*
859
130
123
117
107
86
80
83
468
554
303
252
253
287
378
389
7,527
8 82*
13! 841
15,566
18,24*
18,800
16,798
15,714
99 " 4 5 5 " 2 5 0 14*465
54
52
32
52
163
233
185
19
22
23
22
24
36
43
84
96
62
45
45
51
76
101
51
2,45* 1,172
798
1,852
1 681
1,806
3,141
3,550
4,258
4,598
3,8*7
3,60?
*29 3,266
18
14
34
40
32
"ios
207
194
15*
267
777
704 2,237 1,436
1,644
1 ,823
1,797
1,725
1,719
1,881
2,398
148
153
179
298
226
7,081
8,24*
14,81*
21.321
26,781
31,594
28.81*
26 89?
435 24,527
1,400
1,530
674
528
547
707
937
5,517
6,628
11.380
17.5*4
23.610
20,407
20,281
28,72?
*306 27,408
393
381
351
363
422
Obli-
U. S. Government obligations
Commercial,
All Insured commercial banks:
1940—Dec 31
42 556 18,394
I941 Dec 31
49*288 21 258
1942—Dec. 3 1 . . 66,240 18',903
1943—Dec. 3 1 . . 83,507 18,841
1944—Dec. 30. . 103,38? 21,352
1945—Dec. 3 1 . . 121,809 25,765
1946—June 29 117 409 26,791
Dec. 31.'.' 112^178 30*733
Member banks,
total:
1940—Dec. 3 1 . . 37 126 15,321
1941—Dec. 312. 43*521 18*021
1942—Dec. 31. . 59,26* 16,088
1943—Dec. 31. . 74.258 16,288
1944—Dec. 30. . 91,560 18,676
1945—Dec. 3 1 . . 107,18* 22,775
1946—June 2 9 . . 102.03? 23,302
Sept. 30
99 706 24 775
Dec. 3 1 . . 96*362 26,'696
New York City*
1940—Dec. 31. . 10,910 3,384
1941—Dec. 31
12 896 4,072
1942—Dec. 3 1 ' . 17!957 4*116
1943—Dec. 31. . 19,904 4,428
I944—Dec. 30. . 24,00* 5,760
1945—Dec. 31. . 26.14* 7,334
1946—June 29. . 23,304 6,506
Sept. 30. . 21 97? 6,258
Dec. 31. . 20 ,'834 6*368
Chicago:*
696
1940—Dec. 31. . 2,377
1941—Dec. 31. . 2*760
954
832
1942—Dec. 31. . 3,973
1943—Dec. 31. . 4,554 1,004
I944—Dec. 30. . 5,44* 1,184
1945—Dec. 31. . 5,931 1,333
1946—Tune 29. . 5,167 1,329
Sept. 30. . 4,97? 1,370
Dec. 31. . 4,765 1,499
Reserve cUy banks
1940—Dec. 3 1 . . 13,01* 5,931
1941—Dec. 31. . 15!347 7,105
1942—Dec. 31. . 20.015 6,102
1943^Dec. 31. . 27.521 6,201
1944— Dec. 30. . 33,60* 6,822
r
1945—Dec.
3 1 . . 40,1 OR 8,514
r
1946—June 29. . 37,67* 8,862
Sept. 30. . 36,706 9,814
Dec. 31. . 35*351 10,825
Country banks:..
1940—Dec. 3 1 . . 10,8?6 5,309
1941—Dec. 31. . 12!518 5,890
r
1942—Dec. 31. . 16,410 5,038
1943—Dec. 31. . 22.1*8 4,654
1944—Dec. 30. . 28,520 4,910
r
1945—Dec. 3 1 . . 35.002 5,596
r
1946—June 29. . 35,886 6,605
Sept. 30. . 36 056 7,3*4
Dec. 3 1 . . 35*412 8*004
Ensured n o n X7TT.L
Investments
ga-
tions
Direct
Total
17,063
21,046
40', 705
58,683
75,875
88,912
82,977
73,554
15,823
19,539
37,546
52,948
67,685
78,338
72,272
68,23?
63,042
of
States Other
and secuCertifiGuar- politicates
an- cal rifes
of
inBills debt- Notes Bonds teed subdiviedsions
ness
662
988
4,462 6,727
4,636 13,218
3,971 15,300
2,455 19,071
1,220 17,637
1 [271 12,288
2,756
3 159
5*799
7,672
15,778
16,045
12,004
6,780
9,925
12,797
20*999
30,656
39,848
51,321
52,092
53,200
3,719
4,102
2',718
2,501
3,608 3,491
3' 651 3 333
3! 533 3] 098
3,287 2,696
3,422 2,733
3,873 3,258
3.973 3,668
4*298 3,592
2,594
3,007
5,409
6.906
14,127
14,271
10,467
9,091
11,729
18,948
27,265
34,927
44,792
45,420
3,486
3,832
2,540
2,345
2 970
2,871
2,664
2,294
2,350
2,815
3,151
3 082
3,077
978
22
24
15
3,01*
3' 090
2,965
2,729
902 2,857
16 3.254
20 3,307
3,617
i , 167 10|043 5',602 46*219 "ii 3,548
652
971
4,363
4,360
3,748
2,275
1,072
6,285
12,071
13,982
16,985
15,292
6,044 207
1,245 2,977 1,615
7,265 311
1 62* 3,65? 1,679
12"547 1,855 *2',144 2! 056 5' 420 1*071
14,56* 1,328 3,409 1,829 7.014 984
17,179 9 1 * 3,740 3,745 8,592 189
1
477 3,433 3,325 10,337
17,574
201 2,980 2,229 10,234
1
15.646
14,410
j
13*308 "387 ' 1*725 "*992 10,202
1,307
1, 4*0
2,780
3,238
3,91*
4,21*
3,48 s :
3,260
2,912
5 204
6,467
13.0*8
19.68?
25.04?
79.55?
26.585
?4,614
22,250
297
256
397 ' ' ' 6 3 7
877
199
250 1,045
133 1,467
14 1,042
60
498
145
153
391
484
779
740
529
1,282
1,602
1,809
1,864
1,900
\A6
2,207
103
295
771
751
1,441
1,802
1,704
1,034
1,72*
2,497
5,181
5.653
4,014
441
3,799 1,99*
"l ',253
4,691
5,730
6,982
410 6,038
752
90*
112
119
83
74
31
695
729
593
444
468
606
535
693
557
788
830
701
558
596
629
618
611
601
188
182
166
158
160
181
153
148
167
186
193
186
155
185
204
200
194
187
3,281 1 040 984 893
4,248 1.173 956 820
6.810 811 954 821
9,04* 740 9 1 * 726
11,087 440 1,000 740
5 1,126
916
15,878
7 1,194 1 ,034
16,116
1 269 1 009
16,013
4 1*272 1*004
4 3 * 2 081
45
3,260
4.377
110
481 2*926
671 1,251 1,240 5,4*6
9,172
15,465 1,03? 3.094 2,096 8.705
882 3,466 4,422 12,540
21.55?
630 5,10? 4.544 16.713
26,990
447 5,231 3,696 17,170
26.556
25 948
24*572 279 4,020 2,470 17,797
710
861
574
538
241
9
12
1 146 1 102
1*22? 1*028
1.252 956
1,214 855
1 .230 829
1,34? 1,067
1.426 1.299
1 507 1,268
6 1,551 1*285
member com-
mercial b a n k s :
1940—Dec. 31. •
1941—Dec. 31- •
1942—Dec. 31 • •
1943—Dec. 31-•
1944—Dec. 3 0 1945—Dec. 31 ••
1946—June 29-•
Dec. 31 • •
5 429
5*774
6,984
9,258
11.824
14,6*0
15,30?
15,831
3 074
3*241
2,818
2,556
2,678
2,992
3,401
4,040
1,240
1,282
1,225
1,165
1,136
1,224
1.473
1,748
803
2,356 1 240
854
2,533 1,509
422
173 4,166 3,162
385
70 6,702 5,739
383
67 9,146 8,197
460
77 11,647 10,584
605
79 11.901 10,716
723
79 11,791 10,524
10
17
99
276
223
180
147
104
442
1,147
1,319
2,087
2,346
2,247
162
152
390
766
1,652
1,774
1,538
1,179
834
1,069
2,053
3,395
4.928
6,538
6,682
6,991
234
271
179
156
76
6
4
3
595
563
569
560
566
619
667
752
521
462
435
403
383
443
518
516
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit
Insurance Corporation.
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans includedloans to dealers, processors, apd farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 31, 1945, these items may not be entirely comparable with prior figures.
* During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These
banks1 are included in "member banks" but are not included in "all insured commercial banks."
Central reserve city banks.
714
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Cl; 3 of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
All insured commercial banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 31..
13,992
12,396
13,072
12,834
14,260
15,810
15,999
16,013
Member banks,
total:
1940—Dec. 31. .
1941—Dec. 312 .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944— Dec. 30. .
1945—Dec. 3 1 . .
1946— June 29..
Sept. 30..
Dec. 3 1 . .
,992
,396
,07
,835
261
811
001
79
015
BalDeances mand
with
dedoposits
mestic4
ad- 5
banks justed
Interbank
deposits
DoFormestic4
2,724
3,066
3,318
3,602
3,744
4,240
4,826
4,763
4,915
971 32,398
1,077 36,544
47,122
58,338
64,133
2,585 72,593
2,320 75,391
2,361 79,887
160
158
97
68
64
70
77
68
69
59
61
124
109
103
107
119
522
492
397
395
423
496
552
664
14,998
15,146
15,697
18,561
23,347
29,277
31,487
32,742
11
10
10
46
122
215
83
39
6,673
6,841
7,055
7,453
7,989
8,671
9,068
9,286
913
1,009
1,142
1,573
1,251
2,450
2,179
1,796
2,207
141
140
87
62
58
64
72
72
62
56
50
56
120
105
99
101
104
114
435
418
332
327
347
399
447
491
551
11,687
11,878
12,366
14,822
18,807
23,712
25,568
26,150
26,525
3
4
5
39
111
208
72
77
30
5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,077
8,095
30,429
33,754
42,570
52,642
57,308
64,184
67,461
68,818
70,243
9,581
9,714
10,101
9,603
10,881
12,333
10,391
10,042
10,644
700
671
811
891
945
1,243
1,339
1,370
1,353
616
1,709
7,923
9,444
18,509
22,179
12,009
7,763
2,672
122
141
82
61
76
78
68
61
87
11,062
10,761
11,899
13,899
14,042
15,065
16,158
16,119
16,429
4,032
3,595
3,209
2,867
3,179
3,535
3,127
2,954
3,031
641
607
733
810
851
1,105
1,178
1,213
1,195
48
866
,186
,395
6,722
6,940
3,495
2,112
651
370
471 11,357
319
450 11,282
263
448 12,501
252
710 14,373
199
361 14,448
237 1,338 15,712
293 1,132 16,836
246
768 16,657
218
942 17,216
768
778
711
816
977
1,206
1,372
1,400
1,395
319
298
164
158
177
200
162
156
172
1,941
2,215
2,557
3,050
3,041
3,153
3,189
3,287
3,356
997
1,027
1,105
972
1,132
1,292
1,047
1,026
1,130
90
127
665
713
1,400
1,552
789
525
152
174
233
178
174
167
237
262
234
228
1,905
2,152
2,588
3,097
3,100
3,160
3,153
3,335
3,495
496
476
453
505
619
719
779
792
823
270
288
304
326
354
377
394
397
404
3,919
4,302
4,831
4,770
5,421
6,307
5,220
5,089
5,417
327
491
1,982
3,373
6,157
8,221
4,531
2,971
991
995
1,144
1,319
1,448
1,509
1,763
2,003
1,955
2,077
228
286
385
475
488
611
558
543
693
9,468
11,127
15,061
18,790
20,371
22,281
23,005
23,601
24,288
226 4,505
243 4,542
169 4,805
151 5,902
154 7,561
160 9,563
187 10,190
219 10,381
235 10,580
1,904
1,967
2,028
2,135
2,327
2,566
2,676
2,731
2,729
151
225
1,090
1,962
4,230
5,465
3,194
2,155
877
1,184
1,370
1,558
1,727
1,868
2,004
2,269
2,328
2,391
187
239
272
344
369
435
453
441
524
6,846
8,500
11,989
15,561
18,350
21,797
22,594
23,536
24,128
150
146
140
149
175
219
242
254
272
5,917
6,082
6,397
7,599
9,650
12,224
13,226
13,577
13,727
1,909
1,982
2,042
2,153
2,321
2,525
2,674
2,752
2,757
50
53
243
506
1,245
1,560
932
258
574
611
678
750
775
858
981
1,052
58 2,822
68 3,483
76 4,983
96 6,518
7,863
103
135 9,643
142 9,802
154 10,761
87
74
65
68
76
97
105
113
!
3,311
3,276
3,339
3,750
4,553
5,579
5,934
6,232
975
956
955
979
1,022
1,083
1,149
1,193
7,057
5,10
4,388
3,596
3,766
4,01
4,255
4,01
4,046
Chicago*
1940—Dec. 31..
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31..
1944—Dec. 30. .
1945—Dec. 31..
1946—June 29..
Sept. 30..
Dec. 31..
1,051
1,021
90:
821
899
942
870
900
928
Reserve city banks:
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Sept. 30. .
Dec. 3 1 . .
4,027
4,060
4,940
5,116
5,687
6,326
6,332
6,278
6,337
396
425
365
391
441
494
399
471
532
2,741
2,590
2,202
1,758
2,005
2,174
1,858
1,777
1,923
9,581
11,117
14,849
18,654
20,267
22,372
23,483
23,849
24,221
Country banks:
1940—Dec. 31..
1941—Dec. 31. .
1942—Dec. 31..
1943—Dec. 31..
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Sept. 30. .
Dec. 31..
1,857
2,210
2,842
3,303
3,909
4,527
4,543
4,599
4,703
452
526
542
611
684
796
631
758
883
3,002
3,216
3,699
3,474
4,097
4,665
3,684
3,666
3,753
633
7,845
9,661
790
13,265
957
17,039
994
19,958 1,149
23,595 1,199
24,630
997
25,563
972
26,237 1,067
243
271
287
313
352
391
330
437
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,959 10,537
3,332 10,821
3,547 11,842
102
93
72
92
102
111
85
129!
131
3,298
3,677
3,996
4,352
4,518
5,098
5,807
5,967
6,185
6,246
6,147
5,450
6,354
7,117
5,772
5,660
5,936
New York City:*
1940—Dec. 31..
1941—Dec. 31. .
1942—Dec. 31..
1943—Dec. 31..
1944—Dec. 30. .
1945—Dec. 31..
1946—June 29..
Sept. 30. .
Dec. 31..
Insured nonmember commercial banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—June 29..
Dec. 3 1 . .
U.S.
Certi- IndiIndi- Bor- CapiGov- States viduals,
tal
fied viduals,
U. S. States
ernand partner- row- acand
partnerand
Inter- ment polit- ships, ings counts
Gov- political offiships,
ern- subdi- cers' and cor- bank and
ical
corment visions
Postal subdi- and
checks, poraSav- vision! porations
tions
etc.
ings
1,234 8,202 33,820 9,677
702
666
1,358 8,570 37,845 9,823
673 1,761
1,305 9,080 48,221 10,234
813 8,167
1,445 8,445 59,921 9,743
893 9,950
1,622 9,787 65,960 11,063
948 19,754
1,829 11,075 74,722 12,566 1,248 23,740
1,471 9,102 78,281 10,584 1,346 12,941
2,012 9,481 82,085 10,888 1,364 2,930
991
,087
,019
,132
,271
,438
,141
,382
,576
Time deposits
95
108
133
141
182
233
194
244
49
54
63
63
70
110
129
125
127
29,576
33,061
42,139
51,820
56,270
62,950
65,589
67,129
69,127
107
104
63
41
33
30
27
28
25
29
96
195
27
5
1,615
1,648
1,727
1,862
1,966
2,120
2,176
2,196
2,205
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31,1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see p. 714.
Backfigures.—-SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JUNE 1947
715
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—101 Cities
1946—April
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S. Other U.S.
Govt.
Govt.
obobliga- curi- ligations ties tions
Real Loans
estate to Other Total
loans
banks
Other
securities
Bills
Total
Certificates
of indebtedness
Other
secuNotes Bonds rities
1
65,360 15,128
7,511
1,491
743 1,869
423 1,169
56,883 16,76:
0,278
873
486
733
427
55,879 16,530 10,377
55,256 6,756 10,651
55,431 16,804 10,986
55,013 16,941 11,041
697
657
360
367
389
377
383
376
557
521
496
432 1,584
426 1,617
418 ,653
1,700
134
132
137
149
,321 39,349 :5,960
,339 38,500 5,118
,346 38,627 5,138
,390 38,072 4,526
730
393
901
818
5,253
4,680
4,479
4,178
3,054
3,116
2,866
2,486
26,923
26,929
26,892
27,044
,389
,382
,489
,546
Mar. 5
Mar. 12
Mar. 19
Mar. 26
55,417 16,669 10,802
55,589 6,820 0,995
55,549 16,807 11,07
55,171 16,921 11,070
407
372
312
351
399
382
357
392
522
514
512
1,638
417 1,646
417 1,660
1,670
138
142
117
151
,330 38,748 5,301
.344 38,769 15,299
,353 38,742 15,258
,355 38,250 14,695
898
776
,191
738
4,355
4,466
4,613
4,484
3,145
3,185
2,570
2,564
26,903
26,872
26,884
26,909
,447
,470
,484
,555
Apr. 2 2
Apr. 9 2
Apr. 16 2
Apr. 23 2
Apr. 30
54,737
54,838
55,208
55,108
55,175
17,103
17,05,
16,892
16,739
16,920
11,14
11,139
11,054
10,944
10,921
388
393
377
302
376
404
369
360
368
382
513
494
489
492
491
421 1,681
164
176
107
117
181
,385 37,634
374 37,785
,387 38,316
,390 38,369
,412 38,255
14,092
14,249
14,767
14,819
14,700
641
725
,097
917
708
4,022
4,055
4,128
4,300
4,387
2,489
2,506
2,474
2,478
2,482
26,940
26,963
27,068
27,124
27,123
,542
,536
,549
,550
,555
May 7
May 14
May 21
May 28
54,943
54,862
54,801
54,924
16,948
16,926
16,803
16,99:
10,825
10,837
10,739
10,674
405
504
540
715
435
398
364
361
489
484
473
476
413
411
42
411
1,729
1,737
1,747
1,742
250 ,402 37,995
148 ,408 37,936
106 ,407 37,998
181 2,432 37,932
14,499
14,459
14,535
14,479
551
542
656
725
4,348
4,281
4,241
4,183
2,449
2,443
2,446
2,360
27,151
27,193
27,192
27,211
,496
,477
,463
,453
22,521
6,213
3,003 1,163
541
664
186
65
527 16,308
5,223
420 2,993 2,307
9,503 1,085
5,943
3,781
708
330
189
172
141
548 13,139
2,088
250 1,466 1,069
9,303 1,051
18,610 5,676 3,827
18,285 5,759 3,940
18,424 5,676 4,127
18,36' 5,727 4,155
558
540
268
275
246
242
248
246
123
116
102
9
181
175
167
17:
103
100
119
128
563
570
568
576
12,934
12,526
12,748
12,640
1,893
1,508
1,664
1,525
242
68
366
300
960
,511
,167 1,063
,121
962
,030
736
9,180 1,041
9.210 1,018
9,215 ,084
9,459 1,115
167
166
167
169
120
123
102
132
567
566
565
573
12,689
12,653
12,955
12,694
1,621
1,578
1,884
1,571
268
235
665
296
,016 1,129
,052 1,141
,215
782
,201
795
9,208
9,150
9,222
9,279
1,068
1,075
1,071
1,123
December
1947—January
February
March
April
New York City
1946—April
December
1947—January
February
March
April
19,082
76 1,846 50,232 6,803
,230 11,322 7,033 27,218 ,429
2,262 40,120 16,724
7.46 5,373 3,601 27,004 ,396
,542
1,691
1,700
416 1,710
1,720
Mar. 5
Mar. 12
Mar. 19
Mar. 26
18,334
18,36.
18,586
18,410
5,645
5,712
5,631
5,716
4,029
4,149
4,172
4,157
308
28
21
260
271
229
249
10
101
100
98
Apr. 2 . .
Apr. 9
Apr. 16
Apr. 23
Apr. 30
18,357
18,224
18,350
18,42
18,481
5,861
5,;
5,668
5,545
5,720
4,233
4,22
4,168
4,068
289
304
280
214
28
26
238
230
240
254
99
9
96
97
98
17
169
168
166
18
149
156
73
98
164
573
573
576
574
585
12,496
12,381
12,682
12,882
12,761
1,385
1,260
1,559
1,76
1,655
271
119
421
465
227
983
982
954
,068
,162
757
762
709
721
731
9,374
9,397
9,475
9,513
9,53
1,111
1,121
1,123
1,115
1,106
May 7
May 14
May 21
May 28
18,331
18,146
18,160
18,222
5,724
5,68:
5,619
5,811
4,00
4,00
3,95
3,92
321
413
441
596
28.
26
239
236
99
97
90
94
160
157
174
158
207
96
77
151
574 12,607
570 12,464
568 12,541
12,411
1,551
1,407
1,493
1,358
117 ,149
25 ,094
170 ,051
100 1,006
736
735
751
740
9,549
9,553
9,521
9,512
1,056
1,057
1,048
1,053
42,839
8,915
4,508
328
20: 1,205
Outside
New York City
1946—April
December
37,801 10,820
4,080
6,497
165
156
237 1,104
1,319 33,924 31,580
810 8,329 4,726 17,715 2,344
1,468
1,714 26,981 24,636
496 3,907 2,532 17,701 2,345
488
325
535
518
544
37,269
36,971
37,007
36,646
10,85'
10,99
11,128
11,214
6,550
6.711
6,85
6,886
139
11
92
92
143
135
135
130
473
441
419
399
251
251
251
250
1,509
1,541
1,576
1,622
1,758
1,769
1,778
1,814
26,415
25.974
25,879
25,43:
24,067
23,610
23,47
23,001
Mar. 5
Mar. 12
Mar. 19
Mar. 26
37,083
37,224
36,963
36,761
11,024
11,108
11,176
11,205
6,773
6,846
6,905
6,913
99
81
95
91
128
139
128
143
429
421
41
41
252
251
250
251
1,562
1,569
1,58
1,59
1,763
1,778
1,788
1,782
26,059
26,116
25,787
25,556
23,680
23,721
23,37
23,124
630 3,339 2,016 17,695 2,379
Apr. 2 2
Apr. 9 2
Apr. 16 2
Apr. 23 2
Apr. 30
36,380
36,614
36,858
36,681
36,694
11,242 6,91
11.210 6,912
11,224 6,88i
11,19' 6,86'
11,200 6,853
99
89
97
88
137
131
130
128
128
41
397
393
395
393
24' 1,602
1,612
1,623
250 1,63
250 1,643
1,81
1,801
1,811
1,816
1,82'
25,138
25,404
25,63
25,487
25,49'
22,70'
22,989
23,208
23,052
23,045
370
606
676
45
481
3,039
3,073
3,174
3,23:
3,225
1,732
1,744
1,765
1,757
1,751
17,566
17,566
17,593
17,611
17,588
2,431
2,415
2,426
2,435
2,449
May 7
May 14
May 21
May 28
36,612
36,716
36,641
36,702
11,22
11,24
11,18
11,18
15
131
125
12.
390
387
383
382
253 1,653
253 1,662
253 1,67
l,66i
1,828
1,838
1,839
1,857
25,388
25,472
25,45
25,52
22,94:
23,052
23,04
23,12
434
517
486
625
3,199
3,187
3,190
3,177
1,713
1,708
1,695
1,620
17,602
17,640
17,67
17,695
2,440
2,420
2,415
2,400
1947—January
February
March
April
6,82
6,830
6,785
6,749
91
99
119
3,742 2,094
3,513 2,053
3,358 1,904
3,148 1,750
541 3,414 2,044
526 3,398 1,788
44: 3,283 1,769
17,743
17,719
17,677
17,585
2,348
2,3o4
2,405
2,431
17,722 2,395
17,662 2,413
17,630 2,432
Direct and guaranteed
Figures for Boston District revised.
Backfigures.—SeeBanking and Monetary Statistics, pp 127-227
2
716
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Date or month
ReDeserves
Balwith Cash ances mand
deFedwith
in
eral vault do- posits
Remestic ad- 1
serve
banks justed
Banks
In millions of dollars]
Demand deposits,
except interbank
Time deposits,
except interbank
Individuals, States Certified
part- and
U. S.
and
ner- politGovoffiical
ships,
erncers' ment
suband
checks,
cor- divietc.
pora- sions
tions
IndividU.S.
uals, States
and Govpart- politernnerical ment
ships, suband
and
divi- Postal
cor- sions
Savporaings
tions
Interbank
deposits
Demand
Domestic
Time
Bor- Caprow- ital
acings counts
Bank
deb-2
its
Foreign
Total—101 Cities
1946—April
9,862
568 2,160 37,412 37,329 2,296
1,258 13,725 9,632
9,543 1,242
52
360 5,093 69,768
December.. 10,369
673 2,177 40,370 40,975 2,255
1,350 2,304 10,191
163
9,392 1,249
47
197 5,251
159
163
192
210
9,382
8,846
9,028
8,761
1,271
1,277
1,279
1,289
46
46
46
43
160
258
170
172
5,248
5,270
5,279
5,299
73.C09
64,801
375,521
68,306
10,428
10,416
10,403
10,395
190
190
190
196
9,155
9,237
9,186
8,532
1,267
1,294
1,284
1,272
47
47
46
43
160
124
165
232
5,279
5,278
5,276
5,284
18,566
15,740
17,630
16,406
130
82,047
1947—January.. 10,305
February . 10,046
March....
9,956
April
9,977
Mar. 5 . . . 9,963
Mar. 12... 9,955
Mar. 19... 10,008
Mar. 26... 9,897
635
604
618
612
2,180 39,982 40 ,331
2,049 38,993 39,247
2,146 38 ,801 39,165
2,118 38, 993 39,183
2,243
2,297
2,309
2,467
1,299 1,544 10,291
1,166 1,918 10,347
1,127 2,057 10,410
1,150 1,630 10,434
584
644
625
620
2,124 38,588 38 ,767
2,248 38,786 39,484
2,207 39,005 39,495
2,003 38,826 38,915
2,294
2,255
2,281
2,407
1,193
1,110
1,147
1,056
Apr. 2 33. 9,716
Apr. 9 . 10,059
Apr. 16 3. 10,093
Apr. 23 3. 9,998
Apr. 30... 10,017
586
640
603
622
607
2,087 38,110 38 ,222 2,434
2,104 38 ,581 38,632
2,229 39,126 39,884
2,061 39,461 39,429 2,454
686 39,749 2,652
2,109
1,214 1,704 10,419
1,070 1,755 10,437
,777 10,437
1,153
,526 10,440
1,131
,387 10,439
1,183
193
212
216
215
212
8,811
8,944
8,986
8,524
8,538
1,294
1,279
1,287
1,296
1,291
44
43
43
44
43
353
192
69
97
151 5,311
20,055
14,064
16,124
16,120
15,320
May 7... 10,042
May 14... 10,098
May 2 1 . . . 10,115
May 28... 9,964
621
651
622
656
2,060 39,231 38,878
2,202 39,317 39 ,905
2,083 39, 638 39,679
2,034 39 ,902 39,814
2,562
2,543
2,580
2,606
1,227
1,168
1,070
1,225
,288
,349
1,248
1,043
10,463
10,470
10,480
10,482
216
217
220
216
8,696
8,788
8,444
8,337
1,336
1.325
1,301
1,275
41
41
41
41
214
150
89
152
5,322
5,312
5,312
5,313
16,758
16,067
16,024
15,636
1,148
2,999
New York City
1946—April
3,577
2,137
2,213
1,905
1,971
,110
136 1,955
33,290
2,903 1,097
102 1,999
36.905
1,273
1,275
1,281
1,276
2,922
2,757
2,821
2,776
1,119
1,135
1,135
1,149
71
105
81
65
1,998
2,005
2,003
2,010
31,084
27,129
31,822
27,768
710
596
611
586
635 1,293
649
579
591 1,272
2,843
2,884
2,925
2,633
1,125
1,150
1,138
,128
84
42
84
112
2,005
2,005
2,003
2,001
8,151
6,700
7,089
6,537
186
181
191
212
298
677
578
652
627
655
514
529
535
454
416
1,280
1,278
1,275
1,273
1,272
1,149
1,138
1,146
1,158
1,156
2,010
2,011
2,007
2,007
2,017
9,094
5,602
6,503
6,570
6,065
239
228
216
236
735
687
608
760
381
385
359
296
1,276
1,275
1,279
1,279
2,737
2,833
2,848
2,717
2,747
2,799
2,807
2,704
2,701
1,196
1,181
1,157
1,133
79 2,019
14 2,016
102 2,012
2,019
7,489
6,178
6,177
6,495
13,563 13,898
254
768 5,159
December.
3,802
121
30 14,735 15,233
226
783
766 1,253
1947—January..
February .
March....
April
3,780
3,677
3,662
3,665
112
104
105
104
25
24
29
43
14,492
14,099
14,127
14,239
14,879
14,487
14,583
14,676
200
176
177
214
77?
683
626
637
486
588
614
490
Mar.
Mar.
Mar.
Mar.
5...
12...
19...
26...
3,676
3,652
3,680
3,639
103
109
103
105
27
27
30
33
14,020
14,001
14,221
14,267
14,396
14,519
14,758
14,661
183
176
152
197
Apr. 2 . . .
Apr. 9...
Apr. 16...
Apr. 2 3 . . .
Apr. 30...
3,633
3,686
3,651
3,649
3,709
100
109
102
105
102
113
25
27
26
24
14,234
13,992
14,110
14,401
14,460
14,661
14,382
14,694
14,719
14,922
May 7...
May 14...
May 2 1 . . .
May 2 8 . . .
3,706
3,759
3,716
3,649
107
112
105
129
24
27
25
27
14,198
14,148
14,324
14,368
14,379
14,654
14,707
14,754
Outside
New York City
1946—April
6,285
481 2,105 23,849 23 ,431 2,042
490 8,566 8,484
108
39 6,544
132
3,138 36,478
December.
6,567
552 2,147 25,635 25,742 2,029
567 1,538 8,938
125
53 6,489
152
95 3,252 45,142
1947—January..
February .
March... .
April
6,525
6,369
6,294
6,312
523
500
513
508
2,155
2,025
2,117
2,075
25,452
24,760
24,582
24,507
2.043
2.121
2.132
2,253
527 1,058 9,018
483
9,072
501
9,129
513 1,140 9,158
132
145
175
194
54
55
54
51
6,460
6.089
6,207
5,985
152
142
144
140
89
153
89
107
3,250
3,265
3.276
3,289
Mar.
Mar.
Mar.
Mar.
5...
12...
19...
26...
6,287
6,303
6,328
6,258
481
535
522
515
2,097 24,568 24 ,371
2,221 24,785 24,965
2,177 24,784 24,737
1, 970 24,559 24,254
2,111
2,079
2,129
2,210
483
514
536
470
1,502
1,564
1,326
1,380
9,135
9,133
9,129
9,123
173
174
173
178
55
54
54
54
6,312
6,353
6,261
5,899
142
144
146
144
76
82
81
120
3,274 10,415
3,273 9,040
3,273 10,541
3,283 9,869
Apr. 2 3.
Apr. 9 3.
Apr. 16 3.
Apr. 23 3.
Apr. 30...
6,083
6,373
6,442
6,349
6,308
486
531
501
517
505
1,974
2,079
2,202
2.035
2,085
23,876 23,561
24,589 24,250
25,016 25,190
25,060 24 ,710
25,226 24,827
2,248
2,214
2,206
2,242
2,354
537
492
501
504
528
1,190
1,226
1,242
1.072
971
9,139
9,159
9,162
9,167
9,167
177
195
200
200
197
53
53
53
49
49
6,074
6,111
6,138
5,807
5,791
145
141
141
138
135
251
112
38
70
65
3,283 10,961
3,287 8,462
3,287 9,621
3,291 9,550
3,294 9,255
May 7...
May 14...
May 2 1 . . .
May 28...
6,336
6,339
6,399
6,315
514
539
517
527
2,036
2,175
2,058
2,007
25,033
25,169
25,314
25,534
2,323
2,315
2,364
2,370
492
481
462
465
907 9,187
964 9,195
201
200
203
199
47
47
48
48
5,897
5,981
5,740
5,636
140
144
144
142
25,490
24.894
24,674
24,754
24,499
25,251
24,972
25,060
9,201
747 9,203
68
71
75
50 3,301
41,925
37,672
343,699
40,538
9,269
9,889
9,847
9,141
1
1
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection
Monthlv and weeklv totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Figures for Boston District revised.
JUNE 1947
717
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Investments
For purchasing
or carrying securities
Federal Reserve
district and date
Total
loans
and
investment! Total
Boston
Apr. 30
May 7
May 14
May 21
May 28
New York*
Apr. 30
May 7
May 14
May 21
May 28
Philadelphia
Apr. 30
May 7
May 14
May 21
May 28
Cleveland
Apr. 30
May 7
May 14
May 21
May 28
Richmond
Apr. 30
May 7
May 14
May 21
May 28
Atlanta
Apr. 30
May 7
May 14
May 21
May 28
Chicago*
Apr. 30
May 7
May 14
May 21
May 28
St. Louis
Apr. 30
May 7
May 14
May 21
May 28
Minneapolis
Apr. 30
May 7
May 14
May 21
May 28
Kansas City
Apr. 30
May 7
May 14
May 21
May 28..
Dallas
Apr. 30
May 7
May 14
May 21
May 28
San Francisco
Apr. 30
May 7
May 14
May 21
May 28
City of Chicago*
Apr. 30
May 7
M a y 14
M a y 21
M a y 28
Commercial,
industrial,
and
agricultural
To brokers
and dealers
U. S. Government obligations
To others
U. S. Other U.S.
Govt. se- Govt.
ob- curi- obliga- ties ligations
tions
Certificates
of indebtedness
Real Loans
estate to Dther
Total
loans )anks loans
Total
151
153
153
153
154
1,836
1,849
1,840
1,856
1,847
1,736
1,751
1,741
1,757
1,746
15
22
14
30
24
183
187
186
185
186
Other
securities
Bills
Dther
secuNotes Bonds rities
1
1,449
1,453
1,453
1,453
86 1,450
100
98
99
99
101
858
859
854
865
848
0,644
0,663
0,672
0,643
0,634
,222
,173
,176
,167
,173
156
144
147
141
126
55
54
54
52
47
1,074
1,074
1,077
1,081
1,077
210
209
209
207
204
62
12
21
29
66
256
239
230
219
215
168
164
164
159
2,504
2,519
2,520
2,526
2,527
316
318
320
321
320
1,257
1,26
1,256
1,266
1,251
17
24
16
18
13
173
174
173
181
17
69
69
69
69
64
998
998
998
998
997
90
89
89
89
89
1,320
1,313
1,335
1,333
1,326
1,161
1,154
1,175
1,174
1,166
13
13
25
22
17
239
235
242
237
236
115
112
114
114
112
794
794
794
801
801
159
159
160
159
160
268
269
268
270
271
5,763
5,745
5,780
5,783
5,851
5,162
5,14
5,208
5,213
5,293
162
139
181
15.
202
661
68^
69'
723
725
325
313
313
315
319
4,014
4,009
4,020
4,020
4,04'
601
600
572
570
558
140
14.
143
143
14.
1,123
991
1,112
980
1,12
992
1,122
989
1,13 1,00
23
14
21
14
25
121
116
116
120
120
762
765
768
772
777
132
132
132
133
131
73
74
74
74
69
581
580
581
581
582
61
60
59
60
59
735
733
727
721
725
899
884
887
86.
878
591
566
564
559
554
15
15
13
12
26
9
9
10
9
9
19
19
19
18
18
14
14
14
14
14
95
95
95
95
95
473
301
126
126
221
6,255
6,267
6,226
6,164
6,360
4,336
4,279
4,282
4,230
4,203
289
323
414
442
598
257
287
270
243
239
112
112
111
103
107
206
179
176
193
177
190
190
189
190
191
164
207
96
77
151
701
690
688
686
694
4,218
4,034
3,900
3,96
3,861
2,996
2,861
2,724
2,795
2,688
246
119
47
181
124
,248
,220
,151
,106
,082
214
225
216
207
168
692
695
700
692
696
415
418
420
413
411
2
1
1
1
19
19
18
17
17
11
11
13
13
13
52
53
53
53
53
3
2
2
2
183
184
187
186
187
1,522
1,530
1,516
1,515
1,472
1,312
1,321
1,307
1,308
1,268
27
49
29
34
18
609
589
586
571
584
1,303
1,337
1,331
1.317
1,315
719
727
732
727
722
16
14
16
17
17
20
26
21
18
19
85
87
86
86
85
229
230
232
234
235
216
217
216
217
218
3,306
3,25:
3,255
3,254
3,269
2,990
2,934
2,93.
2,93;
2,949
840
846
840
846
832
493
492
495
491
492
255
256
257
254
254
23
23
23
22
22
85
85
109
107
109
108
109
1,347
1,354
1,345
1,355
1,340
898
890
909
906
901
578
577
574
573
575
337
335
332
331
332
49
50
49
49
48
46
46
46
46
46
114
114
114
114
116
,088
,07
,122
,120
,158
2,325
2,329
2,342
2,337
2,307
1,593
1,584
1,593
1,584
1,569
56
53
52
51
50
269
270
271
272
26.
819
806
817
80'
821
696
69'
693
687
686
400
394
394
389
384
23
23
22
22
21
110
110
111
111
112
106
105
095
09;
095
35
35
346
340
340
206
204
200
195
195
11
11
11
11
11
44
45
45
45
46
095
08
10 =
11
09
562
564
566
569
568
370
373
373
375
373
17
17
17
17
16
67
68
68
68
68
,823
,834
,83
,84
,84
73<
73 =
73
735
73-
498
497
496
493
493
3'
334
3'
34
,47
,45
,47
,44
,465
2,030
2,024
2,02'
2,03
2,03'
1,201
1,192
1,194
1,18'
1,18.
,73
,73'
,78
,77
,75
1.5U
1,51
1,52
1,52
1
1.18C
1,16"
1,17;
1.17C
1,15
75 =
75 =
752
758
75'
694
695
694
698
700
8
13
33
35
3
35
36
96
94
96
97
98
1,53
1,52
1,535
1,54
1,525
1,37C
1,35
1,373
1,377
1,363
52
49
7:
69
57
300
29
28'
288
282
145
145
143
142
141
873
87
87
878
167
166
166
165
166
61
6
62
62
60
102
102
102
103
106
1,08
1,09'
1.10C
l.lOC
1,11.
1,00
1,011,01
l[024
30
44
40
43
48
21
21
21
21
21?
110
10'
11
11
11
642
64
645
64'
647
86
85
87
87
89
51
49
4
4
5
472
476
480
48'
488
25C
248
25
24«
253
4,44
4,42
4,44
4,41
4,43
4,031
4,021
4,04
4,00(
4,02
5.
60
7
53
11!
834
83
S3t
82.
81!
354
345
343
33
302
2,785
2,776
2,79
2,792
2,78!
411
407
408
406
403
36
34
3.
3.
32
5
5
5
5
4
12 =
12.
12'
12
12
3,21
3,22'
3,26:
3,251
3,264
2,82,
2,83.
2,89'
2,89(
2,91
104
15
11
37
40
410
438
437
2,20
2,19.
2,20:
2,19,
2,22.
388
390
363
361
349
1
Direct and guaranteed.
.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
718
1 he figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston (6 cities)
Apr. 30
May 7
May 14
May 21
May 28
New York (8 cities)
Apr. 30
May 7
May 14
May 21
May 28
Philadelphia (4 cities)
Apr. 30
May 7
May 14
May 21
May 28
,
Cleveland (10 cities)
Apr. 30
May 7
May 14
May 21
May 28
Richmond (12 cities)
Apr. 30
May 7
May 14
May 21
May 28
Atlanta (8 cities)
Apr. 30
May 7
May 14
May 21
May 28
Chicago (12 cities)*
Apr. 30
May 7
May 14
May 21
May 28
St. Louis (5 cities)
Apr. 30
May 7
May 14
May 21
May 28
Minneapolis (8 cities)
Apr. 30
May 7
May 14
May 21
May 28
Kansas City (12 cities)
Apr. 30
May 7
May 14
May 21
May 28
Dallas (9 cities)
Apr. 30
May 7
May 14
May 21
May 28
San Francisco (7 cities)
Apr. 30
May 7
May 14
May 21
May 28
City of Chicago*
Apr. 30
May 7
May 14
May 21
May 28
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault doposits
Remestic ad- 1
serve
banks justed
Banks
478
472
459
47
460
60
60
63
60
59
3,939
3,951
4,006
3,972
3,904
138
143
150
142
165
42
409
41
420
420
IndiIndividvidCertiuals, States
uals,
a
n
d
fied
partu. s. part
ner- polit- a n d
neroffi- Gov- ships
ships, ical
subcers' ern- and
and
divi- checks ment corcorpora- sions etc.
porations
tions
Domestic
Foreign
Bor- Cap- Bank
row- ital
debacings counts
its*
Time
2,184
2,1861
2,186
2,183
2,180
6,528
7,966
6,668
6,670
6,937
11
11
11
10
11
262
263
262
263
263
628
698
652
627
620
45
451
468
440
443
4
4
4
4
4
495
496
496
496
496
1,078
1,038
1,045
1,135
1,011
7
7
7
7
7
316
326
331
315
305
5
5
4
5
5
151
151
151
151
151
435
456
462
505
442
457
457
458
458
458
4
4
4
4
4
423
438
442
415
402
7
7
7
6
7
135
135
136
136
136
470
457
467
526
461
189 ,060
176 ,067
179 ,070
171 ,073
147 2,076
34
34
34
35
32
1,533
1,553
1,582
1,543
1,527
26
28
31
31
29
635
636
635
635
637
2,440
2,405
3,044
2,569
2,531
1
1
1
1
1
521
526
528
503
496
7
7
7
7
7
146
146
146j
146
314
459
448
437
470
420
238
239
238
238
238
293
296
287
279
284
2
2
2
2
2
94
94
94
94
94
312
327
322
328
312
318
319
319
319
319
779
782
777
753
737
162
162
162
163
163
564
557
594
654
532
303
304
305
305
305
450 j
479
489
468
460
155
156
156
156
156
454
466
450
540
485
369
379
404
389
364
591
595
586
587
588
1,244
1,242
1,208
1,296
1,201
1,073
1,089
1,109
1,094
1,071
404
405
405
404
1,456
1,520
1,514
1,542
1,596
40
39
40
3
46
7.
69
71
68
58
480
481
481
481
481
15,821
15,543
15,504
15,682
15,757
16,108
15,540
15,846
15,881
15,931
551
469
468
481
501
697
77:
725
646
799
462
423
427
399
328
1,990
1,996
1,995
1,999
1,999
31
32
34
33
33
107 1,835
74 1,804
86 1,804
1,822
1,808
1,912
1,864
1,891
1 ,88
1,87
76
70
74
80
68
25
23
22
24
21
276
275
276
276
275
762
752
770
762
76.
88
90
92
91
187
178
194
177
182
3,147
3,121
3,130
3,129
3,16 =
3,183
3,117
3,222
3,18?
3,220
174
175
172
164
173
5
53
53
52
49
6:
56
58
53
42
139
129
133
125
104
1,368
1,372
1,372
1,373
1.373
330
333
34:
330
334
39
41
41
41
41
122
116
125
112
107
1,370
1,367
1,368
1,373
1,385
1,36
1,372
1,398
1,390
1,384
111
98
111
10'
106
3
35
30
2
29
53
49
52
48
41
364
377
364
364
359
30
31
33
31
34
141
151
162
143
134
1,379
1,386
1,374
1,405
1,401
1,264
1,260
1,315
1,285
1,277
257
25
232
25
251
18
20
16
16
16
36
33
60
34
30
1,417
1,423
1,411
1,450
1,463
91
92
98
93
97
392
386]
412
392
401
5,526
5,498
5,526
5,565
5,689
5,384
5,309
5,497
5,405
5,539
577
592
583
592
604
108
97
101
89!
81
338
34:
337
335
335
22
23
24
23
25
109
110
106
106
1,170
1,166
1,168
1,190
1,214
1,233
1,223
1,268
1,256
1,270
80
78
82
80
81
18
17
14
16
17
52
52
55
41
41
383
383
384
385
385
197
199
201
204
196
12
11
12
11
12
78
,
761
85
79
82
702
698
722
714
710
116
116
116
115
117
12
13
12
13
13
432
436
436
422
428
23
24
25
23
25
250|
243
261
252
244
1,486
1,469
1,512
1,519
1,527
l,460|
1,449
1,502
1,486
1,492
194
192
195
200
196
24
24;
25
23
24
33
30
31
29i
25
53
51
51
49
42
390
384
398
397
381
25
26
27
25
27
226
232
251
240i
232
1,510
1,495
l,520|
1,529
l,530|
1,485
1,464
1,525
1,521
1,496
137
133
134
121
130
27
25
25
28
26
36
34
34
32
27
949
964
955
985
919
48
48
52
49
51
276|
275
281
271
249
3,459
3,431
3,441
3,439
3,435
3,434
3,386
3,486
3,442
3,406
222
238
231
235
231
120
109
105
104
104
869
865
840
30|
31
32
32
32
161
165
170
158
170
3,326
3,319
3,321.
3,365
3,406
3,364
3,306
3,433
3,387
3,443
235
266
259
265
265
58
45
49
41
36
733
731
740 j
745
747
Demand
708
698
718
704
684
157
144
145
148
148
116
114
123
119
112
S.
States U.
Govand
ernpolit- ment
ical
and
subdivi- Postal
Savsions ings
301
302
302
302
303
2,196
2,233
2,232
2,212
2,250
106
112
105
100 2,244
Interbank
deposits
Time deposits,
except interbank
287
277
266
26:
21
20
20
21
21
21
21
2
22
22
2,809
2,864
2,872
2,767
2,760
1,158
1,198
1,183
1,160
1,136
33
3
33
33
33
315
315
331
306
297
51
55
54
54|
53
382
383
383
383
383
197 2,184
186 2,187
198 2,189
191 2,190
158 2,190
101
93
96
90
75
865
869
871
872
874
155
95
24
116
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
1
2
JUNE
1947
719
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dolla r acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Accepting banks
Total
1946—March
April
May
June
July
172
149
126
.
September . .
October
November
December ..
194 7~~~January
February
^larch
April
119
109
108
64
65
66
55
44
42
207
140
68
72
148
202
227
228
151
154
155
169
236
243
266
256
241
230
228
215
183
171
170
154
142
109
118
65
67
Federal
Reserve
Banks
(For own
account)
Bills
bought
163
169
177
192
205
200
204
208
227
121
131
Own
bills
Based on *
2
13
13
18
34
13
2
45
51
68
71
73
74
82
82
82
94
85
76
75
71
98
95
95
83
Imports
into
United
States
Others
42
47
55
Exports
from
United
States
17
16
18
104
114
124
64
54
54
47
50
54
58
58
59
58
61
Goods stc red in or
shipped between
poini,s in
United
States
Foreign
countries
33
30
28
134
146
22
24
27
26
152
150
154
152
162
22
20
18
23
29
26
172
164
158
140
35
35
36
42
27
24
27
25
23
23
26
29
8
9
7
8
9
7
7
8
6
7
8
7
7
8
1
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427
1
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
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—June
December..
1945—June
December..
616
600
496
543
761
788
887
1,041
1,223
1,138
11
8
9
7
9
11
5
7
11
12
89
86
86
154
190
188
253
260
333
413
186
211
180
160
167
181
196
209
220
313
395
368
309
378
529
557
619
726
853
795
255
289
240
270
334
354
424
472
549
654
65
63
56
54
66
65
95
96
121
112
17
17
16
15
15
14
15
18
14
29
7
5
4
4
7
5
11
8
13
13
222
213
189
182
212
198
216
227
264
299
1946—May
June
July
August
September. .
October
November. .
December...
8 856
809
«745
3
723
83 631
583
8571
537
7
399
370
120
24
17
314
5
311
453
118
30
10
289
1947—January....
February
March
April
8533
3573
8 576
3 553
«547
498
8
442
3 377
8 305
3 253
3 238
217
3
8210
3217
3216
3
205
•687
3 681
3 677
3 665
669
651
653
3 647
3 729
8 720
8 723
693
3
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'
own partners.
8
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
• As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): February, 66; March, 65; April, 62.
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.
720
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4-to 6months 1
Stock
Prime
exbank- change
ers'
call
acceptloan
ances,
re90
newdays 1
als2
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
U. S. Government
security yields
[Per cent per annum]
.73
.75
.81
.44
.44
.61
1.00
1.00
1.16
.375
.375
.375
.79
.81
.82
1L.33
4 .18
L.15
.47
.50
.59
.71
.81
.81
.81
.81
1.00
1.00
1.00
1.38
1.38
1.38
1.38
1.38
.375
.375
.375
.375
.375
.375
.376
.375
.83
.83
.84
.84
.85
.83
.84
.85
:L.18
August....
September.
October
November.
December..
.75
.75
.77
.81
.81
.88
.94
1.00
1947—January...
February..
March....
April
May
1.00
1.00
1.00
1.00
1.00
.81
.81
.81
.8!
.81
1.38
1.38
1.38
1.38
1.38
.376
.376
.376
.376
.376
.84
.85
.82
.83
.85
L.18
L.18
L.17
L.17
1.19
1944 average
1945 average
1946 average
1946—May
June
July
Week ending:
May 3
May 10
May 1 7 . . . .
May 24
May 31
1
1
1
1
1
13/16
13/16
13/16
13/16
13/16
IK-IK
i#-i K
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1937 average*
1938 average1
1939 average....
1940 average....
1941 average....
1942 average....
1943 average
1944 average
1945 average....
1946 average....
2.59
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
1.73
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
2.88
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
3.25
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
1943—March
June
September
December.
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March....
June
September
December.
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
2.65
1945—March
June.....
September
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March....
June. . . .
September
December.
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1947—March . . .
2.31
1.82
2.37
2.80
9-to 12month
certifi- 3-to 53year
cates
month
of in- taxable
bills*
notes
debtedness
.376
.376
.376
.376
.376
L.15
L.13
1.14
L.22
L.24
L.22
L.22
.84
.85
.85
.85
.85
L.18
L.19
I 20
1.19
1.19
1
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
1
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.
J
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 i
[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
Taxable
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1944 a v e r a g e . . . .
1945 average
1946 a v e r a g e . . . .
1.94
«1.60
1.45
1.92
1.66
(8)
2.48
2.37
2.19
L.86
L.67
L.64
2.60
2.54
2.44
3.05
2.87
2.74
2.72
2.62
2.53
2.81
2.71
2.62
3.06
2.87
2.75
3.61
3.29
3.05
2.80
2.68
2.60
3.39
3.06
2.91
2.97
2.89
2.71
July
August. . .
September
October
November
December
1.47
1.43
1.40
1.46
1.55
1.56
1.58
1.56
(6)
(•)
(8)
<•)
(8)
(6)
(e)
(8)
2.19
2.16
2.18
2.23
2.28
2.26
2.25
2.24
L.54
L.55
L.60
L.65
L.75
L.84
L.80
L.97
2.44
2.42
2.41
2.44
2.50
2.51
2.51
2.55
2.71
2.71
2.71
2.73
2.79
2.82
2.82
2.83
2.51
2.49
2.48
2.51
2.58
2.60
2.59
2.61
2.58
2.59
2.59
2.62
2.68
2.70
2.69
2.69
2.73
2.73
2.72
2.74
2.80
2.84
2.84
2.83
3.02
3.03
3.03
3.03
3.10
3.15
3.17
3.17
2.60
2.59
2.58
2.58
2.64
2.65
2.66
2.66
2.84
2.85
2.86
2.89
2.98
3.05
3.05
3 04
2.69
2.70
2.69
2.70
2.75
2.76
2.77
2.77
1947—January. .
February .
March....
April
May
1.51
1.49
1.47
1.47
1.47
(8)
(8)
(*)
(6)
(6)
2.21
2.21
2 19
2.19
2.19
L.92
L.99
2.02
L.98
L.95
2.48
2.48
2.49
2.47
2.46
2.79
2.78
2.79
2.78
2.79
2.57
2.55
2 55
2.53
2.53
2.65
2.64
2 64
2.63
2.63
2.79
2.79
2.80
2.81
2.82
3.13
3.12
3 15
3.16
3.17
2 63
2 61
? *1
2.60
2.60
3 00
3 00
^ 02
3.03
3.05
2.73
2.72
? 7.?
2.71
2.71
Week ending:
May 3
May 10
May 17
May 24
May 3 1 . . . .
1.48
1.48
1.48
1.47
1.46
(6)
(6)
(6)
(6)
(6)
2.20
2.20
2.20
2.19
2.19
L.97
1.95
1.94
1.94
1.95
2.47
2.47
2.46
2.46
2.46
2.78
2.78
2.79
2.80
2.80
2.53
2.53
2.53
2.53
2.53
2.63
2.63
2.63
2.63
2.64
2.80
2.81
2.82
2.83
2.83
3.15
3.15
3.16
3.18
3.19
2.60
2.60
2.60
2.61
2.61
3.03
3.03
3.05
3.07
3.08
2.71
2.71
2.71
2.72
2.72
1946—May.
June
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Cornoration.
IJ S. Treasury Dai")artTi?n;
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
5 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
6
No partially tax-exempt bonds due or callable in 15 years and over.
Back figures.See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490
s
4
JUNE 1947
721
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate
Year, month, or week
U. S.
Government2
Municipal
(highgrade)1 Highgrade
Industrial
Volume
of trading7 (in
thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
Medium- and lower-grade
Total
Number of issues
4
Railroad
Preferred*
Defaulted
Public
utility
Total
Industrial
Railroad
15
15
50
10
402
354
20
28
100.25
102.04
104.77
135.7
139.6
140.1
120.9
122.1
123.4
114.7
117.9
118.5
120.5
122.2
123.6
107.3
115.1
117.0
116.3
116.3
114.9
15
59.2
75.4
76.7
15
1944 average
1945 average
1946 average
175.7
189.1
198.5
100
122
140
102
123
143
101
137
143
90
106
120
971
1,443
1,390
1946—May
June
July
August
September
October
November
December
104.82
105.28
104.87
104.11
103.25
103.58
103.71
103.87
142.1
142.0
140.9
140.0
137.8
136.0
136.8
133.4
123.7
123.9
124.0
123.8
122.8
121.8
121.6
121.5
119.5
119.5
119.1
119.0
117 A
115.8
115.9
115.9
123.9
123.9
123.4
124.0
123.3
122.2
122.5
123.0
118.6
118.7
118.5
117.7
114.3
112.3
112.7
112.9
116.0
116.0
115.3
115.4
114.7
112.9
112.6
111.9
81.8
83.2
80.0
78.8
65.4
62.7
63.6
67.7
201.9
202.4
204.1
203.4
196.2
191.6
189.3
186.2
154
153
150
146
125
122
121
126
159
157
153
150
129
126
124
129
157
162
154
147
119
110
113
119
129
130
128
125
110
107
106
110
1,311
1,086
936
946
2,173
1,256
191
1,320
1947—January
February
March
April
May
104.32
104.35
104.61
104.57
104.48
134.4
133.1
132.5
133.2
133.9
122.6
122.7
122.4
122.8
122.9
116.3
116.8
116.6
116.5
115.0
123.5
123.7
123.7
123.5
123.2
114.3
114.3
113.6
113.2
109.2
111.2
112.4
112.5
112.7
112.5
68.3
69.3
66.0
64.0
61.9
187.3
189.0
188.1
186.5
186.2
125
129
124
119
115
129
133
128
123
119
115
119
110
102
95
111
111
107
105
102
998
1,176
841
912
912
Week ending:
May 3
May 10
May 17
May 24
May 31
104.45
104.41
104.51
104.50
104.51
133.4
133.8
134.0
134.0
133.8
123.0
123.0
122.8
122.8
122.8
116.2
115.8
115.0
114.0
114.2
123.4
123.4
123.3
123.1
123.2
112.5
111.4
109.0
107.1
106.6
112.7
112.6
112.7
111.8
112.8
63.6
63.7
61.4
60.2
61.0
185.7
186.7
186.7
185.7
185.7
118
118
114
113
116
122
122
117
117
119
100
99
93
92
96
104
104
102
100
102
802
686
1,137
1,048
750
1-9
20
1
2
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
*B Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
1
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
.
. .
1946—April
May
June
July
August...
September
October. .
December
1947—January..
February.
March. . .
April
Total
(new
and
refunding)
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
6 214
3 937
4 449
5 790
4 803
5 546
2 114
2,174
4 216
7 991
8,581
1,972
2 138
2 360
2 277
1,951
2 854
1 075
1,949
2,094
2 325
2,239
1,948
2,852
1 075
642
913
640
896
1,097
1,022
817
981
560
441
562
761
993
636
5 305
855
880
Corporate
ForState Fedeign2
and
eral
mu- agennici- cies1 Total Bonds
and Stocks
pal
notes
22
157
481
924
461
1,192
1,225
1,272
1,062
108
90
15
26
121
624
374
646
1,772 1,761
4,588 4,579
735
712
971
931
751
518
342
176
235
471
952
374
294
429
493
419
242
363
659
788
374
286
429
493
419
242
363
659
788
61
103
108
124
64
71
49
69
119
22
7
9
498
249
635
779
487
249
614
773
215
96
293
397
21
34
12
47
839
817
807
287
601
889
506
282
422
607
352
408
67
97
135
173
118
92
224
657
290
176
312
369
354
170
267
590
669
118
83
115
184
196
96
223
444
544
172
93
197
184
159
75
43
145
125
252
118
310
376
208
75
265
240
44
44
44
136
873
383
736
1,264
3,506 2,038 1,468
23
44
35
38
2
1
2
17
12
9
"*8
10
21
7
Total
(domestic
and
forTotal
eign)
State
and
municipal
Federal
agen-1
cies Total
Corporate
4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,219
3,993
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863
382
191
129
195
482
435
181
259
404
324
208
723
728
388
488
141
200
199
102
205
698
728
388
436
126
200
199
102
190
10
47
16
8
1
17
1
2
50
326
17
41
33
33
38
133
13
34
363
664
331
395
93
145
65
86
105
139
•56
220
101
135
56
191
96
11
1
2
3
22
24
50
20
103
31
140
73
353
281
665
1,537
344
698
440
497
418
912
741
Bonds
and Stocks
notes
3,387 3,187
856
1,209
1,267 1,236
1,733 1,596
2,026 1,834
1,557 1,430
418
685
Foreign2
200
352
31
137
193
126
11
82
288
656
601
119
119
?8
48
277
536
266
324
39
143
36
68
79
85
127
65
71
53
1
29
19
27
25
84
8
136
39
18
22
4
34
407
603
2.466 2,178
4,937 4,281
2,914 2,313
4
90
15
46
130
52
15
15
4
29
5
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
issues of noncontiguous U. S. Territories and Possessions.
Excludes two foreign offerings totaling 122 million dollars for which information on portion taken in the United States is not available.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
gubject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
Includes
1
722
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds2 proceeds3
New money
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Plant and
equipment
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,500
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,358
57
208
858
991
681
325
569
868
474
308
657
1,080
3,003
32
111
380
574
504
170
424
661
287
141
252
638
2,012
26
96
478
417
177
155
145
207
187
167
405
442
991
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,728
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,258
71
226
190
87
59
128
100
30
72
351
438
469
84
170
154
111
215
69
174
144
138
73
49
134
408
11
23
49
36
7
26
19
28
35
27
47
133
219
682
844
663
720
527
267
383
629
818
666
825
643
703
518
261
377
617
807
213
153
245
327
344
138
202
511
623
148
91
169
198
126
101
160
329
557
65
62
77
129
219
37
43
183
66
376
630
317
305
115
98
48
81
114
320
514
285
265
94
38
36
74
97
56
116
32
40
21
60
12
6
17
57
28
14
46
50
18
122
6
59
21
14
67
25
10
6
5
19
12
322
265
450
449
316
260
442
441
183
206
285
254
138
105
153
101
45
101
132
153
120
34
121
85
81
18
110
80
38
16
11
5
11
15
31
98
2
5
5
3
1946—April
May
June
July
August
September
October
November
December
1947—January
February
March
April
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
172
120
774
338
54
182
319
361
47
160
602
1,436
693
21
57
139
228
24
85
115
253
32
46
102
115
129
120
54
558
110
30
97
186
108
15
114
500
1,320
560
July
August
September..
October
November..
December..
98
76
35
9
3
19
40
18
47
1
7
9
8
3
16
21
18
35
97
69
26
1947—January... .
February...
March
April
33
8
12
17
28
7
9
17
5
2
1
June
18
3
1
3
19
10
S3
1946—April
May
31
10
77
1
•
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Other
Industrial
Retire- All
Total
Retire- All
Total
Retire- All Total
Retire- All Total
net
New ment of other
New ment of other
net
New ment of other
net
New ment of other net
pro- money securi- pur-4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
ceeds
ties
ties poses ceeds
poses ceeds
poses ceeds
ties
poses
ties
S3 •
Year or month
Public utility
1,250
1,987
751
1,208
1,246
1,180
I 340
464
469
1,400
2,291
2,052
11
30
63
89
180
43
245
317
145
22
40
69
761
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,207
42
30
27
50
86
47
13
30
27
25
17
63
83
138
424
179
338
41
111
124
61
483
6
5
10
181
6
13
108
18
411
119
408
134
156
33
86
17
33
72
13
11
35
1
2
12
43
67
332
93
14
47
223
30
26
18
107
61
130
"io
3
2
2
2
62
25
774
74
1,280
439
1,079
616
831 469
584
188
961
167
828 244
527 293
497
228
1,033
454
1,969
811
3,355 2,000
412
289
405
325
422
130
210
530
226
229
119
90
328
34
550
761
373
226
353
738
463
89
199
504
1,010
903
2
150
80
90
136
43
56
121
146
71
76
148
451
20
122
390
71
16
102
155
94
4
21
107
206
258
46
218
57
8
9
42
55
4
13
61
85
113
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
42
65
56
4
3
56
89
198
127
206
131
326
108
71
470
145
157
137
153
150
80
9
12
48
17
56
25
45
44
16
13
127
12
64
18
37
24
31
53
1
3
8
52
7
14
20
6
9
1
3
5
32
3
17
4
9
6
136
95
52
204
84
8
5
24
9
16
33
99
11
66
9
3
5
58
1
3
1
25
42
is'
3
4
5
6
8
1
2
1
2
8
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
* Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
JUNE
1947
723
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total
Nonferrous
metals
and
products
Other
transportation
equipment
Other
durable
goods
Dividends
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services 2
Iron
and
steel
Machinery
Automobiles
629
47
69
15
68
77
75
49
45
30
80
74
1,465
1,818
2,163
1,769
1,800
1,896
1,925
'•32,545
146
278
325
226
204
194
188
'283
115
158
193
159
165
174
163
' 3 171
223
242
274
209
201
222
243
130
102
173
227
182
180
190
169
'127
119
133
153
138
128
115
108
136
70
88
113
90
83
88
88
' 3 165
151
148
159
151
162
175
199
356
98
112
174
152
186
220
223
'281
186
194
207
164
170
187
187
273
134
160
187
136
149
147
154
302
Quarterly
1944_1
2
3
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
4
52
4
47
4 47
4 43
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
1945_1
2
3
4
492
508
439
485
49
53
37
49
38
42
35
47
63
77
46
58
4 50
4
47
4
36
4 36
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
1946—i
2
3
4
323
604
698
' 3 853
22
67
96
97
-19
49
32
'361
-34
21
42
102
4-5
4451
20
26
41
'50
12
37
41
'3 57
65
74
93
124
875
124
69
99
"46
45
51
103
Number of companies.
Annual
.
. . .
1939
1940
1941
1942
.
1943
1944
1945 . .
1946
. . .
. . .
. .
1947—1
38
Net
profits1
Preferred
Common
152
152
152
122
132
152
161
171
184
203
'321
847
1,028
1,137
888
902
970
989
'31,139
90
90
92
88
86
86
85
82
564
669
705
552
556
611
612
657
36
37
37
37
39
43
52
50
224
230
244
272
21
22
20
23
142
149
137
184
48
45
43
51
39
38
37
40
45
47
53
58
250
269
224
246
20
22
21
22
142
145
143
182
56
62
77
'85
63
66
67
77
62
71
77
91
82
80
93
'66
116
250
310
'3 415
20
21
20
21
146
153
149
209
89
89
97
64
424
20
168
PUBLIC U T I L I T Y CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Operating
Income
before
income
tax"
Electric power 6
6
Net
income1
Dividends
756
273
93
189
500
902
873
667
450
289
126
159
186
202
217
246
246
235
2,273
2,363
2,445
2,356
458
508
550
455
152
172
176
168
31
55
43
116
I945—1
2
3
4
2,277
2,422
2,230
1,973
430
514
149
199
237
-426
31
68
1946—1
2
3
4
1,869
1,703
2,047
2,008
I947—1
2,039
revenue
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1944—1
2
3
4
Quarterly
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
126
249
674
1,658
2,211
1,972
127
-25
14
28
118
56
-57
161
130
-45
128
191
52
41
85
163
86
43
39
Telephone 7
Income
before
income
tax8
Net
income1
Dividends
629
692
774
847
913
902
905
953
535
548
527
490
502
507
534
645
444
447
437
408
410
398
407
454
930
890
882
913
265
245
207
185
137
127
114
129
98
105
95
100
966
909
288
230
Operating
revenue
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
Income
before
income
tax*
Net
income1
Dividends
227
248
271
302
374
399
396
275
191
194
178
163
180
174
177
200
175
178
172
163
168
168
173
182
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
436
444
115
109
46
45
41
44
Operating
revenue
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
205
181
142
125
101
95
119
148
96
115
970
299
196
107
449
474
475
920
936
1,002
221
207
226
151
142
156
110
112
125
497
502
519
1,083
289
191
115
888
917
103
70
44
43
43
46
84
54
46
74
55
62
53
44
49
46
45
45
1
J
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
' Revised.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation
other
than
railroads
(largely
airlines),
and
11
companies
furnishing
scattered
types
of
service.
3
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly
estimated.
* Class I line-haul railroads, covering about 95 per cent of all railroad operations.
8
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
'Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
724
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
1
Marketable public issues
End of month
Total
interestbearing
direct
debt
Total
gross
direct
debt
Total 2
42,968 42,376
45,025
44,458
48,961 48,387
57,938 57,451
72,422
71,968
108,170 107,308
136,696 135,380
165,877 164,508
201,003 199,543
230,630 228,891
258,682 256,357
278,115 275,694
34,436
35,645
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
1946—May
June....
July
Aug
Sept
Oct.
Nov
Dec
1947—Jan.
Feb
Mar
Apr
May
272,583
269,422
268,270
267,546
265,369
263,532
262,277
259,149
259,776
261,418
259,124
257,701
258,343
193,487
189,606
187,596
186,350
184,338
182,318
180,328
176,613
176,444
175.410
172,462
170,535
169,926
17,041
17,039
17,023
17,024
17,007
16,987
17,000
17,033
17,074
17,048
17,038
16,610
16,002
271,440
268,111
267,039
266,359
264,217
262,415
260,925
257,649
258,378
258,113
255,800
254,427
254.975
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtnotes
bills
bonds
edness
1941—June
Dec
1942—June
Dec
1943—June
Dec
1944—June
Dec
1945—June
Dec.
1940—June
In millions of dollars]
Total2
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
10,534
16,561
22,843
28,822
30,401
34,136
38,155
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
36,828
34,804
37,720
36,473
34,478
32,478
30,475
29,987
29,791
28,784
27,792
26,294
26,294
18,261
18,261
13,351
13,351
13,351
13,351
13,351
10,090
10,090
10,090
8,142
8,142
8,142
121,177
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
56,472
56,173
56,399
56,566
56,025
56,081
56,343
56,451
57,157
57,765
58,156
58,612
58,863
48,917
49,035
49,320
49,447
49,545
49,624
49,709
49,776
50,343
50,717
50,945
51,117
51,240
7,127
6,711
6,669
6,688
6,096
6,003
5,978
5,725
5,590
5,570
5,443
5,477
5,525
21,481
22,332
23,045
23,443
23,854
24,015
24,254
24,585
24,777
24,938
25,183
25,280
26,186
'3i096
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
1,143
1,311
1,231
1,187
1,152
1,117
1,352
1,500
1,399
3,305
3,324
3,275
3,368
542
467
324
370
391
378
362
331
262
181
175
171
171
1
2
Including amounts held by Government agencies and trust funds, which aggregated 6,268 million dollars on Apr. 30, 1947.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, and Armed Forces Leave bonds not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING MAY 31, 1947
UNITED STATES SAVINGS BONDS
[In millions of dollars]
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills »
June 5,1947
June 12, 1947
June 19, 1947
June 26, 1947
July 3,1947
July 10, 1947
July 17, 1947
July 24, 1947
July 31, 1947
Aug. 7, 1947
Aug. 14, 1947
Aug. 21, 1947
Aug. 28, 1947
1,315
1,307
1,317
1,308
1,303
1,314
1,108
1,100
1,100
1,112
1,202
1,203
1,311
Cert, of indebtedness
June 1,1947
V%
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1, 1947
1, 1947
1, 1947
1,1947
1, 1947
1,1947
1, 1948
1, 1948
1, 1948
1, 1948
Treasury notes
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948
Treasury
Oct. 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
June 15,
Sept. 15,
Dec. 15,
Y%
Y%
%
J4
Y%
V%
%
V*
%
%
1^
\H
lH
Bonds
1947-52 2 AH
1947 2
2
1948-50
2
1948-512
1948
1948 2....
1948-50 2.
1949-51..
1949-51..
1949-51
2
2,775
2,916
1,223
2,341
1,440
1,775
3,281
3,134
3,947
2,142
1,321
2,707
1,687
3,748
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 22..3 H
Dec. 15, 1949-53 . . 2 ^
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2 . . 2 ^
Sept. 15, 1950-52
2
X
Dec. 15, 1950
\ A
June 15, 1951-54 2 . . 2 ^
Sept. 15, 1951-53 2
2
Sept. 15, 1951-55
3
Dec. 15, 1951-53 2..2K
Dec. 15, 1951-55
2
Mar. 15, 1952-54... 2H
June 15, 1952-54
2
June 15, 1952-55...2H
Dec. 15, 1952-54
2
June 15, 1953-55 2
2
June 15, 1954-56 2 . . 2 ^
Mar. 15, 1955-60 2..2 %
Mar. 15, 1956-58... 2}i
Sept. 15, 1956-59 2 ..2 %
Sept. 15, 1956-59...
2H
June 15, 1958-63 2 . . 2 %
June 15, 1959-62 3.. 2 ^
Dec. 15, 1959-62 23.. 2 i^
Dec. 15, 1960-65 . . 2 %
June 15, 1962-67 3 . . 2 ^
Dec. 15, 1963-68 3 . . 2 ^
June 15, 1964-69 3 . . 2 ^
Dec. 15, 1964-69 3..2H
Mar. 15, 1965-70 3 . . 2 ^
Mar. 15, 1966-71 » . . 2 ^
June 15, 1967-72 3 . . 2 ^
Sept. 15, 1967-72... 2}/2
Dec. 15, 1967-72 3. . 2 ^
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3\823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
759
701 Postal Savings
1,115
bonds
2H
1,223 P a n a m a Canal Loan. 3
3,062
451
Total direct issues... 169,926
571
1,014 Guaranteed securities
1,292
Federal Housing Admin.
2,098
46
Various
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 721.
J
3
Partially tax exempt.
Restricted.
JUNE 1947
Month
Fiscal year
ending:
June—1940..
1941..
1942..
1943..
1944..
1945..
1946..
RedempAmount Funds received from sales during tions and
outperiod
maturities
standing
at end of
Ml
All
month
Series Series Series
E
F
G
series
series
2,905 1 109
4,314 1 492
10,188 5 994
21,256 11 789
34,606 15 498
45,586 14 891
49,035 9 612
1946—May. . . 48,917
June.. . 49,035
J u l y . . . 49,320
Aug... . 49,477
Sept.... 49,545
Oct
49,624
Nov.... 49,709
D e c . . . 49,776
1947—Jan
50,343
Feb.. . . 50,717
Mar.... 50,945
Apr. . . . 51,117
May. . . 51,240
3
8
11
11
6
594
571
753
590
494
519
453
576
952
712
616
572
488
203
526
271
820
553
739
67
435
758
802
679
407
345
321
386
347
309
327
294
370
535
394
372
349
305
24
24
31
25
20
24
20
29
53
41
35
33
25
2
2
2
2
2
114
148
207
848
395
032
759
876
658
465
2,371
4,298
6,717
225
226
335
217
165
169
139
178
364
278
209
191
158
552
519
537
478
482
489
418
504
483
398
449
455
421
Maturities and amounts outstanding May 31, 1947
Year of
maturity
All
series
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
Unclassified. .
259
506
809
978
1 580
4,406
7 898
10,323
9,107
6,709
4,512
2,926
1,291
Total
Series
C-D
259
506
809
978
435
Series
E
1 145
4,406
6 551
7,574
6,202
3,384
1,569
Series
F
Series
G
208
548
319
171
1,139
2,201
2,297
2,639
2,395
2,607
1,120
3,088
14,398
607
686
548
-65
51,240
2,987
30,832
725
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities
End of month
Total
Held by nonbank investors
Com- Federal
mercial Reserve
banks 1 Banks
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
issues
Public
issues
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7.048
6,798
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,892
114,862
107,883
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,100
90,600
84,100
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
29 ,308
32 ,863
40 ,114
47 ,872
64 ,302
80 ,070
97 ,289
L17 ,758
133 ,815
150 ,874
161 ,384
160 ,695
9 ,700
10 ,900
13 ,600
17 ,900
23 ,700
30 ,300
37 ,100
45 ,100
52 ,200
58 ,500
63 ,500
62 ,800
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,900
29,300
25,600
1 ,000
1 ,500
2 ,100
3 ,200
4 ,300
5 ,300
6 ,500
6 ,500
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
1946- -August
September
October
November....
December
266,729
264,608
262,792
261,286
257,980
105,146
103,549
101,918
100,444
97,050
81,200
79,500
78,400
76,500
73,700
23,946
24,049
23,518
23,944
23,350
161 ,583
161 ,059
160 ,874
160 ,842
160 ,930
62 ,900
62 ,700
62 ,800
63 ,100
63 ,300
25,400
25,400
25,400
25,300
25,300
11,700
11,700
11,700
11,700
11,800
25,100
24,500
24,200
24,000
23,400
6 ,400
6 ,300
6 ,300
6 ,200
6 ,200
23,443
23,854
24,015
24,254
24,585
6,619
6,524
6,419
6,355
6,338
1947- -January
February
March
258,640
258,294
255,976
96,941
95,917
93,293
73,000
71,800
70,700
23,941
24,117
22,593
161 ,699
162 ,377
162 ,683
' 6 4 ,000
' 6 4 ,600
65 ,200
25,400
25,400
25,100
11,900
12,000
12,000
23,000
22,900
22,600
6 ,200
6 ,200
6 ,300
24,777
24,938
25,183
6,389
6,374
6,388
1940- -June
1941- -June
December
1942- -June
December
1943- -June
December
1944- -June
December
1945- -June
December
1946- June
,
,
,
,
,
,
400
600
700
900
«• Revised.
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Feb. 28, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. In millions of dollars]
End of month
Type of
security:
Total:'
1944—Dec
1945—Dec
1946—June...
Dec
1947—Feb....
Mar.. . .
Treasury bills:
1944—Dec
1945—Dec
1946—June
Dec
1947—Feb
Mar.. . .
Certificates:
1944—Dec
1945—Dec
1946—June
Dec
1947—Feb
Mar....
Treasury notes:
1944—Dec
1945—Dec
1946—June
Dec
1947—Feb
Mar.. . .
Treasury bonds:
1944—Dec
1945—Dec
1946—June...
Dec
1947—Feb
Mar.. . ,
1
8
Total
outstanding
162,843
198,820
189,649
176.658
175,456
172,507
U. S.
Govern- Fed- Com- Mu- Insurmer- tual ance
ment eral
sav- com- Other
cial
agen- Recies serve banks ings panies
1
banks
and Banks
C)
trust
funds
5,338
7,009
6,768
6,302
6.337
6,352
16,428
17,037
17,039
17,033
17,048
17,038
18,846 72,045
24,262 82,830
23,783 76,578
23,
,962
24,117 65,355
22,593 64,263
11,148
12,831
14,466
14,745
15,730
15,090
4,113
2,476
1.142
1,187
539
681
4.887
8,364
6,813
7,496
7,189
6,399
8,183 18.761
10,491 23,183
11, 220 24,285
11,521 24.3
11,667 24,374
11,689 24,061
39.670
51,046
47,015
,177
43,606
43,549
1,159
1,723
1,424
1,088
769
1,243
310 9,974
360 11,211
10,439
10.459
10,559
10,574
30,401
38,155
34,804
29.987
28,784
27,792
62
38
58
64
79
87
15,032
18,091
16,676
11.221
10,212
9,991
136
91
243
25"
291
292
576
490
454
449
23,039
22,967
18,261
10,090
10.090
8,142
60 1,566 5,411
8 2,120 5,701
9 1,748 1,396
355 6.120
6
11
444 6,096
352 5,122
11
336
179
227
211
188
154
568
576
623
603
598
279
5,098
4,383
4,258
2.796
2,754
2,224
91,585 5,173 1,243 36,508 7,704 17.859 23,09*
947 46,535 10,217 22,230 33 ,579
120.423 6.915
755 47,335 0,743 23,073 30,764
119,323 6,655
753 48,408 11,049 J3.226 >9.700
119,323 6,186
753 48,477 11,184 23,307 29,408
119.323 6,193
753 48,442 11,237 23,311 29,388
119,323 6,192
End of month
Treasury bonds
and notes,
due or
callable:
Within 1 year:
1944—Dec
1945—Dec
1946—June
Dec
1947—Feb
Mar... .
1-5 years:
1944—Dec
1945—Dec
1946—June...
Dec
1947—Feb
Mar....
5-10 vears:
1944—Dec
1945—Dec
1946—June
Dec
1947—Feb
Mar
10-20 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—Feb
Mar
After 20 years:
1944—Dec
1945—Dec
1946—June....
Dec
1947—Feb
Mar.. . .
Total
outstanding
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
agen- Recial
sav- ance Other
cies serve banks ings comand Banks 0)
banks panies
trust
funds
6,737
15,222
10,119
7,802
7,802
8,193
83
185
4
29
29
83
646 4.016
2,017 9,956
1,431 5,655
72 4.341
161 4,373
209 5,079
34,965
35,376
35,055
39,570
39.570
38,257
37,909
33,025
32,847
27,283
27.283
26,258
580
408
443
576
583
575
1,557 23,490
866 1,884 6,589
693 25,165
701 1,742 6,673
797 25.285
709 1,506 6,319
831 28,470 1,047 2,101 6,550
831 28,186 1,123 2,131 6,716
692 27,001 1,248 2,158 6,583
725
787
716
520
529
479
366
210
135
72
72
72
19,953
21,007
21,933
16.657
6.928
16,415
3,447
2,058
1,609
2,042
2,037
1,794
3,787
2,902
2,822
2.826
2,803
2,741
9,631
6,063
5.632
5,156
4,915
4,758
23,817
34,985
37.189
32,384
32,384
32,384
2,098
2,779
3.400
2,975
2,976
2,975
145
90
83
78
78
78
3,391
3,691
3,308
2,433
2,433
2,440
3,186
5,523
6,026
5,303
5,323
5,329
8,204
10,996
12,547
11,708
11,750
11,746
6,793
1,905
1,829
9.886
9,825
9,815
11.194
24,781
22,372
22.372
22,372
22,372
1,748
2,764
2,103
2.084
2,091
2,091
95
57
57
55
55
55
1,066
2,418
2,550
2.632
2,653
2,631
509
2,051
2,510
2.687
2,732
2,787
4,381
6,933
6,325
6,602
6,640
6,639
3,394
0,559
8.826
8,313
8,202
8,169
34
63
116
181
156
234
171
235
495
591
581
306
1,790
2,761
2,418
2,591
2,504
2,284
Including stock savings banks.
Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below.
726
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIncome taxes1 cellaIn- War TransBudget
fers to Other Total surplus
Other Total Net
ter- and
neous Social
de- trust
Secuex- budget ( + ) or
rere- 8 est fense
inter- rity
reac- pendi- expend- deficit
on activ- counts
nal
With-2 Other revetaxes ceipts ceipts ceipts debt
tures itures
1
ities
held
etc.
nue
Period
Fiscal year ending:
June 1944
8,393 26 ,262 5,291 1,751 3,711
June 1945
10,289 24,884 6,949 1,793 3 ,824
June 1946
9,392 21,493 7,725 1,7143 ,915
442
615
1946—May
..
285 690
966
615
June
76 399
650 2,742
695
July
974
67 349
514
679
443
August
1,070
302 223
656
186
September.
705 2,845
89
752
October
847
557
74 386
669
332
November.
290 236
1,111
722
December..
89 416
766 2,120
1947—January...
693
546 2,117
58 445
February..
666
368
1,376 1,845
387
March
682
785 3,865
118 275
1,012
638
315
75
April
584
400
595
625
365
May
1,218
45,408 44,149 2,609 87 039
556
47,740 46,457 3,61790,029 1,646
44,239 43,038 4^722 48 542 1,918
2,998 2,733 106 2,182
95
4,482 4,479 1,395 2,442
5
2,600 2,539 249 1,190
631
2,717 2,434 122 1,509
13
4,481 4,478 648 1,100
32
2,617 2,544 160 1,481
48
2,639 2,364 105 1,436
27
4,113 4,107 952 1,580
21
3,860 3,820 343 1,412
71
4,643 4,378 124 1,457
16
5,724 5,701 626 1,428
2,624 2,556 141 1,728
3,204 2,865
1.327
432
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1944
June 1945....
June 1946....
1946—May
June
July
August....
September.
October
November.
December..
1947—January...
February..
March
April
May
3,202
3,239
2,940
2,816
2,757
1,261
465
232
276
492
57
159
430
71
219
440
83
157
590
72
359
103
122
271
-5
87
237
45
87
201
5
159
2,874
1,553
95
-57
93
-204
-70
29
-58
26
-27
131
11
380
453
1,618
158
140
137
135
112
116
104
109
126
123
134
133
126
-32
-60
-33
5,369 95,573 -51,424 - 2 , 2 2 2 +10,662+64,307
5,106 100,397 -53,941
+791 +4,529+57,679
8,532 63,714 -20,676
+524 -10,460-1-10,740
1,481
398 - 1 , 3 1 6
+48
3,864 - 1 , 1 3 1
1,510
-873
- 2 6 5 -4 298 - 3 , 1 6 1
5,352
1,574
3,644 - 1 , 1 0 5
+48 -2 209 - 1 , 1 5 2
1,288
989
-724
2,932
-499
+234
•868 - 2 , 1 7 7
-414
974 2,755 +1,723
+ 156 -2 101 - 1 , 8 3 7
-420
1,276 2,965
-165
961 2,529
+ 15 -1, 405 - 1 , 2 5 5
+445
1,110 3,662
- 4 8 0 -3, 163 - 3 , 1 2 8
1,288
+706
3,113
- 1 2 5 +1 210 +628
422 +1,642
2,318
3,914
+317
+464
1,544
3,598 +2,102
-33 +2 •224 - 2 , 2 9 4
598
-1,423
2,085
4,001 - 1 , 4 4 5
+269 - 2 ,
245
+642
2,000
3,851
+99
-987
General fund of the Treasury (end of period)
Other
Net expenditures!
in checking accounts of
ExReInvest- pendiGovernceipts
ments tures
ment
agencies
Assets
Expenditures
Investments
1,851
3,820
4,735
388
469
586
108
216
155
127
125
123
361
207
197
327
Increase ( + ) or
decrease (—)
Trust
during period
accounts
Gross
etc. 4 General
fund
balance debt
1,313
2,444
2,407
165
253
331
192
46
26
60
26
44
41
17
32
567
-108
-938
2,817
468
121
448
-12
228
78
265
331
121
224
2
-26
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
20,775
25,119
14,708
,442
,500
,006
18,859
14,708
12,444
11,431
10,524
8,393
6,965
3,920
5,102
7,478
7,233
4,707
4,402
,230
,006
702
872
1,445
773
824
682
18,007
22,622
12,993
16,949
12,993
10,961
9,842
8,377
6,936
5,487
2,570
1,620
2,561
2,369
842
989
2,736
3,363
3.292
2,317
1,807
Total
Other
assets
1,327
997
708
681
708
781
716
702
684
655
668
746
1,554
1,571
1,548
1,607
Total
liabilities
Balance
in
general
fund
607
421
470
323
470
415
391
353
323
300
418
20,169
24,698
14,238
18,536
14,238
12,029
11,040
10,171
8,070
6,665
3,502
391
344
323
395
336
4,711
7,134
6,909
4,312
4.066
1
1
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
* Excess of receipts ( + ) or expenditures (—).
Back figures.—See Banking and Monetary Statistics Tables 150-151 pp. 513-516.
INTERNAL REVENUE COLLECTIONS
Period
[On basis of reports of collections. In millions of dollars]
Corporation income
Individual
income taxes
and profits taxes
Estate
and
Other
Normal Excess
gift
Withprofits
and
Other
taxes
profits
held
surtax
taxes
Fiscal year ending:
Tune—1940
1941
1942
1943
1944
1945
1946
1946—April
M^ay
..
June
July
August
September..
October
November..
December..
1947—January
February...
March
April
JUNE
982
686
7,823
10,264
9,858
708
1 245
1,418
3,263
5,944
10,438
8,770
8,847
508
175
30
858
1,053
1,339
30
1,062
1,243
27
77
1,198
234
80
420
657
1,971
81
1,014
2,196
1,082
1,967
648
1947
375
1,121
1,852
3,069
4,521
5,284
4,880
4,640
157
82
744
192
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY
[In millions of dollars]
Excise and
other miscellaneous
taxes
1,618
5,064
9,345
11,004
7,822
27
37
57
84
137
144
91
360
407
433
447
511
643
677
2 000
2 547
3,405
4 124
4,842
6,317
7,036
324
157
994
330
5
3
16
4
66
64
63
74
549
577
548
634
164
142
692
232
122
752
204
978
344
123
925
250
177
1,712
228
266
127
80
66
4
10
4
3
9
58
43
57
49
62
6
3
3
2
66
84
103
68
631
604
706
612
652
639
595
541
572
Cash
income
Cash
outgo
Excess
of cash
income(+)
or
outgo(—)
Fiscal year ending
June—1940
1941
1942
1943
1944
1945
1946
7,019
9,298
15,374
25,485
48,254
51,332
48,103
9,555
14,031
34,717
79,253
94,296
96,263
65,904
—2,536
-4,733
-19,342
-53,769
-46,043
-44,931
-17,800
1946—April
May
June
July
August
September.
October...
November.
December.
2,934
3,492
4,736
2,703
3,016
4,698
2,803
2,892
4,257
4,171
4,383
5,046
2,923
2,928
2,988
2,850
2,276
3,643
-1,237
-891
-310
-219
1947—January...
February..
March . . . .
April
3,948
5,163
5,975
2,862
2,827
3,690
3,352
3,687
Period
+88
+1,710
-47
+616
+614
+1,121
+1,474
+2,623
-825
727
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items1
ComInvestmodiments
Loans ties,
supreTotal Cash ceiv- plies, U.S.
and Govt. Other
able
mate- secu- secu-2
rials rities rities
Corporation or agency-
All agencies:
Mar. 31, 1946
June 30, 1946
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
33,325
29,869
29,569
30.400
32,337
Classification by agency,
Mar. 31, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Federal land banks
Production credit corporations....
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage C o r p . . . . . . .
Rural Electrification Administration.
Commodity Credit Corp
Farmers' Home Administration
Federal Crop Insurance Corp
National Housing Agency:
Federal Home Loan Bank Adm.:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
Reconstruction Finance Corp. 5
1,279
1,305
1,157
1 ,398
1,588
322
388
,076
113
15
2
118
581
,277
478
16
1,918
1,550
1,429
1.265
1,003
,789
285 20,784
,767
439 17,438
,836
390 16,973
,873
547 16,974
,985 3,426 15,486
43
43
137
68
254
326
536
325
377
261
169
460 1,741
385 1,605
299 ,536
t .414
380 1,176
1,133
1,234
1,250
1,252
1,250
4.959 26,218
4,939 22,889
3,377 24,069
3,588 24,810
3,142 27,268
479
482
496
498
509
39
349
722
273
37
77
113
15
'243
43
1
7
6
503
77
3
180
633
528
57
200
5
42
5,069
5,381
5,949
6.649
7,294
U.S.
Bonds, notes,
PriGov- vately
Land, Deand debenern- owned
struc- ferred
tures
payable
Other ment interand Other
tures, undisliabil- nterasand
Fully
est
tribest
ities
sets
equip- uted
guarment charges3
anteed Other
by U.S.
6
1
40
1
108
570
172
327
1
3
5
214
56
13
383
236
198
*583
175
15
278
1
26
5
33
122
4,457
727
Export-Import Bank
1,518
Federal Deposit Insurance Corp
1,123
Federal Works Agency
267
Tennessee Valley Authority
769
U. S. Maritime Commission:
Maritime Commission activities'.
.
.
.
4,192
War Shipping Adm. activities 6
7,003
Allother 7
6,514
1 1,508
1
9
75
2
25
227
55
1
116
12
(4)
6
(4)
6
36
12
2
2,587
216
230
29
115
10
9
47
4
212
191
135
143
731
3,305
6,507
23 3^227 1,894
1,170
1,226
4
22
'l26
2
113
581
-74
473
-6
176
609
()
560
163
()
140
7
487
3
11
516
56
158
5
41
701 3,757
193 1,325
953
267
760
393 3,799
333 6,670
61 6,453
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1947
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural Farm- Home
Fed. Farm
OwnElecmedi- for co- modity trificaers'
land Mort.
ers'
ate opera- Credit
Home Loan
banks Corp. credit
tion
tives Corp. Adm. Adm. Corp.
banks
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
Total loans receivable
(net)
957
137
326
255
201
570
Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
(4)
40
600
596
10
27
17
41
150
163
' 236'
68
29
(4)
889
108
326
1
29
(4)
273
13
254
172
570
327
583
278
278
236
12
2
239
226
66
765
All
other
5
Dec. 31,
1946,
All
all
agen- agencies
cies
3,056
663
2,884
659
167
204
171
192
17
238
590
497
19
295
2,284
623
478
7,294
6,649
1,515
(4)
i; 166 2,854
1,508
1,277
86
10
1
Assets are shown on a net basis, i.e., after reserves for losses.
2
Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—June
30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; Inter3
national Monetary Fund Quota—Mar. 31, 1947, 2,750.
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
46 Less than $500,000.
5 Includes U. S. Commercial Company and War Damage Corp.
Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities.
7
Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and
those of The Virgin Islands Co. are as of Dec. 31, 1946.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.
728
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation)
Construction
contracts
awarded (value) 8
Industrial production
(physical volume)* 2
1935-39=100
Year
and
Month
Income
payments
(value) 1
1935-30
=100
Manufactures
Total
Durable
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
1946
AdUnadjusted justed
....
. .
. .
.....
,..
1944
July
August....
September
October. . .
November
December.
Employment 4
1939=100
1923-25=100
122.9
109 1
92.3
70 6
68 9
78.7
87 1
101 3
107 7
98.5
105 4
113 5
138 0
174.6
213.0
233 4
239 1
J>245 1
Nondurable
Minerals
AdAdAdjusted justed justed
Total
Residential
All
other
Nonagricultural
Factory
pay
rolls*
939=
Factory
100
Depart- WholeFreight ment
sale
Cost of
carload- store
comliving*
sales
ings*
(valmodity 1935-V)
935-39 ue)* 6 prices4 = 1 0 0
=100
1926
935—39 = 1 0 0
=100
AdAdAdAdAdUnad- Unad- Adjusted 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
190
230
235
203
*170
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
P192
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
*»165
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
J»134
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
153
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
143
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102
161
102.8
95 8
86 3
75.7
76.1
84.0
87 8
95 .1
101 A
94.6
100 0
105.8
119 4
131 1
138.8
137.0
132.0
134^4
Adjusted
Unadjusted
Unadjusted
103 7
104 2
70.7
88.2
101.0
93^8
97.0
98 9
96 8
96 9
103.1
89 8
75.8
64 4
71 3
83.1
88.7
96.4
105*8
90 0
100.0
107.5
132 1
154.0
177.7
172.4
151.8
142^0
103.9
124.2
80 2
86.0
109.1
101 7
107.2
110.5
108.5
109 7
117.1
94.7
71.8
49 5
53.1
68.3
78.6
91.2
108.8
84.7
100.0
114.5
167.5
245.2
334 4
345 7
293 4
266.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
135
132
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
186
207
264
138.6
154.4
97.6
96" 7
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
121' 1
123.8
143.3
127.7
119.7
121 ^9
122.2
125.4
126*4
124*0
122.6
122*5
119*4
108*7
97*6
92*4
95*7
98^1
99 1
102.7
100*8
99.4
100*2
105.2
116 5
123*6
125.5
128*4
139 3
233 2
234 0
232 5
235 5
237.5
239.0
230
232
230
232
232
232
232
235
234
234
232
230
347
348
342
344
341
343
165
168
168
169
173
173
139
142
143
143
143
137
38
41
39
42
46
51
14
13
13
13
13
14
57
63
61
65
73
81
136.7
136.5
136.0
135.5
135.4
135.9
171.3
170.7
160.3
168.1
167.2
168.0
171.9
172.0
170.1
168.5
167.7
168.3
339.6
343.1
341.9
343.8
341.0
346.7
142
142
139
137
141
137
186
187
190
193
201
199
104.1
103.9
104.0
104 1
104.4
104.7
126.1
126.4
126.5
126.5
126.6
127.0
234
236
235
230
225
220
210
186
167
162
168
163
230
232
232
229
225
220
211
188
171
164
167
161
345
346
345
336
323
308
292
239
194
186
191
185
175
176
176
174
173
173
165
157
156
154
158
156
140
141
142
140
138
144
143
140
134
124
138
133
48
59
72
70
58
50
54
61
69
83
94
108
14
13
15
18
20
22
23
24
26
36
44
56
75
96
118
112
89
73
79
91
104
121
134
150
136.2
136.6
136.4
135.8
134.8
134.2
132.9
131.8
125.8
125.4
126.5
127.0
168.8
160.3
168.3
166.0
163 6
160 3
155.0
150.4
130.1
120.5
130.1
130.6
168.2
168.7
167.7
165.2
162.5
160 0
155.6
151.7
130 8
129.9
130.5
130.9
347.0
347.5
345.7
338.5
324 9
321.8
306.6
273.6
228.7
227.7
227.7
231.4
144
139
145
141
141
140
139
128
127
118
133
127
198
208
216
181
190
July
August...
September
October
November
December
241 9
245 2
244.1
242.3
241 .9
244 6
243 4
236 0
229 0
231 4
235.7
234.1
222
219
104.0
105.2
105.3
105 7
106 0
106 1
105 0
105.7
105.2
105 0
106.8
107.1
127.1
126.9
126.8
127.1
128.1
129 0
129*4
129.3
128.9
128.9
129.3
129.9
1946
January..
February
March. . .
April
May
June
July
...
August.. .
September
October.
November
December
233.5
231.7
234.7
236.4
239 7
240 9
250 6
252 1
246.6
254.5
259 2
261.6
160
152
168
165
159
170
172
178
180
182
183
182
156
148
164
163
159
171
174
180
184
184
183
180
166
138
183
190
175
193
202
208
212
214
214
211
161
167
166
164
161
162
157
164
165
168
173
174
141
141
137
104
115
139
146
144
146
145
136
137
107
136
147
170
169
174
165
158
151
145
139
154
61
95
129
172
179
177
161
157
147
140
122
145
169
161
168
161
172
168
158
155
148
152
163
129.0
127.2
130.5
132.4
133 .5
134.5
134.9
136.6
137.7
138.1
139.0
139.3
133.2
124.4
132.6
130.4
140.7
142.2
143.0
146.3
148.6
140.1
151.5
152.4
132.6
123.9
132.1
138.5
139 6
141.9
143 6
147.7
149.5
149.6
152.0
152.8
234.1
214.3
238.3
254.8
253 5
262.8
267 1
284.4
200.3
202.8
208.2
306.2
133
126
130
109
106
133
13*
141
138
139
137
140
227
250
258
252
258
276
273
290
270
257
272
274
107.1
107 7
108 9
110 ?
Ill 0
112.0
124 7
120.1
124 0
134 1
130.7
140.9
120.9
120.6
130.2
131.1
131.7
133.3
141 2
144.1
145.9
148.6
152.2
153.3
1947
January..
February.
March. . .
April
263 6
263.6
264.5
P262.1
189
189
190
185
185
187
P184
221
222
225
P222
177
176
176
P172
146
146
148
P142
146
151
132
P!32
144
152
129
153.4 152.7 307.3
154.51 153.8 310.7
154.7! 154.0 313.0
P153.4 P152.5
150
142
146
136
265
?69
'275
274
141.5
144.6
14°. 6
147.7
153 3
153.2
156.3
156.1
1945
January..
February..
March....
April
May
June . . . .
P186
P124
139.2
130.6
134! 140.0
P139 P138.5
148
149
215
200
203
*1 Average per working day.
P Preliminary.
r Revised
Department of Commerce series on value of payments to individuals.
1
For indexes by group? or industries, see pp. 730-733 For points in total index, by major groups, see p. 749.
»4 Based on F W Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 727 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
6
For indexes by Federal Reserve districts and other department store data, «ee pp. 739-741.
Bark figures in BULLETIN.—For industrial production, August 1040. pp. 825-882, September 1941, pn. 033-037. and October 1043, pr>. 0S8-084;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
stores sales, June 1944, r pp. 549-561.
JUNE 1947
729
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1946
1947
Industry
Apr. May June July Aug. Sept. Oct. Nov. Dec Jan.
Feb. Mar. Apr,
Industrial Production—Total.
165
159
170
172
178
180
182
183
182
189
189
Manufactures—Total
176
167
176
177
184
186
188
191
190
196
197
198 P194
190
175
193
202
208
212
214
214
211
221
222
225 P222
159
109
154
180
184
185
184
178
159
192
191
196
195
142
175
148
363
86
126
98
319
144
167
142
343
178
190
169
343
186
196
170
381
184
196
172
366
183
195
171
369
174
193
163
404
152
174
145
381
193
206
177
191
207
174
446
194
213
179
'457
189
213
178
468
225
230
241
243
254
261
268
271
276
'277
281
245
239
238
241
242
240
237
235
235
229
233
237
161
162
167
176
182
188
185
187
181
190
P194
132
128
137
151
159
172
184
192
197
"204 '204
198 P197
108
105
110
140
150
161
168
175
181
184
188
192 P199
138
147
155
163
176
191
198
203
212
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
190 P186
1
Manufacturing Arsenals and Depots ,
Transportation Equipment
Automobiles2
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) x
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) 1
Lumber and Products .
Lumber...
Furniture.
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
,
Cement
Clay products
,
Gypsum and plaster products... .
Abrasive and asbestos products.
.
Other stone and clay products 1 ..,
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
P237
200
P197
129
133
129
135
137
136
142
141
142
147
147
P141
123
144
123
142
127
146
121
144
126
152
129
152
127
155
135
157
132
160
131
161
137
167
138
166
P162
190
175
190
192
197
204
200
202
210
219
219
218
P210
214
130
243
152
148
202
221
193
133
213
127
140
187
222
209
119
240
155
148
194
232
218
129
249
155
147
187
233
215
114
251
159
150
215
242
238
161
265
162
150
212
235
227
158
250
156
149
212
241
226
152
251
162
150
215
252
232
135
265
177
152
219
263
245
149
278
182
168
227
271
235
154
263
203
164
232
260
241
159
269
192
165
226
258
233
151
262
175
'164
'220
172
r
164
161
162
157
164
165
168
173
174
177
176
176
161
165
165
145
163
168
169
174
164
172
173
172 P165
149
144
249
153
149
251
154
152
245
133
127
239
152
149
240
156
153
242
157
155
248
163
164
256
152
141
254
160
161
263
161
161
'262
160
160
270
169
122
224
171
172
169
174
174
134
231
176
180
170
176
174
137
225
175
178
170
178
144
101
192
143
147
138
151
173
137
226
173
178
165
176
181
144
239
180
183
176
184
178
143
230
177
177
176
181
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
'178
-•174
222
169
158
184
172
182
210
161
145
183
171
131
127
128
103
120
119
117
121
115
116
"120
121
115
135
84
54
134
104
124
75
49
118
107
128
75
45
128
99
117
6(5
45
125
106
101
119
70
49
124
101
114
81
51
134
97
103
78
67
141
110
121
91
70
137
121
140
97
83
102
142
142
133
131
130
129
112
127
96
67
117
118
118
134
98
81
108
142
110
122
94
68
130
117
162
161
'156
153
145
150
147
139
136
146
156
127
120
65
173
163
100
J>120
62
*129
166
163
167
174
109
62
131
155
135
135
145
r
121
158
158
160
'151
154
268
117
P\\S
P156
P\S6
P137 P143 P146 P146 P147 P148 P149 P153 P154
73
74
77
79
79
82
85
79
82
81
168 169 168 164 172 172 178 185 198 207
178 173 163 142 143 148 147 152 164 173
r
1
P2 Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
730
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1947
Industry
Apr. M a y
June July
Aug. Sept. Oct. Nov. Dec, Jan.
Feb.
Mar. Apr,
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
130
157
101
72
132
120
151
90
68
94
85
97
65
60
126
165
190
145
132
121
138
141
139
134
110
38
24
41
81
93
115
116
107
140
131
163
179
150
160
116
151
151
162
138
105
163
172
164
133
108
159
165
167
121
104
149
143
169
122
101
150
153
159
121
105
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
164
165
132
169
156
158
136
159
151
162
123
153
153
175
109
154
151
155
107
158
150
143
110
159
154
167
123
156
160
160
135
164
168
170
147
172
165
157
138
171
158
137
142
167
161
150
145
166
'158
169
155
161
176
174
227
206
213
234
241
223
208
147
162*
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
202
158
333
426
183
188
623
408
157
179
695
372
160
151
619
314
189
154
131
503
276
148
158
168
158
160
109
192
72
112
208
69
110
228
67
98
216
66
94
221
153
150
156
157
159
146
163
106
108
244
141
144
172
89
144
155
135
85
147
162
96
109
248
139
145
175
90
142
156
136
84
146
159
98
109
236
139
144
168
86
155
152
134
87
150
166
99
109
252
145
147
179
83
153
148
137
87
151
171
100
109
260
150
148
181
83
155
142
137
89
154
174
99
113
266
151
151
180
88
160
151
139
89
147
178
87
158
144
132
93
128
132
130
138
138
140
142
141
117
119
118
120
122
125
124
124
vl80 P185
P!86
142
166
160
175
143
170
162
185
174
167
176
143
139
278
171
163
410
172
165
'416
172
165
424
166
162
322
243
249
253
-•252
252
P252
150
115
279
411
152
128
281
422
154
131
288
r
430
156
136
290
429
135
289
432
P137
P291
234
243
252
247
246
239
P235
146
145
136
137
146
146
148
P142
150
151
150
140
141
151
150
153
P143
153
159
128
154
149
15o
120
151
155
163
125
149
152
160
124
149
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
153
163
113
103
107
111
111
117
HI
117
122
P118
P135
147
148
153
157
169
153
158
166
P\S9
P189
117
96
356
409
109
60
352
387
123
61
343
367
128
65
377
426
123
56
426
427
197
71
384
461
179
68
241
460
154
163
153
140
155
157
173
109
205
69
110
219
71
108
200
76
99
181
72
110
202
79
112
205
76
127
226
79
131
216
81
146
142
146
136
147
150
152
141
155
96
112
235
131
139
166
85
144
143
126
86
138
150
92
100
223
133
136
160
84
141
143
128
83
142
161
99
107
250
137
139
164
85
143
142
132
83
131
147
96
101
229
122
129
155
72
127
138
124
84
142
156
98
110
238
132
140
169
85
134
151
135
83
144
162
101
111
249
136
142
172
85
138
152
133
87
126
124
129
124
129
108
108
116
121
123
P!66
P!63
133
172
135
161
138
168
132
167
140
170
146
175
144
166
135
172
149
164
152
162
146
165
153
155
145
160
159
163
148
161
147
150
148
167
154
162
113
116
18
73
75
16
137
133
276
160
155
336
165
159
369
166
161
352
167
160
406
152
148
272
235
231
233
235
237
235
238
150
121
260
392
143
121
261
383
146
122
256
389
150
120
255
396
153
117
262
395
149
114
267
395
148
111
271
402
219
215
218
211
221
234
Minerals—Total.
104
115
139
146
144
Fuels
108
124
149
153
32
10
121
73
60
125
142
156
86
146
149
153
76
63
78
194
64
191
463
Industrial Alcohol from Beverage Plants*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 refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 .
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1 .
Other chemical products 1
Rubber
Products...
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
111
89
•>178 vl82
P181
P!79
"177
P!78
P156
P148
150
P127
PlOl
P154
114
r
P Preliminary.
Revised. _
* Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
JUNE 1947
731
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1947
Industry
Apr. M a y June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr,
Industrial
Production—Total..
Manufactures—Total
Durable Manufactures.. . .
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
163
159
171
174
180
184
184
183
180
185
185
174
167
176
178
186
191
191
192
188
192
193
194 vl92
190
175
194
203
210
214
215
214
209
218
219
223 P221
159
109
154
180
184
185
184
178
159
192
191
196
195
178
186
175
148
363
126
98
319
144
167
142
343
183
195
171
174
193
163
404
152
174
145
381
193
206
177
r
414
191
207
174
446
194
213
179
343
196
170
381
184
196
172
366
189
213
178
468
225
230
241
243
254
261
268 271
276
'277 •277
281 P276
245
239
238 241
240
235 235
229 233
237 P237
161
162
176
188
187
190
196 P194
128
150
172
192
197
•204
198
197
105
139
161
176
182
188
192
'199
198
203
211
204
196
187 P184
-•457
Manufacturing Arsenals and Depots l .
Transportation Equipment
Automobiles2
(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)'
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products....
Abrasive and asbestos products. .
Other stone and clay products*. .
Nondurable Manufacture.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption *.. .
Wool textiles
Carpet wool 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
141
138
147
155
163
176
129
131
141
137
144
147
142
139
129
126 135
140
122
144
126
142
138
146
133
144
140
152
144
152
136
155
131
157
114
160
118
167
126
166
'129
•162
187
180
191
193
204
212
209
207
203
208 205
214
130
243
145
144
198
221
204
133
228
134
140
190
222
207
119
237
166
147
198
232
211
129
239
171
147
187
233
223
114
261
179
154
215
242
242
161
270
188
155
216
235
232
158
258
181
158
218
241
228
152
254
175
155
219
252
218
135
247
161
158
224
263
241
149
209
'207
•241
159
-269
157
158
218
258
233
151
262
166
159
216
'251
169
161
160
162
159
166
172
172
174
172
172
171
171
165
165
145
163
168
169
174
164
172
173
172
149
144
249
153
149
251
154
152
245
133
127
239
152
149
240
156
153
242
157
155
248
163
164
256
152
141
254
160
161
-263
161
161
-262
160
160
270
169
122
224
171
172
169
174
174
134
231
176
180
170
176
174
137
225
175
178
170
178
144
101
192
143
147
138
151
173
137
226
173
178
165
176
181
144
239
180
183
176
184
178
143
230
177
177
176
181
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
M78
'174
222
169
158
184
178
172
182
210
161
145
183
171
131
127
127
101
119
118
117
123
114
116
123
121
114
135
81
56
131
105
124
72
48
127
142
104
123
77
46
127
94
110
66
45
116
106
100
115
73
47
127
133
99
111
80
51
131
98
104
80
67
141
114
126
94
68
145
110
122
92
68
124
113
130
95
67
109
126
145
102
84
119
121
131
130
129
117
118
121
140
95
83
99
121
115
161
164
141
141
142
125
130
107
71
151
137
127
77
178
161
161
84
216
196
142
139
Ice Cream
156
218
271
229
154
255
154
156
221
260
161
Manufactured Food Products.
Wheat flour
Cane sugar meltings *
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
•204
116
134
66
180
184
142
137
137
96
160
80
222
227
104
189
86
237
240
197
89
20 V
207
175
81
189
179
164
158
158
157
149
147
151
76
171
150
143
120
68
148
115
146
P96
59
129
103
153
162
P95
68
132
119
62
124
114
151
154
268
150
r
P Preliminary.
Revised.
* Series included in total and group indexes but not available for publication separately.
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
2
732
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1947
Industry
Apr. M a y June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
120
143
95
71
128
120
151
90
70
96
84
97
63
60
117
154
167
147
132
116
122
108
141
132
107
37
19
44
89
100
117
109
117
160
136
181
210
156
172
116
175
199
162
130
103
191
225
168
124
115
152
162
153
106
105
138
133
154
115
99
139
139
149
118
102
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
145
101
110
162
140
103
104
156
141
125
91
154
162
228
89
157
173
255
115
161
188
315
142
163
173
216
161
164
166
147
159
172
164
132
149
175
150
102
142
164
144
86
144
158
143
83
135
159
140
156
164
157
174
187
174
237
221
196
210
206
195
187
182
123
96
214
409
124
60
211
387
154
61
213
367
160
65
219
426
141
56
230
427
199
71
526
461
166
68
624
460
149
64
401
463
161
158
366
426
150
188
405
408
142
179
417
372
149
151
403
314
162
131
302
276
147
164
159
145
161
166
179
172
138
157
160
149
151
109
190
69
110
219
71
108
210
77
99
190
72
110
212
77
112
219
81
127
235
85
131
221
83
109
177
63
112
208
68
110
215
65
98
201
66
94
205
146
142
147
136
147
150
152
153
150
156
157
159
4 Icoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Industrial Alcohol from Beverage Plants
l
Tobacco Products
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard) .
Printing and Publishing. .
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products.
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products l
Coke
By-product coke
Beehive coke
68
'156
141
156
106
112
235
131
139
166
85
144
144
126
88
138
151
100
100
223
133
136
160
84
141
143
128
83
142
162
100
107
250
137
139
164
85
143
145
132
84
131
146
86
101
229
122
128
155
72
127
133
124
82
142
154
86
110
238
132
140
169
85
134
151
135
82
144
160
90
111
249
136
142
172
85
138
152
133
87
146
162
98
108
244
141
144
172
89
144
156
135
85
147
162
101
109
248
139
145
175
90
142
156
136
85
146
159
99
109
236
139
144
168
86
155
147
134
85
150
167
103
109
252
145
147
179
83
153
147
137
87
151
171
104
109
260
150
148
181
83
155
147
137
89
154
175
106
113
266
151
151
180
88
160
151
139
89
129
126
129
115
123
128
135
135
141
133
138
145
114
112
115
104
111
119
125
129
126
114
122
P166 P163
l 74 P178
P!82
P181
P177
P178
P180 P185
'151
147
178
87
158
146
132
95
144
131
P186
133
172
141
165
138
168
137
169
140
170
146
164
144
166
133
160
149
164
151
155
146
165
153
154
145
160
159
163
148
161
147
155
148
167
152
167
142
166
155
179
143
170
160
194
142
174
165
180
P148
113
116
18
73
75
16
137
133
276
160
155
336
165
159
369
166
161
352
167
160
406
152
148
272
143
139
278
171
163
410
172
165
172
165
166
162
322
237
231
231
232
233
235
240
244
250
252
151
119
260
392
147
117
261
383
150
119
256
389
149
119
255
396
151
119
262
395
148
119
267
395
148
116
271
402
149
116
279
411
152
128
281
422
Rubber Products...
219
215
218
211
221
234
234
243
Minerals—Total.
99
115
141
150
147
149
147
135
108
124
149
153
150 151
150
32
10
121
146
73
60
125
149
142
156
86
153
153
159
128
154
156
120
151
155
163
125
149
152
160
124
149
46
62
95
126
132
136
126
116
143
233
188
295
189
282
282
180
252
Chemical Products. . .
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition*
Other chemical products 1 . . .
Fuels.
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
61
58
r
253
254 "254
151
128
288
r
430
154
134
290
429
157
135
289
252
247
246
239
P235
132
141
141
143
P139
140
141
151
150
153
P143
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
P121
P127
P101
*>154
105
76
'84
P83 Pill
92
58
104
73
144
174
P157
*>134
P291
P435
P\S\
72
173
r
p Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
1
JUNE 1947
733
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
1946
Industry group or industry
Mar.
Apr.
Factory pay rolls
1947
Dec.
Jan.
Feb.
Mar.
1946
Apr.
Feb.
Mar.
Apr.
1947
Dec.
Jan.
Feb.
Mar.
132.1 138.5 152.8 152.7 153.8 154.0 152.5 214.3 238.3 254.8 306.2 307.3 3/0.7 313.9
141.7 155.9 177.0 178.0 180.1 181.0 180.2 204.2 244.8 275.7 337.3 340.0 344.7 350.3
124.4 124.8 133.6 132.8 133.0 132.8 130.6 224.1 232.1 234.4 275.8 275.3 277.5 278.4
Total
Durable g o o d s . . . .
Nondurable goods.
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
#
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work.. ..'
132.4
117
129
105
112
103
140.7
120
166
117
122
108
153.4
120
171
131
139
132
156.5
124
168
131
140
136
157.5
124
165
130
143
138
158.1 157.8
124
164
129
144
139
132.6
48
149
149
196
159
225.1
189
213
178
209
182
242.1
193
293
206
230
195
276.2
194
315
245
286
265
287.9
209
303
243
289
278
287.9
209
293
239
298
274
294.2
213
305
243
301
282
121
119
145
128
168
152
174
153
173
155
174
155
204
192
218
219
263
242
313
321
331
318
332
318
337
325
161
162
163
166
134
211
Electrical Machinery
Electrical equipment
Radios and phonographs
146.6 177.9 230.6 230.8 232.0 231.3 216.7
175
175
103
130
176
174
212
157
213
165
215
213
214.2 232.
139
155
272
286
296.6 430.2
209
317
300
448
425.6
317
423
422.9
315
416
431 2
324
420
Machinery except Electrical
,
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors . . .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
172.3 186.1 219.6 222.0 223.5 225.1 225.3
264.0 287.3 312.9 399.9
406.6
409.6
416.6
155
135
129
109
156
182
202
125
170
185
130
109
162
183
213
142
188
245
174
161
165
205
243
186
189
244
175
166
163
204
243
194
190
244
176
168
161
199
245
191
191
244
175
169
158
195
247
201
239
231
105
166
258
279
350
168
258
231
199
170
257
291
359
200
290
312
178
175
261
288
378
232
347
501
271
291
291
351
468
306
350
492
273
295
283
343
467
346
352
493
274
308
279
333
485
325
355
494
279
313
276
327
490
359
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
299.9
294
252
316
317.6
304
293
307
298.2
365
326
206
298.4
363
331
206
298.3
358
322
204
297.2 302.5
355
315
203
509.4
521
369
530
525.5
524
384
549
578.7
553
458
555
571.2
683
534
399
562.6
669
535
396
557.5
668
507
377
555.2
659
480
384
Automobiles
115.3 160.5 192.3 187.7 196.6 198.2 198.7
147.6 173.0 250.7 328.9
321.1
337.3
347.7
Nonferrous Metals and Products
,
Primary smelting and refining. . . .
Alloying and rolling, except aluminum
Aluminum manufactures
141.4 153.8 185.8 186.9 188.9 188.0 185.1
105
150
146
101
145
150
226.9 252.1 276.2 356.3
204
173
271
182
354.8
113
133
178
188
118.6 123.8
75
72
93
91
192
182
205.6
123
161
360.2
285
301
383
219.1 231.7 290.6
140
164
132
170
215
165
301
382
292.4
163
216
361.0
282
308
375
311.4
176
220
313.3
175
222
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
129
,
162
218
162
217
164
216
162
215
140.8 140.9 142.3 145.4
81
80
79
80
106
106
106
105
293
233
321
200
299
302
385
294
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
114.6 116.3 129.6 131.8 134.6 134.3 131.5
97
110
109
98
106
111
208.9 217.9 223.9 279.1
177
190
223
184
283.1
235
292.4
243
128.3
146
99
96
132
210.0
237
142
158
210
223.1
247
155
169
217
230.3
250
172
181
219
281.6
283
209
225
274
280.0
283
198
227
270
278.4
271
201
227
279
292.3
242
285.7
284
203
232
287
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
102.2 102.8
112
112
75
75
106
107
70
71
94
95
108.6 108.6 109.1 108.6 106.
119
119
118
119
80
80
80
80
110
109
106
109
75
76
75
76
99
99
97
99
202.5
230
158
227
125
178
211.4
242
164
234
129
181
214.^
246
167
239
131
179
253.7
301
198
253
158
210
254.3
304
201
252
156
215
262.0
309
207
275
158
217
265.0
322
209
262
158
218
Apparel and Other Finished Textiles.. . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
126.4
'108
r
83
r
140
'107
136.6 138.0
'124
r97
'95
r
145 r l47
259.1 259.0 292.7
'212 '219 '278
'171 '230
-•170
'299 '297 '296
-"207 '173 '140
300.6
'277
'226
'322
'170
314.1 r 311.5
'281
281
'234
'234
'345
'3i0
'202
'197
Leather and Leather Products.
Leather
Boots and shoes
103.1 103.3
93
93
89
122.
Food and Kindred Products
Slaughtering and meat packing. . . . 122
122
Flour
110
Baking
106
Confectionery
143
Malt liquors
63
Canning and preserving
Tobacco Manufactures. .
Cigarettes
Cigars
.^.
131.1
147
105
99
134
126.7
110
r
83
141
'101
r
121.6
115
118
107
104
140
68
144.4
149
122
110
149
144.9
149
122
111
150
144.5
146
121
111
152
141.7
'125
'100
'154
'102
145.3
148
121
112
152
141.9 137.1 r236.1
195
'125
r
164
'100
'263
'155
'•183
'103
104.4 104.4 104.9 104.5 102.7
92
92
91
92
90
90
89
90
133.3
125
124
110
118
149
86
128.4
128
123
108
114
146
70
124.2
124
124
106
114
145
61
123.5 123.1
119
124
106
113
146
57
87.9 90.8 98.3 96.1 95.4 92.2
117
120
126
124
122
120
73
83
76
79
84
82
83.8
195.9 203.6 205.3 218.3
165
165
164
175
174
185
183
195
214.7
199
242
181
183
238
137
209.7
191
214
183
186
200
132
208.5
181
203
179
193
195
149
263.3
237
268
209
241
252
201
165.2 171.3 174.6 222.0
194
202
205
255
162
149
156
207
220. c 223.0
186
179
199
198
222.4
185
198
256.4
268
268
201
226
236
158
243.0
238
262
195
230
234
138
239.3
217
267
193
228
240
131
209.4
242
195
201.0
234
186
193.1
227
176
r
Revised.
NOTE.—Indexes for totals, major groups, and industries in the Apparel and Other Finished Textiles group have been adjusted
to final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries
not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month
and cover production workers only. Figures for April 1947 are preliminary.
734
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY INDUSTRIES—Continued
{Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory pay rolls
Factory employment
1947
1946
Industry group or industry
Dec
Apr.
Mar
Jan
Feb.
1946
Mar
Apr.
1947
Feb.
Mar.
Apr
Jan.
Feb.
Mar
290. 8
253
Dec
134 4 136.0
118
119
123
17.3
145 7 145 6 145.9
125
125
126
145. 9 144.4
126
228.0
204
235.4
208
238 6 284 5 285.1
210
245
247
288.1
251
126
121
122
127
134
205
204
212
213
212
216
249
262
247
257
Printing and Publishing
Newspaper periodicals
Book and job
117 7
107
122
118.5
137.
•
127 9 127 2 128.1
126
131
128. 2 128.4
177.4
183.8
114
132
117
130
149
194
154
200
223 9 219.6
190
185
235
7,39
227. 7
115
132
185 6
158
200
221.8
108
122
191
234
197
239
Chemicals and Allied Products
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n e e
....
Explosives and safety fuses
Ammunition small arms
Cottonseed oil
Fertilizers
187
187 1 192 * 195 6 197.1
197
187
196
198
121
1??
122
122
310.7
297
197
317.0
301
200
318 8
317 0
186
124
302
201
351
216
362.9
353
220
372.6
363
236
377. ?
363
7,36
166
200
194
92
168
170
199
181
78
155
273
325
384
215
336
276
310
377
198
387
283
307
342
168
363
313
321
320
332
295
328
324
308
334
281
361
327
315
333
254
385
Products of Petroleum and Coal
Petroleum refining
... .
Coke and by-products
140 4 141 9 146 1 145 4 146 0 145. 0 145.9
136
133
134
135
135
135
115
118
120
119
115
113
227.1
111
162
237.2
218
210
238
256.8
229
231
264. 0
239
229
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
178 7 179 1 200 1 198 ? 198 2 196 1 193 0 287 7 298 2 319 7 392
272
369
281
313
192
204
206
201
199
193
242
241
234
309
132
130
149
148
146
148
Miscellaneous
Industries
Instruments, scientific
Photographic apparatus
161 9 165.1
205
203
136
136
Paper and
Paper
Paper
Paper
Allied Products
and pulp
goods, n.e.c
boxes .
177
177
156
124
123
127
131
116
131
179
18S
156
114
137
195.6
197.
198
17.1
179
191
156
99
153
179
188
155
108
149
183 2 179 3 180.9
184
182
182
147
146
147
182. 1 179.6
181
147
280.6
322
205
295.7
346
215
246
258
7.99
327
327
30 S
Q
221
193
250 0 253.9
230
197
228
223
•?
250
261
386 3 385 0 374 ?
361
358
344
303
303
299
304 2 363 3 356.7
330
342
335
220
253
254
360.0
326
250
367 6
328
272
For footnotes see p. 734.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1947
1946
Group
Total
Durable . . . .
Nondurable
Preliminary.
Mar.
Apr.
May
June
July
Au g.
Sept
Oct.
Nov
Dec
Jan
Feb.
Mar.
132.6
142.2
125.1
139.4
156.2
126.1
140 7
159 2
126 2
142.2
162.3
126.3
143.0
165.2
125.6
146 .3
169 .7
127 .8
148. 6
172. 7
129. 6
149.1
173.8
129.7
151. 5
176. 4
131. 8
152. 4
177. 1
133. 0
153 4
178 7
133 4
154.5
180.8
133.7
154.7 P153.4
181.6 P180.6
133.4 P132.0
Apr.
N O T E . — B a c k figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS A N D EARNINGS OF PRODUCTION WORKERS I N M A N U F A C T U R I N G INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry group
1947
Mar.
Nov.
Dec.
Jan.
Feb.
Mar.
100.2
103.5
113.9
114.8
116.1
117.0
118.0
106.4
110.3
121.0
121.6
122.4
122.9
123.6
40.4
40.5
41.5
39.8
39.8
41.0
41.1
41.7
40.4
108.4
102.9
114.7
123.4
124.8
109.1
83.6
87.1
96.7
116.9
103.6
117.2
126.4
126.4
111.3
84.8
88.8
98.5
124.7
119.1
127.3
136.4
139.4
120.4
93.1
99.9
111.4
124.8
119.5
127.7
136.2
139.5
121.0
93.1
100.7
111.9
126.1
119.9
128.3
135.6
139.0
121.7
96.2
101.5
112.5
125.8
120.3
129.0
136.5
139.9
122.2
97.8
102.2
113.2
126.9
121.3
129.7
135.8
139.5
122.7
98.7
103.0
114.4
40.4
40.2
95.3
97.5
106.5
107.7
109.4
110.7
111.9
40.4
37.0
39.5
42.6
37.8
43.
40.1
41.4
40.1
40.6
41.0
40.0
36.8
39.5
42.3
37.5
43.2
40.3
41.3
40.
39.8
41.0
83.3
92.2
90.7
92.4
83.2
93.7
122.1
102.1
128.6
112.9
98.5
85.8
96.1
91.7
94.3
83.0
95.7
123.5
103.3
130.7
113.
99.9
95.5
99.8
100.4
104.6
92.4
106.4
134.3
111.2
135.1
132.2
109.8
95.9
100.6
101.
105.8
94.7
107.1
137.4
113.3
136.2
133.1
110.3
97.0
103.7
102.3
108.4
93.8
108.8
138.1
114.3
137.2
133.0
112.0
99.7
104.9
102.1
108.7
93.7
109.9
141.5
116.5
138.2
133.1
112.3
102.4
104.6
102.1
108.7
93.9
111.0
144.5
117.7
140.8
133.1
113.9
Feb.
Mar. Nov. Dec.
All manufacturing
40.5
40.7
40.2
40.9
40.6
40.4
40.4
Durable goods
40.0
40.6
40.2
40.8
40.5
40.5
40.7
39.1
40.3
41.4
39.0
34.5
43.2
40.1
42.3
41.1
40.0
40.3
41.7
40.0
37.0
42.2
41.1
42.5
41.6
40.0
40.6
40.9
38.4
38.6
40.9
40.6
41.7
40.3
39.8
41.1
41.4
40.6
39.
41.
41.
42.2
41.0
40.2
40.5
41.4
40.2
38.9
41.0
40.6
41.8
40.5
40.0
40.0
41.2
39.6
38.8
41.0
42.1
41.9
40.2
,
40.9
40.9
40.3
41.1
40.,
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
40.5
36.5
40.4
44.
38.
43.9
40.8
41.7
41.6
40.8
41.8
40.4
37.5
40.8
42.9
39.
43.
41.
41.
40.
40.
42.1
40
36.6
37.1
42.9
39.
43.3
41.0
41.3
40.3
40.0
41.1
40.9
37.0
39.
44.4
40.2
43.7
41.5
41
40. C
41.
41.
40.5
36.9
39.3
43.6
39.2
43.2
41.0
41.5
40.2
40.6
41.1
Iron and Steel Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos.
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products,
Stone, Clay, and Glass Products
Nondurable goods
Jan. Feb. Mar. Feb.
NOTE.—Preliminary April 1947 figures for average weekly hours and hourly earnings are: All Manufacturing, 40.0 and 118.6; Durable,
40.5 and 124.3; Nondurable, 39.4 and 112.2, respectively. Back figures are available from the Bureau of Labor Statistics.
JUNE 1947
735
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands
Year and month
1939
1940
1941
1942
1943
1944
1945
1946
DI
persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government*
836
1.150
1,294
1,790
2,170
1,567
1,094
1,082
1,493,
2 912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
4 610
4 781
5,016
5,148
5 187
5 169
5 274
5,954
3 987
4 192
4 622
5,431
6 049
6 026
5 967
5,595
17,288
17,493
17,608
17,608
17,569
17,696
17,812
17,687
908
915
915
912
915
910
901
907
1,677
1,575
1,491
1,424
1,369
1,279
1,247
1,233
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,306
7,326
7,335
7,315
7,314
7,325
7,355
7,316
5,203
5 206
5,172
5,183
5,211
5,185
5,186
5,201
6,162
6 183
6,136
6,079
5,981
5,991
5,973
5,941
42,008
41,999
41,896
41,652
41,571
41,545
41,391
41,327
41,181
41,036
41,014
41,171
17,643
17,637
17,503
17,314
17,219
17,140
17,037
16,952
16,809
16,714
16,661
16,712
900
901
896
1,224
1,174
L ,129
1,097
1,098
1,092
1,088
1,081
1,061
1,040
1,036
1,031
3,720
3,741
3,775
3,799
3,809
3,815
3,803
3,810
3,827
3,820
3,819
3,835
7,309
7,347
7,412
7,370
7,361
7,374
7,391
7,406
7,422
7,441
7,462
7,486
5,197
5,194
5 182
5 170
5,179
5 193
5 147
5,157
5,178
5 146
5,145
5,151
6,015
6,005
5 999
6 010
6 015
6 036
6 040
6.035
6,006
6 010
6,032
6,104
41,260
41,377
41,325
41,131
40,832
40,652
40,261
39,917
38.108
37,990
38,321
38,474
16,808
16,856
16,783
16,607
16,405
16,087
15,641
15,217
13,341
13,267
13,334
13,297
848
845
844
1,044
1,049
1,048
1,051
1,049
1,060
1,072
1,093
L,093
1,109
1,148
1,166
3,838
3,849
3,858
3,862
3,858
3,867
3,869
3,864
3,876
3,861
3,912
3,952
7,487
7,536
7,558
7,577
7,545
7,551
7,587
7,635
7,733
7,793
7,882
7,936
5,159
5,158
5 137
5,136
5 140
5 169
5,197
5,238
5,270
5,437
5,534
5,631
6,076
6,084
6 097
6 092
6 066
6 075
6 063
6,038
5,962
5 761
5,668
5,637
39,057
38,523
39,525"
40,105
40,443
40,751
40.856
41,361
41,698
41,823
42,108
42,176
13,547
12,797
13,482
14,124
14,274
14,400
14,475
14,745
14,953
15,019
15,233
15,310
864
864
857
542
1,192
,210
,280
,384
L.424
L,473
1,535
1,601
L,648
1,670
1,679
L,731
3,992
3,983
4,003
4,011
3,946
3,956
3,991
4,042
4.064
4,093
4,101
4,091
8,096
8,213
8,364
8,371
8,386
8,426
8,464
8,573
8,609
8,581
8,639
8,630
5,696
5,776
5,840
5,984
5,965
5,961
5,975
5,984
5,990
6,054
6,098
6,119
5,670
5,680
5,699
5 689
5 695
5 671
5 543
5 530
5 550
5 523
5 475
5,421
42,166
42,286
42,396
41,958
15,426
15,537
15,566
15,457
883
1,678
1,651
1,654
1,695
4,075
4,053
4,042
3,741
8,595
8,637
8,694
8,637
6,071
6,107
6,120
6,122
5 438
5 421
5 442
5,453
38,745
38,148
39,184
39 908
40,258
40,680
40,877
41,466
41,848
42,065
42,439
42,928
13,499
12,751
13,433
14,045
14,159
14,371
14,526
14,876
15,035
15,064
15,271
15,348
L.085
,101
1,203
1,356
L.438
1,532
1,627
,713
1,747
1,753
1,713
1,644
3,932
3,943
3,983
3,991
3,946
3,996
4,051
4,103
4,064
4,093
4,101
4,071
8,056
8,090
8,197
8,329
8,302
8,342
8,337
8,402
8,523
8,667
8,898
9,234
5,696
5,776
5,840
5,984
5,965
5,961
5,975
5,984
5,990
6,054
6,098
6,119
5,613
5 623
5,671
5 661
5 695
5 614
5,488
5 502
5 605
5 551
5,475
5,638
41,803
41,858
42 066
41,721
15,372
15,483
15,512
15.386
1,527
.502
1.555
L.661
4,014
4,012
4,022
3,722
8,552
8,507
8,564
8,551
6,071
6,107
6,120
6,122
5,384
5,367
5 415
5,426
Total
Manufacturing
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
845
916
947
983
917
883
826
42,141
42,318
42,291
42,160
41,992
42,057
42,157
41,972
Mining
Contract
construction
SEASONALLY ADJUSTED
1943
Mav
June
J u ly
August
Spntember
October
November
December
1944.
Tanuarv
February
May
June
July
September
October
December
194s!
Tanuarv
February
^May
June
July
C/i-rvf ornber
October
November
December
1Q46
..
.
Tanuarv
February
April
May
July
August
Seotember
October
November
December
1947
Tanuary
February
. . . .
.
April
892
890
895
885
886
878
865
859
852
806
769
843
832
832
833
762
843
855
753
864
873
886
884
883
883
874
880
878
853
.
UNADJUSTED
1946
Tanuarv
February
March
April
May
July
August
September
October
November
December
1947—Tanuarv
February
March
April
864
864
857
542
753
864
873
886
884
883
883
874
883
880
878
853
* Includes Federal Force Account Construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. These estimates have been adjusted to levels indicated by final 1945
data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and
salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. April 1947 figures are preliminary. Back unadjusted data are
available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
ng January 1939 may be obtained from the Division of Research and Statistics.
736
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
1946
1947
1946
1947
1946
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619.9
573.2
503.7
457.3
571.6
442.2
596.8
602.3
89.7
102.1
275.2
370.6
463.6
332.2
281.2
284.0
293.8
235.1
221.1
193.4
257.4
208.4
282.9
256.7
104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
73.6
69.9
January
February
March
April
May
June
July
August
September
October
November
December
7,489.7
Year
3,142.1
1947
Total
141
147
329
396
243
227
258
264
278
317
370
331
January
February...
March
April
May
June
July
August
September. .
October
November. .
December...
Year
358
387
698
735
952
808
718
680
620
573
504
457
3,299 7,490
75
74
221
309
148
82
108
67
43
61
61
62
47
56
146
127
197
215
202
205
187
134
130
109
. . . 1,311 1,754
Other
Educational
1947
1946
38.3
46.4
52.6
66.3
773.2
1946
19.7
13.5
21.4
22.7
18.1
17.1
11.4
18.0
23.5
23.5
35 7
7.8
18.8
12.6
15.1
19 7
1947
25.8
28.3
40.9
37.9
38 3
35.2
45.8
37 7
27.1
31.5
36 0
19.8
55.9
9.4
35.8
29.6
1947
50.2
64.7
143.6
128.1
197.9
202.5
153.1
184 4
156.4
112.8
121 8
115.9
113.9
90.5
122.0
161.4
1,631.3
404.4
221.4
1946
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]
Private ownership
1947
1945 1946 1947 1945 1946 1947
572
442
597
1947
69.0
77.5
112.7
75.1
88.7
55.2
72.8
56.6
50.0
41.0
36.1
38.6
1,317.3
Public ownership
1945 1946 1947
1946
86.5
73.9
82.1
65.6
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
Public works
and public
utilities
167
66
96
73
143 107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
593
516
475
433
439
373
348
405
346
453
. . . 1,988 5,735
1946
Federal Reserve district
April
March
April
56,689
76,340
40,187
55,046
85,377
62,261
92,346
35,683
23,393
31,200
43,816
36,796
89,896
40,585
66,446
73,793
51,570
104,362
23,365
14,218
36,825
58,899
43,368
127,907
48,522
68,374
105,115
66,630
109,843
42,652
27,176
26,903
68,421
602,338
596,755
734,911
Boston
New York.. .
Philadelphia.
Cleveland.
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
Total (11 districts).
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Mortgages on
Title I Loans
1935
1936
1937
1938
. .
1939
1940
1941
1942
1943
1944
. . .
1945
1946
1946—April
May
June . .
July
August
September..
October
November..
December. .
1947—January. . . .
February.. .
March
April
Total
Property
improvement
Small
home
construction
«Varand
l-to4- Rental
and Veterans'
family group
houses housing housing
(Title (Title (Title
ID
320
224
94
557
495
694
954
1 026
1,186
1,137
246
60
160
208
251
13
25
26
309
424
473
669
736
942
262
141
96
21
15
1
877
691
243
886
684
798
58
80
83
80
55
63
85
67
77
89
79
86
117
125
189
363
21
39
40
42
25
32
47
35
40
44
39
40
51
(2)
(2)
B333- *
Year or month
(22)
()
(2)
(2)
216
219
347
28
31
37
33
26
26
33
26
28
30
27
28
33
VI)i
ID
End of month
Total
2
2
11
48
51
13
13
6
(2)
7
4
3
1
1
i'
()
2
13
284
601
537
272
85
g
10
6
5
4
4
6
7
9
16
13
18
33
1
Mortgages insured under War Housing Title VI through April
1946; figures thereafter represent mainly mortgages insured under
the Veterans' Housing Title VI (approved May 22, 1946) but include
a few refinanced mortgages originally written under the War Housing
Title VI.
2 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 1947
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
SavCom- Muings
tual
merand
savcial
loan
ings associbanks banks
ations
Insur- Federal
ance
com- agen- Other*
panies cies1
1936—Dec
1937—Dec
1938—Dec
1939—Dec
365
771
1,199
1,793
228
430
634
902
8
27
38
71
56
110
149
192
41
118
212
342
5
32
77
153
27
53
90
133
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
940
272
276 1,032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
3,102
1,488
260
247
11
122
974
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
J
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.
737
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2
Merchandise exports 1
Excess of exports
Month
1943
1944
1945
750
728
992
1,124
1,107
1,197
903
887
1,030
1947
1943
799
670 P 1 , 1 5 3
815 P1,327
230
234
249
301
314
358
1946
1946
1947
1943
1944
1945
1946
334
325
365
394
318
385
P533
P435
P444
520
494
743
823
793
839
569
561
665
405
352
431
1945
1944
January..
February
March ..
April ..
May
June
July
August
September
989
1,092
1,003
1 231
1,455
1,296
1 005
1,135
870
P757
P851
P878
258
282
296
361
386
332
366
372
360
P407
P397
*386
732
810
707
870
1,069
965
639
763
511
P350
P453
P492
1,265
1,280
1,269
1,197
1,191
1,194
893
737
514
P826
P883
P643
302
318
289
294
304
282
356
360
335
P434
P425
P378
963
962
981
903
887
912
537
378
180
P392
P458
P265
October ..
November
December
1 237
1,072
1 286
1 144
1,185
938
P537
455
P988
639
736 PI 097
329
312
282
329
323
336
344
322
297
P394
P482
908
760
"1 004
815
862
602
111
317
439
P143
P506
Jan.-Mar
2,470
3,428
713
973
1,024
1,096
1,757
2,455
1,795
1,188
2,820
2,284 P3.596
P536
pi,412
1947
P583
P718
P883
P561
P2,184
P Preliminary.
Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
2
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
[In millions of dollars]
Mis- MerForcel- chanLive- est
Total Coal Coke Grain stock prod- Ore lane- dise
ucts
l.c.1.
Total
Total
railway
railway
operating expenses
revenues
Net
railway
operating
income
Net
income
Annual
1939
1940
1941
1942
1943
1944
1945
1946
101
109
130
138
137
140
135
132
98
111
123
135
138
143
134
130
102
137
168
181
186
185
172
146
107
101
112
120
146
139
151
138
96
96
91
104
117
124
125
129
100
114
139
155
141
143
129
143
110
147
183
206
192
180
169
136
101
110
136
146
145
147
142
138
97
96
100
69
63
67
69
79
SEASONALLY
ADJUSTED
1946—February....
March
April
May
June
July
August
September. . .
October
November.. .
December. . .
126
139
109
106
133
139
141
138
139
137
140
152
155
26
68
146
145
152
160
155
117
132
107
165
P94
62
140
177
184
183
183
166
155
150
141
112
126
126
139
131
125
142
147
162
158
141
143
114
118
166
118
91
128
136
122
126
134
143
125
149
153
157
154
146
151
156
94
121
66
66
137
164
162
164
157
157
145
121
143
143
123
135
141
145
139
139
148
148
78
78
81
74
81
78
77
75
79
83
81
1947—January
February....
March
April
150
142
146
136
163
149
147
119
175
171
180
173
157
147
159
151
123
111
121
111
163
166
159
148
176
172
171
171
152
145
151
147
77
76
78
79
1946—February
March
April
May
June
July
August
September...
October
November.. .
December. . .
119
132
107
107
137
143
145
149
149
141
131
152
155
26
68
146
145
152
160
155
117
132
114
166
93
61
138
172
177
181
180
166
163
147
130
99
111
128
166
142
140
142
144
152
126
111
127
103
96
135
113
120
197
171
118
121
134
143
130
155
153
165
166
154
148
139
24
35
50
103
213
263
243
245
216
169
45
113
136
141
125
139
142
146
150
151
154
139
75
79
82
74
81
78
77
79
82
84
78
1947—January
February
March
April
138
133
137
134
163
149
147
119
184
182
182
169
157
144
146
133
118
89
96
98
147
159
159
148
44
43
50
157
139
136
144
145
74
74
79
80
UNADJUSTED
•" Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
738
Annual
1939
1940
1941
1942
1943
1944
1945
1946
3,406
3,614
4,348
5,982
7,693
8,343
8,049
P7,008
589
682
998
1,485
1,362
1,093
849
P619
93
189
500
902
874
668
447
P289
655
635
651
566
515
639
651
664
673
663
663
658
567
555
667
562
524
586
603
613
605
606
601
523
88
80
-16
4
-9
53
48
51
68
57
62
135
51
51
-45
—28
—41
20
16
18
37
25
29
98
698
'•696
723
624
631
642
74
65
81
42
33
1946—January...
February..
March.. . .
April
May
June
July
August. . .
September.
October...
November.
December.
641
579
646
567
533
612
674
710
660
710
658
637
574
529
••652
557
537
574
611
629
593
625
594
534
67
51
r-6
10
-5
38
63
82
67
85
64
103
30
'22
-49
-21
-37
15
32
53
39
57
38
89
1947—January . .
February..
March
686
636
718
628
593
645
58
43
73
P44
3,995
4,297
5,347
7,466
9,055
9,437
8,899
P7.627
1946—January...
February..
March.. . .
April
May
June
July
August. . .
September.
October. . .
November.
December.
1947—January . .
February..
March
SEASONALLY
ADJUSTED
UNADJUSTED
29
14
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
United
States
Minne- Kansas
apolis City Dallas
San
Francisco
106
109
123
129
148
164
185
247
105
110
127
149
184
205
229
287
112
116
138
157
212
245
276
353
109
117
139
169
200
221
244
306
272
277
305
300
330
313
293
294
303
225
252
248
253
259
265
254
252
251
'274
289
288
281
300
321
297
283
299
'355
342
368
381
381
376
349
356
348
'290
305
315
323
324
313
319
320
317
245
262
'260
261
278
290
294
306
262
261
'279
257
281
272
'298
296
363
347
347
377
313
330
340
302
336
313
306
275
321
374
372
416
570
242
234
245
198
236
268
268
318
409
'284
272
274
234
284
316
313
371
463
235
242
236
204
232
287
281
302
385
'274
272
265
239
279
311
312
340
448
'337
322
313
290
332
395
384
434
567
287
284
288
266
292
326
330
376
504
218
226
292
290
273
298
346
350
196
210
'250
258
228
244
288
297
196
202
'258
264
225
247
'283
290
294
306
337
347
249
278
295
298
99
106
130
182
144
151
156
205
107
113
139
191
175
190
198
250
107
115
140
178
161
185
188
258
103
111
134
186
160
161
159
205
102
108
134
176
152
159
166
225
103
110
138
171
151
169
165
211
99
105
125
159
152
157
158
210
106
113
130
161
159
177
190
250
106
113
137
187
172
177
182
238
194
203
205
210
217
220
219
178
192
209
213
208
221
232
249
258
217
233
243
264
264
262
274
298
319
220
239
252
267
271
277
297
330
348
179
191
199
213
210
220
235
249
256
193
211
222
231
234
240
264
274
292
183
186
207
224
219
227
244
2SQ
281
'185
194
212
206
201
219
234
249
303
208
239
253
252
262
267
274
303
364
215
217
218
250
240
249
270
296
334
234
249
242
230
216
225
'223
219
257
261
264
246
315
307
295
302
311
335
'321
320
262
264
263
257
291
296
288
281
'278
'270
'266
287
298
'293
'302
281
327
343
343
326
315
330
336
312
164
173
174
179
198
210
231
236
186
182
192
192
196
218
216
217
247
213
175
184
184
192
213
231
247
242
187
183
194
201
213
225
246
268
263
214
218
228
232
260
297
294
312
316
266
217
232
255
275
292
305
333
347
293
179
191
195
209
225
244
263
274
231
193
211
222
240
255
266
295
293
246
174
185
200
228
232
245
271
279
246
179
191
212
230
225
246
266
266
248
202
227
246
272
296
299
310
324
306
212
225
221
265
263
281
299
313
274
180
194
207
202
206
231
241
233
188
218
••223
223
225
242
254
253
268
290
295
304
280
312
'321
317
225
240
255
252
250
266
279
281
'253
'257
'267
273
258
'264
'272
272
294
305
326
317
277
290
312
309
Richmond
Atlanta
Chicago
St.
Louis
106
114
138
153
167
182
201
257
109
120
144
170
194
215
236
289
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
111
119
143
158
179
200
227
292
232
253
254
250
241
229
253
229
244
256
273
260
286
249
248
266
277
'279
276
303
307
306
298
286
290
293
327
329
365
343
365
367
348
347
363
237
234
253
254
281
263
250
261
264
228
224
229
235
244
243
••243
249
256
256
257
272
291
281
307
299
341
338
346
353
223
211
216
157
184
237
240
284
398
219
214
221
158
189
214
202
301
392
228
222
228
175
195
246
259
319
408
253
243
257
203
249
251
265
333
430
'284
274
266
219
253
316
312
369
493
209
222
'266
268
170
171
227
227
182
188
229
223
188
192
255
247
194
210
262
266
102
108
131
179
155
162
166
213
99
105
124
165
142
147
153
182
97
102
123
181
143
150
160
195
96
99
119
167
141
148
150
191
189
200
210
222
221
226
237
256
274
171
177
181
187
186
192
207
209
205
180
189
200
208
210
200
192
221
238
172
182
268
275
'273
264
197
206
211
211
188
200
205
223
238
250
267
277
235
••234
Boston
New
York
Phila- Clevedelphia land
106
114
133
149
168
186
207
264
104
108
126
140
148
162
176
221
101
106
119
128
135
150
169
220
104
111
129
143
151
167
184
236
252
258
276
273
290
270
257
272
274
210
213
232
227
246
226
216
230
231
221
228
243
236
259
205
179
231
232
••219
265
269
'275
274
215
219
237
227
'256
248
253
208
242
278
278
336
441
SALES*
SEASONALLY ADJUSTED
1946—April
May
June
July
August
September
October
November
December
1947—January
February
March
April
UNADJUSTED
1946—April
May
June
July
August
September
October
November
* December
1947—January
February.:
March
April
1939
1940
1941
1942
1943
1944
1945
1946
STOCKS*
SEASONALLY ADJUSTED
1946—April
May
June
July
August
September
October
November
December
1947—January
February
March
April
UNADJUSTED
1946—April
May
June
July
August
September
October
November
December
1947—January
February
March
April
'252
265
263
' Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
JUNE 1947
739
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
Amount
Without seasonal adjustment
(In millions of dollars)
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
128
136
156
179
204
227
255
318
344
353
419
599
508
534
564
714
108
194
263
530
560
728
907
1946—March
April
May
June
July
August
September
October. . .
November.
December.
301
319
304
304
244
303
309
341
404
526
583
644
674
699
735
806
828
879
919
776
971
910
934
1048
1073
1012
960
845
691
557
1947—January. .,
256
250
332
P321
769
838
865
P849
619
603
485
P387
Year or month
February..
March. .. .
April
1935-39 average^ 100]
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945
7 . . . ..153 July
14... ..167
2 1 . . . ..157
2 8 . . . ..153
4 . . . ..167 Aug.
1 1 . . . ..176
18... ..124
2 5 . . . ..182
1 . . . ..194
8 . . . ..177 Sept.
15... ..213
2 2 . . . ..220
2 9 . . . ..209
6 . . . ..242 Oct.
1 3 . . . ..245
20... ..237
2 7 . . . ..233
3 . . . ..236 Nov.
10... ..261
17... ..275
24... ..258
1 . . . ..326
8
. .401 Dec.
15... ..433
22
421
29!!! !!lS8
1946
6 . . . ..192
1 3 . . . ..210
20... ..201
2 7 . . . ..204
3 . . . ..217
10... ..228
17... ..239
24... ..255
3 1 . . . ..281
7 . . . ..264
14... ..293
2 1 . . . ..280
2 8 . . . ..257
5 . . . ..277
12... ..281
19... ..295
26... ..287
2 . . . ..277
9 . . . ..314
16... ..342
2 3 . . . ..363
3 0 . . . ..334
7
. .475
14... ..519
2 1 . . . 532
2 8 . . . .!281
Jan.
Feb.
Mar.
Apr.
May
June
1946
5 . . . ..135 Jan.
12... ..188
19... ..191
2 6 . . . ..188
2 . . . ..197 Feb.
9 . . . ..214
16... ..209
2 3 . . . ..213
2 . . . ..217 Mar.
9 . . . ..233
16... ..243
2 3 . . . ..255
3 0 . . . ..257
6 . . . ..272 Apr.
1 3 . . . ..282
20... ..289
2 7 . . . ..232
4 . . . ..248 May
1 1 . . . ..274
18... ..246
2 5 . . . ..245
1 . . . ..223
8
. .273 June
15... ..283
22
. .248
29..! ..239
1947
4 . . . ..188
1 1 . . . ..232
18... ..223
2 5 . . . ..220
1 . . . ..217
8 . . . ..219
1 5 . . . ..246
22... ..216
1 . . . ..238
8 . . . ..254
1 5 . . . ..267
2 2 . . . ..286
2 9 . . . ..283
5 . . . ..319
12... ..265
19... ..271
26... .••267
3 . . . ..279
10... ..311
17... ..273
24... ..277
31
7
14...
21
28
r
Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
P Preliminary.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Apr. M a ,! Foui
1947
Apr. Mar. Four
1947 1947 1947
United States.
Boston
New Haven...
Portland
Boston Area. . .
Downtown
Boston...
Springfield
Worcester
Providence...
P+5
+ 1 2 +10 Cleveland-cont.
Toledo 1
l
Youngstown
..
Erie 1
Pittsburgh*
1
Wheeling
+2 +16 +10
-6
+7 +4
-2
-1
-5
+ 4 +21 + 13
+ 3 +21 + 12
-2
+9
+ 5 + 11
-3
+6
+4
+9
+2
+9
+8
+6
Richmond
Washington l...
Baltimore
Raleigh, N. C...
Winston-Salem.
Charleston, S. C
Greenville.S.C.
Lynchburg
Norfolk
Richmond
Roanoke
Charleston,
* W. Va
Clarksburg....
Huntington....
New York l
+2 +11
Bridgeport
+01 ++113
Newark 1
Albany
+ 10 +10 + 10
Binghamton.
.
+ 9 + 9 + 11
Buffalo1
+9 + 7 +8
Elmira
+ 11 + 9 + 12
Niagara Falls. .
+ 3 +10 + 11
- 1 + 12
New York City
+9
Poughkeepsie.
+ 2 - 1 +6
Rochester 1 . . .
+8 +10 + 12
Schenectady..
- 2 + 13
+ 9 Atlanta
1
Syracuse r
+9 + 9 + 15 Birmingham ..
Utica
+
8
+ 7 Mobile
+2
Montgomery 1 ..
Philadelphia..
+8 +16 +13 Jacksonville 1 ...
1
- 1 ' + 10 +5 Miami 1
Trenton 1
Lancaster
+ 14 '+16 + 16 Orlando1
Philadelphia
*.
+ 18 + 13 Tampa 1
+8
Reading 1
+ 13 + 12 + 16 Atlanta
1
Wilkes-Barre
.
+24 +17 Augusta
+
14
York 1
+7 +9 +9 Columbus
Macon l
+5 +11 +10 Baton Rouge11 ..
Cleveland
l
Akron l
+ 11 +2 +7 New Orleans ..
Canton
+ 10 + 18 + 16 Bristol, Tenn
l
Cincinnati 1 ....
+2 + 11 + 9 Jackson
1
Cleveland»l
..
+4 + 9 + 8 Chattanooga
Columbus . . . . +3 + 12 + 8 Knoxville11
Springfield1
Nashville
0
+3
+2
+2
Chicago
+7 +10 +10 Kansas City—
l
Chicago
....
+3 +9 +8 cont.
Peoria 1
+ 5 + 13 + 13 Oklahoma City.. +2 +4 +4
FortWayne 1 .
+ 1 +5 +5
+9! + 10 + 11 Tulsa
Indianapolis 1 + 10 +4 +8
+3 +7 +8
Dallas
Terre Haute 1 + 12; +7 +10
+ 1 +4 +3
Des Moines..
,+10
+ 1 3 Shreveport
1
+
+5 Detroit
+2 + 15 + 13
+8
Corpus
Christi.
.
$
+2 Flint 1
+ 1 +3
Dallas 1
+21
+
14
+
+5 Grand Rapids
+3
+4 +6
Fort Worth
+ 12 Lansing
. . + 4 +20 + 15
+ 19 + 14 +18 Houston l .
+22 Milwaukee*..
1
+8
San
Antonio
j
+10
+9
+
11!
+18
- 6 Green Bay l . .
+6 + 11 + 6
P+4
+5 Madison. . . . + io: + 101 +16San Francisco
+
.
.
|
+11
+4
+ 15J +12 Phoenix 1
! +9 + 18 + 14
p+6
+ 12 • + 18 + 16
+ 1 St. Louis
+9! + 9 Tucson
1
1
1
Fort
Smith.
.
+ 15 + 12 + 13
+ 15
Bakersfield
1
1
1 Fresno
+ 16 +23 + 14
+8 Little Rock . p~5, - 1 4 | -+110
j
+8; +8
Quincy
Long Beach 1x.... j - 1 + 11 +6
p+10 +6 + 13 Los
+ 15 + 11
Angeles .... j
1
P + 6 Evansville...
Louisville ... P+6 + 13 +9 Oakland and
j
East St. Louis +127' +78 +97
Berkeley1
1
+ 9 +7
0
St. Louis 1
+7! + 12 + 11 Riverside and !
+8
+7 St. Louis Area + 10 + 13 + 12 San Bernardino.
+
15l +11
+9 + 1 +5 Sacramento l .... +5 + 17! +10
+5 Springfield...
1
+5 +4 San Diego l
-1
+3 Memphis ...
+9!
+2
1
+9 Minneapolis.
San Francisco
..! - 1 + 14 + 7
r+16 +15 San
1
+27i
+21
+5 Minneapolis J
Jose
|
+
11
+7 +10
+ 13 St. P a u l 1 . . . .
Rosa l . . . . ! + 11 + 15! +12
+ 19 +19 Santa
+ 10 DuluthStockton
! +21 +30| +25
+
15
+ 16 Superiorx . . +6: +13J +10 Vallejo l and
i
+2
-9:3-16
Napa
!
+5 Kansas City.. +6 +11 +8 Boise and
j
+ 10! +211 +17 Nampa
P + 6 + 15| +12
+ 11 Denver
+ 12! +25 +14 Portland
j +7 + 12; +13
+ 1 Pueblo
1
Hutchison..
.
+6;
+5!
+
6
+3 +91 +10
Salt
Lake
City
.
j
+9
l
+3i +9| +10 Bellingham
! + 11 + 11! +11
+ 11 Topeka
1
Wichita
I
I
4
-6
Everett
! +8 -+22j +14
+5
0
+6 Joplin
+22 + 12j +12 Seattle 1
+9 +7
+ 18 +27J +24
+5 Kansas City. + 11 + 14!! +10 Spokane11
- 9 St. Joseph... + 14! +9 + 8 Tacomal
-8
+
16! +8
*+s\ + 18!
+ 11 + 9 Yakima
+16
| +2 Omaha
+5 1
+3 + 15
+7 +8
+ 12 +9
+2 + 11
0
-7
+2 +9
—3 + 10
- 2 + 11
+ 11 +7
+ 16 +27
+1 - 8
+4 +7
+ 1 +3
-6
+4
+ 11 + 19
+9
+ 10
+ 10|
+7 ()
+3
+6
+4 +10
+2 + 13
- 3 + 15
+4 + 15
+5 +4
+ 14 + 17
+9 +8
+ 15 + 14
+5
-3
+ 13 + 1
+ 12 + 15
- 8 +12
+6 +7
+5 + 19
+3 +4
0
+6
- 2 + 13
-12
: Apr. Mar. Four
1947 1947 mos.
1947
"Apr. Mar.
1947 j1947
+ 10
+ 12
+ 10
+ 11
-2
ii
k
+15!
P Preliminary.
' Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
3 Three months 1947.
1
8
740
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Number
of stores
reporting
Department
Per cent change
from a year ago
(value)
Ratio of
stocks to
sales i
Sales during Stocks
(end of
period
month)
March
Mar.
1947
Mar.
1947
1947
+48
2.7
2.0
+50
2.8
.5
.4
.7
2.7
2.5
2.4
2.4
2.5
2.3
2.9
2.9
2.1
4.8
0.9
3.3
2.4
2.3
2.0
355
+10
+10
MAIN STORE—total
355
+9
+9
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips
Negligees, robes, lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
Handbags, small leather goods
352
335
339
334
317
232
242
289
337
163
186
163
315
247
272
249
293
174
332
336
346
325
+3
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes, slippers
327
241
313
290
186
Home furnishings
315
238
264
296
233
304
204
176
187
237
239
237
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestic, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
China and glassware
Housewares
Piece goods
Silks, rayons, and velvets
Woolen dress goods
Cotton wash goods
,
,
,
,
299
110
91
129
Small wares
Lace, trimmings, embroideries, and ribbons. . .
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Jewelry
Silverware
Art needlework
,
Stationery, books, magazines
,
Stationery
Books, magazines
,
340
121
229
325
307
209
130
241
250
157
96
Miscellaneous
Toys and games
Sporting goods, cameras
Luggage
301
152
62
248
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
,
,
206
198
162
135
52
129
o
-5
-5
+ 10
0
+25
-12
+1
-8
-4
-4
+2
-6
+ 12
-6
+4
+19
+4
+ 14
+5
+ 16
+ 16
+22
0
+3
+ 12
+ 17
+9
-4
+7
+22
+36
+9
+27
+ 18
+ 10
+ 16
+ 10
+8
+1
+1
+3
+5
+ 10
+6
0
+19
+42
+9
+ 12
+ 10
0
0
+16 +21
+1
+6
+ 19 +25
-7
2
+210 +211
+4
+5
o
-6
+23 +24
+1
+
1
-1
+ 10 ++121
+6 + 11
+20 +16
+ 14 + 12
+31 + 18
+24 + 19
+5
+4
+7
+ 10 ++4
11
+3
+3
+8
+ 10
+15
+29
+1
+9
-4
+ 17
+ 10
+17
+ 12
+40
+ 12
+23
+39
+2
-1
+ 11
+ 10
+9
+ 18
+5
-11
+21
+9
+13
+7
+26
+ 16
+20
+31
+35
+67
+43
+6
+5
+9
+4
+74
+70
+77
+83
+25
+ 18
+88
-11
+5
-2
—8
+49
+62
+ 107
0
+106
+ 104.
+46
+ 111
+77
+91
-f-104
+63
+374
+86
+ 78
+ 14*
+7?
+ 17
+68
+39
+107
+ 134
+91
+ 152
+8
—3
+15
+5
+ 15
-1
+50
+7
+5
+6
+3
+40
+ 14
+94
+54
+28
+ 10
+57
+51
+ 121
+33
Stocks at end
of month
Sales during
period
1947
Three
mos.
1947
GRAND TOTAL—entire store'
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
1946
1947
Mar.
Mar.
160
194
329
226
226
344
339
365
177
193
206
201
174
307
254
114
261
137
264
202
269
140
208
158
183
160
169
164
179
155
151
165
169
167
151
208
159
125
197
141
126
127
218
113
116
230
359
237
238
313
339
292
202
185
173
200
166
264
219
93
262
132
235
172
246
146
194
2.1
2.8
2.4
193
213
159
261
172
133
143
133
116
124
3.8
4.3
3.4
4.3
1.4
4.2
5.4
2.2
4.8
4.4
5.9
4.1
2.5
2.3
2.0
2.4
0.9
2.3
2.S
1.1
2.8
3.8
3.9
3.1
196
174
199
195
323
161
143
204
145
167
130
247
2.0
1.7
1.9
2.1
1.2
0.9
1.3
1.0
3.8
2.6
3.3
4.3
4.3
4.2
3.8
3.9
3.4
3.6
3.0
1946
Feb.
Mar.
602
579
398
502
418
407
627
530
484
628
472
491
492
492
439
718
736
334
553
649
245
659
663
322
418
493
447
376
613
576
518
694
456
454
475
463
392
706
742
359
515
609
266
674
658
289
405
367
248
282
596
500
434
605
272
286
275
262
347
603
390
381
523
657
266
441
407
154
419
159
156
145
205
146
625
491
620
830
743
579
469
552
811
691
298
147
300
561
349
170
158
161
152
262
156
135
195
142
146
123
202
169
173
167
210
104
155
156
166
144
169
118
234
753
754
685
834
452
674
769
455
696
744
768
1010
715
714
629
826
419
655
754
429
710
707
748
937
425
390
333
509
89
361
428
177
403
633
452
723
3*7
436
446
324
286
265
337
252
304
381
341
262
752
759
839
687
774
624
890
689
365
320
441
270
3.7
2.9
3.1
4.1
3.8
4.4
2.7
4.0
3.7
4.4
2.9
168
293
214
132
178
176
179
174
172
163
176
152
187
176
124
153
156
153
178
172
169
161
159
273
193
133
173
171
166
158
150
126
175
640
776
699
570
759
736
681
676
588
588
520
610
813
659
546
709
683
680
638
554
551
482
589
787
594
543
659
746
442
638
557
549
518
3.4
5.4
5.6
4.3
2.7
4.6
3.4
3.1
165
100
134
164
126
61
99
132
151
104
115
150
567
545
749
709
530
489
668
657
398
470
388
456
2.2
1.7
2.8
3.1
2.4
3.1
2.0
1.8
2.5
2.3
1.3
3.3
198
214
189
179
315
162
134
133
123
157
264
95
168
191
135
160
256
117
443
367
533
562
755
508
439
374
507
546
753
474
345
338
340
370
353
382
3.2
2.3
3.9
3.2
4.3
Mar.
Feb.
2.1
212
1.6
0.7
1.2
2.5
1.6
1.3
2.1
1.3
1.6
1.6
1.3
2.1
2.3
1.8
4.1
2.0
5.0
1.1
2.6
1.7
1.1
2.2
236
1.9
0.9
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 739.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
JUNE 1947
741
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credi t
Total
End of year
or month
consumer
credit
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—March
April
June ..
July
...
August
October
November
December
1947—January
February
March?
April p
....
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
5,781
6 637
9,958
6 988
7,376
7,618
7,911
8 006
8 317
8,551
8,888
9 373
9,958
9,783
9,728
10 049
10,256
Total
instalment
credit
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
3,985
2,507
2,652
2,789
2,908
3,029
3,175
3,297
3,464
3,654
3,985
4,061
4,172
4,343
4,553
Sale credit
Loans1
Total
Automobile
2,515
2,032
1,595
1,318
928
637
322
459
576
940
999
1,122
1,317
1,805
2,436
2,752
2 313
2,792
3,450
3,744
1,491
814
1,197
1,104
835
903
200
227
635
676
1,558
905
544
264
1,014
641
957
289
318
668
686
394
425
730
752
1,004
1,035
1,070
1,124
1,177
1,261
1,358
1,558
1,566
1,609
1,693
1,805
544
581
631
691
753
Service
credit
2,125
1,949
1,402
1.749
L.611
1,381
1L.114
1,081
1,203
.292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
1 981
3,054
1,972
2,138
2,188
2,327
2,281
2,418
2,495
2,621
2,859
3,054
2,764
2,602
2,768
2,782
596
573
531
491
467
451
472
520
557
523
533
560
610
962
776
R75
L 048
1,331
1,504
]I 442
L 468
1,488
]1,601
L.369
)L 192
]L 255
]L 519
',055
L 705
1,771
11,819
1,846
L 860
1L.883
1,911
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
2,427
1,602
1,695
1,785
1,873
1,959
2,051
2,120
2,203
2,296
2,427
2,495
2,563
2,650
2,748
699
705
336
365
466
505
652
674
619
516
459
532
802
958
677
663
741
865
1,267
1,729
1,942
482
175
970
Charge
accounts
Other
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
1,289
1,384
Singlepayment
loans2
795
853
1,014
985
978
1,002
1,052
050
2,002
2,055
2,089
2,080
2,062
2,049
648
687
729
772
864
804
815
822
830
836
841
848
853
858
864
869
874
876
872
P1 Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstandir g
(end of period)
Year or month
Total
1929 .
....
1930
1931.
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
iQ46—March
April
July
August. . .
September
October...
November.
December.
1947—January..
February.
March?...
April P
652
674
619
516
459
532
802
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
2,427
1,602
1,695
1,785
1,873
1,959
2,051
2,120
2,203
2,296
2,427
2.495
2,563
2,650
2,748
Commercial1
banks
43
45
39
31
29
44
88
161
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
2' 0
218
184
143
121
125
263
287
289
257
232
246
267
301
Loans made by principal lending institutions
(during period)
Credit
unions
32
31
29
27
27
32
156
191
221
67
105
423
563
148
154
213
368
460
680
619
604
763
238
261
255
255
198
203
182
151
155
166
146
128
139
151
320
372
247
228
230
228
231
210
339
18
18
19
19
20
20
20
21
22
26
22
21
24
24
16
16
16
17
17
18
18
19
20
25
20
20
23
23
24
25
28
28
29
30
31
34
33
39
33
33
38
39
104
107
189
217
89
72
147
99
102
284
301
1,017
1 198
927
983
91
215
798
86
88
93
128
120
179
792
67
68
76
59
60
70
616
117
98
184
110
344
462
482
492
506
520
535
544
555
574
616
620
620
627
637
82
85
88
92
96
100
103
108
112
117
122
125
128
133
73
76
78
79
81
84
86
90
94
98
102
105
108
112
132
137
142
149
154
158
164
170
175
184
185
190
196
203
95
97
98
99
100
102
103
104
106
110
110
110
111
112
194
210
231
248
263
280
295
312
328
344
360
377
392
414
564
608
656
700
745
792
825
864
907
958
996
1,036
1,088
1,137
400
42
41
38
34
33
42
125
117
96
132
134
958
41 3
380
340
250
202
234
Credit
unions
93
112
147
424
372
388
445
463
503
498
376
304
384
Industrial
loan
com- 2
panies
130
248
505
535
312
358
471
69
Industrial
banks 2
168
244
426
692
784
25
Small
loan
companies
79
102
350
346
435
95
99
95
93
78
58
50
60
Insured
repair
Comand
modern- mercial1
banks
ization3
loans
44
66
258
312
523
129
131
Miscellaneous
lenders
123
122
128
636
744
938
1,790
132
138
148
148
156
164
156
176
172
191
188
182
217
219
809
876
978
1,271
103
105
97
99
106
110
98
107
122
168
100
91
123
118
288
354
176
194
148
179
257
x
P Preliminary.
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 74
million dollars, and loans made during April were 12 million.
* Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
» Includes only loans insured by Federal Housing Administration.
742
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
End of
year or
month
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939 .
1940
1941
1942
1943
1944
1945
1946 .
1946
March....
April
May
June
July
August....
September.
October. . .
November.
December.
1947
January...
February..
MarchP .. .
April P
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
Furniture
stores
In millions of dollars]
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
677
663
103
119
313
299
454
265
222
185
121
119
741
865
314
336
131
171
35
40
1,147
1,368
1,343
1 525
1,721
1,802
1,009
639
146
186
256
314
406
469
255
307
56
68
174
210
302
377
439
466
485
536
599
619
266
273
302
313
70
93
110
120
220
246
271
284
635
183
269
676
1,014
1,197
1,104
958
160
155
138
583
539
56
47
45
30
29
110
97
115
132
133
141
136
391
271
130
29
77
66
13
70
198
337
283
366
14
28
74
123
641
668
188
200
279
288
14
15
59
60
101
105
686
206
295
16
61
699
705
730
752
795
853
1,014
210
212
221
235
257
284
337
299
299
308
311
322
337
366
17
20
22
23
25
26
28
63
63
64
65
66
72
123
108
985
978
1,002
1,052
337
338
356
381
352
349
354
366
27
30
29
32
114
107
105
107
252
172
159
101
100
107
160
110
111
115
118
125
134
160
155
154
158
166
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates.
Year and month
Outstanding at end
of period:
1941—June
December....
1942—June
December....
1943—June
December....
1944—June
December....
1945—June
December....
1946—March
April
May
....
June
July
August
September. . .
October
November....
December. . . .
1947—January
February
March?
AprilP
Volume extended
during month:
1946—March
April
May
July
....
August
September. . .
October
November....
December... .
1947—January
February . . . .
March P
April?
1
2
In millions of dollars]
Retail instal-2
ment paper
Total
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
94.6
104.1
112.8
118.1
122.4
127 4
132.6
138.5
142.9
150.6
156.1
162.7
168.1
172.6
177,4
183.9
23.3
23 6
24.4
23.8
26 3
26.7
25.2
28.8
28.5
31.2
29.1
27.4
31.3
32.0
Automobile
Other
Repair Personal
and
instalmodern- ment
cash
izationx
loans
loans
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.8
13.8
15.4
16.8
17.6
18.5
19.9
21.3
22.1
24.4
26.2
27.5
29.5
31.3
33.5
36.2
18.4
18.8
16,3
12.8
8.8
7.7
6.8
7.8
7.7
9.8
10.9
11.8
12.7
13.7
13.8
14.1
14.7
15.7
16.7
17.8
18.6
19.6
19.4
20.5
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
14.2
17.2
19.1
20.2
21.2
22.0
23.1
24.2
25.4
26.7
27.5
28.3
28.9
29.6
30.3
31.3
112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
59.9
63.3
67.4
69.3
70.9
73.2
75.8
78.9
80.7
83.8
85.7
89.1
91.1
92.1
94.2
95.9
3.8
2.2
2.4
4.2
3.9
3.9
4.7
4.7
2.4
2.8
2.7
2.8
3.0
2.5
2.5
2,3
2.6
2.8
14.9
14.5
15.2
14.9
16.2
16.2
15.5
16.5
16.9
19.3
16.8
15.4
18.0
17.4
4.3
5.5
5.2
5.6
6.4
6.2
7.1
7.5
2.7
3.5
3.6
3.7
3.5
3.4
3.5
4.2
2.7
3.3
2.8
2.6
2.4
2.4
2.7
2.9
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943 . . .
...
1944
1945
1946
1946—March
April
Mi ay
June
July
August.....
September..
October....
November
December. .
1947—January... .
February...
MarchP . . . .
April?
Volume extended during month:
1946—March
April .
May.......
June
July
August
September..
October
November. .
December. .
1947—January....
February...
March P . . . .
AprilP
1,093
1,450
1,694
845
514
559
731
1,563
871
946
093
'247
L ,313
1,387
1,467
1,563
1,642
1,707
1,800
L.907
188
212
226
217
240
253
243
277
270
303
305
288
345
369
1947
Repair
and
modernization
loans1
Personal
instalment
cash
loam
218
311
411
136
55
57
65
185
82
97
108
115
124
138
149
161
173
185
203
220
243
270
164
253
310
123
81
99
146
339
155
217
288
143
68
75
97
232
347
422
451
289
221
245
302
553
179
117
127
142
154
167
179
209
247
234
154
89
83
121
254
140
20
29
29
24
30
36
33
38
37
44
50
47
61
68
41
46
52
50
53
58
193
212
228
245
263
276
294
315
339
362
388
417
448
55
65
65
70
76
77
91
95
151
161
173
183
353
378
402
423
445
188
201
214
232
251
258
268
285
198
211
225
238
254
260
263
274
289
469
489
506
527
553
25
32
38
36
44
38
41
47
46
53
55
47
51
60
20
22
22
22
23
27
25
29
27
26
23
24
29
34
82
83
85
85
90
94
89
98
95
110
101
93
113
112
566
578
598
615
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
1944
1945
1946
,
1946—March
April
May
June
July
August. . . .
September.
October...;
November..
December..
1947—January...
February . .
March P. . .
AprilP
Volume extended
during month:
1946—March...;.
April
May
June
July
August
September.
October....
November..
December..
1947—January . .
February . .
March v . . .
AprilP
Retail instalment paper 2
Total
Automobile
67.1
76.7
108.4
81.0
83.2
85.6
87.5
89.0
93.
95.
99.
103.
108.4
112.2
115.5
118.7
124.0
10.5
11.0
15.0
11.6
12.1
12.6
12.7
13.0
13.6
13.8
14.5
14.9
15.0
15.6
16.5
17.1
18.4
18.3
18.0
18.4
18.3
19.6
20.5
20.0
22.5
23.0
26.2
22.4
22.2
25.6
26.6
3.0
3.1
3.2
2.7
3.3
3.5
3.4
4.0
4.1
3.4
3.6
3.9
3.9
4.7
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
JUNE
Other
retail,
purPur- Direct chased
chased loans and
direct
Automobile
retail
Other
Repair Personal
and
instalmodern- ment
izationx
cash
loans
loans
4,2
4.5
4.8
5,2
5,4
5.6
6.2
7.0
7.6
7.4
8.0
8.4
8.9
9.9
1.1
15
2.4
1.6
1.6
1.7
1.7
1.9
2.0
2.0
2.2
2.3
2.4
2.5
2.5
2.6
2.7
51.7
60.2
83.6
63.6
65.0
66.5
67.9
68.7
71.9
73.3
76.0
78.9
83.6
86.1
88.1
90.1
93.0
0,9
.0
.2
.2
.4
.1
.4
.8
.7
.6
.8
.6
.8
2.5
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.2
0.3
0.2
0.2
0.3
0.3
14.2
13.7
13.8
14.2
14.6
15.6
14.9
16.4
17.0
20.9
16.8
16.5
19.6
19.1
3.8
4.0
7.4
Preliminary.
743
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Apr.
1947*
Mar.
1947
Feb.
1947
+3
+1
+2
+4
+ 16
+ 13
+5
+20
+3
Accounts receivable, at
end of month:
Total
Instalment
+3
+3
+3
+1
Collections during
month:
Total
Instalment
-2
-4
+ 10
+ 15
0
+1
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Inventories, end of
month, at retail value.
9
Percentage change
from corresponding
month of preceding
year
Mar.
1947
Feb.
1947
-11
+ 15
-10
+ 17
-5
+8
+20
+ 17
+31
+23
+36
+21
+46
+2
+40
+34
+42
+34
+41
+30
-9
+21
+ 12
+25
+ 17
+30
+ 17
+7
+52
+64
+71
-4
-1
Q
Apr.
1947P
+11
Preliminary.
Charge
accounts
nstalment accounts
Year and month
Department
stores
Furniture
stores
37
36
34
33
32
35
34
37
27
28
27
26
26
26
25
27
1946
March
April
May
.
June
July
August
. ...
September
October
November
December
54
56
55
56
57
54
51
52
27
26
37
35
1947
January
February
March
April?
Household ap- Jewelry Department
pliance
stores
stores
stores
47
47
23
21
29
28
32
29
47
42
44
45
25
24
32
32
34
33
32
33
30
32
34
44
26
25
27
25
64
63
62
60
57
59
56
60
59
54
52
51
56
54
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Collections during
month
Charge
account
Instal-
Charge
account
Instal-
Charge
account
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
. ..
. ..
. ..
...
...
. ..
100
114
130
145
162
202
100
131
165
188
211
243
100
82
71
66
68
101
100
102
103
111
124
176
100
78
46
38
37
50
100
91
79
84
94
138
100
103
80
70
69
89
100
110
107
112
127
168
48
56
61
64
64
59
43
38
34
32
32
37
1946-March
April
May
June
July
August. . .
September
October...
November
December.
190
205
194
193
156
193
197
218
257
330
233
249
234
233
192
234
229
249
297
384
84
r97
85
81
74
99
97
119
146
199
162
175
169
169
130
164
180
202
233
292
43
45
45
46
45
48
50
55
62
75
113
rl25
129
133
119
127
145
156
176
224
85
'84
83
81
79
84
87
101
109
117
138
154
168
167
165
152
152
186
197
205
60
60
59
59
61
60
57
56
57
57
36
36
37
37
35
36
39
39
38
38
1947—January..
February.
March. . . .
AprilP.. . .
163
159
210
207
188
179
236
231
106
109
151
141
146
144
191
193
75
74
76
80
176
154
160
164
118
112
126
120
251
195
185
186
57
56
56
55
37
38
38
39
1941
1942
1943
1944
1945
1946
average.
average.
average.
average.
average.
average.
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 p. 739.
744
FEDERAL RESERVE BULLETIN
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
;...
1939
1940
1941
1942
1943
1944
1945
1946
1945—June
July
August
September,
October...
November.
December.
1946—January...
February..
March
April
May
June
July
August
September
October...
November,
December.
122.5
119.4
108.7
97.6
92.4
95.7
98.1
115.3
112.7
102.6
90.8
87.9
96.1
96.8
141.4
137.5
130.3
116.9
100.7
94.4
94.2
112.5
111.4
108.9
103.4
100.0
101.4
100.7
111.7
108.9
98.0
85.4
84.2
92.8
94.8
104.6
105.1
104.1
101.7
98.4
97.9
98.1
97.6
102.8
102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
100.2
100.2
99.9
99.0
99.7
102.2
105.4
107.7
109.8
110.3
112.4
110.0
111.2
111.4
110.7
110.5
110.1
110.3
145.8
145.6
146.0
146.8
146.9
147.6
148.3
98.7
101.0
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
124.0
124.3
124.5
124.6
124.7
124.6
124.8
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
141.0
*139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
145.4
145.9
146.4
148.2
148.5
148.7
149.4
149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
168.1
171.0
176.5
96.4
100.9
104.1
104.3
104.6
106.2
108.5
108.0
108.2
108.3
108.6
108.3
96.3
104.3
103.3
101.3
100.5
107.3
122.2
125.6
136.4
145.8
159.2
129.0
129.4
129.3
128.9
128.9
129.3
129.9
132.5
126.0
103.9
86.5
84.1
93.7
100.4
101.3
105.3
97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
141.1
141.7
140.9
139.4
139.3
140.1
141.4
110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1
125.4
125.6
125.f
126.7
127.2
127.f
128.2
129.8
129.9
131.0
132.5
136.1
1947—January...
February.,
March
April
153.3
153.2
156.3
156.1
183.8
182.3
189.5
188.0
179.0
181.5
184.3
184.6
117.3
117.5
117.6
118.4
179.1
180.8
182.3
182.4
137.1
137.4
138.2
139.1
Year or month
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139.3
108.3
108.3'
108.4
108.5
108.7
108.8
108.8
108.9
109.0
109.0
House
furnishings
Miscellaneous
Back Figures.—Bureau of Labor Statistics, Department of Labor.
JUNE
1947
745
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
Year, month, or week
All
commodities
Farm
products
Foods
Total
Hides and Textile Fuel and
Metal;
leather
lighting and metal Building
products products materials products materials
Miscellaneous
65.3
78.8
80.9
86
68
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
9o.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
83.0
78.
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
95.4
89.9
79.2
71.4
77.0
86
85
86
95
90
90
94.8
103.2
110.2
111.4
115.5
117.8
132.6
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.
88.
94.
102.4
102.7
104.3
104.5
111.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
110.2
111.0
112.9
124.7
129.1
124.0
134.1
139.7
140.9
141.5
144.6
149.6
147.7
135.4
137.5
140.1
157.0
161.0
154.3
165.3
169.8
168.1
165.0
170.4
182.6
177.0
110.8
111.5
112.9
140.2
149.0
131.9
157.9
165.4
160.1
156.2
162.0
167.6
162.4
103.3
103.9
105.6
109.5
111.6
112.2
115.8
120.7
124.7
127.6
128.6
131.3
131.8
119.8
120.4
122.4
141.2
138.9
141.6
142.4
172.5
176.7
175.1
173.8
174.6
166.4
107.9
108.8
109.2
118.1
124.0
125.7
128.6
131.3
134.7
136.6
138.0
139.6
139.2
86.1
86.1
87.8
90.3
94.4
94.3
94.2
94.5
96.1
97#7
97.9
100.8
103.4
108.8
109.4
112.2
113.3
114.0
114.2
125.8
130.2
134.7
138.0
138.6
140.6
140.3
126.5
127.8
129.9
132.1
132.7
133.8
134.8
145.5
157.8
169.7
174.8
177.5
178.8
96.1
96.5
96.4
99.3
98.4
98.4
99.9
118.9
125.7
128.1
129.3
132.2
133.2
107.5
108.3
110.4
111.9
112.6
113.6
115.3
118.2
120.2
123.3
124.6
125.8
127.4
95.7
97.0
98.5
101.3
102.0
102.1
104.0
106.5
108.9
110.3
110.9
115.3
115.7
140.3
141.7
143.1
144.3
146.4
148.7
148.3
149.0
149.4
148.8
148.1
147.2
146.8
146.7
146.7
147.0
146.9
147.4
164 8
165.5
168.9
171.7
176.1
181.8
184.2
182.9
183.8
181.2
180.1
175.4
177.6
174.6
176.3
176.9
177.2
178.4
154.1
156.7
160.9
162.5
167.5
170.7
166.5
166.2
166.5
164.4
163.0
162.2
160.3
162.7
161.1
161.1
160.3
161.6
127.5
128.1
128.1
128.3
128.7
129.4
130.0
131.3
131.9
132.3
132.1
132.4
132.0
131.8
131.7
132.1
132.2
132.3
171.0
172.9
173.6
175.8
174.1
174.2
175.7
174.9
174.2
174.3
173.8
172.5
171.9
166.7
166.7
166.4
166.4
166.5
135.8
137.7
135.5
135.4
137.0
137.4
138.3
138.7
138.7
139.3
139.6
138.8
137.8
138.0
138.0
138.5
138.3
138.5
98.5
98.6
98.6
98.6
98.6
98.8
98.8
101.7
103.5
103.9
104.0
104.1
103.9
104.0
104.0
104.1
104.3
104.1
138.3
138.3
138.4
138.4
138.6
139.7
140.2
140.3
140.3
140.3
140.3
140.9
140.8
140.7
140.7
141.8
141.8
142.3
168.6
170.6
172.8
172.6
173.0
175.3
175.3
176.7
177.0
177.8
177.9
178.4
178.0
178.5
178.6
177.4
177.0
178.0
127.8
127.6
128.3
129.2
129.3
130.6
131.7
133.0
132.8
134.5
134.5
132.5
130.5
128.6
127.2
125.9
126.0
126.4
122.8
123.0
123.0
125.3
125.5
126.1
126.1
126.6
126.6
126.7
126.7
128.1
128.6
128.6
128.6
129 A
129.4
129.5
109.9
110.0
110.0
110.7
111.2
111.9
113.0
114.6
114.9
115.7
114.3
115.6
115.2
115.4
114.9
115.9
116.5
116.1
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
1946—April
May
June
July
August
September
October
November
December
1947—January
February
March
April
Week ending:
1947—Feb. 1
Feb. 8
Feb. 15
Feb. 22
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31
104.9
88.3
64.8
1947
1946
1947
Subgroups
Subgroups
Apr.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods.
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Jan.
Feb.
Mar.
Apr.
137.0 162.6 171.1 203.3 199.8
135.1 189.6 201.5 216.0 199.2
134.2 149.7 150.5 155.8 156.4
116.3
99.4
138.2
110.3
97.7
164.6
139.9
131.6
183.4
141.1
161.8
141.3
134.2
199.5
146.0
157.6
150.4
141.5
207.3
152.8
148.8
154.1
142.2
196.
147.6
128.6
117.6
104.0
115.2
170.6
198.5
181.6
140.3
171.5
191.4
181.1
137.1
171.5
192.2
183.7
137.7
172.1
178.1
158.0
137.7
117.4 132.4 132.7 133.0 133.0
137.6 184.6 193.7 196.6 194.7
75.5 99.3 100.0 100.8 100
101.2 80.2 73.2 69 A
30.2 33.8 37.0 37.0 37.0
112.7 120.8 121.9 127.5 129.1
110.5 169.9 170.1 175.1 175.8
104.0 114.7 114.8 114.9 113.9
125.2 142.6 143.3 143.6 145.0
133.5 152.5 155.1 155.2 155.4
66.6 64.9 65.7
79.7 80.8 84.3 84.9
62.8 76.5 76.6 81.7 86.3
Jan.
Metals and Metal Products:
Agricultural implements.. . .
Farm machinery
Iron and steel
Motor vehicles l
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials...
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Ptoduch:
Chemicals
Drugs and Pharmaceuticals.
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Feb.
Mar.
98.6 117.5 117.6 116.8
99.6 119.0 119.0 118.2
107.4 123.9, 125.0 126.9
151.3 151.3 151.2
87.1 130.5 131.3 139.0
100.8 117.0 117.1 117.9
Apr.
116.6
118.0
127.6
148.8
141.0
118.2
132.2!
108.3
249.9
171.2
117.0
127.7
139.0
132.3
109.9
263.6
173.9
117.1
127.7
141.5
132.4
112.3
269.3
176.1
117.9
127.7
143.5
134.5
114.0
273.5
175.5
118.2
127.7
143.7
97.1 112.7
112.4 181.7
81.9
99.9
86.6 95.5
102.1 210.6
113.8
182.5
99.2
96.3
214.3
114.5
182.7
101.8
96.3
231.5
119.5
181.0
101.2
96.7
220.1
112.1 128.4
102.9 118.2
129.6 131.4 134.4
119.5 120.0 120.0
119.9
102.4
171.4
108.0
100.8
120.1
112.8
73.0
73.0 73.0 73.0
159.6 181.7 178.6 238.4
113.9 141.9 143.4 145.1
46.2
51 .2 52.9 52.9
99.2 118.1 118.8 122.2
73.0
208.9
152.5
52.0
123.3
1
Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
746
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
seasonally adjusted annual rates
by quarters
Annual totals
1947
1946 «
1940
Gross national product
Government expenditures for goods and
services
. .
.
.
Federal Government
War
Nonwar
State and local governments
Construction
Residential
Other
Producers durable equipment
Net change in business inventories..
Net exports of goods and services...
Net exports and monetary use of
gold and silver
. ...
Consumer goods and services
Durable goods
Services
Gross national product
Deductions:
Business tax and nontax liabilities...
National income
Total compensation of employees
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Interest and net rents
Savings
1943
1944
1945 1 1946
1
2
3
4
1
204 7
30.8
20.3
209 0
120.2
152.3
187.4
197.6
199.2
194. 0
183 7
190 ?
196 6
16.7
8.8
26.5
18.6
62.7
55.3
93.5
86.2
97.1
89.5
83.6
75.8
34. 7
25. 2
39. 6
31. 1
36 .7
27 .7
2.8
6.1
13.3
5.3
7.9
19.1
5.3
50.3
5.0
81.3
4.9
83.7
5.7
69.4
6.3
19
8 .6
2.5
1.6
2.0
1.6
9.1
2.6
23
7
8
23
6
8
3
7.6
2.9
16. ?
8 9
9 5
32 1
7. 9
31.3
21.5
12 0
5
1
5
9 .0
31 .4
8 .0
9.8
35.7
8.3
10 0
10.3
10.5
37.9
8.8
2 0
6.9
1.8
1.5
2.8
2 5
8.9
3.5
1.2
1.3
1 6
5.1
-0.5
0.6
1 0
3.1
-0.6
-1.5
0.5
1 1
4.0
-1.7
-1.8
0.7
1 9
«6.6
-0.6
« 12.8
6.5
«9 5
3 4
»12 .0
4 .0
«14.0
8.6
•15.6
9.7
0.3
65.7
7.4
34.4
23.9
0.2
74.6
9.1
40.1
25.4
0.1
82.0
6.3
47.9
27.8
91.3
6.6
55.1
29.7
97.1
120.2
152.3
12.4
6 4
18.5
7 0
0 8
23.1
7.6
0.6
7.9
14.8
4.3
2.4
0.7
Income payments to individuals
Personal taxes and nontax Payments
Federal
State and local
Disposable income of individuals
Consumer expenditures
1942
97.1
Capital outlay charged to current
A djustments:
For inventory revaluation
For discrepancies
National income
Additions:
Transfer payments
Deductions:
Corporate savings
Contributions to social insurance
funds
Income payments to individuals
1941
39.0
0.5
4.9
7 .4
4.8
3.8
106.4
7.7
65.6
33.1
127.2
14.1
77.3
35 8
121
11
75
34
0
7
1
2
122 . /
13 .1
74 0
35 .0
129.6
15.0
78 3
36.3
136.0
16.7
81 8
37.5
138.5
187.4
98.5
6.7
60.0
31.8
197.6
199.2
194 0
183 7
190 .2
196.6
204.7
209.0
27.4
8.0
0.5
29.7
8.2
0.5
28.6
8 0
0.5
25 0
7 ?
0 4
-0.1
0.9
1 3
1.1
0.8
0.9
1.1
2 0
—0 4
—0.4
77.6
—3 2
— 1.1
—2 1
-0.2
122.2
—0.2
1.5
149.4
-0.1
-2.2
160.7
0.1
161.0
—3,-5
-2 1
165 0
11 0
96.9
9.5
31.5
3 7
2.6
2.5
2.7
3.2
5.3
8.1
1.8
4.0
4.4
5.5
5.4
4.5
6 Q
2.1
2.6
92.7
3.2
117.3
3.8
143.1
3.9
156.8
3.8
160.8
4 0
165 1
156 7
160 .6
167.8
173.4
176.9
92.7
4.0
2 0
2 0
88.7
74.6
14.2
117.3
6.7
4 7
2.0
110.6
82.0
28.6
143.1
18.6
16 6
160.8
21.2
19 0
2 1
139.6
106.4
33.1
165
19
17
2
146
127
18
1
1
o1
0
2
8
156 7
18 6
16 4
2 1
138.1
121.0
17.1
160 .6
18 .7
16
2
141 .9
122 .1
19 .8
167.8 173.4
19.4
19.8
17 *> 17 7
2 2
2 2
148.4 153.6
129.6 136.0
18.8
17.6
176.9
124.6
91.3
33.3
156.8
19.4
17 4
2.1
137.4
98.5
38.9
96.9
64.5
60.8
122.2
84.1
80.8
3.3
20.6
9.7
10.9
8.8
8.7
4.3
4.4
149.4
106.3
103.1
160.7
116.0
112.8
161.0
114.5
111 4
165 A
109, a
152,9
169 4
180 5
76.2
76.2
3.3
14
1.9
72.9
65.7
7.3
77.6
52.3
48 6
3.7
12.0
4.4
76
7.5
3.7
15.8
6.3
9 6
5.8
8.0
8.5
4 0
4 5
1.8
4.0
2.0
3.2
3.2
23.5
11.9
11.6
24.1
11.8
12.3
10.6
25 6
12.5
13 1
11.8
9.9
4.5
5.4
9.0
9.7
9.8
4.3
5.5
3.1
4 5
4.5
106
3
30
14
15
13
12
5
6
177 5
6
?
Q
^
0
0
1
9
1
Revised figures. Quarterly unadjusted data for all components on unrevised basis and revised figures for the quarterly adjusted series
appear
in the BULLETIN for July 1946, p. 806, and January 1947, p. 88, respectively.
1
Revised figures. Quarterly unadjusted data have not yet been published.
• Based on new sources and not precisely comparable with previous years.
< Less than 50 million dollars.
NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business
for May and August 1942 and March 1943.
Back figures.—For annual totals 1929 through 1939, 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 1947
747
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1947
Apr.
30
May
May
14
May
21
May
28
In billions of dollars
WEEKLY FIGURES i
Chart
book
page
1947
Apr. M a y May May May
30
21
28
14
WEEKLY FIGURES^—Cont.
In unit indicated
BUSINESS CONDITIONS
RESERVES AND CURRENCY
Reserve Bank credit, total
2 22.21
U. S. Govt. securities, total.. 3 21.86
Bills
3 15.10
Certificates
3 5.65
Notes
3 .35
Bonds
3 .75
Discounts and advances
2 .13
Gold stock
2 20.77
Money in circulation
2 28.12
Treasury cash
2 1.33
Treasury deposits
2 .62
Member bank reserves
2,4 15.83
Required reserves
4 15.17
Excess reserves •
4 .65
Excess reserves (weekly average):
Total*
5
New York City
5
Chicago
5
Reserve city banks
5
Country banks «
5
22.07
21.68
14.78
5.81
.35
.74
.12
20.89
28.12
1.34
.56
.54
15.95 15.94
15.16 15.17
.79 v. 77
22.23
21.85
15.10
5.65
.35
.75
1.01
20.81
28.20
1.33
.65
15.88
15.23
.65
22.23
21.76
14.96
5.71
.35
.74
.14
20.88
28.13
1.34
.79
.01
()
.22
.55
.80
.01
22.02
21.59
14.57
5.92
.37
.74
.13
20.93
28.21
1.37
.75
15.71
15.19
Steel production (% of capacity)....
Electric power prod. (mill. kw. hrs.) .
Freight carloadings (thous. c a r s ) . . . .
Department store sales (1935-39
= 100)
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
37 96.4 90.6 94.2 96.1 95.4
37 4640 4653 4616 4663
45 883 884 888 891
45
279
311
277
1947
P.51
Feb
Mar.
Apr. 3
P.76
.01
MONTHLY FIGURES
()
.56
273
49 146.7 146.7 147.0 146.9 147.4
49 174.6 176.3 176.9 177.2 178.4
49 131.8 131.7 132.1 132.2 132.3
In billions of dollar.
RESERVES AND CURRENCY
.21
Reserve Bank credit
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 nd $20
b i l l
Coins, $1
$1, $2,
$ and $5 bills
P.53
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
1 4 55.18 54.94 54.86 54.80 54.92
Loans and investments
1434.7O 34.50 34.46 34.54 34.48
U. S. Govt. obligations
Demand deposits adjusted... 14 39.69 39.23 39.32 39.64 39.90
1.35
1.45
1.41
1.31 1.11
U. S. Govt. deposits
16.92 16.95 16.93 16.80 16.99
Loans
New York City:
18.48 18.33 18.1 18.16 18.22
Loans and investments
11.66 11.55 11.41 11.49 11.36
U. S. Govt. obligations, total.
Bonds and guaranteed
9.54 9.55 9.55 9.52 9.51
securities
1.89 1.83 1.80 1.75
1.89
Notes and certificates
.10
.12
.23
.03
.17
Bills
14.46 14.20 14.15 14.32 14.37
Demand deposits adjusted...
.40
.31
.43
.40
.37
U. S. Govt. deposits
3.90 4.00 3.99 3.86 3.83
Interbank deposits
s
1.31 1.31 1.31 1.31
1.31
Time deposits
5.72 5.72 5.68 5.62 5.82
Loans, total
4.07 4.00 4.01 3.95 3.93
Commercial
ALL BANKS IN U. S.
For purchasing securities:
.32
.60
.41
.44
.29
Brokers'—on U.S. Govts.
Total deposits and currency
Brokers'—on other secu.24 Demand deposits
.28
.27
.25
.24
rities
.25 Time deposits
.26
.25
.26
.29
To others
.80 Currency outside banks. . 4
.86
.72
.74
.83
AH other
U. S. Govt. deposits
100 cities outside New York:
36.69 36.61 36.72 36.64 36.70
Loans and investments
23.05 22.95 23.05 23.04 23.12
U. S. Govt. obligations, total.
CONSUMER CREDIT
Bonds and guaranteed
17.59 17.60 17.64 17.67 17.70 Consumer credit, total
securities
4.98 4.91 4.90 4.89 4.80 Single payment loans
Notes and certificates
.63 Charge accounts
.48
.43
.52
.49
Bills
25.23 25.03 25.17 25.31 25.53 Service credit
Demand deposits adjusted...
1.02
.80 Instalment credit, total
.94
.95 1.01
U. S. Govt. deposits
18,
5.93 6.04 6.13 5.
5.78
Interbank deposits
Instalment loans
9.39 9.41 9.42 9.43 9.43
Time deposits
Instalment sale credit, total....
11.20 11.22 11.24 11.18 11.18
Loans, total
Automobile
6.85 6.82 6.83 6.79 6.75
Commercial
Other
.86
.88
.86
.86
.88
For purchasing securities...
3.49 3.52 3.55 3.54 3.55
All other
6
6
6
6
6
6, 7
24.60
20.73
28.30
2.21
1.90
16.01
5.01
6.32
4.67
15.20
4.99
6.12
4.09
.81
.87
22.72
20.59
28.18
1.33
.72
15.93
5.00
6.29
4.63
15.10
4.98
6.07
4.05
.83
13
13
8
8
8
8
1.74
3.48
28.30
8.43
15.41
4.46
1.80
3.51
28.23
8.42
15.35
4.46
1.79
3.41
28.11
8.43
15.23
4.45
9 P165.40 P165.10
9 P80.60 P80.40
9 J»54.70 P54.90
9 P26.20 P26.00
P3.90
P3.80
9
P165.30
P81.40
P55.10
P26.00
P2.80
18
18
18
18
19
19
19
19
19
9.73
2.08
2.60
23.72
20.41
28.27
1.33
1.34
16.01
5.01
6.31
4.69
15.13
4.98
6.09
4.06
.63
.98
P10.05
P2.06
P2.77
P. 88
P4.34
P2.65
Pi. 69
P.69
Pi.00
P10.26
P2.05
P2.78
P.87
P4.55
P2.75
Pl.81
P.75
Pl.05
20
258.29
255.98
254.60
20
20
20
20
119.32
55.92
57.77
24.94
119.32
52.97
58.16
25.18
119.32
51.05
58.61
25.28
20
20
20
20
20
20
20
105.30
61.70
41.63
70.11
52.88
28.78
17.05
103.34
59.74
39.67
69.12
49.93
27.79
17.04
103.34
59.74
39.67
67.20
48.00
26.29
16.61
21
21
21
21
21
21
21
71.80
31.31
24.12
12.00
25.40
93.70
38.00
70.70
31.57
22.59
12.00
25.10
94.00
37.90
.87
4.17
2.56
1.61
TREASURY FINANCE
MONEY RATES, ETC.
Per cent per annum
U. S. Govt. securities:
Bills (new issues)
24 .376
Certificates
24 .84
Notes
24 1.18
Bonds (7-9 years)
24 1.48
Bonds (15 years and over) .24, 26 2.20
Corporate bonds:
High grade (5 issues)
26 2.47
Aaa
26 2.53
Baa
26 3.15
.376
.85
1.19
1.48
2.20
.376
.85
1.20
1.48
2.20
.376
.85
1.19
1.47
2.19
.376
.85
1.19
1.46
2.19
2.47
2.53
3.15
2.46
2.53
3.16
2.46
2.53
3.18
2.46
2.53
3.19
In unit indicated
Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares).
27
27
27
27
27
118
122
100
104
,80
118
122
99
104
.69
114
117
93
102
1.14
113
117
92
100
1.05
116
119
96
102
.75
U. S. Govt. obligations outstanding,
total interest-bearing
By classes of securities:
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds and tax n o t e s . . . .
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
31.62
21.86
For footnotes see p. 750.
748
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
Feb.
Mar.
2.55
MONTHLY FIGURES—Gont.
23
23
23
1.00
.376
1947
Feb.
Mar.
Apr.
In unit indicated
BUSINESS CONDITIONS—Cont.
2.53
1.00 Residential contracts (mill, dollars) :4
.376
Total
42
Public
42
Private total
42
In unit indicated
1- and 2-family dwellings
42
Other
42
Stock prices (1935-39=100):
Value of construction activity (mill,
129
124
119 dollars):
Total
27
133
128
123
Industrial
27
Total
49C
119
110
102
Railroad
27
Residential:
111
107
105
Public utility
27
Public
49C
1.18
.84
.91
Volume of trading (mill, shares)
27
Private
49C
Brokers' balances (mill, dollars):
Nonresidential:
573
576
55;
Credit extended customers
29
Public
49C
217
216
Money borrowed
29
Private
20.
49C
4
681
677
Customers' free credit balances....
29
66. Freight carloadings :
Total (1935-39=100)
43
BUSINESS CONDITIONS
Groups (points in total index):
Income payments (mill, dollars) :4
Miscellaneous
43
14,754 14,805 P14.672
Total. . ."
30
Coal
43
9,356 9,380 P9.320
Salaries and wages
30
All other
43
5,398 5,425 P5.352 Department stores (1935-39=100):*
Other
30
Cash farm income (mill, dollars):
44
Sales
1,745
Total
31
1,996
Stocks.
44
1,179
Livestock and products
31
1,322
Exports and imports (mill, dollars):
Crops
31
522
608
46
Exports
Govt. payments
31
44
66
46
Excluding Lend-Lease exports...
1.6
Armed forces (mill, persons)
32
1.6
46
Imports
1.5
Civilian labor force (mill, persons):
Excess of exports excluding Lend58.0
Total
32
58.4
59.1
Lease exports
46
42.1
Male
33
42.4
42.8 Cost of living (1935-39=100):
15.9
Female
33
16.0
16.3 All items
47
2.5
Unemployment
32
2.3
2.4
Food
47
Employment
32
55.5
56.1
56.7
Clothing
47
48.6
Nonagricultural
33
48.8
48.8
Rent
47
Agricultural
33
6.9
7.2
7.9 Wholesale prices (1926=100):
Industrial production:4
49
Total
Total (1935-39=100)
35, 49B
189
190
49
Farm products
Groups (points in total index):
49
Other than farm and food
85.2
Durable manufactures
35
'84.2
Machinery and trans, equip...
49B
'44.4
45.1
P44.5
Iron and steel
49B
21.0
21.6
21.5
Nonferrous metals, lumber, and
building materials
49 B
18.6
18.8
Nondurable manufactures
35
82.4 P80.7
82.5
r
Textiles and leather
49 B
22.1
22.2
P21.2
Food, liquor, and tobacco
49B
23.0
'23.2
P22.5
Chemicals, petroleum, rubber,
and coal products
49B
QUARTERLY FIGURES
23.1
23.2
P23.0
Paper and printing
49B
14.1
13.9
P14.0
Minerals
35, 49B
RECEIPTS
AND EXPENDITURES OF THE
22.2
22.5
P21.6
New orders, shipments, and invenU. S. TREASURY
tories (1939=100):
New orders:
Budget receipts and expenditures:
49D
Total
36
Total expenditures
253
P249
49D
Durable
36
National defense
293
P285
49
D
Shipments:
Net receipts
49D
Total
36
290
P288
Internal revenue collections, total.
49D
Durable
36
311
P312
Individual income taxes
49D
Nondurable
36
P272
275
Corporate income taxes
49D
Inventories:
Misc. internal revenue
Total
36
P217
213
Durable
36
P238
232
Nondurable
36
P198
197
MONEY RATES
Factory employment and pay rolls
Bank rates on customer loans:
(1939=100):
Total, 19 cities
Pay rolls
38
310.7 313.9
23
Employment
38
New York City
25
154.0 ^152.5
153.8
25
Hours and earnings at factories:
Other Northern and Eastern cities.
Weekly earnings (dollars)
39
Southern and Western cities
25
47.29 47.72 P47.44
Hourly earnings (cents)
39
117.0 118.0 P118.6
Hours worked (per week)
39
40.4
40.4
P40.0
Nonagricultural
employment (mill,
SECURITY MARKETS
persons) :4
Total
.
40
42.4 P42.0 Corporate security issues:
42.3
Manufacturing and mining
40
Net proceeds:
16.4 P16.3
16.4
28
Trade
40
All issuers
8.7
P8.6
8.6
28
Government
40
Industrial
5.4
*5.5
5.4
28
Transportation and utilities
40
Railroad
4.0
P3.7
4.1
28
Construction
40
Public utility
1.7
Pi. 7
1.7
Construction contracts (34 mo. moving
New money:
28
average, mill, dollars) :
All issuers
28
Total
41
618
541
Industrial
28
Residential
41
P228
280
237
Railroad
28
Other
41
338
304
P315
Public utility
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
2.55
1.00
.376
Chart
book
page
Apr.3
Per cent per annum
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
1947
270
20
250
220
30
249
13
236
197
39
215
15
200
160
40
745
785
848
32
247
24
260
16
275
119
347
190
367
142
144
357
146
79.4
31.8
30.9
82.8
31.3
31.6
80.7
25.3
30.4
269
275
••275
••273
274
264
136
Pi,153 Pl.327
vl,326
l 5
44
P715
P8S2
153.2
182.3
181.5
108.9
156.3
189.5
184.3
109.0
156.1
188.0
184.6
109.0
144.6
170.4
128.6
149.6
182.6
131.3
147.7
177.0
131.8
1946
JulySept.
1947
Oct.Dec.
Jan.Mar.
In billions of dollars
9.33
3.80
9.45
8.47
3.87
2.56
2.04
9.16
4.50
9.02
7.72
3.07
2.52
2.14
10.63
4.30
13.90
12.61
7.95
2.62
2.03
Per cent per annum
2 .32
1 .83
2 .43
2 .75
2.33
1.85
2.43
2.76
2 .31
1.82
2 .37
2 .80
In millions of dollars
876
31
490
1,801
966
105
668
1,018
438
53
442
809
564
28
200
1,336
686
74
537
673
283
43
284
1,482
For footnotes see p. 750.
JUNE 1947
749
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
1946
Chart
book
page
June
29
Sept.
30
Dec.
31
In billions of dollars
CALL DATE FIGURES
102.03
72.27
45.42
15.29
10.47
1.07
.02
6.46
99.71
68.23
11
11
10
11
11
11
3.31
3.15
23.30
9.69
4.27
3.62
3.08
24.78
11
11
11
10
2.40
2.48
2.46
67 46
10
10
11
11
11
11
11
10
.88
(5)
(5)
(5)
6.70
(5)
(5)
96.36 Country banks:
63.04
Loans and investments, total
46.22
U. S. Govt. obligations
10.04
Other securities
5.60
Loans
1.17
Demand deposits adjusted
.01
Time deposits
6.63
Dec.
31
Sept.
30
June
29
In billions of dollars
3.55
3.08
26.70
13.15
5.36
13
13
13
13
13
13
35.89
26.56
2.73
6.61
24.63
13.53
36.06
25.95
2.77
7.33
25.56
13.90
JulySept.
35.41
24.57
2.84
8.00
26.24
14.07
1947
1946
SELECTED DATES
Oct.Dec.
Jan.Mar.
.88
12
12
12
12
12
12
28.47
19.13
1.51
7 84
19.35
2.21
26.94
17.67
1.65
7.63
19.41
2.25
FARM REAL ESTATE VALUES
1.51
1.47
3.31 Cash farm income (bill, dollars, annua
70 24 basis
Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-Jub
1914—100)
25.60
16.22
1.51
7.87
19.78
2.30
12
12
12
12
12
12
37.68
26.59
2.23
8 86
23.48
10.45
36.71
24.61
2.28
9 81
23.85
10.67
35.35
22.25 Cash farm income (bill, dollars)
2.28 Farm transfers (number per 1000
10 82 farms):
24.22
Voluntary sales and trades
10.88
(»)
(5)
(5)
68 82
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deoosit*?
CALL DATE FIGURES—Cont.
1946
CLASSES OF BANKS—Cont.
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
Chart
book
page
In unit indicated
49A
23 5
49A
6
••28.8
28.8
• 159
152
49A
201
211
••221
49A
245
267
267
1946
1945
In unit indicated
49A
21.6
49A
49A
56.4
54.9
24.8
«1 Estimated.
v Preliminary.
»• Revised.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than $5,000,000.
3
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
4
Adjusted for seasonal variation.
5
Figures available for June and December dates only.
,
6
As of Nov. 1, 1946 (September quarter) and Mar. 1, 1947 (March quarter); no data available for December quarter since surveys are made
only three times a year.
NOTE.—Figures in this table are for the 1946 edition of the Chart Book. A revised edition of the Chart Book, which will be published
monthly and will be available about June 20, will contain all data available as of June 13. Beginning with the BULLETIN for July, this table will
show figures for the revised edition.
CONSUMER CREDIT *
Chart
book
page1
1947
Feb.
Mar.p
Chart
book
page1
Apr.P
9,728 10,049 10,256
4,343
4,553
4,172
2,650 2,748
2,563
1,693
1,609
1,805
2,768
2,602
2,782
2,080 2,062
2,049
876
874
872
9,728 10,049 10,256
5,706
5,703
5,556
2,921
2,954 2,938
876
872
874
1,609
1,693
1,805
978
1,002
1,052
599
261
619
263
654
273
Feb.
Mar.P
Apr.p
(In millions of dollars)
(In millions of dollars)
Consumer credit outstanding, total. . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding,
cumulative totals:2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
out2
standing, cumulative totals:
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6
1947
lonsumer instalment sale2 credit
granted, cumulative totals:
By automobile dealers
By furniture and household appliance stores
By department stores and mailorder houses
By all other retailers
Consumer instalment loan credit
outstanding, cumulative totals: 2
Commercial and industrial banks
Small loan companies
Credit unions
Miscellaneous lenders
Insured repair and modernization
loans
298
377
398
186
241
256
120
57
157
74
165
78
2,563
1,402
2,650
1,434
782
592
807
611
2,748
1,478
841
638
377
392
414
x
P Preliminary.
Annual figures for charts on pages 9-19, inclusive, will be published as soon as they become available.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
750
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks *
All
reporting
banks
Banks (Head Offices)
Dec. 31, 1942
Dec. 31, 1943
Dec. 31, 1944
Dec. 31, 1945
Dec. 31, 1946
Apr. 30, 1947P
Member banks
Total
Mutual savings
banks
Nonmember banks *
Total 2
National
State 2
Total
Insured
Noninsured1
Insured 2
Noninsured
14,682
14,579
14,535
14,553
14,585
14,597
14,136
14,034
13,992
14,011
14,044
14,056
6,679
6,738
6,814
6,884
6,900
6,922
5,081
5,040
5,025
5,017
5,007
5,012
1,598
1,698
1,789
1,867
1,893
1,910
7,460
7,299
7,181
7,130
7,147
7,137
6,667
6,535
6,452
6,416
6,457
6,456
793
764
729
714
690
681
56
184
192
192
191
191
490
361
351
350
350
350
3,739
3,933
4,064
4,090
4,138
4,182
3,602
3,797
3,924
3,947
3,981
4,019
2,615
2,793
2,892
2,909
2,913
2,948
1,592
1,741
1,813
1,811
1,781
1,802
1,023
1,052
1,079
1,098
1,132
1,146
987
1,004
1,032
1,038
1.C68
1,071
935
952
978
981
1,006
1,010
52
52
54
57
62
61
35
95
99
101
115
120
102
41
41
42
42
43
Nonreporting
banks
(nonmember
noninsured)
130
119
120
112
111
108
Branches and
Additional Offices'
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
1942
1943
1944
1945
1946
Apr. 30, 1947P
p Preliminary.
1
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 10 "cooperative"8 banks in Arkansas and 96 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks
are not
included in the total for "Commercial banks" and are included only once in "All reporting banks."
1
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial ag( nts of the Government; the number of such offices on the above dates was 40, 233, 308,241, 79, and 75, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monttary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list *
Federal Reserve
district or State
Total *
Total
United
Dec.
Dec.
Dec.
Dec.
Dec.
Apr.
States total:
31, 1942
31, 1 9 4 3 . . . .
31, 1944
31, 1945
31,1946 .
30, 1947P . . .
14,123
14,021
13,989
14,002
14,043
14,055
11,413
11,492
11,544
11,869
11,957
11,995
Member
banks
Nonmember
banks
6,670
6,729
6,806
6,877
6,894
6,916
4,743
4,763
4,738
4,992
5,063
5,079
Not
on
par
list*
2,710
2,529
2,445
2,133
2,086
2,060
By districts a n d
by States
State
Boston
New York
Philadelphia
Cleveland
1,165
1,165
Richmond
Atlanta
Chicago
St. Louis
1,013
1,151
2,477
1,468
786
527
487
934
845
487
934
845
2,420
1,115
1 276
1 747
1,736
986
506
876
502
602
335
800
648
724
152
134
197
441
476
337
999
498
310
190
474
755
601
269
1,421
617
128
981
275
233
674
11
110
4
Alabama. .
Arizona
107
10
99
192
141
85
5
66
113
92
22
5
33
79
49
Connecticut
Delaware
Dist of Columbia.
Florida
114
39
19
177
371
114
39
19
113
92
63
17
16
72
63
51
22
3
41
29
Idaho
Illinois
Indiana
Iowa
48
869
489
662
610
48
867
489
662
608
25
501
238
164
214
23
366
251
498
394
California
Colorado
....
JUNE 1947
112
129
64
279
2
2
Nonmember
banks
385
56
63
169
183
114
45
38
79
148
271
11
25
90
35
Michigan
Minnesota
Mississippi
Missouri
...
Montana
443
678
205
592
443
265
38
523
228
209
30
181
215
56
8
342
110
110
80
30
409
409
145
264
8
65
343
8
65
343
6
52
294
2
13
49
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island.
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
219
10
228
192
141
Total
Member
banks
385
157
63
169
183
New Mexico
227
624
57
353
Total1
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Nebraska
Nevada
New Hampshire
Apr. 30, 1947J»
Minneaoolis
Kansas City
Dallas
...
San Francisco
On par list l
Washington
West Virginia
Wisconsin
. ..
Wyoming
Not
on
,sr.
101
413
167
69
45
45
32
13
664
664
577
87
86
44
53
41
33
3
119
107
673
384
673
374
429
224
244
150
10
70
70
37
240
8
24
5
95
101
109
259
25
205
151
1 007
1 007
19
149
169
19
54
68
33
767
11
30
63
294
871
59
191
811
59
82
552
34
103
60
71
71
40
31
315
305
203
102
122
118
54
64
4
181
553
55
178
443
55
108
163
37
70
280
18
3
110
10
P Preliminarv.
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.
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, namelv. those that do not reoort to State
banking departments (see footnote 1 of preceding table), andI includes
industrial banks anci nondenosit trust companies whether or not
checks are drawn on them.
Back figures.—See annual reports and Banking and Monetary
Statistics, Table 15, and descriptive text, pp. 14-15
751
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1946
All Danks maintaining branches orl additional offices,
by class of bank
All banks, by class of bank
Commercial banks
Commercial banks
Geographic division
and State
Total
United States
14,585
New England
886
2
InNa- State
tional member sured
14,044 5,007 2 1,893 6,457
96
533
303
64
33
106
80
377
32
195
64
72
187
23
123
51
39
121
9
50
2,198
803
372
1,023
2,036
672
1,016
1,265
392
216
657
3,022
2674
489
871
434
2
554
911
239
126
373
78
95
West North Central. 3,266
678
649
Iowa
596
IMissouri
151
North Dakota
169
South Dakota
409
Nebraska
614
Kansas
3,265
677
649
736
181
97
596
81
151
169
409
614
41
35
127
174
1,611
41
179
20
315
180
1,600
39
170
20
315
180
469
13
63
9
131
76
227
45
New Hampshire....
Massachusetts
Rhode Island
Middle Atlantic
New York
New Tersev
Pennsylvania
East North Central. 3,033
677
Ohio
493
Indiana
871
434
Wisconsin
558
South Atlantic
Delaware
Maryland
Dist of Columbia
West Virginia
North Carolina
South Carolina
Georgia
Florida
227
348
2
149
316
184
149
316
184
23
49
60
East South Central. 1,106
390
Kentucky
294
Tennessee
.
1,106
390
253
93
203
24
Alabama
[Mississippi.
219
203
West South Central. 1,608
Arkansas
219
Louisiana... .
155
383
Oklahoma
851
Texas
294
219
70
66
1,608
219
717
50
851
434
475
110
200
39
155
383
33
200
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
475
110
8
5
Pacific
402
124
71
399
122
70
153
38
23
207
207
92
Washington
Oregon
California
47
55
142
44
10
59
8
Nonmember
banks
Member
banks
Total
47
55
142
44
10
59
15
26
77
23
3
12
Mutual savings banks
51
5
1
122
17
Total
Noninsured
690
57
9
Total
Insured
2
191
16
6
29
2
13
4
31
33
3
34
8
1
4
9
26
"i
376
186
357
81
38
13
47
7
160
131
112
229
18
647
187
113
127
150
2
7O
1,396
233
236
356
189
382
280 1,913
438
27
67
432
100
78
2
2
28
18
40
166
4
16
7
72
32
8
6
11
10
384
104
106
211
238
908
21
88
4
112
67
169
Non-
insured
263
196
593
34
56
34
92
33
24
24
11
1
31
23
4
10
5
1
272
150
26
42
190
9
70
2
71
15
15
15
17
9
29
3
2
3
2
336
31
53
31
1
1
1
1
6
53
162
2
5
5
9
2
7
16
2
2
6
2
1
4
1
219
104
87
36
90
50
37
16
5
2
63
59
31
12
13
3
239
39
51
3
58
88
239
39
51
3
58
88
36
9
9
3
12
3
35
16
162
14
6
39
1
13
4
29
80
4
1
165
2
119
165
2
119
9
2
149
7
114
5
17
24
2
1
17
24
2
1
2
4
2
1
15
20
166
8
30
12
162
38
93
4
16
1
1
3
4
6
i
1
1
2
43
43
12
27
3
6
5
4
27
12
6
25
51
51
6
3
41
7
12
3
2
6
2
2
2
3
3
74
16
14
27
7
4
53
10
59
57
21
11
19
6
755
248
41
285
3
25
5
168
5
28
162
16
10
20
116
673
147
56
61
261
107
38
10
11
15
8
2
22
1
160
33
47
16
10
21
7
12
3
74
16
2
7
56
25
5
20
4
28
1
58
18
15
1
9
34
1
40
5
5
5
58
18
8
1
8
27
27
13
20
18
44
13
5
25
2
6
6
5
6
1
6
5
4
1
6
5
4
1
173
65
34
26
3
3
74
20
3
2
1
5
28
2
2
1
34
1
2
2
1
41
11
8
23
12
8
111
154
4
1
2
19
3
4
97
244
106
208
131
Noninsured
Insured
1,086
22
7
2
Noninsured
124
25
3
8
68
12
8
337
2
57
1
3
InNa- State
tional member sured
350 1,176
8
23
Mutual savings banks
Nonmember
banks
Member
banks
8
1
27
1
53
46
3
4
1
1
1
16
27
3
40
17
1
13
3
23
1
6
3
2
2
2
5
5
3
1
1
51
12
327
50
11
7
18
7
2
9
1
32
9
8
22
3
145
1
1
1
1
For footnotes see p. 753.
752
FEDERAL RESERVE BULLETIN
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1946— Continued
All branches and additional offices, by class of bank 1
Commercial banks
Geographic division
and State
Member
banks
Total
All branches and additional offices
except offices at militarv
reservations, by location
Mutual
savings
banks
Nonmember
banks
Total
TTnitpd States
Rhorlp Island.
Middle Atlantic
Ohio
Illinois
Wp«it North Central .. .
Minnesota,
3,981
1,781
1,132
1,006
62
115
42
1,808
997
532
722
79
286
68
2
9
99
6
1
2
109
29
50
25
28
8
9
39
2
148
7
124
33
5
1
117
19
11
57
15
56
29
3
7
3
7
5
South Atlantic
District of Columbia
.•
Florida
East South Central
Tennessee
West South Central
Louisiana
Oklahoma
Texas
•
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Pacific
Washington
Oregon
California
.
7
10
7
9
1
10
6
3
76
8
20
20
6
57
20
3
1,044
766
951
694
301
189
553
448
91
54
140
124
71
29
21
3
605
605
141
219
232
176
83
3
176
83
3
41
14
3
113
14
198
145
198
145
69
14
86
6
239
6
239
6
29
6
133
161
41
76
25
44
2
44
2
20
2
1
1
1
468
15
108
35
453
14
94
35
121
1
9
143
44
34
2
5
8
7
138
72
37
27
101
28
9
13
22
54
303
1
120
29
243
32
124
11
1
201
9
154
7
23
24
2
16
852
656
93
72
5
16
13
7
42
6
48
5
11
136
18
39
102
12
25
11
8
6
156
63
11
124
37
13
19
12
14
2
86
29
12
45
161
30
30
3
161
30
30
3
13
24
21
2
10
2
5
136
4
3
177
34
68
23
177
34
68
23
72
17
32
22
19
7
11
1
86
10
25
21
31
52
52
1
51
1
87
87
37
3
47
20
62
1
4
20
62
1
4
1
31
1
4
25
3
19
28
25
113
113
91
42
42
40
1
6
35
12
17
1
6
35
12
17
1
1,071
116
75
1,070
115
75
880
880
106
70
714
4
2
3
1
11
1
13
19
890
38
1
3
f] 231
.V* 10
28
10
12
1
4
4
95
96
4
49
14
86
West Virginia
North Carolina
South Carolina
1
177
46
25
.
InNonsured insured
334
70
3
18
161
North Dakota
South. Dakota
Noninsured
In
head
office
city
4,138
138
East North Central
InNaState
tional member sured
Offices
at
military
tions
[n head In con- [n nonoffice tiguous contigcounty counties uous
counties
Outside head office city
4
31
2
5
12
1
12
2
1
1
3
\
2
156
4
57
34
31
98
113
6
• 7
1
1
26
14
7
8
13
4
13
42
•J
61
3
6
1
42
19
7
3
1
3
2
56
64
26
22
4
•2
o
20
6
30
2
6
4
9
3
3
2
8
14
6
1
7
2
6
47
16
31
3
4
1
4
22
34
50
2
3
9
30
6
2
1
1
3
\\
2
3
2
13
4
6
256
105
154
29
8
18
19
82
22
21
3
•
4
129
2
127
7
2
1
50
7
5
38
1
1
23
11
222
14
5
86
117
:
9
4
1
1
535
21
3
437
18
47
51
•
•
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 in operation only 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 are 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, June 1945, pp. 616-617, and June 1946, pp. 672-673.
JUNE 1947
753
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
755
Gold production. .
756
Gold movements...
756
International capital transactions of the United States
Central banks . .
s
. 757-762
. 763-766
Money rates in foreign countries. . .
767
Commercial banks .
768
Foreign exchange r a t e s . . .
769
Price movements:
Wholesale prices . .
770
Retail food prices and cost of l i v i n g . . . .
771
Security prices...
771
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 arc 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.
754
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina 1
Belgium
Brazil
Canada
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
431
466
353
354
1658
1939
U.lll
403
581
609
734
734
735
734
32
40
51
70
115
254
329
354
192
214
27
5
6
5
6
2
361
1946—May.... 20,242
20,270
June
J u l y . . . . 20,267
20,280
Aug
Sept.. . . 20,305
20,402
Oct
Nov.. . . 20,470
20,529
Dec
20,748
1947—Jan
20,330
Feb
Mar.. . . 20,463
20,774
Apr
398
406
407
407
P424
P460
P483
P563
P645
P706
?726
761
761
756
750
722
726
726
735
723
691
633
634
360
359
358
357
355
354
354
354
354
354
5
6
6
7
7
7
7
2 543
6
7
7
6
Japan
Java
End of month United
States
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
End of month
716
Iran
India (Persia)
Italy
193
144
120
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dtc
1945—Dec
274
274
274
274
274
274
274
274
26
26
26
26
34
92
128
131
1946—May....
274
274
274
274
274
274
274
274
274
274
274
124
124
124
Sweden
Switzerland8
Turkey
United
Kingdom
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
321
308
160
223
335
387
463
482
701
549
502
665
824
6 965
1,158
1,342
29
29
88
92
114
161
221
241
2,690
1946—May...
June
July
Aug.
Sept
Oct
Nov....
Dec
1947—Jan
Feb
Mar....
Apr
473
473
470
474
472
469
426
381
348
324
265
217
1,374
1,376
1,393
1,396
1,412
,408
,418
1,430
1,432
1,431
1,432
241
240
240
240
237
236
235
237
238
238
233
226
June
July....
Aug
Sept
Oct
Nov.. . .
Dec
1947—Jan
Feb
Mar
Apr
End of month
80
90
140
235
4 216
164
164
164
s 164
1
Colombia
Cuba
30
30
30
31
36
54
79
82
24
21
17
16
25
59
92
127
1
1
16
46
111
191
82
83
81
73
73
71
71
65
63
54
133
134
135
141
142
143
144
145
147
125
126
98
Chile
201
201
201
201
211
221
221
226
New
Mexico Netherlands Zealand
29
32
47
47
39
203
222
294
998
692
617
575
506
500
500
270
23
23
23
23
23
23
23
23
250
235
229
218
213
200
191
181
170
148
149
149
270
270
270
270
265
265
265
265
265
245
197
197
23
23
23
23
23
23
23
23
23
23
23
Uruguay
Venezuela
Yugoslavia
69
68
90
100
89
121
157
195
52
52
29
41
68
89
130
202
57
59
82
4
83
204
204
205
205
205
205
200
200
200
200
215
215
215
215
215
215
215
215
B.I.S.
Czecho- Denslomark
vakia
France
83
56
58
61
61
61
61
61
53
53
52
44
44
44
44
38
55
55
52
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090
61
61
61
61
61
61
61
38
38
38
38
38
38
38
38
38
32
32
32
52
52
52
52
52
52
53
53
53
53
796
796
796
796
796
796
796
796
796
796
696
696
Norway
Peru
Poland
94
94
•84
20
20
20
21
25
31
32
28
85
«84
Portugal
69
69
59
59
59
60
60
60
Germany
29
29
29
29
29
29
29
Other
14
7
12
12
21
45
37
39
39
39
41
41
40
40
40
32
28
28
Greece
Hungary
27
28
28
28
28
28
28
37
24
24
24
24
24
24
24
24
24
24
24
27
Ruma- South
nia
Africa
133
152
158
182
203
260
267
269
25
23
23
23
24
24
24
24
24
1
Figures through March 1940 and for December 1942, December 1943, and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad
and gold belonging to the Argentine Stabilization Fund.
P Preliminary.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
are included also.
8
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.
8 Beginning December 1943, includes gold holdings of Swiss Government.
7
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, Finland, Guatemala, Iceland, Ireland beginning February
1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have
been carried forward from last previous official report.
s Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
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 1947
Egypt
220
249
367
366
634
706
814
914
1,080
1,046
1,027
1,001
970
965
941
939
886
851
803
Spain
3
525
42
42
91
105
110
111
111
111
111
111
111
111
111
111
111
111
Government gold reserves 1 not included in
previous figures
United
End of month United
States Kingdom
1938—Dec
1939—Mar
May
June
Sept
Dec
1940—June....
Dec
1941—June....
Dec
1942—June...
Dec
1943—June....
Dec
1944—June
Dec
1945—June
Dec
1946—Mar
June
Sept
Dec
80
154
85
164
156
86
48
89
25
8
12
11
43
21
12
81
18
54
71
113
177
2 759
1,732
France
331
559
477
Belgium
44
17
«876
292
* 151
17
17
17
17
17
17
17
17
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
8
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of England on that date.
< Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details regarding special internal gold transfers
affecting the British and French institutions, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for February 1945, p. 190.
755
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
Year or
1938
1939
1940.
1941.
1942.
1943.
1944
1945
1946.
1946—Anr
May
July
Aug . . . .
Sept
Oct
Den
1947—Tan.
Feb .
Mar
.
Africa
production Total
reported South 1f Rho- 1 West
outside
U.S.S.R.* monthly 1 Africa desia 1 Africa'
$
1,136,360 958,770 425,649 2ti.532 24.670
1,208,705 1,020,297 448,753 28,009 28 ,564
1,297,349 1,094,264 491,628 29,155 32 ,163
,414
1,288,945 1,089,395 504,268 27,765
966 132 494 439 26 64.1 70 225
760,527 448,153 2^*.OO9 19 ,740
682,061 429,787 20,746 18 ,445
646 914 427,862 19 888 18 ,865
668,973 417,647 19.061 ?0 ,475
,645
1,609
53,900 34,793
610
1,609
55,857 36,740
54,749 35,732
,715
1,654
,750
57,193 36,657 11,643
60,795 35 553 L 646 ,750
1,578
57,221 34,509
,715
r
785
1,579
59,464 35,922
1,527
55 424 33,823
,820
,820
56,977 34,184
,585
524
785
34 021
19 965
502
,750
28,665
Production reported monthlyr
North and South America
Belgian United CanMex- Colom- Chile Nica-7
Congo* States* ada*
ico"
bia
ragua
grains of gold • /i >fine;i. e., ait own ce of fine gold=$.
8,470 178.143 165,379 37 306 18 225 10 290 1 557
8,759 196,391 178.303 29 426 19,951 11,376 3 ,506
•8,862 210.109 185.890 30 878 22.117 11,999 5 ,429
209.175 187,081 ?7 969 22 961 9,259 7 525
130 963 169 446 ^8 010 20 882 6 409 s 623
48,808 127,796 7 7 055 19 789 6 081 7 715
35,778 102,302 17 779 19 374 7,131 7 ,865
32,511 94 385
17 734 6 282 6 985
56,890 98,994
15 301 8 068
357
3,226 8,338
1 193
451
580
3,158 8,412
1,350
425
488
3,416 8,203
342
1 094
563
3,993 8,384
1,335
665
456
8,310 8 092
377
1 048
448
6,798 8,047
1,425
354
379
5,930 8,429
1,332 1,384
654
4,900 8 092
1 161 1 203
657
6,255 7,961
559
1 088
864
7,612 8 184
1 423
566
5 483 7 775
1 276
581
5,500 9,212
555
Other
Austra-I Britiih
lia« 1 India'
51 264
11 284
7 * 560
8 820
6 ,54S
% 950
585
56 ,182 11 ,078
55 .878 10 ,157
S1 ,039 0 940
ft 960
47 525
16 310
16 450
71 595
1 435
1 ,610
1 540
1 ,785
•* 080
1 ,925
1 ,925
1 925
? ,170
o 205
1 820
6M)
455
490
*?5
490
490
S?5
315
490
525
490
490
' Revised.
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, b u t 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 a n n u a l
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
« Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
Coast only.
' Beginning M a y 1940, monthly figures no longer reported.
< Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures
represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193
§0 t h a t aggregate for year is equal to annual estimate compiled by Bureau of the Mint.
• Figures for Canada beginning 1945 are subject to official revision.
• Beginning April 1942, monthly figures no longer reported.
T
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.
N O T E . — F o r explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, p p .
233—235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
In t h e period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD M O V E M E N T S
U N I T E D STATES
[In thousands of dollars a t approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Total
Year
net
or
month imports
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1947
Jan.
Feb.
Mar.
Apr.*
United
Kingdom
France
Belgium
lands
Switzerland
Mexico
Other
PhilLatin
ipAmeri- pine
can ReIspublics lands
36,472
65,231
76,315
1,973,569 1,208,728 81,135 15,488163,0491 60,146 1,363
33,610
57,020
3,574,151 1,826,403
3,798165,122 341,618 28,715 86,987 612,949
977 63,260161,489|90,320 2,622,330
29,880 128,259
4,744,472 633,083 241,778
61,862
1
16,791
3,779
1,747| 899 412,056
982,378
39,680
40,016
1,955
315,678
5 208,917
13,489
66,920
-3,287
88
68,938
46,210 -109,695 -108,560
-845,392 -695,483!
-41,748
53,148
15,094
1601
-106,250
344,130
458
3,591 -134,405
-14
311,494
-27,028
36,329
6,347
15,210
-7,629
24,182
77,903
-61,193
-16,820
20,361
153,634
44,050
2
383
2
9
-120
-31
27,880
35,636
38,627
42,678
321
Australia
39,162
74,250
103,777
67,492
528
152
199
103
106
-156
41
South
Africa
Japan
British
India
All
other
countries
13,301
401 168,740 16,159
22,862 165,605 50.956 16S,62S
184,756 111,739 49,989 2284,208
292,893 9,444 9,665 •63,071
20,008
129
4,119
-8,731
307
18,365
3,572
-133,471
357
118,550
-2,613 6-18,083
127
32,277
639
649
197
134
25,248
27,473
-33
34
29
902
476
2,328
516 - 8 , 5 0 2
-6
82 - 2 9 , 1 9 8
4,523
198
621
1,065
449 -110,276 - 1 5 1
13
2
41
15 19,886
17,902
19,912
38,601
17 18,883
-236
-398
-682
-430
-868
51,174
30,319
101,642
26,341
443 - 9 7 , 5 7 9 - 1 3 2
222 - 3 0 . 3 4 1 - 4 9
221 -13,269 - 1 2 9
-9,793
2,898
122
32,544
37,490
66,674
11 26,376
- 3 7 4 -2,899
- 5 5 6 «-16,734
-1,140
-214
1.390
-515
«-27,155
7
3.112
7
2,865
7
2,887
7
3.785
103
'12,415
'3,279
* Preliminary.
i Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, a n d $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, a n d $15,570,000
from other countries.
« Includes $44,920,000 from U. S. S. R. a n d $18,151,000 from other countries.
< Includes $133,980,000 to China and $509,000 from other countries.
« Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
« Includes $27,229,000 to China and $75,000 from other countries
11ncludes imports from U. S. S. R. as follows: June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000; November,
$11,793,000; December, $4,492,000.
• Includes $14,000,000 to China a n d $2,734,000 to other countries.
N O T * . — F o r back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, a n d for description of statistics, see p . 524 in t h e sam«
publication-
756
FEDERAL RESERVE BULLETIH
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
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
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).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1).
June (July 1).
Sept. 30
Dec. 30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
16^5
23.2
12.9
1937—Mar. 31.
June 30.
Sept. 29.
Dec. 29.
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3,301.3
3,140.5
3,567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
,436.2
,686.5
,927.3
,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
,012.9
,195.4
,281.1
,999.9
,907.8
,980.5
,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2).
June (July 2).
Sept. (Oct. 1).
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
,388.6
,459.8
,424.0
,177.1
,841.0
,818.2
,817.7
,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar.
June
Sept.
Dec.
5,219.3
5,636.4
5.798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
,068.9
,352.8
,482.2
1,557.2
,752.0
,864.2
,873.5
,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.
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
8,002.6
8,422.8
8,858.6
8,802.8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2,354.3
2,357.9
2,487.2
2,675.5
848.5
760.4
865.3
742.7
983.7
1,011.2
998.2
972.8
820.6
848.4
818.4
798.7
130.5
131.8
134.6
144.1
1946—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.,
June 30.,
July 31..
Aug.31..
Sept. 30..
Oct. 31..
Nov. 30.,
Dec. 31..
8,822.9
8,775.1
8,730.8
8,674.4
8,405.8
8,338.2
8,496.2
8,344.2
8,250.1
8.280.2
8,270.4
8,009.5
6,234.7
6,173.0
6,169.3
6,124.6
5,896.2
5,853.5
6,149.7
6,009.3
5,930.8
5,925.3
5,936.8
5,726.1
3,601.6
3,473.9
3,455.2
3,344.7
3,119.6
3,042.9
3,386.6
3,197.6
3,083.3
3,041.4
2,974.1
2,787.4
2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.2
2,811.7
2,847.5
2,884.0
2,962.7
2,938.7
729.2
728.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
1,097.8
1,067.2
1,073.0
1,076.1
1,104.2
1,103.9
1,125.3
1,141.9
1,170.7
1,196.9
1.231.5
1,237.9
625.9
672.4
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
135.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7
1947—Jan. 31
8,047.3
5,719.6
2,835.0
2,884.6
404.8
1,308.2
464.4
150.4
(Apr. 1).
30 2
30
31
i This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and'Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); beginning
Jan. 31, 1946, accounts of international institutions; and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury.
«The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred OD July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistic*}
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for thoae subsequent to 1931 see
BULLETIN for September 1945, pp. 960-974.
JUNE 1947
757
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINGE 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
Switz
erland
Germany
Italy
1935—Dec. (Jan. 1, 1936). ..
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). ..
1939—Dec. (Jan. 3, 1940). ..
1940—Dec. (Jan. 1, 1941). ..
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31. •.
1945—Dec. 31
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
,440.7 554.9 210.2
,667.4 829.3 299.5
,501.1 993.7 281.7
,933.0 1,183.8 339.6
,112.8 1.101.3 468.7
,807.9 865.2 670.3
,354.1 674.1 639.9
,980.2 837.8 625.9
,267.1 1,257.7 636.8
1,090.0 585.7
^802^8 892.5 464.2
,775.1 804.7 531.6
,730.8 719.1 515.1
674.4 709.5 453.3
405.8 585.8 464.1
485.3 432.5
756.0 419.4
496!
344.2 624.1 393.2
665.1
421.1
250.1
280.2 736.3 433.1
270.4 640.9 401.7
009.5 563.1 384.8
047.3 585.6 369.4
114.5
229.7
311.9
328.6
470.3
455,6
464.4
474.0
487.7
506.2
539.7
525.8
536.5
528.2
426.3
411.9
389.4
376.4
370.1
351.1
322.8
326.4
319.1
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
731.1
728.8
730.4
725.4
737.0
741.0
752.5
745.9
756.3
760.9
766.1
769.5
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.7
179.4
179.3
179.3
179.2
179.3
179.6
179.6
179.3
180.0
180.4
183.8
181.9
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
133.5
136.2
159.0
165.7
170.4
196.9
201.0
203.5
213.4
228.0
287.5
342.8
Other
Total
Europe Europe
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
1,132.1
1,125.5
1,116.7
1,140.0
1,152.2
1,138.3
1,108.5
1,085.2
1,064.6
1,068.7
1,069.1
1,062.5
1,077.6
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4.081.8
4,037.0
4,031.7
3,931.7
3,899.6
3,698.7
3,554.8
3,790.7
3,612.0
3,649.5
3,738.9
3,603.8
3,574.2
3,645.8
r u. s.,BY
From Jan. 2,1935, through—
Total
1935—Dec. (Jan. 1, 1936). . .
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
1940—Dec. (Jan. 1,1941)...
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—Dec 31
1945—Dec 31
194(5—Feb 28
Mar 31
Apr 30
. . . .
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov 30
Dec 31
1947—Jan. 31
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
6,173.0
6,169.3
6,124.6
5,896.2
5,853.5
6,149.7
6,009.3
5,930.8
5,925 3
5,936.8
5,726.1
5,719.6
Latin
America Asia*
(2)
150.5
106.3
155.3
229.4
411.7
340.5
425 1
760.3
976.4
1,395.7
,357.0
,370.5
,347.7
306.2
313.2
278.7
1,223.5
1,177.7
110.6
067. C
70.9
201.2
410.6
384.6
483.4
606.8
567.5
835.8
951.0
,193.7
,338.4
,350.7
,391.5
,400.9
,431.5
,471.6
,486.1
,566.2
,544.8
,569.6
,546.4
,474.0
967.1 1,466.3
156.5
243.0
315.4
302.7
522.6
642.6
691.1
932.9
,161.6
,273.6
,784.1
,764.9
,716.5
,723.1
,677.5
,560.3
,492.1
,425.4
,365.9
.326.6
,327.4
,258.3
,217.1
All
other1
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
270.9
320.6
303.1
291.9
438.4
448.5
517.0
512.2
534.5
725.8
723.4
751.0
COUNTRIES
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
569.2
492.4
492.1
373.0
273.7
599.7
464.0
509.0
576.8
485.5
397.6
423.0
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
265.6
278.4
278.3
251.8
239.5
217.5
210.5
222.4
199.1
185.8
208.2
195.6
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
298.3
303.2
306.5
305.3
314.6
318.8
341.1
333.1
345 5
353.2
359.0
363.6
-.8
2.7
9.6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.3
-23.5
-23.6
-23.6
-23.7
-23.9
-23.8
-23.8
-23.8
—23.4
-23.0
— 23.1
-25.0
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
77.2
80.2
103.1
110.2
116.6
145.2
154.0
158.6
168.6
185.2
247.6
300.7
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
769.1
742.0
738.0
760.9
777.6
771.5
742.2
715.0
703.2
712.1
716.1
710.3
726.0
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
300.5
284.3
225.7
239.5
205.8
195.1
170.6
195.4
204.5
181.2
165.8
157.0
Canada
453.5
588.9
791.7
1,010.7
1,655.4
1,986.3
1,766 9
1,697 5
2,271.2
2.193 7
2,223.4
2,229.2
2,152.8
2,143.0
2,033.7
1,897.9
2,194.8
2,031.4
2,097.9
2,183.0
2,084.0
2,065.5
2,141.0
Canada
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399.5
704.7
818.6
1,414.2
1,241.8
1,251.8
1,236.2
1,140.3
1,155.8
1,176.4
1,111.6
1,069.6
995 4
937.4
823 9
748.0
Latin
America Asia*
All
otherj
33.5
87.0
149.3 149.4
166.3 217.0
127.6 251.8
215.1 417.0
326.4 531.2
296.7 541.4
482.8 743.9
578.7 928.2
794.7 888.6
924.9 1,369.1
922.0 1,542 9
972.4 1,505.0
956.2 1 518 7
986.5 1,475.0
1,029.7 1,360.8
1,052.8 1 306 8
1,105.0 1,256.9
1,059.2 1,215.8
1 058 9 1 178 7
1,029.3 1,183.9
983 3 1 135 7
1,010.3 1,082.9
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
237.0
287.3
270 6
260.6
409.3
418 9
504.4
488.3
509 3
702.3
717 7
737.5
Latin
America
Asia*
All
other1
20.1
37.3
24.9
30.4
51.6
18.7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2
34.8
17.7
64.7
68.3
93.8
55.7 102.7
37.0
77.7
99.2
9.1
6.8
*5.5
-10.4
75.5
71.9
1.9
74.7
10.0
72.8
3.3
71.9
-2.4
61.1
-17.3
56.4
-14.6
54.8
-14.1
54.1
-.32.2
29.9
-58.8
34.6
-92.4
-1.6
-4.4
-8.7
-7.0
-.8
2.1
-1.2
6.6
7.5
-.3
1.5
.9
.4
-.2
-1.5
-3.9
-3.4
-4.2
-3.7
-3.1
-4.4
-5.8
-8.4
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
Total
United
King- France
dom
Netherlands
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
728.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
404.8
208.8
178.0
207.
206.
252.2
269.2
271.2
279.4
272.1
266.1
266.6
265.7
263.4
260.4
259.4
261.5
216.2
226.2
226.7
235.5
236.1
244.3
241.5
— .4
-3.3
-4.4
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-17.5
-17.1
-24.7
-99.9
-100.7
-101.0
-104.2
-118.4
-110.2
-120.2
-132.3
-117
1
2
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
78.0
78.4
78.3
78.2
78.2
78.1
75.7
76.0
76.1
75.1
75.0
7.3.4
69.2
Switzerland
Germany
Italy
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
5.2
3.2
2.5
1.6
.1
1.6
1.4
3.4
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
200.4
200.4
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.2
26.1
26.0
25.5
24.1
22.2
17.8
15.9
16.0
13.7
10.6
11.7
2.6
3.7
1 .8
-1.7
-3.5
Other
Total
Europe Europe
8.8
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
38.3
61.1
57.9
61.0
58.5
51.3
45.9
49.1
39.5
35.1
32.1
26.6
25.6
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
614.0
608.1
599.3
518.8
512.9
457.3
465.2
439.2
452.0
435.4
421.3
426.9
Can-
-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
39.5
21.6
30.0
28.2
42.8
39.3
50.6
49.3
42.6
43.2
40.0
40.7
44.1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Inflow less than $50,000.
758
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 dollarsl
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, t h r o u g h 1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947— Tan. 31
1, 1936). .
4, 1939). .
3, 1940) . .
1, 1941). .
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
,019.4
972.8
,067.2
,073.0
,076.1
,104.2
,103.9
,125.3
,141.9
,170.7
,196.9
,231.5
,237.9
,308.2
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
51.0
51.1
51.2
51.1
51.0
50.9
49.9
49.9
49.5
49.1
50.2
50.0
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
33.4
33.1
33.2
33.3
33.2
33.1
31.4
30.3
29.1
27.5
26.0
24.7
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
45.0
45.0
45.1
44.9
45.0
44.9
36.4
37.4
34.5
31.0
31.2
31.5
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
36.7
36.9
36.9
36.9
36.9
36.9
36.9
36.9
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.3
27.3
27.3
27.3
27.3
27.3
27.1
27.1
26.8
26.7
26.7
27.0
46.1
87.9
115.2
167.8
189.0
196 4
201.8
207.6
210.1
210.4
212.8
212.6
212.9
213.1
213.3
213.8
221.5
220.7
221.3
221.1
220.3
223.3
224.9
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
113.9
112.4
110.8
110.9
109.7
107.3
101.5
100.4
98.3
95.0
96.8
98.1
Canada
143.1 - 3 9 . 7
1.7
278.3
10.5
366.4
-9.7
440.6
—7.6
495.2
510 0
25.0
521.3
35.4
526.3
-3.0
530.3
41.2
530.1 104.9
523.8
49.1
519.7 144.3
518.3 149.1
517.2 147.8
517.3 169.8
516.7 166.2
521.9 179.7
503 8 193.7
503.4 200.2
496.2 207.7
486.5 226.4
491.2 236.6
493.0 290.0
Latin
1
America Asia
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
320.5
323.1
328.8
334.4
338.1
341.0
378.2
390.3
414.2
439.9
448.4
453 .2
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
60.6
60.4
60.C
59.5
59.8
59.7
59.7
59.4
59.4
59.5
61.1
61.0
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
22.1
22.1
22.5
22.9
23.0
23.0
6.5
17.4
19.3
19.3
.7
10.9
Asia1
All
other1
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
71.9
71.3
67.7
63.8
62.1
49.7
43.4
30.5
29.7
25.0
26.8
33.4
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.9
9.7
9.4
8 9
8.5
8.4
8.3
8.8
8.6
7.5
6.9
8.8
9.1
All
other1
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, t h r o u g h -
Total
1935-Dec. (Jan. 1, 1936). .
1936—Dec. 30
1937-Dec. 29
1938—Dec. (Jan. 4, 1939). .
1939—Dec. (Jan. 3, 1940). .
1940—Dec. (Jan. 1, 1941). .
1941— Dec. 31
1942—Dec. 31
1943—Dec. 31.
1944—Dec. 31
1945—Dec. 31
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
316.7
917.4
,162.0
,219. 7
,133. 7
7
626.7
673.3
701.1
911.8
798.7
672.4
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
464.4
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
77.0
77.2
74.0
71.1
73.3
73.4
73.0
77.6
81.6
74.3
74.9
73.0
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239,0
233.5
228.1
226.1
225.8
225.2
224.0
223.6
222.9
220.1
216.8
213.6
207.0
199.4
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
353.8
346.1
345.2
342.8
342.3
342.1
335.6
335.8
334.7
336.3
337.9
338.4
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
-30.4
-30.4
-30.4
-30.5
-30.5
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4
-30.4
-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
— .1
.6
1.9
2.2
2.4
2.1
2.0
2.1
1.8
1.7
1.6
1.7
1.6
2.0
2.1
3.0
12.9
38.5
55.7
56.6
60.4
64.9
67.3
75.3
86.3
103.2
98 5
96.8
94.7
91.9
89.8
88.8
85.6
86.8
86.4
86.4
85.9
87.7
87.0
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-164.7
-169.2
-173.0
-176.7
-179.0
-186
-186
-189.7
-193.4
-104.9
-194.9
-196.2
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
562.8
546.5
535.4
524.0
520.9
509.8
502.8
501.6
497.2
486.7
484.3
474.2
CanLatin
ada America
2
3.7
32.6 15.5
37
18.2
25
23.7
30.1
-2
25.6
-18.4
28.1
-44.7
35.2
-45.1
40.5
-58.2
- 2 8 . 1 54.9
-126.6 81.3
-69.6 97.6
- 8 0 . 3 98.2
-83.9 102.7
- 6 6 . 3 89.7
- 6 6 . 8 90.3
-147.7 86.1
-150.3 87.5
-153.9 91.5
-155.7 93.4
-158.2 94.1
-143.0 87.6
-137.1 84.9
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—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1VJ8—Dec. (Jan.
1939—Dec. (Jan.
1940— Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1Q44— Dec. 31
1945—Dec. 31
1946—Feb. 28 .
Mar. 31
Apr. 30
May 31
June 30
July 3 1 . .
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Total
6.0
12.9
47.5
47.6
4, 1939). . .
80.6
3, 1940) . . .
1, 1941) . . . 100.9
100.9
104.4
117.8
126.3
144.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7
M50.4
1, 1936) . . .
United
Kingdom
France
Netherlands
Switzerland
()
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.8
20.7
20.0
19.2
19.1
19.3
18.9
19.2
18.6
19.2
10.2
19.2
19.2
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23 1
23.4
24.7
24 1
24.3
24.2
24.3
24.4
23.7
22.1
22.4
22.0
20.5
20.1
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
26.0
16.2
16.1
15.7
16.0
15.9
16.1
15.8
15.7
16.3
16.1
17.5
17.3
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
30.3
30.9
32.1
32.0
32.2
33.4
33.8
35.9
36.9
37.9
38.6
39.6
39.5
Germany
-.2
-.7
i
2)
—A
-.2
— .2
-.1
-.2
-.3
<*)
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia1
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
13.6
13.1
13.3
13.1
12.9
12.9
13.2
13.7
14.2
14.1
14.8
14.6
14 2
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
113.6
105.9
106.0
104.8
105.0
106.3
107.0
108.9
107.5
110.4
111.2
11?.0
110.8
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
19.5
18.9
19.9
19.4
19.6
18.5
19.8
19.1
19.2
20.1
21 .5
21.5
22.1
1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
5.9
3 9
8.2
11.3
10.9
10.2
8.5
12.9
18.3
17.1
15.3
13.4
10 3
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6.0
6.0
5.6
3.8
3 9
4.5
4.8
4.1
4.8
3.9
4.4
3.7
4.0
5.0
4.8
5.3
-.9
()
.3
2.1
.7
.8
.9
1.3
1.8
1.3
1.3
1.3
1.3
1.4
1.5
1.7
1.6
1.6
1.5
1.8
2.0
1.9
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
24 Inflow less than $50,000.
' Outflow less than $50,000.
Amounts outstanding Jan. 31, in millions of dollars: foreign brokerage balances in United States, 103.2; United States brokerage balances
abroad, 29.7.
JUNE 1947
759
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
Total1
Official
United
NethKing- France
erdom
lands
Switzerland
Germany
Italy
669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
92.4
130.3
232.5
427.1
473.8
781.0
1,418.9
1,314.9
2,244.4
3,320.3
3,335.2
4,179.3
76.9
205 5
235.7
261.5
436.1
448 2
365 5
400.8
554.6
1,000.8
865.7
707.7
33.9
163.5
176.3
143.9
187.4
288.2
490 1
448.6
432.3
439.9
401.2
310.0
12.9
68.6
78.8
89.1
101.8
204.9
174 3
174.9
186.6
193.3
209.7
281.6
13.7
86.1
123.5
302.1
218.8
376.3
508 4
339.9
184.2
210.6
239.3
304.2
29.9
29.0
32.0
39.0
17.8
9 5
6.7
6.6
7.5
6.5
6.8
7.0
18.8
26.1
41.7
25.7
20.4
38 5
17 9
15.4
12.1
11.3
27.3
70.4
46.8
107 5
126!3
156.0
255.5
516.9
650 6
608.0
643.4
722.1
767.7
902.1
46,931.4
6,927.8
6,883.1
6,654.6
6,612.0
6,908.2
6,767.8
6,689.3
66,679.5
6,691.0
6.480.3
6,473.7
^4,204.1
4,185.4
4,074.9
3,849.9
3,773.1
4,116.8
3,927.8
3,813.6
3,771.6
3,704.4
3,517.6
3,565.2
630.5
553.8
553.4
434.4
335.1
661.1
525.3
570.3
638.1
546.8
458.9
484.4
380.7
364.5
305.8
319.7
286.0
275.2
250.8
275.5
284.6
261.4
245.9
237.2
282.2
295.0
294.9
268.4
256.1
234.1
227.1
239.0
215.7
202.4
224.9
212.2
316.2
321.2
324.4
323.2
332.5
336.7
359.0
351.1
"359.1
366.8
372.6
377.2
6.8
6.6
6.6
6.5
6.4
6.4
6.5
6.4
6.8
7.3
7.1
5.3
97.5
100.5
123.4
130.5
137.0
165.5
174.3
178.9
188.9
205.5
267.9
321.0
875.0
871.0
894.0
910.6
904.5
875.3
848.0
836.2
845.1
849.1
843.4
859.0
Official
and
private
Date
1934—Dec. 8
1935—Dec»
1 9 3 6 — D e c . 30
1937—Dec. 29
1938—Dec."
1030—Dec« . . .
1940—Dec 8
1 9 4 1 — D e c . 31
1 9 4 2 — D e c . 31
1 9 4 3 — D e c . 31
1 9 4 4 — D e c . 31
1 9 4 5 — D e c . 31 . . . .
1946—Feb.
Mar.
Apr.
May
28....
31....
30....
31....
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1947—Jan.
30
31....
31
30
31....
30....
31....
31....
Canada
Total
Other
Europe Europe
Latin
All
America Asia 2 other 2
99.3 122.8 202.8
232.9
686 3 145 3 156 3 289 8
814.3 186.1 263.9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201.8 248.5 435.5
1,882.6 274.6 336.0 655.7
2,213 5 434.3 447.3 769.9
1,994.0 373.2 417.7 780.0
2,020.7 507.4 597.7 930.0
2,584.5 812.6 693.7 1,108.8
2,517.8 926.5 909.3 1,069.2
2,583.0 1,522.2 1,046.4 1,549.7
2,588.8
2,512.4
2,502.5
2,393.2
2,257.4
2,554.4
2,391.0
2,457.4
5
2,538.3
2,439.3
2,420.7
2,496.2
1,349.7
1,359.7
1,344.1
1,248.2
1,263.8
1,284.3
1,219.6
1,177.5
1,103.3
1,045.3
931.8
855.9
1,043.5
1,094.0
1,077.7
1,108.1
1,151.3
1,174.4
1,226.6
1,180.7
1,180.5
1,150.8
1,104.8
1,131.8
12.0
23 4
27.1
20.0
34.1
72.5
73.3
113.6
149.6
175.3
174.0
181.8
1,723.6 4225.8
1,685.6 276.1
1,699.3 259.4
1,655.7 249.4
1,541.4 398.1
1,487.5 407.7
1,437.5 493.2
1,396.4 477.1
1,359.3 498.1
1,364.5 691.1
1,316.4 706.5
1,263.5 726.2
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec. (Jan. 3, 1940) . .
1940—Dec. (Jan. 1, 1941) . .
1941—DeCp 3i
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—Dec 31
. ..r.
516.9
650.6
608.0
643.4
722.1
767.7
902.1
159.2
144.8
117.3
121.8
122.9
124.3
185.0
28.1
17.3
18.1
17.7
13.9
14.8
25.9
21.4
16.5
5.7
7.9
7.7
7.1
5.5
39.3
43.5
48.7
70.8
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec 31
1947—Jan> 3 1 . . ; . ; ;
875.0
871.0
894.0
910.6
904.5
875.3
848.0
836.2
845.1
849.1
843.4
859.0
167.6
166.3
176.4
177.8
175.7
169.0
160.1
158.7
177.0
186.0
159.5
165.3
41.6
44.2
47.4
48.6
49.7
50.4
52.1
56.8
54.9
57.0
66.5
73.3
10.7
11.2
10.1
11.9
11.2
11.9
13.1
13.6
17.0
18.6
22.2
21.6
69.7
74.9
76.7
75.5
72.3
64.1
60.1
64.4
58.4
55.5
49.3
43.7
Greece6 Luxembourg6
Norway
6
6 YugoPortuRuAll
gal* mania8 Spain Sweden USSR slavia6 other
18.3
18.4
18.6
22 3
56 3
48.7
65.2
132.4
158.9
220.8
216 1
35.7
53.4
54.5
47 9
9.4
9.3
9.5
22.4
22.3
22.0
22.1
22.6
22.9
22.8
21.7
21.6
21.8
22.6
22.5
175.0
174.0
159.3
161.6
161.1
148.9
142.3
140.8
136.0
123.1
123.5
117.4
45.3
45.4
49.7
49.5
48.6
47.6
50.2
49.1
48.8
43.5
39.0
45.4
9.2
9.2
9 3
10.0
10.2
10.0
10.9
8.5
8.7
8.7
9.0
8.9
8.9
17.5
31.8
43.4
31.7
142.2
235.4
210.7
153.5
163.2
152.1
210.1
14.3
12.3
16.1
28.0
17.7
37.4
35.4
36.2
35.5
32.3
20.7
18.2
18.9
20.2
15.3
16.4
19.8
212.9
205.2
200.0
196.0
191.7
204.4
196.3
183.1
159.9
165.4
172.6
164.2
28.5
24.8
44.9
57.4
59.5
50.2
47.9
37.5
46.4
53.2
60.5
60.4
6.6
6.8
7.7
7.3
7.4
9.9
5.7
5 7
8 3
8.7
8.5
8 4
10 4
12.4
12.9
109.8
187.9
191.0
57.9
76.9
52.1
43.7
48.4
51.2
53.6
57.4
62.3
65.9
67.7
74.7
87.8
90.3
89.9
103-4
Latin America
Date
Latin
BoAmer- Argentina livia7 Brazil Chile
ica
Colom-7
bia
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
336.0
447.3
417.7
597.7
693.7
909.3
1,046.4
57.7
115.4
75.7
67.6
69.8
93.9
77.3
36.4
36.2
50.5
67.7
12.6 98.7
17.7 140.8
14.5 195.1
26.8
28.5
27.3
34.5
54.0
55.0
66.3
67.1
83.6
79.2
1945—Feb.
Mar.
Apr
May
28
31
30
31
1,043.5
1,094.0
1,077.7
1,108.1
1,151.3
1,174.4
1,226.6
1,180.7
1,180.5
1,150.8
1,104.8
1,131.8
80.0
83.9
84.1
92.6
116.6
124.4
147.9
144.5
147.9
131.4
112.6
166.0
13.4
13.6
12.7
11.9
10.7
12.3
11.5
13.5
14.3
13.6
14.0
12.4
64.6
63.9
60.3
55.3
59.3
62.1
53.9
51.2
49.8
50.5
50.7
46.2
80.6
77.5
72.4
69.6
66.3
75.2
67.4
65.2
61.5
60.7
57.8
51.0
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—j a n 3i —-;. .
199.6
210.6
206.8
222.0
218.8
231.1
255.9
231.0
223.5
205.6
174.0
183.4
French
West
Costa7 Cuba Indies MexRica
and
ico
Gui-7
ana
37.0
47.9
62.5
100.3
70.4
139.3
128.3
58.8
55.0
37.7
i.9 95.7
2.6
70.4
83.1
4.4
7.1 116.4
5.7 120.5
6.3 139.5
6 0 152.7
6 . 9 163.7
6 . 7 169.6
6 8 167 0
6 . 5 175.6
6 . 7 160.6
7 . 1 158.0
8.6 159.1
7.7 153.5
7 . 3 147.3
7.1 128.3
6.6 140.7
6 6 122 3
7 . 0 119.8
7 . 0 137.1
7 6 135 3
7 . 4 143.1
7 . 8 142.2
6 . 7 133.2
6.0 143.2
5.4 152.2
4 . 9 149.3
12.4
12.2
7.4
6.9
Netherlands
Other
West Pana- Peru7 Vene-7 Latin
Indies ma*
zuela Amerand
ica
Surinam7
41.2
36.0
28.2
34.0
58.7
42.1
36.9
57.6
69.1
88.7
17.7
17.4
27.7
43.9
20 9
24.2
31 5
49.7
85.3
105.6
121.8
64 2
95 4
119 8
144.8
22.8
20.7
21 7
19.2
16.7
14 7
14 1
13.7
13.6
13.5
16.1
13.6
87.5
91.2
90 3
88 9
87.1
84 8
84 3
85.4
84.6
84.1
77.2
78.2
45.0
41.9
39 8
40 3
40.6
39 2
38 8
39 1
43 8
40.7
40 9
37.0
42.4
41 3
49 5
50 3
46 1
42 3
50 9
52 5
68 7
67.3
74 0
51.5
146.0
156 3
1524
160 5
168 6
171 5
169 4
167 3
167 6
166.7
168 7
183.8
For footnote* see p. 761.
760
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.
1940—Dec.
(Jan.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
Asia
3, 1940)
655. 7 167. 0
1, 1941) 769. 9 207. 5
31
780. 0 156. 8
31
930. 0 360. 9
31
1,108. 8 574. 2
31
1,069 ? 427. 3
31
1,549. 6 582. 3
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
1
2
8
India,
China
and French Hong Burma,
Man- Indo- Kong and
chu- China1
Ceyria
lon1
1,723. 6
1,685. 6
1,699. 3
1,655. 7
1,541. 4
1,487. 5
1,437. 5
1,396. 4
1,359. 3
1,364. 5
1,316. 4
1,263. 5
738. 0
732. 1
717. 0
695. 4
657. 0
611. 9
561. 8
525
490
456
431
398
3
1
5
9
7
Egypt
Neth- Philand French Union
BrierNew Angloippine Tur-1 Other All 2 Austish Japan lands
of
tra- Zea- Egyp- Mo- South
Other
Iskey
other
Ma- 1
Asia
East 1 lands
lia land tian rocco Africa
laya
Indies
Sudan
71 4
91
61
27 4 41
2 7 ! 4 23
2 7 . 4 22
2 8 . 0 27
1
6
6
9
6
9
0
0
6
2
0
9
7
2
9
1
8
8
4
4
8
2
34.
37.
38.
39.
43.
47.
55.
42.
37.
36.
39.
42.
31
34
36
35
37
33
13.1
18.2
22.1
4 33.4
"i'.o
.9
Q
34.1
37 9
35 6
46 1
44.9
39 2
58. 5
165.4
193.4
110.3
69.9
29^9
35.4
23.7
52.5
62.2
66.1
66.9
72.0
69.3
64.5
62.9
61.0
58.6
64.3
54.7
60.8
13
1.2
36.7 1.6
25.7 1.5
34.6 1.6
37.6 1.4
36.1 1.6
33.2 2 . 2
28.3 10.3
35.8 9 . 3
33.3 9 . 5
40.1 17.2
43.5 17.3
42 5 8 . 8
4.8
4.1
4.0
4.1
160'. 4
110. 1
110. S
113. 7
198.6
226.8
254.7
259.1
365.8
629.1
3.9
3.8
3.7
3.7
3.5
9.2
100. 7
99.0
102. 1
103. 6
100. 2
114. 3
120. 1
128. 9
133. 4
134. 5
127. 1
117. 4
635.7
598.4
617.0
580.2
505.5
482.4
466.9
465.2
466.6
466.3
446.6
448.3
13.4
9.5
14.1
14.1
16.6
17.2
72.5
162. 4 73.3
264. 9 113.6
3 6 . 2 149.6
5 5 . 5 175.3
6 4 . ? 174.0
7 8 . 0 181.8
78.
86.
81.
87.
86.
89.
84.
80.
80.
89.
93.
88.
4 3225.8
3 276.1
9 259.4
4 249.4
8 398.1
5 407.7
6 493.2
6 477.1
5 498.1
2 691.1
8 706.5
.5 726.2
23 1 4 . 8
25 3 5 .1
52 Q 3 5
28 9 4 . 3
18.9
10.0
4 .0
3 .8
3 .8
4 .8
7 .5
6 .4
5 .2
5 .5
5 .5
5 .7
8 .0
8 ?
19.6
18.9
17.9
16.8
17.7
17.7
19.0
20.2
21.8
22.3
20.8
19.8
10.1
10.3
11.3
12.4
11.2
11.5
11.6
13.4
13.3
14.5
14.9
16.0
26
24
26
23
1
3
6
8
24.4
28 7
33 6
39 9
41 .1
35 1
45 .5
40 9
6.8
6!l
7.3
"ii'.b
"ti'.S
"n'.i
4 . 5 124.1
10.3
8 3
4.3
6.4
97.6
113.4
9 . 1 3 157.0
9 . 5 209.3
8 . 9 190.9
11.3
12.8
10.1
13.4
24.5
29.4
52.2
47.2
8?.5
180.4
324.5
333.3
410.3
373.6
386.9
561.2
570.1
558.8
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 4 below.
Footnotes
to table on p. 760.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
» Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan. 41, 1941.
Beginning January 1946, includes accounts of international institutions.
5
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States" have been adjusted to exclude the unreal movement introduced by this change.
• Prior to June 30, 1942, included under "All other."
7
Prior to June 30, 1942, included under "Other Latin America."
'Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1,2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for May 1947, p. 621, and September 1945, pp. 967-970.
ASSETS
Total
Date
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
1945—Dec.
(Jan.
(Jan.
30
29
(Jan.
(Jan.
(Jan.
31
31
31
31
31
2, 1935)
1, 1936)
4, 1939)
3, 1940)
1, 1941)
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
United
King- France
dom
Netherlands
Switzerland
18 6
19 0
21 9
8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
231
202
165
126
53
39
34
34
33
33
33
4
6
4
0
9
9
9
4.9
5.6
6.5
8.0
6.5
6.7
4.7
5.5
4.5
6.3
9.8
33
33
33
33
33
33
33
9
9
8
9
9
9
9
1,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
80.5
32.5
16.8
13.5
10.3
406.8
431.9
434.3
490.7
511.0
561.4
581.5
615.7
602.7
642.6
708.3
730.7
26.3
28.6
31.6
32.6
30.5
75.8
65.8
65.3
56.5
55.9
47.7
50.5
.7
.7
.9
.9
.9
3.4
3.1
3.0
3.9
4.1
5.7
9.9
4.9
4.2
1.8
1.3
1.1
1.4
1.1
23.0
24 2
5 7
9
1 1
5
4
3
36 3
36
35
43
118
119
119
1
8
4
5
4
6
122.8
137 1
128 8
138.8
151 0
136 6
11.7
Germany
7
0
1
1
89.4
33.9
33 9
33.9
30 4
30 3
Italy
Other
Total
Europe Europe
27 .2
13 .5
10 . 9
20 . 8
13 . 5
11 . 8
2 .0
1 .5
.4
.4
.3
.3
80.0
71.2
57.8
52.9
45.9
51.4
29.9
26.2
22.3
19.0
44.4
40.8
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
.4
.4
.6
1 .0
2 .4
4 .3
8 .8
10 .7
10 .5
12 . 9
16 . 0
14 . 9
17.9
21.1
18.0
20.5
27.7
33.2
29.9
39.6
44.0
46.9
52.5
53.4
120.2
126.1
134.8
215.3
221.2
276.8
269.0
294.9
282.1
298.8
312.9
307.3
Canada
Latin
America
96. 3
100. 9
59.
118
60
39
36
33
4
0
4
7
0
6
34.3
37 8
28 1
53 3
71 3
62.9
64
50
53
42
43
50
49
52
52
7
1
6
2
6
3
7
9
2
48.8
Asia1
All
other1
174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
117 . 4
80 . 1
67 . 2
78 . 9
144 . 1
174 . 1
117 . 8
8.5
10.1
12.9
17.2
15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
161.2
178.4
166.1
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
43 . 6
87.9
35 . 3
26.3
51 . 4
29 . 9
53.6
57 . 1
54 . 4
56 .2
57 . 1
68 . 0
72 .7
74 . 3
75 . 0
99 .2
94 .5
10.5
11.0
11.6
12.9
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
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 1947
761
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
BelEurope gium
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Denmark
Finland
1.4
1.8
1.9
5.6
7.6
C2)
51.4
29.9
26.2
22.3
19.0
44.4
40.8
6.5
1.5
1.1
.8
.7
.7
.6
3.2
.3
CO
17.9
21.1
18.0
20.5
27.7
33.2
29.9
39.6
44.0
46.9
52.5
53.4
2.6
3.6
4.6
5.0
7.7
8.8
9.1
6.9
7.2
7.7
7.5
7.1
1.0
1.1
1.1
.i
.1
.2
.3
.2
.4
.5
.5
.6
8
LuxemGreece1 bourg1
Nor-
1 SwePorRutugal1 mania1 Spain den
Yugo-1 All
USSR1 slavia
other
3.6
.9
3.2
3.2
1.8
1.6
8.7
1.0
.6
.4
.2
.2
.9
28.0
24.5
22.1
8.4
5.0
5.1
4.7
1.4
1.5
1.4
2.1
2.9
4.2
3.3
3.6
7.2
6.5
7.2
7.3
1.1
1.3
2.4
3.0
5.6
7.6
5.5
5.5
4.1
3.9
4.9
5.5
()
1.1
.6
.6
.7
.2
.2
35.1
31.6
2.4
1.4
.8
.5
1.4
1.2
.6
2.0
4.4
4.3
4.0
3.5
4.3
5.9
6.2
6.4
.8
.8
2.0
1.5
1.1
1.6
2.1
12.6
12.6
13.0
12.4
12.4
4.2
6.2
.2
1.2
.3
.6
.5
.7
.7
2.1
3.3
3.7
.4
.4
.4
.6
.5
.7
.7
1.0
1.3
.9
1.0
.9
()
8
8
()
8
8
(2)
()
4.9
4.9
5.0
5.1
5.0
5.0
4.3
5.5
6.1
6.2
9.4
9.5
Latin America
Latin
BoAmer- Argentina livia8 Brazil Chile
ica
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
(Jan. 3,1940).
(Jan. 1, 1941).
31
31
31
31
31
1946—Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 31.
-Jan.
31.
1947-
113.3
122.7
148.3
99.7
112.2
131.0
158.9
16.8
11.9
16.8
6.9
15.3
3.1
21.0
161.2
178.4
166.1
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
18.0
24.7
26.8
20.4
20.4
27.9
25.6
21.4
22.5
24.0
41.8
49.1
Colombia'
French
West
Costa3 Cuba Indies Mexico
and
Rica
Guiana*
3.0
1.8
1.8
1.3
32.2
33.1
38.0
16.7
18.9
25.3
24.7
9.7
13.4
14.9
15.3
16.6
9.0
6.6
20.7
12.2
15.5
16.8
.6
.7
1.2
1.2
1.5
2.7
2.9
2.0
3.1
4.4
3.2
2.6
2.2
2.0
2.3
2.6
29.7
30.0
31.9
30.9
28.4
28.6
41.3
37.2
40.4
43.9
49.8
54.4
6.2
7.1
7.0
6.7
8.0
7.5
10.6
14.5
13.8
14.0
14.6
13.1
18.1
20.1
20.0
21.2
23.2
21.3
22.6
23.8
21.0
19.8
26.4
29.9
1.5
1.4
1.4
1.2
1.5
2.1
9.8
1.7
2.6
2.5
2.9
3.4
10.5
11.7
11.3
8.3
20.1
47.4
33.3
32.9
37.1
22.9
27.6
29.3
25.7
15.6
21.1
27.9
Netherlands
Other
West
Latin
Indies Pana3
4
Peru1 Venezuela
Amerma
and
Surinam*
6.1
7.6
4.8
11.2
8.6
11.0
1.0
2.1
2.4
2.1
1.1
.8
1.1
2.8
1.4
1.2
1.9
3.9
3.8
5.1
6.1
37.2
44.4
57.3
14.2
.7
11 .7
33.4
13.9
14.3
14.1
13.5
15.0
15.2
17.2
22.0
17.6
20.6
25.5
27.0
2.8
2.9
1.1
1.1
1.8
1.6
1.3
.9
.9
.8
1.3
1.6
3.5
3.8
3.6
3.8
3.5
3.4
3.6
3.0
2.7
2.7
3.7
5.4
6.9
7.7
7.4
7.7
7.9
8.1
8.1
7.0
4.8
6.6
8.7
10.4
25.9
26.1
26.6
21.2
22.1
24.0
25.8
27.0
24.9
21.7
23.1
27.1
5.9
(*)'
35.5
Asia and All Other
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
India,
:hina
and French Hong Burma,
Asia Man- Indo-5 Kong and
chu- China
Ceyria
lon*
(Jan. 3,1940) 174.1 22.0
(Jan. 1,1941) 117.8 23.7
87.9 23.5
31
35.3 11.1
31
26.3
1.7
31
51.4
1.5
31
29.9
1.0
31
1946—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
43.6
53.6
57.1
54.4
56.2
57.1
68.0
72.7
74.3
75.0
99.2
94.5
9.7
22.8
25.6
22.6
23.9
19.0
28.6
34.7
34.6
40.8
53.9
43.8
1.9
1.7
3.1
.9 2.2
1.0 2.0
.9 22.3
.8 7.5
()
(*)
()
()
.8
1.5
1.5
2.0
2.0
2.2
2.9
3.2
6.5
4.0
5.9
5.0
7.0
6.8
7.2
6.6
7.4
9.4
10.8
11.7
10.1
9.1
12.0
12.7
Egypt
Neth- PhilBriand French Union
erNew Anglo
tish Japan lands
ippine Tur-J Other All 6 Ausof Other
MotraZeaMaother
Asia
EgypIskey
East 5 lands
lia land tian rocco South
laya'
Africa
Indies
Sudan
.7
.5
.1
.1
102.1
55.8
18.9
.5
.5
.5
.5
.3
.2
.2
.3
.1
1.7
.1
.2
.2
.2
.2
.5
.3
.3
.3
.3
.3
.3
.3
.3
.5
.2
.2
.2
1
Prior to June 30, 1942, included under "All other."
* Less than $50,000.
«
Prior to June 30, 1942, included under "Other Latin America/'
4
Included "Canal Zone" prior to June 30, 1942.
6
Prior to June 30, 1942, included under "Other Asia."
• Country breakdown not available until June 30, 1942.
762
1.6
1.7
1.5
1.4
26.4
22.6
23.0
14.4
13.9
13.8
13.8
1.8
3.2
1.8
2.0
1.4
1.4
1.4
1.4
1.4
1.2
1.3
1.2
1.0
.9
1.0
1.1
20.1
16.0
16
16
16
18
19.2
16.6
16.0
14.7
20.2
25.3
1.1
1.1
.9
.9
.9
.9
.9
.9
1.3
.9
1.4
1.4
21.6 9.3
14.0 6.4
19.5 9.7
2.0 4.8
1.8 3.9
8.8 11.7
2.7 9.9
2.8
3.3
3.9
3.6
3.5
3.9
3.9
3.9
4.0
4.2
4.4
4.5
10.5
11.0
11.6
12.9
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
1.0
.5
.6
1.7
.7
.2
.2
.7
1.7
2.4
9.7
4.7
1.2
.7
1.0
2.5
1.8
1.3
1.5
1.8
1.9
2.9
2.9
3.3
2.7
3.1
3.4
4.3
.7
.7
.6
.6
.6
5.3
5.8
6.7
7.8
8.5
8.0
8.1
7.7
8.4
9.1
10.1
10.5
2.4
2.9
2.6
2.5
3.9
2.5
3.0
2.5
2.0
2.4
2.2
3.4
1.1
1.2
1.2
1.0
.9
1.1
1.2
()
8
()
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec. 25. ,
1936—Dec. 30. ,
1937—Dec. 29. .
1938—Dec. 28..
1939—Dec. 27.,
1940—Dec. 25. .
1941—Dec. 31. .
1942—Dec. 30..
1943—Dec. 29. ,
1944—Dec. 27.,
1945—Dec. 26.,
Assets of issue
department
Liabilities of banking department
Coin
Notes
Discounts
and advances
260.0
200.0
220.0
230.0
580.0
•630.0
5 780.0
«950.0
6 1,100.0
61,250.0
6 1.400.0
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
Cash reserves
Other
assets2
Goldi
200.1
313.7
326.4
326.4
« .2
.2
.2
.2
.2
.2
.2
Assets of banking department
Securities
Note
circulation'
Deposits
Bankers'
Public
Other
Other
liabilities
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
12.1
12.1
11.4
15.9
29.7
12.5
11.2
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
7.4
5.3
7.1
7.0
9.3
8.2
57.4
56.5
54.4
54.0
55.5
57.5
56.3
57.3
18.0
18.1
18.3
18.4
18.5
17.8
17.9
18.1
60.6
60.1
94.4
98.0
18.3
18.4
18.5
17.8
1946—May 29.
June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 25.
.2
.2
.2
.2
.2
.2
.2
.2
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
61,450.0
1.5
1.8
1.4
1.1
1.2
1.0
1.1
1.3
58.6
36.4
13.4
32.7
41.5
38.5
34.2
22.1
16.7
12.5
15.8
9.9
18.8
9.5
25.3
13.6
250.9
315.2
288.0
343.4
324.6
327.2
333.9
327.6
,341.7
,363.9
,386.9
,367.5
,358.7
,361.8
,366.0
,428.2
244.8
286.0
238.7
307.6
302.9
292.7
310.1
278.9
1947—Jan. 29.
Feb. 26.
Mar. 26.
Apr. 30. .
.2
.2
.2
.2
1,450.0
1,450.0
1,450.0
1,450.0
1.0
.9
.6
1.0
85.8
74.7
59.5
62.6
25.4
16.0
11.1
18.0
271.0
294.6
338.7
344.8
,364.5
,375.6
,390.7
1,387.6
288.4
285.2
286.4
303.7
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
180.5
179.4
179.8
185.9
225.7
Sterling
and United
States
dollars
5.2
5.3
10.1
10.3
16.0
22.4
10.6
6.9
Liabilities
Dominion and provincial government
securities
Shortterm 8
9.0
10.3
Deposits
Other
assets
Note
circulation7
Other
Other
liabilities8
Chartered
banks
Dominion
government
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
1946—May 31.
June 29.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
2.0
2.0
1.8
1.7
.7
.9
.9
1.0
,230.0
,218.5
,276.6
,257.7
,259.1
,301.5
,283.8
,197.4
541.1
540.7
541.8
530.8
523.9
521.5
605.0
708.2
52.9
30.8
31.4
44.1
38.3
40.1
40.9
42.1
1,109.5
1,114.0
1,117.9
1,127.4
,147.5
,156.9
,161.1
,186.2
493.9
500.5
532.
521.1
511.3
538.6
579.5
565.5
87.1
57.9
69.1
69.1
27.4
36.6
63.9
60.5
78.5
85.6
90.1
79.7
87.8
85.2
79.4
93.8
57.2
34.2
42.1
37.1
48.0
46.7
46.8
42.7
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30. .
1.0
1.0
1.2
1.0
,196.8
,172.3
,146.9
,186.0
718.8
738.9
757.5
751.2
39.3
47.6
40.4
59.2
,138.6
,137.9
,153.2
,153.9
533.3
493.6
536.3
542.6
150.1
215.7
159.8
195.7
82.9
75.3
64.6
69.3
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
31..
31..
31..
31..
30..
31..
31..
31..
31..
30..
31..
51.0
37.3
32.1
35.9
C
c
Corrected.
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.
5
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 3, and Dec. 10, 1945, and on Dec. 10, 1946.
6
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
JUNE 1947
763
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)
Liabilities
Advances to
Government
Domestic bills
Gold*
Foreign
exchange
Deposits
Note
circulation
Govern- C.A.R.5 Other
ment
Open
5
market 2 Special
Other
For occupation
Others
costs 1
1,379
652
1,797
2,345
661
12
169
29
48
303
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
72,317
142,507
210,965
326,973
426,000
426,000
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
15,850
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
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
570,006 12,048
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
19,000
11,200
13,400
8,600
8,600
28,100
46,600
55,500
67,900
38,614
41,848
42,053
40,915
45,049
44,703
52,693
47,116
47,577
616,102
625,809
629,181
612,879
633,327
667,567
696,924
704,796
721,865
426,000 55,200
426,000 54,000
426,000 79,500
54,507
53.066
58,083
730,253
737,692
746,266
27...
30...
30...
29...
28...
26...
31...
31...
30...
28...
27...
66,296
60.3S9
58,933
87,265
697,267
684,616
84,598
84,598
84,598
75,151
6129,817
1,328
1,460
911
821
112
42
38
37
37
42
68
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
1946—Apr. 2 5 . . .
May 2 9 . . .
June 2 7 . . .
July 2 5 . . .
Aug. 2 9 . . .
Sept. 2 6 . . .
Oct. 3 1 . . .
Nov. 2 8 . . .
Dec. 26 . .
129,817
694,817
94,817
94,817
94,817
94,817
94,817
94,817
94,817
5
5
5
6
5
6
5
6
7
25,810
63,090
64,985
64,769
64,474
70,577
71,224
74,739
77,621
546
3,124
3,344
3,135
36,579
45,512
46,204
45,324
61,657
62,567
63,127
67,396
76,254
1947—Jan. 30. . . 94,817
Feb. 2 7 . . . 794,817
Mar. 2 7 . . . 82,817
5
8
5
75,500
82,958
83,613
2,209
1,435
694
82,674
85,917
85,221
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
Other
assets 4
Other
liabilities
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
2,113
2,557
5,160
2,718
2,925
3,586
5,894
1,461
1,872
7,078
1,087
732
745
750
717
779
804
814
824
765
53,653
51,845
53,265
59,829
62,282
54,743
55,612
58,549
63,468
5,337
1,072
1,268
J,006
1,213
i1,201
t1,241
1,748
7,213
789
831
767
55.020
54,512
63,880
1,849
5,166
5,021
41,400
64,580
16,857
10,724
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
a By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million francs were authorized to meet the costs of the German army of occupation.
4
Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National
Bank of Belgium on Dec. 22, 1944.
5
Central Administration of the Reichskreditkassen.
• In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million,
and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
v
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury bonds covering these contributionb is shown under "Other assets."
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.
Central Bank
(Figures as of last report
date of month)
C e n t r a l Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1 .
Rediscounts and loans to banks .
Other assets
Currency circulation a
Deposits—Member bank
Government
Nationalized *
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other b a n k s . .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
1947
Apr.
Mar.
2,940
2,227
939
67
9,356
2,119
4,110
531
741
11,530
75
1946
Feb.
11
661
223,
2.
136
277
939
102
572
105
072
499
697
153
67
644
223
Apr.
1,189
3,552
873
56
145
3,033
1,752
503
141
141
202
202,686
3,075
382, 956 380,941 411,725
11, 813 10,;832 17,020
198, 680 198,180 200,964
1947
Central Bank
(Figures as of last report
date of month)
Apr.
Ma
National Bank of Belgium
(millions of francs):
Gold
27,792 27,722
Foreign exchange
10,516 9,787
Net claim on Int'l. Fund 3
2,214 2,464
49,253 50,088
Loans to Government
4,680 3,828
Other loans and discounts
Claim against Bank of Issue... . 64,597 64,597
2,320 2,328
Other assets
75,996 74,690
Note circulation
4,567 5,328
Demand deposits 4
79,212 79,248
Blocked accounts
1,597
Other liabilities
1,549
Central Bank of Bolivia—Monetary Dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
1946
Feb.
30,281 33,452
8,471
5,120
50,808
4,482
64,597
2,196
74,452
5,514
79,273
1,595
48,303
2,105
64,597
1,895
72,564
3,223
78,262
1,424
922
263
309
431
12
1,682
242
12
919
526
120
547
11
,631
492
793
277, 534 273 ,553 261,112
21, 063
,950 20,187
122, 693
,650 152,242
* Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
* By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
> This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
764
Apr.
Until such
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
National Bank of Bulgaria *
C e n t r a l Bank of Chile (millions
of pesos):
Gold
Gold contribution to Int'l. Fund.
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation. . ;
Deposits—Bank
Other
Other liabilities
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities
Other assets
Note circulation
Deposits .
Other liabilities
National Bank of Costa R i c a Issue dept. (thousands of colones):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Loans and discounts
Securities
Other assets. <
Note circulation... .
Demand deposits
Other liabilities
National Bank of Czechoslovakia
in Prague (millions of koruny):
Gold and foreign exchange 3 . . . .
Loans and discounts
Other assets
Note circulation—Old
New
Deposits—Old
New
Other liabilities
National Bank of D e n m a r k
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation a c c o u n t . . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
C e n t r a l Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Net claim on Int'l. F u n d 2 . . . . .
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
1947
Apr.
Mar.
1946
Feb.
Apr.
244
43
371
,124
,181
, 850
,510
673
170
460
383
'355
701
839
,840
,031
550
170
368
220,250 218,236 230
22 ,585 49,658 77:
21 ,867 21 867
1 ,225 1 ,225
56 ,348 41,140 17
84 ,326 88,437 72
32 ,714 32,202 38
235 ,064 232,205 L94
166 ,174 182,547 201
38 ,077 38,012 40
11,276
16,136
255 11,348
465 6,608
30,321
59,548
4,041
1,338
74,759
41,396
6,506
321
510
045
352
715
011
223
30,321
66,697
4,046
1,356
72,853
41,153
6,371
4,627
3,520
124,203
931
42,939
70,241
9,463
8,775
,999
,599
,525
931
,904
,665
,133
,490
5,405
6,440
124,365
932
42,951
72,035
10,776
9,516
71
87
78
15
72
6,306
260
1,506
2,053
3,177
153
71
98
115
21
70
,482
217
,506
,656
,760
152
71
118
114
24
75
7,528
159
1,519
2,645
3,777
146
273.
25;
16,
202,
127,
331,
268,
45,
173
99
2
90
,594
115
,508
,684
,744
243
272,970 265
38,205 3 9 ,
16,877
202,701
128,006
547,123
270,392
•41,243
6 376 6,376 6,
15 089 15,065 14,
3 829 3,942 2,
306
24
133
85
123
13
508
074
792
246
482
357
305,273
24,121
133,594
86,046
121,776
13,360
297,
27,
136,
49,
147,
14,
C e n t r a l Bank
(Figures as of last report
date of month)
C e n t r a l Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilitiesl
Bank of Finland
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of G u a t e m a l a (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to In'tl Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. .
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
,
Government securities
Other assets
Bank of Italy notes
Allied military notes.,
Deposits—Government
Demand
,
Other
Other liabilities
1947
Apr.
1946
Mar.
Feb,
Apr.
37,256
48,289
1,563
1,468
5,575
1,615
56,483
30,941
8,343
34,807
48,094
1,563
2,102
5,713
1,556
57,252
28,331
8,252
32,921
•39,215
772
8
670
685
77
559
77
166
1,409
753
10
655
658
82
524
91
125
1,419
927
6,457
1,732
46,503
28,520
'6,229
27,228 27,228 27,228
23,988 23,345 21,770
1,250 1,250 1,250
8,062 8,277 8,523
29,937 30,471 29,981
2,784 2,777 2,757
6,296 5,371 4,623
13,461 13,776 14,059
8,050 7,705 7,351
284
98
511
340
340
413
1,173
45
65
393
410
1,093
64
52
411
444
444
444
11,353 11,353 11,253
57
578
578
205
204
195
12,420 12,297 12,327
160
4,772
32
283
4,755
29
143
6,043
113
942
5,620
287
790
5,573
285
556
6,529
327
2,646 2,646 2,646 2,646
37,580 37,568 37,064 35,480
40,226 40,214 39,710 38,126
(Jan.)
523
526
8,995 5,035
482,414 459,785
24,480 44,998
55,187 15,091
105,634 68,886
28,364 16,505
412,068 291,640
83,876 91,541
32,035 38,783
69,679 57,185
96,484 123,505
11,455 8,173
' Revised.
1 For last available report from central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; and of Finland (August 1943).
see BULLETIN
for April 1944, p. 405.
J
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 8as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning Dec. 31, 1946.
4
Latest month available.
JUNE 1947
765
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Apr.
Mar.
1946
Feb.
Apr.
Central Bank
(Figures as of last report
date of month)
1947
Apr.
Mar. I
1946
Feb.
Apr.
Bank of Japanl 1
Bank of Spain—Continued
Bank of Java
Other assets
2,586
,659
2,325
Bank of Mexico (millions
of
pesos):
Note circulation
,390 22,268 18,714
Metallic reserve 2
Deposits—Government
,307
683
1,602
753
644
691
"Authorized" holdings of securiOther
,954
3,451
3,976
1,653
ties, etc
1,669
468
Other liabilities
1,951
560
510
535
523
Bills and discounts
438 Bank of Sweden(millions of kronor):
i
105
103
Other assets
Gold
66
585
715
1,048
478
1,697
Note circulation
1,703
Foreign assets (net)
1,726
453
1,012
440
384
1,057
1,061
Demand liabilities
Swedish Govt. securities and ad- 5
1,286
228
222
vances to National Debt Office
Other liabilities
196
1,969
,011
,087
1,280
Netherlands Bank (millions of
128
Other domestic bills and advances
146
106
25
guilders):
622
467
Other assets
836
567
520
520
647
713
Gold
Note circulation
2,678 2,459
,640
,608
2
2
1
1
Silver (including subsidiary coin)
Demand deposits—Government.
547
506
1,003
526
269
109 4,525 4,663
Foreign bills
Other
118
316
280
137
156
175
151
Loans and discounts
160
356
Other liabilities
375
460
351
,600 3,600
Govt. debt and securities
Swiss National Bank (millions of
109
104
112
Other assets
124 francs):
137
137
237
Note circulation—Old
280
Gold
,039
4,951
4,756
,960
,737 2,766 2,695 2,241
New
Foreign exchange
147
162
183
158
790
680 1,270 1,384
Deposits—Government
Loans and discounts
72
78
79
80
103
74
Blocked
95
638
Other assets
91
78
92
84
724
689
Other
618
Note circulation
589
,918
3,579
3,885
,932
161
168
Other liabilities
520
Other sight liabilities
528
,185
1,239
1,163
,109
Reserve Bank of New Zealand
246
Other liabilities
222
291
240
(thousands of pounds):
Central Bank of the Republic of
2,802 2,802 2,802 Turkey (thousands of pounds):
Gold
84,938 96,519 76,616
Sterling exchange reserve
Gold 6
632,096 653,002 667,603 300,927
Advances to State or State unForeign exchange and foreign
31,053 26,578 45,734
dertakings
clearings
294 249 268,831 261,298 70,914
3,868 3,948 5,192
Investments
Loans and discounts
560,
548,255 505,050 730,184
1,431 1,656
Other assets
1,214
181, 177 184,704
378 170,822
Securities
46,968 46,639 44,731
Note circulation
24. 030 27,451
003 63,283
Other assets
72,053 79,896 81,809
Demand deposits
986 157 976,765 952 461 892,973
Note circulation
5,072 4,968 5,018
Other liabilities
181
669 91,821
Deposits—Gold
182,604
Bank of Norway (millions ot kroner):
299
105 129,005
Other
291,405
336
224
340
Gold
Other liabilities
231,470 223,098 222,331
7
554
Foreign assets (net)
681
Bank of the Republic of Uruguay
58
Loans and discounts
57
(thousands of pesos):
76
Securities
78
303,180 300,250
Gold
Occupation account (net)
8,108 8,108
13,016 13,74&
Silver
Other assets
52
318
48
Paid-in capital—Int'l. Bank
Note circulation
1,883
1,832
Advances to State and governDeposits—Government
4,925 5,128
10,453 24,161
ment bodies
Banks
733
128,629 99,391
690
Other loans and discounts
Blocked
929
346,112 329,266
932
Other assets
Other
360
218,001 185,631
357
Note circulation
Other liabilities
354
373
Deposits—Government
39,138 39,572
Bank of Paraguay—Monetary
Other
251,480 251,104
Dept. (thousands of guaranies):
293,090 290,509
Other liabilities
1,870
Gold
1,870 1,870 3,404 Central Bank of Venezuela (thouForeign exchange
35,898 38,173 37,931 34,967 sands of bolivares):
Loans and discounts
8,507 5,598 3,448 3,899
617 912 617,912 617,909 547,582
Gold8
Government loans and securities
9,800 9,821 9,858 10,083
40 133 16,624 43,261 47,741
Foreign exchange (net)
Other assets
2,959 2,835 2,712
58 250 66,862 46,939 23,406
Other assets
460
Note circulation
40,685 37,170 34,090 29,364
Note circulation—Central Bank. 491 791 490,340 485,735 380,718
Demand deposits
8,876
9,658 13,019 14,389 17,391
6,682
576
National banks. 6 350
Other liabilities
8,691 8,108 7,340 6,058
070 201,948 218,907
Deposits
181 124 171,070
Central Reserve Bank of Peru
Other liabilities
37 029 33 ,412 13,745 10,227
(thousands of soles):
National Bank lof the Kingdom
(Jan.) 3
Gold and foreign exchange
100,419 130,433 of Yugoslavia
Contribution to Int'l. Bank
Bank for International Settle11,380
Discounts
91,414 45,870 ments 9 (thousands of Swiss gold
Government loans
614,764 594 ,342 francs):
Other assets
86,850 120,164
78,557 17,112
Gold in bars
Note circulation
603,121 505,617
Cash on hand and on current
Deposits
6,193 13,692
205,487 248,898
account with banks
Other liabilities
140
496
87,926 33,243
Sight funds at interest
Bank of Portugal 1
Rediscountable
bills
and
acceptNational Bank of Rumania 1
27,441 12,154
ances (at cost)
South African Reserve Bank
14,396
2,751
Time funds at interest
(thousands
of pounds):
323,286 301,688
Sundry bills and investments. . .
4
197,398 209,094 126,897
Gold
56
Other assets
Foreign bills
9,952 10,225 37,368
18,940 14,623
Demand deposits (gold)
Other bills and loans
4,092 5,271 4,534
Short-term deposits (various
Other assets
14,041 22,310 119,452
currencies):
Note circulation
63,137 62,882 66,355
Central banks for own acDeposits
155,929 177,829 217 ,458
count
8,069 5,187
Other liabilities
1,092
6,418 6,189 4,439
1,571
Other
Bank of Spain (millions of pesetas):
Long-term deposits: Special acGold
1,214
1,214 1,213
counts
229,001 229,001
Silver
522
522
585
201,169 200,743
Other liabilities
Government loans and securities
15,773 15,849 15,906
Other loans and discounts
7,952 7,710 3,816
1
For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942) ,.
see BULLETIN for March 1943, p. 278; of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944), see BULLETIN for
March
1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
2
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
3
Latest month available.
4
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds.
6
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Issue and banking departments consolidated.
8
Beginning October 1944, a certain amount of gold formerly reported in the Bank's9 account shown separately for account of the Government.
See BULLETIN for December 1936, p. 1025.
766
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1936
Jan. 28,1937...
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938...
May 13
May 30
. . .
Sept 28
Oct. 27
Nov. 25
Jan.
4, 1939
Apr. 17
....
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26.
Dec. 15
. . .
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941...
May 29
June 27
Jan. 16, 1945...
Jan. 20 . . .
Feb. 9
Nov
7 1946
Dec. 19
Jan. 10, 1947 .
In effect May 31,
1947
United
SwitzGer- Bel- Nether- SweKing- France many
ergium lands
den land
dom
2
4
6
5
4
2
3
4
2
2
2K
IK
Rate
May
31
Central
bank of—
Date
effective
Albania
Argentina
5K
Belgium
3
6
Bulgaria
Canada
Chile
Colombia
Costa Rica....
Czechoslovakia
4K Aug. 14, 1946 Lithuania
Mexico
I K Feb. 8, 1944
Dec. 16, 1936
Netherlands .
4 2 July 18, 1933 New Zealand.
Apr. 1, 1939
3
Norway
Oct. 28, 1945 Peru
Denmark
Ecuador
El Salvador...
Estonia
Finland
7
4
4K
4
2
Mar. 21,
Mar. 1,
July 3,
Dec. 19,
Nov. 8,
Central
bank of—
1940
1936
1945
1946
1940
Date
effective
4 2
3.29
3
5
Nov. 23, 1943
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
6
4K
2K
IK
2K
July
June
June
July
Jan.
Aug.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
1. 1940
12,
8,
2,
1,
9,
3
4
2K
3
3
2
4
3
2K
4
3
3
2
3
2
Jan.
June
Oct.
Oct.
Dec.
15, 1946
8, 1943
15, 1946
1, 1935
3, 1934
Portugal
Rumania
South Africa.
Spain
Sweden
2K
4
3
4
2K
Jan.
May
June
Dec.
Feb.
IX
&2K Jan.
Apr.
io 2 Aug.
Aug.
7
Nov.
3
10, 1947
9, 1940
16, 1946
1, 1946
28, 1935
Switzerland..
Turkey
United Kingdom.
U.S.S.R....
Yugoslavia . .
IK
4
2
4
1-4
Nov. 26, 1936
July 1, 1938
3ya
3K
IX
3
IX
2 5*
2 5*
3
ix
3%
3
Greece
Hungary
2K
IK
IH
2
Ireland
Italy
Japan
Java
Latvia
Rate
May
31
1944
1944
1941
1938
1945
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes sin ce Apr. 30: none.
2K
2K
IK
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Germany
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Private
discount
rate
Day-today
money
2.59
.62
.95
.57
.56
.55
.53
2.28
3-13
1.03
1.03
1.03
1.03
1.03
1.03
.53
.50
.52
.51
.50
.70
1.02
1.01
1.00
1.00
1.00
1.00
.51
2.40
.64
.88
.72
.75
.75
.75
.75
.99
1.00
1.03
.90
1.13
1.00
.63
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
4.97
.89
.94
.99
.10
.86
.70
.16
.83
1.95
1.94
1.93
il.946—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.53
.53
.53
.53
.53
.53
.53
.53
.53
.51
.51
.50
.51
.51
.51
.51
.51
.50
.63
.63
.63
.63
.63
.63
.63
.63
.63
1947—Jan
Feb
Mar
.53
.53
.53
.50
.51
.51
.63
.63
.63
.63
.46
.84
Netherlands 1
Treasury
bills
3 months
Day-today
money
7.76
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
5-7
1.50
1.50
1.50
1.50
2.26
1.00
1.00
1.00
1.25
.25
.25
.25
.25
.25
.25
3-5
y2
3-5 y2
2^5
1.05
1.00
.90
1.27
1.42
1.52
1.41
1.30
1.07
1.01
1.21
.50
.93
1 .00
1 .31
1 .18
1 .00
.90
.78
.78
25
25
,25
25
,25
,25
.25
,25
1.25
1.44
1.72
1.65
.77
1 .46
1 .19
1.25
1.25
1.25
1
The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics. Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
JUNE
1947
767
COMMERCIAL BANKS
Assets
United Kingdom1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
1939—'December
1940—December
1941—December
1942—December
1943—December
1944—-December
1945—December
1946—April
May
. . . .
July
August
September
October. .
November
Money at
call and
short
notice
274
174
159
141
334
390
142
198
265
171
422
500
536
151
199
252
133
147
369
509
509
524
271
301
315
433
470
526
532
305
499
1947—January
February
March
Loans to
Bills dis- Treasury
deposit 2 Securities customers
counted receipts
324
366
553
553
557
574
475
463
466
.
Liabilities
522
313
280
312
324
464
405
472
497
432
610
428
421
444
624
1 015
924
823
293
324
794
325
,282
,322
,382
,406
,393
,393
,403
,410
,427
841
856
894
367
356
399
885
386
994
505
,427
,439
,455
1,008
1,015
1,034
454
609
314
758
896
1-307
1,667
1,523
771
999
,120
,154
,165
,234
1,449
1,374
1,302
1,382
1,511
1,671
1,629
1,628
1,560
1,563
1,436
1,317
659
750
Deposits
Other
assets
290
761
772
827
349
347
374
906
930
944
964
369
379
390
433
451
465
Demand
Time
2 441
2,800
3,329
3,629
4,032
4,545
4,850
4,865
4,894
5,045
5,113
5,198
5,302
5,397
5,503
5,685
5,629
5,519
5,556
1 398
1,770
2,168
2,429
2,712
3,045
3,262
1 043
1,030
1,161
1,200
1,319
1,500
1,588
256
3,242
3,239
3,351
3,389
3,427
3,502
3,563
3,632
3,823
1,623
1,655
1,694
1,724
1,771
1,800
1,833
1,870
1,862
287
292
296
3,749
3,603
3,606
1,880
1,916
1,950
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—December
292
323
356
387
471
1946—April
May
June
July
August
September
October
November
1947—January
February
Security
loans
abroad
and net Securities
Other
due from
Security loans
and foreign
loans
discounts
bank3
550
694
92
251
722
152
642
637
696
665
125
115
96
98
676
699
730
....
53
40
32
31
48
91
97
117
753
136
689
134
635
695
155
121
1,088
1,108
1.169
L.168
1,156
1,211
1,274
,160
,187
1,188
1,230
1,249
1,284
1,341
1,476
L.507
132
159
168
231
250
1,481
1,506
1,555
1 ,646
1 ,531
1 ,759
,293
2 ,940
assets
310
308
310
328
342
348
364
374
85
80
71
60
42
2,774
2,805
3,105
3,657
4,395
5,137
5,941
1 033
1,163
1,436
1 984
2,447
2,714
3,076
1 741
1,641
1,669
1 673
1,948
2,423
2,865
1,049
1,172
1,289
1,386
876
24
907
896
876
865
24
23
23
23
5,898
5 882
5,756
5 887
5,892
6,037
6,201
6,362
6,252
2,660
2 576
2,393
2 476
2,426
2,513
2,724
2,902
2,783
3,238
3 306
3,364
3 411
3,466
3,524
3,477
3,460
3,469
1,452
1,456
1,490
1,407
1,428
1,449
1,470
1,493
1,525
6,233
6,171
6,188
2 700
2,585
2,569
3,533
3,586
3,619
1,514
1,558
1,590
612
570
653
657
744
782
869
132
134
4 ,369
960
122
126
128
126
195
4 ,264
4 ,239
Other
liabilities
Time
960
959
931
1,039
197
159
121
128
Deposits payable in Canada
excluding interbank deposits
Demand
34
26
22
22
22
21
1,066
993
21
21
21
963
846
962
Liabilities
Deposits
Own
Total
Demand
ances
4 2 , 443
41 ,872
61 ,221
744
91 ,225
111 ,191
126 ,578
211 ,871
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discountecI
1939—December
1940—December
1941—December . . . .
1942—December
1943—December
1944—December
1945—December
4,599
6,409
6,589
7,810
8,548
10,365
14,602
3,765
3,863
3,476
3,458
4,095
4,948
13,804
29,546
46,546
61,897
73,917
90,897
99,782
155,025
7,546
8,255
8,265
10,625
14,191
18,653
36,166
2,440
2,221
2,040
2,622
2,935
2,190
7,360
112, 732
128, 758
213, 908
1946—Jariuary
February
March
April
May
June
July
15,312
15,005
14,444
14,443
15,295
17,472
14,985
14,830
16,553
15,505
16,909
17,943
13,871
14,393
14,462
15,827
15,988
16,114
17,873
16,991
17,723
18,389
18,423
18,919
153,227
157,420
168,708
173,773
175,903
184,633
182,107
181,770
177,269
183,716
187,560
195,177
40,123
41,119
40,017
40,976
41,772
42,674
50,747
53,861
55,935
61,262
63 941
64,933
5,022
6,627
8,466
10,114
11,738
12,708
14,160
15,676
16,319
18,618
21,116
23,392
216, 729
222, 059
231, 499
239, 182
243, 228
255, 173
260, 371
262, 160
262, 130
273, 488
281, 576
291, 894
September
October
November...
December
304
Total
3 ,611
4 ,038
4 ,243
4 ,304
4 ,275
4 ,298
4 ,336
4 ,375
4 ,471
4 ,496
4 ,232
214
227
221
Note
circulation
Assets
France
250
253
236
245
250
265
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
Total
Other
assets
61, 982
76, 656
9 1 , 549
214 ,842
??(! ,219
,784
?Vi ,481
,569
?S^ ,386
?S*5,574
?6f >,461
?6f ,366
,672
?7f
703
29C),004
Time
Other
liabilities
1,541
2,180
2,037
557
2,898
4,609
4,753
5 199
6 422
7,506
6,623
10,151
1,887
1,840
1,715
1,702
1,659
1,787
1,797
1,699
1,765
1,816
1 872
1,890
3,371
4 607
6,007
6,774
7,879
8 330
9,527
10,376
10 798
12,490
14 370
15,694
7,455
7 898
8,590
9,177
9,589
10 096
9,973
10,592
10 871
11,513
12 004
12,777
571
844
762
912
558
413
324
462
428
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
768
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Special
Official Export
Year or month
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—May
July
Aug.
Sept
Oct
Nov
Dec
1947—j an
Feb
Mar.
Year or month
1938
1939
1940
1941
1942
1943
1944
.. . . .
1945
1946
1946—May
June
July
Sept
Oct
Nov
Dec
1947—Tan
Feb
Mar
Year or month
1938
1939
1940
1941
1942.
1943
1944
1945
1946
1946—May
June
July
Aug
Sept
Oct
Nov
Dec
1947—Jan
Feb
Mar
Apr
Australia
(pound)
Official
Free
389 .55
353 .38
322.80 305.16
'*23.'704' 322.80 321.27
23.704 322.80 321.50
24.732 322.80 2321.50
25.125 322.80
25.125 >322.80 '321.17
25.125
321.34
25.125
321.38
25.125
321.41
25.125
321.41
25.125
321.41
25.125
321.38
25.125
321.27
25.125
321.19
25.125
321.07
25.125
321.06
25.125
320.91
25.125
320.91
25.125
320.91
2
Brazil
(cruzeiro1)
Belgium
(franc) Official
Free
In cents per unit of foreign currency]
Canada
Bul(dollar)
garia
(lev) Official Free
3.3788 5.8438
1.2424
3.3704 6.0027 '5!l248 21.2111
23.3760 6.0562 5.0214
290.909
6.0575 5.0705
90.909
6.0584 5.1427
90.909
6.0586 5.1280
90.909
6.0594 5.1469
90.909
22.2860 6.0602 5.1802
90.909
2.2829 26.0602
95.198
(4)
2.2846 6.0602 5.1900
90.909
2.2847 6.0602 5.1902
90.909
6
(*)
2.2847 5 6.0602
98.347
2.2847
100.000
5.3675
2.2803
100.000
5.4053
2.2798
100.000
5.4053
2.2797
100.000
5.4053
2.2795
100.000
5.4053
2.2790
5.4382
100.000
2.2797
5.4404
100.000
2.2822
5.4404
100.000
2.2836
5.4405
100.000
Czecho- Denslovakia mark
(koruna) (krone)
GerFinHong Hunland France many Greece
India
(drach- Kong
gary
(mark- (franc) (reichs- ma)
(dollar) (peng6) (rupee)
mark)
ka)
3.4674
3.4252
21.825
20.346
19.308
2.1567 2.8781 40.164
1.9948 2.5103 40.061
1.8710 22.0827 40.021
2
2.0101
239.968
22.0060 220.876
2.0060 20.877
. . . 2.0060 20.877
2.0060 20.877
2.0060 20.877
2.0060 20.877
2.0060 20.877
. . 2.0060 20.877
2.0060 20.869
2.0060 20.867
2.0060 20.866
2.0060 20.866
2.0060 20.866
21.9711
.8409
.8408
.8409 : • • : • • ;
.8409
.8408
.8408
.8409
.8408
.8407
.8408
.8408
.8408
.8407
2
2
' • : : • • • .
.8958 30.457 19.727 36.592
.8153 27.454 19.238 33.279
».6715 22.958 18.475 30.155
224.592 219.770 30.137
30 122
30 12?
30 122
30.122
30.155
30.182
30.182
30.182
30.185
30 170
30.156
30 155
30 152
30.157
30 153
30 153
30.160
Chile
(peso)
China
(yuan Colombia
Shang(peso)
Official Exp ort hai)
99.419
96.018
85.141
87.345
88.379
89.978
89.853
90.485
93.288
90.679
90.597
6 96.662
96.784
96.254
95.953
95.182
95.444
95.078
95.692
94.217
91.901
5.1716 4.0000 21.360 55.953
5.1727 4.0000 11.879 57.061
5.1668 4.0000 6.000 57.085
25.1664 24.OOOO
25.313 57.004
57.052
57.265
57.272
57.014
57.020
57.021
57.007
57.007
57.007
57.007
57.007
57.065
57.140
57.140
57.041
56.980
56.980
Italy
(lira)
Neth- New
Japan Mexico erlands Zealand
(yen) (peso) (guilder)
(pound)
5.2605
5.1959
5.0407
25.0703
28.451
25.963
23.436
223.439
2 .4434
.4434
7
.4434
United
Kingdom
Ruma- South Spain Straits
Swe- Switz(pound)
SettleNorway Poland Portunia Africa
den erland
gal
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
Official Free
2
24.566
23.226
22.709
18.860
218.835
4.4267
4.0375
3.7110
4.0023
2
220.176
24.0501
20.197
4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0501
20.161 • • • • • • • • 4.0501
20.161
4.0501
20.161
4.0501
20.161
4.0412
20.161
4.0313
.7325 484.16 5.600 56.917
.7111 440.17 10.630 51.736
'.6896 397.99 9.322 46.979
398.00 »9.130 47.133
398.00
246.919
398.00
398.00
399.05
400.50 29.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.63 9.132
400.75 9.132
400.75 9.132
400.75 9.132
25.197
23.991
23.802
223.829
225.859
23.852
23.852
8
26.195
27.819
27.820
27.819
27.821
27.821
27.822
27.822
27.822
27.823
22.871
488.94
443.54
22.525
22.676 2403.50 383.00
223.210 403.50 403.18
403.50 403.50
403.50 *403.50
403.50
2
403.50 3403.02
223.363
403.28
403.32
23.363
403.37
23.363
403.37
23.363
403.36
23.363
403.32
23.363
403.20
23.363
403.09
23.363
402.94
23.363
23.363
402.93
23.363
402.74
23.363
402.73
23.363
402.74
22.122
19.303
18.546
20.538
20.569
20 577
20 581
20.581
20.581
20.575
20.572
20.587
20.596
20.578
20.574
20.583
20.584
20.582
20.574
20.574
20.577
55.009 392.35
53.335 354.82
53.128 306.38
322.54
322.78
324.20
324.42
237.933 323.46
37.813 322.63
37.789 322.67
37.789 322.70
37.789 322.70
37.789 322.70
37.789 322.67
37.789 322.56
37.789 322.48
37.789 322.36
37.789 322.35
37.789 322.20
37.788 322.20
37.757 322.20
2
Uruguay
(peso)
Yugoslavia
(dinar)
Controlled
Noncontrolled
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
2.3115
236.789 2.2716
37.601 22.2463
43.380 2.2397
52.723
52.855
53.506
55.159
56.280
56.287
56.272
56.272
56.272
56.271
56.272
56.272
56.272
56.264
56.262
56.262
56.262
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.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the
New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
4
The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
fof July
1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955.
8
Based on quotations through July 19. Official rate abolished as of July 22.
•On
July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar.
7
Based on quotations through June 12.
8
As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to 3.60 kronor.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
1
JUNE 1947
769
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
Mexico l
(1929 =
100)
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
France 2
(1938 100)
1926
100
100
s 124
106
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
66
75
80
81
86
79
77
79
87
99
103
104
106
121
67
72
72
75
85
79
75
83
90
96
100
103
104
109
90
95
95
101
119
126
127
128
136
148
182
227
247
286
86
88
89
94
109
101
103
137
153
159
163
166
169
175
61
58
52
63
89
100
105
139
171
201
234
265
375
r
648
111
113
125
276
282
285
134
140
141
109
109
110
109
109
111
111
112
305
309
313
173
173
177
177
177
178
179
180
142
145
150
148
114
118
120
Pi 23
312
310
305
300
182
183
184
187
P882
P85O
P837
1946
May
June
July
August
Seotember
October
November
129
124
1947—January
February ...
March
April
293
299
Japan»
(1933 =
100)
Italy
(1928 =
100)
Netherlands <
Sweden
(July 1938- (1935 =
100)
June 1939
= 100)
Switzerland
(July 1914
= 100)
132
150
5 126
144
100
99
103
110
133
140
155
173
183
197
209
233
296
1 406
89
90
87
91
108
102
105
131
150
157
160
164
181
251
s 90
5 96
100
102
114
111
115
146
172
189
196
196
194
186
91
90
90
96
111
107
111
143
184
210
218
223
221
215
624
604
571
698
727
r
824
r
806
r
842
1 396
1,436
1 574
1,643
1 789
1 787
1 948
2,063
245
249
252
257
259
262
264
266
185
186
186
185
185
186
190
192
213
213
214
215
213
217
219
219
r
2,120
2 120
2 144
267
268
P27O
194
195
196
219
219
220
P221
63
62
68
76
89
95
99
116
132
867
r
P Preliminary.
Revised.
Weighted index of 32 articles, published by the Office of Economic Studies of the Bank of Mexico.
New weighted index of 135 articles. For detailed description of the index see "Bulletin de la Statistique Generate," January-March 1945,
pp. 35-53. Yearly averages for 1926 and for 1933-1937 are calculated from old index, 1913 = 100.
• Bank of Japan index on new basis. Yearly average for 1926 is calculated from old index, October 1914 = 100.
4
New weighted index of 400 articles. For detailed description of the articles included and of the weight coefficients used in the index, see
Maandschrift
for 1941, pp. 663-664. Yearly averages 1926-1938 are calculated from old index, 1926-30 =100.
6
Approximate figure, derived from old index (1913 =100).
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
1
1
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Farm
products
Foods
Other
commodities
Farm
products
Canada
United K i n g d o m
Netherlands 1
(1926=100)
(1930 = 100)
(July 1938-June 1939 = 100)
R a w and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
Foods
Industrial raw
products
Industrial
finished
products
1926
100
100
100
100
100
100
1933 .
1934
1935
1936
1937 . . . .
1938
1939
1940
1941
1942 . .
1943
1944
1945 . ..
1946
51
65
79
81
86
69
65
68
82
106
123
123
128
149
61
71
84
82
86
74
70
71
83
100
107
105
106
131
71
78
78
80
85
82
81
83
89
96
97
99
100
110
51
59
64
69
87
74
64
68
73
85
98
107
110
112
57
64
66
71
84
73
67
75
82
90
99
104
106
109
70
73
73
74
81
78
75
82
89
92
93
94
94
99
83
85
87
92
102
97
97
133
146
158
160
158
158
158
87
90
90
96
112
104
106
138
156
160
164
170
175
184
103
121
140
157
157
159
172
200
112
163
177
175
174
179
193
282
104
126
148
154
159
163
184
268
1946 — M a y ....
138
140
157
161
154
165
170
168
112
113
140
149
132
158
165
160
104
106
110
112
112
116
121
125
112
113
114
111
111
113
114
109
110
110
108
108
112
113
113
99
99
99
100
100
101
101
102
159
159
161
159
158
157
157
156
181
181
185
186
188
189
191
193
186
192
198
205
207
209
218
217
270
286
289
292
293
298
299
308
258
259
260
266
268
269
271
272
165
170
183
177
156
162
168
162
128
129
131
132
114
•"116
116
P117
115
119
124
P126
104
107
108
P112
157
158
158
163
196
197
198
200
218
218
313
312
273
274
June
July
August
September
October
November
December
1947—January
February
March
April
r
P Preliminary.
Revised.
Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1
770
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN FK1N CIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
United
Year or
month
Can- KingUnited
ada
States
dom
(1935-39 (1935-39 (July
=100)
=100)
1914
=100)
SwitzerFrance1 Netherlands
land
(1938
(1911-13
(June
=100)
=100) 1914
=100)
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
101
105
98
95
97
106
124
138
136
139
160
98
103
104
101
106
116
127
131
131
133
140
130
139
141
141
164
168
161
166
168
170
169
100
108
129
149
174
224
275
377
645
1946-May
June
July
August
September.
October...
November.
December.
143
146
166
171
174
180
188
186
138
142
144
145
143
147
147
146
169
169
171
171
168
168
168
168
543
577
576
743
800
866
851
861
1947-January...
February..
March....
April. . . . '
184
182
190
188
146
147
149
168
168
169
168
847
851
P833
*>830
P152
120
127
130
130
150
177
191
198
120
130
130
132
146
175
200
211
215
215
210
SwitzUnited
United
CanKing- France1 Nether- erlands
land
States
ada
dom
(1938
(June
(1935-39 (1935-39 (July
=100) (1911-13
=100)
=100) 1914
=100)
1914
=100)
=100)
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
2 132
137
139
140
154
175
187
195
130
137
137
138
151
174
193
203
208
209
208
99
103
101
99
100
105
117
124
126
128
139
98
101
102
102
106
112
117
118
119
119
124
147
154
156
158
184
199
200
199
201
203
204
100
108
129
150
175
224
285
393
645
208 1946-May
209
June
209
July
August
209
September.
209
October...
215
November.
216
December.
216
132
133
141
144
146
149
152
153
122
124
125
126
126
127
127
127
204
203
205
205
203
203
203
204
547
577
576
730
785
858
856
865
206
207
207
207
207
212
212
212
216 1947-January...
215
February..
216
March....
153
153
156
156
127
128
129
P131
204
203
204
203
856
858
PS3S
P837
212
212
212
.
.
April
P216
P213
P Preliminary.
1
Weighted index of 29 articles for retail food and of 34 articles for cost of living for Paris. For detailed description of the indexes see "Bulletin de
2 la Statistique Generate," February-March 1946, pp. 70-73.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
•
Bonds
Year or month
Number of issues. . .
United1
States
(derived
price)
United
Canada2 Kingdom
(1935-39 (December
=100) 1921=100)
(2)
France
(1938=
100)
Netherlands3
United
States
Canada*
(1935-39
=100)
(1935-39
=100)
100
278
77.4
67.5
64.2
83.5
83.8
99.6
115.7
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
112
6
140
9 308
479
540
551
50
8
402
1939
1940
1941
1942
1943
1944
1945
1946
113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
6 114.2
9 114.2
143.4
146.4
146.6
150.5
152.1
144.6
7 90.9
77.9
84.3
94.7
98.5
i° 103.7
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
1946—May
June
July
August
September. . .
October
November. . .
December....
123.7
123.9
124.0
123.8
122.8
121.8
121.6
121.5
122.6
122.7
122.4
122.8
117.5
117.8
117.5
117.6
117.8
117.6
117.6
117.6
132.6
132.0
132.2
132.2
132.5
133.0
134.6
134.7
135.0
134.0
133.3
132.6
147.3
146.3
143.5
142.8
142.1
139.9
141.0
142.6
1947—January
February....
March
April
15
P Preliminary.
r
117.8
118.1
118.2
P117.9
87
142.1
140.8
P139.8
P\38.6
102.4
105.0
100.9
100.3
103.0
101.8
99.4
104.3
95.5
Common stocks
154.3
153.2
149.6
146.4
125.4
122.3
120.6
125.5
125.2
128.7
123.7
119.3
NetherUnited
France5
lands
Kingdom (December
(1926=100) 1938=100) (1930=100)
100
5 275
»"694
>-875
124.4
123.3
119.1
116.9
104.4
101.8
102.5
106.4
97.6
99.5
99.2
97.6
94.7
93.0
95.3
97.8
532
540
569
'"896
933
'I,034
1,080
1,244
106.2
109.4
106.4
P104.8
98.6
96.7
96.9
96.6
1,068
1,028
Pl.103
Pl.017
8 89.7
95.0
129.1
131.5
10 151.0
151.4
11
111.4
123.2
115.9
109.8
110.9
111.4
103.6
105.2
Revised.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter
on the capitalized yield as calculated on the 15th of every month.
3
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning
January
1937, January-March 1937=100; average yield in base period was 3.39 per cent.
4
5 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
•8 Average based on figures for 5 months; no data available June-Dec. 79Average based on figures for 7 months; no data available May-Sept.
10 Average based on figures for 9 months; no data available May-July. 11Average based on figures for 10 months; no data available Jan.-Feb.
Average based on figures for 8 months; no data available Sept.-Dec. Average based onfiguresfor 7 months; no data available Jan.-May.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
JUNE
1947
771
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
Assistant
to the Chairman
ELLIOTT THURSTON,
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
RONALD RANSOM,
Vice Chairman
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
Special Adviser
to the Board of Governors
CHESTER MORRILL,
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
LAURENCE F. WHITTEMORE
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H. STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
772
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
W. RANDOLPH BURGESS, NEW YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Donald K. David
Laurence F. Whittemore
William Willett
E. G. Hult
J. C. Hunter8
Allan Sproul
L. R. Rounds
E. 0. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
W. D. Fulton
J. W. Kossin
A. H. Laning3
New York. , ,
William I. Myers
Vice Presidents
Philadelphia
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
Hugh Leach
W. G. Wysor
J. S. Walden, Jr.
Charles P. McCormick
R. L. Cherry
Claude L. Guthrie8
E. A. Kincaid
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
P. L. T. Beavers
V. K. Bowman
H. F. Conniff
J. E. Denmark
Allan M. Black8
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills8
Otis R. Preston
0. P. Cordill
L. H. Earhart
Delos C. Johns
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis 8
J. M. Leisner
W. L. Partner
Minneapolis... . Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
Kansas City
H. G. Leedy
Robert B. Caldwell
Henry 0. Koppang
Robert L. Mehornay
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
San Francisco... Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
E. 0. Latham
Carl B. Pitman
0. A. Schlaikjer
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
C. A. Mcllhenny
P. M. Poorman*
C. A. Sienkiewicz
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
R.W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
Joel B. Fort, Jr.
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin 8
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom8
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chief Officer
Branch
Federal Reserve
Bank of
Branch
Chief Officer
New York
Buffalo
I. B. Smith4
Minneapolis.. . . Helena
Cleveland.
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Kansas City
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Denver
Oklahoma City
Omaha
G. H. Pipkin
O. P. Cordill
L. H. Earhart
Atlanta..
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Dallas.
El Paso
Houston
San Antonio
Mac C. Smyth
W. H. Holloway
W. E. Eagle
Chicago..
Detroit
E. C. Harris
St. Louis.
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
William B. Pollard
1
JUNE
Also Federal Reserve Agent.
1947
1
Cashier.
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
' Also Cashier.
R. E. Towle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
* General Manager.
773
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
r1
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
OCTOBER I, 1943
<VE SYSTEU:
d
P
w
@FedFRASER