Full text of Federal Reserve Bulletin : May 1947
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F E D E R A L R E S E R V ULL MAY 1947 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE WOODLIEF THOMAS ELLIOTT THURSTON CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Financing the Postwar Business Expansion. 487-497 Federal Reserve Charts on Consumer Credit. 497 Term Lending to Business by Commercial Banks in 1946, by Duncan McC. Holthausen ... Transfer to Treasury of Excess Earnings of Federal Reserve Banks. 498-517 518-519 Direct Exchange of Maturing Treasury Bills for New Issues. 520 Federal Reserve Guarantee of Business Loans Made by Chartered Banks, by Marriner S. Eccles. . 521-523 Regional Distribution of Business Loans. 524-527 Member Bank Earnings, 1946. 528-530 Law Department: Termination of Licensing of Member Banks—Presidential Proclamation 531-532 Consumer Credit—Conviction for Violating Regulation W. . 532 Suit Regarding Condition of Membership. . 532-540 Foreign Funds Control—Treasury Department Releases. 540-544 Current Events. 545 National Summary of Business Conditions. 546-547 Financial, Industrial, Commercial Statistics, U. S. (See p. 549 for list of tables) 549-613 International Financial Statistics (See p. 614 for list of tables) . Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 614-631 632 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 633 Map of Federal Reserve Districts. 634 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE BULLETIN VOLUME 33 May 1947 NUMBER 5 FINANCING THE POSTWAR BUSINESS EXPANSION Business activity has expanded greatly since the spring of 1946 in response to the stimulation of a large postwar civilian demand for goods and services. As a result of this increased activity, as well as of advancing prices and a sharp reduction in corporate taxes, business profits after taxes reached new high levels by the end of 1946. In this period expenditures by business for plant, equipment, and inventories have been in unprecedented volume. In order to finance the great increase in assets, business in general has invested the largest annual volume of retained earnings in history, has drawn upon its large wartime accumulation of cash and Government securities, has borrowed from banks, and has floated new issues of securities. Plant and equipment expenditures in 1946 were 80 per cent above the total for 1945 and about one-third above the prewar peak in 1929; they have continued at a high level so far this year. Inventory accumulation was especially rapid from mid-1946, when- prices began to rise sharply, to the end of the year. The expansion in the dollar volume of inventories has continued in 1947 but at a slower rate. Accounts receivable of businesses have mounted rapidly for more than a year, representing the additional accommodation of customers as operations expanded. The ready availability of a large volume of funds, both within businesses and from outside sources, has contributed to the unpreceMAY 1947 dented volume of expenditures on business assets. Current profits and, as a result, retained earnings have been unusually large and growing. Business holdings of cash and Government securities at the war's end were at an all-time high. Bank loans to businesses have increased greatly as banks have sought to maintain earnings. The capital markets and private investment institutions have absorbed new security issues readily and at prices generally favorable for business. The working capital of businesses has increased further during the past year, continuing the steady growth that commenced in the prewar defense period. The recent increase, however, does not necessarily reflect a further strengthening of financial position. Although tax liabilities have been reduced greatly, holdings of cash and United States Government securities have been drawn down somewhat, and inventories and accounts receivable built up. To the extent that the increase in working capital represents merely higher values of inventories and receivables accompanying the rising price level, it indicates a possible source of difficulty in the business financial situation in case prices decline. The financial position of business in early 1947 reflected in marked degree the boom conditions that had developed from the sharp advances in business activity and in prices since mid-1946. Corporate profits were at record levels for most companies. As indi487 FINANCING THE POSTWAR BUSINESS EXPANSION cated above, these profits reflected not only operating revenues) was approximately the large volume of operations and the equal to that in 1945, which included heavy rising level of prices, but also substantially war expenditures, and was almost 75 per lower taxes as compared with the war period. cent larger than that in the previous peaceSince further revision in corporate tax rates time peak year, 1929. Lines which were able is not expected this year, any change in the to supply civilian demands promptly experibusiness financial situation depends primarily enced substantial increases in dollar sales, on developments in business activity and in while other lines were characterized by a slower increase. the relation of prices to costs. In most nondurable manufacturing lines, Further inflationary developments would in trade, and in service industries, sales were extend recent tendencies in business finance, above wartime peaks by early 1946 and rose with the financial strength of many enterprises becoming increasingly dependent on further during the year. Since the end of continuing inflation or at least maintenance 1946, sales in many of these lines have shown of existing prices. A leveling off in prices signs of leveling off. In contrast, in durable with activity maintained at current levels goods manufacturing groups, where reconwould eventually eliminate profits from in- version problems were complicated by work ventory accumulation, but would permit in- stoppages and material shortages, sales creases in profits in those industries in a dropped to a very low level during the early position to reduce costs as a result of recent part of 1946; thereafter, however, as operatimprovements in plant and equipment and ing problems were surmounted in one inthe improved supply situation. Increases in dustry after another, sales began to increase rates of pay agreed to in leading manufac- substantially and by the close of 1946 were at turing industries this spring will presumably a new peacetime high in many of these inoperate to increase the cost of doing busi- dustries. The only broad industrial segment ness in those industries at any particular vol- of business that was unable to exceed its warume of operations; at the same time they will time level of revenues by the close of 1946 increase the incomes of people who generally was the railroad group; this was primarily spend a large share of their incomes cur- the result of a sharp decline in passenger rently. A decline in activity, incomes, and traffic, no increase in passenger rates, and prices, would probably be accompanied by a only a small increase in freight rates. Operreduction in profits and by a weakening in ating revenues of public utilities other than railroads continued high throughout the year. business financial position. Thus, at the end of 1946 sales were at peak CHARACTER OF FINANCIAL NEEDS levels in almost all important industrial During the past year expectations of high groups. This situation has continued in the levels of peacetime operations were the most first quarter of 1947, with sales in the durable influential factor affecting plans for business goods lines reaching still higher peaks but expenditures. These plans were generally with sales in some other lines leveling off or fulfilled in spite of reconversion problems, perhaps even declining somewhat. work stoppages, and material shortages in Plant and equipment expenditures. Busiseveral important lines. For business as a ness expenditures on plant and equipment, as whole, the dollar volume of 1946 sales (and the chart indicates, rose sharply during the 488 FEDERAL RESERVE BULLETIN FINANCING THE POSTWAR BUSINESS EXPANSION BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS JAN.-MAR. APR-JUN. JUL-SEP. 1946 - OCT.-DEC JAN-MAR. APR-JUN. 1947 ANTICIPATED JUL.-DEC* -*•' Securities and Exchange Commission and Department of Commerce estimates. Figures for 1947 represent expenditures anticipated by businesses. Commercial and miscellaneous includes trade, service, finance, communications, and transportation other than railroads. past year to provide additional facilities for meeting the new high level of postwar demand for goods and services and to cover increased equipment prices and construction costs. The total of such expenditures, excluding those of agricultural enterprises, is estimated by the Securities and Exchange Commission and the Department of Commerce at approximately 12 billion dollars in 1946, 80 per cent above the 1945 total and one-third larger than that of 1929, the previous peak peacetime year. Even though the rise in expenditures leveled off during- the last part of 1946, partly because of the seasonal influence, such expenditures reached their quarterly peak in the last three months of the year when they attained an annual rate of 15 billion dollars. Business expenditures on plant and equipment characteristically fluctuate greatly, primarily because of the durability of plant and MAY 1947 most equipment and because new expenditures on them can be temporarily postponed without materially affecting production in the short-run. Such fluctuations are an important contributing factor to changes in total business activity. Larger plant and equipment expenditures during the past year have been characteristic of concerns of all sizes and in all types of business. The largest dollar volume of expenditures, as in most previous years, was made by manufacturing and mining companies, but the greatest relative increase in expenditures occurred among trade and service establishments. Numerous new firms, many of them owned and operated by veterans, made their appearance in the latter fields during the year. Expenditures of public utility companies increased only moderately until the last part of the year. Although it is difficult to segregate precisely expenditures on plant from those on equipment, the latter probably approximated two-thirds of the total in 1946. This is similar to the proportion that characterized the prewar period. Sales to businesses of surplus war plant and machinery owned by the Government thus far have required a relatively small volume of financing. According to the War Assets Administration such sales totaled about 900 million dollars in 1946, about half of total business expenditures on used plant and equipment but only seven per cent of expenditures on new facilities. The major portion of these sales, probably about threefourths, was for cash, the remainder being for credit. The War Assets Administration inventory and probable future acquisitions of surplus war plant and equipment on February 28, 1947, totaled 1.5 billion dollars, valued at the February rate of recovery on cost. It will become increasingly difficult to dispose of these facilities at the current 489 FINANCING THE POSTWAR BUSINESS EXPANSION recovery rate because of their lack of convertibility and their inaccessibility. Business plans, as reflected in anticipated expenditures shown on the chart, call for considerable further expenditures on plant and equipment in 1947, particularly during the first half of the year. Although the postwar investment programs of many companies are nearing completion and those of other concerns are being postponed because of high costs, the programs of concerns in many public utility and manufacturing industries indicate continuation for a period of relatively large business expenditures on fixed facilities. Expenditures by railroads, electric light and power companies, and telephone companies, for example, are expected to increase considerably in 1947. There is great need in these industries for replacement of obsolete equipment and also for expansion of properties in order to meet the larger civilian demands for their services. Inventory accumulation. The rapid growth in the inventory holdings of business since the end of the war has been an important factor in the current business boom. Business concerns of all types have been striving to regain adequate stocks of peacetime goods and supplies, which had been depleted during the war period. Growth in the dollar volume of inventories, as is shown in the table, was particularly pronounced during the last half of 1946, when prices were rising rapidly; it has slackened somewhat during recent months. The Department of Commerce monthly estimate of inventories of manufacturing and trade concerns showed an increase of over 8y2 billion dollars during 1946, almost 50 per cent above the growth in 1941, the largest previous annual increase since the series began t in 1939. Taking into account the ll/2 billion dollars of war inventories that were liquidated by manufacturers during the year, 490 MANUFACTURING AND TRADE INVENTORIES [Averages of end-of-month figures; in billions of dollars] Manufacturing Quarter Trade Total Durable Nonmanu- goods durable goods Wholefactur- indussale indusing tries tries Retail 1946—Jan.-Mar.. Apr .-June. July-Sept. Oct.-Dec.. 16.6 17.0 18.5 19.9 8.1 8.6 9.3 10.0 8.4 8.4 9.2 9.9 4.3 4.5 4.8 5.7 6.2 6.9 8.0 9.1 1947—Jan.-Mar.. 21.2 10.8 10.4 6.5 9.4 NOTE.—Based on monthly estimates of the Department of Commerce. Detailed figures may not add to totals because of rounding. These figures, unlike those used fn the gross national product tabulations for all businesses, are not adjusted for inventory revaluations. largely in the first half, civilian-type inventories of concerns in these industries probably increased by about 10 billion .dollars in 1946. The proportion of this increase represented by additions to physical stocks may have been as high as two-thirds or as low as one-third, the remainder being a reflection of higher prices. The largest relative increase in the dollar volume of manufacturing and trade inventories in 1946 occurred among retailers of durable goods. More recently the largest relative increase has occurred among wholesalers. In the case of manufacturers, particularly those in durable goods industries, the rising inventory holdings were represented primarily by purchased materials. In many instances, expansion in inventory holdings has been poorly balanced as a result of material shortages, delays in the production process, and protective buyng. As long as the prevailing shortages of metals and other raw materials exist, many concerns in basic industries will probably experience difficulties in maintaining balanced stocks of purchased materials, goods-in-process, and finished goods. Future tendencies in inventory accumulation will of course vary considerably among industries. In many manufacturing indusFEDERAL RESERVE BULLETIN FINANCING THE POSTWAR BUSINESS EXPANSION tries, inventories relative to sales are still below the prewar relationship. In other lines, particularly in wholesale and retail trade, there has been increasing evidence during recent months that inventories are becoming large relative to sales. Clearance sales and retrenchment in purchasing are both becoming more prevalent in the distribution fields as a result of some consumer resistance to higher prices or actual inability to pay them, and the increasing availability of goods for fairly prompt delivery. Although inventories in some industries are still low relative to sales, as compared with the relationship between the two items in previous periods, such comparisons are subject to important qualifications in judging the adequacy of current inventory levels. In the first place, the wartime experience of manufacturers in improving production methods, together with a wider application of inventory controls and further integration of industrial operations, may have permanently reduced industrial inventory requirements in relation to sales. Secondly, records of past business cycles show that inventory holdings are not susceptible to prompt contraction in the event of recession in prices and sales volume. In those circumstances, inventories in some lines and of some types quickly prove to be excessive. In all probability, further inventory accumulation will continue, although the rate of increase may be expected to slacken considerably. An important problem raised by the latter prospect is the weakening effects that a slower growth in inventory may have on demands for products of many industries and on total expenditures in the economy. If sales volume should recede as a result of such a development, further inventory accumulation would not be retarded immediately; manufacturing and trade concerns would MAY 1947 continue to receive shipments of goods from suppliers to cover orders placed at higher levels of output. The recent rapid inventory accumulation at higher and higher prices may have had weakening effects on the finances of some enterprises. Such accumulation has been accompanied by a substantial increase in business debt to banks; thus obligations fixed in dollars have been assumed*in acquiring assets that have been rising in value but may in the future decline. In that event, monetary losses, which may be substantial, would materially affect the financial position of indebted companies. Many companies, particularly the larger ones, are sufficiently liquid to retire outstanding bank debt promptly under these conditions, and some companies have provided in advance for inventory losses by setting aside valuation reserves from prior year earnings. Other companies, less conservatively financed, may need to amortize inventory debt and losses gradually in the period following any abrupt price decline. Other requirements for funds. Two other developments increasing business requirements for funds in 1946 were the expansion of customer financing and the payment of the previous year's income and excess profits taxes. In increasing their accounts receivable, business concerns provided additional purchasing power to customers, including ultimate consumers, and hence tended to strengthen the demand for goods and services. Of course, a large part of the increase in the accounts receivable of many business concerns represented additional debts of other businesses; such receivables were •matched by an increase in accounts payable of businesses, a source of funds. Income taxes payable on 1945 earnings were substantially in excess of taxes incurred in 1946; con491 FINANCING THE POSTWAR BUSINESS EXPANSION sequently, payments to the Federal Government in 1946, even after tax credits received during the year, were larger than amounts currently set aside for taxes. by considerably more than the 50 per cent shown for all corporations. In addition to the 7 billion dollars of retained earnings, corporations set aside about the same amount of revenues for depreciation FINANCING THE EXPANSION of plant and equipment. This latter sum was Availability of an unusual volume of inter- a little more than half of total corporate exnal funds within businesses and a large vol- penditures for plant and equipment during ume of funds from outside sources seeking the year. investment contributed to the unusually high The unusually large volume of retained levels of plant and equipment expenditures, earnings during 1946 was "retained" only in inventory accumulation, and customer fi- the sense that it was not paid out in dividends nancing reached in 1946. The heavy use of to stockholders. In a year like 1946 retained external financing at a time when earnings earnings and depreciation allowances do not and liquid assets were at record levels is represent unused, or idle, funds. In the war typical of a period of rapidly expanding busi- years a part of current retained earnings and ness activity, when the increase in assets of also a part of current depreciation allowances businesses exceeds their internal sources of were set aside as additional holdings of liquid funds. In the aggregate, however, the larg- assets, that is, cash and United States Governest part of the recent high level of business ment securities. During 1946, however, busiinvestment expenditures has been financed nesses reduced their aggregate liquid asset through internal funds obtained from cur- holdings. In effect, the entire amount of rent operations and from previously accu- earnings retained during 1946, together with mulated liquid assets. all amounts received during the year from Retained earnings. The retained earnings external sources and some amounts accumuof all corporations in 1946—that is, receipts lated in liquid form during the war years, after deductions of all costs, taxes, and divi- had been used by the year end to help finance dends—have been estimated by the Depart- the increase in business assets. Reduction in liquid assets. At the beginment of Commerce at approximately 7 billion dollars, more than 50 per cent larger than ning of 1946 liquid assets, that is, cash and retained earnings in 1945. In addition, cor- United States Government securities, held by porations received tax credits and refunds of all businesses, unincorporated enterprises as Federal income and excess profits taxes paid well as corporations, totaled almost 75 billion in earlier years which may have amounted dollars. This was over 3l/2 times the volume to between one-half and one billion dollars. of liquid assets held by businesses at the end Retained earnings in 1946 were larger than of 1939 and only slightly below the all-time in the preceding year in the case of most peak level reached in mid-1945. broad industrial groups. The notable excepDuring 1946 liquid assets were drawn tion was railroads, whose retained earnings down 10-15 per cent. Practically all of were considerably smaller in 1946 than in the this decrease occurred in holdings of United preceding year. In other industries, such as States Government securities, while the volthe important nondurable manufacturing ume of business cash balances at the end of and trade groups, retained earnings increased the year was only slightly below that at the 492 FEDERAL RESERVE BULLETIN FINANCING THE POSTWAR BUSINESS EXPANSION beginning. A portion of these securities were tax notes used for the payment of 1945 taxes. That the use of liquid asset holdings was not greater, in view of the large volume of business investment during the year, can be explained in part at least by the large retention of current earnings and in part by the uneven distribution of liquid assets among individual companies. Many concerns most in need of funds had only a small volume of liquid assets on hand. Many others, moreover, retained the increased liquidity they had acquired during the prosperous war years, perhaps until they could be more certain about future long-term business conditions. As a consequence, the liquid asset holdings of business in the aggregate are still high relative to day-to-day operating needs measured by prewar standards. This is indicated by the fact that aggregate business liquid asset holdings in 1939 averaged 11 per cent of annual sales, as compared with about 17 per cent of sales in 1946 as a whole and 14-15 per cent during the last quarter. In the case of continued business expansion these assets may be used to finance additional investment in inventory, plant, and equipment. In the case of a recession they will provide the immediate resources if cash disbursements temporarily exceed cash receipts. In the latter case, the increased business liquidity may have the effect of reducing the need for forced liquidation and of delaying businesses in making the price cuts, cost reductions, and other readjustments that generally accompany recessions. Business loans from ban\s. Business expansion in 1946 was accompanied by an increase of over 4 billion dollars in business borrowings from banks. Probably about half of this volume went to large concerns, those MAY 1947 with total assets of 5 million dollars and over, and reflected primarily borrowings by large manufacturing companies and by public utilities to meet reconversion costs, to expand inventories and receivables, and to meet higher costs than anticipated for expenditure programs on plant and equipment. The remaining volume went to medium-sized and small concerns, both incorporated and unincorporated, especially those in various lines of manufacturing and of wholesale and retail trade. The character and magnitude of the increase in bank lending to businesses during 1946 was discussed at greater length in the March BULLETIN. An article in this BULLETIN discusses bank loans to businesses for terms of more than a year. During the first quarter of 1947 borrowing from banks continued to increase at a rapid rate. The continued large, though diminished, increase in the dollar volume of business inventories was the primary reason for this growth in business loans during the first quarter. Thus far in 1947, at city banks, loans with a maturity of more than a year appear to have made up a smaller proportion of new loans than they did in 1945 and 1946. The extremely liquid position of banks, with their large holdings of short-term United States Government securities, which may be sold or pledged against advances at the Federal Reserve Banks, has enabled them to increase their loan portfolios greatly and will permit a further increase if the demand arises. Even in the event of a recession the decline in business loans of banks would probably lag behind that of general business activity since in the early stages of a downturn cash receipts of businesses tend to fall more sharply and quickly than cash outlays. New security issues. Businesses also made substantial use of the security markets in 493 FINANCING THE POSTWAR BUSINESS EXPANSION 1946 and obtained in this manner the largest amount of financing since 1929. Total offerings of securities aggregated 6.4 billion dollars, 3.0 billion for new money and 3.4 billion for refunding and other refinancing purposes. New money financing was almost three times as large in 1946 as in the previous year, while refunding operations decreased considerably from the peak volume of 1945. Although some corporations floated securities to obtain new money, others appear to have made sizable retirements of securities from cash. Durable goods manufacturers, especially automobile and machinery companies, accounted for a large portion of the dollar volume of the new money issues in 1946. As public utility concerns began to make large expenditures on fixed facilities in the latter part of the year, their financing through new security issues increased sharply. As is shown in the table, security offerings for new money were unusually large in the last quarter of 1946, accounting for about 45 per cent of the total volume for the year. Financing in this quarter reflected further large offerings by manufacturing companies together CORPORATE SECURITY ISSUES FOR N E W MONEY [In millions of dollars] Manufacturing and mining Quarter Total 1 1946—Jan.-Mar Apr.-June.... July-Sept.. . . Oct.-Dec 248 611 809 1947—Jan.-Mar 1 Durable Nongoods durable indusgoods tries industries Rail- Public roads utilities 1,336 • 90 270 450 420 130 260 110 270 10 18 28 74 3 21 200 537 673 170 110 43 284 Includes small amounts for an "All other" group (primarily trade, service, finance, and air transport companies), which is not shown. NOTE.—Securities and Exchange Commission estimates of net proceeds of new issues, except for distribution between durable and nondurable goods manufacturing and mining industries, which was prepared by the Board's Division of Research and Statistics on the basis of Commercial and Financial Chronicle data. 494 with large offerings by public utility companies. Market developments had an important effect on the types of security financing in 1946. Under the impetus of a rising stock market during the early part of the year, stock offerings were numerous, and the year's total of preferred and common issues equaled two billion dollars, the largest volume since 1929. After the sharp decline in stock prices in late* August and early September there was some shift from stock to bond financing and from'public to private placements, but the total volume of new financing continued high. There has been a large number of mediumsized and small security issues floated during the past year although a few very large issues have accounted for the major portion of the total volume of financing. During the fifteen months January 1946-March 1947 issues of less than 1 million dollars each accounted for over half the number but only 5 per cent of the dollar volume of all offerings for new money. Security issues in the first quarter of 1947 were substantially below the average volume in the last two quarters of 1946. This reflected in part at least the usual first quarter lull while corporations awaited the release of year-end audited financial statements to present when registering new issues with the Securities and Exchange Commission. Sizable new issues are in prospect. Telephone companies are expected to obtain through the sale of securities the major portion of the funds they require to carry out their large expansion program. BUSINESS PROFITS DURING THE EXPANSION Aggregate corporate profits before taxes, according to preliminary Department of Commerce estimates shown in the chart, FEDERAL RESERVE BULLETIN FINANCING THE POSTWAR BUSINESS EXPANSION CORPORATE PROFITS BILLIONS OF DOLLARS •^-—PROFITS BEFORE TAXES I TAXES J - ^ - P R O F I T S AFTER TAXES 9 DIVIDENDS I RETAINED EARNIN68 10 1939 1940 1941 1942 1943 1944 1945 1946* *£ PRELIMINARY. Department of Commerce estimates. Taxes are Federal and State income taxes. were somewhat smaller in 1946 than in 1945, in spite of an approximately equal volume of business, and were subtantially less than in 1943 and 1944. Since tax liabilities were much lower, however, profits after taxes increased about one-third in 1946 and were larger than in any previous year. With dividends only moderately larger than in the preceding year, the volume of current retained earnings, as was indicated earlier, rose by about 50 per cent. Net worth, which measures the financial interest of the owners of corporations, has probably increased 20-25 per cent since 1939. Profits before taxes in relation to net worth declined in 1946, continuing a decline that has been in process since 1943. The ratio of profits after taxes to net worth, however, rose sharply in 1946; this ratio was probably in excess of the war peak in 1943 and considerably in excess of the previous peacetime peak. An important factor affecting business MAY 1947 earnings in 1946 was the reduction in tax liabilities. The excess profits tax was repealed and corporate normal rates reduced from 40 to 38 per cent, effective at the beginning of 1946. Moreover, special tax credits representing further adjustments of wartime taxes, not included in Department of Commerce tax estimate for 1946, also reduced the 1946 tax liabilities. Over-all annual earnings figures of necessity obscure variations in profits within the year, both among industries and among individual companies within industries. The first and second halves of 1946, however, were characterized by much different price, cost, and, as a result, profit conditions. In the first half, with selling prices still subject to control and with operating costs increasing, unit costs in many industries rose faster than unit prices. Moreover, because of reconversion problems and work stoppages in several important industries, the over-all sales volume of all businesses dropped. In the second half of the year, however, with controls removed, selling prices rose substantially. Since there is a lag between the purchase of materials and sale of products, profits before taxes during this period included a sizable volume, probably several billion dollars, of inventory profits. In addition, total business sales increased sharply not only because of the price rise but also because reconversion and other transitional production difficulties had been surmounted and the number of work stoppages had declined to an unusually low level. Thus, during the second half of 1946, unit profit margins widened, reflecting rapidly rising unit selling prices combined with more slowly rising material costs, lower overhead costs per unit, and increased labor productivity. Available quarterly data on the profits after taxes of large corporations, as shown in the 495 FINANCING THE POSTWAR BUSINESS EXPANSION table, indicate a sharp upward trend in earnings throughout the year in most broad industry groups. The variation in profitability QUARTERLY PROFITS AFTER TAXES OF LARGE CORPORATIONS [Indexes, quarterly average for 1945 = 100] Manufacturing and mining Other utilities Durable goods industries Nondurable goods industries Class I railroads 1945—Jan.-Mar Apr.-June July-Sept Oct.-Dec 105 111 82 101 102 101 100 98 132 177 113 -22 106 96 92 107 1946—Jan.-Mar Apr .-June July-Sept Oct.-Dec -2 104 121 196 129 143 165 202 12 -40 114 170 141 115 105 115 Quarter l 1 Electric power and telephone companies. NOTE.—Based on profits data which appear on p. 574 of this BULLETIN. from industry to industry was much more pronounced during the early months of 1946 than at the end of the year when most industries were'experiencing unusually high levels of profits after taxes. Only the railroads and a relatively few industries manufacturing durable goods experienced sharp reductions in such profits from the year 1945 to 1946. Data available for about 500 individual large manufacturing corporations indicate that company-to-company variations in 1946 profits after taxes, in terms of the percentage change from 1945, reflected for the most part industrial differences rather than any wide difference of profits experience among companies within a given industry. Within most industries the variation was scattered around a high rate of increase in earnings from 1945 to 1946. CONCLUSION In the first quarter of 1947 the volume of business activity rose further, profits in many 496 lines were above the high end-of-1946 levels, and further expenditures were made on business assets, principally inventories, plant, and equipment. There are indications, however, that business investment of some types and in some areas is leveling off or declining. Although the postwar expenditure plans of many companies in durable goods manufacturing and public utility industries indicate continued large plant and equipment expenditures throughout 1947, the programs of many other industries are nearing completion or are being deferred. A slackened growth, or possibly even a decline, in total business expenditures on new plant and equipment during coming months may therefore be expected. In many lines new and outstanding orders for products are leveling off, and the rate of inventory accumulation is declining, even though the current over-all relationship of inventories to sales is still below what was considered normal in prewar years. Further voluntary inventory accumulation will be more selective; if metals and other basic raw materials now in short supply become available in sufficient quantity, some additional accumulation of these materials is probable. Should sales fall markedly below current receipts of goods, the resulting involuntary accumulation of inventories at present high prices would have serious implications for future business developments. Of major importance for aggregate business sales during the coming months is the prospective level of consumer and export demands for which trends may change from those prevailing in late 1946. Current consumer demands in some lines, especially at the retail distribution level, are not as strong as in 1946. Demands for goods for export, however, are likely to remain substantial throughout 1947. If, at prevailing prices, the FEDERAL RESERVE BULLETIN FINANCING THE POSTWAR BUSINESS EXPANSION over-all level of demand should prove inadequate for the supply of goods and services currently being produced, and if aggregate sales volume should decrease materially from its present level, many businesses would experience an adverse change in financial position and would consequently make substantial alterations in investment programs. In looking ahead it should be recognized that lower taxes, a large volume of operations, and rising prices have been the crucial elements in the recent business financial situation and in the increase in business profits after taxes. This increase in profits has been relatively greater than that in other income shares. A reduction, even though moderate, in the volume of operations and in prices from present levels would result similarly in a greater relative decline in business profits than in other income shares. If, however, business receipts remain large in consequence of a continued high, or rising, level of prices, their distribution as between profits and other income shares would have an important bearing upon the maintenance of a high level of employment. FEDERAL RESERVE CHARTS ON CONSUMER CREDIT The Board of Governors of the Federal Reserve System now has available for distribution a Chart Book on Consumer Credit. The book contains 19 charts showing consumer credit by major parts and related data compiled by the Board and other agencies. These charts contain information available as of April 15, 1947, and provide space for plotting data through 1948. MAY 1947 Each month the Federal Reserve BULLETIN will include a table of data for bringing the charts up to date. See page 600 of this issue. The price of the Chart Book is 50 cents per copy. In group orders of ten or more copies for single shipment, there is a special price of 35 cents each. Orders for copies should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 497 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 19461 by DUNCAN MCC. HOLTHAUSEN One of the most significant developments in banking during recent years has been the expanding use of the term loan to finance the mediumand longer-term credit and capital needs of business. A term loan as defined in this article covers loans to business with a maturity at time of making of more than one year. Under this criterion, all business loans at member banks having an original maturity in excess of 12 months are regarded as term loans whether or not they are secured or unsecured and irrespective of the borrower's purpose in obtaining the loan. The most common feature of term loans is a plan for serial or instalment repayments under a predetermined schedule. The larger term loan is frequently unsecured and is made under an agreement which sets forth the arrangements and understandings between the borrower and lender at the time of the loan. The term loan agreement is based in part upon a careful analysis of the borrower's operations and financial position, including an estimate of his probable earnings and the prospects of the industry in which he is engaged. The purpose of the analysis and of the agreement accompanying the loan is, of course, to set the conditions of the financing acceptable to both borrower and lender and to minimize the credit risk of the ir rhis article dealing with the term lending of banks is the second in a series covering the results of the nation-wide sample survey of business loans outstanding as of Nov. 20, 1946. The survey was conducted by the Board of Governors of the Federal Reserve System and the Federal Reserve Banks. The first article of this series, published in the March Federal Reserve BULLETIN, summarized the over-all results of the survey, such as the estimated volume of business loans at member banks, the types and sizes of businesses served, and the classes of banks extending business credit. See Albert R. Koch, "Business Loans of Member Banks," Federal Reserve BULLETIN, March 1947. In addition, the size of the sample, the method for estimating totals shown, and questionnaire details were described. Subsequent articles, which deal with special phases of bank loans to business, such as types of security for loans, 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. lender. The smaller term loan is often arranged to finance expenditures on equipment or facilities that in turn are pledged as collateral for the loan, but the loan so secured may also be for working capital purposes. While the practice is not yet widespread, many smaller term loans are likewise arranged under special loan agreements. Term loan arrangements difler considerably as between borrowers because the loan plan is adapted to financing the diversified needs of borrowers. SUMMARY OF RESULTS During 1946 the term loans of member banks were an important factor in business credit supply. Close to the end of the year member banks held an estimated 144,000 term loans amounting to 4.6 billion dollars. Thus loans with an original maturity of more than one year accounted for one-fifth of the number and one-third of the dollar amount of all member bank loans outstanding to business concerns. This volume of outstanding term credit to business concerns, as estimated from the results of the nation-wide sample survey of commercial bank business loans outstanding on November 20, 1946, was probably at least double the prewar volume of term loans. Term loans made during the 12 months prior to the date of the survey accounted for threefourths of the number and two-thirds of the volume of all term loans outstanding on November 20, 1946. This was a period when total business loans increased sharply, accompanying a rapid expansion in business assets, particularly of such current assets as receivables and inventories. The expansion of bank loans over these months was largely the result of the short-term credit needs of business. Since the number and amount of term loan disbursements increased considerably, it is evident that the medium-term credit needs of business were likewise substantial during this period. Between May and October 1946, member banks disbursed an average of 300 million dollars per month on term loans, or at a rate of 3.6 billion annually. It is possible that price disturbances and weaknesses in the securities markets in the last half FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 cluding producers of metal products and manufacturers of petroleum, chemical, and rubber products were important term borrowers. Retail trade borrowers, although indebted for almost three-fifths of the number of term loans outstanding, owed only one-tenth of the total amount. Term loans were an important source of funds for public utilities and transportation companies (including the airlines). Relatively new businesses, that is, those organized since 1942, accounted for a significant proportion of the number of term loans. Over onehalf the term credit made available by banks to the smallest business establishments was to relatively TABLE 1 new concerns. T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, The term loan is a well-established and accepted 1946, BY YEAR OF FINAL PAYMENT type of credit for small as well as large businesses. [Estimates of outstanding loans] Business enterprises with less than $250,000 of assets had outstanding an estimated 133,000 term Percentage Amount Number distribution loans or 90 per cent of the total number of member Year loan or final of loans l of loans (In (In instalment matures bank term loans to business. Large business estabmillions) thousands) Amount Number lishments, particularly those having assets of 5 million dollars or more each, accounted for the major Loans past due 0.8 0.6 $ 13 0.3 Loans with final payproportion of the dollar amount of term borrowing ment due in: from member banks. 2.7 1946 32 0.7 1.9 1947 437 39.0 9.6 27.0 The largest business concerns obtained a greater 1948 460 32.6 10.1 22.6 1949 326 19.1 13.2 7.2 proportion of their bank funds on a term 1950 454 10.0 6.9 10.0 basis (over one year) than did smaller business 577 1951 14.4 12.7 9.9 1952 261 4.3 5.7 3.0 establishments. Approximately one-half of the total 1953 327 3.1 7.2 2.1 1954 214 bank borrowings of concerns with assets of 5 mil2.8 4.7 1.9 691 1955 4.3 15.2 2.9 lion dollars or more were term loans. For smaller 1956 675 9.7 6.7 14.8 businesses, with the exception of the very small 1957 or later 90 1.7 2.0 1.2 establishments with assets of less than $50,000, the All term loans. . . $4,558 144.4 100.0 100.0 corresponding proportion was no more than one1 Balances outstanding Nov. 20, 1946 on loans whose final payfifth. It is noteworthy that the very small business ment falls due in the year indicated. NOTE.—Detailed figures may not add to totals because of concerns obtained one-third of their bank borrowrounding. ings on a term basis. The spread of term loan usage to small business ing. Within thisfive-yearperiod, instalment repayments will also have been made in substantial establishments in recent years has had its countervolume on term loans having a last instalment due part in the extent to which smaller banks make after 1951. No more than 2 per cent of the number loans on a term basis. In the very smallest size-ofof loans outstanding at the date of the survey will bank classification (deposits under 2 million dollars mature in more than 10 years. A distribution of each) as many as one-half of all banks had outterm loans by date of final payment is presented in standing term loans. Almost three-fourths of all Table 1. The number and amount of term loans member banks had term loans outstanding to busipast due and unpaid as of November 20, 1946 was ness on the date of the survey. negligible. Member banks in the Federal Reserve districts Manufacturing and mining concerns accounted of the two largest financial centers in the United for over one-half the amount but no more than one- States—New York and Chicago—held three-fifths seventh of the number of term loans outstanding of the estimated total dollar amount of term loans near the end of 1946. The industrial groups in- outstanding at all member banks. Large banks in of 1946 brought to banks some business credit demands that under more favorable securities market conditions would have been satisfied through investment banking channels. A concurrent increase in private placements of corporate notes and bond issues with insurance companies was reported during this period. Of the 4.6 billion dollars of member bank term loans outstanding near the end of 1946,finalpayments on approximately one-half will be due by the end of 1951. The loans thus maturing include fourfifths of the total number of term loans outstand- MAY 1947 499 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 these two districts lent heavily to industries outside their own districts, often in cooperation with correspondent banks. Banks in the San Francisco District were especially active in using the term loan to finance local business activity. In other districts where term lending was local in character there wras considerable variation in the volume of term lending relative to total bank loans to business. The proportion of outstanding term loans that represented credits in cooperation with banks or other lending institutions appears to have been considerably smaller in 1946 than it was before the war. Approximately one-third of the amount of all term loans outstanding near the close of 1946 represented participating credits as compared with at least one-half in 1940. This smaller proportion of term loans involving participation of other lenders, however, probably represented joint arrangements between a larger number of banks than formerly; it also represented an absolute dollar amount of term loans much the same as in 1940 since the total of all term loans doubled in this period. The proportion of outstanding term credits made by banks in cooperation with agencies of the Federal Government, including the Reconstruction Finance Corporation and Federal Reserve Banks, was nominal, amounting to 63 million dollars out of a total 4.6 billion dollars. Such loans were made to businesses in all size groups and probably would not have been arranged in the amounts obtained without the participation of these agencies. Term loans appear to be an outgrowth of and, in some cases, a substitute for, two types of bank earning assets that are considerably less important today than they were 20 years ago. One is the short-term loan made with an informal understanding that it will be renewable as long as the borrower maintains a satisfactory credit standing. The other is the corporate bond or debenture held by banks as investments. Term loans, made under prescribed repayment plans, are generally sounder assets than short-term notes made with the expectation that they would be renewable at maturity or than long-term corporate bonds or debentures repayable in lump sum at maturity. Although the amortization feature does not protect the lender from the fundamental credit weaknesses of a particular borrower, it does require advance planning of payments on the borrower's part and 500 helps to maintain active turnover of the bank's loan assets. The characteristics of term loans, such as security taken, maturity, repayment basis, and interest charges, depend in large part upon the size of loan granted (closely related to size of borrower), and, secondly, upon the type of business borrowing the funds. At least 90 per cent of the term loans made during 1946 were small in size, averaging $3,700. The small term, loan is typically secured by real estate or a chattel mortgage on equipment. It is repayable on an equal instalment basis and matures within five years. The interest charges are about double those for very large loans. An interesting development in the extension of small term loans has been the increasing use of the loan agreement by which the borrower covenants to follow certain prescribed policies as noted below for large loans. The large term loan is most frequently an unsecured note accompanied by a term loan agreement. The lender relies upon the general financial strength and earning prospects of the borrower. The agreement usually restricts the pledging of fixed assets by the borrower, limits any other longterm borrowing while the term loan is in effect, and requires that the borrower maintain certain liquidity standards as well as provide the lender with periodic financial statements. Sometimes there is provision for lump-sum payment at maturity, but more often the loan takes the form of a group of serial notes maturing at different dates or a single note amortized on an instalment basis. A considerable number of these large term loans are made by groups of participating banks; insurance companies may be members of a group and take up the longer maturities, such as those coming due in more than 10 and in cases more than 15 years. The revolving credit arrangement, whereby the borrowing business acquires the right to borrow a specified maximum amount for a stated period of time (usually one to three years), is a form of term loan not fully covered by the survey. Under this plan amounts borrowed on the line of credit are evidenced by individual notes, in most cases of shorter term than the period of commitment, and a commitment fee is paid by the borrower to the bank on any unused portion of the maximum amount that the lending institution obligates itself to make available. As the notes mature they can be FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 replaced by new notes. To the extent that notes term credit as compared to short-term credit. The maturing within one year were issued under re- possibility of default on short-term loans (normally volving credit arrangements, they were not included renewable) when repayment is accelerated during periods of sharp business contraction, encouraged as term loans in this survey. One interesting trend in term lending during the desire for medium-term credit repayable over 1946 has been the development of a revolving credit a period of several years on an instalment basis.3 agreement with provision for conversion to a term In addition, developments beginning with the terloan basis upon the termination of the period of mination of warfare in the European Theatre and the bank's commitment to lend a stipulated sum. accelerating after V-J Day stimulated the widespread Under this arrangement the note or notes due for use of the term loan. Metal product manufacturers payment at the end of the commitment period may and many other war contractors were in need of be converted to*a term loan. If the borrower con- medium-term funds for reconversion and replaceverts to a term loan, he uses the proceeds to cancel ment purposes. Individuals organizing the nuthe old obligation, and generally repays the new loan merous new retail and service establishments, inin 3 to 10 years under a prescribed repayment plan. cluding members of the medical professions who Where a considerable period of time may elapse were equipping offices after military service, needed between the negotiation of the term credit arrange- small credit advances. New but small truckment and the disbursement of funds to the bor- ing concerns were also in need of funds. Rapidly rower, it is customary to cover the stand-by period expanding industries, such as commercial airlines, with a firm commitment by the bank to advance required substantial sums to finance equipment the funds when called upon. Usually a commission purchases and hangar installations. Manufacturing and mining concerns were infee is charged by the bank for this commitment period. Firm commitments for which a fee is debted for slightly more than one-half of the 4.6 charged also arise where a bank arranges to make billion dollars of business term loans outstanding at advances from time to time until a date when all of member banks on November 20, 1946. As Table 2 the funds that the borrower intends to borrow under shows, however, these concerns represented only the agreement have been advanced and the term one-seventh of the total number of term borrowers. Retail trade enterprises accounted for the largest loan arrangement goes into effect.2 According to the survey results, the total volume proportion of the total number of term loans or of member bank funds available to borrowers under nearly two-fifths of the 144,000 outstanding. These commitments where the borrower was paying a com- loans to retailers were small in size and amounted mitment fee amounted to 2 billion dollars as of to one-tenth of the total dollar amount of term November 20, 1946. Of this sum about one-third loans outstanding. Service establishments also achad already been drawn down. While a consider- counted for a sizable number of term loans and for able proportion of the funds under such commit- a small proportion of the total dollar amount outments was probably for conventional term loans, a standing. Public utilities (including transportation sizable amount was likely accounted for by various companies) were important users of term loans. revolving credit arrangements not included as term Their notes payable to banks on a term basis, used in substantial part for refunding purposes, included credit in this survey. one-fifth of the dollar volume and one-eighth of the TYPE OF BORROWER USING TERM LOANS number of term loans. The wholesale trades and As a method of obtaining medium- and longer- sales finance companies, which customarily rely very term credit, term loans by banks are a source heavily on short-term borrowing, were responsible of funds for many different types of business for only a small fraction of either volume or number enterprise. In recent years business establishments of term loans. Of the broad industrial groups, public utilities have indicated an increasing preference for mediumshowed the largest proportion of term loans rela2 A statement describing the development and use of the stand-by credit as a method of lending by banks is given by George Champion in the Report */ the Committee on Bank Credit Practices (Proceedings of the Thirty-Fifth Annual Convention, Association of Reserve City Bankers, 1946), pp. 29-36. MAY 1947 3 For a discussion of changes affecting the volume and nature of business demands for external financing in recent years, Bee Neil H. Jacoby and Raymond J. Saulnier, Business Finance and Banking (National Bureau of Economic Research, 1947). 501 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 2 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER [Estimates of outstanding loans] Business of borrower Amount of loans (In millions) Amount As a percentage of all loans to each business group * Number Amount Number 9.0 3.0 2.6 1.2 1.5 0.6 37.3 17.0 3.1 6.0 7.5 3.7 27.8 34.1 28.4 20.1 *34.7 16.0 21.3 30.0 13.3 14.8 24.3 15.8 224 101 27 38 32 26 9.8 3.8 0.4 2.3 1.5 1.8 4.9 2.2 0.6 0.8 0.7 0.6 6.8 2.6 0.3 1.6 1.1 1.2 9.3 10.0 4.7 12.3 31.3 6.2 11.2 12.2 4.5 10.6 18.8 10.3 2,371 392 100 712 759 409 21.1 2.5 1.4 6.0 2.6 8.5 52.0 8.6 2.2 15.6 16.6 9.0 14.6 1.8 1.0 4.2 1.6 5.9 41.8 25.4 20.4 43.5 71.0 43.4 18.3 14.5 8.9 20.6 19.5 21.2 960 233 65 74 223 16.9 24.1 7.7 0.2 10.6 21.1 5.1 1.4 1.6 4.9 11.7 16.7 5.3 0.2 7.4 78.0 47.3 14.2 9.4 31.9 44.0 31.5 18.0 3.3 28.4 $4,558 144.4 100.0 100.0 34.4 21.5 Wholesale trade, total Food, liquor, tobacco, and drugs Apparel and dry goods Home furnishings, metal products, and building materials.... Automobiles, parts, and petroleum All other Public utilities (including transportation companies) Services Construction Sales finance All other * All term borrowers Percentage distribution 53.9 24.6 4.5 8.6 10.8 5.4 Retail trade, total $ 408 135 Food, liquor, tobacco, and drugs 120 Apparel, dry goods, and department stores 56 Home furnishings, metal products, and building materials.... 69 Automobiles, parts, and filling stations 28 All other Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber All other Number of loans (In thousands) 1 2 All loans include member bank loans to business with maturities of one year or less as well as term loans. Includes a small amount and number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. tive to their total bank borrowings (three-fourths) and manufacturing and mining concerns the next largest (two-fifths). Within manufacturing and mining, there was wide variation in the relative use of term loans as a type of bank credit. They amounted to three-fourths of total borrowings in the petroleum, coal, chemicals, and rubber group, and to one-fourth in the food, liquor, and tobacco, and the textile groups. Size of borrower. The importance of the large business enterprise in the dollar volume of bank term lending is shown in Table 3, which indicates that two-thirds of the amount of all term loans outstanding on the date of the survey were to concerns with total assets of 5 million dollars or more. Within this group, manufacturing and mining companies and public utilities accounted for practically all of the term borrowing (2.6 billion of the total of 3 billion). The bank loan with a maturity of more than one year has become increasingly available to mediumand small-size enterprises. At the time of the survey 502 98 per cent of the number of member bank term loans represented advances to enterprises having assets of less than 5 million dollars. That the vast majority of term loans are extended to small business is further emphasized by the fact that enterprises having assets of less than $250,000 accounted for 90 per cent of the number of term loans outstanding or about 133,000. Although these loans amounted to no more than one-sixth of the dollar amount of term loans outstanding, the term loan is a well-established and accepted type of transaction for making credit available to small businesses. While loans to all such businesses were not a large proportion of total term loans outstanding, their relative importance to individual small concerns was probably high because alternative financial sources for long-term credit are not readily available to these enterprises. As Table 3 makes clear, however, term borrowing has not become equally prevalent among all sizes of borrowers. The lower half of this table indicates the percentage of all business borrowings FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 3 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower (Total assets, in thousands of dollars) All Business of borrower businesses1 Size of borrower (Total assets, in thousands of dollars) All Under 50 50250 250750 7505,000 5,000 and over businesses1 Amount of term loans, in millions Retail trade $ 404 Wholesale trade 223 Manufacturing and mining 2,367 Public utilities (including transportation companies) 939 Services 229 All other 325 All term borrowers x $4,487 $142 22 45 $ 82 48 95 $ 31 26 95 37 63 45 33 52 79 31 16 38 $354 $388 $237 Under 50 50250 250750 7505,000 5,000 and over Number of term loans, in thousands $ 21 $ 128 36 91 308 1,824 53.4 9.7 20.9 45.7 5.8 10.7 6.6 2.8 5.0 •0.7 0.6 1.6 0.2 0.3 1.5 0.2 0.1 2.0 768 69 107 16.6 23.6 17.8 11.4 19.7 11.8 2.2 3.3 4.3 0.6 0.5 1.2 0.5 0.1 0.4 0.1 $522 $2,987 142.0 105.1 24.2 5.3 3.1 4.3 70 30 57 1.8 3 As a percentage of all loans to each business-size group Retail trade Wholesale trade Manufacturing and mining Public utilities (including transportation companies) Services . . . All other All term borrowers x 27.8 9.3 41.9 30.2 14.1 24.2 19.9 9.0 15.9 20.9 6.4 17.3 14.2 6.5 26.9 45.9 12.0 57.5 21.3 11.2 18.2 23.2 14.4 20.7 14.4 8.7 13.5 14.2 7.1 13.1 11.6 7.6 17.6 33.0 8.8 38.4 77.9 47 7 17 4 51.9 43 4 24.6 40.8 37.4 19.4 53.0 32.5 15.6 64.7 50 3 15.4 86.6 77 4 16.1 42.4 31 2 18.7 42.1 32.2 21.2 33.3 27 1 15.8 47.0 27 0 17.7 56.3 25.7 10.3 83.1 37 7 34.3 29.2 17.9 16.3 21.9 51.0 21.5 24.3 15.0 14.6 15.5 38.8 7.4 1 Excludes a small amount of loans unclassified by business and size of borrower. 2 Less than 50. All loans include member bank loans to business with original maturities of one year or less as well as term loans. NOTE.—Detailed figures may not add to totals because of rounding. 3 from banks that is in the form of term loans, both by number and dollar amounts. Two-fifths of the number and one-half of the amount of total bank borrowings of concerns with assets of 5 million dollars or above were term loans. For businesses with assets from $50,000 to 5 million dollars no more than one-seventh of the number and one-fifth of the amount of their bank credit was term credit, and it would appear that the smaller the size of the borrower within this group the less frequently term credit was used. Very small business establishments (assets under $50,000), however, had onequarter of the number and somewhat more of the volume of their bank borrowings on a term basis. It is noteworthy that term loans were such a high proportion of total loans to very small businesses. Outstanding term loans to these concerns, the majority of which were retail and service establishments, were of small average size—about $3,500. It is likely that a substantial volume of this type of lending to business was done through personal loan or consumer credit departments of banks. Businesses organized after 1942. On the date of MAY 1947 the survey, more than a third of the amount and number of term loans outstanding at member banks to small enterprises (assets under $250,000) were to businesses organized after 1942. As Table 4 indicates, the proportion was especially high— 54 per cent of the number and 48 per cent of the dollar volume—in the case of such borrowers having less than $50,000 of assets. Predominant in number among these newly organized borrowers were retailers and service establishments. Term loans to relatively new enterprises were much less important in volume and number for businesses with total assets of $250,000 or more. This is reasonable since most new businesses are very small establishments and not many of them would have expanded into medium-size or large units between 1943 and the end of 1946. Businesses organized since 1942 accounted for a larger proportion of the total number of term loans outstanding than their numerical weight in the total business population would suggest. It is estimated that these new firms made up about onequarter of the total business population at the time 503 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE TABLE 4 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE AND I)ATE OF ORGANIZATION OF BORROWER After 1942 1942 or before After 1942 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 1946, BY BUSINESS AND CORPORATE 1942 or before Business of borrower In millions Percentage distribution within each business group $170 101 32 35 44 $ 184 287 206 486 2,943 48.1 26.1 13.3 6.7 1.5 51.9 73.9 86.7 93.3 98.5 All borrowers 1. $382 $4,106 8.5 91.5 Number of loans Under 50 50-250 250-750 750-5,000 5,000 and over. . . 1 All borrowers . 56.8 4.9 0.5 0.1 0.1 62.4 48.2 19.3 4.7 2.9 4.3 79.5 Percentage distribution within each business group 54.1 20.1 10.1 4.6 2.0 44.0 Retail trade .. Wholesale trade Manufacturing and mining, Food, liquor, and tobacco Metals and metal products Petroleum, coal, chemicals, and rubber All other manufacturing and mining Public utilities (including transportation companies) Services All other All term borrowers x . . . . $ 192 158 2,158 366 Percentage distribution within each business group $216 67 214 25 47.1 70.3 91.0 93.6 655 57 92.0 8.0 679 80 89.4 10.6 457 51 89.9 10.1 873 121 215 86 112 145 91.1 51.9 59.8 8.9 48.1 40.2 $3,718 $839 81.6 18.4 52.9 29.7 9.0 6.4 Number of loans In thousands 56.0 of the survey and accounted for over two-fifths of the number of term loans outstanding. Of the 142,000 term loans classified as to whether or not the borrower was in business in 1942, it is estimated that as many as 62,000 were to relatively new concerns. It is shown in Table 4, however, that these same loans were a relatively small part of the dollar volume of all term loans; they amounted to less than one-tenth of the 4.6 billion dollars outstanding on November 20, 1946. Corporate status of business. The larger dollar volume of term loans outstanding near the end of 1946 was to corporations but the greater number of these loans was to unincorporated establishments. The corporate form of organization is especially frequent in manufacturing and the public utilities (including transportation), where the amount of term lending was greatest. Even in these groups, however, a large proportion of the number of term loans was to unincorporated borrowers. For all term loans outstanding on the date of the survey, In millions 45.9 79.9 89.9 95.4 98.0 1 Excludes a small amount of loans unclassified by size and date of organization of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 504 20, BORROWER Amount of loans Under 50 50-250 250-750 750-5,000 5,000 and over. . . In thousands OF Incor- Unincor- Incor- Unincorporated porated porated porated Amount of loans • STATUS [Estimates of outstanding loans] [Estimates of outstanding loans] Size of borrower (Total assets, in thousands of dollars) 5 Percentage distribution within each business group Retail trade Wholesale trade Manufacturing and mining. Food, liquor, and tobacco Metals and metal products Petroleum, coal, chemicals, and rubber All other manufacturing and mining Public utilities (including transportation companies) Services All other 4.0 2.2 7.8 1.0 49.9 7.6 13.3 1.6 7.4 22.7 37.1 38.9 92.6 77.3 62.9 61.1 2.7 3.3 45.0 55.0 1.3 1.3 48.6 51.4 2.9 7.1 28.9 71.1 4.6 1.8 3.2 12.2 22.4 15.3 27.6 7.5 17.3 72.4 92.5 82.7 All term borrowers x . . . . 23.7 120.6 16.4 83.6 1 Excludes a"small amount of loans unclassified by business and corporate status of borrower. NOTE.—Detailed figures may not add to totals because of rounding. Table 5 indicates that 82 per cent of the volume was corporate borrowing, while 84 per cent of the number was noncorporate borrowing. CHARACTERISTICS OF TERM LOANS Traditional methods of cr.dit appraisal and the form of credit instrument used by banks in advancing 30-, 60-, and 90-day notes to businesses are not adequate for term loan transactions. The term loan is a specialized type of lending designed to fit FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 the particular needs and requirements of individual borrowers. The average term loan does not mature for several years from time of making and commercial banks extending this type of credit must place considerable emphasis on the financial and industrial prospects of the borrower. Among the major items to be considered are future earning power, ability to meet scheduled payments, ability to maintain a prudent level of liquidity for operating purposes, continuity of management, existing and future competitive position within the industry, and assurance that assets will not be pledged to the detriment of the term loan creditor. Less emphasis is given to the debtor's ability to retire debt from sales receipts over a period of a few months and to his short-run liquidity and working capital position. Because of these features of term credit, loans are often covered by an agreement under which the borrower covenants to follow prescribed financial policies. Term loan characteristics thus differ substantially from those of loans maturing within one year. The differences relate to repayment method, nature of security, interest charges, and type of loan agreement. Term loan agreements usually provide for maintenance of a standard current position by the debtor, limit other long-term indebtedness, assure provision to the lender of adequate financial information on the borrower's affairs, require acceleration of debt retirement under certain conditions, and deal with other matters relevant in particular cases. The following sections present the information about term loan characteristics provided by the commercial and industrial loan survey. Size of loan. About 90 per cent of all term loans made in 1946 were for amounts less than $25,000. In the 12 months prior to the survey there were roughly 107,000 of such loans made and they totaled only 400 million dollars or about 13 per cent of the estimated amount of all term loans made by member banks to business during the year. These loans, which were extended primarily to business establishments with less than $250,000 of assets, averaged $3,700 in size. Less than one-tenth of the number and amount of term loans made in the 12-month period preceding the survey varied in size from $25,000 to $99,999. The borrowers to whom these loans were made were not concentrated in either the small or the large size groups of business concerns. MAY 1947 Approximately 4,300 of the term loans closed during 1946 were for amounts of $100,000 or above. They totaled 2.5 billion dollars, or almost four-fifths of the total amount of all term disbursements by member banks. For the most part loans of this large size were made to business enterprises with assets of $750,000 or more. The size distribution of term loans given in Table 6 is based on loans outstanding on November 20, 1946 but made in the preceding 12 months. Thus, except for repayments during the year, the size-of-loan figures represent the original amounts of term loans made by member banks in 1946. TABLE 6 TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-NOVEMBER 1946, BY SIZE OF LOAN 1 Size of loan (In dollars) Less than 500 500-999 1,000-4,999 5,000-9,999 10,000-24,999 25,000-49,999 50,000-99,999 100,000-499,999 500,000-999,999 1,000,000 and over All term loans Amount Number Percentage of loans of loans distribution made made (In (In millions) thousands) Amount Number 3 9 122 103 165 136 161 527 4C0 1,616 10.4 13.3 54.6 16.7 12.9 4.9 2.9 2.9 0.8 0.6 0.1 0.3 3.8 3.2 5.1 4.2 5.0 16.3 12.4 49.8 8.6 11.1 45.6 13.9 10.7 4.1 2.5 2.4 0.6 0.5 $3,242 119.9 100.0 100.0 $ 1 Estimates of term loans made from Nov. 1, 1945 through Nov. 20, 1946 and outstanding on the latter date; excludes that portion of term loans made during this period but paid in full or in part before the date of the survey. NOTE.—Detailed figures may not add to totals because of rounding. Original term of loan. The maturity at time of making of about one-fifth of the number of term loans arranged during 1946 was over Rve years. Such loans numbered approximately 25,000 and accounted for slightly more than one-half the total amount of term loans made. Banks with total deposits of 500 million dollars or more extended a higher proportion of the total amount of term loans for periods of over five years than did banks of any other size. Loans to petroleum companies and public utilities accounted for a large volume of long-maturity loans for this size of bank. In the financing of food, liquor, and tobacco manufacturers, a considerable volume of loans was also extended with final maturities of more than five years. 505 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 Repayment provisions. An overwhelming majority of all term loans outstanding near the end of 1946 were repayable on an equal instalment basis. Some 84 per cent of the number of term borrowers were repaying their notes on an equal instalment basis; these loans accounted for 43 per cent of the total volume of term lending outstanding. In general, the term loans to retail trade and service establishments had equal instalment repayment provisions. Single-payment notes and unequal instalment repayment notes each accounted for nearly 20 per cent of the volume of term loans outstanding but only 7 and 6 per cent respectively of the number. Single-payment notes were important in the construction and the food, liquor, and tobacco industries. In this latter group, a number of the single-payment notes possibly originated in connection with revolving credit arrangements. Loans repaid in unequal instalments, probably "balloon" type notes with large final payments, were relatively more important in petroleum lending than in any other type of business credit. The nature of security. Some type of security was held by commercial banks in the case of 82 TABLE 7 T E R M LOANS OF MEMBER BANKS TO BUSINESS, 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 borrowed Amount of loans, in millions Unsecured Secured All term loans l. . Secured: Endorsed and co-maker Inventory Equipment Plant and other real estate. . . Stocks and bonds Accounts receivable, assignment of claims, life insurance Oil runs ••• Government participation or guarantee Other security Size of borrower (Total assets, in thousands of dollars) Under 50 50250 250750 7505,000 5,000 and over Number of loans, in thousands $222 $2,292 695 299 26.1 115.8 19.0 85.9 2.6 21.6 0.8 4.5 1.1 2.0 521 2,987 141.9 105.0 24.2 5.3 3.1 12 12 40 73 8 23 15 75 67 36 20 24 150 59 243 7.2 1.4 51.0 45.2 2.4 6.1 1.0 42.8 29.9 1.3 0.7 0.2 5.4 12.7 0.6 0.2 0.1 1.3 1.9 0.1 0.1 0.1 0.6 0.6 0.2 () 0.1 0.8 0.1 0.2 13 4 13 13 25 41 5.0 0.6 3.0 0.1 1.1 0.1 0.3 0.2 0.2 0.2 ( 25 1 16 2 10 7 1.6 1.4 0.7 1.1 0.6 0.2 0.2 0.1 0.1 (2) 15.5 84.5 100.0 35.1 64.9 $2,638 1,851 $ 44 310 $ 31 357 $ 48 190 4,488 354 388 238 74 57 446 583 306 12 3 107 164 8 7 4 73 220 11 141 131 8 1 62 49 6 1 2.6 1.8 0.4 Percentage distribution of all loans Unsecured Secured All term loans *. . 58.8 41.2 12.5 87.5 8.1 91.9 20.1 79.9 42.7 57.3 76.7 23.3 18.4 81.6 18.1 81.9 10.8 89.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 59.2 40.8 100.0 Percentage distribution of all secured term loans Secured: Endorsed and co-maker Inventory Equipment Plant and other real estate. . . Stocks and bonds Accounts receivable, assignment of claims, life insurance Oil runs Government participation or guarantee Other security All secured t e r m l o a n s . . . 4.0 3.1 24.1 31.5 16.6 34.6 52.8 2.7 1.9 1.1 20.4 61.7 3.0 6.5 6.3 21.1 38.4 4.5 7.7 4 9 25.2 22.5 11.9 2.9 3.5 21.6 8.5 35.0 6.2 1.2 44.1 39.1 2.1 7.1 1.1 49.8 34.7 1.6 3.1 0.9 24.9 58.7 2.9 5.5 3.3 30.2 43.2 2.4 1.9 3.5 47.2 6.4 10.1 7.6 7.1 2.5 0.3 3.6 1.1 6.7 6.7 8.5 13.8 11.9 10.4 4.3 0.5 3.5 0.1 5.0 0.5 6.7 3.6 22.0 2.0 3.4 2.7 2.0 0.4 7.0 0.2 8.5 1.3 3.3 2.2 0.7 5.5 1.3 1.2 0.8 1.2 3.0 0.9 3.7 1.2 1.4 5.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 3.9 0.8 100.0 100.0 1 2 Excludes a small amount of loans not classified by type of security and size of borrower. Less than 50. NOTE.—Detailed figures may not add to totals because of rounding. 506 FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 per cent of the total number of term loans outstanding on November 20, 1946. Although the unsecured loans outstanding were relatively small in number, their average size was considerably larger than the secured type and they made up 59 per cent of the total dollar amount. The most important types of security used were plant or other real estate, chattel mortgages (particularly on equipment), and stocks and bonds including securities of affiliated companies. These three types of security were used for 72 per cent of the volume of secured loans. Small businesses most often pledged real estate or equipment as security for their term loans. These two types of security, as Table 7 shows, accounted for over four-fifths of the number and amount of secured term loans to business enterprises with assets of less than $250,000 each. The term loans of large business establishments were primarily unsecured. Three-fourths of the amount of term loans outstanding to businesses with assets of 5 million dollars or more was unsecured; a sizable proportion of the loans to concerns with assets of $250,000 to $750,000 was also unsecured. Where term loans to large businesses were secured, the types of security pledged differed considerably from the security advanced by the small business concern except for chattel mortgages or assignments of title on equipment. Equipment items accounted for almost one-half the number of secured term loans of the largest businesses. Large businesses frequently financed the purchase of machinery and equipment such as commercial refrigeration and air conditioning, printing, textile, and other plant machinery, airplanes and other transportation equipment, and hotel furnishings, by a term loan repayable on an instalment basis and secured by the item purchased. Stocks and bonds, particularly those of affiliated companies, were a relatively important type of security for large business enterprises. These same concerns, however, rarely pledged real estate as collateral for a term loan. The extent to which banks of various sizes made use of the sectored loan in financing business reflects, of course, the character of the medium- and longterm credit market to which they cater. O#nly 28 per cent of the term loans of the largest banks were secured. Stocks and bonds were the collateral for MAY 1947 31 per cent of these loans, and chattel mortgages or real estate for another 30 per cent. A little over 10 per cent of the volume of secured loans of the largest banks were oil production loans commonly termed "oil run" loans. In the case of banks with deposits of less than 10 million dollars each, about 90 per cent of the volume of term loans was secured. These advances were primarily loans to retail and service establishments, and were secured by either real estate or chattel mortgages on equipment. The smaller the bank the more important were chattel and real estate mortgages as types of security. The largest volume of loans participated in or guaranteed by the Federal Government was reported by banks with 10 to 100 million dollars of total deposits. As much as 8 per cent of their outstanding term loans was guaranteed or participated in by the Government. Interest charges. Interest on an individual term loan is usually at a flat per annum rate applicable to the entire period of the loan. A graduated schedule with lower rates on the shorter instalments, however, is adopted in some cases, particularly in connection with the large term loan. The large term loan may also provide that the interest rate charged will maintain a constant differential above the rediscount rate at the Federal Reserve Bank of the lending bank's district. Thus, if the Reserve Bank rediscount rate is raised, the interest rate charged on the outstanding term loan balance will be correspondingly increased. The average rate of interest charged by member banks for term loans made in 1946 was 2.7 per cent. As would be expected, the rate of interest varied inversely with the size of loan. Table 8 indicates that average interest charged on term loans of various sizes ranged from 2.0 per cent per annum on amounts of 1 million dollars and over to 9.1 per cent on amounts of less than $500. For term loans in the size classification of $1,000 to $4,999, the average rate charged was 6.0 per cent. Many loans in the smaller size groups were consumer credit type loans. Rates charged by large and small banks were very similar on term loans of less than $5,000. For term loans of larger size, borrowers paid somewhat lower rates when obtaining funds from the larger banks, except when the funds were obtained from a number of banks of various sizes under the same loan agreement. 507 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 8 AVERAGE INTEREST RATES ON TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-NOVEMBER 1946, BY SIZE OF LOAN 1 Size of loan (In dollars) Less than 500 500-999 1,000-4,999 5,000-9,999 10,000-24,999 25,000-49,999 50,000-99,999 100,000-499,999... 500,000-999,999... 1,000,000 and over All term loans Average interest rate (Per cent) 9.1 7.9 6.0 5.1 4.6 4.3 3.9 3.1 2.4 2.0 Includes term loans made from Nov. 1, 1945 through Nov. 20, 1946 and outstanding on the latter date; excludes that portion of term loans made during this period but paid in full or in part before the date of the survey. This table measures the effective annual rate of interest, not the stated rate. Many small loans were consumer credit type loans where the charge was on a discount basis and the stated rate was therefore less than the effective rate. The relation of rates, when term loans of similar size are distributed by the maturity of the loans, that is from over one to ten years or more, reflected the security used for the loans in the case of loans of smaller size. Real estate loans accounted for the bulk of the smaller term loans maturing in over five years; and the interest rates paid by borrowers for these loans were somewhat lower than the rates for chattel mortgage and most other secured loans that were of shorter maturity. Interest rates charged on similar sizes of loans above $50,000 showed little variation by maturity. CLASSES OF BANKS EXTENDING TERM CREDIT Size of bank. It is estimated that 5,700 member banks held some term loans near the end of 1946. This was almost three-fourths of all member banks. The proportion of banks extending term loans varied directly by size of bank. Approximately 50 per cent of the smallest member banks (deposits under 2 million dollars) had some term loans while 100 per cent of the largest banks (deposits of 500 million dollars and above) held term loans at the time of the survey. As Table 9 indicates, banks with total deposits of 100 million dollars or more supplied four-fifths of the total dollar amount of term loans to businesses, while banks with total deposits of less than 100 million dollars supplied four-fifths of the number of term loans. Thus as of the date of the TABLE 9 ESTIMATED NUMBER OF MEMBER BANKS WITH TERM LOANS TO BUSINESS, AND NUMBER AND AMOUNT OF TERM LOANS, NOVEMBER 20, 1946, BY SIZE OF BANK 2.8 1 508 survey banks with total deposits of 100 million dollars or more held approximately 33,000 term loans amounting in total to 3.7 billion dollars. Member banks with total deposits below 100 million dollars held an estimated 112,000 term loans amounting in total to 900 million dollars. The average number of term loans held by the larger banks was approximately 200 and by the small banks about 20. Member banks with term loans Size of bank All As a per(Total deposits, memcentage Amount Number ber of all in millions of loans of loans banks1 Nummember of dollars) ber i (In (In banks millions) thousands) in each group 1,022 3,283 1,206 138 25 50.9 76.7 86.1 95.8 100.0 7,857, 5,674 72.2 Under 2 2,007 2-10 4,280 10-100 1,401 100-500 144 500 and over. ... 25 All member banks $ 20 253 571 963 2,751 6.3 46.0 59.5 22.1 10.5 $4,558 144.4 1 Includes branches of certain member banks which were considered to be separate lending institutions for sampling purposes. The industrial composition of the term loan portfolios of the banks of different sizes indicates that small banks catered to the financial needs of the smaller types of enterprise, particularly retail, wholesale, and service establishments, while large banks served industries heavily weighted with large enterprises, such as the manufacturing and mining group and public utilities. Table 10 shows the amount of term credit extended by banks of various sizes to different types of business enterprise. The.average size of the term loans outstanding varied greatly not only for banks of different sizes but for businesses of different types. Thus the over-all average for banks with deposits of 500 million dollars or more was $263,000, with the amount ranging by type of business borrower from approximately $40,000 for retailers to over 1 million dollars for certain types of manufacturers. It should be pointed out that these averages are based on bank holdings and, because of participations, do not fully reflect the average indebtedness of term borrowers as shown by their books. Since participation of many banks in large individual term loans FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 10 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND SIZE OF BANK [Estimates of outstanding loans] Business of borrower Size of bank (Total deposits, in millions of dollars) All banks 1 Under 2 2-10 10-100 100-500 500 and over Amount of loans, in millions Retail trade Wholesale trade Manufacturing and mining Food, liquor, and tobacco Metals and metal products Petroleum, coal, chemicals, and rubber All other manufacturing and mining Public utilities (including transportation companies). . Services Allother All term borrowers *... $ 408 224 2,371 392 712 759 509 960 233 360 $ 9 1 3 1 1 (2) 1 2 2 2 $ 83 21 47 7 13 3 25 23 46 33 $127 55 164 36 44 31 53 71 63 92 $ 66 55 542 83 186 133 . 140 187 40 72 $4,557 $20 $253 $571 $962 123 92 ,615 265 468 592 290 677 81 162 $2,751 Average size of loans, in thousands Retail trade Wholesale trade Manufacturing and mining Food, liquor, and tobacco Metals and metal products Petroleum, coal, chemicals, and rubber All other manufacturing and mining , Public utilities (including transportation companies). Services All other All term borrowers * 23 113 154 118 293 52 57 10 21 $3 5 4 7 5 2 4 2 3 4 $ 4 7 9 11 10 8 7 5 5 7 $ 6 13 21 31 20 36 12 11 7 10 $ 11 37 121 177 124 159 84 49 12 26 $ 32 $3 $ 5 $10 $ 44 43 123 611 1,195 587 1,238 253 572 41 151 $ 263 1 2 Excludes a small amount of loans unclassified by business of borrower and size of bank. Less than $500,000. NOTE.—Detailed figures may not add to totals because of rounding. to big corporations is not uncommon, the average size of term loans computed from bank records is smaller than a corresponding average computed from the records of borrowers. However, inasmuch as participation among banks in individual term loans was probably not frequent in the cases of the relatively small loans made by banks to small businesses, the average size of term loans cited here for these borrowers probably approximates closely their average term indebtedness. For retail, service, and wholesale lines, the average term loan was $8,000, $10,000, and $23,000 respectively. The direct relationship between size of bank and size of borrower is shown by Table 11. The larger banks extended the greater part of their term credit to borrowers of large size, and the smaller banks extended their term credit mainly to borrowers of small size. Cooperation among banks in term lending. As of the date of the survey, a substantial portion of the term loans outstanding at the various banks was the result of participation with other banks and lending institutions in extending credit to large MAY 1947 businesses. Because of the large size and long maturity of many term loans, individual banks cooperate with other lenders (often their correspondent banks) in order to stay within maximum loan limits and to maintain diversification of loan risks. Where term loans of more than several million dollars are extended, it is not uncommon for 20 to 30 banks to participate. Although large New York City and Chicago banks usually handle such loans, the participants may include a number of the largest banks located in other metropolitan areas as well as a number of the smaller correspondent banks. By dollar volume, at least one-third of the bank term loans outstanding near the end of 1946 were participating credits. These credits included less than 5 per cent of the total number of term loans, but the average size of the outstanding notes held by participating banks was roughly $240,000. This was twelve times the size of the average term loan that involved no participation among lenders. Table 12 shows the dollar totals of loans made with the cooperation of other lenders and their percentage 509 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 relationship to total term loans both by size of bank and by size of borrower. While participations are more frequently arranged in the case of large borrowers, it is interesting to note that the practice extends even to concerns having assets of under $50,000. TABLE IMPORTANCE OF FINANCIAL CENTERS IN TERM LENDING 11 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE OF BORROWER AND SIZE OF BANK [Estimates of outstanding loans] Size of borrower (Total assets, in thousands of dollars) Size of bank (Total deposits, in millions of dollars) All banks * 10100 Under 2-10 2 100- 500 and 500 over Amount of loans, in millions Under 50 50-250 250-750 750-5,000 5,000 and over All termJ rowers $ 354 $137 $144 $ 45 2,987 $17 3 (2) (2) (2) 89 19 5 1 199 93 74 52 83 94 220 495 $4,488 $20 $251 $562 388 238 521 I 1 1 13 31 222 2,440 bor$938 $2,717 Percentage distribution Under 50 50-250 250-750 750-5,000 5,000 and over All term borrowers * 7.9 8.6 5.3 11.6 66.6 100.0 82.2 17.1 0.3 0.2 0.1 A nominal proportion of the volume of participating credits were loans made in cooperation with agencies of the Federal Government, including the Reconstruction Finance Corporation and the Federal Reserve Banks. 54.7 35.5 7.5 2.1 0.2 25.6 35.5 16.6 13.1 9.2 4.8 8.9 10.1 23.5 52.8 0.4 0.5 1.2 8.2 89.8 100.0 100.0 100.0 100.0 100.0 1 Excludes a small amount of loans unclassified by size of borrower and size of bank. 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of rounding. TABLE In most Federal Reserve districts the pattern of member bank loans to business followed the pattern of local business activity. Important exceptions to this generalization were found in the two largest financial centers in the United States— New York and Chicago—where the very large banks lent heavily to industries located outside their own districts. Member banks in the New York and Chicago Districts held three-fifths of the amount of all term loans outstanding on the date of the survey. As shown by Table 13, in both these districts at least 40 per cent of the volume of total business loans held by banks was in term loans. Term lending to medium- and small-size businesses appeared to be most highly developed in the San Francisco Federal Reserve District. Member banks in this district had an estimated 41,000 term loans in their portfolios on the date of the survey. This was double the estimated number for banks in any other single district and included slightly more than one-quarter of the estimated total number outstanding throughout the country. The average size of term loans was considerably smaller in the San Francisco District ($11,500) 12 T E R M LOANS OF MEMBER BANKS ON A PARTICIPATION BASIS, NOVEMBER 20, 1946 BY SIZE OF BANK AND SIZE OF BORROWER [Estimates of outstanding loans] Loans in cooperation with other lenders Loans in cooperation with other lenders Size of bank (Total deposits, in millions of dollars) In millions Under 2 2-10 10-100 100-500 . . . 500 and over All banks. Size of borrower As a percentage (Total assets, in thousands of dollars) of total term loans of each group 1 34 97 349 1,079 3.6 13.5 16.9 36.2 39.2 $1,560 34.2 $ Under 50 50-250 250-750 750-5 000 5,000 and over In millions 14 42 37 137 1,321 3.8 10.8 15.4. 26.3 44.2 $1,550 34.5 $ .. All borrowers * . As a percentage of total term loans to each group 1 Excludes a small amount of loans unclassified by size of borrower and by participation. NOTE.—Detailed figures may not add to totals because of rounding. 510 FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 Bureau of Economic Research, total term loan balances of all commercial banks (both member and nonmember banks) amounted to 2.4 billion dollars at the end of 1940.4 With a liberal allowance of 300 million dollars for nonmember banks, it is estimated that total term loan balances of all commercial banks amounted to approximately 4.9 billion dollars near the close of 1946. The increase in term loan volume may be somewhat overstated than in either New York or Chicago ($94,000 and $39,500 respectively). The term lending operations of New York and Chicago banks were characterized chiefly by substantial credit extensions to industries providing metal and metals products, petroleum, coal, chemicals, rubber, and public utility services. In contrast, member banks of the San Francisco District lent approximately as much to retail trade and TABLE 13 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Amount of loans (In millions) • Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco All districts . . . . Number of loans (In thousands) Percentage distribution As a percentage of total business loans by member banks in each district 1 Amount Number Amount Number $ 240 2,022 115 9.2 21.5 4.9 5.3 44.4 2.5 6.4 14.9 3.4 32.1 43.8 20.4 18.3 18.8 12.2 333 116 79 9.3 7.1 6.5 7.3 2.5 1.7 6.4 4.9 4.5 39.6 23.4 14.0 17.8 16.8 14.2 740 135 59 18.7 6 6 5.1 16.2 3 0 1.3 13.0 4 5 3.5 40.2 24 6 25.0 24.4 22 7 25.6 103 138 479 6.7 7.6 41.3 2.3 3.0 10.5 4.6 5.3 28.6 24.5 21.2 28.0 19.3 17.3 33.3 $4,558 144.4 100.0 100.0 34.4 21.5 1 Total business loans include member bank loans with original maturities of one year or less as well as term loans. NOTE.—Detailed figures may not add to totals because of rounding. service establishments and to manufacturers in the food and liquor industries as they did to public utilities and manufacturers of metal products. Term loans were less important as a part of the business lending of member banks in the Atlanta and Philadelphia Districts than in other districts. The number and amount of term loans relative to total bank borrowings of the various types of business were consistently low in these two districts, where less than one-seventh of the number and one-fifth of the amount of all business loans were on a term basis. as the National Bureau estimate for 1940 may not have adequately covered real estate loans. Certain limited comparisons can be made between the results of the 1946 survey and data for the year 1941 covering the term lending of approximately 100 of the largest banks as reported by the National Bureau.5 By combining certain data in the 1946 survey for the two largest sizes of banks (100-500 million dollars and 500 million dollars and above), a basis is provided for comparing some of the 1946 information with that of the 1941 survey. COMPARISON WITH TERM LENDING OF BANKS IN PREVIOUS YEARS 4 See Neil H. Jacoby and Raymond J. Saulnier, Term Lending to Business (National Bureau of Economic Research, 1942), and Financing Equipment for Commercial and Industrial Enterprise (National Bureau of Economic Research, 1944). The figure of 2.4 billion dollars includes the National Bureau estimate of commercial and industrial equipment paper, which was excluded from the term loan outstanding estimate contained in Term Lending to Business. 5 Ibid. The amount of term loans outstanding near the close of 1946 was roughly double that of any prewar year. According to estimates made by the National MAY 1947 511 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 It is evident that banks holding term loans today participate with other lenders in extending term credit to a much smaller degree than in 1941. At that time about two-thirds of the volume of loans was made with the cooperation of other lenders. Today the fraction is no more than one-third. There appears to be very little difference in the types of companies financed through term credit by large banks five years ago and today, with the possible exception of sales finance companies. The term borrowings of these companies were considerably larger in 1941, reflecting the greater volume and longer term of consumer instalment receivables held at that time. Manufacturing and mining establishments and public utilities received the bulk of bank term funds in both periods; retail and wholesale establishments borrowed relatively small amounts. Two-thirds of the dollar amount of loans was unsecured in both years, and the secured loans in both periods were most frequently backed by plant and other real estate, by chattel mortgages on equipment, and by stocks and bonds. There is some evidence, however, that stocks and bonds are not used as widely for security purposes today. There are few indications that the original ma- turity of term loans has changed in any noticeable manner or that there have been any significant changes in the provisions for repayment of these loans since before the war.6 The bulk of term loans in 1940 and 1946 were repayable in equal, or substantially equal, instalments. Average interest rates on term loans appear to be somewhat lower today than they were in 1942. A survey by the Federal Reserve System of the loans closed by member banks between April 15 and May 15, 1942 showed that business borrowers then paid an average rate of 3.0 per cent for their term loans.7 This compares with an average of 2.8 per cent paid by term borrowers on loans made by member banks during 1946. By size of business, the greatest differential occurs in loans to firms with assets of 5 million dollars or more. In 1942 these firms borrowed at a rate of 2.5 per cent and in 1946 at a rate of 2.1 per cent. The tables listed below are not included with the text of this article but will be found in the appendix following. 17. Term Loans of Member Banks to Business, November 20, 1946, by Size of Bank and Corporate Status of Borrower. 18. Term Loans Made by Member Banks to Business during each Month from November 1945 through October 1946, by Size of Bank. 19. Term Loans of Member Banks to Business, November 20, 1946, by Type of Security and Size of Bank. 20. Amount of Term Loans of Member Banks to Business, November 20, 1946, by Business of Borrower and Federal Reserve District. 21. Number of Term Loans of Member Banks to Business, November 20, 1946, by Business of Borrower and Federal Reserve District. 14. Term Loans Made by Member Banks to Business, November 1945-November 1946, by Original Maturity of Loan and Size of Bank. 15. Term Loans of Member Banks to Business, November 20, 1946, by Business of Borrower and Repayment Method. 16. Term Loans of Member Banks to Business, November 20, 1946, by Size of Bank and Repayment Method. 512 e This is also confirmed by a survey of outstanding term loans of reporting member banks made by the Federal Reserve System as of Apr. 19, 1939. See "Term Loans by Banks to Commercial and Industrial Concerns," Federal Reserve BULLETIN, July 1939, pp. 560-62. 7 See G. L. Bach, "Interest Rates at Member Banks," Federal Reserve BULLETIN, November 1942, p. 1097. FEDERAL RESERVE BULLETIN APPENDIX TABLES TABLE 14 TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-NOVEMBER 1946 BY ORIGINAL MATURITY OF LOAN AND SIZE OF BANK X Original maturity of loan All banks2 Size of bank (Total deposits, in millions of dollars) Under 2-10 100500 100 Ail banks 2 500 and Size of bank (Total deposits, in millions of dollars) Under Original amount of loans made In millions 1-2 years 2-5 years 5-10 years Over 10 years All term loans 2 2-10 10100 100500 500 and over Number of loans In thousands » 592 888 1,541 220 $ 5 7 1 $ 47 83 75 11 $ 98 160 168 22 $130 $ 313 252 388 307 982 39 147 $3,242 $18 $217 $447 $728 $1,831 1.7 9.0 5.5 2.8 0.4 5.1 2.5 0.9 0.1 39.4 48.8 17.7 8.5 50.6 31.1 15.7 2.5 59.6 29.1 10.0 1.3 100.0 100.0 54.2 41.2 21.0 3.6 2.2 1.7 1.3 0.2 16.0 14.8 7.4 1.2 21.9 16.6 8.6 119.9 5.4 Percentage distribution 18.3 27.4 47.5 6.8 24.7 29.2 40.4 5.8 21.5 38.5 34.7 5.3 21.9 35.7 37.6 4.8 17.9 34.6 42.2 5.3 17.1 21.2 53.7 8.0 45.2 34.3 17.5 3.0 41.2 31.8 23.9 3.0 40.6 18.9 3.0 44.9 34.1 17.6 3.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1-2 years 2-5 years 5-10 years Over 10 years All term loans 2 37.6 1 Estimates of term loans made from Nov. 1, 1945 through Nov. 20, 1946 and outstanding on the latter date; excludes that portion of term loans made during this period but paid in full or in part before the date of the survey. 2 Excludes a small amount of loans unclassified by maturity of loan and size of bank. NOTE.—Detailed figures may not add to totals because of rounding. TABLE 15 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND REPAYMENT METHOD [Estimates of outstanding loans] Business of borrower All methods Single payment Serial note Equal instalment Unequal1 instalment Several notes Amount of loans Percentage distribution within"each"business group In millions Retail trade Wholesale trade Manufacturing and mining Food, liquor, and tobacco Metals and metal products Petroleum, coal, chemicals, and rubber All other manufacturing and mining Public utilities (including transportation companies) Services All other All borrowers *; . 2,370 392 712 759 509 7.5 14.0 24.7 33.4 31.4 26.1 6.4 7.4 20.9 15.3 18.1 10.7 15.6 19.1 66.4 51.3 31.9 24.2 35.2 21.2 49.3 13.8 12.9 21.1 17.2 16.3 31.2 16.0 4.9 1.0 7.0 7.1 6.5 6.0 9.3 949 230 360 11.5 7.5 22.4 16.2 6.0 6.2 49.4 70.7 45.2 20.3 12.7 22.6 2.5 3.1 3.6 $4,541 18.8 13.8 42.6 19.6 $ 407 224 Number of loans Percentage distribution within each business group In thousands Retail trade Wholesale trade Manufacturing and mining Food, liquor, and tobacco Metals and metal products Petroleum, coal, chemicals, and rubber All other manufacturing and mining Public utilities (including transportation companies) Services All other All borrowers * 54.0 9.8 21.0 2.5 6.0 2.5 9.9 6.5 10.4 10.4 12.2 9.8 15.6 9.0 2.1 3.5 4.3 5.1 4.1 4.8 4.1 86. 80. 75.9 72.7 77.6 60.4 79.7 4.3 4.8 8.3 9.1 7.3 17.5 6.3 0.7 0.6 1.1 0.8 1.3 1.8 0.9 16.9 24.1 18.4 3.6 4.1 8.5 3.2 1.6 6.6 87.5 89.7 78.0 5.1 4.4 0.6 0.2 0.6 144.2 6.8 3.1 84.1 5.3 0.6 1 Excludes a small amount of loans unclassified by business of borrower and repayment method. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1947 513 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE TABLE 16 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE OF BANK AND REPAYMENT METHOD T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE OF BANK AND CORPORATE STATUS OF BORROWER [Estimates of outstanding loans] [Estimates of outstanding loans] Size of bank (Total deposits, in millions of dollars) Single All paymethods ment Serial note Equal instalment 17 Unequal instalment Several notes Size of bank (Total deposits, in millions of dollars) UnincorIncorporated porated Incorporated Amount of loans Amount of loans Percentage distribution within each bank group In millions Percentage distribution within each bank group In millions Unincorporated Under 2 $ 20 2-10 253 10-100 569 100-500 962 500 and over. 2,738 12.7 6.2 7.7 21.5 21.4 3.5 3.6 6.1 12.0 17.1 77.4 83.7 73.9 50.0 29.5 6.4 6.1 10.6 14.6 24.6 0.4 1.8 1.9 7.4 All banks 1 . $4,541 18.8 13.8 42.6 19.6 5.1 Under 2 2-10 10-100 100-500 . 500 and over All banks 1 % 2 46 280 769 2,620 $ 18 207 290 193 131 10.6 18.2 49.1 79.9 95.2 89.4 81.8 50.9 20.1 4.8 $3,718 $839 81.6 18.4 Number of loans Number of loans Percentage distribution within each bank group In thousands Percentage distribution within each bank group In thousands Under 2 2-10 10-100 100-500 500 and over. 6.3 46.0 59.5 22.0 10.4 15.1 7.4 6.3 6.0 4.4 1.6 2.6 2.9 4.2 5.7 78.0 85.3 84.9 82.8 81.4 5.3 4.7 5.1 6.4 6.1 0.1 0.8 0.5 2.3 Under 2 2-10 10-100 100-500 500 and over 0.3 3.3 9.7 6.8 3.5 6.0 42.7 49.7 15.3 6.9 5.4 7.2 16.4 30.7 33.7 94.6 92.8 83.6 69.3 66.3 All banks 1 . 144.2 6.8 3.1 84.1 5.3 0.6 All banks 1 23.7 120.6 16.4 83.6 1 Excludes a small amount of loans unclassified by size of bank and repayment method. NOTE.—Detailed figures may not add to totals because of rounding. TABLE 1 Excludes a small amount of loans unclassified by size of bank and corporate status of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 18 TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-OCTOBER 1946, Month and year All banks Size of bank (Total deposits, in millions of dollars) Under 2-10 10100 100500 All banks .500 and $ 181 299 $ 1 09 $ Size of bank (Total deposits, in millions of dollars) Under 2 2-10 10100 100500 500 and over Number of loans, in thousands Amount of loans, in millions 1945 November December. BY MONTH AND BY SIZE OF B A N K 1 6 $ 16 $ 28 7 20 53 130 220 3.9 3.9 0.2 0.2 1.0 1.1 1.8 1.5 0.6 0.7 0.2 0.4 26 19 34 60 68 44 71 62 56 117 63 30 103 124 223 175 190 102 190 204 5.8 5.8 8.0 11.1 11.0 10.8 11.4 12.0 11.7 14.5 0.4 0.4 0.4 0.5 0.6 0.5 0.5 0.6 1.9 2.1 2.6 3.7 3.8 3.4 3.4 4.1 4.3 4.7 2.5 2.4 3.4 4.6 4.5 4.5 4.8 4.7 4.3 5.8 0.9 0.8 1.1 1.5 1.7 1.7 2.1 0.4 0.3 0.6 0.8 0.8 0.9 0.7 0.9 0.8 1.2 $636 $1,754 110.0 4.8 36.0 45.0 16.2 8.0 1946 January.. February. March.. . . April May June July August. . . September October... 122 82 177 248 349 280 328 230 308 401 l l l l l 2 3 2 2 2 10 11 14 24 17 21 20 20 21 28 22 22 24 38 39 38 44 45 40 49 Total.. . $3,004 $17 $199 $399 1 Estimates of term loans made during this period and outstanding on Nov. 20, 1946, except that portion of term loans made during this period but paid in full or in part before the date of the survey. 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of rounding. 514 FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 19 T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY T Y P E OF SECURITY AND SIZE OF BANK [Estimates of outstanding loans] All banks l Type of security Size of bank (Total deposits* in millions of dollars) Under 2 2-10 10100 100500 All banksi 500 and over Amount of loans, in millions Unsecured. Secured l All term loans . Secured: Endorsed and co-maker Inventory Equipment Plant and other real estate. . . Stocks and bonds Accounts receivable, assignment of claims, life insurance Oil runs Government participation or guarantee Other security Size of bank (Total deposits, in millions of dollars) Under 2 2-10 10100 100500 500 and over Number of loans, in thousands $2 ,650 1 ,908 $ 2 18 $ 30 223 $101 470 4 ,558 20 253 571 963 75 61 458 594 310 (2) (2) 5 11 (2) 6 2 63 136 3 15 10 111 243 18 23 19 115 123 48 149 131 1 00 4 1 21 11 63 69 1 (2) 8 (2) 40 2 $540 $1,976 423 774 26.4 118.0 0.8 5.5 8.3 37.8 9.8 49.7 4.5 17.6 2.9 7.5 2,751 144.4 6.3 46.0 59.5 22.1 10.5 30 30 164 80 241 7.2 1.5 52.0 46.1 2.5 0.2 0.1 2.2 2.6 0.1 1.5 0.6 16.6 16.9 0.6 2.0 0.5 21.6 20.3 1.1 1.1 0.4 8.5 5.1 0.4 2.4 0.1 3.1 1.2 0.3 39 33 5.1 0.6 0.2 (3) 0.9 (3) 2.2 0.3 1.5 0.2 0.3 0.1 12 11 1.6 1.4 0.1 0.1 0.4 0.3 1.0 0.7 0.1 0.3 () 0.1 Percentage distribution of all term loans Unsecured. Secured... All term loans * 58.1 41.9 10.4 89.6 11.9 88.1 17.8 82.2 100.0 100.0 100.0 100.0 56.1 43.9 71.8 28.2 18.3 81.7 12.5 87.5 18.0 82.0 16.5 83.5 20.6 79.4 28.0 72.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Percentage distribution of all secured term loans Secured: Endorsed and co-maker Inventory Equipment Plant and other real estate. . . Stocks and bonds Accounts receivable, assignment of claims, life insurance Oil runs Government participation or guarantee Other security All secured term loans. . . 1 Excludes a small amount J Less than $500,000. 3 3.9 3.2 24.0 31.1 16.2 1.7 0.8 26.4 60.0 1.3 2.7 0.8 28.4 61.0 1.3 3.2 2.2 23.6 7.8 6.9 2.9 0.2 2.0 0.2 4.4 2.3 3.3 3.6 6.2 0.4 3.6 0.2 8.4 0.4 100.0 100.0 100.0 51.7 3.7 100.0 5.5 4.4 27.1 29.2 11.4 3.9 3.9 21.2 10.4 31.1 6.1 1.3 44.0 39.0* 2.1 3.5 1.3 40.5 47.6 1.2 4.0 1.5 43.9 44.8 1.6 4.0 0.9 43.6 40.8 2.3 6.3 2.1 48.1 28.9 2.4 32.4 1.1 40.9 15.9 3.3 9.1 7.8 2.9 2.5 10.8 11.2 4.3 0.5 3.1 0.3 2.5 0.1 4.4 0.5 8.6 1.1 4.4 0.8 0.3 7.2 1.3 1.2 1.4 0.9 1.0 0.7 2.0 1.5 0.8 1.7 0.1 1.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 of loans unclassified by type of security and size of bank. Less than 50. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1947 515 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN TABLE 1946 20 A M O U N T OF T E R M LOANS OF M E M B E R BANKS TO BUSINESS, NOVEMBER 20, 1946, B Y BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] All districts Business of borrower Boston New York PhilRichadel- Clevephia land mond Atlanta Chicago MinSt. Louis neapolis Kansas City Dallas San Francisco $ 18 $ 13 $ 73 29 Amount of loans, in millions Retail trade, total Food, liquor, tobacco, and drugs Apparel, dry goods, and department stores Home furnishings, metal products, and building materials Automobiles, parts, and filling stations All other 408 135 Wholesale trade, total Food, liquor, tobacco, and drugs.. . Apparel and dry goods Home furnishings, metal products, and building materials Automobiles, parts, and petroleum. All other « 224 101 27 Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, rubber All other • 30 $ 123 14 33 All borrowers $ 25 9 $ 22 9 $ 9 $ 58 3 15 1 15 65 120 $ 8 6 C1) 3 6 2 5 3 1 16 2 2 10 4 11 5 19 4 34 21 3 2 69 28 3 11 2 1 10 15 11 5 29 11 2 4 1 1 3 6 7 3 21 7 5 1 5 2 0) 86 36 21 1 C) 15 8 1 3 3 1 38 32 26 C) 2,371 392 100 712 133 11 22 29 1,104 169 39 328 72 11 13 19 179 35 2 81 29 8 6 5 759 409 27 43 412 156 23 6 40 22 1 10 1 960 23^ 65 74 223 $4,558 $ 17 5 2 56 5 14 10 and Public utilities (including transportation companies) Services Construction Sales finance Allother 2 $ 11 4 1 515 66 9 34 86 81 8 1 6 17 $240 $2,022 $115 $333 C) 1 10 5 1 2 1 3 1 1 C) 22 4 4 3 5 6 150 55 9 11 4 7 21 5 6 124 39 5 19 29 37 5 3 1 6 $740 $135 $79 5 3 5 4 62 3 1 5 217 61 1 56 22 7 46 7 20 79 22 9 20 12 6 1 12 58 49 21 5 22 $103 $138 $479 25 .8 27 .6 17.8 22.2 29.7 38.5 1 3 1 37 4 0) $59 0) 2 1 2 0) 57 19 1 16 0) 0) 1 1 438 60 11 162 C1) $116 7 1 8 As a percentage of all loans to each business-district group Retail trade, total Food, liquor, tobacco, and drugs.. . Apparel, dry goods, and department stores Home furnishings, metal products, and building materials Automobiles, parts, and filling stations All other 27.8 34.1 29 1 42 .7 36.9 36.1 Wholesale trade, total Food, liquor, tobacco, and drugs.. . Apparel and dry goods Home furnishings, metal products, and building materials Automobiles, parts, and petroleum. All other Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, rubber Allother All borrowers. 25 3 33 8 21 3 33 6 10 6 14 8 33. 5 43. 5 29 .7 35 2 20 .1 42 .9 28.4 29 .0 43.6 15.7 27 .1 14 5 4 .3 27. 5 12 9 3 .5 20.8 17.5 18.9 20.1 12.5 21.4 10 6 13 .5 14.4 9 6 30. 8 19.2 16 .7 31 .0 12.6 24.3 34.7 16.1 22 .3 11 .4 35.5 25.9 14 .9 9 .6 31 .1 9 .4 29 .5 10 .3 14 .5 9 .9 50. 9 20. 5 57 .0 19 .6 43 .3 13 .1 35 .1 11 .3 15.8 20.4 40.8 13.6 9.3 10.0 4.8 3 .8 3 .2 0 .1 10.5 12.0 6.5 6 .1 3 .8 0 .3 19 .1 30 .5 12 .2 7 .9 4 .6 3 .3 7 .3 9 .3 1 .2 11. 6 8. 3 9. 8 6.1 14.3 12.0 6 .7 5 .4 3 .0 9 .3 7 .7 11 .1 7.9 10.5 1.2 8.9 9.9 0.2 12.3 31.1 6.2 13 .4 3 .4 7 .2 7.8 57.6 9.0 14 .4 2 .4 3 .3 14 .4 13 .6 13 .6 18 .5 14 .4 12 .4 9 .7 18 .8 5 .2 17. 7 39. 8 6. 2 16 .8 26 .7 0 .5 20 .7 9 .8 1 .2 8 .2 42 .2 5 .1 10.2 15.8 9.3 10.4 29.3 8.7 41.8 25.4 20.4 43.6 40 .9 23 .2 27 .1 33 .2 50.4 27.9 17.5 54.0 28 .0 20 .8 32 .2 24 .6 44 .8 43 .8 14 .8 42 .8 26.6 30.0 24.4 27.7 13 .4 13 .4 1 .1 17 .8 47. 8 28. 6 32 8 45 3 34 .4 28 .5 13 .2 45 .9 25 .3 17 .8 31 .4 15 .8 30 .3 10 .1 5 .1 14 .0 26.7 6.9 13.1 18.9 30.6 20.5 5.9 33.5 71.0 43.4 68 .0 64 .1 89.9 53.4 49 .1 15 .6 59 .6 40 7 .1 32 .1 36 .8 11 .7 76 4 46 2 33 .8 40 .0 74.8 26.9 52 .6 53 .6 34.7 27.6 67.3 40.3 78.3 47.3 14.4 9.4 30.9 68 .1 57 .6 11 .6 10 .3 37 .7 88.5 49.8 15.2 11.0 43.6 32 .0 27 .8 6 .4 2 .4 21 .6 84 .4 27 .8 4 .5 9 .6 34 .1 60 .5 45 .0 14 .7 7 .3 31 .6 45 .1 20 .0 17 .1 0 .5 12 .2 84 60 9 15 24 3 4 7 2 8 86 .5 35 .2 11 .5 1 .3 13 .3 72 .5 29 .9 26 .4 23 .2 57 .8 41 .0 10 .9 0 .6 28 .2 49.4 34.6 13.7 3.3 23.2 68.4 60.8 18.9 12.2 38.5 39 .6 23 .4 14.0 40 2 24 .6 25 .0 24 .5 21.2 28 0 and Public utilities (including transportation companies) Services Construction Sales finance Allother* 14 3 16 4 34.4 32 .1 43.8 20.4 i Less than $500,000. * Includes a small amount of loans unclassified by business of borrower. » All loans include member bank loans to business with original maturities of one year or less as well as term loans. 516 FEDERAL RESERVE BULLETIN TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1 9 4 6 TABLE 21 NUMBER OF T E R M LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, BY 1946 BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] All districts Business of borrower Boston New York Philadelphia Cleve- Richland mond Atlanta Chicago St. Louis Minneapolis Kansas City 2.0 0.9 2.4 0.9 Dallas San Francisco Number of loans, in thousands Retail trade, total Food, liquor, tobacco, and drugs.. . Apparel, dry goods, and department stores Home furnishings, metal products, and building materials Automobiles, parts, and filling stations All other 13.9 24.6 2.9 1.4 8.5 3.9 1.8 0.8 4.5 0.3 0.8 8.6 0.3 1.2 tO.8 5.4 0.5 0.4 Wholesale trade, total Food, liquor, tobacco, and drugs.. . Apparel and dry goods Home furnishings, metal products, and building materials Automobiles, parts, and petroleum. All other 9.8 3.8 0.4 Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, rubber All other 3.6 1.9 2.5 1.3 2.5 1.3 7.5 3 A 2.5 1.1 0.2 0.3 0.2 0.2 0.5 0.2 0.1 0.2 0.2 1.2 0.3 0.4 0.3 0.4 1.2 0.5 0.3 0.4 0.3 2.9 1.6 1.1 0.3 0.2 0.7 0.3 0.5 0.2 0.3 0.2 1.6 0.8 0.6 0.1 0.5 0.2 0.5 0.3 0.5 0.2 3.3 1.5 0.6 0.2 (x) 1.4 0.4 0.1 0.3 0.1 0.6 0.2 0.5 0.1 0.5 0.2 1 0.4 0.2 0.3 0.1 0.6 0.3 0) 0) 2.8 1.1 0.1 2.3 1.5 1.8 0.2 0.1 0) 0.3 0.1 0.4 C) 0) 0.6 0.3 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.6 0.6 0.5 21.1 f 5 1.4 6.0 1.3 0.1 0.1 0.4 3.1 0.3 0.5 0.8 0.7 0.1 0.1 0.2 1.5 0.1 0.9 0.1 1.1 0.1 C1) 2.6 8.5 0.1 0.5 0.3 1.1 0.1 0.2 16.9 24.1 7.7 0.2 10.6 1.4 1.7 0.5 2.1 3.9 0.9 0.7 0.8 0.2 0.8 0.3 44.4 9.2 1.5 21.5 1 C) C11) C) and Public utilities (including transportation companies) Services Construction Sales finance Allother2 All borrowers C1) C1) 0) 4.9 0) 0) C) 1.3 0.5 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.4 0.2 0.1 0.1 0.1 0.1 0.1 1.0 0.2 0.1 0.2 0.6 0.1 (») 0.1 3.2 0.3 0.1 1.3 1.1 0.2 0.6 0.1 0.1 0.4 0.1 0.3 1.3 1.0 0.3 0) 0.7 0.2 0.5 1.3 1.4 0.3 (x) 0.6 9.3 1 0) 2.1 0.9 0) 0) P) 0.2 0.1 0.2 0.2 0.2 0.2 1.2 0.2 0.3 0.4 6.0 0.8 0.2 1.5 0.3 0.3 0.5 0.3 0.3 3.3 0.6 0.9 0.4 2.1 2.8 0.7 1.0 0.9 0.3 0.6 1.4 0.6 0) 0) C1) 0.7 1.4 0.4 C1) 0.8 0.8 0.3 0.6 7.1 1.0 ' 0.3' 18.7 0.4 6.6 0.3 6.7 4.3 7.1 2.7 0.1 2.5 6.5 5.1 0) $?. 7.6 41.3 As a percentage of all loans to each business-district group 3 14.7 24.4 24.4 35.6 22.4 30.3 24.2 35.9 18.8 22.9 15.0 20.7 33.4 45.6 8.5 13.2 13.9 13.1 14.8 14.2 23.4 16.8 12.6 10.1 23.2 29.1 14.3 22.5 18.8 17.5 8.2 35.6 28.9 14.2 19.2 10.3 11.7 13.8 8.0 12.6 14.8 16.2 17.2 17.8 7.8 13.3 23.8 5.8 9.9 21.8 5.6 6.6 19.2 9.8 8.6 16.5 8.9 12.9 36.8 15.0 23.2 17.2 16.3 23.4 21.4 16.6 15.0 22.3 20.7 17.0 18.2 21.1 19.2 12.1 6.8 17.4 26.3 17.0 11.0 26.1 139 8.7 24.6 26.5 28.0 21.2 60.2 18.9 23.7 22.3 37.4 32.0 39.9 23.7 13.6 4.9 14.2 35.6 20.5 12.7 3.7 18.5 49.8 32.5 14.7 3.1 23.6 42.7 30.3 18.3 3.1 22.2 52.5 30.8 20.2 28.1 30.9 26.6 14.6 3.6 20.5 36.9 32.4 16.1 2.4 14.9 60.2 49.7 28.7 9.7 40.2 16.8 14.2 24.4 22.7 25.6 19.3 17.3 33.3 Retail trade, total Food, liquor, tobacco, and drugs. . . Apparel, dry goods, and department stores Home furnishings, metal products, and building materials Automobiles, parts, and filling stations All other 21.3 30.0 16.2 23.7 21.1 26 A 10.7 16.2 16.9 27.3 13.3 12.1 12.4 7.8 11.6 14.8 9.7 14.8 7.2 8.5 9.9 9.8 16.6 18.6 24.3 15.8 16.7 12.4 27.2 20.9 10.0 19.4 8.1 17.8 9.6 10.6 11.8 31.4 15.3 24.1 12.4 Wholesale trade, total Food, liquor, tobacco, and drugs... Apparel and dry goods Home furnishings, metal products, and building materials Automobiles, parts, and petroleum. AH other 11.2 12.2 4.5 9.0 2.9 7.9 9.5 6.1 7.4 2.4 11.6 12.6 4.4 7.9 6.1 2.9 6.8 5.8 2.9 14.8 15.5 15.2 11.5 11.6 3.5 10.6 18.8 10.3 10.1 6.6 11.7 8.9 11.4 10.0 4.3 7.9 6.8 11.8 5.8 13.4 6.4 16.1 16.9 8.2 11.0 7.1 19.7 21.4 5.4 Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, rubber All other 2.2 14.5 8.9 20.6 15.2 16.6 8.7 17.1 13.6 14.7 6.7 17.2 10.3 9.2 12.1 12.2 17.1 8.1 14.1 22.9 15.3 15.6 13.5 16.3 9.6 10.1 2.5 15.6 19.5 21.2 18.1 16.4 23.4 16.9 8.0 9.9 12.1 17.7 12.0 16.5 44.0 31.5 18.0 3.3 20.5 39.4 25.5 16.3 3.5 21.9 44.1 28.4 16.0 1.7 18.3 26.2 19.1 10.9 0.4 16.2 39.5 26.2 12.1 2.1 11.2 21.5 18.3 18.8 12.2 17.8 and Public utilities (including transportation companies) Services Construction Sales finance All other* All borrowers... 1 2 8 15 9 26.1 Less than 50. Includes a small number of loans unclassified by business of borrower. All loans include member bank loans to business with original maturities of one year or less as well as term loans. MAY 1947 517 TRANSFER TO TREASURY OF EXCESS EARNINGS OF FEDERAL RESERVE BANKS The Board of Governors of the Federal Reserve System, under date of April 24, 1947, made the following announcement: As a result of operations essential to Government financing during and since the war, and operations required by the needs of business and the public for credit and currency, earnings of the twelve Federal Reserve Banks have been at relatively high levels. On the basis of present estimates, it is expected that net earnings of the Federal Reserve Banks for 1947, after payment of the statutory dividends to member banks, will aggregate more than 60 million dollars. In view of these facts, and of the fact that at the end of 1946 the surplus of each Federal Reserve Bank was equal to its subscribed capital, the Board has decided to invoke the authority, granted to it under Section 16 of the Federal Reserve Act, to levy an interest charge on Federal Reserve notes issued by the Federal Reserve Banks. The purpose of this interest charge is to pay into the Treasury approximately 90 per cent of the net earnings of the Federal Reserve Banks for 1947. This action will add about 60 million dollars to the receipts of the Government for this calendar year. The initial payment covering the first quarter of 1947 will be made on April 24, and will amount to approximately $15,269,000. Section 16, paragraph 4, of the Federal Reserve Act provides that each Federal Reserve Bank shall pay such rate of interest as may be established by the Board of Governors of the Federal Reserve System on the amount of its outstanding notes less the amount of gold certificates held by the Federal Reserve Agent as collateral security. The Board has now decided to establish such rates of interest as will make it possible to transmit to the Treasury approximately 90 per cent of the net earnings after dividends of each of the Federal Reserve Banks for 1947. The authority to levy an interest charge on Federal Reserve notes not covered by gold certificates has not been used previously, chiefly because of the existence, prior to 1933, of so-called franchise tax provisions of the law which had a similar effect; 518 that is, of transferring excess earnings of the Reserve Banks to the Treasury. Under these provisions, which were repealed in 1933, each Federal Reserve Bank was required to pay a franchise tax to the Government equal to 90 per cent of its net earnings after it had accumulated a surplus equal to its subscribed capital. To the end of 1932, the Federal Reserve Banks had paid franchise taxes to the United States Treasury amounting to 149 million dollars, and at that time the Federal Reserve Banks had accumulated surplus accounts of 278 million dollars, as compared with subscribed capital aggregating 302 million. In the amendment of the Federal Reserve Act, contained in the Banking Act of 1933, providing for the establishment of the Federal Deposit Insurance Corporation, Congress required each Federal Reserve Bank to pay an amount equal to one-half of its surplus on January 1, 1933, as a subscription to the capital stock of the FDIC on which no dividends would be paid. These stock subscriptions amounted to 139 million dollars and reduced the surplus of the Federal Reserve Banks to an equivalent figure, or considerably less than one-half of their subscribed capital. Congress, therefore, eliminated the franchise tax in order to permit the Federal Reserve Banks to restore their surplus accounts from future earnings. Net earnings for the next ten years were relatively small, and at the end of 1944 the combined surplus accounts of the Federal Reserve Banks were less than 75 per cent of their subscribed capital. During the next two years, however, net earnings increased substantially, due primarily to large holdings of Government securities accumulated through open market operations. This made possible transfers to surplus accounts which increased the combined surplus of the Federal Reserve Banks to $439,823,000 at the end of 1946, as compared with subscribed capital of $373,660,000. Under the circumstances, the Board concluded that it would be appropriate for the Federal Reserve Banks to pay to the Treasury the bulk of their net earnings after providing for necessary expenses and the statutory dividend. In effect, this will involve paying currently to the Treasury funds which, FEDERAL RESERVE BULLETIN TRANSFER TO TREASURY OF EXCESS EARNINGS OF FEDERAL RESERVE BANKS under existing law, would otherwise come to it only in the event of liquidation of the Federal Reserve Banks. The Federal Reserve Act still provides that, in case of liquidation of a Federal Reserve Bank, any surplus remaining after the payment of all claims shall be paid to the Treasury. It is expected that the present payments will be made at quarterly intervals. By invoking its authority under Section 16 of the Federal Reserve Act, the Board is able to accomplish the same results as were accomplished by the payment of a franchise tax, i.e., the transfer of excess earnings to the Government. The payments can thus be reflected in current revenues and taken into account in the Government's budget without further legislation. In the event of restoration of a franchise tax by the Congress, the Board would, of course, withdraw the requirement that Federal Reserve Banks pay interest on Federal Reserve notes, as there would be no justification for utilizing both means of accomplishing the same purpose—namely, payment of excess earnings of the Federal Reserve Banks to the Treasury. In his Budget Message for 1948 the President MAY 1947 recommended that Congress authorize the Federal Deposit Insurance Corporation to repay the 139 million dollars of capital furnished by the Federal Reserve Banks, and accepted the proposal of the Board of Governors that Congress at the same time authorize the payment of this sum to the Treasury instead of to the Reserve Banks. Similarly, the President in his Budget Message concurred in the Board's further recommendation that Congress release to the Treasury general fund approximately 139 million dollars earmarked for payments to the Reserve Banks to enable them to make loans to industry under Section 13b of the Federal Reserve Act. Legislation has been introduced in Congress to repeal Section 13b and to substitute therefor authority for the Reserve Banks, upon request of any commercial bank, to guarantee in part loans made by such bank to business enterprises.1 If this legislation be enacted, the Federal Reserve Banks would rely upon their own surplus funds for this purpose, without resort to Government funds. 1 A statement by Chairman Eccles to the Senate Banking and Currency Committee regarding this legislation appears on p. 521 of this BULLETIN. 519 DIRECT EXCHANGE OF MATURING TREASURY BILLS FOR NEW ISSUES On April 25, 1947, the United States Treasury Department issued the statement immediately following to the effect that bidders for new Treasury bills could offer either maturing bills or cash in exchange for the new issues. On the same day the Federal Open Market Committee of the Federal Reserve System announced that it had authorized the Federal Reserve Ban\s to place with the Treasury wee\ly tenders for new issues in amounts not exceeding their wee\ly maturities. The reasons for this action are given in the second statement reprinted below. would be purchased in the open market as at present. FEDERAL OPEN MARKET COMMITTEE The Treasury Department this week revised its Treasury bill-offering circular so as to permit bidders for Treasury bills to obtain new Treasury bills by the exchange of an equivalent amount of maturing bills, to the extent that their tenders are accepted. Concurrently the Federal Open Market Committee has authorized the Federal Reserve Banks to place weekly tenders for bills in an amount not exceeding the amount of their weekly maturiTREASURY DEPARTMENT ties. The Federal Reserve Banks will receive the WASHINGTON same percentage allotment of bills as will other Secretary of the Treasury Snyder announced bidders at the same price. Acquisitions of bills today that beginning with the issue of Treasury by the Federal Reserve Banks, in this manner, will bills to be dated May 1, 1947, and until further represent the replacement of bills originally purnotice, the Treasury will invite tenders for bills in chased in the market and, like other exchanges of exchange for maturing bills as well as for cash, maturing securities for new securities, would not with equal treatment accorded all tenders, whether be subject to the limitation contained in subsection the bidders offer to exchange maturing bills or to (b) of Section 14 of the Federal Reserve Act. pay cash for the new bills bid for. Cash adjustNo new credit will be made available to the ments will be made for differences between the Treasury by the Federal Reserve Banks as a result par value of maturing bills accepted in exchange of this change in procedure, nor will new reserve and the issue price of the new bills. funds be placed at the disposal of the banks of The bills to be dated May 1 will be in the amount the country. Funds which have already been proof 1,100 million dollars, about 200 million less vided to the market through bill purchases will not be increased by this action. than the amount maturing on that date. The procedure for accepting exchange as well These related actions were taken to relieve a as cash tenders is being adopted to facilitate weekly situation which has become less and less approprirefunding operations in bills. The bill holdings ate, as weekly maturities of bills held by the Federal of the Federal Reserve Banks recently were 15 Reserve Banks have increased, until recently they billion dollars out of a total of 17 billion outstand- have ordinarily been more than 1.1 billion dollars ing. Under existing procedure, the Federal Reserve out of a total weekly maturity of 1.3 billion. In Banks replace their weekly maturing bill issues, in the past the market has taken all of each week's large part, by purchasing new issues from security offerings of Treasury bills and has promptly sold dealers, who ordinarily bid for amounts greatly in to the Federal Reserve Banks that portion of the excess of market needs. This is done solely to offering which it did not wish to hold. Thus the facilitate the bill operation, as the dealers charge Federal Reserve Banks indirectly replaced part or no commission for this service, and obtain only the all of their Treasury bill maturities. Such a pronominal profit from the transaction which is avail- cedure means that the market places tenders for able to anyone. Under the new procedure the new issues of bills in amounts bearing no relation Federal Reserve Banks will be in a position to bid to market requirements, the excess being taken directly on an exchange basis for new issues in for the purpose of immediate sale to the Federal amounts not in excess of those required to replace Reserve Banks. In these circumstances, a more maturing issues of bills originally acquired in the direct method of replacing maturing bills held by market. the Federal Reserve Banks has been deemed Any addition to Federal Reserve holdings of bills desirable. 520 FEDERAL RESERVE BULLETIN FEDERAL RESERVE GUARANTEE OF BUSINESS LOANS MADE BY CHARTERED BANKS by MARRINER S. ECCLES Chairman of the Board of Governors of the Federal Reserve System The statement given below was made by Chairman Eccles before the Banking and Currency Committee of the Senate on April 17, 1947. I am glad to have an opportunity to appear here this morning in order to urge the passage of S. 408. The bill has two sections. The first one repeals Section 13b of the Federal Reserve Act and provides for the return to the Treasury of approximately 139 million dollars that was set aside from the gold increment to enable Federal Reserve Banks to make direct loans to industrial and commercial businesses. The second section of the bill substitutes for the direct lending authority a provision which would enable Federal Reserve Banks to guarantee in part loans by chartered banks particularly to small- and medium-size businesses that need capital for periods up to ten years. It is important to emphasize that the principal purpose of the bill is to make term loans especially to smaller businesses for the purpose of providing them with necessary capital that they could not otherwise obtain. It will fill a gap in private financing that now exists in enabling these enterprises to obtain essential financing. The costs of going to the capital markets for small business are prohibitive. Likewise, many banks properly feel that they cannot extend some term credits for from five to ten years without some protection as provided by this bill. It amounts to a form of spreading the risk by providing insurance for a fee. It is not the purpose of this bill, however, to provide guarantees for either short- or long-term financing which banks can and should extend without assistance. The basic need of the smaller, independently owned business enterprises is for long-term funds. Some businesses need funds for modernization of plant and equipment and additional facilities. The need also arises from the sharp increase in prices and greatly expanded volume of business resulting in a much larger volume of accounts receivable and of inventories. Because of these various factors MAY 1947 many enterprises whose financing needs have ordinarily been met through current borrowings now need a funding of their short-term obligations into a term loan. Owners of small enterprises, as a rule, prefer to obtain funds on a loan rather than on an equity basis because they do not wish their stock ownership to be diluted or to run the risk of losing control of the business. Term loans amortized out of profits meet this need. This type of financing is particularly suitable for small businesses that need a substantial period of time to retire loans by gradual repayment from earnings. There has been considerable objection from some of the larger banks to S. 408 on the ground that the smaller banks, in cases where the amount of the loan was beyond their legal limit, would resort to the guarantee even though the loan was of such quality that it could be made without the guarantee by giving participations to their correspondent banks or other banks in the community. In order to meet this objection, the Board recommends that the Committee adopt the suggestion of the Federal Advisory Council of the Federal Reserve System by inserting in the bill a provision that the guarantee shall only be available "when it appears to the satisfaction of such Federal Reserve Bank that the business enterprise is unable to obtain requisite financial assistance on a reasonable basis from the usual sources." The Board also favors the recommendation of the Federal Advisory Council that the bill be amended to provide that the guarantee be restricted to "chartered banking institutions" only and not to "any financing institution" as provided in the bill. It should be borne in mind that the Reserve System has had the authority under 13b for the past thirteen years to make direct loans or to make commitments to purchase loans made by private banks. On principle, we feel that the private banks 521 FEDERAL RESERVE GUARANTEE OF BUSINESS LOANS MADE BY CHARTERED BANKS should originate and make the loans based on their credit judgment, and that neither the Federal Reserve Banks nor any other governmental agency should extend such credits directly. Section 13b, moreover, is not adapted to presentday needs. It limits the extension of credit to loans for working capital only and provides that loans cannot be made for more than five years and can be made only to established businesses. The proposed bill does not call for Government appropriations and, therefore, no drain on the Federal budget is involved. The Reserve Banks would use their surplus funds as a basis for the guarantees, and should losses be sustained they would first come out of the fund created by the guarantee fees charged. If this were not adequate, losses would be met out of the Reserve Banks' net earnings or surplus. I am sure that this responsibility placed on the officers and directors of the Reserve Banks, under regulations and supervision of the Board of Governors, will not encourage easy and unsound credits on the part of the private banks. Under Section 13b Federal Reserve Banks handled some 3500 applications for commitments and advances, aggregating about 560 million dollars. Similarly, under the V-loan program, 8771 authorizations for guarantees of war production loans, aggregating nearly 10.5 billion dollars, were handled. The interest and fees collected in connection with this total of about 11 billion dollars of operations were more than sufficient to cover expenses and losses and to show some profit. In other words, the record is not one of loose lending. This bill, of course, does not place the Reserve Banks in competition with the private banking system. Credit judgment and responsibility would remain primarily with the lending bank. Loans guaranteed would originate with local banks dealing with local people whom they know and with whose character, capability and capacity they would be familiar. A Federal Reserve Bank could not guarantee any loan unless requested to do so by the local bank. If approved by the Reserve Bank the guarantee would be made promptly available without referring the matter to any agency in Washington. Each loan would have to be passed upon by the Federal Reserve Bank. There would be no blanket approval. The twelve Federal Reserve Banks and their twenty-four branches provide a regional organization through which local financing 522 institutions in all parts of the country would have convenient access to a guaranteeing agency if needed. The Federal Reserve System, which is a permanent organization created by Congress and responsible to Congress, is especially qualified to provide this service because of its close contacts and daily relationships with banking institutions. Its responsibilities for maintaining sound credit conditions, so far as its powers permit, make it the appropriate agency for this purpose. As in the case of war production loans under the V-loan program, a maximum interest rate would be set for guaranteed loans. The present maximum rate under Section 13b is 5 per cent and it is contemplated that the initial maximum rate under the new legislation would be the same. Within this limit, which may be subject to change with changing conditions, interest rates would be determined by the borrower and the bank. Guarantee fees charged would be specified percentages of the interest rate, graduated according to the percentage of the loan guaranteed. The method would be similar to that used in the V-loan program, when guarantee fees ranged from 10 to 30 per cent of the interest rate, according to the percentage of the guarantee. This has been and would be the operating procedure. It is evident, therefore, that the lending banks must carry some portion of the loans without guarantee and this will be a deterrent on their making undesirable and risky loans. The steeply graduated guarantee fees will induce banks to carry as much of the risks as possible and thus cause them to exercise careful judgment and prudence in passing upon credits. Business and credit conditions at present and at some other times may not be such as to require extensive use of the guarantee authority. However, the Reserve Banks should have a stand-by service of this kind to render to business and industry when necessary. The amount of long-term funds that individual enterprises may need is often relatively small. Many loan demands do not exceed $10,000 and relatively few exceed $100,000. The bill is intended and designed primarily to help the smaller enterprises. The larger ones, as a rule, do not need this sort of assistance because they can go to the capital market and raise funds either by bonds or equity financing. FEDERAL RESERVE BULLETIN FEDERAL RESERVE GUARANTEE OF BUSINESS LOANS MADE BY CHARTERED BANKS The guarantee service, as provided in this bill, would be available in the future, as it has been in the past, without discrimination for all banks, whether members of the Federal Reserve System or not. It would be ill-advised and shortsighted, in my opinion, for Congress to repeal Section 13b in order that the 139 million dollars of Government funds thereunder may be returned to the Treasury and fail to provide this proposed alternative authority MAY 1947 to the Federal Reserve Banks. The proposal is the result of long and extensive experience which the Federal Reserve System has had in connection with the loan guarantee principle. It is a tried and tested principle exemplified in Federal Housing Administration loans as well as in loans to veterans* This bill is a means of aiding the private banking system of this country to meet particularly the longer-term financing needs of the smaller business institutions without assuming excessive risks. 523 REGIONAL DISTRIBUTION OF BUSINESS LOANS Information on regional variation in the characteristics of outstanding business loans has become available through the survey of member banks conducted by the Federal Reserve System, as of November 20, 1946. Analysis of the survey findings for each Federal Reserve district is being made by the Reserve Banks, and the results are being published in their monthly reviews. Regional differences in term lending to business are examined in an article elsewhere in this BULLETIN, and regional variations in business loans with respect to type of security pledged, interest rates charged, and loans to small businesses will be analyzed in subsequent BULLETIN articles. To facilitate general regional comparisons, data on bank loans to commercial and industrial concerns are presented below for each Federal Reserve district and classified by size and business of borrower. Loans are of more importance relative to total assets at banks in some sections of the country than in others. Moreover, the composition of bank loans differs in important respects among areas. In NOTABLE 1 MEMBER BANK LOANS AND INVESTMENTS, NOVEMBER 20, 1946 [Estimates, dollar amounts in millions] Business loans Federal Reserve district Total loans and investments Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco. . . Total loans Percentage of Amount $ 4,865 $ 1,416 $ 749 28,481 8,146 4,615 1,261 5,333 565 1,914 7,914 841 1,126 4,461 497 1,167 4,365 565 3,422 1,840 14,712 1,121 547 3,667 587 237 2,677 981 418 4,181 1,295 652 3,885 3,976 1,711 13,569 All districts. . . $98,110 $26,412 $13,237 Total loans and in- Total vestments loans 15 16 11 11 11 13 13 15 9 10 17 13 53 57 45 44 44 48 54 49 40 43 50 43 13 50 vember 1946, as is indicated in Table 1, for all member banks as a group business loans constituted one-half of total loans. The proportion varied among Federal Reserve districts from 57 per cent 524 of the amount of all loans in the New York District to 40 per cent in the Minneapolis District. These differences reflect largely variations in the economies of the districts, for example, the greater importance of agriculture in some districts than others. They also result to some extent from variations in the scope of banking connections and operations. Thus concentration of business loans at New York and Chicago banks results in part from the national character of their lending function. National as compared with more local scope in lending is also reflected in part in the distribution of loans by Federal Reserve districts and by size of business, as is shown in Table 2. Member banks in the New York District make almost twice as large a percentage of the number of their business loans to establishments with assets of 5 million dollars or more as do all member banks in the country, and at banks in that district such loans constitute 68 per cent of the amount of loans to businesses as compared with 45 per cent for all member banks. In all districts close to two-thirds of the number of business loans are made to enterprises with assets of less than $50,000. In amount, however, these loans vary by district from less than 5 per cent to 16 per cent of all business loans. In all districts business loans are distributed broadly among all types of businesses. Generally, differences among districts in the proportion of the number of loans made to retail, wholesale, manufacturing, and other business enterprises are moderate, as is shown in Table 3. Considerable variation is indicated, however, when special segments of these major business groups are examined, reflecting wide differences in the economic characteristics of the areas. Thus banks in the Dallas District make a large number of loans to concerns producing petroleum, coal, chemical, and rubber products; and banks in the Chicago and Cleveland Districts make a relatively greater number of loans to metal producers and fabricators than do banks in other areas. In dollar terms differences among districts in the industrial pattern of business loans are very sharp. Bank loans to retail trade establishments, for exFEDERAL RESERVE BULLETIN REGIONAL DISTRIBUTION OF BUSINESS LOANS fifth in the Richmond District, while loans to wholesale trade companies varied from 9 per cent of business loans in the Cleveland District to 29 per cent in the St. Louis District. Table 4 shows the composition of business loan portfolios of member banks in each Federal Reserve district. ample, ranged by districts from 7 per cent of the dollar amount of all business loans in the New York District to 21 per cent in the Richmond District. Manufacturing and mining concerns accounted for half of the amount of business loans in the Chicago District and only a little over one- TABLE 2 BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946, BY FEDERAL RESERVE DISTRICT AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower (Total assets, in thousands of dollars) Size of borrower (Total assets , in thousands of dollars) All All Federal Reserve district businesses1 50250 Under 50 250750 7505,000 5,000 and over businesses1 Under 50 $ 743 $ 4,547 565 87 $ 211 73 136 $ 390 97 95 $ 277 63 250750 7505,000 5,000 and over 0.5 3.6 0.4 Number of loans In thousands .4 mount of loans In miliions Boston New York Philadelphia 50250 148 $ 277 565 3,105 112 220 49.8 112.9 40.0 34.5 74.9 28.1 11.1 25.2 8.6 2.5 5.4 1.6 1.2 3.9 1.1 132 73 92 89 87 3.1 1.3 0.7 169 95 110 93 11.0 12.0 12.8 0 9 144 88 34.7 24.7 26.8 1.2 74 556 50.5 41.7 44.5 2.7 486 2.9 1.4 0.7 Chicago St. Louis IVIinneaoolis 1,836 545 233 132 64 34 244 128 53 197 114 23 390 107 62 872 131 62 76.1 28.6 19.8 50.2 18.6 14.5 17.6 7 .1 4.0 4.5 1.8 0.7 2.4 0.6 0.4 1.4 0 4 0.2 Kansas City Dallas San Francisco. . 418 629 1,696 67 82 212 113 156 408 74 125 226 71 170 421 93 97 429 34.7 40.5 123.7 23.9 25.2 77.7 7.7 10.5 33.9 1.7 2.7 6.6 1.0 1.6 3.9 0.4 0.6 1.5 All districts $13,079 $1,215 $2,171 $1,455 $2,383 $5,856 662.7 433.9 161.7 36.0 19.9 11.2 Cleveland Richmond Atlanta 825 91 138 390 Asa percentage of district total As a percentage of district total Boston New York Philadelphia 100.0 100 0 100.0 11.7 4 6 12.9 18.3 8 6 17.2 19.9 12.4 19.8 37.3 68 3 38.9 100.0 100.0 100.0 69.3 66.4 70.4 22.2 22.3 21.6 5.0 4.7 2.4 3.4 1.0 3.2 11.2 4.1 2.9 1.0 Cleveland Richmond Atlanta 100.0 100.0 100.0 11.0 15.2 15.8 16.0 29.6 30.4 8.8 18.9 17.1 16.7 18.3 19.8 47.3 17.9 16.7 100.0 100.0 100.0 68.8 59.2 60.1 21.9 28.8 28.8 5.3 7.3 6.4 2.3 3.0 3.2 1.7 1.6 1.5 Chicago St Louis Minneapolis 100 0 100 0 100.0 7.2 11 7 14.6 13 3 23 5 22.7 10.7 20.9 9.9 21 2 19 6 26.6 47 5 24 0 26.6 100.0 100.0 100.0 66.0 65.2 72.9 23.2 25 0 20.3 5.9 3.1 1.8 6.4 2.2 1.3 3.5 2.1 1.2 Kansas City Dallas San Francisco All districts 100 0 100.0 100.0 100.0 16 0 13.0 12.5 9.3 27 0 24.8 24.1 16.6 17.7 19.9 13.3 11.1 17 0 27.0 24.8 18.2 22 2 15.4 25.3 44.8 100.0 100.0 100.0 100.0 69.0 62.3 62.8 65.5 22 2 25.9 27.4 24.4 4.8 2.8 1.3 6.6 3.8 5.3 5.4 3.2 3.0 1.4 12.8 6.1 1.2 1.7 1 Excludes a small amount and number of loans not classified by size of borrower. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1947 525 REGIONAL DISTRIBUTION OF BUSINESS LOANS TABLE 3 NUMBER OF BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Total1 Business of borrower Boston New York Phila- Cleve- Rich- Atdelphia land mond lanta Min- KanSan St. nesas Dallas FranLouis apolis City cisco Chicago Number of loans In thousands 252.6 Retail trade, total 81.8 Food? liquor tobacco, and drugs Apparel, dry goods, and department stores.. 33.8 Home furnishings, metal products, and buildincr materials . . . . . . 58.2 44.5 Automobiles, parts, and filling stations 34.3 All other Wholesale trade total Food Honor tobacco and dru&s Apparel and dry goods . •. • Home furnishings, metal products, and buildincr materials . .. and tninins total . ... Food liauor and tobacco Textiles apparel and leather IV^etals and metal oroducts Petroleum, coal, chemicals, and rubber AIT ntht*r Public utilities. . Services 7.8 5.8 5.1 6.7 2.5 17.2 4.2 5.0 1.9 5.4 1.8 6.0 2.4 6.8 2.6 8.4 3.2 3.8 1.4 1.9 0.6 0.8 4.1 0.5 0.2 0.7 0.7 0.5 0.3 0.1 30.6 11.3 14.0 5.5 9.6 3.1 8.1 2.4 12.6 4.9 4.1 2.4 2.7 2.7 3.6 1.3 1.1 1.3 4.2 3.7 3.2 2.5 4.8 3.4 3.5 3.1 2.6 2.2 4.2 2.8 2.0 7.1 5.1 5.1 2.8 2.4 1.1 2.0 1.6 1.1 3.2 2.4 1.6 21.1 0.8 0.4 0.4 0.4 1.4 0 8 1.1 0 6 4.3 0.5 0.9 0.8 1.0 3.2 6.3 1.1 6.7 1.4 13.6 2.0 5.0 1.1 2.7 0.4 4.8 1.0 6.8 1.0 22.9 0.8 1.0 0.6 0.8 0.7 5.7 0.3 0.8 0.2 0.8 0.5 1.2 0.4 3.5 0.7 4.5 1.0 1.8 0.1 1.2 0.1 1.1 9.1 1.2 0.3 3.2 672.8 4.8 5.9 1.3 8.4 50.5 114.3 6.3 0.8 2.1 1.1 1.6 13.7 16.2 0.7 1.9 7.0 0.8 3.6 6.7 2.9 0.4 3.8 5.1 2.0 0.4 1.7 7.9 4.9 1.3 2.1 5.3 2.1 0.3 0.7 1.2 22.8 2.1 1.4 6.4 12.7 9.4 5.2 1.7 1.7 2.5 0.6 2.9 3.3 2.8 2.1 0.5 0.7 8.3 0.6 115.9 17.5 15.6 29.2 13.3 40.3 47.1 14 9 5.0 1.6 0.5 1.0 1.1 1.5 0.5 1.2 0.9 4.1 3.9 17.2 7.1 2.4 2.0 6.9 ... 3.5 3.1 2.8 15.6 4.9 0.5 1.0 51.8 All b o r r o w e r s . . . 16.7 8.1 38.4 76.5 42.9 * Construction Sales finance All other 2 40.2 14.7 •6.8 22.1 17.2 AH other Manufacturing 87.9 31.1 9.4 18.1 5.7 2.9 1.7 2.7 0.8 2.6 2.7 4.0 2.2 0.3 2.1 3.2 5.3 2.7 0.4 5.0 3.2 4.3 2.6 0.4 4.2 1.6 4.3 2.8 0.7 5.5 4.2 8.7 5.1 1.1 4.9 2.2 2.8 1.6 0.4 1.7 40.0 52.1 42.5 45.6 76.6 28.9 1 5 4.8 1.5 5.6 1.5 1.2 2.8 1 3 1.6 2.7 1.5 0.2 1.1 2.4 5.3 2.7 0.5 1.2 1.7 4.4 3.4 0.8 7.6 19.9 34.8 43.8 123.9 0.9 10 2 7.1 14.3 9.5 0.6 6.3 As a percentage of district total 37.5 12.1 5.0 35.8 11.3 5.7 35.2 12.9 6.0 41.8 12.2 6.1 40.4 13.6 4.6 36.7 11.6 6.4 37.7 12.1 5.8 40.0 12.5 4.8 39.2 12.9 4.5 40.8 12.3 5.3 36.2 11.7 3.8 32.0 9.7 3.5 37.9 12.0 4 0 8.7 6.6 5.1 7.0 6.2 5.6 6.8 5.1 4.4 9.3 8.0 6.2 9.1 6.5 6.6 7.3 6.1 5.3 9.2 6.1 4.5 9.3 6.7 6.7 9.8 8.2 3.8 10.0 7.9 5.3 9.2 6.8 4.7 7.5 6.4 4.9 10.2 7.5 4.2 13.1 4.6 1 4 13.3 4.9 1.5 15.1 3.7 3 6 12.5 4.8 1.3 10.4 3.5 0 5 14.2 5.7 1 7 15.0 5.7 1 5 11.0 4.2 0 6 13.1 4.7 0 9 9.6 3.1 0 6 15.3 5.9 0 9 11 6 4.6 0 8 13 1 5.1 0 7 3.3 1.2 2.6 3.9 1.1 1.9 3.4 0.8 3.6 2.7 1.3 2.4 3.1 1.0 2.3 4.0 1.2 1.6 3.7 1.5 2.6 2.7 1.0 2.5 2.8 1.6 3.1 2.2 1.8 1.9 4.0 2.2 2.3 2.5 1.5 2.2 3.5 1.2 2.6 Mdftufdctuvifig Gttd tnittifig, total Food linuor and tobacco Textiles aooarel and leather Metals and metal products Petroleum, coal, chemicals, and rubber All other 17.2 2.6 2.3 4.3 2.0 6.0 16.4 1.2 3.3 5.0 1.2 5.7 19.9 1.8 6.9 4.3 1.3 5.6 17.4 2.0 2.8 3.9 3.3 5.4 17.4 2.3 0.5 6.1 3.3 5.2 14.8 2.5 1.9 2.3 2.0 6.1 14.6 3.1 1.2 1.8 0.9 7.6 17.8 2.6 1.0 7.4 1.0 5.8 17.3 3.9 0.9 2.9 3.5 6.1 13.6 2.1 0.8 3.9 0.5 6.3 13.9 2.9 0.2 3.2 4.2 3.4 15.6 2.3 1.1 2.8 6.4 3.0 18.5 3.9 1.2 4.5 0.7 8.2 Public utilities Services - 5.7 11.4 6.4 1 0 7.7 7.1 13.3 5.7 0 8 4.2 12.0 5.2 1 1 6.8 9.9 5.5 0.7 6.2 10.3 5.1 0 7 7.4 10.0 6.0 1 l 5.4 9.5 9.8 8.1 13.7 7.6 1 0 5.5 6.9 15.2 7.6 1 4 7.3 5.4 11.3 6.6 1 5 7.8 9.8 5.6 1 2 7.6 3\5 9.5 6.3 1 4 12.0 3.9 10.0 7.8 1 8 17.3 5.8 11.5 7.7 0 5 5.0 •Retail trade total Fond Honor tobacco and druss Apparel, dry goods, and department stores.. . Home furnishings, metal products, and Automobiles, parts, and filling stations All other Wholesale trade total Food liouor tobacco and drugs Home furnishings, metal products, and Automobiles Darts and petroleum . . All other Construction Sales finance All other 2 All b o r r o w e r s . . . . . . . . 100.0 6.4 6.0 3.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 2 Revised. Includes a small number of loans not classified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 526 FEDERAL RESERVE BULLETIN REGIONAL DISTRIBUTION OF BUSINESS LOANS TABLE AMOUNT OF BUSINESS LOANS AT M E M B E R BANKS, NOVEMBER 20, 4 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Total 1 Business of borrower Bos- New York Phila- Cleve- Richdelland mond phia Atlanta Chi- St. Louis Minneapolis KanSan sas Dallas FranCity cisco Amount of loans In millions $ 1,470 Retail trade, total 397 Food, liquor, tobacco, and drugs 422 Apparel, dry goods, and department stores Home furnishings, metal products, and 279 building materials 199 Automobiles, parts, and filling s t a t i o n s . . . . 173 All other Wholesale trade, total Food, liquor, tobacco, and drugs Apparel and dry goods Home furnishings, metal products, building materials Automobiles, parts, and petroleum All other 2,422 1,015 572 and 333 92 149 $ 80 23 23 $101 28 29 $105 28 33 $88$ 21 16 173 36 54 $ 58 13 14 $ 69 21 13 12 12 9 37 26 29 12 13 9 16 16 12 17 15 12 29 12 10 37 22 25 11 13 7 137 49 51 817 297 329 31 12 79 25 5: 107 58 16 132 53 33 250 137 18 59 25 106 24 5 17 27 6 17 19 4 9 26 6 14 258 54 39 76 47 41 399 80 10 190 67 54 111 27 24 19 11 30 581 132 58 307 197 48 17 14 41 19 96 29 25 60 51 39 22 39 29 46 $749 $4,615 $565 $841 $497 309 102 424 Manufacturing and mining, total Food, liquor, and tobacco Textile, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber. . . . All other 5,670 1,539 488 1,632 1,069 942 Public utilities (incl. transportation companies) Services. Construction Sales finance All others 1,226 492 454 782 721 $13,237 All borrowers... $102 $ 33 34 325 2,189 607 48 224 82 607 87 458 40 293 68 41 38 20 44 42 $ 74$ 21 15 252 75 30 16 9 10 18 10 11 70 46 31 158 38 11 103 51 4 133 49 38 379 36 18 41 10 2 96 17 6 26 19 7 21 49* 10> 155 51 24 19 12 49 915 209 32 358 196 120 164 67 7 35 27 28 123 38 2 27 42 13 232 37 10 27 131 26 711 296 21 167 30 196 47 26 33 24 59 147 64 47 126 117 43 13 22 42 47 37 23 25 23 15 41 35 46 37 53 84 80 106 42 57 $565 $1,840 $547 209> 54- 56 $237 $418 $652 $1,711 17.3 16.5 11.4 3.0 5.1 5.0 3.1 3.2 2.3 14.7 4.4 1.8 As a percentage of district total Retail trade, total Food, liquor, tobacco, and drugs Apparel, dry goods, and department stores. Home furnishings, metal products, and building materials Automobiles, parts, and filling stations. . . All other 11.1 13.6 7.2 14.2 12.0 21.1 15.6 3.0 3.2 4.4 4.5 2.0 3.2 4.1 4.1 3.3 3.4 5.6 6.6 3.7 2.8 9.4 10.6 2.0 2.4 2.9 2.6 2.1 1.5 1.3 1.6 1.6 1.2 0.8 0.6 0.6 2.1 2.3 1.6 1.9 1.9 1.4 3.4 3.0 2.4 5.1 2.1 1.8 2.0 1.2 1.4 2.0 2.4 1.3 4.2 2.1 3.0 3.8 2.2 2.4 2.8 1.5 1.7 4.1 2.7 1.8 Wholesale trade, total Food, liquor, tobacco, and drugs Apparel and dry goods Home furnishings, metal products, building materials Automobiles, parts, and petroleum All other 18.3 18.3 17.7 15.6 13.6 28.9 16.5 6.4 7.1 5.5 2.1 9.4 5.8 7.4 1.0 6.9 2.0 7.2 0.4 24.6 12.2 20.4 6.5 6.8 9.4 21.5 3.0 11.7 0.6 3.2 23.4 7.7 4.3 2 3 2.4 1.1 1.5 1.3 0.5 2.3 4.2 0.9 3.0 3.2 0.7 2.0 3.8 0.8 1.8 4.6 1.1 2.5 2.0 1.0 2.2 1.8 0.4 17.6 42.8 11.6 43.4 47.4 13.2 45.7 47.4 22.3 27.4 4.9 9.5 1.2 13.2 13.5 22.6 8.1 7.1 5.3 9.1 9.9 6.3 8.3 7.3 8.0 6.4 5.4 4.8 3.8 2.2 6.0 9.0 4.2 3.4 2.1 8.7 1.7 12.3 10.9 11.6 9.6 6.9 49.7 11.4 3.7 9.3 3.7 3.4 5.9 5.5 5.5 5.1 2.7 5.9 5.6 8.5 3.0 2.5 7.3 3.4 11.4 7.8 4.4 7.8 5.8 9.3 8.3 4.6 5.8 4.2 am Manufacturing and mining, total Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber. . . All other Public utilities.. Services Construction. . . Sales Finance... All other2 All borrowers. 0.8 3.2 100.0 6.4 12.6 2.9 1.3 6.7 4.3 3.4 3.0 7.1 6.1 10.4 1.0 7.5 5.8 22.1 12.2 3.2 1.7 3.4 4.2 4.1 1.4 6.2 2.9 1.1 3.2 2.9 0.6 3.3 30.0 12.2 37.1 10.5 29.4 35.6 5.5 8.4 2.1 9.1 0.5 6.5 5.7 1.5 4.1 10.0 20.1 6.5 1.3 6.4 4.9 5.1 10.5 3.1 4.0 41.6 17.3 1.2 9.8 1.8 11.5 8.0 3.5 2.6 6.8 6.4 7.9 2.4 4.0 7.7 8.6 8.9 5.5 5.5 2.5 6.8 8.9 5.5 6.0 5.5 3.6 6.3 5.4 7.1 5.7 8.2 4.9 4.7 6.2 2.5 3.3 19.5 10.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Revised. Includes a small amount of loans not classified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 2 .MAY 1947 527 MEMBER BANK EARNINGS, 1946 Net profits after taxes of member banks of the Federal Reserve System aggregated 758 million dollars in 1946, a decrease of 30 million from the peak reached in the preceding year. The decline in the •dollar amount of net profits resulted largely from a reduction in profits and recoveries on securities sold; net current operating earnings were larger in 1946 than in 1945. As shown in the table below, net profits of country banks increased by 31 million dollars, but there were decreases of 58 million at central reserve city banks and of 4 million at reserve city banks. On the average, net profits amounted to 9.6 per cent of capital accounts as compared with 10.9 per cent in 1945; this decline was largely the result of the increase in total capital accounts during the year. About two-thirds of net profits was retained by the banks to strengthen their capital positions and the remainder, amounting to 267 million dollars, was distributed as cash dividends. In recent years, the excess of profits on securities sold and recoveries on loans and securities over losses and charge-ofrs, largely due to profits from operations in Government securities, has been a substantial portion of net profits of member banks. The maximum excess occurred in 1945, when it amounted to 224 million dollars cr 28 per cent of net profits. In 1946, the net from this source aggre- M E M B E R BANK EARNINGS, BY CLASS OF BANK, 1945 AND 1946 [Dollar amounts in millions] Central reserve city banks Reserve city banks Total N e w ^Earn On On On All ings U. S. Government securities. other securities loans other Expenses Salariesand wages Interest on deposits All other Net current earnings come taxes before Y o r k Chicago Country banks 1945 1946 1945 1946 1945 1946 1945 1946 1945 $2,102 997 139 588 378 $2,403 1,054 148 772 429 $432 222 24 106 80 $456 $105 53 10 25 17 $111 52 9 31 19 $783 $895 381 52 304 158 $782 355 58 229 140 $940 411 63 313 153 1,268 580 183 505 1,469 699 212 558 216 117 6 93 250 141 7 102 210 24 125 97 56 25 7 24 367 47 228 141 63 30 479 217 72 190 558 266 82 210 517 221 98 198 596 262 114 220 in835 934 216 206 48 304 337 265 344 Profits and recoveries Recoveries on securities Profits on securities Recoveries on loans All other 454 113 239 356 54 183 64 55 129 71 10 41 11 9 26 6 10 4 6 23 6 6 3 7 150 37 75 20 17 127 20 61 24 22 149 23 86 23 17 135 17 75 25 17 Losse On On All 230 118 47 65 247 115 44 13 12 19 20 17 1 2 21 11 4 6 95 48 23 23 101 45 29 27 75 37 15 23 82 47 17 19 233 75 55 16 50 13 359 90 363 99 340 73 397 98 264 99 267 71 298 79 s and charge-offs securities loans other Profits before income taxes Taxes on net income Net profits G a s h d i v i d e n d s d e c l a r e d1 Ratios (per cent): Net current earnings before income taxes to average total capital accounts Net profits to average total capital accounts Earnings on U. S. Government securities to average holdings Earnings on loans to average holdings 1 56 46 48 68 1,058 270 1,043 285 40 15 7 18 305 91 788 246 758 267 214 73 158 75 39 13 37 14 268 88 62 70 11.5 11.9 10.7 9.5 13.6 12.2 12.5 12.7 11.0 13.0 10.9 9.6 10.6 7.3 10.8 9.5 11.0 9.9 11.0 11.2 1.39 1.48 1.29 1.35 1.33 1.48 1.36 1.46 1.50 1.58 2.97 3.18 1.68 1.85 2.13 2.22 3.16 3.23 4.49 4.65 Includesintereston capital notesanddebentures. 528 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1946 gated 109 million dollars, less than half of the 1945 amount but higher than in any other year. This decline reflected a decrease in profits and recoveries on securities, while losses and charge-offs increased somewhat. All classes of banks reported decreases in the excess of profits and recoveries on securities, etc., over losses and charge-offs. At central reserve city banks the decline was 65 million; at reserve city banks 29 million; and at country banks 21 million dollars. Total current earnings of member banks totaled 2,403 million dollars in 1946, an increase of 301 million or 14 per cent over the previous year. While all classes of banks reported increases, there were noteworthy differences by class of bank as a result of shifts in holdings of loans and investments. Current earnings increased 6 per cent at central reserve city banks, 14 per cent at reserve city banks, and 20 per cent at country banks. The increase in gross earnings occurred notwithstanding a decrease of 11 billion dollars in total earning assets of member banks during the year. Member bank holdings of short-term, low-yield United States Government securities were reduced by nearly one-half and loans on Government securities made at low rates also declined. There were increases in holdings of higher-yield assets such as commercial and industrial, consumer, and real estate loans and, to a lesser extent, of higher-yield United States Government securities. These changes occurred at all classes of banks. Country banks increased their aggregate earning assets by a small amount during the year but central reserve and reserve city banks reported decreases of 20 and 12 per cent respectively. The table below shows, by class of bank, selected earning assets as of December 31, 1945 and 1946. Earnings on United States Government securities totaled 1,054 million dollars, an increase of only 57 million over 1945 and the smallest gain reported since the war financing program began. This increase reflected large returns received in the early part of the year; with the decline in holdings of Government securities, earnings from this source were declining during the year. The average yield on member bank holdings increased from 1.39 per cent in 1945 to 1.48 per cent in 1946, reflecting the decline in holdings of lower-yield securities. Banks in central reserve cities were most affected by the Treasury's debt retirement program, and as a result their earnings on United States Government securities were 13 million dollars less than in the preceding year. Reserve city and country banks reported increases of 14 and 56 million dollars respectively in earnings from this source. Earnings on loans aggregated 772 million dollars, an increase of 184 million or 31 per cent over 1945. Central reserve city banks reported an increase of 19 per cent, reserve city banks an increase of 33 per cent, and country banks an increase of 37 per cent. Average yields on loans increased at all classes of banks, probably reflecting increased holdings of higher-yield loans more than rising interest rates. Yields on loans for all member banks averaged 3.18 per cent in 1946 as compared with 2.97 per cent in the preceding year. MEMBER BANK LOANS AND INVESTMENTS, BY CLASS OF BANK, DECEMBER 31, 1945 AND 1946 [In billions of dollars] Central reserve city banks New York Chicago Reserve city banks Country banks 1946 1945 Total loans and investments. 107.2 20.8 5.9 40.1 35.4 35.0 35.4 22.8 8.9 1.9 3.5 8.5 96.4 26.7 13.2 3.3 5.4 4.8 26.1 Loans Commercial and industrial Consumer Real estate All other (mostly on securities) 7.3 3.0 0.3 0.1 3.9 6.4 4.1 0.5 0.1 1.7 1.3 0.8 0.1 0) 0.5 1.5 1.1 0.1 0.1 0.2 8.5 3.7 0.9 1.5 2.5 10.8 5.5 1.4 22 1.6 5.6 1.5 0.7 1.9 1.5 8.0 2.4 1.3 3.0 1.3 U. S. Government securities Treasury bills, notes, and certificates. Bonds and guaranteed obligations. 78.3 33.5 44.8 63.0 16.8 46.2 17.6 7.2 10.3 13.3 3.1 10.2 4.2 2.3 1.9 2.9 0.7 2.2 29.6 13.7 15.9 22.2 6.2 16.0 27.0 10.3 16.7 24.6 6.8 17.8 6 1 6.6 1.2 1.2 0.4 0.4 2.0 2.3 2.4 2.8 Other securities 1 Less than 50 million. MAY 1947 529 MEMBER BANK EARNINGS, 1946 Current expenses of all member banks totaled 1,469 million dollars in 1946, an increase over 1945 of 201 million or 16 per cent. Corresponding increases occurred at all classes of banks. Most of the increase, 119 million dollars, was in salaries and wages; it accompanied the granting of higher rates of pay and an increase of over 25,000 or about 10 per cent in the number of officers and employees. The average salary paid also increased by about 10 per cent. A growth of over 4 billion dollars in time deposits resulted in a 29 million dollar increase in interest on deposits, even though the average rate of interest paid was slightly lower than in 1945. Other current expenses, including taxes other than on net income, were 52 million dollars higher than in 1945. Net current earnings before income taxes and before allowances for profits, recoveries, losses, and charge-offs on securities and loans amounted to 934 million dollars, an increase of almost 100 million over 1945. Reserve city and country banks reported increases of 33 and 78 million dollars while central reserve city banks showed small decreases. Taxes paid or accrued on net income aggregated 285 million dollars, 15 million more than in 1945. Increases of 8 and 25 million dollars reported by reserve city and country banks respectively more than offset the 18 million dollar decrease reported by banks in central reserve cities. The reported increase in taxes occurred despite repeal of the excess profits tax effective January 1, 1946 and somewhat lower profits before income taxes. Comparative earnings figures for selected years since 1929 are given in the accompanying table. Detailed figures of earnings and related items, together with selected ratios, will be found on pp. 602-613 of this BULLETIN. M E M B E R BANK EARNINGS, SELECTED YEARS, 1929-46 [Dollar amounts in millions] 1 Item 1929 1932 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 $2,399 $1,554 $1,321 $1,274 $1,296 $1,323 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 Earnings On U.l S. Government securi431 445 540 444 766 960 / 997 1,054 1 47. 481 448 458 ties 148 \ 139 On other 2securities 665 649 560 595 544 563 563 851 1,563 553 772 On loans 588 Service charges on deposit ac59 65 68 54 76 87 51 86 45 counts 100 | 363 245 1f 243 242 230 237 245 291 232 265 Other earnings 2 . . . 238 328 921 1,002 1,039 1,127 1,268 1,469 895 988 1,684 1,143 890 902 Expenses 2 400 426 461 388 487 464 357 580 380 525 Salaries and wages 372 699 3 140 147 128 124 302 159 445 171 144 183 212 Interest on time deposits . . . . 174 Interest on interbank and de132 314 6 mand deposits Taxes other than on net in100 129 81 84 85 112 67 82 83 83 come 2 82 86 331 293 344 262 257 375 422 Other expenses 476 263 273 348 285 J Net current earnings 2 .. 715 410 419 384 401 402 429 485 611 747 835 934 Recoveries, profits on securities, etc Losses and charge-offs 2 137 295 113 778 256 338 279 398 327 380 303 356 278 318 188 223 312 251 318 232 454 230 356 247 « e> « «. m « 673 115 833 184 1,058 270 1,043 285 557 387 -255 245 337 201 265 198 347 207 349 210 390 211 451 68 383 203 557 208 649 226 788 246 758 267 Number of banks at end of year. . 8,522 6,816 6,341 6,338 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 Profits before i n c o m e taxes. . . Taxes on net income Net profits Cash dividends declared 4 .. } « / \ 1 2 Not available prior to 1945. The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on. loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item;3 (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. * Includes interest on capital notes and debentures. 530 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Termination of Licensing of Member Banks Presidential Proclamation The President of the United States on April 7, 1947, issued a Proclamation, effective as of March 15, 1947, excluding member banks from the scope of the Presidential Proclamations of March 6 and March 9, 1933, and the Executive Order of March 10, 1933. This Proclamation has the effect of terminating the authority of the Secretary of the Treasury to issue regulations requiring the licensing of member banks. However, member banks remain subject to restrictions relating to payments in gold and withdrawals of currency for hoarding. The text of the Proclamation is as follows: PROCLAMATION 2725 AMENDING THE PROCLAMATIONS OF MARCH 6 AND MARCH 9, 1933, AND THE EXECUTIVE ORDER OF MARCH 10, 1933, TO EXCLUDE FROM THEIR SCOPE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM WHEREAS by December 30, 1933, the Secretary of the Treasury had acted upon all requests for licensing of member banks of the Federal Reserve System; and WHEREAS on December 31, 1945, the Secretary of the Treasury issued a General License to transact normal banking business to all banks thereafter authorized to begin business by the Comptroller of the Currency and to all State banks thereafter admitted to membership in the Federal Reserve System, and thereby dispensed with the requirement of an individual license for each new member bank of the Federal Reserve System; and WHEREAS it is no longer necessary, or in the interest of government internal management, for the Secretary of the Treasury to license the transaction of normal banking business: Now, THEREFORE, I, HARRY S. TRUMAN, President of the United States of America, acting under and by virtue of the authority vested in me by section 5(b) of the Trading with the Enemy Act of October 6, 1917, 40 Stat. 415, as amended, and section 4 of the act of March 9, 1933, 48 Stat. 2, and by BY THE PRESIDENT OF THE UNITED STATES virtue of all other authority vested nvme, do hereby, OF AMERICA in the interest of the internal management of the WHEREAS on March 10, 1933, the President of Government, proclaim, order, direct, and declare the United States, in pursuance of the program to that the said proclamations of March 6 and March permit resumption of banking operations follow- 9, 1933, and Executive Order of March 10, 1933, as ing the Bank Holiday Proclamations No. 2039 of amended, are further amended to exclude from March 6 and No. 2040 of March 9, 1933, respec- their scope banking institutions which are members tively, issued Executive Order No. 6073 which, of the Federal Reserve System: Provided, however, among other things, authorized the Secretary of the that no banking institution shall pay out any gold Treasury to permit any member bank of the Fed- coin, gold bullion, or gold certificates, except as eral Reserve System and any other banking insti- authorized by the Secretary of the Treasury, or tution organized under the laws of the United allow the withdrawal of any currency for hoarding. States to perform any or all of their usual banking This proclamation shall become effective as of functions except as otherwise prohibited; and March 15, 1947. WHEREAS on December 30, 1933, the President IN WITNESS WHEREOF, I have hereunto set my of the United States issued Proclamation No. 2070 which excluded from the scope of the said proc- hand and caused the seal of the United States of lamations of March 6 and March 9, 1933, and the America to be affixed. Executive Order of March 10, 1933, all banking inDONE at the City of Washington this seventh stitutions which were not members of the Federal day of April in this year of our Lord nineteen hunReserve System; and dred and forty-seven, and of the Independence of MAY 1947 531 LAW DEPARTMENT the United States of America the one hundred and seventy-first. (SEAL) HARRY S. TRUMAN By the President: DEAN ACHESON, Acting Secretary of State. Consumer Credit Conviction for Violating Regulation W In the Federal Reserve BULLETIN for July 1946, at page 750, there was published an opinion by the District Court of the United States for the Eastern District of Michigan, Southern District, finding Consumers Home Equipment Co. and A. B. Chereton, its President, had violated the terms of an injunction issued by such court on July 19, 1945, restraining defendants from violations of Regulation W. On defendants' appeal, the United States Circuit Court of Appeals for the Sixth Circuit by its opinion of April 7, 1947, affirmed the judgments of the lower court. The text of the opinion is as follows: No. 10286 UNITED STATES CIRCUIT COURT OF APPEALS SIXTH CIRCUIT AVERY B. CHERETON AND CONSUMERS HOME EQUIPMENT COMPANY, Appellants, v. THE UNITED STATES OF AMERICA, Appellee. APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN Decided April 7, 1947. Before Judges. ALLEN, MARTIN AND MILLER, Circuit PER CURIAM. We meet here appeals by a corporation and an individual who controlled its policies from judgments of conviction and sentence for criminal contempt, in the wilful and deliberate violation of an injunction in a civil action. From the evidence in the record, there is no doubt whatever that appellants wilfully violated the injunction. They contend that the regulation which they were enjoined from violating is not supported by statutory authority; but that, if it is, the Act of Congress is unconstitutional. In either event, it does not follow that their conviction for criminal 532 contempt in violating the injunction should be reversed. On the contrary, it is clear that the judgments below must be upheld upon the direct authority of Howat v. Kansas, 258 U. S. 181, 189, 190, wherein Chief Justice Taft thus expressed the unanimous opinion of the Supreme Court: "An injunction duly issuing out of a court of general jurisdiction with equity powers upon pleadings properly invoking its action, and served upon persons made parties therein and within the jurisdiction, must be obeyed by them however erroneous the action of the court may be, even if the error be in the assumption of the validity of a seeming but void law going to the merits of the case. It is for the court of first instance to determine the question of the validity of the law, and until its decision is reversed for error by orderly review, either by itself or by a higher court, its orders based on its decision are to be respected, and disobedience of them is contempt of its lawful authority, to be punished. Gompers v. Buc\s Stove & Range Co., 221 U. S. 418, 450; Toy Toy v. Hop\ins, 212 U. S. 542, 548. See also United States v. Shipp, 203 U. S. 563, 573." This language was quite recently quoted with approval by Chief Justice Vinson, in writing the opinion of the Supreme Court in United States v. United Mine Workers of America, . . . U. S. . . . , [March 6, 1947], 67 S. Ct. 677, 696. Cf. authorities cited by the Chief Justice in footnotes 58 and 59 of the opinion. The judgments of the District Court are affirmed. Suit Regarding Condition of Membership Peoples Bank v. Eccles, et al. On April 14, 1947, the United States Court of Appeals for the District of Columbia reversed the District Court which had refused to enjoin the members of the Board of Governors from enforcing a condition of membership imposed upon Peoples Bank, Lakewood Village, California, at the time of its admission to the Federal Reserve System. The Court of Appeals by a divided vote held that the condition was invalid if construed literally. However, the Court held that if the condition were construed in the manner stated in its opinion, there would be no inconsistency between it and the statute. The Court therefore remanded the case to the District Court for the entry of a judgment so construing the condition and denying the injunction. The opinions are printed below. FEDERAL RESERVE BULLETIN LAW DEPARTMENT UNITED STATES COURT OF APPEALS DISTRICT OF COLUMBIA No. 9338 Appellant, v. PEOPLES BANK, MARRINER S. ECCLES, RONALD RANSOM, M. S. SZYMCZAK, JOHN K. MCKEE, ERNEST G. DRAPER AND RUDOLPH M. EVANS, Appellees. APPEAL FROM THE DISTRICT COURT OF THE UNITED STATES FOR THE DISTRICT OF COLUMBIA Argued November 27, 1946. Decided April 14, 1947. Mr. Samuel B. Stewart, Jr., for appellant. Mr. Joseph William Burns also entered an appearance for appellant. Mr. J. Leonard Townsend, Assistant General Counsel, Board of Governors of the Federal Reserve System, with whom Mr. Edward M. Curran, United States Attorney at the time the brief was filed, was on the brief, for appellees. Before EDGERTON, CLARK and WILBUR K. MILLER, J. J. WILBUR K. MILLER, }.: The principal question in this case is whether a drastically restrictive condition upon a state bank's membership in the Federal Reserve System was validly imposed by the Board of Governors of the System. A secondary question is whether the state member bank is prevented by waiver or by estoppel from challenging the validity of the condition. The Peoples Bank of Lakewood Village, California, was incorporated in 1941 under the laws of that state, after the State Superintendent of Banks had found that public convenience and advantage would be promoted by its establishment at the proposed location. A license actually to transact business would not be granted, the Superintendent advised, until deposit insurance had been obtained through membership in the Federal Deposit Insurance Corporation or in the Federal Reserve System. Accordingly, the Peoples Bank forwarded on November 28, 1941, an application for admission to the Federal Reserve System, using the printed form furnished by the System and supplying all the data thereby required. In acting upon the application the Board of Governors considered the financial condition of the applying bank, the general character of its manageMAY 1947 ment, and whether the corporate powers were consistent with the purposes of the Act, as required by Title 12, § 322, U. S. C. A. In like manner the Board of Governors considered the financial history and condition of the bank, the adequacy of its capital structure, its future earnings' prospects, the general character of its management, the convenience and need of the community to be served by the bank, and whether its corporate powers were consistent with the purposes of the statute, as required by Title 12, §264, subsections (e) (2) and (g). The bank, being fully qualified in those respects at the time of application, was eligible for membership in the Federal Reserve System, and the Board of Governors necessarily so found when it later permitted the institution to become a member. But the bank was not immediately admitted. Under date of February 12, 1942, the secretary of the Board of Governors instructed the Federal Reserve Bank of San Francisco to inform the applicant that the Board "is unwilling to approve the application on the basis of the information now before it." No reason for the refusal was given, and its basis was not discovered by the Peoples Bank until late in February, 1942, when one of its directors had a personal conference in Washington with two members of the Board and its secretary. The director's affidavit includes the following: "During the course of my conversation with the said Board members and Secretary I recall that statements were made to the efTect that Secretary Morgenthau was opposed to increasing the number of banking offices of Bank of America and that it was stated that there was considerable agitation against increasing the banking interests of bank holding companies—so much so, that there was a prospect that legislation would be introduced to curb the expansion of bank holding companies. It was also stated in substance that upon assurances that the Peoples Bank was independent of Bank of America and Transamerica Corporation the Board might be disposed to reconsider the application." The bank asked the Board to reconsider, and furnished information concerning changes in the ownership of its shares which had occurred after the filing of its original application. By letter dated March 11, 1942, the Federal Reserve Bank of San Francisco informed the Peoples Bank "that the Board of Governors will be glad to reconsider your 533 LAW DEPARTMENT application upon a definite showing by the directors of your bank" that five conditions set out in the letter had been met. These conditions are shown in the margin.1 The bank complied with those requirements. In meeting the third requirement contained in the letter of March 11, 1942, each shareholder of the bank signed the following letter: "I, the undersigned, being a stockholder of the Peoples Bank, Lakewood Village, California, do hereby state that I have no arrangements, expressed or implied, with respect to the sale or transfer of the stock of the Bank which I own to either the Transamerica Corporation, or any organization affiliated or closely identified with Transamerica Corporation, or any other Bank Holding Company group, and that I do not intend to enter into any such agreements or understandings." Some weeks thereafter, on May 6, 1942, the Board approved the application for membership, subject to three conditions which it clearly had the statutory right to impose, and subject to a fourth condition which, sharply challenged, is the storm center of this litigation. Thefirstthree conditions, standard in character and usually imposed on state banks applying for membership, are shown in the margin.2 Condition No. 4, which the appellant PuPVsJ. OJ-LJ.J-'y U A 1 U L l J U b k3L4V^A-& H.A X U.J.XJ other provisions of this letter. tne x ransamerica group. "3. That neither Transamerica Corporation nor army organizaica Corporation affiliated or closely identified with Transamerica Corporation or any other bank holding company group has any interest, direct or indirect, in the applicant bank, and that the bank is in no manner obligated to any such organization. "4. That all stockholders have stated in writing that they have no agreements or understandings, expressed or implied, with respect to the sale or transfer of the stocky of the bank to iy it at trie nine 01 auimssion to uiemucrsmp. "2. The net capital and surplus funds of such bank shall be adequate in relation to the character and condition of its assets System. jy Bicm. "3. Such bank shall not engage as a business in issuing or selling either directly or indirectly, (through affiliated corpora- 534 says not only is not standard, having never been imposed before or since, but invalid as well, is as follows: "4. If, without prior written approval of the Board of Governors of the Federal Reserve System, Transamerica Corporation or any unit of the Transamerica group, including Bank of America National Trust and Savings Association, or any holding company affiliate or any subsidiary thereof, acquires, directly or indirectly, through the mechanism of extension of loans for the purpose of acquiring bank stock, or in any other manner, any interest in such bank, other than such as may arise out of usual correspondent bank relationships, such bank, within 60 days after written notice from the Board of Governors of the Federal Reserve System, shall withdraw from membership in the Federal Reserve System." Since the conditions in the commitment of May 6, 1942, were substantially those contained in the San Francisco Reserve Bank's letter of March II, 1942, already met, no additional action by the appellant bank was necessary specifically to meet the formal conditions in the communication of May 6, 1942. Having been in other respects ready for many months to function as a banking institution, the Peoples Bank opened its doors and began business activity soon after it became a member of the System pursuant to the commitment. In 1944, the proscribed Transamerica Corporation, without the knowledge or assistance of the bank, acquired 540 shares of its capital stock, being slightly more than 10 per cent of the total of the 5,000 shares authorized, issued and outstanding. The bank immediately reported that fact to the Board and asked to be relieved of Condition No. 4 which, in view of Transamerica's acquisition of stock, made it possible for the Board immediately to demand that the bank withdraw from the System. As withdrawal would result in automatic cancellation of deposit insurance, the bank regarded the literal enforcement of Condition No. 4 as a death sentence. When the Board refused to revoke the provision, the Peoples Bank sued its members in the District Court of the United States for the District of Cotions 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." FEDERAL RESERVE BULLETIN LAW DEPARTMENT lumbia to have the condition adjudged invalid, and to enjoin its enforcement. The Board members moved to dismiss the complaint on the ground that it presented no justiciable controversy. After that motion had been denied,3 an answer was filed pleading that the complaint showed on its face (a) that the bank was estopped to deny the validity of Condition No. 4, (b) that in imposing Condition No. 4 the Board exercised the administrative discretion confided to it by § 9 of the Federal Reserve Act,4 and (c) the validity of Condition No. 4. With this answer in the record, the Board members moved for judgment on the pleadings. The bank countered with a motion for summary judgment and filed in support numerous affidavits and exhibits in which the factual background of the controversy is shown. Upon consideration of the several motions, the District Court's opinion was that the bank "cannot now attack the validity of the condition to which it voluntarily agreed." Being of that view, the court entered judgment for the Board members, on the pleadings, and denied the bank's motion for summary judgment. The Peoples Bank appeals. We first consider the question whether the Board of Governors had the power to attach Condition No. 4 to the membership of the Peoples Bank in the Federal Reserve System. Under the literal language of the condition, the Board's right to expel the bank becomes absolute the moment Transamerica acquires a stock interest, without a previous finding that Transamerica's acquisition of shares would, or probably would, adversely affect the bank. Nor is the effectiveness of the Board's power to expel under Condition No. 4 made to depend upon the acquisition by Transamerica of a controlling interest in the bank. The ownership by that corporation of any number of shares, however small, sets the condition in motion and gives rise to the power of expulsion. This striking denunciation of Transamerica makes pertinent an inquiry into the nature of that organization. The record discloses it to be a large corporation, owning extensive interests in many banks and in other corporations as well. It is a substantial stockholder in the Bank of America, which for several years has been one of the two or three largest banks in the nation. The financial soundness of Transamerica is not challenged. The 3 Peoples Bank v. Eccles, 64 F. Supp. 811. * 12 U. S. C. A. § 321. MAY 1947 character, integrity and ability of its management are not assailed. No statute, state or federal, forbids it to own shares of the Peoples Bank or any other bank. The basis for the imposition of this unusual and unqualified prohibition against Transamerica's acquiring shares of the bank in question is shown by the record to be the fact that for some time federal bank regulatory authorities, including the Board, have regarded further expansion of Transamerica as undesirable and unsound. Moreover, we are so advised by the following statement in the appellees' brief: "In this case the record shows that the Board had reason to believe that appellant, at the time it applied for membership in the System, was under or was about to come under the management of Transamerica Corporation, the bank expansion program of which the Board, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation ail believed to be unsound. Condition No. 4 was therefore designed to prevent that corporation from taking over appellant's afTairs after it came into the System." The fact is, however, that the record does not show that the Board had reason to believe that appellant, at the time its application was filed, was under or was about to come under the management of Transamerica. The purpose of Condition No. 4, therefore, was primarily to check the growth of Transamerica, which the Board considered to be already too large. Whether the Board of Governors has the power, in the effort to implement its theory that the enlargement of bank holding companies should be forbidden, to deny to Transamerica its right, otherwise entirely legal, to purchase and own shares in the Peoples Bank, depends on whether the Federal Reserve Act expressly or impliedly confers such authority. In other words, the validity of Condition No. 4 as a curb to the growth of a bank holding company depends upon whether the Congress intended to authorize the Board to arrest the extension of such companies. If such a legislative intent does not appear, grave doubt arises as to the right of the Board to form such an intent for itself. Furthermore, if a contrary intent on the part of Congress be found, unquestionably the Board's assumption of the power to check the expansion of bank holding companies 535 LAW DEPARTMENT amounts to an invasion of the legislative field. All the Board's power springs from the statute. An administrative agency may have a wide latitude within which to function, and may be authorized to prescribe regulations which must be observed by those subject to its jurisdiction. But its regulations must fall within the limits of the authorizing statute, and must be such as will carry into effect the will of Congress.5 The broad discretion confided to the Board of Governors continues only so long as it acts within its statutory scope. When the Board reaches the border of the Federal Reserve Act it must stop, for to go beyond would be to impinge on Congressional prerogatives. case, has added significance when considered in the light of certain legislative history of the Federal Reserve Act. From that history it is learned that the Congress, quite deliberately and because of what it considered an abuse of a power which it had theretofore granted to the Board in broad general terms, provided that the Board of Governors may only impose such conditions upon a bank's admission to the System as are within and pursuant to the legislative intent in adopting the Act. Prior to 1927, the governing body of the Federal Reserve System had the very broadest power to attach conditions to a bank's entry into the System. The statutory language6 on the subject was: We turn to the Federal Reserve Act to see whether it manifests an intent on the part of Congress to forbid bank holding companies to expand, either by prohibiting them from owning minority stock interests in state member banks, or by the use of any other device. We find no such prohibition. The Act goes no further, with respect to limiting the activity of a holding company, than to provide that one which owns a majority of the shares of a member bank may not vote such shares without first obtaining a permit from the Board of Governors. The Congress has thus expressly conferred upon the Board the right to supervise and curb a holding company when, through the ownership of a controlling interest, it is in a position to dominate a bank's management and to dictate its policy. It was not deemed necessary to give the Board the right to prevent or restrict voting by a holding company having less than a majority interest, as no such provision appears in the statute. Obviously the legislators did not share the Board's apprehension that harm might come to a member bank from the votes of a holding company having less than control. This limited statutory restriction upon bank holding companies, which contrasts strikingly with the broad restraint imposed by the Board in the present "The Federal Reserve Board, subject to such conditions as it may prescribe, may permit the applying bank to become a stockholder." 5 Manhattan General Equipment Co. v. Commissioner of Internal Revenue, 297 U. S. 129, 134, where the Supreme Court said: "The power of an administrative officer or board to administer a federal statute and to prescribe rules and regulations to that end is not the power to make law—for no such power can be delegated by Congress—but the power to adopt regulations to carry into effect the will of Congress as expressed by the statute. A regulation which does not do this, but operates to create a rule out of harmony with the statute, is a mere nullity. Lynch v. Tilden Produce Co., 265 U. S. 315, 320322; Miller v. United States, 294 U. S. 435, 439-440, and cases cited. And not only must a regulation, in order to be valid, be consistent with the statute, but it must be reasonable. International Ry. Co. v. Davidson, 257 U. S. 506, 514." 536 At a hearing before a subcommittee of the Senate Committee on Banking and Currency in February, 1926, Senator Carter Glass stated that the Federal Reserve Board (predecessors of appellees here) "has usurped the legislative functions of Congress." An amendment to restrict the power of the Board to impose conditions upon membership was being considered. Senator George Wharton Pepper, of Pennsylvania, who favored such an amendment, said in the Senate on February 23, 1925: ". . . the committee thinks that the discretion of the Federal Reserve Board in the premises should be a discretion exercised pursuant to the provisions and conditions of the Act; that is, that there was no intent of Congress, when the Federal Reserve Act was passed, to create in the Federal Reserve Board a body to prescribe any kind of conditions it pleased as conditions precedent to admissibility to the Federal Reserve System, but rather to confer upon the Federal Reserve Board authority to make regulations pursuant to the Act fixing the terms upon which banks might become members of the Federal Reserve System." The Board of Governors desired to retain the right to impose any conditions it chose upon membership and expressed its unqualified disapproval of the amendment proposed. Nevertheless, in 1927 the Congress amended the provision to read as follows: 6 40 Stat. 233, Public Law 25, 65th Congress, approved Tune 21, 1917. FEDERAL RESERVE BULLETIN LAW DEPARTMENT "The Board of Governors of the Federal Reserve System, subject to the provisions of this title and to such conditions as it may prescribe pursuant thereto, may permit the applying bank to become a stockholder of such Federal Reserve Bank."7 Moreover, the Board of Governors has expressly recognized that it has no statutory power to prevent the expansion of bank holding companies. An example of this recognition is found in the testimony of the appellee, Marriner S. Eccles, chairman of the Board of Governors, before the Committee on Banking and Currency of the House of Representatives on April 5, 1943. He said that he had given considerable thought to the operation and development of Transamerica and that he did not look upon it as a wholesome undertaking. He stated his opinion to be that Transamerica, in its purchase of the stock of banks and of the stock of corporations having nothing to do with banks, was pursuing an improper and unsound policy. He added, however, that the Board did not have, and had never sought from Congress, any power or authority to deal with that situation. In his appearance before the same committee on May 10, 1943, Eccles was asked by Congressman Patman: ". . . unless you can get better cooperation out of Transamerica you would look with favor upon advocating legislation that would curb the bank holding companies?" He replied, "That would give the Board the power to require what they would consider a policy in the public interest." That answer constituted an admission of the Board's lack of power to curb holding companies, although its members considered that such curbing would be in the public interest. Further recognition by the Board of its lack of the authority which it attempted to exercise by the imposition of Condition No. 4 appears in its annual report for the year 1943. After saying "there is now no effective control over the expansion of bank holding companies or in any other field in which they may choose to expand," the Board of Governors recommended to Congress "that immediate legislation be enacted preventing further expansion of existing bank holding companies or the creation of new bank holding companies." That recommendation has not been followed and no such legislation has been enacted by the Congress. 7 44 Stat. 1229, 12 U. S. C. A. 321. MAY 1947 So there is no statutory bar to the expansion of bank holding companies such as Transamerica. No Congressional enactment forbids Transamerica or any similar corporation to acquire and own any number of shares of the Peoples Bank or any member or nonmember bank. Although the Board has requested Congress to authorize it to prevent the further growth of Transamerica and like organizations, Congress has withheld that authority. Its failure to enact the restrictive legislation strongly recommended by the Board of Governors shows a legislative intent that acquisition of bank shares by holding companies shall not be unlawful. But nevertheless Condition No. 4 imposed by the Board of Governors in this case singles out one holding company and prohibits it from owning any shares of the member bank, however few in number. As has been shown, the avowed purpose was to prevent further expansion of Transamerica, in the face of the fact that the Board has expressly recognized its lack of power in that respect and has unsuccessfully sought to obtain such power from the Congress. Inevitably, it follows that if the Board's sole purpose here was to prevent the enlargement of Transamerica, the condition imposed was not expressive of, but contrary to, a plainly evident legislative intent. If that were its sole purpose, Condition No. 4 is invalid. We find, however, that the Board members take the position that their purpose in imposing the condition was not only to check the extension of Transamerica, but also to protect the bank by preventing Transamerica from taking over its affairs. The appellees state in their brief, as we have heretofore shown, that "Condition No. 4 was therefore designed to prevent that corporation (Transamerica) from taking over appellant's affairs after it came into the System." The appellees' brief then adds, "Thus the Condition is directly related to 'management' and 'financial condition,' two of the subjects which the Board is specifically required to consider in passing upon membership applications. Under such circumstances the Condition has even that direct statutory sanction which appellant's argument would require." In this connection, it is noted from the record that on January 28, 1946, the Board of Governors adopted the following resolution: "Upon consideration of the latest report of examination of the Peoples Bank, Lakewood Vil537 LAW DEPARTMENT lage, California, from which the Board concluded that there had been no substantial change in the control, management or policy of the bank resulting from the acquisition by Transamerica Corporation of certain shares of the bank's stock, the Board, by unanimous vote, decided that there was no present need in the public interest for any action by the Board with respect to the condition of membership of the bank relating to acquisition of its stock by Transamerica Corporation." The quoted resolution, in our view, administratively interprets Condition No. 4 as meaning that, if the Board should decide that a substantial change, against the public interest, has occurred in the bank's management, control or policy because of Transamerica's stock ownership, it must withdraw from the System after notice to do so. For obvious reasons, the Board could properly reach such a decision only after a full and fair hearing. It is, of course, apparent that the resolution of January 28, 1946, adopted nearly two years after Transamerica acquired its shares and after the bank had during the same period unsuccessfully sought relief from the harsh condition, was primarily intended as an aid to the appellees' motion to dismiss the complaint. It was adopted soon after the suit was filed and was attached to the motion to dismiss. As indicative of the absence of a justiciable controversy, the resolution was not convincing to Mr. Justice Holtzofif, of the District Court, whose opinion8 points out that the sword of Damocles is still suspended over the bank with the Board claiming the right at any time to cut the thread. Indeed, the appellees state in their brief that action under the condition is "now justified by the facts." In regarding the resolution as an administrative interpretation of the condition, we are supported by the appellees who state in their brief: "Condition No. 4, however, is not self-executing, as appears on its face. And the Board, in affixing the Condition in the light of the opinion which it then entertained as to the potential danger of Transamerica affiliation, did not by so acting declare in advance what its administrative decision might be if and when Transamerica should acquire some of appellant's shares. In affixing the Condition—by agreement with appellant—the Board intended to leave to future 8 Peoples Bank v. Eccles, 64 F. Supp. 811. 538 determination what action, if any, might be necessary pursuant thereto. Considerations of the public interest demanded that the Condition be imposed; the same considerations will determine when, if ever, the Condition need be enforced." With the controversial Condition No. 4 thus properly evaluated by the Board itself, it is at once seen that the condition means no more, and gives the Board no greater authority, than standard Condition No. 1, which is that "subject bank at all times shall conduct its business and exercise its powers with due regard to the safety of its depositors, . . ." That is to say, if at any time a member bank shall appear to the Board of Governors to be pursuing unsound or unsafe bank policies, the Board may require it, after hearing, to withdraw from the System. Title 12, U. S. C. A., §327, expressly provides that if a member bank has failed to comply with the provisions of certain sections of the Federal Reserve Act, or the regulations of the Board of Governors made pursuant thereto, or has ceased to exercise banking functions without a receiver or liquidating agent having been appointed, the Board shall have power, after hearing, to require the bank to surrender its stock in the Federal Reserve Bank and to forfeit all rights and privileges of membership. If Condition No. 4 were given a literal interpretation, instead of the rational construction placed on it by the resolution of January 28, 1946, it would clothe the Board with arbitrary power to expel the bank without a hearing upon the happening of a contingency which had not adversely affected in any manner either the bank's position or the safety of its depositors. So construed, the condition is not authorized by the Act. With respect to the meaning of Condition No. 4 and the method by which the Board could invoke it, the appellees, having made the concession heretofore quoted from their brief, make yet another which seems to us to be of extreme importance: "Even should appellant, if and when it receives such notice, take no action pursuant thereto, its membership could not be summarily forfeited. Section 9 of the Act (46 Stat. 250, 251, c. 207, U. S. C, Title 12, § 327) provides that, while the Board may order such a forfeiture, it can only do so 'after hearing' and a finding that appellant 'has failed to comply with the provisions of . . . [the law] or the regulations of the Board of FEDERAL RESERVE BULLETIN LAW DEPARTMENT Governors of the Federal Reserve System made pursuant thereto. . . .' Appellant's alleged danger is thus rendered even more remote." Nothing in the condition itself requires the restrained interpretation of it contained in the appellees' language just quoted. The condition does not in so many words compel the construction placed upon it by the resolution of January 28, 1946, nor does it afford a hearing to the bank which the appellees now admit should be accorded. The appellant's alleged danger, which the appellees say "is thus rendered even more remote," was not remote as long as the unqualified denunciation of Transamerica was insisted upon by the appellees, and was regarded by them as a part of the bank's contractual obligations. We have heretofore stated our conclusion to be that Condition No. 4, as a mere device to check the growth of a holding company, finds no foundation in the statute. We hold that it has validity only as a statement that, if the Board of Governors should determine, after hearing, that Transamerica's ownership of the bank's shares has resulted in a change for the worse in the character of the bank's personnel, in its banking policies, in the safety of its deposits or in any other substantial way, it may require the bank to withdraw from the Federal Reserve System. Only in that sense can the condition be regarded as having been imposed pursuant to the Act. It is assumed that the Board would not resort to the drastic penalty of expulsion until it had exhausted the other disciplinary and corrective processes prescribed by the Federal Reserve Act.9 We turn now to the argument of the appellees that by accepting and enjoying membership with Condition No. 4 attached, the bank is estopped to question its validity or has waived invalidity or the right to assert it. Appellees' position is not sustained by the Supreme Court cases cited by them.10 Those cases dealt with situations in which litigants were attacking the constitutionality of statutes or orders under which they had accepted privileges. Their remaining authority, White Star Bus Line v. People of Puerto Rico, 75 F. (2d) 889, was a case in which the bus company had accepted 9 Title 12, U. S. C. A. §§264 ( i ) ( l ) ( 2 ) , 301 and 77. i° Pierce Oil Corporation v. Phoenix Refining Co., 259 U. S. 125; United Fuel Gas Co. v. Railroad Commission, 278 U. S. 300; St. Louis Malleable Casting Co. v. Prendergast Construction Co., 260 U. S. 469; Hurley v. Commission of Fisheries, 257 U. S. 223. MAY 1947 and operated under a franchise containing a proviso for annual payment of royalties to the island government. Later the bus line questioned the authority of the Public Service Commission to condition the franchise upon the payment of royalties. The Circuit Court of Appeals did not go so far as to hold that estoppel had arisen, but was content to say "It is doubtful whether the bus line is now in a position to raise this issue." As justifying its doubt, the court cited United Fuel Gas Company v. Railroad Commission, 278 U. S. 300 (also cited to us by the appellees) and Wall v. Parrott Silver and Copper Company, 244 U. S. 407. In our view neither decision furnishes a basis for the doubt which the Circuit Court of Appeals expressed. In the Railroad Commission case, the Supreme Court's holding on the point we now discuss was that those "who have procured action by a state commission under a state statute may not assail that action in a federal court of equity on the ground that that statute, or the one creating the commission, is void under the state constitution." In the Parrott case the Supreme Court said that "The appellants by their action in instituting a proceeding for the valuation of their stock, pursuant to those statutes, which is still pending, waived their right to assail the validity of them." Obviously the principle announced in these two cases, which is the same rule found in the other Supreme Court decisions cited by the appellees, does not apply where the litigant charges that the administrative body has exceeded the authority conferred upon it by a statute, but does not attack the validity of the statute. Whether estoppel has arisen, whether waiver has occurred, depends entirely upon whether Condition No. 4 is valid or invalid. No administrative body has authority to contract with a regulated corporation in a manner contrary to the statute which is being administered, nor in a way which does not give efTect to the intent of Congress. The regulated corporation, by accepting such an invalid condition imposed by a regulatory authority, does not thereby waive the right to rely on the statute, and the right later to denounce the provision which contravenes it. The remaining question is whether a justiciable controversy was shown. The appellees maintain that there was none, saying that an indispensable 539 LAW DEPARTMENT element of justiciability is a showing of either positive action or a threat to take such action by the responsible officials involved. We need not elaborate upon the opinion of the learned justice of the District Court lx which rejected that contention in denying the appellees' motion to dismiss the complaint. The resolution of January 28, 1946, disclaiming an immediate purpose to enforce Condition No. 4, protected the bank from literal enforcement of the condition only on that day; for the appellees argue in this court that enforcement is "now justified by the facts," although the resolution has not been rescinded, and a different one has not been adopted. To those acquainted with the realities of banking, it is plain that public knowledge in the bank's service area of the existence of Condition No. 4 does incalculable harm to the bank. It is generally realized that nothing could more quickly cause depositors to lose confidence in a banking institution than withdrawal of federal deposit insurance. It is equally true that the confidence of depositors is undermined and weakened when they know that their insurance may be withdrawn on short notice, without a hearing, and for a cause having no relation whatever to the safety of their deposits. In such circumstances a positive threat by the Board to enforce the condition is not necessary to do the harm. The threat is implicit in the condition itself, and the harm is present and continuing, due to the mere existence of the condition. But with the amelioration of the ill-chosen language of Condition No. 4, which the appellees now concede to be proper and which they claim is expressive of their original intention in adopting it, the mere presence of the condition will not continue to be harmful to the bank. With the provision construed to have the meaning which we have said is the only significance properly attributable to it, the bank's public will know that it is subject to expulsion from the System only for reasons which would justify expulsion of any member bank. We hold, therefore, that a justiciable controversy was shown by the pleadings; that the District Court erred in reaching the conclusion that the bank "cannot now attack the validity of the condition to which it voluntarily agreed." As the District Court should have proceeded to interpret Condition No. 4, its decree will be set aside and the cause 11 Justice Alexander Holtzoff in Peoples Bank v. Eccles, 64 F. Supp. 811. 540 remanded ,for the entry of a judgment construing that proviso in a manner consistent with its true meaning as conceded by the appellees and as stated in this opinion. When that is done, there will be no ground for restraining the appellees from enforcing the condition, nor will the bank have any need for such injunctive relief. Reversed and remanded. EDGERTON, }., dissenting: I think the Board had authority to impose the condition of which appellant now complains. However that may be, I think it clear that since the Board has not taken or threatened any action to enforce this condition there is no controversy over which the courts have jurisdiction. I do not reach the question of estoppel. Foreign F u n d s Control Treasury Department Releases The following releases relating to transactions in foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN, have been issued by the Office of the Secretary of the Treasury under authority of the Executive Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto: Treasury Department FOREIGN FUNDS CONTROL March 4, 1947 AMENDMENT TO GENERAL LICENSE NO. 94 Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section 5(b) of theTrading with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control.* General License No. 94 (Section amended to read as follows: 131.94) is hereby CERTAIN COUNTRIES GENERALLY LICENSED (1) Blocked countries generally licensed subject to certain conditions. A general license is hereby granted licensing all blocked countries and nationals thereof (excepting the following countries and nationals thereof: Portugal, Spain,. Sweden and Tangier) to be regarded as if such countries were not foreign countries designated in the Order, provided that (a) any property in which on effective date hereof any of the following had an interest: (i) anyblocked country (including countries licensed1 * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. AppSupp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amende* June 14, 1941, February 19, 1946, June 28, 1946, and Januarv 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769. 7184. FEDERAL RESERVE BULLETIN? LAW DEPARTMENT hereby) or person therein; or (ii) any other partnership, association, corporation, or other organization, which was a national of a blocked country (including countries licensed hereby) by reason of the interest of any such country or person therein; or (b) any income from such property accruing on or after the effective date hereof shall continue to be regarded as property in which a blocked country or national thereof has an interest and no payment, transfer, or withdrawal or other dealing with respect to such property shall be effected under, or be deemed to be authorized by, this paragraph. (2) Transactions under other licenses authorized without regard to certain restrictions. With respect to property subject to the proviso of paragraph (1), any transaction not involving any excepted country or national thereof which is authorized under any license (other than General Licenses Nos. 1, 1A, 4, 27 and 30A or any other license to the extent that it merely authorizes transfers between blocked accounts of the same person or changes in the form of property held in a blocked account) may be effected without regard to any terms of such license relating to the method of effecting such transaction. (3) Certain other transactions authorized. This license also authorizes any transaction which could be effected under General License No. 53 if the countries licensed hereby were members of the generally licensed trade area, provided that this paragraph shall not be deemed to authorize any payment, transfer, or withdrawal, or other dealing with respect to any property which is subject to the proviso of paragraph (1). (4) General Ruling No. 17 not waived with regard to certain countries. This license shall not be deemed to waive the requirements of General Ruling No. 17 with respect to blocked property held in any account maintained in the name of any bank or other financial institution located in Switzerland or Liechtenstein, unless such property has been certified under paragraph (1) of General License No. 95. (5) Applicability of license to nationals of countries licensed hereby who are also nationals of excepted countries. Paragraphs (1) and (2) shall not apply with respect to any national of a country licensed hereby who is also a national of any excepted country, provided, however, that for the purpose only of this license the following shall be deemed not to be nationals of an excepted country: (a) Any individual residing in a country licensed hereby: (b) Any partnership, association, corporation, or other organization, organized under the laws of a country licensed hereby. (6) Definition. As used in this license, the term "excepted country" shall mean any country excepted in paragraph (1). (7) Effective date. The effective date of this general license shall be December 7, 1945, except that it shall be October 5, 1945 as to France, November 20, 1945 as to Belgium, November 30, 1946 as to Switzerland and Liechtenstein and December 31, 1946 as to Germany and Japan. (8) Restrictions of General Ruling No. 11 A. Attention is directed to the special restrictions contained in General MAY 1947 Ruling No. 11A pertaining to dealings in certain property in which there is any interest of Germany or Japan or certain nationals thereof. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN FUNDS CONTROL March 4, 1947 REVOCATION OF PUBLIC CIRCULAR NO. 34 Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section (5b) of the the Trading with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* Public Circular No. 34 (part 131 Appendix B) issued January 2, 1947, is hereby revoked. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN FUNDS CONTROL March 4, 1947 AMENDMENT TO GENERAL RULING NO. 11A Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Sections 3(a) and 5{b) of the Trading with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating to Foreign Funds Controls General Ruling No. 11A (Part 131 Appendix A) is hereby amended to read as follows: REGULATIONS LIMITING DEALINGS IN OR WITH RESPECT TO CERTAIN GERMAN AND JAPANESE PROPERTY (1) Special restrictions on dealings in certain German and Japanese property. Except as authorized by a license expressly referring to this general ruling, the transfer, or withdrwal of, or other dealing in, or the exercise of any right, power or privilege with respect to, or the effecting of any payment or transfer of credit involving, any property in the United States on December 31, 1946 in which on that date any of the following had any interest, or any income from such property accruing on or after December 31, 1946, is hereby prohibited: (a) The Government of Germany or Japan, and any agent, instrumentality, or representatives of either Government; * Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U. S. C. App. 3(a), 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, and June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R 1769, 7184, 12 F. R. 6. t Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1; 54 179; 55 Stat. 838; Sec. 3, Pub. No. 485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941 and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Ex. Order 9747, July 3, 1946; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. 541 LAW DEPARTMENT (b) Any individual who is a citizen or subject of Germany or Japan and who at any time on or since January 1, 1945 has been within the territory of any country against which the United States has declared war (Germany, Italy, Japan, Bulgaria, Hungary and Rumania); (c) Any partnership, association, corporation, or other organization which is organized under the laws of, or which at any time on or since January 1, 1945 has had its principal place of business in, any territory of Germany or Japan; (d) Any partnership, association, corporation, or other organization which is organized under the laws of any foreign country other than Germany or Japan and which is a national of Germany or Japan by reason of the interest therein of any Government or person specified in (a), (b), or (c) above. (2) Continued applicability of certain general licenses and general rulings. The following general licenses and general rulings shall continue applicable notwithstanding the provisions of paragraph (1) of this general ruling: (a) General License No. 1; (b) General License No. 2 only with respect to payment or reimbursement for normal service charges (as therein defined) other than interest due; (c) General License No. 5; (d) General License No. 27; (e) General License No. 29 only with respect to General Licenses Nos. 2, 5 and 27; (f) General License No. 30; (g) General License No. 30A; (h) General Ruling No. 16; (i) General Ruling No. 19. (3) Continued applicability of certain specific licenses. Any specific license conferring generally licensed national status on any person shall continue applicable, notwithstanding the provisions of paragraph (1) of this general ruling. (4) Definitions. As used herein, (a) The term "property" shall have the meaning prescribed in Section 130.2 (c) of the Regulations under the Order; (b) The term "transfer" shall have the meaning prescribed in paragraph (5) (a) of General Ruling No. 12. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN FUNDS CONTROL March 4, 1947 AMENDMENT TO PUBLIC CIRCULAR NO. 25 Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Sections 3(a) and 5(b) of the Trading with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* * Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U. S. C. App. 3(a), 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); 542 Public Circular No. 25 (Part 131 Appendix B) is hereby amended to read as follows: (1) Communications and transactions with or by enemy nationals exempted from General Ruling No. 11 under certain conditions. There are hereby exempted from the prohibitions contained in paragraphs (1) and (2) of General Ruling No. 11: (a) Any trade or communication with an enemy natibnal; (b) Any act or transaction involving any trade or communication with an enemy national; (c) Any financial, business, trade, or other commercial act or transaction by or on behalf of an enemy national; provided, however, that the exemption herein granted shall not apply to any transaction which is prohibited by the Order or General Ruling No. 11A or by any other ruling or regulation (other than General Ruling No. 11) issued by the Secretary of the Treasury pursuant to Section 5(b) of the Trading with the Enemy Act, as amended, unless such transaction is licensed by the Secretary of the Treasury. A license authorizing any prohibited transaction will not require a waiver of General Ruling No. 11. (2) General License No. 32 not applicable to certain remittances. The provisions of General License No. 32 shall not be deemed to authorize any remittance to any citizen or subject of any country against which the United States has declared war (Germany, Italy, Japan, Bulgaria, Hungary and Rumania) who is within any such country. (3) Attention directed to Rules of Office of Alien Property. Attention is directed to Section 501.6-2 of the Rules of Procedure of the Office of Alien Property (Regulation 2 under General Order No. 6), which requires that when legal notice is sent to enemy countries, a copy must in certain cases be sent to the Office of Alien Property. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN FUNDS CONTROL March 4, 1947 AMENDMENT TO GENERAL LICENSE NO. 95 Under Executive Order No. 8389, As Amended, Order No. 9193, As Amended, Section 5(b) of ing with the Enemy Act, As Amended by the Powers Act, 1941, Relating to Foreign Funds General License No. 95 (Section 131.95) amended as follows: Executive the TradFirst War Control.* is hereby E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941 February 19, 1946, and June 28, 1946 and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. FEDERAL RESERVE BULLETIN LAW DEPARTMENT (1) Paragraph (3) of General License No. 95 is amended to read as follows: (3) Application of license to certain nationals of countries specified herein. This license shall not apply with respect to any national of a country specified herein who is a national of another foreign country designated in the Order and not specified herein, provided, however, that for the purposes only of this license the following shall be deemed nationals only of a country specified herein: (a) Any individual residing in a country specified herein; (b) Any partnership, association, corporation, or other organization, organized under the laws of a country specified herein. (2) The following paragraph is added after Paragraph (4) of General License No. 95: (5) Restrictions of General Ruling No. 11 A. Attention is directed to the special restrictions contained in General Ruling No. 11A pertaining to dealings in certain property in which there is any interest of Germany or Japan or certain nationals thereof. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN" FUNDS CONTROL March 28, 1947 AMENDMENT TO GENERAL LICENSE NO. 95 Under Executive Order No. 8389, As Amended, Order No. 9193, As Amended, Section 5(b) of ing with the Enemy Act, As Amended by the Powers Act, 1941, Relating to Foreign Funds Executive the TradFirst War Control* Paragraph (4) (a) of General License No. 95 (Paragraph ( d ) ( l ) of 31 CFR, 1945 Supp., 131.95) is hereby amended to read as follows: (4) Definitions. * * * (a) The term "country specified herein" means the following: (i) France, effective October 5, 1945; (ii) Belgium, effective November 20, 1945; (iii) Norway, effective December 29, 1945; (iv) Finland, effective December 29, 1945; (v) The Netherlands, effective February 13, 1946; (vr) Czechoslovakia, effective April 26, 1946; (vii) Luxembourg, effective April 26, 1946; (viii) Denmark, effective June 14, 1946; (ix) Greece, effective October 15, 1946; (x) Switzerland, effective November 30, 1946; (xi) Liechtenstein, effective November 30, 1946; * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947;31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. MAY 1947 (xii) Poland, effective January 7, 1947; (xiii) Austria, effective January 16, 1947; (xiv) Sweden, effective March 28, 1947; and each country specified herein shall be deemed to include any colony or other territory subject to its jurisdiction. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN FUNDS CONTROL March 28, 1947 AMENDMENT TO GENERAL LICENSE NO. 94 Under Executive Order No. 8389, As Amended, Order No. 9193, As Amended, Section 5{b) of ing with the Enemy Act, As Amended by the Powers Act, 1941, Relating to Foreign Funds Executive the TradFirst War Control* General License No. 94 (Section amended to read as follows: is hereby 131.94) CERTAIN COUNTRIES GENERALLY LICENSED (1) Blocked countries generally licensed subject to certain conditions. A general license is hereby granted licensing all blocked countries and nationals thereof (excepting the following countries and nationals thereof: Portugal, Spain, and Tangier) to be regarded as if such countries were not foreign countries designated in the Order, provided that (a) any property in which on the effective date hereof any of the following had an interest; (i) any blocked country (including countries licensed hereby) or person therein; of (ii) any other partnership, association, corporation, or other organization, which was a national of a blocked country (including countries licensed hereby) by reason of the interest of any such country or person therein; or (b) any income from such property accruing on or after the effective date hereof shall continue to be regarded as property in which a block country or national thereof has an interest and no payment, transfer, or withdrawal or other dealing with respect to such property shall be affected under, or be deemed to be authorized by, this paragraph. (2) Transactions under other licenses authorized without regard to certain restrictions. With respect to property subject to the proviso of paragraph (1), any transaction not involving any excepted country or national thereof which is authorized under any license (other than general licenses Nos. 1, 1A, 4, 27 and 30A or any other license to the extent that it merely authorizes transfers between blocked accounts of the same person or changes in the form of property held in a blocked account) may be effected without regard to any terms of such license relating to the method of effecting such transaction. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. 543 LAW DEPARTMENT (3) Certain other transactions authorized. This license also authorizes any transaction which could be effected under General License No. 53 if the countries licensed hereby were members of the generally licensed trade area, provided that this paragraph shall not be deemed to authorize any payment, transfer, or withdrawal, or other dealing with respect to any property which is subject to the proviso of paragraph (1). (4) General Ruling No. 17 not waived with regard to certain countries. This license shall not be deemed to waive the requirements of General Ruling No. 17 with respect to blocked property held in any account maintained in the name of any bank or other financial institution located in Switzerland, Liechtenstein, or Sweden unless such property has been certified under paragraph (1) of General License No. 95. (5) Applicability of license to nationals of countries licensed hereby who are also nationals of excepted countries. Paragraphs (1) and (2) shall not apply with respect to any national of a country licensed hereby who is also a national of any excepted country, provided, however, that for the purpose only of this license the following shall be deemed not to be nationals of an excepted country: (a) Any individual residing in a country licensed hereby; (b) Any partnership, association, corporation, or other organization, organized under the laws of a country licensed hereby. (6) Definition. As used in this license, the term "excepted country" shall mean any country excepted in paragraph (1). (7) Effective date. The effective date of this general license shall be December 7, 1945, except that it shall be October 5, 1945 as to France, November 20, 1945 as to Belgium, November 30, 1946 as to Switzerland and Liechtenstein, December 31, 1946 as to Germany and Japan, and March 28, 1947 as to Sweden. (8) Restrictions of General Ruling No. 11 A. Attention is directed to the special restrictions contained in General Ruling No. 11A pertaining to dealings in certain property in which there is any interest of Germany or Japan or certain nationals thereof. JOHN W. SNYDER, Secretary of the Treasury. Treasury Department FOREIGN FUNDS CONTROL April 4, 1947 AMENDMENT TO GENERAL LICENSE NO. 87 Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section 5(b) of the Trad- 544 ing with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control.* General License No. 87 (§131.87) is hereby amended to read as follows: EXEMPTIONS FROM SECTION 2A (2) OF THE ORDER AND FROM GENERAL RULING NO. 5 (1) Transactions exempted from Section 2A (2) of the Order. A general license is hereby granted exempting all transactions from the provisions of Section 2A (2) of the Order, except transactions with respect to any securities or evidences thereof which, whether in registered or bearer form, are transferable or assignable and which either (a) were issued or guaranteed prior to December 7, 1941, by the United States or any state, territory, district, possession, or other political subdivision, agency or instrumentality of or in the United States or by any partnership, association, corporation or other organization organized or having its principal place of business in the United States; or (b) were issued prior to December 7, 1941, and are payable in the United States exclusively or alternately in the United States dollars, regardless of the nature or location of the issuer; provided that this exception shall not be deemed to preclude transactions with respect to securities or evidences thereof which are physically situated in Great Britain, Canada, Newfoundland, or Bermuda, or to which Form TFEL-2 has been attached, or with respect to which a certification under paragraph (1) of General License No. 95 has been issued. (2) Exemption of currency and certain securities from General Ruling No. 5. The following currency and securities are hereby exempted from the provisions of General Ruling No. 5: (a) All currency; and (b) All securities other than those to which the exception of paragraph (1) hereof applies. JOHN W. SNYDER, Secretary of the Treasury. *Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. FEDERAL RESERVE BULLETIN CURRENT EVENTS Resignation of Class C Director and Chairman and Federal Reserve Agent The Board of Governors accepted the resignation of Mr. Henry F. Grady, President, American President Lines, Ltd., San Francisco, California, as a Class C director and Chairman and Federal Reserve Agent of the Federal Reserve Bank of San Francisco, effective May 1, 1947. Mr. Grady had served as a Class C director and Chairman and Federal Reserve Agent since January 1, 1942. Designation of Chairman and Federal Reserve Agent The Board of Governors, on May 5, 1947, announced the designation of Mr. Brayton Wilbur, of San Francisco, California, as Chairman and Federal Reserve Agent of the Federal Reserve Bank of San Francisco for the remaining portion of the year 1947. Mr. Wilbur is President of the Wilbur-Ellis Company. He has served as a Class C director of the Federal Reserve Bank of San Francisco since July 5, 1944. Election of Class B Director On April 22, 1947, the Federal Reserve Bank of Chicago announced the election of Mr. Wm. J. Grede, President, Grede Foundries, Inc., Milwaukee, Wisconsin, as a Class B director to fill the unexpired portion of the term ending December 31, 1949. Mr. Grede succeeds Mr. Clarence W. A very who was appointed a Class C director and Chairman and Federal Reserve x\gent. MAY 1947 Appointment of Branch Director On April 10, 1947, the Federal Reserve Bank of Richmond appointed Mr. George S. Crouch, President, Union National Bank, Charlotte, North Carolina, a director of the Charlotte Branch, to succeed Mr. D. P. Tillett, deceased, for the unexpired portion of the term ending December 31, 1949. Death of Director Mr. H. B. McDowell, President, The McDowell National Bank of Sharon, Sharon, Pennsylvania, who had served as a Director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland from January 1, 1936, through December 31, 1937, and as a Class A Director of the Federal Reserve Bank of Cleveland since January 1, 1938, died on April 14, 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 March 16, 1947 to April 15, 1947: Kansas La Crosse—The Farmer's and Merchants State Bank of Rush County Ohio Celina—The Citizens Banking Company Deshler—The Corn City State Bank Tennessee Savannah—Citizens Bank 545 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 25, and released for publication April 29] Industrial output and factory employment were unchanged in March. Value of retail trade continued to show little change, after allowing for holiday buying. The general level of wholesale commodity prices declined slightly in the first three weeks of April, following increases in February and the early part of March. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of industrial production in March was at a level of 189 per cent of the 1935-39 average for the third consecutive month. Output of durable manufactures continued to show a very slight gain in March, reaching a level of 223 per cent of the 1935-39 average. Activity in the iron and steel industries advanced in March after a slight decline in February. Steel mill operations averaged 94 per cent of capacity in March and they have been maintained at about this rate during most of April. Activity in the machinery and transportation equipment industries also showed a slight gain in March. Output of passenger cars totalled 303,000, and of trucks, 117,000. Lumber production continued to advance and, in March, was at the highest level for this season in almost 20 years. Output of most nonferrous metals at smelters and refineries continued to expand, following increases earlier in domestic mine production. The Board's seasonally adjusted index of output of nondurable manufactures again declined by one point in March to a level of 175 per cent of the 1935-39 average. Production in most lines was at the February rate or declined very slightly. Output of textile-mill and leather products in February and March remained somewhat below last year's peak rates. Minerals production increased slighdy in March to a level of 147 per cent of the 1935-39 average, reflecting a continued advance in output of crude petroleum, and a slight increase in coal production. Bituminous coal output dropped sharply during the first two weeks of April, as work was curtailed at mines in a dispute over safety conditions, but subsequently increased. EMPLOYMENT The number of employees in most lines of nonagricultural activity in March remained at about the level of other recent months, after allowance for usual seasonal changes. Total nonagricultural employment of about 42,500,000 persons was 7 per cent higher than the level a year ago. The number INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PHYSICAL VOLUME SEASONALLY ADJUSTED, 1 9 3 5 - 3 9 * 1 0 0 DOLLAR VOLUME SEASONALLY ADJUSTED, 1 3 3 5 - 5 9 - 1 0 0 1941 1943 1945 1947 1939 1941 1943 1945 1947 Federal Reserve indexes. Monthly figures, latest shown are for March. 546 1939 1940 1941 1942 1943 1944 1945 1946 1947 Federal Reserve indexes. Monthly figures, latest shown are for March. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS of persons unemployed showed a slight seasonal decline in March to 2,330,000. CONSTRUCTION Total value of construction contracts awarded, as reported by the F. W. Dodge Corporation, was about one-third larger in March than in February, reflecting chiefly seasonal influences, but one-sixth smaller than in March 1946. The reduction from a year ago was in awards for private nonresidential construction, which were exceptionally large at that time. Value of residential awards increased by about one-third from February to March and was slightly larger than in the same period last year. Since a year ago building costs have increased considerably and the number of dwelling units contracted for in March was somewhat less than the March 1946 volume. Construction activity continued to decline after allowance for seasonal variation. DISTRIBUTION Value of department store sales during the six weeks preceding the Easter holiday was three per cent larger than during the corresponding number of weeks before Easter last year, reflecting chiefly a sharply higher level of sales of household appliances and men's clothing. Value of sales of most other goods sold at department stores was about the same as a year ago, although prices were generally higher than at that time. Retail sales of automobiles, radios, and office and farm equipment both in unit and dollar volume continued far in excess of last year's levels. Freight carloadings rose in March owing mainly to increased shipments of grain and miscellaneous freight. Shipments of coal dropped sharply at the beginning of April and then recovered to the March rate during the week ending April 19. Shipments of forest products declined considerably during the first three weeks of April, while loadings of most other classes of freight showed little change. The consumers' price index of the Bureau of Labor Statistics advanced two per cent from February 15 to March 15, reflecting chiefly increases in food prices. Since that time prices of foods have declined somewhat and price reductions have been announced for certain other products by manufacturers and distributors. TREASURY FINANCE AND BANK CREDIT During March and April the Treasury continued its program of debt retirement, using an excess of tax receipts over budget expenditures and drawing upon balances at commercial banks and Federal Reserve Banks. Retirements, which aggregated about 4.8 billion dollars, included notes maturing on March 15, a portion of certificates maturing March 1 and April 1, and 200 million of Treasury bills each on April 17 and 24. A further reduction of 200 million was announced for the bill issue to mature May 1. Federal Reserve holdings of Government securities declined by more than 2.2 billion dollars in the eight weeks ending April 23, while holdings of member banks in leading cities showed little change. The reserve position of member banks was maintained in this period by the reduction in Treasury balances at Federal Reserve Banks. Bank deposits and currency in circulation, which had declined considerably in January and February, showed some net increase in March and the first half of April. Commercial loans increased further in March but declined in April. Real estate and consumer loans increased moderately. LOANS AT MEMBER BANKS IN LEADING CITIES COMMODITY PRICES Wholesale prices of basic commodities generally declined from the middle of March to the latter part of April, with the largest decreases shown for hogs, fats and oils, coffee, print cloths, and steel scrap. Prices of corn, cotton, and copper, on the other hand, were at about the same level on April 24 as in the middle of March. MAY 1947 1940 1941 1942 Excludes loans to banks. are for Apr. 23. 1943 1944 1945 1946 1947 Wednesday figures, latest shown 547 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. . Member bank earnings, 1946. Insured commercial bank earnings, 1943-1946. 551 552 553-556 557 557-558 559-560 560 561 562-563 564-565 566-569 570 571 572-573 574 575-577 578 579-588 589-591 592-594 595 596 597 598-600 601 602-612 613 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 scries on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. MAY 1947 549 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION RESERVE BANK CREDIT 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 15 10 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Apr. 23. 550 1945 1946 1947 See p. 551. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S. Government securities Discounts and advances Date All other 1 Gold stock Treasury currency outstanding Total Treasury bills and certificates 23,590 23,150 22,549 23,632 23,824 22,978 21,147 20,811 20,243 22,523 22,690 21,831 1,147 476 417 418 564 438 436 24,298 20,106 23,934 20,197 23,533 20,237 24,431 20,624 24,601 20,726 23,721 20,406 4,375 4,426 4,464 4,560 4,558 4,557 28,158 27,944 27,913 28,543 28,300 28,273 Total All other Monthly averages of daily figures: 1946—Jan.. Feb.. Mar. 1947—Jan.. Feb. Mar. 36: 566 25: 33< 307 End of month figures: 1946—Jan. 31. . . Feb. 2 8 . . . Mar. 3 0 . . . 1947—Jan. 3 1 . . . Feb. 2 8 . . . Mar. 31. . . 294 23,264 34' 22,904 22,601 23,941 356 24,117 538 22,593 20,913 20,584 20,234 22,832 22,919 21,488 2,352 2,320 2,366 1,109 1,198 1,105 418 397 403 506 373 300 23,976 20,156 23,648 20,232 23,630 20,256 24,754 20,748 24,846 20,330 23,431 20,463 4,406 4,451 4,480 4,559 4,558 4,559 22,780 252 23,270 25: 22,691 23,385 231 23,003 239 23,394 23,230 23,652 246 23,633 20,129 20,619 20,187 20,882 2,651 2,651 2,503 2,503 23,450 20,272 374 23,896 20,271 51: 23,454 20,272 369 23,986 20,269 21,652 22,043 21,879 22,301 22,282 1,351 1,351 1,351 1,351 1,351 453 333 46: 358 286 Wednesday figures: 1946—June 5 . . . June 12. . . June 19. . . June 2 6 . . . July July July July July 3. 10. 17. 24. 31. .. . . .. . . . . Money in circulation TreasOther deTreas- ury Fedposits Nonury eral with memcash Federal Reber deholdserve Reposits ings acserve counts Banks Member bank reserve balances Total Ex- 2,265 2,307 2,274 2,290 2,214 1,332 648 856 809 780 1,895 1,344 1,282 1,248 1,167 989 846 1,097 505 517 536 614 623 633 15,921 1,311 15,685 1,131 15,536 1,031 16,399 850 16,006 805 16,006 871 27,917 27,954 27,879 28,262 28,304 28,230 1,336 845 1,295 829 1,193 1,593 1,213 1,942 922 2,491 1,103 2,014 971 506 519 540 614 624 638 15,682 1,089 15,537 1,014 14,853 627 16,063 663 15,895 847 15,264 344 4,534 4,537 4,536 4,539 28,159 28,128 28,116 28,135 2,285 2,280 2,260 2,262 394 1,063 969 860 985 419 950 970 556 557 566 569 15,799 15,909 15,916 15,910 738 833 671 867 23,694 20,270 24,019 20,271 23,895 20,271 24,229 20,269 24,164 20,267 4,540 4,537 4,538 4,539 4,540 28,395 28,335 28,241 28,187 28,254 2,249 2,254 2,249 2,263 2,250 507 664 513 674 513 971 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 Aug. 7 . . . Aug. 14. . . Aug. 21. . . Aug. 2 8 . . . 258 263 229 216 23,593 23,575 23,486 23,606 22,242 22,224 22,135 22,256 1,351 1,351 1,351 1,351 283 400 394 279 24,134 20,266 24,238 20,268 24,109 20,274 24,10: 20,280 4,538 4,541 4,543 4,543 28,326 28,353 28,365 28,376 2,263 2,262 2,265 2,274 353 557 540 620 1,331 1,295 1,250 1,214 573 16,093 572 16,008 572 15,933 15,867 964 898 805 714 4. . . 11... 18. . . 25... 291 250 26: 294 23,38 23,291 23,421 23,866 22,036 21,940 22,070 22,515 1,351 1,351 1,351 1,351 33: 395 541 425 24,011 20,284 23,935 20,288 24,224 20,288 24,585 20,301 4,543 4,545 4,545 4,547 28,506 28,499 28,453 28,448 2,281 2,280 2,265 2,279 293 199 359 928 1,188 1,122 1,111 1,212 581 581 588 590 15,989 16,086 16,280 15,975 778 754 872 724 Oct. 2 . . . Oct. 9 . . . Oct. 16. . . Oct. 2 3 . . . Oct. 3 0 . . . 218 271 254 248 23: 23,555 23,502 23,418 23,056 23,608 22,126 22,074 21,973 21,610 22,162 1,428 1,428 1,445 1,44. 1,445 368 275 480 332 256 24,140 20,306 24,048 20,305 24,152 20,304 23,636 20,388 24,101 20,399 4,546 4,544 4,545 4,546 4,548 28,526 28,608 28,597 28,585 28,588 2,301 2,270 2,274 2,270 2,285 357 1,045 920 483 868 524 972 369 462 1,006 597 598 596 595 16,166 16,019 16,142 15,779 16,111 934 766 855 435 737 Nov. 6 . . . Nov. 13. . . Nov. 2 0 . . . Nov. 2 7 . . . 376 397 330 283 23,515 23,684 23,522 23,682 22,020 22,105 21,933 22,093 1,494 1,578 1,588 1,588 216 484 463 451 24,107 20,405 24,565 20,420 24,314 20,461 24,416 20,469 4,548 4,548 4,548 4,548 28,750 28,761 28,689 28,815 2,276 2,294 2,285 2,271 967 408 577 1,044 633 1,021 665 953 599 599 597 598 16,060 16,259 16,098 16,131 637 838 618 643 246 290 303 340 23,88; 24,128 23,211 23,722 23,350 22,239 22,479 22,102 22,613 22,241 1,648 1,648 1,109 1,109 1,109 45: 378 815 815 581 24,585 24,796 24,328 24,877 24,093 20,477 20,450 20,477 20,527 20,529 4,550 4,551 4,554 4,554 4,562 28,906 28,946 29,109 29,163 28,952 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 23,733 23,32 238 23,430 317 23,86: 22,624 22,218 22,322 22,754 1,109 1,109 1,109 1,109 396 24,375 20,531 536 24,105 20,567 533 24,201 20,692 24,514 20,808 4,561 4,560 4,559 4,559 28,748 28,518 28,369 28,265 2,281 2,291 2,295 2,325 401 966 967 409 862 1,004 1,536 1,021 614 615 613 612 16,457 16,431 16,308 16,124 903 850 726 663 278 23,412 23,803 342 23,918 392 24,044 22,303 22,694 22,773 22,861 1,109 1,109 1,145 1,183 359 442 414 326 24,050 20,749 24,638 20,751 24,674 20,770 24,761 20,322 4,559 4,558 4,556 4,556 28,295 28,346 28,276 28,262 2,320 2,335 2,324 1,381 1,162 1,711 2,358 2,372 863 938 649 1,218 622 16,095 623 15,994 623 15,770 15,781 761 779 614 703 239 23,242 237 23,247 234 22,411 287 22,810 22,044 1,198 22,050 21,306 21,704 323 23,804 20,376 295 23,780 20,403 402 20,413 390 23,486 20,438 4,557 4,557 4,557 4,556 28,335 28,330 28,242 28,170 ,331 ,335 ,335 ,355 1,407 1,429 713 1,600 ,108 ,172 ,148 ,060 626 15,930 15,847 15,943 637 15,658 800 718 673 559 429 21,938 277 22,893 21,905 21,829 20,833 21,171 20,800 20,724 1,105 391 339 468 259 4,557 4,559 4,558 4,558 28,247 28,250 28,163 28,105 ,093 946 753 ,033 613 879 482 1,021 642 15,540 15,934 641 15,987 643 15,820 563 886 P833 J>672 Sept. Sept. Sept. Sept. Dec. Dec. Dec. Dec. Dec. 1947—Jan. 4. . . 11.... 18 24 31.... 8 Jan. 15 Jan. 2 2 . . . . Jan. 29 Feb. 5 Feb. 12 Feb. 19 Feb. 26 Mar. 5 Mar. 12 Mar. 19 Mar. 2 6 . . . . Apr. 2 Apr. 9 Apr. 16 Apr. 23 22,758 20,486 22,893 20,497 22,474 20,583 22,230 20,621 1,338 p'Preliminary. Includes industrial loans and acceptances purchased shown separately in subsequent tables. End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 MAY 1947 551 FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. Per cent per annum] Discounts for and advances to member banks Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Federal Reserve Bank Boston New York.... Philadelphia.. Cleveland Richmond.... Atlanta Chicago St. Louis Minneapolis. . Kansas City.. Dallas San Francisco Other secured advances [Sec. 10(b)] Effective Rate Effective Apr. 27,1946 Apr. 25,1946 Apr. 25,1946 M a y 3, 1946 May 10, 1946 May 10, 1946 Apr. 26,1946 Apr. 26,1946 Apr. 26,1946 Apr. 27,1946 M a y 10, 1946 Apr. 25,1946 IK IK IK IK IK IK IK IK IK IK IK IK Oct. 27,1942 Oct. 30,1942 Oct. 17,1942 Sept. 12,1942 Oct. 28,1942 Oct. 15,1942 Aug. 29, 1942 Mar. 14, 1942 Oct. 30,1942 Oct. 27,1942 Oct. 17,1942 Oct. 28,1942 Rate Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Rate Effective \* Mar. 29, 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 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 Apr. 30 Treasury bills Bankers acceptances: 1- 90 days 91-120 days 121-180 days In effect beginning— H Apr. 30, 1942 l l l !Aug 24, 1946 *Aug. 24, 1946 K)ct. 20, 1933 Previous rate FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect April 30. Per cent per annum] To industrial or commercial businesses 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 Aug. Mar. May Apr. Nov. Aug. Sept. Oct. 21, 1917—Aug.15, 1936.. 16, 1936-Feb. 28,1937.. 1, 1937-Apr. 30, 1937.. 1, 1937-Apr. 15,1938.. 16, 1938-Oct. 31,1941.. 1, 1941-Aug. 19, 1942.. 20, 1942-Sept. 13, 1942.. 14, 1942-Oct. 2, 1942.. 3, 1942 and after Central reserve city banks 13 19K 22K 26 22^ 26 24 22 20 Time deposits Reserve Country (all city banks member banks banks) 10 15 17# 20 7 IOK 17K 12 14 14 14 14 20 20 20 20 3 4K 5* 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.1,1933- 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 m o n t h s . . . . In less than 90 days 2K 2K 2K 2K 2K 2K 2K 2K 1 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C , effective Feb. 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. 552 To financing institutions % Boston New York Philadelphia.. . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . Kansas City... Dallas San Francisco.. On discounts or purchases On loans l On commitments 2K-5 2K-5 2K-5 2M-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 K-i Ki Portion for which institution is obligated Remaining portion On commitments K-i Kl () 42 () 2K-5 l-i K 1 2 8 4 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. May charge rate charged borrower by financing institution, if lower. 5 Charge of }i per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARGIN REQUIREMENTS * [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, 19451946Jan. 20, Jan. 31, 1946 1947 Effective Feb. 1, 1947 75 75 100 100 75 75 75 100 75 margin requirements snown in tms La Die are tne ain thee market value (100%) and the maximum loan value. figuresSee Banking Backfigures.—See Banking and and Monetary Monetary Statistics Statistics, Ta Table 145, p. 504 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] End of month Wednesday figures 1947 1947 Item Apr. 23 Apr. 30 Apr. 9 Apr. 16 Mar. 26 Apr. 2 1946 March April Mar. 19 April Assets 18,815,176 18,660,177 18,625,177 18,498,174 18,475,427 18,391,429 18,371,427 18,815,176 18 445,430 Gold certificates. Redemption fund for 790,071 776,070 759,445 792,318 721,334 723,380 721,334 774,179 720,709 F. R. notes ,346,060 750,570 Total gold certificate reserves.... 19,536,510 19,383,557 19,345,886 19,257,619 19,249,606 19,181,500 19,163,745 19,536,510 19,221,500 18,096,630 283,278 301,828 319,695 334,456 276,061 308,076 333,581 77,664 130,481 292,376 154,816 102,069 103,364 405,757 239,131 22,800 146,800 136,800 131,800 131,800 21,800 131,800 40,000 277,281 429,176 286,616 233,869 125,164 537,557 279,131 1,081 1,040 1,032 1,058 1,109 Industrial loans 1,109 1,038 1,102 1,085 Acceptances purchased. U. S. Govt. securities: Bills: Under repurchase 5,157 ,256 4,988,253 5,409,671 5,424,742 5,833,111 5,344,204 5,383,668 5,629 5,383,( option 9,716,885 9,900 ,855 10,052,094 9,953,364 9,459,714 9,453,604 9,475,144 9,716,885 9,459 Other Certificates: Special 5,651,218 5,665 ,718 5,759 718 5,807,718 5,948,418 6,417,618 6,486,618 5,651,218 6,398, Other 351, 351,800 351,800 351,800 351,800 351 351, 800 351,800 351,800 Notes 753, 753,390 753,390 753,390 753 390 753,390 753 753,390 753,390 Bonds 1,447 13,196 Other cash Discounts and advances: For member banks.. . For nonmember banks, etc Total discounts and advances 276,061 276,960 103,364 119,397 21,800 21,800 125,164 141,197 100,464 288,467 5,102,789 8,558,485 6,504,896 1,662,700 902,942 Total U. S. Govt. 21,856,961 21,829 ,019 21,905,255 22,275,943 21 ,938,064 22,809,523 22 2,411,156 21,856,961 22,593 328 22,731,812 securities Other Reserve Bank 331,812 298 949 222,117 388,678 400,530 222,117 258 467, 267 338,260 389,744 ,453 credit outstanding. . . Total Reserve Bank credit outstanding 22,205,351 22,229,707 22,474,088 22,892,542 22,758,069 23,485,849 23,046,595 22,205,351 23,430 915 23,357,398 Liabilities Federal Reserve notes.. 24,022,262 24,024,861 24,085,330 24,170,120 24,185,309 24,142,852 24,219,725 24,022,262 24,161 605 23,924,800 Deposits: Member bank — reserve account 15,825,712 15,819,743 15,987,368 15,933,684 15,540,348 15,657,769 15,942,864 15,825,712 15,264,231 15,605,871 U. S. Treasurer—gen678,668 eral account 618,860 712,555 618,860 2,013, 481, 613, 488 753,357 946,355 1,600,115 749,726 Foreign 381, 552,526 513,352 558 500,721 520,389 458,279 552,526 395 796 416,574 Other 590 472,756 634,981 461, 532,354 572,539 601,249 472,756 483 345 Total deposits 17,469,854 17,321,970 17,479,997 17,720,116 17,579,631 18,317,412 17,803,752 17,469,854 18,249,443 17,450,839 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (percent).. . 47.1 45.2 45.6 45.3 43.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Discounts and advances: Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Industrial loans: Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 U. S. Government securities: Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 MAY 1947 Within 15 days 16 to 30 days 31 to 60 days 91 days to 6 months 1 year to 2 years to Over 5 years 6 months to 1 year 2 years 5 years days 286,616 429,176 277,281 100,464 141,197 150,267 406,166 241,637 70,057 109,449 118,506 9,761 10,615 3,455 4,783 6,240 951 996 2,911 3,911 11,603 12,298 24,033 24,041 23,054 1,032 1,085 1,058 1,102 1,038 962 1,015 993 1,036 974 4 4 4 4 4 4 4 5 5 4 5 5 22,809,523 21,938,064 22,275,943 21,905,255 21,829,019 4,098,615 ,404,131 4,783,249 3,015,066 2 ,288,745 5,084,797 3,544,545 ,337,171 5,054,523 3,309,046 ,390,917 5,048,599 3,355,217 2 ,421,115 5 ,035,891 3 3 3 3 3 7 7 7 7 32 32 32 32 32 5,060,62<!6 2,055,629 3,358,483 5,488,134 1,551,159 3,461,373 5,393,082 1,478,459 3,419,373 244,071 1,458,459 3 ,405,373 5,153,674 1,432, ,381,873 320,400 320,400 320,400 320,400 320,400 148,350 148,350 148,350 148,350 148,350 580,040 580,040 580,040 580,040 580,040 553 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates: 18,391,429 Mar. 26 18,475,427 Apr. 2. 18,498,174 Apr. 9 18,625,177 Apr. 16 18,660,177 Apr. 23 Redemption fund for F. R. notes: 790,071 Mar. 26 774,179 Apr. 2 759,445 Apr. 9 720,709 Apr. 16 723,380 Apr. 23 Total gold certificate reserves: 19,181,500 Mar. 26 19,249,606 Apr. 2 19,257,619 Apr. 9 Apr. 16...... 19,345,886 19,383,557 Apr. 23. Other cash: 319,695 Mar. 26 301,828 Apr. 2 283,278 Apr. 9 288,467 Apr. 16 276,960 Apr. 23 Discounts & advances: Secured by U. S. Govt. securities: 154,816 Mar. 26. . Apr. 2. . 291,976 Apr. 9. . 130,085 77,270 Apr. 16.. 119,006 Apr. 23.. Other: Mar. 26.. 131,800 137,200 Apr. 2. . Apr. 9. . 147,196 23,194 Apr. 16.. 22,191 Apr. 23. . Industrial loans: 1,032 Mar. 26 1,085 Apr. 2 1,058 Apr. 9 1,102 Apr. 16 . 1,038 Apr 23 Boston New York Philadelphia Richmond Kansas City St. Louis Minneapolis 584,975 568,156 576,216 561,755 555,600 373,231 392,314 388,636 372,349 380,786 144,767 130,640 116,500 77,356 82,181 45,997 45,960 45,920 45,877 45,831 21,420 21,405 21,391 21,374 21,354 33,645 33,608 33,577 33,549 33,506 1,318,263 1,154,715 1,040,593 3,296,046 1,199,627 1,035,973 974,063 3,552,766 1,192,159 1,013,949 967,588 4,066,165 1,270,126 1,008,447 965,830 4,081,990 1,242,993 976,803 946,702 4,066,606 630,972 614,116 622,136 607,632 601,431 394,651 413,719 410,027 393,723 402,140 689,946 668,342 648,776 665,997 656,241 Cleveland Atlanta Chicago Dallas SanFrancisco 656,301 461,671 2,540,049 634,734 455,189 2,466,235 615,199 455,376 2,496,409 632,448 . 448,265 2,457,787 622,735 434,909 2,432,645 704,602 740,028 743,940 724,422 735,931 5,738,343 5,960,993 5,441,822 5,535,306 5,687,688 847,887 805,518 835,770 823,586 837,606 55,414 55,328 55,235 55,157 55,043 119,281 118,919 118,547 118,208 117,732 59,572 59,427 60,510 60,325 60,157 760,016 795,356 799,175 779,579 790,974 5,857,624 6,079,912 5,560,369 5,653,514 5,805,420 907,459 864,945 896,280 883,911 897,763 28,213 26,509 24,783 23,357 21,179 64,885 63,541 60,301 62,963 58,220 23,806 20,977 20,517 21,246 18,905 29,456 30,609 26,238 28,482 24,682 16,336 14,344 16,648 15,583 16,706 26,715 25,064 24,446 23,443 25,340 37,585 31,844 27,884 27,913 27,992 15,314 13,865 11,877 13,011 12,973 7,843 6,863 6,973 6,620 7,061 10,280 9,627 8,413 9,554 9,391 12,955 13,075 11,704 12,544 10,817 46,307 45,510 43,494 43,751 43,694 16,165 7,960 16,536 17,095 14,407 33,038 48,240 57,692 21,352 19,872 5,710 13,549 10,875 12,235 12,195 21,113 10,387 8,314 4,913 12,488 17,610 15,385 4,945 4,670 13,760 2,250 3,350 1,800 4,100 10,450 6,550 174,315 16,915 1,465 20,040 6.690 4,559 4,040 12,740 21,200 5,000 5,000 2,000 10,800 4,300 5,300 1,650 2,100 7,320 100 100 6,740 1,700 1,099 700 200 3,100 3,200 7,744 8,064 8,755 49,520 51,120 53,776 14,776 14,456 9,801 10,206 11,081 11,253 11,718 12,722 1,098 1,005 5,929 6,174 6,703 4,961 5,166 5,609 4,235 4,410 4,788 3,025 3,150 3,420 4,235 4,410 4,788 3,993 4,158 4,515 578 529 484 443 16,456 17,536 19,001 1,999 1,859 413 378 295 270 413 378 389 357 54,530 58,948 69,625 31,780 44,580 44,383 57,963 37,178 37,448 43,378 20,605 33,105 12,675 3,675 14,275 1,718,566 1,316,888 1,101,385 978,985 1,094,277 98,625 106,354 76,904 87,074 89,704 34,579 42,156 24,126 27,556 21,884 79,592 65,067 45,454 26,020 39,512 29,658 25,427 17,999 25,810 24,533 309,030 339,400 292,680 323,260 373,730 281,092 953,194 1,310,976 222,372 987,642 1,429,884 341,340 987,780 1,477,709 365,133 1,000,297 1,487,274 328,685 982,898 1,472,622 859,322 936,965 968,277 974,539 964,946 736,835 1,065,501 790,346 683,366 816,514 806,839 821,748 855,239 813,731 833,718 601,736 643,495 681,220 682,542 667,072 379,988 392,729 406,707 409,503 405,221 633,988 680,033 704,053 708,857 701,498 540,157 569,636 572,219 566,487 564,355 1,189,211 1,229,667 1,279,316 1,289,246 1,274,035 755 691 18 18 18 18 15 956 875 1,242,122 1,095,391 1,123,596 977,381 1,116,242 956,121 1,194,307 949,194 1,167,321 918,298 76,141 76,031 75,917 75,819 75,672 59,324 58,592 57,828 59,253 58,505 995,578 3,151,279 929,157 3,422,126 922,778 3,949,665 921,124 4,004,634 902,233 3,984,425 45,015 44,906 44,810 44,706 44,469 375 24,642 24,608 24,569 24,537 24,493 104,853 104,755 104,641 104,548 104,437 486,313 2,644,902 479,797 2,570,990 479,945 2,601,050 472,802 2,562,335 459,402 2,537,082 1,399 10,648 11,088 12,038 1,038 950 1,014 1,067 1,040 1,084 1,023 U. S. Govt. securities: Bills: Under repurchase option: Mar. 26.. 5,833,111 5,424,742 Apr. 2 Apr. 9. . 5,409,671 Apr. 16.. 4,988,253 Apr. 23. . 5,157,256 Other bills: Mar. 26. . 9,453,604 Apr. 2 . 9,459,714 Apr. 9.. 9,953,364 Apr. 16.. 10,052,094 Apr. 23.. 9,900,855 Certificates: 6,417,618 Mar. 26 5,948,418 Apr. 2 5,807,718 Apr. 9 Apr. 16 5,759,718 Apr. 23 5,665,718 Notes: Mar. 26 351,800 351,800 Apr. 2 351,800 Apr. 9 Apr. 16 351,800 Apr. 23 351,800 Bonds: 753,390 Mar. 26 Apr. 2 753,390 Apr. 9. ... 753,390 Apr. 16 753,390 Apr. 23.... 753,390 Total U. S. Govt. securities: Mar. 26 22,809,523 Apr. 2 21,938,064 Apr. 9 22,275,943 Apr. 16 21,905,255 Apr. 23 21,829,019 Total loans and securities: 23,097,171 Mar. 26 Apr. 2 22,368,325 22,554,282 Apr. 9 22,006,821 Apr. 16 Apr. 23 21,971,254 554 50,314 45,446 43,282 69,707 76,532 901,604 893,579 911,390 891,229 892,074 3,246,798 3,193,207 3,541,257 3,244,532 3,191,322 146,431 140,781 147,106 132,406 143,529 430,872 409,275 399,405 396,038 389,445 1,652,909 1,522,982 1,488,736 1,477,052 1,454,161 472,120 424,589 414,010 410,400 403,336 564,402 534,491 521,019 516,423 507,427 394,575 366,472 357,589 354,559 348,624 331,929 305,608 298,186 295,654 290,696 822,282 794,667 776,436 770,215 758,033 347,282 307,159 300,169 297,785 293,113 187,734 170,104 166,113 164,752 162,087 305,526 276,011 269,217 266,899 262,362 287,533 265,647 259,475 257,370 253,246 620,454 571,413 557,363 552,571 543,188 23,620 24,205 24,194 24,190 24,182 90,609 90,072 90,180 90,217 90,293 25,881 25,111 25,078 25,067 25,044 30,939 31,611 31,560 31,543 31,508 21,630 21,674 21,661 21,656 21,647 18,195 18,074 18,062 18,058 18,050 45,076 46,998 47,032 47,045 47,068 19,037 18,166 18,183 18,188 18,200 10,291 10,060 10,062 10,063 10,064 16,748 16,324 16,308 16,302 16,291 15,762 15,711 15,718 15,720 15,725 34,012 33,794 33,762 33,751 33,728 50,582 51,836 51,811 51,803 51,786 194,041 192,892 193,123 193,203 193,365 55,424 53,776 53,706 53,682 53,633 66,257 67,695 67,587 67,550 67,474 46,321 46,415 46,387 46,377 46,358 38,966 38,706 38,681 38,672 38,655 96,531 100,648 100,722 100,747 100,798 40,769 38,903 38,939 38,951 38,976 22,039 21,545 21,549 21,550 21,553 35,867 34,958 34.923 34,912 34,887 33,755 33,645 33,660 33,665 33,675 72,838 72,371 72,302 72,278 72,230 1,456,992 1,424,341 1,430,082 1,432,967 1,434,019 5,465,449 5,221,525 5,654,636 5,370,137 5,257,826 1,653,050 2,027,104 1,366,231 1,146,530 3,747,956 1,107,449 1,631,899 2,122,629 1,429,489 1,185,839 2,942,567 1,114,077 1,627,680 2,167,500 1,431,092 1,184,118 2,832,414 1,115,415 1,621,852 2,134,570 1,434,579 1,177,807 2,752,231 1,124,540 1,608,440 2,123,611 1,424,953 1,175,407 2,833,894 1,107,065 634,631 636,594 628,557 633,424 620,809 1,071,721 1,072,393 1,069,955 1,052,990 1,054,550 906,865 2,225,545 910,066 2,246,645 899,071 2,235,423 899,052 2,271,106 891,534 2,296,911 1,480,919 1,440,383 1,455,391 1,450,835 1,449,132 5,548,007 1,669,575 2,059,470 5,320,885 1,656,721 2,144,734 5,766,104 1,650,676 2,188,536 5,406,265 1,636,127 2,140,581 5,292,154 1,622,533 2,137,104 658,856 1,080,256 644,744 1,082,103 636,977 1,076,393 635,719 1,055,503 631,87911,062,248 910,958 2,242,933 914,324 2,259,433 904,685 2,248,161 899,641 2,275,244 893,290 2,301,061 1,389,770 1,153,741 3,770.962 1,131,724 1,451,048 1,194,355 3,134,418 1,125,177 1,442,740 1,191,527 2,868,330 1,124,762 1,439,827 1,182,391 2,755,695 1,128,993 1,439,242 1,186,300 2,836,128 1,120,183 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas SanFrancisco Due from foreign banks: l 102 6 Mar. 26 33 8 5 14 4 4 9 9 4 3 3 102 6 8 9 5 4 14 4 4 9 3 3 Apr. 2 I 33 102 6 8 5 14 9 4 4 9 3 4 3 Apr. 9. I 33 102 6 133 8 9 5 4 14 4 3 4 3 9 Apr. 16 102 6 8 5 4 9 14 4 4 9 3 3 Apr. 23 1 33 Federal Reserve notes of other Banks: Mar. 26 110,712 2,766 16,023 5,671 6,263 17,096 12,306 12,553 7,469 4,179 5,203 4,827 16,356 Apr. 2 97,297 3,151 14,849 4,370 6,499 14,687 13,719 10,439 5,905 2,891 5,022 3,851 11,914 Apr. 9 98,113 2,382 12,641 5,560 5,523 12,498 14,120 12,326 7,032 2,900 6,140 4,619 12,372 Apr. 16 97,585 2,734 12,669 5,198 6,226 12,769 12,275 13,815 7,670 3,516 5,477 3,705 11,531 Apr. 23 100,437 2,702 17,652 4,992 5,411 14,052 10,474 12,023 7,538 3,233 5,119 4,149 13,092 Uncollected items: Mar. 26 . . . . 2,464,104 192,955 500,237 148,103 213,092 219,540 172,055 395,806 118,691 61,288 126,831 100,144 215,362 2,409,610 206,909 Apr. 2 445,839 174,103 230,350 204,624 161,462 388,856 109,565 58435 122,737 87^557 219,473 Apr. 9 2,298,464 182,827 442,386 154,125 204,878 195,550 159,618 394,592 101,168 61,254 112,051 96,536 193,479 Apr. 16 2,938,460 248,838 648,585 177,641 267,323 254,331 187,711 477,720 130,983 61,823 135,133 117,711 230,661 Apr. 23 2,345,910 195,204 481,497 141,494 206,311 196,129 153,380 364,585 100,750 55,154 122,659 118,193 210,554 Bank premises: 789 Mar. 26 32,202 1,287 8,422 3,134 3,831 2,665 1,515 3,044 2,002 1,235 2,509 1,769 787 Apr. 2 32,151 1,283 8,404 3,134 3,822 2,665 1,515 3,038 1,999 1,232 2,503 1,769 787 Apr. 9 32,151 1,283 8,404 3,134 3,822 2,665 1,515 3,038 1,999 1,232 2,503 1,769 787 Apr. 16. 32,151 1,283 8,404 3,134 3,822 2,665 1,515 3,038 1,999 1,232 2,503 1,769 Apr. 23 787 32,131 1,283 8,404 3,122 3,822 2,658 1,514 3,038 1,999 1,232 2,503 1,769 Other assets: 2,586 41,929 10,457 2,515 2,494 Mar. 26 4,022 4,075 2,380 5,872 2,470 1,982 1,254 1,822 Apr. 2 38,646 2,501 9,624 2,290 3,903 2,235 2,236 5,199 2,340 1,061 1,756 1,584 3,917 Apr. 9 40,358 2,614 10,226 2,362 4,043 2,376 2,292 5,373 2,425 1,094 1,803 1,713 4,037 Apr. 16 41,886 2,874 10,062 2,477 4,220 2,445 2,468 5,678 2,575 1,188 1,782 1,896 4,221 Apr. 23 42,593 2,813 10,408 2,613 4,098 2,635 2,592 5,685 2,582 1,168 1,753 1,966 4,280 Total assets: Mar. 26 45,247,415 2,468,748 12,005,688 2,760,271 3,634,406 2,802,621 2,409,309 7,521,882 1,908,646 1,129,309 1,917,011 1,517,811 5,171,713 Apr. 2 44,497,565 2,476,098 11,943,087 2,726,548 3,619,553 2,725,581 2,372,418 7,126,574 1,872,971 1,128,648 1,892,094 1,500,978 5,113,015 Apr. 9 44,564,367 2,468,461 11,860,464 2,732,662 3,625,208 2,686,431 2,361,110 7,377,722 1,871,403 1,120,460 1,856,083 1,499,992 5,104,371 Apr. 16 44,751,358 2,509,506 11,802,495 2,729,742 3,720,789 2,736,072 2,375,637 7,365,863 1,892,867 1,103,824 1,875,953 1,509,089 5,129,521 Apr. 23. 44,152,944 2,463,293 11,673,788 2,691,430 3,624,430 2,648,230 2,326,306 7,316,071 1,847,460 1,101,870 1,859,918 1,488,607 5,111,541 Liabilities Federal Reserve notes: Mar. 26 . . . . 24,142,852 1,445,233 5,519,106 1,649,904 2,073,756 1,696,016 1,387,351 4,479,074 1,083,048 590,170 907,909 576,708 2,734,577 Apr. 2 24,185,309 1,448,304 5,536,378 1,650,303 2,076,063 1,695,025 1,389,921 4,488,175 1,086,098 591,943 910,217 577,748 2,735,134 Apr. 9 24,170,120 1,449,934 5,524,469 1,647,810 2,073,048 1,693,787 1,386,524 4,487,237 1,084,706 591,704 911,625 577,469 2,741,807 Apr. 16 24,085,330 1,447,084 5,509,677 1,641,946 2,065,457 1,683,059 1,379,812 4,477,315 1,081,867 589,557 907,024 573,397 2,729,135 Apr. 23 24,024,861 1,445,997 5,496,054 1,637,451 2,060,509 1,671,185 1,373,979 4,474,869 1,077,678 588,916 905,674 573,093 2,719,456 Deposits: Member bank —reserve account: Mar. 2 6 . . 15,657,769 683,185 4,855,511 780,158 1,146,521 690,381 720,924 2,282,692 596,972 400,104 775,425 741,921 1,983,975 Apr. 2. . 15,540,348 695,016 4,881,053 783,030 1,175,025 729,969 732,459 2,045,810 584,776 400,175 785,979 752,233 1,974,823 Apr. 9 . 15,933,684 702,673 4,959,242 794,569 1,194,941 712,761 753,778 2,277,557 609,130 406,313 773,311 762,074 1,987,335 Apr. 16. . 15,987,368 728,730 4,925,084 788,389 1,230,444 730,716 740,347 2,284,622 610,083 401^430 781^202 756^332 2,009,989 Apr. 2 3 . . 15,819,743 720,534 4,889,390 789,173 1,196,063 701,474 720,281 2,302,549 587,760 401,572 767,649 735,921 2,007,377 U. S. Treasurer-general account: Mar. 26 . 1,600,115 82,700 362,031 101,517 138,444 159,104 82,978 289,367 67 941 53,579 79,479 67 323 115,652 946,355 58,168 63,875 Apr. 2. . 50,895 273,833 61,841 65,397 49,514 125,433 47^537 47',763 55',746 46',353 Apr. 9. . 753,357 69,837 169,131 63,739 57,051 43,827 24,405 140,752 35,155 38,085 28,756 32,743 49,876 Apr. 16.. 613,488 39,854 120,692 52,481 75,701 42,628 37,588 78,423 33,318 27,291 32,317 34,453 38,742 Apr. 23. . 481,668 28,313 84,179 29,685 50,523 37,442 29,649 64,888 33,760 28,225 28,982 23,600 42,422 Foreign: 39,003 458,279 28,606 2156,896 Mar. 2 6 . . 35,863 41,176 21,695 18,153 60,215 15,496 14,611 15,496 11,069 Apr. 2. . 520,389 33,081 2171,457 41,527 47,679 25,121 21,020 69,725 17,944 12,817 17,944 16,918 45,156 Apr. 9 . . 500,721 31,260 2171,118 39,222 45,032 23,727 19,853 65,854 16,948 12,105 16,948 15,979 42,675 Apr. 16.. 395,796 24,828 2132,607 31,334 35,976 18,955 15,860 52,610 13,539 9,671 13,539 12,766 34,111 Apr. 23. . 558,764 35,068 2186,751 44,294 50,856 26,795 22,421 74,371 19,139 13,671 19,139 18,046 48,213 Other* 36,820 Mar. 2 6 . . 601,249 3,561 2,812 525,453 7,594 4,957 2,511 5,975 6,695 760 1,561 2,550 Apr. 2. . 572,539 2,542 493,148 4,090 10,201 5,451 3,072 3,861 7,229 2,210 1,791 2,836 36,108 Apr. 9. . 532,354 2,990 457,884 2,235 6,959 5,438 1,909 4,120 6,585 2,381 2,058 1,424 38,371 Apr. 16.. 483,345 2,688 404,418 1,637 6,758 4,972 1,884 7,056 6,623 2,568 1,997 1,093 41,651 Apr. 23. . 839 461,795 2,836 389,201 2,087 6,920 3,892 2,254 4,818 6,281 2,264 1,272 39,131 Total deposits: 18,317,412 798,052 5,899,891 920,350 1,333,735 876,137 824,566 2,638,249 687,104 467,302 871,961 824,615 2,175,450 Mar. 26 Apr. 2 17,579,631 794,514 5,819,491 879,542 1,294,746 825,938 806,065 2,244,829 657,712 470,948 852,067 819,524 2,114,255 Apr. 9 17,720,116 806,760 5,757,375 899,765 1,303,983 785,753 799,945 2,488,283 667,818 458,884 821,073 812,220 2,118,257 Apr. 16 17,479,997 796,100 5,582,801 873,841 1,348,879 797,271 795,679 2,422,711 663,563 440,960 829,055 804,644 2,124,493 Apr. 23 17,321,970 786,751 5,549,521 865,239 1,304,362 769,603 774,605 2,446,626 646,940 445,732 817,042 778,406 2,137,143 Deferred availability items: Mar. 26. .".... 2,075,528 179,893 365,683 132,705 161,272 194,737 167,310 307,797 112,231 53,040 110,991 91,475 198,394 Apr. 2 2,019,968 187,725 366,402 139,275 183,017 168,841 146,287 296,879 102,853 46,113 103,555 78,788 200,233 Apr. 9 1,960,306 166,113 357,399 127,455 182,148 170,985 144,416 305,338 92,518 50,914 97,062 85,178 180,780 Apr. 16 2,471,295 220,610 488,172 156,284 240,454 219,804 169,880 368,895 121,075 54,442 113,535 105,922 212,222 Apr. 23 2,087,559 184,422 405,058 130,942 193,341 171,372 147,335 297,319 96,376 47,640 110,750 111,898 191,106 Other liab. incl. accrued div.: 731 790 650 568 543 500 554 429 Mar. 26 13,207 3,783 1,275 2,344 1,040 739 811 632 563 528 505 419 Apr. 2 13,106 3,298 1,226 2,060 1,232 1,093 719 830 677 573 530 567 500 507 Apr. 9 12,842 3,412 1,399 2,054 1,074 770 784 619 549 515 373 501 527 Apr. 16 12,722 3,748 1,256 1,988 1,092 827 670 597 526 519 573 Apr. 23 15,271 1,043 4,801 1,370 2.157 1,058 1,130 1 After deducting $69,000 participations of other Federal Reserve Banks on March 26; April 2; April 9; April 16; and April 23. 2 After deducting $301,074,000 participations of other Federal Reserve Banks on March 26; $348,623,000 on April 2; $329,269,000 on April 9; $263,052,000 on April 16; and $371,853,000 on April 23. MAY 1947 555 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Total liabilities: Mar. 26 . . . 44,548,999 Apr. 2 43,798,014 Apr. 9 43,863,384 Apr. 16 44,049,344 Apr. 23 43,449,661 Capital A c c t s . : Capital paid in: M a r . 26 190,879 Apr. 2 190,945 Apr. 9 191,085 Apr. 16 191,163 Apr. 23 191,184 Surplus (section 7 ) : M a r . 26 439,823 Apr. 2 . . . . 439,823 Apr. 9.... 439,823 Apr. 1 6 . . . . 439,823 Apr. 2 3 . . . . 439,823 Surplus (section 13b): M a r . 26. . . . 27,455 Apr. 2 . . . . 27,455 Apr. 9 27,455 Apr. 1 6 . . . . 27,455 Apr. 23 27,455 Other cap. accts.: M a r . 26. . . . 40,259 Apr. 2 . . . . 41,328 Apr. 9 42,620 Apr. 16 43,573 Apr. 23 44,821 r | Vkfol JLUCdl Kansas City Dallas SanFrancisco ,882,926 ,847,191 ,845,572 ,867,020 ,821,520 ,110,941 ,110,236 ,102,002 ,085,332 ,083,346 ,891,361 ,866,344 ,830,267 ,850,115 ,833,985 ,493,352 ,476,479 ,475,434 ,484,490 ,463,970 ,109,461 ,050,715 ,041,918 ,066,942 ,048,835 22,752 22,753 22,763 22,777 22,778 6,288 6,293 6,293 6,294 6,300 4,186 4,187 4,189 4,194 4,194 6,309 6,330 6,330 6,348 6,349 7,052 7,053 7,071 7,076 7,078 17,821 17,840 17,844 17,845 17,845 18,663 18,663 18,663 18,663 18,663 65,078 65,078 65,078 65,078 65,078 16,577 16,577 16,577 16,577 16,577 10,997 10,997 10,997 10,997 10,997 15,729 15,729 15,729 15,729 15,729 13,777 13,777 13,777 13,777 13,777 38,106 38,106 38,106 38,106 38,106 3,325 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 3,323 3,448 3,564 3,673 3,778 3,026 3,085 3,169 3,257 3,336 2,815 2,883 2,952 3,001 3,074 5,159 5,371 5,540 5,670 5,815 2,334 2,389 2,440 2,455 2,542 2,112 2,155 2,199 2,228 2,260 2,475 2,554 2,620 2,624 2,718 2,323 2,362 2,403 2,439 2,475 4,185 4,214 4,363 4,488 4,615 2,760,271 2,726,548 2,732,662 2,729,742 2,691,430 3,634,406 3,619,553 3,625,208 3,720,789 3,624,430 2,802,621 2,725,581 2,686,431 2,736,072 2,648,230 2,409,309 2,372,418 2,361,110 2,375,637 2,326,306 7,521,882 7,126,574 7,377,722 7,365,863 7,316,071 1,908,646 1,872,971 1,871,403 1,892,867 1,847,460 1,129,309 1,128,648 1,120,460 1,103,824 1,101,870 1,917,011 1,892,094 1,856,083 1,875,953 1,859,918 1,517,811 1,500,978 1,499,992 1,509,089 1,488,607 5,171,713 5,113,015 5,104,371 5,129,521 5,111,541 709 674 655 649 648 814 773 753 745 744 429 407 397 393 392 359 341 332 329 328 1,191 1,131 1,101 1,090 1,088 306 291 283 281 280 219 208 202 200 200 306 29 283 28 280 289 274 267 264 264 770 732 712 705 704 1,247 1,193 1,220 1,176 1,235 1,689 1,589 1,586 1,586 1,761 71 7 7 69 82 380 lv13 13 13 4,200 3,641 3^641 3,640 3,64C NewYork Philadelphia Cleveland Richmond ,423,909 ,431,282 ,423,526 ,464,564 ,418,213 1,788,463 1,725,569 1,642,655 1,584,398 1,455,434 ,703,749 ,669,931 ,675,860 ,672,855 ,634,459 3,570,038 ,555,052 ,560,578 3,656,046 ,559,582 11,166 11,167 11,166 11,166 11,166 67,228 67,227 67,228 67,237 67,247 14,105 14,110 14,202 14,205 14,204 27,557 27,557 27,557 27,557 27,557 136,549 136,549 136,549 136,549 136,549 3,012 3,012 3,012 3,012 3,012 Atlanta Chicago 2,767,540 2,690,436 2,651,202 2,700,753 2,612,830 ,379,795 ,342,836 ,331,458 ,345,920 ,296,516 ,427,464 ,031,943 ,282,912 ,270,909 ,220,971 18,644 18,652 18,665 18,669 18,669 8,054 8,059 8,059 8,061 8,063 7,274 7,274 7,275 7,291 7,291 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 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 3,104 3,080 3,200 3,207 3,345 6,195 6,489 6,779 7,058 7,305 3,208 3,298 3,391 3,473 3,558 2,468,748 2,476,098 2,468,461 2,509,506 2,463,293 12,005,688 11,943,087 11,860,464 11,802,495 11,673,788 560 532 518 513 512 !2,801 ^,660 1 2,589 !2,565 12,561 11 a V^i 11 i" 1 DO llcLUlllXlco and cap. accts.: Mar. 26 45,247,415 Apr. 2 44,497,565 Apr. 9 44,564,367 Apr." 1 6 . . . . 44,751,358 Apr. 2 3 . . . . 44,152,944 Contingent liability on bills purchased for foreign correspondents: Mar. 26 8,753 Apr. 2 8,314 Apr. 9 . . . . 8,092 Apr. 16 8,015 Apr. 23 8,001 Commit, to make indus. loans: Mar. 26. . . 8,210 Apr. 2 . . 7,129 Apr. 9 . . . 7,150 Apr. 1 6 . . . 7,104 Apr. 2 3 . . . 7,35 Minneapolis Boston St. Louis 173 173 170 170 170 45 45 45 45 45 FEDERAL RESERVE N O T E S - FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston NewYork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco F. R. notes outstanding (issued to Bank): 24,835,630 ,478,601 ,701,385 1,690,790 2,125,001 1,737,212 1,427,193 4,557,158 1,122,415 603 ,722 926,758 601,144 ,864,251 Mar. 26 24,843,563 ,481,035 ,695,298 1,703,085 2,121,792 1,738,496 1,427,572 4,563,078 1,122,221 603,503 928,871 601,859 ,856,753 Apr. 2 24,816,945 ,481,263 ,694,823 1,698,672 2,120,147 1,738,412 1,426,411 4,560,050 1,117,837 602,972 929,510 600,416 ,846,432 Apr. 9 24,773,072 ,481,543 ,690,747 1,688,975 2,118,075 1,729,132 1,421,375 4,553,315 1,114,954 602,672 931,524 596,402 ,844,358 Apr. 16 24,726,055 ,482,309 ,683,249 1,683,665 2,110,047 1,725,110 1,415,880 4,547,501 1,115,579 601 ,895 927,863 596,205 2,836,752 Apr. 23 Collateral held against notes outstanding: Gold certificates: 10,783,000 455,000 3,470,000 525,000 645,000 625,000 590,000 1,690,000 300,000 184,000 280,000 169,000 1 ,850,000 Mar. 26 11,213,000 455,000 3,470,000 525,000 645,000 625,000 590,000 2,170,000 300,000 184,000 280,000 169,000 1,800,000 Apr. 2 11,388,000 455,000 3,470,000 500,000 645,000 625,000 590,000 2,370,000 300,000 184,000 280,000 169,000 1,800,000 Apr. 9 Apr. 16 , . . 12,138,000 455,000 3,470,000 500,000 645,000 625,000 590,000 3,070,000 300,000 184,000 280,000 169,000 1,850,000 Apr. 2 3 . . . . . . . 12,063,000 455,000 3 ,470,000 500,000 645,000 700,000 590,000 2,970,000 300,000 184,000 280,000 169,000 1,800,000 Eligible paper: 6,740 Mar. 26 124,803 4,300 16,165 33,038 5,710 20,040 21,200 17,610 1,700 5,300 Apr. 2 . . . . . . . . 7,960 115,000 218,7248,240 6,690 5,000 13,549 15,285 700 1,650 Apr. 9 16,536 101,857 4,559 5,000 57,692 10,875 4,845 3,100 2,100 17,09. Apr. 16 66,49 4,040 2,000 21,352 12,235 4,570 3,200 7,320 14,407 Apr. 23 94,294 10,800 12,740 19,872 12,195 13,760 U. S. Govt. sec.: Mar. 26 15,033,625 1,100,000 2,400,000 1,200,000 1,500,000 1,160,000 900,000 2,900,000 948,625 425,000 700,000 500,000 1,300,000 Apr. 2 14,441,354 1,100,000 2,400,000 1,200,000 1,500,000 1,160,000 900,000 2,300,000 956,354 425,000 700,000 500,000 1,300,000 Apr. 9 14,281,904 1,100,000 2,400,000 1,200,000 1,500,000 .1,130,000 900,000 2,: 5,200,000 926,904 425,000 700,000 500,000 1,300,000 Apr. 16 13,542,074 1,100,000 2,400,000 1,200,000 1,500,000 1,130,000 850,000 1,500,000 937,074 425,000 700,000 500,000 300,000 13,644,704 1,100,000 2,400,000 1,200,000 1,500,000 1,130,000 850,000 1,600,000 939,704 425,000 700,000 500,000 1,300,000 Apr. 23 Total collateral: 25,941,428 1,571,165 5,903,038 1,730,710 2,145,000 1,802,610 1,490,000 ,590,000 1,268,665 630,200 984,300 669,000 3,156,740 Mar. 26 25,873,07? 1,562,960 5,918,240 1,738,549 2,145,000 1,800,285 1,490,000 4,585,000 1,263,044 614,000 985,300 669,000 3,101,700 Apr. 2 Apr. 9 25,771,76 1,571,536 5,927,692 1,710,875 2,145,000 1,759,845 1,490,000 4,570,000 1,231,463 614,000 981,650 669,000 3 ,100,700 Apr. 16 25,746,56i [,572,095 5,891,35: 1,712,235 2,145,000 1,759,570 1,440,000 4,570,000 1,241,114 611,000 982,100 669,000 3,153,100 Apr. 23 25,801,99: l,569,407l5,889,87: 1,712,195 2,145,000 1,843,760 1,440,000 4,5 70,000 1,252,444 619,800 987,320 669,000 3 ,103,200 1 After deducting $5,952,000 participations of other Federal Reserve Banks on March 26; $5,654,000 on April 2; $5,503,000 on April 9; $5,450,000 on April 16; and $5,440,000 on April 23. 556 FEDERAL RESERVE BULLETIN WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] [Amounts in thousands of dpllars] Guaranteed loans outstanding Guaranteed loans authorized to date Date Total amount Portion guaranteed Additional amount available to borrowers under guarantee agreements 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 81,108 803,720 137,888 69,674 632,474 1,430,121 1945 June 30 Dec. 31 8,422 10,149,315 1,386,851 1,190,944 3,694,618 8,757 10,339,400 510,270 435,345 966,595 1946 June 29 Dec. 31 8,771 8,771 10,344,018 10,344,018 70,267 18,996 60,214 17,454 142,617 28,791 1947 Jan. 31 Feb. 28 Mar. 31 8,771 8,771 8,771 10,344,018 10,344,018 10,344,018 18,025 14,238 11,746 16,654 13,237 10,965 22,424 21,183 15,392 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Number Approved Loans Commitments but not outoutcom- standing2 pleted1 (amount) standing Amount (amount) (amount) 984 1,993 2,280 2,406 2,653 2,781 2,908 3,202 49,634 124,493 139,829 150,987 175,013 188,222 212,510 279,860 20,966 11,548 8,226 3,369 1,946 2,659 13,954 8,294 13,589 32,493 25,526 20,216 17,345 13,683 9,152 10,337 8,225 27,649 20,959 12,780 14,161 9 220 5,226 14 597 1,296 8,778 7,208 7,238 12,722 10 981 6,386 19 600 1942 June 2 4 . . . 3,352 Dec. 3 1 . . . 3,423 338,822 408,737 26,346 4,248 11,265 14,126 16,832 10,661 26,430 17,305 1943 June 3 0 . . . 3,452 Dec. 3 1 . . . 3,471 475,468 491,342 3,203 926 13,044 10,532 12,132 9,270 19,070 17,930 1944 June 3 0 . . . 3,483 Dec. 3 0 . . . 3,489 510,857 525,532 45 1,295 11,366 3,894 4,048 4,165 11,063 2,706 1945 June 3 0 . . . 3,502 Dec. 3 1 . . . 3,511 537,331 544,961 70 320 3,252 1,995 5,224 1,644 2,501 1,086 Date (last Wednesday or last day of period) 1934 1935 1936 1937 1938 1939 1940 1941 Applications approved to date Participations outstanding (amount) 1946 Mar. 3 0 . . . 3,519 June 2 9 . . . 3,524 Sept. 30.... 3,535 Dec. 3 1 . . . 3,542 547,581 552,711 563,779 565,913 755 615 8,115 4,577 1,536 1,210 1,106 554 2,063 5,366 6,254 8,309 1,014 1,110 1,455 2,670 1947 Jan.31 3,545 Feb. 2 8 . . . . 3,548 Mar. 3 1 . . . 3,548 568,540 569,487 569,825 4,795 4,795 4,595 593 996 1,081 8,217 8,186 8,160 2,677 2,729 2,727 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. s 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. MAY 1947 Month, or week ending Thursday All member 1 banks Central reserve city banks New York Chicago Reserve city banks Country banks l T o t a l reserves h e l d : 1946—February March 1947—February March 15,685 15,536 16,006 16,006 4,037 3,970 4,110 4,129 901 858 905 877 6,235 6,169 6,324 6,308 4,511 4,539 4,667 4,693 Feb. Feb. Mar. Mar. Mar. Mar. Apr. Apr. 15,946 15,830 16,055 16,024 16,194 15,872 15,710 15,933 4,074 4,072 4,101 085 168 136 101 4,094 906 892 896 890 892 869 795 873 6,305 6,244 6,319 6,340 6,364 6,254 6,211 6,293 4,662 4,622 4,739 4,709 4,771 4,612 4,603 4,673 1,131 1,031 805 871 15 1 17 21 -6 4 4 269 225 205 217 839 812 578 630 789 735 947 894 935 739 768 899 13 12 11 10 15 13 14 14 5 3 5 4 4 4 6 16 200 177 266 234 218 166 187 248 571 543 665 646 698 556 561 621 324 526 203 173 134 297 27 21 1 42 1 33 134 133 115 66 54 54 60 54 216 223 147 114 91 153 421 131 20 15 5 7 2 2 85 6 2 3 1 138 128 76 48 45 77 94 52 56 77 65 59 44 54 57 68 20.. 27.. 6.. 13.. 20.. 27.. 3.. 10.. Excess reserves: 1946—February. March.. . . 1947—February. March.. . . Feb. Feb. Mar. Mar. Mar. Mar. Apr. Apr. 20 27 6 13 20 27 3 10 Borrowings a t Federal Reserve B a n k s : 1946—February March 1947—.February March Feb. Feb. Mar. Mar. Mar. Mar. Apr. Apr. 20 27 6 13 20 27 3 10 20 185 5 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERSi [Averages of daily figures. In millions of dollars] In places of 15,000 and over population In places of under 15,000 population Demand deposits except interbank » Time deposits Demand deposits except interbank 2 Time deposits March 1946 February 1947 ••17,372 *-15,311 7,679 8,315 '12,148 '•11,893 5,316 -5,894 March 1947... 15,315 8,366 11,836 5,917 Boston New York Philadelphia Cleveland 1,835 2,801 1,095 1,318 880 2,152 735 913 328 991 898 1,053 230 1,138 878 814 Richmond Atlanta Chicago St. Louis 1,073 1,574 1,885 626 394 488 1,344 327 880 693 1,678 990 466 212 924 268 Minneapolis Kansas City Dallas San Francisco . . . 550 513 894 1,151 290 105 132 606 754 1,583 1,415 572 429 197 59 301 Revised. 1 Includes any banks in outlying sections of reserve citie9 that have been given permission to carry the same reserves as country banks. All2 reserve cities have a population of more than 15,000. Includes war loan deposits, shown separately for all country banks in the table on the following page. 557 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 deposits* Other Demand deposits ad- 3 justed Net demand de- 4 posits Time deposits5 Demand balances due from domestic banks Borrowings at Federal Reserve Banks Reserves with Federal Reserve Banks Total Required Ex- First half March 1947 All member banks Central reserve city banks New York Chicago Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 87,594 11, 603 3,158 72,833 68 ,019 74,212 27,674 5,611 16,074 15,127 947 21,947 4,856 4, 143 1,146 687 179 17,116 3 ,532 15 ,836 3 ,196 19 ,969 4 ,189 1 ,477 841 46 157 4 ,095 895 4 ,083 888 13 7 32,439 1,902 1,172 25 ,977 1,574 508 1,811 3 ,079 1,704 1,516 3 ,194 1,274 634 1,761 ,668 1 7,255 23 ,550 1,458 475 1,661 2 ,837 1,553 1,347 2 ,922 1,103 536 1,538 ,520 1 6 ,601 27,119 1,678 478 1,911 3 ,162 1,809 1,685 3 ,127 1,600 811 2 ,170 ,802 1 6 ,887 11,079 199 308 264 1,296 447 408 2 ,028 319 170 356 327 4 ,957 1,803 2,196 3,733 2,125 2,061 3,871 1,944 1,007 2,729 2,230 8,088 5,290 258 26 325 479 345 493 498 599 334 892 506 533 6 ,346 353 117 406 747 408 385 795 356 176 480 420 1,704 6 ,089 347 114 398 710 389 361 747 339 172 455 380 1,675 257 6 3 8 37 19 24 48 16 3 24 40 29 28,352 2,257 3,897 2,014 2,408 2,092 2,478 3,678 1,756 1,388 2,190 2,438 1,756 1,024 87 83 13 25 121 198 76 123 74 77 122 25 1,119 26 ,208 2 ,081 3 ,642 1,891 2 ,251 1,889 2 ,209 3 ,427 1,577 1,254 2 ,036 2 ,272 1,680 25 ,437 1,980 3 ,489 1,841 2 ,194 1,813 2 ,130 3 ,355 1,536 1,219 2 ,013 2 ,233 1,635 22,934 1,902 3 ,292 1,664 1,946 1,658 1,966 2 ,931 1,418 1,096 1,703 1,894 1,464 14,276 1,111 3 ,290 1,611 1,726 859 700 2 ,266 595 719 302 189 909 3,605 172 292 195 278 287 371 510 243 200 392 465 201 4 ,738 363 736 383 445 333 372 654 270 237 315 336 293 4 ,067 333 658 330 376 284 317 546 234 197 257 277 260 670 30 77 53 70 50 55 108 36 40 59 60 34 58 14 30 3 3 3 552 70 19 60 175 75 52 179 70 40 76 57 300 89 171 109 132 81 71 175 57 61 76 44 52 40 24 77 163 102 160 302 104 60 267 226 279 115 52 2 1 1 2 7 1 12 2 9 ' "l 12 1 1 1 1 1 Second half of March 1947 All member banks Central reserve city banks: New York Chicago Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas. San Francisco Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis. Minneapolis Kansas City Dallas San Francisco 86,959 11,379 2,826 72,754 68,100 74,267 27,680 5,412 15,942 15,142 800 227 22,112 4,630 4,116 1,133 622 151 17,373 3,346 16,141 3,022 20,221 4,041 1,462 73 118 4,160 4 ,132 859 28 841 35 63 32,247 1,924 5,143 1,044 23,705 1,464 27,139 1,698 1,793 6,272 199 307 268 2,678 2,221 8,120 63 16 51 150 65 45 157 62 33 68 49 286 26,059 1,595 11,087 266 25 330 469 331 476 471 564 318 866 498 531 34 22 76 159 95 149 313 99 58 254 230 303 357 115 411 724 398 376 786 342 172 465 409 179 5 1 7 20 13 14 36 9 2 14 30 30 78 2 1 4 11 10 4 8 19 11 4 1,717 6 ,093 352 114 404 704 385 362 751 333 170 451 380 1,688 27,970 2,242 3,855 1,999 2,385 2,052 2,441 3,601 1,715 1,365 2,154 2,420 1,740 986 85 83 13 25 116 187 73 115 71 74 120 25 1,009 3,429 4,651 168 274 190 265 268 354 473 224 183 373 460 197 357 725 379 442 320 359 634 266 233 315 333 287 4 ,059 331 659 330 377 282 317 544 232 197 255 276 259 592 26 66 50 65 38 41 91 33 37 60 58 28 51 14 25 3 2 3 544 2,214 3,670 2,092 2,044 3,862 1,897 980 80 154 98 120 71 65 161 50 55 70 39 45 504 473 476 1,833 3,051 1,697 1,523 3,235 1,271 1,684 2,812 1,544 1,358 2,977 1,102 1,940 3,131 1,792 1,689 3,144 1,569 629 537 797 1,745 1,674 7,303 1,530 1,534 6,691 2,148 1,804 6,952 25,975 2,077 3,619 1,889 2,241 1,865 2,189 3,367 1,549 1,239 2,011 2,261 1,670 25,231 1,966 3,475 1,837 2,186 1,789 2,127 3,299 1,510 1,206 1,990 2,221 1,627 22,866 1,890 3,295 1,664 1,951 1,647 1,967 2,910 1,405 1,097 1,695 1,886 1,460 1,296 447 407 2,033 319 173 357 326 4,955 14,289 1,111 3,292 1,615 1,729 860 700 2,269 596 719 302 192 905 859 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit and, therefore, differ from figures for U. S. • Preceding column minus (a) so-callec v F 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. 558 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Coin and small denomination currency 1 Total in circula-1 tion Total Coin 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 1,019 1,156 1945—November. December. 28,211 28,515 20,500 20,683 1946—January... February.. March April May June July August September. October... November. December. 1947—January... February.. March. . . . End of year or month Large denomination currency 1 «$1 $2 $5 402 423 460 499 505 524 559 610 695 801 909 987 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 1,263 1,009 1,274 1,039 71 73 2,279 6,783 9,095 7,713 2,313 6,782 9,201 7,834 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 1,261 1,264 1,269 1,280 1,291 1,300 1,311 1,319 1,332 1,345 1,355 1,361 985 982 984 987 999 998 990 992 1,001 1,000 1,010 1,029 69 68 67 66 67 57 67 66 66 65 65 67 2,217 2,211 2,191 2,173 2,199 2,191 2,166 2,165 2,156 2,148 2,169 2,173 28,262 28,304 28,230 1,337 1,337 1,344 972 967 969 63 64 63 19,808 19,873 19,807 $10 Unassorted $20 Total $50 $100 ,229 1,342 ,288 1,326 ,373 1,359 ,563 1,501 ,560 1,475 1,611 1,481 1,772 1,576 2,021 1,800 2,731 2,545 4,051 4,096 5,194 5,705 5,983 7,224 1,360 1,254 1,369 1,530 1,542 1,714 2,048 2,489 3,044 3,837 5,580 7,730 364 337 358 399 387 409 460 538 724 1,019 1,481 1,996 618 577 627 707 710 770 919 112 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 8 5 7 7 6 17 20 30 24 9 9 10 10 7 16 18 12 32 32 60 46 25 22 24 8 10 5 8 7 5 2 4 4 3 2 3 2,264 4,154 2,327 4,220 457 454 811 801 7 7 20 24 2 2 316 322 327 337 352 364 2,377 402 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 7 9 9 8 8 8 8 8 8 8 8 22 22 22 22 21 22 21 20 21 21 21 26 3 1 1 1 1 2 2 2 2 2 2 3 2,074 6,284 9,077 8,457 2,460 4,757 2,090 6,336 9,079 8,434 2,456 4,755 2,085 6,309 9,036 8,424 2,447 4,754 434 433 432 774 769 771 23 14 14 3 3 1 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 $500 $1,000 $5,000 $10,000 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars! Money in circulation 1 Money held by For Federal Federal Reserve 31, Feb. 28, Mar. 31, Reserve Banks and Mar. 1946 1947 1947 Banks and agents agents Money held in the Treasury Total outstanding, As security against Mar. 31, gold and Treasury 1947 cash silver certificates Gold Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver certificates and Treasury notes of 1890. . Subsidiary silver coin .... Minor coin United States notes Federal Reserve Bank notes National Bank notes Total March 31 1947 February 28 1947 March 31 1946 20 463 19,270 24,836 4,559 494 1 917 2 2,225 919 347 347 426 110 i 19 270 2 1 193 16,406 2,815 48 49 51 763 308 23,999 4,183 24,116 4,139 23,741 4,087 «2,225 75 69 308 1 917 35 4 147 147 137 1,996 869 328 1,955 864 327 1,917 19 11 229 31 9 3 29 1 1 21,495 21,382 20,310 1,336 1,317 2,288 16,406 16,298 15,260 314 5 1 421 108 3,886 3,959 4,464 28,230 314 424 109 824 309 306 479 116 28,304 27,879 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. 551, and seasonally adjusted figures in table on p. 560. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 1 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not 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. 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 MAY 1947 559 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 x 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: 1945—December 28,452 28,170 +103 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 1946—January... February.. March.... April May June July August. September. October. . . November. December. , 1947—January.. February. March.. . April +742 +1,134 +2,428 +4,250 +5,039 +4,858 +3,208 +437 28,458 28,300 28,358 28,412 28,543 28,300 28,273 28,185 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—April May June Increase in gold stock 211,258 1,132.5 H2.760 1,502.5 14,512 1,751.5 17,644 3,132.0 21,995 4,351.2 22,737 741.8 22,726 -10.3 21,938 -788.5 20,619 - 1 , 3 1 9 . 0 20,065 -553.9 20,529 464.0 -5.2 20,251 -9.1 20,242 28.1 20,270 -3.2 20,267 13.2 20,280 25.3 20,305 96.7 20,402 67.7 20,470 59.4 20,529 219.3 20,748 '-418.2 20,330 132.5 20,463 P311.5 *>20,774 EarNet marked gold gold: deimport crease or export or increase (—) 1,116.6 1,585.5 1,973.6 3,574.2 4,744.5 982.4 315.7 68.9 -845.4 -106.3 311.5 -20.5 -27.0 36.3 6.3 15.2 -7.6 24.2 77.9 -61.2 -16.8 20.4 P153.6 4 -85.9 -200.4 -333.5 -534.4 -644.7 -407.7 -458.4 -803.6 -459.8 -356.7 465.4 15.1 27.5 15.0 8.0 60.1 12.3 115.7 127.5 82.8 196.1 -684.5 203.5 (5)272.O Domestic gold production! 131.6 143.9 148.6 161.7 170.2 169.1 125.4 48.3 35.8 32.0 56.9 3.2 3.2 3.4 4.0 8.3 6.8 5.9 4.9 6.3 7.6 5.5 (44) () +53 +151 +27 +106 +57 +156 +41 +53 +53 +69 July August September.. October November.. December. . 1947—January February... March April -252 -158 +58 +54 P Preliminary. 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p. 616 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. 3 Change reflects primarily gold subscription to International Monetary Fund. 4 Not yet available. 6 Gold held under earmark at the Federal Reserve Banks for foreign account including gold held for the account of international institutions amounted to 3,841.3 million dollars on Apr. 30, 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. 1 For end of year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent recent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. I) 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 Annual rate of turnover of demand deposits except interbank and Government Year and month 1938 1939 1940 1941 1942—old series 3 3 1942—new series 1943 1944 . 1945 1946 1945—March \lay • June JulyAugust September October November December 1947—Tanuary February March 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 10.1 9.6 10.7 10.6 11.6 12.6 32,831 33,290 30,408 32,439 32,667 28,127 27,864 29,401 28,843 36,905 27.5 27.6 24.5 26.3 25.6 21.6 23.7 22.1 24.1 29.1 16.8 16.8 15.8 16.7 16.8 16.0 17.1 16.7 18.2 19.8 11.6 11.5 12.0 31,084 27,129 31,822 36,543 36,478 35,324 36,921 38,240 37,858 36,578 40,057 39,325 45,142 41,925 37,672 43,719 24.2 24.5 25.3 17.9 18.6 19.2 New York City* 140 other centers 1 Other reporting centers 2 405,929 423 932 445,863 537,343 607,071 641,778 792,937 891,910 974,102 1,050,021 168,778 171 382 171,582 197,724 210,961 226,865 296,368 345,585 404,543 417,475 204,745 218 298 236,952 293,925 342,430 347,837 419,413 462,354 479,760 527,336 32,406 34 252 37,329 45,694 53,679 67,074 77,155 83,970 89,799 105,210 16.1 16.5 17.1 18.3 19.0 13.1 11.7 10.8 87,579 87,532 85,908 .•. 86,655 91,358 82,704 83,295 91,340 86,645 . . . . 103,900 35,670 37,208 35 085 34,972 37,357 30 216 31,397 33,913 31,088 41,252 43,449 42,122 42,433 43,219 45,017 43 683 43,155 47,671 46,105 52,295 8,459 8,201 8,390 8,464 8,985 8,805 8,743 9,756 9,452 10,353 17.8 19.0 17 9 18.9 20.0 16.3 19.3 18.7 19.9 25.8 9.4 '•93,495 '•81,573 93,323 34,305 29,745 33,547 49,147 43,206 49,962 '10,043 r 8,622 9,814 20.6 20.4 20.4 Total, all reporting centers 9.7 10.0 9.2 9.2 9.9 *1 Revised National series for which bank debit figures are available beginning with 1919. 8 Annual figures for 1937-1942 (old series) include 133 centers^ annual figures for 1942 (new series) and subsequent figures include 193 centers. 8 See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the depositsfrom 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. 560 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 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. 5 5 . 171 5 4 . 713 4 1 , 680 4 2 , 548 5 7 , 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 2 6 , 179 2 6 , 366 19, 172 19, 817 3 0 , 687 2 9 . 597 2 9 , 730 31 761 33 360 36 194 38 661 42 270 45 521 48 607 52 806 62 868 71 853 79 640 80 946 90 435 94 150 102 341 1946—March April May June July August.... September. October... November. December. 173 ,600 174 ,400 173 ,500 171 ,237 170 ,700 170 ,600 170 ,200 170 ,000 169 ,500 167 ,107 r{65 ,900 r\6S ,400 165 .100 End of month 1947—January (Jan. 29) P February (Feb. 26) v March (Mar. 26) v. Time deposits Demand deposits adjusted 1 United States Government deposits 2 5 1 . 532 5 1 , 156 36 919 3 7 , 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 2 2 , 540 2 2 , 809 1 4 , 411 1 5 , 035 2 5 , 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 75 851 101 100 103 ,700 104 900 105 ,992 106 ,700 107 ,200 107 ,900 108 ,900 109 ,700 110 ,044 147 ,500 148 ,200 147 ,200 144 ,721 144 ,300 144 ,000 143 ,700 143 ,500 142 ,800 140 ,377 M08 ,600 139 ,800 '139 ,200 139 ,100 '106 ,800 106 ,400 Total deposits adjusted Currency outside banks Total Com mercial banks»* Mutual savings 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 27,879 27,729 27,320 28,431 30,260 32,748 35,720 39,790 44,253 48,452 19,557 19,192 10,849 11,019 14,513 14,779 14,776 14,776 15,097 15,258 15,540 15,777 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 27,170 30,135 8,905 8,838 9,621 9,488 10,125 10,170 10,209 10,278 10,433 10,523 10,631 10.658 10,648 10,532 10,395 10.664 11,141 11,738 12,471 13,376 14,426 15,385 149 159 1,186 1,208 1,267 1,269 1,251 1,251 1,261 ,278 ,292 ,303 ,303 ,313 ,315 ,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 75 ,000 77 ,500 78 ,600 79 ,476 80 ,300 80 ,600 81 ,400 82 ,400 83 ,000 83 ,314 22,400 20,000 17,400 13,416 11,600 10,700 9,300 7,900 6,400 3,103 50,100 5O,7CO 51,200 51,829 52,400 52,700 53,000 53,200 53,400 53,960 31,300 31,600 32,000 32,429 32,800 33,100 33,300 33,500 33,500 33,808 15,800 16,000 16,100 16,281 16,400 16,400 16,500 16,500 16,600 16,869 3,000 3,100 3.100 3,119 3,200 3,200 3,200 ,200 ,300 3,283 26,100 26,200 26.300 26.516 26,400 26,600 26,500 26.500 26,700 26,730 ,500 ,600 80 ,400 »-3,900 3,800 54,200 54,700 51,900 "•17,000 '17,100 17,200 3,300 3,400 3,400 '•26,100 26,200 26,000 >"82 >-80 r 33,900 r 34,200 34,300 3,639 3,557 4,761 4,782 5,489 5,638 5,417 5,775 6.005 6,401 6,699 7,325 r 1 2 Revised P Preliminary. Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. *6 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35. for back figures. POSTAL SAVINGS SYSTEM [In millions of dollars] BANK SUSPENSIONS Total Cash in depository banks 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 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—Apr.. . May. . June.. July.. Aug.. . Sept.. Oct... Nov.. Dec.. . 3,066 3,091 3,120 3,160 3,188 3,207 3,235 3.260 3,284 3,161 3,188 3,220 3,258 3,288 3.306 3,337 3,360 3,387 5 5 5 5 6 6 6 6 6 2,966 2,966 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 3,182 189 197 188 193 194 186 197 204 200 1947—Jan. . . 3,331 Feb P3.358 Mar ?3,379 3,436 6 3,234 196 3,234 146 146 146 126 74 88 95 102 118 152 179 v1 Preliminary. Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. MAY 1947 Total, all banks U. S. Government securities Number of banks suspended: 1934-39 1940 1941 1942 1943 1944 1945 1946 1947—Jan.-Apr Nonmember banks Member banks Assets DeposEnd of month itors' balances1 L InNonNational State sured insured 291 15 22 8 9 4 1 0 0 0 1 4 2 6 189 81 18 3 6 2 3 1 3 1 Deposits of suspended banks2 (in thousands of dollars) : 1934-39 125,991 14,616 26,548 44,348 40,479 1940 1941 1942 1943 1944 1945 1946 1947—j a n .Apr 5,943 256 3,726 3,144 1,702 6,223 4,982 405 0 5,341 503 1,375 1,241 405 346 79 327 o0 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292 for description, see pp. 281-282 in the same publication. 561 ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Deposits Loans and investments Other Investments Class of bank and call date Total Loans Total U. S. Govern- Other ment securities obligations Total1 Interbank^ Number of banks Demand Time 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 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. 31 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 89,132 105,923 128,072 150,227 142,890 139,035 7,484 28,695 9,883 32,492 10,941 38,518 10,989 44,316 11,318 61.395 11,012 75,561 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 6,155 131 641 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 6,6196,679 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 34,499 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. 31* 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. a 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 ReserveSystem 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. 562 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Class of bank and call date Investments Total Loans Total All nonmember commercial banks: 1938—Dec. 31 1939—D ec 30 1940—Dec. 31 1941—Dec. 31 1942—Dec 31 I943—Dec. 31 I944—Dec. 30 I945—Dec. 31 1946—j u n e 29 Dec 31 Insured nonmember commercial banks: 1938—Dec 31 I939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 I943—Dec. 31 I944—Dec. 30 I945—Dec. 31 1946—jUne 29 Dec. 31 Nonlnsured nonmember commercial banks: 1938—Dec. 31 I939—Dec. 30 1940_Dec. 31 1941—Dec. 318 1942—Dec. 31 * 1943—Dec. 31 I944—Dec. 30 I945—Dec. 31 1946—J un e 29 Dec 31 . . All mutual savings banks: 1938—Dec. 31 1939_Dec. 30 1940—Dec. 31 2 1941—Dec. 31 1942—Dec. 31 I943—Dec. 31 I944—Dec. 30 I945—Dec 31 1946—jUne 29 Dec. 31 . Insured mutual savings banks: 1938—Dec 31 I939—Dec. 30 1940—Dec. 312 1941—Dec. 31 1942—Dec. 31 I943—Dec 31 1944—Dec. 30 1945—Dec 31 1946—June 29 Dec 31 Noninsured mutual savings banks: 1938—Dec 31 I939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec 31 1943—Dec. 31 I944—Dec. 30 I945—Dec 31 ... 1946—June 29 Dec 31 Deposits Other U. S. Government obligations Other securities Total 1 Interbank! Number of banka Demand Time 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 20,881 331 473 518 464 318 457 362 426 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 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 1,004 962 6,409 6,729 7,032 7,702 9,535 11,842 14,809 18,119 18,108 18,836 101 113 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 6,457 193 264 257 247 265 997 953 269 764 1,199 1,378 1,367 1,434 1,151 1,588 2,148 2,211 2,038 1,820 10,162 10,218 10,248 10,379 10,746 11,871 13,931 16,208 17,125 17,704 972 1,329 1,655 1,693 2,007 7,525 9,223 10 846 11,453 11,891 9 190 8,889 8,593 8,686 8 739 4,345 4,708 5,361 5,671 5,813 949 1,063 1,185 1,268 343 380 856 998 397 565 733 291 265 969 273 742 667 1,160 1,682 1,700 1,496 1,229 239 170 292 311 339 390 982 837 1,312 1,856 1,900 1,699 1,430 696 174 200 204 201 1,269 1,633 1,843 1,837 1,329 1,829 2,358 2,452 2,279 2,045 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 2 883 3,102 3 224 3 700 4,559 6 090 8 328 10 682 11 438 11,778 2 382 2 190 2 065 1 774 1 489 1 297 1232 1 246 1 331 1,400 452 314 276 461 153 402 335 173 307 R4fl [ 008 1,185 11,255 891 1,253 11,883 I 908 1,584 906 851 793 555 1 012 1 409 1 818 1 789 2,048 7 534 8,910 10 363 10,979 11,428 56 184 192 192 191 191 9 266 9,114 8,840 8,743 8 616 4,'204 4,466 5,022 5,302 5,442 507 500 498 496 490 361 351 350 350 350 405 608 604 606 660 695 4 436 4,321 4,322 4,263 3 958 1,411 1,260 1,198 1,224 1,275 4 754 4,568 4,271 4,424 4 781 2,935 3,448 4,163 4,447 4,538 2 603 2,680 2,676 3,071 3 698 2,246 2,819 3,522 3,777 3,833 2 150 1,887 1,595 1,353 1 084 689 629 641 671 705 9 266 9,114 8,840 8,743 8 616 4,204 4,466 5,022 5,302 5,442 303 470 421 230 360 10 278 10 523 10 658 10 532 10 664 11 738 13 376 15 385 16 281 16,869 861 3 844 5,509 7 160 7,662 7,946 232 422 548 629 190 244 206 260 10 278 10 523 10 658 10 532 10 664 11 738 13 376 15 385 16 281 16,869 740 3 073 3,110 3 081 3,132 3,250 280 724 145 149 729 714 696 690 1 012 1 409 1 818 1,789 2,048 7 534 8,910 10 363 10,979 11,428 511 116 129 304 362 391 403 1 018 1,050 1,267 4 452 6,113 7 765 8,322 8,641 605 637 642 510 608 171 182 303 347 1QZ 551 551 548 546 545 543 542 541 541 48 51 53 52 For footnotes see p. 562. MAY 1947 563 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Class of bank and call date Total loans and investments All insured commercial banks: 42 556 iy4u—uec. o i . . 49 288 iv4-i—uec. ji.. 1 aA i T^a^» ^1 66,240 1942—Dec. 31. . 1943—Dec. 3 i , . 83,507 1944—Dec. 30. . 103,382 1945—Dec. 31. . 121,809 1946—Tune 29 . 117,409 Dec. 31. . 112,178 Member banks, total: 37,126 1940—Dec. 33112. . 43,521 1941—Dec. 1942—Dec. 31. . 59,263 1943—Dec. 3 1 . . 74,258 1944—Dec. 3 0 . . 91,569 1945—Dec. 3 1 . . 107,183 1946—Tune 2 9 . . 102,032 99,706 «• . Sept. 3 0 Dec'31.'.' 96^362 New York City* 1lVrrU Q40 T)f»r> L / c d 31 O1• • 1OA1 T>f»r« ^1 iy4i—-uec. JI. . 10,910 12 896 17^957 19,994 24,003 26,143 23,304 Investments Loans for purchasing or carrying insecurities Realclud- - . . 1 Concules- sumer (.Jtner Total ing tur- To tate open- al 1 brokloans loans loans 10 marers ket and othpadeal- ers peri ers Commercial, Total 18,394 7 1781,281 21 258 9 2141,450 18!903 7,'757 1,642 18,841 7,777 1,505 21,352 7,920 1,723 25,765 9,461 1,314 26,791 10,334 1,366 30,733 14,016 1,358 15,321 18,021 16,088 16,288 18,676 22,775 23,302 24,775 26,696 3,384 4 072 4^116 4,428 5,760 7,334 6,506 6 258 6^368 1942—Dec. 31. . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—Tune 2 9 . . Z l ,O v 7/ 0 I Sept. 30.. 01 Dec. 31. . 20,834 Chicago:* 2 377 696 1IV^vJ—X^eC. 0J/l T")*v» 31 OX • • 954 2^760 1941—Dec. 3 1 . . 832 1942—Dec. 3 1 . . 3,973 1943—Dec. 31. . 4,554 1,004 1944—Dec. 3 0 . . 5,443 1,184 AftAK Df»r 31 5,931 1,333 X V^rO^^X-fcC OX • . 5] 167 1,329 1946— Tune 2 9 . . * O 7 0 1 370 Sept. 30.. 4: , V / L 1,499 Dec. 31 4,765 Reserve city banks iQAn T")*»r« 3 1 13 013 5,931 iv4U—uec. JI . 15^347 7,105 1941—Dec. 33 11 .. .. 20,915 1942—Dec. 6,102 1943—Dec. 31. . 27,521 6,201 1944—Dec. 3 0 . . 33,603 6,822 1945—Dec. 3 1 . . 40,108 8,514 1946—Tune 29. . 37,675 8,862 Sept. 30.. 36 706 9,814 Dec. 31. . 35 ,'351 10^825 Country banks: 104.n Df»r 31 10 826 5,309 ly^tU L/CVI o x . • 12i518 5,890 1941—Dec. 1942—Dec. 331. 1 . .. 16,419 5,038 1943—Dec. 3 1 . . 22,188 4,654 1944—Dec. 3 0 . . 28,520 4,910 1945—Dec. 3 1 . . 35,002 5,596 1946—Tune 29. . 35,886 6,605 Sept. 30.. 36,056 7,334 Dec. 3 1 . . 35,412 8,004 663 614 950 1,414 2,269 3,164 2,417 1,517 4,468 4,773 4,646 4,437 2,265 4,343 3,606 4,677 2,656 5,738 1,609 7,103 727 662 597 922 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 3,494 934 538 7,387 1,089 3,423 1,847 870 7,421 1,023 1,398 839 3,274 1,484 848 7,531 1,198 2,249 2,108 3,209 1,505 877 8,949 855 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 72,893 84,408 78,729 74,931 "884 5',358 3',308 i',506 69,666 i',467 i',626 13,154 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 2,453 1,172 798 1,852 130 123 117 107 86 80 83 i',096 "389 " 9 9 4^078 492 732 658 763 738 760 804 190 169 193 323 859 5 6 6 6 17 2 1 1,094 " " 3 468 554 303 252 253 287 378 7,527 8,823 13,841 15,566 18,243 18,809 16,798 15,714 "455 "250 14^465 84 96 62 45 45 51 76 148 153 179 298 226 L . S. Government obligations ga- tion? 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 68 232 63,042 1,307 1,430 2,789 3,238 3,913 4 213 3,485 3 260 2,912 7,081 8,243 14,813 21,321 26,781 31,594 28,813 26,892 704 2,237 1,436 "435 24,'527 5 204 6^467 13,038 19,682 25,042 29,552 26,585 24,614 22 ,'250 54 52 32 52 163 233 185 1x7 ioi 19 22 23 22 24 36 43 " S I 18 14 34 40 32 "165 " * 2 9 2,589 3 \ 456 2,957 3,058 3,034 3,661 3,932 263 300 290 279 348 205 197 1 , . $22 115 207 1,436 114 194 1,527 1,*>12 97 153 1,486 808 312 217 267 1,420 658 301 311 777 1,379 660 313 427 1,503 1,459 855 404 321 1,142 1,743 1,073 453 5^548 201 264 1 453 1,676 1,226 1,084 L,149 1,484 L.781 590 659 772 713 802 648 679 21 20 17 25 32 42 34 201 183 161 197 310 471 354 "2 ',433 681 29 273 2,970 1,312 416 478 553 482 525 459 488 474 21 20 16 16 21 31 21 12 75 64 59 82 156 228 176 142 1,644 1,823 1,797 1,725 1,719 1,881 2,398 1/ too 1 , . 530 674 393 528 381 547 351 707 363 937 422 5,517 6,628 11,380 17,534 23,610 29,407 29,281 28,722 306 27,408 of State? Other CertifiGuar- a n d secucates a n - politi- rities inteed cal Bills of debt- Notes Bonds subdiviedsion? ness 662 988 4,462 4,636 3,971 2,455 1,220 1,271 '6^727 13,218 15,300 19,071 17,637 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 '6^285 12,071 13,982 16,985 15,292 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 2,345 652 971 4,363 4,360 3,748 2,275 1,072 978 22 24 15 902 16 20 1467 10,043 '5,602 46,219 . . . . . 6,044 207 1,245 2,977 1,615 7 26S 311 1 623 3,652 1,679 12!547 1,855 2,144 2',056 5U26 1*071 14,563 1,328 3,409 1,829 7.014 984 17,179 913 3,740 3,745 8,592 189 1 17,574 477 3,433 3,325 10,337 15,646 201 2,980 2,229 10,234 1 14 410 13^308 "387 ' 1^725 " 9 9 2 10*202 i 1 681 1,806 3,141 3,550 4,258 4,598 3,837 3 6Q2 3^266 42 48 34 102 163 211 188 Obli- 297 256 397 " ' 6 3 7 877 199 250 1,045 133 1,467 14 1,042 145 153 391 484 779 749 529 1,282 1,602 1,809 1,864 1,900 498 146 2,207 60 752 903 112 119 83 74 31 3 608 3 401 3 651 0 , 4V1 3 333 3,'533 3^098 3,287 2,696 3,422 2,733 3,873 3,258 3.973 3,66* 4,298 3,592 3,013 3,090 2,965 2,729 2,857 3,254 3,307 3,617 3^548 2,970 2,871 2,664 2,294 2,350 2,815 3,151 3 082 3^077 695 729 593 444 468 606 788 830 701 558 596 629 535 618 AQ'Z Ov.1 JCI 557 601 188 182 166 158 160 181 186 193 186 155 185 204 200 153 114o AS. 167 1 011 194 187 3,281 1,049 984 893 4^248 l ] l 7 3 956 820 6,810 811 954 821 9,943 749 913 726 11,987 440 1,000 740 5 1,126 916 15,878 7 1,194 1,034 16,116 1 269 1 009 441 3,799 1,993 16,013 4 1,'272 1,'OO4 103 295 771 751 1,441 1,802 1,704 1,034 1,723 2,497 5,181 5,653 4,014 2,253 4,691 5,730 6,982 410 6,038 3,269 45 433 2,081 4,377 110 481 2,926 671 1,251 1,240 5,436 9,172 15,465 1,032 3,094 2,096 8,705 882 3,466 4,422 12,540 21,552 630 5,102 4,544 16,713 26,999 26,556 447 5,231 3,696 17,170 25,948 279 4,020 2,470 17,797 24,572 1 1461 102 1^222 l|028 1,252 956 1,214 855 1,230 829 1,342 1,067 1,426 1,299 1 5071,268 6 1,551 1,285 710 861 574 538 241 9 12 Insured nonmember com- mercial banks: •tQA.0 DPP 31 IVrrvf 104.1 XV^rX U C t i OX • . Tier 31 • • X-/CC OX 1942—Dec. 33 11 .. .. 1943—Dec. 1944—Dec. 3 0 . . 1945—Dec. 31. . 1946—Tune 2 9 . . Dec. 31. . 5,429 5*774 6^984 9,258 11,824 14,639 15,392 15,831 3,074 3,241 2,818 2,556 2,678 2,992 3,491 4,040 518 543 370 356 389 512 649 862 1,240 1,282 1,225 1,165 1,136 1,224 1,473 1,748 803 2,356 1,240 854 2,533 1,509 173 4,166 3,162 422 385 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 included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. s 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 banks are included in "member banks" but are not included in "all insured commercial banks." » Central reserve city banks. 564 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL B4NKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Time deposits Demand deposits Class of bank and call date 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. 3 1 . . 1946—June 29.. Dec. 3 1 . . Reserves Cash with in Federal vault Reserve Banks 13, 992 12, 396 13 072 12 834 14 260 15 810 15 999 16 013 Member banks, total: 1940—Dec. 3 1 . . 13 992 1941—Dec. 312 12 396 1942—Dec. 31.. 13 072 1943—Dec. 31.. 12 835 1944—Dec. 30.. 14 261 1945—Dec. 31.. 15 811 1946—June 29.. 16 001 Sept. 30.. 15 792 Dec. 31.. 16 015 1 ,234 1 ,358 1 ,305 1 ,445 1 ,622 1 ,829 1 .471 2,012 991 Ba 1- De- ances with domestic4 banks mand deposits ad- 5 justed [nterbank deposits Certified U . S . States and and Gov- political offiern- subdi- cers' ment visions hecks, etc. DoFormestic4 eign 8 , 202 3 3 , 820 9 ,677 8 , 570 3 7 , 845 9 ,823 9 , 080 4 8 , 221 1C ,234 8 , 445 5 9 , 921 9 ,743 9 , 787 6 5 , 960 11 ,063 1 1 , 075 74 722 12 ,566 9 , 102 78 281 1C ,584 9 481 82 085 1C ,888 9,581 702 673 813 893 948 1 248 1 346 1 364 666 1 , 761 8 , 167 9 950 19 754 23 740 12 941 2 930 3 ,298 3 ,677 3 ,996 4 ,352 4 ,518 5 ,098 5 ,807 5 ,967 1 1 1 1 2 2 2 971 077 219 669 354 585 320 361 3 2 , 398 3 6 , 544 4 7 , 122 5 8 , 338 6 4 , 133 7 2 , 593 7 5 , 391 7 9 , 887 160 158 97 68 64 70 77 68 69 59 61 124 109 103 107 119 522 * 14,998 492 15,146 397 15,697 395 18,561 423 23,347 496 29,277 552 31,487 664 32,742 11 10 10 46 122 215 83 39 6. 673 6, 841 7, 055 7, 453 7, 989 8, 671 9, 068 9 286 700 616 671 1 709 811 7 923 891 9 444 945 18 509 1 ,243 22 179 1 ,339 12 009 1 ,370 7 763 1 ,353 2 672 2 ,724 3 ,066 3 ,318 3 ,602 3 ,744 4 ,240 4 ,826 4 ,763 4 ,915 913 1 009 1 ,142 1 ,573 1 ,251 2 ,450 2 ,179 1 ,796 2 207 2 9 , 576 3 3 , 061 4 2 , 139 5 1 , 820 5 6 , 270 62 950 65 589 67 129 6 9 , 127 141 140 87 62 58 64 72 72 62 56 50 56 120 105 99 101 104 114 435 418 332 327 347 399 447 491 551 11,687 11,878 12,366 14,822 18,807 23,712 25,568 26,150 26,525 3 4 5 39 111 208 72 77 30 5 5 6 6 6 7 7 5 7 10 8 51 29 23 26 17 20 17 17 39 768 778 711 816 977 1,087 1,019 1,132 1,271 1,438 1,141 1,382 1,576 6 185 6 246 6 147 5 450 6 354 7 117 5 772 5 660 5 936 30 33 42 52 57 64 67 68 70 429 754 570 642 308 184 461 818 243 3 766 4 015 4 ,255 4 ,015 4 ,046 102 93 72 92 102 111 85 129 131 122 141 82 61 76 78 68 61 87 11 10 11 13 14 15 16 16 16 062 4,032 641 761 3,595 607 899 3,209 733 899 2,867 810 042 3,179 851 065 3,535 1 ,105 158 3,127 1 ,178 119 2,954 1 ,213 429 3,031 1 ,195 1940—Dec. 3 1 . 1941—Dec. 3 1 . 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 3 0 . 1945—Dec. 3 1 . 1946—June 2 9 . Sept. 3 0 . Dec. 3 1 . 1 ,051 1 ,021 902 821 899 942 870 900 928 42 43 39 38 43 36 26 24 29 319 298 164 158 177 200 16? 156 172 1 941 2 215 2 557 3 050 3 ,041 3 ,153 3 ,189 3 ,287 3 ,356 1,132 1,292 L,047 1,026 1,130 Reserve city banks 1940—Dec. 3 1 . 1941—Dec. 3 1 . 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 3 0 . 1945—Dec. 3 1 . 1946—June 2 9 . Sept. 3 0 . 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 3,919 1,302 1,831 1,770 5,421 5,307 5,220 5,089 5,417 Country banks: 1940—Dec. 3 1 . 1941—Dec. 3 1 . 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 3 0 . 1945—Dec. 3 1 . 1946—June 2 9 . Sept. 3 0 . Dec. 3 1 . 1 ,857 2 ,210 2 ,842 3 ,303 3 ,909 4 ,527 4 ,543 4 ,599 4 ,703 452 526 542 611 684 796 631 758 883 3 ,002 7 ,845 3 ,216 9 ,66 3 ,699 13 ,265 3 ,474 17 ,039 4 ,097 19 ,958 4 ,665 23 ,595 3 ,684 24 ,630 3 ,666 25 ,563 3 ,753 26 , 2 3 633 790 957 994 243 271 287 313 352 391 330 437 2 ,017 2 ,325 2 ,934 2 ,996 3 ,434 3 ,959 3 ,332 3 ,547 New York City:* 1940—Dec. 31.. 1941—Dec. 31.. 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 3 0 . 1945—Dec. 31.. 1946—June 2 9 . Sept. 3 0 . Dec. 3 1 . 7 ,057 5 105 4 388 3 596 S 10,101 9,603 10,881 12 ,333 10,391 10,042 10,644 U. S. IndiCapiIndiGov- States viduals, Bor- tal viduals, and partner- row- acartner- [nter- ern- politings counts ships, bank ment ical ships, and and corand corsubdiPostal poraSav- visions porations tions ings 4 3 6 6 3 2 48 866 186 395 722 940 495 112 651 370 319 263 252 199 237 293 246 218 11 11 12 14 14 1 ,338 15 1 ,132 16 768 16 942 17 357 282 501 373 448 712 836 657 216 90 127 665 713 174 233 178 17^ 167 237 262 234 228 27 34 38 4< 3c 66 37 44 47 1 2 2 3 3 3 3 3 3 905 152 58? 097 100 160 153 335 495 471 450 448 710 361 5 ( 4 11 17 27 27 20 15 1,206 1,372 1,400 1,395 698 886 101 475 968 589 920 8 077 8 095 615 648 727 29 862 96 966 195 2 120 27 2 176 c 2 ,196 2 ,205 Chicago:2 Insured n o n member c o m mercial banks: 1940—Dec. 3 1 . 1941—Dec. 31'. 1942—Dec. 31 1943—Dec. 3 1 . 1944—Dec. 3 0 . 1945—Dec. 3 1 . 1946—j u n e 29 Dec. 3 1 . 3 ,39 4 ,092 5 ,65 7 ,279 g ,652 10 ,537 10 ,821 11 ,842 997 L.027 1,105 972 8 8 12 14 16 20 24 24 24 789 525 152 49 327 54 491 63 1 ,982 63 3 ,373 70 6 ,157 110 8 ,221 129 4 ,531 125 2 ,971 127 991 i 1,149 1,199 997 972 1,067 95 108 133 141 182 233 194 244 1 ,400 1 ,552 1 995 1,144 1,319 1,448 1,509 1.763 2,003 L.955 2,077 151 225 1 ,090 1 ,962 4 ,230 5 ,465 3 ,194 2 ,155 877 2,391 50 5. 24c 506 5761 678 750 1,184 1,370 1,558 1,727 1,868 2,004 2,269 2.328 1 ,245 1 ,561 932 851 981 258 ]L.052 m 1 ] ] \ 2 228 9 ,468 286 11 ,127 385 15 ,061 475 18 ,790 488 20 ,371 611 22 ,281 558 23 ,005 543 23 ,601 693 24 ,288 107 104 63 41 33 30 27 28 187 6 ,846 8 ,500 239 272 11 ,989 344 15 ,561 369 18 ,350 435 21 ,797 453 22 ,594 441 23 ,536 524 24 ,128 2 ,822 3 ^48i 4 [93; 11 51 61 7i 91 10v 13« 14' 154 1 ] 1 45.' 50' 619 719 779 792 823 226 243 169 151 154 160 187 219 235 4,505 4,542 4,805 5,902 7,561 9,563 10,190 10,381 10,580 29 30 20 17 14 17 18 17 17 33 31 32 56 150 146 140 149 175 219 242 254 272 5,917 6,082 6,397 7,599 9,650 12,224 13,226 13,577 13,727 18 1; 13 87 74 65 68 76 97 105 13 3,31 3,276 3', 33* 25 57 52 48 54 55 j 5 ( 6 ( 5 270 288 304 326 354 377 394 397 404 496 47( 19 20 22 56 40 38 43 42 43 ^51! 7 * 86^ 9 !64^ 9 ] 80' 10 !76 g 2 3175( 4,55^ 5^57c 5^93 6^23? 1 ,904 1 ,967 2 2 ,028 [ 27 3( t ; 10 16 11 18 41 26 1 1 11 1 2 ,135 2 ,327 2 ,566 2 ,676 2 ,731 2 ,729 1 ,909 1 ,982 2 ,042 2 ,153 2 ,321 2 ,525 2 ,674 2 ,752 2 ,757 973 95(3 955 979 1 ,022 1 [083 1 1145 1 ',193 * 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. 564. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MAY 1947 565 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—March Total loans and invest- Total ments 66,928 15,340 Commercial, industrial, and agricultural Investments For purchasing or carrying securities To brokers and dealers U. S. Government obligations To others Real Loans estate to Other Total U . S . Other U. S. loans banks Govt. se- Govt. Other seobobliga- curi- liga- curitions ties tions ties Total Bills Certificates of indebtedness Other secuNotes Bonds rities 1 7,475 1,756 711 ,986 1,140 1,119 12,393 7,502 27,132 3,442 409 .486 866 733 421 1,497 427 1,542 171 2,154 41,221 37,833 2,262 40,120 36,724 614 5,727 4,395 746 5,373 3,601 27,097 3,388 27,004 3,396 61 1,780 51,588 November. . . December. . . 57,671 16,450 10,044 56,883 16,763 10,278 888 873 1947—January February.... March 55,879 16,530 10,377 55,256 16,756 10,651 55,431 16,804 10,986 697 657 360 389 377 383 596 557 521 432 1,584 426 1,617 418 1,653 134 2,321 39,349 35,960 132 21339 38,500 35,118 137 2,346 38,627 35,138 730 5.253 3,054 393 4,680 3,116 901 4,479 2,866 26,923 3,389 26,929 3,382 26,892 3,489 1947—Jan. 29 55,805 16,774 10,499 758 382 562 436 1,597 201 2,339 39,031 35,636 392 5,245 3,096 26,903 3,395 Feb. 5 Feb. 12 Feb. 19 Feb. 26 55,567 55,286 55,116 55,056 16,589 16,760 16,793 16,885 10,573 10,673 10,648 10,712 551 673 684 72 368 362 415 363 561 557 553 555 426 1,602 429 1,613 432 1,621 1,633 172 97 112 148 5,027 4,759 4,527 4,408 3,126 3,136 3,096 3,104 26,931 99 26,928 26,917 Mar. 5 Mar. 12 Mar. 19 Mar. 26 55,417 55,589 55,549 55,171 16,669 16,820 16,807 16,921 10,802 10,995 11,077 11,070 407 372 312 351 399 382 357 392 536 522 514 512 1,638 1,646 1,660 420 1,670 898 4,355 138 2,330 38,748 35,301 776 4,466 142 2.344 38,769 35,299 117 2,353 38,742 35,258 1,191 4,613 151 2,355 38,250 34,695 738 4,484 3,145 26,903 3,447 3,185 26,872 3,470 2,570 26,884 3,484 2,564 26,909 3,555 Apr. 2 Apr. 9 Apr. 16 Apr. 23 54,831 54,931 55,300 55,200 17,147 17,096 16,935 16,782 11,170 11,163 11,077 10,967 388 393 377 302 405 369 360 368 516 496 491 495 421 1,689 418 1,699 1,708 1,718 641 164 2,394 37,684 34,140 ,031 725 176 2,382 37,835 34,296 ,063 107 2,396 38,365 34,814 1,097 136 918 4,308 117 2,398 38,418 34,865 2,491 26,977 3,544 2,508 27,000 3,539 2,476 27,105 3 ,551 2,479 27,,160 3,553 23,189 New York City 1946—March 2,336 38,978 35,592 2,356 38,526 35,139 ' 38,323 34,949 2,328 2,33638,171 34,790 508 305 398 361 3,386 ,387 3,374 3,381 6,483 2,981 1,435 728 190 48 16,706 15,608 199 3,449 2,573 9,387 19,264 5,869 19,08: 5,943 3,692 3,781 744 708 255 330 258 189 176 172 151 141 521 13,395 12,340 548 13,139 12,088 155 1,521 1,337 250 1,466 1,069 9,327 1,055 9,303 1,051 1947— January February March 18,610 5,676 18,285 5,759 18,424 5,676 3,827 3,940 4,127 558 540 268 246 242 248 123 116 102 181 175 167 103 100 119 563 12,934 I1,893 570 12,526 11,508 568 12,748 11,664 242 1,511 68 1,167 366 1,121 9,180 1,041 9.210 1,018 9,215 1,084 1947- •Jan. 29 18,639 3,883 637 244 117 185 164 578 12,757 11,724 52 1,507 1,015 9,150 1,033 238 239 260 231 116 118 116 117 173 178 179 169 113 74 94 118 569 575 564 571 12,810 12,504 12,455 12,334 11,786 11,483 11,440 11,323 111 5 144 14 1,422 1,198 1,030 1,017 1,049 1,065 1,059 1,080 9,204 9,215 9,207 9,212 1,024 1,021 1,015 1,011 November... December 5,88: 960 1,063 962 ,098 Feb. 5 Feb. 12 Feb. 19 Feb. 26 18,444 5,634 18,279 5,775 18,224 5,769 18,191 5,857 3,913 3,956 3,924 3,968 438 560 556 606 Mar. 5 Mar. 12 Mar. 19 Mar. 26 18,334 18,365 18,586 18,410 5,64i 5,712 5,631 5,716 4,029 4,149 4,172 4,157 308 287 217 260 271 243 229 249 107 101 100 98 167 166 167 169 120 123 102 132 567 566 565 573 12,689 12,653 12,955 12,694 11,621 11,578 11,884 11,571 268 235 665 296 1,016 1,052 1,215 1,201 1,129 1,141 782 795 9,208 9,150 9,222 9,279 ,068 ,075 ,071 ,123 Apr. 2 Apr. 9. . Apr. 16. . Apr. 23 18,357 18,224 18,350 18,427 5,861 5,843 5,668 5 ,545 4,233 4,227 4,168 4,080 289 304 280 214 267 238 230 240 99 97 96 97 172 169 168 166 149 156 73 98 573 573 576 574 12,496 12,381 12,682 12,? 11,385 11,260 11,559 11,767 271 983 119 982 421 954 465 1,068 757 762 709 721 9,374 9,397 9,475 9,513 ,111 ,121 ,123 ,115 Outside New York City 1946—March November. . . December. . . 43,739 8,857 38,407 10,581 37,801 10,820 4,494 6,352 6.497 321 144 165 184 1,258 154 608 156 544 1 ,073 1,425 255 1,468 1,273 34,882 32,538 1,633 27,826 25,493 1,714 26,981 24,636 8,944 4,929 17,745 2,344 459 4,206 3,058 17,770 2,333 496 3,907 2,532 17,701 2,345 1947—January February March 37,269 10,854 6,550 36,971 10,997 6.711 37,007 11,128 6,859 139 117 92 143 135 135 473 441 419 251 1,509 251 1 .541 251 1,576 1,758 26,415 24,067 .760 25.974 23,610 1,778 25,879 23,474 488 3,742 325 3.513 535 3,358 2,094 2,053 1,904 17. 743 2,348 17,719 2, 3f>4 17,677 2,405 1947—Jan. 29 37,166 10,892 6,616 121 138 445 251 1,523 1,761 26,274 23,912 340 3,738 2,081 17,753 2,362 10,955 6,660 10,985 6,717 11,024 6,724 11,028 6,744 113 113 128 117 130 123 155 132 445 439 437 438 253 251 253 246 1,528 1,538 1,545 1,556 1,767 1,781 1,764 1,765 26,168 26,022 25,868 25,837 23,806 23,656 23,509 23,467 397 300 254 347 3,605 3,561 3,497 3,391 2,077 2,071 2,037 2,024 17,727 17,724 17,721 17,705 Feb. 5 Feb. 12 Feb. 19 Feb. 26 37,123 37,007 36,892 36,865 Mar. 5 Mar. 12 Mar. 19 Mar. 26 37,083 37,224 36,963 36,761 1,024 1,108 1,176 1,205 6,773 6,846 6,905 6,913 99 85 95 91 128 139 128 143 429 421 414 414 252 251 250 251 1,562 1,569 1,581 1.592 1,763 1,778 1,788 1,782 26,059 26,116 25,787 25,556 23,680 23,721 23,374 23,124 630 541 526 442 3,339 3,414 3,398 3,283 2,016 2,044 1,788 1,769 17,695 2,379 17,722 2,395 17,662 2,413 17,630 2,432 Apr. 2 Apr. 9 Apr. 16 Apr. 23 36,474 36,707 36,950 36,773 1,286 1,253 1,267 1,237 6,937 6,936 6,909 6,887 99 89 97 138 131 130 128 417 399 395 398 249 1,610 1,620 1,631 1,642 1,821 1,809 1,820 1,824 25,188 25,454 25,683 25,536 22,755 23,036 23,255 23,098 370 606 676 453 3,048 3,081 3,182 3,240 1,734 1,746 1,767 1,758 17,603 2,438 17,603 2,438 17,630 2 ,412 17,647 2,438 2,362 2,366 2,359 2,370 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227, 566 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Date or month Total—101 Cities 1946—March ReIndiDeserves Balwith Cash ances mand vid- States Certiuals, deFedwith in and fied posits part- politeral vault doand nerRemestic adical offiserve banks justed ships, subcers' and Banks divi- checks corsions etc. porations Interbank deposits Time deposits, except interbank Demand deposits, except interbank u. s. Government IndividU. S. uals, States Govand part- politernnerment ical ships, suband and divi- Postal cor- sions Savporaings tions Demand Domestic Time Bor- Caprow- ital acings counts Bank deb-2 its Foreign 9,930 2,165 37,386 37,413 2,177 1,167 15,119 9,566 126 9,787 1,222 5,059 69,374 November.. 10,209 December.. 10,369 647 2,132 39,751 40,448 2,280 673 2,177 40,370 40,975 2,255 1,193 3,452 10,175 1,350 2,304 10,191 154 163 9,369 1,284 9,392 1,249 253 5,251 68,168 197 5,251 82,047 1947—January... 10,305 February .. 10,046 March 9,956 635 2, 180 39,982 40,331 2,243 604 2,049 38.993 39,247 2,297 618 2,146 38,801 39,165 2,309 1,299 1,544 10,291 1,166 1,918 10,347 1,127 2,057 10,410 159 163 192 9,382 1,271 8.846 1,277 9,028 1,279 160 5,248 73,009 258 5,270 64,801 170 5,279 75,541 1547—Jan. 2 9 . . . . 10,177 639 2,055 39,902 39,866 2,339 1,314 288 5,249 16,375. 153 8,891 ,269 Feb. 5 . . . . Feb. 1 2 . . . . Feb. 1 9 . . . . Feb. 2 6 . . . . 10,173 10,090 9,924 9,999 581 609 610 617 2,023 39,424 39,269 2,033 39,105 39,306 2,087 38,758 39,271 2,052 38,686 39,143 2,321 2,345 2,233 2,289 1,122 1,845 1,168 1,901 1,205 1,922 1,167 2,006 10,313 10,324 10,360 10,393 161 163 166 164 8,910 8,832 8,897 8,745 1,274 1,267 1,294 1,273 244 263 214 309 5,271 17,184 12,854 18,996 15,307 Mar. Mar. Mar. Mar. 5.... 12.... 19.... 26 9,963 9,955 10,008 9,897 584 644 625 620 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 2,137 10,428 1,110 2,213 10,416 1,147 1,905 10,403 1,056 1,971 10,395 190 190 190 196 9,155 9,237 9,186 8,532 1,267 1,294 1,284 1,272 160 124 165 232 5,279 5,278 5,276 5,284 18,566 15,740 17,630 16,406 Apr. 2 . . . . Apr, 9 . . . . Apr. 1 6 . . . . Apr. 2 3 . . . . 9,730 10,073 10,108 10,013 589 643 606 625 2,093 38,197 38,307 2,109 38 ,667 38,717 2,236 39,213 39,971 2,067 39,547 39,513 2,438 2,399 2,401 2,458 1,217 1,072 1,156 1,133 193 212 216 213 8,813 8,947 68 8,989. 8,527 1 ,294 1,279 1,287 1,296 353 192 69 97 5,303 5,307 5,304 5,308 20,083 14,089 16,154 16,148 701 5,723 1,136 3,014 1,097 322 1,943 32,831 3,732 3,802 119 121 14,511 14,923 14,735 15,233 302 226 1,159 1,254 783 766 1,253 2,809 1,129 2,903 1,097 98 2,001 28,843 102 1,999 36,905 1947—January... 3.780 February .. 3,677 March 3,662 112 104 105 14,492 14,879 14,099 14,487 14,127 14,583 200 176 177 77? 683 626 486 588 614 ,273 ,275 ,281 2,922 1.119 2,757 1,135 2,821 1,135 71 1,998 31,084 105 2,005 27,129 81 2,003 31,822 1947—Jan. 2 9 . . . . 3,735 New York City 1946—March November.. December.. 13,445 13,790 3,563 1,706 10,295 1,707 1,758 1,780 1,529 10,435 10,452 10,452 10,457 113 14,483 14,776 815 536 ,271 2,803 1,122 155 1,998 6,991 Feb. 5 . . . . Feb. 1 2 . . . . Feb. 1 9 . . . . Feb. 26 3,755 3,679 3,595 3,681 105 102 106 14,271 14,549 14,100 14,450 13,980 14,439 14,042 14,509 182 178 171 172 659 692 707 674 573 587 591 602 ,272 ,271 ,276 ,281 2,822 1 ,128 2,734 1,128 2,788 1,149 2,684 ,133 130 122 35 130 2,007 2,008 2,004 2,002 7,817 5,238 7,787 6,176 Mar. Mar. Mar. Mar. 5.... 12.... 19.... 26.... 3,676 3,652 3,680 3,639 103 109 10; 105 14,020 14,001 14,221 14,267 14,396 14,519 14,758 14,661 183 176 152 19 710 596 611 586 635 649 579 591 ,293 ,283 ,274 ,272 2,843 2,884 2,925 2,633 1,125 1,150 1.138 1,128 84 42 84 112 2,005 2,005 2,003 2,001 8,151 6,700 7,089 6,537 Apr. 2 . . . . Apr. 9 . . . . Apr. 1 6 . . . . Apr. 2 3 . . . . 3,633 3,686 3,651 3,649 100 109 102 10 = 11 14,234 14,661 14,382 25 13,992 14,110 14,694 14,401 14,719 186 181 191 212 677 578 652 627 514 529 535 454 ,280 ,278 ,275 ,273 2,737 2,833 2,848 2,717 1,149 1,138 1 ,146 1 ,158 102 80 31 27 2,010 2,011 2,007 2,007 9,094 5,602 6,503 6,570 Outside New York City 1946—March 6,773 125 186 3,116 36,543 6,560 6,489 15 152 3,250 39,325 95 3,252 45,142 527 1,058 9,018 483 1,330 9,07 501 1,443 9,129 126 125 132 145 175 6,460 6.089 6,207 152 142 144 89 3,250 41,925 153 3,265 37,672 89 3,276 43,719 6,367 2,129 23,941 23,623 1,947 9,396 8,430 November.. 6,477 December.. 6,567 528 2,105 25,240 25,525 1,978 552 2,147 25,635 25,742 2,029 2,293 8,921 1,538 8,938 1947—Tanuary.. . 6,525 February .. 6,369 March 6,294 523 2,155 25,490 25,452 2,043 500 2,025 24,894 24,760 2,121 513 2,117 24,674 24,582 2,132 Jan. 29.... 6,442 526 2,032 25,419 25,090 2,113 499 1,170 9,024 135 6,088 Feb. Feb. Feb. Feb. 5.... 12.... 19.... 26.... 6,418 6,411 6,329 6,318 478 504 508 511 2,00 25,153 24,720 2,011 25,005 24,856 2,060 24,778 24,835 2,025 24,644 24,634 2,139 2,167 2,062 2,117 463 476 498 493 1,272 1,314 1,331 1,404 9,041 9,053 9,084 9,112 143 145 147 146 6,088 6,098 6,109 6,061 146 139 14J 140 114 141 179 179 3,261 9,367 3,263 7,616 3,264 11,209 3,269 9,131 Mar. Mar. Mar. Mar. 5.... 12.... 19.... 26.... 6,287 6,303 6,328 6,258 481 535 52 515 2,097 2,221 2,177 1,970 24,568 24,371 24,785 24,965 24,784 24,737 24,559 24,254 2,111 2,079 2,129 2,210 483 514 536 470 1.50: 1,564 1,326 1,380 9,135 9,133 9,129 9,123 173 174 173 178 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. Apr. Apr. Apr. 2.... 9.... 16.... 23.... 6,097 6,287 6,457 6,364 489 534 504 520 1,980 23,963 23.646 2,084 24,675 24,335 2,209 25,103 25,277 2,041 25,146 24,794 2,252 2,218 2,210 2,246 540 494 504 506 1,193 1,229 1,245 1,075 9,155 9,174 9,177 9,184 17/ 195 200 198 6,076 6,114 6,141 5,810 145 141 141 138 251 112 38 70 3,293 10,989 3,296 8,487 3,297 9,651 3,301 9,578 133 3,251 9,384 * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. • Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1947 567 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Total loans and invest- Total ments Federal Reserve district and date Boston Mar. 26 Apr 2 Apr. 9 Apr. 16 Apr. 23 New York* M a r . 26 Apr. 2 Apr 9 A p r . 16 Apr. 23 26 2 9 16 23 26 2 9 16 23 Chicago* Mar 26 Apr 2 Apr 9 Apr 16 Apr. 23 St. Louis Mar 26 Apr 2 Apr 9 Apr. 16 Apr 23 Minneapolis Mar 26 Apr 2 Apr 9 Apr 16 Apr 23 Kansas City Mar 26 Apr 2 Apr 9 Apr 16 Apr 23 Dallas Mar Apr Apr Apr Apr 26 2 9 16 23 26 2 9 16 23 City of Chicago* Mar 26 Apr 2 Apr 9 Apr 16 Apr. 23 To others U. S. Other U . S . Other Govt. se- Govt. seob- curiobliga- curi- ligations ties tions ties Real Loans estate to Other Total loans 3anks loans Total Bills Certificates of indebtedness Other secuNotes Bonds rities 1 592 622 628 622 612 16 17 14 12 13 11 11 10 10 9 20 22 21 21 21 14 15 15 15 15 93 102 102 103 103 7 5 11 11 6 148 160 158 159 159 1,871 1,892 1,910 1,893 1,909 1,774 1,794 1,809 1,793 1,807 31 38 48 39 36 186 168 170 177 195 94 91 90 89 90 20,409 20,363 20,241 20,351 20,418 6,248 6,395 6 379 6,203 6 080 4 426 4,505 4 501 4 439 4 350 262 291 306 282 216 253 270 241 234 243 112 113 111 110 111 188 191 188 187 185 191 192 192 190 190 133 149 156 73 98 683 684 684 688 687 14,161 13,968 13,862 14,148 14,338 12,923 12,742 12,626 12,910 13,108 325 320 170 457 495 1,277 1,060 1,060 1,033 1,148 927 887 893 834 846 10,394 10,475 10,503 10,586 10,619 1 238 1,226 1 236 1 238 1 230 2,232 2,222 2,219 2,228 2,229 694 689 689 692 696 425 419 418 420 421 2 1 1 18 18 19 18 18 10 11 11 11 11 7 7 7 7 7 50 51 51 52 52 2 2 2 2 4 180 180 181 182 182 1,538 1,533 1,530 1,536 1,533 1,322 1,317 1,323 1,330 1,323 27 30 39 48 38 155 155 152 149 155 65 58 63 63 52 1,075 1,074 1,069 1,070 1,078 216 216 207 206 210 4,615 4,592 4,567 4,608 4,601 1,301 1 308 1,301 1,314 1,303 720 726 729 720 718 20 21 15 17 21 23 22 19 19 20 89 85 84 84 85 16 16 16 17 17 225 226 226 228 228 208 3,314 212 3,284 212 3,266 214 3,294 214 3,298 3,004 2,971 2,954 2,982 2,986 32 34 26 57 57 334 305 285 271 261 175 2,463 171 2,461 166 2,477 166 2,488 165 2,503 310 313 312 312 312 1,860 1,827 1,860 1,860 1,844 490 492 493 494 493 258 258 259 256 257 5 5 5 5 5 26 25 24 24 24 13 13 13 16 15 82 83 83 84 84 1 1 1 1 1 105 107 108 108 107 1,370 1,335 1,367 1,366 1,351 1,283 1,244 1,277 1,276 1,260 18 5 23 22 13 166 151 167 166 170 76 74 74 74 71 1,023 1,014 1,013 1,014 1,006 87 91 90 90 91 1,919 1,886 1,899 1,924 1,910 587 584 580 577 575 342 338 337 336 334 1 1 1 1 1 7 7 6 5 6 52 52 50 49 49 23 23 23 22 23 45 45 45 45 46 4 4 4 3 4 113 114 114 116 112 1,332 1,302 1,319 1,347 1,335 1,172 1,143 1,161 1,189 1,177 14 5 22 27 19 251 237 236 247 246 115 111 112 118 115 792 790 791 797 797 160 159 158 158 158 7,919 7,782 7 889 8,060 7,968 2,299 2,325 2 306 2,327 2,320 1 581 1 590 1 584 1,596 1,591 40 45 45 53 33 28 27 28 68 67 67 66 264 265 266 267 65 269 55 654 320 4,005 306 4,005 311 4,010 315 4,021 56 5,033 4,878 5,005 5,143 5,054 578 511 544 605 587 579 578 590 44 5,620 5,457 5,583 5,733 267 5,648 130 56 140 202 28 58 67 55 53 1,835 716 425 1 6 24 14 107 985 12 94 1,840 1,834 L,836 715 708 705 701 422 415 408 406 137 1,119 140 1,098 139 1,132 141 1,129 140 1,135 1,003 2 38 32 34 87 89 89 84 118 117 125 129 757 755 751 756 134 133 132 132 L, 131 L,113 L ,128 L.120 L.118 360 357 356 354 353 214 212 211 210 207 2 2 18 A 12 W 9 43 34 592 586 586 586 586 60 61 61 60 61 2,100 2,087 2,106 . . 2,125 2,112 570 570 567 560 561 381 381 376 371 371 1,838 1,820 1 826 1,826 1,829 753 750 747 739 737 506 506 506 500 498 6,541 6,480 6,487 6,518 6,488 2,002 2,008 2,011 2,017 2,025 1 200 1,191 1,199 1 199 1 202 4,540 4,437 4,559 4,712 4,646 1,504 1,524 1,504 1,523 1,513 1,171 1,175 1,169 1,181 1,178 . . . . . . . . . . . . . . . . . . . . . . . . . . . San Francisco Mar Apr Apr Apr Apr To brokers and dealers U. S. Government obligations 901 954 959 953 938 Mar. 26 Apt- 2 Apr 9 Apr. 16 Apr. 23 Richmond Mar Apr. Apr Apr Apr. Atlanta Mar Apr Apr Apr. Apr. For purchasing or carrying securities 2,772 2,846 . . 2,869 2,846 2,847 Philadelphia M a r 26 Apr 2 Apr. 9 Apr. 16 Apr. 23 Cleveland Commercial, industrial, and agricultural Investment s . . . . . . . 1 1 2 1 15 255 263 262 264 2 1 1 1 2 964 999 997 1,463 1 ,497 1,501 1,488 1,486 323 4,022 594 118 134 761 6 6 6 5 24 24 24 24 14 14 14 14 107 108 109 109 2 2 1 1 2 13 12 12 12 11 6 6 6 6 6 43 44 44 44 44 82 81 82 81 83 771 756 772 766 765 711 695 711 706 704 36 74 73 73 73 73 3 3 3 3 3 18 17 17 17 17 8 8 8 9 9 65 66 66 66 66 94 95 97 94 95 1,530 1,517 1,539 1,565 1,551 1,363 1,349 1,373 1,399 1,385 37 45 69 81 65 305 288 287 300 302 147 142 145 145 145 874 874 872 873 873 167 168 166 166 166 5 5 5 5 5 36 35 34 34 34 35 35 36 35 35 57 57 58 58 59 113 111 107 106 105 1,085 1,070 1,079 1,087 1,092 1,002 1,002 1,007 27 35 40 32 33 233 209 211 219 223 99 102 106 110 110 643 640 638 641 641 83 84 84 85 85 8 11 11 10 5 26 28 27 26 24 54 53 53 52 52 28 26 25 25 26 448 451 458 462 468 237 247 238 243 247 4,539 4,472 4,476 4,501 4,463 4,123 4,057 4,063 4,087 4,051 83 69 92 88 64 862 826 828 845 834 354 358 358 364 360 2,824 2,804 2,785 2,790 2,793 416 415 413 414 412 39 45 45 53 43 25 22 21 23 23 39 47 35 33 36 59 57 58 56 56 52 52 52 52 52 119 126 124 125 125 3,036 2,913 3,055 3,189 3,133 2,662 2,547 2,689 2,812 2,752 60 4 95 144 33 281 235 271 324 363 143 2,178 131 2,177 135 2,188 139 2,205 145 2,211 374 366 366 1 1 1 1 1 1 1 1 986 995 34 35 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. 568 97 98 101 100 102 377 381 The 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 Reserves DeBalwith Cash ances mand Feddewith in eral vault do- posits Remestic ad- 1 serve banks justed Banks Boston (6 cities) Mar. 26 452 Apr. 2 479 Apr. 9 479 Apr. 16 502 Apr. 23 500 New York (8 cities)* Mar. 26 3,879 Apr. 2 3,878 Apr. 9 3,952 Apr. 16 3,903 Apr. 23 3,882 Philadelphia (4 cities) Mar. 26 417 Apr. 2 415 Apr. 9 421 Apr. 16 423 Apr. 23 425 Cleveland (10 cities) Mar. 26 743 Apr. 2 755 Apr. 9 771 Apr. 16 794 Apr. 23 776 Richmond (12 cities) Mar. 26 321 Apr. 2 350 Apr. 9 330 Apr. 16 344 Apr. 23 328 Atlanta (8 cities) Mar. 26 363 Apr. 2 365 Apr. 9 379 Apr. 16 374 Apr. 23 362 Chicago (12 cities)* Mar. 26 1,416 Apr. 2 1,176 1,399 Apr. 9 Apr. 16 1,403 Apr. 23 1,439 St. Louis (5 cities) Mar. 26 339 Apr. 2 325 Apr. 9 346 Apr. 16 347 Apr. 23 330 Minneapolis (8 cities) 197 Mar. 26 198 Apr. 2 201 Apr. 9 197 Apr. 16 204 Apr. 23 Kansas City (12 cities) 434 Mar. 26 434 Apr. 2 431 Apr. 9 437 Apr. 16 429 Apr. 23 Dallas (9 cities) 389 Mar. 26 397 Apr. 2 406 Apr. 9 401 Apr. 16 377 Apr. 23 San Francisco (7 cities) 947 Mar. 26 958 Apr. 2 958 Apr. 9 983 Apr. 16 961 Apr. 23 City of Chicago* 897 Mar. 26 654 Apr. 2 Apr 9 865 Apr. 16 868 892 Apr. 23».:..... 59 59 64 63 64 141 136 148 139 143 IndividCertiuals, States and fied part- politand nerical offiships, subcers' and divicor- sions checks, etc. porations 2,191 2,301 2,295 2,340 2,300 145 154 152 155 168 37 44 61 51 44 116 15,604 15,817 199 15,584 15,806 114 15,354 15,537 131 15,488 15,895 118 15,757 15,891 420 447 433 452 444 625 718 611 693 667 1,791 1,871 1,811 1,882 1,789 1,849 1,796 1,898 1,830 1,878 72 73 75 70 79 23 21 18 20 27 101 112 104 121 108 2,215 2,326 2,329 2,333 2,343 Interbank deposits Time deposits, except interbank U. S. Government 105 93 98 98 86 Individuals, partnerships, and corporations S. States U. and Governpolit- ment ical and subdivi- Postal Savsions ings Demand Domestic Foreign Time Bor- Cap- Bank row- ital deb-2 acings counts its 478 496 496 496 496 280 272 278 292 284 21 23 22 21 20 13 9 15 11 10 660 1,989 571 1,997 588 1,996 595 1,993 505 ,992 2,696 2,800 2,896 2,912 2,779 1,130 1,152 1,141 1,148 1,160 123 125 126 43 32 272 276 278 278 278 333 319 326 334 305 9 10 10 10 10 3 4 5 5 5 262 261 262 261 261 654 779 557 611 638 ,362 165 1,363 171 1,366 174 1,366 150 1,367 448 461 466 485 449 4 4 4 4 4 24 23 22 1 9 493 492 493 493 493 1,036 1,147 955 1,147 1,088 14 10 150 150 151 151 151 496 535 410 463 471 504 517 447 504 517 300 310 310 311 311 2,167 2,177 2,177 2,174 2,174 736 824 780 790 747 6,980 9,719 5,993 6,992 7,1C0 35 32 36 32 33 79 91 80 92 81 83 81 85 82 83 181 169 179 195 184 3,081 3,070 3,050 3,126 3,142 3,106 3,084 3,054 3,206 3,178 163 168 164 164 162 46 58 61 62 56 42 38 42 39 42 113 112 121 118 117 1,332 1,341 1,360 1,363 1,363 1,345 1,346 1,372 1,393 1,360 102 107 104 102 105 30 31 29 38 38 75 65 68 68 59 382 382 383 382 382 333 331 345 347 315 6 5 6 6 6 33 30 33 30 32 153 162 166 172 141 1,389 1,249 1,368 1,237 1,373 1,262 1,401 1,310 1,396 1,271 266 263 252 256 258 19 18 17 16 17 50 44 45 46 41 455 455 456 456 456 442 443 470 463 418 7 7 7 7 7 134 134 134 135 135 89 87 99 92 93 327 283 368 403 372 5,224 4,539 5,185 5,383 5,420 5,142 4,509 5,133 5,404 5,294 520 496 495 510 536 80 131 92 90 86 279 2,044 236 2,044 242 2,050 245 2,055 2,058 1,508 1,656 1,579 1,587 1,493 30 29 28 28 28 5 630 2,812 167 . 631 3,396 14 632 2,125 1 631 2,426 632 2,339 24 22 24 22 23 123 107 104 101 1,147 1,135 1,161 1,161 1,162 1,212 1,204 1,223 1,274 1,232 83 82 79 78 76 18 20 18 16 16 70 61 62 63 54 379 380 381 382 382 532 553 562 551 530 146 146 145 145 146 475 499 415 460 500 12 11 12 12 11 80 82 83 82 74 694 703 718 723 726 673 674 688 703 692 112 115 120 114 113 14 13 13 11 11 47 39 40 41 36 237 237 238 238 238 328 327 330 312 303 93 93 93 94 94 328 323 291 328 318 25 22 24 23 24 255 255 271 274 264 1,471 1,445 1,467 1,501 1,487 1,442 1,430 1,457 1,505 1,481 199 189 181 182 187 24 26 24 24 25 72 66 68 66 57 318 319 319 319 319 786 802 814 808 798 162 161 161 161 162 582 604 522 599 608 27 24 26 24 27 223 224 240 252 233 1,491 1,484 1,492 1,497 1,485 1,460 1,450 1,462 1,514 1,487 128 140 139 124 125 34 27 26 26 33 53 45 47 47 40 302 303 303 303 303 472 473 491 492 473 154 155 155 155 155 485 460 427 494 484 50 47 50 48 50 277 281 276 292 274 3,387 3,391 3,389 3,441 3,436 3,407 3,384 3,385 3,529 3,449 197 204 205 194 205 106 110 102 109 113 286 249 249 256 220 2,177 2,183 2,186 2,184 2,186 374 376 390 406 380 593 1,318 1,280 1,167 593 1,340 1,338 25 25 32 30 31 99 51 157 173 162 3,042 2,383 3,071 3,221 3,260 3,155 2,520 3,166 3,373 3,311 179 189 183 202 214 35 52 156 131 134 135 115 855 854 859 862 864 1,072 1,204 1,116 1,131 1,057 86 73 80 81 70 2 1 2 164 1 401 40: 40: 40: 1,539 2,311 1,320 1,483 1 ,416 • 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 1 MAY 1947 569 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month 1946—February March April May June July August September October .. December 1947—January February March Based on J Held by Commercial paper Total out- 1 outstanding standing Accepting banks Total Own bills Bills bought 178 172 149 126 121 131 142 148 202 227 228 167 163 169 177 192 205 207 200 204 208 227 128 119 109 108 109 118 140 151 154 155 169 74 64 65 66 65 67 68 68 71 73 74 53 55 44 42 45 51 72 82 82 82 94 236 243 266 241 230 228 183 171 170 85 76 75 98 95 95 Federal Reserve Banks (For own account) 2 13 13 18 34 13 2 Imports into United States Others Exports from United States Goods stored in or shipped between points in United States Foreign countries 39 42 47 55 64 54 54 47 50 54 58 109 104 114 124 134 146 152 150 154 152 162 18 17 16 18 22 24 22 20 18 23 29 31 33 30 28 27 26 26 23 23 26 29 9 8 9 7 8 9 7 7 8 6 ? 58 59 58 172 164 158 35 35 36 27 24 27 8 7 7 1 As reported by dealers; includes some finance company paper sold in open market. * Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchjinge. Ledger balances in millions of dollars] Debit balances End of month Credit balances Customers' credit balances 1 Debit Debit Customers balances in balances in partners' firm debit balances investment investment and trading and trading (net)* accounts accounts Cash on hand and in banks Money borrowed2 Free Other (net) Other credit balances In firm In partners' investment investment In capital and trading and trading accounts (net) accounts accounts 1936—June December.. 1937—June., December.. 1938—June December.. 1939—June December... 1940—June December.. 1,267 1,395 1,489 985 774 991 834 906 653 677 67 64 55 34 27 32 25 16 12 12 164 164 161 108 88 106 73 78 58 99 219 249 214 232 215 190 178 207 223 204 985 1,048 1,217 688 495 754 570 637 376 427 276 342 266 278 258 247 230 266 267 281 86 103 92 85 89 60 70 69 62 54 24 30 25 26 22 22 21 23 22 22 14 12 13 10 11 5 6 7 5 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 7 399 370 24 17 314 311 453 3 697 669 651 3 653 3 647 »729 33 720 723 693 120 5 3 575 »547 498 3 442 3 377 3 305 3 253 3 238 217 118 30 10 289 «?10 3217 3216 • 687 3681 3677 1946— April May June July August September. . October November. . December... February... March 3 895 3 856 809 8 745 38 723 631 3 583 3571 537 3 533 3573 3 576 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. » 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): January, 69; February, 66; March, 65. 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. 570 FEDERAL RESERVE BULLETIN COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] U. S Government Year, month, or week Prime commercial paper, 4- to 6months 1 security yields Prime Stock exbank- change 9-to 12ers' call month accept- loan 5certifi- 3-to 3ances, reyear cates taxable 90 1 month newof indays bills' als2 debted- notes ness L944 average 1945 average 1946 average . . . . .73 .75 .81 .44 .44 .61 L00 LOO 1946—April May .... June July August September. October November. December.. .75 .75 .75 .77 .81 .81 .88 .94 LOO LOO LOO LOO 1.00 .44 .47 .50 .59 .71 .81 .81 .81 .81 1947—January... February.. March.... April 1.00 1.00 1.00 1.00 .81 .81 .81 .81 Week ending: Mar. 2 9 . . . . Apr. 5 Apr. 12 Apr. 19 Apr. 2 6 . . . . 13/16 13/16 13/16 13/16 13/16 .375 .375 .375 .79 .81 .82 81 .83 .83 .84 .84 .85 .83 .84 .85 .12 .18 L15 L13 L.38 L.38 L.38 L.38 L.38 .375 .375 .375 .375 .375 .375 .375 .376 .375 1.38 L.38 1.38 1.38 .376 .376 .376 .376 .84 .85 .82 .83 1.18 L.16 IK-IK 1 5^—1 "*/ 15^—1 J^ IK-IK IK-IK .376 .376 .376 .376 .376 .33 .18 .15 4 19 cities L22 L24 L.22 L.22 L18 L17 L17 L14 L.16 L.16 L18 L17 1 1 Monthly figures are averages of weekly prevailing rates. The average rate on 90-day stock exchange time loans was 1.50 per1 cent beginning Aug. 2,1946. Prior to that date it was 1.25 per cent. Rate on new issues offered within period. * From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, 1945, includes only Treasury bonds of Dec. 15, 1950. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. New York City 7 Other Northern and Eastern cities 11 Southern and Western cities 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 2.36 2.70 2.05 2.10 2.76 2.98 2.71 2.76 3.24 3.38 2.73 3.17 2.10 2.23 2.18 1.93 2.75 2.55 3.12 3.18 3.14 2.65 1944—March June September. December.. 2.59 2.53 2.78 2.63 2.54 2.61 2.72 2.59 2.39 2.34 2.76 3.00 2.48 2.65 2.63 2.63 2.69 2.39 1945—March June September. December.. 2.53 2.50 2.45 2.09 2.05 1.71 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 1937 average1. 1938 average1. 1939 average., 1940 average.. 1941 average., 1942 average. , 1943 average. 1944 average. 1945 average. , 1946 average. 1943—March June September December.. L.14 .81 .81 .82 .83 .83 Total 1 Prior to March 1939 figures were reported monthly on s basis not strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Table i 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)' By ratings iy groups Total Taxable Aaa Aa A Baa Industrial Railroad Public utility 1-5 1-9 30 30 30 30 40 40 40 1944 a v e r a g e . . . . 1.94 1945 a v e r a g e . . . . 61.60 1946 a v e r a g e . . . . 1.45 1.92 1.66 6 2.48 2.37 2.19 1.86 1.67 1.64 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 8((68e8)) ((6)) 2.08 2.19 2.16 2.18 2.23 2.28 2.26 2.25 2.24 L45 L54 August. . . September October. . November December 1.36 1.47 1.43 1.40 1.46 1.55 1.56 1.58 1.56 1.80 1.97 2.37 2.44 2.42 2.41 2.44 2.50 2.51 2.51 2.55 2.67 2.71 2.71 2.71 2.73 2.79 2.82 2.82 2.83 2.46 2.51 2.49 2.48 2.51 2.58 2.60 2.59 2.61 2.56 2.58 2.59 2.59 2.62 2.68 2.70 2.69 2.69 2.69 2.73 2.73 2.72 2.74 2.80 2.84 2.84 2.83 2.96 3.02 3.03 3.03 3.03 3.10 3.15 3.17 3.17 2.57 2.60 2.59 2.58 2.58 2.64 2.65 2.66 2.66 2.78 2.84 2.85 2.86 2.89 2.98 3.05 3.05 3.04 2.65 2.69 2.70 2.69 2.70 2.75 2.76 2.77 2.77 1947—January. . February . March.... April 1.51 1.49 1.47 1.47 (8) CO 2.21 2.21 2.19 2.19 1 92 1.99 2.02 1 .98 2.48 2.48 2.49 2.47 2.79 2.78 ?..79 2.78 2.57 2.55 ? .55 2.53 2.65 2.64 ? 64 2.63 2.79 2 79 7 80 2.81 3.13 3.12 3.1.5 3.16 2 63 2.61 2.61 2.60 3 00 3 00 3.02 3.03 2.73 2.72 2.73 2.71 Week ending: Mar. 29.... Apr. 5 Apr. 12.... Apr. 19.... Apr. 26. . . 1.45 1.46 1.45 1.48 1.47 (6) ( 6) (6) () C) 2.18 2.19 2.18 2.20 2.20 2.00 1.99 1.99 1.98 1.97 2.48 2.47 2.47 2.47 2.47 2.78 2.78 2.78 2.78 2.78 2.54 2.53 2.53 2.53 2.53 2.64 2.63 2.63 2.63 2.63 2.80 2.80 2.81 2.81 2.80 3.15 3.16 3.16 3.16 3.16 2.60 2.60 2.60 2.60 2.60 3.02 3.03 3.04 3.04 3.03 2.73 2.72 2.72 2.71 2.71 Number of issues. 1946—April May June July 1-5 () ((*)) (6) (6) 15 L .55 L.60 .65 .75 L84 5 120 i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Standard and Poor's Corporation. * U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been 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. *6 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 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. MAY 1947 571 SECURITY MARKETS 1 Stock prices5 Bond prices Corporate * Year, month, or week U. S. Government2 Municipal (highgrade)3 Highgrade Medium- and lower-grade Total Number of issues Industrial Volume of trading7 (in thousands of Public shares) utility Common (index, 1935-39 = 100) Preferred* DePublic faulted utility Railroad Total Industrial Railroad 15 15 50 10 20 20 15 15 402 354 20 28 1944 average 1945 average 1946 average 100.25 102.04 104.77 135.7 139.6 140.1 120.9 122.1 123.4 114.7 117.9 118.5 120.5 122.2 123.6 107.3 115.1 117.0 116.3 116.3 114.9 59.2 75.4 76.7 175.7 189.1 198.5 100 122 140 102 123 143 101 137 143 90 106 120 971 1,443 1,390 1946—April May June July August September October November December 106.61 104.82 105.28 104.87 104.11 103.25 103.58 103.71 103.87 144.1 142.1 142.0 140.9 140.0 137.8 136.0 136.8 133.4 124.3 123.7 123.9 124.0 123.8 122.8 121.8 121.6 121.5 119.9 119.5 119.5 119.1 119.0 117.4 115.8 115.9 115.9 124.4 123.9 123.9 123.4 124.0 123.3 122.2 122.5 123.0 119.6 118.6 118.7 118.5 117.7 114.3 112.3 112.7 112.9 115.8 116.0 116.0 115.3 115.4 114.7 112.9 112.6 111.9 83.6 81.8 83.2 80.0 78.8 65.4 62.7 63.6 67.7 204.9 201.9 202.4 204.1 203.4 196.2 191.6 189.3 186.2 152 154 153 150 146 125 122 121 126 156 159 157 153 150 129 126 124 129 157 157 162 154 147 119 110 113 119 128 129 130 128 125 110 107 106 110 1,391 1,311 1,086 936 946 2,173 1,256 1,191 1,320 1947—January February March April 104.32 104.35 104.61 104.57 134.4 133.1 132.5 133.2 122.6 122.7 122.4 122.8 116.3 116.8 116.6 116.5 123.5 123.7 123.7 123.5 114.3 114.3 113.6 113.2 111.2 112.4 112.5 112.7 68.3 69.3 66.0 64.0 187.3 189.0 188.1 186.5 125 129 124 119 129 133 128 123 115 119 110 102 111 111 107 105 998 1,176 841 912 Week ending: Mar. 29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 104.74 104.69 104.77 104.48 104.44 132.8 133.0 133.0 133.2 133.4 122.7 122.7 122.8 122.8 123.0 117.0 116.9 116.5 116.4 116.3 123.7 123.6 123.6 123.4 123.4 113.6 113.7 113.3 113.2 113.0 113.5 113.4 112.7 112.4 112.6 66.3 67.2 65.2 62.1 62.9 187.2 187.2 187.2 186.2 186.2 124 124 121 116 118 128 128 124 120 122 108 108 104 99 101 107 107 105 103 104 824 709 864 1,290 811 1-9 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday 8 Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 8 figures. Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 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. T NEW SECURITY ISSUES [In millions of dollars] For new capital Year or month Total (new and refunding) For refunding Domestic Total (domestic and forTotal eign) Domestic Corporate ForState Fedeign2 and eral mu- agennici- cies1 Total Bonds and Stocks pal notes 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 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 1,075 642 913 1,772 4,588 1,949 2,094 2,325 2,239 1,948 2,852 1,075 640 896 1,761 4,579 1946—March. . . April May June July August... September October. . November December 562 1,097 1,022 817 981 560 441 562 761 993 201 374 294 429 493 419 242 363 659 788 200 374 286 429 493 419 242 363 659 788 56 61 103 108 124 64 71 49 69 119 1947—January.. February. March. . . 636 •305 855 498 249 635 487 249 614 215 96 293 735 22 712 157 971 481 931 924 751 461 518 1,272 342 108 176 90 235 15 471 26 952 121 16 22 7 9 47 21 34 12 1,192 839 352 1,225 817 408 873 807 67 383 287 97 736 601 135 1,062 889 173 624 506 118 374 282 92 646 422 224 1,264 607 657 3,506 2,038 1,468 127 290 176 312 369 354 170 267 590 669 17 118 83 115 184 196 96 223 444 544 111 172 93 197 184 159 75 43 145 125 252 118 310 208 75 265 44 44 44 23 44 35 38 2 1 "l 17 12 9 1 8 10 21 Total (domestic and forTotal eign) State and municipal Federal agen-1 cies Total Corporate Bonds and Stocks notes 4,242 1,799 2,089 3,513 2,852 2,693 1,039 1,532 3,303 6,219 3,993 4,123 1,680 2,061 3,465 2,852 2,689 1,039 1,442 3,288 6,173 3,863 361 723 728 388 488 141 200 199 102 205 338 698 728 388 436 126 200 199 102 190 31 10 47 16 8 1 17 1 2 50 23 326 17 41 33 33 38 133 13 34 284 363 664 ' 331 395 93 145 65 86 105 238 277 536 266 324 39 143 36 68 79 139 »56 220 135 56 191 11 1 2 22 24 50 103 31 140 84 8 136 382 353 191 281 129 665 195 1,537 482 344 435 698 181 440 259 497 404 418 324 912 208 741 3,387 1,209 1,267 1,733 2,026 1,557 418 685 2.466 4,937 2,914 Foreign2 3,187 856 1,236 1,596 1,834 1,430 407 603 2,178 4,281 2,313 200 352 31 137 193 126 11 82 288 656 601 119 119 2S 48 4 90 15 46 130 23 46 85 25 127 65 71 "52 53 15 1 29 19 27 "is 18 22 4 4 (») 29 1 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories and Possessions. » 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 •ubject to revision. Back figures.—See Banking and Monetary Statistics, Table 137. p. 487. 572 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 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 Estimated Estimated gross net proceeds2 proceeds3 . . New money Total Plant and equipment R e t i r e m e n t of securities Working capital Total Bonds and notes Repayment of other debt Preferred stock 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 47 133 219 417 682 844 663 720 527 267 383 629 818 405 666 825 643 703 518 261 377 617 807 99 213 153 245 327 344 138 202 511 623 55 148 91 169 198 126 101 160 329 557 44 65 62 77 129 219 37 43 183 66 287 376 630 317 305 115 98 48 81 114 257 320 514 285 265 94 38 36 74 97 30 56 116 32 40 21 60 12 6 17 2 57 28 14 46 50 18 122 6 59 17 21 14 67 25 10 6 5 19 12 322 '265 450 316 ••260 442 183 '206 285 138 »-105 153 45 '101 132 120 34 121 81 18 110 38 16 11 11 15 31 2 5 5 1946—March April May June July August October November December 1947—January February March PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad 1946—March April May June Other Industrial Retire- All Retire- All Total Total Retire- All Total Retire- All Total net New ment of other net New ment of other net net New ment of other New ment of other pro- money securi- pur-4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 ceeds poses ties ties poses ceeds poses ceeds poses ceeds ties ties Year or month 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 Public utility 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 1,320 560 192 98 76 35 9 3 19 2 1 7 9 8 3 16 190 97 69 26 . ... July August September.. October November.. December.. 1947—January February... March 31 10 77 1 18 3 1 40 21 3 19 18 47 33 8 18 35 10 12 28 7 9 5 2 1 130 1,250 1,987 751 1 208 1,246 1,180 1 340 464 469 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 78 138 424 179 338 41 111 1 6 5 10 181 6 13 76 119 408 134 156 33 86 124 2 61 483 2 332 43 67 42 30 27 50 86 47 13 30 27 25 17 63 83 13 11 35 1 2 12 108 17 18 411 33 72 26 18 10 107 2 14 47 223 62 25 774 74 1,280 439 1,079 616 831 469 584 188 167 961 828 244 527 293 497 228 1,033 454 811 1,969 3,355 2,000 126 412 289 405 325 422 130 210 3 2 94 198 127 206 131 326 108 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 21 107 206 258 218 57 8 9 42 55 4 13 61 85 113 152 7 7 88 9 18 19 4 20 7 1 5 104 21 4 4 42 65 56 3 56 13 157 137 153 150 80 9 19 56 25 45 44 16 13 10 18 37 24 31 53 1 2 7 14 20 6 9 1 8 3 17 4 9 6 1 25 42 5 32 15 3 4 5 58 5 6 1 2 12 127 48 17 12 64 229 •"119 136 r 95 84 8 9 16 11 '66 90 52 5 33 9 72 89 3 3 71 470 145 530 226 46 8* 52 r 1 8 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number 1 Estimated net proceeds are equal to estimated gross proceeds less cost 4 of units by offering price. 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. MAY 1947 573 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* Iron and steel NonOther trans- ferrous MaAu- porta- metals and chin- tomo- tion ery biles equip- products ment Other durable goods Dividends Oil Foods, produc- Indusing bevertrial and ages, chemirefinand cals tobacco ing Other nondurable goods MiscellaNet 1 neous profits Comserv-2 Preices ferred mon 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1,465 1,818 2,163 1,769 1,800 1,896 1,925 2,565 146 278 325 226 204 115 158 193 159 165 223 242 274 209 201 102 173 227 182 180 119 133 153 138 128 70 88 113 90 83 151 148 159 151 162 98 112 174 152 186 186 194 207 164 170 134 160 187 136 149 122 132 152 161 171 847 1,028 1,137 888 902 90 90 92 88 86 564 669 705 552 556 194 174 222 190 115 175 88 146 199 356 223 288 187 273 970 169 136 108 141 88 220 243 130 154 302 203 342 989 1,148 86 85 82 612 657 Quarterly 1944—i 2 3 4 444 459 475 518 47 46 47 55 40 40 38 55 52 55 55 59 *52 $47 3 47 »43 29 30 28 28 20 22 21 25 38 43 45 49 49 52 56 64 36 37 37 37 39 43 52 50 224 230 244 272 21 22 20 23 142 149 137 184 1945—i 2 3 4 492 508 439 485 49 53 37 49 38 42 35 47 63 77 46 58 «50 •47 «36 »36 31 27 23 27 21 21 20 26 45 46 50 58 62 64 61 37 42 43 49 53 48 45 43 51 39 38 37 40 45 47 53 58 250 269 224 246 20 22 21 22 142 145 143 182 1946—i 2 3 4 323 604 698 22 67 96 -19 49 32 3-5 »51 S38 20 26 41 12 37 41 65 74 93 56 62 77 82 80 93 116 250 310 20 21 20 146 153 149 97 108 '53 54 56 124 93 63 66 67 62 71 77 941 -34 21 42 91 87 471 21 209 Number of companies. 1939 1940 1941 1942 1943 1944 1945 1946 Annual 188 282 163 168 102 187 77 147 184 611 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Year or quarter 4 Operating revenue Income before income taxs Net income1 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,627 126 249 674 1,658 2,211 1,972 756 273 93 189 500 902 873 667 450 289 2,273 2,363 2,445 2,356 458 508 550 455 1945—i 2 3 4 2,277 2,422 2,230 1,973 1946—1 2 3 4 1,869 1,703 2,047 2,008 1939 1940 1941 1942 1943 1944 1945 1946 1944—l 2 3 4 Annual Quarterly . . . . Electric power 6 « Telephone 7 Operating revenue Income before income tax* Net income1 Dividends Operating revenue Income before income tax8 126 159 186 202 217 246 246 235 2,647 2,797 3,029 3,216 3,464 3,615 3,681 3,828 629 692 774 847 913 902 905 953 535 548 527 490 502 507 534 645 444 447 437 408 410 398 407 454 1,067 1,129 1 235 1,362 1,537 1,641 1,803 1,992 227 248 271 302 374 399 396 275 191 194 178 163 180 174 177 200 175 178 172 163 168 168 173 182 152 172 176 168 31 55 43 116 930 890 882 913 265 245 207 185 137 127 114 129 98 105 95 100 400 406 409 426 97 101 98 104 42 43 43 46 42 42 42 43 430 514 149 199 31 68 966 909 288 230 142 125 101 95 436 444 127 28 118 205 119 96 -426 -25 888 148 115 449 474 115 109 103 70 46 45 237 41 44 43 46 39 -57 161 14 -45 128 56 52 41 299 221 207 196 151 142 107 110 112 191 85 226 156 125 <• 475 497 502 519 84 74 55 62 54 53 44 130 970 920 936 1,002 Dividends 917 181 Net income1 44 43 49 Dividends 46 46 45 45 1 "Net profits" and" "net income" refer to income after all charges and taxes and before dividends. 1 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. 4 •8 Partly estimated. Class I line-haul railroads, covering about 95 per cent of all railroad operations. For the years 1944 to date, series has been revised to agree with annual data published by the Interstate Commerce Commission. As a result, most quarterly figures differ somewhat from those shown in previous BULLETINS. 8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 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). 574 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. End of month Total interestbearing direct debt Total gross direct debt 1940—June.... D c. 1941—June Dec 1942—June Dec 1943—June.... Dec 1944—June Dec 1945—June. . . . Dec 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 1946—Apr May June.... July Aug Sept Oct Nov 273,898 272,583 269,422 268,270 267,546 265.369 263,532 262,27: 259,140 259.776 261,418 259,124 257,701 Dec 1947—Tan Feb Mar Apr Marketable public issues1 Total 2 CertifiTreasury cates of Treasury Treasury indebtbills notes bonds edness 34,436 1,302 35,645 1,310 37,713 1,603 41,562 2,002 50,573 2,508 76,488 6,627 95,310 11,864 115,230 13,072 140,401 14,734 161,648 16,428 181,319 17,041 198,778 17,037 272,711 195,079 271,440 193,487 268,111 189,606 267,039 187,596 266,359 186,350 264,217 184,338 262,415 182,318 260,925 180,328 257,649 176.613 258,378 176,444 258,113 175.410 255,800 172,462 254,427 170,535 17,054 17,041 17,039 17,023 17,024 17,007 16,987 17,000 17,033 17,074 17,048 17,038 16,610 In millions of dollars] Nonmarketable public issues Total 2 Special U. S. Treasury and issues savings tax bonds savings n-. tes 3^096 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 38,408 36,828 34,804 37,720 36,473 34,478 32,478 30,475 29,987 29,791 28,784 27,792 26,294 18,261 18,261 18,261 13,351 13,351 13,351 13,351 13,351 10,090 10,090 10,090 8,142 8,142 121,177 121,177 119,323 119,323 119,323 119,323 119,323 119,32? 119,323 119,323 119,323 119,323 119,323 56.408 56,472 56,173 56,399 56,566 56,025 56.081 56,343 56,451 57,157 57,765 58,156 58,612 48,828 48,917 49,035 49,320 49,447 49,545 49,624 49,709 49,776 50,343 50,717 50,945 51,117 Noninterestbearing debt 2AY\ 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 ,316 ,370 ,460 ,739 ',326 5.421 7,144 7,127 6,711 6,669 6,688 6,096 6.003 5,978 5,725 5,590 S.57O 5,443 5,477 21,224 21,481 22,332 23,045 23,443 23,854 24,015 24,254 24,585 24,777 24,938 25,183 25,280 ,188 ,143 ,311 ,231 ,187 ,152 ,117 ,352 ,500 .399 3; 305 3,324 3,275 Fully guaranteed interestbearing securities 5,498 5,901 6,360 6,317 4,548 4,283 4,092 4,225 1,516 1,470 591 566 574 487 454 862 409 553 533 542 467 324 370 391 378 362 331 262 181 175 171 1 1 Including amounts held by Government agencies and trust funds, which aggregated 6,342 iuuuuu Uuu<n» uu ±vicu. ox, i*<±#. 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 APRIL 30, 1947 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Treasury bills i May 1, 1947 May 8,1947 May 15, 1947 May 22, 1947 May 29, 1947 June 5, 1947 June 12, 1947 June 19, 1947 June 26, 1947 July 3, 1947 July 10, 1947 July 17, 1947 July 24, 1947 1,312 1,310 1,302 1.312 1,302 1,315 1,307 1,317 1.308 1,303 1,314 1,108 1,100 Cert, of indebtedness June 1, 1947 July 1, 1947 Aug. 1, 1947 Sept. 1, 1947 Oct. 1, 1947 Nov. 1, 1947 Dec 1, 1947 Jan. 1, 1948 Feb. 1, 1948 Mar. 1, 1948.. Apr. 1, 1948.. . 2,775 2,916 1,223 2,341 1,440 1,775 3,281 3,134 3,947 2.142 1,321 Treasury notes Sept. 15, 1947 Sept. 15, 1947 Sept. 15, 1948 2,707 1,687 3,748 Treasury Oct. 15, Dec. 15, Mar. 15, Mar. 15, June 15, Sept. 15, Dec 15, June 15, Sept. 15, Dec 15, V/2 \\i ty2 Bonds 1947-52 2 . 4 ^ 1947 2 2 1948-50 2 1948-51 2 .2% 1948 \% 1948 2 2 Y2 1948-50 2.... 2 1949-51 2 1949-51 2 1949-51 2 Issue and coupon rate Amount Treasury bonds—Cont. Dec. 15, 1949-52 2..3J/g Dec 15, 1949-53 2 ..2H Mar. 15, 1950-52 2 Sept. 15, 1950-52 2 . . 2 ^ Sept. 15, 1950-52 2 Dec. 15, 1950 ty2 June 15, 1951-54 2 ..2 M Sept. 15, 1951-53 2 2 Sept. 15, 1951-55 . . . .3 D e c 15, 1951-53 2..2 }4 D e c 15, 1951-55 2 Mar. 15, 1952-54... 2H June 15, 1952-54 2 June 15, 1952-55.. .l\i Dec. 15, 1952-54 2 June 15, 1953-55 22... .2 June 15, 1954-56 2 . . 2 ^ Mar. 15, 1955-60 ..2 V% Mar. 15, 1956-58... 2 y2 Sept. 15, 1956-59 2 ..2 % Sept. 15, 1956-59. . .2\i June 15, 1958-63 2 . . 2 ^ June 15, 1959-62 a . . 2 ^ D e c 15, 1959-62 3..2 14 Dec. 15, 1960-65 2..2M June 15, 1962-67 3..2}/2 D e c 15, 1963-68 3..2H June 15, 1964-69 *. .2Y2 D e c 15, 1964-69 3..23^ Mar. 15, 1965-70 3. . 2 ^ Mar. 15, 1966-71 *. .2Y2 June 15, 1967-72 3..2H Sept. 15, 1967-72... 2 V2 D e c 15, 1967-72 3 . . 2 ^ 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 1,115 116 bonds 2Y2 1,223 P a n a m a Canal L o a n . 3 50 3,062 451 Total direct issues... , 170,535 571 1,014 G u a r a n t e e d securities 1,292 Federal Housing Admin. 2,098 Various 46 1 Sold on discount basis. See table on Open-Market Money Rates, p. 2571. Partially tax exempt. Restricted. MAY 1947 UNITED STATES SAVINGS BONDS [In millions of dollars] Month Fiscal year ending: j u n e —1940. . 1941.. 1942.. 1943.. 1944.. 1945.. 1946.. RedempAmount Funds received from sales during tions and .reriou outmaturities standing at end of Ml All Series Series Series month F G series E 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—Apr p48,828 May. . . 48,917 June. . . 49,035 July. . . 49,320 Aug... . 49,477 Sept.... 49,545 49,624 Oct Nov.... 49,709 Dec.. . . 49,776 50,343 1947—Jan Feb.. .. 50,717 Mar.... 50,945 Apr. . . . 51,117 203 8 11 11 6 668 594 571 753 590 494 519 453 576 952 712 616 572 114 148 207 848 271 820 553 739 67 435 758 802 679 407 2,032 2,759 2,876 2,658 2,465 2,371 4,298 6,717 388 345 321 386 347 309 327 294 370 535 394 372 349 29 24 24 31 25 20 24 20 29 53 41 35 33 250 225 226 335 217 165 169 139 178 364 278 209 191 621 552 519 537 478 482 489 418 504 483 398 449 455 3 526 395 Maturities and amounts outstanding April 30, 1947 Year of maturity All series 1947 1948 1949 1950.. 1951 1952 1953 1954 1955 1956 1957 1958 1959 Unclassified. . 281 506 808 980 1,583 4,429 7,951 10,400 9,179 6,777 4,251 2,937 1,108 -73 281 506 808 980 436 51,117 3,010 Total Series OD Series E 1,147 4,429 6,602 7,644 6,262 3,439 1,298 30,821 Series F Series G 207* ' " 1 , 1 4 2 " 550 2,207 612 2,306 689 2,648 550 2,403 2,617 320 962 146 3,074 14,284 575 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by nonbank investors Held by banks End of month Total interestbearing securities Total 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 i Public i 1940—June 1941—June December 1942—June December 1943—June December 1944—June December 1945—June December 1946—June 47,874 54,747 63,768 76,517 111,591 139,472 168,732 201.059 230,361 256,766 276,246 268,578 18,566 21,884 23,654 28,645 47,289 59,402 71,443 83,301 96,546 105,892 114,862 107,883 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 97,289 117,758 133,815 150,874 161,384 160,695 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 25,600 400 600 700 900 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 2,305 2,375 2,558 2,737 3,218 3,451 4,242 4,810 5,348 6,128 7,048 6,798 1946—July August September October November December 267,363 266,729 264,608 262,792 261,286 257,980 106,433 105,146 103,549 101,918 100,444 97,050 82,800 81,200 79,500 78,400 76,500 73,700 23,633 23,946 24,049 23,518 23,944 23,350 160,930 161,583 161,059 160,874 160,842 160,930 62,900 62,900 62,700 62,800 63,100 63,300 25,400 25,400 25,400 25,400 25,300 25,300 11,600 11,700 11,700 11,700 11,700 11,800 25,100 25,100 24,500 24,200 24,000 23,400 6,400 6,400 6,300 6,300 6,200 6,200 23,045 23,443 23,854 24,015 24,254 24,585 6,666 6,619 6,524 6,419 6,355 6,338 1947—January February 258,640 258,294 96,941 95,917 73,000 71,800 23,941 24,117 161,699 162,377 64,100 64,500 25,400 25,400 11,900 12,000 23,000 22,900 6,200 6,200 24,777 24,938 6,389 6,374 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Jan. 31, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. In millions of dollars] End of month Total outstanding Type of security: Total:2 1944—Dec... 1945—Dec... 1946—June... Dec... 1947—Jan.... 162,843 198,820 189,649 176,658 176,490 Feb... . 175,456 Treasury bills: 1944—Dec... 1945—Dec... 1946—Tune... Dec... 1947—Jan Feb Certificates: 1944—Dec 1945—Dec 1946—June... Dec 1947—Jan Feb Treasury notes: 1944—Dec 1945—Dec 1946—June.... Dec 1947—Jan Feb Treasury bonds: 1944—Dec 1945-Dec 1946—June.... Dec 1947-Tan Feb U. S. Govern- Fed- Com- Mu- Insurment eral mer- tual ance sav- com- Other cial agen- Recies serve banks ings panies 1 banks and Banks C ) trust funds 5,338 18,846 72 ,045 8,183 18,761 7 009 24,262 82,830 10 ,491 23,18.3 6,768 23,783 76,578 11, 220 24,285 24,346 6,302 23,350 66 ,962 11,521 24.339 ,42i 11 ,595 6.352 23.941 66,426 667 24,374 6,337 24,117 65 ,355 11, 39,670 51,046 47,015 44,177 43.838 43,606 11,148 12,831 14,466 14,745 15.652 15,730 4,113 2,476 1,142 1,187 520 539 1,159 1,723 1,424 1,088 892 769 4,887 8,364 6,813 7,496 7,180 7,189 15,032 18,091 16,676 11,221 11,195 10,212 136 91 243 257 273 291 310 360 576 490 477 454 60 1,566 15,411 8 2,120 15,701 9 1,748 11,396 6 355 6,120 6 355 6,168 11 444 6,096 336 179 227 211 197 188 568 5,098 383 576 623 258 603 796 596 2,767 598 2,754 16,428 17,037 17,039 17,033 17,074 17,048 30,401 38,155 34,804 29,987 29,791 28,784 23,039 22,967 18,261 10,090 10,090 10,090 91,585 120,423 119,323 119,323 119,323 119,323 62 38 58 64 100 79 9,974 11,211 10,439 10,459 10,566 10,559 5,173 1,243 36,508 7,704 17,859:23,098 ,579 6,915 947 46,535 10,217 22,230 33, 6,655 755 47,335 10,743 23,073;30,764 6,186 753 48,408 11, 049 23,226 29,700 6,192 753 48.514 11, 120 23,249 29,494 6,193 753 48,477 11,184 23,307 29,408 End of month Maturities of Treasury bonds and notes: Within 1 year: 1944—Dec 1945—Dec 1946—June Dec 1947—Jan Feb 1-5 years: 1944—Dec 1945—Dec 1946—June . . . Dec 1947—Jan Feb 5-10 years: 1944—Dec 1945—Dec 1946—June Dec 1947—Jan Feb 10-20 years: 1944—Dec 1945—Dec 1946—June Dec 1947—Tan Feb After 20 years: 1944—Dec 1945—Dec 1946—June..., Dec 1947—Tan Feb... . Total outstanding U. S. Govern- Fed- Com- Mu- Insurment eral mer- tual ance agen- Recial Other cies serve banks ings comand Banks 0) banks panies trust funds 6,737 15,222 10,119 7,802 7,802 7,802 83 646 4,016 185 2,017 9,956 4 1,431 5,655 29 72 4,341 72 4,400 29 161 4,373 29 34 63 116 181 166 156 171 235 495 591 583 581 1,790 2,761 2,418 2,591 2,556 2,504 34,965 35,376 35,055 39,570 39,570 39,570 580 1,557 23,490 866 408 693 25,165 701 443 797 25,285 709 576 831 28,470 1,047 578 831 28.328 1,086 583 831 28,186 1,123 1,884 1,742 1,506 2,101 2,108 2,131 6,589 6,673 6,319 6,550 6,638 6,716 37,909 33,025 32,847 27,283 27,283 27,283 725 78 716 529 529 529 366 210 135 72 72 72 19,953 21,007 21,933 16,657 16,871 16,928 3,447 2,058 1,609 2,042 2,048 2,037 3,787 2,902 2,822 2,826 2,801 2,803 9,631 6,063 5,632 5,156 4,963 4,915 23,817 34,985 37,189 32,384 32,384 32,384 2,098 2,779 3,400 2,975 2,976 2,976 145 90 83 78 78 78 3,391 3,691 3,308 2,433 2,431 2,433 3,186 5,523 6,026 5,303 5,311 5,323 8,204 10,996 12,547 11,708 11,733 11,750 6,793 11,905 11,829 9,886 9,858 9,825 11,194 24,781 22,372 22,372 22,372 22,37 1,748 2,764 2,103 2,084 2,090 2,091 95 57 57 55 55 55 1,066 2,418 2,550 2,632 2,652 2,653 509 2,051 2,510 2,687 2,705 2,732 4,381 6,933 6,325 6,602 6,621 6,640 3,394 10,559 8,826 8,313 8,248 8,202 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Feb. 28, 1947, commercial banks reporting to the Treasury held 15,136 million dollars of U. S. Government2 securities due or callable within one year out of a total of 53,750 million outstanding. Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below. 576 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Increase ( + ) or decrease (—) Trust during period accounts etc.* General Gross fund debt balance MisIncome taxes1 cellaIn- War TransTotal Budget fers to Other Other Total Net ter- and neous Social exbudget surplus deSecuor trust inter- rity est fense rerereexpend- (+) ac- pendideficit nal tures itures ceipts ceipts ceipts* on activWithtaxes counts debt ities held2 Other reveetc. nue 1 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 1946—April 642 485 1,118 65 424 615 966 442 May 285 690 615 650 2,742 June 76 399 695 514 974 67 349 July 679 443 302 223 August 1,070 186 656 89 September. 705 2,845 752 74 386 557 847 October 669 332 1,111 290 236 November. 722 766 2,120 89 416 December.. 546 2,117 693 58 445 1947—January... 1,376 1,845 666 387 368 February.. 682 118 275 March . . . . 785 3,865 638 April 584 1,012 75 315 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 2,734 2,677 174 2,560 200 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 4,643 5,724 2,624 3,820 4,378 5,701 2,556 343 124 626 141 1,412 1,457 1,42; 1,728 71 1,28 16 2,318 1,544 2,085 Net receipts Net expenditures in checking accounts of ExGovernInvest- pendiment ments tures agencies 3,202 3,239 2,940 2,816 2.757 1,261 1,618 135 465 232 276 492 57 159 430 71 219 440 83 157 -60 72 359 103 122 271 -5 87 237 45 87 201 5 155 158 140 137 135 112 116 104 109 126 123 134 133 Period Fiscal year ending: June 1944 June 1945 June 1946 1946—April May.... June.... July August September. . October November. . December... 1947—January.... February... March April. . . . Other Receipts 3,113 +706 3,914 +464 3,598 +2,102 4,001 - 1 , 4 4 5 +628 - 1 2 5 +1,210 +317 +2,422 +1,642 -224 -2,294 -33 +269 - 2 , 5 9 8 - 1 , 4 2 3 General fund of the Treasury (end of period) Details of trust accounts, etc. Social Security accounts 5,369 95,573 -51,424 — 2,222 +10,662+64,307 5,106 100,397 -53,941 +791 +4,529+57,679 8,532 63,714 -20,677 +524 -10,460+10,740 1,334 +272 - 3 , 4 3 3 - 2 , 1 1 4 4,268 - 1 , 5 9 1 1,481 3,864 - 1 , 1 3 1 +48 - 2 , 3 9 8 - 1 , 3 1 6 1,510 5,352 -264 -4,298 -3,161 -873 1,574 3,644 - 1 , 1 0 5 +48 - 2 , 2 0 9 - 1 , 1 5 2 -724 1,288 -499 -989 2,932 +234 -868 -2,177 974 2,755 +1,723 -414 1,276 2,965 -420 + 156 - 2 , 1 0 1 - 1 , 8 3 7 961 -165 2,529 + 15 - 1 , 4 0 5 - 1 , 2 5 5 +445 1,110 3,662 -480 -3,163 -3,128 Assets Investments Deposits in Federal Reserve Banks Deposits in special depositaries 20,775 25,119 14,708 ,442 ,500 ,006 21,293 18,859 14,708 12,444 11,431 10,524 8,393 6,965 3,920 5,102 7,478 7,233 4,707 ,124 ,230 ,006 702 872 1,445 773 824 682 18,007 22,622 12,993 19,502 16,949 12,993 10,961 9,842 8,377 6,936 5,487 2,570 2,736 3,363 3,292 2,317 Expenditures Total -108 -938 2,817 -48 468 121 448 -12 228 78 265 331 121 224 2 Other assets Total liabilities Balance in general fund « 2,874 1,553 95 9 -57 93 -204 -70 29 -58 26 -27 131 11 -32 -60 380 453 1,851 3,820 4,735 326 388 469 586 108 216 155 127 125 1,313 2,444 2,407 133 165 253 331 192 46 26 60 26 44 41 17 123 361 207 197 1,620 2,561 2,369 842 1,327 997 708 667 681 708 781 716 702 684 655 668 607 421 470 359 323 470 415 391 353 323 300 418 20,169 24,698 14,238 20,935 18,536 14,238 12,029 11,040 10,171 8,070 6.665 3,502 746 1,554 1,571 1,548 391 344 323 395 4,711 7,134 6,909 4,312 r 1 Revised. 2 Details on collection basis given in table below. Withheld by employers (Current Tax Payment Act of 1943). • Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund * Excess of receipts ( + ) or expenditures (—). Back figures.—See Banking and Monetary Statistics Tables 150-151 pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Individual income taxes Period Corporation income and profits taxes CASH INCOME AND OUTGO OF THE UNITED STATES TREASURY [In millions of dollars] Estate and gift taxes Excise and other miscellaneous taxes Other Normal and surtax Excess profits Other profits taxes 982 1,418 3,263 5,944 10,438 8 770 8,847 1,121 1,852 3,069 4,521 5,284 4,880 4,640 164 1,618 5,064 9,345 11 004 7,822 27 37 360 407 57 433 144 91 643 677 2,000 2,547 3 405 4,124 4,842 6 317 7 036 1,883 508 1,006 157 1,268 324 9 5 84 66 555 549 175 82 157 744 192 142 692 232 122 752 16 4 4 10 4 3 9 64 577 1,053 375 77 1,198 234 80 420 994 330 204 978 344 123 925 3 August September.. October November.. December. . 154 708 1,245 30 858 1,339 30 1,062 1,243 27 63 74 58 43 57 49 62 548 634 631 604 706 612 652 1947—January February... March 657 1,971 81 2,196 1,082 1,967 250 177 1,712 266 127 80 6 3 3 66 84 103 639 595 541 Fiscal year ending: June 1940 1941 1942 1943 1944 1945 1946 1946—March April May . June July MAY Withheld 686 7,823 10 264 9,858 1947 84 137 447 511 Cash income Cash outgo Excess of cash ineome( + ) or outgo (—) 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 July August September. October November. December. , 5,950 2,934 3,492 4,736 2,703 3,016 4,698 2,803 2,892 4,257 4,169 4,171 4,383 5,046 2,923 2,928 2,988 2,850 2,276 3,643 +1,782 -1,237 -891 -310 -219 +88 + 1,710 -47 1947—January February.., March 3,948 5,163 5,975 2,827 3,690 3,352 +1,121 + t,474 +2,623 Period Fiscal year ending: June—1940 1941 1942 1943 1944 1945 1946 1946—March April May June , , +616 +614 577 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than interagency items Assets, other than interagency items I Loans Corporation or agency Total Cash All agencies: Dec. 31 Mar. 31 Jurle 30 Sept 30 Dec 31 33,844 33,325 29,869 29,569 30.409 1945 1946 1946 1946 1946 Classification by agency, Dec. 31, 1946 Department of Agriculture:2 Farm Credit Administration: 300 346 Federal intermediate credit banks. Federal land banks 1,114 117 Production credit corporations.... 15 Regional Agricultural Credit Corp. Agricultural Marketing Act Re2 volving Fund 133 Federal Farm Mortgage Corp 538 Rural Electrification Administration. 1,284 Commodity Credit Corp 475 Farmers' Home Corp 24 Federal Crop Insurance Corp National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 473 Federal Savings and Loan Insurance Corp 176 Home Owners' Loan Corp 676 Federal Public Housing Authority and affiliate: Federal Public HousingAuthority 537 Defense Homes Corp 57 Federal Housing Administration 196 Federal National Mortgage Association. 6 23 R.F.C. Mortgage Company Reconstruction Finance Corp.4 5,016 Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee Valley Authority U. S. Maritime Commission: Maritime Commission activities War Shipping Adm. activities 5 .... All other" 1,253 1,061 ceivable Commodities, supplies, and materials U. S. PriBonds, notes, Gov- vately and debenLand, erntures payable UndisstrucOther ment owned Other tures, liabil- in terasFully est uted U. S. Other and ities est Govt. secu- equip- charges sets guar- Other anteed secument by U.S. rities rities 2,288 1,918 1 550 1,429 1,265 1,683 1,789 1 767 1,836 1,873 5,290 5,069 5,381 5,949 6,649 925 1,279 1,305 1,157 1,398 Investments 231 273 24 22 472 460 385 299 339 5 136 70 1 4 19 463 293 145 624 13 1 278 1 26 6 33 293 756 17 3 3 667 () 48 3 1 241 268 758 7 2 19 2 75 1 3 938 8 360 3,263 265 183 52 2 870 159 7 14 13 (3) 207 324 240 124 4 173 21 651 3 1 534 56 152 5 1 108 22 183 1,071 9 24 98 4 10 77 117 14 978 4,038 2 7 47 4 3 301 7 764 1,813 498 256 51 71 8 36 306 144 727 20 «, 2 (3) (3) 3 5 8 3 2,854 8 72 30 14 1,160 169 472 479 482 496 2 127 538 -92 468 10 3 (3) (3) 1 045 (3) 40 (2) 217 3 1 7 720 27,492 26,218 22,889 24,069 24,810 (3) 3 1 227 56 2 122 () 1 3 5 190 56 10 2 15 8 (') 4,212 4,959 4,939 3,377 3,588 3 14 53 1 4 16 (3) 172 15 (3) 1.113 1,133 1,234 1,250 1,252 (3) (3) 2 35 555 536 325 377 261 46 9 33 1,845 1,741 1,605 1,536 1,414 (3) 1 120 527 109 315 10 6 514 84 5 21,017 20,784 17,438 16,973 16,924 43 47 919 37 1 13 325 285 439 390 547 " 9 919 268 750 276 733 73 3,662 7,627 3,190 (3) 270 286 168 (3) 139 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1946 Purpose of loan Fed. Fed. inter- Banks Com- Rural Farm- Home Fed. Farm Ownmedifor co- modity Elecers' land ers' ate opera- Credit trificabanks Mort. tion Home Loan Corp. credit tives Corp. Adm. Corp. 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) 986 149 273 232 120 528 ExFed. Fed. R.F.C. portPublic home and ImHous- loan affiliport ing Auth. banks ates Bank (3) 22 153 151 588 636 293 67 29 (3) 919 120 273 1 11 231 109 (3) 527 278 273 13 315 624 278 293 12 2 235 232 66 740 All other Sept. 1946, All 30, all agen- agencies cies 9 1 2,884 659 2,860 704 18 41 171 192 171 182 7 i",249 (3) 800' 113 11 19 295 2,284 623 478 20 237 1,632 641 498 1,241 978 6,649 5,949 1 3 6 6 2 Assets are shown on a net 4basis, i.e., after reserves for losses. Federal Surplus Commodities Corp. has been liquidated. Less than 1500,000. Includes U. S. Commercial Company and War Damage Corp. Figures are for Nov. 30, 1946, with the exception of those for lend-lease and UNRRA activities. Figures for Inland Waterways Corp. and the Virgin Islands Co., which are included in this group, are for Nov. 30, 1946, and June 30 1946, respectively. 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. 578 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)' 1923-25=100 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 Ad- Unadjusted justed 122.9 109.1 92.3 70.6 68.9 78.7 87.1 101.3 107.7 98.5 105.4 113 138.0 174.6 213.0 233.4 239.1 P245.1 Nondurable Minerals Total AdAdAdAdjusted justed justed justed 72 75 58 73 88 82 90 96 95 99 110 91 75 58 69 75 87 103 113 89 109 125 162 199 239 235 203 P170 84 93 53 81 103 95 107 114 107 117 132 98 67 41 54 65 83 108 122 78 109 139 201 279 360 353 274 P192 62 60 57 67 72 69 76 79 83 85 93 84 79 70 79 81 90 100 106 95 109 115 142 158 176 171 166 P165 71 83 66 71 98 89 92 100 100 99 107 93 80 67 76 80 86 99 112 97 106 117 125 129 132 140 137 P134 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 1944 June July August September October. . . November. December. 233.9 233.2 234.0 232.5 235.5 237.5 239.0 235 230 232 230 232 232 232 236 232 235 234 234 232 230 354 347 348 342 344 341 343 16*9 165 168 168 169 173 173 142 139 142 143 143 143 137 1945 January... February.. March April May June July August September October... November. December. 241.9 245.2 244.1 242.3 241.9 244.6 243 4 236.0 229.0 231.4 235.7 234.1 234 236 235 230 225 220 210 186 167 162 168 163 230 232 232 229 225 220 211 188 171 164 167 161 345 346 345 336 323 308 292 239 194 186 191 185 175 176 176 174 173 173 165 157 156 154 158 156 140 141 142 140 138 144 143 140 134 124 138 133 48 59 72 70 58 50 54 61 69 83 94 108 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 ••180 156 148 164 163 159 171 174 180 184 184 183 180 166 138 183 190 175 193 202 208 212 214 214 211 161 167 166 164 161 162 157 164 165 168 173 174 141 141 137 104 115 139 146 144 146 145 136 137 107 136 147 170 169 174 165 158 151 145 139 154 1947 January... February.. March 263.6 263.6 P263.0 '189 189 ••185 221 222 P223 177 176 P175 146 146 P147 146 151 P133 ••182 183 182 185 P186 Residential All other Employment* 1939=100 Nonagricultural Factory Department FacFreight store tory carloadsales pay 1 ings (valrolls4 1939= 1935-39 ue)* 5 = 1 0 0 100 1935-39 =100 AdAdAdAd- Unad- UnadAdjusted justed justed justed justed justed justed 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 61 102 161 103 104 79 88 101 93 97 98 96 96 103 89 75 64 71 83 88 96 105 90 100 107 132 154 177 172 -•151 '142 102.8 '95.7 '86.3 '75.7 '76.1 '84.0 '87.8 '95.1 101.1 '94.6 100.0 105.8 119.4 131.1 •138.8 137.0 132.0 134.4 137.2 172.5 136.7 •171.3 136.5 •170.7 136.0 169.3 135.5 168.1 135.4 •167.2 135.9 168.0 103.2 123.5 79.7 85.5 108.4 101.2 106.6 109.9 107.9 109.1 117.1 94.7 71.8 49.5 53.1 68.3 Adjusted Wholesale com- Cost of modity livirg* prices4 1935-39 =100 1926 =100 Unad- Unadjusted justed 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 4 139.3 172.2 346.6 171.9 339.6 172.0 343.1 170.1 341.9 168.5 343.8 167.7 341.0 168.3 346.7 139 14? 142 139 137 141 137 177 186 187 190 193 201 199 104.3 104.1 103 9 104.0 104 1 104.4 104.7 125.4 126.1 126.4 126.5 126.5 126.6 127.0 144 139 145 141 141 140 139 128 127 198 208 216 184 190 203 215 200 203 213 222 219 104.9 105 2 105.3 105.7 106.0 106.1 105.9 105.7 105.2 105.9 106.8 107.1 127.1 126.9 126.8 127.1 128.1 129.0 129.4 129.3 128.9 128.9 129.3 129.9 78.6 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 '169.3 '168.3 '166.0 '163.6 '160.3 '155.0 -150.4 '130.1 '129.5 '130.1 '130.6 '168.2 '168.7 '167.7 '165.2 '162.5 '160.0 '155.6 '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 61 95 129 172 179 177 161 157 147 140 122 143 145 169 161 168 161 172 168 158 155 148 152 163 129.0 127.2 130.5 •132.4 133.5 134.5 134.9 136.6 137.7 138.1 139.0 139.3 '133.2 '124.4 '132.6 '139.4 140.7 '142.2 '143.0 '146.3 '148.6 '149.1 '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 '290.3 -•292.8 -•298.2 -"306.2 126 139 109 106 133 139 141 138 139 137 140 227 250 '258 252 258 276 273 290 270 257 272 274 107.1 107.7 108 9 110.2 111 0 112.9 124.7 129.1 124.0 134.1 139.7 140.9 129.9 129.6 130.2 131 131 133.3 141.? 144.1 145.9 148.6 152.2 153.3 144 152 P133 148 149 P133 139.2 '153.4 '152.7 '307.3 139.6 '154.5 '153.8 -•310.7 P153.8 150 142 146 265 '269 P277 141.5 144.6 149.6 '153.3 '153.2 156.3 P140.0,P154.4 * Average per working day. P Preliminary. ' Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 580-583. For points in total index, by major groups, see p. 599. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 577 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, see pp. 589-591 . Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, October and 1943, pp. 9S8-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, p. 1055; for department stores sales, June 1944, pp. 549-561. MAY 1947 579 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average=100] 1947 1946 Industry Mar. Apr. May June July Aug. Sept. Oct. N o \ . Dec Jan. Feb Mar, Industrial Production—Total. 168 165 159 170 172 178 180 182 183 182 189 189 P189 Manufactures—Total 173 176 167 176 177 184 186 188 191 190 196 197 P197 183 190 175 193 202 208 212 214 214 211 221 222 169 159 109 154 180 184 185 184 178 159 192 '191 194 168 176 161 286 142 175 148 363 86 126 98 319 144 167 142 343 178 190 169 343 186 170 381 184 196 172 366 183 195 171 369 174 193 163 404 152 174 145 381 193 206 177 413 191 '207 174 r 446 194 207 179 412 207 225 230 241 243 254 261 268 271 276 276 276 P278 209 245 239 238 241 242 240 237 235 235 229 233 P234 114 161 162 176 182 188 185 187 187 181 190 P191 139 132 128 137 151 159 172 184 192 197 203 203 P200 121 108 105 110 140 150 161 168 175 181 183 188 P191 138 147 155 163 203 212 210 Durable Manufactures Iron and Steel Pig iron Steel Open hearth. Electric Machinery 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 products1.. Nondurable Manufactures. Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption1.... Wool textiles Carpet wool consumption. . Apparel wool consumption. Woolen and worsted yarn. . Woolen yarn Worsted yarn Woolen and worsted cloth.. Leather and Products. Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers.... Sheep and lamb leathers. Shoes Manufactured Food Products. Wheat flour Cane sugar meltings1 Manufactured dairy products. Butter Cheese Canned and dried milk... Ice cream 147 191 125 130 133 129 135 137 136 142 141 142 147 P148 117 142 123 144 123 142 127 146 121 144 126 152 129 152 127 155 135 157 132 160 131 161 137 P138 P166 192 190 175 190 192 197 204 200 202 210 219 P218 214 130 243 152 148 202 221 193 133 213 127 140 187 222 221 136 251 152 150 204 217 209 119 240 155 148 194 232 218 129 249 155 147 187 233 215 114 251 159 150 215 242 238 161 265 162 150 212 235 227 158 250 156 149 212 241 168 166 164 161 162 157 164 165 162 161 H5 165 145 163 168 151 147 245 149 144 249 153 149 251 154 152 245 133 127 239 152 149 240 156 153 242 173 138 229 174 176 171 173 169 122 224 171 172 169 174 174 134 231 176 180 170 176 174 137 225 175 178 170 178 144 101 192 143 147 138 151 173 137 226 173 178 165 176 134 131 127 128 103 120 140 84 62 148 144 115 135 84 54 134 104 124 75 49 118 107 128 75 45 128 99 117 66 45 125 106 142 142 142 153 145 139 156 122 59 153 144 219 232 135 265 177 152 '219 263 245 149 278 182 168 '228 177 -•271 242 235 159 154 270 263 192 -•203 164 P162 232 P228 260 P259 173 174 174 164 157 155 248 163 164 256 152 141 254 -160 161 '262 161 260 181 144 239 180 183 176 184 178 143 230 177 177 176 181 181 161 230 178 178 177 181 180 165 223 175 171 180 181 171 155 214 r 166 '160 175 173 177 172 222 169 158 184 179 120 119 117 121 115 H6 119 101 119 70 49 124 133 101 114 81 51 134 97 103 78 67 141 110 121 91 70 137 110 122 94 68 130 117 112 127 96 '67 117 118 118 134 98 81 108 120 162 161 157 P157 150 131 130 129 136 146 156 176 P175 173 P172 160 P27O 158 P166 100 135 135 145 109 P120 P129 P 1 3 6 P137 P143 P146 P146 P147 P148 Pi 49 P153 65 85 62 77 79 82 62 73 74 79 79 127 131 168 178 169 173 120 P122 226 152 251 162 150 215 252 r 173 163 166 163 167 174 168 163 164 142 172 143 155 162 172 148 178 147 185 152 198 164 P2 Preliminary. «• Revised. i 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. 580 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1946 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal Lamb and mutton. 140 149 132 80 157 130 157 101 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 Other manufactured foods Processed fruits and vegetables. Confectionery Other food products 167 163 139 173 164 165 132 169 156 158 136 159 151 162 123 153 153 175 109 154 151 155 107 158 150 143 110 159 154 167 123 156 160 160 135 164 168 170 147 172 157 138 171 137 P152 176 169 155 161 176 174 227 206 213 254 241 223 208 127 100 370 401 117 96 356 409 109 60 352 387 123 61 343 367 128 65 377 426 123 56 426 427 197 71 384 461 179 68 241 460 194 64 191 463 202 158 333 426 183 188 623 408 157 179 695 372 160 151 619 314 161 154 163 153 140 155 157 173 169 148 168 158 110 217 65 109 205 69 110 219 71 108 200 76 99 181 72 110 202 79 112 205 76 127 226 79 131 216 81 109 192 72 112 208 69 110 228 67 98 216 66 148 146 142 146 136 147 150 152 153 150 156 157 159 143 156 98 111 239 132 141 165 82 144 149 138 86 141 155 96 112 235 131 139 166 85 144 143 126 86 138 150 92 100 223 133 136 160 84 141 143 128 83 142 161 99 107 250 137 139 164 85 143 142 132 83 131 147 96 101 229 122 129 155 72 127 138 124 84 142 156 98 110 238 132 140 169 85 134 151 135 83 144 162 101 111 249 136 142 172 85 138 152 133 87 146 163 106 108 244 141 144 172 89 144 155 135 85 147 162 96 109 248 139 145 175 90 142 156 136 84 146 159 98 109 236 139 144 168 86 155 152 134 150 166 99 109 25? 145 147 179 83 153 148 137 87 151 171 100 109 260 150 148 181 83 155 142 137 89 153 126 124 129 124 129 128 132 130 138 140 108 108 116 121 123 117 119 118 122 125 P180 '185 142 Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits. . Rectified liquors P166 Industrial Alcohol from Beverage Plants1 Tobacco Products Cigars Cigarettes Other tobacco products. Paper and Paper Products .^. . Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paperboard Fine paper Printing paper. Tissue and absorbent paper , Wrapping paper Newsprint Paperboard containers (same as Paperboard) . Printing and Publishing. Newsprint consumption Printing paper (same as shown under Paper) Petroleum and Coal Products. . Petroleum refining2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products1 Coke By-product coke Beehive coke Chemical Products. Paints Soap Rayon Industrial chemicals Explosives and ammunition 1 . Other chemical products 1 ... . '171 Pi 66 Pi 74 P178 P182 P181 P179 •277 P178 130 172 141 183 133 172 135 161 138 168 132 167 140 170 146 175 144 166 135 172 149 164 152 162 146 165 153 155 145 160 159 163 148 161 147 150 148 167 154 162 160 175 143 170 162 185 151 145 337 113 116 18 73 75 16 137 133 276 160 155 336 165 159 369 166 161 352 167 160 406 152 148 272 143 139 278 163 410 172 165 413 232 235 231 233 235 237 235 238 243 249 •253 148 122 256 382 150 121 260 392 143 121 261 383 146 122 256 389 150 120 255 396 153 117 262 395 149 114 267 395 148 111 271 402 150 115 279 411 152 128 281 422 154 131 288 "429 151 180 88 160 151 139 89 P156 136 290 429 P136 P289 Rubber Products.. . 221 219 215 218 211 221 234 234 243 252 247 Minerals—Total. 137 104 115 139 146 144 146 145 136 137 146 146 P147 Fuels 145 108 124 149 153 150 151 150 140 141 151 150 P152 159 168 125 138 32 10 121 73 60 125 142 156 86 153 159 128 154 149 15o 120 151 155 163 125 149 152 160 124 149 118 116 123 150 128 130 121 147 162 173 118 146 151 162 107 150 p\53 163 113 151 146 149 153 103 107 111 111 117 111 117 122 76 63 78 147 148 153 157 169 153 158 166 Coal Bituminous coal. Anthracite Crude petroleum Metals. 89 Metals other than gold and silver. Iron ore (Copper; Lead; Zinc)1 Gold Silver 132 111 89 '117 114 r v 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 MAY 1947 581 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without,Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1947 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. M a r Industrial Production—Total... Manufactures—Total Durable Manufactures 164 163 159 171 174 180 184 184 183 180 '185 185 P186 170 174 167 176 178 186 rl91 191 192 188 192 193 P194 181 190 175 194 203 210 214 215 214 209 218 Iron and Steel 169 159 109 154 180 184 185 184 178 159 192 r 191 194 Pig iron Steel Open hearth. Electric Machinery 168 176 161 286 142 175 148 363 86 126 98 319 144 167 142 343 178 190 169 343 186 196 170 381 184 196 172 366 183 195 171 369 193 163 404 152 174 145 381 193 206 177 413 191 '207 174 "446 194 207 179 412 207 225 230 241 243 254 261 268 271 276 276 276 v278 209 241 238 241 242 240 237 235 235 229 233 v234 167 176 182 187 190 Manufacturing Arsenals and Depots 2 Automobiles (Aircraft; Railroad cars; Locomotives; ShipbuildingPrivate and Government)! 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 114 139 132 128 137 150 159 121 108 105 110 139 150 141 138 155 163 120 129 131 137 144 108 142 122 144 126 142 138 146 133 144 140 152 180 191 193 204 204 133 228 134 140 190 222 207 119 237 166 147 198 232 211 129 239 171 147 187 233 160 162 15) 184 187 Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products... Abrasive and asbestos products. Other stone and clay products x. 221 136 251 125 143 197 217 214 130 243 145 144 198 221 Nondurable Manufacture. 162 161 and P221 l Transportation Equipment. Textiles 219 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 192 203 203 v200 182 P191 203 191 198 147 142 139 144 152 136 155 131 157 114 160 107 161 118 167 '126 '166 212 209 207 203 208 205 >209 228 152 254 175 155 219 252 218 135 247 161 158 224 263 241 149 273 148 156 218 229 154 255 154 242 159 270 157 174 172 223 114 261 179 154 215 242 242 161 270 188 155 216 235 232 158 258 181 158 218 241 166 172 172 163 165 •2 V I 172 174 P155 P219 260 P259 171 173 P171 172 P158 160 151 147 245 149 144 249 153 149 251 154 152 245 133 127 239 152 149 240 156 153 242 157 155 248 163 164 256 152 141 254 '160 161 "262 260 P27O 173 138 229 174 176 171 173 169 122 224 171 172 169 174 174 134 231 176 180 170 176 174 137 225 175 178 170 178 144 101 192 143 147 138 151 173 137 226 173 178 165 176 181 144 239 180 183 176 184 178 143 230 177 177 176 181 181 161 230 178 178 177 181 180 165 223 175 171 180 181 171 155 214 166 160 175 173 177 172 222 169 158 184 179 134 131 127 127 101 119 118 117 123 114 116 123 119 140 82 62 144 114 135 81 56 131 142 105 124 72 48 127 142 104 123 77 46 127 94 110 66 45 116 100 115 73 47 127 133 99 111 80 51 131 131 98 104 80 67 141 130 114 126 94 68 145 129 110 122 92 68 124 117 113 130 95 '67 109 118 127 145 102 84 119 120 142 106 139 137 164 164 158 158 157 149 137 161 140 vl40 130 147 143 146 153 162 160 P163 P95 P95 62 124 114 68 132 119 144 Manufactured Food Products. 139 Wheat flour Cane sugar meltings l Manufactured dairy products.. Butter Cheese Canned and dried milk. . . Ice Cream 172 116 96 119 125 104 PlOl P 1 3 4 P 1 6 0 P189 P 1 9 7 P175 81 86 54 80 89 66 237 138 180 222 20/ 1F9 240 141 207 1/9 184 227 P151 P120 76 68 171 148 115 150 59 129 103 P127* 71 151 137 77 178 161 r l P Preliminary. Revised. Series included in total and group indexes but not available for publication separately. This series is currently based upon man-hour 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. 2 582 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Mar Manufactured Food Products—Continued Meat packing , Pork and lard Beef Veal Lamb and mutton. 129 138 120 75 154 120 143 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 Other manufactured foods Processed fruits and vegetables. . Confectionery Other food products 148 89 129 166 145 101 110 162 140 103 104 156 141 125 91 154 162 228 89 157 173 255 115 161 188 315 142 163 173 216 161 164 166 147 159 172 164 132 149 175 150 102 142 165 '143 86 '142 162 164 157 174 187 174 237 221 196 210 206 118 100 241 401 123 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 64 401 463 161 158 366 426 150 188 405 408 142 179 417 372 149 151 403 314 152 147 164 159 145 161 179 172 138 157 160 J49 110 202 65 109 190 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 98 201 148 146 142 147 136 147 150 152 153 150 156 157 Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits. Rectified liquors 159 187 Industrial Alcohol from Beverage Plants1 Tobacco Pi oducts Cigars Cigarettes Other tobacco products. Paper and Papei 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) . 66 159 151 171 104 109 260 150 148 181 83 155 147 137 89 143 157 105 111 239 132 141 165 82 144 149 138 86 141 156 106 112 235 131 139 166 85 144 144 126 138 151 100 100 223 133 136 160 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 Printing and Publishing. 129 129 126 129 115 123 128 135 135 141 145 Newsprint consumption Printing paper (same as shown under Paper). . Petroleum and Coal Products. 114 114 112 115 104 111 119 125 129 126 129 P179 H77 Petroleum refining 2 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 * Other chemical products x . . . P171 P!63 Pi 74 Pi 78 P!82 P181 150 167 103 109 252 145 147 179 83 153 147 137 153 151 180 88 160 151 139 89 P180 130 172 139 187 133 172 141 165 138 168 137 169 140 170 146 164 144 166 133 160 149 164 151 155 146 165 153 154 145 160 159 163 148 161 147 155 148 167 152 167 142 '166 155 179 143 170 160 194 151 145 337 113 116 18 73 75 16 137 133 276 160 155 336 165 159 369 166 161 352 167 160 406 152 148 272 143 139 278 171 163 410 172 165 413 234 237 231 231 232 233 148 1.22 256 382 151 119 260 392 147 117 261 383 150 119 256 389 149 119 255 396 151 119 262 395 148 119 267 395 148 116 271 402 252 240 149 116 279 411 152 128 281 422 288 r 429 P139 P409 P254 154 134 290 429 P156 P136 P289 P429 Rubber Products. . . 221 219 215 218 211 221 234 234 252 247 246 Min era Is—Total. 130 99 115 141 150 147 149 147 135 132 '141 141 P142 Fuels. 145 108 124 149 153 150 151 150 140 141 151 150 P152 159 168 125 138 32 10 121 146 73 60 125 149 142 156 86 153 153 159 128 154 149 156 120 151 155 163 125 149 152 160 124 149 118 116 123 150 128 130 121 147 162 173 118 146 151 162 io; 44 46 62 95 126 132 136 126 105 76 80 56 28 61 58 89 116 143 233 188 295 189 282 192 282 180 252 144 174 92 58 97 69 54 55 56 65 Coal. Bituminous coal. Anthracite Crude petroleum Metals. 150 P83 Metals other than gold and silver. Iron ore (Copper; Lead; Zinc)1 Gold Silver 104 73 i 53 163 113 151 P82 'hi' r J p Preliminary. Revised. Series included in total and group indexes but not available for publication separately. * This series is in process of revision. N O T E . — F o r description and back figures, see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937 and Ai-e 1940. pp. 753-771 and 825-882. MAY 1947 583 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Industry group or industry 1946 Feb. Total Durable goods 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 Electrical Machinery Electrical equipment Radios and phonographs Factory pay rolls Mar. Nov. 1947 Dec. Jan Feb 1946 Mar. Jan. Feb. Mar. 1947 Nov. Dec. Jan. Feb. -123.9 -132.1 -152.0 -152.8 -152 7 -153 8 153.8 -234.1 -214.3 -238.3 -298.2 -306.2 -307.3 -310.7 '125.2 '141.7 -176.7 -•177.0 '178 '180 1 180.6 '249.9 '204.2 '244.8 '331.1 '337.3 '339.8 '344.5 '122.8 '124.4 '132.5 '133.6 '132 9 '133 1 132.7 '218.7 '224.1 '232.1 '266.0 '275.8 '275.5 ''277.7 o -88.4 44 87 91 108 95 -132.4 117 129 105 112 103 -154.9 124 170 130 139 134 -153.4 120 171 131 139 132 -156 5 -157 5 158.2 -223.7 124 124 173 168 165 264 131 130 2C8 140 143 203 136 137 197 114 106 121 119 170 151 168 152 174 153 173 91 129 160 161 162 -132.6 48 149 149 196 159 -225.1 189 213 178 209 182 -280.8 209 316 233 282 265 -276.2 194 315 245 286 265 -287.9 209 303 243 289 277 -287.8 209 293 239 298 274 155 239 228 204 192 218 219 328 303 313 321 331 318 332 318 163 194 134 211 275 293 288 294 -136.1 -146.6 -227.6 -230.6 -230.6 -232. 0 230.9 -313.5 -214.2 -232.3 -416.0 -430.2 -424.6 -422.5 93 103 172 174 175 176 259 1'55 308 317 139 317 314 149 213 210 215 213 272 427 157 286 448 272 423 418 -163.0 -172.3 Machinery except Electrical Machinery and machine-shop 146 155 products 133 135 Engines and turbines 81 129 Tractors 107 109 Agricultural, excluding tractors 160 156 Machine tools 181 182 Machine-tool accessories 196 202 Pumps 125 125 Refrigerators -217.7 -219.6 -221.0 -22 3. 0 224.8 -308.5 -264.0 -287.3 -390.1 -399.9 -405.4 -408.3 Transportation Equipment, except Autos -305.1 -299.9 294 Aircraft, except aircraft engines... 296 239 252 Aircraft engines 329 316 Shipbuilding and boatbuilding. -292.4 369' 330 193 187 245 172 156 165 206 241 183 188 245 174 161 165 205 243 186 -298.2 365 326 206 188 244 175 164 163 204 243 194 -298.2 365 335 205 190 244 176 167 161 199 245 191 -298. 4 360 325 204 273 371 249 234 262 284 395 164 258 231 199 170 257 291 359 200 239 231 105 166 258 279 350 168 299.4 -579.3 -509.4 521 514 357 369 603 530 -525.5 524 384 549 337 492 270 281 286 343 451 302 347 501 271 291 291 351 468 306 349 492 273 296 283 343 467 346 -531.1 -571.2 -564.1 680 683 675 484 534 542 337 399 394 349 493 274 310 279 333 485 325 -559.3 674 513 376 Automobiles. .. -106.8 -115.3 -193.3 -192.3 -187.7 -196. 5 197.4 -159.1 -147.6 -173.0 -325.7 -328.9 -321.1 -337.3 Nonferrous Metals and Products Primary smelting and refining. Alloying and rolling, except aluminum Aluminum manufactures -128.2 -141.4 -184.0 -185.8 -186.9 -188. 9 187.9 -262.5 -226.9 -252.1 -345.3 -356.3 -354.8 -361.0 118 146 150 142 145 257 105 216 182 271 270 282 204 L umber and Timber Basic Products Sawmills and logging camps Planing and plywood mills -116.0 -118.6 -142.4 -140.8 -140.8 -142. 2 143.5 -194.4 -205.6 -219.1 -284.7 -290.6 -292.2 -310.4 70 79 72 82 80 80 164 118 132 164 163 123 176 91 106 91 106 105 106 149 205 165 215 216 161 218 Furniture and Lumber Products Furniture Stone, Clay and Glass Products Glass and glassware Cement Brick, tile, and terra cotta Pottery and related products -112.7 -114.6 -127.7 -129.6 -131.8 -134.6 134.3 -201.1 -208.9 -217.9 -268.5 -279.1 -282.1 -292.3 97 106 108 109 223 169 184 231 235 243 95 Ill 177 107 111 113 178 160 216 -124.7 -128.3 -143.9 142 146 149 94 99 121 93 96 110 130 132 147 162 218 -144.4 149 122 110 149 162 218 164 216 254 269 200 299 192 182 -144.9 -144.5 144.2 -190.4 -210.0 149 146 192 237 122 121 135 142 111 111 155 158 150 152 196 210 290 374 302 385 301 384 308 377 -278.4 -223.1 247 155 169 217 -274.8 277 207 222 263 -281.6 283 209 225 274 -280.0 283 198 227 270 -202.5 230 158 227 125 178 -211.4 242 164 234 129 181 -246.0 294 191 243 155 202 -253.7 301 198 253 158 210 -254 3 -262 0 309 304 201 207 252 275 156 158 217 215 Apparel and Other Finished Textiles. . . Men's clothing, n.e.c Shirts, collars, and nightwear Women's clothing, n.e.c Millinery -123.7 -126.4 -134.6 -136.6 -138.1 -141 7 142.0 -224.2 -2 36.1 85 87 93 94 94 95 148 158 73 74 81 82 82 -85 136 148 80 82 79 77 78 79 149 153 86 78 88 68 84 73 147 153 -259.1 170 153 173 170 -283.2 207 188 154 100 -292.7 211 198 159 117 -302.4 209 193 172 140 Leather and Leather Products Leather Boots and shoes -101.1 -103.1 -102.9 -104.4 -106 0 -106.5 106.2 -186.5 -195.9 -20 3.6 -201.6 -218.3 -220.6 -222.9 95 93 87 92 91 92 163 161 186 175 164 179 165 86 92 88 88 89 92 183 178 164 195 199 198 174 Food and Kindred Products Slaughtering and meat packing... Flour Baking Confectionery Malt liquors Canning and preserving -124 1 -122.8 122 126 127 122 110 110 103 106 143 154 63 67 -100.6 -102.2 -107.6 -108.6 -108 6 -109 1 108.3 -189.6 Textile-Mill and Fiber Products Cotton goods except small wares.. 110 112 118 118 119 119 217 Silk and rayon goods 74 75 79 80 80 80 149 Woolen and worsted manufactures 103 106 109 110 109 109 207 Hosiery 69 70 75 75 74 76 116 Dyeing and finishing textiles 93 94 97 97 99 99 168 Tobacco Manufactures Cigarettes Cigars Paper and Paper Paper Paper Allied Products and pulp goods, n.e.c boxes -87.3 116 72 -132.5 116 121 120 -133.5 115 125 108 115 148 98 -133.3 125 124 110 118 149 86 -128 4 124. 2 123.5 -218.3 -214.7 128 124 218 199 123 124 228 242 108 106 180 181 114 114 191 183 146 228 145 238 70 144 137 61 -87.9 -97.6 -98.3 -96 1 -95 4 126 124 122 117 126 83 82 83 73 84 -134.4 118 123 121 -144.3 124 128 133 -145.7 125 127 134 -209.7 191 214 183 186 200 132 -252.0 216 256 199 227 237 213 -263.3 237 268 209 241 252 201 -256.4 268 268 201 226 236 158 271 201 227 279 -315.5 210 199 183 166 -243.0 238 262 195 230 234 138 91.9 -166.7 -165.2 -171.3 -212.7 -222.0 -209.4 -201.0 201 242 202 247 255 234 194 146 156 195 186 149 194 207 -145 6 -145 9 145.8 -224.3 -228.0 125 126 198 204 126 127 202 205 132 131 204 204 -235.4 208 212 213 -276.6 240 240 255 -284.5 245 249 262 -284.3 246 246 258 -287.4 251 247 257 - Revised. NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in April 1947. These indexes 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 March 1947 are preliminary. 584 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory pay rolls Factory employment Feb. Printing and Publishing Newspaper periodicals Book and job Mar. 1946 1947 1946 Industry group or industry Nov. Dec. Jan. Feb. Jan. Mar. Feb. Mar. 1947 Nov. Jan. Dec. Feb. rll6.2 nn .7 r126.6 '127.9 '127.2 '128.1 129.0 '172.2 '177.4 '183.8 '214.0 '223.9 '219.6 '221.7 . ... 105 107 114 115 114 116 144 149 154 182 190 185 121 122 131 132 132 131 189 194 200 228 239 235 rl85.8 '187.3 '190.9 '192.5 '195.6 '197.0 Chemicals and Allied Products 195 196 186 199 198 Drugs, medicines, and insecticides. 186 122 124 124 121 122 122 Rayon and allied products 173 166 165 177 179 179 Chemicals n e e 175 177 212 200 185 188 Explosives and safety fuses ... 160 156 198 156 155 194 Ammunition, small arms 101 92 135 124 114 108 Cottonseed oil 152 118 123 137 168 149 Fertilizers ... Products of Petroleum and Coal Petroleum refining Coke and by-products r Rubber Products Rubber tires and inner tubes Rubber goods, other r Miscellaneous Industries Instruments scientific Photographic apparatus r 134.2 132 91 r 140.4 133 115 r 146.6 136 118 r 196.5 191 234 r 310.7 '310.7 '317.0 '345.0 '357.0 '362.9 '372.5 301 342 351 355 365 281 297 200 215 216 220 236 197 197 276 301 313 321 324 273 273 361 428 253 283 325 384 215 336 283 332 341 277 310 377 198 387 320 332 295 328 299 327 327 305 308 334 281 361 146.1 r145 3 r146 0 144.6 '226.7 '227 1 r237.2 '252.6 '250.9 '253.9 '256 8 136 211 227 230 228 229 135 135 217 218 197 229 115 120 192 162 210 216 221 118 174 ? '178.7 '198.8 '200.1 '198.8 '198.2 187 207 206 192 204 201 129 147 132 149 148 148 196.2 '286.0 '287.7 r298.2 r377.4 '392.2 '386.3 '386.0 281 360 369 361 272 273 358 305 232 242 292 303 309 234 156 8 r161 9 '182 0 r183 2 r179 2 r180 8 181 1 r273 6 r280 6 '295 7 r354 0 r363 3 '316 6 '319 8 201 176 330 326 205 182 182 330 322 346 311 335 184 130 136 147 147 250 146 205 215 254 199 147 253 253 For footnotes see p. 584. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] Group and year Total. Durable.. Nondurable. .1945.. 1946 1947 . . . . .1945 1946 1947 . . 1945 1946 1947 Jan. Feb. 168.8 133.2 153 4 227.4 148.4 178.6 122.6 121.2 133.6 169.3 168.3 124.4 132.6 154 5 P154 4 228.2 226.2 125.8 142.2 180 7 P181 2 122.9 122.6 123.4 125.1 133.8 P133.4 Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual 166.0 139.4 163.6 140.7 160.3 142.2 155.0 143.0 150.4 146.3 130.1 148.6 129.5 149.1 130.1 151.5 130.6 152.4 151.8 142.0 221.8 156.2 216.7 159.2 209.8 162.3 201.1 165.2 192.7 169.7 148.2 172.7 146.2 173.8 146.9 176.4 145.1 177.1 192.5 160.8 122.1 126.1 121.8 126.2 121.2 126.3 118.7 125.6 117.2 127.8 115.8 129.6 116.4 129.7 116.9 131.8 119.2 133.0 119.7 127.2 Mar. P Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in April 1947. 1939 may be obtained from the Division of Research and Statistics. Back figures from January HOURS AND EARNINGS OF PRODUCTION WORKERS,IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Industry group All manufacturing. . Durable goods. Iron and Steel Products Electrical Machinery Machinery Except Electrical Transportation Equipment Except Autos Automobiles Nonferrous Metals and Products Lumber and Timber Basic Products Furniture and Finished Lumber Products Stone, Clay, and Glass Products Nondurable goods Textiles—Mill and Fiber Products Apparel and Other Finished Products. . . Leather and Manufactures Food and Kindred Products Tobacco Manufactures Paper and Allied Products Printing, Publishing and Allied Industries Chemicals and Allied Products Products of Petroleum and Coal Rubber Products Miscellaneous Industries Average hourly earnings (cents per hour) 1947 1946 Jan. Feb. Oct. Nov. 41.0 40.5 40.5 40.2 40.8 40.0 40.7 41.1 41.3 42.0 40.0 37.5 43.3 38. 41.8 40.7 39.1 40.3 41.4 39.0 34.5 43.2 40.1 42.3 41.1 40.3 40.7 41.5 40.0 38.8 40.9 41.9 42.2 40.6 40.6 40.9 38.4 38.6 40.9 40.6 41.7 40.3 41.2 40.9 40.2 40.4 36.7 39.9 44.9 39.3 44.3 41.1 42.0 41.7 41.7 41.8 40.5 36.5 40.4 44.3 38.5 43.9 40.8 41.7 41.6 40.8 41.8 40.2 36.8 37.5 42.4 40.3 43.4 41.0 41.3 40.4 39.4 41.4 Jan. Feb. Nov. Dec. Jan. 113.0 113.9 114.8 116.1 117.0 120.2 121.0 121.6 122.5 122.9 108.4 102.9 114.7 123.4 124.8 109.1 83.6 87 1 96.7 123.9 118.6 126.6 135.9 137.6 119.5 93.6 99.0 109.6 124.7 119.1 127.3 136.4 139.4 120.4 93. 99.9 111.4 124.8 119.5 127.7 136.2 139.5 121.0 93.1 100.7 111.9 126.2 120.0 128.3 135.5 139.1 121.9 96.3 101.4 112.4 125.9 120.3 129.0 136.3 140.1 122.3 97.9 102.0 112.9 94.1 95.3 105.6 106.5 107.7 109.3 110.6 80.3 90.6 90.4 92.1 82.4 92.8 120.0 101.5 124.9 112.1 99.1 83.3 92.2 90.7 92.4 83.2 93.7 122.1 102.1 128.6 112.9 98.5 94 99.7 98.7 103.5 90.5 105.0 132.5 110.2 134.7 131. 108.8 95.5 99.8 100.4 104.6 92 A 106.4 134.3 111.2 135.1 132.2 109.8 95.9 100.6 101.8 105. 94.7 107.1 137.4 113.3 136.2 133.1 110.3 97.0 103.7 102.5 108.4 93.8 108.5 137.9 114.3 137.2 133.3 112.0 99.7 104.9 102.3 108.7 Jan. Feb. Oct. 40 4 100.4 100.2 107.0 106.4 41.4 40.6 39.4 41.7 41.7 42.2 41.0 40.1 40.0 109.5 40.5 39.9 105.3 113.9 123.1 38.9 38.8 123.0 41.1 41.1 106.6 40.7 42.1 83.0 41.8 42.0 86.4 40.2 94.2 40.3 41.1 40.6 40.4 4G. 2 36.6 37.1 42.9 39.7 43.3 41.0 41.3 40.3 40.0 41.1 40.9 37.0 39.1 44.4 40.2 43.7 41.5 41.6 40.0 41.1 41.6 40.5 36.7 39.2 43.6 39.2 43.2 ,41.0 41.4 40.2 40.7 41.1 40.4 37.0 39.4 42.7 37.8 43.2 40.2 41.4 40.1 40.6 41.0 40.9 40.6 Feb. 93.7 109.6 141.3 116.3 138.1 133.6 112.3 NOTE.—Preliminary March 1947 figures for average weekly hours and hourly earnings are: All Manufacturing, 40.3 and 117.9; Durable, 40.4 and 123.6; Nondurable, 40.1 and 111.7, respectively. Back figures are available from the Bureau of Labor Statistics. MAY 1947 585 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Contract construction Transportation and public utilities Trade Finance, service, and miscellaneous Federal, State, and local government* 845 916 947 983 917 883 826 836 1,150 1,294 1,790 2,170 1,567 1,094 1,082 1,493 2,912 3,013 3,248 3,433 3,619 3,798 3,872 4,023 6,705 7,055 7,567 7,481 7,322 7,399 7,654 8,448 4,610 4,781 5,016 5,148 5,187 5,169 5,274 5,954 3,987 4,192 4,622 5,431 6,049 6,026 5,967 5,595 16,634 16,880 17,093 17,200 17,288 17,493 17,608 17,608 17,569 17,696 17,812 17,687 934 935 931 922 908 915 915 912 915 910 901 907 2,016 1,956 1,877 1,777 1,677 1,575 1,491 1,424 1,369 1,279 1,247 1,233 3,540 3,556 3,574 3,588 3,597 3,620 3,634 3,639 3,633 3,671 3,683 3,687 7,281 7,300 7,351 7,344 7,306 7,326 7,335 7,315 7,314 7,325 7,355 7,316 5,178 5,176 5,168 5,179 206 172 183 5,211 5,185 5,186 5,201 5,925 5,998 6,085 6,145 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 16,712 900 901 896 892 890 895 885 886 878 865 859 852 1,224 1,174 1,129 1,097 1,098 1,092 1,088 1,081 1,061 1,040 1,036 1,031 3,720 3,741 3,775 3,799 3,809 3,815 3,803 3,810 3,827 3,820 3,819 3,835 7,309 7,347 7,412 7,370 7,361 7,374 7,391 7,406 7,422 7,441 7,462 7,486 5,197 5,194 ,182 5,170 5,179 5,193 5,147 5,157 5,178 5,146 5,145 5,151 6,015 6,005 5,999 6,010 6,015 6,036 6,040 6,035 6,006 6,010 6,032 6,104 1945—January February March April May June July August September October November December 41,260 41,377 41,325 41,131 40,832 40,652 40,261 39,917 38,108 37,990 38,321 38,474 16,808 16,856 16,783 16,607 16,405 16,087 15,641 15,217 13,341 13,267 13,334 13,297 848 845 844 806 769 843 832 832 833 762 843 855 1,044 1,049 1,048 1,051 1,049 1,060 1,072 1,093 1,093 1,109 1,148 1,166 3,838 3,849 3,858 3,862 3,858 3,867 3,869 3,864 3,876 3,861 3,912 3,952 7,487 7,536 7,558 7,577 7,545 7,551 7,587 7,635 7,733 7,793 7,882 7,936 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 1946—January February March April May June July August September October November December 39,057 38,523 39,525 40,105 40,443 40,751 40,856 41,361 41,698 41,823 42,108 42,176 13,547 12,797 13,482 14,124 14,274 14,400 14,475 14,745 14,953 15,019 15,233 15,310 864 864 857 542 753 864 873 886 884 883 883 874 1,192 1,210 1,280 1,384 1,424 1,473 1,535 1,601 1,648 1,670 1,679 1,731 3,992 3,983 4,003 4,011 3,946 3,956 3,991 4,042 4,064 4,093 4,101 4,091 8,096 8,213 8,364 8,371 8,386 8,426 8,464 8,573 8,609 8,581 8,639 8,630 5,696 5,776 5,840 5,984 5,965 5,961 5,975 5,984 5,990 6,054 6,098 6,119 5,670 5,680 5,699 5,689 5,695 5,671 5,543 5,530 5,550 5,523 5,475 5,421 1947—January February March UNADJUSTED 42,157 42,277 42,401 15,426 15,535 15,541 883 881 880 1,665 1,640 1,676 4,076 4,053 4,044 8,598 8,637 8,704 6,071 6,107 6,111 5,438 5,424 5,445 1945—October November December 38,192 38,613 39,210 13,307 13,367 13,331 762 843 855 1,164 1,171 1,108 3,861 3.912 3,932 7,871 8,118 8,491 5,437 5,534 5,631 5,790 5,668 5,862 1946—January February March April May June July August September October November December 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 15,348 864 864 857 542 753 864 873 886 884 883 883 874 1,085 1,101 1,203 1,356 1,438 1,532 1,627 1,713 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 ,502 ,605 5,551 5,475 5,638 1947—January February March 41,795 41,850 42,068 15,372 15,481 15,487 883 881 880 1,515 1,492 1,575 4,015 4,012 4,024 8,555 8,507 8,573 6,071 6,107 6,111 5,384 5,370 5,418 Total Manufacturing 30,287 32,031 36,164 39,697 42,042 41,480 39,977 40,712 10,078 10,780 12,974 15,051 17,381 17,111 15,302 14,365 1943—January February March April May June July August September October November December 41,508 41,801 42,079 42,155 42,141 42,318 42,291 42,160 41,992 42,057 42,157 41,972 1944—January. February March April May June July August September October November December Year and month 1939 1940 1941 1942 1943. 1944 1945 1946 Mining SEASONALLY ADJUSTED • Includes Federal Force Account Construction 586 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. 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 89.7 102.1 275.2 370.6 463.6 332 2 281 2 284 0 293 8 235 1 221.1 193.4 257.4 208.4 104.7 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 Nonresidential building Residential building Total 3,142.1 1947 86.5 73.9 Commercial Educational 1946 1946 69.0 77.5 112.7 75.1 88.7 55 2 72 8 56 6 50 0 41 0 36.1 38.6 1947 38.3 46.4 Total Public ownership Private ownership 1945 1946 1947 1945 1946 1947 1945 1946 1947 1947 18.1 17.1 11.4 18 0 23.5 23 5 35 7 . 7 8 18 8 12 6 15.1 19.7 773.2 1,317.3 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Value of contracts in millions of dollars] 1946 19.7 13.5 221.4 141 147 329 396 243 227 258 264 278 317 370 331 358 387 698 735 952 808 718 680 620 573 504 457 Year. . . : . 3,299 7,490 572 442 597 75 74 221 309 148 82 108 67 43 61 61 62 47 56 146 127 197 215 202 205 187 134 130 109 167 66 96 73 143 107 87 95 146 14<) 196 235 256 309 269 1,311 1,754 311 331 551 608 756 593 516 475 433 439 373 348 405 346 453 1,988 5,735 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 9.4 404.4 1946 1947 50.2 64.7 143.6 128 1 197.9 202 5 153 1 184 4 156 4 112 8 121.8 115.9 113.9 90.5 1,631.3 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] 1947 Federal Reserve district January.... February. . . March April May June July August. September. . October November. . December... Public works and public utilities Other Mar. Feb. Mar. 36,796 89,896 40,585 66,446 73,793 51,570 104,362 23,365 14,218 36,825 58,899 24,252 64,273 25,379 61,083 49,097 47,026 68,110 19,540 11,831 13,378 58,228 35,059 108,996 37,248 75,677 89,105 63,544 113,331 60,027 22,241 30,621 61,744 596,755 442,197 697,593 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St I ouis Minneapolis Kansas City Dallas Total (11 districts) 1946 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Year or month Total 320 1935 557 1936 495 1937 694 1938 954 1939 1940 1,026 1 186 1941 1,137 1942 942 1943 886 1944 684 1945 798 1946 48 1946—March 58 April 80 May 83 June July 80 55 August 63 September.. 85 October 67 November.. 77 December. . 89 1947—January. . . . 79 February... 86 March Property improvement 224 246 60 160 208 251 262 141 96 125 189 363 Mortgages on and l-to4- Rental and War Veterans' family group con- houses housing housing struc- (Title (Title (Title1 tion VI) ID ID Small home 13 25 26 21 15 1 (2) 13 (2) 21 (2) 39 v2) 40 42 (2) 25 (2) 32 (2) 47 (2) 35 (2) 40 (2) 44 39 ' " { * ) " 40 94 309 424 473 669 736 877 691 243 216 219 347 28 28 31 37 33 26 26 33 26 28 30 27 28 2 2 11 48 51 13 13 6 (2) 7 4 3 (2) 1 1 13 284 601 537 272 85 7 8 10 6 5 4 4 6 7 9 16 13 18 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 MAY 194 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] End of month Total SavMuCom- tual ings merand savloan cial ings banks banks associations Insur- Fedance eral Other' com- agenpanies cies1 1936—Dec 1937—Dec. 193g—Dec 1939—Dec. 228 8 41 27 430 634 902 56 5 771 1,199 . . 1,793 27 38 71 110 149 192 118 212 342 32 77 153 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 1,669 219 236 272 940 276 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 11 122 365 974 i T h e RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. » Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration 587 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1943 1944 1945 750 728 992 ,124 ,107 ,197 903 887 1,030 April May June 989 1,092 1,003 ,231 ,455 ,296 1,005 1,135 870 July August September 1,265 1,280 1,269 ,197 ,191 ,194 893 737 514 October November December 1,237 1,072 1,286 ,144 ,185 938 Jan.-Feb 1,478 2,231 January February March 1947 1943 1944 1945 1946 799 P I . 1 1 6 Pl.153 230 234 249 301 314 358 334 325 365 P385 258 282 296 361 386 332 366 372 360 P883 P643 302 318 289 294 304 282 P537 455 P988 639 736 P 1 , 0 9 7 329 312 282 464 1,789 1946 670 P815 P757 P851 P878 P826 1,469 P2.259 1943 1944 1945 1946 1947 520 494 743 823 793 839 569 561 665 405 352 P431 *583 »718 P386 732 810 707 870 1,069 965 639 763 511 P350 P453 P492 356 360 335 P434 P425 P378 963 962 981 903 887 912 537 378 180 P392 329 323 336 344 322 297 P394 P482 P536 908 760 1,004 815 862 602 111 317 439 P143 615 659 711 1,014 1,616 1,130 394 318 1947 P533 P435 P407 P397 P968 P458 P265 P506 P561 757 Pl.301 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 FREIGHT CARLOADINGS BY CLASSES [Index numbers: 1935-39 average = 100] REVENUES, EXPENSES, AND INCOME OF CLASS 1 RAILROADS [In millions of dollars] For- Live- est stock prod- Ore Total Coal Coke ucts 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 Miscellane- Merchandise l.c.l. 101 110 136 146 145 147 142 138 97 96 100 69 63 67 69 79 SEASONALLY ADJUSTED 1946—January February March April May June July August September. . . October November... December. 133 126 139 109 106 133 139 141 138 139 137 140 148 152 155 26 68 146 145 152 160 155 117 132 127 107 165 95 62 140 177 184 183 183 166 155 152 150 141 112 126 126 139 131 125 142 147 162 126 158 141 143 114 118 166 118 91 128 136 122 122 126 134 143 125 149 153 157 154 146 151 156 118 94 121 66 66 137 164 162 164 157 157 145 134 121 143 143 123 135 141 145 139 139 148 148 78 78 78 81 74 81 78 77 75 79 83 81 1947—January February.... March 150 142 146 163 149 147 175 171 180 157 147 159 123 111 121 163 166 159 176 172 171 152 145 151 77 76 78 UNADJUSTED 1946—January February.... March April May June July August September... October November... December. . . 123 119 132 107 107 137 143 145 149 149 141 131 148 152 155 26 68 146 145 152 160 155 117 132 133 114 166 93 61 138 172 177 181 180 166 163 152 147 130 99 111 128 166 142 140 142 144 152 121 126 111 127 103 96 135 113 120 197 171 118 109 121 134 143 130 155 153 165 166 154 148 139 30 24 35 50 103 213 263 243 245 216 169 45 123 113 136 141 125 139 142 146 150 151 154 139 74 75 79 82 74 81 78 77 79 82 84 78 1047—January February.... March 138 163 149 147 184 182 182 157 144 146 118 89 96 147 159 159 44 43 50 139 136 144 74 74 79 137 r 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. 588 Total Total railway railway operating expenses revenues Annual 1939 1940 1941 1942 1943 1944 1945 1946 3,995 4,297 5,347 7,466 9,055 9,437 8,899 P7,627 3,406 3,614 4,348 5,982 7,693 8,343 8,049 P7.008 1945—December.. 628 1946—January February... March April June July August.... September.. October.... November.. December. . 655 635 651 566 515 639 651 664 673 663 663 658 1947—January . . . February... Net railway Net operating income income 589 682 998 1,485 1,362 1,093 849 P619 93 189 500 902 874 668 447 P289 664 -36 -68 567 555 667 562 524 586 603 613 605 606 601 523 88 80 -16 4 -9 53 48 51 68 57 62 135 51 51 -45 -28 —41 20 16 18 37 25 29 98 608 697 624 631 74 65 ••42 P33 1945—December.. 614 656 -42 — 79 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 '529 667 557 537 574 611 629 593 625 594 534 67 '51 -20 10 -5 38 63 82 67 85 64 103 '30 29 —49 —21 -37 15 32 53 39 57 38 89 1947—January . . February.. 686 636 628 593 58 43 29 P15 SEASONALLY ADJUSTED May UNADJUSTED P Preliminary. r Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district Year or month United States Minne- Kansas Dallas City apolis San Francisco 106 109 123 129 148 164 185 247 105 110 127 149 184 205 229 287 112 116 138 157 212 245 276 353 109 117 139 169 200 221 244 306 286 272 277 305 300 330 313 29* 294 303 246 225 252 248 253 259 265 2*4 2*2 251 275 273 289 288 281 300 321 207 2«3 299 '334 352 342 368 381 381 376 349 356 348 '296 291 305 315 323 324 313 310 320 317 245 262 259 278 200 294 262 r?ftl 280 281 '272 300 347 347 313 '*30 340 315 336 313 306 275 321 374 372 416 570 226 242 234 245 198 236 268 268 31R 409 264 281 272 274 234 284 316 31* 371 463 223 23* 242 236 204 232 287 2*1 *O2 385 255 273 272 265 239 279 311 312 340 448 '314 335 322 313 290 332 395 384 4*4 567 258 287 284 288 266 292 326 330 376 504 218 2^6 292 273 208 346 106 210 248 228 244 288 225 '?47 285 204 306 240 259 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 99 105 125 159 152 157 158 210 106 113 130 161 159 177 190 250 106 113 137 187 172 177 182 238 160 172 182 194 203 205 210 217 220 219 174 178 192 209 213 208 221 232 240 258 206 217 233 243 264 264 262 274 2^8 319 201 220 239 252 267 271 277 207 330 348 168 179 191 199 213 210 220 2*5 240 256 185 193 211 222 231 234 240 2*4 274 292 166 183 186 207 224 219 227 244 2*0 281 ••180 184 104 212 206 201 219 2*4 240 303 195 208 2*9 2*3 252 262 267 274 101 364 190 215 217 218 250 240 249 270 234 249 242 '225 230 257 261 264 '315 '307 295 311 335 322 262 264 263 291 206 288 268 '207 301 154 164 173 174 179 198 210 231 2*6 186 171 182 192 192 196 218 216 217 247 213 160 175 184 184 192 213 231 247 242 187 168 183 194 201 213 225 246 268 263 214 205 218 228 232 260 297 294 312 316 266 201 217 232 255 275 292 305 333 347 293 163 179 191 195 209 225 244 263 274 231 180 193 211 222 240 255 266 205 20^ 246 167 174 185 200 228 232 245 271 270 246 '162 179 191 212 230 225 246 2*6 266 248 185 202 227 246 272 206 299 ?10 324 306 177 212 225 221 265 263 281 200 31* 274 180 194 207 206 231 241 188 '218 230 225 242 254 '268 '290 295 280 '312 322 225 240 255 250 266 279 '256 ?64 269 258 rlfg 271 294 30* 326 277 200 312 Richmond Atlanta Chicago St. Louis 106 114 138 153 167 182 201 257 109 120 144 170 194 215 236 289 113 123 145 162 204 244 275 345 107 116 135 149 161 176 193 250 111 119 143 158 179 200 227 292 244 224 232 253 254 250 241 229 253 229 246 244 256 273 260 286 249 248 266 277 '298 276 276 303 307 306 298 286 2°0 293 328 327 329 365 343 365 367 348 347 363 243 237 234 253 254 281 263 2*0 261 264 228 224 229 244 '243 271 256 256 257 291 281 307 341 338 346 197 223 211 216 157 184 237 240 284 398 206 219 214 .221 158 189 214 202 3O1 392 219 228 222 228 175 195 246 2*0 319 408 237 253 243 257 203 249 251 26* 3*3 430 '268 281 274 266 219 253 316 312 3 (SO 493 209 222 265 170 171 227 182 188 229 188 M02 255 194 210 262 102 108 131 179 155 162 166 213 99 105 124 165 142 147 153 182 97 102 123 181 143 150 160 195 96 99 119 167 141 148 150 191 1946—March April May June July August. . . . September. October November. December.. 177 189 200 210 222 221 226 2*7 2*6 274 157 171 177 181 187 186 192 207 200 205 172 180 189 200 208 210 200 1O2 221 238 1947—January.. February. March 268 275 274 197 206 211 172 188 200 205 223 238 250 267 277 235 235 '253 265 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 1946—March April May June July August.... September. October November. December.. ••258 252 258 276 273 290 270 2*7 272 274 218 210 213 232 227 246 226 216 230 231 215 221 228 243 236 259 205 179 231 232 1947—January. . February. March 265 '2*9 277 215 219 237 1946—March April May June July August September. October November. December.. 238 255 248 253 208 242 278 278 336 441 1947—January.. February. March SALES* 1939. 1940. 1941. 1942. 1943. 1944. 1945. 1946. SEASONALLY ADJUSTED UNADJUSTED 1939. 1940. 1941. 1942. 1943. 1944. 1945. 1946. STOCKS* 337 SEASONALLY ADJUSTED 2<>6 334 315 336 UNADJUSTED 1946—March April May June July August September. October November. December.. 1947—January February March ' 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. MAY 1947 589 DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS. AND OUTSTANDING ORDERS AT 296 DEPARTMENT STORES WEEKLY INDEX OF SALES [Weeks ending on dates shown. > Amount (In millions of dollars) Without seasonal adjustment 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—February., March April May , June July August September October. . . November December. 239 301 319 304 304 244 303 309 341 404 526 533 '583 644 674 699 735 806 828 879 919 776 979 ••971 910 934 1048 1073 1012 960 845 691 557 1947—January.. February.. March. . . . 256 250 P332 769 838 P865 619 603 Year or month 1935-39 average=100] June July Aug. Sept. Oct. Nov. 1945 1946 2.... .169 June 1... ..223 9.... .196 8... ..273 16.... .206 15... ..283 23.... .183 22... ..248 30.... .173 29... ..239 7.... .153 July 6... ..192 13... ..210 14.... .167 21.... .157 20... ..201 27... ..204 28.... .153 .167 Aug. 3... ..217 4 10... ..228 11.... .176 17... ..239 18.... .124 25 .182 24... ..255 31... ..281 1.... .194 8.... .177 Sept. 7... ..264 15.... .213 14... ..293 21... ..280 22 .220 28... ..257 29.... .209 5... ..277 6.... .242 Oct. 12... ..281 13 .245 20 .237 19... ..295 72.... . 233 26... ..287 ..277 3 .236 Nov. 2 10.... .261 9. . ..314 . 17 275 16 Jan. Feb. Mar. Apr. 342 May 23... ..363 24.... .258 Dec. 1945 1... ..326 Nov. 8... ..401 Dec. 15... ..433 22... ..421 29... ..158 1946 30... ..334 7... ..475 14... ..519 21... ..532 28... ..281 1946 5... ..135 Jan. 12... ..188 19... ..191 26... ..188 2... ..197 Feb. 9... ..214 16... ..209 23... ..213 2... ..217 Mar. 9... ..233 16... ..243 23... ..255 30... ..257 6... ..272 Apr. 13... ..282 20... ..289 27... ..232 4. . .. 248May 11. ....274 1947 4... ..188 11... ..232 18... ..223 25... ..220 1... ..217 8... ..219 15... .'246 22... ..216 1... ..238 8... ..254 15... ..267 22... .••286 29... ..283 5... ..319 12... ..265 19. ....271 26... ..265 18 17 24 246 25... ..245 3 10... r Revised. NOTE.—Revised series. For descriotion and back figures see pp 874-875 of BULLETIN for September 1944. r P Preliminary. Revised. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Mar. Feb. Three 1947 1947 mos. 1947 Mar. Feb. (Three mos. 1947 1947 t 1947 United States.. p+12 Wew York. x Bridgeport Newark x Albany Binghamton. .. Buffalo1 Elmira Niagara Falls. .J New York City Poughkeepsie. . Rochester l . . . . Schenectady... l Syracuse Utica +7 + 12 Cleveiand-cont. 1 + 15 +9 + 14 +7 +6 +8 +2 -2 +21 + 14 + 18 Boston New Haven Portland Boston Area. . . Downtown Boston.... Springfield Worcester Providence +21 +9 + 11 +6 I + 11 +3 + 11 + 10 +9 +7 +9 + 10 + 1\ + 10 + 13 +9 +8 Philadelphia.. Trenton l J Lancaster . .x. . Philadelphia . Reading 1 Wilkes-Barrel. York 1 + 16 +9 + 15 + 18 + 12 +24 +9 Cleveland.. .. Akron 1 Canton 1 1 Cincinnati ... Cleveland 1 . . . Columbus*•1 . . Springfield . + 11 +2 + 18 + 11 +9 + 12| O! Toledo Youngstown l . . Erie x Pittsburgh 1 Wheeling 1 + 11 + 16 Richmond , +6 Washington l -2 +7 + 12 Baltimore +4 Raleigh, N . C . . . . +2 Winston-Salem.. +8 + 12 Charleston, S. C. + 10 + 12 Greenville.S.C... +8 Lynchburg + 13 + 11 Norfolk +6 + 12 Richmond + 7 Roanoke +2 +15 +12 Charleston, + 15 + 14 W. Va +9 + 13 Clarksburg + 10 +8 Huntington.... + 14 + 13 + 12 + 14 Atlanta +22 + 18 Birmingham 1 ... +9 Mobile +4 Montgomery11 ... + 10 + 15 Jacksonville .... +8 Miami J + 12 + 17 OrlandoJ + 10 + 16 Tampa l +22 + 17 Atlanta + 12 + 18 Augusta + 1 + 10 Columbus Macon x +9 + 12 Baton Rouge 11 ... +6 +5 New Orleans ... + 13 + 19 Bristol, Tenn.... +5 + 12 Jackson i 1 +7 + 10 Chattanooga ... +6 + 10 Knoxville 1 -2 + 1 Nashville » . . . + 15 +9 + 13 +8| +20 + 15 +9 + 11 +9 + 11 + 14 + 14 +1 +7 +9! +4 + 10 +8 +9 + 12 + 11 +24 -9 -12 tl i -3 +4 -. + 19 +7 +9| -4 + 10 0 (2) (2) +3! - 4 + 10 +2 + 13 -2 + 15 +2 + 15 +3 +2 +4 + 17 + 11 +8 +7 + 14 + 13 +5 0 + 1 r +2 + 15 +3 + 12 - 6 0 +7 + 19 + 1 +4 -3 +6 +5 + 13 +3 8 + 3 '-I Mar. Feb. Three I 1947 1947 mos. 1947 Chicago 1 p + 1 0 +99 Chicago C h i 11 ... + + 13 Peoria FortWayne 1 . j + 10 Indianapolis *! +4 Terre Haute A P + 7 + 12 DesMoines. 1 Detroit \ +8 + 14 Flint 1 Grand Rapids + 14 + 11 Lansing.... Milwaukee x>. + 11 Green Bay . + 10 + 15 Madison. . +9 +8 + 11 +6 +3 +3 + 10 '•+7! '+32 +25 +22 +5 +5 +4 St. + 17 +7 +8 (2) +2 +8 +7 +5 + 11 +5 + 13 + 10 + 16 +4 +1 + 11 +5 + 11 + 13 +6 +9 +8 +3 Louis.... P + 9 -14 Fort Smith. -1 Little Rock i Quincy +8 Evansville.. +6 Louisville 1 . P + 1 3 East St. Louis! + 7 8 St. Louis 1 . . . | +12 St. Louis Area; +13J Springfield1 . . P + 1 Memphis ... +5 Minneapolis J +17 Minneapolis | +7 St. Paul 1 .... Duluth- l Superior .. Kansas City.. + 12! Denver +21j Pueblo +25! Hutchison.. Topeka Wichita Joplin Kansas City. St. Joseph. . . + 11 til + 12 Kansas City— + 10 cont. + 16 Oklahoma City. Tulsa + # +9 + 14 '+12 +26 +21 + 18 r +8 + 16 +20 + 13 + 10 +3 + 10 -16 - 1 1 +3 -7 +6 + 10 +9 + 14 +4 + 11 +47 +81 +5 + 12 +5 + 13 -1 +3 +2 + 7 + 11 + 17 +6 + 12 + 19 +21 +4 +7 + 13 r _j_4 +9 + 13 +20 -3 + 15 + 1 +6 + 10 + 13 -10 —3 0 +9 +8 + 10 +11 +6 - Mar 1947 +4 +4 +5 '+3 +7 +3 +5 +6 +9 Dallas Shreveport +4 +2 +4 Corpus1 Christi . + 15 +5 + 18 +1 - 4 +5 Dallas +4 Fort Worth 0 +7 +20 + 12 +20 Houston x +9 San A n t o n i o . . . . +8 +3 San Francisco .. Phoenix 1 Tucson Bakersfield J Fresno x Long B e a c h1 1 . . . . Los Angeles Oakland and Berkeley * Riverside and San Bernardino.j Sacramentol 1.... | San Diego I 1 San Francisco .. San Jose 1 l Santa R o s a . . . . Stockton Vallejo land Napa . Boise and Nampa Portland J Salt Lake City . x Bellingham . ... 1 Everett1 Seattle l Spokane1 Tacoma '+15 + 18 +20 + 12 +23 + 11 + 15 +9 + 14 + 15 + 10 +2 +2 + 10 + 14 + 16 + 18 + 13 + 14 +8 + 15 +9 +5 + 10 + 15 +4 + 17 +4 +9 - 1 + 14 +3 +27 + 18 2 () +3 +30 + 14 + 13 + 12 +4 +10 +25 3+11 +27 -9 +15 +9 + 12 + 18 +5 + 11 +4 +20| + 11 p+8i +9 +27! +21 + 16! +5 4-1R + 10 P+9 + 14 + 16 + 13 + 12 + 16 + 10 +26 + 10 P1 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. ** Two months 1947. 590 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change from a year ago (value Number of stores eporting Department Stocks end of month) Sales during period Feb. 1947 Ratio of stocks to sales 1 Index numbers without seasonal adjustment 1941 average monthly sales=10C February Sales during period 1947 Two mos. 1947 Feb. 1947 1947 2 Stocks at end of month 1946 1947 1946 1946 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store 353 +9 +9 3.5 2.3 353 +5 +4 +57 MAIN STORE—total +60 3.6 2.4 160 167 154 579 533 361 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 350 -5 3.1 2.4 2.1 1.4 1.4 169 207 178 166 493 447 430 343 -16 -10 -8 -9 -12 -5 374 292 529 473 434 558 313 256 515 484 431 237 288 335 162 183 159 314 246 269 251 290 -6 +43 +43 +46 +20 + 18 + 18 +22 +74 +97 158 334 336 331 309 218 0 -7 405 365 262 228 232 214 269 553 384 382 465 544 247 385 380 136 360 498 250 372 494 673 622 131 235 490 327 680 3 Men's and boys' wear Men's clothing Men's furnishings, hats, caps Boys' clothing and furnishings Men's and boys' shoes, slippers Home furnishings 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 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 Miscellaneous Toys and games Sporting goods, cameras Luggage BASEMENT STORE—total Women's apparel and accessories Men's and boys' clothing and furnishings. Home furnishings Piece goods Shoes 176 -4 -3 -6 -10 0 -2 + 1 +4 +7 + 11 -5 -1 +5 + 12 + 12 -1 +4 -2 0 -9 o + 15 +6 +3 +1 0 -6 -3 + 102 + 114 +44 +26 +91 n + 10 + 10 +6 +74 +70 + 114 2.4 3.6 3.5 2.7 2.9 4.4 3.0 2.7 2.8 2.8 2.6 2.2 3.5 1.6 1.4 1.4 1.2 1.9 3.0 2.4 3.2 2.3 3.9 1.8 2.8 1.9 1.2 2.8 3.4 4.7 2.9 2.6 4.3 2.1 5.3 3.0 328 334 344 322 +7 +3 -9 + 11 + 13 + 12 2.5 3.5 327 235 +16 +50 +17 +47 +8 +130 +259 + 132 4.4 3.3 +6 +24 +9 +29 +3 +64 + 110 +86 +94 +99 +71 310 285 181 313 235 261 294 230 301 199 172 184 232 234 235 294 108 87 +7 -5 +2 +16 +4 + 19 -4 -4 -14 +7 +9 +9 +4 + 13 + 14 +14 + 10 + 11 +3 0 + 17 +4 +2 + 12 -3 -1 -4 -1 +2 +5 +9 +8 + 17 + 13 + 10 +6 + 13 -4 0 -12 62 +22 127 +2 +3 + 12 301 154 191 162 133 53 -5 +24 -4 -5 338 249 +6 +9 126 208 0 + 192 +211 +16 + 12 121 225 325 301 208 130 238 246 156 93 -6 •? -3 +2 -18 +24 + 1 +9 +7 +10 + 1 +4 + 16 + 17 + 13 + 19 + 13 + 18 + 17 +26 +452 +107 +95 + 144 + 116 +29 2.8 183 160 169 164 179 155 151 165 169 167 151 208 159 125 197 141 126 127 218 113 219 177 187 162 184 146 178 162 183 164 161 212 185 181 203 162 160 163 175 155 118 160 121 201 142 138 126 244 121 203 110 191 113 158 175 143 187 137 116 101 127 2.2 133 134 115 4.2 1.4 1.9 7.0 5.6 4.0 2.7 143 133 116 124 151 126 121 130 95 124 122 122 4.2 4.5 2.6 170 181 146 2.4 2.3 3.0 0.8 1.9 2.4 1.0 2.2 158 161 152 262 146 165 149 273 221 203 300 187 154 134 206 152 136 158 90 162 168 261 255 3.9 5.4 1.6 4.2 5.6 2.2 5.0 4.8 6.1 156 376 613 576 518 694 456 454 475 463 392 706 742 359 515 609 266 674 658 289 405 579 469 552 811 691 715 714 413 440 411 382 609 675 382 453 554 181 584 597 256 571 429 710 707 748 937 402 692 693 697 868 386 369 318 479 72 315 385 173 327 548 404 632 728 363 291 225 774 624 890 689 576 924 252 402 646 279 629 826 419 655 754 696 566 772 412 632 4.6 3.4 135 195 142 146 123 202 +113 + 146 + 121 +147 2.7 1.4 286 276 2.4 2.6 1.0 1.4 265 337 2.7 1.2 252 259 310 260 +17 + 10 +20 + 12 +30 + 11 +65 + 19 + 10 4.0 3.5 152 150 148 610 593 521 4.3 187 4.4 4.6 4.4 4.4 3.6 3.2 3.3 3.0 4.0 3.4 3.8 3.5 3.8 2.8 3.3 3.2 3.6 2.6 172 186 130 134 125 149 194 157 145 167 187 156 127 155 163 146 164 159 144 168 813 659 546 709 683 680 638 554 551 482 690 613 536 675 631 657 626 556 553 490 731 543 490 548 617 408 544 506 511 444 4.2 2.6 126 123 126 530 519 329 5.2 3.9 2.8 61 99 132 36 82 489 668 657 449 527 631 356 307 143 69 81 131 2.5 2.4 134 142 133 123 439 374 507 139 234 546 264 140 127 174 261 125 132 107 95 110 +85 +49 +7 + 12 +58 3.7 +35 8.0 + 111 +77 +38 +20 +72 +61 6.7 5.0 + 127 2.8 4.1 3.4 2.9 +36 5.0 3.3 3.5 3.5 2.8 2.4 1.4 4.3 176 124 153 156 153 178 172 169 161 157 178 147 154 115 185 81 753 474 770 376 384 317 312 446 529 695 432 314 288 338 358 347 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. 589. 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. MAY 1947 591 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In million^3 of dollars] Instalment credit Total consumer credit End of year or month 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—February March April Alay June July August September October . . . . November December . 1947—January February P March? 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 r 9,958 6,534 6,988 7,376 7 618 7,911 8,006 8,317 8 551 8 888 9,373 '9,958 9,783 9,716 10,047 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 2,408 2,507 2,652 2,789 2,908 3,029 3,175 3,297 3,464 3,654 '3,985 4,061 4,160 4,329 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 1,289 1,384 970 1,267 1,729 1,942 482 175 200 227 544 814 835 903 '1,558 879 905 957 1,004 1,035 1,070 1,124 1,177 1,261 1,358 '1,558 1,566 1,609 1,691 Singlepayment loans2 Service credit Charge accounts Other 1,197 1,104 1,147 1,368 1,343 1,525 1,721 1,802 L.009 ''1,014 634 641 289 318 336 365 394 425 466 505 668 686 699 705 730 752 795 853 544 581 631 689 '1,014 985 978 1,002 962 776 875 1,048 1,331 1 504 1 442 1,468 1 488 1 601 1,369 1 192 1 255 1,519 2 055 1,641 1,705 1,771 1 819 1,846 1,860 1,883 1,911 1,950 2,002 2,055 2,089 2,080 2,066 1,065 1,195 1,265 1,644 2,005 2,180 1,464 1,147 1,204 1,462 2,427 1,529 1,602 1,695 1,785 1,873 1,959 2,051 2,120 2,203 2,296 2,427 2,495 2,551 2,638 639 635 676 245 264 2,125 1,949 1 402 652 674 619 516 459 532 802 958 677 663 741 865 596 573 531 491 467 451 472 520 557 523 533 560 610 648 687 729 772 864 .749 1 1,611 I 381 1,114 11,081 1,203 1,292 11,419 I 459 ,487 ,544 650 764 ,513 498 758 .981 3 054 1,692 1,972 2,138 2 188 2,327 2,281 2,418 2 495 2,621 2,859 3,054 2,764 2,602 2,775 793 804 815 822 830 836 841 848 853 858 864 869 874 877 r P1 Preliminary. Revised. 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] A-mounts outstanding (end of period) Year or month Total 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—February. . . A!arch April . .. • May July . August September. . October November. . December. . 1947—January.... February?.. March? 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 1,529 1,602 1,695 1,785 1,873 1,959 2,051 2,120 2,203 2,296 2,427 2.495 2,551 2,638 Commercial1 banks Small loan companies Industrial banks 2 43 45 39 31 29 44 263 287 289 257 232 246 21 9 218 88 161 267 301 156 191 221 Industrial loan com- 2 panies 184 143 121 125 258 312 523 692 784 426 350 346 435 505 535 424 131 132 134 89 312 358 471 958 372 388 445 616 67 68 76 117 522 564 608 656 700 745 792 825 864 907 958 996 1,036 1,088 452 462 482 492 506 520 535 544 555 574 616 620 620 627 78 82 85 88 92 96 100 103 108 112 117 122 125 128 129 Loans made by principal lending institutions (during period) Credit unions Miscellaneous lenders 32 31 29 27 27 32 95 93 78 58 50 60 44 66 79 102 Insured repair Comand modern- mercial1 banks ization8 loans 25 168 244 69 130 248 Small loan companies 99 104 107 72 148 154 213 284 301 215 368 460 680 1,017 1,198 792 619 604 763 927 983 798 59 60 70 98 123 122 128 184 86 88 93 110 128 120 179 344 636 744 938 809 876 978 71 73 76 78 79 81 84 86 90 94 98 102 105 108 128 132 137 142 149 154 158 164 170 175 184 185 190 196 94 95 97 98 99 100 102 103 104 106 110 110 110 111 184 194 210 231 248 263 280 295 312 328 344 360 365 380 1,790 105 132 138 148 148 156 164 156 176 172 191 188 182 217 1,271 80 103 105 97 99 106 110 98 107 122 168 100 91 123 Credit unions 42 41 38 34 33 42 340 250 202 234 423 563 125 117 96 99 102 91 Industrial loan com- 2 panies 4 1 380 463 503 498 376 304 384 93 112 147 189 217 147 95 Industrial banks 2 67 105 288 354 40o 261 255 255 182 194 198 203 146 148 179 257 320 372 247 151 155 166 231 128 139 151 210 228 230 228 339 14 18 18 19 19 20 20 20 21 22 26 22 21 25 14 16 16 16 17 17 18 18 19 20 25 20 20 24 19 24 25 28 28 29 30 31 34 33 39 33 33 39 238 176 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 March amounted to 72 million dollars, and loans made during March were 13 million. 8 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. 592 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 February.. March.... April May . . June July August.... September. October. . . November. December. 1947 January.. . FebruaryP. March? . . . Department Total, stores excludand ing auto- mailmobile order houses 1,197 1,104 958 677 663 741 865 1,147 J 368 1,343 1,525 1,721 L,802 L.009 Furniture stores 160 155 138 103 119 583 539 454 313 299 146 186 314 336 In millions of dollars] Household appliance stores 265 222 185 121 119 131 171 255 Jewelry stores 56 47 45 30 29 35 40 All other retail stores 133 141 136 110 97 115 132 256 406 174 469 485 536 599 619 307 266 273 302 313 56 314 302 377 439 466 68 70 93 110 120 210 220 246 271 284 639 635 676 252 172 183 198 l,014 '337 391 271 269 283 366 130 29 13 14 28 77 66 70 74 123 159 101 100 107 160 634 641 668 686 699 184 188 200 206 210 274 279 288 295 299 14 14 15 16 17 62 59 60 61 63 100 101 105 108 110 705 212 299 20 63 730 752 795 853 '1,014 308 311 322 337 366 22 23 25 26 28 111 221 235 257 284 '337 64 65 66 72 123 115 118 125 134 160 985 978 1,002 337 338 356 352 349 354 27 30 30 114 107 104 155 154 158 r CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instal-2 ment paper Year and month Outstanding at end of period: 1941—June December... 1942—June December.... 1943—June December... , 1944—June December..., 1945—June December... . 1946—February March , April May June July August , September. ., October November... December. . . 1947—January . . . . February*... MarchP Volume extended during month: 1946—February March April May. . . . . . . June July August September. . October November... December... 1947—January . . . . February P . . MarchP. . . . 1 2 Total Automobile 202.5 196.8 162.4 125.4 100.2 91.8 89.6 92.0 94.6 104.1 107.3 112.8 118.1 122.4 127.4 132.6 138.5 142.9 150.6 156.1 162.7 53.5 49.3 34.3 21.4 14.4 12.6 12.5 13.0 12.8 13.8 14.6 15.4 16.8 17.6 18.5 19.9 21.3 22.1 24.4 26.2 27.5 168.1 172.6 177.6 18.0 23.3 23.6 24.4 23.8 26.3 26.7 25.2 28.8 28.5 31.2 29.1 27.4 31.8 Other Repair Personal and instalmodern- ment ization1 cash loans loans 18.2 18.6 16.5 15.6 14.1 14.0 12.9 13.4 14.2 17.2 18.2 19.1 20.2 21.2 22.0 23.1 24.2 25.4 26.7 27.5 28.3 28.9 29.6 30.3 112.4 110.1 95.3 75.6 62.9 57.5 57.4 57.8 59.9 63.3 64.5 67.4 69.3 70.9 73.2 75.8 78.9 80.7 83.8 85.7 89.1 29.5 31.3 33.8 18.4 18.8 16.3 12.8 8.8 7.7 6.8 7.8 7.7 9.8 10.0 10.9 11.8 12.7 13.7 13.8 14.1 14.7 15.7 16.7 17.8 18.6 19.6 19.3 3.0 3.8 4.2 3.9 3.9 4.7 4.7 4.3 5.5 5.2 5.6 6.4 6.2 7.5 1.7 2.2 2.4 2.8 2.7 2.8 3.0 2.7 3.5 3.6 3.7 3.5 3.4 3.5 1.6 2.4 2.5 2.5 2.3 2.6 2.8 2.7 3.3 2.8 2.6 11.7 14.9 14.5 15.2 14.9 16.2 16.2 15.5 16.5 16.9 19.3 16.8 15.4 18.1 2.4 2.4 2.7 91.1 92.1 94.2 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—February... March April May June July August September.. October November December. . 1947—January February*.. MarchP Volume extended during month: 1946—February... March April. .. . May z. J June July August September.. October.... November. . December. . 1947—January February?.. March P 1,093 1,450 1,694 845 514 559 731 1,563 809 871 946 025 '093 164 *247 I ,'313 1,387 1,467 1,563 1,642 1,707 1,801 155 188 212 226 217 240 253 243 277 270 303 305 288 345 1947 Personal instalment cash loans modernization loans1 218 311 411 136 55 57 65 185 74 82 97 108 115 164 253 310 123 81 99 146 339 164 155 217 288 143 68 75 97 232 347 422 451 289 221 245 302 553 179 193 209 247 234 154 89 83 121 254 131 117 127 353 378 124 228 245 138 149 161 173 185 203 220 243 263 276 294 315 339 362 388 417 140 151 161 173 183 198 18 20 29 29 24 30 36 33 38 37 44 50 47 61 35 41 46 52 50 53 58 55 65 65 70 and 111 212 142 154 167 179 188 76 77 90 201 214 232 251 258 268 211 225 238 254 260 263 274 24 25 32 38 36 44 38 41 47 46 53 55 47 51 15 20 22 22 22 23 27 25 29 27 26 23 24 29 329 402 423 445 469 489 506 527 553 566 578 599 63 82 83 85 85 90 94 89 98 95 110 101 93 114 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—February. . . March April May June July August September. . October November... December... 1947—January.... February P . . March?. . . . Volume extended during month: 1946—February. . . March April May June July August September.. October November... December... 1947—January . . . February P . . MarchP . . . . Repair Personal and instalmodern- ment ization1 cash loans loans Retail instalment paper 2 Total Automobile Other 67.1 76.7 108.4 78.4 81.0 83.2 85.6 87.5 89.0 93.1 95.3 99.7 103.7 108.4 112.2 115.5 118.6 10.5 11.0 15.0 11.2 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 3.8 4.0 7.4 4.1 4.2 4.5 4.8 5.2 5.4 5.6 6.2 7.0 7.6 7.4 8.0 8.4 .1 .5 .4 .6 .6 .6 .7 .7 1.9 2.0 2.0 2.2 2.3 2.4 2.5 2.5 2.6 51.7 60.2 83.6 61.5 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 15.2 18.3 18.0 18.4 18.3 19.6 20.5 20.0 22.5 23.0 26.2 2.4 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 0.8 0.9 1.0 1.2 1.2 1.4 1.1 1.4 1.8 1.7 1.6 1.8 1.6 1.7 0.1 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 11.9 14.2 13.7 13.8 14.2 14.6 15.6 14.9 16.4 17.0 20.9 16.8 16.5 19.9 22.4 22.2 25.8 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. MAY Repair Other retail, purPur- Direct chased chased loans and direct Automobile retail p Preliminary. r Revised. 593 CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS Percentage change from preceding month Item Accounts receivable, at end of month: Total I nstalment Collections during month: Total Instalment Inventories, end of month, at retail value. Percentage change from corresponding month of preceding year Year and month Jan. 1947 Mar. 1947? Feb. 1947 Jan. 1947 + 16 + 13 +5 + 16 + 17 + 19 +3 +8 +20 -39 -43 -43 -38 +23 +38 +21 +46 +20 +3 +19 +53 1946 February March April May June July August +3 +1 +2 -1 -6 -4 +42 +34 +41 +30 +37 +30 October November December + 10 + 15 -8 -9 + 1 +26 -6 + 16 +30 + 17 +29 +17 1947 January February March? +1 +7 +4 +64 + 71 +72 -4 -10 -5 p Preliminary Charge accounts [nstalment accounts Feb. 1947 Mar. 1947P Net sales: Total Cash sales Credit sales: Instalment Charge account RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Department stores Furniture 32 '37 24 27 '36 34 33 32 35 34 37 37 35 28 27 26 26 26 25 27 27 26 29 28 . . ... stores 32 Household ap- Jewelry Department pliance stores stores stores 52 54 29 32 61 64 56 55 56 57 54 51 52 47 47 32 34 33 32 33 30 32 34 44 63 62 60 57 59 56 60 59 54 23 21 47 42 46 26 25 52 51 25 27 56 r p Preliminary. Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Accounts receivabk at end of month Sales during month Year and month Percentage of total sales Collections during month Cash sales Instalment sales Chargeaccount sales Total Cash Instalment Charge account Instalment Charge account Instalment Charge account 1941 average 1942 average 1943 average 1944 average 1945 average 1946 average 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-February March April May June July August September October November. . . December... . 152 190 205 194 193 156 193 197 218 257 330 191 233 249 234 233 192 234 229 249 297 384 72 84 96 85 81 74 99 9? 119 146 199 122 162 175 169 169 130 164 180 202 233 292 43 43 45 45 46 45 48 50 55 62 75 100 '113 126 129 133 119 127 145 156 176 224 77 '85 82 83 81 79 84 87 101 109 117 140 138 154 168 167 165 152 152 186 197 205 62 60 60 59 59 61 60 57 56 57 57 34 36 36 37 37 35 36 39 39 38 38 1947—January February. . . . March? 163 159 210 188 179 236 106 109 152 146 144 191 75 74 76 176 154 161 118 112 128 251 195 185 57 56 56 38 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 589. 594 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 122.5 119.4 132. 5 126. 0 115.3 112.7 141.4 137.5 112.5 111.4 111.7 108.9 104.6 105.1 108.7 97.6 92.4 95.7 98.1 103. 9 86.5 102.6 90.8 87.9 96.1 96.8 130.3 116.9 100.7 94.4 94.2 108.9 103.4 100.0 101.4 100.7 98.0 85.4 84.2 92.8 94.8 104.1 101.7 98.4 97.9 98.1 1936 1937 1938 1939 1940 99.1 102.7 100.8 99.4 100.2 101.,3 105. 3 97.6 102.8 102.2 100.5 101.7 96.4 100.9 104.1 104.3 104.6 100.2 100.2 99.9 99.0 99.7 96.3 104.3 103.3 101.3 100.5 98.7 101.0 101.5 100.7 101.1 1941 1942 1943 1944 1945 1946 105.2 116.5 123.6 125.5 128.4 139.3 105.5 123,.9 138 . 0 136 .1 139 .1 159 .6 106.3 124.2 129.7 138.8 145.9 160.2 106.2 108.5 108.0 108.2 108.3 108.6 102.2 105.4 107.7 109.8 110.3 112.4 107.3 122.2 125.6 136.4 145.8 159.2 104.0 110.9 115.8 121.3 124.1 128.8 1945—June July August September October. .. November. December. 1946—January.. . February.. March April May June July August September October. . . November. December, 129.0 129.4 129.3 128.9 128.9 129.3 129.9 141 .1 141 .7 140 . 9 139 . 4 139 . 3 140 .1 141 . 4 145.4 145.9 146.4 148.2 148.5 148.7 149.4 108.3 110.0 111.2 111.4 110.7 110.5 110.1 110.3 145.8 145.6 146.0 146.8 146.9 147.6 148.3 124.0 124.3 124.5 124.6 124.7 124.6 124.8 129.9 129.6 130.2 131.1 131.7 133.3 141.2 144.1 145.9 148.6 152.2 153.3 141 . 0 140 .1 141 . 7 142 . 6 145 . 6 165 . 7 171 .2 174 .1 180 . 0 187 . 7 185 .9 149.7 150.5 153.1 154.5 155.7 157.2 158.7 161.2 165.9 168.1 171.0 176.5 110.8 111.0 110.5 110.4 110.3 110.5 113.3 113.7 114.4 114.4 114.8 115.5 148.8 149.7 150.2 152.0 153.7 156.1 157.9 160.0 165.6 168.5 171.0 177.1 125.4 125.6 125.9 126.7 127.2 127.9 128.2 129.8 129.9 131.0 132.5 136.1 1947—January... February.. March '153.3 '153.2 156.3 183 .8 182 . 3 189 .5 '179.0 '181.5 184.3 117.3 117.5 117.6 179.1 180.8 182.3 '137.1 '137.4 138.2 Year or month 84. 1 93. 7 100. .4 97, .8 95. .2 96.6 139.6 108.3 108.3 108.4 108.5 108.7 108.8 108.8 108.9 109.0 -louse ishings Miscellaneous ' Revised. Back Figures.—Bureau of Labor Statistics, Department of Labor. MAY 1947 595 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All commodities Farm products Foods 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 98 8 103.1 104.0 105.8 121.1 104 9 88.3 64.8 48.2 51 4 65.3 78.8 80 9 86.4 68.5 65.3 67 7 82.4 105 9 122 6 123.3 128.2 148.9 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82 1 85.5 73.6 70.4 71.3 82.7 99 6 106.6 104.9 106.2 130.7 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 95.5 96.9 98.5 99.7 109.5 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 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 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 71.7 76.2 78.5 80.8 83.0 84.0 90.1 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 99.4 103.8 103.8 103.8 104.7 115.5 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.8 103.2 110.2 111.4 115.5 117.8 132.6 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.4 95.5 94.9 95.2 95.2 101.4 94.3 82.6 92.7 77.7 84.9 69.8 75.1 64.4 75.8 62.5 81.5 69.7 80.6 68.3 81.7 70.5 89.7 77.8 86.8 73.3 86.3 74.8 88.5 77.3 c 94.3 82.O 102.4 89.7 102.7 92.2 104.3 . 93.6 104.5 94.7 111.6 100.3 108 9 110.2 111.0 112.9 124 7 129.1 124.0 134 1 . . 139.7 140.9 141.5 144 6 149 6 133 4 135 4 137 5 140.1 157 0 161 0 154.3 165 3 169 8 168.1 165.0 170 4 182 6 109 4 110.8 111 .5 112.9 140.2 149.0 131.9 157 9 165.4 160.1 156.2 162 0 167.6 102.2 103.3 103.9 105.6 109.5 111.6 112.2 115.8 120.7 124.7 127.6 128 6 131.3 119 8 119.8 120.4 122.4 141.2 138.9 141.6 142 4 172.5 176.7 175.1 173 8 174.6 104 7 107.9 108 8 109.2 118 1 124 0 125.7 128 6 131 3 134.7 136.6 138 0 139 6 85 0 86.1 86.1 87.8 90.3 94.4 94.3 94 2 94.5 96.1 97.7 97 9 100 8 108.4 108.8 109.4 112.2 113.3 114.0 114.2 125 8 130.2 134.7 138.0 138 6 140 6 124 9 126.5 127.8 129.9 132.1 132.7 133.8 134.8 145.5 157.8 169.7 174 8 177.5 96.0 96.1 96.5 96.4 99.3 98.4 98.4 99.9 118.9 125.7 128.1 129.3 132.2 106.9 107.5 108.3 110.4 111.9 112.6 113.6 115.3 118.2 120.2 123.3 124.6 125.8 95.6 95.7 97.0 98.5 101.3 102.0 102.1 104.0 106.5 108.9 110.3 110.9 115.3 166 1 165 8 166.0 164 2 164 8 165.5 168.9 171.7 176 1 181.8 184.2 182 9 183.8 181 2 180.1 175.4 177.6 156.4 158.1 157.8 155 9 154.1 156.7 160.9 162.5 167.5 170.7 166.5 166.2 166.5 164.4 163.0 162.2 160.3 124.1 125.0 126.6 127.0 127.5 128.1 128.1 128.3 1 2£. 7 129.4 130.0 131.3 131.9 132.3 132.1 132.4 132.0 171.3 171.2 171.7 170 7 171.0 172.9 173.6 175.8 174.1 174.2 175.7 174.9 174.2 174 3 173.8 172.5 171.9 133 5 133 2 135.7 135 7 135 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 97 0 98.0 98.3 98 5 98 5 98.6 98.6 98.6 98 6 98.8 98.8 101 .7 103.5 103 9 104.0 104.1 103.9 134 2 135.5 136.7 137 7 138 3 138.3 138.4 138.4 138 6 139.7 140.2 140 3 140.3 140 3 140.3 140.9 140.8 156 1 158.1 164.5 165 5 168 6 170.6 172.8 172.6 173.0 175.3 175.3 176.7 177.0 177 8 177.9 178.4 178.0 126.6 126.8 127.1 127.4 127.8 127.6 128.3 129.2 129.3 130.6 131.7 133.0 132.8 134.5 134.5 132.5 130.5 120.9 121.4 122.4 122.5 122.8 123.0 123.0 125.3 125.5 126.1 126.1 126.6 126.6 126.7 126.7 128.1 128.6 107.8 109.0 109.5 110.0 109.9 110.0 110.0 110.7 111.2 111.9 113.0 114.6 114.9 115.7 114.3 115.6 115.2 Year, month, or week 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 March . Week ending: 1947—j an 4 139 1 Jan 11 . . . 140 0 140.8 Jan. 18 Jan 25 140 3 140 3 Feb 1 141.7 Feb. 8 Feb. 15 143.1 Feb. 22 144.3 Mar. 1 146 4 148.7 Mar. 8 Mar. 15... 148.3 Mar. 22 149 0 Mar 29 149.4 Apr 5 148 8 Apr. 12 . 148 1 Apr. 19 147.2 Apr. 26 146.8 Total 1946 1947 1947 Subgroups Subgroups Mar. 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 ChemiHouse- Miscelcals and furnishallied ing goods laneous products Metals Hides and Textile Fuel and leather lighting and metal Building products products materials products materials Dec Jan. Feb. Mar. 136.7 163.0 162.6 171.1 203.3 133.5 194.7 189.6 201.5 216.0 131.4 152.5 149.7 150.5 155.8 116.1 96.2 133.1 109.6 97.7 180.0 139.5 134.5 188.2 139.0 164.6 139.9 131.6 183.4 141.1 161.8 141.3 134.2 199.5 146.0 157.6 150.4 141.5 207.3 152.8 128.6 117.6 104.0 115.2 169.9 216.5 185.0 123.6 170.6 198.5 181.6 140.3 171.5 191.4 181.1 137.1 171. 192. 183. 137. 109.5 129.8 132.4 132.7 132.9 181.6 184.6 193.7 75.5 96.9 99.3 100.0 103.2 101.2 80.2 30.2 33.8 33.8 37.0 112.7 119.0 120.8 121.9 109.6 168.1 169.9 170.1 133.0 196.6 100.8 73.2 37.0 127.5 175.1 104.0 113.7 114.7 114.8 114.9 125.2 138.9 142.6 143.3 143.6 134.9 147.5 152.5 155.1 155.2 68.3 65.8 79.6 83.1 80.8 84.3 61.2 75.8| 76.5 76.6 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 Pioduct:,: 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 Mar. Dec Jan. Feb. Mar. 98.5 99.6 107.0 112.8 86.1 95.1 117.1 118.6 117.4 151.0 129.3 114.9 117.5 119.0 123.9 151.3 130.5 117.0 117.6 119.0 125.0 r 151.3 131.3 117.1 116.8 118.2 126.9 151.2 139.0 117.9 117.4 102.3 167.6 107.8 95.1 120.1 112.3 130.0 106.9 227.2 155.4 114.9 120.1 131.8 132.2 108.3 249.9 171.2 117.0 127.7 139.0 132.3 109.9 263.6 173.9 117.1 127.7 141.5 132.4 112.3 269.3 176.1 117.9 127.7 143.5 97.0 111.8 112.7 113.8 111.7 181.2 181.7 182.5 81.9 95.1 99.9 99 2 86.6 93.6 95.5 96.3 102.1 203.0 210.6 214.3 114.5 182.7 101.8 96.3 231.5 110.9 126.3 128.4 129.6 131.4 102.9 113.9 118.2 119.5 120.0 73.0 73.0 73.0 73.0 73.0 159.6 193.8 181.7 178.6 238.4 113.7 136.4 141.9 143.4 145.1 46.2 46.2 51.2 52.9 52.9 98.9 117.0 118.1 118.8 122.2 1 T c Revision made beginning October 1946. Revised. Corrected. Back figures.—Bureau of Labor Statistics, Department of Labor. 596 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 1946 * 1939 1940 1941 Capital outlay charged to current expense Adjustments: For inventory revaluation 4 196.6 204.7 62.7 55.3 93.5 86.2 83.6 75.8 34.7 25.2 39.6 31.1 36.7 27.7 31.3 21.5 30.8 20.3 13.3 5.3 50.3 5.0 81.3 4.9 83.7 5.7 69.4 6.3 19.1 5.3 7.6 2.9 2.5 1.6 2.0 1.6 9.1 2.6 16.2 8.9 9.5 32.1 7.9 23.8 7.3 8.5 23.1 6.5 19.2 8.6 9.0 31.4 8.0 12.0 9.5 9.8 35.7 8.3 10.0 10.3 10.5 37.9 8.8 0 6 1.0 3.1 0.5 1.1 4.0 •6.6 -0.6 *12.8 6.5 •9.5 3.4 »12.0 4.0 14 0 8.6 »15.6 9.7 4.9 3.7 7.4 4.8 3.8 106.4 7.7 65.6 33.1 127.2 14.1 77.3 35.8 121.0 11.7 75.1 34.2 122.1 13.1 74.0 35.0 129 6 15.0 78.3 36.3 136 0 16.7 81.8 37.5 183.7 190.2 196.6 204.7 14.8 4.3 Gross national product Deductions: Business tax and nontax liabilities... Depreciation and depletion 3 190.2 10.9 3.6 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 Nondurable goods . . . Services 2 183.7 2.8 6.1 2 4 1 194.0 1.4 6.5 120.2 152.3 2.0 6.9 2 8 2 5 1 3 1 6 5.5 8.9 5.1 0.9 0.8 1.8 1.5 3.5 1.2 -0.5 -0.6 -1.5 -1.7 -1.8 0.2 61 7 6.4 32.6 22.7 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 -0.1 98.5 6.7 60.0 31.8 88.6 2 0 1 6 1946 2 199.2 26.5 18.6 Residential Other 1945» 97.1 89.5 8.8 War 1944 197.6 97.1 Nonwar State and local governments Private gross capital formation Construction 19*43 187.4 Gross national product 88.6 Government expenditures for goods and services 16.0 Federal Government 7.9 16.7 1942 0 7 1.9 }o. s 97.1 120.2 152.3 187.4 197.6 199.2 194.0 10.4 6.2 0.8 12.4 6.4 0.7 18.5 7.0 0 8 23.1 7.6 0.6 27.4 8.0 0.5 29.7 8.2 0.5 28.6 8.0 0.5 25.0 7.2 0.4 0.7 0.9 1.3 1.1 0.8 0.9 1.1 2.0 —0.2 (4) 0.1 1 National income Additions: Transfer payments Deductions: Corporate savings Contributions to social insurance funds Income payments to individuals 70.8 —0 4 -0.4 77.6 —3 2 —1 1 96.9 —2 1 -0.2 122.2 149.4 -0.1 -2.2 160.7 161.0 -3.5 -2.1 165.0 2 4 2 6 2 5 2 7 3.2 5.3 8.1 11.0 0 4 1 8 4 0 4 4 5.5 5.4 4.5 6 9 2.0 2.1 3.2 3.8 3.9 3.8 4.0 70.8 76.2 2 6 92.7 117.3 143.1 156.8 160.8 165.1 156.7 160.6 167.8 173.4 Income payments to individuals Personal taxes and nontax payments Federal State and local Disposable income of individuals Consumer expenditures . . .. Net savings of individuals 70.8 3.1 1.3 1 9 67.7 61.7 6.0 76.2 3.3 1.4 1 9 72.9 65.7 7.3 92.7 4.0 2.0 2 0 88.7 74.6 14.2 117.3 6.7 4.7 2 0 110.6 82.0 28.6 143.1 18.6 16.6 2.0 124.6 91.3 33.3 156.8 19.4 17.4 2.1 137.4 98.5 38.9 160.8 21.2 19.0 2.1 139.6 106.4 33.1 165.1 19.1 17.0 2.1 146.0 127.2 18.8 156.7 18.6 16.4 2 1 138.1 121.0 17.1 160.6 18.7 16.6 2 1 141.9 122.1 19.8 167.8 19.4 17.2 2 2 148.4 129.6 18.8 173.4 19.8 17.7 2 2 153.6 136.0 17.6 70 8 48.1 44.2 3 8 11.2 4.3 6 9 7 4 4.2 3 8 77 6 52.3 48.6 3.7 12.0 4 4 7 6 7 5 5.8 4 0 96 9 64.5 60.8 3 7 15.8 6 3 9 6 8 0 8.5 4 5 122 2 84.1 80.8 3 3 20.6 9.7 10 9 8 8 8.7 4 3 149.4 106.3 103.1 3.2 23.5 11.9 11 6 160.7 116.0 112.8 3.2 24.1 11.8 12 3 10.6 9.9 4 5 165.0 109.8 106.6 3.3 30.2 14.9 15 3 13.0 12.0 5 1 152.9 158 5 169 4 177 5 0.4 1.8 4.0 4.4 5.5 161.0 114.5 111.4 3.1 25.6 12.5 13 1 11.8 9.0 4 5 —0 4 0.0 T o t a l c o m p e n s a t i o n of employees....... Salaries and wages Net income of proprietors Agricultural Nonagricultural Net corporate profits Dividends 1.5 9.7 9.8 4 3 5.4 4.5 6.9 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. 3 Revised figures. Quarterly unadjusted data have not yet been published. »4 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 Survty of Current Business for May and August 1942 and March 1943. Back figures.—For annual totals 1929 through 1938, 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. MAY 1947 597 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS 1947 Chart book page Mar. 26 Apr. Apr. Apr. 16 Apr. 23 In billions of dollars WEEKLY FIGURES i 23.49 22.76 22.89 22.47 22.81 21.94 22.28 21.91 3 15.29 14.88 15.36 15.04 3 6.42 5.95 5.81 5.76 .35 .35 .35 .35 3 .75 .75 .75 .75 3 .29 .10 .43 .28 2 2 20.44 20.49 20.50 20.58 2 28.17 28.25 28.25 28.16 1.33 2 1.36 1.33 1.34 .61 .95 .75 2 1.60 4 15.66 15.54 15.93 15.99 4 15.10 14.98 15.05 P15.15 .56 .56 .89 4 P.83 22.23 21.83 15.06 5.67 .35 .75 .14 20.62 28.11 1.34 .48 15.82 P15.15 Steel production (% of capacity) Electric power prod. (mill. kw. hrs.). reight carloadings (thous. c a r s ) . . . . Department store sales (1935-39 = 100) Wholesale prices (1926=100): Total Farm products Other than farm and food 97.0 95.4 95.1 94.5 95.0 4,729 4,693 4,620 4,660 4,668 829 758 866 894 283 319 .74 .01 (2) .17 .56 .77 .01 .01 .19 .56 .90 .01 .02 .25 .62 P.90 .02 (2) .26 P.61 14 14 14 14 14 55.17 34.70 38.83 2.04 16.92 54.85 34.15 38.21 1.78 17.15 54.93 34.30 38.67 1.83 17.10 55.30 34.81 39.21 1.85 16.94 15 18.41 18.36 18.22 18.35 15 11.57 11.39 11.26 11.56 16 9.28 9.37 9.40 9.48 16 2.00 1.74 1.74 1.66 .30 .27 .12 .42 16 1 14.27 14.23 13.99 14.11 .54 .61 .53 .55 1 15 3.78 3.89 3.97 3.99 15 1.29 1.32 1.32 1.31 15 5.72 5.86 5.84 5.67 1 4.16 4.23 4.23 4.17 1 .26 .29 .30 .28 16 17 17 .25 .27 .78 .27 .27 .80 .24 .27 .81 .23 .26 .73 15 36.76 36.49 36.71 36.95 23.12 22.77 23.04 23.26 16 17.63 17.61 17.60 17.63 16 5.05 4.79 4.83 4.95 .44 .37 .61 .68 16 15 24.56 23.97 24.68 25.10 15 1.43 1.25 1.28 1.30 1 6.07 6.22 6.26 6.28 1 9.30 9.36 9.39 9.40 1 11.21 11.29 11.25 11.27 1 6.91 6.94 6.94 6.91 .90 .90 .87 1 .87 1 3.39 3.45 3.45 3.49 1947 .01 MONTHLY FIGURES () RESERVES AND CURRENCY .20 p. 55 Reserve Bank credit Gold stock Money in circulation Treasury cash Treasury deposits 55.21 Member bank reserves, total 34.8 Central reserve city banks 39.5! Reserve city banks 1.5' Country banks 16. 7 Required reserves, total Central reserve city banks 18.43 Reserve city banks 11.7 Country banks Excess reserves, total 9.5 Balances due from banks: 1.79 Reserve city banks .47 Country banks 14.40 Money in circulation, total .4 Bills of $50 and over 3.88 $10 and $20 bills 1.31c Coins, $1, $2, and $5 bills 5.5. 4.08 3.50 .376 .376 .82 .83 1.14 1.45 2.18 1.16 1.46 2.19 1.16 1.45 2.18 1.18 1.48 2.20 .376 .83 1.1 1.47 2.20 2.48 2.54 3.15 2.47 2.53 3.16 2.47 2.53 3.16 2.47 2.53 3.16 2.47 2.53 3.16 1.29 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 .87 1.86 3.66 28.26 8.46 15.36 4.45 1.74 3.48 28.30 8.43 15.41 4.46 1.80 3.51 28.23 8.42 15.35 4.46 9 P165.90 9 P82.50 9 P54.20 9 P26.10 P3.10 9 P165.40 P165.10 P80.40 P54.90 P26.00 P3.80 6 6 6,"" 13 1" 8 8 8 Consumer credit, total Single payment loans Charge accounts Service credit Instalment credit, total 18, Instalment loans Instalment sale credit, t o t a l . . . . Automobile Other .81 116 120 99 103 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 .80 ALL BANKS IN U. S. .376 121 124 104 105 .86 Mar.4 24.43 20.62 28.54 2.29 .78 16.40 5.14 6.50 4.76 15.55 5.13 6.27 4.15 .85 6 6 Total deposits and currency .24 Demand deposits .26 Time deposits .75 Currency outside banks U. S. Govt. deposits 36.7 23.10 CONSUMER CREDIT .81 124 128 108 107 .71 Feb. In billions of dollars .21 .376 124 128 108 107 .82 265 P.77 In unit indicated 27 27 27 27 27 271 P.6 Per cent per annum U. S. Govt. securities: Bills (new issues) 24 Certificates 24 Notes 24 Bonds (7-9 years) 24 Bonds (15 years and over) .24, 26 Corporate bonds: High grade (5 issues) 26 Aaa 26 Baa 26 265 149.4 148.8 148.1 147.2 146.8 183.8 181.2 180.1 175.4 177.6 131.9 132.3 132.1 132.4 132.0 Jan. 5 5 5 5 5 MONEY RATES, ETC. Stock prices (1935-39=100): Total Industrial Railroad Public utility Volume of trading (mill, shares). In unit indicated BUSINESS CONDITIONS MEMBER BANKS IN LEADING CITIES Total—101 cities: Loans and investments U. S. Govt. obligations Demand deposits adjusted... U. S. Govt. deposits Loans New York City: Loans and investments U. S. Govt. obligations, total. Bonds and guaranteed securities Notes and certificates Bills Demand deposits adjusted... U. S. Govt. deposits, Interbank deposits * Time deposits 3 Loans, total Commercial For purchasing securities: Brokers'—on U.S. Govts. Brokers'—on other securities Toothers All other 100 cities outside New York: Loans and investments U. S. Govt. obligations, total. Bonds and guaranteed securities Notes and certificates Bills Demand deposits adjusted.. . U. S. Govt. deposits8 Interbank deposits Time deposits 3 Loans, total Commercial For purchasing securities... All other Mar. Apr. Apr. Apr. Apr. 16 26 WEEKLY FIGURES*—Gont. RESERVES AND CURRENCY Reserve Bank credit, total . . . . U. S. Govt. securities, total.. Bills Certificates Notes Bonds Discounts and advances Gold stock Money in circulation Treasury cash Treasury deposits Member bank reserves Required reserves Excess reserves • Excess reserves (weekly average): Total • New York City Chicago Reserve city banks Country banks e 1947 Chart book page 118 122 10 104 P80.60 P54.70 P26.20 P3.9H 18 18 18 18 19 19 19 19 19 9.78 09 2.76 .87 4.06 2.50 1.57 .58 .99 P9.72 P4.16 P2.55 Pl.61 P. 63 >.98 P10.05 P2.O7 P2.78 P. 88 P4.33 P2.64 Pi. 69 P. 69 Pi. 00 20 258.64 258.29 255.98 20 20 20 20 119.32 56.96 57.16 24.78 119.32 55.92 57.77 24.94 119.32 52.97 58.16 25.18 20 20 20 20 20 20 20 105.30 61.70 41.63 71.14 53.91 29.79 17.07 105.30 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 21 21 21 21 21 21 2 73.00 31.17 23.94 11.90 25.40 93.20 38.10 71.80 31.31 24.12 12.00 25.40 93.70 38.00 J»2.08 *2.60 P.87 TREASURY FINANCE 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 funds. . . . Federal Reserve Banks Mutual savings banks Insurance companies Other investors, total Marketable issues 31.57 22.59 For footnotes see p. 600. 598 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS--C ontinued Chart book page Jan. Feb. MONEY RATES, ETC. 23 23 23 2.57 1.00 .376 2.55 1.00 .376 Chart book page Mar." Per cent Per annum MONTHLY FIGURES—Cont. ^oroorate Aaa bonds F. R. Bank discount rate (N. Y.) Treasury bills (new issues) 1947 2.55 1.00 .376 MONTHLY FIGURES—Gont. 1947 Jan. Feb. Mar. In unit indicated BUSINESS CONDITIONS—Cont. Residential contracts (mill, dollars) :5 Total 42 343 270 249 Public 42 17 20 13 Private, total 42 326 250 236 1- and 2-family dwellings 42 258 220 197 In unit indicated Other 42 68 30 39 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 dollars): 129 125 124 Industrial 27 Total 49C 800 745 786 133 128 129 Railroad 27 Residential: 110 119 115 Public utility 27 Public 49C 38 32 24 107 111 111 Volume of trading (mill, shares) 27 Private... 49C 273 1.18 .84 1.00 247 260 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 Public 49C 128 119 146 573 533 576 Money borrowed 29 Private 49C 361 347 356 210 217 216 5 Customers' free credit balances.... 29 reight carloadings: 687 677 681 Total (1935-39=100) 43 150 142 146 BUSINESS CONDITIONS Groups (points in total index): 5 Miscellaneous 43 83.3 79.4 82.8 Income payments (mill, dollars): Coal 43 34.7 31.8 31.3 14,756 14,754 P 1 4 , 7 2 5 Total 30 All other 43 31.8 30.9 31.6 9,296 9,356 P 9 , 3 8 3 Salaries and wages 30 5 Department stores (1935-39=100) : 5,460 5,398 P5.342 Other 30 Sales 44 265 269 277 Cash farm income (mill, dollars): Stocks 44 268 274 1,745 Pl,903 2,180 Total 31 275 1 ,310 1,179 J>l,310 Exports and imports (mill, dollars): Livestock and products »31 Exports 46 Pi,153 Pi ,327 834 522 P527 Crops 31 Excluding Lend-Lease exports... 46 Pl.107 Pi,150 Pi,326 36 44 P66 Govt. payments 31 Imports 46 P533 P435 P444 1.7 1.6 1.6 Armed forces (mill, persons) 32 Excess of exports excluding LendCivilian labor force (mill, persons): Lease exports 46 P574 P715 P882 57.8 58.0 58.4 Total 32 41.9 42.1 42 .4 Cost of living (1935-39=100): Male 33 All items 47 153.3 153.2 156.3 15.9 15.9 16.0 Female 33 Food 47 183.8 182.3 189.5 2.4 2.5 2.3 Unemployment 32 Clothing 47 179.0 181.5 184.3 55.4 55.5 56.1 Employment 32 Rent 47 108.8 108.9 109.0 48.9 48.6 48.8 Nonagricultural 33 6.5 Agricultural 33 6.9 7.2 Wholesale prices (1926=100): 141.5 144.6 149.6 Total 49 Industrial production:5 165.0 170.4 182.6 Farm products 49 Total (1935-39=100) 35, 49B '189 P189 189 127.6 131.3 Other than farm and food 49 128. Groups (points in total index): 84.1 Durable manufactures 35 P84.6 '83.8 44.3 44.1 Machinery and trans, equip.... 49B P44.6 21.1 21.0 Iron and steel 49B 21.3 Nonferrous metals, lumber, and 1946 1947 18.5 18.7 building materials 49B '82.8 82.5 P82.2 Nondurable manufactures 35 21.9 22.1 P22.0 Textiles and leather 49 B 24.0 23.3 Food, liquor, and tobacco 49B P23.0 JulyOct.Jan.Chemicals, petroleum, rubber, QUARTERLY FIGURES Sept. Dec. Mar. 23.2 P23.1 23.2 and coal products 49 B 13.7 13.9 P14.1 Paper and printing 49 B RECEIPTS AND EXPENDITURES OF THE 22.2 Minerals 35, 49B 22.2 P22.3 U. S. TREASURY New orders, shipments, and invenIn billions of dollars tories (1939=100): New orders: Budget receipts and expenditures: 242 P255 Total expenditures 49D Total 36 9.33 9.16 10.63 Durable 36 270 P293 National defense 49D 3.80 4.50 4.30 Shipments: Net receipts 49D 9.45 9.02 13.90 P292 275 Total 36 Internal revenue collections, total.... 49D 8.47 7.72 12.61 P314 293 3.87 Durable 36 Individual income taxes 49D 3.07 7.95 263 P277 Nondurable. 36 Corporate income taxes 49D 2.52 2.56 2.62 Inventories: Misc. internal revenue 49D 2.04 2.14 2.03 P211 208 Total 36 P230 225 Durable 36 P195 194 Per cent per annum Nondurable 36 MONEY RATES Factory employment and pay rolls (1939=100): Bank rates on customer loans: 2 33 '307.3 '310.7 2.32 2.31 Pay rolls 38 Total. 19 cities 23 1.85 1.83 1.82 Employment 38 New York City 25 '152.7 '153.8 P153.8 2.43 2.37 Hours and earnings at factories: 2 43 Other Northern and Eastern cities. 25 47.28 P47.47 47.09 2.75 2.80 Weekly earnings (dollars) 39 Southern and Western cities 25 2 76 117.0 P117.9 116.1 Hourly earnings (cents) 39 40.4 40.6 M0.3 Hours worked (per week) 39 SECURITY MARKETS In millions of dollars Nonagricultural employment (mill. persons):5 '42.2 '42.3 P42.4 Corporate security issues: Total 40 Net proceeds: '16.3 '16.4 P16.4 Manufacturing and mining 40 1,801 1,482 1,018 All issues 28 '8.6 '8.6 Trade 40 438 Industrial 28 '5.4 '5.4 876 «! 966 Government 40 31 105 53 Railroad 28 '4.1 '4.1 P4.0 Transportation and utilities 40 442 Public utility 28 490 668 Construction 40 '1. '1.6 P1.7 New money: Construction contracts (35 mo. moving 809 1.336 673 All issues 28 average, mill, dollars): 283 564 686 618 P545 Industrial 28 599 Total 41 43 Railroad 28 280 P245 28 74 265 Residential 41 284 Public utility 28 338 P300 334 200 537 Other 41 For footnotes see p. 6C0. MAY 1947 599 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart book page 1946 June 29 Sept. 30 Dec. 31 In billions of dollars CALL DATE FIGURES ALL MEMBER BANKS Loans and investments, total U. S. Govt. obligations, total Bonds . . Certificates Notes Bills Guaranteed obligations Other securities, total State and local government obligations Other securities Loans, total Commercial Real estate Agricultural For purchasing securities: Brokers To others Consumer Demand deposits adjusted CALL DATE FIGURES—Cont. CLASSES OF BANKS 10 10 11 11 11 11 11 102.03 72.27 45.42 15.29 10 47 1.07 .02 10 6.46 11 11 11 3 31 3.15 23.30 9.69 4.27 11 .88 11 11 11 10 2 40 2.48 2.46 67 46 11 10 99.71 68.23 (6) (6) 6.70 3.62 3.08 24.78 (6) (6) (6) 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 deoosits adjusted Time deposits Chart book page 12 12 12 12 12 12 28.47 19.13 1.51 7.84 19.35 2 21 12 12 12 12 37.68 26.59 2.23 8 86 23'.48 10.45 12 12 26.94 17.67 1.65 7.63 19.41 2 25 36.71 24.61 2.28 9 81 23'.85 10.67 Sept. 30 June 29 Dec. 31 In billions of dollars Cont. 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 3.55 3.08 26.70 13.15 5.36 1946 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 1946 SELECTED DATES JulySept. 35.41 24.57 2.84 8 00 26.24 14 07 1947 Jan.Mar. Oct.Dec. .88 FARM REAL ESTATE VALUES 1 51 1.47 3 31 Cash farm income (bill, dollars, annual 70 24 basis Farm real estate values (1912-14= 100) D rices received and paid by farmers: Prices paid (1910-14=100) Prices received (Aug. 1909-July 1914—100) 25.60 16.22 1.51 7.87 19.78 2 30 35.35 22.25 Cash farm income (bill, dollars) 2.28 Farm transfers (number per 1000 10 82 farms) * Total 24.22 Voluntary sales and trades 10.88 In unit indicated 49A 23.5 49A 7 152 28.8 '28.8 7 (7) 159 49A 201 211 '221 49A 245 267 267 1946 1945 In unit indicated 49A 21.6 49 A 56.4 54.9 49A 24.8 • Estimated. v Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. » Interbank time deposits are excluded from interbank deposits and included in time deposits beginning Apr. 2; on that date they totaled 21 million and 23 million dollars for New York City and for 100 cities outside New York, respectively. 45 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. Adjusted for seasonal variation. 6 Figures available for June and December dates only. 7 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. CONSUMER CREDIT * Chart book page1 1947 Jan. Mar.? (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 outstanding, cumulative totals: 2 Automobile dealers 6 - Furniture and household appliance stores 6 Department stores and mailorder houses 6 All other 6 9,783 4,061 2,495 1,566 2,764 2,089 869 9,783 5,722 2,958 869 1,566 9,716 10,047 Consumer instalment sale2 credit granted, cumulative totals: 4,160 4,329 By automobile dealers 2,551 2,638 By furniture and household appli1,691 1,609 ance stores 2,602 2,775 By department stores and mail2,080 2,066 order houses 874 877 By all other retailers Consumer instalment loan credit out2 9,716 10,047 standing, cumulative totals: Commercial and industrial banks 5,556 5,718 Small loan companies 2,954 2,943 Credit unions 874 877 Miscellaneous lenders Insured repair and modernization loans 1,609 1,691 985 978 1,002 606 269 599 261 618 262 286 298 377 183 186 240 122 58 119 56 156 73 2 ,495 1,377 2,551 1,390 770 580 2,638 1,422 795 599 360 365 380 757 572 l 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. 2 600 FEDERAL RESERVE BULLETIN NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks Banks (Head Offices) Dec. 31, 1942 Dec. 31, 1943 Dec. 31, 1944 Dec. 31, 1945 Dec. 31, 1946 Mar. 31 1947P Branches and Additional Offices* Dec. 31, 1942 Dec. Dec. Dec. Dec. 31, 1943 31, 1944 31, 1945 31, 1946 Mar. 31, 1 9 4 7 P All reporting banks Total 14,682 14,579 14,535 14,553 14,585 14,596 14 136 14,034 13 992 14,011 14,044 14,055 6,679 6,738 6,814 6,884 6,900 6,917 5,081 5,040 5,025 5,017 5,007 5,011 3,739 3,933 4 064 4 090 4,138 4,176 3,602 3 797 3 924 3 947 3,981 4,013 2,615 2,793 2 892 2,909 2,913 2,945 1,592 1,741 1 813 1,811 1,781 1,799 National Mutual savings banks Nonmember banks 1 Member banks Total 2 l Total Insured 1,598 1,698 1,789 1,867 1,893 1,906 7,460 7,299 7,181 7,130 7,147 7,141 6,667 6,535 6,452 6,416 6,457 6,457 793 764 729 714 690 56 184 192 192 191 490 361 351 350 350 684 191 350 1,023 1,052 1,079 1,098 1,132 1,146 987 1,004 1,032 1,038 1,068 1,068 935 952 52 52 35 95 102 41 978 981 54 57 62 61 99 101 115 41 42 42 43 State 2 Noninsured1 1,006 1,007 Insured 2 Noninsured .120 Nonreporting banks (nonmember noninsured) 130 119 120 112 111 109 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"J banks in Arkansas and 97 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." • Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on th- above dates was 40, 233, 308,241, 79, and 77, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Mont' tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list 1 On par list l Federal Reserve district or State Total * Total United Dec. Dec. Dec. Dec. Dec. States total: 31, 1942 31, 1943 31, 1944 31, 1945 31,1946 Mar. 31, 1 9 4 7 P . . . 14,123 14,021 13,989 14,002 14,043 14,054 11,413 11,492 11,544 11,869 11,957 11,988 Member banks Nonmember banks 6,670 6,729 6,806 6,877 6,894 6,911 4,743 4,763 '4,738 4,992 5,063 5,077 Not on par list 1 2,710 2,529 2,445 2,133 2,086 2,066 By districts a n d by States M a r 31 1947* Boston New York Philadelphia Cleveland 1,166 Richmond Atlanta Chicago St. Louis 1,012 1 1*51 2,476 1,468 2,419 1,111 1 277 1 747 1 736 984 506 874 502 488 934 845 . . Minneaoolis Kansas City Dallas San Francisco 488 934 845 1,166 785 527 601 335 800 648 722 153 134 197 444 476 337 999 498 309 190 474 754 599 269 1,420 613 127 982 275 233 Alabama Arizona Arkansas California Colorado 219 10 228 192 141 107 10 97 192 141 85 5 66 113 92 22 5 31 79 49 Connecticut Delaware Dist. of Columbia . Florida Georgia 114 39 19 177 371 114 39 19 113 92 63 17 16 72 63 51 22 3 41 29 Idaho Illinois fndiana Iowa Kansas 48 869 489 661 610 48 867 489 661 608 25 501 238 164 214 23 366 251 497 394 MAY 1947 State Total * 676 11 110 4 112 131 Nonmember banks Kentucky . . Louisiana Maine Maryland Massachusetts 386 157 63 169 183 386 56 63 169 183 114 45 38 79 148 272 11 25 90 35 Michigan Minnesota Mississippi Missouri M^ontana 443 678 205 592 443 264 .38 521 228 209 30 181 215 5"5 8 340 110 110 80 30 409 8 409 g 145 6 65 343 45 6S 343 45 52 294 32 264 2 New York North Carolina North Dakota Ohio Oklahoma 664 Oregon Pennsylvania Rhode Island South Carolina South Dakota . . .. Nebraska Nevada New Hampshire. . . . New Jersey New Mexico 227 624 57 357 Total Member banks Not on par list* 101 414 167 71 13 49 13 664 577 204 151 85 44 53 41 32 3 119 107 673 383 673 373 427 222 246 151 10 70 70 37 240 9 24 5 95 101 87 1,007 1,007 20 149 169 20 54 68 33 767 11 30 63 Tennessee Texas Utah Vermont Virginia 294 870 59 71 315 191 810 59 71 305 82 551 34 40 203 109 259 25 31 102 Washington West Virginia Wisconsin Wyoming 122 118 54 64 4 181 554 178 443 55 108 163 37 70 280 18 3 111 55 103 60 10 P Preliminary. Represents banks on which checks are drawn, except that it excludes both member and nonmember mutual savings banks on a few of which some checks are drawn. The total in this table differs from total commercial banl :s in preceding table because the commercial bank total excludes some banks on which checks are drawn, namelv. those that do not report to State banking departments (see footnote 1 of preceding table), and includes industrial banks and nondeposit trust companies whether or not checks are drawn on them. annual reports and Banking and J Monetary Statistics, Table 15, a nd descriptive text, pp. 14-15 1 64 279 2 2 601 MEMBER BANK EARNINGS, 1946 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All member banks 1943 Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans Service charges and fees on loans Service charges on deposit accounts Other charges, commissions, fees, etc Trust department Other current earnings 1944 All State member banks 1946 1,650,170 1,873,768 2,102,177 959,787 996,802 139,368 765,828 All national member banks ] Central reserve city member banks New York Chicago Reserve city member banks Country member banks Year 1946 2,402,532 1,568,151 834,381 456,238 110,795 895,418 940,081 698,662 102,412 354,870 45,174 209,836 23,931 52,310 8,534 380,550 410,836 62,634 1,053,532 147,586 52,487 552,128 548,274 571,776 760,668 506,020 254,648 121,937 29,784 10,849 14,900 16,386 11,717 7,702 4,015 2,782 951 76,407 85,500 87,499 99,634 69,103 30,531 8,624 1,394 45,137 96,333 103,488 53,206 104,333 107,768 63,833 112,134 114,379 67,827 131,195 130,373 44,475 50,397 89,380 23,352 80,798 40,993 9,073 47,270 32,785 809 11,497 5,516 36,214 25,557 48,785 48,032 32,388 23,643 44,040 Expenses 1,038,787 1,126,733 174,877 187,503 Salaries—officers 312,125 337,440 Salaries and wages—others.. Directors' and committee 9,514 8,706 members' fees 144,103 123,707 Interest on time deposits. . . 967 353 Interest on borrowed money Taxes other than on net in82,844 84,282 come Recurring depreciation on banking house, furniture, 33,472 34,939 and fixtures 329,423 301,265 Other current expenses 1,267,633 208,237 371,374 1,468,550 242,422 457,020 947,813 158,207 283,748 520,737 84,215 173,272 250,312 37,219 104,261 63,137 8,777 20,908 558,760 77,949 188,077 596,341 118,477 143,774 10,757 182,874 2,286 12,401 211,603 2,175 8,187 143,224 1,101 4,214 68,379 1,074 1,314 6,846 796 150 8,480 51 2,373 82,004 829 8,564 114,273 499 83,476 81,819 54,233 27,586 9,209 4,344 33,340 34,926 34,004 374,625 34,034 427,076 23,176 275,937 10,858 151,139 4,113 86,554 704 19,723 11,912 162,276 17,305 158,523 310,510 298,437 2,628 5,356 53,402 Net current earnings before income taxes 611,383 747,035 834,544 933,982 620,338 313,644 205,926 47,658 336,658 343,740 Recoveries, profits on securities, etc Recoveries on securities.... Profits on securities Recoveries on loans All other 312,333 81,812 93,854 72,533 64,134 318,133 82,821 116,267 72,540 46,505 453,785 113,221 238,835 55,918 45,811 355,805 53,587 183,010 63,742 55,466 214,345 33,804 110,266 41,280 28,995 141,460 19,783 72,744 22,462 26,471 70,837 9,706 40,718 11,087 9,326 23,201 6,475 6,085 3,400 7,241 126,677 20,185 60,811 24,134 21,547 135,090 17,221 75,396 25,121 17,352 Losses and charge-offs On securities On loans All other 250,972 101,559 63,360 86,053 232,183 97,146 60,283 74,754 229,856 117,785 46,541 65,530 246,962 115,455 61,492 70,015 155,386 74,605 44,485 36,296 91,576 40,850 17,00 33,719 43,560 12,754 12,207 18,599 20,632 11,439 3,578 5,615 100,505 44,723 28,930 26,852 82,265 46,539 16,777 18,949 Profits before i n c o m e taxes. 672,744 832 985 1,058,473 1,042,825 679,297 363,528 233,203 50,227 362,830 396,565 Taxes on n e t income Federal State 115,491 102,976 12,515 183,715 169,136 14,579 270,062 250,281 19,781 285,026 264,512 20,514 185,451 173,913 11,538 99,575 90,599 8,976 75,046 64,786 10,260 12,993 12,993 98,681 93,015 5,666 98,306 93,718 4,588 Net profits... 557,253 649,270 788,411 757,799 493,846 263,953 158,157 37,234 264,149 298,259 Cash dividends declared On preferred stock 2 On common stock 208,368 10,828 197,540 226,002 9,687 216,315 245,934 8,262 237,672 266,647 5,873 260,774 169,741 2,423 167,318 96,906 3,450 93,456 75,076 34 75,042 14,050 98,697 2,104 96,593 78,824 3,735 75,089 14,050 16,229,000 17,682,000 19,815,000 24,258,000 15,222,000 9,036,000 6,736,000 1,387,000 9,400,000 6,735,000 Loans '4,491,000 15,509,000 3 ,537,000 26,129,000 26,042,000 .0,324,000 71,795,000 71,217,000 46,726, ( U. S. Government securities. .. 48,182, 5,286,000 5,131,000 5,566,000 6,384,000 4,489,000 1,895,000 1,182,000 364,000 2,182,000 2,656,000 Other securities 314,000 16,000 348,000 1,071,000 974,000 330,000 903,000 554,000 174,000 868,000 Real estate assets 23,243,000 24 ,482,000 26,700,000 29,171,000 19,578,000 9,593,000 6,402,000 1,452,000 11,208,000 10,109,000 Cash assets Total assets 94,299,000 108,920,000 125,132,000 132,315,000 86,827,000 45,488,000 30,137,000 6,778,000 49,431,000 45 ,969,000 Time deposits Total deposits Total capital accounts 14,176,000 17,198,000 21,487,000 25,905,000 17,409,000 8,496,000 1,382,000 777,000 10,374,000 13,372,000 87,381,000 101,-484,000 116,983,000 123,453,000 81,309,000 42 ,144,000 27,443,000 6 348,000 46,485,000 43,178,000 6,304,000 6,712,000 7,243,000 7,868,000 4,881,000 2,987,000 2,167,000 392,000 2,657,000 2,652,000 Number of officers Number of employees Number of banks. 36,398 190,354 37,693 193,279 39,903 207,460 42,512 230,44: 29,616 147,206 12,896 83,236 3,116 43,884 716 ,917 10,580 91,272 28,100 86,369 6,738 6,814 6,884 6,900 5,007 1,893 37 14 355 6,494 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the year end. 2 Includes interest on capital notes and debentures. NOTE.-—The figures of assets, deposits, and capital accounts are averages of the amounts reported for every call date in the current year and the final call date in the preceding year except for the omission of the spring call in 1944 and the fall call in 1946. Averages are distorted in 1945 because three of the call dates were in or near bond drives, when deposits, loans, and investments were at their peaks for the year. The number of officers, employees, and banks are as of the end of the year. Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances? with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. 602 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1946—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 132,286 Earnings .. Interest and dividends on securities: 56,445 U. S. Government 7,424 Other . . . Interest and discount on 40,096 loans Service charges and fees on 464 loans . . . Service charges on deposit 5,993 accounts Other charges, commissions, 2,804 fees, etc. 9,546 Trust department 9,514 Other current earnings.... 648,097 146,220 202,235 110,277 114,881 336,371 90,259 66,451 101,503 105,947 348,005 298,258 35,791 65,838 14,445 92,228 16,538 49,527 4,865 45,196 8,610 164,271 21,273 36,601 6,346 31,746 2,921 42,324 5,497 36,575 4,636 134,523 19,240 182,816 39,990 58,086 36,953 38,189 93,858 32,829 18,928 35,865 46,992 136,066 3,373 324 793 259 527 2,291 317 228 227 283 2,631 18,759 4,242 7,632 5,666 5,894 15,162 3,491 3,526 6,347 5,407 17,515 13,297 53,573 42,230 2,682 12,431 6,268 4,594 11,497 10,867 4,100 4,657 4,250 6,793 2,994 6,678 3,514 2,962 4,199 4,448 1,724 2,930 3,093 2,312 5,838 3,778 1,423 6,853 10,264 12,307 15,459 82,442 14,021 24,328 381,195 58,703 138,392 89,828 14,871 25,514 127,367 18,432 33,234 67,732 12,434 18,954 70,404 11,639 19,211 8,460 15,769 15,287 212,190 33,345 62,013 54,513 10,688 15,067 41,641 8,406 10,571 59,167 13,478 16,140 62,574 13,693 16,967 219,497 32,712 76,629 855 12,120 91 3,077 34,753 1,018 1,555 14,253 74 1,138 23,992 197 800 10,647 110 1,473 39,458 275 589 6,833 129 456 7,405 63 561 4,591 84 612 3,532 17 699 44,945 32 3,858 15,255 5,212 14,734 4,288 586 9,074 85 4,914 12,056 3,866 1,781 3,173 5,349 7,333 2,174 24,995 8,011 121,986 2,835 25,514 3,132 32,508 1,878 18,621 2,059 22,836 4,033 59,537 1,255 16,086 791 12,168 1,445 19,695 1,839 20,565 4,582 52,565 Net current earnings before income taxes 49,844 266,902 56,392 74,868 42,545 44,477 124,181 35,746 24,810 42,336 43,373 128,508 Recoveries, profits on securities, etc. .... Recoveries on securities. . Profits on securities Recoveries on loans All other . . .... 19,688 1,880 9,900 5,685 2,223 117,815 16,292 69,621 18,460 13,442 34,297 9,083 15,886 4,226 5,102 37,223 3,642 18,273 6,135 9,173 11,860 1,158 6,822 2,335 1,545 13,047 874 8,144 1,795 2,234 48,598 10,048 22,088 6,543 9,919 14,115 2,196 8,263 2,028 1,628 7,115 1,085 2,313 1,532 2,185 11,388 2,947 4,609 2,507 1,325 10,261 1,199 4,733 2,531 1,798 30,398 3,183 12,358 9,965 4,892 20,352 5,301 3,652 11,399 66,385 27,041 16,750 22,594 20,807 12,826 1,808 6,173 19,552 12,081 2,861 4,610 6,352 3,053 1,295 2,004 9,593 5,548 1,719 2,326 37,548 22,025 5,920 9,603 8,849 5,546 1,961 1,342 5,646 2,887 1,054 1,705 8,392 4,954 2,084 1,354 8,708 4,026 2,516 2,166 34,778 10,167 19,872 4,739 Expenses .... Salaries—officers Salaries and wages—others Directors' and committee members' fees Interest on time deposits. Interest on borrowed money Taxes other than on net inincome Recurring depreciation on banking house, furniture and fixtures .... Other current expenses... Losses and charge-offs. . . O n securities O n loans All o t h e r .... Profits before income taxes 49,180 318,332 69,882 92,539 48,053 47,931 135,231 41,012 26,279 45,332 44,926 124,128 Taxes on net i n c o m e . . . . Federal State 16,276 13,701 2,575 97,264 85,261 12,003 17,491 17,491 21,721 21,721 13,123 13,018 12,988 12,521 105 467 33,132 33,099 33 10,391 10,381 10 6,847 6,007 840 11,333 10,557 776 12,291 12,267 24 32,169 28,488 3,681 Net profits 32,904 221,068 52,391 70,818 34,930 34,943 102,099 30,621 19,432 33,999 32,635 91,959 Cash dividends declared. On preferred stock 2 On common stock 16,182 115 16,067 90,558 2,535 88,023 18,818 483 18,335 19,563 675 18,888 11,137 97 11,040 9,542 164 9,378 30,488 797 29,691 9,038 190 8,848 6,007 55 5,952 9,167 25 9,142 11,078 73 11,005 35,069 664 34,405 1,268,000 8,197,000 1,095,000 1,734,000 998,000 1,073,000 Loans U. S. Government securities 3,652,000 20,923,000 3,954,000 5,734,000 3,296,000 3,052,000 204,000 1,662,000 533,000 632,000 209,000 368,000 Other securities 56,000 48,000 68,000 83,000 49,000 Real estate assets 262,000 Cash assets . . . . . 1.296,000 7,916,000 1,428,000 2,117,000 1,460,000 1,632,000 3,076,000 990,000 501,000 871,000 1,202,000 3,254,000 11,006,000 2,490,000 2,047,000 3,034,000 2,513,000 9,517,000 855,000 1,028,000 276,000 136,000 287,000 193,000 112,000 76,000 45,000 27,000 17,000 24,000 4,171,000 1,224,000 819,000 1,765,000 1,862,000 3,480,000 Total a s s e t s . . . . 6,509,000 39,120,000 7,106,000 10,322,000 6,028,000 6,193,000 19,407,000 5,017,000 3,528,000 5,991,000 5,822,000 17,271,000 Time deposits Total deposits Total capital accounts 1,245,000 4,761,000 1,712,000 2,836,000 1,223,000 1,041,000 4,781,000 863,000 824,000 626,000 485,000 5,506,000 5,980,000 35,809,000 6,497,000 9,521,000 5,677,000 5,879,000 18,345,000 4,735,000 3,340,000 5,698,000 5,531,000 16,443,000 730,000 986,000 258,000 176,000 280,000 277,000 476,000 2,746,000 573,000 752,000 327,000 287,000 Number of officers Number of employees Number of banks 2,257 13,210 7,283 62,927 2,998 13,793 3,497 17,073 2,500 10,844 2,160 11,117 5,526 31,356 2,385 8,918 2,035 6,363 3,241 9,671 2,959 9,781 5,671 35,389 337 801 649 722 475 331 1,002 495 470 754 595 269 See footnotes on p. 602. MAY 1947 603 MEMBER BANK EARNINGS, 1946—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Philadelphia New York Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans Service charges and fees on loans Service charges on deposit accounts Other charges, commissions, fees, etc Trust department Other current earnings 51,094 18,653 58,356 107,389 47,037 49,936 104,745 43,808 22,888 51,724 51,769 288,019 18,857 3,512 7,768 787 25,479 5,328 49,619 22,721 1,485 18,752 3,860 54,542 4,483 16,467 3,006 11,908 23,554 2,976 19,511 1,495 111,372 16,953 16,126 6,173 14,413 13,303 16,940 29,038 16,978 16,464 22,358 111,195 364 56 183 57 412 920 199 70 121 2,412 1,055 919 1,164 1,842 6,179 1,052 2,103 1,355 14,519 1,192 5,158 4,830 761 8,504 2,524 1,930 3,175 2,116 3,055 1,927 3,148 3,427 1,919 4,237 1,470 2,556 2,080 973 1,970 3,614 1,549 1,194 4,186 8,054 10,967 12,547 Expenses Salaries—officers Salaries and wages—others. Directors' and committee members' fees Interest on time deposits. .. Interst on borrowed money. Taxes other than on net income Recurring depreciation on banking house, furniture, and fixtures Other current expenses 28,722 4,681 10,202 449 635 1,866 13,601 1,560 4,493 2,991 2,054 9,417 6,041 2,250 35,738 5,216 13,619 65,862 7,642 20,124 29,707 30,567 4,879 9,768 4,163 8,729 71,889 23,239 26,328 4,013 8,752 30,156 4,569 9,454 30,164 4,778 181,987 25,729 65,846 123 1,677 27 92 2,155 17 242 1,429 40 263 10,094 146 239 3,177 72 168 3,560 56 319 14,348 215 125 2,460 91 155 2,199 75 121 2,325 10 441 37,167 23 1,160 639 2,004 8,094 2,191 2,482 3,348 2,000 1,869 2,781 6.200 628 10,224 363 4,282 760 12,428 1,360 18,139 710 8,671 861 10,548 1,240 20,454 499 8,388 216 4,740 705 11,130 886 10,375 3,684 42,897 Net current earnings before i n c o m e taxes 22,372 5,052 22,618 41,527 17,330 19,369 32,856 17,480 8,849 21,568 21,605 106,032 Recoveries, profits on securities, etc Recoveries on securities Profits on securities Recoveries on loans All other 5,517 309 1,806 2,295 1,107 5,827 1,557 2,848 1,005 417 17,840 6,887 7,917 1,106 1,930 21,608 1,518 8,843 3,978 7,269 5,605 340 3,765 767 733 6,444 486 4,051 882 1,025 11,570 1,520 8,059 1,053 938 8,386 1,573 4,880 1,197 736 3,551 302 1,208 543 1,498 7,373 2,270 3,371 1,126 606 6,448 781 3,555 1,052 1,060 26,508 2,642 10,508 9,130 4,228 Losses and charge-offs On securities On loans All other 12,206 1,989 1,752 8,465 3,481 2,429 755 297 12,210 7,474 401 4,335 11,585 7,297 1,551 2,737 2,481 708 615 1,158 4,846 3,086 860 900 8,222 4,793 1,249 2,180 4,685 2,870 1,229 586 1,740 895 470 375 4,803 3,051 1,048 704 3,439 1,655 694 1,090 30,807 8,476 18,306 4,025 Profits before i n c o m e taxes 15,683 7,398 28,248 51,550 20,454 20,967 36,204 21,181 10,660 24,138 24,614 101,733 6,245 4,920 1,325 1,570 1,376 194 8,062 8,062 11,769 11,769 5,838 5,823 15 5,944 9,258 9,258 6,032 6,026 6 2,978 2,538 440 6,770 7,591 7,591 26,624 Net profits 9,438 5,828 20,186 39,781 14,616 15,023 26,946 15,149 7,682 17,368 17,023 75,109 Gash dividends declared. .. On preferred stock2 On common stock 7,634 18 7,616 1,822 110 1,712 9,718 8 9,710 12,058 611 11,447 5,367 4,679 7,743 570 7,173 5,284 52 5,232 2,536 30 2,506 4,542 2 4,540 6,059 26 6,033 31,255 565 30,690" Taxes on net i n c o m e Federal State 672,000 Loans U. S. Government securities. . 1,307,000 41.000 Other securities 18,000 Real estate assets 551,000 Cash assets 7,758 29,029 480 22 5,345 5,735 209 90 4,589 8,726 196,000 546,000 1,113,000 470,000 592,000 900,000 631,000 523,000 1,589,000 3 ,176,000 1,599,000 1,292,000 3,839,000 1,168,000 194,000 267,000 76,000 164,000 31,000 253,000 128,000 22,000 47,000 26,000 11,000 22,000 25,000 13,000 188,000 699,000 1,213,000 698,000 737,000 1,407,000 628,000 844 6,420 82 785 643 1,363 843 14,039 1,993 4,963 85 1,413 57 6,342 428 23,575 3,049 243,000 540,000 745,000 2,752,000 755,000 1,713,000 1,255,000 7,915,000 751,000 45,000 166,000 67,000 95,000 7,000 15,000 29,000 339,000 992,000 891,000 2,865,000 Total a s s e t s . . . . 2,613,000 952,000 3,073,000 5,832,000 2,878,000 2,821,000 6,443,000 2,576,000 1,394,000 3,433,000 2,991,000 14,426,000 Time deposits Total deposits Total capital accounts 185,000 2,383,000 199,000 294,000 213,000 1,211,000 432,000 388,000 1,882,000 309,000 161,000 337,000 309,000 4,654,000 890,000 2,810,000 ,810,000 5,331,000 ,713,000 2,676,000 ,331,000 2,713,000 ,676,000 6,130,000 2!,424,000 1,313,000 3,264,000 830,000 13,721,000 ,264,000 2,830,000 59,000 236,000 467,000 152,000 127,000 614,000 286,000 134,000 73,000 159,000 151,000 Number of officers Number of employees Number of banks 503 4,895 220 2,439 569 6,522 799 9,282 609 5,307 552 4,873 1,096 11,699 10 24 30 33 21 78 518 4,764 264 2,471 662 5,170 573 4,585 4,215 29,265 50 35 33 * Not including central reserve city banks. See footnotes on p. 602. 604 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1946—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans Service charges and fees on loans Service charges on deposit accounts Other charges, commissions, fees, etc Tiust department Other current earnings 81,192 173,206 87,864 94,846 63,240 64,945 120,831 46,451 43,563 49,779 54,178 59,986 37,588 3,912 80,654 11,073 40,359 9,117 42,609 26,806 3,380 26,444 4,750 57,419 8,256 20,134 3,340 19,838 2,077 18,770 2,521 17,064 3,141 23,151 23,970 54,706 25,577 23,650 21,249 35,036 15,851 12,508 19,401 24,634 Expenses Salaries—officers Salaries and wages—others. Directors' and committee members' fees Interest on time deposits... Interest on borrowed money Taxes other than on net income Recurring depreciation on banking house, furniture, and fixtures Other current e x p e n s e s . . . . 8,780 29,057 2,287 24,871 202 115 420 118 146 157 162 3,416 4,052 7,589 2,439 2,741 4,244 4,052 2,170 1,482 2,134 3,738 1,067 3,530 4,224 2,353 5,534 3,805 361 2,087 61,505 10,790 13,110 38,025 7,555 9,186 39,837 7,476 10,482 77,164 15,842 17,866 2,044 406 2,119 28,185 6,675 6,315 6.413 5,608 2,120 342 2,224 29,011 8,909 6,686 2,229 229 2,667 32,410 8,915 8,079 37,510 6,983 10,783 1,313 12,824 34 875 13,898 51 561 7,470 38 418 5,514 29 1,004 16,630 9 464 4,373 38 371 5,992 6 406 2,392 9 491 1,207 7 258 7,778 9 5,407 3,208 6,640 2,097 2,432 4,364 1,866 1,209 1,304 2,568 1,133 1,546 14,771 3,535 31,150 2,075 13,086 1,772 14,369 1,168 9,950 1,198 12,288 2,089 19,360 756 7,698 575 7,428 740 8,565 953 10,190 898 9,668 Net current earnings before income taxes 27,472 55,924 33,774 33,341 25,215 25,108 43,667 18,266 15,961 20,768 21,768 22,476 Recoveries, profits on securities, etc Recoveries on securities.... Profits on securities Recoveries on loans All other 14,171 1,571 8,094 3,390 1,116 41,151 5,029 26,055 6,368 3,699 16,457 2,196 7,969 3,120 3,172 15,615 2,124 9,430 2,157 1,904 6,255 818 3,057 1,568 812 6,603 388 4,093 913 1,209 13,827 2,053 7,944 2,090 1,740 5,729 623 3,383 831 892 3,564 783 1,105 989 687 4,015 677 1,238 1,381 719 3,813 418 1,178 1,479 738 3,890 541 1,850 835 664 8,146 3,312 1,900 2,934 19,344 11,858 3,788 3,698 8,597 5,352 1,407 1,838 7,967 4,784 1,310 1,873 3,871 2,345 680 846 4,747 2,462 859 1,426 8,694 5,793 1,093 1,808 4,164 2,676 732 756 3,906 1,992 584 1,330 3,589 1,903 1,036 650 5,269 2,371 1,822 1,076 3,971 1,691 1,566 714 Losses and charge-offs On securities On loans All other 100 535 141 4,938 9,216 3,078 1,612 4,388 4,684 3,775 5,668 7,579 1,921 3.927 3,744 53,720 9,340 14.126 117,282 19,924 29,638 54,090 9,655 11,895 732 10,443 64 1,671 25,752 205 2,698 313 4,641 2,540 2,080 4,826 27,602 219 2,996 2,210 1,340 2,912 Profits before income taxes. 33,497 77,731 41,634 40,989 27,599 26,964 48,800 19,831 15,619 21,194 20,312 22,395 Taxes on net income Federal State 10,031 8,781 1,250 20,648 19,099 1,549 9,429 9,429 9,952 9,952 7,285 7,195 90 7,044 6,786 258 10,881 10,848 33 4,359 4,355 4 3,869 3,469 400 4,563 4,215 348 4,700 4,676 24 5,545 4,913 632 Net profits 23,466 57,083 32,205 31,037 20,314 19,920 37,919 15,472 11,750 16,631 15,612 16,850 8,548 97 8,451 13,660 2,391 11,269 9,100 475 8,625 7,505 64 7,441 5,770 75 5,695 4,863 74 4,789 8,695 3,754 138 3,616 3,471 25 3,446 4,625 23 4,602 5,019 47 4,972 3,814 99 3,715 Gash dividends declared. .. On preferred stock 2 On common stock 227 8,468 502,000 789,000 359,000 258,000 331,000 457,000 Loans 596,000 1,265,000 548,000 621,000 527,000 481,000 U. S. Government securities. . ,345,000 4,892,000 2,366,000 2.,558,000 ,697,000 1,760,000 3,630,000 1,322,000 1,292,000 1,322,000 1,258,000 1,601,000 104,000 92,000 121,000 126,000 Other securities 164,000 412,000 148,000 450,000 340,000 365,000 133,000 204,000 17,000 10,000 10,000 16,000 14,000 38,000 26,000 Real estate assets 45,000 36,000 23,000 35,000 78,000 616,000 745,000 1,326,000 729,000 904,000 763,000 894,000 1,313,000 596,000 480,000 774,000 971,000 Cash assets Total a s s e t s . . . . 3,897,000 8,031,000 4,033,000 4,490,000 3,149,000 3,372,000 6,187,000 2,441,000 2,135,000 2,558,000 2,831,000 2,845,000 Time deposits Total deposits Total capital accounts 852,000 1,060,000 3,085,000 1,500,000 1,625,000 791,000 653,000 2,122,000 554,000 663,000 289,000 177,000 ,867,000 2,311,000 2,027,000 2,434,000 2,700,000 2,721,000 3,596,000 7,476,000 3,686,000 4,190,000 2,964,000 3,203,000 5,867,000 119,000 308,000 124,000 103,000 122,000 126,000 274,000 520,000 337,000 285,000 175,000 160,000 Number of officers Number of employees Number of banks 1,754 8,315 3,947 16,604 2,429 7,271 2,698 7,791 1,891 5,537 1,608 6,244 3,714 10,740 1,867 4,154 1,771 3,892 326 754 625 692 442 310 910 474 461 2,579 4,501 2,386 5,196 1,456 6,124 560 236 See footnotes on page 602. MAY 1947 605 MEMBER BANK EARNINGS, 1946—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and under 1,0002,000 2,0005,000 5,00010,000 10,00025,000 25,00050,000 Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans. . Service charges and fees on loans Service charges on deposit accounts Other charges, commissions, fees, etc Trust department Other current earnings 2,379,613 8,411 45,798 176,714 191,828 263,081 193,529 1,044,780 144,778 756,269 11,652 2,934 501 3,782 33 17,812 2,905 18,349 123 74,434 12,612 64,361 484 83,245 14,037 65,524 694 115,684 18,065 83,782 778 84,496 11,119 61,917 684 99,141 487 2,760 10,920 11,682 16,027 67,404 125,897 129,692 426 25 223 2,393 53 1,403 7,416 856 5,631 6,742 2,673 7,231 8,262 7,322 13,161 Expenses Salaries—officers Salaries and wages—others Directors' and committee members' fees Interest on time deposits Interest on borrowed money Taxes other than on net income. Recurring depreciation on banking house, furniture, and fixtures Other current expenses 1,456,761 240,367 453,459 5,391 1,963 607 28,800 9,010 4,138 110,075 28,211 20,216 121,738 25,339 27,408 12,320 210,293 2,168 81,076 121 780 2 323 699 5,230 10 1,691 2,347 22,003 66 6,523 33,895 423,183 174 1,421 843 7,179 Net current earnings before income taxes 922,852 3,020 Recoveries, profits on securities, etc Recoveries on securities Profits on securities Recoveries on loans All other 348,176 52,927 181,900 63,289 50,060 Losses and charge-offs.. On securities On loans All other 50,000100,000 Over 100,000 174,716 1,325,536 75,562 9,540 54,722 555 590,613 75,999 403,832 8,301 11,247 8,323 37,695 5,582 8,344 10,140 4,915 9,525 11,574 31,668 97,099 80,329 169,329 29,662 44,254 125,420 20,404 36,779 112,478 17,529 34,635 783,530 10.8,249 285,422 2,072 24,872 76 7,172 2,108 32,970 124 9,640 1,136 20,544 198 7,126 809 15,167 148 6,524 3,028 88,727 1,544 42,077 3,240 27,469 3,445 31,354 4,864 45,707 3,029 36,204 3,388 34,278 14,912 239,571 16,998 66,639 70,090 93,752 68,109 62,238 542,006 709 84 286 254 85 4,364 752 1,847 1,191 574 19,659 2,578 10,009 4,167 2,905 25,858 3,730 13,969 4,878 3,281 40,461 4,775 23,355 7,028 5,303 29,728 3,851 16,860 4,936 4,081 30,642 4,752 19,004 4,201 2,685 196,755 32,405 96,570 36,634 31,146 245,874 115,162 61,230 69,482 551 199 224 128 2,936 1,443 919 574 13,153 15,997 7,102 3,088 2,963 9,586 3,111 3,300 22,579 13,452 4,021 5,106 18,410 9,650 3,678 5,082 18,459 10,901 3,305 4,253 153,789 62,829 42,884 48,076 1,025,154 3,178 18,426 73,145 79,951 111,634 79,427 74,421 584,972 282,250 261,832 20,418 519 497 22 3,239 3,059 180 14,117 13,465 652 19,127 18,363 764 30,135 28,877 1,258 22,811 21,893 918 21,595 20,504 1,091 170,707 155,174 15,533 Net profits. 742,904 2,659 15,187 59,028 60,824 81,499 56,616 52,826 414,265 Cash dividends declared On preferred stock 2 On common stock 263,348 5,847 257,501 824 14 810 4,151 65 4,086 14,874 312 14,562 14,992 477 14,515 20,891 803 20,088 15,280 757 14,523 13,766 1,138 12,628 178,570 2,281 176,289 1,574,967 2,261,136 1,808,695 1,781,509 4,856,124 6,796,318 5,020,568 4,519,120 451,286 535,482 833,544 650,088 81,381 74,508 105,574 59,553 1,988,126 2,751,922 2,244,760 2,251,964 17,364,401 35,849,615 3,452,544 478,831 17,525,796 Profits before income taxes. . . . Taxes on net income. Federal State Loans U. S. Government securities Other securities Real estate assets Cash assets 640,530 869,414 608,588 861,535 29 501,049 Total assets 126,907,738 Time deposits Total deposits Total capital accounts 27, 177,239 117; 870,029 063,269 Number of officers Number of employees. 42,262 229,347 Number of banks included. 6,855 358,596 1,427,074 64,152 179,91? 1,102,681 4,545,076 547,997 118,246 19,401 48,612 2.044 11,032 570,128 2,053,885 114,468 2,161,981 8,628,815 380,180 580,734 2,548,045 85,249 2,013,266 8,088,389 523,651 145,556 348,524 30,851 8,640 3,568 1,009 14,144 3,683 668 469 1,345 2,503 9,138,585 12,769,764 9,709,972 9,112,263 75,006,178 3,058,237 4,189,229 2,679,055 1,998,992 12,037,698 8,562,077 11,958,154 9,114,556 8,550,756 69,234,307 512,932 4,990,511 545,462 763,556 550,750 5,917 16,683 5,357 25,227 3,107 20,235 2,362 18,807 12,302 129,900 1,217 772 261 121 167 1 2 Totals are for all banks that submitted reports covering the entire year, except 3 trust companies. Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of year. See note on p. 602 regarding the composition of real estate assets, cash assets, and total capital accounts. FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1946—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Total i Item 1,000 and under 1,0002,000 2,0005,000 5,00010,000 10,00025,000 25,00050,000 50,000100,000 Over 100,000 Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans. Service charges and fees on loans Service charges on deposit accounts Other charges, commissions, fees, etc Trust department Other current earnings 1,565,230 6,155 32,027 133,062 140,416 189,672 118,713 119,848 825,337 697,391 102,213 505,059 7,687 2,119 418 2,764 21 12,444 2,254 12,606 86 57,071 10,118 46,915 340 62,358 10,809 46,677 418 85,318 13,409 58,260 428 53,501 7,374 36,757 484 52,533 6,688 37,675 469 372,047 51,143 263,405 5,441 68,922 352 1,950 8,216 8,547 11,951 7,286 5,793 24,827 44,33' 50,37 89,247 299 25 157 1,644 27 1,016 5,522 542 4,338 4,830 1,501 5,276 6,090 4,525 9,691 3,529 3,357 6,425 3,629 4,330 8,731 18,796 36,065 53,613 Expenses Salaries—officers Salaries and wages—others Directors' and committee members' fees Interest on time deposits Interest on borrowed money Taxes other than on net income Recurring depreciation on banking house, furniture, and fixtures Other current expenses 945,588 157,730 283,165 3,921 1,432 442 19,993 6,197 2,962 82,486 20,923 15,311 88,059 18,500 19,789 120,779 21,305 31,511 75,995 12,405 21,991 75,802 11,689 22,507 478,553 65,279 168,652 8,161 142,869 1,101 54,138 89 578 2 226 497 3,577 9 1,131 1,813 16,385 48 4,938 1,527 17,639 51 5,173 1,502 22,792 59 7,115 683 11,788 75 4,297 522 10,342 113 4,599 1,528 59,768 744 26,659 23,130 275,294 131 1,021 620 5,000 2,547 20,521 2,516 22,864 3,542 32,953 1,898 22,858 2,428 23,602 9,448 146,475 619,64: 2,234 12,034 50,576 52,357 68,893 42,718 44,046 346,784 Recoveries, profits on securities, etc Recoveries on securities Profits on securities Recoveries on loans All other 213,701 33,766 109,884 41,088 28,963 528 70 211 183 64 3,226 567 1,359 89f 404 14,803 2,058 7,577 3,099 2,069 18,227 2,985 9,440 3,470 2,332 27,066 2,995 16,174 5,051 2,846 17,309 1,690 10,110 3,289 2,220 18,063 2,345 11,580 2,539 1,599 114,479 21,056 53,433 22,561 17,429 Losses and charge-offs On securities On loans All other 155,194 74,517 44,416 36,261 435 161 177 97 2,198 1,149 644 405 10,437 5,860 2,273 2,304 12,416 7,838 2,086 2,492 16,355 10,125 2,731 3,499 10,077 5,157 2,281 2,639 11,156 7,848 1,622 1,686 92,120 36,379 32,602 23,139 Profits before income taxes 678,149 2,327 13,062 54,942 58,168 79,604 49,950 50,953 369,143 Taxes o n net income Federal State 185,184 173,654 11,530 389 369 20 2,301 2,158 143 10,679 10,145 534 14,023 13,470 553 21,756 20,846 910 13,998 13,502 496 14,666 14,093 573 107,372 99,071 8,301 Net profits 492,965 1,938 10,761 44,263 44,145 57,848 35,952 36,287 261,771 Gash dividends declared On preferred stock2 On common stock 169,500 2,41 167,088 612 8 604 3,037 35 3,002 11,632 158 11,474 11,446 192 11,254 15,160 391 14,769 9,131 180 8,951 9,027 431 8,596 109,455 1,017 108,438 Loans U. S. Government securities Other securities Real estate assets Cash assets 17,220,346 41,501,651 4,777,48: 558,330 19,932,530 45,969 127,376 15,745 1,612 80,699 242,589 1,033,043 1,119,774 1,574,073 1,083,308 1,251,788 10,869,802 761,470 3,447,509 3,613,465 5,022,697 3,227,265 3,136,537 22,165,332 333,896 2,420,809 359,793 632,317 87,162 431,167 496,593 295,760 52,739 43,409 75,628 37,852 8,373 42,957 397,407 1,554,866 1,495,507 2,065,049 1,507,596 1,668,134 11,163,272 Total assets 84,256,266 271,552 1,497,865 6,509,234 6,775,092 9,384,897 6,236,327 6,461,516 47,119,783 Time deposits Total deposits Total capital accounts 18,378,487 78,487,566 5,119,993 60,621 390,602 1,887,262 2,159,966 2,930,433 1,625,703 1,372,180 7,951,720 247,191 1,389,428 6,092,630 6,350,054 8,805,295 5,879,039 6,081,039 43,642,890 348,598 2,954,715 546,765 329,006 23,607 404,527 406,690 106,085 Number of officers Number of employees 29,465 146,546 Net current earnings income taxes before Number of banks included 4,975 730 479 2,443 2,612 6,462 10,695 4,373 12,124 3,902 18,067 1,905 12,259 923 1,876 902 573 172 1,563 12,185 8,087 78,125 107 See footnotes on p. 606. MAY 1947 607 MEMBER BANK EARNINGS, 1946—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and under 1,0002,000 2,0005,000 5,00010,000 25,00050,000 10,00025,000 50,000100,000 Over 100,000 Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans. Service charges and fees on loan; Service charges on deposit accounts Other charges, commissions, fees, etc Trust department Other current earnings 814,383 2,256 13,771 43,652 51,412 73,409 74,816 54,868 500,199 347,389 42,565 251,210 3,965 815 83 1,018 12 5,368 651 5,743 37 17,363 2,494 17,446 144 20,887 3,228 18,847 276 30,366 4,656 25,522 350 30,995 3,745 25,160 200 23,029 2,852 17,047 86 218,566 24,856 140.427 2,860 30,219 135 810 2,704 3,135 4,076 3,961 2,530 12,868 23,065 75,525 40,445 127 ' 66 749 26 387 1,894 314 1,293 1,912 1,172 1,955 2,172 2,797 3,470 2,053 4,987 3,715 1,286 5,195 2,843 12,872 61,034 26,716 Expenses Salaries—officers Salaries and wages—others Directors' and committee members' fees Interest on time deposits Interest on borrowed money Taxes other than on net income. Recurring depreciation on banking house, furniture, and fixtures Other current expenses 511,173 82,637 170,294 1,470 531 165 8,807 2,813 1,176 27,589 7,288 4,905 33,679 6,839 7,619 48,550 8,357 12,743 49,425 7,999 14,788 36,676 5,840 12,128 304,977 42,970 116,770 4,159 67,424 1,067 26,938 32 202 202 1,653 1 560 534 5,618 18 1,585 545 7,233 25 1,999 606 10,178 6. 2,525 453 8,756 123 2,829 287 4,825 35 1,925 1,500 28,959 800 15,418 10,765 147,889 43 400 223 2,179 693 6,948 929 8,490 1,322 12,754 1,131 13,346 960 10,676 5,464 93,096 303,210 786 4,964 16,063 17,733 24,859 25,391 18,192 195,222 134,475 19,161 72,016 22,201 21,097 181 14 75 71 21 1,138 185 488 295 170 4,856 520 2,432 1,068 836 7,631 74.r 4.529 1,408 949 13,395 1,780 7,181 1,97 2,457 12,419 2,161 6,750 1,647 1,861 12,579 2,407 7,424 1,662 1,086 82,276 11,349 43,137 14,073 13,717 90,680 40,645 16,814 33,221 116 38 47 31 738 294 275 169 2,716 1,242 815 659 3,581 1,748 1,025 808 6,224 3,327 1,290 1,607 8,333 4,493 1,397 2,443 7,303 3,053 1,683 2,567 61,669 26,450 10,282 24,937 347,005 851 5,364 18,203 21,783 32,030 29,477 23,468 215,829 97,066 88,178 8,888 130 128 2 938 901 37 3,438 3,320 118 5,104 4,893 211 8,379 8,031 348 8,813 8,391 422 6,929 6,411 518 63,335 56,103 7,232 249,939 721 4,426 14,765 16,679 23,651 20,664 16,539 152,494 93,848 3,435 90t413 212 6 206 1,114 30 1,084 3,242 154 3,088 3,546 285 3,261 5,731 412 5,319 6,149 577 5,572 4,739 707 4,032 69,115 1,264 67,851 Loans U. S. Government securities Other securities Real estate assets Cash assets 9,420,184 21,367,763 1,831,106 303,205 9,568,519 18,183 52,536 3,656 432 33,769 116,007 341,211 31,084 2,659 172,721 394,031 1,097,567 116,830 10,760 499,019 455,193 1,242,659 153,495 16,596 492,619 687,063 1,773,621 201,227 29,946 686,873 725,387 1,793,303 175,689 31,099 737,164 529,721 6,494,599 1,382,583 13,684,283 117,390 1,031,735 183,071 28,642 583,830 6,362,524 Total a s s e t s . . . . 42,651,472 108,628 664,116 2,119,581 2,363,493 3,384,867 3,473,645 2,650,747 27,886,395 Time deposits Total deposits Total capital accounts 8,798,752 39,382,463 2,943,276 24,628 101,333 7,244 190,132 623,838 39,471 626,812 4,085,978 898,271 1,258,796 1,053,352 660,783 1,995,759 2,212,023 3,152,859 3,235,517 2,469,717 25,591,417 164,334 2,035,796 119,124 144,060 216,456 216,791 Number of officers Number of employees 12,797 82,801 279 189 1,125 1,071 Net current earnings income taxes before Recoveries, profits on securities, etc Recoveries on securities Profits on securities Recoveries on loans All other Losses and charge-offs On securities On loans All other Profits before i n c o m e taxes. . . Taxes on net i n c o m e Federal State Net profits Gash dividends declared On preferred stock 2 On common stock Number of banks 1,880 2,178 3,449 627 1,544 4,559 1,455 7,160 1,202 7,976 199 89 799 6,622 4,215 51,775 60 See footnotes on p. 606. 608 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1946—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] All member banks 1943 1944 All national member banks All State member banks Central reserve city member banks New York Reserve city member banks Country member banks Chicago 1945 Year 1946 S u m m a r y ratios: Percentage of total capital accounts: Net current earnings before income taxes.... Profits before income taxes Net profits Cash dividends declared 9.7 10.7 8.8 3.3 11 .1 12.4 9 .7 3 .4 11.5 14.6 10.9 3.4 11.9 13.3 9.6 3.4 12.7 13.9 10.1 3.5 10.5 12.2 Percentage of total assets: Total earnings Net current earnings before income t a x e s . . . . Net profits 1.7 .6 .6 1.7 .7 .6 1.7 .7 .6 1.8 .7 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities1 Other securities Earnings on loans Service charges on deposit accounts Other current earnings 46.4 34.1 4.6 14.9 Total earnings Salaries and wages Interest on time deposits Other current expenses 51 .2 / 47.4 | 66 30.1 28.0 4.6 4.2 14.1 13.8 12.7 13.7 9.9 3.7 3.2 12.2 12.8 9.5 3.6 1.8 .7 .6 1.8 .7 .6 1.5 .7 .5 1.6 .7 .5 43.9 6.1 32.2 44.6 6.5 32.8 4.4 11.7 42.5 5.4 31.0 3.7 17.4 46.0 5.3 27.3 1.9 19.5 47.2 7.7 27.7 1.3 16.1 42.5 43.7 6.7 33.3 5.7 10.6 2.0 .7 .6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 29.5 7.5 25.9 28 .0 7 .7 24.4 27.6 8.7 24.0 29.1 8.8 23.2 28.2 9.1 30.9 8.2 23.3 31.0 1.5 22.4 26.8 7.7 22.5 29. 9. 23.5 27.9 12.1 23.4 63.0 60 .1 60.3 61.1 62.4 54.9 57.0 62.4 63.4 43.0 37.6 36.6 2.3 11.7 33.6 2.9 11.0 29.5 5.6 10.5 31.7 1.5 .1 1.6 .2 3.2 -.1 4.6 .1 52.9 4.4 19.0 22.7 .7 56.7 5.8 14.7 22.0 23.1 Total expenses 60.4 Net current earnings before income taxes.. Net recoveries and profits Taxes on net income Net profits Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities Net recoveries and profits Percentage of U. S. 13.0 15.0 11.2 3.0 9.5 10.8 7.3 3.5 37.0 39 9 39.7 3.8 7.0 33.8 4 .6 9 .8 34 7 10.7 12.9 37.5 1.4 .1 15 2 37.6 45.1 39.6 3.7 11.8 31.5 5.9 11.9 31.6 6.0 16.4 34.7 1.5 .3 1.6 .1 1.5 .2 1.4 .2 1.6 .03 1.4 1.5 1.4 1.4 1.5 3.4 -.02 2.9 .1 1.9 -.02 2.2 -.01 4.5 11.9 31.5 overnment securities: Interest o n U. S. G o v e r n m e n t 1 securities .... Percentage of total loans: Earnings on loans Net recoveries (or losses —) Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits Time to total deposits Interest on time deposits to time deposits 3.5 .1 51.1 5.6 17.2 24.6 1.1 6.7 27.6 7.2 16.2 .9 3 2 1 3.0 .05 4 7 2 5 9 57.4 4.4 15.8 21.3 .7 6 2 5.8 55 4 16 22 3.2 .01 53.8 4.8 18.3 22.0 .7 53.8 5.2 17.5 22.5 .6 53.8 4.2 19.9 21.1 .7 51.5 3.9 22.4 21.2 .6 52.2 5.4 20.5 21.4 .2 5.6 6.6 7.2 5.8 5.4 5.8 27.0 6.1 31.0 .9 27 8 6 6 27.2 6.2 24.6 6.4 23.8 6.0 26.2 7.1 26.3 7.9 21.9 6.2 22.0 5.7 16 9 8 18.4 .9 21.0 .8 21.4 20.2 5.0 .5 12.2 1.1 22.3 1 Not available prior to 1945. NOTE.—-The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average cf individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering 6,800.) Ratios based on aggregates shew combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1947 609 MEMBER BANK EARNINGS, 1946— Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes Net profits Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities Other securities Earnings on loans Service charges on deposit accounts. Other current earnings Total earnings Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 10.5 10.3 6.9 3.4 9.7 11.6 8.1 3.3 9.8 12.2 9.1 3.3 10.0 12.3 9.4 2.6 13.0 14.7 10.7 3.4 15.5 16.7 12.2 3.3 12.6 13.7 10.4 3.1 13.9 15.9 11.9 3.5 14.1 14.9 11.0 3.4 15.1 16.2 12.1 3.3 15.7 16.2 11.8 4.0 17.6 17.0 12.6 4.8 2.0 1.7 2.1 2.0 1.8 1.9 1.7 1.8 1.9 1.7 2.0 .7 .5 42.7 5.6 30.7 4.5 16.5 46.0 5.5 28.7 2.9 16.8 45.0 9.9 27.6 2.9 14.6 45.6 8.2 29.1 3.8 13.3 44.9 4.4 33.7 5.1 11.8 39.3 7.5 33.7 5.1 14.3 48.8 6.3 28.6 4.5 11.7 40.6 7.0 36.7 3.9 11.8 47.8 4.4 28.8 5.3 13.7 41.7 5.4 35.6 6.3 11.1 34.5 4.4 44.6 5.1 11.4 38.7 5.5 39.9 5.0 10.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 29.2 4.5 24.6 28.9 3.3 26.8 31.4 12.9 18.8 29.0 9.2 24.1 30.4 5.4 23.0 27.6 9.7 24.1 25.5 11.9 25.6 28.4 9.7 23.3 26.9 7.9 26.5 28.4 11.7 23.0 28.5 7.6 24.3 28.6 11.1 23.0 Total expenses 62.3 58.8 61.4 63.0 61.4 61.3 63.1 60.4 62.7 58.3 59.1 63.1 Net current earnings before income taxes 37.7 41.2 38.6 37.0 38.6 38.7 36.9 39.6 37.3 41.7 40.9 36.9 -.5 12.3 24.9 7.9 15.0 34.1 9.2 12.0 35.8 8.7 10.7 35.0 5.0 11.9 31.7 3.0 11.3 30.4 3.3 9.8 30.4 5.8 11.5 33.9 2.2 10.3 29.2 3.0 11.2 33.5 1.5 11.6 30.8 -1.3 9.2 26.4 1.7 .2 1.5 .3 .3 1.7 .2 1.6 .1 1.6 .1 1.5 .1 1.6 .2 1.6 .02 1.4 .1 1.5 .1 1.5 .1 1.7 1.6 1.5 1.5 1.5 1.5 1.6 1.4 1.5 1.4 3.6 .01 3.1 .02 3.3 .01 3.8 .1 4.1 .05 3.9 .0 4.3 -.3 43.2 3.3 20.6 32.0 .8 55.1 5.0 18.8 20.1 .6 Salaries and wages Interest on time deposits. Other current expenses. . . Net recoveries and profits (or losses —) Taxes on net income Net profits Rates of earnings on securities and | loans: Percentage of total securities: Interest and dividends on securities Net recoveries and profits Percentage of U. S. Government securities: Interest on U. S. Government securities Percentage of total loans: Earnings on loans Net recoveries (or losses — ) l . 1.5 3.2 2.3 3.7 .2 3.4 3.7 .1 Distribution of assets: Percentage of total assets: U. S. Government securities. Other securities Loans Cash assets Real estate assets 56.1 3.1 19.5 19.9 .9 53.5 4.2 21.0 20.2 .7 55.6 7.5 15.4 20.1 1.0 55.6 6.1 16.8 20.5 54.7 3.5 16.6 24.2 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits 7.3 7.0 7.3 5.4 4.6 5.1 5.1 5.0 4.7 4.8 4.2 30.5 8.0 33.2 8.8 30.4 7.9 25.7 5.8 19.0 4.9 23.3 5.4 19.8 5.4 26.6 5.3 23.5 4.9 19.1 5.0 17.1 4.4 20.8 26.7 7.7 13.3 26.4 29.8 21.5 17.7 26.1 18.2 24.7 11.0 8.8 33.5 1.0 .7 .7 .7 .8 Time to total deposits Interest on time deposits to time deposits 1 .8 .9 49.3 5.9 17.3 26.4 .8 .9 56.7 5.3 15.8 21.5 .4 .8 49.6 5.5 19.7 24.4 .5 58.0 3.9 14.2 23.2 .5 .9 50.6 4.8 14.5 29.5 .4 Ratios of less than .005 are shown as .0. 610 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1946—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes Net profits Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities Other securities Earnings on loans Service charges on deposit accounts Other current earnings Total earnings Salaries and wages Interest on time deposits Other current expenses Total expenses Net current earnings before income taxes Net recoveries and losses —) Taxes on net income Net profits profits Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 11.2 7.9 4.7 3.8 8.6 12.5 9.9 3.1 9.6 12.0 8.6 4.1 8.9 11.0 8.5 2.6 11.4 13.5 9.6 3.5 15.3 16.5 11.8 3.7 11.5 12.7 9.4 2.7 13.0 15.8 11.3 3.9 12.1 14.6 10.5 3.5 13.6 15.2 10.9 2.9 14.3 16.3 11.3 4.0 17.3 16.6 12.2 5.1 2.0 2.0 1.8 1.6 1.8 1.6 1.6 1.5 1.7 2.0 .7 .5 36.9 6.9 32.3 2.0 21.9 41.7 4.2 33.4 4.9 15.8 43.7 9.1 25.0 2.0 20.2 46.2 7.2 27.5 2.8 16.3 48.3 3.2 28.4 4.8 15.3 37.6 7.7 34.7 3.7 16.3 52.1 4.3 28.6 5.9 9.1 37.6 6.9 39.2 2.4 13.9 52.0 3.7 28.4 3.4 12.5 45.5 5.7 32.0 4.1 12.7 37.7 2.9 43.4 2.6 13.4 38.7 5.9 39.4 5.0 11.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 29.1 3.3 23.8 32.4 11.6 28.9 32.3 2.4 26.5 25.9 9.4 26.0 31.1 6.8 25.3 25.8 7.1 28.3 30.5 13.7 24.4 29.1 5.6 25.4 30.4 6.2 24.7 27.1 4.3 26.9 26.4 4.5 27.4 31.8 12.9 18.5 56.2 72.9 61.2 61.3 63.2 61.2 68.6 60.1 61.3 58.3 63.2 43.8 27.1 38.8 38.7 38.8 31.4 38.7 41.7 36.8 -13.1 12.2 18.5 12.6 8.4 31.3 9.6 13.8 34.6 9.3 11.0 37.0 6.7 12.4 31.1 3.2 11.9 30.1 3.2 8.9 25.7 8.4 13.7 34.6 7.9 13.0 33.6 5.0 13.1 33.6 5.8 14.6 32.9 -1.5 9.2 26.1 1.7 .1 1.4 .2 1.6 .1 1.4 .1 1.5 .3 1.6 .1 1.4 .1 1.6 .2 1.5 .1 1.4 1.6 1.4 1.6 1.4 -.o: 2.7 -.01 2.7 .03 3.1 .01 3.0 .05 4.1 -.3 59.6 3.9 14.0 21.8 .4 45.3 5.0 24.5 24.4 .5 5.2 5.2 4.6 5.0 4.3 17.2 5.5 12.7 24.3 5.6 21.8 4.9 17.9 5.3 16.8 4.5 12.3 10.3 10.9 33.9 .9 .7 .8 .8 (or Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities Net recoveries and profits Percentage of U. S. Government securities: Interest on U. S. Government securities Percentage of total loans: Earnings on loans Net recoveries (or losses - ) 1 1.7 .01 1.5 .4 1.4 1.6 1.6 1.4 2.5 2.7 .1 2.7 .2 2.8 .o: 2.9 .0 54.9 3.3 20.6 19.7 1.2 51.7 6.3 17.8 22.7 .7 54.5 4.6 19.1 20.8 55.6 2.6 16.3 24.3 .9 45.8 5.8 21.0 26.1 5.3 4.5 4.4 23.9 4.7 Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets. 50.0 1.6 25.7 21.1 .7 Other ratios: Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits 7.6 6.2 7.7 26.4 8.4 24.5 6.6 7.8 33.0 30.1 8.4 7.6 .9 .7 .7 Time to total deposits Interest on time deposits to time deposits 8.0 8.8 26.2 5.6 22.7 15.9 16.0 4.7 14.5 .7 .9 32.4 3.3 30.7 54.2 3.2 17.4 24.3 .5 49.9 4.8 15.7 28.9 .4 42.0 2.2 24.9 29.8 1.0 54.9 5.2 19.1 19.9 .7 *1 Not including central reserve city banks. Ratios of less than .005 are shown as .0. MAY 1947 611 MEMBER BANK EARNINGS, 1946—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared Boston NewYork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 10.0 12.2 8.6 3.1 10.8 14.9 11.0 2.6 10.0 12.4 9.6 2.7 11.7 14.4 10.9 2.6 14.4 15.8 11.6 3.3 15.7 16.9 12.5 3.0 14.2 15.8 12.3 2.8 14.7 16.0 12.5 3.0 15.5 15.2 11.4 3.4 17.0 17.4 13.6 3.8 17.3 16.1 12.4 4.0 18.9 18.8 14.2 3.2 2.1 2.0 1.9 2.0 1.9 2.0 1.9 1.9 2.1 Percentage of total assets: Total earnings Net current earnings before income taxes Net profits Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities Other securities Earnings on loans Service charges on deposit accounts. Other current earnings Total earnings Salaries and wages Interest on time deposits Other current expenses Total expenses Net current earnings before income taxes Net recoveries and losses —) Taxes on net income Net profits profits 2.1 .8 .6 46.3 4.8 29.6 6.1 13.2 46.6 6.4 31.9 5.3 9.8 45.9 10.4 29.3 3.5 10.9 44.9 9.3 31.0 4.9 9.9 42.4 5.3 37.7 5.4 9.2 40.7 7.3 32.9 6.2 12.9 47.5 6.8 29.3 6.3 10.1 43.3 7.2 34.4 5.3 9.8 45.5 4.8 29.0 6.3 14.4 37.7 5.1 39.3 8.5 9.4 31.5 5.8 45.8 7.5 9.4 38.6 3.8 41.8 5.0 10.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 28.9 12.9 24.4 28.6 14.9 24.2 24.5 14.6 22.5 25.2 14.6 25.0 26.5 11.8 21.8 27.7 8.5 25.1 27.9 13.8 22.2 28.0 9.4 23.3 27.6 13.8 22.0 31.3 4.8 22.2 31.4 2.2 26.2 29.6 13.0 19.9 66.2 67.7 58.3 59.8 7.4 12.3 28.9 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. Net recoveries and profits (or losses —) x Percentage of U. S. Government securities: Interest on U. S. Government securities Percentage of total loans: Earnings on loans Net recoveries (or losses —) 38.7 36.1 39.3 36.6 3.7 11.5 32.1 2.9 10.9 30.7 4.3 9.0 31.4 3.4 9.4 33.3 8.9 26.9 .9 9.2 33.4 1.6 35.2 33.8 (or 63.9 64.8 12.6 11.9 33.0 9.0 10.7 36.7 1.7 1.8 1.6 1.6 1.6 1.6 .4 .2 .1 .1 .1 .1 8.0 10.5 32.7 1.5 1.5 1.5 .0 -.1 .04 1.6 1.5 1.5 4.5 .1 4.4 .03 4.9 .2 5.9 .1 5.4 -.1 5.0 — .1 54.2 6.1 14.7 24.4 .6 60.5 4.3 12.1 22.5 .5 51.7 4.7 12.9 30.3 .4 44.4 4.5 16.1 34.3 .6 56.3 3.7 17.6 21.7 .6 4.8 4.8 4.5 4.2 24.8 5.2 23.7 5.4 28.4 5.1 26.4 5.0 20.9 4.7 18.9 4.4 36.2 24.0 32.7 11.9 6.6 31.3 .7 .9 1.7 4.7 .3 4.7 .1 4.5 .2 Distribution of assets: Percentage of total assets: U. S. Government securities Other securities Loans Cash assets Real estate assets 60.2 4.2 15.3 19.1 1.0 60.9 5.6 15.8 16.5 1.0 58.7 8.4 13.6 18.1 1.1 57.0 8.1 13.8 20.1 53.9 4.2 16.7 24.2 .7 Other ratios: Total capital accounts to: Total assets Total assets less government securities and cash assets Total deposits 7.0 6.5 8.4 6.3 5.6 4.7 5.0 34.0 7.6 28.7 7.0 35.9 9.1 27.7 6.8 25.4 5.9 22.3 5.0 29.5 41.3 40.7 38.8 26.7 20.4 .9 .9 .9 1 -.1 9.3 28.1 1.5 1.7 4.4 .2 1.0 -2.7 8.7 28.8 4.4 .01 1.6 4.0 .3 Time to total deposits Interest on time deposits to time deposits -.01 37.5 52.2 6.0 14.3 26.5 58.7 6.7 12.8 21.2 .6 .9 Ratios of less than .005 are shown as 0. 612 FEDERAL RESERVE BULLETIN BANK EARNINGS, 1946 INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, 1943-1946 [Amounts in thousands of dollars] Banks not members of Federal Reserve System All insured commercial banks 1 Item 1945 1946 1943 1944 1945 1946 310,399 341,443 380,435 460,730 165,219 29,071 175,986 2,848 25,062 30,173 9,146 23,225 Earnings Interest and dividends on securities: U. S. Government Other Interest and discount on loans Service charges and fees on loans Service charges on deposit a c c o u n t s . . . . Other charges, commissions, fees, e t c . . . . Trust department Other current earnings 1,959,481 2,214,905 2,482,278 2,862,875 861,412 692,305 13,513 95,332 67,533 104,710 124,676 1,090,253 680,708 17,320 107,375 78,485 112,486 128,278 1,132,977 167,198 707,738 18,860 109,789 90,617 120,317 134,782 1,218,517 176,620 936,554 14,564 124,696 97,995 140,340 153,589 96,000 140,669 2,668 18,977 22,423 8,388 21,274 130,633 132,557 2,423 21,875 25,283 8,155 20,517 136,345 27,872 136,069 2,475 22,290 26,791 8,184 20,409 Expenses Salaries—officers Salaries and wages—others Directors' and committee members' fees. Interest on time deposits Interst on borrowed money Taxes other than on net income Recurring depreciation on banking house, furniture, and fixtures Other current expenses 1,256,025 225,142 356,958 11,775 163,900 502 99,915 1,356,680 240,354 386,346 12,907 186,773 1,112 97,307 1,522,778 266,018 424,881 14,610 233,321 2,448 98,683 1,762,634 309,220 521,709 16,936 268,624 2,364 96,314 218,087 50,441 44,993 3,074 40,430 149 15,684 230,189 52,886 48,933 3,395 42,798 145 14,472 255,415 57,818 53,534 3,855 50,600 162 15,216 294,378 66,836 64,721 4,537 57,185 189 14,505 40,008 357,825 41,845 390,036 40,329 442,488 40,850 506,617 6,551 56,765 6,910 60,650 6,329 67,901 6,821 79,584 Net current earnings before income taxes 703,456 858,225 959,500 1,100,241 92,312 111,254 125,020 166,352 Recoveries, profits on securities, etc... Recoveries on securities Profits on securities Recoveries on loans All other 353,015 91,891 103,143 85,664 72,317 361,726 92,778 129,834 84,224 54,890 509,329 122,364 266,764 67,014 53,187 408,608 59,515 208,700 74,499 65,894 41,038 10,200 9,363 13,202 8,273 43,636 9,967 13,582 11,684 8,403 55,601 9,149 27,947 11,098 7,407 52,819 5,929 25,704 10,758 10,428 Losses and charge-offs On securities On loans All other 290,645 116,383 75,223 99,039 265,881 110,439 70,090 85,352 264,122 132,870 55,901 75,351 283,175 132,254 71,253 79,668 39,924 15,006 11,908 13,010 33,704 13,296 9,807 10,601 34,270 15,086 9,360 9,824 36,220 16,805 9,761 9,654 Profits before i n c o m e t a x e s . . . 765,826 954,070 1,204,707 1,225,674 93,426 121,186 146,351 182,951 Taxes o n n e t income Federal State 127,865 114,316 13,549 202,821 187,032 15,789 298,795 277,538 21,257 323,328 301,048 22,280 12,390 11,354 1,036 19,106 17,896 1,210 28,733 27,257 1,476 38,302 36,536 1,766 Net profits 637,961 751,249 905,912 902,346 81,036 102,080 117,618 144,649 Cash dividends declared On preferred stock2 On common stock 233,490 14,324 219,166 253,193 13,645 239,548 274,438 11,769 262,669 298,983 8,345 290,638 25,164 3,510 21,654 27,192 3,959 23,233 28,504 3,507 24,997 32,336 2,472 29,864 18,380,838 20,310,112 23,500,772 27,768,295 2,650,862 2,630,161 2,823,335 50,315,698 67,231,161 82,417,236 81,835,381 4,494,776 6,913,337 9,338,270 998,984 988,843 958,551 6,321,794 6,088,482 6,623,089 7,556,923 141,081 200,495 167,404 994,060 1,276,278 1,141,301 1,038,834 26,774,094 28,042,727 31,236,090 33,286,775 3,316,204 3,562,451 4,080,815 3,512,756 10,628,667 1,174,201 126,475 4,118,387 Loans U. !3. Government securities Other securities Real estate assets Cash assets Total assets Time deposits Total deposits Total capital accounts Number of officers Number of employees Number of banks 103,370,189 123,168,863 145,217,438 151,896,770 11,677,491 14,260,818 17,416,713 19,598,095 17,627,615 21,415,276 26,979,470 31,939,078 3,624,839 4,228,321 5,192,631 6,049,512 95,506,221 114,682,390 135,948,387 141,829,678 10,663,907 13,208,706 16,306,748 18,391,872 971,423 1,006,413 1,058,344 1,143,475 7,246,433 7,718,193 8,334,670 9,010,013 55,309 225,647 56,494 229,37 59,119 245,275 62,697 271,395 18,921 35,311 18,811 36,115 13,274 13,268 13,30! 13,359 6,539 6,457 19,226 37,831 20,195 40,974 6,462 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1947 613 INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 615 Gold production... 616 Gold movements 616 International capital transactions of the United States... 617-622 Central banks . . 623-626 Money rates in foreign countries... 627 Commercial banks . 628 Foreign exchange r a t e s . . . . 629 Price movements: Wholesale prices . . 630 Retail food prices and cost of living. . . 631 Security prices. . . 631 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 arc collected by the Federal Reserve Bankj 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. 614 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Argentina 1 Belgium Brazil 14,512 17,644 21,995 22,737 22,726 21,938 20,619 20,065 431 466 353 354 1658 *939 U.lll 403 581 609 734 734 735 734 32 40 51 70 115 254 329 354 192 214 »7 5 6 5 6 7 20,251 1946—Apr M a y . . . . 20,242 J u n e . . . . 20,270 J u l y . . . . 20,267 20,280 Aug 20,305 Sept 20,402 Oct Nov.. . . 20,470 20,529 Dec 20,748 1947—Jan 20,330 Feb Mar.. . . 20,463 392 398 406 407 407 P424 P460 P483 763 761 761 756 750 111 726 726 735 723 691 633 361 360 359 358 357 355 354 354 354 354 354 7 5 6 6 7 7 7 7 7 6 7 7 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec..... End of month J>563 *645 P706 716 Iran India (Persia) Italy 193 144 120 Japan Java 164 164 164 164 80 90 140 235 *216 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—Apr May.... 274 274 274 274 274 274 274 274 274 274 274 274 124 124 124 124 End of month Sweden Switzerland* 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 •965 1,158 1,342 29 29 88 92 114 161 221 241 2,690 81 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 June July.... Aug Sept Oct Nov Dec 1947—Jan Feb Mar.. . . 6 Czecho- Denslomark vakia Colombia Cuba 30 30 30 31 36 54 79 82 24 21 17 16 25 59 92 127 1 1 1 16 46 111 191 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 83 82 83 81 73 73 71 71 65 63 54 132 133 134 135 141 142 143 144 145 147 125 126 201 201 201 201 201 211 221 221 226 61 61 61 61 61 61 61 61 38 38 38 38 38 38 38 38 38 38 32 52 52 52 52 52 52 52 53 53 1,090 796 796 796 796 796 796 796 796 796 796 ?696 Norway Peru 94 94 *84 20 20 20 21 25 31 32 28 Canada Chile New Mexico Netherlands Zealand 29 32 47 47 39 203 111 294 998 692 617 575 506 500 500 270 23 23 23 23 23 23 23 23 254 250 235 229 218 213 200 191 181 170 148 149 270 270 270 270 270 265 265 265 265 265 245 197 23 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 «83 B.I.S. 14 7 12 12 21 45 37 39 Egypt GerFrance many Poland Portugal 85 <84 69 69 59 59 59 60 60 60 29 29 29 29 29 29 29 166 178 170 166 185 229 245 247 Hungary 27 28 28 28 28 28 28 37 24 24 24 24 24 24 24 24 24 24 24 27 Rumania South Africa 133 152 158 182 203 260 267 269 220 249 367 366 634 706 814 914 «525 1,046 1,080 1,046 1,027 1,001 970 965 941 939 886 851 111 111 111 111 111 111 111 111 111 111 28 25 23 23 23 24 24 24 24 24 Other coun-7 tries Greece Spain 42 42 91 105 110 Government gold reserves 1 not included in previous figures United End of month United States Kingdom BelFrance gium 80 331 2 759 1938—Dec 44 154 1,732 559 1939—Mar.... May 477 85 17 June.... 164 «876 Sept.. . . 1 .363 212 156 198 242 17 241 39 476 Dec 1946—Apr 215 86 241 204 39 239 17 473 1940—June ,374 May 240 215 39 48 204 238 292 17 1,376 Dec June.... 473 240 41 215 89 205 17 L.393 238 470 1941—June July 240 41 215 25 L.396 205 < 151 17 238 474 Dec Aug 237 40 L,412 215 8 205 17 237 472 1942—June Sept 236 40 L.408 215 12 205 17 237 469 Dec Oct 235 40 L.418 215 11 200 17 237 426 1943—June Nov 237 32 1,430 215 43 17 240 381 Dec Dec 238 28 1,432 21 17 P239 348 1944—June 1947—Jan 238 28 12 A31 17 P239 324 Dec Feb 32 P239 265 1945—Mar Mar 81 17 June 20 Sept P1 Preliminary. 18 Dec 17 Figures through March 1940 amd for December 1942, December 1943, and December 1944 1946—Mar 54 include, in addition to gold of the* Central Bank held at home, gold of the Central Bank held 71 Junt abroad and gold belonging to the Argentine Stabilization Fund, 113 Sept i On May 1, 1940, gold belongi tig to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, 1 • Figure for December 1938 is t hat officially reported on Apr. 30, 1938. Reported at infrequent intervals or on de* Figures relate to last official I•eport dates for the respective countries, as follows: Java— laved basis: U. S.—Exchange Stabilization Fund Jan. 31, 1942; Norway—Mar. 30 , 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.-—Exchange Equali* Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabilization rately. Fund and Rentes Fund; Belgium—Treasury. 2 • Beginning December 1943, in :ludes gold holdings of Swiss Government. Figure for end of September. 7 8 These countries are: Albania Algeria, Australia, Austria through Mar. 7, 1938, Belgian Reported figure for total British gold reserves Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, on Aug. 31, 1939. less reported holdings of Bank 1939, Ecuador, El Salvador, Estorlia, Finland, Guatemala, Iceland, Ireland beginning February of England on that date. 1943, Latvia, Lithuania, Morocc o, and Siam. Figures for certain of these countries have « Figure for Sept. 1, 1941. been carried forward from last pr evious official report, « Gold holdings of Bank of Eng land reduced to nominal amount by gold transfers to British NOTE,—For available back figures and for deExchange Equalization Account <luring 1939. tails regarding special internal gold transfers NOTE.—For back figures, see B anking and Monetary Statistics, Tables 156-160, pp. 536-555, affecting the British and French institutions, see and for a description of figures, in<; uding details regarding special internal gold transfers affect- Banking and Monetary Statistics, p. 526, and ing the reported data, see pp. 514-535 in the same publication. BULLETIN for February 1945, p. 190, MAY 1947 615 Estimated Year or month 1938 1939 1940 1941 1942 1943 1944 1045 1946 1946 —Mar Apr. May production Total reported South outside U.S.S.R.i monthly 1 Africa 1,136,360 1 208 705 1 1 297 349 1 1 288 945 1 958,770 020 297 094,264 089 395 966,132 760 527 682 061 646,914 50 656 53,900 55,857 54,749 57,193 60 795 57 721 59 463 55 424 June July ., Aug Sept Oct N"ov Dec 1947—j a n Feb . . . . . 425,649 448 753 491,628 504 268 494,439 448 153 429 787 427,862 417,647 30 871 34,793 36,740 35,732 36,657 35.553 34 509 35 922 33 823 34,184 r 34 021 19,965 GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly North and South America Africa Mex- Colom- Chile Nica-7 West Belgian United CanRhoico" ragua bia desia Africa2 Congo' States* ada1 9 j fine; i. t ., an oun ce of fine gold=$. 15. grains of gold 1\ $ 1=15* tn 28,532 24,670 8,470 178.143 165,379 32,306 18,225 10,290 1,557 28 009 28 564 8,759 196,391 178.303 29,426 19,951 11,376 3,506 29 155 32,163 •8,862 210.109 185.890 30.878 22.117 11,999 5,429 27 765 32 414 209,175 187,081 27,969 22,961 9,259 7,525 130,963 169,446 28,019 20,882 6,409 8,623 26,641 29,225 23 009 19 740 48.808 127,796 22,055 19,789 6,081 7,715 18,445 35,778 102,302 17,779 19,374 7,131 7,865 20 746 19.888 18,865 32.511 94 385 17,734 6,282 6,985 56,890 98,994 '15,301 ••6,357 19,061 20,475 3,639 8,677 770 1,473 608 1 574 1,645 451 3,226 8,338 1,193 580 1.609 1,645 425 488 1,609 1,610 3,158 8,412 1,350 563 342 1,654 1,715 3.416 8.203 1,094 665 456 3,993 8,384 1,335 1,643 1,750 377 448 1,646 1,750 8,310 8,092 1.048 354 6,798 8,047 1.425 379 1 578 1 715 5,930 8,429 1.332 1,384 1 579 1,785 654 1 577 1 870 4,900 8,092 1,161 1 203 657 6,255 7,961 1,088 1,820 559 1,585 7,612 8,184 1,423 1 524 1,785 5,483 Other Austra-j British lia8 i India9 54,264 11,284 56,182 11,078 55.878 10,157 51 .0.39 9,940 42,525 8,960 28,560 8 820 16,310 6,545 16 450 5,950 21 ,595 4,585 1L400 1 .435 630 455 1,610 490 1,540 785 5.080 1,925 1,925 I 925 2,170 2,205 525 490 490 315 490 490 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal « Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944. they represent Gold Coast4 only. • Beginning May 1940, monthly figures no longer reoorted. Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the6 Mint. * Figures for Canada beginning 1945 are subject to official revision. Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 1 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 19439they represent total Australia; beginning January 1944, Western Australia only. Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; Tune 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries \n the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS U N I T E D STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Total Year or net month imports 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946 Apr. May June July Aug. Sept. Oct. Nov. Dec. 1947 Jan. Feb. Mar.p United Kingdom BelFrance gium Netherlands Sweden SwitzerCanada land Mexico PhilOther Latin ipAmeri- pine can ReIspublics lands 1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 65,231 3,798 165,122 341,618 28,715 86,987 612,949 3,574,151 1,826,403 57,020 33,610 977 63,260 161,489 90,320 2,622,330 4,744,472 633,083 241,778 29,880 128,259 1 1,747 899 412,056 3,779 1 61,862 982,378 16,791 1,955 5 208,917 39,680 315,678 40,016 88 66,920 13,489 68,938 -3,287 46,210 -109,695 -108,560 -845,392 -695,483 160 53,148 -106,250 15,094 -41,748 458 344,130 -6 -14 311,494 3,591 -134,405 34 -20,534 -27,028 36,329 6,347 15,210 -7,629 24,182 77,903 -61,193 2 383 2 -16,820 20,361 153,634 9 -120 -1 -4 -1 -6 -8 —2 6 -31 1 27,880 35,636 38,627 42,678 321 Australia 39,162 74,250 103,777 67,492 528 152 199 103 106 41 -156 South Africa Japan All other countries British India 401 168,740 16,159 13,301 22,862 165,605 50,956 168,623 184,756 111,739 49,989 2284,208 292,893 9,444 9,665 363,071 4,119 20,008 129 307 -8,731 3,572 18,365 4 357 -133,471 118,550 -2,613 -18,083 222 127 32,277 639 649 197 134 25,248 27,473 149 637 -33 34 -8 902 29 11 2,328 476 516 - 8 , 5 0 2 -6 82 —29,198 4,523 198 621 1,065 449 -110,276 - 1 5 1 9 13 2 41 19,886 15 17,902 19,912 38,601 17 18,883 51,174 30,319 101,642 443 -97,579 - 1 3 2 222 - 3 0 , 3 4 1 - 4 9 221 - 1 3 , 2 6 9 - 1 2 9 32,544 37,490 66,674 5 -236 -398 -682 -430 -868 «-21,586 »-27.155 «2,865 62,887 • 3,785 103 H2.415 •3,279 - 3 7 4 8 -2,899 - 5 5 6 -16,734 -1,140 -214 P Preliminary. i Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. « Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178 000 from Hon? Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. « Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. « Includes $133,980,000 to China and $509,000 from other countries. 6 Includes $27,567,000 to China and $5,981,000 from other countries. 6 Includes imports from U. S. S. R. as follows: April, $5,625,000; June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000: November, $11,793,000: December, $4,492,000. i8 Includes $27,229,000 to China and $75,000 from other countries. Includes $14,000,000 to China and $2,734,000 to other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 616 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking funds in U. S. From Jan. 2, 1935, through— Total TotaJ 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 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 6.0 534.0 743.1 861.1 849.4 390.3 449.0 456.2 431.5 114.4 180.5 272.2 316.2 427.6 524.1 633.3 917.4 129.8 293.0 448.2 334.7 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 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 A 16.5 23.2 12.9 4.1 18.3 31.9 47.5 54.2 57.8 64.1 47.6 4,279.4 4.742.0 5,118.2 5,112.8 1,829.4 2,194.6 2,562.4 2,522.4 393.2 508.1 635.0 634.1 1,436.2 1,686.5 1,927.3 1,888.3 550.5 607.5 618.4 650.4 1,188.9 1,201.4 1,177.3 1,133.7 63.9 74.0 83.1 80.6 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1941). 5,207.8 5,531.3 5,831.2 5,807.9 2,630.9 2,920.7 3,175.9 3,239.3 631.0 1,012.9 1,195.4 1,281.1 1,999.9 1,907.8 1,980.5 1,958.3 631.6 684.1 773.6 775.1 646.7 664.5 676.9 725.7 761.6 785.6 793.1 803.8 1,095.0 1,042.1 987.0 888.7 88.7 98.9 101.6 100.9 1941—Mar. (Apr. 2). June (July 2). Sept. (Oct. 1). Dec. 31 5.607.4 5,660.1 5,612.6 5,354.1 3,229.7 3,278.0 3,241.8 2,979.6 1,388.6 1,459.8 1,424.0 1,177.1 1,841.0 1,818.2 1,817.7 1,802.6 767.4 818.6 805.3 791.3 812.7 834.1 841.1 855.5 701.8 631.2 623.5 626.7 95.9 98.2 100.9 100.9 1942—Mar. (Apr. 1). June 30 2 Sept. 30 Dec. 31 1943—Mar. 31. June 30. Sept. 30. Dec. 31. 5,219.3 5,636.4 5,798.0 5,980.2 2,820.9 3,217.0 3,355.7 3,465.5 1,068.9 1,352.8 1,482 2 1,557.2 1,752.0 1,864.2 1,873.5 1,908.3 819.7 842.3 858.2 888.8 849.6 838.8 830.5 848.2 624.9 632.0 646.1 673.3 104.3 106.2 107,5 104.4 6,292.6 6,652.1 6,918.7 7,267.1 3,788.9 4,148.3 4.278.0 4,644.8 1,868.6 2,217.1 2,338.3 2,610.0 1.920.3 1,931.2 1,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 685.9 687.9 708.1 701.1 108 6 112,1 114.8 117 8 1944—Mar. June Sept. Dec. 31 30 30 31 7,611.9 7,610.4 7,576.9 7,728.4 5,034.4 5,002.5 4,807.2 4,865.2 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 8,822.9 8,775.1 8,730.8 8,674.4 8,405.8 8,338.2 8,496.2 8,344.2 8,250.1 280.2 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 ,097.8 ,067.2 ,073.0 ,076.1 ,104.2 ,103.9 ,125.3 ,141.9 ,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 1935—Mar. ((Apr. 3) p ) J l 3) JJune ((July S ((Oct. 2) Sept. Dec. (Jan. 1, 1936). 265.9 632.5 920.2 1,440.7 64.1 230.3 371.5 631.5 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 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 1938—Mar. 30 June 29 Sept. 28 Dec. (Jan. 4, 1939). 3,301.3 3,140.5 3,567.2 3,933.0 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940). 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 ,. 4.4 22.6 16.3 38.0 79.6 80.3 86.0 140.1 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by centra' 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 shinning missions, diplomatic and consular establishments etc.); beginning Jan. 231, 1946, accounts of international institutions; and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury, The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942, Since the old series overlapped the new by one day, the cumulativefigureswere adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 tee BULLETIN for September 1945, pp. 960-974. MAY 1947 617 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2,1935, through— 1935—Dec. (Jan. 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940—Dec. (Jan. 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Dec. 31 1946—Jan. 31 Feb. 28 Mar. 31 Apr. 30 M a y 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Total 1, 1936) . .. 4, 1939). .. 3,933.0 3, 1940). .. 5,112.8 1, 1941). .. 5,807.9 5,354.1 5,980.2 7,267.1 7,728.4 8,802.8 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 United King- France dom Netherlands Switzerland Germany Italy Other Europe 210.2 299.5 281.7 339.6 468.7 670.3 639.9 625.9 636.8 585.7 464.2 553.6 531.6 515.1 453.3 464.1 432.5 419.4 393.2 421.1 433.1 401.7 384.8 114.5 229.7 311.9 328.6 470.3 455.6 464.4 474.0 487.7 506.2 539.7 538.4 525.8 536.5 528.2 426.3 411.9 389.4 376.4 370.1 351.1 322.8 326.4 130.4 335.5 607.5 557.5 773.0 911.5 725.7 592.1 629.1 664.3 722.3 728.6 731.1 728.8 730.4 725.4 737.0 741.0 752.5 745.9 756.3 760.9 766.1 36.6 83.1 123.9 140.5 165.9 175.9 179.9 179.5 178.6 179.1 179.7 179.6 179.4 179.3 179.3 179.2 179.3 179.6 179.6 179.3 180.0 180.4 183.8 24.0 45.6 22.1 32.2 58.0 55.4 50.5 48.1 48.2 63.1 106.5 107.3 133.5 136.2 159.0 165.7 170.4 196.9 201.0 203.5 213.4 228.0 287.5 130.0 228.5 312.2 472.0 752.9 922.7 891.8 850.9 954.8 993.3 1,132.1 1,142.9 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 1,062.5 554.9 829.3 993.7 ,183.8 ,101.3 865.2 674.1 837.8 ,257.7 ,090.0 892.5 858.3 804.7 719.1 709.5 585.8 485.3 756.0 624.1 665.1 736.3 640.9 563.1 Total Europe Latin 1 America Asia Canada 1,200.6 () 2,051.3 150.5 2,653.0 106.3 3,054.2 155.3 3,790.1 229.4 4,056.6 411.7 3,626.3 340.5 3,608.1 425.1 4,192.8 760.3 4,081.8 976.4 4,037.0 1,395.7 4,108.7 ,342.6 4,031.7 ,357.0 3,931.7 ,370.5 3,899.6 ,347.7 .,698.7 ,306.2 3,554.8 ,313.2 3,790.7 ,278.7 3,612.0 ,223.5 3,649.5 ,177.7 3,738.9 ,110.6 .,603.8 ,067.0 3,574.2 979.7 70.9 156.5 201.2 243.0 410.6 315.4 384.6 302 483.4 522.6 606.8 642.6 567.5 691.1 835.8 932.9 951.0 ,161.6 ,193.7 ,273.6 ,338.4 ,784.1 ,345.1 ,780.5 ,350.7 ,764.9 ,391.5 ,716.5 ,400.9 ,723.1 ,431.5 ,677.5 ,471.6 ,560.3 ,486.1 ,492.1 ,566.2 ,425.4 ,544.8 ,365.9 ,569.6 1 ,326.6 ,546.4 ,327.4 ,474.0 ,258.3 All other1 12.7 21.4 15.9 36.2 87.4 90.2 128.6 178.3 201.4 203.0 247.5 246.0 270.9 320.6 303.1 291.9 438.4 448.5 517.0 512.2 534.5 725.8 723.4 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2,1935, through— Total United King- France dom Netherlands Switzerland Germany 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—Jan. 31 Feb. 28 Mar. 31 Apr. 30 M a y 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 631.5 989.5 ,259.3 ,513.9 ,522 ,239.3 ,979.6 ,465 ,644.8 ,865.2 ,144.5 ,234.7 173.0 ,169.3 124.6 896.2 853.5 ,149.7 , 009.3 ,930.8 ,925.3 ,936.8 726.1 128.6 163.5 189.3 364.0 376.1 293.3 328.6 493.3 939.4 804 646.4 617.7 569.2 492.4 492.1 373.0 273.7 599.7 464.0 509.0 576.8 485.5 397.6 55.7 65.9 76.3 87.9 190.9 160.3 161.0 170.0 176.7 193.1 265.0 277.3 265.6 278.4 278.3 251.8 239.5 217.5 210.5 222.4 199.1 185.8 208.2 72.4 109.8 288.4 205.1 362.7 494.7 326.2 166.3 192.7 221.4 286.3 297.5 298.3 303.2 306.5 305.3 314.6 318.8 341.1 333.1 345.5 353.2 359.0 -.8 2.7 9.6 -11.8 -20.1 -22.9 -23.1 -22.7 -23.7 -23.4 -23.3 -23.3 -23.5 -23.6 -23.6 -23.7 -23.9 -23.8 -23.8 -23.8 -23.4 -23.0 -23.1 129.6 144.2 111.8 155.3 256.1 458.0 416.5 394.5 404.1 356.6 229.9 318.2 300.5 284.3 225.7 239.5 205.8 19-5.1 170.6 195.4 204.5 181.2 165.8 Italy Other Total Europe Europe Canada 60.7 79.7 109.4 208.6 470.0 603.7 561.1 502.5 589.0 634.7 769.1 757.6 742.0 738.0 760.9 777.6 771.5 742.2 715.0 703.2 712.1 716.1 710.3 33.5 46.0 87.0 86.8 149.3 149.4 76.3 166.3 217.0 101.6 127.6 251.8 174.5 215.1 417.0 334.1 326.4 531.2 273.1 296.7 541.4 399.5 482.8 743.9 704.7 578.7 928.2 818.6 794.7 888.6 ,414.2 924.9 ,369.1 ,242.8 929.4 ,554.5 ,241.8 922.0 ,542.9 ,251.8 972.4 ,505.0 ,236.2 956.2 ,518.7 ,140.3 986.5 ,475.0 ,155.8 ,029.7 ,360.8 ,176.4 ,052.8 ,306.8 ,111.6 ,105.0 ,256.9 ,069.6 1 ,059.2 ,215.8 995.4 ,058.9 1 ,178.7 937.4 029.3 .183.9 823.9 983.3 ,135.7 2,223.4 2,295.8 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 Latin 1 America Asia All other1 11.5 15.2 8.0 22.2 60.5 61.3 101.6 141.9 162.0 169.7 212.9 212.3 237.0 287.3 270.6 260.6 409.3 418.9 504.4 488.3 509.3 702.3 717.7 TABLE 4^—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total United King- France dom 1935—Dec. (Jan. 1, 1936)... 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—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 361.4 431.5 449.1 510.1 650.4 775.1 791.3 888.8 877.6 805.8 742.7 729.2 728.7 703.6 701.2 644.8 624.5 574.1 554.0 519.8 532.8 492.9 427.2 208.8 178.0 207.4 206.2 252.2 269.2 271.2 279.4 272.1 266.1 266.6 266.2 265.7 263.4 260.4 259.4 261.5 216.2 226.2 226.7 235.5 236.1 244.3 Netherlands -.4 48.1 -3.3 62.0 —4.4 65.3 -5.6 68.4 12.9 73.8 74.6 17.7 76.9 17.6 77.8 18.1 77.9 18.3 77.7 18.3 78.0 - 1 7 . 7 -17.1 78.3 -17.5 78.4 78.3 - 1 7 . 1 -24.7 78.2 78.2 -99.9 78.1 -100.7 75.7 -101.0 76.0 -104.2 76.1 -118.4 75.1 -110.2 75.0 73.4 -132^3 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 1.9 3.2 2.5 1.6 .1 1.6 1.4 3.4 2.6 3.7 1.8 -1.7 29.7 66.0 105.1 141.7 177.8 191.6 196.8 196.7 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 200.4 13.7 16.3 6.5 13.7 15.5 25.3 25.8 26.2 26.2 26.2 26.2 26.2 26.2 26.1 26.0 25.5 24.1 22.2 17.8 15.9 16.0 13.7 10.6 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 65.9 61.1 57.9 61.0 58.5 51.3 45.9 49.1 39.5 35.1 32.1 26.6 Canada 310.2 -4.6 343.7 36.9 409.3 -21.7 460.9 35.9 563.5 56.5 634.7 60.3 647.4 62.7 661.5 58.6 656.5 55.1 626.6 64.8 593.4 39.5 618.3 18.5 614.0 21.6 608.1 30.0 599.3 28.2 518.8 42.8 512.9 39.3 457.3 50.6 465.2 49.3 439.2 42.6 452 0 43.2 435.4 40.0 421.3 40.7 Latin America Asia1 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 3.3 88.5 6.8 85.5 -10.4 75.5 1.9 71.9 10.0 74.7 3.3 72.8 -2.4 71.9 -17.3 61.1 -14.6 56.4 -14.1 54.8 -32.2 54.1 -58.8 29.9 -1.6 -4.4 -8.7 -7.0 -.8 2.1 -1.2 6.6 7.5 -.3 1.5 .6 .9 .4 -.2 — 1.5 -3.9 -3.4 -4.2 -3.7 -3.1 -4.4 -5.8 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 618 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— 1935—Dec. (Jan. 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—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Europe Canada Latin America Asia1 All other1 125.2 316.2 583.2 641.8 725.7 803.8 855.5 848.2 925.9 ,019.4 972.8 67.8 116.1 136.8 127.7 125.5 128.6 127.6 125.4 127.6 126.5 117.7 6.8 18.2 22.8 26.1 42.1 43.4 51.6 52.4 50.6 51.0 51.2 7.4 10.4 21.2 27.3 29.4 31.0 31.5 31.6 33.0 33.6 33.0 -1.2 13.7 30.4 36.1 45.0 46.0 44.3 44.9 44.7 44.5 45.2 13.3 22.5 26.6 33.5 36.6 36.5 36.5 36.5 36.5 36.5 36.5 2.9 9.4 13.5 22.0 27.6 28.1 28.1 28.0 27.9 27.6 27.5 46.1 87.9 115.2 167.8 189.0 196.4 201.8 207.6 210.1 210.4 212.8 143.1 278.3 366.4 440.6 495.2 510.0 521.3 526.3 530.3 530.1 523.8 12.7 15.7 175.0 167.4 184.0 202.3 221.1 245.4 272.3 302.0 317.1 7.9 17.0 24.5 33.8 42.8 53.0 61.2 61.5 62.2 61.3 60.8 1.1 3.5 6.8 9.7 11.3 13.5 16.6 18.0 19.9 21.0 22.0 ,097.8 ,067.2 ,073.0 ,076.1 ,104.2 ,103.9 ,125.3 ,141.9 ,170.7 ,196.9 ,231.5 ,237.9 115.0 113.9 112.4 110.8 110.9 109.7 107.3 101.5 100.4 98.3 95.0 96.8 51.1 51.0 51.1 51.2 51.1 51.0 50.9 49.9 49.9 49.5 49.1 50.2 33.4 33.4 33.1 33.2 33.3 33.2 33.1 31.4 30.3 29.1 27.5 26.0 44.9 45.0 45.0 45.1 44.9 45.0 44.9 36.4 37.4 34.5 31 .0 31 .2 36.5 36.5 36.5 36.5 36.5 36.7 36.9 36.9 36.9 36.9 36.9 36.9 27.3 27.3 27.3 27.3 27.3 27.3 27.3 27.1 27.1 26.8 26.7 26.7 212.5 212.6 212.9 213.1 213.3 213.8 221.5 220.7 221.3 221.1 220.3 223.3 520.7 519.7 518.3 517.2 517.3 516.7 521.9 503.8 503.4 496.2 486.5 491.2 -39.7 1.7 10.5 -9.7 -7.6 25.0 35.4 -3.0 41.2 104.9 49.1 176.8 144.3 149.1 147.8 169.8 166.2 179.7 193.7 200.2 207.7 226.4 236.6 317.6 320.5 323.1 328.8 334.4 338.1 341.0 378.2 390.3 414.2 439.9 448.4 60.9 60.6 60.4 60.0 59 S 59.8 59.7 59.7 59.4 59.4 59.5 61.1 21.9 22.1 22.1 22.5 22.9 23.0 23.0 6.5 17.4 19.3 19.3 .7 Asia1 All other 1 21.4 44 1 54.7 65.2 87.6 17.6 17.5 27.7 62.5 240 5 251.3 73.0 71.9 71 3 67.7 63.8 62 1 49.7 43.4 30 5 29.7 ?5 0 26.8 2.6 7 1 9.8 11.1 14.3 12.6 10.9 10.9 10.6 10 7 9.9 9 9 9.7 9 4 8 9 8.5 8 4 8 3 8 8 8 6 7 5 6 9 8.8 All other1 Total TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— 1935—Dec. 1936—Dec 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec 1943—Dec 1944—Dec. 1945—Dec (Jan. 30 29 (Jan. (Jan. (Jan. 31 31 31 31 31 1946—Jan Feb Mar Apr May June July Aug. Sept Oct Nov Dec. 31 28 31 30 31 30 31 31 30 31 30 31 Total 316.7 917 4 1,162.0 4, 1939) . . . 1,219.7 3, 1940). . . 1,133.7 888.7 1, 1941). . . 626.7 673.3 701.1 911.8 798.7 625.9 672.4 645.1 630.7 619.7 615.0 506.1 492.2 478.3 472.1 454.4 464.5 1, 1936) . . . United Kingdom France Netherlands Switzerland Germany 149.8 367.7 448.7 472.6 328.1 157.1 -70.1 -77.6 -100.3 -125.4 -157.9 -161.9 -164.7 -169.2 -173.0 -176.7 -179.0 -186.2 -186.7 -189.7 -193.4 -194.9 -194.9 23.4 64.7 70.3 76.9 76.6 74.4 74.9 80.5 82.7 77.3 81.7 81.8 77.0 77.2 74.0 71.1 73.3 73.4 73.0 77.6 81.6 74 3 74.9 50.5 157.6 213.8 212.1 227.7 233.2 236.7 236.9 239.9 239.0 233.5 228.6 228.1 226.1 225.8 225.2 224.0 223.6 222.9 220.1 216.8 213 6 207.0 55.1 200 2 275.3 304.1 344.7 348.1 336.4 360.5 367.3 368.5 355.4 354.0 353.8 346.1 345.2 342.8 342.3 342.1 335.6 335.8 3^4.7 336.3 337.9 -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 4 -30.5 -30.5 -30.4 -30.4 -30.4 —30.4 -30.4 — 30 4 -30.4 Italy Other Europe Total Europe -.1 —3.3 -4.9 -5.5 -4.9 2.7 -.1 -.1 .6 1.9 2.2 2.4 2.4 2.1 2.0 2.1 1.8 1.7 1.6 1.7 1 .6 2.0 2.1 12.9 38 5 55.7 56.6 60.4 64.9 67.3 75.3 86.3 103 2 98 5 93.7 96.8 94 7 91.9 89.8 88.8 85.6 86.8 86.4 86.4 85 9 87.7 286.2 818 0 1,041.6 1,094.1 1,004.4 851.3 615.0 644.7 645.7 633 7 582.9 568.3 562.8 546.5 535.4 524.0 520.9 509.8 502.8 501.6 497.2 486 7 484.3 Canada Latin America 3.7 2.8 32 6 15 5 37.6 18.2 23.7 25.7 30.1 -2.6 25.6 -18.4 28.1 -44.7 35.2 -45.1 40.5 -58.2 —28 1 54 9 81.3 -126.6 89.3 -114.5 97.6 -69.6 —80 3 98 2 —83 9 102.7 -66.3 89.7 —66 8 90.3 -147.7 86.1 -150.3 87.5 — 153 9 91.5 -155.7 93.4 — 158 2 94 1 87.6 -143.0 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. 1936—Dec. [937—Dec 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec 1942—Dec 1943—Dec 1944—Dec 194c—Dec 194/j—Tan Feb Mar. Apr May June July Aug. Sept Oct Nov. Dec Total 6.0 (Jan. 1, 1936). . . 12.9 30 29 47.5 47.6 (Jan. 4, 1939) . . . 80.6 (Jan. 3, 1940) . . . (Jan. 1, 1941) . . . 100.9 31 100.9 104.4 31 117.8 31 31 126.3 31 . . . 144.1 31 , . 135.1 133.9 28 139.9 31 141.7 30 140.9 31 141.4 30 140.9 31 146.8 31 150.4 30 153.1 31 154.7 30 * 153.7 31 United Kingdom 0) 4.0 11.5 13.4 19.4 17.0 16.8 17.4 18.8 18.5 19.8 21.3 20.7 20.0 19.2 19.1 19.3 18.9 19.2 18.6 19.2 19.2 19.2 France Netherlands Switzerland 2.4 10.4 11.5 12.9 20.1 19.9 19.9 20.7 21.5 23.1 23.4 24.2 24.7 24.1 24.3 24.2 24.3 24.4 23.7 22.1 22.4 22.0 20.5 1.3 -.9 5.0 6.8 9.3 13.4 17.6 17.5 19.9 22.3 26.0 16.2 16.2 16.1 15.7 16.0 15.9 16.1 15.8 15.7 16.3 16.1 17.5 2.5 9.1 10.8 9.6 17.8 16.2 13.5 13.7 19.3 23.0 30.3 30.3 30.9 32.1 32.0 32.2 33.4 33.8 35.9 36.9 37.9 38.6 39.6 Germany Italy Other Europe Total Europe -.2 — .7 .1 .3 .1 .2 .1 .2 .2 .2 .3 .3 .4 .4 .4 .4 .5 .5 .5 .5 .5 .3 .5 .5 .4 1.4 .4 5 0 5.2 5.0 7.9 8.0 8 7 9.4 10.5 13.6 13 1 13.1 13.3 13 1 12 9 12.9 13 2 13.7 14.2 14.1 14.8 14.6 7.6 22.6 44 0 47.9 71.6 74.3 75.7 78 1 89.1 97.7 113.6 105 6 105.9 106.0 104 8 105.0 106.3 107.0 108.9 107.5 110.4 111.2 112.0 -.2 -.1 — .2 -.2 — l — .2 (3) (3) (2) (2) -.3 <*) Canada Latin America Asia1 -4.5 —7 6 3 5 1.8 8.7 10.7 14.1 15 2 17 6 16.2 19.5 19 0 18 9 19.9 19 4 19 6 18.5 19.8 19.1 19.2 20.1 21.5 21.5 1.0 —4.2 — 5 -.9 1.6 9.2 3.9% 4 ? 3 8 5.1 5.9 5 5 3 9 8.2 11 3 10 9 10.2 8.5 12.9 18.3 17.1 15.3 13.4 2.9 2.1 5 -1.5 -3.4 6.0 6.3 6 0 6 0 5.6 3.8 3 6 3 9 4.5 4 8 4 1 4 8 3.9 4.4 3 7 4 0 5.0 4.8 -.9 (8) .3 2.1 .7 g 9 1 3 1.8 1.3 1 5 1 3 1.3 1 3 1 4 1 5 1 7 1 6 1 6 1 5 1.8 2.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." s Inflow less than $50,000. * Outflow less than $50,000. 4 Amounts outstanding Dec. 31, in millions of dollars: foreign brokerage balances in United States, 109.1; United States brokerage balances abroad, 32.2. MAY 1947 619 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 Date 1934— Dec.« 1935—Dec.' 1936—Dec. 30 1937—Dec. 29 1938—Dec* 1939—Dec.« 1940—Dec.V . . . 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . Official and private Official United NethKing- France erdom lands Switzerland Germany Italy Other Total Europe Europe 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 76.9 33.9 12.9 130.3 205.5 163.5 68.6 232.5 235.7 176.3 78.8 427.1 261.5 143.9 89.1 473.8 436.1 187.4 101.8 781.0 448.2 288.2 204.9 1,418.9 365.5 490.1 174.3 1,314.9 400.8 448.6 174 9 2,244.4 554.6 432.3 186.6 3,320.3 1,000.8 439 9 193.3 3,335.2 865,7 401.2 209.7 4,179.3 707.7 310.0 281.6 13.7 86.1 123.5 302.1 218.8 376.3 508.4 339.9 184.2 210.6 239.3 304.2 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 46.8 107.5 126.3 156.0 255.5 516.9 650.6 608.0 643.4 722.1 767.7 902.1 315.5 316 2 321.2 324.4 323.2 332.5 336.7 359.0 351.1 5359.1 366.8 372.6 6.9 6.8 6.6 6.6 6.5 6.4 6.4 6.5 6.4 6.8 7.3 7.1 71.1 97.5 100 5 123.4 130.5 137.0 165.5 174.3 178.9 188.9 205.5 267.9 890.6 875.0 871.0 894 0 910.6 904.5 875.3 848.0 836.2 845.1 849.1 843.4 1946—Jan. 3 1 . . . •6,993.2 4,331.8 Feb. 2 8 . . . . 6,931.4 4,204.1 Mar. 3 1 . . . . 6,927.8 4,185.4 Apr. 3 0 . . . . 6,883.1 4,074.9 May 31 6,654.6 3,849.9 June 3 0 . . . 6,612.0 3,773.1 July 3 1 . . . 6,908.2 4,116.8 Anp\ 31 6,767.8 3,927.8 Sept. 3 0 . . . 6,689.3 3,813.6 Oct. 31 56,679.5 3,771.6 Nov. 3 0 . . . . 6,691.0 3,704.4 Dec. 3 1 . . . . 6,480.3 3,517.6 679 0 630.5 553.8 553.4 434 4 335.1 661.1 525.3 570.3 638.1 546.8 458.9 398.3 380 7 364.5 305.8 319.7 286.0 275.2 250.8 275.5 284.6 261 .4 245.9 293 9 282.2 295 0 294 9 268.4 256.1 234.1 227.1 239.0 215.7 202.4 224.9 Canada Latin 2 America Asia 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 2.655.4 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 All other 2 12.0 23.4 27.1 20.0 34 1 72.5 73.3 113.6 149.6 175.3 174.0 181.8 1,350.7 1,050.9 1,735.1 «201.1 1.349 7 1.043.5 1,723.6 225.8 1,359.7 1,094.0 1.685.6 276.1 1,344.1 1,077 7 1.699.3 259.4 1,248.2 1,108.1 1.655.7 249.4 1 263.8 1.151 3 1.541.4 398.1 1 284.3 1 174.4 1,487.5 407.7 1 219.6 1 226.6 1,437.5 493.2 1,177.5 1,180.7 1,396.4 477.1 1,103.3 1,180.5 1,359.3 498.1 1,045.3 1,150.8 1,364.5 691.1 931.8 1,104.8 1,316.4 706.5 LIABILITIES—SUPPLEMENTARY DATA Other Europe Greece6 Luxembourg" Other Europe Belgium Denmark Finland 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1941 Dec 31 1942—Dec. 31 1943—D ec 31 1944—Dec. 31 . 1945 Dec 31 . .. 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 39.3 43.5 48.7 70 8 I945—j a n # 31 Feb 28 Mar. 31 890.6 875.0 871 .0 894.0 910.6 904 5 875.3 848 0 836 2 845.1 849 1 843.4 184.9 167.6 166.3 176.4 177.8 175 7 169.0 160.1 158 7 177.0 186 0 159.5 40.1 41.6 44.2 47 4 48.6 49 7 50.4 52 1 56 8 54.9 57 0 66.5 6.6 70.0 69.7 74.9 76.7 75.5 72 3 64.1 60.1 64 4 58.4 55 5 49.3 Date May 31 July Aug Sept Oct. Nov Dec 31 31 30 31 30 31 71 5 5 10 7 11.2 10.1 11.9 11 2 11.9 13.1 13 6 17.0 18 6 22.2 Norway 6 Portu6 YugoRuAll gal6 mania6 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 9.3 22.3 22.4 22.3 22.0 22.1 22.6 22.9 22.8 21.7 21.6 21 8 22.6 176.5 175.0 174.0 159.3 161.6 161.1 148.9 142.3 140.8 136.0 1?3.1 123.5 47.5 45.3 45.4 49.7 49.5 48 6 47.6 50.2 49.1 48.8 43.5 39.0 9.3 9.2 9.2 10.0 10.2 10.0 10.9 8.5 8.7 8.7 9.0 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 37.1 37.4 35.4 36.2 35.5 32.3 20.7 18.2 18.9 20.2 15.3 16.4 214.0 212.9 205.2 200.0 196.0 191.7 204.4 196.3 183.1 159.9 165.4 172.6 29.7 28.5 24.8 44.9 57.4 59.5 50.2 47.9 37.5 46.4 53.2 60.5 6.3 6.6 6.8 7.7 7.3 7.4 8.3 8.7 9.9 5.7 5 7 8 5 8.4 10 4 12.4 109.8 187.9 191 0 57.9 76 9 52 1 43 7 46.4 48 4 51.2 53 6 57.4 62 3 65.9 67 7 74 7 87.8 90 3 89.9 Latin America Date 1939—Dec. 1940—-Dec. 1941—Dec 1942—Dec. I943—Dec. I944—Dec I945—Dec. Latin BoAmer- Argentina livia7 Brazil Chile ica 336.0 57.7 (Jan. *, 1940).... (Jan. 1, 1941)..... 447.3 115.4 417.7 75.7 31 597.7 67.6 31 693.7 69.8 31 909.3 93.9 31 1,046.4 31 77.3 1946—j a n . 31 Feb. 28 Mar 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept 30 Oct. 31 Nov. 30 Dec 31 1.050.9 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 94.8 80 0 83.9 84.1 92.6 116.6 124.4 147.9 144.5 147.9 131.4 112.6 Colom-7 bia 10.8 12.6 17 7 14.5 36.4 36.2 50.5 67.7 98.7 140.8 195.1 26.8 28.5 27.3 34.5 54.0 55 0 66.3 43.4 67.1 83 6 79.2 13.6 13.4 13.6 12.7 11.9 10.7 12.3 11.5 13.5 14.3 13.6 14.0 192.3 199.6 210 6 206.8 222.0 218.8 231.1 255.9 231 .0 223.5 205.6 174.0 66.6 64.6 63.9 60.3 55.3 59.3 62.1 53.9 51.2 49.8 50.5 50.7 82.4 80.6 77.5 72.4 69.6 66.3 75.2 67.4 65.2 61 .5 60.7 57.8 French West Costa7 Cuba Indie? Mexand ico Rica Gui-7 ana 12 4 12 2 7 4 6.9 37.0 47.9 62.5 100.3 70.4 139 3 128.3 58.8 55.0 37 7 4 9 95 7 2.6 70.4 4 4 83 1 7.1 116.4 6.0 5 7 6.3 6.0 6 9 6 7 6.8 6 5 6.7 7.1 8.6 7.7 122.2 120.5 139.5 152.7 163.7 169.6 167.0 175.6 160.6 158 0 1 S9.1 153.5 7.2 71 6.6 6.6 7.0 7.0 7.6 7 4 7.8 6.7 6.0 5.4 125.9 128 3 140.7 122.3 119 8 137.1 135.3 143.1 142.2 U3.2 143.2 152.2 Netherlands Other 7 Vene- Latin West PanaIndie? ma8 Peru zuela7 Amerand ica Suri-7 nam 20 7 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 20.9 22 8 20.7 21.7 19 2 16.7 14.7 14 1 13.7 13.6 13.5 16.1 89.4 87 5 91.2 90.3 88 9 87 1 84.8 84 3 85.4 84.6 84.1 77.2 43.4 45 0 41.9 39.8 40 3 40.6 39.2 38 8 39.1 43.8 40.7 40.9 36.0 42 4 41.3 49.5 50 3 46 1 42.3 50 9 52.5 68.7 67.3 74.0 150.3 146 0 156.3 152.4 160 5 168.6 171.5 169 4 167.3 167.6 166.7 168.7 For footnotes see p. 621. 620 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. 1946—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1 2 8 Asia 3, 1940) 1, 1941) 31 31 31 31 31 31 28 31 30 31 30 31 31 30 31 30 31 India, China and French Hong Burma, Man- Indo- 1 Kong and chu- China Ceyria lon1 Egypt Neth- Philand French Union BrierNew Angloof tish Japan lands ippine Tur-1 Other All 2 Austra- Zea- Egyp- Mo- South Other key other Asia Ma- 1 IsEast 1 lia land tian rocco Africa laya lands Indies Sudan 655.7 167.0 71.4 165.4 193.4 207.5 156.8 360.9 574.2 427.3 582.3 756.3 738.0 732.1 717.0 695.4 655 657.0 541 611.9 487 561.8 437 525.3 396 490.1 359 456.5 1,364 1,316 .4 431.9 91.1 61.6 41.6 23.9 22.9 27.4 30.5 31.8 34.8 36.4 35.4 37.8 33.2 34.1 37.9 35.6 46.1 44.9 110.3 69.9 4.8 4.1 4.0 4.1 4.0 3.9 3.8 3.7 3.7 3.5 9.2 13.4 9.5 14.1 14.1 16.6 198.6 226.8 254.7 29.9 259.1 35.4 365. 8 23.7 629.1 52.5 642.8 57.3 635.7 62.2 598.4 66.1 617.0 66.9 580.2 72.0 505.5 69.3 482.4 64.5 .466.9 62.9 465.2 61.0 466.6 58.6 466.3 64.3 446.6 54.7 769.9 780.0 930.0 ,108.8 ,069.2 ,549.6 1,735 1,723 1,685 1,699 27.4 27.4 27.4 28.0 28.2 34.6 37.9 38.0 39.0 43.6 47.2 55.0 42.9 37.7 36.2 39.9 13.1 1.0 18.2 .9 22.1 1.3 33.4 1.2 29.4 1.7 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 17.3 160.4 110.1 110.5 113.7 110.0 100.7 99.0 102.1 103.6 100.2 114.3 120.1 128.9 133.4 134.5 127.1 58.5 72.5 162.4 264.9 36.2 55.5 64.2 78.0 75.1 78.4 86.3 81.9 87.4 86.8 89.5 84.6 80.6 80.5 89.2 93.8 73.3 113.6 149.6 175.3 174.0 181. 8 23.1 25.3 52.9 28 .9 29.6 26.1 24.3 26.6 23.8 24.4 28.7 33.6 39.9 41.1 35.1 4.8 5.1 3.5 4.3 4.0 3201 4.0 225 3.8 276 3.8 259 4.8 249 7.5 398 6.4 407 5.2 493 5.5 477 5.5 498 5.7 691 706.5 45.5 8.0 6.8 6.1 7.3 18.9 19.4 19.6 18.9 17.9 16.8 17.7 17.7 19.0 20.2 21.8 22.3 20.8 12.1 10.3 4.3 10.0 9.7 10.1 10.3 11 12 11 11.5 11.6 13.4 13.3 14 14.9 11.0 4.5 8.3 6.4 6.3 9.1 9.5 8.9 11.3 12.8 10.1 13.4 24.5 29.4 52.2 47.2 91.8 124.1 97.6 113.4 3132.1 157.0 209.3 190.9 180.4 324.5 333.3 410.3 373.6 386.9 561.2 570.1 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. 620. 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." 3 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. These figures are not strictly comparable with the corresponding figures for preceding months due to inclusion for first time of the accounts of international institutions. 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. 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. 6 Prior to June 30, 1942, included under "All other." 7 8 Prior to June 30, 1942, included under "Other Latin America." Included "Canal Zone" prior to June 30, 1942. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1,2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970. ASSETS rotal 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 1946—Jan. Feb. Mar. Apr. May Tune July Aug. Sept. Oct. Nov. Dec. 31 28 31 30 31 30 31 31 30 31 30 31 2, 1935) 1, 1936) 4, 1939) 3, 1940) 1, 1941) :.... United King- France dom Netherlands Switzerland Germany 18.6 19.0 21.9 23.0 24.2 231.7 202.0 165.1 126.1 89.4 53.4 39.6 34.4 34.0 33.9 33.9 33.9 27.2 13.5 10.9 20.8 13.5 11.8 36.3 8.2 6.6 5.4 5.5 5.5 5.2 1.5 2.6 1.5 3.0 1.3 2.9 35.7 36.1 35.8 43.4 118.5 119.4 119.6 122.8 137.1 128.8 138.8 151.0 6.2 4.9 5.6 6.5 8.0 6.5 6.7 4.7 5.5 4.5 6.3 9.8 33.9 33.9 33.9 33.8 33.9 33.9 33.9 33 9 33.9 33.9 33.9 30.4 .3 .4 .4 .6 1.0 2.4 4.3 8.8 139.9 778.6 672.6 655.0 594.0 508.7 384.0 367.8 246.7 257.9 329.7 392.8 296.9 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 10.3 406.3 406.8 431.9 434.3 490.7 511.0 561.4 581.5 615.7 602.7 642.6 708.3 25.9 26.3 28.6 31.6 32.6 30.5 75.8 65.8 65.3 56.5 55.9 47.7 .8 .7 .7 .9 .9 .9 3.4 3.1 3.0 3.9 4.1 5.7 4.9 4.2 1.8 1.3 1.1 1.4 1.1 5.7 .9 1.1 .5 .4 .3 Italy 2.0 1.5 .4 .4 .3 .3 10.7 10.5 12.9 16.0 Other Total Europe Europe Canada Latin America Asia1 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 96.3 100.9 59.4 118.0 60.4 39.7 36.0 33.6 34.3 37.8 28.1 53.3 174.6 154.5 141.1 114.4 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 87.9 35.3 26.3 51.4 29.9 13.1 17.9 21.1 18.0 20.5 27.7 33.2 29.9 39.6 44.0 46.9 52.5 115.8 120.2 126.1 134.8 215.3 221.2 276.8 269.0 294.9 282.1 298.8 312.9 74.3 71.3 62.9 64.7 50.1 53.6 42.2 43.6 50.3 49.7 52.9 52.2 164.7 161.2 178.4 166.1 158.0 164.7 170.4 185.3 182.6 182.1 200.2 226.8 40.6 43.6 53.6 57.1 54.4 56.2 57.1 68.0 72.7 74.3 75.0 99.2 All other1 8.5 10.1 12.9 17.2 15.5 9.3 6.4 9.7 4.8 3.9 11.7 9.9 10.8 10.5 11.0 11.6 12.9 15.3 14.8 15.6 15.1 14.5 15.8 17.2 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. MAY 1947 621 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. (Jan. 3, 1940) (Jan. 1, 1941) 31 31 31 31 31 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 Other BelEurope gium Denmark Finland 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 1.4 1.8 1.9 5.6 7.6 ( 13.1 17.9 21.1 18.0 20.5 27.7 33.2 29.9 39.6 44.0 46.9 52.5 1.8 2.6 3.6 4.6 5.0 7.7 8.8 9.1 6.9 7.2 7.7 7.5 1.0 1.0 1.1 1.1 .1 .1 .2 .3 .2 .4 .5 .5 8 () LuxemGreece1 bourg1 1.1 .6 .6 .7 .7 .8 .8 2.0 1.5 1.1 1.6 2.1 12.6 12.6 13.0 1.3 1.4 1.2 .6 2.0 4.4 4.3 4.0 3.5 4.3 5.9 6.2 12.4 Norway : SwePorRutugal1 mania1 Spain den Yugo-1 All USSR1 slavia other 3.6 .9 .5 .2 .2 35.1 31.6 2.4 1.4 .8 .5 3.2 3.2 1.8 1.6 8.7 1.0 .6 .4 .2 .2 .9 .1 4.2 6.2 .2 1.2 .3 .6 .5 .7 .7 2.1 3.3 .4 .4 .4 .4 .6 .5 .7 .7 1.0 1.3 .9 1.0 1.8 1.4 1.5 1.4 2.1 2.9 4.2 3.3 3.6 7.2 6.5 7.2 1.1 1.1 1.3 2.4 3.0 5.6 7.6 5.5 5.5 4.1 3.9 4.9 28.0 24.5 22.1 8.4 5.0 5.1 4.7 4.8 4.9 4.9 5.0 5.1 5.0 5.0 4.3 5.5 6.1 6.2 9.4 8 (2) 8 °?.1 .1 .1 Latin America Latin BoAmer- Argentina livia' Brazil Chile ica Date 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. (Jan. 3,1940)... 113.3 16.8 (Jan. 1, 1941)... 122.7 11.9 148.3 16.8 31 99.7 6.9 31 112.2 15.3 31 131.0 3.1 31 158.9 21.0 31 164.7 161.2 178.4 166.1 158.0 164.7 170.4 185.3 182.6 182.1 200.2 226.8 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 24.2 18.0 24.7 26.8 20.4 20.4 27.9 25.6 21.4 22.5 24.0 41.8 Colombia* (2) 8 (2) 8 8() 8 () Nether French lands West Other West PanaCosta Cuba Indies Mexico Indies Vene- Latin 4 Peru* zuela' Amerand Rica' ma and Guiica Suriana' nam' 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 1.7 1.5 2.7 2.9 2.0 3.1 4.4 3.2 2.6 2.2 2.0 2.3 26.8 29.7 30.0 31.9 30.9 28.4 28.6 41.3 37.2 40.4 43.9 49.8 7.0 6.2 7.1 7.0 6.7 8.0 7.5 10.6 14.5 13.8 14.0 14.6 17.5 18.1 20.1 20.0 21,2 23.2 21.3 22.6 23,8 21.0 1Q.8 26.4 1.4 1.5 1.4 1.4 1.2 1.5 2.1 9.8 1.7 2.6 2.5 2.9 10.5 11.7 11.3 8.3 20.1 47.4 33.3 33.9 32.9 37.1 22.9 27.6 29.3 25.7 15.6 21.1 27.9 41.1 .2 (2) (2) (2) (2) 2 ( )' 5.9 6.1 7.6 4.8 11.2 8.6 11.0 1.0 2.1 2.4 2.1 1.1 .8 1.1 2.8 1.4 1.2 1.9 3.9 3.8 5.1 6.1 37.2 44.4 57.3 14.2 8.7 11. 33.4 10.5 13.9 14.3 14.1 13.5 15.0 15.2 17.2 22.0 17.6 20.6 25.5 1.9 2.8 2.9 1.1 1.1 1.8 1.6 1.3 .9 .9 .8 1.3 3.3 3.5 3.8 3.6 3.8 3.5 3.4 3.6 3.0 2.7 2.7 3.7 6.6 6.9 7.7 7.4 7.7 7.9 8.1 8.1 7.0 4.8 6.6 8.7 29.5 25.9 26.1 26.6 21.2 22.1 24.0 25.8 27.0 24.9 21.7 23.1 Asia and All Other Date 1939—Dec. (Jan. 3,1940) 1940—Dec. (Jan. 1,1941) 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Dec. 31 India, :hina and French Hong Burma, Asia Man- Indo-5 Kong and chu- China Ceyria lon* 174.1 117.8 87.9 35.3 26.3 51.4 29.9 22.0 23.7 23.5 11.1 1.7 1.5 1.0 40.6 43.6 53.6 57 54.4 56.2 57.1 68.0 72. 74.3 75.0 99. 7.7 9.7 22.8 25.6 22.6 23.9 19.0 28.6 34.7 34.6 40.8 53.9 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 () () <*) 1.9 1.7 3.1 .9 2.2 1.0 2.0 .9 22.3 7.5 1.1 .8 1.5 1.5 2.0 2.0 2.2 2.9 3.2 6.5 4.0 5.9 7.9 7.0 6.8 7.2 6.6 7.4 9.4 10.8 11.7 10.1 9.1 12.0 Egypt Neth- PhilBriand French Union erNew Anglo ippine Tur-5 Other All 6 Austish Japan lands of traMoZeaOther MaIskey other EgypAsia East lia land tian rocco South laya' Africa Indies5 land: Sudan .7 .5 .1 .1 102.1 55.8 18.9 .5 .5 .5 .5 1.6 1.7 1.5 1.4 .1 .3 .2 .2 .3 .1 1.7 .1 .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .5 .2 .2 1.4 1.4 1.4 1.4 1.4 1.4 1.2 1.3 1.2 1.0 .9 1.0 26.4 22.6 23.0 14.4 13.9 13.8 13.8 1.8 3.2 1.8 2.0 18.5 20.1 16.0 16.1 16.7 16.7 18.5 19.2 16.6 16.0 1.0 1.1 1.1 .9 .9 .9 .9 .9 g 1.3 14. 20.2 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 5 2.8 3.3 3.9 3.6 3.5 3.9 3.9 3.9 4.0 4.2 4. 10.8 10.5 11.0 11.6 12.9 15.3 14.8 15.6 15 14.5 15.8 17.2 1.0 .5 .6 1.7 .7 .2 .2 .7 2.1 .6 1.8 .7 1.3 .7 1.5 .6 1.8 .6 1.9 .6 2.9 1.1 2.9 1.2 3.3 2.7 3.1 3.4 "8 () 1.7 2.4 9.7 4.7 1.2 .7 1.0 2.5 5.0 5.3 5.8 6.7 7.8 8,5 8.0 8.1 7.7 8.4 9.1 10.1 2.9 2.4 2.9 2.6 2.5 3.9 2.5 3.0 2.5 2.0 2.4 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/' « Included "Canal Zone" prior to June 30, 1942. 'JPrior to June 30, 1942, included under "Other Asia." 1 Country breakdown not available until June 30, 1942. 622 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of issue department Bank of England Cash reserves (Figures in millions o pounds sterling) 200.1 313.7 326.4 326.4 1946—Apr. 24 May 29 .2 July Aug Sept. Oct. Nov. Dec. Other assets1 Gold* 25 30 29 28 27 25 31 30 29 27 26 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. Assets of banking department *.2 .2 .2 .2 .2 .2 .2 3-5 5 8.5 94. 7 .6 .8 46. 3 41. 1 17.5 9.2 28.5 155. 6 135. 5 .8 1.0 ,9 .3 .9 .9 1.9 .4 S1 75 13. 28. 76 11. 11. 70 7 6 267 8 267. 9 307 9 317 4 327 0 32 7 41 5 1.1 1.3 38 5 34 22 1 25.: I 13.6 327 2 333 9 327 6 1.0 85 8 25. <:l 16.0 11.1 294 6 338 7 .2 .2 .2 .2 1 ,450.0 1 .450.0 1 ,450.0 90. 7 176. 1 199. 1 22.4[ 16.' r 12.; » 15.1 \ 9.5) 18. i\ 5? 0 58 6 36 4 .2 .2 4.3 4.C 6.4 I 3.5 2.5 5.1 8.4 \ 5 8 6 6 3 1.5 1.8 1.4 1.1 1.2 1.0 .2 Securities .6 1.0 .2 .2 1947—j a n , 29 Feb 26 Mar. 26 260.0 200.0 220.0 230.0 580.0 •630 0 •780.0 • 950.0 •1 100 0 •1 250 0 M 400.0 Notes 400.0 400.0 ,400.0 ,400.0 ,400.0 ,400.0 ,400.0 ,400 0 •1 ,450.0 .2 .2 31 28 25 30 27 25 Coin Discounts and advances Liabilities of banking department .9 .6 13 4 74 7 59 5 9.! 256 250.9 315.2 288 0 343.4 324,6 271 0 Note circulation* 474 [ 5 467 .4 SOS 504 I- 7 554 I 6 61 f 9 7S1 7 <>??t 4 , 0 8 ?\ 7 ; 6 37<!> 9 Deposits Bankers' Public Other 72. 1 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 53.1 57.4 56.5 54.4 54.0 55.5 57.5 56 3 57.3 60.6 150. 6 120. 6 101. 0 117. 3 135. 7 219. 9 223. 4 234. 260. 7 274. 5 1 1,341.7 1L , 3 6 3 . 9 >9 L.36"r.5 1 \ 7 ,361 8 > 0 ,47? \ 1 253. 4 244 8 286 0 ,164 \ S L,37« > .6 L,39( ).7 288 4 Bank of C a n a d a Sterling and United States dollars 1935—Dec. 1936—Dec. 1937—Dec 193g—Dec. 1939—Dec. 1940—Dec 1941—Dec. 1942—Dec. 1943—Dec 1944—Dec. 1945—Dec. 31 31 31 31 30 31 31 31 31 30 31 1946—Apr. May June July Aug Sept. Oct. Nov. Dec. 30 31 29 31 31 30 31 30 31 1947—Jan. 31 Feb 28 Mar. 31 180.5 179.4 179.8 185.9 225.7 7.1 7.0 9.3 278 9 285 2 286 4 1.0 1.0 1.0 1.2 1,196.8 1,172.3 1,146.9 24.1 2.0 2.0 1.8 1.7 .7 .9 . . 16 0 22.4 10.6 60.1 94.4 Note 18.3 18.4 18.5 8.6 Other liabilities' circulai.ion 7 Chartered Dominion governbanks ment Other 1,348.0 1,230.0 1,218.5 1,276.6 1,257.7 1,259.1 1,301.5 1,283.8 1,197.4 172.3 156.8 8.2 10 1 10.3 17.8 18.0 18.1 18.J 18.4 18.5 17.1 17 9 18.1 Deposits Other assets 83.4 99.0 91.6 40.9 49.9 127.3 216.7 209.2 472.8 573.9 688.3 .5 .6 7.4 5.3 18.0 18.0 18.0 18.0 17.9 17.9 17.9 17.9 17.9 17.8 17.8 Liabilities 30.9 6 .3 82.3 144.6 18 9 448.4 39 8 807.2 787.6 906.9 1,157.3 4.2 9.1 14.9 28.4 64.3 38.4 200.9 7.4 238 7 Dominion and provincial government securities Short-1 term 5.2 5.3 307 6 302 9 292 7 310 1 Assets (Figures in millions of Canadian dollars) 9.0 10.3 Other liabilities Other 12.4 33.5 31.3 47.3 34.3 29.5 99 7 135 7 165 175 232 8 3599 496 0 693 6 874 . 4 11,036 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 19.1 17 8 27.7 29.8 13.4 14 4 9 3 13.3 28 5 35.1 24.0 55 4 209 1 198.5 553.0 541.1 540.7 541.8 530.8 523.9 521.5 605.0 708.2 48.6 52.9 30.8 31.4 44.1 38.3 40.1 40.9 42.1 1,114 4 1,109 5 L, 114 0 1,117 9 1,127 . 4 1,147 5 L,156 Q 161 1 L.186 555.8 493.9 500.5 532.5 521.1 511.3 538.6 579.5 565.5 183.3 87 1 57.9 69.1 69 1 27.4 36.6 63.9 60.5 62.7 78 5 85.6 90.1 79 7 87.8 85.2 79.4 93.8 57.4 57 2 34.2 42.1 37 1 48.0 46.7 46.8 42.7 718.8 738.9 757.5 39.3 47.6 40.4 1,138 6 1,137 Q 1,153 .2 533.3 493.6 536.3 150.1 215.7 159.8 82.9 75.3 64.6 51.0 37.3 32.8 8.2 21.7 5.2 5.5 .8 2.1 3.5 3.1 17.9 9 5 6.0 7.7 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. 1 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 1 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. • 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. • Securities maturing in two years or less. T 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. • 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 amd pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. MAY 1947 623 CENTRAL BANKS—Continued Assets Bank of France (Figures in millions of francs) Liabilities Advances to Government Domestic bills Gold* Foreign exchange Open 2 market 2 Special Other 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 «35,221 839,122 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 12,048 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 16,000 19,000 11.200 13,400 8,600 8,600 28,100 46,600 55,500 67,900 840,985 838,614 841,848 •42,053 840,915 «45,049 «44,703 652,693 B 47,116 647,577 613,434 616,102 625,809 629,181 612,879 633,327 667,567 696,924 704,796 721,865 426,000 55,200 426,000 54,000 654,507 53,066 730,253 737,692 66,296 60.3S9 58,933 87,265 597,267 684,616 84,598 84,598 84,598 75,151 H29.817 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—Mar. 2 8 . . . 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 . . 129,817 129,817 594,817 94,817 94,817 94,817 94,817 94.817 94,817 94,817 69 5 5 5 6 5 6 5 6 7 25,524 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 32,647 36,579 45,512 46,204 45,324 61,657 62,567 63,127 67,396 76,254 1947—Jan. 3 0 . . . 94,817 Feb. 2 7 . . . 94,817 5 8 75,500 82,958 2,200 1,435 82,674 85,917 46 Deposits Note circulation Govern- C.A.R.* Other ment For ocOthers cupation costs8 1935—Dec. 2 7 . . . 1936—Dec. 3 0 . . . 1937—Dec. 3 0 . . . 1938—Dec. 2 9 . . . 1939—Dec. 2 8 . . . 1940—Dec. 2 6 . . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . . 1943—Dec. 3 0 . . . 1944—Dec. 2 8 . . . 1945—Dec. 2 7 . . . 1,379 652 1,797 2,345 661 12 169 29 48 303 Other assets 6 Other liabilities 8,716 13,655 19,326 25,59S 14,751 27,202 25.272 29,935 33.137 37,855 57,755 2,113 2,557 3,160 2,718 2,925 3,586 3.894 4,461 4,872 7,078 4,087 781 732 745 750 717 779 804 814 824 765 52,516 53,653 51,845 53,265 59,829 62,282 54,743 55,612 58,549 63,468 4,357 5,337 4,072 4,268 7,006 4,213 4,201 4,241 4,748 7,213 789 831 55 020 54,512 4.849 5,166 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 May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. » For explanation of this item, see BULLETIN for July 1940, p. 732. * By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. <6 Central Administration of the Reichskreditkassen. In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. • 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. NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same oublication. 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) Central 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 2 Deposits—Member bank Government Nationalized » Other Certificates of participation in Government securities Other liabilities •Commonwealth Bank of Australia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks.. Securities (incl. Government and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities 1947 Mar. Feb. 1946 Jan. ,136 ,277 939 102 ,572 ,105 ,072 499 697 ,153 67 3,279 2,25 939 32 8,469 2,086 4,041 385 647 11,150 206 644 633 Mar. 1947 Central Bank (Figures as of last report date of month) Mar. National Bank of Belgium (millions of francs): Gold Foreign exchange Net claim on Int'l. Fund 3 Loans to Government Other loans and discounts 144 Claim against Bank of Issue 2,979 Other assets 1,82: Note circulation 408 Demand deposits 4 Blocked accounts ' 164 Other liabilities 27,722 9,787 2,464 50,088 3,828 64,597 2,328 74,690 5,328 79,248 1,549 1,206 3,491 866 12 164 194 219,803 197,255 2,331 2,446 380, 941 390,205 421,735 10 832 6,758 21,374 198, 180 197,680 195,464 Central Bank of Bolivia—Monetary Dept. 5 (millions of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Government securities Other assets Note circulation Deposits Other liabilities Feb. 1946 Jan. 30,281 31,684 8,471 7,578 50,808 48,823 4,482 4,841 64,597 64,597 2,196 2,268 74,452 73,334 5,514 5,579 79,273 79,296 1,595 1,583 (Dec. 1946)6 920 339 303 431 9 1,683 306 12 Mar. 33,095 4,657 ; 49,410 2,217 64,597 0 1,752 72,838 3,133 78,349 1,408 919 493 27 550 11 1,620 379 273, 553 274,740 253 ,674 26, 950 28,927 29,772 118, 650 117,750 163,899 c 1 1 3 Corrected. 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. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. *5 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia dividedjthe institution into Monetary (central banking functions') and Commercial Banking Departments 6 Latest month available. 624 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1947 Mar. Feb. 1946 Jan. Mar. Central Bank (Figures as of last report date of month) 1947 Mar. Feb. 1946 Jan. Mar. Central Reserve Bank of El SalvaNational Bank of Bulgaria i dor (thousands of colones): Central Bank of Chile (millions Gold of pesos); 34,807 33,595 32,935 244 287 Foreign exchange (net) 2 Gold 48,094 42,336 '38,657 43 Net claim on Int'l. Fund Gold contribution to Int'l. Fund. 1,563 1,563 371 660 Loans and discounts Discounts for member banks 2,102 4,265 "*843 1,124 824 701 Government debt and securities. Loans to Government 5,713 5,729 6,255 1,181 1,044 652 Other assets Other loans and discounts 1,516 1,556 1,712 1,850 1,861 ,955 Note circulation Other assets 57,252 54,726 48,244 3,510 3,407 ,918 Deposits Note circulation 28,331 25,952 26,078 612 673 523 Other liabilities Deposits—Bank 8,252 r 8,325 r 6,079 170 210 204 Bank of Finland i Other 460 446 356 Bank of Greece (billions of drachOther liabilities (Nov. mae): Bank of the Republic of Colombia 1946)4 (thousands of pesos): Gold and foreign exchange (net). 891 218,236 256,684 228. Loans and discounts Gold 18 49,658 48,042 86, Advances—Government Foreign exchange 498 21 Other Net claim on Int'l. Fund 2 . . . 586 1,225 1,225 Other assets Paid-in capital—Int'l. Bank. . . . 51 41,140 31,063 10. Note circulation Loans and discounts 468 88,437 85,979 72. Government loans and securities Deposits—Government 61 32,202 33,151 39 Other Other assets 133 232,205 235,258 191. Other liabilities Note circulation 1,382 182,547 183,082 203 Deposits Bank of Guatemala (thousands of 38,012 37,805 42. Other liabilities quetzales): 28,477 National Bank of Costa R i c a Gold . 20,044 Issue dept. (thousands of colones): Foreign exchange 11,324 11,348 1,048 Gold Rediscounts and advances 6,608 5,192 4,619 Foreign exchange Other assets 29,668 Contributions to Int'l. Fund and Circulation—Notes 30,321 2,249 2,741 to Int'l. Bank Coin 66,697 64,623 4,664 Loans and discounts Deposits—Government 4,046 ^3,04 Securities 14,247 Banks... 1,356 1,317 Other assets Other liabilities 2,869 72,853 70,474 Note circulation National Bank of Hungary (mil41,153 11,150 Demand deposits lions of forint): 284 6,371 6,125 284 314 Other liabilities Gold 66 98 98 National Bank of Czechoslovakia Foreign exchange 475 488 in Prague (millions of koruny): 511 Discounts , 3 5,746 958 5,405 342 4,999 340 Gold and foreign exchange . . . . 340 Loans—Treasury 087 3,599 6,440 7,965 Loan3 and discounts Other 751 441 124,525 124,365 124,277 413 410 Other assets Other assets 191 932 932 931 Note circulation—Old 1,173 1,093 1,017 Note circulation 454 42,904 42,951 41,965 89 New 64 45 Demand deposits—Government. 38' 71,665 72,035 72,281 Deposits—Old 33 52 65 Other 85. 9,133 10,776 13,735 New 469 411 Other liabilities 393 908 Reserve Bank of India (millions of 8,490 9,516 9,075 Other liabilities National Bank of D e n m a r k rupees): (millions of kroner): Issue department: 83 71 83 71 444 Gold. . Gold at home and abroad. . . 444 444 118 111 147 98 Foreign exchange Sterling securities 11,353 11,353 11,203 114 117 108 115 578 Clearing accounts (net) Indian Govt. securities..... 578 578 21 24 24 23 Loans and discounts Rupee coin 207 204 158 70 75 100 83 Securities Note circulation 12,297 12,258 12,188 ,594 Govt.compensation account.. . . 6,482 7,528 7,544 Banking department: 140 117 217 159 Other assets Notes of issue department. . 326 283 196 ,512 1,506 1,519 1,549 Note circulation Balances abroad 4,755 4,699 6,040 ,747 1,656 2,645 2,736 Deposits—Government Treasury bills discounted.. . 28 29 26 , 650 3,760 3,777 3,667 Other. Loans to Government 247 152 Other liabilities 166 146 Other assets 700 790 470 Central Bank of Ecuador Deposits 5,573 5,492 6,434 (thousands of sucres): Other liabilities 260 285 299 Gold 272,970 272,942 Central Bank of Ireland (thousands Foreign exchange (net) 2 38,205 73,935 21,700 of pounds): 2,646 2,646 2,646 2,646 16,875 16,877 Net claim on Int'l. Fund Gold 37,568 37,064 37,054 35,733 202,701 209,291 178 Loans and discounts Sterling funds 40,214 39,710 39,700 38,379 178,631 155,671 97 Other assets Note circulation Note circulation 347,123 350,903 308 270,392 286,7 243 Demand deposits Bank of Italy (millions of lire): 523 526 91,867 91,032 33 Other liabilities Gold 8,995 4,615 (Dec. 4 National Bank of Egypt (thouForeign exchange 482,414 459,785 1946) sands of pounds): Advances—Treasury 24,480 45,281 6,376 6. Gold Other Govt. agencies 55,187 16,085 16,576 15, Foreign exchange Loans and discounts 105,634 68,887 4,069 2 , Loans and discounts Government securities 28,364 12,576 British, Egyptian, and other Other assets 412,068 291,747 303,651 299. Government securities Bank of Italy notes 83,876 92,456 27,754 24. Other assets Allied military notes 32,03 35,105 137,168 137, Note circulation Deposits—Government 69,679 55,965 80,98 47. Deposits—Government Demand 96,484 124,074 129,313 149. Other Other 11,455 8,406 Other liabilities Other liabilities 10,958 13, r 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. 2 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 3as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Gold not re orted separately beginning Dec. 31, 1946. 4 Latest month available. MAY 1947 625 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Bank of J a p a n 1 Bank of Java * Bank of Mexico (millions of pesos): Metallic reserve 2 "Authorized" holdings of securities, etc Bills and discounts Other assets Note circulation Demand liabilities Other liabilities N e t h e r l a n d s Bank (millions of guilders): Gold Silver (including subsidiary coin) Foreign bills Loans and discounts Other assets Note circulation—Old New Deposits—Government Blocked Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Advances to State or State undertakings Investments Other assets Note circulation Demand deposits Other liabilities Bank of Norway i Bank of Paraguay—Monetary Dept. (thousands of guaranies): Gold Foreign exchange Loans and discounts Government loans and securities Other assets. Note circulation Demand deposits Other liabilities Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Contributions to Int'l. Bank Discounts Government loans Other assets Note circulation Deposits Other liabilities Bank of Portugal (millions of escudos): Gold* Other reserves (net) Non reserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities National Bank of R u m a n i a i S o u t h African Reserve Bank (thousands of pounds): Gold * Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities Bank of Spain (millions of pesetas): Gold Silver Government loans and securities Other loans and discounts Other assets 1946 1947 Mar. 688 1,653 535 105 1,697 1,057 228 2,802 84,938 31,053 3,868 1,431 46,968 72,053 5,072 1,870 38,173 5,598 9,821 2,835 37,170 13,019 8,108 Feb. Jan. Mar. Central Bank (Figures as of last report date of month) 1947 Mar. Feb. 1946 Jan Mar. Bank of Spain—Continued Note circulation 22,185 18,512 Deposits—Government 1,968 714 764 Other 3,426 3,938 691 696 Other liabilities 811 464 1,856 1,997 Bank of Sweden (millions of kronor): 1,669 420 501 523 Gold 715 768 585 1,054 57 117 103 Foreign assets (net) 440 583 453 805 1,717 1,703 1,719 Swedish Govt. securities and ad-6 1,339 1,063 1,061 1,969 1,722 vances to National Debt Office 2,011 1,207 182 222 387 Other domestic bills and advances 128 148 146 28 622 582 Other assets 467 1,107 Note circulation 2,678 2,693 2,640 2,507 700 647 713 Demand deposits—Government. 506 560 547 891 1 1 1 Other 316 171 118 133 ,600 4,634 4,525 Other liabilities 375 378 356 669 152 161 Swiss National Bank (millions of 151 103 112 122 francs): 237 237 294 Gold 4,936 4,767 4,960 4,951 ,681 2,096 2,695 Foreign exchange 162 166 186 158 ,387 1,806 1,270 Loans and discounts 86 78 80 123 106 Other assets 95 242 79 78 84 89 598 Note circulation 618 555 3,883 3,932 3,885 3,614 547 Other sight liabilities 520 638 1,163 1,163 1,258 1,109 Other liabilities 221 222 294 240 Central Bank of the Republic of 2,802 2,802 2,802 Turkey7 (thousands of pounds): 96,519 94,573 85,872 Gold 667,603 667,520 300,926 Foreign exchange and foreign 26,578 27,386 34,274 clearings 261,298 229 508 69,449 3,948 3,948 5,406 505,050 534 891 752,584 Loans and discounts 1,656 1,709 2,199 Securities 186,378 187 275 170,951 46,639 47,705 43,617 Other assets 28,003 29 638 38,776 Note circulation 952,461 933 218 897,667 79,896 77,757 81,802 Deposits—Gold 182,669 182 669 91,821 4,968 4,956 5,134 Other 290,105 308 079 133,305 Other liabilities 223,098 224 866 209,893 Bank of the Republic of Uruguay 8 1,870 3,404 (thousands of pesos): 1,870 (Nov.)3 37,931 36,694 28,955 303,184 295,704 Gold 3,448 2,198 4,261 13,385 13,810 Silver 9,858 9,899 10,100 Advances to State and govern20,784 13,483 2,712 2,703 ment bodies 446 115,061 99,075 34,090 32,708 26,192 Other loans and discounts 349,695 314,216 14,389 13,514 17,046 Other assets 196,696 181,694 7,340 7,142 3,928 Note circulation (Dec. 40,567 40,052 Deposits—Government 1946)3 250,744 246,843 Other 125,030 149,264 314,102 267,700 Other liabilities 11,375 (Dec. Central Bank of Venezuela (thou56,670 39', 298 sands of bolivares): 1946)3 619,365 594,310 547,582 557,080 Gold» 52,227 22,550 103,610 15,549 Foreign exchange (net) 24,507 46,114 598,855 05,020 Other assets 192,121 265,838 494,959 377,703 Note circulation—Central Bank. 73,691 34,564 8,981 7,155 National banks. 194,860 187,107 Deposits 13,847/ 9,831 Other liabilities 1,423 National Bank of the Kingdom 7,087 of Yugoslavia l 9,84 Bank for International Settle29 ments 1 0 (thousands of Swiss gold 1,018 francs): 693 Gold in bars 86,850 86,850 120,192 7,824 Cash on hand and on current 6,193 13,121 13,669 11,703 account with banks 141 140 496 834 Sight funds at interest Rediscountable bills and accept27,441 26,511 11,431 ances (at cost) 14,396 13,332 2,749 Time funds at interest 209,094 217 600 123,071 Sundry bills and investments. . . 323, 286 320,249 303,124 10,225 10,274 46,678 3,422 Other assets 53 5,271 6,034 4,82 Demand deposits (gold) 18,940 18,947 16,958, 22,310 20,635 118,631 Short-term deposits (various 62,882 63,511 66,298 currencies): 177,829 184,256 221,125 Central banks for own ac6,189 6,775 5,783 count 8,069 10,306 3,662 Other 1,571 1,078 1,214 1,213 Long-term deposits: Special ac522 counts 585 229,001 229,001 228,909 15,6S7 15,764 Other liabilities 201,169 203,954 200,750 8,110 3,764 2,857 2,303 c Corrected. *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 Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 8 Latest month available. « Valued at average cost beginning October 1940. 8 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Issue and banking departments consolidated. 9 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Gov% 10 ernment. See BULLETIN for December 1936, p. 1025. 626 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. Mav 29 June 27 Jan 16, 1945... Jan. 20 Feb. 9 Nov. 7, 1946. . Jan. 10, 1947, , , In effect Apr. 30, 1947 United Ger- Bel- NethKing- France many er- Swegium lands den dom 2 4 6 5 4 3>£ 2 4 2 2 2K IK 4 2K 3 2% 4 3 2K 3 3 2 3K 2K IK 2K &2>i 3K 2% 2K 2% IK Rate April 30 Date effective 1940 1936 1946 1940 Ireland Italy Japan Java Latvia Nov. 23, 1943 2% Sept. 11, 1944 3.29 Apr. 7, 1936 Jan. 14, 1937 3 Feb. 17, 1940 5 4K IK 3-4y2 3 Costa R i c a . . . . Czechoslovakia 2K Aug. Feb. Dec. July Apr. Oct. 14, 8, 16, 18, 1, 28, 1946 1944 1936 1933 1939 1945 Lithuania Mexico. Netherlands . New Zealand. Norway Peru 6 4K 2K IK 2K July June June July Jan. Aug. 15, 4, 27, 26, 9, 1. 1939 1942 1941 1941 1946 1940 Denmark Ecuador El Salvador... 3H 3 4K 4 Jan. June Mar. Oct. Dec. 15, 8, 30, 1, 3, 1946 1943 1939 1935 1934 Portugal Rumania.... South Africa. Spain Sweden 2M 3 4 2K Jan. May June Dec. Feb. 12, 8, 2, 1, 9, 1944 1944 1941 1938 1945 \H sy2 10 7 3 Jan. Apr. Aug. Aug. Nov. 10, 9, 16, 1, 28, 1947 1940 1946 1946 1935 Switzerland.. Turkey United Kingdom U. S. S. R.. . . Yugoslavia . . I IK 4 2 4 i_4 Nov. 26, 1936 July 1, 1938 &2y4 Germany Greece Hungary 3 Central bank of— Mar. 21, Mar. 1, Dec. 19, Nov. 8, France IK 2 5K 3^ 3 6 Albania Argentina Belgium Finland 3 2 IX &2K IK Date effective Chile 3 4 Rate April 30 Central bank of— Switzerland Oct. 26, 1939 July 1, 1936 Jan. 1, 1947 NOTE.—Chailges sin ce Mar. 31: Yugoslavia—Jan. 1, down from 2 ^ to 1 per1 cent. On Oct. 20, 1946, ( he National Bank of Yugoslavia discontinued the use of a uniform in terest r ate and applied rates varying from 2}4 to 6 per cent, according to th e type of debtor. These rates were lowered on Jan. 1, 1947, and now range irom 1 to 4 per cent. OPEN-MARKET RATES [Per cent per annum] United Kingdom Month Germany Netherlands1 Sweden Switzerland Loans up to 3 months Private discount rate Bankers' acceptances 3 months Treasury bills 3 months Day-today money 4.63 .83 .95 .38 .55 .55 .53 .53 1.04 1.03 1.03 1.03 1.03 1.03 .53 4.08 .78 3.84 .73 .88 .53 .50 .51 1.02 1.02 1.00 1 .00 1.00 1.00 .51 .75 .75 1.00 1.00 1.04 1.10 1.13 1.00 .63 1.18 1.00 .52 .50 .50 .50 2.37 1.18 1.00 1.00 1.25 1.25 1.25 1.25 .25 .25 .25 1946—Mar.. . Apr..., May. . June.. July... Aug.. . Sept.. . Oct.... Nov.. . Dec.. . .53 .53 .53 .53 .53 .53 .53 .53 .53 .53 .51 .51 .51 .50 .51 .51 .51 .51 .51 .50 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 1.05 .90 1.27 1.42 1.52 1.41 1.30 1.07 1.01 1.21 1.00 .50 .93 1.00 31 1.18 1.00 .90 .78 .78 .25 .25 .25 .25 .25 .25 .25 .25 .25 .25 1947—Jan.. Feb.. .53 .53 .50 .51 .63 .63 1 44 1.72 .77 1.46 1.25 1.25 1932—Feb 1933—Feb 1934—Feb 1935—Feb 1936—Feb 1937—Feb 1938—Feb 1939—Feb 1940—Feb 1941—Feb 1942—Feb 1943—Feb 1944_Feb 1945—Feb 1946—Feb .86 .28 .53 .63 .75 .75 Bankers' allowance on deposits 4-3 Private discount rate Day-today money 6.67 3.88 3.88 3.41 3.00 3.00 2.88 2.88 2.50 2.25 2.13 2.13 2.13 2.13 7.81 4.86 4.78 3.83 2.77 2.47 2.73 2 .53 2.08 1.68 1.75 1.82 1.89 Treasury bills 3 months Day-today money 3-5 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 m same publication. MAY 1947 627 COMMERCIAL BANKS Assets United Kingdom * (11 London clearing banks. Figures in millions of pounds sterling) 1939—December 1940—December 1941—December 1942—December 1943 —December 1944—December 1945 —December Cash reserves . 1946 —March May June .. . July August . . . September October November December 1947—January February Money at call and short notice Bills discounted Liabilities Treasury deposit Securities Loans to customers receipts 2 Deposits Other assets Total Demand Time 274 324 366 390 422 500 536 334 265 171 198 133 147 369 314 758 896 1 307 1,667 1,523 609 771 999 ,120 ,154 ,165 ,234 1 015 924 823 794 761 772 827 290 293 324 325 349 347 374 2,441 2,800 3,329 3,629 4,032 4,545 4,850 1,398 1,770 2,168 2,429 2,712 3,045 3,262 J 043 L,030 1,161 1,200 L.319 1,500 1,588 256 159 141 142 151 199 252 493 509 509 524 532 553 553 557 574 499 254 271 301 315 305 313 280 312 324 432 379 433 470 526 522 464 405 472 497 610 1,443 1,449 1,374 1,302 1,382 1.511 1^671 1,629 1,628 1,560 ,246 ,282 ,322 ,382 ,406 ,393 ,393 ,403 1 ,410 1 ,427 863 841 i556 394 585 <906 930 944 964 994 353 367 356 399 386 369 379 390 433 505 4,749 4,865 4,894 5,045 5,113 5,198 5,302 5,397 5,503 5,685 3,143 3,242 3,239 3,351 3,389 3,427 3,502 3,563 3,632 3,823 1,606 1,623 1,655 L 694 1,724 1,771 L 800 1,833 L,87O 862 281 287 292 296 475 463 428 421 624 659 1,563 1,436 1 ,427 1 ,439 1, 008 1, 015 454 451 5,629 5,519 3,749 3,603 1,880 1,916 174 Canada Security loans abroad and net Securities Other due from loans and foreign discounts banks Security loans 304 310 308 310 328 342 348 364 Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash reserves 250 253 236 245 250 265 * Liabilities Assets (10 chartered banks. End of month figures in millions of Canadian dollars) Other liabilities Note circulation Ot assets Other liabilities Total Demand Time 1939—December 1940—December 1941—December 1942—December . . . . 1943 —December....... 1944—December 1945—December 292 323 356 387 471 550 694 53 40 32 31 48 92 251 1.088 ,108 1,169 L.168 ,156 L ,211 ,274 132 159 168 231 250 214 227 1 ,646 1 ,531 1 ,759 ,293 2 ,940 3 ,611 4 ,038 612 S70 553 557 744 782 869 85 80 71 60 42 34 26 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 I 673 1.948 2 423 2,865 962 1,049 1,172 1,289 1,386 1946—March April 650 722 642 637 696 665 676 699 730 753 148 152 125 115 96 98 91 97 117 136 L ,181 1,160 1,187 L.188 1,230 1,249 1,284 1,341 1,476 L.5O7 214 221 197 159 121 128 122 126 128 132 4 ,197 4 ,243 4 ,304 4 ,275 4 ,298 4 ,336 4 ,375 4 ,471 4 ,496 4 ,232 B03 876 907 896 B76 865 960 959 931 1 039 25 24 24 23 23 23 22 22 22 21 5 781 5,898 5 882 5,756 5,887 5 892 6,037 6,201 6,362 6,252 2 611 2,660 2 576 2 393 2,476 2 426 2,513 2,724 2,902 2,783 3 170 3,238 3 306 3 364 3,411 3 466 3,524 3,477 3,460 3,469 1,387 1,452 1 456 1,490 1,407 1 428 1,449 1,470 1,493 1,525 689 635 134 155 1,481 1,506 134 126 4 ,369 4 ,264 960 1, 066 21 21 6,233 6,171 2,700 2,585 3,533 3,586 1,514 1,558 May June July August . September October November . December 1947—Tanuary February (4 large banks. End of month figures in millions of francs) 1939—December 1940—December 1941—December 1942 December 1943—December 1944—December 1945—December 1946—January February March April May June July, August September October November December Liabilities Assets France Cash reserves .. . .. Bills discounted Loans 7,546 Deposits Own Total Demand ances 4 1,872 Other assets 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 8,265 10,625 14,191 18,653 36,166 2,440 2,221 n, 040 2,622 2,935 2,190 7,360 42, 443 982 76, 656 9 1 , 549 112 732 128, 758 213, 908 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 18,919 153,227 157,420 168,708 173,773 175,903 184,633 182,107 181,770 177,269 183,716 187,56C 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, 059 499 239, 182 243, 228 255, 173 260 371 262, 160 262 130 273 488 281 576 291 894 r .... Due from banks 963 846 r 8,255 r r r 61, r Time 571 762 844 558 912 413 Other liabilities 126.578 211 .871 324 1,541 2,180 ' 2,037 2,898 4,609 753 5 199 6,422 7 506 6 623 10 151 214,842 220,219 229,784 237,481 241,569 253,386 258,574 260,461 260,366 271,672 279,703 290,004 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 ,221 5,744 9 ,225 111 •191 462 428 557 r r4 r Revised. * 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. • * Represent six-month loans to the Treasury at l}i 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. 628 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rate9 in New York for cable transfers. Year or month 1938 1939 1940 1941 1942 1943 1944 1945 . 1946 1946—Apr May July Aug Sept Oct Nov Dec 1947—j an Feb Mar 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 Year or month 1938 1939 1940 1941 1942 1943 1944 1945 1946 1946—Apr May Mar Year or month 1938 1939 1940 1941 1942 1943 . . 1944 1945 1946 1946—Apr May June July Aug Sept Oct Nov Dec 1947—Jan Feb Mar. 3.4674 3.4252 22.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 .. Australia (pound) Official Free 389 .55 353 .38 2322.80 305.16 223.'704 322.80 321.27 23.704 322.80 321.50 24.732 322.80 2321.50 25.125 322.80 25.125 2322.80 3 321 17 25.125 321.34 25.125 321.40 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 Brazil (cruzeiro1) Belgium (franc) Official Free In cents per UDit of foreign currency] Canada Bul(dollar) garia (lev) Official Free 21.825 20.346 H9.308 2.1567 2.8781 40.164 1.9948 2.5103 40.061 1.8710 22.0827 40.021 239.968 22.0101 21.9711 .8409 .8409 .8408 .8409 .8409 .8408 .8408 .8409 .8408 .8407 .8408 .8408 8408 J 20.876 20.877 20.877 20.877 20.877 20.877 20.877 20.877 20.877 20.869 20.867 20.866 20.866 Chile (peso) China (yuan Colombia Shang(peso) Official Export hai) 3.3788 5.8438 1.2424 99.419 5.1716 4.0000 21.360 55.953 3.3704 6.0027 5!i248 21.2111 96.018 5.1727 4.0000 11.879 57.061 23.3760 6.0562 5.0214 '290.909 85.141 5.1668 4.0000 6.000 57.085 25.313 57.004 6.0575 5.0705 90.909 87.345 25.1664 24.OOOO 6.0584 5.1427 90.909 88.379 57.052 6.0586 5.1280 90.909 89.978 57.265 6.0594 5.1469 90.909 89.853 57.272 90.909 90.485 22.2860 6.0602 5.1802 57.014 95.198 93.288 57.020 2.2829 26.0602 (4) 2.2844 6.0602 5.1902 57.032 90.909 90.764 5.1900 2.2846 6.0602 57.021 90.909 90.679 2.2847 6.0602 5.1902 57.007 90.909 90.597 6 (*) 2.2847 5 6.0602 57.007 98.347 6 96.662 2.2847 57.007 100.000 96.784 5.3675 2.2803 57.007 100.000 96.254 5.4053 2.2798 57.007 100.000 95.953 5.4053 2.2797 57.065 100.000 95.182 5.4053 2.2795 57.140 100.000 95.444 5.4053 2.2790 5.4382 100.000 95.078 57.140 2.2797 5.4404 100.000 95.692 57.041 2.2822 5.4404 100.000 94.217 56.980 FinGerCzecho- DenHong Hunland France many Greece slovakia mark (mark(drach- Kong gary India Italy (reichs(koruna) (krone) ka) (franc) mark) ma) (dollar) (pengd) (rupee) (lira) 2 July Sept Oct Nov Dec 1947—j an Feb Argentina (peso) Special Official Export .8958 30.457 19.727 36.592 .8153 27.454 19.238 33.279 2.6715 22.958 18.475 30.155 224.592 219.770 30.137 30 122 30 122 30.122 30 122 30.155 30.139 30.182 30.182 30 182 30.185 30 170 30 156 30.155 30.152 30 157 30.153 30 153 5.2605 5.1959 5.0407 25.0703 Neth- New ZeaJapan Mexico erlands land (yen) (peso) (guilder) (pound) 28.451 25.963 23.436 223.439 2 .4434 .4434 .4434 7 .4434 United Kingdom Straits SwePortuSouth RumaSwitz(pound) Spain SettleNorway Poland gal den nia Africa erland (krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc) (dollar) Official Free 24.566 23.226 22.709 2 18.860 18.835 2 4.4267 4.0375 3.7110 24.0023 . . . 220.176 20 202 20.197 20.161 20.161 20.161 20.161 20.161 20.161 20.161 20.161 20.161 20 161 24.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4 0412 8 .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 47.133 246.919 398.00 398 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 9.132 400.50 9.132 400.63 9.132 400.75 9.132 400.75 9.132 25.197 23.991 23.802 23.829 2 225.859 23.852 23.852 23.852 8 26.195 27.819 27.820 27.819 27.821 27.821 27.822 27.822 27.822 22.871 488.94 443.54 22.525 J 22.676 403.50 383.00 223.210 403.50 403.18 403.50 403.50 403.50 2 403.50 403.50 2 403 50 3403 09 223.363 403.28 23.363 403.35 23.363 403.32 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 23.363 402.93 402.74 23.363 402.73 23.363 22.122 19.303 18.546 20.538 20 569 20 577 20.581 20.581 20.581 20.580 20.575 20.572 20.587 20.596 20.578 20.574 20.583 20.584 20.582 20.574 20.574 55.009 392.35 53.335 354.82 253.128 306.38 322.54 322.78 324.20 324.42 237.933 323.46 37.813 322.63 37.789 322.69 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 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 2.2463 43.380 22.2397 52.723 52.855 53.506 55.159 56.280 56.290 56.287 56.272 56.272 56.272 56.271 56.272 56.272 56.272 56.264 56.262 56.262 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. 6 Based on quotations through July 19. Official rate abolished as of July 22. •7 On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar. 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 backfigures,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 MAY 1947 629 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 100) Year or month 1926 100 100 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 67 72 72 75 85 79 75 83 90 96 100 103 104 121 109 1946—April . June July August......... September October December 1947—January February ... ... March . . United Kingdom (1930 = 100) France * (1938 100) » 124 106 90 95 95 101 119 126 127 128 136 148 182 227 247 86 88 89 94 109 101 103 137 153 159 163 166 169 61 58 52 63 89 100 105 139 171 201 234 265 375 286 175 '645 272 276 282 C 285 c 293 C 299 c 305 c 309 c 313 173 173 180 r 182 183 184 86S P882 P851 108 109 c 113 109 c 125 129 124 134 110 109 109 111 140 141 111 112 142 145 150 114 312 118 P120 310 P3O5 110 111 May Mexico » (1929 100) Canada (1926 = 100) c Japan * (1933 = 100) Italy (1928 = 100) 63 62 68 76 89 95 99 116 132 559 624 173 604 177 177 177 178 571 698 727 822 179 Netherlands * (July 1938June 1939 = 100) 840 Switzerland (July 1914 = 100) 132 150 • 126 144 100 99 103 110 133 140 155 173 183 197 209 233 296 89 90 87 91 108 102 105 131 150 157 160 164 181 « 90 » 96 100 102 114 111 115 146 172 189 196 196 194 91 90 90 96 111 107 111 143 184 210 218 223 221 J .406 251 186 215 244 245 185 185 213 213 249 186 213 252 257 259 262 186 185 185 186 264 266 190 192 214 215 213 217 219 P267 194 ,344 ,396 L,436 1,574 1,643 1,789 L 787 94R 2 063 804 Sweden (1935 100) 2 120 2,120 *>268 219 210 219 P220 r c P Preliminary. Revised. Corrected. 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 arc 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. 8 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 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United K i n g d o m (1930 = 100) Canada 1926 = 100] Year or month R a w and Fully and partly chiefly manumanufactured factured goods goods Netherlands* (July 1938-June 1939 - 100) Industrial JVFoods products Farm products Foods Other commodities Farm products 100 100 100 100 100 100 51 65 79 61 71 84 71 78 78 51 59 64 57 64 66 70 73 73 83 87 85 87 90 90 81 86 69 82 86 74 80 85 82 69 87 74 71 84 73 74 81 78 92 102 97 96 112 104 65 68 82 106 123 123 128 149 70 71 83 100 107 105 106 131 81 83 89 96 97 99 100 110 64 68 73 85 98 107 110 112 67 75 S2 90 99 104 106 109 75 82 89 92 93 94 94 99 97 133 146 158 160 158 158 158 106 138 156 160 164 170 175 184 103 121 140 157 157 159 172 200 1926 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 .... 1944 1945 1946 1946— April May June July August September October November 1947—January February March 135 Foods Industrial raw products in 163 177 175 174 179 193 282 Industrial finished products 104 126 148 154 159 163 184 268 111 103 111 108 99 159 180 192 138 112 104 112 109 99 159 181 186 270 258 140 157 161 154 165 170 168 113 140 149 132 158 165 160 106 110 112 112 116 121 125 113 114 111 111 113 113 114 110 110 108 108 112 113 113 99 99 100 100 101 101 102 159 161 159 158 157 157 156 181 185 186 188 189 191 193 192 198 205 207 r 209 218 217 286 289 292 293 298 299 308 259 260 266 268 269 271 272 165 156 157 196 107 168 131 *>116 P108 158 158 197 183 115 119 P124 104 162 128 129 114 170 115 266 256 198 r P Preliminary. Revised. Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666. 1 Sourcts.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 630 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] Year or month United SwitzUnited CanKing- France1 Nether- erdom States ada land lands (1938 (1911-13 (June (1935-39 (1935-39 (July =100) =100) =100) =100) 1914 1914 =100) =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-April May June July August September. October... November. December. 142 143 146 166 171 174 180 188 186 135 138 142 144 145 143 147 147 146 169 169 169 171 171 168 168 168 168 481 543 577 576 743 800 866 851 861 1947-January... February.. March 184 182 190 146 147 P149 168 168 847 851 P833 120 127 130 130 150 177 191 198 United Switz- =100) =100) King- France* Nether- erUnited Canlands land ada dom States (1938 (1911-13 (June (1935-39 (1935-39 (July =100) 1914 =100) =100) =100) 1914 Year or month 120 130 130 132 146 175 200 211 215 215 210 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 99 103 101 99 100 105 117 124 126 128 139 98 101 102 102 106 112 117 118 119 119 124 147 154 156 158 184 199 200 199 201 203 204 100 108 129 150 175 224 285 393 645 206 208 209 209 209 209 215 216 216 1946-April May June July August September. October... November. December. 131 132 133 141 144 146 149 152 153 121 122 124 125 126 126 127 127 127 203 204 203 205 205 203 203 203 204 491 547 577 576 730 785 858 856 865 205 206 207 207 207 207 212 212 212 216 1947-January... 215 February.. March 153 153 156 12T 128 P129 204 203 P204 856 858 P838 212 212 P212 P216 130 137 137 138 151 174 193 203 208 209 208 *132 137 139 140 154 175 187 195 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 "Bullede la Statistique Generale," February-March 1946, pp. 70-73. tin de » 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] Common stocks Bonds Year or month United1 States (derived price) Number of issues. . . 15 United Canada 2 Kingdom (1935-39 (December =100) 1921=100) (2) 87 France (1938= 100) 50 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 99.4 100.7 102.6 103.0 105.2 117.2 112.3 118.3 123.8 127.3 127.8 127.5 128.3 132.1 114.2 6114.2 9 143.4 146.4 146.6 150.5 152.1 144.6 1947—April May June July August September. . . October November. . . December.... 124.3 123.7 123.9 124.0 123.8 122.8 121.8 121.6 121.5 118.6 117.5 117.8 117.5 117.6 117.8 117.6 117.6 117.6 131.7 132.6 132.0 132.2 132.2 132.5 133.0 134.6 134.7 146.1 147.3 146.3 143.5 142.8 142.1 139.9 141.0 142.6 1947—January February.... March 122.6 122.7 122.4 117.8 118.1 P118.2 135.0 134.0 133.3 142.1 140.8 P139.8 United States (1935-39 =100) Canada 4 (1935-39 =100) 8 402 100 90.9 777.9 84.3 94.7 98.5 10 103.7 94.2 88.1 80.0 69.4 91.9 99.8 121.5 139.9 .. • — - • Netherlands 3 ' * 102.4" 105.9 105.0 100.9 100.3 103.0 101.8 99.4 104.3 95.5 France 5 United Kingdom (December (1926=100) 1938=100) 278 5 275 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 9 308 479 540 551 453 694 151.6 154.3 153.2 149.6 146.4 125.4 122.3 120.6 125.5 125.1 124.4 123.3 119.1 116.9 104.4 101.8 102.5 106.4 95.2 97.6 99.5 99.2 97.6 94.7 93.0 95.3 97.8 448 532 540 569 583 933 1,051 1,080 L.244 125.2 128.7 123.7 106.2 109.4 P106.4 98.6 96.7 96.9 V Netherlands (1930=100) 100 89.7 8 95.0 129.1 131.5 151.0 10 151.4 11 111.4 " 123*2* 115.9 109.8 110.9 111.4 103.6 105.2 L,068 1,028 L,103 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 4 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 5 In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique Generale," September-November 1946, p. 424. • Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. • Average based on figures for 9 months; no data available May-July. n• Average based on figures for 10 months; no data available Jan.-Feb. 10 Average based on figures for 8 months; no data available Sept.-Dec. Average based on figures for 7 months; no data available Jan.-May. Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. MAY 1947 631 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, M . S. SZYMCZAK ERNEST G. DRAPER R. M. EVANS JAMES K. VARDAMAN, JR. LAWRENCE CLAYTON Special Adviser to the Board of Governors Assistant to the Chairman CHESTER MORRILL, ELLIOTT THURSTON, OFFICE OF THE SECRETARY Vice Chairman DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary MERRITT SHERMAN, Assistant Secretary J. R. J. E. VAN FOSSEN, Assistant Director 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 DIVISION OF ADMINISTRATIVE SERVICES ROBERT F. LEONARD, Director EDWIN R. MILLARD, Assistant Director GEORGE S. SLOAN, Assistant Director FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman Vice Chairman ALLAN SPROUL, LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice President LAWRENCE CLAYTON CHESTER C. DAVIS ERNEST G. DRAPER 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 R. M. EVANS RAY M. GIDNEY J. N . PEYTON RONALD RANSOM M. S. SZYMCZAK JAMES K. VARDAMAN, JR. LAURENCE F. WHITTEMORE Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist CHESTER MORRILL, 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 Mar\et Account 632 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, .\ N D 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. Hunter2 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 W. G. Wysor Hugh Leach J. S. Walden, Jr. Charles P. McCormick R. L. Cherry Claude L. Guthrie3 E. A. Kincaid Atlanta Frank H. Neely J. F. Porter W. S. McLarin, Jr. L. M. Clark P. L. T. Beavers V. K. Bowman H. F. Conniff 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 Allan M. Black2 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. Mills3 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 3 J. M. Leisner W. L. Partner Minneapolis... . Roger B. Shepard W. D. Cochran J. N. Peyton 0. S. Powell H. G. Leedy Kansas C i t y . . . . Robert B. Caldwell Henry 0. Koppang Robert L. Mehornay R. R. Gilbert W. D. Gentry J. R. Parten R. B. Anderson Dallas 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. Poorman2 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 3 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 New York Buffalo I. B. Smith4 Cleveland Cincinnati Pittsburgh B. J. Lazar J. W. Kossin Richmond Baltimore Charlotte W. R. Milford R. L. Cherry Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers T. A. Lanford Joel B. Fort, Jr. E. P. Paris Chicago Detroit E. C. Harris St. Louis Little Rock Louisville Memphis C M . Stewart C. A. Schacht William B. Pollard 1 MAY Also Federal Reserve Agent. 1947 1 Cashier. Federal Reserve Bank of Branch Chief Officer Minneapolis. . . . Helena R. E. Towle Kansas C i t y . . . . Denver Oklahoma City Omaha G. H. Pipkin 0. P. Cordill L. H. Earhart Dallas El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake City Seattle • Also Cashier. Mac C. Smyth W. H. Holloway W. E. Eagle W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw * General Manager. 633 4^ FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES d S w w W ^^ if Q> • BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER /. 1948 BOARD OF GOVERNORS OF THE FEDERAL RBSBRYE SYSTEM.