View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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.