Full text of Federal Reserve Bulletin : November 1946
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E R A L R E S E R V E BULLETIN NOVEMBER 1946 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Slackened Growth in Liquid Assets . 1221-1229 Economic Conditions and Public Policy, by Marriner S. Eccles. 1230-1235 Estimated Liquid Asset Holdings of Individuals and Businesses. 1236-1237 Member Bank Earnings, First Half of 1946. . 1238-1239 Law Department: Reserves—Balances Due to or from Banks in Territories. 1240 Consumer Credit: Water Heaters 1240 Kitchen Cabinets 1240 "Jeep" Station Wagons 1240 Current Events 1241 National Summary of Business Conditions. 1242-1243 Financial, Industrial, Commercial Statistics, U. S. (See p. 1245 for list of tables) 1245-1298 International Financial Statistics (See p. 1299 for list of tables). 1299-1317 Board of Governors and StafI; Open Market Committee and Staff; Federal Advisory Council 1318 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1319 Map of Federal Reserve Districts. . 1320 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 November 1946 VOLUME 32 NUMBER 11 SLACKENED GROWTH IN LIQUID ASSETS Holdings of liquid assets by individuals and businesses, which expanded rapidly during the war period, have shown little further growth since the end of 1945. The preceding rapid expansion of these liquid assets —defined to include currency, demand and time deposits, and United States Government securities—was the result of wartime financial developments. The Government borrowed from the banks and from businesses and individuals in order to meet the excess of its wartime expenditures over tax receipts. At the same time incomes of businesses and individuals exceeded tax payments and expenditures for goods and services, and as a consequence savings werei large. In the absence of alternative outlets! the bulk of these savings was held in the' form of bank deposits, currency, and United States Government securities. Efforts were made to encourage the purchase of securities by nonbank investors, but banks also made substantial purchases, which generated the growth in deposits and currency in the amounts that the public chose to hold. Since the end of the war Government expenditures have been sharply reduced and tax receipts have continued at a high level. Beginning early in 1946 the Government was able not only to meet the greatly reduced expenditures without further borrowing but to use accumulated Treasury balances in a program of debt retirement. At the same NOVEMBER 1946 time supplies of goods and services available for purchase by individuals have increased and a larger portion of business funds has been spent on plant and equipment, to build up inventories, or for other purposes. As a consequence of the reduced Government deficit and increased private spending, current liquid savings by individuals and businesses have been much smaller than during the war. Business holdings of Government securities have been reduced during the past year, while deposits of businesses have shown little change. The growth in individual holdings of Government securities has ceased in recent months, but LIQUID ASSET HOLDINGS SELECTED DATES 180 - / f 120 100 80 180 / 160 140 - TOT - 160 f - 1 140 f 4* J **+ ^* )EP 3SIT S AN D ci RRE NCY 100 / J < 120 - 7 A* f 80 - V — GO\ ECU R1TIES i t 1930 1932 1934 1936 1938 1940 1942 1944 1946 Federal Reserve estimates of liquid asset holdings of businesses and individuals, June 1929-1939; June and December, thereafter. Latest figures are for June 1946. 1221 REVIEW OF THE MONTH their deposit balances have continued to expand. In the last half of 1945 total bank deposits of individuals and businesses increased considerably, but in 1946 the growth has moderated. There has been a steady increase in time deposits and an erratic rise in demand deposits of businesses and individuals. Holdings of currency have increased only slightly since the end of the war, following a rapid wartime expansion. Regional variations in deposit expansion were reduced in 1946, as Treasuary financing operations and other special wartime influences diminished in importance, but, as in war years, deposits increased more sharply in the southern and western than in the northern and northeastern parts of the country. half of 1946, as businesses paid large tax liabilities and sought funds for capital expenditures and other production and distribution needs. Liquid assets of businesses were still at high levels despite the over-all decline brought about by the reduction in Government security holdings. As of June 30, 1946, business liquid assets amounted to about 70 billion dollars. Business cash in the form of demand deposits, as indicated previously, increased somewhat during the first half of the year. Time deposits and currency, negligible in volume for business establishments, showed almost no change. DISTRIBUTION OF LIQUID ASSET HOLDINGS JUNE AND DECEMBER DATES BIL 1 CORP OR AT IONS 100 80 SHIFTS IN LIQUID ASSET HOLDINGS After six years of continuous and sizable growth, total liquid asset holdings of individuals and businesses showed only a slight increase between the end of 1945 and mid1946. As of June 30, 1946, these liquid asset holdings amounted to an estimated 222 billion dollars, or about one billion above the December 1945 estimate. These estimates, by type of assets and by broad groups of holders, at half-year intervals since 1939, are published elsewhere in this BULLETIN. As is shown in the following chart, the leveling off in total liquid assets was accompanied by significant shifts among the component parts. Bank deposits, both demand and time, continued to increase at a rapid rate. Business holdings of Government securities in contrast were sharply reduced, the decline more than offsetting the increase in deposits. Holdings by business of these securities were drawn down approximately 4.6 billion dollars in the first 1222 60 _ OTAL 40 / - / DE^ 0S1TS AND CURRENCY 20 S. 80VT :cuRn IES - 0 - UNINCORPORATED BUSINESS 1 1 1 1 TOTAL DEPOSITS AND CURRENCY\—(-^ T j._ • -]— 20 GOVT SECl R1TIES 1940 1942 1944 1946 1940 1942 1944 1946 Federal Reserve estimates. Latest figures are for June 1946. Personal (including trust fund) holdings of liquid assets increased during the first six months of this year by 4.6 billion dollars to a total of nearly 152 billion. This gain was moderate as compared with previous sixmonth periods during the war years. It was associated with reduced consumer savings as the rise in consumer expenditures for goods and services, many of which had not been available during the war, exceeded the FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH increase in consumer incomes. Growth in individual holdings of Government securities ceased. Cash redemptions of Series E savings bonds exceeded purchases in each month from February through September of this year and there was also some decline in individual holdings of marketable securities, while purchases of Series F and G savings bonds continued in substantial amounts. Time deposits held by individuals increased substantially, continuing almost the same rate of growth as during the late war years. Personal demand deposits increased further but at a reduced rate as compared with war years. POSTWAR DEPOSIT CHANGES Total deposits of individuals and businesses have shown further rapid expansion since the end of the war. Deposits held by these groups at commercial and mutual savings banks increased almost 18 billion dollars in the year ending June 1946 and rose again by over 2 billion in the following three months. More than half of this deposit expansion occurred in the last half of 1945; the growth has moderated somewhat in 1946. Demand deposits, adjusted to exclude United States Government deposits, interbank deposits, and items in process of collection, increased by almost 12 billion dollars in the fifteen months from June 1945 through September 1946. This is a rate of growth slightly larger than the wartime average for comparable periods. In the five months June-November 1945 demand deposits rose very sharply, reflecting largely Treasury payments from war loan balances to meet the costs of war termination; they were reduced somewhat during the Victory Loan drive in December. In the first nine months of 1946 demand deNOVEMBER 1946 posits increased further, although somewhat less sharply than in the last half of 1945. At the end of October adjusted demand deposits were at a record high of over 80 billion dollars. The widespread use of time deposit accounts as media for individual savings, which revived on a broad scale during the war, has continued through the transition period. Although current net savings of individuals have fallen to less than half their wartime peak volume, time deposits increased over 8 billion dollars from June 1945 through September 1946. This is about as large an annual rate as during the last full year of the war and almost twice the average annual rate for the entire war period. Currency has shown little growth since the end of the war. In the last half of 1945 currency in circulation continued to increase although at a reduced rate. In January, however, a substantial post-Christmas return flow of currency occurred, and in the following several months the total outstanding remained close to the end of January level. Since May currency in circulation has expanded about 600 million dollars, an amount slightly larger than the usual seasonal increase, and at the end of October was above the peak level reached in December 1945. FACTORS IN DEPOSIT GROWTH The major factor in the rapid deposit growth in the last half of 1945, as is shown in the table on the following page, was the continued large war financing by the Treasury during this demobilization period and, concurrently, a further increase in bank holdings of United States Government securities. In addition, deposits were expanded somewhat as a consequence of some resurgence in the loan demand on banks for 1223 REVIEW OF THE business purposes and for purchasing or carrying securities. FACTORS IN POSTWAR EXPANSION OF DEPOSITS AND CURRENCY HOLDINGS OF INDIVIDUALS AND BUSINESSES JUNE 30, 1945-SEPTEMBER 30, 1946 [In billions of dollars, partly estimated] Dec. 31, 1945 June 30, 1945 to to Sept. 30, 1946 Dec. 31, 1945 Expansive factors Decrease in U. S. Government deposits Increase in bank holdings of U. S. Government securities Increase in bank holdings of other securities Increase in bank loans Total factors increasing deposits.. 15.8 10.1 0.8 3.1 19.7 Contractive factors Increase in U. S. Government deposits. Decrease in bank holdings of U. S. Government securities Net of other factors Total factors contracting posits de- 0.6 2.4 13.1 0.6 9.5 0.5 "O'A" 10.0 1.0 Increase in deposits and currency, total 9.7 12.1 Demand deposits—adjusted Time deposits Currency outside banks 5.0 4.4 0.3 6.8 3.9 1.4 MONTH continued to increase in 1946 and has helped to sustain the growth in deposits. In the first half of the year expansion in commercial and industrial, consumer, and real estate loans at banks was almost offset by the repayment of loans for purchasing or carrying Government and other securities, with only a small increase in deposits attributable to bank loans. Since June business and consumer loans have increased sharply and are currently an important factor in deposit expansion. OWNERSHIP OF DEMAND DEPOSITS During the war demand deposit holdings of almost all groups increased substantially. According to estimates based on Federal Reserve surveys of deposit ownership and shown in the chart, personal and trade deposits showed large sustained gains throughOWNERSH1P OF DEMAND DEPOSITS NOTE.—Figures cover all commercial banks, mutual savings banks, and Federal Reserve Banks; interbank items are excluded. Early in 1946 the current deficit of the Treasury was sharply reduced as a result of a rapid contraction of war expenditures and continued large tax receipts, and since that time the Treasury deficit has been less important in further deposit expansion. The debt retirement program inaugurated by the Treasury in the early spring has resulted in some increase in deposits of businesses and individuals as funds were shifted from war loan deposit accounts to private balances in connection with the redemption of securities held by nonbank investors. Most of the retired securities, however, were held by banks, and their redemption resulted in a reduction both in Treasury deposits at commercial banks and in total bank investments, with no effect on other deposits. Bank lending to businesses and individuals 1224 HIX10NS OF DOLLARS Estimates, based on Federal Reserve surveys of deposit ownership. Latest figures are for July 31, 1946. FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH out the war. Deposits of manufacturers increased sharply in the early war years when the volume of war production was expanding rapidly. In the latter part of the war period their deposits showed little change as the need for additional cash balances by these concerns was not large and new funds becoming available to them were invested largely in Government securities. Financial businesses kept their funds relatively fully invested throughout the war period and their deposits showed little change. In the last half of 1945, a period which included the first major readjustments after the war, there was a shift of deposits from the accounts of manufacturing and mining concerns to those of other holders. This reduction in the cash position of manufacturing and mining concerns resulted from a number of special factors, such as large tax payments, special reconversion expenditures on plant and equipment, extraordinary expenses in adjusting business organizations to peacetime conditions, expansion of inventories and receivables, and some operating losses accompanying work stoppages' occasioned by industrial disputes. During the same period, deposits of wholesale and retail trade firms grew at an accelerated rate. The major part of the growth in trade balances appears to have resulted from large retained profits, accompanying a rising level of spending by consumers for available supplies of goods. Other nonfinancial business deposits, particularly those of service firms and professional groups, also expanded. The most striking growth in demand deposits in the first half year of postwar adjustment, however, occurred in personal accounts. Despite some temporary reduction in wage payments personal deposits continued to expand rapidly. NOVEMBER 1946 During the first half of 1946, according to estimates of demand deposit ownership based on the Federal Reserve survey as of July 31, 1946, shifts among major holder groups were less striking. As is shown in the table, demand deposits of all groups increased somewhat, the gain in nonfarm personal demand deposits being greater than for other groups. CHANGES IN O W N E R S H I P OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS [Estimates, in billions of dollars] Change Type of holder Total domestic business Nonfinancial business: Manufacturing and mining. Public utilities Trade Other nonfinancial Financial business: Insurance companies: Other financial Personal: Farmers Others . Trust funds Nonprofit 1associations Foreigners Total Amount outstanding, July 31, January 1946 to July 1946? July 1945 to January 1946 44.9 +2.0 +0.5 16.4 4.4 13.0 4.5 +0.3 +0.4 +0.3 +0.3 + 1.7 +0.5 2.1 4.5 +0.3 +0.4 * +0.6 6.2 21.4 1.8 2.4 0.8 +0.2 + 1.0 +0.2 * +0.7 +2.6 +0.1 +0.4 +0.1 77.5 +3.4 +4.5 -2.3 P Preliminary. * Less than 50 million dollars. Excludes foreign banks and Governments. NOTE.—The figures on deposit ownership are estimates of the balances as recorded by the books of all banks and as a consequence are different from figures that appear on the books of depositors. The former include amounts represented by checks that have been drawn by depositors and deducted from their books but not yet charged off their balances on bank records. The latter include checks received by the payees that have been entered on their records but not yet deposited with the banks. Estimates for prior survey dates are shown at the end of this Review. Details may not add to totals, owing to rounding. 1 Although, in contrast to the previous sixmonth period, no major changes occurred in the pattern of deposit ownership, the estimates indicate the emergence of several significant tendencies. Personal deposits increased at about a third of the rate of the preceding six transition months. The rising level of consumer expenditures following 1225 REVIEW OF THE V - E day was a factor tending to dampen down the expansion of personal demand deposits, while the expansion itself was a factor in the higher levels of expenditures. These developments accompanied a high level of income payments and a large decline in savings of individuals. Even though individuals increased sharply their borrowing for consumption purposes and reduced considerably their net purchases of United States Government and other securities, they also continued to increase their time deposits. Deposit balances of wholesale and retail trade concerns rose much more slowly in the six months ending July 1946, and the entire gain was accounted for by the change in deposits of incorporated trade companies. Inasmuch as this period appears to have been a very profitable one for most kinds of trade establishments, both large and small, entrepreneurial withdrawals from unincorporated businesses must have contributed significantly to the further rise in personal deposits. The smaller growth in trade accounts probably reflects, in addition, expenditures on merchandising facilities and equipment and a seasonal use of many retail and wholesale balances to build up inventories in preparation for the autumn bulge in sales. This year, moreover, it appears that trade firms built up their stocks more sharply than is usual. T h e higher level of wholesale prices prevailing during this period of inventory accumulation necessarily added to the drain on demand deposits of trade concerns. Demand deposits of manufacturing and mining companies, following a large decline in the previous six months, showed a small rise in the period January-July 1946. T o some extent this reflects the drawing to a close of the period of adjustment from war to peacetime production, when manufacturers' deposits were reduced because of 1226 MONTH special reconversion expenditures and other outlays in advance of receipts from the sale of goods produced. Retention of earnings and other funds from operations has again contributed to growth in deposits of manufacturing and mining companies, but the increase in deposits of these concerns during the period January-July 1946 also reflects to some extent proceeds of new security issues and other borrowing. T h e sale of securities to nonbank investors may have restricted the increase in personal deposits and in deposits of financial businesses discussed below. Deposits of manufacturers, together with those of other groups, were also increased somewhat by Treasury cash redemption of Government securities, particularly retirement of almost half of the certificates sold in the Seventh W a r Loan drive and maturing on June 1, 1946. Deposits of public utility companies, including railroads, were considerably larger at the end of July than at the end of January. Almost all of the increase occurred at banks in N e w York City and appears to represent largely funds obtained through financing and not yet invested either in plant and equipment or temporarily in securities. Insurance company deposits, which showed almost no change over the entire war period, increased sharply in the six months ending July 31, mostly at N e w York City banks. During this period insurance companies showed a smaller increase in holdings of Government securities than they had in previous six-month periods. Deposits of other financial companies and trust fund balances increased generally throughout the country. T o some extent, the large additions to these financial accounts represented readjustment of investor portfolios upon conclusion of the war financing program, but in part they also reflected a current shortFEDERAL RESERVE BULLETIN REVIEW OF THE age of investment outlets considered appropriate or attractive for these funds. A special factor in the growth of deposits in financial businesses may have been the reduced investment of funds owing to uncertainty as to the future course of long-term security yields, which showed a moderate rise during the period. Accumulation of a backlog of uninvested funds in financial accounts, however, is a factor which itself tends to limit rising investment yields. A growth in corporate balances accounted for most of the increase in business deposits from January through July 1946, as is shown in the table. This is in sharp contrast with developments in the previous six months when noncorporate deposits increased rapidly and corporate balances declined. In the recent period gains in corporate deposits occurred in all major business groups, whereas among noncorporate businesses the amounts of deposit increase were negligible except for the professional and service group and financial businesses other than insurance companies. MONTH REGIONAL DIFFERENCES IN POSTWAR DEPOSIT EXPANSION In the transition year ending September 1946, as in the war period, all regions of the country and most banks showed increases in deposits held by individuals and businesses. There continued to be significant differences, however, in the rates of growth in such deposits in the various regions of the country. During the war deposits expanded more rapidly in the West and South than in other parts of the country, reflecting the concentration of special military camps and depots and the relatively greater expansion of industrial facilities in these areas, together with the very substantial rise in prices of farm products. DEPOSIT GROWTH, 1942-1946 BY FEDERAL RESERVE DISTRICT END OF 1941= 100 DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESSES [Estimates, dollar amounts in billions] 1 July 31, 1946? Type of holder Increase from Jan. 31, 1946 Dollar amount Percentage Cor- NonCor- NonCor- Nonpo- corpo- corpo- corpopoporate rate rate rate rate rate Total domestic business.... 32.8 12.1 Nonfinancial: Manufacturing and mining 14.6 1.8 Public utilities 4.2 0.2 Trade 6.7 6.3 Other nonfinancial 2.3 2.2 Financial: Insurance 2.0 0.1 Other financial 2.9 1.5 1.7 0.3 6 2 0.3 0.3 0.3 0.2 * * * 2 9 5 8 1 8 0 7 0.3 0.3 0.1 14 12 12 6 0.1 P Preliminary. *1 Less than 50 million dollars. Owing to rounding, details may not add to totals. NOVEMBER 1946 300 100 200 100 ER CENT • EJ END OF 1941 TO SEPT. E 3 END OF 1941 TO SEPT. 200 300 PER CENT 1945 IS 1946 H IH * Decline in deposits, September 1945 to 1946. Demand deposits adjusted and time deposits. Central reserve city banks not shown on chart; relative figures for September 1946 were: for New York City and for Chicago 153 per cent. Corresponding figure for all member banks was 207 per cent. 1227 REVIEW OF THE MONTH This broad regional pattern of deposit growth continued in the postwar period, as is shown in the chart, although during 1946 regional differences have been less • sharp. The largest postwar deposit increases have occurred in the Federal Reserve Districts of Minneapolis, Atlanta, Dallas, and San Francisco, while the smallest gains have occurred in the New York, Chicago, Cleveland, and Boston Districts. Differences as among districts in postwar deposit growth, as in war period growth, are much greater in the case of demand than of time deposits. Increases in demand deposits in the year ending September 1946 varied from 3 per cent in the New York District to 17 per cent in the Minneapolis District, with an average for the country of 7 per cent. In all districts the increase in time deposits was close to 15 per cent, the average for the country. During the war country banks showed somewhat larger deposit increases than city banks. This difference was accentuated in the early part of the transition period, as is shown in the following chart. In the six months September 1945 to March 1946 the growth in deposits of individuals and businesses at reserve city banks was greatly reduced in most districts and deposits actually declined in some areas. At country banks deposits continued to show large increases in all areas. In the next six months, ending September 1946, this rate of growth was maintained at country banks in most districts, while at city banks in almost all districts deposits expanded more rapidly than in the previous six months. The sharp regional differences in deposit expansion that occurred in the latter part of 1945 and early 1946 continued to reflect in part the transfer of funds as a result of Treasury operations. Treasury receipts from 1228 taxes and sales of securities were larger relative to Treasury expenditures in the northern and northeastern regions, and the withdrawal of Treasury deposits for meeting the current Treasury deficit consequently had a restraining effect on deposit expansion in these regions. The regional variations in deposit growth during the early months following the end of the war also reflected in part a shift of funds from manufacturing concerns to trade concerns and individuals. This shift tended to reduce deposits at large banks in industrial centers, where manufacturers' accounts are of special importance, and to increase deposits at those banks where a relatively large proportion of the deposits are owned by individual and trade concerns. In recent months the factors that resulted in large inter-regional deposit shifts during the war and immediate postwar period have become less important. Transfers originating in Treasury operations have continued, but in greatly reduced volume. Government DEPOSITS BY CLASS OF BANK BILLIONS OF DOLLARS Total of demand deposits (adjusted to exclude U. S. Government and interbank deposits and collection items) and time deposits. Member bank data are for call dates through June 1943 and monthly averages of daily figures thereafter, with latest figures for September 1946. Insured nonmember bank data are for call dates with latest figures for June 29, 1946. FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH expenditures have declined, and shifts in funds arising from current Treasury budget operations have been offset in part by some return of funds to the money centers as a result of Treasury debt retirement. With the substantial progress in industrial reconversion in the last half of 1945, deposit shifts on this account have also been smaller. Consequently, recent regional variations in deposit expansion have been less marked. OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS SELECTED DATES, 1941-46 [Estim?ites, in bil lions of dollars]1 Dec. 31, July 31, Feb. 29, July 31, Jan. 31, July 31, Jan. 31, July 31, 1945 1943 1944 r 1946? 1944 1941 1946 r 1945 r Type of holder Total domestic business Corporate Noncorporate Nonfinancial business—total Manufacturing and mining Public utilities Trade Other nonfinancial . .... .. Financial business—total... Insurance companies Other financial Personal Farmers .. Others Trust funds . . . Nonprofit associations Foreigners—business and individuals Total . . . . . . . 24.8 * 36.3 35.9 * * 37.6 40.4 42.4 42.9 44.9 * * 29.2 8.5 30.6 9.9 31.9 10.5 31.1 11.9 32.8 12.1 20.4 31.6 31.5 33.0 35.3 37.1 37.0 38.3 10.0 3.1 46 2.7 16.5 3.7 80 3.4 16.3 3.7 82 3.4 17.2 3.7 88 3.3 17.5 3.7 10 3 3.7 18.4 4.0 10 9 3.8 16.1 4.1 12.6 4.2 16.4 4.4 13 0 4.5 4.4 4.7 4.3 4.6 5.2 5.3 5.9 6.6 1.9 2.5 1.9 2.8 1.7 2.6 1.7 3.0 1.9 3.3 1.8 3.5 1.8 4.1 2.1 4.5 9.6 * * 15.8 3.3 12.5 12 1.4 0.9 17.7 4.2 13.5 13 1.5 0.8 18.4 4.0 , 14.4 1.3 1.5 0.7 21.5 4.7 16.7 1.4 1.9 0.7 23.0 5.2 17.8 15 2.0 0.7 26.4 6.0 20.4 1.6 2.4 0.8 27.6 6.2 21.4 1 8 2.4 0.8 37.6 55.6 57.2 59.6 65.9 69.6 74.1 77.5 ! 3-2 S r p Preliminary. Revised. * Not available. Owing to rounding, details may not add to totals. 1 NOVEMBER 1946 1229 ECONOMIC CONDITIONS AND PUBLIC POLICY by MARRINER S. ECCLES It is ten years since I had the privilege of meeting with you at a bank management conference of the New England Council. The Axis cloud was then just beginning to blacken the skies over Europe and the Orient. Few were aware of its ominous portent. We were still struggling up from the deepest depression in our economic history. A decade ago most bankers and businessmen were worried about the Federal debt, the unbalanced budget and the danger of inflation. The gross national debt had reached nearly 34 billion dollars. No one then could have foreseen the events of the next decade. After the most devastating of all wars, we find ourselves today with a gross national debt of 265 billion dollars, or nearly eight times as much as it was ten years ago. Today we no longer have a great slack of unemployment. We do have accumulated wants and needs beyond all past experience. The backlog of savings, available to individuals and business in the form of currency, bank deposits and Government securities, is from three to four times as great as in 1936, and current income payments are running at a rate of about 170 billion dollars a year, or more than double the highest prewar peaks of 1929 and 1940. The inflationary potential thus continues to be great—and wartime controls intended to keep the flood of money in check until production could catch up with demand have been largely abandoned. If we are to avoid going through a painful period of readjustment of distortions in the wageprice structure, we must now rely primarily upon self-imposed restraint on the part of powerful conflicting groups in management and business, in labor and in agriculture. Responsibility for maintaining orderly economic progress, which will prevent a further inflationary development that would inevitably be followed by a decline has now largely shifted from Government to labor and management. The unity of purpose, which enabled us to achieve a miracle of production for war and thus to hasten the victory, is gone, and with it public support of the direct controls over materials, wages, * Address by the Chairman of the Board of Governors before the Sixteenth New England Bank Management Conference of the New England Council in Boston, Oct. 25, 1946. 1230 profits and prices that prudent policy in the national interest seemed to require while inflationary forces were still dominant. Fiscal policy and scattered credit controls are about all that remain to the Government as protective measures but these, too, are beset by increasing controversy and are likewise dependent upon majority will. Popular revulsion against direct controls and other restraints, of course, is natural in the aftermath of war. Certainly freedom of expression and the interplay of the point of view of manifold social and economic groups is the life blood of a progressive democracy. But this democratic freedom should not be a license for special interest groups to seek their own ends without regard for the public good. This spirit of unenlightened selfinterest has increasingly pervaded our national life since the end of the war. If we are to make our economic and political system function successfully we must find means of settling conflicts of interest by lawful and peaceful democratic processes, without disrupting economic stability and progress. We see examples of conflicting interests on all sides. For instance, most cattlemen object to control of livestock prices, but want the Government to stop a railroad or coal strike if it threatens to interfere with distribution of their products; most farmers oppose ceilings on the prices of their products, but want price floors; in general, labor unions object to wage controls, but want the Government to control prices; most businessmen favor curbs on wages but not on profits; bankers want the Government to balance the budget, but many also advocate higher interest rates on the public debt ostensibly to combat inflation. And so it goes. We must recognize the fact more than ever in this highly industrialized, interdependent age that one sector of the economy can not gain in the long run at the expense of another. Prosperous economic conditions which will benefit all groups can be secured only if the requirements of the economy as a whole are considered. Past experience has demonstrated that the maintenance of stable and prosperous conditions can not be assured by exclusive reliance upon the free play of market forces. The Government, as the collective agent of all of FEDERAL RESERVE BULLETIN ECONOMIC CONDITIONS AND PUBLIC POLICY us, must be, in effect, the umpire between contending pressure groups, deciding important issues on the basis of what is in the interest of the country as a whole. It is a question of the degree of Governmental action and intervention. For my part, I want as little as possible—but I want enough to minimize destructive economic conflict, and protect our national interests. We have only to look at the world about us today to realize that there are, broadly speaking, three general types of economic order—communism, socialism which, in greater or lesser degree, prevails in England and throughout western Europe, and the democratic capitalism which we want to preserve in this country. The challenge to our system can and must be met by providing a sustained high level of production and employment. Otherwise, we shall inevitably drift towards more and more Government intervention and controls until our system has been replaced by something akin to the other two—not because our people deliberately choose it but because they would be likely to consider it the only alternative to widespread economic distress and social disorder under our own system. With most other inflation curbs gone, attention— and criticism—will no doubt be centered more and more on fiscal and credit measures which affect about the only area left where some restraint may be exercised by the Government. Criticism has been aimed particularly at three points: (1) at the Reserve System's support of the % per cent rate on Treasury certificates; (2) at the Board's fixing of margin requirements at 100 per cent; and, (3) at continuation of the Executive Order under which the Board has regulated consumer credit. Let me discuss these three subjects briefly. 1. GOVERNMENT FINANCING Various bankers, dealers, insurance companies and others have recommended an increase in shortterm interest rates as a means of combating inflation. As the Board indicated in its Annual Report for 1945, there is no reason to suppose that even if the short-term rate were increased to as high as VA or \l/2 per cent, it would be of value in combating inflationary dangers which have arisen from two primary causes, neither of which would be corrected by higher rates. One cause is the volume of money already created, which NOVEMBER 1946 can not be rapidly reduced—and in fact can only be continuously reduced by having a Treasury cash surplus sufficient to continue the program of debt retirement. This surplus can come from taxes or from the sale of nonmarketable bonds to the public. The other, and by far the more important basic cause, is the insufficiency of production as yet in relation to the existing money supply. Since most of the short-term debt, outside of the Reserve System, is held by the banks, an increase in the short-term rate would add to bank earnings, which are still at very high levels due to Government bond holdings. It would add to the cost of carrying the public debt. It would not reduce the existing money supply. It would not reduce consumption. It would add nothing to production —the basic need of the hour. It would have no real bearing as an anti-inflationary factor. We have been witnessing a rapid rise in business, consumer and mortgage credit. It is hardly reasonable to suppose that short-term rates on Government securities could be increased sufficiently to deter this private borrowing. As for increasing the short-term rate with the idea of discouraging further monetization of the debt by the banks, it should be emphasized that the Treasury's debt-retirement program has been an effective means of accomplishing this desirable objective, and postponing need for more direct measures such as the Board outlined in its report as possible alternatives for Congress to consider. It has been argued that a flexible policy permitting some increase in short-term rates would introduce uncertainties into the market, which would discourage banks from shifting into longerterm issues. The fact is that there could be very little uncertainty as to short-term rates in view of the large volume of securities that mature monthly. If a policy were adopted permitting short-term rates to rise without setting an upper limit, the Treasury would have difficulty in refunding its maturities, since banks and other investors would be likely to withhold funds awaiting even higher rates. The question then is not whether the shortterm rate should be pegged at % per cent or permitted to fluctuate up and down, but whether it should be pegged at 1 per cent, 1)4 per cent or 1}4 per cent, or some other level. There is no natural level. If short-term rates were permitted to rise sharply there would also be pressure to drive long-term rates up. This would jeopardize 1231 ECONOMIC CONDITIONS AND PUBLIC POLICY the savings bond sales program and cause wholesale redemptions. There has been much discussion about the issuance of long-term, 2x/2 per cent marketable securities not eligible for banks. It has been said that such an issue would be anti-inflationary because it would absorb savings which could be used to retire bank debt. Some of the arguments that might be made against putting out such an issue at this time are that it would serve to increase bank credit; and insurance companies and savings banks would not only use accumulated funds for such investment but in addition would sell bankeligible issues to banks in order to raise funds with which to subscribe, or would borrow from banks. Such issues would not serve to increase savings of individuals who are the most important group from the inflation standpoint. Series E, F and G savings bonds already offer attractive investment outlets to this group. If it should appear desirable in the future to provide an additional investment outlet for funds of insurance companies and savings banks it would be preferable to do this through the offering of long-term nonmarketable securities, the yield on which would be 2l/2 per cent if held to maturity. This would avoid the danger of future additions to long-term holdings of banks and it would protect the Treasury against investors who buy long-term securities for short-term holding, thus getting 2l/2 per cent, plus the premium as maturity is reached, on what in effect is demand money so long as the 2l/2 per cent rate is maintained. In my opinion this long-term rate should not be permitted to go up, and, if need be, the market must be supported by the Federal Reserve. Otherwise the cost of carrying the public debt would be increased, many outstanding savings bonds yielding lower rates would be cashed in and the funds invested in the higher-yield market issues, and heavy losses would be incurred by holders of outstanding market bonds. Confidence in the stability of the Government bond market would vanish. If long-term nonmarketable issues were offered, it might be necessary to limit subscriptions under some formula which would provide only for the investment of accumulated funds and prevent switching from present holdings, particularly the bank eligibles. It has also been argued that the Treasury should refund short-term securities into longer-term debt to ease the refunding problem and avoid the demand liability on the Treasury. Compared to 1232 refunding in short-term issues, this would result in an increased interest cost and in less flexibility to the Treasury in managing the debt. Commercial bank holdings of longer-term securities and commercial bank earnings would be relatively higher. As a matter of fact, to the extent that private investors continue to expand their holdings of E, F and G bonds, and the proceeds are applied to retiring maturing bank-held debt, the result is a refunding of short into long-term holdings. This accomplishes the desirable objective of shifting the debt out of the banks and into the hands of the general public. Also to the extent that the Treasury has a cash surplus—and it may possibly be 4 to 6 billion dollars in the first half of 1947—it can likewise be used largely to reduce short-term bankheld debt. There is a serious question as to whether the Government should provide 2l/2 per cent investments for private insurance companies and savings banks at a time when the Government is not in need of new money. There would scarcely be justification for doing so except as the surplus funds, so obtained, were used to reduce a like amount of demand deposits and Government securities held by the banks. Such a refunding of short-term securities held by banks into long-term securities held by insurance companies and savings banks would cost the Government the difference between the % per cent short-term and 2l/2 per cent long-term rates. Therefore, if such refunding were done it should accomplish the purpose of reducing demand deposits and Government securities held by commercial banks. With commercial banks holding 75 billion dollars of Government securities out of a total marketable debt of 182 billion, a large amount of the debt should be in short-term issues. Monthly refundings create no problem. The argument that the Treasury is now faced with a large volume of demand obligations is not persuasive. Under present conditions, the entire debt is in effect a demand obligation since the Federal Reserve assures the Treasury at all times of a ready market for its offerings on a basis of % per cent on the certificates and 2l/2 per cent on the longest bonds. With the public debt as large as it is today—twice the entire private debt of the country—a free market is out of the question if that is taken to mean an unmanaged, unsupported market. The public interest requires a stable market for GovFEDERAL RESERVE BULLETIN ECONOMIC CONDITIONS AND PUBLIC POLICY eminent securities. This is the responsibility of the Federal Reserve. The Federal Reserve has worked and will continue to work in close cooperation with the Treasury. The public interest requires the closest teamwork. The Federal Reserve is in complete agreement with the Treasury's debt-management program, as well as the general fiscal policy, as outlined on several occasions by Secretary Snyder. Beginning in March, as you know, it became possible not only to meet the greatly reduced deficit without further borrowing, but to enter upon a program of debt retirement by drawing upon accumulated cash balances. Since then, and including the projected retirement of 2 billion dollars for November 1, the Treasury redeemed for cash close to 20 billions of securities. This debt-retirement program has helped to check inflationary pressures on the monetary side. As a result of the retirement program the enormous monetary expansion which had been in process throughout the war years and which raised the money supply from 39 billion dollars in 1940 to 102 billions in February of this year has been halted and reversed. By imposing a drain on bank reserves, the retirement program has also exerted some brake upon further expansion of bank credit. While commercial loans and consumer credit have recently increased rapidly, security loans have declined, and, as I have indicated, the retirement program has at least temporarily discouraged further shifting by banks from short to medium and long-term Government securities. While I would not like to see an increase in interest rates at this time, neither would I like to see a further rate reduction. The decline in the price of longer-term issues since spring and the resulting increase in yield has been altogether satisfactory as has been the general stability of security prices. There is no need for the issuance of additional long-term marketable securities at this time, as the Government does not need new money and, as I have indicated, expects to have a cash surplus. If insurance companies, savings banks and other institutions have surplus funds there is plenty of opportunity to invest in the existing long-term issues at present favorable prices and yields. Also there is or will be an increasing opportunity to invest in mortgages and other long-term investments, including World Bank securities. NOVEMBER 1946 2. MARGIN REQUIREMENTS The credit policy of the Federal Reserve System, in all its aspects, should be adjusted to the general credit situation of the country. We are not justified, for example, in fixing margin requirements exclusively by reference to the movement of stock prices, as some people have suggested. The general credit situation must be the main criterion, and this in turn is an integral part of the general business situation. When margin requirements were fixed at 100 per cent, the general credit situation was highly inflationary because of the immense volume of purchasing power in the hands of investors and the general public. Indeed, there is plenty of cash today to drive stocks up very high, entirely without credit, if investors, let us say, had more confidence in the prospect for profits in business and industry and less uncertainty over the possibilities of further wage-price maladjustments. It can hardly be contended, with reason, that the credit gates should be opened now in the market in order to finance new productive enterprise and provide employment. There was a very large volume of undigested offerings in the stock market, only a part of which was for new financing. But in any case this is not a time for encouraging new issues even for productive purposes because with the scarcity of materials and labor, it would only add to the inflationary pressure. This is not a one-way street. When the situation changes, and there is need to stimulate the use of credit for purchasing securities, it will be time to consider lowering margin requirements. This would be a time, as it seems to me, when there will be sufficient supplies of materials and labor to justify the encouragement of new issues of corporate securities, provided there is at the same time a prospect of declining production and declining employment. The time to lower the margin requirements will be one at which, in contrast to the present time, the effect will not be to add to inflationary forces but to help offset deflationary forces in the general economy. The stock market, after a four-year rise which increased values by 150 per cent, has now experienced a decline, bringing prices down to the level at the end of the war, or about 20 per cent below their high point of last spring. I do not consider this an alarming symptom. On the contrary, to the extent that this readjustment reflects a more sober appraisal of prospects and a lessening 1233 ECONOMIC CONDITIONS AND PUBLIC POLICY of the inflationary psychology, to the extent that it will tend to slow down the timing of not absolutely urgent capital expenditures and inventory accumulations, it will contribute to a balance in the economy. One of the fortunate aspects of the situation has been the low level of stock-market credit. Such credit now outstanding is in the general neighborhood of 1 billion dollars, as compared with something like 3 billions at .the prewar peak of stock prices in 1937 and more than 12 billions at the peak in 1929. Without the existence of stringent credit regulation the speculative upward movement of prices would undoubtedly have gone much further and the subsequent price .decline with a concurrent forced liquidation of credit would also have gone much further, thus making for greater instability. Over the last 40 or 50 years, the upswings and downswings of the stock market have been a decidedly unstabilizing influence in the national economy. It was in order to reduce this unstabilizing influence, particularly as it is connected with the use of credit, that Congress in 1934 vested in the Reserve Board responsibility for fixing margin requirements on listed securities but not on unlisted securities. In the late 1920's, when there were no Federal margin requirements, the upward movement in stock prices caused them to increase by more than 200 per cent and the sharp decline in 1929 was more than twice as rapid as that which took place during recent months. The recent gyrations in the cotton market, which advanced very rapidly last summer and then slumped by nearly 20 per cent in a few days are an indication of what can be expected in speculative markets which are not subject to any effective control over the use of credit. One of the interesting consequences of the Board's margin requirements has been an almost uninterrupted reduction since the middle of last year in*the amount of stock-market credit in use, including the reduction during the period when the market was advancing—which had never happened before. There were, to be sure, some inequities and imperfections in margin requirements as a regulatory instrument including the failure of the law to cover nonlisted securities. Congress considered the question of whether unlisted securities should also be covered by the law, but concluded that it was not practical. Moreover, it is evident that control of listed securities greatly influences the 1234 use of credit and the market for unlisted securities. On the whole, the use of margin requirements can be viewed with satisfaction. Neither the long upswing that culminated last May, nor the subsequent downswing have gone to the lengths to which they would have gone if there had been no Federal margin requirements. The general public strongly approves of this regulation. It is not to be expected that some of those in the brokerage or security business who feel that their business is adversely affected by regulation would agree with this viewpoint. 3. CONSUMER CREDIT As for consumer credit regulation, it was, as you may recall, the seventh point in the Government's wartime program for economic stabilization. The Reserve Board did not seek the task of administering this regulation. The question of whether there should be some permanent legislation covering this important segment of credit in our economy is one for Congress to determine. The Board, having had experience with the wartime regulation aimed specifically at the inflation target, would be remiss, I think, if it failed to call the attention of Congress to the need for making a decision, one way or the other. I, for one, while I certainly do not crave taking on this additional load, feel as the Board's annual report stated that serious consideration should be given by Congress to the desirability of placing authority in some Governmental body to deal with the problem—for undoubtedly the expansion and contraction of this type of credit have greatly accentuated economic upswings and downturns in the past. There is a very strong case to be made for moderating these excesses, so far as possible, in the consumer credit field. It could be accomplished, in my opinion, by focusing regulation primarily on the major durable goods customarily sold on the instalment plan. They compose the great dollar bulk of consumer instalment credit in which the range of expansion and contraction is widest. It has been felt for some time by the Reserve Board that the present regulation could be greatly improved administratively by focusing it on the major durables, eliminating the major part of single payment loans and charge accounts from its scope, together with the soft goods and less important durables that were included when the regulation was originally drawn as an anti-inflationary device in wartime. The Board for some time has been studying the FEDERAL RESERVE BULLETIN ECONOMIC CONDITIONS AND PUBLIC POLICY advisability of thus revising the existing regulation with a view to making it administratively more workable. It is felt that this can be done without a material weakening of its effectiveness as a restraining influence at this time. When inflationary pressures have passed, it would need to be revised further, assuming that Congress decides to retain it as a permanent instrument of credit regulation. It is important, of course, to bear in mind that these selective controls, relating to listed stocks and consumer credit, can at best play only a relatively minor role in assuring stability in our economic life. Likewise, monetary policy is even more limited in its influence under present day conditions than ever before. Overshadowing all of these aspects of Governmental policy are national fiscal and budgetary measures, together with other broad policies relating to business, labor and agriculture. Not even the most ardent advocate of laissez-faire would propose that we abandon all Government regulations. It is, let me say again, a question of degree—of doing through the medium of Government what needs to be done to contribute to economic stability and progress—and doing no more than that. Since this is a banking group, I have sought to cover three specific questions in which you have a particular interest. In conclusion, I would like to turn for a moment to the general economic situation as I see it at this time. Speaking recently at the National Outlook Conference of the Department of Agriculture, I undertook to assess in a general way the good and bad aspects of our current situation. Without recounting that appraisal of favorable and unfavorable factors, I will merely quote the conclusions that I think should be drawn from them: "The situation calls for a budgetary surplus and continued debt retirement. Continued efforts should be made to reduce public expenditures. Taxes should not be further reduced under present conditions. It is desirable to increase tax revenues, without increasing tax rates, by increasing the national income as a result of greater productivity. Such an increase in the national income, together with decreased Federal expenditures, will bring about a budgetary surplus which will make possible tax reductions later on. "Speaking of the general credit situation, there is no reason under present conditions for reducing margin requirements on stock-market trading or NOVEMBER 1946 for relaxing consumer credit restraints on durable consumer goods in short supply. Credit should be provided for productive purposes, but not for speculation. Nor is there justification for increasing interest rates which would greatly complicate the Government's problem of managing the public debt and increase the cost of carrying it, without the offsetting advantage of preventing inflation. "At best, Government price or credit controls can only be a stopgap, and fiscal policy can deal only with the money side of the inflation problem. The overwhelmingly vital need now is for more work and more goods—for increased productivity. Whether we are to have a stable economic progress depends fundamentally now on the industrial front, on labor and management, on increasing output by increasing efficiency, eliminating bottlenecks and restrictive rules and practices, including those in the construction industry, and by avoiding strikes and shutdowns. We all know that in our interdependent economy a strike in one key industry paralyzes others—strikes even by a comparatively few workers in plants that supply others can throw many thousands out of work. More work and more goods are the basic cures for inflation. That is the only way in which labor can keep the gains from the pay increases it has received. It is the only way to safeguard the purchasing power of all wages and savings. Further wage increases for the same amount of work and output would serve only to intensify the upward pressure on prices. Increased wages that result in increased prices are self-defeating. It will be far better to hold prices down and increase productivity—to increase real wages—than to have further wage and price increases that would finally result in public resistance. For this, in turn, would upset business calculations, and all long-term commitments, thereby precipitating a recession, the severity of which would depend mainly on how long it would take to correct the distortions and maladjustments. Only by keeping prices down and maintaining the buying power of wages and savings can we have a higher standard of living. "We have all the tangible elements of sustained prosperity—manpower, raw materials, money supply, coupled with a vast backlog of needs and wants. The intangibles, still needed, include selfrestraint, enlightened self-interest, the will and wisdom to translate the tangibles into a lasting, higher standard of living." 1235 ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Estimates of liquid asset holdings of individuals and businesses as of June 30, 1946, and for previous end-of-year and mid-year dates since December 1939, are published in the accompanying table. These estimates cover the principal assets which are most readily convertible for use and for which there are representative statistics of ownership. Currency and demand deposits are the basic forms of cash money ordinarily used, and under existing practices time deposits and also United States Government securities are readily convertible into cash. Other assets that may be commonly considered as liquid savings, such as savings and loan shares, insurance and pension reserves, and corporate and municipal securities, are excluded. The estimates include liquid assets held by individuals (including farmers), unincorporated businesses, and corporations other than insurance companies. They do not include holdings of Federal, State, or local Governments, Government agencies, foreigners, banks, building and loan associations, insurance companies, or nonprofit associations. The estimates are approximations of amounts shown or implied in accounting records of the holders rather than those reported by banking and Treasury records, although they are derived from bank and Treasury reports. The deposit estimates, therefore, differ somewhat from the figures reported by banks and regularly published among banking statistics.1 The June 1946 figures are preliminary. Estimates for December 1945 are revisions of preliminary figures and estimates for earlier dates include some small revisions in the ownership distribution of demand deposits and United States Government securities.2 The basic classifications used and methods of estimate are the same as those employed previously. In the case of demand deposits, a correction was made in the float adjustment between individuals and businesses; a further cor1 A detailed description of the methods by which these estimates were made, together with the basic worksheets, may be secured from the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington 25, D. C. 2 See Federal Reserve BULLETINS of February 1946 and June 1945 for previously published estimates. 1236 rection was made in the distribution of deposits between corporate and noncorporate businesses. The United States Government security figures were changed to include excess profits tax refund bonds as corporate liquid assets beginning December 1945. For corporations, other estimates of cash (including currency, and demand and time deposits) and United States Government security holdings are published quarterly by the Securities Exchange Commission in its statistical releases on the working capital of United States corporations. The SEC and the Board of Governors estimates differ partly because of differences in coverage but primarily because of differences in methodology.3 For example, in the case of demand deposits the Federal Reserve estimates of corporate deposits are derived from statistics of ownership of demand deposits reported by a sample of banks. The data reported are increased to represent corporate deposits in all banks and then adjusted to reflect the volume of deposits as they would appear on the books of the corporations holding the deposits. The SEC estimates of "cash on hand and in banks," on the other hand, are based on data submitted with corporate income tax returns and published in Treasury Department Statistics of Income for years when these data are available (currently through 1942), and for later years are derived primarily from figures covering large corporations registered with the Commission. A national survey of liquid assets, recently completed by the Board of Governors of the Federal Reserve System, provides information on the distribution of holdings of liquid assets by individuals at the beginning of 1946 and their attitudes toward spending these assets. The survey was conducted for the Board by the Division of Program Surveys of the Bureau of Agricultural Economics, United States Department of Agriculture, and results were published in the June, July, August, and September 1946 issues of the Federal Reserve BULLETIN. 3 The primary difference in coverage is the inclusion by the Board beginning December 1945, and exclusion by the SEC throughout, of excess profits tax refund bonds in holdings of U. S. Government securities by corporations. FEDERAL RESERVE BULLETIN ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1945 1944 1946 Type of holder Dec. 1 65.1 Total . . Currency Demand deposits 2 Time deposits U. S. Government securities. . June '67.7 Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June? 70.4 '74.1 81.2 '90.4 111.6 131.1 151.2 169.6 189.7 '206.4 221.2 222.5 6.1 5.8 20.9 '22.9 26.3 26.7 12.1 12.0 6.6 24.4 26.9 12.5 7.5 26.4 27.1 '13.1 8.9 27.9 26.9 17.5 10.2 30.9 26.5 '22.8 13.1 15.0 36.7 '42.7 27.7 29.6 34.1 '43.8 18.0 20.0 22.6 24.2 47.1 '47.9 '53.1 '56.1 32.0 35.0 '39.0 '43.5 54.1 '66.7 '75.0 '82.6 25.5 60.3 47.7 87.7 25.6 62.9 50.9 83.1 holdings—total.... '19.4 '20.3 '21.8 '22.7 '25.7 '28.4 '38.5 '49.5 '55.8 '62.6 '67.4 '72.4 73.9 70.5 Currency Demand deposits Time deposits U. S. Government securities. . 1.6 12.6 2.0 3.2 1.6 '13.6 2.0 3.1 1.7 '15.2 2.0 2.9 1.9 '15.8 2.1 2.9 2.1 '16.5 2.0 5.1 2.3 17.6 2.0 6.5 2.8 '20.9 2.1 12.7 3.1 '27.5 2.2 16.7 3.6 '28.9 2.3 21.0 3.9 '29.5 2.5 26.7 4.3 '31.3 2.7 '29.1 4.5 '33.7 2.9 '31.3 4.8 33.7 3.1 32.3 4.8 34.7 3.2 27.8 Corporations—total. r 13.0 '13.8 '14.7 '15.1 '17.3 '18.9 '26.5 '34.3 '38.6 '43.0 '44.7 '47.4 46.1 43.3 0.7 -•9.5 0.7 2.1 0.7 '10.4 0.7 2.0 0.7 11.5 0.7 1.8 0.8 '11.8 0.7 1.8 0.8 '12.3 0.7 3.5 0.8 13.1 0.7 4.3 0.8 15.4 0.7 9.6 0.8 '20.0 0.7 12.8 0.9 '20.9 0.7 16.1 0.9 '21.5 0.7 19.9 0.9 '22.1 0.7 '21.0 0.9 '24.0 0.7 '21.8 1.0 22.1 0.7 22.3 1.0 23.0 0.7 18.6 1.7 1.8 '1.8 1.9 2.2 2.4 '2.5 '2.8 '3.1 '3.5 '3.8 '4.1 4.8 4.9 1.1 0.1 1.2 0.1 '1.2 0.1 1.3 0.1 1.3 0.1 1.3 0.1 1.2 0.1 1.3 0.1 1.3 0.1 1.4 0.1 1.5 0.1 1.6 0.1 2.0 0.1 2.2 0.1 0 5 0 5 0 5 0 5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 2.4 2.7 2.6 rll.3 '12.0 '12.9 '13.2 0.7 '8.4 0.6 0.7 '9.2 0.6 0.7 '10.3 0.6 0.8 '10.5 0.6 '15.1 0.8 11.0 0.6 16.5 0.8 11.8 0.6 '24.0 0.8 14.2 0.6 '31.5 0.8 18.7 0.6 '35.5 0.9 19.6 0.6 '39.5 0.9 '20.1 0.6 '40.9 0.9 '20.6 0.6 '43.3 0.9 '22.4 0.6 41.3 1.0 20.1 0.6 38.4 1.0 20.8 0.6 Business Currency Demand deposits Time deposits U. S. Government securities Financial 3Corporationstotal Demand deposits Time deposits U. S. Government securities Nonfinancial corporations —total Currency Demand deposits Time deposits U. S. Government securities 1.5 1.3 1.3 2.7 3.3 8.4 11.4 14.4 17.9 18.8 19.4 19.6 16.0 Unincorporated business— total 6.4 r 6.5 '7.1 7.6 '8.4 '9.5 '12.0 '15.2 '17.2 '19.6 '22.7 '25.0 27.8 27.2 Currency Demand deposits Time deposits U. S. Government securities 0.9 3.1 1 3 1.1 0.9 '3.2 1 3 1.1 1.0 '3.7 1 3 1.1 1.1 4.0 1 4 1.1 1.3 '4.2 1 3 1.6 1.5 '4.5 1 3 22 2.7 '8.0 1.6 4.9 3.0 '8.0 1.8 6.8 3.4 '9.2 2.0 8.1 3.6 '9.7 2.2 '9.5 3.8 11.6 2.4 10.0 3.8 11.7 2.5 9.2 holdings—total.... '45.7 '47.4 '48.6 '51.4 Currency Demand deposits Time deposits U. S. Government securities. 4 2 '8.3 24 3 8.9 4 5 '9.3 24.7 8.9 S6 4 9 6.8 7.9 '9.2 '10.6 '11.4 1 3 . 3 24.9 25.0 24.9 24.5 9.6 '10.2 12.4 1 6 . 3 4.5 '4.7 '4.7 '4.8 5.5 6.1 6.8 8.3 9.9 11.5 1.2 0.2 3.1 1.3 '0.3 3.1 1.3 '0.3 3.1 1.4 '0.3 3.1 1.4 0.3 3.8 1.3 0.2 4.6 1.2 0.2 5.4 1.2 0.2 6.9 1.3 0.2 8.4 1.3 0.2 10.0 -41.2 '42.7 '43.9 '46.6 '50.0 '55.9 '66.3 '73.3 '85.5 4 2 4 5 4.9 '7.1 '8.0 '7.9 24.1 '24.4 '24.6 5.8 6.5 5.8 5.6 '9.2 '24.7 '7.1 6.8 '10.0 24.6 8.6 7.9 10.3 11.9 12.0 14.6 14.0 24.3 25.4 27.2 16.0 20.2 11.7 Personal Trust funds—total4 Demand deposits Time deposits U. S. Government securities Other personal—total5 Currency Demand deposits Time deposits U. S. Government securities 1.6 2.0 '5.5 1 4 3.1 2.3 '7.5 1 s 3.9 '55.5 '62.0 '73.1 '81.6 '95.4 107.0 122.3 134. C 147.3 152.0 10.3 11.9 1 5 . 8 15.2 25.6 27.4 21.4 27.1 14.4 16.1 18.3 19.7 1 8 . 2 1 8 . 4 '21.8 '22.4 29.7 32.5 '36.3 '40.6 33.1 '40.0 '45.9 '51.3 20.7 26.6 44.6 55.4 20.8 28.2 47.7 55.3 13.3 15.0 16.5 17.0 1.4 0.2 11.7 1.5 0.2 13.3 1.6 0.2 14.7 1.8 0.2 15.0 '95.5 '109.0 '119.0 14.4 16.1 18.3 19.7 1 6 . 9 1 7 . 1 '20.4 '20.9 29.5 32.3 '36.1 '40.4 24.7 '30.0 '34.2 '38.0 130.8 135.0 20.7 25.0 44.4 40.7 20.8 26.4 47.5 40.3 P Preliminary. ' Revised. 1 Figures for banks, insurance companies, building and loan associations, nonprofit associations, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics or in the Federal Reserve Survey of Ownership of Demand Deposits piesented elsewhere in this BULLETIN. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of June 30, 1946, on a holder-record basis (see table) amount to 62.9 billion dollars while on a bank-record basis these deposits amount to 72.8 billion. This is because checks are constantly in the mail, i. e., deducted on payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 4 Includes only amounts administered by corporate trustees. 5 Includes holdings of farmers and professional persons. NOVEMBER 1946 1237 MEMBER BANK EARNINGS, FIRST HALF OF 1946 During the first half of 1946, net profits of member banks after income taxes aggregated 429 million dollars, an increase of 38 million over the same period of 1945. As is shown by the table, this was about one-half the corresponding increase recorded in each of the years 1943, 1944, and 1945. Net profits on an annual basis were 11.1 per cent of total capital accounts, virtually the same rate as in the first half of 1945. Cash dividends totaled 124 million dollars, 8 million more than during the first half of 1945. Net current earnings before income taxes were 67 million dollars higher in the first half of 1946 than in the first half of 1945 and aggregated 482 million. The increase did not differ substantially from the corresponding amounts of increase recorded in the three preceding years. Net current earnings on an annual basis were 12.4 per cent of total capital accounts, as compared with 11.6 per cent in the first six months of 1945. Net recoveries, profits on securities, etc., were little changed from the first half of 1945. Profits on securities sold were 9 million dollars less than in the first half of 1945 but higher than in the last half of the year. Taxes on net income were reported as 159 million dollars, which was 21 million higher than in the first half of 1945. This was notwithstanding the repeal of the excess profits tax effective January 1, 1946. All major items of current earnings were higher, including increases of 74 million dollars in earnings on securities and 64 million in earnings on loans. Two factors have moderated the effect on bank earnings of the decline in holdings of Government securities. First, banks have for some time been shifting their holdings of Governments from short-term low-yield securities to long-term high-yield securities; as a result, the average yield on holdings of United States Government securities M E M B E R BANK EARNINGS [Dollar amounts millions] First half Year Item 1941 Earnings On U. S. Government securities On other securities On loans * Service chargesl on deposit accounts Other earnings Expenses l Salaries and wages Interest on time deposits Taxes other than on net income l Other expenses 1 1942 1943 1944 1945 $1,417 $1,487 $1,650 $1,874 $2,102 f 997 766 445 540 960 [ 139 665 563 588 649 563 65 76 87 68 86 245 242 291 230 265 1,039 1,127 1,268 988 1,002 487 461 525 580 426 128 124 144 183 140 84 83 81 83 129 344 293 331 375 422 1941 1942 1943 1944 $681 215 318 32 116 $726 329 34 115 $783 352 280 36 115 475 204 71 57 143 520 223 65 78 154 503 234 61 39 168 $901 $1,016 $1,175 453 547 ' 546 75 276 348 284 47 43 44 159 129 141 547 601 694 253 272 325 68 87 103 40 41 40 185 201 226 248 1945 1946 Net current earnings before income taxes* 429 485 611 747 835 206 206 281 355 415 482 Recoveries, profits on securities, etc Losses and charge-offs x Profits before income taxes 278 318 188 223 312 251 318 232 454 230 129 137 86 122 129 111 164 115 214 101 216 110 0) 451 68 673 115 833 184 1,058 270 0) 0) 299 53 383 557 649 788 198 170 246 529 138 391 588 159 390 403 90 314 211 203 208 226 246 101 101 102 108 116 124 6,619 6,679 6,738 6,814 6,884 6,556 6,647 6,703 6,773 6,840 6,887 Taxes on net income Net profits Cash dividends declared 2 Number of banks at end of period.. . 429 1 The following changes in reporting are reflected in the annual figures beginning with 1942 and in the figures for the first half of the year beginning with 1943: (a) earnings on loans include "service charges and fees on loans," an item previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate previously included in losses and charge-offs is included in expenses. 2 Includes interest on capital notes and debentures. 1238 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, FIRST HALF OF 1946 increased from 1.39 per cent for the year 1945 to 1.45 per cent for the first half of 1946. Second, the spread in yield between short-term Government securities, and commercial, industrial, real estate, and consumer loans has also been an important factor in sustaining bank earnings. Holdings of short-term Government securities, which are low-yield assets, have been declining in volume, while holdings of real estate, consumer and business loans, which yield substantially higher rates, have expanded rapidly. All major items of expense also continued to rise. Salaries and wages were 53 million dollars higher than a year ago. The sustained expansion of time deposits caused a further increase of 16 million dollars in interest payments, although the average rate paid was unchanged. Shifts in the volume and composition of bank earning assets during the first half of 1946 have had their effect on earnings of the various classes of banks. The Treasury's debt-retirement program has affected the earning assets of large banks more than small'ones. Earning assets at central reserve city banks declined by more than 3.5 billion dollars in the first half of 1946, largely because of a decline in Government securities and loans on Government securities; nevertheless, the average volume of earning assets held was practically unchanged during the first half of 1945 and of 1946. As a result, net profits of central reserve city member banks were about the same for both periods, with New York showing a slight decrease and Chicago showing an increase. The comparison by class of bank is shown in the accompanying table. At reserve city banks there was a decrease of earning assets of nearly 2.5 billion dollars during the first half of 1946; however, the average volume held was almost 4 billion dollars greater than in the corresponding period of last year. Net profits of these banks were 9 million dollars higher in the first half of this year than in the same period last year. The profits as a percentage of total capital accounts on an annual basis declined slightly because of the increase in capital accounts. At country banks, instead of a decline in earning assets, there was an increase of almost 900 million dollars during the first half of 1946. Holdings of United States Government securities declined by less than 500 million dollars, while loans increased by more than a billion dollars and other securities by over 300 million dollars. The bulk of the increase in loans was in such high-yield categories as real estate and consumer loans. The average volume of earning assets held by country banks was nearly 5.5 billion dollars larger in the first six months of 1946 than in the corresponding period last year, and net profits were 26 million dollars greater. Despite an increase in capital accounts, the annual rate of profits as a percentage of capital increased to 13.2 per cent compared with 12.3 per cent in the first half of 1945. For details of earnings, expenses, etc., in the first half of 1945 and 1946, see page 1298. MEMBER BANK EARNINGS, BY CLASS OF BANK, FIRST H A L F 1945 AND 1946 [Dollar amounts millions] Central reserve city banks New York Earnings Expenses Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared1 Ratio of net profits to average total capital account (annual basis) 1 Reserve city banks Chicago Country banks 1945 1946 1945 1946 1945 1946 1945 1946 $209 104 $229 120 $ 51 27 $ 55 30 $374 228 $437 265 $381 241 $454 278 105 136 91 35 109 133 89 35 24 26 25 29 23 7 146 180 136 43 172 199 145 47 139 186 146 31 176 227 172 35 9.1 8.3 11.7 11.4 11.1 12.3 13.2 17 7 9.8 Includes interest on capital notes and debentures. NOVEMBER 1946 1239 LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Reserves Kitchen Cabinets Balances Due to or from Banks in Territories The Board has been asked for advice as to whether the Board's ruling that kitchen cabinets are listed articles in the classification "Household Furniture," under section 13(#) of Regulation W, is intended to apply only to portable kitchen cabinets and not to prefabricated kitchen cabinets which are permanently installed by fastening to the wall and floor of existing structures. The inquiry was made in view of section 8(a)(2), as amended effective July 5, 1946, which makes repairs, alterations, or improvements in connection with existing structures, subject to the Regulation if they incorporate any listed article. The Board's ruling was intended to apply to both types of kitchen cabinets. It is not believed practicable to distinguish between portable kitchen cabinets and prefabricated ones permanently installed, because in many cases this distinction would depend on the kind of installation, which the vendor might not know, rather than upon the design of the cabinet itself. Demand deposits of banks in territorial or insular possessions of the United States should be treated as deposits of banks in the United States and reported in condition reports submitted by State member banks under "deposits of banks in the United States" rather than under "deposits of banks in foreign countries." Balances with banks in territorial or insular possessions should also be treated as balances with banks in the United States in reports of condition and of deposits for reserve computation purposes. Consumer Credit Water Heaters By Amendment No. 16, which became effective June 11, 1945, water heaters designed for household use, formerly listed as Item 38 under Group A in section 13 of Regulation W, were deleted from the classification of listed articles. However, the list still includes "electric appliances, not elsewhere listed, designed for household or personal use." Although this classification might possibly be regarded as including electric water heaters, the Board has ruled that all types of water heaters whether gas or electric are no longer listed articles. 1240 "Jeep" Station Wagons The Board has recently had its attention directed to the so-called "J ee p" station wagon and has ruled that it is to be considered an automobile for purposes of Regulation W. An earlier ruling of the Board which stated that neither military nor civilian jeeps are classified as automobiles, referred to "jeeps" as a type of vehicle (not as a trade-mark) and remains in effect. FEDERAL RESERVE BULLETIN CURRENT EVENTS Changes in Board's Staff Mr. David M. Kennedy who had been Special Assistant to the Chairman since June 1, 1946, resigned in October to become associated with the Continental Illinois National Bank and Trust Company of Chicago. Mr. C. E. Cagle who had been Assistant Director of the Division of Examinations since May 1, 1935, resigned effective October 31, to return to private enterprise. Effective November 1, Mr. Edwin R. Millard and Mr. George S. Sloan were appointed Assistant Directors of the Division of Examinations. Mr. Millard has been a Federal Reserve Examiner since 1932, and the Examiner in charge of the field force since 1941. Mr. Sloan has been a Federal Reserve Examiner since June 1934. Appointment of Mr. Earhart as President of the Federal Reserve Bank of San Francisco Mr. C. E. Earhart, who has served as First Vice President since January 1, 1946, was appointed President of the Federal Reserve Bank of San Francisco effective October 17, 1946, to succeed Mr. Ira Clerk who died on September 28. Mr. Earhart has been a member of the Bank's staff since 1917, and has served as an officer since 1920. Resignation of Mr. Bryan and Appointment of Mr. Clark as First Vice President of the Federal Reserve Bank of Atlanta Mr. Malcolm H. Bryan resigned as First Vice President of the Federal Reserve Bank of Atlanta effective October 18, 1946, to become associated with the Trust Company of Georgia. Mr. L. M. Clark, Vice President of the Bank, was appointed First Vice President effective October 19, 1946. Mr. Clark has been a member of the NOVEMBER 1946 Bank's staff since 1918 and has served as an officer since 1930. Appointments of Branch Directors The Board of Governors of the Federal Reserve System on November 1, 1946, announced the appointment of Mr. Fred S. Wallace, Kearney, Nebraska, as a director of the Omaha Branch of the Federal Reserve Bank of Kansas City for the unexpired portion of the term ending December 31, 1946. Mr. Wallace is engaged in farming. The Board of Governors of the Federal Reserve System on November 6, 1946, announced the appointment of Mr. Henry P. Drought, an attorney of San Antonio, Texas, as director of the San Antonio Branch of the Federal Reserve Bank of Dallas, for the unexpired portion of the term ending December 31, 1948. 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 September 16, 1946, to October 15, 1946: Alabama Bessemer—American Bank and Trust Company Brewton—Farmers & Merchants Bank, "Inc." Florida Miami Beach—North Shore Bank New Yor\ Syosset—Bank of Syosset, New York Ohio Millersburg—The Adams Bank South Dakota Pierpont—First State Bank of Pierpont Texas Gruver—Gruver State Bank Houston—East End State Bank Fidelity Bank and Trust Company 1241 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 25, and released for publication October 28] Industrial production continued with little change in September and the early part of October. Department store sales have shown no further rise from the high level reached at the end of August, although there is usually a considerable increase at this season. Wholesale prices of livestock and meats advanced sharply after the removal of price controls in the middle of October, while prices of cotton and grains declined. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of industrial production was maintained in September at the August rate, which was 177 per cent of the 1935-39 average. Following the reestablishment of Federal price controls on livestock at the beginning of September, curtailment in marketings resulted in a sharp drop in activity at meatpacking plants; this decline offset, in the total index, further small gains in output of numerous other manufactured products and minerals. After the middle of October, when controls were removed, slaughter operations showed a sharp increase. Output of durable manufactures rose 2 per cent in September, reflecting chiefly further gains in activity in the machinery and transportation equipment industries. Output of nonferrous metals also continued to rise in September and was at the highest level since the end of the war. Iron and steel production was maintained at about the August rate. In the first four'weeks of October activity at steel mills advanced slightly, averaging for this period a scheduled rate of 90.3 per cent of capacity. Production of lumber and other building materials continued to increase in September. Except for the sharp drop in meat production, there was little change in the output of nondurable goods. Output of minerals rose slightly in September as increased production of coal and of metals more than offset a slight decline in output of crude petroleum. CONSTRUCTION Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, declined further in September. Nonresidential building awards dropped one-fifth to the lowest level since the end of the war, reflecting chiefly a sharp decline in contracts for factory construction. Residential awards were maintained at the high levels prevailing in July and August. EMPLOYMENT Employment in nonagricultural establishments advanced somewhat further in September, after INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT DOLLAR VOLUME SEASONALLY ADJUSTED. 1935-39 HOP PER CENT A / M 1939 Federal Reserve index. Monthly figures, latest shown are for September. 1242 1940 1941 A : : 3TOCKS : 1942 1943 1944 1945 1946 1947 Monthly figures, latest shown are for September. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS allowing for seasonal changes, reflecting continued gains in industries manufacturing durable goods and in trade and service lines. The number of persons unemployed remained at about 2 million. DISTRIBUTION Department store sales, which were in exceptionally large volume in August, increased by less than the usual amount in September and the early part of October. The Board's seasonally adjusted index was 269 in September as compared with 290 in August and an average level of 257 during the first 7 months of the year. Since the middle of September sales have been considerably reduced in two important areas by industrial disputes, but sales in most other districts of the country have also shown a smaller rise than is usual during this season of the year. Loadings of most classes of railroad revenue freight were maintained at an exceptionally high rate in September and the early part of October. Shortages of freight cars persisted during this period, which is the seasonal high point of the year, limiting to some extent the distribution of commodities. the subsequent week prices of livestock, meats, and some other agricultural commodities showed sharp advances and exceeded the previous peaks reached during the lapse of price control in July. Wholesale prices of various other commodities, including cotton, grains, butter, and eggs, declined but were still above the levels prevailing at the end of June. Wholesale prices of industrial products have generally continued to show relatively moderate advances in recent weeks. BANK CREDIT In the middle of October Federal price ceilings were removed from livestock and meats and it was indicated that the controls remaining over most other commodities would be discontinued. During Member bank reserve balances in September and the first half of October showed little change in level, the fluctuation that occurred reflecting Treasury debt retirement operations and quarterly income tax collections. Required reserves increased somewhat in the first half of September and subsequently showed little change. Reserve Bank holdings of Government securities increased late in September and subsequently declined. Commercial and industrial loans at weekly reporting banks in 101 leading cities continued to expand rapidly during September and early October. Real estate and consumer loans increased further, while loans for purchasing or carrying securities continued to decline. Holdings of Government securities were reduced considerably during the period, reflecting largely Treasury cash retirement of certificates on October 1. WHOLESALE PRICES MEMBER BANKS IN LEADING CITIES COMMODITY PRICES 1926-100 1939 1940 1941 1942 1943 1944 1945 1946 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending Oct. 26. NOVEMBER 1946 1939 1940 1941 1943 1944 1945 1946 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for Oct. 23. 1243 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items . . . Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. Federal Reserve Bank statistics Guaranteed war production loans. .. Deposits and reserves of member banks. . Money in circulation Gold stock; bank debits and deposit turnover Deposits and currency; Postal Savings System; bank suspensions. All banks in the United States, by classes ... All insured commercial banks in the United States, by classes. . Weekly reporting member banks Commercial paper, bankers' acceptances, and brokers' balances. Money rates and bond yields. . . Security prices and new issues. . . Corporate earnings and dividends Treasury finance Government corporations and credit agencies. Business indexes Department store statistics. . Consumer credit statistics. . Cost of living Wholesale prices Gross national product, national income, and income payments. . October crop report, by Federal Reserve districts. Current statistics for Federal Reserve chart book. Number of banking offices in the United States. Member bank earnings, 1946. 1247 1248 1249-1252 1253 1253-1254 1255-1256 1256 1257 1258-1259 1260-1261 1262-1265 1266 1267 1268-1269 1270 1271-1273 1274 1275-1284 1285-1287 1288-1290 1290 1291 1292 1293 1294-1296 1297 1298 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. NOVEMBER 1946 1245 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLIONS OF DOLLARS 30 30 1939 1940 1941 1942 1943 (944 1945 1946 10 1939 1246 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for Oct. 23. See p. 1247. 1946 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 Gold stock Total Treasury bills and certificates All other Total All other 1 Treasury currency outstanding Money in circulation Treasury cash holdings Treasury deOther posits NonFedwith memeral federal ber deReposits serve Reserve acBanks counts Member bank reserve balances Total Excess* Monthly averages of daily figures: 1945—July. Aug.. Sept. 1945—j u iy Aug. Sept 163 388 398 240 247 283 21,593 22,052 22,877 23,473 23,584 23,614 18,793 19,230 20,051 22,122 22,233 22,254 2,800 2,822 2,827 1,351 1,351 1,360 460 431 434 458 427 493 22,215 20,203 22,871 20,116 23,709 20,090 24,171 20,270 24,258 20,271 24,391 20,291 4,153 4,202 4,221 4,538 4,541 4,545 26,918 27,392 27,765 28,281 28,352 28,478 2,268 2,257 2,261 2,251 2,262 2,275 618 549 609 589 524 515 1,563 1,554 1,499 1,274 1,328 1,214 450 457 470 567 573 585 4,755 1,220 4,978 1,084 5,414 1,063 6,017 928 6,031 891 6,160 885 End*of month figures: 1945—July 3 1 . . . . Aug. 3 1 . . . . Sept. 3 0 . . . . 1946—July 3 1 . . . . Aug. 3 1 . . . . Sept. 3 0 . . . . 302 21,717 362 22,530 334 23,328 246 23,633 331 23,946 213 24,049 18,906 19,653 20,418 22,282 22,595 22,626 2,811 2,877 2,911 1,351 1,351 1,423 340 315 420 286 471 331 22,359 20,152 23,207 20,088 24,082 20,073 24,164 20,267 24,748 20.280 24,594 20,305 4,199 4,217 4,251 4,540 4,544 4,546 27,108 27,685 27,826 28,254 28.448 28,507 2,258 2,230 2,246 2,289 586 552 854 513 704 1,081 1,516 1,577 1,487 1,401 1,345 1,069 449 457 473 562 574 590 4,794 1.037 5,011 920 5,520 1,153 5,991 856 6,245 1,085 5,910 725 Wednesday figures: 1945—Dec. 5 . . . . Dec. 12 Dec. 1 9 . . . . Dec. 26 345 312 360 49: 23,525 23,493 23,668 24,03" 20,474 20,440 20,602 20,970 3,052 3,053 3,067 3,067 359 460 829 643 24,229 20,029 ^4,264 20,045 24,859 20,066 25,172 20,065 4,303 4,317 4,326 4,334 28,279 28,370 28,557 28,649 2,242 2,268 2,288 2,283 8 627 718 1,199 1,304 1,204 1,284 1,282 487 16,242 1,594 488 15,669 1,296 496 15,906 1,332 15,658 1,213 22: 24,09: 21.' 23,859 210 23,437 20 23,341 310 23,297 21,602 21,377 21,030 20,968 20,945 2,490 2,482 2,407 2,373 2,352 533 463 426 373 291 24,847 20,065 24,536 20,046 24,072 20,111 23,922 20,135 23,898 20,157 4,352 28,491 4,362 28,297 4,377 28,119 4,385 27,977 4,404 27,914 2,306 2,256 2,262 2,282 2,295 771 1,299 758 1,307 272 ,257 578 ,239 762 ,298 498 505 505 506 507 15,900 15,822 16,145 15,859 15,681 15,717 1,115 15,693 1,146 15,490 950 15,555 1,039 1946—Jan. 2 . . . . Jan. 9 . . . Jan. 16 Jan. 2 3 . . . Jan. 3 0 . . . 1,439 1,266 1,423 1,169 1,061 6... Feb. Feb. 1 3 . . . Feb. 2 0 . . . Feb. 2 7 . . . , 289 411 352 380 23,227 23,253 23,017 22,972 20,876 20,904 20,692 20,652 2,352 2,349 2,326 2,320 324 270 41 325 :3,840 20,157 23,933 20,157 23,78' 20,233 23,677 20,233 4,413 4,424 4,434 4,447 27,929 27,967 27,955 27,938 2,306 2,301 2,318 2,317 716 864 940 826 ,226 ,173 ,235 ,203 516 516 516 517 Mar. 6 Mar. 1 3 . . . Mar. 2 0 . . . Mar. 2 7 . . . 44 710 483 683 22,526 22,393 22,592 22,974 20,207 20.074 20,335 20,634 2,320 2,320 2,258 2,340 32 23,297 20,232 31< 23,423 20,232 408 23,483 20,233 23,963 20,257 4,451 4,456 4,467 4,478 27,957 27,946 27,889 27,842 2,284 2,260 2,267 2,298 612 501 774 1,397 ,153 ,210 ,230 ,226 15,444 924 530 15,663 1,112 540 15,484 929 540 15,395 995 Apr. 3 . . . Apr. 10 Apr. 1 7 . . . Apr. 24 686 353 326 32 21,969 22,232 22,103 22,30- 19,603 19,866 19,736 19,874 2,366 2,366 2,366 2,430 280 261 429 274 22,936 20,255 22,846 20,253 22,85 20,251 22,901 20,247 4,485 27,912 4,492 27,955 4,514 27,948 4,536 27,877 2,271 2,259 2,259 2,260 533 260 334 385 ,013 ,161 ,138 ,159 550 550 548 547 15,396 1,072 15,406 940 15,395 843 14.457 836 May 1... May 8... May 15... May 22... May 29... 225 20 14J 16 237 22,579 22,732 22,660 22,643 22,983 20,00. 20,134 20,019 20,001 20,341 2,57 2,598 2,641 2,641 2,641 279 279 44 326 33 23,084 20,251 23,219 20,248 23,252 20,245 23,132 20,245 23,556 20,242 4,535 4,534 4,534 4,532 4,533 27,888 27,958 27,950 27,961 28,106 2,267 2,266 2,265 2,262 2,265 ,010 409 ,162 314 ,110 504 ,069 562 681 1,038 548 550 550 550 553 15,747 1,111 15,751 1,014 15,652 916 15,505 700 15,689 830 June June June June 5... 12. . . 19. . . 26... 252 22,780 252 23,270 252 22,691 23,385 20,129 20.619 20,18 20,88 2,651 2,651 2,503 2,503 41 37 512 369 23,450 20,272 23,896 20,271 23,454 20,272 23,986 20,269 4.534 28,159 4.537 28,128 4,536 28,116 4,539 28,135 2,285 2,280 2,260 2,262 394 1,063 860 969 419 985 970 950 556 15,799 557 15.909 566 15,916 15,910 July July July July July 3... 10... 17... 24... 31... 239 23,003 21,65: 292 23,394 22,043 204 23,230 21,879 219 23,652 22,301 23,633 22,282 1,351 1,351 1,351 1,351 1,351 453 23,694 20,270 333 24,019 20,271 23,895 20,271 24,229 20,269 286 24,164 20,267 4,540 28,395 4,537 28,335 4,538 28,241 4,539 28,18 4,540 28,254 2,249 2.254 2,249 2,263 2,250 507 664 513 67 513 971 1,116 1,165 1,473 1,401 567 15.8L 15,889 15,968 56; 15,877 562 15,991 730 825 859 753 856 738 833 671 867 5 7... Aug. Aug. 1 4 . . . Aug. 2 1 . . . Aug. 28. . . 258 263 229 216 23,593 23,575 23,486 23,606 22,24: 22,224 22,135 22,256 1,351 1,351 1,351 1,351 24,13 20,266 400 24,238 20,268 39 24,109 20,274 27 24,102 20,280 4,538 4,541 4,543 4,543 28,326 28,353 28,365 28,376 2,263 2,26: 2,265 2,274 353 55 540 620 1,331 1,295 1,250 1,21 573 16,093 572 16,008 15,933 574 15,867 964 898 805 714 4.. . 11... 18. . . 25... 291 250 262 29 23,38 23,29 23,42 23,866 22,036 21,940 22,070 22,515 1,351 1,351 1,351 1,351 332 395 541 425 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 15,989 16,086 588 16,280 15,975 778 754 872 724 23,555 23,502 254 23,41 23,05' 22,126 22,074 21,973 21,610 1.428 1,428 1,445 1,445 365 275 480 332 24,140 20,306 24,048 20,305 24,152 20,304 23,63 20,388 I 4,546 28,526 4,544 28,608 4,545 28,597 4,546 28,585 2,301 2,270 2,27 2.27C 357 1,045 920 483 868 52 972 369 16,166 16,019 596 16,142 15,779 P944 J>810 P957 J>541 Sept. Sept. Sept. Sept. Oct. 2. . . Oct. 9.'.'. Oct. 16. . . Oct. 2 3 . . . v Preliminary. 1 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. NOVEMBER 1946 1247 FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31. Per cent per annum] Discounts for and advances to member banks Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Federal Reserve Bank Effective Rate Boston.. . New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis . Minneapolis Kansas City Dallas San Francisco Apr. Apr. Apr. May May May Apr. Apr. Apr. Apr. May Apr. 1 1 1 . . . . 1 FEDERAL RESERVE BANK BUYING RATES ON BILLS [Per cent per annum] Maturity Rate on Oct. 31 In effect beginning— H 1 1 1 *Aug. 24, 1946 *Aug. 24. 1946 lOct. 20, 1933 Treasury bills Bankers' acceptances: 1- 90 days 91-120 days 121-180 days Previous rate Apr. 30, 1942 27, 25, 25, 3, 10, 10, 26, 26, 26, 27, 10, 25, 1946 1946 1946 1946 1946 1946 1946 1946 1946 1946 1946 1946 Other secured advances [Sec. 10(b)] Rate Effective 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 * 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. Net demand deposits Period in effect Central reserve city banks 1 Time deposits Reserve Country (all city banks member banks banks) fe 7 IOK 12^ 6 14 5 12 6 14 6 14 6 14 6 14 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. 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 13 19K 22£< 26 22J< 26 24 22 20 10 15 17K 20 17K 20 20 20 20 Boston New York Philadelphia. . . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . Kansas City.. . Dallas San Francisco.. 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. 1248 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 2K 2 2 2K 2 2 2 2 2 2 2K On discounts or purchases On loans 1 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 On commitments Portion for which institution is obligated Remaining portion K-i 1/ J r/ 5^—1 y± T/_J T/ On commitments (33) () 42 Its 8 5 r^ J i / i/—\ 1/ 2K-5 r K-1K 1 2 3 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 X per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARGIN REQUIREMENTS1 [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] Nov. 1,1933- Feb. 1,1935- Effective Jan.,31,1935 Dec. 31,1935 Jan. 1,1936 Savings deposits Postal savings deposits.. . Other deposits payable: In 6 months or more... In 90 days to 6 months In less than 90 days. . . Effective 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 October 31. Per cent per annum] To industrial or To financing institutions commercial businesses Federal Reserve Bank MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) 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 Feb. 5, 1945July 4, 1945 July 5, Effec1945tive Jan. 20, Jan. 21, 1946 1946 50 50 75 75 100 100 50 75 100 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] End of month Wednesday figures 1946 1946 Item Oct. 30 I Oct. 23 Assets Gold certificates Redemption fund F. R. notes Oct.I 6 Oct. 2 Oct. 9 Sept. 25 Sept. 18 October 1945 September October 17,450,428 17,445,426 17,345,426 17,342,424 17,314,177 17,327,178 17,327,178 17,450,428 17,327,179 17,118,565 for 778,118 778,118 780,015 780,036 780,837 769,617 771,446 767,837 778,117 760,850 Total gold certificate reserves.... 18,228,546 18.223,544 18,125,441 18,122,460 18,095,014 18,096,795 18,098,624 18,228,545 18,095,016 17,879,415 Other cash 289,761 282,479 284,853 279,964 Discounts and advances: For member b a n k s . . . For nonmember banks, etc 102,787 113,257 120,005 134,800 134,800 133,800 237,587 248,057 253,805 Total discounts and advances 287,312 299,644i 296,572 291,387 126,898 73,932 152,708 132,200 143,800 143,800 140,800 270,698 217,732 293,508 291,274 243,574 117,948 69,635 427,056 130,000 134,800 143,800 12,000 262,200 252,748 213,435 439,056 1,080 1,102 1,031 1,067 1,035 1,090 Industrial loans 2,361 1,084 1,091 1,074 128 1,831 1,436 Acceptances purchased. 3,338 5,445 U. S. Gov't securities: Bills: Under repurchase option 5,011,585 4,426,206 4,868,482 4,947,109 4,956,377 5,097,214 4,889,070 4,875,089 5,058,167 4,844,316 Other 9,698,700 9,709,060 9,610,365 9,609,880 9,652,760 9,642,290 9,577,470 9,720,140 9,652,760 8,328,149 Certificates: Special.... Other 7,452,001 7,475,001 7,494,001 7,517,001 7,517,001 7,775,409 7,603,409 7,452,001 7,914,909 7,206,161 668,100 1,920,150 673,100 673,100 690,100 Notes 595,600 715,100 690,100 595,600 690,100 755,290 755,290 755,290 977,392 755,290 Bonds 755,290 755,290 755,290 755,290 755,290 Total U. S. Govt. 3,055,657 23,418,238 23,502,380 23 ,554,528 23,865,803 23 ,420,839 23,517,62024 ,049,226 3,276,168 23,607,t securities Other Reserve Bank 328,232 269,527 273,765 365,130 420,897 330,890 478,796 534,106 254,514 337,292 credit outstanding. . . Total Reserve Bank credit outstanding 24,100,861 23,635,639 24,151,930 24,048,051 24,139,916 24,584,577 24,223,657 24,108,734 24,593,826 23,987,112 Liabilities Federal Reserve notes. . 24,569,990 24,552,268 24,557,217 24,552,163 24,482,393 24,416,266 24,419,227 24,583,219 24,448,024 24,215,012 Deposits: Member bank — reserve account 16,111,318 15,779,360 16,141,916 16,019,349 16,165,986 15,974,622 16,280,203 15,931,244 15,910,026 15,723,412 U. S. Treasurer—gen428,929 357,033 482,555 eral account 928,063 524,073 359,357 369,246 627,639 1,081,036 462,199 937,522 612,471 696,877 539,385 584,230 Foreign 667,644 535,297 651,014 694,883 687,985 435,318 456,785 347,810 329,011 Other 317,787 436,731 335,943 544,365 325,031 460,456 Total deposits 17,579,289 17,120,634 17,534,385 17,422,077 17,567,706 18,114,694 17,751,030 17,578,797 18,060,318 17,525,181 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . 43. 43.2 43.1 43.0 43.2 43.2 42.9 42.5 42.6 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS Total Discounts and advances: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Industrial loans: Sept. 2 5 . . Oct. 2. . Oct. 9 Oct. 16 Oct. 23 Acceptances purchased: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 U. S. Government securities: Sept. 2 5 . . . Oct. 2 Oct. 9 Oct. 16 Oct. 23 NOVEMBER 1946 Within 15 days [In thousands of do lars] 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to 5 years days 6 months to 1 year 2 years days days 293,508 217,732 270,698 253,805 248,057 148,553 66,312 115,368 95,942 96,487 2,950 4,800 13,705 24,515 22,297 10,610 120,170 115,275 115,750 110,900 131,395 26,450 26,350 17,598 18,373 1,031 1,090 1,080 1,091 1,035 894 956 954 965 915 5 5 1 1 57 8 8 8 8 3 61 58 58 59 3 9 9 9 8 9 12 12 8 8 6 6 6 6 6 6 36 36 36 36 36 3,338 1,436 128 3,332 1,436 128 6 23,'865 ,803 23,554,528 23,502,380 23,418,238 23,055,657 4,199,351 3,271,544 3,173,985 3,230,726 3,835,833 2,246,049 3,048,987 3,057,537 3,004,460 2,176,610 5,310,260 4,616,271 4,599,481 4,993,337 4,906,594 4,843,244 4,793,685 5,248,386 4,789,724 4,755,629 2,542,174 3,476,406 3,075,356 3,067,356 3,065,356 3,674,035 3,296,945 3,296,945 3,281,945 3,264,945 320,400 320,400 320,400 320,400 320,400 148,350 148,350 148,350 148,350 148,350 Over 5 years 581,940 581,940 581,940 581,940 581,940 1249 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates: 17,327,178 Sept. 25 17,314,177 Oct. 2 17,342,424 Oct. 9 Oct. 16 17,345,426 Oct. 23 17,445,426 Redemption fund for F. R. notes: 769,617 Sept. 25 780,837 Oct. 2 780,036 Oct. 9 780,015 Oct. 16. Oct. 23 778,118 Total gold certificate reserves: 18,096,795 Sept. 25 18,095,014 Oct. 2 18,122,460 Oct. 9 Oct. 16 18,125,441 Oct. 23 18,223,544 Other cash: 299,644 Sept. 25 287,312 Oct. 2. Oct. 9 279,964 284,853 Oct. 16 Oct. 23 282,479 vances: Secured by U. S. Govt. securities: 152,708 Sept. 25.. 73,932 Oct. 2. . 126,898 Oct. 9 Oct." 16'. '. 113',257 Oct. 23.. Othen Sept. 25. . 140,800 143,800 Oct. 2. . 143,800 Oct. 9. . Oct. 16. . 133,800 134,800 Oct. 23. . Industrial loans: 1.031 Sept. 25 1,090 Oct. 2...... 1,080 Oct 9 1,091 Oct. 16 1,035 Oct. 23 Acceptances purchased: Sept. 25 3,338 1,436 Oct. 2.. 128 Oct. 9...'.!. Oct 16 Oct. 23 U. S. Govt. securities: P3ills: Under repurchase option: Sept. 25. . 5,097,214 Oct. 2.. 4,956,377 Oct. 9. . 4,947,109 Oct. 16. . 4,868,482 Oct. 23. . 4,426,206 Other bills: Sept. 25. . 9,642,290 9,652,760 Oct. 2 Oct. 9. . 9,609,880 Oct. 16..9,610,365 Oct. 23. . 9,709,060 (_• ertificates: Sept. 25.... 7,775,409 7,517,001 Oct. 2 7,517,001 Oct. 9 7,494,001 Oct. 16 7,475,001 Oct. 23 Notes! 595,600 Sept. 25 673,100 Oct. 2 673,100 Oct. 9 690,100 Oct. 16 690,100 Oct. 23.... Bonds: 755,290 Sept. 25 755,290 Oct. 2 755,290 Oct. 9.... 755,290 Oct. 16 Oct. 23 755,290 Total U. S. Govt. securities: Sept. 25 23,865,803 Oct. 2 23,554,528 Oct. 9 23,502,380 Oct. 16 23,418,238 Oct. 23 23,055,657 1250 Boston New York Philadelphia Cleveland Richmond Atlanta St. Louis Minneapolis Kansas City Dallas San Francisco 455,330 2,197,266 461,859 2,337,878 459,625 2,370,777 458,826 2,403,565 453,488 2,371,968 561,003 553,317 557,512 572,175 558,987 336,423 334,755 336,381 339,701 338,520 573,966 574,291 563,627 581,830 568,589 119,898 126,750 126,542 126,290 126,131 42,013 46,973 46,918 46,879 46,840 21,095 21,081 21,312 21,300 21,285 34,489 34,448 34,403 34,370 34,331 910,297 3,630,521 921,989 3,393,745 946,076 3,425,252 948,022 3,454,931 927,878 3,477,700 603,016 600,290 604,430 619,054 605,827 357,518 355,836 357,693 361,001 359,805 608,455 608,739 598,030 616,200 602,920 38,832 38,203 36.121 35,495 33,449 15,198 13,112 12,280 12,709 15,674 7,217 5,800 6,579 6,390 6,711 16,209 15,225 14,835 15,748 15,850 10,493 10,769 10,100 9,927 9,493 34,153 32,371 31,931 34,275 32,407 11,450 1,950 2,900 2^649 10,999 9,980 6,080 16 600 16^25 8,275 15,455 15,925 14,875 4,545 1,795 10,295 11,225 11,525 200 100 12',185 10,600 16,800 13,100 18,850 7,200 700 2,732 4,500 3.700 500 3,700 1,105 6,110 6,110 6,110 6,148 6,148 4,940 4,940 4,940 4,971 4,971 17,420 17,420 17,420 17,527 17,527 4,420 4,420 4,420 4,447 4,447 3,250 3,250 3,250 3,270 3,270 4,290 4,290 4,290 4,316 4,316 4,160 4,160 4,160 4.186 4,186 10,920 10,920 10,920 10,987 10,987 54,700 47,670 73,580 72,690 63,890 54,640 51.352 53,467 58,569 61,317 14,970 31,170 26,620 26,720 38,820 901,885 925,745 904,805 848,895 757,160 84,411 97,501 92,580 78,620 77,970 34,720 19,830 20,490 24,790 25,145 66,468 61,003 105,438 89,753 83,228 19.724 28,010 28,250 28,950 34,006 344,148 337,798 264,310 243,680 223,150 802,810 1,315,893 754,693 1,364,374 782,805 1,360,183 778,459 1,329,358 763,926 1,343,071 888,189 860,829 857,696 857,731 864,942 776,057 1,246,099 739,791 1,387,751 737,195 1,364,366 737,224 1,376,785 743,199 1,447,754 524,507 496,939 514,189 536,138 536,694 341,627 346,868 353,844 337,986 346,420 598,709 634,729 579.094 586,419 573,587 515,572 491,479 474,966 473,045 458,820 1.476,124 1,386,114 1,406,607 1,434,503 1,445,913 404,321 1,040,009 398,963 985,213 398,963 985,213 397,744 982,210 396,740 979,755 399,830 403,646 403,646 402,438 401,501 223,105 224,291 224,291 223,613 223,074 368,269 356,474 356,474 355,377 354,459 317,142 338,144 338,144 337,119 336,294 742,220 705,471 705,471 703,279 701,384 831,241 1,119,934 831,696 1,116,755 821,707 1,091,692 825,876 1,093,314 836,734 1,104,598 901,772 960,746 974,871 980,927 937,547 75,422 75,279 76,099 75,969 75,838 62,486 61,894 61,046 62,358 61,729 865,620 3,510,623 876,415 3,266,995 900,645 3,298,710 902,694 3,328,641 882,658 3,351,569 755,324 714,548 747,927 740,715 755,591 5,218,676 5,284,922 5,218,950 5,117,162 5,285,177 56,776 56,690 56,569 56,493 56,399 118,890 118,570 118,074 117,651 117,278 60,471 60,331 60,632 60,509 60,366 812,100 771,238 804,496 797,208 811,990 5,337,566 5,403,492 5,337,024 5,234,813 5,402,455 891,712 892,027 882,339 886,385 897,100 24,193 22,651 22,196 22,295 22,403 72,477 72,922 73,301 72,805 69,112 19,588 19.991 19,733 19,871 20,182 20,104 20,348 16,386 19,353 17,816 20,600 17,748 18,367 18,259 19,684 20,580 18,172 18,135 17,726 19,698 4,777 4,855 8,850 7^250 5,250 35,630 5,485 38 805 2 7,'700 24,650 7,475 3,462 3,162 6^97 8,157 16,111 4,845 9 076 7^774 6,079 31,985 8,935 8,735 5,785 15,100 8,320 8,320 8,320 8,371 8,371 54,090 57,090 57,090 46,556 47,556 10,790 10,790 10,790 10,856 10,856 12,090 12,090 12,090 12,165 12,165 68 65 65 65 60 Chicago 1,195,356 964,258 1,192.034 1,022,640 1,167,791 1,035,917 1,169,283 1,043,285 1,180,436 999,276 44,677 45,574 45,431 45,328 45,220 25,433 25,401 25,359 25,327 25,293 107,967 107,846 107,651 107,541 107,408 480,763 2,305,233 487,260 2,445,724 484,984 2,478,428 484,153 2,511,106 478,781 2,479,376 963 1,025 1 015 1 026 975 3 338 1 436 '128 64,305 67,620 62,627 70,581 63,904 3,295,633 3,124,887 3,149,865 3,171,397 2,844,634 786,198 800 472 802,035 785,683 780,491 370,505 388,721 376,900 377,034 404,243 540,448 502,163 502,163 500,605 499,270 1,976,020 1,896,023 1,896,023 1,890,282 1,885,683 595,564 591,817 591,817 590,020 588,564 694,273 649,158 649,158 647,111 645,277 474,208 465,638 465,638 464,203 463,000 41,398 44,965 44,965 46,099 46,093 151,364 169,777 169,777 174,071 174,088 45,621 52,994 52,994 54,333 54,337 53,182 58,127 58,127 59,590 59,573 36,325 41,695 41,695 42,748 42,745 30,971 35,725 35,725 36,627 36,628 79,665 88,220 88,220 90,449 90,452 30,627 36,144 36,144 37,059 37,066 17,090 20,084 20,084 20,592 20,591 28,210 31,920 31,920 32,726 32,724 24,293 30,279 30,279 31,044 31,047 56,854 63,170 63,170 64,762 64,753 52,498 50,456 50,456 50,454 50,447 191,947 190,508 190,508 190,514 190,533 57,852 59,465 59,465 59,466 59,470 67,441 65,225 65,225 65,219 65,200 46,064 46,786 46,786 46,786 46,783 39.275 40,087 40,087 40,087 40,088 101,025 98,992 98,992 98,993 98,997 38,838 40,558 40,558 40,560 40,568 21,672 22,536 22,536 22,537 22,539 35,773 35,817 35,817 35,817 35,815 30,807 33,976 33,976 33,977 33,980 72,098 70,884 70,884 70,880 70,870 1,484,847 1,465,676 1,462,246 1,453,422 1,440,205 5,985,469 5,769,916 5,783,073 5,803,298 5,499,181 1,663,457 2,185,489 1,499,426 1,265,594 3,368,683 1,078,213 1,622,760 2,184,554 1,466,300 1,245,736 3,485,921 1,074,788 1,652,158 2,206,273 1,465,282 1,238,590 3,441,596 1,087,117 1,636,115 2,173,968 1,470,037 1,238,402 3,397,332 1,094,815 1,619,279 2,177,011 1,478,787 1,255,475 3,374,118 1,093,799 638,214 633,609 641,245 629,518 637,772 1,097,429 1,119,943 1,108,743 1,100,092 1,079,813 907,538 921,888 905,615 904,135 894,147 2,691,444 2,563,437 2,510,442 2,517,104 2,506,070 161.610 163.791 165,077 153,837 152,982 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continned [In thousands of dollars] Total loans and securities: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Due from foreign banks: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Federal Reserve notes of other Banks: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Uncollected I8*' items: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Bank premises: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Other assets: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Boston 24,163,680 23,774,786 23,774,286 23,673,134 23,304,74 1,498,012 1,478,916 1,479,481 1,469,108 1,453,886 9 9 9 9 9 5 5 5 San Francisco Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 6,078.527 5,833,927 5,879,096 5,877,554 5,571,387 1,682,685 1,638,037 1,667,125 1,654,894 1,639,267 2,213,690 2,201,489 2,227,439 2,193,907 2,195,255 1,537,521 1,481,345 1,480,127 1,481,970 1,500,035 1,281,984 1,252,626 1,246,430 1,246,022 1,271,445 3,396,083 3,509,421 3,475,616 3,431,184 3,399,920 1,098,088 1,095,133 1,106,412 1,110,412 1,110,431 652,064 653,659 657,595 651,638 648,242 1,106,264 1,126,028 1,123,328 1,115,633 1,095,654 911,898 926,148 909,775 909,021 901,065 2,706,864 2,578,057 2,521,862 2,531,791 2,518,162 136 136 136 136 136 7 £ 8 8 8 4 3 11 11 11 11 11 3 1 2 3 3 7 New York Total 7 7 7 7 1 1 1 L Minneapolis Kansas City 3 Dallas ;• 1 3 3 3 139,59 125,17 121,21 125,19 126,41 5,532 5,112 5,494 5,028 5,638 20,703 16,733 19,416 17,246 19,199 5,527 5,096 4,745 5,289 5,892 6,977 5,909 4,933 6,035 6,021 23,547 23,601 22,366 23,189 25,468 9,595 8,381 8,892 9,024 9,783 15,529 15,426 12,957 12,890 12,788 9,757 7,433 8,749 9,042 8,507 11,728 10,462 7,891 7,433 6,442 7,897 6,812 6,928 6,771 6,695 4,319 4,012 3,492 4,694 3,783 18,485 16,193 15,352 18,550 16,196 2,439,96 2,399,22 2,044,06 3,079,70 2,329,48 207,933 209,871 147,830 246,756 168,311 526,169 494,970 398,544 649,187 456,313 145,274 150,549 124,762 181.634 128,524 211,410 205,921 182,294 305,175 208,263 207,625 210,271 174,092 240,747 205,929 145,437 144,146 138,105 194,850 147,350 375,715 377,796 314,962 516,215 393,593 106,851 101,762 106,172 135,700 108,460 57,720 61,302 61,221 79,680 66,204 113,217 127,129 113,628 133,896 119,466 95,083 91,130 86,076 125,623 95,293 247,528 224,381 196,380 270,241 231,775 32,74 32,694 32,696 32,69 32,684 1,315 1,311 1,311 1,311 1,311 8,532 8,514 8,514 8,514 8,514 3,205 3,206 3,206 3,206 3,206 3,914 3,904 3,904 3,904 3,904 2,707 2,707 2,709 2,709 2:702 1,537 1,536 1,536 1,537 1,536 3,069 3,069 3,069 3,069 3,064 2,026 2,022 2,022 2,022 2,022 1,280 1,277 1,277 1,277 1,277 2,544 2,538 2,538 2,538 2,538 806 803 803 803 803 1,807 1,807 1,807 1,807 1,807 46,128 39,946 40,701 43,878 46,796 3,238 2,903 2,667 2,892 3,068 10,345 8,981 9,685 10,247 10,443 3,105 2,550 2,615 2,805 3,133 4,848 4,211 4,155 4,317 4,757 2,832 2,534 2,366 2,480 2,778 2,502 2,281 2,299 2,674 2,758 6,586 5,249 5,427 5,952 6,603 2,800 2,648 2,760 2,928 2,987 1,318 1,086 1,069 1,233 1,291 2,118 1,728 1,786 1,860 1,970 2,002 1,765 1,803 2,141 2,340 4,434 4,010 4,069 4,349 4,668 Sept. 25..' 45,218,639 Oct. 2 44,754,242 Oct. 9 44,415,480 Oct. 16 . . 45,364,990 Oct. 23 44,346,237 I iabi1iHf»«s Federal Reserve notes: Sept. 25 24,416,266 Oct. 2 24,482,393 Oct. 9 24,552,163 Oct. 16 24,557,217 Oct. 23 24,552,268 Deposits: Member bank —reserve account: Sept. 25. . 15,974,622 Oct. 2. . 16,165,986 Oct. 9. . 16,019,349 Oct. 1 6 . . 16,141,916 Oct. 23. 15,779,360 U. S. Treasurer-general account: 928,063 Sept. 25. . Oct. 2. . 357,033 Oct. 9. . 482,555 Oct. 1 6 . . 524,073 Oct. 2 3 . . 369,246 Foreign: Sept. 25. . 667,644 Oct. 2.. 696,877 Oct. 9. . 584,230 Oct. 1 6 . . 539,385 Oct. 23. . 535,297 Other: Sept. 25. . 544,365 Oct. 2. . 347,810 Oct. 9. . 335,943 Oct. 16. . 329,011 Oct. 2 3 . . 436,731 Total deposits: Sept. 25 18,114,694 Oct. 2 17,567,706 Oct. 9 17,422,077 Oct. 16 17,534,385 Oct. 23 . . . . 17,120,634 Deferred availability items: Sept. 25 2,019,157 Oct. 2 2,034,190 Oct. 9 1,770,393 Oct. 16 2,601,000 Oct. 23 1,998,683 2,552,328 2,492,007 2,463,480 2,544,603 2,466,612 12,054,355 2,751,103 11,839,575 2,711,463 111 1 | (725 il* K.J 616 y \J X \J 2,704,532 11 870 402 2,754,091 11,537,459 2)697)311 3,656,307 3,633,824 3,606.910 3,701,982 3,616,460 2,759,094 2,760,850 2,735,948 2,812,643 2,755,876 2,371,935 7,466,346 1,837,739 1,088,847 2,349,134 7,342,920 1,822,403 1,089,424 2,361,476 7,273,415 1,842,828 1 093 327 7)459)747 1 891 870 1,108,654 2',380',451 7',327)l28 1,853,911 1,089,974 1,856,707 1,888,202 1,861,076 1,892,649 1,845,096 1,505,367 1,521,890 1,497,036 1,536,365 1,491,561 5,318,511 5,302,550 5,249,836 5,372,126 5,284,398 1,464,942 1,474,383 1,477,760 1,475,838 1,474,613 5,551,984 1,650,388 2,085,768 1,728,242 5,563,563 1,651,004 2,086,685 1,746,137 5,558,931 1,655 901 2,095,324 1,756,203 1,656)631 2,094,638 1,764,055 5',55O',1O1 1,656,776 2,093,960 1,768,009 1,425,729 1,431,966 1,442,163 l,44l)450 1,441,038 4,488,435 4,488,052 4,502 419 4,505)870 4,509,016 1,062,821 1,070,528 1 080 372 l)O87)l27 1,088,742 576,521 577,483 580 626 580)351 581,360 902,853 905,956 908,452 906,602 906,245 600,426 605,382 605,595 604,143 602,547 2,878,157 2,881,254 2,888,417 2,880,101 2,879,861 733,932 731,755 730,808 743,819 736,712 5,038,896 5,064,677 5,029,826 5,016,604 4,801,238 805,625 799,663 793,592 803,039 795,904 1,168,636 1,200,159 1,180,704 1,176,487 1,185,446 712,359 725,591 731,431 742,149 719,836 706,002 713,454 721,540 724,527 722,117 2,293,739 2,334,264 2,271,602 2,286,603 2,276,082 574,945 579,872 592,411 599,181 590,347 399,809 410,417 408,805 409,755 405,402 776,581 801,166 793,375 805,896 770,468 750,416 766,469 751,530 763,523 744,381 2,013,682 2,038,499 2,013,725 2,070,333 2,031,427 81,325 15,890 32,781 33,177 26,068 158,414 97,913 124,006 113,861 51,646 58,250 18,362 43,444 36,089 27,768 93,236 27,589 41,280 47,571 35,349 82,732 32,592 33,858 33,983 29,494 49,611 20,341 20,605 22,529 26,524 207,297 34,472 73,954 99,368 57,542 47,108 22,190 24,792 26,488 23,957 27,704 14,585 20,664 24,501 17,185 30,083 20,527 19,699 21,967 21,190 27,600 21,790 20,136 18,859 18,922 64,703 30,782 27,336 45,680 33,601 40,447 42,720 35,305 32,799 32,649 2249,290 2254,482 2218,913 2200,350 2197,722 52,008 55,004 45,424 42,151 41,967 58,274 61,631 50,896 47,229 47,023 29,450 31,147 25,722 23,869 23,764 23,811 25,183 20,796 19,298 19,214 83,965 88,802 73,335 68,051 67,754 21,304 22,532 18,607 17,267 17,191 15,665 16,568 13,682 12,696 12,641 20,678 21,869 18,060 16,759 16,686 20,051 21,206 17,513 16,251 16,180 52,701 55,733 45,977 42,665 42,506 5,634 5,325 5,560 4,081 3,457 464,013 260,092 257,060 253,166 360,072 2,597 4,424 2,694 2,438 2,232 6,650 8,631 7,246 5,209 7,969 3,189 3,343 2,593 3,069 3,238 1,614 1,732 859 863 2,058 5,482 5,435 2,923 3,165 3,072 8,381 8,232 7,591 7,712 8,034 2,149 2,071 2,178 2,570 2,229 228 2,638 1,481 1,504 1,088 614 2,061 688 889 1,062 43,814 43,826 45,070 44,345 42,220 861,338 795,690 804,454 813,876 798,886 5,910,613 5,677,164 5,629,805 5,583,981 5,410,678 918,480 877,453 885,154 883,717 867,871 1,326,796 1,298,010 1,280,126 1,276,496 1,275,787 827,730 792,673 793,604 803,070 776,332 781,038 760,710 763,800 767,217 769,913 2,590,483 2,462,973 2,421,814 2,457,187 2,404,450 651,738 632,826 643,401 650,648 639,529 445,327 443,641 445,329 449,522 437,457 827,570 846,200 832,615 846,126 809,432 798,681 811,526 789,867 799,522 780,545 2,174,900 2,168,840 2,132,108 2,203,023 2,149,754 182,960 178,880 138,115 211,700 149,755 381,812 388,870 326,646 515,154 365,568 128,130 128,793 109,103 159,302 117,796 181,709 187,022 169,119 268,434 184,066 169,894 188,775 152,725 212,044 177,883 137,228 128,448 127,403 183,025 141,173 297,493 301,581 258,641 406,016 322,697 98,926 94,720 94,605 129,613 101,030 49,052 49,780 49,699 61,026 53,352 102,114 111,803 95,659 115,531 104,947 82,989 81,751 78,257 109,252 84,918 206,850 193,767 170,421 229,903 195,498 1 After deducting $56,000 participations of other Federal Reserve Banks on Sept. 25; Oct. 2; Oct. 9; Oct. 16, and Oct. 23. 2 After deducting $417,943,000 participations of other Federal Reserve Banks on Sept. 25; $442,022,000 on Oct. 2; $365,033,000 on Oct. 9; $338,731,000 on Oct. 16; and $337,252,000 on Oct. 23. NOVEMBER 1946 1251 STATEMENT OF CONDITION OFv THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Other liab. incl. accrued div.: Sept. 2 5 . . . . Oct. 2 Oct. 9 Oct. 16 Oct. 23 Sept. 25. .'. . Oct. 2 Oct. 9 Oct. 16 Oct. 23 Capital Accts: Capital paid in: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Surplus (sec. 7): Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Sept. 2 5 . . . .' Oct. 2 Oct. 9 Oct. 1 6 . . . . Oct. 2 3 . . . . Sept." 2 5 . . . ' . Oct. 2 Oct. 9 Oct. 1 6 . . . . Oct. 2 3 . . . . Total liabilities and cap. accts: Sept. 25 Oct. 2 Oct. 9 Oct. 1 6 . . . . Oct. 23 Contingent liability on bills, purchased for foreign correspondents: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 2 3 . . . . Commit, to make indus. loans: Sept. 25 Oct. 2 Oct. 9.... Oct. 16 Oct. 23 Philadelphia Richmond Cleveland Atlanta Chicago St. Louis 13,317 13,320 12,443 12,515 12,722 769 728 676 706 720 4,034 3,696 3,573 3,739 3,615 731 695 730 693 735 1,211 1,135 1,212 1,147 1,230 619 572 614 571 608 577 546 560 529 594 2,011 2,160 2,144 2,078 2,112 459 458 492 467 496 44,563,434 44,097,609 43,757,076 44,705,117 43,684,307 2,510,009 2,449,681 2,421,005 2,502,120 2,423,974 11,848,443 11,633,293 11,518,955 11,663,285 11,329,962 2,697,729 2,657,945 2,650,888 2,700,343 2,643,178 3,595,484 3,572,852 3,545,781 3,640,715 3,555,043 2,726,485 2,728,157 2,703,146 2,779,740 2,722,832 2,344,572 2,321,670 2,333,926 2,392,221 2,352,718 7,378,422 7,254,766 7,185,018 7,371,151 7,238,275 184,214 184,299 184,352 184,529 184,805 10,885 10,887 10,887 10,889 10,892 64,597 64,620 64,621 64,685 64,684 13,641 13,643 13,654 13,663 13,905 18,251 18,255 18,271 18,271 18,274 7,759 7,756 7,761 7,774 7,781 358,355 358,355 358,355 358,355 358,355 22,439 22,439 22,439 22,439 22,439 116,860 116,860 116,860 116,860 116,860 28,946 28,946 28,946 28,946 28,946 33,745 33,745 33,745 33,745 33,745 15,593 15,593 15,593 15,593 15,593 7,011 7,016 7,020 7,036 7,036 14,450 14,450 14,450 14,450 14,450 27,428 27,428 27,428 27,428 27,428 3,012 3,012 3,012 3,012 3,012 7,205 7,205 7,205 7,205 7,205 4,501 4,501 4,501 4,501 4,501 1,007 1,007 1,007 1,007 1,007 3,326 3,326 3,326 3,326 3,326 85,208 86,551 88,269 89,561 91,342 5,983 5,988 6,137 6,143 6,295 17,250 17,597 17,975 18,367 18,748 6,286 6,428 6,543 6,638 6,781 7,820 7,965 8,106 8,244 8,391 45,218,639 44,754,242 44,415,480 45,364,990 44,346,237 2,552,328 2,492,007 2,463,480 2,544,603 2,466,612 12,054,355 11,839,575 11,725,616 11,870,402 11,537,459 2,751,103 2,711,463 2,704,532 2,754,091 2,697,311 1,017 3,123 3,614 65 200 231 1338 il,042 11,203 F. R. notes outstanding (issued to Bank): Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Collateral held against notes outstanding: Gold certificates: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Eligible paper: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 U. S. Govt. sec: Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 1 New York Boston Total 5,961 6,264 6,270 6 247 8,502 Minneapolis Kansas City 750 1,176 1,135 1,130 1,157 1,164 460 491 481 510 486 1,813,944 1,798,532 1,818,870 1,867,855 1,829,797 1,071,650 1,072,201 1,076,058 1,091,340 1,072,614 1,832,997 1,864,450 1,837,207 1,868,769 1,821,110 22,227 22,228 22,230 22,233 22,243 5,993 5,993 5,994 6,020 6,020 4,002 4,003 4,003 4,005 4,003 6,088 6,090 6,096 6,110 6,115 6,716 6,747 6,754 6,775 6,780 17,044 17,061 17,061 17,068 17,072 53,029 53,029 53,029 53,029 53,029 12,939 12,939 12,939 12,939 12,939 8,869 8,869 8,869 8,869 8,869 11,891 11,891 11,891 11,891 11,891 10,670 10,670 10,670 10,670 10,670 28,924 28,924 28,924 28,924 28,924 762 762 762 762 762 1,429 1,429 1,429 1,429 1,429 527 527 527 527 527 1,073 1,073 1,073 1,073 1,073 1,137 1,137 1,137 1,137 1,137 1,307 1,307 1,307 1,307 1,307 2,142 2,142 2,142 2,142 2,142 5,931 6,018 6,122 6,210 6,344 5,140 5,236 5,318 5,389 5,485 11,239 11,468 11,709 11,905 12,152 4,336 4,412 4,498 4,529 4,628 3,253 3,278 3,324 3,367 3,415 4,594 4,634 4,745 4,742 4,843 4,058 4,100 4,159 4,219 4,277 9,318 9,427 9,633 9,808 9,983 3,656,307 3,633,824 3,606,910 3,701,982 3,616,460 2,759,094 2,760,850 2,735,948 2,812,643 2,755,876 2,371,935 2,349,134 2,361,476 2,419,858 2,380,451 7,466,346 7,342,920 7,273,415 7,459,747 7,327,128 84 259 300 95 290 336 48 147 170 39 118 137 136 418 484 35 106 123 572 510 516 496 671 671 671 671 42 40 40 40 40 15 382 382 382 382 4,040 4,040 4,040 4,040 4,040 Total Boston New York Philadelphia 25,119,275 25,127,986 25,202,046 25,208,319 25,230,678 1,506,622 1,507,941 1,510,877 1,506,228 1,513,439 5,697,306 5,704,461 5,705,790 5,700,928 5,703,697 1,699,779 1,698,926 1,702,191 1,700,991 1,703,473 10,859,000 10,734,000 10,954,000 10,979,000 10,979,000 430,000 430,000 430,000 430,000 430,000 114,867 60,857 98,222 92,457 85,172 4,777 4,855 8,850 7,250 5,250 14,784,411 14,897,501 14,892,580 14,878,620 14,902,970 520 407 427 477 517 San Francisco 404 441 445 1,297 1,837,739 1,088,847 1,856,707 1,822,403 1,089,424 1,888,202 1,842,828 1,093,327 1,861,076 1,891,870 1,108,654 1,892,649 1,853,911 1,089,974 1,845,096 25 78 91 1,571 1,661 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Cleveland Richmond 2,141,597 1,773,000 2,136,905 1,783,498 2,145,183 1,792,870 2,148,048 1,799,122 2 ,146,254 1,809,031 3,470,000 500,000 635,000 595,000 3,470,000 500,000 635,000 595,000 3,470,000 505,000 635,000 610,000 3,470,000 505,000 635,000 625,000 3,470,000 505,000 635,000 625,000 35,630 5,485 38,805 27,700 24,650 Dallas 7,475 3,462 3,162 6,897 8,157 Atlanta Chicago 1,470,941 1,469,976 1,479,668 1,484,510 1,481,205 4,585,642 4,579 ,577 4,590,722 4,584,739 4,584,842 585,000 2,225,000 585,000 2 ,100,000 585,000 2,100,000 595,000 2 ,100,000 595,000 2,100,000 31,885 8,835 8,635 5,685 15,100 1,200,000 . . 1,100,000 2,300,000 1,200,000 1,550,000 1,200,000 1,550,000 1,200,000 1,100,000 1,100,000 2,300,000 1 ,200,000 11,550,000 1 ,200,000 ,200,000 L ,550,000 1 1,100,000 2 ,300,000 1,200,000 1 1,100,000 2,300,000 1,200,000 1 ,550,000 1,200,000 900,000 2,400,000 900,000 2,500,000 900,000 2,500,000 900,000 2,500,000 900,000 2,500,000 1,482,616 5,261,083 1,499,066 5,244,996 1,474,146 5,192,076 1,513,394 S.314,184 1,468,527 5,226,277 1,505,367 5,318,511 1,521,890 5,302,550 1,497,036 5,249,836 1,536,365 5,372,126 1,491,561 5,284,398 34 103 119 33 100 116 85 262 304 450 450 450 450 450 163 163 163 163 163 8 8 8 5 195 Minne- Kansas apolis City St. Louis 1,098,566 588,122 1,104,383 588,429 1,120,868 591 ,618 1,125,911 591,836 1,126,653 59:'2,730 San Francisco 931,568 632,384 2,993 ,748 927,561 634,346 2,991,983 930,127 636,745 2,995,387 932,111 633,569 3,000,326 930,397 635,964 3,002,993 300,000 300,000 300,000 300,000 300,000 170,000 170,000 170,000 170,000 170,000 280,000 280,000 280,000 280,000 280,000 15,455 15,925 14,875 11,150 12,185 10,600 16,800 13,100 18,850 7,200 4,545 1,795 10,295 11,225 11,525 909,411 425,000 922,501 425,000 917,580 425,000 903,620 425,000 927,970 425,000 Dallas 169,000 169,000 169,000 169,000 169,000 1,500,000 1,500,000 1,700,000 1,700,000 1,700,000 4,500 3,700 500 3,700 1,105 700,000 500,000 1,600,000 700,000 500,000 1,600,000 700,000 500,000 1,600,000 700,000 500,000 1,600,000 700,000 500,000 1,600,000 After deducting $679,000 participations of other Federal Reserve Banks on Oct. 9; $2,081,000 on Oct. 16; and $2,411,000 on Oct. 23. 1252 FEDERAL RESERVE BULLETIN WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [Amounts in thousands of dollars] Guaranteed loans authorized to date Guaranteed loans outstanding Additional amount available to borrowers guarPortion underagreeguaran- antee ments teed outstanding Date Number 1942 June 30.. Dec. 3 1 . . 1943 June 30.. Dec. 3 1 . . 1944 June 30.. Dec. 30.. 1945 Mar. 3 1 . . June 30.. Sept. 30.. Dec. 3 1 . . 1946 Jan. 3 1 . . Feb. 28.. Mar. 30.. Apr. 30.. May 3 1 . . June 29.. July 3 1 . . Aug. 3 1 . . Sept. 3 0 . . Total amount Amount 565 2,665 310,680 2,688,397 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 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 69,674 137,888 632,474 1,430,121 7,886 9,645,378 1,599,120 1,365,959 3,963,961 8,422 10,149,315 1,386,851 1,190,944 3,694,618 8,695 10,313,868 1,073,892 916,851 3,043,674 966,595 8,757 10,339,400 510,270 435,345 8,761 8,766 8,768 8,770 8,771 8,771 8,771 8,771 8,771 10,340,275 10,341,890 10,342,690 10,343,018 10,344,018 10,344,018 10,344,018 10,344,018 10,344,018 427,278 357,161 271,793 171,036 116,077 70,267 55,771 44,510 39,153 363,048 302,597 230,110 147,164 100,316 60,214 48,391 39,253 34,670 764,093 477,429 363,010 286,701 147,815 142,617 72,373 56,083 46,541 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] Date (last Wednesday or last day of period) 1934 1935. 1936 1937 1938 1939 1940 1941 1942 June 24. . . Dec. 31. . . 1943 June 30. . . Dec. 31. . . 1944 June 30. . . Dec. 30. . . 1945 June 3 0 . . . Dec. 31. . . 1946 Jan. 31. . . Feb. 28. . . Mar. 30. . . Apr. 30. . . May 31. . . June 29. . . July 31 . . . Aug. 3 1 . . . . Sept. 3 0 . . . . 1,993 2,280 2,406 2,653 2,781 2,908 3,202 Approved Loans Commitout- 2 ments but not outcom- standing standing (amount) (amount) Amount pleted* (amount) 8 225 13,589 49,634 20 966 32,493 27 649 124,493 11 548 8 226 25,526 20 959 139,829 3 369 20,216 12 780 150,987 1 946 17,345 14 161 175,013 9 220 2 659 13,683 188,222 9,152 5 226 212,510 13 954 g 294 14 597 10,337 279,860 3,352 3,423 338,822 408,737 Applications approved to date Number 984 26 346 4 248 11,265 14,126 16 832 10 661 Participations outstanding (amount) 1 ,296 8 ,778 7 ,208 7 ,238 12 ,722 10 ,981 e ,386 19 ,600 475,468 491,342 3 203 926 13,044 10,532 12 132 9 270 15 ,070 17 ,930 3,483 3,489 510,857 525,532 45 1 295 11,366 3,894 4 048 4 165 11 ,063 2 ,706 3,502 3,511 537,331 544,961 70 320 3,252 1,995 3,512 3,513 3,519 3,520 3,520 3,524 3,528 3,533 3,535 545,372 546,149 547,581 551,512 551,890 552,711 558,538 559,974 563,779 1 195 545 755 4 ,095 45 615 6 ,085 5 ,195 8 ,115 1,843 1,590 1,536 1,486 1,310 1,210 1,178 1,158 1,106 1 579 1 575 2 063 1 ,631 5 ,393 5 ,366 5 ,438 5 ,981 6 ,254 2 ,501 : ,086 1 ,046 976 1 ,014 :L.034 ,229 L.110 ,103 L,427 1,455 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. NOVEMBER 1946 Central reserve city banks All Month, or week ending Thursday member banks 1 New York Total reserves h e l d : 1945—August 14,978 Chicago ;Reserve =ity banks Country banks September. . . . 15,414 1946—August 16,031 September.... 16,160 3 4 4 4 959 094 125 183 905 931 904 905 6 6 6 6 ,003 ,166 ,337 ,360 4,112 4,224 4,665 4,712 16,002 15,999 16,087 16,209 16,313 16,096 16,068 16,133 4 4 4 4 4 4 4 4 120 125 126 160 214 202 172 179 902 908 905 912 913 908 892 897 6 ,313 6 ,335 6 ,373 6 ,394 6 ,414 6 ,310 6 ,308 6 ,343 4,667 4,632 4,684 4,743 4,771 4,676 4,696 4,714 1,084 1,063 891 885 12 19 12 24 4 10 3 3 277 258 205 196 791 776 670 662 866 852 902 912 947 824 P900 P896 14 16 22 14 21 24 17 14 1 7 5 6 5 6 5 6 187 195 215 201 214 169 198 209 664 634 660 691 707 625 383 388 126 149 149 111 19 29 115 98 190 161 129 141 130 104 2 3 58 40 3 4 49 2 Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Excess reserves: 1945—August September.... 1946—August September Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Borrowings a t Federal Reserve B a n k s : 1945—August September 1946—August September Aug. Aug. Sept. Sept. Sept. Sept. Oct. Oct. 22 29 5 12 19 26 3 10 1 1 1 1 P680 2>667 167 192 74 92 67 85 33 28 82 58 91 88 97 109 59 58 30 36 41 33 29 28 22 43 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL C E N T E R S 1 [Averages of daily figures. In millions of dollars] In places of 15,000 and over population 26 ,430 17 ,305 3,452 3,471 5 224 1 644 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] In places of under 15,000 population Demand deposits except interbank 2 Time deposits Demand deposits except interbank 2 Time deposits September 1945 August 1946 15,363 16,318 7,027 8,114 10,665 12,083 4,911 5,674 September 1946 16,282 8,155 12,149 5,712 Boston New York Philadelphia Cleveland 1,987 3,065 1,175 1,443 868 2,114 715 891 368 1,128 975 1,089 228 1,117 853 784 Richmond Atlanta Chicago St. Louis 1,150 1,568 1,980 627 384 473 1,306 311 910 691 1,666 977 440 198 892 257 Minneapolis Kansas City Dallas San Francisco. . . 574 536 929 1,249 278 104 128 583 741 1,561 1,441 602 407 191 54 288 1 Includes any banks in outlying sections of reserve cities that have been given permission to carry the same reserves as country banks. All2 reserve cities have a population of more than 15,000. Includes war loan deposits, shown separately for all country banks in the table on the following page. 1253 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Class of bank and Federal Reserve district Total Interbank U. S. Government war loan deposits2 Other Demand deposits ad- 3 justed Net demand deposits4 Time deposits5 Demand balances due from domestic banks Reserves with Federal Reserve Banks Total Required Ex- Borrowings at Federal Reserve Banks First half of September 1946 All m e m b e r b a n k s 93,343 11,909 7,665 73,769 68,858 75,235 26,703 5,721 16,187 15,271 916 161 Central reserve city b a n k s : New York Chicago 23,927 5,278 4,217 1,152 2,108 536 17,601 3,591 16,058 3,292 20,262 4,282 1,431 795 47 163 4,162 908 4,138 904 24 3 34 Reserve city b a n k s Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 34,619 2,067 581 2,400 3,943 2,257 2,145 4,083 1,954 1,117 2,892 2,366 8,813 5,495 275 28 346 509 382 474 508 529 355 921 547 622 2,930 210 50 216 389 188 159 382 174 109 191 159 703 26,193 1,582 503 1,838 3,045 1,686 1,512 3,193 1,251 653 1,780 1,660 7,489 23,888 1,460 464 1,707 2,818 1,529 1,358 2,948 1,103 558 1,588 1,529 6,825 27,722 1,695 470 1,977 3,168 1,818 1,692 3,185 1,540 846 2,258 1,885 7,189 10,618 192 300 239 1,225 451 400 1,933 320 166 348 316 4,730 1,732 42 23 76 163 108 145 278 94 68 256 195 284 6,392 352 116 417 742 410 381 783 341 182 491 431 1,746 6,182 351 112 410 707 391 362 753 327 179 473 396 1,722 211 1 4 7 34 20 18 30 14 3 19 35 24 94 4 2 Country b a n k s Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 29,520 2,441 4,279 2,158 2,567 2,191 2,465 3,736 1,728 1,389 2,185 2,504 1,878 1,045 90 86 14 25 130 193 72 119 76 80 131 30 2,091 219 409 182 245 143 143 285 90 90 91 93 101 26,384 2,133 3,784 1,962 2,296 1,917 2,129 3,379 1,519 1,223 2,014 2,280 1,747 25,620 2,024 3,617 1,909 2,241 1,836 2,070 3,315 1,482 1,191 1,992 2,243 ,1,699 22,968 1,936 3,401 1,711 1,973 1,661 1,941 2,884 1,368 1,057 1,664 1,884 1,488 13,859 1,096 3,226 1,565 1,678 822 672 2,198 569 684 296 183 870 3,779 186 313 215 298 318 330 512 236 213 413 498 247 4,725 373 761 394 455 328 354 634 258 225 307 338 297 4,047 337 670 334 377 282 312 536 226 189 251 275 261 678 36 91 61 78 46 42 99 32 36 56 64 36 32 4 17 2 2 3 1 6 11 16 6 25 6 7 6 4 2 i 1 i* Second half of September 1946 All m e m b e r b a n k s 93,178 11,768 7 ,477 73,933 68,963 75,267 26,761 5,654 16, 134 15,278 855 137 Central reserve city b a n k s New York Chicago 24,056 5,250 4 ,250 1,105 2 ,028 517 17,778 3,628 16,232 3,312 20,459 4,261 1,447 794 56 157 4, 203 902 4 ,179 900 25 2 24 Reserve city b a n k s Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 34,457 2,080 575 2,375 3,950 2,245 2,116 4,021 1,942 1,092 2,861 2,355 8,846 5,387 283 27 348 504 384 461 472 517 341 886 541 623 2,851 202 48 208 377 183 155 374 169 107 189 154 686 26,219 1,595 499 1,819 3,070 1,677 1,500 3,175 1,256 644 1,786 1,660 7,537 23,859 1,464 403 1,684 2,831 1,516 1,347 2,927 1,101 553 1,588 1,523 6,861 27,536 1,702 469 1,952 3,170 1,808 1,667 3,121 1,521 828 2,217 1,865 7,215 10,646 193 300 243 1,235 447 400 1,935 320 166 349 316 4,741 1,782 47 23 80 168 105 145 285 99 67 263 201 298 6,328 360 115 415 743 405 370 764 330 178 483 418 1,747 6 ,146 352 112 405 708 388 357 740 323 176 464 392 1,727 182 8 3 10 35 16 12 24 6 3 18 26 20 89 2 Country b a n k s Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 29,414 2,451 4,279 2,171 2,547 2,192 2,434 3,693 1,711 1,392 2,164 2,495 1,883 1,026 91 87 14 25 132 188 67 113 75 76 129 29 2 ,081 213 399 192 248 141 142 283 90 88 94 91 100 26,307 2,147 3,794 1,964 2,275 1,919 2,104 3,344 1,509 1,229 1,994 2,275 1,754 25,559 2,036 3,632 1,913 2,223 1,835 2,048 3,283 1,473 1,198 1,974 2,236 1,709 23,010 1,942 3,420 1,715 1,962 1,669 1,931 2,886 1,365 1,070 1,660 1,879 1,512 13,874 1,097 3,235 1,571 1,673 826 672 2,198 566 687 295 182 874 3,659 193 311 215 290 310 315 473 223 206 395 494 233 4, 700 377 768 391 448 322 348 632 254 228 302 336 294 4 ,054 338 673 334 375 283 311 536 225 191 250 274 264 646 40 95 56 73 39 36 96 29 37 52 62 30 ' "i 10 13 8 22 6 15 7 24 3 10 3 1 5 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based2 on deposits at opening of business. Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. • Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than 4war 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. 5 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Me fiber Bunk Call Report. 1254 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total in circula-1 tion End of year or month Coin and small denomination currency2 Total Coin *$1 $2 $5 $10 Large denomination currency2 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 Unassorted 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 5,519 536 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 11,576 402 423 460 499 505 524 559 610 695 801 909 987 33 32 33 35 33 34 36 39 44 55 70 81 719 771 815 906 905 946 ,019 ,129 ,355 ,693 ,973 2,150 ,229 ,288 ,373 ,563 ,560 ,611 ,772 2,021 2,731 4,051 5,194 5,983 1,342 1,326 1,359 1,501 1,475 1,481 1,576 1,800 2,545 4,096 ,360 ,254 14,871 17,580 442 452 478 517 537 550 590 648 751 880 1,019 1,156 ,369 ,530 ,542 ,714 2,048 2,489 3,044 3,837 5,705 5,580 7,224 7,730 364 337 358 399 387 409 460 538 724 1,019 1,481 1,996 618 577 627 707 710 770 919 1,112 1,433 1,910 2,912 4,153 125 112 122 135 139 160 191 227 261 287 407 555 237 216 239 265 288 327 425 523 556 586 749 990 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 1945—May June July August September... October November... December... 26,528 26,746 27,108 27,685 27,826 28,049 28,211 28,515 18,715 19,183 19,599 20,141 20,235 20,381 20,500 20,683 1,196 1,205 1,223 1,236 1,243 1,252 1,263 1,274 972 981 995 1,003 1,001 1,000 1,009 1,039 73 73 73 73 72 71 71 73 186 2,215 2,250 301 2,288 2,274 2,279 2,313 6,377 6,515 6,659 6,826 6,815 6,779 783 6,782 7,911 8,193 8,400 8,700 8,816 9,004 9,095 9,201 7,814 7,565 7,511 7,546 7,592 7,671 7,713 7,834 ,192 2,159 ,044 2,132 ,013 2,139 ,038 2,180 ,071 2,204 2,243 4,123 2,264 4,154 2,327 4,220 513 483 472 466 464 461 457 454 909 868 847 832 825 816 811 801 8 8 8 8 8 7 7 7 33 31 32 22 21 21 20 24 1 2 2 2 2 2 2 2 1946—January. February.... March April May June July August September... 27,917 27,954 27,879 27,885 28,120 28,245 28,254 28,448 28,507 20,126 20,139 20,045 19,997 20,171 20,248 20,185 20,271 20,262 1,261 985 1,264 982 1,269 984 1,280 987 1,291 999 1,300 998 1,311 990 1,319 992 1,332 1,001 69 68 67 66 67 67 67 66 66 2,217 2,211 2,191 2,173 2,199 191 166 165 2,156 6,568 6,570 6,547 6,509 6,586 6,604 6,552 6,571 6,528 9,027 9,044 8,986 8,981 9,029 9,087 9,099 9,159 9,180 7,794 7,816 7,834 7,889 7,950 7,998 8,071 8,178 8,247 2,316 2,322 2,327 2,337 2,352 2,364 2,377 2,402 2,419 4,224 4,248 4,267 4,309 4,356 4,387 4,437 4,509 4,567 445 443 442 439 438 438 436 436 436 779 772 768 773 775 781 790 802 795 7 9 9 8 8 8 8 8 8 22 22 22 22 21 22 21 20 21 3 1 1 1 1 2 2 2 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 circulation1 Money held in the Treasury Total outstanding, As security against Sept. 30, Treasury gold and 1946 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—September 30 1946 August 31 1946 September 30 1945 20 305 18,145 25,120 4,546 494 1 909 *2,241 893 18 145 2 2 161 For Federal Reserve Banks and agents Aug. 31, 1946 Sept. 30, 1945 2,815 50 50 52 *2,241 790 291 24,237 4,220 24,192 4,206 23,818 3,956 332 15 3 144 143 130 2,010 861 2,003 853 1,763 325 323 315 451 317 454 1 909 15,280 231 20 5 28 4 11 6 347 456 3 1 1 113 (4) Sept. 30 1946 93 35 336 (4) Money held by Federal Reserve Banks and agents 20 386 20 392 19,910 2 289 2 256 2,249 15 280 15 282 15,082 3,897 3,845 3,864 112 28,507 113 812 301 318 513 119 28,448 27,826 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. 1247, and seasonally adjusted figures in table on p. 1256, 2 Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of 1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31, 1945. > To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890toutstanding is not4 included in total Treasury currency outstanding. Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special B significance and is not shown. See note for explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890— $156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the faca 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 b« 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. NOVEMBER 1946 1255 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Amount— unadjusted for seasonal variation Date End of year figures: 1939 1940 1941 1942 1943 1944 1945 Amount— adjusted for seasonal variation Change in seasonally adjusted series 1 +742 + 1,134 +2,428 +4,250 +5,039 +4,858 +3,208 7,598 8,732 11,160 15,410 20,449 25,307 28,515 Monthly averages of daily figures: 1945—May June July August September October November December 26,351 26,561 26,918 27,392 27,765 27,943 28,151 28,452 26,537 26,694 26,972 27,530 27,821 27,943 28,067 28,170 1946—January February March April May June July August September October 28,158 27,944 27,913 27,923 27,978 28,140 28,281 28,352 28,478 28,588 28,074 27,944 27,997 28,148 28,175 28,281 28,338 28,494 28,535 28,588 +318 +157 +278 +558 +291 +122 +124 + 103 -96 -130 +53 +151 +27 +106 +57 +156 +41 +53 1 For end of year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent recent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. Gold stock at endN of period Period 19342 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—October November.. December. . 1946—January.... February... March April May June July August September.. October 8,238 10,125 •11,258 H2,760 14,512 17,644 21,995 22,737 22,726 21,938 20,619 20,065 20,036 20,030 20,065 20,156 20,232 20,256 20,251 20,242 20,270 20,267 20,280 20,305 P20.402 Increase in gold stock 4,202.5 1,887.2 1,132.5 1,502.5 1,751.5 3,132.0 4,351.2 741.8 -10.3 -788.5 -1,319.0 -553.9 -36.9 -6.2 35.2 91.0 76.3 23.9 -5.2 -9.1 28.1 -3.2 13.2 25.3 P97.1 EarDoNet marked mestic gold gold: degold import procrease or export duc-1 or increase ( —) tion 1,133.9 1,739.0 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 -4.3 .8 19.3 154.1 82.4 31.4 -20.5 -27.0 36.3 6.3 15.2 -7.6 82.6 .2 -85.9 -200.4 -333.5 -534.4 -644.7 -407.7 -458.4 -803.6 -459.8 -356.7 34.6 -38.2 -4.3 -12.5 -5.8 19.7 15.1 27.5 15.0 8.0 60.1 12.3 5115.7 92.9 110.7 131.6 143.9 148.6 161.7 170.2 169.1 125.4 48.3 35.8 32.0 3.6 3.8 3.6 4.0 3.3 3.6 3.2 3.2 3.4 4.0 8.3 P Preliminary. 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p. 1302, adjusted to exclude Philippine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. » Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. * Not yet available. fi Gold held tinder earmark at the Federal Reserve Banks for foreign account including gold held for the account of the International Bank amounted to 4,038.7 million dollars on Oct. 31, 1946. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. 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 Year and month New York City 333 other reporting centers Total, all reporting centers New York Cityi 140 other centers x Other reporting centers 2 1937 1938 1939 . 1940 1941 1942—old series» 1942—new series • 1943 1944 1945 469,463 405,929 423,932 445,863 537,343 607,071 641,778 792,937 891,910 974,102 197,836 168,778 171,382 171,582 197,724 210,961 226,865 296,368 345,585 404,543 235,206 204,745 218,298 236,952 293,925 342,430 347,837 419,413 462,354 479,760 36,421 32,406 34,252 37,329 45,694 53,679 67,074 77,155 83,970 89,799 16.1 16.5 17.1 18.3 13.1 11.7 10.8 9.7 1945—September October November December 1946—January February March April May June July August September 71,169 81,616 79,401 101,577 89,132 73,963 87,579 87,532 85,908 '86,655 '91,358 '82,694 83,288 28,545 34,984 32,246 45,035 38,819 30,498 35,670 37,208 35,085 34,972 37,357 30,216 31,397 35,718 39,006 39,255 47,774 41,977 36,210 43,449 42,122 42,433 43,219 45,017 43,683 43,155 6,906 7,626 7,900 8,766 8,337 7,255 8,459 8,201 8,390 '8,464 '8,985 '8,795 8,736 16.5 18.1 18.1 23.1 18.5 16.6 17.8 19.0 17.9 18.9 20.0 16.3 19.3 9.1 8.8 9.9 10.9 9.0 8.7 9.4 9.2 9.2 9.9 10.1 9.6 10.7 Debits to demand deposit accounts except interbank and Government Annual rate of turnover of demand deposits except interbank and Government New York City 100 other leading cities New York City 100 other leading cities 193,143 164,945 167,939 167,373 193,729 200,337 215,090 186,140 200,636 217,744 270,439 308,913 29.5 25.1 21.0 17.1 17.3 18.0 22.4 19.9 19.4 18.6 19.4 18.4 258,398 298,902 351,602 369,396 403,400 412,800 20.5 22.4 24.2 17.4 17.3 16.1 26,534 29,990 28,423 37,046 34,165 27,425 32,831 33,290 30,408 32,439 32,667 28,127 27,864 30,631 33,474 34,616 41,070 35,546 31,402 36,543 36,478 35,324 36,921 38,240 37,858 36,578 22.9 22.4 23.5 31.8 28.3 25.6 27.5 27.6 24.5 26.3 25.6 21.6 23.7 14.9 14.4 16.5 19.5 16.2 16.2 16.8 16.8 15.8 16.7 16.8 16.0 17.1 r 1 a Revised. National series for which bank debit figures are available beginning with 1919. Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. * See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 1256 FEDERAL RESERVE BULLETIN DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Time deposits Total deposits adjusted and currency outside banks Total demand deposits adjusted and currency outside banks Total deposits adjusted 55,171 54,713 26,179 26,366 51,532 51,156 22,540 22,809 41,680 42,548 19,172 19,817 36,919 37,766 57,258 56,639 56,565 58,955 60,943 64,099 66,952 70,761 30,687 29,597 29,730 31,761 33,360 36,194 38,661 42,270 1941—June December 1942—June December 1943—June December 1944—June December 1945—June 74,153 78,231 81,963 99,701 110,161 122,812 136,172 150,988 162,784 1945—September October November December 1946—January February March April May June July? August? September P. . . . 162,900 163,900 167,300 175,401 176,500 177,300 173,600 174,400 173,500 171,237 170,400 170,200 169,500 End of month 1929—June December 1933—June December 1937—June December 1938—June December 1939—June December 1940—June December Demand deposits adjusted 1 United States Government deposits2 Currency outside banks Total Commercial banks 3 4 381 158 28,611 28,189 19,557 19,192 8,905 8,838 149 159 3,639 3,557 14,411 15,035 852 1,016 21,656 21,715 10,849 11,019 9,621 9,488 1,186 1,208 4,761 4,782 51,769 51,001 51,148 53,180 54,938 57,698 60,253 63,436 25,198 23,959 24,313 25,986 27,355 29,793 31,962 34,945 666 824 599 889 792 846 828 753 25,905 26,218 26,236 26,305 26,791 27,059 27,463 27,738 14,513 14,779 14,776 14,776 15,097 15,258 15,540 15,777 10,125 10,170 10,209 10,278 10,433 10,523 10,631 10,658 1,267 1,269 1,251 1,251 1,261 1,278 1,292 1,303 5,489 5,638 5,417 5,775 6,005 6,401 6,699 7,325 45,521 48,607 52,806 62,868 71,853 79,640 80,946 90,435 94,150 65,949 68,616 71,027 85,755 94,347 103,975 115,291 127,483 137,687 37,317 38,992 41,870 48,922 56,039 60,803 60,065 66,930 69,053 753 1,895 1,837 8,402 8,048 10,424 19,506 20,763 24,381 27,879 27,729 27,320 28,431 30,260 32,748 35,720 39,790 44,253 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 27,170 10,648 10,532 10,395 10,664 11,141 11,738 12,471 13,376 14,426 1,303 1,313 1,315 1,415 1,576 1,786 2,032 2,340 2,657 8,204 9,615 10,936 13,946 15,814 18,837 20,881 23,505 25,097 101,700 104,500 106,300 102,341 102,900 102,500 101,100 103,700 104,900 105,992 106,800 107,200 107,700 136,800 137,600 141,000 148,911 150,400 151,200 147,500 148,200 147,200 144,721 143,900 143,600 142,700 75,600 78,200 80,000 75,851 76,800 76,400 75,000 77,500 78,600 79,476 80,300 80,600 80,900 14,300 11,700 13,100 24,608 24,600 25,000 22,400 20,000 17,400 13,416 11,300 10,200 8,700 46,900 47,700 47,900 48,452 49,000 49,800 50,100 50,700 51,200 51,829 52,300 52,800 53,100 29,200 29,700 29,800 30,135 30,500 31,100 31,300 31,600 32,000 32,429 32,700 33,000 33,200 14,900 15,100 15,200 15,385 15,500 15,700 15,800 16,000 16,100 16,281 16,400 16,600 16,700 2,800 2,900 2,900 2,932 3,000 3,000 3,000 3,100 3,100 3,119 200 200 3,200 26,100 26,300 26,300 26,490 26,100 26,100 26,100 26,200 26,300 26,516 26,500 26,600 26,800 Mutual savings4 banks Postal Savings Systems I 1 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. Excludes interbank time deposits and postal savings redeposited in banks. Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three memfjer 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. 2 3 4 5 POSTAL SAVINGS SYSTEM [In millions of dollars] BANK SUSPENSIONS Assets DeposEnd of month itors' balances 1 Total Cash in depository banks U.S. Government securities Total Direct 1939—Dec. . 1,279 1940—Dec. . 1,304 1941—Dec. . 1,314 1942—Dec... 1,417 1943—Dec. . 1,788 1944—Dec. . 2,342 1,319 1,348 1,396 1,464 1,843 2,411 53 36 26 16 10 8 1,192 1,224 1,274 1,345 1,716 2,252 1,046 1,078 1,128 1,220 1,716 2,252 2,836 2,880 2,909 2,933 2,981 3,013 3,043 3,066 3,091 3,120 3,160 2,921 2,968 2,999 3,022 3,073 3,107 3,139 3,161 3,188 3,220 3,258 8 6 6 6 5 5 5 5 5 5 5 2,737 2,780 2,809 2,837 2,886 2,910 2,951 2,966 2,986 3,026 3,060 2,737 2,780 2,809 2,837 2,886 2,910 2,951 2,966 2,986 3,026 3,060 1945—Sept.. Oct... Nov. . Dec.. . 1946—Jan... Feb.. . Mar... Apr.. . May.. June.. July.. Aug Sept Total, all banks Cash reserve Guar- funds, anetc.2 teed 146 146 146 126 74 88 95 102 118 152 176 182 184 179 181 192 182 189 197 188 193 P3,184 *>3,203 P Preliminary. Outstanding principal, represented by certificates of deposit. Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 1 2 NOVEMBER 1946 Number of banks suspended: 1934-39 1940 1941 1942 1943 1944 1945 1946—Jan.-Oct. l Nonmember banks Member banks National State 291 15 22 8 9 4 1 0 0 1 4 2 6 Insured Noninsured 189 81 18 3 6 2 1 3 1 3 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—jan -Oct 5,943 256 3,726 3,144 1,702 6,223 4,982 405 0 5,341 503 1,375 1,241 346 79 327 405 0 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 1257 ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Investments Class of bank and call date Total Other Number of bank* U.S. Government obligations Other securities Total 27 570 17,953 19,402 28,716 30,419 20,983 34,485 25,488 54,222 45,932 73,365 65,932 93,446 85,885 101,661 93,657 109,872 101,295 105,087 95,911 9,617 9,314 9,436 8,997 8,290 7,433 7,561 8,004 8,577 9,175 61,319 68,225 75,963 81,780 99,796 117,661 141,449 151,033 165,612 159,171 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 12,605 96,725 14,065 105,923 12,311 98,043 25 140 25,850 26,504 26,476 27,083 31,088 37,559 41,702 45,623 48,817 15,207 15,035 14,895 14,825 14,682 14,579 14,535 14,542 14,553 14,567 Loans Total All banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31. . , 1941—Dec. 31. 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30. 1945—June 30 Dec. 31 1946—June 29. . . . Deposits 1 Interbank! Demand Time 48,831 50,885 54,170 61,101 78,137 96,966 119,461 129,639 140,227 136,572 21,261 22,169 23,751 26,616 23.915 23,601 26,015 27,979 30,355 31,486 AH commercial banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31. 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30. 1945—June 30 Dec. 31 1946—June 29 38,669 40,667 43,922 50,722 67,391 85,095 105,530 114,505 124,019 119,448 16,364 17,243 18,792 21,711 19,217 19,117 21,644 23,672 26,076 27,130 22,305 23,424 25,130 29,011 48,174 65,978 83,886 90,833 97,943 92,318 15,071 16,300 17,759 21,788 41,373 59,842 77,558 84,069 90,613 84,473 7,234 7,124 7,371 7,223 6,801 6.136 6,329 6,764 7,331 7,845 51,041 57,702 65,305 71,248 89,132 105,923 128,072 136,607 15 ,227 142,890 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 12,605 96,725 14,065 105,923 12,311 98,043 14 862 15 327 15 846 15,944 16,419 19,350 24,183 27,276 30 238 32,536 14.652 14 484 14 344 14,277 14 136 14,034 13 992 14,000 14 011 14 026 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—j une 30 Dec. 31 1946—June 29 37,470 39,289 42,556 49,288 66,240 83,507 103,382 112,353 121,809 117,409 16.021 16.863 18,394 21,258 18.903 18,841 21,352 23,376 25,765 26,791 21,449 22,426 24,161 28,030 47,336 64,666 82,030 88,978 96,043 90,618 14 506 15,566 17,063 21,046 40,705 58,683 75,875 82,401 88,912 82,977 6,943 6,859 7,098 6,984 6,631 5,983 6,155 6,577 7,131 7,641 49,772 56,069 63,461 69,411 87,803 104,094 125,714 134,245 147,775 140,612 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 12,401 94.910 13,883 104,015 12,007 96,459 14,669 15,063 15,589 15 697 16,154 19,081 23,879 26 934 29,876 32,145 13,655 13,531 13,438 13 426 13,343 13 270 13,263 13 277 13,297 13,330 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—June 30 Dec. 31 1946—June 29 32.070 33,941 37,126 43,521 59,263 74,258 91,569 99,426 107,183 102,032 13,208 13,962 15.321 18,021 16,088 16,288 18,676 20,588 22,775 23,302 18.863 19 979 21,805 25,500 43,175 57,970 72 893 78,838 84,408 78,729 13.223 14,328 15,823 19,539 37,546 52,948 67,685 73,239 78,338 72,272 5.640 5,651 5,982 5,961 5,629 5,022 5,208 5,599 6,070 6,458 43,363 49,340 56,430 61,717 78,277 92,262 110,917 118,378 129,670 122,519 7,153 9,410 10,423 10,525 11,000 10,555 11,884 12,230 13,640 11,801 24,842 28,231 33,829 38,846 54,523 66,438 79,774 84,400 91,820 84,602 11,369 11 699 12,178 12,347 12,754 15,268 19 259 21,748 24,210 26,115 6,338 6 362 6,486 6,619 6.679 6,738 6 814 6,840 6,884 6,887 All national banks: 1938—Dec. 31 I939—Dec> 30 1940—D^ 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945_june 30 Dec. 31....*. 1946—June 29 20,903 21,810 23,648 27,571 37,576 47,499 58,308 63,177 69,312 66,277 8,469 9,022 10 004 11,725 10,183 10,116 11,480 12,369 13,925 14,469 12,434 12,789 13 644 15,845 27,393 37,382 46,828 50,808 55,387 51,809 8,691 9,058 9,735 12,039 23,744 34,065 43,292 47,051 51,250 47,271 3,743 3,731 3,908 3,806 3,648 3,318 3,536 3,757 4,137 4,537 27,996 31,559 35,787 39,458 50,468 59,961 71,858 76,533 84,939 80,212 4,499 5,898 6 574 6,786 7,400 7,159 8,056 8,251 9,229 7,816 15,587 17,579 20 885 24,350 34,499 42,605 50.900 53,698 59,486 54,930 7 910 8 081 8 329 8,322 8,570 10 196 12,901 14 585 16 224 17,466 5 224 5 187 5 144 5,117 5 081 5 040 5,025 5 015 5 017 5,012 State member banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 J 1941—Dec> 31 . . 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—jUne 30 Dec. 31 1946—June 29 11,168 12,130 13,478 15,950 21,687 26,759 33,261 36,249 37,871 35,754 4,738 4,940 5,316 6,295 5,905 6,171 7,196 8,219 8,850 8,834 6,429 7,190 8,162 9,654 15,783 20,588 26,065 28,030 29,021 26,921 4,532 5,271 6,088 7,500 13,802 18,883 24,393 26,188 27,089 25,000 1.897 ,920 5,074 >,155 ,980 ,705 ,672 ,842 ,933 .921 15,367 17,781 20,642 22,259 27,808 32,302 39,059 41,844 44,730 42,307 2,653 3,512 3,849 3,739 3,600 3,397 3,827 3,980 4,411 3,986 9,255 10,652 12,944 14,495 20,024 23,833 28,874 30,702 32,334 29,672 3,459 3 617 3,849 4,025 4,184 5,072 6,357 7,163 7,986 8,649 1,114 1 175 1,342 1,502 1,598 1,698 1,789 1,825 1,867 1,875 . .* • 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. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. * During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." • Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, Its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 1258 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY GLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Class of bank and call date Total Loans Total Other U.S. Govern- Other ment secuobliga- rities tions Total* Interbank^ All n o n m e m b e r commercial b a n k s : 1938—Dec. 31 1939— Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec 31 1943—Dec. 31 1944—Dec. 30 1945—j u n e 30. Dec. 31 . 1946—June 29 6,598 6,726 6,796 7,208 8,135 10,847 13,972 15,091 16,849 17,430 3,156 3,281 3,471 3,693 3,132 2,832 2,971 3,087 3,303 3,830 3,442 3,445 3,325 3,515 5,003 8,014 11,002 12,005 13,546 13,600 1,848 1,971 1,936 2,251 3,829 6,899 9,880 10,839 12,284 12,212 1.594 ,474 ,389 ,264 ,174 L, 115 1,122 1,166 L.262 1,388 7,678 8,362 8,875 9,539 10,864 13,671 17,168 18,242 20,571 20,387 331 473 518 464 318 457 362 375 426 Insured n o n m e m b e r commercial banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec 31 1942—Dec. 31 ;. . 1943—Dec. 31 1944—Dec 30 . . . . I945—June 30 Dec. 31 I945—June 29 5,399 5,348 5,429 5,774 6,984 9,258 11,824 12,940 14,639 15,392 2,813 2,901 3,074 3,241 2,818 2,556 2,678 2,790 2,992 3,491 2,586 2,447 2,356 2,533 4,166 6,702 9,146 10,150 11,647 11,901 1,283 1,238 1,240 1,509 3,162 5,739 8,197 9 170 10,584 10,716 1,303 1,209 1,116 1,025 1,004 6,409 6,729 7,032 7,702 9,535 11,842 14,809 15,880 18,119 18,108 101 Noninsured n o n m e m b e r commercial banks: 1938—Dec. 31 1939—Dec 30 . . 1940—Dec. 31 1941—Dec. 31 1942—Dec 318 4 1943—Dec. 31 1944—Dec. 30 1945—June 30 Dec 31 I945—June 29 1,199 1,378 1,367 1,434 1,151 1.588 2,148 2,152 2,211 2,038 343 All m u t u a l savings b a n k s : 193g—Dec. 3 1 . . . ; I939—Dec 30 1940—Dec. 312 1941—Dec 31 1942—Dec. 31 1943—Dec 31 1944—Dec. 30 I945—June 30 . . . . Dec, 31 I945—June 29 Insured mutual savings banks: 1938—Dec I939—Dec 31 30 1940—Dec 31 2 1941—Dec. 31 1942—Dec 31 1943—Dec 31 1944—Dec. 30 I945—June 30 Dec 31 I945—June 29 . . . . . . Noninsured m u t u a l savings b a n k s : 1938—Dec. 31 1939—Dec 30 1940—Dec 31 1941—Dec. 31 1942—Dec 31 1943 Dec. 31 1944—Dec 30 1945—June 30 Dec 31 1945—June 29 962 949 979 1,063 1,185 856 565 291 998 969 982 837 733 696 742 667 339 1,312 1,856 1,855 1,900 1,699 1,160 1,682 1,668 1,700 1,496 265 273 239 170 153 174 187 200 10,162 10,218 10,248 10,379 10,746 11,871 13,931 15,134 16,208 17,125 4,897 4,926 4,959 4,905 4,698 4,484 4,370 4,307 4,279 4,356 5,265 5,292 5,289 5,474 6,048 7,387 9,560 10,827 11,928 12,769 2,883 3,102 3,224 3,700 4,559 6,090 8,328 9,588 10,682 11,438 972 1,329 1,655 1,693 2,007 7,525 9,223 10,063 10,846 11,453 461 511 280 3,073 3,110 3,089 3,081 3,132 1,018 1,050 1,267 4,452 6,113 6,974 7,765 8,322 3,844 5,509 6,368 7,160 7,662 9,190 8.889 8,593 8,686 8,739 4,345 4,708 5,071 5,361 5,671 4,436 4,321 4,322 4.263 3,958 1,411 1,260 1,218 1,198 1,224 4,754 4,568 4,271 4,424 4,781 2,935 3,448 3,853 4,163 4,447 2,603 2,680 2,676 3,071 3,698 2,246 2,819 3.220 3,522 3,777 380 397 452 314 276 292 297 311 605 637 642 740 724 422 548 629 861 510 113 116 129 145 149 190 171 244 206 Number of banks Demand Time 3,853 4,260 4,689 5,470 6,872 9,123 11,870 12 326 14,104 13,441 3,493 3,629 3,668 3,605 3 674 4 091 4,936 5 541 6 042 6,436 8,314 8,122 7,858 7,661 7,460 7,299 7,181 7,163 7,130 7,142 3,007 3,252 3,504 4,215 5,981 7,870 9 987 10,510 12,196 11,857 3,300 3 365 3 411 3 358 3 409 3 823 4 632 5 199 5 680 6,045 7,317 7,169 6,952 6,810 6,667 6,535 6,452 6,440 6,416 6,446 193 997 1,253 I 883 1,815 I 908 264 257 247 265 269 304 343 362 953 906 851 793 764 729 723 714 1 «?S4. 391 696 204 1,269 1,633 1,843 1,837 1,329 1,829 2,358 2,362 2,452 2,279 2,382 2 190 2.065 1 774 1,489 1,297 1,232 1,240 1,246 1 331 10,278 10,523 10,658 10 532 10,664 11,738 13,376 14,426 15,385 16,281 10 278 10 523 10 658 10 532 10 664 11 738 13 376 14 426 15 385 16,281 555 232 303 470 421 405 608 604 607 606 1,012 1,409 1 818 1,789 2,048 7,534 8,910 9,671 10,363 10,979 1 012 1 409 1 818 1 789 2 048 7, 534 8 910 9 671 10 363 10,979 48 9,266 9,114 8,840 8,743 8,616 4,204 4,466 4,754 5,022 5,302 9 266 9 114 8 840 8 743 8 616 4 204 4 466 4 754 5 022 5,302 660 2,150 1,887 1,595 1,353 1,084 689 629 633 641 671 230 360 402 335 173 307 171 204 182 303 846 I 008 L 185 1,255 891 551 551 548 546 545 543 542 542 541 51 53 52 56 184 192 192 192 191 507 500 498 496 490 361 351 350 350 350 For footnotes see p. 1258. NOVEMBER 1946 1259 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Loans for purchasing or carrying securities ComClass of bank and call date Total loans and investments All Insured commercial b a n k s : 1940—Dec. 31 . 42 ,556 1941—Dec. 3 1 . . 49 ,288 66 ,240 1942—Dec. 31 1943—Dec. 31 . 83 ,507 1944—Dec. 30 . 103 ,382 1945—June 30 . 112 ,353 Dec. 3 1 . . 121 ,809 1946—June 29.. 117 409 Member banks, total: 37 126 1940—Dec. 33112. . 43 521 1941—Dec. 59 263 1942—Dec. 31 1943—Dec. 31. . 74 258 1944—Dec. 30 . 91 560 1945—June 30 . 99 426 Dec. 3 1 . . 107 18^ 1946—June 29.. 102 032 Sept. 30P. 99 701 New York City*: 1940—Dec. 31 . 10 910 1941_Dec. 31 . 12 896 1942—Dec. 31 . 17 957 1943—Dec. 31 . 19 904 1944—Dec. 30.. 24 003 1945—June 30 . 25 756 Dec. 3 1 . . 26 143 23 304 1946—Tune 29 Sept. 30P. 21 972 1 Chicago: 1940—Dec. 3 1 . . 2 , 377 1941—Dec. 31 . 2 , 760 1942—Dec. 31 . 3 973 1943—Dec. 3 1 . . 4 554 1944—Dec. 30 . 5 443 5 730 1945—June 30 Dec. 3 1 . . 5 931 1946—June 29.. 5 , 167 Sept. 30?. 4 , 972 Reservedly banks: 1940—Dec. 31 13 013 15, 347 1941—Dec. 31 1942—Dec. 31 . 20 915 1943—Dec. 31 . 2 7 , 521 1944_Dec. 30 . 3 3 , 603 1945—June 30 . 36 572 Dec. 3 1 . . 4 0 , 108 1946—June 29. . 3 7 , 675 Sept. 30P. 3 6 , 705 Country banks: 1940—Dec. 3 1 . . 10, 826 1941—Dec. 31. . 12, 518 1942—Dec. 3 1 . . 16, 410 2 2 , 188 1943—Dec. 31 2 8 , 520 1944—Dec. 30 3 1 , 368 1945—Tune 30 Dec. 3 1 . . 3 5 . 002 1946—June 29.. 3 5 . 886 Sept. 3QP. 3 6 , 052 Insured nonmember commercial b a n k s : 1940—Dec. 3 1 . . 5 , 429 1941—Dec. 3 1 . . 5 , 774 1942—Dec. 31. . 6 , 984 1943—Dec. 31. . 0 , 258 1944—Dec. 30. . 1 1 , 824 1945—June 30 . 12. 040 Dec. 3 1 . . 14, 630 1946—June 29.. 15, 392 32" in- Total Investment s clud- Agriculing To open- tur- brokTo marers ket othpadeal- ers peri ers 18 ,394 7 ,178 21 ,258 9 ,214 18 ,903 7 ,757 18 ,841 7 ,777 21 ,352 7 ,920 23 ,376 7 ,501 25 ,765 9 ,461 26 791 10 ,334 15 18 16 16 18 20 22 23 24 321 021 088 288 676 588 775 302 774 6 ,660 8 ,671 7 ,387 7 421 7 531 7 095 8 949 9 685 3 4 4 4 5 7 7 6 6 384 072 116 428 760 069 334 506 258 2 2 2 2 2 2 3 3 696 954 832 004 1 184 250 1 f333 329 370 1 ,281 1 ,450 1 ,642 1 ,505 1 ,723 1 ,632 1 ,314 1 ,366 U. S. Government obi igationa Real ConesOther tate sumer loans Total loans loans 663 614 950 727 662 597 1,414 922 2,260 2,265 Direct Total 4 ,468 4,077 4 ,773 4,545 4 ,646 2,260 1 ,042 4 ,437 1,868 918 4 ,343 1,888 944 4 413 1 3,113 3,601 2,108 ,008 3,164 3,606 4 677 2,361 1 ,181 2,417 2,656 5 738 3,069 1 ,211 24 ,161 28 ,030 47 ,336 64 ,666 82 ,030 88 ,978 06 ,043 90 ,618 17 ,063 21 ,046 40 ,705 58 ,683 75 ,875 82 ,401 88 .912 82 ,977 228 494 423 274 209 248 455 267 3,273 3,692 1,847 870 1,484 848 1,505 877 1,688 934 1,900 1 104 2,464 1 133 21 ,805 25 ,500 43 ,175 57 970 72 893 78 838 84 408 78 729 74 077 15 ,823 19 .530 57 ,546 52 ,948 67 ,685 73 ,239 78 ,338 72 272 68 228 130 123 117 107 86 76 80 83 4 >8 554 148 303 153 252 253 170 223 270 298 287 226 378 865 642 972 594 1 ,089 934 1 ,023 1,308 1 ,198 2,249 1 ,125 3,089 855 3,133 877 2,395 652 598 538 839 2,108 3,407 3,378 2,480 125 807 546 515 610 380 044 169 46 S 6 190 8 412 169 21 787 193 24 1,054 323 30 1,742 859 53 2,528 1,539 2,453 1,172 852 798 492 732 658 763 738 671 760 804 5 6 6 6 17 13 2 1 42 48 34 102 163 159 211 188 3 3 3 5 3 3 3 4 54 52 32 52 163 299 233 185 5 931 7, 105 6 , 102 6 , 201 6 , 822 7, 155 8, 514 8, 862 9 , 813 2 3 2 3 3 2 3 3, 589 456 957 058 034 883 661 932 263 300 290 279 348 304 205 197 5 , 300 5 , 890 5 , 038 4 , 654 4 , 010 5 , 114 5 , 506 6, 605 7, 333 453 676 226 084 149 162 484 1, 781 590 650 772 713 802 755 648 679 21 20 17 25 32 32 42 34 201 183 161 197 310 422 471 354 3 , 074 3 , 241 2, 818 2 , 556 2 , 678 2, 700 2 , 902 3 , 491 518 543 370 356 389 406 512 640 416 478 553 482 525 506 450 488 21 20 16 16 21 24 31 21 75 64 59 82 156 193 228 176 19 22 23 22 24 23 36 43 115 207 436 114 194 527 97 153 . t 486 217 267 420 311 777 379 371 1.147 378 427 1.503 459 321 1,142 t 743 644 823 [797 725 719 f 771 881 f 398 240 282 225 165 136 167 224 473 > 84 96 62 45 45 50 51 76 18 14 34 34 40 32 1, 522 1,512 808 658 660 757 855 ,073 312 301 313 315 404 453 7 8 13 15 18 18 18 16 15 527 823 841 566 243 687 800 708 714 6 7 12 14 17 17 17 15 14 1 1 3 3 4 4 4 3, 3 681 806 141 550 258 480 508 837 602 1 1 2 3 3 4 4 3 3 662 988 4,462 4,636 3,971 2,831 2,455 1,220 652 971 4,363 4,360 3,748 2,633 2,275 1,072 044 207 265 311 547 1,855 563 1,328 179 913 492 424 574 477 646 201 410 307 430 780 238 913 130 213 485 260 297 256 397 199 250 127 133 14 7 081 5 204 8 243 6 467 14 813 3 038 21 321 9 682 2 6 , 781 25 042 29, 417 7 523 1, 504 9 552 8. 813 6 585 6, 802 4 613 ,441 ,802 ,704 .320 ,034 1 itoo 5 , 517 6 , 628 393 1, 380 381 7, 534 351 3 , 610 362 6 , 253 363 9 , 407 422 9 , 281 8, 718 3 269 4 377 9 172 5 465 1 552 4 004 6 . 900 6, 556 5 945 803 2 , 356 854 2 , 533 173 4 , 166 422 385 70 6, 702 383 67 9 , 14*6 420 74 0 , 150 460 77 1, 647 605 70 1, 901 1, 240 1 500 3 , 162 5 730 8 107 0 170 0 , 584 0 , 716 l!530 674 528 547 611 707 937 Certificates Bills of in- Notes debtedness 103 295 410 Obli gations of States Other Guar and secuan- politi rities cal Bonds teed subdivisions 6 ,727 13 ,218 15 ,300 17 ,204 19 ,071 17 637 2 ,756 3 150 5 ,790 7 ,672 15 ,778 16 ,454 16 ,045 12 ,004 9 ,925 12 ,797 20 ,999 30 ,656 39 ,848 45 ,870 51 ,321 52 ,092 3 ,719 4 ,102 2 ,718 2 ,501 978 43 22 24 3,608 3 651 3,533 3,287 3,422 3,684 3,873 3,973 3,491 31333 3,'098 2,696 2,733 2,892 3,258 3,668 6 ,285 12 ,071 13 ,982 15 584 16 985 15 292 2 ,594 3 ,007 5 ,400 6 ,906 14 ,127 14 ,723 14 271 10 467 9 ,091 11 729 18 [948 27 ,265 34 ,927 40 ,266 44 ,792 45 ,420 3 ,486 3 ,832 2 ,540 2 ,345 902 33 16 20 3,013 3 1 09( 2,965 2,720 2,857 3,102 3,254 3,307 3,616 2,970 2,871 2^664 2,294 2,350 2,497 2,815 3,151 3,082 245 2 977 1 615 670 623 3 652 056 5 420 I 071 984 820 7 014 189 745 8 502 607 9 920 2 1 325 10 337 1 234 220 L0 695 729 593 444 468 567 606 53 S 693 788 830 701 558 596 629 629 618 611 112 110 83 74 31 188 182 166 158 160 154 181 153 148 186 193 186 155 185 196 204 200 194 040 984 173 956 811 954 749 913 440 1,000 10 1.100 5 1,126 7 ,194 , 269 893 820 821 726 740 794 916 2 3 3 3 3 2 144 409 740 538 433 980 637 877 1 045 1 253 1 467 1, 042 1 1 2 1 3 3 3 2 145 153 391 484 770 814 740 529 771 751 2 253 1 723 4 691 2 407 5 , 730 5 , 181 6 598 5 , 680 6 , 982 5 , 653 6, 038 4 , 014 752 903 1 282 602 800 036 864 900 3 4 6 9 11 13 15 16, 281 248 810 943 087 906 878 116 433 481 1, 251 1, 240 ,032 3 , 094 2 , 096 882 3 , 466 4 , 422 762 4 , 104 4 , 613 630 5 , 102 4 , 544 447 5 , 231 3 , 696 2 , 081 2, 926 5 , 436 8, 705 12, 540 14, 504 16, 713 17, 170 710 861 574 538 241 21 9 12 162 152 300 766 1, 652 1, 731 1, 774 1, 538 834 1, 069 2 , 053 3 , 305 4 , 028 5 , 611 6 , 538 6, 682 234 271 170 156 76 10 6 4 45 110 671 10 17 442 90 276 1, 147 223 1, 310 108 1, 620 180 2 , 087 147 2 , 346 ,034 ,009 , 146 1,102 222 956 ,252 855 ,214 829 ,230 ,281 878 ,342 ,067 ,426 ,209 ,506 ,268 505 563 560 560 566 584 610 667 521 462 435 403 383 396 443 518 p Preliminary. * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items for Dec. 31, 1945, may not be entirely comparable with prior figures. 2 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." » Central reserve city banks. 1260 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Time deposits Demand deposits Reserves Cash with in Federal vault Reserve Banks Class of bank and call date All Insured commercial b a n k s : 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—June 30. . Dec. 3 1 . . 1946—June 29. . DeBalmand ances dewith posits doadmestic justed5 banks* DoFormestic4 eign Certified U. S. States and Gov- political and offiernsubdi- cers' ment visions checks, etc. 9,677 9,823 10,234 9,743 11,063 11,217 12,566 10,584 666 1,762 8,167 9,950 19,754 23,478 23,740 12,941 13,992 12,396 13,072 12,834 14,260 14,806 15,810 15,999 1,234 1,358 1,305 1,445 1,622 1,474 1,829 1,471 13,992 12,396 13,072 12,835 14,261 14,807 15,811 16,001 991 1,087 L,019 1,132 1,271 1,150 1,438 1,141 7,057 5,105 4*385 3! 596 3,766 3,879 4,015 4,255 102 93 72 92 102 89 111 85 122 141 82 61 76 64 78 68 11,062 10,761 11,899 13,899 14,042 14,643 15,065 16,158 4,032 3,595 3,209 2,867 3,179 3,271 3,535 3,127 1,05: 902 821 899 929 942 870 42 43 39 38 43 33 36 26 319 298 164 158 177 180 200 162 1,941 2,215 2,557 3,050 3,041 3,152 3,153 3,189 997 1,027 1,105 972 1,132 1,174 1,292 1,047 Reserve city banks 1940—Dec. 31 1941—Dec. 3 1 . 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 30. 1945_June 30. Dec. 3 1 . . 1946—June 29. Sept. 30P 4,027 4,060 4,940 5,116 5,687 5,882 6,326 6,332 396 425 365 391 441 396 494 399 2,741 2,590 2,202 1,758 2,005 2,029 2,174 1,858 9,581 11,117 14,849 18,654 20,267 20,682 22,372 23,483 3,919 4,302 4,831 4,770 5,421 5,510 6,307 5,220 Country banks: 1940—Dec. 31* 1941—Dec. 3 1 . 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 30. 1945—June 30. Dec. 3 1 . . 1946—June 29. Sept. 30? 1,857 2,210 2,842 3,303 3,909 4,117 4,527 4,543 452 526 542 611 684 632 796 631 3,002 7,845 3,216 9,661 3,699 13,265 3,474 17,039 4,097 19,958 4,213 20,656 4,665 23,595 3,684 24,630 633 790 957 994 1,149 1,108 1,199 997 243 271 287 313 352 324 391 330 2,017 2,325 2,934 2,996 3,434 3,473 3,959 3,332 95 108 133 141 182 153 233 194 Member banks, total: 1940—Dec. 3 1 . . 1941—Dec. 31* . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—June 3 0 . . Dec. 31. . 1946—June 29. . Sept. 3 0 P . New York City:* 1940—Dec 31 X ^ iV/ J_^\—W» *J X • • 1941 Dec. 3 1 . . 1942—Dec' 31 1943—Dec. 3 1 . . 1944—Dec. 30. . 1945—June 30. . Dec. 3 1 . . 1946—June 29. Sept. 30P X ^ ^A* X-^\-V*# \J X * • Chicago:3 1940 Dec 31 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944 Dec 30 1945 Tune 30 Dec. 31. . 1946—June 29. Sept. 30P X ^ x.\J X—*V-\^« KJ X • Insured n o n member commercial b a n k s : 1940—Dec. 3 1 . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . 1944—Dec. 30. . 1945—j un e 30. Dec. 31. . 1946—June 29. . 8,202 8,570 9,080 8,445 9,787 9,959 11,075 9,102 33,820 37,845 48,221 59,921 65,960 68,048 74,722 78,281 Interbank deposits U.S. Government and Postal Savings States and political subdivisions Individuals, Borpartner- rowships, ings and corporations Capital account! 971 32,398 3 ,298 3 ,677 1,077 36,544 3 ,996 1,219 47,122 4 ,352 1,669 58,338 4 ,518 1,354 64,133 4 ,698 1,240 65,494 5 ,098 2,585 72,593 5 ,807 2,320 75,391 160 158 97 68 64 66 70 77 69 59 61 124 109 105 103 107 522 492 397 395 423 482 496 552 14,998 15,146 15,697 18,561 23,347 26,346 29,277 31,487 11 ,673 10 t ,841 10 1r .055 46 7; 453 122 7,989 65 8,340 215 8.671 83 5 ,068 2 ,724 3 ,066 3 ,318 3 ,602 3 ,744 3 ,877 4 ,240 4 ,826 913 1,009 1,142 1,573 1,251 1,138 2,450 2,179 29,576 33,061 42,139 51,820 56,270 57,417 62,950 65,589 67,203 141 140 87 62 58 61 64 72 56 50 56 120 105 102 99 101 435 418 332 327 347 392 399 447 11,687 11,878 12,366 14,822 18,807 21,254 23,712 25,568 3 4 5 39 111 52 208 72 370 319 263 252 199 229 237 293 471 450 448 710 361 341 1,338 1,132 11,357 11 282 12,501 14,373 14,448 14,789 15,712 16,836 16,657 5 7 8 10 8 51 29 23 26 17 19 20 17 768 778 711 816 977 1,082 1,206 1,372 90 127 665 713 1,400 1,499 1,552 789 174 233 178 174 167 193 237 262 27 34 38 44 33 29 66 37 1,905 2,152 2,588 3,097 3,100 3,12^ 3,160 3,153 3,335 e 8 2 1 1 1 2 1 496 476 453 505 619 663 719 779 49 327 54 491 63 1,982 63 3,373 70 6,157 90 7,655 110 8,221 129 4,531 995 11,144 11,319 1,448 11,509 1L.516 1 ,763 2,003 228 9,468 286 11,127 385 15,061 475 18,790 488 20,371 422 20,559 611 22,281 558 23,005 23,601 107 104 63 41 33 31 30 27 19 20 22 56 40 39 38 43 226 243 169 151 154 166 160 187 4,505 4,542 4,805 5,902 7,561 8,529 9,563 10,190 151 225 1,090 1,962 8 4,230 8 5,195 8 5,465 8 3,194 1,184 1,370 1,558 1,727 1,868 1,939 2,004 2,269 187 239 272 344 369 346 435 453 6,846 8,500 11,989 15,561 18,350 18,945 21,797 22,594 23,610 29 30 20 17 14 14 17 18 33 31 32 56 57 54 52 48 150 146 140 149 175 207 219 242 5,917 6,082 6,397 7,599 9,650 10,981 12,224 13,226 50 53 243 506 1,245 1,511 1,560 932 574 611 678 750 775 820 858 981 58 68 76 96 103 101 135 142 2,822 3,483 4,983 6,518 7,863 8,078 9,643 9,802 18 18 10 6 6 13 8 : 87 74 65 68 76 90 97 105 3,311 3,276 3,339 3,750 4,553 5,105 5,579 5,934 702 673 813 893 948 1,119 1,248 1,346 700 6,185 30,429 9,581 616 671 1,709 6,246 33,754 9,714 811 7,923 6,147 42,570 10,101 891 9,444 5,450 52,642 9,603 945 18,509 6,354 57,308 10,881 6,486 59,133 11,064 1,106 21,967 7,117 64,184 12,333 1,243 22,179 5,772 67.461 10,391 1,339 12,009 3,391 4,092 5,651 7,279 8,652 8,915 10,537 10,821 Individuals partner- Interships, bank and corporations 641 48 607 866 733 4 186 810 3,395 851 6,722 989 7,618 1,105 6,940 1,178 3,495 8 8 12 14 16 19 20 24 2 'A i t 2 13 c 7 e 3 4 11 16 17 27 c 6 c t t 1 I 6 5,698 5,886 6,101 6,475 6,96« 7.276 5*89 7,920 • 29 96 40 195 27 ,615 648 ^727 !966 2,023 2,120 2,17« 278 288 304 326 354 361 37T 394 1 3 2 27 4 10 16 9 11 18 8 6 6 10 13 11 1,904 1^967 2,028 2 13S 2^327 2J 45® 2,566 1,909 1,982 2,042 2,153 2,321 2,440 2.52S 2,674 975 956 955 979 1,022 1,065 1,083 1,149 * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 8 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 1160. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. NOVEMBER 1946 1261 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 1945—September Total loans and invest- Total ments 1,765 2,761 Commercial, industrial, and agricultural For purchasing or carrying securities To brokers and dealers U. S. Government obligations Real- Loans estate to Other Total loans banks ,213 ,258 ,306 ,352 ,395 84 ,867 49,225 [5,840 95 ,879 47,800 t4,425 139 ,919 45,871 2,421 164 ,968 44,935 :1,487 123 2,030 43,880 932 ,355 482 ,332 189 ,932 45,750 861 840 783 807 ,328 616 ,300 586 ,269 564 ,252 452 452 ,338 ,349 ,356 ,367 133 177 174 172 ,962 44,909 ,963 44,918 ,970 45,009 ,976 44,905 436 428 425 421 ,377 ,386 ,405 ,412 153 111 96 132 July 31 50,662 4,912 8,018 Aug. Aug. Aug. Aug. 7 14 21 28 19,786 9,910 50,030 59,983 4,877 4,992 5,021 5,078 8,136 8,295 8,416 8,496 Sept. Sept. Sept. Sept. 4 11 18 25 59,096 19,212 19,408 19,074 5,177 5,186 5,366 5,543 8,607 8,765 8,925 9,070 Oct. 2 Oct. 9 Oct. 16 Oct. 23 58,108 8,170 18,317 18,768 5,477 5,492 5,631 5,732 9,164 9,381 9,547 9,622 834 552 794 534 851 543 '899 '497 786 637 638 658 ,217 ,138 1,078 ,067 467 ,037 436 994 428 973 412 940 418 ,424 407 1,435 410 ,445 413 1,458 tO, 401 ,106 10,436 6,854 !7,444 ,014 9,648 6,636 !7,127 882 9,665 4,989 !6,885 762 8,825 4,871 !7,029 693 7,756 4,782 !7,17O ,385 ,375 ,450 ,448 ,479 773 9,605 4,955 !6,936 :2,269 1,454 1,460 1,571 1,463 0,492 0,595 r0,525 19,990 ,481 667 760 862 758 8,908 8,832 8,797 8,762 4,908 4,853 4,870 4,854 ,455 ,458 ,438 ,442 581 810 805 576 4,808 !7,O92 ,427 149 ,431 4,789 207 ,517 4,787 230 ,541 4,743 127 42,631 19,088 127 2,075 42,678 19,187 112 2,078 42,686 !9,230 123 2,106 43,036 19,619 679 734 857 ,233 8,011 7,847 7,726 7,441 6,547 6,621 6,618 6,701 2,811 2,768 2,669 2,876 2,541 2,132 3,019 8,855 ,229 2,001 2,030 2,043 2,045 21,591 5,397 2,295 1,135 628 597 183 67 83 July August September 21,993 21,507 20,690 20,148 19,870 5,962 5,789 5,675 5,517 5,563 2,925 1,059 2,891 1,028 2,967 860 3,165 644 3,346 660 525 500 491 404 341 599 543 484 419 370 205 203 210 204 178 64 64 63 64 67 72 83 124 132 99 513 477 476 485 502 July 31 20,644 5,630 3,036 758 453 448 232 64 Aug. Aug. Aug. Aug. 7 14 21 28 20,075 20,117 20,211 20,189 5,497 5,538 5,519 5,514 3,093 3,145 3,197 3,223 679 667 599 629 443 409 395 371 437 424 411 404 204 203 218 192 64 63 63 64 Sept. Sept. Sept. Sept. 4 11 18 25 19,757 19,861 19,922 19,940 5,543 5,493 5,559 5,657 3,263 3,319 3,370 3,433 645 607 663 726 366 343 345 309 393 380 360 349 184 180 176 171 64 64 70 69 Oct. 2 Oct. 9 Oct. 16 Oct. 23 19, 19,552 19,492 19,863 5,528 5,468 5,483 5,506 3,464 3,539 3,588 3,574 603 484 479 510 290 268 258 256 338 324 317 304 170 161 162 168 70 70 70 71 222 21! 993 240 247 252 250 249 1,149 1,194 1,243 1,288 1,328 June ,259 10,258 9,301 24,837 3,349 445 450 462 454 427 August September 1946—May 5,655 398 1,060 ,713 1,597 ,432 ,287 1,125 June July Other secuNotes Bonds1 rities Bills 758 731 731 608 532 98 1,473 49,004 Certificates of indebtedness Total 850 1,390 6,096 1,396 4,899 7,468 1,351 4,812 7,506 1,296 4,878 7,827 1,062 4,992 8,336 823 5,318 8,841 845 New York City 1945—September To others U.S. U. S. Other Govt. Other se- Govt. obob- curiliga- ties liga- curitions ties tions 4,124 2,612 50,749 i9,927 19,198 1946—May Investments 43,919 44,026 44,042 43,531 16,971 :7,01S 7,042 17,089 4,634 228 4,574 258 4,521 234 4,452 7,233 ,543 ,491 ,456 ,417 409 6,194 4,965 280 6,031 5,718 5,015 4,631 4,307 5,008 4,689 3,935 3,545 3,187 356 396 233 160 158 165 474 5,014 3,912 121 94 141 148 148 483 486 488 483 4,578 4,579 14,692 4,675 3,486 3,490 3,611 3,592 93 137 253 155 2,941 1,396 9,454 ,102 2,571 ,388 9,434 ,092 2,527 ,389 9,437 ,089 2,516 ,376 9,466 ,081 2,551 ,412 9,474 ,083 136 99 73 492 501 502 512 14,214 .3,138 4,368 3,289 4,363 3,214 4,283 3,108 91 232 199 111 2,192 2,169 2,099 2,066 ,387 ,388 ,405 ,414 9,468 9,500 9,511 9,517 107 96 107 505 14,085 .2,895 515 14,084 .2,944 513 14,009 .2,907 14,357 .3,280 269 251 254 639 1,756 1,855 1,866 1,923 1,344 1,322 1,297 1,299 9,526 9,516 9,490 9,419 1,064 32,810 30,690 979 7,447 6,282 15,982 2,120 1,354 33,194 1,402 32,082 1,443 30,856 1,483 30,304 1,528 29,573 30,832 29,736 28,486 27,942 27,214 750 618 649 602 535 17,715 2,362 7,668 17,570 2,346 6,979 6,789 3,569 17,479 2,370 6,284 3,480 17,576 ,362 5,624 3,384 17,671 2,359 2,155 2,067 1,420 1,391 1,398 9,729 9,557 9,406 9,453 9,499 ,023 ,029 ,080 ,086 ,120 ,076 ,079 ,149 ,175 ,190 ,140 ,102 ,077 Outside New York City 1945—September 40,174 7,364 3,801 261 1946—May June July August. . . . September. 42,131 41,10.r 40,059 39,779 39,328 8,937 9,023 9,203 9,475 9,755 4,543 4,615 4,860 5,171 5,495 292 268 202 179 185 231 240 204 191 1,114 1,054 948 868 755 July 3 1 . 40,018 9,28: 4,982 174 219 907 250 1,268 1,458 30,736 28,35' 652 6,664 3,559 17,482 2,379 Aug. Aug. Aug. Aug. 39,711 39,793 39,819 39,794 9,380 9,454 9,502 9,564 5,043 5,150 5,219 5,273 182 17 184 178 224 20 191 193 891 876 858 848 248 249 249 25: 1,274 1,286 1,293 1,303 1,479 1,477 1,482 1,493 30,331 30,339 30,3r 30,230 27,968 27,970 27,960 27,871 574 623 609 603 6,337 6,305 6,281 6,211 3,520 17,537 '^,578 3,464 17 3,494 17,576 3,44 17,615 2,363 2,369 2,357 2,359 39,339 39,351 39,486 39,134 9,63 9,693 9,80: 9,88( 5,344 5,446 5,555 5,63 189 186 187 191 188 198 »173 1 8 8 824 758 718 718 252 248 249 250 1,313 1,322 1,335 1,343 1,509 1,529 1,541 1,533 29,705 29,658 29,679 29,248 27,35 27,306 27,311 26,882 490 578 606 465 5,819 5,678 5,627 5,375 3,421 3,401 3,382 3,329 17,62 17,649 17,696 17,713 2,351 2,352 2,368 2,366 38,49! 9,94< 38,61J 10,02' 38,82! 10,14! 38,90! 10,22i 5,700 5,842 5,959 6,048 699 670 656 636 248 1,354 246 1,365 248 1,375 1,387 1,549 1,560 1,565 1.59C 28,54< 28,594 28,67^ 28,67 26,192 26,242 26,322 26,33' 41C 483 603 594 4,791 4,766 4,752 4,778 3,290 3,252 3,22 3,15c 17,702 17,742 17,744 17,814 2,353 2,351 2,354 2,340 7 14 21 28 Sept. 4. Sept. 11. Sept. 18. Sept. 25. Oct. 2 Oct. 9 Oct. 16 Oct. 23 . . . . 18 153 159 14! 177 168 170 156 r Revised. 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 1262 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. Demand deposits, except interbank Date or month ReDeserves Balwith Cash ances mand Fedwith dein eral doposits ault mestic Readserve )anks usted 1 Banks Total—101 Cities 1945—September . 0 , 129 Individuals, partnerships, and corporations 570 2,175 8, 748 8, 894 1,882 1 009 562 595 585 597 618 2,155 2,139 2,171 2,143 2,109 8, 502 9, 592 9, 282 9, 155 9, 578 8, 350 9 t 564 9, 479 9, 264 39, 846 2,403 2,404 2,260 2,223 2,235 1 1 1 1 1 July 3 1 . . . . o, 221 580 2,175 9 , 362 3 9 , 508 2,274 Aug. 7 . . . . Aug. 1 4 . . . . Aug. 2 1 . . . . Aug. 2 8 . . . . o, 280 o, 194 o, 162 o, 087 580 608 581 617 2,102 2,230 2,134 2,107 9, 069 9, 078 9, 170 9, 303 867 593 322 273 2,232 2,209 2,206 2,245 Sept. Sept. Sept. Sept. o, 201 0, 201 o, 342 o, 169 o, 242 589 656 617 613 2,028 2,111 2,213 2,083 9, 437 9, 619 39 767 39, 492 39, 415 40, 088 40, 279 39, 603 2,264 2,209 2,236 2,232 576 617 591 623 2,113 2,092 2,241 2,128 39, 39 ^9 39 39, 39, 40 40, 418 314 522 029 3 , 671 86 July August.... September . 3, 3, 3, 3 3 718 761 704 727 763 88 96 96 97 109 July 3 1 . . . . 3 677 92 Aug. 7 . . . Aug. 1 4 . . . Aug. 2 1 . . . Aug. 2 8 . . . 3 3 3 3 Sept. 4 . . . Sept. 1 1 . . . Sept. 1 8 . . . Sept. 2 5 . . . 4.... 11.... 18.... 25 Oct. 2 . . . . Oct. 9 . . . . 10, 146 Oct. 1 6 . . . . 10, 202 Oct. 2 3 . . . . 9, 961 New York City 1945—September . 1945—May June . .. Interbank deposits Time deposits, except interbank States Certiand fied U. S. politand Govical offiernsubcers' divi- checks, ment sions etc. 0, 083 June .. o, 217 July o, 159 A u g u s t . . . . o, 181 September . o, 228 1946—Mav In millions of dollars] Individuals, partnerships, and corporations States and political subdivisions Domestic U. S. banks BorGovrowernForings ment eign and 3anks Postal DeSav- mand Time ings Capital acounts Bailk del)its 0 , 074 8, 968 111 43 9 , 741 32 1, 085 348 4,862 5 7 , 165 1, 864 257 l\ 397 6, 607 5, 421 9, 769 9, 910 9, 985 0, 066 0, 093 129 124 134 144 150 49 53 55 58 58 9, 368 9, 266 9, 409 9, 368 9, 298 28 28 27 27 28 1, 265 1, 268 1, 268 1, 287 1, 321 139 165 206 220 207 5,124 5 ,141 5', 168 5,194 5,211 65, 732 69, 360 70, 907 65, 985 64, 442 1 220 7, 299 0 , 020 139 55 9 , 347 27 1, 273 253 5,180 1 5 , 661 1 1 1 1 6, 586 o, 051 6, 622 0, 064 6, 664 0, 075 6, 556 0, 075 141 143 145 145 56 56 58 60 9, 409 9, 537 9, 314 9, 214 28 27 27 28 1, 259 1, 280 1, 296 1, 313 232 237 230 183 5,190 5,194 5,193 5,197 14, 994 14, 068 15, 080 13, 753 1 173 1 231 1 ,200 1 ,176 5, 354 5, 408 5 442 5, 482 0, 075 0, 084 0, 092 0, 120 147 149 150 152 59 59 56 58 9, 285 9, 395 9, 499 9, 010 28 28 28 27 1 1 1 1 307 330 331 316 288 162 162 215 5,211 5,209 5,218 5,208 13, 484 14, 663 17, 604 15, 568 2,370 2,229 2,198 2,185 1 ,269 1 ,093 1 ,101 1 ,101 4, 4 4 4 133 156 161 162 153 148 149 146 58 59 58 59 9 9 9 9 258 206 552 216 28 27 28 27 1 1 1 1 304 294 291 308 145 209 179 149 5,226 5,234 5,227 5,234 16, 821 14 531 15, 156 16, 398 24 14 198 14 541 168 618 4 005 1 119 20 10 2 941 1 971 122 1,869 26 534 27 28 27 26 29 290 823 753 523 748 279 240 223 211 194 797 824 775 661 685 4 3 2 2 1 1 1 1 1 1 197 250 231 255 258 21 18 16 16 16 8 2 990 8 2 988 2 974 2 878 2 911 125 117 116 132 171 34 67 117 129 95 1,965 1,966 1,974 1,982 1,982 30 32 32 28 27 26 14 309 14 727 7 2 910 1 1 119 169 1,981 7 160 2 886 2 915 2 872 2 ,841 1 ,107 1 ,124 1 ,140 1 ,157 133 119 142 123 1,983 1,985 1,981 1,977 6 5 6 5 713 884 273 710 1 ,153 1 ,181 1 ,182 1 ,169 151 1,985 68 1,983 50 1,982 111 1,979 5 6 7 6 911 207 863 384 1 ,15 1 ,144 1 ,142 1 ,148 93 1,989 91 1,991 81 1,988 43 1,989 13 14 14 14 14 237 277 267 690 965 446 317 172 351 38, 39, 39, 39, 14 14 14 14 14 306 336 295 156 195 151 242 148 085 680 559 588 639 425 408 659 331 863 0, 0 0, 0 1 1 1 1 1 408 439 667 127 864 242 712 2 599 1 248 15 94 100 92 10 21 29 26 29 14 157 14 131 14 ,208 14 ,191 14 14 14 14 412 602 552 527 219 215 210 198 606 747 682 611 2 328 2 ,337 2 ,352 2 ,305 1 1 1 1 253 255 256 256 16 17 16 16 3 ,80 3 ,66 3 ,82 3 ,75 98 12 10 10 26 29 34 2 14 ,314 14 ,29 14 ,379 14 ,415 14 ,621 14 ,776 14 ,844 14 ,752 189 173 208 204 672 716 665 687 1 ,847 1 ,867 1 ,863 1 ,873 1 ,252 1 ,252 1 ,254 1 ,273 16 16 16 18 2 ,872 2 ,917 3 ,023 2 ,833 Oct. 2... Oct. 9... Oct. 1 6 . . . Oct. 2 3 . . . 3 ,77 3 ,73 3 ,72 3 ,55 10 10 10 10 2 14 ,30 2 14 ,32 3 14 ,24 2 14 ,54 14 ,65 14 ,61 14 ,87 14 ,83 29 22. 23. 240 774 60 599 636 1 ,60 1 ,55 1 ,56 1 ,57 1 ,27 1 ,27 1 ,27 1 ,263 18 18 18 18 2 ,956 2 ,869 2 ,888 2 ,817 Outside New York City 1945—September 6 ,45 48 2,15 24 ,55 24 ,35 1,71 39 6 ,06 7 ,849 9 3 6 ,800 3 114 226 2,993 30 ,631 July August. . . September 6 ,36 6 ,45 6 ,45 6 ,45 6 ,46 47 49 48 50 50 2,12 2,11 2,14 2,11 2,08 24 ,53 25 , 1 4 24 ,96. 24 ,98 25 ,22 24 060 24 , 7 4 24 ,726 24 ,74 25 ,09 2,124 2,164 2,03 2,012 2,04 509 512 520 495 510 7 43 5 ,84 4 73 4 ,27 3 ,55 8 ,57 8 ,660 8 ,754 8 ,81 8 ,83 108 106 118 128 13 4 4 4 5 5 6 ,378 6 ,278 6 ,435 6 ,490 6 ,38 2 2 26 26 2 140 15 15 155 150 105 98 89 91 112 3,159 3,175 3,194 3,212 3,229 35 ,324 36 ,921 38 ,240 37 ,858 36 ,578 July 3 1 . . . 6 ,54 48 2,14 25 ,05 24 , 7 8 2,032 508 4 ,70 8 ,77 124 4 6 ,43 26 154 84 3,199 8 ,501 15 15 15 15 99 118 88 60 3,207 3,209 3,212 3,220 8 ,281 8 ,184 8 ,807 8 ,043 1946—May June 778 730 745 654 | ; 7 ,568 6 ,360 6 .341 6 ,797 Aug. 7 . . . Aug. 1 4 . . . Aug. 2 1 . . . Aug. 2 8 . . . 6 ,50 6 ,46 6 ,41 6 ,43 48 50 48 51 2,08 2,20 2,10 2,07 24 ,91 24 ,455 24 ,94 24 ,99 24 ,96 24 ,770 25 ,11 24 ,74 2,013 1,994 1,996 2,04 545 495 466 474 4 ,25 4 ,28 4 ,31 4 ,25 8 ,79 8 ,80 8 ,81 8 ,81 125 12 129 12 4 4 5 5 6 ,52. 6 ,622 6 ,44 6 ,373 2 26 26 2 Sept. 4 . . . Sept. 1 1 . . . Sept. 1 8 . . . Sept. 2 5 . . . 6 ,39 6 ,53 6 ,51 6 ,41 49 53 50 50 2,00 2,08 2,17 2,05 25 , 12 25 ]32 25 ,38 25 ,07 24 ,79 25 ,31 25 ,43 24 ,85 2,075 2,03 2,02 2,02 50 515 53 48 3 ,50 3 ,54 3 ,57 3 ,60 8 ,82 8 ,83 8 ,83 8 ,84 13 13 13 13 5 5 4 5 6 ,41 6 ,478 6 ,47 6 ,17 2 2 2 2 15 14 14 14 13 3,226 94 3,226 3,236 11 10 3,229 7 ,573 8 .456 9 ,741 9 ,184 Oct. 2 . . . Oct. 9... Oct. 1 6 . . . Oct. 2 3 . . . KJCI. ZJ 6 ,47 6 ,41 6 ,47 6 ,41 U.^IVJ 47 50 49 51 OJ.O 2,08 24 ,93 2,06 24 ,94 2,21 25 ,02 2,09 z , u y y 25 z o ,14 ,it/ 24 ,76 24 ,69 25 ,64 25 z o ,,19 iy/ 2,07 2,00 1,96 1,94 i , y<±o 49 49 50 46 fuo 3 ,07 8 ,86 3 ,00 8 ,88 3 ,02 8 ,88 3 ,06 8 ,89 o,uui o,oyy 13 13 13 12 ±z.o 5 5 5 5 JZ 6 ,30 6 ,33 6 ,66 6 ,39 u,jyy 2 2 2 2 z.u 14 15 14 16 ±v\ 5 11 9 10 9 ,253 8 ,171 8 ,815 9 ,601 3,237 3,243 3,235 3,245 1 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 NOVEMBER 1946 1263 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Federal Reserve district and date Total loans and nvest- Total ments Boston Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 New York* Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Philadelphia Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Cleveland Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Richmond Sept. 25 Oct. 2 Oct. 9 . . ' Oct. 16 Oct. 23 Atlanta Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Chicago* Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 5/. Louis Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Minneapolis Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Kansas City Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Dallas Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 San Francisco Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 City of Chicago* Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 945 909 907 911 934 008 649 592 540 888 Commercial, industrial, and agricultural Investments For purchasing or carrying securities To brokers and dealers U. S. Government obligations To others U.S. U. S. Govt. Other ^ovt. Other seobobliga- curiliga- curities ties tions tions Real- Loans estate to Other Total loans Danks loans 554 565 573 578 585 '34 32 21 21 30 13 12 12 11 31 27 26 28 27 14 13 14 13 13 83 ,84 85 85 86 6,103 636 5,978 669 5,925 3,748 5,945 3,801 5,969 3,791 730 610 492 488 516 313 293 271 261 259 375 364 350 343 329 192 190 181 182 188 172 173 174 174 175 107 96 107 880 882 877 879 894 Total Bills CerOther tifisecucates rities 1 of in- Notes Bonds debtedness 2,065 2,027 2,030 2,032 2,040 1,965 1,926 1,930 1,932 1,940 42 36 39 37 41 292 258 257 261 260 180 180 182 182 176 1,451 1,452 1,452 1,452 1,463 100 101 100 100 100 597 15,905 591 15,671 602 15,667 600 15,595 604 15,919 4,630 4,380 .4,427 4,392 4,741 124 283 264 278 642 2,228 1,880 1,975 1,983 2,036 1,590 1,516 1,493 1,468 1,470 0,688 0,701 0,695 0,663 0,593 ,275 ,291 ,240 ,203 ,178 141 141 143 140 140 638 633 642 647 645 349 352 361 372 375 14 12 9 10 9 27 25 25 24 22 29 26 26 23 20 9 9 9 9 9 47 47 46 45 46 1 1 5 2 2 162 161 161 162 1,754 1,711 1,706 1,691 1,688 1,552 1,509 1,503 1,486 1,481 45 47 46 47 47 205 166 179 167 189 211 208 207 205 164 1,091 1,088 1,071 1,067 1,081 202 202 203 205 207 839 ,182 782 ,185 782 1,170 784 1,183 806 1,180 564 569 588 602 608 26 30 26 29 25 29 26 23 24 21 141 135 129 120 114 14 13 13 14 13 202 204 205 206 209 20 20 186 188 186 188 190 3,657 3,597 3,612 3,601 3,626 19 31 27 33 37 600 534 526 520 507 379 367 360 342 342 2,376 2,384 2,419 2,424 2,459 283 281 280 282 281 059 014 021 034 026 433 434 440 448 449 217 218 223 228 231 6 6 6 38 37 37 37 37 9 9 9 9 9 66 66 66 67 69 93 94 94 95 95 1,626 1,580 1,581 1,586 1,577 3,374 3,316 3,332 3,319 3,345 1,540 1,493 1,494 1,498 1,489 31 28 27 24 19 335 315 310 309 303 136 136 133 133 130 1,038 1,014 1,024 1,032 1,037 86 87 87 037 993 016 032 044 513 518 526 538 553 275 278 284 293 305 72 72 72 70 70 21 21 21 21 21 38 39 39 40 40 95 97 99 101 105 1,524 1,475 1,490 1,494 1,491 1,366 1,317 1,327 1,330 1,328 3. 17 26 27 18 356 319 321 319 326 170 165 166 169 169 80' 816 814 815 815 158 158 163 164 163 ,496 ,297 ,351 ,430 ,469 2,022 2,034 2,052 2,071 2,081 ,293 ,304 ,335 ,354 ,377 114 112 108 107 102 69 69 67 68 68 224 227 229 231 233 200 201 202 204 206 6,474 6,263 6,299 6,359 6,388 5,912 5,708 5,746 5,811 5,849 101 66 108 184 198 1,253 1,067 1,051 1,044 1,070 671 3,887 666 3,909 66: 3,925 3,930 3,933 562 555 553 548 539 ,878 ,869 ,868 ,88 ,899 624 637 648 661 668 333 344 356 368 373 42 42 41 40 40 16 15 15 15 15 91 92 93 94 94 129 133 133 134 136 1,254 1,232 1,220 1,221 1,231 1,117 1,095 1,084 1,087 1,098 18 14 11 20 24 123 10J 102 101 105 181 181 177 181 185 795 79. 794 785 784 137 137 136 134 133 ,222 ,211 ,216 ,218 ,210 301 301 307 311 317 170 169 175 177 179 21 21 20 20 20 5 5 5 5 5 36 36 37 37 37 66 67 67 69 73 921 910 909 90 893 862 851 850 848 83. 80 78 79 75 13. 12 123 120 114 643 636 63 637 63. 59 59 59 59 58 250 22. 223 238 251 504 504 508 517 521 31 31 316 320 326 30 29 29 29 28 9 9 9 9 9 91 9 93 93 1,721 93 1,730 1,579 1,553 1,548 1,552 1,561 414 386 384 38: 381 264 26: 263 264 264 866 867 86' 862 86' 167 167 167 169 169 963 942 948 958 957 702 70 711 716 724 440 446 452 456 464 79 76 70 70 69 31 3: 31 31 30 56 56 56 58 58 4' 46 48 48 48 9 99 101 102 105 1,261 1,235 1,237 1,24: 1,233 1,188 1,166 1,168 1,173 1,164 329 310 306 306 306 173 173 169 164 163 639 641 645 650 650 73 69 69 69 69 985 1,641 874 1,66 898 1,686 952 951 927 938 970 998 1,008 95 96 86 86 32 33 33 34 33 350 354 357 360 363 188 190 194 190 197 5,344 5,210 5,212 5,23 5,220 4,905 4,774 4,77 4,802 4,788 79 692 98 102 1,224 1,127 1,132 1,14 1,143 653 658 639 640 627 2,949 2,925 2,915 2,917 2,916 439 436 434 435 432 60 60 58 59 59 48 50 50 50 51 96 97 98 98 98 3,66 3,324 3,542 ,20 3,574 ,233,61 3,28i 68 48 8< 13 155 81 706 69: 684 723 31 31 317 313 312 2.12C 2,12< 2,14: 2,14< 2,15C 343 341 340 337 329 392 344 348 338 333 018 1,351 965 902 360 973 371 945 998 00 1,384 1,015 06C 1,391 1,03 5 5 3,665 3,34C r 1 Revised. 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. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 1264 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES fin millions of dollars] Demand deposits, except interbank Federal Reserve district and date ReBalDeserves with Cash ances mand Fedwith dein eral vault do- posits mestic ad- 1 Rebanks justed serve Banks Time deposits, except interbank Individuals, States Certified part- and and u. s. ner- political offiGovships, subcers' ernand cor- divi- checks, ment etc. pora- sions tions Individuals, partnerships, and corporations Interbank deposits Domestic S. banks Bor- CapBank States U. Govrow- ital deband ernacings counts Forits* polit- ment eign ical and banks sub- Postal Dedivimand Time sions Savings Boston (6 cities) 477 473 476 482 482 57 57 60 58 61 114 121 116 116 112 2,223 2,229 2,234 2,236 2,269 2,193 2,177 2,170 2,231 2,209 161 177 172 167 175 37 44 35 41 36 296 248 245 245 246 468 470 470 471 471 304 308 299 306 290 23 23 24 24 25 3,991 4,013 3,979 3,971 3,788 142 137 145 135 142 111 118 109 119 108 15,749 15,640 15,645 15,575 15,840 15,915 15 ,820 15,766 16,068 15,000 417 516 426 437 416 732 814 640 642 670 2,031 1,73' 1,688 1,697 1,710 1,975 1,974 1,979 1,9*1 1,968 2,901 3,025 2,939 2,963 2,887 432 415 420 422 425 32 31 .34 32 34 92 95 85 91 84 1,805 1 ,870 1,787 1,874 1,805 1,841 1,755 1,879 1,792 1,865 49 45 56 49 47 28 26 46 36 27 254 21 208 209 210 245 245 246 246 246 751 778 756 753 769 81 76 80 80 84 199 189 181 204 193 3,096 3,116 3,083 3,072 3,126 3,089 3,116 3,077 3,186 3,157 182 185 169 164 171 52 61 57 60 52 448 384 376 379 384 346 346 352 357 347 42 38 42 39 43 125 126 136 139 126 1,384 1,419 1,423 1,427 1,459 1,422 91 98 92 93 91 28 30 26 29 30 369 368 371 366 376 31 27 30 28 30 137 152 157 163 135 1,295 1,286 1,305 1,353 1,315 219 218 220 216 213 1,447 1,467 1,416 1,410 1,413 93 83 93 89 93 358 361 353 396 381 5,436 5,368 5,373 5,382 5,424 5,314 5,279 5,275 5,496 5,418 323 319 335 344 335 23 22 24 22 23 100 103 107 113 106 1,116 1,189 1,102 1,177 1,111 1,187 1,120 245 1,127 1,215 S e p t . 25 . . . . Oct. 2 Oct. 9 Oct. 16 Oct. 23 205 211 209 206 206 12 11 11 11 12 92 98 97 97 96 Sept. 25 . . . . Oct. 2 Oct. 9.... Oct. 16 Oct. 23 443 450 453 467 436 S e p t . 25 . . . Oct. 2 Oct. 9 Oct. 16. . . . Oct. 23. . . . Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 New York (8 cities)* Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Philadelphia (4 cities) Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Cleveland (10 cities) Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Richmond (12 cities) Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Atlanta (8 cities) Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Chicago (12 cities)* Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 St. Louis (5 cities) Sept. 25 Oct. 2 f... Oct. 9 Oct. 16 Oct. 23 Minneapolis (8 cities) Kansas City(12 cities) Dallas (9 cities) SanFrancisco(7 cities) S e p t . 25 Oct. 2 Oct. 9.... Oct. 1 6 . . . . Oct. 23 296 297 297 297 298 728 793 651 684 728 1,172 1,160 1,147 1,145 1,151 116 2,143 2,154 2,156 2,152 2,154 6,814 8,023 6,756 6,780 7,240 352 357 345 300 342 11 10 11 11 12 262 263 263 263 263 630 666 600 609 606 ,320 ,322 ,323 ,322 ,326 488 495 490 534 493 4 5 5 4 5 489 1,053 489 1,065 490 864 490 963 491 1,021 18 159 156 160 163 377 378 381 382 382 395 404 424 441 410 5 6 5 4 9 147 147 147 147 147 486 495 456 493 490 14 15 18 17 16 156 134 131 132 136 449 450 450 450 451 443 458 472 493 477 9 9 9 9 9 131 132 132 132 132 464 474 452 493 558 516 500 479 464 455 89 87 86 87 91 815 68 67: 676 1,974 1,977 1,981 1,980 1,983 1,511 1,522 1,517 1,624 1,606 27 28 29 28 31 624 627 628 627 628 2,257 2,250 1,930 2,180 2,405 65 66 64 64 67 18 20 19 24 17 176 151 147 1*8 151 369 370 370 371 372 504 531 547 567 557 7 7 7 7 6 142 143 143 143 143 445 464 408 460 502 707 715 720 747 729 102 106 102 100 103 ,14 14 14 13 13 127 109 106 106 107 229 229 230 230 231 350 35 361 352 349 91 91 92 92 92 355 333 327 333 370 24 21 23 22 24 1,512 1,492 1,488 1,481 1,489 1,488 276 1,528 1,558 273 1,508 1,518 176 176 167 165 174 27 25 24 23 23 186 159 156 156 162 312 313 313 313 314 807 836 831 838 833 156 156 157 157 157 546 516 473 521 625 392 400 393 401 383 26 24 26 25 27 207 1,470 208 1,465 217 1,474 232 1,490 220 1,487 1,475 1,461 1,470 1,529 1,491 96 107 106 107 105 27 23 23 25 26 157 13 131 131 133 292 293 294 294 294 516 529 533 549 519 149 149 150 149 150 477 436 396 435 513 993 1,023 1,001 50 49 49 50 50 287 284 276 295 294 3,576 3,558 3,544 3,596 3,610 3,645 3,609 3,588 3,771 3,691 158 176 176 172 168 110 110 105 104 100 649 563 542 549 555 2,110 2,112 2,119 2,121 2,124 439 436 448 497 45 578 578 579 578 579 1,313 1,306 1,218 1,205 1,340 912 934 893 895 888 31 26 31 31 32 160 3,301 3,341 157 3,274 232 234 226 221 218 40 38 39 37 41 522 438 42< 431 814 81 818 816 4,31 818 1,068 1,074 1,07: 1,14 1,14: 39: 39i 39^ 39i 39; 1,419 1,367 1,198 1,311 1,537 1,002 986 City of Chicago' Sept. 25 Oct. 2 Oct. 9 Oct. 16.... Oct. 23 2 3 7 7 7 723 729 732 734 738 3,284 3,287 164 3,330 3,418 1 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Debits to demand deposit accounts except in interbank and U. S. Government accounts. * See note on preceding page. NOVEMBER 1946 1265 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month cial Total paper outout- 1 standing standing Accepting banks Total 1945—j u n e , July August SeDtember October November December m 1946—January Februarv May June July August September Based on a Held by Commer- 80 90 101 104 100 107 Own bills Bills bought 44 45 50 52 53 58 36 45 50 52 46 49 101 107 110 111 127 156 107 117 128 135 135 145 159 154 112 64 174 178 166 167 126 128 172 149 126 121 131 142 148 163 169 177 192 205 207 200 119 109 108 109 118 140 151 71 74 64 65 66 65 67 68 68 Federal Reserve Banks (For own account) Others 27 26 28 31 35 38 (3) 48 2 13 13 18 34 13 2 Exports from United States Goods stored in or shipped between points in United States 10 9 10 11 12 15 74 81 91 98 95 100 42 55 53 55 44 42 45 51 72 82 Imports into United States 103 18 40 39 109 109 42 47 55 64 54 54 47 104 114 124 134 146 152 150 Foreign countries 20 22 25 23 22 23 3 4 2 3 6 26 7 20 18 29 31 8 9 17 16 18 22 24 22 20 33 30 28 27 26 26 23 8 9 7 8 9 7 7 1 2 As reported by dealers; includes some finance company paper sold in open market. Dollar exchange less than $500,000 throughout the period. ' Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances n millions of dollars] Credit balances Debit balances End of month Debit Debit Customers' balances in balances in firm partners' debit balances investment investment and trading and trading (net) * accounts accounts Customers' credit balances1 Cash on hand and in banks Money borrowed2 Free Other (net) Other credit balances In partners' In firm 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 616 600 496 543 761 788 887 1,041 1,223 11 8 9 7 9 11 5 7 11 89 86 86 154 190 188 253 260 333 186 211 180 160 167 181 196 209 220 * 395 368 309 378 529 557 619 726 853 255 289 240 270 334 354 424 472 549 65 63 56 54 66 65 95 96 121 17 17 16 15 15 14 15 18 14 7 5 4 4 7 5 11 8 13 222 213 189 182 212 198 216 227 264 1945—October November. . December... 81,063 31,095 1,138 12 413 313 3743 3711 795 3632 3639 654 112 29 13 299 1946—January.... February. . . March April May 31,168 81,046 »936 3 895 3 856 809 3 745 3 723 3 631 » 734 3 645 3 622 3 575 3 547 498 3 442 3 377 3 305 3 727 3 755 3 712 3 697 3 669 651 3 653 3 647 3 729 120 24 17 314 June July August September. . 7 399 370 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. 23 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): July, 109; August 99; September, 82. 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. 1266 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] Prime commercial paper, 4- to 6months1 Year, month, or week U.S. Government security yields Prime Stock exbank- change ers' 9-to 12call accept- loan month to 5ances, certifi- 3-year 3re90 1 cates taxable month newdays bills* of in- notes als' debtedness 1943 average 1944 average 1945 average 69 .73 .75 .44 .44 .44 1.00 1.00 1.00 .373 .375 .375 75 .79 .81 1 34 1.33 1.18 1945—October November. December.. .75 .75 .75 .44 .44 .44 1.00 1.00 1.00 .375 .375 .375 .83 .84 .84 1.17 1.14 « 1.15 1946—January... February. . March April May .75 .75 .75 .75 .75 .75 .77 .81 .81 .88 .44 .44 .44 44 .47 .50 .59 .71 .81 .81 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.38 1.38 1.38 .375 .375 .375 .375 .375 .375 .375 .375 .375 .375 .79 .76 .79 .81 .83 .83 .84 .84 .85 .83 1.10 1.03 IK-IK 1X-1K 1X-1K IK-IK 1X-1K .375 .375 .375 .375 .376 .85 .85 .83 .83 .83 1.24 1.25 1.24 1.24 1.23 June July August.... September . October Week ending: Sept. 28. . Oct. 5 . . Oct. 12.. Oct. 19.. Oct. 26. . K-K H-7A H-Vs K-l K-i 13 /a "/l6 13/16 13 13 he /l6 Total 19 cities New York City 7 Other Northern and Eastern cities 11 Southern and Western cities 1937 average1 1938 average1 2.59 2.53 1.73 1.69 2.88 2.75 3.25 3.26 1939 1940 1941 1942 1943 1944 1945 average average average average average average average 2.78 2.63 2.54 2.61 2.72 2.59 2.39 2.07 2.04 1.97 2.07 2.30 2.11 1.99 2.87 2.56 2.55 2.58 2.80 2.68 2.51 3.51 3.38 3.19 3.26 3.13 3.02 2.73 1942—June September. December. 2.62 2.70 2.63 2.07 2.28 2.09 2.56 2.66 2.63 3.34 3.25 3.26 1943—March June September. December. 2.76 3.00 2.48 2.65 2.36 2.70 2.05 2.10 2.76 2.98 2.71 2.76 3.24 3.38 2.73 3.17 1944—March June September. December. 2.63 2.63 2.69 2.39 2.10 2.23 2.18 1.93 2.75 2.55 2.82 2.61 3.12 3.18 3.14 2.65 1945—March June September, December. 2.53 2.50 2.45 2.09 1.99 2.20 2.05 1.71 2.73 2.55 2.53 2.23 2.38 1946—March.... June September 2.31 2.41 2.31 1.75 1.84 1.80 2.34 2.51 2.43 2.93 2.97 '2.75 .99 1.12 1.18 1.15 1.13 1.14 1.22 1.24 1 2 Monthly figures are averages of weekly prevailing rates. The average rate on 90-day stock exchange time loans was 1.50 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. » 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. Backfigures.—SeeBanking and Monetary Statistics, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. 1 Prior to March 1939 figures were reported monthly on a basis not strictly comparable with the current quarterly series. Backfigures.—SeeBanking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS * [Per cent per annum] Corporate (Moody's)4 U. S. Government 7 to 9 years Year, month, or week Taxable 15 years and over Partially tax exempt Taxable Municipal (highgrade)2 Corporate (highgrade)8 By ratings By groups Total Aaa Aa A Baa Industrial Railroad Public utility Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1943 average 1944 average.... 1945 average.... 1.96 1.94 1.60 1.98 1.92 1.66 2.47 2.48 2.37 2.06 1.86 1.67 2.64 2.60 2.54 3.16 3.05 2.87 3.64 3.39 3.06 2.99 2.97 2.89 2.35 2.33 2.33 2.54 2.54 2.54 2.84 2.82 2.80 3.20 3.15 3.10 2.65 2.64 2.64 3.03 2.99 2.96 2.84 2.81 2.79 July August. . . September October . . 1.31 1.28 1.28 1.36 1.47 1.43 1 40 1.46 1.55 1.56 (6) (6) (6) (6) (6) (6) 2.21 2.12 2.09 2.08 2.19 2.16 2.18 2.23 2.28 2.26 1.76 1.70 1.64 1.57 1.49 1.49 1.45 1.54 1.55 1.60 1.65 1.75 1.84 3.13 3.06 2.87 2.84 2.81 2.79 2.85 2.80 2.68 1.62 1.56 1.51 2.43 2.36 2.35 2.37 2.44 2.42 2.41 2.44 2.50 2.51 2.73 2.68 2.66 2.67 2.71 2.71 2.71 2.73 2.79 2.82 2.86 2.81 2.71 2.70 2.68 2.68 2.62 2.56 2.54 2.56 2.58 2.59 2.59 2.62 2.68 2.70 3.91 3.61 3.29 1.50 1945—October.. . November 1.42 December. M.38 2.73 2.72 2.62 2.62 2.62 2.61 2.54 2.48 2.47 2.46 2.51 2.49 2.48 2.51 2.58 2.60 2.73 2.70 2.69 2.69 2.73 2.73 2.72 2.74 2.80 2.84 3.01 2.95 2.94 2.96 3.02 3.03 3.03 3.03 3.10 3.15 2.57 2.54 2.54 2.57 2.60 2.59 2.58 2 58 2.64 2.65 2.89 2.83 2.80 2.78 2.84 2.85 2.86 2.89 2.98 3.05 2.71 2.65 2.64 2.65 2.69 2.70 2 69 2.70 2.75 2.76 Week ending: Sept. 28. . Oct. 5. . Oct. 12.. Oct. 19. . Oct. 26.. 1.56 1.55 1.56 1.56 1.57 (6) (6) 2.28 2.27 2.27 2.26 2.26 1.81 1.87 1.87 1.85 1.83 2.50 2.49 2 51 2.51 2.51 2.82 2.82 2.82 2 82 2.82 2.60 2.59 2.60 2.60 2.60 2.69 2.70 2.71 2.69 2.69 2.82 2 82 2.83 2.83 2.84 3.16 3.15 3.15 3.15 3.15 2.67 2.66 2.66 2.66 2.65 3.03 3.04 3.04 3.04 3.05 2.76 2.75 2.76 2.77 2.76 1946—January.. February.. March.... April May June (6) («) (6) (6) (6) (6) (6) 1 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 hava been 6reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. • 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. NOVEMBER 1946 1267 SECURITY MARKETS * Stock prices5 Bond prices Corporate4 Year, month, or week U.S. Government2 Number of issues Municipal (high- Highgrade)3 grade Medium- and lower-grade Total Industrial Pre- 6 De- ferred Public faulted utility Railroad Common (index, 1935-39=100) Volume of trading7 (in thousands of Indus- Rail- Public shares) Total utility road trial 15 15 50 10 20 20 15 15 402 354 20 28 1945 average. . . . 100.50 131.8 100.25 135.7 102.04 139.6 120.3 120.9 122.1 109.5 114.7 117.9 117.0 120.5 122.2 97.6 107.3 115.1 44.0 59.2 75.4 172.7 175.7 189.1 92 100 122 94 102 123 89 101 137 82 90 106 1,032 971 1,443 1945—October. . November December. 102.38 137.7 102.60 139.0 102.68 140.1 121.9 122.0 121.9 117.7 118.3 119.0 122.0 122.5 123.1 115.3 116.6 117.5 114.0 116.3 116.3 115.7 116.0 116.2 76.6 78.9 82.1 188.0 192.2 195.3 132 137 140 135 139 142 145 154 157 114 121 120 1,556 1,961 1,626 1946—January.. February. March.... April May June July August. . . September October... 104.59 106.03 106.46 106.61 104.82 105.28 104.8 104.11 103.25 103.58 141.6 143.4 143.4 144.1 142.1 142.0 140.9 140.0 137.8 135.7 123.8 124.5 124.5 124.3 123.7 123.9 124.0 123.8 122.8 121.8 119.7 120.0 120.1 119.9 119.5 119.5 119.1 119.0 117.4 115.8 123.9 124.4 124.5 124.4 123.9 123.9 123.4 124.0 123.3 122.2 118.9 119.6 119.9 119.6 118.6 118.7 118.5 117.7 114.3 112.3 116.3 116.1 115.9 115.8 116.0 116.0 115.3 115.4 114.7 112.9 84.9 85.4 82.7 83.6 81.8 83.2 80.0 78.8 65.4 62.7 197.9 200.5 203.1 204.9 201.9 202.4 204.1 203.4 196.2 191.6 145 143 142 152 154 153 150 146 125 122 148 146 145 156 159 157 153 150 129 126 164 160 154 157 157 162 154 147 119 110 124 124 123 128 129 130 128 125 110 107 2,183 1,776 1,116 1,391 1,311 1,086 936 946 2,173 1,256 Week endins: Sept. 28. . Oct. 5. . Oct. 12.. Oct. 19. . Oct. 26. . 103.29 103.46 103.48 103.57 103.60 136.6 134.5 134.5 135.8 136.2 122.3 122.2 121.9 121.7 121.8 115.9 116.1 116.1 116.0 115.3 122.2 122.2 122.1 122.1 122.1 111.9 112.3 112.1 112.2 112.4 113.5 113.6 114.0 113.6 111.3 60.8 62.5 60.7 62.3 63.9 191.8 192.9 191.8 192.3 191.3 125 125 118 127 123 129 129 121 131 127 115 113 104 115 110 109 109 104 110 108 1,684 947 1,582 1,452 873 1-9 1943 average 1944 average * Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures * Average of taxable bonds due or callable in 15 years and over. » Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 8 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. Backfigures.—SeeBanking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital Year or month Total (new Total and (dorefund- mestic and ing) foreign) Domestic Total State and municipal . . 6,214 3,937 4,449 5,79f 4,803 5,546 2,114 2,174 4,216 . . . . 7,958 1,972 2,138 2,360 2,277 1,951 2,854 1,075 1,949 2,094 2,325 2,239 1,948 2,852 1,075 642 913 640 896 1,764 1,752 879 1945—September. October... 1,338 223 November. 838 December. 142 243 94 243 142 238 94 241 37 29 34 80 346 430 562 1,09 1,03 84 929 559 43 200 122 200 373 310 425 49 419 23 200 122 200 373 302 425 491 419 23 68 57 56 61 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945. 1946—January.. February March. . . April May June July August.. . September For refunding 735 712 971 931 751 518 342 176 235 471 108 124 64 61 Domestic Total (doCorporate Formestic 2 Fedeign and eral foragen-1 Bonds eign) cies Total and Stocks notes 22 157 481 924 461 1,192 1,225 1,272 1,06? 108 90 15 26 839 817 807 287 601 889 506 282 422 602 352 408 67 97 135 173 118 92 224 654 35 103 28 107 70 106 31 54 131 1 10 5 47 127 17 290 118 99 307 115 367 183 354 196 95 170 122 42 111 172 93 193 184 159 75 873 383 736 624 374 646 1,255 105 209 60 161 1 18 16 22 7 9 23 44 35 38 2 1 2 17 12 5 3 1 8 4,242 1,799 2,089 3,513 2,852 2,693 1,039 1,532 3,303 6,194 Total State and municipal Corporate T^ Federal eign2 agen-1 Bonds cies Total and Stocks notes 4,123 1,680 2,061 3,465 2,852 2,689 1,039 1,442 3,288 6,146 382 191 129 195 482 435 181 259 404 324 737 732 1,096 1,070 129 129 594 594 9 38 7 3 17 42 44 255 705 989 78 337 3 23 31 10 47 16 8 1 16 30 20 23 326 17 41 33 33 38 113 264 284 363 664 366 345 92 144 146 307 362 723 728 423 438 141 199 146 307 338 698 728 423 386 126 199 353 281 665 1,537 344 698 440 497 418 912 3 387 1,209 1,267 1,733 2,026 1,557 3 187 418 685 407 603 119 119 28 4ft 645 820 60 282 60 169 18 55 5 26 55 247 238 277 5S6 301 274 39 143 58 17 46 85 127 65 71 53 1 2,466 2,178 4 911 4 256 i1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 1268 200 352 31 137 193 126 11 82 288 655 856 1,236 1,596 1,834 1,430 4 90 15 48 23 25 52 15 Monthly figures FEDERAL RESERVE BULLETIN NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated gross net proceeds2 proceeds3 Year or month New money Total Retirement of securities Plant and Working capital Ronds and Preferred notes stock Total Repayment Other of other debt purposes 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 397 2,332 4,572 2,310 2,155 2,164 2,677 2,667 1,062 1,170 3,202 '6,011 384 2,266 4,431 2,239 2,110 2,115 2,615 2,623 1,043 1,147 3,142 '5,902 57 208 858 991 681 325 569 868 474 308 657 '1,080 32 111 380 574 504 170 424 661 287 141 252 '638 26 96 478 417 177 155 145 207 187 167 405 '442 231 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 '4,555 231 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 '4,117 71 226 190 87 59 128 100 30 72 351 '438 84 170 154 111 215 69 174 144 138 73 49 '134 11 23 49 36 7 26 19 28 35 27 47 '133 1945—March April May June July August September October November December '224 '651 '537 ••119 '961 '465 '808 1,082 '152 '500 '220 '639 '525 '118 '943 '459 '793 '1,062 '148 '491 '49 '95 '151 '17 '197 '100 99 '156 '25 '121 '27 '49 '63 '5 '149 '59 50 '102 '9 '93 '22 '46 88 '12 '48 '41 49 '54 '16 '29 '161 '525 '355 '96 '730 '302 '682 '853 '88 '338 '147 '510 '302 '88 '589 '283 '648 '797 '68 '296 13 '15 53 '8 '141 19 35 56 19 '42 '6 14 17 '3 5 50 1 19 '6 12 '12 6 '11 34 '29 '20 1946—January February March April May June July August September 253 297 417 682 844 663 '672 497 267 245 291 405 666 825 643 '655 488 261 111 37 99 213 153 245 '327 331 138 63 17 55 148 91 169 '198 126 101 49 20 44 65 62 77 '129 206 37 118 238 287 376 630 317 '258 98 98 56 222 257 320 514 285 '218 77 38 62 16 30 56 116 32 '40 21 60 5 2 2 57 28 14 '46 50 18 10 15 17 21 14 67 25 10 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Industrial Public utility Railroad Other Retire- All Retire- All Total Retire- All Total Retire- All Total Total net New ment of other New ment of other New ment of other net net net New ment of other pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 poses ceeds poses ties poses ceeds poses ceeds ties ties ceeds ties Year or month 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—March . April 120 54 558 110 30 97 186 108 15 114 500 172 120 774 338 54 182 319 361 47 160 602 1,436 21 57 139 228 24 85 115 253 32 46 102 115 1,320 360 75 14 18 346 57 Mav June July August September.. October. . . . November December. . 1946—January.... February... March April May June July August September.. 105 84 270 246 68 7 150 192 98 76 35 '9 19 12 10 4 27 19 7 1 2 1 7 9 8 3 16 31 10 77 1 is 751 I 208 1,246 1,180 340 464 469 1,400 '2,291 '131 '137 '208 11 30 63 89 180 43 245 317 145 22 40 '69 '4 '3 '11 '308 '6 '117 '2 '378 '566 ' " ' 1 6 ' '63 2 '24 '213 1 43 1 32 1 78 6 138 50 "i48 190 97 69 26 '1 424 179 338 41 111 77 1,190 1,897 611 943 1,157 922 993 292 423 1,343 '2,159 '121 '134 '196 42 30 27 50 86 47 13 30 27 25 17 '63 '7 1 '1 5 10 181 6 13 '302 '111 '372 '524 '54 '181 43 31 76 119 408 134 '156 33 86 62 774 1,280 1,079 831 584 961 828 527 497 1,033 '1,969 '84 '128 '239 '67 '37 '37 93 74 266 219 3 130 1,250 L,987 '5 6 26 '7 8 13 11 35 1 2 12 25 74 439 616 469 188 167 244 293 228 454 34 550 761 373 226 353 738 463 89 199 504 '811 '1,010 41 '69 '121 '16 '483 '249 '133 '223 '61 '184 181 100 126 412 163 '86 87 '95 '21 '70 98 26 94 198 289 405 127 206 '277 '131 392 130 313 108 '40 '44 ••99 '47 '304 '116 '42 '105 '33 '105 68 59 13 157 137 153 '102 63 9 2 150 80 90 136 43 56 121 146 71 76 '148 '3 15 '18 '4 '17 47 '4 23 '7 9 15 15 19 56 25 45 '44 16 13 20 122 390 71 16 102 155 94 4 21 107 '206 4 15 '3 '14 46 218 57 8 9 42 55 4 13 61 '85 4 '10 72 152 7 7 88 9 18 19 4 20 7 1 5 104 21 4 42 '65 4 3 '56 1 1 '12 '3 '1 1 9 '47 '8 '12 '28 '24 '26 13 9 10 18 '17 '1 8 19 1 9 6 9 2 7 '30 37 24 31 53 1 14 20 6 9 1 17 4 9 '3 5 3 7 8 3 1 5 1 4 '22 15 9 6 25 42 '1 Revised. Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal4 to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. NOVEMBER 1946 1269 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits,1 by industrial groups Year or quarter Total Iron and steel Other NonMaAu- trans- ferrous metals chin- tomo- portation and ery biles equipprodment ucts Other durable goods Oil Foods, producIndusbevering trial ages, and chemiand cals tobacco refining Other nondurable goods MisDividends cellaNet 1 neous profits servPre- Comices 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 1,925 146 115 223 102 119 70 151 98 186 134 122 90 564 278 325 226 204 194 188 158 193 159 165 174 163 242 274 209 201 222 243 173 227 182 180 190 169 133 153 138 128 115 108 88 113 90 83 88 88 148 159 151 162 175 199 112 174 152 186 220 223 194 207 164 170 187 187 160 187 136 149 147 154 132 152 161 171 184 203 847 1 028 1,137 888 902 970 989 90 92 88 86 86 85 669 705 552 556 611 612 Quarterly 1942—l 2 3 4 413 358 445 553 52 52 51 72 38 35 36 49 46 25 46 92 »46 2 43 22 43 50 36 32 34 36 19 18 22 30 32 32 42 44 35 27 42 49 39 35 41 48 39 27 35 35 31 32 52 46 205 174 213 296 21 23 20 23 134 135 125 158 1943—i 2 3 4 430 433 461 477 52 47 51 53 39 41 41 45 47 50 52 53 22 46 41 34 32 31 31 19 22 20 23 39 37 43 43 36 42 49 58 41 41 40 47 36 36 39 38 39 38 50 44 209 221 226 246 21 22 21 22 127 132 127 170 1944—i 2 3 4 444 459 475 518 47 46 47 55 40 40 38 55 52 55 55 59 2 2 2 2 52 47 47 43 29 30 28 28 20 22 21 25 38 43 45 49 49 52 56 64 42 43 49 53 36 37 37 37 39 43 52 50 224 230 244 272 21 22 20 23 142 149 137 184 1945—1 2 3 4 492 508 439 485 49 53 37 49 38 42 35 47 63 77 46 58 2 50 2 36 2 36 31 27 23 27 21 21 20 26 45 46 50 58 62 64 61 37 48 45 43 51 39 38 37 40 45 47 53 58 250 269 224 246 20 22 21 22 142 145 143 182 1946—1 2 323 601 22 66 -19 47 -34 23 2-6 242 2,0 25 12 32 65 73 56 60 63 67 62 73 82 93 116 244 20 21 146 153 Number of companies. 1939 1940 1941 1942 1943 1944 1945 2 48 «46 *47 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Electric power4 Railroad* Year or quarter 1939 1940 1941 1942 1943 I944 1945 Operating revenue 3,995 4,297 5,347 7,466 9,055 9,437 8,902 Quarterly Income before income tax 6 Net income1 Dividends 755 93 189 500 902 873 668 447 126 159 186 202 217 246 253 126 249 674 1,658 2,211 1,971 Telephone 5 Income before income tax" Net income1 Dividends 2,647 2,797 3,029 3,216 3,464 3,618 3,695 629 692 774 847 914 915 906 535 548 527 490 502 499 523 444 447 437 408 410 390 399 Operating revenue Operating revenue Income before income tax« Net income1 Dividends 1,067 1,129 1,235 1,362 1,537 1,641 1,803 227 248 271 302 374 399 396 191 194 178 163 180 174 177 175 178 172 163 168 168 173 1942—1 2 3 4 I943—1 2 3 4 1,483 1,797 2,047 2,139 178 390 556 534 90 198 286 327 24 46 30 101 816 770 792 839 234 196 195 222 131 104 105 150 98 96 84 131 324 337 342 359 72 75 72 83 41 41 39 43 44 42 39 38 2,091 2,255 2,368 2,340 515 608 653 214 244 250 29 52 36 864 835 859 254 221 210 100 906 228 99 100 99 435 166 136 118 114 133 113 366 382 391 88 96 94 398 96 42 44 45 48 40 42 43 I944—1 2 3 4 2,273 2,363 2,445 2,356 458 148 31 925 262 135 94 400 97 42 174 180 165 42 511 550 452 55 30 130 886 878 929 241 207 205 123 111 130 102 94 101 406 409 426 101 98 104 43 43 46 42 42 43 1945_1 2 3 4 2,277 2,422 2,231 1,972 425 504 229 -404 139 187 125 -4 30 72 29 123 971 909 887 928 292 233 211 171 139 123 116 145 102 96 92 109 436 444 449 474 115 109 103 70 46 45 44 43 41 44 43 46 1946—1 2 1,866 1,711 38 -54 14 -42 56 52 971 915 299 221 196 151 107 110 475 497 84 75 54 53 44 45 43 1 2 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. Partly estimated. » Class I line-haul railroads, covering about 95 per cent of all railroad operations. *8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, 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 (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 1270 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month 1940—June Dec 1941—June Dec 1942—June Dec. 1943—June Dec 1V44—June Dec, 1945—June Total gross direct debt Total interestbearing direct debt 42,968 42,376 45,025 44,458 48,961 48,387 57,938 57,451 71,968 72,422 . . 108,170 107,308 136,696 135 ,380 165,877 164,508 201,003 199,543 , . 230,630 228,891 258,682 256,357 1945—Oct Nov Dec 1946—Jan Feb Mar Apr May... . June.... July Aug Sept Oct 261,817 265,342 278,115 278,887 279,214 276,012 273,898 272,583 269,422 268,270 267,546 265,369 263,532 259,439 262,849 275 ,694 277,456 277,912 274,748 272,711 271,440 268,111 267,039 266,359 264,217 262,415 Marketable public issues1 Total2 Nonmarketable public issues CertifiTreasury cates of Treasury Treasury indebtbonds notes bills 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 17,041 182,790 185,112 198,778 199,633 199,810 197,063 195,079 193,487 189,606 187,596 186,350 184,338 182,318 17,026 17,026 17,037 17,042 17,032 17,047 17,054 17,041 17,039 17,023 17,024 17,007 16,987 Total2 Special U. S. Treasury and issues savings tax bonds savings notes 3,096 10,534 16,561 22,843 28,822 30,401 34,136 6,383 6,178 5,698 5,997 6,689 9,863 9,168 11,175 17,405 23,039 23,497 26,555 27,960 30,215 33,367 38,085 49,268 57,520 67 ,944 79,244 91,585 106,448 3, 16 3, 44 4,55 8,90 13,51 21,788 29,200 36,574 44,855 50,917 56,226 2,905 3,195 4,314 6,140 10,188 15,050 21,256 27,363 34,606 40,361 45 ,586 35,021 35,021 38,155 41,502 41,413 40,399 38,408 36,828 34,804 37,720 36,473 34,478 32,478 23,498 23,498 22,967 19,551 19,551 18,261 18,261 18,261 18,261 13,351 13,351 13,351 13,351 107,049 109,371 120,423 121,358 121,635 121,177 121,177 121,177 119,323 119,323 119,323 119,323 119,323 56,072 57,028 56,915 57,168 57,206 56.550 56,408 56,472 56,173 56,399 56.566 56,025 56,081 46,786 47,473 48,183 48,588 48,692 48,733 48,828 48,917 49,035 49,320 49,447 49,545 49,624 Fully Nonguaraninterest- teed inbearing terestdebt bearing securities 2,471 3,015 6,384 7,495 8,586 9,557 9,843 10,136 4,775 5,370 6,120 6,982 7,885 9,032 10,871 12,703 14,287 16,326 18,812 591 566 574 487 454 862 1,316 1,370 1,460 1,739 2,326 5,498 5,901 6,360 6,317 4,548 4,283 4,092 4,225 1,516 1,470 409 8,776 9,058 8,235 8,107 8,043 7,365 7,144 7,127 6,711 6,669 6,688 6,096 6,003 20,577 20,710 20,000 20,655 20,897 21,135 21,224 21,481 22,332 23,045 23,443 23,854 24,015 2,378 2,492 2,421 1,431 1,301 1,264 1,188 1,143 1,311 1,231 1,187 1,152 1,117 541 536 553 545 539 542 533 542 467 324 370 391 378 1 2 Including amounts held by Government agencies and trust funds, which aggregated 6,480 million dollars on Sept. 30, 1946. 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 SAVINGS BONDS [In millions of dollars] UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING OCTOBER 31, 1946 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Treasury bills* Nov. 7,1946 Nov. 14, 1946 Nov. 21, 1946 Nov. 29, 1946 Dec. 5, 1946 Dec. 12, 1946 Dec. 19, 1946 .Dec. 26, 1946 }an. 2,1947 "Jan. 9, 1947 Jan. 16, 1947 Jan. 23, 1947 "Jan. 30, 1947 1,315 1,314 1,308 1,302 1,309 1,305 .,305 1,303 1,302 .,306 .,307 1,302 1,303 ^Cert. of indebtedness Nov. 1, 1946 Dec. 1, 1946 Jan. 1, 1947 Feb. 1,1947 Mar. 1, 1947 Apr. 1, 1947 June 1,1947 July 1, 1947 Jy A 1,1947 Aug. , Sept. 11947 1 , 1 9 4 7 % Oct. 1, 1947 Vs 3,778 3,768 3,330 4,954 3,133 2,820 2,775 2,916 1,223 2,341 1,440 Treasury Dec. 15, Mar. 15, Sept. 15, Sept. 15, Sept. 15, 1^ 1M 1^ 1M 134 3,261 1,948 2,707 1,687 3,748 Treasury bonds Oct. 15, 1947-52... 4 M Dec. 15, 1947 2 Mar. 15, 1948-50 2 Mar. 15, 1948-51. ..2% June 15, 1948 \% Sept. 15, 1948 2K Dec. 15, 1948-50 2 June 15, 1949-51 2 Sept. 15, 1949-51 2 Dec. 15, 1949-51 2 759 701 1,115 1,223 3,062 451 571 1,014 1,292 2,098 notes 1946 1947 1947 1947 1948 Issue and coupon rate Treasury bonds—Cont. Dec. 15, 1949-52... 3 H Dec. 15, 1949-53... 2 M Mar. 15, 1950-52 2 Sept. 15, 1950-52... 2H Sept. 15, 1950-52 2 Dec. 15, 1950 1H June 15, 1951-54... 2% Sept. 15, 1951-53 2 Sept. 15, 1951-55 3 Dec. 15, 1951-53... 2 M Dec. 15, 1951-55 2 Mar. 15, 1952-54... 2\i June 15, 1952-54 2 June 15, 1952-55... 2 % Dec. 15, 1952-54 2 June 15, 1953-55 2 June 15, 1954-56... 2 M Mar. 15, 1955-60... 2 % Mar. 15, 1956-58... 2 ^ Sept. 15, 1956-59... 2% Sept. 15, 1956-59...2K June 15, 1958-63... 2 ^ June 15, 1959-62... 2M Dec. 15, 1959-62... i Dec. 15, 1960-65... 2 June 15, 1962-67... 2 Dec. 15, 1963-68... 2 June 15, 1964-69... 2 Dec. 15, 1964-69... 2 Mar. 15, 1965-70... 2 Mar. 15, 1966-71... 2\ June 15, 1967-72... 2J> Sept. 15, 1967-72... 2\ Dec. 15, 1967-72... 2H Postal Savings bonds 2)4 Conversion bonds 3 Panama Canal loan. .3 Amount 491 1,786 1,963 1,186 4,939 2,635 1,627 7,986 755 1,118 510 1,024 5,825 1,501 8,662 725 681 2,611 1,449 982 3,823 919 5,284 3,470 1,485 2,118 2,831 3,761 3,838 5,197 3,481 7,967 2,716 11,689 116 13 50 T o t a l direct i s s u e s . . . . 182,318 Guaranteed securities Federal Housing Admin. Various 44 * Sold on discount basis. See table on Open-Market Money Rates, p. 1267. Month Fiscal year ending: June— 1940 1941 1942 1943 1944 1945 1946 2,905 1 ,109 203 4,314 1 ,492 10,188 5 ,994 3,526 21,256 11 ,789 8,271 34,606 15 ,498 11,820 45,586 14 ,891 11,553 49,035 9 ,612 6,739 1945—Oct 46,786 1946 67 435 758 802 679 407 2 2 2 2 2 114 148 207 848 395 032 759 876 658 465 2,371 4,298 6,717 47,473 Nov D e c . . . 48,183 624 1 ,184 1 ,254 510 865 908 8 54 83 107 265 262 616 533 559 48,588 48,692 48,733 48,828 48,917 49,035 49,320 49,477 49,545 49,624 960 622 626 668 594 571 753 590 494 519 641 367 371 388 345 321 386 347 309 327 40 30 27 29 24 24 31 25 20 24 278 225 228 250 225 226 335 217 165 169 629 565 634 621 552 519 537 478 482 489 1946—Jan Feb.. . . Mar.... Apr.... May... June... July... Aug.... Sept.... Oct.... Maturities and amounts outstanding October 31, 1946 Year of maturity 1946 1947* 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958. Unclassified. . Total NOVEMBER Redempfrom sales during tions Amount Funds received and Period outmaturities standing at end of All All Series Series Series month s eries G series F E All series 134 426 501 802 982 1,601 4,570 8,259 10,888 9,682 6,311 3,019 2 522 Series B-D 134 426 501 802 982 437 Series E Series F Series G 210 566 631 708 567 263 1,157 2 243 2,352 2 699 2,452 2 259 2,945 13,163 i,164 4,570 6,893 8,078 6,698 2,904 -73 49,624 3,282 30,307 1271 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 Total interestbearing securities End of month 47,874 54,747 63,768 76,517 111,591 139,472 168,732 201,059 230,361 256,766 263,386 276,246 278,001 278,451 275,290 273,244 271,983 268,578 267,363 266,729 1940—June 1941—June Dec 1942—June December 1943—j u n e 1944—June 1945—June 1945—November 1945—January Februarv March May June . July August Com- Federal mercial Reserve banks * Banks Total 18,566 21,884 23,654 28,645 47,289 59,402 71,443 83,301 96,546 105,892 109,372 114,362 115,264 115,404 111,601 111,332 109,832 107,083 105,533 104,346 16,100 19,700 21,400 26,000 41,100 52,200 59,900 68,400 77,700 84,100 85,900 90,100 92,000 92,500 89,000 88,600 86,900 83,300 81,900 80,400 2,466 2,184 2,254 2,645 6,189 7,202 11,543 14,901 18,846 21,792 23,472 24,262 23,264 22,904 22,601 22,732 22,932 23,783 23,633 23,946 Total 29,308 32,863 40,114 47,872 64,302 80,070 97,289 117,758 133,815 150,874 154,014 161,884 162,737 163,047 163,689 161,912 162,151 161,495 161,830 162,383 Individuals 9,700 11,100 13,800 18,200 23,800 30,300 37,100 45,100 52,200 58,500 62,000 63,600 63,700 63,700 63.800 63,300 63,300 63,000 63,100 63,200 Insurance companies Mutual savings banks Other corporations and associations State and local governments 6,500 7,100 8,200 9,200 11,300 13,100 15,100 17,300 19,600 22,700 22,200 24,400 24,700 24,800 25,000 25,000 25,200 25,300 25,400 25,400 3,100 3,400 3,700 3,900 4,500 5,300 6,100 7,300 8,300 9,600 9,800 10,700 10,900 11,100 11,200 11,300 11,300 11,500 11,600 11,700 2,600 2,400 4,400 5,400 11,600 15,700 20,100 25,700 27,600 29,900 27,800 29,900 29,300 29,000 29,200 27,700 27,500 26,500 26,000 25,900 300 400 500 600 800 1,300 2,000 3,200 4,300 5,300 5,300 6,300 6,400 6,400 6,400 6,400 6,400 6,200 6,100 6,100 U. S. Government agencies and trust funds Special issues Public issues 4,775 6,120 6,982 7,885 9 032 10,871 12,703 14,287 16,326 18,812 20,710 20,000 20,655 20 897 21,135 21,224 21,481 22,332 23,045 23,443 2,305 2,375 2,558 2,737 3 218 3 451 4,242 4,810 5,348 6,128 6,134 7,038 7,043 7 061 7,046 7,045 7,048 6,798 6,666 6,619 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Aug. 31, 1946. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY T H E UNITED STATES • [Public marketable securities. Par values in millions of doll ars] End of month Total outstanding U.S. Govern- Fed- Com- Mument eral mer- tual savcial agen- Recies serve banks ings and Banks 0) banks trust Insurance Other companies End of month Total outstanding funds Total:* 1946—Mar. . Apr... May.. June.. July.. Aug. . 197,104 195,120 193,529 189,649 187,638 186,394 7,016 7,014 7,018 6,768 6,636 6,584 22,601 22,732 22,932 23,783 23,633 23,946 81,861 81,477 79,884 76,578 75,465 73,993 10,955 11,026 11,087 11,220 11,337 11,422 24,008 24,060 24,229 24,285 24,393 24,381 50,663 48,811 48,379 47,015 46.174 46,068 Treasury bills: 1946—Mar. . Apr... May.. June.. July.. Aug. 17,047 17,054 17*041 17,039 17,023 17,024 9 g 7 3 7 7 13,280 13 661 13^896 14,466 14,406 14,739 1,512 1 875 1,715 1,142 1,225 2 8 1 3 1 6 1 1 2,239 1,502 1,421 1,424 1,384 1,352 Certificates: 1946—Mar. . Apr... May.. June. . July.. Aug. . 40,399 38,408 36^828 34,804 37,720 36,473 73 6,954 20,618 69 6,505 19,598 75 6,395 18,157 58 6,813 16,676 83 7,876 17,616 74 7,856 16,342 179 205 211 243 272 302 573 549 579 576 603 610 12,003 11,483 11,410 10,439 11,270 11,289 Treasury notes: 1946—Mar. . 18,261 Apr... 18,261 May.. 18,261 June.. 18,261 July.. 13,351 Aug. . 13,351 9 1,463 12,292 9 1,663 12,071 13 1,738 11,828 9 1,748 11,396 596 8,938 7 596 8,843 7 211 211 224 227 206 222 520 527 584 623 604 609 3,765 3,779 3,874 4,258 3,000 3,074 3 3 3 3 3 3 13 13 12 13 13 13 3 6 4 4 5 Guaranteed securities: 1946—Mar. . Apr. May.. June.. July.. Aug. . 40 41 42 43 43 43 8 8 9 9 9 9 925 13 11 14 14 13 13 5 Treasury bonds: Total: 1946—Mar. . Apr... May.. June.. July. . Aug.. Maturing within 5 years: 1945—Mar Apr.'.". May.. June July.' .' Aug. . Maturing in 5-10 years: 1946—Mar. . Apr... May.. 121,177 121,177 121,177 119,323 119,323 119,323 U. S. Govern- Fed- Com- Mument eral mer- tual Insuragen- Recial sav- ance Othe# cies serve banks ings comand Banks (») banks panies trust funds 6,882 6,884 6,877 6,655 6,494 6,451 903 903 903 755 755 47,414 47,908 48,155 47,335 47,660 755 47,856 10,561 10,599 10,647 10,743 10,855 10,893 22,896 22,972 23,052 23,073 23,171 23,147 32,523 31,912 31,541 30,764 30,388 30,220 11,613 11,613 11,613 10,772 10,772 10,772 561 561 561 272 272 272 7,887 8,019 8,009 7,776 7 760 7,785 174 179 189 232 225 230 288 268 264 347 348 343 2 701 2',585 2,586 2,145 2,168 2*144 45,261 45,261 45,261 June.. 44.928 July.. 44,928 Aug. . 44,928 Maturing in 10-20 years: 1946—Mar. . 20,701 Apr... 20,701 May.. 20,704 June.. 20,023 July.. 20,023 Aug. . 20,023 Maturing after 20 years: 1946—Mar. . 43,600 Apr . 43,600 May.. 43,598 June.. 43,598 July.. 43,598 Aug. . 43,598 1,154 1,153 1,148 1,133 1,108 1,108 31,247 31,502 31,668 31,545 31,697 31,814 2,052 2,000 1,963 1,905 1,877 1,828 3,603 3,513 3,464 3,337 3,293 3,247 7,202 7,092 7,019 7,013 6,948 6,925 973 975 974 915 859 833 5,596 5,687 5,729 5,257 5,403 5,455 3,422 3,484 3,438 3,461 3,472 3,454 3,012 3,100 3,146 3,165 3,173 3,197 7,696 7,454 7,414 7,226 7,118 7,084 5,098 5,100 5,100 5,091 5,011 4,994 2,679 2,695 2,744 2,758 2,799 2,799 4,909 15,991 4,936 16,090 5 054 16,179 5,'145 16,*223 5,280 16,357 5,380 16,361 14,922 14 783 14*523 14*381 14,152 14',064 * 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 Aug. 31, 1946, commercial banks reporting to the Treasury held 20,411 million dollars of U. S. Government2 securities due or callable within one year out of a total of 58,835 million outstanding. Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 1272 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Change MisWar Transin Trust Income taxes1 cella- Social and fers to Other Total neous Secu- Other Total Net Interacextrust budget Defi- counts, gendeeral inter- rity re- 3 est rereon ac- pendi- expend- cit fense fund nal etc.4 With- Other revetaxes ceipts ceipts ceipts debt activ- counts, tures itures baletc. held' ities ance nue1 Period Fiscal year ending; June 1944... June 1945..., June 1946... 1945—October... November. December. 1946—January.., February. . March. April , May June July August. . . September. October... 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 + 10,662 64,307 ,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,405 53,948 +798 +4,529 57,679 0, 9,392 21,493 7,725 1,714 3,915 44,239 43,038 4,722 48 ,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740 572 1,021 58 172 5,126 615 5,950 3,420 +302 -3,321 -203 689 241 2,581 2,530 38 1,076 449 84 4,226 346 4,656 2,282 +390 + 1,632 3,524 602 257 225 2,609 2,374 707 2,659 384 5,445 1,327 + 113 +11,558 12,773 516 170 4,122 4,118 817 4,245 69 554 2,201 309 3,417 -276 645 51 397 3,848 3,819 684 482 4,891 1,073 -577 772 1,086 1,704 118 2,702 +39 310 191 3,875 3,678 543 3,510 + 168 +534 584 327 148 658 4,180 646 2,550 100 176 5,762 5,747 649 23 1,383 4,602 +1,146 +462 -1,593 -3,201 485 1,118 174 2,560 65 424 2,734 2,677 642 200 1,316 4,251 1,573 +254 -3,433 -2,114 966 106 2,182 442 690 2,998 2,73: 615 285 95 1,294 3,677 944 -139 -2,398 -1,316 650 2,742 399 4,482 4,479 1,395 2,442 615 76 5 1,671 5,513 1,034 -103 -4,298 -3,161 514 249 1,190 974 349 2,600 2,539 695 67 631 2,444 4,514 1,975 +918 -2,209 -1,152 1,070 122 1,509 +98 443 223 2,717 2.434 679 302 13 1,152 2,796 363 -989 -724 705 2,84. 648 1,100 186 4,481 4,478 656 89 32 1,070 2,851 +1,627 -318 -868 -2,177 55 160 1,481 386 2,617 2,544 75 74 847 48 1,335 3,023 479 +215 -2,101 —1,837 General fund of the Treasury (end of period) Details of trust accounts, etc. Social Security accounts Period Net receipts Fiscal year ending: June 1944 June 1945.... June 1946 1945—October.... November. December.. Increase in gross debt Net expenditures in checking accounts of ExInvest- pendiments tures Government agencies Assets Other Receipts Expenditures Investments Total Deposits in Federal Reserve Banks Deposits in special depositaries Other assets Total liabilities Balance in general fund 3,202 3,239 2,940 2,816 2,757 1,261 380 453 1,618 4,403 1,178 -952 1,851 3.820 4,726 1,313 2.444 2,407 192 -571 2,550 20,775 25,119 14,708 1,442 1,500 1,006 18,007 22.622 12,993 1,327 997 708 607 421 470 20,169 24,698 14,238 132 419 54 -66 38 198 146 143 149 -274 -79 -395 284 295 260 80 65 54 228 158 195 13,307 14,849 26,520 1,124 1,372 1,674 11,389 12,694 24,044 794 784 802 494 404 517 12,813 14,445 26,003 178 355 64 135 465 232 276 492 57 159 -36 — 13 87 -60 72 359 103 122 271 -5 178 178 174 155 158 140 137 135 112 116 -9 9 -635 -4 181 8 5 -l,704 66 -67 -116 810 393 181 326 390 466 5 586 108 216 155 583 225 72 133 165 253 331 192 46 548 309 85 -18 419 41 s 448 -12 228 25,851 26,414 24,743 21,293 18,859 14,708 12,444 11,431 10,524 8,393 1,011 1,209 2,160 1,124 1,230 1,006 702 872 1,445 773 24,030 24,447 21,776 19,502 16.949 12.993 10,961 9,842 8,377 6,936 810 758 807 667 681 708 781 716 702 684 424 453 376 359 323 470 415 391 353 323 25,427 25,961 24,367 20,935 18,536 14,238 12,029 11,040 10,171 8,070 1946—January... February.. March April May June July August. . . . September.. October 104 1 3 2 Details on collection basis given in table below. Withheld by employers (Current Tax Payment Act of 1943). Total receipts les? social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 5 4 Excess of receipts ( + ) or expenditures (—). Adjustment in classification. Not comparable with back figures. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. CASH INCOME AND OUTGO OF THE U. S. TREASURY INTERNAL REVENUE COLLECTIONS [On basis of reports of collections In millions of dollars] Individual income taxes Estate and Period Withheld Fiscal year ending: j u n e —1940 1941 1942 . . 1943 1944 1945. 1946 Other Normal and surtax Excess profits 7,823 10,264 9,858 982 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 1945—September.. October November. . December. . 32 1,094 1,405 27 1,131 294 61 560 795 215 136 744 164 1,618 5 064 9,345 11,004 7,822 1,584 421 248 1,398 1946—January.... February... March. . . . April May 604 1,848 154 1,743 991 1,883 301 128 1,006 536 236 1,268 508 157 324 June July August September.. NOVEMBER [In millions of dollars] Corporation income and profits taxes 686 708 1,245 30 858 1,339 30 1946 175 1,053 375 77 1,198 82 744 192 142 692 157 994 330 204 978 Other profits taxes gift taxes 27 37 57 84 360 407 433 447 137 511 Excise and other miscellaneous taxes Period Fiscal year ending: June—1940 1941 1942 1943 1944 1945 1946... . Cash income Cash outgo Excess of cash 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 1,052 3,104 1,724 896 144 91 643 677 2,000 2,547 3,405 4 124 4,842 6,317 7,036 11 6 6 13 34 44 44 45 498 662 560 466 1945—September October November December.... 5,597 2,905 3,087 4,407 6,649 6,009 4,811 5,303 6 4 9 61 54 84 582 543 555 5 66 549 1946—January February March April 3,993 4,277 5,950 2,934 3,492 4,736 2,703 3,016 4,698 5,628 1,635 3,910 -367 4,161 — 1 789 4,171 1,237 4,382 890 5,044 308 2,923 219 2,928 -88 2,988 - 1 , 7 1 0 3 16 4 4 10 64 63 74 58 43 577 548 634 631 604 May June July August September.... 1273 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 CommodiLoans ties, resupceiv- plies, able and materials Corporation or agency- Total Cash All agencies: Sept 30 1945 Dec. 31, 1945 Mar 31 1946 June 30, 1946 34,247 815 5,409 33,844 925 5,290 33,325 1,279 5,069 29,869 1,305 5,381 Classification by agency, June 30, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 237 Federal intermediate credit banks. . 390 Federal land banks 1 200 Production credit corporations.... 117 Regional Agricultural Credit Corp.. 15 26 Other 3 Federal Farm Mortgage Corp 169 Rural Electrification Administration.. 463 Commodity Credit Corp 1,369 Farm Security Administration 442 Federal Crop Insurance Corp 18 Federal Surplus Commodities Corp.. . 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks Federal Savings and Loan Insurance Corp Hom r Owners' Loan Corp Federal Public Housing Authority and affiliate: Federal Public HousingAuthority Defense Homes Corp. Federal Housing Administration Federal National Mortgage Association. R.F.C. Mortgage Company 20 12 51 1 12 1 8 5 1,756 1,683 1,789 1,767 368 325 285 439 21 203 171 1 783 22 722 532 62 181 7 31 11 1 38 280 1 23 7 20 Reconstruction Finance Corp.4 5 7,395 37 772 Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee Valley Authority U. S. Maritime Commission War Shipping Administration All other 807 995 275 750 2,471 8,520 2,095 102 7 2 15 59 222 44 700 4 80 1 3 74 5 20 () 4 159 51 281 1 3 2 18 48 226 60 465 472 479 482 311 851 2 38 229 77 77 233 () \ 4 5 6 16 (2) 34 261 344 23 87 4 47 4 430 444 42 8 54 12 12 26 100 22 755 2 1 8 531 61 139 6 27 126 705 8 145 723 3 1,898 7,755 160 1,733 124 71 102 1,360 6,035 4 976 55 4 5 4,857 117 14 25 162 462 1,539 - 4 5 7 438 4 14 5 3 7 1 1 2 209 27,610 27,492 26,218 22,889 67 3 7 865 4,486 4,212 4,959 4,939 1 166 103 2 3 5 2 5 5 123 8 (2) 1,135 1,113 1,133 1,234 /2\ 598 15 551 555 536 325 1 2 19 48 68 348 2,154 1,845 1,741 1,605 5 2 23 156 453 48 328 442 472 460 385 20,816 21,017 20,784 17,438 54 43 137 162 332 987 555 39 17 3 (2) 2,487 2,288 1,918 1,550 U.S. PriBonds, notes, Gov- vately and debenLand, ern- owned struc- Undis- Other tures payable Other ment tures, tribinterinterasliabilU.S. and uted est Fully est ities Govt. Other equip- charges sets guarsecusecu- rities ment anteed Other rities by U.S. Investments 8 136 111 75 (2) 680 150 275 742 2,335 7,749 2,019 139 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1946 Purpose of loan Fed. Fed. inter- Banks Com- Rural Elec- Farm Fed. Farm Secumedico- modity trificaland Mort. ate for rity operaCredit tion banks Corp. credit tives Corp. Adm. Adm. banks 1,059 To aid agriculture To aid home owners To aid industry: Railroads Other To aid financial institutions: Banks Other Foreign loans Other 72 Less: Reserve for losses. Total loans receivable (net) 987 186 332 162 48 453 Home Owners' Loan Corp. ExFed. Fed. R.F.C. portPublic home and Hous- loan affiliIming port Auth. banks ates Bank 485 203 29 (2) 156 332 (2) 1 162 48 453 280 157 13 328 722 280 203 Mar. 1946, All 31, all agen- agencies cies 24 148 1 2,873 760 2,816 825 177 151 18 46 195 197 196 200 9 (2) 735 All other 14 32 238 289 128 734 (2) 34 (2) 117 127 23 235 972 686 561 25 185 545 715 438 799 700 212 5,381 5,069 1 2 Assets are shown on a net basis, i.e., after reserves for losses. Less than $500,000. 'Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 Includes Rubber Development Corp. and U. S. Commercial Company, which were transferred to the Reconstruction Finance Corp. from Foreign Economic Administration under Executive Order 9630; and War Damage Corp. War Assets Corp. was dissolved on June 30, 1946. 6 Figures are as of May 31, 1946 (the latest available at time of publication). 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. 1274 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value) 3 1923-25=100 Industrial production (physical volume) * 2 1935-39=100 Year and Month Income payments (value) 1 1935-39 =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 122.9 109.1 92.3 70.6 68.9 78.7 87.1 101.3 107.7 98.5 105.4 113.5 138.0 174.6 213.0 233.4 P239.1 1943 August... . September October. . . November. December. 216.7 216.8 219.3 222.9 224.7 1944 January.. . February.. March.... April May June July.'...'.. August... . September October. . . November. December. 1 Residential All other Nonagricultural Factory Factory pay rolls* 1939= 100 Department Freight store carload- sales ings* (val1935-39 ue)* 5 =100 1935-39 =100 Unad- Unad- AdUnad- A d AdAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed Cost of living* 1935-39 =100 Unadjusted Unadjusted 1UZ 117 5 126^7 132 4 130^8 125'.7 103 2 123.5 79.7 85.5 108.4 101 2 106.6 109 9 107.9 109.1 117.1 94.7 71 8 49.5 53.1 68.3 78.6 91.2 108.8 84.7 100.0 114 5 167.5 245.2 334.4 345.7 288.4 120 129 110 121 142 139 146 152 147 148 152 131 105 78 82 89 92 107 111 89 101 109 130 138 137 140 135 83 99 92 94 105 105 110 113 114 115 117 108 97 75 73 83 88 100 107 99 106 114 133 149 168 186 207 138.6 154!4 97 6 96.7 100.6 98.1 103!5 100.0 95.4 96.7 95.3 86^4 73 0 64^8 65 9 74.9 80 0 80^8 86 3 78.6 77.1 78.6 87.3 98.8 103.1 104.0 105 .8 124.5 143.2 127.7 119.7 121.9 122.2 125.4 126.4 124.0 122.6 122.5 119.4 108.7 97.6 92.4 95.7 98.1 99.1 102.7 100.8 99.4 100.2 105.2 116.5 123.6 125.5 128.4 35 35 34 37 35 79 89 61 78 81 132.7 131.9 132.0 132^3 132.2 180.2 181.4 343.1 179.6 180.8 349.5 180.6 181.4 354.9 181.5 181.9 359.7 179.9 180.3 350.7 140 140 137 139 143 166 167 172 174 170 103.1 103.1 103.0 102.9 103.2 123.4 123.9 124.4 124.2 124.4 55 45 40 36 33 34 38 41 39 42 46 51 29 21 17 17 16 15 14 13 13 13 13 14 76 64 59 132.5 132.4 131 8 131.1 46 50 57 63 61 65 73 81 1 "\C\ 0 loU. V 131.1 130.8 130.8 129^9 129.2 128^9 129.7 178.8 178.5 176.6 174.5 173.3 172 5 17l".4 170.9 169.3 168.1 167.3 168.0 178.3 178.0 176.2 173.8 172^3 172^2 17l!9 172.0 170.1 168.5 167.7 168.3 351.6 352.7 350.5 345.0 345.3 346 6 339! 6 343.1 341.9 343.8 341.0 346.7 145 142 140 138 138 139 142 142 139 137 141 137 174 172 181 '175 '185 177 186 187 189 193 '201 198 103.3 103.6 103.8 103.9 104^0 104 3 104! 1 103.9 104.0 104.1 104.4 104.7 124.2 123.8 123.8 124.6 125.1 125 4 126.1 126.4 126.5 126.5 126.6 127.0 140 141 142 140 138 144 143 140 134 124 138 133 48 59 72 70 58 50 54 61 69 83 94 108 14 13 15 18 20 22 23 24 26 36 44 56 75 96 118 112 89 73 79 91 104 121 134 150 130.1 130.3 130.6 129 0 128.3 127.4 126.4 125.4 119.3 119.2 120.4 121.3 168.1 168.0 166.5 163.8 160.8 157.2 151.7 147.6 127.8 127.2 127.8 128.1 167.7 167.5 166.0 163.0 159.8 156.9 152.1 148.7 128.5 127.6 128.2 128.4 345.6 344.8 341.7 333.3 318.7 314.6 298.7 267.3 224.2 222.9 222.9 226.2 144 139 145 141 141 140 139 128 127 118 133 127 198 '208 '218 183 190 202 '215 200 '202 '212 '222 '218 104.9 105.2 105.3 105.7 106.0 106.1 105.9 150.7 105.2 105.9 106.8 107.1 127.1 126.9 126.8 127.1 128.1 129.0 129.4 129.3 128.9 128.9 129.3 129.9 141 141 137 104 '115 139 146 143 P145 107 136 147 170 169 174 165 158 P154 61 95 129 172 179 177 161 157 P156 145 169 161 168 161 172 16£ 158 P151 123 5 130.7 122.0 122.4 125.0 130.3 126.3 136.6 127 4 138.0 128 ^ '139.6 128 £ '140 6 130^8 143^8 P131.5 P145.5 130.2 121.9 129.9 135.9 136.9 139..: '141 ( 145.0 P146.3 229.2 210.5 232.9 249.2 247.8 '257^1 '261.C 277^8 133 126 139 109 106 133 139 141 138 227 '251 '260 '252 r 258 275 273 290 269 107.1 107.7 108.9 110.2 111 .0 112^9 '124. 7 129.1 124.0 129.9 129.6 130.2 131.1 131.7 133.3 141 0 143.7 71 83 66 71 98 89 92 100 100 99 107 93 80 67 76 80 86 99 112 97 106 117 125 129 132 140 137 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 81 122 166 68 41 68 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 72 89 82 40 16 26 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 89 149 235 92 61 1 0? 242 244 247 247 241 245 248 249 247 239 365 368 374 376 365 178 179 179 180 174 135 138 136 133 137 59 65 49 60 61 227.2 232.4 231.9 231.1 232.1 233 9 233.2 234.0 232.5 235.5 237.5 239.0 243 244 241 239 236 235 230 232 230 232 232 232 240 240 238 237 236 2^6 232 235 234 234 232 230 369 367 364 361 356 354 347 348 342 344 341 343 176 177 175 172 169 169 165 168 168 169 173 173 139 142 139 140 143 142 139 142 143 143 143 137 241.9 245.2 244.1 242.3 241.9 244.6 243.4 236.0 229.0 231.4 235.7 234.1 234 236 235 230 225 220 210 186 167 162 168 163 230 232 232 229 225 220 211 188 171 164 167 161 345 346 345 336 323 308 292 239 194 186 191 185 175 176 176 174 173 173 165 157 156 154 158 156 233.5 231.7 234.7 236.4 239 7 240.9 250.6 P252.3 160 152 168 165 159 170 172 177 P178 156 148 164 163 159 171 '174 180 166 138 183 190 175 19.: 202 208 P211 161 167 166 164 161 162 '157 164 P163 P183 Adjusted Wholesale commodity prices4 1926 =100 103.8 104.2 79.8 88.2 101.0 93.8 97.1 98.9 96.8 96.9 103.1 89.8 75.8 64.4 71.3 83.1 88 7 96^4 105 8 90.0 100.0 107.5 132 1 154.0 177.7 172.4 149.5 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 August... . September October. . . November. December. August... . September Total 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 June July June July Nondurable Minerals 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 1945 January.. . February.. March.... April May 1946 January... February.. March. . . . April May Employment 4 1939=100 C9 1 n? (\ 1UZ . O 95 Qf. 5* oO . 1 75.5 76 0 83 8 87^6 94.9 100 9 94^ 4 100.0 1 HA 7 IU 1 *. / Department of Commerce series on value of payments to individuals. Backfiguresin BULLETIN.—For industrial production, Augu«v ^-*v,, i,P. oz.5-882, September 1941," pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 an< id 1187, respectively, October 1945, p. 1055, and May 1946, p-!529; for department stores sales, June 1944, pp. 549-561. NOVEMBER 1946 1275 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 Industry 1946 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Industrial Production—Total 186 167 162 168 163 160 152 168 165 159 170 172 177 P178 Manufactures—Total 194 173 168 173 169 163 154 173 176 167 176 177 183 P184 Durable Manufactures Iron and steel . . Pig iron Steel Open hearth Electric .. Machinery Manufacturing Arsenals Transportation Equipment 239 194 186 191 185 166 138 183 190 175 193 202 208 P211 155 163 146 167 164 102 43 169 159 109 154 179 183 161 166 129 158 164 100 48 168 142 86 178 186 184 164 142 319 171 154 296 144 159 139 307 178 160 306 172 155 293 108 95 199 46 38 106 176 161 286 175 148 363 126 98 319 167 142 343 190 168 343 195 169 195 172 359 310 230 232 231 232 217 188 207 225 230 241 242 P257 405 273 258 252 217 220 199 209 245 '239 '238 '241 242 P245 142 105 120 137 95 107 98 114 161 162 167 176 182 P188 '148 156 P162 '381 184 and Depots1 . . . . Automobiles2 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) 1 165 139 144 148 147 151 139 141 132 130 '137 Smelting and refining (Copper smelting; Lead refining; Zinc smelting; 171 150 148 147 140 140 128 123 109 109 Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium 162 135 143 148 150 155 144 148 141 139 147 155 163 107 98 91 96 92 108 119 125 130 129 133 129 135 P136 98 124 89 115 76 120 83 123 72 131 95 135 108 139 117 142 123 144 123 142 127 146 121 144 126 152 P127 160 161 161 158 164 172 185 192 190 175 190 '192 197 P202 177 200 186 175 181 190 216 221 214 193 209 '218 215 61 218 97 110 162 260 79 243 97 110 172 220 50 235 106 116 177 218 4 235 113 119 181 215 3 244 119 124 182 217 29 247 131 144 197 199 106 255 149 144 201 197 136 251 152 150 204 217 130 243 152 148 202 221 133 213 127 140 187 222 119 240 155 148 194 129 114 251 159 150 215 242 2Vonferrous Metals and Products 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 . ... ... Nondurable Manufactures Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 1 Wool textiles Carpet wool consumption Apparel wool consumption ^Woolen and worsted yarn Worsted yarn .... ^^oolen 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 W h e a t flour Cane sugar meltings1 . Manufactured dairy products Butter Cheese Canned and dried milk Ice cream .. 110 132 '232 r 249 155 147 187 r 233 138 P146 P154 161 162 P150 P214 P246 157 156 154 158 156 161 167 166 164 161 162 1 5 7 164 P163 134 144 141 146 143 151 159 162 161 164 165 '144 162 P165 123 123 213 134 138 215 131 128 215 135 133 226 132 125 228 140 138 233 149 146 234 150 147 241 148 144 245 152 149 247 153 152 240 132 127 233 127 58 172 136 145 125 136 142 82 186 154 158 149 144 i47 93 191 156 156 156 149 150 89 193 160 163 156 154 149 104 184 156 159 152 153 153 110 200 158 160 154 155 171 135 222 175 177 171 170 173 138 229 174 176 171 173 169 122 224 171 172 169 174 174 134 231 176 180 170 176 174 137 225 175 178 170 178 144 101 192 143 147 138 151 173 137 225 173 178 165 175 108 119 112 116 111 117 133 134 131 127 128 103 120 98 112 75 47 130 114 112 125 97 52 151 123 107 121 89 46 145 116 109 125 83 51 140 120 114 131 92 49 139 109 115 131 92 54 151 118 126 146 99 64 146 138 120 140 84 62 148 144 115 135 84 54 134 142 104 124 75 49 118 142 107 128 75 45 128 142 99 117 66 45 122 106 101 119 70 49 124 132 138 144 143 150 153 154 160 156 153 145 '139 '150 130 127 129 133 136 149 163 122 120 100 P146 85 171 208 P148 75 160 201 P145 72 155 156 . . . P154 P131 65 149 146 59 143 136 P116 P117 P122 P129 P120 59 151 130 58 150 131 59 153 144 65 173 163 62 166 163 109 127 P129 62 167 P136 73 168 178 174 151 149 P154 153 '233 P236 146 P134 131 P128 P137 169 173 P145 79 167 r l Revised. P Preliminary. Series included in total and group indexes but not available for publication separately. 2 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 done 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. Recently the level shown by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears, however, that the series overstates the current level of total output in these industries. Study is being made of production and manhour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries. 1276 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal Lamb and mutton. 133 126 144 151 110 141 120 165 179 125 129 99 159 197 134 155 153 158 189 135 155 171 138 138 148 131 146 122 87 105 178 205 153 87 184 140 149 132 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 Other manufactured foods Processed fruits and vegetables. Confectionery Other food products 139 101 107 155 146 109 108 162 148 128 108 160 152 128 113 165 159 138 137 168 165 145 145 174 165 146 143 174 167 163 139 173 164 165 132 169 156 158 136 159 '151 '162 123 153 153 -175 109 154 P151 P148 173 192 201 216 212 231 238 176 169 155 161 '176 174 149 55 399 306 181 52 236 365 182 70 218 420 199 83 223 427 197 130 274 343 199 131 431 396 197 125 524 416 127 100 370 401 117 96 356 409 109 60 352 387 123 61 343 367 128 65 377 426 123 56 426 427 197 150 160 167 154 112 143 156 161 154 163 153 140 155 157 91 195 98 106 206 99 111 216 96 110 194 94 87 139 64 104 185 71 111 205 69 110 217 65 109 205 69 110 219 71 108 200 76 99 181 72 110 202 79 112 205 131 143 143 142 134 133 140 148 146 142 146 136 147 Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits.. Rectified liquors 155 P104 158 P160 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 products 1 . Coke By-nroduct coke Beehive coke Chemical Products. Paints Soap Rayon Industrial chemicals 1 Explosives and ammunition . Other chemical products 1 . . . 129 146 118 92 219 120 126 141 74 126 142 135 72 138 152 124 100 223 126 136 165 77 125 142 141 81 139 154 124 101 227 129 137 157 80 133 147 147 79 138 153 114 103 223 131 136 158 79 132 145 140 81 132 137 9S 100 195 120 131 143 78 132 149 140 86 130 131 93 102 167 125 130 145 81 134 146 128 86 136 144 96 104 203 130 135 155 82 139 141 135 86 143 156 98 111 239 132 141 165 82 144 149 138 86 Ill 109 141 155 96 112 235 131 139 166 85 144 143 126 86 76 P150 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 P144 98 110 238 132 142 140 172 169 85 85 134 138 151 152 135 133 83 87 124 129 124 128 108 116 121 117 I 74 P178 115 114 112 118 123 127 93 96 96 92 102 108 110 P240 P184 P156 I 74 155 173 138 140 132 151 119 116 129 152 120 122 147 164 133 144 140 164 123 157 131 171 129 180 129 176 130 190 130 172 141 183 133 172 135 161 138 168 132 167 170 146 175 144 166 135 172 149 P145 164 152 162 153 148 332 152 150 224 116 115 145 148 144 276 154 150 286 116 111 296 91 85 295 151 145 337 113 116 18 73 75 16 137 133 276 160 155 165 159 368 265 239 230 228 230 234 232 232 235 231 233 133 122 222 368 136 126 237 386 139 124 238 371 142 124 244 370 142 127 246 378 145 130 251 384 147 126 255 379 148 122 256 382 150 121 260 392 143 121 261 383 146 122 256 389 '396 96 P166 P161 P171 108 P166 P163 r P181 235 237 P235 150 153 P153 117 262 P266 395 P400 Rubber Products. . . 193 172 191 192 205 215 216 221 219 215 218 211 Minerals—Total. 140 134 124 138 133 141 141 137 104 '115 139 146 143 vl4S Fuels. 146 139 126 143 137 146 149 145 108 124 149 153 150 P151 135 144 102 152 142 148 114 138 112 110 120 133 149 159 112 141 132 142 94 139 150 159 114 144 152 160 121 147 159 168 125 138 32 10 121 73 60 125 142 156 86 153 159 128 154 149 156 120 151 P155 P163 P125 P149 105 106 109 109 108 107 '93 '89 146 149 153 103 103 '76 '63 '78 147 148 111 89 Coal Bituminous coal. Anthracite Crude petroleum Metals. Metals other than gold and silver. Iron ore (Copper; Lead; Zinc)1 Gold Silver 162 164 163 159 159 135 132 221 ••114 'Revised. PPreliminary. i Series included in total and group indexes but not available for publication separately. 2 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. NOVEMBER 1946 1277 INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1945 Industry Aug. Sept Oct. Nov Dec. Jan. Feb. Mar Apr. M a y June July 'Aug. Sept Industrial Production—Total 188 171 164 167 161 156 148 164 163 159 171 '174 180 P183 Manufactures—Total 196 177 171 173 167 160 151 170 174 167 176 178 186 P189 Durable Manufactures Pig iron . Steel Open hearth Electric . . Machinery 240 195 187 192 184 164 136 182 190 '175 194 203 209 P212 155 163 146 167 164 102 43 169 159 109 154 179 183 P184 161 164 142 319 166 171 154 296 129 159 139 307 158 178 160 306 164 172 155 293 100 108 95 199 48 46 38 106 168 176 161 286 142 175 148 363 86 126 98 319 144 167 142 343 178 186 190 195 168 169 343 '381 310 230 232 231 232 217 188 207 225 230 241 242 254 P257 405 273 258 252 217 220 199 209 245 '239 '238 '241 242 142 105 120 137 95 107 98 114 161 162 167 176 182 P188 165 139 144 148 147 151 139 141 132 130 '137 '148 156 P162 171 150 148 148 141 140 128 123 109 109 110 131 138 P146 162 135 143 148 150 155 144 148 141 139 147 155 163 113 104 94 95 86 99 no 120 129 131 141 137 144 108 124 98 115 82 120 81 123 63 131 80 135 95 139 108 142 122 144 126 142 138 146 133 144 140 P142 165 166 167 162 159 163 174 184 187 180 191 193 183 61 227 110 113 162 260 204 79 247 112 114 176 220 192 50 242 123 122 182 218 176 4 237 122 123 183 215 169 3 227 108 128 186 217 186 29 242 107 134 190 199 210 106 247 113 138 191 197 221 136 251 125 143 197 217 214 130 243 145 144 198 221 204 207 211 133 119 129 228 237 '239 134 166 171 140 147 147 190 198 1 8 7 222 '232 240 '233 184 195 172 359 Manufacturing Arsenals and Depots x Transportation Kquipment Automobiles 2 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) 1 Nonferrous Metals and Products (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating . (Copper products; Lead shipments; Zinc shipments; Aluminum products; 1Magnesium products; Tin consumption) Lumber and Products Lumber Furniture Stone, Clay, and Glass Products Glass products Plate glass . . . Glass containers Cement Clay products Gypsum and plaster products Abrasive and asbestos products Other stone and clay products 1 Nondurable Manufactures . . ... .. . Textiles and Products Textile fabrics . . . . . Cotton consumption Rayon deliveries. Nylon and silk consumption x Wool textiles Carpet wool consumption Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth 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 meltings 1 Manufactured dairy products Butter Cheese Canned and dried milk Ice cream .... ... 152 204 P245 P146 P154 P210 223 114 161 261 179 188 154 P 1 5 5 215 P219 242 P246 159 161 158 158 154 157 162 162 161 160 162 '159 166 134 144 141 146 143 151 159 162 161 164 165 '144 162 123 123 213 134 138 215 131 128 215 135 133 226 132 125 228 140 138 233 149 146 234 150 147 241 148 144 245 152 149 247 153 152 240 127 58 172 136 145 125 136 142 82 186 154 158 149 144 147 93 191 156 156 156 149 150 89 193 160 163 156 154 149 104 184 156 159 152 153 153 110 200 158 160 154 155 171 135 222 175 177 171 170 173 138 229 174 176 171 173 169 122 224 171 172 169 174 174 134 231 176 180 170 176 174 137 225 175 178 170 178 144 101 192 143 147 138 '151 173 137 225 173 178 165 175 107 118 113 117 111 117 137 134 131 127 127 101 119 97 109 79 46 134 114 110 123 95 52 148 123 108 122 91 46 145 116 113 130 86 50 148 120 113 131 90 49 132 109 115 134 90 54 140 118 136 157 104 67 160 138 119 140 82 62 144 144 114 135 81 56 131 142 105 124 72 48 127 142 104 123 77 46 127 142 93 110 66 45 114 106 100 115 73 47 127 132 151 166 153 151 149 143 145 139 139 137 137 161 128 139 136 134 135 149 165 119 116 96 104 125 P130 P140 P100 62 50 139 112 127 105 P84 P75 P85 49 112 105 51 123 118 P175 47 103 105 P197 89 86 237 207 240 207 P152 76 P155 93 72 191 164 214 185 P185 P120 P101 54 138 141 P160 66 80 180 222 184 227 P134 170 P165 132 151 P 1 5 4 127 149 153 233 '233 P236 164 P160 '81 189 179 171 x ' Revised. P Preliminary. 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. Recently the level shown by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears, however, that the series overstates the current level of total output in these industries. Study is being made of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries. 2 1278 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100 1946 1945 Industry Aug. Sept. Oct. Mar. Apr. June July Aug. Sept. Nov. Dec. Jan. Feb. 171 179 164 202 135 158 182 225 138 130 145 156 155 191 125 81 111 152 171 201 141 76 186 150 129 138 120 75 154 148 120 143 95 71 128 145 120 151 90 70 96 140 118 134 108 139 94 149 89 129 101 110 103 104 171 167 92 144 166 166 162 156 154 162 164 157 174 May Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal Lamb and mutton . . . Other manufactured foods Processed fruits and vegetables Confectionery Other food products ... Alcoholic Beverages Malt liquor Whiskev Other distilled spirits Rectified liquors . . 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 Printing and publishing Petroleum and Coal Products . . Coke Bv-product coke Beehive coke . . Chemical Products Paints ... . . Soap Ravon Industrial chemicals Rubber Products Min era Is— To ta I 165 142 158 165 168 Bituminous coal Anthracite Crude petroleum Metals Iron ore Gold Silver . . 173 84 97 63 60 117 141 '125 91 122 108 141 132 107 P172 255 P183 P292 157 161 P163 187 174 154 167 147 132 116 162 '228 89 r 37 19 44 89 100 175 199 214 201 188 198 211 170 183 169 154 157 163 178 118 123 124 154 160 141 55 216 306 52 324 365 70 566 420 83 467 427 130 301 343 131 280 396 125 314 416 100 241 401 96 214 409 60 211 387 61 213 367 65 219 426 56 230 427 155 169 173 157 104 142 148 152 147 164 159 145 161 166 91 204 106 220 111 225 110 198 87 128 104 185 111 193 110 202 109 190 110 219 108 210 99 190 110 212 95 106 103 97 57 70 67 65 69 71 77 72 77 112 219 81 131 144 143 142 134 133 141 148 146 142 147 136 147 P149 129 144 104 92 219 120 126 141 74 126 142 135 71 138 150 110 100 223 126 136 165 77 125 142 141 81 139 153 115 101 227 129 137 157 80 133 148 147 79 138 153 121 103 223 131 136 158 79 132 145 140 82 131 137 96 100 195 120 131 143 78 132 145 140 84 130 131 96 102 167 125 130 145 81 134 144 128 86 137 145 100 104 203 130 136 155 82 139 147 135 86 143 157 105 111 239 132 141 165 82 144 149 138 86 141 156 106 112 235 131 139 166 85 144 144 126 88 138 151 100 100 223 133 136 160 84 141 143 128 83 142 162 100 107 250 137 139 164 85 143 145 132 84 131 146 86 101 229 122 128 155 72 127 133 124 82 142 155 86 110 238 132 140 169 85 134 151 135 82 P143 107 110 117 118 114 114 122 129 129 126 129 115 123 128 115 104 111 119 94 101 104 96 94 106 114 114 112 P174 P178 199 142 172 85 138 152 133 87 P181 P156 P174 P172 P166 P161 P171 P166 P163 129 152 120 122 147 164 133 148 140 164 122 162 131 171 125 184 129 176 129 200 130 172 139 187 133 172 141 165 138 168 137 169 140 170 146 164 166 133 160 152 150 224 116 115 145 148 144 276 154 150 286 116 111 296 91 85 295 151 145 337 113 116 18 73 75 16 137 133 276 '336 165 159 368 P361 261 239 232 230 231 233 233 234 231 231 '232 233 P235 132 124 222 368 135 131 237 386 139 130 238 371 140 125 244 370 142 127 246 378 142 127 251 384 145 124 255 379 148 122 256 382 151 119 260 392 147 117 261 383 150 119 256 389 149 119 255 151 119 262 395 P151 193 172 191 192 205 215 216 221 219 215 218 211 221 P223 137 125 134 126 134 134 rl30 115 141 150 147 P148 139 126 143 137 146 149 145 108 124 149 153 150 P151 135 144 102 142 148 114 112 110 120 149 159 112 132 142 94 150 159 114 152 160 121 159 168 125 32 10 121 73 60 125 142 156 86 153 159 128 149 156 120 P155 152 138 133 141 139 144 147 138 146 149 153 154 151 P149 124 123 116 80 61 60 r r r 46 '62 r 95 '126 129 192 289 188 281 175 245 111 108 79 50 78 50 58 22 56 28 61 58 89 116 143 233 188 295 189 282 33 40 32 30 30 17 28 9 28 13 30 20 44 35 P240 P184 155 173 137 135 132 151 119 115 153 148 332 146 Coal 133 93 173 224 140 164 242 139 143 Fuels 134 95 179 197 134 176 165 115 87 Newsprint consumption Petroleum refining2 Gasoline Fuel oil Lubricating oil Kerosene 119 •97 146 148 108 154 25 46 29 51 32 54 34 52 34 47 47 44 '237 144' 160' 155 '396 149 164 151 155 P145 P117 P266 P400 P125 282 r Revised. P Preliminary. * 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 NOVEMBER 1946 1279 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Industry group or industry 1945 Aug. Total Durable goods N o n d u r a b l e 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 1946 Sept. May June July 1945 Aug. Sept. July Aug. Sept. May June 148.7 128.5 136.9 '139.3 '141.0 145.0 146.3 298.7 267.3 224.2 247.8 '257.1 187.7 144.9 154.6 -•158.2 1 6 1 . 4 166.1 169.0 387 l 335.4 246.2 266.6 '280.7 117.9 115.6 123.0 124.4 1 2 5 . 0 128.4 128.4 212.1 200.6 202.6 229.4 234.0 150.3 125.1 133.1 r136.2 "140.2 144.5 146.2 289 7 255.8 206.9 221.4 '231.3 121 109 217" 124 115 117 199 175 118 176 182 167 178 167 281 169 349 311 193 169 291 292 137 118 201 140 125 234 209 207 127 132 235 126 129 95 125 238 209 174 116 '•127 236 '244 123 117 232 161 121 196 109 192 113 95 206 146 137 133 108 150 130 ••152 131 157 136 141 116 140 143 150 246.8 171.5 187.3 193.3 194.4 150 154 208 148 153 r177 132 176 170 158 142 289 282 Aug. '261.0 277.8 '287.0 306.0 '235.6 250.3 '238.1 192 277 249 '245 211 255.2 203 295 270 254 234 290 280 254 243 234 190 '270 246 '271 252 '280 254 181 236 241 251 156 240 200.7 207.1 460.6 159 387 189 463 399.2 268.5 311.5 333.9 33 3.7 230 330 245 258 258 228 389 308 '334 '329 360.0 279 370 333.5 348.8 Machinery except Electrical 203.7 Machinery and machine-shop products 197 Engines and turbines 309 Tractors 165 Agricultural, excluding tractors.... 142 Machine tools 182 Machine-tool accessories 230 Pumps 258 Refrigerators 124 187.0 191.3 194.4 199.0 201.9 384.4 338.4 285.7 310.8 329.5 165 240 156 129 163 188 217 91 171 198 150 147 161 186 219 154 172 219 158 146 162 192 226 '163 174 234 168 147 162 194 225 168 176 24? 169 146 168 200 235 173 324 511 248 259 304 340 512 178 Transportation Equipment, except Autos. Aircraft, except aircraft engines Aircraft engines Shipbuilding and boatbuilding 496.5 395 372 643 298.1 311 294 279 290.8 316 292 265 290.2 325 '298 253 285.4 287.3 2068 0 1742.2 844.1 625 339 2310' 1855 '"" 470 312 3043 2376 229 2193 1920 1116 538.3 566 469 499 925.2 1084 1733 935 July 366 641 272 298 329 388 543 229 266 369 238 247 261 280 390 147 284 370 192 228 260 287 402 ••257 296 416 236 248 270 301 416 '263 537.5 586 469 483 '299 448 248 251 262 293 413 '272 538.5 607 469 467 272 314 455 257 257 281 316 438 284 534.0 642 506 422 A utomobiles 138.3 105.9 161.8 166.1 173.6 181.8 189.7 253.1 183.5 151.2 232.7 250.5 282.2 308.0 Nonferrous Metals and Products Primary smelting and refining Alloying and rolling, except aluminum Aluminum manufactures 165.1 131.2 151.4 '159.0 ' 165.0 171.0 173.6 313.1 292.2 223.3 130 138 102 231 128 134 259 '108 268 271.4 "287.8 "292.9 311.4 176 '229 '191 240 Lumber and Timber Basic Products Sawmills and logging camps Planing and plywood mills 124.7 120.8 137.0 141.3 75 77 72 79 91 95 87 97 Furniture and Lumber Products Furniture Stone, Clay and Glass Products Glass and glassware Cement Brick, tile, and terra cotta Pottery and related products 100.5 89 132.9 143 118 110 138 137.8 139.7 185.6 149 194 122 128 112 127 143 176 179.8 193 128 118 173 175.7 189 131 126 173 224.1 243 177 180 215 Textile-Mill and Fiber Products Cotton goods except small w a r e s . . . Silk and rayon goods Woolen and worsted manufactures. Hosiery Dyeing and finishing textiles 91.7 91.9 103.6 104.8 103. 103 103 112 112 113 71 71 76 76 77 90 91 107 104 107 60 61 71 72 71 84 84 94 95 94 104.7 105.5 172.6 114 210 77 138 104 177 72 94 145 95 162.1 193 134 167 89 140 169.7 201 138 175 101 145 214.8 244 167 238 131 175 218.6 248 167 239 133 185 214.7 246 166 229 131 179 231.0 276 181 234 141 188 Apparel and Other Finished Textiles Men's clothing, n.e.c Shirts, collars, and nightwear Women's clothing, n.e.c Millinery 113.6 115.3 128.3 130.6 126.5 132.9 85 83 88 89 88 90 68 69 75 77 76 77 70 74 78 78 78 72 72 75 70 68 70 77 180.6 135 111 108 113 208.4 141 126 138 131 258.8 176 157 163 99 263.3 181 160 159 105 245.7 168 155 141 123 277.5 183 163 170 138 Leather and Leather Products Leather Boots and shoes 159 250 133 153 135 197 92.4 111.4 81 98 108.1 105.7 128.9 125 121 146 77 81 109 73 75 102 114 113 132 90.2 81 78 -•147 202 154 205 159 208 129.0 103 124 108 101 149 134 Tobacco Manufactures Cigarettes Cigars 84.3 89.5 91.2 123 127 121 62 68 77 138.4 105 124 109 102 153 176 118.1 113 110 104 98 139 70 223 220 289 412 240 330 '269 336 '269 337 280 349 143.4 80 97 148.7 150.0 222.1 219.3 215.3 130 82 134 134 145 101 147 159 261.8 281.0 267.0 300.3 147 149 158 166 175 174 183 196 114.1114.5 101 101 118.1 119.1 188.2 171.5 164.0 104 141 150 166 212.3 223.5 222.1 239.3 188 194 196 210 132.0 145 115 104 137 88.0 102.6 103.1 102.3 102.0 82 92 91 88 76 88 89 89 Food and Kindred Products Slaughtering and meat packing Flour Baking Confectionery Malt liquors Canning and preserving 294 450 119.0 107 109 102 95 141 '83 129.0 102 114 101 93 144 137 92.1 123 77 90.7 123 74 134.9 191.2 152 124 109 108 100.4 167.8 159.9 160.2 146 141 147 140 141 149 136.5 132.0 212.7 205.6 115 158 175 119 218 211 103 175 171 98 164 166 145 231 224 154 250 249 91.7 121 76 226.6 178 218 174 175 243 352 91.7 151.9 149.3 176.0 194 201 214 115 115 148 235.0 235.7 238 242 196 184 211 196 229 239 253.2 255 207 220 252 203.1 203.4 197.3 198.2 159 157 163 160 185 183 178 175 201.9 181 182 171 174 201 150 205.0 231.5 167 180 191 221 169 179 180 170 210 222 182 '326 181.1 184.1 217 218 164 168 250.3 202 241 184 186 232 387 178.3 186.2 211 218 160 168 'Revised. NOTE—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for September 1946 £trc prclimiricLry 1280 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 employment 1946 1945 Industry group or industry Aug. Factory pay rolls Sept. May June July 1945 Aug. Sept. Aug. July 1946 Sept. June May July Aug. 117 0 117 5 135 3 137.3 135.9 137.8 138.0 198.0 189.2 200.7 237.4 244.4 243 8 253 9 122 121 122 181 181 172 213 217 103 120 218 104 228 123 121 123 182 180 183 112 123 212 111 216 212 125 186 124 126 181 171 217 223 111 123 110 234 Paper and A Hied Products Paper and pulp Paper goods n.e c Paper boxes 98 3 Printing and Publishing Newspaper periodicals Book and job 98 8 114 3 115.7 116.8 117 3 118.0 137.8 140.0 147.7 179 5 184 2 186 0 190 5 93 95 109 105 105 121 109 110 110 120 129 130 161 124 126 126 155 152 167 197 Chemicals and A Hied Products 208.3 172.1 166.8 165.1 r163.7 171 188 188 188 Drugs, medicines, and insecticides. 181 112 121 118 121 110 Rayon and allied products 161 169 168 168 Chemicals, n.e.c. .... 161 170 169 1105 541 176 Explosives and safety fuses 178 178 889 316 177 Ammunition, small arms 56 59 76 97 65 Cottonseed oil 103 107 111 131 106 Fertilizers 164 205 209 169 211 164.9 167.1 397 8 357.2 292.2 283.8 285.1 r286.9 265 305 189 273 271 306 307 179 200 119 184 182 198 198 169 292 288 274 278 '289 267 173 1880 1607 739 266 265 116 562 319 331 2636 1470 336 71 205 127 140 120 154 146 242 112 247 261 301 '246 290.5 314 206 288 273 201 160 Products of Petroleum and Coal Petroleum refining Coke and by-products . . . . 128.0 123.3 136.9 140.6 142.7 143.4 143.8 234.6 229.8 212.1 228.2 236.0 244.3 246.3 Rubber Products Rubber tires and inner tubes Rubber goods, other 158.0 136.5 182.7 186.1 180.2 187.5 189.4 298.7 265.7 231.3 327.6 337.2 327.2 343.2 196 183 133 193 190 250 211 314 318 304 311 159 287 132 134 140 213 193 112 238 241 255 129 256 124 279 Miscellaneous Industries Instruments, scientific Photographic apparatus 163.9 136.5 165.0 169.4 169.6 174.4 176.4 315.0 293.7 239.2 300.5 '315.9 '313.1 197 200 200 835 373 331 449 237 798 339 343 198 128 101 120 134 102 105 121 155 139 136 137 137 228 224 114 118 119 195 189 142 146 148 260 250 204 182 222 223 169 228 229 195 215 217 221 191 275 233 240 328.2 347 245 For footnotes see page 1280. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 Group Total Durable Nondurable r v Preliminary. 1946 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July 147.6 187 5 116.1 127.8 144 8 114.5 127.2 142.6 115.1 127.8 143 3 115.6 128.1 141.2 117.8 130.7 144.4 119.8 122.4 122.9 122.0 130.3 138.6 123.7 136.6 151.6 124.7 138.0 154.6 124.8 139.6 '158.1 125.0 '140.6 '161.2 124.3 Revised. Aug. Sept. 143.8 P145.5 165 8 P168 8 126.5 P127.1 NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hourly earnings (cents per hour) Average hours worked per week Industry group 1946 1945 1945 July Aug. Apr. M a y June July Aug. 40.5 39.7 40.0 July Aug. Apr. May June July Aug. 39.6 40.4 103.3 102.4 105.8 107.1 108.4 109.3 All Manufacturing 44.0 40.7 Durable Goods 44.9 41.1 40.4 39.3 39.8 39.2 40.4 112.7 111.3 113.1 114.7 116.5 117.7 118.4 45.2 45.3 46.7 45.8 42.3 45.7 41.4 43.3 43.4 41.7 41.2 42.7 41.7 33.5 43.3 40.5 40.6 41.6 39.9 40.2 41.5 39.9 37.4 41.8 41.3 42.3 41.3 38.4 38.9 40.1 39.1 36.3 41.1 40.9 41.3 40.2 38.8 39.8 40.9 39.5 '36.6 40.9 41.5 41.8 40.4 '38.5 '39.4 40.4 39.2 37.8 40.1 38.6 41.0 39.5 39.8 40.5 40.9 39.8 39.2 40.7 41.4 42.0 40.7 111.4 105.7 114.8 130.1 126.0 106.8 81.0 85.2 93.1 110.9 103.8 113.4 129.7 124.5 106.7 81.3 83.5 93.9 118.6 109.6 117.9 131.6 130.2 113.1 85.6 90.3 100.4 119.0 113.1 120.4 133.3 132.5 114.9 88.0 91.7 101.9 -•120.6 114.8 122.3 135.0 134.7 116.3 90.8 '92.7 104.1 121.6 115.4 123.2 136.5 135.4 116.3 90.9 '93.6 105.7 122.2 116.8 124.7 135.5 136.1 117.3 91.9 95.6 106.3 42.8 40.3 40.6 40.1 40.2 40.1 40.4 90.2 90.9 98.8 99.6 100.3 101.0 103.6 41.3 36.7 41.7 45.8 41.0 46.3 41.5 45.1 47.7 45.5 44.0 40.3 37.2 40.5 42.8 39.2 43.5 41.0 41.4 40.0 40.3 41.8 39.8 36.9 39.6 42.4 39.5 42.9 40.4 40.7 39.3 39.4 40.9 40.0 37.1 39.3 '42.3 40.0 '43.0 40.5 40.5 39.6 39.3 41.2 39.6 '36.0 '38.2 43.8 39.1 42.8 40.2 '40.7 40.0 39.2 40.5 40.1 76.3 77.0 86.9 87.3 87.5 37.0 82.9 84.6 96.6 95.6 95.1 37.8 85.1 85.7 92.8 94.2 95.0 43.7 87.4 88.2 95.2 96.1 '97.2 38.7 74.9 76.5 83.0 84.8 84.6 43.4 88.1 88.0 96.6 98.3 99.3 40.8 112.3 114.4 124.8 126.6 127.8 40.8 99.9 100.3 104.5 106.4 108.4 40.3 121.7 122.2 133.2 134.2 134.7 39.4 113.8 111.9 123.2 126.6 128.3 41.0 98.3 97.5 101.5 102.8 104.2 87.7 '94.2 95.4 '98.6 85.1 100.6 128.8 109.8 135.5 129.2 104.8 92.3 98.6 97.1 101.5 88.7 101.9 129.9 110.2 134.6 129.5 105.8 Iron and Steel and Products Electrical Machinery Machinery Except Electrical Transportation Equipment Except Autos. Automobiles Nonferrous Metals and Products Lumber and Timber Basic Products Furniture and Finished Lumber Products Stone, Clay, and Glass Products 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 ' Revised. NOVEMBER 38.4 33.2 39.3 43.3 39.0 44.0 40.7 43.4 46.9 41.8 41.8 r NOTE.—Back figures are available from the Bureau of Labor Statistics. 1946 1281 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transportation and public utilities Trade Finance, service, and miscellaneous Federal, State, and local government 1,753 1,722 2,236 2,078 1,259 679 834 2,912 3,013 3,248 3,433 3,619 3,761 3,822 6,618 6,906 7,378 7,263 7,030 7,044 7,173 4,160 4,310 4,438 4,447 4,115 4,348 4,589 3,988 4,136 4,446 5,203 5,890 5,911 5,887 2.077 2,136 2,095 2,041 3,448 3,484 3,503 3,525 7,227 7,224 7,132 7,136 4,382 4,330 4,255 4,229 5,431 5,526 5,620 5,701 L.899 1,734 936 891 864 3,540 3,556 3,574 3,588 3,597 3,620 3,634 3,639 3,633 3,671 3,683 3,687 7,133 7,064 7,110 7,006 6,988 7,017 7,061 7,015 7,006 7,006 7,000 6,962 4,146 4,146 4,121 4,110 4,102 4,112 4,127 4,110 4,079 4,078 4,119 4,127 5,783 5,829 5,911 5,945 5,965 5,962 5,943 5,916 5,810 5,818 5,822 5,981 862 862 852 848 843 848 833 830 822 8t2 808 802 830 786 737 719 673 677 653 648 627 $09 611 619 3.720 3,780 3,780 3,763 3,768 3,765 3,753 3,762 3,735 3,748 3,771 3,789 7,096 7.043 7,046 6,982 6,997 7,012 7,084 7,059 7,065 7,077 7,052 7,015 4,170 4,173 4,165 4,257 4 363 4,475 4,505 4,514 4,488 4,384 4,359 4,304 5,866 5,889 5,901 5,905 5,902 5,896 5,859 5,898 5,899 5,915 5,914 6,081 16,696 16,684 16,640 16,384 16,092 15,749 15,255 14,944 13,094 13,048 13,110 13,059 805 R02 796 765 732 798 784 780 780 714 789 798 633 658 691 736 782 828 868 858 883 940 984 1,085 3,797 3,848 3,846 3,811 3,802 3,795 3.801 3,803 3,774 3,806 3,871 3,916 7,210 7,164 7,214 7,004 7,056 7,039 7.117 7.121 7.215 7,258 7,315 7,335 4,394 4,404 4,438 4,466 4,513 4,521 4,558 4.597 4.603 4,745 4,894 4,936 5,954 5,998 6,026 6,003 5,976 5,953 5,973 5,967 5,874 5,673 5,575 5.684 37,471 37,016 37,931 38,335 38,663 '38,947 '39,100 39,699 39,900 13,236 12,536 13,272 13,848 13,955 '14,098 '14,173 14,513 14,634 814 812 801 508 717 r811 ••815 825 822 1,230 1,385 1,462 1,597 1,708 1,837 r 1.882 ,953 i;96i 3,956 3,987 3,990 3,939 3,873 '3,878 '3,903 3.941 3,915 7,673 7,697 7,757 7,775 7,763 '7,788 '7,905 7,962 8,004 5,034 5,082 5,127 5,166 5,134 5,055 5,026 5,084 5,168 5.528 5,517 5,522 5,502 5,513 5,480 '5,396 5,421 5,396 1944—September October November December 39,616 39,426 39,435 40,004 16,888 16,758 16,695 16,747 826 816 812 806 671 652 629 594 3,791 3,767 3,771 3,770 6,994 7,148 7,299 7,611 4,488 4,340 4,315 4,304 5,958 5,945 5,914 6,172 1945—January February March April May June July August September October November December 39,093 39,135 39,251 38,991 38,880 38,767 38,474 38,172 36,398 36,327 36,779 37,463 16,696 16,684 16,557 16,302 16,012 15,749 15,331 15,019 13,159 13,048 13,110 13,059 801 798 796 761 728 794 784 784 784 718 793 802 582 599 636 699 798 845 911 927 945 1,006 1,014 1,042 3,740 3,771 3,788 3,792 3,802 3,833 3,858 3,860 3,831 3,825 3,871 3,896 7,030 6,985 7,084 6,990 7,021 7,004 6,975 6,979 7,143 7,331 7,571 7,959 4,350 4,360 4,394 4,444 4,513 4,589 4,672 4,666 4,603 4,698 4,845 4,936 5,894 5,938 5,996 6,003 6,006 5,953 5,943 5,937 5,933 5,701 5,575 5,769 1946—January February March April May 37,013 36,509 37,469 38,121 38,612 '39,056 '39,265 39,881 40,147 13,236 12,536 13,206 13,779 13,885 '14,098 '14,244 14,586 14,707 810 808 801 505 713 '807 '815 829 826 1,132 1,260 1,345 1,517 1,742 1,874 '1,976 2,109 2,098 3,897 3,907 3.910 3,919 3,873 '3,917 '3,962 4,000 3,974 7,481 7,505 7,617 7,759 7,724 '7,749 '7,747 7,803 7,924 4,984 5,031 5,076 5,140 5,134 5,131 5,152 5,160 5,168 5,473 5,462 5,494 5,502 5,541 5,480 '5,369 5,394 5,450 Manufacturing ining 30,353 31,784 35,668 38,447 40,185 39,689 38,144 10,078 10,780 12,974 15,051 17,381 17,111 15,060 845 916 947 970 891 835 779 1942—September October November December 39,171 39,452 39,597 39,898 15,644 15,798 16,048 16,333 962 954 944 933 1943—January February March April May June July August September October November December 40,081 40,154 40,358 40,248 40,170 40,298 40,435 40,288 40,032 40,067 40,143 40,118 16,653 16,901 17,123 17,215 17,267 17,431 17,618 17,648 17,608 17,689 17,769 17,634 927 924 915 908 893 893 888 878 876 869 859 863 1944—January February March April May June July August September October November December 40,219 40,202 40,016 39,796 39,737 39,789 39,693 39,711 39,440 39,220 39,127 39,357 17,675 17,669 17,535 17,322 17,191 17,116 17,006 17,000 16,804 16,675 16,612 16,747 1945—January February March April May June July August September October November December 39,489 39,558 39,651 39,169 38,953 38,683 38,356 38,070 36,223 36,184 36,538 36,813 1946—January February March April May June July August September Year and month 1939 1940 1941 1942 1943 1944 ^1945 SEASONALLY ADJUSTED Total Construction* :L.604 1,476 11,358 :1,263 1,164 L.082 1.020 UNADJUSTED June July August September * Includes Contract Construction and Federal Force Account Construction. ' Revised. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. September 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 1282 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential building Total Month January February March April May June July August September October November December Year 1945 1946 140.9 147.0 328.9 395.8 242.5 227.3 257.7 263.6 278.3 316.6 370.1 330.7 357.5 387.4 697.6 734.9 952.4 807.9 718.0 679.9 3,299.3 Factories Total 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 19.5 19.3 26.9 42.7 47.2 41.8 46.3 42.7 42.6 59.9 88 4 86.1 89.7 102.1 275.2 370.6 463.6 332.2 281.2 284.0 45.2 66.6 160.4 174.5 43.4 25.5 51.5 75.5 98.3 85.4 107 9 92.6 104.7 97.7 113.7 105.1 140.5 159.4 129.3 109.4 7.5 8.5 10.0 12.3 9.5 18.8 19.8 25.5 45.5 60 8 62 8 65.5 69.0 77.5 112.7 75.1 88.7 55.2 72.8 56.6 4.9 3.0 4.6 4.3 5.1 10.5 13.4 10.4 10.2 18 6 7 0 18.1 17.1 11.4 18.0 23.4 23.4 35.7 7.8 25.8 28.3 40.9 37.9 38.3 35.2 45.8 37.7 39.8 32.0 90.6 111.9 107.9 95.0 89.9 77.5 54.6 61.1 74.0 51.0 50.2 64.7 143.6 128.1 197.9 202.4 153.1 184.4 8.2 23.9 17.6 36.3 49.9 29.4 35.6 36.9 32.0 27.0 30.8 30.0 27.3 100.2 376.8 563.5 1,027.0 346.4 Year 159 137 176 179 144 164 191 169 176 145 165 188 141 147 329 396 243 227 258 264 278 317 370 331 1,994 3,299 358 387 698 735 952 808 718 680 620 122 109 133 133 98 122 148 125 127 102 103 114 75 74 221 309 148 82 108 67 43 61 61 62 47 56 146 127 197 215 202 205 187 37 28 43 46 46 42 42 44 49 43 62 74 1,435 1,311 Title I Loans Year or month Total Property improvement 1935 1936 . . . 1937 1938 1939 1940 1941 1942 . ... 1943 1944 1945 1945—Sept Oct Nov Dec 1946—Jan Feb Mar Apr May June July Aug Sept 320 557 495 694 954 1,026 1,186 1,137 942 886 684 224 246 60 160 208 251 262 141 96 125 189 11 26 28 23 17 14 13 21 39 40 42 25 32 559 66 73 107 87 95 146 149 196 235 256 309 269 311 331 551 608 756 593 516 475 433 Small home construction i3 25 26 21 15 1 * * * * * * * * * * * Rental War and 1- to 4- and Veterans' family group housing houses housing (Title (Title (Title VI) ID II) C1) 94 309 424 473 669 736 877 691 243 216 219 16 19 21 20 27 24 28 28 31 37 33 26 26 2 2 11 48 51 13 13 6 * 7 3 2 * 1 * 1 1 i' #' 13 284 601 537 272 14 17 11 11 12 8 7 8 10 6 5 4 4 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. 1946 Federal Reserve district Boston . New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis . . Aug. Sept. 52,564 86 421 36,816 53,888 63,516 87,444 . ... 147,379 . • 21,765 22,638 12,758 34,668 47,203 94,668 36,438 78,307 83,466 90,744 102,999 62,976 29,723 20,872 32,513 18,682 43,218 20,552 34,276 25,651 22,192 56,860 16,876 11,933 11,570 16,452 619,857 679,909 278,262 Sept. ... Total (11 districts) Mortgages on 1945 1946 Dallas 1,988 *Less than $500,000. 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 NOVEMBER 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] 1944 1945 1946 1944 1945 1946 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Un millions of dollars] 44 62 60 55 56 46 48 58 80 83 80 55 63 885.4 Public ownership Private ownership 1944 1945 1946 January.... February... March April May June July August September. . October.... November. . December . . Public works and public utilities Other Educational 1945 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Commercial INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] End of month Total SavMuings Com- tual and mer- savloan cial ings associbanks banks ations Insur- Fedance eral Other2 com- agenpanies cies1 1936—Dec 1937—Dec 1938 Dec 1939—Dec 365 771 1,199 1,793 228 430 634 902 8 27 38 71 56 110 149 192 41 118 212 342 5 32 77 153 27 53 90 133 1940—Mar June Sept Dec . . . . 1,949 2,075 2,232 2,409 971 1,026 1,093 1,162 90 100 111 201 208 216 392 432 480 171 182 190 124 127 141 130 224 542 201 150 1941—Mar June Sept Dec 2,598 2,755 2,942 3,107 1,246 1,318 1,400 1,465 146 230 606 210 160 157 171 237 246 254 220 225 154 178 186 668 722 234 179 1942—Mar 3,307 3,491 3,620 1,549 1,623 1,669 201 264 856 237 200 219 236 940 272 276 1,032 243 245 195 163 1943—June Dec 3,700 3,626 1,700 1,705 252 256 284 1,071 292 1,134 235 79 158 159 I944—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 1,488 260 247 974 11 122 &£••:.:: 789 !The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 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. 1283 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1942 1943 1944 1945 1946 January February March 482 483 637 749 728 988 1,124 1,107 1,197 903 887 1,030 P799 April May June 717 542 650 989 1,092 1,003 1,231 1,455 1,297 1,005 1,135 870 P757 P851 July August September.... 659 705 732 1,265 1,280 1,269 1,197 1,191 1,194 893 737 514 P826 P882 October November. . . . December 803 788 883 1,238 1,073 1,288 1,144 1,187 939 P455 P639 P736 5,606 9,364 10,992 7,976 Jan.-Sept,,. 1942 1945 1944 1946 1942 1943 1945 1944 1946 254 254 272 230 234 249 300 314 358 334 325 365 P394 P319 P385 228 230 365 519 494 739 824 793 839 569 561 665 P405 P351 P431 235 191 215 258 282 296 352 386 331 366 372 360 P407 P397 P385 482 351 434 732 810 707 879 1,069 965 639 763 511 P350 P454 P493 214 187 196 302 318 289 294 304 282 356 360 335 P432 P424 P3 76 446 518 536 963 962 981 903 887 912 537 378 180 P394 P458 P266 200 168 359 329 312 282 328 323 347 P344 P322 P297 603 620 524 909 761 1,005 815 863 591 Pill P317 P439 2,017 2,457 2,922 3,172 3,588 6,907 8,071 P670 P815 P878 P641 P7,119 1943 P3,519 4,804 P3,601 P1 Preliminary. Including both domestic and foreign merchandise. 1 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. REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [In millions of dollars] FREIGHT CARLOADINGS BY CLASSES [Index numbers: 1935-39 average = 100] Miscellaneous Merchandise l.c.1. 110 147 183 206 192 101 110 136 146 145 97 96 100 69 63 180 169 147 142 67 68 Forest Total Coal Coke Grain Livestock prod- Ore ucts Net Total Total railway railway railway operating operating expenses income revenues Net income P8,902 3,406 3,614 4,348 5,982 7,693 8,343 P8,052 589 682 998 1,485 1,362 1,093 P850 93 189 500 902 874 668 P447 831 791 705 691 657 668 628 725 696 648 655 620 608 674 106 95 57 36 37 61 —36 71 61 22 4 3 30 -56 655 635 651 566 515 639 651 664 567 555 667 562 524 586 603 613 88 80 — 16 4 —9 53 48 51 51 51 -45 -28 c_4i 20 16 P19 820 796 755 679 697 661 614 720 697 667 635 643 600 651 100 99 87 44 54 61 -37 70 '65 51 9 20 34 -75 641 579 646 567 533 612 674 710 570 521 667 557 537 574 611 629 71 58 -20 10 -5 38 63 82 34 29 —49 -21 -37 15 32 P51 Annual 1939 1940 1941 . . . . 1942 . 1943 . . 1944 1945 101 109 130 138 137 98 111 123 135 138 102 137 168 181 186 107 101 112 120 146 96 96 91 104 117 100 114 139 155 141 140 135 143 134 185 172 139 151 124 124 143 129 SEASONALLY Annual 1939 1940 1941 1942 1943 1944 1945 3,995 4,297 5,347 7,466 9,055 9,437 ADJUSTED 1945_j u l y August September.. . October November. . . December 139 136 193 157 121 140 171 146 128 127 118 133 127 128 143 109 148 133 167 155 113 167 164 163 '145 158 167 153 115 114 123 145 140 133 125 109 110 106 166 174 134 134 117 132 126 125 133 130 1P46—January February.... March April 133 126 139 109 106 148 152 155 26 68 127 107 165 95 62 152 150 141 112 126 126 158 140 143 114 122 126 134 143 125 118 94 121 66 66 134 121 143 143 123 78 78 78 81 74 June July August September. . . 133 146 140 126 118 149 137 135 81 139 141 138 145 152 160 177 184 183 139 131 125 166 118 91 153 157 154 164 162 164 141 145 139 78 77 75 1945—July August September.. . October November.. . December 143 132 137 128 136 119 136 128 143 109 148 133 187 160 154 111 167 172 188 176 163 158 164 144 97 109 150 189 183 135 140 140 135 115 108 94 273 249 261 215 114 36 148 133 136 136 139 123 67 65 69 72 75 71 1946—January February March April May 123 119 132 107 107 137 143 145 148 152 155 26 68 146 145 152 133 114 166 93 61 138 172 177 152 147 130 99 111 128 166 142 120 126 111 127 103 96 135 113 109 121 134 143 130 155 153 165 123 113 136 141 125 139 142 146 149 160 181 140 120 166 29 24 35 50 103 213 263 243 74 75 79 82 74 81 78 77 67 64 66 69 74 74 UNADJUSTED July August September... r 245 150 79 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. 1284 SEASONALLY ADJUSTED 1945—June July August. . . September October... November. December. 1946—January.. . February.. March. . . . April May June July August.. . . UNADJUSTED 1945—June July August. . . September October... November. December. 1946—January.. . February.. March.... April May June July August.... r p Preliminary. Revised. "Corrected. 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 apolis City San Francisco 106 109 123 129 148 164 185 105 110 127 149 184 205 229 112 117 138 157 212 246 277 109 117 139 169 200 221 244 232 238 240 239 191 190 203 199 239 241 238 244 '276 289 288 287 '235 243 273 256 209 241 243 237 234 253 254 281 263 234 281 286 267 277 305 300 330 312 21? 236 246 224 252 248 253 '259 265 249 261 275 273 289 288 281 300 321 306 339 336 352 342 368 381 381 378 269 300 297 291 305 315 323 '324 313 279 307 348 466 197 213 254 320 234 255 303 365 207 210 243 305 239 253 286 366 197 227 264 281 274 266 219 '253 316 246 292 315 336 313 307 275 321 374 167 193 226 242 234 245 198 236 268 192 236 264 281 272 274 234 284 315 i 158 182 223 234 242 236 c 204 '232 288 99 106 130 182 144 151 156 107 113 139 191 175 190 198 107 115 140 178 161 185 188 103 111 134 186 160 161 159 102 108 134 176 152 159 166 152 149 149 146 153 151 157 149 200 196 195 192 186 188 193 189 155 156 155 147 162 166 170 180 190 204 213 214 200 149 153 160 172 182 194 203 '205 204 157 163 174 178 192 209 213 208 221 207 201 206 217 233 243 264 264 262 184 192 201 220 239 252 267 '271 277 166 169 167 127 174 175 173 136 167 170 164 124 171 174 165 124 224 224 207 160 132 145 154 164 173 174 179 198 209 144 156 171 182 192 192 196 218 216 130 148 160 175 184 184 192 '213 225 138 151 168 183 194 201 213 225 246 177 190 205 218 228 232 260 297 294 Richmond Atlanta Chicago St. Louis 106 114 138 153 167 182 201 109 120 144 170 194 215 236 113 123 145 162 204 244 275 107 116 135 149 161 176 193 111 119 143 158 179 200 227 175 184 202 184 197 209 212 218 225 248 251 237 274 286 290 297 193 199 208 206 194 210 232 219 226 240 236 259 202 205 221 244 224 232 253 254 250 238 220 236 246 244 256 273 260 286 249 262 283 294 276 276 303 307 '306 298 308 331 328 327 329 365 343 365 367 176 196 225 323 171 196 235 307 178 208 255 327 199 224 264 338 239 271 319 399 179 207 238 255 248 253 208 242 277 147 156 197 223 211 216 157 184 236 155 174 206 219 214 221 158 189 214 158 174 219 228 222 228 175 195 243 167 194 237 253 243 257 203 249 251 102 108 131 179 155 162 166 99 105 124 165 142 147 153 97 102 123 181 143 150 159 96 99 119 167 141 148 150 1945—September October November December 166 164 165 158 152 151 148 139 161 155 152 150 1946—January February March April f".*. 167 171 177 189 200 211 223 221 226 145 154 157 171 177 181 187 186 191 1945—September October November December 184 185 179 136 1946—January February March April May June . July August September 146 158 172 188 200 205 223 '238 250 Boston New York 106 114 133 149 168 186 207 104 108 126 140 148 162 176 101 106 119 128 135 150 169 104 111 129 143 151 168 184 1945—September October November December '202 ••212 '222 '218 167 177 183 188 161 172 182 179 1946—January February March April May June July '227 '251 '260 '252 '258 275 273 290 269 186 200 218 210 213 232 227 246 225 1945—September October November December . .. 209 230 273 352 }945—January February March April May June July. August September 1939 . 1940 1941 1942 1943 1944 1945 SALES* . .... Phila- Clevedelphia land SEASONALLY ADJUSTED September UNADJUSTED STOCKS* 1939 1940 1941 1942 1943 1944 1945 290 318 352 467 '244 254 321 407 199 238 255 273 272 265 230 279 311 248 299 316 335 322 313 200 397 214 253 258 287 284 288 266 '292 326 103 110 138 171 151 169 165 99 105 125 159 152 157 156 106 113 130 161 159 177 190 106 113 137 187 172 177 182 172 166 163 155 163 160 160 155 154 155 158 154 212 193 189 198 184 185 191 176 163 165 168 179 191 199 213 210 220 160 175 185 193 211 222 231 234 240 166 162 166 183 186 207 224 220 227 165 163 183 184 194 212 206 '201 219 179 190 195 208 239 253 252 262 267 183 190 190 215 217 218 250 240 249 205 211 203 155 173 174 171 132 190 186 175 130 176 178 173 136 173 176 170 126 237 218 202 166 207 205 202 144 166 179 201 217 232 255 275 292 304 140 150 163 179 191 195 209 225 244 138 158 180 193 211 222 240 255 266 151 155 167 174 185 200 228 233 245 143 147 165 179 191 212 230 '225 245 161 169 185 202 227 ?46 272 296 299 161 167 177 212 225 221 265 263 281 r SEASONALLY ADJUSTED June July August September UNADJUSTED . . . ' Revised. c Corrected. * 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 or June 1946, pp. 588-612. NOVEMBER 1946 1285 DEPARTMENT STORE STATISTICS—CO»*II*K^ SALES, STOCKS, AND OUTSTANDING ORDERS As reported by 296 department stores in various Federal Reserve districts] Amount (In millions of dollars) Year or month WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1935-39 average = 100] Without seasonal adjustment Mar. 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 128 136 156 179 204 227 255 344 353 419 599 508 534 564 108 194 263 530 560 728 1945—Jan... Feb... Mar... Apr.. . May.. June.. July.. Aug... Sept.. Oct... Nov.., Dec... 199 198 280 209 231 235 191 213 243 298 334 429 465 500 524 566 592 596 592 626 620 624 602 462 771 817 772 725 671 695 722 670 652 700 779 764 1946—Jan... Feb... Mar.., Apr.. . May . June.. July.. Aug.. Sept.. 224 239 301 319 304 304 244 303 491 533 582 644 674 699 735 806 896 979 974 910 934 1048 1073 1012 Apr. May June July Aug. Sept. Oct. Nov. 20 Dec. P308 r 9 Preliminary. Revised. Back figures.—Division of Research and Statistics. 1943 6 . . . .150 13. . . .144 20. . . .147 27. . . .155 3. . . .161 10. . . .168 17. . . .170 2 4 . . . .182 1 . . . .142 8 . . . .169 1 5 . . . .149 22. . . .153 2 9 . . . .151 5 . . . .151 12. . . .168 1 9 . . . .168 2 6 . . . .132 3. . . .134 10. . . .113 17. . . .126 24. . . .124 31. . . .118 7. . . .131 14. . . .131 21. . . .146 28. . . .145 4. . .169 11. . .156 18. . . .179 25. . . .176 2. . . .175 9. . . .188 16. . . .189 23. . . .194 30. . .187 6. . . .202 13 .211 Mar. Apr. May June July Aug. Sept. Oct. Nov. 223 27! ! !201 4. . .269 Dec. 1944 4. . ..153 Mar. 1 1 . . . .160 18. . . .172 2 5 . . . .182 1 . . . .212 8. . . .208 Apr. 1 5 . . . .152 2 2 . . ..163 2 9 . . ..168 6 . . ..184 M a y 13. . . .197 20. . ..177 2 7 . . . .168 3 . . . .163 June 10.. . .172 17. . ..173 24. . ..151 1. . . .149 8. . . .116 July 15. . . .145 2 2 . . . .138 29. . . .132 5. . ..137 Aug. 12. . . .148 19. . . .149 26. . ..171 2. . . .194 Sept. 9. . . .177 16. . . .196 23. . ..193 30. . . .196 7. . . .218 Oct. 14. . . .221 21. . . .209 28. . . .207 4 . . . .215 Nov. 11. . . .231 is!! ' 252 25. . . .236 2. . . .304 Dec. 1945 1946 3 . . ..182 Mar. 2. . ..217 9 . . . .233 10. . ..204 1 7 . . ..214 1 6 . . . .243 2 4 . . . .226 2 3 . . ..255 3 1 . . . .230 30. . ..257 7 . . ..181 Apr. 6. . . .272 1 4 . . ..156 1 3 . . ..282 2 1 . . ..192 2 0 . . ..289 28. . ..184 2 7 . . . .232 5 . . ..193 May 4 . . ..248 12. . . .196 11. . ..274 19. . ..178 1 8 . . ..246 2 6 . . ..182 2 5 . . . .245 2. . ..169 June 1. . ..223 8 . . . .273 9. . . .196 16. . . .206 15. . ..283 23. . ..183 22.. . .248 3 0 . . ..173 2 9 . . ..239 7. . . .153 July 6. . ..192 14. . . .167 13. . ..210 21. . . .157 2 0 . . ..201 28. . . .153 2 7 . . . .204 4. . . .167 Aug. 3. . . .217 1 1 . . . .176 10. . . .228 18. . . .124 17.. . .239 25. . . .182 24. . . .255 1 . . . .194 31. . . .281 8. . . .177 Sept. 7. . ..264 15. . . .213 14.. . .293 22. . . .220 21. . . .280 29. . . .209 28. . . .257 6. . . .242 Oct. 5. . ..277 13. . . .245 12. . . .281 20. . . .237 19. . . .295 27. . . .233 26. . . .286 3. . . .236 Nov. 2. . 9 10. . 261 16 17. . 275 23. . 24. . . .258 30 1. . . .326 NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Sept. Aug. Nine 1946 1946 mos. 1946 Sept. Aug. Nine 1946 1946 mos. 1946 United States p+31 +46 p+33 +49 Boston New Haven. . +3." +54 +21 +42 Portland Boston Area,. +38 +50 Downtown +36 +48 Boston Springfield. .. +24 +47 +31 +58 Worcester Providence.. . +2r +51 New York.... Bridgeport.. . Newark Albany Binghamton.. Buffalo Elmira Niagara Falls, New York City. Poughkeepsie Rochester Schenectady. Syracuse Utica Philadelphia Trenton Lancaster. . . Philadelphia. Reading.... Wilkes-Barre York Cleveland... Akron Canton Cincinnati... Cleveland... Columbus... Springfield. . r Revised. +25 +36 +27 +37 +31 +29 +21 +9 +20 +33 +31 +36 +49 +36 +58 +63 +63 +56 +63 +55 +54 +35 +57 +50 +49 +38 +62 +41 +42 v+31 +63 P+42 +45 +37 +32 P + 3 9 +56 p+35 +50 P+22 +4= P+36 +23 +29 +46 +38 +35 +33 +1 +51 +35 +47 +50 +53 +49 +28 +30 Cleveland-cont. Toledo Chicago P+34 +51 +33 +51 Chicago +37 +50 Peoria Fort Wayne... P + 4 3 +47 Indianapolis... +27+41 Terre Haute... + 2 0 + 4 8 Des Moines. . . +37+49 +35 +50 Detroit +37 +63 Flint Grand Rapids. +51 +66 +35 Lansing 35 +53 +53 Milwaukee. . . . +4 +53 Green B a y . . . . '+41 +58 Madison +28 +37 +27 +30 +22 +7 +31 +49 +46 +45 +58 +48 +23 +26 +22 +33 +30 +29 +27 Richmond +20 +21 Washington +33 +30 Baltimore +25 Raleigh, N. C... +30 Winston-Salem.. +36 +35 Charleston, S. C +21 +34 Greenville, S. C + 19 +37 Lynchburg +28 +49 Norfolk +22 +35 Richmond +34 +31 Roanoke +36 +23 Charleston, + 13 W. Va +28 +36 Clarksburg P+26 +37 Huntington +31 +31 +24 Atlanta +34 +39 Birmingham... +31 +25 Mobile +22 +29 Montgomery. . +30 +30 Jacksonville.. . +46 +40 Miami +71 +31 Orlando +50 +27 Tampa +36 +34 Atlanta +42 +36 Augusta +25 +27 Columbus +38 Macon +32 +30 Baton Rouge.. +43 +21 New Orleans. . +30 +26 Bristol, Tenn.. +28 +34 Jackson +35 +29 Chattanooga.. + 11 +31 Knoxville +36 + 15 Nashville +33 +26 +38 +41 +47 +4 +32 +44 + 15 +34 +63 +24 +21 +25 +27 +29 +5 +21 +27 +7 St. Louis +30 Fort Smith +37 Little Rock Quincy +32 Evansville +32 Louisville +27 East St. Louis. St. Louis +28 St. Louis Area. +27 Springfield + 17 Memphis +23 +22 Minneapolis. . Minneapolis. . . + 31 St. Paul +41 Duluth-Superior +34 +33 Kansas City... +37 + 16 Denver +31 Pueblo +30 Hutchinson.... +27 Topeka +29 Wichita +24 Joplin +33 Kansas City... +11 St. Joseph +41 Omaha +27 +26 +23 +28 Youngstown Erie Pittsburgh Wheeling Preliminary. 1286 Sept. Aug. Nine 1946 1946 +50 +45 +46 +37 +45 +24 +35 +35 +47 , +58 +48 +40 +49 +31 +42 +23 +29 +43 +31 +471 +18 +54 * Data not available. +31 +32 +33 +33 +26 +31 +34 +28 +29 +37 +29 +35 +36 +27 Sept. Aug. 1946 1946 Kansas City— cont. Oklahoma City. Tulsa +26 +34 +33 +43 Dallas Shreveport Corpus Christi. Dallas Fort Worth Houston San Antonio. . . +36 +31 +36 +36 +33 +51 +33 +40 +27 +54 +44 +36 +47 +37 San Francisco. +31 Phoenix +42 +41 +48 +3/ Tucson * + 19 + 17 Bakersfield +31 +32 +24 Fresno +28 +45 +29 Long Beach +54 +29 Los Angeles.... +37 +52 +31 Oakland and Berkeley * +70 *+44 +29 P + 3 3 +50 +32 Riverside and P + 3 3 +50 +32 San Bernardino +24 P + 4 9 +57 +43 Sacramento... . +27 + 18 +32 San Diego P + 3 9 +53 San Francisco.. +25 +40 +39\ +45 +36 San Jose * +46 +39 +38 Santa Rosa +44 +46 +36 Stockton +40 +25 +23 + 17 Vallejo and Napa -9 +28 +40 +27 Boise and +30 +34 +35 +43 Nampa +24 + 15 Portland +22 +25 +21 Salt Lake City. +35 +25 +40 +26 +32 +21 Bellingham.... +28 +3S +24 +30 + 19 Everett +26 +29 Seattle +23 +37 +33 +26 Spokane +26 +42 +21 +33 Tacoma +25 +36 + 15 +33 Yakima +29 +52 P+33 P+1 P+22 P+32 P+37 P+4 Nine mos. 1946 +20 +22 +31 +26 +27 +36 +25 +37 +30 +26 +40 +38 +31 +40 +32 +35 **+29 +41 +29 +40 +25 +44 +31 +38 +23 +28 +21 +52 +31 + 17 + 11 +35 +20 +48 +29 +37 **+24 +41 +27 -1 •+43 +44 +45 +40 +54 +33 +45 +31 +37 -7 +27 +26 +33 +24 +35 + 19 +29 + 17 +24 ** Eight months 1946. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percent change from Ratio of stocks to sales 2 a year ago (value) IUUCA numuci o without seasonal adjustment 1941 average monthly sales=100 1 Sales during month Number of stores reporting Department GRAND TOTAL—entire stores MAIN STORE—total W o m e n ' s apparel and accessories Coats and suits Dresses Blouses, skirts, sportswear, etc Juniors' and girls' wear Infants' wear Aprons, housedresses, uniforms Underwear, slips, negligees Corsets, brassieres Hosiery (women's and children's) Gloves (women's and children's) Shoes (women's and children's) Furs Neckwear and scarfs Handkerchiefs Millinery Handbags and small leather goods Men's and boys' wear Men's clothing Men's furnishings, hats, caps Boys' clothing and furnishings Men's and boys' shoes and slippers Home furnishings Furniture, beds, mattresses, springs Domestic floor coverings Draperies, curtains, upholstery Major household appliances Domestics, blankets, linens, etc Lamps and shades China and glassware Housewares , Piece goods Cotton wash goods Small wares Lace, trimmings, embroideries, ribbons Notions Toilet articles, drug sundries, and prescriptions. Jewelry and silverware Art needlework Stationery, books, and magazines Miscellaneous Luggage BASEMENT STORE—total Women's apparel and accessories Men's and boys' clothing and furnishings Home furnishings Piece goods Shoes 1946 Stocks Sales during (end of period month Stocks at end of month 1946 1945 1945 Aug. July Aug. Aug. July Aug. 358 194 155 134 549 496 421 355 214 246 197 268 306 286 148 199 225 149 104 213 259 202 133 173 156 157 107 186 222 167 189 217 189 206 143 71 148 92 139 109 79 119 167 173 158 225 252 239 125 162 167 108 88 161 161 167 115 131 122 516 514 260 725 695 822 328 472 560 215 834 476 829 807 878 234 524 456 416 214 693 634 779 279 421 504 179 693 433 811 613 750 176 424 397 431 177 523 485 696 200 296 383 152 644 469 662 711 778 175 411 164 133 119 147 118 124 98 72 84 189 101 507 302 535 806 506 428 234 445 731 441 458 162 149 138 164 205 155 134 113 234 100 115 83 115 30 118 106 91 120 575 503 438 759 183 545 799 618 874 545 489 408 665 195 506 755 608 839 201 231 194 155 522 358 138 182 188 123 145 122 127 129 169 138 118 124 133 138 112 125 582 382 671 940 703 566 807 744 647 358 336 341 332 315 318 292 340 338 349 332 246 274 252 287 173 323 327 234 313 286 181 149 150 232 156 318 241 265 296 218 304 235 232 234 190 188 166 180 223 200 159 132 249 297 127 259 220 157 198 179 132 182 157 150 342 119 226 325 308 240 237 619 776 644 563 690 723 586 537 533 341 433 735 487 August Aug. 1946 Eight mos. 1946 Aug. 1946 1946 1945 +43 +45 +28 +43 +24 +28 +29 +17 +23 + 19 + 15 + 16 +8 + 18 + 14 +29 +29 +30 + 19 +47 +38 +43 + 18 +66 +60 +46 +42 +31 2.8 3.1 2.8 3.2 2.4 2.1 1.3 2.7 2.3 2.9 2.2 2.4 2.4 1.4 8.0 2.2 3.2 4.0 6.6 1.4 3.4 2.4 2.5 1.1 2.4 1.9 2.9 1.6 1.8 2.3 1.4 7.2 2.9 4.1 4.3 6.8 1.4 3.3 4.7 4.7 5.2 3.9 4.8 3.9 3.6 3.7 4.0 1.1 2.9 5.9 5.2 4.2 2.0 1.3 4.4 4.8 4.1 4.5 4.6 4.8 4.6 4.4 2.4 2.9 2.4 4.2 3.4 1.9 4.2 + 19 +21 + 19 + 18 +23 ,+34 +38 + 18 +20 + 12 +8 +32 +60 +21 +28 +20 +9 +32 +27 +67 +20 +22 +41 +43 +51 + 15 + 108 +80 +23 +55 +91 385 416 +64 301 +99 457 +57 32 +646 343 +70 629 +49 475 +45 512 + 107 +34 384 197 +42 +22 577 803 + 18 563 +30 536 + 12 573 +46 635 + 18 +9 635 491 300 +9 + 16 +51 +62 +53 +62 +32 +587 +44 +46 +36 +77 +12 +11 +15 +9 + 19 +8 +35 +3 +7 +2 +27 + 13 + 12 +29 +28 +10 3.1 2.0 3.6 3.4 3.2 -11 +23 +9 +4 +49 +20 +44 +64 +446 +60 +28 +31 +72 +51 +85 +17 + 15 +24 3.0 2.7 2.6 4.2 0.8 2.7 5.0 4.7 3.5 2.2 1.7 4.3 4.7 3.9 4.3 4.4 4.7 4.3 +6 +41 + 18 +2 3.4 +36 +16 +48 2.3 +79 +59 +87 2.8 +27 160 121 444 407 +33 140 +19 351 2.4 408 370 167 146 136 323 +26 +22 + 11 3.3 516 471 422 156 133 101 +23 +36 +55 3.1 513 354 163 145 99 483 +50 +39 +64 2.1 545 465 400 254 216 199 +42 +28 + 12 409 375 409 116 110 97 + 19 + 16 + 1 3.5 1 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 stock-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 2 reversed. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1285. 304 238 209 197 164 139 52 130 166 234 160 238 570 530 SALES, 4CCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment , 1941 average = 100 Year and month Accounts receivable at end of month Sales during 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 1945—August September October November December 136 154 190 212 270 181 202 245 271 356 58 63 89 100 108 98 117 147 165 204 32 '32 36 41 48 76 85 99 113 144 «-58 »-60 71 77 79 104 103 122 143 148 65 64 63 63 64 4 4 4 4 4 31 32 33 33 32 1946—January February March April May June July August. September 142 152 190 205 194 193 186 191 233 249 234 233 64 72 84 96 85 81 106 122 162 175 169 169 45 44 43 45 45 46 108 100 114 126 129 133 190 140 138 154 168 167 65 62 60 60 59 59 130 45 48 50 119 4 4 4 4 4 44 164 179 82 75 83 82 83 81 79 84 87 31 34 36 36 37 37 35 36 38 156 193 197 192 234 229 74 99 97 127 145 165 152 152 61 60 58 r * 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. 1285. NOVEMBER 1946 4 4 1287 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End of month or year Total consumer credit Total instalment credit 1929 1930 1931 1932 1933 1934... . 1935 1936 1937 1938... 1939 1940 1941 1942 1943 1944 1945 7,637 6,839 5,528 4,082 3,905 4,378 5,419 6,771 7,467 7,030 7,981 9,153 9,899 6,485 5,338 5,777 6,734 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 1945—August September October November December 1946—January February March. April May. . 5,649 5,702 6,000 6,344 6,734 6,506 6,564 6,978 7,315 7,507 7,762 7,843 8,156 8,395 1,988 2,010 2,086 2,190 2,365 2,364 2,408 2,507 2,652 2,789 2,908 3,031 3,182 3,314 July August?5 September v Sale credit 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 1,942 482 175 200 227 814 835 903 706 717 196 202 Charge accounts 652 674 619 516 459 532 802 2,125 1,949 1,402 1,065 1,195 1,265 1,644 2,005 2,180 1,464 1,147 1,204 1,462 1,048 1,331 1,504 1,442 1,468 1 .488 1,601 1,369 1,192 1,251 1,616 1 749 1,611 1,381 1 114 J .081 I 203 1,292 1,419 1,459 L 487 1L,544 L 650 1,764 1,513 L,498 .758 1,981 596 573 531 491 467 451 472 520 557 523 533 560 610 648 687 729 772 1,282 1,293 1,332 1,385 1,462 1,487 1,529 1,602 1,695 1,785 1,873 1,959 2,056 2,129 1,466 1,466 L,490 1,556 1L,616 L.659 1,671 1,695 L,710 L,708 L.697 1,695 1.714 1 ,736 1,441 1,470 1,666 1,835 1,981 1,701 1,692 1,972 2,138 2,188 2,327 2,281 2.418 .,495 754 756 Service credit Other 1,197 1,104 958 677 663 741 865 1,147 1,368 1,343 1,525 1,721 1,802 1,009 639 635 676 510 515 754 805 210 219 544 586 903 877 879 905 957 227 235 245 264 289 318 336 365 394 433 676 642 634 641 668 686 699 707 732 752 1,004 1,035 1,072 1,126 1,185 Singlepayment loans2 Loans 1 962 776 875 758 763 772 782 793 804 815 822 830 836 842 850 P Preliminary. Includes repair and modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). 1 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Total 1929 1930 1931 1932 1933 1934 1935 1936 . 1937. 1938 1939 1940 1941 1942 1943 1944 1945 . . 652 674 619 516 459 532 802 1 065 1,265 L 644 > 005 > 180 11,464 I 147 L.204 L 462 1945—August 1,282 September. . 1,293 1,332 October November. . L.385 December... t,462 1946—January.... 1L.487 February.. . 1,529 1,602 March 1,695 1 785 May . 1,873 June 1 959 July . August?. . . . 2,056 September?. 2,129 Commercial1 banks Small loan companies 43 45 39 31 29 44 88 161 258 312 523 692 784 426 312 358 471 263 287 289 257 232 246 267 301 350 346 435 505 535 424 372 388 445 129 131 132 134 89 67 68 76 406 413 428 448 471 494 522 564 608 656 700 745 792 825 389 387 395 409 445 446 452 462 482 492 506 520 535 544 70 70 71 73 76 76 78 82 85 88 92 96 100 102 Industrial banks 2 Industrial loan com- 2 panies Loans made by principal lending institutions (during period) Credit unions Miscellaneous lenders Insured repair Commercial modern- banks 1 ization8 loans and 95 99 104 107 72 59 60 70 32 31 29 27 27 32 44 66 93 112 147 189 217 147 123 122 128 95 93 78 58 50 60 79 102 125 117 96 99 102 91 86 88 93 25 168 244 148 154 213 284 301 215 128 120 179 63 64 64 67 70 70 71 73 76 78 79 81 84 87 121 120 %21 124 128 127 128 132 137 142 149 154 158 164 88 87 88 90 93 93 94 95 97 98 99 100 102 103 145 152 165 174 179 181 184 194 210 231 248 263 285 304 219 218 184 143 121 125 156 191 221 Small loan companies Industrial 2 banks Industrial loan com- 2 panies Credit unions 69 130 2*48 368 460 680 1,017 1,198 792 636 744 938 463 503 498 376 304 384 423 563 619 604 763 927 983 798 809 876 978 238 261 255 255 182 151 155 166 176 194 198 203 146 128 139 151 42 41 38 34 33 42 67 105 148 179 257 320 372 247 228 230 228 73 72 88 94 101 104 105 132 138 148 148 156 164 156 71 74 89 97 133 76 80 103 105 97 99 106 110 98 13 13 16 15 18 14 14 18 18 19 19 20 20 19 11 12 14 14 16 14 14 16 16 16 17 17 18 17 18 16 20 21 23 19 19 24 25 28 28 29 30 31 413 380 340 250 202 234 288 354 409 P Preliminary. 1 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 Septembei amounted to 60 million dollars, and loans2 made during September were 12 million. Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration. 1288 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] End of year or month 1929 1930 1931 . 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 . 1942 1943 . 1944 1945 1945 August September. October. . . November. December. 1946 January.. . February.. March.... April May June July August?. . . September? Department Total, excluding stores and automailmobile order houses Furniture stores Household appliance stores 639 635 676 160 155 138 103 119 146 186 256 314 302 377 439 466 252 172 183 198 583 539 454 313 299 314 336 406 469 485 536 599 619 391 271 269 283 265 222 185 121 119 131 171 255 307 266 273 302 313 130 29 13 14 56 47 45 30 29 35 40 56 68 70 93 110 120 77 66 70 74 133 141 136 110 97 115 132 174 210 220 246 271 284 159 101 100 107 510 515 544 586 676 142 144 156 173 198 232 235 247 262 283 11 11 11 12 14 45 44 44 47 74 80 81 86 92 107 642 634 641 668 686 699 707 732 752 189 184 188 200 206 210 213 222 234 272 274 279 288 295 299 299 308 311 14 14 14 15 16 17 21 23 24 66 62 59 60 61 63 63 64 65 101 100 101 105 108 110 111 115 118 1,197 1,104 958 677 663 741 865 1,147 1 368 1,343 1 525 1,721 1,802 1,009 Jewelry stores All other retail stores Outstanding at end of period: 1941—June December 1942—June December 1943—June December. . . . 1944— June December. . . . 1945—August September October November... . December. . . . 1946—January February March April May June July August? September?... Volume extended during month: 1945—August September.... October November.... December.... 1946—January February March April May June July August? September?... 1 2 Total Total 202.5 196.8 162.4 125.4 100.2 91.8 89.6 92.0 95.1 95.7 97.7 100.9 104.1 105.6 107.3 112.8 118.1 122.4 '127.4 132.6 138.5 142.6 15.8 16.4 19.7 19.9 1 21.3 18.6 18.0 23.3 23.6 24.4 23.8 26.3 26.7 24.8 Retail instalment paper 2 AutoOther mobile 53.5 49.3 34.3 21.4 14.4 12.6 12.5 13.0 12.7 12.6 13.1 13.6 13.8 14.1 14.6 15.4 16.8 17.6 18.5 19.9 21.3 22.1 2.1 2.2 2.7 3.0 3.1 3.1 3.0 3.8 4.2 3.9 3.9 4.7 4.7 4.2 [Estimates. Automobile retail P Year or month 18.4 18.8 16.3 12.8 8.8 7.7 6.8 7.8 7.9 8.0 8.4 9.0 9.8 9.9 10.0 10.9 11.8 12.7 '13.7 13.8 14.1 14.5 1.3 1.3 1.7 2.2 2.0 1.6 1.7 2.2 2.4 2.8 '2.7 2.8 3.0 2.6 Repair and modernizationx loans Personal instalment cash loans 18.2 18.6 16.5 15.6 14.1 14.0 12.9 13.4 14.9 15.4 16.2 16.8 17.2 18.0 18.2 19.1 20.2 21.2 22.0 23.1 24.2 25.4 112.4 110.1 95.3 75.6 62.9 57.5 57.4 57.8 59.6 59.7 60.0 61.5 63.3 63.6 64.5 67.4 69.3 70.9 '73.2 75.8 78.9 80.6 1.5 1.6 2.1 1.9 1.6 1.8 1.6 2.4 2.5 2.5 2.3 2.6 2.8 2.7 10.9 11.3 13.2 12.8 14.6 12.1 11.7 14.9 14.5 15.2 '14.9 16.2 16.2 15.3 1939 1940 1941 1942 1943 1944 1945 1945—August September.. October. . . . November.. December.. 1946—January February... March April May June July August September.? Volume extended during month: 1945—August September.. October November.. December.. 1946—January February. . . March April May June July August? September?. t i Other Repair Perretail, and sonal purmod- instalchased Pnr Dirprt erniza- ment a n d tion cash cchased hased lloans oans direct loans* loans 1,093 1,450 1,694 845 514 559 731 622 633 659 694 731 771 809 871 946 1,025 1,093 1,164 1,247 1,313 218 311 411 136 55 57 65 57 58 60 62 65 70 74 82 97 108 115 124 138 149 164 253 310 123 81 99 146 119 122 128 135 146 155 164 179 193 212 228 245 263 276 155 217 288 143 68 75 97 79 79 83 90 97 107 111 117 127 142 154 167 179 188 209 247 234 154 89 83 121 100 103 109 116 121 125 131 140 151 161 173 183 198 211 347 422 451 289 221 245 302 267 271 279 291 302 314 329 353 378 402 423 445 469 489 108 106 131 140 147 157 155 188 212 226 217 240 253 243 11 12 13 14 14 19 18 20 29 29 24 30 36 33 23 23 28 29 32 34 35 41 46 52 50 53 58 55 15 13 19 21 24 27 24 25 32 38 36 44 38 41 12 12 15 16 13 14 15 20 22 22 22 23 27 25 47 46 56 60 64 63 63 82 83 85 85 90 94 89 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year and month Outstanding at end of period: 1944 1945 1945—August September... October November... December. .. 1946—January February. . . . March April May June July August September?.. Volume extended during month: 1945—August September... October November... December. . . 1946—January February.... March April May June July August? September?. . Total Retail instalment paper 2 Automobile Other 67.1 76.7 69.3 70.4 71.4 73.8 76.7 77.5 78.4 81.0 83.2 85.6 87.5 89.0 93.1 96.1 10.0 10.6 11.0 11.2 11.2 11.6 12.1 12.6 12.7 13.0 13.6 13.8 13.1 13.8 16.0 16.2 17.8 15.6 15.2 18.3 18.0 18.4 18.3 19.6 20.5 19.8 2.2 2.2 2.6 2.7 2.7 2.6 2.4 3.0 3.1 3.2 2.7 3.3 3.5 3.5 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. NOVEMBER 1946 In millions of dollars] Outstanding at end of CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year and month CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT 10.5 11.0 9.6 9.6 P Preliminary. Repair and modernization loans * Personal instalment cash loans 3.8 4.0 1.1 1.5 1.3 1.4 1.5 1.6 1.5 1.5 1.6 1.6 1.6 1.7 1.7 1.9 2.0 2.0 51.7 60.2 54.7 55.6 56.0 57.6 60.2 60.8 61.5 63.6 65.0 66.5 67.9 68.7 71.9 74.0 0.7 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 10.0 10.7 12.2 12.2 14.1 12.2 11.9 14.2 13.7 13.8 14.2 14.9 15.6 14.6 3.7 3.8 3.9 4.0 4.0 4.0 4.1 4.2 4.5 4.8 5.2 5.4 5.6 6.3 0.7 1.0 1.1 0.8 0.7 0.8 0.9 1.0 1.2 1.2 1.4 1.1 1.4 r Revised. 1289 CONSUMER CREDIT STATISTICS—Continued RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 FURNITURE STORE STATISTICS Percentage change from preceding month Item Sept. Aug. 1946 July 1946 _2 -5 + 10 + 10 -5 -4 + 11 +8 -4 -6 1946P Net sales: Total Cash sales. . . Credit sales: Instalment Charge account Accounts receivable, at end of month: Total. Instalment +7 o Percentage change from corresponding month of preceding year Sept. Aug. 1946* 1946 +61 +66 +45 +93 +69 +86 +58 +80 Year and month July 1946 1945 August September. October November December +57 +67 +48 +83 1946 +37 +27 +33 +29 +28 +23 +3 +1 +47 +34 +48 +42 +44 +36 +7 +46 +41 +36 +4 0 +3 +2 0 Collections during month: Total Instalment . . . -2 -4 +4 +4 Inventories, end of month, at retail value. +5 +6 Charge accounts instalment accounts January February March April May June July August Septembers Department stores Furniture stores '34 '36 '41 40 23 23 27 27 36 24 32 31 25 24 35 35 34 33 32 35 34 27 28 27 26 26 26 25 Household ap- Jewelry pliance stores stores 48 Department stores 49 52 51 31 30 31 35 63 63 66 67 48 46 61 52 52 32 29 61 54 56 55 55 '56 55 54 32 32 33 32 33 30 60 64 63 62 60 57 59 56 P Preliminary. ' Revised. 1 Ratio of collections during month to accounts receivable at begin ning of month. Preliminary COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] All items Food Clothing Rent Fuel, electricity, and ice House furnishings Miscellaneous 1929 1930 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 1931 1932 1933 1934 1935 108 7 97.6 92 4 95 7 98 1 103 9 86.5 84 1 93 7 100 4 102.6 90.8 87.9 96.1 96.8 130 3 116.9 100 7 94.4 94 2 108.9 103.4 100.0 101.4 100.7 98.0 85.4 84.2 92.8 94.8 104.1 101.7 98.4 97.9 98.1 1936 1937.. 1938 1939 1940 99 1 102.7 100 8 99.4 100.2 101 3 105.3 97 8 95.2 96.6 97.6 102.8 102.2 100.5 101.7 96 4 100.9 104.1 104.3 104.6 100.2 100.2 99.9 99.0 99.7 96.3 104.3 103.3 101.3 100.5 98.7 101.0 101.5 100.7 101.1 1941 1942 1943.. 1944 1945 105 2 116.5 123.6 125.5 128.4 105 5 123.9 138.0 136.1 139.1 106 5 124.2 129.7 138.8 145.9 105 9 108.5 108.0 108.2 108.3 102.5 105.4 107.8 109.8 110.3 108.2 122.2 125.6 136.4 145.8 104.0 110.9 115.9 121.3 124.1 1945—January February March April May June July August 127.1 126 9 126.8 127 1 128 1 129 0 129 4 129.3 128 9 128.9 129 3 129.9 137.3 136 5 135.9 136 6 138 8 141 1 141 7 140.9 139.4 139.3 140 1 141.4 143.0 143 3 143.7 144 1 144 6 145.4 145 9 146.4 148.2 148.5 148.7 149.4 109.7 110.0 110.0 109.8 110.0 110.0 111.2 111.4 110.7 110.5 110.1 110.3 143.6 144 0 144.5 144 9 145 4 145.8 145 6 146.0 146.8 146.9 147 6 148.3 123.3 123 4 123.6 123 8 123 9 124 0 124 3 124.5 124.6 124.7 124 6 124.8 129 9 129.6 130.2 131 1 131.7 133.3 141.0 143.7 141 0 139.6 140.1 141 7 142.6 145.6 165.7 171.2 149 7 150.5 153.1 154 5 155.7 157.2 157.9 159.7 110.8 111.0 110.5 110.4 110.3 110.5 113.3 113.7 148 8 149.7 150.2 152 0 153 7 156.1 156.9 158.1 125 4 125.6 125.9 126 7 127 2 127.9 127.8 129.0 Year or month October November December 1946—January ]Vlarch April May June July August . 108.3 108 3 108.3 108.3 108.4 108.5 iO8.7 Backfigures.—Bureauof Labor Statistics, Department of Labor. 1290 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES Year, month, or week 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—September. October. . . November. December.. 1946—January. .. February.. March April May June July August.... September. Week ending: 1946—June 1 . . . June 8 . . . June 15. . . June 2 2 . . . June 2 9 . . . July 6 . . . July 1 3 . . . July 20. . . July 2 7 . . . Aug. 3 . . . Aug. 10. . . Aug. 17. . . Aug. 24. . . Aug. 31. . . Sept. 7 . . . Sept. 14. .. Sept. 21. . . Sept. 2 8 . . . Oct. 5 . . . Oct. 12... Oct. 19... Oct. 26.... [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 98.8 103.1 104.0 105.8 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65 67.7 82.4 105.9 122.6 123.3 128.2 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 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 99.7 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 100.8 108.3 117.7 117.5 116.7 118.1 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 83.0 78.5 67.5 70.3 66.3 73.3 73. 76. 77.6 76. 73. 71.7 76.2 78.5 80.8 83.0 84.0 100.5 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 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 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.4 95.5 94.9 95.2 95.2 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94.3 102.4 102.7 104.3 104.5 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 77.3 82.0 89.7 92.2 93.6 94.7 105.2 105.9 106.8 107.1 107.1 107.7 108.9 110.2 111.0 112.9 124.7 129.1 124.0 124.3 127.3 131.1 131.5 129.9 130.8 133.4 135.4 137.5 140.1 157.0 161.0 154.3 104.9 105.7 107.9 108.6 107.3 107.8 109.4 110.8 111.5 112.9 140.2 149.0 131.9 99.8 100.1 100.2 100.5 100.8 101 102 103 103.9 105.6 109.5 111.6 112.2 118.7 118.6 118.8 118.9 119.4 119.6 119.8 119.8 120.4 122.4 141.2 138.9 141.6 100.1 101.0 101.1 101.4 101.6 102.2 104.7 107.9 108.8 109.2 118.1 124.0 125.7 84.1 84.2 84.6 84.8 84.9 85.1 85.0 86.1 86.1 87.8 90.3 94.4 94.3 104.9 105.0 105.2 105.6 105.7 106.6 108.4 108.8 109.4 112.2 113.3 114.0 114.2 118.0 118.3 118.7 119.5 120.0 120.9 124.9 126.5 127.8 129.9 132.1 132.7 133.8 95.3 95.5 95.7 96.1 96.0 95.9 96.0 96.1 96.5 96.4 99.3 98.4 98.4 104.6 104.7 104.7 104.7 106.2 106.5 106.9 107.5 108.3 110.4 111.9 112.6 113.6 94.8 94.8 94.8 94.8 95.3 95.6 95.6 95.7 97.0 98.5 101.3 102.0 102.1 111.1 111.5 111.8 112.4 112.7 117.2 120.7 124.2 124.1 125.0 127.1 128.3 128.4 128.2 122.0 121.7 123.8 124.4 125.1 126.0 135.1 135.9 138.8 139.4 139.9 140.0 140.3 152.9 153.9 159.2 157.3 156.5 162.3 163.3 160.9 157.1 150.4 151.8 155.1 156.6 158.0 160.2 160.1 170.1 111.8 111.9 111.8 113.7 113.4 121.1 134.0 142.0 140.7 142.3 144.0 148.9 148.1 150.9 130.7 128.1 131.9 133.0 135.5 137.7 175.6 169.9 104.3 104.6 104.9 105.1 105.4 106.3 106.9 107.8 108.6 109.2 110.8 110.8 111.0 111.0 110.8 111.0 112.1 112.4 112.6 112.6 112.8 113.1 120.9 120.9 123.4 123.5 123.8 124.0 129.1 139.3 144.0 143.0 138.3 138.4 140.4 140.1 139.6 139.7 139.4 140.9 141.1 141.3 141.5 143.3 108.2 108.3 108.3 108.3 108.5 108.8 108.8 109.5 109.5 110.8 114.6 114.9 115.0 115.2 117.3 117.5 123.7 125.4 125.9 126.1 126.3 126.5 86.7 86.9 86.9 87.1 87.5 89.5 90.1 90.2 90.2 92.5 96.6 96.5 96.7 96.7 95.1 95.2 95.3 95.1 95.0 95.0 95.0 95.0 109.5 110.5 111.0 111.0 111.6 112.6 113.0 113.2 113.3 113.1 113.5 113.7 113.7 113.6 113.6 113.6 114.2 114.2 114.2 114.2 114.4 114.4 127.8 128.2 128.5 129.7 130.3 130.7 131.8 132.5 132.6 132.0 132.4 132.7 132.9 132.8 133.1 133.3 133.9 134.0 134.1 134.1 134.2 134.2 96.6 96.8 96.8 96.9 96.9 98.2 98.4 100.0 100.3 98.1 98.2 98.3 98.3 98.1 97.9 97.9 98.4 98.2 98.6 98.8 98.8 99.5 110.0 110.2 110.4 110.4 110.7 110.7 110.7 112.5 112.5 113.0 113.4 114.0 114.0 114.0 114.1 114.3 114.7 115.0 115,1 115.3 115.7 115.9 97.8 97.9 97.9 97.9 97.9 98.0 98.3 98.8 101.7 101.6 101.7 101.0 101.5 101.5 101.3 101.9 101.8 101.8 102.2 102.2 102.5 103.7 ChemiHides and Textile Fuel and Metals House- Misceland furnishleather lighting and metal Building cals allied products products materials products materials products ing goods laneous Total 1946 1945 Sept. 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 1946 1945 Subgroups Subgroups June 126.6 151.8 128.5 137.4 120.3 137.5 July Aug. Sept 181.4 169.0 170.6 162.9 177.6 150.4 145.7 147.8 151.1 110.3 95.1 117.5 107.9 94.9 127.3 101.7 136.1 110.1 98.1 156.9 124.9 130.0 169.9 109.4 161.8 124.7 120 .4 198.1 114.9 169.1 127.4 115.5 131.3 115.5 126.3 118.1 103.8 115.2 129.5 121.5 110.7 115.2 140. 169.3 133.2 115.2 140.1 155.8 133.3 115.8 144.8 151.5 138.5 115.8 107.4 120.3 121.3 139.4 71.5 75.8 30.2 112.7 112.3 120.5 148.6 76.3 126.7 30.2 112.7 113.5 122.8 160.0 >"87.7 134.8 30.2 112.8 121.7 122.9 166.6 88.7 126.5 30.2 113.9 126.7 102.2 106.1 124.7 132.8 134.9 133.5 65.5 67.2 80.2 79.6 62.6 64.0 114.5 136.1 147.5 65.6 80.7 65.1 113.4 113.5 136.7 137.0 147.0 147.5 30.2 79.5 72.8 Metals and Metal Products: Agricultural implements... Farm machinery Iron and steel Motor vehicles * 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 Products: Chemicals Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers Oils and fats Housefurnishing Goods: Furnishings Furniture Miscellan eous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellaneous Sept. June 97.9 98.9 99.6 112.8 85.7 95.0 107.0 108.4 110.1 107.2 108.5 108.6 108.7 109.7 109.8 111.3 113.3 113.5 99.2 106.0 101.4 101.4 106.0 106.3 107.2 112.4 99.6 155.0 107.6 95.0 107.3 104.5 121.3 102.6 176.0 108.6 106.0 120.1 118.4 122.5 104.0 177.3 114.9 106.0 120.1 119.9 126.0 105.8 177.6 113.9 106.3 120.1 120.9 96.1 98.0 110.2 109.4 81.1 82.7 86.6 86.6 102.0 102.1 98.5 112.6 88.2 86.6 114.2 98.4 98.6 110.1 110.3 94.4 90.2 87.7 90.0 102.5 103.3 107.7 114.5 101.5 106.1 117.3 118.5 119.4 106.4 106.6 107.5 73.0 73.0 159.6 197.8 109.3 115.6 46.2 46.2 98.9 101.0 73.0 246.3 117.1 46.2 101.9 July Aug. Sept. 127.7 106.5 178.2 116.7 107.2 120.1 121.4 73.0 73.0 221.1 201.8: 119.6 121.9* 46.2 46.2 105.0 106.5 1 r This subgroup is in process of revision. Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. NOVEMBER 1946 1291 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 1945 1 1939 Gross national product Government expenditures goods and services Federal Government for War Nonwar State and local governments Private gross capital formation. Construction Other . . Producers durable equipment Net change in business inventories Net exports of goods and services Net exports and monetary use of gold and silver Consumer goods and services... Durable goods . Nondurable goods Gross national product Deductions: Business tax and nontax liabilities Depreciation and depletion Other business r e s e r v e s . . . . Capital outlay charged to current expense Adjustments: For inventory revaluation For discrepancies National income Additions: Transfer Davments Deductions: (Corporate savings Contributions to social insurance funds . .. Income payments to individuals Income payments to individuals Personal taxes and nontax payments Federal State and local Disposable income of individuals Consumer expenditures.... Net savings of individuals.. National income Total compensation of employees Salaries and wages Supplements Net income of proprietors Agricultural Nonagricultural Interest and net rents Net corporate profit 1940 1941 1942 1943 1944 1946 v 19451 1 2 3 4 1 2 180.6 185. 0 38 88.6 97.1 120.2 152.3 187.4 197.6 199. 2 205.1 208 .2 198 2 185 2 16.0 16.7 93.5 86.2 83. 6 96.5 88.7 00 8 81 0 57 92 . 0 73 0 41. 1 49 3 32 8 29. 5 1.4 6.5 2 8 55.3 50.3 97.1 8.8 26.5 18.6 13.3 62.7 7.9 6.1 5.3 5.0 42 6 6.7 8.1 10.9 3.6 8 0 15 0 3 7 25 7 7 1 22 0 7. 5 7.9 14.8 4.3 7.9 19.1 5.3 66 4 6 6 8 3 19.2 5.3 8. 5 25. 0 8. 2 2.0 2.4 n 3 5 4. 7 81.3 89.5 83.7 4.9 82.9 5.7 69. 4 6. 3 5.8 8S 7 6 .3 7.8 3.6 1.8 V.8 6 .6 2 .3 7 9 11 2 2 9 0.3 0 S 0 9 1.4 1 .8 2 0 2 2 3 3.3 7.6 2.9 2.5 1.6 2.0 1.6 9 9. 1 2. 6 0. 7 2.8 1.3 0.6 0.5 2.0 2.5 1.6 1.0 1.1 5.5 6. 8.9 .1 0.9 1.8 3.5 5.1 -0.5 4.0 -1.7 0.8 1.5 1.2 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 82.0 6.3 47.9 27.8 91.3 6.6 55.1 29.7 -1.8 -0.1 98.5 6.7 60.0 31.8 88.6 97.1 120.2 152.3 187.4 197.6 10.4 12.4 6 4 0.7 18.5 23.1 27.4 29.7 1.6 6.2 0.8 7.0 75. 7 -0.6 -1.5 0.1 7.6 (3) 8.0 0.5 0.8 0.9 -0.1 -2.2 160.7 5.3 5.4 0.6 149.4 2 6. 6 1.5 2 5.2 2 6 1 2 6 7 2 8 2 8.4 29 -0. 1 -3.4 - 1 .6 1 7 3 2 5 4 7. 5 106. 4 7. 7 65. 6 101 .8 7 .1 61 5 106 0 7 4 65 1 113.0 9.0 70.6 33. 1 105.0 7.4 65.0 32.6 33 ,2 33 5 120 2 10 7 75 33 3 34 0 122. 0 12. 0 75 s 34 8.2 0.5 0.8 1. 9 2.4 2.6 2.5 0.4 1 8 4.0 1.1 -2.1 -0.2 122.2 2.7 4.4 2.0 2.1 2.6 3.2 3.8 3.9 70.8 76.2 92.7 117.3 143.1 156.8 160. 7 163.7 163 2 158 6 156 9 156 7 161 0 70.8 76.2 3.3 92.7 117.3 6.7 143.1 156.8 19.4 17.4 160. 7 163.7 163 .2 158 6 156.9 156 .7 161 0 21 22.1 ,7 7 20.1 18 7 19 0 139 6 141.6 105.0 36.6 101 .8 39 .7 137 0 136 0 138 0 142 0 0.7 0.9 1.3 —0.4 70 8 —0 4 —0.4 77 6 -3.2 -1.1 96.9 0.0 3.1 1.3 1.9 67.7 61.7 6.0 70 8 48.1 44.2 3 8 11.2 4 3 6.9 1.4 19 72.9 65.7 7.3 4.0 2.0 2.0 4.7 2.0 -0.2 1.5 3.2 5.5 18.6 16.6 2.0 2.1 88.7 74.6 14.2 110.6 82.0 28.6 124.6 91.3 33.3 137.4 77 6 52.3 48.6 3 7 12.0 4 4 96.9 64.5 60.8 3 7 15.8 6.3 7.6 9.6 122.2 84.1 80.8 3.3 20.6 9.7 10.9 149.4 106.3 103.1 3 2 23.5 11 9 11.6 9 7 160.7 116.0 112.8 3.2 24.1 11.8 12.3 10 6 8.7 4.3 4.4 9.8 4.3 5.5 9.9 4.5 5.4 7 4 7 5 8 0 4.2 3.8 0.4 5.8 4.0 1.8 8.5 4.5 4.0 98.5 38.9 106 4 33 1 141 106 0 31 .9 113 .0 23 .9 120 .2 17 .8 122 0 20 0 v Preliminary. 1 Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BULETIN for July, 1946, p. 806. 2 Based on new sources and not precisely comparable with previous years. • Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business or 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. 1292 FEDERAL RESERVE BULLETIN OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1946 [In thousands of units] Corn Cotton Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Production 1945 Estimate Oct. 1, 1946 Bales Bales . 1 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 1 2 . . Production 1945 Estimate Oct. 1, 1946 Bushels 7,480 32,808 52,200 231,307 144 848 173,258 1,414,465 438,396 420,341 373,957 77,746 7,622 3,374,428 1 108 2,165 1 188 1,818 2,789 2 2,770 237 2,258 458 237 2,145 566 Bushels 7,412 27,253 52,911 220,734 148 381 186,519 1,156,790 349,257 383,549 397,723 80,483 7,398 9,015 8,724 3,018,410 Tame hay Oats Federal Reserve district Winter wheat Production 1945 Estimate Oct. 1, 1946 Bushels Bushels 10,194 17,974 66,402 25 775 7,649 66,754 48,392 37,541 403,707 42,546 96,243 6,244 17,873 57,991 27 417 6,338 56,985 44,421 41,112 438,280 54,283 128,950 823,177 879,894 Tobacco Spring wheat Production 1945 Estimate Oct. 1, 1946 Bushels 36 57 126 30 Bushels 60 171 136 32 20 257,127 5,039 100 36,645 786 1,474 21 247,497 4,861 93 35,183 299,966 289,528 White potatoes Production 1945 Estimate Oct. 1, 1946 Production 1945 Estimate Oct. 1, 1946 Production 1945 Estimate Oct. 1, 1946 Production 1945 Estimate Oct. 1, 1946 Bushels 4,791 21,666 15,458 63,506 31,291 30,913 593,313 58,711 522,589 129,155 47,001 29,269 Bushels 5,370 35,261 18,980 79,653 34,657 28,080 616,195 86,950 395,178 155,969 40,727 30,096 Tons 3,539 6,639 2,515 5,605 5,030 4,468 19,618 8,946 10,776 8,986 1,937 13,514 Tons 3,421 6,415 2,496 5,708 5,124 4,279 17,007 8,658 9,370 8,052 1,980 13,122 Pounds 30,774 1,228 46,355 145,225 1,132,964 237,297 37,405 358,631 3,073 4,856 Pounds 37,215 1,524 57,717 159,146 1,280,263 260,187 43,276 399,272 3,532 5,591 Bushels 61,939 35,386 19,996 13,504 24,988 18,589 34,683 10,311 52,596 37,315 5 433 110,391 Bushels 85,487 46,013 22,835 14,061 31,117 19,308 32,676 12,956 40,813 39,021 7,278 119,581 1,547,663 1,527,116 91,573 85,632 1,997,808 2,247,723 425,131 471,146 Includes 9,000 bales grown in miscellaneous territory. Includes 14,000 bales grown in miscellaneous territory. NOVEMBER 1946 1293 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart book page Sept. 25 1946 Oct. Oct. Oct. 16 Oct. 23 In billions of dollars WEEKLY FIGURES* WEEKLY FIGURES—Gont. 24.5' 24.1' 23.8 23.5i 14.74 14.6 7.78 7.5: .6C .6 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 reservese Excess reserves (weekly average): Total e New York City Chicago Reserve city banks Country banks e .76 20.30 28.45 2.28 .93 15.98 15.25 .72 20.3 28.52 2.30 .36 16.17 P15.22 . 94 P.90 .02 .01 .1 .63 .02 .01 .20 P.68 P.81 P.96 Oct. 16 Oct. 23 .01 .01 .21 16 17 17 .31 .52 .67 .60 .29 .51 .66 P.67 58.3: 39.2; 39.2' 4.6i 15.6; .48 .48 .27 .49 .69 .26 .48 .68 38.83 15 39.13 38.50 15 26.88 26.19 26.24 26.32 58.77 39.62 39.69 4.70 15.73 17.71 17.70 17.74 17.74 17.81 8.70 8.08 8.02 7.98 7.93 .47 .48 .41 .60 .59 25.08 24.94 24.95 25.03 25.15 3.66 3.13 3.06 3.07 3.11 6.35 6.48 6.51 6.84 6.59 8.98 9.00 9.01 9.02 9.03 9.89 9.95 10.02 10.15 10.23 5.64 5.70 5.84 5.96 6.05 17 1.33 1.31 1.24 1.23 1.19 17 2.92 2.94 2.95 2.96 2.99 .375 85 \ 24 1.56 2.28 375 .85 1.25 1 .55 2 .27 375 .83 1.24 1 .56 2 .27 .375 83 24 1.56 2.26 .376 .83 1.23 1.57 2.26 26 2.50 26 2.60 26 3. 16 2 .49 2 .59 3 .15 2 .51 2 .60 3 .15 2.51 2.60 3. 15 2.51 2.60 3.15 In unit indicated 125 129 113 109 .95 118 121 104 104 1.58 127 131 115 110 1.45 Sept.3 Reserve Bank Credit rold stock Money in circulation Treasury cash Treasury deposits Member bank reserves, total Central reserve city banks Reserve city banks Country banks Required reserves, total Central reserve city banks Reserve city banks Country banks Excess reserves, total Balances due from banks: Reserve city banks Country banks Money in circulation, total Bills of $50 and over $10 and $20 bills Coins, $1, $2 and $5 bills 6 6 6 6 6 6, 13 13 1" 13 13 13 13 13 24.17 20.27 28.28 2.25 .59 16.02 5.08 6.31 4.63 15.09 5.05 6.09 3.95 .93 24.26 20.27 28.35 2.26 .52 16.03 5.03 6.34 4.67 15.14 5.01 6.13 3.99 .89 24.39 20.29 28.48 2.27 .52 16.16 5.09 6.36 4.71 15.27 5.06 6.16 4.05 .89 1.83 3.75 28.25 8.07 15.65 4.53 1.78' 3.77 28.45 8.18 15.73 4.54 1.76 3.72 28.51 8.25 15.71 4.55 ALL BANKS IN U. S. 9 P170.40 P170.20 9 P80.30 P80.60 9 P52.30 P52.80 9 »26.50 P26.60 9 *11.30 P I O . 2 0 P169.50 P80.90 P53.1O P26.80 P8.70 CONSUMER CREDIT !onsumer credit, total Single payments loans Charge accounts Service credit Instalment credit, total 18, Instalment loans Instalment sale credit, t o t a l . . . . Automobile Other 18 18 18 18 19 19 19 19 19 7.84 1.70 2.28 .84 3.03 1.96 1.07 .37 .71 20 20 20 20 20 P8.16 Pl.71 P2.42 P.84 P 3 . 18 P2.06 Pi.13 P8.40 PI.74 P2.5O P . 85 P3.31 P2.13 Pl.19 p.73 P.43 P.75 267.36 266.73 264.61 119.32 68.09 56.40 23.05 119.32 66.85 56.57 23.44 119.32 64.84 56.03 23.85 20 20 20 20 20 20 20 108.70 65.10 45.03 78.89 59.97 37.72 17.02 108.70 65.10 45.03 77.65 58.72 36.47 17.02 107.41 63.81 43.74 76.93 61.10 34.48 17.01 21 21 21 21 21 21 21 81.90 29.71 23.63 11.60 25.40 95.10 40.80 80.40 30.06 23.95 11.70 25.40 95.20 40.70 P.39 TREASURY FINANCE Per cent per annum 27 125 27 129 27 115 27 109 27 1.68 Aug. In billions of dollars Total deposits and currency . 26 Demand deposits .47 ime deposits .69 Currency outside banks U. S. Govt. deposits 38.91 26.34 16 16 16 15 15 15 15 15 24 24 24 24 26 July MONTHLY FIGURES 16 9.52 9.53 9.52 9.49 9.42 16 3.48 3.10 3.18 3.16 3.2: .27 .25 .25 .64 16 .11 42 14.30 14.33 14.24 14.54 15 1.61 1.56 15 1.57 1.59 00 4.11 4.01 4.03 3.97 15 29 1.29 1.29 1.30 1.28 15 66 5.53 5.47 5.48 5.51 15 43 3.46 3.54 3.59 3.57 17 .73 1946 RESERVES AND CURRENCY ) .21 15 9.94 19.61 19.5. 19.49 19.86 15 .3.11 12.90 12.94 12.91 13.28 16 3 90.4 90.2 90.4 90.5 90.3 ,478 4 ,495 4, 3 4,518 4,478 I:, 602 45 916 907 899 932 942 4= 257 277 281 286 49 124.4 125.1 126.0 135.1 135.9 49 156.6 158.0 160.2 160.1 170.1 49 112.4 112.6 112.6 112.8 113.1 P.5 P.90 14 9.07 58.11 58.1 14 39.99 39.09 39.19 39.49 39.24 39.28 14 5.54 4.74 4.6: 14 .5.54 15.48 15.49 MONEY RATES, ETC. Stock prices (1935-39=100), total Industrial Railroad Public utility Volume of trading (mill, shares)' Oct. In unit indicated 24.0! 24.1 = 23.6 Steel production (% of c a p a c i t y ) . . . 23.5' 23.4 23.0i Electric power prod. (mill. kw. hrs.). 14.5 14.4 14.1. Freight carloadings (thous. c a r s ) . . . 7.5 7.4< 7.4: Department store sales (1935-39 .6 .65 = 100) Wholesale prices (1926 = 100): .2. Total 20.3 20.3C 20.3' Farm products 28.6 28.60 28.5' Other than farm and food 2.27 2.27 2.2 .48 .3 .52 16.02 16.1 15.78 P15.21 P15.19 15.2 MEMBER BANKS IN LEADING CITIES U. S. Govt. securities: Bills (new issues) Certificates Notes Bonds (7-9 years) Bonds (15 years and over).24, Corporate bonds: High grade (5 issues) Aaa Baa 1946 BUSINESS CONDITIONS RESERVES AND CURRENCY 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 Loans, total Commercial For purchasing securities: Brokers'—on U. S. Govts. Brokers'—on other securities Toothers Allother 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. deposits Interbank deposits Time deposits Loans, total Commercial .• • For purchasing securities. . Allother Chart book page Sept. Oct. 25 123 127 110 108 .87 J. S. Govt. obligations outstanding, total interest-bearing By classes of securities: Bonds (marketable issues) Notes, cert., and bills Savings bonds and tax notes... Special issues By maturities: 5 years and over 5-20 years 5-10 years Within 5 years Within 1 year Certificates Bills Holdings on U. S. Govt. obligations: Commercial banks Fed. agencies and trust funds. . . . Federal Reserve Banks Mutual savings banks Insurance companies Other investors, total Marketable issues 30.38 24.05 For footnotes see p. 1296. 1294 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart book page Corporate Aaa bonds F. R. Bank discount rate (N. Y.) Treasury bills (new issues) Stock prices (1935-39=100): Total Industrial Railroad Public utility w Volume of trading (mill, shares) Brokers' balances (mill, dollars): Credit extended customers Money borrowed Customers' free credit balances BUSINESS CONDITIONS July Aug. 23 23 23 27 27 27 27 27 29 29 29 Income payments (mill, dollars) :4 Total 30 Salaries and wages 30 Other 30 Cash farm income (mill, dollars): Total 31 Livestock and products 31 Crops 31 Govt. payments 31 Armed forces (mill, persons) 32 Civilian labor force (mill, persons): Total 32 Male 33 Female 33 Unemployment 32 Employment 32 Nonagricultural 33 Agricultural 4 33 Industrial production: Total (1935-39=100) 35, 49B Groups (points in total index): Durable manufactures 35 Machinery and trans, equip.. . 49B Iron and steel 49B Nonferrous metals, lumber, and building materials 49B Nondurable manufactures 35 Textiles and leather 49 B Food, liquor, and tobacco 49B Chemicals, petroleum, rubber, and coal products 49B Paper and printing 49B Minerals. 35, 49B New orders, shipments, and inventories (1939=100): New orders: Total 36 Durable 36 Shipments: Total 36 Durable 36 Nondurable 36 Inventories: Total 36 Durable 36 Nondurable 36 Factory employment and pay rolls (1939=100): Pay rolls 38 Employment 38 Hours and earnings at factories: Weekly earnings (dollars) 39 Hourly earnings (cents) 39 Hours worked (per week) 39 Nonagricultural employment (mill, persons) :4 Total 40 Manufacturing and mining 40 Trade 40 Government 40 Transportation and utilities 40 Construction 40 Construction contracts (3 mo. moving average, mill, dollars):4 Total 41 Residential 41 Other 41 2.48 1.00 .375 Chart book page Sept.3 Per cent per annum MONTHLY FIGURES—Cont. MONEY RATES, ETC. 1946 MONTHLY FIGURES—Cont. 1946 July Aug. Sept. In unit indicated BUSINESS CONDITIONS—Cont. 2.58 1.00 Residential contracts (mill, dollars) :4 .375 Total Public Private, total In unit indicated 1- and 2-family dwellings Other Value of construction activity (mill, 150 146 125 dollars): 153 150 129 Total 154 147 119 Residential: 128 125 110 Public .94 .95 2.1 Private Nonresidential: 745 723 63 Public 442 377 305 Private 653 647 729 Freight carloadings:4 Total (1935-39=100) Groups (points in total index): Miscellaneous 14,029 P14.125 Coal 8,895 P9,045 All other 5,134 P 5 , 0 8 0 Department stores (1935-39=100) :4 Sales 2,407 2,233 2,027 Stocks 1,279 1,178 87" Exports and imports (mill, dollars): 992 991 1,13: Exports 136 64 13 Excluding Lend-Lease exports... 2.6 2.4 Imports. 2.2 Excess of exports excluding Lend60.4 60.0 Lease exports 59.4 43.0 42.8 42.2 Cost of living (1935-39=100): 17.4 17.2 17.3 All items 2.3 2.0 Food 2. 58.1 58.0 57.4 Clothing 48.2 48.8 48.6 Rent 9.9 9.1 8. Wholesale prices (1926=100): Total 172 177 P178 Farm products Other than farm and food 76.5 78.8 P79.S r 41.1 42.5 P43.0 r 19.7 20.2 P20.2 2 .51 1 .00 .375 ••15.6 73.6 18.5 21.3 16.2 76.7 20.9 21.1 P16.6 P76.5 P21.2 P20.7 21.5 12.2 '22.2 21.8 12.9 21.8 P21. 202 229 P210 P238 207 217 201 P223 P234 P216 181 194 170 P200 P173 P12.9 P22.O 42 42 42 42 42 270 32 238 208 30 49C 998 1,067 1,061 23 329 28 344 35 339 49C 49C 195 451 219 476 220 467 43 139 141 138 43 43 43 77.2 30.8 30.7 79.4 32.4 29.6 75.9 33.9 28.4 44 44 273 223 290 221 269 227 46 46 46 P826 P881 P843 P424 P356 P418 47 47 47 47 141.0 165.7 157.9 143.7 171.2 159.7 108.7 49 49 49 124.7 157.0 109.5 129.1 161.0 111.6 Jan.Mar. RECEIPTS AND EXPENDITURES OF THE U. S. TREASURY 43.34 109.3 39.6 44.90 P45.10 111.1 P112.3 40.4 P40.1 39.1 15.0 7.9 5.4 3.9 1.9 39.7 15.3 8.0 5.4 3.9 2.0 675 296 379 647 289 358 Bank rates on customer loans: Total, 19 cities New York City Other Northern and Eastern cities. Southern and Western cities 49D 49D 49D 49D 49D 49D 49D Apr.June JulySept. In billions of dollars 13 . 0 0 8 .67 13 . 2 4 12 .59 7 .22 3 .49 1 .88 13 .44 7 .19 9.89 8 .07 3 .72 2 .48 1 .87 10.16 3.80 9.45 8.47 3.87 2.56 2.04 Per cent per annum 23 25 25 25 2.31 1.75 2.34 2.93 2.41 1.84 2.51 2.97 2.31 1.80 2.43 2.75 In millions of dollars SECURITY MARKETS Corporate security issues: Net proceeds: All issues Industrial Railroad Public utility New money: All issues P630 Industrial P288 Railroad P342 Public utility 124.0 154.3 112.2 1946 MONEY RATES 277.8 145.0 P146.3 P788 P432 46 P185 261.0 141.0 304 27 277 241 36 49C 49C QUARTERLY FIGURES Budget receipts and expenditures: Total expenditures National defense Net receipts Internal revenue collections, total. Individual income taxes Corporate income taxes Misc. internal revenue 280 13 267 228 39 P39.9 P15. P8.0 P5.4 P3.9 P2.0 28 28 28 28 941 407 348 154 2,134 1,106 209 741 1,404 798 31 490 28 28 28 28 248 219 10 3 611 532 18 21 796 551 28 200 For footnotes see p. 1296. NOVEMBER 1946 1295 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart book page 1945 Dec. 31 1946 June 29 Sept. 30 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 Toothers Consumer Demand deposits adjusted GALL DATE FIGURES-Cont. 1945 Dec. 31 1946 June 29 Sept. 30 In billions of dollars CLASSES OF BANKS—CONT. 10 10 11 11 11 11 11 10 107.18 102.03 72.27 78.34 45.42 44.79 15.29 16.98 10.47 14.27 1.07 2.27 .02 6.07 .02 6.46 11 11 10 11 11 11 3.25 2.82 22.78 8.95 3.46 .86 .88 11 11 11 10 3.13 3.38 1.90 64.18 2.40 2.48 2.46 67.46 3.31 3.15 23.30 P24.77 9.69 4.27 CLASSES OF BANKS Central reserve city banks: Loans and investments, total U. S. Govt. obligations Other securities Loans Demand deposits adjusted Time deposits Reserve city banks: Loans and investments, total U. S. Govt. obligations Other securities Loans Demand deposits adjusted Time deposits Chart book page 12 12 12 12 12 12 32.07 21.79 1.62 8.67 18.22 1.97 28.47 P26 19.13 P17 1.51 Pl 7.84 P7 19.35 2.21 12 12 12 12 12 12 40.11 29.55 2.04 8.51 22.37 9.79 37.68 P36.71 26.59 P24.61 2.23 P2.28 8.86 P9.81 23.48 10.45 Country banks: Loans and investments, total U. S. Govt. obligations Other securities Loans Demand deposits adjusted Time deposits 13 13 13 13 13 13 35 .00 27.00 2 .41 5 .60 23.60 12.51 35 .89 J>36.05 26.56 P25.95 2 .73 P2.77 6 .61 P7.33 24.63 13.53 1946 SELECTED DATES Jan Ma FARM REAL ESTATE VALUES ' Cash farm income (bill, dollars, annual basis) Farm real estate values (1912-14= 100) Prices received and paid by farmers: Prices paid (1910-14=100) Prices received (Aug. 1909-JuIy 1914=100) July- Apr.- June Sept. In unit indicated 49A 23.0 23.0 49A 5 5 147 142 P24.7 49A 178 184 201 49A 207 214 245 1944 1945 In unit indicated ash farm income (bill, dollars) Farm transfers (number per 1000 farms): Total Voluntary sales and trades 49A 21.0 21.6 49A 49A 53.4 51.5 56.4 54.9 * Estimated. P Preliminary. * Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. « 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. *6 Adjusted for seasonal variation. Figures available for June and December dates only. 6 As of Mar. 1, and July 1. * Copies of the Chart Book may be obtained at a price of 50 cents each. 1296 FEDERAL RESERVE BULLETIN NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks 1 Banks (Head Offices) Dec 31 1942 Dec. 31, 1943 Dec. 31, 1944 Dec. 31 1945 Sept. 30, 1946P Branches and Additional Offices' Dec 31 1942 Dec. 31 1943 Dec. 31, 1944 Dec. 31 1945 Sept. 30, 1946P All reportingl banks Total 14 682 14,579 14,535 14,553 14,582 14,136 14,034 13,992 14,011 14,041 6,679 6,738 6,814 6,884 6,899 5,081 5,040 5,025 5,017 5,009 3 739 3 933 4,064 4 090 4,081 3 602 3,797 3,924 3 947 3,928 2,615 2,793 2,892 2,909 2,877 1,592 1,741 1,813 1,811 1,758 Total 2 National Mutual savings banks Nonmember banks x Member banks Total Insured 1,598 1,698 1,789 1,867 1,890 7,460 7,299 7,181 7,130 7,145 6,667 6,535 6,452 6,416 6,449 793 764 1,023 1,052 1,079 1,098 1,119 987 1,004 1,032 1,038 1,051 935 952 978 981 991 State 2 Noninsured1 Insured 2 Noninsured Nonreporting banks (nonmember noninsured) 56 184 192 192 490 361 729 714 351 350 120 112 696 191 350 114 52 52 54 57 60 35 95 99 101 110 102 41 41 42 43 130 119 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" 2banks in Arkansas and 101 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." 3 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 90, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list 1 Federal Reserve district or State Total i United States total* Dec. 31, 1 9 4 2 . . . . 14 ,123 Dec. 31, 1 9 4 3 . . . . 14 ,021 Dec. 31, 1944 13 ,989 Dec. 31, 1945 14 ,002 Sept. 30, 1946P... 14 ,040 Total 11 11 11 11 11 413 492 544 869 944 Member banks 6,670 6,729 6,806 6,877 6,893 0 n par list Not Nonmember banks 4,743 4,763 4,738 4,992 5,051 State 2,710 2,529 2,445 2,133 2,096 By districts and by States Sept. 30, 1946 P Boston New York 490 940 849 1 170 336 803 650 723 780 511 416 1 107 476 330 304 181 1 000 1 416 494 613 230 629 58 358 1 ,273 749 590 733 121 981 683 16 979 501 863 495 469 752 490 940 849 .. 170 Cleveland Richmond Atlanta Chicaeo St Louis 1 010 1 ,140 474 1 465 9 .. Minneapolis Dallas San Francisco 9 592 268 154 137 199 447 271 227 219 10 228 191 140 105 10 97 191 140 85 5 66 111 92 20 5 31 80 48 114 40 114 40 21 106 63 17 21 170 18 69 51 23 370 87 60 27 Idaho Illinois Indiana Iowa Kansas 45 866 490 659 612 4S 864 490 659 610 25 496 239 164 213 20 368 251 495 397 Kentucky Louisiana 386 155 63 169 186 386 52 63 169 186 114 43 38 79 149 272 9 25 90 37 Arizona Arkansas •• Colorado Connecticut Delaware Dist. of Columbia... Florida Miaryland Massachusetts NOVEMBER 1946 3 37 I Not on par list 1 116 6 114 131 (64 283 2 2 103 Michigan Minnesota Mississippi Missouri Montana Total i Total 443 443 674 203 593 110 257 38 521 108 Nebraska . . . . Nevada New Hampshire. New Jersey New Mexico. . . 410 8 64 344 43 405 8 64 344 43 New York North Carolina. North Dakota.. Ohio Oklahoma 669 202 150 674 382 68 .. . Oregon Pennsylvania.... Rhode Island South Carolina. . South Dakota . . Member banks Nonmember banks 228 215 208 30 182 77 on par list 1 49 8 339 31 417 165 72 2 146 6 52 295 30 259 2 12 49 13 5 669 84 44 674 372 579 54 41 425 218 90 30 3 249 154 68 33 772 35 241 118 106 10 1,013 20 148 169 1,013 20 53 68 . . 293 867 59 189 803 59 .... 315 301 201 100 Washington West Virginia. . . Wisconsin Wyoming 123 117 55 62 6 180 556 55 177 441 55 108 166 37 69 275 18 3 115 Tennessee Texas Utah Vermont Virginia 71 71 11 29 61 81 548 34 40 9 24 7 108 255 ?5 95 101 104 64 31 14 v Preliminary. 1 Represents banks on which checks are drawn, excent that it excludes both member and nonmember mutual savings banks on a few of which some checks are (drawn. Similar par list figures Dublished heretofore have included me mber mutual savings banks and member nondenosit trust companies (three and : our, respectively, on Dec. 31, 1945) on which no checks are drawn, because of the reauirement that member banks remit at par for checks presented to them through the Federal Reserve Banks. The total in this table differs from total commercial banks in nreceding table because the commercial bank total excludes some banks on which checks are drawn, namely, those that do lot report to State banking departments (see footnote 1 of Drecedine tabled, and includes indUvStrial banks and nondeposit trust companies whether or not checks are drawn on them. NOTE.— Prior to February 1L946. statisties on the Federal Reserve par list were published annually. For back figures see Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. 1297 MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1945-1946 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thousands of dollars] All member banks National member banks State member banks Item First half of 1945 Earnings Interest on U. S. Government securities... Interest and dividends on other securities.. 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 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, etc Other current expenses Net current earnings before income taxes 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 income taxes Taxes on net income Federal State Net profits Cash dividends declared On preferred stock1 On common stock Assets and liability items : 2 Loans U. S. Government securities Other securities Real estate assets Cash assets Total assets Time deposits Total deposits Total capital accounts ' Number of officers at end of period Number of employees at end of period Number of banks at end of period Earnings ratios: Percentage of total capital accounts:3 Net current earnings before income taxes. Net profits Cash dividends declared Percentage of total assets:3 Total earnings Net current earnings before income taxes. Net profits Percentage of total securities:3 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:3 Earnings on loans Net recoveries Other ratios: Total capital accounts to: Total assets Total assets less Government and cash assets Total deposits Time deposits to total deposits Interest on time deposits to time deposits3.. First half of 1946 First half of 1945 1,015,748 547,468 275,572 8,512 43,887 30,902 53,256 56,151 1,175,376 546,199 74,503 342,475 5,643 47,482 33,852 61,547 63,675 650,047 357,547 180,927 4,934 30,583 20,353 18,880 36,823 600,764 97,635 174,265 5,067 86,644 1,079 40,648 693,834 114,404 210,265 5,802 102,728 987 40,200 15,943 179,483 First half of 1946 First half of 1945 First half of 1946 365,701 189,921 94,645 3,578 13,304 10,549 34,376 19,328 413,810 186,106 23,346 116,786 2,100 14,606 11,644 38,212 21,010 383,935 63,203 106,782 3,388 58,424 572 26,250 761,566 360,093 51,157 225,689 3,543 32,876 22,208 23,335 42,665 444,881 74,287 129,585 3,831 69,250 541 26,592 216,829 34,432 67,483 1,679 28,220 507 14,398 248,953 15,843 203,605 10,904 114,412 10,785 130,010 5,039 65,071 5,058 73,595 414,984 214,414 32,801 134,272 26,721 20,620 100,852 55,157 16,550 29,145 481,542 216,430 29,786 125,244 35,560 25,840 110,120 58,339 17,251 34,530 266,112 316,685 122,078 14,730 76,492 18,807 12,049 128,408 17,525 72,728 23,857 14,298 164,857 88,022 12,261 52,516 11,703 11,542 54,105 34,524 8,257 11,324 63,421 35,297 9,877 18,247 528,546 138,002 128,278 9,724 587,852 159,113 147,970 11,143 428,739 123,973 2,865 121,108 334,085 85,277 79,949 5,328 248,808 73,204 2,112 71,092 381,672 101,673 95,499 6,174 279,999 77,919 1,372 76,547 148,872 92,336 18,071 57,780 7,914 8,571 46,747 20,633 8,293 17,821 194,461 52,725 48,329 4,396 141,736 42,480 2,333 40,147 390,544 115,684 4,445 111,239 40,117 80,680 1,971 33,478 446 13,608 46,699 23,042 7,374 16,283 206,180 57,440 52,471 4,969 148,740 46,054 1,493 44,561 18,828,000 69,613,000 5,399,000 914,000 25,652,000 120,741,000 20,558,000 112,754,000 7,127,000 38,513 199,823 6,840 23,039,000 75,305,000 6,264,000 869,000 28,962,000 134,852,000 25,231,000 126,094,000 7,754,000 42,030 222,607 14,197,000 49,261,000 4,337,000 550,000 19,361,000 87,959,000 16,887,000 82,576,000 4,753,000 29,240 140,070 5,012 7,370,000 24,899,000 1,754,000 343,000 8,233,000 42,732,000 6,788,000 39,656,000 6,887 11,458,000 44,715,000 3,644,000 571,000 17,419,000 78,009,000 13,770,000 73,098,000 4,367,000 26,941 126,581 5,015 11,572 73,242 1,825 8,842,000 26,044,000 1,927,000 319,000 9,602,000 46,893,000 8,343,000 43,519,000 3,001,000 12,790 82,537 1,875 11.6 11.0 3.2 12.4 11.1 3.2 12.2 11.4 3.4 13.3 11.8 3.3 10.8 10.3 3.1 11.0 9.9 3.1 1.7 .7 .6 1.7 .7 .6 1.7 .7 .6 1.7 .7 .6 1.7 .7 .7 1.8 .7 .6 1.5 .3 1.5 1.5 .2 1.5 .2 1.4 .4 1.5 .3 2,760,000 .2 1.5 1.4 1.5 3.0 .1 3.0 .2 3.2 .2 3.2 .2 2.7 2.7 .1 5.9 5.8 5.6 5.4 6.5 6.4 28.0 6.3 18.2 25.4 6.1 20.0 27.5 6.0 18.8 24.6 28.8 7.0 17.1 26.7 6.9 19.2 5.8 20.5 1 Includes interest on capital notes and debentures. For the first half of 1945 they are averages of figures reported on Dec. 30, 1944, Mar. 20, 1945, and June 30, 1945; for the first half of 1946 they are averages of figures reported on Dec. 31, 1945, and June 29, 1946. 3 4 Annual basis. Not available; for the year 1945 these ratios were 1.4 per cent. 2 1298 FEDERAL RESERVE BULLETIN PAGE Gold reserves of central banks and governments. 1301 Gold production 1302 Gold movements 1302 International capital transactions of the United States. 1303-1308 Central banks 1309-1312 Money rates in foreign countries. 1313 Commercial banks 1314 Foreign exchange rates 1315 Price movements: Wholesale prices 1316 Retail food prices and cost of living 1317 Security prices 1317 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 anal official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. NOVEMBER 1946 1299 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States 1938—Dec... 1939—Dec... 1940—Dec... 1941—Dec... 1942—Dec... 1943—Dec... 1944—Dec... 1945—Oct... Nov.. Dec... 1946—Jan... Feb... Mar.. Apr... May. June. July.. Aug.., Sept.. End of month 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec Brazil 14,512 431 17,644 466 21,995 353 22,737 354 22,726 1658 21,938 1939 20,619 11,111 581 609 734 734 735 734 32 40 51 70 115 254 329 274 274 274 274 274 274 274 20,036 20,030 20,065 20,156 20,232 20,256 20,251 20,242 20,270 20,267 20,280 20,305 698 711 716 729 747 755 763 761 761 756 750 722 357 356 354 363 362 361 361 360 359 358 357 355 274 274 274 274 274 274 274 274 274 274 274 Iran (Persia) Italy Japan Java Mexico 26 26 26 26 34 92 128 193 144 120 164 164 164 5 164 80 90 140 235 29 32 47 47 39 203 222 998 692 617 575 506 500 500 23 23 23 23 23 23 23 250 296 294 288 284 257 254 250 235 229 218 213 270 270 270 270 270 270 270 270 270 270 270 265 23 23 23 23 23 23 23 23 23 23 23 Hun- 1938—Dec.. 1939—Dec.. 1940—Dec. 1941—Dec.. 1942—Dec.. 1943—Dec.. 1944—Dec.. 407 404 403 398 398 397 392 398 406 407 37 24 24 24 24 24 24 British India Canada Chile Colombia Belgium 131 131 P131 P126 P126 P124 1945—Oct... Nov.. Dec... 1946—Jan.. . Feb... Mar.. Apr... May., June., July.. Aug.., Sept.. End of month Argentina 1 192 214 27 5 6 5 6 5 5 7 7 6 6 7 5 6 6 7 7 30 30 30 31 36 54 79 24 21 17 16 25 59 92 82 82 82 82 82 82 83 82 83 81 114 115 127 128 129 131 132 133 134 135 141 142 Nether- New lands Zealand Cuba Czechoslovakia Denmark 1 1 1 16 46 111 83 56 58 61 61 61 61 53 53 52 44 44 44 44 55 55 52 52 52 52 52 430 709 000 000 000 000 1,777 186 186 191 201 201 201 201 201 201 201 61 61 61 61 61 61 61 61 61 61 44 44 38 38 38 38 38 38 38 38 38 38 52 52 52 52 52 52 52 52 52 52 1,540 1,540 1,090 1,090 1,090 1,090 1,090 796 796 796 796 796 Nor- Peru Poland 94 94 84 20 20 20 21 25 31 32 85 4 84 4 28 28 28 28 28 28 28 25 23 23 23 24 Sweden Switzerland 6 Turkey United Kingdom Uruguay Venezuela Yugoslavia B.I.S. Other countries7 321 308 160 223 335 387 463 701 549 502 665 824 6 965 1,158 29 29 88 92 114 161 221 2,690 si 1 1 1 1 1 69 68 90 100 89 121 157 52 52 29 41 68 89 130 57 59 82 4 83 14 7 12 12 21 45 37 166 178 170 166 185 229 245 Egypt France Ger- Greece 29 29 29 29 29 29 29 27 28 28 28 28 28 28 Rumania South Africa Spain 69 69 59 59 59 60 60 133 152 158 182 203 260 267 220 249 367 366 634 706 814 3 525 60 60 60 60 60 60 268 268 269 269 269 954 943 914 949 982 1,014 1,046 1,080 1,046 1,027 1,001 108 108 110 111 111 111 111 111 111 111 Portugal 42 42 91 105 Government gold reserves 1 not included in previous figures United End of month United France States Kingdom Belgium 80 1938—Dec 2 759 331 44 1939—Mar 559 1,732 154 May 477 85 June.... 17 3 Sept 164 247 191 195 876 39 236 1 1,329 475 1945—Oct... Dec 156 245 202 195 39 236 1 1,339 474 17 Nov.. 1940—June 86 247 202 195 39 241 1 1,342 482 17 Dec. Dec 48 247 292 212 195 39 241 1 1,346 481 17 1946—Jan... 1941—June 89 247 212 195 39 241 1 1,345 481 17 Feb.. Dec 25 245 212 195 4 151 39 241 1 1,361 478 17 Mar.. 1942—June.... 8 P242 212 198 39 241 1 1,363 476 17 Apr.. Dec 12 215 204 39 241 P239 1 1,374 473 17 May. 1943—June 11 215 204 39 240 P238 1 1,376 473 17 June. Dec 43 205 215 41 240 P238 1 470 1,393 17 July.. 1944—j u n e 21 215 41 P238 1 1,396 474 17 Aug.. 12 215 Dec 1 472 P 1 , 1 2 8 17 P238 Sept.. 32 1945—Mar 81 June.... 17 20 Sept p Preliminary. 1 18 Dec Figures through March 1940 and for December 1942, December 1943, and December 1944 17 54 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar 71 June.... abroad and gold belonging to the Argentine Stabilization Fund. 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. 1 3 Reported at infrequent intervals or on deFigure for December 1938 is that officially reported on Apr. 30, 1938. 4 Figures relate to last official report dates for the respective countries, as follows: Java— layed 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 Equalis Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 2 6 Figure for end of September. Beginning December 1943, includes gold holdings of Swiss Government. Current pre• Reported figure for total British gold reserves liminary figures represent Bank holdings only. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdings of Bank Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, of England on that date. 4 Figure for Sept. 1, 1941. 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February NOTE.—For available back figures and for de1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have tails regarding special internal gold transfers been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British affecting the British and French institutions, see Banking and Monetary Statistics, p. 526, and Exchange Equalization Account during 1939. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, BULLETIN for February 1945, p. 190. and for a description of figures, including details regarding special internal gold transfers affecting the reported data,[see!pp. 524-535 in the same publication. NOVEMBER 1946 1301 Year or month 1934 1935. 1936 1937 1938 1939 1940 1941 1942. 1943 1944. 1945 1945—Sent. Oct Nov Estimated world production Total reported outside U.S.S.R.1 monthly 823 003 708 ,453 882,533 752 ,847 971 514 833 ,895 1 041 576 893 ,384 1 136 360 958 ,770 1,208 705 1,020 ,7Q7 1 297 349 1 094 ,264 1,288 945 1,089 ,395 966 ,13? 760 ,577 682 ,061 645 323 52 ,756 55 739 54 686 54 896 55 758 50 981 50 656 53 900 55 857 54 749 riw Tan 1946 Feb Mar Apr May June July Aug 1 South Africa 366 795 377 090 396 ,768 410 710 475 ,649 448 753 491 ,628 504 ?68 494 439 448 ,153 4?9 787 862 35 313 36 ,809 36 005 35 ,043 35 892 971 30 ,871 3-1 793 36 ,740 35 732 36 657 35 553 GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly North and South America Africa MexColom- Chile Nica-7 West Belgian United4 CanRhoico6 ada* ragua bia desia Africa2 Congo3 States ice of fine gold=$. 35. 1 our D fine; i. < ?., at grains 0 1 gold*/i $ 1=15*/21 6.549 108,191 104,023 7.3 135 12,045 8,350 1,166 ?4 ?64 12,153 868 ?5 477 13,625 7 159 126,325 114,971 23 858 11,515 9,251 807 7 8 053 16,295 7 386 152,509 131,181 7.6 465 13,632 9,018 848 8 018 168,159 143,367 29 591 15,478 ?8 796 20,784 9,544 8 470 178,143 165,379 3?, 306 18,225 10,290 7 8 53? 24,670 1,557 8 759 196,391 178,303 29 426 19,951 11,376 3,506 ?8 009 28,564 ? 9 , 155 32,163 3 8 86? 210,109 185,890 30 878 22,117 11,999 5,429 77 76S 32,414 209,175 187,081 27 969 22,961 9,259 7,525 ?6 ,641 29,225 130,963 169,446 28 019 20,882 6,409 8,623 009 19,740 48,808 127,796 22 055 19,789 6,081 7,715 ?0 746 18,445 35,778 102,302 17 779 19,374 7,131 7,865 19 888 18 865 32,511 92,794 17,734 6,282 6,985 370 570 2,728 7,404 1,400 1,610 1 680 425 559 1 ,664 1,610 3,639 8,034 1,319 1 ,595 592 396 1 400 3,822 7,726 1,224 1 ,597 634 3.635 8,391 1,140 1,096 1,470 1 584 683 522 1 610 3,984 8,346 1,492 443 549 3 283 8,013 1,309 1 610 473 770 608 3,639 8,677 1,473 1 574 1,645 451 1 ,609 580 1 645 3,226 8,338 1,193 425 488 1 60Q 3,158 8,412 1,350 1,610 1 654 563 342 1 715 3,416 8,203 1,094 3,993 8,384 1,335 1 715 448 8,310 8,092 Other British Australia8 India* 30,559 31,240 40,118 46,982 54,264 56,182 55,878 51,039 42,525 28,560 16,310 16,450 1,190 1,190 1,435 1,365 1,470 1,330 1,400 1,435 1,610 1,540 11,223 11,468 11,663 11,607 11,284 11,078 10,157 9,940 8,960 8,820 6,545 5,950 490 490 490 525 175 630 455 490 525 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal 2 Beginning April 1941, figures are those reported by American Bureau of 3Metal Statistics. Beginning January 1944, they represent Gold Coast only. Beginning May 1940, monthly figures no longer reported. * Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the6 Mint. 6 Figures for Canada beginning 1945 are subject to official revision. Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. • Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ouncej Net imports from or net exports (—) to: Year Total net or month imports 19341 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 Jan. Feb. Mar. Apr. May Tune July Aug. Sept.P United Kingdom France Belgium Netherlands Sweden SwitzerCanada land Mexico PhilOther ipLatin AusAmeri- pine tralia Iscan Republics lands All other countries 12,402 30,270 86,829 1.131,994 499,870 260,223 8,902 94,348 28,153 12,038 1,029 12! 4 76,820 21,095 3 227,185 968 13,667 95,171 1,739,019 315,727 934,243 29,359 15,335 3,498 651 75,268 28,529 2 7,511 39,966 72,648 1,116,584 174,093 573,671 3,351 71,006 30,790 21,513 23,280 8! 77,892 20,856 6 54,452 111,480 38,482 1,585,503 891,531 -13,710 90,859 6,461 39,485 25,427 34,713 181 246,464 50,762 8,910 36,472 76,315 1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363 65,231 27,880 39,162 401168,740 16,159 13,301 3,798 165,122 341,618 28,715 86,987 612,949 33,610 3,574,151 1,826,403 57,020 35,636 74,250 22,862165,605 50,956 268,623 977 63,260 161,489 90,320 2,622,330 29,880 128,259 38,627 103,777 184,756111,739 49,989 3284,208 4,744.472 633,083 241,778 1 899 412,056 1 3,779 1,747 16,791 982.378 61,862 42,678 67,492 292,893 9,444 9,665 <63,071 5 208,917 1,955 40,016 315,678 39,680 321 528 4,119 129 20,008 88 307 66,920 -3,287 68,938 13,489 152 -8,731 46,210 -109,695 -108,560 -845,392 -695,483 199 3 572 18,365 5 160 15,094 -41,748 "163 53,148 -106,250 106 -133,471 357 154,070 82,439 31,396 -20,534 -27,028 36,329 6,347 15,210 -7,629 36 34 -1 -4 -1 -6 151,270 80,629 25,265 222 127 32,277 639 649 197 391 1,729 126 1,479 75 1,386 149 637 34 -33 29 902 476 2,328 516 - 8 , 5 0 2 82 -29,198 ""Li -2 -8 11 -6 3 3 3 23 11 3 267 9 13 2 41 15 19,886 17,902 654 191 1,366 68 -21,586 7 -27,155 8 ' 3,112 8 2,865 8 - 2 3 6 82,887 3,785 -398 v Preliminary. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries « Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15 570 000 from 6 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. • Includes $27,567,000 to China, and $5,981,000 from other countries. 7 Includes $27,229,000 to China and $75,000 from other countries. 8 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. NOTE.—For back figures see]Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication, 2 1302 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 Total Official i Other Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 19 3 "5 Mar CAor 3) June (July 3) Sent (Oct 2) Dec. (Jan. 1, 1936) 265.9 632.5 920.2 1,440.7 64.1 230.3 371.5 631.5 22.6 16.3 38.0 59.7 207.7 355.2 593.5 155.0 312.8 388.6 361.4 31.8 43.7 40.1 125.2 -6.2 15.8 90.3 316.7 21 1 29.8 29 8 6.0 1936—Mar June Sept Dec (Apr 1) (July 1) 30 30 1,546.3 1,993.6 2,331.9 2,667.4 613.6 823.4 947.1 989.5 79.6 80.3 86.0 140.1 534.0 743.1 861.1 849.4 390.3 449.0 456.2 431.5 114.4 180.5 272.2 316.2 427.6 524.1 633.3 917.4 .4 16.5 23 2 12 9 1937—Mar June Sept Dec. 31 30 29 29 2,998.4 3,639.6 3,995.5 3,501.1 1,188.6 1,690.1 1,827.2 1,259.3 129.8 293.0 448.2 334.7 1,058.8 1,397.1 1,379.0 924.6 411.0 466.4 518.1 449.1 319.1 395.2 493.3 583.2 1,075.7 L.069.5 L.125 1 1,162.0 4 1 18 3 31 9 47.5 1938—Mar June Sept Dec. 30 29 28 (Jan. 4, 1939) 3,301.3 3,140.5 3,567.2 3,933.0 1,043.9 880.9 1,275.4 1,513.9 244.0 220.6 282.2 327.0 799.9 660.4 993.2 1,186.9 434.4 403.3 477.2 510.1 618.5 643.1 625.0 641.8 1,150.4 L, 155.3 L.125.4 1,219.7 54 2 57 8 64 1 47.6 1939—Mar June Sept Dec 29 28 . 27 (Jan 3 1940) 4,279.4 4,742.0 5,118.2 5,112.8 1,829.4 2,194.6 2,562.4 2,522.4 393.2 508.1 635.0 634.1 1,436.2 1,686.5 1,927.3 1,888.3 550.5 607.5 618.4 650.4 646.7 664.5 676.9 725.7 1,188.9 L,201 4 1,177.3 1,133.7 63 9 74 0 83 1 80.6 1940 (Apr 3) (July 3) (Oct 2) (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 6 684.1 773.6 775.1 761.6 785.6 793.1 803.8 1,095 0 L,042.1 987.0 888.7 88 7 98.9 101.6 100.9 1941—Mar (Apr 2) Tune (Tulv 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 9 194?—Mar June Sept Dec (Aor 1) 30 2 30 31 5,219.3 5,636.4 5,798.0 5,980.2 2,820.9 3,217.0 3,355.7 3,465.5 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 1943—Mar. June Sept Dec 31 30 30 31 6,292.6 6,652.1 6,918.7 7,267.1 3,788.9 4,148.3 4,278.0 4,644.8 1,868.6 2,217.1 2,338.3 2,610.0 1,920.3 1,931.2 1,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 685.9 687.9 708 1 701.1 108.6 112 1 114 8 117 8 1944—Mar June Sept Dec 1945—j an Feb Mar Apr May Tune 31 30 30 31 3i 28 31 30 31 30 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 8 119 119 122 126 7,908.1 7,983.6 8,002.6 8,079.7 8,131.6 8,422.8 4,999.6 5,159.6 5,219.4 5,289.5 5,335.4 5,671.0 2,744.4 2,859 6 2,865.1 2,920.2 2,964.9 3,313.2 2,255.2 2,300.0 2,354.3 2,369.2 2,370.5 2,357.9 848.2 859.8 848.5 844.7 845.7 760.4 1,025.2 989.3 983.7 1,012.6 1,032.0 1,011.2 909.0 845 0 820.6 802 5 785.0 848.4 126 1 129 9 130 5 130 4 133 6 131.8 July Aug Sept Oct Nov Dec 1946—j an Feb Mar. Apr May June 31 31 30 31 30 31 3i 28 31 30 31 30 8,641.7 8,711.9 8,858 6 8,965.4 8,828.1 8,802.8 5,846.2 5,922.4 6,042.2 6,214.0 6,122.9 6,144.5 3,482.4 3,513.6 3,554.9 3,593.0 3,431.0 3,469.0 2,363.9 2,408.8 2,487.2 2,620.9 2,691.9 2,675.5 1,015.0 999.7 998.2 946.5 983.0 972.8 843.2 831.6 818 4 795.1 779.1 798.7 127.1 129 1 134 6 134 4 139.0 144.1 8,822.9 8,733.9 8,635.2 8,605.8 8,336 7 8,103.3 6,234.7 6,131.8 6,073.8 6,056.0 5,827.0 8 5,637.8 3,601.6 3,432.7 3,359.6 3,276.1 3,050.5 3 2,827.1 2,633.2 2,699.1 2,714.1 2,780.0 2,776.5 3 2,810.7 810.2 829.0 865.3 875.5 804.2 742.7 729.2 728.7 703.6 701.2 644.8 «624.5 1,097.8 1,067.2 1,073.0 1,076.1 1,104.2 1,084.7 625.9 672.4 645.1 630.7 619 7 615.0 135 1 133 9 139 9 141 7 140 9 3 141.4 Mar June Sent Dec. .... 4.4 6 1 2 3 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 United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 Amounts outstanding June 30, in millions of dollars: total foreign banking funds in United States, 6,376.3, including official funds, 3,537.4, and other funds, 2,838.9; United States banking funds abroad, 511.0; and brokerage balances (net due "foreigners"), 64.5. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. NOVEMBER 1946 1303 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935,through— 1935—Dec. (Jan. 1, 1936—Dec. 30 1937—Dec. 29 . . 1938—Dec. (Jan. 4, 1939—Dec. (Jan. 3, 1940—Dec. (Jan. 1, 1941—Dec. 31 . . 1942—Dec. 31 1943—Dec. 31. . . 1944—Dec. 31 . 1945—July 31 .. Aug. 31 Sept. 30. . Oct. 3 1 . . Nov. 30 . Dec. 3 1 1946—Jan. 31 .. Feb. 28 Mar. 31 Apr. 30.. 31 June 30.. Total 1,440.7 2,667.4 3,501.1 1939)... 3,933.0 1940)... 5,112.8 1941). . . 5,807.9 5,354.1 5,980.2 7,267.1 7,728.4 8,641.7 8,711.9 8,858.6 8,965.4 8,828.1 8,802.8 8,822.9 8,733.9 8,635 2 8,605.8 8 336 7 8,103.3 1936)... Kingdom France Netherlands Switzerland Germany Italy 554.9 829.3 993.7 1 ,183.8 1 ,101.3 865.2 674.1 837.8 1 ,257.7 1 ,090.0 1 ,075.0 1 ,018.8 946.7 937.8 888.7 892.5 858.3 804.7 719.1 709.5 585 8 485.3 210.2 299.5 281.7 339.6 468.7 670.3 639.9 625.9 636.8 585.7 542.4 499.8 463.9 510.9 469.8 464.2 553.6 531.6 515.1 453.3 464 1 432.5 114.5 229.7 311.9 328.6 470.3 455.6 464.4 474.0 487.7 506.2 516.1 518.1 518.1 523.8 526.3 539.7 538.4 525.8 536.5 528.2 426 3 411.9 130.4 335.5 607.5 557.5 773.0 911.5 725.7 592.1 629 A 664.3 689.9 695.6 698.4 705.2 709.8 722.3 728.6 731.1 728.8 730.4 725.4 737.0 36.6 83.1 123.9 140.5 165.9 175.9 179.9 179.5 178.6 179.1 179.0 179.2 179.3 179.5 179.4 179.7 179.6 179.4 179.3 179.3 179 2 179.3 24.0 45.6 22.1 32.2 58.0 55.4 50.5 48.1 48.2 63.1 85.2 89.6 94.2 98.0 100.8 106.5 107.3 108.5 111.2 138.9 142.0 145.5 IJnited Other Total Europe Europe 130.0 228.5 312.2 472.0 752.9 922.7 891.8 850.9 954.8 993.3 1 053.0 1, 059.2 1 134.2 1 ,118.1 1 127.8 1, 132.1 1 142.9 1, 125.5 1 116.7 1, 140.0 1 ,152.2 1, 138.3 Latin Can1 ada America Asia 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 4,140.6 1,302.7 4,060.2 1,383.1 4,034.8 1,411.2 4,073.2 1,419.2 4,002.6 1,434.3 4,037.0 1,395.7 4,108.7 1,342.6 4,006.7 1,357.0 3,906.7 1,370.5 3,879.5 1,347.7 3,675.0 1,306 2 3,529.8 1,294.0 All other1 70.9 156.5 201.2 243.0 410 6 315.4 384.6 302.7 483.4 522.6 606.8 642.6 567.5 691.1 835.8 932.9 951.0 1,161.6 1,193.7 1,273.6 1,411.7 1,579.1 1,392.1 1,656.1 1,413.8 1,763.7 1,404.7 1,804.3 1,336.5 1,801.7 1,338.4 1,784.1 1,345.1 1,780.5 1,350.7 1,764.9 1,391.5 1,716 5 1,400.9 1,723.1 1,431.5 1 677 5 1,471.6 1,560.3 12.7 21.4 15 9 36.2 87.4 90.2 128.6 178.3 201.4 203.0 207.6 220.3 235.2 264.1 253.0 247.5 246.0 254.7 250.0 254.7 246 5 247.5 Latin 1 America Asia All other* TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935• through— 1935—Dec. (Jan. 1936—Dec. 30 1937—Dec 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940—Dec. (Jan. 1941—Dec. 31 1942—Dec 31 1943—Dec. 31 1944—Dec. 31 1945—July 31 Aug 31 Sept. 30. . Total 631 5 989 S 1,259 r3 4 , 1939)... 1,513 9 3 , 1940). . . 2,522 4 1, 1941). . . 3,239 3 2,979 6 3,465 s 4,644 8 4,865 2 5,846 2 5,922 6,042 6,214 0 Oct 31 6,122 9 Nov. 3 0 . . . 6,144 Dec. 31 . 1946—Jan 3 1 6 234 7 6,131 8 Feb. 2 8 . 6 073. 8 Mar. 31 6 056 A p r 30 5,827 0 M a y 31. . . 5,637. 8 June 30 . 1 , 1936)... United King- France dom Netherlands Switzerland 129.6 144.2 111.8 155.3 256.1 458.0 416.5 394.5 404.1 356.6 318.8 276.6 233.3 280.2 247.1 229.9 318.2 300.5 284.3 225.7 239.5 205.8 55.7 65.9 76.3 87.9 190.9 160.3 161.0 170.0 176.7 193.1 199.2 201.4 204.0 211.4 253.0 265.0 277.3 265.6 278.4 278.3 251.8 239.5 72.4 109.8 288.4 205.1 362.7 494.7 326.2 166.3 192.7 221.4 250.6 255.8 259.7 266.5 272.0 286.3 297.5 298.3 303.2 306.5 305.3 314.6 128.6 163.5 189.3 364.0 376.1 293.3 328.6 493.3 939.4 804.4 810.6 762.6 684.8 678.9 638.3 646.4 617.7 569.2 492.4 492.1 373.0 273.7 Germany Italy 8 7. 3 ?3 0 2 7 9 6 -11 -20 -22 -23 8 1 9 1 -22 7 -23 7 -23.4 -23.5 -23 A -7,3 4 -23 4 -23. 3 -23.3 ,S -23. 6 -23. 6 -23.7 -23. 9 6. 9 1. 7 19. 7 9 -3.' 4 -6.2 -6 9 7. 0 29. 2 33. 6 38, 2 41. 7 45. 1 50, 1 50. 8 5? 55. 2 83.0 86. 5 91. 7 Other Total Europe Europe 60.7 79.7 109 4 208 6 470 0 603 7 561. 1 502. S 589. 0 634. 7 706 8 672. 4 744 8 729. 9 738, 2 769 1 757. 6 742. 0 738. 0 760. 9 777 6 771. 5 Canada 453 .5 588 9 33.5 46.0 86.8 149.3 76.3 166.3 1,010 .7 101.6 127.6 1,655 .4 174.5 215.1 1,986 .3 334.1 326.4 1,766 9 273.1 296.7 1,697 S 399.5 482.8 2,271 704.7 578.7 2,193 .7 818.6 794.7 2,291 7 1,241 8 979.2 2,179 0 1,341.9 965.8 2,141 4 1,384.1 989.0 2,185 4 1,443.9 976.2 2,170 3 1,437.8 924.2 2,223 4 1,414.2 924.9 2,295.8 1,242.8 929 A 2,204 1,241.8 922.0 2,127 8 1,251.8 972.4 2,122 8 1,236.2 956.2 2,010 0 1,140.3 986.5 1,872 .9 1,155.8 1,029.7 791 7 87.0 149.4 217.0 251.8 417.0 531.2 541.4 743 9 928.2 888.6 1,161.2 1,252 1 1,329.9 1,382.8 1,373.7 1,369.1 1 554 5 1,542.9 1,505.0 1,518 7 1,475.0 1,360.8 11.5 15.2 8.0 22.2 60.5 61.3 101.6 141 9 162.0 169.7 172.3 183.6 197.6 225.7 216.8 212.9 212 3 220.8 216.8 222.1 215.2 218.5 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total United King- France dom 1935—Dec. (Jan. 1, 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939—Dec. (Jan. 3, 1940—Dec. (Jan. 1, 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945_j u ly 3i Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Tan. 31 Feb. 28 Mar. 31 Apr 30 . May 31 June 30 361.4 431 5 449.1 510.1 650.4 775.1 791 3 888.8 877 6 805.8 810.2 829.0 865.3 875.5 804.2 742.7 729.2 728.7 703.6 701.2 644.8 624.5 208.8 178.0 207.4 206.2 252.2 269.2 271.2 279.4 272.1 266.1 267.2 260.4 267.1 270.5 266.1 266.6 266.2 265.7 263.4 260.4 259.4 261.5 1936). . . 1939). . . 1940). . . 1941). . . . . . Netherlands — .4 48.1 —3.3 62.0 —4.4 65.3 -5.6 68.4 12.9 73.8 17.7 74.6 17.6 76.9 18.1 77.8 18.3 77.9 18.3 77.7 77.8 18.3 77.8 18.2 77.8 18.0 78.1 18.0 78.0 -17.9 78.0 — 17.7 -17.1 78.3 78.4 -17.5 78.3 — 17.1 78.2 -24.7 78.2 -99.9 78.1 -100.7 Switzerland Germany Italy 1.6 2.7 2.6 2.9 6.5 5.4 29.7 66.0 105.1 141.7 177.8 191.6 196.8 196.7 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 13.7 16.3 2.6 6.6 5.1 6.8 4.5 6.1 5.4 5.1 6.5 5.2 1.9 3.2 2.5 1.6 .1 1.6 6.5 13.7 15.5 25.3 25.8 26.2 26.2 26.2 26.2 26.2 26.2 26.4 26.2 26.2 26.2 26.2 26.1 26.0 25.5 24.1 Other Total Europe Europe 8.8 22.0 26.9 33.8 28.4 49.8 53.6 56.8 60.0 34.6 30.3 69.4 70.9 69.4 68.8 38.3 65.9 61.1 57.9 61.0 58.5 51.3 CanLatin ada America Asia* 310.2 -4.6 343.7 36.9 409.3 - 2 1 . 7 460.9 35.9 563.5 56.5 634.7 60.3 647.4 62.7 661.5 58.6 656.5 55.1 626.6 64.8 621.2 47.7 655.0 51.4 662.5 53.3 664.4 60.7 624.6 54.9 593.4 39.5 618.3 18.5 614.0 21.6 608.1 30.0 599.3 28.2 518.8 42.8 512.9 39.3 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 58.2 81.4 51.4 68.4 47.4 98.3 54.4 91.7 22.2 99.9 9.1 99.2 3.3 88.5 6.8 85.5 -10.4 75.5 1.9 71.9 10.0 74.7 3.3 72.8 All other* -1.6 —4.4 —8.7 -7.0 -.8 2.1 — 1.2 6.6 7.5 — .3 1.8 2.9 3.8 4.2 2.6 1.5 .6 .9 .4 — .2 — 1.5 -3.9 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." »Inflow less than $50,000. 1304 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—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939—Dec. (Jan. 3, 1940—Dec. (Jan. 1, 1941—Dec. 31 1942—Dec 31. . . 1943—Dec. 31 1944—Dec. 3 1 . . 1945—July 31 . Aug. 31 Sept 30 Oct. 3 1 . . Nov 30 Dec. 31.. 1946—j an 31 Feb. 28.. Mar. 31 Apr. 30 . May 31 June 30.. 1936)... 1939)... 1940). . . 1941). . . Total 125.2 316.2 583.2 641.8 725.7 803.8 855.5 848.2 925.9 1 ,019.4 1 015 0 999.7 998 2 946.5 983 0 972.8 1 097 8 1 ,067.2 1 ,073.0 1 ,076.1 1 ,104.2 1 ,084.7 United King- France dom Netherlands Switzerland 6.8 18.2 22.8 26.1 42.1 43.4 51.6 52.4 50.6 51.0 51.2 51.2 51 2 51.1 51 1 51.2 51 1 51.0 51.1 51.2 51.1 51.0 7.4 10.4 21.2 27.3 29.4 31.0 31.5 31.6 33.0 33.6 33.5 33.5 33.5 33.7 33 0 33.0 33.4 33.4 33.1 33.2 33.3 33.2 -1.2 13.7 30.4 36.1 45.0 46.0 44.3 44.9 44.7 44.5 45.0 45.0 45.2 45.5 45.0 45.2 44 9 45.0 45.0 45.1 44.9 45.0 67.8 116.1 136.8 127.7 125.5 128.6 127.6 125.4 127.6 126.5 119.0 119.0 119.1 119.2 119.1 117.7 115.0 113.9 112.4 110.8 110.9 109.7 Germany 13 .3 22 26 .6s 33 .5 36 .6 36 .5 36 .5 16 S 36 .5 36 36 36 .5 36 s s 36 36 36 5 36 s 36 s 36.5 36.5 36 .5 36 .7 Italy 2.9 9.4 13.5 22.0 27.6 28.1 28.1 28.0 27.9 27.6 27 6 27.6 27 6 27.6 27 6 27.5 27 3 27.3 27.3 27.3 27.3 27.3 Other Europe 46.1 87.9 115.2 167.8 189.0 196.4 201.8 207.6 210.1 210.4 210 1 210.1 210 9 211.1 210 4 212.8 212 5 212.6 212.9 213.1 213.3 213.8 Total Europe Canada 143.1 - 3 9 . 7 278 3 1.7 10.5 366.4 -9.7 440.6 -7.6 495.2 25.0 510.0 35.4 521.3 -3.0 526.3 41.2 530.3 530.1 104.9 94.4 522.8 522.9 77.0 523.9 73.1 23.4 524.6 522 7 59.6 523.8 49.1 520 7 176.8 519.7 144.3 518.3 149.1 517.2 147.8 517.3 169.8 516.7 147.0 Latin America Asia* 12.7 15.7 175.0 167.4 184.0 202.3 221.1 245.4 272.3 302.0 314.7 316.5 317.6 314.9 317.4 317.1 317.6 320.5 323.1 328.8 334.4 338.1 All other* 7.9 17.0 24.5 33.8 42.8 53.0 61.2 61.5 62.2 61.3 61 7 61.7 61.8 61.8 61 5 60.8 60 9 60.6 60.4 60.0 59.9 59.8 1.1 3 5 6.8 9.7 11.3 13.5 16.6 18 0 19.9 21 0 21 3 21.7 21 8 21.9 21 8 22.0 21 9 22.1 22.1 22 5 22.9 23.0 Asia1 All other1 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935 through— 1935—Dec. (Jan. 1 , 1936—Dec. 30 . . 1937—Dec 29 1938—Dec. (Jan. 4 , 1939—Dec. (Jan. 3 , 1940—Dec. (Jan. 1, 1941—Dec 31 1942—Dec. 31 1943—Dec. 31 . . 1944—Dec. 3 1 . . . 1945—July 31. . Aug. 31. . Sept 30 . Oct. 3 1 . . N o v 30 . . Dec 31 1946—jan% 3 1 . . F e b 28 Mar 31.. A p r 30 31.. June 30.. Total 316.7 917.4 1,162 0 1939)... 1,219.7 1940)... 1,133.7 888.7 1941). . . 626.7 673.3 701.1 911.8 843.2 831.6 818.4 795.1 779.1 798.7 625.9 672.4 645.1 630 7 619.7 615.0 1936)... United King- France dom Netherlands Switzerland 23.4 64.7 70 3 76.9 76.6 74.4 74.9 80.5 82.7 77.3 71.7 71.1 78.5 78.3 70.4 81.7 81.8 77.0 77.2 74.0 71.1 73.3 50.5 157.6 213.8 212.1 227.7 233.2 236.7 236.9 239.9 239.0 240.9 240.7 237.8 235.5 234.0 233.5 228.6 228.1 226.1 225.8 225.2 224.0 55 1 200 275.3 304 1 344 7 348 1 336 4 360 5 367 -5 -7 -22 -28 -29 368 363 362 360 360 358 S 5 0 353 346 345 342 342 8 -30 8 7 — 30 7 7 —30 7 -30 6 —30,4 -SO 4 -SO 4 -30 4 -30 —30.5 149.8 367.7 448.7 472.6 328.1 157.1 -70.1 -77.6 -100.3 -125.4 -140.3 -141.5 — 143.4 -149.9 -154.0 — 157.9 -161.9 — 164.7 -169.2 — 173.0 -176.7 -179.0 9 1 355.4 354.0 9 8 3 Germany 4 5 -17 4 8 2 1 1 -30 9 -30.4 Italy — .1 —3.3 —4 9 -5.5 -4.9 2.7 — .1 -.1 6 0 9 8 8 1 9 6 ? 7 2.4 ? 4 ?1 ? 0 ?1 L.8 Other Europe Total Europe CanLatin ada America 12.9 2.8 286.2 3.7 38.5 818 0 32.6 15 5 37 6 18 2 55 7 1 041 6 56.6 1,094.1 25.7 23.7 60.4 1,004.4 - 2 . 6 30.1 64.9 851.3 - 1 8 . 4 25.6 67.3 615 0 —44 7 28 1 75.3 644.7 - 4 5 . 1 35.2 86.3 645 7 - 5 8 2 40 5 103.2 633.7 - 2 8 . 1 54.9 95.3 602 1 - 9 8 . 5 57.2 96.5 600.0 -105.4, 56.1 96.4 600 8 -117.9 55.1 96.4 592.4 - 1 2 6 . 4 54.6 577.4 -136.8 65.8 98.0 582 9 — 126 6 81 3 98 5 93.7 568.3 -114.5 89.3 562 8 —69 6 97 6 96 8 94.7 546 5 - 8 0 . 3 98.2 535 4 — 83 9 102 7 91 9 89.8 524.0 - 6 6 . 3 89.7 88.8 520.9 - 6 6 . 8 90.3 21.4 44 1 54 7 65.2 87.6 17.6 17 5 27.7 62 5 240.5 272 2 270.9 270 6 264.4 263 1 251 3 73 0 71 9 71 3 67 7 63 8 62.1 2.6 7 1 9 3 11.1 14.3 12.6 10 9 10.9 10 6 10 7 10 2 10 G 9 8 10 0 9 4 9 9 9 9 9 7 9 4 8 9 8 5 Latin 1 America Asia All other 1 8.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total 1935—Dec. (Jan. 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—July 31 Aug 31 Sept 30 Oct. 31 Nov. 30 Dec. 31 1946—j an> 3i Feb 28 Mar. 31 Apr 30 May 31 June 30 6.0 12.9 47.5 47.6 80.6 100.9 100.9 104.4 117.8 126.3 127.1 129.1 134.6 134.4 139.0 144.1 135.1 133.9 139.9 141.7 140.9 141.4 1, 1936). . . 4, 1939). . . 3, 1940). . . 1, 1941). . . . ... United King- France dom 4.0 11.5 13.4 19.4 17.0 16.8 17.4 18.8 18.5 18.5 18.2 19.1 19.1 19.3 19.8 21.3 20.7 20.0 19.2 19.1 19.3 2.4 10.4 11.5 12.9 20.1 19.9 19.9 20.7 21.5 23.1 22.8 23.1 23.1 23.2 23.1 23.4 24.2 24.7 24.1 24.3 24.2 24.3 Netherlands Switzerland Germany Italy 1.3 2.5 9.1 10.8 9.6 17.8 16.2 13.5 13.7 19.3 23.0 26.4 26.6 27.8 27.3 28.2 30.3 30.3 30.9 32.1 32.0 32.2 33.4 -.2 .1 .3 — .9 5.0 6.8 9.3 13.4 17.6 17.5 19.9 22.3 24.2 24.4 24.7 25.2 24.1 26.0 16.2 16.2 16.1 15.7 16.0 15.9 — .7 — .2 -.1 -.2 — .2 -.1 — .2 -.1 -.1 (2) (2) (2) (3) (J) (2) .1 .2 .1 .2 .2 .2 .3 .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .5 .5 .5 Other Total Europe Europe 1.4 .4 5.0 5.2 5.0 7.9 8.0 8.7 9.4 10.5 10.6 10.8 11.1 11.3 12.4 13.6 13.1 13.1 13.3 13.1 12.9 12.9 7.6 22.6 44 0 47.9 71.6 74.3 75.7 78.1 89.1 97.7 102.7 103.4 106 1 106.4 107.5 113.6 105.6 105 9 106.0 104 8 105.0 106.3 Canada -4.5 — 7.6 3 5 1.8 8.7 10.7 14.1 15.2 17.6 16.2 17.3 18.2 18 6 17.6 18.8 19.5 19.0 18.9 19.9 19 A 19.6 18.5 1.0 —4 2 — 5 -.9 1.6 9.2 3.9 4.2 3.8 5.1 2.3 2.3 4 5 4.5 6.9 5.9 5.5 3.9 8.2 11.3 10 9 10.2 2.9 2 1 — .9 -1.5 -3.4 6.0 6 3 6.0 6 0 5.6 2.7 3.2 3 2 3 6 3.4 3 8 3 6 3 9 4 5 4 g 4 1 2!l .7 g .9 1 3 1.8 1.9 2.0 2 2 2 2 2.4 1 3 1 5 1 3 1 3 1 3 1 4 5 4.8 (8) 1.5 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. «Outflow less than $50,000. NOVEMBER 1946 1305 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Netherlands Switzerland Germany Italy Other Total Latin CanEurope Europe America Asia* 33.9 163.5 176.3 143.9 187.4 12.9 68.6 78.8 89.1 101.8 13.7 86.1 123.5 302.1 218.8 29.9 29.0 32.0 39.0 17.8 18.8 26.1 41.7 25.7 20.4 46.8 232.9 107.5 686.3 126.3 814.3 156.0 1,017.1 255.5 1,237.8 99.3 145.3 186.1 175.6 201.8 122.8 156.3 263.9 280.9 248.5 435.5 12.0 23.4 27.1 20.0 34.1 448.2 288.2 1939—Dec. (Jan. 3, 1940). . . 3,221.3 365.5 490.1 1940—Dec. (Jan. 1, 1941). . . 3,938.2 400.8 448.6 3,678.5 1941—Dec. 31 554.6 432.3 4,205.4 1942—Dec. 31 5,374.9 1,000.8 439.9 1943—Dec. 31 865.7 401.2 5,596.8 1944—Dec. 31 204.9 174.3 174.9 186.6 193.3 209.7 376.3 508.4 339.9 184.2 210.6 239.3 9.5 6.7 6.6 7.5 6.5 6.8 38.5 17.9 15.4 12.1 11.3 27.3 516.9 650.6 608.0 643.4 722.1 767.7 1,882.6 2,213.5 1,994.0 2,020.7 2,584.5 2,517.8 274.6 434.3 373.2 507.4 812.6 926.5 336.0 655.7 447.3 769.9 417.7 780.0 597.7 930.0 693.7 1,108.8 909.3 1,069.2 72.5 73.3 113.6 149.6 175.3 174.0 215.8 218.0 220.6 228.1 269.6 281.6 293.9 282.2 295.0 294.9 268.4 256.1 268.5 273.8 277.7 284.4 290.0 304.2 315.5 316.2 321.2 324.4 323.2 332.5 6.8 6.9 6.9 7.1 6.9 7.0 6.9 6.8 6.6 6.6 6.5 6.4 49.5 53.9 58.5 62.0 65.4 70.4 71.1 72.5 75.5 103.3 106.8 112.0 839.8 651, 1,349.8 1,100.7 1,341.8 805.4 538, 1,449.9 1,087.4 1,432 877.9 501, 1,492.1 1,110.6 1,510.5 862.9 545, 1,551.8 1,097.7 1,563.4 871.2 529. 1,545.7 045.7 ,554.4 902.1 583 1,522.2 ,046.4 1 ,549.7 890.6 655, 1,350.7 ,050.9 ,735 875.0 1,349.7 ,043.5 ,723.6 871.0 487. 1,359.7 ,094.0 ,685.6 894.0 2,482. 1,344.1 ,077.7 ,699.3 910.6 2,369. 1,248.2 ,108.1 ,655.7 904.5 2,232. 1.263.J ,151.3 ,541.4 141.2 152.5 166.5 194.6 185.7 181.8 181.1 189.7 185.6 191.0 184.1 187.4 United King- France dom Total Date 669.7 1934—Dec. (Jan. 2, 1935). . . 1935—Dec. (Jan. 1, 1936). . . 1,301.1 1,623.3 1936—Dec. 30 1,893.1 1937—Dec. 29 1938—Dec. (Jan. 4, 1939). . . 2,157.8 872.0 824.0 746.2 740.2 699.6 707.7 679.0 630.5 553.8 553.4 434.4 335.1 6,584.8 6,660.9 6,780.7 6,952.5 6,861.4 6,883.1 6,973.3 6,870.3 6,812.3 6,794.6 6,565.6 6,376.3 1945—July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 76.9 205.5 235.7 261.5 436.1 399.0 356.7 313.4 360.3 327.3 310.0 398.3 380.7 364.5 305.8 319.7 286.0 202.8 289.8 331.9 399.5 All other i LIABILITIES—SUPPLEMENTARY DATA Other Europe Date Other Europe Belgium Denmark 1939—Dec. (Jan. 3, 1940) . . 1940—Dec. (Jan. 1, 1941) . . 1941—Dec. 31 1942—Dec 31 1943—Dec 31 1944—Dec. 31 516.9 650.6 608.0 643 4 722.1 767.7 159.2 144.8 117.3 121.8 122.9 124.3 28.1 17.3 18.1 17.7 13.9 14.8 1945—July Aug Sept Oct. Nov Dec 31 31 30 31 30 31 Feb Mar Apr May June 28 31 30 31 30 839.8 805 4 877.9 862.9 871.2 902 1 890.6 875.0 871.0 894 0 910.6 904.5 150.5 149.9 218.6 195.6 183.0 185.0 184.9 167.6 166.3 176.4 177.8 175.7 13.7 14.4 16.8 20.1 24.3 25.9 40.1 41.6 44.2 47.4 48.6 49.7 1946—-Jan 31 . . . . . ... Finland 21.4 16.5 5.7 79 7.7 7.1 • 6.6 67 7 . 2 6.7 6.2 55 6.6 10.7 11.2 10 1 11.9 11.2 Greece 2 Luxembourg2 Norway 39.3 43.5 48.7 18.3 18.4 18.6 56 3 48.7 65 2 132.4 158.9 220.8 60.5 63.2 66.1 68.7 71.0 70.8 70.0 69.7 74.9 76.7 75.5 72.3 22.9 22.9 22.9 22.9 23.0 22.3 22.3 22.4 22.3 22.0 22.1 22.6 236.6 187.1 184.4 182.7 182.9 216.1 176.5 175.0 174.0 159.3 161.6 161.1 Portugal2 35.7 53.4 54.5 46.4 39.0 45.5 45.2 48.5 47.9 47.5 45.3 45.4 49.7 49.5 48.6 2 2 YugoRuAll mania2 Spain Sweden USSR slavia2 other 9.4 17.5 31.8 43.4 142.2 235.4 210 7 153.5 163.2 152.1 9.3 9.7 9.2 9.2 9.2 9 3 36.9 40.4 32.6 24.4 31.2 31.7 37.1 37.4 35.4 36.2 35.5 32.3 183.7 194.3 199.1 213.5 217.2 210.1 214.0 212.9 205.2 200.0 196.0 191.7 9.3 9.5 9.3 9.2 9.2 10.0 10.2 10.0 14.3 12.3 16.1 22.3 25.7 25.4 24.4 24.8 28.0 29.7 28.5 24.8 44.9 57.4 59.5 17 7 9.9 5.7 5.2 5 1 5.2 5.2 5.4 57 6.3 6.6 6.8 77 7.3 7.4 109. & 187.9 191.0 57 9 76.9 52.1 45.2 46 9 45.0 44.5 44 3 43 7 46.4 48.4 51 2 53 6 57.4 62.3 Latin America Latin BoAmer- Argentina livia3 Brazil Chile ica 1939—Dec. ^940—Dec 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec 1945—July Aug. Sept. Oct Nov. Dec 1946—Jan. Feb Mar. Apr. IVday June (Jan. 3, 1940) (Jan. 1, 1941) 31 31 31 31 31 31 30 31 30 31 31 28 31 30 31 30 336 0 57 7 447 s 115 4 417 7 75 .7 597 7 67 .6 693 7 69 .8 93 0 909 82 .5 75 .1 78 .0 77 9 82 . 3 77 94 .8 80 0 83 .9 84 .1 92 6 3 116.6 1,100 1,087 1,110 1,097 1,045 1,046 1,050 1,043 1,094 1,077 1,108 1,151 7 4 6 7 7 4 9 5 0 7 1 Colom-3 bia NethFrench erlands West Other MexWest Costa PanaIndies Vene- Latin 3 Rica* Cuba Indies ma4 Peru zuela3 Americo and and Gui-3 ica Suriana nam 3 37.0 47.9 62.5 i 2:4" 100.3 "4.9' 2.6 12.2 70.4 44 7 4 139 3 l6!8 12.6 17 7 36.4 36.2 50.5 67.7 98.7 140 8 26 8 ^8 S 27 .3 34 .5 54 .0 17.2 18.0 17.9 17.9 15.6 14 5 13.6 13 4 13.6 12.7 11.9 10.7 164.4 163.0 181.5 179.2 185.6 195.1 192.3 199 6 210.6 206.8 222.0 218.8 64 .6 64 .5 63 .2 6S 6 71 . 4 66 66 .6 64 6 63 .9 60 .3 82. 3 90. 2 93. 2 83 1 84. 5 70 9 82. 4 HO 6 77. 5 72. 4 69 6 8.0 7.0 6.2 6.6 7.1 69 6.0 5.7 6.3 6.0 6.9 59 . 3 66. 3 6.7 SS 0 '43! 4 67. 1 83 6 153.9 156.9 154.5 145.4 136.5 128.3 122.2 120.5 139.5 152.7 163.7 169.6 8.6 7.3 7.8 73 6.6 71 7.2 71 6.6 6.6 70 58.8 55 0 37.7 95.7 '20.Y 70.4 41.2 83 1 36 0 177.2 158.7 164.4 164 3 111.8 116 4 125.9 128 3 140.7 122.3 119.8 7 . 0 137.1 31.5 31.7 32.9 33 6 31.0 28 2 20.9 22 8 20.7 21.7 19 2 16.7 34 0 58 7 42 . 1 36 .9 57 . 6 60 1 17.7 17.4 27 7 20.9 24.2 31 5 85 3> 105 6t 121.8 64.2 95.4119 8 89 . 6 87 . 8 89 . 1 Q0 5 90 .7 K8 7 89 . 4 87 91 . 2 90 .3 S8 0 87 . 1 35.8 38.8 38.8 42 6 45.9 43 9 43.4 45 0 41.9 39.8 40 3 40.6 50.2 43.0 44.3 48 5 38.3 49 7 36.0 42 4 41.3 49.5 50 3 46.1 134.9145.3 138.6 138 1 138.3 144 8 150.3 146 0 156.3 152.4 160 5 168.6 For footnotes see p. 1307. 1306 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. 1, 1941). . 769.9 31 780.0 31. 930.0 31 1,108.8 3 1 . . . . . . . 1,069.2 1,341.8 1,432.7 1,510.5 1,563.4 1,554.4 1,549.6 1,735.1 1,723.6 1 685.6 1,699.3 1,655.7 1,541.4 • L 91 . 1 207. 5 61 .6 156. 8 160. 9 " 2 7 4 41.6 574. 2 27 4 23.9 427. 3 27 4 22 . 9 501. 1 578. 7 588. 5 591 7 581. 4 582. 3 756. 3 738. 0 732. 1 717. 0 695. 4 657. 0 Egypt Neth- PhilUnion and Brier- ippine Tur- Other A l l Aus- New Anglo- French of tish Japan lands Mo- South O t h e r Zea2 tra1 Egypotter Ma- 1 Iskey Asia lia land tian rocco Africa East laya Indies1 lands Sudan 165 . 4 193.4 . . . . 58 . 5 72.5 1.3 110 . 3 69 . 9 4 .8 4 .1 4 .0 162 . 4 198.6 264 . 9 226.8 i<30 4 254.7 29.9 36 .2 110 1 259.1 35.4 55 .5 110 5 365.8 23.7 64 .2 73.3 113.6 149.6 175.3 174.0 23." i 4.*8 "*6.'8 6.1 25.3 5 . 1 7.3 52.9 3.5 .9 .9 .9 1.0 1.0 1.2 1.7 1.6 1.5 1.6 1.4 1.6 4 .3 3 .9 4 .2 4 .2 4 .1 4 .1 4.0 3 .9 3 .8 3 .7 3 .7 3 .5 141.2 152.5 166.5 194.6 185.7 181.8 181.1 189.7 185.6 191.0 184.1 187.4 27.8 27.6 28.5 29.0 30.2 28.9 29.6 26.1 24.3 26.6 23.8 24.4 71 . 4 . . . . 655.7 167. 0 3, 1940).. 1945—July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Jan. 31 Feb. 28 Mar. 31 Apr. 30 M a y-* 31 June 30 1 1 India, China and French Hong Burma, Man- Indo-1 Kong and chu- China Cey-1 ria lon Asia 27 5 21 .9 13.' 1 18. 2 22. 1 "i.'o .9 24. 1 27.6 21 .7 2 5 . 3 27.6 21 .9 2 8 . 9 27 27 28 28 34 37 38 39 43 5 5 0 2 6 9 0 0 6 21 22 27 30 31 34 36 35 37 7 1 4 5 8 8 4 4 8 33 34. 33. 29. 36. 25. 34. 37 36. 2 6 4 4 7 7 6 6 1 112 108 99 104 103 113 110 100 99 6 8 3 4 8 7 0 7 0 102. 1 103. 6 100. 2 528.8 540.5 612.1 645.4 659.7 629.1 642.8 635.7 598.4 617.0 580.2 505.5 50.8 51.2 50.5 50.5 47.2 52.5 57.3 62.2 66.1 66.9 72.0 69.3 69 .6 74 .2 76 # 7 83 '.7 73.0 78 . 0 75 . 1 78 . 4 86 . 3 81 . 9 87 . 4 86 . 8 ..«.. .... 3.3 4.6 3.1 3.7 4.3 4.3 4.0 4.0 3.8 3.8 4.8 7.5 "ii.'o "ii.'i 4.5 10.3 10.8 13.6 13.6 17.3 19.6 18.9 19.4 19.6 18.9 17.9 16.8 17.7 4.3 4.0 4.7 5.8 7.7 9.4 10.0 9.7 10.1 10.3 11.3 12.4 11.2 8.3 91.8 124.1 97.6 90.5 96.2 107.1 130.4 114.2 113.4 112.2 120.8 118.8 122.5 11.3 115.0 12.8 113.7 4.7 5.8 8.4 6.4 8.0 6.4 6.3 9.1 9.5 8.9 Prior to June 30, 1942, included under "Other Asia." Country breakdown not available until June 30, 1942. Footnotes to table on p. 1306. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Prior to June 30, 1942, included under "All other." > 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 the United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970. ASSETS Date Total United King- France dom Nether lands Switzerland Italy Other Total Europe Europe Canada Latin America Asia1 All other1 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. (Jan. 2, 1935) (Jan. 1, 1936) 30 29 (Jan. 4, 1939) 1,139.9 778.6 672.6 655,0 594.0 296.9 88.1 114.1 84.8 86.0 80.5 32.5 16.8 13.5 10.3 18.6 19.0 21.9 23.0 24.2 8.2 6.6 5.4 5.5 5.5 27.2 13.5 10.9 20.8 13.5 80.0 71.2 57.8 52.9 45.9 743.2 433.0 392.1 326.5 274.9 96.3 100.9 59.4 118.0 60.4 174.6 154.5 141.1 114.4 99.1 117.4 80.1 67.2 78.9 144.1 8.5 10.1 12.9 17.2 15.5 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. (Jan. 3. 1940) (Jan. 1, 1941) 31 31 31 31 508.7 384.0 367.8 246.7 257.9 329.7 39.9 23.0 20.9 12.6 19.9 25.9 4.9 4.2 1.8 1.3 1.1 1.4 5.7 .9 1.1 .5 .4 .3 5.2 1 5 2.6 1.5 3.0 1.3 11.8 2.0 1.5 4 .4 .3 51.4 29.9 26.2 22.3 19.0 44.4 172.2 101.0 88.4 72.6 77.6 107.5 39.7 36.0 33.6 34.3 37.8 28.1 113.3 122.7 148.3 99.7 112.2 131.0 174.1 117 8 87.9 35.3 26.3 51.4 9.3 6.4 9.7 4.8 3.9 11.7 325.2 306.5 270.2 260.0 331.3 392.8 406.3 406.8 431.9 434.3 490.7 511.0 24.8 31.6 24.9 21.5 25.9 25.4 25.9 26.3 28.6 31.6 32.6 30.5 1.2 1.2 1.2 1.0 1.1 1.1 .8 .7 .7 .9 .9 .9 .3 .4 .6 .6 3.6 2.0 2.7 3.0 1.6 2.9 6.2 4.9 5.6 6.5 8.0 6.5 .3 .3 .3 .1 .3 .3 .3 .4 .4 .6 1.0 2.4 48.7 9.7 8.1 9.6 10.2 40.8 13.1 17.9 21.1 18.0 20.5 27.7 113.0 79.1 71.7 69.8 109.6 140.7 115.8 120.2 126.1 134.8 215.3 221.2 45.2 41.5 39.6 32.2 38.0 53.3 74.3 71.3 62.9 64.7 50.1 53.6 109.8 116.6 120.6 113.6 145.8 158.9 164.7 161.2 178.4 166.1 158.0 164.7 47.7 60.7 30.8 37.3 29.1 29.9 40.6 43.6 53.6 57.1 54.4 56.2 9.5 8.5 7.6 7.2 8.8 9.9 10.8 10.5 11.0 11.6 12.9 15.3 31 31 30 31 30 31 31 28 31 30 M a y 31 June 30 1945—July Aug. Sept. Oct. Nov. Dec. 1946—Jan. Feb. Mar. Apr. 36.5 36.3 35.7 36.1 35.8 43.4 118.5 119.4 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. NOVEMBER 1946 1307 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. (Jan. 3, 1940) (Jan. 1, 1941) 31 31 31 31 1945—July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 Other Europe Bel- Denmark Finland 51.4 29.9 26.2 22.3 19.0 44.4 48.7 9.7 8.1 9.6 10.2 40.8 13.1 17.9 21.1 18.0 20.5 27.7 6.5 1.5 1.1 .8 .7 .7 3.2 .3 1.4 1.8 1.9 5.6 7.6 .8 .7 .5 .5 .6 .6 1.8 2.6 3.6 4.6 5.0 7.7 () 1.5 1.5 (2) 1.0 1.0 1.1 1.1 .1 .1 Greece1 Luxembourg1 1.1 .6 .6 .6 .6 .6 .6 .6 .7 .7 () 1.3 1.4 1.2 .6 2.0 4.4 2.0 1.5 1.1 Norway PorRutugal1 mania1 Spain Sweden Yugo- All USSR1 slavia1 other 28.0 24.5 22.1 8.4 5.0 5.1 3.6 .9 .5 .2 .2 35.1 2.4 1.4 .8 3.2 3.2 1.8 8.7 1.0 .6 .4 .2 .2 40.5 .1 .1 .1 .1 31.6 .1 4.2 6.2 .2 1.2 .3 .2 .3 .3 .2 .4 .5 .4 .4 .4 .4 .6 .5 .9 1.4 .9 1.0 .9 1.6 1.8 1.4 1.5 1.4 2.1 2.9 .7 1.5 .3 .5 1.0 .9 1.1 1.1 1.3 2.4 3.0 5.6 8 (2) 4.9 4.9 5.1 5.0 4.9 4.7 4.8 4.9 4.9 5.0 5.1 5.0 (V (2) La tin Ameri ca Latin BoAmer- Argentina livia8 Brazil Chile ica Date 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec 1943—Dec. 1944—Dec (Jan. 3, 1940).. (Jan. 1, 1941).. 31 31 31 31 1945—July 31 Aug 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1945—j arij 3i Feb. 28 Mar. 31 Apr 30 May 31 June 30 113.3 122.7 148.3 99 7 112.2 131.0 16.8 11.9 16.8 6.9 15.3 3.1 109.8 116.6 120 6 113.6 145 8 158.9 164.7 161 2 178.4 166.1 158 0 164.7 14.1 11.0 12.8 10.8 20.5 21.0 24.2 18 0 24.7 26.8 20.4 20.4 3.6 1.8 1.8 1.2 1.3 1.1 1.8 1.2 1.3 1.7 1.5 2.7 2.9 2.0 3.1 32.2 33.1 38.0 16 7 18.9 25.3 9.7 13.4 14.9 15.3 16.6 9.0 26.9 24.4 21.7 18.2 22.0 24.7 26.8 29.7 30.0 31.9 30.9 28.4 8.4 6.3 7.5 6.8 7.2 6.6 7.0 6.2 7.1 7.0 6.7 8.0 Colombia8 20.7 12.2 15.5 16.3 17.1 16.7 14.2 19.4 16.8 17.5 18.1 20.1 20.0 21.2 23.2 French West Costa8 Cuba Indies Mexico and Rica Gui-8 ana " .6 .7 1.2 : .2 L.2 5 4 1 2 4 s 4 4 1.2 1.5 10.5 11.7 11.3 8.3 20.1 47.4 " ' 2 10.3 14.5 18.3 17.0 27.2 33.3 33.9 32.9 37.1 22.9 27.6 29.3 .1 .1 .2 Nether- lands Other West 8 Vene- Latin Indies Panama4 Peru zuela8 Amerand ica Suri-8 nam 5.9 6.1 7.6 4,8 11.2 8.6 10.2 8.7 9.0 9.7 .i .i .i .i .i .i 10.6 11.0 10.5 13.9 14.3 14.1 13.5 15.0 3 1.0 2.1 2.4 2.1 .5 1.1 .3 .3 .3 .3 1.1 .8 .8 .4 .3 .5 .3 .4 .5 .8 1.0 1.1 1.9 2.8 2.9 '?'* 4 .8 .4 .5 .4 5.1 11.7 L.7 .9 5.5 5.2 5.2 12.4 23.7 24 1 25.4 27.3 33.4 29.5 25 9 26 1 26.6 21.2 22.1 L 3 7 9 3.3 5.7 6.1 6.1 6.6 3.8 7.7 3.5 7.9 3 5 3.6 3.8 1.8 8.7 L.2 1 1.1 1.1 3.9 3.8 37.2 44.4 57.3 14 2 6 9 7.4 7.7 Asia and All Other Date 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec 1944—Dec. India, China and French Hong Burma, Asia ManIndo and chu- China6 Kong Ceyria lon* (Jan. 3, 1940) 174 1 ?? 0 (Jan. 1, 1941) 117. 8 23 7 31 . . 87 Q S 11 1 31. . . . 31 31 . . 1945—July 31. . . Aug. 31. . . Sept. 30. . . Oct. 31 Nov. 30 . Dec. 31 . . . 1946—Jan 31 Feb. 28 . . Mar. 31 A p r 30 M a y 31 . . . June 30 26 S1 4 1 7 1 S 47. 7 60. 7 30. 8 S7 10 1 1 1 1 1 1 ?9 40 53 57 S4 56. Q 6 6 1 4 2 Egypt Neth- PhilBriand French Union erNew Angloippine Tur-5 Other All 6 Austish Japan lands of Other tra- Zea- Egyp- Mo- South IsMa-5 key other Asia lia land tian rocco Africa East 5 lands laya Indies Sudan 102.1 55.8 18.9 1.9 (2) (2) 00 1 7 1 n 7 7 9 7 8 25 6 22 6 (2) 23.9 (2) .2 (2) .2 (2) 1.7 3.1 21.6 14.0 19.5 26 4 22 6 23 0 9.3 6.4 9.7 22.3 .5 .5 .5 6 7 S 14 4 13. Q 13 8 1 8 2.0 1.8 8.8 11.7 6 s .7 .2 .2 .1 .1 .2 .8 14.5 .8 15.0 .8 8.0 .8 7.2 .5 .5 .5 .5 4 4 4 4 13 26 13 13 2 .2 13.1 2 .1 13.6 2 .3 2.9 1 6 11.4 9.5 8.5 7.6 7.2 2 .1 1 .0 .7 7 .4 .4 .3 .6 .3 .3 .3 .2 .5 .5 .3 .3 .3 .3 .3 .3 1. 4 1 4 1. 4 1 4 1 4 1 4 1 4 1 4 13 13 18 20 16 16 16 .7 7 .6 .7 .7 .6 .6 .6 .2 .3 2 .3 .2 .2 .2 .3 .9 1.0 .9 .8 .8 1.1 .8 1.5 1.5 2.0 2.0 2.2 2.0 7.1 7.5 7.9 7.0 6.8 7.2 6.6 7.4 .7 .1 .1 .3 .2 9 .3 .1 9 0 6 0 1 ,8 1 7 2 .0 1 0 1 1 1, 1 9 9 16.7 . 9 7 8 S 1 0 1 7 2.0 2.7 2.5 2.8 3.3 3.9 3.6 3.5 4.8 3.9 8.8 9.9 10.8 10.5 11.0 11.6 12.9 15.3 1 0 9 1 7 1 1 8 1 3 1 5 1 8 1 .9 (2) (2) (2) (2) .1 .1 .1 .1 .1 (2) .2 1.7 1.2 7 9.7 i 0 5.2 5.0 4.5 4.1 L.6 L.8 L.6 2 4 5.0 4.7 5 0 5.3 5.8 6 7 7.8 8.5 s Q 2.5 2 9 2 4 2.9 2 6 2.5 3.9 1 2 8 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. 8 Prior to June 30, 1942, included under "Other Asia." 8 Country breakdown not available until June 30, 1942. 1308 FEDERAL RESERVE BULLETIN CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue department Cash reserves Other assets1 Goldi Coin Notes Discounts and advances Securities Note circulation3 Deposits Bankers' Public Other Other liabilities 3.5 2.5 5.1 84.9 104.7 133.0 120.1 101. 98.2 94.7 155.6 135.5 90.7 176. 199. 267.8 267.9 307.9 317.4 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 504.7 554.6 616.9 751.7 923.4 1,088.7 1,238.6 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 101.0 117.3 135.7 219.9 223.4 234.3 260.7 8.8 6.6 7.7 8.9 22.2 9.9 12.1 12.1 11.4 15.9 29.7 12.5 11.2 9.0 10.3 5.2 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 36.8 42.0 51.2 54.1 48.8 60.4 52.3 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 17.9 17.9 17.9 17.9 17.9 17.8 28.1 22.6 20.3 11.2 11.3 8.4 288.9 301.6 327.0 1,322.2 1,327.6 1,379.9 244.2 250.2 274.5 9.2 10.5 5.3 57.4 57.7 58.5 17.7 17.8 17.8 68.8 77.1 71.9 52.0 58.6 36.4 13.4 32.7 41.5 5.5 7.4 20.0 22.4 16.7 12.5 15.8 9.9 18.8 289.6 236.7 238.7 256.3 250.9 315.2 288.0 343.4 324.6 1,331.4 1,323.1 1,328.3 1,348.3 1,341.7 1,363.9 1,386.9 1,367.5 1,358.7 279.7 234.5 249.1 253.4 244.8 286.0 238.7 307.6 302.9 11.0 16.7 9.9 7.4 7.4 5.3 7.1 7.0 9.3 55.9 53.0 54.0 53.1 57.4 56.5 54.4 54.0 55.5 17.9 18.0 18.5 17.8 18.0 18.1 18.3 18.4 18.5 25. 31. 30. 28. 27. 26. 25. 30. 29. 28. 27. 25. 31. 30. 29. 27, 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 326.4 326.4 * .2 .2 .2 .2 .2 .2 260.0 260.0 275.0 275.0 260.0 260.0 260.0 200.0 220.0 230.0 580.0 6 630.0 6780.0 5 950.0 6 1,100.0 6 1,250.0 .2 .6 .6 .8 1.0 .5 .6 .6 .8 .8 1.0 .9 .3 .9 .9 1.9 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 51.7 25.6 13.3 28.5 26.8 11.6 11.6 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 28.5 4.3 4.0 1945—Oct. 31 Nov. 28 Dec. 26 .2 .2 .2 1,350.0 1,350.0 M,400.0 .4 .5 .4 1946—Jan. 30 Feb. 27 Mar. 27, Apr. 24. May 29. June 26. July 31. Aug. 28, Sept. 25. .2 .2 .2 .2 .2 .2 .2 .2 .2 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 .5 .9 .8 1.0 1.5 1.8 1.4 1.1 1.2 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 1933—Dec. 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. Liabilities of banking department Assets of banking department 6.4 Liabilities Bank of Canada (Figures in millions of Canadian dollars) Gold 180.5 179.4 179.8 185.9 225.7 ) Sterling and United States dollars Dominion and provincial government securities Deposits Other assets Shortterm8 Note circulation7 Chartered banks Other Dominion government Other liabilities8 Other .6 787.6 172.3 906.9 83.4 99.0 91.6 40.9 49.9 127.3 216.7 209.2 472.8 573.9 1945—Oct. 31. Nov. 30. Dec. 31.. 176.1 15O.0 156.8 ,109.4 ,168.1 ,157.3 590.6 629.4 688.3 39.5 69.5 29.5 1,136.6 1,113.8 1,129.1 474.2 495.2 521.2 51.0 159.1 153.3 32.4 27.4 29.8 221.3 230.5 198.5 1946—Jan. 31. Feb. 28. Mar. 30. Apr. 30. May 31. June 29.. July 31.. Aug. 31. Sept. 30.. 101.8 95.2 95.2 24.1 2.0 2.0 1.8 1.7 .7 1,143.8 1,155.2 1,296.2 1,348.0 1,230.0 1,218.5 1,276.6 1,257.7 1,259.1 686.2 688.8 559.9 553.0 541.1 540.7 541.8 530 8 523.9 33.2 48.0 39.4 48.6 52.9 30.8 31.4 44.1 38.3 1,088.1 1,086.7 1,102.2 1,114.4 1,109.5 1,114.0 1,117.9 1,127.4 1,147.5 505.9 522.9 518.1 555.8 493.9 500.5 532.5 521.1 511.3 187.2 201.7 149.2 183.3 87.1 57.9 69.1 69.1 27.4 34.2 56.4 89.1 62.7 78.5 85.6 90.1 79.7 87.8 149.6 119.6 132.1 57.4 57.2 34.2 42.1 37.1 48.0 1935—Dec. 31.. 1936—Dec. 31.. 1937—Dec. 31.. 1938—Dec. 31.. 1939—Dec. 30. , 1940—Dec. 31.. 1941—Dec. 31. . 1942—Dec. 31.. 1943—Dec. 31.. 1944—Dec. 30.. 4,2 9.1 14.9 28.4 64.3 38.4 200.9 .5 30.9 61.3 82.3 144.6 181.9 448.4 391.8 807.2 8.6 8.2 21.7 5.2 5.5 12.4 33.5 31.3 47.3 34.3 99.7 135.7 165.3 175.3 232.8 359.9 496.0 693.6 874.4 1,036.0 181.6 187.0 196.0 200.6 217.0 217.7 232.0 259.9 340.2 401.7 17.9 18.8 11.1 16.7 46.3 10.9 73.8 51.6 20.5 12.9 2.1 3.5 3.1 17.9 9.5 6.0 19.1 17.8 27.7 7.7 13.4 14.4 9.3 13.3 28.5 35.1 24.0 55.4 209.1 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 2three pence. Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 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. 6 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and "on May 6 8, July 3, and Dec. 10, 1945. Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BuLLETiN~for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp 638-640 •nd pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. NOVEMBER 1946 1309 CENTRAL BANKS—Continued Assets Bank of France Advances to Government Domestic bills (Figures in millions of francs) Foreign exchange Gold1 1929—Dec. 2 7 . . . 1930—Dec. 2 6 . . . 1931—Dec. 3 0 . . . 1932—Dec. 3 0 . . . 1933—Dec. 2 9 . . . 1934—Dec. 2 8 . . . 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. 28. . . 41 ,668 584 84 84 84 75 31... 28... 28... 25... 29... 27... 25... 29... s ,612 5 ,304 7 ,157 6 ,802 6 ,122 5 ,837 5 ,800 ,640 5 ,580 7 ,422 11 ,273 43 ,194 42 ,115 43 ,661 44 ,699 47 ,288 963 1,328 1,460 911 821 112 ,616 ,598 ,598 ,598 ,151 42 38 37 37 42 75 ,151 ,152 .152 129,817 46 47 45 129.817 ,817 129 ,817 129 ,817 594 ,817 94 ,817 94 ,817 94 ,817 69 665 65 5 Open 2 market 2 Special 25,942 26,179 21,111 4,484 1,158 53 ,578 68 ,863 83 ,017 77 ,098 89 ,124 66 ,296 60 ,359 S8 ,933 87 ,265 5Q7 ,267 1945—Sept. 2 7 . . . Oct. 3 1 . . . Nov. 29. .. Dec. 2 7 . . . 1946—Jan. Feb. Mar. Apr. May June July Aug. Liabilities 68 69 69 5 5 5 6 5 7 ,363 ,087 ,210 23 ,038 49 60 69 96 ,081 9 7 ,247 9 5 ,524 9S ,810 63 ,090 64 ,985 64 ,769 64 ,474 1,379 652 1,797 2 345 661 12 169 29 48 Other 8 ,624 8 429 7 ,389 3 ,438 4 ,739 3 ,971 9 712 8 ,465 10 066 7 ,880 s 149 For ocOther2 cupation costs3 3 ,646 4 ,517 5 ,368 7 ,543 18 ,592 72 ,317 142 ,507 210 ,965 326 ,973 426 ,000 ,242 442 96 303 ,073 25 ,548 496 ,000 426 000 426 000 220 97 415 30 ,945 426 000 426 ,000 14 27 153 160 46 39 647 ,579 45 ,512 46 ,204 4S ,324 61 ,657 17 698 31 909 9 0 627 M 673 63 900 69 500 68 250 64, 400 1 S, 850 426 ,000 426 000 426 ,000 16 000 19, 000 496 000 426 ,000 8 600 8, 600 426 ,000 11, 200 426 ,000 13, 400 Other assets Deposits Note circulation Govern- C.A.R.4 ment 8,124 9 510 11,275 11,712 11,173 11,500 11,705 12,642 11,733 18,498 20,094 23,179 22,121 21,749 21,420 635,221 68,571 11,737 76 436 12,624 85,725 5,898 85,028 2,311 82,613 2,322 83,412 3,718 81,150 2,862 89,342 2,089 93,837 3,461 110,935 5,061 151,322 1,914 218,383 984 270,144 1,517 382,774 770 500,386 578 572,510 748 642,717 646,152 645,859 639,122 496,258 528,945 545,795 570,006 644,818 646,744 640,985 638,614 641,848 642,053 640,915 645,049 592,436 605,156 613,434 616,102 625,809 629,181 612,879 633,327 7,850 11 698 22,183 20,072 13,414 15,359 8,716 13,655 19,326 25,595 14,751 27,202 25,272 29,935 33,137 37,855 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 2,718 2,925 3,586 3,894 4,461 4,872 7,078 53,598 30,793 21,708 12,048 53,156 52,552 53,447 57,755 4,506 5,617 4,540 4,087 5,781 1,014 52,046 50,743 52,516 53,653 51,845 53,265 59,829 62,282 4,156 4,070 4,357 5,337 4,072 4,268 7,006 4,213 41,400 64,580 16,857 10,724 781 732 745 750 717 779 Liabilities Assets Reichsbank (Figures in millions of reichsmarks) 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 1933—Dec. 1934—Dec. I935—pec. 1936—Dec. 1937—Dec. 193g—Dec. 1939_Dec. 1940—Dec. 1941—Dec 1942—Dec. 1943—Dec. 31 31 3f 31 30 31 31 31 31 31 30 31 31 31 31 1944—Mar Apr. May June July Aug. Sept. Oct. Nov Dec. I945—j a n # Feb. 31 29 31 30 31 31 30 31 30 30 31 28 Reserves of gold and foreign exchange Total reserves Gold 2,687 2 685 1,156 2,283 2 216 ... .. , ... . . 920 396 84 88 72 76 76 78 78 77 76 77 77 77 77 77 77 77 77 77 77 77 77 77 984 806 386 79 82 66 71 71 71 71 71 71 71 (8) 71 Bills (and checks), including Treasury bills Other Other liabilities Securities Security loans 2,848 2,572 4,242 2,806 3,226 4,066 4,552 5,510 6,131 8,244 11,392 15,419 21,656 29,283 41,342 251 256 245 176 183 146 84 74 60 45 30 38 32 25 27 40,379 40,909 42,159 42,150 43,222 45,829 50,821 53,954 56,939 63,497 64,625 70,699 Eligible as note cover Other Note circulation Deposits Other liabilities 1,621 2,498 2,066 2,311 1,664 2,337 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 8,223 11,798 14,033 19,325 24,375 33,683 1,032 1,012 1,059 1,527 2,018 2,561 3,649 5,292 8,186 1,091 1,378 1,396 1,493 1,680 1,980 33 31 23 27 21 20 25 24 21 45 2,281 2,525 2,096 2,397 2,396 2,275 2,510 2,351 2,795 2,351 33,792 34,569 35,229 35,920 36,888 38,579 42,301 44,704 46,870 50,102 7,237 7,179 7,240 6,754 6,813 7,480 9,088 9,603 10,829 13,535 1,788 1,833 1,915 2,004 2,054 2,185 2,160 2,216 2,264 2,445 60 61 2,083 2,591 51,207 55,519 13,566 16,419 2,353 1,909 349 221 106 557 804 32 107 87 1 92 102 161 398 322 319 315 303 286 298 393 357 283 210 65 46 38 28 26 38 42 47 46 62 112 1 1 1 1 1 1 67 70 69 1 199 307 81 112 259 445 Other assets 656 638 1,065 1,114 735 827 853 765 861 755 652 755 540 640 984 736 822 1,338 1,313 836 1,001 923 953 970 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. 7 Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds. 8 Gold not shown separately in weekly Reichsbank statement after June 15, 1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 1310 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1946 Sept. Central Bank of t h e Argentine Republic (millions of pesos) : Gold reported separately Other gold and foreign exchange. Government securities Temporary advances to G o v t . . . . Rediscounts and loans to banks K Other assets Currency circulation 2 Deposits—Member bank Government 1 Nationalized Other Certificates of participation in Government securities Other liabilities C o m m o n w e a l t h Bank of Australia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks. . Securities (incl. Government and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities National Bank of Belgium (millions of francs): 31,655 Gold 3,720 Foreign exchange 50,084 Loans to Government 3,125 Other loans and discounts 64,597 Claim against Bank of Issue. 2,223 Other assets 71,292 Note circulation 4,709 Demand deposits 77,966 Blocked accounts* 1,436 Other liabilities Central Bank of Bolivia—Monetary Dept.4 (millions of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Government securities Other assets Note circulation Deposits Other liabilities National Bank of Bulgaria 1 Central Bank of Chile (millions of pesos): Gold Discounts for member banks... Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities Bank of t h e Republic of Colombia (thousands of pesos) : Gold !48,843 Foreign exchange 60,444 Loans and discounts 20,216 Government loans and securities. 80,555 Other assets 39,896 Note circulation 117,828 Deposits .92,916 39,209 Other liabilities National Bank of Czechoslovakia in Prague (millions of koruny): Gold Foreign exchange Loans and discounts Other assets Aug. 1945 July 390,316 7,124 197,680 254,262 23,638 140,319 32,852 3,660 49,579 3,271 64,597 2,094 71,284 5,338 78,009 1,422 1,518 2,287 5,977 20,596 1945 1946 Sept. Aug. July Sept. National B a n k of Czechoslovakia in Prague—Continued 985 38,021 98 Note circulation—Old 37,78. 35,500 New 48,430 77,61. 78,63 Deposits—Old 8,53 New 7,41. 7,084 Other liabilities 6,58. 7,391 163 National Bank of D e n m a r k 2,062 (millions of kroner): 3,562 2,622 97 Gold 83 1,631 1,865 Foreign exchange 146 30 510 616 14: 14 Clearing accounts (net) 97 2,934 8,597 93 95 Loans and discounts 22 33 17 213 23 33 Securities 93 69 98 9 Govt. compensation account 7 ... 7,588 7,588 7,588 175 65 Other assets 86 21 5,088 97 1,643 9 Note circulation 1,493 1,242 1,482 1,48 Deposits—Government 2,684 2,70 3,001 2,685 Other 3,695 210,908 160,269 3,710 3,662 3,695 Other liabilities 243 2,220 1,75: 413 247 242 Central Bank of Ecuador (thousands of sucres): 403 368 418 ,079 (June) Gold 11,408 11,808 241,639 288,837 Foreign exchange (net) 197,680 185,964 39,747 115,012 Loans and discounts ' 223,868 125,107 Other assets 255,012 222,003 98,977 91,905 Note circulation 22,84' 29,629 326,308 330,023 Demand deposits 152,365 154,313 240,088 261,402 Other liabilities 37,835 29,437 National Bank of Egypt (thousands of pounds): 33,148 30,426 Gold 3,708 3,940 6,241 6,241 Foreign exchange 48,632 c 47,370 15,601 17,137 Loans and discounts 3,450 634 3,681 2,600 British, Egyptian, and other 64,597 64,597 Government securities 2,119 c l,216 303,011 291,047 Other assets 71,862 64,301 25,329 26,116 Note circulation 4,325 4,978 131,721 128,143 Deposits—Government 78,063 77,794 83,320 72,539 Other 1,405 1,110 125,493 129,107 Other liabilities 12,246 14,432 Central Reserve Bank of El SalvaMay) 5 dor (thousands of colones): 919 Gold 366 32,823 32,850 33,066 Foreign exchange 176 38,126 37,978 36,430 Loans and discounts 406 1,517 2,304 1,413 Government debt and securities. 12 6,444 6,055 6,085 Other assets 1,631 1,966 1,855 1,887 Note circulation 247 44,892 44,840 43,639 Deposits 2 28,348 27,598 29,494 Other liabilities 7,247 6,966 7,775 Bank of Finland6 * liank of Greece 6 366 287 National Bank of Hungary Bank of India (millions of 465 214 Reserve rupees): 697 706 Issue department: 741 1,010 Gold at home and abroad.. 1,954 1,392 444 444 444 Sterling securities 3,014 2,729 11,353 11,353 10,423 Indian Govt. securities 544 353 578 578 578 Rupee coin 254 186 182 188 176 Note circulation 410 341 12,068 12,155 11,418 Banking department: IN" otes of issue department.. 496 397 209 Balances abroad 135,954 84,952 5,620 5,635 4,985 Treasury bills discounted. . 79,607 08,401 10 3 36 Loans to Government 27,470 16,542 Other assets 80,825 66,696 407 264 435 Deposits 39,694 33,463 6,283 6,177 5,290 Other liabilities 11,949 72,765 203 249 293 11,707 84,538 Central Bank of Ireland (thousands of pounds): 39,895 52,750 Gold 2,646 2,646 2,646 2,646 Sterling funds 35,744 35,766 38,376 31,895 Note circulation 1,518 1,517 38,390 38,412 41,022 34,541 787 B a n k of Japan« 2,101 B a n k of Java* 5,858 21,261 102,483 1,235 4,736 866 60 216,105 2,355 Sept. Central Bank (Figures as of last report date of month) 1,242 3,188 877 c 1 2 3 4 Corrected. Government decree of April 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. 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 divided the institution into Monetary (central banking unctions) and Commercial Banking Departments. 5 Latest month available. 6 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), •ee BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary (November 1944), see BULLETIN for January 1946, p< 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 7 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to Government compensation account. NOVEMBER 1946 1311 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1946 Sept. Aug. 1945 July Sept. B a n k of Mexico (millions of pesos): Metallic reserve1 723 727 711 721 "Authorized" holdings of securities, etc ,680 1,731 1,733 ,930 Bills and discounts 505 490 480 361 Other assets 164 160 159 64 Note circulation ,691 1,700 1,694 ,549 Demand liabilities ,155 1,193 1,190 ,359 Other liabilities 215 212 208 174 Netherlands B a n k (millions of guilders): 699 713 713 Gold 713 1 1 Silver (including subsidiary coin) 1 4,601 4,530 4,530 4,491 Foreign bills 1 Discounts 187 170 156 Loans 130 103 121 114 Other assets 126 262 275 274 Note circulation—Old 2 ,683 2,554 ,467 2,447 New 1,389 ,433 1,562 Deposits—Government 97 104 142 Blocked 756 689 639 Other 526 510 516 Other liabilities Reserve Bank of New Zealand (thousands of pounds): 2,802 2,802 ,802 Gold 86,579 86,772 804 Sterling exchange reserve Advances to State or State un33,000 30,000 365 dertakings 3,952 4,016 997 Investments 071 1,678 2,224 Other assets 015 45,291 45,200 Note circulation ,051 77,964 76,012 Demand deposits ,973 4,756 4,602 Other liabilities Bank of Norway' B a n k of Paraguay—Monetary Uept. (thousands of guaranies): 3,415 3,395 323 Gold 32,056 33,353 983 Foreign exchange 500 500 434 Loans and discounts 9,827 551 Government loans and securities. 9,786 872 724 360 Other assets 29,792 29,152 626 Note circulation 13,411 15,589 992 Demand deposits 3,426 3,058 033 Other liabilities Central Reserve Bank of Peru (thousands of soles): 164,032 142, Gold and foreign exchange 15,834 25, Discounts 631,739 572, Government loans 10,878 28, Other assets 539,602 474, Note circulation 257,413 264 Deposits ' 25,469 29 Otiier liabilities Bank of Portugal (millions of es(Mar.) cudos):5 1,423 419 Gold 7,087 475 Other reserves (net) 9,842 664 Nonreserve exchange 297 287 Loans and discounts 1,018 020 Government debt 693 757 Other assets 7,824 726 Note circulation 11,703 033 Other sight liabilities 834 863 Other liabilities National Bank of R u m a n i a 3 S o u t h African Reserve Bank (thousands of pounds): 246,025 252,402 113 ,779 Golds 23,323 26,824 28 ,760 Foreign bills 4,738 3,943 3,,825 Other bills and loans ,130 105 ,884 11,004 Other assets 66,539 65 ,846 65,835 Note circulation 213,475 217,896 180 ,514 Deposits 5,779 6,864 5 ,887 Other liabilities Bank of Spain (millions of pesetas): 1,213 ,188 Gold 574 597 Silver 15,807 ,779 Government loans and securities. 4,360 ,424 Other loans and discounts 2,148 ,262 Other assets 1946 Central Bank (Figures as of last report date of month) Sept. Bank of Spain—Continued Note circulation Deposits—Government Other Other liabilities Bank of Sweden (millions of kronor): Gold Foreign assets (net) Swedish Govt. securities and advances to National Debt Office' Other domestic bills and advances Other assets Note circulation Demand deposits—Government Other Other liabilities Swiss National Bank (millions of francs): Gold Foreign exchange Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities Central Bank of t h e Republic of T u r k e y (thousands of pounds): Gold Foreign exchange and foreign clearings Loans and discounts Securities Other assets Note circulation Deposits—Gold Other Other liabilities Bank of t h e Republic of Uruguay 8 (thousands of pesos): Gold Silver Advances to State and government bodies Other loans and discounts Other assets Note circulation Deposits—Government Other Other liabilities Central Bank of Venezuela (thousands of bolivares): Gold" Foreign exchange (net) Credits to national banks Other assets Note circulation—Central Bank. National banks Deposits Other liabilities National Bank 3of t h e Kingdom of Yugoslavia Bank for I n t e r n a t i o n a l Settlements 1 0 (thousands of Swiss gold francs'*: Gold in bars , Cash on hand and on current account with banks Sight funds at interest Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments. . . Other assets Demand deposits (gold) Short-term deposits (various currencies): Central banks for own account Other > Long-term deposits: Special accounts Other liabilities Aug. 1945 July Sept. 19,449 17,647 1,389 769 3,320 3,728 486 564 1,040 981 1,046 1,021 1,036 1,074 1,057 814 937 1,289 20 1,024 2,576 801 233 595 4,697 129 191 93 3,640 1,169 301 1,106 39 907 2,606 835 245 386 2,534 797 214 375 945 28 880 2,450 837 300 376 4,881 149 63 87 3,785 1,079 317 4,851 176 59 83 3,688 1,169 312 4,844 168 61 88 3,639 1,210 311 M0 886 299,520 294,692 63,447 54,087 . _ 804,199 691,778 164, 686 169,752 71,532 21,650 826,491 929,535 91,821 85,586 128,667 142,002 243,983 187,258 310,856 295,704 13,678 13,876 8,012 18,633 104,294 94,625 317,293 348,735 185,749 155,938 48,404 41,866 255,149 253,216 306,895 278,489 557,080 557,080 484,011 24,319 24,354 68,683 14,310 34,339 27,967 13,551 403,884 405 , 283 332 ,609 7,776 7,822 11,089 195,263 188,226 229,396 ,816 8,070 7,461 123,042 124,774 124,774 118,285 4,473 141 4,958 141 5,673 42,258 8,338 140 8,373 10,217 10,621 84,411 5,854 6,278 2,750 7,339 312,350 308 ,800 306,767 197,701 32 113 35 36 20,737 20,737 20,752 16,978 3,047 1,209 3,437 1,651 3,436 1,653 3,671 2,032 229,001 229,001 229,001 229,001 200,271 200,376 200,508 202,174 1 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. Notes issued before. October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. 3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 5 • Latest month available. Valued at average cost beginning October 1940o 7 • Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. Includes small amount of non-Government bonds. 8 Issue and banking departments consolidated. • Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Gov10 trnmenL See BULLETIN for December 1936, p. 1025. 1312 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective United SwitzGer- Bel- NethKing- France many er- Sweergium lands den land dom In effect Dec. 31, 1936 2 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 4 Aug. 29 Sept. 28 3 Oct. 26 2 Dec. 15 Jan. 25, 1940 Apr. 9 May 17. Mar. 17, 1941. . May 29 June 27 Jan. 16, 1945 Jan. 20 Feb. 9 In effect Oct. 31, 1946 2 2 4 6 4 2 2 2K IK 5 4 3y 3 4 2K 3 3 2K ' 2K' Rate Oct. 31 Central bank of— Albania Argentina Belgium Bolivia 5K 3y IK 6 Date effective Central bank of— Rate Oct. 31 Date effective 4 Italy 3.29 Japan 3 Java 5 Latvia Lithuania. . . 6 Sept. 11, 1944 Apr. 7, 1936 Jan. 14, 1937 Feb. 17, 1940 July 15, 1939 Nov. 28, 1935 Aug. 14, 1946 Feb. 8, 1944 Dec. 16, 1936 July 18, 1933 Oct. 28, 1945 Mexico Netherlands . New Zealand. Norway Peru Portugal. . . . 4K 2K IK 2K 5 2K June June July Jan. Aug. Jan. 4, 1942 27, 1941 26, 1941 9, 1946 1, 1940 12, 1944 8, 2, 1, 9, 26, Mar. Mar. Jan. Nov. 21, 1, 16, 8, 1940 1936 1945 1940 British India. . Bulgaria Canada Chile Colombia Czechoslovakia 3 4K IK 3-4K 4 2K Denmark . . Kcuador El Salvador. . . Estonia Finland 72 3 4K 4 Jan. May Mar. Oct. Dec. 15, 26, 30, 1, 3, 1946 1938 1939 1935 1934 4 Rumania South Africa. 3 Spain 4 Sweden 2K Switzerland.. May June Dec. Feb. Nov. Jan. Apr. Aug. Aug. Nov. 20, 1945 9, 1940 16, 1946 1, 1946 23, 1943 Turkey 4 United King2 dom U.S.S. R.... 4 Yugoslavia. . 2K July 3K 10 7 2K 4 3 3 IK 3 1944 1941 1938 1945 1936 2 3y France Germany Greece Hungary Ireland 3V 3 IK IVs 2K . . 1, 1938 Oct. 26, 1939 July 1, 1936 Aug. 1, 1946 2K IK 3y IK NOTE.—Changes since Sept. 30: None. IK OPEN-MARKET RATES [Per cent per annum] Germany United Kingdom Month Bankers' acceptances 3 months Treasury bills 3 months Day-today money 1929—Aug 1930—Aug 1931—Aug 1932—Aug 1933—Aug 1934—Aug 1935—Aug 1936—Aug 1937—Aug 1938—Aug 1939—Aug 1940—Aug 1941—Aug 1942—Aug 1943—Aug 1944—Aug 1945—Aug 5.47 2.21 4.28 .74 .41 .79 .60 .55 .55 .53 1.58 1.03 1.03 1.03 1.03 1.03 1.03 5.48 2.17 4.21 .60 .30 .74 .58 .53 .52 .51 1.92 1.02 1.00 1.00 1.00 1.00 1.00 4.35 1.85 3.59 .73 .62 .81 .75 .75 .75 .75 1.35 1.00 1.00 1.00 1.11 1.13 1.13 1945—Sept Oct Nov Dec 1.03 .83 .53 .53 1.00 .75 .51 .50 1.13 .96 .63 .63 1946—Jan Feb Mar Apr May June July Aug .53 .53 .53 .53 .53 .53 .53 .53 .50 .51 .51 .51 .51 .50 .51 .51 .63 .63 .63 .63 .63 .63 .63 .63 1 2 Bankers' allowance on deposits 3K s 2K K K K K K-2 K % K 'i K K K K I 8 K K K Netherlands Sweden Switzerland Private discount rate Day-today money Private discount rate Money for 1 month Loans up to 3 months Private discount rate 7.18 3.24 18.92 4.50 3.88 3.75 3.00 2.88 2.88 2.88 2.75 2.31 2.13 2.13 2.13 2.13 7.42 3.73 19.15 5.82 4.94 4.72 3.06 3.01 2.85 2.51 2.50 1.77 1.73 1.68 1.89 1.89 5.06 1.83 1.30 .37 1.11 .75 4.78 1.29 .13 .13 1.03 (2) 1.88 4.68 1.63 1 22 1.00 1.08 1.00 4.72 1.20 .53 .50 1.53 3.00 2.25 4K-6K 3K-5K 3.33 1.75 1.98 1.50 1.50 1.50 2.47 2.25 1.00 1.00 1.00 1.50 1.25 1.25 1.25 1.25 1.25 4-6 4-6 3-5K 2K-5 2K-4K 2K-5 2K-5 2K-5 2K-5 sy-sy 3-5 K 3-5 y 3-sy 3-5 y 2y2s 2K-5 2K-5 2K-5 2K-5 2K-5 2K-5 2K-4K 2K-4K 2K-4K 2K-4K 2K-4K 2K-4K 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 Based on data for part of month only. Figure not available. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1946 1313 COMMERCIAL BANKS United Kingdom 1 (11 London clearing banks. Figures in millions of pounds sterling) Liabilities Assets Cash reserves Money at call and Bills dis- Treasury deposit Securities Loans to short counted receipts 2 customers notice 1939—December 1940—December 1941—December 1942—December 1943—December . . . . 1944—December 274 324 366 390 422 500 174 159 141 142 151 199 334 265 171 198 133 147 1945—September October November December 518 513 496 536 226 201 229 252 1946—January February March April 496 483 493 509 509 524 532 553 249 243 254 271 301 315 305 313 May June July August Deposits Other assets Total Demand Time 758 896 1,307 1,667 609 771 999 1,120 1,154 1,165 1,015 924 823 794 761 772 290 293 324 325 349 347 2,441 2,800 3,329 3,629 4,032 4,545 1,398 1,770 2,168 2,429 2,712 3,045 L.043 L.030 L.161 1,200 1,319 L.500 256 250 253 236 245 250 215 189 296 369 1,971 1,925 1,703 1,523 1,146 1,178 1,201 1,234 771 799 809 827 299 308 318 374 4,898 4,859 4,789 4,850 3,266 3,277 3,254 3,262 L.632 L,582 1,535 L.588 247 254 263 265 361 340 379 433 470 526 522 464 1,493 1,468 1,443 1 449 1,374 1,302 1,382 1,511 1,230 1,241 1,246 1 282 1,322 1,382 1,406 1,393 840 847 863 841 856 894 885 906 333 338 353 367 356 399 386 369 4,729 4,684 4,749 4,865 4,894 5,045 5,113 5,198 3,135 3,078 3,143 3,242 3,239 3,351 3,389 3,427 1,594 1,606 1,606 1,623 1,655 1,694 1,724 1,771 271 276 281 287 292 296 304 310 . . . „_ . Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Liabilities Security loans abroad and net Securities Other due from Security loans and foreign loans discounts banks Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash reserves Other liabilities Note Other assets Other liabilities circula- tion Total Demand Time 1939—December 1940—December 1941—December 1942—December 1943—December 1944—December 40 32 31 48 92 1,088 1,108 1,169 1,168 1,156 1,211 132 159 168 231 250 214 1,646 1,531 1,759 2,293 2,940 3,611 612 323 356 387 471 550 570 653 657 744 782 85 80 71 60 42 34 2,774 2,805 3,105 3,657 4,395 5,137 1,033 1,163 1,436 1,984 2,447 2,714 1,741 1,641 1,669 1,673 1,948 2,423 846 962 1,049 1,172 1,289 1945—September October November December 582 640 646 694 109 130 239 251 1,002 1,009 1,372 1 274 237 242 229 227 3,960 4,159 4,015 4 038 750 812 888 869 27 27 26 26 5,269 5,573 6,013 5,941 2,331 2,582 3,197 3,076 2,935 2,992 2,816 2,865 1,344 1,392 1,350 1,386 1946—January. February March . . . April May . . . 665 669 650 210 200 148 209 206 214 152 125 August 665 4,100 4,119 4,197 4 243 4,304 4,275 4,298 4,336 793 845 803 722 642 1,213 1,194 1 181 1 160 1 187 1,188 1 230 1,249 25 25 25 24 24 23 23 23 5,810 5,830 5,781 5,898 5,882 5,756 5,887 5,892 2,848 2,752 2,611 2,660 2,576 2,393 2,476 2,426 2,963 3,078 3,170 3,238 3,306 3,364 3,411 3,466 1,354 1,379 1,387 1,452 1,456 1,490 1,407 1,428 292 637 696 June July 53 115 96 98 221 197 159 121 128 876 907 896 876 865 Li abilities Assets France 963 Deposits (4 large banks. End of month figures in millions of francs) Cash reserves Due from banks Bills discounted Loans 1939—December . . 1940—December 1941—December 1942—December 1943—December 1944—December. . . . 4,599 6 418 6,589 7,810 8 548 10,365 3,765 3 863 3,476 3,458 4 095 4,948 29,546 46 546 61,897 73,917 90,897 99,782 7,546 8,346 8,280 10,625 14,191 18,653 2,440 2,229 2,033 2,622 2,935 2,190 4? 443 6 2 , 032 76 675 91 549 11? 732 1?,8 758 1945—March April ^tay June Tulv August September October November December 8,117 8,582 27 281 16,282 11 990 11,104 11,122 11,942 11,898 14,602 5,072 4,954 4 999 5,660 5 944 5,991 6,080 6,337 6,859 13,804 98,593 99,146 109 270 156,620 146 195 143,799 143,818 143,567 145,110 155,025 21,255 22,246 23,108 23,216 27,127 27,697 28,732 30,153 32,165 36,166 2,118 2,490 3,008 3,618 4,212 4,970 5,279 5,906 6,325 7,360 178 129 1S9 196 185, 183 184, 186, 190, 213, 007 859 526 167 763 140 400 740 759 908 1946—January February 15 312 15,005 13 871 14,393 153 227 157,420 40,123 41,119 5,022 6,627 ?16 729 222, 059 Other assets Total Demand 41 ,872 Own Time ances Other liabilities 1,541 2,180 844 558 413 462 428 557 4,609 4,813 5,187 6,422 7,506 6,623 745 939 19.1 ,828 183 .477 180.779 182 .105 184,637 188,748 211,871 1,876 1,705 2,073 2,339 2,286 2,361 2,296 2,103 2,010 2,037 1,212 1,544 1,837 2,150 2,268 2,476 2,618 2,898 6,403 6,619 6,928 7,685 7,868 8,271 8,364 8,690 8,980 10,151 214,842 220,219 1,887 1,840 3,371 4,607 7,455 7,898 61 ,270 7C ,764 91 ,225 111 ,191 \?f ,578 ,132 17? ,154 1ST ,453 571 762 912 324 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1% per cent through Oct. 20, 1945, and at % per cent thereafter. ter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table able 168, pp. 648-655, and for desc:ription of statistics see pp. 566-571 in same publication. 1314 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Official Special Export Year or month 1937 1938 1939 1940 1941 1942 1943 1944 1945 32.959 32.597 10 850 29 773 29.773 223.704 29.773 23.704 29.773 24.732 . . 29.773 25.125 29.773 25.125 . 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 1945—Oct Nov Dec 1946—Jan Feb Mar Apr Aiay June Tulv Aug Sept Year or month Australia (pound) Official 2 322.80 322.80 322.80 322.80 322.80 2 322.80 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 Free Belgium (franc) Brazil (cruzeiro1) Official 8.6437 5.8438 6.0027 6.0562 6.0575 6.0584 6.0586 6.0594 '232i.'i7 '22!2860 6.0602 393.94 389.55 353.38 305.16 321.27 321.50 2321.50 3.3752 3.3788 3.3704 2 3.3760 321.31 321.41 321.41 321.41 321.41 321.41 321.40 321.38 321.41 321.41 321.41 321.38 2.2879 2.2857 2.2839 2.2840 2.2845 2.2845 2.2844 2.2846 2.2847 2.2847 2.2847 2.2803 6.0602 6.0602 6.0602 6.0602 6.0602 6.0602 6.0602 6.0602 6.0602 3 6.0602 Free In cents per unit of foreign currency] British BulIndia garia (rupee) (lev) 56.726 55.953 57.061 57.085 57.004 57.052 57.265 57.272 57.014 1945—Oct Nov Dec 1946—Jan Feb Mar Apr May June July Aug Sept 56.980 56.980 56.980 56.980 56.980 56.980 57.032 57.021 57.007 57.007 57.007 57.007 3.4930 3.4674 23.4252 22.069 21.825 20.346 19.308 2 2.1811 2.1567 1.9948 1.8710 2 2.0101 720.877 2!666O 20.877 2.0060 20.877 2.0060 20.877 2.0060 20.877 2.0060 20.877 2.0060 •20.877 2.0060 20.877 8 4.0460 2.8781 2.5103 22.0827 Official Free 100.004 6.1983 37.326 1.2846 99.419 36.592 1.2424 96.018 5.1248 33.279 2 1.2111 2 5.0214 30.155 ' 9o! 909 85.141 5.0705 30.137 90.909 87.345 5.1427 30.122 90.909 88.379 5.1280 30.122 90.909 89.978 5.1469 30.122 90.909 89.853 5.1802 30.122 90.909 90.485 5.1802 5.1802 5.1802 5.1802 5.1802 5.1829 5.1902 5.1900 5.1902 '5.2283 5.3675 5.4053 30.122 30.122 30.122 30.122 30.122 30.122 30.139 30.182 30.182 30.182 30.185 30.170 GerFinColom- Czecho- DenHong Hunland France many Greece bia slovakia mark (mark(drach- Kong gary (reichs(franc) (peso) (koruna) (krone) ma) (dollar) (pengo) mark) ka) 1937 1938 1939 1940 1941 1942 1943 1944 1945 Canada (dollar) 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 5 98.347 100.000 100.000 90.358 90.736 90.725 90.712 90.695 90.747 90.764 90.679 90.597 596.662 96.784 96.254 Italy (lira) Japan (yen) 5.2607 5.2605 5.1959 5.0407 2 5.0703 28.791 28.451 25.963 23.436 2 23.439 2 18.923 18.860 18.835 4.4792 4.4267 4.0375 3.7110 2 4.0023 . ... 1945—Oct Nov Dec 1946—Jan Feb. 7 2O.2O2 20 202 20.202 20 197 20.161 20.161 20.161 20.161 Mar Apr M!ay June July Aug Sept 7 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 4.0501 2 .7294 .7325 .7111 .6896 5.1697 5.1716 5.1727 5.1668 2 5.1664 2.0189 2.0186 1.7822 .8410 .8410 .8410 .8409 .8408 .8409 .8409 .8408 .8408 20.578 20.578 20.579 20.580 20.581 20.580 20.580 20.575 20.572 20.587 20.596 20.578 .9055 .8958 .8153 .6715 30.694 30.457 27.454 22.958 224.592 19.779 19.727 19.238 18.475 219.770 9 4434 4434 4434 10 .4434 489.62 6.053 57.973 25.487 484.16 5.600 56.917 25.197 440.17 10.630 51.736 23.991 397.99 9.322 46.979 23.802 398.00 29.130 247.133 223.829 398.00 46 919 398.00 398.00 399.05 400.50 400.50 400.50 400.50 400.50 400.50 400.50 400.50 400.50 400.50 400.50 400.50 '9.132 9.132 9.132 9 132 9.132 9.132 9.132 9.132 7 23.852 23.852 23.852 23.852 23.852 "26.195 27.819 27.820 Kingdom (pound) China (yuan ShangExport hai) 2 4.0000 4.0000 4.0000 4.0000 H.0000 29.606 21.360 Fll.879 "2 6.000 ' 5.313 NethNew Mex- erlands Zeaico land (guild(peso) er) (pound) 21.9711 2 Straits Swe- SwitzRuma- South Norway Poland Portugal nia Africa Spain Settle- den erland (krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc) (dollar) 24.840 . . . . 24.566 23.226 2 22.709 1937 1938 1939 1940 1941 1942 1943 1944 1945 Official 27.750 22.122 19.303 18.546 20.538 20.569 20.577 20.581 20.581 40.204 40.164 40.061 40.021 2 39.968 United Year or month Chile (peso) 55.045 55.009 53.335 53.128 396.91 392.35 354.82 306.38 322.54 322.78 324.20 324.42 237.933 323.46 2 637! 933 37.933 37.933 37.926 37.789 37.789 37.789 37.789 37.789 37.789 37.789 Uruguay (peso) 322.60 322.70 322.70 322.70 322.70 322.70 322.69 322.67 322.70 322.70 322.70 322.67 Yugoslavia Controlled Noncontrolled 494.40 22.938 488.94 22.871 443.54 22.525 22.676 2403.50 383.00 223.210 403.50 403.18 403.50 403.50 403.50 2403.50 403 50 2 2 403.50 403.02 79.072 64.370 62.011 65.830 65.830 65.830 65.830 65.830 65.830 2.3060 2.3115 236.789 2.2716 37.601 2 2.2463 43.380 2.2397 52.723 52.855 53.506 55.159 403.24 403.38 403.37 403.38 403.38 403.38 403.35 403.32 403.37 403.37 403.36 403.32 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 7 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 Official Free (dinar) 56.282 56.290 56.290 56.290 56.290 56.290 56.290 56.287 56.272 56.272 56.272 56.271 1 2 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." Average of daily rates for that part of the year during which quotations were certified. * Based on quotations through July 19. Official rate abolished as of July 22. *8 Based on quotations through July 19 and from July 25—31. On July 5, 1946, Canada reduced its official buying rate 7for one U. S. dollar from 1.10 to 1.00 Canadian dollar. 6 Based on quotations beginning Nov. 2. Based on quotations beginning Feb. 5. 8 9 Based on quotations beginning Mar. 9. Based on quotations beginning Mar. 22. 10 Based on quotations through June 12. 11 As of July 13, 1946, the Swedish Riksbank reduced its buying rate for one U. S. dollar from 4.20 to 3.60 kronor. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943, p. 201, and February 1944, p. 209. NOVEMBER 1946 1315 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 = 100) Canada (1926 100) United Kingdom (1930 = 100) France (1913 = 100) Germany (1913 = 100) 1926 100 100 2 124 695 134 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 65 66 75 80 SI 86 79 77 79 87 99 103 104 106 67 67 72 72 75 85 79 75 83 90 96 100 103 104 86 86 88 89 94 109 101 103 137 153 159 163 166 169 427 398 376 338 411 581 653 707 97 93 98 102 104 106 106 107 110 112 114 116 118 Year or month . 1945 ... October November December 1946 Tanuarv February March April ..... .... May Tune Tulv August Seotemb er • •901 Italy (1928 = 100) Japan (October 1900 = 100) Netherlandsi (July 1938June 1939 = 100) 237 150 161 180 178 186 198 238 251 278 311 329 92 89 90 87 91 108 102 105 131 150 157 160 164 181 70 63 62 68 76 89 95 99 116 132 Sweden (1935 = 100) 2 2 2 2 Switzerland (July 1914 = 100) 126 144 92 90 96 96 91 90 90 96 111 107 111 143 184 210 218 223 221 100 102 114 111 115 146 172 189 196 196 194 106 104 170 206 191 220 107 107 104 104 170 170 211 217 191 190 219 214 107 108 109 105 105 106 172 172 172 185 185 108 109 109 110 109 173 173 173 177 177 177 215 213 214 110 111 113 124 129 124 236 241 242 P109 244 245 P249 P252 P257 r ••185 r 185 185 186 r 186 185 213 213 213 214 215 r P Preliminary. Revised. 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. 2 Approximate figure, derived from old index (1913 =100). 3 Average based on figures for 5 months; no data available since May 1940, when figure was 919. 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] Canada United States (1926=100) (1926=100) Year or month R a w and Fully and chiefly partly manumanufactured factured goods goods United K i n g d o m (1930=100) Germany (1913=100) Foods Industrial products IndusAgricul- trial raw tural and semiproducts finished products Farm products Foods Other commodities Farm products 1926 100 100 100 100 100 100 1932 1933 1934 1935 . 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 48 51 65 79 81 86 69 65 68 82 106 123 123 128 61 61 71 84 82 86 74 70 71 83 100 107 105 106 70 71 78 78 80 85 82 81 83 89 96 97 99 100 48 51 59 64 69 87 74 64 67 71 83 96 103 107 55 57 64 66 71 84 73 67 75 82 90 99 104 106 70 70 73 73 74 81 78 75 82 89 92 93 94 94 88 83 85 87 92 102 97 97 133 146 158 160 158 158 85 87 90 90 96 112 104 106 138 156 160 164 170 175 1945—October November 127 131 132 106 108 109 100 100 101 109 109 109 106 106 106 94 94 94 158 158 158 175 175 175 1946—January February 130 131 133 135 138 140 157 161 154 107 108 109 111 112 113 140 149 132 101 101 102 103 104 106 109 112 112 110 110 110 111 112 113 114 '106 95 95 96 99 99 99 99 Pill Pill P108 P108 157 157 158 159 159 159 161 159 158 180 179 179 180 181 181 185 186 188 March May June July August September P Preliminary. r 107 107 108 109 110 110 P100 P100 Indus- trial finished products 129 130 150 91 87 96 102 105 105 106 108 111 112 115 119 122 89 88 91 92 94 96 94 95 99 100 102 102 103 118 113 116 119 121 125 126 126 129 133 134 135 136 Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1316 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbersl Year or month United SwitzUnited CanGerKingNether- erStates ada many dom lands land (1935-39 (1935-39 (July (1913-14 (1911-13 (June = 100) = 100) = 100) = 100) 1914 1914 = 100) = 100) 1934 1935 1936 1937 1938 1939 1940 1941 . 1942... 1943 1944 1945 94 100 101 105 98 95 97 106 124 138 93 95 98 103 104 101 106 116 127 131 122 125 130 139 141 141 164 168 161 166 118 120 122 122 122 123 128 129 132 134 136 139 131 133 168 170 138 1945-October... November. December. 139 140 141 133 134 134 169 169 169 213 210 210 1946-January... February.. March April May June . . . . July August.... September 141 140 140 133 133 133 169 169 169 142 135 169 166 171 174 144 143 146 138 142 P145 P143 169 169 171 171 168 124 118 120 127 130 130 150 177 191 198 United King- Ger- NetherCanUnited dom many lands ada States (1935-39 (1935-39 (July (1913-14 (1911-13 = 100) = 100) = 100) 1914 = 100) Year or month = 100) 115 114 120 130 130 132 146 175 200 211 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 215 1944 215 1945 Switz erland (June 1914 = 100) 140 136 M32 137 139 140 154 175 187 195 96 98 99 103 101 99 100 105 117 124 126 128 96 96 98 101 102 102 106 112 117 118 119 119 141 143 147 154 156 158 184 199 200 199 201 203 1945-October... November. December. 129 129 130 120 120 120 203 203 203 208 207 207 210 1946-January... 208 February.. March.... 206 206 April 208 May 209 June 209 July 209 August September. 130 130 130 131 132 133 141 144 120 120 120 121 122 124 125 P126 203 203 203 203 204 203 205 205 203 207 206 205 205 206 207 207 207 P126 121 123 125 125 126 126 130 133 137 139 141 129 128 130 137 137 138 151 174 193 203 208 209 P Preliminary. Revised index from March 1936 (see BuLLETiNfor April 1937, p. 373). Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. 1 SECURITY PRICES [Index numbers except as otherwise specified} Common stocks Bonds Year or month United States (derived price)1 United Germany Kingdom France (December (1938=100)2 (average price)s 1921=100) 15 87 50 3139 113.8 115.9 117.8 118.3 120.3 120.9 122.1 112.3 118.3 123.8 127.3 127.8 127.5 128.3 114.2 •143.4 146.4 146.6 150.5 152.1 99.0 100.7 103.0 •103.3 1945—October November. . December... 121.9 122.0 121.9 128.5 127.8 127.5 150.2 150.3 151.2 1946—January. . . . February.. . March April May June July August September. . 123.8 124.5 124.5 124.3 123.7 123.9 124.0 123.8 122.8 129.1 130.1 129.9 131.7 132.6 132.0 132.2 132.2 148.6 148.6 147.5 146.1 147.3 146.3 Number of issues. . 1939 1940 1941 1942 1943 1944 . 1945 ... (1926=100) Netherlands* United States (1935-39 *100) 8 402 278 94.2 88.1 80.0 69.4 91.9 99.8 121.5 75.9 70.8 72.5 75.3 84.5 88.6 92.4 132.0 136.9 139.7 93.2 94.5 94.2 467 441 450 144.8 143.3 141.8 151.6 154.3 153.2 149.6 146.4 125.4 95.2 94.9 93.8 95.2 97.6 99.5 99.2 97.6 433 461 452 448 532 540 90.9 '77.9 84.3 94.7 98.5 M 103.7 102.4 105.0 105.3 105.9 105.0 United Kingdom Germany (•> 94.1 114.6 136.8 142.1 145.0 145.4 NetherFrance lands (1938=100)2 (1930=100' »295 112 •140 •308 479 540 551 453 100 89.7 95.0 129.1 131.5 151.0 8 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 Published by the Ministry of National Economy with new base of 1938 = 100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295 thereafter as a result of the nationalization of five banks. Forcomplete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from3 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 =100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent. 5 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. 6 Average based on figures for 5 months; no data available June-Dec. 79 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. Average based on figures for 10 months; no data available Jan.-Feb. 10 Average based on figures for 8 months; no data available Sept.-Dec. Sources.—Sec BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. NOVEMBER 1946 1317 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, M. S. SZYMCZAK ERNEST G. DRAPER Assistant to the Chairman ELLIOTT THURSTON, LEO Vice Chairman R. M. EVANS JAMES K. VARDAMAN, JR. Special Adviser to the Board of Governors CHESTER MORRILL, H. PAULGER, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary MERRITT SHERMAN, Assistant Secretary J. R. VAN FOSSEN, Assistant Director J. E. HORBETT, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF SECURITY LOANS J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director BONNAR BROWN, Assistant Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director CHANDLER MORSE, Assistant Director J. BURKE KNAPP, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION FRED A. NELSON, Director DIVISION OF EXAMINATIONS 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 ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER R. M. EVANS H U G H LEACH W . S. MCLARIN, JR. J. N . PEYTON RONALD RANSOM M. S. SZYMCZAK JAMES K. VARDAMAN, JR. C. S. YOUNG Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account CHESTER MORRILL, 1318 LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice President JOHN C. TRAPHAGEN, N E W YORK DISTRICT DAVID E. WILLIAMS, PHILADELPHIA DISTRICT JOHN H. MCCOY, CLEVELAND DISTRICT A. L. M. WIGGINS, RICHMOND DISTRICT J. T. BROWN, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President JAMES H. PENICK, ST. LOUIS DISTRICT JULIAN B. BAIRD, MINNEAPOLIS DISTRICT A. E. BRADSHAW, KANSAS CITY DISTRICT ED H. WINTON, DALLAS DISTRICT RENO ODLIN, SAN FRANCISCO DISTRICT WALTER LICHTENSTEIN, Secretary HERBERT V. PROCHNOW, Acting Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 Bank of Deputy Chairman President First Vice President Boston.. Albert M. Creighton Henry I. Harriman Beardsley Ruml William I. Myers Laurence F. Whittemore William Willett Allan Sproul L. R. Rounds Philadelphia. . . Thomas B. McCabe Warren F. Whittier Cleveland. , Vice Presidents E. G. Hult J. C. Hunter2 Carl B. Pitman O. A. Schlaikjer E. O. Douglas J. W. Jones H. H. Kimball L. W. Knoke Walter S. Logan A. Phelan H. V. Roelse Robert G. Rouse John H. Williams V. Willis R. B. Wiltse Alfred H. Williams W. J. Davis E. C. Hill Wm. G. McCreedy C. A. Mcllhenny Philip M. Poorman2 C. A. Sienkiewicz George C. Brainard Reynold E. Klages Ray M. Gidney Wm. H. Fletcher W. D. Fulton J. W. Kossin 3 A. H. Laning B. J. Lazar Martin Morrison W. F. Taylor Donald S. Thompson Richmond. . Robert Lassiter W. G. Wysor Hugh Leach J. S. Walden, Jr. Claude L. Guthrie3 E. A. Kincaid R. W. Mercer C. B. Strathy Edw. A. Wayne Atlanta. . Frank H. Neely J. F. Porter Simeon E. Leland W. W. Waymack W. S. McLarin, Jr. L. M. Clark V. K. Bowman H. F. Conniff S. P. Schuessler C. S. Young Charles B. Dunn Allan M. Black2 Neil B. Dawes J. H. Dillard E. C. Harris John K. Langum O. J. Netterstrom A. L. Olson Alfred T. Sihler St. Louis. . Russell L. Dearmont Douglas W. Brooks Chester C. Davis F. Guy Hitt O. M. Attebery A. F. Bailey Wm. E. Peterson William B. Pollard C. A. Schacht William H. Stead C. M. Stewart Minneapolis. . . Roger B. Shepard W. D. Cochran J. N. Peyton 0. S. Powell H. G. McConnell A. W. Mills2 Otis R. Preston E. W. Swanson Sigurd Ueland Harry I. Ziemer Kansas City. . . H. G. Leedy Robert B. Caldwell Henry 0. Koppang Robert L. Mehornay O. P. Cordill L. H. Earhart Delos C. Johns Dallas.. J. R. Parten R. B. Anderson John Phillips, Jr. G. H. Pipkin D. W. Woolley3 W. E. Eagle W. H. Holloway Watrous H. Irons L. G. Pondrom New York. . Chicago. . San Francisco.. E. B. Austin3 R. B. Coleman H. R. DeMoss R. R. Gilbert W. D. Gentry H. F. Slade Henry F. Grady J. M. Leisner3 C. E. Earhart W. F. Volberg Harry R. Wellman H. N. Mangels OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Federal Reserve Bank of Chief Officer Branch Chief Officer Branch R. E. Towle4 New York. . Buffalo I. B. Smith4 Minneapolis. . . . Helena Cleveland. . Cincinnati Pittsburgh B. J. Lazar5 J. W. Kossin5 Kansas City. Richmond. Baltimore Charlotte W. R. Milford* 4 W. T. Clements Denver Oklahoma City Omaha G. H. Pipkin5 0. P. Cordill5 5 L. H. Earhart Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers* Geo. S. Vardeman, Jr.* Joel B. Fort, Jr.* E. P. Paris* Dallas. . El Paso Houston San Antonio W. E. Eagle5 5 L. G. Pondrom 6 W. H. Holloway Chicago. Detroit E. C. Harris5 St. Louis. Little Rock Louisville Memphis A. F. Bailey5 5 C. A. Schacht William B. Pollard5 1 Also Federal Reserve Agent. NOVEMBER 1946 2 Cashier. ! San Francisco. . Los Angeles Portland Salt Lake City Seattle Also Cashier. Managing Director. W. N. Ambrose* D. L. Davis4 W. L. Partner* C. R. Shaw* 5 Vice President. 1319 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I> BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER I. I94S 'VE SYSTEM: I