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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

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$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