Full text of Federal Reserve Bulletin : November 1947
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FEDERAL
ESERVE
BULLETIN
NOVEMBER 1947
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
Banking Developments and Monetary Expansion
1341-1352
Member Bank Earnings, First Half of 1947.
1353-1355
Discontinuance of Instalment Credit Controls.
The Balance Sheet of Agriculture, 1947
Current Events and Announcements.
1356
1357-1372
1372
National Summary of Business Conditions.
1373-1374
Financial, Industrial, Commercial Statistics, U. S. (See p. 1375, for list of tables)
1375-1430
International Financial Statistics (See p. 1431 for list of tables)
1431-1449
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council .
...
1450
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
1451
Federal Reserve Publications. .
1452-1453
Map of Federal Reserve Districts.
Subscription Price of BULLETIN
A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription
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$1.50 for 12 months.
1454
FEDERAL
RESERVE
BULLETIN
November 1947
VOLUME 33
NUMBER 11
BANKING DEVELOPMENTS AND MONETARY
EXPANSION
Monetary and credit expansion, which proceeded at a rapid rate during the war years
on the basis of Government borrowing, has
continued in the postwar period on a more
moderate scale through bank lending to
businesses and individuals. Retirement by
the Treasury of outstanding United States
Government securities with the proceeds of
surplus cash raised during the Victory
Loan resulted in a decline in the aggregate
of commercial bank assets and deposits during 1946, but throughout that year and also
in 1947 bank loans and privately-owned deposits continued to expand. During recent
months expansion in bank loans has exceeded a moderate further reduction in holdings of Government securities and the total
of commercial bank loans and investments
has increased again for the first time since
the early weeks of 1946.
Inflationary pressures, which have been
exerted on the economy with great vigor
during the postwar period, had their roots
in the tremendous growth of liquid assets
accumulated by individuals and businesses
during the war, when incomes expanded
more rapidly than goods and services available for purchase. The continuing upward
spiral of prices, profits, and wages and other
costs since the war has been largely selfgenerating, but has been augmented by
NOVEMBER
1947
the expansion of bank credit to businesses,
real estate owners, and consumers. Some increase in bank lending has been needed to
facilitate the conversion of the economy from
a war basis to a peacetime status on a much
higher level than had prevailed before the
war. Nevertheless, to the extent that the
loans have not facilitated increased production, loan expansion has accelerated inflation.
In addition, the deposit funds created in the
first instance by loans, whether for production, consumption, or speculation purposes.
LOANS AND INVESTMENTS
OF ALL COMMERCIAL BANKS
BILLIONS OF
DOLLARS
DOLLARS
40 [
L
120
T0T4 L LOANS T
AND tl>JVESTMEN s / /'
120
1
f
~~y
/
/
100 ,
1
S
A
100
N
U.S. GOV'T N
SECURITIES •
S
f
40
J
40
LO
20
OTHER SECURITIES
i
o !
1940
1942
1944
!
0
1946
Figures are for all commercial banks in the United States.
Data are for June and December, 1940-1946; last Wednesday
of month, 1947. Monthly figures are partly estimated and are
preliminary. Latest figures are for September.
1341
BANKING DEVELOPMENTS AND MONETARY EXPANSION
have found many inflationary uses in subsequent transfers among holders.
Banks in general have obtained additional
reserve funds, which enabled them to continue credit expansion, largely through substantial increases in this country's gold stock.
In the first postwar year there was some
drain on bank reserves resulting from
Treasury retirement of securities held by the
Reserve Banks with funds drawn from commercial banks; nevertheless the banks maintained and in fact increased their reserves
by selling Government securities to the
Reserve Banks. During 1947, however, the
gold inflow has supplied funds in sufficient
amount to permit a reduction in Federal
Reserve holdings of Government securities
and also an increase in member bank reserves.
In the summer of 1947 interest and discount rates on short-term Government securities were permitted to rise, in order to
reduce the spread between short-term and
long-term rates and to discourage the creation
of bank reserves through sales of short-term
securities by banks and others to the Reserve
System. Any effect that this policy may
have had on bank credit expansion has been
largely nullified by the inflow of gold. The
rise in short-term rates, together with increased issues of new securities by corporations, State and local governments, and the
Federal Government, has no doubt prevented
a decline in yields on long-term Treasury
bonds and brought about some rise in yields
on other long-term bonds.
Probable further additions to the gold
stock, as well as the ready access to reserves
that is open to banks through sales of Government securities to the Reserve Banks,
though at higher rates than previously, offer
the basis for continued bank credit expansion.
However, a temporary means of reducing
1342
bank reserves in the next few months of seasonally large tax receipts is afforded by the
use of surplus receipts to retire Government
securities held by Reserve Banks. In this way
the effects of the gold inflow could be offset,
and in addition banks could be put under
pressure to liquidate securities in order to
maintain their reserve positions. This pressure on reserves, accompanied by the exercise of caution and self-restraint by banks,
might serve to limit further credit expansion.
DEPOSIT GROWTH CONTINUES
Expansion of deposits and currency held
by individuals and businesses has resumed,
following a temporary decline early in 1947.
In the 12 months ending September 30, 1947,
the total of these deposit holdings increased
by 5.5 billion dollars, an average of almost
500 million dollars a month. Further deposit growth, as shown in the chart, continued the expansion of the war and immediBANK DEPOSITS AND CURRENCY
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
Figures are partly estimated. Deposits are for all banks in
the United States. Demand deposits adjusted exclude U. S.
Government and interbank deposits and items in process of
collection. Time deposits include deposits in the Postal Savings
System and in mutual savings banks. Figures are for June and
December, 1941-1942; end of month, 1943-1946; last Wednesday
of month, 1947. Figures subsequent to December 1946 are
preliminary; latest figures are for September.
FEDERAL RESERVE BULLETIN
BANKING DEVELOPMENTS AND MONETARY
ate postwar periods and raised privately held
deposits and currency to a total at the end of
September of 166 billion dollars. On this
date, the public's holdings were 21 billion
larger than when hostilities ceased in August
1945 and 103 billion above the level in 1939.
Demand deposits, adjusted to exclude
United States Government deposits, interbank deposits, and items in the process of
collection, expanded by 2.8 billion dollars
in the 12 months ending September 1947.
Growth in these deposits was interrupted in
the first quarter of 1947, when they were
drawn upon to meet heavy income tax payments. Expansion was resumed, however,
and in the next two quarters these balances
increased 3.8 billion dollars to a total of 84
billion, a record high.
Time deposits at commercial and mutual
savings banks expanded by close to 3 billion
dollars in the same 12-month period. The
rate of increase diminished steadily and was
smaller than in the late war and early postwar periods, but was still larger than in any
previous peacetime year. Slackening in the
growth of time deposits, which began in
1946 and particularly in the last half of the
year, has reflected a substantial reduction in
current personal savings from abnormally
high wartime levels.
Except for seasonal fluctuations, currency
has shown little change since the end of 1945.
In 1947, as in 1946, a large post-Christmas
return flow occurred during January, following a seasonal expansion in preceding weeks.
After last January the volume of currency
showed little change until early September,
when a rapid but brief outflow developed in
connection with the cashing of veterans'
armed service leave bonds. At the end of
October currency in circulation was 400 million dollars larger than at the end of July and
slightly less than on October 31, 1946.
NOVEMBER
1947
EXPANSION
Treasury deposits at commercial banks and
Reserve Banks, which reached a peak of 26
billion dollars early in 1946 after the Victory
Loan Drive, were reduced sharply in 1946 in
connection with the Treasury program of
debt retirement out of accumulated balances.
At the end of 1946 they were about 3.5 billion
dollars. During 1947 Treasury cash receipts
from taxes and current sales of nonmarketable securities have generally exceeded current
expenditures, and some funds have been
available for additional debt retirement. The
Treasury's deposit balances have fluctuated
in the course of the year between a peak of
over 6 billion dollars in February and a low
of about one billion in June. In October
they were around the 3.5 billion level of the
beginning of the year, an amount in excess
of current needs.
DEPOSIT CHANGES BY CLASS OF BANK
AND DISTRICT
During the war deposits increased more
rapidly at country banks than at city banks,
and this trend continued through 1946. In
the first half of 1947, however, demand deposits, other than Treasury and interbank
deposits, declined at country banks by more
than 700 million dollars, while at city banks
they either were unchanged or increased
somewhat, as is shown in the chart.
Country bank deposits declined in the entire first quarter of the year, particularly in
January when, in connection with filing of
final returns for 1946, heavy income tax payments were made by farmers and others
whose incomes are not easily estimated accurately in advance. In the second quarter of
the year demand deposits at country banks
increased only slightly. Since June, however,
in part reflecting the harvesting and selling
of new crops, deposits at these banks have
expanded rapidly and now exceed the end1343
BANKING DEVELOPMENTS AND MONETARY EXPANSION
of-December peak. Time deposits at country
banks continued to increase during 1947,
but at a much slower pace than in other
recent years.
expanded somewhat more rapidly than they
did in other districts, reflecting probably the
rapid rise in prices of grains and meat.
Banks in the San Francisco and Atlanta Districts showed the smallest deposit growth.
COMMERCIAL BANK DEPOSITS
BY CLASS OF BANK
BILUONS OF DOLLARS
BILLIONS OF DOLLARS
Growth in bank loans has been the major
factor in the recent expansion in privately
held deposits and currency, as is shown in
the table. About 7 billion dollars was added
to the volume of bank credit outstanding to
businesses, real estate owners, and consumers
in the 12-month period ending September
this year. Deposits were also expanded as
banks increased by more than one billion
/
couNTRY
MEMBER BANKS /
y
/ ^
-
x'RESERVE
CITY
EMBER BANK S
CENTRAL R ESERVE CITY
MEMBER B A N K S -
—******
*^
FACTORS IN DEPOSIT GROWTH
FACTORS IN EXPANSION OF DEPOSIT AND CURRENCY HOLDINGS
NONMIIMBER
BANKS
OF INDIVIDUALS AND BUSINESSES
Changes in Amounts Outstanding
-
1942
1943
1944
1945
1946
1947
Total of demand deposits (adjusted to exclude U. S. Government and interbank deposits and collection items) and time
deposits. Figures for nonmember banks are partly estimated
throughout; preliminary estimates for 1947. All data are for
call report dates, 1942-1945; end of month, 1946; last Wednesday of month, 1947. Latest figures are for September.
Demand deposits at city banks declined
during the first quarter of the year, but
rose sharply in the succeeding three months.
This rapid expansion of deposits at city banks
in the second quarter—a period in which
country bank deposits showed little growth
—accompanied Treasury retirement of about
one billion dollars of securities held by nonbank investors. Since mid-1947, deposits at
city banks have continued to increase substantially, along with those of country banks.
Little change in the geographic distribution of total deposits occurred during the 12
months ending September 1947. In the Chicago, Minneapolis, Dallas, Kansas City, and
St. Louis Federal Reserve Districts, deposits
1344
[In billions of dollars, partly estimated]
Factor in deposit change
1946
1947
Sept.30,
1946Sept.24, Fourth First Second Third
1947
quar- quar- quar- quarter
ter
ter
ter
Expansive factors
Bank loans
...
...
Bank holdings of State and
local gov't securities. . . .
Holdings of U. S. Government securities:
Commercial and mutual savings banks. .
Federal Reserve Banks
Gold certificates
U. S. Government deposits.
Other factors, net
Contractive factors
Holdings of U. S. Government securities:
Commercial and mutual savings banks. .
Federal Reserve Banks
U. S. Government deposits.
Other factors, net
+7.0
+2.2
+1.4
+1.2
+2.2
+0.3
+1.1
+0.3
+0.5
+2.7
-7.3
+0.3
-6.2
-0.3
+0.8
+0.8
-3.8
-8.9
-1.9
-5.2
-0.7
-2.2
-0.5
+1.9
+0.6
-1.7
-1.2
+i!8"
+0.2
+0.5
+0.8
+0.8
+1.1
+6!4"
Change in deposits and
currency held by individuals and businesses,
Total
+5.5
+3.1
-2.7
Demand deposits, adjusted
+2.8
+2.9
Time deposits
Currency outside banks.. - 0 . 2
+1.9
+1.0
+0.2
-2.9
+0.9
-0.7
+2.3
+2.8
+2.1
+0.7
+1.7
+0.3
+0.3
NOTE.—Figures cover all commercial banks, Federal Reserve
Banks, mutual savings banks, and the Postal Savings System; interbank items are excluded. Changes for 1947 based on figures
for the last Wednesday in each quarter.
FEDERAL RESERVE BULLETIN
BANKING DEVELOPMENTS AND MONETARY EXPANSION
their holdings of new and outstanding State
and local government securities.
To these elements of deposit growth were
added some 2.7 billion dollars of deposits as
a result of expansion in the volume of gold
certificates held by the Federal Reserve
Banks, This occurred through Treasury
purchase of approximately one billion dollars of gold imported from abroad, of 1.3
billion of gold released from that earmarked
for foreign account, and of about 100 million
of gold produced domestically, and from the
transfer of 300 million dollars of gold from
the Treasury general fund. These acquisitions of gold, which were largely from foreign sources and had a basis in the large
surplus of exports over imports, augmented
directly the money supply and also bank
reserves. They thus tended to encourage
further bank credit expansion.
The actual change in the country's reported monetary gold stock was one billion
dollars less thin the 2.7 billion increase in
gold certificates. The gold stock was reduced by a transfer to the International
Monetary Fund of one billion dollars of gold
from the Treasury Stabilization Fund, where
the gold had been held inactive and not as
a part of the country's banking reserves.
This transfer, which was made in connection
with this country's initial subscription to
that institution, resulted in a decline in
Treasury cash of one billion dollars. A
total of 700 million dollars in gold was transferred to and retained by the International
Monetary Fund, reducing our total gold
stock by this amount. Against the other 300
million dollars, gold certificates were issued
and deposited in the Treasury's account at
the Federal Reserve Bank of New York.
These deposits were in turn transferred to
the Fund's account at that Bank.
Federal Government fiscal and debt retireNOVEMBER
1947
ment operations were the only major factors
tending to reduce deposit growth in the
12 months ending in September 1947.
The Treasury program of debt retirement
was accomplished last year primarily through
a decrease in United States Government deposits and this year primarily through a current cash surplus. Its over-all influence in
the banking situation during the 12-month
period under review is measured by a decline
of nearly 11 billion dollars in total holdings
of United States Government securities at
banks, including Reserve Banks.
From the standpoint of its current effect
on the amount of deposits and currency held
by businesses and individuals, Government
debt retirement out of a surplus of Treasury
receipts over expenditures differs sharply
from retirement accomplished by a net reduction in Treasury deposit balances. This
is illustrated by comparison of the impact of
Government fiscal and debt management
operations in 1946 and 1947. Debt retirement in 1946 was out of Treasury deposits,
which were composed largely of funds borrowed in the Victory Loan Drive, and to the
extent that the securities were held by banks
there was no change in privately held deposits. Retirement of securities held by the
Federal Reserve Banks tended to reduce commercial bank reserves. To the extent that
the securities redeemed for cash were held by
nonbank investors, the result tended to be an
expansion in privately held deposits.
In contrast, during 1947 the funds for
debt retirement have been obtained largely
from a current Treasury cash surplus. The
effect of this cash surplus as it arose was to
reduce private deposits and bank reserves and
to increase Treasury balances at the Reserve
Banks. To the extent that these balances
have been drawn on for redemption of securities held by nonbank investors, deposits
1345
BANKING DEVELOPMENTS
AND MONETARY
have been returned to private accounts and
to reserve balances of banks. Retirement of
bank-held securities has removed an earning
asset from the banks' portfolios but restored
an equal amount of reserves, on the basis of
which banks could again expand credit and
deposits. Retirement of securities held by the
Reserve Banks, in contrast, has cancelled the
Treasury balances thus used and caused the
series of transactions to" result in a decline
of bank deposits and bank reserves.
The cancellation of reserve balances
through the process of retiring FederalReserve-held debt, together with the expansion of bank loans, has imposed on many
banks a problem of adjusting reserve positions. Sales of Government securities were
a common method of restoring bank reserves,
and the Reserve Banks, in the process of
maintaining an orderly market for Government issues, were often purchasers of
securities which the banks sold. The inflow
of gold from abroad, referred to earlier,
tended to replace the reserve balances extinguished by debt retirement.
EXPANSION
volume of outstanding loans at commercial
banks to a level of approximately 36 billion
dollars, or about the same as at the previous
loan peak in 1929. Moreover, commercial
bank holdings of securities other than those
of the United States Government—State, municipal, and corporate securities—have attained a larger volume than at any time
except in the years 1928 through 1931, when
they exceeded moderately the present total
of about 9 billion dollars.
Business loans. Business demand for bank
credit revived on a broad scale in mid-1945
and has continued strong in 1946 and 1947,
as is shown in the chart. In the first half of
1947 commercial and industrial loans increased 800 million dollars, about the same
growth as occurred in the corresponding
period of 1946. Since June there has been
COMMERCIAL BANK LOANS
MEMBER BANKS
IN LEADING CITIES
ALL INSURED BANKS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
CALL REPORT DATES
BILLIONS OF DOLLARS
16
16
EXPANSION IN LOANS AND OTHER
INVESTMENTS
Widespread and vigorous demand for bank
credit by most of the major users other than
the United States Government—businesses,
consumers, real estate owners, and State and
local governments—is the most striking characteristic of the banking situation during the
past two years. Bank loans increased 7
billion dollars in the 12 months ending September 30, 1947. This was the largest expansion for a comparable period in the history of American banking.
Coming after a sharp revival of bank lending activities in 1945 and earlier in 1946, discussed in the Federal Reserve BULLETIN for
March 1947, this loan growth has raised the
1346
1944
1945
1946
1947
1946
1947
All insured commercial banks in the United States. Commercial loans include commercial and industrial loans, openmarket commercial paper, and acceptances. Latest figures are
for June 30, 1947.
.
. . .
.
t
Figures for member banks in leading cities on revised basis
beginning July 3, 1946. Commercial loans include commercial,
industrial, and agricultural loans, open-market commercial
paper, and acceptances. Latest figures are for Oct. 22, 1947.
FEDERAL RESERVE BULLETIN
BANKING DEVELOPMENTS AND MONETARY EXPANSION
an intensified demand for business loans;
at weekly reporting member banks, which
hold about 80 per cent of bank loans to businesses, such loans increased 2.1 billion dollars
from June 25 through October 29.
Use of bank credit by businesses has continued to grow although profits are at record
levels and business liquid assets remain large.
This reflects a sharply increased demand for
working capital at current levels of costs,
prices, and sales, as well as an extraordinarily
large current volume of expenditures for
plant and equipment.
Bank credit demands of many companies,
particularly those engaged in processing
foods and other agricultural commodities,
have increased because of higher raw material prices and actual and anticipated advances in other business costs, such as wages
and transportation expenses. Independently
of price and wage increases, however, working capital requirements of some concerns
have increased because of a need to finance
a growing volume of business.
Big utility companies, manufacturers of
heavy equipment, oil companies, and concerns in other major industries are constructing new plants and acquiring new equipment, and are financing these expenditures in
part out of bank loans. While the loans of
large borrowers have often been arranged on
a term basis, i.e., are amortized loans with
maturities running from one to ten—and occasionally more—years, many have been
short-term advances. In numerous instances
these loans have been considered as interim
sources of funds in anticipation of future
profits or until new security issues are floated,
but their effect has been to expand now the
volume of bank credit.
Urban real estate loans. Extensive relocation by families and individuals and a substantial volume of both residential and nonNOVEMBER
1947
residential construction activity in 1947, as
in 1946, has given rise to further extension
of bank credit to owners of urban real estate.
Loans secured by urban real estate increased
over one billion dollars at commercial banks
in the first half of 1947 and at the end of
June amounted to over 7 billion, or more
than one-fifth of the total loan portfolio of
these banks.
Since June, mortgage loans at member
banks in leading cities have continued to expand at about the rate shown in the first six
months of the year, as is illustrated in the
chart. Current information on real estate
loans at country banks, which are the principal bank lenders on real estate, is not yet
available, but data on total loans suggest that
the upward trend in real estate loans at
these banks is continuing.
Consumer credit. Financing by consumers of an increasing volume of purchases of
durable goods, expenditures for current living, and outlays for other purposes continues
to be effected to a considerable extent through
bank loans. The volume of credit extended
to consumers by commercial banks increased
over one billion dollars in the period January-September this year. Most of this growth
was in consumer instalment credit and resulted from additional loans for repair and
modernization of housing and for purchases
of automobiles and other durable consumers'
goods. Prior to November 1, expansion of
instalment loans on automobiles and certain
other consumers' goods was restrained by
the Board's Regulation W, issued under Executive Order, which prescribed minimum
down-payment and repayment period terms.
The Board's regulation of instalment credit
under the present Executive Order terminated with that date in accordance with Congressional Resolution enacted last summer.
Agricultural loans. Farmers, who as a
1347
BANKING DEVELOPMENTS AND MONETARY EXPANSION
group had not increased their bank borrowing in the first year after the war, are now
expanding their bank loans. Real estate and
production loans by banks to farmers showed
significant growth in the first half of 1947.
T h e tendency for farm production loans to
increase is especially noteworthy in view of
the unprecedented high level of current farm
income. A survey of bank loans to farmers,
conducted jointly by the Federal Reserve
System and the Federal Deposit Insurance
Corporation as of last June, indicates that a
large part of the growth in the non-real
estate segment is attributable to credit grants
for purchase of farm machinery and equipment and for other capital improvements,
and that an important proportion of loans
secured by farm real estate is made to
provide production financing.
Security loans. In 1946 growth in total
loans at commercial banks was held down
by a rapid decline in loans for purchasing
and carrying securities, which continued
throughout the year. This decline resulted
largely from liquidation of the substantial
volume of bank credit extended in connection with purchase of Government securities
in the Victory Loan Drive. Some reduction
in loans for purchasing and carrying other
securities also occurred. By the end of 1946
total loans on securities amounted to about 3
billion dollars as compared with almost 7
billion at the end of 1945. Further declines
in these loans in 1947 have not been large
enough to dampen significantly total loan
expansion.
Securities. In the first nine months of 1947
commercial banks added about 900 million
dollars to their portfolios of State and local
government securities. An exceptionally
large volume of new securities of States and
political subdivisions has been sold this year.
T h e total for the first nine months was nearly
1348
2 billion dollars, more than 2l/2 times the
volume in the corresponding period of 1946.
Several large State bonus issues have probably contributed somewhat to security holdings of city banks. The numerous smaller
security offerings by municipalities and other
political subdivisions to finance construction
projects delayed by the war have been taken
in part by banks located in the areas concerned. Purchases of these local issues account for the particularly large addition to
holdings of State and local securities at
country banks.
Corporate sales of new-money bond issues
during the first nine months of the year
were in almost the same volume as State
and local government issues. Despite this
fact, bank holdings of corporate securities
have not increased during 1947.
RECENT CHANGES IN BANK GOVERNMENT
SECURITY PORTFOLIOS
In the first half of 1947 when the total
interest-bearing public debt declined by 2.8
billion dollars, holdings of United States
Government securities at commercial banks
were reduced 4.4 billion dollars. About 3
billion of this reduction resulted directly
from Treasury retirement of securities held
by commercial banks. T h e remainder represented net sales of securities in the market, in part to Reserve Banks. These sales
were made primarily to replenish reserves
drawn down by Treasury retirement of securities held by Reserve Banks. On balance,
however, Federal Reserve holdings of Government securities also declined in this period. Nonbank investors likewise decreased
their holdings of marketable issues, but increased by larger amounts their nonmarketable securities.
During the four-month period, July
through October, on the other hand, total
FEDERAL RESERVE BULLETIN
BANKING
DEVELOPMENTS
AND MONETARY
commercial bank holdings of Government
securities showed little further change, as is
shown in the table. In late September the
Treasury offered to long-term investors a new
nonmarketable, redeemable security, designated as Series A investment bonds. Commercial banks were eligible to invest in these
securities up to 25 per cent of the increase
during the first six months of the year in their
savings deposits and time certificates of deposits issued in the names of individuals and
of nonprofit corporations and other groups,
or $25,000, whichever was larger. To this
issue banks subscribed 257 million dollars out
of total subscriptions amounting to 970 million. Banks also have acquired securities in
the market since June, but these, together
with the new Series A investment bonds,
were not sufficient to offset losses through
retirement of the bond issue maturing in
October.
CHANGES IN O W N E R S H I P
OF U N I T E D
STATES
SECURITIES, JULY 1-OCTOBER
GOVERNMENT
3 1 , 1947
EXPANSION
for retirement of bank-held debt. The longterm marketable bonds sold by the agencies
have been purchased largely by nonbank
institutional investors, which have obtained
funds by selling shorter-term issues to commercial banks and Reserve Banks. Thus the
net effect of this program has been to refinance a portion of the short-term marketable debt into special nonmarketable issues
held by the agencies and to lengthen the
maturity distribution of other investor portfolios, both bank and nonbank.
On balance in the past four months, the
total public debt has increased slightly, reflecting additional sales of nonmarketable
issues, while the amount of marketable securities outstanding declined further. The
banking system showed little change in its
total holdings. Holdings of Federal Government agencies and trust funds, in contrast, increased, while those of other investors
showed a slight decrease.
RECENT
INTEREST RATE
TENDENCIES
[In billions of dollars, partly estimated]
In a move to restore the Treasury bill as
a market instrument and to place some reNonmarketstraint on monetary expansion, the Federal
Cash Market able
Total Total
Holder
repurmarket- demp- chase securities
Open Market Committee of the Federal Reable
tions or sale
serve System directed the Federal Reserve
+0.1 - 0 . 2
+0.6 +0.3
Banking system
-0.8
Banks, with reference to Treasury bills issued
+0.3 +0.3
-0.8
Commercial banks... -0.2 - 0 . 5
on or after July 10, 1947, to terminate the
Federal Reserve
+0.3
+0.3 +0.3
Banks
policy of buying bills offered them at a fixed
U. S. Government
-1.1
+2.2
agencies
rate and the repurchase option privilege on
+1.1 - 1 . 1
+0.5
-0.8
-0.3 - 0 . 3
Other investors
bills. Rates on Treasury bills, which had
-1.6
+0.9 - 1 . 6
+2.5
All holders
been held at .375 per cent since 1942, subsequently increased and on the issue of the
For a number of months long-term mar- week ending October 25 averaged .873 per
ketable Government securities held by Gov- cent.
ernment agencies have been sold in the marMeasures have been taken to increase
ket and the effect of this has been to prevent the rate on Treasury certificates in line with
further declines in long-term interest rates. rate increases on bills. The Treasury exThe Treasury in turn has sold special issues changed n-month % per cent certificates for
to these agencies and used cash thus obtained the one-year 7/s per cent certificates maturing
Marketable securities
NOVEMBER 1947
1349
BANKING DEVELOPMENTS AND MONETARY EXPANSION
August 1, 1947, and 10-month % per cent
certificates for certificates maturing September 1,1947. Two Treasury note issues maturing on September 15 were exchanged for
n ^ - m o n t h notes bearing 1 per cent, and
on October 1, one-year certificates bearing 1
per cent were offered in exchange for the
certificates maturing on that date. Holders
of certificates maturing November 1 were
offered an exchange of 11-month, 1 per
cent certificates.
somewhat, but in October they increased
steadily and in the week ending October 25
averaged 1.37 per cent. Yields on mediumterm, 7- to 9-year Government bonds showed
a small increase in June and July and subsequently declined to the levels held last spring.
In October, however, yields on these securities
increased somewhat. Yields on long-term
Government bonds increased moderately in
June and July and again in October.
High-grade corporate bonds, on which
average yields, according to a Treasury DeYIELDS ON TREASURY AND CORPORATE SECURITIES
partment average, had been close to 2.50 per
cent from January through August, dropped
in price in September and October, and at
the end of October yields averaged 2.69 per
cent.
Similar declines occurred among
lower-grade corporate bonds. At the end
of October the spread between average yields
on high-grade corporate bonds and those on
long-term taxable Treasury bonds was 0.37
SELECTED NOTES AND BONDS
per cent. During the recent decline in yields
TAXABLE
this spread became wider than at any time
during or since the large volume of Government financing for war purposes.
The decline in corporate bond prices probably reflected some change in the investment
For Treasury bills, rate is average discount on new issue
offered during week. In general 3-to-5-year Treasury securities programs of large institutional investors reare represented by Treasury notes maturing within that range;
sulting from the recent Treasury offering
however, selected issues of notes or bonds were substituted
during periods when they were considered more representative.
of a 2^2 per cent long-term nonmarketable
Latest figures are for week ended Oct. 25, 1947.
bond, and the implication that such issues
The increase since the end of June in may be made available from time to time in
rates on short-term Treasury securities has the future. It also reflects marked changes,
been accompanied by only moderate changes as the postwar period has lengthened, in the
in yields on longer-term Government securi- supply and variety of private investment outties. As shown on the chart, yields on 3- to 5- lets for institutional funds. Increases in
year taxable Government securities, which the supply of urban mortgages and investhad declined somewhat in the first several ment quality corporate issues have been
months of 1947 from the comparatively high especially noteworthy.
level of 1.30 per cent reached last December,
Corporate offerings of new-money issues
rose again in May, June, and July, and in the during the first nine months of 1947 totaled
latter month averaged 1.33 per cent. In Au- 2.4 billion dollars, a much larger volume
gust, however, yields on these issues declined than in the corresponding period of 1946.
(3-5
YEARS)
1350
FEDERAL RESERVE BULLETIN
BANKING DEVELOPMENTS AND MONETARY
Moreover, a substantially larger proportion
was represented by bond issues of large
well-established public utility corporations.
An unusually large volume of new-money
financing is planned for the remainder of
the year. These plans indicate that debt
issues totaling about one billion dollars may
be offered in the final quarter, of which fourfifths represents issues of public utility corporations, largely for the purpose of financing
plant expansion.
FEDERAL RESERVE OPERATIONS AND POLICIES
In the postwar period Federal Reserve
money market and credit operations, along
with Treasury management of the public
debt, have been directed toward the twin
objectives of restraining further bank credit
expansion and of maintaining orderly and
stable conditions in the market for Government securities. The simultaneous attainment of these two objectives has been made
difficult by the vigorous demand for bank
credit and the desire of bankers to add to
the earnings of their banks. Banks have
readily sold short-term Government securities when necessary to obtain funds to acquire more profitable assets.
Since the Federal Reserve System provided the principal market for short-term
Government obligations, sales by banks resulted in purchases by the Reserve Banks
and corresponding additions to bank reserves.
These reserves, as they were utilized and
passed from bank to bank, could provide the
basis for a credit expansion of at least six
times their amount.
During 1947 the large inflow of gold has
supplied the banking system with reserves
and to a large extent obviated the need for
further sales of securities to the Reserve System. In fact Federal Reserve holdings of
Government securities have been reduced
NOVEMBER
1947
EXPANSION
substantially in the first 10 months of this
year. The decrease occurred in the period
March through June, when the Treasury
was retiring marketable securities, particularly bills and other issues, which were held
in substantial amounts by the Reserve System. More recently gold movements have
not been offset by a decline in Reserve Bank
holdings of securities and have gone to increase member bank reserves. This has been
the case notwithstanding the policy followed
by "the System of lowering the prices paid
for short-term Government securities and
permitting yields to rise.
The table shows changes during the past
two years in factors that increase or decrease member bank reserves. In the first
postwar year the expansion of over 900
million dollars in required reserves of member banks and a further growth of currency
in circulation were provided for by substantial additions to Reserve Bank credit, by increases in gold stock and in Treasury currency issues, and by reductions in foreign
deposits at the Reserve Banks and in excess
reserves.
SUPPLY
AND U S E OF M E M B E R
BANK
RESERVE FUNDS
[In millions of dollars]
Item
Year ending
September l
1946
1947
Changes increasing reserves:
Reserve bank credit
.
..
Gold stock
Treasury cash and deposits at Reserve Banks.
Treasury currency
"" Nonmember deposits at Reserve B a n k s . . . .
+682
+201
-80
+324
-285
+1,575
-922
+713
+ 115
-1,775
+176
+53
+746
+7C6
+924
-178
+660
+46
+6
-207
Changes decreasing reserves:
Reserve Bank credit
..
Currencv in circulation
Other.
Member bank reserve balances, total
Required
Excess
1
Changes based on monthly averages of daily figures for September, 1945, 1946, and 1947.
1351
BANKING DEVELOPMENTS AND MONETARY EXPANSION
During the past year the growth in the
gold stock, together with use of gold from
the Stabilization Fund, and a continued decline in foreign balances supplied the basis
not only for a further expansion of 700 million dollars in member bank reserves but
also for a 1.8 billion dollar decline in Reserve
Bank credit. Changes in these factors by
weeks during recent years are shown by the
chart on page 1376 of this BULLETIN.
Probable continuation of the gold inflow
1352
will supply additional reserve funds to
banks. During the next few months, however, the Treasury will have large amounts
of surplus cash, and use of these funds to
retire securities held by Federal Reserve
Banks will tend to reduce reserves. To the
extent that the factors contracting reserves
exceed those adding to reserves, banks will
need to sell securities to the Reserve Banks
in order to increase credit or even to maintain their reserve positions.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, FIRST HALF OF 1947
Net profits after taxes for all member banks
aggregated 350 million dollars in the first half of
1947. This was a decrease, despite larger current
earnings, of 79 million dollars or 18 per cent from
the semiannual peak reached in the corresponding
period of 1946, but an increase of 21 million over
net profits for the second half of last year.1 Net
profits on an annual basis were 8.5 per cent of
average total capital accounts, as compared with
11.1 and 8.2 per cent for the first and second halves
of 1946.
Over 60 per cent of net profits in the first half
of 1947 was retained by member banks to strengthen
their capital positions and the remainder, amounting to 132 million dollars, was distributed as cash
dividends. In the corresponding half of 1946,
when net profits were higher, a larger proportion
1
Normal differences in some items as reported for the first
and second halves of any year do not invalidate comparisons of
earnings in the first half of a year with those in the second half
of the preceding year, but they are sufficiently important to warrant care in interpreting the results for any first half. For
example, bonuses paid to officers and employees, and losses and
charge-offs are usually reported in larger volume in the second
half of a year than in the first.
and a larger dollar amount of net profits was
retained.
Details of earnings, expenses, etc., in the first
half of 1946 and 1947, were shown in the October
BULLETIN, page 1315.
Earnings. As is shown in the accompanying
table, total current earnings of all member banks
aggregated 1,250 million dollars in the first half
of 1947, which was 75 million and 22 million respectively more than in the first and second halves
of 1946. The rate of increase in current earnings
has slackened considerably in the last two semiannual periods, reflecting largely the results of the
Government's debt-retirement program.
Earnings on United States Government securities
were 465 million dollars for the first half of this
year, a decrease of 43 million from the last half
of 1946. This decrease in earnings reflects the
full efTect of the 15.3 billion dollar decline in member bank holdings of United States Government
securities between December 1945 and December
1946 but reflects only in part the effect of the 3.8
billion decline in Government security holdings
M E M B E R BANK EARNINGS
[Dollar amounts in millions]
1943
Item
Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts.
Other earnings
....,...,
First
half
$783
352
280
36
115
1944
Second
half
First
half
1945
Second
half
1946
1947
First
half
Second
half
First
half
Second
half
First
half
$1,228
$1,250
465
73
487
57
168
Expenses
Salaries and wages
Interest on time deposits
Taxes other than on net income.
Other expenses
503
234
61
39
168
$867
414
283
40
130
536
253
63
45
176
Net current earnings before income taxes.
281
330
355
392
415
420
482
452
460
Recoveries, profits on securities, etc.
Losses and charge-offs
129
111
183
140
164
115
154
117
214
101
240
129
216
110
117
85
Profits before income taxes..
Taxes on net income
299
374
403
430
529
530
53
62
90
94
138
132
588
159
140
137
455
126
246
311
314
335
391
398
429
329
102
106
6,738
108
6,773
118
6,814
116
6,840
130
6,884
124
143
6,887
6,900
Net profits
G a s h d i v i d e n d s d e c l a r e d 1 . . .v . . . . . . . .
Number of banks at end of period. .
1
6,703
$901
453
276
43
129
547
253
68
40
185
$973
507
287
43
136
580
272
76
43
190
$1,016
547
284
44
141
601
272
87
41
201
$1,086
589
304
43
150
$1,175
(546
348
47
159
508
73
425
53
170
667
308
96
42
221
694
325
103
40
226
775
374
109
42
249
790
375
117
43
255
I 75
492
142
350
132
6,928
Includes interest on capital notes and debentures.
NOVEMBER 1947
1353
MEMBER BANK EARNINGS
in the first half of this year. It is expected that
declines in bank earnings from Government securities will not be so marked in the near future
since the Treasury, having depleted its excess balances resulting from the Victory Loan Drive, now
has to rely on surplus revenues from normal operations to retire Government securities. Also of
importance is the tendency for banks to shift
from shorter-term, lower-yield issues to longerterm, higher-yield bonds, and the fact that rates
of yield on short-term Government obligations are
rising.
Reflecting debt retirement and also shifts in bank
portfolios, the average yield to member banks from
their Government security holdings was 1.52 per
cent in the first half of this year. This average yield compared with 1.49 per cent for the
second half of 1946, and 1.45 per cent for the
first half.
Earnings on loans aggregated 487 million dollars for the first half of 1947, an increase of 139
million over the first half of 1946 and 62 million
over the second. These increases more than offset
declines in earnings from United States Government obligations. Member bank holdings of loans
are increasing and the trend toward holding a
greater proportion of the higher-yield loans, such as
consumer and real estate, has continued. Average
yields on loans were 3.52 per cent for the first
half of this year, 3.40 per cent for the second half
of 1946, and 3.02 per cent for the first half.
Expenses. Current expenses of all member banks
continued to grow and aggregated 790 million
dollars for the first half of 1947, 15 million more
than in the last half of 1946. This growth was
more than offset by an increase in current earnings,
whereas between the first and second half of 1946
expenses had grown more than earnings.
Salaries and wages, the largest single item of
expense, aggregated 375 million dollars for the
first half of 1947, 50 million higher than in the
first half of 1946, but only 1 million higher than
in the second. Comparison with the second half
of 1946 may be somewhat misleading inasmuch as
reported payments for salaries and wages are
usually higher in the second half of a year. The
number of officers and employees of all member
banks increased by more than 10,000 between December 1946 and June 1947, continuing a trend
that has been apparent since 1938. The future
1354
size of the salaries and wages item will depend to
some extent on any increase in salary rates that
may be made to compensate for the rising level of
consumer prices.
Interest paid on time deposits, 117 million dollars,
was higher by 14 million and 8 million respectively
than in the first and second halves of 1946. Increases in this item resulted in part from continued
expansion of time and savings deposits and in part
from increases in the average rate of interest paid.
For the first half of 1947, the average rate paid
was 0.84 per cent, as compared writh a rate of 0.81
per cent in each of the semiannual periods last
year. This is the first increase in this average rate
since 1928.
Net current earnings, net recoveries and profits, and
income taxes. Net current earnings before income
taxes amounted to 460 million dollars for the first
half of 1947, a decline of 22 million from the corresponding figure for the first half of 1946, and an
increase of 8 million over the figure for the second
half.
The importance to net profits of the excess of
recoveries and profits on securities, etc., over losses
and charge-offs has fluctuated greatly during the
past year and a half. This excess accounted for
25 per cent of the net profits of all member banks
in the first half of 1946, for 1 per cent in the second
half, and for 9 per cent in the first half of 1947;
it totaled 106 million, 3 million, and 32 million
dollars respectively in the three periods. Recoveries and profits on securities, etc., amounting to
117 million dollars in the first half of 1947, were
smaller than in any semiannual period since 1942;
losses and charge-offs, amounting to 85 million,
were also smaller.
Taxes paid or accrued on net income were 142
million dollars in the first half of 1947, 17 million
less than in the first half of 1946, and 16 million
more than in the second half, reflecting changes in
net profits before payment of taxes.
Estimates for 1947. On the basis of results for
the first half of this year, of earnings data for
previous periods, and of current trends of loans
and investments, it is estimated that net profits
after taxes will be about the same in the second as
in the first half of this year, and will total about
700 million dollars for the entire year. This will
compare with 758 million for 1946, and will be a
decline of 8 per cent. The ratio of net profits to
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS
total capital accounts is estimated as 8.4 per cent
for the full year 1947 as compared with 9.6 per
cent last year.
Earnings by class of bank. The accompanying
table shows earnings by class of bank for the last
three semiannual periods. In contrast with the
trend for other classes of banks, central reserve city
banks had small but successive decreases in total
current earnings. This class of bank was most
affected by the Treasury's debt-retirement program,
and therefore sustained a relatively greater decline
in earnings from this source. Increased earnings on
loans did not fully offset this decline, as was the
case for other classes of banks. The greatest relative and also the greatest dollar increase in total
current earnings was at country banks.
Central reserve city and reserve city banks reported successive increases in total current expenses
and decreases in net current earnings before income
taxes. For country banks, current expenses in the
first half of 1947 were 1 million dollars lower than
in the preceding semiannual period; their reported
increase of 22 million dollars in net current earnings
before income taxes was more than the combined
decreases in this item shown by other classes of
banks.
Changes in net recoveries and profits on securities etc. followed the same pattern at all classes
of banks.
Increases in net profits in the first half of 1947
as compared with the second half of 1946 were
reported by all classes of banks except central reserve city banks in New York. For these banks
there was a decline of 2 million dollars. The
largest relative and also the largest dollar increase
was at country banks.
MEMBER BANK EARNINGS, BY CLASS OF BANK, FIRST AND SECOND HALVES OF 1946
AND FIRST HALF OF
1947
[In millions of dollars]
Central reserve city banks
Reserve
city banks
New York
First Second First
half
half
half
1946 1946 1947
Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts
Other earnings
Expenses
Salaries and wages
Interest on time deposits
Taxes other than on net income
Other expenses
Net current earnings before income taxes.
Recoveries, profits on securities, etc
Losses and charge-offs
Profits before income taxes
Taxes on net income
Net profits
Cash dividends declared1
1
First Second First
half
half
half
1946 1946 1947
Country
banks
First Second First
half
half
half
1946 1946 1947
First Second First
half
half
half
1946 1946
1947
Chicago
229
110
12
60
4
43
227
100
12
65
4
46
222
89
12
68
5
47
55
27
5
14
1
56
25
4
17
1
9
55
23
4
18
1
9
437
201
26
134
17
59
458
180
26
169
19
63
466
161
25
197
21
62
454
208
32
140
26
49
486
203
31
173
28
51
507
192
32
203
30
50
120
67
3
5
45
130
75
4
4
48
135
77
4
5
49
30
14
4
2
10
33
16
4
2
11
34
16
5
2
11
265
124
40
16
85
293
142
42
17
92
304
143
47
18
96
278
120
55
17
86
318
142
59
18
99
317
139
62
18
99
109
97
25
23
21
172
164
162
176
168
190
41
16
30
27
14
10
9
11
10
6
70
44
56
57
44
35
91
40
44
42
42
32
133
100
29
21
25
6
199
164
171
227
55
170
200
44
31
7
6
53
45
48
89
69
23
15
145
119
123
35
40
7
7
47
52
49
67
19
60
126
141
44
37
172
35
7
39
44
Includes interest on capital notes and debentures.
NoVExMBER 1947
1355
DISCONTINUANCE OF INSTALMENT CREDIT CONTROLS*
The instalment credit controls exercised by the
Board of Governors of the Federal Reserve System
under Regulation W, pursuant to Executive Order
No. 8843, will cease to be operative after November 1, 1947, in accordance with the resolution of
Congress approved on August 8, 1947.
Generally speaking, the instalment terms prescribed by this regulation called for maturities of
not more than 15 months and down payments of at
least one-third. The continuance of strong inflationary pressures has confirmed the belief of the
Board that this is no time for the relaxation of terms
by banks, finance companies and instalment sellers.
Demand for automobiles and many other durable
goods specifically covered by the regulation is still
far in excess of supply. Easier credit will not add
to the supply. It can only intensify demand and
accentuate the upward pressure on prices. Easier
terms should await a time when growth of credit
is needed to maintain full production. That time
has not arrived and it is not in immediate prospect.
Employment and national income are at all-time
peaks. Inflationary forces continue to exert powerful upward pressures on the general price level.
There could not be a worse time to encourage the
public to go deeper and deeper into debt.
Notwithstanding Regulation W and continued
shortages, particularly of consumers' durable goods,
* Statement released by the Board of Governors of the Federal Reserve System on Oct. 27, 1947.
1356
instalment credit, on which the regulation has been
focused, has expanded by more than 3 billion dollars
since the end of the war. Even this is too rapid a
rate of growth under the prevailing inflationary
conditions. Experience has shown that rapid and
excessive expansion of this type of credit is followed by a sharp reversal, thus contributing greatly
to economic instability.
As has been stated by the President, "it will be in
the public interest for every merchant and financial
agency extending instalment credit to avoid undue
relaxation of terms. It will be far better to reduce
prices rather than to relax terms in seeking new
customers. Self-restraint on the part of those who
use credit as well as on the part of those who extend
it will reduce the danger of an over-expansion of
instalment credit which would inevitably be followed by severe contraction, thereby contributing
to unemployment and reduced production."
The primary responsibility for avoiding excesses
now rests upon the lenders and vendors who have
been subject to the regulation. Their interest and
that of the nation will be served best if they refrain from taking undue advantage of the end of
the regulation. The Board of Governors urges
all who participate in the extension of instalment
credit to recognize and do all within their power
to avert through self-imposed restraints the dangers
inherent in easy terms that result in over-expansion
of consumers' instalment credit.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
The major portions of the third of a series of into "deposits and currency," "United States savings
annual reports on the condition of agriculture, bonds," and "investment in cooperatives." The
issued by the United States Department of Agri- deposits include both demand and time deposits.
culture, are given below.1 The full report will The United States savings bonds and the investment of farmers in various cooperative enterprises
be published later as a MISCELLANEOUS PUBLICATION
such as marketing associations complete the finanof the Department of Agriculture.
The study was prepared under the direction of cial items for which data are available. The first
Norman /. Wall, Head, Division of Agricultural asset shown in the balance sheet is real estate.
Finance, Bureau of Agricultural Economics, by
Farm Real Estate
Alvin S. Tostlebe, Roy J. Burroughs, Harold C.
Total farm real estate in the United States on
Larsen, Lawrence A. Jones, Harold T. Lin gar d,
January 1, 1947 had an estimated value of 58.6
Lucy R. Hudson, and Sarah L. Yarnall.
billion dollars.2 This represents about 53 per
cent of the assets listed in the balance sheet of
Agriculture viewed in its entirety reached the agriculture. The increase during the year 1946
year 1947 with assets of 111,209 million dollars, was 6.5 billion dollars.
the largest in history (Table 1). The huge warThe estimated value per acre increased 12 per
time increases in the market valuations of farm cent between March 1, 1946 and March 1, 1947.
real estate and other physical assets and the exten- This compares with a 13 per cent increase for
sive gains in money and in savings bonds were the year ended March 1946 and increases of 11
followed by still further increases in all these items per cent and 15 per cent, respectively, for the
in 1946, the first full postwar calendar year. For years ended March 1945 and March 1944. In the
only one major item was the wartime trend of year ended March 1947 increases took place in
the individual balance sheet items reversed: In- all regions and ranged from 10 per cent in the
stead of decreasing during 1946 as it had in other Texas-Oklahoma region to 16 per cent in both the
recent years, agricultural debt increased. Even Appalachian and Southeast regions.
though debt did increase, the higher valuations of
FARM REAL ESTATE: ESTIMATED VALUE PER ACRE
the assets were more than enough to offset this
BY REGIONS, 1915-22 AND 1940-47*
factor and the equities of proprietors in the farming
business, including those of landlords and tenants,
were the highest of all time.
INDEX NUMBERS (1912-14 = 100)
THE ASSET ITEMS
The assets treated in the Balance Sheet of Agriculture are divided into two major classes—physical
assets and financial assets. The physical assets in
turn are divided into "real estate" and "non-realestate." The real estate inventory is showrn as an
aggregate item since information for the separate
values of land, service buildings, and houses is not
available. The non-real-estate assets are classified
as "livestock," "machinery and motor vehicles,"
"crops stored on and of! farms," and "household
equipment." The financial assets are subdivided
1
For a similar treatment of the second of this series of
annual reports, see the Federal Reserve BULLETIN for September 1946, pp. 974-94.
NOVEMBER
1947
The index of value per acre (1912-14 ~ 100)
for the United States as a whole was 159 on
2
During the last year, data on the value of farm real estate
as obtained in the 1945 Census of Agriculture became available.
The Census value of farm real estate for 1945 was 46.4 billion
dollars as compared with the estimate of 50.3 billion dollars
previously made by the Bureau of Agricultural Economics. On
the basis of the more complete Census data, the real estate value
series has been revised for the years 1941-46.
1357
THE BALANCE SHEET OF AGRICULTURE, 1947
TABLE 1
COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JAN. 1, 1940-47 1
[Dollar amounts in millions]
Net change
1940
1941
1942
1943
1944
1945
1946
1946-47
1940-47
1947
Per
cent
Amount
Per
cent
Amount
ASSETS
Physical assets:
Real estate
$33,642 2
Non-real-estate:
Livestock
2 5,133
Machinery and
motor vehicles. 2 3,135
Crops, stored on
and off farms3.
2,645
Household equipment
4,275
Financial assets:
Deposits and currency
2 3,900
United States sav249
ings bonds
Investment in cooperatives
2 826
Total
$33 497 2 $35,331 2 $37,855
2
$42 532 2 $46 389 2 $52 114 $58 604
+ 74 +$24,962
+ 12
+$6,49C
25,325
2 7,074
2 9,642
2 9,685
29,012
2 9,742
11,979
+ 133
+6,846
+23
+2,237
2 3,241
2 3,781
2 4,573
25,418
2 6,235
26,192
6,889
+120
+3,754
+ 11
+697
2,944
3,798
5,110
6,079
2 6,388
2 6,030
6,894
+ 161
+4,249
+ 14
+864
4,299
4,386
4,265
4,276
4,232
2 4,415
4,766
+ 11
+491
+8
+351
2 4,300
2 5,300
15 100
+287
+ 11,200 + 10
+ l,40C
2 7,000
2 9,100 210,800 213,700
357
522
21,184
2 2,422
23,950
2 4,998
5,371 +2,057
2 875
2 953
21,044
21,140
21,262
21,417
1,606
2$53,805 2 $54,838 2$61,145 2 $70,673 2 $80,652 2 $88,268 2 $98,608 $111,209
+94
+5,122
+7
+373
+780 +13
+ 189
+ 107 +$57,404 + 13 +$12,601
LIABILITIES
$6,586 *$6,440 * $6,290 *$5,840 *$5,300 *$4,880 *$4,730 5$4,890
Real estate mortgages
Non-real-estate debt:
To principal institutions:
Excluding loans
held or guaranteed
by
Commodity
Credit Corporation
Loans held or
guaranteed by
Commodity
Credit Corporation
To others6
Total
1,538
1,673
2 445
1,455
2 630
1,675
2 1,805 2 1,667
2610
1,748
2 772
1,464
2
2$10,024 $10,418 2$10,453 2$9,743 2$8,752
$8,314
+3
2
1,959
+27
65
-85
1,500
+3
-380
+45
-77
+28
$7,849
$8,414
-16
-$1,610
+7
+$160
+421 + 17
2277
1,170
2
683
1,132
2
-$1,696
2 1,672
2 1,683 21,619
2
589
1,180
-26
+2
-212
+330
+ $565
CAPITAL
2
2
2
Proprietors' equities. 2$43,781 2$44,420 2$50,692 $60,930 2$71,900 $79,954 $90,759 $102,795
+ 135 +$59,014 + 13 +$12,036
Total, liabilities
2
and equities. 2$53,805 2$54,838 2$61,145 $70,673 2$80,652 2 $88,268 2 $98,608 $111,209
+107 +$57,404 +13 +$12,601
1
2
3
The margin of error of the estimates varies with the items.
Revised.
Includes all crops held on farms and crops held in bonded warehouses as security for Commodity Credit Corporation loans.
latter, which on Jan. 1, 1947 totaled 28 million dollars, formerly were reported under the heading "Warehouse Receipts."
4
Tentative revision.
5
Tentative.
6
Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders.
March 1, 1947. This was only 11 points lower
than the index of 170 in 1920—the peak year
following World War I. In the Northeast, Appalachian, and Pacific regions average values per
acre were considerably higher in 1947 than in
1920. Values in the Southeast, the Delta States,
and the Mountain regions were about the same
in these two years. Elsewhere, average values
1358
The
per acre at the beginning of 1947 were still somewhat lower than for the boom period after the
First World War as is shown in the accompanying
map. In the Great Plains region where the increase has been the smallest, values per acre in
1947 were only 65 per cent of those in 1920.
Major influences in the farm real estate market
continue to be the record high farm income, faFEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
vorable income prospects—for 1947 at least, large
accumulations of liquid funds, and a plentiful
supply of credit. The volume of farm sales remains at a record level. For the year ended
March 15, 1947 there were 57.7 voluntary transfers
for every 1,000 farms. This rate of sales activity
is highest for the current war period and higher
than in 1919, which was the peak year of the
World War I period. To date, there has not
been much evidence that the rise of farm land
values is ending, except possibly in some of the
Southeastern and Far Western States, but the
feeling is apparently becoming rather general that
the peak in values is near, and that any decline in
prices of farm products will stop the rise and may
result in lower farm values.
Non-Real-Estate Physical Inventories
Livestock on farms. The value of livestock on
farms January 1, 1947 is estimated at $11,978,850,000. This represents an increase of 2.2 billion
dollars, or 23 per cent, over a year earlier. It also
represents the highest value of the livestock inventory on record at the beginning of any year, in
spite of a decline in the estimated number of
animals of each species.
The increase during 1946 in this inventory value
was due to higher prices. For many classes of livestock the value per head surpassed the high prices
that followed World War I. For instance, the peak
first-of-the-year prices reached for "all cattle" and
for hogs immediately after World War I were
recorded for January 1, 1919 when "all cattle"
were valued at $54.65 per head and hogs at $22.18
per head. Such values were considerably below
those recorded for January 1, 1947 when "all
cattle" reached $97.40 per head and hogs $36 per
head. Even the value per head of horses and
mules, which had been declining steadily for several years, turned upward somewhat during 1946.
Crop inventory. The value of crop inventory held
on farms on January 1, 1947 is estimated at 6,866
million dollars, an increase of more than a billion
dollars over that of a year earlier. As with most
other physical inventory items, the principal factor
in the increase was the higher price at which the
various crops were valued, although quantities on
hand also were larger than a year earlier. Some
indication of the influence of changes in quantities
may be found by multiplying the 1947 quantities
by 1946 prices. This shows that quantities of
NOVEMBER
1947
crops on hand January 1, 1947 were about 4.5
per cent larger than at the beginning of 1946.
This is in contrast to the change that occurred
during 1945 when quantities declined about 3 per
cent and prices increased only slightly more than
enough to ofTset the lower quantities, so there was
little change in value from the year before.
Farm machinery and motor vehicles. After a
small decline in 1945 the inventory value of farm
machinery and motor vehicles rose sharply in 1946.
On January 1, 1947 such assets were valued at
6,889 million dollars, or 11 per cent more than
a year earlier. This increase reflects both higher
valuations of existing machinery and an increased
purchase of machinery during the year at higher
prices. In 1946 farmers' expenditures for machinery and motor vehicles totaled 1,784 million
dollars compared with 1,267 million dollars in
1945. This is the third consecutive year that such
expenditures were over a billion dollars. But, as
is shown by the accompanying chart, it was the
first year since 1942 that expenditures exceeded estimated depreciation based on current valuations as
of the beginning of each year.
PURCHASES AND DEPRECIATION OF FARM AUTOMOBILES. MOTORTRUCKS,
TRACTORS, AND OTHER FARM MACHINERY. UNITED STATES, 1910-46
DOLLARS
Household furnishings and equipment. The value
of furnishings and equipment in farm households
at the beginning of 1947 was estimated at 4,766
million dollars. This is 8 per cent greater than
the estimate for a year earlier and represents the
greatest increase in value for any year since 1940.
The increase in value of these farm household
goods for the entire period from 1940 to 1947 was
11 per cent.
The comparatively large rise in valuation during
1359
THE BALANCE SHEET OF AGRICULTURE, 1947
1946 resulted partly from an increase in the number of farm families. A more important reason,
however, was the expanded purchasing of new
household furnishings and equipment. Increasing production of consumer goods since the end
of the war has permitted the fulfilling of some of
the accumulated demands of farmers. During
1946 the average value of furnishings and equipment per family increased to $700. This is $38
greater than the average a year earlier and $102
greater than on January 1, 1940.
Financial Assets
At the beginning of 1947 those financial assets
of farm people for which estimates have been made
totaled about 22 billion dollars. About 20.3 billion dollars were in the form of liquid assets—
currency, bank deposits, and United States savings
bonds. Currency and deposits, both demand and
time, amounted to about three-fourths of these
liquid assets. Holdings of United States savings
bonds, nearly all of which were acquired since 1940,
amounted to a fourth of the farmer-owned liquid
assets. The financial interest of 1.6 billion dollars
in cooperative organizations constitutes the remainder of the financial assets listed in the balance
sheet.
Bank deposits. Bank deposits of farm people
increased to the highest point on record in 1946
although the amount and rate of increase were considerably less than in immediately preceding years.
Because of the increase in prices paid by farmers,
however, these large deposits of January 1, 1947
would buy less goods than the deposits of a year
earlier.
TABLE 2
FARMER-OWNED BANK DEPOSITS, UNITED STATES, JAN. 1,
1940-471
[In billions of dollars]
Deposits
Year
1940
1941
1942
1943
1944
194S
1946
1947
Total
Demand
Time
2 9
3.2
3.8
5 0
1.5
1.4
1.7
2.2
3.2
1.5
1.6
1 8
6.4
4.4
2.0
7 5
9 7
11.1
5.0
6 4
7.5
2.5
3 3
3.6
1
Bureau of Agricultural Economics' estimates adjusted on basis
of the Federal Reserve surveys of deposit ownership. The series is
under review and may be further revised.
1360
The amount of deposits owned by farmers on
January 1, 1947 is estimated at 11,100 million dollars as compared with 9,700 million a year before
(Table 2). Estimated demand deposits increased
from 6,400 million to 7,500 million dollars and time
deposits from 3,300 million to 3,600 million dollars
during the 12-month period.3 This represented
an increase of 17 per cent for demand deposits and
9 per cent for time deposits.
In the Lake States demand deposits of rural
areas have increased above the prewar level by a
smaller percentage than in other farming areas.4
Particularly large increases of demand deposits
have occurred in country banks in the Great Plains
States and the Corn Belt States. Time deposits
have shown rather large gains from region to region except in the Texas-Oklahoma region where
they are small and have increased only moderately
since before the war.
Wartime increase of deposits was of course not
unique to rural areas. Demand and time deposits
of all banks increased greatly during the war.
Although during 1946 the war loan accounts of
the United States Government in the banks declined as the Government drew on these accounts,
in the aggregate, deposits of nongovernmental
owners continued to follow the wartime upward
course. As in other recent years, privately owned
deposits in farming areas continued to increase
more than such deposits generally.
Before the war the year-to-year changes in cash
farm income, rural retail sales, and demand deposits of country banks were closely related. During the war, however, the scarcity of many goods
prevented retail sales to farmers from rising in proportion to increased income. The rapidly rising
farm income made possible the sharp climb in
farmers' bank deposits; and the rate of increase
of such deposits was accentuated by the lag in
volume of farmers' retail purchases. After the war
the continued rise in farm income permitted still
further accumulations of deposits. In 1946 rural
retail sales increased to a record dollar volume
but farm income remained so high that, in terms
of index numbers, the disparity between deposits
and sales remained rather large. It is not certain
3
Demand deposits revised, 1946.
4
Indexes of changes in deposits in country banks in towns of
less than 15,000. Although the indexes of deposits in rural
areas include deposits of nonagricultural groups, they are believed to reflect the trend of farmers' deposits and are useful
in the comparison of the behavior of farmer-owned deposits
with the behavior of those of the banking system as a whole.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
that the prewar relationship of income, deposits,
and sales will be re-established. This will depend
upon numerous factors including price relationships between farm and nonfarm products, and the
relationship between net farm income and the
farmer's plane of living.
In terms of purchasing power, bank deposits
have increased less since 1940 than the absolute
dollar figures would indicate. Since January 1,
1940 the prices farmers pay for goods and services
have increased considerably. If adjusted for these
prices paid, the increase in adjusted deposits would
be less than the actual. Thus on January 1, 1947
the 11,140 million dollars of total deposits owned
by farmers was the equivalent of only 6,015 million
dollars of 1940 purchasing power. While total deposits increased from 9,668 million dollars to 11,140
million dollars in the year ended January 1, 1947,
the purchasing power in terms of 1940 dollars actually declined from 6,411 million to 6,015 million.
Currency. Currency in the hands of farmers on
January 1, 1947 is estimated at approximately 4
billion dollars, or nearly four times the amount
estimated for January 1, 1940.
These estimates are derived from over-all United
States data furnished by the Federal Reserve System
for currency holdings of individuals of all occupations, by assuming that the average per capita holdings of persons on farms were equal to the average
per capita holdings of all individuals.
United States savings bonds. The cash value of
United States savings bonds held by farm people on
January 1, 1947 is estimated at 5,371 million dollars.
This is about 373 million more than was owned by
farmers the year before. The net increase during
1946 was only about one-third as large as in 1945.
Although the cashing of bonds increased somewhat,
this reduced rate of increase can be attributed primarily to a decline in purchases of bonds.
The 530 million dollars estimated to have been
spent by farmers in 1946 for savings bonds of all
series is about half the estimated purchases in 1945.
Purchases by farmers of Series F and G bonds were
only 22 per cent less than in 1945.5 Purchases of
Series E, however, were nearly 60 per cent smaller
in 1946 than in 1945, with declines occurring in
5
Series F bonds are 12-year discount bonds sold at 74 per
cent of maturity value. Series G bonds are 12-year current income bonds sold at par. Series E bonds are 10-year discount
bonds sold at 75 per cent of maturity value. Purchasers of
Series E bonds are limited to $3,750 issue price in any one
calendar year. The limit for Series F and G combined is
$100,000 in any one year.
NOVEMBER
1947
every region (Table 3). In the Southeast, TexasOklahoma, and Pacific regions purchases of E
bonds in 1946 were only a third of the purchases in
1945. In the Great Plains and the Corn Belt, where
the decline was the smallest, purchases of Series E
bonds amounted to about half of those made in
1945.
TABLE
3
ESTIMATED COST OF SERIES D
PURCHASED BY FARMERS,
AND E SAVINGS BONDS
BY REGIONS,
1940-46
[In millions of dollars]
Region
1940 1941 1942
1943
1944
1945
1946
Northeast *
Appalachian 2 . . .
Southeast 3 4
Lake States
Corn Belts 6
Delta States . . .
Great Plains 7 . . .
Texas-Oklahoma.
Mountain 8
Pacific9
12
12
5
16
29
5
10
8
4
7
20
19
9
19
34
10
11
14
6
12
74
82
39
70
138
40
43
49
23
52
118
147
78
141
257
72
109
102
52
89
150
176
104
169
318
87
151
132
70
115
112
135
82
116
237
67
114
95
48
82
44
59
27
49
115
25
59
33
18
27
United States.
108
154
610
1,165
1,472
1,088
456
1
Maine, New Hampshire, Vermont, Massachusetts, Rhode
Island, Connecticut, New York, New Jersey, Pennsylvania.
2
Delaware, Maryland, Virginia, West Virginia, North Carolina,
Kentucky, Tennessee.
3
South Carolina, Georgia, Florida, Alabama.
4
Michigan, Wisconsin, Minnesota.
0
Ohio, Indiana, Illinois, Iowa, Missouri.
6
Mississippi, Arkansas, Louisiana.
7
North Dakota, South Dakota, Nebraska, Kansas.
8
Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona,
Utah, Nevada.
9
Washington, Oregon, California.
The varying rates of decline in bond purchases
during 1946 among the regions probably are
basically related to net farm income. The general
decline in bond purchases by farmers must be
attributed primarily to other factors, however, as
farm income for the country as a whole remained
at a record high level. Discontinuance of wartime
bond drives appears to be one cause. Higher
living costs combined with increased purchases of
machinery, automobiles, and household equipment, and the holding of ready cash in anticipation of such purchases, have been influential in
reducing the volume of funds available for buying
bonds.
The amount of bonds cashed by farmers in
1946 is estimated at about 223 million dollars,
or 42 per cent of the amount bought during the
year. Expenditures like those mentioned as retarding purchases of bonds also may have influenced many farmers to cash some of their bonds.
It is also probable that some bonds were cashed
for the purchase of farm real estate. Although
1361
THE BALANCE SHEET OF AGRICULTURE, 1947
totaling 40 million more than in 1945, redemptions
of farmer-held bonds were believed to be at a much
lower rate than for the population as a whole.
The Treasury Department reports that bonds of
all series cashed by all population groups during
1946 were 87 per cent of the amount of the sales.
In the case of Series E bonds the redemptions for
the total population were 21 per cent greater than
sales. Only the farm States of North Dakota,
South Dakota, Nebraska, Iowa, and Kansas reported more E bonds sold than were cashed.
Investments in cooperative associations. Farmers
are believed to have only limited investments in
nonfarm enterprises but they do have a substantial
financial interest in farmers' cooperative organizations. These allied organizations operate in a
number of fields. Some provide supplies like fertilizer, feed, and seed. Others provide water for
irrigation; facilities for marketing farm produce;
credit of various types; and varied services for
both farm and home, including telephone and electricity.
The net worth of the cooperatives for which
estimates have been made totaled about 1,606
million dollars on January 1, 19476 (Table 4). This
net worth, represented by such items as stock, certi6
Revised net worth totals for 1940-46 are substantially larger
than previously estimated. This results mainly from including
as net worth reserves and surplus of the credit cooperatives in
addition to capital stock formerly used. The net worth of irrigation companies for 1941-46 has been adjusted upward to reflect the trend of the other associations; previously the 1940
Census figure was used for each succeeding year.
ficates of indebtedness, and reserves, is owned by
the farmer members and for the purpose of this
report is considered an asset of agriculture. Marketing cooperatives, with net worth estimated at
503 million dollars at the beginning of 1947, form
the largest segment of these farmer-owned organizations. Purchasing associations, which often are
affiliated with marketing cooperatives, had an estimated net worth of 288 million dollars—nearly
four times the "estimate for 1940. The net worth
of mutual irrigation companies—one of the oldest
forms of agricultural cooperation in the nation—
was estimated at 383 million dollars. The financial
condition of farmers' mutual telephone companies
is believed to have shown no great change during
the war and the prewar estimate of 23 million
dollars is being carried forward as their net worth.
The surplus and reserves of mutual fire insurance
companies increased 5 million dollars during 1946
to a total of 78 million at the beginning of 1947.
The net worths of the land bank and production
credit systems, which are important groups of cooperatives operating under the Farm Credit Administration, totaled 254 million and 77 million
dollars respectively.
THE LIABILITY AND EQUITY ITEMS
Liabilities and equities constitute
the various classes of interests in the
culture. These two general classes
interests of the creditors on the one
the claims of
assets of agricomprise the
hand and the
TABLE 4
FARMERS' FINANCIAL INTEREST IN SELECTED TYPES OF COOPERATIVES, UNITED STATES, JAN. 1, 1940-47
[In millions of dollars]
Type of cooperative
l
Marketing associations
Purchasing associations *
4
Farmers' mutual telephone companies 5 . . .
Fafmers' mutual irrigation companies . . .6
Farmers' mutual fire insurance companies
Production credit system 7
Land bank system 8
Total.
1940
1941
1942
2 256
2 74
23
197
42
2
31
2
203
2 262
2 84
23
2
2
2
826
2
2O9
2
45
2
36
216
875
1943
284
2 102
23
2
227
50
2
42
2
225
2
953
1944
2
354
2 158
23
2272
61
2
55
2
217
2 320
2
120
23
2
249
56
2
48
2
228
2
1,044
1945
2
1,140
1946
2
2 440
393
194
23
2
3O1
2
68
2
61
2
222
2
2
2
1,262
236
23
2 338
73
2
68
2
239
2
1,417
1947
3 503
*288
23
383
3 78
77
254
1,606
1
2
8
4
Net worth.
Source: Bureau of Agricultural Economics estimates based on data accumulated by Farm Credit Administration.
Revised.
Preliminary.
Investment in plant and equipment less borrowed money. Figure used for each date is that for Jan. 1, 1938. Source: Census of
Electrical Industries, 1937, U. S. Bureau of the Census.
6
Net worth—Figure for Jan. 1, 1940 from Census of Irrigation of Agricultural Lands, 1940, U. S. Bureau of the Census; figures
for later dates estimated by Bureau of Agricultural Economics on basis of changes in net worth of other cooperatives.
6
Surplus and reserves. Data for 1940 and 1941 from Farm Credit Administration: data for later years from Bureau of Agricultural
Economics.
7
Net worth excluding capital owned by Production Credit Corporation. Data from reports of Farm Credit Administration.
8
Net worth excluding capital and surplus paid into the Federal Land Banks by the Federal Government. Data from reports of Farm
Credit Administration.
1362
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE,
landlords and operators on the other.
Real estate
1947
up about 11 per cent.
cent
were
Rises of between 8 and 9
mortgage debt, non-real-estate debt, and equities
per
indicated
are discussed in the following sections.
Southeastern, Delta, and Pacific States.
for
the
Northeastern,
In 1945,
increases were reported in only the last two reFarm Real Estate Debt
gions.
The farm real estate debt for the country as a
During
1946, 39 States experienced debt
increases as compared with 20 States in 1945 and
whole experienced, during 1946, the first increase
8 in 1944.
that has been reported since 1927 and the largest
and Arizona—had increases of 20 per cent or more.
increase since 1921.
Three States—Florida, New Mexico,
Preliminary estimates indi-
cate a rise from 4,730 million dollars on January 1,
PERCENTAGE CHANGE IN OUTSTANDING FARM-MORTGAGE
1946 to 4,890 million dollars at the beginning of
1947, an increase of 160 million dollars7 (Table 5).
The 1947 debt is less than that for any other year
since 1914 (except for 1946) and is less than half
the peak of 10,786 million dollars on January 1,
1923.
The increase in total debt of 3.4 per cent for
1946 is in contrast to declines of 3.1 per cent for
1945 and 7.9 per cent for 1944.
Indebtedness se-
cured by farm real estate increased in all regions
except the Great Plains and Corn Belt, as is shown
in the accompanying map.
The largest increase
The Great Plains continued to show the greatest
occurred in the Mountain States, where debt was
decline but at a reduced rate.
The reduction in
7
Estimates of farm mortgage indebtedness for the years
1941-47 discussed in this section of the balance sheet are tentative revisions of those published previously. Final estimates
based on data from the 1945 Census of Agriculture and on the
results of a survey conducted jointly by the Bureau of the Census and the Bureau of Agricultural Economics will be available
in the near future.
debt for this region amounted to only 5.1 per cent
in 1946 or only about half the rate of 1945. The
largest percentage decrease was 7.4, reported for
Nebraska.
The two major
Corn
Belt States of
TABLE 5
FARM MORTGAGE DEBT OUTSTANDING AND HELD BY MAJOR LENDER GROUPS, UNITED STATES, JAN. 1, 1940-47
WITH PERCENTAGE CHANGE 1940-47 AND 1946-47
[Dollar items in thousands]
Year
1940
1941
1942
1943
1944
1945
1946
1947
Total
debt 1
$6,586,399
6,440,000
6,290,000
5,840,000
5,300,000
4,880,000
4,730,000
4,890,000
Federal
Farm MortFederal
Land Banks2 gage Cor-3
poration 2
$2,009,820
1,957,184
1,880,784
1,718,240
1,452,886
5
1,209,676
s 1,078,952
976,748
$713,290
685,149
634,885
543,895
429,751
5
347,307
5 239,365
146,621
Farmers
Home
Administration 4
$ 38,566
73,093
122,104
163,681
176,607
178,969
184,035
190,128
Life
insurance
companies 2
Insured
commercial
banks
$
$
984,290
1,016,479
1,063,166
1,042,939
986,661
933,723
884,312
890,161
534,170
543,408
535,212
476,676
448,433
449,582
507,298
683,229
Individuals
and
others l
$2,306,263
2,164,687
2,053,849
1,894,569
1,805,662
1,760,743
1,836,038
2,003,113
Percentage change
1940-47
1946-47
—25 8
3.4
-51.4
-9.5
-79.4
-38.7
393.0
3.3
-9.6
.7
27.9
34.7
-13.1
9.1
1
2
3
4
Estimates for years 1941-47 are tentative revisions.
Includes regular mortgages, purchase-money mortgages, and sales contracts.
Loans held by Federal Farm Mortgage Corporation are made on its behalf by Land Bank Commissioner.
Successor to Farm Security Administration. For 1940, includes only tenant purchase loans and construction loans to individuals.
Beginning with 1941, includes farm development (special real estate) loans; beginning with 1944, includes farm enlargement loans; for
1944-46, includes flood and windstorm real estate restoration loans; and beginning with 1946, includes project liquidation loans. Loans
made for these purposes from State Rural Rehabilitation Corporation trust funds are included.
6
Revised.
NOVEMBER 1947
1363
THE BALANCE SHEET OF AGRICULTURE, 1947
Iowa and Illinois also registered declines, as did
Minnesota in the Lake States and Massachusetts
and Connecticut in the Northeast.
The tentative revisions of estimates of farm
mortgage debt for the period since 1940 indicate
somewhat larger debt repayments during World
War II than were first reported. Debt secured
by farm real estate on January 1, 1946 proved to
be down 28 per cent from the total at the beginning
of 1940 compared with a reduction of approximately 23 per cent reported previously. Although
farm income has not only continued high since the
war but has actually increased, less of the income
apparently has gone for debt reduction and more
has gone for new equipment, improvements, and
larger family living expenditures than during the
war. Some farmers undoubtedly are under necessity to borrow even for these purposes, while others
are buying bigger and better farms or are expanding
their present ones. Farm transfers during 1946
were at the highest volume on record.
Whatever the purpose, a greater dollar amount of
mortgages was recorded during 1946 than during
any year since 1934. The net result has been an
upward turn in the trend of farm real estate debt.
With a substantial increase during 1946, and with
total debt at what would appear to be a minimum
considering the size and value of the agricultural
plant, it seems likely that the farm mortgage debt
of the country may increase again in the immediate
future; at least, further declines are not expected.
The rise in farm mortgage debt during 1946 was
reflected in the holdings of each of the major
lender groups, except the Federal Land Banks and
Federal Farm Mortgage Corporation. The loans
held by the latter agencies continued the downward trend that has been evident since 1937.
Those of the Federal Land Banks dropped below
the billion dollar level for the first time since 1925,
totaling 977 million dollars on January 1, 1947.
This is only about half the amount carried on
their books at the beginning of 1940. Outstanding
Land Bank loans declined approximately 10 per
cent during 1946, about the same as in 1945.
The Federal Farm Mortgage Corporation reported the largest percentage decline in farm
mortgage holdings during 1946 of any of the
major lender groups. Its loans dropped below
150 million dollars on January 1, 1947 compared
with about 240 million dollars a year earlier. This
1364
marks a decline of nearly 40 per cent during 1946
and of approximately 80 per cent since 1940.
The accelerated rate at which the loans held by the
Federal Farm Mortgage Corporation have declined in recent years can be attributed largely to
changes in the regulations permitting the Federal
Land Banks to take over "eligible" loans from the
Corporation and to make loans for a higher proportion of the appraised value of farm real estate.
The Farmers Home Administration (successor
to Farm Security Administration) had somewhat
more loans outstanding at the beginning of 1947
than a year earlier, reaching a new peak of 190
million dollars. Although both the amount and
rate of increase were somewhat higher than during
1945, the dollar amount in both years was small
because of certain legal limitations on the size of
loans, a reluctance to lend extensively at present
high land values, and increased loan repayments.
Outstanding farm mortgage loans of the Farmers
Home Administration at the beginning of 1947
were approximately five times greater than at the
beginning of 1940.
Life insurance companies increased their farm
mortgage investments during 1946 for the first
time since 1941, their loans rising from a little
more than 884 million dollars on January 1, 1946
to about 890 million dollars at the beginning of
1947. Although it is small percentagewise, this
increase was in contrast to a decline of approximately 5 per cent in 1945. Their increased mortgage portfolio, however, was still about 10 per
cent below the 1940 total and, except for 1946,
below that for any year since the beginning of
World War I.
Banks, as indicated by reports for insured commercial banks, showed the greatest percentage in^
crease during 1946 of any of the major lender
groups. Loans of insured banks increased approximately one-third during the 12-month period, rising
from approximately 507 million dollars at the beginning of 1946 to about 683 million dollars at
the beginning of 1947. This compares with a rise
of about one-eighth in 1945 and almost no increase in 1944. The sharp upward turn in bank
loans has brought them well above the 1940 level
and to the highest point reached by insured commercial banks since loan data were first reported
for this group in 1935.
Loans held by individuals and miscellaneous
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
lenders also increased substantially during 1946.
The percentage increase during 1946 was slightly
less than 10, or about twice the percentage increase
reported for this group for 1945. The amount of
loans held by this group at the beginning of 1947,
however, was still about 13 per cent below the
amount at the beginning of 1940. The estimates
presented for this lender group are somewhat lower
than previously reported as a result of the tentative
revisions mentioned before.
Non-Real-Estate Debt
On January 1, 1947 the total non-real-estate or
"short-term" debt of farmers is estimated to have
been nearly 3.5 billion dollars.8 This was about
22 per cent larger than the amount outstanding
one year earlier.
Of this debt, almost 2 billion dollars represented loans to farmers by commercial banks and
the Federal and federally sponsored lending agencies (Table 6). Such loans were 17 per cent greater
than on January 1, 1946 and at the highest level for
any January 1 since 1931. However, as indicated
in the accompanying chart, they remained substantially below the peak level following World
War I.
SHORT-TERM AGRICULTURAL LOANS HELD BY ACTIVE COMMERCIAL
BANKS. FEDERAL AND FEDERALLY SPONSORED AGENCIES,
UNITED STATES, JAN. 1 AND JULY 1, 1910-47
( E X C L U D E S NONRECOURSE COMMODITY LOANS HELD OR GUARANTEED BY C C C )
|
1910
1915
1920
.-.- p-T7^ Regional ag-cr corporations and Farmers Home Admin -,
1925
1930
1935
1940
1945
Loans of banks, which amounted to 1.3 billion
dollars or two-thirds of the non-real-estate loans
(other than CCC loans) of all institutional lenders,
increased 25 per cent during 1946. The 230 million
dollars in loans held on January 1, 1947 by the
production credit associations was 18 per cent
8
This 3.5 billion dollars excludes the nonrecourse loans made
or guaranteed by the Commodity Credit Corporation, which will
be discussed at the end of this section.
NOVEMBER
1947
greater than the figure for a year earlier and was
a record figure for any January 1 in the history
of the PCA's. Discounts by the Federal Intermediate Credit Banks for private agricultural credit
corporations increased 20 per cent during 1946,
from 26.5 million dollars to 31.7 million. The increases in the loans of these three types of institutions indicate rather well a widespread rise in the
use of non-real-estate credit by farmers.
The Farmers Home Administration (which came
into operation by Act of Congress on November 1,
1946) consolidates the lending functions of the
Farm Security Administration and the Emergency
Crop and Feed Loan Office of the Farm Credit
Administration. The non-real-estate agricultural
loans of the new organization are called production
and subsistence loans. The FSA rural rehabilitation loans and the FCA crop and feed loans will
be gradually liquidated. The total of all outstanding non-real-estate loans of the FHA on January 1, 1947 was 402 million dollars. This included about 5 million dollars of outstanding production and subsistence loans made in the last
two months of 1946; 280 million dollars in outstanding rural rehabilitation loans; and nearly
117 million of crop and feed loans. On January 1,
1946 rural rehabilitation loans and crop and feed
loans amounted to 278 million dollars and 129
million respectively, or a total of 407 million. The
decline in the loans of these Federal agencies, which
has been under way throughout the war period,
results primarily from smaller loan allotments for
FSA, cancellation of more than 5 million in oldcrop and feed loans during 1946, and heavy repayments made possible by prosperous farm conditions.
Another Federal agency extending non-real-estate
agricultural credit in certain emergencies is the
Regional Agricultural Credit Corporation. Although in liquidation since 1934, its loans rose
beyond 50 million dollars in 1943 during a brief
program of financing wartime food production.
Since then the liquidation program has been resumed and on January 1, 1947 outstanding loans
amounted to only 2.6 million dollars.
Changes during the war in outstanding nonreal-estate loans of all these institutions—both Federal and private—varied considerably from area
to area. Data permitting comparison of changes
in such non-CCC loans are available only for the
period since 1943 (Table 6). Between 1943 and
1365
THE BALANCE SHEET OF AGRICULTURE, 1947
TABLE 6
NON-REAL-ESTATE LOANS TO FARMERS HELD BY PRINCIPAL LENDING INSTITUTIONS
JAN. 1, 1943,
1946,
AND 1947,
BY REGION AND STATE 1
[Dollar amounts in thousands]
Percentage change
Amount
Region and State
Jan. 1, 1943
United States
Northeast
Maine
New Hampshire....
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
$1,666,866
87,297
8,931
,091
Appalachian
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
Kentucky
Tennessee
Jan. 1, 1946
Jan. 1, 1947
Jan. 1, 1943 to
Jan. 1, 1946
Jan. 1, 1946 to
Jan. 1, 1947
$1,672,407
$1,959,423
.3
5,780
2,943
676
3,289
33,249
6,668
23,670
98,891
8,901
2,544
9,225
4,185
851
3,912
39,071
6,295
23,907
127,741
10,411
2,981
11,773
5,122
784
4,352
51,763
8,602
31,953
13.3
-0.3
21.7
59.6
42.2
25.9
18.9
17.5
-5.6
1.0
17.2
29.2
17.0
17.2
27.6
22.4
-7.9
11.2
32.5
36.6
33.7
95,851
1.625
6,378
9
19,629
6,247
15,781
24,917
21,265
101,782
1,873
7,411
26
19,570
5,126
15,594
26,907
25,275
128,883
2,260
10,638
18
24,077
6,460
18,512
36,174
30,744
6.2
15.3
16.2
188.9
-.3
-17.9
-1.2
8.0
18.9
26.6
20.7
43.5
-30.8
23.0
26.0
18.7
34.4
21.6
Southeast
South Carolina
Georgia
Florida
Alabama
102,920
17,141
35,668
17,048
33,063
96,206
15,243
33,259
17,339
30,365
110,845
16,789
37,824
20,587
35,645
-6.5
-11.1
-6.8
1.7
-8.2
15.2
10.1
13.7
18.7
17.4
Lake States
Michigan
Wisconsin
Minnesota
134,463
25,858
35,323
73,282
139,441
28,634
38,351
72,456
155,768
37,234
45,166
73,368
3.7
10.7
8.6
-1.1
11.7
30.0
17.8
1.3
Corn Belt
Ohio
Indiana
Illinois
Iowa
Missouri
329,623
38,872
35,813
72,720
110,469
71,749
320,535
35,077
40,489
72,572
107,544
64,853
383,152
46,121
47,939
85,702
120,771
82,619
-2.8
-9.8
13.1
-.2
-2.6
-9.6
19.5
31.5
18.4
18.1
12.3
27.4
97,335
43,068
31,138
23,129
94,742
43,058
31,724
19,960
105,382
45,609
36,289
23,484
11.2
5.9
14.4
17.7
Great Plains
North Dakota
South Dakota
Nebraska
Kansas
304,249
61,478
70,656
84,158
87,957
263,927
52,251
60,443
78,755
72,478
284,251
50,581
59,199
81,448
93,023
-2.7
.0
1.9
-13.7
-13.3
-15.0
-14.5
-17.6
Texas-Oklahoma... .
Texas
Oklahoma
205,726
155,111
50,615
219,214
163,480
55,734
269,138
203,791
65,347
5.4
10.1
6.6
22.8
24.7
17.2
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
179,396
36,992
19,358
22,027
52,615
15,700
12,202
17,024
3,478
183,968
34,273
19,147
20,164
50,986
18,625
16,377
20,443
3,953
200,065
33,139
21,831
19,743
55,494
21,775
20,872
21,777
5,434
2.5
-7.4
-1.1
-8.5
-3.1
18.6
34.2
20.1
13.7
8.7
-3.3
14.0
-2.1
8.8
16.9
27.4
6.5
37.5
Pacific
Washington
Oregon
California
129,961
21,899
14,476
93,586
153,698
24,915
17.023
111,760
194,184
31,467
20,726
141,991
18.3
13.8
17.6
19.4
26.3
21.8
27.0
14
-93.3
-53.3
Delta States
Mississippi
Arkansas
Louisiana
Unallocated
45
.
-6.4
7.7
-3.2
-2.1
3.4
28.3
26.3
1
All active commercial banks, Farmers Home Administration, Emergency Crop and Feed Loan Office, production credit associations,
Federal Intermediate Credit Banks, and Regional Agricultural Credit Corporation. Excludes loans made or guaranteed by Commodity
Credit Corporation, except a small amount in 1943 held by the Federal Intermediate Credit Banks.
1366
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
1946, non-real-estate farm loans declined in 22
States. The declines were as large as 15 per cent in
the Dakotas and nearly 18 per cent in West Virginia. In the same period there were increases
in loans in the majority of the States; they ranged
from less than 2 per cent in Pennsylvania, Florida,
and Arkansas to about 42 per cent in Massachusetts and nearly 60 per cent in Vermont. For
the United States as a whole, however, there was
practically no change in the volume of outstanding
loans between 1943 and 1946.
During the one postwar year of 1946 these loans
rose about 17 per cent—a greater increase than for
any other year during the war period. Furthermore, increases were rather general, with decreases
occurring only in five States—Rhode Island, North
Dakota, South Dakota, Montana, and Wyoming.
By regions, increases ranged from nearly 8 per cent
in the Great Plains to 29 per cent in the Northeast.
It has been youghly estimated that, in addition
to the non-real-estate debt owed to these principal
lending institutions, farmers owed about 1.5 billion
dollars on January 1, 1947 to such creditors as
merchants, dealers, finance companies, and individuals. Few data are available, but a substantial
rise during 1946 has been estimated for such debt
on the basis of the increase in institutional loans and
the substantial expansion in purchases of farm
machinery, automobiles, and all types of household equipment.
The recent growth in non-real-estate agricultural
credit has resulted primarily from a higher level of
prices paid by farmers, expanded operations in
many instances, and the increasing availability of
both producer and consumer goods for the purchase of which credit is often used. There are
indications that the average loan for those using
non-real-estate credit has been steadily increasing
since 1939. The average size of loan made in 1946
by most of the Federal or federally sponsored agencies was more than double the average loan made
in 1938. In 1946, emergency crop and feed loans
were about 5 per cent larger; production credit
association loans, 12 per cent larger; and Farmers
Home Administration loans were 20 per cent
larger, than in 1945. Increases occurred in all regions of the country.
Notwithstanding the increased use of non-realestate credit by agriculture as a whole, it is probable that high incomes have permitted many
NOVEMBER
1947
farmers to reduce or pay of! their loans. This has
been true particularly of farmers who were not
expanding their operations and in instances where
production expenses were low relative to their incomes.
Commodity Credit Corporation
The foregoing discussion has pertained to the
loan obligations of farmers other than the nonrecourse, commodity loans made or guaranteed by
the Commodity Credit Corporation. In addition
to the estimated 3,459 million dollars of ordinary
loans, on January 1, 1947 there were 65 million
dollars of CCC loans to individual farmers. This
is a small amount in comparison with the 277
million of a year earlier and especially with the
773 million dollars of January 1, 1943 when CCC
operations were near the peak. Agricultural prices
recently have been at such levels that most commodities have moved directly into the market or
have been used as a basis for ordinary loans without being pledged as security for price support
loans from the Commodity Credit Corporation.9
As of the begining of 1947 the Corporation itself held 7.3 million dollars of nonrecourse price
support loans while other lending institutions
held 57.6 million dollars of these loans under
purchase agreements with Commodity Credit Corporation.
Equities
The equities or claims of proprietors in the physical and associated financial assets of agriculture
totaled 102,795 million dollars on January 1, 1947.
The term "proprietors" includes owner-operators,
tenants, landlords not living on farms, and the
stockholders of corporations that were operating
farms. Even local, State, and the Federal governments are represented among the landlord and
owner-operator classes. Owner-operators and landlords both own real estate as well as non-real-estate
assets. Tenants are limited to the ownership of
personalty such as livestock, machinery and vehicles, harvested crops, and financial assets.
9
The revised figures used in this year's balance sheet have
been so prepared as to eliminate the influence of over-reporting
by financial institutions, which occurred particularly during war
years when many banks reported advances in behalf of the Commodity Credit Corporation for purchases of wool and other commodities along with guaranteed loans to farmers. The revised
figures also are intended to exclude loans to cooperative organizations but include certain CCC-guaranteed loans made to individual farmers by cooperative marketing associations. Of the
109,350 thousand dollars of CCC-type loans outstanding on Dec.
31, 1946, only 64,911 thousand were to individual farmers while
the rest were to cooperative associations.
1367
THE BALANCE SHEET OF AGRICULTURE, 1947
Data are insufficient to reveal the distribution
of the equities belonging to these various classes of
proprietors. Farm operators, including tenants
and croppers, are believed to have a much greater
aggregate equity than the landlords. Owneroperators have much larger equities than the
tenant operators.
The position of proprietors relative to creditors
has improved appreciably since the prewar year,
1940. The equities of proprietors constitute about
92 per cent of the total claims to the assets, at
present, leaving the creditors with only an 8 per
cent share. In 1940, proprietors had only about
an 81 per cent equity. This more favorable position of the proprietors had three causes: Reduction
of debt, increase in the real quantities of both
physical and financial assets, and higher unit values
placed on the physical assets. Although common
opinion seems to anticipate that the postwar price
level will not go back to the prewar basis, the
higher unit values may not be maintained. The
reduction of debt and the increase in physical
quantities represent real gains to the proprietors.
Farm Income
The balance sheet of agriculture provides a crosssection view of the financial structure of agriculture at a given point of time. Net changes from
year to year are reflected in successive balance
sheets, but the income statement (Table 7) most
clearly reveals the intervening course of financial
events. Hence it is desirable that the income
statement be considered briefly for the light it
will throw on changes in the comparative balance sheet.
With physical production somewhat above 1945,
farmers received higher income in 1946 largely
because they sold their products at substantially
higher prices. This was particularly true of the
marketings of the last quarter of the year, after
the lifting of many price controls. With the exception of truck crops, which averaged lower, on the
average each class of crops and livestock sold for
higher average prices in 1946 than in 1945.
Cash receipts of agriculture were at a higher level
in 1946 than ever before. Receipts from crops and
livestock each increased about 14 per cent over
receipts in 1945. Starting from 8,366 million dollars in 1940, cash receipts from farm marketings
reached 21,517 million dollars in 1945 and 24,519
1368
million dollars in 1946, an increase of 193 per
cent in seven years. Each of the agricultural
regions enjoyed higher cash receipts from farm
marketings and Government payments in 1946
than in 1945.
The net income of agriculture in 1946, including
Government payments, reached a record figure of
18,889 million dollars. This compares with 15,817
million in 1945 and 6,410 million dollars in 1940.
Of the total net income received by agriculture in
1946, hired farm labor received 2,536 million
dollars, landlords received 1,255 million, including some Government payments, creditors received
228 million for mortgage interest, and the remainder of 14,870 million, including Government
payments, was received by owner- and tenantoperators.
The influence of the years of high income on the
balance sheet of agriculture has been of both direct
and indirect character. Directly, some of the income has accumulated in the form of various assets,
particularly the financial assets. Indirectly, the
influence of the high income received during and
since the war and the income prospects for the
future, based partly on the prospective Government
support for at least 1947 and 1948, has been to
cause a bidding up of valuations of income producing farm property.
GENERAL FACTORS OF SIGNIFICANCE TO THE BALANCE
SHEET OF AGRICULTURE
We have seen that the financial condition of
farmers continued to improve after the war. It
was better at the end of 1946 than it had ever been
during any of the war years—record cash income,
greater equities despite higher debt, higher assets
of every kind.
Since these gains have continued after the war.
shall we conclude that this favorable balance for
agriculture is here to stay? Such a conclusion
would be rash. But it would be equally shortsighted to conclude that because farmers' financial
condition fell to pieces after 1920 it must do so
again. Historical parallels are instructive, but
future prospects for agriculture need also to be
examined in the light of the forces responsible for
the present high valuations, and of the probabilities
that these forces will continue in their present
strength. And finally, it will be well to consider
to what extent conditions following the two wars
are different.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
TABLE 7
COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED STATES, 1940-46 X
[In millions of dollars]
1940
Item
1941
1942
1944
1943
1945
1946
HOW NET INCOME WAS OBTAINED
Gross income from agriculture:
I.
Cash receipts from farm marketings
2.
Value of products retained on farms for home
consumption
3.
Rental value of farm homes
4.
5
6.
7.
8.
9.
10.
11.
12.
2 11,190
2 1,254
21,460
658
702
624
15.
Total net income from agriculture
16. Government payments 5
17.
Total net income from agriculture and
Government payments
2
2
21,781
-4,696
2
+96
15,389
2
2 2,149
20,371
221,517
24,519
2 2,192
19,459
22,257
2,636
820
755
2 13,308
2
2 17,872
2 22,363
2 1,625
2 802
352
2
735
2 1,402
2
230
2
890
2
461
22,137
2 778
423
2
851
2
1,576
2
198
2 1,022
2 472
889
2 23,383
2 1,089
2 602
292
2
633
21,233
2 235
2 699
2
457
2 10,244
Total
Nonlabor production costs:
2 998
Feed bought
2 478
Livestock bought, except horses and mules. . .
261
Fertilizer and lime bought
..
568
Vehicle operation
21,096
Depreciation and maintenance 3
212
Interest on non-real-estate debt
2
637
Other operating expenses
446
Taxes on real estate and tangible personalty. .
13.
Total
14. Adjustment for changes in inventory4
2
2 8,366
22,427
2 688
476
2
942
2 1,867
2 181
2 1,098
2 495
-5,240
2
+374
2
-6,497
2
+928
2
2
-7,457
2
+536
2
-8,174
2
-402
12,303
+697
2 15,442
+672
2 14,807
+804
216,114
2 15,611
2 5,644
+766
2 8,442
+586
26,410
2 9,028
2 13,000
21,020
21,238
2 1,626
2 24,663
2
2,845
2 870
51O
2
1,010
2 2,069
2 188
2
l,130
2 554
2
2
978
28,133
3,031
1,051
621
1,024
2,210
208
1,263
617
-9,176
2
-439
-10,025
2 15,048
2
+769
18,089
+800
2
15,817
18,889
-19
HOW NET INCOME WAS DISTRIBUTED
Return to labor:6
18.
Hired labor (cash and perquisites)...
Net return to investment in farming:7
Return to capital—
19.
Net rent and Government payments to
landlords not living on farms 8
20.
Farm mortgage interest
2 460
9
293
2 656
9
286
2
2 2,184
2 2,299
2,536
2
2 964
9
273
2,009
1,135
9
247
2 1,194
9
236
21,193
9 228
1,255
w 228
21.
Total to operators "
2 4,637
2
6,848
2 10,137
2
12,723
2 11,997
2 12,097
14,870
17,
Total n e t income from a g r i c u l t u r e
and G o v e r n m e n t p a y m e n t s
26,410
2 9,028
2 13,000
2 16,114
2 15,611
2 15,817
18,889
1
2
3
The margin of error of the estimates varies with the items.
Revised.
Includes an allowance for interest on an indeterminate amount of miscellaneous debt.
* Market value, in terms of prices at the end of the year, of the increase or decrease in the physical quantities of crops on farms for
sale or of numbers of livestock whether or not for sale.
5
Include some payments that are comparable to certain items included in item 1. Thus receipts from loans made or guaranteed
by CCC are included in item 1, whereas wartime consumers' price subsidies to dairy and other farmers are included in item 16.
6
Data for return to types of labor other than hired, i. e. farm family labor and operators' labor not available; therefore, no total it
-hown.
7
Data for capital return to operators and data for return to management not available; therefore, no total is shown.
s
After subtraction of estimated payments for taxes, mortgage interest and other expenses paid by such landlords.
9
Tentative revision,
w Tentative.
11
Reflects the adjustment for changes in inventory values and represents the difference between items 17 and the sum of items 18,
10, and 20.
Based on "Net Farm Income and Parity, 1940-46," The Farm Income Situation, Bureau of Agricultural Economics, June-July 1947,
Factors in Price Rise, 1946
In looking at the forces responsible for agriculture's present favorable balance sheet, changes in
fiscal and financial operations of the Federal Government and of the banking system are given
prominence; because they greatly influence the
volume and flow of money, hence income and
prices both on and off the farm. And we must
keep in mind that the recent improvement of agriculture's financial standing was mostly the result
of a further rise in prices.
NOVEMBER
1947
Prices of farm products and other physical assets
continued upward in 1946 even though basic wartime factors were sharply altered. During the
war Federal expenditures for goods and services
had been greatly expanded—from 8.8 billion dollars in 1940 to 75.8 billion in 1945. And this
ninefold increase in Federal buying for wartime
goods and services had been possible—with no reduction in private spending—only because the
money supply was increased through purchases of
war bonds bv commercial and Federal Reserve
1369
THE BALANCE SHEET OF AGRICULTURE, 1947
Banks. The increased money supply, activated by
Government and private spending, had contributed
to an increase in national income which permitted
private expenditures actually to rise in spite of
greatly increased taxes and nonbank purchases of
war bonds. But after the war, Government buying
was greatly reduced—from 75.8 billion dollars in
1945 to 25.2 billion in 1946. Along with this the
Federal deficit was cut down from 43.6 billion
dollars to 2.5 billion, and the Federal debt by 20
billion dollars. (In the absence of a Federal surplus, debt reduction was brought about by drawing
down the Government's deposit balance to a size
more appropriate to peacetime needs.) Despite the
fact that Federal expenditures declined 50.6 billion
dollars in 1946, total expenditures fell only 3 per
cent below the 1945 level. Private expenditures
the same year rose 43.7 billion dollars and those of
State and local governments increased 1.6 billion.
There were forces at work which served to keep
prices and assets up even though wartime factors
had been altered.
Removal of various restrictions and the changeover to peacetime goods made it possible for
would-be buyers to spend some of their savings
and expanded incomes for goods that they had
not been able to get. Savings had piled up during
the war. National income jumped 4 billion dollars
from 1944-45 to 1946. Disposable income of individuals alone, at 146 billion dollars, was far more
than the entire amount spent for goods and services
by both public and private buyers in any year before 1942. Bond-selling programs were relaxed,
leaving more money for private purchase of goods
and services. Borrowed funds also played a part.
Bank loans rose in 1946 more than 5 billion dollars. Consumer credit increased more than 2.6
billion. And "new capital" issues, including those
of State and local units, reached 4.6 billion dollars.
Expansion of non-Federal borrowing not only
helped to offset the decline in Federal expenditures,
thereby giving support to prices, but it also partially
offset the shrinkage in deposits that accompanied
the reduction of the Federal debt. From an alltime high of 279 billion dollars in February 1946
the gross direct Federal debt was reduced to 259
billion dollars at the year's end. As practically all
of the securities that were paid off had been held
by commercial banks, their retirement extinguished
approximately an equal amount of deposits. Total
1370
shrinkage of deposits in commercial banks, however, amounted to only 11.2 billion dollars. As
commercial bank investments in Government securities declined their loans and investments in
other securities were rising.
Agricultural Situation at End of World War I
and World War II
In some ways developments affecting the financial
condition of farmers during the two wars are
similar. In both periods abnormal demand for
farm products carried prices to very high levels.
In both periods greatly expanded farm earnings
stimulated big advances in prices of farm lands and
in other types of farm capital.
But differences were equally pronounced. One
was the trend of debt owed by farmers. From
1915 to 1919 farm mortgages increased 43 per
cent and non-real-estate debt owed to banks increased nearly 66 per cent. In contrast, during
the Second World War (1940-1945), total farm
debt fell 1.3 billion dollars, or 13 per cent. The
decline in debt owed by farmers was reversed in
1946, but the recent increase was far smaller than
the increase in assets. So far, farmers' total debt
remains far below that of 1940 and still further
below the level of 1919.
Low farm debt may well be a factor of strength
to farmers in the coming years. After World War I
the fall in prices of their products caused much
distress; not because these prices fell below prewar—which they did not—but because the drop
was not accompanied by a similar decline in
farmers' costs, among which debt service was a
very large "fixed charge." Farmers' interest obligation alone had risen from 587 million dollars in
1915 to 1,149 million in 1920. This 95 per cent
increase in interest charges held on stubbornly,
even after three years of sharply lower farm prices,
and by 1925 had receded only 9 per cent. In contrast, during this war, interest charges declined
and stood at only 427 million dollars for 1946.
There are, of course, some individuals with difficult
debt obligations—particularly those who have made
recent investments mainly with borrowed money.
They face interest charges and principal repayments that will not be easy if farm income shrinks
as it did after World War I. But for farmers as
a whole the improvement in the debt situation is
genuine and very substantial.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1947
A second difference favorable to the present postwar period is the relative strength of farmers' credit
facilities. The Federal Land Banks, organized in
1916, entered the first postwar period with neither
the experience nor the resources they have now.
None of the Federal agencies now making nonreal-estate loans were in existence when farmers
were hard pressed by falling prices and income
after World War I. Privately owned banks in
rural areas entered the first postwar period with
far less strength than they now have.
Following World War I country banks were
ill-prepared to cope with the deflationary situation
that developed in 1920. Instead of being able to
lend support to farmers who were hard-pressed to
meet heavy obligations with shrunken cash receipts, these banks in many instances were compelled to reduce their loans. Few country banks
would be in so unhappy a position were a fall in
prices to occur now. At the end of 1919 country
member banks held 67.6 per cent of their total
loans and investments in loans and only 17 per
cent in Government securities. In 1946 banks in
this class held only 22.6 per cent of the total in
loans and almost 70 per cent in Government securities. The present very large concentration of
bank resources in highly salable Government securities, together with the present deposit insurance, virtually insures legitimate farm borrowers
that this time their bankers will not be compelled
to shorten credit lines. This time, country bankers
should be in a position to continue normal loan
operations if a break in prices should temporarily
cause farmers to sustain operating deficits.
A third difference lies in the degree of expansion
of farm production in the two wars. Wartime expansion affects the financial prospects of farmers
because postwar markets may not take the output
they learned to produce during the war.
During the First World War the volume of agricultural production averaged about 4 per cent
above the 1910-14 level and by 1920 had increased
only 11 per cent above the prewar level. In World
War II the climb was 24 per cent, and by 1944 it
had increased to 36 per cent above the 1935-39
level. Agriculture entered the present postwar
period with production expanded over the prewar
level to a much greater degree than was true after
1918. This expansion suggests that production and
ultimate postwar needs, particularly in certain
NOVEMBER
1947
crops, may be further apart this time than after
World War I.
But there are factors in this situation that make
this difference smaller than these comparisons
suggest.
The expansion of agricultural production in
World War II started from a level that was relatively lower than in World War I. The decade
of depression before the recent war was characterized by relatively low domestic consumption of
agricultural products and an even lower level of
exports. Production was correspondingly low—
held down partly by market forces and partly by
Government sponsored restrictions.
It is not likely that prewar levels of domestic
consumption of farm products will again prevail.
Low domestic consumption during the 1930's was
a result of a volume of national income that was
smaller than we are likely to experience in the
years ahead. Since 1940, the population has grown
by more than 11 million and the peacetime working
force has increased in proportion. The earnings
of these millions will represent a considerable addition to the national income. If a recession should
come, decrease in pay rolls due to loss of jobs
would be partly offset by social security benefits.
Moreover, there is a growing belief that before a
decline in economic activity would reduce national
income to prewar size, the Government would
intervene to hold it at a better level.
Not only is a decline of the national income to
prewar levels improbable, but the amount that will
be spent for food is likely to increase gradually because of the emphasis now being given to the consequences of deficient diets. Adequate nutrition has
become a matter not only of individual interest but
of national and international concern.
Exports of agricultural commodities also are
likely to remain well above prewar levels. For at
least a decade before the last war exports were
abnormally low, partly because of drought, but
particularly because influential domestic policies
tended to suppress exports, and because effective
foreign demand for farm products was low. These
conditions are now somewhat different. There is
the possibility that through United Nations machinery the barriers to world trade may be further
modified. This would tend to increase the volume
of dollars that foreigners may earn through international trade. At best, there will be many cases
1371
THE BALANCE SHEET OF AGRICULTURE, 1947
where such earnings will not suffice for a number
of years to pay for goods that foreign countries
need and which could be exported with profit by
the United States. The need for dollar loans during
the period of world reconstruction, therefore, is
large.
The newly organized International Monetary
Fund and the World Bank of Reconstruction and
Development now supplement private bankers,
the Export-Import Bank, and the United States
Treasury, as sources of dollar exchange. It is therefore likely that exports will receive stimulus from
this quarter. What proportion of these exports
will come from the farm cannot be foretold, but
present conditions suggest that the proportion in
the immediate future may be large. As agriculture recovers in war-stricken countries, need
for our products will decline. But if efforts succeed in raising the level of living in areas where
diets have never been adequate for many millions
of people, the decline may not be severe.
One thing is clear. Farm income and the values
on the balance sheet which it sustains are not static.
Changes in consumption, prices, and production
can quickly alter the financial situation in which
farmers find themselves. So, future developments both at home and abroad need to be watched.
If domestic employment and foreign trade remain
at high levels, a market of sufficient breadth is
assured to preserve a strong financial position for
farmers. On the other hand, if there should be
a recession in domestic business activity and employment, or a sharp decline in exports, a fall in
prices of farm products with repercussions on farm
income and the balance sheet can hardly be
avoided. But the generally strong financial position of agriculture and of the credit facilities that
make loans to farmers should keep forced sales
well below those that followed World War I. The
financial structure of agriculture is stronger than
before the last war because liquid assets are greater
and debts are smaller. A considerably lower level
of income could occur without seriously weakening
this structure.
CURRENT EVENTS AND ANNOUNCEMENTS
Changes in the Board's Staff
Mr. Lowell Myrick has been appointed an Assistant Director of the Board's Division of Bank Operations effective November 4, 1947. Mr. Myrick has
served continuously with the Division of Bank
Operations since his original appointment on December 16, 1921, and since lanuary 30, 1943, has
been serving as Assistant to Director.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
1372
membership in the Federal Reserve System during
the period September 16, 1947 to October 15, 1947:
Michigan
Saline—The Citizens Bank of Saline
Montana
Chester—Liberty County Bank
Texas
La Marque—First State Bank
Littlefield—Security State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled
October 23, and released for publication
Industrial output and employment expanded
somewhat further in September. Value of retail
trade increased, reflecting partly a further rise in
prices. In the early part of October department
store sales declined. Prices of wheat, hides, rubber,
and steel scrap showed marked advances, while
prices of most other basic commodities showed little
change.
INDUSTRIAL PRODUCTION
Output of manufactured products and minerals
showed some further rise in September, and the
Board's seasonally adjusted index of industrial production advanced three points to 185 per cent of
the 1935-39 average. This was the same as the
May index and 5 points below the postwar peak in
March of this year.
Activity in durable goods industries as a group
increased further in September owing mainly to
larger output of steel and of most types of machinery and transportation equipment. Steel production was temporarily curtailed around the middle of the month as a result of an industrial dispute, but advanced sharply in the latter part of the
month and continued to rise in October, reaching a
scheduled rate of 97 per cent of capacity. Output
of passenger automobiles and trucks rose sharply
in September, but declined again in the early part
October
of October. Production of railroad equipment,
chiefly freight cars, showed a substantial gain in
September, reflecting in part improved supplies of
materials. Output of building materials was maintained in large volume to meet demands, arising
from the advanced rate of construction activity.
The Board's index of nondurable-goods output
showed a slight increase in September, reflecting
mainly increased production of rayon textiles, paperboard, and petroleum products. Activity at cotton
mills and output of manufactured food products
and some other nondurable goods showed little
change from the level of the preceding month.
Minerals production rose further in September,
reflecting a new record rate of crude petroleum output and a substantial gain in coal production. Output of bituminous coal advanced seven per cent
and was close to the same volume produced in September of last year. Output of fuels continued to
rise in early October, under the pressure of exceptionally strong demand.
EMPLOYMENT
Nonagricultural employment increased by 450,000
persons in September, and was at the record level
of 43 million, according to Bureau of Labor Statistics figures. The increase largely reflected seasonal gains in nondurable goods manufacturing and
INDUSTRIAL PRODUCTION
CONSUMERS' PRICES
i935-39«!0O
SICAL VOLUME SEASONALLY ADJUSTED, 1935-39«100
1 — r - 1
1939
1939
1941
1943
1945
Federal Reserve index.
for September.
NOVEMBER
1947
1947 1939
25]
1943
1945
1947
Monthly figures, latest shown are
1940
1941
1942
1943
1944
1945
1946
S947
Bureau of Labor Statistics' indexes. "All items" includes
house furnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for August.
1373
NATIONAL SUMMARY OF BUSINESS CONDITIONS
trade, and in the number of school employees of
State and local governments.
COMMODITY PRICES
The general level of wholesale commodity prices
in the middle of October was at the advanced level
CONSTRUCTION
reached in the middle of September. Prices of
The value of new construction activity on projects wheat and some other farm products and foods
under way, as estimated by the Departments of reached new high levels. Prices of butter, corn, and
Commerce and Labor, increased somewhat further meats, however, declined, following earlier sharp
in September. Work was started on 88,000 new increases. Wholesale prices of most groups of indwelling units in September, an increase of 2,300 dustrial commodities continued to show advances
from August, and work was completed on 77,000 in the early part of October.
units. The value of construction contracts awarded,
Retail prices rose further by about one per cent
as reported by the F. W. Dodge Corporation, de- from July to August with the largest increases
clined in September following a sharp increase in shown in prices of foods and fuels. Further marked
August, and was at about the level of other recent advances in retail food prices have occurred since
months. Declines occurred in most lines, but the August.
greatest reduction took place in public utilities,
BANK CREDIT
which had increased most markedly in August.
Commercial and industrial loans at banks in
DISTRIBUTION
leading cities continued to increase substantially
Department store sales increased by more than during September and the first half of October.
the usual amount in September, owing in part to Real estate and consumer loans also showed furthe advent of cooler shopping weather and the ther growth. Holdings of Government securities
expenditure of proceeds from redemption of termi- declined somewhat, reflecting Treasury retirement
nal leave bonds. Sales at other retail stores also in- of bonds maturing on October 15.
Additions to monetary gold stock continued to
creased, reflecting chiefly higher prices for foods
and a larger volume of purchases of durable goods. supply reserve funds to banks. Treasury balances
In the early part of October department store sales at Reserve Banks, which were expanded considerdeclined considerably from the high rate reached at ably in late September as a result of large quarterly
tax receipts, declined in October. The effects of
the end of September.
Shipments of railroad revenue freight continued these fluctuations on the reserve positions of banks
to advance in September and the early part of were offset by changes in Federal Reserve holdings
October. The usual large seasonal rise in loadings of Government securities, which increased in the
of miscellaneous freight and further gains in coal latter part of September and declined during the
first three weeks of October.
shipments accounted for most of the increase.
LOANS AT MEMBER BANKS IN LEADING CITIES
BILLIONS OF DOLLARS
.. _
.
- •
-
s
-
_
^
y
—
COKIMERCIALy
1 -
3
FOR PURCHASIN
SECURITIES k
•
.__-—-
v
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
JJ -
J\ 1
OTHER
—
BILLIONS OF DOLLAR!
I-'—"
[OH-
" - - ^ ^ K
REAL ESTATE
. 1 . 1
1
1940
Excludes loans to banks.
are for Oct. 22.
1374
Wednesday figures, latest shown
1941
1942
1943
1944
1945
1946
1947
Wednesday figures, latest shown are for Oct. 29.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. .
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements...
Federal Reserve Bank statistics.
Guaranteed war production loans.
1377
1378
1379-1382
.
1383
Deposits and reserves of member banks. .
1383-1384
Money in circulation..
1385-1386
....
Gold stock; bank debits and deposit turnover
1386
Deposits and currency; Postal Savings System; bank suspensions.
1387
All banks in the United States, by classes
1388-1389
All insured commercial banks in the United States, by classes. .
1390-1391
Weekly reporting member banks
1392-1395
Commercial paper, bankers' acceptances, and brokers' balances..
Money rates and bond yields
1397
Security prices and new issues. . . .
1398-1399
Corporate earnings and dividends. .
Treasury
1396
1400
finance
Government corporations and credit agencies. .
Business indexes
1401-1403
1404
1405-1414
Department store statistics..
1415-1417
Consumer credit statistics..
1418-1420
Cost of living
1421
Wholesale prices
1422
Gross national product, national income, and income payments. .
1423-1424
Current statistics for Federal Reserve chart books. .
1425-1429
October crop report, by Federal Reserve districts.
1429
Number of banking offices on Federal Reserve par list and not on par list
1430
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity 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
1947
1375
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
MONEY IN CIRCULATION
/
RESERVE BANK
- CREDIT
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
1939
1940
1941
1942
1943
1944
[945
1946
1947
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
15
to
10
1939
1940
1941
1942
1943
1944
W e d n e s d a y figures, latest shown a r e for Oct. 29.
1376
1945
J946
1947
See p. 1377.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Member
bank reserve
balances
U. S Government
securities
Discounts
and
advances Total
Date
4
Treasury
bills
and
certificates
All
other
Gold
All 1 Total stock
other
TreasTreasOther
ury
Treas- ury de- Non- Fedposits
cur- Money
eral
ury
with memrency in cirRecash
culaouthold- Federal ber de- serve
posits
tion
Restandacings
serve
ing
counts Total
Banks
Monthly averages of
daily figures:
1946—j u ly
Aug.
Sept.
1947—j u iy
Aug.
Sept.
240
247
283
119
165
163
23,473
23,584
23,614
21,877
22,055
22,067
22,122
22,233
22,254
20,781
20,964
20,886
1,351
1,351
1,360
1,096
1,091
1,181
458
427
493
346
302
386
24,171
24,258
24,391
22,342
22,521
22,616
20,270
20,271
20,291
21,399
21,648
21,866
4,538
4,541
4,545
4,552
4,551
4,551
28,281
28,352
28,478
28,259
28,252
28,654
2,251
2,262
2,275
1,325
1,326
,315
End-of-month figures:
1946—July 3 1 . . . .
Aug. 30
Sept. 3 0 . . . .
1947—July 31
Aug. 30
Sept. 30
246
331
213
137
185
92
23,633
23,946
24,049
21,549
22,192
22,329
22,282
22,595
22,626
20,454
21,103
21,138
1,351
1,351
1,423
1,095
1,089
1,191
286
471
331
189
382
308
24,164
24,748
24,594
21,875
22.759
22,730
20,267
20,280
20,305
21,537
21.766
21,955
4,540
4,544
4,546
4,552
4,553
4,552
28,254
28,448
28,507
28,149
28,434
28,567
2,250
2,256
2,289
1,327
1,323
1,309
Wednesday figures:
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
246
290
303
340
163
23,888
24,128
23,211
23,722
23,350
22,239
22,479
22,102
22,613
22,241
1,648
1,648
1,109
1,109
1,109
452
378
815
815
581
24,585
24,796
24,328
24,877
24,093
20,477
20,450
20,477
20,527
20,529
4,550
4,551
4,554
4,554
4,562
28,906
28,946
29,109
29,163
28,952
1947—Jan. 8
Jan. 15
Jan. 2 2 . . . .
Jan. 29
247
243
238
317
23,733
23,327
23,430
23,863
22,624
22,218
22,322
22,754
1,109
1,109
1,109
1,109
396
536
533
335
24,375
24,105
24,201
24,514
20,531
20,567
20,692
20,808
4,561
4,560
4,559
4,559
28,748
28,518
28,369
28,265
t
Feb. 5
Feb. 12
Feb. 19
Feb. 2 6 . . . .
278
393
342
392
23,412
23,803
23,918
24,044
22,303
22,694
22,773
22,861
1,109
1,109
1,145
1,183
359
442
414
326
24,050
24,638
24,674
24,761
20,749
20,751
20,770
20,322
4,559
4,558
4,556
4,556
Mar.
Mar.
Mar.
Mar.
239
237
234
287
23,242
23,247
22,411
22,810
22,044
22,050
21,306
21,704
1,198
1,198
1,105
1,105
323
295
402
390
23,804
23,780
23,047
23,486
20,376
20,403
20,413
20,438
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 3 0 . . . .
429 21,938
277 22,276
101 21,905
141 21.829
125 21,857
20,833
21,171
20,800
20,724
20,752
1,105
1,105
1,105
1,105
1,105
391
339
468
259
223
22,758
22,893
22,474
22,230
22,205
May 7 . . . .
May 1 4 . . . .
May 21
May 28
102
139
117
130
21,852
21,762
21,676
21,590
20,747
20,671
20,589
20,485
1,105
1,091
1,087
1,105
276
331
278
299
173
175
132
132
21,760
21,578
21,186
21,582
20,664
20,482
20,089
20,485
1,097
1,097
1,097
1,097
July 2
July 9
July 1 6 . . . .
July 23
July 30
110
120
99
118
111
21,629
21,611
21,758
21,700
22,012
20,532
20,515
20,663
20,605
20,917
6
13....
20
27....
123
183
239
134
21,869
22,030
22,097
22,107
Sept. 3 . . . .
Sept. 10
Sept. 17
Sept. 2 4 . . . .
125
120
130
119
Oct. 1 . . . .
Oct. 8. '. '. '.
Oct. 1 5 . . . .
Oct. 2 2 . . . .
Oct. 2 9 . . . .
156
111
146
125
373
June
June
June
June
Aug.
Aug.
Aug.
Aug.
5....
12
19
26
4
11
18
25
1,274
1,328
1,214
Excess3
994
567
573
585
632
624
638
16,017
16,031
16,160
16,347
16.481
16,866
1,401
1,345
1,069
795 1,066
751 1,343
842
1,091
562
574
590
621
626
643
856
15,991
16,245 1 , 0 8 5
725
15,910
399
16,007
823
16,601
841
16,784
589
524
515
735
957
553
1,079
1 ,007
513
704
1,081
928
891
885
781
800
931
2,288
2,270
2,208
\2,258
<
2,272
679
626
237
547
393
917
875
770
848
822
600
601
609
612
607
16,222
16,479
16,517
16,530
16,139
669
874
656
913
562
2,281
2,291
2,295
2,325
401
409
862
966
967
1,004
1,536 1,021
614
615
613
612
16,457
16,431
16,308
16,124
903
850
726
663
28,295
28,346
28,276
28,262
2.320
2.335
2.324
1,381
1,162
863
938
1,711
649
2,358
2,372 1,218
622
623
623
624
16,095
15,994
15,770
15,781
761
779
614
703
4,557
4,557
4,557
4,556
28,335
28,330
28,242
28,170
1,331
1,335
1,335
1,355
1,407
1,429
1,108
L.172
1,148
1,060
626
627
636
637
15,930
15,847
15,943
15,658
800
718
673
559
20,486
20,497
20,583
20,621
20,774
4,557
4,559
4,558
4,558
4,561
28,247
28,250
28,163
28,105
28,114
1,333
1,336
1,332
1,338
1,329
946
753
613
482
619
1,093
L.033
642
641
641
643
627
15,540
15,934
15,987
15,820
15,826
563
886
844
658
22,230
22,233
22,071
22.019
20,811
20,878
20,888
20,932
4,560
4,559
4,559
4,561
28,197
28,134
28,116
28,211
1,328
1,337
1,338
1,372
654
556
539
751
1,066
957
846
626
628
626
626
301
287
479
343
22,234
22,040
21,797
22,057
20,990
21,026
21,123
21,174
4,561
4,561
4,561
4,553
28,261
28,253
28,195
28,183
1,366
1,332
1,333
L.329
653
495
225
642
956
889
857
915
629
629
632
636
15,877
15,949
15,942
15,705
15,921
16,028
16,241
16,081
626
667
750
674
1,097
1,097
1,095
1,095
1,095
406
304
391
275
187
22,145
22,035
22,248
22,093
22,310
21,284
21,336
21,434
21,467
21,537
4,559
4,551
4,550
4,550
4,551
28,409
28,363
28,225
28,145
28,129
1,325
1,329
L ,331
,330
1,341
658
566
756
939
705
977
844
952
818
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
20,777
20,939
21,008
21,018
1,092
1,091
1,089
1,089
219
282
300
237
22,211
22,494
22,636
22,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
t.330
1,329
1,330
1,335
728
1,053
1,265
915
1,123
621
622
624
626
16,409
16,428
16,407
16,493
779
721
775
22,224
22,042
21,756
22,118
21,135
20,848
20,562
20,927
1,089
1,194
1,194
1,191
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,551
4,552
28,749
28,742
28,633
28,556
L.323
L.329
L,306
,319
459
243
240
800
1,149
960
930
924
632
632
642
645
16,628
841
16,932 1,015
1,055
17,128
875
16,831
22.392
22,355
22.218
21,772
22,129
21,195
21,148
21,013
20,564
20,689
1,196
1,207
1,205
1,208
1,440
383
385
443
451
287
22,931
22,852
22,807
22,348
22,789
21,955
22,092
22,153
22,225
22,294
4,551
4,551
4,551
4,552
4,552
28,559
28,632
28,656
28,569
28,519
,316
,328
,324
: ,337
1 ,338
1,053
832
837
817
924
917
643
646
648
650
649
17,034
985
17,142 1,069
17,229 1,154
17,037 *>979
16,859 P823
4
A
d
i
713
1,600
909
836
608
] ,355
879
1,021
1,025
918
1,236
1,071
1,000
987
654
654
787
752
520
741
» 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
1947
1377
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
Other secured advances
[Sec. 10(b)]
Effective
Rate
Effective
1946
Apr. 27,
1946
Apr. 25,
1946
Apr. 25,
May 3, 1946
M a y 10, 1946
May 10, 1946
1946
Apr. 26,
Apr. 26,1946
1946
Apr. 26,
1946
Apr. 27,
May 10, 1946
Apr. 25,1946
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
1942
Oct. 27,
1942
Oct. 30,
1942
Oct. 17,
1942
Sept. 12,
1942
Oct. 28,
1942
Oct. 15,
Aug. 29,1942
Mar. 14, 1942
1942
Oct. 30,
1942
Oct. 27,
1942
Oct. 17,
1942
Oct. 28,
Rate
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Effective
2
Mar. 29,1946
Apr. 6, 1946
Mar. 23, 1946
Mar. 9, 1946
Mar. 16,1946
Mar. 16,1946
Mar. 16,1946
Mar. 16,1946
Mar. 23,1946
Apr. 13,
1946
Mar. 16,1946
Apr. 25,1946
\*
2
\"
2
2
2
2
2K
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK MINIMUM BUYING RATES ON
BANKERS' ACCEPTANCES
[Per cent per annum]
Rate on
Oct. 31
Maturity
1
1
1
1- 90 days
91-120 days
121-180 days
In effect beginning—
Previous
rate
1
Aug. 24, 1946
iAug. 24, 1946
iQct. 20, 1933
•S
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
1
Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
On discounts or
purchases
On
On
loans 1
commit-
2J4-5
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of depc>sits]
Net demand deposits1
Central
reserve
city
banks
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
21,
16,
1,
1,
16,
1,
20,
14.
3,
1917-Aug. 15,
1936-Feb. 28,
1937-Apr. 30,
1937-Apr. 15,
1938-Oct. 31,
1941-Aug. 19,
1942-Sept. 13,
1942-Oct. 2,
1942 and after
1936..
1937..
1937..
1938..
1941..
1942..
1942..
1942..
13
19K
22^
26
22H
26
24
22
20
Time
deposits
(all
Reserve Country
city
banks member
banks
banks)
10
15
17H
20
17K
20
20
20
20
7
10^
12K
14
12
14
14
14
14
3
4K
6
5
6
6
6
6
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Nov.l, 1933- Feb.l, 1935- Effective
Jan. 31,1935 Dec.31,1935 Jan. 1,1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
2K-5
2K-5
2M-5
2K-5
2X-S
2K-5
2^-5
2K-5
2K-5
2^-5
2K-5
Portion
for which
institution is
obligated
Remaining
portion
1
8
1
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.
* 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 R E Q U I R E M E N T S 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
2K
2K
2K
2K
2 ^i
2K
2K
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
2K
2
1
Regulation U:
For loans by banks on stocks
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.
1378
Boston
New York...
Philadelphia.
Cleveland...
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
San Francisco
On
commit
ments
K-l
Ki
ments
July 5, Jan. 21,
19461945Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1.
1947
75
75
100
100
75
75
75
100
75
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]
Wednesday figures
Item
End of month
1947
Oct. 29
Oct. 22
Oct. 15
1947
Oct. 8
Sept. 24
Oct. 1
Sept. 17
1946
Sept.
Oct.
Oct.
Assets
20,362,670 20 ,284,670 20 ,209,670 20,149,670 20,017,670 20 017,674 20,019,670 20,362,670 20,017,671 17,450,428
Gold certificates
Redemption fund for
705,527
681,710
691,780
681,710
695,428
705,069
705,068
705,068
778,117
695,428
F. R. notes
Total gold certifi21,044,380 20,976,450 20,905 ,098 20,845 ,098 20,722 ,73920,722,742 20,725,197 21,044,380 20,722,739 18,228,545
cate reserves
Other cash
266,671
Discounts and advances:
For member banks...
For nonmember
banks, etc
245,913
245,895
262,218
259,082
252,704
274,807
267,138
291,387
333,557
85,287
111,521
76,553
123,953
89,146
100,279
256,884
60,239
117,948
39,500
39,500
34,500
34,500
31,700
29,500
29,500
39,500
31,700
134,800
373,057
Total discounts and
advances
255,133
124,787
146,021
111,053
155,653
118,646
129,779
296,384
91,939
252,748
Industrial loans
1,853
1,910
1,901
1,829
1,850
1,894
1,892
1,074
1,901
1,910
Acceptances purchased.
1,810
2,122
1,802
4,053
4,053
3,131
2,482
U. S. Govt. securities:
Bills:
Under repurchase
option
771 360
823,640
459,535
456,035 4,875,089
Other
13,622,284 13,564,884 13,913,632 13,985,182 13,589,991 13,139 619 12,712,577 13,562,934 13,563,291 9,720,140
Certificates:
Special
Other
7,066 966 6,999 466
,086,566
,098,966 7,163 266 7,145,866 7,015, 916 7,025,416
,118,566 7,452,001
Notes
732 400
500, 300
810,800
715,100
497,300
487 300
471, 800
474,300
476, 800
471,800
Bonds
707 690
707 690
707,690
755,290
707,690
719 690
719, 690
719,690
719! 690
719,690
Total U. S. Govt.
securities
22,129,340 21,772 340 22, 217, 588 22
2,355,438 22,391,882 22,118,385 21,755,
Other Reserve Bank
credit outstanding. . .
447 176
283 ,215
377,480
333,873
506,
438,662
380 ,246
22,167,990 22 329,382 23,517,620
437,531
302,365
337,292
Total Reserve Bank
credit outstanding 22 ,789,275 22,348,335 22,806,663 22,851,718 22,930,962 22,572,805 22,393,804 22,905,608 22,729,631 24,108,734
Liabilities
Federal Reserve notes.. 24,452,524 24,491,686 24,553,381 24,533,188 24,480,040 24,489,812 24,565,897 24,481,439 24,481,766 24,583,219
Deposits:
Member bank — reserve account
16,859,049 17,037,410, 17,228,922 17,141,971 17,033,881 16,830,557 17,128,005 16,956,062 16,784,308 15,931,244
U. S. Treasurer1—general account
1,354, 582
607,
835,730
240, 394
400,266
091,445
627,639
909, 427 1.053,155
799, 663
Foreign
450, 290
447,
332,310
416,047
352, 804
432, 138
334,673
694,883
320, 153
400, 720
Other
466, 311
467,992
484,801
483, 926
476,
497, 686
507,119
325,031
511 531
523, 507
Total deposits
19,130,232 18,568,627 18,881,763 18,888,128 18,918,720 18,554,447 18,298,223 19,240,367 18,717,545 17,578,797
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
48.7
48.3
48.0
48.1
47.7
48.4
48.1
48.1
48.0
43.2
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Industrial loans:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Acceptances purchased:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
U. S. Government securities:
NOVEMBER
1947
16 to 30
days
31 to 60
days
155,653
111,053
146,021
124,787
373,057
128,610
72,305
107,023
79,046
328,646
5,773
5,415
5,291
4,955
3,105
2,901
1,612
3,345
3,275
16,266
,894
,850
,910
,910
,853
,350
,311
,374
,355
,294
2
2
25
25
25
25
25
4,053
3,131
2,482
2,122
1,810
,578
,009
680
783
816
673
821
808
589
518
1,326
930
769
750
476
391,882
355,438
217,588
772,340
129,340
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Within
15 days
61 to 90 91 days to 6 months 1 year to 2 years to Over
6 months to 1 year 2 years
days
5 years
5 years
18,352
22,194
30,345
35,593
25,024
6
9,516
6
1,907
5
21
22
39
43
52
27
25
26
27
35
109
109
109
109
376
302
302
302
302
476
371
225
3,399,205 1,836,566 4 ,654,853 4,519,663 3,297,612 4,001,293
3,093,680 2 ,103,107 4,765,512 5,169,094 2,524,962 4,016,393
2,727,046 2 ,319,463 4,819,309 5,171,525 2,478,162 4,019,393
2,954,157 2,200,702 4,837,423 4,676,313 2,400,662 4,020,393
3,132,529 2,337,490 4 ,528,265 4,727,711 2,392,662 4,327,993
255,150
255,150
255,150
255,150
255,150
427,540
427,540
427,540
427,540
427,540
1379
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
2o!oi 7,670
Oct. 1
Oct. 8
20,149,670
Oct. 15
20,209,670
Oct. 22
20,284,670
Oct. 29
20,362,670
Redemption fund
for F. R. notes:
Oct. 1
705,069
Oct. 8
695,428
Oct. 15
695,428
Oct. 22
691,780
Oct. 29
681,710
Total gold certificate reserves: 20,722,739
Oct. 1
Oct. 8
20,845,098
Oct. 15
20,905,098
Oct. 22
20,976,450
Oct. 29
21,044,380
Other cash:
Oct. 1
262,218
Oct. 8
245,895
Oct. 15
245,913
Oct. 22
255,133
Oct. 29
266,671
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
584,502
590,612
586,029
599,221
613,496
469,334
481,825
457,138
468,402
474,753
746,320 487,100 2,735,267
738,892 487,722 2,722,906
739,812 496,369 2,716,939
756,913 479,160 2,769,329
741,596 490,926 2,736,563
97,581
97,407
97,407
97,089
86,940
45,111
45,056
45,056
44,989
46,949
22,051
23,034
23,034
22,998
22,980
35,948
35,910
35,910
35,840
35,807
25,988
25,946
25,946
25.890
25,861
52,443
52,293
52,293
52,101
51,985
1,125,654 4,373,436
1,127,487 4,415,033
1,148,134 4,483,604
1,147,918 4,501,056
1,129,622 4,523,825
629,613
635,668
631,085
644,210
660,445
491,385
504,859
480,172
491,400
497,733
782,268
774,802
775,722
792,753
777,403
513,088
513,668
522,315
505,050
516,787
2,787,710
2,775,199
2,769,232
2,821,430
2,788,548
43,336
41,542
39,712
38,883
38,836
Atlanta
Chicago
Dallas
727,634
734,792
736,452
719,835
760,990
5,341,711
5,526,341
5,520,779
5,522,981
5,483,436
975,656
973,570
977,203
942,222
961,358
1,419,005
1,331,534
1,310,072
1,349,337
1,369,894
1,181,188
1,157,772
1,175,955
1,166,569
1,204.233
55,175
55,048
55,048
54,839
54,727
120,329
119,817
119,817
118,999
118,565
60,472
60,250
60,250
59,948
59,761
75,196
75,001
75.001
74,718
74,574
63,219
64,257
64,257
63,185
62,479
782,809
789,840
791,500
774,674
815,717
5,462,040
5,646,158
5,640,596
5,641,980
5,602,001
1,036,128
1,033,820
1,037,453
1,002,170
1,021,119
1,494,201
1,406,535
1,385,073
1,424,055
1,444,468
1,244,407
1,222,029
1,240,212
1,229,754
1,266,712
25,506
24,915
24,318
25,260
25,616
43,785
40,444
41,219
44,613
49,325
12,597
12,544
12,265
14,430
13,098
24,526
20,566
23,488
21,647
25,000
14,512
12,791
13,929
14,599
14,951
19,054
19,885
18,627
21,165
19,698
39,204
37,176
37,341
37,354
38.783
11,224
10,432
10,828
11,889
13,881
6,862
6,767
6,222
6,155
6,467
10,806
8,716
8,919
8,827
9,837
10.806
10,117
9.045
10,311
11,179
123,703
75,868
111,342
85,122
333,414
9,750
4,910
3,250
6,575
6,125
51,455
45,580
62,835
11,855
117,300
2,850
5,230
4,630
17,820
16,615
4,580
8,430
13,065
6,565
17,842
11,185
4,410
4,160
7,785
14,435
4,547
16,785
3,985
1,160
1,010
65,085
12,400
1,375
4,675
11,125
21,070
7,040
1,700
40
1,997
4,207
11,237
13,040
4,000
13,150
450
450
300
300
100
10,050
19,825
1,700
3,700
31,950
35,185
34,679
39,665
39,643
1,888
2,208
2,208
2,528
2,528
11,640
12,200
11,040
12,640
12.640
2,390
1,985
2,795
3,199
3,199
2,799
3,354
3,352
3,804
3,782
1,596
1,841
1,691
1,936
1,936
1,243
1,448
1,448
1,653
1,653
4,012
4,692
4,692
5,372
5,372
1,042
1,212
1,208
1,383
1,383
738
863
863
988
988
1,032
1,207
1,207
1,382
1,382
1,139
1,139
1,304
1,304
12,104
11,570
7,635
13,262
1,671,802 684,011
1,748,700 705,523
1,724,681 703,306
1,639,793 699,874
1,676,022 704,378
342,978
354,175
352,147
342,266
343,892
601,286
620,538
617,052
600,063
602,859
541,905
535,029
547,386
538,728
540,338
1,281,624
1,321,280
1,314,100
1,279,104
1,284,865
1,074,098 4,275,855
1,086,078 4,317,626
1,106,725 4,386,197
1,106,734 4,403,967
1,088,540 4,436,885
51,556
41,409
41,409
41,184
41,082
A-JlfeCOllIlXo tX d u *
vances:
Secured by
U. S. Gov't.
securities:
Oct.
1..
Oct. 8 . .
Oct. 1 5 . .
Oct. 2 2 . .
Oct. 2 9 . .
Other:
Oct. 1. .
Oct. 8 . .
Oct. 1 5 . .
Oct. 2 2 . .
Oct. 2 9 . .
Industrial loans:
Oct
1
Oct
8
Oct. 15
Oct 22
Oct 29
Acceptances purOct
1
Oct
8
Oct. 15
Oct. 22
Oct 29
U. S. Govt.
1,894
1,850
1,910
1 910
1,853
974
1,111
611
1,980
2,430
27,030
2,596
3,036
3,036
3,476
3,476
26
21
20
39
43
1,868
1,829
1,890
1,871
1,810
4,053
3 131
2,482
2,122
1,810
4,053
3 131
2,482
2,122
1,810
securities:
Bills:
Under repurchase
option:
459,535
Oct. 1. .
Oct. 8 . .
Oct! 15!!
Oct. 22. .
Oct. 29. .
Other bills:
Oct. 1 . . 13,589,991
Oct. 8. . 13,985,182
Oct. 15.. 13,913,632
Oct. 2 2 . . 13,564,884
Oct. 2 9 . . 13,622,284
Certificates:
Oct. 1. . 7,145,866
Oct. 8. . 7,163,266
Oct. 1 5 . . 7,098,966
Oct. 2 2 . . 6,999,466
Oct. 2 9 . . 7,066,966
Notes:
476,800
Oct. 1
Oct. 8
487,300
Oct. 15
497,300
Oct. 22
500,300
Oct. 29
732,400
Li _^ J .
itsonas:
719,690
Oct. 1
Oct. 8
719,690
Oct. 15
707,690
Oct. 22
707,690
Oct. 29
707,690
Total U. S. Govt.
securities:
22,391,882
Oct. 1
Oct. 8
22,355,438
Oct. 15
22,217,588
Oct. 22
21,772,340
Oct. 29
22,129,340
547
264,200
200
2,414
903,605
927,708
920,650
915,579
890,031
4,013,854 980,958 1,224,489
4,109,417 1,010,638 1,262,683
4,092,115 1,005,264 1,255,769
4,007,783 979,072 1,222,064
4,021,663 983,383 1,227,612
735,493
760,506
755,979
733,906
737,539
607,986
628,985
625,183
606,652
609,702
498,348
499,568
495,070
488,114
492,877
1,673,977
1,678,233
1,662,741
1,638,811
1,656,528
472,121
473,487
468,726
461,409
468,144
682,738
684,427
678,222
668,624
675,351
472,352
473,433
469,343
462,998
466,750
388,359
389,277
385,850
380,542
383,904
945,672
947,890
939,580
926,701
934,749
400,596
401,420
398,176
393,120
395,301
212,627
213,111
211,280
208,434
210,085
361,627
362,462
359,316
354,437
357,377
365,625
366,347
363,456
358,944
360,627
671,824
673,611
667,206
657,332
665,273
33,252
33,984
34,681
34,889
51,081
111,694
114,166
116,479
117,137
171,677
31,502
32,210
32,835
32,980
48,517
45,555
46,560
47,511
47,791
69,991
31,517
32,207
32,879
33,093
48,373
25,913
26,481
27,030
27,200
39,787
63,099
64,483
65,820
66,238
96,875
26,729
27,308
27,893
28,099
40,968
14,187
14,497
14,800
14,899
21,773
24,129
24,658
25.171
25,334
37,037
24.396
24,922
25,461
25,656
37,374
44,827
45,824
46,740
46,984
68,947
50,191
50,191
49,353
49,351
49,357
168,593
168,611
165,757
165,694
165,885
47,549
47,571
46,727
46,651
46,880
68,761
68,764
67,611
67,602
67,630
47,572
47,566
46,789
46,812
46,741
39,114
39,110
38,465
38,475
38,445
95,242
95,234
93,665
93,695
93,606
40,346
40,331
39,694
39,747
39,586
21,415
21,411
21,062
21,074
21,038
36,421
36,416
35,820
35,836
35,788
36.824
36,807
36,233
36,292
36,113
67,662
67,678
66,514
66,461
66,621
1,500,896
1,511.451
1,499,754
1,487,933
1,483,346
6,232,318
6,070,427
6,037,092
5,929,425
6,015,753
1,544,880 2,021,743
1,563,906 2,062,434
1,553,552 2,049,113
1,520,112 2,006,081
1,546,924 2,040,584
1,289,348
1,313,712
1,304,990
1,276,809
1,299,403
1,061,372 2,887,919
1,083,853 2,856,307
1,076,528 2,823,746
1,052,869 2,726,427
1,071,838 2,801,252
1,163,252 598,842 ,036,725
1,174,582 603,194 ,044,074
1,169,069 599,289 ,037,359
1,160,840 586,673 ,015,670
1,180,233 596,788 ,033,061
968,750
963,105
972,536
959,620
974,452
2,085,837
2,108,393
2,094,560
2,049,881
2,085,706
1,512,534
1,518,569
1,505,212
1,497,036
1,491,999
6,299,466
6,131,338
6,113,449
5,956,042
6,147,503
1,551,988 2,029,122
1,572,950 2,074,218
1,562,867 2,065,530
1,543,002 2,016,450
1,568.548 2,062,208
1,302,155
1,319,984
1,310,861
1,286,569
1,315,817
1,067,162 2,908,716
1,085,848 2,864,984
1,079,973 2,829,598
1,058,729 2,732,809
.084,728 2,871,709
1,176,694
1,177,169
1,174,952
1.173,348
1,202.686
15,500
12,750
19,900
Total loans and
securities:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
22,553.482
22,471,472
22,368.001
21,901,159
22,506,060
1380
606,620
604,097
613,192
591,661
610,926
,039,457 970,024 2,089,544
,045,731 964,544 2,112,040
,039,016 973,775 2,099,576
,027.102 962,624 2,055,787
.054,268 979.456 2,116,212
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Due from foreign
banks:
Oct. 1
Oct. 8
Oct. 1 5 . . . . . .
Oct. 22
Oct. 29
Federal Reserve
notes of other
Banks:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Uncollected
items:
Oct.
1......
Oct. 8
Oct. 15.
Oct. 22
Oct. 29
Bank premises:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Other assets:
Oct. 1
Oct. 8
..
Oct. 15
Oct. 22
Oct. 2 9 . . . . . .
I otal assets:
Oct. 1
Oct. 8
Oct. 1 5 . .
Oct. 22
Oct. 29
New
York
Boston
Philadelphia
Richmond
Cleveland
Atlanta
St.
Louis
Chicago
Minneapolis
Kansas
City
San
Francisco
Dallas
8
8
8
8
8
9
9
9
9
9
5
5
5
5
5
4
4
4
4
4
14
14
14
14
14
4
4
4
4
4
3
3
3
3
3
3
4
4
4
4
4
3
3
3
3
9
9
9
9
9
20,918
19,897
18,694
22,118
22,048
5.628
5,894
6,027
6,475
5,566
6,307
6,105
7,656
7,240
7,959
10,788
9,786
11,057
12,441
13,425
11,329
11,684
10,209
10,804
10,914
16,265
14,391
15,158
16,683
14,789
7,888
9,515
8,916
9,137
9,429
11,605
9,483
10,025
10,733
9,721
7,890
6,897
7,536
8,850
8,994
5,763
4,792
4.068
4,222
3,902
19,357
22,569
21,927
17,789
19,545
222,922
199,146
286,920
245,187
201,747
545,737
480,019
750,920
577,277
501,003
192,310
149,841
219,420
210,543
185,551
268,233
225376
325,697
285,735
250,409
234,953
213,127
298,267
266,026
235,170
168,648
152,708
225,098
175,822
160,160
409.604
369,092
520,559
446,124
418,841
119,019
116,699
154,780
135,900
121,345
73,338
71.181
99,861
81,923
76,392
138488
136,814
167,399
149,009
133,845
104,759
98,654
154,542
125,190
107,258
234,376
204,044
255,690
268.488
221,817
33.245
33,245
33,245
33,274
33,242
1,255
1,255
1,255
1,255
1,255
8,294
8,294
8,294
8,294
8,294
3,127
3,127
3,127
3,142
3,137
5,179
5.179
5,179
5,186
5,176
2,641
2,641
2,641
2,648
2,648
1,494
1,494
1,494
1,493
1,490
3,058
3,058
3,058
3,059
3,054
1,976
1,976
1,976
1,976
1,976
1,216
1,216
1,216
1,216
1,214
2,468
2,468
2,468
2,468
2,468
805
805
805
805
804
1,732
1,732
1,732
1,732
1,726
50,557
52,267
52,788
53,928
56,165
3,445
3,617
3.834
3,956
3,987
11,385
12,139
11,849
11,852
12,742
2,919
3,036
3,099
3,210
3,388
5,125
5,012
5,114
5,328
5,598
3,331
3,489
3,500
3,541
3,744
2,755
2,846
2,957
3,135
3,213
7,032
7,239
7,269
7,152
7,425
3,215
3,322
3,236
3.294
3,510
1,319
1,387
1,435
1,518
1,610
2,524
2,594
2,509
2,528
2,648
2,634
2,526
2,782
2,806
2,976
4,873
5,060
5,204
5,608
5324
46,460,873
46,189,454
47,189,694
46,318,019
46,651,650
2,551,186
2,541,013
2,617,170
2,551,638
2,545,534
12391,654
12,338,318
12,585,050
12,262.202
12342,942
2,804,705
2,781,220
2,844,266
2,782,980
2,800,415
3,832,702 2,812,792
3,743,000 2,783,852
3,817,746 2,880,472
3,765,650 2,815,583
3,800,827 2,852,472
2,396,100
2,401,956
2,486,496
2,419,070
2,409,829
24,480,040
24,533,188
24,553,381
24,491,686
24,452,524
1,445,706
1,445,062
1,449,956
1,441,660
1,436,021
5.622,821
5,616,421
5,625,135
5,602,418
5,592,613
17,033,881
17,141,971
17,228,922
17,037,410
16,859,049
750,990
785,405
765,545
784,165
760,926
5,277.338
5,310,015
5,424,863
5,277,177
5,198,014
839.401
840,325
838,915
833,706
828,179
1,286,253
1,236,759
1,259,717
1,260,388
1,238,750
769,873
771,281
761,055
747,146
761,996
746.976
764,619
766,681
749,328
740,005
87,731
61,025
63,684
43,123
83,479
267,548
270,040
193,087
120.728
328,704
68,831
76,471
73,064
33,775
76,278
108,799
93,651
65,233
44,859
121,047
68,304
54,873
68,464
49,904
88,057
44,755
41,599
59,906
51,148
58,180
134,932
2148,339
152,463
H83.537
H83.692
22,048
24,341
21,408
31,379
31,744
25,315
27,947
24,580
36,028
36,447
13,338
14,725
12,951
18,983
19,203
427,918
408,260
410,519
402.078
398,598
1,923
1,769
1,622
1,891
2,014
10,992
9,994
10,265
7,971
7,344
860,322
869,866
850,169
856,690
872307
6,107,736
6,136,654
6,180,932
5,983,520
6,109,008
932,203
942,906
935,009
900,751
938,215
198,572
179,205
270,074
206,103
189,908
436,322
359,315
552,077
447,812
413,052
160,979
125.006
194,202
174,607
155,699
98
98
98
95
95
6
6
6
6
6
126,447
124,678
125,398
130,756
131,499
2,709
3,665
4,125
4,264
5,207
2,712,087
2,416,701
3,459,153
2,967,224
2,613,538
129
>29
129
'26
126
7,757,329 1,949,633
7,710,987 1,954,785
7,896,601 1,985,777
7,744,251 1,979,758
7,878,440 2,013,276
1,192,348 1,983,605
1,198,993 1,978,026
1,212,126 2,003,573
1,184,609 1,991,541
1,204,066 1,989,467
1,607,882 5,180,937
1,595,109 5,162,195
1,667,335 5,193,082
1,611,011 5,209,726
1,622,365 5,192,017
T itttifitips
Federal Reserve
notes:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Deposits:
Member bank
—reserve
account:
Oct. 1 . .
Oct. 8. .
Oct. 1 5 . .
Oct. 22. .
Oct. 2 9 . .
1,103,780 611,561
1,110,273 615,277
1,115,697 616,744
1,121,840 617,883
1,125,314 618,404
939,702
943,781
941,409
938,125
935,990
615.S17
620,920
621,228
622,692
624,167
629,738
648,611
661,575
634,460
636,373
447,187
452.572
448,299
441,380
436,654
826,950
841,363
839,624
845,840
825,839
811,422 2,096,277
812.343 2,115.851
822,587 2,097,958
802,911 2,117,213
809475 2,082,368
134,703
112,251
116,948
73,644
239,826 L
58,871
42,137
33,477
43,512
87,312
54,028
34,126
38,188
32,745
66,213
49,801
67,569
34,573
49,217
44,652
48,897
31,769^ 54,713
48,087 104,047
11,160
12,320
10,836
15,883
16,068
37,019
40,868
35,945
52,686
53,298
9,527
10,518
9,251
13,559
13,717
42,215
39,464
30,130
27,642
53,352
6,805
7,513
6,608
9,685
9,798
9,527
10,517
9,250
13,559
13,717
8,983
9,917
8,722
12,784
12,933
2,936
2,536
3,052
1,992
2,207
1,456
2,162
1,087
2,408
2,046
4,152
2,175
3,388
4,130
2,397
10,225
8,331
8,519
8,013
6,723
3,028
2,321
1,939
1,630
1,918
3,393
1,706
1,421
1,431,359 854,451
1,368,351 843,415
1,359,795 845,522
1,349,246 818,025
1,403,588 871,463
804,347
820,700
838,510
818,767
816,299
2,727,350
2,718,121
2,698,384
2,674,153
2,836,291
708,361
709,597
712,822
699,544
744r125
499,235
501,870
486,976
480,337
501,722
893,898
887,712
888,483
892,299
906,827
871,011 2,228,447
857,657 2,231,279
876,383 2,208,778
849,160 2,246,135
871,053 2,259,334
161,498
143,777
214,734
169,695
161,804
350,183
300,835
503,401
382,698
365,874
110,381
107,566
129,824
130,802
117,003
62,207
61,718
88,835
66,937
64,245
122,930
119,243
146,311
133,622
118,978
95,160
90,674
143,686
112,980
100,855
1,652,823 2,114,241
1,654,371 2,116,651
1,655,964 2,113,244
1,648,350 2,107,911
1,647,013 2,103,302
1,719,385
1,727,814
1,732,804
1,736,058
1,733,332
1,399,132 4,582,094
1.406,195 4,593,904
1,401,875 4,596,141
1,399,099 4.588,612
1,400,056 4,576,979
2,551,476
2,562,827
2,542,103
2,543,693
2,540,770
2,672,978
2,682,519
2,683,184
2.667,038
2,659333
|T
C
tj. o, Trcao
i reas-
urer-general
account:
Oct. 1 . . 1,053,155
Oct. 8 . .
909,427
Oct. 1 5 . .
835,730
Oct. 2 2 . .
607,562
Oct. 2 9 . . 1,354,582
Foreign:
Oct. 1 . .
320,153
Oct. 8 . .
352,804
Get, 1 5 . .
332,310
Oct. 2 2 . .
447,092
Oct. 29. . 450r290
Other:
511,531
Oct. 1 . .
Oct. 8 . .
483,926
Oct. 1 5 . . \ 484,801
Oct. 22.
476,563
Oct. 2 9 . .
466,311
Total deposits:
Oct. 1
18,918,720
Oct. 8
18,888,128
Oct. 15
18,881,763
Oct. 22
18,568,627
Oct. 29
19,130,232
Deferred availability items:
Oct. 1
2,334,705
Oct. 8
2,036.553
Oct. 15
3,020,589
Oct. 22
2,520,143
Oct. 29
2,330,418
2
17,491
19,302
16,985
24,864
25,152
2
4,110 '••
4,134 ;
3,955
4,538
2,750
219,254
190,123
276,446
239,974
225,137
202,191
175,604
265,038
224,220
210,183
155
1,058
24,008
26,497
23,311
34445
34,521
805
40,593
824 < 39,714
422
38,612
1,693
858 ;
40,064
38,398
215,028
183,487
235,961
230,693
207,680
v/iiier HELD, met.
accrued div.:
863
841
617
759
848
Oct. 1.
18,774
1,113
5,260
1,193
1,896
780
2,722
1,882
989
767
711
882
Oct. 8
20,272
1,151
5,607
1,271
1,720
837
2,873
1,340
2,124
942
717
811
798
905
Oct. 1 5 . . . . . .
20,627
1,155
5,924
1,275
1,952
831
3,144
2,173
975
534
782
840
884
Oct. 22
20,764
1,148
6,811
1,285
2,009
850
2,971
1,675
899
92f
797
718
853
Oct. 29
21,299
1,162
5,970
1,340
2,090
1,056
3,205
2,289
J
After deducting $69,000 participations of other Federal Reserve Banks on Oct. 1; Oct. 8; Oct. 15; Oct. 22; and Oct. 29.
2
After deducting $185,096,000 participations of other Federal Reserve Banks on Oct. 1; $204,340,000 on Oct. 8; $179,724,000 on Oct. 15; $263,432,000 on Oct. 22; and $266,492,000 on Oct. 29.
1947
NOVEMBER
1381
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
2,505,713
2,495,284
2,571,354
2,505,601
2,499,398
12,172,139
12,117,997
12,364,068
12,040,561
12,120,643
2,747,198
2,723,554
2,786,450
2,724,993
2,742,267
3,766,750
3,676,845
3,751,437
3,699,140
3,734,117
2,776,890
2,747,822
2,844,306
2,779,278
2,816,034
2,365,757
2,371,509
2,455,950
2,388,411
2,379,058
7,662,349
7,615,733
7,801,070
7,648,434
7,782,349
1,923,363
1,928,318
1,959,248
1,953,070
1,987,362
1,173,620
1,180,205
1,193,272
1,165,691
1,185,089
1,957,289
1,951,503
1,977,014
1,964,828
1,962,592
1,582,836
1,569,962
1,642,095
1,585,672
1,596,928
5,118,335
5,099,409
5,130,096
5,145,541
5,128,636
11,232
11,232
11,233
11,233
11,233
68,173
68,326
68,328
68,334
68,332
14,313
14,313
14,316
14,317
14,319
18,810
18,812
18,817
18,819
18,820
8,165
8,166
8,174
8,175
8,178
7,443
7,445
7,445
7,447
7,456
23,123
23,126
23,131
23,146
23,162
6,341
6,341
6,343
6,343
6,342
4,267
4,267
4,270
4,274
4,275
6,468
6,471
6,472
6,477
6,484
7,218
7,221
7,221
7,225
7,228
17,968
17,999
18,000
18,001
18,001
27,557
27,557
27,557
27,557
^27,557
136,549
136,549
136,549
136,549
136,549
34,720
34,720
34,720
34,720
34,720
41,394
41,394
41,394
41,394
41,394
20,676
20,676
20,676
20,676
20,676
18,663
18,663
18,663
18,663
18,663
65,078
65,078
65,078
65,078
65,078
16,577
16,577
16,577
16,577
16,577
10,997
10,997
10,997
10,997
10,997
15,729
15,729
15,729
15,729
15,729
13,777
13,777
13,777
13,777
13,777
38,106
38,106
38,106
38,106
38,106
3,012
3,012
3,012
3,012
3,012
7,253
7,253
7,253
7,253
7,253
4,489
4,489
4,489
4,489
4,489
1,007
1,007
1,007
1,007
1,007
3,325
3,325
3,325
3,325
3,325
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,14a
2,140
2,140
2,140
2,140
3,672
3,928
4,014
4,235
4,334
7,540
8,193
8,852
9,505
10,165
3,985
4,144
4,291
4,461
4,620
4,741
4,942
5,091
5,290
5,489
3,736
3,863
3,991
4,129
4,259
3,475
3,577
3,676
3,787
3,890
5,350
5,621
5,893
6,164
6,422
2,831
3,028
3,088
3,247
2,474
2,391
2,451
2,514
2,574
2,632
2,982
3,186
3,221
3,370
3,525
2,744
2,842
2,935
3,030
3,125
4,388
4,541
4,740
5,938
5,134
2,551,186
2,541,013
2,617,170
2,551,638
2,545,534
12,391,654
12,338,318
12,585,050
12,262,202
12,342,942
2,804,705
2,781,220
2,844,266
2,782,980
2,800,415
3,832,702
3,743,000
3,817,746
3,765,650
3,800,827
2,812,792
2,783,852
2,880,472
2,815,583
2,852,472
2,396,100
2,401,956
2,486,496
2,419,070
2,409,829
7,757,329
7,710,987
7,896,601
7,744,251
7,878,440
,949,633
1,954,785
1,985,777
1,979,758
2,013,276
1,192,348
1,198,993
1,212,126
1,184,609
1,204,066
1,983,605
1,978,026
2,003,573
1,991,541
,989,467
1,607,882
1,595,109
1,667,335
1,611,011
1,622,365
5,180,937
5,162,195
5,193,082
5,209,726
5,192,017
195
194
194
195
194
1976
1972
1972
1975
2
969
247
246
246
247
245
283
283
283
283
282
149
149
149
149
148
125
125
124
125
124
415
413
413
414
412
107
106
106
107
106
76
76
76
76
76
107
106
106
107
106
101
100
100
100
100
268
267
267
268
267
888
927
862
881
923
1,491
1,431
1,452
1,452
1.452
76
85
77
77
79
427
427
427
427
400
29
28
28
28
2K
580
580
580
580
580
Total
T o t a l liabilities:
45,752,239
Oct.
1
45,478,141
Oct.
8
46,476,360
Oct. 15
45,601,220
Oct. 22
45,934,473
Oct. 29
Capital A c c t s . :
Capital paid in:
193,521
Oct.
1
Oct.
8
193,719
Oct. 15
193,750
Oct. 22
193,791
Oct. 29
193,830
Surplus
(section 7):
439,823
Oct.
1
Oct.
8
439,823
Oct. 15
439,823
Oct. 22
439,823
Oct. 2 9 . . . .
439,823
Surplus
(section 13b):
27,455
Oct.
1....
Oct.
8
27,455
Oct. 15
27,455
Oct. 22
27,455
Oct. 29
27,455
Other cap. accts.:
47,835
Oct.
1
Oct.
8....
50,316
Oct. 15
52,306
Oct. 22
55,730
Oct. 2 9 . . . .
56,069
Total liabilities
and cap. accts.:
46,460,873
Oct.
1
Oct.
8
46,189,454
Oct. 15
47,189,694
Oct. 22
46,318,019
Oct. 29
46,651,650
Contingent liability on bills
purchased for
foreign correspondents:
3,049
Oct.
1
3,037
Oct.
8
3,036
Oct. 15
3,046
Oct. 22
3,029
Oct. 29
Commit, to make
indus. loans
7,394
Oct.
1....
7,378
Oct.
8....
7,326
Oct 15
7 345
Oct 22
7,362
Oct. 29
3 750
3,750
3,750
3,750
3.7.SO
153
150
150
150
150
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F.R. notes outstanding
(issued to Bank):
Oct.
1
Oct.
8
Oct. 15
Oct. 22
Oct. 29
•Collateral held against
notes outstanding:
Gold certificates:
Oct.
1
Oct.
8
...
Oct. 15
Oct. 22
Oct. 29
Eligible paper:
Oct.
1. .
Oct.
Oct. 15
Oct. 22
Oct. 29
U. S. Govt. s e c :
Oct.
1
Oct.
8
Oct. 15
Oct. 22
Oct. 29
Total collateral:
Oct.
1
Oct.
8
Oct. 15
Oct. 22
Oct. 29
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
25,218,272
25,240,421
25,229,307
25,231,942
25,193,802
,502,213 5,767,145
,505,658 5,771,540
,500,208 5,774,174
,501,599 5,768,131
,504,157 5,759,942
1,701,787
1,699,623
1,699,136
1,698,649
1,691,651
,177,747
,173,831
,169,450
,168,098
163,670
,761,980
,767,520
,768,572
,780,325
774,430
,446,515 4,687,674
454,938
,454,938 4,687,087
,452,428 4,687,623
446,349
,446,349 4,684,116
,444,542 4,679,055
1,147,165
1,148,510
1,153,641
1,162,951
1,163,577
623,722
626,667
629,676
630,148
632,692
962,249 641,720
964,528 648,407
963,284 649,327
962,893 651,179
959,874 652,384
2,798,355
2,792,112
2,781,788
2,777,504
2,767,828
11,838,000
12,238,000
12,278,000
12,278,000
12,593,000
440,000 3,470,000
440,000 3,470,000
440,000 3,470,000
440,000 3,470,000
440,000 3,470,000
515,000
515,000
515,000
515,000
515,000
695,000
695,000
695,000
695,000
695,000
560,000
560,000
600,000
600,000
650,000
475,000 ,850,000
725,000 2,850,000
725,000 2,850,000
725,000 2,850,000
725,000 3,050,000
300,000
300,000
300,000
300,000
315,000
184,000
184,000
184,000
184,000
184,000
280,000
280,000
280,000
280,000
280,000
1,900,000
2,050,000
2,050,000
2,050,000
2,100,000
7,040
12,409
1,379
40
4,675 13,040
11,125 4,000
21,070 13,150
1,700
450
450
10,050
19,825
97,250
62,260
93,870
68,540
235,250
9,750
4,910
3,250
6,575
6,125
51,355
45,380
61,685
8,755
117,000
2,850
5,230
4,630
17,820
16,615
13,881,570
13,620,000
13,620,000
13,650,000
13,400,000
,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2 ,400,000
1,100,000 2 ,400,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,220,000 1,000,000 1,900,000
1,220,000 750,000 1,900,000
1,220,000 750,000 1,900,000
1,200,000 750,000 1,900,000
1,150,000 750,000 1,700,000
25,816,820
25,920,260
25,991,870
25,996,540
26,228,250
,549,750 5,921,355
,544,910 5,915,380
,543,250 5,931,68.
,546,57 5,878,75.
,546,125 5,987,000
1,717,850
1,720,230
1,719,630
1,732,820
1,731,615
2,195,000
2,195,000
2,195,000
2,195,000
2,195,000
1,791,035
1,784,260
1,824,160
1,807,785
1,814,435
11,035
4,260
4,160
7,785
14,435
1,475,000 4 ,750,000
1,475,000 4 ,750,000
1,475,000 4,750,000
1,475,000 4,750,000
1,475,000 4,750,000
911,570
900,000
900,000
950,000
950,000
450,000
450,000
450,000
450,000
450,000
1,223,979 641,040
1,201,379 634,040
1,204,675 647,040
1,261,125 638,000
1,286,070 647,150
700,000
700,000
700,000
700,000
700,000
169,000
169,000
169,000
169,000
169,000
1,111
611
1,980
2,430
27,030
500,000
500,000
500,000
500,000
500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
981,700 669,000 2,901,111
980,450 669,000 3,050,611
980,450 669,000 3,051,980
990,050 669,000 3,052,430
999,826 669.000 3,127,030
1
After deducting $2,073,000 participations of other Federal Reserve Banks on Oct. 1; $2,065,000 on Oct. 8; $2,064 000 on Oct. 15- $2 071,000
on Oct. 22; and $2,060,000 on Oct. 29.
1382
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]
Date
Number
1942
June 30
Dec. 31
1943
June 30
Dec. 31
1944
June 30
Dec. 30
1945
June 30
Dec. 31
1946
June 29
Dec. 31
1947
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Total
amount
Amount
565
Additional
amount
available to
borrowers
Portion under guarguaran- antee agreements
teed
outstanding
Guaranteed
loans
outstanding
Guaranteed loans
authorized
to date
2,665
310,680
2,688,397
4,217
5,347
69,674
632,474
137,888
1,430,121
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966,595
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
18,025
14,238
11,746
10,356
9,236
3,589
3,245
2,992
2,977
16,654
13,237
10,965
9,658
8,601
3,218
2,908
2,703
2,689
22,424
21,183
15,392
13,452
13,176
6,726
6,709
6,729
6,739
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.
1934
1935
1936
1937.. . .
1938
1939
1940
1941
1942
June 24. . .
Dec. 31 . . .
1943
June 30. . .
Dec. 3 1 . . .
1944
June 3 0 . . .
Dec. 30. . .
1945
June 30. . .
Dec. 3 1 . . .
1946
June 29. . .
Dec. 3 1 . . .
1947
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 30
Sept. 3 0 . . .
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
3,352
3,423
338,822
408,737
3,452
3,471
475,468
491,342
984
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
26,346
4,248
11,265
14,126
16,832
10,661
904
905
979
1,001
6 337
6 ,360
6 543
6 688
4 ,665
4 ,712
4 ,757
4 ,906
16,488
16,581
16,831
17,066
16,872
16,891
17,039
17,082
4,207
4,214
4,249
4,294
4,280
4,290
4,276
4,280
978
987
988
1,011
1,010
1,010
1,017
1,020
6
6
6
6
6
6
6
6
555
614
686
756
668
703
780
805
4 ,748
4 ,767
4 ,907
5 ,005
4 ,914
4 ,888
4 ,966
4 ,977
891
885
800
931
12
24
11
24
205
196
226
256
670
662
559
646
775
^799
948
1,059
884
913
984
Pl.020
14
12
16
32
19
25
22
33
216
240
274
287
220
264
299
280
542
542
654
733
641
614
654
P694
126
149
127
133
19
29
26
44
74
92
57
59
33
28
42
28
135
136
108
82
98
235
148
131
34
34
21
19
16
126
89
55
50
61
54
33
55
77
38
48
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Excess reserves:
1946—August
September....
1947—August
September. . . .
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
28
4
11
18
25
2
9
16
Borrowings at Federal
Reserve Banks:
1946—August
September....
1947—August
September....
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
28
4
11
18
25
2
9
16
3,203
13,044
10,532
12,132
9,270
19,070
17,930
510,857
525,532
1,295
11,366
3,894
4,048
4,165
3,502
3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
3,524
3,542
552,711
565,913
615
1,210
4,577
5,366
8,309
1,110
2,670
195
1,902
351
1,229
554
593
996
1,081
1,109
1,618
1,778
1,732
1,858
1,892
8,217
8,186
8,160
7,279
5,735
7,018
6,886
7,437
7,395
2,677
2,729
2,727
2,616
2,761
4,043
3,902
5,028
5,019
1
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
1947
25
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS 1
In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
September 1946
August 1947
16,282
'•15,230
8,155
r8,484
12,149
n1,865
5,712
'6,041
September 1947
11,063
2,706
4,795
4,795
4,595
5,371
4,595
44
41
32
30
26
25
19
Revised.
P Preliminary.
i 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.
26,430
17,305
3,483
3,489
568,540
569,487
569,825
571,408
571,893
572,836
574,999
576,161
577,614
Country
banks l
4,125
4,183
4,203
4,270
16,031
[Averages of daily figures.
3,545
3,548
3,548
3,552
3,553
3,555
3,558
3,563
3,566
Reserve
city
banks
r
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
45
Central reserve
city banks
September. . . . 16,160
1947—August
16,481
September. . .. 16,866
Total reserves held:
1946—August
Loans Commit- Participations
ments
outoutoutstanding 2 standing standing
(amount)
(amount) (amount)
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
926
BORROWINGS
Chicago
[Amounts in thousands of dollars]
Approved
but not
completed 1
(amount)
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
All
member l
banks
AND
In millions of dollars]
New
York
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
Applications
approved
Date (last
to date
Wednesday
or last day
Num- Amount
of period)
ber
RESERVES
Month, or
week ending Thursday
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
BANK
[Averages of daily figures.
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
MEMBER
15,588
8,508
12,130
6,064
Boston
New York
Philadelphia
Cleveland
1,855
2,847
1,089
1,329
883
2,172
750
928
347
1,071
924
1,056
235
1,174
901
830
Richmond
Atlanta
Chicago
St. Louis
1,095
1,528
1,965
671
401
487
1,402
336
876
647 "
1,717
962
469
213
950
281
Minneapolis
Kansas City
Dallas
San Francisco. . .
573
546
937
1,154
296
105
141
607
793
1,653
1,501
582
445
203
61
303
T
Revised.
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All reserve cities have a population of more than 15,000.
1383
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
Other
Net
demand
deposits 2
Time
deposits8
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First 1
lalf of September 1947
All member banks
Central reserve city banks:
New York
Chicago
Reserve city banks.
Boston
New York
Philadelphia
Cleveland
Richmond.. . \
Atlanta
Chicago
St. Louis
Minneapolis.,
Kansas City
Dallas,
San Francisco.
«
88,986
11 ,583
77,403
78,163
28,236
5,718
16 ,815
15, 880
935
106
22,191
5,161
4 ,153
1,165
18,039
3,996
20,702
4,675
1,471
887
47
150
4 ,251
997
4,229
988
22
9
20
33,004
1,933
5 ,307
268
28
352
485
332
425
514
494
547
940
554
572
27,697
1,665
548
1,892
3,270
1,786
1,595
3,494
1,346
717
1,909
1,787
7,688
28,675
1,770
508
2,010
3,559
1,844
1,725
5,445
1,586
876
2,555
1,942
7,278
11,318
1,788
199
55
506
25
277
68
1,549
165
447
109
412
125
2,120
295
525
90
177
67
561
264
538
250
5,008 ; 296
6 ,685
571
123
424
777
421
595
860
546
196
521
445
1 ,807
6,414
566
120
419
749
596
569
816
556
186
492
409
1,756
271
5
5
5
29
26
24
45
10
10
29
57
51
51
958 27,671
80
2,202
81
3,908
15
2,000
25 ; 2,382
112
1,961
159
2,185
75
3,677
120
1,654
71
1,556
75
2,200
126
2,451
25
1,754
24,112
1,985
5,497
1,754
2,077
1,703
1 »971
5,141
1,477
1,167
1,825
2,019
1,499
14,560
1,118
3,345
1,648
1,756
870
700
2,548
616
759
508
202
910
4,883
586
776
594
464
354
556
681
278
245
522
552
295
4y 249
345
690
344
396
291
518
581
244
208
274
295
264
633
41
86
50
68
44
38
101
35
36
48
57
31
576
2,244
3,755
2,118
2,018
4,008
1,840
1,064
2,848
2,542
8,260
Country banks
28,629
2,282
5,989
2,015
2,405
2,075
2,544
3,749
1,754
1,427
2,274
2,556
1,759
Bostoa,
New York
Philadelphia.. .•
Cleveland
Richmond
Atlanta
Chicago
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco
3,733
186
322
207
274
289
317
543
234
225
427
497
215
1
' 4
20
1
4
3
1
1
34
8
11
3
4
4
1
' i
2
Second half of September 1947
89,797
11,792
78,004
78,741
28,282
5,776
16,916
15,989
927
22,455
5,247
4,232
1,169
18,223
4,077
20,877
4,743
1,476
885
61
150
4,289
1,005
4,264
1,002
25
5
68
2
33,333
5,394
1,978
572
2,276
3,804
2,131
2,029
4,023
1,855
1,084
2,855
2,380
8,345
280
28
365
492
358
432
505
501
357
917
565
593
27,939
1,698
545
1,911
3,311
1,772
597
3,518
1,355
727
1,939
,814
7,752
28,853
1,807
1,832
36
24
72
168
104
152
506
89
68
261
259
515
6,692
6,451
383
122
429
791
414
386
865
541
194
511
443
1,816
575
120
421
752
598
570
815
557
190
495
412
1,769
241
9
2
7
59
16
17
47
4
4
18
51
47
67
897
2,358
1,959
7,340
11,338
200
307
277
1,355
447
415
2,126
525
177
562
558
5,015
28,762
2,286
4,011
2,043
2,411
2,106
2,326
761
997
85
83
16
24
125
162
73
123
78
73
127
28
27,765
2,202
3,928
2,027
2,387
1,981
2,164
3,688
1,631
1,377
2,198
445
24,268
1,979
3,523
1,771
2,081
1,726
1,963
3,167
1,482
1,192
1,840
2,033
1,509
14,583
1,118
5,348
1,653
1,760
870
700
2,355
617
741
509
203
910
3,733
195
323
217
275
300
310
531
229
226
412
501
215
4,930
379
786
401
469
345
555
687
280
252
526
557
296
4,272
544
694
547
397
294
317
585
245
211
276
297
266
658
55
92
54
72
50
57
102
56
41
50
60
50
22
4
6
2
5
5
1
All member banks
Central reserve city banks
New York.
..
Chicago
.
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Country banks
Boston
New York...
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
1,754
1,455
2,271
2,572
1,766
1,737
506
2,024
3,355
1,855
1,725
3,440
1,589
160
5
18
4
2
4
15
5
1
Averages of daily closingfiguresfor reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based on deposits at opening of business.
.
.
* Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
• ,_ w . „ , ~ „ ™
• Includes some interbank and U. S, Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and United States Government, less cash items reported as in
process of collection) of all member banks estimated at 71,000 million dollars in the first half and 71,200 million in the second half of September. U. S.
Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements.
1384
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation 1
End of year or
month
1933
1934
1935
1936
1937.
1938
1939..
1940
1941
1942
1943
1944
1945
. .
Coin and small denomination currency
Total
4,167
5,519
5,536 4,292
4,518
5,882
5,021
6,543
5,015
6,550
5,147
6,856
5,553
7,598
6,247
8,732
11,160 8,120
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
1946—Mav
28,120 20,171
28,245 20,248
June
28,254 20,185
July
August
28,448 20.271
September... 28,507 20,262
October
28,600 20,273
November... 28,861 20,447
December... 28.952 20,437
1947—January
February....
March
April
May
. ..
28,262
28,304
28,230
28.114
28,261
28.297
June
28.149
July
28.434
August
September.. . 28,567
19,808
19,873
19,807
19,684
19.773
19.769
19,622
19.837
19,881
Coin
3$1
Large denomination currency 2
j
Total
$100
$500 $1,000 $5,000 $10,000
$2
$5
$10
$20
442
402
452
423
478
460
517
499
537
505
550
524
590
559
648
610
751
695
880
801
1,019
909
1,156
987
1,274 1,039
33
32
33
35
33
34
36
39
44
55
70
73
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
1,229
1,288
1,373
1,563
1,560
1,611
1.772
2,021
2,731
4.051
5.194
5,983
6,782
1,342
1.326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
1,360
364
1,254
337
1,369
358
1,530
399
1,542
387
1,714
409
2,048
460
2,489
538
3,044
724
3,837 1,019
5,580 1,481
7,730 1,996
7,834 2,327
618
577
627
707
740
770
919
1,112
1,433
1,910
2,912
4,153
4,220
1.291
1,300
1,311
1.319
1,332
1,345
1,355
1.361
999
998
990
992
1,001
1,000
1,010
1.029
67
67
67
66
66
65
65
67
2,199
2,191
2,166
2,165
2,156
2,148
2,169
2,173
6,586
6,604
6,552
6,571
6,528
6,494
6,543
6,497
9,029
9,087
9,099
9,159
9,180
9,221
9,305
9,310
7,950
7,998
8,071
8,178
8,247
8,329
8,416
8,518
2,352
2,364
2,377
2,402
2,419
2,436
2,458
2,492
4,356
4,387
4,437
4,509
4,567
4,645
4,711
4,771
438
438
436
436
436
434
435
438
1,337
1,337
1,344
1.351
1,351
1,355
1.356
1.362
1,375
972
967
969
63
64
63
63
985
986
63
64
6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
9,077
9,079
9,036
8,979
8,982
8.996
8,935
9.020
9,077
8,457
8,434
8,424
8,432
8.489
8,530
8.529
8.600
8,689
2,460
2,456
2,447
2,442
2,449
2,466
2,453
2,477
2,503
4,757
4,755
4.754
4,769
4,789
4,808
4.824
4,874
4.941
434
433
432
972
2.074
2,090
2,085
2.065
2,089
2,078
2,058
2.092
2,085
980
990
1,010
81
63
64
64
$50
125
112
122
135
139
160
191
227
261
287
407
Unassorted
237
216
239
265
288
327
425
523
556
586
749
8
5
7
7
6
17
20
30
24
9
9
10
7
16
18
12
32
32
60
46
25
22
555
990
3
801
10
24
454
7
24
2
775
781
790
802
795
784
782
783
8
3
8
8
8
8
8
8
21
22
21
20
21
21
21
26
1
2
2
2
2
2
2
3
774
769
771
9
6
6
23
14
14
3
3
1
431
773
5
804
810
12
1
430
430
11
12
2
2
428
428
428
5
5
8
10
5
8
7
5
2
4
4
3
2
806
5
12
2
804
800
5
5
12
12
2
2
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
8
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money
held by
Federal
For
Reserve Sept. 30, Aug. 31, Sept. 30,
Federal
Banks and
Reserve
1947
1946
1947
agents
Banks and
agents
Money held in the Treasury
Total outstanding, As security
Sept. 30,
against
1947
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve n o t e s . . . .
Treasury currency—total.
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Sept. 30, 1947.
Aug. 31, 1947.
Sept. 30, 1946.
21,955
20,770
25,230
4,552
20,770
493
1,931
32,246
926
352
347
397
106
315
1 ,931
3
2,246
2
1,185
47
24,289
4,231
151
150
144
2,044
887
337
317
391
105
2,052
878
334
320
397
106
2,010
862
325
315
451
112
24
15
10
3
1
23,016
22,823
20,386
2,815
871
267
202
23
5
27
5
1
17,907
70
55
1,309
1,323
2,289
17,907
17,719
15,280
3,954
3.8C8
3,897
47
24,151
4,236
50
24,237
4,220
28,567
28,434
28,507
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. 1377, and seasonally adjusted figures in table on p. 1386.
9
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
* To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
* Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note of explanation of these duplications.
* Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificatei
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
NOVEMBER 1947
1385
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—•
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series 1
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
Monthly averages of daily
figures:
1946—June
July
August
September
October
November
December
28,140
28,281
28,352
28,478
28,588
28,727
28,997
28,281
28,338
28,494
28,535
28,588
28,641
28,710
+106
+57
+156
+41
+53
+53
+69
1947—January
February
March
April
May
June
July
August
September
October
28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
28,711
28,598
-252
-158
+58
+54
-56
+22
-62
+78
+317
-113 '
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
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.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—October
November..
December. .
1947—January... .
February.. .
March
April
May
June
July
August
September..
October
2
11,258
2
12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
20,402
20,470
20,529
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
P22.294
Increase
in gold
stock
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
464.0
96.7
67.7
59.4
219.3
8-418.2
132.5
311.5
159.0
333.4
270.6
228.8
189.4
P338.7
EarNet
marked
gold
gold: deimport
crease
or export
or in(-)
crease (—)
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
311.5
24.2
77.9
-61.2
-16.8
20.4
153.6
44.1
129.7
200.2
219.2
111.7
109.6
(4)
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
115.7
127.5
82.8
196.1
-684.5
203.5
272.0
13.1
119.0
26.7
42.3
153.1
5
-4.0
Domestic
gold
production1
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
5.5
4.4
5.8
7.6
5.5
5.5
6.2
7.2
6.1
7.3
r
7.0
4
(4)
()
P Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 1434.
2
Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
8
Change reflects primarily gold subscription to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,491.0 million dollars on Oct. 31, 1947. Gold under earmark is not included in the gold stock of the United States.
NOTE.-—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
New
York
City
Annual rate of
turnover of demand
deposits except interbank and Government
Year and month
Total, all
reporting
centers
140
other
centers 1
Other
reporting
centers 2
423,932
445 863
537,343
607,071
641,778
792,937
891,910
974,102
} 1,050,021
1939
1940
1941
1942—old series «3
1942—new series
1943
1944
1945
1946—old series 4 4
1946—new series
New
York
City 1
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210
16.1
16.5
17.1
18.3
19.0
10.0 {
83,295
91,340
86,645
103,900
31,397
33,913
31,088
41,252
43,155
47,671
46,105
52,295
8,743
9,756
9,452
10,353
19.3
18.7
19.9
25.8
93,488
81,567
93,314
87,771
87,840
94,446
93,733
84,406
91,896
34,305
29,745
33,547
31,391
30,895
35,632
34,779
28,331
31,837
49,140
43,199
49,955
46,904
47,464
49,265
49,178
46,717
49,962
10,043
8,622
9,812
9,475
9,482
9,548
9,776
9,358
10,097
20.6
20.4
20.4
19.2
19.0
22.7
21.2
17.5
20.2
1946—September..
October
November
December
1947—Tanuarv
February
March
. ...
May
. ...
June
July
August
September
333 other
reporting
centers
Other
leading
cities
New
York
City
Other
leading
cities
167 939
167 373
193 729
1200,337
258,398
298,902
351,602
374,365
407,946
200 636
217 744
270,439
308,913
369,396
403,400
412,800
449,414
522,944
21 0
17 1
17 3
18.0
20.5
22.4
24.2
25.5
25.2
19 4
18 6
19 4
18.4
17.4
17.3
16.1
16.9
16.5
10.7
10.6
11.6
12.6
30,555
32,035
31,379
40,021
42,413
46,612
46,037
52,139
23.7
21.9
23.8
28.7
16.7
16.3
17.8
19.2
11.6
11.6
11.9
11.3
11.3
12.1
11.5
11.0
12.1
33,592
29,173
34,439
29,997
31,695
35,092
33,026
29,025
31,605
48,778
44,011
50,582
46,403
48,023
48,595
48,525
47,026
49,984
23 8
24 0
24.9
21.5
22 7
25.6
22.9
20 6
23.1
17 4
18 1
18.6
17.0
17 3
17 9
17.2
16 6
18.0
13.1
11.7
10.8
9.7
1
2
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.
•Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947
and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are 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 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.
1386
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
1929—JuneM
December
t933—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
55,171
54,713
41,680
42,548
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
26,179
26,366
19,172
19,817
29,730
31,761
33,360
36,194
38,661
42.270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992
1946—September
October
November
December
170,200
170,000
169,500
167,107
1947—January (Jan. 29)P.
February (Feb.26)P.
March (Mar. 26)P..
April (Apr. 30) P
May(May28)p
June (June 25)P.. . .
July (July 30) P
August (Aug. 27)P. .
September(Sept.24) v
165,900
165,400
165,100
165,200
164,900
165,100
165,900
166,800
168,000
End of month
Time deposits
Total
deposits
adjusted
Demand
deposits
adjusted*
51,532
51,156
36,919
37,766
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
22,540
22,809
14,411
15,035
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
107,900
108,900
109,700
110,044
143,700
143,500
142,800
140,377
108,600
106,800
106,400
107,300
107,500
108,500
109,200
109,500
110,500
139,800
139,200
139,100
139,200
138,900
139,100
139,900
140,700
141,700
United
States
Government
deposits2
Total
Commercial
banks»<
Mutual
savings
banks«
381
158
852
1,016
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
28,611
28,189
21,656
21,715
26,236
26,305
26,791
27,059
27,463
27,738
19,557
19,192
10,849
11,019
14,776
14,776
15,097
15,258
15,540
15,777
8,905
8,838
9,621
9,488
27,879
27,729
27.320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
81,400
82,400
83,000
83,314
9,300
7,900
6,400
3,103
82,500
80,600
80,400
81,300
81,500
82,500
83,200
83,400
84,200
3,100
3,900
3,800
2,800
2,100
1,000
1,100
1,500
1,600
Postal
Savings
System «
Currency
outside
banks
3,639
3,557
4,761
4,782
5,417
5,775
6,005
6,401
6,699
7,325
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
149
159
,186
,208
,251
,251
,261
,278
,292
,303
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932
3,119
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516
53,000
53,200
53,400
53,960
33,300
33,500
33,500
33,808
16,500
16,500
16,600
16,869
3,200
3,200
3,300
3,283
26,500
26,500
26,700
26,730
54,200
54,700
54,900
55,100
55,300
55,600
55,600
55,800
55,900
33,900
34,200
34,300
34,500
34,600
34,700
34,700
34,800
34,900
17,000
17,100
17,200
17,200
17,300
17,500
17,500
17,600
17,600
3,300
3,400
,400
3,400
3,400
3,400
3,400
3,400
3,400
26,100
26,200
26,000
26,000
26,000
26,000
26,000"
26,100
26,300
l
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.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
B
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
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
l
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
Total,
all
banks
U. S. Government
securities
Total
Direct
1,046
1
1,192 1
L.224 1,078
L.274 1,128
L.345 1,220
L.716 1,716
2,252 2,252
2,837 2,837
Cash
reserve
Guar- funds,
anetc.*
teed
1939—Dec... 1,279
1940—Dec... 1.304
1941—Dec... 1,314
1942—Dec... 1
L.417
1943—Dec... 1.788
1944—Dec... 2,342
1945—Dec... 2,933
\1,319
1,348
1,396
1
1,464
L.843
2,411
3,022
53
36
26
16
10
8
6
146
146
146
126
74
88
95
102
118
152
179
1946—Oct...
Nov...
Dec...
3,235
3,260
3,284
3,337
1,360
3,387
6
6
6
3,134
3,151
3,182
3,134
3,151
3,182
197
204
200
1947—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
3,331
3,355
3,375
3,382
3,387
3,393
3,398
3,403
Pv S.406
3,436
3,463
3,481
3,492
3,508
3,523
3,548
6
6
5
5
5
6
6
3,234
3,257
3,284
3,290
3,277
3,302
3,351
3,234
3.257
3,284
3.290
3,277
3,302
3,351
196
200
192
197
226
216
191
f 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 Backing and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
NOVEMBER
1947
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945
1946
1947—Jan.-Oct
Member
banks
Nonmember
banks
National State
291
15
22
8
9
4
1
0
0
0
1
4
2
6
Insured
Noninsured
189
81
18
3
6
2
1
3
1
3
Deposits of suspended banks
(in thousands of dollars) :*
125,991 14.616 26,548 44,348 40,479
1934-39
1940
1941
1942
1943
1944
1945
1946
1947—Jan.-Oct
5,943
256
3,726 3,144
1,702
6.223 4,982
405
0
0
0
5,341
503
1,375
1,241
405
346
79
327
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
* Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
1387
ALL BANKS IN THE UNITED STATES, BY CLASSES •
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and
call date
Other
Total
assets
U. S.
Loans
Total
All banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31 . . .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec 31
1947—June 30*
50 ,884
54 ,177
61 ,126
78 ,147
96 ,966
119 ,461
140 ,227
136 57?
111 ,698
130 ,900
A H commercial banks:
40 ,668
1939—Dec. 30. ...
43 ,929
1940-—Dec. 31
194t—Dec 31
,746
67 ,393
1942—Dec. 31
85 .095
1943—Dec. 31
105 ,530
1944—Dec. 30
1945—Dec. 31
,019
119 ,448
1946—June 29
113 ,993
Dec. 31
1947—June 30* . . 11? ,520
s
o
Government
obligations
19 ,417
70 ,972
25 ,511
45 ,951
65 93?
93 .446
109 ,865
105 .087
96 ,050
38 380 92 ,520
85 ,885
101 ,288
95 ,911
86 ,558
82 ,500
9 ,302
9 ,449
8 ,999
8 ,280
7,433
7 ,561
8,577
9 ,175
9 ,491
10 ,020
?3 ,430
75 ,129
16 ,316
17 757
71 ,808
41 ,379
59 84?
77 ,557
Total *
Other
securities
?8 ,719
30 ,422
34 ,511
54 ,231
73 ,365
l
,165
23 ,756
76 ,615
71 .916
73 ,601
26 .015
30 ,362
31 ,486
15 ,648
17 ,238
18 .800
714
19 221
19 117
644
76 083
?7 130
7,114
7,372
7,225
71 ,292 68 ,242
28 ,090 75 ,996
27 ,344 81 ,816
78 701 99 .803
78 ,475 117 .661
141 .448
165 ,612
33 174 159 ,171
35 ,041 155 ,902
33 ,540 153 ,200
30 ,790
3S ,415
39 .290
1939—Dec. 30
4? ,557
1940—Dec. 31
49 ,290
1941—Dec. 31
66 ,240
1942—Dec. 31
1943—Dec. 31 . ... 81 .507
101 .382
1944—Dec. 30
121,809
1945—Dec. 31
117,409
1946—June 29
112.178
Dec. 31
1947—j u n e 30
110,682
All m e m b e r banks:
11 ,941
1939—Dec. 30
37 126
1940—Dec. 31
1941—Dec 31
43 521
59 263
1942—Dec. 31
1943—Dec. 31
74 258
91 569
1944—Dec. 30 .....
1945—Dec. 31
107 183
1946—June 29
102 03?
Dec. 31
.. 96.362
1947—June 30
94 802
State m e m b e r banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec 31
1946—June 29
Dec. 31
1947—June 30
?S 8SS
76 503
,
26 ,485
77 064
31 089
38 , 558
44 ,349
61 431
75,569
12 ,235 91 ,653
14,065 105 971
17 311
1? ,656
11 ,640
98 ,043
9? 446
89 ,330
37 ,561
45 ,627
48 ,817
SO ,800
52 ,230
15 331
15 844
15 ,952
16 39 5
19 350
74 ,184
30 ?41
3? 536
6 ,329
7 ,331
7 .845
8,091
8,500
77 474
27 ,174
76 ,551
28 039
27 677
30 ,206
34 806
3? 378
105 ,923
128 ,072
150 ,227
14? ,890
9 874 3? ,513
10 934 38 .558
10 ,982 44 349
11 308 61 431
11 003 75 ,569
1? 235 91 653
14 065 105 971
1? 311 98 ,043
34 223
3? 700
139 ,033
135 ,730
12 656
1 640
1
92 ,446
89 330
31 483
37 333
57 .718
65 ,337
71 ,283
22 427
74 162
15 ,567
17 064
56 ,069
63 461
9 523
10 539
78 031
21 046
6 ,860
7 ,099
21 873
76 287
?S9
6 984
25 788
69 411
10 654
43 059
18 903
18 841
47 336
64 666
6 ,631
5 .983
27 586
77 183
87 ,803
104 094
11 144
10 705
504
309
19 081
71 352
87 030
40 .705
58 683
761
73 879
25
76
30
33
96
90
81
77
015
459
144
074
29
3?
33
34
78
33
38
54
?31
879
846
523
66 438
79 774
11
17
1?
1?
15
91 87,0
84 602
78 970
76 380
74
?6
?7
765
791
733
250
043
618
445
433
11 962
19 979
IS 321
71 805
18
16
16
18
7?
021
088
288
676
775
302
76 696
78 655
?5
43
57
7?
84
78
500
175
970
893
408
729
69 666
66 146
9 07?
10 004
n
11 725
10 183
15 845
?7 393
47 499
58 308
69 312
66 277
723
10
11
11
14
17
62,982
18,764
1? 130
4, 940
687
3? 511
90 ,606
84 .473
74 .780
70 ,340
6 .793
6 ,136
89 ,135
116
480
925
469
272
789
ii 644
17
46
55
51
46
382
828
387
809
451
44, 218
6 155
79 731 175 714
912
977
554
136
7
7
7
8
131
641
891
297
34
11
33
32
292
841
694
190
14 328
IS 823
5
5
5
5
5
5
6
6
6
6
651
982
961
629
022
208
070
458
625
948
19
73
?1
74
73
?S
79
78
782
963
123
280
75 875
88
8?
73
69
19 539
37
5?
67
78
7?
546
948
685
338
272
61 042
59 198
9
9
12
71
058
735
, 731
1
3 908
039
744
14
43
SI
47
41
3 806
3 648
065
292
250
271
658
39 271
1
3
4
4
4
790
860
845
079
79 587
78 694
17 489
15 099
14 977
16 184
318
536
137
537
793
16 017
17 570
114
18 607
?0 012
4 947
19,342
7, 293
8 865
8, 145
8 096
7 190
5 271
1 920
S 316
8 162
6 088
7 074
6,295
5,905
9,654
IS 782
7,500
11 802
2, 155
1 980
6 171
7 196
8,850
8, 834
9 424
9,891
70 588
76 065
?9 021
?6 921
73 216
21,928
18 883
7 4 393
,
?7 089
?5 000
71 384
19 927
1
1
1
1
1
2
705
672
933
921
832
001
7 771
8 290
9 731
9,472
9 575
9,353
147
140
136
133
775
612
990
659
49 340
56 430
61 717
78 277
92 262
10 917
79 670
,
?? 519
18 170
15 435
31 559
787
35
39
50
59
458
468
60
74
1? 074 89
13 883 104
1? 007 96
12 320 91
11 743 88
9 410
10
10
11
10
11
13
11
1?
11
471
525
000
555
884
640
801
060
041
5 898
6 574
6.786
400
17 579
?0 885
14 ,484
14 ,345
14 ,278
14 ,136
14 ,034
11 ,992
14 ,011
14 ,026
6,527
6,676
13 ,534
11 ,438
6 ,844
11 426
876
145
526
343
7,055
7,453
7 989
8 671
9 068
9 286
9 558
13
11
13
13
297
330
354
386
699
178
347
754
268
259
210
115
190
014
5 522
5 698
5 886
6 101
6 475
6 968
7 589
7 920
8 095
8 315
6
6
6
6
6
6
6
6
6
6
362
486
619
679
738
814
884
887
900
928
8 081
8 329
3 397
1 528
16 154
19
78
8 322
8 570
10 196
54 930
5? 194
1?
16
17
18
77 146
7,432
50 694
19,020
17 781
1 512
10 652
70 642
3 849
3,739
1? 944
1 849
14,495
?0 0?4
73 833
4,025
4 184
874
334
67?
7?6
686
7.010
7.173
7,330
7,719
15 699
24 350
34 499
78
1?
?9
76
25
6 ,885
14 .535
14 ,553
14 ,567
14 ,585
14 60?
15 063
15 589
4? 605
600
R.996
9 ,643
10 ,542
11 ,067
11 ,360
11 .700
14 .044
14 ,061
50 900
59 486
3 397
3 8?7
4,411
3 986
3 890
3,609
15 ,035
14 ,896
14 ,826
14 ,682
14 ,579
33 930
34 760
7 159
7
8 056
9 229
7 816
8, 169
3? 302
39 059
44 730
4? 307
39 395
38 289
8 ,194
8 ,302
8 ,414
8 ,566
of
mks
hi
8 ,265
8 ,950
9 ,352
9 ,577
9,840
961
71 858
84 939
80 212
78 775
22,259
?7 808
Number
Time 8
16 863
18 395
21 810
648
?6 759
33 261
871
15 754
3? 639
31,820
9 874
10 ,934
10 ,987
11 ,308
11 003
Demand
31 122
31 680
27 571
37 576
11 478
15 950
Interbank »
79 .032
48 .172
65 ,978
83 .886
97 936
9? 318
82 871
78 840
All insured commercial
banks:
All national banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 30
1945—Dec 31
1946—June 29
Dec. 31
1947—June 30 ....
Total
capital
accounts
/"
-
901
224
466
412
1 617
s 072
6 357
7,986
8 649
8 779
8,994
3 640
3 729
1
4
4
4
950
265
644
862
s 138
5 296
124
2 169
2,246
13 343
11 270
11 263
5 187
s 144
5 117
S 081
5 040
5 025
s 017
s 012
5 007
5 012
175
342
371
502
598
2 525
7 703
945
1 058
957
3 019
698
789
867
875
893
916
• Partly estimated.
* 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. "All banks" comprise "all
commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member
banks" except three mutual savings banks that became members of the Federal Reserve System in 1941; these three banks are included in both
"member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "ail banks."
Backfigures.'—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For recent
revisions in series see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see following page.
1388
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Investments
Total
Total
U. S.
Government
obligations
Loans
Other
Cash
assetsJ
Other
securities
Total 1
Inter-1
bank
Demand
Total
Number
capital
of
accounts banks
Time 2
All nonmember commercial banks:
1939—-Dec. 30
1940—Dec. 3 1 . . .
1941—Dec. 31
1942—Dec. 31
1943—Dee. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 •
6,727
6,803
7,233
8,137
10,847
13,972
16,849
17,430
17,646
17,730
3,276
3,479
3,696
3,136
2,832
2,971
3,310
3,830
4,429
5,020
3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217
12,710
1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749
11,150
,464
,389
,266
,166
,115
,122
,262
,388
,468
,560
2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639
4,010
8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879
20,310
464
512
457
309
448
351
425
510
597
600
4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526
12,950
3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756
6,760
1,363
1,312
1,288
1,230
1,245
1.29*
1,362
1,433
1,483
1,530
8,122
7,859
7,662
7,460
7,299
7,181
7,130
7,142
7,147
7,136
Insured nonmember
commercial banks:
1939—Dec. 30
1940—Dee. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946.—June 29
Dec. 31
1941—June 30
5,350
5,431
5,776
6,984
9,258
11,824
14,639
15,392
15,831
15,896
2.901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
4,597
2,448
2,357
2,535
4,166
6,702
9,146
11,647
11,901
11,791
11,299
1,239
1.240
1,509
3,162
5,739
8,197
10,584
10,716
10,524
9,949
,210
,116
,025
,004
962
949
1,063
1,185
1,268
1,350
2,091
2,324
2,668
3,308
3,395
3,875
4,448
3,766
4,109
3,498
6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836
18,240
113
116
129
145
149
190
244
206
260
201
3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12,225
11,694
3,365
3,411
3,360
3,409
3,823
4,632
5,680
6,045
6,351
6,345
1,005
978
959
955
979
1,022
1,085
1,149
1,191
1,245
7,172
6r952
6,810
6,667
6.535
6.452
6,416
6.446
6,457
6>461
749
396
329
164
299
161
181
303
336
400
1,031
1,225
1,291
927
1,261
1,892
1,905
1,584
1,302
1,260
268
255
253
241
270
3Q5
365
391
404
410
358
334
329
275
267
276
279
284
290
290
950
907
852
793
764
729
714
696
690
675
Noninsured nonmember commercial
hanks:
1939—Deo. 30
1940—Dee. 31
1941—Dec. 31
1942—Dec. 313
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
194?—June 30«.
All mutual savings
banks:
1939—Dec. 30
1940—Dec. 3 1 . .
1941—Dec. 31
1942—Dec. 3 1 . . .
1943—Dec. 31
1944—Dec. 30
1945— Dec. 31
1946—June 29
Dec. 31
1947—June 30*
1,378
1,372
1,457
1,154
1,588
2,148
2,211
2,038
1,815
1,830
375
405
455
318
276
292
318
339
389
420
1,003
967
1,002
836
1,312
1,856
1,893
1,699
1,426
1,410
694
761
674
1,160
1,682
1,693
1,496
1,226
1,200
254
273
241
162
153
174
200
204
200
210
601
837
763
452
494
473
514
534
530
510
1,649
1,876
1,872
1,332
1,829
2,358
2,452
2,279
2,043
2,070
10,216
10.248
10,379
10,754
11,871
13,931
16,208
17,125
17,704
18,380
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,700
5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,680
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,160
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,520
818
966
793
663
797
584
609
747
818
840
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,470
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,470
1,309
1,292
1,241
1,236
1,276
1,378
1.592
1.715
1,784
1,860
551
551
548
546
545
543
542
541
541
541
Insured mutual savings
banks:
1939—Dee. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
1,329
1.654
1,693
2,007
7,525
9,223
10,846
11,453
11,891
12,375
605
637
642
740
3,073
3,110
3,081
3,132
3,250
3,370
724
1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641
9,005
422
548
629
861
3,844
5,509
7,160
7,662
7,946
8,216
303
470
421
405
608
604
606
660
695
789
133
202
151
130
559
400
429
550
612
658
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
153
161
164
201
808
892
1,034
1,122
1,173
1,218
51
56
52
56
184
192
192
191
191
191
8,887
8,594
8,687
8,747
4,345
4,708
5,361
5,671
5,813
6,000
4,323
4,319
4,259
3,954
1,411
1,260
1,198
1,224
1,275
1,330
4,565
4,274
4,428
4,792
2,935
3,448
4,163
4.447
4,538
4,670
2,679
2,667
3,075
3,711
2,246
2,819
3,522
3,777
3,833
3,940
1,885
1,607
1,353
1,082
689
629
641
671
705
730
685
764
642
533
238
184
180
197
206
180
9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442
5,570
9,114
8,841
8,744
8,620
4,204
4,466
5r022
5,302
5,442
5,570
156
131
077
035
468
485
558
593
611
640
500
498
496
490
361
351
350
350
350
350
Noninsured mutual
savings banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30•
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks
and 2
525 million at all insured commercial banks.
Figures for "All banks" and for mutual savings banks includea relatively small amount of demand deposits held by the latter.
3
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; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
For other footnotes, see preceding page.
NOVEMBER
1947
1389
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
Total
loans
and
investments
All insured commercial banks:
1940—Dec. 31. 42,557
1941—Dec. 3 1 . . 49,290
1942—Dec. 3 1 . . 66,240
1943—Dec. 3 1 . . 83,507
1944—Dec. 30.. 103,382
1945—Dec. 3 1 . . 121,809
1946—June 29.. 117,409
Dec. 3 1 . . 112,178
1947—June 30. . 110,682
Member banks,
total:
1940—Dec. 3 1 . . 37,126
43,521
1941—Dec. 31
1942—Dec. 3 1 . . 59,261943—Dec. 3 1 . . 74,258
1944—Dec. 30.. 91,569
1945—Dec. 3 1 . . 107,183
1946—June 29.. 102,032
Dec. 3 1 . . 96,362
1947—June 30.. 94,802
New York City?
1940—Dec. 3 1 . . 10,910
1941—Dec. 3 1 . . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 31. 19,994
1944—Dec. 30.. 24,003
1945—Dec. 3 1 . . 26,143
1946—June 29.. 23,304
Dec. 3 1 . . 20,834
1947—June 30. . 20,33:
Chicago?
1940—Dec. 3 1 . . 2,377
1941—Dec. 3 1 . . 2,760
1942—Dec. 3 1 . . 3,973
1943—Dec. 3 1 . . 4,554
5,443
1944—Dec. 30.
1945—Dec. 31.
,931
1946—June 29.. 5,16
Dec. 3 1 . . 4,765
1947—June 30. . 4,80:
Reserve city banks:
1940—Dec. 3 1 . . 13,013
1941—Dec. 31. 15,347
1942—Dec. 3 1 . . 20,915
1943—Dec. 3 1 . . 27,521
1944—Dec. 30.. 33,603
1945—Dec. 3 1 . . 40,108
1946—June 29.. 37,675
Dec. 3 1 . . 35,351
1947—June 30.. 34,611
Country banks:
1940—Dec. 3 1 . . 10,826
1941—Dec. 3 1 . . 12,518
1942—Dec. 3 1 . . 16,419
1943—Dec. 3 1 . . 22,188
1944—Dec. 30.. 28,520
1945—Dec. 3 1 . . 35,002
1946—June 29.. 35,886
Dec. 3 1 . . 35,412
1947—June 30.. 35,057
Insured nonmember commercial banks:
1940—Dec. 3 1 . . 5,431
1941—Dec. 3 1 . . 5,776
1942—Dec. 3 1 . . 6,984
1943—Dec. 3 1 . . 9,258
1944—Dec. 30.. 11,824
1945—Dec. 3 1 . . 14,639
1946—June 29.. 15,392
Dec. 3 1 . . 15,831
1947—June 30. . 15,896
Total
ComLoans for
merpurchasing
cial,
or carrying
insecurities Real
clud- AgriCon- Other
culing
tur- To
tate sumer loans Total
openloans
brok- To loans
marers
ket
and othpadeal- ers
peri
ers
,281 663 727 468
4,077
24,162
,450 614 662 773
28,031
4,545
,642 950 597 646 2, 269 1,042 47,336
,505 1,414 922 4 437 868 918 64,666
1,723 2,269 2 265 4 343
944 82,030
,314 3 ,164 3 606 4 677 2 361 1,181 96,043
366 2,417 2 656 5 738 3 069 1,211 90,618
,358 1,517 609 7 103 4 031 1,098 81,445
1,549 1,517 1,278 8 201 4,893 1,047 77,433
18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733
33,250
7,178
9,214
757
7,777
7 920
9,461
10,334
14,016
14,765
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
6,660 865
8,671 972
7,387 1,089
7,421 1,023
7,531 1,198
8,949 855
9,685 877
13,154 884
13,820 972
3,384
4,072
4,116
4,428
5,760
7,334
6,506
6,368
6,548
Investments
2,125
2,807
2,546
2,515
2,610
3,044
3,169
4,078
4,171
696
492
954
732
832
658
1,004
763
1,184
738
1,333
760
1,329
804
1,499 1,094
1,565 1,178
130
123
117
107
86
80
83
99
104
42
48
34
102
163
211
188
117
100
19
22
23
22
24
36
43
51
42
5,931
7,105
6,102
6,201
6,822
8,514
8,862
10,825
11,441
2,589
3,456
2,957
3,058
3,034
3,661
3,932
5,548
5,726
263
300
290
279
348
205
197
201
197
5,309
5,890
5,038
4,654
4,910
5,596
6,605
8,004
9,102
1,453
1,676
1,226
1,084
1,149
1,484
1,781
2,433
2,744
590
659
772
713
802
648
679
681
774
3,074
3,241
2,818
2,556
,678
,992
3,491
4,040
4,597
518
543
370
356
389
512
649
862
945
416
478
553
482
525
459
488
474
576
Total
17,064 662
,925 3 719 3 ,608 491
21,046 988
,797 4 102 3,651 333
40,705 4,462
727
,999 2 718 3,533 098
58,683 4,636 13 ,218
672 30,656 501 ,287 696
75,875 3,971 15,300 15,778 39 ,848 978 ,422 733
88,912 2,455 19,071 16,045 51 ,321
22 ,873 3,258
82,977 1,220 17,637
004 52 ,092
24 _.
,973 3,668
73,554 1,271 12,
78^0 53,200
15 4,298 3,592
69,136 835
341 53 ,505
144 ,826 3,471
642 652 3,228 3,273
21,805 15,823 652
594 598 3,494 3,692
25,500 19,539 971
934 538 3,423 ,847 870 43,175 37,546 4,363 6,285
,398 839 3,274 1,484 848 57,970 52,948 4,360 12 ,071
2 ,249 ,108 3,209 1,505 877 72,893 67,685 748 13,982
3 133 3,378 3,455 1,900 1,104 84,408 78,338 275 16,985
2 395 2,480 4,267 2,464 1,133 78,729 72,272 072 15,292
506 1,467 5,358 3,308 1,020 69,666 63,042 167 10,043
507 1,154 6,240 3,998 965 66 ,146 59,198 773 7,544
465 190
412 169
787 193
24 1,054 323
30 1,742 859
, 2,4531,172
1,852 798
1,096 389
1,196 286
5
6
6
6
17
2
1
3
1
Obligations
of
Direct
states Other
CertifiGuar- and secucates
an- polit- rities
of in- Notes Bonds teed ical
Bills debtsubdiviedsions
ness
U. S. Government obligations
54
52
32
52
163
233
185
101
84
115 207 ,436
114 194 ,527
97 153 ,486
217 267 ,420
311 777 ,379
427 1,503 ,459
321 1,142 ,743
264 704 2,237
185 540 2,713
21
20
17
25
32
42
34
29
2,594
3,007
5,409
6,906 27
14,127 34
14,271
10,467
5,602 46
4,369 46
091 486 3 ,013 ,970
729 3 832 3 ,090 ,871
948 2 540 2 ,965 ,664
265 345 2 729 ,294
927 902 2 857 ,350
792
16 3,254 2,815
420
20 3 307 3,151
219
11 3,548 3,077
502
10 3,982 2,966
044 207
1,245 2,977 1,615
468
265 311
1,623 3,652 1,679
554
303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071
252 153 15,566 14,563 1,328 3,409 1,829 7,014 984
179 913 3,740 3,745 8,592 189
253 179 18,243
1
287 298 18,809 ,574 477 3,433 3,325 10,337
1
378 226 16,798 ,646 201 2,980 2,229 10,234
1
,308 387 1,725
455 250 14,465
992 10,202
1
500 291 13,784 ,571 137 1,103
775 10,555
84
96
62
45
45
51
76
105
130
1,681
1,806
3,141
3,550
4,258
4,598
3,837
3,266
3,237
1,322
1,512
808 312 14,813
658 301 21,321
660 313 26,781
855 404 31,594
,073 453 28,813
,436 435 24,527
,675 405 23,170
1,307
1,430
2,789
3,238
3,913
4,213
3,485
2,912
2,890
297
256
637
397
877
199
250 1,045
133 1,467
14 1,042
498
60
368
106
145
153
391
484
779
749
529
146
132
752
903
1,282
1,602
1,809
1,864
1,900
2,207
2,284
204 103
771 ,281
,467 295
751 ,248
038 ,441 2,253 1,723 ,810
,682 ,802 4,691 2,497 ,943
,042 ,704 5,730 5,181 ,987
552 ,034 6,982 5,653 ,878
585 410 6,038 4,014 ,116
250 441 3,799 1,993 ,013
845 334 3,038 1,503 15 ,967
5,517 3,269
433 2,081
201 ,644 1,400
45
481 2,926
6,628 4,377
183 ,823
110
1,530
161 ,797 674 393 11,380 9,172 671 1,251 1,240 5,436
197 ,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705
310 ,719 547 351 23,610 21,552 882 3,466 4,422 12,540
471 ,881 707 363 29,407 26,999 630 5,102 4,544 16 ,713
354 2 ,398 937 422 29,281 26,556 447 5,231 3,696 17,170
273 2 ,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797
244 3,381 1,693 240 25,955 22,893 197 3,035 1,960 17,696
75 1,240
64 1,282
59 1,225
82 1,165
156 1,136
228 1,224
176 1,473
142 1,748
125 1,963
803
2,357
2,535
854
422 173 4,166
385
70 6,702
383
67 9,146
460
77 11,647
605
79 11,901
79 11,791
723
82 11,299
895
1,240
1,509
3,162
5,739
8,197
10,584
10,716
10,524
9,949
10
17
99
276
223
180
147
104
62
442
1,147
1,319
2,087
2,346
2,247
1,897
162
152
390
766
1,652
1,774
1,538
1,179
972
834
,069
,053
3,395
4,928
6,538
6,682
6,991
7,013
112
119
83
74
31
695
729
593
444
468
606
535
557
631
788
830
701
558
596
629
618
601
582
188
182
166
158
160
181
153
167
175
186
193
186
155
185
204
200
187
173
049 984 893
173 956 820
811 954 821
749 913 726
440 1,000 740
5 1,126 916
7 1,
,034
4 1,272 1,004
3 1,364 962
710 1,146
861 1,222
574 1,252
538 1,214
241 1,230
9 1,342
12 1,426
6 1,551
5 1,813
234
271
179
156
76
6
4
3
4
595
563
569
560
566
619
667
752
845
1,102
,028
956
855
829
,067
1,299
1,285
1,250
521
462
435
403
383
443
518
516
505
* 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. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are
included in "member banks" but are not included in "all insured commercial banks."
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 2 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
1390
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
Cash
with
Federal in
vault
Reserve
Banks
Class of bank
and
call date
DeBalances mand
with
dedoposits
mestic
ad- 4
banksa justed
Interbank
deposits
Time deposits
U. S.
Certi- IndiGov- States
viduals,
U.S. States fied partnerernand
and
and
Gov- political offiInter- ment politships,
ern- subdi- cers' and cor- bank and
ical
ment visions checks, poraPostal subdiSav- visions
etc.
tions
ings
DoFormestic3 eign
Indi(Capividuals, Bortal
partner- row- acings c
ships,
ounts
and corporations
AH insured commercial b a n k s :
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 2 9 . .
Dec. 3 1 . .
1947—June 3 0 . .
13,992
12,396
13,072
12,834
14,260
15,810
15,999
16,013
16,039
702
1,234 8,202 33,820 9,677
673
1,358 8,570 37,845 9,823
813
1,305 9,080 48,221 10,234
893
1,445 8,445 59,921 9,743
948
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566 1,248
1,471 9,102 78,281 10,584 1,346
2,012 9,481 82,085 10,888 1,364
L.804 8,498 81,012 9,807 1,372
total:
1940—Dec. 3 1 . .
1941—Dec.
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—June 29. .
Dec. 3 1 . .
1947—June 30..
13,992
12,396
13,072
12,835
14,261
15,811
16,001
16,015
16,040
1,087
1,019
1,132
1,271
1,438
L.141
1,576
1,409
6,185
6,246
6,147
5,450
6,354
7,117
5,772
5,936
5,521
30,429
33,754
42,570
52,642
57,308
64,184
67,461
70,243
69,595
9,581
9,714
10,101
9,603
10,881
12,333
10,391
10,644
9,612
New York City:*
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—June 29..
Dec. 3 1 . .
1947—June 30. .
7,057
5,105
4,388
3,596
3,766
4,015
4,255
4,046
4,166
102
93
72
92
102
111
85
131
123
122
141
82
61
76
78
68
87
50
11,062
10,761
11,899
13,899
14,042
15,065
16,158
16,429
16,494
4,032
3,595
3,209
2,867
3,179
3,535
3,127
3,031
2,898
1,051
1,021
902
821
899
942
870
928
973
42
43
39
38
43
36
26
29
36
319
298
164
158
177
200
162
172
162
1,941
2,215
2,557
3,050
3,041
3,153
3,189
3,356
3,427
Reserve city banks
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 3 1 . .
1947—June 3 0 . .
4,027
4,060
4,940
5,116
5,687
6,326
6,332
6,337
6,274
396
425
365
391
441
494
399
532
470
2,741
2,590
2,202
1,758
2,005
2,174
1,858
1,923
1,864
9,581
11,117
14,849
18,654
20,267
22,372
23,483
24,221
24,166
Country banks:
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—June 29. .
Dec. 3 1 . .
1947—June 30. .
1,857
2,210
2,842
3,303
3,909
4,527
4,543
4,703
4,628
452
526
542
611
684
796
631
883
780
3,002
3,216
3,699
3,474
4,097
4,665
3,684
3,753
3,444
633
7,845
790
9,661
957
13,265
994
17,039
19,958 1,149
23,595 1,199
997
24,630
26,237 1,067
885
25,508
243
271
287
313
352
391
330
437
395
2,017
2,325
2,934
2,996
3,434
3,959
3,332
3,547
2,979
3,391
4,092
5,651
7,279
8,652
10,537
10,821
11,842
11,418
666
971
32,398
36,544
47,122
58,338
64,133
72,593
75,391
79,887
78,220
160
158
97
68
64
70
77
68
64
69
59
61
124
109
103
107
119
111
522 14,998
492 15,146
397 15,697
395 18,561
423 23,347
496 29,277
552 31,487
664 32,742
771 33,461
11
10
10
46
122
215
83
39
60
6,676
6,844
7,055
7,453
7.989
I$.671
9,068
9,286
9,558
29,576
33,061
42,139
51,820
56,270
62,950
65,589
69,127
67,933
141
140
87
62
58
64
72
62
60
56
50
56
120
105
99
101
114
106
435
418
332
327
347
399
447
551
649
11,687
11,878
12,366
14,822
18,807
23,712
25,568
26,525
27,259
3
4
5
39
111
208
72
30
50
5,698
5,886
6,101
6,475
6.968
7,589
7,920
I5,095
i5,315
5
6
3
4
11
17
27
20
22
5
7
10
8
15
14
51
29
23
26
17
20
17
39
17
768
778
711
816
977
942
915
11,357
11,282
12,501
14,373
14,448
15,712
16,836
17,216
17,202
27
34
38
44
33
66
37
47
55
1,905
2,152
2,588
3,097
3,100
3,160
3,153
3,495
3,417
5
8
3,298
3,677
3,996
4,352
4,518
5,098
5,807
5,967
6,495
1,077
1,219
1,669
1,354
2,585
2,320
2,361
2,111
700
616
671 1,709
811 7,923
891 9,444
945 18,509
2,724
3,066
3,318
3,602
3,744
4,240
4,826
4,915
5,376
1,009
1,142
1,573
1,251
2,450
2,179
2,207
1,976
641
48
607
866
733 4,186
810 3,395
851 6,722
370
319
263
252
199
237
293
218
260
1,761
8,167
9,950
19,754
23,740
12,941
2,930
1,247
Member banks
Chicago:*
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1945—j u n e 29. .
Dec. 31. .
1947—June 3 0 . .
991
997
1,243
1,339
1,353
1,369
22,179
12,009
2,672
1,095
1,105 6,940
1,178 3,495
651
1,195
179
1,228
1,132
1,292
1,047
1,130
1,056
8
8
12
14
16
20
24
24
24
1,400
1,552
3,919
4,302
4,831
4,770
5,421
6,307
5,220
5,417
4,773
49
54
63
63
70
110
129
127
109
1,982
3,373
6,157
8,221
4,531
1,027
1,105
972
90
127
665
713
789
152
181
327
491
174
233
178
174
167
237
262
228
304
913
471
450
448
710
361
1,338
1,132
2
2
i
1
2
2
2
1
4
6
1,206
1,372
1,395
1,407
496
476
453
505
619
719
779
823
864
29
96
195
27
i
,615
', 648
^727
[862
[.966
2] 120
2,176
2,205
2,234
270
288
304
326
354
377
394
404
416
«...
991
311
1,144
t.319
1,448
1,509
L.763
2,003
2,077
2,301
228
9,468
286 11,127
385 15,061
475 18,790
488 20,371
611 22,281
558 23,005
693 24,288
554 23,934
107
104
63
41
33
30
27
25
21
19
20
22
56
40
38
43
43
41
226
243
169
151
154
160
187
235
319
1 ,904
4,505
1 ,967
4,542
4,805
2 1 ,028
2 ,135
5,902
1 ,327
7,561
9,563 "**2 1 ,566
27
10,190
,676
4 2 ,729
10,580
11 2 ,796
10,888
2
151
2
225
4 1,090
5 1,962
8 4,230
8 5,465
8 3,194
8
877
424
8
1,184
1,370
1,558
1,727
1,868
2,004
2,269
2,391
2,511
187
6,846
239
8,500
272 11,989
344 15,561
369 18,350
435 21,797
453 22,594
524 24,128
451 23,380
29
30
20
17
14
17
18
17
17
33
31
32
56
57
52
48
55
49
150
146
140
149
175
219
242
272
308
5,917
6,082
6,397
7,599
9,650
12,224
13,226
13,727
14,101
2,822
3,483
4^983
6,518
7,863
9,643
9,802
10 761
10i287
18
18
10
6
6
6
5
13
g
5
4
4
4
6
5
5
87
74
65
68
76
97
105
113
122
3,311
3,276
3^339
3,750
4,553
5,579
5^934
6,232
6!218
995
3 \ ,909
4 \ ,982
3 1 ,042
10 2 ,153
16 2 ,321
11 2 ,525
18 2 ,674
26 2 ,757
38 2 ,869
Insured nonmember com-
mercial banks:
1940—Dec. 31. .
1941—Dec 31
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30. .
95
108
133
141
182
233
194
244
194
3
2
2
2
3
5
7
11
3
50
53
243
506
1,245
1,560
932
258
152
574
611
678
750
775
858
981
1,052
1,119
58
68
76
96
103
135
142
154
135
4
g
5
6
10
7
11
9
10
978
959
955
979
1 ,022
; ,083
, 149
! 193
^24-5
•
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
5 2 5 million at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
NOVEMBER
1947
1391
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
TotalLeading Cities
1946—September
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
Real Loans
estate to Other Total
U.S. Other U.S. Other loans bank;
Govt. se- Govt.
obobliga- curi- liga- cuntions ties tions ties
Total
Certificates
of in- Note
Bills
debtedness
Other
secuBonds rities
2,189
139 2,428 49,754 45,726
765 9,085 5,343
30,533 4,028
2,876
2,938
3,029
3,127
181 2,933 43,
,252
15 3,018 42,
,976
160 3,086 43,169
242 3,141 42,792
224 3,198 42,972
39,229
38,886
39,025
38,561
38,689
678
818
950
649
791
5,247
4,762
4,595
4,294
4,133
2,773
2,658
2,643
2,626
2,686
30,531 4,023
30,648 4,090
30, 837 4,144
30, 992 4 ,231
31,079 4,283
471 3,098
467 3,114
482 3^137
474 3,156
269
241
251
206
38,735
38,588
38,527
38,395
726
649
608
611
4,384
4,325
4,305
4,162
2,631
2,610
2,640
2,626
30, 994 4
1,232
31, 004 4 ,228
30, 974 4 ,227
30, 996 4 ,235
502
504
499
497
473
476
476
476
3,171
3,189
3,208
3,226
215 3,167
211 3,175
194
275 3,227
38,354
582 4,138
38,699
812 4,095
39,022 1,077 4,146
38,680
694 4,!54
2,619
2,708
2,711
2,705
31,015 4,233
31, 084 4 ,274
31, 088 4 ,309
31, 127 4 ,317
567
536
568
493
564
497
499
495
491
48C
478
486
488
486
496
3,244
3,258
3,279
3,295
3,316
246 3,241 42,740
285 3,248 42,651
228 3,270 42,362
154 3,290 42,881
187 3,306 42,462
632
4,025
600
3,993
599
3,997
630
4,125
4,032 2,418
31,,224 4 ,340
31,235 4,278
30,878 4 ,259
30,939 4 ,249
30,,973 4 ,270
735
389
396
211
85
114
552 15,435 14,228
164 2,328 1,526 10,210 1,207
4,252
4,180
4,176
4,309
4,525
492
651
477
523
490
292
358
351
330
311
101
96
103
97
91
195
190
191
187
185
98
99
100
102
102
141
127
130
181
170
624
641
658
674
692
13,603
13,578
13,828
13,400
13,465
12,462
12,393
12,600
12,131
12,173
109 1,262
302 1,011
398 1,013
142
811
255
712
813
776
766
725
747
10,278 1,141
10,304 ,185
10.423 ,228
10,453 ,269
10,459 ,292
6,347
6,30i
6,440
6,519
4,230
4,309
4,320
4,378
515
432
508
638
353
325
326
316
102
101
90
94
184
183
195
186
101
102
102
102
200
184
214
124
662
669
685
681
13,552
13,431
13,375
13,241
12,282
12,162
12,101
11,977
162
153
131
122
886
826
820
711
748
718
714
720
10,486
10,465
10,436
10,424
,270
,269
,274
,264
19,808
20,040
20,147
20,126
6,580
6,558
6,492
6,632
4,422
4,516
4,564
4,597
617
514
399
429
319
309
312
305
94
92
89
89
185
186
185
185
102
103
102
102
161
156
143
218
680
682
698
707
13,228
13,482
13,655
13,494
11,963
12,181
12,353
12,195
120
231
474
193
698
680
694
776
721 10,424
801 10.469
731 10,454
736 10,490
,265
,301
,302
,299
20,265
20,056
19,784
20,027
20,048
6,888
6,842
6,827
6,696
6,947
4,675
4,709
4,806
4,889
4,996
571
473
423
278
316
371
381
371
335
382
89
82
80
79
80
186
190
189
186
193
100
102
102
103
104
193
200
144
112
156
703
705
712
714
720
13,377
13,214
12,957
13,331
13,101
12,062
11,977
11,744
12,142
11,902
152
161
163
453
325
682
666
707
789
774
696 10,532
646 10,504
619 10,255
632 10,268
499 10,304
,315
,237
,213
,189
,199
Outside
New York City
1946—September
46,020 11,701 6,202
185
198
827
284 2,104
1,876 34,319 31,498
601
6,757 3,817 20,323
2,821
1947—May
.......
June
July
August
September
43,371
43,223
43,387
43,827
44,312
13,722
13,825
14,046
4,435
14,805
7,639
7,577
7,684
7,950
8,232
98
120
111
99
83
137
173
172
141
133
429
417
411
407
410
292 2,778
292 2,839
281 2,929
285 3,025
290 3,097
40 2,309 29,649 26,767
30 2,377 29,398 26,493
30 2,428 29,341 26,425
2.467 29,392 26,430
2,506 29,507 26,516
569
516
552
507
536
3,985
3,751
3,582
3,483
3,421
1,960
1,882
1,877
1,901
1,939
20,253 2,882
20,344 2,905
20,414 2,916
20,539 2,962
20,620 2,991
43,730
43,777
43,831
43,970
14,315
4,392
4,452
14,581
7,862
7,929
7,981
8,028
101
99
96
97
146
143
139
135
407
408
406
408
287
284
287
288
2,997
3,012
3,035
3,054
69
57
37
82
2,446
2,460
2,471
2,489
29,415
29,385
29,379
29,389
26,453
26,426
26,426
26,418
564
496
477
489
3,498
3,499
3,485
3,451
1,883
1,892
1,926
1,906
20,508 2,962
20,539 2 ,959
20,538 2,953
20,572 2,971
Sept. 3
Sept. 10
Sept. 17
Sept. 24
43,991
44,252
44,567
44,440
14,632
4,761
4,891
14,937
8,096
8,201
8,294
8,338
97
91
76
69
133
133
137
130
408
412
410
288 3,069
54
55
51
57
2,487
2,493
2,526
2,520
29,359
29,491
29,676
29,503
26,391
26,518
26,669
26,485
462
581
603
501
3,440
3,415
3,452
3,378
1,898
1,907
1,980
1,969
20,591
20,615
20,634
20,637
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
44,531
44,663
44,836
45,002
44,986
15,168
5,226
15,431
15,452
15,625
8,441
8,493
8,626
8,706
8,821
96
81
75
66
90
196
155
197
158
182
408
417
415
412
400
292 3,144
53
85
84
42
31
2,538 29,363
,543 29,437
2,558 29,405
2,576 29,550
2,586 29,361
26,338
26,396
26,359
26,490
26,290
367
384
466
485
444
3,343
3,327
3,290
3,336
3,258
1,936
1,954
1,980
1,998
1,919
20,692 3,025
20,731 3,041
20,623 3,046
20,671 3,060
20,669 3 ,071
67,555 17,801 9,820
920
58:
,223
19,917
20,167
20,232
20,838
21,371
11,891
11,757
11,860
12,259
12,757
590
771
588
622
573
429
531
523
471
444
530
513
514
504
501
487
482
472
472
475
63,629
63,513
63,646
63,730
20,662
20,697
20,892
21,100
12,092
12,238
12,301
12,406
616
531
604
735
499
468
465
451
509
509
496
502
Sept. 3 . . . .
Sept. 10
Sept. 17
Sept. 24
63,799
64,292
64,714
64,566
21,212
21,319
21,383
21,569
12,518
12,717
12,858
12,935
714
605
475
498
452
442
449
435
Oct. 1 . . . . . . . .
Oct. 8
Oct. 15
Oct. 22
Oct. 29
64,796
64,719
64,620
65,029
65,034
22,056
22,068
22,258
22,US
22,572
13,116
13,202
13,432
13,595
13,817
667
554
498
344
406
New York City
1946—September
21,535 6,100 3,618
1M7—May
June
July
August...
September
19,798
19,920
20,014
19,803
20,031
6,195
6,342
6,186
6,403
6,566
Aug.
Aug.
Aug.
Aug.
19,899
19,736
19,815
19,760
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
1947—May
63,169
June.
..63,143
J u l y . . . . . . . . . . . 63,401
August
. . 63,630
September...... 64,343
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
6
13
20
27
6
13
20
27.
6
13
20
27.
3,199
290 3,086
291 3,106
291 3,124
296 3,156
299 3,177
300 3,192
303 3,212
3,108 42,967
3,129 42,816
3,156 42,754
3,170 42,630
42,587
42,973
43,331
42,997
38,400
38,373
38,103
38,632
38,192
519
545
629
938
769
2,968
2,973
3,007
3,018
1
Including guaranteed obligations.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revisedi
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
1392
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars}
Demand deposits,
except interbank
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault do- posits
Re*
aiestic ad- 1
serve
banks justed
Banks
Date or month
Total—
Leading Cities
1946—September
11,674
1947—May. . . . . 11,530
11,681
June
11.7Q2
July
August. . . 11,952
September 12,257
IndiIndividviduals, States Certiuals, States
and
fied
and
part- politU. S. part- politand
nerGov- nerical
offiical
ships, subern- ships, subcers'
and
divi- checks, ment and
divicorcoretc.
pora- sions
pora- sions
tions
tions
736 2,345 45,979 46,035
2,729
763
764
762
753
809
2,291 45,966 45,627
2,290 46,858 46 ,557
2,308 46,890 46 ,794
2,295 46,817 46,632
2,370 47,276 47 ,460
Interbank
deposits
Time deposits,
except interbank
U.S.
Government
and
Postal
Savings
Demand
Domestic
Bor- Caprow- ita]
acings counts
Time
Bank
debits 2
Foreign
1,442 5,781 13,454
226
77 9,756 1,376
3,248
3,280
3,096
3,096
3,056
,396 1,315 13,992
,465
450 14,025
,491
586 14,058
,326
808 14,080
,393
931 14,134
324
325
327
332
333
81
81
79
80
84
8,974
8,957
9,153
9,274
9,696
,379
,342
,339
,374
,431
169 5,718 79,718
170
83,687
138
81,551
222 5,766 76,051
203 5,783 -•81,583
208 5,591 *72,968
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
11,921
11,924
11,945
12,020
721
774
735
783
2,255
2,363
2,298
2,264
46,809 46,219
16,574 46,879
46,780 46 ,683
47,105 46 ,747
3,128
3,051
3,043
3,162
,326
,234
,398
,344
748
791
825
868
14,072
14,074
14,094
14,081
332
330
330
335
79
80
80
80
9,271
9,441
9,261
9,123
,330
,360
,392
,414
235
271
225
156
5,765
5,767
5,762
5,771
17,830
16,868
18,013
16,985
Sept.
Sept.
Sept.
Sept.
12,176
12,266
12,348
12,236
784
854
791
808
2,257 46,954 46,884
2,394 47,350 47 ,514
2,512 47,498 48 .174
2,318 47,303 47 ,266
3,124
3,069
2,996
3,036
,429
,435
,350
,358
940
950
889
945
14,104
14,138
14,142
14,153
334
336
332
329
82
84
84
84
9,364
9,728
10,047
9,647
,434
,431
,435
,424
179
188
189
257
5,785
5,779
5,782
5,786
15,544
17,492
20,389
19,039
Oct. I... 12,383
Oct. 8... 12,477
Oct. 15... 12.571
Oct. 22... 12,421
Oct. 29... 12,309
743
790
800
800
816
076
2,370 47,056 47 ,330
2,439 46 ,767 46,838
925
2,672 46,927 48,892 2,954
2,429 47 ,467 47,974 2,908
2,352 47,771 47,988 3,027
,685
,398
,570
,412
,499
1,561
1,652
1,344
1,372
969
14,151
14,166
14,174
14,169
14,175
328
328
327
327
327
82
84
83
83
82
9,728
10,034
10,437
10,029
9,664
,412
,417
,405
,400
,414
239
234
216
98
368
5,804
5,812
5,808
5,807
5,820
22,137
18,918
18,070
22,339
20,394
3...
10...
17...
24...
New York City
1946—September
4,085
121
15,767 16,198
206
770 2,017
1,330
3,058
,221
100 2,138
30,555
1947—May
June
July......
August. . .
September
4,044
4,076
4,098
4,117
4,233
125
121
124
122
128
15,742
16,122
16.224
15,955
16,038
16,141
16,526
16,651
16,325
16,503
248
226
231
220
210
776
813
827
692
714
380
123
134
203
232
1,347
1,357
1,348
1,351
1,371
2,892
2,902
2,908
2,859
3,000
,229
,201
,194
,222
,276
96
73
65
123
133
2,176
2,173
2,181
2,190
2,189
31,695
35,092
33,026
29,025
31,605
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
4,132
4,107
4,099
4,133
120
125
117
126
16,067
15,831
15,928
15,994
16.283
16,306
16,341
16,368
232
217
211
219
688
594
752
735
188
198
207
217
1,348
1,350
1,351
1,356
2,866
2,896
2,872
2,801
,181
,209
,242
.257
165
156
100
71
2,187
7,000
6,298
6,614
6,637
Sept.
Sept.
Sept.
Sept.
4,239
4.202
4,226
4,263
124
133
125
130
15,963
16,058
16,047
16,085
16,378
16,509
16,627
16,499
201
232
207
203
730
776
639
709
230
247
215
236
1,364
1,373
1,369
1,376
2,908
2,984
3,100
3,007
,279
,279
,278
,267
109
125
132
165
2,186
6,071
6,803
7,710
7,064
4,260
4,318
4,415
4,313
4,270
120
130
133
132
137
15,917
15,678
15,536
15,961
16,077
16,390
16,076
16,530
16,431
16,523
265
226
213
229
272
943
746
862
694
804
541
578
479
479
329
1,379
1,377
1,380
1,366
1,376
3,014
3,045
3,182
3,088
2,907
1,262
1,264
1,253
1,245
1,259
183
213
142
4
170
2,195
2,197
2,197
2,194
2,193
9,119
7,436
6,777
8,497
8,301
3,453 3 42,413
3...
to...
17...
24...
Oct. I . . .
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
Outside
New York City
1946—September
2,193
7,589
615 2,305 30,212 29,837 2,523
672 3,764
12,124
209
6,698
155
34
108
1947—May
June
July
August. . .
September
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
7,486
7,605
7.6Q4
7,835
8,024
638
643
638
631
681
2,254 30 ,224 29,486
2,254 ?O,736 30,031
2,273 30,666 30,143
2,263 30,862 30,307
2,333 31,238 30,957
3,000
3,054
2,865
2,876
2,846
620
652
664
634
679
935
327
452
605
699
12,645
12,668
12,710
12,729
12,763
307
308
312
316
318
6,082
6,055
6,245
6,415
6,696
150
141
145
152
155
27
27
26
26
25
73
97
73
99
70
3,542
3.557
3,559
3,576
3,594
48,023
48,595
48,525
47,026
'49,978
7,789
7,817
7,846
7,887
601
649
618
657
2,227 30,742 29,936
2,328 50,743 30,573
2,264 30.852 30,342
2,233 31 ,111 30,379
2,896
2,834
2,832
2,943
638
640
646
609
560
593
618
651
12,724
12,724
12,743
12,725
316
314
314
319
6,405
6,545
6,389
6,322
149
151
150
157
25
25
26
26
70
115
125
85
3,572
3,575
3,572
3.584
10,830
10,570
11,399
10,348
Sept.
Sept.
Sept.
Sept.
3...
10...
17...
24...
7,937
8,064
8,122
7,973
660
721
666
678
2,224 30 ,991 30,506
2,362 31,292 31,005
2,468 31 ,451 31,547
2,278 31,218 30.767
2,923
2,837
2,789
2,833
699
659
711
649
710
703
674
709
12,740
12,765
12,773
12,777
319
321
317
314
6,456
6,744
6,947
6,640
155
152
157
157
24
24
25
25
70
63
57
92
Oct. 1...
Oct. 8...
Oct. 15...
Oct. 22...
Oct. 29...
8,123
8,159
8,156
8,108
8.039
623
660
667
668
679
2,334 31,139 30,940 2,811
2,406 31 ,089 30,762 2,699
2,631 31,391 32,362 2,741
2,382 31,506 31,543 2,679
2,314 31,694 31,465 2,755
742 1,020 12,772
652 1,074 12,789
708
865 12,794
718
893 12,803
695
640 12,799
313
313
312
312
313
6,714
6,989
7,255
6,941
6,757
150
153
152
155
155
25
25
25
25
26
56
21
74
94
198
3.592 9,473
3,590 10,689
3,594 12,679
3.600 ••11,975
3.609
3,615
3,611
3,613
3,627
13,018
11,482
11,293
13,842
12,093
r
Revised.
* 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.
» Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will
be furnished upon request.
NOVEMBER
1947
1393
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Total
loans
and
investments Total
Boston
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
New York*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Philadelphia
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Cleveland
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Richmond
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Atlanta
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Chicago*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
St. Louis
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Minneapolis
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Kansas City
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Dallas
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
San Francisco
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
City of Chicago*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
U. S. Government obligations
To brokers
and dealers
To others Real Loans
estate to Other Total
loans banks loans
Total
U.S. Other
U. S. Other
Govt. se- Govt. seobobliga- curi- liga- curitions ties tions ties
Bills
Certificates
of indebtedness
,898
,902
,940
,943
,918
1,000
979
1,021
1,004
1,024
638
639
658
663
66
22
13
16
18
25
11
14
10
9
15
19
19
18
18
19
15
15
16
1
15
110
110
110
111
111
26
2
2
166
166
16
168
170
1,898
1,923
1,919
1,939
1,894
1,778
1,803
1,801
1,820
1,775
22
23
29
2:
1;
168
181
189
208
191
,414
,211
,940
,198
,203
7,544
500
7,492
7,365
7,620
4,983
5,018
5,125
5,20
5,316
57
478
425
282
320
374
384
374
341
388
102
95
93
92
93
204
208
207
204
211
265
268
268
269
270
193
200
144
112
156
846
849
856
858
866
14,870
14,711
14,448
14,833
14,583
13,386
13,305
13,068
13,476
13,215
160
170
179
479
352
724
710
755
835
814
,543
,599
,603
,573
565
807
830
861
823
834
455
460
458
461
465
21
22
70
33
37
8
9
9
9
9
78
78
78
78
78
15
2.
8
216
22:
22:
224
224
1,736
1,769
1,74:
1,750
1,731
1,480
1,514
1,482
1,487
1,465
17
32
22
15
27
113
131
117
123
111
,279
281
,263
,275
,294
1,380
1,374
1,379
1,376
1,386
796
803
803
80.
803
24
16
18
1
25
93
93
93
93
91
213
214
216
217
218
219
214
218
218
218
2,899 2,583
2,907 2,589
2,884 2,564
2,899 2,577
2,908 2,585
10
11
11
16
15
584
613
624
635
621
746
751
759
763
765
349
351
358
361
362
6
6
6
6
6
37
38
38
37
36
23
23
22
22
23
158
159
161
162
162
168
169
169
170
171
1,838
1,862
1,865
1,872
1,856
1,715
1,738
1,741
1,748
1,732
318
336
355
372
370
757
769
786
800
807
435
448
463
472
483
8
8
7
7
47
47
47
47
43
35
35
36
38
37
61
60
61
61
62
164
164
165
168
168
1,561
1,56
1,569
1,572
1,563
866
797
755
828
817
2,642
2,632
2,631
2,625
2,654
1,794
1,779
1,792
1,801
1,824
47
49
48
47
45
65
66
66
68
68
292
293
295
296
298
337
341
341
343
343
065
079
111
144
158
867
877
902
930
952
495
504
529
557
578
34
34
34
33
31
17
18
18
18
18
136
137
137
137
137
,195
,214
,220
,224
,225
418
422
427
432
435
250
258
263
262
266
15
15
15
15
15
6
6
6
6
6
433
426
460
482
473
746
750
755
767
778
485
489
493
503
514
20
20
20
20
20
167
176
207
235
241
887
895
913
930
950
598
604
618
634
651
034
085
142
120
149
4,262
4,289
4,332
4,333
4,367
646
597
548
638
596
1,837
1,827
1,820
1,815
1,845
19
Other
secuNotes Bonds rities
1
78
84
91
97
78
1,510
1,515
1,492
1,493
1,491
120
120
118
119
119
778 11,724 ,484
728 11,697 1,406
700 11,434 1,380
712 11,450 1,357
576 11,473 1,368
1,254
1,254
1,246
1,252
1,254
256
255
260
263
266
123
124
126
131
136
2,330
2,336
122 2,305
122 2,308
122 2,312
316
318
320
322
323
27
44
41
39
35
205
205
206
206
205
99
100
103
109
102
1,384
1,389
1,391
1,394
1,390
123
124
124
124
124
1,367
1,372
1,374
1,377
1,368
8
10
12
12
13
214
216
215
216
212
122
122
124
124
120
1,023
1,024
1,023
1,025
1,023
194
195
195
199
195
6,224
6,165
6,124
6,203
6,163
5,655
5,588
5,545
5,623
5,582
97
76
95
132
122
675
635
616
635
600
406
402
399
402
392
4,477
4,475
4,435
4,454
4,468
569
577
579
580
581
173
172
174
175
176
1,198
1,202
1,209
1,214
1,206
1,044
1,048
1,055
1,064
1,056
8
13
18
15
14
86
79
81
85
84
120
120
117
116
116
830
836
839
848
842
154
154
154
150
150
51
51
51
51
52
93
90
91
92
91
777
792
793
792
790
714
725
727
725
724
12
8
9
5
6
32
34
34
35
35
67
67
67
66
65
603
616
617
619
618
63
67
66
67
66
11
11
11
11
11
102
103
103
104
104
124
123
124
125
125
1,687
1,676
1,705
1,715
1,695
,493
,482
,510
,519
,498
65
56
76
77
66
287
281
281
284
281
153
157
171
176
174
988
988
982
982
977
194
194
195
196
197
33
34
34
34
32
37
37
38
37
39
76
76
76
76
76
136
280
,173
137
281
,173
139
294
,186
141
305
,196
143 1,291 1,178
14
19
22
39
28
198
192
191
187
188
131
128
129
127
120
830
834
844
843
842
107
108
108
109
113
1.838
1,849
1,872
1,871
1,888
42
46
46
46
46
44
44
44
43
43
1,702
1,709
1,723
1,733
1,748
599
601
604
608
611
6,772
6,796
6,810
6,787
6,782
6,012
6,036
6,050
6,020
6,014
79
83
115
87
76
1,200
1,205
1,186
1,180
1,175
462
477
479
482
480
4,271
4,271
4,270
4,271
4,283
760
760
760
767
768
1,407
1,393
1,401
1,411
1,437
29
31
31
31
29
57
57
58
59
59
68
68
68
68
68
177
181
180
183
182
3,809
3,770
3,728
3,823
3,751
3,412
3,365
3,321
3,416
3,343
59
46
62
106
60
493
461
438
471
437
215
212
223
222
2,645
2,643
2,609
2,616
2,624
397
405
407
407
408
96
97
97
97
73
1
Including guaranteed obligations.
* 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.
1394
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
New York*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Philadelphia
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Cleveland
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Richmond
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Atlanta
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Chicago*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
St. Louis
Oct. 1
Oct. 8
Oct. 15
Oct. 22
ReBalserves
Dewith Cash ances mand
Fedwith
dein
eral vault do- posits
mestic ad- 1
Rebanks justed
serve
Banks
Individuals, States Certified
and
part- polit- and
neroffiical
ships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions
Time deposits,
except interbank
U. S.
Government
IndiDemand
vidU. S.
uals, States Govand
part- polit- ernner- ical ment
ships, subDoand
and divi- Postal mes- Foreign
cor- sions Savtic
poraings
tions
510
535
509
534
527
125
112
134
117
116
2,397
2,404
2,447
2 ,465
2^474
2,388
2,371
2,467
2,430
2,406
151
160
167
180
200
51
46
56
48
45
75
81
63
64
45
496
495
495
494
493
160
174
178
177
183
131
126
158
137
140
17,366
17,112
17,005
17,396
17,521
17,661
17,342
17,885
17,736
17,828
501
447
442
421
483
987
786
914
737
842
599
638
526
527
362
2,203
2,202
2,204
2,191
2,200
20
20
19
19
19
493
492
503
491
491
41
44
44
43
45
105 2 ,047 2,145
95 2 ,094 2 ,147
119 2 ,118 2,230
106 2,095 2,172
97 2,103 2,171
81
85
138
94
87
46
33
27
33
35
50
52
41
43
29
385
386
386
386
385
38
38
36
36
36
779
742
773
768
759
76
80
79
80
81
161
165
204
168
175
2,942
2,913
2,919
2,946
2,981
2,991
2,933
3,076
3,038
3,057
166
162
158
159
157
61
49
54
55
56
96
100
81
86
68
1,275
1,276
1,276
1,276
1,276
41
40
41
41
39
514
512
507
496
506
61
67
64
67
65
162
181
206
166
167
2,042
2,065
2,072
2,066
2,075
2,023
2,034
2,109
2,041
2,036
192
183
177
182
180
45
46
49
52
55
63
67
60
60
49
599
600
599
599
598
456
466
472
465
449
40
42
41
43
43
189
208
221
182
178
1,738
1,749
1,776
1,779
1,763
1,634
1,652
1,741
1,677
1,648
282
272
273
283
282
24
24
23
28
27
47
50
42
43
32
1,664
1,669
1,666
1,664
1,665
92
101
103
101
97
369
366
410
398
387
6,070
5,988
5,990
6,065
6,136
5,998
5 ,'841
6,157
6,008
6,048
606
572
574
562
585
117
97
102
112
108
392
409
421
395
397
27
29
28
29
30
122
135
136
123
137
1,308
1,310
1 ,34:4
1,330
1,347
1,396
1,406
1,501
1,455
1,456
94
92
91
88
89
231
233
227
226
225
12
12
12
13
13
113
105
107
94
103
786
784
775
795
819
786
780
818
798
808
510
532
524
528
510
27
30
28
29
31
283
323
324
280
262
1,713
1,704
1,760
1,750
1,746
487
487
494
474
480
31
32
32
33
35
300
314
326
316
296
1,791
1,804
1,774
1,805
1,779
118
119
129
123
132
310
309
327
342
294
1,097
1,112
1,113
1,099
1,144
pet. 29
58
60
62
62
61
4,556
4,596
4,701
4,575
4,521
Minneapolis.. ..
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Kansas City
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Dallas
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
San Francisco
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
City of Chicago*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Interbank
deposits
34
42
43
41
35
Bor- Cap- Bank
row- ital
debacings counts its2
Time
5
6
5
5
5
294
300
319
307
287
20
20
20
21
21
25
25
25
25
25
3,084
3,117
3,257
3,160
2,972
1,265
1,267
1,256
1,248
1,262
374
371
400
356
341
13
12
12
12
13
1
1
1
1
1
493
484
525
492
482
5
6
5
6
6
8
8
8
8
8
8
8
8
8
8
413
437
469
433
430
540
541
541
541
541
8
8
8
8
8
5
5
5
5
5
271
282
221
228
153
2,343
2,347
2,351
2,354
2,355
54
54
55
55
51
22
20
23
26
29
51
54
42
44
30
459
460
460
461
460
12
12
12
12
12
120
118
118
119
126
17
16
16
17
17
31
33
28
27
20
247
247
247
247
248
1,731
1,729
1,848
1,795
1,767
207
200
190
189
195
33
27
27
28
28
57
62
50
53
40
379
379
380
380
379
1,788
1,787
1,811
1,826
1,824
1,766
1,766
1,866
1,834
1,803
164
156
154
153
174
35
30
36
36
32
38
41
34
35
27
6,859
6,857
6,910
6,954
6,982
6,811
6,837
7,194
6,990
6,960
512
478
472
478
469
247
224
243
240
225
184 3,979
186 3,942
202 3,900
202 3,975
181 4,010
4,042
3,914
4,115
4,014
4,027
324
319
331
317
324
65
52
49
56
58
7
4
4
3
314
314
315
315
315
995
762
735
993
811
183
213
152
13
178
2,382
2,384
2,384
2,381
2,380
9,646
7,886
7,242
9,079
8,802
2
2
11
16
303
304
303
303
303
689
668
909
726
4
4
4
4
5
464
465
464
465
465
1,165
5
29
3
14
4
4
5
6
5
4
4
4
4
4
2
2
6
6
208
209
209
209
209
698
658
667
788
671
498
536
552
518
518
8
8
7
8
7
4
4
4
4
4
174
175
175
175
175
626
582
602
725
654
13
13
13
13
13
1,552
1,570
1,630
1,576
1,520
28
29
28
28
29
2
2
2
2
2
27
64
660
661
660
660
661
3,369
2,743
2,617
3,003
2,950
2
2
2
2
2
600
648
668
669
687
5
6
4
5
5
12
1
4
10
21
166
167
168
167
167
601
543
575
708
649
383
404
407
383
367
3
2
2
2
2
1
7
1
1
1
1
1
1
13
4
12
97
97
97
97
97
449
482
430
498
445
4
4
4
4
4
3
3
3
3
3
922
985
966
947
911
1
1
1
1
1
5
5
5
5
5
1
8
18
181
181
181
181
182
718
700
712
855
713
340
338
338
339
338
33
33
33
33
31
6
6
6
6
6
621
645
679
658
663
5
5
5
5
5
i
183
183
183
184
184
586
561
515
754
603
183
192
156
162
114
4,885
4,895
4,897
4,901
4,902
110
111
111
111
119
14
14
14
14
14
494
537
565
530
486
55
57
60
58
58
169
177
139
140
92
1,154
1,156
1,159
1,161
1,162
35
35
36
36
36
2
2
2
2
2
1,143
1,157
1,203
1,173
1,129
23
24
24
23
23
14
14
14
15
14
7
4
2
5
11
16
3
4
4
4
4
4
4
776
993
1,010
1,155
1,059
2
4
12
6
21
672 2,508
672 2,319
669 2,257
670 2,912
682 2,311
16
2
445
445
444
444
445
27
61
2,357
1,822
1,701
2,028
1,916
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 interbank and U. S. Government accounts.
* See note on preceding page.
NOVEMBER
1947
1395
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Based o n 2
Held by
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Total
Own
bills
Bills
bought
1946—August...
September
October. .
November
December.
142
148
202
227
228
207
200
204
208
227
140
151
154
155
169
68
68
71
73
74
72
82
82
82
94
1947—January..
February.
March. . . ,
April
May
June
July
August
September
236
243
266
256
250
234
244
244
241
241
230
228
215
189
183
187
206
219
183
171
170
154
130
132
148
158
168
85
76
75
71
67
69
75
71
83
Federal
Reserve
Banks
(For own
account)
Goods stored in or
shipped between
points in
152
150
154
152
162
22
20
18
23
29
26
23
23
26
29
7
7
8
6
7
58
59
58
61
59
50
39
48
47
98
95
95
83
63
63
74
87
85
Exports
from
United
States
54
47
50
54
58
13
2
Imports
into
United
States
172
164
158
140
118
111
115
133
140
35
35
36
42
45
46
45
47
42
27
24
27
25
21
20
21
20
24
8
7
7
8
5
6
7
6
11
Others
United
States
Foreign
countries
1
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
debit
firm
balances investment investment
and trading and trading
(net)i
accounts
accounts
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
92
85
89
60
70
69
62
54
25
26
22
22
21
23
22
22
13
10
11
5
6
7
5
5
397
355
298
305
280
277
269
247
395
368
309
378
529
557
619
726
853
795
498
255
289
240
270
334
354
424
472
549
654
651
65
63
56
54
66
65
95
96
121
112
120
17
17
16
15
15
14
15
18
14
29
24
7
5
4
4
7
5
11
8
13
13
17
222
213
189
182
212
198
216
227
264
299
314
3 253
3 238
217
3 720
3 723
693
118
30
10
289
3210
3217
3216
3 205
3 201
222
3
251
»241
3276
3
162
24
9
271
1,489
985
774
991
834
906
653
677
55
34
27
32
25
16
12
12
161
108
88
106
73
78
58
99
214
232
215
190
178
207
223
204
1,217
688
495
754
570
637
376
427
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
616
600
496
543
761
788
887
1,041
1,223
1,138
809
11
8
9
7
9
11
5
7
11
12
7
89
86
86
154
190
188
253
260
333
413
399
186
211
180
160
167
181
196
209
220
313
370
1946—October
November. .
December...
3 583
3571
537
5
311
453
1947—January....
February. . .
March
April
May
June
July
August
September. .
3 533
3 573
3 576
3 553
3 530
552
3 564
3
550
3 570
333
395
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
266
278
258*
247
230
266
267
281
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
6
Other
(net)
Other credit balances
687
3 681
3 677
3 665
3 652
650
3677
3 656
3 630
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
3' own partners.
in detail at semiannual dates prior to 1042,
1396
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months 1
Year,
month, or
week
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
U. S Government
security yields
Prime Stock
exbank- change
9-to 12ers'
call
month
accept- loan
certifi- 3-to5ances,
3reyear
90 1
month cates taxable
newdays
bills« of in- issues
als2
debtedness
.73
.75
.81
.44
.44
.61
1 OO
L00
L16
.375
.375
.375
.82
1 33
1 18
1.16
1946—October. . .
November.
December..
.88
.94
.81
.81
.81
L.38
1.38
1.38
.375
.376
.375
.83
.84
.85
1.29
1.28
1.30
.81
.81
.81
.81
.81
.81
81
.88
.94
.94
L.38
L.38
L.38
1.38
.376
.376
.376
.376
.376
.376
.703
.748
.804
.857
.84
.85
.82
.83
.85
.85
.85
.85
.87
.97
1.26
1.26
1.24
1.24
1.27
1.29
1.33
1.31
• 1.28
1.35
.827
.835
.855
.873
.895
.93
.96
.96
.98
.98
1.29
1.30
1.33
1.37
1.42
1.00
1947—January
February..
March
April
May
June
July
August....
September.
October....
LOO
LOO
LOO
LOO
LOO
LOO
L 00
.00
1.06
L06
Week ending:
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 18
Oct. 25
Nov. 1
—\}/g
—11£
_1 L |
— ] L£
15/16
15/16
15/16
15/16
15/16
.38
1.38
38
.38
L.38
L.38
iM~l^
l M~13^
1 M~13^
1 J€~l J^J
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.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETINS for May 1945. pp. 483-490, and October
1947, pp. 1251-1253.
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1937 average 1 . . .
1938 average 1 . . .
1939 average... .
1940 average... .
1941 average... .
1942 average
1943 average... .
1944 average.. . .
1945 average.. . .
1946 average....
2.59
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
1.73
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
2.88
2.75
2.87
2.56
2.55
2.58
.80
2.68
2.51
2.43
3.25
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
1943—September
December.
2.48
2.65
2.05
2.10
2.71
2.76
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
2.91
1946—March. . .
June
September
December.
1944 average .
1945 average
1946 average
.79
[Per cent per annum]
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1947—March. . .
June
September
2.31
2.38
2.21
1.82
1.83
1.77
2.37
2.44
2.25
2.80
2.95
2.69
2.80
2.81
2.38
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS i
[Per cent per annum]
Corporate (Moody's)*
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
and
Municipal
(highgrade)2
Corporate
(highgrade) 3
By ratings
By groups
Total
Aaa
over
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-8
15
5
120
30
30
30
30
40
40
40
1944 average
1945 average
1946 average
t.94
1.60
L.45
2.48
2 37
2.19
1.86
1 67
1.64
2.60
2 54
2.44
3.05
2 87
2.74
2.72
2.62
2.53
2.97
2.89
2.71
1.84
1 80
1.97
2.51
2 51
2.55
2.82
2 82
2.83
2.60
2.59
2.61
2.65
2.66
2.66
3.05
3.05
3.04
2.76
2.77
2.77
L.56
L.54
L 52
L53
L 53
L56
L 57
L.54
I 53
.58
2.21
2.21
2 19
2.19
2 19
2.22
2 25
2.24
2 24
2.27
1.92
1.99
2 02
1.98
1 95
1.92
1 91
1.93
1 92
2.02
2.48
2.48
2 49
2.49
2 49
2.50
2 51
2.51
2 57
2.68
2.79
2.78
2 79
2.78
2 79
2.81
2 80
2.80
2 85
2.95
2.57
2.55
2 55
2.53
2 53
2.55
2.55
2.56
2.61
2.70
3.61
3.29
3.05
3.15
3.17
3.17
3.13
3.12
3.15
3.16
3.17
3.21
3.18
3.17
3.23
3.35
3.39
3.06
2.91
2.26
2 25
2.24
3.06
2.87
2.75
2.84
2 84
2.83
2.79
2.79
2 80
2.81
2.82
2.83
2.82
2.81
2.86
2 95
2.80
2.68
2.60
L.58
I 60
L.60
2.81
2.71
2.62
2.70
2.69
2.69
2.65
2.64
2 64
2.63
2.63
2.64
2.64
2.64
2.69
2.79
2.63
2.61
2.61
2.60
2.60
2.60
2.62
2.63
2.67
2.76
3.00
3.00
3.02
3.03
3.05
3.10
3.06
3.03
3.09
3.22
2.73
2.72
2.73
2.71
2.71
2.72
2.72
2.72
2.78
2,87
1.54
L.55
.57
60
2.24
2.24
2 .26
2 28
2.31
1 .96
1 .98
2.03
2 04
2.08
2.64
2.66
2.70
> 68
;
2.68
2.92
2.93
2.95
2 96
2.97
2.68
2.69
2.71
2 71
2.71
2.76
2.77
2.80
2 80
2.81
2.91
2.92
2.95
2 96
2.98
3.31
2.73
2.74
2.77
2.77
2.78
3.18
3.19
3.22
3.23
3.25
2.84
2.85
2.87
2.89
2.80
1945—October
November.....
December
...
1947—'January
February
March
April
May
June
July
August
September.
October.......
Week ending:
Oct. 4.
Oct. 11
Oct. 18
Oct. 25 . . . . . . . . .
Nov. 1
1.64
3.33
3.35
3.37
3.39
1
2
4
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
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 groupvs have
been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129. pp. 468-474. and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-125.3.
NOVEMBER
1947
1397
SECURITY MARKETS l
Stock prices1
Bond prices
Year, month, or week
Municipal
(highgrade)3 Highgrade
Medium- anc1 lower-grade
Preferred6
DePublic faulted
utility
Total
Industrial
Railroad
15
50
10
20
100.25 135.7
102 04 139 6
104.77 140.1
120.9
122.1
123.4
114.7
117.9
118.5
120.5
122.2
123.6
103 58 136 0
103.71 136.8
103.87 133.4
121.8
121.6
121.5
115.8
115.9
115.9
1947—January
104.32 134 4
February
104.35 133.1
March
'... 104 61 132 5
April
104 57 133.2
May
. .
104.48 133.9
104 08 134 4
June
July
103.75 134.7
August
103.89 134.3
September
103.95 134.4
103.44 132.5
October
122.6
122.7
122.4
122.8
122.9
122 8
122.5
122.3
121.5
120.0
Week ending:
Oct. 4 . .
Oct. 11
Oct 18
Oct. 25
Nov. 1 . . . .
120.5
120.5
119.8
119.7
119.8
Number of issues
1-8
1944 average
1946—October
103.92
103.87
103.52
103.24
102.84
15
133.6
133.2
132.3
132.1
131.3
Volume
of trading7 (in
thousands of
Public shares)
Common (index , 1935-39 = 100)
Corporate •
U. S.
Government2
Total
Industrial
Railroad
utility
20
15
15
402
354
20
28
107.3
115.1
117.0
116.3
116 3
114.9
59.2
75.4
76.7
175.7
189.1
198.5
100
102
101
90
971
106
1,443
1,390
122.2
122.5
123.0
112.3
112.7
112.9
112.9
112.6
111.9
116.3
116.8
116.6
116.5
115.0
114 3
115.7
116.1
115.1
114.0
123.5
123.7
123.7
123.5
123.2
122 6
122.8
123.9
121.9
120.8
114.3
114.3
113.6
113.2
109.2
107 3
110.5
110.4
109.3
106.9
111.2
112.4
112 5
112.7
112.5
113 0
113.8
113.9
114.1
114.3
62.7
63.6
67.7
68.3
69.3
66.0
64.0
61.9
63.4
69.6
69.6
68.6
69.4
191.6
189.3
186.2
187.3
189.0
188.1
186.5
186.2
186 2
188.4
188.7
188.3
181.2
114.4
114.2
114.1
113.9
113.6
121.2
121.2
121.1
120.6
120.2
107.8
107.2
106.7
106.9
105.9
114.1
114.1
114.3
114.2
114.6
69.3
69.5
69.3
69.6
69.0
184.7
183.3
181.4
180.0
176.8
123
137
140
143
143
122
120
122
126
110
124
129
113
119
106
110
125
129
124
119
129
133
128
123
115
119
110
102
1,256
1,191
1,320
107
121
126
111
111
107
105
998
1,176
841
912
115
119
126
125
123
125
119
124
132
130
128
131
95
98
108
105
104
104
102
101
102
101
102
101
912
833
1,158
123
123
126
127
126
128
129
133
134
132
103
103
105
107
103
101
101
101
102
100
1,001
973
1,565
1,422
1,010
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday
2
Average of taxable bonds due or callable in 15 years and over.
3
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
6
674
763
1,136
figures.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
* Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
(new
and
refunding)
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
Corporate
State FedForeign2
and
eral
mu- agenBonds
nici- cies1 Total and Stocks
pal
notes
3,937
4,449
5,790
4,803
5,546
2,114
2,169
4,216
8,006
8,557
2,138
2,360
2,277
1,951
2,854
1,075
642
913
1,772
4,589
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,761
4,579
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
15
471
26
952
121
441
562
761
993
242
363
659
788
242
363
659
788
71
49 " * 4 7 '
69
119
170
267
590
669
96
223
444
544
1947—January..
636
410
February.
855
March. . .
885
April
699
May
1,033
June
'1,033
July
508
August.. .
783
September
498
252
635
784
347
744
3 863
317
619
487
250
614
777
332
744
619
317
619
215
97
293
402
106
212
124
185
277
252
118
310
376
211
517
483
123
256
208
75
265
240
79
434
309
113
173
44
44
44
136
132
83
174
10
84
1946—September
October. .
November
December
21
34
12
15
15
12
8
85
State
and
municipal
44
35
38
2
1
2
17
12
10
10
2
21
7
15
1,799
2,089
3,513
2,852
2,693
1,039
1,527
3,303
6,234
3,968
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863
200
199
102
205
75
43
145
125
..
1,225
817
408
873 807
67
383 287
97
736 601
135
1,062
889
173
624 506
118
374 282
92
646 422
224
1,264
607
657
3,506 2,038 1,468
Total
(domestic
and
forTotal
eign)
200
199
102
190
17
1
2
50
139
158
220
101
352
290
170
191
165
135
56
191
96
352
252
170
191
165
11
1
2
3
1
2
11
3
Federal
agencies1 Total
191
281
129
665
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
208
741
Corporate
Foreign2
Bonds
and Stocks
notes
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,937
2,914
856
1,236
1,596
1,834
1,430
407
603
2,178
4,281
2,313
352
31
137
193
126
11
82
288
656
601
119
28
48
38
133
13
34
145
65
86
105
143
36
68
79
1
29
19
27
22
24
50
20
33
38
40
40
42
103
31
140
73
317
211
118
147
122
84
8
136
39
227
162
107
140
113
18
4
22 101
4
29
34
5
91
48 " 3 8
11
7
9
4
86
15
61
105
15
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
* Includes issues of noncontiguous U. S. Territories and Possessions.
1
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1398
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
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Retirement of securities
New money
Plant and
equipment
Working
capital
Bonds and
notes
Total
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
'6,887
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
'6,744
57
208
858
991
681
325
569
868
474
308
657
1,080
'3,279
32
111
380
574
504
170
424
661
287
141
252
638
'2,115
26
96
478
417
177
155
145
207
187
167
405
442
'1,164
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
'2,855
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
'2,379
1946—September
October
November
December
'288
'413
'621
'905
'282
'407
'610
'894
'151
'285
'510
'711
'106
'192
'326
'572
'46
'94
'184
'139
'97
'52
'79
'136
1947—January
February
March
April
May
June
July
August
September
322
265
450
449
446
738
601
248
441
316
260
442
441
437
727
588
245
434
183
205
285
254
180
498
435
118
244
138
105
153
101
109
426
370
99
179
45
101
132
153
71
72
64
19
65
120
34
121
85
232
207
112
104
154
Preferred
stock
. ..
Repayment
of
other debt
Other
purposes
11
23
49
36
7l"
226
190
87
59
128
100
30
72
351
438
'476
84
170
154
111
215
69
174
144
138
73
49
134
'379
26
19
28
35
27
47
133
'231
'37
'40
'72
'119
60
'11
'7
17
'21
'65
'8
'35
'12
5
'13
12
81
18
110
80
198
164
103
102
154
38
16
11
5
34
43
9
3
1
11
15
31
98
19
15
17
16
9
2
5
5
3
7
6
24
6
26
7
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Other
Indu strial
Total
Retire- All Total
Retire- All
Retire- All Total
Retire- All Total
net
net
New ment of other
net
New ment of other
New ment of other
New ment of other net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses
ceeds
poses ceeds
ties
poses ceeds
poses ceeds
ties
ties
ties
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Public utility
172
21
120
120
774
338
54
182
319
361
47
160
602
1,436
'691
57
139
228
24
85
115
253
32
46
102
115
129
54
558
110
30
97
186
108
15
114
500
1,320
'559
1946-—September.
October. . . .
November..
December. .
19
40
18
47
16
21
18
35
1947—January
February...
March
April
May
June
July
August. . . .
September..
33
8
12
17
37
28
28
23
5
28
7
9
17
15
28
22
23
4
31
19
. .
3
10
2
5
2
1
2
22
6
2
130
1,250
1,987
751
1,208
1,246
18
1,180
1,340
464
469
1,400
2,291
3* '2,129
10
77
1
11
77
30 1,190
63 1,897
89
611
180
943
43 1,157
245
922
317
993
145
292
423
22
40 1,343
69 2,159
'785 '1,252
42
62
25
34
30
774
74
550
27 1,280
439
761
50 1,079
616
373
469
86
831
226
584
47
188
353
961
13
167
738
30
828
244
463
527
27
293
89
497
25
228
199
454
504
17 1,033
811 1,010
63 1,969
'93 '3,601 '2,201
'981
'109
'129
'53
'510
'15
108
'21
'417
'82
'20
'28
'84
12
'1
'3
'9
43
67
332
93
225
536
307
140
306
14
47
223
30
31
353
234
28
157
26
18
107
61
179
181
68
95
136
3
2
2
2
16
2
4
16
13
'146
'233
'528
'270
229
119
90
328
165
141
239
79
71
2
20
19
150
80
90
136
43
56
121
146
71
76
148
'419
122
390
71
16
102
155
94
4
21
107
206
'323
46
218
57
8
9
42
55
4
13
61
85
'164
72
152
7
7
88
9
18
4
20
7
1
5
104
4
42
65
'64
3
56
'95
'1
'1
'2
'12
3
'2
1
2
'114
'151
'465
'206
'12
'13
48
'30
'20
'69
'15
'34
'8
'5
'11
'66
'6
'5
5
'53
136
94
52
204
129
96
175
65
45
84
8
5
24
26
26
43
9
13
9
16
33
99
10
19
21
6
13
11
66
9
3
10
21
14
2
51
5
58
1
3
5
21
3
2
38
5
6
8
21
4
5
1
1
4
10
9
» Revised.
•
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and
4
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.
1
s
3
NOVEMBER
1947
1399
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total
NonOther
transMaAu- porta- ferrous
metals
chin- tomo- tion
and
ery
biles equip- products
ment
629
47
69
15
1,465
1,818
2,163
1,769
1,800
1,896
1,925
32,545
146
115
278
325
226
204
194
188
283
158
193
159
165
174
163
M71
492
508
439
485
49
53
37
49
38
42
35
47
63
323
604
698
-19
49
32
853
22
67
96
97
3 61
-34
21
42
102
873
888
126
99
69
82
99
110
Number of companies.
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Iron
and
steel
Quarterly
1945—i
2
3
4
1946—i
2
3
4
1947—i
2
. ...
3
Other
durable
goods
49
119
70
151
133
153
138
128
115
108
136
88
113
90
83
88
88
148
159
151
162
175
199
356
77
223
102
242
274
209
201
222
243
130
173
227
182
180
190
169
127
4
4
4
4
Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
75
68
3 165
Dividends
Other
nondurable
goods
30
80
98
186
112
174
152
186
220
223
281
194
207
164
170
187
187
273
45
MiscellaNet
neous profits1
ComservPreices 2
ferred mon
74
152
134
122
160
187
136
149
147
154
302
132
152
161
171
184
203
321
847
1,028
1,137
152
152
90
564
31,139
90
92
88
86
86
85
82
669
705
552
556
611
612
657
888
902
970
989
50
47
36
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
*4 - 5
51
4
38
4
44
20
26
41
50
12
37
41
56
62
77
85
63
66
67
3 57
65
74
93
124
77
62
71
77
91
82
80
93
66
116
250
310
'415
20
21
20
21
146
153
149
209
47
46
50
57
98
69
90
111
89
87
96
91
63
79
425
438
20
22
177
194
77
46
58
4
4
47
57
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Operating
revenue
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1945—1
2
3
4
1946—1
2
3
4
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
Quarterly
Income
before
income
tax 8
126
249
674
1,658
2,211
1,972
756
273
5
Electric power 6
Net
income1
Dividends
Income
before
income
tax*
Net
income1
Dividends
Operating
revenue
Income
before
Net
income income 1
tax*
Dividends
126
159
186
202
217
246
246
235
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
629
692
774
847
913
902
905
953
535
548
527
490
502
507
534
645
444
447
437
408
410
398
407
454
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
227
248
271
302
374
399
396
277
191
194
178
163
180
174
177
200
175
178
172
163
168
168
173
171
31
68
28
118
966
909
888
917
288
230
205
181
142
125
119
148
101
95
96
115
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
56
970
920
936
196
151
142
156
107
110
112
125
475
497
502
519
84
54
53
44
49
43
75
56
62
191
166
115
115
527
478
67
29
44
21
40
33
2,277
. . . 2,422
2,230
1,973
-426
149
199
127
-25
.
1,869
. . . 1,703
2,047
2,008
39
-57
161
130
14
-45
128
191
2,039
2,111
163
185
• 117
I947—1
2
Operating
revenue
93
189
500
902
873
667
450
289
.
430
514
237
Telephone 7
86
1
41
85
1,002
299
221
207
226
43
50
1,079
1,032
289
247
52
43
43
42
1
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
» Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following amounts (in millions 5 dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
of
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
6
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
8
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
1400
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
Marketable public issues x
Total
gross
direct
debt
Total
interestbearing
direct
debt
1940—June.
Dec...
1941—June,
Dec...
1942—June.
Dec,..
1943—June. ,
Dec...
1944—June.
Dec...
1945—June.
Dec. .
1946—June.
42,968
45,025
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
1,302
42,376 34,436
1,310
44,458 35,645
1,603
48,387 37,713
2,002
57,451 41,562
71,968 50,573 2,508
6,627
107,308 76,488
135,380 95,310 11,864
164,508 115,230 13,072
199,543 140,401 14,734
228,891 161,648 16,428
256,357 181,319 17,041
275,694 198,778 17,037
268,111 189,606 17,039
1946—Oct...
Nov..
Dec...
194?—Jan...
Feb...
Mar..
Apr...
May.,
June.
July..
Aug.. .
Sept...
Oct.
263,532
262,277
259,149
259,776
261,418
259,124
257,701
258,343
258,286
259,448
260,097
259,145
259,071
262,415
260,925
257,649
258,378
258,113
255,800
254,427
254,975
255,113
256,321
257,110
256,107
256,270
16,987
17,000
17,033
17,074
17,048
17,038
16,610
16,002
15,775
15,756
15,735
15,725
15,732
End of month
In millions of dollars]
Nonmarketable public issues
CertifiTreasury Total 2
Total 2 Treasury cates of Treasury bonds
indebtnotes
bills
edness
182,318
180,328
176,613
176,444
175,410
172,462
170,535
169,926
168,702
168,509
168,390
167,946
167,109
Special
U.S. Treasury issues
savings tax and
bonds savings
notes
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
4,775
5,370
6,120
6,982
7.885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
32,478
30,475
29,987
29,791
28,784
27,792
26,294
26,294
25,296
25,122
25,025
24,894
24,808
13,351
13,351
10,090
10,090
10,090
8,142
8,142
8,142
8,142
8,142
8,142
7,840
7,840
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
118,564
56,081
56,343
56,451
57,157
57,765
58,156
58,612
58,863
59,045
59,296
59,499
58,640
59,714
49,624
49,709
49,776
50,343
50,717
50,945
51,117
51,240
51,367
51,552
51,664
51,759
51,897
6,003
5,978
5,725
5,590
5,570
5,443
5,477
5,525
5,560
5,592
5,642
5,531
5,618
24,015
24,254
24,585
24,777
24,938
25,183
25,280
26,186
27,366
28,516
29,220
29,520
29,447
1 y*
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
1,117
1,352
1,500
1,399
3,305
3,324
3,275
3,368
3,173
3,127
2,987
2,926
2,801
378
362
331
262
181
175
171
171
83
74
73
70
78
f .
les includes adjusted service,
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING OCTOBER 31, 1947
UNITED STATES SAVINGS BONDS
[In millions of dollars]
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills»
Nov. 6, 1947
Nov. 13, 1947
Nov. 20, 1947
Nov. 28, 1947
Dec. 4, 1 9 4 7 . . . . . . .
Dec. 11, 1947
Dec. 18, 1947
Dec. 26, 1947
Jan. 2, 1948
Jan. 8, 1948
Jan. 15, 1948
Jan. 22, 1948 .
Jan. 29, 1948 .
1,103
1,201
1,201
1,302
1,302
1,303
1,302
1,102
1,301
1,304
1,105
1,104
1,101
Cert, of indebtedness
1947
Nov.
1947
Dec.
1948
Jan.
1948
Feb.
1948
Mar.
1948
Apr.
June
1948
July
1948Ser."F"
July
1948Ser."G"
July
1948Ser."H"j|
Oct. 1, 1948
1
1,775
281
134
947
142
321
777
2,742
1,127
2,209
Treasury notes
Sept. 15. 1948
Oct. 1, 1948
V
1
Treasury Bonds
Dec. 15, 1947 a
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51'. 2%
June 15, 1948
\
Sept. 15, 1948 2
2
Dec. 15, 1948-50J.
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
2
1,354
3,748
4,092
Issue and coupon rate
Amount
Treasury bonds—Cont.
491
Dec. 15, 1949-52 2..3H
1,786
Dec. 15, 1949-53 2..2%
1,963
Mar. 15, 1950-52
2
1,186
Sept. 15, 1950-52 2..2%
4,939
Sept. 15, 1950-52
2
2,635
Dec. 15, 1950
IH
1,627
June 15, 1951-54 2..2%
7,986
Sept. 15, 1951-53
2
755
Sept. 15, 1951-55 2....3
1,118
Dec. 15, 1951-53 2..2M
510
Dec. 15, 1951-55
2
1,024
Mar. 15, 1952-54... 2H
5,825
June 15, 1952-54
2
1,501
June 15, 1952-55... 2%
8,662
Dec. 15, 1952-54
..22
725
June 15, 1953-55 2.
681
June 15, 1954-56 2. M
2,611
Mar. 15, 1955-60 2. .2 %
1,449
Mar. 15, 1956-58... 2H
982
Sept. 15, 1956-59*.. 2 % 3,823
Sept. 15, 1956-59... 2 H
919
June 15, 1958-63 2..2H
5,284
June 15, 1959-62 a . . 2 ^
3,470
Dec. 15, 1959-62 3..2 H
1,485
Dec. 15, 1960-65 2..2%
2,118
June 15, 1962-67 3 .2y%
2,831
Dec. 15, 1963-68'.. 2 ^
3,761
June 15, 1964-69 3..2H
3,838
Dec. 15, 1964-69'.. 2 H
5,197
Mar. 15, 1965-70 ' . . 2 ^
3,481
Mar. 15, 1966-71 s..2H
7,967
June 15, 1967-72 3..2H
2,716
Sept. 15, 1967-72... 2H 11,689
Dec. 15, 1967-72 3 . . 2 ^
Postal Savings
115
bonds
2Y2
50
Panama Canal Loan. 3
701
1,115
1,223
3,062
451
Total direct issues
167,109
571
1,014 Guaranteed securities
Federal Housing Admin.
1,292
2,098
Various
33
'Sold on discount basis. See table on Open-Market Money Rates,
p. 31397.
2 Partially tax exempt.
Restricted.
NOVEMBER
1947
Month
Fiscal year
ending:
June—1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1946—Oct
Nov....
Dec...
1947—Jan
Feb....
Mar....
Apr. . . .
May...
June...
July...
Aug....
Sept....
Oct
RedempAmount Funds received from sales during tions and
outperiod
maturities
standing
at ena 01
All
Series Series Series
AH
month
series
E
G
F
series
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
51,367 7,208 4,287
327
519
49,624
453
294
49,709
576
370
49,776
952
535
50.343
712
394
50,717
616
372
50,945
572
349
51,117
488
305
51,240
482
301
51,367
559
339
51,552
460
294
51,664
466
304
51,759
488
304
51,897
67
435
758
802
679
407
360
24
20
29
53
41
35
33
25
24
27
21
21
22
395
114
148
207
848
2,032
2,759
2.876
2,658
2.465
2,561
2,371
4,298
6,717
5,545
169
139
178
364
278
209
191
158
157
193
144
142
162
489
418
504
483
398
449
455
421
433
457
404
431
404
Maturities and amounts outstanding October 31, 1947
Year of
maturity
1947
1948
1949
1950
1951
1952
1953
1954
1955
....
1956
1957
1958
1959
....
Unclassified. .
Total
All
series
144
509
815
984
1,566
4,305
7 681
10,006
8,767
6 444
5,719
2,869
2,143
-55
51,897
Series
C-D
144
509
815
984
434
2,886
Series
E
1,132
4,305
6 349
7,296
5,914
3 176
2,826
30,997
Series
F
Series
G
206
540
593
671
536
312
277
1 126
2 169
2,260
2 597
2,357
2,557
1,866
3,136
14.932
1401
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities
End of month
Held by nonbank investors
Com- Federal
mercial Reserve
banks * Banks
Total
1940—June
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
December
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
23,350
1947—February
March
April
May
June
July
August
258,294
255,976
254,598
255,146
255,197
256,395
257,183
96,817
94,093
'93,457
'92,788
'91,872
'91,949
91,892
72,700
71,500
'71,600
'70,700
'70,000
'70,400
69,700
24,117
22,593
21,857
22,088
21,872
21,549
22,192
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
isues
Public
issues
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395
160,130
9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900
63,500
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
11,800
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,800
29,100
25,200
22,400
400
600
700
900
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,200
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
6,338
161,477
161,883
161,141
••162,358
'163,325
'164,446
165,291
64,700
65,200
'65,500
65,600
65,800
'66,100
66,300
25,400
25,100
25,100
25,200
25,000
25,000
24,900
12,000 21,900
12,000 21,700
12,000 '20,600
12,000 21,000
12,100 '21,200
12,200 '21,500
12,200 21,800
6,200
6,300
6,300
6,300
6,400
6,400
6,400
24,938
25,183
25,280
26,186
27,366
28,516
29,220
6,374
6,388
6,314
5,966
5,445
4,825
4,495
r
' Revised
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
July 31, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U.S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
sav- ance Other
agen- Recial
cies serve banks ings combanks panies
and Banks
trust
funds
Type of
security:
Total:2
1945—Dec
1946—June
Dec
1947—June
July....
Aug
Treasury bills:
1945—j)ec
1946—June....
Dec
1947—June....
July....
Aug
Certificates:
1945—Dec
1946—June
Dec
1947—June....
July....
Aug
Treasury notes:
1945—Dec
1946—June....
Dec
1947—June....
July....
Aug
Treasury bonds:
1945—Dec
1946—June
Dec
1947—June....
July....
Aug
198,820
189,649
176,658
168,740
168,543
168,425
7,009
6,768
6,302
5,409
4,789
4,460
24,262
23,783
23,350
21,872
21,549
22,192
82,830
76,578
66,962
62,961
63,308
62,687
17,037
17,039
17,033
15,775
15,756
15,735
5
3
2
11
8
1
12,831
14,466
14,745
14,496
13,895
14,207
2,476
1,142
1,187
i
684
2
2
1
11
1
1
4
38,155
34,804
29,987
25,296
25,122
25,025
38 8,364 18,091
58 6,813 16,676
64 7,496 11,221
48 6,280 8,536
35 6,559 8,282
32 6,896 7,893
91
243
257
249
195
187
360
576
490
362
322
294
11,211
10,439
10,459
9,821
9,729
9,723
22,967
18,261
10,090
8,142
8,142
8,142
8 2,120 15,701
9 1,748 11,396
6
355 6,120
7
369 4,855
179
227
211
183
576
623
603
285
261
255
4,383
4,258
2,796
2,443
2,488
2,498
120,423
119,323
119,323
119,323
119,323
119,323
787
1,060
10,491 23,183
11,220 24,285
11,521 24,346
11,845 23,969
11,891 23,921
11,892 23,837
3
6
369
369
4,844
4,843
174
177
6,915
6,655
6,186
5,306
4,703
4,389
947
755
753
727
726
720
46,535
47,335
48,408
48,756
49,094
49,242
10,217
10,743
11,049
11,407
11,516
11,522
51,046
47,015
44,177
42,684
43,085
43,357
1,723
1,424
1,088
479
790
837
22,230 33,579
23,073 30,764
23,226 29,700
23,305 29,822
23,321 29,963
23,268 30,183
End of month
Treasury bonds
and notes,
due or
callable:
Within 1 year:
1945—Dec
1946—June
Dec
1947—June....
July....
Aug
1-5 years:
1945—Dec
1946—June
Dec
1947—June
July....
Aug
5-10 years:
1945—Dec
1946—June
Dec
1947—June....
July....
Aug
10-20 years:
1945—Dec
1946—June
Dec
1947—June....
July....
Aug
After 20 years:
1945—Dec
1946—June....
Dec
1947—June....
July....
Aug
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Fed- Com- Mu- Insureral
mer- tual
Recial
sav- ance Other
serve banks ings comBanks C1)
banks panies
15,222
10,119
7,802
11,255
11,255
11,255
185
4
29
83
66
59
35,376
35,055
39,570
42,522
42,522
42,522
408
443
576
469
442
385
693
797
831
698
698
698
25 165
25^285
28,470
29,917
29,971
29,978
1,047
1,574
1,536
1,529
1,742
1,506
2,101
2,671
2,660
2,666
6,673
6^319
6,550
7,193
7,215
7,266
33,025
32,847
27,283
18,932
18,932
18,932
787
716
529
423
424
415
210
135
72
40
40
40
21,007
21,933
16,657
11,577
11,709
11,813
2,058
1,609
2,042
1,245
1,193
1,142
2,902
2,822
2,826
2,002
1,933
1,866
6,063
5,632
5,156
3,645
3,633
3,656
34,985
37,189
32,384
40,352
40,352
40,352
2,779
3,400
2,975
3,374
2,966
2,800
90 3,691
83 3,308
78 2,433
78 2,587
5,523
6,026
5,303
6,751
78 2,633 6,949
78 2,637 7,037
10,996
12,547
11,708
15,137
15,197
15,216
11,905
11,829
9,886
12,425
12,529
12,584
24,781 2,764
22,372 2,103
22,372 2,084
964
14,405
810
14,405
730
14,405
57 2,418
57 2,550
55 2,632
29 2,593
28 2,639
22 2,685
6,933
6,325
6,602
3,358
3,389
3,383
10,559
8,826
8,313
5,812
5,876
5,938
2,017 9,956
1,431 5,655
72 4,341
251 6,936
251 6,992
251 6,969
63
116
181
374
348
343
701
709
2,051
2,510
2,687
1,649
1,663
1,647
235 2,761
495 2,418
591 2,591
420 3,191
402 3,196
394 3,239
* 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. 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.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1402
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Increase (+) or
TransBudget
decrease (—)
ers to Other Total surplus Trust
during period
trust
exbudget (+) or
acac- pendi- expend- deficit counts General
counts tures itures
etc'
Gross
fund
etc.
debt
balance
MisIn- War
Income taxes 1 cella- Social
ter- and
neous Secu- Other Total Net
derere- 3 est fense
reinter- rity
on
nal
With- Other reve- taxes ceipts ceipts ceipts debt activities
held*
nue 1
Period
Fiscal year ending:
June 1945 . . .
June 1946. . .
June 1947 . . .
1946—October. ..
November.
December.
1947—January.. .
February..
March. . . .
April
May
June
July
August....
September.
October...
10,289 24,884 6,949
9,392 21,493 7,725
10,013 19,292 8,049
847
557
752
332
1,111
669
766 2,120
722
546 2,117
693
1,376 1,845
666
68!
785 3,865
638
584 1,012
595
400
1,218
60:
778 2,492
663
625
757
643
413
1,255
699
797 2,639
782
644
702
,457 3,61790 029 1,646 5,106 100,397 -53,941 +791
1,793 3,824 47,
1,714 3,91 44,239 43 ,038 4,722 48 542 1,918 8,532 63,714 -20,676 - 5 2 4
2,039 5,309 44,703 43,259 4,958 17 142 1,355 19,051 42,505
+754 - 5 4 8
386 2,617 2,544
74
1,481
- 4 2 0 + 156
48 1,276
2,965
29*0 236 2,639 2,364
105 1,436
27
961
2,529
-165 + 15
4,113 4,107 952 1,580
21 1,110
3,662
89
+445 - 4 8 0
445 3,860 3,820
343 1,412
58
71 1,288
3,113
+706 -125
368 4,643 4,378
124 1,457
387
2,318
3,914
+464 +317
275 5,724 5,701
626 1,428
118
1,544
3,598 +2,102 - 3 3
315 2,624 2,556
141 1,728
2,085 4,001 - 1 , 4 4 5 +269
75
625 3,204 2,865
92 1,327
3,851
365
432 2,000
-987 +99
5,540
125 1,484 5,480 5,473 1,396 1,493
18 2,632
- 6 7 -634
343 2,469 2,397
3,669 -1,272 - 1 2 9
245 r979
80
549 51,896
202 2,865 2,536
3,060
103 '908
352
273 '1,775
- 5 2 4 +206
615 4,884 4,872
'1,249
2,932 +1,940 -435
665 1,006
136
257 2,455 2,390
P1,140
2,445
15 P 1 , 0 8 2
71
- 5 5 +283
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Net expenditures
in checking acExInvest- pendi- counts of
Governments tures
ment
agencies
+4,529 +57,679
-10,460 + 10,740
-10,930 -11,136
-2,101 -1,837
-1,405 -1,255
-3,163 -3,128
+1,210
+628
+2,422 + 1,642
-224 -2,294
-2,598 -1,423
-245
+642
-758
-57
- 2 3 9 +1,161
+332
+649
+552
-953
+155
-74
Other
Assets
Receipts
Investments
Expenditures
Deposits
in
Federal
Reserve
Banks
Total
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
Fiscal year ending:
June 1945....
June 1946....
June 1947....
3,239
2,940
3,219
2,757
1,261
1,785
453
1,618
1,493
1,553
95
-196
3,820
4,735
3,009
2,444
2,407
1,577
-938
2,817
2,117
25,119
14,708
3,730
1,500
1,006
1,202
22,622
12,993
962
997
708
1,565
421
470
422
24,698
14,238
3,308
1946—October
November.
December..
159
430
71
-5
87
237
116
104
109
-58
26
—27
155
127
125
26
60
26
78
265
331
8,393
6,965
3,920
773
824
682
6,936
5,487
2,570
684
655
668
323
300
418
8,070
6,665
3,502
1947—January.. .
February. .
March
April
May
June
July
August....
September.
October . . .
219
440
83
157
590
246
632
573
65
163
45
87
201
5
159
476
398
150
272
24
126
123
134
133
126
137
154
134
124
123
131
11
-32
-60
-33
90
158
176
47
-216
123
361
207
197
327
477
153
400
180
168
44
41
17
32
456
305
46
281
24
14
121
224
2
-26
110
348
159
26
212
103
5,102
7,478
7,233
4,707
4,402
3,730
3,460
3,705
4,331
4,498
1,620
2,561
2,369
842
989
1,202
884
6
749
1,091
1,393
2,736
3,363
3,292
2,317
1,807
962
958
1,362
1,618
1,437
391
344
323
395
336
422
391
304
378
391
4,711
7,134
6,909
4,312
4,066
3,308
3,069
3,400
3,952
4,107
r
1
746
1,554
1,571
1,548
1,607
1,565
1,617
5 1,593
1,622
1,668
p
Revised.
Preliminary.
Details on collection basis given in table below.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
Individual
income taxes
Period
Withheld
Other
Fiscal year ending:
June—1941
1942
1943
1944 . . .
1945
1946
1947
7,823
10,264
9,858
9,842
1,418
3,263
5,944
10,438
8,770
8,847
9,501
1946—September..
October
November..
December. .
30
1,062
1,243
27
1,198
234
80
420
1947—January
February...
March
April
IMay
June.. . .
July
August
September..
657
1,971
81
1,014
1,528
2,196
1,082
1,967
648
NOVEMBER
686
33
1,133
1,495
26
1947
158
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY 1
[In millions of dollars]
In millions of dollars]
Corporation income
and profits taxes
Normal
and
surtax
Excess
profits
1,852
3,069
4,521
5,284
4,880
4,640
6,055
164
Other
profits
taxes
Estate
and
gift
taxes
Excise and
other miscellaneous
taxes
1,618
5,064
9,345
11,004
7,822
3,566
407
433
447
511
643
677
779
2,547
3,405
4,124
4,842
6,317
7,036
7,285
692
232
122
752
978
344
123
925
10
4
3
9
43
57
49
62
604
706
612
652
250
177
1,712
228
266
177
80
66
6
3
3
2
66
84
103
68
639
595
541
572
170
63
61
49
3
2
2
62
55
66
539
560
618
1,386
297
370
62
1,128
276
1,514
43
35
1
1
Cash
outgo
Excess income ( + )
or
outgo (—)
9,371
15,291
25,245
47,984
51,041
47,793
46,643
14,060
34,585
78,979
94,079
95,986
65,692
39,985
-4,689
-19,294
-53,735
-46,095
-44,945
-17,899
1946—September.
October. . .
November.
December.
4,682
2,794
2,869
4,207
3,041
2,955
2,325
3,629
+1,641
-161
+544
+578
1947—January.. .
February..
March....
April
May
June
July
August
September.
3,889
5,127
5,946
2,819
3,316
5,295
2,565
3,193
4,712
2,783
3,667
3,322
3,654
3,351
5,193
3,392
3,152
3,959
+ 1,106
+ 1,460
+2,624
Fiscal year ending
June—1941
37
57
84
137
144
91
55
1,068
Cash
income
Period
79
64
572
625
1942
1943
1944
1945
1946
1947
+6,658
-835
-35
+ 102
-827
+41
+753
1
Revised figures. For description, see Treasury
Bulletin for September 1947.
1403
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 1
CommodiLoans ties,
supreTotal Cash ceiv- plies,
able
and
materials
Corporation or agency
All agencies:
June 30, 1946
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947
29,869
29,569
30.409
32,337
4
29,666
Classification by agency,
June 30, 1947
Department of Agriculture: 4
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit ba»ks
Production credit corporations. . .
Regional Agricultural Credit Corp
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration....
Federal Crop Insurance Corp
National Housing Agency:
Federal Home Loan Bank Adm.:
Federal home loan b a n k s . . . . . . . .
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority,
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
Reconstruction Finance Corp.
6
,305
,15
,398
,588
,792
238
452
109
14
1
134
385
299
339
380
165
325
377
261
169
,605
,536
,414
,176
,163
1,234
1,250
1,252
1,250
506
4,939
3,377
3,588
3,142
2,045
1,436
414
16
533
26
10
469
21
182
589
()
104
629
110
325
369
()
*
()
695
2
7
289
87
178
15
"544
502
55
196
5
1
24
6
422
56
6
205
53
1
121
840
6
8 1,751
2 (5)
16
76
560
163
30
1,123
119
1,533
193
3
(5)
13
1,578
995
222
758
212
191
71
393
333
3,799
6,670
7,276
()
142
741
3,305
6,507
22 3,386 1,681
1
123
15
6
2
4
37
123
348
(5)
1
128
673
700
412
9
12
(5)
5
(5)
213
5
266
482
496
498
509
269
178
567
278
26
22,889
24,069
24,810
27,268
26,763
227
83
109
14
366
41
6
38
1,747
,76
439 17,438
,836
390 16,973
,873
547 16,924
,985 3,426 15,486
,777 3,565 12,691
1,550
1,429
1,265
1,003
851
169
393
673
Export-Import Bank
Federal Deposit Insurance Corp.
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 7 . . . . 4,192
7,003
War Shipping Adm. functions 8
7,337
All other
5,381
5,949
6,649
7,294
7,66:
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenernstructures payable Other ment owned
and
tures, undis- Other
asliabil- inter- interand
Fully
U. S.
est
tribest
sets guarities
Govt. Other equip- uted
secusecu- rities2 ment charges3
anteed Other
rities
by U.S.
Investments
29
115
10
491
55
155
5
139
2J22
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1947
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other.
Less • Reserve for losses
Total .loans receivable (net)..
Fed.
Fed. inter- Banks Com- Rural Farm- Home
ElecOwnFarm medi- for co- modity trifica* ers'
ers'
Mort. ate opera- Credit
tion Home Loan
Corp. credit tives Corp. Adm. Adm. Corp.
banks
Fed.
ExFed.
Public home R.F.C. portand
Hous- loan affiliIming
port
Auth. banks ates Bank
All
other
393
170
121
630
76
601
289
(5)
104
393
17
32
1
4
250
222
47
845
(5)
557
27
7
28
147
191
131
278
1
12
1
276
13
169
110
629
325
544
278
289
Mar. 31,
1947,
All
all
agen- agencies
cies
4
2,053
660
3,056
663
167
204
1,758 2,050
96
9
164
224
6
293
4,058
597
393
17
238
2,854
590
497
1,751 2,226
7,662
7,294
5
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—159, 159, 318, 476, and 635 on June 30, Sept. 30, Dec. 31, 1946, Mar. 31 and June 30,
1947, 3 respectively; International Monetary Fund Quota—2,750 on Mar. 31 and June 30, 1947.
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal land banks are no longer included; since June 26, 1947, the United States has had no proprietary interest in any such bank.
5
Less than $500,000. 6 The R.F.C. Mortgage Company was merged with the parent corporation effective June 30, 1947. Includes also
U.S. Commercial Company and War Damage Corp. 7 Figures are for Mar. 31. 1947. 8 Figures are for Feb. 28, 1947. with the exception of those
for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
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.
1404
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial production
(physical volume)* 1
1935-39 = 100
Manufactures
Year and month
Total
Durable
Nondurable
Minerals
Residential
Total
Employment8
1939 = 100
All
other
Nonagricultural
Factory
DepartFac- Freight ment
tory carload- store
sales
pay
(valrolls 3 ings*
1939 = 1935-39 ue)* 4
= 100 1935-39
100
= 100
AdAd- Unad- AdAdAdAdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
72
75
84
93
58
73
88
82
90
96
95
99
110
91
75
. .
....
53
81
103
95
107
114
107
117
132
98
67
58
69
75
87
103
113
89
109
125
162
199
239
....
....
. .
....
235
353
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
71
83
66
71
98
89
92
100
100
99
107
93
63
63
44
30
56
79
84
94
122
129
129
135
117
92
44
68
81
95
124
121
117
126
87
50
80
63
37
28
25
32
37
55
59
64
72
81
122
166
68
13
11
12
21
37
41
45
60
72
89
82
40
67
76
80
86
99
112
97
106
117
125
129
132
140
65
88
86
94
120
135
139
142
142 102.8
125 95.8
84
86.3
40 75.7
37 76.1
48 84.0
50 87.8
70 95.1
74 101.1
80 94.6
81 100.0
89 105.8
149 119.4
235 131.1
92 138 8
61 137.0
102 132.0
161 134.4
274
P192
166
P165
137
P134
41
16
68
153
26
143
234
236
235
230
225
230
232
232
229
225
345
346
345
336
323
175
176
176
174
173
140
141
142
140
138
14
13
15
18
20
75
96
118
112
89
220
211
188
171
164
167
161
308
292
239
173
165
157
144
143
140
48
59
72
70
58
50
54
61
22
23
24
73
79
91
167
162
168
163
.. .
160
152
168
156
148
164
220
210
186
1946
January
February
March
April
May
June
July
August
....
September.........
October
November
December
194
186
191
185
156
154
158
156
134
124
138
133
69
83
94
108
26
36
44
56
166
138
183
161
167
166
141
141
137
107
136
147
61
95
129
164
104
170
172
103.7
104 2
79.7
88 2
101.0
93.8
97 0
98.9
96.8
96 9
103.1
89 8
75.8
64.4
71 3
83.1
88.7
96 4
105.8
90.0
100.0
107.5
132.1
154.0
177 7
172 4
151.8
142.0
79
90
203
P170
*
1945
January
February
March
April
May
June
July
August
September
October
November
December
41
54
65
83
108
122
78
109
139
201
279
360
62
60
104
121
134
150
136.2
136.6
136 4
135.8
134 8
134.2
133.0
131 8
125.8
125.5
126.6
127.1
168.8
169.3
168 3
166.0
163 6
160.3
155.0
150 4
130.1
129.5
130.1
130.6
103 9
124 2
80.2
86 0
109.1
101.7
107 2
110.5
108.5
109 7
117.1
94 7
71.8
49.5
53 1
68.3
78.6
91 2
108.8
84.7
100 0
114.5
167 5
245.2
334 4
345 7
293.4
266.4
168.2
168.7
167 7
165.2
162 5
160 0
155.6
151 7
130.8
129.9
130.5
130.9
347.0
347.5
345 7
338.5
324 9
321 8
306.6
273 6
228.7
227.7
227.7
231.4
190
159
171
174
180
184
184
183
180
175
193
202
208
212
214
214
211
161
162
157
164
165
168
173
174
115
139
146
144
146
145
136
137
169
174
165
158
151
145
139
154
179
177
161
157
147
140
122
143
189
189
190
187
185
184
176
184
185
187
185
185
185
178
221
222
225
222
218
219
207
176
176
175
172
170
168
163
146
146
148
143
151
148
141
148
149
134
142
140
152
170
185
P189
210
169
P216
150
146
151
132
133
127
136
155
144
152
129
123
110
116
136
182
P185
1947
January
February
March
April
May
June
July
August
September' '
163
159
170
172
178
180
182
183
182
145 129.2 133.2 132.6
169 127.4 124.4 123.9
161 130 6 132 6 132 1
168 132.4 139.4 138 5
161 133.4 140.7 139.6
172 134 3 142 2 141 9
168 134.7 143.0 143.6
158 136.4 146.3 147.7
155 137.6 148.6 149.5
148 138 1 149 1 149 6
152 139.1 151.5 152.0
163 139.4 152.4 152.8
P171
*153
165
166
150
139 5
139.8
140 0
138.9
138.9
139.8
138 9
179 139 9
153 4
154.4
154.6
153.8
151.9
151.7
149 2
152 2
PUI.3 P154.6
152 7
153.7
154.0
152.9
150.6
151.4
149 9
153 8
P155.6
120
129
Adjusted
83
99
110
121
142
139
146
152
147
148
152
131
92
94
105
105
110
113
114
115
117
108
105
97
78
82
89
92
107
111
89
101
109
130
138
137
140
75
73
83
88
100
107
99
106
114
133
149
168
186
135
132
207
264
144
139
145
141
141
198
207
214
184
190
140
139
128
203
214
201
127
118
133
127
203
213
221
220
234.1
214.3
238 3
254 8
253.5
262 8
267.1
284.4
290.3
292 8
298.2
306.2
133
126
139
227
250
256
106
133
139
141
138
139
137
140
259
276
273
290
270
257
271
276
307 3
310.6
314 1
310.7
312 2
319.6
313 9
322 4
150
142
146
137
142
137
134
265
268
273
276
291
289
287
r
282
109
143
142
252
290
Wholesale
Concom- sumers'
modity prices
3
prices 1935-39
1926
= 100
= 100
Unadjusted
Unadjusted
138 6
154 4
97.6
96 7
100.6
98.1
103 5
100.0
95.4
96 7
95.3
86 4
73 0
64.8
65 9
74.9
80.0
80 8
86.3
78.6
77 1
78.6
87 3
98.8
103 1
104 0
105.8
121.1
123 8
143 3
127.7
119 7
121.9
122.2
125 4
126.4
124.0
122 6
122.5
119 4
108 7
97.6
92 4
95.7
98.1
99 1
102.7
100.8
99 4
100.2
105 2
116.5
123 6
125 5
128.4
139.3
104.9
105.2
105 3
105.7
106 0
106 1
105 9
105 7
105.2
105.9
106.8
107.1
127.1
126.9
126 8
127.1
128 1
129 0
129 4
129 3
128.9
128.9
129.3
129.9
107.1
107.7
108 9
110 2
111.0
112 9
124.7
129.1
124.0
134 1
139.7
140.9
129.9
129.6
130 2
131 1
131.7
133 3
141.2
144.1
145.9
148 6
152.2
153.3
141 5
144.6
149 6
147.7
147 1
147.6
150 6
153 6
157.4
153 3
153.2
156 3
156.2
156 0
157.1
158 4
160 3
r
* Average per working day.
* Preliminary.
>
Revised.
For indexes by groups or industries, see pp. 1406-1409. For points in total index, by major groups, see p. 1427.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1413 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 1415-1417.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
1
2
3
NOVEMBER
1947
1405
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1946
1947
Industry
Sept. Oct. Nov. Dec. Jan.
Feb.
Mar. Apr. May June July Aug. Sept.
180
182
183
182
189
189
190
187
185
184
176
182
186
188
191
190
196
197
198
194
191
191
183
188
P191
212
214
214
211
221
222
225
222
218
219
207
210
*216
Iron and Steel
185
184
178
159
192
191
196
195
197
193
181
188
195
Pig iron
Steeli
184
196
172
366
183
195
171
369
174
193
163
404
152
174
145
381
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174 187
198 '205
170
166
429
188
213
177
473
261
268
271
276
277
277
281
276
273
275
266
267 P274
240
237
235
235
229
233
239
237
225
233
217
212
P223
188
185
187
187
181
190
197
193
179
191
185
180
P193
Industrial Production—Total
Electric
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
r
P185
^. 172
184
192
197
202
206
200
196
187
179
'171
170
P168
.
refining; Zinc smelting;
161
168
175
181
184
190
195
203
198
188
181
180
P185
Fabricating
(Copper products; Lead shipments; Zinc shipments;
A l u m i n u m products; Magnesium products; Tin
176
191
198
203
209
213
202
193
182
176
167
166
137
136
142
141
142
147
147
144
142
142
133
143 P142
129
152
127
155
135
157
132
160
131
161
137
167
138
166
135
161
134 133
158 1 6 0
121
155
133 P131
161 *>163
204
200
202
210
219
219
218
211
200
195
19$ P200
238
161
265
162
150
212
235
227
158
250
156
149
212
241
226
152
251
162
150
215
252
232
135
265
177
152
219
263
245
149
278
182
168
227
271
235
154
263
203
164
232
260
241
159
269
192
165
224
258
234
151
263
175
164
218
249
229
163
251
141
162
210
247
230 207
154 124
257 235
164
171
164 160
r
221
216
r
239 '220
211 220
151
151
243
231
171 171
161 P158
221 P221
211 ^217
174
176
176
175
172
170
Kon ferrous Metals and Products
Smeltincr and refininc
(Copper smelting; Lead
Stone, Clay, and Glass Products
Plate glass
Glass containers
'
Abrasive and asbestos products
Other stone and clay products2
207
165
Leather and Products
Cattle hide leathers
Goat and kid leathers
Shoes
W h e a t flour
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
. . ..
172
166
164
155
157
155
248
163
164
256
152
141
254
160
11
6
263
161
11
6
262
160
160
270
154
154
270
152
148
271
143
133
263
178
143
230
177
177
176
181
161
230
178
178
177
181
ii
s
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
151
121
108
139
132
156
184
179
147
134
165
148
117
121
115
116
120
122
116
113
107
r
116
97
103
78
67
141
130
110
121
91
70
137
129
110
122
94
68
130
117
113
127
98
67
117
118
118
134
99
81
108
121
122
140
99
84
102
121
119
137
102
79
95
113
119
138
96
88
83
109
114
130
94
92
84
103
106
78
••90
84
97
115
130
93
87
101
116 P121
146
156
162
161
156
157
158
155
154
155
156
P155
135
Woolen and worsted yarn
172
156
153
242
101
114
81
51
134
131
W o o l textiles
Carpet wool consumption
164
173
119
...
174
136
Textile fabrics
Cotton consumption
173
169
181
144
239
180
183
176
184
Textiles and Products
168
168
Nondurable Manufactures
135
145
155
162
158
160
149
144
152
143
148
P137
P143 P146 P146 P147 P148 P 1 4 9
77
79
79
79
82
81
172
172
168 164
178
185
163 142 143 148 147 152
P153
169
P171
142
154
P158
129
118
263
142
130
130
267 P277
163
168
r
101
r
P119
P154 P152 P155 P157 P147 P148
85
82
79
82
85
74
76
198 206
191
196
197 r174
167
164 173 173 184 188 158
160
r
P Preliminary.
Revised.
Steel indexes are based on daily average output, with holiday allowances for July 4, Labor. Day, and Christmas. This year the influence
of Labor Day on steel mill operations was very slight. This accounts for practically all the August-to-September increase and for about onefourth of the increase from September 1946, when the influence of Labor Day was of some importance, to September 1947. Revision of allowances
for holiday closings is under consideration.
2
Series included in total and group indexes but not available for publication separately.
1
1406
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1946
Industry
Sept. Oct. S^ov. Dec.
Jan.
Feb. Mar.
Apr.
May June July
Aug. Sept.
Manufactured Food Products—Continued
38
24
41
81
93
Alcoholic Beverages
Tobacco Products
. . .
....
Paper and Paper Products
Paper and pulp .
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
. . .
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard). . .
Printing and Publishing
Newsprint consumption
. .
Printing paper (same as shown under Paper)
Petroleum and Coal Products . .
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products
Paints
.
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products 1
149
143
169
122
101
150
153
159
121
105
151
154
159
119
102
152
157
154
141
104
156
171
149
154
93
145
155
140
158
91
146
144
153
174
99
154
167
123
156
160
160
135
164
168
170
147
172
165
157
138
171
158
137
142
166
160
151
145
165
161
145
149
167
158
138
153
164
154
132
135
164
156
132
119
168
138
^160
P137
172
P173
227
206
213
234
241
223
208
189
162
159
164
176
198
179
68
241
460
194
64
191
463
202
158
333
426
183
188
623
408
157
179
695
372
160
151
619
314
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
168
56
385
238
196
78
277
297
173
169
148
158
168
158
160
142
159
156
160
163
112
205
76
127
226
79
131
216
81
109
192
72
112
208
69
110
228
67
98
216
66
94
221
68
106
187
55
101
216
66
98
210
72
107
211
80
113
213
83
152
153
150
156
157
159
156
161
160
146
157
157
144
162
101
111
249
136
142
172
85
138
152
133
87
146
163
106
108
244
141
144
172
89
144
155
135
85
147
162
96
109
248
139
145
175
90
142
156
136
84
146
159
98
109
236
139
144
168
86
155
152
134
87
150
166
99
109
252
145
147
179
83
153
148
137
87
151
171
100
109
260
150
148
181
83
155
142
137
89
154
174
99
113
266
151
151
180
88
160
151
139
89
150
169
97
112
254
150
147
178
87
158
144
132
93
155
173
97
112
265
151
152
184
88
160
148
141
92
155
178
105
116
277
151
151
179
88
162
147
144
91
140
160
108
98
253
131
137
166
75
147
136
124
91
151
178
113
105
278
151
147
178
86
157
148
127
94
151
171
110
104
259
149
147
182
87
157
151
123
97
132
130
138
138
140
142
141
142
146
139
117
119
118
120
122
125
124
124
125
131
131
133
P181
P179
P177
P178
P180
P185
P191
P195
P200
146
165
153
155
145
160
159
163
148
161
147
150
148
167
154
162
142
166
160
175
143
170
162
185
142
174
167
176
139
163
156
170
145
171
163
175
154
173
168
182
157
178
157
186
163
180
164
177
166
161
352
167
160
406
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
169
161
428
165
160
340
161
156
307
171
164
415
... 235
.
Cigars
Cigarettes..
.
..
Other tobacco products
159
165
167
121
104
128
Malt liquor
Whiskey
.
Other distilled spirits
Rectified liquors
163
172
164
133
108
157
...
151
151
162
138
105
150
. .
163
179
150
160
116
197
71
384
461
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
115
116
107
140
131
150
143
110
159
Meat packing
Pork and lard
Beef.
Veal
L a m b and mutton
238
243
249
251
251
251
251
253
250
251
251
P251
149
114
256
395
148
111
257
402
150
115
261
411
152
128
260
422
154
131
266
430
156
136
276
429
157
135
283
431
155
138
289
433
153
137
292
435
151
142
251
439
152
135
291
438
152
135
294
431
P!52
P135
P297
P185
P179
P184
144
131
P163
170
162
427
Rubber Products
234
234
243
252
247
246
239
234
220
216
207
209
P212
Minerals—Total
146
145
136
137
146
146
148
143
151
148
'140
150
P153
Fuels
151
150
140
141
151
150
153
144
156
153
144
155
P160
155
163
125
149
152
160
124
149
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
P161
P\ ??
111
111
117
111
117
122
117
136
124
122
117
P119
153
157
169
153
158
166
159
189
169
166
160
52
58
44
60
44
58
53
55
60
64
61
66
58
68
60
68
64
66
63
61
60
51
Coal
Bituminous coal
Anthracite
Crude petroleum
. .
Metals
Metals other than gold and silver
P163
(Copper; Lead; Zinc)1
Gold
Silver
r
P Preliminary.
Revised.
* Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
1
NOVEMBER
1947
1407
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1947
1946
Industry
Sept. Oct.
Nov. Dec. Jan. Feb.
Mar. Apr.
May
June July Aug. Sept.
184
«•••
Shipbuilding—
Nonferrous Metals and Products
185
185
185
178
185
191
192
188
192
193
195
193
191
191
184
190 P195
215
214
209
218
220
223
222
219
220
208
212 P217
184
178
159
192
191
196
195
197
193
181
183
195
171
369
174
152
193
194
189
193
189
174
193
163
404
174
145
381
206
177
414
191
207
174
446
213
179
457
213
178
461
215
179
469
211
176
458
198
166
429
'454
213
177
473
268
271
276
277
277
281
276
273
275
266
267
P274
237
235
235
229
233
239
237
225
233
217
212
188
185
187
187
181
190
197
193
179
191
185
180 P\93
172
A u t o m o b i l e s ( i n c l u d i n g Darts') • • • • • • . .
(Aircraft; Railroad cars; Locomotives;
187
261
Machinery
185
184
196
172
366
Pig iron
Steel i
Open hearth
Electric
184
185
Durable Manufactures
iron and Steel
180
214
•Manufactures—Total
183
191
Production—Total
184
240
industrial
184
192
197
202
206
200
196
187
179
184
190
196
203
198
187
180
180
166
mi
P!89
195
187
'205
170
188
170 P168
161
167
176
182
176
191
198
203
209
213
202
193
182
176
'167
147
142
139
129
126
135
140
143
145
149
141
144
157.
136
155
131
114
107
118
126
134
147
160
167
166
161
158
143
'160
133
157
161
138
155
161
Stone Clay and Glass Products
212
209
207
203
208
205
209
208
206
209
196
205 P209
Glass products
Plate glass
Glass containers
242
161
270
188
155
216
235
232
158
258
181
158
218
241
228
218
241
241
234
242
229
218
149
273
148
156
200
152
254
175
155
135
247
161
158
229
159
269
157
159
151
263
166
160
154
254
183
163
151
241
193
165
218
271
163
269
148
162
124
225
181
224
263
154
255
154
156
Smelting and refining
(Copper smelting, Lead refining; Zinc smelting;
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
T timber and Products
Furniture
. .
Clay products
Gypsum and plaster products . . . .
Abrasive and asbestos products
Nondurable Manufactures
. .
219
252
221
260
215
258
215
249
213
247
'221
'160
221
'220
151 P151
P163
223
151
248
198
223 P226
211 P217
Textile fabrics
Cotton consumption
Rayon deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
..
Woolen and worsted cloth
.
. . .
Leather tanning
Cattle hide leathers
..
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Manufactured dairy products
Butter
Cheese
Canned and dried milk
172
172
174
172
171
171
171
169
169
168
164
173
168
Textiles and Products
Leather a n d Products
.
P185
169
174
164
172
173
172
166
164
155
142
154 P158
156
153
242
157
155
248
163
152
160
161
160
154
152
143
142
141
254
161
263
161
262
160
270
154
270
129
164
256
148
271
133
263
118
263
130
267
181
144
239
180
183
176
184
178
143
230
177
177
176
181
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
139
132
156
184
179
147
134
165
148
118
117
123
114
116
123
121
115
113
106
r99
115 P118
99
111
80
51
131
131
98
104
80
67
141
130
114
110
113
127
121
118
119
112
126
94
68
145
129
122
92
68
124
117
130
96
67
109
118
145
104
84
119
121
140
97
83
99
121
137
98
82
93
113
138
92
86
89
109
125
96
92
83
103
'100
'114
164
158
158
157
149
140
140
144
149
147
143
146
153
162
160
157
143
138
P151
76
171
150
P120
68
148
115
P96
59
P95
62
129
103
124
114
68
132
119
71
151
137
'151
121
'108
P177
130
114
'77
'89
78
97
127
97
84
105
116
P121
154
166
177
P178
146
141
147
P127 P161 P202 P229 P229 P192 ^156
84 102 113 104
'81
73
77
178
214
256
279
242 '195
170
161
196
240
254
218
163
147
p Preliminary.
' Revised.
.
1 Steel indexes are based on daily average output, with holiday allowances for July 4, Labor Day, and Christmas. This year the influence
of Labor Day on steel mill operations was very slight. This accounts for practically all the August-to-September increase and for about onefourth of the increase from September 1946, when the influence of Labor Day was of some importance, to September 1947. Revision of allowances
for holiday closings is under consideration.
.
2 Series included in total and group indexes but not available for publication separately.
1408
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1947
1946
Industry
Sept. Oct.
Manufactured Food
Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.
Products—Continued
37
19
44
117
109
117
181
210
156
175
199
162
89
100
160
136
172
116
188
315
142
163
173
216
161
164
237
199
152
162
153
106
105
138
133
154
139
139
149
151
154
159
130
103
191
225
168
124
115
115
99
118
102
166
147
159
172
164
132
149
175
150
102
142
164
143
86
144
158
142
83
135
159
221
196
210
206
195
187
166
149
161
170
64
401
463
158
366
426
142
179
417
372
162
68
624
460
150
188
405
408
149
71
526
461
151
403
314
131
302
276
106
210
194
189
79
198
215
166
179
172
138
157
160
149
151
142
112
127
131
109
106
235
221
177
201
205
187
85
83
63
110
215
65
94
81
112
208
68
98
219
66
68
150
152
153
150
156
157
159
144
146
147
146
162
98
108
244
141
144
172
89
144
156
135
85
162
101
109
248
139
145
175
90
142
156
136
85
159
99
109
236
139
144
168
86
155
147
134
85
151
171
104
109
260
150
148
181
83
155
147
137
89
154
160
90
111
249
136
142
172
85
138
152
133
87
150
167
103
109
252
145
147
179
83
153
147
137
87
128
135
135
141
133
119
125
129
126
114
P181
P179
P177 vl78
146
165
153
154
145
160
159
163
148
161
147
155
166
161
167
160
352
136
114
165
Other food products
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paoer 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
Gasoline
Fuel oil
Lubricating oil
Ccke
Chemical Products
Paints
Rayon
Industrial chemicals
154
90
143
88
123
160
143
90
118
161
146
101
100
165
163 *>185 P190
172 261 P266
97
171
175 P176
182
167
178
182
181
206
196
192
55
191
231
56
208
238
197
78
379
297
165
162
165
172
98
221
55
11
0
227
67
72
107
222
78
113
228
89
156
161
160
145
156
157
150
155
150
171
106
112
254
150
147
178
87
158
146
132
95
174
105
112
265
151
152
184
88
160
148
141
93
140
159
151
175
106
113
266
151
151
180
88
160
151
139
89
155
178
106
116
277
151
152
179
176
100
105
278
151
147
170
98
104
259
149
138
145
144
122
129
131
P180
P185
P185
148
167
152
167
142
166
155
179
143
170
160
194
152
148
143
139
406
272
278
171
163
410
172
165
416
424
162
324
240
244
250
210
252
254
253
148
119
256
395
Other manufactured foods
Processed fruits and vegetables
124
104
150
157
151
141
96
235
Beef
Veal
148
116
257
402
149
116
261
411
152
128
260
422
151
128
266
430
154
134
276
429
157
135
283
431
146
150
151
96
98
88
162
150
253
131
137
166
75
147
131
144
92
124
89
145
146
129
129
P179
P184
142
174
165
180
139
163
162
174
172
165
166
127
119
141
155
89
178
86
157
148
127
191
106
147
182
87
157
151
123
93
97
130
139
145
113
120
132
P191
vl95
P200
145
171
170
176
154
157
173
168
171
178
156
173
169
161
428
165
160
340
161
156
307
164
415
252
247
247
247
157
157
135
289
433
133
292
435
156
140
251
r
439
150
134
291
438
151 P 1 5 0
137 P141
294 *297
431 *>429
209 P212
163 P163
180
162
170
171
170
162
427
P251
Rubber Products
234
234
243
252
247
246
239
234
220
216
207
Minerals—Total
149
147
133
132
141
141
143
139
153
152
r!45
155
P158
Fuels
151
150
140
141
151
150
153
144
156
153
144
155
P160
155
163
125
152
160
124
118
116
123
128
130
121
151
162
107
150
153
163
113
122
127
102
153
165
104
140
147
110
113
117
143
151
114
161
i
*>153
P161
P122
P163
149
Gold
r
150
147
153
155
157
159
160
105
76
81
84
83
112
140
148
151
P152
180
252
144
174
104
73
103
72
153
173
200
279
213
306
220
334
P219
51
59
49
58
92
58
54
55
97
69
60
59
lif ptals other than cold and. silver
Iron ore
•
•. .
149
126
192
282
Crude oetroleum
Betals
162
173
118
146
136
Coal
57
65
55
67
51
70
54
68
56
65
59
59
58
93
326
50
1
* Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
'This series is in process of revision.
NOTE.—For description and backfigures,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 1947
1409
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
1947
1946
Industry group or industry
Aug.
Factory pay rolls
Sept.
May
June
July
1946
Aug.
Sept.
July
Aug.
1947
Sept.
May
June
July
Aug.
147.7 149.5 150.6 151.4 149.9 153.8 155.6 267.1 284.4 290.3 312.2 319.6 313 9 322 4
170.6 173.1 178.0 179.7 174.7 177.1 178.6 296.3 316 1 323 3 353 8 365 9 350 4 357 2
129.7 130.9 129.1 129.1 130.3 135.4 137.4 238.5 253.4 258.1 271.5 274.2 278.1 288.4
Total
Durable goods
Nondurable goods
150 2 152 7 156.8
Iron and Steel and Products
126
124
124
Blast furnaces, steel works, etc
167
169
164
Steel castings
132
140
141
Tin cans and other tinware
141
133
Hardware
..
.
.
. . . 129
129
137
123
Stoves and heating equipment
Steam, hot-water heating appa158
161
160
ratus
. .
142
147
151
Stamped and enameled ware . . .
Structural and ornamental metal
158
166
work
. . . 156
157.5
128
162
133
139
137
156.1
128
158
138
135
134
158.5
130
162
148
133
140
157
149
148
147
150
150
165
165
159.4
247 5 265 9 273 6 306 7 316 1 304 4 314 4
192
204
236
206
247
235
250
317
295
298
322
315
313
277
249
270
250
274
264
295
331
306
267
305
297
288
245
257
211
234
279
248
283
275
281
280
254
290
280
307
289
313
329
321
326
296
319
289
328
168
251
272
275
315
326
317
336
215 6 216.6
351 0 378 9 397 2 407 1 432 6 422 3 420 3
Electrical Machinery
Klectrical equipment
Radios and phonographs
210 5 217 3 213 8 221 5 215.0
170
174
170
169
190
197
188
264
283
196
178
185
332
370
Machinery except Klectrical
Machinery and
machine-shop
products
Kngines and turbines
Tractors
Agricultural, excluding tractors. . .
Machine tools
...
Machine-tool accessories
Pumps
Refrigerators
206.6
210.3
225.9
224.2
217.9
222.2
346.2
176
180
190
189
185
186
299
241
243
182
176
137
167
233
217
232
178
181
151
183
243
211
182
185
146
178
242
223
231
166
148
169
201
237
171
238
231
169
146
168
195
235
172
178
182
142
169
230
221
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
294.7
338
309
229
286.8
352
311
201
293.7
348
303
203
291.8
337
303
203
248.9
326
301
126
161
166
247.2
329
300
121
344
390
386
385
362.2
376.2
429.5
434.6
420.7
426.7
314
322
363
368
356
360
454
502
257
253
281
316
438
288
485
503
248
248
262
293
413
272
251.2
328
413
447
224.8
298
390
254
270
286
336
444
293
303
344
264
312
491
395
310
372
263
305
494
428
494
513
313
362
240
282
479
422
303
370
251
280
475
404
558.7
606
469
469
553.1
641
498
422
524.1
664
508
347
561.3
639
477
396
560.3
622
482
394
483.0
622
485
244
482.1
638
519
238
333
330
Automobiles
187.8
196.0
186 5 196.2
195.0
191.3
198.2 292.8
319.0
330.3
329.0
357.0
348 8 340 1
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
177.3
134
179.5
136
179.6
143
175.1
145
168.2
146
170.9
142
172.6
303.9
228
324.2
240
331.8
247
349.0
285
346.2
296
326.6
297
332.9
289
157
210
159
211
154
196
147
182
139
169
137
178
269
340
283
351
285
358
283
348
280
327
260
299
249
323
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
139.0
151
141
138.6
149
144
154.8
167
159
158.2
171
163
156.5
169
160
161.5
176
161
159.9
252.1
276
242
285.6
313
274
285.2
310
281
351.4
385
351
374.9
412
367
359.8
397
345
387.3
430
363
123.4
123.5
129.5
129.8
127.8
131.9
133.2
231.9
250.0
254.4
285.1
290.4
281.4
293.3
127
128
126
129
228
247
250
279
285
274
285
267.0
310
250
244
281
286.9
333
203
276
324
298.2
341
279
279
322
285.9
313
284
276
309
299 7
334
297
285
330
235.5
282
181
243
144
187
248.3
303
200
241
140
211
242.5
294
194
240
131
211
237.5
289
191
231
135
195
239.8
291
196
222
144
283.0
272.1
274.9
278 9 303 2
Furniture and Lumber Products
Furniture
...
122
122
Stone, Clay and Glass Products
Glass and glassware
Cement
...
Brick, tile, and terra cotta
Pottery and related products
141 6 142 5 142 6 144.0
171
172
169
171
143
122
145
143
122
122
124
126
158
166
164
156
140.2
159
147
126
160
144.0
166
151
128
166
142.8
242.2
275
230
230
250
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
. .
Dyeing and finishing textiles
104.0
114
77
104
72
95
105.2
115
78
107
72
96
103.1
115
76
98
68
96
101.2
112
74
95
69
92
102.5
113
75
98
70
93
104.0
213.3
246
166
229
131
179
260.1
294
243
240
275
229.4
276
181
234
141
188
Apparel and Other Finished Textiles
Aden's clothing n e e
Shirts, collars, and nightwear
Women's clothing, n.e.c
130.5
116
88
141
132 9 131 4 131 7 131 7 142 5 146 5 240.3
272.5
93
97
Leather and Leather Products
Leather
Boots and shoes
102.7
103.1
89
94
138.6
Food and Kindred Products
Slaughtering and meat packing.. . . 115
119
Flour
103
Baking
98
Confectionery
145
Malt liquors
154
Canning and preserving
Tobacco Manufactures
Cigarettes
Cigars .
.
....
91.7
123
76
104.6
116
77
99
70
97
116
122
124
121
88
145
99
136
101
136
97
140
79
79
99.4
99.8
89
92
95
92
137.5
79
120
128
215
236
243
271
273
260
178
254
185
306
191
320
229
260
265
102
154
229
264
219
285
226
324
214.2
220.4
145
166
180
119
128
198.7
199.6
204.7
207.0
211.5
92
156
161
160
184
185
187
97
190
188
195
197
202
205
190
210
235.1
180
221
254.3
202
239
246.5
118
249
252.8
232
240
267.8
241
264
313.9
250
296
179
170
222
184
187
232
188
204
244
200
229
268
204
226
296
290.8
260
284
208
209
325
326
387
467
143
164
265
178.3
186.2
196.0
182.8
194.8
200.0
203.0
211
160
219
167
227
181
221
164
240
168
254
163
249
174
80
93
100.6
103.8
91
91
93
94
126.0
119
116
130.3
121
119
140.8
125
124
152.0
125
124
105
105
150
107
110
154
107
107
163
109
101
170
109
110
174
182
59
68
108
154
88.4
90.2
93.5
123
79
120
73
122
75
89.8
120
75
201
91.6
120
77
105.1
152.7
92.8
147
171
208
231
338
435
NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass, Printing and
Publishing, Paper, and Rubber groups have been adjusted to final 1945 data made available by the Bureau of Employment Security of the Federal
Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for
pay roll period ending nearest middle of month and cover production workers only. Figures for September 1947 are preliminary.
1410
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
Aug.
Sept.
May
June
1947
1946
1947
1946
Industry group or industry
Aug.
July
Sept.
July
Aug.
Sept.
June
May
Aug.
July
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c...
Paper boxes
139.2 140.0 143.5 143.4 140.7 143.0 143.5 246.4 256.5 259.8 291.1 298.0 298.7 300.6
Printing and Publishing
..
Newspaper periodicals
Book and job
121.6 122.3 128.6 129.1 128.8 129.8 131.5 193.3 198.1 203.1 234.2 235.9 233.6 235.5
Chemicals and Allied Products ..'
Drugs, medicines, and insecticides
Rayon and allied products..
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
180.5 184.0 194.8 188.5 189.8 191.1 194.2 315.5 320.0 329.1 381.5 373.3 378.7 383.6
363
317
189
359
355
348
190
314
194
191
307
187
186
240
211
119
239
205
119
206
238
104
i-21
198
120
120
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
147.4 147.8 149.3 150.8 153.7 154.1 153.6 251.0 253.1 257.3 275.7 286.2 295.6 297.2
262
137
137
138
233
244
254
265
139
228
229
141
142
264
119
119
248
121
248
256
218
220
123
125
125
215
136
147
141
136
149
142
110
132
.
111
133
140
153
142
119
137
141
154
140
120
138
141
150
134
242
254
249
143
150
138
120
138
169
222
164
220
121
138
253
271
264
253
260
262
302
302
284
289
307
283
176
228
210
258
209
255
311
292
280
310
296
274
214
255
209
259
169
173
116
71
168
177
174
86
180
192
162
72
179
190
159
72
288
273
201
159
290
293
339
197
335
334
352
185
339
341
359
169
342
325
356
162
337
353
350
185
119
181
177
159
64
289
265
336
120
112
182
191
163
65
136
114
109
115
246
275
297
365
302
288
305
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
184.0 189.1 184 5 180 7 175 2 178 2 180 2 321 4 336 9 363 9 367 2 361 9 352 7 357.0
Miscellaneous Industries
Instruments, scientific
175.1 176.9 176.3 174.4 170.2 173.5 178.5 314.2 329.3 339.3 356.6 355.4 341.5 347.5
191
325
189
176
335
323
178
173
327
330
331
317
172
276
148
147
149
239
281
275
151
240
245
275
155
154
218
....
226
220
217
348
356
400
396
397
156
212
394
164
217
399
162
153
148
153
296
322
328
326
320
305
319
For footnotes see p. 1410.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1946
1947
Group
Aug.
Preliminary.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
146.3
169.7
127.8
Total
Durable
Nondurable
Sept.
148.6
172.7
129.6
149.1
173.8
129.7
151.5
176.4
131.8
152.4
177.1
133.0
153.4
178.7
133.4
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.5
129.8
149.2
174.1
129.6
Aug.
Sept.
152.2 P154.6
176.0 P178.2
133.4 P136.0
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 hours worked per week
Industry group
Average hourly earnings (cents per hour)
1947
1946
1947
1946
July Aug. Apr. M a y June July Aug.
July
Aug.
Apr.
May
June
July
Aug.
All manufacturing
39.7 40.5 40.1 40.1
40.2 39.8 39.8
109.3 111.2 118.6 120.7 122.6 123.1 123.8
Durable Goods
39.3 40.5 40.5 40.5 40.7 40.0 40.0
117.7 118.6 124.3 127.8 130.3 130.6 131.3
Iron and steel products
Electrical machinery
Machinery except electrical
Transportation equipment except autos
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products . . .
Stone, clay, and glass products
Nondurable Goods
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures .
Food and kindred products
Tobacco manufactures
Paper and allied products .
Printing, publishing and allied industries. . .
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries
38.5
39.4
40.4
39.3
37.8
40.0
39.1
41.0
39.5
39.9
40.6
40.9
39.7
39.2
40.8
41.8
41.9
40.7
40.4
40.0
41.5
39.8
38.5
40.8
41.4
41.5
40.5
40.3
39.8
41.4
40.2
38.3
40.6
42.0
41.5
40.3
40.1 40.4
39.6 39.7
39.6
36.0
38.2
43 8
39 1
42.8
40.2
40.7
40 0
39.2
40.5
39 1
35.5
38.3
42 1
36 7
43.0
40.1
41.0
40 5
39.5
40.6
40.1
37.0
37.8
43 7
38 6
43.4
40.8
40.8
40 3
39.4
41.0
38.9
35.8
38.1
43 0
36 3
43.1
40.1
41.1
40 0
39.0
40.3
39.3
39.8
40.9
40.1
37.7
39.6
42.2
41.2
40.1
39.6
39.2
40.5
39.7
37.3
39.7
43.2
41.2
40.5
121.6
115.8
123.2
136.6
135.4
116.6
91.0
93.7
105.7
39.8 39.7
39.5
100.9 103.6 112.2 113.0 114.0 115.2 115.9
38.6
36.0
38.1
43 2
38.2
42.9
39.9
41.1
40.7
39.1
40.3
38.2
35.2
38.1
43 3
39 2
42.4
39.4
40.9
40 6
38.4
39.4
87.7
94.1
95.4
98 6
85 1
100.7
128.7
109.8
135 5
129.2
104.8
40.5
39.8
41.3
40.1
38.7
40.5
42.8
41.7
40.8
38.4
35.7
38.2
43 3
39.6
42.9
39.6
40.9
40 5
38.6
39.4
122.2
116.9
124.6
135.9
137.3
117.7
92.8
95.7
106.3
92 A
98.6
97.2
101 5
88 5
102.0
129.9
110.2
134 7
129.5
105.7
128.0
121.0
130.8
136.3
140.6
123.4
99.0
103.2
114.9
102.7
99.9
102.9
109 7
94 8
112.1
146.2
119.2
141 8
139.7
114.2
133.3
126.4
133.4
137.6
146.3
126.0
102.5
104.6
117.3
102.5
98.8
103.5
111 0
94 8
113.8
148.6
121.0
144 8
141.6
115.3
136.3
129.5
136.3
138.7
148.5
128.6
105.3
106.1
119.0
102 4
99.4
105.3
111 9
95 0
116.5
149.9
123.2
146 4
141.9
136.5
130.8
137.2
140.0
149.6
129.0
103.3
105.8
119.8
102 8
102.1
105.5
112 7
95 3
119.0
149.9
124.7
149 5
144.6
116.7 117.8
137.6
131.6
137.9
142.0
150.1
129.4
104.8
106.9
120.9
103.1
104.0
105.7
114 4
95 1
119.2
151.0
125.3
149 4
144.6
117.8
NOTE.—Preliminary September 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.3 and 125.1; Durable,
40.5 and 133.2; Nondurable, 40.1 and 116.8 respectively. Back figures are available from the Bureau of Labor Statistics.
NOVEMBER
1947
1411
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Trade
Finance
Service
Federal,
State, and
local
government *
3,798
3,872
4,023
6,705
055
7,567
7,481
7,322
7,399
7,654
8,448
1,382
,419
,462
,440
,401
,374
,383
,523
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
,601
,648
,670
,679
,731
4,042
4,064
4,093
4,101
4^091
8,573
8,609
8,581
8,639
8,630
,546
,549
,548
,551
,554
4,386
4,412
4,537
4,578
4,596
5,530
5,550
5,523
5,475
5,421
883
880
879
856
884
893
864
895
893
,678
,651
,632
,652
,668
,700
,742
,766
,815
4,075
4,052
4,040
3,855
3,970
4,074
4,079
4,084
4,141
8,595
8,637
8,695
8,638
8,631
8,669
8,688
8,746
8,788
,552
,554
,555
,546
,553
,551
,574
1,594
1,601
4,596
4,630
4,588
4,552
4,567
4,641
4,640
4,573
4,587
5,438
5,421
5,442
5,453
5,447
5,454
5,334
5,315
5,371
14,876
15,035
15,064
15,271
15,348
886
884
883
883
874
,713
,747
,753
,713
,644
4,103
4,064
4,093
4,101
4,071
8,402
8,523
8,667
8,898
9,234
,554
,534
,540
,543
,546
4,430
4,456
4,514
4,555
4,573
5,502
5,605
5,551
5,475
5,638
15,372
15,475
15,510
15,429
15,237
15,328
15,209
15,537
15,696
883
880
879
856
884
893
864
895
893
,527
,502
,534
,619
,685
,768
,847
1,890
1,924
4,014
4,011
4,020
3,836
3,970
4,115
4,140
4,145
4,141
8,552
8,507
8,565
8,552
8,545
8,582
8,558
8,571
8,700
,544
,546
,555
,554
,561
,567
,590
,602
1,585
4,527
4,561
4,565
4,552
4,590
4,711
4,686
4,619
4,633
5,384
5,367
5,415
5,426
5,447
5,399
5.281
5,288
5,425
Total
Manufacturing
Mining
30,287
32,031
36,164
3',697
42,042
41,480
39,977
40,712
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
845
916
947
983
917
883
826
836
,150
,294
,790
,170
,567
,094
,082
,493
41,309
41,669
41,854
42,139
42,207
14,745
14,953
15,019
15,233
15,310
886
884
883
883
874
42,243
42,354
42,395
42,065
42,079
42,340
42,078
42 372
42,806
15,426
15,529
15,564
15,513
15,359
15,358
15,157
15,399
15,610
1946—August
September
October
November
December
41,466
41,848
42,065
42,439
42,928
1947—January
February
March
April
May
June
July
August
September
41,803
41,849
42,043
41,824
41,919
42,363
42,175
42,547
42,997
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
Contract
construction
Transportation and
public
utilities
2,912
3,013
3,248
433
619
SEASONALLY ADJUSTED
1946—August
September
October
November
December
,
1947—January
February
March
April
May
June
July
August
September
UNADJUSTED
1
Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nbnagricultural 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 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civi ian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed
Total
1
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1940 2
1941
1942
1943
1944.. .
1945
1946
100 230
101 370
102 460
103 510
104 480
105 370
106,370
56 030
57 380
60 230
64 410
65 890
65 140
60,820
55,640
55,910
56,410
55,540
54,630
53,860
57,520
47,520
50,350
53,750
54,470
53,960
52,820
55,250
37,980
41,250
44,500
45,390
45,010
44,240
46,930
9,540
9,100
9,250
9,080
8,950
8,580
8,320
1,040
2,270
44 200
43 990
42 230
39 100
38 590
40 230
45,550
1946—September
October
November
December
106,630
106,760
106,840
106,940
61,340
61,160
60,980
60,320
59,120
58,990
58,970
58,430
57,050
57,030
57,040
56,310
48,300
48,410
49,140
49,100
8,750
8,620
7,900
7,210
2,070
1,960
1,930
2,120
45,290
45,600
45,860
46,620
1947—January
February
March
April
May
106,970
107,060
107 190
107,260
107,330
107 407
107 504
107,590
107,675
59,510
59,630
59 960
60 650
61,760
64 007
64 035
r
63 017
62,130
57,790
58,010
58,390
59,120
60,290
62,609
62,664
••61,665
60,784
55,390
55,520
56,060
56,700
58,330
60,055
60,079
'59,569
58,872
48,890
48,600
48,820
48,840
49,370
49,678
50,013
'50,594
50,145
6,500
6,920
7,240
7,860
8,960
10,377
10,066
'8,975
8,727
2,400
2,490
2,330
2,420
1,960
2,555
2,584
r
2,096
1,912
47,460
47,430
47 230
46 610
45,570
43 399
43 469
r
44,573
45,544
June'
July
August..
September
....
8,120
5,560
2,660
1,070
670
r
Data revised because of changes in sampling procedure introduced in August. For detailed explanation of revision see Bureau of the Census,
Current Population Reports, Series P-57, No. 64 and No. 65.
1
Includes self-employed, unpaid family, and domestic service workers.
2
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
8
Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.
1412
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Factories
1946
January
February
!March
April
May
....
July
August
September
October
November
December
1946
1947
1946
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619.9
573.2
503.7
457.3
June
1947
571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
89.7
102.1
275.2
370 6
463.6
332.2
281.2
284.0
293 8
235.1
221 1
193.4
257.4
208.4
282.9
256 7
254.1
209.5
240 9
308.9
104.7
97.7
113.7
105 1
140.5
159.4
129.3
109.4
73 7
140.2
73 6
69.9
7,489 7
Year
3,142.1
1947
1946
86.5
73.9
82.1
65 6
71.3
66.8
82.3
88.0
1,317 3
Educational
Commercial
1947
69.0
77.5
112.7
75 1
88.7
55.2
72 8
56.6
50.0
41 0
36.1
38.6
1946
38.3
46.4
52.6
66 3
59.2
58.4
81 6
77.2
773 2
Other
1947
18.1
17.1
11.4
18 0
23.5
23.5
35 7
7.8
18 8
12 6
15.1
19.7
1947
1946
19.7
13.5
21.4
22 7
47.7
40.1
38.5
45.6
221.4
Public works
and public
utilities
1946
50.2
64.7
143.6
128.1
197.9
202.5
153.1
184.4
156.4
112.8
121 8
115.9
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
25.8
28.3
40.9
37 9
38.3
35.2
45 8
37.7
27 1
31.5
36 0
19.8
1947
113.9
90.5
122.0*
161.4
184.7
185.7
165.9
223.5
1,631.3
404.4
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
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 millions of dollars]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars!
Total
Public ownership Private ownership
1945 1946 1947
1945 1946 1947 1945 1946 1947
1947
Month
Sept.
January...
February. .
March
April
May
June
July
August....
September.
October. . .
November.
December..
Year
141
147
329
396
243
227
258
264
278
317
370
331
358
387
698
735
952
808
718
680
620
573
504
457
3,299 7,490
75
74
221
309
148
82
108
67
43
61
61
62
572
442
597
602
675
605
660
823
650
47
56
146
127
197
215
202
205
187
134
130
109
1,311 1,754
167
96
143
177
234
226
203
218
193
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
593
516
475
433
439
373
348
405
346
453
425
441
379
458
605
457
1946
Federal Reserve district
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta
Chicago
St. Louis.
Minneapolis.
Kansas City.
Dallas
649,996
Sept.
33,852
125,217
37,595
64,840
69,395
65,209
111,350
52,781
28,937
21,921
38,899
Total (11 districts)
Aug,
52,564
86,421
36,816
53,888
63,516
87,444
147,379^
21,765
22,638
12,758
34,668
.. . 1,988 5,735
823,216
619,857
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
320
557
495
694
954
1,026
1,186
1,137
942
886
Property
improvement
Small
home
construction
1- to 4- Rental War and
Vetand
family group erans'
houses housing housing
(Title
(Title
(Title
ID
ID
94
224
246
60
160
208
251
262
141
96
125
13
25
26
21
15
1
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF INSTITUTION
Mortgages on
2
11
48
51
13
13
6
4
3
13
284
601
537
684
June
July
189
219
798
1946—September..
October....
November..
December
1947—January. . . .
February...
March
April
May
363
347
63
85
67
77
89
79
86
32
47
35
40
44
39
40
(2)
26
33
26
28
30
27
28
4
6
7
9
16
13
18
117
51
(2)
33
112
152
42
50
57
49
46
33
169
August
September..
181
184
(2)
36
39
(2)
39
37
41
272
85
34
63
74
95
96
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
2
Title VI.
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
NOVEMBER
1947
End of month
Total
2
309
424
473
669
736
877
691
243
216
[In millions of dollars]
SavCom- Muings
tual
and
mersavloan
cial
ings
banks banks associations
Insur- Fedance
eral
com- agen- Other*
panies cies l
1936—rj)ec>
1937—D ec
1938—Dec
1939—Dec
1940—Dec.
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
272
940
276 1,032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
11
9
122
106
974
917
1
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.
1413
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
1
Merchandise imports 2
Merchandise exports
Month
1943
1945
750
728
992
1,124
1,107
1,197
903
887
1,030
798 Pl,114
670 Pl,150
815 P 1 , 3 2 7
230
234
249
301
314
358
334
325
365
394
318
385
April
May
June
989
1,092
1,003
1,231
1,455
1,296
1,005
1,135
870
757 P1,299
851 Pl.422
878 Pl,242
258
282
296
361
386
332
366
372
360
'406
'393
'382
July
August
September....
1,265
1,280
1,269
1,197
1,191
1,194
893
737
514
826 Pi,151
883 P1,150
P643
302
318
289
294
304
282
October .. .
November
December.. ..
1,237
1,072
1,286
1 144
1 185
455
P537
329
639
736
P986
938
P1,O97
312
282
Jan.-Aug
8,100
9,798
7,461
2,169
2,650
2,837
January ...
February
March
1946
1947
6,477 P9,853
1943
1944
1946
1944
1945
Excess of exports
1947
P531
P437
1943
1944
1945
1946
1947
520
494
743
823
793
839
569
561
665
405
352
431
P583
P713
870
1,069
965
639
763
511
••351
'457
'496
P787
P466
732
810
707
356
360
335
P450
'431
422 ..P399
P377
963
962
981
903
887
912
537
378
180
'395
461
P266
329
344
815
111
J»143
322
297
P394
P478
908
323
336
760
P529
1,004
862
602
317
439
P508
P568
5,931
7,149
4,624
3,130
P444
P512
P474
P3,712
P883
P948
P776
P701
P751
3,348 P 6 , 1 4 1
P Preliminary.
' Revised.
Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
2
FREIGHT CARLOADINGS BY CLASSES
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[Index numbers: 1935-39 average = 100]
[In millions of dollars]
ForLiveTotal Coal Coke Grain stock est
Ore
products
Annual
1939
1940
1941
1942
1943
1944
1945
1946
101
109
130
138
137
140
135
132
98
111
123
135
138
143
134
130
102
137
168
181
186
185
172
146
107
101
112
120
146
139
151
138
1946—July
August
September...
October
November...
December. . .
139
141
138
139
137
140
145
152
160
155
117
132
177
184
183
183
166
155
139
131
125
142
147
162
1947—January
February....
March
April
May
June
July
August
September.. .
150
142
146
137
142
137
134
143
142
163
149
147
119
155
141
115
146
153
175
171
180
173
185
173
170
184
180
157
147
159
151
138
140
168
162
137
Mis- Mercel- chanlane- dise
ous
Total
Total
railway
railway
operating expenses
revenues
I.C.I.
96
96
91
104
117
124
125
129
100
114
139
155
141
143
129
143
110
147
183
206
192
180
169
136
101
110
136
146
145
147
142
138
97
96
100
69
63
67
69
79
166
91
128
136
122
153
157
154
146
151
156
164
162
164
157
157
145
141
145
139
139
148
148
78
77
75
79
83
81
123
111
121
111
104
107
107
92
105
163
166
159
148
148
145
152
152
149
176
172
171
184
184
184
194
190
181
152
145
151
147
145
142
143
149
145
77
76
78
79
76
74
71
73
73
SEASONALLY
ADJUSTED
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Net
railway
operating
income
Net
income
3,995
4,297
5,347
7,466
9,055
9,437
8,899
P7.627
3,406
3,614
4,348
5,982
7,693
8,343
8,049
P7.OO8
639
651
664
673
663
663
658
586
603
613
605
606
601
523
53
48
51
68
57
62
135
20
16
18
37
25
29
98
698
696
723
685
698
731
683
74
65
81
48
65
82
48
P719
624
631
642
637
633
649
634
P655
P64
42
33
48
15
32
49
18
P33
1946—June
July
August
September.
October
November.
December.
612
674
710
660
710
658
637
574
611
629
593
625
594
534
38
63
82
67
85
64
103
15
32
53
39
57
38
89
1947—January...
February..
March....
April
May
June
July
August.. . .
686
636
718
689
724
697
705
P745
628
593
645
631
649
637
644
P664
58
43
73
58
76
60
61
P81
29
14
43
33
46
38
37
P52
589
682
998"
1,485
1,362
1,093
849
P619
93
189
500
902
874
668
447
P289
SEASONALLY
ADJUSTED
r
119
UNADJUSTED
1946—June
July
August. . .
September.
October...
November.
December.
1947—January...
February..
March.. . .
April
May
June
July
August
UNADJUSTED
1946—July
August
September...
October
November...
December. . .
143
145
149
149
141
131
145
152
160
155
117
132
172
177
181
180
166
163
166
142
140
142
144
152
135
113
120
197
171
118
153
165
166
154
148
139
263
243
245
216
169
45
142
146
150
151
154
139
78
77
79
82
84
78
1947—January
February....
March
April
May
June
July
August
September. -»,
138
133
137
134
144
142
140
148
153
163
149
147
119
155
141
115
146
153
184
182
182
169
183
170
165
177
178
157
144
146
133
121
143
202
175
153
118
89
96
98
94
87
87
87
139
147
159
159
148
154
151
153
160
161
44
43
50
157
267
286
311
284
272
139
136
144
145
146
146
145
150
157
74
74
79
80
76
73
71
73
77
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
1414
P Preliminary.
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 retail 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
apolis City Dallas
San
Francisco
106
109
123
129
148
164
185
247
105
110
127
149
184
205
229
287
112
116
138
157
212
245
276
353
109
117
139
169
200
221
244
306
313
293
294
303
265
254
252
251
321
297
283
299
'373
349
356
348
'312
319
320
317
278
290
294
306
321
299
320
307
281
272
298
296
316
305
294
298
346
363
347
347
377
379
361
378
376
368
313
330
325
315
323
320
329
'340
P337
262
261
279
257
270
278
268
271
287
P313
268
268
318
409
316
313
371
463
287
281
302
385
311
312
340
448
'392
384
434
567
'325
330
376
504
273
298
346
350
348
307
269
310
368
196
210
250
258
276
270
219
224
296
228
244
288
297
315
269
249
264
P340
196
202
258
264
269
264
217
'242
312
225
247
283
290
297
281
250
277
336
294
306
337
347
356
307
288
327
387
249
278
295
297
301
294
272
'306
*>325
107
113
139
191
175
190
198
250
107
115
140
178
161
185
188
258
103
111
134
186
160
161
159
205
102
108
134
176
152
159
166
225
103
110
138
171
151
169
165
211
99
105
125
159
152
157
158
210
106
113
130
161
159
177
190
250
106
113
137
187
172
177
182
238
221
232
249
258
262
274
298
319
277
297
330
348
220
235
249
256
240
264
274
292
227
244
259
281
219
234
249
303
267
274
303
364
216
225
223
221
215
212
205
206
P211
257
261
264
246
238
231
217
219
222
315
307
295
302
292
270
265
261
252
311
335
321
320
309
280
270
273
282
262
264
263
257
243
232
226
221
225
291
296
288
281
272
267
247
250
246
278
270
266
287
268
256
254
241
P244
298
293
302
282
267
248
212
214
P22O
327
343
343
326
333
308
276
282
285
249
270
296
334
315
330
331
308
287
280
267
248
253
216
217
247
213
'230
247
242
187
246
268
263
214
294
312
316
266
305
333
347
293
244
263
274
231
266
295
293
246
245
271
279
246
246
266
266
248
299
310
324
306
281
299
313
274
206
231
241
233
188
218
223
225
217
201
195
214
P232
225
242
254
253
241
222
217
236
264
268
290
295
304
286
259
268
294
283
280
312
321
317
300
283
278
295
311
225
240
255
252
243
227
222
236
250
250
266
279
281
272
267
257
273
273
253
257
267
273
266
248
259
255
*>264
258
264
272
273
261
248
236
240
P246
294
305
326
316
316
298
299
318
319
277
290
308
304
298
285
283
271
285
Richmond
Atlanta
Chicago
St.
Louis
106
114
138
153
167
182
201
257
109
120
144
170
194
215
236
289
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
111
119
143
158
179
200
227
292
••245
233
239
250
249
248
266
277
298
286
291
293
367
348
347
363
263
250
261
264
228
224
229
235
253
254
254
246
234
247
234
236
258
275
264
257
258
P268
256
256
257
272
298
284
281
273
290
293
281
307
299
303
317
301
282
303
341
338
346
353
367
365
336
352
361
245
262
260
261
276
278
281
266
290
237
240
284
398
214
202
301
392
'245
258
318
408
251
265
333
430
'317
312
370
494
374
372
416
570
209
222
266
268
280
265
219
236
P298
170
171
227
227
241
232
164
176
248
182
188
229
223
237
231
170
179
244
188
192
255
248
261
238
185
193
P268
194
210
262
266
283
267
220
237
293
219
226
292
290
301
278
215
'233
322
102
108
131
179
155
162
166
213
99
105
124
165
142
147
153
182
97
102
123
181
143
150
160
195
96
99
119
167
141
148
150
191
99
106
130
182
144
151
156
205
226
237
256
274
192
207
209
205
200
192
221
238
210
217
220
219
268
275
273
264
252
241
230
227
P230
197
206
211
211
198
188
188
184
189
234
249
242
230
221
215
204
'206
210
1946—September
October
November
December
250
267
277
235
210
231
236
186
1947—January
February
March:
April
May
June
July
August
September
234
252
264
262
253
236
232
245
P257
180
194
207
202
194
180
181
195
206
Boston
New
York
106
114
133
149
168
186
207
264
104
108
126
140
148
162
176
221
101
106
119
128
135
150
169
220
104
111
129
143
151
167
184
236
1946—September
October
November
December
270
257
271
276
226
216
230
231
'206
179
231
232
1947—January
February
March
April
May
June
July
August
September
265
268
273
276
291
289
287
282
P290
215
219
237
227
244
249
237
234
236
1946—September
October
November
December
P277
278
336
441
1947—January
February
March
April
May
June
July
August
September
SALESi
1939
1940
1941
1942
1943
1944
1945
1946
Phila- Clevedelphia land
SEASONALLY ADJUSTED
UNADJUSTED
STOCKSi
1939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED
1946—September
October
November
December
1947—January
February
March...:
April
May
June
July
August
September
UNADJUSTED
224
206
193
••215
227
r
1
Revised.
v Preliminary.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
NOVEMBER
1947
1415
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES 1
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Amount
(In millions of dollars)
Without s>easonal adjustment
1945
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
1939 average
1940 average
1941 average. . . .
1942 average.
1943 average
1944 average
1945 average.
1946 average
128
136
156
179
204
227
255
318
344
353
419
599
508
534
564
714
108
194
263
530
560
728
907
1946—August.. .
September
October. . .
November.
December.
303
309
341
404
526
809
'829
879
919
776
1014
'961
845
691
557
1947—January. . ,
February..
March. . . .
April
May
June
July
August . . .
September
256
250
332
321
336
304
252
273
P340
769
838
865
849
818
769
730
792
P82O
1946
1947
1946
Dec. 8 . . . . .401 Dec. 7
619
603
485
387
351
470
593
622
P660
15
22
29
.421
1S8
1946
Jan.
Feb.
Mar.
Apr.
May
June
5
.135
1 2 . . . . .188
19
.191
26
.188
2. . .197
9 . . . 214
1 6 . . . . .209
2 3 . . . . .213
2
217
9
16
.243
2 3 . . . . .255
3 0 . . . . .257
6
.272
1 3 . . . . .282
2 0 . . . . .289
2 7 . . . . .232
4
.248
.274
n:... .246
18
.245
2 5 . . . . .223
1
Jan.
Feb.
Mar
Apr.
May
273 June
.475 June 8
S19
14
15 . . 283
2 1 . . . . .532
2 2 . . . ..248
28 .
29 .
239
281
July 6 . . . ..192 July
1947
210
13
2 0 . . . 201
4
.188
2 7 . . . ..204
1 1 . . . . .232 Aug. 3
217 Aug.
1 8 . . . . .223
10... ..228
220
25
17
239
1
.217
2 4 . . . ..255
8
219
281
31
15
.246 Sept. 7
264 Sept.
2 2 . . . . .216
14... .293
1
2 1 . . . . .280
?S4
8
2 8 . . . .257
267 Oct. 5 . . . ..277 Oct.
15
2 2 . . . . .286
1 2 . . . ..281
2 9 . . . . .283
19... . .295
.319
5
2 6 . . . ..287
.265 Nov. 2. . . ..277 Nov.
12
1 9 . . . . .271
9.. . . .314
2 6 . . . . .267
16... . .342
.279
3
2 3 . . . . .363
1 0 . . . . .311
3 0 . . . . .334
.273
17
.277
24
3 1 . . . . .250
7 . . . . .293
14... . .300
21 .
256
28.. . .245
5 .. ..208
12... . .228
19... . .217
2 6 . . . ..213
2 . . . ..220
9 . . . ..223
16 . 225
2 3 . . . ..243
3 0 . . . 277
6 . . . ..265
13... ..291
2 0 . . . ..301
2 7 . . . . '316
4 . . . ..326
1 1 . . . ..304
18... ..299
2 5 . . . ..307
1. ..
8...
15...
22
29...
r
r
P Preliminary.
Revised.
1
These figures represent retail sales, stocks, and outstanding orders
as reported by a sample of 296 of the larger department stores located
in various cities throughout the country and are not estimates for all
department stores in the United States.
Back figures.—'Division of Research and Statistics.
Revised.
NOTE.—Revised series. For description and back figures s ! PP.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
9
Sept. Aug. mos.
1947
United States. . p+12
-6
+10
Boston
- 5 +18
New Haven. . . .
+5 - 1 7
Portland
+10
Boston Area. . .
Downtown
+8 - 9
Boston
+6 - 1 1
Springfield
+ 11 - 1 3
Worcester
+10 - 1 0
Providence
p
+19
New York l
+2 -6
Bridgeport .. . .
x
+17 - 1 3
Newark
+18 - 9
Albany
Binghamton.... + 11 - 1 2
+17 - 1 3
Buffalo 1
Elmira
I +13| - 5
Niagara Falls.. . I +6 - 1 5
-8
New York City1.! +22
-6
Poughkeepsie.. . I +12
+12 — 7
Rochester x
+10 - 1 2
Schenectady. . . |
+5 - 1 6
Syracuse x
+1
Utica
i +9
Sept. Aug.
1947 1947
+15 -8
+ 13 - 1 4
+ 13 — 11
Peoria
-2
+23
Fort Wayne l..
+9
+48 - 1 0 +10 Indianapolis x ..
+20
0 Terre Haute x ..
+ 14) —121
+ 15
Des Moines. . .
1
+20
-3
+5\ -11
+3 Detroit
Flint 1
-9
+2 Grand Rapids. + 15
+20:
-15
+2 Lansing
+30 +2!
- 6 +12
x
+10 - 1 1
- 9 +13 Milwaukee l . . .
! -5
Green Bay .. .
-11
-3
— 1 -23
+181 - 8
0 Madison
+2 -20!
p+12, -10
+2 - 1 4 +1 St. Louis
-20
+5 - 7 +7 Fort Smith x . .
-21 - 1 4
Little Rock
-3
-23
+13 - 1 4 +4 Quincy
+28i + 16
Evansville....
Q
+5 Louisville x .. . . +181
+17
+4 East St. Louis. +98 +79
+91
x
St. Louis . . . .
+14 - 1 1
St. Louis Area.
+ 16 - 9
+3 - 7 +3 Springfield....
+4 -4
l
+7
+4 Memphis . . . . P+1 - 1 8
8
+8 — 1 +6
-8
+5
+6 Minneapolis. x , +13 +1
0
-7
+1 Minneapolis . .
+1 _2
+2 +6 +10 St. P a u l 1
+ 12 - 1
-11 -18
0 Duluth+4 +2 +9
+ 18| +1
Superior 1.. .
-11
+4 - 7
+12\ -4
-12
Kansas City . .
+2
+2
+ 12 r+2
+2 - 9 +6 Denver
- 2 Pueblo
+ 1 - 1 1 +6 H u t c h i s o n . . . . ++9 +4
10 - 7
+2 - 4
+7 - 1 0
+3 - 3 +7 Topeka
Wichita
+4 - 1 1
0 -11
+4
16
+51 -- 2 0 - 30 Joplin City... + 11 - 8
Kansas
+ 11 - 9
- 6 -19
- 9 St. Joseph. . . .
+11 - 6
0 -17
— 1 Omaha
+ 14 - 1 2
[
+7 Cleveland-cont,
+ 17;
Toledo 1
+8 Youngstown x . . +17
1
0 Erie
- 3 Pittsburgh 1 . . . .
+9 Wheeling 1
+8 Richmond
+3
x
+6 Washington .. ,
+3 Baltimore
+
+7
+3
+9
+6
+8
+8
+7
+8
+8
+9
+6
+8
+9
+10
Philadelphia
. . >+14\
x
+8 r -6 +3
Trenton x
+11
+11
Lancaster
-4
+10
Philadelphia l. . + 12
Reading x
+10
y + 11
Wilkes-Barre 1 .. + 14 - 1 2 +12
York 1
+ | - 1 3 +3
Cleveland
+21\
+9
+81 - 6
Akron 1 1
+5
+10 - 8 +10
Canton
+10 - 1 0 +7
Cincinnati x . .
Cleveland 1
+11 - 1 0 +7
Columbus !. .
+7 - 1 2 +4
Springfield x. .
+19 - 5
+6
Raleigh, N. C. .
Winston-Salem.
Charleston,S. C.
Greenville, S. C.
Lynchburg
Norfolk
Richmond
|
Roanoke
Charleston,
W. Va
Huntington....
Atlanta
Birmingham l . .
Mobile
Montgomery x . .
Jacksonville 1 . . .
Miami x
Orlandox
Tampa 1
Atlanta
Augusta
Columbus
Macon x
Baton Rouge x . .
New Orleans x . .
Bristol, Tenn.. .
Jackson x
Chattanooga x. .
Knoxville x
Nashville x
Chicago
-9|
-6
-2
+
+8 Chicago x
1
+9
+11
-i!
=1
4
9
Sept. Aug. mos.
1947 1947 1947
Aug.
1947 mos.
1947
+9
+9
+9
+7
+4
+ 12
+9
+11
+ 14
+ 12
+ 18
+5
+ 13
+9
+6
-12
-2
0
+17
+10
+93
+7
+9
+2
+1
+11
+5
+13
+12
+7
+10
+8
+4
+5
-3
+10
+7
+7
+5
Kansas City-—
cont.
Oklahoma City.
Tulsa
Dallas
Shreveport
Corpus1 Christi..
Dallas
Fort W ol r t h . . . .
Houston
San Antonio.. . .
SanFrancisco. .
Phoenix x
Tucson
Bakersfield 1....
Fresno l
1
Long Beach x . . .
Los Angeles . . .
Oakland and
Berkeley *
Riverside and
San Bernardino
Sacramento *. . .
San Diego x . . x .
.
San Francisco .
San Jose l x
|
Santa Rosa . . . I
Stockton
I
Vallejo and
i
Napa x
Boise and
I
Nampa
Portland
Salt Lake City K
Bellingham l . . .
Everettl x
Seattle 1
Spokanex
Tacoma x
Yakima
+ 11
-6
-6
+5
+4 - 1 0
-1
-9
+7 - 4
| -6
—4
p +4\ +2
+6:
+4
-1
-9
+ 17i +13
" ' +3
+ 17 - 1
+4
+7
P+5
()
+ 10
+ 13
+6
+3
+8
+6
+2 s +8
+2 +7
+2 +3
-2
+3
- 3 +12
-6
+6
+ 10
-15
+
+1
+ 11
P+6
+ 10
0
P+3
r
P Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located
Data not available.
« Eight months 1947.
+3
+4
+4
+7
+5
-1
+6
+6
+4
+6
+9
+8
+11
+10
+4
+7
+4
-2
+2 + 10
+5 +7
-6
+6
-7
+5
+2 +4
+9 + 15
-7
+2
+9
_±2
1
2
1416
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a yeai ago
(value)
Ratio of
stocks 1to
sales
Stocks
Number Sales during (end of
period
month)
of stores
reporting
Department
Aug.
1947
3
August
Index numbers
without seasonal adjustment
1941 average monthly "sales = 1 0 0 2
Sales during
period
1947
Eight
mos.
1947
Aug.
1947
1947
Stocks at end
of month
1946
1947
1946
1946
Aug.
July
Aug.
Aug.
July
Aug.
358
-10
+4
-2
3.0
2.8
MAIN STORE—total
358
-11
+3
0
3.2
2.8
173
157
194
544
503
549
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips
Negligees, robes, lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
Handbags, small leather goods
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps. .*
Boys' clothing and furnishings
Men's and boys' shoes, slippers
355
339
341
336
315
223
240
294
340
161
188
166
319
247
274
249
293
172
334
339
349
328
-18
-31
-19
-20
-16
-14
-17
-4
-10
-7
-6
-6
-7
-4
-4
-14
-13
-3
-38
-36
-34
-38
-17
-1
+ 13
2.5
2.6
1.6
2.1
1.7
1.4
2.1
1.8
2.6
2.3
2.7
3.1
3.1
4.0
2.7,
2.8
4.8
1.9
9.1
2.8
2.0
2.4
2.4
2.1
1.3
2.7
2.3
1.9
2.8
2.2
2.4
2.0
2.0
4.0
2.9
2.2
3.2
3.9
6.7
1.4
8.0
2.4
1.4
3.3
176
171
158
214
257
256
264
156
179
188
176
153
241
182
208
175
123
121
72
209
121
136
149
96
168
214
155
169
142
198
188
201
184
170
196
153
78
151
109
78
63
214
113
113
214
246
197
268
306
296
317
148
199
197
201
181
286
213
259
202
133
173
104
225
149
156
446
444
250
447
445
369
555
273
470
436
469
467
739
723
555
488
587
227
660
584
245
337
380
316
195
392
381
304
488
274
415
402
428
383
638
645
528
398
522
140
519
524
219
294
516
514
260
725
695
566
900
328
472
379
415
737
822
476
829
807
878
234
834
560
215
524
329
241
313
290
188
-14
-14
-12
-18
-9
GRAND TOTAL—entire store
,
+6
-10
-5
-13
-16
-16
-14
-20
-14
-7
-30
-31
-7
-19
-13
0
+2
+ 10
—1
+2
+6
+3
-7
0
-5
-5
-3
+6
+25
+ 101
+8
4.4
4.7
4.4
4.1
5.7
3.1
2.0
3.6
3.4
3.3
141
129
132
190
141
135
136
142
110
134
164
149
150
232
156
629
605
576
770
810
554
503
528
650
723
507
302
535
806
506
+15
3.4
3.2
3.9
4.7
1.4
3.1
3.6
2.0
4.0
4.1
6.4
3.4
3.0
2.7
2.7
4.2
0.8
2.7
3.1
1.2
3.6
5.0
4.7
3.4
191
191
181
144
347
182
165
207
159
139
129
229
179
162
157
152
368
160
157
181
135
134
125
236
190
188
166
180
223
200
196
188
201
159
132
249
660
614
716
679
500
569
595
420
638
570
825
791
662
636
669
644
570
571
648
453
578
563
824
803
575
503
438
759
183
545
608
239
712
799
618
874
3.5
2.8
3.1
2.9
2.2
1.7
2.0
1.7
204
212
324
188
187
180
141
234
259
721
238
589
415 1,019
220
548
670
562
874
554
582
417
802
382
-20
-15
-13
-14
3.9
4.8
3.2
3.8
4.1
4.1
4.0
4.7
4.1
4.4
4.0
4.3
4.8
4.0
4.3
4.4
5.1
3.7
4.8
4.3
4.5
3.9
143
159
181
125
160
148
166
129
134
129
119
139
178
207
122
143
136
138
124
122
111
117
157
198
179
132
182
179
169
157
150
144
141
556
765
582
475
658
608
667
605
553
562
474
528
635
564
472
612
571
577
565
515
515
434
671
940
703
566
807
908
606
744
647
653
526
-6
-24
+24
+ 14
3.3
5.6
5.0
2.5
3.4
6.4
4.1
2.2
160
113
155
235
169
112
182
259
166
128
153
234
522
631
774
588
519
534
667
607
570
829
627
530
-12
-22
-1
-9
+20
+ 16
2.5
2.0
3.1
2.8
2.8
3.8
2.8
2.4
3.3
3.2
2.1
3.4
157
158
163
164
230
125
153
152
157
163
216
127
160
167
156
163
254
116
394
316
512
467
641
471
351
275
448
452
617
425
444
408
516
513
545
409
-3
+8
+13
+2
Piece goods
Silks, rayons, and velvets
Woolen dress goods
Cotton wash goods
297
110
94
126
-21
-11
-22
-15
Small wares
Lace, trimmings, embroideries, and ribbons.
Notions
Toilet articles, drug sundries, and prescription:
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines
Stationery
Books, magazines
342
123
231
329
306
207
142
242
252
158
94
-9
-20
Miscellaneous
Toys and games
Sporting goods, cameras
Luggage
307
153
67
256
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
207
198
164
134
56
129
-4
-12
+2
+1
-2
-5
+5
+1
-10
+7
+4
+6
+ 19
+2
+ 19
-20
-4
+56 + 128
-9
-1
-16
-8
+ 10 + 14
-21
-5
-12
-2
-2
+7
-8
+4
-5
-12
-17
-2
-18
-11
-10
-15
-34
-38
-34
-3
-21
+ 15
-35
314
240
267
299
236
306
204
171
192
241
242
243
+1
-36
-10
+52
-8
~8
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
China and glassware
Housewares
+2
+9
+ 14
+5
+6
-5
+1
1
0
-4
+ 10
-4
—1
-4
+5
+1
+1
+6
-5
+1
-14
+ 14
+7
+11
+6
+21
+ 11
+8
+25
-4
+60
+22
+61
-10
+ 178
+4
-2
+78
-11
-29
+33
-8
+25
+44
+26
+44
-17
-20
-18
-16
-19
-33
+7
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were reversed.
» For movements of total department store sales and stocks see the indexes for the United States on p. 1415.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
NOVEMBER
1947
1417
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—August
September
October
November
December
1947—January
February
March
April
^tay
7,637
6,829
5,526
4,093
3,929
4,396
5,439
6,796
7,491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
6,637
10,157
8,374
8,643
9,021
9,540
10,157
9,982
9,939
10,255
10,464
10,729
10,992
11,055
11,191
11,434
June
July
August?
September?
Instalment credit
Total
instalment
credit
3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
3,165
3,288
3,458
3,646
3,976
4,048
4,156
4,329
4,536
4,739
'4.919
5,045
5,185
5,298
Sale credit
Loans 1
Singlepayment
loans2
Total
Automobile
Other
2,515
2,032
1,595
1,318
928
637
1,197
1,104
958
652
664
617
999
322
459
576
2,125
1,949
1 402
677
663
741
527
483
550
822
962
776
875
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
1,558
1,124
1,177
1,261
1,358
1,558
1,566
1,608
1,695
1,812
1,928
r
2,036
2,092
2,168
2,254
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
544
394
425
466
505
544
581
631
691
753
816
880
922
965
1,000
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
730
752
795
853
1,014
985
977
1,004
L.059
1,112
r 1,156
1,170
1,203
1,254
1,090
1,219
1,299
L ,657
1,998
>,176
L.457
L.143
,199
.462
2,418
2,041
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724.
2,811
2,883
2,953
3,017
3,044
1,048
1,331
1,504
L 442
1,468
1,488
L 601
L,369
10?
1,255
1,519
2,253
1,938
2,000
2 081
2,164
2,253
2,295
2,303
2,279
2,256
2,255
'2,270
2,301
2,326
2,350
Charge
accounts
Service
credit
596
573
531
1,749
1,611
1,381
1,114
1 081
1,203
1,292
1,419
1,459
1 487
1,544
1,650
1 764
1,513
1,498
1,758
1,981
3,054
2,418
2,495
2 621
2,859
3,054
2,764
2,602
2 768
2,782
• 2 835
2,887
2,786
2,755
2,859
491
467
451
472
520
557
523
533
560
610
648
687
729
772
874
853
860
861
871
874
875
878
879890
900
916
923
925
927
r
^Preliminary.
Revised.
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
1946
1946—August
September. .
October
November. .
December...
1947—January....
February. . .
March
April
May
June
July
August?....
September?.
652
664
617
527
483
550
822
1,090
1,219
1,299
1,657
L,998
2,176
1,457
L.143
1,199
.462
2,418
2,041
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,953
3,017
3,044
Commercial
banks 1
Small
loan
companies
43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956
263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608
527
536
547
565
608
611
611
617
627
633
638
649
652
643
790
824
865
907
956
991
1,030
1,079
1,123
1,167
1,196
1,221
1,248
1,257
Industrial
banks2
Industrial
loan
com- 2
panies
219
218
184
143
121
125
156
191
221
129
131
132
134
89
67
68
76
117
100
103
108
112
117
122
125
128
133
138
143
148
152
155
95
99
104
107
72
59
60
70
98
84
86
90
94
98
102
105
108
113
116
119
121
124
124
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110
158
164
171
176
185
186
190
197
204
213
224
233
240
245
102
103
104
106
110
110
110
111
112
113
113
114
114
114
Insured
repair
Comand
modern- mercial
banks 1
ization
loans8
25
168
244
148
154
213
284
301
215
128
120
179
344
280
295
312
328
344
360
377
394
412
431
450
467
487
506
69
130
248
368
460
680
1,017
1,198
792
639
749
942
1,793
164
156
176
172
191
187
180
214
213
212
211
217
204
211
Small
loan
companies
463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956
1,251
108
96
105
120
166
98
90
121
116
115
117
123
113
106
Industrial
banks2
Industrial
loan
com- 2
panies
413
380
340
250
202
234
288
354
409
238
261
255
255
182
151
155
166
231
20
20
21
22
26
22
21
24
24
24
26
29
25
27
176
194
198
203
146
128
139
151
210
18
18
19
20
25
20
20
23
24
24
24
23
22
23
Credit
unions
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
339
30
31
34
33
39
33
33
38
39
42
43
44
42
41
1
? Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and
a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September amounted to 97
million dollars, and loans made during September were 14 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
3
Includes only loans insured by Federal Housing Administration.
1418
FEDERAL RESERVE BULLETIN;
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
End of
year or
month
1929
1930
1931
1932
1933 . . .
1934.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944.
1945
1946
1946
August... .
September
October. . .
November.
December.
1947
January. . .
February..
March....
April
May.
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
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
1,014
730
752
795
853
1,014
985
977
1,004
1,059
1,112
'I,156
June
1,170
July
August ?. . 1,203
September? 1,254
Furniture
stores
I n millions of dollars]
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
337
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
2*83
366
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
28
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
123
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
160
221
235
257
284
337
308
311
322
337
366
22
23
25
26
28
64
65
66
72
123
115
118
125
134
160
337
338
358
386
409
423
429
440
460
352
349
354
366
382
395
398
408
423
27
29
29
32
32
114
107
105
108
114
119
120
124
129
155
154
158
167
175
182
184
189
198
••37
39
42
44
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Outstanding at end
of period:
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
12
loans
loans
Automobile
retail
Year or month
196.8
125.4
91.8
92.0
104.1
162.7
49.3
21.4
12.6
13.0
13.8
27.5
18.8
12.8
7.7
7.8
9.8
17.8
18.6
15.6
14.0
13.4
17.2
28.3
110.1
75.6
57.5
57.8
63.3
89.1
1946—August....
September.
October
November..
December..
138.5
142.9
150.6
156.1
162.7
21.3
22.1
24.4
26.2
27.5
14.1
14.7
15.7
16.7
17.8
24.2
25.4
26.7
27.5
28.3
78.0
80.7
83.8
85.7
89.1
1947—January. . .
February...
March
April
May
June
July
August?. . .
September?
168.1
172.6
177.4
184.2
191.4
199.2
206.7
212.6
217.2
29.5
31.3
33.5
36.4
38.6
40.6
42.8
44.9
47.4
18.6
19.6
19.4
20.5
21.8
23.1
24.3
25.3
26.0
28.9
29.6
30.3
31.4
33.1
35.0
36.9
38.4
39.5
91.1
92.1
94.2
95.9
97.9
100.5
102.7
104.0
104.3
Volume extended
during month:
1946—August. . . .
September.
October....
November..
December..
26.7
25.2
28.8
28.5
31.2
4.7
4.3
5.5
5.2
5.6
3.0
2.7
3.5
3.6
3.7
2.8
2.7
3.3
2.8
2.6
16.2
15.5
16.5
16.9
19.3
29.1
27.4
31.3
32.4
32.8
33.8
36.5
33.2
6.4
6.2
7.1
7.7
7.5
7.5
8.2
8.1
9.2
3.5
3.4
3.5
4.1
4.3
4.3
4.4
4.2
4.1
2.4
2.4
2.7
3.1
3.7
3.9
4.0
3.6
3.8
16.8
15.4
18.0
17.5
17.3
18.1
19.9
17.3
18.2
35.3
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944..
1945
1946
1946—August . . .
September... .
October
November....
December....
1947—January
February.. . .
March
April
1,093
1,450
1,694
845
516
557
742
1.591
,264
,334
,413
L.494
1,591
1,668
1,732
1,821
1,922
2,027
May
2,125
June .
2,200
July
2,271
August?
September?.. . 2,338
Volume extended during month:
255
1946—August..
246
September... .
279
October
274
November. .. .
306
December....
307
1947—January
289
February
343
March
364
April
375
392
384
May
June .
July
363
398
Other
retail,
purPur- Direct chased
and
chased loans direct
218
311
411
136
54
55
64
165
127
136
145
156
165
181
196
215
237
254
276
164
253
310
123
79
96
139
306
241
252
268
285
306
325
348
373
397
423
439
288
456
301 - 470
313
478
33
30
34
33
39
44
42
54
60
59
59
63
58
67
Repair
and
modernization
loans12
Personal
instalment
cash
loans
209
247
234
154
89
84
124
273
211
226
242
256
273
280
284
296
314
334
358
379
401
434
347
422
451
289
226
247
315
572
484
506
525
546
572
29
27
31
29
28
24
25
31
36
42
44
42
45
57
97
92
102
100
114
155
217
288
143
68
75
100
275
201
214
233
251
275
296
305
317
337
364
388
405
416
431
53
51
58
58
64
69
70
81
43
46
54
54
61
65
55
59
84
83
80
84
69
77
92
75
586
599
62<)
637
652
664
672
683
682
105
97
118
115
114
117
120
111
113
79
70
84
77
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
August?
September?.. .
Year or month
1941
1942
1943
1944
1945
1946
1947—January...
February..
March
April
May
June
July
August?. . .
September P
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Total
Retail instalment paper 2
Automobile
Other
Repair Personal
and
instalmodern- ment
cash
ization
12
loans
loans
Outstanding at end
of period:
1944
1945
1946
1946—August
September .
October
November.
December.
1947—January. . .
February..
March. . . .
April
May
June
July
August P . . .
September?
67.1
76.7
108.4
93.1
95.3
99.7
103.7
108.4
112.2
115.5
118.7
124.6
128.5
131.3
134.0
137.8
137.5
10.5
11.0
15.0
13.6
13.8
14.5
14.9
15.0
15.6
16.5
17.1
18.7
20.6
21.7
22.4
23.6
24.3
3.8
4.0
7.4
5.6
6.2
7.0
7.6
7.4
8.0
8.4
8.9
9.9
10.8
11.8
12.8
13.4
14.2
1.1
1.5
2.4
Volume extended
during month:
1946—August. . . .
September .
October
November.
December. .
1947—January
February..,
March . . . .
April
May
June
July
August ?. . .
September?
20.5
20.0
22.5
23.0
26.2
22.4
22.2
25.6
27.4
26.9
27.3
26.4
25.6
26.6
3.5
3.4
4.0
4.1
3.4
3.6
3.9
3.9
4.8
4.7
4.8
5.1
5.1
5.1
.1
.4
.8
.7
.6
.8
.6
.8
2.4
2.4
2.7
2.9
2.7
3.0
0.3
0.3
0.3
0.2
0.3
2.0
2.0
2.2
2.3
2.4
2.5
2.5
2.6
2.7
3.0
3.2
3.4
3.6
3.8
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
0.5
51.7
60.2
83.6
71.9
73.3
76.0
78.9
83.6
86.1
88.1
90.1
93.3
94.1
94.6
95.4
97.2
95.2
15.6
14.9
16.4
17.0
20.9
16.8
16.5
19.6
19.9
19.3
19.3
17.9
17.3
18.0
r
x
p Preliminary.
Revised.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
NOVEMBER
1947
1419
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Percentage change
from corresponding
month of preceding
year
Sept.
1947?
Aug.
1947
July
1947
Sept.
1947?
+ 12
+8
+7
+4
-8
-8
+ 17
+7
+9
+6
-10
+ 19
-5
+40
+ 14
+3
+3
+2
+2
+1
0
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
Collections during
month:
Total
Instalment
+9
+16
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*
Aug.
1947
+6
+8
-10
+16
+15
+18
+19
0
+40
+40
+36
+35
+37
+32
+1
+25
+30
+13
+7
+17
+9
+ 16
+18
+26
+1
-2
Inventories, end of
month, at retail value.
+2
Year and month
+2
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
1946
August
September...
October
November...
December. . .
36
35
39
38
36
26
25
27
27
26
54
51
52
47
47
33
30
32
34
44
59
56
60
59
54
1947
January
. February
March
April
May
June
July
August
September? .
30
29
33
30
30
28
28
28
31
23
21
25
23
24
23
22
22
25
47
41
44
44
44
'45
26
25
27
25
26
24
23
23
25
52
52
56
54
56
54
53
51
53
July
1947
-16
Charge
accounts
Instalment accounts
40
40
r
P Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1
-1
v Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year and month
Collections during
month
Charge
Instalment
Charge
Instalment
Charge
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instal-
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
100
114
130
145
162
202
100
131
165
188
211
243
100
82
71
66
68
101
100
102
103
111
124
176
100
78
46
38
37
50
100
91
79
84
94
138
100
103
80
70
69
91
100
110
107
112
127
168
48
56
61
64
64
59
43
38
34
32
32
37
1946—August
September
October
November
December
193
197
218
257
330
233
228
249
297
384
99
'98
119
146
199
164
180
202
233
292
47
50
55
61
75
127
145
156
176
223
87
'89
104
112
121
152
152
186
197
205
60
57
57
36
39
39
38
38
1947—January
February
March
April
May
June
July
August
September?
163
159
210
207
216
195
161
174
217
188
179
236
230
241
219
184
196
236
106
109
146
141
138
123
113
130
156
146
144
192
192
202
182
143
157
207
74
73
75
79
81
82
83
84
87
175
154
160
163
167
165
146
145
167
121
115
129
123
127
122
124
123
138
250
195
185
186
198
193
190
162
167
57
56
55
55
55
55
57
56
54
37
38
39
39
39
39
37
38
40
r
57
56
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1415.
1420
FEDERAL RESERVE BULLETIN
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average=100]
All items
Food
lothing
Rent
Fuel,
electricity
and ice
House
furnishings
Miscellaneous
1929
1930
1931
1932
1933
1934
1935
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
108.7
97.6
92.4
95.7
98.1
103.9
86.5
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
1946
105.2
116.5
123.6
125.5
128.4
139.3
105.5
123.9
138.0
136.1
139.1
159.6
106.3
124.2
129.7
138.8
145.9
160.2
106.2
108.5
108.0
108.2
108.3
108.6
102.2
105.4
107.7
109.8
110.3
112.4
107.3
122.2
125.6
136.4
145.8
159.2
104.0
110.9
115.8
121.3
124.1
128.8
1945—July
August
September
October...
November,
December.
1946—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
129.4
129.3
128.9
128.9
129.3
129.9
141.7
140.9
139.4
139.3
140.1
141.4
145.9
146.4
148.2
148.5
148.7
149.4
108.3
111.2
111.4
110.7
110.5
110 1
110.3
145.6
146.0
146.8
146.9
147.6
148.3
124.3
124.5
124.6
124.7
124.6
124.8
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
149.7
150.5
153.1
154.5
155 7
157.2
158.7
161.2
165.9
168.1
171.0
176.5
110.8
111.0
110.5
110.4
110.3
110.5
113 3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2 •
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1
125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
131.0
132.5
136.1
1947—January...
February..
March
April
May
June
July
August....
153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
183.8
182.3
189.5
188.0
187.6
190.5
193.1
196.5
179.0
181.5
184.3
184.9
185.0
185.7
184.7
185.9
117.3
117.5
117.6
118.4
117.7
117.7
119.5
123.8
179.1
180.8
182.3
182.5
181.9
182.6
184.3
184.2
137.1
137.4
138.2
139.2
139.0
139.1
139.5
139.8
Year or month
108.3
108.4
108.5
108.7
108.8
108.8
108.9
109.0
109.0
109.2
109.2
110.0
111.2
Back figures.—Bureau of Labor Statistics, Department of Labor.
NOVEMBER 1947
1421
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 — 100}
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67
82
105.9
122.6
123.3
128.2
148.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.
102.
102.
104.
104.
111.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
1946—September
.October...
"November
December.
1947—January..
February.,
March
April
May
June
July
August. . .
September
Week ending:
1947—Aug. 2..,
Aug. 9...
Aug. 16...
Aug. 32...
Aug. 30.. ,
Sept. 6..
Sept. 13..
Sept. 20..
Sept. 27..
Oct. 4..
Oct. 11..
Oct. 18..
Oct. 25...
124.0
134.1
t39.7
140.9
141.5
144.6
149.6
147.7
147.1
147.6
150.6
153.6
157.4
154.3
165.3
169.8
168.1
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
131.9
157.9
165.4
160.1
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
179.3
112.2
115.8
120.7
124.7
127.6
128.6
131.3
131.8
131.9
131.4
133.4
136.0
138.2
141.6
142.4
172.5
176.7
175.1
173.8
174.6
166.4
170.8
173.2
178.4
182.1
184.8
125.7
128.6
131.3
134.7
136.6
138.0
139.6
139.2
138.9
138.9
139.5
140.8
142.0
94.3
94.2
94.5
96.1
97.7
97.9
100.8
103.
103.3
103.9
108.9
112.5
114.1
114.2
125.8
130.2
134.7
138.0
137.9
139.9
140.3
141.4
142.6
143.8
148.9
150.7
133.8
134.8
145.5
157.8
169.7
174.8
177.5
178.8
177.0
174.4
175.7
179.7
183.3
98.4
99.9
118.9
125.7
128.1
129.3
132.2
133.2
127.1
120.2
118.8
117.5
121.3
113.6
115.3
118.2
120.2
123.3
124.6
125.8
127.8
128.8
129.2
129.8
129.7
130.6
102.1
104.0
106.5
108.9
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
151.3
152.2
152.7
153.5
154.0
154.9
157.4
158.1
156.2
157.1
158.0
157.9
158.0
180.8
181
181
181.4
181.7
182.4
187.3
189.8
184.7
187.5
190.1
190.9
190.7
168.0
171.1
172.3
172.3
172.1
174.1
180.9
182.3
177.6
178.3
180.0
178.5
176.2
134.7
135.2
135.4
136.6
137.3
137.9
138.1
138.0
138.2
138.6
139.0
139.3
140.2
174.5
176.5
177.8
182.3
183.3
183.2
185.2
185.5
186.2
186.7
189.2
190.4
191.3
139.0
139.5
139.7
140.1
140.1
140.3
140.4
140.7
140.8
141.0
141.2
141.2
142.1
109.7
110.7
111.0
114.1
114.2
114.4
114.4
115.0
115.0
115.3
115.4
115.7
117.4
146.1
146.7
146.7
147.0
149.8
150.4
1-50.4
150.3
150.4
150.7
150.7
151.1
151.3
176.6
178.0
178.9
179.1
179.3
180.1
179.4
180.9
182.0
182.3
183.3
184.0
184.4
116.9
116.9
117.2
117.4
117.6
118.5
120.4
122.2
123.6
123.9
125.1
124.7
126.9
131.4
131.8
132.0
131.9
131.9
131.9
132.1
131.9
131.9
131.9
132.7
132.7
132.9
116.8
116.0
115.5
115.6
115.9
117.2
117.9
115.1
114.9
115.9
116.1
116.5
117.1
Year, month, or week
Total
r
ChemiHides and Textile Fuel and
Metals
House- Miscelleather products lighting and metal Building cals and furnish- laneous
allied
materials
products
materials products
ing goods
products
1946
1946
Subgroups
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
1947
Subgroups
June
July
Aug.
Sept
170.6 206.0 202.3 208.8 230.3
150.4 200.9 209.9 215.9 224.8
151.1 155.3 157.5 152.6 150.3
169.1 140.9
127 A 149.2
115.5 145.2
131.3 208.6
115.5 139.7
152.8
154.7
139.7
217.9
141.7
164.3
153.3
133.0
234.6
140.7
170.6
158.7
130.1
244.8
150.7
144.8
151.5
138.5
115.8
172.6
187.1
178.9
138.3
173.2
203.5
187.4
138.8
174.9
215.6
190.7
139.1
175.2
221.1
197.4
139.5
122.9
166.6
88.7
126.5
30.2
113.9
126.7
133.9
193.8
100.8
68.4
37.0
129.2
173.8
134.3
195.9
100.4
68.2
37.0
130.1
171.2
134.3
199.2
99.9
68.2
37.0
133.3
171.8
134.4
202.3
99.9
68.3
37.0
133.8
175.1
113.5 112.7 114.2 121.7 122.5
137.0 145.6 163.0 169.8 170.1
147.5 157.3 160.7 170.2 181.9
64.7 64.4 65.0
80.6 85.8 85.5 '86\6
73.0 87.5 89.8 92.2 93.7
Sept.
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles l
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials...
Plumbing and heating
Structural steel
Other building materials
hemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals.
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture.
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
June
July
Aug.
Sept
118.4
119.7
133.3
149.4 150.3
101.4 142.9 141.8
107.2 119.1 123.4
118.6
119.7
139.4
156.3
141.8
128.6
119.6
120.8
140.4
159.4
142.0
135.9
127.7
106.5
178.2
116.7
107.2
120.1
121.4
134.7
114.3
266.1
159.6
119.1
127.7
145.1
143.3
114.9
269.0
156.1
123.4
130.8
146.1
144.3
116.9
276.7
154.9
128.6
143.0
150.1
145.4
119.0
285.7
157.9
135.9
143.0
150.6
98.6
110.3
90.2
90.0
103.3
118.7
156.1
101.8
96.8
139.2
119.9
137.4
103.5
97.2
134.8
117.5
136.6
105.5
97.3
133.3
118.2
136.6
109.8
97.2
155.6
119.4
107.5
137.2 138.1 138.1 138.5
120.9 121.1 120.9 122.4
108.6 118.2
109.8 119.7
113.5 131.4
73.0
62.5 60.8 60.8 60.8
201.8 253.3 269.4 261.3 287.2
154.2 157.2 157.6 159.5
121.9
37.1 34.6 33.7 36.4
46.2
106.5 121.7 121.2 121.3 124.6
r
Revised.
* Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1422
FEDERAL RESERVE
BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions 01 dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters
Annual totals
1929
Less: Capital consumption allowances
Indirect business tax and related l i a b i l i t i e s . . . . . . .
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government
enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1939
103.8
Gross national product
1933
55.8
90.4
7.0
.6
-.1
7.2
7.1
.7
1.2
8.1
9.4
.5
.5
2.6
1.3
1.4
82.5
78.8
3.7
1944
1946
125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
12.1
17.3
.5
-.7
12.2
17.6
.5
n.a.
-.2
.2
.1
.7
1.9
.5
-.2
-.1
72.5 103.8 182.3 178.2 173.5 179.9 191.0 197.6 200.1
-.1
87.4
10.3
.2
.0
.9
1.0
5.8
.6
85.1
1941
-.1
n.a.
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67
2.7
9.3
11.3
.5
.5
14.6
2.8
.0
2.6
1.3
4.5
.5
95.3
3.3
2.0
1.3
92.0
82.3
9.8
11.8
14.0
.5
2.6
11.0
16.9
.5
-2.1
10.9
16.3
.5
-2.4
11.1
17.4
.5
-1.5
11.5
17.7
.5
-2.1
11.9
17.2
.5
-4.2
n.a.
23.5
16.5 17.2 15.6 18.8 22.4 23.3
5.9
5.2
5.9
6.0
5.2
6.4
5.8
5.3
.0
.0
.0
.0
-.2
-.9
.0
.0
13.7
10.4
10.1
10.8 11.0 10.4
3.1
9.8
4.6
4.5
4.5
2.8
4.5
4.6
4.5
4.5
6.2
6.5
5.6
6.3
4.7
5.4
5.6
5.9
.5
.5
.5
.5
.5
.5
.5
.5
164.9 177.2 172.5 179.5 187.5 190.9 192.3 200.4
18.8 18.7 19.1 19.5 21.2 21.4 21.7
18.9
17.5 17.2
17.1 17.5 17.9
19.9
19.4 19.6
1.4
1.6
1.6
1.9
1.7
1.6
1.6
1.8
146.0 158.4 153.8 160.4 168.0 169.7 170.9 178.7
110.4 143.7 138.2 147.3 154.9 158.0 162.0 166 0
35.6
14.8 15.5 13.1 13.1
12 7
11 7
8.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annual totals
Seasonally adjusted annual rates by quarters
1947
1929
National income
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors* and rental income*
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1933
87.4
39.6
72.5
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
1946
6.8
4.5
3.5
103.8 182.3 178.2 173.5 179.9 191.0 197 6 200.1
n.a.
64.3 121.2 116.8 114.0 119.2 122.2 124 9 126 3 129.7
61.7 116.9 111.1 108.0 113.6 117.1 119.4 120.9 124.7
51.5 83.3 90.2 87.5 93.8 98.0 101.5 103.5 107.3
1.9
20.8
8.0
3.9
7.9
4.6
4.1
6.7
5.6
12.8 12.9 12.6 13.2
8.3
13.4
13.5
13.3 13.2
4.2
2.6
5.6
6.0
5.5
5.5
5.0
5.1
5.4
20.8 34.4 41.8 39.2 41.9 46.7 47.0 47.2 47.3
9.6 15.3 19.7 18.6 19.9 22.0 22.4 21.9 22.1
6.9 12.4 15.2 13.8 15.2 17.8 17.6 18.0 17.9
4.3
6.7
6.9
6.8
7.0
6.8
7.0
7.2
7.3
14 6 23.5 16.5
17.2 23.8 •21.1
7.8 13.9
8.6
9.4
9.9
12.5
-2.6
4.1
-.4
3.2
-4.7
3.2
17.2
19.4
8.0
11.5
-2.3
3.2
15.6
22.9
9.3
13.5
-7.3
3.2
18.8
27.1
11.0
16.1
-8.3
3.2
22.4
29.0
11.6
17.4
-6.6
3.3
23.3
27.4
10.8
16.6
-4.1
3.3
n.a.
n.a.
n.a.
n.a.
-4.5
3.4
r
n.a. Not currently available.
Revised.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
NOVEMBER
1947
1423
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Annual totals
Seasonally adjusted annual rates by quarters
1947
1946
1929
1939
1933
1941
1944
1946
2
Gross national product
103.8
55.8
78.8 46.3
3.5
Durable goods
9.4
Nondurable goods
37.7 22.3
31.7 20.6
Services
1.3
15.8
Gross private domestic investment
1.1
New construction 1
7.8
1.8
6.4
Producers' durable equipment
1.6 - 1 . 6
Change in business inventories
.2
.8
Net foreign investment
8.0
Government purchases of goods and services... 8.5
1.3
2.0
Federal
War
2.0
> 1.3
Nonwar
C3)
Less: Government sales 2
(3)
5.9
7.2
State and local
Personal consumption expenditures
3
4
3
I*"
90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3
67.5
6.7
35.3
25.5
9.0
4.0
4.6
.4
.9
13.1
5.2
1.3
3.9
7.9
82.3 110.4 143.7 138.2 147.3 154.9 158.0
9.8
6.8 14.9 13.9 16.2 18.2 18.5
44.0 67.2 87.1 83.2 88.9 93.6 95.3
28.5 36.5 41.7 41.2 42 1 43 1 44 2
17.2
5.7 24.6 22.3 27.0 30.4 29.4
2.3
5.7
8.5
8.7
9.3
8.9
10.3
5.3 12.4 11.5 13.2 15.7 16.5
7.7
3.9 - 2 . 0
2.0
5.4
3.7
4.9
27
1.1 - 2 . 1
4.8
6.1
4.5
5.2
8.3
24.7 96.6 30.7 30.3 28.6 28.2 27.4
16.9 89.0 20.7 20.9 18 2 16 9 16 0
13.8 88.6 21 3 23 1 17 7 15 8 )
1.6
3.2
2.4
2.1
3 1
3 3 J18.2
1.2
3.0
4.2
2.6
22
22
7.8
7.5
10.0
9.4
10.4 11.2 11 .4
162.0 166.0
19.2 19.9
97.8 100.0
45 0 46 1
29.1 30 4
10.4
9.6
18.0 18.0
2 0
1 5
7.7
10 5
27.5 28.2
15 6 15 8
17.4
1 8
11.9
16.7
9
12.5
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Commodity Distributive
produc- indusing intries
dustries
Service
industries
21.5
18.5
14 3
15.5
14.4
12.5
8.2
7.7
9.9
9.8
DiviLess emProdends
ployee
Other
prietors'
and
contrilabor
and
perbutions income5 rental 6 sonal
for
income interest
social
income
insurance
Total
receipts4
Total
disbursements
85.1
76.2
64 8
49.3
46.6
53.2
59.9
68.4
74.0
68 3
72.6
78.3
95.3
122.2
149 4
164 9
171.6
177.2
50.0
45.7
38 7
30.1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114 9
115.2
109.2
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
9.8
12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7
8.8
9.9
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
6.9
7.3
7.8
8.6
9.5
10 5
11.5
13.6
8.2
8.5
10.2
16.1
26.9
33.6
35.5
20.9
.6
.7
.8
1.2
1.8
22
.7
.9
1 3
2.3
1.5
1946—August
September.
October...
November
December.
180.9
178.5
184.0
188.4
189.9
112.3
113.0
113.6
115.4
117.0
114.2
114.8
115.4
117.2
118.8
48.5
49.4
49.5
50.6
52.3
31.9
31.8
32.0
33.0
33.5
14.0
14.1
14.2
14.4
14.4
19.8
19.5
19.7
19.2
18.6
1.9
1.8
1.8
1.8
1.8
1947—January...
February..
March
April
May
June
July
August....
190.3
190.7
191.8
190.2
191 5
195.1
196.1
P194.4
117.1
117.5
117.5
116.7
118.3
121.1
121.2
P122.1
119.2
119.6
119.6
118.9
120.4
123.2
123.3
P124.2
53.1
53.2
53.7
53.2
54.1
55.5
"•55.1
P56.0
33.5
33.7
33.7
33.4
34.2
35.3
'35.5
P35.7
14.6
14.6
14.6
14.8
14 9
15.2
15.4
P15.3
18.0
18.1
17.6
17.5
17.2
17.2
17.3
P17.2
2.1
2.1
2.1
2.2
2 1
2.1
'2.1
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
. .
6 8
5.7
Government
5.0
5.2
5.3
5.0
.1
.1
2
.2
.5
.5
5
.4
.4
.4
.4
.5
5.1
5.5
5.8
6.3
5.2
6.1
6.5
7.9
.2
.2
.2
.2
6.9
6.7
7.5
8.2
.6
.6
1.9
19 7
15 7
11 8
7 4
7.2
8 7
12.1
12 6
15 4
14 0
14.7
16 3
20 8
28.1
32 1
34 4
37 1
Transfer
payments7
Nonagricultural
income8
1 5
1 5
27
22
2.1
22
2.4
3 5
2 4
2 8
3.0
3 1
3 1
3.2
3 0
3 6
41.8
13 3
12 6
11 1
9 1
8.2
8 6
8.6
10 1
10 3
8 7
9.2
9 4
9 9
9.7
10 0
10 7
11 6
13.3
11.3
76 8
70 0
60 1
46 2
43.0
49 5
53.4
62 8
66 5
62 1
66.3
71 5
86 1
108.7
134 3
149 0
154 4
157.9
1.6
1.6
1.6
1.6
1.6
42.9
39.5
45.3
47.6
47.2
13.3
13.3
13.3
13.5
13.7
10.8
11.1
10.2
10.3
10.4
160.5
162.0
162.7
165.6
167.3
1.6
1.7
1.7
1.7
1 8
1.8
1.8
46.6
46.8
47.7
46.9
46 9
47.6
'47.8
P45.8
13.9
14.0
14.0
14.0
14 0
14.1
14.2
P14.2
11.1
10.7
10.9
10.9
10 5
10.5
11.1
P10.5
168.2
168.5
168.8
167.8
169 2
171.9
.5
.5
.5
.6
.6
1.6
6.2
mi.3
mi.6
r
P Preliminary.
n.a. Not currently available.
Revised.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
8
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
1424
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1947
Oct.
1
Oct.
Oct.
Oct.
22
Oct.
29
In billions of dollars
WEEKLY FIGURES *
Chart
book
page
1947
Oct.
1
WEEKLY FIGURES *—Cont.
RESERVES AND CURRENCY
Oct.
15
Oct.
Oct.
22
Oct.
29
In unit indicated
MONEY RATES, ETC.— C o n t .
Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves*
4
Excess reserves (weekly avg.):
Total*
5
New York City*
Chicago
Reserve city banks
Country banks e
5
22.93 22.85
22.39 22.36
14.05 13.99
7.15
7.16
.48
.49
.72
.72
21.96 22.09
28.56 28.63
2.37
2.24
17.03 17.14
16.05 16.07
.99
1.07
P.91
.02
.01
.26
.61
22.81
22.22
13.91
7.10
.50
.71
22.15
28.66
2.16
17.23
16.08
1.15
22.35
21.77
13.56
7.00
.50
.71
22. 7 Stock prices (1935-39 = 100):
<
22.1.
Total
13.6;
Industrial
7.0
Railroad
.7,
Public utility
.7 Volume of trading (mill, shares)
22.2!
28.5:
2.6!
BUSINESS CONDITIONS
16.81
22.23
28.57
1.95
17.04
P16.06 P16.0<
P. 98
p. 8:
98 Pl.02 P I . 2 3
.19
.03
.02
.03
.01
.01
29
30
28
.65
P. 71
P. 69
P.
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
Allother
21
Banks outside New York City
Loans and investments
17
U. S. Govt. securities, total . . 1 7
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21
65.0,
64.80
38.40
31.22
4.03
2.63
.52
4.34
47.06
1.64
22.06
13.12
3.24
64.71
38.37
31.24
3.99
2.60
.55
4.28
46.74
1.74
22.06
13.20
3.25
64.62
38.10
30.88
4.00
2.60
.63
4.26
46.93
1.43
22.26
13.43
3.28
65.03
38.63
30.94
4.13
2.63
.94
4.25
47.47
1.46
22.15
13.60
3.30
2.4:
.7:
4.2;
47.7:
1.05
22.5
13.82
3.32
2.21
1.16
1.05
3.49
2.08
1.05
1.02
3.53
2.05
.99
1.06
3.50
1.81
.84
.98
3.44
1.95
.89
1.06
3.49
19.78 20.23
11.74 12.14
10.26 10.27
.79
.71
.63
.62
.45
.16
15.54 15.96
.49
.49
4.33
4.44
1.40
1.41
6.70
6.83
4.89
4.81
20.05
11.90
10.30
.77
.50
.33
16.08
.34
4.1
1.40
6.95
5.00
20.27 20.06
12.06 11.98
10.53 10.50
.68
.67
.70
.65
.15
.16
15.92 15.68
.55
.59
4.28
4.31
1.41
1.41
6.89
6.84
4.68
4.71
38.1'
30.9
4.0,
.37
.28
1.00
.47
.38
.27
1.01
.42
.37
.27
.96
.28
.34
.27
.93
.32
.38
.27
.98
44.53
26.34
20.69
3.34
1.94
.37
31.14
1.09
6.86
13.11
15.17
8.44
3.14
.99
2.59
44.65
26.40
20.73
3.33
1.95
.38
31.07
1.15
7.14
13.12
15.22
8.49
3.15
.95
2.63
44.84
26.36
20.62
3.29
1.98
.47
31.39
.94
7.41
13.13
15.43
8.63
3.18
.99
2.64
45.00
26.49
20.67
3.34
2.00
.49
31.51
.96
7.10
13.14
15.45
8 71
3.19
.94
2.62
44.99
26.29
20.67
3.26
1.92
.44
31.69
.57
Per cent per annum
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food. .
Production:
Steel (% of capacity)
Automobile (thous. c a r s ) . . .
Paperboard (thous. t o n s ) . . .
Electric power (mill. kw. hrs.)
Basic commodity prices
(1939=100)
Department store sales
(1935-39=100)
Freight carloadings (thous.
cars):
Total
Miscellaneous
40
40
40
40
40
123
128
103
101
1.00
123
129
103
101
.97
126
133
105
101
1.56
127
134
107
102
1.42
126
132
103
100
1.01
69 157.1 158.0 157.9 158.0
69 187.5 190.1 190.9 190.7
69 138.6 139.0 139.3 140.2
73 94.4 96.1 96.8 97.1
73
102
106
99
89
74
182
177
186
186
75 4,935 4,958 4.946 4,964
97.0
106
74 332.3 332.4 334.2 342.0 341.1
75
326
304
299
306
76
76
943
429
957
434
954
433
955
432
315
1947
July
MONTHLY FIGURES
Aug.
Sept.
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit
7
Gold stock
7
Money in circulation
Treasury cash
7
Treasury deposits
7
Member bank reserves:
Total
4, 7, 14
Central reserve city banks.. 14
Reserve city banks
15
Country banks
15
Required reserves:
Total
4
Central reserve city banks. . 14
Reserve city banks
15
Country banks
15
Excess reserves:
Total
4, 5
New York City
5
Chicago
5
Reserve city banks
5
Country banks
5
Money in circulation, t o t a l . . . . 9
Bills of $50 and over
9
$10 and $20 bills
9
Coins, $1, $2, and $5 bills.. . 9
22.34
21.40
28.26
1.33
.73
22.52
21.65
28.25
1.33
.96
22.62
21.87
28.65
1.32
.55
16.35
5.20
6.44
4.71
16.48
5.18
6.54
4.76
16.87
5.27
6.69
4.91
15.57
5.19
6.22
4.16
15.68
5.17
6.32
4.20
15.94
5.24
6.43
4.26
.78
.01
(2)
.22
.55
28.15
8.53
15.17
4.46
.80
.01
(2)
.23
.56
28.43
8.60
15.33
4.51
.93
.02
.01
.26
.65
28.57
8.69
15.35
4.53
P165.90
J»83.20
P55.60
P26.00
Pi. 10
P166.80
P 8 3 .40
P55.8O
P26.10
Pl.50
P168.00
*>84.20
P55.90
P26.30
Pi. 60
11 P113.2O
11 P34.00
11 P7O.5O
11
P8.70
P113.80
P34.90
P7O.2O
P8.70
P115.20
P35.60
P7O.7O
P8.90
.71
6.91
ALL BANKS
13.14
IN THE UNITED STATES
15.63
8.82
3.21 Total deposits and currency 6 .. 10
.98 Demand deposits adjusted*... 10
2.6: Time deposits adjusted*
Currency outside banks*
U. S. Govt. deposits*
10
10
10
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more
ALL COMMERCIAL BANKS
34
34
34
34
34
.827
.93
1.29
1.54
2.24
.835
.96
1.30
1.55
2.24
855
96
1 .33
1 .57
2 .26
873
98
1 37
1 .60
2 .28
.895
.98 Loans and investments, total* .
1.42
Loans e
1.64
U. S. Govt. securities*
2.31
Other securities*
For footnotes see p. 1428.
NOVEMBER
1947
1425
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
July
Aug.
Sept.
In billions of dollars
MONTHLY FIGURES—Cont.
Chart
book
page
3
1947
July
Aug.
Sepi.;
In billions of dollars
MONTHLY FIGURES—Cont.
TREASURY FINANCE—Cont.
MEMBER BANKS
AH member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Central reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted'
Time deposits
Balances due to banks
Reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Country b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
95 91
29 70
59 07
7 14
70 53
28.15
11 19
5 54
14
14
14
14
14
14
14
14
95
28
59
7
70
28
11
5
14
14
14
14
14
14
14
25 14
8 02
15 47
1 65
20 15
2 34
5 18
25
8
15
1
19
2
5
06
29
13
64
82
35
16
15
15
15
15
15
15
15
35 02
11 70
20 96
2 36
24 48
11 25
1 80
35
12
21
2
24
11
1
38
02
00
37
72
28
76
15
15
15
15
15
15
15
35 22
9 21
22 92
3 10
25 80
14 50
3 49
35
9
22
3
25
14
3
47
39
95
13
99
53
59
38
93
35
10
43
10
09
48
97.00 3wnership of U. S. Govt. securities—
30.30
Cont.
59.44 Marketable public issues—Cont.
7.27
By earliest callable or due date:
71.14
Within 1 year:
28.29
Total outstanding
11.69
Commercial bank and F. R.
5.75
Bank
F. R. Bank
25.50
1-5 years:
8.41
Total outstanding
15.42
Commercial bank and F. R.
1.68
Bank
20.03
F. R. Bank
2.37
5-10 years:
5.36
Total outstanding
Commercial bank and F. R.
35.74
Bank
12.35
F. R. Bank
20.98
Over 10 years:
2.41
Total outstanding
24.70
Unrestricted issues:
11.34
Nonbank, c o m m e r c i a l
1.81
bank, and F. R. Bank. .
Commercial bank and
35.76
F. R. Bank
9.53
F. R. Bank
23.04
3.19
26.41
14.59
MONEY RATES, ETC.
3.73
31
52.13
51.79
31
31
37.05
20.71
36.91
21.35
21.61
31
42.52
42.52
42.42
31
31
30.67
.70
30.68
.70
.58
18.93
31
18.93
18.93
31
31
11.75
.04
11.85
.04
.04
31
54.81
54.81
54.81
31
6.65
6.64
31
31
5.38
.11
5.42
.10
.10
Per cent per annum
CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
22
22
22
22
22, 23
23
23
23
23
. R. Bank discount rate
33
11 06 pll 19 Pll.43 Treasury bills (new issues)
33
P2.35 Corporate bonds:
P2 33
2 30
2 79 P2 76 P2.86 Aaa
33,37
P 93
P. 93
92
Baa
37
5 05 P5 19 P5.30 High-grade (Treas. series)
37
37
2 95 P3 03 ^3.04 U. S. Govt. bonds, 15 years or more. .
2 09 P2 17 P2.25
P 97
Pl.00
92
Pl.25
Pi 20
1 17
TREASURY FINANCE
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks*
Fed. agencies and trust funds...
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills:
Total outstanding
Commercial Bank and F. R.
Bank
F. R. Bank
Certificates:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Bonds:
Total outstanding
Unrestricted issues:
Nonbank, c o m m e r c i a l
bank, and F. R. Bank. .
Commercial bank and
F. R. Bank
F. R. Bank
28
28
28
28
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
30
30
30
30
30
30
256 .39 257 18 256.18 Stock prices (1935-39-100):
119 .32 119 .32 119.32 Total
49 .02 48 .90 48.46 Industrial
59 .30 59 .50 58.64 Railroad
28 .52 29.22 29.52 Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
'70 40 69 .70 33.94
Credit extended to customers
33 .34 '33.72 22.94
Money borrowed
21 .55 22 .19
Customers' free credit balances....
'66 .10 66 .30
'21 .50 • 21
.80
25 .00 24 .90
BUSINESS CONDITIONS
12.20 12 .20
6 .40
6 .40
Personal income (annual rate, bill,
dollars):* 4
Total
15.76 15 .74
Total salaries and wages
Proprietors' income, dividends, and
14.96 14.89
interest
13 .90 14.21 14.02 All other
Labor force (mill, persons):*
25 .12 25 .03 24.89 Total
Civilian
14 84 14 70
Unemployment
Employment
6 .56
6 .90
7.i
Nonagricultural
8 .14
8 .14
7.84 Employment in nonagricultural 4 establishments (mill, persons) : e
5.21 5 .21
Total
Manufacturing and mining
.47
.37
.37
Trade
,
119 .49 119 .49 119.49 Government
Transportation and utilities
Construction
71 .33 71 .32
Hours and earnings at factories:
Weekly earnings (dollars)
49 .84 44 .98
Hourly earnings (cents)
Hours worked (per week)
.73
.72
1.00
.703
1 00
.748
'
1.00
.804
2.55
3.18
2.51
2.25
2 56
3 17
2.61
3.23
2.57
2.24
2.51
2 24
In unit indicated
39
39
39
39
39
126
132
108
102
1.16
125
130
105
101
.67
123
128
104
102
.76
41
41
41
564
251
677
550
241
656
570
276
630
48
48
196.1
121.2
194.4
122.1
48
48
'62.0
12.9
60.0
12.3
49
49
49
49
49
64.0
62.7
2.6
60.1
50.0
'63.0
'61.7
'2.1
'59.6
'50.6
50
50
50
50
50
50
'42.1
16.0
8.7
5.3
4.1
1.7
42.4
16.3
8.7
5.3
4.1
1.8
51
51
51
49.04
123.1
39.8
62.1
60.8
1.9
58.9
50.1
49.21 P50A2
123.8 P125.1
39.8 P40 .3
For footnotes see p. 1428.
1426
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS * —Continued
Chart
book
page
MONTHLY FIGURES—Cont.
1947
July
Aug.
Chart
book
page
Sept
July
Sept
In unit indicated
MONTHLY FIGURES—Cont.
In unit indicated
Aug.
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS—Coilt.
Industrial production:4
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures
53
Machinery and trans, equip... . 54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53,54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food products....
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 4(3 mo. moving
avg., mill, dollars):
Total
59
Residential
59
Other
59
Residential contracts (mill, dollars):4
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction activity (mill,
dollars) :•
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings:4
Total (1935-39 =100)
63
Groups (points in total index):
Miscellaneous
....
63
Coal
63
All other
63
Department stores:
4
Indexes (1935-39=100) :
Sales
64
Stocks
64
296 stores:
Sales (mill, dollars)
65
Stocks (mill, dollars)
65
Outstanding orders (mill, dollars) 65
Stocks-sales ratio (months' supply) 65
176
182
PI
85
78.7
42.2
20.0
79.7
42.0
20.7
P81.
16.5
76.4
18.2
21.9
17.0
79.4
1.99
22.2
P17.
22.8
13.5
'21.3
22.9
14.1
22.8
P23
P14.
P23
181
198
164
121
217
266
'151
118
155
166
'106
438
291
180
'205
171
133
212
267
179
130
156
178
115
431
294
43.
P21.
P20
P22
P!85
213
P223
P2 74
130
P155
182
P429
P294
Consumers' prices (1935-39=100):
All items
Food
Clothing
Rent
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
Prices paid and received by farmers
(1910-14=100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops.
Govt. payments
67
67
67
67
158.4
193.1
184.7
110.0
160.3
196.5
185.9
111.2
69
69
69
150.6
181.4
133.4
153.6
181.7
136.0
157.4
186.4
138.2
71
71
231
276
235
276
237
286
72
72
72
72
2,662 2,517
1,452 1,318
1,205 1,187
12
5
INTERNATIONAL TRADE AND FINANCE
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
See p. 1447 of this BULLETIN.
77
77
77
77
77
79
79
79
79
271
287
259
280
298
267
228
256
204
231
259
207
636
251
385
681
276
406
226
9
217
166
51
304
9
295
197
98
279
20
259
177
82
1,161
1,242
1,259
276
447
296
476
293
472
9
429
9
461
9
485
281
227
252
729
594
2.9
273
792
622
2.9
.53
3.17
5 .93
Pl.149 Pl.150
Pl.148 Pl.149
P399
P450
P69S
Jan..
Mar.
Pi,115
Pl.114
P75O
Apr.June
JulySept.
QUARTERLY FIGURES
In billions of dollars
TREASURY FINANCE
'135
287
230
6
s
80-81
231
262
212
81.5
31.1
30.9
5
5.33
* 2.16
1947
230
259
212
78.6
24.5
31.4
3,060
1,552
1,497
11
79.
32.
29.
290
230
P660
P2.
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total. .
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo.,.
26
26
26
26
26
26
26
27
27
27
33
35
35
35
CORPORATE SECURITY TSSUES
Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars) :•
Net proceeds:
All issuers
Industrial
Railroad
Public utility
New money:
All issuers
Industrial
Railroad
Public utility
13.39
4.55
10.89
8.29
4.45
1-98
1.86
9.66
2.89
9.81
8.46
4.14
2.29
2.02
14.96
9.77
11.43
12.20
-.77
10.47
10.50
-.03
+5.19
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
10.63
4.30
13.90
12.61
7.95
2.62
2.03
2.31
1.82
2.37
2.80
2.38
1.83
2.44
2.95
2.21
1.77
2.25
2.69
In unit indicated
42
42
43
43
43
43
43
43
43
43
.95
.68
1,018
438
53
442
673
283
43
284
1.70
1.10
1 .25
.86
1,605
634
82
854
1,266
389
57
753
932
428
797
285
49
420
60
414
F o r footnotes see p . 1428.
NOVEMBER
1947
1427
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
QUARTERLY FIGURES—Gont.
1947
Jan.Mar.
Apr.June
Annual rates,
in billions of dollars
FIGURES FOR SELECTED DATES
June
Dec.
In billions of dollars
44
44
44
45
45
45
••223.1 '229.1
'27.4
'27.5
'158.0 '162.0
'18.5
'19.2
'95.3
'97.8
'44.2
'45.0
44
••37.7
'39.6
46
46
46
46
'16.5
10.3
r 2.7
8.3
'18.0
'9.6
1.5
'10.5
47
47
47
47
190.9 '192.3
'169.7 '170.9
'158.0 '162.0
'8.9
'11.7
232.3 Individuals and businesses:
Total holdings
28.2
Deposits and currency
166.0 U. S. Govt. securities
19.9 Individuals:
100.0 Total holdings
Deposits and currency
46.
U. S. Govt. securities
38.1 Corporations:
Total holdings
Deposits and currency
18.0 U. S. Govt. securities
10.4 Unincorporated businesses:
2.0 Total holdings
Deposits and currency
7.7
U. S. Govt. securities
24
24
24
220.5
138.9
81.6
223.2
143.3
79.9
24
24
24
151.2
55.0
96.2
156.9
101.5
55.4
24
24
24
41.8
24.6
17.2
39.1
23.5
15.6
24
24
24
27.5
18.1
9.4
18.3
8.9
200.4
178.7
166.0
12
1946
June
29
GALL DATE FIGURES*
Dec.
31
June
30
In billions of dollars
ALL MEMBER BANKS
12
12
12
12
45.44
10.47
15.29
1.07
46.23
5.60
10.04
1.17
46.51
4.37
7.54
.7'
13
13
13
13
9.69
13.15
.88
.88
4.27
2.46
5.36
3.31
13.82
.97
6.24
4.00
13
13
13
13
2.40
2.48
3.31
3.15
1.51
1.47
3.55
3.08
1.51
1.15
3.98
2.97
1947
July 31
1947
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local govt. securities
Other securities
1946
LIQUID ASSET HOLDINGS*
GROSS NATIONAL PRODUCT, ETC.
Gross national product • *
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income, consumption, and
saving:« 4
Personal income
Disposable income
Consumption expenditures
Net personal saving
Chart
book
page
JulySept.
Feb. 26*
OWNERSHIP OF DEMAND DEPOSITS •
Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit ass'ns and other
25
77.5
77.8
25
25
25
25
25
38.3
16.4
13.0
37.2
16.0
12.5
4.4
4.5
4.2
4.5
25
25
25
6.6
2.1
4.5
6.5
2.1
4.5
25
25
25
25
27.6
21.4
28.9
22.1
6.2
5.0
6.7
5.2
e
1
Estimated
P Preliminary.
' Revised.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
s For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
4
Adjusted for seasonal variation.
5
As of June 30, 1947.
6
Member bank holdings of State and local government securities on Sept. 30, 1946, were 3.62 billion dollars and of other securities were
3.08 billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1428
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
1947
Chart
book
page1
July
Aug.?
Chart
book
page1
Sept.?
July
Aug.p
Sept.?
In millions of dollars
In millions of dollars
11,055 11,191 11,434 Consumer instalment sale2 credit
298
granted, cumulative totals: '
5,045 5,185
044
By automobiles dealers
2,953 3,017
254
By furniture and household appli2,092 2,168
859
ance stores
2,786 2,755
350
By department stores and mail2,301 2,326
925
927
order houses
923
By all other retailers
Consumer instalment loan credit out11,055 11,191 11,434 standing, cumulative totals: 2
Commercial and industrial banks.
6,010 6,006 6,136
Small loan companies
3,224 3,251 3,227
925
927
Credit unions
923
Miscellaneous lenders
Insured repair and modernization
loans
2,092 2,168 2,254
Consumer credit outstanding, t o t a l . . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit outstanding, cumulative totals: 2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit outstanding, cumulative totals: 2
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6
1947
1,170
1,203
753
313
413
469
258
298
163
73
166
79
189
90
2,953
1,584
3,017
1,617
965
725
3,044
1,632
989
744
467
487
506
935
702
1,254
733
304
411
246
787
327
l
P Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1947
[In thousands of units]
Cotton
Federal Reserve district
Winter wheat
Corn
Spring wheat
Production
1946
Estimate
Oct. 1, 1947
Production
1946
Estimate
Oct. 1, 1947
Production
1946
Estimate
Oct. 1, 1947
Production
1946
Estimate
Oct. 1, 1947
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
6,825
25,158
51,683
177,485
155,612
161,441
924 867
304,262
324,213
262,264
58,759
6,105
6,498
17,856
53,578
26,028
5,748
55,570
38,914
40,437
439,505
63,901
125,858
2,458,674
873,893
217
2,062
600
228
3 ,753
869
7,120
31,175
53,294
223,470
149,589
162,801
1,394,302
416,064
407,287
372,024
64,640
6,161
8,640
Boston
New York
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago . . .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
11,508
3,287,927
1,154
1,777
1,128
2,228
2
12,830
... .
Total
3,302
Oats
Federal Reserve district
Tame hay
10,481
19,960
55,032
30,939
8,222
70 912
55,491
34,019
566,369
132,823
111,400
21
189
20
76
1 313
16
243,224
4,249
84
32,726
263,537
4,558
92
41,295
1,095,648
281,822
311,113
Tobacco
1,523
12
White potatoes
1
2
Production
1946
Estimate
Oct. 1, 1947
Production
1946
Estimate
Oct. 1, 1947
Production
1946
Estimate
Oct. 1, 1947
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
5,147
33,681
18,919
75,131
39,915
33,262
592,327
82,353
399,186
158,727
39,970
31,249
4,723
14,681
12,056
28,235
37,042
33,862
455,390
55,671
372,503
149,767
35,659
31,972
3,911
6,795
2,753
6,182
5,077
4,210
17,788
9,298
9,590
8,372
1,883
13,471
4,078
6,673
2,671
5,811
4,424
3,989
18,285
8,725
9,702
9,175
1,742
13,350
34,501
1,324
59,124
162,708
1,321,995
266,587
42,770
414,372
3,379
5,320
37,994
1,618
61,100
142,148
1,242,840
270,491
36,294
352,186
2,830
3,855
88,945
49,845
23,406
14,710
31,369
18,718
32,940
11,171
43,833
37,972
6,634
116,426
68,509
40,232
21,008
12,096
25,221
12,378
24,144
8,183
39,456
32,830
5,078
88,964
1,509,867
Total
Estimate
Oct. 1, 1947
Bushels
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Production
1946
,231,561
89,330
88,625
2,312,080
2,151,356
475,969
378,099
Includes 10,000 bales grown in miscellaneous territory.
Includes 11,000 bales grown in miscellaneous territory.
NOVEMBER
1947
1429
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
On par list
Total banks, branches
and offices on which
checks are drawn
Federal Reserve
district or State
Member
Total
Banks 1
United States total:
Dec 31 1945 . . . .
Dec 31 1946
Sept. 30, 1947?
Not on ]Dar list
(Nonme ;mber)
Nonmember
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,069
3,947
3,981
4,086
11,869
11,957
12,020
3,616
3,654
3,761
6,877
6,894
6,921
2,909
2,913
2,999
4,992
5,063
5,099
486
931
845
1,156
283
826
131
231
486
931
845
1,156
283
826
131
231
336
799
648
719
209
759
96
200
150
132
197
437
1,010
1,158
2,483
1,467
427 f
787
301
Branches
and offices
707
741
762 '
Banks
Branches
and offices
2,133
2,086
2,049
331
• 327
325
By districts and
by States
Sept. 30, 1947?
District
Boston
New York
Philadelohia
Cleveland
. . .
Richmond
Atlanta
Chicago
St Louis
....
Kansas Citv
....
474
313
198
74
67
35
31
103
223
618
540
2,426
1,115
531
71
1000
495
213
40
1,426
620
318
31
111
6
36
1,190
604
1,740
887
503
40
6
28
1,190
475
756
608
271
26
4
19
1,127
129
984
279
232
14
2
9
674
11
110
4
22
112
22
87
22
25
10
228
193
36
19
890
10
99
193
36
5
890
5
66
115
5
33
78
142
1
142
1
92
29
1
848
1
50
115
39
19
177
373
22
14
37
2
30
115
39
19
114
95
22
14
37
2
27
64
17
16
71
64
11
4
34
2
26
51
22
3
43
31
11
10
3
48
45
48
45
26
43
22
2
875
487
664
3
88
162
873
487
664
3
88
162
503
237
163
370
250
501
126
36
57
352
222
San Francisco
159
557
129
56
162
1,278
1,751
997
507
123
340
200
108
15
63
26
58
71
8
State
Alabama
Arkansas
California
Colorado
District of Columbia...
Florida
Georgia
Illinois
611
609
385
158
36
63
385
56
36
40
63
67
63
67
214
Massachusetts
168
183
101
148
168
183
101
148
113
45
38
78
148
IVlichigan
443
204
443
204
229
IMaine
[Montana
677
206
593
112
Nevada
New Hampshire
New Jersey
New Mexico
409
8
65
343
47
2
18
2
134
7
409
8
65
343
47
2
18
2
134
7
208
31
180
82
145
6
52
295
33
661
204
151
668
384
705
169
24
185
1
661
86
46
668
374
705
46
4
185
1
68
1,001
79
68
1 001
IVlis^issippi
New York
North Carolina
North Dakota
Ohio
Oklahoma
..
Oregon
Pennsvlvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
19
149
170
••
Washington
West Virginia
Wisconsin
Wyoming
294
881
60
69
6
53
263
39
525
112
137
41
31
47
71
4
14
19
54
68
194
821
60
69
6
7
3
32
110
7
4
42
129
1
63
278
3
2
395
2
25
35
272
11
35
25
67
137
90
35
11
5
34
11
158
214
46
55
8
345
30
6
6
1
14
102
23
414
167
46
32
68
2
17
1
118
264
2
13
48
14
575
53
41
424
224
650
27
1
86
33
5
244
150
55
19
4
23
79
32
74
36
137
41
767
11
114
29
234
8
5
23
12
29
21
30
63
55
4
14
81
559
34
162
27
20
44
4
12
24
5
113
262
26
1
1
16
7
118
105
123
20
10
2
1
95
102
2
26
11
100
60
16
2
8
2
89
307
10
40
314
88
202
43
105
45
7
1
123
182
553
55
118
119
179
443
55
118
54
108
163
37
111
65
71
280
18
7
4
3
110
51
10
149
98
ii
29
77*
l
p Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 1175 of the BULLETIN for September 1947).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
2
1430
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
1433
Gold production
1434
Gold movements
1434
International capital transactions of the United States
1435-1440
Central banks
1441-1444
Money rates in foreign countries
1445
Commercial banks
1446
Foreign exchange rates
1447
Price movements:
Wholesale prices
1448
Retail food prices and cost of living
1449
Security prices
1449
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data 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 1947
1431
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
Argentina 1
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
14,512
431
17,644
466
21,995
353
22,737
354
22,726
1658
21,938
»939
20,619 »1,111
20,065
403
1946—Oct
Nov....
Dec
1947—Jan
Feb
Mar.. . .
Apr
May....
June....
July....
Aug
Sept....
20,402
20,470
20,529
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
End of month
Belgium
Brazil
Canada
581
609
734
734
735
734
32
40
51
70
115
254
329
354
192
214
«7
5
6
5
6
*361
*716'
Colombia
Cuba
30
30
30
31
36
54
79
82
24
21
17
16
25
59
92
127
143
144
145
147
125
126
98
92
93
87
88
89
Czecho- Denslomark
vakia
1
1
1
16
46
111
191
Chile
France
83
56
58
61
61
61
61
61
53
53
52
44
44
44
44
38
55
55
52
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090
61
61
38
38
38
38
32
32
32
32
32
32
32
32
52
53
53
53
53
53
53
53
53
53
53
Norway
Peru
94
94
84
20
20
20
21
25
31
32
28
Germany
Greece
Hungary
27
28
28
28
28
28
28
37
24
24
24
24
24
24
796
796
796
796
796
696
696
696
696
544
544
444
221
221
226
231
236
229
234
239
259
259
»460
»483
»563
P645
*706
P726
»726
P723
P623
726
726
735
723
691
633
634
639
643
644
649
650
354
354
354
354
354
354
354
354
7
7
>543
6
7
7
6
7
8
6
7
8
71
71
65
63
54
53
53
53
45
46
45
45
India
Iran
(Persia)
Italy
Japan
Java
Mexico
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
274
274
274
274
274
274
274
274
26
26
26
26
34
92
128
131
193
144
120
164
164
164
• 164
80
90
140
235
4
216
29
32
47
47
39
203
222
294
998
692
617
575
506
500
500
270
23
23
23
23
23
23
23
23
1946—Oct
Nov
Dec
1947—Jan
Feb
Mar
Apr
May....
June... .
July....
Aug
Sept.
274
274
274
274
274
274
274
274
274
274
274
123
123 '
127
127
130
200
191
181
170
148
149
149
141
131
98
99
100
265
265
265
265
245
197
197
196
190
190
190
190
23
23
23
23
23
23
23
23
23
23
23
End of month
Sweden
Switzerland'
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
B.I.S.
Other
countries 7
1938—Dec..
1939—Dec..
1940—Dec..
1941-Dec.
1942—Dec..
1943—Dec..
1944—Dec..
1945—Dec..
321
308
160
223
335
387
463
482
701
549
502
665
824
•965
1,158
1,342
29
29
88
92
114
161
221
241
2,690
•1
1
69
68
90
100
89
121
157
195
52
52
29
41
68
89
130
202
57
59
82
*83
14
7
12
12
21
45
37
39
166
178
170
166
185
229
245
247
1946—Oct...
Nov..
Dec..
1947—Jan...
Feb..
Mar..
Apr...
May.
June.
July.,
Aug..
Sept..
469
426
381
348
324
265
217
190
168
144
126
93
1,408
1,418
1,430
1,432
1,431
1,432
1,427
1,416
1,355
1,370
'1,373
236
235
237
238
238
233
226
207
191
185
174
169
205
200
200
200
200
197
194
192
189
215
215
215
215
235
235
235
235
235
235
215
215
40
40
32
28
28
27
27
27
27
27
26
29
237
237
240
239
239
240
240
240
P240
P240
P240
P240
Nether- New
lands Zealand
Egypt
4
29
29
29
29
29
29
29
24
24
24
24
24
27
27
27
30
30
30
33
Poland Portu- Rumagal
nia
85
<84
69
69
59
59
59
60
60
60
24
24
24
24
21
20
19
20
20
20
20
133
152
158
182
203
260
267
269
P27O
P27O
P268
South
Africa
Spain
220
249
367
366
634
706
814
914
3 525
965
941
939
886
851
803
798
788
757
752
775
111
111
111
111
111
111
111
111
111
42
42
91
105
110
Government gold rese rves 1 not included ia
previous figures
United
End of month United King- France
States
dom
Belgium
80
154
44
1938—Dec
1939—Mar
May
Aug....
Dec
1940—Aug.
Dec
1941—Sept.. . .
Dec
1942—Dec
1943—Dec
1944—Dec
1945—June....
Dec
1946—June....
Sept
Dec
1947—Mar
2759
1,732
3876
156
48
24
25
12
43
12
81
18
71
113
177
163
331
559
477
4
460
4
292
H51
5
2,354
5
2,398
6
2,341
&2.196
52,535
5
2,587
52,345
293
214
457
17
17
17
17
17
17
17
17
1
c
Reported at infrequent intervals or on deP Preliminary.
Corrected.
Figures through March 1940 and for December 1942, December 1943, and December 1944 layed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equaliinclude, in addition to gold of the Central Bank held at home, gold of the Central Bank held
zation Account; France—Exchange Stabilization
abroad and gold belonging to the Argentine Stabilization Fund.
»On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
trol Board. Gold reported since that time is gold held by Minister of Finance, except for
» Reported figure for total British gold reserves
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
on Aug. 31, 1939, less reported holdings of Bank
are included also.
3
of 4England on that date.
Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figure for first of month.
Figures relate to last official report dates for the respective countries, as follows: Java—
6
Gross official holdings of gold and U. S.
Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- dollars as reported by British Government; total
British holdings of U. S. dollars, including
rately.
6
private as well as official holdings, as reported
Beginning December 1943, includes gold holdings of Swiss Government.
7
by banks in the United States are shown in
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British table on p. 1438.
Exchange Equalization Account during 1939.
NOTE.—For available back figures and for deN O T E . — For back figures, see Banking and Monetary Statisttcs, Tables 156-160, pp. 536-555, tails regarding special internal gold transfers
affecting the British and French institutions, see
and for a description of figures, including details regarding special internal gold transfers affectBanking and Monetary Statistics, p. 526, and
Ing the reported data, see pp. 524-535 in the same publication.
1
BULLETIN for February 1945, p. 190
NOVEMBER
1947
1433
GOLD PRODUCTION
OUTSIDE U. S. S. R.
fin thousands of dollars]
Year or
month
1938
1939
1940
1941
4942
4943
1944
1945
1946
1946—Sept..
Oct..
Nov..
Dec.
1947—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Estimated
world
production Total
reported
outside
U.S.S.R.i monthly
1,136,360 958
1,208,705 1,020
1 ,297,349 1,094
1,288,945 1,089
966
770
297
264
395
132
760 527
682 061
646 914
663 266
56,745
58,988
54,948
56,501
58,127
41,044
51,824
55,412
59,738
57,215
South I
Africa
425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
417,647
34,509
35,922
33,823
34,184
34,021
19,965
28,665
31.S24
35,308
33,984
35,396
34,875
Production reported monthly
Africa
North and South America
Other
RhoWest I Belgian United I CanMex- Colom- I Chile I Nica-7 AustraIndia9
desia Africa2 [ Congo^ States4 |
ico8
bia
[ ragua
lia8
$1=15$/n grains of gold 9 / w fine; i. e., an ounce offinegold—$35,
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284
28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078
29,155 32,163 «8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157
27,765 32,414
209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940
26,641 29,225
130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960
23,009 19,740
48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820
20,746 18,445
35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545
19,888 18,865
32,511 94,385
17,734 6,282 6,985 16,450 5,950
19,061 20,475
51,182 98,994
15,301 8,068 6,357 21,595 4,585
1,578
1,715
490
354
6,322 8,047
1,425
379
1,925
1,579
1,785
525
,384
1,332
654
1,925
5,454 8,429
1,527
1,820
315
,203
1,161
657
1,925
4,424 8,092
1,585 1,820
490
1,088
559
2,170
5,779 7,961
864
1,524 1,785
525
1,423
566
2,205
7,612 8,195
271
1,502
1,750
490
1,276
581
1,820
5,483 7,806
371
1,574
1,855
490
1,273
555
1,820
5,500 9,235
856
1,537
1,890
560
1,464
610
1,820
6,246 8,921
540
1 508 1,820
525
1,130
502
1,785
7,220 9,412
528
1,498
1,680
490
1,065
520
1,890
6,117 9,418
553
1,855
560
9,149
1,112
636
513
319
490
1 ,079
684
033
Gold production inU.S.S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
.Statistics.
2
beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
3
•Coast only.
Beginning May 1940, monthly figures no longer reported.
4
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint.
6
6
Figures for Canada beginning 1946 are subject to official revision.
Beginning April 1942, monthly figures no longer reported.
7
Gojd exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately *>0 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-Deeember
?19439they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; 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. 542-54j.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
net
mports
,973,569
,574,151
,744,472
982,378
315,678
68,938
-845,392
-106,250
311,494
United
Kingdom
France
Belgium
Netherlands
Sweden
South
Africa
Japan
India
All
other
countries
472 65,23127,880 39,162
76,315
401168,74016,159 13,301
,208,728 81,135 15,488163,049 60,146 1,363
610 57,02035,636 74,250 22,862165,605 50,956 2 68,623
,826,403 3, 798165,122 341,618 28,71586 ,987 612,949
880 128,259 38,627
1,739
777184, 756111,73949,989 284,208
977 63,260 61,489 90 ,320 ,622,330
633,083 141,778
791 61,862 42,678
1,747
,492 292,893 9,444 9,665 3 63,071
1
899 412,056
1
3,779
016 39,680
528 4,119
321
5 208,917
129 20,008
1,955
287
152
307
—8,731
66,920
13,489
88
199 3,572
18,365
46,210-109,695 -108,560
-695,483
106
357
133,471
53,148
094 -41,748
103
160
41(118,550
344,130
591|-134,405 -156
-2,613 -18,083
458
I
1946
24,182
Oct.
77,903
Nov.
Dec. -61,193
1947
Jan. -16,820
20,361
Feb.
Mar. 153,634
Apr.
44,050
May 129,734
June 200,233
July 219,201
Aug. 111,657
Sept 109,600
Net imports from or net exports (—) to:
Other PhilipLatin
SwitzAuserCanada Mexico Ameri- pine tralia
land
can Re- Republics public
134
25,248
27,473
38;
9
-120
-75
-1,002
-449
-31
-108
22,515 .
13,903
4,523
198
1,065
621
449 110,276 -151
443 -97,579 -132
51,174
222 -30,341 - 4 9
30,319
221 -13,269 -129
101,64:
2,898
122
26,341 -9,793
262 24,35
-87
26,442
217 96,026 - 7 0
52,913
282 103,894 1,111
51,820
330 90,369 -1,543
2,220
242 24,730 -286
499
17
19,912
38,601
18,883
32,544
37,490
66,674
11 26,376
80,446
53,228
60,081
17 16,042
28 37,760!
-682
103
-430 • 12,415
-868 • 3,279
-374 7 -2,899
-556 -16,734
-214
1,140
-515
•1.390
- 7 8 -1,529
-638
-334
-551 e5,233
64,221
6
10,215
i Includes $28 097 000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
» Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,OOC 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 other countries.
»Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
* Includes $133,980,000 to China and $509,000 from other countries.
6 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
e Includes imports from U. S. S. R. as follows: 1946—November, $11,793,000; December, $4,492,000; 1947—July $5,626,000; August,
$5 627,000; September, $11,287,000.
7
Includes $14,000,000 to China and $2,734,000 to other countries.
NOTE. For back figures see Banking and Monetary Statistics, Table 158, pp 539-541, and for description of statistics, see p. 524 in the same
publication.
1434
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
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936— Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
,069.5
,125.1
,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
,
Sept. 28
Dec. (Jan. 4, 1939)
3,301.3
3,140.5
3,567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
,150.4
,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
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
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2). . . .
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767 A
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1)
June 30 2
Sept. 30
Dec. 31
1943—Mar. 31
June 30
Sept. 30
Dec. 31
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
,026.2
,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
8,002.6
8,422.8
8,858.6
8,802.8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2,354.3
2,357.9
2,487.2
2,675.5
848.5
760.4
865.3
742.7
983.7
,011.2
998.2
972.8
820.6
848.4
818.4
798.7
130.5
131.8
134.6
144.1
1946—Jan. 31
Feb. 28
Mar. 31. . . . .
Apr. 3 0 . . .
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
8,822.9
8,775.1
8,730.8
8,674.4
8,405.8
8,338.2
8,496.2
8,344.2
8,250.1
8,280.2
8,270.4
8,009.5
6,234.7
6,156.8
6,098.8
6,076.2
5,850.7
5,662.7
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
3,601.6
3,457.7
3,384.6
3,296.2
3,074.2
2,852.0
3,186.7
2,917.3
2,834.4
2,776.9
2,532.7
2,333.6
2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.0
2,811.7
2,847.3
2,884.0
2,962.7
2,938.7
16.2
70.6
48.5
45.4
190.8
200.0
280.3
249.1
264.4
441.5
453.8
729.2
728.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
,097.8
,067.2
,073.0
,076.1
,104.2
,103.9
,125.3
,141.9
,170.7
,196.9
,231.5
1,237.9
625.9
672.4
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
135.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7
'8,077.3
'9,959.9
'9,736.7
'9,771.5
'"9,508.2
9,440.8
'5,300.6
'5,047.3
'4,841.3
'4,815.4
'4,498.0
4,591.9
'2,416.0
'2,006.2
'1,725.4
'1,718.8
'1,448.7
1,447.2
2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
3,144.7
449.0
2,705.6
2,707.0
2,702.5
2,819.4
2,694.3
404.8
380.9
337.1
333.6
255.3
202.5
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
464.4
439.7
414.3
416.7
398.5
393.4
150.4
156.6
154.5
161.6
156.4
160.8
1947—Jan. 31.
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
_
r
1
Revised.
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 deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
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.
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
1947
1435
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.
1936—Dec. 3 0 . .
1937—Dec. 29 .
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 3 1 . .
1942—Dec 31
1943—Dec. 31 .
1944—Dec. 3 1 . .
1045—Dec 31
1946—juiy 31 t
Aug. 31. .
Sept 30
Oct 31
Nov. 30..
Dec 31
I947—j an# 31 .
Feb. 28. .
Mar. 3 1 . .
Apr. 30
May 31
June 30 .
1, 1936). . .
4, 1939)
3, 1940)
1, 1941)
Total 1
United
King
dom
France
Netherlands
Switzerland
Italy
Other
Europe
1 ,440.7
? ,667.4
,501.1
3 ,933.0
5 ,112.8
5 ,807.9
S,354.1
5 ,980.2
7 ,267.1
7 ,728.4
8 ,802.8
8 ,296.2
8 ,063.9
8 ,001 0
8 ,015.8
7 ,828.9
7 ,555 7
r
7 ,628.4
' 7 ,254.3
rj ,029.7
'7 ,069 0
' 6 ,688.9
6 ,746.5
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
892.5
756.0
624.1
665.1
736.3
640.9
563.1
585.6
558.2
489.6
595.8
453.5
441.7
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
419.4
393.2
421.1
433.1
401.7
384.8
369.4
336.3
351.4
332 0
319.8
390.2
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
539.7
389.4
376.4
370 1
351.1
322.8
326 4
319 1
295.6
256.7
391 7
356.8
340.5
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
741.0
752.5
745.9
756.3
760.9
766.1
769.5
776.8
786.1
801 .6
804.6
799.3
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
196.9
201 0
203 5
213.4
228.0
287 5
342 8
256.2
215.8
221 7
198.7
181.2
(3)
70.9
166.6 1,200.6
150.5
201.2
311.6 2,051.3
436 1 2,653.0
106.3
410.6
384.6
155.3
612.5 3,054.2
483.4
918.9 3,790.1
229.4
1 ,098.6 4,056.6
411.7
606.8
1 ,071.7 3,626.3
340.5
567.5
1 ,030.3 3,608.1
425.1
835.8
1 ,133.3 4,192.8
760.3
951.0
1 ,172.5 4,081.8
976.4 1.193.7
1 ,311.8 4,037.0 1 ,395.7 1.338.4
1 ,288.1 3,790.7 1 ,278.7 1,486.1
1 ,264.8 3,612.0 1 ,223.5 1,566.2
1 ,243 9 3,649 5 1 ,177 7 1,544.8
1 ,248.7 3,738 9 1 ,110 6 1,569.6
1 ,249.5 3,603.8 1 .067.0 1,546.4
1 ,246 3 3 574 2 979 7 1,474.0
1 ,259.5 3,645 8
967 1 1,466.3
1 ,232.8 3,455.8
933.3 1,431.2
1 ,262.9 3,362.5
853.1 1,384.3
1 ,210.0 3,552 8
764 8 1,364 7
1 ,161.5 3,294 9
763.1 1,318 6
1 ,093.2 3,246.2
803.4 1,447.1
Canada
Total
Europe
Latin
America
Aeis2
156.5
243.0
315.4
302.7
522.6
642.6
691.1
932.9
1,161.6
1,273.6
1,784.1
L,492.1
1,425.4
1,365.9
1,326.6
1,327.4
1,258.3
r I,247.1
1,185.9
1,179.8
1,142 0
r 1,072 6
1,018.7
All
other2
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
248.5
236.7
263 2
270 0
284.4
269 6
302 0
248.1
250.0
244.6
239.6
231.1
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
I935—Dec
I935—D ec
I937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
I943—Dec
I944—Dec
1945—Dec.
( j a n 1 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31 . . .
31
1946—Tulv 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
I947—j a n . 3 1 . . : . .
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Total
United
Kingdom
France
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
'5,300.6
'5,047 3
'4,841.3
'4,815.4
'4,498.0
4,591.9
From Jan. 2, 1935, through—
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
599.7
464.0
509.0
576.8
485.5
397.6
423.0
381.9
312.2
423 . 1
279.7
267.2
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
195.1
170.6
195.4
204.5
181.2
165.8
157.0
12Q.0
146.2
129.6
117.8
190.2
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
217.5
210.5
222.4
199.1
185.8
208.2
195.6
197 8
166. 7
205 0
189.7
192.6
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
318.8
341.1
333.1
345 5
353.2
359.0
363.6
370 5
378.5
383 6
388.9
381 .5
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6 2
-6.9
7.0
50.1
145.2
154.0
158.6
168 6
185.2
247.6
300.7
227 1
198.2
205.4
184.1
166.8
59.9
82.4
119 1
196.8
449.9
580.8
538.0
479 8
565.3
611.2
745.8
718.4
691.2
679.4
688 7
693.1
687.2
701.0
673 1
719.1
689.2
647.8
589.0
453.5
588.9
791 7
1,010.7
1,655.4
1,986.3
1,766.9
1 697 5
2,271.2
2,193.7
2,223.4
2,194.8
2,031.4
2,097.9
2,183.0
2,084.0
2,065.5
2,141.0
1,979.3
1,921.0
2,035 .9
1,808.0
1,787.2
Canada
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399 5
704.7
818.6
1,414.2
1,176.4
1,111.6
1,069.6
995 4
937.4
823.9
748 0
784 7
670.2
519 6
469.6
478.8
Latin
America
Asia2
33.5
87.0
149.3
149.4
166.3
217.0
127.6
251.8
215.1
417.0
326.4
531.2
296.7
541.4
482 8
743 9
578.7
928.2
888.6
794.7
924.9 1.360 1
1,052.8 1,306.8
1 105 0 L 256 9
1,059.2 1,215.8
1 058 9
178 7
1,029.3 L.183.9
983.3
,135.7
112 9
1,010 3
981 0 r I 043 5
956 1 T ,042 5
1,000 0 r 01? 7
1,009 4
'973 1
1,120.9
966.7
All
Other'
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141 9
162.0
169.7
212.9
218.9
224 1
239 3
244 8
260.8
263.9
288 5
258 7
251.5
247 2
237.9
238.2
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
I935—Dec. (Jan. 1, 1936) .
1936—Dec. 30
I937—Dec 29
193g—Dec. (Jan 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec 31
1942—Dec 31
I943—Dec. 31
I944—Dec 31
I945—Dec 31
I945—j u iy 31
Aug 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1947—j an# 31
Feb. 28
Mar. 31.
Apr. 30
May 31
June 30
Total
United
Kingdom
France
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805 8
742.7
574.1
554.0
519 8
532.8
492.9
427.2
404.8
380.9
337 1
333.6
255.3
202.5
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
216.2
226.2
226.7
235.5
236.1
244.3
241.5
252.6
256.2
249.6
252.4
252. 7
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
78.0
75.7
76.0
76.1
75.1
75.0
73.4
69.2
66.1
63 4
57.9
60.2
59.0
Netherlands
Switzerland
— .4
1.6
—3.3
2.7
-4.4
2.6
—5.6
2.6
12.9
2.9
17.7
6.5
17.6
5.4
18.1
6.6
18.3
5.1
18.3
6.8
-17.7
5.2
-101.0
1.4
-104.2
3.4
— 118.4
2.6
-110.2
3.7
-120.2
1.8
-132.3 - 1 . 7
-117.9 - 3 . 5
-135.1 - 4 . 1
-137.1 - 3 3
-32.4
-.2
-20.6 - 1 . 4
-30.4
.3
Italy
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
22.2
17.8
15 9
16.0
13.7
10 6
11.7
8.9
6 0
4.5
2.7
2.5
Other
Europe
Total
Europe
Canada
38 5
88.0
132.0
175 6
206.2
241.4
250.5
253.5
256.8
231 .5
235.1
242.8
246.0
236 3
232.0
229.0
226 9
226.0
225.9
217.1
203.4
196.7
182.2
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
457.3
465.2
439 2
452.0
435.4
421 3
426.9
414.3
402 4
482.8
490.0
466.2
-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
39.5
50.6
49.3
42 6
43.2
40.0
40 7
44.1
49.9
53 9
56.5
56.1
56.5
Latin
America
Asia2
20.1
37.3
24.9
30.4
51.6
18.7
66 8 —46 5
52.6 - 2 1 . 5
43.2
34.8
17.7
64.7
68 3 93 8
55 7 102 7
37.0
77.7
99.2
9.1
—2 4
71 9
-17.3
61.1
— 14 6 56 4
-14.1
54.8
— 32.2 54 1
— 58 8 29 9
-92.4
34.6
-111.6
44.0
— 140 6 40 2
-213.7
31.0
-270.0
1.8
-256.9 -44.3
All
other 5
—1.6
—4.4
-8.7
—7 0
-.8
2.1
-1.2
6 6
7 5
-.3
1.5
—3 4
-4.2
—3 7
-3.1
—4.4
—5 8
-8.4
-15.7
— 18 7
-23.0
-22.6
-19.1
' Revised.
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
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.
1
1
1436
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
1,125.3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
107.3
101.5
100.4
98.3
95.0
96.8
98.1
101.3
101.4
102.9
103.6
105.7
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
50.9
49.9
49.9
49.5
49.1
50.2
50.0
49.9
50.1
50.0
49.6
49.5
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
33.1
31.4
30.3
29.1
27.5
26.0
24.7
23.6
22.8
22.5
2.2
1.7
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
44.9
36.4
37.4
34.5
31.0
31.2
31.5
31.8
30.9
31.9
31.4
31.2
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.3
27.1
27.1
26.8
26.7
26.7
27.0
26.8
26.8
26.9
26.9
26.8
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246.6
246.9
249.2
258.4
257.6
258.2
258.0
257.2
260.2
261.8
264.6
265.1
257.7
258.3
265.4
143.1
278.3
366.4
440.6
495.2
510.0
521.3
526.3
530.3
530.1
523.8
521.9
503.8
503.4
496.2
486.5
491.2
493.0
497.9
497.1
491.8
472.0
480.4
Latin
Can1
ada America Asia
-39.7
1.7
10.5
-9.7
-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
179.7
193.7
200.2
207.7
226.4
236.6
290.0
218.9
253.7
309.5
358.8
374.7
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
341.0
378.2
390.3
414.2
439.9
448.4
453.2
457.6
464.4
468.2
474.2
478.8
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
59.7
59.7
59.4
59.4
59.5
61.1
61.0
61.1
61.1
61.0
61.0
61.1
All
other1
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
23.0
6.5
17.4
19.3
19.3
.7
10.9
-5.7
6.4
3.0
TABLE 6. -DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through1935—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—Dec. 31
1946—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
1936)
Total
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
506.1
492.2
478.3
472.1
454.4
464.5
464.4
439.7
414.3
416.7
398.5
393.4
1939)
1940)
1941)
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
81.7
50.5
157.6
213.8
212
227
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
342.1
335.6
335.8
334.7
336.3
337.9
338.4
338.7
338.4
344.2
345.4
343.1
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-186.2
-186
-189
-193
-194
-194.9
-196
-197.5
-197.9
-198.3
-200.5
-202.7
73.4
73.0
77.6
81.6
74.3
74.9
73.0
71.4
71.2
73.8
72.3
71.8
233.2
236.7
236.9
239.9
239.0
233.5
223.6
222.9
220.1
216.8
213.6
207.0
199.4
194.4
188.0
179.3
168.6
158.4
Italy
Other
Europe
Total
Europe
-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
-.1
7.6
31.1
38.3
33.9
32.2
35.8
37.1
44.4
55.4
72.4
68.0
55.2
56.3
56.0
56.0
55.4
57.3
56.6
55.3
47.8
46.0
45.2
42.6
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
509.8
502.8
501.6
497.2
486.7
484.3
474.2
455.2
432.0
429.5
415.5
398.0
.6
1.9
2.2
1.7
1.6
1.7
1.6
2.0
2.1
3.0
-7.0
-15.5
-15.6
-15.4
-15.3
CanLatin
1
ada America Asia
All
other1
3.7
15.5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
81.3
86.1
87.5
91.5
93.4
94.1
87.6
84.9
86.2
88.2
90.6
86.5
85.3
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
49.7
43.4
30.5
29.7
25.0
26.8
33.4
32.1
30.6
30.3
28.8
28.4
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.9
8.3
8.8
8.6
7.5
6.9
8.8
9.1
8.0
8.1
8.1
8.7
8.0
1
CanLatin
ada America Asia
All
other1
2.8
32.6
37.6
25.7
-2.6
-18.4
-44.7
-45.1
-58.2
-28.1
-126.6
-147.7
-150.3
-153.9
-155.7
-158.2
-143.0
-137.
-141.9
-144.6
-141.9
-141.0
-126.3
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1935—Dec 30
1937—Dec. 29
1938—Dec (Jan. 4 1939)
1939—Dec (Jan 3 1940)
1940—Dec (Jan. 1, 1941)
1941 — Dec 3i
1942—Dec. 31
1943—Dec 31
1944—Dec 31
1945—Dec 31
1946—juiy 3i
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
1947_jan 31
Feb 28
Mar. 31
Apr 30
May 31
June 30
...
Total
6 0
12.9
47.5
47.6
80.6
100 9
100.9
104 4
117.8
126.3
144.1
140.9
146 8
150.4
153.1
154 7
153.7
150.4
156 6
154.5
161 6
156 4
4160.8
United
King- France
dom
Netherlands
Switzerland
Italy
2 4
10.4
11.5
12.9
20.1
19 9
19.9
20 7
21.5
23.1
23.4
24.4
23 7
22.1
22.4
22 0
20.5
20.1
20 0
20.4
20 5
19 9
19.7
1 3
-.9
5.0
6.8
9.3
13 4
17.6
17 5
19.9
22.3
26.0
16.1
15 8
15.7
16.3
16 1
17.5
17.3
14 9
16.3
17 3
16 9
18.2
2 5
9.1
10.8
9.6
17.8
16 2
13.5
13 7
19.3
23.0
30.3
33.8
35 9
36.9
37.9
38 6
39.6
39.5
39 9
41.5
42 1
40 4
43.2
.3
.1
.2
.1
2
.2
2
.3
.3
.4
.5
5
.3
.5
5
.4
.4
4
.4
5
4.0
11.5
13.4
19.4
17 0
16.8
17 4
18.8
18.5
19.8
18.9
19 2
18.6
19.2
19 2
19.2
19.2
19 8
17.7
18 6
18 4
18.9
1
4
.5
Other
Europe
1.3
-.3
5.0
5.0
4.9
77
7.7
8.5
9.2
10.4
13.6
13.2
13 7
14.0
14.1
14 8
14.7
14.1
14 0
13.8
13 7
13.5
14.0
Total
Europe
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
113.6
107.0
108.9
107.5
110.4
111.2
112.0
110.8
109.0
110.0
112.7
109.5
114.5
—4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
19.5
19.8
19.1
19.2
20.1
21.5
21.5
22.1
21.7
20.0
21 2
19.6
19.7
1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
5.9
8.5
12.9
18.3
17.1
15.3
13.4
10.3
18.0
16.3
19 5
18.5
19.0
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6.0
6.0
5.6
3.8
3.9
4.4
3.7
4.0
5.0
4.8
5.3
5.2
5.5
7 0
8.0
6.7
— 9
.3
2.1
7
.8
9
L.3
8
1.3
1.7
L.6
1.5
s
2.0
1.9
2 8
2.8
1 2
9
1.0
1
2
4
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.
3 Outflow less than $50,000.
Amounts outstanding June 30 (in millions of dollars): foreign brokerage balances in United States, 110.3; United States brokerage balances
abroad, 26.3.
NOVEMBER
1947
1437
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
Total i oreign
countries l
In-
ternational
institutions
Date
1934—Dec 3
1935—Dec 3 . . .
1936—Dec. 30
1937—Dec 3 29
1938—Dec 3 . . . .
1939—Dec.3
1940—Dec
1941—Dec. 3 1 . .
1942—Dec 31
1943—Dec. 31 . . .
I944—Dec. 3 1 . . . .
1945—Dec. 31
1946—July 3 1 . . . .
Aug. 3 1 . . . .
Sept. 3 0 . . . .
Oct. 3 1 . . . .
Nov. 30....
Dec. 3 1 . . . .
1947—Jan. 3 1 . . . .
Feb. 2 8 . . . .
Mar. 3 1 . . . .
Apr. 3 0 . . . .
May 3 1 . . . .
June 30. ...
and
Switzerland
Italy
Other
Total
Europe Europe
13 .7
86.1
123.5
302.1
218.8
376.3
508.4
339.9
184.2
210 6
239.3
304.2
18.8
26^1
41.7
25.7
20 4
38.5
17.9
15.4
12.1
11.3
27.3
70.4
76.7
136.5
158.3
194.9
273.3
526.4
657.3
614.6
650.9
728 6
774.5
909.1
Can2
Latin
ada America Asia
All2
Other
Official
private
669.7
1,301 1
1,623.3
1,893 1
2,157.8
3,221.3
3,938 2
3,678.5
4,205 4
5,374.9
5,596.8
6,883.1
219.9
300.3
269.0
284.4
461.4
473.7
468.9
2,725.6
2,726.9
2,722.5
2,839.3
2,714.2
NethUnited
King- France erdom
lands
Official
92.4
76.9
130 3
205 5
232.5
235.7
427.1
261.5
473.8
436.1
781.0
448.2
1,418 9
365.5
1,314.9
400.8
2,244 4
554.6
3,320.3 1,000 8
3,335.2
865.7
4,179.3
707.7
6,688.3 3,897.0
6,467.5 3,627.6
6,420.3 3,544.7
* 6,395.1 3,487.2
6,229.6 3,243.0
6,006.5 3,043.9
'6,034.8 '3,126.3
'5,781.4 '2,716.5
'5,575.4 '2,435.7
'•5,549.6 '2,429.1
'5,232.2 '2,159.0
5,326.0 2,157.5
661.1
525.3
570.3
638.1
546.8
458.9
484.4
443.3
373.6
484.4
341.0
328.5
33.9
163 5
176.3
143.9
187 4
288.2
490.1
448.6
432.3
439 9
401.2
310.0
12.9
68! 6
78.8
89.1
101 8
204.9
174.3
174.9
186.6
193 3
209.7
281.6
275.2
250.8
275.5
284.6
261.4
245.9
237.2
209.1
226.4
209.8
197.9
270.3
234.1 336.7 165.5
227.1 359.0 174.3
239.0 351.1 178.9
215.7 4 359.1 188.9
202.4 366.8 205.5
224.9 372.6 267.9
212.2 377.2 321.0
214.4 384.1 247.4
183.3 392.2 218.5
221.6 397.2 225.7
206.3 402.5 204.4
209.2 395.1 187.1
232 .9
99.3 122 .8 202 .8
686.3 145 .3 156.3 289! 8
814!3 186.1 263! 9 331^9
1,017.1 175.6 280! 9 399.5
1,237!8 201.8 248.5 435.5
1,882!6 274.6 336.0 655! 7
2,213.5 434.3 447 .3 769.9
1,994^0 373!2 417^7 780.0
2,020.7 507 .4 597 .7 930.0
2,584! 5 812^6 693.7 1,108!8
2,517.8 926.5 909! 3 1,069.2
2,583.0 1,522.2 1,046.4 1,549.7
181.8
881.7 2,554.4 1,284.3 1,174.4 1,487.5
854.5 2,391.0 1,219.6 1,226.6 1,437.5
842.7 2,457.4 1,177.5 1,180.7 1,396.4
851.9 42,538.3 1,103.3 1,180.5 1,359.3
856.4 2,439.3 1,045.3 1,150.8 1,364.5
850.5 2,420.7 5 931.8 1,104.8 1,316.4
864.3 2,496.2 855.9 1,131.8 '1,293.5
836.3 2,334.6 892.7 1,102.6 '1,224.2
882.4 2,276.3 778.2 1,077.6 '1,223.1
852.5 2,391.2 627.5 1,121.6 '1,193.3
811.1 2,163.3 577.6 1,130.9 '1,153.7
752.3 2,142.5 586.8 1,242.5 1,147.4
187.8
192.9
208.1
213.7
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0
12.0
23! 4
27.1
20 !o
34! 1
72!5
73.3
113 .6
149.6
175 .3
I74!o
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Denmark
Finland
6 LuxemGermany Greece bourg6
Date
Other
Europe
Belgium
1939—Dec 3
1940—Dec 3
1941—Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 31. . .
1945—Dec. 31. . .
526.4
657! 3
614.6
650.9
728.6
774.5
909.1
159. 2
144.8
117 3
121.8
122.9
124.3
185.0
28.1
17 .3
18 1
17.7
13.9
14.8
25.9
21.4
16!5
57
9.5
6.7
7.9
7.7
7.1
5.5
7.5
6.5
6.8
7.0
39.3
43.5
48.7
70.8
1946—July 31. . .
Aug. 31. . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
June 30. ..
881.7
854.5
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
811.1
752.3
169.0
160.1
158.7
177.0
186.0
159.5
165.3
149.3
178.8
163.0
150.9
142.5
50.4
52.1
56.8
54.9
57.0
66.5
73.3
68.3
62.5
57.8
56.9
52.0
11.9
13.1
13.6
17.0
18.6
22.2
21.6
28.9
31.3
26.8
22.4
22.7
6.4
6.5
6.4
6.8
7.3
7.1
5.3
5.5
6.9
9.1
64.1
60.1
64.4
58.4
55.5
49.3
43.7
43.0
39.7
39.8
37.7
32.2
6 6
21.5
27.3
Norway
6
PortuRuYugo- All
gal6 mania6 Spain Sweden USSR" slavia6 other
18.3
18.4
18.6
22.3
56.3
48.7
65 2
132.4
158.9
220.8
216.1
35.7
53.4
54.5
47.9
9.4
9.3
9.5
9.3
22.9
22.8
21.7
21.6
21.8
22.6
22.5
22.5
22.9
22.2
22.2
22.3
148.9
142.3
140.8
136.0
123.1
123.5
117.4
106.8
105.3
111.2
100.6
91.2
47.6
50.2
49.1
48.8
43.5
39.0
45.4
44.0
54.2
52.2
52.3
42.5
10.9
Cuba
French
West
Indies
and
Guiana7
8.5
8.7
8.7
9.0
8.9
8.9
8.9
12.2
11.3
8.3
8.2
17.5
31.8
43.4
31.7
142.2
235 4
210 7
153.5
163.2
152.1
210.1
14.3
12.3
16.1
28.0
17.7
20.7
18.2
18.9
20.2
15.3
16.4
19.8
20.0
18.8
18.1
17.5
11.8
204.4
196.3
183.1
159.9
165.4
172.6
164.2
159.1
165.2
157.3
152.2
133.2
50.2
47.9
37.5
46.4
53.2
60.5
60.4
58.5
58.5
60.0
50.4
50.6
8.3
8.7
8.5
8.4
Panama0
Other
Vene- Latin
Peru7 zuela7 America
34.0
58 7
42 1
36.9
57.6
69.1
88.7
9.9
5.7
5.7
10.4
12.4
12.9
13.9
14.7
15.3
12.5
11.8
109.8
187!9
191 0
57.9
76.9
52.1
43.7
65.9
67.7
74.7
87.8
90.3
89.9
103.4
107.8
111.4
108.4
105.6
104.0
Latin America
NethLatin
America
Argentina
..
..
..
. .
336.0
447.3
417.7
597.7
693.7
909.3
1,046.4
57.7
115.4
75.7
67.6
69.8
93.9
77.3
31. . .
31. . .
30. . .
31. . .
30. . .
31. . .
31. . .
28. . .
31 .
30. .
31. . .
30. ..
1,174.4
1,226.6
1,180.7
1.180.5
1,150.8
1,104.8
1.131.8
1,102.6
1,077 6
1 ,121.6
1,130.9
1,242.5
124.4
147.9
144.5
147.9
131.4
112.6
166.0
180.0
181.4
223.0
252.0
265.0
Date
1939.—Dec*
1940—Dec '
1941—Dec. 31
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
1946—July
Aug.
Sept.
Oct.
Nov.
Dec
1947—Jan.
Feb.
Mar
Apr
May
June
Bolivia7
Brazil
Chile
10 .8
12 .6
17 .7
14 .5
36.4
36.2
50 5
67.7
98.7
140.8
195.1
26.8
28.5
27.3
34.5
54.0
55.0
66.3
12 .3
11 .5
13 .5
14 . 3
13 .6
14 . 0
12 .4
13 .7
12 .8
11 .7
10 .3
16 .4
231.1
255.9
231.0
223.5
205.6
174.0
183.4
157.8
127.6
115.3
96.7
85.2
62.1
53.9
51.2
49.8
50.5
50.7
46.2
45.2
51.0
53.4
45.3
50.7
Colom
bia'
43.
67.
83.
79.
Costa
Rica'
4
1
6
2
75. 2
67. 4
65.2
61. 5
60. 7
57. 8
51. 0
55. 9
51. 9
56. 2
57. 8
42. 4
4
2
4
9
37 0
47 9
62 s
100 . 3
70 .4
139 .3
128 .3
4.9
2.6
4.4
7.1
6 8
6 5
6 7
7 1
8 6
7 7
7 3
9.0
8 5
9 3
8 5
8 6
167 .0
175 . 6
160 .6
158 . 0
159 .1
153 .5
147 .3
145 .9
150 .8
168 . 0
162 . 0
289 .6
7.6
7.4
7.8
6.7
6.0
5.4
4.9
3.9
4.0
3.2
3.6
2.9
12
12
7
6
er-
Mexico
58
55
37
95
70
83
116
8
0
7
7
4
1
4
135
143
142
133
143
152
149
142
3
1
2
2
2
2
3
1
139.1
127 6
128 8
126 7
lands
West
Indies
and
Surinam7
20.7
41.2
36.0
28.2
14.7
14.1
13.7
13.6
13.5
16.1
13.6
11.8
10.5
10.6
9.0
10.3
84.8
84.3
85.4
84.6
84.1
77.2
78.2
75.2
73.2
71.0
68.9
69.9
17 .7
17 .4
27 .7
43 .9
24 2
31 5
49 7
85 .3
105.6
121.8
64.2
95.4
119.8
144.8
39 .2
38 .8
39 # 1
43 g
40 '.7
40 .9
37 . 0
34 . 3
34 . 0
35 .9
38 .9
39 .7
42 3
50 9
52 5
68 7
67 3
74 0
51 5
45 5
46 7
49 .4
46 3
53 6
171.5
169.4
167.3
167.6
166.7
168.7
183.8
182.4
186.1
186.6
202.9
181.4
20.9
For footnotes see p. 1439.
1438
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
Asia
1939—Dec.1
1940—Dec *
1941—Dec. 31
1942—Dec. 3 1 . . . .
1943—Dec. 31
1944—Dec. 3 1 . . .
1945—Dec. 3 1 . . . .
1946—July
Aug.
Sept.
Oct.
Nov.
Dec.
1947—Jan.
Feb.
Mar.
Apr.
May
June
31.
31.
30.
31.
30.
31.
31.
28.
31.
30.
31.
30.
India,
Egypt
China
Neth- Philand
Union
and French Hong Bur- Briterma, ish Japan lands ippine Tur- Other All 2 Aus- New Anglo- French of
Man- Indo-1 Kong and MaMoIskey1 Asia other tra- Zea- Egyp- rocco South Other
chu- China
East
lia land tian
Africa
Cey- laya1
ria
Indies1 lands
Sudan
lon1
655.7
769 9
780.0
930.0
1,108.8
1,069.2
1,549.6
. .
..
..
..
. .
. .
..
..
..
..
..
..
167.0
207 5
156.8
360.9
574.2
427 3
582.3
1,487.5
1,437.5
1,396.4
1,359.3
1,364.5
1,316.4
'1,293.5
'1,224.2
'1,223.1
'1,193.3
'1,153.7
1,147.4
611.9
561.8
525.3
490.1
456.5
431.9
'428.7
'389.7
'373.2
'369.1
'354.3
369.1
71 4
91 1
61.6
27 .4 41.6
?7 4 23.9
?7 4 22 9
28 .0 27.4
47
55
42
37
36
39
42
36
39
38
40
37
.2
0
.9
.7
.2
.9
.1
.0
.1
.4
.5
.2
33.2
34.1
37.9
35.6
46.1
44.9
39.2
40.8
38.9
39.0
41.5
41.1
13 1
18 2
22 1
33.4
165
110
69
1.0
4
.9
4
4
1 3
4
1.2
33.2 2 . 2
28.3 10.3
35.8 9 . 3
33.3 9 . 5
40.1 17.2
43.5 17.3
42.5 8 . 8
44.2 7 . 1
40.7 7 . 2
36.1 8 . 3
33.4 9 . 6
41.2 8 . 8
4
193 4
198 6
226.8
160. 4 254.7 29 9
110. 1 259 1 35 4
110 s 365 8 23 7
113. 7 629.1 52.5
.9
.8
1
0
.1
9 .2
13 4
9 .5
14 .1
14 .1
16 .6
17 .2
17 .7
18 .7
18 .9
18 .0
16 . 7
114. 3
120. 1
128. 9
133. 4
134. 5
127. 1
117. 4
116. 6
122. 9
103. 7
482.4 64
466 9 6?
465.2 61
466.6 58
466.3 64
446.6 54
448.3 60
430.5 56
447.1 55
438.9 65
9 5 . 4 432.2 57
9 4 . 9 448.8 51
58 5
162 4
264.9
36.2
55 5
64 2
78.0
5
q
0
6
3
7
8
5
8
4
0
0
72 5
73 3
113!6
149.6
175 3
174 0
181.8
89.5 187.8
84 6 192.9
80.6 208.1
80.5 213.7
89.2 229.7
93.8 232.8
88.5 257.3
85.1 227.5
79.4 220.3
75.6 216.0
71.8 206.7
68.5 207.0
23.1 4
25.3 5 1
52 9
s
28.9 4 3
5
6 1
7
18 9
12.1
10.3
4 3
10.0
11 0
4 s
8
6 4
91.8
124.1
97 6
113.4
28.7
33.6
39.9
41.1
35.1
45.5
40.9
59.4
40.4
38.7
36.2
47.8
17
19
20
21
22
20
19
18
19
19
20
22
7
11.5
11.6
13.4
13.3
14.5
14.9
16.0
16.9
16.5
16.1
14.9
13.9
10
13
24
29
52
47
82
33
43
47
50
39
113.4
110.1
104.5
102.5
99.8
96.4
89.9
90.7
90.5
86.2
76.5
74.5
6 4
5 ?
5 5
5 5
5 7
8 0
8.2
8 3
9 6
8 7
8 7
8 .6
0
2
8
3
8
8
4
6
0
5
6
1
4
5
4
2
2
5
9
7
.3
0
5
' Revised.
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 3 below.
Footnotes to table on p. 1438.
r
Revised.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
'Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan.l, 1941.
4
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States" have been adjusted to exclude the unreal movement introduced by this change.
5
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
• Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for May 1947, p. 621, and September 1945, pp. 967-970.
1
2
8
ASSETS
Date
1934—Dec. (Jan.
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—]jer 31
1944—Dec. 31 .
1945—Dec 31
1946—July
Aug.
Sept
Oct.
Nov
2, 1935)
1, 1936)
4, 1939)
3, 1940)
1, 1941)
31.
31
30
31
30
D e c 31
1947—Jan. 31
Fe.b 28
M a r 31
Apr. 30. .
May 31.
June 30
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other Total
Europe Europe
Canada
Latin
America
Asia1
All
other l
1,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
80.5
32.5
16.8
13.5
10.3
4.9
4.2
1.8
1.3
1.1
1.4
1.1
18.6
19.0
21.9
23.0
24.2
5.7
.9
1.1
.5
.4
.3
36.3
8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
27.2
13.5
10.9
20.8
13.5
11.8
2.0
1.5
.4
.4
.3
.3
311.8
273.3
223.0
179.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77 6
107.5
140.7
96.3
100.9
59.4
118.0
60.4
39.7
36.0
33.6
34.3
37 8
28.1
53 3
174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112 2
131.0
158 9
117.4
80.1
67.2
78.9
144.1
174.1
117.8
87.9
35.3
26 3
51.4
29 9
8. 5
10. 1
12. 9
17. 2
15. 5
9. 3
6. 4
9. 7
4. 8
3 Q
11. 7
9 Q
561.4
581.5
615.7
602.7
642 6
708.3
730.7
754.6
798 4
801.8
880.2
933.0
75.8
65.8
65.3
56.5
55.9
47.7
50.5
39 4
35.8
42.4
39.6
39.3
3.4
3.1
3.0
3.9
4.1
5.7
9.9
13.0
15.6
21.1
18.8
20.1
119.6
122.8
137.1
128.8
138.8
151.0
136.6
153.7
155.8
51.0
39.3
49.0
6.7
4.7
5.5
4.5
6.3
4.3
8.8
10.7
10.5
12.9
16.0
14.9
17 7
20.6
22.0
23.8
24.1
67.0
63.8
73.4
77.8
80 8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
276.8
269.0
294 9
282.1
298 8
312.9
307.3
319 8
331.8
251.3
244.1
268.0
42.2
43.6
50 3
49.7
52 9
52 2
48.8
43 0
39.0
36.4
36.8
36.4
170.4
185.3
182 6
182.1
200 2
226 8
260.4
279 6
308 6
381.7
438.0
424.9
57.1
68.0
72 7
74.3
75 0
99 2
94.5
85 0
88.9
98.1
127.3
173.3
14. 8
15. 6
15 1
14. 5
15 8
9.8
11.7
12 2
11.4
8.3
9.5
7.8
17
?
19. 8
27 1
30 t
34. 3
34. 0
30 5
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
1947
1439
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
Germany
1939—Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
104.7
69.5
60.5
56.3
52.9
78.3
74.6
6.5
1.5
1.1
.8
.7
.7
.6
3.2
1.4
1.8
1.9
5.6
7.6
53.4
39.6
34.4
34.0
33.9
33.9
33.9
1.1
.6
.6
.7
.2
.2
35.1
31.6
2.4
1.4
.8
.5
1946—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
67.0
63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
8.8
9.1
6.9
7.2
7.7
7.5
7.1
7.4
8.0
8.9
8.9
10.1
.2
.3
.2
.4
.5
.5
.6
.4
.3
.3
.4
.6
4.3
4.0
3.5
4.3
5.9
6.2
6.4
6.1
8.3
7.1
9.1
11.4
33.9
33.9
33.9
33.9
33.9
30.4
30.3
30.4
30.4
30.4
30.3
30.3
1.6
2.1
12.6
12.6
13.0
12.4
12.4
12.5
13.2
12.8
13.0
12.9
.6
.5
.7
.7
2.1
3.3
3.7
4.0
4.2
5.2
5.9
6.3
.7
.7
1.0
1.3
.9
1.0
.9
.9
1.0
1.0
1.2
1.5
Date
Norway
1 SwePorRutugal1 mania1 Spain den
All
Yugo
USSR1 slavia- other
1
3 6
Greece1 Luxembourg1
8 7
1 0
28.0
24.5
22.1
8.4
5.0
5.1
4.7,
9
.5
i
.1
.1
.1
4.2
6.9
7.0
6.9
.6
3.2
3.2
1.8
1.6
.4
.2
.2
.9
(3)
(3)
(3)
(3)
4.2
3.3
3.6
7.2
6.5
7.2
7.3
6.2
3.8
3.7
3.5
4.3
7.6
5.5
5.5
4.1
3.9
4.9
5.5
5.6
6.0
7.1
7.4
7.5
(3)
(3)
i
(3)
(3)
(3)
(3)
(3)
(3)
5.0
4.3
5.5
6.1
6.2
9.4
9.5
10.2
13.2
22.9
26.3
35.4
Latin America
Latin
BoAmer- Argen- livia4 Brazil Chile
tina
ica
Date
1939—Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec 31
1946—juiy 3i
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
1947—j an , 3i
Feb 28
Mar. 31
Apr. 30
May 31
June 30
113 3
122.7
148 3
99.7
112.2
131 0
158.9
15.3
3.1
21.0
170.4
185.3
182.6
182.1
. . . 200.2
226.8
260 4
....
279.6
308.6
381.7
438.0
424.9
27.9
25.6
21 A
22.5
24.0
41.8
49.1
45.5
49.9
57.8
60.7
57.6
NetherFrench
lands
West
Other
West
Costa Cuba Indies Mexico Indies Pana- Peru* Vene- Latin
and
zuela4 AmerRica4
ma5
and
Guiica
Suriana 4
nam4
32.2
33.1
38 0
16.7
18.9
25.3
24.7
9 7
13.4
14 9
15 3
16.6
9 0
6.6
20 7
12.2
15 5
16.8
.7
1.2
1.2
20.1
47.4
33.3
(3)
(3)
4.4 28.6
3.2 41.3
2.6 37.2
2.2 40.4
2.0 43.9
2.3 49.8
2.6 54.4
2.6 63.1
3.0 69.6
4.8 115.4
5.3 150.2
3 . 6 160.9
7.5
10.6
14 5
13.8
14 0
14.6
13 1
15.3
16.0
18.6
20 3
17.4
21.3
22.6
23 8
21.0
19 8
26.4
29 9
30.2
26.8
30.4
36 4
40.3
2.1
9.8
1.7
2.6
2 5
2.9
3 4
3.7
4.0
3.4
3 6
25.7
15.6
21.1
27.9
41 1
25.7
35 5
37.9
45.2
53.8
60.1
46.0
(3)
16.8
11.9
16 8
6.9
Colombia*
3.0
1.8
1.8
1.3
5 9
.6
3.9
8.3
.2
.1
.2
(8)
1
.2
(3)
(3)
(3)
.1
.3
1 0
6.1
10 5
11.7
11 3
2.1
2 8
1.4
1 2
1.9
3.9
.5
3
.5
2 4
2 1
1.1
.8
1.1
3.8
5.1
6.1
37.2
44.4
57 3
14.2
8.7
11.7
33.4
.5
.4
4
.4
5
.8
9
.8
.8
1.1
1 0
1.6
1.3
.9
.9
8
1.3
1 6
1.7
2.2
2.2
2 1
3.4
3.6
3 0
2.7
2 7
3.7
5 4
6.5
7.0
7.8
7 6
1.0
2.6
5.6
8.1
8.1
7.0
4.8
6 6
8.7
10 4
15.6
19.6
15.4
19 2
16.7
24.0
25.8
27.0
24.9
21 7
23.1
27.1
27.9
33.9
37.3
36 7
36.3
7 6
4 8
11.2
8 6
11.0
15.2
17.2
22 0
17.6
20 6
25.5
27 0
28.8
30.7
33.7
34 8
32.9
3
Asia and All Other
India,
Egypt
China
Neth- Philand
Union
and French Hong Bur- Brierma, tish Japan lands ippine Tur- Other All 7 Aus- New Anglo French of Other
MoAsia Man- Indo- Kong and MaIs- key1 Asia other tra- Zea- Egyp- rocco South
chu- C
East
lia land tian
CeyAfrica
ria
Indies6 lands
lon*
Sudan
Date
1939—Dec.2....
1940—Dec. 2 ....
1941—Dec. 31. ,
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 1 . .
1945—Dec. 3 1 . .
174.1
117
87.9
35.3
26.3
51.4
29.9
22.0
23.7
1946—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
57.1
68.0
72.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
127.3
173.3
19.0
28.6
34.7
34.6
40.8
53.9
43.8
36.8
41.2
47.0
76.
104.8
.
1.9
1.7
3.1
.9 2.2
1.0 2.0
.9 22.3
7.5
23.5
11.1
1.7
1.5
1.0
()
.1
9.4
10.8
11.7
10.1
9.1
12.0
12.7
12.9
14.6
14.2
13.2
32.8
2.2
2.9
3.2
6.5
4.0
5.9
5.0
5.1
4.1
4.0
3.5
3.5
.7
.5
.1
.1
102.1
55.8
18.9
5
.5
.5
.5
1.7
.1
.2
.2
.2
.2
.5
.5
1.0
1.3
1.1
2.2
.3
.3
.3
.5
.2
.2
.2
.2
.2
.2
.2
.2
1.6
1.7
1.5
1.4
26.4
22.6
23.0
14.4
13.9
13.8
13.8
1.8
3.2
1.8
2.0
1.2
1.3
1.2
1.0
.9
1.0
1.1
.9
1.4
1.9
1.5
.5
18.5
19.2
16.6
16.0
14.7
20.2
25.3
23.0
20.3
22.4
23.2
20.2
.9
.9
.9
1.3
.9
1.4
1.4
1.5
2.0
2.5
2.7
3.3
21.6 9.3
14.0 6.4
19.5 9
2.0 4
1.8 3.9
8.8 11.7
2.7 9.9
3.9
3.9
3.9
4.0
4.2
4.4
4.5
4.0
3.9
4.5
5.8
5.8
14.8
15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
30.5
1.0
.5
.6
1.7
1.7
2.4
9.7
4.7
1.2
.7
1.0
2.5
2.9
2.9
3.3
2.7
3.1
3.4
4.3
6.2
6.5
7.5
6.6
9.0
8.0
8.1
7.7
8.4
9.1
10.1
10.5
14.7
16.0
18.3
18.9
15.2
2.5
3.0
2.5
2.0
2.4
2.2
3.4
4.5
5.5
6.8
6.0
5.0
1
2
Prior to June 30, 1942, included under "All other."
Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
» Less than $50,000.
* Prior to June 30, 1942, included under "Other Latin America.'
5
Included "Canal Zone" prior to June 30, 1942.
e Prior to June 30, 1942, included under "Other Asia."
7
Country breakdown not available until June 30, 1942.
1440
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
Assets of issue
department
326.4
* .2
.2
.2
.2
.2
,2
.2
1946—Oct. 30
Nov. 27
Dec. 25
.2
.2
.2
1947—Jan. 29
Feb. 26
Mar. 26.
Apr. 30,
May 28,
June 25.
July 30
Aug. 27.
Sept. 24
8
5
6
.2
.2
.2
.2
.2
.2
.2
.2
.2
6
Liabilities of banking department
Note
circulation3
Coin
Notes
Discounts
and advances
.6
.6
.8
.8
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
,088.7
,238.6
,379.9
Cash reserves
Other
assets 2
Gold1
200.1
313.7
326.4
25.
30.
29.
28.
27.
25.
31.
30,
29.
27,
26,
Assets of banking department
Securities
Deposits
Bankers'
260.0
200.0
220.0
230.0
580.0
6 630.0
* 780.0
8
950.0
1,100.0
1,250.0
1,400.0
1.0
.9
.3
.9
.9
1.9
.4
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
1,400.0
1,400.0
1,450.0
1.0
1.1
1.3
38.5
34.2
22.1
9.5
25.3
13.6
327.2
333.9
327.6
,361.8
,366.0
,428.2
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1.0
.9
.6
1.0
1.3
1.8
2.4
2.5
2.3
85.8
74.7
59.5
62.6
56.1
55.2
30.9
56.8
73.7
25.4
16.0
11.1
18.0
8.7
20.6
28.6
16.6
14.6
271.0
294.6
338.7
344.8
353.9
337.0
364.6
332.0
325.9
,364.5
,375.6
,390.7
,387.6
,394.1
,395.0
,419.3
,393.4
,376.5
Public
Other
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
292.7
310.1
278.9
288.4
285.2
286.4
303.7
301.9
290.3
301.8
282.0
289.6
12.1
12.1
11.4
15.9
29.7
12.5
11.2
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.5
56.3
57.3
60.6
60.1
94.4
98.0
95.1
98.3
95.1
93.4
92.1
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
8.2
10.1
10.3
16.0
22.4
10.6
6.9
5.0
8.0
11.3
14.0
16.2
17.8
17.9
18.1
18.3
18.4
18.5
17.8
18.0
18.1
18.3
18.4
18.5
Deposits
Note 7
Other
assets circulation
Other
Chartered Dominion
governbanks
ment
Other
liabilities8
Other
200.9
.5
181.9
448.4
391.8
807.2
172.3
156.8
906.9
1,157.3
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
1946—Oct. 31.
Nov. 30.
Dec. 31.
.9
.9
1.0
,301.5
,283.8
,197.4
521.5
605.0
708.2
40.1
40.9
42.1
156.9
161
186,
538.6
579.5
565.5
36.6
63.9
60.5
85.2
79.4
93.8
46.7
46.8
42.7
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 30 .
Sept. 30.
1.0
1.0
1.2
1.0
1.0
4.0
.7
2.4
1.9
,196 8
,172.3
,146.9
,186.0
,123.0
,063.7
,081.9
,141.5
,088.0
718.8
738.9
757.5
751.2
731.0
716.0
722.6
720.3
744.7
39 3
47.6
40.4
59.2
41.3
40.4
42.0
39.0
49 5
138 6
137.9
153.2
153.9
148.1
152.6
1,153.7
1,158.9
1,172.2
533 3
493.6
536.3
542.6
477.6
474.4
468.3
515.0
481.1
150.1
215.7
159.8
195.7
179.4
105.6
124.1
133.6
128 2
82 9
75.3
64.6
69.3
51.0
37.3
32.1
35.9
32.6
36.9
37.3
37.1
40.5
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
31.
31.
31.
31.
30.
31.
31.
31.
31.
30.
31.
180.5
179.4
179.8
185.9
225.7
00
4.2
9.1
14.9
28.4
64.3
38.4
.6
30.9
61.3
82.3
5.2
5.3
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
Liabilities
Dominion and provincial government
securities
Shortterm8
9.0
10.3
Other
liabilities
144.6
787.6
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
8.6
8.2
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
58.5
54.4
63.7
58.7
62.0
1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 63, and Dec. 10, 1945, and on Dec. 10, 1946.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
NOVEMBER
1947
1441
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)
Liabilities
Advances to
Government
Domestic bills
Gold*
Foreign
exchange
Open
market 2
Special 2 Other
For occupation Other 2
costs 3
Other
assets *
Deposits
Note
circulation
Govern- C.A.R.8
ment
Other
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
Other
liabilities
29...
28...
26...
31...
31...
30...
28...
27...
87,265
«97,267
684,616
84,598
84,598
84,598
75,151
6129,817
821
112
42
38
37
37
42
68
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
1,797
2,345
661
12
169
29
48
303
7,880
20,627
5,149
34,673
3,646 "72',317 63,900
4,517 142,507 69,500
5,368 210,965 68,250
7,543 326,973 64,400
18,592 426,000 15,850
25,548 426,000
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
570,006 12,048
1946—Sept. 2 6 . . .
Oct. 3 1 . . .
Nov. 2 8 . . .
Dec. 2 6 . . .
94,817
94,817
94,817
94,817
6
5
6
7
70,577
71,224
74,739
77,621
546
3,124
3,344
3,135
62,567
63,127
67,396
76,254
426,000
426,000
426,000
426,000
44,703
52,693
47,116
47,577
667,567
696,924
704,796
721,865
804
814
824
765
54,743
55,612
58,549
63,468
4,201
4,241
4,748
7,213
1947—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
Aug. 2 8 . . .
94,817
94,817
782,817
82,817
82,817
82,817
664,817
64,817
5
8
5
6
6
6
6
3
75,500
82,958
83,613
85,120
82,221
82,983
99,114
97,490
2,209
1,435
694
134
125
84
8
20
82,674
85,917
85,221
80,901
88,429
87,134
85,195
98,224
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
55,200
54,507 730,253
54,000
53,066 737,692
79,500 8 58,083 746,266
55,000 108,758 770,670
63,700 8103,846 775,053
95,000 8119,662 807,064
113,600 8120,046 831,587
124,900 8105,639 838,442
789
831
767
770
745
834
792
750
55,020
54,512
63,880
62,304
66,745
76,747
71,329
70,651
4,849
5,166
5,021
4,992
4,599
9,040
5,075
7,250
1938—Dec.
1939—Dec.
1940— Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
28,100
46,600
55,500
67,900
41,400
64,580
16,857
10,724
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
2 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
Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National Bank of Belgium on Dec. 22, 1944.
6
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
million, in week ending May 2, 1946, 35,000 million, and in week ending July 3, 1947, 18,000 million francs of gold transferred from Bank of
France to Stabilization Fund.
7
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury bonds covering these contributions is shown under "Other assets."
8
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.
Central Bank
(Figures as of last report
date of month)
1947
Sept.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1 .
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government l
Nationalized
Other
Certificates of participation in
Government securities
Other liabilities
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks.
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
c
1
2
1
July
,617
,428
952
,434
,627
,526
453
,332
,903
73
173,
2,'
178
411,
410,572
17,034
204,143
13,
205,
248,064
238
26 822 24,195
130 699 132,270
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Infl. Fund •
Aug.
1946
28,478
12.169
1,164
453
161
364
,227
,564
Sept.
1947
Central Bank
(Figures as of last report
date of month)
Sept.
National Bank of Belgium—Cont.
Loans to Government
,847
Other loans and discounts
,160
Claim against Bank of Issue...
866
Other assets
80
Note circulation
,710
Demand deposits
,279
Blocked accounts *
,638
Other liabilities
,267 Central Bank of Bolivia—Mone673 tary Dept. (millions of bolivianos):
,514
Gold at home and abroad
155
Foreign exchange
Loans and discounts
2
Government securities
,695
Other assets
Note circulation
Deposits
Other liabilities
217 204
692 National Bank of Bulgaria 5
2,
(Central Bank of Chile (millions
392 ,361 of pesos):
,344
Gold
197 ,680
Gold contribution to Int'l. Fund.
Discounts for member banks. . .
,862
Loans to Government
24 ,559
Other loans and discounts
,500
Other assets
Note circulation
Deposits—Bank
' ..
31 655
Other
Other liabilities
720
,686
,939
,597
,196
,125
,653
,699
,754
Aug.
July
Sept.
48,947
4,296
64,597
2,379
77,818
3,893
78,712
1,775
47,169
6,456
64,597
2,327
77,597
4,493
78,719
1,745
50,084
3,125
64,597
2,223
71,292
4,709
77,966
1,436
922
338
250
631
11
1,671
256
225
922
325
225
632
9
1,679
209
224
920
322
223
431
16
1,633
273
6
c
200
200
43
43
658
868
1,162
991
1,394: 1,239
1,662 cl,647
3,658 3,670
675
586
280
247
506
486
Corrected.
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
1442
331
" 600
"
938
713
1,914
3,244
531
253
468
Until such
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Sept.
Aug.
1946
July
Sept.
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia
Bank of 1 inland (millions of
(thousands of pesos):
markkaa):
,568
155,099
Gold
,043 248,843
Gold
,592
27,076
Foreign exchange
,398 60,444
Foreign assets (net)
1
,867
21,867
Net claim on Int'l. Fund
,867
Clearings (net)
,225
Paid-in capital—Int'l. Bank. . . . 1,225
,225
Loans and discounts
,061
Loans and discounts
,647 20,216
Securities.
126,208
,302
,521 80,555
Other assets
Government loans and securities. 81,383
,126
,712 39,896
Note circulation
Other assets
42,223
,298
,361 217,828
Note circulation
Deposits
249,838
,691
,440 192,916
Other liabilities
Deposits
167,085
,752
,612 39,209 Bank of Greece (billions of drachOther liabilities
38,158
mae):
National Bank of Costa Rica—
Gold and foreign exchange (net).
Issue dept. (thousands of colones):
Loans and discounts
11,420 11,369 11,220
Gold
Advances—Government
Foreign exchange
13,777
7,881
Other
Contributions to Int'l Fund and
Other assets
to Int'l. Bank
30,321 30,321
Note circulation
Loans and discounts....
62,515 63,020 62,755
Deposits—Government
Securities
3,996 4,003
Other
Other assets
1,166
1,051
1,' 586
Other liabilities
Note circulation
79,153 73,809 68,596
Demand deposits
37,180 37,310
7,801 Bank of Guatemala (thousands of
quetzales):
Other liabilities
6,862
6,527 6,219
Gold
National Bank of Czechoslovakia
Foreign exchange
(millions of koruny):
Gold contribution to Int'l. Fund
2
4,833 4,925 4,694 3,577
Gold and foreign exchange . . .
Rediscounts and advances
5,117 4,677 4,302 6,265
Loans and discounts
Other assets
57,860 57,873 124,181 120,637
Other assets
Circulation—Notes
Note circulation—Old
930
937
Coin
New
48,946 47,288 45,037 38,290
Deposits—Government
Deposits—Old
68,784 76,627
Banks
New
6,193 7,730 9,2
7,953
Other liabilities
Other liabilities
12,670 312,457 9,138 6,674 National Bank of Hungary (millions of forint):
National Bank of Denmark
Gold
(millions of kroner):
Foreign exchange
71
71
71
83
Gold
Discounts
82
88
77
146
Foreign exchange
Loans—Treasury
16
26
52
97
Clearing accounts (net). . . .
Other
16
20
14
Loans and discounts
22
Other assets
123
116
107
93
Securities
Note circulation
5,840 5,930 6,005
Govt. compensation account.
7,588
Demand deposits—Government
256
259
Other assets
272
86
Other
Note circulation
1,452
1,450
1,462
1,493
Other liabilities
Deposits—Government. . . .
2,347
2,159
2,340
2,684
Other
2,640 2,562
2,646
3,695 Reserve Bank of India (millions of
rupees):
Other liabilities
151
152
149
243
Issue department:
Central Bank of Ecuador
Gold at home and abroad.
(thousands of sucres):
Sterling securities
274,525 274,
42,331
Gold
Indian Govt. Securities. . .
18,730 18,
95,154
Foreign exchange (net). . !.
Rupee coin
16,877 16,
Net claim on Int'l. Fund
Note circulation
290,914 255
212,936
Loans and discounts
Banking department:
119,398
103,476
Other assets
Notes of issue department. .
341,906 347,758 347 ,286
Note circulation
Balances abroad
297,684 297,413 265 ,56
Demand deposits
Treasury bills discounted. .
80,854
Other liabilities
41,043
Loans to Government
Other assets
National Bank of Egypt (thouDeposits
sands of pounds):
Other liabilities
6,376 6,376 6,241
Gold
13,432 13,432 15,601 Central Bank of Ireland (thousands
Foreign exchange
of pounds):
3,124
3,289 2,366
Loans and discounts
Gold
British, Egyptian, and other
Sterling funds
297,554 297,1
300,511
Government securities
Note circulation
26,780 24,731 28,426
Other assets
119,946 122,759 132,528 Bank of Italy (millions of lire):
Note circulation
Gold
85,349 83,836 84,488
Deposits—Government
Foreign exchange
127,437 123,666 122,249
Other
Advances—Treasury
14,535 15,126 13,880
Other liabilities
Other Govt. agencies
Central Reserve Bank of El SalvaLoans and discounts
dor (thousands of colones):
Government securities
37,028 37,071 32,807
Gold
Other assets
37,528 40,570 ^37,636
Foreign exchange (net) x
Bank of Italy notes
1,563
1,563
Net claim on Int'l. Fund
Allied military notes
1,833
2,028
2 i 155
Loans and discounts
Deposits—Government
5,516
5,516
6,052
Government debt and securities.
Demand
1,751
1,710
1,941
Other assets
Other
50,122 50,484 44,603
Note circulation
Other liabilities
27,588 29,520 29,688 Bank of Japan 5
Deposits
7,508 8,455 7-6,300 Bank of Java 5
Other liabilities
1947
Sept.
Aug.
1946
July
Sept.
2
2
2
1
980 1,438
937
738
- 2 , 8 1 3 - 3 , 9 2 0 -4,278 - 8 , 1 1 3
32,875 33,241 32,033 33,043
430
417
407
496
1,179
698
755
506
24,484 23,945 22,956 19,076
1,669
1,148
1,216
2,399
6,446 6,339 6,185 5,196
684
18
674
945
101
732
82
165
1,443
27,229
20,839
1,250
2,820
8,377
28,852
2,855
7,803
12,451
8,554
707
18
684
885
94
692
79
168
1,448
972
11
517
499
39
512
80
127
1,319
27,229 27,229 28,476
22,006 22,456 16,364
1,250
1,250
2,442 2,504 1 ,100
7,978 7,897 3,240
29,433 29,209 27,797
2,822
2,838
2,666
7,353
6,990
4,794
13,127 13,606 11,694
8,345
8,517
2,228
393
92
1,291
340
355
111
1,178
340
346
155
921
340
242
1,834
25
114
385
280
1,754
30
104
376
301
1,592
27
67
377
275
3
499
42
414
607
31
11
585
444
444
11,353 11,353
578
578
326
298
11,806 11,936
444
11,353
578
205
11,879
737
4,050
50
76
788
5,501
201
702
5,165
24
2,646 2,646 2,646
40,510 38,503 37,759
43,157 41,148 40,405
,646
,744
,390
(June)
523
4,352
489,252
14,040
91,395
115,629
37,447
501,174
76,417
11,728
57,599
83,921
21,800
523
,170
,923
,237
,395
,811
,872
,164
,796
,658
,778
,656
,879
896
3,825
65
10
889
5,538
146
368
6,010
250
r
Revised.
* This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning Dec. 31, 1946.
3
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
4
Latest month available.
6
For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942)
see BULLETIN foi^March 1943, p. 278.
NOVEMBER
1947
1443
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions of pesos):
Metallic reserve 1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold....
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets.
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities
Bank of Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
.• Government loans and securities
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Discounts
Government loans
Other assets
Note circulation
Deposits. . . .
Other liabilities
Bank of Portugal 3
National Bank of R u m a n i a »
S o u t h African Reserve Bank
(thousands of pounds):
Gold*... .
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
1947
Sept.
Aug.
July
Sept.
Central Bank
(Figures as of last report
date of month)
1947
Sept.
Aug.
1946
July
Sept.
Bank of Spain—Continued
2,851
3,054
Other assets
23,148
20,414
Note circulation
1,522
,490
1,485
1,680
1,946
1,063
Deposits—Government. . .
610
617
505
3,071
3,088
Other
163
90
95
164
596
637
Other liabilities
,662
1,683
1,683
1,691 Bank of Sweden (millions of kronor):
963
900
927
1,155
204
1,040
278
316
Gold
294
268
271
215
339
981
Foreign assets (net)
298
343
Swedish Govt. securities and ad- 5
2,707
,638
1,106
vances to National Debt Office
,398
502
502
502
699
234
120
39
Other domestic bills and advances
224
2
2
2
1
311
346
371
907
Other assets
379
354
4,601
418
,664
2,632
2,606
,543
Note circulation
154
152
187
152
570
478
835
570
Demand deposits—Government.
,600
3,600 3,600
135
317
245
113
Other
126
152
155
103
360
362
386
382
Other liabilities
126
125
126
262 Swiss National Bank (millions of
2,768
,856
2,785
2,554
francs):
810
860
900
1,389
,307
5,234
,187
4,881
Gold
82
79
82
104
65
70
149
Foreign exchange
96
647
724
738
756
157
63
111
Loans and discounts.,
84
220
210
526
213
87
99
83
Other assets
82
,108
4,022
3,783
Note circulation
,980
,174
1,077
Other sight liabilities
1,132
,127
2,802
2,802
2,802
Other liabilities
346
345
315
342
:
90,666 92,428 85,909 Central Bank of t h e Republic of
Turkey6 (thousands of pounds):
23,462 23,050 34,185
Gold
473,960 487,705 517,088 662,448
3,868 3,868 3,949
Foreign exchange and foreign
c
769
1,270
850
292, 756 309
126,176
9,078 300
clearings
633, 178 631,403 596
47,420 47,180 45,406
754,043
Loans and discounts
187
68,262 71,056 77,935
165,528
187,669 187
Securities
33,
4,773
5,966 4,681
79,849
31,839 33
Other assets
942 096 941,619 929
878,247
Note circulation
339
149,
339
197,197
Deposits—Gold
148,378 148
287.
352
499
Other
328,299 324
141,209
242,
106
87
Other liabilities
571,390
229,399 232
74
74
Bank of t h e Republic of Uruguay
8,108
8,103
(thousands of pesos):
64
63
Gold
286 419 310,856
1,935
1,956
Silver
13, 004 13,540
3,968 3,929
Paid-in capital—Int'l. Bank
318
1,058
1,266
Advances to State and govern898
897
ment bodies
14,470
28
326
333
Other loans and discounts
109,502
147
897
744
Other assets
354 370 359,479
Note circulation
214 095 213,127
Deposits—Government
55 788 44,181
1,881
3,415
722
722
Other
226 253 ,118
,349 34,602 31,862 32,056
Other liabilities
442 297,420
,338 17,399 17,087
500 Central Bank of Venezuela (thou,451
9,728 9,786
9,607
sands of7 bolivares):
510
2,765
872
4,510
557, 408 557,408 617 ,912 557,080
Gold
289 42,668 41,329 29,792
94,
Foreign exchange (net)
,267 40,854
80,131
328
83,
9,273 10,544 13,411
Other assets
77,993
,603 33,223
753 14,900 11,450 3,426
Note circulation—Central Bank. 495,
495,669 487,579 406,955
4,531
7,372
National banks. 4,
4
187
188,615
Deposits. .
184,287 210
116,297 156,552
48,
31,046 38
28,215
Other liabilities
20,491
National Bank 3 t h e Kingdom
of
2,480
of Yugoslavia
58,863 38,274 Bank for I n t e r n a t i o n a l Settle699,095 625,649
m e n t s 8 (thousands of Swiss gold
107,220 13,734
francs):
679,455 560,845
79,485 82,712 123,042
Gold in bars
211,913 242,202
Cash on hand and on current
113,077 31,163
,211
9,635
4,473
,429
account with banks. . . .
496
1,726
141
Sight funds at interest . . . .
,574
Rediscountable bills and accept34
36,159 33 451
8,373
ances (at cost)
19
10,363 13 538
5,854
Time funds at interest
190,305 184, 810 238,457
74,325 66 676
Sundry bills and investments. .. 62
18,870 10,674 24,794
Funds invested in Germany 9 .. . . 291 160 291,160 291 160 312,350
5,718
7,627
10,991
Other assets
4 290
4,286
32
2 506
9,333
Demand deposits (gold)
13,796 12,527
18 071 18,093 18 093 20,737
Short-term deposits (various
63,080 63,429 65,225
currencies):
164,844 145,957 206,496
6,579
Central banks for own ac6,038 6,252
count
080
8,113
3,047
,666
1,213
Other
1,215
928
2,591
,087
1,209
Long-term deposits: Special ac573
522
counts
15,703
15,826
228 ,909 228 ,909 228 ,909 229,001
Other liabilities
8,345
4,660.
250,038 249,434 247,291 200,271
656
653
646
711
c
1
2
Corrected.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 3as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report from the central bank of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944)
see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
4
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds.
6
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
••
7
Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Govern8
9
ment.
See BULLETIN for December 1936, p. 1025.
Before March 1947, included in "Sundry bills and investments."
1444
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 gium er- Sweerlands den land
dom
In effect Dec. 31,
1937
May 10, 1938. . .
May 13
May 30
Sept. 2 8 . . .
Oct. 27
Nov 25
Jan. 4, 1939
Apr. 17
. .. .
May 11
July 6
Aug 24
Aug 29
Sept. 28
Oct. 26
Dec 15
Jan 25 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Tan 16 1945
Jan 20
Feb
9
Nov 7 1946
Dec 19
Jan. 10, 1947...
3
2
Rate
Oct.
31
Central
bank of—
Rate
Oct.
31
Date
effective
Mar.
Mar.
July
Aug.
Nov.
21,
1,
3,
27,
8,
1940
1936
1945
1947
1940
Ireland
Italy
Japan
Java
Latvia
Nov.
Sept.
Apr.
3.29
Jan.
3
Feb.
5
23,
6,
7,
14,
17,
1943
1947
1936
1937
1940
Bulgaria
Canada
Chile
3-4 y2
Colombia
4
Costa Rica
3
Czechoslovakia
Aug.
Feb.
Dec.
July
Apr.
Oct.
14,
8,
16,
18,
1,
28,
1946
1944
1936
1933
1939
1945
Lithuania....
Mexico
Netherlands .
NewZealand.
Norway
Peru
6
July
June
June
July
Jan.
Aug.
15,
4,
27,
26,
9,
1,
1939
1942
1941
1941
1946
1940
Denmark
Ecuador
El Salvador.. .
Estonia
Finland
Jan.
June
Oct.
Oct.
June
15,
8,
15,
1,
5,
1946
1943
1946
1935
1947
Portugal
Rumania. . . .
South Africa.
Spain
Sweden
Jan.
May
June
Dec.
Feb.
12,
8,
2,
1,
9,
1944
1944
1941
1938
1945
2y2
France
9, 1947
Switzerland..
Turkey
United Kingdom
U . S . S . R.. . .
Yugoslavia. .
2
IX
3
3
Albania
Argentina
Austria
Belgium
Bolivia
Date
effective
3
2
4
4
2Y2
2
6
2 ^
2¥
2*
. „
. .
3
4
3
3
2
Aug. 27
Oct. 9
Central
bank of —
2*1
3
2
31/
3Y2
1«
7
4
4
3
4
2y2
IK
IK
1%
&2M
2y2
&3
In effect Oct. 31.
" 2 "
1947
&3
Germany . . .
Greece
Hungary
India
3
"Vu
sy2
sy2
2y2
ix
2y2
Oct.
&3
2 Vo
Apr.
Aug.
Aug.
Nov.
10
7
3
9,
16,
1,
28,
1940
1946
1946
1935
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.'—Changes since Sept. 30: France—Oct. 9, up from [% and 2}i to
2}4 and 3, respectively.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Netherlands1
Germany
Bankers'
allowance
on deposits
Private
discount
rate
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
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..
1946—Aug..
.74
.41
.79
.60
.55
.55
.53
1.58
1.03
1.03
1.03
1.03
1.03
1.03
.53
.60
.30
.74
.58
.53
.52
.51
1.92
1.02
1.00
1.00
1.00
1.00
1.00
.51
.73
.62
.81
.75
.75
.75
.75
1 .35
1.00
1 .00
1.00
1.11
1.13
1.13
.63
1946—Sept..
Oct...
Nov..
Dec.
.53
.53
.53
.53
.51
.51
.51
.50
.63
.63
.63
.63
1.30
1.07
1.01
1.21
1 .00
.90
.78
.78
.25
.25
.25
.25
1947—Jan...
Feb..
Mar..
Apr...
May.
Tune.
July..
Aug..
.53
53
53
.53
.53
.53
.53
.53
.50
.51
51
.51
.51
.51
.51
.51
.63
63
63
63
.63
.63
.63
.63
1 44
1.72
1 65
1.59
1.45
1.46
1 .52
1.30
.77
1 46
1 .19
1 .11
1 .08
.86
1 .09
1 .00
.25
.25
.25
.25
.25
.25
.25
.25
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
Treasury
bills
3 months
Day-today
money
.50
.50
.50
.47
.25
.00
.00
.00
.50
.25
.25
.25
.25
.25
.25
4.72
06
3.01
2.85
2.51
2.50
.77
.73
.68
.89
.89
1
The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 m same publication.
NOVEMBER
1947
1445
COMMERCIAL BANKS
Liabilities
United K i n g d o m 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and
short
notice
Bills dis- Treasury
deposit
counted receipts 2
Deposits
Other
assets
Securities Loans to
Total
Demand
Time
Other
liabilities
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
274
324
366
390
422
500
536
174
159
141
142
151
199
252
334
265
171
198
133
147
369
314
758
896
,307
,667
,523
609
771
999
,120
,154
,165
,234
1,015
924
823
794
761
772
827
290
293
324
325
349
347
374
2,441
2,800
3,329
3,629
4,032
4,545
4,850
1,398
1,770
2,168
2,429
2,712
3,045
3,262
,043
,030
,161
,200
,319
,500
,588
256
250
253
236
245
250
265
1946—September
October...
November
December.
553
557
574
499
280
312
324
432
405
472
497
610
,671
,629
,628
,560
,393
,403
,410
,427
930
944
964
994
379
390
433
505
5,302
5,397
5,503
5,685
3,502
3,563
3,632
3,823
,800
,833
,870
,862
308
310
328
342
1947—January..
February.
March....
April
May
June
July
August .. .
475
463
466
476
460
464
475
479
428
421
444
435
430
451
442
455
624
659
750
709
659
672
699
724
,563
,436
,317
,346
,350
,330
,283
1,248
,427
,439
,455
,461
,470
1,479
1,488
1,492
1,008
1,015
1,034
1,064
1,099
1,131
1,139
1,154
454
451
465
470
489
518
504
473
5,629
5,519
5,556
5,583
5,571
5,658
5,644
5,628
3,749
3,603
3,606
3,628
3,593
3,667
3,668
3,663
,880
,916
,950
,956
,978
,992
,975
,965
348
364
374
376
386
386
386
396
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
292
323
356
387
471
550
694
53
40
32
31
48
92
251
1,088
1,108
1,169
1,168
1,156
1,211
1,274
132
159
168
231
250
214
227
1,646
1,531
759
,293
,940
,611
4,038
612
570
653
657
744
782
869
85
80
71
60
42
34
26
2,774
2,805
3,105
3,657
4,395
5,137
5,941
1,033
1,163
1,436
1,984
2,447
2,714
3,076
1,741
1,641
1,669
1,673
1,948
2,423
2,865
963
846
962
1,049
1,172
1,289
1,386
1946—September,
October...
November.
December.
676
699
730
753
91
97
117
136
1,284
1,341
1,476
1,507
122
126
128
132
4,375
4,471
4,496
4,232
960
959
931
1,039
22
22
22
21
6,037
6,201
6,362
6,252
2,513
2,724
2,902
2,783
3,524
3,477
3,460
3,469
1,449
1,470
1 ,493
1,525
1947—January. .
February. .
March.. . .
April
May
June
July
August .. .
689
635
695
719
631
637
645
670
134
155
121
97
81
106
99
82
1,481
1,506
1,555
1,628
1,664
1,709
1,761
1,805
134
126
195
142
113
126
119
116
4,369
4,264
4,239
4,349
4,162
4,131
4,110
4,109
960
1,066
993
1,035
998
1,041
1,036
1,014
21
21
21
21
20
20
20
19
6,233
6,171
6,188
6,356
6,066
6,152
6,170
6,186
2,700
2,585
2,569
2,719
2,383
2,508
2,481
2,412
3,533
3,586
3,619
3,637
3,682
3,644
3,690
3,774
1,514
1,558
1,590
1 ,594
1,563
1,578
1,580
1,591
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Deposits
Other
assets
Total
Demand
Time
Own
acceptances
Other
liabilities
1939—December
1940—December
1941—December
1942—December
1943—December
1944_December
1945—December
4,599
6,409
6,589
7,810
8,548
10,365
14,602
3,765
3,863
3,476
3,458
4,095
4,948
13,804
29,546
46,546
61,897
73,917
90,897
99,782
155,025
7,546
8,255
8,265
10,625
14,191
18,653
36,166
2,440
2,221
2,040
2,622
2,935
2,190
7,360
42,443
61,982
76,656
91,549
112,732
128,758
213,908
41,872
61,221
75,744
91,225
111,191
126,578
211,871
571
762
912
324
1,541
2,180
2,037
844
558
413
462
428
557
2,898
4,609
4,753
5,199
6,422
7,506
6,623
10,151
1946—July
August
September
October
November
December
14,985
14,830
16,553
15,505
16,909
17,943
17,873
16,991
17,723
18,389
18,423
18.919
182,107
181,770
177,269
183,716
187,560
195,177
50,747
53,861
55,935
61,262
63,941
64,933
14,160
15,676
16,319
18,618
21,116
23,392
260,371
262,160
262,130
273,488
281,576
291,894
258,574
260,461
260,366
271,672
279,703
290,004
1,797
1,699
,765
,816
,872
,890
9,527
10,376
10,798
12,490
14,370
15,694
9,973
10,592
10,871
11,513
12,004
12,777
1947—January
February
March
April
May
June
17,267
16,992
19,471
18,578
17,516
27,316
20,241
19,127
20,677
20,877
20,684
20,419
195,750
197,377
203,451
202.425
209,977
196,762
67,084
66,114
66,744
69,670
68.656
73,569
18,367
18,756
20,724
21,081
22,377
22,866
295,444
294,922
305,583
306,356
311,244
312,289
293,484
292,946
303,742
303,857
308,256
309,137
,960
,976
,841
2,499
2,988
3,152
15,767
15,720
16,380
16,772
17,606
17,679
7,499
7,723
9,103
9,503
10,360
10,964
1446
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency
Australia
Argentina
Brazil
Canada
Chile
China ColomBelBul(pound)
(peso)
(cruzeiro1)
(dollar)
(peso)
(yuan
Year or month
gium
bia
garia
Special Official Free (franc) Official Free
(lev) Official Free Official Export Shang- (peso)
Official Export
hai)
1938.. .
1939. .
1940
,
1941
1942
1943
1944
1945
1946
1946—October
November....
December....
1947—January
February
March
April
May
June
July
August
September. . . .
Year or month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—October
November. . .
December. . . .
1947—January
February
March
April
May
June
July
August
September. . . .
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
389 .55
353 .38
322.80 305.16
23.704' 322.80 321.27
23.704 322.80 321.50
24.732 322.80 2321.50
25.125 322.80
25.125 2 322.80 3321.17
25.125
321.34
25.125
321.27
25.125
321.19
25.125
321.07
25.125
321.06
25.125
320.91
25.125
320.91
25.125
320.91
25.125
320.91
25.125
320.90
25.125
320.90
25.125
320.92
25.125
321.12
2
2
Czecho- Denslovakia mark
(koruna) (krone)
3.4674
23.4252
21.825
20.346
219.308
FinGerland France many Greece Hong Hun- India
Kong gary
(mark- (franc) (reichs- (drach- (dollar) (pengo) (rupee)
ma)
ka)
mark)
2.1567 2.8781 40.164
1.9948 2.5103 40.061
1.8710 22.0827 40.021
2
2.0101
239.968
2
22.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
3.3788 5.8438
1.2424
99.419
3.3704 6.0027
n.2111 2
96.018
23.3760 6.0562 5.0214
90.909 85.141
6.0575 5.0705
90.909 87.345
6.0584 5.1427
90.909 88.379
6.0586 5.1280
90.909 89.978
6.0594 5.1469
90.909 89.853
2
90.909 90.485
2.2860 6.0602 5.1802
95.198 93.288
2.2829 26.0602
100.000 95.953
5.4 053
2.2798
100.000 95.182
2.2797
5.4053
2.2795
100.000 95.444
5.4053
2.2790
100.000 95.078
5.4382
2.2797
5.4404
100.000 95.692
2.2822
5.4404
100.000 94.217
5.4405
2.2836
100.000 91.901
5.4406
2.2831
100.000 91.954
5.4406
2.2832
100.000 91.592
5.4406
2.2818
100.000 91.652
5.4406
2.2821
100.000 91.998
5.4406
2.2833
100.000 90.362
20.877
20.877
20.869
20.867
20.866
20.866
20.866
20.866
20.865
20.862
20.862
20.861
1.9711
.8409
.8409
.8408
.8407
.8408
.8408
.8408
.8407
.8408
.8407
8407
.8405
.8407
2
.8958 30.457 19.727 36.592
.8153 27.454 19.238 33.279
.6715 222.958 218.475 30.155
24.592 19.770 30.137
30.122
30 122
30 122
30.122
30.155
30 156
30.155
30 152
30 157
30 153
30 153
30 160
30 161
30 163
30 171
30.171
30 167
5.1716
5.1727
5.1668
25.1664
Italy
(lira)
Japan
(yen)
5.2605
5.1959
5.0407
2
5.0703
28.451
25.963
23.436
223.439
2.4434
United
Kingdom
Year or month
Straits
South
Switz(pound)
Norway Poland Portu- Ruma- Africa Spain Settle- Swe- erland
gal
nia
den
ments (krona) (franc)
(krone) (zloty) (escudo) (leu) (pound) (peseta)
(dollar)
Official Free
24.566 18.860
1938
23.226 218.835
1939
222.709
1940
1941
1942
1943
1944
1945
2
20.176
1946
20.161
1946—October
November.... 20.161
D e c e m b e r . . . . 20.161
20.161
1947—January
20.161
February
20.161
March
20.161
April
20.160
May
20.160
June
20.160
July
20.159
August
September.... 20.15X
4.4267
4.0375
3.7110
2
4.0023
24.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0412
4.0313
4.0208
4.0275
4.0161
4.0257
4.0203
.7325 484.16 5.600 56.917
.7111 440.17 10.630 51.736
2.6896 397.99 9.322 46.979
398.00 29.130 247.133
398.00
46.919
398.00
398.00
399.05
400.50 29.132
400.50 9.132
400.50 9.132
400.50 9.132
400.63 9.132
400.75 9 132
400.75 9.132
400.75 9.132
400.75 9.132
400 75 9 132
400.75 9.132
400.75 9,132
400.75 9.132
25.197
23.991
23.802
2
23.829
2
25.859
27.819
27.821
27.821
27.822
27.822
27.822
27.823
27.824
27.826
27.827
27.826
27.822
22.871
48S .94
22.525 2
443 .54
22.676 403.50 383.00
2
23.210 403.50 403.18
403.50 403.50
403.50 2403.50
403 50
2
403 50 34.03 n?
2
23.363
403.28
23.363
403.20
23.363
403.09
23.363
402.94
23.363
402.93
23.363
402.74
23.363
402.73
23.363
402.74
23.363
402.74
23.363
402.72
23.363
402.71
23.363
402.73
23.363
403.00
4.0000 21.360 55.953
4.0000 11.879 57.061
4.0000 26.000 57.085
24.0000 5.313 57.004
57.052
57.265
57.272
57.014
57.020
57.007
57.065
57.140
57.140
57.041
56.980
56.980
56.980
56.980
56.980
56.980
56.980
Neth- New
Mex- erlands Zeaico
land
(peso) (guild- (pound)
er)
22.122
19.303
18.546
20.538
20.569
20 577
20.581
20.581
20.581
20.574
20.583
20.584
20.582
20.574
20.574
20.577
20.580
20.576
20.575
20.582
20.578
55.009 392.35
53.335 354.82
253.128 306.38
322.54
322.78
324.20
324.42
2
37.933 323.46
37.813 322.63
37.789 322.56
37.789 322.48
37.789 322.36
37.789 322.35
37.789 322.20
37.788 322.20
37.757 322.20
37.760 322.20
37.751 322.18
37.760 322.18
37.753 322.20
37.751 322.41
Uruguay
(peso)
Controlled
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
Noncontrolled
Yugoslavia
(dinar)
2.3115
36.789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
56.280
56.272
56.272
56.272
56.264
56.262
56.262
56.262
56.262
56.262
56.259
56.203
56.204
2
i 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
r during which quotations
NOVEMBER
1947
1447
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index Numbers]
United
States
(1926 100)
Canada
(1926 100)
1926
100
100
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
66
75
80
81
86
79
77
79
87
99
103
67
72
72
75
85
79
75
83
90
96
100
148
182
104
106
103
104
United
Kingdom
(1930100)
90
95
95
101
119
126
127
128
136
227
247
Year or month
Mexico
(1929 100)
2
France
(1938 100)
124
61
58
52
63
89
100
105
139
171
Japan
(1933 100)
106
86
88
89
94
109
101
103
137
153
Italy
(1938100)i
NetherSweden
lands
(July 1938- (1935 100)
June 1939
-=100)
132
150
100
99
103
110
133
140
155
173
183
89
90
87
91
108
102
105
131
150
2
126
2
2
Switzerland
(July 1914
-100)
144
186
91
90
90
96
111
107
111
143
184
210
218
223
221
215
1946—October
November
December
134
140
141
111
111
112
305
309
313
178
179
180
824
806
842
3 176
3,376
3,677
1,787
1,948
2,063
262
264
266
186
190
192
217
219
219
1947 —January
February
March
April.:::
May
June...
July
August.:
September
142
145
114
118
312
310
182
183
867
882
305
184
860
2,120
2,120
2,144
2,617
2,848
2,946
4,221
5,347
194
195
120
3,754
3,891
4,139
4,533
5,203
5,329
*5;752
267
268
150
269
196
268
268
270
P272
197
198
199
199
199
219
219
220
221
221
222
223
223
121
148
147
148
151
154
157
175
648
166
169
187
189
190
193
194
195
300
299
297
293
292
298
123
125
128
129
131
90
96
100
102
114
111
115
146
172
265
375
197
209
157
160
189
196
233
296
201
234
286
109
159
163
67
65
72
80
94
100
104
121
136
153
164
181
196
194
1,406
847
946
904
882
998
Pi,090
251
*>271
P Preliminary.
1
The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from
old index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Farm
products
Foods
United Kingdom
(1930=100)
Canada
(1926=100)
Other
Farm
commod- products
ities
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
Netherlands
(July 1938-June 1939 = 100)
Foods
Industrial raw
products
Industrial
finished
products
1926
100
100
100
100
100
100
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946,
51
65
79
81
86
69
65
68
82
106
123
123
128
149
61
71
84
82
86
74
70
71
83
100
107
105
106
131
71
78
78
80
85
82
81
83
89
96
97
99
100
110
51
59
64
69
87
74
64
68
73
85
98
107
110
112
57
64
66
71
84
73
67
75
82
90
99
104
106
109
70
73
73
74
81
78
75
82
89
92
93
94
94
99
83
85
87
92
102
97
97
133
146
158
160
158
158
158
87
90
90
96
112
104
106
138
156
160
164
170
175
184
103
121
140
157
157
159
172
200
112
163
177
175
174
179
193
282
104
126
148
154
159
163
184
261
1946—October
November
December
165
170
168
158
165
160
116
121
125
113
114
114
112
113
113
101
101
102
157
157
156
189
191
193
209
218
217
298
299
308
269
271
272
1947—January
February
March . . :
April
May
165
170
183
177
176
178
181
182
186
156
162
168
162
160
162
167
172
179
128
129
131
132
132
131
133
136
138
114
116
116
117
119
119
120
120
P120
115
119
124
126
128
129
131
133
P134
104
107
108
112
113
116
116
117
P123
157
158
158
163
165
166
168
167
165
196
197
198
200
203
203
207
209
212
218
218
220
215
206
205
P2O7
313
312
312
316
321
323
P337
273
274
274
274
275
277
P276
June
July
August
September
P Preliminary.
Sources.—See B U L L E T I N for July 1947, p. 9 3 4 ; M a y 1942, p. 4 5 1 ; March 1935, p. 180; and March 1931, p. 159.
1448
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRirsICIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[ Index numbers]
COST OF LIVING
[Index numbers]
United
SwitzCanUnited
King- France Nether- erada
States
dom
(1938
lands land
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100)
= 100)
1914
1947
= 100)
= 100)
= 100)i
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
101
105
98
95
98
103
104
101
97
106
124
138
106
116
127
131
136
139
160
164
168
161
166
131
133
140
168
170
169
147
168
1946-October
November.
December.
188
186
147
146
1947-January...
February..
March...
April
M!ay
.
184
182
190
188
188
191
146
147
149
152
155
158
July . . . .
August....
September.
193
197
180
June
130
139
141
141
160
161
ioo
108
129
149
174
224
120
130
130
132
120
127
130
130
150
177
191
198
146
175
200
211
275
377
645
215
215
210
866
215
168
168
851
861
168
168
169
168
162
i 161
i 101
847
851
833
830
883
941
99
P165
216
216
United
SwitzUnited
CanKing- France Nether- erdom
lands land
States
ada
(1938
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
1914
= 100)
= 100)
= 100)
1947
= 100)
= 100)i
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
99
103
101
99
98
101
102
102
100
105
117
124
106
112
117
118
184
199
200
199
126
128
139
119
119
124
201
203
204
1946 October
November.
December.
152
153
127
127
203
204
856
865
212
212
153
153
156
156
156
157
127
128
129
131
133
135
204
203
204
203
203
x
203
i 101
856
858
838
837
886
935
212
212
212
213
216
217
216 1947-January...
215
February..
March. . .
216
April
216
220
May
June
222
2^1
July
222
August... .
September.
974
1 089
Pl.187
149
127
136
137
158
160
P139
2 132
147
154
156
1S8
100
108
129
150
175
224
100
154
175
187
195
151
174
193
203
208
209
208
285
393
645
212
858
203
P101
130
137
137
138
137
139
140
217
218
965
1,068
Pl.157
P218
* Preliminary.
»
1 The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is
also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
1947, 2 p. 255.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues. . .
United
States*
(derived
price)
15
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 = 100)
(2)
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
112.3
118.3
123.8
127.3
127.8
127.5
128 3
132.1
1946—October
November. .
December
121.8
121.6
121.5
117.6
117.6
117.6
1947—January....
February....
122.6
122.7
122.4
122.8
122.9
122 8
122 5
122 3
121.5
117.8
118.1
118.2
117.9
118.2
118.6
119 3
119 2
P119.0
. ..
Inarch
April..::
May
...
June
July
August
September....
Netherlands'
50
13
87
113.8
115.9
117.8
118 3
120.3
120.9
122 1
123.4
1939
1940
1941
1942
1943
1944
1945
1946
France
(1938=
100)
114.2
114.2
143.4
146.4
146.6
150.5
152.1
144.6
133.0
134.6
134.7
139.9
141.0
142.6
135.0
134.0
133.3
132.6
132.9
132.1
131 1
126 4
126.4
142.1
140.8
139.8
138.6
136.9
135.4
131.1
7
8
P128 6
P125.2
United
States
(1935-39
= 100)
Canada 4
(1935-39
= 100)
402
France 8
United
Kingdom (December
(1926 = 100) 1938 = 100)
6
295
100
278
109.0
94.2
88 1
80.0
69 4
91 9
99.8
121 5
139.9
77 4
67.5
64 2
83 5
83.8
99 6
115.7
75.9
70 8
72.5
75 3
84 5
88.6
92 4
96.2
107.6
106.6
106.9
122.3
120.6
125.5
101.8
102.5
106.4
93.0
95.3
97.8
1,034
1,080
1,244
109.0
106.9
105.9
104.3
104.6
105.0
125.2
128.7
123.7
119.3
115.2
119 1
126 0
124 5
123.1
106.2
109.4
106 4
104.8
104.4
105 3
107 4
105 5
P104.0
98.6
96.7
96 9
96.6
97 9
97 5
98 2
92 2
88.7
1,068
1,028
1,103
1,017
1,003
1,124
1 135
7
8
Netherlands*
(1938=100)
37
112
140
308
479
540
551
694
875
167.5
170.0
180.1
179.5
183.6
201.9
203.0
201.4
Pl 265
Pi,298
P Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter on the capitalized yield as calculated on the 15th of every month.
3
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond4 for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
5
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and'represents an unweighted monthly average
of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
NOVEMBER
1947
1449
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
RONALD RANSOM, Vice Chairman
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
ELLIOTT THURSTON, Assistant
CHESTER MORRILL, Special Adviser
to the Chairman
to the Board of Governors
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
LEGAL DIVISION
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N . PEYTON
RONALD RANSOM
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
LAURENCE F. WHITTEMORE
CHESTER MORRILL, Secretary
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
J. T . BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H . STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
1450
WALTER LICHTENSTEIN, Secretary
HERBERT V. PROCHNOW, Acting
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston....
Albert M. Creighton
Donald K. David
Laurence F. Whittemore
William Willett
New York.
William I. Myers
Vice Presidents
Robert B. Harvey2
E. G. Hult
E. O. Latham
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning8
Allan Sproul
L. R. Rounds
Carl B. Pitman
O. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny
P. M. Poorman8
B. J. Lazar
Martin Morrison
Donald S. Thompson
R.W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
Philadelphia...
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
Hugh Leach
W. G. Wysor
J. S. Walden, Jr.
Charles P. McCormick
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis....
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
Minneapolis. .,
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
Kansas City. .
Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black8
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
O. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
Sin Francisco.
Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis 8
J. M. Leisner
W. L. Partner
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemei
John Phillips, Jr
G. H. Pipkin 8
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
O. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Federal Reserve
Bank of
Chief Officer
Branch
Buffalo
I. B. Smith4
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
Little Rock
Louisville
Memphis
C M . Stewart
C. A. Schacht
William B. Pollard
Chief Officer
E. C. Harris
St. Louis
Branch
New York
Cleveland
1
Also Federal Reserve Agent.
NOVEMBER
1947
1
Cashier.
Minneapolis.. . . Helena
Kansas City.... Denver
Oklahoma City
Omaha
8
R. E. Towle
G. H. Pipkin
Dallas
El Paso
Houston
San Antonio
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
L. H. Earhart
Mac C. Smyth
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
1451
FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors of
the Federal Reserve System.
and introduction reviewing the monetary history of
Paraguay. July 1946. 170 pages. $1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to No-
FEDERAL RESERVE BULLETIN. Issued monthly. vember 1, 1946, with an Appendix containing proSubscription price in the United States and its pos- visions of certain other statutes affecting the Fedsessions, Bolivia, Canada, Chile, Colombia, Costa eral Reserve System. 372 pages. 50 cents per
Rica, Cuba, Dominican Republic, Ecuador, Guate- paper-bound copy; $1.00 per cloth-bound copy.
mala, Haiti, Republic of Honduras, Mexico, NewFEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
foundland (including Labrador), Nicaragua, Pan- Space for plotting through 1948. April 1947
ama, Paraguay, Peru, El Salvador, Uruguay, and edition. 24 pages. 50 cents per copy; in quanVenezuela, is $2.00 per annum or 20 cents per copy; tities of 10 or more copies for single shipment,
elsewhere, $2.60 per annum or 25 cents per copy. 35 cents each.
Group subscriptions in the United States for 10 or
POSTWAR ECONOMIC STUDIES.
(8 pamphlets,
more copies to one address, 15 cents per copy per
the first seven now available and the last one to be
month, or $1.50 for 12 months.
published later.)
FEDERAL
RESERVE
CHARTS ON BANK
MONEY RATES, AND BUSINESS.
Issued
CREDIT,
monthly.
$9.00 per annum, or $1.00 per copy. In quantities
of 10 or more copies of a particular issue for single
shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digests
of Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve
Act, with compilation showing textual changes in
the Act. 683 pages. $1.25 per copy.
BANKING STUDIES.
Comprising
17 papers on
banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March 1947.
496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75
cents each.
No.
No.
No.
No.
No.
No.
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2.
3.
4.
5.
6.
Jobs, Production, and Living Standards.
Agricultural Adjustment and Income.
Public Finance and Full Employment.
Prices, Wages, and Employment.
Private Capital Requirements.
Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
Individual
regulations
with amendments.
BANKING AND MONETARY STATISTICS. Statistics of
REPRINTS
banking, monetary, and other financial develop(From Federal Reserve Bulletin except as otherwise indicated)
ments. November 1943. 979 pages. $1.50 per
COMMERCIAL BANK ACTIVITY IN CONSUMER INcopy. No charge for individual sections (unbound), as listed on page 1069 of the August 1947 STALMENT FINANCING, by Frieda Baird. March
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PROVISIONS OF STATE LAWS RELATING TO BANK
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CIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying reports,
* A more complete list, including- periodical releases and re-
prints, appeared on pp. 1066-1069 of the August 1947 BULLETIN.
1452
A. Young and Duncan McC. Holthausen.
1947. 9 pages.
March
METHODS OF RESTRICTING MONETIZATION OF PUB-
LIC DEBT BY BANKS. April 1947. 4 pages.
FEDERAL RESERVE BULLETIN
NEW
GUATEMALAN
BANK
LAW, by David
REVISION OF WEEKLY
STATISTICS FOR MEMBER
BANKS IN LEADING CITIES. June-July 1947. 9 pages.
RETAIL CREDIT SURVEY—1946. From July 1947
BULLETIN with supplementary information for nine
separate trades. 40 pages.
T H E BRITISH CRISIS. September 1947. 12 pages.
ESTIMATED
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HOLDINGS
September
OF IN1947.
2
pages.
FINANCIAL
BUSINESS LOANS OF MEMBER BANKS, by Albert
R. Koch. March 1947. 11 pages.
TERM
LENDING
TO BUSINESS
BY COMMERCIAL
BANKS IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith. June 1947. 17 pages.
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
POSITION
OF MANUFACTURING AND
TRADE IN RELATION TO SIZE AND PROFITABILITY,
1946, by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
REVISION
Business Loans of Member Banks
L.
Grove. April 1947 BULLETIN with translation of
new Bank Law. 39 pages.
OF NATIONAL
MEMBER BANK LOANS TO SMALL BUSINESS, by
Charles H . Schmidt. August 1947. 15 pages.
Survey of Consumer Finances
INCOME AND PRODUCT
STATISTICS. September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F . M. Tamagna.
pages.
September 1947. 8
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen. October 1947. 13 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1947. October 1947. 4 pages.
NOVEMBER 1947
PART I.
EXPENDITURES FOR DURABLE GOODS AND
INVESTMENTS. June 1947. 17 pages.
PART II.
CONSUMER INCOMES AND LIQUID ASSET
HOLDINGS. July 1947. 15 pages.
PART III. CONSUMER SAVINGS IN 1946 AND OWNERSHIP OF SELECTED NONLIQUID ASSETS.
August 1947.
12 pages.
1453
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
n
w
a
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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. 1948
RESERVE SYSTEU.
@FedFRASER