Full text of Federal Reserve Bulletin : October 1946
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ERAL
ESERV
BULL
OCTOBER 1946
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Postwar Transition in Banking.
1097-1105
Financial Developments Among Large Manufacturing Corporations, 1945,
by Doris Warner and Albert R. Koch.
1106-1114
Results of Monetary Reforms in Western Europe, by Robert W. Bean
1115-1122
Announcement of Postwar Economic Studies No. 5.
1122
Reports of The International Monetary Fund and The International Bank for
Reconstruction and Development
Law Department:
Consumer Credit:
Renewal of Single-Payment Loan under f2,000.
Floor Furnaces as "Listed Articles"
Foreign Funds Control—Treasury Department Releases
1123-1139
1140
1140
1140-1141
Current Events
1142
National Summary of Business Conditions.
1143-1144
Financial, Industrial, Commercial Statistics, U. S. (See p. 1145 for list of tables)
1145-1199
International Financial Statistics (See p. 1200 for list of tables)
1200-1217
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
1218
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
1219
Map of Federal Reserve Districts
1220
Federal Reserve Publications (See inside of bac\ cover)
Subscription Price of BULLETIN
FEDERAL RESERVE BULLETIN
October 1946
VOLUME 32
NUMBER 10
POSTWAR TRANSITION- IN BANKING
Conversion of banking from a war financing to a peacetime basis is resulting in significant changes in the banking and credit
situation. Beginning early this year, total
loans and investments and total deposits
have declined, reversing the trend of war
years. These decreases have reflected almost
wholly Treasury retirement of the public
debt by drawing on Government deposits in
banks. In addition, bank loans for purchasing or carrying securities have declined, reflecting primarily liquidation of war finance
credit in the form of loans initially advanced
for the purchase of securities during the war
loan drives. Bank lending activity to meet
peacetime financing needs has expanded
sharply, however, with substantial increases
being registered by commercial and industrial loans, by urban and rural real estate
loans, and by consumer loans. Thus, the
effects on the level of bank deposits of the
decline in loans for purchasing or carrying
securities has been more than offset by the
expansion in these other loans. In part because of bank loan expansion, but largely
because of transfers of Treasury deposits to
private hands through debt retirement and
the meeting of a budget deficit, deposits of
businesses and individuals have continued
to grow, but at a somewhat slower rate than
during the war period.
The Treasury's debt retirement program,
by drawing funds from commercial banks to
OCTOBER
1946
redeem Government securities held by Federal Reserve Banks, has exerted a drain on
bank reserves. In addition, expansion of
deposits of businesses and individuals has
raised the level of required reserves. Commercial banks have sold securities from their
portfolios, and a sufficient amount of these
has been purchased by the Reserve Banks
to maintain the reserve position of banks.
These developments have removed some of
the extreme ease that prevailed in the money
market during war years and early in 1946.
Rates on short-term Government securities
have been maintained by Federal Reserve
Bank purchases, but there have been some
slight adjustments in other open-market
rates. In addition, yields on Treasury and
other bonds have risen somewhat from the
extremely low levels reached early last spring
when they were still being driven down by
bank purchases financed from the sale of
short-term Government securities to the Federal Reserve Banks.
Recent money market tendencies have not,
however, altered basic easy credit conditions.
The persisting large holdings by banks of
Government securities, particularly of shortterm issues, together with Federal Reserve
policy of maintaining the prevailing level of
interest rates on these issues, make it possible for banks to obtain at continued low
rates any funds wanted to supply the credit
demands of businesses and individuals.
1097
REVIEW OF THE MONTH
The debt retirement program, which is
still in progress, has strongly influenced the
The financing of the war expanded the
course of banking developments. First, it
public debt from less than 50 billion dollars
has brought about a large decrease in bank
in 1941 to a total of nearly 280 billion. This
holdings of Government securities. Second,
high point was reached in February 1946.
by imposing a drain upon bank reserves it has
By then, the rapid decline in military exexerted some brake on further expansion of
penditures and the continuation of high tax
bank credit. Third, by reducing the amount
receipts had sharply reduced the Treasury's
of short-term Government securities held by
current deficit, while borrowing under the
banks, the program has discouraged shifting
Victory Loan drive had raised the Treasury's
by banks from short to medium-term issues,
cash balance to 26 billion dollars. Beginning
which in the previous period had been a
in March, therefore, it became possible not
major source of credit expansion.
only to meet the greatly reduced deficit withWhile these factors were sufficient to
out further borrowing, but to enter upon a
slacken
the growth of deposits held by busiprogram of debt retirement by drawing upon
nesses
and
individuals, private deposit holdaccumulated balances.
ings continued to increase somewhat. This
As shown by the following table, the Treasfurther expansion resulted largely from a
ury redeemed for cash 17.5 billion dollars of
shift of deposits from Government to pripublic debt securities from March 1 through
vate accounts, incident to the cash retireOctober 1, 1946. Of the seven issues of cerment of debt held by nonbank investors and
tificates totaling 25.6 billion dollars that
also to the continuing, although greatly rematured during the period, 11.9 billion was
duced, budget deficit. Another factor has
paid off in cash and the remainder exbeen a net expansion of bank loans, reflecting
changed for new certificates. In addition,
increased lending to business and consumers.
two issues of notes and three issues of bonds
Because of the expansion in deposits of inditotaling 8.5 billion dollars matured during
viduals and businesses, the decline in total dethe period, of which 5.6 billion was retired
posits fell considerably short of the reducby cash and 2.9 billion was exchanged for
tion in Treasury deposits.
new certificates.
TREASURY DEBT RETIREMENT
R E T I R E M E N T PROGRAM, M A R C H 1—OCTOBER
1,
1946
Issue
Redeemed
for cash
March 1, K% certificates...
1,014
March 15,
1% notes
1,291
March 15, 3H% bonds
489
April
1, %% certificates...
1,991
May
1, %% certificates...
1,579
June
1, "%% certificates. ..
2,025
June 15,
3 % bonds
1,036
June 15, 3H% bonds
819
July
1, 0.90% notes
1,994
August 1, Y%% certificates... 1,246
Sept.
1, J4% certificates. ..
1,996
Oct.
1, %% certificates... *2,000
Total
* Oct. 1 figures are preliminary.
reflect the Oct. 1 redemption.
1098
*17,480
EFFECTS OF DEBT RETIREMENT ON BANK
RESERVES
[In millions of dollars]
Exchanged
Total
2,916
1,223
2,340
*1,440
4,147
1,291
489
4,811
1,579
4,799
1,036
819
4,910
2,470
4,336
3,440
*16,647
34,127
3,133
'"2',775"
The table on p. 1099 does not
The effect of the retirement program upon
banks varied with each issue included in the
program, depending on the distribution of
the retired securities among the commercial
banks, the Reserve Banks, and nonbank
holders. Treasury retirement of bank-held
securities has resulted, for the commercial
banks as a group, in a decline in bank investments accompanied by a reduction in reserveexempt war loan deposits, but no change in
total reserve balances and required reserves.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Individual banks, however, have lost reserve
funds as a consequence of war-loan deposit
withdrawals not offset by redemption of securities held by them. In some instances
these banks have been under pressure to sell
Government securities or to borrow in order
to meet the loss of funds.
Cash redemption of securities held by the
Reserve Banks, in contrast, exerted a corresponding drain on member bank reserve
balances which had to be replenished by
Federal Reserve purchases of securities in
the market. The pressure of redemption
of these securities on bank reserves has been
spread somewhat over time, inasmuch as
Treasury balances for their retirement were
built up at the Reserve Banks by the transfer of funds from war-loan accounts at banks
during the period prior to each redemption
date, and then were reduced in connection
with the retirement operations. The effect
of Treasury retirement of securities held by
the Reserve Banks thus has been to induce
commercial banks to sell equal amounts
of short-term Government securities to the
Reserve Banks in order to maintain reserve
balances.
The retirement of securities held by nonbank investors resulted in a shift of deposits
from reserve-exempt war loan accounts to
reserve-required accounts of individuals and
businesses. As a consequence the amount
of reserves which member banks are required
to hold increased somewhat. Since bank
reserve balances were not increased by the
transactions, commercial banks sold additional amounts of short-term securities to the
Reserve Banks to meet the increased reserve
requirements.
The net effect of the retirement program
to date has been some tightening of the reserve position, and therefore of the loan and
investment position of banks. To date the
OCTOBER
1946
firming effects of the retirement program
have been moderate, as is evidenced by the
sharp expansion of bank lending activity and
by further investment by banks in United
States Government and other bonds. From
March through July total commercial bank
purchases of Treasury bonds in the market
exceeded the 1.2 billion dollars of bank-held
bonds retired in March and June. Banks
added further to their Treasury bond portfolios in August and September.
OWNERSHIP OF MARKETABLE D E B T
The debt retirement program has been the
major factor of change in the ownership
of marketable Government securities since
March 1, but additional shifts occurred
through market purchases and sales.
OWNERSHIP
OF U N I T E D
STATES
GOVERNMENT SECURITIES
[In billions of dollars]
Amount
outstanding
Holders of securities
Marketable public issues:
Federal Reserve Banks
Commercial banks
U. S. Government agencies and
trust funds
Individuals . .
Corporations and other associations
Other
Total
Nonmarketable public issues:
Savings bonds
...
Savings notes
Depository bonds
Special issues
Total interest-bearing securities1
Change,
Feb. 28
to
Sept. 30, Feb. 28, Sept. 30
1946
1946
24.0
77.0
22.9
90.2
4- 1.1
-13.2
6.5
15.4
7.0
16.5
-
.5
1.0
18.8
42.6
21.5
-
2.7
184.3
199. 8
49.5
6.1
.4
23.9
48. 7
264.6
278. 5
41. 7
8. 0
5
20'. 9
+ .9
-15.5
+ .9
+
1.9
.1
3.0
-13.8
1
Total includes guaranteed securities not included in classification of marketable issues by owners.
NOTE.—February figures for groups of holders are estimates
based on par value holdings as compiled by U. S. Treasury Department; September figures are preliminary estimates prepared
by Federal Reserve.
The bulk of securities redeemed for cash
was held by the banking system and largely
by commercial banks. It appears that of
15.5 billion dollars of securities redeemed
for cash from March 1 to September 30,
1099
REVIEW OF THE MONTH
approximately 3.2 billion was held by Federal
Reserve Banks, 8 billion by commercial
banks, and 4.3 billion by nonbank investors.
Total holdings of marketable Government
securities by commercial banks are estimated
to have declined by 13 billion dollars during
the period, indicating sales of about 5 billion
in addition to cash redemptions of securities
held by them. The additional securities sold
were absorbed largely by the Federal Reserve
Banks, which made purchases in the market
in order to offset the loss of reserve funds
resulting from the retirement of Federal
Reserve security holdings. Market purchases by Reserve Banks amounted to 4.3
billion dollars and on balance their holdings
of Government securities showed an increase of 1.1 billion.
U. S. GOVERNMENT DEBT
DISTRIBUTION BY GROUPS OF HOLDERS
BILLIONS OF
DOLLARS
300 r
BILLIONS OF
JUNE AND DECEMBER 1939-1941: END OF MONTH 1942-
of marketable issues by nonbank investors
as a group fell short of the amount of their
cash redemptions by about 1 billion dollars,
indicating that on balance they had absorbed
a like amount of securities sold by commercial banks.
Outside the banking system this picture is
somewhat modified if changes in the holdings of nonmarketable public and special
issues are included. Nonmarketable public
issues outstanding declined by 1.2 billion
dollars, reflecting a sharp decline in savings
notes, which are mostly held by corporations,
and some increase in savings bonds, which
are largely held by individuals. Holdings
of special issues by Federal agencies continued to increase. As shown on the chart,
increased holdings of Government securities
by insurance companies, mutual savings
banks, and Federal agencies offset a part of
the decline in holdings of corporations and
individuals.
MATURITY DISTRIBUTION OF BANK PORTFOLIOS
Because the bulk of the maturing issues
was in the form of certificates, which are
MATURITY
DISTRIBUTION
OF U.
S.
OF COMMERCIAL
GOVERNMENT
BANK
HOLDINGS
SECURITIES1
[In millions of dollars]
Percentage of total
holdings
Amount held
Due or callable
50
=
1942
1944
1946
1940
1942
Estimates based on par value of holdings of interest-bearing
securities outstanding, as compiled by the Treasury Department. Other investors include holders shown in right section
of chart. September 1946 figures are preliminary estimates by
Federal Reserve.
Nonbank investors showed a net decrease
in holdings of marketable securities of 3.4
billion dollars. Of this it is estimated that
corporations reduced their holdings by approximately 2.7 billion and individual investors by 1 billion. The decline in holdings
1100
July
31,
1946
Feb.
28,
1946
July
31,
1944
Within 1 year.. . . 22,040 31,912 26,282
1 to 5 years
25,333 25,405 16,607
5 to 10 years
22,092 21,508 19,630
10 to 15 years
3,188 3,686 2,471
115
775
15 to 20 years
210
994
20 years and over. 2,590 2,553
July
31,
1946
Feb.
28,
1946
July
31,
1944
29.2
33.6
29.3
4.2
.3
3.4
37.5
29.8
25.2
4.3
.1
3.0
39.4
24.9
29.4
3.7
1.2
1.5
Total holdings of
public marketable securities.. 75,465 85,192 66,769 100.0 100.0 100.0
1
Par value of holdings as reported by banks included in the
Treasury Survey of Ownership published monthly in the Treasury
Bulletin. Total includes minor items not shown by maturities;
largely FHA guaranteed debentures.
held primarily by banks, the retirement program was largely reflected in a reduction of
bank holdings of Government securities.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Since the banks were unable to replace the
certificates retired, the retirement program
reduced the amount of short-term securities
held by banks. Besides experiencing a reduction in certificate holdings by cash redemption, the banks found it necessary to sell additional securities to meet the pressure on reserves generated by the retirement program
and also to meet the increased demand for
loans. They generally sold short-term securities for this purpose. As shown in the table,
securities due or callable within one year,
which amounted to 38 per cent of Government security holdings of banks prior to the
retirement program, had declined to 29 per
cent by July 31, and the ratio has fallen
further since then. At the same time holdings of issues due or callable in one to five
years have become a relatively larger portion
of the total.
There was little change in the actual dollar amount of bank holdings of medium- and
long-term maturities. This contrasts with
sharp increases in bond holdings during the
process of war financing, when banks increased their holdings through purchases in
the market out of funds obtained by selling short-term securities to Federal Reserve
Banks. This practice tended to defeat the
war financing policy of excluding banks
from purchases of bonds offered in the drives
and resulted in additional expansion of bank
credit and deposits. Expansion of this type
has now been considerably moderated with
the termination of war financing, and also
as a result of the tightening effects of the
retirement program.
CHANGES IN DEPOSITS, CURRENCY, AND
RESERVES
Although Treasury debt retirement operations have resulted in a decline in total deposits during recent months, deposits of busiOCTOBER 1946
nesses and individuals have continued to expand, thereby carrying further the sustained
deposit and currency growth of the war
period. Total deposits and currency reached
a peak in February, the month before the
redemption program began. From March
through August, as shown on the chart,
total deposits and currency declined about 7
billion dollars. Reflecting mainly debt retirement, Government deposits contracted
during this period.by about 15 billion. Deposits of businesses and individuals at banks
increased, however, and at the end of August were more than 7 billion larger than
at the end of February. Deposits and currency in the hands of the public, therefore,
have continued to grow, but the rate of increase has been somewhat less than during
the corresponding months of 1945.
BANK DEPOSITS AND CURRENCY
BILLIONS OF
OOLLARS
80
BILLIONS OP
DOLLARS
I8O
SEMI-ANNUALLY THROUGH 1942. END OF MONTH THEREAFTER
i
160
60
TOTAL
J
_
s
r
40
20
140
120
-
100
y
00
.80
DEMAND DE POSITS
ADJUS TED+
.
A
80
A
60
60
*****
-
TIN E
40
* ^
, , „CURRENCY
OUTSIDE BANKS
nrpn
1
20
—
20
—
^ *
0
1940
40
1942
^
j US. GOV'T DEPOSITS
1944
0
1946
NOTE.—Figures are partly estimated. Deposits are for all
banks in 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 for January 1946
and subsequently are preliminary; latest figures are for August.
Currency in circulation, following a large
post-Christmas decline in January, changed
little until the latter part of May. Some outoutflow of currency occurred during the
1101
REVIEW OF THE MONTH
summer months, and at the end of September the amount of currency in circulation was
about 600 million dollars larger than at the
end of February.
The increase in deposits and currency of
businesses and individuals since early this
year reflected in part cash redemption of Government securities held by these groups and
some, though greatly reduced, amounts of
Treasury payments in excess of tax and other
receipts. It also reflected an increase in commercial bank loans, and additional credit
placed at the disposal of businesses and individuals as a consequence of continued bank
purchases of Government and other bonds
from nonbank investors, offset in part by
decreases in loans on securities.
Required reserves of member banks increased during the seven months MarchSeptember by about 800 million dollars.
Additional reserve funds became available
through increases in gold stock and in Treasury currency totaling about 200 million dollars. These funds met only in part the increased demand for currency during the
period. Federal Reserve purchases of Government securities, in addition to those purchased in replacement of retired issues,
supplied about 1.1 billion dollars of reserve
funds to banks. Excess reserves declined
by about 200 million dollars.
EXPANSION OF BANK LOANS
Bank lending activity in recent months
has been high-lighted by the sharp rise in
commercial and industrial loans, reflecting
mainly current needs for short-term funds on
the part of business firms. Inventory accumulation, the carrying of increased customer
receivables, and an enlarged volume of notes
payable to trade have made for drains on
working capital of many business establishments. In part this is a seasonal occurrence.
1102
As inventories, receivables, and trade payables
reach higher levels in relation to sales, it is
to be expected that businesses will seek additional funds from the banking system.
Commercial and industrial loans of all
insured commercial banks at the end of September, it is estimated, amounted to roughly
3 billion dollars more than at the beginning
of the year. The bulk of this increase has
occurred since July. The overall volume of
agricultural loans has shown little change.
For weekly reporting member banks in leading cities, an increase of 1.7 billion dollars
in commercial and industrial loans was reported between June 26 and September 25,
a far larger rate of increase for these banks
than that in the first six months of the year
when outstanding loans of this type increased
no more than 300 million dollars. During
the first half of this year the small but steady
increase in commercial loans reflected lending operations of banks outside New York
City. Beginning with July, however, New
York City banks expanded their business
loans as rapidly as banks in other areas.
Whereas it appears that much of the expansion of bank loans to business immediately
following V-J Day reflected the making of
longer-term loans, the recent sharp rise seems
not to be attributable to an increasing volume of term loans. This is indicated by
quarterly data from banks in 19 cities reporting loans advanced during the first 15
days of March, June, and September. Loans
of over 12 months' duration made during
these three periods of 1946 amounted to
slightly less in volume than for the comparable period of 1945.
Loans to consumers by commercial banks
have kept pace with the general advance in
consumer credit. During the first half of
1946 total consumer credit outstanding at all
commercial banks rose approximately 750
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
million dollars, a 20 per cent rise. This corresponds closely with the percentage increase
in total consumer credit.
The relative importance of commercial
banks in the instalment credit field has increased more rapidly than is indicated by the
expansion in all consumer loans. Bank holdings of consumer instalment loans have increased over 50 per cent from the beginning
of the year. This percentage gain in volume
is double the rate of increase shown by all
other agencies extending consumer instalment credit, and is attributable to the growth
of instalment credit in the form of personal
LOANS OF INSURED BANKS
LOANS FOR PURCHASING OR
CARRYING SECURITIES:
1940
1944
1942
1946
All insured commercial banks in the United States. Total
loans and "other" loans are not shown. Figures for consumer
loans prior to Dec. 31, 1942, are Federal Reserve estimates.
Latest figures are for June 30, 1946.
OCTOBER
1946
cash loans. The gains registered by banks
represent in part a shifting from single payment lending to instalment lending as banks
extended their promotional efforts and more
banks established consumer credit departments.
A further striking change in the loan portfolio of commercial banks has been the increasing volume of real estate loans. As
shown on the chart, during the first half
of 1946 insured bank holdings of real estate
loans, largely representing residential properties, rose almost 1 billion dollars to a total
of 5.7 billion. The rise in real estate loans,
which began about mid-1945, was accelerated in the spring of this year.
The current level of real estate loans of
banks undoubtedly reflects higher values as
well as a larger number of mortgages available for purchase, but it is evident that commercial banks are increasing their share of
mortgage holdings relative to other institutions. By the middle of this year, banks
were handling approximately one-quarter of
all recorded nonfarm mortgages under $20,000 as compared to one-fifth in 1945.
Despite the sharp increases in commercial,
real estate, and consumer loans, the total volume of loans outstanding at commercial
banks at the end of September was only moderately larger than at the beginning of the
year. The conversion of bank lending activities from a predominantly war financing to
a civilian financing basis, without significant
expansionary effects on total bank loans, has
thus far been the result of a 3 billion dollar
decline in loans to brokers and dealers and
to others for purchasing or carrying securities—mostly United States Government securities. Loans to brokers and dealers reached
a wartime peak at the end of 1945 with the
completion of the Victory Loan drive. Since
that date there has been a rapid and almost
1103
REVIEW OF THE MONTH
uninterrupted decline in such loans, primarily as a result of a substantially reduced volume of loans to dealers in Government securities. There has also been a substantial
decline since the last war loan drive in bank
loans on Government securities to other
customers.
Loans to brokers and to others for purchasing or carrying other securities, as reported weekly by member banks in leading
cities, have also declined somewhat. This
liquidation reflected the increased margin
requirements for buying listed securities
under the Board's Regulations T and U and
the decline in stock prices.
lowed by an increase in the Federal Reserve
Bank buying rates on acceptances and by further increases in open-market rates on bankers' acceptances, commercial paper, and stock
exchange call and time loans. Rates on these
types of credit have been largely nominal
during the war, and the volume of transactions in them has continued relatively
small.
Rates charged by banks to commercial
borrowers have generally averaged slightly
below those for earlier years. Short-term
rates in 19 principal cities averaged between
2.31 and 2.41 per cent for the three quarYIELDS ON U. S. GOVERNMENT SECURITIES
MONEY RATES AND BOND YIELDS
The reduced liquidity of the banks resulting from the debt retirement program has
been accompanied by a slight firming of very
short-term interest rates in the money market
and of yields on Government securities.
However, the rates on Treasury bills and certificates, which are the medium for investment of the overwhelming proportion of
bank and other liquid funds, have been held
close to the 3/$ and 7/8 per cent rates supported
by Reserve Bank purchases. Under existing
Federal Reserve policies the large holdings
of Government securities by the commercial
banks provide the basis for almost unlimited
expansion of bank credit at low cost at the
discretion of the banks.
In April the Federal Reserve Banks discontinued the preferential rate on loans secured by Government obligations of one
year maturity or less and later requested
member banks not to renew loans made for
the purchase of Government securities during the Victory Loan drive. Early in May
1946, the open-market rate on bankers' acceptances in New York City was increased
from Vie to % per cent. This was fol1104
1944
1945
1946
Latest figures shown are for week ending Sept. 28.
terly report periods this year, as compared
to a range of 2.45 to 2.53 per cent for the
same periods of 1945.
Yields on Government and other securities
have risen somewhat from the very low levels
reached in the early months of this year,
when banks had excess funds which they
were endeavoring to invest. Treasury certificates moved somewhat closer to the 7/8 percent
rate, as offerings in the market continued,
notwithstanding the substantial volume being retired. Yields on Treasury notes and
bonds and on high-grade corporate bonds,
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
which had showed a continuous downward
trend during recent years, generally increased
during April and May and again during
August and September, but still remained
substantially below levels for 1943, 1944, and
most of 1945.
T h e reversal of downward pressure upon
bond yields was partly a reflection of a curtailed bank demand, resulting from the restraining effects of the debt retirement program upon the banks' reserve position and
of changes in the maturity composition of
their Government security portfolios. Reduced savings of individuals and reduced
corporate funds available for investment,
together with an increase in new corporate
issues, were also factors contributing to the
slight rise in security yields. Institutional
investors also were less active buyers than
they had been in earlier periods.
and bond yields have reflected in some degree the sharp readjustment of prices that
has been taking place in the stock market.
Stock prices declined substantially, about 25
per cent, from the high point for the year
reached in May. Until late August the decline
was moderate, but in September it was rapid.
At the May high, prices of common stocks
had been advancing more or less continuously
for about four years from their wartime low
in April 1942. The advance was one of the
longest and most sustained advances on record, and more than a third of the four-year
rise had occurred during the nine months
following V-J Day. T h e general level of
prices in May was about 160 per cent above
the wartime low and about 10 per cent above
the prewar high in the spring of 1937. The
decline in prices since May has erased the
advance since V-J Day.
While some slight firming of money rates
and yields has occurred, commercial banks
are in a position to obtain at a maximum rate
of 7/s per cent almost any amount of funds
desired for meeting the credit demands of
businesses and individuals. Banks continue
to hold some 18 billion dollars of Treasury
bills and certificates as well as large amounts
of other Government securities of short maturity and, under the Federal Reserve policy
of maintaining interest rates on short-term
issues, these securities may be readily sold to
the Reserve Banks. Such sales of short-term
securities provide the commercial banks as
a group with reserves that permit a* manyfold expansion in bank credit and deposits.
Availability of loan funds from this source,
as well as from nonbank sources, is a potential restraining influence on any sustained
rise of money rates and bond yields.
In 1946, as in 1945, the stock market has
been considerably more active than during
preceding war years. In January when prices
were rising rapidly, and in September when
they were declining rapidly, the volume of
trading was frequently larger than at any
other time in recent years.
The amount of credit in use in purchasing
and carrying securities, as indicated by the
debit balances of customers of member firms
of the New York Stock Exchange carrying
margin accounts, has declined steadily and
sharply since January when the Board raised
margin requirements from 75 to 100 per cent,
thus prohibiting any new advances. At that
time, customers' debit balances totaled 1,170
million dollars, or slightly below their preceding high of June 1945, just before the Board
increased margin requirements from 50 to
75 per cent. By the end of August, these
outstanding balances had been reduced to
about 725 million dollars, a level near that
of the spring of 1943.
STOCK PRICES
In recent weeks, changes in money rates
OCTOBER
1946
1105
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING
CORPORATIONS, 1945
by
DORIS P. WARNER AND ALBERT R. KOCH
Changes in the financial position of large manufacturing corporations during 1945 reflected primarily the end of the war and the resumption of
peacetime production. The most marked financial
developments were in industries that had made
substantial changes from their peacetime output in
order to produce specific military products during
the war. Consequently in this analysis large concerns in war industries will be differentiated from
large concerns in nonwar industries.1
In war industries the volume of business dropped
sharply in the latter part of 1945 as war orders
were canceled and reconversion began. Assets contracted, profits before taxes fell, and—primarily as
a result of the liquidation of war contracts—wartype inventories declined. Private expenditures on
plant and equipment, however, rose considerably
above the 1944 level, reflecting both reconversion
expenditures and new expansion to meet prospective increases in postwar civilian demands. Substantial funds were also required by large war concerns to reduce previously accumulated Federal income and excess profits tax liabilities. jFor the most
part, the large corporations met their financial requirements out of funds retained from operations
and by drawing on liquid assets. Although profits
before taxes fell sharply in 1945, there was little
reduction in the total of funds retained from operations. They were bolstered by the substantial tax
credits provided by Congress to ease the reconversion problems of war producers, and also by increased allowances for depreciation and amortization of plant and equipment that were not
accompanied by immediate and compensating expenditures. In spite of substantial financial requirements, large war concerns as a group were
able to reduce somewhat their indebtedness to
banks.
In nonwar industries, financial developments
1
War industries include those producing metals, chemicals,
rubber, petroleum, and their products. These industries produced some products for civilian use, while industries classified
as "nonwar" in this article sold some products to the Government for military purposes. However, the products of the
latter industries were identical with those manufactured for the
civilian market, or at least very similar to them. Examples of
these industries are textiles and tobacco.
1106
differed in many respects from those in war industries, reflecting both the speedy replacement of
large Government orders by many smaller private
orders and the absence of any major reconversion
problems and expenses. Sales and profits in 1945
remained at about 1944 levels, but inventories,
expenditures on plant and equipment, and liquid
assets increased substantially. As in the case of
large concerns in war industries, funds were also
required to reduce Federal tax liabilities. Funds
retained from operations were used to finance most
of the expansion in assets, but bank borrowing increased somewhat during the year for the nonwar
group as a whole and especially for concerns in
such industries as tobacco, lumber and building
materials, printing and publishing, and leather.
The bearing of these recent changes on reconversion problems and postwar expansion can be
ASSETS AND LIABILITIES
379 LA"RGE MANUFACTURING CORPORATIONS
POINTS IN
WAR INDUSTRIES
NONWAR INDUSTRIES
TOTAL INDEX
0
150
*44
"45 1940
NOTE.—-Corporations with total assets of 10 million dollan
and over in 1941. The chart presents the total assets and liabilities of large manufacturing corporations in the war and nonwar industries as indexes with 1940 as base, and with individual
classes of assets and liabilities as points in the total index. Data
refer to year-end position. For definition of war and nonwar
industries, see note opposite. Indexes for years prior ta
1945 are based on a slightly larger sample than the 379 corporations.
FEDERAL RESERVE BULLETIN
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
better understood if they are related to changes
during the earlier war years. Such developments
for the 1940-45 period are summarized in the accompanying chart. During the period 1940-43 the
large war producers experienced a more rapid expansion of assets than the nonwar manufacturers.
Beginning with 1944, however, as war production
reached its peak, total assets of war producers
leveled off; in 1945 they declined with the readjustment to peacetime operations. The nonwar industries, on the other hand, were faced with less acute
reconversion problems, and their assets continued
to expand in 1944 and 1945 as civilian demand
replaced Government war demand.
At the end of 1945 both the war and the nonwar
industries had total assets over 30 per cent greater
than at the end of 1940. Since most of the increase
was in the form of cash and Government securities,
the position of these industries was much more
liquid than in 1940. Receivables and inventories
also showed some increase during the period, while
net plant and equipment remained relatively unchanged in the war industries and declined somewhat in the nonwar industries.2
Asset expansion for the 1940-45 period as a
whole was financed largely by retained earnings
(shown in the chart as earned surplus and special
reserves) and increased current liabilities that did
not require immediate cash outlays, especially for
Federal taxes (shown in the chart as current
accruals). Bank loans and security markets were
relatively unimportant sources of funds for the expansion, although at various times during the
period some funds were secured from these sources.
The foregoing conclusions apply only to large
manufacturers; the financial experiences of small
and medium-size manufacturers and of concerns
in other industries may have been considerably
different. Also, the comments apply only to large
war and nonwar companies as groups. Some concerns within the industries covered may very well
have had a pattern of financial development entirely different from that shown by the group
aggregates.
Data for the analysis were obtained from the
financial reports of 379 large manufacturing and
mining corporations with assets of 10 million dollars
and over in 1941. The reports were published in
Moody's Manual on Industrials and its supple2
Changes in net plant and equipment differ from expenditures on plant and equipment. For an explanation of the difference, see p. 1110.
OCTOBER 1946
TABLE
SAMPLE
OF
379
LARGE
1
MANUFACTURING
CORPORATIONS
NUMBER OF CORPORATIONS AND RATIO OF T H E I R
SALES TO
TOTAL CORPORATE SALES, BY INDUSTRY
Industry
Number
of
corporations
Sales of sample
as a percentage of
sales of all
corporations
in industry
Total
379
37
War industries
Chemicals
Rubber
Petroleum
Iron and steel
Nonferrous metals
Machinery
Autos and parts
Aircraft and parts
Other transportation equipment
254
34
4
28
36
26
64
31
13\
18/
50
36
76
55
48
49
33
80
52
Nonwar industries
Food
Beverages
Tobacco
Textiles and apparel
Leather
Lumber and building materials.
Paper
Printing and publishing
Miscellaneous
125
35
5
6
16
7
22
14
10
10
23
38
19
74
7
20
11
20
6
19
NOTE.—Sales represent gross sales and receipts as reported by
the U. S. Treasury Department in Statistics of Income, 1940,
Pt. 2, for manufacturing and mining corporations submitting
balance sheets. Mining corporations are included because some
of the operations of the 379 large manufacturing concerns are
in the field of mining, particularly those in the petroleum industry.
Corporations submitting balance sheets account for all but one
per cent of the sales of the corporate universe.
ments. On the basis of 1940 gross sales as reported
by the United States Treasury Department in Statistics of Income, the sample represents about 37 per
cent of the business transacted by all manufacturing and mining corporations and 75 per cent of that
of all manufacturing and mining corporations with
assets of 10 million dollars and over. The 254
large war concerns included in the sample account
for about 50 per cent of the sales of manufacturing
corporations of all sizes in the industries represented. In contrast, the large nonwar corporations
account for only about 20 per cent of all corporate
sales in most of the industries. The industrial distribution of the corporations included in the
sample is given in Table 1.
WORKING CAPITAL
Current assets. During the early part of the war,
the relative expansion of current assets of the large
concerns in nonwar industries was not as rapid or
as great as that of concerns in war industries. By
the end of 1945, however, following an actual contraction of current assets in the war industries and
a continued expansion in nonwar industries, the
1107
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
relative position of the two groups had been reversed.
The volume of liquid assets, that is, cash and
marketable securities, in all war industries except
petroleum was reduced in the latter part of 1945
in order to finance reconversion, to pay off tax liabilities, to add plant, and to reduce debt. Relative to
siderable amount of excess cash while others may
be short of funds. As is shown in Table 2, the
increase in cash and marketable securities from
1940 to 1945 varied considerably from industry to
industry, ranging from 242 per cent in the machinery industry to 50 per cent in the autos and parts
industry. In comparing the relative increases in
liquidity of the various industries, however, allowTABLE 2
ance should be made for the fact that some indusLIQUID ASSETS AND INVENTORIES, END OF 1944 AND 1945
tries (including autos and parts) were in a relatively
379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
more liquid position in 1940 than other industries
[Index numbers of dollar volume; 1940 = 100]
(including machinery). Moreover, interruptions
to
work late in 1945 resulted in much more subLiquid assets
Inventories
stantial drains on liquid assets in some industries
Industry
than in others.
1944
1945
1944
1945
Inventory changes of large war producers in
War industries
143
240
125
268
1945 also varied considerably from industry to inChemicals and rubber
257
140
143
269
Petroleum
205
113
116
185
dustry. As is shown in Table 2, in most metal and
Iron and steel
294
100
94
296
Nonferrous metals
214
116
117
232
metal
producing industries the disposal of war inMachinery
342
191
156
427
Autos and parts
150
173
137
201
ventories
and the inability to accumulate peacetime
Aircraft and parts
263
322
122
382
Other transportation equipinventories
rapidly led to a contraction of total inment
172
167
339
372
ventories. In the petroleum and chemicals and rubNonwar industries
256
144
156
239
ber industries, on the other hand, probably because a
96
163
205
Tobacco
152
Other
273
137
135
249
larger portion of the war inventories could be used
for civilian purposes, inventories increased slightly.
prospective levels of sales in the postwar period, The dollar volume of inventories of large corporahowever, these war producers as a group appear tions in war industries at the end of 1945 averaged
to have been in a very liquid position at the end 25 per cent greater than at the end of 1940. Iron
of 1945. At that time liquid assets were more and steel was the only war industry in which inthan twice as large as at the end of 1940. On the ventories were slightly below the 1940 level. Some
basis of the prewar relationship of sales and liquid of the increase in dollar volume was, of course,
assets, the volume of liquid assets on hand at the merely a reflection of increased prices. Since
end of 1945 would support a rate of sales double during the war a large number of concerns adopted
the year-end rate prevailing in 1940. Such a level a "last in—first out" (LIFO) method of charging
of sales would be roughly equal to sales of the war inventories to cost of goods sold, a larger portion
producers for the year 1945, when the gross national of the increase in the dollar volume of inventories
product was estimated at 199 billion dollars. Such represented an increase in the physical volume of
a measure of liquidity, however, does not allow for inventories than if these concerns had continued
the possible accumulation of cash and marketable to use a "first in—first out" method. No quantitasecurities to finance postponed plant and equip- tive data are available, however, as to the extent of
ment expenditures, inventory accumulation, accrued this shift or its precise significance to recent changes
tax liabilities, and interim operations until the in- in the dollar volume of inventories. An additional
dustries are in full peacetime production. In effect of the adoption of the LIFO method is the
addition, a considerable drain on the funds of elimination of some inventory profits during
some corporations took place in the first half of periods of rising prices and some inventory losses
1946 as a result of prolonged strikes and work during periods of falling prices.
stoppages arising from shortages of materials.
Since the end of 1945 war producers have reWhile the ratio of liquid assets to sales may placed some of their war inventories with invenmeasure liquidity for war producers in the aggre- tories for production of civilian goods. According
gate, it does not measure the liquidity of individual to Department of Commerce estimates, most of the
war producers, some of which may have a con- inventories accumulated through July of this year
1108
FEDERAL RESERVE BULLETIN
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
represented raw materials and goods in process.
The volume of finished goods in the hands of
manufacturers remained unchanged since the market was ready to absorb all such products. In most
cases, the increased inventories reflected in part at
least further price increases. In those industries
engaged in the production of most finished consumers' and producers' durable goods (that is, machinery, and autos and parts) and in the petroleum
and chemicals and rubber industries, the dollar
volume of inventories on hand at the end of July
1946 had already exceeded the 1944 level.
To summarize: Current assets of the large corporations in the war industries declined generally
from 1944 to 1945; in the case of liquid assets, the
contraction ranged from over 25 per cent in the
autos and parts and aircraft and parts industries
to 4 per cent in the chemicals and rubber industries. For most war industries, however, liquid
assets and inventories in 1945 were still larger than
those on hand in 1940.
Among the large nonwar corporations where reconversion problems were minor, current assets
continued to expand in 1945. Liquid assets increased and some inventories were accumulated.
As in the war industries, the increase in inventories
reflected in part increased prices. This is particularly true in the tobacco industry where the
sharp increase in inventories from 1940 to 1945
was due primarily to the increased price of leaf
tobacco. During the first seven months of 1946,
inventories of most nonwar producers, particularly
in the textiles and apparel industry, expanded further.
Current liabilities. During 1945 the current
liabilities of war producers were reduced more than
current assets. The result was a slight increase in
net working capital. All types of current liabilities
—Government advances, accounts payable, accrued
income taxes, and bank loans3—declined, reflecting the general contraction in business operations.
The reduction in accrued taxes was the largest
single requirement for funds during 1945. Since
the 1944 taxes payable in 1945 were much larger
than the 1945 taxes charged to income in 1945
but not payable until 1946, a considerable amount
of cash was needed to pay the 1944 taxes. A detailed discussion of the effect of tax credits on tax
payments and earnings in 1945 is presented in a
3
Bank loans, as discussed in this article, include both loans
due in 12 months or less (short-term loans) and loans due in
more than 12 months (long-term loans).
OCTOBER
1946
later section of this article. The decline in Government advances and accounts payable reflected
largely the termination of war orders.
The decline in bank loans of large war producers
in 1945 reflected primarily the substantial repayments in that year of bank loans for war production purposes guaranteed by the war agencies under
Regulation V of the Board of Governors of the
Federal Reserve System.4 In some cases, V loans
were retired in part at least with the proceeds from
other bank loans, and some new bank loans were
secured for reconversion purposes. In the aggregate, however, the net result of the retirement of
war loans was a decline in bank loans of these large
concerns. As is shown in Table 3, the petroleum
industry was the exception; in that industry bank
borrowings more than doubled. Long-term loans
appear to have made up a large part of the volume
of these borrowings and the proceeds of some of
these loans were used to retire higher-cost bonds
and preferred stock.
TABLE
BANK
379
LOANS, E N D
OF
1945
3
AND CHANGE
FROM
1944
LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Amount
outstanding,
end of 1945
Change,
1944 to
1945
War industries
Chemicals and rubber
Petroleum
Iron and steel
Nonferrous metals
Machinery
Autos and parts
Aircraft and parts
Other transportation equipment
821
71
337
60
6
151
98
87
13
-116
- 25
170
8
- 12
- 80
- 60
-115
- 2
Nonwar industries
Food, beverages, textiles and apparel.
Tobacco
Other
352
96
239
17
-
Industry
57
40
88
9
Among the nonwar industries, current liabilities
declined slightly as compared with a small increase
in current assets, and net working capital increased
about 10 per cent. Most changes in current liabilities were small, reflecting the continuation of business in 1945 at much the same level as in 1944.
The principal decline, as in the war industries, was
4
Outstanding V loans reached a peak of over 2.0 billion dollars in the middle of 1944 and declined steadily thereafter. As
is shown in the regular BULLETIN table on p. 1153, the total
was reduced by 1.2 billion dollars during 1945, with the sharpest
reduction in the latter part of the year following V-J Day. By
the middle of 1946 most of these loans had been retired. A
major proportion of the amount loaned, although not of the number of loans, was extended to large companies, and a large portion was probably held by the war producers in this sample.
1109
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
in accrued taxes, reflecting largely somewhat reduced earnings before taxes. Large concerns in the
food, beverage, and textiles and apparel industries
reduced their bank borrowings in 1945. However,
concerns in the leather, paper, printing and publishing, and lumber and building materials industries
more than doubled their bank loans, and those in
the tobacco industry increased theirs by 58 per cent
in order to finance higher-priced tobacco purchases.
The reduction in the bank debt of large manufacturing corporations as a group during 1945
contrasts with the increase in aggregate commercial
and industrial loans of banks during that year. It
would appear that the increase in bank loans was
distributed largely among trade concerns, unincorporated businesses, and small and medium-size
corporations in manufacturing.
EXPENDITURES FOR PLANT AND EQUIPMENT
New plant and equipment was one of the principal purposes for which large manufacturing concerns used funds in 1945. Following V-E Day
some increase in expenditures for new facilities
was apparent, but it was not until after the relaxation of most controls on construction following the
end of the war with Japan that these expenditures
increased sharply. The expansion, although general, was greatest among the autos and parts, aircraft and parts, and machinery industries, in which
the major reconversion problems were centered. In
the nonwar industries the increase in expenditures
reflected the expansion of plant and equipment prohibited as nonessential during the war.
TABLE
Despite the general increase in expenditures in
1945, the net plant and equipment account of most
large concerns decreased. That is to say, expenditures for new plant and equipment were below
total charges for depreciation, depletion, and
amortization. As is shown in Table 4, the decline
in net plant and equipment of the war industries
was due in part to the accelerated amortization of
emergency facilities built during the war. Prior
to V-J Day these facilities were being depreciated
over a five-year period, but with the end of the
war the major portion of them was written off
completely. Thus the 254 war concerns included
in the sample amortized over three-quarters of a
billion dollars of emergency facilities in 1945 in addition to the 20 per cent charged in previous years.
The facilities amortized in 1945 and prior years
included considerable capacity that was usable for
immediate postwar production. In addition, some
Government financed and owned facilities constructed during the war became available for purchase by private industry after the war ended.
According to estimates prepared jointly by the
Securities and Exchange Commission and the Department of Commerce, expenditures on new plant
and equipment by all manufacturing and mining
concerns are continuing to increase in 1946 and
may be 60 per cent greater in the current year than
in 1945.5 Such an expansion would mean plant
and equipment expenditures in excess of 3 billion
dollars by the 379 large corporations in this sample.
5
Restrictions on nonresidential construction were tightened
again in August and may limit the construction expenditures
anticipated for the remainder of 1946.
4
CHANGES IN N E T P L A N T AND E Q U I P M E N T ,
379
1944
TO
1945
LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Account
Net plant and equipment, end of 1944. .
Plus: Expenditures, 1945
Minus: Normal depreciation, 1945. .
Accelerated amortization, 1945. . .
Adjustments*
Net plant and equipment, end of 1945 . .
Percentage change, 1944 to 1945:
Expenditures
Net plant and equipment
Nonwar
industries
(Total)
War
industries
(Total)
Chemicals
and
rubber
Petroleum
Iron
and
steel
2,237
194
183
29
-10
2,229
11,728
1,717
1,535
786
129
10,994
1,159
208
173
160
13
1,021
5,021
931
670
235
100
4,947
2,545
137
292
203
-3
2,189
26
(2)
19
-6
13
-12
2
-1
19
-14
Other
Aircraft transportation
and
equipparts
ment
Nonferrous
metals
Machinery
Autos
and
parts
1,460
56
142
75
15
1,284
647
140
103
42
-1
643
618
211
114
21
-9
702
98
17
23
37
14
41
181
19
18
13
-12
76
-1
186
14
695
-58
3
-7
168
1
Includes seme developmental expenses, and adjustments for write-downs or write-ups of property and for sales or acquisitions of
subsidiaries.
2
Less than 0.5 per cent.
1110
FEDERAL RESERVE BULLETIN
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
Although these expenditures will be financed in
part by funds retained from operations, they will
also require some external financing through new
bank loans and sales of stocks and bonds.
FUNDS RETAINED FROM
Funds
means of
war and
indicated
OPERATIONS
retained from operations were the chief
financing for most large concerns in both
nonwar industries during 1945. As is
in Table 5, these funds were of two types
TABLE
5
FUNDS RETAINED FROM OPERATIONS, 1944 AND
379 LARGE MANUFACTURING CORPORATIONS
1945
[In millions of dollars]
War
industries
Nonwar
industries
Item
1944
1945
1944
1945
Total
2,606
2,976
377
377
Depreciation, depletion, and
normal amortization
Accelerated amortization
Retained earnings
1,525
1,535
786
655
182
183
29
164
1,081
195
—earnings retained after all charges and after deductions for taxes and dividends, and that portion
of cash receipts set aside as an allowance for depreciation, depletion, and amortization of plant and
equipment. The latter charges decrease earnings
but do not necessarily require immediate cash
outlays.
Of every 10 dollars received from operations in
1945, the war industries retained about 74 cents,
of which 57 cents represented depreciation and
TABLE
amortization allowances. The remaining 17 cents
were retained earnings. The corresponding figures
for nonwar industries were 28 cents retained with
an about equal division between depreciation
charges and retained earnings. A larger proportion
of the sales dollar is normally absorbed by depreciation charges in those industries classified as
"war" industries than in other industries, primarily
because of their much heavier investment in plant
and equipment. In 1945, however, the spread was
wider than usual owing to the large allowances for
accelerated amortization in the war industries.
Retained earnings. Retained earnings, which in
any given year are primarily influenced by the
volume of sales and the level of various operating
expenses, declined 40 per cent in the war industries
and 16 per cent in the nonwar industries during
1945. As is indicated in Table 6, a drop in sales
accounted in part for the decline in retained earnings of the war industries. The decline in sales,
ranging from less than one per cent in the petroleum industry to 30 per cent in the aircraft and
parts industry, reflects primarily the large cancellation of Government contracts in the last quarter
of 1945, following V-J Day. Reconversion costs,
charges for accelerated amortization of emergency
facilities, and some increase in operating costs for
salaries and wages and other items further reduced
net income before taxes. The decline in earnings,
however, was in part offset by a reduction in Federal taxes. Cash dividends, which absorbed a substantial portion of income after taxes in 1944, remained relatively unchanged in 1945 despite the
6
PERCENTAGE CHANGE IN VARIOUS ELEMENTS AFFECTING RETAINED EARNINGS, 1944
379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
Sales
IndustryWar industries
Chemicals and rubber
Petroleum
Iron and steel
Nonferrous metals
Machinery
Autos and parts
Aircraft and parts
Other transportation equipment
Nonwar industries
-14
- 1
...
(2)
— 14
-10
— 10
-24
-30
-27
-
1
Net income
before taxes 1
—44
-26
—41
—69
-56
—36
-53
-44
-44
-14
TO
1945
Federal income and
excess profits taxes
N e t income
after taxes 1
Cash dividends paid
Retained
earnings
-63
1
3
2
—2
-2
3
—1
-9
8
—40
- 9
—27
—94
-69
—39
-49
-51
— 19
- 1
— 16
—40
-25
— 14
-18V
-31
-21
-20
-
-39
(3)
—90
-85
—45
-71
4
4
-49
-38
-48
-16
1
Net income, as used in this table, is less all cash outlays and unusual expenses whether charged to contingency reserves, surplus,
or income, for example, reconversion expenses. The deduction of all of these expenses tends to make the term, "net income," more consistent from company to company but different from the figure reported in stockholders' reports. In general, these additional deductions
result in a net income before taxes lower than that reported to stockholders. However, when the tax credits offsetting these deductions
are taken into account, in most cases net income after taxes as used in this article is only slightly less than the figure reported to stockholders.
2
Decline of less than 0.5 per cent.
3
Tax refunds exceeded tax payments in 1945.
OCTOBER
1946
1111
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
decline in earnings. As a result, about 30 per cent
of the income after taxes was retained in 1945 by
these large war producers, compared with about
40 per cent in 1944.
In the nonwar industries, sales were about the
same in 1945 as in 1944, and increased operating
costs were largely offset by reductions in Federal
taxes. Dividends in the aggregate increased slightly
and about the same proportion of income was retained in the nonwar industries as in the war industries.
TAX ADJUSTMENTS
Tax credits increasing 1945 earnings. It has already been indicated that a substantial reduction in
Federal tax liability in 1945 partly offset increased
costs. In the war industries, the 63 per cent decline
in Federal income and excess profits taxes was in
part a result of tax adjustments and in part a result
of decreased earnings before taxes. In the nonwar
industries, the 20 per cent decline in Federal income and excess profits taxes reflected primarily
the fact that concerns fell into lower tax brackets.
additional tax reduction of about 5 per cent. This
source of tax relief may yield even more significant
results in 1946, when earnings may be low in the
case of some durable goods manufacturers as a
result of work stoppages, reconversion expenses,
and shortages of supplies during the first half of
the year.
Tax refunds affecting liquidity. Although the
Tax Adjustment Act of 1945 included several provisions for improving the liquidity of corporations
during the transition, for the most part the effects
of the provisions will not yield results until 1946.
Most of the 1945 refund claims on carry-backs and
accelerated amortization, for instance, were filed
too late for the refunds to be paid within the year.
As a result, although tax credits increased earnings in 1945, they will not decrease cash outlays
for tax payments materially until 1946.
The Tax Adjustment Act also provided that the
10 per cent excess profits tax refund credits on 1944
and 1945 taxes could- be deducted directly from
current taxes payable to the Government. This
meant that during 1945 the 254 war concerns in
TABLE 7
INCOME AND EXCESS PROFITS TAXES, 1945, AND TAX ADJUSTMENTS
379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Tax credits 1945, arising from;
Industry
War industries
Chemicals and rubber
Petroleum
Iron and steel
Nonferrous metals
All machinery
Autos and parts
Aircraft and parts
Other transportation equipment.
Taxes accrued
19451
Excess profits tax refund
Accelerated
amortization
Carry-backs
of losses and
unused excess
profits credits
Bonds
for
1942-43
taxes
Credit
deductible
directly from
1944 taxes
1,209
349
- 23
40
36
386
174
165
82
617
119
169
155
71
32
29
29
13
119
7
9
10
8
14
69
2
2
319
42
6
44
30
82
51
46
18
174
610
29
16
Nonwar industries
35
4
17
12
46
23
25
12
1
Includes
2
income and excess profits taxes after deduction of 10 per cent excess profits tax refund for 1945.
Not available.
Taxes of the war industries were reduced considerably by tax credits resulting from carry-backs
of operating losses and from unused excess profits
credits, and by tax refund claims due to accelerated
amortization of emergency facilities.6 By far the
largest tax credit to war industries in 1945, as is
shown in Table 7, arose from the accelerated amortization of emergency facilities. This reduced taxes
by about 30 per cent. "Carry-backs" provided an
1112
the sample reduced their payments of 1944 taxes
by 5 per cent. Under another provision of the
Act, the postwar excess profits bonds issued for
the 10 per cent credit in 1942 and 1943 became
6
In the Revenue Act of 1942 Congress provided that a net
operating loss or an unused excess profits credit of a given
year might he carried back to reduce the taxable income of two
preceding years, or, if any loss or excess profits credit was not
absorbed by a "carry-back" over the two preceding years, it
could be carried forward in computing taxable income in the
two years following the loss or excess profits credit.
FEDERAL RESERVE BULLETIN
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945
payable at the option of 'the owner on or after
January 1, 1946. These bonds represented about
4 per cent of the liquid assets held by the war concerns at the end of 1945.
TABLE 8
CHANGE IN OUTSTANDING CAPITAL STOCK AND LONG-TERM
D E B T IN 1945
379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
SECURITY MARKETS
The security markets, as is shown in Table 8,
were a relatively unimportant source of new funds
for large manufacturing corporations as a group
during 1945. *In the war industries, in fact, capital
stock outstanding remained relatively unchanged,
while long-term debt decreased by about 15 per
cent. *In the petroleum industry this decline represented largely the retirement of debt with the proceeds from long-term bank loans. Among the
large war producers, only the aircraft and parts and
machinery corporations secured anything like a significant volume of net new funds from the security
markets in 1945. Since the beginning of 1946,
however, concerns classified as war industries, particularly in the auto and parts, other transporation
equipment, and machinery groups, have floated a
larger portion of the securities issued for new
money purposes. These new issues reflect in part
the substantial cash drains on many concerns in
these industries during the early part of the year
and in part anticipated expansion of plant and
equipment.
Large concerns in nonwar industries as a group,
on the other hand, increased the volume of their
security financing somewhat from 1944 to 1945.
In the tobacco industry the volume of net new
funds obtained from the security markets was 11
per cent larger in 1945 than it was in 1944. These
funds were added to those obtained from bank
loans and to funds retained from operations to
finance the growing dollar volume of inventories
held by the industry. In the first half of 1946,
however, the nonwar industries appear to have
secured a relatively smaller volume of funds from
the security markets than did those classified as
war industries in this article.
Increase or
decrease (—)
Industry
Capital
stock
War industries
Chemicals and rubber
Petroleum
...
Iron and steel
Nonferrous metals
Machinery
Autos and parts
Aircraft and parts
Other transportation equipment
Nonwar industries
Tobacco
Other
1
Long-term
debt*
24
8
-15
-18
- 2
27
1
20
3
-281
- 10
116
50
66
66
28
38
- 97
-122
- 50
19
- 10
0
- 9
Excludes long-term debts to banks.
In view of the small volume of net new funds
obtained from the security markets in 1945 by
the 379 large corporations included in this sample,
and of the sizable volume of "new money issues"
reported by the Securities and Exchange Commission, it appears that a substantial volume of security
financing during the year was undertaken by
smaller manufacturing concerns, by concerns in
other industries such as trade and air transportation, and by newly organized concerns.7 Moreover, a considerable amount of securities was retired for cash.8 No published data are available
for all corporations on retirements of securities for
cash. As a result, it is difficult to gauge the extent
to which some concerns were increasing their funds
through new security issues as compared with
others that were using excess funds to retire securities for cash.
7
The Securities and Exchange Commission reported the sale
by industrial concerns of 732 million dollars of securities for
"new money" purposes in 1945. This was the largest volume
reported
for any year since the series began in 1934.
8
Figures for the sample of large manufacturers represent
new funds secured from the sale of securities, net of all retirements whether for cash or by refundings, while issues for "new
money" purposes as published by the Securities and Exchange
Commission are net of refundings only.
Errata in Bulletin for September 1946. Consumers' expenditures on automobiles in 1944, as shown
in Table 1 on page 967 of the September 1946 BULLETIN, should be changed from 130 million dollars
to 630 million. As a result, total figures for the year should read as follows (in millions of dollars):
total-public and private, 17,290; total-private, 13,740; and total-consumers', 7,320.
OCTOBER
1946
1113
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1 9 4 5
COMPOSITE BALANCE S H E E T AND INCOME S T A T E M E N T , 1944 AND 1945
379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[Dollar figures in thousands]
Account
Number of corporations
Total assets (end of year) 2
Cash
Marketable securities8
Inventories
Receivables
Plant and equipment (net of depreciation)
Other assets 2
Nonwar industries (Total)»
War industries
(Total)
1944
1944
125
$7,764
919
1,042
2,515
862
1945
125
254
1945
Iron
and steel
Chemicals
and rubber
1944
Petroleum
1945
1944
1945
1944
1945
254
38
38
28
28
36
36
$7,963 $34,336 $31,068
941
4,774
4,670
1,155
5,092
4.143
2,713
6,019
5,274
746
5,020
4,121
$4,331
716
728
818
545
$4,092
733
646
839
485
$8,500
669
527
898
788
$8,455
759
566
923
575
$5,972
944
790
981
605
$5,422
1,016
705
922
436
2,237
189
2,229
180
11,728
1,704
10,994
1,866
1,159
366
1,021
366
5,021
596
4,947
686
2.545
108
2.189
103
296
340
38
762
365
760
352
354
25
610
313
831
936
2,542
1,143
3,237
2,541
1,899
821
1,987
533
1,232
2,264
1,621
96
235
127
567
249
220
71
243
58
349
237
211
167
539
111
270
290
825
337
483
29
0
364
729
50
383
15
382
366
609
60
340
5
40
326
487
Capital stock
Reserves (contingency)
Earned surplus2
3,318
324
1,562
3,479
310
1,688
13,279
2,079
6,682
13,323
1,762
7,525
1,634
292
912
1,646
278
1,000
4,164
327
1,806
4,140
233
2,140
2,831
392
944
2,828
337
1,000
Income statement:
Sales
Profit before income taxes
Net profit
Cash dividends
14,286
1,225
463
$ 302
14,155 47,253 40,440
1,078
5,179
2,917
1,942
467
1,708
$ 314 $ 1,189 $ 1.194
5,570
841
274
$ 192
5,505
638
289
$ 198
6,827
867
597
$ 276
6,800
490
513
$ 281
7,540
581
199
$ 153
6,476
189
148
$ 149
Liabilities and equity:
Notes payable to banks
Trade notes and accounts payable..
Government advances
Accrued income taxes
Other current liabilities
Funded debt
Nonferrous
Metals
Aircraft
and parts
Autos
and parts
Machinery
Other transportation equipment
Account
1944
1945
1944
1945
1944
1945
1944
1945
26
26
64
64
31
31
13
13
$3,280
389
570
473
262
$3,024
$4,910
766
1,148
1,265
764
$4,398
717
815
1,035
819
$4,331
668
853
931
1,115
$3,498
628
510
735
777
$2,112
447
312
498
738
$1,406
283
240
189
602
1,460
126
1,284
124
647
321
643
369
618
148
702
146
98
20
19
131
59
232
134
146
6
121
53
147
95
231
351
230
696
586
66
151
270
131
386
492
84
158
478
181
602
460
19
98
306
116
174
327
9
Capital stock
Reserves (contingency)
Earned surplus*
1,592
162
805
,589
158
821
1,502
385
864
,535
364
987
1,118
309
1,007
Income statement:
Sales
Profit before income taxes
Net profit
Cash dividends
2,478
436
204
$ 144
2,221
200
164
$ 141
7,064
958
6,341
622
262
236
$ 167
$ 172
9,172
886
284
$ 198
Number of corporations
Total assets (end of year) 2
Cash
Marketable securities3
Inventories
Receivables
Plant and equipment (net of depreciation)
Other assets*
Liabilities and equity:
Notes payable to banks
Trade notes and accounts payable..
Government advances
Accrued income taxes
Other current liabilities
Funded debt
366
518
480
254
36
1944
1945
18
18
901
176
165
155
203
773
168
143
151
124
41
52
181
21
163
20
202
345
354
322
344
0
87
166
78
165
290
0
14
80
65
165
112
15
13
59
63
82
84
6
1,121
201
1,147
165
167
214
187
150
283
274
45
130
277
43
147
6,998
413
239
$ 196
6,583
399
77
$ 33
4,621
241
2.019
212
46
$ 25
1.478
125
43
$ 27
76
$
30
$
1
Includes primarily corporations in the following industries: food, beverages, tobacco, textiles and apparel, leather, lumber and building materials,
paper, and printing and publishing.
2
Total assets, other assets, and earned surplus are net of intangibles.
» Includes postwar refund bonds in both 1944 and 1945. Most reports to stockholders classified these bonds as "other assets" in 1944.
NOTE.—Represents corporations with assets of 10 million dollars and over in 1941. Concerns are classified by industry on basis of
prewar product. Data in this table were compiled from corporate hnancial statements to stockholders. Tne preceding numjered tables,
however, are based on financial data adjusted for write-downs and other purely bookkeeping transactions. As a result, tne figures in
this table do not necessarily agree with those in other tables.
1114
FEDERAL RESERVE BULLETIN
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
by
ROBERT W. BEAN
The liberation of Europe was followed by a wave
of monetary reforms which were usually part of a
general program aimed at averting or curbing an
upward spiral of prices and incomes. In some
countries the reform included the blocking of a
substantial portion of currency holdings and bank
deposits, which was intended to be an important
direct contribution to inflation control. Belgium,
the Netherlands, and Norway were in this group,
and the results they achieved are discussed in this
article. In other countries the monetary reform
amounted to little more than a currency conversion,
which in itself did little to relieve pressure on prices,
but made possible compulsory registration of currency holdings and thereby facilitated tax programs. Denmark and France were among these
countries, and are also discussed here. For comparison, certain data are presented showing developments in Sweden, the United Kingdom, and
the United States.
In all the liberated countries mentioned, excepting
possibly Denmark, there appeared to be considerable danger of spiral inflation, owing to the severe
dearth of goods and the surfeit of money. The
money surfeit was not a matter of high current
incomes (except to the extent that they were earned
through illegal transactions in goods at fantastically
high prices) but was evidenced by the swollen
volume of bank deposits and currency circulation.
Where black-market dealings were widespread, as
for example in Belgium, it was apparent that in
large part the excess liquid funds were held by
a wide circle of consumers, and that current incomes were being swollen by black-market activity. Where the black-market declined in significance after liberation, as was the case in Norway,
there was more doubt as to how widely bank deposits and currency were distributed. The decline
of black-market activity might have been attributable to self-discipline by the public in response to
appeals from the reestablished National Government. If this were the cause, rather than lack of
funds, there was no certainty that illegal transactions would not flourish again if adequate supplies of goods were not quickly forthcoming.
Control of wages would not be sufficient to prevent
OCTOBER
1946
rising money incomes if a large share of the population became traders in a very active market. In
such a situation there would be a great scarcity of
labor for productive work, which would intensify
supply difficulties and make wage control impossible.
This prospect led to the conclusion that it was
necessary both to control wages and to curtail
sharply the total volume of liquid funds which
might be used to touch off an inflationary spiral.
To accomplish the latter, a variety of monetary
and fiscal measures were employed. In Belgium,
the Netherlands, and Norway, a direct attack was
made on currency holdings and bank deposits.
Currency was called in, canceled, and replaced
only in part. A substantial percentage of bank
deposits was blocked. These operations afforded
an opportunity to take a census of capital wealth,
which was made the basis for various capital-levy
and other tax schemes. In Denmark the same
measures were applied, except that the volume of
bank deposits blocked was relatively small. France
carried out an exchange of the note circulation
without blocking either notes or deposits, but levied
special taxes on both capital holdings and wartime
capital increases. The effects of these measures
are reflected first of all in the currency and deposit data of these countries. In most cases, the
effects of fiscal measures are not yet apparent, either
because of delay in their application, or because
the various taxes and levies are payable over extended periods of time.
THE TOTAL MONEY SUPPLY
Considerable attention has been given to the
effect of the monetary reforms on the volume of
currency in circulation. This is, of course, a less
significant item than the total of currency and
deposits. In countries which did not undertake
the conversion immediately after liberation, there
was time for currency in circulation to seek a new
level suited to the conditions of greater domestic
order and (in some countries) of diminished blackmarket activity. In Norway more than half the
total volume of currency in circulation on the day
of liberation was voluntarily returned to the banks
1115
MONEY, PRICES, AND PRODUCTION IN FOUR LIBERATED COUNTRIES
( I n d e x n u m b e r s ; base periods a s shown in c h a r t )
PER CENT
BELGIUM
NETHERLANDS
PER CENT
400
400
CURRENCY IN CIRCULATION
PLUS FREE BANK DEPOSITS
DEO 1938 = 100
300
300
200
100
1944
1945
1946
1944
1945
1946
Belgium.—Currency
and deposits: includes commercial bank, sayings bank, and postal checking deposits; partly estimated
(October 1944-December 1945) on basis of National Bank of Belgium statistics; quarterly figures through September 1944,
monthly figures for 1945. Prices, four key commodities: wheat, coal, coke, steel; based on unweighted average of Belgian
Central Statistical Office indexes. Wholesale prices, J a n u a r y 1946: based on estimates by I n s t i t u t e of Economic and Social
Research, Louvain. Share prices: National Bank of Belgium. Industrial production: Institute of Economic and Social Research,
Share prices and industrial production data a r e as converted to new bases in League of Nations Monthly
Bulletin of
Statistics.
Netherlands.—Currency
and deposits: includes commercial bank, savings bank, and postal savings deposits; taken from
League of Nations Monthly Bulletin of Statistics,
except October 1945 and March 1946 (based on Ministry of Finance e s t i m a t e s ) .
Wholesale prices and share prices: Government indexes, converted to pew bases in League of Nations Monthly
Bulletin
of
Statistics.
Coal production: Government statistics.
General index of industrial production not available.
PER CENT
NORWAY
DENMARK
PER CENT
CURRENCY IN CIRCULATION
PLUS FREE BANK DEPOSITS
DEO. 1938 =100
300
300
250
250
" CURRENCY IM CIRCULATION
PLUS BANK DEPOSITS^
,
DEC. 1938=10
200
200
150
150
100
100
VOLUME OF
INDUSTRIAL PRODUCTION
1939 * 100
50
1944
1945
1946
1944
1945
50
1946
Norway.—Currency
and deposits: includes commercial and savings bank deposits; Norwegian Central Statistical Office
statistics through August 1945: September and November 1945 figures are only rough estimates intended to indicate the general
extent of the reduction; later figures are more reliable estimates based on Ministry of Finance and Bank of Norway statistics.
Wholesale prices and share prices: Central Statistical Office indexes, converted in League of Nations Monthly Bulletin of Statistics to base periods shown in chart. Industrial production: Central Statistical Office index.
Denmark.—Currency
and deposits: commercial and savings bank deposits, including blocked deposits (probably not large)
for July-December 1945. Government and central bank data, taken from League of Nations Monthly Bulletin of
Statistics.
1116
FEDERAL RESERVE
BULLETIN
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
before the conversion took place, and to a lesser
degree the same thing happened in Denmark and
the Netherlands. But this did not mean that the
total volume of money had shrunk; there had only
been a shift from currency to deposits. Full information on free bank deposits after the blocking operations has not been released, however, and
the picture must be pieced together as well as
possible with estimates. The accompanying charts
present data for eight countries, of which three
have attempted substantial reduction of deposits
and note circulation by blocking.
Belgium was the first of these countries to undertake the experiment (October 1944), and the only
one which did so before the end of fighting in
Europe. Just prior to the reform, Belgian currency
in circulation plus bank and postal deposits (demand and savings) amounted to well over three
times the figure for December 1938. The blocking operation in October pared them down to a
level only slightly above the 1938 figure. During
the following months the Government had to
finance expenditures of the Allied armies in Bel-
gium by borrowing from the central bank. This
caused an immediate reexpansion of the money
supply. Deficit spending and the gradual release
of blocked funds continued the reexpansion
throughout 1945, and by the end of the year free
deposits and currency were two and a half times
the 1938 figure. Less than one-fourth of this new
increase was the result of de-blocking, the rest the
result of credit expansion.
The Netherlands performed her operation in
two steps, the first in July 1945, the second in
September. The measures applied were the most
drastic of those considered here. Little information is available regarding the volume of free bank
deposits since the operation, but it appears that in
the first instance the total supply of money was reduced to a level 20 per cent below the December
1938 figure. By the end of March 1946, there had
apparently been a reexpansion to about 40 per cent
above the 1938 level.
Norway's monetary reform was undertaken in
September 1945. It appears likely that a very substantial portion of currency and deposits was
MONEY, PRICES, AND PRODUCTION IN THE UNITED KINGDOM AND SWEDEN
(Index numbers; base periods as shown in chart)
300
250
SWEDEN
UNITED KINGDOM
PER CENT
CURRENCY IN CIRCULATION
PLUS BANK r>FPnclTff
m^m^f
^^^
DEC. 193 8 • 100
PER CENT
300
250
A
200
CURRENCY IN CIRCULATION
PLUS BANK DEPOSITS
DEC. 1938 " 100
^ ^ ^ ^
WHOLESALE PRICES
JAN.-JUNE 1939 • l O g , . ^ , .
150
^*^\^^-^
^
I
200
I B
^
/WHOLESALE PRICES
/ JAN.-JUNE 1939 » 100
150*
INDUSTRIAL AND SHIPPING
SHARE PRICES
JAN - JUNE 1939 » 100
100
100
50
50
0
1944
1945
1946
1944
1945
1946
United Kingdom.—Currency and deposits: includes commercial and savings bank deposits; official statistics. Wholesale
iprices: Board of Trade index. Share prices: The Investors' Chronicle index. All figures taken from League of Nations Monthly
Bulletin of Statistics.
General index of industrial production not available.
Sweden.—Currency and deposits: includes commercial bank, savings bank, and postal savings deposits. Swedish Government and Riksbank statistics or indexes, except share prices (Affarsvarlden), taken from League of Nations Monthly Bulletin
of Statistics. Currency and deposit figures quarterly; other figures monthly.
(OCTOBER 1946
1117
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
blocked at the outset, but it was decided to release
the major part of the blocked funds at the end of
November. By June 1946 the total of currency
and free deposits had returned to a level only 5
per cent below the peak (May 1945) figure.
In Denmark the relative increase of the total
MONEY, PRICES, AND PRODUCTION IN FRANCE
(Index numbers; base periods as shown in chart)
600
600
500
500
400
400
occupation. Danish measures after liberation were
accordingly less drastic than the Belgian, Dutch,
and Norwegian, although a stronger program was
recommended by the central bank, which wished
to block a substantial portion of bank deposits.
The actual program, effected in July 1945, blocked
part of the note circulation and only a minor
amount of deposits. The effect on the total money
supply was slight. The return of currency to the
banks during the two months between liberation
and the conversion had saved a large volume of
purchasing power from the currency blocking operation. Moreover, a quarter of the blocked notes
was released on September 1, and the remaining
blocked notes and deposits were freed at the end
of the year. The total money supply soon exceeded
all previous figures, and continued to climb until
May 1946, when it declined slightly.
MONEY, PRICES, AND PRODUCTION
300
IN THE UNITED STATES
(Index numbers; base periods as shown in chart)
300
PER CENT
PER CENT
~\
400 —
200
400
200
CURRENCY IN CIRCULATION
PLUS BANK DEPOSITS
DEC. 1938 MOO
100
100
300
300
VOLUME OF
INDUSTRIAL PRODUCTION
1939 » 100 /
1944
1945
1946
200
20O
100
100
Currency and deposits: includes commercial bank, savings
bank, and postal savings deposits; monthly figures for commercial bank deposits calculated on basis of published quarterly figures for all banks and monthly figures for four large
banks. All data are official statistics or indexes, taken from
League of Nations Monthly Bulletin of Statistics.
money supply during the war had been considerably less than in other German-occupied countries.
The expansion was kept down by a series of money
sterilization measures adopted during the war.
These included the increase of commercial and
savings bank reserve requirements, encouragement
to the banks to tie up a portion of their funds in
special term deposits at the central bank, and, most
important, the placing of certain tax proceeds and
the proceeds from special Treasury issues sold to
the public in a separate Government account which
was allowed to lie idle in the central bank, instead
of being used for current Government expenditures. These measures absorbed a considerable
amount of the excess money created during the
1118
1944
1945
1946
Currency and deposits: includes total paper currency and
coins in circulation and total deposits adjusted. Wholesale
prices: Bureau of Labor Statistics index. Share prices:
Standard and Poor's Corporation index. Industrial production: Federal Reserve index. Prices and producton series asconverted in League of Nations Monthly Bulletin of Statistics
to base periods shown in chart.
As will be seen from the charts, France has experienced the greatest degree of monetary expansion of any of these countries. This expansion
was arrested at the end of 1944 by the sale to the
FEDERAL RESERVE BULLETIN;
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
public of a National Liberation Loan, and again
in June 1945 by the currency conversion, but there
has since been a steady climb to a figure about five
and a half times the level of December 1938.
Sweden, the only neutral country among the eight,
has experienced the least monetary expansion. In
the United Kingdom, the total of currency and
deposits is now at a level about two and a half
times that of December 1938—a degree of expansion which approximates the most recent figures
for Belgium, Denmark, and Norway. It should be
noted that in the countries which blocked bank
deposits, the blocking extended to time as well as
to demand deposits. For this reason, time deposits
are included in all these computations, although it
is more customary to focus attention solely on currency and demand deposits. Including time deposits, monetary expansion in the United States
since the end of 1938 has been about threefold. If
one also takes into account other liquid assets, which
are of considerable magnitude in this country, monetary expansion has been even greater. It is thus
evident that monetary expansion in the United
States has been comparable with that experienced
by the countries of Western Europe. These comparisons have little significance, however, except
when related to the supply of goods and the level
of prices.
PRODUCTION AND PRICES
The monetary reforms, and in particular the
forced currency exchanges, had political as well as
economic objectives. In all the countries it was
thought desirable to take a census of capital wealth,
partly for the purpose of disclosing profits won by
collaborators during the occupation. There was
also the desire to repudiate currency which was
taken out of the country by the German occupation
forces. But the purely monetary objectives were
determined by the degree of price inflation already
experienced, by the prospects for raising domestic
production and securing imports, and by exchange
rate policy. Great emphasis was placed on abolishing or preventing the expansion of black-market
activity. Official prices were themselves well above
the prewar level in these countries, and in most
cases wage rates were tied to the official price level.
Avoidance of spiral inflation, therefore, depended
on making official prices effective and protecting
them from a rapid further increase. Another major
objective was to increase productive employment.
OCTOBER
1946
Many persons had sufficient cash holdings to buy
what little was available through regular ration
channels, and (as in Norway) preferred to go on
a prolonged holiday during the first months after
liberation, or (as in Belgium and the Netherlands)
found it necessary to spend a large share of their
time in seeking out opportunities for black-market
transactions.
Only partial proof of success may be found in
the charts accompanying this article. It is apparent
that a spiral inflation has been avoided in the countries which succeeded in reducing the volume of
liquid funds. In France, however, the index of
official wholesale prices has risen sharply and blackmarket activity has continued. Belgium also has
had difficulty in eradicating the black market,
owing to the long period of military operations
which followed the monetary reform and reduced
its effect. However, reports indicate that the
amount of money flowing into the black market
has been reduced in the Netherlands, and that its
importance has remained negligible in Denmark
and Norway.
Where improvements have been achieved, many
factors have contributed. Foreign credits combined with drafts on external reserves have made
possible a heavy surplus of imports. Raw material
and fuel supplies have sufficiently improved to
allow some revival of industrial production. The
inevitably slow civilian reemployment of military
forces returned from exile and of resistance forces
has largely been accomplished. The decline in
official wholesale prices in Denmark and Norway
reflects the arrival of imports at lower prices and
(in Norway) the removal of certain direct taxes on
sales. It appears certain, however, that the monetary reforms also contributed to the improved supply situation in some countries, both by hastening
the return to work during the first months after
the reforms while currency holdings and free bank
deposits remained severely restricted, and by restoring confidence in the ability of the monetary authorities to cope with the situation. It is clear also
that where the reforms were effective in reducing
the volume of liquid funds, they eased for a time
the upward pressure on prices. Although price
ceilings have been forced up since the reforms both
in Belgium and the Netherlands, it is safe to assume
that the rise would have been considerably greater
had there been no effort to control the money
supply.
1119
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
GENERAL EVALUATION
Although conditions have improved in the liberated countries, their monetary systems are a long
way from stability and there is still a threat of inflation. The effectiveness of blocking notes and
deposits was considerably reduced by the necessity
for remedying injustices, and by a conflict between
fiscal and monetary policy which in some countries raised the issue of whether the blocking operations had not been too effective.
In order to mitigate individual cases of hardship,
and to meet the requirements of business firms,
very substantial releases had to be made from
blocked accounts. In Belgium and the Netherlands, blocked funds could be used in payment of
taxes (the proceeds of which were spent by the
Government, and so returned to circulation). It
was not intended, of course, that necessary expenditures should be restricted, except insofar as
they could not be met with an adequate supply of
goods at the desired level of prices. But the expenditure of funds released for essential purposes
soon swelled the holdings of others for whom such
funds were not essential. The desirability of substituting a capital levy on wartime increases of
wealth in place of a continuing system of blocked
accounts was evident. A levy on capital gains
would draw heavily on the profits made by collaborators and black-market operators during the occupation, whereas blocking was considerably more
indiscriminate.
Releases of blocked funds have also occurred for
quite different reasons. In Norway the general
release at the end of November 1945 appears to
have coincided with the Government's decision to
reduce its interest burden by refinancing almost
the whole of its long-term debt at lower rates.
The success of this program would have been in
doubt had the volume of idle funds remained
sharply curtailed.
Because of the still dangerous volume of liquid
funds, in several countries central bank authorities
have urged their Government to use funds withdrawn from the public through taxation for reducing the huge German overdrafts at the central
bank, the liability for which has been assumed by
the Government. Thisis equivalent to urging the
Government to realize budgetary surpluses, or at
least to raise more than current budgetary requirements through taxes and borrowing outside the
central bank. Usually it has been suggested that
1120
the proceeds from specific taxes, particularly the
capital levies, be used in this way instead of being
regarded by the Government as an additional source
of tax revenue permitting larger Government expenditures.
Whether or not Government expenditures are
reduced, the imposition of capital levies and other
extraordinary taxes diminishes the need for Government borrowing and so lessens the danger of inflation. It is worth noting also that a counter-inflationary effect is achieved by the Government's
selling in the domestic market supplies which
have been purchased abroad from the proceeds of
foreign credits or from the liquidation of official
gold and foreign exchange reserves.
As a means of combating inflation, it has been
conventional to place emphasis on the control of
current incomes rather than on the absorption of
accumulated liquid funds. The blocking and
sterilization measures adopted in the liberated
countries have been an exception to this line of
thought. The absorption of liquid funds does not
enable the removal of price controls on goods
normally purchased out of income, but may tend
to reduce the proportion of current incomes which
is spent, as well as to reduce the demand for durable
consumer goods, real estate, and capital shares. In
the liberated countries, moreover, the reforms were
particularly suited to the mood of the public and
served to restore public confidence in the value of
the currency, a factor which outweighed in importance the direct quantitative effects achieved.
EXCHANGE RATES
The exchange rates established at the close of the
war in the Western European countries—and the
subsequent changes—remain tentative, and it is
still too early to determine whether they can be
maintained over a long period of time. So long as
the threat of inflation in these countries persists,
exchange rates which appear, on the basis of comparative price levels, to overvalue these currencies
vis-a-vis the dollar may have a certain attractiveness. Such rates tend to hold down the cost of imported goods in terms of the local currencies and
give a welcome stimulus to public confidence in the
"soundness" of these currencies. Exports may be
handicapped, but if the country concerned can find
the means to meet a transitory deficit in its balance
of payments, the retention of domestic production
for home consumption rather than for export is a
FEDERAL RESERVE BULLETIN
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
useful anti-inflationary measure. This course of
action is particularly attractive if price disparities
are expected to disappear in due course through a
more rapid rise of prices in foreign countries than
at home. Such considerations have not only influenced some countries to delay lowering the exchange values of their currencies, but also led one
WHOLESALE PRICES IN SELECTED COUNTRIES
IN U. S. DOLLARS
At Current Exchange Rates
times faulty because proper adjustments can not
always be made to compensate for the wartime
disappearance of many commodities. Even if the
indexes presented a true picture of wholesale price
increases in each country, comparison between
countries for the purpose of calculating equilibrium
exchange rates would rest on an assumption that
national price levels during the base period were
properly adjusted to each other. To the extent that
disparities existed during the base period, therefore,
comparison is distorted. Moreover, since the base
period, changes in the whole orientation of trade
between countries have been so drastic that the relationship between general price levels and exchange
rates may have been considerably altered.
Four exchange rate alterations are, reflected in
the charts: depreciation of the guilder in October
1944, of the Norwegian krone in May 1945, of the
French franc in December 1945, and appreciation
of the Swedish krona in July 1946. The effect of
the Belgian devaluation in November 1944 is not
WHOLESALE PRICES IN FRANCE
AND THE UNITED STATES IN U. S. DOLLARS
At Current Exchange Rates
JAN.-JUNE 1939-100
340
340
300
300
FRANCE J J
200
1
I
f j
/
-
!
\
I
J
I
country, Sweden, to raise the exchange value of its
currency, despite at least the appearance of temporary overvaluation.
Of the countries considered here, only Sweden
and Denmark have not substantially lowered the
dollar value of their currencies since the first half
of 1939. Compared with the average for that
period, the following net changes had occurred as
of September 1946:
-
200
\
Per cent
Sweden
Denmark
United Kingdom
Norway
Netherlands
Belgium
France
+15
— 13
— 14
-30
—33
-68
The charts labelled "Wholesale Prices" help to
indicate to what extent price disparities exist at
current rates of exchange. But wholesale price
indexes are only a guide-post to equilibrium exchange rates. The indexes themselves are someOCTOBER
1946
J f ~
-
UNITED STATES
100
IOC
1944
1945
1946
shown because no continuous price series is available for Belgium. Apart from these changes, movements recorded in the chart represent changes in
the domestic wholesale price indexes.
Despite the qualifications which must be made
1121
RESULTS OF MONETARY REFORMS IN WESTERN EUROPE
as to the reliability of selecting exchange rates on
the basis of wholesale price indexes, it is fairly
clear that present exchange rates do not equilibrate
price levels in the various countries. As is indicated
in the Report of the International Monetary Fund
reprinted in this BULLETIN, in the case of some of
the liberated countries it may be necessary to defer
solution of the exchange rate problem until the
course of internal developments and external trade
relationships is more clearly defined.
POSTWAR ECONOMIC STUDIES NO. 5
Early in November, the fifth of the series of
eight postwar studies authorized by the Board of
Governors will be available for distribution. The
pamphlet, entitled Private Capital Requirements,
will contain two papers, as follows: "Private Capital Formation and Its Financing in Manufacturing
and Mining Industries," by Frederick C. Dirks,
and "Long-Term Needs of Small Business," by
Ernest J. Hopkins.
Later pamphlets in the series will be announced
in the BULLETIN as they become available at
irregular intervals. Each pamphlet will contain
1122
essays on related subjects by specialists on the staffs
of the Board and the Federal Reserve Banks. The
views expressed in the papers are entirely those of
the authors, and there is no official endorsement of
any of the proposals made.
Individual pamphlets may be purchased for 25
cents each, or for 15 cents each for group purchases
of ten or more in single shipment. Orders should
be sent to the Division of Administrative Services,
Board of Governors of the Federal Reserve System,
Washington 25, D. C.
FEDERAL RESERVE BULLETIN
REPORTS OF THE INTERNATIONAL MONETARY FUND AND THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
There are given below the texts of the first annual
reports of the International Monetary Fund and of
the International Ban\ for Reconstruction and Development. These reports were prepared by the
'Executive Directors of the respective institutions
for submission at the first annual meetings of the
Boards of Governors, which opened on September
27, 1946, at Washington. The reports deal primarily with progress and developments since the
inaugural meetings of the Boards of Governors
were held in March 1946 at Savannah, Georgia.
In his statement transmitting the report of the
Fund, the Managing Director (Mr. Gutt) included
the following comments:
". . . The difficult economic and political conditions under which the Fund is starting its operations have been emphasized. Some have wondered
whether it would not be better to delay until greater
stability prevails.
"We have not thought so today in Washington,
any more than we did in 1944 at Bretton Woods.
Then, as today, we \new that the world would
require time to recover from the terrible crises
which have upset it since 1914. But we have
thought that an effort should be made as soon as
possible toward righting it again. It would, of
course, have been highly desirable to ma\e such
efforts simultaneously in all fields: economic, political, monetary. These would have been the ideal
conditions. Should the fact that these conditions
do not prevail for the time being deter the Fund
from starting its activities? Such has not been our
opinion. Immobility is not a policy. To act entails
ris\s. Not to act often entails greater ris\s. It is
with open eyes, conscious of the possible dangers,
conscious, too, of the constructive element that the
Fund may be able to constitute in the reestablishment of a more stable world, that we enter the path
indicated in the report. We \now that our wor\
can only be a beginning, that other elements will
be needed to complete it. But we hope that the
very fact of initiating it will have favorable effects,
and that it will constitute both an example and an
incentive!'
INTERNATIONAL MONETARY FUND
ANNUAL REPORT OF THE EXECUTIVE DIRECTORS, SEPTEMBER 1946
I. ESTABLISHMENT OF THE FUND
This report, prepared in accordance with Section
10 of the By-laws, covers the operations and policies
of the International Monetary Fund in the period
from May 6, 1946, when the Executive Directors
held their first meeting in Washington, through
early September 1946. In this period, the Fund
was creating an organization and laying down the
necessary rules for its operations. Since it is intended that in future years the Annual Report of the
Executive Directors will cover the operations of
the Fund in the preceding fiscal year, such figures
as are here presented deal mainly with the period
ending June 30, 1946.
Entry Into Force. The Articles of Agreement
of the International Monetary Fund entered into
force on December 27, 1945, when representaOCTOBER
1946
tives of 30 countries met and participated in a
ceremony of signature held in Washington, D. C.
By December 31, 1945, 35 countries had signed
and otherwise indicated their intention to become
members. These were:
Belgium
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Cuba
Czechoslovakia
Dominican Republic
Ecuador
Egypt ^
Ethiopia
France
Greece
Guatemala
Honduras
Iceland
India
Iran
Iraq
Luxembourg
Mexico
1123
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
Netherlands
Norway
Paraguay
Peru
Philippine
Commonwealth
Poland
Union of South Africa
United Kingdom of Great
Britain and Northern Ireland
United States of America
Uruguay
Yugoslavia
Instruments of Acceptance have been deposited
with the United States Government, as required by
Article XX, Section 2 (a) of the Fund Agreement,
on behalf of all the above countries.
Votes
Pierre Mendes-France. France
Harry D. White
United States. ..
Elected Executive Directors
G. W. J. Bruins
First Executive Directors. The Executive Directors, who were appointed or elected in accordance with the provisions of the Fund Agreement,
were as follows:
Appointed Executive Directors
George Bolton
J. V. Joshi
Yee-Chun Koo. .
1124
United Kingdom. .
India
. . China.. ,
Votes
13,250
4,250
5,750
Netherlands
Union of South Africa.
3,000
1,250
4,250
Rodrigo Gomez
Inaugural Meeting of the Board of Governors.
In accordance with the provisions of Article XX,
the Government of the United States called the first
meeting of the Board of Governors of the Fund to
meet jointly with the Board of Governors of the
International Bank for Reconstruction and Development at Savannah, Ga.? on March 8, 1946.
During the meeting, the Board adopted a resolution which extended from December 31, 1945, to
December 31, 1946, the period in which countries
listed in Schedule A of the Fund Agreement could
join as original members. Under this resolution
representatives of Cuba, El Salvador, Nicaragua,
and Panama signed the articles in the course of
the meeting. Denmark, with a quota fixed at
$68,000,000 by the Board of Governors, likewise
acquired membership under the authority of this
resolution on March 30, 1946.
This meeting took the necessary preliminary
steps to organize the Fund. By-laws were adopted
to establish procedures for the meetings of the
Board of Governors and to govern the operations.
A number of special tasks were assigned to the
Executive Directors. The Board of Governors appointed a temporary secretary, Mr. Roman L.
Home, to make the arrangements for the first
meeting of the Executive Directors, and fixed the
date of the first meeting at the beginning of May.
4,750
27,750
Colombia
Costa Rica
Cuba
Dominican Republic.
El Salvador
Guatemala. . .
Honduras....
Mexico
Nicaragua. . .
750
300
750
300
275
300
275
1,150
270
4,370
Camille Gutt. .
. . Belgium
Iceland
Luxembourg. .
2,500
260
350
3,110
J. V. Mladek. .
. . Czechoslovakia..
Poland
Yugoslavia. .
1,500
1,500
850
3,850
Louis Rasminsky. . ... . Canada...
Norway...
3,250
750
4,000
Ahmed Zaki Bey Saad. Egypt
Ethiopia. .
Greece
Iran
Iraq
Philippine
Commonwealth.
700
310
650
500
330
400
2,890
Francisco Alves dos
Santos-Filho
, Bolivia.. . .
Brazil
Chile
Ecuador
Panama. . . Paraguay...
Peru
Uruguay.
350
1,750
750
300
255
270
500
400
4,575
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
Interim Period. The necessary arrangements for
the first meetings in Washington of the Executive Directors were made by the Temporary Secretary, Mr. Home who, with the assistance of a small
staff, found and equipped quarters, collected, edited,
and published the documents of the Inaugural
Meeting and carried on the necessary correspondence.
Selection of the Managing Director.
At their
first meeting on May 6, 1946, the Executive Directors selected as Managing Director Mr. Camille
Gutt of Belgium, who, upon accepting, resigned as
Executive Director. On this date the Managing
Director assumed the chairmanship of the Executive Directors and the responsibility for organizing
and directing the staff.
Organization of the Operating Staff.
The Ex-
ecutive Directors, as a first order of business, discussed the general organization of the staff. By
mid-June a general plan of organization had been
agreed. Reporting to the Managing Director, the
staff is divided into five primary departments and
offices, as follows:
Operations Department
Legal Department
Research Department
Office of the Comptroller
Office of the Secretary
Each of those departments and officers has a director or head who is responsible to the Managing
Director. The departments and offices are further
subdivided into divisions under chiefs. It is intended that the organization should be simple and
flexible.
By the beginning of September, the Managing
Director had appointed the head or acting head of
each of the major staff units of the Fund and these
officials had assumed their duties in Washington.
They are:
Mr. John L. Fisher (U. K.), Director
Operations Department
Mr. Edward M. Bernstein (U. S.), Assistant Director,
Acting in Charge
Research Department
Mr. A. van Campenhout (Belgium), Director
Legal Department
Mr. Charles M. Powell (Canada), Assistant Comptroller
Office of the Comptroller
Mr. Frank Coe (U. S.), Secretary
Office of die Secretary
OCTOBER 1946
That portion of the Fund's operating staff which
had reported for duty numbered approximately
100 persons, recruited from 15 countries. Equipment and supplies had been procured and necessary
procedures had been established to direct the work
of the staff through the early period.
The Fund has adopted for its employees the
salary scale and grades of the United Nations.
In appointing the staff, the Managing Director
has, as required by the Fund Agreement, "subject
to the paramount importance of securing the highest standards of efficiency and of technical competence," paid "due regard to the importance of
recruiting personnel on as wide a geographical basis
as possible." It has proved difficult and time-consuming to negotiate with and select prospective
staff members who are scattered all over the world.
In most countries there is a shortage of the kinds
of skilled financial and economic personnel that
the Fund and other international organizations are
seeking. Because of this shortage, the treasuries,
central and private banks, and exchange departments of many countries are unable or reluctant
to release their personnel. Of those who can be
released, a considerable number are reluctant to
give up established positions to undertake new
work in another country.
Financial Statement. Section 20 of the By-laws
requires that the Executive Directors shall have
an audit of the accounts of the Fund made at
least once each year and on the basis of this audit
submit a balance sheet and statement of operations
of the Fund to be considered by the Board of Governors at their annual meeting.
Since operations have not yet commenced, the
financial presentation in this instance is in the form
of a Statement of Receipts and Payments from inception to June 30, 1946, which is annexed to this
report (Appendix D). It will be seen that the
Receipts are solely subscriptions of one one-hundredth of 1 per cent of quotas of member countries
as provided for by Section 2 (d) of Article XX of
the Fund Agreement, while the payments are
limited to administrative expenses. As required,
the Executive Directors have had an audit of the
accounts made for the fiscal year which ended on
June 30, 1946. Although plans are going forward
for an independent audit, this one was conducted
by the Assistant Comptroller, Mr. C. M. Powell.
The Statement of Receipts and Payments, based on
1125
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
this audit, was prepared under the supervision of
the Managing Director and approved by the Executive Directors for submission to the Board of Governors.
Administrative Budget. It has not proved possible during the period covered by this report to
prepare an administrative budget for submission to
the Board of Governors. The Fund's major operations have not begun and will not begin until the
required number of par values has been agreed.
The amount and number of the Fund's transactions cannot be determined now, and therefore the
basis for estimating the staff and other administrative requirements for these transactions is lacking.
Similarly, the volume of work which will be necessary in connection with exchange rates, exchange
restrictions, and the other obligations of members,
cannot be foreseen at this time. For these reasons
the Managing Director has not considered it desirable to define the detailed organization of the
various departments and offices, which are being
operated by nuclear staffs.
The Financial Statement presented in Appendix
D shows that administrative expenditures through
June 30, 1946, covering a period of approximately
3 months, amounted to approximately $97,000. In
July and August, administrative expenditures were
at a higher rate and a total of approximately $150,000 was spent. Of this, about half, or $74,000, was
for salaries and wages and slightly more than onethird, or $54,000, was for supplies and equipment.
The remainder was expended principally on offices,
travel, communication, and expenses for the meeting of the Board of Governors.
II. STATUS OF THE FUND
Applications for Membership.
At its Inaugural
Meeting the Board of Governors received applications for membership from the Governments
of Italy, Lebanon, Syria, and Turkey, which were
referred to the Executive Directors for consideration and recommendations. In conformity with
Section 21 of the By-laws, the recommendations of
the Executive Directors are being separately submitted to the Board of Governors.
Revision of Quotas. At the Inaugural Meeting the Governor of Paraguay requested that the
quota of Paraguay in the Fund should be increased:
The Board of Governors referred this request to the
1126
Executive Directors for consideration and recommendations. The report to the Board of Governors
on this matter is separately submitted.
On September 6, 1946, the Government of France
requested the Fund to consider an increase in its
quota. On September 18 the Government of China
made a similar request. The reports of the Executive Directors on these requests are being submitted separately.
Relations With Other International Organizations.
The Fund and the Bank have maintained close
relations throughout the period of organization.
The Managing Director of the Fund and the President of the Bank and their subordinates have
worked together on common problems, and joint
committees of the two Boards of Executive Directors have been utilized as a device for effecting
necessary coordination. Steps have been taken to
ensure that the policies and operations of the Fund
and the Bank will complement each other.
As permitted by the Fund Agreement, informal
arrangements for cooperation with other international organizations have been initiated. The Fund
was represented at the UNRRA conference held in
Geneva in August 1946 and the FAO conference
held in Copenhagen in September. Liaison has
been established between the Fund and the United
Nations on public information. Similarly, representatives of the Fund have participated in meetings with the Secretariat of the United Nations on
problems of personnel, travel, and pensions. The
Fund looks forward to continuing cooperation with
the United Nations and the various specialized
agencies and expects these relations to develop on
many fronts during the next few years.
As requested by the Board of Governors at its
Inaugural Meeting, the Fund, together with the
Bank, has conferred with representatives of the
Economic and Social Council concerning collaboration. No recommendations to the Governor have
been prepared, since it is not believed that a formal
agreement is required at this time. The correspondence is reported in Appendix C.
III. POLICIES
Rules and Regulations. The Executive Directors have during the past few months devoted
a large part of their time to the preparation of the
Rules and Regulations which are presented with
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
this report for review by the Board of Governors
(Appendix A). During the course of this work,
the purposes and functions of the Fund have been
carefully analyzed and an effort made to establish
those procedures and rules of conduct which will
facilitate the Fund's operations and create practical
working relationships with the members. Emphasis has been placed on the principal problems which
will face the Fund in the coming year, and the
procedures and rules of conduct concerning these
matters have been worked out in greater detail
than those which deal with problems unlikely to
arise until a later date.
Some of the provisions of the Rules and Regulations are procedural in nature and others embody
decisions of policy which, in the opinion of the
Executive Directors, should be made before operations begin. In view of the fact that they have
been drafted without benefit of the knowledge
which will be gained by experience with the
Fund's operations, modifications and additions will
have to be made as new problems are encountered.
Many of these problems cannot be foreseen at this
time. Others have been considered by the Executive Directors, but their solution has been postponed wherever practicable in order that the formulation of the Rules and Regulations to handle them
may reflect the experience of the Fund. The modifications and additions will be presented for review
at future meetings of the Board of Governors.
Interpretations, Under the Fund Agreement
one of the functions of the Executive Directors is to
make interpretations of the Agreement. At their
Inaugural Meeting, in Resolutions Nos. 5, 6, and 7,
the Board of Governors requested the Executive
Directors to make interpretations on points raised
by the Governors for the United Kingdom, the
United States, and India. The interpretations requested and made are presented in Appendix B.
IV. OPERATIONS
Initial Par Values. The first major task of
the International Monetary Fund is the initial determination of par values. Article XX, Section
4 (a) states that "when the Fund is of the opinion
that it will shortly be in a position to begin exchange transactions, it shall so notify the members
and shall request each member to communicate
within 30 days the par value of its currency based
OCTOBER
1946
on the rates of exchange prevailing on the sixtieth
day before the entry into force of this Agreement."
In their early meetings, the Executive Directors
considered that from the standpoint of its organization the Fund should be far enough advanced by
September to warrant undertaking this task. This
goal was realized and, accordingly, on September
12, the following cable was sent to all member governments (with minor variations in the last paragraph):
Cable to Member Governments
To
Pursuant to a decision of the Executive Directors of the International Monetary Fund on September 4, 1946, and in accordance with the Fund
Agreement, I have the honor to inform your Government that:
(1) In accordance with Article XX, Section 4
(a) of the Agreement, the Fund "will shortly be
in a position to begin exchange transactions,"
(2) Your Government is requested, pursuant to
Article XX, Section 4 of the Agreement, to communicate within 30 days the par value of its currency based on the rates of exchange prevailing on
October 28, 1945, which is the sixtieth day before
the entry into force of the Agreement.
(3) Your Government is requested to acknowledge receipt of this communication by cable, and
to state in such acknowledgment the date on
which this communication is received.
(4) The provisions of Article XX, Section 4 (b),
apply to Governments whose metropolitan territory
has not been occupied by the enemy.
(5) The provisions of Article XX, Section 4 (b),
apply to Governments whose metropolitan territory
has been occupied by the enemy.
(6) If separate currencies exist in the territories
in respect of which your Government has accepted
the Agreement, the provisions of Article XX, Section 4 (g) apply in respect of the communication
of par values.
(7) The Fund is prepared to discuss with your
Government all matters related to the initial determination of par values. If your Government
wishes to make any special arrangements for discussion, the Fund would like to be so informed
at an early date.
1127
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
(8) A signed copy of this communication is
being sent to your Legation in Washington for
transmittal to you. It will be appreciated if you
will notify all interested agencies or persons in your
Government of the contents of this communication.
CAMILLE GUTT,
Managing Director.
V. PROBLEMS FACING THE FUND
Initial Parities. As a result of the call for
the communication of par values, the Fund will
seek agreement with 39 countries in the next few
months on the structure of exchange rates which
will govern most of the foreign transactions of the
world. This is a formidable task, especially for an
international organization which is still in its
infancy.
In deciding to proceed to the active phase of the
Fund's work, the Executive Directors were mindful
of a number of reasons which could be advanced
for postponement. Many countries have only
begun to recover from the devastation of war; and
the reconstruction of their economic and monetary
systems will take several years. The wartime economic controls of many members of the Fund are
still in force. Inflation, in varying degrees of intensity, is in progress throughout much of the
world. International trade and international investment are only partially restored. Concrete
measures for international economic cooperation,
in spheres other than the financial, are not as far
advanced as had earlier been hoped. International
political cooperation leaves much to be desired.
These and other factors undoubtedly make it
more difficult to determine what is an appropriate
structure of exchange rates. Nevertheless, it is the
opinion of the Executive Directors that it is desirable to proceed with the establishment of initial par
values. When the Bretton Woods Agreements
were signed, it was generally foreseen that the
Fund would have to begin its work in a period of
disorder and devastation, and allowance for these
conditions was made in a number of provisions of
the Fund Agreement. One of the major purposes
of the governments that established the Fund was
to ensure the maximum of monetary cooperation
in the transition period from war to peace. In adjusting their economies to new postwar conditions,
many countries will have to continue to control
their exchanges, and some countries may also need
1128
to adjust the foreign exchange value of their currencies. These conditions emphasize the difficulty
of the task of restoring a healthy world economy.
A number of countries, particularly in Europe
and the Far East, find their international economic
position seriously deteriorated as a result of the war.
Their first task is to restore agricultural and industrial production on a modern and efficient basis
and to bring it into line with the new requirements
of the market. In the Far East, the restoration of
production has just begun. On the European continent, members of the Fund as a group have in
the past year succeeded in raising their industrial
output, but it still remains considerably below the
prewar level. Agricultural production in Europe
has also risen and this year will be not far below
prewar. Nevertheless, in some countries recovery
still lags, and in all countries there are difficulties
in reaching and surpassing the 1938 level of output.
The road ahead is not an easy one. Although
foreign aid has been of great assistance, it is important to recognize that recovery in the occupied
countries has depended and will continue to depend
primarily on their own efforts. In order to raise
agricultural and industrial production to levels
commensurate with the technical progress of the
past decade, reconstruction must be given priority
above all other economic needs with the exception
of maintaining consumption essential to the health
and efficiency of the people. The countries that
suffered destruction and devastation are still short
of equipment, transport, raw materials and, in certain cases, food and shelter. These shortages must
be made good before their labor efficiency and productive power can be fully realized.
The countries which suffered from enemy occupation still need considerable external assistance to
help them in restoring production. The countries
that can provide capital in significant amount out
of their present resources are limited in number.
Even so, there has been a gratifying willingness on
the part of some countries, themselves in need, to
provide to others the moderate credits they are in a
position to offer. But the only substantial sources
of foreign capital are the countries whose large
domestic output and strong international economic
position enable them to maintain an export surplus.
In the past year, the United States and Canada have
made capital available on a very large scale for
urgent reconstruction needs. Since the end of the
war the United States Government has authorized
FEDERAL, RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
credits in excess of $8 billion and the Canadian
Government has authorized credits of $2 billion.
A number of countries in Europe have also helped
by making credits available for trade and reconstruction. The provision of additional foreign
capital remains, nevertheless, of the greatest importance to the restoration of the world economy.
Efforts to maintain and to restore production
and international investment cannot have anything
like their full effect without a reasonable degree of
monetary and exchange stability. In fact, only few
countries have succeeded in maintaining even moderate stability of prices. In some countries inflation
has been extreme. In others, it has previously been
held in check, although in a few cases controls have
recently been weakening. The inflationary forces
generated during the war are being augmented by
a continuation of budgetary deficits and the further
expansion of money. Almost every country is
spending far more for military purposes than was
anticipated. With these inflationary forces superimposed on the disruption of world economic relations caused by the war, it is not surprising that
the present pattern of exchange relationships contains a number of grave distortions. The elimination of these distortions and the promotion of currency stability and expanding trade are among the
important tasks facing the Fund.
Exchange Controls. During the war exchange
controls and restrictions were essential to mobilize and conserve foreign exchange resources;
their continuance now reflects the inadequacy of a
country's foreign exchange resources relative to its
needs and the importance of guarding against disturbing capital movements. In most countries
there is a severe shortage of goods of all kinds that
must be obtained from abroad. In such countries,
exchange restrictions are unavoidable for a time in
order to assure that the most essential requirements
for consumption and reconstruction will be met out
of their limited foreign exchange resources. Then,
too, there is the ever present danger of capital
flight, particularly in periods of adjustment. The
Fund Agreement recognizes that many countries
will have to continue to use the machinery of exchange control to prevent the dissipation of their
exchange resources and the weakening of their
international economic position through capital
flight.
These considerations should not discourage rapid
OCTOBER
1946
progress toward the elimination of unnecessary exchange restrictions on current transactions. The
more currencies become convertible, the easier will
be the task of freeing the remaining currencies
from such restrictions. It is fortunate that there
is now every prospect for an early resumption of
the convertibility of sterling in connection with
current transactions. The credits made available to
the United Kingdom by the United States and
Canada will enable Britain to buy essential imports
and to pay for them with convertible sterling.
The British Government has also expressed its intention to make agreements with the countries concerned, varying according to the circumstances of
each case, for an early settlement covering the
sterling balances accumulated by sterling area and
other countries. These developments will help in
restoring convertibility of currencies and freedom
in current transactions in accordance with the provisions of the Fund Agreement.
Exchange Rates. In ordinary times, the pattern of exchange rates has an historical continuity
which gives it an element of strength and stability.
A great war radically alters the established position
of currencies. In some respects our problems at
present are less extreme than after the last war.
There has been a greater realization of the need
to keep prices and costs in hand and to keep the
balance of payments in order. But we must frankly
face the fact that currency systems of some countries have completely broken down and that they
must be rehabilitated before they can be stabilized.
There are other currencies in which some change
in the present foreign exchange values may be
necessary. While a start toward orderly exchange
arrangements can be made by establishing initial
par values for many currencies that already have
an element of stability, there will remain the great
task of rehabilitating weak currencies and integrating them in the world structure of exchange
rates. For such countries, the Fund can extend
the period of consultation, and an agreement on
the initial par values can be postponed until their
economic and monetary situation becomes more
stable. In the meantime, the fact that initial par
values have been established for other currencies
will enable these countries to see more clearly the
problem of fitting their currencies into the structure of exchange rates.
We recognize that in some cases the initial par
1129
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
pective balance of payments position of that
member.
It is from this point of view that the avoidance
of use of the Fund's resources for relief and reconstruction must be regarded. The Fund will clearly
not serve as a relief agency like UNRRA: it cannot
give foreign exchange away. Nor would it sell
foreign exchange to a member when .there is no
reasonable prospect that the member will be able
to repay the Fund. Members could not properly
use the Fund to finance long-term reconstruction
plans which involve sustained use of the Fund's
resources to meet a continuing deficit in their
balance of international payments. The Fund is
not empowered to provide financing of that sort.
The essential test of the propriety of use of the
Fund's resources is not the character of the goods
imported, but rather whether the prospective
balance of payments position of the country concerned (including long-term capital movements)
will be such that its use of the Fund's resources
Use of the Fund's Resources. The Fund pro- will be of relatively short duration.
vides facilities to countries that require tempoIt is clear that in starting operations at a time
rary help in meeting balance of payments deficits. when much remains to be done in reconstructing
There are limitations on the use of the Fund's the war-devastated economies, the Fund runs the
resources by members. The use of the Fund's risk that some of its resources may be used for
resources must be consistent with the stated pur- other than temporary assistance. There will at
poses of the Fund. Members must not use the times be differences of opinion as to whether a
Fund's resources for a large and sustained outflow member is making proper use of the Fund's reof capital, nor is the Fund intended to provide sources. There are certain to be disappointments
facilities for relief and reconstruction. In this con- because of the restraints placed on use of the Fund's
nection a certain misunderstanding exists regarding resources by some members. And there will, no
the use of the Fund's resources which should be doubt, be errors of judgment in assuming risks of
cleared up at the beginning of its operations.
one kind or another. The Executive Directors conThe Executive Directors do not think that it sider it their duty to bring to the attention of the
follows from the relevant provisions of the Fund Board of Governors the fact that in the early
Agreement that a member is necessarily debarred period of its operations the Fund may take risks
from using the Fund's resources, because it is im- that would not be justified under normal circumporting "relief-type" goods, i.e., goods of a type stances.
For a variety of reasons, the risks involved may
hitherto supplied by UNRRA, or because it is importing machinery and equipment to replace what not, however, be as great as might appear at first
was destroyed or worn out during the war. The sight. First, certain creditor countries in a position
Fund will not operate by examining the specific to do so have already made substantial loans to aid
use which is made by members of each parcel of in reconstruction. Second, the International Bank
foreign exchange they purchase from it. Indeed, for Reconstruction and Development will suppleit would be futile to attempt this, as members will ment what reconstruction loans are made available
also be using their own exchange resources, and directly by governments and through the private
a member can allocate a particular outlay of ex- capital market. Third, as indicated above, the
change to one or the other source. What is sig- Executive Directors will exercise the power to limit
nificant is the magnitude of the use which a mem- or postpone exchange operations with countries
ber makes of the Fund's resources and the pros- whose economies are so out of balance that their
values that are established may later be found incompatible with the maintenance of a balanced
international payments position at a high level of
domestic economic activity. Because the entire
world is in need of goods, some countries may
maintain foreign exchange values for their currencies which are not for the time being a great handicap to the sale of their exports, but which prove to
be too high when production is revived all over
the world and the immediate shortage of import
goods is in large part met. Such countries may
later find difficulty in selling sufficient exports to
pay for needed imports. When this occurs, the
Fund will be faced with new problems of adjustment and will have to recognize the unusual circumstances under which the initial par values were
determined. It is just at such times that the Fund
can be most useful in seeing that necessary exchange adjustments are made in an orderly manner
and competitive exchange depreciation is avoided.
1130
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
use of the Fund's resources would be contrary to
the purposes of the Fund Agreement or prejudicial
to the Fund or the members. Finally, the Executive Directors will have the situation under constant
review and will take appropriate action if the
situation warrants.
Limited
Scope of the Fund.
It would
be
a serious mistake to regard the Fund as capable
by itself of solving the economic problems the
world now faces. It has neither the power nor
the resources to do this, nor was it designed for
this purpose. The function of the Fund is to aid
members in maintaining arrangements that promote the balanced expansion of international trade
and investment and in this way contribute to the
maintenance of high levels of employment and real
income. While the Fund can be of help in this
direction, the attainment of these ultimate objectives—high levels of employment and production—
must in the end depend upon the pursuit of appropriate national economic policies and upon the
solution of other international economic and
political problems. No monetary organization,
however ably devised, can be a substitute for wise
policies in the national and international sphere.
A balanced and expanding world economy cannot be attained without adequate production.
Until countries are again producing on an efficient
basis, they cannot export enough to pay for their
essential imports. This is the fundamental condition for achieving a sustained balance in international payments in the long run. It is important,
therefore, that in all countries in which output has
been reduced by the war, special efforts should be
made to increase production and to raise productive
efficiency.
Monetary stability is also essential for maintaining orderly exchange arrangements. The primary
sources of inflation or deflation are found in national
policies. There is not a great deal that the Fund
can do to eliminate the instability of domestic prices
where the chief sources and price fluctuation are
in domestic arrangements. But the Fund can help
to minimize the effects of monetary instability by
preventing it, to some extent, from spreading to
other countries.
On the international side, too, important conditions will have to be fulfilled to achieve a balanced
and expanding world economy. The Fund was
conceived as one element in a many-sided approach
OCTOBER
1946
to the task of reestablishing a functioning world
economic system. Other elements were the solution
of the immediate postwar problems of relief and
rehabilitation, means for encouraging and regulating the flow of international investment, including
financial provision for meeting the emergency requirements of countries most adversely affected by
the war, liberal commercial policy arrangements of
a multilateral character, and some provision for
mitigating excessive fluctuations in the prices of
primary products, including foodstuffs. Progress
along some of these lines has been more rapid
than along others. The accomplishments of
UNRRA are well known, though it is not yet
clear what measures will be adopted to take care
of such continuing needs as there may be for relief
without expectation of ultimate repayment. But
much remains to be done in other fields of international economic cooperation.
All countries have shown an appreciation of
the important role that international investment
can play in reconstructing and developing the world
economy. The members of the International Bank
for Reconstruction and Development, by their subscriptions, are assuming much of the risk involved
in international lending, and they are giving effective encouragement to the revival and expansion
of sound and productive investment. Although
large reconstruction loans have been made, there is
a continuing need for foreign capital for productive
purposes. It is expected that the International
Bank will soon be in a position to carry some of
this load.
The organization of international collaboration
on commercial policy has proceeded less rapidly
than might have been hoped. But the initial
preparatory conference on world trade and employment is to be held in London next month.
The Fund has clearly a very great interest in the
successful outcome of the commercial policy discussions and in the achievement of trading arrangements among its members which are conducive to
a high level of exchange of goods on a multilateral
basis.
We have thought it well to give this brief review
of some of the problems facing the Fund in order
to indicate at the outset the perspective in which
we see our work. We do not underestimate the
difficulties facing us. But we feel that the Fund
can make an important contribution to the solution
of the economic problems confronting the world.
1131
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
The work of the Fund will be facilitated by appropriate domestic and international economic
policies. Above all, it is imperative that the grave
international political problems now restraining
world recovery be progressively solved. An indispensable element in a prosperous world economy
is cooperation among all countries for establishing
and maintaining an enduring peace.
The appendices to the Fund report, which are
omitted here, include the following: International
Monetary Fund Rules and"Regulations[as adopted
by the Executive Directors, September 25, 1946,
subject to review by the Board of Governors]; Interpretations of the Fund Agreement; Relations
with United Nations; Financial Statement; and
Changes of Governors and Executive Directors.
FIRST ANNUAL REPORT TO THE BOARD OF GOVERNORS OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
(As of September 20, 1946)
This first Annual Report of the Executive Directors comes at the threshold of the Bank's operations. During the few months which have passed
since the Executive Directors held their first meeting in May, substantial progress has been made in
establishing the Bank's structure, securing staff
personnel, and developing working procedures and
relationships. The policy and operational questions
which lie ahead have been examined and preparations have been made to meet them when they
arise. As the Board, of Governors' meeting convenes, the Bank stands ready to play the important
role in reconstruction and development which has
been assigned to it by its 38 member Governments.
ESTABLISHMENT OF THE BANK
Under the By-laws adopted at Savannah by the
Board of Governors, the principal office of the
Bank has been established in Washington. In accordance with a resolution adopted by the Board
of Governors, the first meeting of the Executive
Directors was held on May 7. The Executive
Director representing the United States acted as
Temporary Chairman and continued so to act until
the election of the President.
The seven Executive Directors elected by the
Board of Governors at the Savannah meeting took
office on May 7, as did four of the appointed Executive Directors. The fifth appointed Executive Director, representing the United Kingdom, served
in a temporary capacity until the arrival of the permanent Executive Director for the United Kingdom on May 29. The only subsequent change in
the membership of the Executive Directors was
caused by the resignation of Mr. Camille Gutt, of
Belgium, to become Managing Director of the In-
1132
ternational Monetary Fund. Mr. Gutt was succeeded as Executive Director by Mr. Hubert
Ansiaux, who was elected on June 14 by votes of
the Governors representing Belgium, Iceland, Luxembourg and Norway. Ten permanent Alternate
Directors have been appointed and two vacancies
exist.
A list of the Governors and their Alternates
appears as Appendix "A," and a list of the Executive Directors and their Alternates appears as Appendix "B."
ELECTION OF THE PRESIDENT
On the agenda of the first meeting of the Executive Directors was the election of a President of
the Bank, but consideration of this item was postponed until June 4, when Mr. Eugene Meyer was
nominated and unanimously elected. Mr. Meyer
took office on June 18.
FORMAL COMMENCEMENT OF OPERATIONS
AND CALLS OF CAPITAL
The Executive Directors fixed June 25, 1946, as
the date upon which the Bank would formally
begin operations. The member Governments were
advised that such date had been fixed and that,
under the Articles of Agreement, the balance of
the first 2 per cent of their capital subscriptions,
payable in gold or United States dollars, would be
due within sixty days. The members also were
advised of an additional call of 3 per cent of their
capital subscriptions, payable on or before November 25, 1946, in their local currencies. They were
notified at the same time that the Bank would
make another call, as of September 25, for a
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
further 5 per cent of their subscriptions, payable
in their respective currencies, by November 25.
This further call has now been authorized. At the
time this September 25 call is made, notice will
be given of the Bank's intention to make two more
calls, each for an additional 5 per cent of the subscriptions payable in the local currencies of the
members by February 25, 1947, and May 26, 1947,
respectively.
In response to the call for the balance of the
first 2 per cent of the capital subscriptions of members, the Bank received $143,786,883.70* of a total
of $153,400,000. The unpaid amount is accounted
for as follows:
l
(1) Payment of /2 per cent of the subscriptions
of China, Czechoslovakia, Denmark, Greece, Norway, Poland and Yugoslavia was postponed for a
period of five years under Article II, Section 8 (a)
(i) of the Articles of Agreement, which provides
for such postponement in the case of a member
whose metropolitan territory suffered from enemy
occupation or hostilities during the war. These
postponements amount to $5,165,000.
(2) Czechoslovakia and Yugoslavia have requested a postponement with respect to the remaining 1Y2 per cent of their subscriptions, amounting to $1,862,500 and $596,000 respectively, under
Article II, Section 8 (a) (ii) of the Articles of
Agreement, which provides that an original member which cannot make payment of the 2 per cent
of its subscription, payable in gold or United States
dollars, because it has not recovered possession of
its gold reserves which are still seized or immobilized as a result of the war, may postpone all payment of such 2 per cent until such date as the Bank
may decide. These two requests are under consideration by the Executive Directors.
In addition to the amount received by the Bank
from payments of 2 pef cent of the members' subscriptions, the United States has paid the call for
3 per cent of its subscription, amounting to $95,250,000, and payments have been made by Chile
and Costa Rica of the calls for 3 per cent and
5 per cent of their subscriptions, amounting to
$2,800,000 and $160,000, respectively. These pay* This figure includes the payment of the 1/100 of 1 per cent
of the subscription of each member made at the time of its
acceptance of the Articles of Agreement, but it does not include that portion ($1,989,616.30) of the payment of $1,990,000
due from the Union of South Africa, represented by gold which
was reported to have been shipped on August 24, 1946, and to
be in transit to the Federal Reserve Bank of New York at the
time of the preparation of this report.
OCTOBER
1946
ments, made in the local currencies of the members,
aggregate $98,210,000 in value, making the total
amount received by the Bank to date equivalent to
$241,996,883.70 at the time of payment.
Of the total, $14,072,258.62 was received in gold,
of which $9,395,758.64 is held by the Federal Reserve Bank of New York and $4,676,499.98 is
held by the Bank of England. A list of the depositories of the Bank, designated by the members,
appears in Appendix "C."
INVESTMENT OF FUNDS RECEIVED BY THE BANK IN
PAYMENT OF THE FIRST 2 PER CENT OF THE
SUBSCRIPTIONS
The question of the investment of the Bank's
funds has been under consideration by the Executive Directors for some time. They have recently
authorized the President or the Vice President to
invest, at current market prices, in bills, notes and
certificates of the United States Treasury, maturing
not more than twelve months after the date of
purchase, the United States dollars received by
the Bank in payment of the first 2 per cent of the
Bank's subscribed capital.
THE SCOPE OF THE BANK'S LENDING OPERATIONS
The purposes of the Bank are clearly set out in
Article I of the Articles of Agreement as follows:
"(i) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive
purposes, including the restoration of economies
destroyed or disrupted by war, the reconversion
of productive facilities to peacetime needs and
the encouragement of the development of productive facilities and resources in less developed
countries.
"(ii) To promote private foreign investment
by means of guarantees or participations in
loans and other investments made by private
investors; and when private capital is not
available on reasonable terms, to supplement
private investment by providing, on suitable
conditions, finance for productive purposes out
of its own capital, funds raised by it and its
other resources.
"(iii) To promote the long-range balanced
growth of international trade and the maintenance of equilibrium in balances of payments
1133
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
by encouraging international investment for the
development of the productive resources of
members, thereby assisting in raising productivity, the standard of living and conditions
of labor in their territories.
"(iv) To arrange the loans made or guaranteed by it in relation to international loans
through other channels so that the more useful
and urgent projects, large and small alike, will
be dealt with first.
"(v) To conduct its operations with due regard to the effect of international investment
on business conditions in the territories of
members and, in the immediate postwar years,
to assist in bringing about a smooth transition
from a wartime to a peacetime economy."
It might have been expected that with the formal
commencement of operations on the 25th of June,
applications for loans would have been presented
to the Bank in large numbers. Nevertheless, the
Bank has so far received only two letters from its
members requesting loans. It is expected that these
letters will soon be followed by properly documented loan applications, and in the meantime
preliminary discussions are taking place.
The absence of loan applications may be surprising at first sight. But a little reflection will
indicate some of the reasons why applications have
not been received in larger numbers. When the
tide of war ebbs, the physical devastation and other
physical changes caused by the war are there for
all to see. What is not so obvious are changes in
economic and social structure as well as the destruction of administrative systems and of the necessary mechanisms of commerce and industry. On
the one hand, this makes it more difficult to devise
plans for a long-run reconstruction of the countries
concerned; on the other hand, it leads inevitably
to whole peoples having to preoccupy themselves
with the mechanics of avoiding starvation. It is
not surprising, then, that there has been in so
many countries a period during which relief on
a large scale has been necessary before there could
be any thought of preparing major programs of
reconstruction. In this sphere UNRRA provided
magnificent assistance and prevented serious disasters. But the period of relief must come to an
end, and it is vital that well articulated and productive programs of reconstruction and development should be ready against that time. Such pro1134
grams are the raw material of the Bank's business.
The Bank is equipped now to consider applications for loans to cover such programs and to investigate them with reasonable dispatch. Indeed,
the Bank is prepared to consider furnishing technical assistance in the preparation of loan applications. The Articles of Agreement of the Bank
prescribe the standards which it must apply in the
consideration of such applications. It is obvious,
therefore, that in order to avoid unnecessary delay
in the consideration of applications for loans, they
must be supported by adequate data which will
enable the Bank to determine whether or not they
conform to the prescribed standards.
ORGANIZATION OF THE EXECUTIVE DIRECTORS
By action of the Executive Directors, the respective functions and duties of the Executive Directors
and the officers of the Bank have been determined
and the pattern of the Bank's operations has been
outlined.
Matters of policy determination are the responsibility of the Executive Directors, while operational, administrative, and organizational questions
are the responsibility of the President, subject to the
general direction and control of the Executive Directors. The President is the presiding officer of
the Executive Directors and is entitled to a deciding vote in the case of an equal division.
The Executive Directors are constantly available
for consultation with the administration of the
Bank. Formal meetings of the Executive Directors
are held frequently, and they also meet with the
senior members of the staff for informal discussions
concerning the Bank's operations.
The Executive Directors established a number of
committees even before the selection of the President, and valuable discussions on various aspects
of the Bank's structure and work took place in the
early months of the Bank's existence. In the
sphere of policy the deliberations of the Executive
Directors have been carried to the point where provisional conclusions now need to be checked and
developed by reference to specific and detailed
loan applications.
The committees of the Bank have been consolidated into standing committees on membership,
financial policy, interpretation, information and
liaison. These committees are composed solely of
Executive Directors, but the President has designated members of the staff to meet with each of
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
them. The membership of the existing standing
committees appears in Appendix "D." The Bank
and the Fund have also agreed that there shall be
a joint standing committee to consider matters of
common concern to the two institutions. Ad hoc
committees have been and will be established from
time to time to consider and make recommendations to the Executive Directors on specific matters
referred to them.
Rules of procedure defining and regulating meetings of the Executive Directors, the agenda for
meetings, voting, committees, minutes, notices, publicity and amendments, have been adopted by the
Executive Directors. The text of these rules of
procedure is being submitted separately to the
Board of Governors for review pursuant to Section
16 of the By-laws of the Bank.
PROPOSED AMENDMENTS TO THE BY-LAWS
OF THE BANK
Certain amendments to the By-laws of the Bank
will be proposed to the Board of Governors for
their approval. These are being submitted separately for consideration.
ORGANIZATION OF BANK'S STAFF
Although the organizational pattern of the staff
must necessarily remain to a large extent flexible
in the present formative stage of the Bank's development, the following offices and departments
have been established on a tentative basis to carry
on the work of the Bank:
Office of the President
Office of the Secretary
Office of the Treasurer
Legal Department
Loan Department
Research Department
Personnel Office
Office Services
(1) Office of the President.—In addition to the
President, this Office consists of the Vice President
and two Assistants to the President. The Vice
President is Mr. Harold D. Smith, formerly Director of the Bureau of the Budget of the United
States Government.
(2) Office of the Secretary.—Mr. Morton M.
Mendels, of Canada, has been appointed Secretary
of the Bank. In addition to his duties as such staff
OCTOBER 1946
member, he acts as Secretary of the Executive Directors and of the Board of Governors. He is also
responsible for providing secretariat service for the
committees of the Executive Directors.
Prior to the appointment of Mr. Mendels, Mr.
John S. Hooker, of Chevy Chase, Maryland, acted
for several months as Temporary Secretary.
(3) Office of the Treasurer.—-Mr. D. Crena de
Iongh, of the Netherlands, now an Alternate Executive Director, has been appointed Treasurer.
The Bank was fortunate in receiving the temporary assistance during July and August.of representatives of the Board of Governors of the Federal
Reserve System of the United States, who developed, in conjunction with members of the Bank's
staff, a chart of accounts for the Bank.
(4) Legal Department.—This Department is
headed by the General Counsel, Mr. Chester A.
McLain, of New York, who is responsible for the
legal staff of the Bank.
(5) Loan Department.—Pending the appointment of a permanent Loan Director, Mr. J. W.
Beyen, of the Netherlands, has been acting as Temporary Loan Director in addition to his duties as
Executive Director.
For the time being, it is contemplated that the
engineering and technical staff of the Loan Department will be kept to a minimum and that, to the
maximum extent practicable, the technical services
required by the Bank will be secured on a consulting basis. To this end, discussions have been held
with various technical groups for the purpose of
enabling the Bank to be in a position to call upon
technical experts in the United States and elsewhere to advise on loan applications which may
be presented.
(6) Research Department.—The Research Department is responsible for economic, statistical and
other research required in connection with the
operations of the Bank. Mr. Leonard B. Rist, of
France, formerly an Alternate Executive Director,
has been appointed Research Director.
Discussions have been conducted with the Research Departments of the International Monetary
Fund and of the United Nations with the view of
arranging for cooperation in the exchange of statistical and other information and research services.
As a result it is hoped to keep the research staff
of the Bank confined to a small group of highly
qualified economists and statisticians.
1135
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
(7) Personnel Office.—The Personnel Office is
responsible for personnel matters in connection
with the Bank's staff. Mr. William Howell, of
Washington, D. C , formerly Personnel Director
of UNRRA, is serving as Acting Director of Personnel.
(8) Office Services.—Office Services is responsible for all supply, space, housekeeping, transportation and similar administrative services.
The Bank has been fortunate in receiving, during the past few months, the assistance of representatives o£ the Bureau of the Budget of the United
States Government in connection with the development of its administrative procedures.
RECRUITMENT POLICIES
Pending the receipt of loan applications, the
Bank has not attempted to build up its organization beyond its needs, but the Bank is in a position
to assemble additional personnel as soon as it is
required.
In recruiting the Bank's staff, two principles
have been consistently followed: first, that appointees shall have a high order of competence;
and second, that the star! be recruited with due
regard to geographical representation.
The success of the Bank's operations depends to
a large extent on the character of its personnel, and
it is believed that the policy of careful selection will,
in the long run, pay large dividends in the form of
efficient and sound operation. Where necessary,
positions have been filled on a temporary basis
pending permanent appointments. By care in the
selection of competent personnel and by the use of
expert consultants in connection with special problems as they arise, the regular staff will be smaller
than otherwise would be necessary, with resulting
benefits in both efficiency and economy.
PROCEDURE ON LOAN APPLICATIONS
The Executive Directors and the staff have been
engaged in continuous study of the loan policies to
be pursued by the Bank. These studies have necessarily been preliminary in nature, since development of definitive policies in substantial detail can
only be intelligently undertaken in the light of loan
applications which shall be received.
The Executive Directors have agreed as to the
method of handling loan applications. The procedure will consist of three stages.
1136
After preliminary conversations with the applicant, the President will bring the application before
the Executive Directors, so that they may decide
whether the Bank should proceed with the negotiations. If the Executive Directors determine that
the Bank should continue the negotiations, they
will authorize the President so to proceed and a
Loan Committee will be appointed ad hoc for the
study of the particular application in accordance
with the Articles of Agreement.
Each Loan Committee will include an expert
selected by the member in whose territory the
project to be financed is located and one or more
members of the technical staff of the Bank.
The Loan Committee will study the proposal and
submit a written report to the President with its
recommendations concerning the merits of the proposal. The Loan Committee will not participate
in the actual negotiations, but it will maintain close
touch with the negotiators in order that they may
coordinate the negotiations with the findings of
the Loan Committee.
Throughout the procedure the Executive Directors will be kept continuously informed about the
progress of the negotiations.
The ultimate proposal of the President, together
with the accompanying report of the Loan Committee, will be brought before the Executive Directors for their final decision.
MARKETING POLICIES
Preliminary investigation has indicated that most
of the funds required by the Bank in addition to its
capital must, for the present, be obtained in the
United States. Informal discussions have accordingly been held with representatives of leading investment bankers, commercial banks, savings banks
and insurance companies in order to familiarize
them with the nature of the Bank's operations
and to obtain their views.
In most important states, legislative action will
be required before the Bank's securities can legally
be purchased by insurance companies or savings
banks, or by trustees who are limited to investments
which are legal for savings banks. Measures have
been taken by the United States authorities and
by representatives of institutional investors looking
toward the introduction of the requisite legislation
to permit such purchases, but most of the State
legislatures are now in recess and will not meet
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
again until after January 1, 1947. An encouraging
first step was taken by the New York State Legislature at its last session, when it authorized savings
banks in the State of New York to purchase securities issued or guaranteed by the Bank.
Preliminary study of the marketing possibilities
in Canada has also been undertaken, and studies
will be made, as circumstances develop, of the possibilities of selling in markets, other than the United
States and Canada, securities issued or guaranteed
by the Bank.
COOPERATION WITH OTHER INTERNATIONAL
ORGANIZATIONS
attendance at meetings of the Economic and Social
Council during June and September.
Pursuant to the instructions of the Board of
Governors at their Savannah meeting, a number
of discussions have been held with representatives
of the United Nations concerning arrangements
for cooperation, particularly with the Economic
and Social Council. The Executive Directors have
felt that, pending further development of the
Bank's activities, it would be premature to attempt
to define the exact scope and nature of such cooperation in a written agreement. They believe
that the development of practical working relationships will be facilitated rather than delayed by the
absence of a formal agreement.
The Executive Directors recognize that the Bank
must maintain close relations with the International
MEMBERSHIP
Monetary Fund, and that cooperation with the
Recommendations with respect to the admission
Economic and Social Council of the United Naof countries which have applied for membership in
tions, as well as with other specialized agencies of
the Bank are being submitted separately to the
the United Nations, is necessary in the light of the
Board of Governors in accordance with Section 20
problems of mutual concern which arise.
of the By-laws of the Bank.
A joint standing committee of the Executive
Directors of the Bank with the Executive Directors
INTERPKETATIONS
of the International Monetary Fund is being created to consider matters of common interest* This
By Resolution No. 6, adopted on March 18, 1946,
will serve as a bridge between the two institutions the Board of Governors referred to the Executive
in those respects in which they should complement Directors the request of the Governor for the
each other. The Secretaries of the Bank and the United States, pursuant to Section 12 of the BretFund have also been charged with the responsi- ton Woods Agreement Act, for an interpretation of
bility of informing each other of new subjects of the Articles of Agreement with regard to the aumutual interest to be considered by the Executive thority of the Bank to make or guarantee loans for
Directors of each institution, and they have been programs of economic reconstruction and the reconauthorized to exchange documents pertinent to struction of monetary systems, including long-term
matters of joint concern. The Chairman of the stabilization loans. As has been set out in a separate
Executive Directors of each of the two institutions report to the Board of Governors, to which reference
will invite a representative of the other to attend should be made, the Executive Directors have
meetings at which matters of common interest are agreed that such loans are within the authority of
to be discussed, and the two Chairmen will main- the Bank. This separate report appears as Aptain close touch with each other and will propose pendix "E."
The Executive Directors have also rendered two
to the respective Executive Directors additional
other decisions with regard to the interpretation
measures necessary to insure close cooperation.
The Bank has had representatives in attendance at of the Articles of Agreement of the Bank, as folmeetings of the Food and Agriculture Organiza- lows:
tion in Washington during the spring and in Co(1) In accordance with Resolution No. 7,
penhagen during the summer, and a representative adopted by the Board of Governors on March 1%,
from the Bank attended meetings in London of the 1946, the Executive Directors, at their meeting on
Sub-Commission of the Economic and Social Coun- May 9, 1946, decided that, under Article V, Seccil on Economic Reconstruction of Devastated tions 4 (b) (i) and 4 (d) of the Articles of AgreeAreas. Observers from the Bank were also in ment of the Bank, any member of the Bank, havOCTOBER
1946
1137
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
ing one of the five largest subscriptions to the
capital of the Bank at the date of a regular election
of Executive Directors or at any date between regular elections of Executive Directors, shall be entitled to appoint an Executive Director who shall
hold office until the next regular election of Executive Directors, without prejudice to the right of
a subsequently admitted member of the Bank to
appoint an Executive Director if it has one of the
five largest subscriptions to the capital of the Bank.
(2) At their meeting on June 20, 1946, the
Executive Directors decided that, under Article IV,
Section 2 (a) of the Articles of Agreement, the
United States does not have power to control the
use of United States dollars paid to the Bank in
lieu of gold pursuant to Article II, Section 7 (i)
of the Articles of Agreement.
ADVISORY COUNCIL
Recommendations in respect of the Advisory
Council are being submitted separately to the Board
of Governors in accordance with Resolution No. 5
of the Board of Governors.
FINANCIAL STATEMENT
The accounts of the Bank have been audited
as of June 30, 1946, by Price, Waterhouse & Co.
in accordance with Resolution No. 19 adopted by
the Board of Directors on September 10, 1946.
The Auditors' Report appears as Appendix "F."
Financial statements, as of August 31, 1946, prepared by Office of the Treasurer of the Bank, appear as Appendix "G."
Summary information relating to the Bank's
financial condition as of August 31, 1946, is given
below.
Total assets were $385,157,513.64. Gold
amounted to $14,072,258.62, of which $9,395,758.64
was held by the Federal Reserve Bank of New
York and $4,676,499.98 by the Bank of England.
Deposits with banks totaled $227,729,955.32, of
which $224,730,887.11 was on deposit with the
Federal Reserve Bank of New York and $39,068.21
with the American Security and Trust Co., Washington, D. C. The account at the American Security and Trust Company is used for the payment
of the Bank's operating expenses. $2,960,000, the
U. S. dollar equivalent at exchange rates in effect
at the date of deposit, was in the Central Banks
of Chile and Costa Rica. These deposits in Chile
1138
and Costa Rica represent payments of the 3 per
cent stock subscription call made as of June 25,
1946, and due on or before November 25, 1946, and
the 5 per cent call made as of September 25, 1946,
also due on or before November 25, 1946.
Calls on subscriptions to capital stock outstanding as of August 31, 1946, amounted to $143,353,116.30, including outstanding balances of $9,613,116.30 on the 2 per cent call payable on or before
August 24, 1946, and of $133,740,000 on the 3 per
cent call payable on or before November 25, 1946.
The subscription calls and payments thereon are
discussed in detail in the section of this Report
entitled "Formal Commencement of Operations
and Calls of Capital."
Miscellaneous assets of $2,183.40 include travel
and other advances and service deposits.
Total liabilities of $1,939,676.77 include accounts
payable of $73,948.35, a reserve of $15,728.42 for
estimated liability for income taxes on salaries paid
through August 31, 1946, and deferred credits of
$1,850,000, the last item representing the advance
payments by Chile and Costa Rica of the 5 per cent
stock subscription call which was not actually made
until after August 31, 1946.
Capital stock of $383,500,000 represents the 2 per
cent call of $153,400,000 and the 3 per cent call of
$230,100,000.
The deficit of $282,163.13 is the total of the operating expenses of the Bank to August 31, 1946.
The accounting system that has been established
will reflect at all times the various member currencies held by the Bank, as well as the sources of
the funds.
STATEMENT ON ADMINISTRATIVE BUDGET
Paragraph 4 of Resolution No. 2, adopted by
the Board of Governors on March 16, 1946, authorized the Temporary Secretary of the Bank,
until permanent procedures should be established,
to expend up to $200,000 to meet salaries and other
administrative expenses of the Bank, including
transportation expenses of Governors and their
Alternates. The Temporary Secretary made disbursements under such authority until July 15,
1946. Thereafter, disbursements were made by the
President or Vice President of the Bank. Total
disbursements through July 15, 1946, amounted to
$75,703.40.
The expenses of the Bank to August 31, 1946,
totaled $282,163.13, including accrued expenses and
FEDERAL RESERVE BULLETIN
REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
provision for estimated liability for income taxes
on salaries and expenses of Executive Directors,
their Alternates and the staff. Of the total, $33,086.50 represented expenses of the Governors and
their Alternates in attending the meeting at Savannah, Georgia, and $8,407.73 represented expenses
of the Executive Directors and their Alternates in
moving to Washington.
At the date of this Report, in addition to the
Executive Directors and Alternates, the staff and
secretarial force of the Bank totaled 72. Operating
expenses, on the basis of the present staff and office
space, are accruing at a rate of approximately
$100,000 a month, or at an annual rate of $1,200,000. However, the Bank is still in the process of
developing its organization and this rate of expenditure will necessarily increase.
Small staffs have been recruited for the offices
of the Executive Directors and their Alternates, the
offices of the President, the Secretary, the Treasurer,
the General Counsel, the Personnel Office and
Office Services. The Director of the Loan Department is serving in that capacity on a temporary
basis, and the Director of the Research Department
only recently assumed the duties of his office. The
staffs for these departments will be developed in
the light of their requirements. All the operational
units will have to be expanded substantially when
the Bank begins to make loans and undertake
financing.
Consideration is being given to the development,
of a retirement system and the provision of various
provident funds for employees, consistent with
actions being taken by other international organizations. These, if adopted and put into effect, will
add a further undetermined amount to the cost
of operations.
It would not be difficult to develop an administrative budget, based on numerous arbitrary assumptions, which would present a forecast purporting
to reflect the anticipated expense of operations of
the Bank for a given period. However, the many
assumptions which would have to be made would
result in figures that could not be accepted as
having any foundation in fact. There is no indication as to the number or complexity of the loan
applications which will have to be considered, or
as to the rapidity with which they will develop.
There is no experience on which to estimate the
extent of the staff work which will be required,
OCTOBER
1946
either in Washington or in the field, before loans
can be approved. Work-load information is completely lacking, both as to lending and financing
activities, and there is no similar public or private
financing institution with which comparison can
be made. Any assumptions which might be made,
at this stage, therefore, would be extremely speculative.
The minimum function of budgetary planning
should be to furnish to management an intelligent
control over operations. To be useful a budget
must be based on anticipations that can be reasonably justified. A budget prepared on any other
basis would be useless.
Under existing circumstances, it would not be
possible to prepare an estimate of operating costs
that would be useful. However, within a few
months sufficient operating experience will have
accumulated to justify the development of an adequate budgetary control well in advance of the next
fiscal year.
CONCLUSION
During the three months since its formal commencement of operation, the Bank has attempted
to prepare the ground for those tasks of reconstruction and development which will be its responsibility in the years ahead. If we build skillfully
and well an international organization to perform
those tasks, the Bank will be able to contribute,
as the Member Governments of the Bank intended
it should, to the structure of a secure peace.
The appendices to the Ban\ report, which are
omitted here, include the following: List of Governors and Alternates of the International Ban\
for Reconstruction and Development; List of Executive Directors and Alternates of the International Ban\ for Reconstruction and Development; List of Depositories; Membership of Standing Committees; Report of the Executive Directors
of the Board of Governors on Interpretation of the
Articles of Agreement [with respect to the authority
of the Ban\ to ma\e or guarantee loans for programs of economic reconstruction and the reconstruction of monetary systems, including long-term
stabilization loans]; Auditor's Report; and Financial Statements as of August 31, 1946.
1139
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Consumer Credit
Renewal of Single-Payment Loan under $2,000
Several inquiries have been received as to the
effect of Amendment No. 21 to Regulation W,
which changed the figure in section 7(c) from
$1,500 to $2,000. The Regulation, by its terms, now
applies to the renewal of a single-payment loan
originally in an amount exceeding $1,500 but not
exceeding $2,000, even though the loan was made
prior to September 3, 1946, the effective date of
Amendment No. 21.
Floor Furnaces as "Listed Articles"
Several questions have been received concerning
the applicability of Regulation W to credit extended
for certain types of heating equipment sometimes
called "floor furnaces."
One of the questions is whether Amendment
No. 20 which limited the exemption for repairs and
improvements to those not incorporating any listed
article would modify the Board's ruling, which
appeared in the 1946 Federal Reserve BULLETIN
for January at page 29, that credit for a "floor
furnace" would be exempt if the equipment is
affixed to the structure so as to become an "alteration or improvement" upon the realty. The answer
is that Amendment No. 20 makes the 1946 ruling
obsolete and the credit is subject to the Regulation
if the "floor furnace" is a listed article, i.e., is a
heating stove or space heater.
A related question is how to determine whether
a given make of "floor furnace" is included in the
classification "space heaters." Rulings of the Board
appearing in the 1941 Federal Reserve BULLETIN
for October at page 979 outline the general characteristics of the space heater category and classify
gas-fired floor furnaces as space heaters. The determining factor in these cases is whether or not
the heating unit is designed to transmit the heat
directly to the space to be heated or to transmit
the heat by one or more pipes or ducts. All of the
models of heating equipment called "floor furnaces"
which have been described to us provide for direct
1140
transmission and accordingly are space heaters subject to the Regulation.
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
the Treasury under authority of the Executive
Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
August 31, 1946
AMENDMENT TO GENERAL RULING NO. 18
Under Executive Order No. 83 89, as Amended, Executive
Order No. 9193, as Amended, Sections 3 (a) and 5(b) of
the Trading with the Enemy Act, as Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control.*
General Ruling No. 18 is hereby amended to read as
follows:
REGULATIONS RELATING TO THE PHILIPPINES
(1) Status of the Philippines. For the purpose of administering and complying with the provisions of Sections
3(a) and 3(c) of the Trading with the Enemy Act, as
amended, Executive Order No. 8389, as amended, and the
regulations, rulings, instructions and licenses issues by
or under the direction of the Secretary of the Treasury
pursuant to Executive Orders No. 8389 and 9095, as
amended, the Philippines shall not be included within the
term "United States" but shall be deemed to be a foreign
country not designated in Executive Order No. 8389, as
amended, and to be included in the "generally licensed
trade area" as defined in General License No. 53.
(2) Effect of previous status. No person shall be deemed
a national of a blocked country solely by reason of the fact
that at any time on or since the effective date of the Order
the Philippines were regarded as a blocked country.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, Pub. No.
485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec.
26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex.
Order 9567, June 8, 1945; Ex. Order 9747, July 3, 1946;
Regulations, April 10, 1940, as amended June 14, 1941, July
26, 1941, and February 19, 1946.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(3) Waiver of General Riding No. 5 on importations of
securities and currency from the Philippines. The provisions
of General Ruling No. 5 shall not apply to securities or
currency sent, mailed, imported or otherwise brought into
the United States from the Philippines, unless there is
reasonable cause to believe that such securities or currency
are being brought into the United States via the Philippines
from any other foreign country.
Public Circular No. 12 is hereby revoked.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
September 10, 1946
E. Hs. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
August 31, 1946
REVOCATION OF GENERAL LICENSES NOS. 80 AND 82
Under Executive Order No. 83 89, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
General Licenses Nos. 80 and 82 are hereby revoked.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
September 10, 1946
REVOCATION OF PUBLIC CIRCULAR NO. 12
Under Executive Order No. 83 89, as Amended, Executive
Order No. 9193, as Amended, Sections 3 (a) and 5(b) of the
Trading with the Enemy Act, as Amended by the First
War Powers Act, 1941, relating to Foreign Funds control A
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54
Stat. 179; 55 Stat. 838; Sec. 3, Pub. No. 485, 79th Cong.; Ex.
Order 8389, April 10, 1940, as amended by Ex. Order 8785,
Tune 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order
8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex.
Order 9193, July 6, 1942, as amended by Ex. Order 9567,
June 8, 1945; Ex. Order 9747, July 3, 1946; Regulations, April
10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946.
f Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941,
and February 19, 1946.
OCTOBER
1946
REVOCATION OF PUBLIC INTERPRETATION NO. 10
Under Executive Order No. 83 89, as Amended, Executive
Order No. 9193, Sections 3 (a) and 5(b) of the Trading
with the Enemy Act, as Amended by the first war Powers
Act, 1941, Relating to Foreign Funds Control.
Public Interpretation No. 10 is hereby revoked.
JOHN S. RICHARDS,
Acting Director.
Treasury Department
Foreign Funds Control
September 10, 1946
PUBLIC CIRCULAR NO.
32
Under Executive Order No. S3 89, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5(b) of the
Trading with the Enemy Act, as Amended by the First
War Powers Act, 1941, relating to Foreign Funds control.*
Notwithstanding General Ruling No. 11 A, property
returned by the Alien Property Custodian under Section 32
of the Trading with the Enemy Act, as amended, shall not
be regarded as subject to the restrictions of the Order solely
by reason of the interest of any blocked country or national
thereof resulting from the return.
JOHN W.
SNYPER,
Secretary of the Treasury.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, Pub. No.
485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec.
26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex.
Order 9567, June 8, 1945; Ex. Order 9747, July 3, 1946;
Regulations, April 10, 1940, as amended June 14, 1941, July
26, 1941, and February 19, 1946.
1141
CURRENT EVENTS
Federal Reserve Meetings
Appointment of Class C Director
The Conference of Presidents of the Federal Reserve Banks met in Washington, D. C, on October
1 and 2, 1946. The Presidents met with the Board
of Governors of the Federal Reserve System on
October 4, 1946.
A meeting of the Federal Open Market Committee was held in Washington, D. C, on October
3, 1946.
The Federal Advisory Council met in Washington on October 6-7, 1946. The Council met with
the Board of Governors of the Federal Reserve
System on October 7, 1946.
The Board of Governors of the Federal Reserve
System on September 23, 1946, announced the appointment of Mr. J. P. Redman, Cairo, Illinois,
as a Class C Director of the Federal Reserve Bank
of St. Louis for the unexpired portion of the
term ending December 31, 1948. Mr. Redman
is engaged in farming.
Death of Federal Reserve Bank President
Mr. Ira Clerk, President qf the Federal Reserve
Sank of San Francisco, died on September 28,
1946. Mr. Clerk had been an officer of the Federal
Reserve Bank of San Francisco since November
1914,, and had served as President of the Bank
since January 1, 1946.
Change in Board's Staff
Mr. Merritt Sherman was appointed an Assistant
Secretary of the Board of Governors effective October 1, 1946. Mr. Sherman had been with the
Federal Reserve Bank of San Francisco since September 1926 and had been an officer of the Bank
since May 1, 1941.
1142
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period August 16, 1946, to September 15, 1946:
Florida
Stuart—Citizens Bank of Stuart
Illinois
Campbell Hill—First State Bank of
Campbell Hill
Chrisman—State Bank of Chrisman
Michigan
Edmore—State Bank of Edmore
Pennsylvania
Pittsburgh—Polithania State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled September 26, and released for publication September 28]
Production and employment at factories continued to expand in August. The value of retail
trade reached new record levels, reflecting partly
further advances in prices for goods. In the early
part of September prices of agricultural commodities were reduced considerably by Federal action.
INDUSTRIAL PRODUCTION
Industrial production rose further in August to
a new peacetime peak and, according to the Board's
seasonally adjusted index, the level of output was
176 per cent of the 1935-39 average as compared
with 172 'in July.
Production of durable manufactures continued
to gain, reflecting further advances in output of
metals and metal products. Activity at steel mills
averaged 88 per cent of capacity in August as compared with 85 per cent in July and operations in
September have been maintained at about the
August rate. Output of copper continued to advance in August and exceeded the pre-strike rate
in January, Activity in the machinery and automobile industries increased in August. Output of
passenger cars rose 10 per cent and trucks, 13 per
cent; production of trucks totalled 105,500 units,
which was the highest monthly rate on record.
Production of nondurable goods as a group advanced in August to the same level as in June,
INDUSTRIAL PRODUCTION
240
-
E40
r
-
220
\
/
200
200
/
180
180
\
/
160
-
/
140
CONSTRUCTION
Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, declined
somewhat further in August, reflecting a drop of
one-fourth in nonresidential building awards. Residential building awards increased slightly in August
following large decreases in June and July. Value
of new construction activity continued to rise in
August but preliminary figures indicate that activity showed little change in September.
EMPLOYMENT
EHYSK:<L VOLUME SEASOHAU.T AOJUSTSO. 1935-3*«IOO
220
162 per cent of the 1935-39 average, after a large
decline in July due chiefly to vacations in the textile,
leather, paper, and tobacco products industries.
Output of paperboard rose in August to a level
slightly above the previous peak and continued at
about this rate during the first three weeks of September. Federally inspected meat production in
August, after allowance for seasonal changes, was
16 per cent below the high July rate, and a sharp
further curtailment occurred in September. Output of flour and bakery products showed further
large gains in August, reflecting improved wheat
supplies. Production of most other nondurable
goods increased slightly from July to August.
Minerals production declined 2 per cent in
August, reflecting slight decreases in output of coal
and crude petroleum. Output of metals showed
little change.
160
Nonagricultural employment increased by about
550,000 from July to August to a level more than
V/2 million above August 1945. Over 300,000
workers were added in manufacturing, and employment in most other industries continued to
increase. The number of persons unemployed declined by 230,000 in August.
140
-
DISTRIBUTION
120
120
100
100
1939
1940
1942
1943
1944
1945
Federal Reserve index. Monthly figures, latest
shown is for August.
OCTOBER
1946
80
Department store sales in August reached a new
high of 289 per cent of the 1935-39 average as
compared with 273 in July and an average level
of 254 in the first half of the year, according to
the Board's seasonally adjusted index. Sales dur1143
NATIONAL SUMMARY OF BUSINESS CONDITIONS
ing the first three weeks of September continued
at a high level. Value of department store inventories, after allowing for seasonal changes, increased
from 222 per cent of the 1935-39 average at the
end of July to 225 at the end of August.
Freight carloadings continued to rise in August
and, after allowing for seasonal changes, were at
the highest level since the early part of 1945. Increased shipments of coal, coke, forest products,
and miscellaneous freight more than offset declines
in other classes.
tion is expected to be improved this season because
of the larger feed crops as well as the reduced number of livestock on farms. Total output of fruits
and vegetables is indicated to be substantially
greater than last season and larger than in any
previous year.
BANK CREDIT
Treasury withdrawals from its deposits at banks
to retire public debt, together with an increase in
currency in circulation, in August and early September resulted in moderate pressure on member
bank reserves, and banks sold short-term GovernCOMMODITY PRICES
ment securities to the Reserve Banks. In the first
Prices of livestock and meats were reduced half of September deposits of businesses and indisharply at the beginning of September by the re- viduals increased considerably, and required reestablishment of Federal price ceilings over these serves rose by about 200 million dollars. There
commodities. Reflecting mainly that action, the was some decline in the following week, largely the
general index of wholesale prices declined 4 per result of income tax payments.
cent from the middle of August to the latter part
Commercial and industrial loans at member
of September, following an advance of 13 per cent banks in 101 leading cities showed a further sharp
in the preceding 6 weeks after the lapse of Federal increase during August and the first three weeks
price control. Prices of dairy products and some of September, and have risen by about 1.5 billion
other agricultural and industrial commodities have dollars since June. Real estate and consumer loans
advanced further in recent weeks.
also continued to increase. Loans for purchasing
and carrying securities declined by over 500 million.
AGRICULTURE
Holdings of Treasury certificates declined by about
Crop production this year is expected to be 2 billion, reflecting primarily Treasury debt reslightly larger than the previous record reached in tirement operations, while holdings of Government
1942 despite the small cotton crop and reduced bonds increased slightly further.
output of oil-bearing crops. This is the second
SECURITY PRICES
season of a small cotton crop and stocks have been
Prices of common stocks declined sharply durreduced considerably from the high levels existing
from 1938 to 1945 but the carryover on August 1 ing the first three weeks of September. Bond
was still substantially larger than the average levels yields rose somewhat in August and September,
prevailing in earlier years. The feed supply situa- while short-term interest rates showed little change.
MEMBER BANK RESERVES AND RELATED ITEMS
WHOLESALE PRICES
IONSOFDOU.ARS
^ - 1 32
1926-100
[939
1940
1941
1942
1943
1944
1945
Latest figures shown are for Sept. 28.
1144
»46
1939
1940
1941
1942
1943
1944
1945
1946
Wednesday figures, latest shown are for Sept. 25.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements. .
Federal Reserve Bank statistics
Guaranteed war production loans
..
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .. .
Weekly reporting member banks. . .
Commercial paper, bankers'acceptances, and brokers'balances....
.
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Cost of living
Wholesale prices
Gross national product, national income, and income payments. .
September Crop Report, by Federal Reserve districts. .
Current statistics for Federal Reserve chart book
Number of banking offices in the United States
All member banks—Assets and Liabilities on June 29, 1946, by class
of bank.
Assets and liabilities of insured commercial banks in United States and
possessions, June 29, 1946, December 31, 1945, and June 30, 1945
1147
1148-1149
1149-1152
1153
1153—1154
1155-1156
1156
1157
1158-1159
1160-1161
1162-1165
1166
1167
1168-1169
1170
1171-1173
1174
1175-1184
1185-1187
1188-1190
1190
1191
1192
1193
1194-1196
1197
1198
1199
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to
the Board; index numbers of production arc compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other scries on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
OCTOBER
1946
1145
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS Of DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
30
15
10
1939
1940
1941
1942
1943
1944
1945
1946
10
1939
1146
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for Sept. 25. See p. 1147.
1946
FEDERAL RESERVE
BULLETI
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Gold
stock
Total
Treasury
bills
and
certificates
All
other
Total
All
other1
Treasury
currency
outstanding
Money
in circulation
Treasury deOther
Treas- posits NonFedwith
ury
eral
memcash Federal ber deReReholdposits serve
serve
ings
acBanks
counts
Member
bank reserve
balances
Total
Excess*
Monthly averages of
daily figures:
1945—June
July
Aug
1946—June
July
Aug
590 21,271 18,488
163 21.593 18,793
388 22,052 19,230
245 23,152 20,570
240 23.473 22,122
247 23,584 22,233
2,783
2,800
2,822
2,582
1,351
1,351
457
460
431
503
458
427
22.318 20,263
22,215 20,203
22,871 20,116
23,900 20,267
24,171 20,270
24,258 20,271
4,145
4,153
4,202
4,536
4,538
4,541
26,561
26,918
27,392
28,140
28,281
28,352
2,302
2,268
2,257
2,266
2,251
2,262
368
618
549
686
589
524
1,631
1,563
1,554
1,053
1.274
1,328
449
450
457
561
567
573
15,415 1,339
14,755 1.220
14,978 1,084
15.996
943
16.017
928
16,031
891
End of month figures:
1945—June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
1946—June 2 9 . . .
July 3 1 . . .
Aug. 3 1 . . .
46 21,792
302 21,717
362 22,530
157 23,783
246 23.633
331 23,946
18,994
18,906
19,653
21,280
22.282
22,595
2,798
2,811
2377
2,503
1,351
1,351
466
340
315
516
286
471
22,304 20,213
22,359 20,152
23,207 20,088
24,456 20,270
24,164 20,267
24,748 20,280
4,145
4,199
4,217
4,539
4,540
4,544
26,746
27,108
27,685
28,245
28.254
28,448
2,279
258
230
2,251
2,250
2,256
599
586
552
833
513
704
1,668
1,516
1.577
1.250
1,401
1,345
450
449
457
561
562
574
14,920
14,794
15,011
16,123
15,991
16,245
Wednesday figures:
1945—Nov. 7 . . .
Nov. 1 4 . . .
Nov. 2 1 . . .
Nov. 2 8 . . .
508 23,076
596 23,448
630 23,343
792 23,646
20,179
20,510
20.372
20,627
2,898
2,938
2,970
3,019
292
455
359
326
23,877 20,035
24,498 20,034
- - --- 20,032
24,764 20,031
4,285 28,137
4,284 28,178
4,297 28,198
4,297 28,169
2,268
2,265
2,272
2,269
261
580
410
557
1,310
1,313
1,360
1,351
484
486
484
485
15,737
928
15.994 1,163
15,937 1,043
16,261 1.293
Dec. 5 . . .
Dec. 1 2 . . .
Dec. 1 9 . . .
Dec. 2 6 . . .
345 23,525
312 23,493
360 23.668
492 24,037
20,474
20,440
20,602
20,970
3,052
3,053
3,067
3,067
359
460
829
643
24,229 20,029
24,264 20,045
24,859 20,066
25,172 20,065
4,303
4,317
4,326
4,334
28,279
28,370
28,557
28,649
2,242
2,268
2,288
2,283
1,304
627 1,204
718 1,284
1,199 1,282
487
488
496
500
16,242
15,669
15,906
15,658
1.594
1,296
1.332
1,213
1946—Jan. 2 . . .
Jan. 9 . . .
Jan. 16. . .
Jan. 2 3 . . .
Jan. 3 0 . . .
222 24,092
215 23,859
210 23,437
207 23,341
310 23,297
21,602
21,377
21,030
20,968
20,945
2,490
2,482
2,407
2,373
2,352
533
463
426
373
291
24,847 20,065
24,536 20,046
24,072 20,111
23,922 20,135
23,898 20,157
4,352 28,491
4,362 28,297
4,377 28,119
4,385 27,977
4,404 27,914
2,306
2,256
2,262
2,282
2,295
771
758
272
578
762
1,299
1,307
1,257
1,239
1,298
498
505
505
506
507
15,900
15,822
16,145
15,859
15,681
1,439
1,266
1,423
1,169
1,061
Feb. 6 . . .
Feb. 1 3 . . .
Feb. 20. . .
Feb. 2 7 . . .
289 23,227
411 23,253
352 23,017
380 22,972
20.876
20,904
20,692
20,652
2,352
2,349
2,326
2,320
324
270
417
325
23,840 20,157
23,933 20,157
23,787 20,233
23,677 20,233
4,413
4,424
4,434
4,447
27,929
27,967
27,955
27,938
2,306
2,301
2,318
2,317
716
864
940
826
1,226
1,173
1.235
1,203
516
516
516
517
15,717 1,115
15,693 1,146
15,490
950
15,555 1.039
Mar. 6 . . .
Mar. 1 3 . . .
Mar. 2 0 . . .
Mar. 2 7 . . .
443 22,526 20,207 2,320
710 22,393 20.074 2,320
483 22,592 20,335 2,258
683 22,974 20,634 2,340
327
319
408
305
23,297 20,232
23,423 20,232
23,483 20,233
23,963 20,257
4,451
4,456
4,467
4,478
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
1,153
1,210
1,230
1,226
531
530
540
540
15.444
924
15.663 1,112
15,484
929
15,395
995
Apr. 3 . . .
Apr. 1 0 . . .
Apr. 1 7 . . .
Apr. 24. . .
686 21,969
353 22,232
326 22,103
324 22,304
19,603
19,866
19,736
19,874
2,366
2,366
2,366
2,430
280
261
429
274
22,936 20,255
22,846 20,253
22,857 20,251
22,901 20,247
4,485
4,492
4,514
4,536
27,912
27,955
27,948
27,877
2,271
2,259
2,259
2,260
533
260
334
385
1,013
1,161
1,138
1,159
550
550
548
547
15,396 1,072
15,406
940
15,395
843
14.457
836
May 1 . . .
May 8 . . .
May 1 5 . . .
May 2 2 . . .
May 2 9 . . .
225 22,579
207 22,732
145 22,660
163 22,643
237 22,983
20,003
20,134
20,019
20.001
20,341
2,577
2,598
2,641
2,641
2,641
279
279
447
326
337
23,084 20,251
23,219 20,248
23,252
•""' 20,245
23,132 20,245
23,556 20,242
4,535
4,534
4,534
4,532
4,533
27,?
27,958
27,950
27,961
28,106
2,267
2,266
2,265
2,262
2,265
409
314
504
562
681
1,010
1,162
1,110
1,069
1,038
548 15,747 1,111
550 15,751 1,014
550 15,652
916
550 15,505
700
553 15,689
830
June 5 . . .
June 12. . .
June 1 9 . . .
June 2 6 . . .
22,780 20,129 2,651
252 23,270 20,619 2,651
252 22,691 20,187 2,503
231 23,385 20,882 2,503
23,450 20,272
374 23,896 20,271
512 23,454 20,272
369 23,986 20,269
4,534
4,537
4,536
4,539
28,159
28,128
28,116
28,135
2,285
2,280
2,260
2,262
394 1,063
860
969
419
985
970
950
556 15,799
557 15,909
566 15,916
569 15,910
738
833
671
867
July
July
July
July
July
239 23,003
292 23,394
204 23,230
219 23,652
246 23,633
453
333
462
358
286
23,694 20,270
24,019 20,271
23,895 20,271
24,229 20,269
24,164 20,267
4,540
4,537
4,538
4,539
4,540
28,395
28,335
28.241
28,187
28,254
2,249
2,254
2,249
2,263
2,250
507
664
513
674
513
971
1,116
1,165
1,473
1.401
567
568
568
563
562
15,815
15,889
15.968
15,877
15,991
730
825
859
753
856
3...
10...
17...
24. . .
31...
21,652
22,043
21,879
22,301
22,282 1,351
1,585
1,037
920
1,112
856
1,085
Aug. 7 . . .
Aug. 1 4 . . .
Aug. 2 1 . . .
Aug. 2 8 . . .
258 23,593 22,242
263 23,575 22,224
229 23,486 22,135
216 23,606 22,256
283
400
394
279
24,134 20,266
24,238 20,268
24,109 20,274
24,102 20,280
4,538
4,541
4,543
4,543
28,326
28,353
28,365
28.376
2,263
2,262
2,265
2,274
353
557
540
620
1.331
1.295
1,250
1,214
573
572
572
574
16,093
16.008
15,933
15.867
964
898
805
714
Sept.
Sept.
Sept.
Sept.
291 23,387
250 23,291
262 23,421
294 23,866
332
395
541
425
24,011
23,935
24,224
24,585
4,543
4,545
4,545
4,547
28,506
28,499
28,453
28,448
2,281
2,280
2,265
2,279
293
199
359
928
1,188
1,122
1,111
1,212
581
581
588
590
15,989
16,086
16,280
15,975
P841
P810
*925
*766
4. ..
11...
18...
25...
22,036
21,940
22,070
22,515 1,351
20,284
20,288
20,288
20,301
* Preliminary.
1
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
* End of month and Wednesday figures are estimatef:
Backfigures—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
OCTOBER
1946
1147
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect September 30.
Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Effective
Rate
Apr. 27, 1946
Apr. 25, 1946
Apr. 25, 1946
May 3, 1946
May 10, 1946
May 10, 1946
Apr. 26, 1946
Apr. 26, 1946
Apr. 26, 1946
Apr. 27, 1946
May 10, 1946
Apr. 25, 1946
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Rate
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City.. .
Dallas
San Francisco.
Other secured advances
[Sec. 10(b)]
Effective
Oct. 27,
Oct. 30,
Oct. 17,
Sept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Effective
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Mar. 29, 1946
Apr. 6, 1946
Mar. 23, 1946
Mar. 9, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 16, 1946
Mar. 23, 1946
Apr. 13, 1946
Mar. 16, 1946
Apr. 25, 1946
2
2K
2
2
i*
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. Backfigures.—SeeBanking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Rate on
Sept. 30
In effect beginning—
H
Apr. 30, 1942
Treasury bills..
Bankers* acceptances:
1- 90 days
91-120 days
121-180 days
1
1
1
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five year*
[In effect September 30. Per cent per annum]
To industrial or
commercial
businesses
i\ug. 24, 1946
VAug. 24. 1946
KDct. 20, 1933
H
IK
Federal
Reserve
Bank
* 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.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND
CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect September 30]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
80 or less
10
15
20
30
50
85
90...
95
Over 95
.
.
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrowers)1
.
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City...
Dallas
San Francisco..
On discounts or
purchases
On
loans2
On
commitments
2K-5
2K-5
2K-5
2K-5'
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
K-l
K-1X
K-ltf
%-WA
K-iX
H-WA
K-iX
K-iX
K-iK
K-iK
%-^VA
1
1
l
. . . .
4K
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative, charge a flat fee of not to exceed $50, without regard to the
amount or maturity of the commitment.
1148
Portion
for which
institution is
obligated
(8)
(')
52
(»)
(»)
(')
2K-5
1-1K
(*)
(s)
(8f )
()
Remaining
portion
(*)
(*)
(4)
(«)
(44)
()
2K-5
(*)
(*)
0)
(4)
0)
On
commitments
K-l
K-iK
K-iK
• K-l YA
K-iK:
• K-l YA
YA-\%
YA~\YA
V*-\YA
K-iK
•K-itf
•K-lK
1
See table on maximum interest and commitment rates chargeable under Regulation V for rates on guaranteed Section 13b loans.
* Including loans made in participation with financing institutions
* Rate charged borrower less commitment rate.
*1 Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
a
Charge of }4 per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118.
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by*
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Nov. 1,1933- Feb. 1, 1935- Effective
Jan.31,1935 Dec.31,193 Jan. 1,1936.
[Per cent per sannumj
M a x i m u m rate of i n t e r e s t
M a x i m u m c o m m i t m e n t rate
To financing institutions
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . . .
In less than 90 days
2K
2K
2K
2K
2K
2K
2K
2K
2
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposit*
under the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
MARGIN REQUIREMENTS 3
[Per cent of market value]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
N e t demand deposits
Central
reserve
city
banks
Period in effect
June 2 1 , 1917-Aug. 15,
Aug. 16, 1936-Feb. 28,
Mar. 1, 1937-Apr. 30,
M a y 1, 1937-Apr. 15,
Apr. 16, 1938-Oct. 3 1 ,
Nov. 1, 1941-Aug. 19,
Aug. 20, 1942-Sept. 13,
Sept. 14, 1942-Oct. 2.
Oct. 3, 1942 and after
1936..
1937..
1937..
1938..
1941..
1942..
1942..
1942..
1
Time
deposits
(all
Reserve Country member
city
banks
banks)
banks
13
19^
10
15
17^
20
2224
26
22^
26
24
22
20
17K
20
20
20
20
7
3
IOK
12K
14
12
14
14
14
14
5lA
6
5
6
6
6
6
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 5,
1945July 4,
1945
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
50
50
75
75
100
100
50
75
100
July 5,
Effec1945tive
Jan. 20, Jan. 21,
1946
1946
1
1
Demand deposits subject to reserve requirements, i. e., demand
•deposits other than war loan deposits, minus cash items in process of
•collection and demand balances due from domestic banks.
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.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
1946
1946
Item
Sept. 18
Sept. 25
Sept, 11
Sept. 4
Aug. 28
Aug. 21
Aug. 14
September
1945
August
September
Assets
17,327,178 17,327,178 17,327,176 17,329,928 17,333,759 17,345,756 17,351,207 17,327,179 17,330,929 17,170,564
•Gold certificates
Redemption fund for
767,837
750,705
766,622
763,991
769,617
771,446
772,065
766,328
754,251
727,290
F. R. notes
Total gold certificate reserves
18,096,795 18,098,624 18,099,241 18,096,256 18,097,550 18,100,007 18,101,912 18,095,016 18,097,551 17,897,854
303,857
252,808
142,398
69,635
210,730
323,996
120,000
143,800
120,000
10,400
262,398
213,435
330,730
334,396
300,752
298,420
171,305
96,334
109,315
120,000
120,000
120,000
216,334
229,315
296,572
152,708:
132,200
119,425
140,800
130,000
130,000
Total discounts and
advances
293,508
262,200
249,425
291,305
288,232
291,274
300,933
299,644
Discounts and advances:
For member b a n k s . . .
For nonmember
banks, etc
Other cash
283,949
1,102
1,075
1,059
1,031
1,138
1,067
1,105
1,154
1,138
3,063
Industrial loans
1,831
17,889
10,316
14,499
23,020
13,452
3,338
7,899
Acceptances purchased.
5,445
U. S. Gov't securities:
Direct:
Bills:
Under repurchase
5,097,214 4,889,070 4,974,239 5,267,417 5,050,572 4,981,099 5,113,509 5,058,167 5,281,879 4,859,101
option
,
9,642,290 9,577,470 9,500,680 9,457,300 9,425,390 9,382,210 9,338,830 9,652,760 9,457,300 8,374,430
Other
Certificates:
Special
7,775,409 7,603,409 7,464,909 7,311,409 7,779,637 7,771,637 7,771,637 7,914,909 7,855,637 7,184,161
Other
595,600
595,600
668,100
595,600
595,600
595,600
595,600
595,600
595,600 1,933,150
Notes
755,290
755,290
755,290
755,290
755,290
755,290
755,290
755,290
755,290
977,392
Bonds
Total U. S. Govt.
23,865,803 23,420,839 23,290,718 23 ,387,016 23 ,606,489 23,485,836 23 ,574,866 24,049,226 23 ,945,706 23 ,328,234
securities
Other Reserve Bank
263,619
328,232
374,941
534,106
386,211
420,897
321,079
376,114
456,586
416,611
credit outstanding. . .
Total Reserve Bank
credit outstanding 24,584,577 24,223,657 23,935,358 24,010,854 24,102,016 24,109,040 24,237,536 24,593,826 24,747,628 24,082,304
Liabilities
Federal Reserve notes. . 24,416,266 24,419,227 24,464,940 24,456,561 24,352,035 24,338,725 24,334,039 24,448,024 24,411,565 24,003,078
Deposits:
Member bank — re15,974,622 16,280,203 16,086,392 15,988,509 15,867,316 15,933,168 16,008,045 15,910,026 16,245,216 15,520.405
serve account
U. S. Treasurer—gen620,300
540,467
292,986
557,264 1,081,036
359,357
198,981
703,856
854,249
928,063
eral account
630,696
701,963
692,190
607,839
612,471
762,160
606,547 1,037,910
651,014
667,644
Foreign
583,020
548,443
456,785
430,080
738,873
579,760
533,169
448,783
460,456
544,365
Other
Total deposits
18,114,694 17,751,030 17,407,643 17,469,094 17,701,332 17,724,041 17,860,638 18,060,318 18,294,492 17,861,347
iRatio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
42.9
42.5
43.2
43.0
43.2
43.0
42.6
42.9
42.4
42.8
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
September 25, 1946
Discounts and advances
Industrial loans
Acceptances purchased
<U. S. Government securities
OCTOBER
1946
Tota
293, SOS
1, 031
16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over
days
days
6 months to 1 year 2 years 5 years 5 years
days
131,395
148,553
2,950
10 610
Within
15 days
894
5
8
61
9
12
6
3,332
3, 338
23,865, 803 4 ,199,351 2,246,049 5,310 260 4,843,244 2,542,174 3,674,035
6
36
320,400
148,350
581,940
1149
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
17,333,759
Aug. 28
17,329,928
Sept. 4
17,327,176
Sept. 11
17,327,178
Sept. 18
Sept. 25 , . 17,327,178
Redemption fund
for F. R. notes:
763,791
Aug. 28
766,328
Sept. 4
772,065
Sept. 11
771,446
Sept. 18.
769,617
Sept. 25
Total gold certificate reserves:
18,097,550
Aug. 28
18,096,256
Sept. 4
18,099,241
Sept. 11
18,098,624
Sept. 18
18,096,795
Sept. 25
Other cash:
300,933
Aug. 28
283,949
Sept. 4
288,232
Sept. 11
296,572
Sept. 18
299,644
Sept. 25
Boston
New
York
Philadelphia
Cleveland
Richmond
733,290
696,754
723,220
737,696
755,324
5,309,505
5,665,451
5,392,871
5,552,722
5,218,676
57,045
56,981
56,980
56,861
56,776
114,935
114,697
119,693
119,236
118,890
59,936
60,819
60,819
60,615
60,471
75,347
75,255
75,755
75,566
75,422
62,462
62,020
62,020
63,129
62,486
790,335
753,735
780,200
794,557
812,100
5,424,440
5,780,148
5,512,564
5,671,958
5,337,566
908,157
863,352
874,068
899,925
891,712
1,188,527
1,125,955
1.149,250
1,176,863
1,195,356
959,629
946,839
970,079
941,839
964,258
23,280
21,267
23,790
25,817
24,193
83,057
78,310
73,881
75,149
72,477
19,136
16,698
18,364
18,697
19,588
20,516
22,526
19,431
21,573
20,104
19,518
18,631
20,003
19,324
20,600
4,550
10,845
3,425
8,745
4,777
32.105
31,150
40,905
7,545
35,630
4,190
12,745
4,585
2,550
7,475
2.255
27,000
5,055
2,725
16,111
7,680
7,680
8,320
8,320
8,320
39,960
39,960
43,290
43,290
54,090
9,960
9,960
10,790
10,790
10,790
848,221 1,113,180
802,533 1,050,700
813,249 1,073,495
839,310 1,101,297
831,241 1,119,934
897,167
884,819
908,059
878,710
901,772
Atlanta
Chicago
St.
Louis
Minneapolis
San
Francisco
Kansas
City
Dallas
461,943 2,212,155
462,506 2,234,612
467,383 2,273,143
444,420 2,241,291
455,330 2,197,266
874,453 3,420,195
867,261 3,254,825
880,241 3,341,035
846,280 3,258,177
865,620 3,510,623
555,757
531,631
554,999
549,067
561,003
331,881
317,815
326,153
320,855
336,423
576,012
561,021
573,328
557,353
573,966
120,367
120,263
120,263
120,046
119,898
42,149
42,123
42,123
42.055
42,013
20,638
20,879
21,129
21,110
21,095
34,591
34,566
34,566
34.521
34,489
916,873 3,540,562
912,185 3,375.088
925,165 3,461,298
891,055 3,378,223
910,297 3,630,521
597,906
573,754
597,122
591,122
603,016
352,519
338,694
347,282
341.965
357,518
610,603
595,587
607,894
591,874
608,455
21,222
18,650
20,387
19,831
20,580
38,566
36,359
37.761
38,888
38,832
12,929
12,706
13,514
13,349
15,198
5,936
5.897
6,957
6,760
7,217
15,235
14,253
14,183
15,198
16,209
11.055
10,560
11,094
10,418
10,493
30,483
28,092
28,867
31,568
34,153
13,575
21.355
13,835
11,985
31,985
9,404
7.200
5,350
4,200
11,450
11,900
26,300
22,100
37,350
9,980
10,535
8,615
3.075
22,475
15,455
700
7,000
8,500
19,600
10,600
7.995
6,695
11,795
4,545
2,500
5,000
4,000
1,200
200
4,620
6,100
1,900
2,030
4,500
11,160
11,160
12,090
12,090
12,090
5,640
5,640
6,110
6,110
6,110
4,560
4,560
4,940
4,940
4,940
16,080
16,080
17.420
17,420
17,420
4,080
4,080
4,420
4,420
4,420
3.000
3,000
3,250
3,250
3,250
3,960
3.960
4,290
4,290
4,290
3,840
3,840
4,160
4.160
4,160
10,080
10,080
10,920
10,920
10.92Q
58.800
69,995
56,045
64,040
54,700
58,342
58,411
45.401
45,306
54,640
8,510
14,110
13,610
6,720
14,970
822,936
892,198
902,010
900,330
901,885
90,106
97,011
84,006
65,791
84,411
44,934
47,734
40,569
34,015
34,720
39,375
60,481
54,890
63,978
66,468
16,401 338,208
23,754 374,968
9,814 333.88S
9,974 326,408
19,724 344,148
735,428 1,334,211
756,968 1,309,831
785,031 1,344,585
770,091 1,300,525
802,810 1,315,893
874,373
876,406
879,169
884,060
888,189
764,651 1,316,670
766,329 1,336,226
768,610 1,285,440
772,648 1,293,667
776,057 1,246,099
523,103
521,865
535,959
517,809
524,507
335,647
332,946
338,515
330,229
341,627
639,848
625,960
622,012
610,127
598,709
511,879 1,454,278
519,150 1,457,492
525,811 1,461,861
517,997 1,469.595
515,572 1,476,124
404,541 1,040,557
379,961 980,093
388,020 999,920
395,289 1,017,803
404,321 1,040,009
400,038
377,191
384,682
391,439
399,830
223,222
210,008
214,340
218,251
223,105
368,473
345,796
353,231
359,938
368,269
317,323
297,269
303,841
309,774
317,142
742,642
695,867
711,196
725,033
742,220
42,420
44,924
44,924
44,775
44,677
25,528
25,511
25,511
25,462
25,433
108,373
108,290
108,282
108,070
107,967
487,471 2,320,528
488,017 2,342,902
492,894 2,381,425
469,882 2,349,361
480,763 2,305,233
.L/lSCOUnto CV «A(J.~
vances:
Secured by
U. S. Govt.
securities:
Aug. 28. .
96,334
Sept. 4. . 171,305
Sept. 11. . 119,425
Sept. 18. . 132,200
Sept. 25. . 152.708
Other:
120,000
Aug. 28..
Sept. 4. . 120,000
Sept. 11. . 130,000
Sept. 18. . 130,000
Sept. 25. . 140,800
Industrial loans:
1,075
Aug. 28
l]l38
Sept. 4
l]l05
Sept! 11......
l]067
Sept. 18
1,031
Sept 25
Acceptances
purchased:
14,499
Aug. 28
10,316
Sept 4
7,899
Sept. 11
5*445
Sept' 18
3,338
Sept 25
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Aug. 28. . 5,050,572
Sept. 4. . 5,267,417
Sept. 11. . 4,974,239
Sept. 18. . 4,889,070
Sept. 25. . 5,097,214
(Jtner bills:
Aug. 28. . 9,425,390
Sept. 4. . 9,457,300
Sept. 11. . 9,500,680
Sept. 18. . 9,577,470
Sept. 25. . 9,642,290
Certificates:
Aug. 28. ... 7,779,637
Sept. 4.... 7,311,409
Sept. 11
7,464,909
Sept.18.... 7,603,409
Sept. 25
7,775,409
Notes:
595,600
Aug. 28
595,600
Sept. 4
Sept. 11. ... 595,600
595,600
Sept. 18
Sept. 25
595,600
Bonds:
755,290
Aug. 28....
755,290
Sept. 4
755,290
Sept. 11
755,290
Sept. 18
Sept. 25....
755,290
Total U. S. Govt.
securities:
23,606,489
Aug. 28
23,387,016
Sept. 4
23,290,718
Sept. 11
23,420,839
Sept. 18
23,865,803
Sept. 25
1150
73
73
73
73
68
1,002
1.065
1,032
994
963
14,499
10,316
7,899
5,445
3,338
176,543
188,745
165,775
152,460
161,610
75,300
89,126
79,855
48,575
64,305
3,321,117
3,350,884
3,188,376
3,171,473
3,295,633
748,352
759,524
748,680
755,763
786,198
186,950
194,603
205,007
354,959
370,505
540,747
507,570
518,445
528,259
540,448
1,977,043
1,863,703
1,900,871
1,934,397
1,976,020
595,887
560,172
571,881
582,445
595,564
694,687
648,930
663,923
677,457
694,273
474,477
444,849
454,559
463,324
474,208
41,399
41,348
41,365
41,381
41,398
151,360
151,820
151,664
151,528
151,364
45,621
45,633
45,628
45,625
45,621
53,185
52,863
52,972
53,067
53,182
36,325
36,238
36,268
36,293
36,325
30,971
30,952
30,959
30,965
30,971
79,664
79,840
79,780
79,728
79,665
30,626
30,726
30,692
30,663
30,627
17,089
17,107
17,102
17,096
17,090
28,210
28,170
28,183
28,195
28,210
24,294
24,216
24,243
24,265
24,293
56,856
56,687
56,744
56,794
56,854
52,499
52,434
52,456
52,475
52,498
191,942
192,526
192,328
192,155
191,947
57,852
57,867
57,862
57,857
57,852
67,444
67,036
67,175
67,296
67,441
46,064
45,954
45,992
46,024
46,064
39,275
39,251
39,259
39,267
39,275
101,023
101,247
101,170
101,105
101,025
38,838
38,965
38,922
38,884
38,838
21,672
21,694
21,687
21,680
21,672
35,774
35,722
35,739
35,755
35,773
30,807
30,709
30,742
30,771
30,807
72,100
71,885
71,958
72,021
72,098-
1,458,297
1,450,002
1,440,801
1,426,453
1,484,847
5,828,412 1,611,331 2,208,327 1,489,581 1,247,948 3,360,850 1,082,711
5,753,536 1,609,385 2,148,655 1,461,858 1,230,603 3,389,604 1,065,758
5,638,246 1,626,177 2,184,700 1,461,389 1,240,458 3,368,320 1,074,261
5,804,512 1,608,478 2,162,385 1,475,007 1,244,889 3,392,633 1,044,586
5,985,469 1,663,457 2,185,489 1,499,426 1,265,594 3,368,683 1,078,213
642,564 1,111,680
629,489 1,096,129
622,213 1,0)4,055
621,271 1,097,993
638,214 1,097,429
900,704 2,664,084
895,098 2,656,899
894,451 2,635,647
892,781 2,649,851
937,538 2,691,444
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands oi dollars]
Total loans and
securities:
Anf. 28.
Sept. 4 .
Sept. 11.
Sept. 18.
Sept. 25
Due from foreign
bank,:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Federal Reserve
notea of other
Banks:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Uncollected
items:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Bank premises:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Other assets:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Total assets:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Liabilities
Federal Reserve
notes:
Aug. 28
Sept. 4
Sept. .11
Sept. 18
Sept. 25
Deposits:
Member bank
—reserve
account:
Aug. 28. .
Sept. 4, .
Sept. 11. .
Sept. 18. .
Sept. 25.
U. S. Treasurer-general
account:
Aug. 28. .
Sept. 4. .
Sept. 11. .
Sept. 18. .
Sept. 25. .
Foreign:
Aug. 28. .
Sept. 4. .
Sept. 11. .
Sept. 18. .
Sept. 25. .
Other:
Aug. 28. .
Sept. 4. .
Sept. 11. .
Sept. 18. .
Sept. 25. .
Total deposits:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Deferred availability items:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Total
Boston
23,838,397
23,689,775
23,549,147
23,689,551
24,163,680
1,470,600
1,468,600
1,452,619
1,443.591
1,498,012
New
York
5,914,976
5,834,962
5,730,340
5,860,792
6,078,527
Philadelphia
Cleveland
1,626,483
1,633,155
1,642,584
1,622,812
1,682,685
2,221,742
2,186,815
2,201,845
2,177,200
2.213,690
Richmond
Atlanta
Chicago
1,508,796 1,261,912 3,388,830
1,488,853 1,242,363 3,431,984
1,481,334 1 ,250,748 3,407,840
1,493,102 1,254,029 3,447 ,403
1,537,521 1,281,984 3,3961083
St.
Louis
1,097,326
1,078,453
1,081,756
1,071,481
1,098,088
Minneapolis
Kansas
City
645,564 1,116,340
639,489 11,108,084
643,963 1,105,040
644,121 1,114,078
652,064 1,106,264
Dallas
San
Francisco
907,044 2,678.784
903,938 2.673,079
902,611 2,648,467
898,141 2,662,801
"1,706,864
911,898 2
i 27
»27
»36
»36
127,409
115,803
130,978
139,124
139,596
5,636
4,857
5.752
6,290
5,532
17,385
15,415
18,643
21,739
20,703
5,025
4,785
6.235
5,869
5,527
5,765
6,378
6.227
6,699
6,977
20,002
20,868
22,034
24,250
23,547
9,555
7,377
8,995
8.582
9,595
15.072
14.377
16.947
16,397
15,529
8.881
6.183
8.909
8,217
9,757
8.795
9.121
9,566
11,338
11,728
6,308
7.967
7,891
8,520
7,897
3,719
3,574
4.208
4.740
4,319
21.266
14,901
15,571
16.483
18,485
2,034,598
2,087,792
2,311,518
2,890,006
2,439,962
162,356
183,566
199,604
244,223
207,933
429,486
425,815
488,615
626,466
526,169
115,484
115,519
131,969
173,656
145,274
184,529
190,333
195,650
266,145
211,410
166,329
179,004
194,131
238,377
207,625
116,379
129,339
147,535
188,664
145,437
325,175
328,908
361,080
434,956
375,715
93,656
92,464
111,024
121.596
106,851
56.095
56,120
65,305
70.635
57,720
105.489
117.897
116,217
131,829
113,217
94.994
82,098
88.048
110.359
95.083
184.626
186.729
212,340
283,100
247,528
32,803
32,772
32,772
32,772
32,742
1,315
f.315
1,31"
1,315
1,315
8,551
8,532
8,532
8,532
8,532
3,218
3,218
3.218
3.218
3,205
3.914
3,914
3,914
3,914
3.914
2,714
2,714
2,714
2,714
2,707
1.540
1.540
1.540
1,540
1,537
3,074
3,074
3,074
3,074
3,069
2,026
2,026
2,026
2,026
2,026
.279
,276
,276
.276
,280
2.550
2,544
2.544
2,544
2,544
809
806
806
806
806
1.813
1.813
1.813
1.813
1,807
54,116
48,591
50,076
44,791
46,128
3,732
3,262
3,560
3,052
3,238
12,814
11,627
11,671
10,198
10,345
3,708
3.323
3.372
2,984
3,105
5.607
5,102
5,208
4.733
4,848
3,353
2,928
3,063
2,655
2,832
2,936
2,643
2,704
2,454
2,502
7,323
6,702
6,996
6,363
6,586
3,345
3,083
3,070
2,781
2.800
,537
.383
.449
.313
.318
2,395
2,142
2.238
2.008
2,118
2.357
1.864
2,012
1,901
2,002
5,009
4,532
4,733
4,349
4,434
44,485,889
44,355,021
44,462,056
45,191,53
45,218,639
2,457,259
2,436,607
2,466,845
2,518,850
2,552,328
11.1890,736 2,681.218
12,154,836 2,640,057
11,844,282 2,679,817
12,274.870 2,727,168
12,054,355 2,751,103
3,630,608
3,541,031
3,581,533
3,657,135
3,656,307
2,680,345
2,659,841
2,693,362
2,722,265
2,759,094
2,330,420 7,318,613
2,314,100 7,196,503
7,295,007
2,357,077 7
2,366,15817,325,315
~
2,371,935 7,466,346
,816,072
,768.672
,817,424
,810,575
,837,739
1.071,727
1,051,982
1,075,800
1,077,410
1,088,847
1,858,923
1,848,477
1,856,010
1,866,054
1,856,707
,507.452
,490,860
,501,676
,496,250
,505,367
5,242.516
5,252,055
5,293,223
5,349,482
5,318,511
24,352,035
24,456,561
24.464,940
24,419,227
24,416,266
1,466,901
1,473,738
1,468,144
1,459,605
1,464,942
5,514,577
5,548.301
5.546.216
5,539,840
5,551,984
2,083.769
.
.
2,088,681
2,088,288
2,085,885
2,085,768
1,699,103
1,710,915
1,717,829
1,722,557
1,728,242
1,427,153
1,432,129
1,433,445
1,431,473
1,425,729
4,495,224
4,507,118
4,503,585
4,498.169
4,488,435
1,058,463
1,063,973
1,064,659
1,063,671
1,062,821
571,341
574,274
576.342
576,336
576.521
902,614
907,632
907,322
904,167
902,853
602,773
605,766
605,087
602,300
600,426
2,885,933
2,894.990
2,904,507
2,886,477
5,477
2,878,157
15,867,316
15,988,509
16,086,392
16,280,203
15,974,622
720,093
708.990
732,894
754,483
733,932
4,911,378
5,042,918
4,954,308
5,163,405
5,038,896
797,204 1,186,407
1,167,637
806.235 .
8057690 1,194,725
1
808,562 1,205,212
805.625 1,168,636
730,554
722,047
736,955
729.230
712,359
719,942 2,288,769
715,766 2,250,328
736,720 2,317,849
709,499 2,305.252
706,002 2,293,739
584,335
574.041
599,369
577,200
574,945
393.919
396,002
409.186
407,271
399,809
780,362
795,990
795,799
800,568
776,581
754,132
769,635
771,215
753,674
750.416
2.000,221
2,038,920
2,031,682
2.065.847
2,013,682
620,300
292,986
198,981
359,357
928,063
37,884
583
598
591
81,325
176.653
285.306
188,922
350,802
158,414
29,801
283
391
744
58,250
70,898
567
575
502
93,236
36,656
539
524
552
82,732
21.014
859
504
754
49,611
91,848
544
492
560
207,297
33,694
502
503
596
47,108
24,374
1.034
1,043
1.099
27,704
36,046
656
1.552
663
30.083
20.420
507
1.084
700
27,600
41.012
1.606
2,793
2,794
64,703
630,696
607,839
692,190
651,014
667,644
38,234
36,802
42,319
39,974
40,447
•235.032
"226,799
2254,193
•238,291
>249,290
49.159
47,341
54,460
51,304
52,008
55.082
53.045
61.021
57,485
58.274
27,837
26,808
30.839
29,052
29,450
22,507
21.674
24.933
23.488
23,811
79,366
76,430
87,923
82,828
83,965
20,138
19,393
22.309
21.016
21,304
14,807
14,259
16,404
15,453
15,665
19,545
18,822
21,653
20,398
20,678
18.953
18,252
20.997
19.780
20.051
50.036
48.214
55.139
SI.945
52,701
583,020
579.760
430,080
460.456
544,365
2,787
3,711
4,310
5,317
5,634
495.070
494,628
346,075
375,425
464,013
2.387
2,318
2.231
2,764
2,597
10.403
8.511
8.382
7.927
6.650
3.591
3.682
3.306
3,794
3,189
3,206
1.772
1,701
1,084
1,614
5,234
7,009
5,859
4,206
5,482
7,403
8.025
7,768
7,966
8.381
2,270
2,646
2,001
1,923
2,149
1,658
541
1.191
1,122
228
4.229
1,257
671
564
614
44.782
45.660
46.585
48,364
43,814
17,701,332
17.469.094
17.407.643
17,751,030
18,114,694
798.998
750,086
780,121
800,365
861,338
5,818,133
6.049,651
5,743,498
6,127,923
5,910,613
878.551
856,177
862,772
863,374
918,480
1,322,790
1,229.760
1,264.703
1,271,126
1,326,796
798,638
753,076
771,624
762,628
827.730
766,669 2,465,217
740.071 2,334.311
763,858 2.412.123
734.825 2.392.846
:.....
781,038 2,590,483
645,570
601,961
629,949
606.778
651.738
435,370
413,941
428,634
425,746
445.327
837,611
816,009
820,195
822.751
827,570
1,771,062
1,766.796
1,925,399
2.355,992
2.019.157
148.795
170,086
175,770
216,047
182.960
349,714
349,055
346,347
398,460
381.812
104,910
81.140
113,665
161.147
128,130
162.517
160,914
166,634
238.121
181.709
149,810
163.006
170,907
204.018
169,894
109.003
114.260
132.026
172,054
137,228
269.224
265.859
289.815
344.684
297.493
88.022
78,675
98.656
116.006
98,926
47,594
45,810
53.248
57,647
49,052
94.807
100.880
104.445
115,069
102,114
1,644,184
.
.
1.649,044
1,649.516
1,648,747
1,650,388
797.734 2 .136.051
2,134,400
789.651 ~
793.967 2,136,199
774.718 2.167,950
798,681 2,174,900
83,911
72,456
79,555
96,070
82,989
162.755
164.655
194,331
236.669
206,850
1
A f t e r deducting $56,000 participations of other Federal Reserve Banks o n Aug. 28; Sept. 4; Sept. 11; Sept. 18; and Sept. 25.
«After deducting $395,051,000 participations of other Federal Reserve Banks o n Aug. 2 8 ; $380,439,000 on Sept. 4; $437,648,000 o n Sept. I f ;
$412,285,000 e n Sept. I t ; and $417,943,000 o a Sept. 25.
Ocroiti 1946
1151
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Other liabilities
including accrued div.:
Aug. 28
Sept. 4
Sept. 11. . . .
Sept. 18
Sept. 2 5 . . . .
Total liabilities:
Aug. 2 8 . . . .
Sept. 4
Sept. 11. . . .
Sept. 18
Sept. 25
Capital Accts.:
Capital paid in:
Aug. 28. . . .
Sept. 4
Sept. 11. . . .
Sept. 18
Sept. 25
Surplus
(section 7):
Aug. 28
Sept. 4
Sept. 11. . . .
Sept. 18
. Sept. 25
Surplus
(section 13b):
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Other capital accounts:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Total liabilities
and capital ac-
New
York
Boston
Total
Philadelphia
Richmond
Cleveland
Chicago
Atlanta
Minneapolis
St.
Louis
Kansas
City
Dallas
San
Francisco
657
652
703
632
731
1,107
1,067
1,139
1,087
1,211
588
571
613
559
619
550
518
545
529
577
2,021
2,035
2,059
1,975
2,011
461
439
468
411
459
391
898
469
535
750
481
457
476
468
460
482
398
428
465
520
1,075
1,125
1,126
1,140
1,176
11,686,305 2,628,302
11,950,154 2,587,013
11,639,196 2,626,656
12,069,378 2,673,900
11,848,443 2,697,729
3,570,183
3,480,422
3,520,764
3,596,219
3,595,484
2,648,139
2,627,568
2,660,973
2,689,762
2,726,485
2,303,375
2,286,978
2,329,874
2,338,881
2,344,572
7,231,686
7,109,323
7,207,582
7,237,674
7,378,422
1,792,516
1,745,048
1,793,732
1,786,866
1,813,944
1,054,696
1,034,923
1,058,693
1,060,264
1,071,650
1,835,513
1,824,978
1,832,438
1,842,455
1,832,997
1,484,900
1,468,271
1,479,037
1,473,553
1,482,616
5,185,814
5,195,170
5,236,163
5,292,236
5,261,083
13,613
13,620
13,637
13,640
13,641
18,426
18,461
18,483
18,487
18,251
7,733
7,736
7,752
7,756
7,759
7,001
7,004
7,006
7,010
7,011
22,180
22,182
22,195
22,200
22,227
5,988
5,993
6,001
5,991
5,993
3,995
3,996
3,998
4,000
4,002
6,080
6,081
6,084
6,084
6,088
6,705
6,705
6,706
6,713
6,716
17,049
17,049
17,037
17,040
17,044
116,860
116,860
116,860
116,860
116,860
28,946
28,946
28,946
28,946
28,946
33,745
33,745
33,745
33,745
33,745
15,593
15,593
15,593
15,593
15,593
14,450
14,450
14,450
14,450
14,450
53,029
53,029
53,029
53,029
53,029
12,939
12,939
12,939
12,939
12,939
8,869
8,869
8,869
8,869
8,869
11,891
11,891
11,891
11,891
11,891
10,670
10,670
10,670
10,670
10,670
28,924
28,924
28,924
28,924
28,924
3,012
3,012
3,012
3,012
3,012
7,205
7,205
7,205
7,205
7,205
4,501
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,326
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
79,077
80,425
82,039
83,418
85,208
5,553
5,606
5,755
5,773
5,983
15,791
16,029
16,433
16,831
17,250
5,856
5,977
6,077
6,181
6,286
7,247
7,396
7,534
7,677
7,820
5,554
5,618
5,718
5,828
5,931
4,832
4,906
4,985
5,055
5,140
10,289
10,540
10,772
10,983
11,239
4,102
4,165
4,225
4,252
4,336
3,094
3,121
3,167
3,204
3,253
4,302
4,390
4,460
4,487
4,594
3,870
3,907
3,956
4,007
4,058
8,587
8,770
8,957
9,140
9,318
44,485,889
Sept. 4
44,355,021
Sept. 1 1 . . . . 44,462,056
Sept. 18. . . . 45,191,532
Sept. 2 5 . . . . 45,218,639
Commitments to
make industrial loans:
Aug. 2 8 . . . .
6,059
5,971
Sept. 4 . . . .
Sept. 11
5,998
5,935
Sept. 18
Sept. 25
5,961
2,457,259
2,436,607
2,466,845
2,518,850
2,552,328
11,890,736 2,681,218
12,154,836 2,640,057
11,844,282 2,679,817
12,274,870 2,727,168
12,054,355 2,751,103
3,630,608
3,541,031
3,581,533
3,657,135
3,656,307
2,680,345
2,659,841
2,693,362
2,722,265
2,759,094
2,330,420
2,314,100
2,357,077
2,366,158
2,371,935
7,318,613
7,196,503
7,295,007
7,325,315
7,466,346
1,816,072
1,768,672
1,817,424
1,810,575
1,837,739
1,071,727
1,051,982
1,075,800
1,077,410
1,088,847
1,858,923
1,848,477
1,856,010
1,866,054
1,856,707
1,507,452
1,490,860
1,501,676
1,496,250
1,505,367
5,242,516
5,252,055
5,293,223
5,349,482
5,318,511
537
474
503
541
572
696
671
671
671
671
149
149
147
47
42
16
16
16
15
15
4,040
4,040
4,040
4,040
4,040
450
450
450
450
450
163
163
163
163
163
8
8
8
8
8
12,390
12,082
11,900
11,697
13,317
696
775
739
741
769
43,836,819
43,704,533
43,809,882
44,537,946
44,563,434
2,415,390
2,394,685
2,424,774
2,476,758
2,510,009
184,210
184,280
184,352
184,385
184,214
10,865
10,865
10,865
10,868
10,885
64,575
64,588
64,588
64,596
64,597
358,355
358,355
358,355
358,355
358,355
22,439
22,439
22,439
22,439
22,439
27,428
27,428
27,428
27,428
27,428
counts:
Aug. 28
3,881
3,147
3,135
3,155
4,034
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes
outstanding (issued
to Bank):
Aug. 28
Sept. 4
Sept. 11
Sept. 18.
Sept. 25
Collateral held against
notes outstanding:
Gold certificates:
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Eligible paper:
Aug. 28
Sept. 4
Sept. 11
Sept." 18
Sept. 25
U. S. Govt. securities:
Aug. 28
Sept. 4
Sept. 11.
Sept. 18. . . . . .
Sept. 25
Total collateral:
Aug. 28
Sept. 4
Sept. 11. .
Sept.'18. .
Sept. 25
1152
Boston
New
York
Phila r
delphia
Cleveland
Richmond
Atlanta
1,465,182
1,469,023
1,472,785
1,469,798
1,470,941
Chicago
St.
Louis
Dallas
San
Francisco
927,691
928,817
929,691
929,201
931,568
630,857
630,881
635,157
632,256
632,384
2,991,388
2,998,614
2,995,814
2,997,305
2,993,748
170,000
170,000
170,000
170,000
170,000
280,000
280,000
280,000
280,000
280,000
169,000 1,550,000
169,000 1,550,000
169,000 1 ,600,000
4,620
6,100
1,900
2,030
4,500
Minne- Kansas
City
apolis
4,568,966 1,093,208 581,265
4,577,824 1,101,,950 585,749
4,585,547 102,204 587,498
4,587 ,847
" "~ l!098,061 588,553
4,585,642 1,098,566 588,122
24,990,262 1,504,748
25,064,729 1,501,242
25,091,696 1I506.173
25,104,212 1,508,702
25,119,275 1,506,622
5,674,224 ,683,073 2,132,516
5,687,798 1,699,099 2,133,680
5,693,937 1,691,574 2,140,489
5,695,630 ,696,240 21,142,263
5,697,306 1,699,779 2,141,597
1,737,144
1,750,052
1,750,827
1,758,356
1,773,000
10,839,000
10,899,000
10,844,000
10,944,000
10,859,000
430,000
430,000
430,000
430,000
430,000
3,420,000
3,420,000
3,420,000
3,470,000
3,470,000
500,000
500,000
500,000
500,000
500,000
635,000:
635,000
635,000
635,000
635,000
565,000
565,000
580,000
580,000
595,000
70,275
105,805
82,820
86,625
114,867
4,550
10,845
3,425
8,745
4,777
32,105
31,150
40,905
7,545
35,630
4,190
12,745
4,585
2,550
7,475
13,575
21,355
13,735
11,885
31,885
10,535
8,615
7,000
3,075 8,500
22,475 19,600
15,455 10,600
700
7,995
6,695
11,795
4,545
14,740,106 1,100,000
14,697,011 1,100,000
14,784,006 1,100,000
14,765,791 1,100,000
14,784,411 1,100,000
2,300,000
2,300,000
2,300,000
2,300,000
2,300,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,550,000 1,200,000
1,550,000 1,200,000
1,550,000 1,200,000
1,550,000 1,200,000
,550,000 1,200,000
850,000 2,400,000 915,106 425,000
900,000 2,300,000 922,011 425,000
900,000 2,400,000 909,006 425,000
900,000 2,400,000 890,791 425,000
900,000 2,400,000 909,411 425,000
700,000
700,000
700,000
700,000
700,000
25,649,381
25,701,,816
25,710,826
25,796,416
25,758,278
1,534,550
1,540,845
1,533,425
1,538,745
1,534,777
5,752,105 1,704,190 2 ,185,000
5,751,150 1,712,745 2,185,000
5,760,905 1,704,585 2,185,000
5,77 7,545 1,702,550 2,185,000
5,805,630 1 ,707,475 2,185,000
1,778,575
1,786,355
1,793,735
1,791,885
1,826,885
625,000 2,195,000
585,000 2 ,295,000
585,000 2,225,000
585,000 2,225,000
585,000 2,225,000
300,000
300,000
300,000
300,000
300,000
169,000 1,550,000
169,000 1,500,000
500,000
500,000
500,000
500,000
500,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
980,700 669,000
,995 669,000
987,9
986,695 (669,000
1,485,000 4,625,000 1,213,266 614^600 991,795 669;p00
1,485,000 4,625,000 i,224,866 605,600 984,545 669,000
3,154,620
3,156,100
3,151,900
3,202,030
3,104,500
1,475,000 4,595,000 1,225,641 595,000
1,485,000
. .
4,595,000
. .
1,230,626 602,000
1,485,0004,625,000 1,212,081 603,500
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Date
1942
June 30
Sept. 30
Dec. 31
1943
Mar. 31
June 30
Sept. 30
Dec. 31
1944
Mar. 31
June 30
Sept. 30
Dec. 30
1945
Mar. 3 1 . . .
June 30
Sept. 3 0 . . .
Dec. 3 1 . . .
1946
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 0 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 2 9 . . .
July 3 1 . . .
Aug. 3 1 . . .
Additional
amount
available to
borrowers
guarPortion underagreeguaran- antee
ments
teed
outstanding
Number
Amount
565
1,658
2,665
310,680
944,204
2,688,397
3,534
4,217
4,787
5,347
3,725,241 1,245,711 999,394 1,865,618
4,718,818 1,428,253 1,153,756 2,216,053
5,452,498 1 ,708,022 1,413,159 2,494,855
6,563,048 ,914,040 1,601,518 3,146,286
5,904
6,433
6,882
7,434
7,466,762 2,009,511
8,046,672 2,064,318
8,685,753 1,960,785
9,310,582 1,735,970
Total
amount
81,108
427,918
803,720
69,674
137,888
356,677
230,720
632,474 1,430,121
1,680,046
1,735,777
1,663,489
1,482,038
3,615,963
3,810,797
4,301,322
4,453,586
7,886 9,645,378 1,599,120 1 ,365,959 3,963,961
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,695 10,313,868 1,073,892 916,851 3,043,674
8,757 10,339,400 510,270 435,345
966,595
8,761
8,766
8,768
8,770
8,771
8,771
8,771
8,771
10,340,275
10,341,890
10,342,690
10,343,018
10,344,018
10,344,018
10,344,018
10,344,018
427,278
357.161
271,793
171,036
116,077
70,267
55,771
44,510
363,048
302,597
230,110
147,164
100.316
60,214
48,391
39,253
764,093
477,429
363,010
286.701
147,815
142,617
72,373
56,083
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks 1
Month, or
week ending Thursday
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks *
Total reserves h e l d :
1945—July
August
1946—July
August
14,755
14,978
16,017
16,031
3,930
3,959
4,180
4,125
895
905
897
904
5,834
6,003
6,314
6,337
4,096
4,112
4,627
4,665
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
15,982
16,035
16,062
16,042
16,002
15,999
16,087
16,209
4,185
4,168
4,152
4,117
4,120
4,125
4,126
4,160
899
903
903
909
902
908
905
912
6,297
6,338
6,338
6,339
6,313
6,335
6,373
6,394
4,601
4.626
4,669
4,678
4,667
4,632
4,684
4,743
1,220
1,084
928
891
17
12
18
12
10
4
11
3
328
277
226
205
866
791
673
670
859
913
914
925
866
852
20
16
17
14
14
16
22
14
7
8
5
7
1
7
5
6
195
230
211
215
187
195
215
201
637
659
681
689
664
634
P676
25
1
8
15
22
29
5
12
Excess reserves:
1945—July
August
1946—July
August
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Borrowings at Federal
Reserve Banks:
1945—July
August
1946—July
August
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
25
1
8
15
22
29
5
12
P918
P704
164
383
121
126
76
149
7
19
54
167
82
74
33
67
27
33
103
94
144
129
115
98
190
161
1
12
4
10
2
3
58
40
79
55
SO
79
82
58
91
23
27
59
40
30
36
41
33
[Amounts in thousands of dollars5]
Date (last
Wednesday
or last day
of period)
1934
1935
1936
1937 . . . .
1938
1939
1940 . . . .
1941
1942
June 2 4 . . .
Dec. 3 1 . . .
1943
June 3 0 . . .
Dec. 3 1 . . .
1944
June 3 0 . . .
Dec. 3 0 . . .
1945
Mar. 3 1 . . .
June 30. . .
Sept. 3 0 . . .
Dec. 3 1 . . .
1946
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 0 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 2 9 . . .
July 31 . . .
Aug. 3 1 . . . .
Approved
Loans Commitments
but not
outoutcom- 1 standing2
pleted (amount) standing
Amount (amount)
(amount)
Applications
approved
to date
Number
Participations
outstanding
(amount)
1,993
2,280
2,406
2,653
2,781
2 908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13 954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9 152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5 226
14,597
1,296
8^778
7,208
7! 238
12,722
10,981
6 386
19!600
3,"52
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
3,452
3,471
475,468
491,342
3,203
13,044
10,532
12,132
9,270
19,070
17,930
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
3,493
3,502
3,505
3,511
528,936
537,331
540,241
544,961
85
70
130
320
4,214
3,252
3,166
1,995
3,321
5,224
4,291
1,644
2,365
2,501
2,018
1,086
3,512
3,513
3,519
3,520
3,520
3,524
3,528
3,533
545,372
546,149
547,581
551,512
551,890
552,711
558,538
559,974
195
545
755
1,843
1,590
1,536
1,486
1,310
1,210
1,178
1,158
1,579
1,575
2,063
1,631
5,393
5,366
5,438
5,981
1,046
984
1
926
4,095
45
615
6,085
5,195
976
1,014
1,034
1,229
1,110
1,103
1,427
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.
OCTOBER
1946
p Preliminary.
1 Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS
IN LARGE AND
SMALL CENTERS x
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
August 1945
July 1946
15,538
16,475
6,861
8,026
10,537
11,928
4,793
5,593
August 1946
16,318
8,114
12,083
5,674
Boston
New York
Philadelphia
Cleveland
2,000
3,094
1,159
1,456
866
2,103
711
890
365
1,126
964
1,090
227
1,108
845
782
Richmond
Atlanta
Chicago
St. Louis
1,131
1,575
2,018
630
378
471
1,300
313
886
703
1,649
975
436
199
886
255
Minneapolis
Kansas City
Dallas
San Francisco. . .
568
538
934
1,217
275
104
126
576
717
1,563
1,443
601
403
191
54
288
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All2 reserve cities have a population of more than 15,000.
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
1153
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
Interbank
U. S.
Government
war loan
deposits2
Other
Demand
deposits
adjusted*
Net
demand
deposits*
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of August 1945
All member banks
93,725
12,014
9 ,040
72,671
68,076
74,476
26,549
5,805
16,032
15,133
899
135
Central reserve city banks
New York
Chicago
24,152
5,308
4 ,205
1,195
2 ,556
592
17,391
3,521
15,982
3,235
20,170
4,263
1,440
50
170
4 ,128
897
4 ,120
900
8
-3
24
791
34,801
2,098
3 ,459
254
60
264
463
216
191
447
204
126
225
191
817
25,789
1,564
23,605
1,449
27,454
1,688
10,564
1,775
493
458
467
2,435
4,003
2,229
2,157
4,119
1,986
1,097
2,940
2,401
8,751
5,552
280
31
343
508
347
495
533
552
319
968
569
609
1,828
3; 032
1,667
1,471
3,139
1,230
1,705
2,818
1,526
1,324
2,904
1,088
1,976
3,171
1,784
1,688
3,149
1,541
191
300
236
652
570
824
1,747
1,641
7,325
1,544
1,513
6,706
2,241
1,871
7,054
42
22
73
159
102
135
295
101
66
277
213
290
6 ,334
354
113
417
748
401
380
780
335
178
494
423
1,713
6 ,125
349
111
409
707
384
361
746
327
175
469
393
1,693
210
5
1
7
41
17
18
35
7
3
25
30
20
79
3
1
8
15
10
6
13
8
5
6
2
3
29,464
2,460
4,317
2,137
2,566
2,137
2,487
3,740
1,732
1,347
2,184
2,513
1,845
1,061
89
89
14
25
123
198
77
125
69
83
139
27
2 ,433
260
488
208
282
167
169
328
103
100
104
109
114
25,970
2,110
3,740
1,914
2,258
1,846
2,119
3,334
1,504
1,177
1,997
2,266
1,704
25,254
2,009
3,579
1,867
2,208
1,775
2,062
3,272
1,466
1,148
1,976
2,230
1,661
22,589
1,918
3,357
1,675
1,940
1,623
1,936
J.815
L.351
,026
1,633
1,848
1,467
3,809
4,673
370
752
384
451
324
31
4
18
3
2
2
357
631
256
217
304
337
289
3 ,988
334
662
328
372
276
311
525
223
184
246
270
257
685
188
323
209
297
287
336
544
243
195
431
527
229
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
584
,
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1,219
449
398
1,929
319
165
347
316
4,696
13,754
1,091
3,203
1,552
1,669
810
669
2,180
567
676
295
180
862
36
89
S6
79
48
45
106
33
33
58
68
32
Second half of ^August 1946
All member banks
93,678
11,878
9 ,027
72,773
68,198
74,536
26,652
5,730
16,030
15,147
883
119
Central reserve city banks
New York
Chicago
24,037
5,326
4,175
1,173
5,488
2 ,530
589
17,333
3,564
15,941
3,265
20,102
4,266
1,437
794
47
173
4 ,123
911
4 ,107
901
16
9
14
1
3,463
252
60
262
463
221
191
450
204
127
224
190
821
25,921
1,579
23,724
1,461
27,509
1,695
10,601
1,775
494
459
466
1,822
3,018
1,666
1,499
3,153
1,236
1,694
2,791
1,521
1,358
2,905
1,099
1,954
3,147
1,791
1,692
3,147
1,532
191
300
237
643
556
826
1,778
1,658
7,374
1,590
1,524
6,765
2,263
1,871
7,126
43
22
79
162
102
142
292
97
66
270
213
287
6 ,338
357
113
412
741
402
378
776
334
178
493
423
1,733
6 ,138
350
111
405
703
385
362
745
326
175
473
393
1,708
201
6
2
7
38
16
15
31
8
3
20
30
25
69
2
"'6*
4
12
5
20
6
5
1
3
4
2,445
260
487
210
287
168
170
331
104
101
105
108
115
25,955
2,099
3,725
1,916
2,264
1,853
2,099
3,340
1,500
1,191
1,995
2,270
1,702
25,268
2,001
3,573
1,870
2,215
1,776
2,048
3,281
1,467
1,163
1,976
2,235
1,662
22,659
1,909
3,359
1,679
1,945
L.633
1,923
2,838
1,357
1,033
1,645
1,864
1,472
4 ,658
369
753
386
450
321
349
631
255
220
300
336
290
4 ,001
333
663
329
373
278
310
529
224
185
248
272
258
657
36
90
57
77
44
39
102
31
34
52
64
32
35
4
20
2
1
3
1
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
34,873
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
29,442
2,448
4,301
2,140
2,577
2,147
2,459
3,746
1,723
1,363
2,181
2,511
1,846
2,106
584
2,422
3,994
2,245
2,161
4,129
1,968
1,105
2,940
2,404
8,815
275
29
339
514
358
472
526
528
334
937
556
620
1,042
88
88
15
26
126
191
75
119
71
81
133
29
1,221
450
401
1,934
319
165
348
317
4,717
13,820
1,095
3,218
1,560
1,676
817
671
2,191
569
680
295
181
866
3,734
187
315
209
300
281
323
528
232
204
418
511
226
1
Averages of daily closing figures for reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based on deposits at opening of business.
* Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
» Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than war loan and Series E bond accounts) on the latest available call report date.
* Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
* Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
1154
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year or
morith
Total
in circula-1
tion
Coin and small denomination currency2
Coin
«$1
$2
$5
$10
$20
Total
$50
$100
$500
442
452
478
517
537
550
590
648
751
880
1,019
1,156
402
423
460
499
505
524
559
610
695
801
909
987
33
32
33
35
33
34
36
39
44
55
70
81
719
771
815
906
905
946
,019
,129
,355
,693
,973
2,150
229
288
373
563
560
611
772
021
2,731
4,051
5,194
5,983
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
,360
,254
,369
,530
,542
,714
2,048
2,489
3,044
3,837
5,580
7,730
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
618
577
627
707
710
770
919
1.112
1,433
1,910
2,912
4,153
125
112
122
135
139
160
191
227
261
287
407
555
237
216
239
265
288
327
425
523
556
586
749
990
8
5
7
7
6
17
20
30
24
9
9
10
10
7
16
18
12
32
32
60
46
25
22
24
8
10
5
8
7
5
2
4
4
3
2
3
2,151
2,186
2,215
2,250
2,301
2,288
2,274
2,279
2,313
2,217
2,211
2,191
2,173
2,199
2,191
2,166
2,165
6,238
6,377
6,515
6,659
6,826
6,815
6,779
6,783
6,782
7,754
7,911
8,193
8,400
8,700
8,816
9,004
9,095
9,201
7,837
"" 814
7,565
7,511
7,546
7,592
7,671
7,713
7,834
932
909
868
847
832
825
816
811
801
9
8
8
8
8
8
7
7
7
33
33
31
32
22
21
21
20
24
1
1
2
2
2
2
2
2
2
9,027
9,044
8,986
8,981
9,029
9,087
9,099
9,159
7,794
7,816
7,834
7,889
7,950
7,998
8,071
8,178
4,210
4,192
4,044
4,013
4,038
4,071
4,123
4,154
4,220
4,224
4,248
4,267
4,309
4,356
4,387
4,437
4,509
527
513
483
472
466
464
461
457
454
6,568
6,570
6,547
6,509
6,586
6,604
6,552
6,571
2,126
2,159
2,132
2,139
2,180
2,204
2,243
2,264
2,327
2,316
2,322
2,327
2,337
2,352
2,364
2,377
2,402
445
443
442
439
438
438
436
436
779
772
768
773
775
781
790
802
7
9
9
8
8
8
8
8
22
22
22
22
21
22
21
20
3
1
1
1
1
2
2
7,598
8,732
11,160
15,410
20.449
25,307
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
1945—April
May
June
July
August....
September
October..,
November
December
26,189
26,528
26,746
27,108
27,685
27,826
28,049
28,211
28,515
18,353
18,715
19,183
19,599
20,141
20,235
20,381
20,500
20,683
1,180
1,196
1,205
1,223
1,236
1,243
1,252
1,263
1,274
957
972
981
995
1,003
1,001
1,000
1,009
1,039
73
73
73
73
73
72
71
71
73
1946—January..
February.
March...
April
May
June
July
August...
27,917
27,954
27,879
27,885
28,120
28,245
28,254
28,448
20,126
20,139
20,045
19,997
20,171
20,248
20,185
20,271
1,261
1,264
1,269
1,280
1,291
1,300
1,311
1,319
985
982
984
987
999
998
990
992
69
68
67
66
67
67
67
66
5,882
6,543
6,550
6,856
Unassorted
Total
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
5,519
5,536
Large denomination currency 1
$1,000 $5,000 $10,000
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency oi unknown denominations reported by the Treasury
as destroyed.
• Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY K INDS
[On basis of circulation statement of United States money. In millions of dollars
Money held in the Treasury
Total outstanding, As security
against
Aug. 31,
Treasury
gold and
1946
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
20,280
18,147
25,007
4,544
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 note*
Total—August 31, 1946
July 31, 1946
August 31, 1945
.
. . . .
494
1,909
*2,244
889
332
347
460
114
(4)
(4)
(4)
18,147
22,133
a 2,244
90
34
335
1,909
12
20,392
20,396
19,905
13
5
2
1
5
()
2,256
2,250
2,230
For
Federal
Reserve
Banks
and
agents
15,282
15,282
15,290
15,111
Money in circulation1
Money
held by
Federal
Reserve
Aug. 31,
31, July 31,
Banks and Aug.
1945
1946
1946
agents
2,815
725
304
50
24,192
4,206
50
24.010
4,194
52
23,685
3,948
3
143
142
129
241
23
5
27
5
1
2,003
853
323
317
454
113
1,998
849
320
314
458
113
1.755
808
299
322
517
119
3,845
3,935
3,741
28,448
28,254
27,685
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. 1147, and seasonally adjusted figures in table on p. 1156,
* Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31,
1945.
* To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 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
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the fact
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal
Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold
certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United
States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must b«
deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may
be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates^
Federal Reserve Bank notes and national bank notes are in process of retirement.
OCTOBER 1946
1155
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series l
+742
+ 1,134
+2.428
+4,250
+5.039
+4,858
+3,208
7,598
8,732
11,160
15.410
20,449
25,307
28,515
Monthly averages of daily
figures:
1945—April
May
June
July
August
September.. . .
October
November... .
December. . . .
26.009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
+291
+318
+ 157
+278
+558
+291
+122
+ 124
+ 103
1946—January
February
March
April
May
June
July
August
September.. . .
28,158
27,944
27,913
27,923
27,978
28,140
28.281
28,352
28,478
28,074
27,944
27,997
28,148
28,175
28,281
28,338
28,494
28,535
-96
-130
+53
+ 151
+27
+ 106
+57
+156
+41
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 do liars]
EarGold
Net
marked
stock
gold
Increase
gold:
deat end
Period
import
in gold
crease
of
or export
stock
or
inperiod
crease( —)
1934J
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—September..
October
November..
December. .
1946—January... .
February...
March
April
May
June
July
August
September..
8,238
10,125
Ul,258
312,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,073
20,036
20,030
20,065
20,156
20.232
20,256
20,251
20,242
20,270
20,267
20,280
P2O.305
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
-553.9
-15.0
-36.9
-6.2
35.2
91.0
76.3
23.9
-5.2
-9.1
28.1
-3.2
13.2
P25.2
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
13.5
-4.3
.8
19.3
154.1
82.4
31.4
-20.5
-27.0
36.3
6.3
15.2
(4)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
-19.0
34.6
-38.2
-4.3
-12.5
-5.8
19.7
15.1
27.5
15.0
8.0
60.1
512.3
Domestic
gold
production l
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
2.7
3.6
3.8
3.6
4.0
3.3
3.6
3.2
3.2
3.4
4.0
(4)
P Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 1202, adjusted to exclude
Philippine Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and
$35
a fine ounce thereafter.
8
Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
* Not yet available.
s Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of the International Bank
amounted to 4,154.4 million dollars on Sept. 30, 1946. Gold under
earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Annual rate of
turnover of total
deposits except
interbank
Total, all
reporting
centers
New
York
City 1
140
other
centers l
Other
reporting
centers 2
1937
1938
1939
1940
1941
1942—old series •
1942—new series »
1943
1944
1945
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
974,102
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77.155
83,970
89,799
i<5.i
16.5
17.1
18.3
1945—August
September
October
November
December
1946—January
February
March
April
May
June
July
August
73,208
71,169
81,616
79,401
101,577
89,132
73,963
87,579
87,532
85,908
86,667
91,377
82,738
29,388
28,545
34,984
32,246
45,035
38,819
30,498
35,670
37,208
35,085
34,972
37,357
30,216
36,767
35,718
39,006
39,255
47,774
41,977
36,210
43,449
42,122
42,433
43,219
45,017
43,694
7,054
6,906
7,626
7,900
8,766
8,337
7,255
8,459
8,201
8,390
8,476
9,004
8,828
14.4
16.5
18.1
18.1
23.1
18.5
16.6
17.8
19.0
17.9
18.9
20.0
16.3
New
York
City
333 other
reporting
centers
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
Annual rate of
turnover of demand
deposits except interbank and Government
100 other
leading
cities
New
York
City
100 other
leading
cities
13.1
11.7
10.8
9.7
193,143
164,945
167,939
167,373
193,729
200,337
215,090
186,140
200,636
217,744
270,439
308,913
29.5
25 Jl
21.0
17.1
17.3
18.0
22.4
19.9
19.4
18.6
19.4
18.4
258,398
298,902
351,602
369,396
403,400
412,800
20.5
22.4
24.2
17.4
17.3
16.1
8.2
9.1
8.8
9.9
10.9
9.0
8.7
9.4
9.2
9.2
9.9
10.1
9.6
24,803
26,534
29,990
28,423
37,046
34,165
27,425
32,831
33,290
30,408
32,439
32,667
28,127
30,796
30,631
33,474
34,616
41,070
35,546
31,402
36,543
36,478
35,324
36,921
38,240
37,858
19.7
22.9
22.4
23.5
31.8
28.3
25.6
27.5
27.6
24.5
26.3
25.6
21.6
13.7
14.9
14.4
16.5
19.5
16.2
16.2
16.8
16.8
15.8
16.7
16.8
16.0
1
a
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
» See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.
1156
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
Total
deposits
adjusted
Demand
deposits
adjusted 1
1929—June
December.
1933—June
December......
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
41,680
42,548
19,172
19,817
36,919
37,766
1937—June
December
1938—June
December
1939—June
December
1940—June
December
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
1941—June
December
1942—June
December
1943—June
December
1944—-June
December.....
1945—June
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
1945—August
September
October
November
December
1946—January?
February P
March?
April*
May?
June?
July?
August?
163,200
162,900
163,900
167,300
175,401
176,300
177,000
173,700
174,200
173,400
171,300
170,800
170,300
End of month
,.
Time deposits
United
States
Government
deposits2
Currency
outside
banks
Total
Commercial
banks 3 <
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
14,411
15,035
852
1,016
21,656
21,715
10,849
11,019
9,621
9,488
,186
,208
3,639
3,557
4,761
4,782
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
,267
,269
,251
,251
,261
,278
,292
,303
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
,303
,313
,315
,415
,576
,786
,032
,340
2,657
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
99,900
101,700
104,500
106,300
102,341
102,700
102,300
101,200
103,600
104,900
106,200
107,000
107,400
137,300
136,800
137,600
141,000
148,911
150,200
150,900
147,600
148,000
147,000
144,700
144,200
143,600
74,000
75,600
78,200
80,000
75,851
76,600
76,200
75,100
77,400
78,500
79,600
80,400
80,700
17,300
14,300
11,700
13,100
24,608
24,600
25,000
22,400
20,000
17,400
13,400
11,300
10,200
46,000
46,900
47,700
47,900
48,452
49,000
49,700
50,100
50,600
51,100
51,700
52,500
52,700
28,500
29,200
29,700
29,800
30,135
30,500
31,100
31,300
31,600
32,000
32,400
32,900
33,000
14,700
14,900
15,100
15,200
15,385
15,500
15,600
15,800
15,900
16,000
16,200
16,400
16,500
2,800
2,800
2,900
2,900
2,932
3,000
3,000
3,000
3,100
3,100
3,100
3,200
3,200
25,900
26,100
26,300
26,300
26,490
26,100
26,100
26,100
26,200
26,400
26,600
26,600
26,700
Mutual
savings4
banks
Postal
Savings
System 5
l
* 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.
*6 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
2
a
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS I
[In millions of dollars]
Assets
DeposEnd of month itors'
balances 1
1939—Dec.. .
1940—Dec. .
1941—Dec...
1942—Dec...
1943—Dec. .
1944—Dec...
1,279
L.304
1,314
1,417
1,788
2,342
1945—Aug... 2,785
S e p t . . 2,836
O c t . . . 2,880
Nov. . 2,909
Dec... 2,933
1946—Jan... 2,981
Feb.. . 5,013
Mar... ?,043
Apr.. . 5,066
M a y . . 3,091
June.. 5,120
J u l y . . P\5,154
Aug... V 5,184
Total
1,319
1,348
1,396
1,464
1,843
2,411
2,867
2,921
2,968
2,999
3,022
3,073
3,107
3,139
3,161
3,188
3,220
Cash
in depository
banks
53
36
26
16
10
8
8
8
6
6
6
5
5
5
5
5
5
U. S. Government
securities
Total
1,192
1,224
1,274
1,345
1,716
2,252
2,674
2,737
2,780
2,809
2,837
2,886
2,910
2,951
2,966
2,986
3,026
Direct
1,046
1,078
1,128
1,220
1,716
2,252
2,674
2,737
2,780
2,809
2,837
2,886
2,910
2,951
2,966
2,986
3,026
Cash
reserve
Guar- funds,
anetc. 2
teed
146
146
146
126
74
88
95
102
118
152
185
176
182
184
179
181
192
182
189
197
188
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508_in the same publication.
1
2
OCTOBER
1946
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945
1946—j a n -Sept
Nonmember
banks
Member
banks
Total,
all
banks
National
State
6
Insured
Noninsured
291
15
189
81
22
8
9
1
4
18
3
6
3
1
3
4
1
2
2
1
0
0
Deposits of suspended banks2
(in thousands of dollars):
1934-39
....
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1946—Jan -Sept
5,943
256
3,726 3,144
1,702
6,223 4,982
405
0
5,341
503
1,375
1,241
346
79
327
405
0
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
1157
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and
call date
Total
Loans
Total
Other
U.S.
Govern- Other
ment
securobligaities
tions
Total*
Interbank*
Number
of banks
Demand
Time
All banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—j u n e 30
Dec. 31.
1946—j u n e 29*
48,831
50,885
54,170
61,101
78,137
96,966
119,461
129,639
140,227
136,820
21,261
22,169
23,751
26.616
23.915
23,601
26,015
27,979
30.355
31,500
27,570
28,716
30,419
34,485
54,222
73.365
93.446
101.661
109,872
105,320
17,953
19 402
20,983
25.488
45,932
65.932
85,885
93,657
101,295
96,100
9,617
9,314
9.436
8,997
8,290
7,433
7,561
8,004
8,577
9,220
61,319
68,225
75,963
81,780
99,796
117,661
141,449
151,033
165,612
159,460
7,484 28.695
9 883 32 402
10,941 38,518
10,989 44.316
11,318 61.395
11,012 75.561
12,245 91,644
12,605 96 725
14 065 105.9^3
12,310 98,350
25,140
25 850
26,504
26.476
27.083
31,088
37,559
41.702
45 621
48,800
1S,?O7
15 035
14.805
14,825
14.6*2
14.579
14.535
14.542
14,553
14,567
All commercial banks:
1938—Dec. 31
I939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
I943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1945—June 29 •
.
38,669
40,667
43.922
50,722
67.391
85,095
105,530
114,505
124.019
119,690
16,364
17,243
18,792
21.711
19,217
19,117
21.644
23,672
26.076
27,150
22,305
23,424
25,130
29,011
48,174
65,978
83.886
90,833
97,943
92,540
15,071
16.300
17,759
21,788
41.373
59,842
77,558
84,069
90,613
84,680
7,234
7,124
7,371
7,223
6,801
6,136
6,329
6,764
7,331
7,860
51,041
57,702
65,305
71,248
89,132
105,923
128,072
136,607
150,227
143,180
7,484 28.695
9 883 32,492
10.941 38.518
10,989 44 316
11.318 61.395
11.012 75 561
12,245 91.644
12 605 96 72S
14,065 105.973
12,310 98,350
14,862
15 327
15,846
15 944
16.410
19 350
24.183
27 276
30 238
32,520
14.652
14,484
14,344
14,277
14.136
14.034
13,002
14 000
14.011
14,026
All Insured commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
37,470
39,289
42,556
49,288
66,240
83,507
103,382
112,353
121,809
117,409
16,021
16,863
18.394
21,258
18,903
18,841
21.352
23,376
25,765
26,791
21,449
22,426
24,161
28,030
47,336
64,666
82,030
88,978
96,043
90,618
14,506
15,566
17.063
21,046
40,705
58.683
75,875
82.401
88,912
82,977
6,943
6.859
7,098
6,984
6,631
5.983
6,155
6,577
7,131
7,641
49,772
56.069
63,461
69,411
87,803
104.094
125,714
134,245
147.775
140,612
7,254 27 849
9,523 31,483
10,539 37 333
10,654 43.061
11.144 60 504
10,705 74,309
12,074 89 761
12,401 94.910
13,883 104.01S
12,007 96,459
14 669
15.063
IS 580
15,697
16 154
19.081
23 879
26 934
20 876
32,145
13.6S<
13.531
13,43*
13.426
13,34*
13,270
13,263
13.277
13,207
13,330
32,070
33,941
37,126
43,521
59,263
74,258
91,569
99,426
107,183
102,032
13,208
13,962
15.321
18,021
16.088
16.288
18,676
20,588
22.775
23,302
18,863
19,979
21,805
25,500
43,175
57.970
72,893
78,838
84.408
78,729
13,223
14,328
15,823
19.539
37,546*
52,948
67,685
73,239
78.338
72.272
5,640
5,651
5.982
5,961
5,629
5.022
5,208
5.599
6.070
6,458
43,363
49,340
56,430
61,717
78,277
92,262
110.917
118,378
129,670
122,519
7 153
9,410
10 423
10,525
11 000
10,555
11 884
12,230
13 640
11,801
24 842
28 231
31 829
38.846
54 523
66.438
79 774
84.400
91 820
84,602
11 360
11 609
12 178
12 347
12 754
15 268
19 250
21,748
24 210
26,115
6.33*
6,362
6,486
6,619
6.679
6,73*
6.814
6,«40
6,8*4
6,887
20,903
21,810
23,648
27,571
37,576
47,499
58,308
63,177
69,312
66,277
8,469
9.022
10,004
11.725
10,183
10,116
11,480
12,369
13.925
14,469
12,434
12,789
13,644
15,845
27,393
37,382
46,828
50,808
55.387
51,809
8,691
9,058
9,735
12.039
23.744
34,065
43,292
47,051
51,250
47,271
3,743
3,731
3,908
3,806
3,648
3.318
3.536
3,757
4.137
4,537
27,996
31,559
35,787
39,458
50,468
59,961
71,858
76.533
84.939
80,212
4,499
5 898
6,574
6,786
7 400
7,159
8,056
8 251
9,229
7,816
15 587
17 579
20.885
24 350
34 499
42.605
50 900
S3 698
50.486
54,930
7 010
8 081
8,329
8 322
8 570
10.106
12 901
14 S8S
16.224
17,466
5,224
5 187
5,144
5,117
S 0*1
5,040
5 025
5 015
S.017
5 012
11,168
12,130
13,478
15,950
21,687
26,759
33,261
36,249
37,871
35,754
4,738
4,940
5,316
6,295
5,905
6,171
7,196
8,219
8,850
8,834
6,429
7,190
8,162
9,654
15.783
20.588
26,065
28,030
29.021
26,921
4,532
5,271
6,088
7,500
13,802
18.883
24,393
26,188
27,089
25,000
1,897
1,920
2,074
2,155
1,980
1,705
1,672
1.842
1,933
1,921
15,367
17,781
20,642
22.259
27,808
32,302
39.059
41,844
44,730
42,307
2 653
3,512
3 849
3,739
3 600
3.397
3 827
3,980
4,411
3,986
9 25S
10,652
12 944
14.495
20 024
23 833
28 874
30 702
32.334
29,672
3 450
3.617
3 840
4 025
4 184
5 072
6 357
7 163
7,086
8,649
All member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31*
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—j u n e 30
Dec. 31
1 9 4 6 — j u n e 29
All n a t i o n a l b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
194(5—June 29
State member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31*
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec 31
.
1945—j u n e 29
. . .
.
.
.
. . .
1 "4
.175
L 342
I 502
\I 508
L 698
I 789
L 825
1,867
R7«;
* Partly estimated. Figures have been rounded to nearest 10 million dollars.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
* During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These
banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
only once in "all banks."
* Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
* Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
iti deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million.
Bachjigurts.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
1158
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollar?]
Loans and investments
Class of bank
and
call date
Deposits
Investments
Total
Loans
Total
Other
U.S.
Govern- Other
ment
secuobliga- rities
tions
Total1
Interbank*
All nonmember commercial banks:
1938—Dec. 31
1939—Dec. 30
1940— Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 3 0 . .
1945—June 30
Dec. 31
1946—June 29 •
6,598
6,726
6,796
7,208
8,135
10.847
13,972
15,091
16,849
17,670
3,156
3,281
3,471
3,693
3,132
2,832
2,971
3,087
3.303
3,850
3,442
3,445
3,325
3,515
5,003
8,014
11,002
12,005
13,546
13,820
1,848
1,971
1,936
2,251
3,829
6,899
9,880
10,839
12,284
12,420
1.594
,474
,389
L,264
1,174
1L ,115
1,122
1L.166
L.262
1,400
7,678
8,362
8,875
9,539
10,864
13,671
17,168
18,242
20,571
20,680
331
473
518
464
318
457
362
375
426
Insured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
. .
. . .
1943—Dec. 31
1044—Dec. 30
1945—j u n e 30
Dec. 31
194<5—june 29
5,399
5,348
5,429
5,774
6,984
9,258
11,824
12,940
14,639
15,392
2,813
2,901
3,074
3,241
2,818
2,556
2,678
2,790
2.992
3,491
2,586
2,447
2,356
2,533
4,166
6,702
9,146
10,150
11,647
11,901
1,283
1,238
1,240
1,509
3,162
5,739
8,197
9,170
10,584
10,716
1,303
1,209
1,116
1,025
1,004
6,409
6,729
7,032
7,702
9,535
11,842
14,809
15,880
18,119
18,108
101
1,199
1,378
1,367
1,434
1,151
1.588
2,148
2,152
2.211
2,280
343
856
565
291
998
733
265
All mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 312
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31 .
1946—June 29«
10,162
10,218
10,248
10,379
10,746
11,871
13,931
15,134
16,208
17,130
Insured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—Dec 31
1944—Dec. 30
. . . .
1945—June 30
Dec. 31
1945—j u n e 29
972
1,329
1,655
1,693
2,007
7,525
9,223
10.063
10,846
11,454
9,190
8,889
8,593
8,686
8,739
4.345
4,708
5.071
5,361
5.680
Noninsured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 318 *
1943—Dec. 31
1944—Dec. 30
1945—j u n e 30
.
Dec. 31
1946—June 29«
Noninsured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943 Dec. 31
1944—Dec. 30
1945_ June 30
Dec. 31
1946—June 29 «
962
949
979
1,063
1,185
500
113
116
129
145
149
190
171
244
206
Number
of banks
Demand
Time
3,853
4,260
4,689
5,470
6,872
9,123
11 870
12.326
14.104
13,750
3,493
3,629
3,668
3,605
3,674
4,091
4 936
5 541
6 042
6,430
8,314
8,122
7,858
7,661
7,460
7,299
7,181
7,163
7.130
7,142
3 007
3 252
3 504
4,215
5 981
7 870
9,987
10 510
12,196
11,857
3 300
3 365
3 411
3 358
3 409
3 823
4,632
5 199
5 680
6,045
7,317
7 169
6,952
6,810
6,667
6.535
6,452
6,440
6.416
6,446
230
Sd(S
193
997
360
L 008
11,185
1L 255
891
L 253
1,883
1,815
90ft
1,890
264
953
297
311
360
969
982
837
1,312
1,856
1,855
1,900
1,920
696
742
667
1,160
1,682
1,668
1,700
1,700
187
200
220
1,269
1,633
1,843
1,837
1,329
1,829
2,358
2,362
2.452
2,570
4,897
4,926
4,959
4,905
4,698
4,484
4,370
4,307
4,279
4,350
5,265
5,292
5,289
5,474
6,048
7,387
9,560
10,827
11,928
12,780
2,883
3,102
3,224
3,700
4,559
6 090
8,328
9 588
10 682
11,420
2,382
2,190
2,065
1 774
1,489
1 297
1*232
1 240
1 246
1,360
10,278
10,523
10,658
10,532
10,664
11,738
13,376
14,426
15,385
16,280
10 278
10,523
10 658
10 532
10 664
11 738
13 376
14 426
15 385
16,280
551
551
548
546
545
543
542
542
280
232
422
548
629
861
303
470
421
405
608
604
607
606
1,012
1 409
1,818
1,789
2 048
7,534
8,910
9 671
10,363
10,979
1 012
1 409
1 818
1 789
2 048
7 534
8 910
9 671
10 363
10,979
51
53
52
56
184
192
192
192
9,266
9 114
8,840
8 743
8 616
4,204
4 466
4,754
5,022
5,300
9 266
9 114
8 840
8 743
8 616
4 204
4 466
4 754
5 022
5,300
380
397
452
314
276
292
461
605
637
642
740
511
724
3,073
3,110
3,089
3.081
3,132
1,018
1,050
1,267
4,452
6,113
6,974
7,765
8,322
3,844
5 509
6 368
7,160
7,662
4,436
4,321
4,322
4,263
3,958
1,411
1,260
1,218
1,198
1,220
4,754
4,568
4,271
4,424
4,781
2,935
3,448
3,853
4,163
4,460
2,603
2 680
2,676
3 071
3 698
2,246
2 819
3.220
3,522
3,760
273
239
170
153
174
660
2 150
1 887
1,595
1 353
1 084
689
629
633
641
700
402
335
173
307
171
204
182
300
257
247
265
269
304
343
362
380
906
851
793
764
729
723
714
696
555
541
48
191
507
500
498
496
490
361
351
350
350
350
For footnotes see p. 1158.
OCTOBER
1946
1159
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollai s]
Loans
Class of bank
and
call date
Total
and
investments
All insured commercial banks:
37,470
1938—Dec 31
1940—Dec. 31
42,556
1941—Dec. 31'.'. 49,288
1942—Dec. 3 1 . . 66,240
1943—Dec. 3 1 . . 83.507
1944—Dec. 30. . 103,382
1945—June 3 0 . . 112,353
Dec. 31. . 121,809
1946—June 29. . 117,409
Member banks,
total:
32,070
1938—Dec 31
1940—Dec. 3 1s. . 37,126
1941—Dec. 3 1 . 43,521
1942—Dec. 3 1 . . 59,263
1943—Dec. 3 1 . . 74,258
1944—Dec. 3 0 . . 91,569
1945—June 3 0 . . 99,426
Dec. 3 1 . . 107,183
1946—June 2 9 . . 102,032
New York City:*
1938—Dec. 3 1 . . 8,335
1940—Dec. 3 1 . . 10,910
1941—Dec. 3 1 . . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 3 1 . . 19.994
1944—Dec. 30. . 24,003
1945—June 3 0 . . 25,756
Dec. 3 1 . . 26,143
1946—June 2 9 . . 23,304
Chicago:*
1938—Dec. 3 1 . . 1,969
1940—Dec. 3 1 . . 2,377
2,760
1941—Dec 31
1942—Dec. 3 1 . . 3,973
1943—Dec. 3 1 . . 4,554
1944—Dec. 30. . 5,443
1945—j u n e 30. . 5,730
Dec. 3 1 . . 5,931
1946—June 2 9 . . 5,167
Reserve city banks:
1938—Dec. 31. . 11,654
1940—Dec. 31
13,013
1941—Dec. 31'.'. 15,347
1942—Dec. 3 1 . . 20,915
1943—Dec. 31. . 27,521
1944—Dec. 30.. 33,603
1945—June 30.. 36,572
Dec. 3 1 . . 40,108
1946—June 29.. 37,675
Country banks:
1938—Dec. 31. . 10,113
1940—Dec. 31! . 10,826
1941—Dec. 31
12 518
1942—Dec. 3 l ! . 16,419
1943—Dec. 31. . 22,188
1944—Dec. 30.. 28,520
1945—June 30.. 31,368
Dec. 3 1 . . 35,002
1946—June 29.. 35,886
Insured nonmember commercial banks:
1938—Dec. 31. . 5,399
1940—Dec. 31. . 5,429
1941—Dec. 3 1 . . 5,774
1942—Dec. 3 1 . . 6,984
1943—Dec. 31. . 9,258
1944—Dec. 30.. 11,824
1945—June 30.. 12,940
Dec. 31. . 14,639
1946—June 29.. 15,392
Investments
Loans for
purchasing
or carrying
securities
Total
Commercial,
inAgriReal- ConcludOther Total
culesing
To
tate sumer
open- tur- brokloans
loans
To
marers othket
and ers
padealperi
ers
885
727
662
597
922
U. S. Government obligations
Total
Obligations
Direct
of
States Other
Cerand
Guar- politi- secutifirities
ancates
cal
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
3,857
4,468
4,773
4,646
4,437
4,343
4,413
4,677
5,738
3 583
4*077
4 545
2,269 1,042
1,868 918
1,888 944
2,108 1,008
2,361 1,181
3,069 1,211
21,449
24,161
28,030
47,336
64,666
82,030
88,978
96,043
90,618
14,506
17,063
21,046
40,705
58,683
75,875
82,401
88,912
82,977
775
652
598
538
839
2,716
3,228
3,494
3,423
3,274
3,209
3,248
3,455
4,267
2 853
3*. 273
3,692
1,847 870
1,484 848
1,505 877
1,688 934
1,900 1,104
2,464 1,133
18,863
21,805
25,500
43,175
57,970
72,893
78,838
84,408
78,729
13,222
15,823
19,539
37,546
52,948
67,685
73,239
78,338
72,272
5
787
220
6
465
190
8
412
169
21
787
193
24 1,054
323
30 1,742
859
53 2,528 1,539
2,453 1,172
1\852 798
121
130
123
117
107
86
76
80
83
535
468
554
303
252
253
270
287
378
148
153
179
223
298
226
5,072
7,527
8,823
13,841
15,566
18,243
18,687
18,809
16,798
158
1,142 1,663 894
3,857
6,044
207
2,977 1,615
7,265
1 [623 3*652 l[679
311
12,547 1,855 2,144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
913 3,740 3,745 8,592
189
17,179
424 3,538 3,607 9,920
2
17,492
477 3,433 3,325 10,337
1
17,574
1
201 2,980 2,229 10,234
15,646
70
54
52
32
52
163
299
233
185
12
19
22
23
22
24
23
36
43
63
84
96
62
45
45
50
18
14
34
34
40
32
1,430
1,681
1,806
3,141
3,550
4,258
4,480
4,598
3,837
1,114
1,307
1,430
2,789
3,238
3,913
4,130
4,213
3,485
59
297
256
397
199
250
127
133
14
1 101
119
242 1,230
1 322
207 1,436
115
1,512
114
194 1,527
153 1,486
312
97
808
267 1,420
301
217
658
777 1,379
660
313
311
315
371 1,147 1,378
757
404
427 1,503 1,459
855
453
321 1,142 1,743 1,073
6,691
7,081
8,243
14,813
21,321
26,781
29,417
31,594
28,813
5,018
5,204
6,467
13,038
19,682
25,042
27,523
29,552
26,585
57
103
295
5,669
5,517
6,628
11,380
17,534
23,610
26,253
29,407
29,281
11
3,233
732 1,893
3,269
45
433 2 [ 081
4,377
110
481 2 [.926
9,172
671 1,251 1,240 5 [ 436
15,465 1,032 3,094 2,096 8,705
882 3,466 4,422 12,540
21,552
762 4,194 4,613 14,504
24,094
630 5,102 4,544 16,713
26,999
447 5,231 3,696 17,170
26,556
16,021
18,394
21,258
18,903
18,841
21,352
23,376
25,765
26,791
5,636
7,178
9,214
7,757
7,777
7,920
7,501
9,461
10,334
1,060
1,281
1,450
1,642
1,505
1,723
1,632
1,314
1,366
1,002
13,208
15,321
18,021
16,088
16.288
18,676
20,588
22,775
23,302
5,179
6,660
8,671
7,387
7,421
7,531
7,095
8,949
9,685
712
865
972
3,262
3,384
4,072
4,116
4,428
5,760
7,069
7,334
6,506
1,594
2,125
2,807
2,546
2,515
2,610
2,380
3,044
3,169
539
696
954
832
1,004
1,184
1,250
1,333
1,329
335
492
732
658
763
738
671
760
804
17
5
6
6
6
17
13
2
1
4,963
5,931
7,105
6,102
6,201
6,822
7,155
8,514
8,862
2,063
2,589
3,456
2,957.
3,058
3,034
2,883
3,661
3,932
207
263
300
290
279
348
304
205
197
4,444
5,309
5,890
5,038
4,654
4,910
5,114
5,596
6,605
J .186
1,453
:1,676
1,226
1,084
1,149
1,162
1,484
1,781
483
590
659
772
713
802
755
648
679
25
21
20
17
25
32
32
42
34
243
201
183
161
197
310
422
471
354
1,353
1,644
1,823
1,797
1,725
1,719
1,771
1,881
2,398
674
528
547
611
707
937
2,813
3,074
3,241
2,818
2,556
2,678
2,790
2,992
3,491
457
518
543
370
356
389
406
512
649
348
416
478
553
482
525
506
459
488
28
21
20
16
16
21
24
31
21
110
75
64
59
82
156
193
228
176
1,141
1,240
1,282
1,225
1,165
1,136
1,167
1,224
1,473
730
2,586 1,283
803
2,356 1,240
2,533 1,509
854
422
173 4,166 3,162
385
70 6,702 5,739
383
67 9,146 8,197
420
74 10,150 9,170
460
77 11,647 10,584
605
79 11,901 10,716
663
614
950
1,414
2,269
3,113
3,164
2,417
973
642
594
934
2,265
3,601
3,606
2,656
1,089
1,023 1,398
1,198 2,249 2,108
1.125 3,089 3,407
855 3,133 3,378
877 2,395 2,480
43
42
48
34
102
163
159
211
188
51
76
1 154
1,400
1,530
393
381
351
362
363
422
4,462
4,636
3,971
2,831
2,455
1,220
286
652
971
4,363
4,360
3,748
2,633
2,275
1,072
1,441
1,802
1,704
1,320
1,034
6,727
13*218
15,300
17,204
19,071
17,637
8,000
9,925
12,797
20,999
30,656
39,848
45,870
51,321
52,092
2,568
3*719
4[l02
2,718
2,501
6,285
12,071
13,982
15,584
16,985
15,292
3,389
2,594
3,007
5,409
6,906
14,127
14,723
14,271
10,467
7,208
9,091
11 729
18*948
27,265
34,927
40,266
44,792
45,420
2,340 2 448 3 1 192
3,486 3 | 013 2,970
3 832 3 090 2,871
2 [540 2 [965 2,664
2,345 2,729 2,294
902 2,857 2,350
33 3,102 2,497
16 3,254 2,815
20 3,307 3,151
637
877
1,045
1,253
1,467
1,042
'2,253
4,691
5,730
6,598
6,982
410 6,038
4
10
17
99
276
223
198
180
147
3,011 3,932
3 [608 3*491
3,651 3 [333
3,533 3,098
3,287 2,696
3,422 2,733
3,684 2,892
3,873 3,258
3,973 3,668
3,648
2,756
3,159
5,799
7,672
15,778
16,454
16,045
12,004
290
662
988
"442
1,147
1,319
1,620
2,087
2,346
291
145
153
391
484
779
814
749
529
655
752
903
1,282
1,602
1,809
1,936
1[864
1,900
978
43
22
24
109
112
119
83
74
31
517
695
729
593
444
468
567
606
535
698
788
830
701
558
596
629
629
618
141
188
182
166
158
160
154
181
153
176
186
193
186
155
185
196
204
200
1,224 2,997 740 808 866
*771 3 i 281 1 049 984 893
956
820
751 4*248 l[l73
1,723 6,810 811 954 821
2,497 9,943 749 913 726
5,181 11,987 440 1,000 740
794
10 1,100
5,689 13,906
916
5 1,126
5,653 15,878
7 1,194 1,034
4,014 16,116
259
162
152
390
766
1,652
1,731
1,774
1,538
793
834
1,069
2,053
3,395
4,928
5,611
6,538
6,682
597
710
861
574
538
241
21
9
12
228
234
271
179
156
76
10
6
4
982 1,453
1,146 I [l02
1 222 1 028
l[252 *956
1,214 855
1,230 829
878
1,281
1,342 1,067
1,426 1,299
563
595
563
569
560
566
584
619
667
739
521
462
435
403
383
396
443
518
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit
Insurance Corporation.
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items
for Dec.
31, 1945, may not be entirely comparable with prior figures.
2
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System.. These
banks1 are included in "member banks" but are not included in "all insured commercial banks."
Central reserve city banks.
1160
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
DeBalances mand
dewith
posits
doad- 6
mestic
banks4 justed
Interbank
deposits
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
DoFormestic4 eign
U.S.
IndiIndi- Bor- CapiGov* States viduals,
viduals
tal
ernand partner- row- acpartner- Inter- ment
ings counts
ships, bank and politships,
ical
and corcorPostal subdi- and
poraporaSavvisions
tions
tions
ings
All insured commercial banks:
950
1938—Dec. 3 1 . . 8,694
5,663 25,198
1940—Dec. 31. . 13,992 11,234 8,202 33,820
1941—Dec. 31. . 12,396 L.358 8,570 37,845
1942—Dec. 31. . 13,072 L.305 9,080 48,221
1943—Dec. 31. . 12,834 1,445 8,445 59,921
1944—Dec. 30. . 14,260 1,622 9,787 65,960
1945—June 30. . 14,806 1,474 9,959 68,048
Dec. 3 1 . . 15,810 L829 11,075 74,722
1946—June 29. . 15,999 1,471 9,102 78,281
673 1,762
>,823
813 8,167
10,234
893 9,950
,743
11 ,063
948 19,754
11 ,217 1,119 23,478
12 ,566 1,248 23,740
10,584 1,346 12,941
2 ,942
595
3 ,298
971
3 ,677 11,077
3 ,996 1,219
4t,352 L.669
4 ,518 1,354
4t,698 1,240
5 ,098 2,585
5 ,807 2,320
23,475
32,398
36,544
47,122
58,338
64,133
65,494
72,593
75,391
157
160
158
97
68
64
66
70
77
86
69
59
61
124
109
105
103
107
575 14,009
522 14,998
492 15,146
397 15,697
395 18,561
423 23,347
482 26,346
496 29,277
552 31,487
Member banks,
total:
1938—Dec. 31. .
1940—Dec.
1941—Dec. 312 .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30..
Dec. 31. .
1946—June 29. .
8,694
13,992
12,396
13,072
12,835
14,261
14,807
15,811
16,001
1,087
L,019
1,132
1,271
1,150
L.438
1,141
4,240
6,185
6,246
6,147
5,450
6,354
6,486
7,117
5,772
22,293
30,429
33,754
42,570
52,642
57,308
59,133
64,184
67,461
501
790
t ,510
700
616
,581
671 1,709
,714
811 7,923
10,101
891 9,444
9,603
945 18,509
10,881
11 ,064 1,106 21,967
12 ,333 1,243 22,179
10,391 1,339 12,009
547
2 ,386
2 ,724
913
3 ,066 L.009
3 ,318 1,142
3 ,602 1,573
3 ,744 1,251
3 ,877 1,138
4 ,240 2,450
4 ,826 2,179
21,119
29,576
33,061
42,139
51,820
56,270
57,417
62,950
65,589
142
141
140
87
62
58
61
64
72
61
56
50
56
120
105
102
99
101
462
435
418
332
327
347
392
399
447
10,846
11,687
11,878
12,366
14,822
18,807
21,254
23,712
25,568
New York City:*
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3i
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec 30. .
1945—June 30. .
Dec. 3 1 . .
1946—June 29."
4,104
7,057
5,105
4,388
3,596
3,766
3,879
4,015
4,255
68
102
93
72
92
102
89
111
85
109
122
141
82
61
76
64
78
68
7,168
11,062
10,761
11,899
13,899
14,042
14,643
15,065
16,158
1 .687
437
139
4! 032
641
48
607
5,595
866
-x
L209
733 4 186
2',867
810 3,395
851 6,722
3,179
989 7,618
3,271
3,535 1,105 6,940
3,127 1,178 3,495
7,273
11,357
11,282
12,501
14,373
14,448
14,789
1,338 15,712
1,132 16,836
6
5
6
3
4
11
16
17
27
5
7
8
10
8
36
51
29
23
26
17
19
20
17
652
768
778
711
816
977
884
902
821
899
929
942
870
35
42
43
39
38
43
33
36
26
235
319
298
164
158
177
180
2f0
162
Reserve city banks
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
2,354
4,027
4,060
4,940
5,116
5,687
5,882
6,326
6,332
321
396
425
365
391
441
396
494
399
1,940
2,741
2,590
2,202
1,758
2,005
2,029
2,174
1,858
7,214
9,581
11,117
14,849
18,654
20,267
20,682
22,372
23,483
Country banks:
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
1946—June 29. .
1,353
1,857
2,210
2,842
3,303
3,909
4,117
4,527
4,543
322
452
526
542
611
684
632
796
631
1,956
3,002
3,216
3,699
3,474
4,097
4,213
4,665
3,684
204
243
271
287
313
352
324
391
330
1,423 2,904
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,473 8,915
3,959 10,537
3,332 10,821
Chicago:*
1938—Dec. 31. .
194Q—Dec. 3i
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. '.
1945—j u n e 30. .
Dec. 31. .
1946—June 29. .
1,051
1,021
Insured nonm e m b e r commercial b a n k s :
1938—Dec. 31. .
1940—Dec 31
1941—Dec. 3i
1942—Dec. 31
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 31
1946—June 29
746
991
,595
5 ,677
503
702
838
666
658
1,688
997
1,941
2,215 1,027
2,557 1,105
972
3,050
3,041 1,132
3,152 L.174
3,153 11,292
3,189 L.047
9
8
8
12
14
16
19
20
24
'2,719
t
3,919
4,302
t
1,831
4,770
5,421
5,510
6,307
5,220
53
49
54
63
63
70
90
110
129
446
6,224
633
7,845
790
9,661
957
13,265
994
17,039
19,958 1,149
20,656 1,108
23,595 1,199
997
24,630
2
2
143
151
225
i
E
1,090
1,962
85
95
108
133
141
182
153
233
194
83
90
127
665
713
1,400
1,499
1,552
789
424
327
491
1,982
3,373
6,157
7,655
8,221
4,531
8 4,230
8 5,195
8 5,465
8 3,194
48
50
53
243
506
13
7
1,245
1,511
1,560
932
280
370
319
263
252
199
229
237
293
195
471
450
448
710
361
341
181
174
233
178
174
167
193
237
262
29
27
34
38
44
33
29
66
37
1,597
1,905
2,152
2,588
3,097
3,100
3,124
3,160
3,153
1,144
1,319
L,448
1,509
1,516
L.763
2,003
796
995
170
228
286
385
475
488
422
611
558
7,034
9,468
11,127
15,061
18,790
20,371
20,559
22,281
23,005
1,128
1,184
1,370
1,558
1,727
1,868
1,939
2,004
2,269
555
574
611
678
750
775
820
858
981
9
8
1,082
1,206
1,372
18
11
10
10
46
122
65
215
83
6,434
6,673
6,841
7,055
7,453
7,989
8,340
8,671
9,068
6 5,424
3 5,698
4 5,886
5 6,101
39 6,475
111 6,968
52 7,276
208 7,589
72 7,920
29
96
40
195
27
1,593
1 *615
1,648
1 *727
1^862
1,966
2,023
2,120
2,176
2
1
452
496
476
453
505
619
663
719
779
113
107
104
63
41
33
31
30
27
17
19
20
22
56
40
39
38
43
269
226
243
169
151
154
166
160
187
4,233
4,505
4,542
4,805
5,902
7,561
8,529
9,563
10,190
3
2
27
154
5,215
187
6,846
239
8,500
272 11,989
344 15,561
369 18,350
346 18,945
435 21,797
453 22,594
23
29
30
20
17
14
14
17
18
44
33
31
32
56
57
54
52
48
147
150
146
140
149
175
207
219
242
5,509
5,917
6,082
6,397
7,599
9,650
10,981
12,224
13,226
6 1,798
3 1,909
4 1,982
3 2,042
10 2,153
16 2,321
9 2,440
11 2,525
18 2,674
48
58
68
76
96
103
101
135
142
15
18
18
10
6
6
c
6
25
13
8
113
87
74
65
68
76
90
97
105
3,163
3,311
3,276
3,339
3,750
4,553
5,105
5,579
5,934
2,356
2,822
3,483
4,983
6,518
7,863
8,078
9,643
9,802
1
1
1
c
i
]
i
i
6
2
11
8
6
6
10
13
11
257
270
288
304
326
354
362
377
394
1,777
1,904
1,967
2,028
2 IS1)
2,327
2,450
2,566
2,676
1,010
975
95(5
955
979
1,022
1,065
1,083
1,149
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
8
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 1160.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
OCTOBER
1946
1161
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
investments Total
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S.
U. S.
Sovt. Other
Govt. Other
seob- seobliga- curiliga- curities
ties
tions
tions
U. S. Government obligations
Real- Loans
estate to Other Total
loans banks
Total—101 Cities
1945—August
63,014 13,021 5,944 1,400
863 1,797
403 1,056
1946—April
May
June
July
August
65,360
64,124
62,612
60,749
59,927
15,128
14,899
14,812
14,878
14,992
7,511
7,468
7,506
7,827
8,336
,491
,351
,296
,062
823
743
758
731
731
608
,869
,713
,597
,432
,287
423
445
450
462
454
1,169
1,213
1,258
1,306
1,352
1,846 50,232
1,867 49,225
1,879 47,800
1,919 45,871
1,968 44,935
3
10
17
24
31
61,049
60,615
60,869
60,547
60,662
14,888
15,024
14,761
14,803
14,912
7,611
7,717
7,810
7,974
8,018
,199
,315
,031
832
932
754 ,511
744 ,472
703 ,431
785 ,393
672 ,355
455
463
452
457
482
1,284
1,296
1,306
1,313
1,332
Aug.
Aug.
Aug.
Aug.
7
14
21
28
59,786
59,910
60,030
59,983
14,877
14,992
15,021
15,078
8,136
8,295
8,416
8,496
861
840
783
807
667 ,328
616 ,300
586 1,269
564 ,252
"""
452
452
467
444
1,338
1,349
1,356
Sept.
Sept.
Sept.
Sept.
4
11
18
25
59,096
59,212
59,408
59,074
15,177
15,186
15,366
15,543
8,607
8,765
8,925
9,070
834
794
851
889
552
534
543
507
New York City
1945—August
22,253
5,560
2,191 1,125
656
859
191
67
1946—April
May
June
July
August
22,521
21,993
21,507
20,690
20,148
6,213
5,962
5,789
5,675
5,517
3,003 1,163
2,925 1,059
2,891 1,028
2,967
860
3,165
644
541
525
500
491
404
664
599
543
484
419
186
205
203
210
204
64
72
83
124
132
527
513
477
476
485
1,367
436 1,377
428 1,386
425 1,405
1,412
Bills
Other
secuNotes Bonds1 rities
1,474 49,993 46,674 1,551 10,380 9,502 25,241 3,319
76
84
95
139
164
July
July
July
July
July
,217
,138
,078
,067
Total
Certificates
of indebtedness
46,803
45,840
44,425
42,421
41,487
,230 11,322 7,033 !7,218 .429
,106 10,436 6,854 !7,444 3,385
,014 9,648 6,636 !7,127 ,375
882 9,665 4,989 !6,885 3,450
762 8,825 4,871 !7,029 3,448
,026
709
,121
780
773
9,905
9,687
9,572
9,557
9,605
5,033
4,994
4,995
4,972
4,955
!6,795
!6,955
16,957
!6,936
174 1,970 45,009 41,571
1,976 44,905 41,463
667
760
862
758
8,908
8,832
8,797
8,762
4,908
4,853
4,870
4,854
!6,971 3,455
!7,O15 ,458
!7,042 3,438
!7,089 3,442
40,492
40,595
40,525
39,990
581
810
805
576
8,011
17,092 ,427
7,847 4,789 17,149 3,431
7,726 4,787 :7,2O7 3,517
7,441 4,743 17,230 3,541
1,920 46,161 42,744
111 1,906 45,591 42,185
120 1,908 46,108 42,643
121 1,928 45,744 42,266
189 1,932 45,750 42,269
133 1,962 44,909 41,454
,460
177 1,963 44,
153 2,001 43,919
111 2,030 44,026
44,042
132 2,045 43,531
.417
,406
,465
3,478
3,481
16,693 15,490
333
2,858 3,146 9,153
,203
16,308
16,031
15,718
15,015
14,631
15,223
15,008
14,689
13,935
13,545
420
356
396
233
160
2,993
2,768
2,669
2,876
2,541
2,307
2.155
2,067
1,420
1,391
9,503
9,729
9,557
9,406
9,453
,085
,023
,029
,080
,086
July
July
July
July
July
3
10
17
24
31
20,970
20,617
20,690
20,528
20,644
5,786
5,893
5,582
5,483
5,630
2,901
954
2,933 1,105
2,942
831
3,023
651
3,036
758
523
513
477
492
453
519
499
490
463
448
208
205
202
203
232
144
97
105
107
165
474
478
471
481
474
15,184
14,724
15,108
15,045
15,014
14,133
13,673
14,012
13,945
13,912
375
47
375
246
121
2,972
2,861
2,775
2,831
2,941
1,460
1,437
1,412
1,396
1.396
9,326
9,328
9,450
9,472
9,454
.051
,051
,096
,100
,102
Aug.
Aug.
Aug.
Aug.
7
14
21
28
20,075
20,117
20,211
20,189
5,497
5,538
5,519
5,514
3,093
3,145
3,197
3,223
679
667
599
629
443
409
395
371
437
424
411
404
204
203
218
192
94
141
148
148
483
486
488
483
14,578
14,579
14,692
14,675
13,486
13,490
13,611
13,592
93
137
253
155
2,571
2,527
2,516
2,551
1,388
1,389
1,376
1.412
9.,434
9,437
9,466
9,474
,092
,089
.081
.083
Sept.
Sept.
Sept.
Sept.
4
11
18
25
19,757
19,861
19,922
19,940
5,543
5,493
5,559
5,657
3,263
3,319
3,370
3,433
645
607
663
726
366
343
345
309
393
380
360
349
184
180
176
171
136
99
73
88
492
501
502
512
14,214
14,368
14,363
14,283
13,138
13,289
13,214
13,108
91
232
199
111
2,192
2,169
2,099
2,066
1,387
1,388
1,405
1,414
9,468
9,500
9,511
9,517
,076
,079
,149
,175
Outside
New York City
1945—August
40,761
7,461 3,753
275
938
212
1,070 33,300 31,184
,218
1946—April
May
June
July
August
42,839
42,131
41,105
40,059
39,779
8,915
8,937
9,023
9,203
9,475
4,508
4,543
4,615
4,860
5,171
328
292
268
202
179
202 1,205
233 1,114
231 1,054
240 948
204 868
237
240
247
252
250
,104
1,149
1,194
1,243
1,288
1,319 33,924 31 ,580
1,354 33,194 30,832
1,402 32,082 29,736
1,443 30,856 28,486
1,483 30,304 27,942
810
750
618
649
602
8,329
7,668
6,979
6,789
6,284
4,726
4,699
4,569
3.569
3,480
17,715 2,344
17,715 2,362
17,570 2,346
17,479 2,370
17,576 2,362
7,522 6,356 16,088 2.116
July
July
July
July
July
3
10
17
24
31. . ,
40,079 9,102
39,998 9,131
40,179 9,179
40,019 9,320
40,018 9,282
4,710
4.784
4,868
4,951
4,982
245
210
200
181
174
231
231
226
293
219
992
973
941
930
907
247
258
250
254
250
1,221
1,233
1,242
1,250
1,268
1,446 30,977
1,428 30,867
1,437 31,000
1,447 30,699
1,458 30,736
28,611
28,512
28,631
28,321
28,357
651
662
746
534
652
6,933
6,826
6,797
6,726
6,664
3,573
3,557
3.583
3,576
3,559
17,454 2,366
17,467 2,355
17,505 2,369
17,485 2.378
17,482 2,379
Aug.
Aug.
Aug.
Aug.
7
14
21
28
39,711
39,793
39,819
39,794
9,380
9,454
9,502
9,564
5,043
5,150
5,219
5,273
182
173
184
178
224
207
191
193
891
876
858
848
248
249
249
252
1,274
1,286
1,293
1,303
1,479 30,331
1,477 30,339
1,482 30,31
1,493 30,230
27,968
27,970
27,960
27,871
574
623
609
603
6,33
6,305
6,281
6,211
3,520
3,464
3,494
3,442
17,537 2,363
17,578 2,369
17,576 2,357
17,615 2,359
Sept.
Sept.
Sept.
Sept.
4
11
18
25
39,339
39,351
39,486
39,134
9,634
9,693
9,80'
9,886
5,344
5,446
5,555
5,637
189
18
188
163
186
191
198
198
824
758
718
718
25:
248
249
250
1,313
1,322
1,335
,509
1,529
1,541
1,533
27,35
27,306
27,31
26,882
490
578
606
465
5,819
5,678
5,62
5,375
3,421
3,401
3,382
3,329
17,62 2,351
17,649 2,352
17,696 2,368
17,713 2,366
1,343
29,705
29,658
29,679
29,248
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
Direct and guaranteed.
1
1162
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Date or month
Total 101 Cities
1945—August. . .
1946—April
May
Re
Deserves
Balwith
:ash ances mand
Fedwith
dein
eral vault
doposits
Remestic adserve
banks justed1
Banks
9,900
1,874
343 4,834 55,599
1,264
1,265
1,268
1,268
1,287
360
139
165
206
220
5,093
5,124
5,141
5,168
5,194
69,768
65,732
69,360
70,907
65,985
121
134
139
139
139
54
55
55
55
55
9,403
9,371
9,639
9,287
9,347
1,266
1,261
1,272
1,265
1,273
233
204
172
168
253
5,162
5,167
5,162
5,170
5,180
19,493
13,028
16,883
15,588
15,661
10,051
10,064
10,075
10,075
141
143
145
145
56
56
58
60
9,409
9,537
9,314
9,214
10,075
10,084
10,092
10,120
147
149
150
152
59
59
56
58
9,285
9,395
9,499
9,010
2,102 39,069 38,867
2,230 39,078 39,593
2,134 39,170 39,322
2,107 39 ,303 39,273
2,232
2,209
2,206
2,245
,151
,242
,148
,085
6,586
6,622
6,664
6,556
2,028
2,111
2,213
2,083
39,415
40,088
40,279
39,603
2,264
2,209
2,236
2,232
1,173
1,231
1,200
1,176
5,354
5,408
5,442
5,482
13,676 14,046
169
10,111
10,141
10,177
10,145
10,221
545
619
594
590
580
2,164 39 ,241 39,374
2,143 39 ,134 39,250
2,241 39,247 39,757
2,132 39,427 39,505
2,175 39,362 39,508
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
10,280
10,194
10,162
10,087
580
608
581
617
Sept. 4 . . .
Sept. 1 1 . . .
Sept. 18...
Sept. 2 5 . . .
10,201
10,201
10,342
10,169
589
656
617
613
New York City
1945—August. . .
3,590
84
39,437
39,619
39,767
39,492
530 5,180 1,076
232
14,994
237
14,068
230 5,193 15,080
183 5,197 13,753
1,307
1,330
1,331
1,316
24,803
958
136
34
67
117
129
,955
,965
,966
,974
,982
33,290
30,408
32,439
32,667
28,127
768
797
824
775
661
5,159
4,425
3,408
2,659
2,331
1,148
,197
,250
,231
,255
2,999
2,990
2,988
2,974
2,878
26 14,374 14,860
14,693
14,711
14,775
14,727
207
188
239
239
242
912
777
739
736
712
2,769
2,678
2,684
2,566
2,599
,230
,223
,224
,228
,248
3,042
2,974
3,048
2,895
2,910
1,111
1,111
1,123
1,111
1,119
139
105
89
87
169
,972
,973
,972
,973
,981
9,590
5,976
7,639
7,097
7,160
14,412
14,602
14,552
14,527
219
215
210
198
606
747
682
611
2,328
2,337
2,352
2,305
,253
,255
,256
,256
2,886
2,915
2,872
2,841
1,107
1,124
1,140
1,157
133
119
142
123
,983
,985
,981
,977
6,713
5,884
6,273
5,710
14,314 14,621
14,297 14,776
189
173
208
204
672
716
665
687
1,847
1,867
1,863
1,873
,252
,252
,254
,273
2,872
2,917
3,023
2,833
1,153
1,181
1,182
1,169
151
68
50
111
,985
,983
,982
,979
5,911
6,207
7,863
6,384
346 7,638
7,675
July
July
July
July
July
3...
10...
17...
24...
31...
3,692
3,732
3,710
3,709
3,677
99
104
96
93
92
14,266
14,255
27 14,3814,309
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
3,778
3,730
3,745
3,654
94
100
92
101
14,157
14,131
14,208
14,191
Sept. 4... 3,804
Sept. 11... 3,667
Sept. 18... 3,825
Sept. 25... 3,754
98
123
108
108
13,563
13,965
28 14,446
14,317
14,172
34 14,379 14,844
14,415 14,752
469 2,220 23,877 23,605 1,705
6,693
114
183 2,971 30,796
6,544
6,378
6,278
6,435
6,490
132
140
151
152
155
224
105
98
89
91
94
99
S3
81
84
1946—April
May
June
July
August. . .
6,28:
6,365
6,456
6,455
6,454
481
474
499
489
500
2,105 23,849 23,431
2,128 24,537 24,060
2,111 25,146 24,741
2,144 24,965 24,726
2,117 24,983 24,741
2,042
2,124
2,164
2,037
2,012
490 8,566 8,484
509 7,439 8,572
512 5,849 8,660
4,738 8,754
4,276 8,811
108
108
106
118
128
July
July
July
July
July
3...
10...
17...
24...
31...
6,419
6,409
6,467
6,436
6,544
446
515
498
497
488
2,138
2,118
2,212
2,105
2,149
24,867 24,514
24,868 24,557
24,992 25,046
25,044 24,730
25,053 24,781
2,111
2,068
1,973
2,000
2,032
552
498
530
513
508
4,896
4,735
4,765
4,595
4,700
8,728
8,746
8,756
8,766
8,772
105
118
124
123
124
6,361
6,397
6,591
6,392
6,437
155
150
149
154
154
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
6,502
6,464
6,417
6,433
486
508
489
516
2,081
2,201
2,108
2,078
24,912 24,455
24,947 24,991
24,962 24,770
25,112 24,746
2,013
1,994
1,996
2,047
545
495
466
474
4,258
4,285
4,312
4,251
8,798
8,809
8,819
8,819
125
126
129
129
6,523
6,622
6,442
6,373
Sept.
Sept.
Sept.
Sept.
6,397
6,534
6,517
6,415
491
533
509
505
2,002
2,082
2,179
2,055
25,123 24,794
25,322 25,312
25,388 25,435
25,077 24,851
2,075
2,036
2,028
2,028
501
515
535
489
3,507 8,823
3,541 8,832
3,579 8,838
3,609 8,847
131
133
134
134
6,413
6,478
6,476
6,177
1
160 1,863
2,939
254
279
240
223
211
87
88
96
96
97
1
13,484
14,663
17,604
15,568
13,898
14,290
14,823
14,753
14,523
3,577
3,718
3,761
3,704
3,727
4...
11...
18...
25...,
5,211
5,209
5,218
5,208
288
162
162
215
1,132
1,125
1,117
1,116
1,132
1946—April
May
June
July
August. . .
6,310
1,072
9,958
9,969
9,980
9,994
10,020
3...
10...
17...
24...
31...
Bank
debits*
9,543
9,368
9,266
9,409
9,368
,464
,275
,269
,249
,220 7,299
July
July
July
July
July
Capital
47
49
53
55
58
2,318
2,256
2,212
2,239
2,274
July
August. . .
,258
,306
,336
,295
,156
Domestic
banks
U. S.
BorGovrowernFor- ings
ment
eign
and
banks
Postal DeTime
Sav- mand
ings
44 9,632
876 12,818 8,751
130
129
124
134
144
2,160 37 ,412 37,329
2,155 38,502 38,350
2,139 39,592 39,564
2,171 39,282 39,479
2,143 39,155 39,264 2,223
Outside
New York City
1945—August. . .
States
and
political
subdivisions
9,632
9,769
9,910
9,985
10,066
568
562
595
585
597
June
Individuals,
partnerships,
and
corporations
13,725
11,864
9,257
7,397
6,607
9,862
10,08r
10,217
10,159
10,181
Interbank
deposits
Time deposits,
except interbank
Individ- States Certiuals,
and
fied
U. S.
part- politand
Govnerical
offiernships, subcers'
ment
and
divi- checks,
corsions
etc.
porations
553 2,243 37,553 37,651
In millions of dollars]
3,138 36,478
3,159 35,324
3,175 36,921
3,194 38,240
3,212 37,858
3,190
3,194
3,190
3,197
3,199
9,903
7,052
9,244
8,491
8,501
152
156
156
156
99 3,207
118 3,209
3,212
3,220
8,281
8,184
8,807
8,043
154
149
149
147
137
94
112
104
3,226
3,226
3,236
3,229
7,573
8.456
9,741
9,184
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.
OCTOBER 1946
1163
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[In millions of dollars]
Loans
Investments
For purchasing
or carrying securities
Federal Reserve
district and date
Boston
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
New York*
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Philadelphia
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Cleveland
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Richmond
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
A ilanta
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Chicago*
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
St. Louis
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Minneapolis
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Kansas City
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Dallas
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
San Francisco
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
City of Chicago*
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Total
loans
and
invest- Total
ments
Commercial,
ndusrial,
and
agricultural
U. S. Government obligations
To brokers
and dealers
To others Real
estate to Other Total
loans ianks
Total
U. S. Other U.S. Other
^ovt.
Sovt.
obobliga- curi- liga- curitions ties tions ties
2,981
2,927
2,917
2,945
2,945
867
861
863
865
541
543
546
548
554
29
30
31
32
24
16
16
15
15
24
35
33
32
31
31
15
15
14
14
14
82
82
83
83
83
2,283
1,814
1,92
1,990
2,008
5,948
5,977
5,932
6,007
6,103
3,416
3,456
3,516
3,569
3,636
636
651
613
673
730
375
370
346
349
313
430
418
406
386
375
213
205
201
196
192
165
166
166
173
172
2,43:
2,400
2,409
2,426
2,39
617
615
623
635
638
318
320
332
345
349
11
12
12
12
14
31
29
28
28
27
31
30
30
30
29
9
9
9
9
9
47
47
47
47
47
4,895
4,856
4,831
4,864
4,839
1,167
1,172
1,153
1,180
1,182
539
542
550
563
564
33
29
25
28
26
28
27
25
28
29
185
182
146
142
141
16
15
14
14
14
197
198
201
202
202
2,062
2,046
2,063
2,061
2,059
42
423
422
425
433
199
202
205
210
217
7
6
7
7
6
46
46
40
38
38
9
9
9
9
9
65
66
66
66
66
90
89
92
93
93
1,639
1,623
1,641
1,636
1,626
2,073
2,04
2,038
2,04<
2,03
508
503
504
508
513
259
260
263
271
275
10
9
9
8
85
82
78
72
72
21
20
21
21
21
36
37
37
38
38
93
91
91
94
95
8,70
8,63
8,60^
8,63i
8,49
1.95C
1,97<
2,00
2,01
2,02
1,206
1,223
1,253
1,277
1,293
147
137
132
116
114
71
71
70
69
69
214
217
219
221
224
197
199
198
198
200
61
61
61
61
62
318
317
321
32
333
52
52
45
43
4:
16
1
16
16
16
89
89
90
91
91
27
28!
1,22
29<
29
30:
142
149
16
165
170
25
24
23
22
21
3
35
35
36
36
2,33
2,29
2.29.
2,28<
2,25!
48.
49
49
49«
50
29<
30
304
308
312
32
32
31
30
30
2,00'
1,98
1,98
1,99
1,96.
69.
69.
69(
70(
70;
7,O5i
6,97
7,021
7,01
6,98
5,13
5,09
5,08:
5,12,
5,01:
,
1,891,88
1,905
1,87
Bills
Dther
Cersecutifirities
cates
of in- Notes Bonds 1
debtedness
140
141
141
141
141
2,114
2,066
2,054
2,080
2,065
2,018
1,970
1,956
1,981
1,965
35
22
30
51
42
565
575
585
588
597
6,335
5,837
5,993
5,983
5,905
5,152
4,661
4,815
4,735
4,630
172
99
253
219
124
1,618
1,587
1,588
1,589
1,552
69
59
71
72
45
27
21
23
23
19
229
217
207
211
205
222
214
214
213
211
1,098
1,097
1,096
1,093
1,091
197
198
198
202
202
705
660
646
628
600
381
381
381
383
379
2,338
2,344
2,347
2,362
2,376
277
278
281
288
283
1,554
,538
,556
,551
,540
30
33
49
42
31
365
346
337
337
335
132
132
136
136
136
1,027
1,027
1,034
1,036
1,038
85
85
85
85
86
1,565 1,406
1,541 1,383
1,534 1,377
1,541 1,384
1,524 1,366
6,751 6,180
6,655 6,093
6,596 6,038
6,619 6,056
6,474 5,912
35
29
30
38
33
392
374
365
370
356
165
166
170
169
170
814
814
812
807
807
159
158
157
157
158
132
127
109
113
101
,546
,455
,418
,391
,253
707
700
685
675
671
3,795
3,811
3,826
3,877
3,887
571
562
558
563
562
128 1,301
130 1,276
130 ,27
129 ,293
129 ,254
1,161
1,136
1,135
1,15"
1,117
15
9
21
42
18
154
141
129
13
123
198
198
19.
18
181
794
788
793
796
795
140
140
137
136
137
62
66
63
66
66
96
95:
949
947
921
908
895
890
88
862
99
88
87
91
150
148
14
148
135
64
64
64
645
64
59
57
59
60
59
53
54
5
55
56
88
89
92
90
91
,85
,801
,796
,781
,746
1,687
1,635
1,631
1,615
1,57'
62
4
47
40
3
488
455
,452
441
414
272
271
270
270
264
865
865
862
166
166
165
166
167
42
43i
43
43
44C
45
46
45
46
4'
9'
92
96
9
97
,312
,288
,291
,29
,26
1,242
1.216
1,218
1,218
1,188
51
40
49
55
4
365
350
345
34
325
182
18
181
179
173
64
645
64:
64:
63<
70
72
73
73
73
1,53C
1.56C
1,581,61'
1,64
83.
86!
88.
90,
92
339
340
34
347
351
183 5,52.
188 5,41
5,43!
192 5,396
188 5,344
5.08)
4,972
4,994
4,95i
4,90:
118
86
11<
10'
7<
1,335
1.25^
1,244
1,234
1,22
65
65
658
654
2,97'
2,97:
2,97,
2,96
2,94<
439
439
442
440
439
1,29:
1,31
l,34i
1,351
1,35
89
90
93(
95
4(5
4!
4:
4.
4.
3,48:
3,43.
3,39
3.42'
3,32
9:
8.
7.
8.
6;
97
92C
901
90:
81
2,O7<
2,08
2,09i
2,11'
2,12
350
344
340
344
343
148
136
99
73
167
167
164
162
162
169
728 3,451
174
684 3,406
192
678 3,397
193 3,684 3,396
186 3,657 3,374
3,83:
3,77'
3,73
3,77
3,66
L,459
L.458
[,456
[,453
1,451
96
96
98
99
100
2,749
.600 0,631
2,363
575 0,624
2,328 1.574 0,660
2,255 1,591 0,670
2,228 1,590 0,688
,183
,176
,178
,248
,275
335
305
289
295
292
189
185
181
182
180
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the
New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
1
Direct and guaranteed.
1164
866
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral
do- posits
ault mestic
Readserve
banks usted 1
Banks
Time deposits,
except interbank
Individuals, States Certified
part- a n d
and
u. s.
ner- political
offiGovships,
subcers'
ernand
cor- divi- checks, ment
etc.
pora- sions
tions
Interbank
deposits
IndiDomestic
vidU.S.
banks
Boruals, States
Govand
rowpart- polit- ernings
Forner- ical ment
eign
ships, suband
banks
and
Postal Decor- divi- Sav- mand Time
pora- sions ings
tions
Capital
Bank
debits'
Boston (6 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
New York (8 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Philadelphia (4 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Cleveland (10 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
474
463
472
498
47
59
58
64
58
57
103
113
112
130
114
2,208
2,217
2,215
2,258
2,223
2,180
2,211
2,214
2,231
2,193
131
133
129
161
161
36
37
44
41
37
360
290
293
294
296
467
467
467
467
468
286
285
294
307
304
25
25
24
24
23
1
10
3
6
2
296
296
296
296
296
633
528
669
746
728
3,899
4,056
3,926
4,081
3,991
136
133
160
143
142
115
110
119
129
111
15,519
15,65:
15,650
15,745
15,749
15,682
15,778
15,954
16,038
15,915
412
412
392
425
41
648
715
761
715
73:
2,498
2,003
2,024
2,020
2,031
1,958
1,954
1,955
1,956
1,975
2,911
2,942
2,986
3,094
2,901
1,160
1,157
1,184
1,185
1,172
139
163
86
53
116
2,141
2,149
2,147
2,146
2,143
6,082
6,257
6,637
8,314
6,814
418
431
428
433
432
34
31
35
33
3:
86
86
89
91
9
1,815
1,82
1,843
1,826
1,805
1,866
1,893
1,912
1,916
1,870
63
60
61
53
49
23
19
30
34
28
292
233
236
253
254
241
241
241
246
245
343
359
359
374
352
11
12
12
11
11
2
10
3
2
9
262
263
263
262
262
550
487
585
693
630
765
744
764
779
751
80
78
80
81
81
190
189
190
198
199
3,089
3,10:
3,099
3,135
3,096
3,106
3,090
3,124
3,171
3,089
182
186
187
184
182
56
60
53
64
5
535
434
439
442
448
1,306
1,307
1,310
1,312
1,320
506
502
507
520
488
490
491
493
497
489
890
843
922
1,110
1,053
356
348
358
358
346
41
39
42
40
4:
134
12.
13
130
12
1,407
1,400
1,435
1,414
1,396
1,426
1,408
1,468
1,450
1,419
88
108
89
88
91
26
30
26
31
28
221
180
18.
185
187
37
376
376
377
377
385
393
402
415
395
144
145
145
146
147
422
406
451
524
486
371
365
385
360
369
33
29
32
31
31
145
143
15
162
13
1,404
1,390
1,409
1,408
1,390
1,286
1,301
1,33.
1,329
1,295
228
222
221
216
219
1
14
14
1
14
188
151
153
154
156
449
449
449
450
449
449
457
467
458
443
131
133
131
132
131
396
366
469
496
464
1,437
1,397
1,444
1,42
1,447
98
95
102
98
93
387
366
374
382
358
5,434
5,422
5,45^
5,474
5,436
5,31
5,288
5,392
5,444
5,314
509
508
515
501
516
92
100
94
103
89
79
80<
812
815
1,976
1,976
1,976
1,974
1,974
1,639
1,630
1,625
1,595
1,511
623
625
625
625
624
2,007
2,016
2,098
2,391
2,257
328
317
343
321
323
24
22
25
2
23
101
100
109
110
100
1,128
1,115
1,149
1,132
1,116
1,178
1,171
1,222
1,212
1,189
69
71
7:
71
65
19
17
19
1
18
209
171
172
175
176
368
369
369
369
369
515
530
531
519
504
141
141
141
142
142
375
352
400
498
445
205
206
211
210
205
n
n
724
730
738
733
723
700
713
733
724
70'
104
106
101
96
102
1
1
17
15
14
149
124
124
127
12
22
22
228
228
229
360
368
376
363
350
91
91
90
91
91
329
317
351
388
355
446
448
45
459
443
12
24
22
24
24
24
92
93
99
9=
92
253
253
266
261
1,535
,504
,523
,528
,51
1,478
1,474
1,504
1,517
1,492
18'
182
184
176
26
25
25
26
2
21
181
183
183
186
311
311
31
31:
31
860
858
846
839
807
155
155
155
156
156
485
439
469
596
546
396
409
410
390
392
26
25
2
25
26
217
,473 1,475
,486 1,478
19
1,501 1,511
21
222 1,492 1,51
207 1,470 1,475
95
99
99
9
96
2
31
2
189
152
153
155
15
29
29:
292
292
292
539
524
536
537
516
148
147
147
148
149
392
342
401
506
477
992
1,017
1,006
1,029
993
51
4
53
51
50
269
255
258
298
287
3,56
3,592
3,600
3,62:
3,576
3,584
3,610
3,719
3,730
3,645
169
17
161
160
158
104
114
121
108
110
638
637
642
649
2,10J
2,106
2,109
2,109
2,110
421
437
466
478
439
575
575
576
577
578
1,192
1,131
1,211
1,342
1,313
858
904
893
912
37
3
38
36
31
1
173
168
171
160
3,290
3,291
3,309
3,349
3,301
3,330
3,311
3,369
3,433
3,341
222
225
223
230
23:
4.
53
46
46
40
578
512
519
518
52
814
814
815
813
814
1,139
1,133
1,138
1,125
1,068
393
394
394
393
392
1,252
1,351
1,353
1,470
1,419
Richmond (12 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Atlanta (8 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Chicago (12 cities)*
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
St. Louis (5 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Minneapolis (8 cities'
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Kansas City(12 cities
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Dallas (9 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
10
I
SanFrancisco(7 cities)
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
City of Chicago*
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of coDection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
1
2
OCTOBER
1946
1165
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
1945—May
....
June
July
August
September
October
November
December.
103
101
1946—January
February
March
April. .
May
June
Julv
August
174
178
107
110
111
127
156
159
172
149
126
121
131
142
104
107
117
128
135
135
145
154
166
167
163
169
177
192
205
207
Based on 2
Held by
Commercial
Total
paper
outout- 1 standing
standing
Accepting banks
Total
Own
bills
Bills
bought
82
80
51
44
32
36
90
101
104
100
45
50
52
53
45
50
52
46
107
112
58
64
49
48
126
128
71
74
Federal
Reserve
Banks
(For own
account)
55
53
Others
Imports
into
United
States
Exports
from
United
States
119
109
64
65
55
44
2
13
108
109
118
140
66
65
67
68
42
45
51
72
13
18
34
13
United
States
Foreign
countries
72
74
9
10
26
28
31
35
81
91
98
95
9
10
11
12
22
25
23
22
4
2
3
6
38
42
100
103
15
18
23
26
6
7
40
39
109
109
20
18
29
31
8
9
64
54
54
124
134
146
152
22
27
(3)
Goods stored in or
shipped between
points in
104
114
42
47
55
22
20
2
3
17
16
33
30
8
9
18
22
24
22
28
27
26
26
7
8
9
7
1
2
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
«Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances1
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1936—June
December...
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
616
600
496
543
761
788
887
1,041
1,223
11
8
9
7
9
11
5
7
11
89
86
86
154
190
188
253
260
333
186
211
180
160
167
181
196
209
220
395
368
309
378
529
557
619
726
853
255
289
240
270
334
354
424
472
549
65
63
56
54
66
65
95
96
121
17
17
16
15
15
14
15
18
14
7
5
4
4
7
5
11
8
13
222
213
189
182
212
198
216
227
264
1945—September. .
October
November. .
December...
H,084
»l,063
'1,095
1,138
3594
3632
3639
654
112
29
13
299
1946—January....
February. . .
March
April
May
June
July
August
»1,168
31,046
»936
3 895
3 856
809
3
745
3
723
3762
3743
3711
795
s 734
3 645
3 622
3 575
3 547
498
3 442
3377
120
24
17
314
12
7
413
399
313
370
'» 727
3 755
3 712
3 697
3 669
651
3 653
3
647
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): June, 140; July, 109; August 99.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 14*. p 503, for data
in detail at semiannual dates prior to 1942.
1166
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
U.S. Government
security yields
Prime Stock
exbank- change
9-to" 12ers'
call
month
accept- loan
to 5certifi- 3-year
3ances,
recates taxable
month
90 1
newof inbills'
days
als'
debted- notes
ness
1943 average
1944 average
1945 average
.69
73
.75
.44
.44
.44
1.00
.00
.00
.373
.375
.375
.75
.79
.81
1945—September.
October
November.
December..
.75
.75
.75
.75
.44
.44
.44
.44
L.OO
L.OO
L.OO
L.OO
.375
.375
.375
.375
.84
.83
.84
.84
1946—January. . .
February. .
March
April
May . . .
June
July
August....
September .
.75
.75
.75
75
.75
.75
.77
.81
.81
.44
.44
.44
.44
.47
.50
.59
.71
.81
L.OO
L.OO
L.OO
1.00
L.OO
L.OO
1.00
L.38
.375
.375
.375
.375
.375
.375
.375
.375
.375
.79
.76
.79
.81
.83
.83
.84
.84
.85
1.10
1.03
.375
.375
.375
.375
.375
.84
.85
1.18
1.21
1.21
1.22
1.24
Week ending:
Aug. 3 1 . . .
Sept. 7...
Sept. 14...
Sept. 2 1 . . .
Sept. 28...
X~Vz
x-Vz
X-Vz
x-%
X~Vz
13
1.38
/l6
13
A 6
A c
13
A t
13
A6
13
IK-IK
l yi—\yz
IK-IK
1.34
1.33
1.18
4
1.19
1.17
1.14
* 1.15
.99
1.12
1.18
1.15
1.13
1.14
1.22
.85
.85
.85
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1937 average1
1938 average1
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
1939
1940
1941
1942
1943
1944
1945
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.07
2.04
1.97
2.07
2.30
2.11
1.99
2.87
2.56
2.55
2.58
2.80
2.68
2.51
3.51
3.38
3.19
3.26
3.13
3.02
2.73
1942—June
September....
December
2.62
2.70
2.63
2.07
2.28
2.09
2.56
2.66
2.63
3.34
3.25
3.26
1943—March
June
September....
December
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September. . . .
December
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March
June
September....
December
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March
June
September....
P2.31
2.31
2.41
1.75
1.84
1.80
2.34
2.51
2.43
2.93
2.97
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per1 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
4
From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15; 1950.
Backfigures.—SeeBanking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
average
average
average
average
average
average
average
P Preliminary.
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 1
[Per cent per annum]
Corporate (Moody's)*
U. S. Government
Year, month,
or week
7 to 9
years
15 years and
over
Municipal
(highgrade)2
Corporate
(highgrade)8
By ratings
By groups
Total
Taxable
Partially tax
exempt
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1.96
1.94
1.60
1.98
1.92
1.66
2.47
2.48
2.37
2.06
1.86
1.67
1.56
1945—September
1.50
October...
1.42
November
December. 51.38
1.68
1.62
1.56
1.51
2.37
2.35
2.33
2.33
1.31
1.28
1.28
1.36
1.47
1.43
1.40
1.46
1.55
(6)
2.21
2.12
2.09
2.08
2.19
2.16
2.18
2.23
2.28
1.79
1.76
1.70
1.64
1.57
1.49
1.49
1.45
1.54
1.55
1.60
1.65
1.75
2.64
2.60
2.54
2.56
2.54
2.54
2.54
2.43
2.36
2.35
2.37
2.44
2.42
2.41
2.44
2.50
3.16
3.05
2.87
2.85
2.84
2.82
2.80
2.73
2.68
2.66
2.67
2.71
2.71
2.71
2.73
2.79
2.73
2.72
2.62
2.62
2.62
2.62
2.61
2.54
2.48
2.47
2.46
2.51
2.49
2.48
C
2.51
2.58
2.86
2.81
2.71
2.70
2.70
2.68
2.68
2.62
2.56
2.54
2.56
2.58
2.59
2.59
2.62
2.68
3.13
3.06
2.87
2.85
2.84
2.81
2.79
2.73
2.70
2.69
2.69
2.73
2.73
2.72
2.74
2.80
3.91
3.61
3.29
3.24
3.20
3.15
3.10
3.01
2.95
2.94
2.96
3.02
3.03
3.03
3.03
3.10
2.85
2.80
2.68
2.67
2.65
2.64
2.64
2.57
2.54
2.54
2.57
2.60
2.59
2.58
2.58
2.64
3.64
3.39
3.06
3.05
3.03
2.99
2.96
2.89
2.83
2.80
2.78
2.84
2.85
2.86
2.89
2.98
2.99
2.97
2.89
2.85
2.84
2.81
2.79
2.71
2.65
2.64
2.65
2.69
1.51
1.51
1.54
1.57
1.56
(6)
2.25
2.27
2.29
2.30
2.28
1.67
1.69
1.74
1.76
1.81
2.45
2.49
2.49
2.50
2.50
2.73
2.75
2.78
2.80
2.82
2.51
2.53
2.57
2.59
2.60
2.63
2.65
2.68
2.69
2.69
2.75
2.76
2.78
2.81
2.82
3.03
3.05
3.07
3.11
3.16
2.58
2.61
2.63
2.65
2.67
2.90
2.92
2.95
2.99
3.03
2.71
2.72
2.74
2.75
2.75
Number of issues.
1943 average
1944 average....
1945 average....
1946—January. .
February..
March
April
May
June
July
August. . .
September
Week ending:
Aug. 3 1 . . .
Sept. 7..
Sept. 14..
Sept. 21..
Sept. 28..
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(G)
(6)
Taxable
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
2.70
2.69
2.70
2.75
c
1
Corrected.
Monthly and weekly data are averages of daily figures,
except for municipal bonds, which are based on Wednesday figures.
3
*4 Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups havo
been 5reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
• No partially tax-exempt bonds due or callable in 15 years and over.
Backfigures.—SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
OCTOBER
1946
1167
SECURITY MARKETS 1
Stock prices6
Bond prices
Corporate 4
U.S. MunicGovipal
(highernment2 grade) 3 Highgrade
Year, month, or week
June
Week ending:
Aug. 31
Sept. 7
Sept 14
Sept 21
Sept. 28
Total
Industrial
Railroad
15
50
10
20
20
15
15
402
354
20
28
120.3
120.9
122.1
114.0
116.3
116.3
115.6
115.7
116.0
116.2
44.0
59.2
75.4
74.5
76.6
78.9
82.1
94
102
123
89
101
137
82
90
106
1,032
121.6
121.9
122.0
121.9
97.6
107.3
115.1
114.4
115.3
116.6
117.5
92
100
122
137.0
137.7
139.0
140.1
117.0
120.5
122.2
121.4
122.0
122.5
123.1
172.7
175.7
189.1
102.02
102.38
102.60
102.68
109.5
114.7
117.9
117.1
117.7
118.3
119.0
186.7
188.0
192.2
195.3
126
132
137
140
128
135
139
142
138
145
154
157
111
114
121
120
1,220
1,556
1,961
1,626
104.59
. . . . 106 03
106.46
106.61
104 82
105.28
104.87
104 11
103.25
141.6
143.4
143.4
144.1
142.1
142.0
140.9
140.0
137.8
123.8
124.5
124.5
124.3
123.7
123.9
124.0
123.8
122.8
119.7
120.0
120.1
119.9
119.5
119.5
119.1
119.0
117.4
123.9
124.4
124.5
124.4
123.9
123.9
123.4
124.0
123.3
118.9
119.6
119.9
119.6
118.6
118.7
118.5
117.7
114.3
116.3
116.1
115.9
115.8
116.0
116.0
115.3
115.4
114.7
84.9
85.4
82.7
83.6
81.8
83.2
80.0
78.8
65.4
197.9
200 5
203.1
204.9
201 9
202.4
204.1
203 4
196.2
145
143
148
146
164
160
124
124
142
145
154
152
154
156
159
157
157
128
129
153
157
162
130
150
146
125
153
150
129
154
147
119
128
125
110
2,183
1 776
1 116
1,391
1 311
1 086
936
946
2,173
103.77
. . . . 103.52
103.13
103 11
103.29
139.5
139.1
138.0
137.6
136.6
123.8
123.3
122.9
122.7
122.3
119.2
119.0
118.2
117.3
115.9
124.6
124.5
123.8
123.2
122.2
117.4
116.8
115.4
113.9
111.9
115.6
115.5
115.3
114.9
113.5
76.4
72.1
67.2
63.6
60.8
202.4
201.2
197.2
194 4
191.8
139
128
125
123
143
132
128
126
138
124
122
116
120
111
110
109
125
129
115
109
1945—September . . . . .
October
November
...
December . . . .
July
August
September
Railroad
15
1-9
1943 average
April
May
Industrial
Pre-
De- ferred «
Public faulted
utility
100.50 131.8
100.25 135.7
102.04 139.6
Number of issues
1946—— Tanuarv
February
Medium- and lower-grade
Total
Volume
of trading7 (in
thousands of
Public shares)
utility
Common (index 1935-39=100)
971
1,443
123
1,375
2,640
2,545
2 138
1,684
*1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
» Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
*1 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 the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
Total
(new Total
and
(dorefund- mestic
and
ing)
foreign)
Domestic
Total
State
and
municipal
1,972
2,138
2,360
2,277
1.951
2,854
1,075
642
913
1,764
1.949
2.094
2,325
2.239
1,948
2,852
1,075
640
896
1,752
510
1945—August. . .
879
September.
October... 1,338
223
November.
838
December.
144
142
243
94
243
144
142
238
94
241
37
37
29
34
80
346
'430
•"56
1,09
1,03
84
200
••122
'200
37
31
42
49
41
200
••122
'200
373
302
425
49
419
68
'57
1946—January..
February.
March. . .
April
May
June
July
August...
••92
55
••56
61
103
108
124
64
Domestic
Total
(do :
Corporate
Formestic
Fedand
eign*
eral
foragenBonds
eign)
cies^ Total and Stocks
notes
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
15
471
26
6,214
3,937
4,449
5,790
4,803
5,546
2,114
2.174
4,216
7,958
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
For refunding
1
18
16
22
7
9
1,192
1,225
873
383
736
1,062
624
374
646
1,255
839
817
807
287
601
889
506
282
422
602
352
408
67
97
135
173
118
92
224
654
23
44
35
38
2
1
2*
17
12
107
105
209
60
161
64
35
103
28
107
43
70
106
31
54
5
131
47
127
290
192
307
367
354
10
5
17
118
99
115
183
196
122
42
111
172
93
193
184
159
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1168
3
1
8
4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,194
Total
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,146
366
366
737
732
1,096 1,070
129
129
594
594
146
••307
'362
723
728
423
'438
141
146
'307
'338
698
728
423
386
126
State
and
municipal
Corporate
ForFedeign*
eral
agen-1
Bonds
cies Total
and Stocks
notes
382
353
191
281
129
665
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
3,387
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,911
3,187
856
1,236
1,596
1,834
1,430
407
603
2,178
4,256
200
352
31
137
193
126
11
82
288
655
119
119
28
48
4
90
IS
48
7
9
38
7
3
20
17
42
44
255
338
705
989
78
337
297
645
820
60
282
41
60 " ' 5
169
26
18
55
3
'23
'31
10
47
16
8
1
30
20
23
326
17
41
33
33
113
264
284
363
664
366
345
92
55
247
238
277
536
301
274
39
58
17
46 " 2 3
85
25
127
65
71 ' ' 5 2
53
15
Commerce.
Monthly figures
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
net
gross
proceeds2 proceeds3
Year or month
Total
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
. . . .
Retirement of securities
New money
Plant and Working
equipment capital
Bonds and Preferred
notes
stock
Total
Repayment
Other
of
other debt purposes
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
5,800
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,691
208
858
991
681
325
569
868
474
308
657
996
111
380
574
504
170
424
661
287
141
252
581
96
478
417
177
155
145
207
187
167
405
415
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,447
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,017
71
226
190
87
59
128
100
30
72
351
430
170
154
111
215
69
174
144
138
73
49
124
23
49
36
7
26
19
28
35
27
47
124
215
226
643
496
92
944
440
795
1,077
121
470
212
221
632
485
91
925
433
780
1,057
117
462
28
48
102
136
5
190
80
99
150
20
103
16
28
55
49
1
147
41
50
97
7
75
12
19
47
88
3
43
39
49
53
13
27
177
171
513
331
79
719
297
668
854
70
327
160
158
501
278
72
581
278
634
798
51
286
17
13
12
53
7
138
19
35
56
19
41
5
1
14
12
1
5
50
1
19
4
12
1
2
3
6
6
11
6
12
34
22
19
253
297
417
682
844
'663
674
497
245
291
405
666
825
'643
656
488
111
37
99
213
153
63
17
55
148
91
169
205
126
49
20
44
65
62
'77
128
206
118
238
287
376
630
'317
254
98
56
222
257
320
514
'285
215
77
62
16
30
56
116
32
39
21
5
2
2
57
28
'14
44
50
10
15
17
21
14
'67
25
10
1945—February
March
April
May
June
July
August
September
October
November
December
1946—January
February
March
April
May
June
July
August
••245
333
331
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
. .
1945—February...
March
April
May
June
July
August
September..
October
November.
December. .
1946—January
February...
March
April
May
June
July
August
Industrial
Public utility
Railroad
Other
Retire- All Total
Total
Retire- All Total
Retire- All Total
Retire- All
net
net
New ment of other
net
New ment of other
New ment of other net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses ceeds
ceeds
poses ceeds
ties
ties
ties
poses ceeds
ties
poses
1,436
57
139
228
24
85
115
253
32
46
102
115
120
774
338
54
182
319
361
47
160
602
54
558
110
30
97
186
108
15
114
500
108
12
96
14
18
346
57
105
12
751
1,208
1 246
1,180
1,340
464
469
60
124
139
184
30
301
30
63
89
180
43
245
317
145
22
40
61
2
12
1
4
1
1,190
1,897
611
943
1 157
922
993
292
' 423
1,343
2,083
60
122
127
183
50
15
2
23
110
364
523
35
169
7
1
2
148
190
43
32
78
1
1
1
43
31
76
1
97
6
69
26
138
7
9
8
3
424
'179
338
41
5
10
181
6
246
27
219
68
19
7
150
192
1
30
27
50
86
47
13
30
27
25
17
51
1
30
297
115
371
565
42
200
74
266
76
35
8
3
1,250
1,987
1,400
2,196
93
10
4
98
18
1,320
360
75
84
270
10
77
1
119
408
'134
155
33
4
6
26
5
8
13
11
'35
1
2
774
4
20
7
1
550
761
373
226
353
738
463
89
199
504
984
150
80
90
136
43
56
121
146
71
76
149
122
390
71
16
102
155
94
4
21
107
194
46
218
57
8
9
42
55
4
13
61
88
72
152
7
7
88
9
18
104
21
1,033
1,865
74
439
616
469
188
167
244
293
228
454
732
4
42
60
4
3
47
27
93
118
223
9
41
64
117
16
50
38
89
1
2
15
17
18
4
15
22
7
4
6
5
12
1
2
1
111
38
107
26
106
47
6
23
6
9
1,280
1,079
831
584
961
828
527
497
59
480
3
163
49
301
7
16
221
130
218
49
166
63
87
89
17
51
181
100
126
98
26
94
68
59
13
15
15
19
412
198
157
56
289
'405
279
392
127
'206
137
313
137
'153
99
63
25
'45
43
16
40
1
11
13
10
27
27
27
6
8
19
1
9
13
9
10
6
9
2
18
37
24
31
53
7
14
20
6
9
5
I
29
2
5
10
3
5
1
4
15
15
7
8
3
17
4
1
9
6
25
42
' Revised.
Estimates of new issues sold for cash in the United States. Revised figures for 1945 will be published in BULLETIN for November 1946.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
4
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
2
OCTOBER
1946
1169
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Number of companies.
1939
1940
1941
1942
1943
1944
1945
Iron
and
steel
Other
Nontrans- ferrous
MaAu- portametals
chin- tomo- tion
and
ery
biles equip- prodment
ucts
Oil
Other Foods,
produc- Indusdura- bevering
trial
ages,
ble
and
chemiand
goods tobacco
refincals
ing
Other
nondurable
goods
MisDividends
cellaNet 1
neous profits
servPre- Comices
ferred mon
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,769
1,800
1,896
1,925
146
223
70
151
98
186
134
122
242
274
209
201
222
243
102
173
227
182
180
190
169
119
278
325
226
204
194
188
115
158
193
159
165
174
163
133
153
138
128
115
108
88
113
90
83
88
88
148
159
151
162
175
199
112
174
152
186
220
223
194
207
164
170
187
187
160
187
136
149
147
154
132
152
161
171
184
203
847
1 028
1,137
888
902
970
989
90
90
92
88
86
86
85
564
669
705
552
556
611
612
Quarterly
1942—1
2
3
4
1943—i
2
3
4
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
'46
»43
*43
*50
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
52
46
205
174
213
296
21
23
20
23
134
135
125
158
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
*48
*46
»46
*41
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
246
21
22
21
22
127
132
127
170
1944—i
2
3
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
»47
2
43
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
224
230
244
272
21
22
20
23
142
149
137
184
492
508
439
485
49
53
37
49
38
42
35
47
63
77
46
58
*50
'47
*36
8
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
323
601
22
66
-19
47
-34
23
*-6
20
25
12
32
65
73
56
60
63
67
62
73
82
93
116
244
20
21
146
153
1945—i
2
3
4
. . .
1946—i
2
8
52
247
2 42
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad*
Year or quarter
Operating
revenue
Income
before
income
tax 6
3,995
4,297
5,347
7,466
9,055
9,437
8,902
Operat-
Income
before
income
tax«
Net
income1
Dividends
126
249
674
1,658
2,211
1,971
755
93
189
500
902
873
668
447
126
2,647
629
159
186
202
217
246
253
2,797
3,029
3,216
3,464
3,618
3,695
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
2,091
2,255
2,368
2,340
515
608
653
435
214
244
29
52
36
166
1944—1
2
3
4
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
1945—i
2
3
4
2,277
2,422
2,231
1,972
425
504
229
-404
139
187
1946—i
2
1,866
1,711
38
-54
1939
1940
1941
1942
1943
1944
1945
1942—l
2
3
4
1943—i
2
3
4
Quarterly
Telephone 6
Electric power*
ing
Net
income1
1.067
1,129
1,235
1,362
1,537
1,641
L.803
227
248
271
302
374
399
396
191
194
178
163
180
174
177
175
178
172
163
168
168
173
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
99
100
99
88
96
94
96
42
44
113
366
382
391
398
45
48
40
42
43
43
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
139
123
116
145
102
96
92
109
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
196
151
107
110
475
497
84
75
54
53
44
45
Dividends
692
774
847
914
915
906
535
548
527
490
502
499
523
444
447
437
408
410
390
399
816
770
792"
839
234
196
195
222
131
104
105
150
100
864
835
859
906
254
221
210
228
136
118
114
133
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
125
-4
30
72
29
123
971
909
887
928
292
233
211
171
14
-42
56
52
971
915
299
221
250.
Operating
revenue
Income
before
income
tax«
Net
income1
revenue
Dividends
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
« Class I line-haul railroads, covering about 95 per cent of all railroad operations.
*6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,6 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description
of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1170
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues1
Total
gross
direct
debt
Total
interestbearing
direct
debt
Total2
1940—June
Dec
1941—June
Dec. .
1942—June
Dec.
1943—June
Dec, , .
1V44—June....
Dec,
1945—June
42,968
45,025
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
42,376
44,458
48,387
57,451
71,968
107,308
135,380
164,508
199 ,543
228,891
256,357
34,436
35,645
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
1945—Sept
Oct.
Nov
Dec
1946—Jan
Feb
Mar,
Apr
May....
June....
July
Aug
Sept
262,020
261,817
265,342
278,115
278,887
279,214
276,012
273,898
272,583
269,422
268,270
267,546
265,369
259,630
259,439
262,849
275 ,694
277,456
277,912
274,748
272,711
271,440
268,111
267,039
266,359
264,217
182,833
182,790
185,112
198,778
199,633
199,810
197,063
195,079
193,487
189,606
187,596
186,350
184,338
17,018
17,026
17,026
17,037
17,042
17,032
17,047
17,054
17,041
17,039
17,023
17,024
17,007
End of month
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtbills
notes
bonds
edness
Total2
Special
U.S. Treasury
and issues
savings tax
bonds savings
notes
3,096
10,534
16,561
22,843
28,822
30,401
34,136
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67 ,944
79,244
91,585
106,448
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
35,072
35,021
35,021
38,155
41,502
41,413
40,399
38,408
36,828
34,804
37,720
36,473
34,487
23.498
23,498
23,498
22,967
19,551
19,551
18,261
18,261
18,261
18,261
13,351
13,351
13,351
107,049
107,049
109,371
120,423
121,358
121,635
121,177
121,177
121.177
119,323
119,323
119,323
119,323
56,278
56,072
57,028
56,915
57.168
57,206
56.550
56,408
56,472
56,173
56,399
56.566
56,025
46,741
46,786
47,473
48,183
48.588
48.692
48,733
48 828
48 \ 917
49,035
49,320
49,447
49,545
9,021
8,776
9,058
8,235
8,107
8,043
7,365
7,144
7,127
6,711
6,669
6,688
6,096
20,519
20,577
20.710
20,000
20.655
20.897
21,135
21,224
21,481
22,332
23,045
23,443
23,854
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
2,391
2,378
2,492
2,421
1,431
1,301
1,264
1,188
1,143
1,311
1,231
1,187
1,152
527
541
536
553
545
539
542
533
542
467
324
370
391
1
2
Including amounts held by Government agencies and trust funds, which aggregated 6,575 million dollars on Aug. 31, 1946.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING SEPTEMBER 30, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
T r e a s u r y bills*
Oct. 3,1946
Oct. 10, 1946
Oct. 17, 1946
Oct. 24, 1946
Oct. 31, 1946
Nov. 7, 1946
Nov. 14, 1946
Nov. 21, 1 9 4 6 . . . . . . . . .
Nov. 29, 1946.
Dec. 5, 1946....
Dec. 12, 1946...
Dec. 19, 1946...
Dec. 26, 1946...
1,308
1,315
1,311
1,305
1,306
1,315
1,314
1,308
1,302
1,309
1,305
1,305
1,303
Cert, of indebtedness
Oct. 1, 1946
%
Nov. 1, 1946
%
Dec. 1, 1946.
.....%
Jan. 1, 1947
%
Feb. 1, 1947.. . . . . %
Mar. 1, 1947
V%
H
3,440
3,778
3,768
3,330
4,954
3,133
2,820
2,775
2,916
1,223
2,341
1J4
AH
W2
\\i
1H
3,261
1,948
2,707
1,687
3,748
Treasury bonds
Oct. 15, 1947-52... 4 K
Dec. 15, 1947
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51... 2 %
June 15, 1948
1%
Sept. 15, 1948
2}4
Dec. 15, 1948-50
2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
759
701
1,115
1,223
3,062
451
571
1,014
1,292
2,098
Apr.
June
1, 1947
1, 1947
1, 1947
V%
Aug.
1, 1947
...H
July
Sept. 1,1947
Treasury notes
Dec. 15, 1946
Mar. 15, 1947
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948
V%
V%
Issue and coupon rate
Amount
Treasury bonds—Cont.
Dec. 15. 1949-52... 3 H
Dec. 15, 1949-53... 2H
Mar. 15, 1950-52
2
Sept. 15, 1950-52... 2H
Sept. 15, 1950-52
2
Dec. 15, 1950
1^
June 15, 1951-54... 2%
Sept. 15, 1951-53
2
Sept. 15, 1951-55
3
Dec. 15, 1951-53... 2 M
Dec. 15, 1951-55
2
Mar. 15, 1952-54.. . 2 ^
June 15, 1952-54
2
June 15, 1952-55... 2 }i
Dec. 15, 1952-54
2
June 15, 1953-55
2
June 15, 1954-56... 2 \i
Mar. 15, 1955-60... 2 ^
Mar. 15, 1 9 5 6 - 5 8 . . . 2 ^
Sept. 15, 1956-59... 2 %
Sept. 15, 1956-59... 2 M
June 15, 1958-63... 2%
June 15, 1959-62... 2 X
Dec. 15, 1959-62... 2 M
Dec. 15, 1960-65... 2 ^
June 15, 1962-67... 2H
Dec. 15, 1963-68... 23^
June 15, 1964-69... 2M
Dec. 15, 1964-69... 23^
Mar. 15, 1965-70.. .234
Mar. 15, 1966-71.. .23^
June 15, 1967-72... 2M
Sept. 15. 1967-72... 2 ^
Dec. 15, 1967-72... 23^
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
bonds
23^
Conversion b o n d s . . . . 3
P a n a m a Canal l o a n . . 3
116
13
50
Total direct issues... . 184,338
Guaranteed securities
Federal Housing Admin.
Various
44
* Sold on discount basis. See table on Open-Market MoneylRates,
p. 1167.
OCTOBER
1946
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Redempfrom sales during tions
Amount Funds received
and
Period
outmaturities
standing
at end of
All
All
Series Series Series
month
F
G
series
s sries
E
Fiscal year
ending:
j u n e — 1940
1941
1942
1943
1944
1945
1946
2,905 1 ,109
4,314 1 ,492
10,188 5 ,994
21,256 11 ,789
34,606 15 ,498
45,586 14 ,891
49,035 9 ,612
1945—Sept....
Oct....
Nov....
Dec. r..
46,741
46,786
47,473
48,183
1946—Jan
Feb.. . .
Mar....
Apr
May...
June.. .
July...
Aug... .
Sept....
48,588
48,692
48,733
48,828
48,917
49.035
49,320
49,477
49,545
203
3 ,526
8 ,271
11 820
11 ,553
6 ,739
67
435
758
802
679
407
514
624
1 ,184
1 ,254
420
510
865
908
960
622
626
668
594
571
753
590
494
641
367
371
388
345
321
386
347
309
114
148
207
848
395
032
759
876
658
465
2,371
4,298
6,717
18
8
54
83
76
107
265
262
528
616
533
559
40
30
27
29
24
24
31
25
20
278
225
228
250
225
226
335
217
165
629
565
634
621
552
519
537
478
482
2
2
2
2
2
Maturities and amounts oustanding September 30, 1946
Year of
maturity
All
series
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
....
Unclassified. .
156
426
501
802
984
1,607
4,602
8,324
11,001
9,796
6,074
3,029
2,333
Total
Series
B-D
156
426
501
802
984
438
Series
E
1,169
4,602
6,955
8,184
6,802
2,655
Series
F
Series
G
210
568
634
711
570
240
1,159
2,249
2,359
2,707
2,459
2,093
2,932
13,026
-89
49.545
3,307
30,368
1171
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
End of month
1040—Tnne
1941—June
Dec.
1942—June
December
1043—Tune
1944—June
I945—j u n e
I945—October
1946—Tanuarv
February
April
June
July
.
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
259,980
263,386
276,246
.. 278,001
278,451
275,290
273,244
271,983
268,578
267,363
Total
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,892
107,676
109,372
114,362
115,264
115,404
111,601
111,332
109,832
107,083
105,533
Held by nonbank investors
Commercial
banks 1
Federal
Reserve
Banks
Total
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,100
84,400
85,900
90,100
92,000
92,500
89,000
88,600
86,900
83,300
81,900
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
23,276
23,472
24,262
23,264
22,904
22,601
22,732
22,932
23,783
23,633
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,874
152,304
154,014
161,884
162,737
163,047
163,689
161,912
162,151
161,495
161,830
Individuals
9,700
11,100
13,800
18,200
23,800
30,300
37,100
45,100
52,200
58,500
59,300
62,000
63,600
63,700
63,700
63,800
63,300
63,300
63,000
63,100
Insurance
companies
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
22,400
22,200
24,400
24,700
24,800
25,000
25,000
25,200
25,300
25,400
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,000
9,800
10,700
10,900
11,100
11,200
11,300
11,300
11,500
11,600
2,600
2,400
4,400
5,400
11,600
15,700
20,100
25,700
27,600
29,900
28,300
27,800
29,900
29,300
29,000
29,200
27,700
27,500
26,500
26,000
300
400
500
600
800
1,300
2,000
3,200
4,300
5,300
5,500
5,300
6,300
6,400
6,400
6,400
6,400
6,400
6,200
6,100
U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20 577
20,710
20,000
20,655
20,897
21,135
21 224
21,481
22,332
23,045
2 305
2,375
2,558
2,737
3 218
3 451
4,242
4 810
5,348
6,128
6 175
6,134
7,038
7 043
7 061
7,046
7 045
7,048
6,798
6,666
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, 1946.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Publicmarketable securities. Par values in millions of dollars]
End of month
Total
outstanding
U.S.
Government
Fed- Com- Mu- rnsurmer- tual
eral
sav- ance Other
agen- Recial
cies serve banks ings combanks panies
and Banks 0)
Total
outstanding
End of month
trust
trust
funds
Total:2
1946—Feb...
Mar..
Apr...
May..
199,849
197,104
195,120
193,529
June.. 189,649
July.. 187,638
Treasury bills:
1946 Feb.
Mar..
Apr.
May..
funds
7,030 22,904 85,192
7,016 22,601 81,861
7,014 22,732 81,477
7,018 22,932 79,884
6,768 23,783 76,578
6,636 23,633 75,465
10,871
10,955
11,026
11,087
11,220
11,337
23,895 49,957
24,008 50,663
24,060 48,811
24,229 48,379
24,285 47,015
24,393 46,174
14
9
8
7
3
2,396
1,512
1,875
1,715
1,142
1,225
2
8
1
3
1
6
July..
17 032
17,'047
17 054
17,'041
17,039
17,023
Certificates:
1946—Feb...
Mar..
Apr...
May..
June..
July..
41,413
40,399
38,408
36,828
34,804
37,720
58 7,546 21,716
73 6,954 20,618
69 6,505 19,598
75 6,395 18,157
58 6,813 16,676
83 7,876 17,616
119
179
205
211
243
272
531
573
549
579
576
603
11,442
12,003
11,483
11,410
10,439
11,270
Treasury notes:
1946—Feb...
Mar..
Apr...
May..
June..
July..
19,551
18,261
18,261
18,261
18,261
13,351
7 1,373
9 1,463
9 1,663
13 1,738
9 1,748
7
596
13,625
12,292
12,071
11,828
11,396
8,938
184
211
211
224
227
206
538
520
527
584
623
604
3,824
3,765
3,779
3,874
4,258
3,000
Guaranteed
securities:
1946—Feb.
Mar
Apr.
May.".'
June
July.'.'
39
40
41
42
43
43
12
13
11
14
14
13
3
3
3
3
3
3
13
13
13
12
13
13
4
3
6
4
4
5
June..
13,038
13,280
13 661
13,896
14,466
7 14,406
8
8
8
9
9
9
U.S.
Govern- Fed- Com- Mument eral mer- tual Insuragen- Recial
sav- ance Other
cies serve banks ings comand Banks (*) banks panies
1,584
2,239
1,502
1 1,421
1 1,424
1,384
Treasury bonds:
Total:
1946—Feb...
Mar..
Apr...
May..
121,635
121,177
121,177
121,177
June.. 119,323
July.. 119,323
Maturing within
5 years:
1946—Feb... 10,879
Mar. . 11,613
Apr... 11,613
May.. 11,613
June.. 10,772
July.. 10,772
Maturing in 5-10
years:
1946—Feb... 46,484
Mar. . 45,261
Apr... 45,261
May.. 45,261
June.. 44,928
July.. 44,928
Maturing in 10-20
years:
1946—Feb... 20,692
Mar. . 20,701
Apr... 20,701
May.. 20,704
June.. 20,023
July.. 20,023
Maturing after 20
1946—Feb...
Mar. .
Apr...
May..
43,577
43,600
43,600
43,598
June.. 43,598
July.. 43,598
*
•*
•
6,909
6,882
6,884
6,877
6,655
6,494
47,429
47,414
47,908
48,155
47,335
47,660
10,565
10,561
10,599
10,647
10,743
10,855
22,812
22,896
22,972
23,052
23,073
23,171
478
561
561
561
272
272
7,320
7,887
8,019
8,009
7,776
7,760
159
174
179
189
232
225
257
288
268
264
347
348
1,321
1,154
1,153
1,148
1,133
1,108
31,901
31,247
31,502
31,668
31,545
31,697
2,128
2,052
2,000
1,963
1,905
1,877
3,697
3,603
3,513
3,464
3,337
3,293
7,444
7,202
7,092
7,019
7,013
6,948
972
973
975
974
915
859
5,541
5,596
5,687
5,729
5,257
5,403
3,476
3,422
3,484
3,438
3,461
3,472
2,986
3,012
3,100
3,146
3,165
3,173
7,718
7,696
7,454
7,414
7,226
7,118
5 086
5,098
5,100
5,100
5,091
5,011
2,669
2,679
2,695
2,744
2,758
2,799
4,802
4,909
4,936
5,054
5,145
5,280
15,871
15^991
16,090
16^179
16,223
16,357
15,150
14^922
14,783
14*523
14^381
14,152
947
903
903
903
755
755
32,974
32,523
31,912
31,541
30,764
30,388
2,666
2, 701
2 ] 585
2,586
2 145
2',168
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial
banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by
other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies
for certain dates are shown in the table above.
1
Including stock savings banks. On July 31, 1946, commercial banks reporting to the Treasury held 22,041 million dollars of U. S. Government securities due or callable within one year out of a total of 60,081 million outstanding.
* Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
1172
FEDERAL RESERVE
BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisChange
War Transin
Trust
Income taxes1 cella- Social
and fers to Other j Total
neous Secu- Other Total Net Intergenacest
detrust
ex|
budget
Defiinter- rity
re- 3 on
eral
rerecounts,
fense
acpendi- expend- cit
nal
fund
etc.*
With- Other revetaxes ceipts ceipts ceipts debt activ- counts, tures itures
balities
held"
etc.
nue1
ance
Period
Fiscal year ending:
June 1944
June 1945
June 1946
1945—September.
October
November.
December..
1946—January...
February..
March
April
May
June
July
August....
September.,
8,393 26,242 5,291 1,751 3,711 45,408 44,149
0,289 24,884 6,949 1,793 3,824 47,
,457
9,392 21,493 7,725 1,714 3,915 44,239 43,038
768 3,440
573
69
342 5,192 5,189
572 1,021
689
58
241 2,581 2,530
1,076
449
602
257
22. 2,609 2,374
707 2,659
516
69
170 4,122 4,118
554 2,201
645
51
397 3,848 3,819
584
1,086 1,704
310
191 3,875 3,678
649
658 4,180
100
176 5,762 5,747
642
485 1,118
65
42- 2,734 2,677
615
966
442
285
690 2,998 2,733
615
650 2,74!
76
399 4,48: 4,479
691
514
974
6
349 2,600 2,539
679
1,070
443
30:
223 2,71" 2,434
656
70J 2,845
186 4,481 4,478
2,609 87,039
556 3,540 93,744 49,595 -4,051 + 10,662 64 ,307
3,617 90,029 1,646 5,113 100,405 53,948 + 798 +4,529 57 ,679
4,722 48,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740
647 5,367
563
34
- 9 5 -2,497 -980
6,611 1,422
172 5,126
615
38
5,950 3,420 +302 - 3 , 3 2 1 - 2 0 3
84 4,226
346
+390 +1,632 3,524
4,656 2,282
817 4,245
384
+113 + 11,558 12,773
5,445 1,327
309 3,417
684
482 4,891 1,073
-276
-577
772
118 2,702
148
543 3,510 -f-168
+39
+534
327
646 2,550
4,602 +1446 +462 - 1 , 5 9 3 -3,201
23 1,383
174 2,560
4,251 1,573
200 1,316
+254 - 3 , 4 3 3 -2,114
106 2,182
3,677
95 1,294
944 - 1 3 9 - 2 , 3 9 8 -1,316
1,395 2,442
5,513 1,034
5 1,671
- 1 0 3 - 4 , 2 9 8 -3,161
249 1,190
4,514 1,975
631 2,444
+918 - 2 , 2 0 9 -1,152
122 1,509
2,796
13 1,152
363
+98
-989 -724
648 1,100
2,851 +1,627
32 1,070
-2,177
-318
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Net expenditures
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
Other
Receipts
Increase
in
gross
debt
Invest-
Assets
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
Fiscal year ending:
June 1944
June 1945
June 1946
3,202
3,239
2,940
2,816
2,757
1,261
380
453
1,618
4,403
1,178
-952
1,851
*,820
1,726
1,313
2,444
2,407
192
-571
2,550
20,775
25,119
14,708
,442
,500
,006
18,007
22.622
12,993
1,327
997
708
607
421
470
20,169
24,698
14,238
1945—September.
October....
November.
December..
52
132
419
54
241
-66
38
198
91
146
143
149
51
-274
-79
-395
407
284
295
260
163
80
65
54
9
228
158
195
16,582
13,307
14,849
26,520
,755
,124
,372
,674
13,989
11,389
12,694
24,044
839
794
784
802
447
494
404
517
16,134
12,813
14,445
26,003
1946—January...
February. .
March
April
May
Tune
July
August. . . .
September..
178
355
64
135
465
232
276
492
57
-36
-13
87
—60
72
359
103
122
271
178
178
174
155
158
140
137
135
112
-9
9
-635
-4
181
8
5-1,704
66
-67
810
393
181
326
390
466
5586
108
216
583
225
72
133
165
253
331
192
548
309
85
-18
419
41
5 448
-12
25,851
26.414
24,743
21,293
18,859
14,708
12,444
11,431
10,524
011
209
160
124
230
006
702
872
1,445
24,030
24,447
21,776
19,502
16,949
12,993
10,961
9,842
8,377
810
758
807
667
681
708
781
716
702
424
453
376
359
323
470
415
391
353
25,427
25,961
24,367
20,935
18,536
14,238
12,029
11,040
10,171
1
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
34 Total receipts less social security employment taxes,
which are appropriated directly to the Federal old-age and survivors insurance trust fund.
5
Excess of receipts ( + ) or expenditures (—).
Adjustment in classification. Not comparable with back figures.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dc liars]
Individual
income taxes
Period
Withheld
Other
Fiscal year ending:
June—1940
1941
1942
1943
1944
1945
1946
CASH INCOME AND OUTGO OF THE U. S.
TREASURY
[In millions of dollars]
Corporation income
and profits taxes
Estate
and
gift
taxes
Excise and
other miscellaneous
taxes
Normal
and
surtax
Excess
profits
Other
profits
taxes
686
7,823
10,264
9,858
982
1,418
3,263
5,944
10,438
8,770
8,847
1,121
1,852
3,069
4,521
5,284
4,880
4,640
164
1,618
5,064
9,345
11,004
7,822
27
37
57
84
137
144
91
360
407
433
447
511
643
677
2,000
2,547
3,405
4,124
4,842
6,317
7,036
1945—August
September..
October....
November..
December. .
1,460
32
1,094
1,405
27
110
1,131
294
61
560
114
795
215
136
744
228
1,584
421
248
1,398
5
11
6
6
13
69
34
44
44
45
756
498
662
560
466
1946—January
February...
March
April
May
June
July
August
604
1,848
154
708
1,245
30
858
1,339
1,743
991
1,883
508
175
1,053
375
77
301
128
1,006
157
82 •
744
192
142
536
236
1,268
324
157
994
330
204
6
4
9
5
3
16
4
4
61
54
84
66
64
63
74
58
582
543
555
549
577
548
634
631
OCTOBER
1946
Cash
income
Cash
outgo
Excess
of
cash
outgo
7,019
9,298
15,374
25,485
48,254
51,332
48,103
9,555
14,031
34,717
79,253
94,296
96,263
65,904
2,536
4,733
19,342
53,769
46,043
44,931
17,800
1945—August
September....
October
November... .
December....
3,713
5,597
2,905
3,087
4,407
7,854
6,649
6,009
4,811
5,303
4,141
1,052
3,104
1,724
896
1946-^January
February
March
April
May
June
July
August
3,993
4,277
5,950
2,934
3,492
4,736
2,703
3,016
5,628
1,635
3,910
-367
4,161 - 1 , 7 8 9
4,171
1,237
4,382
890
5,044
308
'2,923
'219
2,928
-88
Period
Fiscal year ending:
June—1940
1941
1942
1943
1944
1945
1946
1173
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
Corporation or agency
Total Cash
All agencies:
Sept. 30, 1945
Dec. 31, 1945
Mar. 31, 1946
June 30, 1946
CommodiLoans ties,
supreceiv- plies,
and
able
materials
34,24
815 5,409
33,844 925 5,290
33,32." 1,279 5,069
29,869 1,305 5,381
Classification by agency,
June 30, 1946
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
237
Federal intermediate credit banks. .
390
Federal land banks
1,200
Production credit corporations....
117
Regional Agricultural Credit Corp..
15
Others
26
Federal Farm Mortgage Corp
169
Rural Electrification Administration..
463
Commodity Credit Corp
1,369
Farm Security Administration
442
Federal Crop Insurance Corp
18
Federal Surplus Commodities Corp...
3
National Housing Agency:
Federal Home Loan Bank Administration:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:.
Federal Public HousingAuthority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
20
12
51
1
12
1
8.
5
555
39
17
3
348
171
783
181
7
31
Reconstruction Finance Corp.4 5
7,395
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission
War Shipping Administration
All other
807
995
275
750
2,471
8,520
2,095
2,487
2,288
1,918
1,550
1,756
1,683
1,789
1,767
368 20,816
325 21,017
285 20,784
17,438
54
43
137
68
472
460
2,154
1,845
1,741
1,605
1,135
1,11
1,13
1,234
48
159
51
203
123
'722
166
15
233
100
755
18
1
7
(2)
16
(2)
4,857
344
1,360
6,035
47
4
430
444
42
126
705
(2)
8
136
771
75
680
150
275
742
2,335
7,749
2,019
"<*)'
20
865
229
77
77
117
14
25
162
462
-457
438
14
3
465
472
479
482
124
226
60
103
4,486 27,610
4,212 27,492
4,,959 26 ,218
4,939 22
()
1,539
4
5
281
1
37
15
59
222
44
551
555
536
325
311
851
598
280
1
23
532
62
Pri-
Gov- vately
Land,
and debenern- owned
struc- Undis- Other tures payable Other ment
tures, tribinterasliabilinterU. S.
and
uted
Fully
eat
ities
est
Govt. Other
equip- charges sets guarsecusecu- rities ment
anteed Other
rities
by U.S.
162
332
987
' ' *2
23
156
453
48
328
U.S.
Bonds, notes,
Investments
48
700
4
80
1
31
26
()
145
723
1,898
7,755
1,733
531
61
139
6
27
34
139
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1946
Purpose of loan
Fed.
Fed. interFed. Farm
mediland
ate
banks Mort.
Corp. credit
banks
1,059
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
72
Total loans receivable
(net)
1
987
186
332
Banks
for cooperatives
162
Com- Rural
Elec- Farm
Secumodity trificarity
Credit
tion
Adm.
Corp. Adm.
48
453
Home
Owners'
Loan
Corp.
Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
485
203
29
(2)
156
332
(2)
1
162
48
453
280
157
13
328
722
280
203
Mar.
1946,
All 31, all
agen- agencies
cies
24
148
1
2,873
760
2,816
825
177
151
18
46
195
197
196
200
9
(2)
735
All
other
14
32
238
289
128
734
(2)
34
(2)
117
127
23
235
972
686
561
25
185
545
715
438
799
700
212
5,381
5,069
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
'Includes
Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4
Includes Rubber Development Corp. and U. S. Commercial Company, which were transferred to the Reconstruction Finance Corp. from
Foreign
Economic Administration under Executive Order 9630; and War Damage Corp. War Assets Corp. was dissolved on June 30,1946.
5
Figures are as of May 31, 1946 (the latest available at time of publication).
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152. p . 517.
1174
FEDERAL RESERVE
BULLETIN
BUSINESS INDEXES
The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year
and
month
ncome
payments 1
value)
935-39
= 100
June
July....
August..
Septembe
October.
Novembe
Decembe
1946
January
February
March. .
April....
May....
June
July....
August..
Employment 4
1939=100
Manufactures
Total
Durable
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
1943
August...
September
October. .
November
December
1944
January..
February.
March. . .
April
May
June. . . .
July
August...
Septembe
October.
Novembe
Decembe
1945
January.
February
March. .
April
May.
Construction
contracts
awarded (value)3
1923-25=100
Industrial production
(physical volume)* 2
1935-39=100
Ad-
Ad-
usted
usted
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.
107.
98.
105.
113.
138.
174.
213.
233.
P239.
Jnadusted
Nondurable
Minerals
Ad-
Ad-
Ad-
usted
usted
usted
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
20
279
36
35
274
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
9
10
10
9
10
11
14
15
17
17
16
71
83
66
71
98
89
92
100
100
99
10
9
8
6
7
8
8
9
11
9
10
11
12
12
13
14
13
lesiden-
Total
tial
Adusted
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
6
4
68
Nonagricultural
All
other
Adusted
Ad-
Ad-
usted
usted
1
1
2
3
4
4
6
7
8
8
4
1
2
79
90
65
88
86
94
120
135
139
142
14
12
8
4
3
4
5
7
7
8
8
8
14
23
9
6
10
102.6
95.5
86.1
75 5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.
117.
126.
132.
130.
125.
132.
131.9
132.
132.
132.
44
30
44
68
81
95
124
121
117
126
87
51
3
216.
216.
219.
222.
224.
242
244
247
247
241
245
248
249
247
239
36
36
37
37
36
17
17
17
18
17
13
13
13
13
13
59
65
49
60
61
3
3
3
3
3
7
8
6
7
8
227.
232.
231.
231.
232.
233.
233.
234.
232.
24
24
23
23
23
23
23
23
23
23
23
23
36
36
36
36
35
35
34
34
34
34
34
34
17
17
17
17
16
16
16
16
16
16
17
17
13
14
13
14
14
14
13
14
14
14
14
13
55
4
4
3
33
3
3
4
3
4
4
2
2
1
1
1
1
7
6
5
235
237
239
243
244
24
239
236
23
23
23
23
23
23
23
241
245
244
242
241
244
243
236
229
231
235
234
23
23
23
23
22
22
21
18
16
16
16
16
23
23
23
22
2?
22
21
18
17
16
16
16
34
34
34
33
32
30
29
23
19
18
19
18
17
17
17
17
17
17
16
15
15
15
15
15
14
14
14
14
13
14
14
14
13
12
13
13
4
1
1
1
1
233
231
234
236
239
240
16
15
16
16
15
17
17
P17
15
14
16
16
15
17
17
16
13
18
19
17
19
20
16
16
16
16
16
16
15
P16
14
14
13
10
11
13
1<
P251
Pl7
P14
11
1
1
1
e
•
r
i
r
6
6
8
9
10
10
13
14
17
16
17
16
*>15
A
i
1
6
(
12
17
17
17
16
P14
Factory
Ad-
usted
100
Jnad- Unad- Adusted usted iusted
103.8
104! 2
79.8
88.2
101 0
93 8
97.1
98 9
96 8
96.9
103 1
89 8
75 8
64 4
7l!3
83."
88.7
96.4
105 1
103.2
79.7
85.5
108.4
101.2
106! 6
107.9
109.1
117.1
94! 7
71.8
49.5
53! 1
68 3
78 ".6
91.2
108.1
84.7
100 < 100 <
107!. 114.5
132
167.5
154!o 245.2
334 i
177!
172 ' 345! 7
149 .'5 288.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
11
8(
10
109
I31
13
13
Depart- Wholement
ost of
sale
store
iving4
comsales modity 935-39
(val= 100
prices4
ue)*5
1926
935-39 = 100
= 100
Adiusted
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
11'
Unadjusted
138.6
97.6
96! 7
100.6
98.1
103.5
Unadjusted
124.5
143.2
127.7
135
14<
16
186
20
119.7
121.9
122.2
125.4
100 !o 126.4
95.4 124.0
96.7 122.6
95! 3 122.5
86! 4 119.4
73 !o 108.7
97.6
64! 8
92.4
65! 9
74 9
95.7
8o!o
98.1
80.8
99.1
86.3
102.7
100.8
78. t
77.:
99.4
100.2
87.:
105.2
116.5
98! 8
103.
123.6
104! 0
125.5
105.8
128.4
180.2
179.6
180.6
181.5
179.9
181.4
180.8
181.4
181.9
180.3
343.
349.5
354.9
359.
350.
140
140
13
139
143
166
166
17
176
16
103.
103.
103.0
102.9
103.2
123.4
123.9
124.4
124.2
124.4
178.8
178.5
176.6
174.5
173.3
172.5
171 i
178.3
178.
176.
173.
172.
172.
351.6
352.
350.
345.0
345.3
346 6
171
169'.:
168.
167.
168.
172!
170.
168.
167.
168.
339
3*43!
341.
343.
341.
346.
14
14
14
13
13
13
14'
14
13
13
14
13
17
17
18
17
18
17
18
18
18
19
20
19
103.3
103.
103.
103.9
104.0
104.
104*
103!
104.
104.
104.
104.
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
130.
130.
130.
129.
168.
168.
166.
163.
167.
167.
166.
163.
•
9
10
12
13
15
127!
126.
125.
119.
119.
120.
121.
157!
151.
147.
127.
127.
127.
128.
345.
344.
341.
333.
318
3U!
298.
267.
224.
222.
222.
226.
14
13
14
14
14
14
13
12
12
11
13
12
19
21
22
18
18
20
21
20
20
21
22
21
104.
105.
105.
105.
106
106.
105.
105.
105.
105.
106.
107.
126.9
126.8
127.1
128.1
129!o
129.4
129.3
128.9
128.9
129.3
129.9
14
16
16
16
16
17
16
123.
122.
125.
126.
127.
128.
128.
229.
210.
232.
249.
••247.
••256.
260.
13
12
13
10
10
13
13
14
22
25
26
25
25
27
107.
107.
108.
110.
111.
112.
124.
129.
129.9
129.6
130.2
131.1
•• 131.7
133.3
141.0
143.7
132.
132.
131.
c
131.
4
130.
131.
e
130.
130.
t
6
129.
6
129.
7« 128.
8
129.
7
9
11
11
8
A
A
r
A
Fac- Freight
tory arloadpay
ings*
rolls4 935-39
939 = = 100
P16
128
P130.
160
130.
122.
130.
136.
138.
139.
140.
P143.
159
156!
152.
148.
128.
127.
128.
128.
130.
121.
129.
135.
136.
139.
140.
P144.
29
12X1
r
* Average per working day.
v Preliminary.
Revised.
Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 1176-1179. For points in total index, by major groups, see p. 1195.
» Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1183 of this BULLETIN.
* The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
6 For indexes by Federal Reserve districts and other department store data, see pp. 1185-1187.
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 1946, p. 529; for department
stores sales, June 1944, pp. 549-561.
1
2
OCTOBER 1946
1175
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1945
Industry
Industrial
1946
July Aug. Sept. Oct.
Production—Total
Manufactures—Total
Durable Manufactures
Iron and steel
Pig iron
Steel
Open hearth
Electric
.
Machinery
Nov. Dec.
Jan. Feb.
Mar. Apr. M a y June July Aug-
210
186
167
162
168
163
160
152
168
165 rl59
170
172
P176
222
194
173
168
173
169
163
154
173
176
167
176
177
P182
292
239
194
186
191
185
166
138
183
190
175 '193
202
P206
187
155
163
146
167
164
102
43
169
159
109
154
179
183
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
168
176
161
286
142
175
148
363
86
126
98
319
144
167
142
343
'178
'190
186
195
169
378
371
310
230
232
231
232
217
188
207
225
230
'241
242
535
405
273
258
252
217
220
199
209
245
'241
244 P245
188
142
105
120
137
95
107
98
114
161 '164 '170
179 P185
r
168
'343
P251
Manufacturing Arsenals and Depots*
Transportation EQuiptnent
Automobiles
..
.
(Aircraft; Railroad cars; Locomotives; Shipbuild-
196
165
139
144
148
147
151
139
141
132
130
135
143 P146
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
183
171
150
148
147
140
140
128
123
109
109
110
131 P137
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium
products' Tin consumption) 1 . . .
202
162
135
143
148
150
155
144
148
iii
139
145
148
110
107
98
91
96
92
108
119
125
130
129
133
129 P131
98
98
89
76
83
72
95
108
117
123
134
124
115
120
123
123
131
135
127
121 P121
139
142
144
142
146
144
169
160
161
161
158
164
172
185
192
190 '175
190
193 P193
193
177
200
186
175
181
190
62
240
93
117
179
287
216
221
61
218
97
110
162
260
50
235
106
116
177
218
214
193
4
235
113
119
181
215
3
244
119
124
182
217
29
247
131
144
197
199
209
222
79
243
97
110
172
220
106
255
149
144
201
197
136
251
152
150
204
217
130
243
152
148
202
221
133
213
127
140
187
119
240
155
148
129
254
155
147
183
234
Nonferrous Metals and Products
Lutnber and Products
. . . .
. . .
Lumber
Furniture
Stone Clay and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products1
Nondurable Manufactures
Textiles and Products
Wool textiles
Carpet wool consumption
Apparel wool consumption
^^oolen and worsted yarn
Woolen yarn
Wrorsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
. •
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Revised.
v Preliminary.
1176
.
...
. . .
Wheat flour
Cane sugar meltings1
IManufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
p
.
.
.
157
156
154
158
156
161
167
166
164 '161
162
156 P162
134
144
141
146
143
151
159
162
161
164
165
143 P159
148
152
123
123
220
123
213
117
33
127
58
134
138
215
131
135
128
215
133
226
147
93
150
89
132
125
228
140
138
233
149
146
234
150
147
241
144 149
245 '247
1
153
132
152
240
127
233
185
124
129
172
136
145
191
156
156
193
160
163
184
156
159
200
158
160
117
129
186
154
158
222
175
177
229
174
176
224
171
172
125
136
149
144
156
149
156
154
152
153
154
155
171
170
171
173
174 '174
134 '137
231 '225
176 175
180 178
193
144
147
169
174
170
176
'178
138
146
109
108
119
112
116
111
117
133
134
131
127
128
109
128
98
112
112
125
107
121
109
125
114
131
115
131
126
146
120
140
115
135
104
124
142
82
149
104
153
110
171
135
173
138
169
122
170
P149
149
229
142
102
83
51
140
120
92
49
139
109
92
54
151
118
99
64
146
138
84
62
148
144
84
75
49
54
134 118
142 '142
107
128
66
'75
45
45
128 122
142 P106
99
117
143
150
153
154
160
156
153
145
138
149 P146
129
133
136
149
163
122
120
100
109
127 P138
79
50
133
109
75
47
130
114
97
52
151
123
89
46
145
116
147
138
144
135
130
127
P136 P137
62
73
73
181
222
171
208
160
201
155
156
149
146
143
136
151
130
150
131
153
144
173
163
166
163
167
174
168
178
169
140
146
133
126
141
120
129
99
155
153
155
171
131
146
178
205
140
149
130
157
120
151
136
165
159
158
138
122
85
97
144
153
165
190
138
141
132
101
90
65
145
139
116
133
..
P147
P183
P244
165
P148 P146 P148 P145 P154 P131
P116
P117
P122
P129 P120
89
75
65
59
85
59
58
65
62
59
72
.
'194
'233
114
132
121
Textile fabrics
Cotton consumption
Rayon deliveries
'222
P151
151
110
179
125
197
134
189
135
138
148
87
105
87
184
80
157
72
132
68
94
60
126
132
121
134
110
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
Industry
1946
July Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May June July Au;
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
150
134
108
161
139
101
107
155
146
109
108
162
148
128
108
160
152
128
113
165
159
138
137
168
165
145
145
174
165
146
143
174
167
163
139
173
164
165
132
169
156
158
136
159
150
161
123
153
152
173
107
154
193
173
192
201
216
212
231
238
176
169
155
161
170
147
199
448
293
149
55
399
306
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
125
524
416
127
100
370
401
117
96
356
409
109
60
352
387
123
61
343
367
128
65
377
426
128
150
160
167
112
143
156
161
154
163
153
91
195
98
106
206
99
111
216
96
110
194
94
87
139
64
104
185
71
111
205
69
110
217
65
109
205
69
110
219
71
108
200
76
99
181
72
131
143
143
142
134
133
140
148
146
142
146
136
151
150
Industrial Alcohol from Beverage Plants1.
Tobacco Products
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing.
135
131
149
120
93
227
122
128
149
73
122
146
133
80
129
146
118
92
219
120
126
141
74
126
142
135
72
105
111
96
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 . . .
Coke
By-product coke
Beehive coke
Chemical Products..
Paints
Soap
Rayon
Industrial chemicals.
1
Explosives and ammunition
.
Other chemical products 1
P267
P240
138
152
124
100
223
126
136
165
77
125
142
141
81
P!84
139
154
124
101
227
129
137
157
80
133
147
147
79
114
123
127
124
129
96
108
110
108
123
'166 P161
P171
>156 >174 vl72
155
173
138
140
132
151
119
116
165
158
400
153
148
332
152
150
224
116
115
145
307
265
239
139
130
243
409
133
122
222
368
79
'147
143
156
98
111
239
132
141
165
82
144
149
138
86
132
137
95
100
195
120
131
143
78
132
149
140
86
130
131
93
102
167
125
130
145
81
134
146
128
86
141
155
96
112
235
131
139
166
85
144
143
126
86
166
142
161
99
107
250
137
139
164
85
143
142
132
83
110
202
136
144
96
104
203
130
135
155
82
139
141
135
86
138
153
114
103
223
131
136
158
79
132
145
140
81
138
150
92
100
223
133
136
160
84
141
143
128
83
155
'174
138
168
132
167
131
147
96
101
229
122
129
155
72
127
138
124
84
142
140
169
85
134
151
135
83
177
140
170
146
175
140
164
123
131
171
129
180
129
176
130
190
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
18
137
133
276
160
155
331
'371
230
228
230
234
232
232
235
233
233
'235
136
126
237
386
139
124
238
371
142
124
244
370
142
127
246
378
145
130
251
384
147
126
255
379
148
122
256
382
150
121
260
392
146
122
256
389
150
l?0
255
388
'150
'117
'259
'390
145
Rubber Products. . .
218
193
172
191
192
205
215
216
221
219
215
218
211
Minerals—Total.
143
140
134
124
138
133
141
141
137
104
116
139
146
P143
Fuels
148
146
139
126
143
137
146
149
145
108
124
149
153
P150
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
73
60
125
142
156
86
153
159
128
154
P156
P120
P151
109
108
91
149
107
94
146
105
106
153
109
78
65
79
111
89
113
P32
P34
P32
P33
P32
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
168
162
161
164
163
159
159
135
P36
P43
P41
132
P35
P98
147
»• Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. 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
OCTOBER 1946
1177
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1946
Industry
July
Aug. Sept. Oct.
Nov. Dec,
Jan.
Feb.
Mar. Apr.
M a y June
July
Aug.
Industrial Production—Total
211
188
171
164
167
161
156
148
164
163
159
171
173
Pi 78
Manufactures—Total
223
196
177
171
173
167
160
151
170
174
167
176
178
P184
P208
Iron
Durable Manufactures
292
240
195
187
192
184
164
136
182
190
176
194
203
and
187
155
163
146
167
164
102
43
169
159
109
154
179
183
182
203
172
421
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
48
46
38
106
168
176
161
286
142
175
148
363
86
126
98
319
144
167
142
343
'178
r
190
168
r
343
186
195
169
378
371
310
230
232
231
232
217
188
207
225
•230
•241
242
'251
535
273
258
217
220
199
245
•240
•241
244
>245
188
105
120
95
107
98
164
170
179
Steel...
Pig iron
Steel
Open h e a r t h .
Electric
Machinery
Manufacturing
Arsenals and
Transportation
Equipment
Depots1.
Automobiles
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; Magnesium products; Tin consumption) 1
Lumber and Products.
Lumber. .
Furniture.
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. . .
Abrasive and asbestos products.
Other stone and clay products 1.
Nondurable Manufactures.
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1. .
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted y a r n . .
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
Lea her and
Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid l e a t h e r s . . .
Sheep and lamb leathers.
Shoes
Manufactured
Food Products.
Wheat flour
Cane sugar meltings 1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
• Revised.
v Preliminary.
1178
165
144
151
141
132
135
143
146
171
148
140
123
109
110
130
-136
144
148
141
139
145
148
202
162
135
116
113
107
134
108
124
168
186
62
230
102
115
179
287
155
148
104
94
95
86
99
110
120
129
131
141
137
98
115
82
120
81
123
63
131
80
135
95
139
108
142
122
144
126
142
138
146
133 P134
144 151
165
166
167
162
159
163
174
184
187
183
61
227
110
113
162
260
204
79
247
112
114
176
220
192
50
242
123
122
182
218
176
4
237
122
123
183
215
169
3
227
108
128
186
217
186
29
242
107
134
190
199
158
210
106
247
113
138
191
197
221
136
251
125
143
197
217
214
130
243
145
144
198
221
139
r
r
191
193 P200
204
133
228
134
140
190
'222
207
119
237
166
147
«"198
••233
214
129 114244
171
147 P152183
180
165
154
157
162
162
161
160
161
157
143
151
159
162
161
164
165
143
135
133
226
132
125
228
140
138
233
149
146
234
150
147
241
148
144
245
152
149
'247
153
152
240
132
127
233
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
174
137
225
175
178
170
178
142
102
193
144
147
138
146
118
113
117
111
117
137
134
131
127
127
101
97
109
79
46
134
114
110
123
95
52
148
123
108
122
91
46
145
116
113
130
86
50
148
120
113
131
90
49
132
109
115
134
90
54
140
118
136
157
104
67
160
138
119
140
82
62
144
144
114
135
81
56
131
105
124
72
48
127
104
123
46
127
142
93
110
66
45
114
•106
151
166
153
151
149
143
145
139
137
161
163
139
136
134
135
149
165
119
136
P85
96
160
80
222
227
125
P75
116
134
66
180
184
104
189
86
237
240
197
89
207
207
176.
80
189
120
143
95
71
128
120
151
90
70
96
84
97
63
60
117
154
167
147
132
116
122.
108
141
132
107
167
159
161
158
132
134
144
141
121
123
220
123
123
213
134
138
215
131
128
215
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
107
107
103
120
78
49
123
109
157
133
1
150
143
212
109
223
257
185
93
191
214
155
72
164
185
120
62
139
127
100
50
112
105
47
103
105
49
112
105
51
123
118
101
54
138
141
131
129
137
116
127
119
97
146
148
108
134
95
179
197
134
133
93
173
224
140
171
179
164
202
135
182
225
138
130
145
155
191
125
81
111
171
201
141
76
186
129
138
120
75
154
142
142
139
137
'149
149
229
Series included in total and group indexes butjiot available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1945
Industry
Manufactured Food
1946
July Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May June July Aug
Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits
Rectified l i q u o r s . . . .
157
174
88
165
154
165
115
158
176
242
139
165
164
165
142
168
158
118
134
173
156
108
139
171
152
94
149
167
150
92
144
166
148
89
129
166
145
101
110
162
'140
103
104
'156
141
124
91
'154
P160
214
175
199
214
201
188
198
211
162
164
157
174
176
178
125
314
416
118
100
241
401
123
96
214
409
124
60
211
387
154
61
213
367
160
65
219
426
225
*88
157
184
199
400
293
170
55
216
306
183
52
324
365
169
70
566
420
154
83
467
427
157
130
301
343
163
131
280
396
133
155
169
173
157
104
142
148
152
147
164
159
145
161
83
170
91
204
95
106
220
106
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
110
202
65
109
190
69
110
219
71
108
210
77
99
190
72
110
212
77
134
131
144
143
142
134
133
141
148
146
142
147
136
P147
130
147
107
93
227
122
128
149
73
122
140
133
78
129
144
104
92
219
120
126
141
74
126
142
135
71
138
150
110
100
223
126
136
165
77
125
142
141
81
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
141
156
106
112
235
131
139
166
85
144
144
126
138
151
100
100
223
133
136
160
84
141
143
128
83
142
162
100
107
25Q
137
139
164
85
143
145
132
84
131
146
86
101
229
122
128
155
72
127
133
124
82
\ 42
107
110
117
118
114
114
122
129
129
126
129
87
94
101
104
96
94
106
114
114
112
115
104
I 74
P177
Industrial Alcohol from Beverage Plants x
Tobacco Products.
Cigars
Cigarettes
Other tobacco products.
Paper and Paper
Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)..
Printing and
publishing.
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal
Products....
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products a
Coke
By-product coke
Beehive coke
Chemical Products..
Paints
Soap
Rayon
Industrial chemicals.......
Explosives and ammunition l
Other chemical productsl...
P267
P240
P!84
P156
P174 P172 P166 P161
P171
P166
P!63
140
169
85
134
151
135
82
156
175
134
124
155
173
137
135
132
151
119
115
129
152
120
122
147
164
133
148
140
164
122
162
131
171
125
184
129
176
129
200
130
172
139
187
133
172
141
165
138
168
137
169
140
170
146
164
144
166
133
160
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
116
111
296
91
85
295
151
145
337
113
116
18
73
75
16
137
133
276
160
155
331
303
261
239
232
230
231
233
233
234
237
231
231
137
129
243
409
132
124
222
368
135
131
237
386
139
130
238
371
140
125
244
370
142
127
246
378
142
127
251
384
145
124
255
379
148
122
256
382
151
119
260
392
147
117
261
383
150
119
256
389
255
388
P259
P390
J>371
P231
Rubber Products. . .
218
172
191
192
205
215
216
221
219
215
218
211
P217
Minerals-—Total.
145
143
137
125
134
126
134
134
131
100
115
141
149
PI 46
Fuels
148
146
139
126
143
137
146
149
145
108
124
149
153
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
146
73
60
125
149
142
156
86
153
153
159
128
154
125
124
116
80
61
60
48
46
48
63
96
122
196
289
192
289
175
245
111
108
79
50
78
50
58
22
56
28
61
58
89
116
'143
233
188
295
P30
P38
P28
P28
P32
P30
Coal
Bituminous coal.
Anthracite
Crude petroleum. . . .
Metals.
Metals other than gold and silver..
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
188
281
P33
P43
P32
P42
P149
P156
P120
P151
282
" Revised.
v Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. 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
OCTOBER
1946
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
July
Factory p a y rolls
1946
Aug.
Apr.
May
June
1945
July
Aug.
June
July
Aug.
Apr.
May
June
July
Total
Durable goods
Nondurable goods
152.1 148.7 135.9 136.9 '139.2 140.8 144.6 314.6 298.7 267.3 249.2 '247.8 '256.8 260.5
195.3 187.7 151.6 154.6 158.0 161.0 165.4 414.2 387.1 335.4 267.3 '266.6 "•280.1 286.2
118.0 117.9 123.5 123.0 124.4 124.9 128.3 217.3 212.1 200.6 231.4 '229.4 '234.0 235.3
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
156.8
119
201
133
119
124
150.3
118
193
127
116
121
156
145
146
137
Electrical Machinery
Electrical equipment
Radios a n d phonographs
254.1 246.8 171.5 '187.3 '193.3
208
130
148
213
153
165
227
170
176
242
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding t r a c t o r s . . . .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
209.2 203.7 179.3 187.0
134.5
120
166
117
122
108
145
'128
'133.1 '135.4
115
117
169
169
125
132
125
126
109
113
139.3 143.6 308.3
121
223
167
387
137
230
125
261
117
242
146
130
154
136
149
131
320
304
289.7
217
349
234
238
232
255.8
199
311
209
209
196
289
254
243
231.6
193
293
206
230
195
263
••242
221.4
176
291
207
236
192
264
'246
282
136
140
143
191.3
150
318
240
279
201.4
490.0
399.2
194.4
460.6 330
415
154
176
486
389
387
463
198.5
407.0 384.4 338.4
194.4
••233
229.1
181
292
235
239
206
266
'252
236.0
191
in
249
241
211
275
254
251
301.6
241
'311.5 r
333.9
'245
'308
'258
'326
'310.8 329.5
290
312
178
175
261
284
378
232
'284
370
192
228
260
287
402
253
'296
416
•236
248
270
301
416
257
301
448
248
251
262
293
413
263
558.1
553
458
555
'538.3
566
469
499
•537.5
•586
•469
•483
538.5
607
466
467
286.1
209
300
333.7
258
331
333.5
170
185
130
109
162
187
213
142
171
198
150
147
161
186
219
154
172
219
158
146
162
192
226
161
174
234
168
147
162
194
225
166
306.4
304
293
307
298.1
311
294
279
'290.8
'316
292
'265
290.2 287.6 2223.5 2068.0 1742.2
325
2546 2310 1855
3232 3043 2376
297
2328 2193
253
1920
A utomobiles
149.3 138.3 154.8 161.8
166.1
173.6 179.3 281.6 253.1 183.5 241.7 •232.7 '250.5
282.2
Nonferrous Metals and Products
Primary smelting and refining
Alloying a n d rolling, except aluminum
Aluminum manufactures
167.6 165.1 146.9 151.4 159.1
102
101
107
138
138
162.2 167.6 337.9 313.1 292.2 264.9 •271.4 '288.7
112
262
268
259
173
288.7
204
Lumber and Timber Basic Products
Sawmills a n d logging camps
Planing a n d plywood mills
Transportation Equipment, except Autos.
Aircraft, except aircraft e n g i n e s . . . .
Aircraft engines
Shipbuilding a n d boatbuilding
203
320
171
147
188
233
265
129
197
309
165
142
182
230
258
124
993.9
1192
1870
998
925.2
1084
1733
935
135
197
386
680
278
306
353
422
585
243
366
641
272
298
329
388
543
229
324
511
248
259
304
340
512
178
240
•330
271
•336
271
337
143.4 149.4 239.7 222.1 219.3 248.2 261.8
147
80
148
140
134
134
97
167
147
175
159
170
•281.0
158
183
267.0
149
174
114.1
101
114.5 118.1 195.9 188.2 171.5 214.6
173
188
101
166
150
190
223.5
196
222.1
194
128.9
146
109
102
132
'132.0
145
115
104
137
132.9 136.5 189.8
201
143
121
119
126
110
138
186
185.6
194
128
127
176
179.8
193
128
118
173
226.0
250
172
181
219
224.1
243
177
180
215
•235.0
242
185
196
239
235.7
238
197
211
229
Textile-Mill and Fiber Products
Cotton goods except small w a r e s . . .
Silk and rayon goods
Woolen a n d worsted manufactures.
Hosiery
Dyeing and finishing textiles
91.8 91.7 103.4 103.6
112
112
103
103
75
76
71
71
107
107
91
90
71
71
60
60
84
84
95
94
104.8
113
77
107
72
95
103.5 105.2 177.3
210
112
142
76
187
104
71
100
147
94
172.6
210
138
177
94
145
162.1
193
134
167
89
140
215.8
246
167
239
131
179
214.8
244
167
238
131
175
218.6
248
167
239
133
185
214.7
246
166
229
131
179
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
110.0 113.6 128.9 128.3
86
87
88
85
68
74
75
68
65
80
78
70
67
83
70
72
130.6
89
77
78
68
126.5 132.8 207.6
88
164
76
126
125
72
93
70
191.2
152
124
109
108
180.6
135
111
108
113
263.5
174
153
170
143
258.8
176
157
163
99
263.3
181
160
160
105
245.7
168
155
142
123
90.2 102.5 102.6
93
92
81
88
89
78
103.1
91
89
102.3 102.1 173.1 167.8 159.9 203.9 203.1 203.4
149
147
165
15P
163
88
141
89
149
185
183
154
141
185
197.3
157
178
107
109
102
'95
141
82
129.0 135.2 202.6
178
102
211
114
174
101
187
93
144
220
136
157
148
'202
155
205
124.2 124.7 132.6 137.0
77
75
75
75
95
92
91
93
141.3
79
97
Furniture and Lumber Products
Furniture
101.7 100.5 111.5 111.4
98
98
90
89
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile and terra cotta
P o t t e r y and related products
108.1 108.1 128.4
123
125
147
77
73
105
99
73
73
134
113
114
Leather and Leather Products
Leather
Boots a n d shoes
163
260
90.1
81
78
159
250
133
-188
Food and Kindred Products
,
Slaughtering and meat p a c k i n g . . . .
Flour
Baking
Confectionery
M a l t liquors
Canning a n d preserving
127.5
106
121
108
99
147
124
Tobacco Manufactures
Cigarettes
Cigars
83.4 84.3 90.8 91.2
120
121
123
124
76
77
62
60
129.0
103
124
108
101
149
134
119.8
115
118
107
104
140
68
118.1
113
110
104
98
139
70
92.1 90.7
123
123
77
74
328
497
294
450
289
412
233
'321
'201.9
181
182
171
174
201
150
•205.0
167
191
169
180
210
180
231.5
180
221
179
170
222
323
92.6 164.5 151.9 149.3 174.6 181.1
217
201
194
205
204
115
115
162
164
137
184.1
218
168
178.3
211
160
212.7
175
218
175
164
231
250
205.6
158
211
171
166
224
249
205.4
181
203
179
193
195
149
r Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for August 1946
are preliminary.
1180
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1945
Factory pay rolls
1946
Apr.
June
1945
June
July
135.9 137.8
121
121
124
202.0
184
193
183
198.0 189.2
181
172
180
182
171
181
114.2 114.3 115.7
108
109
109
122
121
124
116.8 117.5
110
126
139.6 137.8 140.0
122
120
129
156
155
152
170.9 166.8 165.1
188
187
188
121
122
121
169
170
168
169
199
176
178
181
177
59
78
65
107
155
131
162.5 164.5 417.6
188
284
118
186
165
299
170
1984
178
3037
56
168
102
259
July
Aug.
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
116.4
103
111
109
117.0 134.5 135.3 137.3
104
119
120
122
123
123
112
123
123
125
110
122
Printing and Publishing
Newspaper periodicals
Book and job
96.8
91
104
98.3
93
105
223.2
Chemicals and Allied Products
Drugs, medicines, and insecticides 183
111
Rayon and allied products
162
Chemicals, n.e.c
1207
Explosives and safety fuses
1346
Ammunition, small arms
76
Cottonseed oil
104
Fertilizers
•
208.3
181
110
161
1105
889
76
106
May
July
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
T
128.0 128.0 138., 136.9 140.6 142.7
128
134
134
136
137
128
113
105 114
118
101
101
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
160.5
162
128
158.0 182.0 182.
193
193
159
129
130
124
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
165.9
473
155
163.9 163.
203
449
155
136
Aug.
397.8
273
184
292
1880
2636
154
247
Aug.
Apr.
357.2
271
182
288
1607
1470
146
242
May
June
235.9 237.4 '244.4
210
213
"217
212
212
218
217
226
216
July
243.8
218
212
223
178.9 179.5 184.2 186.0
158
161
162
164
197
200
205
209
291.2 283.8 285.1 284.3
302
305
306
307
201
200
198
198
283
278
283
284
307
267
266
265
342
319
331
336
168
140
127
120
363
'250
301
245
144.6 230.6 234.6 229.8 232.7 228.2 r236.0 244.3
224
228
224
221
222
228
223
182
195
189
193
169 195
215
186.1 180.2 185.,
196
183
132
134
304.. 298.7 265.7
294
287
250
243
238
213
165.0 169.4 169.6 174.9 337.5 315.a 293.,
198
197
200
988
835
798
142
139
146
263
260
250
324.9 327.6 337.2 327.2
313
314
318
304
241
241 '255
256
301.6 300.5 315.6 312.5
342
331
339
343
220
221
233
240
For footnotes see page 1180.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1945
Group
Total
Durable
Nondurable
....
Preliminary.
r
1946
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
151 7
195.2
117.4
147,6
187.5
116.1
127.8
144.8
114.5
127.2
142.6
115.1
127.8
143.3
115.6
128.1
141.2
117.8
130.7
144.4
119.8
122.4
122.9
122.0
130 3
138.6
123.7
136.6
151.6
124.7
Revised.
June
May
138.0 139 5
154.6 157.9
124.8 125.0
July
Aug.
140 3 P143 4
160 7 i'165 1
124.3 P126.4
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
Average hourly earnings (cents per hour)
Industry group
1946
June July
Mar. Apr. M a y
June July
June
July
Mar.
Apr.
May
June
July
All Manufacturing
44.6 44.0 40.7 40.5
Durable Goods
45.8 44.9 40.6 40.4 39.3 39.8 39.2 113.0 112.7 110.3 113.1 114.7 116.4 117.7
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos.
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products
Stone, Clay, and Glass Products
Textiles—Mill and Fiber Products
Apparel and Other Finished Products
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing and Allied Industries,
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
Revised.
OCTOBER
45.2
45.3
46.7
45.8
42.3
45.7
41.4
43.3
43.4
40.0
40.3
41.7
40.0
37.0
42.2
41.1
42.5
41.6
39.9
40.2
41.5
39.9
37.4
41.8
41.3
42.3
41.3
'38.4
'38.9
'40.1
39.1
r
36.3
41.1
40.9
41.3
'40.2
38.8
'39.8
'40.9
39.5
'36. 7
40.9
41.5
41.8
40.4
39.6 103.8 103.3 103.5
38.4
39.3
40.4
39.2
37.8
40.1
38.6
41.0
39.5
43.1 42.8 40.9 40.6 40.1 '40.2 40.1
Nondurable Goods
r
46.0
45.7
47.7
46.2
43.8
46.2
44.0
44.1
43.8
39.7 40.0
41.8
37.2
42.1
45.6
42.8
46.4
41.6
45.4
47.8
45.2
45.2
41.3
36.7
41.7
45.8
41.0
46.3
41.5
45.1
47.7
45.5
44.0
40.4
37.5
40.8
42.9
39.7
43.9
41.2
41.6
40.8
40.8
42.1
40.3
37.2
40.5
42.8
39.2
43.5
41.0
41.4
40.0
40.3
41.
39.8
36.9
39.6
42.4
39.5
'42.9
40.4
40.7
39.3
39.4
40.9
40.0
'37.1
39.3
'42.2
'40.0
43.1
'40.5
40.5
'39.6
39.3
41.2
111.2
106.1
115.0
130.0
126.8
107.2
82.2
85.2
92.9
90.4
111.4
105.7
114.8
130.1
126.0
106.8
81.0
85.2
93.1
90.2
105.8 107.1 108.4 109.3
116.9
103.6
117.2
126.4
126.4
111.3
84.8
88.8
98.5
118.6
109.6
117.9
131.6
130.2
113.1
85.6
90.3
100.4
97.5
98.8
39.6 75.9 76.3
85.8 86.9
36.1 83.9 82.9 96.1 96.6
38.3 85
85.1 91.7 92.8
43.8 87
87.4 94.3 95.2
39.1 75.7 74.9 83.0 83.0
42.8 87.9 88.1 95.7 96.6
40.2 112.8 112.3 123.5 124.8
40.6 99.7 99.9 103.3 104.5
40.0 120.7 121.7 130.7 133.2
39.2 114.0 113.8 113.8 123.2
40.5 99.2 98.3 99.9 101.5
119.0
113.1
120.4
133.3
132.5
114.9
'88.0
91.7
101.9
120.2
114.8
122.3
135.0
134.8
116.7
r
90.8
'93.0
103.9
121.2
115.4
123.5
136.5
135.6
116.6
90.9
93.9
105.7
99.6 100.3 101.0
87.3
95.6
'94.2
r
96.1
84.8
'98.3
126.6
106.4
134.2
126.6
102.8
87.5
95.1
'95.0
'97.3
84.6
99.3
127.7
108.5
134.7
128.4
104.2
87.9
94.1
95.4
98.8
85.1
100.6
128.7
109.9
135.5
129.2
104.8
NOTE.—Back figures are available from the Bureau of Labor Statistics.
1946
1181
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons)
Manufacturing
ning
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal.
State, and
local
government
30,353
31,784
35,668
38,447
40,185
39,689
38,144
10,078
10,780
12,974
15,051
17,381
17,111
15,060
845
916
947
970
891
835
779
1,753
1,722
2,236
2,078
1,259
679
834
2,912
3,013
3,248
3,433
3,619
3,761
3,822
6,618
6,906
7,378
7,263
7,030
7,044
7,173
4,160
4,310
4,438
4,447
4,115
4,348
4,589
3,988
4,136
4,446
5,203
5,890
5,911
5,887
1942—September
October
November
December
39,171
39,452
39,597
39,898
15,644
15,798
16,048
16,333
962
954
944
933
2,077
2,136
2,095
2,041
3,448
3,484
3,503
3,525
7,227
7,224
7,132
7,136
t1,255
t1,229
4,382
t,33O
5,431
5,526
5,620
5,701
1943—January
February
March
April
May
June
July
August
September
October
November
December
40,081
40,154
40,358
40,248
40,170
40,298
40,435
40,288
40,032
40,067
40,143
40,118
16,653
16,901
17,123
17,215
17,267
17,431
17,618
17,648
17,608
17,689
17,769
17,634
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
L,476
1,358
1,263
L.164
,082
.020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3*, 687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
1,146
1,121
1,110
i
1,102
1,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
1944—January
February
March
April
May
June
July
August
September
October
November........
December
40,219
40,202
40,016
39,796
39,737
39,789
39,693
39,711
39,440
39,220
39,127
39,357
17,675
17,669
17,535
17,322
17,191
17,116
17,006
17,000
16,804
16,675
16,612
16,747
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4.165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
1945—January
February
March
April
May
June
July
August
September
October
November
December
39,489
39,558
39,651
39,169
38,953
38,683
38,356
38,070
36,223
36,184
36,538
36,813
16,696
16,684
16,640
16,384
16,092
15,749
15,255
14,944
13,094
13,048
13,110
13,059
805
802
796
765
732
798
784
780
780
714
789
798
633
658
691
736
782
828
868
858
883
940
984
1,085
3,797
3,848
3,846
3,811
3,802
3,795
3,801
3,803
3,774
3,806
3,871
3,916
7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
7,215
7,258
7,315
7,335
4,394
4,404
4,438
4,466
4,513
4,521
4,558
4,597
4,603
4,745
4,894
4,936
5,954
5.99S
6,026
6,003
5,976
5,953
5,973
5,967
5,874
5,673
5,575
5,684
1946—January
February
March
April
May
June
July
August
37,471
37,016
37,931
38,335
'38,663
'38,935
39,107
39,647
13,236
12,536
13,272
13,848
'13,955
'14,089
14,150
14,477
814
812
801
508
717
810
813
820
L,23O
L,385
1,462
1,597
1,708
r L ,837
L.893
1,950
3,956
3,987
3,990
3,939
3,873
••3,877
3,906
3,950
7,673
7,697
7,757
7,775
7,763
'7,787
7,900
7,952
5,034
5,082
5,127
5,166
5,134
5,055
5,026
5,077
5,528
5,517
5,522
5,502
5,513
5,480
5,419
5,421
1944—July
August
September
October
November
December
39,809
39,806
39,616
39,426
39,435
40,004
17,091
17,085
16,888
16,758
16,695
16,747
833
834
826
816
812
806
686
700
671
652
629
594
3,809
3,818
3,791
3,767
3,771
3,770
6,942
6,918
6,994
7,148
7,299
7,611
4,618
4,582
4,488
4,340
4,315
4,304
5,830
5,869
5,958
5,945
5,914
6,172
1945—January
February
March
April
May
June
July
August
September
October
November
December
39,093
39,135
39,251
38,991
38,880
38,767
38,474
38,172
36,398
36,327
36,779
37,463
16,696
16,684
16,557
16,302
16,012
15,749
15,331
15,019
13,159
13,048
13,110
13,059
801
798
796
761
728
794
784
784
784
718
793
802
582
599
636
699
798
845
911
927
945
1,006
1,014
1,042
3,740
3,771
3,788
3,792
3,802
3,833
3,858
3,860
3,831
3,825
3,871
3,896
7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
7,143
7,331
7,571
7,959
4,350
4,360
4,394
4,444
4,513
4,589
1,672
i
1,666
1,603
t,698
1,845
1,936
5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
5,933
5,701
5,575
5,769
1946—January
February
March
April
May
June
July
August
37,013
36,509
37,469
38,121
'38,612
••39,044
39,273
39,828
13,236
12,536
13,206
13,779
'13,885
'14,089
14,221
14,549
810
808
801
505
'713
806
813
824
L,132
1,260
1,345
1,517
1,742
r 1.874
1.988
2,106
3,897
3,907
3,930
3,919
3,873
••3,916
3,965
4,009
7,481
7,505
7,617
7,759
7,724
'7,748
7,742
7,793
4,984
5,031
5,076
5,140
5,134
5,131
5,152
5,153
5,473
5,462
5,494
5,502
5,541
5,480
5,392
5,394
Year and month
1939
1940
1941
1942
1943
1944
1945
SEASONALLY ADJUSTED
UNADJUSTED
Total
i
tt,146
i
*•
* Includes Contract Construction and Federal Force Account Construction.
' Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by
final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time
wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors,,
self-employed persons, domestic servants, and personnel of the armed forces are excluded. August 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics,
1182
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
fFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Residential
building
Total
Month
January
March
April
May
July
August
September
October
November
December
1945
1946
140.9
147.0
328.9
395.8
242.5
227.3
257.7
263.6
278.3
316.6
370.1
330.7
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
1945
89.7
102.1
275.2
370.6
463.6
332 2
281.2
284.0
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59.9
88.4
86.1
3,299.3
Year...
Factories
1946
1945
563.5
1946
45.2 104.7
66.6 97.7
160.4 113.7
174.5 105.1
43.4 140.5
25.5 159.4
51.5 129.3
75.5 109.4
98.3
85.4
107.9
92.6
1,027.0
P
1944 1945 1946
Year...
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
396
243
227
258
264
278
317
370
331
1,994 3,299
358
387
698
735
952
808
718
1944 1945 1946 1944 1945 1946
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
67
43
61
61
62
47
56
146
127
197
215
202
37
28
43
46
46
42
42
44
49
43
62
74
1,435 1,311
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
593
516
Title I Loans
Total
1935
320
1936..
557
495
1937
........
694
1938...
1939
954
1940.
1,026
1941
1 186
1942
. . . . . . . 1,137
1943.
942
1944
886
1945............
684
1945—Aug.
Sept.
Oct
Nov
Dec
45
44
62
60
55
1946—j a n
Feb .
Mar...... .
Apr
Property
improvement
Small
home
construction
1- to 4- Rental War
and
family group
houses housing housing
(Title
(Title (Title
VI)
ID
ID
2
2
11
48
51
13
13
6
125
189.
216
219
7
3
12
11
26
28
23
18
16
19
21
20
*
2
56
46
17
14
48
13
July.......
21
39
40
42
Aug
55
25
June .
1946
1946
1945
1946
1945
1946
1945
1946
7.5
8.5
10.0
12.3
9.5
18.8
19.8
25.5
45.5
60.8
62.8
65.5
69.0
77.5
112.7
75.1
88.7
55 2
72.8
56.6
4.9
3.0
4.6
4.3
5.1
10 5
13.4
10.4
10.2
18.6
7.0
18.1
17.1
11.4
18.0
23.4
23 4
35.7
7.8
25.8
28.3
40.9
37.9
38.3
35 2
45.8
37.7
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
54.6
61.1
74.0
51.0
50.2
64.7
143.6
128.1
197.9
202.4
153.1
184.4
8.2
23.9
17.6
36.3
49.9
29.4
35.6
36.9
32.0
27.0
30.8
30.0
27.3
100.2
376.8
13
25
26
21
15
1
>
>
*
t
27
24
1
28
*
28
31
37
33
1
1
26
1
885.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1945
1946
Federal Reserve district
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmond...
Atlanta
Chicago
St. Louis.
Minneapolis.
Kansas City.
Dallas
Aug.
July
Aug.
47,203
94,668
36,438
78,307
83,466
90,744
102,999
62,976
29,723
20,872
32,513
54,880
175,514
43,968
64,566
85,294
85,807
90,527
40,032
27,401
15,840
34,162
18,841
36,445
16,162
25,423
29,395
24,293
51,704
28,703
7,621
6,131
18,890
679,909
717,991
263,608
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
SavCom- Muings
tual
merand
savcial
loan
ings
banks banks associations
Insur- Fed1
eral
ance
com- agen- Other
panies cies1
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
537
272
15
14
17
11
11
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—Mar.
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
856
940
272
276 1,032
237
243
245
200
195
163
12
g
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
13
284
601
7
8
10
6
5
4
•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.
OCTOBER
1945
Mortgages on
94
309
424
473
669
736
877
691
243
224
246
60
160
208
251
262
141
96
58
80
83
80
May
Other
Total (11 districts).
559 1,988
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or month
Educational
Public ownership Private ownership
Total
Month
Public works
and public
utilities
Commercial
346.4
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
figures for 37 States east of the Rocky Mountains, as reported by the
. W. Dodge Corporation. Value of contracts in millions of dollars]
January..
February.
March
April......
May
June
July
August.. .
September
October. .
November
December.
Value of contracts in millions of dollars]
Nonresidential building
x
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, e t c
NOTE.—Figures represent gross amount of mortgages held, exclude
ing terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
1183
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1942
1943
1944
1945
1946
1942
1943
1945
1944
1946
1942
1943
1944
1945
1946
January . . . .
February
March
482
483
637
749
728
988
1,124
1,107
1,197
903
887
1,030
P799
P671
P815
254
254
272
230
234
249
300
314
358
334
325
365
P394
P3 19
P385
228
230
365
519
494
739
824
793
839
569
561
665
P405
April
May . . .
June
.
717
542
650
989
1,092
1,003
1,231
1,455
1,297
1,005
1,135
870
P757
P851
P878
235
191
215
258
282
296
352
386
331
366
372
360
P407
P397
P385
482
351
434
732
810
707
879
1,069
965
639
763
511
P351
P454
P493
July
August
September .
659
705
1,265
1,280
1 269
1,197
1,191
1 194
893
P825
302
318
294
304
446
518
963
962
903
887
537
P393
P378
196
289
282
356
P360
P335
P432
P737
P514
214
187
732
536
981
912
P180
October. .
November. . . .
December
803
788
883
1 238
1,073
1,288
1 144
1 187
200
168
359
329
312
282
328
323
347
603
620
524
909
761
1,005
815
863
591
Pill
P317
P439
6,815
8,608
1,634
1,851
2,336
2,535
4,964
6,271
4,246
Jan.-July
4,169
939
P455
P639
P736
6,724 P 5 , 5 9 6
P344
P322
P297
2,478 ^2,718
P352
P431
P2.878
P1 Preliminary.
Including both domestic and foreign merchandise.
1
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average=100]
ForLive- est
Total Coal Coke Grain stock prod- O r e
ucts
Annual
1939 . .
1940
1941 .
1942
1943
1944 . . . .
1945
101
109
130
138
137
140
135
98
111
123
135
138
143
134
102
137
168
181
186
185
172
107
101
112
120
146
139
151
96
96
91
104
117
124
124
100
114
139
155
141
143
129
110
147
183
206
192
180
169
Miscellaneous
Merchandise
l.c.1.
101
110
136
146
145
147
142
97
96
100
69
63
67
68
SEASONALLY
ADJUSTED
1945_j u n e
140
139
128
143'
136
128
181
193
167
155
157
163
121
121
115
144
140
133
170
171
166
146
146
132
68
67
64
127
118
133
127
143
109
148
133
155
113
167
164
146
158
167
153
114
123
145
140
125
109
110
106
174
134
134
117
126
125
133
130
66
69
74
74
133
126
139
109
106
133
139
141
148
152
155
26
68
146
145
152
127
107
165
95
62
140
177
184
152
150
141
112
126
126
139
131
126
158
140
143
114
118
166
118
122
126
134
143
125
149
153
157
118
94
121
66
66
137
164
162
134
121
143
143
123
135
141
145
78
78
78
81
74
81
78
77
1945—June
July
August .
September.. .
October
November.. .
December....
145
143
132
137
128
136
119
143
136
128
143
109
148
133
178
187
160
154
111
167
172
158
188
176
163
158
164
144
99
97
109
150
189
183
135
149
140
140
135
115
108
94
263
273
249
261
215
114
36
150
148
133
136
136
139
123
68
67
65
69
72
75
71
1946—January
February....
March
April
May
June
July
August... .
123
119
132
107
107
137
143
148
152
155
26
68
146
145
133
114
166
93
61
138
172
152
147
130
99
111
128
166
120
126
111
127
103
96
135
109
121
134
143
130
155
153
29
24
35
50
103
213
263
177
142
113
165
243
123
113
136
141
125
139
142
74
75
79
82
74
81
78
77
July
August . . .
September...
October
November.. .
December
1046—January
February....
March
April
May
June
July
August
UNADJUSTED
145
152
146
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.
1184
Total
railway
operating
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
3,995
4,297
5,347
7,466
9,055
9,437
P8.902
1945—May
June
July
August. . .
September
October...
November.
December.
1946—January.. .
February..
March. . . .
April
May
June
July
Net
Total
railway
railway operating
expenses
income
3,406
3,614
4,348
5,982
7,693
8,343
Net
income
P8,052
589
682
998
1,485
1,362
1,093
*850
93
189
500
902
874
668
P447
796
831
791
705
691
657
668
628
704
725
696
648
655
620
608
674
92
106
95
57
36
37
61
-36
57
71
61
22
4
3
30
-56
655
635
651
566
515
639
651
567
555
667
562
524
586
603
80
-16
4
-9
53
48
51
51
-45
-28
-51
20
P15
1945—May
June
July
August. . .
September
October...
November.
December.
823
820
796
755
679
697
661
614
719
720
••697
669
635
643
600
651
87
44
54
61
-37
'69
'70
63
51
9
20
34
— 75
1946—January.. .
February..
March
April
May
June
July
641
579
646
567
533
612
674
570
521
667
557
537
574
611
71
58
-20
10
-5
38
63
34
29
-49
—21
-37
15
P35
SEASONALLY
ADJUSTED
UNADJUSTED
104
100
rOQ
r
p Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
Year or month
United
States
San
Francisco
Richmond
Atlanta
Chicago
St.
Louis
109
120
144
170
194
215
236
113
123
145
162
204
244
275
107
116
135
149
161
176
193
111
119
143
158
179
200
227
106
109
123
129
148
164
185
105
110
127
149
184
205
229
112
117
138
157
212
246
277
109
1.17
139
169
200
221
244
••237
••277
r
274
••286
••290
••297
189
193
199
208
206
225
232
238
240
239
••179
••217
184
189
197
209
212
218
191
190
203
199
239
241
238
244
••273
278
289
288
287
••233
232
245
273
256
205
221
244
224
232
253
••254
250
220
236
246
244
256
273
260
286
262
283
294
276
276
303
307
308
308
365
••343
365
209
241
243
237
234
253
254
281
234
281
286
267
277
305
300
330
212
236
246
224
252
248
253
258
249
261
275
273
289
288
306
339
336
352
342
368
381
381
269
300
297
291
305
315
323
322
120
171
196
235
307
••137
178
208
255
327
165
199
224
264
338
••195
244
279
307
348
466
158
197
213
254
320
194
234
255
303
365
160
207
210
243
305
••238
239
271
319
399
286
366
••211
243
254
321
407
147
156
197
223
211
216
157
184
155
174
206
219
214
221
158
189
158
174
219
228
222
228
••175
195
167
194
237
253
243
257
203
249
197
227
264
281
274
266
219
254
246
292
315
336
313
307
275
321
167
193
226
242
234
245
198
236
192
236
264
281
272
274
234
284
158
182
223
234
242
236
199
238
255
273
272
265
••239
••239
248
299
316
335
322
313
290
231
279
332
214
253
258
287
284
288
266
290
102
108
131
179
155
162
166
99
105
124
165
142
147
153
97
102
123
181
143
150
159
96
99
119
167
141
148
150
99
106
130
182
144
151
156
107
113
139
191
175
190
198
107
115
140
178
161
185
188
103
111
134
186
160
161
159
102
108
134
176
152
159
166
103
110
138
171
151
169
165
99
105
125
159
152
157
156
106
113
130
161
159
177
190
106
113
137
187
172
177
182
1945—August
September
October
November
December
169
166
164
165
158
155
152
151
148
139
170
161
155
152
150
159
152
149
149
146
156
153
151
157
149
199
200
196
195
192
187
186
188
193
189
161
155
156
155
147
166
172
166
163
155
166
163
160
160
155
157
154
155
158
154
187
212
193
189
198
186
184
185
191
176
1946—January
February
March
April
167
171
177
189
200
••211
••223
221
145
154
157
171
177
181
187
186
162
166
170
180
190
204
213
214
149
153
160
172
182
••194
207
201
206
217
233
243
264
264
184
192
201
220
239
252
267
270
163
165
168
179
191
199
213
210
160
175
185
193
211
222
231
234
166
162
166
183
186
207
224
220
165
163
183
184
194
212
199
157
163
174
178
192
209
213
208
200
179
190
195
208
239
253
252
262
183
190
190
215
217
218
250
240
1945—August
September
October
November
December
182
184
185
179
136
164
166
169
167
127
173
174
175
173
136
165
167
170
164
124
169
171
174
165
124
224
224
224
207
160
202
205
211
203
155
172
173
174
171
132
181
190
186
175
130
176
176
178
173
136
175
173
176
170
126
212
237
218
202
166
205
207
205
202
144
1946—'January
February
March
April
146
158
172
188
200
205
132
145
154
164
173
174
••179
198
144
156
171
182
192
192
196
218
130
148
160
175
184
••184
••192
207
138
151
168
183
194
201
213
225
177
190
205
218
228
232
260
297
166
179
201
217
232
255
275
292
140
150
163
179
191
195
209
225
138
158
180
193
211
222
240
255
151
155
167
174
185
200
228
233
143
147
165
179
191
161
169
185
202
227
246
272
296
161
167
177
212
225
221
265
263
Phila- Clevedelphia land
Boston
New
York
106
114
133
149
168
186
207
104
108
126
140
148
162
176
101
106
119
128
135
150
169
104
111
129
143
151
168
184
200
200
213
225
216
166
167
177
183
188
r
164
161
172
182
179
••176
228
254
263
250
256
275
••273
290
186
200
218
210
213
232
227
246
194
210
232
219
226
240
'236
259
1945—August
September
October
November
December
168
209
230
273
352
125
176
196
225
323
1946—January
February
March
April
May
Tune
July
August . . .
179
207
238
255
248
253
208
242
SALES*
1939
1940
1941
1942
1943
1944
1945
106
114
138
153
167
182
201
Minne- Kansas
Dallas
apolis
City
SEASONALLY ADJUSTED
1945—August
September
October
November
1946—January
February
March
April
May
June
July
August
175
184
202
225
248
251
237
••331
••328
••327
••329
••281
300
UNADJUSTED
201
239
253 '
292
318
352
467
STOCKS*
1939
1940
1941
1942
1943
1944
1945
'.
SEASONALLY ADJUSTED
Tune. ...
July
August
••203
r
206
UNADJUSTED
June
July
August
••223
237
r
230
224
r
Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
OCTOBER
1946
1185
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
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.
128
136
156
179
204
227
255
344
353
419
599
508
534
564
108
194
263
530
560
728
1945—Jan
Feb....
Mar....
Apr
May..,
June.. .
July..,
Aug
Sept.. .
Oct
Nov...,
Dec....
199
198
280
209
231
235
191
213
243
298
334
429
465
500
524
566
592
596
592
'626
620
624
602
462
771
817
772
725
671
695
722
••670
652
700
779
764
1946—Jan....
Feb...
Mar...,
Apr
May..
June..,
July...
August
224
239
301
319
304
304
244
*302
491
533
582
644
674
••699
735
P807
896
979
974
910
934
1048
1073
P1012
[Weeks ending on dates shown.
1935-39 average
100]
Without seasonal adjustment
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1946
3 . . . .163 Feb. 2 . . ..197
9 . . ..214
10. . ..172
1 7 . . ..176
1 6 . . ..209
24. . ..177
23. . ..213
3 . . ..182 Mar. 2. . ..217
10. . ..204
9 . . . .233
1 7 . . ..214
16.. ..243
2 4 . . ..226
2 3 . . ..255
3 1 . . ..230
3 0 . . . .257
7 . . ..181 Apr. 6. , , .272
14. . ..156
1 3 . . ..282
2 1 . . . .192
2 0 . . . .289
2 8 . . ..184
27. . . .232
5 . . ..193 M a y 4. . . .248
12. . . .196
11. . . .274
19. . ..178
1 8 . . ..246
2 6 . . . .182
2 5 . . ..245
2 . . . .169 June 1 . . ..223
9 . . . .196
8. . . .273
16. . . .206
15. . . .283
23. . ..183
2 2 . . . .248
30. . . . 1 7 3
29. . . .239
7. . . .153 July 6 . . . .192
14. . . .167
13. . . .210
21. . . .157
2 0 . . . .201
28. . . .153
27. . . .204
4. . . .167 Aug. 3 . . . .217
10. . . .228
11. . . .176
1 7 . . . .239
18. . . .124
2 4 . . . .255
25. . . .182
1 . . . .194
3 1 . . . .281
8. . . .177 Sept. 7. . . .264
14. . ..293
15. . . .213
21. . . .280
22. . ..220
28. . . .257
29. . . .209
6. . . .242 Oct. 5 .
12
221
13
. .245
19
2o! '.'. .231
. 209
[ 207
26
27 ! ' 233
'.'. !215 Nov. 3! . . !236 Nov. 2 .
1944
6 . . . .143 Feb. 5 . . ..146 Feb.
13. . . .178
1 2 . . . .142
20. . . .155
19. . ..142
27. . . .162
2 6 . . ..146
6. . ..150 Mar. 4. . ..153 Mar.
1 3 . . . .144
1 1 . . ..160
20. . . .147
1 8 . . . .172
2 7 . . ..155
25. . ..182
3 . . . .161 Apr. 1. . ..212
8 . . ..208 Apr.
10. . . .168
1 7 . . ..170
1 5 . . . .152
24. . . .182
22. . ..163
2 9 . . . .168
1. . ..142
8. . ..169 M a y 6. . ..184 M a y
15. . . .149
13. . . .197
22. . . .153
20. . . .177
29. . . .151
2 7 . . . .168
5. . . .151 June 3 . . . .163 June
12. . . .168
10. . . .172
19. . . .168
1 7 . . . .173
26. . . .132
24. . . .151
3. . . .134 July 1. . . .149
10. . . .113
8. . . .116 July
17. . . .126
15. . . .145
24. . . .124
22. . . .138
3 1 . . . .118
29. . . .132
7. . . .131 Aug. 5 . . . .137 Aug.
14. . ..131
12. . . .148
2 1 . . . .146
19. . . .149
28. . . .145
26. . . .171
4. . . .169 Sept. 2. . . .194 Sept.
11. . . .156
9 . . . .177
18. . . .179
16. . . .196
25. . . .176
23. . . .193
2. . . .175
30. . . .196
9 . . . .188 Oct. 7. . . .218 Oct.
1943
Feb.
189
14.
21'.
194
28 \
'. '. 187
6! ! '. !2O2 Nov. 4'.
16
23
30
Nov.
1945
p
* Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year!
United
States p+46
+32 +30 Cleveland-cont.\
Toledo
+49 +25 +23
+29 +26 Youngstown
+46! +27 +26
+27 +25 Erie
+45| +32 +22
+37
+31 +24 Pittsburgh
+58 +38 +30
+27 +27 Wheeling
+48 +29
+34 +25 +24
+26 +26 Richmond
+27 +21 Washington.... +26 + 19 +21
+38j +24 +24
+26 +30 Baltimore
+32 +25 Raleigh, N. C... +41 +21 +26
Winston-Salem.. +47 +40 +28
+3
+39 + 3 7 Charleston, S. C. +4!
New
York....
+21
Bridgeport...
+36 + 3 4 Greenville, S. C. +32! +
+44 +29 +26
Newark
+42 +38 Lynchburg
+ 15 +15 +6
Albany
+48 + 5 1 Norfolk
+34! +36 +29
Binghamton.
+43 +35 Richmond
+63! +38 +37
Buffalo
+30 +32 Roanoke
Elmira
+31 +23 Charleston,
+50; +35 +32
W. Va
Niagara Falls
+19 + 13
+45 +38 +33
New York City,
+4C +38 Clarksburg
Poughkeepsie
+43 +38 H u n t i n g t o n . . . . +46 +26 +26
Rochester....
+32 +30
+ 3 7 +27 +27
Schenectady.
+32 +22 Atlanta
+45 +30 +26
Syracuse
+41 +38 Birmingham
+24J +21 +16
Utica
+ 2 3 +24 Mobile
Montgomery. . . +351 +26 +22
+35! +23 +21
v+42 +33 +29 Jacksonville
Philadelphia.
+47! +35 +30
Trenton
P + 6 4 +42 +41 Miami
+58? +40 +38
Lancaster
p+45 +35 +30 Orlando
+48! +31 +32
Tampa
Philadelphia.
+32 +28 +25
+40! +29 +32
Reading
p+55 +35 +34 Atlanta
, p+491 +38 +36
Wilkes-Barre. p+49 +38 +36 Augusta
\ +31\ +19 +1
York
P+47 +31 +27 Columbus
i +42j +24 +31
Macon
Cleveland....
+51 +31 +30 Baton Rouge.. ! +23J +33 +30
Akron
, +35 + 2 1 +20 New Orleans. . !*+28 +26 +25
Canton
+47 +30 +24 Bristol, Tenn.. +43 + 19 +29
+31 +23 +23
Cincinnati...
+50 +33 +33 Jackson
+33
Cleveland
+ 5 3 +28 +29 Chattanooga.. i +47! +41
+8 + 11
Knoxville
;
+18
Columbus
+49 +30 +30
jp+53: +45 +41
Springfield. .
+28 +17 +16 Nashville
Boston
New Haven. .
Portland
Boston Area..
Downtown
Boston
Springfield. . .
Worcester....
Providence...
r
Revised.
+49
+54
+42
+50
+48
+47
+58
+51
+58
+63
+63
+56
+63
+55
+54
+35
+57
+50
+49
+38
+62
+45
p Preliminary.
1186
* Data not available.
t
Aug. July Eigh
1946 1946 mos.
1946
Aug. July Eight
1946 1946 mos.
1946
Aug. July Eight
1946 1946 mos.
1946
Aug. July Eight
1946 1946 mos.
1946
Chicago
Chicago
Peoria
Fort W a y n e . . .
Indianapolis...
Terre H a u t e . . .
Des Moines. . .
Detroit
Flint
Grand Rapids.
Lansing
Milwaukee....
Green Bay
Madison
St. Louis
Fort Smith
Little Rock
Quincy
Evansville
Louisville
East St. Louis.
St. Louis
St. Louis Area.
Springfield....
Memphis
Minneapolis..
Minneapolis. . .
St, Paul
Duluth-Superior
p+48
+ 19
+32
p+46
p+54
P+52
*
p+49
P+50
P+58
p+53
+24
Kansas
City...
Denver....
Pueblo
Hutchinson
Topeka
Wichita
Joplin
Kansas City...
St. Joseph
Omaha
Kansas City—
cont,
Oklahoma City. +33
+43
Tulsa
+20
+31
+19
+20
Dallas
Shreveport
Corpus Christi.
Dallas
Fort Worth
Houston
San Antonio. . .
+40
+27
+54
+44
+36
+47
+37
+33
+26
+26
+39
+26
+41
+31
+30
+24
+26
+35
+24
+35
+30
San Francisco.
Phoenix
Tucson
Bakersfield
Fresno
Long Beach
Los Angeles....
Oakland and
Berkeley
Riverside and
San Bernardino
Sacramento
San Diego
San Francisco..
San Jose
Santa R o s a . . . .
Stockton
+16 Vallejo and
Napa
Boise and
Nampa
Portland
Salt Lake City
Bellingham....
Everett
Seattle
Spokane
Tacoma
Yakima
+40
+38
+47
+35
+44
+41
+44
+30
+31
+31
+39
+39
+29
+34
+26
+30
+31
+29
+29
+24
+30
+38 •+25
+22
+28
+36
+20
+31
+10
+ 19
+28
+24
+26
+28
+52
+17
+35
+48
+37
+41
-1
•+15
+ 18
•+27
+22
+39
-13
+27
+46 •+33
+44 +34 +26
+33
'+39
+45
+33 **+21
+54 '+34 +35
+33 •+24 +18
+45 +39 +29
+ 16
+31
+26
+37
** Seven months 1946.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Index numbers
without seasonal adjustment
1941 average monthly sales=100 1
Number
of stores
reporting
Department
GRAND TOTAL entire stores
MAIN STORE—total .
W o m e n ' s apparel and accessories
Coats and suits
Dresses
Blouses skirts sportswear etc.
Juniors' and girls' wear .
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery . . . .
..
...
Handbags and small leather goods
Men's and boys* wear
Men's clothing
!Men's furnishings hats caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
H o m e furnishings
1945
June
July
July
June
July
357
357
354
335
340
329
313
318
294
340
339
348
333
255
276
251
288
193
155
157
107
186
222
167
189
217
189
206
143
71
148
92
139
109
79
194
199
110
275
286
226
206
290
214
251
159
108
216
30
178
142
127
119
136
91
161
197
153
176
176
162
174
101
69
128
75
137
106
71
496
456
416
214
693
634
779
279
421
504
179
693
433
811
613
750
176
473
433
303
283
723
573
736
293
394
498
178
618
421
608
619
722
144
399
376
394
162
552
496
692
190
283
353
133
551
464
606
593
709
124
322
327
119
133
189
211
112
93
424
428
450
400
361
433
206
414
693
315
404
713
424
514
480
377
238
313
288
119
147
118
183
316
124
162
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
"M.3.JOT household appliances
Domestics, blankets, linens, etc.
. . .
Piece goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Miscellaneous ..
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
.
239
264
298
224
304
238
234
238
149
138
164
205
155
134
113
234
295
201
128
343
Cotton wash goods
Piece goods
Shoes
1945
1946
July
. . . .
China and glassware
Housewares
Stocks
Sales during (end
of
period
month)
Stocks at end
of month
Sales during
month
1946
Percent change from Ratio of stocks
to sales2
a year ago (value)
...
231
138
119
227
182
188
325
312
123
145
241
122
184
240
171
200
187
177
166
200
163
187
172
147
269
85
95
100
86
96
104
80
119
23
109
102
88
129
240
178
234
445
731
441
545
489
408
665
195
506
755
608
839
522
276
173
195
126
358
619
250
234
186
156
776
644
150
195
125
159
189
463
380
607
139
479
752
576
822
470
328
636
785
642
723
122
118
586
537
590
509
545
469
147
115
126
533
407
370
559
395
362
305
331
302
127
160
239
211
196
238
140
146
162
138
133
145
302
177
179
190
173
94
102
49
131
216
110
245
154
190
108
471
483
465
375
746
1945
+25
+27
+15
+20
3.1
3.2
2.9
3.2
3.4
+15
+24
+24
+22
+8
+32
+27
+29
+6
+ 13
+ 17
+ 18
+42
+3
+ 15
+23
+1
+3
+ 13
+6
+43
+40
+54
+ 18,
+43
+68
+43
+73
+38
+ 18
+ 14
+ 19
+9
+7
+48
+49
+42
+35
+28
+7
+33
+4
+18
+12
+27
+8
+9
+ 18
+21
+38
+37
+48
+ 14
+51
+58
+52
+57
+29
+42
+31
+30
+82
+13
+40
+46
+35
+74
+10
+ 18
+10
+9
+14
+21
+1
+30
+4
+ 18
+8
+34
+2
+35
+34
+42
+42
+ 14
+2
+34
+36
+ 10
+ 16
-2
600
+4
453
449
408
341
434
399
326
396
+61
+22
+16
3.9
1.1
3.1
3.8
4.1
1.3
2.2
2.4
1.3
9.8
2.9
8.8
4.4
6.9
2.2
-6
+6
+39
3.6
3.2
+ 18
-1
-26
2.0
3.0
6.2
+ 10
+3
-8
3.6
3.4
+44
+ 17
3.3
3.0
4.0
0.9
3.3
5.6
5.4
3.6
2.6
+40
+57
+806 +575
511
529
117
232
302
589
712
1946
+9
+8
+23
675
534
563
690
July
1946
+ 18
+ 16
+ 13
172
530
122
112
July Seven
1946 mos.
1946
+29
+30
+16
417
284
425
37
338
601
461
510
385
July
+8
+7
+55
+18
+10
+385
+49
+25
+30
+64
+35
2.8
4.2
1.0
2.8
3.2
3.9
1.1
1.7
2.0
1.3
7.9
3.6
8.1
4.3
6.7
1.8
3.2
4.7
3.7
4.2
7.1
5.6
3.9
4.0
3.7
3.6
1.8
3.1
5.9
5.3
4.0
2.2
1.0
4.2
3.5
3.4
+91
+17
+ 18
1.5
4.4
+ 10
+32
4-20
+8
+16
4.6
4.8
4.2
4.7
5.1
4.6
3.4
+ 16
+44
+50
3.5
3.3
2.1
4.4
3.9
2.0
2.9
2.4
4.3
3.3
1.6
3.6
4.3
3.4
+20
5.9
2.2
2.9
2.5
+83
+22
+23
3.4
-5
1
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stock-sales ratio. For description and monthly indexes of sales
and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August, 1946. The titles of the tables on pages 857 and 858
were 2 reversed.
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 1185.
SALES ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
fndex numbers, without seasonal adjustment , 1941 average = 100
Year and month
1945—juiy
August
September
October . . .
November
December
1946—January . . . .
February
March
April
May
June
July
August^*
Accounts receivable
at end of month
Sales during month
Collections during
month
Charge
account
Instalment
account
Charge
Instalment
account
47
88
32
76
118
'98
117
32
33
58
58
63
76
85
57
59
Total
Cash
Instalment
122
163
136
154
181
202
Cash
sales
Charge
Instalment
sales
Chargeaccount
sales
66
3
65
64
4
4
245
89
147
36
99
71
122
63
4
212
270
271
356
100
108
165
204
41
48
113
144
77
79
143
148
63
64
4
4
31
31
32
33
33
32
142
152
190
205
186
191
233
249
64
72
84
96
106
122
162
175
45
44
43
45
108
100
114
126
82
75
83
82
190
140
138
154
65
62
60
60
36
36
194
193
234
233
85
81
169
169
45
46
129
133
83
81
168
167
59
59
4
4
4
4
156
193
192
234
74
99
130
164
45
48
119
127
79
83
165
152
61
60
4
4
35
36
190
104
103
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index oi sales shown on o. 1185.
OCTOBER 1946
4
4
31
34
37
37
1187
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
{Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Total
instalment
credit
Sale credit
Total
Automobile
1,318
928
637
322
459
576
940
1,289
1.3S4
1929
1930
1931
1932
1933
1934... .
1935
1936
1937
1938
1939
1940
1941
1942....
1943
1944... .
1945
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6 771
7,467
7 030
7,981
9 153
9,899
6 485
5,338
5 777
6,734
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,578
4,436
5,455
5,924
2,955
1,961
2,039
2,365
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
1945_ July
August
September
October
November . . . .
December
1946—January . . .
5,654
5,649
5,702
6,000
6,344
6,734
6,506
6,564
6,978
7,315
»7 507
7,762
7,839
8,131
1,992
1,988
2,010
2,086
2,190
2,365
2,364
2,408
2,507
2,652
2,789
2,908
3,028
3,176
712
March.
April
May . .
June
Julyp
August?
1,267
1,729
1,942
482
175
200
227
520
196
202
210
219
227
235
245
264
289
510
515
544
586
676
642
634
641
668
318
336
686
699
365
394
674
619
516
459
532
802
1,065
1,195
]1,265
1,644
*,005
2,180
1,464
1,147
11,204
1,462
2,125
1,949
1,402
962
776
875
1,048
1 331
1,504
1 442
1,468
1 488
1,601
1 369
1,192
1 251
1,616
1.749
1,611
1,381
1,114
1,081
1,203
1,292
L 419
1,459
L,487
1,544
1,650
1,764
L 513
1,498
L 758
L.981
1,280
1,282
1,293
1,332
L.385
1,462
1,487
L.529
1,602
1,695
1,785
1.873
1,958
2,054
1,452
1,466
1,466 •
1,490
1,556
1,616
1,659
1,671
1,695
1,710
1 708
1,697
1,695
1,704
1,459
L,441
1,470
1,666
1,835
1,981
1,701
1L.692
.975
2,138
2,188
2,327
2,281
2,414
652
639
635
676
192
706
717
754
805
903
877
879
905
957
1,004
1,035
1,070
1,122
Charge
accounts
Service credit
Other
1,197
1,104
958
677
663
741
865
1,147
L,368
1L343
1,525
1,721
1,802
.009
970
814
835
903
Singlepayment
loans3
Loans 1
705
728
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
751
754
756
758
763
772
782
793
804
815
822
830
835
837
r
P 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
652
674
. .
Commercial1
banks
43
45
Small
loan
companies
Industrial
banks*
Industrial
loan
com- 2
panies
219
218
263
287
121
125
156
29
27
27
32
44
191
39
31
459
29
44
88
289
257
232
246
267
161
301
350
346
129
523
692
784
426
312
358
471
435
505
535
424
372
388
445
131
132
134
89
67
68
76
406
391
389
387
395
409
445
446
452
462
482
70
70
70
71
73
76
76
78
82
85
63
64
64
67
70
70
71
73
76
656
700
745
792
492
506
520
535
88
92
95
98
78
79
81
84
1945—July
August
September..
October
November. .
December...
1946—January....
February.. .
March
April
1,280
1,282
1,293
1,332
1,385
1,462
1,487
1,529
1,602
1 695
1,785
June
1 873
JulyP
1,958
August?. . . . 2,054
258
312
406
413
428
448
471
494
522
564
608
Credit
unions
32
31
184
143
619
.516
532
802
1,065
1,195
1,265
1,644
2 005
2,180
1 464
1,147
1 204
1,462
Loans made by principal lending institutions
(during period)
221
Miscellaneous
lenders
Insured
Comrepair
and
mercial
modern- banks 1
ization8
loans
.
95
93
Industrial
banks2
463
Industrial
loan
com- 2
panies
Credit
unions
42
41
503
413
380
340
250
38
34
304
202
33
563
354
409
105
498
376
78
58
50
Small
loan
companies
384
423
42
67
234
288
60
79
25
168
69
130
66
244
148
154
248
95
93
112
102
368
460
619
604
99
104
107
72
59
60
70
147
189
217
147
123
122
128
96
99
102
91
86
88
93
213
284
301
215
128
120
179
680
792
636
744
938
763
927
983
798
809
876
978
238
261
255
255
182
151
155
166
176
194
198
203
146
128
139
151
257
320
372
247
228
230
228
63
122
75
18
125
117
1,017
1,198
148
179
88
145
152
165
174
179
181
184
194
210
73
72
88
94
101
104
105
132
138
76
71
74
89
97
133
76
80
103
105
13
88
87
88
90
93
93
94
95
97
140
12
121
120
121
124
128
127
128
132
137
11
12
14
14
16
14
14
16
16
18
16
20
21
23
19
19
24
25
142
149
154
158
98
99
100
102
231
248
263
285
148
148
156
164
97
99
106
110
19
19
21
20
16
17
17
18
28
28
29
30
13
13
16
15
18
14
14
18
18
* Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of
other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 60 million dollars, and
loans2 made during August were 12 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
. Includes only loans insured by Federal Housing Administration.
1188
FEDERAL RESERVE
BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945
July
Aug
Sept
Oct
Nov
Dec
1946
Jan
Feb
Mar
Apr
May
June
Julyp
Aug.?
Total,
excluding
automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1 ,197
1 ,104
958
677
663
741
865
.147
,368
L,343
1,525
1,721
1,802
1,009
639
635
676
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
520
510
515
544
586
676
145
142
144
156
173
198
235
232
235
247
262
283
11
11
11
11
12
14
47
45
44
44
47
74
82
80
81
86
92
107
642
634
641
668
686
699
705
728
189
184
188
200
206
210
213
220
272
274
279
288
295
299
299
308
14
14
14
15
16
17
20
22
66
62
59
60
61
63
62
63
101
100
101
105
108
110
111
115
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1941—June
December....
1942—June
December....
1943—June
December
1944—June
December....
1945—July
August
September
October
November....
December. . . .
1946—January
February
March
April
May
June
Julyp
AugustP
Volume extended
during month:
1945—July
August
September
October
November....
December....
1946—January
February
March
April
May
June
Julyp
AugustP
j
1
2
Retail instal-2
ment paper
Total
Automobile
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
95.1
95.1
95.7
97.7
100.9
104.1
105.6
107.3
112.8
118.1
122.4
127.2
132.3
136.5
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.8
12.7
12.6
13.1
13.6
13.8
14.1
14.6
15.4
16.8
17.6
18.4
19.9
20.9
16.2
15.8
16.4
19.7
19.9
21.3
18.6
18.0
23.3
23.6
24.4
23.8
26.4
26.2
2.3
2.1
2.2
2.7
3.0
3.1
3.1
3.0
3.8
4.2
3.9
3.9
4.6
4.7
Other
18.4
18.8
16.3
12.8
8.8
7.7
Repair Personal
and
instalmodern- ment
ization
cash
loans i loans
7.8
7.8
7.9
8.0
8.4
9.0
9.8
9.9
10.0
10.9
11.8
12.7
13.4
13.3
12.9
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
14.6
14.9
15.4
16.2
16.8
17.2
18.0
18.2
19.1
20.2
21.2
22.0
23.1
24.0
112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
59.9
59.6
59.7
60.0
61.5
63.3
63.6
64.5
67.4
69.3
70.9
73.4
76.0
78.7
1.4
1.3
1.3
1.7
2.2
2.0
1.6
1.7
2.2
2.4
2.8
2.6
2.7
2.7
1.5
1.5
1.6
2.1
1.9
1.6
1.8
1.6
2.4
2.5
2.5
2.3
2.7
2.8
11.0
10.9
11.3
13.2
12.8
14.6
12.1
11.7
14.9
14.5
15.2
15.0
16.4
16.0
6.8
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Total
Year or month
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1945—July
August....
September.
October. . .
November.
December.
1946—January. . .
February. .
March
April
May
June
Julyp
August?...
Volume extended during month:
1945—July
August....
September.
October. . .
November.
December.
1946—January. . .
February. .
March
April
May
June
July P
AugustP...
1,093
1,450
1,694
845
514
559
731
619
622
633
659
694
731
771
809
871
946
1,025
1,093
1,164
1,248
218
311
411
136
55
57
65
56
57
58
60
62
65
70
74
82
97
108
115
124
138
107
108
106
131
140
147
157
155
188
212
226
217
240
253
Repair
and
modernization
loans1
Personal
instalment
cash
loans
164
253
310
123
81
99
146
118
119
122
128
135
146
155
164
179
193
212
228
245
263
155
217
288
143
68
75
97
79
79
79
83
90
97
107
111
117
127
142
154
167
180
209
247
234
154
89
83
121
96
100
103
109
116
121
125
131
140
151
161
173
183
198
347
422
451
289
221
245
302
270
267
271
279
291
302
314
329
353
378
402
423
445
469
22
23
23
28
29
32
34
35
41
46
52
50
53
58
13
15
13
19
21
24
27
24
25
32
38
36
44
39
11
12
12
15
16
13
14
15
20
22
22
22
23
27
50
47
46
56
60
64
63
63
82
83
85
85
90
94
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Retail instal-2
ment paper
Total
Automobile
Outstanding at end
of period:
1944
1945
1945—July
August
September...
October
November. . .
December. ..
1946—January
February....
March
April
May
June
Julyp
AugustP
Volume extended
during month:
1945—July
August
September...
October
November...
December. . .
1946—January
February
March
April
May
June
Julyp
AugustP
utne
67.1
76.7
70.0
69.3
70.4
71.4
73.8
76.7
77.5
78.4
81.0
83.2
85.6
87.5
89.0
93.4
10.5
11.0
10.0
10.6
11.0
11.2
11.2
11.6
12.1
12.6
12.7
13.0
13.6
3.8
4.0
3.8
3.7
3.8
3.9
4.0
4.0
4.0
4.1
4.2
4.5
4.8
5.2
5.4
5.7
13.4
13.1
13.8
16.0
16.2
17.8
15.6
15.2
18.3
18.0
18.4
18.3
19.6
20.4
2.4
2.2
2.2
2.6
2.7
2.7
2.6
2.4
3.0
3.1
3.2
2.7
3.3
3.6
0.7
0.7
0.7
1.0
1.1
0.8
0.7
0.8
0.9
1.0
1.2
1.2
1.4
1.1
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
OCTOBER 1946
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
9.6
9.6
9.6
Repair Personal
instaland
modern- ment
cash
ization1
loans
loans
51.7
60.2
55.3
54.7
55.6
56.0
57.6
60.2
60.8
61.5
63.6
65.0
66.5
67.9
68.7
72.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.2
0.2
0.2
0.2
0.3
0.3
10.1
10.0
10.7
12.2
12.2
14.1
12.2
11.9
14.2
13.7
13.8
14.2
14.6
15.4
P Preliminary.
1189
CONSUMER CREDIT STATISTICS— Continued
FURNITURE STORE STATISTICS
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Percentage change
from preceding
month
Item
Aug.
1946?
July
1946
June
1946
Aug.
1946P
July
1946
June
1946
+ 10
+ 11
+ 11
+ 10
-5
-8
-3
-4
+57
+67
+53
+72
-4
-6
-2
-3
+69
+89
+57
+72
+48
+83
+42
+70
Accounts receivable, at
end of month:
Total
Instalment
+3
+2
0
-1
+3
+2
+31
+30
+28
+23
+26
+23
Collections during
month:
Total
Instalment
+4
+5
+3
+1
0
-1
+47
+44
+44
+36
+36
+34
Inventories, end of
month, at retail value.
+6
+7
+4
+40
+36
+35
Net sales:
Total
Cash sales.
Credit sales:
Instalment
Charge account
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
1945
July
August
September. . .
October
November
December...
32
33
35
40
40
36
24
23
23
27
27
24
42
48
49
52
51
48
31
31
30
31
35
46
62
63
63
66
67
61
1946
January
February. • . .
March
April
May
June
July
August?
32
31
35
35
34
33
32
34
25
24
27
28
27
26
26
27
52
52
54
56
55
55
55
55
32
29
32
32
33
32
32
33
61
60
64
63
62
60
57
59
P Preliminary.
1
Ratio of collections during month to accounts receivable at begin ning of month.
Preliminary
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
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
99
102
100
99
100
1
7
8
4
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
105
116
123
125
128
2
5
6
5
4
105 5
123.9
138 0
136 1
139 1
106 5
124.2
129.7
138 8
145.9
105.9
108.5
108.0
108.2
108.3
102.5
105.4
107.8
109.8
110.3
108.2
122.2
125.6
136.4
145.8
104.0
110.9
115.9
121.3
124.1
1945—January
February
March
April
May
June
July
August
September
October . . . .
November
December
127 1
126.9
126 8
127.1
128 1
129 0
129.4
129 3
128 9
128.9
129 3
129.9
137.3
136.5
135 9
136.6
138 8
141 1
141.7
140 9
139.4
139.3
140 1
141.4
143.0
143.3
143.7
144.1
144 6
145.4
145.9
146.4
148.2
148.5
148.7
149.4
109.7
110.0
110.0
109.8
110.0
110.0
111.2
111.4
110.7
110.5
110.1
110.3
143.6
144.0
144.5
144.9
145.4
145.8
145.6
146.0
146.8
146.9
147.6
148.3
123.3
123.4
123.6
123.8
123.9
124.0
124.3
124.5
124.6
124.7
124.6
124.8
1946—January.,
February
March
April
May . . . .
June.
July
August
129.9
129 6
130 2
131 1
131 7
133.3
141 0
143.7
141.0
139 6
140 1
141 7
142 6
145 6
165 7
171.2
149.7
150.5
153.1
154 5
155.7
157.2
157 9
159.7
110.8
111.0
110.5
110 4
110.3
110.5
113 3
113.7
148.8
149.7
150.2
152 0
153.7
156.1
156.9
158.1
125.4
125.6
125.9
126.7
127.2
127.9
127.8
129.0
Year or month
1929... ..
1930
1931.......
1932..
1933
1934.
1935.
1936......
1937....
1938...
1939
1940
1941
1942
1943
1944..
1945
. . . .
. . ... .
. . .
108.3
108.3
108.3
iO8.3
108.4
108.5
108.7
Back figures.—Bureau of Labor Statistics, Department of Labor.
1190
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
Year, month, or week
1929
1930
1931....
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—July...
August. . .
September
October. .
November
December.
1946—January..
February.
March....
April
May
June.....
July
August. . .
Week ending:
1946—Apr. 20. ,
Apr. 27. .
May 4. .
May 1 1 . .
May 18. .
May 25. .
June 1. ,
June 8 . .
June 1 5 . .
June 2 2 . ,
June 29. .
July 6. .
July 1 3 . .
Tuly 20. .
July 27. .
Aug. 3 . .
Aug. 10. .
Aug. 17. .
Aug. 24. .
Aug. 31. .
Sept. 7.
Sept. 14. .
Sept. 21. .
Sept. 28. .
[Index numbers of the Bureau of Labor Statistics. 1926 = 100]
Other commodities
All
commodities
Farm
products
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
105.9
105.7
105.2
105.9
106.8
107.1
107.1
107.7
108.9
110.2
111.0
112.9
124.3
129.1
109.6
109.6
109.9
110.1
110.9
110.7
111.1
111.5
111.8
112.4
112.7
117.2
120.7
124.2
124.1
125.0
127.1
128.3
128.4
128.2
122.0
121.7
123.8
124.4
Foods
ChemiHides and Textile Fuel and Metals Building cals
House- Misceland furnishleather
lighting and metal
allied
products products materials products materials products
ing goods laneous
Total
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
129.0
126.9
124.3
127.3
131.1
131.5
129.9
130.8
133.4
135.4
137.5
140.1
157.0
161.0
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
106.9
106.4
104.9
105.7
107.9
108.6
107.3
107.8
109.4
110.8
111.5
112.9
140.2
149.0
99.7
99.9
99.8
100.1
100.2
100.5
100.8
101.3
102.2
103.3
103.9
105.6
108.8
111.6
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
118.0
118.0
118.7
118.6
118.8
118.9
119.4
119.6
119.8
119.8
120.4
122.4
141.2
138.9
135.4
135.5
135.6
135.8
137.9
137.2
138.8
139.4
139.9
140.0
140.3
152.9
153.9
159.2
157.3
156.5
162.3
163.3
160.9
157.1
150.4
151.8
155.1
156.6
110.4
110.3
110.7
110.9
111.5
111.0
111.8
111.9
111.8
113.7
113.4
121.1
134.0
142.0
140.7
142.3
144.0
148.9
148.1
150.9
130.7
128.1
131.9
133.0
103.1
103.1
103.6
103.7
104.0
104.1
104.3
104.6
104.9
105.1
105.4
106.3
106.9
107.8
108.6
109.2
110.8
110.8
111.0
111.0
110.8
111.0
112.1
112.4
120.3
120.3
120.3
120.3
120.9
120.9
120.9
120.9
123.4
123.5
123.8
124.0
129.1
139.3
144.0
143.0
138.3
138.4
140.4
140.1
139.6
139.7
139.4
140.9
99.9
90.5
74.6
61.0
60.5
70.5
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
105.2
105.5
106.7
106.7
108.2
108.2
108.2
108.3
108.3
108.3
108.5
108.8
108.8
109.5
109.5
110.8
114.6
114.9
115.0
115.2
117.3
117.5
123.7
125.4
80.8
83.0
84.0
84.3
84.8
84.1
84.2
84.6
84.8
84.9
85.1
85.0
86.1
86.1
87.8
90.3
94.4
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
104.7
104.7
104.9
105.0
105.2
105.6
105.7
106.6
108.4
108.8
109.4
112.2
113.3
114.0
86.6
86.6
87.0
87.0
87.0
87.1
86.7
86.9
86.9
87.1
87.5
89.5
90.1
90.2
90.2
92.5
96.6
96.5
96.7
96.7
95.1
95.2
95.3
95.1
109.0
109.0
109.1
109.3
109.3
109.4
109.5
110.5
111.0
111.0
111.6
112.6
113.0
113.2
113.3
113.1
113.5
113.7
113.7
113.6
113.6
113.6
114.2
114.2
76.
78.
1946
1945
117.5
117.8
118.0
118.3
118.7
119.5
120.0
120.9
124.9
126.5
127.8
129.9
132.1
132.7
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
95.3
95.3
95.3
95.5
95.7
96.1
96.0
95.9
96.0
96.1
96.5
96.4
99.3
98.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
104.5
104.5
104.6
104.7
104.7
104.7
106.2
106.5
106.9
107.5
108.3
110.4
111.9
112.6
94.8
94.8
94.8
94.8
94.8
94.8
95.3
95.6
95.6
95.7
97.0
98.5
101.3
102.0
126.0
126.0
126.6
126.8
126.9
127.2
127.8
128.2
128.5
129.7
130.3
130.7
131.8
132.5
132.6
132.0
132.4
132.7
132.9
132.8
133.1
133.3
133.9
134.0
96.1
96.1
96.1
96.2
96.3
96.6
96.6
96.8
96.8
96.9
96.9
98.2
98.4
100.0
100.3
98.1
98.2
98.3
98.3
98.1
97.9
97.9
98.4
98.2
108.7
108.7
108.7
108.9
109.4
109.4
110.0
110.2
110.4
110.4
110.7
110.7
110.7
112.5
112.5
113.0
113.4
114.0
114.0
114.0
114.1
114.3
114.7
115.0
95.4
95.5
96.2
96.2
96.3
96.6
97.8
97.9
97.9
97.9
97.9
98.0
98.3
98.8
101.7
101.6
101.7
101.0
101.5
101.5
101.3
101.9
101.8
101.8
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
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
1946
1945
Subgroups
Subgroups
Aug.
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
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
99.6
99.6
100.1
101.0
101.1
101.4
101.6
102.2
104.7
107.9
108.8
109.2
113.2
123.6
May
June
July
Aug,
126.4 148.1 151.8 181.4 169.0
130.7 134.9 137.4 162.9 177.6
123.7 135.1 137.5 145.7 147.8
127.3
101
136.1
110.1
98.1
110.6
95.1
124.3
107.9
96.8
117.0
100.3
140.6
110.5
98.1
156.9
124.9
130.0
169.9
109.4
126.3
117.8
101.3
115.2
128.9 129.5 140.4 140.1
120.7
169.3 155.8
104.0 110
133.2 133.3
115.2 115
115.2 115.8
161.8
124.7
120.4
198.1
114.9
107.4 119.6 120.3 120.5 122.8
119.7 138.6 139.4 148.6 160.0
71.5 75.7 75.8 76.3 84.8
134.8
30.2 30.2 30.2 30.2 30.2
112.7 112.7 112.7 114.0 112.8
100.9 111.9 112.3 113.5 121.7
101.8 104.1 106.1 114.5 113.4
124.7 125.3 132.8 136.1 136.7
134.0 133.5 133.5 147.5 147.0
61.5 67.0 67.2
78.0 80.2 79.6 80.7
64.2 63.5 64.0 65.1 72.£
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
Aug.
May
97.8
98.8
99.1
112.8
85.8
93.4
101.7
102.7
107.8
112.8
89.0
100.8
111.6
120.5
102.6
172.5
108.2
100.8
120.1
115.7
107.3
93.4
107.3
104.3
June
July
Aug
107.0 107.2 108.5
108.4 108.7 109.7
110.1 111.3 113.3
101L4
106.0 106.0 106.3
121.3 122.5 126.0
102.6 104.0 105.8
176.0 177.3 177.6
108.6 114.9 113.9
106.0 106.0 106.3
120.1 120.1 120.1
118.4 119.9 120.9
96.1 97.9 98.0 98.5 98.4
110.2 112.4 109.4 112.6 110.1
81.1 81.9 82.7 88.2 94.4
86.6 86.6 86.6 86.6 87.7
102.0 102.1 102.1 114.2 102.5
107.5 113.4 114.5 117.3 118.5
101.5 102.9 106.1 106.4 106.6
73.0 73.0 73.0 73.0 73.0
159.6 173.6 197.8 246.3 221.1
109.3 115.3 115.6 117.0 119.6
46.2 46.2 46.2 46.2 46.2
98.9 100.2 101.0 101.9 105.0
1
This subgroup is in process of revision.
Back figures.—Bureau of Labor Statistics, Department of Labor.
OCTOBER
1946
1191
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
Seasonally adjusted annual rates by quarters
Annual totals
1946 ?
1945 i
1939
Gross national product
Government expenditures
goods and services
Federal Government
for
War
Nonwar
State and local governments
Private gross capital formation.
Construction
Residential
Other
Producers durable equipment
Net change in business inventories
Net exports of goods and
services
Net exports and monetary
use of gold and silver....
Consumer goods and services...
Nondurable goods
Services
1940
1941
1942
1943
1944
19451
1
2
3
4
1
2
88.6
97.1
120.2
152.3
187.4
197.6
199.2
205.1
208.2
198.2
185.2
180.6
185.0
16.0
7.9
16.7
8.8
62.7
55.3
93.5
86.2
97.1
89.5
83.6
75.7
96.5
88.7
99.8
92.0
81.0
73.0
57.2
49.3
41.1
32.8
38.0
29.5
1.4
6.5
2.8
6.1
26.5
18.6
13 3
50 3
81.3
83.7
69.4
82.9
85.7
66.4
42.6
25.7
22.0
5.3
5.0
4.9
5.7
6.3
5.8
6.3
6.6
6.7
7.1
7.5
7.8
6.6
2.3
7.9
11.2
2.9
8.0
15.0
3.7
8.3
19.2
5.3
8.5
25.0
8.2
2.0
3.5
8.1
10.9
3.6
7.6
2.9
2.5
1.6
2.0
1.6
9.1
2.6
7.8
3.6
1.8
1 3
1.6
0 6
1.0
0.5
0.7
0.3
1.1
1.9
8.9
5.1
3.1
4.0
3.5
-0.5
-0.6
-1.7
1.2
0.2
3
-1.5
-1.8
(3)
91.3
6.6
55.1
29 7
1.6
7.9
14.8
4.3
24
2.0
7.9
19.1
5.3
28
2.5
5.5
6.9
0.9
1.8
2.0
0.8
0.2
61.7
64
32.6
22.7
1.5
0.3
65.7
74
34.4
23 9
74.6
40.1
25 4
82.0
6.3
47.9
27 8
Q
1
()
0.1
0.5
0.9
26.6
1.5
25.2
26.1
26.7
-0.1
-3.4
-1.6
1.7
-0.1
98.5
106.4
105.0
101.8
60.0
31.8
65.6
33.1
65.0
32.6
61.5
33.2
106.0
7 4
65.1
33.5
Gross national product
Deductions:
Business tax and nontax
liabilities
Depreciation and depletion.
Other business r e s e r v e s . . . .
Capital outlay charged to
current expense
Adjustments:
For inventory revaluation
For discrepancies
National income
Additions:
Transfer payments
Deductions:
Corporate savings
Contributions to social insurance funds
Income payments to individuals
88.6
97.1
120.2
152.3
187.4
197.6
10.4
6.2
0.8
0.7
-0.4
0.0
70.8
2.4
0.4
2.0
12 A
6.4
0.7
18 5
7.0
0.8
23 1
7.6
0.6
27 4
8.0
0.5
29 7
8.2
0.5
0.9
-0.4
-0.4
77.6
2.6
1.8
21
1.3
0.8
-0.2
1.5
149.4
0.9
-0.1
—2.2
160.7
3.2
5.3
2 6
1.1
-2.1
-0.2
122.2
2.7
4.4
32
70.8
76 2
92 7
117 3
Income payments to individuals
Personal taxes and nontax
Payments
Federal
State and local
Disposable income of individuals
Consumer expenditures....
Net savings of individuals..
70.8
3.1
1.3
1.9
67.7
61.7
6.0
76.2
3.3
1.4
1.9
92.7
72.9
65.7
7.3
88 7
74.6
14.2
National income
Total compensation of employees
Salaries and wages
Supplements
....
Net income of proprietors
Agricultural
..
Nonagricultural
Interest and net rents
Net corporate profit
Dividends
Savings
..
70.8
48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
77.6
52.3
48.6
3.7
12.0
4.4
7 6
7.5
5.8
4 0
0.4
1.8
-3.2
-1.1
96.9
2.5
1.8
1.4
2.3
2.0
2
3.3
2
8.3
3.2
8.4
4.7
2
9.3
5.4
7.5
113.0
9 0
70.6
33.3
120.2
10 7
75.6
34.0
122.0
12 0
75.5
34.5
5.5
5.4
3 8
39
143 1
156 8
160.7
163.7
163.2
158.6
156.9
156.7
161.0
117.3 143.1
18.6
6.7
16.6
4.7
2.0
2.0
110 6 124 6
156.8
160.7
163.7
163.2
158.6
156.9
156.7
161.0
10.4
17.4
2.1
21.2
22.1
21.7
20.7
20.1
18.7
19.0
82.0
28.6
91.3
33.3
137 4
98.5
38.9
139.6
106.4
33.1
141.6
105.0
36.6
141.5
101.8
39.7
137.9
106.0
31.9
136.9
113.0
23.9
138.0
120.2
17.8
142.0
122.0
20.0
96.9
64.5
60.8
3.7
15.8
6.3
9 6
8.0
8.5
4 5
122.2
84.1
80.8
3.3
20.6
9.7
10 9
8.8
8.7
4 3
149.4
106.3
103.1
3.2
23.5
11.9
11 6
9.7
9.8
4 3
4.0
4.4
5.5
160.7
116.0
112.8
3.2
24.1
11.8
12 3
10.6
9.9
4 5
5.4
4.0
4.0
2.0
2.0
P1 Preliminary.
Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BULLETIN2 for July, 1946, p. 806.
Based
on new sources and not precisely comparable with previous years.
3
Less than 50 million dollars.
NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business
for May and August 1942, and March 1943.
Back figures: For annual totals 1929 through 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates
1939 through 1944, see the Survey of Current Business for April 1944 and February 1946.
1192
FEDERAL RESERVE
BULLETIN
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
DISTRICT FIGURES DERIVED FROM ESTIMATES OF THE DEPARTMENT OF AGRICULTURE,
BY STATES, AS OF SEPTEMBER 1, 1946
[In thousands of units]
Cotton
Federal Reserve district
No.
1
2
3
4
5
6
7
8
9
10.
11
12
. . . ,.
...
.,.....,..
.......
.
...
Total
Production
1945
Estimate
Sept. 1, 1946
Bales
Bales
Production
1945
Estimate
Sept. 1, 1946
Bushels
7,631
32,716
52,176
234,241
142,494
173,909
1 413,884
444,611
412,764
371,628
78,107
7,546
3,371,707
1,108
2,165
1,208
1,955
i 2,789
2 3,019
237
2,258
458
249
2,178
549
Bushels
7,412
27,253
52,911
220,734
148,381
186,519
1,156,790
349.257
383,549
397,723
80,483
7,398
9,015
9,171
3,018,410
Oats
Federal Reserve district
No.
1
2
3
4
5
6
7
8
9 .
.........
10
11
12..
.
Total
1
2
Winter wheat
Corn
Tame hay
Production
1945
Estimate
Sept. 1, 1946
Bushels
Bushels
10,194
17,974
66,402
25,775
7,649
66,754
48,392
37,541
403,707
42,546
96,243
6,244
17,873
57,991
27,417
6,338
56 985
44,421
41,112
438,280
54,283
128,950
823,177
879,894
Tobacco
Spring wheat
Production
1945
Estimate
Sept. 1, 1946
Bushels
36
57
126
Bushels
57
171
136
30
32
20
257,127
5,039
100
36,645
786
1,388
21
245,328
4,698
82
35,512
299,966
287,425
White potatoes
Production
1945
Estimate
Sept. 1, 1946
Production
1945
Estimate
Sept. 1, 1946
Production
1945
Estimate
Sept. 1, 1946
Production
1945
Estimate
Sept. 1, 1946
Bushels
4,791
21,666
15,458
63,506
31,291
30,913
593,313
58,711
522,589
129,155
47,001
29,269
Bushels
5,330
34,407
18,980
79,653
34,657
28,080
614.000
86,950
391,000
155,969
40,727
29,839
Tons
3,539
6,639
2,515
5,605
5,030
4,468
19,618
8,946
10,776
8,986
1,937
13,514
Tons
3,274
6,339
2,435
5,750
5,121
4,200
17,053
8,665
9,274
7,700
1,864
13,113
Pounds
30,774
1,228
46,355
145,225
1,132,964
237,297
37,405
358,631
3,073
4,856
Pounds
36,832
1,479
57,350
157,253
1,269,986
254,715
42,878
391,044
3,516
5,584
Bushels
61,939
35,386
19,996
13,504
24,988
18,589
34,683
10,311
52,596
37,315
5,433
110,391
Bushels
81,018
43,068
22,091
13,830
30,851
19,292
29,165
12,919
39,231
37,605
7,271
118,796
1,547,663
1,519,592
91,573
84,788
1,997,808
2,220,637
425,131
455,137
Includes 9,000 bales grown in miscellaneous territory.
Includes 13,000 bales grown in miscellaneous territory.
OCTOBER
1946
1193
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page Aug. Sept.
28
1946
Sept.
11
Sept.
18
In billions of dollars
WEEKLY FIGURES*
li
25
18
In unit indicated
WEEKLY FIGURES—Cont.
RESERVES AND CURRENCY
Reserves Bank credit, total
U. S. Govt. securities, total. .
Bills
Certificates
Notes
Bonds
Discounts and advances.
Gold stock
Money in circulation. .
Treasury cash
Treasury deposits
Member bank reserves.
Required reserves
Excess reserves r
Excess reserves (weekly average) :
Total'
New York City . .
Chicago
Reserve city banks .
Country banks'". .
Chart
book
page Aug. Sept. Sept. Sept. Sept.
Sept.
25
BUSINESS CONDITIONS
24.10 24.01
3 23.61 23.39
3 14.48 14.72
3 7.78 7.31
.60
3 .60
.76
3 .76
.29
2 .22
20.28 20.28
28.38 28.51
2 2.27 2.28
2 .62
.29
15.87 15.99
15.15 P15.15
.71 *.84
5
5
5
5
5
.85
.02
.01
.20
.63
*\92
.02
(2)
.22
P. 68
23.94
23.29
14.47
7.46
.60
.76
.25
20.29
28.50
2.28
.20
16.09
P15.28
P.81
24.22
23.42
14.47
7.60
.60
.76
.26
20.29
28.45
2.27
.5' 89.1 90.4
24.59 Steel production (% of c a p a c i t y ) . . . 37 89.4 84.5
184 4 ,521 4,507
23.87 Electric power prod. (mill. kw. hrs.). 37 4,404 4,184
14.74 Freight carloadings (thous. c a r s ) . . . 45 908 794 907 899
7.78 Department store sales (1935-39
= 100)
.60
.76 Wholesale prices (1926 = 100):
Total
.29
Farm products
20.30
Other than farm and food
28.45
2.28
.26
.93
16.28 15.98
P15.36 15.21
P. 93
P.77
59.41
40.53
39.77
5.50
15.37
19.76 19.86
13.14 13.29
19.92 19.94
13.21 13.11
9.47
3.58
.09
14.31
1.85
4.03
1.27
5.54
3.26
9.51 9.52
3.50 3.48
.20
.11
14.38 14.42
1.87 1.88
4.21 4.00
1.27 1.29
5.56 5.66
3.37 3.43
9.50
3.56
.23
14.30
1.87
4.10
1.27
5.49
3.32
.65
.61
.66
.37
.34
.56
.66
.35
.54
.65
.58
.69
39.34 39.35
27.35 27.31
17.62 17.65
9.24
9.08
.49
.58
25.12 25.32
3.56
3.59
6.65
6.59
8.95
8.97
9.63
9.69
5.45
5.45
1.45
1.38
2.84
2.86
.375
.84
1.18
1.51
2.25
.375
.85
1.21
1.51
2.27
2.45
2.51
3.03
2.49
2.53
3.05
375
2.90
375
.85
.85
1.21
1.54
1.22
1 .57
2 .29
2 .30
2 .49
2 .57
2 .50
2 .59
3 .11
3 .07
In unit indicated
Stock prices (1935-39-= 100),
139
total
2
143
Industrial
2
Railroad
27 138
Public utility
27 120
Volume of trading (mill, shares)* 2' 1.38
128
132
124
111
2.64
125
128
122
110
2.54
59.07
39.99
39.49
5.54
15.54
. 6
. 6
. 6
. 6
. 6
.6, 7
. 13
. 13
. 13
'. 13
. 13
. 13
123
126
116
109
2.14
280'
257
24.26
20.27
28.35
2.26
.52
16.03
5.03
6.34
4.67
23.90
20.27
28.14
2.27
.69
16.00
5.09
6.32
4.59
15.05
5.05
6.08
3.92
.94
24.17
20.27
28.28
2.25
.5?
16.02
1.81
3.67
28.24
8.00
15.69
4.56
1.83
3.75
28.25
8.07
15.65
4.53
1.78
3.77
28.45
8.18
15.73
4.54
P171.3O
P79.60
P51.7O
P26.60
P13.40
F170.80
P80.40
P52.50
P26.60
Pit,30
P17O.3O
P80.70
P52.70
P26.7O
5.08
6.31
4.63
15.09
5.05
6.09
3.95
.93
15.14
5.01
6.13
3.99
.89
ALL BANKS IN U. S.
.73 Total deposits and currency.. .
Demand deposits. .
Time deposits
.52 Currency outside banks
U.
S. Govt. deposits
.67
CONSUMER CREDIT
39.49 39.13
27.31 26.88 Consumer credit, total
-18
payments loans
18
17.70 17.71 Single
Charge
accounts
18
9.01 8.70 Service credit
18
.61
.47
Instalment
credit,
total
18,
19
25.39 25.08
Instalment loans
19
3.63 3.66
Instalment
sale
credit,
t
o
t
a
l
.
.
.
.
19
6.65 6.35
Automobile
19
8.97 8.98
Other
19
9.81 9.89
5.56 5.64
TREASURY FINANCE
1.35 1.33
Per cent per annum
MONEY, RATES, ETC.
U. S. Govt. securities:
Bills (new issues) . . . .
24
Certificates
24
Notes
24
Bonds (7-9 years)
24
Bonds (15 years and over).24, 26
Corporate bonds:
High grade (5 issues)...
26
Aaa
26
Baa
26
59.10 59.21
40.49 40.60
39.44 39.62
5.41
5.47
15.18 15.19
293!
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank Credit
old stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total. .
Central reserve city banks. .
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks. .
Reserve city banks
Country banks
Excess reserves, total. .
...
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total. .
Bills of $50 and over
$10 and $20 bills
Coins,,$1, $2 and $5 bills. . .
264:
1946
MONTHLY FIGURES
. 93
.01
.01
.20
P. 70
P
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments. . .. 14 59.98
U. S. Govt. obligations. . . . 14 41.46
Demand deposits adjusted. . . 14 39.30
U. S. Govt. deposits
14 6.62
Loans
14 15.08
New York City:
Loans and investments. .
U. S. Govt. obligations, total. 15 13.59
Bonds and guaranteed
securities
16 9.47
Notes and certificates.
16 3.96
Bills
16 .16
Demand deposits adjusted. . 15 14.19
U. S. Govt. deposits. . .
. 1 5 2.31
Interbank deposits
15 4.00
Time deposits
• . 15 1.27
Loans, total
• . 15 5.51
Commercial
17 3.22
For purchasing securities:
Brokers'—on U. S. Govts. 16 .63
Brokers'—on other securities
16 .37
Toothers
17 .60
All other
17 .70
100 cities outside New York:
Loans and investments
15 39.79
U. S. Govt. obligations, total.
27.87
Bonds and guaranteed
securities
. . 16 17.62
Notes and certificates. . . . 16 9.65
Bills
16 .60
Demand deposits adjusted. . 15 25.11
U. S. Govt. deposits .
. 15 4.30
Interbank deposits. .
. . . 15 6.56
Time deposits
15 8.95
Loans, total
15 9.56
Commercial
17 5.27
For purchasing securities. . 17 1.47
All other
17 2.80
45
49 128.2 122. 0 121.7 123.8 124.4
49 157.1 150.4 151.8 155.ll 155.6
49 111.0 110 .8 111.0 112.1 112.4
2.92 U. S. Govt. obligations outstanding,
total interest-bearing
20
By classes of securities:
Bonds (marketable issues).... 20
Notes, cert., and bills
20
Savings bonds and tax notes. . . 20
Special
issues
20|
.375
By maturities:
.85
5 years and over
20
1.24
5-20 years
.20
1.56
5-10
years
20
2.28
Within 5 years
20
Within 1 year
20
Certificates
20
Bills
20
3.16 Holdings on U. S. Govt. obligations:
Commercial banks
21
Fed. agencies and trust funds. . . . 21
Federal Reserve Banks
21
Mutual savings banks
21
Insurance companies
21
Other
investors,
total
21
125
Marketable issues.
21
129
7.76
1.70
2.33
.83
2.91
1.87
1.04
.34
.70
Pl.70
P2.28
PIO.20
P8.13
Pl.70
P2.41
P. 84
P3.18
P2.O5
Pl.12
P. 39
P. 73
268.58
267.36
266.73
119.32
70.10
56.17
22.33
119.32
68.09
56.40
23.05
119.32
66.85
56.57
23.44
108.71
65.11
45.03
80.90
61.98
34.80
17.04
108.70
65.10
45.03
78.89
59.97
37.72
17.02
108.70
65.10
45.03
77.65
58.72
36.47
17.02
83.30
29.13
23.78
11.50
25.30
95.60
41.50
81.90
29.71
23.63
11.60
25.40
95.10
40.80
30.06
23.95
115
109
1.68
For footnotes see p. 1196.
1194
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY FIGURES— Gont.
Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances. . . .
23
23
23
27
27
27
27
27
29
29
29
BUSINESS CONDITIONS
5
June
July
Income payments (mill, dollars) :
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
32
Male....
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production:5
Total (1935-39=100)
35, 49B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip.. . 49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49B
Nondurable manufactures
35
Textiles and leather
49B
Food, liquor, and tobacco
49B
Chemicals, petroleum, rubber,
and coal products
49B
Paper and printing
49B
Minerals
35, 49B
New orders, shipments, and inventories (1939=100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
.a
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls
(1939=100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural
employment (mill,
8
persons) :
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (3
mo. moving
average, mill, dollars):5
Total
41
Residential
41
Other
41
Chart
book
page
4
Aug.
Per cent per annum
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
Treasury bills (new issues)
1946
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
2.48
1.00
.375
15.4
75.7
21.4
20.0
15.5
73.2
18.4
21.2
P15.7
P76.1
P2O.5
21.4
12.9
21.1
21.3
12.2
22.1
P21.5
P12.9
212
226
Pi 99
173
190
159
301
26
275
253
22
49C
919
49 C
49C
17
317
25
329
35
345
49C
49C
161
424
196
•52
218
476
43
43
43
260.5
140.8 ^144.6
43.30
108.4
40.0
43.35 M4.61
109.3 P110.7
39.6 P40.3
38.9
14.9
7.8
5.5
3.9
1.8
39.1
15.0
7.9
5.4
3.9
1.9
P39 .6
P15.3
716
326
389
675
296
379
P636
P274
P362
P8.0
P5.4
P4.0
P2.0
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
74.1
30.9
28.3
77.2
30.8
30.7
79.4
32.4
29.6
44
44
275
'211
'273
"223
290
221
46
46
46
P821
i»787
P432
1,002'
280
13
267
228
39
1,074
46
P436
P355
47
47
47
47
133.3
145.6
157.2
108.5
141.0
165.7
157.9
143.7
171.2
159.7
108.7
49
49
49
112.9
140.1
105.6
124.3
157.0
108.8
129.1
161.0
111.6
Jan.Mar.
49D
49 D
49 D
49D
49D
49D
49 D
Apr.June
JulySept.
In billions of dollars
13.44
7.19
9.89
8.07
3.72
2.48
1.87
13.00
8.67
13.24
12.59
7.22
3.49
1 .88
10.16
3.80
9.45
Pa' cent per annum
23
25
25
25
2.31
1.75
2.34
2.93
2.41
1.84
2.53
2.9/
1.80
2.43
P2.75
In millions of dollars
SECURITY MARKETS
Corporate security i
Net proceeds:
All issues
Industrial....
Railroad
Public utility. .
New money: *
All issues
Industrial
Railroad
Public utility..
270
32
238
208
10
43
MONEY RATES
256.8
139.2
Aug.
42
42
42
42
42
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total.
Individual income taxes
Corporate income taxes
Misc. internal revenue
P226
July
In unit indicated
QUARTERLY FIGURES
208
212
206
June
Cont.
2.51
1.00 Residential contracts (mill, dollars):5
.375
Total
Public
Private, total
1- and 2-family dwellings
In unit indicated
Other
Value of construction activity (mill,
153
146 dollars):
150
150
15
153
Total
154
162
14
Residential:
128
125
130
Public
.94
.95
1.09
Private
Nonresidential:
745!
72^
809
Public
442
37
498
Private
651
653
64 Freight carloadings:5
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
13,486 P 1 4 , 0 5 8
Coal
8,689 ^8,879
All other
4,797
Department stores (1935-39=100) :5
Sales
1,547 2,407 P2.23.'
Stocks
Exports and imports (mill, dollars):
851 1,279
Exports
642
Excluding Lend-Lease exports.. .
136
54
2 4
Imports
2.6
3.0
Excess of exports excluding LendLease exports
60. C
59.3
43.
42.8 Cost of living (1935-39=100):
42.0
17.
17.2
All items
17.3
Food
2.0
2.6
2
Clothing
58. C
56.7
58.'
Rent
48.8
46.8
48.
Wholesale
prices (1926=100):
9.1
10.0
9.9
Total
Pl7(; Farm products
170
Other than farm and f o o d . . . .
76.
73.3
41.3 P42 4
41.0
20^2
19.7
16.9
2.49
1.00
.375
1946
28
28
28
28
941
407
348
154
28
28
28
28
248
219
10
3
'2,134
l,106
209
-741
r
,6n
'532
18
25
For footnotes see p. 1196.
OCTOBER
1946
1195
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
June
30
1946
Dec.
31
June
29
In billions of dollars
CALL DATE FIGURES
June
30
1946
Dec.
31
June
29
In billions of dollars
CALL DATE FIGURES—Cont.
10
10
11
11
11
11
11
10
99.43 107.18 102.03 Country banks:
73.24 78.34 72.27 Loans and investments, total
40.27 44.79 45.42
U. S. Govt. obligations
15.58 16.98 15.29
Other securities
14.72 14.27 10.47
Loans
1.07
2.63
2.27
Demand deposits adjusted
.02 Time deposits
.03
.02
6.46
5.60
6.07
11
11
10
11
11
11
3.10
2.50
20.59
7.10
3.25
1.13
3.25
2.82
22.78
8.95
3.46
3.31
3.15
23.30
9.69
4.27
11
11
11
10
3.09
3.41
1.69
59.13
3.13
3.38
1.90
64.18
13
13
13
13
13
13
3 1 . 37
2 4 . 09
2 . 16
5 . 11
2 0 . 66
1 1 . 26
35.00
27.00
2.41
5.60
23.60
12.51
35.89
26.56
2.73
6.61
24.63
13.53
1946
SELECTED DATES
Jan.Mar.
Apr.June
JulySept.
.86
FARM REAL ESTATE VALUES
12
12
12
12
12
12
31.49
21.62
1.55
8.32
17.80
1.79
32.07
21.79
1.62
8.67
18.22
1.97
2.40
2.48 Cash farm income (bill, dollars, annual
2.46 basis)
67.46 Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-July
28.47
1914=100)
19.13
1.51
7.84
19.35
2.21
12
12
12
12
12
12
36.57
27.52
1.89
7.15
20.68
8.76
40.11
29.55
2.04
8.51
22.37
9.79
37.68
26.59 !ash farm income (bill, dollars)
2.231 Farm transfers (number per 1000
8.861 farms):
Total
23.48
Voluntary sales and trades
10.45
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
1945
CLASSES OF BANKS—CONT.
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Agricultural
For purchasing securities:
Brokers
Toothers
Consumer
Demand deposits adjusted
Chart
book
page
In unit indicated
49A
23.0
49A
6
142
P23.0
•14/
49A
178
184
201
49A
207
214
245
1944
1945
In unit indicated
49A
21.0
21.6
49A
49A
53.4
51.5
56.4
54.9
r
c
* Estimated.
P Preliminary.
Revised.
Corrected.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
23 Less than $5,000,000.
Corrected figures for earlier weeks are: Aug. 7, .82; Aug. 14, .75; and Aug. 21, .90.
*3 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Adjusted
for seasonal variation.
6
As of Nov. 1, Mar. 1, and July 1.
* Copies of the Chart Book may be obtained at a price of 50 cents each
1
1196
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks 1
All
Banks (Head Offices)
Dec. 31, 1942
Dec. 31, 1943
Dec. 31, 1944
Dec. 31, 1945
Aug. 31, 1946P
Dec.
Dec.
Dec.
Dec.
Aug
Branches a n d
Additional Offices'
31, 1942
31 1943
31, 1944 . . .
31, 1945
31 1946* . .
Member banks
reporting
banks *
Total
14,682
14,579
14,535
14,553
14,578
14,136
14,034
13,992
14,011
14,037
6,679
6,738
6,814
6,884
6,899
5,081
5,040
5,025
5,017
5,012
,598
,698
,789
,867
,887
3,739
3,933
4 064
4,090
4,060
3,602
3,797
3,924
3,947
3,908
2,615
2,793
2,892
2,909
2.863
1,592
1,741
1,813
1,811
1,751
1L,079
Total'
National
Nonmember banks
State *
Mutual savings
banks
l
Nonreporting
banks
(nonmember
noninsured)
Total
Insured
7,460
7,299
7,181
7,130
7,141
6,667
6,535
6,452
6,416
6,448
793
764
729
714
56
184
192
192
490
361
351
350
130
119
120
112
693
191
350
115
987
935
52
35
102
95
99
41
41
981
986
57
59
101
109
42
43
1,023
1,052
1,004
1,032
1,038
1,045
1,098
1,112
Noninsured l
952
978
NonInsured * insured
52
54
v1 Preliminary.
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" banks in Arkansas and 102 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
* The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks
•re not
included in the total for "Commercial banks" and are included only once in "All reporting banks."
8
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 93, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and. Mont'
tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
On par list l
Federal Reserve
district or State
Total»
United States total:
Dec.
Dec.
Dec.
Dec.
Aug.
31,
31,
31,
31,
31,
1942
1943
1944
1945
1946*....
14,123
14,021
13,989
14,002
14,037
Total
11,413
11,492
11,544
11,869
11,940
Member
banks
6,670
6,729
6.806
6,877
6,893
Nonmember
bank 8
4,743
4,763
4,738
4,992
5,047
Not
on
par
list*
2,710
2,529
2,445
2,133
2,097
By districts a n d
by States
August 31, 1946 v
Boston
New York
Philadelphia
Cleveland
,
,
490
942
850
1,174
490
942
850
1,174
335
803
651
726
155
139
199
448
Richmond
Atlanta
Chicago
St. Louis
,
,
,
,
1,009
1,137
2,471
1,466
779
508
2,413
1,108
476
328
999
495
303
180
1,414
613
230
629
58
358
1,272
1,748
976
502
590
1,731
859
496
469
751
591
269
121
980
268
227
682
17
117
6
Alabama
Arizona
Arkansas
California
Colorado
219
10
228
191
140
105
10
97
191
140
84
5
66
111
92
21
5
31
80
48
114
Connecticut
Delaware
Dist. of Columbia...
Florida
Georgia
115
40
21
171
366
115
40
21
105
85
63
17
18
68
60
52
23
3
37
25
Idaho
Illinois
Indiana
Iowa
Kansas
46
863
490
659
613
46
861
490
659
611
26
494
239
164
213
20
367
251
495
398
Kentucky
Louisiana
Maine
Maryland
Massachusetts
386
155
63
169
185
386
52
63
169
185
114
43
38
79
148
272
9
25
90
37
Minneapolis
Kansas City
Dallas
San Francisco
OCTOBER
1946
66
281
2
. . . „
163'
On par list 1
State
Total
Member
banks
Nonmember
banks
Total 1
Not
on
par 1
list
Michigan..
Minnesota.
Mississippi.
Missouri...
443
673
203
593
110
442
257
38
521
108
228
208
30
184
77
214
49
8
337
31
Nebraska
Nevada
New Hampshire.
New Jersey
New M e x i c o . . . .
410
8
64
345
42
405
8
64
345
42
146
6
52
295
29
259
2
12
50
13
New York.
North Carolina.
North Dakota..
Ohio
Oklahoma
670
201
150
676
382
670
84
45
676
371
579
54
42
427
218
91
30
3
249
153
69
1,016
20
148
169
69
1,016
20
51
68
33
774
11
29
60
36
242
9
24
8
Tennessee. .
Texas
Utah
Vermont...
Virginia. . .
293
864
59
71
315
189
799
59
71
300
81
547
34
40
201
108
252
25
31
99
104
65
Washington...
West Virginia.
Wisconsin. . . .
Wyoming
122
180
556
55
116
177
441
55
55
108
166
37
61
69
275
18
6
3
115
Montana. .
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
1
416
165
72
2
117
105
11
95
101
15
v Preliminary.
1
Represents banks on which checks are drawn, except that it excludes
both member and nonmember mutual savings banks on a few of which
some checks are drawn. Similar par list figures nublished heretofore
have included member mutual savings banks and wnbtr nondeposit
trust companies (three and four, respectively, on Dec. 31, 1945)
on which no checks are drawn, because of the requirement that member
banks remit at par for checks presented to them through the Federal
Reserve Banks.
The total in this table differs from total commercial banks in preceding table because the commercial bank total r*clud^t some banks on
which checks are drawn, namely, those that do not report to State
banking departments (see footnote 1 of preceding table), and includes
industrial banks and nondeposit trust companies whether or not
checks are drawn on them.
NOTE.—Prior to February 1946, statistics on the Federal Reserve
par list were published annually. For back figures see Banking and
Monetary Statistics, Table 15, and descriptive text, pp. 14-15.
1197
ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 29, 1946, BY CLASS OF BANK
[Amounts in thousands of dollars]
Central reserve city
member banks 1
ASSETS
Loans and investments .
Loans (including overdrafts)
United States Government direct obligations. .
Obligations guaranteed b y United States Government
. . .
Obligations of States and political subdivisions.
Other bonds, notes, a n d debentures
Corporate stocks (including Federal Reserve
Bank stock)
New York
Chicago
303, 953
6 505 894
15, 644, 704
5, 166, 508
1 3?9, 185
3 , 484, 530
1 133
534, 721
193
152, 868
190
Reserve
city
member
banksl
Country
member
banksl
All
member
banks
3 7 , 674, 808 3 5 , 886, 361
8, 862, 113
6 , 605, 272
2 6 , 578, 062 2 6 , 544, 200
0 2 , 031, 630
2 3 , 302, 464
7 2 , 251, 496
12, 118
1, 425, 556
1, 218, 968
20, 013
3, 306, 835
2, 860, 553
6, 762
1, 193, 690
928, 110
All
national
member
banks
All State
member
banks
6 6 , 277, 441 3 5 , 754,189
14, 468, 835
833,629
4 7 , 264, 082 2 4 987,414
'
7 401
12,612
856,348
2, 450 487
917,571
1, 942 982
94, 308
9, 643
106, 071
80, 247
290, 269
143 654
146,615
Reserves, c a s h , a n d b a n k b a l a n c e s
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States
(except
private
banks
and American
branches of foreign banks)
Other balances with b a n k s in United States. . .
Balances with banks in foreign countries. . . . .
Cash items in process of collection
6 528, 727
4 255, 287
85 473
1 , 321, 194
869 787
?5 ?93
10, 683, 754
6 332, 090
399, 428
9 , 545, 808
4, 543, 446
630, 823
28, 079, 483
16, 000, 610
1, 141, 017
18, 607 225
10, 430 646
787 777
9, 472,258
5 569,964
353,240
348
2 617
18 051
2 101, 951
160 886
1 402
762
263 064
1 841, 934
15, 832
11 925
2 082 545
3 , 666, 307
17 249
2, 804
685 179
Due from own foreign branches .
Bank premises owned and furniture and fixtures. . .
Other real estate owned
Investments a n d other assets indirectly representing
bank premises or other real estate
Customers' liability on acceptances
Income accrued b u t not yet collected...
Other assets.. . . . . .
547
169 040
16?
15 968
7 412
274 334
7 863
327 406
6 873
177
2 781
15 516
2 743
47
30
100
46
Total assets..
LIABILITIES
Demand deposits .
Individuals, partnerships, and c o r p o r a t i o n s . . . .
United States Government:
W a r loan a n d Series E bond a c c o u n t s . . . .
Other
States and political subdivisions
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of
credit and travelers' checks, etc
Time deposits
Individuals, partnerships, and corporations.
United States Government
Postal savings . . .
States and political s u b d i v i s i o n s . . . .
Banks in United States
Banks in foreign countries. .
Total deposits..
Due t o own foreign branches
Bills payable, rediscounts, and other liabilities for
borrowed money
Acceptances outstanding
Dividends declared b u t not yet payable
Income collected b u t not yet earned
Kxpenses accrued a n d unpaid
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital
Surplus.....
Undivided profits
Other capital accounts
Total capital accounts
Total liabilities and capital accounts. .
MEMORANDA
D e m a n d deposits adjusted 2
N u m b e r of banks
2
53
68
11
745
897
946
418
30 143 435
?6 059 876
16 836 014
3 461 211
317
292 606
3 126 730
1 ,178 253
6,524,887
060
570
114
862
48 872 777
310 860 35 445 968
3 153 263 23 005 468
786
1
?61
1 046
23
810
733
9??.
777
797
,131 745
36 558
1 ,424 ,486
1 ,372 375
8 ,165
781 ,459
778 ,809
2 ,000
17 ,326
1 020
25 ,600
650
27 ,484 ,362
6 ,092 ,319
4 460
71
2 002
5 219
129
174
224
649
593
148
13
3
44
31
530
440
466
326
475
100
542
739
9, 959
786 748
16, 898
63,
90
229
92
512
688
042
349
333
219
954
296
1 395,142
10,881
14,588
2 128,443
7 412
493 823
10 025
2,547
292,925
6,873
4 , 339
26
18
3 , 004
46
58
139
57
915
042
578
266
16,597
32,646
89,464
35,083
45 859 210 131 400 309
8 5 , 697 727 4 5 , 702,582
96 331 901
65 588 767
6 2 , 703 375 33 628,526
42, 466 010 23 122,757
29 515 197
22 594 022
3 112
82
2 269
997
7
119
298
03^
485
726
11 820
188
4 826
10 390
1 338
314
572
211
585
924
7 418 743
155 593
3 651 766
7 120 482
652 783
4 401,571
32,979
1 174,445
3 270,103
686,141
452 513
2 178 528
1 237 998
940,530
10 ,447 102 13 533 598
10 ,190 123 13 226 255
41 765
45 483
750
2 608
187 032
241 599
17 6 S3
?7 43?
26 186 645
25 567 562
97 413
3 358
446 607
46 105
25 ,600
17 508 ,570
17 047 ,316
74 217
2 877
341 ,717
643
35
6 ,800
8 678,075
8 520,246
23,196
481
104,890
10,462
18,800
557 712
45 ,893 ,070
43 ,048 ,795 122 ,518 ,546
208 ,409
?7 000
62 ,712
20 ,724
10 191
634
27 ,648
4 ,526
1 ,438
? 427
7.5 90?
4 ,292
26 784
37 ,673
14 ,412
31 ,064
146 ,544
46 ,919
27 ,967 ,680
6 ,130 ,904
46 ,196 ,466
14? 350
157 870
47 ,008
46 ,755
897 ,228
1 179 808
401 ,250
198 ,025
60? 3 SO
1 096 387
363 ,419
113 ,599
5 , 734,
37,
33,
5 , 132,
18 456
3 ,461
9 ,876
19 ,703
72 ,782
12 ,410
80 211 ,945 42 306,601
208 ,409
182 ,539
25,870
72 ,240
108 ,372
46 ,450
63 ,385
371 ,862
91 ,269
24 ,441
71 ,050
29 ,599
43 ,358
220 ,611
52 ,499
47,799
37,322
16,851
20,027
151,251
38,770
43 ,185 ,483 123 ,480 ,533
986 ,237
1 071 ,195
459 ,614
156 ,681
2 ,628 ,165
3 ,505 ,260
1 ,271 ,291
515 ,060
2 ,673 ,727
7 ,919 ,776
80 ,836 ,042 4 2 ,644,491
1 ,678 ,939
2 ,096 ,44?
787 ,862
298 ,442
949,226
1 ,408,818
483,429
216,618
4 ,861 ,685
3 ,058,091
2 ,175 , 7 5 5
393 ,983
2 ,676 ,311
30 ,143 , 4 3 5
6 ,524 ,887
48 ,872 ,777
45 ,859 ,210 131 ,400 ,309
85 ,697 ,727 45 ,702,582
16 158 414
37
3 188 ,679
13
?3 483 784
355
?4 630 390
6 ,482
44 351 478
5 ,012
67 460 ,767
6 ,887
?3 ,109,289
1,875
1
Banks are classed according t o t h e reserves t h a
outlying sections of reserve cities or central reserve c : ^ : '
cities. Figures for each class of bank include asse
which
;h the parent banks are located.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
1198
FEDERAL RESERVE BULLETIN
ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND
POSSESSIONS JUNE 29, 1946, DECEMBER 31, 1945, AND JUNE 30, 1945
[Amounts in thousands of dollars]
June 29, 1946
All
insured
commerical
banks 1
ASSETS
Loans and investments
117,438,074
Loans (including overdrafts)
26,796,235
United States Government direct obligations... 82,974,112
Obligations guaranteed by United States Gov23,742
ernment
3,975,354
Obligations of States and political subdivisions..
3,354,207
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve
314,424
Bank stock)
Reserves, cash, a n d bank
balances....
Reserve with Federal Reserve Banks. .
Cash in vault
Demand balances with banks in United States
(except private banks and American
branches of foreign banks)
Other balances with banks in United States. . .
Balances with banks in foreign countries
Cash items in process of collection
Due from own foreign branches
Bank premises owned and furniture and fixtures. . . .
Other real estate owned
Investments and other assets indirectly representing
bank premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected...
Other assets
Total assets. .
LIABILITIES
D e m a n d deposits
Individuals, partnerships, and corporations.
United States Government:
War loan and Series E bond accounts.
Other
States and political subdivisions
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of
credit and travelers' checks, etc
Time deposits
Individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Christmas savings and similar accounts
Open accounts
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries.
December 31, 1945
Banks not
members
Federal Reserve System
All
insured
commercial
banks 1
June 30, 1945
Banks not
members
Federal Reserve System
All
insured
commercial
banks 1
15,420,383
3,496,006
10,733,066
121,835,372
25,768,677
88,911,711
14,665,494
2,995,662
10,599,036
112,380,096
23,378,880
82,378,820
12,966,444
2,793,311
9,181,377
3,729
669,452
493,931
21,669
3,874,729
2,938,313
5,964
621,404
417,751
43,284
3,686,190
2,566,830
10,119
585,531
368,642
24,199
320,273
25,677
326,092
27,464
31,853,309
15,999,368
1,473,274
3,776,078
4,459,355
" 394^096
29,659,257
14,805,926
1,477,475
3,894,840
332^381
34,302,704
15,810,286
1,831,755
9,036,691
72,555
34,086
5,237,335
3,303,071
35,455
544
104,627
11,006,547
75,427
24,017
5,554,672
3,930,001
36,185
645
98,428
9,902,652
64,630
24,389
3,384,185
3,455,221
26,723
319
85,103
9,959
899,703
24,903
113,019
8,005
7,321
902,925
31,239
115,299
11,928
270
918,606
45,082
118,085
17,412
67,350
92,056
240,990
117,022
3,838
1,368
11,948
24,673
69,172
66,459
252,033
115,175
4,434
851
12,555
24,223
70,386
41,376
234,874
106,804
4,862
412
11,429
21,854
150,743,366
19,359,312
157,582,400
19,294,139
143,456,751
17,035,338
108,408,358
75,404,533
12,076,461
9,815,766
10,697,071
8,091,382
898,133
36,919
982,709
193,853
12,451,674
9,655,650
1,531,822
32,178
859,029
232,745
107,266,301
65,507,969
12,718,443
225,491
5,808,920
10,584,438
1,346,281
117,847,138
72,605,736
23,476,945
266,147
5,099,450
12,566,058
1,247,905
23,199,502
283,822
4,699,707
11,216,666
1,118,697
1,485,918
30,126
822,312
152,960
7,357
2,320,252
2,584,897
141,724
32,240,406
6,068,666
29,963,844
5,279
134,971
5,703,808
31,504,915
5,952,253
29,295,108
5,597,071
101,923
4,592
552,104
51,259
25,613
4,510
1,234
105,502
5,154
13
98,277
4,926
495,967
51,957
17,609
2,535
1,439
97,080
5,674
9
140,648,764
18,145,127
147,810,982
18,155,482
327'474*
12,846
1,239,938
101,527
27,016,085
5,220,345
24,803,484
898,976
199,157
461,489
99,963
5,254
482,200
49,203
16,359
Total deposits
Banks not
members
Federal Reserve System
4,626,039
416,059
40,705
39,083
2,074
1,621
89,982
4,773
9
15,917,416
134,282,386
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for
borrowed money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital.
Surplus
Undivided profits
Other capital accounts
Total capital accounts
Total liabilities and capital accounts...
MEMORANDA
Demand deposits adjusted2
JN umber of banks
208,409
211,181
83,229
109,799
48,428
78,908
394,189
102,037
10,989
1,427
1,978
15,523
22,331
10,812
215,300
76,824
56,508
58,280
367,271
113,658
7,206
859
3,513
12,036
20,954
9,379
196,233
65,308
49,253
47,776
49,787
335,771
88,889
13,411
420
2,040
10,647
17,045
7,647
141,673,763
18,208,187
148,910,004
18,209,429
135,115,403
15,968,626
3,070,706
3,932,822
1,485,019
581,056
442,541
428,709
213,854
66,021
3,032,331
3,784,722
1,293,271
562,072
439,967
402,488
177,537
64,718
2,977,941
3,528,861
1,293,751
540,795
442,126
370,461
187,339
66,786
9,069,603
1,151,125
8,672,396
1,084,710
8,341,348
1,066,712
150,743,366
19,359,312
157,582,400
19,294,139
143,456,751
17,035,338
78,296,370
13,335
10,835,572
6,451
74,735,411
13,302
10,551,222
6,421
68,063,429
13,282
8,930,118
6,445
1
Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on
opposite
page.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
OCTOBER
1946
1199
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments. .
1201
Gold production.
1202
Gold movements.
1202
International capital transactions of the United States. .
1203-1208
Central
1209-1212
banks.
Money rates in foreign countries
1213
Commercial banks.
1214
Foreign exchange rates.
1215
Price movements:
Wholesale prices.
1216
Retail food prices and cost of living
1217
Security prices.
1217
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. Figure!
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
1200
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
End of month
Argentina 1
Belgium
Brazil
British
India
CoCanada Chile lombia
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
' 1943—Dec...
1944—Dec...
4,512
7.644
11,995
12,737
!2,726
21,938
20.619
431
466
353
354
1658
1939
581
609
734
734
735
734
32
40
51
70
115
254
329
274
274
274
274
274
274
274
192
214
1945—Sept..
Oct.. .
Nov..
Dec...
t946—Jan.. .
Feb...
Mar..,
Apr...
May..
June..
July ..
Aug.. .
20,073
20.036
20,030
20,065
20.156
:0,232
20,256
20,251
20,242
20,270
20,267
20,280
409
407
404
403
398
398
397
392
398
406
694
698
711
716
729
747
755
763
761
761
756
352
357
356
354
363
362
361
361
360
359
358
357
274
274
274
274
274
274
274
274
274
274
274
Iran
(Persia) Italy
Japan
Java
164
164
164
80
90
140
235
4216
Hun-
End of month
37
24
24
24
24
24
24
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
26
26
26
26
34
92
128
193
144
120
131
131
131
P131
P126
1945—Sept.
Oct..
Nov..
Dec.
1946—Jan
eb..
Mar...
Apr...
May.,
June..
July..
Aug.. .
P!26
P124
End of month
Cuba
Egypt France
RumaPoland Portugal
South
Africa
Spain
69
69
59
59
59
60
60
133
152
15*
181
203
260
267
220
249
367
366
634
706
814
3525
60
60
60
60
60
60
60
26*
93*
95 4
94.1
914
9V#
94?
108
108
103
110
111
111
111
111
111
111
5
6
5
6
1
1
1
16
46
111
83
56
58
61
61
61
61
53
53
52
44
44
44
44
55
55
52
52
52
52
52
,430
,709
,000
,000
,000
2.000
1,777
7
5
5
7
7
6
6
7
5
6
6
82
82
82
82
82
82
82
83
82
83
81
106
114
115
127
128
129
131
132
133
134
135
176
186
186
191
201
201
201
201
201
201
201
61
61
61
61
61
61
61
61
61
61
61
44
44
44
38
38
38
38
38
38
38
38
52
52
52
52
52
52
52
52
52
52
1,777
1,540
1,540
1,090
1,090
1.OV0
1.090
1,050
Nor-
Peru
94
94
20
20
20
21
25
31
32
29
32
47
47
39
203
222
998
692
617
575
506
500
500
23
23
23
23
23
23
23
255
250
296
294
288
284
257
254
250
235
229
218
270
270
270
270
270
270
270
270
270
270
270
270
23
23
23
23
23
23
23
23
23
23
23
28
28
28
28
28
28
28
28
25
23
23
23
Switzerland
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
B.I.S.
Other
coun-8
tries
321
308
160
223
335
387
463
701
549
502
665
824
964
1,052
29
29
88
92
114
161
221
2,690
7
1
1
1
1
1
1
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
14
7
12
12
21
45
37
166
178
170
166
185
229
245
Greece
27
28
28
28
28
28
28
24
21
17
16
25
59
92
New
Mexico Netherlands Zealand
Ger-
29
29
29
29
29
29
29
30
30
30
31
36
54
79
27
Sweden
1938—Dec..
1939-Dec.
1940—Dec..
1941—Dec.
1942—Dec..
1943—Dec..
1944—Dec.
Czecho- Denslovakia mark
85
796
796
26*)
269
1,080
1,046
1,027
42
42
91
105
GoTcrnmeit gold r«*re»»«' s«t included
in prevktt* £;«t«t
United
BelEnd of month United
France gium
States Kingdom
80
2759
331
44
1938—Dec
154
559
1,732
1939—Mar
477
May.. .
85
17
June
191
195
236
479
39
1,085
1945—Sept..
248
164
Sept.. . .
«876
191
195
236
475
39
1,111
Oct...
247
156
17
Dec
202
195
236
474
39
1,109
Nov..
245
86
17
1940—June....
202
195
241
482
39
»1,104
247
48
Dec.
17
292
Dec
212
195
241
481
39
1,099
247
89
1946—Jan. .
17
1941—June....
212
195
241
481
39
1,091
247
25
Feb..
17
4151
Dec
212
195
241
478
39
1,102
245
8
Mar..
17
1942—June....
212
198
241
476
39
1,099
P242
12
Apr...
17
Dec
204
215
473
241
39
1,106
11
May.
17
P239
1943—June
215
240
204
473
39
1,106
43
17
Dec
P238
J11 ne.
215
470
240
1,119
21
17
P238
1944—June....
July..
215
474
1,121
12
17
Dec
Aug..
32
1945—Mar
81
June....
17
20
9 Preliminary.
Sept
18
Dec
1 Figures through March 1940 and for December 1942. December 1943, and December 1944
17
54
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar
abroad
and gold belonging to the Argentine Stabilisation Fund.
3
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
1 Reported at infrequent interval* or on de• Figure for December 1938 is that officially reported on Apr. 30, 1938.
layed basis: U. S.—Exchange Stabilitition Fund
• Figures relate to last official report dates for the respective countries, as follows: Java— (Special A/c No. 1); U. K.—Eicliangr EqualiJan. 31. 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. zation Account; France—Exchange Stabilization
• Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- Fund
and Rentes Fund; Belgium—Treasury.
2
rately.
Figure for end of September.
9
• These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Reported figure for total British fold reserves
Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, on Aug. 31, 1939, less reported holdings of Bank
1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February of England on that date.
1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have
4 Figure for Sept. 1, 1941.
been
carried forward from last previous official report.
NOTE.—For available back figures and for de7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British tails regarding special internal gold transfer!
Exchange
Equalization Account during 1939.
affecting the British and French institutions, st«
8
In addition to gold held by the Swiss National Bank, the Swiss National Bank's Annual Banking and Monetary Statistics, p. 526, and
Report for 1945 stated that the Swiss Government owned gold amounting to 238 million BULLETIN for February 1945, p. 190.
dollars on Dec. 31, 1945.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication.
OCTOBER
1946
1201
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1934...
1935...
1936...
1937...
1938...
1939...
1940...
1941...
1942...
1943...
1944...
1945...
1945—Aug...
Sept..
Oct.. .
Nov..
Dec.
1946 —Jan.. .
Feb..
Mar..
Apr..,
May.,
June,,
July..
Estimated
world
production Total
reported
outside
U.S.S.R.i monthly
South i
Africa I
823,003 708,453 366,795
882,533 752,847 377,090
971,514 833,895 396,768
1,041,576 893,384 410,710
1,136,360 958,770 425,649
1,208,705 ,020,297 448,753
1,297,349 ,094,264 491,628
1,288,945 ,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
645,323 427,862
53,363 34,199
52,756 35,313
55,739 36,809
54,686 36,005
54,896 35,043
55,758 35,892
*>50,981 32,971
P50,656 30,871
P53.900 34,793
36,740
35,732
36,657
Production reported monthly
North and South America
RhoWest I Belgian United I CanMex- iColom- I Chile I Nica-7
desia Africa2 I Congoa I States* I ada 6
ico«
bia I
I ragua
$1-—15 5 /a grains of gold 9/io fine; i. e., an ounce of fine gold=$35.
24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166
25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251
868
28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018
807
28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544
848
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557
28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506
29,155 32,163 8,862 210,109 185,890 30,878 22,117 11,999 5,429
27,765 32,414
209,175 187,081 27,969 22,961 9,259 7,525
26,641 29,225
130,963 169,446 28,019 20,882 6,409 8,623
23,009 19,740
48,808 127,796 22,055 19,789 6,081 7,715
20,746 18,445
35,778 102,302 17,779 19,374 7,131 7,865
19,888 18,865
32,511 92,794
17,734 6,282 6,985
1,668 1,610
1,459
464
595
3,331 7,411
1,680 1,610
1,400
370
570
2,728 7,404
1,664
,610
1,319
425
559
3,639 8,034
1,595
,400
1,224
396
592
3,822 7,726
1,597
,470
1,140 1,096
634
3,635 8,391
1,584
,610
1,492
683
522
3,984 8,346
1,473 1,610
1,309
549
443
3,283 8,013
1,574 1,645
1,473
770
608
3,639 8,677
1,609 1,645
1,193
451
580
3,226 8,338
1,609 1,610
1,350
488
3,158 8,412
1,654 1,715
1,094
563
3,416 8,203
1,715
448
3,993 8,384
Other
Austra-I
British
lia8 1 India*
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
16,450
2,065
1,190
1,190
1,435
1,365
1,470
1,330
1,400
1,435
1,610
1,540
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545
5,950
560
490
490
490
525
175
630
455
490
525
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
v Preliminary.
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
Coast4 only. 3 Beginning May 1940, monthly figures no longer reported.
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures
represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193
so that
aggregate for year is equal to annual estimate compiled by Bureau of the Mint.
5
Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported.
7
Gold
exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
• 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439 they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Total
Year
net
or
month imports
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.?
United
Kingr
dom
France
Belgium
Netherlands
Sweden
Switzer- Canada
land
Mexico
PhilOther
ipLatin
AusAmeri- pine tralia
Iscan Republics lands
BritSouth
ish
Africa Japan India
30,270
28,153 12.0381 1,029!
12,402 86,829
4 76,820
121
1,131,994 499,870 260,223 8,902 94,348
13,667
968
3 227,185
29,359 15,335 3,498|
95,171
65
. . 75,268
1,739,019 315,727 934,243
7,511
30,790 21,513 23,2801
72,648; 39,966
. . 77,892
1,116,584 174,093 573,671 3,351 71,006
6 54,452 111,480, 38,482
39,485 25,427 34,713
181j246,464i50,762i
1,585,503 891,531 -13,710 90,859 6,461
65,231 27,880 39,162
76,315! 36,472
401jl68,740|l6,159|
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
.
612,949; 33,610
57,020 35,636 74,250 22,862!l65,605i50,956
3,798 165,122 341,618 28,715} 86,987
3,574,151 1,826,403
29,880 128,259 38,627 103,777jl84,756!lll,739;49,989
977 63,260 161,489 90,320 2,622,330
633,083 241,778
4,744,47
03,777 184,7561 H , / J 9 49,989
16,791
1
61,862 42,678 67,492!292,893l 9,444 9,665
1,747
1
899 412,056
3,779
982,378
40,016
39,680 32l|
528|
,
1,955
315,678
129
5 208,917
13,489
152)
307
66,920 -3,287
88
68,938
46,210 -109,695 -108,560
1991 3,572
-845,39: -695,483
15,094 -41,748
53,148
106!
357
160
-106,250
154,070
82,439
31,396
-20,534
-27,028
36,329
6,347
15,210
151,270
80,629
25,265
222
127
32,277
639
649
391
126
75
149
34
29
476
516
1,729
1,479
1,386
637
-33
902
2,328
-8,502
-6
9
13
2
41
19,886
21,095
28,529
20,856
8,910
13,301
*68,623
3284,208
4
63,O71
20,008
-8,731
18,365
-133,471
654
191
1,366
23|
11!
3,267
11
All
other
countries
6
-21,586
7
-27,155
8
-236
3,112
9 2,865
2,887
10
P1 Preliminary.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 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,
a Includes $75 087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from 5 other countries. 4 Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
Includes $133,980,000 to China and $509,000 from other countries.
6
Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries.
7
Includes $27,229,000 to China and $75,000 from other countries.
8
Includes $2,813,000 from U. S. S. R. and $299,000 from other countries.
• Includes $2,813,000 from U. S. S. R. and $52,000 from other counties.
i° Includes $2,821,000 from U. S. S. R. and $66,000 from 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.
1202
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
Official1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
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
1936- Mar.
June
Sept.
Dec.
.,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
5*4.0
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. 3 1 .
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
1,075.7
1,069.5
1,125.1
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
319.1
395.2
493.3
583.2
618.5
643.1
625.0
641.8
1,150.4
1,155.3
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
,927.3
,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
,999.9
,907.8
,980.5
,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
,841.0
,818.2
,817.7
,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1).
June 30*
Sept. 30
Dec. 31
5,219.3
.,636.4
5,798.0
,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
,752.0
,864.2
,873.5
,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
1943—Mar. 3 1 .
June 30.
Sept. 30.
Dec. 3 1 .
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
,920.3
,931.2
,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. 3 0 . .
Dec. 3 1 . .
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30. .
May 3 1 .
June 30.
7.908.1
7,983.6
8,002.6
8,079.7
8,131.6
8,422.8
4,999.6
5,159.6
5,219.4
5,289.5
5,335.4
5,671.0
2,744.4
2,859.6
2,865.1
2,920.2
2,964.9
3,313.2
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
1,025.2
989.3
983.7
1,012.6
1,032.0
1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 3 1 . .
Aug. 3 1 .
Sept. 30. .
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
8,641.7
8,711.9
8,858.6
8,965.4
8,828.1
8,802.8
5,846.2
5,922.4
6,042.2
6,214.0
6,122.9
6,144.5
3,482.4
3,513.6
3,554.9
3,593.0
3,431.0
3,469.0
2,363.9
2,408.8
2,487.2
2,620.9
2,691.9
2,675.5
810.2
829.0
865.3
875.5
804.2
742.7
1,015.0
999.7
998.2
946.5
983.0
972.8
843.2
831.6
818.4
795.1
779.1
798.7
127.1
129.1
134.6
134.4
139.0
144.1
8,822. 9
8.733.9
j 8,635.2
i 8,605.8
. i 8,336.7
6,234.7
(Apr. 1).
(July 1).
30
30
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31.
..
6.0
BULLETIN for September 1945, pp. 960-974,
OCTOBER
1946
1203
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,through—
1935—Dec. (Jan. 1,
1936—Dec. 30. .
1937—Dec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 3 1 . .
1942—Dec 31 .
If43—Dec 31
1944—Dec. 3 1 . .
1945—June 3 0 . .
July 31
Aug. 3 1 . .
Sept 30
Oct. 31
Nov. 3 0 . .
Dec. 31
1946—Jan. 3 1 . .
Feb 28
Mar 31 .
Apr 30
May 31
1936)...
Total
1 ,440.7
,667.4
^ ,501.1
1939)... 3 .933.0
1940). . . 5 ,112.8
1941)... 5 .807.9
S.354.1
s7 ,980.2
,267.1
7 ,728.4
8 .422.8
8 .641.7
8 .711.9
858 6
8 .965.4
8 .828.1
8 .802.8
8 .822 9
8 .733 9
8 .635.2
8 605.8
8 ,336.7
United
King- France
dom
Netherlands
Switzerland
Germany
554.9
829.3
993 7
,183.8
1 ,101.3
865.2
674. 1
837.8
1 ,257.7
1 ,O9o:o
1 ,066.2
1 ,075 0
1 ,018.8
946 7
937.8
888.7
892.5
858.3
804.7
719 1
709 5
585.8
114.5
229.7
311 9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
513.0
516 1
518 1
518 1
523 8
526 3
539.7
538.4
525 8
536.5
528 2
426.3
130.4
335.5
607 5
557.5
773.0
911.5
725.7
592 1
629.1
664.3
679.7
689.9
695.6
698 4
705 2
709 8
722.3
728.6
731.1
728.8
730.4
725.4
36 .6
83 1
9
140 .5
165 .9
175 .9
179 9
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625 9
636.8
585.7
521 7
542 4
499.8
463 9
510 9
469 8
464.2
553 6
531 6
515.1
453.3
464.1
179
s
178 .6
179 1
179 0
179 0
179
179 3
179 s
179 4
179 7
179 6
179 4
179
179 3
179 .2
Italy
24.0
45.6
22 1
32.2
58 0
55.4
50 5
48 1
48.2
63.1
80 0
85 2
89.6
94 2
98 0
100 8
106 5
107 3
108 5
111.2
138 9
142.0
Other
Total
Europe Europe
130.0 1,200.6
228.5 2,051.3
312 2 2,653 0
472.0 3,054.2
752.9 3,790.1
922.7 4,056.6
891.8 3,626.3
850.9 3,608.1
954.8 4,192.8
993.3 4,081.8
1.017.9 4,057.5
1,053 0 4.140.6
1.059.2 4,060.2
1.134 2 4 034 8
1.118.1 4.073.2
1.127 8 4.002.6
1,132. 114,037 0
1,142.9 4,108.7
1 125.5 4.006 7
3.906.7
1,140 0 3,879 5
1,152.2 3,675.0
Can- Latin Asia1
ada America
150.5
106.3
155.3
229.4
411.7
340 5
425.1
760.3
976.4
1 ,218.0
1 ,302 7
1 ,383.1
1 411 2
1 .419.2
1 .434.3
1 ,395.7
1 ,342.6
1 ,357 0
1 ,370.5
1 ,347.7
1 ,306.2
70.9 156.5
201.2 243.0
410 6 315.4
384.6 302.7
483.4 522.6
606.8 642.6
567 5 691.1
835 8 932.9
951.0 1,161.6
1,193 7 1,273.6
1,353.8 1,585.1
1 411 7 1,579 1
1,392 1 1.656.1
1 413 8 1 763 7
1,40* 7 1,804.3
1.336.5 1.801.7
1,338.4 1,784.1
1,345.1 1,780.5
1.350 7 1 764 9
1,391.5 1.716.5
1,400 9 1,723.1
1,431.5 1,677.5
All
other1
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
208.4
207.6
220.3
235.2
264.1
253.0
247.5
246.0
254.7
250.0
254.7
246.5
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec 30
1937—Dec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
1945—j u n e 30
July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Total
631.5
989.5
1,259.3
1939). . . 1.513.9
1940). . . 2,522.4
1941). . . 3,239.3
2,979.6
3.465.5
4.644.8
4.865.2
5.671.0
5.846.2
5.922.4
6.042.2
6.214.0
6,122.9
6.144.5
6.234.7
6.131.8
6,073.8
6,056.0
5,827.0
1936). . .
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Total
Other
Europe Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493 3
939.4
804.4
800.5
810.6
762.6
684.8
678.9
638 3
646.4
617.7
569.2
492.4
492.1
373.0
55.7
65.9
76 3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
196.7
199.2
201.4
204.0
211.4
253.0
265.0
277.3
265.6
278.4
278.3
251.8
72.4
109 8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
243.2
250 6
255.8
259.7
266.5
272.0
286.3
297.5
298.3
303.2
306.5
305.3
-.8
2.7
9 6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.5
-23.5
-23.4
-23.4
-23.2
-23.4
-23.3
-23 3
-23.5
-23.6
-23.6
-23.7
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
670.0
706.8
672.4
744.8
729.9
738.2
769.1
757.6
742.0
738.0
760.9
777.6
129.6
144.2
111.8
155.3
256.1
458 0
416.5
394.5
404.1
356.6
292.2
318.8
276.6
233.3
280.2
247 1
229.9
318.2
3005
284.3
225.7
239.5
7.0
23 6
29 2
33.6
38.2
41.7
45.1
50 1
50 8
52.2
55.2
83.0
86.5
*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
2,202.7
2,291.7
2,179.0
2,141.4
2,185.4
2,170.3
2.223.4
2,295.8
2,204.2
2,127.8
2,122.8
2,010.0
CanLatin
1
ada America Asia
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399.5
704.7
818.6
1,159.3
1,241.8
1,341.9
1.384.1
1,443.9
1.437.8
1.414.2
1,242.8
1,241.8
1,251.8
1,236.2
1,140.3
33.5
149.3
166.3
127.6
215.1
326.4
296.7
482.8
578.7
794.7
955.4
979.2
965.8
989.0
976.2
924 2
924.9
929.4
922.0
972.4
956.2
986.5
87.0
149.4
217.0
251.8
417.0
531.2
541.4
743 9
928.2
888.6
1,180.1
1.161.2
1,252.1
1,329 9
1,382.8
1.373 7
1,369.1
1,554.5
1,542.9
1,505.0
1,518.7
1,475.0
All
other1
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
173.5
172.3
183.6
197.6
225.7
216.8
212.9
212.3
220.8
216.8
222.1
215.2
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
Total
United
King- France
dom
1935—Dec. (Jan. 1,
1936—Dec 30
1937_Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
361.4
431 5
449.1
510.1
650.4
775.1
791 3
888.8
877 6
805.8
760.4
810.2
829.0
865.3
875.5
804.2
742.7
729.2
728.7
703.6
701.2
644.8
208.8
178 0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
264.1
267.2
260.4
267.1
270.5
266.1
266.6
266.2
265.7
263 4
260.4
259.4
1936). . .
1939). . .
1940). . .
1941). . .
48.1
62 0
65.3
68.4
73.8
74.6
76.9
77.8
77 9
77.7
77.8
77.8
77.8
77.8
78.1
78.0
78.0
78.3
78.4
78 3
78.2
78.2
Netherlands
-.4
-3.3
-4.4
-5.6
12.9
17.7
17.6
18.1
18 3
18.3
18.0
18.3
18.2
18.0
18.0
-17.9
-17.7
-17.1
-17.5
— 17.1
-24.7
-99.9
Switzerland
Germany
Italy
1.6
2.7
2.6
2.6
2.9
6.5
5.4
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196 7
196 9
196.9
196.9
196.9
196.9
196.9
196.9
196 9
196.9
196 9
196.9
196 9
196.9
196.9
13.7
16.3
6.6
5.1
6.8
2.7
4.5
6.1
5.4
5.1
6.5
5.2
1.9
3.2
2.5
1.6
.1
6.5
13.7
15.5
25.3
25.8
26.2
26 2
26.2
26.2
26.2
26.2
26.2
26.4
26.2
26.2
26.2
26.2
26.1
26.0
25.5
Other
Total
Europe Europe
8.8
22.0
26.9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
30.9
30.3
69.4
70.9
69 4
68.8
38.3
65.9
61.1
57 9
61.0
58.5
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
616.5
621.2
655.0
662.5
664.4
624.6
593.4
618.3
614.0
608.1
599.3
518.8
CanLatin
1
ada America Asia
All
other1
-4.6
20.1
37.3
36 9
24 9
30 4
-21.7
51 6
18 7
35.9
66.8 -46.5
56.5
52.6 -21.5
60.3
43.2
34.8
62 7
17 7
64 7
58 6
68 3
93 8
55 1
55 7 102 7
64.8
37 0
77 7
39.1
23.5
79.9
58
2
81 4
47.7
51.4
51.4
68 4
53 3
47 4
98 3
60 7
54.4
91 7
54 9
22 2
99 9
39.5
9.1
99 2
18 5
3 3
88 5
21 6
6 8
85 5
30 0 — 10 4 75 5
28.2
1.9
71 9
42.8
10.0
74.7
-1.6
—4 4
—8.7
-7.0
-.8
2.1
—1 2
6.6
7 5
— .3
1.5
1 8
2.9
3 8
4.2
2 6
1.5
6
9
4
— 2
— 1.5
* 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.
1204
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 ol dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec 3i
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—j u n e 30
July 31
Aug 31
Sept 30
Oct. 31
Nov. 30
Dec 31
194(5—jan. 3i
Feb. 28
Mar 31
Apr. 30
May 31
Total
125.2
316 2
583.2
1939) . . .
641.8
725.7
1940). . .
803.8
1941). . .
855.5
848 2
925.9
1,019 4
1,011.2
1,015 0
999.7
998 2
946.5
983 0
972.8
1,097 8
1,067.2
1 073 0
1,076.1
1,104.2
1936)...
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
118.9
119.0
119.0
119.1
119.2
119 1
117.7
115.0
113.9
112 4
110.8
110.9
6.8
18 2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.3
51.2
51.2
51.2
51.1
51 1
51.2
51.1
51.0
51 1
51.2
51.1
Netherlands
Switzerland
Germany
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
33.5
33.5
33.5
33.5
33.7
33.0
33.0
33.4
33.4
33.1
33.2
33.3
-1.2
13.7
30.4
36.1
45.0
46 0
44.3
44.9
44.7
44.5
44.7
45.0
45.0
45.2
45.5
45.0
45.2
44.9
45.0
45 0
45.1
44.9
13.3
22.5
26.6
33.5
36.6
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36 5
36.5
36.5
36.5
36.5
36.5
36.5
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.5
27.3
27.3
27.3
27.3
27.3
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207.6
210.1
210.4
210.1
210.1
210.1
210.9
211.1
210.4
212.8
212.5
212.6
212.9
213.1
213.3
143.1 - 3 9 . 7
278.3
1.7
366.4
10.5
-9.7
440.6
-7.6
495.2
25.0
510.0
35.4
521.3
-3.0
526.3
41.2
530.3
530.1 104.9
522.5
93.3
522.8
94.4
522.9
77.0
523.9
73.1
23.4
524.6
522.7
59.6
523.8
49.1
520.7 176.8
519.7 144.3
518.3 149 1
517.2 147.8
517.3 169.8
Canada
Latin
America Asia*
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
312.4
314.7
316.5
317.6
314.9
317.4
317.1
317.6
320.5
323.1
328.8
334.4
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
61.7
61.7
61.7
61.8
61.8
61.5
60.8
60.9
60.6
60 4
60.0
59.9
9.7
11.3
13.5
16.6
18.0
19.9
21.0
21.3
21 3
21.7
21 8
21.9
21 8
22.0
21 9
22.1
22 1
22.5
22.9
CanLatin
1
ada America Asia
All
other1
1.1
3 5
6.8
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—June 30
July 3 1 .
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec 31
194<5—jan# 3i
Feb 28
Mar. 31
Apr 30
May 31
Total
316.7
917 4
1,162 0
1939). . . 1,219 7
1940). . . 1,133.7
888.7
1941). . .
. . .
626.7
673.3
701.1
911 8
848.4
843.2
831.6
818.4
795.1
779.1
798 7
625.9
672.4
. . .
645.1
630.7
619.7
1936). . .
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
149.8
367 7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-138.9
-140.3
-141.5
-143.4
-149.9
-154.0
-157.9
-161.9
— 164.7
-169.2
— 173.0
-176.7
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
241.3
240.9
240.7
237.8
235.5
234.0
233.5
228.6
228.1
226.1
225.8
225.2
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
363.1
363.5
362.0
360.2
360.9
358.1
355 4
354.0
353.8
346.1
345.2
342.8
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
-30.7
-30.7
-30.7
-30.7
-30.7
-30.6
—30 4
-30.4
—30.4
-30.4
—30.5
-30.5
-.1
—3.3
-4.9
-5.5
-4.9
2.7
-.1
— .1
.6
1.9
2.2
1.9
1.8
1.8
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
77.6
71.7
71.1
78.5
78.3
70.4
81.7
81.8
77.0
77.2
74.0
71.1
1.9
1.6
2.2
2.4
2.4
2.1
2.0
2.1
Other
Europe
Total
Europe
12.9
286.2
2.8
3.7
38.5
818.0
32.6 15 5
55.7 1,041.6
37.6 18.2
56.6 1,094.1
25.7 23.7
60.4 1,004.4 - 2 . 6 30.1
64.9
851.3 - 1 8 . 4 25.6
67.3
615.0 - 4 4 . 7 28.1
75.3
644.7 - 4 5 . 1 35.2
86.3
645.7 - 5 8 . 2 40.5
103.2
633.7 - 2 8 . 1 54 9
96.4
611.0 - 9 1 . 7 58.5
95.3
602.1 - 9 8 . 5 57.2
96.5
600.0 -105.4 56.1
96.4
600.8 -117.9 55.1
96.4
592.4 - 1 2 6 . 4 54.6
98.0
577.4 -136.8 65.8
98 5
582.9 — 126.6 81.3
93.7
568.3 -114.5 89.3
96 8
56?. 8 —69 6 97 6
94.7
546.5 - 8 0 . 3 98.2
91 9
535.4 —83.9 102 7
89.8
524.0 - 6 6 . 3 89.7
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
260.4
272 2
270.9
270 6
264.4
263.1
251 3
73.0
71 9
71 3
67 7
63.8
2.6
7 1
9.8
11.1
14.3
12.6
10.9
10 9
10.6
10 7
10.3
10 2
10.0
9 8
10 0
9 4
9 9
9 9
9 7
9 4
8 9
CanLatin
ada America Asia*
All
other1
8.5
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 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—June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec 31
1946—Jan. 31
Feb 28
Mar. 3 1 . .
Apr 30
May 31
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
131.8
127.1
129.1
134.6
134.4
139 0
144.1
135.1
133.9
139.9
141.7
140.9
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
2.4
10.4
11.5
12.9
20.1
19.9
19 9
20.7
21.5
23.1
22.8
22.8
23.1
23 1
23.2
23 1
23 A
24.2
24.7
24.1
24.3
24.2
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
23.5
24.2
24.4
24.7
25.2
24 1
26.0
16.2
16.2
16.1
15.7
16.0
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
If.3
23.0
26.0
26 4
26.6
27 8
27.3
28 2
30 3
30.3
30.9
32.1
32.0
32.2
-.2
-.7
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.3
4.0
11.5
13.4
19.4
17.0
16.8
17 4
18.8
18.5
21.7
18.5
18.2
19 1
19.1
19 3
19.8
21.3
20.7
20.0
19.2
19.1
-.1
-.2
-.2
— .1
-.2
— .1
— .1
— .1
(•')
(2)
(')
(»)
.4
.4
.4
,4
4
.4
.4
.4
.4
.5
.5
Total
Other
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8 7
9.4
10.5
10.6
10.6
10.8
11 1
11.3
12 4
13.6
13.1
13.1
13.3
13.1
12.9
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
104.8
102 7
103.4
106 1
106.4
107 5
113.6
105.6
105.9
106.0
104.8
105.0
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
17.9
17 3
18.2
18 6
17 6
18 8
19.5
19.0
18.9
19 9
19.4
19.6
1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
4.1
2 3
2.3
4 5
4.5
6 9
5.9
5.5
3.9
8.2
11.3
10.9
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6 0
6.0
5.6
3 0
2 7
3 2
3 2
3 6
3 4
3 8
3.6
3.9
4 5
4.8
4.1
-.9
.3
.7
.8
9
1.3
1.8
1 9
1 9
2 0
2 2
2 2
2 4
1 3
1 5
1.3
1 3
1.3
1.4
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
»Inflow less than $50,000.
» Outflow less than $50,000.
OCTOBER
1946
1205
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Netherlands
Switzerland
Germany
Italy
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
448.2
365.5
400.8
554.6
1,000.8
865.7
288.2
490.1
448.6
432.3
439.9
401.2
204.9
174.3
174.9
186.6
193.3
209.7
376.3
508.4
339.9
184.2
210.6
239.3
9.5
6.7
6.6
7.5
6.5
6.8
38.5
17.9
15.4
12.1
11.3
27.3
516.9
650.6
608.0
643.4
722.1
767.7
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
2,517.8
274.6
434.3
373.2
507.4
812.6
926.5
336.0 655.7 72.5
447.3 769.9 73.3
417.7 780.0 113.6
597.7 930.0 149.6
693.7 1,108.8 175.3
909.3 1,069.2 174.0
S61.S
872.0
824.0
746.2
740.2
699.6
707.7
679.0
630.5
553.8
553.4
434.4
372.3
399.0
356.7
313.4
360.3
327.3
310.0
398.3
380.7
364.5
305.8
319.7
213.3
215.8
218.0
220.6
228.1
269.6
281.6
293.9
282.2
295.0
294.9
268.4
261.2
268.5
273.8
277.7
284.4
290.0
304.2
315.5
316.2
321.2
324.4
323.2
6.7
6.8
6.9
6.9
7.1
6.9
7.0
6.9
6.8
6.6
6.6
6.5
43.9
49.5
53.9
58.5
62.0
65.4
70.4
71.1
72.5
75.5
103.3
106.8
803.0
839.8
805.4
877.9
862.9
871.2
902.1
890.6
875.0
871.0
894.0
910.6
2,562.3
2,651.3
2,538 6
2,501.0
2,545.0
2,529.9
2,583 0
2,655.4
2,563.8
2,487.4
2,482.4
2,369.6
United
King- France
dom
Date
Total
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935). . .
(Jan. 1, 1936). . .
30
29
(Jan. 4, 1939). . .
669.7
1,301.1
1,623.3
1,893.1
2,157.8
76.9
205.5
235.7
261.5
436.1
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940). . .
(Jan. 1, 1941). . .
31
31
31
31
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,409.6
6,584.8
6,660.9
6,780.7
6,952.5
6,861.4
6,883.1
6,973.3
6,870.3
6,812.3
6,794.6
6,565.6
1945—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Other
Total
CanEurope Europe ada
Latin
America Asia*
1,267.3 1,076.9
1,349.8 1,100.7
1,449.9 1,087.4
1,492.1 1,110.6
1,551.8 1,097.7
1,545.7 1,045.7
1,522.2 1,046.4
1,350.7 1,050.9
1,349.7 1,043.5
1,359.7 1,094.0
1,344.1 1,077.7
1,248.2 1,108.1
All
other1
202.8
289.8
331.9
399.5
435.5
1,360.7
1,341.8
1,432.7
1.510.5
1,563.4
1,554.4
1,549.7
1,735.1
1,723.6
1,685.6
1,699.3
1,655.7
12.0
23.4
27.1
20.0
34.1
142.4
141.2
152.5
166.5
194.6
185.7
181.8
181.1
189.7
185.6
191.0
184.1
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Belgium
Denmark
Finland
(Jan. 3, 1940).. 516.9
(Jan. 1, 1941).. 650.6
608 0
31
31
. . . 643.4
722.1
31
31
767.7
159.2
144. g
117.3
121.8
122.9
124.3
28.1
17.3
18.1
17.7
13.9
14.S
21.4
16.5
7.9
7.7
7.1
39.3
43.5
48.7
803.0
. . . . 839 8
805.4
877 9
862.9
871 2
902.1
890.6
875.0
871.0
894.0
910.6
142.1
150.5
149.9
218.6
195.6
183.0
185.0
184.9
167.6
166.3
176.4
177.8
13.7
13.7
14.4
16.8
20.1
24.3
25.9
40.1
41.6
44.2
47.4
48.6
6.7
56.6
60.5
63.2
66.1
68.7
71.0
70.8
70.0
69.7
74.9
76.7
75.5
Other
Europe
Date
1939—D ec
1940—Dec.
1941—Dec
1942 Dec
1943—Dec
1944 Dec
1945—June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946 Tan 31
Feb 28
Mar. 31
Apr 30
May 31
5.7
6.6
6.7
7.2
6.7
6.2
5.5
6.6
10.7
11.2
10.1
11.9
Greece2 Luxembourg2
Norway
2
PortuRua YugoAll
gal2 mania2 Spain Sweden USSR slavia2 other
18.3
18.4
18.6
56.3
48.7
65.2
132.4
158.9
220.8
35.7
53.4
54.5
9.4
9.3
9.5
19.3
22.9
22.9
22.9
22.9
23.0
22.3
22.3
22.4
22.3
22.0
22.1
240.6
236.6
187.1
184.4
182.7
182.9
216.1
176.5
175.0
174.0
159.3
161.6
40.6
46 4
39.0
45 5
45.2
48.5
47.9
47.5
45.3
45.4
49.7
49.5
9.3
9 3
9.7
9 2
9.2
9 2
9.3
9.3
9.2
9.2
10.0
10.2
17.5
31.8
43.4
142.2
235.4
210.7
153.5
163.2
152.1
14.3
12.3
16.1
17.7
9 9
5.7
31.8
36 9
40.4
32 6
24.4
31.2
31.7
37.1
37.4
35.4
36.2
35.5
165.4
183 7
194.3
199 1
213.5
217 2
210.1
214.0
212 9
205.2
200.0
196.0
20 9
22 3
25 7
25 4
24 4
24 8
28.0
29.7
28 5
24.8
44 9
57.4
5
5
5
5
5
5
7
2
1
2
2
4
5.7
6.3
6 6
6 8
77
7.3
109 8
187 9
191 0
57.9
76 9
52.1
50 3
45 2
46 9
45 0
44 5
44 3
43.7
46.4
48 4
51.2
53.6
57.4
Latin America
Latin
BoAmer- Argentina livia* Brazil Chile
ica
Date
336.0
447.3
417.7
597.7
693.7
909.3
57.7
115.4
75.7
67.6
69.8
93. f
. . . 1,076.9
1,100.7
1,087.4
1,110.6
1,097.7
1,045.7
1,046.4
1,050.9
1,043.5
1,094.0
1,077.7
1,108.1
73.2
82.5
75.1
78.0
77.2
S2.3
77.3
94.8
80.0
83.9
84.1
92.6
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec 31
1945—June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946—Jan. 31
Feb 28
Mar. 31
Apr 30
M a y 31
id .8
1? 6
36
36
50
67
98
4
2
5
7
7
17 7
140 8
19 .2
17 ?
18 . 0
17
17.9
156
146 2
164 4
163 0
181 S
179.2
185.6
14 S 195 1
192 3
199 6
210.6
206.8
n . 9 222.0
13 .6
13 4
13 .6
1? 7
26.8
28.5
27.3
34.5
54.0
55.0
66.8
64.6
64.5
63.2
63.6
71.4
66.3
66.6
64.6
63.9
60.3
55.3
Colom-3
bia
43.' i'
67. 1
83.6
NethFrench
erWest
lands
Other
Costa Cuba Indies Mex- West PanaPeru 3 Vene-3 Latin
and
Rica*
Indies ma4
ico
zuela AmerGui-3
and
ica
ana
Surinam3
37 .0
47 .9
62 .5
12 .4 100 .3 "i'.9
1? ? 70 4
2.6
7 4 139 3
4 4
58.8
55.0
37.7
95.7 'lO.Y
70.4 41 2
K3 1 36 0
76. 2
8? 3
90. 2
93 ?
83. 1
84 s
7 .5
8 0
7 .0
6 ?
6 .6
7 1
190.4
153.9
156 .9
1S4 S
145 .4
136 s
6.3
8.6
7.3
7 8
7.3
6 6
163
177
158
164
164
111
82. 4
80 6
77. 5
7? 4
6 .0
7
6s .3
6 0
122 .2
1?0 S
139 .5
IS? 7
7.1
7.2
7.1
6.6
6 6
116 4
79 ?
69. 6
6 9
6 .9
178 3
163 .7
7.0
8
?
7
4
3
125.9
128 3
140 7
19? 3
119 8
29.2
31 5
31.7
32 9
33.6
31 0
28.2
20.9
22 8
20.7
21 7
19.2
34.0
58.7
42.1
36.9
57 6
69 1
86.2
89 6
87.8
89 1
90.5
90 7
88.7
89.4
87 5
91.2
90 3
88.9
20.9
24 2
31 5
85.3
105.6
121.8
64.2
95 4
119 8
41.5
50 2
43.0
44 i
48.5
38 3
43 0
49 7
43.4 36.0
45 O 42 4
41 . 9 41.3
49 5
30
40 . 3
50.3
134.8
134 9
145.3
138 6
138.1
138 3
144 8
150.3
146 0
156.3
152 4
160.5
17 . 7 '
17
77 7
35 . 5
35
38 .8
38 *
42.6
45 o
For footnotes see p. 1207.
1206
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
India,
French Hong BurChina Indo- Kong ma,
and
China
Ceylon1
1939—Dec.
(Jan. 3, 1940). . 655.7 167.0
1940—Dec.
(Jan. 1, 1941). . 769.9 207.5
780.0 156.8
1941—Dec. 31
930.0 360.9
1942—Dec. 31
1,108.8 574.2
1943—Dec. 31
1,069.2 427.3
1944—Dec. 3 1 . . . .
1945—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
Mar.
Apr.
May
1
2
30
31
31. . . .
30....
31.. ..
30
31
31
28
31
30
31
1,360.
1,341.8
1,432.~
1,510.5
1,563.4
1,554.
1,549.6
1,735.1
1,723.6
1,685.6
1,699.3
1,655.7
519.6
501.1
578.7
588.5
591.7
581
582.3
756.3
738.0
732.1
717
695.4
Japan
(incl.
Korea)
and
Manchuria
British
Malaya
71.4
22.0
21.9
21.7
21.9
21.7
22.1
27.4
30.5
31.8
34.8
36.4
35.4
193.4
165.4
91.1
61.6
27.4 41.6 13.1
27.4 23.9 18.2
27.4 22.9 22.1
27.5
27.5
27.6
27.6
27.5
27.5
28.0
28.2
34.6
37.9
38.0
39.0
Egypt
Neth- Philand French Union
er- ippine Tur- Other All Aus- New Angloof
Mo- South
1
traZealands
Oth«r
Egypkey
Asia
other*
lia land tian rocco Africa
East 1
lands
Indies
Sudan
23.2
24.1
25.3
28.9
33.2
34.6
33.4
29.4
36.7
25.7
34.6
37.6
58.5 72.5
198.6
110.3
226.8
69.9
1.0
4.8 160.4 254.7 29.9
.9
4.1 110.1 259.1 35.4
1.3
4.0 110.5 365.8 23.7
162.4
264.9
36.2
55.5
64.2
51.5
50.8
51.2
50.5
50.5
47.2
52.5
57.3
62.2
66.1
66.9
72.0
68.6
69.6
74.2
76.7
83.7
73.0
78.0
75.1
78.4
86.3
81.9
87.4
1.0
.9
.9
.9
.0
.0
.2
.7
.6
1.5
1
4.1
4.3
3.9
4.2
4.2
4.1
4.1
4.0
3.9
3.8
3.7
111.3
112.6
108.8
99.3
104.4
103.8
113.7
110.0
100.7
99.0
102.1
103.6
531.9
528.8
540.5
612.1
645.4
659.7
629.1
642.8
635.7
598.4
73.3
113.6
149.6 23.1 4.8
175.3 25.3 5.1
174.0 52.9 3.5
142.4
141.2
152.5
166.5
194.6
185.7
181.8
181.1
189.7
185.6
191.0
184.1
30.7
27.8
27.6
28.5
29.0
30.2
28.9
29.6
26.1
24.3
26.6
23.8
3.3
3.3
4.6
3.1
3.7
4.3
4.3
4.0
4.0
3.8
3.8
4.8
6.8
6.1
7.3
12.1
10.3
4.3
11.0
1.8
4.5 124.1
8.3 97.6
11.0
10.8
13.6
13.6
17.3
19.6
18.9
19.4
19.6
18.9
17.9
16.8
3.6
4.0
4.7
5.8
7.7
9.4
10.0
9.7
10.1
10.3
11.3
12.4
6.4
4.7
5.8
8.4
6.4
8.0
6.4
6.3
9.1
9.5
8.9
11.3
87.4
90.5
96.2
107.1
130.4
114.2
113.4
112.2
120.8
118.8
122.5
115.0
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
Footnotes to table on p. 1206.
* Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
1
Prior to June 30, 1942, included under "All other."
* Prior to June 30, 1942, included under "Other Latin America."
< Included "Canal Zone" prior to June 30, 1942,
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
Total
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia1
All
other1
10.1
12.9
17.2
15.5
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1,139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
117.4
80.1
67.2
78.9
144.1
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
508.7
384.0
367.8
246.7
257.9
329.7
39.9
23.0
20.9
12.6
19.9
25.9
4.9
4.2
1.8
1.3
1.1
1.4
5.7
.9
1.1
.5
.4
.3
5.2
1.5
2.6
1.5
3.0
1.3
53.4
39.6
34.4
34.0
33.9
33.9
11.8
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
72.6
77.6
107.5
39.7
36.0
33.6
34.3
37.8
28.1
113.3
122.7
148.3
99.7
112.2
131.0
174.1
117.8
87.9
35.3
26.3
51.4
1945—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
Mar.
Apr.
May
30. .
31
31
30
31
30
31
31
28
31
30
31
375.0
325.2
306.5
270.2
260.0
331.3
392.8
406.3
406.8
431.9
434.3
490.7
27.9
24.8
31.6
24.9
21.5
25.9
25.4
25.9
26.3
28.6
31.6
32.6
1.3
1.2
1.2
1.2
1.0
1.1
1.1
.8
.7
.7
.9
.9
.7
.3
.4
.6
.6
5.4
3.6
2.0
2.7
3.0
1.6
2.9
6.2
4.9
5.6
6.5
8.0
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.8
33.9
.3
.3
.3
.3
.1
.3
.3
.3
.4
.4
.6
1.0
48.2
48.7
117.6
113.0
79.1
71.7
69.8
109.6
140.7
115.8
120.2
126.1
134.8
215.3
53.8
45.2
41.5
39.6
32.2
38.0
53.3
74.3
71.3
62.9
64.7
50.1
144.5
109.8
116.6
120.6
113.6
145.8
158.9
164.7
161.2
178.4
166.1
158.0
49.2
47.7
60.7
30.8
37.3
29.1
29.9
40.6
43.6
53.6
57.1
54.4
36.5
36.3
35.7
36.1
35.8
43.4
118.5
2.0
1.5
.4
.4
.3
9.7
8.1
9.6
10.2
40.8
13.1
17.9
21.1
18.0
20.5
8.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
9.5
8.5
7.6
7.2
8.8
9.9
10.8
10.5
11.0
11.6
12.9
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.
OCTOBER
1946
1207
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
BelEurope gium
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31
31
31
1945—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1946—Jan. 31.
Feb. 28.
Mar. 31.
Anr. 30.
May 31.
51.4
29.9
26.2
22.3
19.0
44.4
6.5
1.5
1.1
.8
.7
.7
48.2
48.7
9.7
8.1
9.6
10.2
40.8
13.1
17.9
21.1
18.0
20.5
.8
.7
.5
.5
.6
.6
1.8
2.6
3.6
4.6
5.0
Denmark
Finland
3.2
.3
1.4
1.8
1.9
5.6
7.6
()
(*)
1.5
1.5
(2)
1.0
1.0
1.1
1.1
.1
Greece1 Luxembourg1
()
8
1.3
1.4
1.2
.6
2.0
Norway
1 SwePorRutugal1 mania1 Spain den
Yugo-1 All
USSR1 slavia
other
3.6
8.7
1.0
.6
28.0
24.5
22.1
8.4
5.0
5.1
1.1
.6
.6
.2
.2
35.1
2.4
1.4
.8
.6
.6
.6
.6
.6
.6
.7
.7
.8
.8
2.0
1.5
40.1
40.5
.1
.1
.1
.1
31.6
.1
4.2
.5
.2
.3
.3
.2
.4
.5
.4
.4
.4
.4
.6
6.2
.2
1.2
8
(*)
()
.1
3.2
3.2
1.8
.4
.2
.2
.9
.9
1.4
.9
1.0
.9
1.6
1.8
1.4
1.5
1.4
2.1
8
(2)
()
.3
.7
1.5
.3
.5
1.0
.9
1.1
1.1
1.3
2.4
3.0
(*)'
.1
(2)
8
(2)
4.8
4.9
4.9
5.1
5.0
4.9
4.7
4.8
4.9
4.9
5.0
5.1
La tin America
Latin
BoAmer- Argentina livia1 Brazil Chile
ica
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
(Jan. 3, 1940)... 113.3
(Jan. 1, 1941).. 122.7
148.3
31
99.7
31
112.2
31
31
131.0
16.8
11.9
16.8
6.9
15.3
3.1
144.5
109.8
116.6
120.6
113 6
145.8
158.9
164 7
161.2
178.4
166.1
158.0
8.3
14.1
11 0
12 8
10.8
20.5
21 0
24.2
18.0
24.7
26.8
20.4
1045
Tune 30
July 31
Aug. 31
Sept 30
Oct 31
Nov. 30
Dec. 31
1946—Jan 31
Feb 28
Mar. 31
Apr 30
May 31
.
32.2
33.1
38.0
16.7
18.9
25.3
9.7
13.4
14.9
15.3
16.6
9.0
30.6
26.9
24.4
21.7
18.2
1 ?
22.0
?> 24.7
7
26.8
1 S 29.7
2.7
30.0
2.9
31.9
2.0
30.9
7.0
8.4
6.3
7.5
6.8
*3.0
1.8
1.8
1.2
1.2
L.3
L.I
8
7.2
6.6
7.0
6.2
7.1
7.0
6.7
Colombia*
Costa
Rica« Cuba
20.'7 "".6
12.2
.7
15.5
1.2
10.5
11 7
11.3
8.3
20 1
47.4
16.8
16.3
17.1
16.7
14.2
19.4
16.8
17.5
18.1
20.1
20.0
21.2
49.7
10.3
14.5
18.3
17 0
27.2
33 3
33 9
32.9
37.1
22.9
27.6
1.1
1.2
1.2
1.5
1.4
1.2
1.2
1.4
1.5
1.4
1.4
1.2
NetherFrench
lands
West
Other
West PanaIndies Mexico Indies
Vene- Latin
4
Peru' zuela'
and
ma
Amerand
Guiica
Suri-1
ana'
nam
.2
(2)
(2)
.1
.1
.1
.2
(2)
(2)
.1
.1
.1
.1
.1
.1
5.9
6 1
7.6
4.8 " " . ' 3
5
11.2
8.6
.3
1.0
2 1
2.4
2.1
1 l
.8
8.9
10.2
8.7
9.0
9 7
10.6
11 0
10.5
13.9
14.3
14.1
13.5
1.0
1.1
.8
.8
8
1 0
1 1
1 9
2.8
2.9
1 1
3 3
3.5
3.8
3 6
5.6
5.5
5.2
5.2
5 7
6 1
6 1
6 6
6.9
7.7
7 4
1.1
3.8
7.7
.4
.3
.3
.3
.4
.3
.5
.3
.4
.5
.4
.5
"7 «
4
1L.2
L.4
1 7
11.9
1L.3
7
0
*3.'9
3 8
5.1
37.2
44 4
57.3
14.2
8 7
11.7
12.3
12 4
23.7
24.1
25 4
27 3
33 4
29 5
25.9
26 1
26 6
21.2
Asia and All Other
India,
French Hong Burma,
Asia China Indo 8 Kong and
China
Ceylon*
Date
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—y une 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1946—j a n . 31
Feb 28
Mar. 31
Apr 30
May 31
Japan
Egypt
(incl. Neth- Philand French Union
KoerAus- New AngloOther
ippine
TurAll
of Other
rea) lands
Mo- South
ZeaIs- key8 Asia other8 traand
East 5 lands
lia land Egyprocco Africa
tian
Man- Indies
Sudan
churia
1.9
102.1
1.7
55.8
3.1
18.9
.9 *2.2 " . 7
.5 ' i.6
174.1 22.0
117.8 23.7
87.9 23.5
35.3 11.1
7
26.3
1L.5
51.4
, 49.2
L.2
0
47.7
]L.I
60.7
1
30.8
?
37.3
29.1
L7
29.9
1 0
77
40.6
9.7
43.6
53.6 22.8
57.1 25.6
54.4 22.6
British
Ma- 5
laya
1.0
s2
.2
2.0
.5
.9 22.3
.1
.8 16.8
.8 14.5
.8 15.0
.8 8.0
.1
.1
.1
.1
.8
.8
.8
1.1
.8
1.5
1.5
2.0
.5
.5
.5
.5
.5
.5
1.7
1.5
1.4
1.4
1.4
1.4
7.2
.1
7.1
7.5
7.9
7.0
6.8
7.2
6.6
.5
.1
.1
.5
.5
1.4
1.4
.1
.3
1.4
.3
.2
.2
.3
.3
.3
.3
.3
1.4
1.4
1.4
1.4
1.4
26.4
21.6 9.3
22.6
14.0 6.4
23.0
19.5 9.7
14.4 1 8
2.0 4.8
13.9 3 ? 1.8 3 . 9
13.8 1.8 8.8 11.7
13.6
13.9
26.0
13.6
13.0
13.7
13.8
18.5
20.1
16.0
16.1
16.7
2.0
? ?
2.1
2.3
1 6
1.7
? 0
1 0
1.1
1.1
.9
.9
12.5
13.1
13.6
2 9
11.4
2.0
2.7
2.5
2.8
3.3
3.9
3.6
;:.:;.'
i6
.5
.6
9.9
.9
9.5 2 1
8.5 1.0
7 6
77
7.2
8.8
.9
9.9 1 7
10.8 2 . 1
10.5 1.8
11.0 1.3
11.6 1.5
12.9 1.8
' 7
.2
i
.2
.4
4
.4
3
.2
3
.3
3
6
2
.7
7
.2
3
.6
.7
.7
.6
.6
17
.1
.2
2
.3
.2
.2
.2
?
0
2 4
9.7
6.0
5 2
5.0
4 5
4 1
5.0
4 7
5 0
5.3
5.8
6.7
7.8
* 12
'7
1.0
2.4
1 6
1.8
1 6
1 5
1.9
2 5
2 9
2.4
2.9
2.6
2.5
1
Prior to June 30, 1942, included under "All other."
» Less than $50,000.
' Prior to June 30, 1942, included under "Other Latin America."
« Included "Canal Zone" prior to June 30, 1942.
1
Prior to June 30, 1942, included under "Other Asia."
8
Country breakdown not available until June 30, 1942.
1208
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
B a n k olf England
(Figures i n millions of
pounds sterling)
1929—Dec. ? 5
1930—Dec. 31
1931—Dec 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1935—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec 3 1 .
1942—Dec. 30
1943—Dec. 2 9 .
1944—Dec. 27
1945—Sept.
Oct.
Nov.
Dec.
1945—j an .
Feb.
Mar.
Apr.
260 0
?60 0
260 .0
?00 o
220 .0
0
1.0
.5
.6
.6
.8
.8
580 .0
1.0
.9
.3
.9
.9
1.9
31 6
?3 6
58. 7
47 1
35. 5
46 3
41. 1
51 7
?5 6
13 3
?8 5
?6 8
11 6
11 6
0
0
0
0
.2
,4
.5
.4
?0 3
?8 1
6
?o 3
1 400 0
1 400 0
1 400 0
1 400 0
1 400 0
1 400 0
1 400 0
1, 400 . 0
.5
.9
.8
1.0
1.5
1.8
1.4
1.1
68 8
192
200 .1
313 7
326 .4
326 4
4
«630 0
5
5
2
2
2
28
26
6
?
30
27
27
2
2
2
2
2
2
.2
24
M a y 29
June 26
July 31
Aug. 28
780 o
s 950 0
1 ,100 0
1 ?50 0
i
?
31
.0
Notes
.2
.6
.6
.8
?60
2
2
2
2
2
Coin
?60 0
?75 n
?75 0
145 . 8
147 6
120 7
119 8
190 .7
26
Cash reserves
Other
assets2
Gold*
1 350
1 ,350
1 350
1 ,400
Liabilities of banking department
Assets of banking department
26. 3
38.8
77 1
71 9
5?
58
36
13
32
0
6
4
4
7
Discounts
and advances
22 3
49. C
27.3
18.5
16.S
7.6
8.5
17.5
9.2
28.5
4.2
4.0
6.4
3.5K
2
5.1
3.(
11.2
11.3
8.4
5.5
7.4
20.0
22.4
16.7
12.5
15.8
9.9
Securities
84
104
133
1?0
379 6
368 8
364
371
392.0
405 2
424 .5
467 4
505 3
504 7
554 6
9
7
0
1
101. 4
98.
94.7
155.6
135. 5
90 7
176
199
?67
?67
307
317
331
?88
301
3?7
?89
?36
?38
?56
?50
315
?88
343
Note
<:irculation 3
1
1
8
9
751 7
Deposits
Bankers'
Public
Other
Oth er
Iiab 111—
tie
s
71 0
13? 4
4
10? 4
8.8
6.6
35
36 9
40 3
17 9
18 0
18 n
101. 2
89 1
72. 1
150 6
120. 6
101 0
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
117 3
135 7
219 9
(Figures in millions of
Canadian dollars)
Gold
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943_~_Dec. 31
1944—Dec. 30
...
29
. . .
1945—Sept
Oct.
Nov
Dec.
180 5
179 4
179 8
185 9
7
(*)
31
30
31
1946—Jan. 31
Feb. 28
M a r 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sterling
and United
States
dollars
223.4
234 3
4
?60 7
5.2
7
9
9
3??
3?7 6
,37<) 9
5.5
9.2
6
0
?79 1
744
?50 2
774 5
6
7
7
3
1 331 4
,37.1 1
3
34? 3
7
9
361 9
0
4
w
9
L.367 .5
779 7
734 5
?49 1
4
?44 8
?86 0
7
307. 6
Chartered
banks
Other
172.3
906.9
34 3
176.1
176.1
159.0
156.8
1,028.9
1,109.4
1,168.1
1,157 3
591.4
590.6
629.4
688.3
34 9
39 5
69 5
29 .5
,112 A
,136 .6
1,113 .8
1,129 .1
442 9
474 2
495
521 2
101.8
95.2
95.2
24.1
2.0
2.0
1.8
1,143 8
1,155
1,296 2
1,348 0
1,230 0
1,218 5
1,276 6
1,257 .7
686.2
688.8
559.9
553.0
541.1
540.7
541.8
530.8
33 .2
48 0
1,088 .1
086 7
1,102
1,114 4
,109 5
1,114 0
1 117 9
1,127 . 4
505 .9
5?? 91
518
555 .8
493 9
500 .5
53? 5
82. 3
144. 6
181. 9
448. 4
391. 8
.5
.6
807
787 6
1.7
10.5
5.3
11.0
16.7
9.9
7.4
7.4
5.3
7.1
7.0
17 0
17.9
17 9
17 Q
17 9
17 8
53
57
57.
58
1
4
7
5
18
17
17
17
1
7
•8
8
55
53
54
53
57
56
54
54
9
0
0
1
4
5
4
0
17
18
18
17
18
18
9
0
5
8
0
1
18 3
18 4
83 4
99 0
91.6
40.9
49.9
127.3
8 6
8
21 7
5
5 5
1? 4
33 5
31 3
47 3
39 4
48 .6
5? 9
30 .8
31 4
44 .1
Othf
liabilit ies*
Note
circulation 7
209.2
472.8
573.9
30. 9
61. 3
10.3
42 0
51.
54 1
48. 8
60 4
52. 3
18.0
18. 0
18 o
18 0
18 o
18 0
18 o
Deposits
Other
assets
99 7
135 7
165 .3
175 3
232 8
359 9
496 . 0
693 6
874 4
1 ,036 .0
4.2
9.1
14.9
28.4
64.3
38.4
200.9
9,0
33 8
36.5
36 4
37. 1
39.
36. 6
36. 8
1Jabilities
Dominion and provincial government
securities
Shortterm8
8.9
4
1 08f 7
?38 6
9
9
Assets
Bank of Canada
7 7
181 6
187 0
196 0
?00 6
217 0
7
?3? 0
?59 9
340
401 7
521 . 1
Dominion
government
17 9
18 8
11.1
16 7
46.3
10 9
73 8
51 6
20 5
12.9
Other
8
7 7
13 4
14 . 4
2 1
3.5
3 1
17.9
9 5
6 0
19.1
17 8
27.7
209 .1
153.3
22.4
32 4
27 4
29.8
213 .9
221 .3
230 5
198 .5
187 2
201 7
149 2
L83 3
87.1
57.9
69 1
69.1
342
56 4
89 1
62.7
78 5
85 6
90 1
79.7
39 6
51 0
IW 1
9
13 .3
28 5
1
35
24 0
55 4
149 .6
119
132
57 . 4
57
34 .2
42 1
37 . 1
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and 2three pence.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
«
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
6
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May 8 8, July 3, and Dec. 10, 1945.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
• 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.
OCTOBER
1946
1209
CENTRAL BANKS—Continued
As< sets
Bank of P r a n c e
Liabilities
Advances to
Government
Domestic bills
(Figures in
millions of francs)
Gold
Foreign
exchange
1
1929—Dec. 2 7 . . . 41,668
1930—D ec . 2 6 . . . 53,578
1931—Dec. 3 0 . . . 68,863
1932—Dec. 3 0 . . . 83,017
1933—Dec. 2 9 . . . 77,098
1934—Dec. 2 8 . . , 82,124
1935—Dec. 2 7 . . . 66,296
1936—Dec. 30 , . 60,359
1937—Dec. 3 0 . . . 58,933
1938—Dec. 2 9 . . . 87,265
1939—Dec. 2 8 . . . 597,267
1940—Dec. 2 6 . . . 584,616
1941—Dec. 3 1 . . . 84,598
1942—Dec. 3 1 . . . 84,598
1943—Dec. 3 0 . . . 84,598
1944—Dec. 2 8 . . . 75,151
2
Open
market 2 Special
Other
For ocOthers
cupation
costs3
25,942
26 179
21,111
4 484
1,158
963
1,328
1 460
911
821
112
42
38
37
37
42
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
i 379
652
1,797
2,345
661
12
169
29
48
8,624
8,429
7,389
3,438
4,739
3971
,712
.465
10,066
7,880
5.149
,646
4 ,517
5 ,368
7 ,543
18 ,592
46
IT ,936
27
153
303
14 ,242
2C ,442
26 ,073
25 ,548
426,
426,
426,
426,
426,
000
000
000
000
000
,415
,945
,647
,579
,512
4e ,204
45 ,324
426,
426
426,
426,
426,
426,
426,
000
000
000
000
000
000
000
1945—A ug> 3 0 . . .
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov. 2 9 . . .
Dec. 2 7 . . .
75,151
75,151
565,152
65,152
5
129,817
47
45
68
48,703
49,363
60,087
62,210
7
23,038
1946—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 8 . . .
Apr. 2 5 . . .
May 2 9 . . .
June 2 7 . . .
July 2 5 . . .
129,817
129,817
129,817
129,817
&94.817
94,817
94,817
69
69
69
5
5
5
6
26,081
27,247
25,524
25,810
63,090
64,985
64,769
46
220
160
46
?7
30
32
36
45
17,698
31,909
20,627
34,673
72 317 63,900
142 507 69,500
210 965 68,250
326, 973 64,400
426 000 15,850
16.00C
19.00C
11.20C
13.40C
8.60C
Deposits
Other
assets
Note
circulation
Govern- C.A .R.4
ment
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
6
35,221
68,571
76,436
85,725
85,028
82,613
"83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386
572,510
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
578
748
•41,666
•42,717
•46,152
•45,859
•39,122
469,652
496,258
528,945
545,795
570,006
•44,818
«46,744
•40,985
•38,614
•41,848
•42,053
6
40,915
592,436
605,156
613,434
616,102
625,809
629,181
612,879
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
37,855
1,812
2 241
1,989
2 041
1,940
1 907
2,113
2 557
3,160
2,718
2 925
3,586
3,894
4,461
4,872
7,078
80,246
53,598
30,793
21,708
12,048
50,005
53,156
52,552
53,447
57,755
4 600
4,506
5,617
4,540
4,087
5,781
1,014
781
732
745
750
717
52,046
50,743
52,516
53,653
51,845
53,265
59,829
4,156
4,070
4,357
5,337
4,072
4,268
7,006
41, 400
64, 580
16, 857
10, 724
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
Gold
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
2,283
2,216
984
806
386
79
82
66
71
71
71
71
77
71
1929—Dec. 31
1930—Dec. 3 1 . . .
1931—Dec. 3 1 . . .
1932—Dec. 3 1 . . .
1933—Dec. 30. . .
1934—Dec. 31
1935—Dec. 3 1 . . .
1936—Dec. 3 1 . . .
1937—Dec. 31
1938—Dec. 3 1 . . .
1939—Dec. 30. . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . .
1943—Dec 31
1944—Mar. 31. .
Apr. 29. . .
May 31. . .
June 30. . .
Tuly 31
Aug. 3 1 . . .
Sept 30
Oct. 31
Nov 30
Dec. 30. . .
1945—j a n 3i
Feb. 28
76
77
77
77
77
77
77
77
77
77
77
77
77
77
71
71
(8)
71
Bills (and
checks),
including
Treasury
bills
Other
Other
liabilities
Liabilities
Securities
Security
loans
Eligible
as note
cover
Other
assets
Other
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
L76
183
L46
84
74
60
45
30
38
32
25
27
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954[
56,935)
63,49/
46
38
28
26
38
42
47
46
67
112
1
1
1
1
1
1
67
70
69
1
33
31
23
27
21
20
25
24
21
45
2,311
1,664
2,337
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
64,62^
70,695
199
307
81
112
60
61
2,083
2,591
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
Note
circulation
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1 ,032
1 ,012
1 ,059
1 ,527
2 ,018
? ,561
3 ,649
5 ,292
8 ,186
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102
7 ,237
7 ,179
7 ,240
6 ,754
6 ,813
7 ,480
9 ,088
9 ,603
10 829
13 ,535
1,788
1,833
1,915
2,004
2,054
2,185
2 160
2,216
2 264
2,445
51,207
55,519
16
,566
,419
2,353
1,909
c
1
Corrected.
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May2 1940, pp. 406^407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million francs were authorized to meet the costs of the German army of occupation.
4
Central
Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and
in week
ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec.
22, 1944.
7
Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
8
Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
1210
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately.
Other gold and foreign exchange.
Government securities
Temporary advances to Govt l
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank.. . .
Government 1
Nationalized
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o3n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks.
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
j
Deposits of Trading Banks:
Special
Other
Other liabilities
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue...
Other assets
Note circulation
Demand deposits4
Blocked accounts
Other liabilities
Central Bank
of Bolivia—Monetary Dept. 6 (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 7
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks..
Loans to Government
Other loans and discounts. . . .
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold.....
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Czechoslovakia
in Prague (millions of koruny):
Gold
Foreign exchange
Loans and discounts
Other assets
1946
Aug.
July
June
Aug.
Central Bank
(Figures as of last report
date of month)
National Bank of Czechoslovakia
in Prague—Continued
Note circulation—Old
New
Deposits—Old
New
Other liabilities
148 National Bank of Denmark
.581
(millions of kroner):
,585
Gold
626
Foreign exchange
Clearing accounts (net)
.
207
Loans and discounts
Securities
2
168
Govt. compensation account 8 . .
202
Other assets
177
Note circulation
Deposits—Government
1210,908 203,978 61, 507
Other
Other liabilities
2,220 2,723 1, 705
Central Bank of Ecuador
403, 368 411,313 406, 588
(thousands of sucres):
16,231 11. 921
11,
Gold
198,964 85. 464
197,
Foreign exchange (net)
Loans and discounts
260,112 222 738
255.
Other assets
21,864 24 762
22.
Note circulation
153,305 148 ,757
152
Demand deposits
Other liabilities
National Bank of Egypt (thou148 33,327
,218
sands of pounds):
708 4,101
,768 ;
Gold
,632 48,f
,732
Foreign exchange
,450 4,062
544
Loans and discounts
,597 64,597
,597
British, Egyptian, and other
,119 2,103
,283 j
Government securities
,862 72,505
,459
Other assets
,325 4,166
,450
Note circulation
,063 78,131
,129
Deposits—Government
,405 1,450
,105
Other
Other liabilities
(May)
(Central Reserve Bank of El Salva919
dor (thousands of colones):
366
Gold
176
Foreign exchange
406
Loans and discounts
1
Government debt and securities.
1,631
Other assets
24
Note circulation
Deposits
Other liabilities
Bank of Finland?
Bank of Greece 7
366
383
National Bank of Hungary 7
465
337
218 Reserve Bank of India (millions of
697
697
rupees):
736
741
890
924
Issue department:
,954 1,863
,371
Gold at home and abroad..
014 3,065
,589
Sterling securities
544
496
537
Indian Govt. securities....
254
13
206
Rupee coin
410
317
361
Note circulation
Banking department:
Notes of issue department.
235.
582
234,141
Balances abroad
034
66,601
79.
Treasury bills discounted.
570
35,798
27.
Loans to Government
728
80.
76,234
Other assets
385
38,162
39!
Deposits
279
211
208,749
Other liabilities
368 Central Bank of Ireland (thousands
211
201,968
653
39
40,219
of pounds):
Gold
Sterling funds
518
,518 1,51
,517
Note circulation
7
287
,101 1,950
788 Bank of Japan
Bank of Java7
977
,858 5,919
596 121 ,261 121,750 101,941
1,232
4.641
871
73
6,311
588
3,437
1,221
446
8,314
119
1946
Aug.
July
1945
June
Aug.
985
984
984 40,401
37,785 35,500 35,280
77,615 78,637 79,942 43^081
7,413 8,531 7,442
6,583 7,084 7,489 20^765
83
142
93
23
98
7,588
97
1,482
2,685
3,710
247
83
137
100
35
95
7,588
103
1,516
2,860
3,523
242
97
33
2,952
33
64
65
5,071
1,102
2,962
3,770
481
(Apr.)«
265,246
39,476
190,532
91,292
309,702
243,626
33,217
288,829
111,402
122,477
87,016
327,737
249,577
32,410
6,241 6,241 6,241
15,601 16,381 16,405
2,600 2,037 2,643
303,011 300,949 293,268
25,329 27,461 21,856
131,721 133,158 123,718
83,320 82,666 72,764
125,493 124,944 129,756
12,246 12,301 14,175
32,850
37,978
1,413
6,085
1,887
44,840
27,598
7,775
32,880
39,104
1,277
6,130
1,901
44,889
28,369
8,034
33,083
36,883
2,025
5,855
1,819
43,956
28,544
7,164
444
44
444
11,353 11,353 10,343
578
578
578
176
164
174
12,155 12,378 11,394
2,646
35,766
38,412
397
5,635
16:
5,626
146
4,728
39
435
6,177
293
44'
5,92.
3V
313
5,014
212
2,646 2,646 2,646
38,376 34,496 30,726
41,022 37,142 33,372
1
Government
2
By decree of
8
decree of April 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
May 24, 1946, the Central Bank became responsible for all subsidiary money.
Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while
previously these statements included the operations of the General Banking Division.
* Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
8
Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking
functions)
and Commercial Banking Departments.
8
Latest month available.
7
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary
(November
1944), see BULLETIN for January 1946, p t 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
8
In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
Government compensation account.
OCTOBER
1946
1211
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 B a n k (millions of
guilders):
Gold
.
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
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 denosits
Other liabilities
Bank of Norway'
Bank of4 Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Demand denosits
Other liabilities
Central Reserve Bank of P e r u
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Gold«
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a '
S o u t h African Reserve B a n k
(thousands of pounds):
Gold?
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
Other assets
1946
Aug.
July
1945
June
Aug.
723
721
731
709
1,731
490
160
1,700
1,193
212
,733
480
159
,694
,190
208
1,759
489
,868
349
84
,494
,342
174
713
1
4,530
713
1
,530
156
114
274
2,467
1,433
142
689
510
170
121
275
,447
,562
97
639
516
146
1,698
1,227
201
713
1
4,572
1
163
100
276
2,338
1,604
160
713
133
110
,573
513
'475
,338
577
481
2,802
85,520
871
,000 34,025
,016 4,016
,224 2,374
200 44,546
,012 79,604
,602 4,587
539
346
245
118
062
623
802
,772
660
(Apr.)
3,404
34,967
3,899
10,083
460
29,364
17,391
6,058
(Mar.)
149.264
39,298
594,310
22,550
505,020 466
265,838
34,564
565
580
957
553
899
670
086
(Mar.)
1,423
7,087
9,842
297
1,018
693
7,824
11,703
834
252.
26,
3,
8,
66,
217,
6,
257,014
31,173
5,176
8,241
66,384
229,063
6,157
,279
,866
,965
,183
,167
,455
,670
1,213
585
15,694
4,179
2,429
,189
597
,814
,307
,395
Central Bank
(Figures as of last report
date of month)
1946
Aug.
July
1945
June
Aug.
Bank of Spain—Continued
Note circulation
19,034 17,183
Deposits—Government
1,219 1,698
Other
3,361 3,878
Other liabilities
542
486
Bank of Sweden (millions of kronor):
Gold
1,046
,036 1,042
1,056
Foreign assets (net)
1,021
,074 1,098
774
Swedish Govt. securities and ad- 8
vances to National Debt Office
937
945
951 1,255
Other domestic bills and advances
30
28
24
44
Other assets
880
886
944
815
Note circulation
,450 2,495 2,488
2,534
Demand deposits—Government
837
797
753
897
300
Other
214
223
176
376
Other liabilities
375
588
380
Swiss National Bank (millions of
francs):
Gold
4,851
,844 4,786
,690
Foreign exchange
176
168
141
183
Loans and discounts
61
59
73
73
Other assets
88
83
84
87
Note circulation
3,688
,639 3,617
,558
Other sight liabilities
1,169
210 1,212
,139
Other liabilities
312
310
292
300,
Central Bank of t h e Republic of
Turkey (thousands of pounds):
Gold
299,520 299,520 292,107
Foreign exchange and foreign
63,447 67,
clearings
56,276
691,778 669
Loans and discounts
795,229
164 ,686
Securities
170,562
71 ,532
Other assets
19,293
826
Note circulation
923,808
91 ,821
Deposits—Gold
85,586
128 ,667
Other
147,935
243,983 241^290 176 ,137
Other liabilities
Bank of t h e Republic of Uruguay 9
(thousands of pesos):
Gold
309,341 286,612
Silver
13,662 13,941
Advances to State and government bodies
8,793
24,181
Other loans and discounts
101,170 92,549
Other assets
333.228 316,757
Note circulation
186,432 156,162
Deposits—Government
42,743 41,390
Other
251,310 250,974
Other liabilities
301,097 270,126
Central Bank of Venezuela (thousands of bolivares):
557,080
,080
Gld
468,863
Foreign exchange (net)
i . 24,319 24 ,354
69,490
Credits to national banks
14.310
14,055
Other assets
34,339
967
Note circulation—Central Bank 403,884 405,283
328,393
National bank;- 7,776 7,822
11,776
Deposits
195,263 188, 226
217,457
Other liabilities
8,816
070
9,092
National Bank of t h e Kingdom
of Yugoslavia'
Bank for I n t e r n a t i o n a l Settlem e n t s " (thousands of Swiss gold
francs):
Gold in bars
124,774 124,
118,437 119,342
Cash on hand and on current
account with banks
4,958 5,
11,544 42,786
Sight funds at interest
141
141
8,215
Reditcountable bills and acceptances fat cost)
10,217 10,
9,643 86,589
Time funds at interest
6,278
7,
3,178 2,750
Sundry bills and investments.. . 308,800 306,
306,371 196,153
Other assets
35
36
114
Demand deposits (gold)
20,737 20,
14,545 16,978
Short-term deposits (various
currencies):
Central banks for own account
3,437
3,580 6,240
Other
1,651
653 1,556 2,018
Long-term deposits: Special accounts
229,001 229,001 229,001 229,001
Other liabilities
200,376 200,508 200,668 201,712
1
2
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency
reform decrees effected between June and October 1945.
3
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942,
p. 282:
and
of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
4
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is
divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes
central
banking functions, was issued for the end of December
1944.
6
fl
Latest month available.
Valued at average cost beginning October 1940.
7
8
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
Includes small amount of non-Government bonds.
9
Issue
and
banking
departments
consolidated.
10
Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Govtrnment.
"See BULLETIN for December 1936, p. 1025.
1212
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- Nether- SweKing- France many
ergium lands
den land
dom
In effect Dec. 31.
1936
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July
6
Aug 24
Aug. 29
Sept. 28
Oct. 26
Dec 15
Jan. 25, 1940.
Apr 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945
Jan 20
Feb. 9
In effect Sept. 30,
1946
2
4
6
5
4
2
4
2
2
2K
IK
Rate
Sept.
30
Date
effective
Central
bank of—
Rate
Sept.
30
5K
sy2
IK
6
Mar. 21, 1940
Mar. 1, 1936
Jan. 16, 1945
Nov. 8, 1940
Italy
Japan
Java....*...
Latvia
Lithuania. . .
4
3.29
3
5
6
British India. .
3
5
Bulgaria
Canada . .
IK
Chile
3-4K
Colombia
4
Czechoslovakia
2K
Nov. 28, 1935
Dec. 1, 1940
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Oct. 28, 1945
Mexico
Netherlands .
New Zealand.
Norway
Peru
Portugal....
4K
2K
IK
2K
Denmark
Kcuador
. .
El Salvador. . .
Estonia
Finland
3K
3
4K
4
Jan.
May
Mar.
Oct.
Dec.
15, 1946
26, 1938
30, 1939
1, 1935
3, 1934
Rumania. . . .
South Africa.
Spain
Sweden
Switzerland..
4
3
4
IK
3K
10
7
2K
Jan.
Apr.
Aug.
Aug.
Nov.
20, 1945
9, 1940
16, 1946
1, 1946
23, 1943
Turkey
United Kingdom
U.S. S. R . . . .
Yugoslavia. .
Central
bank of—
Albania
Argentina
Belgium
Bolivia
Date
effective
Sept. 11,
Apr. 7,
Jan. 14,
Feb. 17,
July 15,
1944
1936
1937
1940
1939
zy2
3
4
2K
3
3
2%
2K
2
June
June
July
'Jan.
Aug.
Jan.
4, 1942
27, 1941
26, 1941
9, 1946
1, 1940
12, 1944
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9, 1945
26. 1936
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
2K
4
3
2K
4
3
3
2
3
2K
IK
2
zy2
zy2
IK
Germany.
Greece
Hungary
Ireland
3
IK
2K
...
2K
sy2
2
IK
2K
2K
r
Revised.
NOTE.—Changes since Aug. 31: None.
IK
OPEN-MARKET RATES
[Per cent per annum]
Germany
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1929—juiv
1930—July
1931—July
1932—July
1933—July
1934—Julv
1935—July
1936—July
1937—July
1938—July
1939—Julv
1940—July
1941—July
1942—July
1943—July
1944—July
1945—July
5.38
2.37
2.58
.92
.48
.87
.65
.58
.56
.55
.79
1.03
1.03
1.03
1.03
1.03
1.03
5.39
2.38
2.44
.66
.40
.76
.59
.58
.53
.52
.77
1.02
1.00
1.00
1.00
1.00
1.00
4.54
1.78
2.05
.67
.62
.85
.75
.75
.79
.75
.75
1.00
1.00
1.00
1.04
1.13
1.13
1945—Aug
Sept
Oct
Nov
Dec
1.03
1.03
.83
.53
.53
1.00
1.00
.75
.51
.50
1.13
1.13
.96
.63
.63
1946—Jan
Feb
Mar
Apr
May
.53
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.50
.51
.63
.63
.63
.63
.63
.63
.63
June
July
Bankers'
allowance
on deposits
Private
discount
rate
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
7.39
3.40
17.00
4.58
3.88
3.75
3.00
2.88
2.88
2.93
2.75
2.38
2.13
2.13
2.13
2.13
8.21
4.30
!8.89
5.49
5.19
4.67
3.10
2.96
2.64
2.96
2.65
1.73
1.63
1.75
1.86
1.90
5.20
1.85
1.53
.49
3.54
.74
3.25
2.01
.13
.13
.51
(2)
1.88
4.90
1.85
1.40
1.00
2.64
1.00
2.77
1.73
.92
.50
.75
2.83
2.25
4K-6K
3K-5K
4-6
4-6
3-5 K
2K-5
2K-4K
2K-5
2K-5
2K-5
2K-5
3K-5K
3-5 K
3-5 K
3-5 K
3-5 K
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
3.19
1.92
1.55
1.50
1.50
1.50
2.79
2.25
1.00
1.00
1.00
1.50
1.25
1.25
1.25
1.25
1.25
2K-5
2K-5
2K-4K
2K-4K
2K-4K
2K-4K
1.25
1.25
1.25
1.25
1.25
1.25
1.25
K
K
1
/2
K
K
K
Switzerland
Day-today
money
K
K
K
K
K
K
K
K
K
K
Sweden
Private
discount
rate
3H
1
1-2K
K
Netherlands
1.25
1.25
1.25
1.25
1.25
1
Based on data for part of month only.
2 Figure not available.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table
172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
OCTOBER
1946
1213
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
United Kingdom *
Cash
reserves
Money at
Loans to
call and Bills dis- Treasury
deposit Securities customers
short
counted receipts
*
notice
Deposits
Othe r
asset s
Total
Demand
Time
Other
liabilities
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
274
324
366
390
422
500
174
159
141
142
151
199
334
265
171
198
133
147
314
758
896
,307
,667
609
771
999
,120
1,154
,165
1,015
924
823
794
761
772
290
293
324
325
349
347
2,441
2,800
3,329
3,629
4,032
4,545
1,398
1,770
2,168
2,429
2,712
3,045
1,043
1,030
1,161
1,200
1,319
1,500
256
250
253
236
245
250
1945—August
September
October
November
December
511
518
513
496
536
233
226
201
229
252
195
215
189
296
369
,993
,971
,925
,703
,523
1,126
,146
,178
1,201
1,234
769
771
799
809
827
292
299
308
318
374
4,875
4,898
4,859
4,789
4,850
3,236
3,266
3,277
3,254
3,262
1,638
1,632
1,582
1,535
1,588
244
247
254
263
265
1946—January
February
March
April
May
496
483
493
509
509
524
532
249
243
254
271
301
315
305
361
340
379
433
470
526
522
,493
,468
,443
,449
,374
1 ,302
1 ,382
L.230
1,241
L.246
L.282
1,322
1,382
,406
840
847
863
841
856
894
885
333
338
353
367
356
399
386
4,729
4,684
4,749
4,865
4,894
5,045
5,113
3,135
3,078
3,143
3,242
3,239
3,351
3,389
1,594
1,606
1,606
1,623
1,655
1,694
1 ,724
271
276
281
287
292
296
304
June
July
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
due from
Other
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
292
323
356
387
471
550
53
40
32
31
48
92
1,088
1,108
1,169
1,168
1,156
1,211
132
159
168
231
250
214
1,646
1,531
1,759
2,293
2,940
3,611
612
570
653
657
744
782
85
80
71
60
42
34
2,774
2,805
3,105
3,657
4,395
5,137
1,033
1,163
1,436
1,984
2,447
2,714
1,741
1,641
1,669
1,673
1,948
2,423
963
846
962
,049
,172
,289
1945—August
September
October
November
December
581
582
640
646
694
112
109
130
239
251
1,021
1,002
1,009
1,372
1,274
242
237
242
229
227
3,835
3,960
4,159
4,015
4,038
789
750
812
888
869
28
27
27
26
26
5,229
5,269
5,573
6,013
5,941
2,396
2,331
2,582
3,197
3,076
2,833
2,935
2,992
2,816
2,865
,324
,344
,392
1,350
t,386
1946—January
February
March
April
May
June
July
665
669
650
722
642
637
696
210
200
148
152
125
115
96
1,213
1,194
1,181
1,160
1,187
1,188
1,230
209
206
214
221
197
159
121
4,100
4,119
4,197
4,243
4,304
4,275
4,298
793
845
803
876
907
896
876
25
25
25
24
24
23
23
5,810
5,830
5,781
5,898
5,882
5,756
5,887
2,848
2,752
2,611
2,660
2,576
2,393
2,476
2,963
3,078
3,170
3,238
3,306
3,364
3,411
1,354
1,379
1,387
1,452
t,456
1,490
1,407
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Liabilities
Cash
reserves
Due from
banks
Bills discounted
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
4,599
6,418
6,589
7,810
8,548
10,365
3,765
3,863
3,476
.3,458
4,095
4,948
29,546
46,546
61,897
73,917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
1945—March
April
May
June
July
August
September
October
November
December
8,117
8,582
27,281
16,282
11,990
11,104
11,122
11,942
11,898
14,602
5,072
4,954
4,999
5,660
5,944
5,991
6,080
6,337
6,859
13,804
98,593
99,146
109,270
156,620
146,195
143,799
143,818
143,567
145,110
155,025
1946—January
February
15,312
15,005
13,871
14,393
153,227
157,420
1214
Loans
Other
assets
Deposits
Own
acceptances
Other
liabilities
Total
Demand
Time
2,440
2,229
2,033
2,622
2,935
2,190
42,443
62,032
76,675
91,549
112,732
128,758
41,872
61,270
75,764
91,225
111,191
126,578
571
762
912
324
1,541
2,180
844
558
413
462
428
557
4,609
4,813
5,187
6,422
7,506
6,623
21,255
22,246
23,108
23,216
27,127
27,697
28,732
30,153
32,165
36,166
2,118
2,490
3,008
3,618
4,212
4,970
5,279
5,906
6,325
7,360
128,007
129,859
159,526
196,167
185,763
183,140
184,400
186,740
190,759
213,908
126,132
128,154
157,453
193,828
183,477
180,779
182,105
184,637
188,748
211,871
1,876
1,705
2,073
2,339
2,286
2,361
2,296
2,103
2,010
2,037
745
939
1,212
1,544
1,837
2,150
2,268
2,476
2,618
2,898
6,403
6,619
6,928
7,685
7,868
8,271
8,364
8,690
8,980
10,151
40,123
41,119
5,022
6,627
216,729
222,059
214,842
220,219
1,887
1,840
3,371
4,607
7,455
7,898
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Official
Special
Export
1937
1938
1939
1940
1941
1942
1943
1944
1945
32.959
32.597
30.850
29.773
29.773 '223'. 704'
29.773 23.704
29.773 24.732
29.773 25.125
29.773 25.125
1945— Sept.
Oct
Nov
Dec
1946—Jan
Feb.. .
Mar...
Apr..
. .
May
June
Tuly
Aug
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Year or month
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57.014
1945— Sept.
Oct....
Nov...
Dec
1945—j an
Feb
Mar
Apr
May
June
July
Aim
56.980
56.980
56.980
56.980
56 980
56.980
56.980
57.032
57.021
57.007
57.007
57 007
1937.
1938
1939
1940
1941...
1942
1943
1944
1945
Official
2322.80
322.80
322.80
322.80
322.80
2
322.80
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
Free
Belgium
(franc)
Official
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
J
321.17 *2.2860 6.0602
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
320.70
321.31
321.41
321.41
321.41
321.41
321.41
321.40
321.38
321.41
321.41
321.41
3.3752
3.3788
3.3704
l
3.3760
Free
In cents per unit of foreign currency]
British BulIndia garia
(rupee) (lev)
3.4930
3.4674
23.4252
22.069
21.825
20.346
219.308
2.1811
2.1567
1.9948
1.8710
2
2.0101
8
9
2!66o6
2.0060
2.0060
2.0060
2.0060
2.0060
20.877
20.877
20.877
20.877
20.877
20.877
20.877
4.0460
2.8781
2.5103
22.0827
8
20.202
20.202
20.202
20 197
20.161
20.161
20 161
2
18.923
18.860
18.835
4.4792
4.4267
4.0375
3.7110
2
4.0023
8
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
4.0501
.7294
. 7325
.7111
2.6896
Canada
(dollar)
Official
Free
6.1983 37.326 1.2846
100.004
99.419
36.592 1.2424
5!i248 33.279 a1.2111
96.018
5.0214 30.155
290.909 85.141
5.0705 30.137
90.909 87.345
5.1427 30.122
90.909 88.379
5.1280 30.122
90.909 89.978
5.1469 30.122
90.909 89.853
5.1802 30.122
90.909 90.485
32.2883 6.0602 5.1802
2.2879 6.0602 5.1802
2.2857 6.0602 5.1802
2.2839 6.0602 5.1802
2.2840 6.0602 5.1802
2.2845 6.0602 5.1802
2.2845 6.0602 5.1829
2.2844 6.0602 5.1902
2.2846 6.0602 5.1900
2.2847 6.0602 5.1902
2.2847 4 6.0602 5 5.2283
5.3675
2.2847
.9055
.8958
.8153
2.6715
Chile
China
(yuan
Shanghai)
Official Export
(peso)
5.1697
5.1716
5.1727
5.1668
25.1664
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
2
5.0703
28.791
28.451
25.963
23.436
223.439
New
NethMex- erlands
Zeaico
land
(guild(peso)
(pound)
er)
21.9711
2.0189
2.0189
2.0186
1.7822
.8410
.8410
.8410
.8409
.8408
8409
. 8409
.8408
20 578
20.578
20.578
20.579
20.580
20.581
20.580
20.580
20.575
20.572
20 587
20 596
30.694
30.457
27.454
22.958
224.592
400.50
400.50
400.50
400.50
400 50
400.50 89.132
400.50 9.132
400.50 9.132
400 50 9 132
400.50 9.132
400.50 9.132
400 50 9.132
19.779
19.727
19.238
18.475
219.770
10
". 4434
4434
.4434
11
4434
United
Kingdom
Straits Swe- Switz(pound)
Settle- den
erland
m e n t s (krona)
(franc)
(dollar)
Official
Free
489.62 6.053 57.973 25.487
484.16 5.600 56.917 25.197
440.17 10.630 51.736 23.991
397.99 29.322 46.979 23.802
398.00 9.130 247.133 223.829
398.00
46.919
398.00
398.00
399.05
23.852
23.852
23.852
23.852
23.852
^26.195
27.819
24.OOOO 29.606
4.0000 21.360
4.0000 11.879
4.0000
6.000
24.OOOO 25.313
90.909 89.908
90.909 90.358
90.909 90.736
90.909 90.725
90.909 90.712
90.909 90.695
90.909 90.747
90.909 90.764
90.909 90.679
90.909 90.597
6 98.347 696.662
100.000 96.784
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.139
30.182
30.182
30.182
30.185
27.750
22.122
19.303
18.546
20.538
20.569
20 577
20 581
20.581
40.204
40.164
40.061
40.021
239.968
Ruma- South Spain
Norway Poland Portugal
Africa
nia
(krone) (zloty) (escudo) (leu)
(pound) (peseta)
24.840
24.566
23.226
222.709
1945—Sept.
Oct
Nov.
Dec.
1946—Jan..
Feb
Mar
Apr
M^ay .
June
July
A u g.
(pound)
Brazil
(cruzeiro1)
FinGerColom- Czecho- Denland France many Greece Hong Hunslovakia mark (markbia
gary
(drach- Kong
(reichs(franc)
(peso) (koruna) (krone)
ma)
(dollar) (pengfl)
mark)
ka)
1937
1938
1939
1940
1941
1942....
1943....
1944. . . .
1945
Year or month
Australia
Argentina
(peso)
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
2
37.933 323.46
55.045
55.009
53.335
253.128
7
37.933
37.933
37.933
37.926
37.789
37.789
37.789
37.789
37.789
37.789
Uruguay
(peso)
321.99
322.60
322.70
322.70
322.70
322.70
322.70
322.69
322.67
322.70
322.70
322.70
Yugoslavia
(dinar)
Controlled
Noncontrolled
494.40
22.938
488.94
22.871
443.54
22.525
22.676 2403.50 383.00
223.210 403.50 403.18
403.50 403.50
403.50 2403.50
403.50
2403.50 2463!02
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
2.3060
2.3115
236! 789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
402.49
403.24
403.38
403.37
403.38
403.38
403.38
403.35
403.32
403.37
403.37
403.36
65.830
65.830
65,830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
8
23.363
23.363
23.363
23.363
23.363
23.363
23.363
56.175
56.282
56.290
56.290
56.290
56.290
56.290
56.290
56.287
56.272
56.272
56.272
1
2
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
Based on quotations beginning Sept. 24.
*5 Official rate abolished as of July 22. Based on quotations through July 19.
Based on quotations through July 19 and from July 25-31.
6
Currency revalued on July 5.
7
8
Based
on quotations beginning Nov. 2.
Based on quotations beginning Feb. 5.
9
10
Based on quotations beginning Mar. 9.
Based on quotations beginning Mar. 22.
12
"Based on quotations through June 12.
Currency revalued on July 13.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
OCTOBER
1^46
1215
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
United
Kingdom
(1930 =
100)
Canada
(1926 =
100)
1
France
(1913 =
100)
Italy
(1928 =
100)
Germany
(1913 =
100)
Japan
(October
1900 =
100)
Netherlands
(1926-30
= 100)
237
106
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
«88
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
126
144
i 92
i 90
> 96
96
91
90
90
96
111
107
111
143
184
210
218
223
221
1
100
100
124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
65
66
75
80
81
86
79
77
79
87
99
103
104
67
67
72
72
75
85
79
75
83
90
96
100
103
86
86
88
89
94
109
101
103
137
153
159
163
166
427
398
376
338
411
581
653
707
97
93
98
102
104
106
106
107
110
112
114
116
118
106
104
169
194
1945—August . . . .
September
October
..
November
December
106
105
104
103
171
170
194
191
106
107
104
104
170
170
191
191
223
222
220
219
107
104
170
190
214
1945—January
February .......
March
April
107
105
172
184
215
108
109
110
111
113
124
129
105
106
108
109
109
110
172
172
173
173
185
184
184
185
186
185
213
214
213
213
213
214
1926
May
June
July
August
.
*901
70
63
62
68
76
89
95
99
116
132
•"173
177
177
P109
100
102
114
111
115
146
172
189
196
196
p Preliminary.
»• Revised.
1
Approximate figure, derived from old index (1913 =100).
* Average based onfiguresfor 5 months; no data available since May 1940, when figure was 919.
• Average based onfiguresfor 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for 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]
Canada
United States
(1926=100)
Year or month
Farm
products
Foods
Other
commodities
Farm
products
R a w and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
1926
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
48
51
65
79
81
86
69
65
68
82
106
123
123
128
61
61
71
84
82
86
74
70
71
83
100
107
105
106
70
71
78
78
80
85
82
81
83
89
96
97
99
100
48
51
59
64
69
87
74
64
67
71
83
96
103
55
57
64
66
71
84
73
67
75
82
90
99
104
106
70
70
73
73
74
81
78
75
82
89
92
93
94
94
88
83
85
87
92
102
97
97
133
146
158
160
158
158
85
87
90
90
96
112
104
106
138
156
160
164
170
175
1945—August
September
October
November
December .
127
124
127
131
106
105
106
108
100
100
100
100
'109
r
107
109
109
107
105
106
106
94
94
94
94
161
158
158
158
176
176
175
175
132
109
101
109
106
94
158
175
1946—January
February
March
April
130
107
101
110
107
95
157
180
131
133
135
138
140
157
161
108
109
111
112
113
140
149
101
102
103
104
106
109
112
110
110
111
112
113
114
107
107
108
109
110
110
95
96
99
99
99
99
Pill
P108
P100
157
158
159
159
159
161
159
179
179
180
181
181
185
186
.
June
July
August ..
••107
Germany
United K i n g d o m
(1930 = 100)
<1926 = 100]
(1913 =100^
IndusIndusAgricul- trial raw trial finand semitural
ished
products finished products
products
129
130
150
91
87
96
102
105
105
106
108
111
112
115
119
122
89
88
91
92
94
96
94
95
99
100
102
102
103
118
113
116
119
121
125
126
126
129
133
134
135
136
r
P Preliminary.
Revised.
S&urces.—bee BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1216
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
SwitzUnited
Ger- Nether- erCanUnited
Kingmany
ada
lands
States
land
dom
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100)
= 100)
= 100) 1914
= 100)
1914
= 100)
= 100)
Year or
month
1934
1935
1936
1937. . .
1938
1939
1940
1941
1942
1943. .
1944
1945
94
100
101
105
98
95
97
106
124
138
136
139
93
95
98
103
104
101
106
116
127
131
131
133
122
125
130
139
141
141
164
168
161
166
168
170
1945-August
September
October
November
December.
141
139
139
140
136
134
133
134
172
169
169
169
141
134
169
1946-January..
February..
March
April
May . . .
June
July
August....
141
140
133
133
169
169
140
142
143
146
166
171
133
135
138
142
144
PU5
169
169
169
169
171
171
118
120
122
122
122
123
128
129
132
134
138
124
118
120
127
130
130
150
177
191
198
115
114
120
130
130
132
146
175
200
211
215
215
SwitzUnited
GerNether- erKingCanUnited
land
many
lands
dom
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100)
= 100) 1914
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942 .
1943
1944
1945
121
123
125
125
126
126
130
133
137
139
141
129
128
130
137
137
138
151
174
193
203
208
209
140
136
96
98
99
103
101
99
100
105
117
124
126
128
96
96
98
101
102
102
106
112
117
118
119
119
141
143
147
154
156
158
184
199
200
199
201
203
216 1945-August
216
September.
213
October...
210
November.
210
December.
129
129
129
129
121
120
120
120
205
203
203
203
210
210
208
207
130
120
203
207
210 1946-January...
208
February..
March....
206
206
April
208
!May
209
June
209
July
August.. . .
130
130
120
120
203
203
207
206
130
131
132
133
141
144
120
121
122
124
125
203
203
204
203
205
205
205
205
206
207
207
P126
»132
137
139
140
154
175
187
195
P Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. .
United
States
(derived
price)i
Common stocks
United
Germany
Kingdom
France
(December (1938=100)2 (average
1921=100)
price)'
Netherlands 4
United
States
(1935-39
= 100).
(1926 = 100)
United
Kingdom
Germany
«
94.1
114 6
136.8
142 1
145 0
145.4
15
87
50
139
8
402
278
1939
1940
1941
1942
1943
1944
1945
113.8
115.9
117.8
118.3
120.3
120.9
122 1
112.3
118.3
123.8
127.3
127.8
127.5
128 3
114.2
8
114.2
•143.4
146.4
146 6
150.5
152 1
99.0
100 7
103.0
•103.3
90.9
7
77 9
84.3
94 7
98 5
75.9
70 8
72.5
75.3
84 5
88.6
92 4
1945—August
September
October
November. .
December
121.7
121 6
121.9
122.0
121 9
128.3
128 2
128.5
127.8
127 5
150.6
150 9
150 2
150.3
151 2
94.2
88 1
80.0
69 4
91 9
99.8
121 5
117.9
126 1
132 0
136.9
139 7
1946—January....
February.. .
March
April
May
June
July
August
123.8
124 5
124.5
124.3
123.7
123 9
124.0
123.8
129.1
130.1
129.9
131.7
132.6
132 0
132.2
132.2
148.6
148.6
147.5
146.1
147.3
146 3
144.8
143.3
141 8
151.6
154 3
153 2
149 6
146.4
95.2
94 9
93 8
95.2
97 6
99 5
99 2
97.6
91.4
92 0
93 2
94.5
94 2
NetherFrance
lands
(1938=100)2 (1930=100)
»295
112
6
140
•308
479
540
551
453
100
89.7
8
95.0
129.1
131.5
151.0
421
477
467
441
450
433
461
452
448
532
S40
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number
of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295
thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin
de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes
from 8 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4t}4 per cent. The series prior
to that date is not c >mparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
* Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index
beginning
January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent.
6
This number, originally 329, has declined as the number of securities eligible
for the index has diminished. In May 1941 it was down to 287.
8
Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July.
• Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
OCTOBER
1946
1217
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON,
Assistant to the Chairman
M. KENNEDY, Special Assistant
to the Chairman
RONALD RANSOM, Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
Special Adviser
to the Board of Governors
CHESTER MORRILL,
DAVID
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
LEO
H. PAULGER, Special Adviser
to the Board of Governors
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
C. E. CAGLE, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
S. ECCLES, Chairman
SPROUL, Vice Chairman
MARRINER
ALLAN
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
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
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
W. S. MCLARIN, JR.
JOHN H. MCCOY,
CLEVELAND DISTRICT
RONALD RANSOM
A. L. M. WIGGINS,
RICHMOND DISTRICT
J. T. BROWN
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
President
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
CHESTER MORRILL,
1218
JAMES H. PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston....
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
Laurence F. Whittemore
William Willett
Allan Sproul
L. R. Rounds
Philadelphia. .
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland. . . .
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
Atlanta
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
L. M. Clark
V. K. Bowman
H. F. Conniflf
S. P. Schuessler
C. S. Young
Charles B. Dunn
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
A. F. Bailey
Wm. E. Peterson
William B. Pollard
C. A. Schacht
William H. Stead
C. M. Stewart
Minneapolis. . .
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
H. G. McConneli
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemer
Kansas City. .
H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay
O. P. Cordill
L. H. Earhart
C. O. Hardy
Dallas
J. R. Parten
R. B. Anderson
Delos C. Johns
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley'
W. E. Eagle
W. H. Holloway
Watrous H. Irons
L. G. Pondrom
New York.
Chicago. . .
San Francisco..
R. R. Gilbert
W. D. Gentry
Federal Reserve
Bank of
Chief Officer
Branch
Buffalo
I. B. Smith*
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar6
J. W. Kossin6
Richmond
Baltimore
Charlotte
W. R. Milford*
W. T. Clements*
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
1
. . . . Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
OCTOBER
E. B. Austin3
R. B. Coleman
H. R. DeMoss
Carl B. Pitman
O. A. Schlaikjer
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
C. A. Mcllhenny 2
Philip M. Poorman
C. A. Sienkiewicz
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
C. B. Strathy
Edw. A. Wavne
k
New York
St. Louis
E. G. Hult
J. C. Hunter2
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
E. C. Hill
Wm. G. McCreedy
H. F. Slade
M. Leisner3
Henry F. Grady
W. F. Volberg
C.
E.
Earhart
'.. N. Mangels
Harry R. Well man
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chicago
Vice Presidents
1946
E. C. Harris6
A. F. Bailey5 6
C. A. Schacht
William B. Pollard6
1
Cashier.
a
Chief Officer
Branch
Minneapolis. . . . Helena
R. E. Towte4
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin6
0. P. Cordill6 6
L. H. Earhart
Dallas
W. E. Eagle6
L. G. Pondrom*
W. H, Holloway*
El Paso
Houston
San Antonio
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
* Managing Director.
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
6
Vice President.
1219
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I
d
P
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
@FedFRASER