Full text of Federal Reserve Bulletin : October 1947
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AL
ESERVE
BULLETIN
OCTOBER 1947
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGB
The Current Labor Market
1199-1206
Postwar Bank Credit Problems, by Marriner S. Eccles
1207-1211
Financial Position and Buying Plans of Consumers, July 1947.
1212-1215
Commercial Bank Loans to Farmers, by Tynan Smith and Philip T. Allen
1216-1227
Annual Report of the Bank for International Settlements
1228-1250
Yields on United States Government Securities—Revision of Averages
1251-1253
Current Events and Announcements
1254
National Summary of Business Conditions
1255-1256
Financial, Industrial, Commercial Statistics, U. S. (See p. 1257 for list of tables)
1257-1317
International Financial Statistics (See p. 1318 for list of tables).
1318-1335
Board of Governors and StafT; Open Market Committee and Staff; Federal Advisory Council
1336
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
1337
Federal Reserve Publications
1338-1339
Map of Federal Reserve Districts
1340
Subscription Price of BULLETIN
N
VOLUME 33
October 1947
NUMBER
10
THE CURRENT LABOR MARKET
In June and again in July, the number
The labor market continues to reflect the
high level of economic activity and the in- employed in civilian jobs reached a total
flationary pressures which have prevailed slightly above 60 million, partly as the resince the end of the war. Total employment sult of the usual summer expansion of agriis at or close to record levels. Unemploy- cultural employment. In August employment is about as low as might be expected ment declined slightly as seasonal requirein a dynamic economy. Wages are con- ments in farming were reduced. Of the
tinuing to increase in response to firm de- total of 59.9 million employed in August, 50.4
mand for workers, rising living costs, and million were engaged in nonagricultural achigh business earnings. Industrial relations, tivities of all kinds, including self-employwhich were exceptionally strained for a ment and domestic service, while 9.5 million
considerable period after the war, have were engaged in agriculture. The nonagriculeased and in recent months work stoppages tural total represented an increase of 1.9 milhave been a relatively minor factor in the lion over a year ago; the agricultural figure
was slightly higher than a year ago but the ineconomy.
Current levels of employment are sup- crease probably reflected a change in timing
ported by a high level of total demand. of seasonal needs rather than an increase in
Domestic demand, after some hesitation in basic employment.
Unemployment at 2.1 million in August
the spring and early summer, has increased
again. Export demand is exceptionally great was seasonally lower than in June and July
although reduced from the record levels and about the same as a year ago. Among
of the first half of the year when an esti- veterans, unemployment has declined sharply
mated 2.1 million employees in nonagricul- since early this year. Only 471,000 were retural activities were directly or indirectly ceiving veterans' unemployment allowances
engaged in production for export and when early in October as compared with 1.2 milagricultural incomes were being sustained lion in January of this year and the peak
by large exports of farm products. Prices, of 1.8 million reached in July of last year.
which had been relatively stable during the
LABOR FORCE
second quarter, have advanced sharply in
On a seasonally adjusted basis, employrecent months. As long as the inflationary
pressures continue strong, there is little like- ment, unemployment, and the labor force
lihood that unemployment will increase have been relatively stable since the beginning of 1947 with employment and the labor
greatly.
OCTOBER
1947
1199
THE CURRENT LABOR MARKET
force increasing somewhat and unemployment declining slightly. Withdrawal of
war-induced entrants to the labor force
was largely completed by July 1946 and
since then the labor force has increased about
1.2 million, of which approximately half is
attributable to normal growth of the population. In addition, veterans who, in the summer of 1946, were temporarily outside the
labor force returned to look for work, and
some women who had withdrawn at the end
of the war again appeared in the labor market
at the end of last year. With such postwar
changes largely completed, movements in the
labor force in the period ahead will reflect
largely seasonal influences and normal
growth. Thus, changes in employment will
have a more direct effect on unemployment
than has been the case during most of the
period since the end of the war. The following chart shows the labor force, employment, and unemployment on a seasonally
adjusted basis since July 1945.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
in this group are those remaining from
among the 8 million extra entrants to the
labor market at the height of the war, as
well as workers drawn into the market by
favorable opportunities for employment or
drawn in by sharply rising living costs since
the end of the war. The extra additions to
the labor force are concentrated in the 1419 year age group and in women over
35 years of age and men over 55 years. In
these three groups the presence of opportunities for work is an important factor contributing to unusually high rates of labor
market participation. It is interesting to
note that the number of men over 55 in the
labor force has not been reduced from the
high war levels.
Partially offsetting the extra additions
from these groups are lower-than-normal
participation rates among both men and
women in the 20-34 year age group. The
explanation for the low participation rates
among women in this age group lies in the
exceptionally high rates of marriages and
births since the end of the war. The high
rate of school enrollment among veterans
in this age group accounts for the relatively
low worker rates for young men. The table
on the next page shows the distribution of
the labor force in April 1947 by age and sex
groups as compared with the "normal" distribution indicated by prewar trends.
MANUFACTURING EMPLOYMENT
1945
1946
1947
Bureau of Census estimates, adjusted for seasonal variation
by Federal Reserve. Latest figures shown are for August 1947.
Still in the labor force are about 1.5 million more persons than had been anticipated
on the basis of prewar trends. Included
1200
The hesitation in domestic demand in the
spring and early summer of this year did not
result in declining employment outside of
manufacturing. In manufacturing, however,
employment declined from its postwar peak
of 15.5 million reached in March 1947 to
15.2 million in July. Although this net decline was small, it occasioned a considerable
amount of interest because the declines in
FEDERAL RESERVE BULLETIN
THE CURRENT LABOR MARKET
COMPARISON OF ACTUAL AND NORMAL LABOR FORCE
April 1947
[In thousands of persons]
Sex and age groups
Actual
labor
force *
Normal
labor
force 2
Excess of
actual over
normal
Total, 14 years and over...
Male
14-19
20-34
35-54
55 and over
Female
14-19 . . . .
20-34
35-54
55 and over
60,950
44,410
3,460
15,480
17,410
8,060
16,540
1,820
6,350
6,470
1,900
59,400
43,080
2,470
16,160
17,170
7,280
1,550
1,330
990
-680
240
780
220
630
-1,330
540
380
16,320
1,190
7,680
5,930
1,520
1
An adjustment of 300,000 was added to the figures reported by
the Census Bureau to allow for unusually low employment in
agriculture during the Census survey week in April 1947, because
of 8weather conditions.
1
Estimates of normal labor force are based on trends in the
rate of labor market participation by age and sex groups for the
period 1920 to 1940.
some of the component industries were
clearly attributable to weakening demand,
the first substantial evidence in employment
data of weakness in demand since the end
of the war. Some of the drop this year was
attributable to the reappearance of seasonal
behavior in some industries. However, the
reappearance of seasonal movements was in
itself an indication of less buoyant demand
than had existed earlier. In addition, temporary factors such as material shortages,
work stoppages, and more extensive unpaid
vacations than usual influenced employment
unfavorably in some lines this summer.
In August and September manufacturing
employment increased again and, largely because of the exceptional rise in the nondurable goods group, climbed above its March
level, in response both to seasonal influences
and to dissipation of earlier fears about the
strength of demand for several products. In
a few industries, such as rubber, radio, aluminum, and machine tool manufacturing, employment still appears to indicate weakness
of demand in relation to supply. Total
manufacturing employment in September
this year was 660,000 greater than in SepOCTOBER
1947
tember 1946, with about three-fifths of the
increase taking place in nondurable goods
industries.
EMPLOYMENT IN OTHER INDUSTRIES
In other major industry divisions—mining,
transportation, public utilities, trade, and
finance and service—employment in recent
months has increased slightly or has remained
stable at record postwar levels. In response to
strong demand and seasonal influences, employment in contract construction has increased substantially in recent months. In
most of these groups employment is substantially higher than a year ago. Employment in domestic service, which declined
throughout the war and early postwar period,
has increased sharply since mid-1946, and is
currently nearly 300,000 higher than a year
earlier. The number of self-employed workers, which also had declined during the war,
increased 1.2 million after the war to a total
of 6 million in the fall of 1946, a level
which has been maintained since then. Although varying sharply in response to
seasonal needs, agricultural employment has
remained relatively constant on a seasonally
adjusted basis at a level 850,000 below 1940.
The drop of 200,000 in Federal Government civilian employment in the United
States between January and September 1947
represents a continuation of the curtailment
which began after V-J Day. In September
such employment was 420,000 less than a
year earlier and 1.1 million less than two
years earlier. The size of the armed forces
has also declined, of course, and at 1.4 million in September, the number attached to
the services was 1.1 million below September 1946 and 10.7 million below the wartime peak. State and local government employment has increased moderately since the
end of the war. The following chart shows
1201
THE CURRENT LABOR
monthly employment of nonagricultural
wage and salary workers by major industry
groups since 1940.
EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS
1940
1942
1944
1946
Bureau of Labor Statistics data, adjusted for seasonal variation by Federal Reserve. Latest figures shown are for August
1947.
CHANGES IN COMPOSITION OF EMPLOYMENT
Shifts in the industrial composition of employment have taken place since the prewar
year 1940. Employment in all nonagricultural establishments increased 30 per cent
from September 1940 to September 1947,
while in manufacturing employment increased 40 per cent. As a result manufacturing now has 37 per cent of all employees in
nonagricultural establishments as compared
with 34 per cent in the earlier period. Within
manufacturing, employment in durable
goods industries increased 52 per cent,
whereas in nondurable goods industries employment increased 30 per cent.
Among durable goods industries, electrical and nonelectrical machinery and automobiles showed the greatest gains in employment with increases of 70 per cent or more.
Iron and steel, furniture, and stone, clay,
and glass products have had increases of
1202
MARKET
only 25 to 35 per cent. Among nondurable
goods industries, chemicals, petroleum refining, and rubber products showed increases
of 50 per cent or more while both textiles and
leather have had increases of less than 10
per cent, and tobacco manufacturing had
fewer workers in September 1947 than in
September 1940.
The gain in relative importance of manufacturing since September 1940 contrasts
with declines in relative standing of trade,
finance, mining, and Government. Other
service industries, construction, public utilities, and transportation account for about the
same proportions of employment as they did
in September 1940. Domestic service and
agricultural employment have declined in
terms of actual number of workers engaged
as well as in relation to total employment.
Changes which have occurred among occupations reflect to a large extent the change
in industrial composition since 1940. Craftsmen, operators, and kindred workers have
gained in relative employment, while professional, domestic service, and sales workers have declined. Such white collar groups
as nonfarm proprietors, managers, officials,
and clerical workers have shown sharp gains
in employment in both absolute and relative
terms since 1940.
STATE OF THE LABOR MARKET
On the whole, the labor market currently
appears to be firm, with the supply and demand for workers in relatively close balance.
Much of the urgency evident earlier in the
demand for labor has disappeared and employers in hiring new workers have become
more selective than earlier with regard to age,
sex, and previous experience of workers.
Planned expansions of staff, aside from meeting seasonal needs and replacing turnover,
FEDERAL RESERVE BULLETIN
THE CURRENT LABOR MARKET
are reported by relatively few industries and
the number of additional workers needed in
such plans is fairly small. At the same time,
the rate at which workers voluntarily quit
jobs has declined and in July was lower than
in any July since 1941. This suggests that
workers generally are finding job opportunities less plentiful than earlier and it also suggests that the restlessness felt earlier by many
veterans, which took the form of frequent
job changes, has been reduced.
POSTWAR WAGE INCREASES
The strong and general demand for goods
and services, combined with advancing living
costs and record levels of earnings of business and agriculture, has contributed to continuation of the postwar upward movement
of wage and salary rates which began with
relaxation of wage controls at the end of the
war. At that time pressures for higher wage
rates came from both workers and employers.
Demands for manpower in activities which
had been unable to obtain adequate numbers
of workers during the war encouraged employers in these industries to grant wage increases in order to obtain workers. Also,
the sharp decline in hours of work and premium overtime pay with a consequent heavy
reduction in weekly earnings in war industries created strong pressure from workers
for compensating increases in hourly wages.
The drop in average hours also had the effect
of requiring the hiring of more workers
than before to obtain the same number of
man-hours of work, and hence it had a tightening effect on the labor market.
After the relaxation of wage controls these
pressures for higher wages became effective
early in wholesale trade, petroleum refining,
and textile manufacturing, but the general
pattern of the first round of increases was
not established until the spring of 1946 when
OCTOBER
1947
settlements, typically about 18% cents an
hour, were made in key heavy industries.
Although settlements were of various
amounts and were made at various times, first
in one industry and then in another, the increases established in heavy industries spread
exceptionally widely and quickly and affected
not only wages in unionized industries but
also wages and salaries in trade, service, and
other activities.
The second round. Living costs and net
earnings of many business firms increased
sharply after the middle of 1946 and demands
again arose for wage increases. A second
round of such advances began in the fall of
1946, largely among nondurable manufacturing industries. These developed into another
general pattern of increases when contracts
were renewed in key heavy industries in
the winter and spring of this year. The pattern increases, which were about 15 cents
an hour including a variety of adjustments as well as straight wage rate advances,
have been followed outside the heavy industries less closely than was the case last
year. Recent settlements have reflected, to
a greater extent than earlier, differing price
and profit positions of businesses and bargaining strengths and policies of unions. Adjustments relating to union security, union
responsibility, paid holidays, welfare funds,
and pensions have been of substantial importance in recent negotiations. Work
stoppages this year have been relatively unimportant as a factor in general economic
activity or in the wage settlements obtained.
Man-days lost because of industrial disputes
in the first seven months of 1947 were only
one-fourth of those in the same period of
1946.
Recent wage increases have been generally
smaller than those granted last year, and
until the coal settlement were not being
1203
THE CURRENT LABOR MARKET
reflected as quickly or as fully in price increases as had been the case in the earlier
period. The coal settlement, which was
exceptionally favorable to the miners, appears
to have had the effect of encouraging other
workers to demand larger increases than
they might have otherwise. Shortly after
the coal settlement prices of coal were advanced sharply and so were the prices of
steel. These developments encouraged employers to grant wage increases more readily
than they would have otherwise and to raise
selling prices by amounts related to the state
of demand as well as to changes in costs,
Thus, the effect on the economy has been to
reinforce inflationary tendencies and, combined with advancing food prices in response
to heavy export demands and reduced supplies of some crops, it has contributed to the
prospect of further wage increases.
___
WAGE INCREASES SINCE 1940
As a result of postwar wage adjustments,
gross hourly earnings of production workers
in manufacturing have advanced about 25
per cent since September 1945 and are about
86 per cent higher than in 1940. Slightly
larger relative gains have been shown in both
periods for nondurable goods than for durable goods manufacturing industries. In
most nonmanufacturing industry groups for
which data are available, average increases
appear to have been somewhat smaller but,
with a few exceptions, not greatly out of line
with the average increases shown for manufacturing.
Hpurs of work have also changed and
in some instances weekly earnings have increased by different percentages from those
shown for hourly earnings. For example,
since September 1945 weekly earnings of
production workers in manufacturing have
advanced only 20 per cent rather than the
1204
25 per cent shown for hourly earnings. As
compared with 1940, however, the increases
have been larger in weekly than in hourly
terms in manufacturing industries, amounting to 105 per cent for nondurable goods,
where hours have increased substantially, and
to 84 per cent for durable goods manufacturing. In most nonmanufacturing industries weekly earnings and hourly earnings
have increased by about the same percentage
since 1940, but in coal mining, where average
hours were exceptionally low before the war,
weekly earnings have increased very substantially more than hourly earnings.
In comparison with the incomes of other
major groups, such as corporate and noncorporate businesses and farmers, the increases in average money wages of employees since the end of the war and also
since 1940 have been smaller in percentage
terms than the increases in net incomes of
these Qther gfoups
These variations
reflect
the sharp rise in prices and in the volume
of economic activity. Nearly all broad economic groups have shared in the expansion
of income, but as is usual in periods of
sharp changes the shares of some have increased more than those of others,
CHANGES IN REAL WAGES
Although in money terms the war and
postwar wage increases have been large, they
have been offset to a substantial extent by
rising prices. Since 1940 wages have increased more than consumers' prices; as a
result, the buying'power of hourly earnings
of factory workers is over one-sixth and
that of weekly earnings over one-fourth
higher in the recent period. However, over
the more recent period since the end of the
war, hourly earnings in manufacturing and
the index of consumers' prices have both
advanced by about one-fourth, while wholeFEDERAL RESERVE BULLETIN
THE CURRENT LABOR
sale prices for both farm and nonfarm products have increased substantially more. The
following chart shows actual weekly earnAVERAGE WEEKLY EARNINGS OF PRODUCTION
WORKERS IN MANUFACTURING
INDEXES, 1940 • 100
1940
1942
1944
1946
Bureau of Labor Statistics data. Weekly earnings expressed
in terms of 1940 dollars are obtained by adjusting weekly earnings in current dollars by the changes in the Consumers' Price
[ndex. Latest figures shown in current dollars are for August
1947; in 1940 dollars, July 1947.
ings of factory workers and "real" weekly
earnings, that is, after adjustment for changes
in consumers' prices, since 1940.
Not all employees have had increases in
their wages or salaries as large as the averages reported for production workers in
manufacturing. The new spurt in prices
and living costs in recent weeks will intensify the difficulties of these employees and
others whose incomes have fallen behind in
the race with prices.
GENERAL NATURE OF WAGE INCREASES
Available data for the First World War,
which are limited, indicate that wage increases then were sharper but more narrowly restricted to those industries, such as
heavy manufacturing, mining, and railroads,
which felt directly the impact of the war.
In the recent period the rise in wages and
salaries has been fairly general, with nearly
all groups sharing in it. Although the
OCTOBER
1947
MARKET
amounts of increase have varied considerably, they have been much more uniform
among industries than might be supposed.
For example, some 20 million of the 28 million workers included in the industries for
which current monthly wage data are reported by the Bureau of Labor Statistics
were employed in July 1947 in industries in which average hourly earnings had
advanced between 40 and 60 cents, or between
70 and 90 per cent, since 1940. None of the
major industries covered reported average
increases of less than 30 cents an hour, or
less than 40 per cent; and less than onetwelfth of the workers were employed in
industries whose average earnings had advanced more than 70 cents an hour, or more
than 100 per cent.
After adjustment for the increase in consumers' prices, the majority of the workers
represented in the reports were in industries
in which real hourly earnings had advanced
less than 20 per cent since 1940, but at the
same time only a small proportion were
in industries in which real hourly earnings
had declined. It should be noted that government employees are not included in these
data and other groups of salaried and white
collar workers are not fully represented.
Hourly- wage advances in manufacturing
since 1940 have tended to be greater in percentage terms in industries in which wages
were low at the start than in industries in
which wages were high. For example,
among durable goods manufacturing industries, the two lowest paid in 1940 were lumber and furniture. Hourly earnings in these
industries have increased 102 and 98 per
cent, respectively, while automobiles and
transportation equipment, which were the
two highest paid before the war, have increased their hourly earnings 58 and 76 per
cent, respectively. Among nondurable goods
1205
THE CURRENT LABOR MARKET
industries, textiles and tobacco were at the
bottom of the group in 1940 but since then
have had increases of 113 and 93 per cent,
while the highest paid in the nondurable
group, petroleum refining and printing, have
had hourly increases of 69 and 70 per cent.
The same general tendency is evident
among nonmanufacturing industries. Thus,
telephone employees whose earnings were
among the highest before the war have had
their wages advanced less than the average.
Wages in the electric power and light industry were also high before the war and
have increased less than the average, while
hourly earnings in retail trade, which were
low before the war, have increased more
than the average. The chart compares hourly
earnings in 1940 and in July 1947 for selected industries.
AVERAGE HOURLY EARNINGS
OP WORKERS IN SELECTED INDUSTRIES
HOURLY EARN1NG8- CENTS
1940
JULY
AVERAeE .1947,
FURNITURE
BITUMINOUS COAL
RUBBER
APPAREL
I
RETAIL TRADE
CHEMICALS
FOOD PRODUCTS
CLEANING AND
DYEING
POWER LAUNDRIES
JRON AND STEEL
MACHINERY. EXCEPT
ELECTRICAL
ELECTRICAL
MACHINERY
WHOLESALE TRADE
AUTOMOBILES
Bureau of Labor Statistics data. For manufacturing, mining,
power laundries, and cleaning and dyeing industries, the data
relate to production workers only.
For other groups of workers, wage increases also have been large and general.
Hired farm workers and domestic servants
1206
have had exceptionally large increases in
percentage terms. White collar employees
also appear to have had substantial adjustments in their wages and salaries since 1940
and especially in the past two years. For
some groups of such employees, however,
the adjustments have been less than those
received by most industrial workers.
PROSPECTS
Changes in employment and wages in
the period ahead will depend more largely
than in the recent past upon the broad factors that bring about changes in national
income and prices. In the early postwar
period there were several highly important
factors in the labor market which operated
almost independently of the volume of national income but these factors have largely
disappeared. Among such independent factors were the withdrawal of most of the wartime entrants from the labor force and demobilization of the armed forces and war
workers. T o a considerable extent other
factors, such as the postwar cutback in hours,
the turbulent state of industrial relations, and
the first round of wage increases, were only
partially related to changes in general economic conditions. With practically full employment achieved, the armed forces at
about their planned postwar strength, and
weekly hours of work averaging close to the
traditional 40, the general labor market in
the period ahead can be expected to reflect
readily changes in general economic activity.
As long as inflationary pressures continue
strong there is little likelihood that unemployment will increase greatly. T h e continued advances in prices, particularly in food
prices, are placing increasing pressure on the
living standards of many workers. Unless
living costs are stabilized or reduced, pressures for w a ^ increases are likely to continue.
FEDERAL RESERVE BULLETIN
POSTWAR BANK CREDIT PROBLEMS*
by
Marriner S. Eccles
In addition, currency in circulation showed a growth
of 20 billion dollars.
This expansion in bank credit and consequently
in the money supply was made possible by the large
excess reserves which were held by the banks at
the beginning of the war, and by the additional
reserves that were provided by the Federal Reserve
through an increase of over 20 billion dollars in
its holdings of Government securities.
It is inevitable that in financing a war, business
and individual holdings of money and Government
securities increase. The reason for this is that
people are paid for furnishing the goods and servINFLATION, THE CONSEQUENCE OF WAR FINANCE
ices which are needed to carry on the war and are
Postwar inflation, with its severe distortions in not available for purchase by business and conthe structure of prices, wages, and profits, is pri- sumers. Consequently, incomes expand more
marily due to the enormous wartime increase in rapidly than consumption can be increased. Unless
our money supply. The banks of the country, taxes are raised sufficiently to absorb all of the
including the Federal Reserve Banks, in helping surplus income, savings must increase, and they
to meet the needs of war finance, brought about must be held largely in the form of bank deposits,
this increase. In the six years from the middle of currency, or Government securities. To the extent
1940 to the middle of 1946 the Federal Govern- that the Government expenditures are not met by
ment spent nearly 400 billion dollars, most of which taxes or the sale of securities to nonbank investors,
was for national defense and war purposes. Much the balance must be absorbed by the banking sysless than half of this amount was met by tax receipts tem, which results in expansion of the money
and the balance of about 225 billion dollars was supply.
If the public had attempted to spend their entire
borrowed. During this six-year period commercial
and Federal Reserve Banks together increased their excess income, prices would have risen very rapidly.
holdings of Government securities by 90 billion However, due to the willingness of the public to
dollars, and savings institutions, businesses, and save during the war period and due to the effective
individual investors purchased the remainder of harness of wartime controls that were put into
effect, prices rose but little during the war. By
the securities sold.
Commercial bank holdings of Government se- the end of the war vast holdings of money and
curities have been reduced somewhat since the other liquid assets had been accumulated and large
postwar peak by the Treasury's debt retirement deferred demands had been built up. At the preprogram, but they are still more than four times vailing level of prices, demand was far in excess
as large as in 1940. In expanding their portfolios of any supplies that could be made available within
of Governments, banks did not decrease their hold- any short period of time.
It should have been apparent that if these forces
ings of other assets. As a matter of fact, the total
were
permitted free play, a sharp rise in prices
of their loans, other securities, reserves, and other
cash has increased since 1940 by about 21 billion would result. The people of the nation, however,
dollars. As a result of this credit expansion, com- not fully realizing the dangers in the situation,
mercial bank deposits increased by 70 billion dollars. made clear their wishes that controls be removed.
Business wanted freedom from allocations, price
* Address by the Chairman of the Board of Governors of the
controls,
building permits, rationing, and business
Federal Reserve System to the National Association of Supervisors of State Banks, Washington, D. C, Sept. 25, 1947.
particularly wanted repeal of the excess profits tax.
President Leggett, members, and guests of the
National Association of Supervisors of State Banks:
Because of our common problems and responsibilities, I appreciate this opportunity to participate
in your proceedings. In the chaotic world of today,
groping for answers to the overriding problems of
economic security and enduring peace, we can find
comfort in the strong and healthy position of our
banking system. At the same time we must be
fully aware of the dangers which the present
vigorous inflationary forces may threaten for the
banking system.
OCTOBER
1947
1207
POSTWAR BANK CREDIT PROBLEMS
Farmers wanted release of all controls affecting
agricultural products. Labor wanted removal of
restraints on higher wages. Bankers generally sympathized with the desires of all these groups to
remove controls. In response to these public pressures, wartime controls, such as allocation of raw
materials, building permits, price and wage restrictions, as well as the excess profits tax, were prematurely abandoned.
We are currently witnessing the results of this
national policy. With demand for goods already
large because of high levels of current income and
with a huge backlog of domestic and international
demand reinforced by huge accumulations of liquid
assets after five years of war, price inflation was
inevitable. The country is now suffering the consequences of having placed our reliance upon the
restoration of a competitive price situation to bring
about necessary postwar readjustments in an abnormal period when effective demand far exceeds
available supplies.
As a result, the economy is caught fast in a serious
wage-cost-price spiral. Short farm crops at home
and abroad have intensified this spiral. International crisis, in part the result of our rising prices,
is imposing on us obligations that can only be discharged by actions that will increase our inflation
difficulties. Yet we should not allow what is left
of European democracy to perish through starvation and communism. Nor can we ultimately solve
our problem of inflation without the restoration of
Europe's vast productivity to help take care of the
world's needs. The danger that faces us is that
inflation will go on unchecked and end, as inflations always have ended, in economic collapse.
The higher the spiral of inflation is wound by
further general price and wage increases, by further
rapid expansion of private debt, and by failure to
reduce public expenditures for all purposes that
can be eliminated or postoned until the emergency
has ended, the more serious the inevitable readjustment is certain to be. The longer the ultimate
reaction is postponed, the longer it will take to
reach a stable condition of employment and production. Readjustment in our domestic situation
is overdue, and the sooner it can be brought about,
the better it will be for the nation and the world.
COST OF MAINTAINING THE PEACE
We spent nearly 350 billion dollars to win the
war, and we shall need to spend substantial, al-
1208
though much smaller amounts, to keep the peace.
Large parts of the world have been devastated and,
even in those parts left intact, the customary processes and channels of trade and commerce have been
destroyed or upset. People in nearly all nations
have vast holdings of money and large deferred
demands for the necessities of life, and supplies of
nearly everything to meet these demands arc inadequate. The money they have, however, cannot be used to make purchases from countries
which have goods for sale, and they have little else
to offer in exchange. When people are thus upset,
they are susceptible to the lure of political panaceas
and are likely to generate feelings of hatred toward
others more fortunate than they. This state of
mind is a threat to stability and peace in the world.
In the two fiscal years from July 1946 to June
1948 we have budgeted expenditures of more than
25 billion dollars for the maintenance of our national defense. We have provided altogether since
the end of the war foreign grants and credits of
approximately 16.5 billion dollars, which is only
two-thirds of our military budget for the first two
postwar fiscal years. Surely this is a small amount
to make available for helping to win the peace,
when compared with our vast expenditure of 350
billions used to win the war.
It cannot be denied or ignored that continued
large loans and grants to foreign countries arc
either a heavy current burden upon our taxpayers
or a strong inflationary force on our economy, but
so are our even larger military expenditures, which
are considered by many as necessary for maintaining peace.
We should be fully aware of the costs and risks
of providing foreign aid and make adjustments in
our policies accordingly. We cannot be lavish in
aid to other countries without suffering the consequences of inflation, heavier taxation, or the reimposition of controls. Countries receiving assistance should recognize the burden that is being
imposed on our economy, and it is imperative that
they take measures to assure the most effective
use of their own resources as well as of those received from us. If these requirements are met, it
would be shortsighted, as well as highly selfish,
for us to deny aid needed to prevent starvation
and to reconstruct productive capacity in other
countries. Our reason for denying the aid would
be that we wanted to increase our already large
consumption in order to counteract inflation. Yet
FEDERAL RESERVE BULLETIN
POSTWAR BANK CREDIT PROBLEMS
the best remedy for inflation is more production,
and the greatest unused productive resources now
lie outside of this country, but they cannot be effectively operated by starving people devoid of equipment and supplies.
RESPONSIBILITY OF FEDERAL RESERVE SYSTEM
What bearing, you may wonder, does all this
have upon our common problems and responsibilities of bank supervision? The Federal Reserve has a close interest in these matters, because
we are responsible for providing the reserves that
support our entire money and credit system. We
must constantly consider whether the existing
supply of bank credit is redundant or inadequate.
This judgment must be based upon the needs and
behavior of the economy. There is not time here
to discuss the specific objectives, standards, and
various other considerations that provide the basis
for these policy decisions. The Board of Governors,
the Federal Open Market Committee, composed
of the Board and representatives of the Federal Reserve Banks, the operating officials of the Reserve
Banks, and the Federal Advisory Council in giving
advice, must constantly keep in mind the impact
of Federal Reserve policies on the economy.
International affairs are of importance to us because of their general impact on our domestic
economy and more directly because the net resultant
of all international financial transactions is reflected in gold movements. Gold, together with
Federal Reserve Bank credit, supplies the basic
reserves of our banking system. The interest and
responsibilities of the Reserve System in this field
are recognized by the Congress in including the
Chairman of the Board of Governors as one of five.
members of the National Advisory Council. This
Council has responsibility for supervising and coordinating the international financial policies of the
Federal Government.
CHANGED POSITION OF BANKS
Because of their interests and responsibilities, the
Federal Reserve authorities are greatly impressed
with the changed position of banks that has resulted
from war. These changes will affect the duties
and responsibilities of all bank supervisory agencies.
The vast volume of deposits and currency not only
offers a threat of inflation for the economy as a
whole, but it may create serious problems for individual banks. With our system of 14,000 separate
OCTOBER
1947
banks, shifts of deposits from bank to bank necessitate corresponding shifts of assets or other adjustments. For this reason our banking system requires
a high degree of liquidity and these requirements
have been enlarged by the great wartime growth
and broad distribution of bank deposits.
Another problem confronting bank supervisory
agencies is the great existing potential for further
expansion of credit. Generally in the past banks
could not expand their loans and investments,
except when new funds came to them or unless
they were willing to borrow. When one bank lost
funds, it had to borrow or liquidate assets. While
for individual banks that situation still exists, the
very large holdings of Government securities now
held by banks make it easy for them to shift to
other assets that seem more attractive.
When banks sell their Government securities, in
the absence of any other buyer, the Federal Reserve
is obliged to purchase them. Otherwise, the Government securities market would decline and might
collapse. This would not only greatly increase the
cost of carrying the public debt, but would seriously
endanger our entire financial structure, in which
Governments now occupy such an important place.
When the Federal Reserve System acquires additional Government securities, new reserves are
created; these reserves pass to other banks and
ultimately may provide the basis for an expansion
in credit amounting to six to ten times the reserves
made available. This ability of the banking system
to bring about the creation of new reserves without
borrowing is a new element in the credit situation.
With an active demand for loans, it can be a powerful inflationary force. The Board has long recognized this problem, discussed it fully in its Annual
Reports to Congress for 1945 and 1946, and presented proposals for its solution. Most of you may
be familiar with the substance of these reports;
time does not permit a full discussion of them here.
Up to date little support has been received for the
Board's suggestions, and nothing whatever has been
done to put the Board in a position where it could
restrain inflationary expansion by the banking system.
Another potential for credit expansion is the
large flow of gold that is now coming into this
country. This inflow has already amounted to
nearly 2 billion dollars this year. Since the middle
of the year total loans and investments of commercial banks have been expanding at a rate equiva1209
POSTWAR BANK CREDIT PROBLEMS
lent to 10 billion dollars a year. If this should
continue it would provide an inflationary force
more than double the anti-inflationary effect of
the prospective surplus in the Federal budget for
this fiscal year. It would equal the inflationary
impact of the unprecedented surplus of exports over
imports in this country's foreign trade during recent
months. Under present circumstances, it does not
appear possible for the Federal Reserve System to
check this credit expansion by selling Government
securities and thus absorbing bank reserves.
Banks have been the beneficiaries of wartime
developments. Their assets have increased tremendously and these assets are perhaps more liquid
and less subject to depreciation than at any previous
time of active business. Bank earnings have grown
more rapidly than expenses, so that profits are
relatively large, and capital structures have been
enlarged. Finally, their large holdings of Government securities make it possible for banks to shift
readily to any other more attractive assets that
may be available.
Banks can also suffer the consequences of unpleasant economic developments, as they have at
times in the past. Some of the most disastrous of
these developments have occurred during my career
as a banker and businessman and during the
careers of most of you. Banks are most seriously
affected when they have helped to bring about the
conditions by undue expansion of credit followed
by rapid liquidation.
Although present inflationary developments are
largely the result of war finance, in the past two
years expansion of private credit has become a
factor of increasing importance. Conditions are
favorable for a further substantial expansion of
private credit that may contribute further to excessive inflation and lead to disastrous consequences
for the economy. Such a development would endanger the healthy position of our banking system.
WHAT CAN SUPERVISORS DO?
As I have indicated, the existing general monetary and credit powers of the Federal Reserve are
inadequate for preventing such a development.
Nor can bank supervision, in view of its limited
scope and of the inflationary forces already generated, be expected to prevent further inflation. We
can, however, understand the nature of the problem
and use our influence to discourage banks from
contributing to it. This would help to diminish
1210
resulting undesirable effects upon banks. What
specifically can be done?
(1) Maintenance of a high degree of liquidity
should be encouraged; banks should be discouraged
from reducing their large holdings of Government
securities and cash assets in order to acquire less
liquid and more risky assets.
(2) Supervisors should take a critical attitude
toward any expansion of loans, unless they contribute directly to increased production and movement of goods. This attitude should apply particularly to consumer credit, real estate loans based
on inflated values, loans to carry excessive inventories, and any loans for speculative purposes.
(3) As long as banks maintain their present
large holdings of cash and Government securities,
most of them are adequately capitalized. Banks
with low ratios of capital to risk assets, however,
should build up their capital. If banks persist in
increasing their risk assets, they should be required
to enlarge their capital accordingly by retention of
earnings. If retained earnings are not sufficient,
then additional stock should be sold.
It is important for us to keep in mind that future
losses of banks are determined by current policies.
While each individual loan of a bank may appear
sound taken by itself, the practices of banks in the
aggregate may contribute to generally unhealthy
conditions. In an unsound economy, banks in
general cannot remain sound. Our banks now
appear to be in a position to withstand the severe
economic storm that is threatening. This is not
the time for them to remove their storm shutters
or venture out into the gale.
In summary, I would reassert that the wartime
increase in money and incomes relative to the
supply of goods and services has created an inflationary development with severe distortions in
prices, wages, and profits. Readjustment in our
domestic situation is overdue. The sooner it can
be brought about, the better it will be for the
nation and the world; the longer it is postponed,
the more severe will be the inevitable readjustment.
We are faced with a choice between unattractive
alternatives. We must decide how much we are
going to spend preparing for the next war and for
other purposes that might be eliminated or deferred.
At the same time we need to determine how much
we are going to make available to maintain peace
through provision of vital food and needed proFEDERAL RESERVE BULLETIN
POSTWAR BANK CREDIT PROBLEMS
ductive facilities to the starving and destitute
Western European democracies. It should be recognized that we cannot continue to spend as much
as we have been for all of these purposes, in the
presence of other strong inflationary pressures in
the economy, without severe costs and risks.
We are on the horns of a dilemma. We simply
cannot reduce taxes drastically and at the same time
assist Europe. We cannot expand domestic credit,
both public and private, for the purpose of having
all we want and assist Europe and avoid inflation.
We must give up something or we are going to pay
much more dearly in the long run. If we desire to
preserve democracy and peace in the world, we must
assist in feeding the starving people in the democracies of Europe and help them to get into produc-
OCTOBER
1947
tion because it is only by their production that we
will be relieved and more will be available in this
country. If controls are needed to do that, we
should have controls. If the public understands
the problem and voluntary rationing can do it, of
course that is the desirable way to do it. We have
got to deal with the economic facts of life as they
are. As bank supervisors you can try to see to it
that the banks of this country put some pressure on
credit expansion and stop this inflationary growth
that they are responsible for collectively, though
individually they may not be aware of it. If you
want public authorities to have control over credit
expansion, consider the recommendations of the
Board in its annual reports of 1945 and 1946 before
it is too late.
1211
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1947]
In the summer of 1947 consumers generally continued to be in a strong financial position and their
attitudes and intentions indicated the maintenance
of large expenditures for the purchase of durable
goods and houses. Consumers were drawing in
substantial amounts upon accumulated liquid assets
and were borrowing, as well as using current incomes, to maintain a high level of expenditures.
Although many individuals reported reductions in
their liquid assets, others showed increases and
liquid asset holdings continued large in total amount
and remained widely distributed.
Mainly because of the rise in the cost of living,
the proportion of spending units that felt they
were worse off financially than a year ago was larger
in July than earlier in the year. These spending units, which were most numerous in the lower
income groups, were somewhat less optimistic than
others were about future economic developments.
Responses to questions concerning current expenditures indicated that rising prices in relation to
incomes were compelling many spending units to
make important adjustments in personal and family
budgets. Data from a recent survey show a significant shift since the beginning of the year in consumers' price expectations. At the end of July 1947
approximately one-third of all spending units expected higher prices in the next 12 months as
compared to about one-tenth of all spending units in
the first quarter of the year.
1
This article was prepared by Duncan McC. Holthausen of
the Board's Division of Research and Statistics. It summarizes
the results of the Board's interim Survey of Consumer Finances
based on interviews taken during the last two weeks of July
1947.
Dr. Rensis Likert, Director, and Dr. Angus Campbell, Assistant Director, Survey Research Center, University of Michigan,
were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation
of survey studies was carried by Dr. George Katona in collaboration with Mrs. Hazel L. Lang, both of the Survey Research
Center's Staff. Mr. Charles F. Cannell served as head of the
field staff and Mr. Roe Goodman as head of the sampling section
of the Center.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas,
Director, and Ralph A. Young, Assistant Director, of the
Division of Research and Statistics.
The first annual survey of Consumer Finances was made
for the Board of Governors early in 1946 by the Division of
Program Surveys, Bureau of Agricultural Economics, U. S.
Department of Agriculture.
Results of that survey were
reported in 1946 in the June, July, and August issues of the
BULLETIN. Results of the second annual survey of Consumer
Finances, conducted for the Board by the Survey Research Center, University of Michigan, in parly 1947, were published in
the June, July, and August 1947 issues of the BULLETIN.
1212
These conclusions are based upon an interim survey of the financial position and plans of a small
national sample of consumer units, made for the
Board of Governors by the Survey Research Center
of the University of Michigan.
A more comprehensive survey of consumer
finances made early this year showed that consumers then were predominantly optimistic and
expected prosperous conditions to prevail during
the entire year. At that time, consumers also
anticipated that there would be some relief in the
prices they paid for goods and services. During the
following six months, however, consumer prices
rose and warnings of possible economic reaction
were voiced with growing frequency by business
leaders, economists, and public officials. How these
changes in consumer prices and these warnings of
community leaders were affecting the attitudes and
spending plans of consumers thus became a matter
of considerable importance, and the interim survey
was undertaken during the last two weeks of July
to determine what changes had occurred.
In the interim survey interviews were taken with
approximately 700 respondents residing in 20 counties and 5 metropolitan areas scattered throughout
the country. The interview unit, as in the Board's
annual surveys of consumer finances conducted
early in 1946 and 1947, was the spending unit.2
The method of selecting the sample was comparable
to that used in the annual surveys, with the result
that the small sample was similar in income distribution and other socio-economic characteristics to
the larger samples of the annual surveys. It should
be noted that the findings based on this smaller
interim sample are less reliable than those of the
larger surveys inasmuch as they are necessarily
subject to a rather large sampling error. In addition, no detailed information was obtained for the
small sample on the amounts of expenditures and
savings. Small sample interim surveys afford a
useful method for periodic supplementation of the
findings of annual surveys on consumer attitudes,
expectations, and plans. Like the annual surveys^
however, the methods are experimental in many
respects and have not yet been fully tested; con2
Defined as all persons living in the same dwelling and belonging to the same family who pooled their incomes to meet
their major expenses.
FEDERAL RESERVE BULLETIN
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
scquently, the findings should be interpreted with
caution.
THE FINANCIAL STATUS OF CONSUMERS
Shifts in the basic wage rates and salaries of individual spending units were frequent during the
year ending July 1947. Almost two-fifths of all
spending units indicated that they were making
more money than a year ago, while only about
one-fourth of the units said that they were making
less money. This information, taken together with
aggregate data on the current annual rate of personal income, as estimated by the Department of
Commerce, suggests that there may be a further
upward shift from 1946 to 1947 in the median income of all spending units.
During the first seven months of 1947, as in
1946, sizable numbers of spending units reported
net withdrawals from their liquid asset holdings,
i.e., United States Government securities and checking and savings accounts in banks. Others continued to augment their holdings. The primary
purpose for which liquid assets were withdrawn
was again to meet general living expenses, particularly in the case of spending units in lower
income groups. The purchase of houses and
transfer of funds to other investments were next in
frequency of purpose for which liquid assets were
withdrawn.
Liquid asset withdrawals by many spending units
were largely counterbalanced by additions to liquidasset holdings on the part of other units, and no
important change occurred in the proportion of
units holding liquid assets. In other words, consumer liquid asset holdings, although drawn upon
considerably, continued to be widely distributed.
The pattern of distribution generally conformed to
that shown by the annual surveys of holdings made
early in 1946 and 1947. Reversing tendencies with
respect to savings bond holdings during the year
1946, more spending units reported buying than
reported cashing such bonds during the first seven
months of this year.
The availability of liquid asset holdings is evidently contributing to greater expenditures for consumption. Both in 1946 and to date in 1947 the
turnover of liquid assets has been substantial and
has added to inflationary pressures in consumer
markets. In the case of some consumer units, such
holdings have been used to supplement income in
meeting current expenditures. In other cases, they
OCTOBER 1947
have supplemented income to meet large expenditures, such as the purchase of consumer durable
goods. While saving continues to be regarded as
highly important by a large majority of spending
units, the proportion having a regular saving plan
has declined significantly compared with early in
1946. At that time, of course, the use of pay roll
deduction plans for buying bonds was more general
than it was in July of this year.
Along with the greater availability of consumer
durable goods and houses, instalment buying and
borrowing, as reported by spending units, increased
considerably over 1946 levels. In the case of durable
goods purchases, liquid assets were often used to
meet the down-payment requirement, with the
balance of the purchase price covered by an instalment note or borrowed from a bank, loan agency,
or private individual. Purchase of a house during
the first half of 1947 apparently involved incurrence
of mortgage debt in virtually all cases.
There was some upward shift by July 1947 in
the proportion of spending units that thought they
were worse off financially as compared with a year
ago. Spending units in lower income groups were
primarily responsible for this shift and they referred
either to the increased cost of living or decreases in
income as the cause of their less satisfactory situation.
CONSUMER EXPECTATIONS
Consumers were generally optimistic about their
future well-being. As is indicated by Table 1, more
spending units expected their incomes to increase
than to decrease. The majority of spending units
continued to expect good times during the next 12
months.
During the past 18 months consumers' price
expectations have fluctuated widely. By the first
of this year many consumer units expected price
declines and few expected price increases, as isshown in Table 1. By May of this year, after the
wide publicity given to the Newburyport plan, it
is possible that additional consumer units anticipated
general price declines in the goods they normally
bought. By midyear, this trend in consumers' price
expectations was reversed, and in late July almost
one-third of all spending units anticipated price
increases, compared roughly with one-eighth earlier
in the year. Over the same period, the proportion
expecting lower prices had dropped from almost
one half to one-third, and these respondents most
1213
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
TABLE
1
CONSUMER EXPECTATIONS CONCERNING THE GENERAL
ECONOMIC OUTLOOK, INCOMES, AND PRICES
Percentage distribution of
all spending units
Expectations
February February
1947 2
1946 i
July
1947*
General economic outlook 4
Good times ahead
Bad times ahead
Uncertain or no change
Not ascertained
35
36
23
6
55
22
21
2
50
34
13
3
All cases
100
100
100
25
34
23
13
5
23
42
14
19
2
23
49
8
18
2
100
100
100
53
21
8
13
5
13
22
46
17
2
32
29
29
9
1
100
100
100
Own incomes 5
Income will be larger
Income will be about the same...
Income will be smaller
Uncertain, "it depends"
Not ascertained
All cases
Prices •
Will go up
Will remain the same
Will go down .
Conditional answers
Not ascertained
.
All cases
tial effects upon their buying plans, particularly
those for consumer durable goods. It was noted
that whether consumers expected prices to fall or
to rise, the postponement of certain purchases was
reported by almost as large a proportion of consumers expecting price increases as of those expecting price decreases. Possibly because consumers
expected only slight price changes, the effect of
their price expectations on their buying plans was
minimized. In addition, it is possible that because
of the frequency of changes in price expectations,
effects upon buying plans have tended to lag. Buying plans for many goods may also continue to
reflect backlog demands or reasonably urgent needs,
in which case shifts in price expectations, unless
for large price changes, cannot be expected to influence buying plans heavily.
It is of interest that consumers' general price expectations closely paralleled their expectations with
regard to food prices. In the case of consumer
durable goods and clothing, no more than one-fifth
of all spending units anticipated price increases
while about one-third expected price declines.
CONSUMER EXPENDITURES AND PLANS TO BUY
i Based on interviews in January-March 1946 (first survey).
'Based on interviews in January-March 1947 (second survey).
* Based on interviews in the second half of July 1947 (interim
survey).
• The question was: "Considering the country as a whole, do you
think we will have good times or bad times or what during the
next year or so?"
* In February and July 1947 the question was: "How about a
year from now—would you say that you will be making more
money or less money than you are now, or will you be making
the same?" Data for February t946 are not strictly comparable
because they do not include farmers and are based on a comparison
of expected annual income for 1946 with actual income in 1945.
• The question was: "What do you think will happen to the
prices of the things you buy during the next year—do you think
they will go up or down or stay about like they are now?
frequently expected small price declines—not large
ones. It is probable that this shift resulted in part
from the continuing increases in food prices during
the first half of the year, the possibility of increased
rentals, and the new coal wage agreements with the
subsequent increases in steel prices and also in prices
of many consumer durable goods.
In the first quarter of the year, the expectation
of price declines was predominantly associated with
the expectation of good times, while spending units
expecting price increases were evenly divided in
their expectations of good or bad times. A similar
relationship was observed in the July survey when
many more spending units anticipated price increases.
These changes in the price expectations of many
consumers do not appear to have had any substan1214
About two-thirds of all spending units reported
that they were spending more for food since the
beginning of the year, while about three-fifths of
the spending units felt that they were buying less
clothing than usual. Comments made in connection with food and clothing purchases give some
indication of how the consumer has rearranged his
budget expenses in order to take account of increased costs. Consumer units spending larger
amounts for their food purchases predominantly
had incomes of $2,000 or above, but as many as
half of those having incomes under $2,000 also increased their expenditures on foods. Common
adjustments in order to maintain customary volume
and quality of food purchases were cuts in other
expenses and reductions in amounts saved. A substantial proportion of the spending units who did
not spend more for food, especially those having
incomes of less than $2,000, reduced the quality of
food bought or raised or preserved much of their
own food. In the case of clothing purchases a
significant proportion of those spending units who
felt that they were buying less clothing than usual
said that clothing prices were too high in explanation of the shift in their purchases. Less frequently
mentioned were explanations such as "other exFEDERAL RESERVE BULLETIN
FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS
penses were too high" and "did not need more
clothing." About one-tenth of all spending units
reported buying more clothing than usual, frequently with the explanation that their clothing
needs had accumulated.
Nearly as large a proportion of spending units
as had indicated plans early this year to buy automobiles and other selected durable goods during
1947 indicated that purchases had been made during the first seven months of the year. About half
as many prospective buyers of houses as were shown
by the earlier survey reported the completion of
purchases by July.
The proportion of spending units indicating plans
to purchase automobiles and other selected durable
goods in the 12 months following July 1947, as is
shown in Table 2, was substantially the same as
in earlier reports of purchase intentions for the year
1947. The volume of planned purchases for certain
selected durable goods other than automobiles as
of February 1947 was somewhat lower than observed in early 1946. The interim survey (July
1947) suggests that there has been no further
decline in plans to buy and that the market for other
selected durable goods is approximately as strong
as was observed at the beginning of this year.
Furthermore, there was no significant shift shown
in spending plans for consumer durable goods by
income levels.
The prospective purchase of houses in the 12
months following July 1947 was also substantially
the same as noted earlier for the year 1947. Again,
there were no significant shifts in the income levels
of consumers who had plans to buy houses.
Information obtained with respect to the timing
of consumers' intended purchases suggests that consumer plans to buy certain types of durable goods
during the 12 months following July 1947 may not
indicate the full volume of their actual purchases.
In some cases, the rate of planned expenditure
was considerably less for the first half of 1948
than for the last half of 1947. Plans to buy houses,
on the other hand, were more evenly timed for the
full 12-month period. In the case of newr automobiles considerable uncertainty was of course expressed by consumers as to the exact timing of
their purchases within the 12-month period.
Prospective purchasers of these items, however,
were more often optimistic in regard to their future
income status and in regard to the general economic
outlook than were other consumers. This reflected
OCTOBER
1947
TABLE 2
DISTRIBUTION OF CONSUMER
INTENTIONS TO BUY
AUTOMO-
BILES, SELECTED DURABLE GOODS, AND HOUSES, BY INCOME
GROUP OF PURCHASER 1
Prospective and actual purchasers
as a percentage of all spending units
within each income group
Type of purchase
All
income
groups
Less
than
$2,000
$2,000$4,999
$5,000
and
over
Automobiles:
Expected to buy in 1946.
Bought in 1946
Expected to buy in 1947.
Expected to buy within
a year from July 1947.
11
11
12
6
6
5
14
12
15
26
20
24
13
6
16
30
Other selected durable
goods:
Expected to buy in 1946.
Bought in 1946
Expected to buy in 1947.
Expected to buy within
a year from July 1947.
28
28
21
21
21
14
33
34
26
38
35
26
22
16
24
32
Houses:2
Expected to buy in 1946,.
Bought in 1946
Expected to buy in 1947 .
Expected to buy w thin
a year from July 1947.
8
7
6
5
5
4
9
8
7
11
13
9
6
3
7
11
1
In every case "expected to buy" includes those who said they
definitely would buy or probably would buy. Intended purchases
for the year 1946 were ascertained in the first survey (JanuaryMarch 1946) and are related to 1945 income. Actual purchases
in 1946 and intended purchases for the year 1947 were ascertained
in the second survey (January-March 1947) and are related to
1946 income. Intended purchases for July 1947 to July 1948 were
ascertained in the interim survey (second half of July 1947) and
are also related to 1946 income. Data for the three income groups
in the interim survey are based on relatively small numbers of
cases and are therefore less reliable than the data from the first
and
second surveys.
2
Based on nonfarm spending units only. Farmers are not
included inasmuch as their purchases of housing are usually
incidental to their purchases of farm land.
in part the fact that a larger proportion of higher
income groups were prospective purchasers of these
items. Consumers at these levels were more optimistic in their personal and general outlook than
were spending units at lower income levels.
In general, the interim survey does not indicate
that consumer plans to purchase durable goods or
houses in the 12 months following July 1947 have
been discouraged sufficiently by the prevailing level
of prices to cause an early decline in expenditures for these items. Nevertheless a considerable
number of spending units that stated they were
planning to buy automobiles and houses in the five
years following July 1948 also stated they were not
planning to purchase in the next 12 months because
of high prices. Thus it appears that at lower price
levels a considerably larger group of consumers
would purchase durable goods and houses in the
near future.
1215
COMMERCIAL BANK LOANS TO FARMERS
by
TYNAN SMITH AND PHILIP T. ALLEN *
At the middle of 1947, insured commercial banks
had nearly 2,500,000 individual loans outstanding
to farmers, aggregating in amount about 2.2 billion dollars.1 Almost nine-tenths of the number
and two-thirds of the amount were directly extended to finance operation of the nation's farms
from planting to harvest or the purchase of equipment and livestock. The remaining tenth of the
number and third of the amount were extended
upon the security of real estate mortgages to
finance the purchase of land or to meet other essential farm needs. Both the production loans and
the farm mortgage loans of insured commercial
banks at midyear stood over 20 per cent greater
in amount than a year earlier.
The American farmer currently enjoys a favorable debt position. Total farm debt is low in relation to both income and* the value of farmers'
assets. Debt is also low in absolute terms. During
the war farmers were able to liquidate a substantial portion of their mortgage debts and the present
total is nearly a third lower than before the war.
During and after World War I farm mortgage
debt rose at about the same rate as farm land prices.
This experience has not been repeated in the current period despite a rise in land prices nearly
equal to that during the First World War.
The volume of bank credit extended to farmers
is about one-third higher than before the war as
a result of a sharp increase in the past two years.
Nevertheless, the total is much below that in 1920
and the proportion of total bank loans represented
by credit to farmers in the middle of 1947 was
only 7 per cent as compared with about 20 per
cent in 1920. The number of farm loans now outstanding at insured commercial banks represents
an average of two bank loans for every Rve farmers.
Since many farmers have more than one loan,
more than three out of every five farmers have
no bank indebtedness.
Aggregate figures give little cause for concern.
• Of the Division of Research and Statistics of the Federal
Deposit Insurance Corporation and of the Board of Governors,
respectively.
1
Loans directly guaranteed by the Commodity Credit Corporation were excluded from the survey. The total amount of these
loans held by insured commercial banks was 20 million dollars
on June 30, 1947.
1216
The over-all picture, however, obscures many individual cases of farms on which debt may be relatively heavy or of banks which may have their
earning assets unduly concentrated in certain types
of agricultural credit. Such instances may involve
serious local problems in a period of downward
adjustment in agricultural prices.
New information on the characteristics of the
farm loans held by insured commercial banks at
midyear was assembled through a survey conducted
jointly by the Federal Reserve System and the Federal Deposit Insurance Corporation. The Bureau
of Agricultural Economics cooperated in the development of the survey plan. A representative sample
of about 1,200 commercial banks—approximately
700 member banks and 500 insured nonmember
banks—cooperated voluntarily in supplying information on their farm loans. The great majority of
these participating banks are located in farming
communities. The purpose of the survey was to
provide a basis for a better understanding of credit
developments in this field and also to furnish information on the characteristics of bank loans to
farmers and on typical bank loan practices in farm
financing. All figures used in the present article
are estimates based on the sample data obtained in
this survey.
Commercial banks have long provided the major
share of short-term production credit used by farmers. In addition to banks, farmers obtain shortterm credit to finance operations from Production
Credit Associations sponsored by the Federal Government and from other sources, principally retail
merchants and individuals. Loans of the Production Credit Associations are about one-fifth the
amount of short-term bank loans. Very little is
known about the amount of short-term funds
farmers secure from individuals and similar lenders.
Production loans extended to farmers by commercial banks were typically for small amounts and
for short periods. Over two-fifths of these loans
outstanding at insured commercial banks in the
middle of 1947 were for amounts of less than $250
each and about two-thirds of them carried maturities of less than six months. Most of this credit
was borrowed either to pay production and living
FEDERAL RESERVE BULLETIN
COMMERCIAL BANK LOANS TO FARMERS
costs or to finance the purchase of machinery and
livestock. Two-thirds of the loans were secured
by pledge of specific assets or by endorsement.
Livestock, machinery, and a combination of crops,
livestock, or machinery were the types of assets
most frequently pledged. Most of this type of
credit was supplied to farmers by small country
banks.
While banks furnish a relatively smaller proportion of the total farm real estate mortgage credit
than of farm production credit, the importance of
banks in the farm mortgage field has increased in
the past two years. According to estimates of the
Department of Agriculture, commercial banks at
the beginning of the year held 14 per cent of the
outstanding amount of farm mortgages in contrast
to 11 per cent a year earlier and 8 per cent in 1940.
Federal Land Banks and life insurance companies
each now hold about one-fifth of the total farm
mortgage debt, while individuals hold most of the
remaining 50 per cent.
Farm mortgage loans of banks also were of relatively small size and were typically to finance the
purchase of small tracts of land. Many of these
loans have been made in the past two years when
land values have been high. An important part of
the farm mortgage loans of banks was written to
mature in one year or less. Over one-half of these
loans were to be repaid in instalments, and this
proportion has increased in recent years. As with
production loans, about four-fifths of the volume
of this type of credit was provided by banks with
10 million dollars or less in deposits.
This article, which is the first of a series to be
published on the national aspects of the farm loan
survey, summarizes its principal findings. The
material is presented in two sections, the first dealing with farm production loans and the second
with farm mortgage loans. Subsequent articles will
deal more fully with additional phases of bank
loans to farmers, such as the pattern of interest
rates and detailed characteristics of farm production and farm mortgage loans.2
FARM PRODUCTION LOANS
The estimated 2,185,000 farm production loans
outstanding at insured commercial banks in the
middle of 1947 represented a total credit volume
of 1.5 billion dollars.8 These loans were predominantly small. The average amount outstanding
was about $700. Over two-fifths of the loans were
OCTOBER 1947
under $250 in outstanding amount, as is shown in
Table 1, while a third of the number represented
TABLE 1
FARM PRODUCTION
LOANS OF INSURED COMMERCIAL
BANKS
OUTSTANDING IN M I D - 1 9 4 7 , BY SIZE O F LOAN
AND N E T W O R T H OF BORROWER
[Estimates of outstanding loans]
Size of loan and net
worth of borrower
Number
Amount
of loans of loans
(In
(In thousands)
millions)
Percentage
distribution
Number
Amount
Size of loan:
Under $250
$250-$499
$500-$999
938
428
375
$102
126
211
42.9
19.6
17.1
6.9
8.5
14.2
$l,000-$2,499
$2,500-$4,999
$5,000 and over. . . .
317
82
45
393
227
421
14.5
3.8
2.1
26.5
15.4
28.5
2,185
1,480
100.0
100.0
522
1,007
410
115
462
338
23.9
46.1
18.8
7.8
31.2
22.9
176
27
42
335
208
22
8.1
1.2
1.9
22.6
14.0
1.5
2,185
1,480
100.0
100.0
All loans
Net worth of borrower
Under $2,000
$2,000-$9,999
$10,000-$24,999
$25,000-$99,999....
$100,000 and over. .
Unclassified
All borrowers.. .
NOTE.—Detailed figures may not add to totals because of
rounding.
loans of between $250 and $1,000. Loans under
$1,000 accounted for almost one-third of the total
volume of all commercial bank loans to finance
farm operations. Individual loans of $5,000 or
more constituted 2 per cent of the number but
29 per cent of the total amount.
A large proportion of the farm production loans
2
The survey of insured commercial bank loans to farmers,
on which this article is based, was planned by the Division of
Research and Statistics of the Board of Governors of the Federal Reserve System and the Division of Research and Statistics
of the Federal Deposit Insurance Corporation in consultation
with the Federal Reserve Banks, the Bureau of Agricultural
Economics, and other interested agencies. The information for
member banks of the Federal Reserve System was collected and
compiled into district totals at the Reserve Banks and national
totals were prepared at the Board's offices. The information
for insured commercial banks not members of the Federal Reserve System was collected by the examiners of the Federal
Deposit Insurance Corporation with the consent and cooperation
of the participating banks. Totals were compiled by the Corporation's Division of Research and Statistics.
Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A.
Young, Assistant Director of the Board's Division of Research
and Statistics and Florence Helm, Acting Chief of the Corpora*
tion's Division of Research and Statistics.
Richard Youngdahl of the Board's staff and Tynan Smith of the Corporation s
staff have been largely responsible for the supervision of the
collection and tabulation of information.
Copies of the forms used in the survey are appended to
this
article.
8
Farm production loans were defined as all loans to farm
owners or operators except loans secured by real estate, loans
directly guaranteed by the Commodity Credit Corporation, and
loans made to farmers for commercial or industrial purposes.
1217
COMMERCIAL BANK LOANS TO FARMERS
of insured commercial banks were extended to meet
the credit needs of small farmers. About 25 per
cent of the number of loans were to farmers with
a net worth of under $2,000 while 46 per cent of
the loans were to farmers with a net worth of
from $2,000 to $10,000, as is shown in Table 1.
The amount of farm production credit extended
by banks to farmers with a net worth of under
$10,000 was 40 per cent of the total. In the South
the proportion of loans going to small borrowers
with a net worth of under $2,000 was higher than
in other parts of the country. In the Northern
States the proportion of loans outstanding to farmers with a medium net worth of between $2,000
and $10,000 was above average, while in the Far
West about two-thirds of the loans amounting to
nine-tenths of the volume were to large borrowers
with a net worth of $10,000 and more.
As Table 2 shows, bank credit to finance farm
operations was widely distributed among the different types of farms. The largest number of bank
borrowers were operators of general farms, who
accounted for 45 per cent of the number of farm
production loans.4 This group of borrowers typically had a small or medium net worth and the
TABLE 2
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN M I D - 1 9 4 7 , BY T Y P E
OF FARM
[Estimates of outstanding loans]
Type of farm
General........
Dairy
Cotton
Wheat, corn, and
field crops
Livestock. ^ . , . - .
Percentage
Number Amount
distribution
Average
of loans of loans
size
(In
(In thousands) millions) Number Amount of loan
977
306
252
207
201
44.7
14.0
11 6
35 7
14.7
6 6
$540
710
390
176
324
9.5
9.2
11.9
21.9
850
1,610
26
38
29
1 7
2.6
2 0
1 3
1.6
260
840
1,190
1,140
420
100.0
680
17
20
56
24
4 4
2.1
1 1
0 8
2.6
All borrowers.. 2,185
1,480
100.0
Tobacco
Truck.. . .
Fruit. .
Poultry . . . . . .
Other*
98
45
24
$529
218
98
1
This group includes farms not classified elsewhere, such as
part-time farms, and farms not classified as to type.
NOTE.—Detailed figures may not add to totals because of
rounding.
average size of their loans was relatively low. The
second most important group of borrowers in terms
4
A general farm was denned in the survey as one in which
no single source of income provided one-half or more of the
total.
1218
of number of bank loans were dairy operators.
This group accounted for 14 per cent of the number
and 15 per cent of the amount of farm production
loans outstanding.
Operators of cotton farms accounted for 12 per
cent of the number of farm production loans outstanding at insured commercial banks at midyear,
but only 7 per cent of the credit volume. These
loans were considerably below average in size, $390
as compared with $680, and over half of them
were to farmers with a net worth of under $2,000.
Similarly, most of the tobacco farmers with outstanding loans had a small net worth. The production loans to tobacco farmers averaged $260 each,
the lowest for any group. For both of these types
of farming the productive unit is typically small.
The large-scale nature of operations of livestock
farms and ranches is reflected in the bank borrowings of this group, which accounted for 9 per cent
of the number and 22 per cent of the amount of
farm production loans. The average size of loan
was $1,610, the highest for any type of farm. Half
of the number and over four-fifths of the amount
of loans outstanding to livestock operators were to
borrowers with a net worth of $10,000 or more.
Fruit and poultry farming also tend to be large
operations. As a consequence the average size of
bank production loans to these two groups of borrowers was large and most of the borrowers had
a relatively large net worth.
Purpose of loan. The two most important uses
reported for bank credit to finance farm operations were to pay production and living costs and
to purchase machinery or livestock. Loans for the
purpose of paying farm production and living costs
accounted for one-half of the total number. As is
shown in Table 3, most of these loans were for
small amounts and the average size was $460. Consequently, the volume of bank credit extended for
this purpose amounted to only a third of the total.
About one-third of the farm production loans
were to finance the purchase of machinery or livestock. As would be expected, such loans were
typically larger than those used to pay production
and living costs. The average size of loans to
finance the purchase of machinery or livestock was
nearly $1,000 and these loans accounted for onehalf of the total dollar volume outstanding.
Among the other major purposes for which shortterm production credit was used were the purchase
or improvement of land or buildings and the reFEDERAL RESERVE BULLETIN
COMMERCIAL BANK LOANS TO FARMERS
payment of debts. Loans to finance the purchase
or improvement of land or buildings tended to be
relatively large for this type of bank credit, averaging $1,110 in size. Most of the loans obtained for
the repayment of debt were small; half of the
number were for amounts of less than $250.
TABLE 3
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN M I D - 1947, BY SIZE AND PURPOSE OF LOAN
[Estimates of the number of outstanding loans]
Purpose of loan
Size of loan
All
purposes
Pay
production
and
living
expenses
Buy
machinery or
livestock
Buy
or im- Reprove
land or pay
build- debts
ings
Unclassified
Number of loans, in thousands
Under $ 2 5 0 . . . . . . . . .
$250-$499
$500-$999
938
428
375
606
221
152
183
145
171
28
22
24
36
15
12
85
25
15
$l,000-$2,499
$2,500-$4,999
$5,000 and over
317
82
45
99
24
13
168
42
21
29
11
7
10
2
10
3
2
2,185
1,116
731
122
76
140
All loans
.
operations the use of mortgages on real estate as
security for bank credit is much more prevalent
among farm operators than among other small
business enterprises.
Table 4 shows the more important types of security pledged against bank loans to finance farm
operations. A combination of crops, livestock, or
machinery was pledged against approximately onefourth of the loans amounting to one-fourth of the
total amount. The second most important type of
security was livestock alone, which was pledged
against 17 per cent of the number of loans. Since
loans secured by livestock were above average in
size they accounted for 24 per cent of the volume.
Machinery alone was pledged against 8 per cent
of the number of loans. These loans, most of
which were tofinancethe purchase of the machinery
pledged, were typically of medium size; two-thirds
of them ranged from $500 to $2,500 in amount.
Crops, either growing or in storage, were not
very important as security for production loans to
farmers. Loans secured by growing crops were
largely small loans made to farm borrowers with
relatively low net worth. Over half of these loans
were under $250 in amount and the average size
TABLE 4
Percentage distribution
Under $250..
$250-$499
$500-$999
42.9
19.6
17.1
54.3
19.8
13.6
25.0
19.9
23.5
22.9 46.9
18.2 19.3
19.9 15.9
61.1
17.6
10.9
$l,000-$2,499
$2,500-$4,999
$5,000 and over
14.5
3.8
2.1
9.0
2.2
1.1
23.0
5.8
2.8
24.3 12.8
8.8 3.1
5.9
1.9
7.4
1.8
1.3
All loans
100.0
Average size of loan. $680
100.0 100.0
$460
100.0 100.0 100.0
$980 $1,120 $630
Security. About two-thirds of the number of
farm production loans and a little more than twothirds of the total amount were secured by pledge
of specific assets or by endorsement, while the remainder were unsecured. The proportions of both
number and amount of farm production loans that
were secured were only a little above the comparable proportions of member bank loans to small
business enterprises with total assets of under
$50,000, excluding loans secured by mortgages on
real estate.5 Because of the nature of farming
Tynan Smith, "Security Pledged on Member Bank Loans
to Business," Federal Reserve BULLETIN, June 1947, Table 16,
p. 677.
OCTOBER
1947
OUTSTANDING IN MID-1947, BY TYPE OF SECURITY PLEDGED
[Estimates of outstanding loans]
Type of security
$450
NOTE.—Detailed figures may not add to totals because of
rounding.
5
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
Num- Amount
Percentage
Averber of
of
distribution
age
loans
loans
size
(In
(In
of
thouNummilAmount loan
sands) lions)
ber
Unsecured
Endorsed
Combination of crops,
livestock, or machinery
Livestock.
Machinery
743
273
$433
112
34.0
12.5
29.3
7.6
$580
410
505
361
167
359
353
118
23.1
16.5
7.6
24.3
23.8
8.0
710
980
710
Growing crops
Crops in storage
G. I. guarantee or insurance
Other
Unclassified
34
5
12
68
16
17
7
18
54
9
1.6
.2
1.1
.5
500
1,410
.5
3.1
.7
1.2
3.7
.6
1,570
790
540
2,185
1,480
100.0
100.0
680
All loans
NOTE.—Detailed figures may not add to totals because of
rounding.
was $500. Loans secured by crops in storage
tended to be large and averaged $1,410. More
than one-half of the total dollar volume of this
1219
COMMERCIAL BANK LOANS TO FARMERS
group of loans was represented by loans amounting to this tendency for short-term loans to be of relatively small size was in the case of demand loans,
to $5,000 or more each.
There were approximately 12,000 farm produc- which were almost as large on the average as loans
tion loans outstanding at insured commercial banks, maturing in from two to three years.
on which the major security was reported to be There appeared to be little relationship between
Government guarantee or insurance under the pro- the purpose for which funds were borrowed and
visions of the Servicemen's Readjustment Act. The the maturity of the loan. About two-thirds of the
total amount of such loans came to an estimated number and three-fifths of the amount of bank
18 million dollars. More than 80 per cent of these loans to pay farm production and living expenses
loans were to farmers with a medium to small net called for repayment within six months. This
worth of under $10,000. Nevertheless, the average would coincide roughly with the time required for
size of loan, $1,570, was higher than that for any the production and sale of crops. It is surprising
other major type of security. Nine-tenths of the that a similar proportion of the loans to finance
number of the G. I. loans and four-fifths of the the purchase of machinery or livestock carried
amount were for the purpose of financing the pur- maturities of six months or less. Loans to purchase
feeder livestock would be expected to have short
chase of machinery or livestock.
Maturity. Farm production loans held by in- terms. However, machinery and livestock other
sured commercial banks were predominantly short- than feeders normally require a much longer period
to recover their cost and, therefore, loans to finance
term. About two-thirds of the number were
such purchases would be expected to carry longer
written on a demand basis or with original maturiterms than six months. Thus it may be that genties of six months or less. Only 4 per cent of the
eral farm income is regarded as a source of renumber and 6 per cent of the amount outstandpayment rather than the return on the asset pledged.
ing carried maturities of more than one year from
Also, in some cases renewals may be made if
the date of the note.
necessary.
Loans written to mature in three months or less
Size of bank. Farmers typically obtain their bank
averaged $490 in amount, from which point the credit locally. The major importance of small
average size ranged upward to $1,980 for farm banks in this credit field is indicated by the fact
production loans written to mature in over five that 43 per cent of the number of farm production
years, as is shown in Table 5. The only exception loans were held by banks with deposits of less than
2 million dollars. Loans held by these small banks
tended to be relatively small so that this group of
TABLE 5
banks
accounted for only a third of the dollar volFARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
ume. Large banks located in metropolitan areas
OUTSTANDING IN MID-1947, BY ORIGINAL MATURITY
do very little agricultural credit business. The
[Estimates of outstanding loans]
survey revealed that banks with deposits of 10
million
dollars or more had 8 per cent of the numNum- Amount
Percentage
Averber of
of
distribution
age
ber
and
18 per cent of the amount of farm producloans
loans
Maturity
size
(In
(In
of
tion loans outstanding at the middle of 1947.
NumthoupilAmount loan
sands)
ber
lions)
As would be expected, small farm operators
tended
to borrow at small banks and larger bor130 $ 142
Demand
5.9
9.6 $1,090
237
22.3
16.0
3 months or less
488
490
rowers at large banks. Table 6 shows the direct
538
38.8
36.4
3 to 6 months
848
630
relationship between size of bank and net worth
220
15.6
14.9
6 to 9 months
340
650
231
11.5
15.6
9 months to 1 year. .
252
920
01 borrower. At banks with deposits of less than
60
2.7
1 to 2 years
53
3.6
880
2 million dollars, 25 per cent of the farm produc16
0.8
1.2
2 to 3 years
18
1,120
0.9
9
0.4
3 to 5 years
13
1,440
tion loans were to borrowers with a net worth of
0.2
2
0.1
Over 5 years
4
1,980
1.5
33
1.5
22
Past due
670
under $2,000; this proportion declined to 16 per
0.1
7
0.3
2
Unclassified
320
cent at banks with deposits of 10 million dollars or
2,185 1,480 100.0 100.0
All loans
680
more. Conversely, 41 per cent of the loans and
80 per cent of the amount outstanding at the large
NOTE.—Detailed figures may not add to totals because of
rounding.
banks were to borrowers with a net worth of
1220
FEDERAL RESERVE BULLETIN
COMMERCIAL BANK LOANS TO FARMERS
TABLE 6
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947
BY N E T W O R T H OF BORROWER AND SIZE OF BANK
[Estimates of outstanding loans]
Size of bank (Total deposits, in millions of dollars)
Net worth of borrower
All
insured
commercial
banks
Under 2
2-10
10 and
over
All
insured
commercial
banks
Number of loans , in thousands
Under $2,000
$2,000-$9,999
$10,000-$24,999
522
1,007
410
$25,000-$99 999
$100,000 and over .
Unclassified
All borrowers
Under 2
2-10
10 and
over
Amount of loans, in millions
239
466
256
481
27
61
174
200
36
$
115
$ 50
$ 58
462
201
225
338
131
169
$
8
36
39
176
59
92
25
335
84
171
80
27
42
5
5
15
26
7
11
208
22
18
3
100
11
90
8
2,185
947
1,070
168
1,480
487
733
260
10.2
41.2
26.9
7.9
2.9
31.2
22.9
30.7
23.0
13.9
15.0
22.6
14.0
17.3
23.3
13.6
30.7
34.5
Percentage distribution
Under $2,000
$2,000~$9 999
$10,O00-$24 999.
$25,000-$99 999
$100,000 and over
Unclassified
. .
All borrowers
23.9
46.1
18.8
25.2
49.2
18.3
24.0
44.9
18.7
16.2
36.5
21.3
8.1
6.2
8.6
15.0
1.2
1.9
.5
.6
1.4
2.4
4.4
6.6
100.0
100.0
100.0
100.0
7.8
1.5
3.7
0.7
100.0
100.0
1.5
3.0
100.0
100.0
NOTE.—Detailed figures may not add to totals because of rounding.
$10,000 or more as compared with 25 per cent of
the number and 48 per cent of the amount at the
small banks. Nevertheless, because of the local
character of most farm credit and the necessity for
the bankers to be very familiar with the local agricultural situation and the operations of the borrower, a considerable proportion of the bank credit
needed by even the very large farm operators was
provided by the small banks located in nearby
communities.
Interest. The average interest rate on commercial
TABLE 7
USUAL INTEREST RATE CHARGED ON FARM PRODUCTION LOANS
BY INSURED COMMERCIAL BANKS, 1947,
Percentage of banks
reporting rate
Usual interest rate
(Per cent per annum)
Under 6
6
6 1 to 7.9
8.0 to 9.0
Over 9
All reporting banks
OCTOBER 1947
1940, AND 1930
1947
1940
1930
26
45
14
12
3
8
47
20
19
6
1
43
20
26
10
100
100
100
bank loans to finance farm operations was 6.2 per
cent. The survey indicated a substantial decline
in this rate over the last two decades. As is indicated in Table 7, the proportion of banks charging
usual interest rates of under 6 per cent has increased markedly since 1930, and the proportion
charging usual rates of 8 per cent or more has
steadily declined.
Over four-fifths of the banks making farm production loans in 1947 had some minimum interest
charge. The most common minimum was between
50 cents and $1.00. Since many of the farm production loans were quite small in amount and for
short maturities, the existence of a minimum interest charge sometimes resulted in a high rate
when computed on an annual basis.
In addition to interest the borrower usually has
to pay supplementary charges to cover the costs
incurred by the bank in making the loan. These
supplementary charges most often represent legal,
recording, and notary fees in connection with chattel mortgages. About a third of the banks reported
that they made no supplementary charges. Most
of these banks probably were not using the chattel
mortgage form for their farm production loans
1221
COMMERCIAL BANK LOANS TO FARMERS
and thus were not incurring extra costs which
would have to be passed on to the borrower.
9 shows the number and amount of loans in each
of the different acreage groups.
FARM MORTGAGE LOANS
TABLE 9
Insured commercial banks at midyear of 1947 had
outstanding 725 million dollars of loans secured by
farm land.6 This volume represented 265,000 loans
averaging $2,700 in outstanding amount.
Total farm mortgage debt declined substantially
during the war and has since shown little increase.
Commercial banks have been active lenders in the
postwar period, and their farm mortgage holdings
have increased by 24 per cent in the past year
compared with an increase of probably less than
4 per cent in the total farm mortgage debt.
Original amount of loans and types of properties
mortgaged. Bank farm mortgage loans outstanding
in midyear included many loans that were relatively
small in original amount. Nearly one-third of the
number of loans were for less than $1,500 when
made, and almost four-fifths were under $5,000.
The median size of original loan was about $2,400.
Only about one loan in five was over $5,000 in
original amount, and only one in twenty was over
$10,000. The distribution of the number and
amount of loans by original size of loan is shown
in Table 8.
The sizable proportion of small loans in the total
was related, of course, to the fact that many of the
properties mortgaged—in most cases properties purchased with the loan proceeds—were small. Table
TABLE 8
FARM
MORTGAGE
LOANS OF INSURED
COMMERCIAL
BANKS
OUTSTANDING IN MID-1947, BY ORIGINAL AMOUNT OF LOAN
[Estimates of outstanding loans]
Original amount
of loan
Number Amount
of loans of loans
(In
(In thoumillions)
sands)
Under $500
$500-$999
$l,000-$l,499
17
31
33
$l,500-$2,499
$2,500-$4,999
$5,000-$9,999
$10.000-$24,999
$25,000-$49,999
$50,000 and over
Total
Percentage
distribution
Number
Amount
5
17
30
6.6
11.8
12.3
0.6
2.4
4.2
55
74
81
204
20.6
27.8
11.2
28.1
41
12
217
133
15.6
4.7
29.9
18.4
1
24
13
0.4
0.1
3.3
1.8
725
100.0
100.0
265
$
NOTE.—Detailed figures may not add to totals because of
rounding.
6
Farm mortgage loans were denned as loans principally
secured by mortgages, deeds of trust, land contracts, or other
liens on farm land.
1222
FARM
MORTGAGE
LOANS OF INSURED
COMMERCIAL
BANKS
OUTSTANDING IN MID-1947
BY ACRES IN PROPERTY MORTGAGED
[Estimates of outstanding loans]
Acres mortgaged
Under 10.
10-29
30-69
70-139
. . . .
140-259
260-499
Over 500
Not given
Total
Percentage
distribution
Number
of loans
(In thousands)
Amount
of loans
(In
millions)
Number
Amount
8
25
64
95
52
14
5
2
$ 12
46
113
226
196
73
51
7
2.8
9.4
24.2
35.7
19.8
5.2
2.0
.9
1.7
6.4
15.6
31.2
27.1
10.1
7.0
1.0
725
100.0
100.0
265
NOTE.—Detailed figures may not add to totals because of
rounding.
About one-third of the number of loans were secured by properties under 70 acres, another third
by properties from 70 to 140 acres, and the final
third by properties of 140 acres or more. The large
proportion of loans on small properties suggests that
bank mortgage loans were frequently to established
farm operators purchasing small additional tracts
as well as to new operators purchasing small units.
The highest proportion of small tracts on which
mortgage loans were made was in the Far West,
where nearly two-thirds of the mortgaged properties
were under 70 acres. In the South the proportion
of small units was also considerably higher than
average.
The average size of loan outstanding was nearly
as large for units under 10 acres as for the tracts
from 10 to 69 acres. This situation was at least
partly explained by the high concentration of fruit,
truck, and poultry farms in this size group. Such
farms usually have a higher value per acre than
most other types of farms.
General farms were the most prevalent type on
which mortgage loans were made, afs is shown by
Table 10. In the Northeast, dairy farms predominated with about one-half of the number and
amount of bank mortgage loans on these farms.
In parts of the South nearly one-half of the number
and one-third of the amount of loans were on cotton
farms. In the Far West the widest variation was
shown in the types of farms on which loans were
made, with about one-fifth each of the number of
loans on general, field crop, dairy, and fruit farms.
FEDERAL RESERVE BULLETIN
COMMERCIAL BANK LOANS TO FARMERS
of considerably greater relative importance than
elsewhere. In some parts of the South it is a
OUTSTANDING IN MID-1947, BY T Y P E OF FARM MORTGAGED
common practice to secure production loans with
[Estimates of outstanding loans}
real estate mortgages. Over one-half of the number and amount of the real estate mortgage loans
Percentage
Number Amount
distribution
made in 1947 in some Southern sections were for
Type of farm
of loans of loans
(In
mortgaged
(In thoupurposes other than to purchase land.
millions) Number Amount
sands)
Loans were larger for the purchase of real estate
than for any other purpose. Loans made in 1947
48.1
46.5
General
$337
128
17.0
Dairy
15.5
41
123
for the purchase of real estate averaged $3,700 in
Wheat, corn, and field
10.8
8.1
crops
21
79
outstanding
amount, while loans included in the
3.8
6.6
Cotton
17
27
5,9
4.7
Livestock
12
43
"other"
purpose
classification and loans for building
2.3
3.4
Tobacco
9
17
2.4
2.6
7
18
Truck
or repairing buildings averaged $2300.
4.0
2.3
29
6
Fruit
Size of bank. As in farm production loans, the
1.5
1.6
11
4
Poultry
5.7
7.2
42
19
Other i
bulk of farm mortgage loans was held by banks
725
Total.
100.0
265
100.0
with 10 million dollars or less of deposits. Banks
1
with 2 to 10 million dollars of deposits held 53
This group includes farms not classified elsewhere, such a
part-time farms, and farms not classified as to type.
per cent of the amount and 52 per cent of the numNOTE.—Detailed figures may not add to totals because of
rounding.
ber of outstanding farm mortgage loans held by
The average size of bank mortgage loan out- all banks, while banks in the smallest deposit group
standing was smallest on cotton and tobacco farms, —under 2 million dollars—held 28 per cent of the
amount and 37 per cent of the number of such
and was largest on fruit and field crop farms.
Purpose of loan. As would be expected, the most loans. Banks with over 10 million dollars of deimportant purpose for which farmers obtained real posits held 19 per cent of the amount and 12 per
estate loans from banks was to purchase land, as is cent of the number of all farm mortgages held by
shown in Table 11. Nevertheless, over a fourth banks.
of both the number and amount of outstanding
The average size of outstanding loan was $4,400
at the largest banks, $2,800 at banks in the 2 to 10
TABLE 11
million dollar deposit group, and $2,100 at the
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
smallest banks. The largest banks made loans on
OUTSTANDING IN MID-1947, BY PURPOSE OF LOAN
somewhat larger tracts of land than did the smaller
[Estimates of outstanding loans]
banks.
Percentage
Year mortgage was written. During and since the
Number Amount
distribution
of loans of loans
Purpose
war, with farm incomes high, much of the prewar
(In thou(In
sands)
millions) Number Amount
farm mortgage debt has been retired. At the same
time, however, new borrowers have been incurring
Buy the land that was
sizable debts. As is shown in Table 12, more than
151
$439
56.8
60.5
mortgaged
9.5
10.6
Buy other land
25
77
one-half of both the number and the amount of
Build or repair build47
8.6
23
6.5
ings
farm mortgage loans outstanding at commercial
128
19.2
51
17.6
Other
35
5.9
16
4.8
Not known
banks in midyear of 1947 were secured by mortTotal
100.0
265
725
100.0
gages written in 1946 or 1947. In large part, this
high proportion of recent loans is believed to repreNOTE.—Detailed figures may not add to totals because of
rounding.
sent new borrowings rather than renewals of prior
loans were to build or repair buildings, and for loans. About one-third of the outstanding loans
other purposes such as the purchase of machinery, were made between 1940 and 1945 and only a very
repayment of debts, and the payment of production small fraction before 1940.
expenses. Thus an important part of bank loans
There was some minor variation between differsecured by real estate was not strictly for financing ent sections of the country with respect to the proportion of total loans represented by loans made in
land ownership transactions.
In the South and in the Far West loans made recent years. At banks in the Northeastern States
for purposes other than the purchase of land were a higher than average proportion of the number
TABLE
FARM
MORTGAGE
LOANS
OCTOBER 1947
10
OF INSURED
COMMERCIAL
BANKS
1223
COMMERCIAL BANK LOANS TO FARMERS
TABLE
FARM
MORTGAGE
LOANS
12
OF INSURED
COMMERCIAL
BANKS
OUTSTANDING IN MID-1947, BY DATE OF MORTGAGE
[Estimates of outstanding loans]
Date of mortgage
Before 1940
1940-45
1946
1947
Total
Number Amount
of loans of loans
(In
(In thoumillions)
sands)
16
91
96
62
265
$ 25
216
285
198
725
Percentage
distribution
Number
Amount
5.9
34.3
36.4
23.4
3.5
29.9
39.3
27.3
100.0
100.0
relatively small amount of debt held by banks is an
element of strength that was not present in former
periods of inflated farm prices and land values.
Maturity and method of repayment. Over onethird of the number and about one-fourth of the
amount of farm mortgage loans outstanding at commercial banks in mid-1947 called for repayment
within one year after the loan was made, as is
shown in Table 13, and about one-third of both the
TABLE
FARM
MORTGAGE
OUTSTANDING
13
OF INSURED
COMMERCIAL
IN MID-1947, BY MATURITY
BANKS
OF LOAN
[Estimates of outstanding loans]
NOTE.—Detailed figures may not add to totals because of
rounding.
of outstanding loans was made before 1940—about
13 per cent compared with 6 per cent for all sections
of the country, and a smaller proportion of loans
was made in 1947—about 17 per cent compared
with 23 per cent. Banks in some Southern States
had a larger than average part of their loans represented by mortgages made in 1946 and in 1947.
During the past year, when a substantial proportion of the farm mortgage loans now held by banks
were written, land values have been 75 per cent or
more above the prewar level. Survey reports provide some indication that, while banks are willing
to lend more on a given farm than in 1940, the
increase in loan value at most banks has been
smaller than the rise in the price of farm land.
Thus, in 1940, more than 80 per cent of the banks
were lending 50 per cent or more of the current
selling price of farm property. In 1947, in contrast,
loans of this proportion were available at only about
55 per cent of the banks. A distribution of all
insured commercial banks by the percentage of the
current selling price they were lending on farm
properties in 1940 and 1947 is given below.
LOANS
Maturity
Demand
Under 6 months
6 months to 1 year. . .
1 to 2 years
2 to 3 years
3 to 5 years
5 to 10 years
10 to 15 years
15 to 20 years
Over 20 years
Past due »
Total
Number Amount
of loans of loans
(In thou(In
sands)
millions)
Percentage
distribution
Number
Amount
21
29
46
13
17
59
50
9
5
2
14
$ 50
55
82
25
41
175
196
41
24
10
26
7.9
10.8
17.3
4.8
6.5
22.4
18.9
3.4
1.9
.6
5.4
6.9
7.5
11.3
3.4
5.7
24.2
27.2
5.6
3.3
1.3
3.6
265
725
100.0
100.0
1
This group may include some mortgage loans which, although
technically past due, are considered demand loans in accordance with local practices.
NOTE.—Detailed figures may not add to totals because of
rounding.
number and amount of loans provided for repayment in from one to five years. The remaining
one-fourth of the number and two-fifths of the
amount had terms of five years or more.
There was a tendency for the larger loans to have
the longer maturities. However, an important part
of even these loans had very short terms. Thirty
per cent of the loans originally for $1,500 to $5,000
had
maturities of one year or less, as did one-fifth
Percentage of selling price
Percentage of banks
of those having an original size of $5,000 to $25,000.
1947
1940
The high percentage of loans of relatively short
llYz or less
12
2
Over HYz to 50
31
11
maturities distinguishes farm mortgage loans of
50
39
51
banks from those of most other lenders. In some
Over 50
16
II
cases
banks follow the practice of writing farm
Not known
2
3
mortgage loans for short terms with the underTotal
100
100
standing that upon request they will be renewed
No definite conclusions can be drawn from the at maturity.
survey data regarding the adequacy of present bank
The majority of farm mortgage loans outstandappraisal and lending policies on farm properties. ing at banks in mid-1947 called for repayment in
The current advanced levels of farm land values instalments. Over one-half of the number and
suggests a need for caution if banks are to be pro- nearly two-thirds of the amount outstanding were
tected against probable future declines in farm of this type. Mortgages in recent years were much
commodity prices and in farm land prices. The more likely to contain provisions for instalment
1224
FEDERAL RESERVE BULLETIN
COMMERCIAL BANK LOANS TO FARMERS
repayment than were mortgages written before such charges were associated with the initial proc1940. Of loans made in 1946 and still outstanding, essing of the mortgage, such as title search and
two-thirds of the number and three-fourths of the recording fees. About one-fourth of the banks
amount contained such provisions. In contrast, of reported appraisal charges.
loans still outstanding that were made between 1930
COVERAGE OF THE SURVEY
and 1940 only one-third of the number and amount
provided for instalment repayments. Instalment
Banks included in the sample for the survey were
repayments were more prevalent on larger loans selected according to a plan consistent with estabthan on small ones. Of the loans under $1,500 in lished sampling procedures. Selection was made
original amount, nearly two-thirds were of the from all member and nonmember insured commersingle-payment type. This may be compared with cial banks. For purposes of sampling and of comone-third for loans over $5,000 in original amount. pilation of the estimates, banks were divided into
Loans with the longer maturities were most three size groups within each Federal Reserve dislikely to be repaid in instalments. Thus about trict. From each group a sufficient number of
95 per cent of the dollar amount of loans maturing banks were drawn to provide adequate size and
in over five years were of this type, 67 per cent geographic coverage.
of the loans with maturities of three to five years,
Respondent banks that were members of the
and only 20 per cent of the loans, except demand Federal Reserve System filled out the questionnaires
loans, maturing in one year or less. Surprisingly, as of June* 20, 1947. Data for insured commercial
62 per cent of the outstanding amount of demand banks that were not members of the Federal Reserve
loans called for instalment repayment. As far as System were obtained by the bank examiners of the
repayment method was concerned, demand loans Federal Deposit Insurance Corporation in the course
bore a greater resemblance to long-term loans than of bank examinations conducted during the period
to very short maturity loans.
June 2 to July 18, 1947. A total of 1,211 banks
A comparison of single-payment loans with in- and branches participated in the survey of farm
stalment loans was made to determine the propor- production loans. In the survey of farm real estate
tion of the original amount of each that had been loans the number of participants was 1,200.
repaid. For loans still outstanding from any parFor the farm production loan survey, each bank
ticular year since 1940, it was found that a similar was asked to report on one of every five of its loans
percentage of the original debt had been retired of this type, selected in a random manner. Since
on both single-payment and instalment loans. This the number of farm real estate loans was much
probably indicates that, at least in years of abnor- smaller than the number of production loans, remally high farm incomes, loan collections are rela- ports were obtained on every real estate loan held
tively independent of the stated method of repay- by the participating banks.
ment.
Two steps were involved in deriving over-all
Interest rates on farm real estate loans. The estimates of farm production loans from the
average interest rate on farm mortgage loans out- sample data. First, the one-in-five sample of loans
standing at banks in mid-1947 was 4.9 per cent. held by the participating banks was expanded to
On the very small loans, interest rates were higher, represent all of the farm production loans at these
averaging 6 per cent on loans under $1,500 in banks. Second, the resulting estimates for all loans
original size. Rates averaged 4.5 per cent on loans at the participating banks were expanded to cover
of $10,000 to $25,000 in original size. As in the all loans at all insured commercial banks in each
case of farm production loans, interest rates on size group in each Federal Reserve district. This
farm mortgage loans have declined from earlier was done for each group on the basis of the relationyears. About three-fifths of the banks making such ship between the amount of farm production loans
loans reported that their usual rate of interest in outstanding at the sample banks and the amount
1947 was 5 per cent or less. The usual rate was outstanding at all insured commercial banks as rethis low at only about one-fourth of the banks in ported to the Federal bank supervisory agencies.
1940 and at only about one-tenth of the banks in For the farm real estate loan survey all of the loans
1930.
of the participating banks were included so that
Most of the banks reported charges other than only the second step in the estimating procedure
interest on farm mortgage loans. For the most part was necessary.
OCTOBER
1947
1225
£ REPORTING FORMS AND INSTRUCTIONS FOR THE SURVEY OF COMMERCIAL BANK LOANS TO FARMERS OUTSTANDING ON JUNE 20, 1947
porB
WORKSHEET
LOANS TO FARMERS
Sheet_
CONFIDENTIAL
(OTHER THAN CCC LOANS OR LOANS SECURED BY FARM LAND)
OUTSTANDING ON JUNE 20, 1947
DETACH
TOTAL
"OTHER LOANS TO FARMERS"
NOT
NOTE:—Piease see sampling instructions
before filling out this worksheet.
Outstanding June 2 0 . $_
(See schedule A, item 3 of the Call Report Instructions)
1
S I Z E OF
NOTE
2
DATE
MADE
NAME
OF
BORROWER
OF
RE-
INTEREST
CHARGED
DAY,
YEAR)
RENEWED
(ENTER CODE IN COLUMN)
(CHECK
ONE)
PLEASE
LEAVE
BLANK
DAY,
(IF
DEMAND
WRITE
ONE
IN
PAY-
"DEMAND " )
MENT
REGU-
IRREG-
LAR
ULAR
STAL-
STAL-
ANNUAL
MENTS
MENTS
RATE IN
RATE IN OF D I S PERCENT COUNT
PERCENT
CHARGED
DOLLAR
ANNUAL
MAJOR
PURPOSE
Description
Dist.
B
2-3
c
D
U-6
7-10
E
n
PART II - GENERAL QUESTIONNAIRE
1. Show the usual rate of interest for loans of this type charged by your banks in the
years shown:
Year
1930
1940
1947
Rate
2. List all charges other than interest or notary fees, if any, that a borrower may be asked
to pay to obtain a loan of this type. Include chattel mortgage fees, inspection fees, etc.
Show the amount of charge and indicate whether it is a flat charge or whether it depends
on the size of the loan.
Type of charge
3. Does your bank have a minimum interest charge?
If yes, what is the amount of such charge?
Amount and basis of charge
Ye
F
G
12
13
'State County Bank Group Class
Pop.
Code
8
ACRES
11
TYPE OF FARM
(ENTER
IN
TENURE
OF
BORROWER
NET
WORTH
8—combination of crops,
livestock, or machinery
9--otber security
BORROWER
CODE
COLUMN)
1—pay production
or liTing costs
2—buy or improve
land or bldgs.
(ENTER
(TOTAL
ACREAGE'
OWNED &
RENTED)
(SEE INSTRUCTIONS)
PLEASE
LEAVE
BLANK
4—repay debts
5—not knows
Code_
1—owner, no mortgage
2—owner, mortgage
S—owner, no mortgage,
rents additional land
CODE)
Code
1—under $2000.
2—$2000-59999
-$10, 000-524,999
-$26,000-$99, 999
-$100,000 and
over
—tenant or cropper
R
(43-44)
(35)
15.75
1/1/48
Code
l-*aot secured; not endorsed
2—not secured; endorsed
3—G. I. guarantee
4—1:
5—crops in storage
AMOUNT
M (32
4/1/47
SECURITY
l
OF
(MONTH,
IF
YEAR)
MAJOR
A
PAYMENT
RENEWED
(MONTH,
(DOLLARS)
METHOD
DUE
OR
LAST
AMOUNT
OUTSTAND ING
JUNE 20
OATE
USE
Field
Coiuim
Form R ft S 1433
"^Proved Budget Bureau No. 55-4702
i S p i r e a September 30, 1047)
220
Dairy
INSTRUCTIONS
Please follow carefully the 1enclosed sampling instructions. Report on every fifth note of the
type "other loans to farmers." If several notes are outstanding to a single borrower, treat each
note separately in counting through your notes to select every fifth note for your sample. Do not
include CCC guaranteed loans or loans secured principally by farm real estate.
Column 3. If an instalment note, give date last instalment is due.
Column 5. If charge is on an interest basis, show the annual rate in percent in the column
indicated. If note was discounted, insert the annual discount rate in percent and show the dollar
amount of discount charged.
Column 9. Type of farm refers to the principal source (one-half or more) of cash income to
the farmer. If no single source provides one-half or more of the income, write in "general
farm." Examples are:
wheat (or other grains)
poultry
cotton
hogs (or other livestock)
tobacco
truck crops
dairy
fruit
part-time (major income
from labor off farm)
Example. Smith secured a loan of $300 on April 1, 1947 at an annual discount rate of 7 percent which amounted to a discount charge of $15.75. The loan was to buy a bull, and a chattel
mortgage on the bull was taken as security. The loan is payable on January 1, 1948. Smith
owns 160 acres, rents an additional 60, and most of his income is from the sale of milk. He
has a mortgage of $5,000 on his farm and his net worth is about $12,000.
The blank columns and the letters and numbers under each heading are for our use in coding
the information for machine tabulation.
1
"Other loans to farmers," as defined in the Call Report, include all loans made to farm or ranch owners and operators, including tenants, except loans secured by real estate, borrowings for commercial
and industrial purposes (when a farmer is operating a business enterprise as well as a farm) and loans directly guaranteed by the Commodity Credit Corporation. "Other loans to farmers" include loans
secured by a commodity with respect to which the CCC has announced a purchase or price-support program but which are not directly guaranteed; loans and advances made for agricultural production; loans
and advances (except real estate loans) made for all other purposes associated with the maintenance or operation of the farm as a business or a home; notes of farmers which the bank has discounted for or
purchased from merchants and dealers; and automobile instalment loans and other consumer instalment loans to farmers.
o
Form R 1 S 1432
iroved Budget Bureau No. 55-4701
• ires September 30, 1947)
WORKSHEET
REAL ESTATE LOANS SECURED BY FARM LAND
OUTSTANDING JUNE 20, 1947
O
CONFIDENTIAL
DO NOT USE
Field
A
B
c
D
E
F
G
Coiuim
1
2-3
U-6
7-10
n
12
13
Description
Dist.
DETACH
State County Bank Group Class
Pop.
Code
NOTE:--Report on each loan
secured by farm real estate.
1
OR IGINAL
AMOUNT OF
NOTE UNDER
PRESENT
MORTGAGE
DATE MADE
OF ORIGINAL
NOTE UNDER
PRESENT
MORTGAGE
NAME OF BORROWER
(DOLLARS)
Hansen
APPRAISED
VALUE OF
REAL ESTATE
AT DATE OF
PRESENT
MORTGAGE
NUMBER OF
ACRES TO
WH I CH
MORTGAGE
APPLIES
TYPE OF LIEN
(CHECK ONE)
(MONTH, DAY,
YEAR )
H (14-19)
I (20-24)
J,(25-30)
A, 000
5/1/45
10,000
K (31-35) L (36) L (36)
MAJOR PURPOSE
(ENTER CODE IN
COLUMN)
PART II - GENERAL QUESTIONNAIRE
1. Show the usual rate of interest for loans of this type charged by your bank in the years
indicated.
Year
1930
1940
1947
Rate
2. Please list below all charges other than interest, if any, that a borrower may be asked to
pay to obtain a loan of this type at your bank. Show the amount of charge and indicate
whether it is a flat charge or whether it depends on the size of the loan. (Include dppraisal fees, title search fees, mortgage recording fees, etc.)
Amount and basis of charge
Number
Amount
3. In 1946 how many farm mortgages did your bank
(a) buy from individuals or other lenders?
~~...—~~
(b) make under agreement to resell to insurance companies or other financial institutions at some
future date?
~
(c) sell to individuals or other lenders?
.....
~~.~~~^~.
4. On farm real estate, what percent of the current selling price does
your bank now lend?
In 1940 what percent of the selling price of that period did your
bank lend ?
8
DATE DUE
(IF DEMAND
WR ITE
"DEMAND")
AMOUNT OF
NOTE O U T STANDING
JUNE 20
Code
PLEASE
1—to buy land
mortgaged
LEAVE
BLANK
2~~to boy other
land
(MONTH,
(MONTH,
(DOLLARS)
3~to build or
DAY, YEAR) DAY, YEAR)
repair bldgs.
4—other
5—not known
O (43-47) P (48) G (49-54)
M (37)
80
Type of charge
DATE OF
LAST R E NEWAL, IF
RENEWED
5/1/48
10
INTEREST
CHARGED
11
METHOD OF
REPAYMENT
{CHECK ONE)
(PRESENT
ANNUAL
RATE IN
PER CENT)
R (55-57)
ONE
PAYMENT
12
TYPE OF FARM
(SEE INSTRUCPLEASE
TIONS)
LEAVE
BLANK
INSTALMENTS
T
(59-60)
S (58) S (58)
4,000
Dairy
INSTRUCTIONS
Report on each loan secured by farm real estate.1
Column 3. If no appraisal was made, enter the estimated value.
Column 8. If an instalment loan, give date last instalment is due.
Column 12. Type of farm refers to the principal source (one-half or more) of cash income
to the farmer. If no single source provides one-half or more of the income, write in "general
farm." Examples are:
wheat (or other grains)
cotton
tobacco
dairy
part-time (major income
from labor off farm)
poultry
hogs (or other livestock)
truck crops
fruit
Example. On May 1, 1945 Hansen secured a loan for $4,000 to purchase 80 acres of land,
appraised at $10,000. The loan is not amortized, is due May 1, 1948, and is secured by a first
mortgage. The interest rate is 6 percent. Hansen has paid nothing on the loan. Most of the
income from the farm is from the sale of milk.
The blank columns and the letters and numbers at the bottom of each heading are for our
use in coding the information for machine tabulation.
1
Loans secured by farm land include all loans principally secured by mortgages, deeds of trust,
land contracts, or other liens on farm land. Farm land is denned as any land suitable for agricultural uses and the improvements on such land.
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The Seventeenth Annual Report of the Ban\ for
International Settlements, covering the year ending
March 31, 1947, was submitted to the annual
general meeting at Basle on June 16, 1947, by
the General Manager, M. Roger Auboin. Selections
from the Report, with a minimum of textual
changes, are given herewith.
The Bank's financial year 1946-47 has seen some
important innovations in the institutional framework of the world's monetary system, for it was in
that period that the International Monetary Fund
and the International Bank for Reconstruction and
Development reached the stage at which operations
could begin.
Both the International Monetary Fund and the
International Bank for Reconstruction and Development have, as part of their activities, established
contact with the United Nations and various other
institutions.
TRANSITION FROM WAR TO PEACE ECONOMY
The two years which have passed since hostilities
in Europe came to an end have been years of transition from war to peace economy. The main task
has thus been to overcome with the greatest possible
speed two wellnigh unavoidable difficulties which
beset the war economy:
(i) Wartime budget deficits became so large that
they could be met only by resort to inflationary
financing.
(ii) Exceptional shortages in ordinary consumers'
goods and the consequent reductions in the standard
of living were due to the fact that up to one-half of
the productive power in certain countries had been
devoted to the prosecution of the war.
The progress of reconversion since the summer
of 1945 has varied greatly from country to country,
the degree of success being dependent upon, inter
alia, the extent of actual destruction suffered during
the war and of the exhaustion of stocks, the size of
monetary reserves and the amounts of foreign credit
NOTE.—The selected passages republished herewith represent
about one-fifth of the text of the report and include portions
of every chapter except that dealing with current activities of
the Bank. Selections from the Bank's First Annual Report
were published in the Federal Reserve BULLETIN for July 1931
and the series was continued through the Twelfth Report—see
BULLETIN for January 1943, pp. 15-41. A reprint of the Introduction and Conclusion of the Thirteenth Report was issued in
pamphlet form by the Board of Governors in November 1944.
Portions of the Fourteenth Report were published in the Federal
Reserve BULLETIN, September 1945, pp. 874-901.
1228
obtained, as well as the ability shown by governments in tackling the problems of administration.
But the principles which emerge from the experience gained are, with slight modifications, applicable to all countries.
A return to orderly budgeting is clearly of paramount importance as a safeguard against inflation.
It is conceivable that, immediately after hostilities
had ceased, a country was still justified in exceptional outlay on such vital needs as the restoration
of communications and the provision of minimum
working capital for industrial and commercial
enterprises, even if that involved some further inflation. But there soon came a point when the disadvantages of continued or spasmodic rises in prices,
with the monetary uncertainty thus engendered, far
outweighed other considerations, since nothing
enduring can be built on the quicksands of constantly changing monetary values.
Apart from inflationary dangers resulting from
large budget deficits, there is another important
consideration, namely, that such deficits take toll
of current domestic savings and the proceeds of
foreign credits also, and thus eat into the resources
available for productive investments. It often
happens that attention is paid too exclusively to the
purely financial aspect of balancing the budget,
although the physical apportionment of actual
productive power is of equal consequence. For this
very reason importance attaches to the level at
which equilibrium is obtained. A hypertrophied
administration not only makes it difficult to fill the
gap between expenditure and revenue but retains
men and worsen of different grades whose labour
is urgently needed in industry, agriculture and commerce. Losses suffered in this way are clearly
perceived in societies of a collectivistic type with a
keen predilection for large-scale industrial investments; but at the present juncture such losses cannot
escape notice anywhere since they stand out conspicuously against the background of the acute
labour shortage prevailing in the world. It is interesting to note that in France the Monnet Plan
(published in December 1946) was worked out in
close contact with representatives of various associations including trade unions, all being in agreement
that the practical execution of the plan was conditional upon a radical reform of public finances, including the establishment of budget equilibrium
by a compression of expenditure. A similar line has
been adopted in the two-year plan for CzechoFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Slovakia. If a feeling of security came to prevail in
the international sphere, permitting substantial
reductions in military expenditure, an enormous
advance would have been made towards monetary
reconstruction and an improvement in the general
standard of living. There is, in more ways than
one, a connection between a real and secure peace,
orderly financing and social well-being.
During the war, subsidies, designed mainly to
hold down the cost of living, became an important
item on the expenditure side of many national
budgets. By a combination of price control and
subsidies it was possible to moderate the increase
in wages and the consequent rise in the general level
of prices; and, for governments which had large
borrowing programmes, this was an important consideration from a financial point of view also, since
lower costs meant smaller additions to the deadweight debt. With the return to peace, the granting
of subsidies is generally being felt as a hindrance
to the establishment of budget equilibrium and also
as a factor militating against the realisation of a
natural balance between costs and prices. True,
it is sometimes argued that the payment of subsidies
merely constitutes a transfer from one income group
to another, without absorbing actual resources, and
that, for this reason, such expenditure should not
be regarded as a real encroachment on productive
power, limiting the volume of investments. But
this is surely too shallow a view: so long as governments have to borrow for current purposes, and thus
to meet the subsidies, there is very likely to be a
net reduction in the savings available for productive
purposes (since the holding-down of the cost of
living certainly does not give rise to a corresponding
amount of fresh savings). If, moreover, the subsidies can be financed only through the issue of new
paper money, the resulting inflationary increase in
such prices as are not fully controlled may soon
nullify all the advantages for the consumer. It will
prove positively harmful to try to keep the cost of
living down by subsidising, if in that way new
purchasing power is released to the public and
affects prices in general.
Even when the budget is balanced, there is the
consideration that the maintenance of artificially
low prices benefits not only those who really need
the aid involved but also those who could do without it; moreover, the subsidies necessitate the maintenance of a higher level of taxation than would
otherwise have been required—which may be a
serious matter when taxation, already high, acts
as a discouragement to new initiative and exertions.
The nationalisations which have taken place in
many countries since the war cannot as yet be
judged by results, partly because complete data
OCTOBER
1947
regarding the operation of the national enterprises
are still lacking for the most part. But it is known
that in many cases operating losses are being
sustained which have to be covered by grants from
the public treasuries. When that is the case the
nationalised enterprises not only do not contribute
their fair share to the current upkeep of public
services but actually appropriate a part of the
nation's savings to cover current costs, and thus
slow down progress all round.
Fortunately it can be said that in many countries
the true connection between allocations in the
financial accounts and the disposal, for different
purposes, of the nation's real resources is becoming
more and more understood, thanks partly to the
publication of special studies, often in connection
with the annual budget.
In the second world war a much greater proportion of government expenditure was covered by
taxation than had been the case in the previous
conflict; even in the financial year 1944-45, i.e. at
the height of the war, fully 50 per cent of the British
Government's expenditure was met by current
revenue, with 46 per cent as the corresponding
figure for the United States and over 45 per cent
for Germany. In other countries, too, efforts were
made to increase the yield of taxation. With
government revenue at a high level, it seemed likely
that postwar budgets would fairly easily be brought
into balance once the swollen war expenditure could
be discontinued. Another condition was, of course,
that no great fall occurred in national income
through large-scale unemployment—an eventuality
against which more or less effective safeguards had
been devised by the various governments.
As events have turned out, the flow of money
incomes has in general been well maintained, together with a steady resumption of peacetime
production. But, even so, budgetary equilibrium
has not easily been restored; the main reasons for
the delay and disappointments in this particular
field are those already mentioned above; continuance of high military expenditure, official establishments larger than ever before, subsidies sometimes even higher than during the war and often
appreciable deficits in nationalised enterprises; but
to these reasons should be added: heavy appropriations for demobilisation and discharge gratuities and
the increasing cost of pensions, as well as new items
of social expenditure, real progress in the social field
being a result of official schemes only in so far as
they really (together with a general increase in
incomes) contribute to an all-round improvement
in the standard of living. In the course of 1946
only a limited number of countries were able to
achieve a real equilibrium in their budgets. In
1229
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
some cases the situation was even worse than during
the war itself. China, harassed by civil war,
laboured under heavy government deficits resulting
in extreme inflation; and deficit financing also
brought down the currencies of Greece and
Hungary.
When a Treasury sells foreign exchange to importers, it receives the equivalent in its own currency and such funds can be used to meet budget
expenditure (forming, in some budgets, an important revenue item, which is known in France
under the special name ''benefice d'impex"). Even
when UNRRA was the importer and seller of the
goods, the proceeds of the sales were largely left
to accrue on suspense accounts with the central bank
or the Treasury, and while this process went on the
funds thus accumulated made it easier to meet
budget deficits. Under agreements with UNRRA
the receiving countries have given an undertaking
that within a reasonable time they will spend on
relief and rehabilitation the equivalent of the net
proceeds from the sale of UNRRA supplies. In
Italy, for instance, the funds in question, the socalled "Fondo Lire," have risen to more than 70
milliard Italian lire, arrangements being made for
the use of the funds over a period of three to five
years, largely for the building of houses. There is,
in this way and in others, a connection between the
resources used to bridge a gap in the balance of
payments and the covering of deficits in the budget
accounts.
It is always important to remember the differences
which exist in the methods of drawing up the
budgets of different countries, but these differences
are more marked than ever now that the problem
of extraordinary expenditure created by the war
(and the boundary between ordinary and extraordinary items is by no means easily established)
has given rise to new complications. In a period
of reconstruction and nationalisation it is especially
hard to lay down any clear rule for the distinction
between current and capital items. Care must, of
course, be taken lest accounting methods are used
to give the impression that all is well in the state
finances, when as a matter of fact borrowing is
continuing on a large scale.
Many countries operate special investment
budgets with more or less strict criteria as to what
kind of outlay may be regarded as "investment."
It is usually a rule of modern employment policy,
as laid down in official declarations by different
governments, that fluctuations in business activity
should be mitigated by government action, in
spending more than its revenue during a depression
but realising a surplus when there is a boom. In
application of these principles, the present boom in
1230
some countries ought to be counteracted by budget
surpluses and a strict curtailment of public investments. It sometimes happens that one only discovers there has been a boom when the depression
has already set in; but at this particular juncture
the signs of business activity are there for everybody to see. And the governments do not deny
that present conditions call for budgeting with a
surplus. In practice, however, it has been found
most difficult for those concerned to live up to ideas
which were strongly supported and acclaimed as
long as it was only a question of recourse to deficit
spending, as was the case in the thirties of the interwar period.
It would perhaps be unfair to expect the strictest
observance of budgetary principles in an emergency
period after a terrible and devastating war, when so
much has to be repaired. The degree of improvement in the field of public finance must not be
underrated: budget deficits are, as a rule, being
compressed if not wholly eliminated. Nevertheless,
in more than one country the government has found
that the money and capital markets are less ready
to absorb issues of bills and bonds for Treasury
purposes, the reason being an increase in private
demand for funds as reconversion gets under way
and brings a higher volume of investment and a
need for more working capital. To meet the increased requirements without resort to inflation a
greater volume of genuine savings is wanted, and
that this is the case is usually made quite clear in
the analysis of economic conditions and the plans
which have been prepared in so many countries.
The consequence has been a more sober attitude
towards budgetary problems, in the realisation that
unsound financing postpones the day of full peacetime production.
The difficulties of bringing industrial production
into full swing in postwar Europe have, except in
a few countries, been aggravated by the state of the
food supply, which has afforded insufficient nourishment especially for those engaged on heavy work
(miners being a typical example).
Changes in the volume of industrial production
are usually the result of factors other than the
hazards of the weather; but the heavy snowfalls
and prolonged cold in the winter of 1946-47 impaired transport conditions in western Europe and
brought about a crisis which, through shortage of
coal, affected industry in general.
The indexes show a general advance in output,
with interruptions only in a few instances on account of labour disputes, the postwar period having
been characterised in European countries by a
remarkable freedom from prolonged strikes and
lockouts.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Industrial Production.
Monthly indexes, January-June 1939 = 100.
N.755
1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948
0) Yearly averages.
OCTOBER
1947
(2) Twelve-month moving averages.
1231
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
to become more careless in his work, and this is
probably one of the reasons for the increase in
absenteeism (another reason being the lack of incentive to work and earn more in countries with
high taxation and strict rationing). Over-employment may further result in a distorted distribution
of productive power: when every branch of industry
is looking for more people to employ, workers
naturally seek employment in occupations which
they find more agreeable—generally commerce and
other service trades—the result being that other
less favoured branches, such as coal mining and the
textile industry, will find it more difficult to recruit
sufficient numbers. It is, of course, an old experience that a pronounced boom builds up a series
of unbalanced positions, with consequences which
become apparent often in a most unpleasant way
when the trend of business turns.
Finally, over-employment creates the conditions
for a strong upward movement of money wages
and, whenever the wage increase is greater than the
simultaneous increase in productivity, the result
will be a clearly inflationary rise in prices. Early in
1947, investigations made by the Swiss Price Control showed that about 90 per cent of all recent'
price rises had been due to wage increases. It is
well to remember that a sudden rise in wages has
not always the same effect: sometimes, because of
monetary stringency or the general tendency of the
commodity markets, as influenced from abroad,
commodity prices do not rise, and then the wage
increase will tend to make costs too high for
production to continue on a remunerative basis;
in such a case the workers may be said to have
priced themselves out of the market, with unemployment as a result. Something of the kind
would seem to have happened in connection with
the business setback of 1937 in the United States.
But in the present situation, in which the volume
After nearly two years* experience of over-em- of the monetary circulation is so great and money
ployment in a number of countries, it is generally has remained so cheap, an increase in wage costs
felt that this state of affairs brings with it con- has, in some countries, simply led to a corresponding
siderable dangers and difficulties. Among other increase in prices; nor would competition from
things, it obviously upsets the ordinary run of abroad seem to have held down prices when wage
technical education: a young man will hesitate to costs have risen, demand having not yet been satisundergo a long and perhaps dreary apprenticeship fied; thus, for a time, few of the normal brakes on
when in an unskilled job he can immediately get a sudden rise in prices were operating, the inflationalmost the same wage as that paid to a skilled ary momentum having been too strong.
worker with many years of training. The diminuIt is fair to say that in more than one country
tion of the wage differential between skilled and trade-union leaders and members of the government
unskilled occupations may indeed have lasting ef- have tried to exert a moderating influence when
fects since it leads to a general lowering of technical new wage contracts have been under negotiation,
standards with, ultimately, serious consequences for they have come to realise that wage rises which
for the workers themselves. It is also possible that, simply lead to price rises benefit nobody. But life
when there is always another equally good job to is not so simple that, merely by holding down wage
be had, the individual in any grade will be tempted costs, a solution to the problem of inflation can be
The available manpower may not always be as
well distributed as could be desired, and fatigue,
under-nourishment and absenteeism, together with
lack of materials and the use of old-fashioned machinery, may keep the output per worker below the
potential level. But the beneficial results of much
persistent effort are gradually becoming visible in
one European country after another. For in one
respect the transition from war to peacetime conditions has actually been easier than was expected:
full employment has been attained in countries
pursuing widely different economic policies, and
may be attributed to forces stronger than those
resulting from the action taken by any individual
government.
It is instructive to recall the numerous plans
which were drawn up during the war, to enable the
authorities "to provide work" when the expected
postwar depression should set in, on the assumption
that government war expenditure on such a huge
scale could not suddenly disappear without causing
a dangerous dropping-ofl in demand. It may always be well "to hope for the best while preparing
for the worst," but the actual turn of events in
the first two postwar years shows how necessary it
is not to become a prisoner of long-term plans but
to allow sufficient elasticity for the adaptation of
policy to the ever changing and largely unpredictable conditions of economic life.
There have, however, been two conspicuous exceptions to the state of full employment:
(i) In many countries, and more particularly at
certain periods, lack of coal has kept back production and, to some extent, employment.
(ii) Defeated countries, and especially Germany
and Japan, have been subject to special conditions
which have kept production and employment at
an abnormally low level.
1232
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
found. There must be no inflationary gap between
expenditure and revenue in the budget, and a
sufficiency of essential supplies must be secured
from domestic production and imports, sustained,
if need be, by foreign credits. In other words, no
piecemeal solution will suffice but a comprehensive
scheme must be devised, providing for a proper
balance in the central and local budgets, the reconstitution of adequate monetary reserves, and a sound
relationship in the cost and price structure both
internally and in relation to other countries, with
sufficient resources available for economic development. Gradually, it should become possible to
return to a normally working price system, sufficiently well constituted from a monetary and
economic point of view to guarantee that there
shall be no lack of purchasing power when the output of goods and services increases, and that there
shall be prompt adjustment whenever a serious
dislocation appears in the cost and price structures
within the various economies or in their relations
with one another.
PRICE MOVEMENTS
During the war, when, on the one hand, commodities were becoming scarcer and, on the other
hand, new money was constantly being issued to
help to finance the government, it was necessary
to ensure a fair distribution of essentials by rationing—which meant that, in addition to the money
required, the individual had to have the necessary
coupons for the goods he wanted. As the wartime
shortages are gradually overcome, it should be possible to do away with the whole system of coupons,
which not only adds a cumbersome and costly complication to everyday life but hampers the functioning of the price system and thus contributes to a
continuance of artificial shortages. If the buying
power of the public is increased (e. g. by a budget
deficit or a sharp increase in money wages over
and above the rise in output) but prices of commodities already produced are strictly kept down,
then a gap is certain to arise between the amount
of money to be spent and the supplies of goods and
services available; and, as a result, prices will either
rise, sometimes in a "hidden fashion," e. g. through
a decline in quality, or there will be a rapid increase
in imports, against which import restrictions still
in force may be intensified or restrictions already
abolished may be reimposed. Instead of sinking
deeper into the quagmire of controls, the authorities
should rather seek to re-establish freedom for the
purchase and sale of goods, so that money can once
more become a token of general purchasing power.
This would bring back freedom of choice and attention to quality, and it would also furnish a
OCTOBER
1947
guide to the better direction of production. An
attempt to effect a redistribution of income by
rationing would, under normal circumstances, be
a crude and maybe even ineffective mode of action
—ineffective because, by the purchase of nonrationed goods, those who have sufficient funds at
their disposal are able to obtain more in terms of
real cost to society than if they had been entitled
to acquire freely whatever goods and services they
wanted. If any person or group of persons is considered to have obtained income or wealth wrongly,
the correction should be made by means less costly
than a denial of money's functions and a stultification of the whole price system.
The superabundance of purchasing power, which
has been and still is typical of the postwar situation
in most countries, is not a homogeneous phenomenon. In its simplest form it is caused by inflationary
issues for government purposes. But, even with a
budget in equilibrium, an excess of purchasing
power may reflect the spending or investment of old
deposits and other liquid assets representing a
"hangover" from the war financing. It may also
happen that incomes suddenly rise (when, for instance, wages are raised) but prices are kept down
by a control of goods already produced, the result
being a disparity between spending and available
supplies, as stated above. Moreover, easy money
conditions, sustained by purchases of securities by
the central bank, may provide an abundance of
credit in the market, with consequences which it
is difficult to foresee in every respect. When a
surplus of spending appears, it is necessary to
analyse each particular situation correctly in order
to find out what the proper remedies are; in any
case it would be well to get rid of the idea that the
problems can simply be solved by more "control."
After a major world war, three critical business
adjustments constitute successive threats:
(i) The first occurs when war expenditure is
suddenly cut and the question arises whether the
slack is going to be taken up by an expansion of
other outlay (in the form of current spending and
investment) so as to prevent a disastrous price fall
and widespread unemployment. As we already
know, this first hurdle has been taken with less
difficulty than had been generally expected.
(ii) The second critical period sets in when wartime shortages disappear, when inventories have
been replenished and when consumers have satisfied
the demand postponed during the war. The pressure will not be felt simultaneously in all countries.
In the United States the time for this particular
adjustment would seem to be ripe in the course of
1947. Considering that during the second world
1233
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
have occurred since 1929—the sharp fall in prices
from 1930 onwards, which, in spite of a partial
recovery, left, for instance, U. S. dollar prices in
1938 some 30 per cent below the 1929 level; then
the rise in prices during the war itself and, after
hostilities had ceased, the increase by some 20-30
per cent on the U. S. market between the summer
of 1945 and the end of 1946. Nor must the price
changes be forgotten in interpreting the trend
shown in the following graph, which records the
monthly trade of 20 countries (responsible for about
50 per cent of world trade in 1938).
For comparison with prewar conditions, it is
necessary to try to strike an average for the probable rise in prices between 1938 and, say, the latter
half of 1946; and, in that connection, it must be
remembered that the trade figures as given in the
national statistics have been converted into dollars
at the official rates, while in many countries the
rise in the domestic price level has been more pronounced than in the United States. Moreover, the
value of imports has been swollen by the heavy
cost of transport, particularly by sea. If the level
In general, of course, it is well to remember that in 1938 is put at 100, the price index figure for the
action by the authorities (or their omission of proper latter half of 1946 would probably be somewhere
action) is a more important factor nowadays for between 200 and 250. If, for the sake of simplificathe simple reason, if for no other, that the public tion, calculations are made on the basis of an index
sector has grown in size. To take an example: figure of 225, the 1938 value of foreign trade for
should there be an abrupt cessation of financing in the 33 countries at the rate of progress attained in
dollars, the foreign demand on the American the second half of 1946 would be 23.5 milliard
market might shrink rapidly, and that at a time dollars, as compared with 26.2 milliard in 1938, a
when price support might be badly needed. This is decline in volume by about 10 per cent. For the
not the least of the considerations making it highly world as a whole, however, the percentage of dedesirable that sufficient facilities in the form of cline would be greater, since the remaining counloans and credits should be provided, so that a tries include Germany and Japan, whose export
lacuna in the institutional sphere may not, even trade virtually ceased immediately after the war
indirectly, cause an embarrassing decline in world and, by the latter half of 1946, had regained only
market prices.
a fraction (about 10 per cent) of the prewar volume
(with higher figures for the import trade if this
POSTWAR FOREIGN TRADE
is taken to include what the occupying powers
In the course of 1946 most countries resumed have brought in for their own military and adthe regular issue of their trade statistics but, owing ministrative establishment and for the sustenance
to continued non-publication in some cases and to of the German and the Japanese population).
difficulties of interpreting some of the published
Even apart from the temporary disappearance
data, it has not been possible to give comprehensive of Germany and Japan from international comfigures of world trade comparable with those com- mercial intercourse, certain great shifts have ocpiled before the war. Accordingly, the best method curred in the distribution of trade, the most strikhas been to give the dollar value of foreign trade ing feature being the increased importance of the
for a certain number of countries for which the foreign trade of the United States.
necessary statistics have become available.
Before the war Great Britain accounted for oneThe 33 countries whose foreign trade statistics seventh of the world's foreign trade, the United
are available for 1945 and 1946 were responsible in States and Germany sharing the second place, each
1938 for nearly 60 per cent of the total foreign trade with about one-tenth of the total. But, in 1946,
of the world. In judging the significance of the the United States ranked indisputably first, with
figures for the different years, account must, of a turnover nearly twice as large as that of Great
course, be taken of the violent price changes which Britain. The old characteristics of the trade of
war exceptional shortages were never allowed to
lift prices and wages as much as had been the case
during the first world war, the subsequent price
setback may this time be less violent. In any case,
there are plenty of opportunities for investment (in
housing, etc.) and, when such opportunities exist,
the necessary adjustments will usually be made
without any prolonged depression.
(iii) At a later date a moment will probably
come when, after years of steady investment, the
rate of return on capital is likely to be affected, and
it is not out of the question that such a situation, if
not properly dealt with, will cause a glut on the
markets which, together with an apparent lack of
investment possibilities, will create serious difficulties. Still, it should be remembered that after the
first world war difficulties of this kind did not set
in before 1929-30, i.e. more than ten years after the
armistice. Probably in this case too we can count
upon a few years' grace; but we must not repeat
the mistakes which made the price fall in the early
thirties so violent and disastrous.
1234
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Volume of World Trade.
Monthly, in millions of dollars.
sooo
sooo
*000
4000
3000
3000
2000
2000
1000
1000
1937
938
1939
the two countries still prevail: Great Britain in 1946
had, as previously, an import surplus (through the
decade from 1929 to 1938 the relation between
British imports and exports was 3 : 2 ) , while the
United States balance of trade showed an export
surplus, as it had done without a single exception
since the year 1893. Whereas before the second
world war the merchandise export surplus was
largely offset by an adverse balance of services
(invisible trade), the United States in 1946 had to
its credit a surplus in respect of both merchandise
and services. Owing to large lend-lease shipments,
the United States had had in 1945, as in the previous two years, an import surplus on commercial
account, paid for largely by gold; but in 1946 the
traditional export surplus on merchandise account
reappeared.
In the period from 1925-38 Germany, Great Britain and the United States were the main trade partners of the U.S.S.R., providing 40-60 per cent of
imports and absorbing roughly half of all Russian
exports.
The decrease in the trade relations with Germany
largely reflected changes in political orientation. In
1937 the United States for the first time ranked
OCTOBER
1947
1945
1916
1 9 <*7
top among the supplier countries, delivering, in
particular, machinery, metals and petroleum products, while Great Britain was the main purchaser
of Russian goods.
For recent years the trade of the U.S.S.R. can
only be known indirectly through the statistics of
partner countries and the tenor of trade agreements
concluded. While before the war the share of the
U.S.S.R. in trade with the Danubian and Balkan
countries was often only a fraction of 1 per cent,
the position attained in 1946 by the U.S.S.R. in
the imports and exports of Poland, Bulgaria and
Hungary (for which the necessary statistics and
particulars are available) was much larger than
any share ever taken by Germany. During the
war the shipments of goods by Great Britain and
the United States to the Russian Army increased
greatly under the lend-lease arrangements, while
ordinary trade was still on a small scale, except
for an increase in the exports from the U.S.S.R. to
the United States.
The composition of exports from the U.S.S.R. to
the United States underwent a spectacular increase
in undressed furs, which accounted for as much as
72 per cent of the total in the first half of 1946;
1235
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
other important items were manufactured manganese, ores and textile fibre. Hides occupied first
place in Russian exports to Great Britain, while the
value of timber imports dropped to one-tenth of
its 1938 importance and petroleum to one-thirtieth.
In British exports to the U.S.S.R. the first place
has been taken by machinery, including electric
power stations ordered during the war, while the
great Russian demand for machine tools could not
be fully satisfied.
FOREIGN TRADE OF GREAT BRITAIN AND THE UNITED STATES
WITH THE U.S.S.R.
United States
(In millions of dollars)
Great Britain (In
millions of pounds)
Exports to U.S.S.R
Year
Imports Exports Imports
to
from
from
UNRRA
and
U.S.S.R. U.S.S.R. U.S.S.R. Cash Lendlease private Total
relief
1938
1942
1943
1944
1945
1946
19.5
3.2
1.8
2.1
3.8
4.9
6.5
9.8
9.5
23.9
16.3
9.1
24
25
30
50
54
100
70
64
29
30
38
54
_
1,361
2,966
3,443
1,783
152
70
17
152
1,425
2,995
3,473
1,838
358
While the war was still going on, the U.S.S.R.
concluded certain commercial agreements with
other countries, in particular Finland and Bulgaria;
and since the war it has concluded about 15 trade
agreements, mostly with European countries, ranging from the very comprehensive agreement with
Hungary to the negotiation of a single transaction
like the delivery of 400,000 tons of wheat to France
in the second quarter of 1946. One of the most
important agreements is that with Sweden, involving the grant of a Swedish credit of 1,000
million kronor over a period of five years, to be
used in addition to a yearly trade turnover of 200
million between the two countries. In chronological order, the U.S.S.R. concluded agreements with
Finland, Bulgaria, Yugoslavia, Roumania, Poland,
Hungary, France, Czechoslovakia, Italy, Iceland,
the Argentine, Uruguay, Great Britain, Sweden,
Ireland, and Norway. Some of these agreements
fixed the trade turnover, all of them determining
in advance the commodities to be exchanged. According to the lists, the U.S.S.R. is a potential seller
of cereals, salt, sugar, timber, textile raw materials,
and manufactured iron and steel, as well as of arms
and munitions to Poland and machinery to Yugoslavia. In view of the economic structure of its
trade partners, the U.S.S.R. is mainly importing
raw materials; but machinery is being obtained, in
1236
particular from Czechoslovakia, and manufactured
goods, for instance, from Hungary.
Notwithstanding the great variety of conditions
which have characterised the foreign trade of the
postwar years, it appears possible to make a few
general observations:
(1) As shown by the graph on page 1235, there
has been a remarkable improvement in the volume
of international trade since the autumn of 1945,
the impression given by the trade statistics being
confirmed by the fact that all newly-built ships are
finding sufficient cargo to keep them fully employed.
(2) A greater proportion than usual of the imports of European countries (especially those of
Great Britain, France, Italy, Greece and, in its own
peculiar way, Germany) consists of foodstuffs, reflecting a deficiency in the domestic food production
of these countries.
(3) The relatively small volume of postwar trade
within the continent of Europe, as well as certain
marked changes in the direction of Europe's foreign trade, is intimately connected with the virtual
disappearance of Germany from the international
exchange of goods and services.
(4) For a number of countries the decline in
trade with Germany has been compensated to a
great extent by an increase in trade with the United
States.
(5) Intra-European trade has been largely conducted within a framework of payments agreements which are bilateral in form but an appreciable degree of multilateralism has persisted in the
trade structure of those countries which are free to
arrange their foreign commercial relations.
(6) As trade recovers, the volume of imports
and exports and the conditions governing them will
bear an increasingly close relation to the expansion
or contraction of purchasing power in each individual country, as well as to the prices prevailing
there. Countries which have to combat inflationary
tendencies at home realise the help they can derive
from a substantial volume of imports. An interesting case is that of Ireland, where import duties
have been suspended for a large number of articles
(including such important items as boots, shoes,
personal clothing, coffee, wood, etc.). Irish protective duties were often high indeed, corresponding to 30 and 40 per cent or more of the import
price, and the suspension may therefore prove quite
effective.
If the efforts at present centred in the work of
the International Trade Organisation are to be successful, /.<?. if the world is to adopt a system of
freer trade, it is important that the connection between the conditions of internal financing and the
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
establishment of an external balance should be fully
realised. The interdependence goes deeper than a
mere need to arrange foreign loans and credits for
the purpose of meeting temporary or more fundamental deficits in the balance of payments.
Insistence upon these aspects does not imply neglect of others. It is, of course, an essential condition for a smooth working of the monetary system
that trade barriers should be lowered. The governments hesitate to agree to reductions in tariffs, etc.,
without obtaining certain "escape clauses." It may
be that, so long as present ideas of sovereignty persist, very little progress can be made without accepting a certain number of such clauses. If advantage
is ever taken of the "escape" that the clauses in
question would permit, it is likely to be in times
of depression, since it was in the depressions of
1920-21 and 1930-33 that the United States increased its tariffs and several other countries, in
one way or another, followed the example thus set.
When business is good, the demand for higher
tariffs is slight and can, as a rule, easily be withstood. One of the main safeguards would therefore seem to be that any possibility of precipitate
action should be excluded: this would mean that,
particularly in a depression, the countries would
have to consult one another; they would then realise
that, as was the case in the thirties, measures which
hit world trade were really to the advantage of none
and certainly delayed the day of recovery.
But tariffs are not the only hindrance to trade:
there are all the quantitative restrictions, which
often constitute a more formidable obstacle to freedom than a protective duty. The question of
administering quantitative restrictions raises the
thorny problem of non-discrimination in a form
which does not lend itself to an easy solution; and,
in many instances, the situation is made more difficult by the fact that an individual country may not
have sufficient supplies of every foreign currency
and may therefore be unable to allocate foreign
exchange equally in all directions. If all the main
currencies were truly interchangeable (as was the
case before 1914 and, in a large measure, in the
period 1926-30), the problems arising would be less
intractable, this being another example of the connection between monetary and commercial developments. It is apparently becoming more and more
an accepted fact that no hard and fast solutions can
as yet be found for these problems. As in the field
of preferential treatment, the more immediate objective must be to secure a certain give and take,
including the maximum of fairness in the practical
application of the various restrictive methods (in
so far as these remain necessary), with the possibility of periodical revisions in view of altered cirOCTOBER
1947
cumstances. The goal being to arrive at multilateral trade and accordingly to eliminate quantitative restrictions at the earliest possible moment.
The first result might be a series of compromises,
for which prolonged negotiations would be the
necessary preliminary. The most hopeful aspect of
the great work carried on in the I.T.O. conferences
in Geneva would seem to be that commercial questions are now receiving much more profound attention than was given to them after the first world
war, when countries retained unrestricted powers
to limit the freedom of commercial intercourse.
FOREIGN EXCHANGE RATES
In the field of foreign exchange the keynote of the
policy pursued since hostilities ceased has been the
maintenance of a high degree of stability in the
official quotations—a policy contrasting sharply with
that pursued after the first world war. In order
that the official situation may be seen at a glance,
the following table has been prepared, showing the
alterations which have occurred in the official exchange values between August 1939 and March
1947 and also between December 1945 and March
1947.
The control of foreign exchange transactions
allowed under the Articles of Agreement of the International Monetary Fund is really intended to
prevent large-scale capital movements from upsetting the equilibrium of the balance of payments
and thus endangering the maintenance of exchange
stability. But, even assuming that it will prove
possible thus to exclude undesirable capital movements, there is still the need of establishing a proper
balance on current account. In judging what would
be the true rate of exchange of a currency, use must
be made of several indexes—not only of the commodity price index but also of indexes showing
changes in cost of living, wage rates, note circulation
and even the total of the national income—not forgetting the attention which may have to be paid to
structural changes. The calculation of purchasingpower parities on the basis of wholesale prices is,
however, the simplest method of approaching the
problem and, if the necessary reservations are borne
in mind, such a calculation may form a useful starting point.
It should be mentioned that, whatever the character of unofficial market quotations, such quotations are apt to be regarded by many as more real
than other quotations, especially since the public, inured to wartime propaganda, is no longer disposed to
believe official statements unhesitatingly, or it holds
the opinion that, in some cases at least, the official
rates are dangerously out of touch with reality. In
many respects, the situation is different from that
1237
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
OFFICIAL ALTERATIONS IN EXCHANGE RATES 1939-47
Percentage change
U. S. Dollar rates
Countries
Austria
Belgium
Bulgaria
Czechoslovakia. .
Denmark
Finland
France
Germany
.
Greece
Holland
Hungary..
Italy
Norway...
Poland....
Portugal. .
Roumania
Spain
Sweden
Switzerland
Turkey
United Kingdom.
Yugoslavia
Canada
Argentina8
Brazils
Iran
National
currency units
Schillings..
B.fcs
Leva....
Kcs
D.Kr...
FM....
Fr.fcs. .
RM. .
Dr
Fl
P\/Frt
Lit. [Italian lire].
N.Kr
Zl
Esc...
Lei
Pes
S.Kr.. .
Sw. fcs..
£T. . v .
£stg
Dinars. .
Can. $ . . .
Pesos. . .
Cruz
Rials....
End of
August 24,
1939
1
5.34
29.58
83.90
29.235
4.795
48.60
37.755
2.493
117.60
1.86
5.20
19.00
4.27
5.325
23.36
143.59
9.05
4.15
4.435
1 .267
44.05
100.47
4.325
19.93
17.41
found after the first world war, when exchange
rates were, as a rule, allowed to fluctuate in response to the supply and demand on the markets.
Such fluctuations had their disadvantages, especially
when they were brought about by panic capital
movements, for they influenced the domestic price
level, in some cases in an inflationary, in others in
a deflationary direction. But it cannot be denied
that the more flexible system then applied also had
Its advantages. It seldom happened that the fluctuations led to rates which proved a serious obstacle
to the carrying-on of ordinary import and export
business. The danger now is that certain rates,
being kept stable in a rigid manner, may perpetuate
a disequilibrium in the relative cost and price levels
of the different countries, and that the disparities
may become so marked that exports from a country
whose currency is artificially overvalued will shrink
in volume, while goods are attracted from abroad
and payments for huge import surpluses lead to
heavy drafts on the monetary reserves, however
much these are supplemented by foreign loans and
credits.
While the domestic situation of a country remains
in flux, as a result, say, of continued budget deficits,
it is often considered undesirable to proceed to an
1238
December
1945
10.00
43.83
286.50
50.00
4.81
136.00
119.10
10.00
500.00
2.65
104,000.00
100.00
4.96
e 101.00
24.815
4
3,635.00
10.95
4.20
4.30
51.305
4/ll^d
650.00
110.25
4.0675
19.50
32.50
March
1947
10.00
43.83
286.50
50.00
4.81
136.00
119.10
10.00
5,000.00
2.65
2 11.74
5 225.00
4.96
101.00
24.89
25,195.00
10.95
< 3.60
4.30
2.81
4/11 hid
50.00
' 100.25
4.10
18.72
M. 50
August 24,
1939 to
March 1947
-47
-33
-71
-42
- 0.3
-64
-68
-75
-98
-30
-56
-92
-14
-95
- 6
-99.99
-17
+ 15
+ 3
-55
-14
-12
+ 0.2
+ 5
+ 6
-46
December1
1945 to
March 1947
0
0
0
0
0
0
0
0
-90
0
- 0.1
- '0.3
-98
0
+17
0
- 54
0
0
+10
-
1
+ 4
0
alteration of the foreign exchange rates since, in
the circumstances, any such alteration would very
likely not be a definitive one. For the sake of
restoring confidence, psychological considerations
being as a rule very important, the proper action is
to establish, if possible, conditions such that any
necessary alteration in the exchange rate can be
regarded as final. The truth is that piecemeal attempts are likely to fail both for real and for psychological reasons: as far as the foreign exchange
position is concerned, it has to be accepted (as
mentioned elsewhere in this report) that the problem of the balance of payments cannot be solved
independently of a restoration of balance in the
budget and in other relations of importance to the
domestic economy.
PRODUCTION AND MOVEMENT OF GOLD
After having reached, in 1940, a peak of 41 million fine ounces (equivalent to 1,435 million dollars
at $35 an ounce), the world output of gold fell
by one-third in the following five years, and
amounted to about 27 million fine ounces in 1945.
These figures include certain estimates for U.S.S.R.
production, the data on this subject being still fragmentary; but the changes are primarily due to variFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
ations in production in the rest of the world. For
1946, published information from South Africa,
Canada, the United States and a number of other
countries makes it possible to state that in that year
there were the first signs of a change in the trend,
gold production rising by probably half a million
ounces to a total of about 27.5 million ounces
(equivalent to 960 million dollars). For the largest
producing country, South Africa, there was as yet
no upturn, but in the United States production
went up by as much as 75 per cent, though, even
so, it was still hardly more than a quarter of what
it had been in 1940.
In other respects also the year 1946 revealed a
change in tendency: after a decline for four consecutive years, the monetary gold stock of the
United States increased by 623 million dollars in
1946, that country alone taking the equivalent of
about two-thirds of the current output of gold.
Other countries which added to their gold reserves
were Switzerland, Cuba, South Africa, Belgium,
Colombia, Venezuela and Uruguay. Four countries show substantial decreases in their gold reserves: France, the Argentine, Mexico and Sweden
(the decrease in the case of the Argentine being due
to foreign debt retirement). An interesting result
is that for the world as a whole the published gold
reserves were no greater at the end of 1946 than
at the beginning and, even when account is taken
of unpublished reserves, the net change over the
year would seem to have been an increase of no
more than 200 million dollars. Only one conclusion
can be drawn from these facts: the newly-produced
gold has almost all "disappeared," some of it being
accounted for by an increase in the industrial use of
gold (in the jewellery trade, etc.), but the largest
part having found its way into private hoards in
Europe and Asia.
From about 1924 to 1941 the accumulated increase in the world's total gold stock resulting from
the annual output of gold corresponded roughly to
increases in the reported monetary reserves, the industrial use of gold being probably met, by and
large, out of scrap gold and such additions as, from
time to time, were obtained from hoards in the East,
especially India, China and Egypt (this having been
the case, in particular, in the years 1932-34).
A remarkable decline which began in 1942 in the
reported gold stock was partly due to the hoarding
of gold but partly to a shift into unreported reserves, especially those of the British Equalisation
Account, whose gold holdings were largely reconstituted in the years 1942-45, after having been
completely exhausted in the spring of 1941.
The ways in which gold went into private hoards
may briefly be described as follows:
OCTOBER
1947
(i) During the war, several governments, including the United States Government, sold gold
in India, China and elsewhere for the primary purpose of obtaining local currencies at a relatively
favourable price and the secondary purpose of
checking inflationary tendencies by the absorption
of the most volatile money in circulation.
(ii) After the war, a similar method of financing
was employed in China and, it would seem, also in
Greece, which received part of its foreign credits in
the form of gold coins, subsequently sold on the
market.
(iii) The Bank of Mexico has sold gold from
time to time, requiring payment in U. S. dollars.
From June 14, 1946 the price was $40.61 per ounce,
this being 16 per cent higher than the official U. S.
price of $35 per ounce. On January 28, 1947 the
sale of gold was suspended, the reported reason
being the heavy fall in Mexican reserves; but sales
were resumed at the end of March, when the price
was increased to $42.92 per ounce. This was, however, a higher quotation than the market could bear
and a reduction was made to the former level in
the first part of April, and to $39.76 per ounce in
May 1947.
Arbitrage in Mexican gold would seem to have
taken place on a considerable scale, some of the
coins finding their way into Mediterranean countries and even farther east. The result of these and
other gold shipments to eastern countries was that
the free price of gold usually fell—for instance, by
over 20 per cent in Egypt between August 1945 and
the spring of 1947. In Bombay, however, where
steps had been taken to check the sales of gold, the
price for the metal rose by about 60 per cent in the
same interval.
(iv) The monetary authorities in Switzerland
have sold gold at a rate which in 1946 averaged
about 1 million Swiss francs per working day. In
some respects these sales can be regarded as a sterilisation measure, since in that way the Swiss authorities were able to absorb funds from the market and
consequently to convert further amounts of gold into
Swiss francs for foreign customers. In its Annual
Report for 1946 the Swiss National Bank announced that from 1941 its sales of gold coins and
bars to the market and to Swiss industries exceeded
1,000 million francs, of which 307 million francs
were sold in 1946.
(v) Much of the gold from Switzerland and
from other sales found its way to France, where
considerable amounts had been purchased by the
public in recent years. It is estimated that at the
beginning of 1947 private gold holdings in France
reached the high figure of 3,000 tons, equivalent
1239
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
to about 3,400 million U. S. dollars or nearly five
times as much as the gold reserves of the Bank of
France.
The fact that uniform changes in the price of
gold may be made under the Articles of Agreement
of the International Monetary Fund has already
given rise to discussion as to whether such a step
would be advisable at once, considering the rise in
commodity prices and production costs which has
occurred since 1939. As long as the sellers' market
lasts and commodity prices still show a tendency to
rise, an increase in the price of gold would add an
unnecessary stimulus to the boom. But, even if
there were a setback in commodity prices, it is
quite possible that the decline would be relatively
moderate and would not interrupt the advance in
general business activity for a long while. Such an
expedient as a uniform alteration in the price paid
for gold should be used, if at all, in a really severe
depression only, in which the balance between costs
and prices has been fundamentally upset by, for
instance, a sharp fall in the general level of prices.
It must also be remembered that the Act providing for the participation of the United States in
the International Monetary Fund and the International Bank for Reconstruction and Development
expressly prescribed that, unless Congress by law
authorised such action, neither the President nor
any person or agency could, on behalf of the United
States, propose or agree to any change in the par
value of the U. S. dollar under any of the provisions
of the Fund.
NEW POSTWAR FOREIGN LENDING
New postwar foreign lending has been in a
variety of forms: intergovernmental loans, loans
and credits by government agencies, credits under
monetary agreements (sometimes directly between
central banks), credits guaranteed under export
credit insurance schemes, etc. But, in practically
all cases, the risks have been taken by the lending
government; private lending with private risktaking has been almost negligible. An attempt to
give a comprehensive survey of the new foreign
lending is arranged under the following headings:
(a) Governments,
(b) Monetary and payments agreements,
(c) Capital markets and banks, and
(d) Export credit insurance.
(a) Governments. In addition to the credits
granted in order to terminate wartime arrangements and for the disposal of surplus property etc.,
a number of intergovernmental loans and credits
have been negotiated since the end of the war. Up
to December 1946, the total of these credits appears
to be in the neighborhood of 8,000 million dollars, of
which under one-third had actually been utilised.
The accompanying table shows the main credits of
this nature, excluding credits under monetary and
similar arrangements which are considered later.
The United States credit to the United Kingdom
accounts for nearly half of the total loans granted
and, with the loans of the Export-Import Bank,
United States lending makes up about two-thirds of
the total.
The credit to the United Kingdom, which was
approved by Congress in July 1946, is available
up to the end of 1951; it bears interest at 2 per cent
and is repayable in 50 annual instalments beginning
in December 1951. According to the text of the
agreement, "The purpose of the line of credit is
to facilitate purchases by the United Kingdom of
GOVERNMENTAL LONG-TERM LOANS AND CREDITS: E N D OF D E C E M B E R
Lending government
Borrower
Date of agreement
1946
X
Total
limit of
credits
Amount drawn
end
of
1946
end
of March
1947
In millions of U. S. dollars
United States
Treasury Department
Export-Import Bank
Canada
United Kingdom
Sweden
Total (approximate)
United Kingdom
Various countries
United Kingdom
Various countries
France
Various countries
U.S.S.R
December 1945
July 1945 to December 1946
March 1946 .
Up to January 1947
March 1945 et seq
April 1944 to July 1945
October 1946
....
3,750
2 1,600
1,250
600
400
180
280
8,060
600
440
3 540
3310
400
<150
6
10
2
1,100
400
<150
M0
2,450
1
2
Excluding credits given under monetary and payments agreements.
Export-Import Bank loans during the 18 months to December 1946 excluding the three loans given under terms similar to those of
the Lend-Lease
Act, Section 3(c).
8
As at the end of January 1947.
* Estimated.
6
Estimated small amount debited in settlement of former Swedish claims on the U.S.S.R.
1240
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
goods and services in the United States, to assist
the United Kingdom to meet transitional postwar
deficits in its current balance of payments, to help
the United Kingdom to maintain adequate reserves
of gold and dollars and to assist the Government of
the United Kingdom to assume the obligations of
multilateral trade, as defined in this and other
agreements."
The Export-Import Bank was of vital importance
in the emergency financing up to the middle of
1946. In addition to 655 million dollars in lendlease loans, the Bank granted loans and credits
during the period July 1945 to June 1946 amounting to 1,540 million dollars, of which some 440
million had been utilised by the end of 1946.
The Bank does not grant lump-sum loans but
provides funds under credit authorisations when
the borrower has given satisfaction regarding the
purposes of the credit, the need of the country for
external loans and its capacity to repay. It is the
Bank's policy to discourage the use of credits for the
purchase of commodities in scarce supply in the
United States; funds are supplied only for the purpose of acquiring American commodities and
services (including shipping) and, in March 1946,
according to circumstances. Mention should also
be made of the special cotton credits with regard
to which 100 million dollars was allocated for use
by European countries.
But the lending power of the Bank was approaching exhaustion by June 1946 and, in the
last six months of the year, new loan authorisations
hardly exceeded 50 million dollars, while earlier
authorisations of over 100 million expired or were
cancelled, so the total outstanding fell.
After the United States the most important lender
on foreign account has been the Canadian Government with a total of nearly 2,000 million Canadian
dollars, of which over 60 per cent was lent to the
United Kingdom, the terms of this loan as to
interest and amortisation being similar to those
of the United States loan. Other loans of the Canadian Government have been made under Part II
of the Export Credits Insurance Act of 1944 (and
1945), which authorised direct loans up to 750 million Canadian dollars for the purchase of Canadianproduced goods; the terms of the most important
loans are given in the table. Of the total of 1,845
million authorised some 1,000 million remained
unspent at the end of 1946.
CANADIAN G O V E R N M E N T : POSTWAR FOREIGN LOANS AND CREDITS
Utilised at end of
Borrowing country
Interest
rate
(Per cent)
Date of agreement
Maturity
dates
Amount
granted
March
1946
January
1947 .
In millions of Canadian dollars
United Kingdom
Belgium
China . . .
Czechoslovakia
France
Holland
Dutch East Indies
Norway
U.S.S.R
March 1946
October 1945
1945
April 1945
April 1946
May 1945
October 1945
September 1945
1945
Totals
2
...
3
3
I"
32H
2%
2
1951-2000
1947-76
1948-77
1950-54
1947-76
1950-76
1950-54
1951-59
1950
1 250
100
60
19
242^
125
15
30
3
1,844^
25
3
25
1%
2%
67
540
51
4
67
3
850
* France: Actually temporary advances of 80 million Canadian dollars had been made in anticipation of the credit but not debited
by the end of March 1946.
the Bank adopted the policy of requiring that
marine risk contracts should be in U. S. dollars.
In general, the terms of loans granted by the ExportImport Bank were such as to cover the cost of
borrowing by the United States Treasury (which
supplied the funds) plus an allowance for administrative expenses and the credit risk on the loan;
20-30 year loans to foreign governments for reconstruction purposes were granted at 3 per cent interest while 3!/2 or 4 per cent was charged on other
long-term loans, rates on short-term credits varying
OCTOBER
1947
The United Kingdom loan to France of 100
million pounds sterling arose from the monetary
agreement of March 1945, under which the French
had drawn 150 million when the pact expired in
February 1946; 40 million was repaid in gold and
the balance later reduced to 100 million, which was
consolidated in December 1946 into a loan at l/2
per cent interest, the capital being repayable in
12 annuities beginning in 1950.
Owing to the paucity of statistical material published in the United Kingdom, it seems desirable
1241
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
to reproduce in full the statement of the United
Kingdom's "contribution to world recovery in
grants and credits," as it was given in Parliament
on April 30, 1947, although the accompanying table
covers gifts and grants as well as credits. The
figures are based on estimates which tend to understate the total contribution.
UNITED KINGDOM: POSTWAR GRANTS AND CREDITS
[In millions of pounds sterling]
(a) Non-recoverable expenditure:
UNRRA contributions
United Kingdom share of non-recoverable cost of
Combined Civil Affairs supplies (Military
Relief)
Malta
Greece (maintenance and initial equipment of
armed forces)
Greece (surpluses)
Italy (estimated value of surpluses after allowing
for payments from Italy in respect of this and
other United Kingdom claims under the Financial Agreements of April 17, 1947)
Austria (supplies to British Zone before UNRRA
undertook supply responsibility in April 1946).
Austria (estimated non-recoverable portion of 8.5
million pounds sterling post-UNRRA assistance to Austria)
Austria (surplus machine tools)
Hungary (surplus machine tools)
Total (round figures)
38
30
29
2.5
55
10
6
0.1
0.2
325
(b) Repayable loans and credits:
United Kingdom share of recoverable cost of
Combined Civil Affairs supplies (Military
Relief)
Burma (Grants to March 31, 1947)
France (under Financial Agreements)
Greece (Stabilisation Loan)
Holland (Government loan and estimated value,
subject to adjustment, of military equipment
and surpluses)
Czechoslovakia (credit for commercial purposes). .
Czechoslovakia (surplus goods credit)
Austria (estimated recoverable portion of postUNRRA assistance, including raw material
credit)
Hungary (wool credit)
Total (round figures)
155
,
62
30
100
10
60
5
2.5
4
0.5
275
(c) Germany:
Approximate total cost to March 31, 1947 of
assistance to German economy (excluding
occupation costs)
140
Grand total of three classifications
740
Swedish credits to other countries have been
partly in the form of reconstruction credits and
partly commercial credits, under payments agreements, etc. The four principal reconstruction
credits were utilised for the most part for the purchase and accumulation of goods in Sweden prior
to the cessation of hostilities. Of the total of about
550 million Swedish kronor long-term reconstruction loans granted, perhaps 450 million had been
drawn at the end of 1946. It should be noted that
these figures cover only the postwar foreign credits
given by Sweden and thus exclude wartime donations and gifts as well as the 218 million Swedish
kronor of credits given in the early war years, prin1242
cipally to Finland, and the so-called "Legation"
credits of some 405 million, mainly to Denmark,
Holland, and Norway (of which 200 million has
been written off). Further, 80 million Swedish
kronor of French debt under the payments agreement was consolidated in June 1946, to be repaid
over five years from July 1948.
(b) Monetary and payments agreements. A typically European development dating from the close
of the war has been the spreading network of monetary and payments agreements, made in an effort
to facilitate the resumption of foreign trade; although bilateral in form they tend to spread uniform conditions over a wide area and are generally
multilateral in spirit and in effect. While the first
agreement of the kind was concluded in London,
in 1944, between Holland and the Belgo-Luxembourg Union, the United Kingdom has been a leading country in this field and the table on page 1243
indicates a number of these agreements.
The agreements contain a number of important
features in common: (a) they set the official rate
of exchange bilaterally between the contracting
parties, and (b) they establish machinery through
which each country makes its own currency available to the others.
Each of the original agreements indicated in the
table was terminable at three months' notice by
either party and was subject to review and adjustment after joint consideration; the parties agreed
to maintain contact whenever monetary relations
of one country affected the other and to apply the
agreement with flexibility. Generally, a minimum
balance was to be held by each country in account
with the other, without interest, and gold was to
be set aside when the maximum of the reciprocal
credits was exceeded by either party. In practice
some limits originally set have become rather
theoretical and have been omitted from the table,
e. g. the limits for the British overdraft on Denmark
and the Swiss and Swedish overdrafts on England.
Under such an agreement the French Government ran up a large sterling debt which was consolidated into a loan (see earlier paragraph); by
the end of 1946, the Danish Government had a
debt of 33.5 million pounds sterling and a limit of
35 million was fixed.
In some other cases the balance of payments has
been the other way and the British have utilised
their overdraft: of the Swiss limit of 260 million
Swiss francs only 174 million (10 million pounds
sterling) was available up to March 12, 1947 and,
as this amount was totally utilised before that date,
largely owing to purchases of Swiss goods by India
and South Africa, the British were forced to transfer
gold for several million pounds.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
BRITISH RECIPROCAL MONETARY CREDITS
Partner country
Belgium.
Sweden..
Denmark. .
Holland
Czechoslovakia.
Norway
Switzerland.
Portugal
1
3
Date of original agreement
October 1944. . .
January 1 9 4 5 . . . .
August 1945
September 1945. .
November 1945. .
November 1945 . . .
March 1946
April 1946
X
Term
in years
Exchange rate
(currency units to
pound sterling)
3
5
5
3
3
5
3
2
176.625
16.902
19.34
10.691
201.50
20.00
17.35
1.00.00
Present credit limits
(In millions)
Pound
sterling
Local
currency
5
B. fcs 883
S. Kr. 567
Ts
10
—
(3)
5
D. Fl. 107
Kcs 200
—(3)
Sw. fcs 260
Esc. 500
In these agreements the I 'nited Kingdom is the focal point for the whole sterling area.
Changed to 14.50 in July 1946.
* No limit fixed.
Swedish official credits for commercial purposes,
granted partly direct and partly under reciprocal
payments agreements, had an aggregate limit of
1,000 million Swedish kronor at the end of 1946
(excluding the 80 million kronor French debt consolidated in June 1946). Over half of the total
was accounted for by the United Kingdom: 350
million Swedish kronor (about 21 million pounds
sterling) was the Swedish sterling holding accumulated up to April 1946 and a further accumulation
of 217 million (about 15 million pounds sterling)
was foreseen up to April 1947; in fact, at the end
of 1946, the sterling holding on this account was
less than it had been in April 1946. Of the other
430 million kronor of commercial credits granted
it may be estimated that about three-quarters had
been utilised by December 1946. Thus, including
the sterling holding and the consolidated credits to
Finland, the total of commercial credits actually
utilised amounted to the equivalent of about 180
million dollars at the end of 1946.
The postwar monetary dredits of Switzerland
(i.e. excluding the credits to Germany and Italy
during the war which have remained unsettled)
were granted up to possible limits totalling 640
million Swiss francs (part of which could only be
utilised after 1946). By the end of 1946, 480 million had been drawn, mainly by France and the
United Kingdom; the four countries which had
utilised their credits held Swiss franc balances
amounting to 130 million, so that the net amount
of credit granted wras 350 million. Norway had at
no time utilised her credit and Czechoslovakia had
a balance of 35 million Swiss francs (in November
1946) while Poland also had a "substantial balance"
on the special coal account.
For two other countries it is possible to give
details of the actual overdrafts and credits outstanding on monetary and payments agreements at the
end of 1946. For purposes of comparison the
figures are converted into U.S. dollars although,
OCTOBER
1947
of course, the debts and credits are actually denominated in the currencies of the countries concerned.
At the end of 1946, France had agreements with
20 countries having aggregate credit limits equivalent to 375 million dollars, with actual short-term
debts the equivalent of 208 million and credits of
41 million, the net indebtedness being 167 million.
These figures do not take account of the debts to
the United Kingdom, the equivalent of 400 million
dollars, and to Sweden, of 22 million, which have
been consolidated.
Holland had agreements with 14 countries, with
aggregate limits the equivalent of 138 million dollars. Holland's net debts fell from 57 million
dollars on December 31, 1946 to 47 million on January 15 and 29 million on March 17, 1947.
Belgium, on December 31, 1946, had monetary
and payments agreements with 17 countries, with
aggregate credit limits the equivalent of 209 million dollars; a net amount, equivalent to 20 million,
was due to Belgium.
In order to give an approximate indication of the
position of the monetary and payments agreements
in Europe the table on the following page has
been prepared.
This table, although incomplete, covers the main
creditor countries on the continent. Outside
Europe the most important creditor is the Argentine which had claims against France and Belgium,
at the end of 1946, the equivalent of 73 million
dollars and 27 million respectively (included under
"All other countries" in the table). As regards
the purely European credits on monetary and payments agreements, the total outstanding at the end
of 1946 exceeded the equivalent of 500 million
dollars.
(c) Capital markets and banks. Foreign lending
on private account, i.e. through market issues or
bank credits, comprised the bulk of the foreign
lending after the 1914-18 war and reached its
climax in the late twenties.
1243
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
POSITION OF CREDITS ON MONETARY AND PAYMENTS AGREEMENTS AT E N D OF
1946
[In millions of U. S. dollars]
Creditor countries
Debtor countries
United Kingdom .
France
Belgium
Holland
Denmark
.
United
Kingdom
France
30
. . . .
Belgium
30
25
10
30
Holland
—
Denmark
10
Sweden
40
65
5
180
105
40
50
135
+ 130
+ 110
+510
+ 110
+ 110
135
Total of specified credits
+ 135
+40
+85
-180
-105
-40
-50
-135
-45
-65
+45
-50
-125
All other countries (net)
-100
-25
-5
+ 130
+50
Total net position
-165
+20
-55
+ 180
+ 10
Total
80
15
25
10
Total of specified debts (last column)...
Net position as specified
Switzerland
-510
—
NOTE.—Round figures only: amounts under 5 million dollars have been excluded. The table includes those credits under reciprocal
arrangements and therefore excludes the Swiss bank credit to Holland and similar items. The table also excludes, in particular, the debts
of France to the United Kingdom and Sweden which have been consolidated.
Total overseas and foreign issues on the London
market rose somewhat in 1946 from the very low
level of the war years but still remained at only
one-tenth of the volume reached in 1927 and 1928.
Practically the whole of the increase in 1946 was
for British overseas countries, the issues being
chiefly by gold-mining companies situated in British
parts of Africa. New York presents a somewhat
similar picture, issues for new money in 1946 being
rather less than one per cent of the volume in
1925-28. There has, however, been some revival
of foreign conversion issues in the New York
market, especially on Australian account (the total
of 130 million dollars for 1946 being the highest
since 1930). It is a fair conclusion to draw that
up to the end of 1946 there had been no capital
market issues on foreign account anywhere in the
world except in a very few favoured cases and for
special purposes.
Information regarding bank credits on foreign
account is even more fragmentary than for foreign
capital issues but some data are available, particularly regarding London and New York. There
has been a remarkable increase in the volume of
"acceptances, endorsements, etc." as shown by the
returns of the London clearing banks, but market
opinion attributes the increase largely to guarantees
and indemnities, many of which are not even indirectly connected with overseas trade. It is believed, however, that there has been a significant
increase in the credit lines opened by the merchant
banks, especially for the export trade. Information
on this sort of private credit is naturally scarce but
notices of some of the credits have been published.
The press reports an increased amount of financing
1244
by acceptance credits in respect of various trades
and industries, in some cases the work involved,
or commodity handled, never touching the United
Kingdom.
Besides these banking credits there appear to
have been other more or less financial credits for
particular purposes. As early as 1945 a credit was
given to Czechoslovakia for 5 million pounds
sterling for the financing of Czechoslovakian purchases in Great Britain; and a further credit of
2.5 million was given in November 1946, the
operation being described as "more in the nature
of an arrangement for deferred payment than that
of a loan."
There has been a revival in the volume of dollar
acceptances outstanding in New York by over 100
million dollars since the lowest point reached during the war (almost wholly due to acceptances
based on imports into the United States) but the
total of all acceptances outstanding is little more
than one-eighth of the volume outstanding at the
end of 1929 (the highest point attained).
The renewed interest of American banks in
foreign financing is, however, more clearly shown
by the total of their short-term foreign assets, according to the monthly returns made to the United
States Treasury since 1934.
The reduction of American foreign credits,
which began in 1931, continued almost uninterruptedly until April 1943 when, at 225 million
dollars, they were a small fraction of the 1930 total,
and only one-fifth of that at the end of 1934. The
increase of around 400 million since 1943 has occurred mostly since VE-Day, and Holland has been
the chief beneficiary. In April 1947, Holland
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
repaid the American bankers' credit of 135 million
dollars by the sale of gold which had been pledged
as collateral. In March 1947, the National Bank
of Roumania obtained an emergency advance of
7 million dollars against collateral of gold from a
New York bank, for the purchase of grain, while
negotiations continued for a 50 million dollar
credit with a group of banks, the funds being
destined for food purchases.
(d) Export credit insurance. Before the war international trade was financed principally by a vast
network of credits granted largely by export firms
under the terms of the sale contracts. It is difficult
to give any estimate of the volume of these credits
but they usually conformed to a somewhat traditional pattern. Foods and agricultural products
were generally paid for in cash or at very short
term, a typical example being Danish exports to
Great Britain on ten days' credit (the customary
term which still obtains). The financing of raw
material exports on the other hand was more complicated; indeed, when the exports were from a
relatively poor country the financing was sometimes
undertaken by the importer. But, for finished
goods, credit terms were generally granted by the
exporter up to about three months, although longer
terms were sometimes allowed for machinery, ships
or other heavy capital goods.
This prewar web of credits was torn by the war
and is now only slowly re-forming as countries and
firms are considered credit-worthy and trade restrictions are modified. How far such export credits
on private account have grown since the war it is
impossible to say but information given above
regarding bank acceptance credits appears to point
to a steady resumption.
The question is complicated by the fact that,
especially at a time of monetary disturbance, both
importers and exporters will strive to hold only
what at the time appears to them to be the strongest
currency and to be rid of the weaker currencies;
thus trade statistics do not necessarily reflect faithfully the movement of the balance of payments on
trade account (even ignoring the normal lag in
payment due to export credits). Before the war
some countries made adjustments to the trade statistics in their balance of payments estimates to take
account of this and similar factors; but such estimates are difficult to make and this item tends to
be lumped together with other miscellaneous items
and errors and omissions under a "residual."
A method of encouraging private export credits
which deserves mention is the Export Credit Guarantee, which provides for official insurance of exchange and other risks through government agencies
and other official bodies in the exporting country.
OCTOBER
1947
Such export guarantees generally cover a proportion, say three-quarters or four-fifths, of the risks
involved in the export trade, the cost of insurance
and the balance of risk being borne by the exporter;
costs generally vary according to the country to
which the export is sent and the terms of the credit
granted. This type of export credit insurance
through government agency should be sharply distinguished from the direct credits given by the
Canadian Government (which financed about onethird of Canada's exports in this way during 1946)
and by the United States Government, through the
Export-Import Bank, out of its own funds. An
essential element of the export insurance is provision of funds from private sources, the risk being
not wholly covered by the government guarantee.
Although of great utility in the promotion of
foreign trade especially as regards exports towards
countries which might be judged to be unsure
from a political or credit point of view, export
guarantees are, of course, not credits in themselves
and it would be wrong to take these figures as
giving an indication of the actual credits granted.
In many cases, where the importing country has a
payments or similar agreement with the exporting
country, the real "credit" might appear only as a
holding of foreign currency by the central bank of
the exporting country.
The international lending position as it had developed up to the spring of 1947 presented a curious,
and, at first glance, mystifying, paradox. Since
the end of the war, a vast amount of assistance had
been undertaken or arranged, especially by the
United States, and already voices had been raised
warning against the peril of over-lending; but, in
the early months of 1947, a new phenomenon set in,
which is usually referred to as the "dollar shortage,"
affecting not only the war-torn countries in Europe
but also certain hard-currency countries. Already
the Swiss franc had been in strong demand, being
at the time the scarcest currency in the world, but
this shortage had not, of course, the same international importance as that of the dollar. In the
spring of 1947 lack of monetary reserves of gold and
dollar exchange forced a number of countries to
adopt plans for the curtailment of their imports in
the immediate future.
To throw light on the apparent contradiction
between the large supplies of, and the demand for,
dollar funds, it is necessary to analyse the foreign
assistance already given and to review present and
future needs. The following table summarises the
information relative to postwar foreign lending
given in the foregoing pages. The figures apply
1245
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
INTERNATIONAL POSTWAR LOANS AND CREDITS GRANTED U P TO D E C E M B E R 1946
x
[In millions of U. S. dollars]
Creditor countries
Debtor countries
Canada
United
Kingdom 2
Sweden
Switzerland
4,400
1,950
560
150
185
20
80
75
70
90
90
240
200
140*
130
1.250
240
140
100
400
50
140
40
40
30
60
70
20
10
Totals authorised. .
8,380
1,845
700
715
Totals utilised
3,850
840
700
315
United Kingdom 2
France (and colonies) 3
Holland (and colonies)
Belgium
Italy
Denmark
Finland
Norway
Czechoslovakia
Poland
Greece
....
U.S.S.R
China
Latin America
Others
United
States
...
140
30
20
5
60
30
40
Total
authorised
Latin
America
Total
utilised
210
260
5,850
2,880
810
290
185
190
145
165
125
115
130
525
260
350
430
1,900
2,000
410
230
175
180
135
60
60
50
70
250
150
110
145
160
650
12,450
5,925
120
100
5,925
180
30
65
60
5
25
280
40
1
Generally, figures are rounded to the nearest 10 million dollars but in some cases it has been thought desirable to round to 5 million,
e.g. in
the case of the Canadian credit of 3 million to the U.S.S.R.
2
Excluding the fluctuations of sterling balances, except certain specified items under monetary and payments agreements. As the
table takes account only of postwar credits, such items as the 400 million dollar loan from the U. S. Reconstruction Finance Corporation
are omitted.
3
Of the 560 million dollars from the United States and 140 million Canadian dollars from Canada, 200 million dollars and 15 million
Canadian
dollars respectively are on account of the Dutch East Indies.
4
Credits to Latin America prior to July 1945 are excluded.
almost exclusively to official loans and credits,
generally at long term but also at middle and, in
some cases, relatively short term; fluctuations of
sterling balances are not taken into account unless
they fall within the limits of specific monetary and
payments agreements. The figures are all rounded
of? and are intended to give an idea of the order
of magnitude involved rather than to present formal
statistics.
The clue to the paradox which contrasts extensive
foreign lending against acute dollar shortage is
found in at least three important factors:
(a) Continued American surplus exports in the
first four months of 1947 at a rate of 12 milliard
dollars a year, for which (as UNRRA and other
relief organisations cease or reduce their work)
payment has to be found in dollars.
(b) A large proportion of the actual American
lending has been in respect of arrangements arising
out of the termination of the war (lend-lease and
disposal of surplus property), i.e. for material
already largely in current use, while
(c) the urgent needs for reconstruction in Europe
and elsewhere are still enormous.
On the one hand, the activities of UNRRA were
coming to an end in the early months of 1947
with post-UNRRA relief on a much smaller scale
and to certain specified countries only, while the
sale of American surplus property is now in its
1246
final stages; on the other hand, there had been little
American lending for new money since the middle
of 1946 until the first loan of the International Bank
for Reconstruction and Development was finally
arranged in May 1947. These facts, combined with
the large American export surplus and the continued needs in war-stricken countries, suffice to
explain the increasing strain on the dollar market.
International lending and repayment must of
necessity be closely bound up with international
trade. Experience has shown that the non-fulfilment of contractual debt service may be due not
only to inability of the debtor country to furnish a
sufficiency of goods and services in its balance of
payments but also to unwillingness on the part of
a creditor country to facilitate adequate imports—
the most difficult case occurring if, in periods of
depression, tariffs are raised—with grave disadvantages to both the creditor and the debtor countries
and possibly disastrous consequences for the international monetary system as a whole. A reduction
of different kinds of trade barriers, whether by
negotiations through the International Trade Organisation or otherwise, is indeed recognised to be
an essential element in the smooth working of international trade operations. If postwar foreign lending is not to lead to a repetition of the international
financial crisis of 1930 and 1931, there should be
much fuller publicity and a close study of long and
short-term lending, or borrowing, by individual
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
countries with a view to a better understanding of
the current situation so that dangerous tendencies
may be avoided.
INTERNAL CREDIT CONDITIONS
There are often a variety of contradictory influences making themselves felt in different countries,
some of these influences being monetary, some
economic and others of a psychological nature.
While a dose of monetary expansion, even if it led
to mild inflation, may have eased the conversion
from peacetime to wartime activities, it is obvious
that beyond a certain point inflation becomes
inimical to economic health and anti-inflationary
counter-measures are required. Such measures do
not necessarily mean "dear money, depressed trade
and mass unemployment" but they should exert a
steadying effect on the price level and lead to a
re-establishment of confidence in the currency and
of the credit position of the countries concerned.
The general tendency in altogether too many
countries at the present time is clearly towards
inflation, and to advocate remedial action in these
cases is to call for a brake on dangerous trends.
Such action may be in the economic, monetary or
psychological fields. In the latter class are the
decrees, issued with general approval in December
1946 and February 1947, calling for cuts in French
prices. In the monetary or rather fiscal field the
realisation of a budget surplus from taxation or
other ordinary internal revenue has been, or appears
likely to be, attained this year in the United States,
Canada, the United Kingdom, Switzerland, Sweden
and some other countries, i.e. mostly those spared
the direct devastation of the war; and it has proved
possible in a number of other countries, such as
Belgium, Norway and Denmark, for the Treasuries
to cease having resort to the central bank. In the
economic class, an anti-inflationary force which
has certainly been very welcome in some countries
has been the surplus of imports obtained by the
utilisation of foreign credits. Similarly, UNRRA
supplies, given freely by the Anglo-Saxon countries,
have been sold to the local populations and, particularly in Italy, Yugoslavia and Poland, have
enabled the governments of these countries to build
up funds in local currencies; in accordance with the
UNRRA agreement, these funds are later to be
utilised for specific purposes, but their constitution
has been a deflationary force giving valuable aid
to the local governments to obtain and maintain
control of their financial position.
Certain restraining forces are thus at work, as
the above examples demonstrate—but they may not
be sufficient alone to counteract the inflationary
forces still operative. In the United States, the
OCTOBER
1947
surplus of budget receipts and the retirement of
government debt are having their first effects—the
creation of fresh liquid assets in the hands of the
public is coming to an end, the pressure of new
money on interest rates is weakening and the long
downward trend of yields has given way to a slight
rise. And somewhat similar effects may be expected elsewhere as budgets reach equilibrium.
Further, borrowing on private account is becoming
of greater importance, as the marked increase of
advances by the commercial banks since the war
has shown in many countries.
The future of interest rates in the world is not
easy to predict but the movements during the past
year have been illuminating, and it is worthy of
remark that in some countries the "defrosting" of
short-term rates has been under discussion and, in
others, it has not been considered old-fashioned to
make use of the classic weapon of bank rate.
NATIONAL ECONOMIC PLANS IN EUROPE
In countries in which the state has become the
sole or main owner of natural resources and industrial enterprises, it is obviously incumbent upon
the government to arrange for a proper planning
of the economic activities. But also in several countries which rely mainly on private enterprise, the
authorities have drawn up plans designed to activate
economic development, priorities being fixed for
the order of investment of available funds with a
view to ensuring special attention to what are considered essential tasks.
Even when no formal plans have been elaborated,
the governments have in some cases thought it
advisable to announce definite "targets" to be attained in matters of particular importance. Thus,
in the United Kingdom great emphasis has been
placed on the necessity of raising exports to 175
per cent of the 1938 volume in order to obtain
equilibrium in the balance of payments by 1951,
when the American credit lapses. To this end,
all except the most indispensable domestic requirements are being held back in order to give priority
to exports. In Italy, too, careful estimates have
been made of the balance of payments for the year
1947, with the aid of UNRRA officials, as a preliminary to obtaining foreign credits. In Belgium,
a Ministry for Equipment was created in April 1946
and has made public a first report on the country's
need of investments during the next 10 years; but
the estimates thus made have not the character of
a plan, properly speaking.
In some other countries planning has been on a
more ambitious scale and projects have been drawn
up covering a considerable sector in the economy of
the country concerned, for a number of years ahead.
1247
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Some indication of the main lines of the plans
elaborated is given in the table, which also includes
some extra-European plans. The figures should be
regarded as indicating only the order of magnitude
involved.
If the regaining and even surpassing of the peacetime level of production is the immediate target,
it should be borne in mind that reconstruction and
expansion are usually coupled with structural
modifications affecting the whole economic system.
Without exception, these modifications take the
form of increased industrialisation varying in intensity from country to country. As a generalisation it may be said that the main purpose of the
plans is to achieve a degree of industrialisation
approaching the standard reached in technically
advanced countries. Such a process of industrialisation will often be accompanied by a relative decrease
in agricultural activity and a change-over from extensive types of cultivation, especially of cereal crops,
to intensive types (such as industrial plants, fruit-
growing, horticulture, fodder crops) together with
highly developed cattle-breeding, dairy farming, etc.
Countries such as Hungary and Poland, which
previously counted as predominantly agricultural,
show no desire to resume agricultural exports in
the form customary hitherto, being more disposed
to concentrate on processed products incorporating
a greater amount of labour of a more remunerative
kind. It is expected that the policy of industrialisation and of turning to intensive farming will tend
to absorb the surplus agricultural population in
eastern and southern Europe. In these countries
there is a great demand, as elsewhere, for highly
qualified personnel but there is not, as in western
Europe, an acute shortage of manpower as such.
The essence of the domestic financial problem is,
the necessity of raising domestic savings above the
normal level. Since voluntary savings can hardly
be expected to reach sufficiently high levels in
countries which have suffered devastation and impoverishment, the economic authorities are con-
NATIONAL ECONOMIC PLANS
Cost of plan
(In millions)
Duration of
plan
Country
Main object of plan
Years
Period
France
Holland
Bulgaria
Czechoslovakia
Hungary
Poland
Yugoslavia
1947-51
1947-52
1947-48
1947-48
1947-49
1947-49
1947-51
modernization and reconstruction
reconstruction
industrialisation and rationalisation
economic recovery
„
reconstruction and development
reconstruction
reconstruction and development
U.S.S.R
Iran
Turkey
Argentina
Mexico
1946-50
1947-53
1947-51
1947-51
1947-52
reconstruction and development
economic development
industrialisation
economic development and industrial expansion
industrialisation and agricultural expansion. . . .
National
currency
units
U. S. dollars
Total
cost
Annual
average
2,250,000
11,700
55,000
69,880
6,110
340,000
278,300
18,890
4,410
190
1,400
520
3,400
5,570
3,780
735
95
700
170
1,130
1,110
250,300
47,200
9,500
600
6,600
3,185
210
1,660
640
'40
330
105
NOTE.—The amounts are generally expressed in present-day currencies, with the following qualifications:
France: The total indicated in the table is the amount given in the General Report on the Plan of Modernisation and Equipment
published in November 1946. The estimates were made in June 1946 and are based on the maximum capacity of the investment industries. Of the total amount only one-third, i.e. 720 milliard French francs, is for the purpose of modernisation properly speaking, the rest
being devoted to reconstruction and delayed maintenance; 536 milliard francs are provided for "basic activities" (coal, electricity, iron
and steel, cement, agricultural machinery and transport).
For 1947 a precise programme has been elaborated, the amounts involved being estimated at 475 milliard French francs, of which
300 milliard will be at the charge of the government but only 60 per cent of this amount, i.e. about 180 milliard, has so far (up to the end
of May 1947) been authorised.
Holland: The amount in the table is to be provided under the "Frame Plan" for 1946-52, the figures being expressed in the price
level of 1947; of the total investments 4,100 million florins are for manufacturing industries, 1,300 million for agriculture and the remainder
for trade, transportation, dwellings and the replenishment of stocks.
Czechoslovakia: Of the total investments shown in the plan, 47,740 million Czech crowns are for Bohemia and Moravia and 22,140
million for Slovakia. As regards distribution for different purposes, 25,400 million are to be devoted to industry and handicrafts, about
5,200 million to agriculture and 39,300 million to transport, housing and public works.
Hungary: 1.509 million fcrints is to be provided for reconstruction and modernisation of industry; 1,184 million for the development of agriculture; 1,707 million forints for the reconstruction and development of communications and 1,594 million for the development of social and cultural institutions.
Poland: The original cost of the plan was calculated at 10 milliard prewar zlotys, corresponding to 1,900 million prewar dollars at
the official rate of the day. Converted into present-day currency at the official rate (1:100), this would make 190 milliard zlotys for the
whole period of the plan. However, the present purchasing power of the Polish currency is not sufficiently taken into account in the
above-mentioned amount. Allowing for the altered purchasing power of the U. S. dollar as indicated by the wholesale price index, the
1,900 million 1938 dollars would correspond to about 3,400 million 1946 dollars, making 340 milliard zlotys at the present official parity.
U.S.S.R.: The plan is based on 1945 prices. Conversion of the figures into dollars was made at the official rate.
Yugoslavia: The plan is applicable from May 1, 1947. 41 per cent of the amount provided is for industrial plant and equipment,
about 26 per cent for communications, 11 per cent for electrification and 8 per cent for agricultural production.
1248
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
templating forms of additional compulsory saving,
e.g. through taxation or rationing of consumption.
In order to be successful, they must limit the current
consumption of the government also and thus do
away with deficits on the current account of the
national budget.
Practically all the plans foresee foreign borrowing
in order to supplement domestic savings and, in
particular, to purchase machinery and materials
not available at home. A critical point for all of
them is indeed to be found in the balance of payments: in the majority of cases, the plans foresee
an import surplus during a transition period covering the first few years of their application, notwithstanding all efforts to stimulate exports. Several
governments count on loans from the International
Bank for Reconstruction and Development to
facilitate the execution of their plans, the first such
loan having been obtained by France in May 1947.
Since the plans have been drawn up on a purely
national basis, it is at the focal point of the balance
of payments, where the national economies meet
one another, that a need of coordination arises; to
some extent account would seem to have been taken
of this need in eastern Europe. But, by and large,
the plans are competitive, not only as far as foreign
loans are concerned but also with regard to imports
of essential materials, machinery and, in some cases,
manpower.
CONCLUSION
There is truth in the statement that the second
world war began before the world had had time to
right itself after the distortions and maladjustments
resulting from the first world war. Fortunately,
people today are more aware of the problems connected with the fundamental changes in the economic and financial structure and they are keenly
anxious to avoid a repetition of the mistakes which
interrupted the period of prosperity in the interwar
years.
An outstanding illustration of the present more
realistic and reasonable attitude, and one which
obviously suggests itself, is the writing-off of wartime mutual aid and of straight lend-lease commitments not covered by reverse lend-lease. This action
has coincided with deliveries of essential goods and
services through UNRRA and other relief organizations on a scale which may not have satisfied all
requirements of the many war-stricken countries
but which, in the aggregate, involved very large
sums, probably the equivalent of over 5,000 million
dollars. Further, more attention than after the last
war is being paid to commercial problems, dealt
with primarily through the different conferences
of the International Trade Organisation, while in
OCTOBER
1947
the financial sphere two new institutions, the International Monetary Fund and the International Bank
for Reconstruction and Development, have got into
working order under conditions which have placed
considerable funds at their disposal. And, in addition to international cooperation, great efforts are
being made in individual countries to overcome
postwar difficulties, to reconstruct peacetime economies and to influence the business trend. For a
number of countries carefully worked-out plans
have been drawn up and formally accepted, the
purpose being to concentrate available recources on
the carrying out of certain essential tasks, generally
involving a speeding up of the process of industrialisation.
With the exception of a few countries, including
Germany and Austria, in which conditions have
been abnormal, full employment has been the rule
everywhere and, although not always the best instruments of modern technique have been available,
some notable results have been achieved in the
field of reconstruction, especially as regards the
restoration of the transport system and the expansion of industrial production, notwithstanding the
many difficulties caused by continued deficiencies in
the output of coal.
But, even if there has been some appreciable
economic progress, much remains to be done, certain weaknesses being only too evident in the state
of the world today. Apart from the political difficulties, there is still in many sectors a lack of
balance, made more acute by the great fatigue left
by the war. The increased strain in the winter of
1946-47 led to the reintroduction of monetary and
commercial restrictions in countries where they had
been abolished and to a stricter application where
they were still in force. And (to turn to another
sphere) the commitments represented by accumulated sterling balances, taken together with other
outstanding liabilities of an official character resulting from the war and its immediate aftermath,
attain a total as high as that which proved so
intractable after the first world war.
Notwithstanding the diversity of economic systems, certain economic necessities make themselves
felt in all countries:
Firstly, the governmental measures must not
produce simply negative effects. Controls, whatever their purpose may be, should not merely result
in a cutting down of business, for the situation may
well require a more active influence and, perhaps,
most of all, such conditions that private individuals
and firms are prompted to do, on their own initiative and in their own interests, that which is desirable from the general standpoint of society.
There is the further danger that matters relating
1249
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
to the budget situation, the balance of payments,
prices, wages, etc., may be treated as separate questions, as if the problems of an economy could be
dealt with in watertight compartments without
regard to the interdependence of economic phenomena. It is not unusual for plans to be worked
out by individual departments having little contact
with one another, while actual results can, in all
probability, best be obtained by a comprehensive
policy designed to eliminate fundamental maladjustments.
A third and cognate danger is that the authorities,
in their attempts to find solutions, will deal with
symptoms instead of attacking the really fundamental causes. It would, for example, be too
limited and too superficial an approach to try to
deal with the problems of the balance of payments
simply by cutting down imports and artificially
stimulating exports, without attending to the
volume of monetary purchasing power in the
domestic economy. For experience shows that an
inflationary expansion of purchasing power at home
(whether resulting from current budget deficits,
too large a volume of public or private investments
or sudden sharp increases in wages and salaries
unmatched by sufficient goods) acts as an attraction
for imports and as a brake on exports, thus aggravating the disequilibrium in the balance of payments. Only too often this connection between the
methods of internal financing and the outcome of
the balance of payments is overlooked. But how
could inflation, which raises the monetary demand
for goods on the market, have any other effect than
to unbalance the country's foreign payments,
especially under a system with relatively fixed exchange rates? As the monetary reserves feel the
drain, the governments may have to adopt restrictive measures, even though such measures do not
get to the heart of the trouble—the inflationary
1250
financing—and may even, through the exclusion
of foreign supplies, render an adjustment of the
price situation more difficult.
In more than one country in Europe a lack of
confidence in the currency (reflecting an acute fear
of inflation) is actually keeping goods from the
market, in spite of all the measures of compulsion
which the authorities impose. In such circumstances foreign loans and other assistance may still
afford relief by providing badly needed commodities; but little lasting good will have been done
if the borrowers fail to take advantage of the foreign
resources as providing a breathing-space in which
a coherent series of domestic measures can be taken;
in other words the loan should be considered and
employed as part of a comprehensive plan for
financial and monetary rehabilitation.
The psychological preparedness for the proper
execution of realistic plans, sufficiently all-embracing to command confidence, is greater today than
it was when hostilities ceased. Many illusions have
been shed, and there is a growing sense of the need
for effective and even drastic measures. Conditions
would thus seem to exist for a more proper use of
outside aid in the form of loans and other financial
assistance. What is needed, then, is a coordinated
programme into which international investment
can be fitted as one of the measures, essential in itself
but fully efficacious only if supplemented by domestic action.
Access to foreign resources is such a great boon
that it would be very regrettable if the additional
strength which it provides were to be frittered away
for purposes other than genuine reconstruction and
development. But, here again, first things must
come first: without monetary stability upheld by a
solid budget, the basis will be lacking for the proper
direction of industrial and other investments.
FEDERAL RESERVE BULLETIN
YIELDS ON UNITED STATES GOVERNMENT SECURITIES
REVISION OF AVERAGES
Average yields and prices of United States Government securities, regularly published in the
BULLETIN, have been revised in some respects. Revision was necessary in the yields for 3- to 5-year
taxable issues and for 7- to 9-year taxable bonds
because with the passage of time the average maturity of issues previously included had fallen below the maturity range that the indexes are designed to reflect.
The series for 3- to 5-year taxable issues, which
immediately prior to revision had consisted of
Treasury bonds of December 1950, has been revised for the period beginning December 15, 1945.
The revision provides for semi-annual adjustments
to include continuously Treasury bonds whose
average yield reflects that of a Treasury bond with
first call date ranging from approximately 3 years
and 9 months to 4 years at the semi-annual dates
of revision.
The series for 7- to 9-year taxable bonds has
been revised for the period beginning June 17, 1946.
For the six months prior to revision the series had
consisted of Treasury bonds of June 1952-54, June
1952-55, December 1952-54, and March 1956-58.
The revision provides for semi-annual adjustments
to include continuously Treasury bonds whose
average yield reflects that of a Treasury bond with
first call date ranging from approximately 7)4 to 8
years at the semi-annual dates of revision.
Annual averages for the years 1939-46, and
monthly and weekly figures beginning January
1945 and including the revised figures, are shown
in the accompanying table. Earlier figures were
published in the BULLETIN for May 1945.
U N I T E D STATES G O V E R N M E N T SECURITY YIELDS AND PRICES
[Yields in per cent per annum, monthly and weekly data are averages of daily figu
Annual and Monthly Figures
Yield
Yields
Bonds
9-to
Year
12-
and
3-
month
month
bills i 2
month 3- to 515 vears and
certifiyear
over
9cates of taxable3
indebt-2 issues
tax
edness
able •" Partly
taxTaxexempt able
Price of
longterm
bonds
023
014
1941...
1942...
1943...
1944...
1945...
.103
.326
.373
.375
.375
.75
.79
.81
1.46
1.34
1.33
1.18
1.93
1.96
1.94
1.60
2.05
2.09
1.98
1.92
1 .66
1946...
.375
.82
1 .16
1 .45
(5)
2.19
104.77
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.78
.77
.78
.77
.80
.81
.80
.82
.84
.83
.84
.84
L .31
1.89
1.77
1.70
1.62
1.57
1.56
1.58
1.59
1.56
1.50
1.42
1.81
1.75
1.70
1.68
1 .68
1.63
1.63
1.68
1.68
1.62
1.56
1.51
2.44
2.38
2.40
2.39
2 39
2.35
2.34
2.36
2.37
2.35
2.33
2.33
100.97
101.81
101.56
101.68
101 74
102.38
102.46
102.22
102.02
102.38
102.60
102.68
1945
Ian.. . .
Feb.. . .
Mar...
Apr....
May. .
June. . .
Tuly. . .
Aug... .
Sept...
Oct.. . .
Nov....
Dec.. ..
.73
.22
L.18
L.14
.16
.16
L16
1.17
3 1.19
1.17
1.14
3
1.13
n.38
12-
3-
month
bills i 2
Taxable
1939
1940 .
104 5
106 6
2 41
2.26
Year
and
month
109.5
2.46 noo.72
2.47 100.50
2.48 100.25
2.37 102.04
1946
Jan.. . .
Feb.. ..
Mar....
Apr.. . .
May...
June.. .
July...
Aug.. . .
Sept...
Oct
Nov... .
Dec.. ..
1947
375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.376
.375
Jan.. ..
.376
Mar....
Apr.. . .
Mav. . .
June. . .
July. . .
Aug.. . .
Sept...
.376
.376
.376
.376
.703
.748
.804
Feb
Bonds
9-to
376
month
certificates of
indebtedness 2
79
.76
.79
.81
.83
.83
.84
.84
.85
.83
.84
.85
.84
85
.82
.83
.85
.85
.85
.85
.87
3- to 5vear
7-to
9taxable3
issues
vear
tax-3
able
1 06
15 years and
over
Partlytaxexempt
1 31
1.28 . . .
1.28
1 .10
1.36
1.16 3 1.47
3 1.15
1.44
1.15
1.43
1 .19
1.49
1.27
1.57
1.29
1.58
1.28
1.60
3
1.30 H.60
(•"')
99
.96
1.26
1 26
1.24
1.24
1.27
3 1.29
1.33
1.31
1 .28
1.56
1 54
1.52
1.53
1.53
H.56
1.57
1.54
1.53
Taxable
Price of
longterm
bonds
Taxable
104 59
106.03
106.46
106.61
104.82
105.28
104.87
104.11
103.25
• 2 . 2 6 103.58
.! 2 . 2 5
103.71
'2.24
103.87
?. 71
2.12
2.09
2.08
2.19
2.16
2.18
2.23
I 2.28
2.21
2 21
2.' 19
2.19
2.19
2.22
2.25
2.24
2.24
104.32
104 35
104.61
104.57
104.48
104.08
103.75
103.89
103.95
For footnotes see p. 1253.
OCTOBER
1947
1251
YIELDS ON UNITED STATES GOVERNMENT SECURITIES
UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES—Continued
[Yields in per cent per annum, monthly and weekly data are averages of daily figures]
Weekly Figures
Yields
Yields
Price of
longterm
bonds
Bonds
Week
ending
3month
bills 12
9-to
12month
certificates of
indebtedness 2
3- to 5year
taxable
issues 3
7-to
9year
taxable 3
15 years and
over
Partly
taxexempt
Taxable
Price of
longterm
bonds
Bonds
Week
ending
3month
bills i 2
9-to
12month
certificates of
indebtedness 2
3- to 5year
taxable
issues 2
Taxable
7-to
9year
taxable 3
15 years and
over
Partly
taxexempt
Taxable
Taxable
.375
.375
.375
.375
.80
.78
.79
.77
1.34
1.33
1.32
1.29
1.93
.91
.89
.86
1.83
1.80
1.80
1.81
2.45
2.45
2.44
2.43
1946
100.66 Jan. 5
100.84
12
100.96
19
101.15
26
.375
.375
.375
.375
.84
.82
.78
.77
1.12
1.07
1.05
1.03
1.35
1.31
1.32
1.30
2.29
2.23
2.19
2.18
103.32
104.30
104.86
105.01
3
10
17
24
.375
.375
.376
.375
.77
.77
.77
.76
1.25
1.24
1.23
1.20
.81
.78
.78
.75
1.80
1.76
1.74
1.73
2.41
2.40
2.39
2.37
101.48 Feb. 2
101.63
9
101.73
16
102.08
23
.375
.375
.375
.375
.78
.77
.76
.75
1.03
1.01
1.00
.96
1.30
1.28
1.27
1.28
2.17
2.14
2.10
2.10
105.22
105.74
106.33
106.31
Mar. 3
10
17
24
31
.375
.375
.375
.375
.376
.77
.78
.78
.78
.76
1.20
1.18
1.19
1.18
1.17
.74
.71
.71
.68
.69
1.72
1.69
1.70
1.70
1.71
2.38
2.40
2.41
2.40
2.39
101.82 Mar. 2
101.60
9
101.45
16
101.60
23
101.62
30
.375
.375
.375
.375
.375
.76
.78
.79
.80
.81
.93
.92
.93
.97
1.02
1.28
1.28
1.27
1.27
1.29
2.10
2.10
2.09
2.09
2.08
106.25
106.35
106.49
106.47
106.59
Apr.
7
14
21
28
.375
.375
.375
.375
.75
.76
.78
.79
1.15
1.15
1.14
1.14
.65
.62
.61
.60
1.70
1.68
1.67
1.68
2.39
2.38
2.40
2.39
101.65 Apr. 6
101.79
13
101.61
20
101.67
27
.375
.375
.375
.375
.80
.80
.80
.82
1.05
1.10
1.12
1.13
1.29
1.31
1.37
1.44
2.04
2.03
2.08
2.14
107.38
107.38
106.68
105.58
May
5
12
19
26
.375
.375
.375
.375
.79
.79
.80
.81
1.14
1.16
1.17
1.17
.56
.56
.59
.58
1.68
1.69
1.69
1.68
2.39
2.40
2.39
2.38
101.71
101.65
101.66
101.87
4
11
18
25
.375
.375
.375
.376
.83
.83
.83
.83
1.12
1.14
1.18
1.18
1.44
1.47
1.48
1.48
2.18
2.19
2.20
2.19
105.01
104.80
104.64
104.78
June
2
9
16
23
30
.375
.375
.375
.375
.375
.81
.81
.81
.81
.80
1.18
1.17
1.17
1.14
1.14
1.59
1.57
1.57
1.55
1.55
1.68
1.65
1.63
1.62
1.62
2.37
2.36
2.36
2.34
2.34
101.96 June 1
102.20
8
102.21
15
102.59
22
102.60
29
.375
.375
.375
.375
.376
.84
.83
.83
.83
.84
1.17
1.15
1.12
1.15
1.16
1.48
1.46
1.42
1.43
1.44
2.18
2.17
2.15
2.15
2.16
104.92
105.18
105.36
105.37
105.20
July
7
14
21
28
.375
.375
.375
.375
.79
.78
.80
.82
1.14
1.14
1.17
1.19
1.55
1.55
1.58
1.61
1.62
1.62
1.63
1.65
2.34
2.34
2.34
2.36
102.53 July 6
102.59
13
20
102.53
27
102.25
.375
.375
.375
.376
.84
.84
.84
.83
1.13
1.14
1.18
1.16
1.40
1.40
1.45
1.44
2.15
2.15
2.20
2.20
105.37
105.36
104.66
104.61
Aug.
4
11
18
25
.375
.375
.375
.375
.82
.81
.82
.83
1.18
1.17
1.17
1.19
1.59
1.59
1.61
1.60
1.67
1.67
1.69
1.70
2.35
2.34
2.36
2.38
.376
.376
.375
.375
.375
.84
.84
.84
.83
.84
1.16
1.16
1.17
1.20
1.22
1.46
1.46
1.47
1.51
1.53
2.23
2.22
2.22
2.23
2.25
104.17
104.31
104.25
104.05
103.77
Sept. 1
8
15
22
29
.375
.375
.375
.375
.375
.83
.84
.85
.85
.84
1.17
1.16
3 1.18
1.21
1.20
1.57
1.56
1.58
1.56
1.55
1.68
1.68
1.69
1.69
1.68
2.37
2.37
2.38
2.37
2.36
102.42 Aug. 3
102.44
10
102.27
17
101.95
24
31
102.06
102.02 Sept. 7
101.93
14
102.02
21
102.13
28
.375
.375
.375
.375
.85
.85
.85
.85
1.25
1.26
1.28
1.29
1.54
1.57
1.59
1.58
2.27
2.29
2.30
2.28
103.52
103.13
103.11
103.29
Oct.
6
13
20
27
.375
.375
.375
.375
.84
.84
.82
.81
1.20
1.17
1.16
1.16
1.53
1.51
1.49
1.48
1.65
1.62
1.61
1.60
2.36
2.35
2.34
2.34
102.23 Oct. 5
102.35
12
102.52
19
102.45
26
.375
.375
.375
.376
.85
.83
.83
.83
1.30
1.30
1.30
1.29
1.58
1.58
1.58
1.59
2.27
2.27
2.26
2.26
103.46
103.48
103.57
103.60
Nov. 3
10
17
24
.375
.375
.376
.375
.84
.84
.84
.84
1.17
1.15
1.13
1.13
.48
.43
.40
.40
1.60
1.58
1.56
1.55
2.35
2.33
2.33
2.33
.376
.376
.376
.376
.376
.84
.84
.85
.84
.85
1.27
1.27
1.27
1.28
1.30
1.58
1.57
1.59
.62
.64
2.24
2.24
2.25
2.26
2.27
103.87
103.95
103.77
103.59
103.42
Dec.
.375
.375
.375
.375
.373
.85
.84
.83
.83
.84
1.14
1.13
3 1.12
1.15
1.14
.40
.38
.38
1.40
1.37
1.53
1.51
1.51
2.33
2.32
2.34
2.34
2.32
102.34 Nov. 2
102.58
9
102.65
16
102.67
23
30
102.65
102.77 Dec. 7
102.55
14
21
102.57
28
102.84
.375
.375
.375
.374
.85
.85
.84
.85
1.31
1.29
31.32
1.29
.63
.59
.60
1.58
2.27
2.25
2.23
2.22
103.46
103.82
104.02
104.14
1945
Jan. 6
13
20
27
Feb.
1
8
15
22
29
(0
May
3
For footnotes see p. 1253.
1252
FEDERAL RESERVE BULLETIN
YIELDS ON UNITED STATES GOVERNMENT SECURITIES
UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES—Continued
[Yields in per cent per annum, monthly and weekly data and averages of daily figures]
Weekly Figures—Continued
Yields
9-to
123month
month
certifibills i 2 cates of
indebtedness 2
Week
ending
1947
Jan. 4
Yields
Bonds
3- to 5year
taxable
issues 8
7-to
9year
taxable s
15 years and
over
Partly
taxexempt
Taxable
Price of
longterm
bonds
Bonds
Week
ending
3month
bills i 2
Taxable
9-to
12month
certificates of
indebtedness 2
3- to 5year
taxable
issues 3
7-to
9year
taxable*
15 years and
over
Partly
taxexempt
Price of
longterm
bonds
Taxable
Taxable
11
18
25
.375
.376
.376
.376
.84
.84
.83
1^29
1.28
1.27
1.24
1.58
1.57
1.57
1.54
2 22
2.22
2.22
2.20
1947
104 18 June 7
104.23
14
104.30
21
104.45
28
.376
.376
.376
.85
.85
.85
85
1 26
1.27
» 1.32
1.32
1.52
1.53
M.58
1.59
2.20
2.21
2.24
2.24
104.41
104.20
103.95
103.81
1
8
15
22
.376
.376
.376
.376
.85
.84
.85
.85
1.25
1.25
1.26
1.26
1.55
1.54
1.55
1.54
2.21
2 21
2.21
2.21
104.35 July 5
104 39
1?
104.31
19
104.35
26
.594
737
.740
.740
.86
86
.85
.85
1.33
1 32
1.33
1.33
1.59
1 57
1.58
1.57
2.25
2.25
2.25
2.25
103.76
103.79
103.76
103.75
Mar. 1
8
15
22
29
.376
.376
.376
.376
.376
.85
.84
.83
.81
.81
1.27
1 27
1.25
1.23
1.21
1.55
1 54
1.53
1.52
1.51
2.21
2 20
2.19
2 19
2.18
104.38 Aug. 2
9
104 47
104.56
16
104 66
23
104.74
30
.740
741
.741
752
.766
.85
85
.85
85
.85
1
11
1.57
1 56
1.55
1 52
1.51
2.25
2 25
2.24
2.23
2.23
103.69
103.71
103.81
104.02
104.07
Apr.
19
26
.376
.376
.376
.376
.81
.82
.83
.83
1.22
1.22
1.25
1.24
1.52
1.52
1.54
1.53
2.19
2.18
2.20
2 20
104 69 Sept. 6
104.77
13
104.48
20
104 44
27
789
.802
.808
817
85
.87
.87
87
1 52
1.53
1.53
1.54
2.23
2.24
2.23
2 24
104.04
103.96
103.98
103.88
3
10
17
24
31
.376
.376
.376
.376
.376
.84
.85
.85
.85
.85
1.26
1.27
1.28
1.27
1.26
1.54
1.54
1.53
1.53
1.52
2.20
2.20
2.20
2.19
2.19
104.45
104.41
104.51
104.50
104.51
Feb.
5
12
May
.84
376
L 33
L .33
I 29
.27
L 27
.28
1.28
1 28
1
Rate on new issues offered within period.
2 Tax-exempt prior to Mar. 1, 1941; taxable thereafter.
• The composition of the series covering the 3- to 5-year taxable issues and the 7- to 9-year taxable bonds has been as follows:
Issues
Period
(All dates inclusive)
3- to 5-year taxable issues
7- to 9-year taxable bonds
Prior to Sept. 15, 1945
All taxable notes due within 3-5 years
All taxable bonds due or callable within 7-9 years
Sept. 15, 1945-Dec. 14, 1945
1 Vi% note —Sept. 1948
1)4% bond—Dec. 1950
All taxable bonds due or callable within 7-9 years
Dec. 15, 1945-June 14, 1946
13^% bond—Dec. 1950
2 % bond—June 1949-51
2 %
2M%
2 %
2^%
June 17, 1946-Dec. 14, 1946
1M% bond—Dec. 1950
2 % bond—Sept. 1950-52
2M% bond—June 1952-55
2 % bond—Dec. 1952-54
2 K % bond—Mar. 1956-58
Dec. 16, 1946-June 13, 1947
1 ^ % bond—Dec. 1950
2 % bond—Sept. 1950-52
2 % bond—Sept. 1951-53
2M%
2 %
2M%
2%%
June 16, 1947-
13^%
2 %
2 %
2 %
2Y2%
2 % bond—Dec. 1952-54
2 ^ % bond—Mar. 1956-58
2H% bond—Sept. 1956-59
bond—Dec. 1950
bond—Sept. 1950-52
bond—Sept. 1951-53
bond—Dec. 1951-55
bond—Mar. 1952-54
bond—June
bond—June
bond—Dec.
bond—Mar.
bond—June
bond—Dec.
bond—Mar.
bond—Sept.
1952-54
1952-55
1952-54
1956-58
1952-55
1952-54
1956-58
1956-59
* Price derived from average yield of partly tax-exempt bonds on basis of 2% per cent 16-year bond through October 1941.
average
of prices of taxable bonds due or callable in 15 years or more.
6
No partly tax-exempt bonds due or callable in 15-years and over.
OCTOBER
1947
Thereafter
1253
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting
in Washington on September 21-23, 1947, and met
with the Board of Governors of the Federal Reserve
System on September 23, 1947.
The Conference of Presidents of the Federal
Reserve Banks met in Washington, D. C. on October 3 and 4, 1947. The Presidents met with the
Board of Governors of the Federal Reserve System
on October 7, 1947.
A meeting of the Federal Open Market Committee was held in Washington, D. C. on October
6 and 7, 1947.
Election of Class A Director
On October 15, 1947, the Federal Reserve Bank
of Boston announced the election of Mr. Earle W.
Stamm, President of the National Bank of Commerce of New London, New London, Connecticut,
as a Class A director to fill the unexpired portion
of the term ending December 31, 1949. Mr. Stamm
succeeds Mr. Allen W. Holmes, deceased.
Appointment of Class C Director
The Board of Governors of the Federal Reserve
System on October 1, 1947, announced the appointment of Mr. William R. Wallace, Jr., San Francisco, California, as a Class C director of the Fed-
1254
eral Reserve Bank of San Francisco for the unexpired portion of the term ending December 31,
1947. Mr. Wallace is a member of the law firm
Williamson and Wallace.
Changes in the Board's Staff
Mr. Chandler Morse has resigned as Assistant
Director of the Division of Research and Statistics
of the Board of Governors in order to accept a
teaching position at Williams College, Williamstown, Massachusetts.
Mr. Bonnar Brown has been appointed Assistant
Director of the Board's Division of Research and
Statistics, effective October 20, 1947. Mr. Brown
has been serving as Assistant Director of the Board's
Division of Security Loans since July 1, 1944.
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, 1947 to September 15, 1947:
Montana
Livingston—Livingston State Bank
Texas
Anton—Citizens State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
f Compiled September 24, and released for publication September 26]
Industrial output in August recovered most of
the decline shown in July. Total value of retail
trade continued to show little change. Prices of
goods in wholesale and retail markets advanced
further to new high levels.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production was 182 per cent of the 1935-39
average in August as compared with 177 in July
and 184 in June. Most of the August advance was
due to increases in output of nondurable manufactured goods and minerals to levels slightly above
June rates. Activity in industries manufacturing
durable goods increased somewhat in August but
remained 3 per cent below the June level.
Output of steel rose to a rate of 90 per cent of
capacity in August, and indications are that it will
average about that rate in September. Automobile
production declined further in August, but advanced sharply in September. Output of lumber
and most other building materials advanced in
August, following decreases in July, while output
of nonferrous metal products continued to decline.
Output of most nondurable goods increased in
August, reflecting in part a recovery from exceptional vacation influences in July and in part in-
creased domestic demand in such lines as textiles
and leather products. Output of manufactured
food products continued to advance somewhat more
than is usual at this season.
Coal production rose sharply in August, the first
full month of operations under the new wage contracts, but output for the month was still below
the rate prevailing early this year. Output of crude
petroleum showed a further slight advance.
EMPLOYMENT
Employment in manufacturing increased in August, following a decline in July, and was somewhat larger than in June, reflecting chiefly seasonal
increases in the food and apparel industries. A
further rise in construction employment occurred
in August. The number of persons unemployed
declined to an estimated 2.1 million persons, which
was about the same as a year ago.
CONSTRUCTION
Value of contracts awarded for construction, as
reported by the F. W. Dodge Corporation, rose by
one-fourth from July to August and was higher
than in any month since the postwar peak of May
1946. Increases occurred in all major types of conCONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
220
/
1
L
1-
7*
-J
/
200
180
160
J
!40
\
\
J
f
/>
-
V
j
1
1939
R0
1939
1940
1941
1942
1943
1944
1945
1946
Federal Reserve index. Monthly figures, latest shown are for
August.
OCTOBER
1947
194!
1943
1945
1947 1939
1941
1943
1945
1947
1947
F. W. Dodge Corporation data for 37 Eastern States. Nonresidential includes awards for buildings and public works and
utilities. Monthly figures, latest shown are for August,
1255
NATIONAL SUMMARY OF BUSINESS CONDITIONS
struction but were especially marked in awards for
public utility construction, which more than
doubled. Awards for all other nonresidential construction rose somewhat, while value of awards for
residential building increased by more than onefourth. The number of new permanent houses
started in August was estimated by the Bureau of
Labor Statistics to be 83,000 units as compared
with 80,000 last month and 65,000 a year ago.
DISTRIBUTION
Department store sales in August and the first
half of September increased by less than the usual
amount at this time of the year. Value of sales
was about two per cent less than in the corresponding period last year. Retail sales at all types of
stores were about five per cent larger in August
than in the same month a year ago, reflecting
chiefly increased sales of durable goods. Value of
sales of most nondurable goods was only slightly
larger, although retail prices were considerably
higher than in August 1946.
Loadings of railroad revenue freight increased
considerably in August to a rate slightly above the
same month a year ago. The August increase reflected a sharp rise in coal shipments and a substantial gain in loadings of miscellaneous freight.
In the early part of September freight carloadings
continued at a high level, after allowance for the
usual Labor Day influence.
COMMODITY PRICES
The general level of wholesale commodity prices
advanced further from the middle of August to
CONSUMERS PRICES
PER
BANK CREDIT
Further large gold inflows and a shift of funds
from Treasury and foreign balances at Reserve
Banks to accounts held at commercial banks in
August and the first half of September provided
funds for a substantial expansion in member bank
reserves, a large outflow of currency associated
with cashing of veterans' Terminal Leave Pay
Bonds, and a decline in Federal Reserve holdings
of Government securities. Required reserves increased considerably during the period reflecting
large additional expansion in bank deposits.
Commercial and industrial loans at banks in
leading cities continued to increase sharply in August and early September. Consumer and real
estate loans also expanded further, and holdings
of Government securities showed little change.
MEMBER BANK RESERVES AND RELATED ITEMS
PE
1935-39-100
CENT
the middle of September, and exceeded the peak
reached in March of this year by aboutfiveper
cent. Prices of farm products and foods showed
the largest increases. Prices of many industrial
commodities have risen sharply since June.
Retail prices increased about one per cent from
June to July, according to preliminaryfiguresfor
the consumers' price index of the Bureau of Labor
Statistics. Rent levels in the six cities surveyed
showed somewhat less than one per cent rise in
July, which was the first month affected by the
new controls permitting increases of 15 per cent
on new leases extending through 1948. Indications
are that retail prices have risen further since that
time.
BILLION9 OF DOLLARS
200
ii
180
160
A;
CLO
*~"
140
™2J
^ A L L ITEMS
120
RENT
100
80
r'.
1939
80
1940
1941
1942
1943
1944
1945
1946 1947
Bureau of Labor Statistics' indexes. "All items" includes
housefurnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for July.
1256
Wednesday figures, latest shown are for Sept. 24.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
All insured commercial banks in the United States, by classes
Weekly reporting member banks
....
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates and bond yields
Security prices and new issues...
Corporate earnings and dividends. .
Treasury
finance
Government corporations and credit agencies. .
Business indexes
Department store statistics..
Consumer credit statistics..
Cost of living
Wholesale prices
Gross national product, national income, and income payments
Current statistics for Federal Reserve chart books.
August crop report, by Federal Reserve districts
Ownership of U. S. Government marketable public issues
Number of banking offices on Federal Reserve par list and not on par list
Member bank earnings, 1947...
Assets and liabilities of insured commercial banks in United States and
possessions on June 30, 1947, December 31, 1946, and June 29, 1946
1259
1260
1261-1264
1265
1265-1266
1267-1268
1268
1269
1270-1271
1272-1273
1274-1277
1278
1279
1280-1281
1282
1283-1285
1286
1287-1296
1297-1299
1300-1302
1303
1304
1305-1306
1307-1311
1311
1312-1313
1314
1315
1316-1317
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
OCTOBER
1947
1257
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1939
1940
1941
1942
1943
1944
1945
1946
1947
1939
1940
1941
1942
1943
1944
1945
1946
1947
10
Wednesday figures, latest shown are for Sept. 24. See p. 1259.
1258
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S Government
securities
Discounts
and
advances Total
Date
Monthly averages of
daily figures:
1946—June
July
Treasury
bills
and
certificates
All
other
All
other1 Total
Gold
stock
TreasTreasOther
ury
Treas- ury de- Non- Fedposits
eral
cur- Money
ury
cirwith memRerency in
cash
culaFederal ber de- serve
outholdtion
posits
Reacstandings
serve
counts
ing
Banks
245
240
247
162
119
165
23,152
23,473
23,584
21,658
21,877
22,055
20,570
22,122
22,233
20,561
20,781
20,964
2,582
1,351
1,351
L.O97
1,096
1,091
503
458
427
397
346
302
23,900
24,171
24,258
22,217
22,342
22,521
20,267
20,270
20,271
21,092
21,399
21,648
4,536
4,538
4,541
4,560
4,552
4,551
28,140
28,281
28,352
28,236
28,259
28,252
2,266
2,251
2,262
1,339
1,325
1,326
686
589
524
557
735
957
1,053
1,274
1,328
End-of-month figures:
1946—June 2 9 . . . .
July 3 1 . . . .
Aug. 30
1947—June 30
July 3 1 . . . .
Aug. 30
157
246
331
70
137
185
23,783
23,633
23,946
21,872
21,549
22,192
21,280
22,282
22,595
20,775
20,454
21,103
2,503
1,351
1,351
1,097
1,095
1,089
516
286
471
228
189
382
24,456
24,164
24,748
22,170
21,875
22,759
20,270
20,267
20,280
21,266
21,537
21,766
4,539
4,540
4,544
4,552
4,552
4,553
28,245
28,254
28,448
28,297
28,149
28,434
2,251
2,250
2,256
1,314
1,327
1,323
833
513
704
756
795
751
1,250
1,401
1,345
1,066
1,343
Wednesday figures:
Nov. 6
Nov. 13
Nov. 20
Nov. 27
376
397
330
283
23,515
23,684
23,522
23,682
22,020
22,105
21,933
22,093
1,494
1,578
1,588
1,588
216
484
463
451
24,107
24,565
24,314
24,416
20,405
20,420
20,461
20,469
4,548
4,548
4,548
4,548
28,750
28,761
28,689
28,815
2,276
2,294
2,285
2,271
408
967
577 1,044
633 1,021
665
246
290
303
340
163
23,888
24,128
23,211
23,722
23,350
22,239
22,479
22,102
22,613
22,241
1,648
1,648
1,109
1,109
1,109
452
378
815
815
581
24,585
24,796
24,328
24,877
24,093
20,477
20,450
20,477
20,527
20,529
4,550
4,551
4,554
4,554
4,562
28,906
28,946
29,109
29,163
28,952
2,288
2,270
2,208
2,258
2,272
679
626
237
547
393
247
243
238
317
23,733
23,327
23,430
23,863
22,624
22,218
22,322
22,754
1,109
1,109
1,109
1,109
396
536
533
335
24,375
24,105
24,201
24,514
20,531
20,567
20,692
20,808
4,561
4,560
4,559
4,559
28,748
28,518
28,369
28,265
2,281
2,291
2,295
2,325
401
409
862
Feb. 5
Feb. 12
Feb. 19
Feb. 26
278
393
342
392
23,412
23,803
23,918
24,044
22,303
22,694
22,773
22,861
1,109
1,109
1,145
1,183
359
442
414
326
24,050
24,638
24,674
24,761
20,749
20,751
20,770
20,322
4,559
4,558
4,556
4,556
28,295
28,346
28,276
28,262
Mar.
Mar.
Mar.
Mar.
5
12....
19
26
239
237
234
287
23,242
23,247
22,411
22,810
22,044
22,050
21,306
21,704
1,198
1,198
1,105
1,105
323
295
402
390
23,804
23,780
23,047
23,486
20,376
20,403
20,413
20,438
4,557
4,557
4,557
4,556
Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16....
23....
30
429
277
101
141
125
21,938
22,276
21,905
21.829
21,857
20,833
21,171
20,800
20,724
20,752
1,105
1,105
1,105
L.105
1,105
391
339
468
259
223
22,758
22,893
22,474
22,230
22,205
20,486
20,497
20,583
20,621
20,774
May
May
May
May
7
14....
21
28
102
139
117
130
21,852
21,762
21,676
21,590
20,747
20,671
20,589
20,485
1,105
L,091
1,087
]1,105
276
331
278
299
22,230
22,233
22,071
22,019
June
June
June
June
4
11
18
25
173
175
132
132
21,760
21,578
21,186
21,582
20,664
20,482
20,089
20,485
1,097
1,097
L.097
L.097
301
287
479
343
July
July
Tuly
July
July
Aug.
Aug.
Aug.
Aug.
2....
9....
16....
23....
30....
6....
13....
20....
27
110
120
99
118
111
21,629
21,611
21,758
21,700
22,012
20,532
20,515
20,663
20,605
20,917
1,097
1,097
1,095
1,095
1,095
123
183
239
134
21,869
22,030
22,097
22,107
20,777
20,939
21,008
21,018
Sept. 3 . . . .
Sept. 1 0 . . . .
Sept. 17
Sept. 24
125
120
130
119
22,224
22,042
21,756
22,118
21,135
20,848
20,562
20,927
Aug
1947—June.
July
Aug
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
1947—Jan. 8
Jan. 1 5 . . . .
Jan. 22
Jan. 29
Member
bank reserve
balances
Total
Excess-
561
567
573
632
632
624
15,996
16,017
16,031
16,154
16,347
16,481
561
562
574
629
621
626
16,123 1,112
856
15,991
16,245 1,085
738
16,112
399
16,007
823
16,601
953
599
599
597
598
16,060
16,259
16,098
16,131
637
838
618
643
917
875
770
848
822
600
601
609
612
607
16,222
16,479
16,517
16,530
16,139
669
874
656
913
562
966
967
1,004
1,536 1,021
614
615
613
612
16,457
16,431
16,308
16,124
903
850
726
663
2,320
2,335
2,324
1,381
863
1,162
938
1,711
649
2,358
2,372 1,218
622
623
623
624
16,095
15,994
15,770
15,781
761
779
614
703
28,335
28,330
28,242
28,170
1L.331
1,407
1,429
1,108
1,172
1,148
1,060
626
627
636
637
15,930
15,847
15,943
15,658
800
718
673
559
4,557
4,559
4,558
4,558
4,561
28,247
28,250
28,163
28,105
28,114
1,333
1,336
1,332
1,338
1,329
946
753
613
482
619
1,093
642
641
641
643
627
15,540
15,934
15,987
15,820
15,826
563
886
844
658
654
20,811
20,878
20,888
20,932
4,560
4,559
4,559
4,561
28,197
28,134
28,116
28,211
1,328
1,337
1,338
L,372
654
556
539
751
1,066
957
846
626
628
626
626
15,877
15,949
15,942
15,705
654
787
752
520
22,234
22,040
21,797
22,057
20,990
21,026
21,123
21,174
4,561
4,561
4,561
4,553
28,261
28,253
28,195
28,183
L.366
L.332
L.333
1,329
653
495
225
642
956
889
857
915
629
629
632
636
15,921
16,028
16,241
16,081
626
667
750
674
406
304
391
275
187
22,145
22,035
22,248
22,093
22,310
21,284
21,336
21,434
21,467
21,537
4,559
4,551
4,550
4,550
4,551
28,409
28,363
28,225
28,145
28,129
1,325
1,329
1,331
1,330
1,341
658
566
756
939
705
977
844
952
818
1,236
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
1,092
1,091
1,089
,089
219
282
300
237
22,211
22,494
22,636
22,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
1,330
1,329
1,330
1,335
1,071
1,053 1,000
987
1,265
915 1,123
621
622
624
626
16,409
16,428
16,407
16,493
741
779
721
775
,089
,194
,194
,191
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,550
4,552
28,749
28,742
28,633
28,556
1,323
L.329
1,306
1,319
1,149
632
632
642
645
841
16,628
16,932 1,015
P
I
.
1
45
17,128
16,831 P953
L.335
L.335
11,355
713
1,600
950
994
1,079
881
:L.033
879
1,021
1,025
918
728
459
243
240
800
960
930
924
943
928
891
785
781
800
* Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Backfigures.—SeeBanking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
!
OCTOBER
1947
1259
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)*
Federal Reserve Bank
Other secured advances
[Sec. 10(b)]
Effective
Rate
Effective
Rate
Effective
Apr. 27,1946
Apr. 25,1946
Apr. 25,1946
M a y 3, 1946
May 10, 1946
May 10, 1946
Apr. 26,1946
Apr. 26,1946
Apr. 26,1946
Apr. 27,1946
M a y 10, 1946
Apr. 25,1946
IK
IK
Oct. 27,1942
Oct. 30,1942
Oct. 17,1942
Sept. 12,1942
Oct. 28,1942
Oct. 15,1942
Aug. 29, 1942
Mar. 14, 1942
Oct. 30,1942
Oct. 27,1942
Oct. 17,1942
Oct. 28,1942
2
Mar. 29,1946
Apr. 6, 1946
Mar. 23, 1946
Mar. 9, 1946
Mar. 16,1946
Mar. 16,1946
Mar. 16,1946
Mar. 16,1946
Mar. 23,1946
Apr. 13,1946
Mar. 16,1946
Apr. 25,1946
Rate
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S,
(last par. Sec. 13)
IK
IK
IK
IK
IK
IK
IK
IK
i*
2
I*
2
2
2
2
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 26 months.
2K
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations
of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Treasury bills issued prior to
July 10, 1947
Bankers' acceptances:
1- 90 days
91-120 days
121-180 days
Rate on
Sept. 30
l
H
1
1
1
In effect beginning—
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Previous
rate
Maturities not exceeding five years
[In effect September 30. Per cent per annum]
Apr. 30, 1942
2
Aug.
2
To industrial or
commercial
businesses
H
24, 1946
Aug. 24, 1946
2Qct. 20, 1933
Federal
Reserve
Bank
* Prior to July 10, 1947, rate applied to all outstanding Treasury bills.
* Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
21, 1917-Aug. 15, 1936..
16, 1936-Feb. 28, 1937..
1, 1937-Apr. 30, 1937..
1, 1937-Apr. 15, 1938..
16, 1938-Oct. 31,1941..
1, 1941-Aug. 19, 1942..
20, 1942-Sept. 13, 1942..
14, 1942-Oct.
2,1942..
3, 1942 and after
Central
reserve
city
banks
13
19K
22^
26
22^
26
24
22
20
Time
deposits
Reserve Country
(all
city
banks member
banks
banks)
10
15
17H
20
17K
20
20
20
20
3
4K
SX
7
10M
12K
14
12
14
14
14
14
6
5
6
6
6
6
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas C i t y . .
Dallas
San Francisco.
2K
2K
2K
2K
2K
2M
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
1260
On
loans 1
2K-5
2K-5
2K-5
2M-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-S
On
commitments
Portion
for which
institution is
obligated
-l
8
Remaining
portion
On
commit
ments
K-l
Ki
2
«2
K l X
%-WA
K-iK
%-WA
l-i K
8
8
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
•4 Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
1
Charge of K per cent is made on undisbursed portion of loan.
Back figures.See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN R E Q U I R E M E N T S '
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Nov.l, 1933-Feb.l, 1935- Effective
Jan. 31.1935 Dec.31,1935 Jan. 1,1936
2K
2K
On discounts or
purchases
1
1
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]
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . . .
In less than 90 days
To financing institutions
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19461945Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Sept. 24
Sept. 17
Sept. 10
Sept. 3
End of month
Aug. 27
Aug. 20
Sept.
Aug. 13
Aug.
Sept.
Assets
20,017,674 20 019,670 19,892,174 19,846,672 19,841,192 19,750,179 19,694,179 20,017,671 19,850,675 17,327,179
Gold certificates
Redemption fund for
705,527
699,972
705,068
682,942
687,443
676,616
672,616
705,068
683,443
767,837
F. R. notes
Total gold certificate reserves
20,722,742 20,725,197 20,592,146 20,534,115 20,524,134 20,426,795 20,366,795 20,722,739 20,534,118 18,095,016
Other cash
259,082
252,704
237,937
89,146
100,279
29,500
29,500
118,646
1,901
Industrial loans
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
771,360
option
Other
13,139,619
Certificates:
Special
7,015,916
Other
471,800
Notes
719,690
Bonds
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
231,916
259,733
90,995
95,521
29,500
29,500
129,779
120,495
125,021
1,829
1,905
269,358
268,739
105,060
109,674
29,500
129,530
134,560
1,831
267,138
257,366
153,675
60,239
155,633
69,635
29,530
31,700
29,500
143,800
239,204
183,205
91,939
185,133
213,435
1,794
1,667
1,892
4,053
1,858
1,103
1,821
291,274
823,640 1,493,690 2,171,362 2,621,080 3,084,431 3,438,088
456,035 2,269,129 5,058,167
12,312,408 11,987,458 11,527,448 11,073,758 10,696,996 13,563,291 11,937,708 9,652,760
,025,416 7,042,216 6,976,216 6,869,216 6,849,716 6,803,566 7,118,566 6,896,216 7,914,909
369,300
474,300
474,300
369,300
369,300
471,800
668,100
369,300
369,300
719,690
719,690
719,690
719,690
719,690
721,690
719.690
755,290
719,690
Total U. S. Govt.
22,118,385
,755,623 22,042,304 22,224,026 22,106,734 22,096 ,895 22,029,640 22,329,382 22,192,043 24,049,226
securities
Other Reserve Bank
333,873
379,648
328,232
506,573
307,164
297 ,985
302,365
234,588
272,356
credit outstanding. . .
279,735
Total Reserve Bank
credit outstanding 22,572,805 22,393,804 22,471,868 22,623,211 22,477,713 22,635 ,878
22,729,631 22,758,682 24,593,826
22,494,247
Liabilities
Federal Reserve notes. 24,489,812 24,565,897
24,622,738 24,225,486 24,161 831 24,144,768 24,481,766 24,345,032 24,448,024
Deposits:
Member bank — reserve account
16,830,557 17,128,005 16,932,002 16,627,511
16,784 ,'308 16,601,053 15,910,026
16,407,371
16,428,266
U. S. Treasurer—gen799,663
750,608 1,081,036
eral account
242,854
240,394
915,237 1,265 ,056 1,052 669 1,091,445
459,209
651,690
612,471
400,720
334,673
Foreign
428,670
432,138
540,833
493 ,209
569,690
518,836
691,312
507,119
456,785
523,507
531,666
Other
497,686
582,230
493 ,592
579,805
480,829
Total deposits
18,659,228 18,480,600 18,717,545 18,694,663 18,060,318
18,554,447 18,298,223 18,135,192 18,236,215
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent). . .
48.0
47.7
42.6
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 2 4 . . .
Industrial loans:
Aug. 2 7
Sept. 3 . . .
Sept. 10. ..
Sept. 17
Sept ?4
U. S. Government securities:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24.
OCTOBER
1947
22
22
22
21
22
Within
15 days
16 to 30
days
134,560
125,021
120,495
129,779
118,646
96,099
89,014
93,782
106,427
95,160
16,371
19,531
15,374
17,456
4,944
1,831
1,80S
1,905
1,829
1,901
1,311
1,288
1,357
1 ,282
1,348
3
3
,106,734
,224,026
,042,304
,755,623
,118.385
4 ,454,208
3 ,697,923
3 ,390,040
3 ,038,532
3 ,417,902
2 ,327,022
2 ,327,481
2 ,444,442
2 ,131,000
11 ,872,150
61 to 90 91 days to 6 months
6 months to 1 year
days
31 to 60
days
15,660
14,099
5,764
3,391
2,547
6,430
2,377
5,575
2,505
6,084
" 2
2
26
2
4 ,330,964
4 ,112,927
3 ,898,807
4 ,078,979
4 ,273,209
26
25
25
25
4 ,221,109
4 ,571,292
4 ,675,612
4 ,711,609
4 ,771,621
''9[899
12
27
26
26
56
62
53
53
84
54
53
2 712,022
3 ! 021,880
3 , 021,880
3 , 016,080
3
3
3
3
? 983,580 3
083
514
633
917
940
319
433
433
833
833
1 year to 2 years to
2 years
5 years
110
110
110
109
110
295
295
295
178
176
,400
,400
,400
,900
,400
Over
5 years
301
301
301
302
301
148
148
148
255
255
350
350
350
150
150
534
534
534
427
427
,340
,340
,340
,540
,540
1261
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
10,841,192
Aug. 27
19,846,672
Sept. 3
19,892,174
Sept. 10
20,019,670
Sept. 17
20,017,674
Sept. 24
Redemption fund
for F. R. notes:
682,942
Aug. 27
687,443
Sept. 3
699,972
Sept. 10
705,527
Sept. 17
705,068
Sept. 24.
Total gold certificate reserves:
20,524,134
Aug. 27
20,534,115
Sept. 3
20,592,146
Sept. 10
20,725,197
Sept. 17
20,722,742
Sept. 24
Other cash:
259,733
Aug. 27
231,916
Sept. 3
237,937
Sept. 10
252,704
Sept. 17
259,082
Sept. 24
Discounts & advances:
Secured by
U. S. Gov't.
securities:
104,794
Aug. 27. .
95,259
Sept. 3. .
90,760
Sept 10. .
Sept. 17. . 100,052
Sept. 24. .
88,868
Other:
29,766
Aug. 27. .
29,762
Sept. 3. .
Sept. 10. .
29,735
29,727
Sept. 17. .
Sept. 24. .
29,778
Industrial loans:
1,831
Aug. 27
1,808
Sept. 3'.'.'.'...
1^905
Sept. 10
1^829
Sept. 17
Sept. 24
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Aug. 27. . 2,621,080
Sept. 3. . 2,171,362
Sept. 10. . 1,493,690
Sept. 17. . 823,(640
Sept. 24. . 771,360
(Jtner Dins.
Aug. 27. . 11,527,448
Sept. 3.. 11,987,458
Sept. 10. .12,312,408
Sept. 17. .12,712,577
Sept. 24. .13,139,619
Certificates:
Aug. 27 .. 6,869,216
Sept. 3. . 6,976,216
Sept. 10. . 7,042,216
Sept. 17. . 7,025,416
Sept. 24. . 7,015,916
Notes:
369,300
Aug. 27
369,300
Sept. 3....
Sept. 10. . . . 474,300
Sept. 17. . . . 474,300
471,800
Sept. 24
Bonds:
Aug. 27. . . . 719,690
719,690
Sept. 3....
Sept. 10
719,690
Sept. 17
719,690
Sept. 24
719,690
Total U. S. Govt.
securities:
22,106,734
Aug. 27
22,224,026
Sept. 3
22,042,304
Sept. 10
21,755,623
Sept. 17
22,118,385
Sept. 24
Total loans and
securities:
22,243,125
Aug. 27
22,350,855
Sept. 3
Sept. 10
22,164,704
21,887,231
Sept. 17
22,238.932
Sept. 24
1262
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
569,687
568,656
568,558
575,081
575,151
353,005
348,192
354,135
364,995
351,212
597,583
596,868
597,638
602,959
589,813
470,038
485,001
474,054
488,162
467,086
2,715,441
2,700,910
2,728,239
2,618,773
2,632,280
93,090
93,090
97,886
97,725
97,581
45,259
45,259
45,205
45,154
45,111
21,101
21,601
22,079
22,063
22,051
36,054
36,054
36,006
35,977
35,948
24,087
25,087
26,043
26,013
25,988
52,826
52,827
52,682
52,563
52,443
850,732
828,596
819,092
788,116
774,326
4,198,319
4,191,749
4,250,551
4,377,784
4,406,320
614,946
613,915
613,763
620,235
620,262
374,106
369,793
376,214
387,058
373,263
633,637
632,922
633,644
638,936
625,761
494,125
510,088
500,097
514,175
493,074
2,768,267
2,753,737
2,780,921
2,671,336
2,684,723
13,263
11,810
12,204
13,098
13,743
20,396
16,183
18,096
19,188
20,810
40,971
36,691
38,215
39,445
39,687
14,389
12,405
11,477
10,458
11,236
8,094
7,435
7,121
6,897
8,244
8,599
7,524
8,806
8,809
10,624
10,101
8,574
8,739
9,912
10,660
38,152
35,466
36,834
42,568
43,183
13,000
11,665
21,474
15,635
18,235
7,291
6,786
3,936
4,486
10,185
4,957
4,957
1,857
707
7,507
6,800
7,520
10,970
220
4,020
12,711
12,456
6,525
7,846
16,555
390
390
90
90
10,090
4,120
6,470
5,370
3,570
10,200
5,376
326
301
301
301
10,134
4,234
2,584
511
1,111
2,822
2,818
2,791
2,787
2,801
1,545
1,545
1,545
1,545
1,596
1,243
1,243
1,243
1,243
1,243
4,012
4,012
4,012
4,012
4,012
1,087
1,087
1,087
1,083
1,069
738
738
738
738
738
1,032
1,032
1,032
1,032
1,032
973
973
973
973
973
2,596
2,596
2,596
2,596
2,596
742,254
721,133
715,070
765,080
728,504
6,667,210
6,739,213
6,754,216
6,750,710
6,838,794
807,005
821,174
805,556
847,867
832,076
1,153,635
1,122,691
1,126,218
1,148,480
1,146,166
855,331
861,537
844,530
841,053
825,083
55,533
55,533
55,392
55,657
55,175
116,813
116,813
121,227
120,751
120,329
60,117
61,117
60,852
60,649
60,471
75,238
75,238
75,030
75,353
75,196
56,866
58,866
59,773
61,957
63,219
45,958
45,958
47,797
51,665
51,556
797,787
776,666
770,462
820,737
783,679
6,784,023
6,856,026
6,875,443
6,871,461
6,959,123
867,122
882,291
866,408
908,516
892,547
1,228,873
1,197,929
1,201,248
1,223,833
1,221,362
912,197
920,403
904,303
903,010
888,302
27,359
22,260
22,508
23,420
24,306
47,029
42,504
44,997
45,871
42,645
12,009
10,345
10,486
11,652
13,512
19,371
20,719
18,454
21,386
20,432
8,940
7,690
4,948
4,115
2,379
24,005
25,705
29,180
59,756
6,535
7,070
7,060
3,525
2,815
1,750
1,888
1,888
1,888
1,888
1,888
9,440
9,440
9,440
9,440
9,440
2,390
2,390
2,390
2,390
2,390
3
3
3
Chicago
1,828
1,805
1,871
1,796
1,865
804,774 4,105,229
782,638 4,098,659
771,295 4,152,665
736,451 4,280,059
722,770 4,308,739
31
30
36
65,818 1,704,730
29,052 1,367,485
997,826
20,215
501,080
11,400
510,649
8,600
82,960
59,650
40,950
14,450
14,760
15,120
24,015
18,355
8,450
6,100
29,550
16,840
18,110
18,444
23,144
5,660
9,500
3,400
3,000
2,000
528,365
497,055
321,525
203,875
148,404
44,915
29,812
21,125
19,462
24,612
14,818
8,452
3,442
8,550
4,942
12,414
19,712
23,692
9,729
12,219
7,080
7,939
5,350
150
109,650
101,850
19,700
25,050
15,930
1,093,357
1,388,058
1,641,891
1,914,951
2,026,996
1,069,323
1,062,660
1,071,869
1,076,346
1,127,619
1,417,630
1,425,351
1,377,257
1,375,133
1,432,201
1,025,030
1,054,187
1,074,783
1,058,276
1,082,481
890,760
915,184
932,436
953,682
976,354
1,504,310
1,563,717
1,617,154
1,668,832
1,723,982
639,031
644,177
654,002
658,054
657,913
443,042
455,223
443,829
437,017
454,452
769,981
756,604
736,718
755,698
752,785
553,656
534,362
546,373
546.408
567,673
1,243,593
1,289,864
1,322,549
1,362,802
1,405,757
450,852 1,808,967
458,301 1,835,101
463,301 1,849,277
462,133 1,845,172
461,461 1,842,896
453,481
461,434
467,185
465,937
465,213
680,699
691,054
697,208
695,582
694,667
418,277
425,024
429,404
428,343
427,741
346,775
352,418
356,129
355,244
354,737
848,021
861,756
870,731
868,574
867,342
370,200
375,555
378,469
377,627
377,161
194,738
197,767
199,630
199,154
198,885
331,252
336,451
339,695
338,880
338,416
323,903
328,643
331,273
330,529
330,116
642,051
652,712
659,914
658,241
657,281
24,239
24,261
31,204
31,199
31,032
97,253
97,145
124,551
124,571
123,929
24,380
24,427
31,465
31,457
31,284
36,595
36,583
46,958
46,960
46,715
22,487
22,499
28,920
28,919
28,764
18,643
18,656
23,986
23,983
23,855
45,591
45,619
58,644
58,639
58,326
19,903
19,881
25,490
25,495
25,363
10,469
10,469
13,445
13,445
13,375
17,809
17,811
22,879
22,878
22,758
17,413
17,397
22,312
22,315
22,199
34,518
34,552
44,446
44,439
44,200
47,236
47,280
47,348
47,341
47,337
189,526
189,315
188,990
189,021
189,043
47,511
47,603
47,745
47,731
47,721
71,317
71,292
71,252
71,256
71,259
43,823
43,846
43,883
43,880
43,877
36,331
36,357
36,395
36,391
36,389
88,847
88,902
88,985
88,977
88,972
38,786'
38,744
38,678
38,685
38,689
20,403
20,402
20,402
20,402
20,402
34,706
34,709
34,716
34,715
34,715
33,936
33,904
33,855
33,860
33,863
67,268
67,336
67,441
67,431
67,423
1,465,880
1,456,965
1,455,615
1,457,451
1,479,836
4,893,833
4,877,104
4,802,535
4,574,795
4,693,513
1,677,655
1,655,774
1,659,214
1,635,921
1,686,597
2,221,361
2,248,295
2,211,030
2,197,381
2,250,942
1,539,167
1,562,396
1,595,100
1,577,862
1,606,007
1,298,169
1,332,115
1,352,346
1,372,300
1,393,335
3,015,134
3,057,049
2,957,039
2,888,897
2,887,026
1,112,835
1,108,169
1,117,764
1,119,323
1,123,738
683,470
692,313
680,748
678,568
692,056
1,166,162
1,165,287
1,157,700
1,161,900
1,160,893
935,988
922,245
939,163
933,262
953,851
2,097,080
2,146,314
2,114,050
2,157,963
2,190,591
1,476,711
1,466,546
1,462,454
1,463,457
1,484,103
4,927,278
4,912,249
4,841,155
4,643,991
4,709,488
1,688,943
1,667,029
1,667,000
1,642,922
1,692,602
2,237,183
2,262,778
2,235,295
2,215,803
2,271,978
1,548,003
1,570,727
1,600,612
1,583,923
1,617,824
1,304,369
1,338,315
1,355,446
1,374,250
1,402,085
3,025,946
3,068,581
2,972,021
2,893,129
2,895,058
1,126,633
1,121,712
1,125,376
1,128,252
1,141,362
684,598
693,441
681,576
679,396
702,884
1,171,314
1,172,789
1,164,102
1,166,502
1,172,125
942,337
923,544
940,437
934,536
955,125
2,109,810
2,153,144
2,119,230
2,161,070
2,194,298
877,735
898,071
893,547
905,378
931,406
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
I
Due from foreign
banks:
102
6
9
5
4
14
4
3
8
3
4
9
Aug. 27
I 33
102
6
133
8
9
5
4
14
4
4
3
3
9
Sept. 3
130
99
6
8
9
5
4
14
3
4
3
3
9
Sept. 10
99
6
130
8
9
5
4
14
4
3
9
3
4
Sept. 17. .. .
130
99
6
8
9
5
4
14
3
4
4
3
9
Sept. 24. .. .
Federal Reserve
notes of other
Banks:
7,599
120,898
11,707
15,207
3,435
8,226
7,452
5,725
5,323
18,970
16,022
13,279
7,953
Aug. 27
Sept. 3
101,676
5,093
15,819
3,948
6,000
8,349
6,812
13,913
12,548
4,398
7,690
2,835
14,271
Sept. 10
115,147
4,372
20,693
5,866
5,645
7,971
11,616
14,526
10,331
7,534
7,048
3,712
15,833
Sept. 17
134,234
5,171
22,727
6,214
6,753
9,736
12,122
16,914
13,507
9,190
8,942
4,289
18,669
Sept. 24
134,758
4,904
21,473
6,521
6,746
11,347
12,351
17,095
11,633
8,312
9,083
5,241
20,052
Uncollected
items:
2,251,365 176,466
97,629
430,453 147,734 205,898 209,709 134,922 340,195
62,505 118,546 116,856 210,452
Aug. 27 ..
Sept. 3
2,365,562 195,924
463,249 154,273 207,569 217,926 161,661 351,683 111,003
68,473 132,909
98,019 202,873
Sept. 10
2,468,182 196,606
484,226 162,529 216,880 229,999 148,980 376,163 115,567
75,512 136,635 106,961 218,124
Sept. 17
3,261,510 262,851
608,142 233,817 308,192 312,942 210,296 497,667 144,321
87,650 158,080 135,413 302,139
Sept. 24
2,727,757 214,891
509,509 192,076 268,248 250,770 165,238 403,605 120,329
79,601 144,919 115,960 262,611
Bank premises:
1,259
1,497
31,845
2,648
3,784
3,030
1,983
775
8,331
3,101
2,480
1,219
1,738
Aug. 27
772
Sept. 3
31,804
1,259
8,312
3,101
3,775
2,648
1.497
3,030
1,219
1,979
2,474
1,738
773
Sept. 10
31,837
1,259
8,312
3,133
3,775
2,648
1,497
3,030
1,219
1,979
2,474
1,738
773
31,863
1,259
8,312
3,133
3,775
2,648
1,497
3,056
1,219
1,979
2,474
1,738
Sept. 17
773
33,264
1,259
8,312
3,127
5,189
2,641
1,497
3,056
1,219
1,979
2,474
1,738
Sept. 24
Other assets:
3,658
58,506
5,960
3,036
3,514
3,563
7,394
2,808
14,940
3,467
1,657
2,720
5,789
Aug. 27
53,517
3,342
13,170
3,273
5,680
3,218
2,844
7,001
1,472
3,256
2,447
2,542
5,272
Sept. 3
56,759
3,597
13,827
3,418
6,650
3,518
2,888
7,312
1,548
3,382
2,605
2,394
5,620
Sept. 10
Sept. 17
49,749
3,274
11,527
2,948
6,238
2,946
2,579
6,372
1,396
3,015
2,306
2,291
4,857
49,430
3,226
12,093
3,015
4,992
3,126
2,607
6,499
1,275
3,077
2,366
2,319
4,835
Sept. 24
Total assets:
45,489,708 2,490,845 12,231,057 2,728,156 3,706,401 2,697,614 2,326,663 7,631,076 1,866,503 1,145,461 1,945,253 1,570,440 5,150,239
Aug. 27
45,669,547 2,471,096 12,311,362 2,724,26813,704,459 2,735,086 2,355,912 7,672,662 1,868,672 ,154,384 1,958,759 1,546,377 5,166,510
Sept. 3
45,666,811 2,461,264 12,288,683 2,718,848 3,687,956 2,761,260 2,357,619 7,661,832 1,879,082 1,153,524 1,955,318 1,563,116 5,178,309
Sept. 10
Sept. 17 ..
46,342,587 2,580,175 12,212,061 2,809,210 3,785,989 2,828,308 2,408,052 7,834,38! 1,917,454 1,177,126 1,986,053 1,601,392 5,202,386
46,166,064 2,516,374 12,262,673 2,803,408 3,798,956 2,787,758 2,378,918 7,771,334 1,906,561 1,178,122 1,967,356 1,583,155 5,211,449
Sept. 24
Liabilities
Federal Reserve
notes:
24,225,486 1,439,182 5,590,156 1,641,913 2,104,204 1,664,232 1,365,345 4,560,361 1,076,838 591,943 926,183 593,399 2,671,730
Aug. 27. .
Sept. 3
24,622,738 1,465,679 5,649,474 1,662,308 2,127,754 1,704,022 1,406,637 4,615,350 1,101,992 604,545 950,094 617,347 2,717,536
Sept. 10
24,650,412 1,463,838 5,638,262 1,662,898 2,134,672 1,720,627 1,410,221 4,614,127 1,104,260 606,622 947,378 620,598 2,726,909
24,565,897 1,454,545 5,635,544 1,659,095 2,127,634 1,719,060 1,400,599 4,602,157 1,102,204 610,339 941,830 615,880 2,697,010
Sept. 17
Sept. 2 4 . . . . 24,489,812 1,447,748 5,620,169 1,658,048 2,120,269 1,717,873 1,397,085 4,589,857 1,100,992 609,982 937,551 612,150 2,678,088
Deposits:
Member bank
—reserve
account:
Aug. 27. . 16,493,046 744,896 5,091,608 797,165 1,221,477 732,331 725,643 2,469,012 604,053 419,549 828,794 789,612 2,068,906
Sept. 3 . . 16,627,511 713,192 5,201,551 795,573 1,227,106 714,612 726,216 2,530,052 594,509 432,446 827,748 783,784 2,080,722
Sept. 10. . 16,932,002 749,443 5,198,023 829,848 1,248,920 776,802 748,155 2,565,831 619,458 450,145 846,257 805,228 2.C93.892
Sept. 17. . 17,128,005 788,418 5,256,349 840,142 1,284,595 768,996 746,988 2,632,754 619,571 447,246 843,398 810,093 2,089,455
Sept. 24. . 16,830,557 733,860 5,230,784 829,968 1,247,904 748,264 720,933 2,557,639 607,505 443,720 826,073 788,226 2,095,681
IJ. S. Treasurer-general
account:
915,237
65,699
58,577
54,387
44,539 130,865
72,199
257,229
47,249
39,338
44,590
37,744
62,821
Aug. 27.
Sept. 3.
459,209
28,713
130,042
42,602
23,853
54,884
10,220
59,097
25,387
24,971
10,982
15,930
32,528
922
519
389
457
810
Sept. 10.
242,854
230,281
1,057
1,441
1,881
1,496
1,234
2,367
Sept. 17.
240,394
21,097
63,263
16,676
22,066
18,187
3,921
18,361
12,070
12,928
18,314
12,615
20,896
Sept. 24.
799,663
58,170
161,793
94,876
63,427
53,011
44,917 118,565
36,555
27,848
33,406
37,564
69,531
Foreign:
540,833
31,622 2205,518
24,157
20,213
45,849
39,933
67,048
17,255
16,269
12,325
17,255
43,389
Aug. 27.
Sept. 3.
569,690
33,254 22217,034
48,221
41,998
25,407
21,259
70,516
18,147
12,963
18,148
17,110
45,633
Sept. 10.
428,670
24,812 2165,688
35,954
31,315
18,943
15,851
52,578
13,531
9,665
13,531
12,758
34,044
Sept. 17.
432,138
24,710 2170,214
35,805
31,185
18,865
15,785
52,360
13,475
9,625
13,475
12,705
33,934
Sept. 24. .
400,720
22,649
160,693
32,810
28,577
17,287
14,465
47,981
12,348
8,820
12,348
11,642
31,100
Other:
4,471
582,230
1,474
7,254
510,918
2,139
1,933
4,141
7,169
1,217
2,031
1,048
38,435
Aug. 27.
962
Sept. 3.
579,805
2,203
503,135
8,376
1,285
3,112
4,592
4,684
8,140
2,635
1,250
39,431
799
599
Sept. 10.
531,666
2,674
454,412
7,938
2,186
2,184
2,296
2,857
7,776
1,761
46,184
883
445
Sept. 17.
497,686
4,024
419,443
6,404
1,961
3,288
1,894
4,088
8,186
2,216
44,854
931
Sept. 24.
523,507
4,400
441,995
6,623
1,998
3,317
1,661
6,406
8,677
2,026
1,307
44,166
Total deposits:
Aug. 27
.18,531,346 843,691 6,065,273 897,814 1346,779 812,808 794,866 2,671,066 675,726 478,495 884,841 846,436 2,213,551
Sept. 3
18,236,215 777,362 6,051,762 862,709 1,326,305 798,015 762,287 2,664,349 646,183 473,015 858,128 817,786 2,198,314
Sept. 10
18,135,192 777,851 6,048,404 863,738 1,293,331 798,986 767,743 2,623,147 642,261 462,028 861,197 820,019 2,176,487
Sept. 17
18,298,223 838,249 5,909,269 895,354 1,343,480 809,336 768,588 2,707,563 653,302 472,015 875,632 836,296 2,189,139
Sept. 24
18,554,447 819,079 5,995,265 923,970 1,382,213 821,879 781 976 2,730,591 665,085 482,414 872,758 838,739 2,240,478
Deferred availability items:
2,016,879 162,050 354,803 130,503 188,622 184,285 135,761 303,282
87,319
55,948 107,501 105,216 201,589
Aug. 27
Sept. 3
2,093,308 181,984 389,402 141,221 183,338 196,643 156,193 296,359
93,866
57,669 123,791
85,745 187,097
Sept. 10
2,161,117 173,411 380,530 133,923 192,898 204,969 148,653 327,517 105,707
65,742 119,800
97,043 210,924
Sept. 17
2,755,036 241,087
444,625 196,345 247,465 263,151 207,702 427,324 135,049
75,024 141,573 123,604 252,087
Sept. 24
2,393,983 202,996
422,701 162,702 228,646 211,004 168,457 353,140 113,418
66,193 129,853 106,487 228,386
Other liab. incl.
accrued div.:
974
740
687
845
761
Aug. 27
16,495
1,052
3,210
1,949
1,127
1,031
2,561
1,558
980
742
691
844
798
Sept. 3
16,320
1,138
2,691
1,149
2,003
1,101
2,551
1,632
811
671
863
610
Sept. 10
17,009
1,011
3,110
1,789
1,264
1,215
1,064
2,703
1,898
882
747
793
Sept. 17
18,598
1,067
3,889
1,243
1,924
1,151
1,097
2,765
1,136
1,904
850
899
828
Sept. 24
20,899
1,120
5,430
1,359
2,105
1,249
1,196
2,932
837
2,094
1
After deducting $69,000 participations of other Federal Reserve Banks on Aug. 27; Sept. 3; Sept. 10; Sept. 17; and Sept. 24.
2
After deducting $335,240,000 participations of other Federal Reserve Banks on Aug. 27; $352,580,000 on Sept. 3; $262,888,000 on Sept. 10;
$261,800,000 on Sept. 17; and $239,904,000 on Sept. 24.
OCTOBER
1947
1263
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total
F.R. notes outstanding
(issued to Bank):
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Collateral held against
notes outstanding:
Gold certificates:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Eligible paper:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
U. S. Govt. s e c :
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Total collateral:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
12,013,442
12,093,329
12,070,306
11,993,327
12,043,565
2,671,357
2,667,387
2,661,823
2,752,037
2,746,079
3,641,554
3,639,400
3,622,690
3,720,503
3,733,233
2,662,356
2,699,781
2,725,797
2,792,698
2,752,005
2,296,946
2,326,097
2,327,681
2,377,986
2,348,714
7,537,270
7,578,609
7,567,494
7,739,809
7,676,520
1,840,623
1,842,783
1,853,039
1,891,348
1,880,332
1,127,073
1,135,920
1,135,002
1,158]514
1,159,439
1,919,370
1,93,2,857
1,929,238
1,959[917
1,941,061
68,136
68,143
68,157
68,166
68,170
14,301
14,302
14,303
14,303
14,302
18,795
18,802
18,801
18,804
18,807
8,140
8,140
8,141
8,142
8,143
7,437
7,437
7,441
7,443
7,443
23,088
23,089
23,144
23,150
23,154
6,346
6,347
6,347
6,348
6,343
4,247
4,247
4,248
4,265
4,267
6,458
6,458
6,458
6,463
6,467
7,202
7,202
7,203
7,206
7,211
17,934
17,935
17,920
17,920
17,923
136,549
136,549
136,549
136,549
136,549
34,720
34,720
34,720
34,720
34,720
41,394
41,394
41,394
41,394
41,394
20,676
20,676
20,676
20,676
20,676
18,663
18,663
18,663
18,663
18,663
65,078
65,078
65,078
65,078
65,078
16,577
16,577
16,577
16,577
16,577
10,997
10,997
10,997
10,997
10,997
15,729
15,729
15,729
15,729
15,729
13,777
13,777
13,777
13,777
13,777
38,106
38,106
38,106
38,106
38,106
7,253
7,253
7,253
7,253
7,253
4,489
4,489
4,489
4,489
4,489
1,007
1,007
1,007
1,007
1,007
3,325
3,325
3,325
3,325
3,325
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
5,677
6,088
6,418
6,766
7,136
3,289
3,370
3,513
3,661
3,818
3,651
3,856
4,064
4,281
4,515
3,117
3,164
3,321
3,4 7
3,6.,9
2,855
2,953
3,072
3,198
3,336
4,211
4,457
4,687
4,915
5,153
2,436
2,444
2,598
2,660
2,788
2,071
2,147
2,204
2,277
2,346
2,559
2,578
2,756
2,807
2,962
2,342
2,415
2,498
2,575
2,656
3,631
3,750
3,925
4,080
4,234
12,231,057 2,728,156
12,311,362 2,724,268
12,288,683 2,718,848
12,212,061 2,809,210
12 262 673 2,803,408
3,706,401
3,704,459
3,687,956
3,785,989
3,798,956
2,697,614 2,326,663
2,735,086 2,355,912
2,761,260 2,357,619
2,828,308 2,408,052
2,787 758 2,378,918
7,631,076
7,672,662
7,661,832
7,834,381
7,771,334
1,866,503
1,868,672
1,879,082
1,917,454
1,906,561
1,145,461
1,154,384
1,153,524
1,177,126
1,178,122
1,945,253
1,958,759
1,955,318
1,986,053
1,967,356
547
527
461
440
425
141
136
118
113
110
101
97
85
81
78
141
136
118
113
110
Boston
Total liabilities:
Aug. 27
44,790,206 2,445,975
Sept. 3
44,968,581 2,426,163
Sept 10 . 44,963,730 2,416,111
45,637,754 2,534,948
Sept. 17
Sept. 24
45,459,141 2,470,943
Capital Accts.:
Capital paid in:
Aug. 2 7 . . . .
193,288
11,204
Sept. 3
193,306
11,204
Sept. 10
193,367
11,204
Sept. 1 7 . . . .
193,422
11,212
Sept. 2 4 . . . .
193,442
11,212
Surplus
(section 7):
Aug. 2 7 . . . .
439,823
27,557
Sept. 3
439,823
27,557
Sept. 1 0 . . . .
439,823
27,557
Sept. 17
439,823
27,557
Sept. 24. . . :
439,823
27,557
Surplus
(section 13b):
Aug. 27. . . .
27,455
3,012
Sept. 3
27,455
3,012
Sept. 10
27,455
3,012
Sept. 17
27,455
3,012
Sept. 2 4 . . . .
27,455
3,012
Other cap. accts.:
Aug. 2 7 . . . .
38,936
3,097
Sept. 3 . . . .
40,382
3,160
Sept. 10. . . .
42,436
3,380
Sept. 17
44,133
3,446
Sept. 24
46,203
3,650
Total liabilities
and cap. accts.:
Aug. 27
45,489,708 2,490,845
Sept. 3
45,669,547 2,471,096
Sept. 10. . . . 45,666,811 2,461,264
Sept. 1 7 . . . . 46,342,587 2,580,175
Sept. 24 . . . 46,166,064 2,516,374
Contingent liability on bills
purchased for
foreign correspondents:
4,021
257
Aug. 27. . . .
248
Sept. 3 . . . .
3,877
217
Sept. 10
3,387
207
Sept. 17
3,236
200
Sept. 2 4 . . . .
3,125
Commit, to make
indus. loans
Aug. 2 7 . . . .
7,454
7,484
Sept. 3 . . . .
Sept. 10
7,408
Sept. 17
7,467
7,400
Sept. 24. . . .
FEDERAL
H.285
1
l,240
H.084
il,036
1
1,000
326
314
274
262
253
374
361
315
301
290
197
190
166
158
153
165
159
139
133
128
Dallas
1,545,812 5,088,428
1,521,676 5,104,579
1,538,331 5,116,218
1,576,527 5,140,140
1,558,204 5,149,046
1,570,440 5,150,239
1,546,377 5,166,510
1,563,116 5,178,309
1,601,392 5,202,386
1,583,155 5,211,449
133
128
112
107
103
928
952
885
961
892
89
427
30
580
1,493
3 750
427
30
580
1,491
97
3,750
92
427
30
580
1,491
3,750
76
427
29
580
1,491
3,750
427
29
1,491
580
3,750
78
RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Boston
New
York
24,911,249
25,227,672
25,305,458
25,314,894
25,254,169
1,5055,829 5 ,738,665
1,508,016 5 ,781,664
1,508,921 5,792,346
l,510,2i
269 5 781,858
1,502,628 5,769,759
12,068,000
12,168,000
12,088,000
11,938,000
11,888,000
440,000 3,470,000
440,000 •3,470,000
440,000 35,470,000
/
74,564
70,694
55,936
82,588
57,891
San
Francisco
New
York
440,000 3,470,000
440,000 3,470,000
8,940
7,690
4,948
4,115
2,379
24,005
25,705
29,055
59,256
5,735
Philadelphia
Cleveland
Richmond
1,685,634 2,145,902 1,702,183
1,698,698 2.,168,408 1,731,012
1,707,431 2,178,647 1,747,137
1,712 138 2,188,156 1,757,260
1,705,702 2,185,087 1,762,080
500,000
500,000
515,000
515,000
515,000
655,000
670,000
685,000
695,000
695,000
7,070
7,060
3,525
2,815
1,750
610,000
610,000
610,000
560,000
560,000
Atlanta
Chicago
,411,246 4,656,613
,450,821 4,700,906
,454,439 4 ,707,830
,452, 720 4,703,272
449,339 4,695,457
520,000
535,000
535,000
475,000
475,000
2,890,000
2,950,000
2,850,000
2,850,000
2,850,000
7,140
6,635
3,785
4,335
10,035
Minne- Kansas
apolis
City
St..
Louis
354
341
298
285
275
157
157
153
153
153
Dallas
San
Francisco
950,998
970,833
974,353
970,460
966,490
646,529 2,812,304
184,000
194,000
184,000
184,000
184,000
280,000
280,000
280,000
280,000
280,000
169,000 2,050,000
169,000 2,050,000
169,000 2,050,000
169,000 2,000,000
169,000 1,950,000
12,765
390
12,510
390
6,579
90
7,896
90
16,591 10,090
4,120
6,470
5,370
3,570
10,200
10,134
4,234
2,584
511
1,111
1,111,373 604,398
1,150,377 616,316
1,153,242 622,279
1,147,948 622 ,571
1,144,722 623,205
300,000
300,000
300,000
300,000
300,000
621,518 2,776,890
642,243 2,808,378
644,906 2,823,336
641,842 2,807,858
13,524,915
13,584,812
13,771,125
13,889,462
13,894,612
1,100,000 2,400,000
1,100,000 2 ,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,105,000 900,000 1,800,000
1,130,000 950,000 1,800,000
1,160,000 950,000 1,90 ,000
1,220,000 ,000,000 1,900,000
1,220,000 ,000,000 1,900,000
425,000
425,000
440,000
450,000
450,000
700,000
700,000
700,000
700,000
700,000
500,000 1,000,000
500,000 1,000,000
500,000 1,000,000
500,000 1,000,000
500,000 1,000,000
25,667,479
25,823,506
25,915,061
25,910,050
25,840,503
1,548,940 5,894,005
1,547,690 5,895 ,705
1,544,948 5,899,055
1,544,115 5,929,256
1,542,37
875,735
1,707,070 2 ,155,000
1,707,060 2,170,000
1,718,525 2,185,000
1,717,815 2,195,000
1,716,750 2,195,000
1,722,140 420,000 4,690,000 1,207,680 609,390
1,746,635 485,000 4,750,000 1,192,322 619,390
1,773,785 ,485,000 4 ,750,000 1,227,704 624,090
1,784,335 1,475,000 4,750,000 1,227,358 634,090
1 ,790,035 1,475,000 4 750,000 1,241,203 644,090
984,120
986,470
985,370
983,570
990,200
669,000
669,000
669,000
669,000
669,000
894,915
879,812
921,125
919,462
924,612
3,060,134
3,054,234
3,052,584
3,000,511
2,951,111
1
After deducting $2,736,000 participations of other Federal Reserve Banks on Aug. 27; $2,637,000 on Sept. 3; $2,303,000 on Sept. 10; $2,200,000
on Sept. 17; and $2,125,000 on Sept. 24.
1264
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER
BANK
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Date
1942
June 30
Dec. 31
1943
June 30
Dec. 3 1 .
1944
June 30
Dec. 30
1945
June 30
Dec. 31
1946
June 29
Dec. 31
1947
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
565
2,665
310,680
2,688,397
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
Total
amount
81,108
803,720
69,674
137,888
632,474 1,430,121
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966,595
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
18,025
14,238
11,746
10,356
9,236
3,589
3,245
2,992
16,654
13,237
10,965
9,658
8,601
3,218
2,908
2,703
22,424
21,183
15,392
13,452
13,176
6,726
6,709
6,729
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
Total reserves held:
1946—July
August
1947—July
August
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Excess reserves:
1946—July
August
1947—July
August
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Borrowings at Federal
Reserve B a n k s :
1946—July
August
1947—July
August
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
BANKS
1934...
1935. . .
1936. . .
1937. . .
1938. . .
1939. . .
1940. . .
1941. . .
1942
June 24.
Dec. 31 .
1943
June 30.
Dec. 31.
1944
June 30
Dec. 30,
1945
June 30
Dec. 31
1946
June 29
Dec. 31,
1947
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30.
ApCommit- Participroved
Loan;
ments
pations
but not
outoutoutcom- 1 standing2 standing
standing
pleted (amount) (amount)
(amount)
amount)
24
31
7
14
21
28
4
11
AND BORROWINGS
In millions of dollars]
Central reserve
city banks
•New
Reserve
city
banks
Country
banks *
York
Chicago
16,017
16,031
16,347
16,481
4,180
4,125
4,239
4,203
897
904
964
979
6,314
6,337
6,438
6,543
4,627
4,665
4,706
4,757
16,400
16,372
16,464
16,468
16,454
16,488
16,581
16,831
4,260
4,247
4,227
4,189
4,192
4,207
4,214
4,249
967
970
976
979
979
978
987
988
6,455
6,467
6,511
6,524
6,531
6,555
6,614
6,686
4,719
4,688
4,750
4,777
4,752
4,748
4,767
4,907
928
891
781
800
11
3
-1
4
226
205
222
226
673
670
••548
559
789
753
805
820
777
775
794
948
3
4
3
4
4
3
5
4
220
209
228
219
212
216
235
274
550
526
561
585
548
542
542
654
7
19
2
26
82
74
51
57
27
33
39
42
7
48
9
34
34
21
51
48
55
74
57
50
61
54
31
42
32
41
37
44
41
32
121
126
92
127
82
94
95
163
103
135
136
103
r
1
Revised. •
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.
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
In places of 15,000
and over population
3,452
3,471
475,468
491,342
3,203
926
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
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
3,502
3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
August 1946
July 1947
16,289
15,108
8,114
'8,456
'12.112
11,639
5,674
6,022
3,524
3,542
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
August 1947
15,223
8,471
11,872
6,054
3,545
3,548
3,548
3,552
3,553
3,555
3,558
3,563
568,540
569,487
569,825
571,408
571,893
572,836
574,999
576,161
4,795
4,795
4,595
5,371
4,595
195
1,902
351
593
996
1,081
1,109
1,618
1,778
1,732
1,858
8,217
8,186
8,160
7,279
5,735
7,018
6,886
7,437
2,677
2,729
2,727
2,616
2,761
4,043
3,902
5,028
Boston
New York
Philadelphia
Cleveland
1,825
2,810
1,052
1,300
882
2,170
748
921
337
1,044
900
1,043
234
1,169
897
829
Richmond
Atlanta
Chicago
St. Louis
1,058
1,507
1,915
628
398
486
1,388
333
842
640
1,699
967
468
213
957
281
Minneapolis
Kansas City
Dallas
San Francisco
553
531
918
1,125
293
105
141
606
746
1,623
1,472
557
442
202
61
302
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
OCTOBER
All
member l
banks
Month, or
week ending Thursday
[Amounts in thousands of dollars]
Applications
Date (last
approved
Wednesday
to date
or last day
of period) Num- Amount
ber
RESERVES
[Averages of daily figures.
1947
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERSi
[Averages of daily figures. In millions of dollars]
In places of under
15,000 population
r
Revised.
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All reserve cities have a population of more than 15,000.
1265
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Interbank
Other
Net
demand
deposits 2
Time
deposits 3
Demand
balances
due
from
domestic
banks
Borrowings
at
Federal
Reserve
Banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
F t st half Aiigust 1947
All member banks
Central reserve city banks:
New York
Chicago . .
.
. . .
....
Reserve city banks
Boston
New York
Philadelphia
.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City. . . . . .
Dallas
San F r a n c i s c o . . . .
...
Country b a n k s . . .
Boston . . .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
87,225
11,189
76,036
76,912
28,108
5,570
16,472
15,647
825
127
21,960
5,070
3,997
1,149
17,963
3,921
20.539
4.605
1.452
887
42
4,207
979
4,195
974
12
150
26
1
32,181
1,911
565
2,209
3,708
2,009
1,975
3,911
1,808
968
2,797
2.314
8,006
5,100
269
27
335
466
295
409
505
500
272
952
548
523
27,081
1,642
539
1 ,874
3,242
1 ,713
1.567
3 ,405
1,308
697
1 .845
1.766
7,432
28,074
1,754
503
1.985
3,312
1,774
1,698
3 ,360
1,565
816
2,298
1.921
7 ,089
11,257
200
307
276
1,322
443
411
2,100
323
176
360
338
5,000
1,755
35
23
69
166
96
121
299
90
57
263
254
280
6,523
369
122
419
773
401
383
838
339
176
506
449
1,748
6,290
363
119
414
742
381
364
798
332
174
481
404
1,718
233
6
3
5
32
20
19
40
6
2
25
45
30
60
1
3
6
16
5
28,014
2,246
3,945
1,962
2,358
2,004
2,309
3,670
1,711
1,356
2,227
2,517
1,710
942
82
81
15
23
103
157
72
119
63
75
130
22
27,071
2,164
3 ,864
1,947
2 .335
1,900
2.152
3 ,599
1,592
1,293
2.152
2.387
1.687
23,694
1,962
3 ,459
1,719
2.045
1,668
1.945
3,079
1.445
1,142
1.776
1.977
1,476
14,512
1,117
3,336
1.644
1,743
865
700
2.342
614
734
308
201
909
3,623
180
328
193
263
270
314
531
228
183
431
505
195
4,763
375
763
3S3
454
326
352
660
271
234
312
344
288
4,188
342
684
339
391
285
314
572
239
204
267
289
261
575
34
79
44
63
40
38
89
31
30
45
56
27
41
7
10
4
5
3
1
4
?
5
12
4
3
1
1
4
1
3
Second half of August 1947
87,583
11,201
76,382
77,257
28,165
5,512
16,490
15,713
111
127
21,970
5,095
4,0.30
1,149
17.940
3,945
20.508
4,616
1 ,456
886
45
4,198
980
4,189
976
9
25
151
4
3
. . 32,469
1 905
569
2,214
3 ,726
2,049
1,988
3,970
1,835
981
...
. . . . 2,831
2,334
8,066
5,088
260
28,319
1 750
505
1 ,983
3,313
1,803
1,706
3,420
1,590
822
2,343
1,931
7,153
11,286
199
1,764
34
6,561
369
6,341
362
220
7
55
1
465
301
407
506
488
289
93 7
541
537
27,381
1 645
542
1,884
3,261
1,748
1.581
3.464
1,346
692
1,895
1. 793
7 ,530
1.338
447
411
2.104
326
177
360
339
5,002
163
99
122
297
88
60
267
252
288
775
403
380
842
344
180
518
441
1,770
743
387
366
810
338
175
490
407
1,731
32
15
15
32
6
5
28
34
39
14
3
4
5
11
3
1
5
1
28,049
2,240
3,924
1,973
2,374
2,003
2,297
3,702
1,714
1,370
2,228
2,524
1 ,702
933
80
79
15
23
102
154
73
116
65
73
130
24
27,116
2,161
3,844
1,958
2,351
1,900
2,143
3 629
1,598
1.305
2,155
2 ,394
1,679
23,815
1.963
3.461
1,731
2,060
1,675
1,946
3 111
1.457
1.148
1,795
1,992
1,475
14,537
1,116
3,340
1.645
1.756
866
699
2 348
614
736
306
202
908
3,553
176
310
190
262
260
302
533
220
192
416
499
191
4,750
372
757
382
454
321
348
665
270
236
313
345
287
4,206
342
685
341
394
286
314
576
241
205
270
291
261
544
30
72
41
60
35
34
89
29
31
43
54
26
43
8
15
3
4
4
All member banks
Central reserve city banks:
New York
Chicago
.
.
. . .
Reserve city banks
New York
. .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
....
St. Louis
Minneapolis.......
Kansas City
Dallas
San Francisco....
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis....
Kansas City
Dallas
San Francisco....
. .
...
. .
...
...
....
....
27
330
307
276
24
71
123
417
119
413
3
4
2
6
1
1
1
9
4
1
Averages of daily dosing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—'Demand deposits adjusted (demand deposits other than interbank and United States Government, less cash items reported as in
process of collection) of all member banks estimated at 70,150 million dollars in the first half and 70,240 million in the second half of August. U. S.
Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements.
1266
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATION
[Outside Treasury and Federal Reserve Banks, In millions of dollars]
Total
in circulation x
End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Coin and small denomination currency 2
Total
Coin
5,519
4,167
442
402
5,536 4,292
452
423
5,882
4,518
478
460
6,543 5,021
517
499
6,550 5,015
537
505
524
6,856 5,147
550
559
7,598
5,553
590
610
8,732
6,247
648
695
11,160 8,120
751
801
15,410 11,576
880
909
20,449 14,871 1,019
987
25,307 17,580 1,156
28,515 20,683 1,274 1,039
1946—April
May
June
July
August. . .
September
October. .
November
December.
1947—January. .
February. ,
March. . . ,
April
May
,
June
July
August
Large denomination currency 2
Total
$50
$100
$500 $1,000 $5,000 $10,000
$2
$5
$10
$20
33
32
33
35
33
34
36
39
44
55
70
81
73
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
,342
,326
,359
,501
,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
1,360
364
1,254
337
1,369
358
1,530
399
1,542
387
1,714
409
2,048
460
2,489
538
3,044
724
3,837 1,019
5,580 1,481
7,730 1,996
7,834 2,327
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
125
112
122
135
139
160
191
227
261
287
407
555
454
237
216
239
265
288
327
425
523
556
586
749
990
801
8
5
7
7
6
17
20
30
24
9
9
10
7
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
10
5
8
7
5
2
4
4
3
2
3
2
27,885
28,120
,245
28,254
28,448
28,507
28,600
28,861
28,952
19,997
20,171
20,248
20,185
20,271
20,262
20,273
20,447
20,437
1,280
1,291
1,300
1,311
1,319
1,332
1,345
1,355
1,361
987
999
998
990
992
1,001
1,000
1,010
1,029
66
67
67
67
66
66
65
65
67
2,173
2,199
2,191
2,166
2,165
2,156
2,148
2,169
2,173
6,509
6,586
604
6,552
6,571
528
494
6,543
6,497
8,981
9,029
9,087
9,099
9,159
9,180
9,221
9,305
9,310
7,889
7,950
7,998
8,071
8,178
8,247
8,329
8,416
8,518
2,337
2,352
2,364
2,377
2,402
2,419
2,436
2,458
2,492
4,309
4,356
,387
4,437
4,509
4,567
4,645
4,711
4,771
439
438
438
436
436
436
434
435
438
773
775
781
790
802
795
784
782
783
22
21
22
21
20
21
21
21
26
1
1
2
2
2
2
2
2
3
28,262
28,304
28,230
28,114
28,261
28,297
28,149
28,434
19,808
19,873
19,807
19,684
19,773
19,769
19,622
19,837
1,337
1,337
1,344
1,351
1,351
1,355
1,356
1,362
972
967
969
972
985
986
980
990
63
64
63
63
63
64
63
64
2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
6,284
6,336
6,309
6,253
303
6,289
6,230
6,308
9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
8,457
8,434
8,424
8,432
8,489
8,530
8,529
8,600
2,460
2,456
2,447
2,442
2,449
2,466
2,453
2,477
4,757
4,755
4,754
4,769
4,789
4,808
4,824
4,874
434
433
432
431
430
430
428
428
774
769
771
773
804
810
806
804
23
14
14
12
11
12
12
12
3
3
1
1
2
2
2
2
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money
held by
For
Federal
Federal
Reserve Aug. 31,
July 31, Aug. 31,
Reserve Banks and
1947
1947
1946
Banks and
agents
agents
Money leld in the Treasury
Total outstanding, As security
Aug. 31,
against
1947
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total.
Standard silver dollars
Silver bullion
Silver certificates and Treasurv notes of 1890. .
Subsidiary silver coin.
Minor coin
United States notes
.
Federal Reserve Bank notes. ...
National Bank notes.
Total—Aug. 31, 1947.
July 31, 1947.
Aug. 31, 1946.
. . .
21 ,766
20,582
24,965
4,553
493
3
1,929
2,241
924
351
347
402
106
(4)
(4)
(4^
20,582
3
2
1,184
17,719
2,815
47
48
50
23,887
4,214
24,192
4,206
79
60
312
27
3
150
149
143
18
11
3
I
(5)
189
29
7
25
4
1
2,052
2,034
2 ,003
3 ,808
3,912
3,845
28,434
1 ,929
22,823
22,583
20,392
1,323
1,327
2,256
17,719
17,481
15,282
735
257
24,151
4,236
2,241
878
334
320
397
106
875
332
317
400
106
28,149
853
323
317
454
113
28,448
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. 1259, and seasonally adjusted figures in table on p. 1268.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance
and is not shown. See note of explanation of these duplications.
5
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
OCTOBER
1947
1267
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—•
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Change in
seasonally
adjusted
series 1
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
7,598
8,732
11,160
15,410
20,449
25 307
28,515
28 952
Monthly averages of daily
figures:
1946—May
June
July
August
September
October
November
December
27,978
28,140
28,281
28,352
28,478
28,588
28,727
28,997
28,175
28,281
28,338
28,494
28,535
28,588
28,641
28,710
+27
+ 106
+57
+ 156
+41
+53
+53
+69
1947—Tanuary
February
March
April
May
June
July
August
September
28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
28,711
-252
-158
+58
+54
-56
+22
-62
+78
+317
+742
+ 1 ,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—'For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
Gold
stock
at end
of
period
Period
1936
1937
1938
1939
. . .
1940
1941
1942
1943
1944
1945
1946
1946—September..
October....
November. .
December. .
1947—January....
February...
March
April
May
June
July
August
September..
2
11,258
2
12,76O
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
20,305
20,402
20,470
20,529
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
P21.955
Increase
in gold
stock
EarDoNet
marked mestic
gold
gold: de- gold
import
crease
proor export
or induc(-)
crease (—) tion1
1,132.5 1,116.6
1,502.5 1,585.5
1,751.5 1,973.6
3,132.0 3,574.2
4,351.2 4,744.5
741.8
982.4
-10.3
315.7
-788.5
68.9
-1,319.0
-845.4
-553.9
-106.3
464.0
311.5
-7.6
25.3
96.7
24.2
67.7
77.9
59.4
-61.2
219.3
-16.8
-418.2
20.4
132.5
153.6
311.5
44.1
159.0
129.7
333.4
200.2
270.6
219.2
228.8
P i l4 l . 7
P189.2.
()
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
12.3
115.7
127.5
82.8
196.1
-684.5
203.5
272.0
13.1
119.0
26.7
42.3
5
153.1
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
'•51.2
'6.3
'5.5
••4.4
'5.8
7.6
5.5
'5.5
6.2
7.2
6.1
7.3
7.0
(4)
p Preliminary. r Revised.
Annual figures are estimates of the United States Mint. For
explanation
of monthly figures see table on p. 1320.
2
Includes gold in the Inactive Account amounting to 27 million
dollars
on
Dec.
31, 1936, and 1,228 million on Dec. 31, 1937.
3
Change reflects primarily gold subscription to International Monetary
Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,487.1 million dollars on Sept. 30, 1947. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
1
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
New
York
City
Annual rate of
turnover of demand
deposits except interbank and Government
Year and month
Total, all
reporting
centers
New
York
City 1
140
other
centers x
Other
reporting
centers 2
423,932
1939
445,863
1940
1941
537,343
607,071
1942—old series 33
641,778
1942—new series
792 937
1943
891,910
1944
974,102
1945
.
.
.
.
1946—old series 44
11,050,021
1946—new series
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210
82,704
83,295
91,340
86,645
103,900
30,216
31,397
33,913
31,088
41,252
43,683
43,155
47,671
46,105
52,295
8,805
8,743
9,756
9,452
10,353
93,488
81,567
93,314
87,771
87,840
94,446
93,733
84,406
34,305
29,745
33,547
31,391
30,895
35,632
34,779
28,331
49,140
43,199
49,955
46,904
47,464
49,265
49,178
46,717
10,043
8,622
9,812
9,475
9,482
9,548
9,776
9,358
1946—'August
. ...
September
October
November
December
1947—January
February
IVIarch
April
May
June
July
August
..
333 other
reporting
centers
Other
leading
cities
New
York
City
Other
leading
cities
167,939
167,373
193,729
}200,337
258,398
298,902
351,602
374,365
407,946
200,636
217,744
270,439
308,913
369,396
403,400
412,800
449,414
522,944
21.0
17.1
17.3
18.0
20.5
22.4
24.2
25.5
25.2
19.4
18.6
19.4
18.4
17.4
17.3
16.1
16.9
16.5
16.1
16 5
17.1
18 3
19.0
13.1
11 7
10.8
9 7
16 3
19.3
18 7
19.9
25.8
20.6
20.4
20 4
19 2
19.0
22 7
21 2
17.5
9 6
10.7
10 6
11.6
12.6
30,856
30,555
32,035
31,379
40,021
44,138
42,413
46 612
46,037
52,139
21 6
23.7
21 9
23.8
28.7
15.6
16.7
16 3
17.8
19.2
11.6
11.6
11 9
11.3
11.3
12 1
11.5
11.0
33,592
29,173
34,439
29,997
31,695
35,092
33,026
29,025
48,778
44,011
50,582
46,403
48,023
48,595
48,525
47,026
23.8
24.0
24.9
21.5
22.7
25.6
22.9
20.6
17.4
18.1
18.6
17.0
17.3
17 9
17.2
16.6
10.0 {
1
2
3
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
••**$
* Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947
and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics,
Table 55, p. 254, due to differences in method of computation.
1268
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
adjusted1
1929—June..
December
1933—June
December
1938—June
December.
1939—June
December
1940—June..
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
55,171
54.713
41.680
42,548
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
26,179
26.366
19.172
19.817
29.730
31,761
33,360
36,194
38,661
42,270
45,521
48.607
52,806
62,868
71,853
79.640
80.946
90,435
94,150
102,341
105,992
51,532
51,156
36,919
37,766
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
22,540
22,809
14,411
15,035
24,313
25,986
27,355
29,793
31.962
34.945
37,317
38,992
41.870
48,922
56.039
60,803
60,065
66.930
69,053
75,851
79,476
1946—August
September.
October
November
December
170,600
170,200
170,000
169,500
167,107
107,200
107,900
108.900
109.700
110,044
144,000
143,700
143,500
142,800
140,377
165,900
165,400
165,100
165,200
164,900
165,100
r
165,900
166,800
108,600
106,800
106,400
107,300
107,500
108,500
-•109,200
109,500
139,800
139,200
139,100
139,200
138,900
139,100
<• 139,900
140,700
End of month
1947—January (Tan. 29)P
February (Feb. 26)P
March (Mar. 26)P.
April (Apr. 30)P. . .
May (May 2 8 ) P . . . .
June (June 25)P.. .
July (July 30) P
August (Aug. 27)P.
Time deposits
United
States
Government
deposits 2
Currency
outside
banks
Total
Commercial
banks•*
Mutual
savings
banks <
Postal
Savings
System <*
381
158
852
1,016
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
28,611
28,189
21,656
21,715
26.236
26,305
26,791
27.059
27,463
27,738
27,879
27,729
27.320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
19.557
19,192
10,849
11,019
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
8,905
8,838
9,621
9,488
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
149
159
,186
,208
,251
,251
,261
,278
,292
,303
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932
3,119
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516
80,600
81,400
82,400
83,000
83,314
10,700
9,300
7,900
6,400
3,103
52,700
53,000
53,200
53,400
53,960
33,100
33,300
33,500
33,500
33,808
16,400
16,500
16,500
16,600
16,869
3,200
3,200
3,200
3,300
3,283
26,600
26.500
26,500
26,700
26,730
82,500
80,600
80,400
81,300
81,500
82,500
r
83,200
83,400
3,100
3,900
3,800
2,800
2,100
1,000
'1,100
1,500
54,200
54,700
54,900
55,100
55,300
55,600
"•55,600
55,800
33,900
34,200
34,300
34,500
34,600
34,700
'34,700
34,800
17,000
17,100
17,200
17,200
17,300
17,500
17,500
17,600
3,300
3,400
3,400
3,400
3,400
3,400
3,400
3,400
26,100
26.200
26,000
26,000
26,000
26,000
26,000
26,100
3,639
3,557
4,761
4,782
5,417
5,775
6,005
6,401
6,699
7,325
r
l
P Preliminary.
Revised.
Includes demand deposits, other than interbank and U. S. Government, less cash items
2
in process
of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
1
Excludes
interbank
time
deposits
and
postal
savings
redeposited in banks.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTK.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9. pp. 34-35 for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS i
[In millions of dollars]
Assets
End of month
Depositors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
anetc.2
1939—Dec.. .
1940—Dec...
1941—Dec. .
1942—Dec.. .
1943—Dec.. .
1944—Dec.. .
1945—Dec. .
1,279
1,304
1,314
1,417
1,788
2,342
2,933
1,319
1,348
1,396
1,464
1,843
2.411
3,022
53
36
26
16
10
8
6
1,192
1,224
1,274
L.345
L ,716
2,252
2,837
1,046
1.078
1,128
1,220
1,716
2,252
2,837
1946—Sept. .
Oct...
Nov...
Dec..
3,207
3,235
3,260
3,284
3,306
3,337
3,360
3,387
6
6
6
6
5,114
5,134
5,151
5,182
3,114
3.134
3,151
3,182
186
197
204
200
1947—Jan...
Feb...
Mar...
Apr.. .
May..
Tune..
July, .
Aug.. .
3,331
3,355
3,375
3,382
3,387
3,393
P3,405
P3,403
3,436
3,463
3,481
3,492
3,508
3,523
6
6
5
5
5
6
3,234
3.257
5,284
3,290
3,277
3,302
3,234
3,257
3,284
3,290
3,277
3,302
196
200
192
197
226
216
74
88
95
102
118
152
179
P Preliminary.
i Outstanding principal, represented by certificates of deposit.
5
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.
OCTOBER
1947
Number of banks suspended:
1934-39
. ...
teed
146
146
146
126
Member
banks
Total,
all
banks
1940
1941
1942
1943
1944
1945
1946
1947—Jan.-Sept
National
291
15
22
8
9
1
4
1
0
0
4
2
Nonmember
banks
NonInState sured
insured
6
189
81
18
3
6
3
1
3
2
1
0
Deposits of suspended banks2
(in thousands of dollars) :
125,991 14,616 26,548 44,348 40,479
1934-39
1940
1941
1942
1943
1944
1945
1946
1947—Jan.-Sent
5,943
256
3,726 3,144
1,702
6,223 4,982
405
5 341
503
1,375
1 241
346
79
327
405
Q
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).
1
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.
1269
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and
call date
Total
Loans
Total
Cash
assets l
U. S.
Government
obligations
Other
securities
Total i
Interbank*
Demand
Total
capital
account;
Number
of
banks
Time 2
All b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 3 1 . . . . . .
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30"
50,884
54,177
61,126
78,147
96,966
119,461
140,227
136,572
131,698
130,900
28,719
22,165
30,422
23,756
34,511
26,615
54,231
23,916
73,365
23,601
26,015 93,446
30,362 109,865
31,486 105,087
35,648 96,050
38,380 92,520
19,417
20,972
25,511
45,951
65,932
85,885
101,288
95,911
86,558
82,500
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,175
9,491
10,020
23,292
28,090
27,344
28,701
28,475
30,790
35,415
33,124
35,041
33,540
68,242
75,996
81,816
99,803
117,661
141,448
165,612
159,171
155,902
153,200
9,874 32,513
10,934 38,558
10,982
44,349
11,308 61,431
11,003
75,569
12,235
91,653
14,065 105,921
12,311
98,043
12,656
92,446
11,640 89,330
25,855
26,503
26,485
27,064
31,089
37,561
45,627
48,817
50,800
52,230
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,067
11,360
11,700
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,567
14,585
14,602
All commercial b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30e . . . .
40,668
43,929
50,746
67,393
85,095
105,530
124,019
119,448
113,993
112,520
17,238
18,800
21,714
19,221
19,117
21,644
26,083
27,130
31,122
33,680
23,430
25,129
29,032
48,172
65,978
83,886
97,936
92,318
82,871
78,840
16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780
70,340
7,114
7,372
7,225
6,793
6,136
6,329
7,331
7,845
8,091
8,500
22,474
27,124
26,551
28,039
27,677
30,206
34,806
32,378
34,223
32,700
57,718
65,337
71,283
89,135
105,923
128,072
150,227
142,890
139,033
135,730
9,874 32,513
10,934 38,558
10,982
44,349
11,308 61,431
11,003
75,569
12,235
91,653
14,065 105,921
12,311
98,043
12,656
92,446
11,640 89,330
15,331
15,844
15,952
16,395
19,350
24,184
30,241
32,536
33,930
34,760
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,352
9,577
9,840
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,026
14,044
14,061
All insured commercial
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
39,290
42,557
49,290
66,240
83,507
103,382
121,809
117,409
112,178
110,682
16,863
18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733
33,250
22,427
24,162
28,031
47,336
64,666
82,030
96,043
90,618
81,445
77,433
15,567
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554
69,136
6,860
7,099
6,984
6,631
5,983
6,155
7,131
7,641
7,891
8,297
21,873
26,287
25,788
27,586
27,183
29,733
34,292
31,843
33,694
32,190
56,069
63,461
69,411
87,803
104,094
125,714
147,775
140,612
136,990
133,659
9,523 31,483
10,539 37,333
10,654 43,059
11,144 60,504
10,705
74,309
12,074 89,761
13,883 104,015
12,007 96,459
12,320 91,144
11,243
88,074
15,063
15,589
15,699
16,154
19,081
23,879
29,876
32,145
33,526
34,343
6,527
6,676
6,844
7,055
7,453
7,989
8,671
9.068
9,286
9,558
13,534
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13,354
13,386
All member b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,032
96.362
94,802
13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
19,979
21,805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
66,146
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,458
6,625
6,948
19,782
23,963
23,123
24,280
23,790
25,860
29,845
28,079
29,587
28,694
49,340
56,430
61,717
78,277
92,262
110,917
129,670
122,519
118,170
115,435
9,410
10,423
10,525
11,000
10,555
11,884
13,640
11,801
12,060
11,041
28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
76,380
11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
28,014
5,522
,698
,886
,101
,475
,968
,589
7,920
8,095
8,315
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
6,928
All national b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—Tune 30
21,810
23,648
27,571
37,576
47,499
58,308
69,312
66,277
63,723
62,982
9,022
10,004
11,725
10,183
10,116
11,480
13,925
14,469
17,272
18,764
12,789
13,644
15,845
27,393
37,382
46,828
55,387
51,809
46,451
44,218
9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658
39,271
3,731
3,908
3,806
3,648
3,318
3,536
4,137
4,537
4,793
4,947
12,489
15,099
14,977
16,184
16,017
17,570
20,114
18,607
20,012
19,342
31,559
35,787
39,458
50,468
59,961
71,858
84,939
80,212
78,775
77,146
5,898
6,574
6,786
7,400
7,159
8,056
9,229
7,816
8,169
7,432
17,579
20,885
24,350
34,499
42,605
50,900
59,486
54,930
52,194
50,694
8,081
8,329
8,322
8,570
10,196
12,901
16,224
17,466
18,412
19,020
3,397
3,528
3,640
3,729
3,950
4,265
4,644
4,862
5 ,138
5,296
5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,007
5,012
State member b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—-June 30
12,130
13,478
15,950
21,687
26,759
33,261
37,871
35,754
32,639
31,820
4,940
5,316
6,295
5,905
6,171
7,196
8,850
8,834
9,424
9,891
7,190
8,162
9,654
15,782
20,588
26,065
29,021
26,921
23,216
21,928
5,271
6,088
7,500
13,802
18,883
24,393
27,089
25,000
21,384
19,927
1,920
2,074
2,155
1,980
1,705
1,672
1,933
1,921
1,832
2,001
7,293
8,865
8,145
8,096
7,773
8,290
9,731
9,472
9,575
9,353
17,781
20,642
22,259
27,808
32,302
39,059
44,730
42,307
39,395
38,289
3,512
3,849
3,739
3,600
3,397
3,827
4,411
3.986
3,890
3 ,609
10,652
12,944
14,495
20,024
23,833
28,874
32.334
29,672
26,726
25,686
3,617
3,849
4,025
4,184
5,072
6,357
7,986
8,649
8,779
8,994
124
169
246
2,371
525
703
945
058
1,175
1,342
1,502
1,598
1,698
1,789
1,867
1,875
1,893
1,916
3,019
« Partly estimated.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. "All banks" comprise "all
commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member
banks" except three mutual savings banks that became members of the Federal Reserve System in 1941; these three banks are included in both
"member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks."
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For recent
revisions in series see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see following page.
1270
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and
call date
Total
Other
Cash
assets x
Total
U. S.
Government
obligations
Other
securities
Loans
Total 1
Inter-1
bank
Total
Number
of
capital
accounts banks
Demand
Time 2
All n o n m e m b e r c o m mercial b a n k s :
1939—Dec. 30
6,727
1940—Dec. 31
6,803
1941—Dec. 31.
7,233
1942—Dec. 31
8,137
10,847
1943—Dec. 31
1944—Dec. 30
13,972
16,849
1945—Dec. 31
1946—June 29.,
17,430
Dec. 31
17,646
1947—June 30« . . . . 17,730
3,276
3,479
3,696
3,136
2,832
2,971
3,310
3,830
4,429
5,020
3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217
12,710
1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749
11,150
1,464
1,389
1,266
1,166
1,115
1,122
1,262
1,388
1,468
1,560
2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639
4,010
8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879
20,310
464
512
457
309
448
351
425
510
597
600
4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526
12,950
3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756
6,760
1,363
1,312
1,288
1,230
1,245
1,298
1,362
1,433
1,483
1,530
8,122
7,859
7,662
7,460
7,299
7,181
7,130
7,142
7,147
7,136
Insured nonmember
commercial b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
2,901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
4,597
1,239
2,448
1.240
2,357
1,509
2,535
4,166 ! 3,162
5,739
6,702
9,146 i 8,197
10,584
11,647
10,716
11,901
10,524
11,791
9,949
11,299
1,210
1,116
1,025
1.004
6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836
18,240
113
116
129
145
149
190
244
206
260
201
3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12,225
11,694'
3,365
3,411
3,360
3,409
3,823
4,632
5,680
6,045
6,351
6.345
1,005
1,063
1,185
1,268
1,350
2,091
2,324
2,668
3,308
3,395
3,875
4,448
3,766
4,109
3,498
1,022
1,083
1,149
1,193
1,245
7,172
6,952
6,810
6,667
6,535
6,452
6,416
6,446
6,457
6,461
601
837
763
452
494
473
514
534
530
510
1,649
1,876
1,872
1,332
1,829
2,358
2,452
2,279
2,043
2,070
351
396
329
164
299
161
181
303
336
400
1,031
1,225'
1,291
268
255
253
241
270
305
365
391
404
410
358
334
329
275
267
276
279
284
290
290
950
907
852
793
764
729
714
696
690
675
1,309
1,292
1,241
1,236
1,276
1,378
1 592
1,715
1,784
1,860
551
551
548
546
545
543
542
541
541
541
153
161
164
201
808
892
51
53
52
56
184
192
192
191
191
191
Noninsured nonmember commercial
banks:
1939—Dec. 30.
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31 3
1943—Dec. 31
1944—Dec. 30
1945—Dec 31
1946—June 29
Dec. 31
1947—June 30«
5,350
5,431
5,776
6,984
9,258
11,824
14,639
15,392
15,831
15,896
1,378
1 ,372
1,457
1,154
1,588
2,148
2,211
2,038
1,815
1,830
375
405
455
318
276
292
318
339
389
420
962
949
836
749
694
761
674
1,312
1,856
1,893
1,699
1,426
1,410
1,160
1,682
1,693
1,496
1,226
1,200
254
273
241
162
153
174
200
204
200
210
5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,680
3,101
3 215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,160
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,520
818
966
793
663
797
584
609
747
818
840
10,524
10,659
10,533
10,668
11,738
13,376
15 385
16,281
16,869
17,470
10.524
10.659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,470
724
422
548
629
861
303
470
421
405
608
604
606
660
695
789
133
202
151
130
559
400
429
550
612
658
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
1,409
1,818
1,789
2 048
7,534
8,910
10,363
10,979
11,428
11,901
1,885
1,607
1,353
1,082
685
764
642
533
238
184
180
197
206
180
9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5 .442
5,570
9 114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442
5,570
1,003
967
1,002
927
1,261
1,892
1,905
1,584
1,302
1,260
978
959
955
979
All m u t u a l savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec.
31.......
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 2 9 . . !
Dec. 31
1947—j u n e 3o'e" '
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,125
17,704
18,380
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,700
1939—Dec 30
1,329
1,654
1940—Dec. 31
1941—Dec. 31
1,693
1942—Dec. 31
2,007
1943—Dec. 31.'.'.'. .'. . 7,525
1944—Dec. 30
9,223
1945—Dec. 31
10,846
1945—June 29
11,453
11,891
Dec. 31
1947—June 30
12,375
605
637
642
740
Insured mutual savings
banks:
*
Noninsured m u t u a l
savings b a n k s :
1939—Dec. 30
J940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30*.
8,887
8.594
8,687
8,747
4,345
4,708
5,361
5,671
5,813
6,000
3,073
3,110
3,081
3,132
3.250
3,370
1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641
9,005
3,844
5,509
7,160
7,662
7,946
8,216
4,323
4,319
4,259
3,954
1,411
1,260
1,198
1,224
1,2 75
1,330
4,565
4,274
4,428
4,792
2,935
3,448
4,163
4,447
4,538
4,670
2,679
2,667
3,075
3,711
2,246
2,819
3,522
3,777
3,833
3,940
689
629
641
671
705
730
1,034
1,122
1,173
1,218
1,156
1,131
1,077
1,035
468
485
558
593
611
640
500
498
496
490
361
351
350
350
350
350
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks
and 2525 million at all insured commercial banks.
Figures for "All banks" and for mutual savings banks include a relatively small amount of demand deposits held by the latter.
3
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
For other footnotes, see preceding page.
OCTOBER 1947
1271
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
Total
loans
and
investments
Total
AH insured commercial banks:
1940—Dec. 3 1 . . 42,55 18,395
1941—Dec. 3 1 . . 49,290 21,259
1942—Dec. 3 1 . . 66,240 18,903
1943—Dec. 3 1 . . 83,507 18,841
1944—Dec. 30.. 103,382 21,352
1945—Dec. 31.. 121,809 25,765
1946—June 29.. 117,409 26,791
Dec. 3 1 . . 112,178 30,733
1947—June 30. . 110,682 33,250
Member banks,
total:
1940—Dec. 3 1 . . 37,126 15,321
1941—Dec. 3 1 . . 43,521 18,021
1942—Dec. 3 1 . . 59,263 16,088
1943—Dec. 3 1 . . 74,258 16,288
1944—Dec. 30. 91,569 18,676
1945—Dec. 3 1 . . 107,183 22,775
1946—June 29.. 102,032 23,302
Dec. 3 1 . . 96,362 26,696
1947—June 30. . 94,802 28,655
New York City:*
1940—Dec. 31.. 10,910 3,384
1941—Dec. 3 1 . . 12,896 4,072
1942—Dec. 3 1 . . 17,957 4,116
1943—Dec. 31.. 19,994 4,428
1944—Dec. 30.. 24,003 5,760
1945—Dec. 31.. 26,143 7,334
1946—June 29.. 23,304 6,506
Dec. 31.. 20,834 6,368
1947—June 30. . 20,332 6,548
Chicago:*
696
1940—Dec. 31.. 2,377
2,760
95
1941—Dec. 31.
832
1942—Dec. 31.. 3,973
1943—Dec. 3 1 . . 4,554 1,004
5,443 1,184
1944—Dec. 30.
5,931 1,333
1945—Dec. 31.
5,167 1,329
1946—June 29.
4,765 1,499
Dec. 31.
1947—June 30. . 4,802 1,565
Reserve city banks:
1940— Dec. 31. 13,013 5,931
1941—Dec. 31. 15,347 7,105
1942—Dec. 31. 20,915 6,102
1943—Dec. 31. 27,521 6,201
1944—Dec. 30. 33,603 6,822
1945—Dec. 31. 40,108 8,51
1946—June 29.. 37,675 8,862
Dec. 3 1 . . 35,351 10,825
1947—June 30. . 34,611 11,441
Country banks:
194a—Dec. 31. 10,826 5,309
1941—Dec. 3 1 . . 12,518 5,890
1942—Dec. 3 1 . . 16,419 5,038
1943—Dec. 31.. 22,188 4,654
1944—Dec. 30. 28,520 4,910
1945—Dec. 31. 35,002 5,596
1946—June 29.. 35,886 6,605
Dec. 31. 35,412 8,004
1947—June 30. 35,057 9,102
Insured nonmember commercial banks:
1940—Dec. 31.
5,431 3,07
1941—Dec. 31.
5,776 3,241
1942—Dec. 31.
6,984 2,818
1943—Dec. 31.
9,258 2,556
1944—Dec. 30. 11,824 2,678
1945—Dec. 31. 14,639 2,992
1946—June 29. 15,392 3,491
Dec. 31. 15,831 4,040
1947—June 30. . 15,896 4,597
Investments
ComLoans for
merpurchasing
cial,
or carrying
insecurities Real
clud- Agries- Con- Other
culing
tate sumer
To
loans Total
open- tur1
al brok- To loans loans
marers
ket
and othpa-1
ers
dealper
ers
7,178 1
9,214
7,757
7,777
7,920 1
9,461
10,334
14,016
14,765
281
450
642
505
723
314
366
358
549
663
24,162
4,468
4,077
614 662 4,773
28,031
4,545
950 597 4,646 2,269 1,042 47,336
,414 922 4,437 1
918 64,666
,269 2,265 4,343 1,
944 82,030
,164 3,606 4,677 2,361 1,181 96, 043
r
,417 2,656
5 5,738
~ 3,069 1,211 90,618
,517 ,609 7,103 4,031 1,098 81,445
,517 ,278 8,201 4,893 1,047 77,433
Total
,064
,046
40 ,705
,683
75 ,875
,912
82,977
73,554
69,136
21 805 15,
6,660 865 642 652 3,228 3,273
25 500
3,692
8,671 972 594 598
,847 870 43 175
7,387 ,089 934 538
,398
970 52
,023
3,274
57,
839
,484
7,421
7,531 ,198 ,249 ,108 3,209 ,505 877 72,893
,133
855
84,408
,378
3,455
1,104
8,949
9,685 877 ,395 ,480 4,267 2,464 1,133 78,729
5,358 3,308 1,020 69,666
13,154 884 ,506
6,240
13,820 972 ,507
965 66,146
7,527
8,823
13,841
15,566
18,243
18,809
16,798
14,465
13,784
6 465 190
8 412 169
21 787 193
24 1,054 323
30 1,742 859
2,453 1,172
1,852 798
1,096 389
1,196 286
130
123
117
107
86
80
83
99
104
468
554
303
252
253
287
378
455
500
492
732
658
763
738
760
804
1,094
1,178
42
48
34
102
163
211
188
11
100
19
22
23
22
24
36
43
51
42
84
96
62
45
45
51
76
105
130
2,589 263
3,456 300
2,95
290
3,058 .279
3,034 348
3,661 205
19
3,93:
5,548 201
5,726 19
7,081 5,204
11
207 436
1,322
8,243 6,46
114 194 527
1,512
9
153 486 808 312 14,813 13,038
21
267 420 658 301 21,321 19,682
311 777 379 660 313 26,781 25,04:
427 1,503 459 855 404 31,594129,552
321 1,142 743 1,073 453 28,813 26,585
264 704 2 237 1,436 43. 24,527 22,250
185 540 713 1,675
23,170 20,845
54
52
32
52
163
233
185
101
84
1,681
1,806
3,141
3,550
4,258
4,598
3,837
3,266
3,237
1,45.
1,676
1,226
1,084
1,149
1,484
1,781
2,433
2,744
590
659
772
713
80:
648
679
681
774
5.517
1,400
201 1,644
6,628
183 1,823
1,530
161 1,797 674 393 11,380
19 1,725 528 381 17,534
310 1,719 547 351 23,610
471 1,881 707 363 29,407
354 2,398 937 42: 29,281
273 2,970 ,312 306 27,408
518
543
370
356
389
51
649
86:
945
416
478
55;
48:
525
459
488
474
576
75
64
5'
82
156
228
176
142
125
244 3,381
1,240
1,282
1,225
1,165
1,136
1,224
1,473
1,748
1,963
,693
925 3,719 ,608 491
756
797 4 102 ,651 333
159
799 20,999 2,718 ,533 098
727
656 ,501 ,287 696
13 ,218
672
848 978 3 ,422 733
15,300 15,778
321
19,071 16,045
22 , 873 3; 258
24 973 3,668
1,220 17,637 ,004 52,092
1,271 12,288 6,730 53 ,200
15 4,298 3,592
505
835
5,341
14 4,826 3,471
662
652
971
363
,360
748
2,275
,072
,167
773
285
071
982
985
292
043
,544
091
2,594
486
013 2,970
729 832 090 871
3,007
948 540 2' 965 ,664
5,409
265 2,345
6,906
729 ,294
927 902 2 857 ,350
14,127
792
14,271
16 3 254 ,815
420
10,467
2 0 3 307
151
219
5,602
11 , 548 3,077
4,369 46,502
10 ,982 2,966
6,044 207
1,245
7,265 311
1,623
12,547 1,855 2,144 2,056
14,563 1,328 3,409 1,829
17,179 913 3,740 3,745
17,574 477 3,433 3,325
15,646 201 2,980 2,229
13,308 387 1,725
992
12,571 137 1,103
775
2,125
2,807
2,546
2,515
2,610
3,044
3,169
4,078
4,171
148
153
179
298
226
250
291
Obligations
of
Direct
States Other
and
secuCertifirities
cates
an- political
inteed subBills of
debt- Notes Bonds
diviedsions
ness
U. S. Government obligations
1,307
1,430
2,789
3,238
3,913
4,213
3,485
2,912
2,890
297
256
637
397
877
199
250 1,045
133 1,467
14 1,042
498
60
368
106
103
295
1,441
1,802
1,704
1,034
410
441
334
2,253
4,691
5,730
6,982
6,038
3,799
3,038
145
153
391
484
779
749
529
146
132
977
652
420
014
592
,337
234
202
,555
615
679
071
984
189
1
1
1
1
695
729
593
444
468
606
535
557
631
788
830
701
558
596
629
618
601
582
752
903
1,282
1,602
1,809
1,864
1,900
2,207
2,284
112
119
83
74
31
188
182
166
158
160
181
153
167
175
186
193
186
155
185
204
200
187
173
771 ,281 ,049 984 893
751 ,248 ,173 956 820
,810 811 954 821
1,723
2,497 ,943 749 913 726
5,181 ,987 440 1,000 740
5,653 ,878
1,126 916
4,014 ,116
1,194 1,034
,013
1,993
41,272 1,004
1,503 15,967
1,364 962
3,269
433 2,081
45
4,37
481 2,926
110
9,172
671 1,251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
21,552
88 3,466 4,422 12,540
26,999
630 5,102 4,544 16,713
26,556
447 5,231 3,696 17,170
24,57
279 4,020 2,470 17,797
19 3,035 1,960 17,696
240 25,955 22,893
710
861
574
538
241
1,146
1,222
1,252
1,214
1,230
1,342
1,426
1,551
1,813
1,102
1,028
956
855
829
1,067
1,299
1,285
1,250
834
1,069
2,053
3,395
4,928
6,538
6,682
6,991
7,01
234
271
179
156
76
6
4
595
563
569
560
566
619
667
752
845
521
462
435
403
383
443
518
516
505
2,357 1,240
803
2,535 1,509
854
422
173 4,166 3,16!
385
70 6,702 5,739
6 9,146 8,19^
383
460
7 11,647 10,584
605
79 11,901 10,716
723
79 11,791 10,524
82 11,299 9,949
895
10
17
99
276
223
180
14'
104
62
442
1,147
1,319
2,087
2,346
2,247
1,897
162
152
390
766
1,652
1,774
1,538
1,179
972
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit Insurance Corporation. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are
included
in "member banks" but are not included in "all insured commercial banks."
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 231, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
1272
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
] Demand
Class of bank
and
call date
Reserves
with
Cash
Federal in
Revault
serve
Banks
DeBalances mand
dewith
doposits
ad- 4
mestic3
banks justed
Interbank
deposits
13,992
12,396
13,072
12,834
14,260
15,810
15,999
16,013
16,039
Member banks
total:
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 31. .
1947—June 3 0 . .
13,992
12,396
13,072
12,835
14,261
15,811
16,001
16,015
16,040
1,087
1,019
1,132
1,271
1,438
1,141
1,576
1,409
6,185
6,246
6,147
5,450
6,354
7,117
5,772
5,936
5,521
30,429
33,754
42,570
52,642
57,308
64,184
67,461
70,243
69,595
9,581
9,714
10,101
9,603
10,881
12,333
10,391
10,644
9,612
New York City:*
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 3 1 . .
1947—June 30. .
7,057
5,105
4,388
3,596
3,766
4,015
4,255
4,046
4,166
102
93
72
92
102
111
85
131
123
122
141
82
61
76
78
68
87
50
11,062
10,761
11,899
13,899
14,042
15,065
16,158
16,429
16,494
4,032
3,595
3,209
2,867
3,179
3,535
3,127
3,031
2,898
1,051
1,021
902
821
899
942
870
928
973
42
43
39
38
43
36
26
29
36
319
298
164
158
177
200
162
172
162
1,941
2,215
2,557
3,050
3,041
3,153
3,189
3,356
3,427
Reserve city banks
1940—Dec. 3 1 .
1941—Dec. 3 1 .
1942—Dec. 3 1 .
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—June 29.
Dec. 31. .
1947—June 30. .
4,027
4,060
4,940
5,116
5,687
6,326
6,332
6,337
6,274
396
425
365
391
441
494
399
532
470
2,741
2,590
2,202
1,758
2,005
2,174
1,858
1,923
1,864
9,581
11,117
14,849
18,654
20,267
22,372
23,483
24,221
24,166
Country banks:
1940—Dec. 31.
1941—Dec. 3 1 .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 .
1946—June 29.
Dec. 31.
1947—June 30.
1,857
2,210
2,842
3,303
3,909
4,527
4,543
4,703
4,628
452
526
542
611
684
796
631
883
780
3,002
3,216
3,699
3,474
4,097
4,665
3,684
3,753
3,444
7,845
633
790
9,661
957
13,265
994
17,039
19,958 1,149
23,595 1,199
997
24,630
26,237 1,067
885
25,508
243
27'
287
313
352
391
330
437
395
2,017
2,325
2,93^
2,996
3,434
3,959
3 ,332
3,547
2,979
3,391
4,092
5,651
7,279
8,652
10,537
10,821
11,842
11,418
Chicago:2
1940_Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—June 29. .
Dec. 31.
1947—June 30.
Insured nonmember commercial banks:
1940— Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—j u n e 29.
Dec. 31. .
1947—Tune 30.
CertiStates fied
U. S.
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
DoFormestic3 eign
All insured commercial banks:
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 31. .
1947—June 30. .
702
8,202 33,820 9,677
673
L.358 8,570 37,845 9,823
813
L,305 9,080 48,221 10,234
893
1,445 8,445 59,921 9,743
948
1,622 9,787 65,960 11,063
•1,829 11,075 74,722 12,566 1,248
1,471 9,102 78,281 10,584 1,346
A2,012
9,481 82,085 10,888 1,364
1,804 8,498 81,012 9,807 1,372
1L,234
991
997
1,027
1,105
972
1,132
1,292
1,047
1,130
1,056
3,919
4,302
4,831
4,770
5,421
6,307
5,220
5,417
4,773
95
108
133
141
182
233
194
244
194
Time deposits
deposits
666
971
160
158
97
68
64
70
77
68
64
69
59
61
124
109
103
107
119
111
522 14,998
492 15,146
397 15,697
395 18,561
423 23,347
496 29,277
552 31,487
664 32,742
771 33,461
29,576
33,061
42,139
51,820
56,270
62,950
65,589
69,127
67,933
141
140
87
62
58
64
72
62
60
56
50
56
120
105
99
101
114
106
435
418
332
327
347
399
447
551
649
11,687
11,878
12,366
14,822
18,807
23,712
25,568
26,525
27,259
3 5,698
4 5,886
5 6,101
39 6,475
111 6,968
208 7,589
72 7,920
30 8,005
50 8,315
11,357
11,282
12,501
14,373
14,448
1,338 15,712
1,132 16,836
942 17,216
915 17,202
5
6
3
4
11
17
27
20
22
5
7
10
8
15
14
51
29
23
26
17
20
17
39
17
768
778
711
816
977
1,615
1,648
1,727
1,862
1,966
2,120
2,176
2,205
2,234
5
8
1,077
1,219
1,669
1,354
2,585
2,320
2,361
2,111
700
616
671 1,709
811 7,923
891 9,444
945 18,509
2,724
3,066
3,318
3,602
3,744
4,240
4,826
4,915
5,376
1,009
1,142
1,573
1,251
2,450
2,179
2,207
1,976
48
866
370
319
263
252
199
237
293
218
260
1,243 22,179
1,339 12,009
1,353 2,672
1,369 1,095
641
607
733
810
851
4,186
3,395
6,722
1,105 6,940
1,178 3,495
651
1,195
179
1,228
913
471
450
448
710
361
789
152
181
174
233
178
174
167
237
262
228
304
27
34
38
44
33
66
37
47
55
1,905
2,152
2,588
3,097
3,100
3,160
3,153
3,495
3,417
327
49
491
54
63 1,982
63 3,373
70 6,157
110 8,221
129 4,531
127
991
311
109
995
1,144
1,319
1,448
1,509
1,763
2,003
2,077
2,301
228
286
385
475
488
611
558
693
554
9,468
11,127
15,061
18,790
20,371
22,281
23,005
24,288
23,934
1,184
1,370
1,558
1,727
1,868
2,004
2,269
2,391
2,511
187
239
272
344
369
435
453
524
451
574
611
678
750
775
858
981
58
68
76
96
103
135
142
154
135
8
8
12
14
16
20
24
24
24
2
2
4
5
8
8
8
8
8
2
2
2
3
90
127
665
713
1,400
1,552
151
225
1,090
1,962
4,230
5,465
3,194
877
424
50
53
243
506
c
1,245
1,560
11
3
932
258
152
1,052
1,119
IndiCapividuals, Bortal
partner- row- acships, ings counts
and corporations
32,398
36,544
47,122
58,338
64,133
72,593
75,391
79,887
78,220
3,298
3,677
3,996
4,352
4,518
5,098
5,807
5,967
6,495
1,761
8,167
9,950
19,754
23,740
12,941
2,930
1,247
U. S.
IndiGov- States
viduals,
and
partner- Inter- ernment politships,
and
ical
and cor- bank
Postal subdiporaSavvisions
tions
ings
2
2
1
1
1,206
1,372
1,395
1,407
11
10
10
46
122
215
83
39
60
29
96
195
27
"l
496
476
453
505
619
719
779
823
864
6,676
6,844
7,055
7,453
7,989
8,671
9,068
9,286
9,558
270
288
304
326
354
377
394
404
416
2
2
2
1
4
6
107
104
63
41
33
30
27
25
21
19
20
22
56
40
38
43
43
41
226
243
169
151
154
160
187
235
319
4,505
1,904
4,542
1,967
4,805 ""2
2,028
5,902
2,135
7,561
2,327
2 2,566
9,563
27 2,676
10,190
4 2,729
10,580
11 2,796
10,888
6,846
8,500
11,989
15,561
18,350
21,797
22,594
24,128
23,380
29
30
20
17
14
17
18
17
17
33
31
32
56
57
52
48
150
146
140
149
175
219
242
272
308
5,917
6,082
6,397
7,599
9,650
12,224
13,226
13,727
14,101
2,822
3,483
4*983
6^518
7,863
9,643
9,802
10^761
10,287
18
18
1C
6
6
6
13
g
5
4
4
4
6
5
87
74
65
68
76
97
105
113
122
3,311
3,276
3,339
3,750
4,553
5,579
5,934
6,232
6,218
6
4
55
49
Gj
3 1,909
4 1,982
3 2,042
10 2,153
16 2,321
11 2,525
18 2,674
26 2,757
38 2,869
8
5
6
10
7
11
9
10
978
959
955
979
1,022
1,083
1,149
1,193
1,245
3
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.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
OCTOBER 1947
1273
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars!
Loans
Investment?
For purchasing
or carrying securities
Date or month
TotalLeading Cities
1946—August
Total
loans
and
investments
Total
CommerTo brokers
cial,
and dealers
industrial,
U. S. Other
and
agri- Govt.
seobculcuriligatural
ties
tions
U. S. Government obligations
To others
U. S.
Govt.
obligations
Real Loans
estate to Other
Other loans bank?
securities
Total
Total
Bills
68,329 17,395
9,259
897
672 1,392
525 2,114
185 2,351 50,934 46,942
July
August
63,284
63,169
63,143
63,401
63,630
19,864
19,917
20,167
20,232
20,838
12,162
11,891
11,757
11,860
12,259
406
590
771
588
622
414
429
531
523
471
548
530
513
514
504
496 ,785
487 ,876
482 2,938
472 3,029
3,127
2,898
181 2,933
15: 3,018
160 3,086
242 3,141
July 2
July 9
July 16
July 23
July 30
63,371
63,227
63,416
63,513
63,479
20,27
20,042
20,141
20,194
20,508
11,809
11,791
11,848
11,883
11,967
742
605
501
519
573
524
457
585
530
522
515
511
513
509
522
471
466
463
462
501
2,981
3,005
3^026
3,053
3,079
158
131
43,094
43,185
43,275
43,319
153
235 3,109 42,971
Aug. 6
Aug. 13
Aug. 20
Aug. 27
63,629
63,513
63,646
63,730
20,662
20,697
20,892
21,100
12,092
12,238
12,301
12,406
616
531
604
735
499
468
465
451
509
509
496
502
471
467
482
474
3,098
3,114
3,137
3,156
3,108 42,967 38,735
241 3,129 42,816 38,588
251 3,156 42,754 38,52
206 3,170 42,630 38,395
Sept.
Sept.
Sept.
Sept.
63,7991 21,212
64,292 21,319
64,714121,383
64,566121,569
12,518
12,717
12,858
12,935
714
605
475
498
452
442
449
435
502
504
499
497
473
476
476
476
3,171
3,189
3,208
3,226
215 3,167 42,587 38,354
582
211 3,175 42,973 38,699
812
194 3,224 43,331 39,022 1,077
3,227 42,997 38,680
694
21,833
6,051
3,422
717
461
240
79
152
19,944
19,798
19,920
20,014
19,803
6,204
6,195
6,342
6,186
6,403
4,439
4,252
4,180
4,176
4,309
313
492
651
477
523
279
292
358
351
330
105
101
96
103
97
208
195
190
191
187
99
98
99
100
102
132
141
127
130
181
July 2
July 9
July 16
July 23
July 30
20,082
20,002
19,993
20,088
19,903
6,335
6,124
6,078
6,100
6,292
4,193
4,177
4,157
4,165
4,186
617
491
391
415
472
344
307
385
360
360
103
102
102
98
108
186
185
182
181
220
98
99
101
101
101
Aug. 6
Aug. 13
Aug. 20
Aug. 27
19,899
19,736
19,815
19,760
6,347
6,305
6,440
6,519
4,230
4,309
4,320
4,378
515
432
508
638
353
325
326
316
102
101
90
94
184
183
195
186
Sept.
Sept.
Sept.
Sept.
19,808
20,040
20,147
20,126!
6,580
6.558
6,492
6,632
4,422
4,516
4,564
4,597
617
514
399
429
319
309
312
305
94
92
185
186
185
185
5,83:
180
1947—April
May
June
3
10
17
24
New York City
1946—August
1947—April
May
June
July
August
3
10
17
24
Outside
New York City
1946-August
46,496 11,344
833 10,298
889
678
818
950
649
5,192
5,247
4,762
4,595
4,294
38,990
989 4,648
39,099 1,100 4,570
39,145 1,072 4,551
39,154
951 4,672
38,739
638 4,535
726
649
608
611 4,162
5,433
Bonds
Other
securities
30,378 3,992
2,843 30,387 4,109
2,773 30,531 4,023
2,658 30,648 4,090
2,643 30,837 4,144
2,626 30,992 4,231
2,652
,648
,650
,636
2,631
30,701
30,781
30,872
30,895
30,935
4,104
4,086
4,130
4,165
4 ,232
2,631 30,994 4,232
31,004 4,228
2,640 30,974 4 ,227
30,996 4 ,235
,619
,708
711
2,705
31,015 4,233
31,084 4,274
31,088 ,309
31,127 4,317
536 15,782 14,613
163 2,774
1,515
10,161 1,169
629
624
641
658
674
13,740
13,603
13,57
13,82:
13,400
12,533
12,462
12,393
12,600
12,131
1,229
109 1,262
302 1,011
398 1,013
142
811
800 10,189 1,207
813 10,278 1,141
776 10,304 1,185
766 10,423 1,228
725 10,453 1,269
138
107
103
121
181
656
656
657
659
664
13,747
13,878
13,915
13,988
13,611
12,553
12,681
12,697
12,733
12,336
377
541
502
1,042
976
983
1,077
986
770 10,364 1,194
772 10,392 1,197
772 10,440 1 ,218
762 10,454 1,255
755 10,465 1,275
101
102
102
102
200
184
214
124
662
669
685
681
13,552
13,431
13,375
13,241
12,282
12,162
12,101
11,977
162
153
131
122
886
826
820
711
748 10,486 1,270
718 10,465 1,269
714 10,436 1,274
720 10,424 1,264
102
103
102
102
161
156
143
218
680
682
698
707
13,228
13,482
13,655
13,494
11,963
12,181
12,353
12,195
120
231
474
193
698
680
694
776
721 10,424 1,265
801 10,469 1,301
731 10,454 1,302
736 10,490 1,299
948
285 2,035
443
429
417
411
407
288 2,686
292 2,778
292 2,839
281 2,929
285 3,025
23 2,269
40 2,309
30 2,377
30 2,428
61 2,467
43,340
43,371
43,223
43,387
43,827
13,660 7,723
13,722 7,639
13,825 7,577
14,046 7,684
14,435 7,950
93
98
120
111
99
July 2
July 9
July 16
July 23
July 30
43,289
43,225
43,423
43,425
43,576
13,942
13,918
14,063
14,094
14,216
7,616
7,614
7,691
7,718
7,781
125
114
110
104
101
180
150
200
170
162
412
409
411
411
414
285
281
281
281
281
2,883
2,906
2,925
2,952
2,978
Aug. 6
Aug. 13
Aug. 20
Aug. 27
43,730
43,777
43,831
43,970
14,315
14,392
14,452
14,581
7,862
7,929
7,981
8,028
101
99
96
97
146
143
139
135
407
408
406
408
28^
284
281
288
Sept.
Sept.
Sept.
Sept.
43,99l| 14,632
44,252| 14,761
44,5671 14,891
44,4401 14,937
8,096
8,201
8,294
8,338
97
91
76
69
133
133
137
130
408
412
410
408
3
10
17
24
39,311
39,229
38,886
39,025
38,561
Notes
1
4,138
4,095
4,146
4,154
135
137
173
172
141
1947—April
May
June
July
August
43,420
43,252
42,976
43,169
42,792
Certificates
of indebtedness
1,815 35,152 32,329
670 7,524 3,918 20,217 2,823
3,963
3,985
3,751
3,582
3,483
2,043
1,960
1,882
1,877
1,901
20,198 2 ,902
20,,253 2,882
,905
20,
20,414 2,916
20,539 2 ,962
20 2,421 29,347 26,437
24 2,420 29,307 26,418
19 2,426 29,360 26,448
2,426 29,331 26,421
2,44. 29,360 26,403
3,606
3,594
570 3,568
511 3,595
508 3,549
1,882
1,876
1,878
1.874
1,876
20,337 2,910
20,389 2 ,889
20,432 2,912
20,441 2,910
20,470 2 ,957
2,997
3,012
3,035
3,054
2,446
2,460
37 2,471
2,489
29,415
29,385
29,379
29,389
26,453
26,426
26,426
26,418
564 3,498
496
47
489
1,883
1,892
1,926
1,906
20,508 2 ,962
20 ,539 2,959
20;,538 2,953
20,572 2,971
288 3,069
290 3,086
3,106
3,124
54 2,487
2,493
2,526
57 2,520
29,359
29,491
29,676
29,503
26,391
26,518
26,669
26,485
462
581
603
501
3,440
3,415
3,452
3,378
1,898
1,907
1,980
1,969
20,591 2,968
20,615 2,973
20,634 ,007
20,637 ,018
29,680
29,649
29,398
29,341
29,392
26,778
26,767
26,493
26,425
26,430
574
569
516
552
507
1
Including guaranteed obligations.
Back figures.—'For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
1274
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES A N D LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Date or month
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral
do- posits
ault mestic
Read- 1
serve
banks i Listed
Banks
In millions of dollars]
Interbank
deposits
Time deposits,
except interbank
IndiIndividvidU. S.
Certiuals, States
uals, States
and
fied
and Govpart- politU.
S.
parternand
nerGov- ner- political
offiical ment
ships, subernships,
and
cers'
suband
and
divi- checks, ment cordivi- Postal
cor- sions
Savetc.
porapora- sions ings
tions
tions
Demand
Domestic
Time
Bor- Caprow- ital
acings counts
Bank
deb-2
its
Foreign
Total—
Leading Cities
1946—August. .
11,615
711 2,369 45,487 45,326 2,751
1,382 7,048 13,409
219
9,809
,352
1947—April
May
June
July
August. . .
11,455
11,530
11,681
11,792
11,952
735
763
764
762
753
2 ,326 45 ,428 45,235
2,291 45,966 45,627
',858 46,557
2 ,290 46
2 308 46,890 46,794
2,295 46,817 46,632
3,118
3,248
3,280
3,096
3,096
1,381 1,736 13,946
1,396 1,315 13,992
1,465
450 14,025
1,491
586 14,058
1,326
14,080
307
324
325
327
332
9,180
8,974
8,957
9,153
9,274
1,356
1,379
1,342
1,339
,374
191
169
170
138
222
July 2 . . . 11,62
July 9 . . . 11,755
July 1 6 . . . 11,853
July 2 3 . . . 11,808
July 3 0 . . . 11,915
730
783
756
763
777
2,325 46,626 46,443
2,305 46,525 46,351
2,408 46,963 47,459
2,268 47,187 46,899
2,234 47,145 46,816
3,191
3,061
3,040
3,079
3,109
1,818
1,391
1,436
1,353
1,457
596
656
491
539
648
14,055
14,057
14,057
14,061
14,061
328
326
327
324
329
9,182
9,228
9,376
9,009
8,968
1,350
1 ,343
1,354
1,339
1,308
140 5,739 23,032
132 5,743 15,462
95 5,734 19,028
5,739 18,378
5,745 18,034
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
11,921
11,924
11,945
12,020
721
774
735
783
2,255 46,809 46,219
2,363 46,574 46,879
2,298 46,780 46,683
2,264 47,105 46,747
3,128
3,051
3,043
3,162
326
234
398
344
748
791
825
868
14,072
14,074
14,094
14,081
332
330
330
335
9,271
9,441
9,261
9,123
1,330
1,360
1,392
1,414
271
5,765
5,767
5,762
5,771
17,830
16,868
18,013
16,985
Sept. 3 . . .
Sept. 1 0 . . .
Sept. 17. ..
Sept. 2 4 . . .
12,176
12,266
12,348
12,236
784
854
791
808
2,257 46,954 46,884
2,394 47,350 47,514
2,512 47,498 48,174
2,318 47 ,303 47,266
3,124
3,069
2,996
3,036
1,429
1,435
1,350
1,358
940 14,104
950 14,138
889 14,142
14,153
334
336
332
329
9,364
9,728
10,047
9,647
1,434
1,431
1,435
1,424
5,785
5,779
189 5,782
257 5,786
15,544
17,492
20,389
19,043
New York City
1946—August. . .
4,056
109
15,564 15,944
225
730 2,518 1,328
3,019 1,193
138
30,856
1947—April
May
June
July
August. . .
4,001
4,044
4,076
4,098
4,117
116
125
121
124
122
15,712
37 15,742
16,122
16,224
15,955
16,171
16,141
16,526
16,651
16,325
225
248
226
231
220
720
776
813
827
692
525
380
123
134
203
1,346
1,347
1,357
1,348
1,351
2,914
2,892
2,902
2,908
2,859
1,210
1,229
1,201
1,194
1,222
72
96
73
65
123
29,997
31,695
35,092
,181 33,026
,190 29,025
July 2 . . .
July 9 . . .
July 1 6 . . .
July 2 3 . . .
July 3 0 . . .
4,053
4,005
4,155
4,074
4,20=
127
128
119
122
125
36 16,179
16,057
16,228
16,380
16,279
16,658
16,439
16,765
16,721
16,672
214
198
24,
244
256
1,104
738
774
713
806
133
142
111
122
161
1,349
1,351
1,346
1,347
1,348
2,961
2,943
2,972
2,856
2,806
1,208
1,205
1,207
1,191
1,159
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
4,133
120
125
11
126
16,06
15,831
15,928
15,994
16,283
16,306
16,341
16,368
232
21
211
219
688
594
75:
735
188
198
207
217
1,348
1,350
1,351
1,356
2,866
2,896
2,872
2,801
1,181
1,209
1,242
1,257
70 2,183 10,155
51 2,183 6,227
36
7,658
37
7,142
131 2,177 7,447
165 2,193 7,000
156 2,192 6,298
100 2,190 6,614
71 2,187 6,637
Sept. 3...
Sept. 10.. .
Sept. 17.. .
Sept. 24...
4,23
4,202
4,226
4,263
124
133
125
130
15,96. 16,378
16,058 16,509
16,04 16,627
16,499
201
232
207
203
730
776
639
709
230
247
215
236
1,364
1,373
1,369
1,376
2,908
2,984
3,100
3,007
1,279
1,279
1,278
1,267
109
125
132
165
Outside
New York City
1946—August. . .
230 5,566
7,559
602 2,334 29,923 29,38: 2,526
65: 4,530 12,081
203
6,790
1947—April
May
June
July
August. . .
7,454
619
638
643
638
631
2,271 29,716 29,064
2,254 30,224 29,486
2,254 30,736 30,031
2,273 30,666 30,143
2,263 30,86: 30,307
2,893
3,000
3,054
2 ,865
2,876
661 1,211 12,600
620
935 12,64
652
327 12,668
664
452 12,710
634
605 12,729
291
307
308
312
316
6,266
6,082
6,055
6,245
6,415
146
150
141
145
152
July 2 . . .
July 9 . .
July 1 6 . .
July 2 3 . . .
July 3 0 . . .
7,574
7,750
7,698
7,737,710
603
655
63
641
652
2,289 30,44
2,27 30,468
2,370 30,735
2,233 30,807
2,198 30,866
29,785
29,912
30,694
30,178
30,144
2,977
2,863
2,795
2,835
2,853
714
653
662
640
651
463
514
380
417
487
12,706
12,706
12,711
12,714
12,713
313
311
311
309
31
6,221
6,285
6,404
6,153
6,162
142
138
14
148
149
70
81
59
96
61
7,789
7,817
7,846
7,
Sept. 3... 7,937
Sept. 10... 8,064
Sept. 17... 8,122
Sept. 24... 7,973
601
649
618
65
2,22 30,742 29,936
2,328 30,743 30,573
2,264 30,852 30,342
2,233 31,111 30,379
2,896
2,834
2,832
2,943
638
640
646
609
12,724
59. 12,724
618 12,743
651 12,725
316
314
314
319
6,405
6,545
6,389
6,322
149
151
150
15
7C
115
125
660
721
666
678
2,224
2,362
2,468
2,278
2,923
2,83
2,789
2,833
699
659
711
649
710
703
674
709
12,740
12,765
12,773
12,777
319
321
317
314
,456
,744
6,947
6,640
155
15:
157
15
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
30,991 30,506
31,292 31,005
31,451 31,54
31,218 30,767
5,691
5,718
5,730
5 ,740
5,766
3
74,994
76,400
79,718
83,687
81 ,551
76,051
6,071
6,803
7,710
7,064
3,428 H4,138
119 3,521 46,403
73 3 ,542 48,023
9 3,55 48,595
3,55' 48,525
3,576 47,026
3,556
3,560
3.552
3,557
3,568
12,877
9,235
11,370
11,236
10,587
3,572
3,575
3,572
85 3,584
10,830
10,570
11,399
10,348
70 3,59
63 3,590
9,473
10,689
57 3,594 12,679
92 3,600 11,979
lave been revised and will
OCTOBER
1947
1275
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Total
loans
and
investments Total
Boston
2,840
Aug 27
2,863
Sept. 3
2,876
Sept. 10
2,880
Sept 17
2,896
Sept. 24
New York*
21,892
Aug 27
Sept 3
. . 21,936
22,173
Sept. 10
22,285
Sept. 17
22,282
Sept. 24
Philadelphia
2,501
Aug 27
2,514
Sept 3
2,526
Sept 10
2,543
Sept 17
2,537
Sept. 24
Cleveland
4,252
Aug 27
4,268
Sept 3
4,270
Sept 10
4,292
Sept 17
4,282
Sept. 24
Richmond
2,534
Aug 27
2,550
Sept 3
2,555
Sept 10
2,589
Sept 17
2,588
Sept 24
. . . .
Atlanta
2,326
Aug 2 7
2,310
Sept 3
2,331
Sept. 10
2,343
Sept 17
2,337
Sept. 4
Chicago*
8,739
Aug 27
8,673
Sept 3
8,746
Sept 10
8,801
Sept 17
8,746
Sept. 24
St. Louis
2,051
Aug 27
2,062
Sept 1
2,057
Sept 10
2,074
Sept. 17
2,067
Sept. 24
Minneapolis
1,130
Aug 27
1,146
Sept 3
1,173
Sept 10
Sept 17
1,191
Sept. 24
1,192
Kansas CUM
2,432
Aug 27
Sept 3
. . . 2,425
2,421
Sept 10
2,457
Sept 17
Sept 24
2,457
Dallas
2,142
Aug ^7
2,137
Sept 3
2,144
Sept 10
Sept. 17
2,156
Sept 24
2,165
San Francisco
10,891
Aug. 27
10,915
Sept 3
11,020
Sept. 10
Sept. 17
11,103
11,017
Sept 24
City of Chicago*
5,480
Aug. 27
5,457
Sept 3
5,520
Sept. 10
Sept. 17
5,600
Sept. 24
5,555
For purchasing
or carrying securities
CommerTo brokers
cial,
To others
indus- and dealers
Real Loans Other
trial,
estate to
loans Total
and
loans banks
agri- U . S . Other U . S . Other
culGovt. se- Govt. seobtural
obcuriliga- curi- liga- ties
tions ties tions
U. S. Government obligations
Total
Bills
Certificates
of indebtedness
Other
secuNotes Bonds1 rities
959
960
972
973
990
603
605
613
619
622
26
20
18
16
17
9
9
9
10
9
19
19
19
19
19
15
14
15
15
15
109
109
109
109
109
14
21
26
22
35
164
163
163
163
164
1,881
1,903
1,904
1,907
1,906
1,765
1,788
1,788
1,788
1,786
12
32
30
35
32
154
162
163
161
165
90
85
84
81
79
1,509
1,509
1,511
1,511
1,510
116
115
116
119
120
7,158
7,219
7,202
7,138
7,279
4,673
4,719
4,818
4,866
4,901
645
622
517
403
432
319
322
312
315
308
107
107
105
102
102
204
203
204
203
203
264
265
267
266
266
124
161
156
143
218
822
820
823
840
849
14,734
14,717
14,971
15,147
15,003
13,304
13,286
13,504
13,678
13,535
130
125
234
479
216
758
744
723
737
817
811
811
890
818
818
11,605
11,606
11,657
11,644
11,684
1,430
1,431
1,467
1,469
1,468
788
790
793
792
798
445
445
449
452
457
2
3
7
7
7
20
20
20
20
21
9
9
9
9
8
7
7
7
7
7
78
78
78
78
79
13
14
9
4
4
214
214
214
215
215
1,713
1,724
1,733
1,751
1,739
1,455
1,467
1,479
1,494
1,485
22
38
43
42
30
104
105
111
121
111
74
73
73
78
88
1,255
1,251
1,252
1,253
1,256
258
257
254
257
254
1,315
1,330
1,339
1,362
1,360
756
765
776
787
792
18
19
16
14
14
18
17
15
19
16
90
90
90
91
91
15
15
15
14
14
208
210
211
211
213
209
213
215
225
219
2,937
2,938
2,931
2,930
2,922
2,620
2,619
2,613
2,611
2,603
29
16
14
18
11
144
138
139
135
132
117
122
122
123
125
2,330
2,343
2,338
2,335
2,335
317
319
318
319
319
725
730
730
736
741
339
342
342
346
348
6
6
6
6
6
36
36
35
35
35
20
21
21
22
22
154
155
156
155
158
8
8
7
7
6
162
162
163
165
166
1,809
1,820
1,825
1,853
1,847
1,688
1,699
1,704
1,729
1,722
21
32
33
31
26
193
195
201
215
211
93
89
95
106
107
1,381
1,383
1,375
1,377
1,378
121
121
121
124
125
730
730
737
745
751
417
418
424
427
431
1
1
1
1
1
7
7
7
7
7
47
47
47
47
46
34
34
34
35
34
56
57
58
59
60
5
6
6
5
6
163
160
160
164
166
1,596
1,580
1,594
1,598
1,586
1,404
1,388
1,402
1,404
1,392
20
12
21
21
18
224
224
228
230
221
125
120
120
120
123
1,035
1,032
1,033
1,033
1,030
192
192
192
194
194
2,535
2,518
2,547
2,568
2,560
1,712
1,723
1,746
1,770
1,777
34
40
36
26
18
33
33
34
32
28
44
45
48
47
47
63
63
64
65
65
284
285
286
288
289
36
2
8
1
329
329
331
332
335
6,204
6,155
6,199
6,233
6,186
5,655
5,610
5,654
5,678
5,631
148
106
155
184
158
726
711
670
670
639
402
406
407
407
401
4,379
4,387
4,422
4,417
4,433
549
545
545
555
555
816
815
821
832
839
455
456
460
468
475
1
1
1
1
1
4
4
4
4
4
35
34
34
34
34
17
17
17
17
18
134
135
134
136
136
4
3
3
3
3
166 1,235
165 1,247
168 1,236
169 1,242
168 1,228
1,085
1,096
1,085
1,088
1,073
20
27
21
14
3
90
94
92
96
92
134
141
142
138
138
841
834
830
840
835
150
151
151
154
155
379
393
403
419
412
213
227
238
249
246
2
1
1
2
2
15
15
15
15
15
6
6
6
6
6
50
50
50
50
50
751
753
770
772
780
691
693
709
713
718
17
18
19
14
16
25
27
38
40
42
67
64
64
66
65
582
584
588
593
595
60
60
61
59
62
733
730
735
740
741
477
473
476
480
483
4
4
5
5
4
20
20
20
20
20
12
12
12
11
11
100
100
101
101
101
120 1,699
121 1,695
121 1,686
123 1,717
122 1,716
1,508
1,504
1,495
1,523
1,520
62
56
59
73
77
295
293
279
287
288
155
158
159
164
159
996
997
998
999
996
191
191
191
194
196
843
848
854
862
872
559
565
569
575
584
7
7
7
7
7
33
33
34
33
33
37
37
37
37
37
77
75
76
76
76
130
131
131
134
135
1,299
1,289
1,290
1,294
1,293
1,197
1,184
1,186
1,189
1,188
21
18
17
19
18
222
217
219
213
206
126
122
124
127
132
828
827
826
830
832
102
105
104
105
105
4,119
4,149
4,186
4,216
4,226
1,757
1,780
1,806
1,819
1,819
8
8
9
7
8
22
22
22
22
23
47
47
48
47
47
44
44
44
44
44
1,642
1,652
1 663
1,679
1,689
1
1
1
1
1
598
595
593
597
595
6,772
6,766
6,834
6,887
6,791
6,023
6,020
6,080
6,127
6,027
109
102
166
147
84
1,227
1,228
1,232
1,241
1,230
432
428
428
483
470
4,255
4,262
4 254
4 256
4,243
749
746
754
760
764
1,752
1,730
1,751
1,776
1,762
1,331
1,338
1,357
1,388
1,392
34
40
36
26
18
27
27
28
26
22
27
28
32
30
30
55
55
55
57
57
67
68
68
68
68
36
175
174
173
174
175
3,728
3,727
3,769
3,824
3,793
3,340
3,345
3,387
3,436
3,408
17
23
73
126
117
538
530
488
490
464
209
209
213
213
214
2 576
2,583
2 613
2,607
2,613
388
382
382
388
385
93
94
93
97
93
2
7
1
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
1276
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
New York*
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Philadelphia
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Cleveland
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Richmond
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Atlanta
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Chicago*
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
St. Louis
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Minneapolis
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Kansas City
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Dallas
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
San Francisco
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
City of Chicago*
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
ReBalserves
Dewith Cash ances mand
with
Feddein
do- posits
eral vault
mestic adRebanks usted1
serve
Banks
Time deposits,
except interbank
IndiIndividvid- States
Certiuals, States
uals,
and
fied U. S. part- and
part- politand
Gov- ner- politnerical
offiical
ern- ships, subships, subcers' ment
and
and dividivichecks
corcorpora- sions etc.
pora- sions
tions
tions
Interbank
deposits
Demand
U. S.
Government
Doand
Postal mes- Foreign
tic
Savings
BorrowTime
496
496
496
496
496
278
276
285
307
294
20
20
20
21
20
252 ,182
268 ,190
282 ,199
249 ,194
271 2,201
2,864
2,974
3,051
3,175
3,074
1,260
1,282
1,282
1,281
1,271
83
109
125
136
168
384
384
385
385
385
327
354
368
382
364
11
11
12
12
11
5
6
1
1
56
62
62
59
64
1,259
1,270
1,271
1,276
1,277
456
473
485
510
477
38
55
4
46
43
48
49
48
48
50
597
588
598
598
598
354
359
405
438
409
282
287
278
272
281
2
24
23
25
21
34
39
3
36
36
538
539
540
540
540
5,830
5,775
5,859
6,01
5,880
628
637
622
621
609
98
109
104
121
95
187
205
207
186
200
1,337
1,329
1,331
1,332
1,319
1,382
1,394
1,40.
1,439
1,397
101
97
97
95
93
18
21
18
19
19
88
9'
97
105
100
763
765
769
774
772
740
754
779
782
768
119
124
114
11
119
30
31
3:
30
30
292
29
30«
318
283
1,735
1,728
1,740
1,758
1,745
,707
,716
,753
,792
,740
47480
480
479
466
33
33
36
33
34
297
27.
30
327
305
1,807
1,78
1,806
1,821
1,806
763
783
789
762
789
12
129
141
129
128
292
292
31
332
309
060
101
093
124
114
41
45
46
4
41
19C
18'
194
19,
19.
2,322
2,368
2,394
2,448
2,403
181
158
149
138
145
39
44
36
49
47
17,422 17,624
17,398 17,644
448
434
487
434
427
771
773
814
683
751
2,100
2,110
2,107
2,163
2,127
87
86
81
86
82
23
39
33
25
27
25
26
27
31
29
2,943
2,930
2,924
2,945
2,923
2,986
2,963
2,966
3,038
2,961
175
167
166
166
172
44
51
51
53
51
164
164
191
187
168
2,054
2,066
2,090
2,060
2,055
2,007
2,043
2,059
2,056
2,008
178
184
179
186
199
4.
4:
47
4:
43
171
177
199
204
173
1,773
1,759
1,790
1,776
1,747
1,639
1,644
1,675
1,697
1,637
,608
,656
,658
,715
,669
101
106
111
101
lo:
375
364
37
389
377
6,027
5,956
6,012
6,091
6,033
37
366
377
377
371
28
28
30
29
30
109
111
12
11
115
214
228
236
223
228
12
12
13
1
13
523
526
535
519
510
107
112
113
118
116
522
487
496
536
502
58
58
66
60
61
,408
,515
,481
,526
,529
169
164
179
167
173
465
465
481
484
485
43
41
46
41
45
95
96
95
108
93
2,042
2,025
2,047
2,050
2,056
736
73
756
773
753
77
77
83
81
152
156
151
163
150
490
484
522
505
494
65
63
70
65
6
44
449
455
449
440
2,397
2,387
2,416
2,433
2,423
126 17,508 17,791
144 17,509 17,927
17,529 17,769
34
38
37
35
38
Cap- Bank
ital
deb2
accounts its
313
314
314
314
314
686
588
688
781
752
2,374 7,087
2,380 6,451
2,376 7,249
2,374 8,259
2,372 7,543
303
304
303
303
303
606
532
620
716
704
6
6
5
5
7
462
463
462
463
463
963
908
951
1,126
1,065
5
5
4
6
4
207
207
207
208
208
579
568
658
716
705
462
466
498
511
485
173
173
173
174
174
542
508
577
640
613
2,345
2,348
2,352
2,354
2,355
1,532
1,554
1,584
1,623
1,555
653
657
657
656
658
2,381
2,180
2,502
2,945
2,732
35
3
34
35
3
457
458
459
459
459
546
558
585
585
574
165
165
165
166
166
454
421
496
576
570
18
16
19
15
15
15
1
17
1
17
245
246
246
246
246
324
355
391
397
389
96
96
96
96
96
367
371
454
537
475
220
218
209
205
212
28
28
29
31
27
40
43
40
43
43
376
376
377
378
378
944
942
958
960
922
180
179
180
181
181
636
573
682
798
778
,760
,750
,784
,836
,793
174
164
159
149
153
32
29
30
37
36
24
27
27
26
28
336
33
33
338
338
36
3
35
34
33
573
57
593
610
59'
182
182
181
182
183
511
471
517
642
643
6,805
6,827
6,91
6,949
6,895
6,650
6,723
6,942
6,981
6,783
569
568
528
531
544
213
240
231
246
226
118
129
132
12
132
4,866
4,872
4,878
4,878
4,880
111
111
111
110
110
463
476
663
665
665
665
668
2,173
1,973
2,103
2,653
2,463
3,86
3,85 =
3,89'
3,970
3,955
3,876
3,864
3,918
4,038
3,952
289
305
306
315
321
52
63
56
56
47
131
136
129
118
131
,161
,162
,163
,164
,165
35
35
35
35
35
1,126
1,13
1,173
1,198
439
44;
443
44:
443
1,536
1,444
1,599
1,929
1,707
525
549
50
1,150
10
1
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
•See note on preceding page.
OCTOBER
1947
1277
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
1946—July
August
September
October
November
December
1947—January
February
March
April
May
June
July
August
Based on 2
Held by
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Total
Own
bills
Bills
bought
131
142
148
202
227
228
205
207
200
204
208
227
118
140
151
154
155
169
67
68
68
71
73
74
51
72
82
82
82
94
236
243
266
256
250
234
'244
244
241
230
228
215
189
183
187
206
183
171
170
154
130
132
148
158
85
76
75
71
67
69
75
71
98
95
95
83
63
63
74
87
Federal
Reserve
Banks
(For own
account)
34
13
2
Goods stored in or
shipped between
points in
Imports
into
United
States
Exports
from
United
States
54
54
47
50
54
58
146
152
150
154
152
162
24
22
20
18
23
29
26
26
23
23
26
29
58
59
58
61
59
50
39
48
172
164
158
140
118
111
115
133
35
35
36
42
45
46
45
47
27
24
27
25
21
20
21
20
Others
United
States
Foreign
countries
r
1
2
Revised
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,489
985
774
991
834
906
653
677
55
34
27
32
25
16
12
12
161
108
88
106
73
78
58
99
214
232
215
190
178
207
223
204
1,217
688
495
754
570
637
376
427
266
278
258
247
230
266
267
281
92
85
89
60
70
69
62
54
25
26
22
22
21
23
22
22
13
10
11
5
6
7
5
5
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
616
600
496
543
761
788
887
1,041
1,223
1,138
809
11
8
9
7
9
11
5
7
11
12
7
89
86
86
154
190
188
253
260
333
413
399
186
211
180
160
167
181
196
209
220
313
370
395
368
309
378
529
557
619
726
853
795
498
255
289
240
270
334
354
424
472
549
654
651
65
63
56
54
66
65
95
96
121
112
120
17
17
16
15
15
14
15
18
14
29
24
7
5
4
4
7
5
11
8
13
13
17
222
213
189
182
212
198
216
227
264
299
314
1946—September. .
October
November. .
December...
3 631
3 583
3571
537
453
3 305
3 253
3 238
217
3 729
3 720
3 723
693
118
30
10
289
1947—January....
February. . .
March
April
May
June
July
August
3 533
3 573
3 576
3 553
3 530
552
3 564
3 550
3210
3217
3216
3 205
3 201
222
3
251
»241
3 687
3 681
3 677
3 665
3 652
650
3677
3 656
162
24
9
271
5
6
311
333
395
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, 62; July, 68; August, 77.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
1278
FEDERAL RESERVE
BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
U. S Government
security yields
Stock
Prime
exPrime bankchange
comers'
9-to 12call
mercial acceptmonth
loan
paper, ances,
to 53certifi- 3-year
re4- to 690 1
cates taxable
new- month
months 1 days
4
bills
«
of
inals*
debted- issues
ness
Year,
month, or
week
1944 average
1945 average
1946 average
.73
.75
.81
.44
.44
.61
J 00
.375
.79
!81
.82
j 33
1.16
1946—September.
October. . .
November.
December..
.81
.88
.94
1.38
L.38
L.38
.375
.375
.376
.375
.85
.83
.84
.85
L27
1.00
.81
.81
.81
.81
1947—January...
February. .
March
April
.00
LOO
LOO
LOO
.376
.376
.376
.376
June
L 00
1.38
L.38
L.38
L.38
July
August....
September.
LOO
LOO
LOO
L06
i.38
L.38
L.38
1.38
.703
.748
.804
.84
.85
.82
.83
.85
.85
.85
.85
.87
L.26
1.26
May
.81
.81
.81
.81
.81
.81
.81
.88
.94
.766
.789
.802
.808
.817
.85
.85
.87
.87
.87
L.27
L.27
L.28
1.28
1.28
Week ending:
1
Aug. 30. ..
1
Sept. 6 . . .
1
Sept. 1 3 . . .
1
Sept. 2 0 . . .
Sept. 2 7 . . . l - i H
15/16
15/16
15/16
15/16
15/16
LOO
L38
38
1 /^—1/^
13^—1 ;HJ
134~1^
iM~i^
.375
375
376
376
!l8
1.16
L.29
L28
1.30
L.24
1.24
L.27
29
L.33
L.31
1.28
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per8 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
4
Revised beginning Dec. 15, 1945; see pp. 1251-1253 of this BULLETIN.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
[Per cent per annum]
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1937 average1. . ..
1938 average1
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
2.59
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
1.73
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
2.88
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
3.25
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
1943—September.
December.
2.48
2.65
2.05
2.10
2.71
2.76
2.73
3.17
1944—March. . . .
June
September.
December.
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March. . . .
June
September.
December.
2.53
2.50
2.45
2.09
.99
.20
.05
.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March. . . .
June
September.
December.
2.31
2.41
2.32
2.33
.75
.84
.83
.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1947—March
June
September.
2.31
2.38
2.21
.82
.83
1.77
2.37
2.44
2.25
2.80
2.95
2.69
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 *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
Number of issues
1-5
15
years
and
over
Corporate (Moody's) 5
Municipal
(highgrade) 3
Corporate
(highgrade)4
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
1-8
15
30
30
30
30
40
40
40
1944 average
1945 average
1946 average
.94
.60
.45
2.48
2.37
2.19
1.86
1.67
1.64
2.60
2.54
2.44
3.05
2.87
2.74
2.72
2.62
2.53
2.81
2.71
2.62
3.06
2.87
2.75
3.61
3.29
3.05
2.80
2.68
2.60
3.39
3.06
2.91
2.97
2.89
2.71
1946—September
October
November
December
.57
.58
.60
.60
2.28
2.26
2.25
2.24
.75
.84
.80
.97
2.50
2.51
2.51
2.55
2.79
2.82
2.82
2.83
2.58
2.60
2.59
2.61
2.68
2.70
2.69
2.69
2.80
2.84
2.84
2.83
3.10
3.15
3.17
3.17
2.64
2.65
2.66
2.66
2.98
3.05
3.05
3.04
2.75
2.76
2.77
2.77
1947—January
February
March
April
May
June
July
August
September
.56
.54
.52
.53
.53
.56
.57
.54
.53
2.21
2.21
.19
2.19
2.19
2.22
2.25
2.24
2.24
.92
.99
.02
.98
.95
.92
1.91
1.93
1.92
2.48
2.48
2.49
2.49
.49
2.50
2.51
2.51
2.57
2.79
2.78
2.65
2.64
2.64
2.63
2.63
2.64
2 64
2.64
2.69
2.79
2.79
2.80
2.81
2.82
2.83
2.82
2.81
2.86
3.13
2.85
2.57
2.55
2.55
2.53
2.53
2.55
2.55
2.56
2.61
3.18
3.17
3.23
2.63
2.61
2.61
2.60
2.60
2.60
2.62
2.63
2.67
3.00
3.00
3.02
3.03
3.05
3.10
3.06
3.03
3.09
2.73
2.72
2.73
2.71
2.71
2.72
2.72
2.72
2.78
Week ending:
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
.51
.52
.53
.53
.54
2.23
2.23
2.24
2.23
2.24
1.92
1.92
1.92
1.92
1.92
2.52
2.53
2.55
2.58
2.60
2.80
2.80
2.82
2.85
2.89
2.56
2.57
2.58
2.62
2.64
2.65
2.65
2.67
2.69
2.73
2.81
2.81
2.83
2.86
2.89
3.18
3.18
3.20
3.24
3.28
2.63
2.63
2.65
2.68
2.71
3.05
3.04
3.06
3.10
3.14
2.73
2.73
2.75
2.78
2.81
1
Monthly and weekly data are averages of daily figures, except for municipal
2
Revised beginning June 17, 1946; see pp. 1251-1253
of this BULLETIN.
3
4
Standard
and Poor's Corporation.
U. S. Treasury Department.
5
bonds, which are based on Wednesday figures.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
OCTOBER
1947
1279
SECURITY MARKETS l
Stock prices1
Bond prices
Year, month, or week
Number of issues
December
Medium- anc lower-grade
Total
Industrial
Preferred*
Defaulted
Public
utility
Railroad
Total
Industrial
Railroad
15
15
50
10
20
20
15
15
402
354
20
28
100.25 135.7
102.04 139 6
104.77 140.1
120.9
122.1
123.4
114.7
117.9
118.5
120.5
122.2
123.6
107.3
115 1
117.0
116.3
116.3
114.9
59.2
75.4
76.7
175.7
189.1
198.5
100
122
140
102
123
143
101
137
143
90
106
120
1,443
1,390
119
110
113
110
107
106
110
2,173
1,256
1,191
1,320
1-8
1944 average
1946—September
October
U. S. Municipal
Gov(high- Highernment2 grade)1 grade
Volume
of trading7 (in
thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
Corporate *
971
103.25
103 58
103.71
. . . . 103.87
137.8
136 0
136.8
133.4
122.8
121.8
121.6
121.5
117.4
115.8
115.9
115.9
123.3
122.2
122.5
123.0
114.3
112.3
112.7
112.9
114.7
112.9
112.6
111.9
65.4
62.7
63.6
67.7
196.2
191.6
189.3
186.2
125
122
121
129
126
124
126
129
119
104.32
104.35
104 61
104 57
104.48
104 08
103.75
103.89
103.95
134.4
133.1
132 5
133.2
133.9
134 4
134.7
134.3
134.4
122.6
122.7
122 4
122.8
122.9
122.8
122.5
122.3
121.5
116.3
116.8
116.6
116.5
115.0
114.3
115.7
116.1
115.1
123.5
123.7
123.7
123.5
123.2
122.6
122.8
123.9
121.9
114.3
114.3
113 6
113.2
109.2
107 3
110.5
110.4
109.3
111 .2
112.4
112 5
112.7
112.5
113 0
113.8
113.9
114.1
68.3
69.3
66 0
64.0
61.9
63.4
69.6
69.6
68.6
187.3
189.0
188 1
186.5
186.2
186.2
188.4
188.7
188.3
125
129
115
111
129
124
119
133
128
123
119
110
102
119
124
132
130
128
95
98
108
105
104
111
107
105
102
101
102
101
102
912
833
1,158
674
763
104.07
104 04
103.96
103.98
103.88
134.4
134 4
134.4
134.4
134.4
122.2
122.2
121.8
121.4
121.2
116.0
115.5
115.2
115.1
114.8
123.8
122 3
121.9
122 .1
121.7
110.1
110 0
109.6
109.3
108.9
114.2
114 2
114.0
114.1
114.0
68.7
68 9
68.4
68.5
68.5
188.7
188 7
188.7
188.2
187.7
123
124
122
124
122
129
130
127
130
127
104
105
103
104
102
101
103
102
102
102
612
723
744
836
706
1947—January
February
March
April
May
June
July
August
September
Week ending:
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
115
119
126
125
123
998
1,176
841
912
1
2
1
4
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.
6
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
•7 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 refunding
For new capital
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
(new
and
refunding)
Total
Corporate
Federal
agencies1
Total
1,225
817
873
807
383
287
736
601
1,062
889
624
506
374
282
646
422
1,264
607
3,506 2,038
408
67
97
135
173
118
92
224
657
1,468
354
170
267
590
669
196
96
223
444
544
159
75
43
145
125
252
118
310
376
211
517
483
123
208
75
265
240
79
434
309
113
44
44
44
136
132
83
174
10
2,138
2,360
2,277
1,951
2,854
1,075
642
913
1,772
4,589
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,761
4,579
712
971
931
751
518
342
176
235
471
952
157
481
924
461
1,272
108
90
15
26
121
••561
441
562
761
993
••420
242
363
659
788
419
242
363
659
788
64
71
49
69
119
47
636
1947—January
•"410
February
855
March. . .
885
April
699
May
1,033
June
»l,033
July
508
August...
498
••252
635
784
347
744
»863
317
487
250
614
777
332
744
619
317
215
97
293
402
106
212
124
185
.
1946—August. . .
September
October. .
November
December
Foreign2
State
and
municipal
3,937
4,449
5,790
4.803
5.546
2.114
••2,169
4.216
••8,006
••8,557
. .
Domestic
Domestic
Total
(domestic
and
foreign)
21
34
12
15
15
12
8
Bonds
and
Stocks
notes
Total
(domestic
and
forTotal
eign)
Corporate
State
and
municipal
Federal
agencies1
Total
Bonds
Stocks
and
notes
Foreign 8
1,799
2,089
3,513
2,852
2,693
1,039
••1,527
3,303
'6,234
••3,968
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863
191
129
195
482
435
181
259
404
324
208
281
665
1,537
344
698
440
497
418
912
741
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,937
2,914
856
1,236
1,596
1,834
1,430
407
603
2,178
4,281
2,313
352
31
137
193
126
11
82
288
656
601
1
141
200
199
102
205
126
200
199
102
190
1
17
1
2
50
33
38
133
13
34
93
145
65
86
105
39
143
36
68
79
53
1
29
19
27
10
2
21
7
15
139
'158
220
101
352
290
170
191
135
56
191
96
352
252
170
191
11
1
2
3
1
2
11
3
22
24
50
20
33
38
40
40
103
31
140
73
317
211
118
147
84
8
136
39
227
162
107
140
18
22
4
34
91
48
11
7
44
35
38
2
1
2
17
12
••10
119
28
48
4
••86
15
••61
••105
15
'is
4
••101
29
5
"38
r
Revised.
1
Includes publicly
1
offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
• Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source. —For domestic issues, Commercial and Financial Chronicle; for foreign issues. U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1280
FEDERAL RESERVE
BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Total
Retirement of securities
Plant and Working
equipment capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,500
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,358
57
208
858
991
681
325
569
868
474
308
657
1,080
3,003
32
111
380
574
504
170
424
661
287
141
252
638
2,012
26
96
478
417
177
155
145
207
187
167
405
442
991
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,728
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,258
71
226
190
87
59
128
100
30
72
351
438
469
84
170
154
111
215
69
174
144
138
73
49
134
408
11
23
49
36
7
26
19
28
35
27
47
133
219 ,
1946—August
September
October
November
December
527
267
383
629
818
518
261
377
617
807
344
138
202
511
623
126
101
160
329
557
219
37
43
183
66
115
98
48
81
114
94
38
36
74
97
21
60
12
6
17
50
18
122
6
59
10
6
5
19
12
1947—January
February
March
April
May
June
July....
August
322
265
450
449
446
738
601
248
316
260
442
441
437
727
588
245
183
205
285
254
180
498
435
118
138
105
153
101
109
426
370
99
45
101
132
153
71
72
64
19
120
34
121
85
232
207
112
104
81
18
110
80
198
164
103
102
38
16
11
5
34
43
9
3
11
15
31
98
19
15
17
16
2
5
5
3
7
6
24
6
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
... .
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
1946—August
September..
October.. . .
November..
December
3
19
40
18
47
3
16
21
18
35
1947—January
February...
March
April
May
33
8
12
17
37
28
28
7
9
17
15
28
.
June
July
August. . . .
28
23
115
129
22
23
120
54
558
110
30
97
186
108
15
114
500
1,320
560
31
10
11
30
77
63
89
180
43
245
317
145
22
40
3
69
761
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,207
2
41
111
124
61
483
6
13
108
18
411
33
86
17
33
72
43
67
332
93
225
536
14
47
223
30
31
353
26
18
107
61
179
181
'"is'
3
19
10
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2,052
77
1
5
2
1
22
6
307
140
234
28
68
95
42
30
27
50
86
47
13
30
27
25
17
63
83
16
2
4
16
62
774
25
74
1,280
439
1,079
616
831 469
584 188
961 167
828 244
527
497
1,033
1,969
811
3,355 2,000
£* CO Oo
21
57
139
228
24
85
115
253
32
46
102
^ to to
_n too
172
120
774
. . 338
54
182
319
361
47
160
.. . 602
1,436
693
...
to to
. .
©•
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Other
Total
Retire- All Total
Retire- All
Retire- All Total
Retire- All Total
net
net
net
New ment of other
New ment of other net
New ment of other
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
ceeds
poses
poses ceeds
poses ceeds
poses ceeds
ties
ties
ties
ties
to to toco
Year or month
Industrial
Public utility
34
550
2
150
80
90
136
43
56
121
146
71
76
390
71
16
102
155
94
4
21
107
218
57
8
9
42
55
4
13
61
152
7
7
88
9
18
20
71
5
104
21
4
42
206
258
85
113
65
56
4
3
56
89
1
42
15
3
4
761
373
226
353
738
463
89
199
504
1,010
20
122
46
903
148
451
422
130
210
530
226
326
108
71
470
145
80
9
12
48
17
16
13
127
12
64
53
1
3
8
52
9
1
3
5
32
229
119
90
328
165
141
136
94
52
204
129
96
84
8
5
24
26
26
9
16
33
99
10
19
11
66
9
3
10
21
5
58
1
3
5
21
175
65
43
9
21
6
14
2
3
2
239
79
72
5
6
8
19
4
2
5
1
1
10
1
2
3
Estimates of new issues sold for
tor cash in the United States.
btates.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net
proceeds
are
equal
to
estimated
gross
proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
OCTOBER
1947
1281
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total
629
47
1,465
1,818
. . 2,163
1,769
1,800
1,896
1,925
3
2,545
Number of companies.
Annual
1939
1940
1941
1942
1943
1944
1945
1946
.
.
Iron
and
steel
Quarterly
1945—i
492
508
439
485
2
3
4
1946—i
69
15
146
115
278
325
226
204
194
188
283
158
193
159
165
174
163
49
53
37
49
3 171
38
42
35
47
151
88
113
90
83
88
88
165
148
159
151
162
175
199
356
31
27
23
27
21
21
20
26
45
46
50
58
20
26
41
12
37
41
65
74
93
173
227
182
180
190
169
127
-34
21
42
»853
97
'61
102
873
126
69
99
888
99
82
110
1947—1
2
70
133
153
138
128
115
108
136
102
242
274
209
201
222
243
130
-19
49
32
2
119
223
63
77
46
58
50
•47
*36
4
4
36
-5
4
4
4
4
4
51
38
44
47
57
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
cals
tobacco refining
49
77
4
Other
durable
goods
75
68
22
67
96
323
604
698
3
4
Other
NonMaAu- trans- ferrous
metals
chin- tomo- portation
and
ery
biles equipprodment
ucts
8
Dividends
Other
nondurable
goods
30
80
98
186
112
174
152
186
220
223
281
194
207
164
170
187
187
273
62
64
61
37
56
62
77
45
MiscellaNet 1
neous profits
Preserv-2
ferred
ices
74
152
134
122
160
187
136
149
147
154
302
132
152
161
171
184
203
321
847
1,028
1,137
48
45
43
51
39
38
37
40
63
66
67
62
71
50
»57
124
85
77
77
91
47
50
98
90
89
46
57
69
111
87
96
91
Common
152
152
90
564
1,139
90
92
88
86
86
85
82
669
705
552
556
611
612
657
45
47
53
58
250
269
224
246
20
22
21
22
142
145
143
182
82
80
93
116
250
310
20
21
20
146
153
149
66
»415
21
209
63
425
20
177
79
438
22
194
3
888
902
970
989
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 6
Year or quarter
1939
1940
1941
1942
1943
1944
1945
1946
1945—1
2
3
4
1946—1
2
3
4
1947—i
2
Operating
revenue
Annual
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
Quarterly
2,277
2,422
2,230
1,973
...
1,869
1,703
2,047
2,008
2,039
2,111
Income
before
income
tax*
Telephone 7
Electric power •
Net
income1
Dividends
Operating
revenue
Income
before
income
tax 8
Net
income1
Dividends
Operating
revenue
756
273
93
189
500
902
873
667
450
289
126
159
186
202
217
246
246
235
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
629
692
774
847
913
902
905
953
535
548
527
490
502
507
534
645
444
447
437
408
410
398
407
454
1,067
1,129
1,235
1,362
1,537
1 641
1,803
1 992
430
514
237
149
199
127
31
68
28
966
909
888
-426
-25
118
917
288
230
205
142
125
119
181
148
101
95
96
39
14
56
970
299
196
107
475
-57
161
-45
128
52
41
920
936
130
191
85
1,002
221
207
151
142
226
110
112
156
125
497
502
75
56
53
44
62
49
163
86
43
289
191
115
527
185
117
67
247
44
40
50
1,079
1,032
166
115
478
29
21
33
126
249
674
1,658
2,211
1,972
115
436
444
449
474
519
Income
before
Net
income income1
tax*
Dividends
227
248
271
302
374
399
396
277
191
194
178
163
180
174
177
200
175
178
172
163
168
168
173
171
115
109
103
46
45
44
41
44
43
70
43
46
84
54
43
43
43
42
12 "Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
» Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts (in millions 6of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
•7 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,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
1282
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
Marketable public issues x
Total
gross
direct
debt
Total
interestbearing
direct
debt
1942—June....
Dec.
1943—June....
Dec
1944—June
Dec
1945—June
Dec
1946—June
42,968
45,025
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
1,302
42,376 34,436
1,310
44,458 35,645
1,603
48,387 37,713
2,002
57,451 41,562
71,968 50,573 2,508
76,488 6,627
107,308
135,380 95,310 11,864
164,508 115,230 13,072
199,543 140,401 14,734
228,891 161,648 16,428
256,357 181,319 17,041
275,694 198,778 17,037
268,111 189,606 17,039
1946—Oct
Nov
Dec
1947—Jan
Feb
Mar
Apr
May. . . .
June....
July
Aug
Sept
263,532
262,277
259,149
259,776
261,418
259,124
257,701
258,343
258,286
259,448
260.097
259,145
262,415 182,318
260,925 180,328
257,649 176,613
258,378 176,444
258,113 175,410
255,800 172,462
254,427 170,535
254,975 169,926
255,113 168,702
256,321 168,509
257,110 168,390
256,107 167,946
End of month
1940—June
Dec
1941—June
Total 2
In millions of dollars]
Nonmarketable public issues
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
CertifiTreasury cates of Treasury Treasury Total 2
bonds
indebtnotes
bills
edness
16,987
17,000
17,033
17,074
17,048
17,038
16,610
16,002
15,775
15,756
15,735
15,725
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
"3i09o'
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17.405
23,039
23,497
22,967
18,261
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
2,905
3,195
4,314
6,140 ' '2,471
10,188
3,015
15,050
6,384
21,256
7,495
27,363
8,586
34,606
9,557
40,361
9,843
45,586 10,136
48,183
8,235
49,035
6,711
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
32,478
30,475
29,987
29,791
28,784
27,792
26,294
26,294
25,296
25,122
25,025
24,894
13,351
13,351
10,090
10,090
10,090
8,142
8,142
8,142
8,142
8,142
8,142
7,840
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
56,081
56,343
56,451
57,157
57,765
58,156
58,612
58,863
59,045
59,296
59,499
58,640
49,624
49,709
49,776
50,343
50,717
50,945
51,117
51,240
51,367
51,552
51,664
51,759
24,015
24,254
24,585
24,777
24,938
25,183
25,280
26,186
27,366
28,516
29,220
29,521
1,117
1,352
1,500
1,399
3,305
3,324
3,275
3,368
3,173
'3,127
'2,987
2,926
378
362
331
262
181
175
171
171
83
74
73
70
6,003
5,978
5,725
5,590
5,570
5,443
5,477
5,525
5,560
5,592
5,642
5,531
r
Revised.
1
Including
2
amounts held by Government agencies and trust funds, which aggregated 4,458 million on Aug. 31, 1947.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, and Armed Forces Leave bonds not shown separately.
Back figures—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING SEPTEMBER 30, 1947
UNITED STATES SAVINGS BONDS
[In millions of dollars]
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amoun
Treasury bonds—Cont.
Treasury bills 1
Oct.
2,1947
Oct.
9, 1947
Oct. 16, 1947
Oct. 23, 1947
Oct. 30, 1947
Nov. 6, 1947
Nov. 13, 1947
Nov. 20, 1947
Nov. 28. 1947
Dec. 4, 1947
Dec. 11, 1947
Dec. 18, 1947
Dec. 26, 1947
Cert, of
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
July
July
July
,303
,300
,102
,101
,102
,103
,201
,201
,302
,302
,303
,302
,102
indebtedness
1947
1 9 4 7 Y %
1947
%
1948
%
1948
V%
1948
Y%
1948
H
1948
%
1948Ser."F"%
1948S"G'"^
Treasury notes
Sept. 15. 1948
Oct. 1, 1948
Issue and coupon rate
1H
1
Treasury Bonds
Oct. 15, 1947-52 » AH
Dec. 15, 1947 2
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51 2 . 2 ^
June 15, 1948
1%
Sept. 15, 1948 2
2H
Dec. 15, 1948-50*.... 2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
440
775
281
3,134
3,947
2.142
1,321
1,777
2,742
1,127
2,209
3.748
4,092
Dec. 15, 1949-52 2 ..3J/g
Dec. 15, 1949-53 2 . . 2 ^
Mar. 15, 1950-52
2
Sept. 15, 1950-52i..2H
Sept. 15, 1950-52
2
Dec. 15, 1950
1^
J u n e 15, 1951-54 2..2 54
Sept. 15, 1951-53
2
Sept. 15, 1951-55 2
3
Dec. 15, 1951-53 2..2 M
Dec. 15, 1951-55
2
Mar. 15, 1 9 5 2 - 5 4 . . . 2 H
June 15, 1952-54
2
June 15, 1 9 5 2 - 5 5 . . . 2 K
Dec. 15, 1952-54
2
June 15, 1953-55 2 . . . .2
June 15, 1954-56 2 . . 2 J 4
Mar. 15, 1955-60 2.. 2 %
Mar. 15, 1 9 5 6 - 5 8 . . . 2 ^
Sept. 15, 1956-59 2.,2 %
Sept. 15, 1 9 5 6 - 5 9 . . . 2 Y±
June 15, 1958-63 2 . . 2 ^
June 15, 1959-62*..2 34
Dec. 15, 1959-62*..2 %
Dec. 15, 1960-65 2.. 2 %
June 15, 1962-67 *
Dec. 15, 1963-68 *
June 15, 1964-69*.. 2
Dec. 15, 1964-69*.. 2
Mar. 15, 1965-70 *
Mar. 15, 1966-71 *..2J>
June 15, 1967-72*.
Sept. 15, 1 9 6 7 - 7 2 . . . 2 J ^
Dec. 15, 1967-72 * . . 2 H
Amount
491
1,786
1,963
1,186
4,939
2.635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5.197
3,481
7,967
2,716
11,689
8 759
701 •ostal Savings
1,115
115
bonds
2%
1,223 • a n a m a Canal Loan. 3
50
3,062
451
Total direct issues
167,946
571
1,014 Guaranteed securities
1,292
Federal Housing Admin.
2,098
34
Various
'Sold on discount basis. See table on Open-Market M01ney Rates,
p. 31279.
2 p a r tially tax exempt.
Called for redemption on Oct. 15, 1947.
* Restricted.
OCTOBER
1947
Month
Fiscal year
ending:
June—1940. .
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1946—Sept....
Oct
Nov....
Dec...
1947—Tan
Feb... .
Mar....
Apr. . . .
May...
June...
July...
Aug
Sept....
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
month
All
Series Series Series
E
G
series
series
F
2,905 1 ,109
203
4,314 1 ,492
10,188 5 ,994 3,526
21,256 11 ,789 8,271
34,606 15 ,498 11,820
45,586 14 ,891 11,553
49,035 9 ,612 6,739
51,367 7 ,208 4,287
494
49,545
309
327
519
49,624
453
294
49,709
576
370
49,776
952
535
50,343
712
394
50,717
616
372
50,945
572
349
51,117
488
305
51,240
482
301
51,367
559
339
51,552
460
294
51,664
466
304
51,759
67
435
758
802
679
407
360
20
24
20
29
53
41
35
33
25
24
27
21
21
2
2
2
2
2
2
395
032
759
876
658
465
561
165
169
139
178
364
278
209
191
158
157
193
144
142
114
148
207
848
2,371
4,298
6,717
5,545
482
489
418
504
483
398
449
455
421
433
457
404
431
Maturities and amounts outstanding September 30, 1947
Year of
maturity
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
Unclassified. .
Total
All
series
168
509
815
984
1,571
4,327
7,723
10,076
8,836
6,493
5,483
2 879
1,966
Series
C-D
168
509
815
984
435
Series
E
1 ,136
4,327
6,389
7,360
5,972
3,215
2,580
-68
51,759
2,911
30,979
Series
F
Series
G
206 ' " 1,128*
541
2,175
594
2 267
674
2,604
539
2,363
313
2 566
256
1,710
3,124
14,813
1283
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities
End of month
Total
Held by nonbank investors
Commercial1
banks
Federal
Reserve
Banks
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
isues
Public
issues
1940—June
1941—June
December
1942—June
December
1943—June
December
1944_june
December
1945—June
December
1946— June
December
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
23,350
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395
160,130
9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900
63,500
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
100
,400
700
,900
,500
,300
6,100
7,300
8,300
9,600
10,700
11,500
11,800
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,800
29,100
25,200
22,400
400
600
700
900
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,200
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
6,338
1947—January
February
March
April
May
June
July
258,640
258,294
255,976
254,598
255,146
255,197
256,395
97,841
96,817
94,093
93,557
92,888
91,972
92,049
73,900
72,700
71,500
71,700
70,800
70,100
70,500
23,941
24,117
22,593
21,857
22,088
21,872
21,549
160,779
161,477
161,883
161,041
162,258
163,225
164,346
64,200
64,700
65,200
65,400
65,600
65,800
66,000
25,400
25,400
25,100
25,100
25,200
25,000
25,000
11,900
12,000
12,000
12,000
12,000
12,100
12,200
22,000
21,900
21,700
20,500
21,000
21,100
21,300
6,200
6,200
6,300
6,300
6,300
6,400
6,400
24,777
24,938
25,183
25,280
26,186
27,366
28,516
6,389
6,374
6,388
6,314
5,966
5,445
4,825
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
June 30, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U.S.
Government
agencies
and
trust
funds
Fed- Com- Mu- Insurmer- tual
eral
Resav- ance Other
cial
serve banks ings com1
panies
banks
Banks C )
Type of
security:
Total:«
1944—Dec
1945—Dec
1946—June
Dec
1947—June....
July....
Treasury bills:
1944—Dec
1945—Dec
1946—June
Dec
1947—June
July....
Certificates:
1944—Dec
1945—Dec
1946—June....
Dec
1947—June....
July....
Treasury notes:
1944—Dec
1945—Dec
1946—June
Dec
1947—June....
July....
Treasury bonds:
1944—Dec
1945—Dec
1946—June....
Dec
1947—June....
July....
162,843
198,820
189,649
176,658
168,740
168,543
5,338
7,009
6,768
6,302
5,409
4,789
16,428
17 037
17,039
17 033
15,775
15,756
6
5
3
2
11
8
11,148
12,831
14,466
14,745
14,496
13,895
4,113
2,476
1,142
1,187
1,060
1
2
30,401
38,155
34,804
29,987
25,296
25,122
62
38
58
64
48
35
4,887
8,364
6,813
7,496
6,280
6,559
15,032
18,091
16,676
11,221
8,536
8,282
136
91
243
257
249
195
310
360
576
490
362
322
9,974
11,211
10,439
10,459
9,821
9,729
23,039
22,967
18,261
10,090
8,142
8,142
60 1,566 15,411
8 2,120 15,701
9 1,748 11,396
6
355 6,120
7
369 4,855
6
369 4,844
336
179
227
211
183
174
568
576
623
603
285
261
5,098
4,383
4,258
2,796
2,443
2,488
91,585
120,423
119,323
119,323
119,323
119,323
18,846 72,045
24,262 82,830
23,783 76,578
23,350 66,962
21,872 62,961
21,549 63,308
787
8,183
10,491
11,220
11,521
11,845
11,891
1
3
18,761
23,183
24,285
24,346
23,969
23,921
39,670
51,046
47,015
44,177
42,684
43,085
1,159
1,723
1,424
11 1,088
479
790
5,173 1,243 36,508 7,704 17,859 23,098
947 46,535 10,217 22,230 33,579
6,915
755 47,335 10,743 23,073 30,764
6,655
753 48,408 11,049 23,226 29,700
6,186
727 48,756 11,407 23,305 29,822
5,306
726 49,094 11,516 23,321 29,963
4,703
End of month
Treasury bonds
and notes,
due or
callable:
Within 1 year:
1944—Dec
1945—Dec
1946—June
Dec
1947—June....
July....
1-5 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—June....
July....
5-10 years:
1944—Dec
1945—Dec
1946—June....
Dec
1947—June....
July....
10-20 years:
1944—Dec
1945—Dec
1946—June....
Dec
1947—June....
July....
After 20 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—June....
July....
Total
outstanding
U.S.
Government
agencies
and
trust
funds
Fed- Com- Mu- Insurmer- tual
eral
Recial
sav- ance Other
serve banks ings combanks panies
Banks C1)
6,737
15,222
10,119
7,802
11,255
11,255
83
185
4
29
83
66
646 4,016
2,017 9,956
1,431 5,655
72 4,341
251 6,936
251 6,992
34,965
35,376
35,055
39,570
42,522
42,522
580
408
443
576
469
442
866 1,884 6,589
1,557 23,490
693 25,165
701 1,742 6,673
797 25,285
709 1,506 6^319
831 28,470 1,047 2,101 6 550
698 29,917 1,574 2,671 7,'193
698 29,971 1,536 2,660 7,215
37,909
33,025
32,847
27,283
18,932
18,932
725
787
716
529
423
424
23,817
34,985
37,189
32,384
40,352
40,352
2,098
2,779
3,400
2,975
3,374
2,966
366
210
135
72
40
40
11,194 1,748
24,781 2,764
22,372 2,103
22,372 2,084
964
14,405
810
14,405
19,953
21,007
21,933
16,657
11,577
11,709
34
63
116
181
374
348
3,447
2,058
1,609
2,042
1,245
1,193
171 1,790
235 2,761
495 2,418
591 2,591
420 3,191
402 3,196
3,787
2,902
2,822
2,826
2,002
1,933
9,631
6,063
5,632
5,156
3,645
3,633
145 3,391 3,186 8,204 6,793
9 0 3,691 5,523 10,996 11,905
83 3,308 6,026 12,547 11,829
78 2,433 5,303 11,708 9,886
78 2,587 6,751 15,137 12,425
78 2,633 6,949 15,197 12,529
95
57
57
55
29
28
1,066
2,418
2,550
2,632
2,593
2,639
509
2,051
2,510
2,687
1,649
1,663
4,381
6,933
6,325
6,602
3,358
3,389
3,394
10,559
8,826
8,313
5,812
5,876
ban
nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1284
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIn- War
Income taxes1 cella- Social
ter- and
neous Secu- Other Total Net
dereest fense
rereinter- rity
ceipts ceipts ceipts3 on activnal
With-2
taxes
debt ities
held Other revenue 1
Period
Increase ( + ) or
TransBudget Trust
decrease (—)
fers to Other Total surplus
during period
trust
exbudget
acor counts
ac- pendi- expend- (+)
deficit
counts tures itures
etc.4 General
Gross
fund
etc.
debt
balance
Fiscal year ending:
5,457 3,617 90,029 1,646 5,106 100,397
June 1945 . . . 10,289 24,884 6,949 1,793 3,824 47,
June 1 9 4 6 . . . 9,392 21,493 7,725 1,714 3,915 44,239 433,038 4,722 48,542 1,918 8,532 63,714
10,013
2,039
5,309
June 1 9 4 7 . . .
19,292 8,049
44,703 43,259 4 ,958 17,142 1,355 19,051 42,505
32
974
705 2,845
186 4,481 4,478
648 1,100
656
89
2,755
1946 September.
557
847
48 1,276
752
74 386 2,617 2,544
160 1,481
2,965
October. . .
332
236 2,639 2,364
1,111
669
290
105 1,436
27
961
2,529
November.
416 4,113 4,107
722
3,662
December.
766 2,120
952 1,580
21 1,110
89
546 2,117
445 3,860 3,820 343 1,412
71 1,288
693
58
3,113
1947—January...
1,376 1,845
368 4,643 4,378
124 1,45"
16 2,318
666
387
3,914
February..
275 5,724 5,701
626 1,428
1 1,544
68:
118
3,598
785 3,865
March. . . .
315 2,624 2,556
141 1,728
638
4,001
584 1,012
46 2,085
75
April
62. 3,204 2,865
92 1,327
595
3,851
1,218
400
432 2,000
365
May
602
5,540
18 2,632
778 2,492
125 1,484 5.480 5,473 1,396 1,493
June
663
3,669
549 H.896
625
80 343 2,469 2,39
245 5 980
75
July
643
3,060
273 1,704
1,255
352
202 2,865 2,536
103
413
980
August... .
1,182
699
2,932
136
615 4,884 4,872 668 1,073
79 2,639
September.
Period
Net
receipts
Fiscal year ending:
June 1945
June 1946....
June 1947....
1946—September.
October
November.
December..
1947—January.. .
February..
March
April
May
June
July
August
September.
Net expenditures
in checking acExcounts of
Invest- pendiments tures Government
agencies
Other
Receipts
+791 +4,529 +57,679
- 5 2 4 -10,460 +10,740
- 5 4 8 -10,930 -11,136
-414
-868 - 2 , 1 7 7
+156 -2,101 - 1 , 8 3 7
+ 15 - 1 , 4 0 5 - 1 , 2 5 5
-480 -3,163 -3,128
-125 +1,210
+628
+317 +2,422 + 1,642
-33
-224 -2,294
+269 - 2 , 5 9 8 - 1 , 4 2 3
+99
245
+642
-634
-758
-57
-129
-239 +1,161
+206
+332
+649*
-435
+552
-953
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
-53,941
-20,676
+754
+ 1,723
-420
-165
+445
+706
+464
+2,102
-1,445
-987
-67
-1,272
-524
+1,940
Assets
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
general
fund
3,239
2,940
3,219
,757
,261
,785
453
1,618
1,493
1,553
95
-196
3,820
4,735
3,009
2,444
2,407
1,577
-938
2,817
2,117
25,119
14,708
3,730
1,500
1,006
1,202
22,622
12,993
962
997
708
1,565
421
470
422
24,698
14,238
3,308
57
159
430
71
271
-5
87
237
112
116
104
109
29
-58
26
-27
216
155
127
125
46
26
60
26
228
78
265
331
10,524
8,393
6,965
3,920
1,445
773
824
682
8,377
6,936
5,487
2,570
702
684
655
668
353
323
300
418
10,171
8,070
6,665
3,502
219
440
83
157
590
246
632
573
65
45
87
201
5
159
476
398
150
272
126
123
134
133
126
137
154
134
124
131
11
-32
-60
-33
90
158
176
47
123
361
207
197
327
477
153
400
180
44
41
17
32
456
305
46
281
24
121
224
2
-26
110
348
159
26
212
5,102
7,478
7,233
4,707
4,402
3,730
3,460
,705
4,331
1,620
2,561
2,369
842
989
1,202
884
5
749
1,091
2,736
3,363
3,292
2,317
1,807
962
958
1,362
1,618
746
1,554
1,571
1,548
1,607
1,565
1,617
5
1,593
1,622
391
344
323
395
336
422
391
304
378
4,711
7,134
6,909
4,312
4,066
3,308
3,069
3,400
3,952
1
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
3 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 ( —).
Change in classification.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Individual
income taxes
Period
Withheld
Fiscal year ending:
June—1941
1942
1943
1944
1945
1946
1947
1946—August
September..
October....
November. .
December. .
1947—January....
February...
March
April
May
June
July
August
OCTOBER
686
7,823
10,264
9,858
9,842
1,339
30
1,062
1,243
27
657
1,971
81
1,014
1,528
33
1,133
1,495
1947
Corporation income
and profits taxes
Other
profits
taxes
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY 1
[In millions of dollars]
Estate
and
gift
taxes
Excise and
other miscellaneous
taxes
Normal
and
surtax
Excess
profits
1,418
3,263
5,944
10,438
8,770
8,847
9,501
1,852
3,069
4,521
5,284
4,880
4,640
6,055
164
1,618
5,064
9,345
11,004
7,822
3,566
37
57
84
137
144
91
55
407
433
447
511
643
677
779
2,547
3,405
4,124
4,842
6,317
7,036
7,285
77
1,198
234
80
420
142
692
232
122
752
204
978
344
123
925
4
10
4
3
9
58
43
57
49
62
631
604
706
612
652
2,196
1,082
1,967
648
158
1,068
297
62
250
177
1,712
228
170
1,38^
370
275
266
1?7
80
66
63
61
49
43
6
3
3
2
3
2
2
1
66
84
103
68
62
55
66
79
639
595
541
572
539
560
618
572
Other
Period
Cash
income
Cash
outgo
9,371
15,291
Excess income ( + )
or
outgo (—)
Fiscal year ending:
June—1941
1942
1943
1944
1945
1946
1947
25,245
47,984
51,041
47,793
46,643
14,060
34,585
78,979
94,079
95,986
65,692
39,985
-4,689
-19,294
-53,735
-46,095
-44,945
-17,899
+6,658
1946—August
September..
October
November. .
December. .
2,997
4,682
2,794
2,869
4,207
2,954
3,041
2,955
2,325
3,629
+43
+ 1,641
-161
+544
+578
1947—January... .
February...
March
April
May
June
July
August.
3,889
5,127
5,946
2,819
3,316
5,295
2,565
3,193
2,783
3,667
3,322
3,654
3,351
5,193
3,392
3,152
+ 1,106
+ 1,460
+2,624
-835
-35
+ 102
-827
+41
1
Revised figures. For description, see Treasury
Bulletin for September 1947.
1285
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:
Mar. 31, 1946
June 30, 1946
Sept. 30, 1946
Dec. 31, 1946. .
Mar. 31, 1947
33,325
29,869
29,569
30.409
32,337
Classification by agency,
Mar. 31, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
322
Federal intermediate credit banks.
388
Federal land banks
1,076
Production credit corporations....
113
Regional Agricultural Credit Corp.
15
Agricultural Marketing Act Revolving Fund
2
Federal Farm Mortgage Corp
118
Rural Electrification Administration.
581
Commodity Credit Corp
1,277
Farmers' Home Administration
478
Federal Crop Insurance Corp
16
National Housing Agency:
Federal Home Loan Bank Adm.:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
Reconstruction Finance Corp. 5
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission activities
War Shipping Adm. activities 6
464
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenern- owned
structures payable Other ment
and
Other
tures, undisinterliabilasinterFully
and
U. S.
est
tribities
sets guarest
equip- uted
Govt. Other
secuOther
anteed
secu- rities2 ment charges3
by U.S.
rities
5,069
5,381
5,949
6,649
7,294
1,789
285
1,767
439
1,836
390
1,873
547
1,985 3,426
43
43
137
68
)
1
7
6
503
77
3
28
1
108
570
172
327
583
175
15
278
1
26
5
33
4,457
22
727
1,741
1,605
1,536
1,414
1,176
536 1,133 4,959 26 ,218
325 1,234 4,939 22,889
377 1,250 3,377 24,069
261 1,252 3,588 24,810
169 1,250 3,142 27,268
479
482
496
498
509
273
37
77
113
15
243
39
349
722
43
2
113
581
-74
473
-6
86
123
2
516
56
158
5
41
230
701 3,757
227
55
6
12
36
12
7
2,587
i ioi
216
193 1,325
953
30
267
760
()
143
731
3,305
6,507
1
11
116
176
609
12
48
i 1170
()
1,226
4
22
140
8
487
(*)
8
122
1 1,508
9
1
2
75
25
560
163
37
460
385
299
339
380
383
(4)
198
6
1
40
20,784
17,438
16,973
16,924
15,486
1
3
5
214
56
13
236
528
57
200
5
42
,192
003
6,514
1,918
1,550
1,429
1,265
1,003
Investments
254
326
889
180
633
,518
,123
267
769
All other7
,279
,305
,157
,398
,588
CommodiLoans ties,
supreceiv- plies,
and
able
materials
29
115
10
3,227 1,894
139
393 3,799
333 6,670
61 6,453
212
191
135
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1947
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Fed. Farm
for co- modity Elecmediland
ate opera- Credit trification
banks Mort.
Corp. credit tives Corp. Adm.
banks
To aid agriculture
957
137
326
255
201
570
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
ExFed.
Fed. R.F.C. portPublic home
and
ImHous- loan affiliport
ing
Auth. banks ates Bank
600
596
To aid industry:
Other
. .
To aid financial institutions :
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
68
29
(4)
Total loans receivable
(net)
889
108
326
236
278
1
29
(4)
273
13
254
172
570
327
583
278
236
All
other
Dec. 31,
1946,
All
all
agen- agencies
cies
(4)
40
10
27
3,056
663
2,884
659
150
163
17
41
167
204
171
192
17
238
2,854
590
497
19
295
2,284
623
478
7,294
6,649
12
2
239 'i]5i5
226
<\
66
765
5
i i ioo
86
10
1,508 1,277
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—June
30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; Inter3
national
Monetary Fund Quota—Mar.
31, 1947, 2,750.
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
5
Less than $500,000.
Includes U. S. Commercial Company and War Damage Corp.
• Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities.
7
Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and
those of The Virgin Islands Co. are as of Dec. 31, 1946.
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.
1286
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES 3
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Constructi
contracts
awarded (va ue)'
1923-25 = 100
Industrial production
(physical volume)* 2
1935-39 = 100
Manufactures
Year and month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 4
1939 = 100
All
other
Nonagricultural
Factory
DepartFac- Freight ment Wholesale Cost of
tory carload store
com- living
sales modity
*
pay 4 ings*
(valrolls
* 1935-39
ue)* s prices
= 100
1939 = 1935-39
1926
=
100
1935-39 = 100
100
= 100
Ad- Unad- AdAdAdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
....
....
....
....
. .
. ..
1944
December
1945
January
Februarv
!March
April
....
. ..
May
June
July
August
September
October
November
December
1946
January
February
March
April
May
June
July
August
September
October
November
December
1947
January
February
March
..
.
...
.
62
60
71
83
63
63
44
30
79
90
53
81
103
95
107
114
57
67
72
69
76
79
66
71
98
89
92
100
56
79
84
94
122
129
44
68
81
95
124
121
65
88
86
94
120
135
95
99
110
91
107
117
132
98
75
67
58
69
41
54
83
85
93
84
79
70
79
75
87
103
113
89
109
125
162
199
239
235
203
65
83
108
122
78
109
139
201
279
360
353
274
81
90
100
106
95
109
115
142
158
176
171
166
100
99
107
93
80
86
99
112
97
106
117
125
129
132
140
137
80
67
76
»192
P165
P134
232
230
343
173
234
236
235
230
225
220
230
232
232
229
225
220
345
346
345
336
323
308
210
211
292
129
135
117
92
117
126
87
50
63
37
28
25
32
37
55
59
64
72
81
122
166
68
41
68
13
11
12
21
37
41
45
60
72
89
82
40
16
26
153
143
137
51
14
175
176
176
174
173
173
140
141
142
140
138
144
48
59
72
70
58
50
14
13
15
18
20
22
165
143
54
23
75
96
118
112
89
73
136.2
136.6
136.4
135.8
134.8
134.2
133.0
131.8
125.8
125.5
126.6
127.1
168.8
169.3
168.3
166 0
163.6
160 3
155 0
150.4
130.1
129 5
130.1
130.6
168.2
168.7
167.7
165 2
162.5
160 0
155 6
151.7
130.8
129 9
130.5
130.9
347.0
347.5
345.7
338 5
324.9
321 8
306 6
273.6
228.7
227 7
227.7
231.4
161
157
147
140
122
143
168
158
155
148
152
163
129.2
127.4
130 6
132.4
133.4
134 3
134.7
136.4
137.6
138.1
139.1
139.4
133.2
124.4
132 6
139.4
140 7
142 2
143.0
146 3
148.6
149 1
151.5
152.4
132.6
123.9
132 1
138.5
139 6
141 9
143.6
147 7
149.5
149 6
152.0
152.8
148 139.5 153 4 152 7
149 139.8 154.4 153.7
134 140.0 154 6 154 0
142 138.9 153.8 152.9
140 138.9 151.9 150.6
152 139.7 151 7 151 4
170 138.8 149.2 149.9
*>139.9 P151.8 P153.4
79
239
194
186
191
185
157
156
154
158
156
140
134
124
138
133
61
69
83
94
108
24
26
36
44
56
91
104
121
134
150
160
152
168
165
159
156
148
164
163
159
166
138
183
190
175
161
167
166
164
161
141
141
137
104
115
107
136
147
170
169
61
95
129
172
179
145
169
161
168
161
170
171
193
162
139
174
177
172
174
180
184
184
183
180
202
208
212
214
214
211
189
189
190
184
185
187
221
222
225
185
222
185
185
178
P185
218
'219
207
157
164
165
168
173
174
146
144
146
145
136
137
165
158
151
145
139
154
176
176
175
146
146
148
146
151
132
144
152
129
143
133
123
172
170
168
163
P169
151
148
141
103.9
124 2
80 2
86 0
109 1
101 7
107 2
110 5
108.5
109 7
117.1
94 7
71 8
49.5
53 1
68 3
78 6
91 2
108 8
84 7
100 0
114 5
167 5
245 2
334 4
345 7
293 4
266.4
81 135.9 168.0 168.3 346.7
188
171
164
167
161
172
178
180
182
183
182
103.7
104 2
79 7
88 2
101 0
93 8
97 0
98 9
96.8
96 9
103.1
89 8
75.8
64.4
71 3
83 1
88 7
96 4
105 8
90 0
100 0
107 5
132 1
154 0
177 7
172 4
151 8
142.0
139
142
142 102.8
125 95 8
84
86.3
40 75.7
37 76.1
84 0
48
87 8
50
70
95.1
74 101 1
80
94.6
81 100 0
89 105 8
149 119.4
235 131 1
92 138 8
61 137.0
102 132 0
161 134.4
186
167
162
168
163
187
July
August
84
93
P170
185
184
176
P182
May
June
72
75
58
73
88
82
90
96
127
136
110
116
155
136
Adjusted
120
129
83
99
110
121
142
139
146
152
92
94
105
105
110
113
105
97
Unadjusted
Unadjusted
132
264
138.6
154 4
97 6
96 7
100 6
98 1
103 5
100 0
95.4
96 7
95.3
86 4
73 0
64.8
65 9
74 9
80 0
80 8
86 3
78 6
77 1
78 6
87 3
98 8
103 1
104 0
105 8
121.1
137
200
104.7
127.0
144
139
145
141
141
140
198
207
214
184
190
203
104.9
105.2
105.3
105 7
106.0
106 1
105 9
105.7
105.2
105 9
106.8
107.1
127.1
126.9
126.8
127 1
128.1
129 0
129 4
129.3
128.9
128 9
129.3
129.9
107.1
107.7
108 9
110.2
111 0
112 9
124.7
129 1
124.0
134 1
139.7
140.9
129.9
129.6
130 2
131.1
131 7
133 3
141.2
144 1
145.9
148 6
152.2
153.3
141 5
144.6
149 6
147 7
147.1
r
U7 6
'150.6
153.6
153 3
153.2
156 3
156 2
156.0
157 1
158.4
147
148
152
131
114
115
117
108
78
82
75
73
89
92
107
111
89
101
109
130
138
137
140
135
83
88
100
107
99
106
114
133
149
168
186
207
139
214
128
127
118
133
127
201
203
213
221
220
234.1
214.3
238 3
254.8
253 5
262 8
267.1
284 4
290.3
292 8
298.2
306.2
133
126
139
109
106
227
250
256
252
259
133
139
141
138
139
137
140
276
273
290
270
257
271
276
307 3
310.6
314 1
310.7
312.2
319 6
313.9
150
142
146
265
268
273
137
276
142
137
134
143
291
289
287
281
123.8
143 3
127 7
119 7
121 9
122 2
125 4
126 4
124.0
122 6
122.5
119 4
108 7
97.6
92 4
95 7
98 1
99 1
102 7
100 8
99 4
100 2
105 2
116 5
123 6
125 5
128 4
139.3
r
* Average per working day.
P Preliminary.
Revised.
Department of Commerce index on income payments to individuals no longer available.
For indexes by groups or industries, see pp. 1288-1291. For points in total index, by major groups, see p. 1309.
* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1295 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. 1297-1299.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
1
2
OCTOBER
1947
1287
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors
1935-39 average =100]
1946
1947
Industry
Aug. Sept. Oct.
Durable Manufactures
Steel
Electric
Automobiles^
.
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
(Copper smelting; Lead refining; Zinc smelting;
Fabricatinc
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Lumber attd Ptoditcts
Lumber
Stone Clay and Glass Products
Glass products
Plate glass
Glass containers..
Nondurable Manufactures
Textiles and Products
Textile fabrics
Rayon deliveries
Wool textiles
Carpet wool consumption
^^oolen and worsted yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
.
..
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Wheat
flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
178
180
182
183
182
189
189
190
187
185
184
186
188
191
190
196
197
198
194
191
208
212
214
214
211
221
222
225
222
218 '219
184
185
184
178
159
192
191
196
195
197
193
181
189
186
196
170
381
184
196
172
366
183
195
171
369
174
193
163
404
152
174
145
381
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
187
206
170
456
254
261
268
271
276
277
277
281
276
273
275
266
P269
242
240
237
235
235
229
233
239
237
225
233
217 P216
182
188
185
187
187
181
190
197
193
179
191
185 P184
159
172
184
192
197
202
206
200
196
187
179
172 P169
150
161
168
175
181
184
190
195
203
198
188
181 P181
163
176
191
198
203
209
213
202
193
182
176
169
135
137
136
142
141
142
147
147
144
rl42
126
129
177
135
132
131
137
152
155
135 ••134
r
152
138
157
160
161
167
166
161
197
204
200
202
210
219
219
218
215
238
227
226
232
245
235
114
251
159
150
161
265
162
150
158
250
156
149
152
251
162
150
135
265
177
152
149
278
182
168
154
263
203
164
215
242
Gypsum and plaster products
'.
.
>
Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug.
212
235
212
241
215
252
219
263
227
271
232
260
211
200
207
195 P197
241
234
229
230
159
269
192
165
151
263
175
164
163
251
141
162
154
257
171
165
224
258
218 '210
249 247
168
173
174
176
176
175
172
170
174
164
172
173
172
166
164
157
•155
152
156
149
240
153
242
137
226
173
178
165
176
173
isi
144
239
180
183
176
184
143
230
177
177
176
181
161
230
178
178
177
181
165
223
175
171
180
181
155
214
166
160
175
173
174
222
169
158
184
178
182
210
161
145
183
171
170
195
149
128
178
158
120
119
117
121
115
116
120
122
101
119
70
49
124
133
101
114
81
51
134
131
97
103
78
67
141
130
110
121
91
70
137
129
110
122
94
68
130
117
113
127
98
67
117
118
118
134
99
81
108
121
122
140
99
84
102
121
147
136
146
156
162
161
156
131
135
135
145
155
162
158
178
160
161
161
263
161
262
181
180
171
178
133 P140
121
169
152
r
155
165
141
254
207 P211
159
168
163
P182
158
164
164
256
176
183 P188
133
163
248
184
191
r
215
240
168
rl55
P159
'207
211
124
235
151
231
164
161
P158
r
221 P 2 2 9
214 P 2 1 3
163 vU9
142 P154
160
154
152
160
270
154
270
148
271
143
133
263
'263
159
161
191 r 175
186 175
147 144
126 124
177 174
156 ••152
'155
130
141
147
121
107
139
132
116
113
107
100
119
137
102
79
95
113
119 r' 1 1 4
138 130
96
94
88
92
83 r ••84
109 1 0 3
104
120
77
88
84
97
157
158
155
154
155 P156
160
149
144
152
143 P151
172
129 P142
118
130
267
P137 P 1 4 3 P146 P146 P147 P148 P149 P153 P154 P152 P155 P157 P147
79
79
74
77
79
82
81
85
82
79
82
74
85
169 168 164 172 172 178 185 198 206 191 196 '197 175
173 163 142 143 148 147 152 164 173 173 184 188 158
r
l
P5 Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
1288
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1947
1946
Industry
Aug.
Sept. Oct. Nov. Dec.
Jan.
Feb. Mar.
Apr.
May June July
Aug.
145
155
140
158
91
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
138
141
139
134
110
38
24
41
81
93
115
116
107
140
131
163
179
150
160
116
151
151
162
138
105
163
172
164
133
108
159
165
167
121
104
149
143
169
122
101
150
153
159
121
105
151
154
159
119
102
152
157
154
141
104
156
171
149
154
93
Other manufactured foods .
Processed fruits and vegetables
Confectionery
Other food products ..
151
155
107
158
150
143
110
159
154
167
123
156
160
160
135
164
168
170
147
172
165
157
138
171
158
137
142
166
160
151
145
165
161
145
149
167
158
138
153
164
154
132
135
164
156 P 1 5 9
132 P136
119
168 P'\13
174
227
206
213
234
241
223
208
189
162
159
164
176
123
56
426
427
197
71
384
461
179
68
241
460
194
64
191
463
202
158
333
426
183
188
623
408
157
179
695
372
160
151
619
314
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
168
56
385
238
155
157
173
169
148
158
168
158
160
142
159
156
160
110
202
79
112
205
76
127
226
79
131
216
81
109
192
72
112
208
69
110
228
67
98
216
66
94
221
68
106
187
55
101
216
66
98
210
72
107
211
80
147
150
152
153
150
156
157
159
156
161
160
146
150
169
97
112
254
150
147
178
87
158
144
132
93
155
173
97
112
265
151
152
184
88
160
148
141
92
155
178
105
116
277
151
151
179
88
162
147
144
91
140 P150
160
108 P114
98 P106
253 P278
131 P151
137 145
166
178
84
75
147
155
138
136
124 130
91
94
Alcoholic Beverages
]VIalt licuior
Whiskey
O t h e r distilled spirits
Rectified liquors
. . . .
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)....
Printing and Publishing
Newsprint consumption .
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products *
Coke
By-product coke
Beehive coke
.
P156
142
156
98
110
238
132
140
169
85
134
151
135
83
144
162
101
111
249
136
142
172
85
138
152
133
87
146
163
106
108
244
141
144
172
89
144
155
135
85
147
162
96
109
248
139
145
175
90
142
156
136
84
146
159
98
109
236
139
144
168
86
155
152
134
87
150
166
99
109
252
145
147
179
83
153
148
137
87
151
171
100
109
260
150
148
181
83
155
142
137
89
154
174
99
113
266
151
151
180
88
160
151
139
89
129
128
132
130
138
138
140
142
141
142
146
139
144
123
117
119
118
120
122
125
124
124
125
131
131
133
P182 « «
P179
P177 P178 P180 P185 P185 P179 P184 P191 P195
149
164
152
162
146
165
153
155
145
160
159
163
148
161
147
150
148
167
154
162
142
166
160
175
143
170
162
185
142
174
167
176
139
163
156
170
145
171
163
175
154
173
168
182
157 #160
178
157
186
165
159
369
166
161
352
167
160
406
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
169
161
428
165
160
340
161
156
307 ?418
237
235
238
243
249
251
251
251
251
253
250
251
P252
153
117
254
395
149
114
256
395
148
111
257
402
150
115
261
411
152
128
260
422
154
131
266
430
156
136
276
429
157
135
283
431
155
138
289
433
153
137
292
435
151
142
251
439
152
135
291
438
P\33
P293
Rubber Products
221
234
234
243
252
247
246
239
234
220
216
207
P208
Minerals—Total
144
146
US
136
137
146
146
148
143
151
148
141 P150
Fuels
150
151
150
140
141
151
150
153
144
156
153
144 P155
149
156
120
151
155
163
125
149
152
160
124
149
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
107
111
111
117
111
117
122
117
136
148
153
157
169
153
158
166
159
189
169
166
50
49
52
58
44
60
44
58
53
55
60
64
61
66
58
68
60
68
64
66
63
61
Chemical Products
Paints
Soap .
Rayon
Industrial chemicals
Explosives and ammunition x
Other chemical productsl
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
122
P119
P151
P114
P161
P!19
r
1
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
OCTOBER
1947
1289
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1947
Industry
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May I June July Aug.
Industrial
Production—Total.
Manufactures—Total
Durable Manufactures...,
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing
Arsenals and Depots *.
Transportation
Equipment
Automobiles *
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government)1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; Zinc amelting;
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.l
Other stone and clay products .
Nondurable Manufactures..
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption *...
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted y a r n . .
Woolen yarn
Worsted y a r n . . .
Woolen a n d worsted cloth..
Leather 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 *
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice cream
180
184
184
183 180 184
185
187 185
185
185
178 P185
193
195 193 191
191
184 P190
186
191
191
191 188 192
210
214
215
214
218
220
223
222
219
220
208 P 2 1 3
184
185
184
178 159 192
191
196 195
197
193
181
189
186
196
170
381
184
196
172
366
183
195
171
369
174
193
163
404
152
174
145
381
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
461
193
215
179
469
189
211
458
174
198
166
'429
187
206
170
456
254
261
268
271
276
277
277
281
276
273
275
266 v269
242
240
237
235
235
229
233
239
237
225
233
217 P216
182
188
185
187
187
181
190
197
193
179
191
185 P184
159
172
184
192
197
202
206
200
196
187
179
172 P169
150
161
167
176
182
184
190
196
203
198
187
180 P 1 8 1
163
176
191
198
203
209
213
202
193
182
144
147
142
139
129
126
135
140
143 '145
'149
141 P148
140
152
144
152
136
155
131
157
114
160
107
161
118
167
126
166
134
161
'138
158
143
159
133 P143
155 P159
204
212
209
207
203
208
205
209
208
206
209
196 P204
223
114
261
179
154
215
242
242
161
270
188
155
216
235
232
158
258
181
158
218
241
228
152
254
175
155
219
252
218
135
247
161
158
224
263
241
149
273
148
156
218
271
229
154
255
154
156
221
260
241
159
269
157
159
215
258
234
151
263
166
160
215
249
242
163
269
148
162
•213
247
229
154
254
183
163
220
240
'200 218
124 151
'225 241
181
161 P162*
221 P230
209
P213
166
172
172
174
172
171
171
171
169
'169
168
164 P 1 7 2
163
168
169
174
164
172
173
172
166
164
•155
142 P154
152
149
240
156
153
242
157
155
248
163
164
256
152
141
254
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133 118
263 ••263
173
137
226
173
178
165
176
181
144
239
180
183
176
184
178
143
230
177
177
176
181
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
•152
119
118
117
123
114
116
123
121
115
113
106
98
100
115
73
47
127
99
111
80
51
131
98
104
80
67
141
114
126
94
68
145
110
122
92
68
124
117
113
130
96
67
109
118
127
145
104
84
119
121
121
140
97
83
99
121
118
137
98
82
93
113
119
138
92
86
89
109
112
125
96
92
'83
103
99
112
76
88
78
97
157
149
140
140
144
149
154
166 P172
153
162
160
157
143
146
141
P95
62
124
114
P95
*>107
71
151
137
P127
77
178
161
P161
133
131
130
129
164
164
158
158
130 147 143
P175 P151 P120
68
81
76
189 171 148
179 150 115
146
59
129
103
68
132
119
130
267
130
141
147
121
107
139
132
'150
P2O2 P229 P 2 2 9 P 1 9 2
84 102 113 104
82
214 256 279 242 196
196 240 254 218 163
r
p Preliminary.
Revised.
* Series included in total and group indexes b u t not available for publication separately.
» This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies*
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
1290
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100
1946
1947
Industry
Aug.
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June July
Aug.
127
119
141
155
89
Manufactured Food Products—Continued
122
108
141
132
107
37
19
44
89
100
117
109
117
160
136
181
210
156
172
116
175
199
162
130
103
191
225
168
124
115
152
162
153
106
105
138
133
154
115
99
139
139
149
118
102
151
154
159
124
104
150
157
151
141
96
146
150
151
154
90
173
255
115
161
188
315
142
163
173
216
161
164
166
147
159
172
164
132
149
175
150
102
142
164
143
86
144
158
142
83
135
159
143
88
123
160
143
90
118
161
146
101
100
165
163 P 1 7 9
172 P222
97
171 P176
Alcoholic Beverages
174
237
221
196
210
206
195
187
182
167
178
182
181
Whiskey
141
56
230
427
199
71
526
461
166
68
624
460
149
64
401
463
161
158
366
426
150
188
405
408
142
179
417
372
149
151
403
314
162
131
302
276
170
106
210
194
189
79
198
215
196
55
191
231
192
56
208
238
161
110
166
179
172
138
157
160
149
151
142
165
162
165
212
77
112
219
81
127
235
85
131
221
83
109
177
63
112
208
68
110
215
65
98
201
66
94
205
68
106
187
55
101
227
67
98
221
72
107
222
78
147
150
152
153
150
156
157
159
156
161
160
145
142
154
86
110
238
132
140
169
85
134
151
135
82
144
160
90
111
249
136
142
172
85
138
152
133
87
146
162
98
108
244
141
144
172
89
144
156
135
85
147
162
101
109
248
139
145
175
90
142
156
136
85
146
159
99
109
236
139
144
168
86
155
147
134
85
150
167
103
109
252
145
147
179
83
153
147
137
87
151
171
104
109
260
150
148
181
83
155
147
137
89
154
175
106
113
266
151
151
180
88
160
151
139
89
150
171
106
112
254
150
147
178
87
158
146
132
95
155
174
105
112
265
151
152
184
88
160
148
141
93
155
178
106
116
277
151
152
179
88
162
150
144
92
140
159
96
116
253
131
137
166
75
147
131
124
89
123
128
135
135
141
133
138
145
144
145
146
130
137
111
119
125
129
126
114
122
129
131
129
129
113
120
Meat packing
Beef
Veal
Other food products
Cigars
Paper and Paper Products
Pulp
Groundwood pulp
Sulphite pulp
Paper
Printing paper
Petroleum and Coal Products
P182
P176
P100
P106
P278
P151
145
178
84
155
138
130
93
P180 P185 P185 P179 P184 P191 vl95
P177
P181
P155
Petroleum refining'
Fuel oil
Coke
By-product coke
Chemical Products
Paints
Soap
.
149
164
151
155
146
165
153
154
145
160
159
163
148
161
147
155
148
167
152
167
142
166
155
179
143
170
160
194
142
174
165
180
139
163
162
174
145
171
170
176
154
173
168
171
157 ^160
178
156
173
165
159
369
166
161
352
167
160
406
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
169
161
428
165
160
••340
161
156
307 P418
233
235
240
244
250
250
252
254
253
252
247
151
119
••254
395
148
119
256
395
148
116
257
402
149
116
261
411
152
128
260
422
151
128
266
430
154
134
276
429
157
135
283
431
157
135
289
433
157
133
292
435
156
140
251
r
439
247
P248
150 P 1 5 0
134 P 1 3 5
291
438 P437
221
234
234
243
252
247
246
239
234
220
216
207 P208
Minerals—Total
147
149
147
135
132
141
141
143
139
153
152
146
fuels
150
151
150
140
141
151
150
153
144
156
153
144
149
156
120
151
155
163
125
149
152
160
124
149
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
P143
P151
132
136
126
105
76
81
84
83
112
140
154
P153
189
282
192
282
180
252
144
174
92
58
97
69
104
73
103
72
153
173
200
279
213
306
55
48
60
59
51
59
49
58
54
55
57
65
55
67
51
70
54
68
56
65
59
59
Rubber Products
.
.
Coal
Crude petroleum
Uetals
•
..•
Metals other than gold and silver
Iron ore
fConner* Lead' Zinc) 1
Gold
P155
P161
P22O
334
r
x
v Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
'This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
OCTOBER
1947
1291
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
1947
1946
July
Factory pay rolls
Aug.
Apr.
May
June
1946
July
Aug
June
1947
July
Aug,
Apr.
May
June
July
Total
Durable goods
Nondurable goods
143.6 147.7 152.9 150.6 151.4 149.9 153.4 262 8 267.1 284.4 310.7 312 2 319.6 313.9
165.7 170.6 180.8 178.0 179.7 174.7 176.7 289.1 296.3 316.1 349.9 353.8 365.9 350.6
126.2 129.7 130.9 129.1 129.1 130.3 135.0 237.0 238.5 253.4 272.3 271.5 274.2 277.9
Iron and Steel and Products
Blast furnaces, steel works, e t c . . . .
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
145.7
121
167
137
126
117
150.2
124
167
140
129
123
158.0
125
164
132
141
136
156.8
126
164
132
141
137
157.5
128
162
133
139
136
156.1 158.3
129
158
138
135
134
157
136
158
142
167
153
160
151
157
149
149
146
Electrical Machinery
Electrical equipment
Radios and phonographs
203.2 210.5 218.7 213.8 221.5 215.0 213.7
170
174
170
161
173
156
180
197
188
190
205
176
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors . .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
201.8 206.6 226.6 225.9 224.2 217.9 221.,
174
233
168
147
162
189
225
168
176
241
169
146
168
195
235
172
191
241
176
178
156
190
246
207
190
238
178
181
151
183
243
211
189
231
182
185
146
178
242
223
185
231
182
176
137
167
233
217
296
416
236
248
270
305
416
263
299
447
248
248
262
293
413
272
314
454
257
253
281
316
438
288
358
495
288
333
270
320
485
388
363
502
303
344
264
312
491
395
368
503
310
372
263
305
494
428
356
494
313
362
240
282
479
422
Transportation Equipment, except Autos
Aircraft, except aircraft engines. .
Aircraft engines
Shipbuilding and boatbuilding....
299.9
324
298
251
294.7
338
309
229
300.8
358
316
208
293.7
348
303
203
291.8
337
303
204
248.9 247.6
326
301
127
557.5
586
469
483
558.7
606
469
469
553.1
641
498
422
565.3
657
488
399
561.3
639
477
396
560.3
622
482
396
479.6
608
485
246
Automobiles
180.2 187.8 200.5 186.5 196.2 195.0 193.8
259.9 292.8 319.0 343.4 329.0 357.0 347.8
Nonferrous Metals and Products
Primary smelting and refining.. . .
Alloying and rolling, except aluminum. .
Aluminum manufactures
171.2 177.3 184.8 179.6 175.1 168.2 168.0
145
128
148
143
134
146
298.6 303.9 324.2 354.0 349.0 346.2 326.6
240
283
296
297
285
228
153
206
Lumber and Timber Basic Products. .. .
Sawmills and logging camps
Planing and plywood mills
133.5 139.0 149.1 154.8 158.2 156.5 161.0
160
151
167
171
145
169
141
158
163
135
159
161
261.9 252.1 285.6 323.4 351.4 374.9 358.4
351
286
276
313
385
412
395
242
274
334
367
255
351
345
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
119.6 123.4 131 8 129.5 129.8 127.8 130.9
122
119
129
127
128
126
233.3 231.9 250.0 286.8 285.1 290.4 281.4
230
282
285
279
228
247
274
Textile-Mill and Fiber Products
Cotton goods except small wares.
Silk and rayon goods
Woolen and worsted manufactures
Hosiery .
Dyeing and finishing textiles
102.8 104.0 106.
118
112
114
76
78
77
104
103
104
71
74
72
94
95
98
150
136.6
166
139
120
151
156
157
210
166
159
208
166
154
196
141 6 146.0 142.6
171
171
172
143
146
122
122
125
124
156
166
166
165
147
182
144.0
169
145
126
164
240.3
182
292
235
242
206
247.5
192
277
249
245
211
265.9
204
295
270
257
234
297.5
220
309
249
301
277
306.7
236
317
250
306
279
316.1
247
322
264
305
283
304.4
234
315
295
297
276
290
280
327
324
313
329
321
326
295
317
272
307
315
326
317
271
280
252
254
241
251
165
139
169
378.9 396.6 407.1
347.9 351.0 283
317
328
370
409
413
264
258
332
329
342.0 346.2 362.2 423.0 429.5
269
336
269
340
283
351
295
369
283
348
432.6 422.3
344
333
390
389
434.6 420.7
280
327
140.2 143.1
159
147
126
160
241.4
279
216
213
260
104.6 103.
115
116
76
77
99
98
70
68
96
97
101.2 103.0
112
74
95
69
92
217.2 213.3 229.4 255.4 248.3 242.5
248
276
246
315
303
294
167
181
200
166
201
194
241
239
234
240
229
248
140
131
141
133
131
146
211
211
188
179
215
185
Apparel and Other Finished Textiles.. . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
124.5 130.5 135.0 131.4 131.
112
116
124
124
122
88
88
99
101
99
141
130
142
136
136
83
93
86
79
79
131.7 142.5
121
97
140
80
258.6
230
181
283
121
Leather and Leather Products
Leather
Boots and shoes
103.0 102.7 103.0
88
89
93
95
94
96
100.6
91
94
204.9 198.7 199.6
163
156
161
196
190
188
Food and Kindred Products
Slaughtering and meat packing. . .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
131.0
102
114
101
93
144
137
140.8 148.9
124
124
109
101
170
108
208.2
167
191
169
180
210
182
Tobacco Manufactures
Cigarettes
Cigars
90.7 91.7
123
123
74
76
138.6
115
119
103
98
145
154
99.4
92
92
125 0 126.0
116
119
121
116
107
107
114
110
150
154
59
59
99.
91
93
130.3
121
119
107
107
163
68
87.5 88.4 90.2 89.8
120
120
122
120
72
73
75
75
91.7
242.2
275
230
230
250
240.3
215
178
254
145
235.1
180
221
179
170
222
326
260.1
294
243
240
275
272.5
236
185
306
166
254.3
202
239
184
187
232
387
184.1 178.3 186.2
218
211
219
160
167
168
288.8
335
248
257
317
279.8
267
227
278
138
286.9
333
203
276
324
272.1
271
229
260
119
298.2
341
279
279
322
274.9
273
229
264
128
260
299
294.6
339
284
276
308
237.5
289
191
231
135
195
278.9
260
216
285
147
214.6 207.0 211.5 211.2
184
184
185
187
205
197
202
201
243.1
212
253
195
231
252
140
252.8
232
240
200
229
268
143
267.8
241
264
204
226
296
164
290.8
260
286
208
209
325
265
181.6 182.8 194.8 200.0
218
221
240
254
160
168
164
163
r Revised.
NOTE.—Indexes for totals, maior groups, *nd industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass,
Printing and Publishing Paper, and Rubber groups have been adjusted to final 1945 data made available by the Bureau of Employment Security
of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying
figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for August 1947 are preliminary.
1292
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
{Index numbers of the Bureau of Labor Statistic?, 1939 = 100]
Factory pay rolls
Factory employment
Industry group or industry
1946
July
1947
Aug.
Apr.
May
June
1946
July
Aug
June
July
Aug,
Apr.
May
June
July
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
137 A 139.2
'134
'136
'145
'147
'138
141
145.0 143.5 143.4
'140
141
140
'154
154
•153
'147
140
142
Printing and Publishing
Newspaper periodicals
Book and job
121.1
110
133
121.6
110
132
128.5 128.6
118
119
138
137
129.1 128., 129.8 191.3 193.3 198.1 230.7 234.2 235.9 233.6
210
120
169
120
162
209
164
202
209
260
138
138
216
220
255
258
222
255
Chemicals and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
178.9
188
118
168
170
178
56
103
180.5
189
119
169
173
116
71
112
196.2
197
121
180
192
158
85
146
194.8
194
121
180
192
162
72
136
188.5
191
104
182
191
163
65
114
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
146.7
137
118
147.4
137
119
145.4
134
119
149.3
138
121
150.8 153.7 153.7 242.5 251.0 253.1 265.2 275.7 286.2 295.6
139
141
223
244
228
229
237
254
265
123
125
195
215
248
256
218
231
248
,
Rubber Products.
Rubber tires and inner tubes
Rubber goods, other
140.7 142.4 247.0 246.4 256.5 290.9 291.1 298.0 298.7
•253
141
'240 •242
'302 '310
•284
'289
150
'261
'254 '260 •302
'302 '296
'307
'262
134
'249
'252
•290 '283
'284 '274
189.8 192.3 313.0
187
306
120
198
181
283
177
266
159
331
64
127
109
250
315.5
307
198
289
265
336
120
246
320.0
314
206
288
273
201
159
275
378.3
360
239
330
311
336
209
381
381.5
359
239
335
334
352
185
365
373.3
355
205
339
341
359
169
302
378 7
348
238
342
325
356
162
288
177.0 184.0 193.5 r 184.5 180.7 175.2 176.6 331.4 321A 336.9 383.9 367.2 361.9 352.7
'209
'218
-•227
22O
'217
'212
'363 '348 '356 '414 '399 '396 '394
155
162
168
156
153
148
'294 '296 '322 -•348 '326 '320 '305
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
170.5
192
146
175.1
191
148
179.8 176.3
180
176
148
149
174.4
178
151
170.2 174.5 318.4 314.2 329.3 361.0
330
173
339
327
328
155
233
240
271
245
356.6 355 A 341.5
317
335
319
281
275
275
For footnotes see p. 1292.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1947
1946
Group
Total
Durable
Nondurable
Preliminary.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
143.0
165.2
125.6
146.3
169.7
127.8
148.6
172.7
129.6
149.1
173.8
129.7
151 5
176.4
131.8
152.4
177.1
133.0
153 4
178.7
133.4
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151 7
179.5
129.8
149.2 P151.8
174.1 P175.7
129.6 P133.O
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. May June July
1947
June
July
Mar.
Apr.
May
June
July
All manufacturing
40 0 39.7 40 .4 40.1
40.1
40.2
39.8
108.4
109.3
118.0 118.6
120.7
122.6 123.2
Durable Goods
39. c 39.3 40.7
40.5
40.5
40.6
40.0
116.5
117.7
123.6 124.3
127.8
130.4 130.6
38.5
39.4
40.4
39.3
37.8
40.0
39.1
41.0
39.5
40.4
40.5
41.5
39.8
39.7
41.0
41.0
41.7
40.5
40.4
40.0
41.5
39
38.5
40
41.4
41.5
40.5
40.3
39.8
41.4
40.2
38.3
40.6
42.0
41.5
40.3
40.4
39.8
41.3
40.1
38.7
40.5
39.2
39.7
40.9
40.1
37.7
39.6
4 2 . 7 42.0
41.7 41.2
40.8 40.1
120.6
114.8
122.3
135.0
134.7
116.3
90.
92.7
104.1
121.6
115.8
123.2
136.6
135.4
116.6
91 .0
93.7
105.7
126.9
121.2
129.8
136.2
139.6
122.6
98
103
114.4
128.0
121.0
130.8
136.3
140.6
123.4
99.0
103.2
114.9
133.3
126.4
133.4
137.6
146.3
126.0
102.5
104.6
117.3
136.4
129.5
136.3
138.8
148.5
128.6
105.5
106.2
119.1
136.5
130.6
137.2
140.1
149.5
129.0
103.3
105.9
120.0
40.2 40.1
40.1
39.6
39.7
39.8
39.6
100.3
100.9 111 .9 112.2 113.0
113.9
115.2
39.6 40.0
36.7
36
39.0
38
43
42.3
39
37.5
42
43
40
40.3
40.7 41.3
40.0 40.2
39.2 39.8
40.5 41.0
39.1
35.5
38.3
42.1
36.7
43.0
40
38.9
35.8
38.1
43.0
36.3
43.1
40.1
41 .1
40.0
39.0
40.3
38.6
36.0
38.1
43.2
38.4
35.7
37.7
43.3
39 6
42.9
39.7
40.9
40.5
38.6
39.3
87.5
95.1
95.0
97.2
84.6
99.3
127.8
108.4
134
128.3
104
87.7
94.1
95.4
98.6
85
100.7
128.7
109 8
135
129.2
104.8
102.4
99.4
105.3
111.9
95.0
116.5
150.0
123.2
146.4
141.9
116.6
102.7
102.1
105.4
112.7
95.3
119.0
150.1
124.7
149.5
144.6
117.6
Iron and steel products
Electrical machinery
Machinery except electrical
Transportation equipment except autos....
Aut omobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished basic products
Stone, clay, and glass products
Nondurable Goods
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied industries. . .
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries
38.8
39.8
40.9
39.5
36.6
40.9
41.5
41.8
40.4
41.0
40.5
39.5
40.6
38.2
42.9
39.9
41.1
40.7
39.1
40.3
102.4
104.5
102.8
108.8
93.9
110.9
144.3
117.7
140.8
133.0
113.9
102.7
99.9
102.9
109.7
94.8
112.1
146.2
119.2
141.8
139.7
114.2
102.5
98.8
103.5
111.0
94
113.3
148.6
121.0
144.8
141.6
115.3
NOTE.—Preliminary August 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 39.8 and 123.8; Durable, 39.9
and 131.4; Nondurable, 39.7 and 115.8 respectively. Back figures are available from the Bureau of Labor Statistics.
OCTOBER 1947
1293
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
governmentx
1939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
845
916
947
983
917
883
826
836
1,150
1,294
1,790
2,170
1,567
1,094
1,082
1,493
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
1,382
1,419
1,462
1,440
1,401
1,374
1,383
1,523
228
362
3,554
708
786
795
891
4,430
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
1946—July
August
September
October
November
December
40,797
41,309
41,669
41,854
42,139
42,207
14,475
14,745
14,953
15,019
15,233
15,310
873
886
884
883
883
874
1,535
1,601
1,648
1,670
1,679
1,731
3,991
4,042
4,064
4,093
4,101
4,091
8,464
8,573
8,609
8,581
8,639
8,630
1,534
1,546
1,549
1,548
1,551
1,554
4,382
4,386
4,412
4,537
4,578
4,596
5,543
5,530
5,550
5,523
5,475
5,421
1947—January
February
March
April
May
June
July....
August
42,243
42,354
42,395
42,065
42,079
42,338
42,042
42,380
15,426
15,529
15,564
15,513
15,359
15,357
15,118
15,346
883
880
879
856
884
893
864
894
1,678
1,651
1,632
1,652
1 ,668
1,700
1,748
1,821
4,075
4,052
4,040
3,855
3,970
4,074
4,078
4,093
8,595
8,637
8,695
8,638
8,631
8,668
8,686
8,744
1,552
1,554
1,555
1,546
1,553
1,551
1,574
1,591
4,596
4,630
4,588
4,552
4,567
4,641
4,640
4,576
5,438
5,421
5,442
5,453
5,447
5,454
5,334
5,315
1946—July
August
September
October
November
December
40,877
41,466
41,848
42,065
42,439
42,928
14,526
14,876
15,035
15,064
15,271
15,348
873
886
884
883
883
874
1,627
1,713
1,747
1,753
1,713
1,644
4,051
4,103
4,064
4,093
4,101
4,071
8,337
8,402
8,523
8,667
8,898
9,234
1,549
,554
,534
,540
,543
,546
4,426
4,430
4,456
4,514
4,555
4,573
5,488
502
605
5,551
5,475
5,638
1947—January
February
March
April
May
June
July
August
41,803
41,849
42,043
41,824
41,919
42,361
42,139
42,558
15,372
15,475
15,510
15,429
15,237
15,327
15,170
15,484
883
880
879
856
884
893
864
894
1,527
1,502
1,534
1,619
1,685
1,768
1,853
1,948
4,014
4,011
4,020
3,836
3,970
4,115
4,139
4,154
8,552
8,507
8,565
8,552
8,545
8,581
8,556
8,569
,544
,546
,555
,554
,561
,567
,590
,599
4,527
4,561
4,565
4,552
4,590
4,711
4,686
4,622
5,384
5,367
5,415
5,426
5,447
5,399
5,281
5,288
Year or month
UNADJUSTED
1
Includes Federal Force Account Construction.
NOTE.—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 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Employed 1
Total
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1940 2
1941
1942
1943
1944
1945
1946.
100,230
101 370
102,460
103 510
104,480
105 370
106,370
56,030
57 380
60,230
64 410
65,890
65 140
60 820
55,640
55,910
56,410
55,540
54,630
53,860
57,520
47,520
50,350
53,750
54,470
53,960
52,820
55,250
37,980
41,250
44,500
45,390
45,010
44,240
46,930
9,540
9,100
9,250
9,080
8,950
8,580
8,320
1,040
2,270
44,200
43 990
42 230
39 100
38,590
40 230
45 550
1946—August
September
October
November
December
106,470
106,630
106,760
106,840
106,940
62,200
61,340
61,160
60,980
60,320
59,750
59,120
58,990
58,970
58,430
57,690
57,050
57,030
57,040
56,310
48,550
48,300
48,410
49,140
49,100
9,140
8,750
8,620
7,900
7,210
2,060
2,070
1,960
1,930
2,120
44,270
45,290
45,600
45,860
46,620
106,970
107,060
107,190
107,260
107 330
107,407
107,504
107,590
59,510
59,630
59 960
60,650
61 760
64 007
64,035
63,387
57,790
58,010
58,390
59,120
60,290
62,609
62,664
62,035
55,390
55,520
56,060
56,700
58,330
60,055
60,079
59,914
48,890
48,600
48,820
48,840
49,370
49,678
50,013
50,441
6,500
6,920
7,240
7,860
8,960
10,377
10,066
9,473
2,400
2,490
2,330
2,420
1,960
2,555
2,584
2,121
47,460
47,430
47 230
46 610
45 570
43 399
43,469
44,203
1947—January
February
]V[arch
Aoril
]Vtay
..
June'
JulyAugust
8,120
5,560
2,660
1,070
670
/ inasmuch as the monthly series began in March 1940.
o
Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a samplle basis. Data relate
tolthe calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.
8
1294
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Residential
building
Total
Month
Factories
1946
1947
1946
1947
571 6
442.2
596 8
602.3
674 7
605.1
660.3
823 2
89 7
102.1
275 2
370.6
463 6
332.2
281.2
284 0
293 8
235.1
221 1
193.4
257 4
208.4
282 9
256.7
254 1
209.5
240.9
308 9
December
357.5
387.4
697 6
734.9
952 4
807.9
718.0
679 9
619 9
573.2
503 7
457.3
Year
7,489.7
January
February
M^arch
April
May
June
July
August
Seotember
October
Value of contracts in millions of dollars]
Nonresidential building
1947
1946
104 7
97.7
113 7
105.1
140.5
159.4
129.3
109.4
73 7
140.2
73 6
69.9
Educational
1946
1946
69.0
77.5
112.7
75.1
88 7
55.2
72.8
56.6
50 0
41.0
36 1
38.6
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
1,317.3
3,142.1
Commercial
1947
38.3
46.4
52.6
66.3
59.2
58.4
81.6
77.2
773.2
Other
1947
18.1
17.1
11.4
18.0
23.5
35.7
7.8
18 8
12.6
15 1
19.7
1947
1946
19.7
13.5
21.4
22.7
47.7
40.1
38.5
45.6
221.4
Public works
and public
utilities
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
25.8
28.3
40.9
37.9
38 3
35.2
45.8
37.7
27 1
31.5
36 0
19.8
404.4
1946
1947
50 2
64.7
143.6
128.1
197 9
202.5
153.1
184.4
156 4
112.8
121 8
115.9
113.9
90.5
122.0
161.4
184.7
185.7
165.9
223.5
1,631.3
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Month
Public ownership Private ownership
1945 1946 1947 1945 1946 1947
141
147
329
396
243
227
258
264
278
317
370
331
January....
February...
March
April
May
June
July
August
September. .
October....
November. .
December...
Year
Total
1945 1946 1947
358
387
698
735
952
808
718
680
620
573
504
457
3,299 7,490
572
442
597
602
675
605
660
75
74
221
309
148
82
108
67
43
61
61
62
47
56
146
127
197
215
202
205
187
134
130
109
167
96
143
177
234
226
203
1,311 1,754
66
73
107
87
95
146
149
196
235
256
309
269
311
331
551
608
756
593
516
475
433
439
373
348
405
346
453
425
441
379
458
1,988 5,735
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
. ..
Total
Property
improvement
320
557
495
694
224
246
60
160
954
. . . . 1,026
1 186
1,137
942
208
251
262
886
684
798
125
189
363
55
63
85
67
77
89
79
86
117
112
152
169
181
25
32
47
35
40
44
39
40
51
42
50
57
49
1946—August
September..
October....
November. .
December. .
1947—January.. . .
February...
March
April
May
June
July
August
1
141
96
Small
home
construction
Mortgages on
War and
l - t o 4 - Rental
Vetand
family group
erans'
houses housing housing
(Title (Title
(Title
ID
VI) 1
II)
13
94
309
424
473
2
2
11
48
25
26
669
736
51
13
21
877
15
1
691
243
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
216
219
347
26
26
33
26
28
30
27
28
33
36
39
39
37
13
13
6
284
601
(2)
7
4
3
537
272
85
4
4
6
7
9
16
13
18
33
34
63
74
95
Mortgages insured under War Housing Title VI through April
1946; figures thereafter represent mainly mortgages insured under
the Veterans' Housing Title VI (approved May 22, 1946) but include
a few refinanced2 mortgages originally written under the War Housing
Title VI.
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
OCTOBER
1947
1947
1946
Federal Reserve district
August
July
August
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
60,603
135,820
30,720
64,450
73,472
96,099
149,162
89,570
28,273
26,063
68,984
35,624
84,690
43,698
75,862
64,276
71,578
109,902
49,064
27,927
44,318
53,315
47,203
94,668
36,438
78,307
83,466
90,744
102,999
62,976
29,723
20,872
32,513
Total (11 districts)
823,216
660,254
679,909
NOTE.—Data for August are preliminary.
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 associbanks banks
ations
Insur- Fedance
eral
com- agen- Other'
panies cies l
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
272
940
276 1,032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
'•1,429
260
'252
247
233
11
9
122
'106
974
917
r
1
Revised.
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
1295
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
1
Merchandise imports 2
1943
1944
1945
728
992
750
1,124
1,107
1,197
887
1,030
670 Pl.150
815 P I . 3 2 7
234
249
314
358
325
365
318
385
P437
P444
494
743
793
839
561
665
April
May
June
989
1,092
1,003
1,231
1,455
1,296
1,005
1,135
870
757 Pl,299
851 Pl.422
878 Pl,242
258
282
296
361
386
332
366
372
360
407
397
386
P512
P474
P466
732
810
707
870
1,069
965
July
August
September....
1,265
1,280
1,269
1,197
1,191
1,194
893
737
514
826 Pl.151
P883
P643
302
318
289
294
304
282
356
360
335
434
P425
P3 78
P450
963
962
981
October
November
December
1,237
1,072
1,286
1,144
1,185
938
P537
455
639
P986
736 P 1 , 0 9 7
329
323
336
344
322
297
P394
Jan.-July
6,820
8,607
32'9
312
282
1,851
2,346
2,478
Month
January
February
March . . . .
1946
1947
798
P1,114
903
6,724
5,594 P8,704
1943
Excess of exports
1944
1945
301
230
334
1946
394
1947
P531
P482
P536
2,720 P3.313
1943
520
1944
1945
1946
569
405
823
1947
P583
P713
352
431
P883
639
763
511
350
453
492
P787
P948
P776
903
887
912
537
378
180
392
P458
P265
P701
908
760
1,004
815
862
602
111
317
439
P143
P5O5
P561
4,969
"6,261
4,246
2,874 ?5,391
P Preliminary.
Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage
s
in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; Juily 1933, p. 431; and January 1931, p. 18.
1
2
PR
FIGHT CAPT.OADTNGS
FREIGHT
CARLOADINGS BY CLASSES
RFVFN1JFS.
REVENUES, FXF
EXPENSES, AND INCOME OF CLASS I
RAILROADS
[Index numbers: 1935-39 average = 100]
[In millions of dollars]
ForLive- est O r e
Total Coal Coke Grain stock
products
Annual
1939
1940
1941
1942
1943
1944
1945
1946
101
109
130
138
137
140
135
132
98
111
123
135
138
143
134
130
102
137
107
101
96
96
168
181
112
120
91
104
186
185
172
146
139
151
117
124
125
146
138
129
100
114
110
147
Miscellaneous
101
110
Merchandise
I.C.I.
97
96
139
155
183
206
136
146
100
69
141
143
129
192
180
169
145
147
142
63
67
69
143
136
138
79
SEASONALLY
ADJUSTED
1946—June
July
August
September...
October
November. . .
December. . .
133
139
141
138
139
137
140
146
145
152
160
155
117
132
140
177
184
183
183
166
155
125
139
131
125
142
147
162
1947—January
February....
March
April . . . .
150
142
146
163
149
147
175
171
180
146
173
185
173
170
184
June
July
August
137
142
137
134
143
119
155
141
115
118
166
119
91
128
136
122
149
153
157
154
146
151
156
137
164
162
164
157
157
145
135
141
145
139
139
148
148
81
78
77
75
79
83
81
157
147
159
123
111
121
163
166
159
176
172
171
152
145
151
77
76
78
151
138
140
168
111
104
107
107
148
148
145
152
184
184
184
194
147
145
142
143
79
76
74
71
162
r
92
152
190
149
73
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Net
railway
operating
income
Net
income
P7,627
3,406
3,614
4,348
5,982
7,693
8,343
8,049
P7.OO8
998
1,485
1,362
1,093
849
P619
93
189
500
902
874
668
447
P289
1946—May
June
July
August. . .
September.
October
November.
December.
515
639
651
664
673
663
663
658
524
586
603
613
605
606
601
523
-9
53
48
51
68
57
62
135
-41
20
16
18
37
25
29
98
1947—January...
February..
March... .
April
May
June
July
698
696
723
685
698
731
683
624
631
642
637
633
649
634
74
65
81
48
65
82
48
42
33
48
15
32
49
1946—May
June
July
August. . .
September.
October...
November.
December.
533
612
674
710
660
710
658
637
537
574
611
629
593
625
594
534
-5
38
63
82
67
85
64
103
-36
15
32
53
39
57
38
89
1947—January...
February..
March.. . .
April
May
June
July
686
636
718
689
724
697
705
628
593
645
631
649
637
644
58
43
73
58
76
60
61
29
14
43
33
46
38
P37
3,995
4,297
5,347
7,466
9,055
9,437
8,899
589
682
SEASONALLY
ADJUSTED
UNADJUSTED
1946—June
July
August
September...
October
November. . .
December. . .
137
146
138
128
96
155
213
139
80
143
145
145
152
172
177
166
142
135
113
153
165
263
243
142
146
78
77
1947—January
February....
March
138
133
137
163
149
147
134
144
142
119
155
141
]Vlay
June
July
August
.
149
149
141
131
140
148
160
155
117
132
115
146
181
180
166
163
184
182
182
169
183
170
165
177
140
142
144
152
120
197
171
118
166
154
148
139
245
216
169
45
150
151
154
139
79
82
84
78
157
144
146
118
89
96
147
159
159
44
43
50
139
136
144
74
74
79
133
121
143
98
94
87
148
154
151
157
267
286
145
146
146
80
202
175
87
87
153
160
311
284
145
150
76
73
71
73
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
1296
UNADJUSTED
P Preliminary.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Year or month
Phila- Clevedelphia land
Boston
New
York
106
114
133
149
168
186
207
264
104
108
126
140
148
162
176
221
101
106
119
128
135
150
169
220
290
270
257
271
276
246
226
216
230
231
259
205
179
231
232
r
265
268
273
276
291
289
287
P281
215
219
237
227
244
249
237
P233
242
278
278
336
441
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
104
111
129
143
151
167
184
236
106
114
138
153
167
182
201
257
109
120
144
170
194
215
236
289
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
111
119
143
158
179
200
227
292
106
109
123
129
148
164
185
247
105
110
127
149
184
205
229
287
112
116
138
157
212
245
276
353
109
117
139
169
200
221
244
306
260
2*6
233
239
250
286
249
248
266
277
307
298
286
291
293
365
367
348
347
363
281
263
250
261
264
330
313
293
294
303
259
265
254
252
251
300
321
297
283
299
'384
376
349
356
348
'322
313
319
320
317
228
224
229
235
253
254
254
246
247
234
236
258
275
264
257
P257
256
256
257
272
298
284
281
273
293
281
307
299
303
317
301
282
341
338
346
353
367
365
336
352
245
262
260
261
276
278
281
266
278
290
294
306
321
299
320
307
262
261
279
257
270
278
268
271
281
272
298
296
316
305
'294
P296
363
347
347
377
379
361
378
376
313
330
325
315
323
320
329
338
184
237
240
284
398
189
214
202
301
392
195
246
258
318
408
249
251
265
333
430
'254
316
312
370
494
321
374
372
416
570
236
268
268
318
409
284
316
313
371
463
232
287
281
302
385
279
311
312
340
448
'334
395
384
434
567
'290
326
330
376
504
209
222
266
268
. ... 280
265
219
P235
170
171
227
227
241
232
164
P174
182
188
229
223
237
231
170
179
188
192
255
248
261
238
185
P193
194
210
262
266
283
267
220
237
219
226
292
290
301
278
215
232
273
298
346
350
348
307
269
310
196
210
250
258
276
270
219
224
228
244
288
297
315
269
249
264
196
202
258
264
269
264
217
243
225
247
283
290
297
281
250
P275
294
306
337
347
356
307
288
327
249
278
295
297
301
294
272
305
102
108
131
179
155
162
166
213
99
105
124
165
142
147
153
182
97
102
123
181
143
150
160
195
96
99
119
167
141
148
150
191
99
106
130
182
144
151
156
205
107
113
139
191
175
190
198
250
107
115
140
178
161
185
188
258
103
111
134
186
160
161
159
205
102
108
134
176
152
159
166
225
103
110
138
171
151
169
165
211
99
105
125
159
152
157
158
210
106
113
130
161
159
177
190
250
106
113
137
187
172
177
182
238
1946~—August
September
October
November
December
221
226
237
256
274
186
192
207
209
205
'212
200
192
221
238
'206
210
217
220
219
208
221
232
249
258
264
262
274
298
319
271
277
297
330
348
210
220
235
249
256
234
240
264
274
292
219
227
244
259
281
201
219
234
249
303
262
267
274
303
364
240
249
270
296
334
£947—January
February
March.
April
M a y . ...
June
Julv
August
268
275
273
264
252
'241
230
P227
197
206
211
211
198
188
188
P189
234
249
242
230
221
215
'204
205
216
225
223
221
215
212
'205
P208
257
261
264
246
238
231
217
219
315
307
295
302
292
270
265
261
311
335
321
320
309
280
270
273
262
264
263
257
243
232
226
221
291
296
288
281
272
267
'247
250
278
270
266
287
268
'256
254
P244
298
293
302
282
267
248
'212
P213
327
343
343
326
333
308
276
282
315
330
331
308
287
280
267
248
1946—August
September
October
...
November
December
238
250
267
277
235
198
210
231
236
186
••220
216
217
247
213
'214
231
247
242
187
225
246
268
263
214
297
294
312
316
266
292
305
333
347
293
225
244
263
274
231
255
266
295
293
246
232
245
271
279
246
225
246
266
266
248
296
299
310
324
306
263
281
299
313
274
«g47—Tanuary .
February
234
252
264
262
253
236
232
180
194
207
202
194
180
181
*>200
206
231
241
233
224
206
193
214
188
218
223
225
217
201
'195
P216
225
242
254
253
241
222
217
236
268
290
295
304
286
259
268
294
280
312
321
317
300
283
278
295
225
240
255
252
243
227
222
236
250
266
279
281
272
267
'257
273
253
257
267
273
266
248
'259
P259
258
264
272
273
261
248
'236
*>238
294
305
326
316
316
298
299
318
277
290
308
304
298
285
283
271
1939
1940
1941
1942
1943
4944
1945
1946
SEASONALLY ADJUSTED
1946—August
October
February
March
April
May
June
...
July
August
, ..
UNADJUSTED
i 946— \ugust
September
October
November
t947—January
February
March
April
May
June
July
August
..
. ...
STOCKS i
2939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED
UNADJUSTED
April
May
June
July
August
P245
r
1
c
Revised.
Corrected.
P Preliminary.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIM
for June 1946, pp. 588-612.
OCTOBER
1947
1297
D E P A R T M E N T STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Amount
(In millions of dollars)
Without
1945
Sales
(total
for
month)
Stocks
(end of
month)
Outstanding
orders
(end of
month)
1939 average
1940 average
1.941 average. . . .
1942 average
1943 average
1944 average.
1945 average.
1946 average.
128
136
156
179
204
227
255
318
344
353
419
599
508
534
564
714
108
194
263
530
560
728
907
1946—July
,
August
September
October. . .
November.
December.
244
303
309
341
404
526
738
'809
828
879
919
776
1074
'1014
960
845
691
557
1947—January.. .
February..
March
April
May
June
July
August
256
250
332
321
336
304
252
769
838
865
849
818
769
730
P792
619
603
485
387
351
470
593
Year or month
P273
1946
Nov. 3... . .236Nov.
10... ..261
17. .. .275
24... . 258
Dec. 1... ..326
8 .. 401Dec.
15... ..433
22 . 421
29... . .158
1946
5... ..135 Jan.
12... ..188
19 . . 191
26... ..188
Feb. 2. ..197 Feb.
9... ..214
209
16
23... ..213
Mar 2... ..217 Mar.
9... . .233
16... ..243
23 . 255
30... ..257
Apr. 6... . .272Apr.
13... ..282
20... . .289
27... ..232
Jan.
seasoilal adjustment
1947
1946
2.... .277 May 4.... .248
.274
.314
9
11
16.... .342
18.... .246
23... 363
25... ?4S
223
30.... .334 June 1
8
?73
7... 475
14.... .519
15.... .283
248
21... 532
22
29.... .239
28.... .281
192
July 6
1947
13.... ?10
20.... .201
4
.188
27.... .204
11.... .232 Aug. 3.... .217
228
18... 223
10
25.... .220
17.... .239
.217
1
24.... .255
.281
8.... .219
31
15.... .246 Sept. 7.... .264
.293
.216
22
14
1.... .238
21.... .280
.254
8
28.... .257
.277
15.... .267 Oct. 5
281
22... 286
12
.295
29.... .283
19
.319
5
26.... .287
12.... .265
.271
19
26.... .267
May
3.... .279
10
311
17... 273
24
?77
31.... .250
?9^
June 7
.300
14
21
?S6
28.... .245
July 5 ... .208
??8
12
.217
19
26.... .213
.220
Aug. 2
9
??3
16.... .225
23.... .243
30.... .277
265
Sept. 6
13.... .291
20
.301
27.... .317
Oct. 4 .
11
18....
25
P622
r
P Preliminary.
Revised.
1
These figures represent retail sales, stocks, and outstanding orders
as reported by a sample of 296 of the larger department stores located
in various cities throughout the country and are not estimates for all
department stores in the United States.
Back figures.—'Division of Research and Statistics.
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]
Aug. July mos.
1947
1947
Aug.
1947
United States.
p-6
Boston
New Haven. . .
Portland
Boston Area. .
Downtown
Boston
Springfield . .
Worcester
Providence....
P-9
New York
-9
-6
-13
-9
-12
-13
-5
-15
-8
-6
-7
-12
-16
Bridgeport l .. . .
Newark *
Albany
Binghamton....
Buffalo i
Elmira
Niagara Falls..1.
New York City .
Poughkeepsie.. .
Rochester 1
Schenectady.
..
Syracuse l
Utica
-18
-1
-8
+5
+5
-11
-13
-10
+3
+7
+2
+7
-5
+5
+9
+6
+8
+8
+1
+ 13
Philadelphia
.
Trenton l
Lancaster 1 . . .x .
Philadelphia .
Reading x
Wilkes-Barre1.
York 1
P-5
Cleveland
Akron l 1
Canton
Cincinnati 11 . . .
Clevelandx ....
Columbus . . .
Springfield 1. . .
-8
-6
-8
-10
-10 + 11
-12
-5
-9
-5
-4
-7
-12
-13
Cleveland-cont.
Toledo 1
2
Youngstown
..
Erie 1
1
Pittsburgh . . . . -10!
Wheeling1
-12
3
Richmond x
Washington .. .
Baltimore
Raleigh, N. C. .
Winston-Salem.
Charleston^. C
Greenville, S. C
Lynchburg
Norfolk
Richmond
Roanoke
Charleston,
W. Va
Huntington....
+9
+7
+9
+3
+3
-11
-1
-9
-9
-15
- 6 + 11
+9
-9
-5
-11
-23
-5
-20
-14j +7
+1
-7
10
-14
-12
-9
Atlanta
-7
Birmingham *. .
-4
j
Mobile
Montgomery 11. .
-8
Jacksonville
...
-7
Miami x
+6
Orlando1
-18
Tampa
+2
Atlanta 1
-7
Augusta
-12
Columbus
-9
Macon *•
-11
-4
Baton Rouge x. .
New Orleans x. .
-3
Bristol, Tenn..
.
1
1
Jackson 1
-16
l
.
.
2
0
+ 6 Chattanooga
Knoxville x
-19
-17
Nashville l
+1
0
-2
-3
+6|
+8
-12
+5
+4
=?
-13
+8
-1
-9
-20
-12
Aug. July
1947 1947
1947
Aug- July
1947 1947 1947
-8 +11 +9 Kansas City—
Chicago
- 1 4 -•+11 +8 cont.
Chicago!
- 1 1 +3 4-9 Oklahoma City.
Peoria 1
-6
-4
+8 +8 Tulsa
Fort Wayne11 ..
- 1 3 +5 +4
Indianapolis 1..
- 4 + 10 + 11 Dallas
Terre Haute ..
-6
-8
+7 +8 Shreveport
Des Moines.
..
+5
1
- 3 + 13 + 10 Corpus Christi.. - 1 0
Detroit
+2 Flint 1
+ 15 + 14 Dallas 1
-9
0
-12
+4 +10 Fort Worth
—4
Grand Rapids.
1
+2
+
17
Houston
..
.
-6
Lansing
+ 16
+ 11 Milwaukee 1...
1
1
San
Antonio..
.
.
+3
4
+4
+ 14 Green Bay x .. .
- 5 + 14 + 13
8
San
Francisco.
+2
P+1
Madison
+8
x
-1
P+4
- 1 St. Louis
p-10
+6 +5 Phoenix
-9
1
- 2 0 - 1 6 - 1 3 Tucson
+ 1 Fort Smith l
Bakersfield
?+20
-14
+9 Little Rock . .
-7
- 3 Fresno 1
+3
-23
+3 Quincy
-4
+1 Long Beach x . . . p 0
Evansville.... '+16 + 10 + 15 Los Angeles 1.. . r + 4
+4 Louisville 1... . p-8
+7 +8 Oakland and
+3 East St. Louis.
+79 +88 +92
Berkeley1
+2
+ 10 +6 Riverside
St. Louis 1 . . . .
and
9
+
12
St.
Louis
Area.
+4
+8
San
Bernardino
+2
-8
+4 +2 Sacramento : . . . P+2
+4 Springfield....
1
-18|
+6 Memphis . . . .
+ 1 San Diego 1. . x. . +2
-2
+6 Minneapolis . .
San Francisco
.
+6
+1
+11
x
3
+2 Minneapolis 1..
0 +6 San Jose 1
1
6
+ 11 St. Paul
-1
+3 +13 Santa Rosa . . .
+ 1 DuluthStockton
-5
+9
+ 1 +15 +11 Vallejo and
Superior 1.. .
+1
Napa l
2
2
P-5
+5
+2 Kansas City . .
+6 Boise and
+6 Denver
+ 1 +4 + 10 Nampa
•-17
- 3 Pueblo
+4 + 11 +8 Portland
l
+6 Hutchison. . . .
-7
+2 + 3 Salt Lake City
. P+2
x
+8 Topeka
-10
+8 +5 Bellingham
. . . P+4
x
+5 Wichita
-6
- 4 Everettl
-11
-6
- 1 Joplin
-7
- 8 + 10 + 10 Seattle l
- 3 Kansas City...
P+1
-9
+5 +7 Spokane1
- 1 0 St. Joseph. . . .
P+7
+7 Tacoma
- 6 + 12
Omaha
P-9
-16
+2
+8
+9
+6
+9
r
+2
-1
+5
0
9
+7
+2
+4
+4
+7
+5
0
+6
+6
+5
+3
+7
0 +9
+6 +9
+14 + 12
+6 + 10
-4
+2
+2 +8
+7
+6
r +3
+l
+1
+9
+3
+4
+8
+7
+2
+3
+ 13
+5
- 5 + 10
-20 -16
-15
+6
+16
+9
+7
+7
+4
+2 +4
r
+5 + 15
-4
+2
-9
+7
-13
-5
r
p Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
1
1298
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value
Number
of stores
reporting
Department
Ratio of
stocks lto
sales
Stocks
Sales during (end
of
period
month)
Index numbers
without seasonal adjustment
1941 average monthly sales=1002
Sales during
period
July
1946
1947
July
1947
mos.
1947
July
1947
1947
July
358
+2
+6
0
3.0
3.1
MAIN STORE—total
358
+1
+5
+2
3.2
W o m e n ' s apparel a n d accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips
Negligees, robes, lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
Handbags, small leather goods
353
338
338
334
317
223
240
293
339
162
188
166
318
246
272
249
291
175
334
337
349
328
-5
-10
-10
-4
-7
-8
-1
-7
-5
-3
-3
-6
-1
-5
-16
-23
-8
-43
-40
-38
-41
2.6
3.3
M e n ' s a n d boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes, slippers
328
244
311
290
188
H o m e furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
China and glassware
Housewares
316
232
265
297
234
305
204
172
188
240
247
241
Piece goods
Silks, rayons, and velvets
Woolen dress goods
Cotton wash goods
297
111
93
127
Small wares
Lace, trimmings, embroideries, and ribbons. ,
Notions
Toilet articles, drug sundries, and prescription;
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines
Stationery
Books, magazines
341
121
231
327
306
207
142
242
252
156
94
Miscellaneous
Toys and games
Sporting goods, cameras
Luggage
305
153
66
252
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
207
196
163
138
53
130
,
,
,
—7
+4
+6
+ 12
+1
+4
+3
-15
+8
+4
+ 10
+6
-2
+1
0
-2
-10
-4
-2
-2
-4
+4
-21
-5
+2
+ 14
-7
+8
+11
+9
+ 14
-8
+1
+8
y
~7
+9
+24
+4
0
+ 11
+15
+3
+20
-4
-2
0
+ 10
+1
-7
-5
-29
+1
+1
-2
+ 10
i
-1
+3
+2-?
—2
-6
-33
-36
-31
-19
-25
+4
+23
-31
+29
+ 117
+ 18
-12
+63
+21
+30
+62
July
July
June
July
3.2
157
192
155
503
523
496
2.9
3.9
1.2 ' 1.1
1.8
3.1
2.4
3.8
1.8
2.7
3.4
5.4
1.4
1.3
2.2
2.2
2.0
2.0
2.3
2.0
2.3
3.4
3.2
4.1
4.2
2.9
6.8
8.6
2.6
4.4
4.8
6.9
1.8
2.2
8.2
9.8
2.4
2.4
1.9
1.2
2.6
3.6
149
96
168
214
155
169
142
198
188
201
184
170
196
153
78
151
109
78
63
214
113
113
183
101
241
264
204
228
186
252
212
228
210
191
216
206
21
183
132
121
103
258
125
162
157
107
186
222
167
183
153
217
189
190
189
178
189
148
92
139
109
79
71
206
143
119
380
316
195
392
381
304
488
274
415
402
428
383
638
645
528
398
522
140
519
524
219
294
391
209
267
457
374
298
483
350
458
460
466
406
632
659
364
439
535
114
525
572
250
328
456
416
214
693
634
487
825
279
421
380
372
604
779
433
811
613
750
176
693
504
179
424
4.1
3.7
3.7
5.9
5.4
3.2
1.9
3.1
6.2
3.6
135
136
142
110
134
219
211
240
164
224
133
119
147
118
124
554
503
528
650
723
580
494
580
657
773
428
234
445
731
441
3.4
3.3
3.0
4.0
0.9
3.3
3.6
1.5
4.6
5.7
5.4
3.6
179
162
157
152
368
160
157
181
135
134
125
236
204
177
187
199
328
183
182
190
178
173
152
273
162
149
138
164
205
155
164
145
137
134
113
234
662
636
669
644
570
571
648
453
578
563
824
803
692
680
683
702
463
607
706
478
611
621
817
848
545
489
408
665
195
506
608
207
641
755
608
839
+36
-4
+30
+60
+ 12
+57
3.6
3.1
6.2
2.4
2.6
1.9
4.0
1.5
187
180
141
234
228
198
99
301
201
189
197
231
670
562
874
554
709
573
809
618
522
349
805
358
+2
-14
-19
-13
-16
-11
-23
+ 13
-21
-13
-12
-11
3.8
3.6
2.7
3.9
4.3
4.2
4.2
4.6
4.2
4.6
3.7
4.4
4.3
3.4
4.6
4.7
5.4
3.8
5.9
4.7
5.1
3.9
139
178
207
122
143
136
138
124
122
111
117
169
240
250
135
199
186
217
121
153
150
141
138
182
188
123
145
137
134
122
127
114
124
528
635
564
472
612
571
577
565
515
515
434
563
671
592
500
664
607
673
614
541
536
470
619
776
644
563
690
746
500
723
586
573
493
-2
-26
3.1
4.8
3.7
2.3
3.3
6.0
3.3
2.3
169
112
182
259
190
115
197
317
160
121
154
238
519
534
667
607
539
533
660
663
537
720
517
533
2.3
1.8
2.9
2.8
2.9
3.4
2.9
2.5
3.5
3.3
2.2
3.4
153
152
157
163
216
127
194
188
228
190
247
191
140
146
133
145
216
110
351
275
448
452
617
425
377
298
469
484
680
458
407
370
471
483
465
375
-7
+ 15
-2
-1
-1
+ 14
2
+ 12
-4
+1
-2
+7
+4
+3
+8
-3
+2
Q
+ 18
-14
+ 16
+9
+9
+4
+ 12
+15
+48
June
+9
+6
+8
+8
-2
+5
+ 18
+ 13
0
-2
+7
+ 15
-36
-18
1946
3.7
3.9
4.2
4.2
1.5
3.6
4.1
2.5
4.3
4.2
6.6
3.4
+79 + 145
+1
+4
+25
—1
1947
1946
GRAND TOTAL—entire stores
-8
0
Stocks at end
of month
+8
+8
+24
+ 13
+ 11
+27
-3
+200
+ 13
+8
+ 106
-9
-26
+29
+ 13
-13
-25
c
-6
+27
+ 14
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were reversed.
* For movements of total department store sales and stocks see the indexes for the United States on p. 1297.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
OCTOBER
1947
1299
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
1929
1930
1931
1932
1933
. .
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—'July
August
September
October
November
December
1947—January
February
March
April
May
7,637
6,829
5,526
4,093
3,929
4,396
5,439
6,796
7,491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
6,637
10,157
8,032
8,374
8,643
9,021
9,540
10,157
9,982
9 939
10,255
•"10,464
•"10,729
10,992
11 061
11,216
June
JulyP
August^
Instalment credit
Total
instalment
credit
Total
Automobile
Other
3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
3,022
3,165
3,288
3,458
3,646
3,976
4,048
4,156
4,329
'4,536
'4,739
4,918
5,047
5,195
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
814
835
903
1,558
1,070
1,124
1,177
1,261
1,358
1,558
1,566
1,608
1,695
'1,812
'1,928
2,035
2,091
2,166
1,318
928
637
322
459
1,197
1,104
958
677
663
Sale credit
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
544
365
394
425
466
505
544
581
631
691
753
••816
880
922
965
Loans 1
652
664
617
527
483
741
865
550
822
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
705
730
752
795
853
1,014
985
977
1,004
'1,059
1,112
1,155
1,169
1,201
1,090
J .219
L.299
,657
L.998
>,176
L ,457
,143
.199
1,462
2,418
1,952
2,041
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,956
3,029
Singlepayment
loans2
Charge
accounts
Service
credit
? 17.5
1,749
1,611
1 381
1,114
1 081
1 203
1 292
1 419
1,459
1 487
1,544
1 650
1,764
1 513
1,498
1,758
1 981
3,054
2,281
2,418
2,495
2 621
2,859
3,054
2,764
2 602
2,768
2,782
2 835
2.887
2 786
2,761
596
573
531
491
467
1,949
I 402
962
776
875
L 048
L 331
1,504
I 442
1,468
L 488
L,601
L 369
1,192
1,255
L 519
J.253
1,886
938
2,000
2 081
2,164
2,253
2,295
2 303
2,279
2,256
2 255
2,271
2 301
2,327
451
472
520
557
523
533
560
610
648
687
729772
874
843
853
860
861
871
874
875
878
879
890
900
916
927
933
^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 INSTALLMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Total
Commercial
banks*
Small
loan
companies
652
664
617
527
483
550
822
1,090
1,219
1,299
1,657
1,998
2,176
1,457
1.143
1,199
1,462
2,418
1,952
2,041
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,956
3,029
43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956
744
790
824
865
907
956
991
1,030
1,079
1,123
1,167
1,196
1,221
1,251
263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608
512
527
536
547
565
608
611
611
617
627
633
638
649
652
Year or month
1929
1930
1931
1932
1933
1934
. . .
1935
1936
1937
. .
1938
1939
. . .
1940
1941
1942
1943
1944
1945
. .
1946
1946—July
August
September. .
October
November. .
December...
1947—January....
February. . .
March
April
May
June
July?
August?. . . .
Industrial
banks 2
Industrial
loan
com- 2
panies
219
218
184
143
121
125
156
191
221
129
131
132
134
89
67
68
76
117
96
100
103
108
112
117
122
125
128
133
138
143
148
152
95
99
104
107
72
59
60
70
98
81
84
86
90
94
98
102
105
108
113
116
119
121
125
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110
155
158
164
171
176
185
186
190
197
204
213
224
233
240
101
102
103
104
106
110
110
110
111
112
113
113
114
114
Insured
repair
Comand
modern- mercial
banks*
ization8
loans
25
168
244
148
154
213
284
301
215
128
120
179
344
263
280
295
312
328
344
360
377
394
412
431
450
470
495
69
130
248
368
460
680
1,017
1,198
792
639
749
942
1,793
155
164
156
176
172
191
187
180
214
213
212
211
217
210
Small
loan
companies
463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956
1,251
105
108
96
105
120
166
98
90
121
116
115
117
123
113
Industrial
banks 2
Industrial
loan
com- 2
panies
413
380
340
250
202
234
288
354
238
261
255
255
182
151
155
166
231
20
20
20
21
22
26
22
21
24
24
24
26
29
25
40°
176
194
198
203
146
128
139
151
210
17
18
18
19
20
25
20
20
23
24
24
24
23
22
Credit
unions
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
339
29
30
31
34
33
39
33
33
38
39
42
43
44
42
^Preliminary.
* Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and
a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 96
million
dollars, and loans made during August were 15 million.
2
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.
1300
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
Department
Total,
FurniEnd of
stores
ture
y e a r o r i ne gx c l au ud t- o and
stores
m
a
i
l
month
mobile
order
houses
1929
583
1,197
160
539
155
1930
1,104
454
138
958
1931
313
677
103
1932
299
119
663
1933
314
1 9 3 4 . ..
741
146
336
1935
186
865
406
1936
1,147
256
469
1937
314
1,368
485
1938
302
1 343
536
1939
377
1,525
439
599
1940
1,721
619
1 9 4 1 ..
1,802
466
391
1942
252
1,009
271
1943
172
639
269
1944
183
635
198
283
676
1945
366
1946
337
1,014
1946
705
212
299
July
308
221
A u g u s t . . . . 730
752
235
311
September
322
257
O c t o b e r . . . 795
337
853
284
November.
337
366
December. 1,014
1947
985
337
352
January...
977
338
349
February..
358
354
March.... 1,004
366
386
'•1,059
April
409
382
May
1,112
395
423
1,155
June ..
398
429
1
,
1
6
9
Julyp
408
440
A u g u s t P. . 1 , 2 0 1
In millions of dollars]
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
28
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
123
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
160
20
22
23
25
26
28
63
64
65
66
72
123
111
115
118
125
134
160
27
29
29
32
32
36
38
41
114
107
105
155
154
158
167
175
182
184
189
nos
114
119
120
123
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
R e t a i l instalm e n tp a p e r2
Year and
month
Total
Automobile
196.8
125.4
91.8
92.0
104 1
162.7
49.3
21.4
12.6
13.0
13.8
27.5
1946—July
August....
September.
October
November..
December..
132.6
138.5
142.9
150.6
156.1
162.7
1947—January... 168.1
February... 172.6
177.4
March
184.2
April
191.4
M a y
June
199.2
Julyp
206.7
A u g u s t P . . .2 1 2 . 4
1
C O N S U M E R
L O A N
Year or
26.3
26.7
25.2
28.8
28.5
31.2
1 9 4 7 - — J a n u a r y . . 2. 9 . 1
February. .27.4
March
31.3
April
32.4
May. . .
32.8
33 8
June
Julyp
36.5
A u g u s t P . .. 3 2 . 9
2
Persona:
and
instalmodern- ment
ization1
cash
loans
loans
Outstanding at end of
p e r i o d:
1,093
1939
1,450
1940
1941
.
...
1,694
845
1942
516
1 9 4 3 ...
557
1944
742
1945
1,591
1946
1,179
1946—July
1,264
August
S e p t e m b e r . . . 1. , 3 3 4
1,413
October
N o v e m b e r . . ..1 . 4 9 4
D e c e m b e r . . ..1 , 5 9 1
1,668
1947—January
February
1,732
March....
1,821
April
1,922
2,027
M a y
2,125
June
JulyP
2,199
2,275
AugustP
Volume extended during month:
242
1946—July
255
August
September.... 246
279
October
N o v e m b e r . .. . 2 7 4
3
December. .. . 0 6
307
1947—January.
289
February
343
March
364
April
375
M a y ..
392
June
384
JulyP
370
August?
164
253
310
123
79
96
139
306
155
217
288
143
68
75
100
275
209
247
234
154
89
84
124
273
347
422
451
289
226
247
315
572
115
127
136
145
156
165
181
225
241
252
268
285
306
325
184
201
214
233
251
275
296
196
215
237
254
276
288
195
211
226
242
256
273
280
348
373
397
423
439
455
460
484
506
525
546
572
586
300
472
305
317
337
364
388
405
417
284
296
314
334
358
379
599
620
637
652
664
672
28
33
30
34
33
39
44
42
54
49
53
51
58
58
64
69
70
81
48
43
46
54
54
61
65
55
59
24
29
27
31
29
28
24
25
31
93
97
92
102
100
114
105
97
118
60
59
59
84
83
80
63
58
84
83
69
77
92
36
42
44
115
114
117
7.7
7.8
9.8
17.8
18.6
15.6
14.0
13.4
17 2
28.3
110.1
75.6
57 5
57.8
63.3
89.1
19.9
21.3
22.1
24.4
26.2
27.5
13.8
14.1
14.7
15.7
16.7
17.8
23.1
24.2
25.4
26.7
27.5
28.3
75.8
78.9
80.7
83.8
85.7
89.1
29.5
31.3
33.5
36.4
38.6
40.6
42.8
44.5
18.6
19.6
19.4
20.5
21.8
23.1
24.3
25.3
28.9
29.6
30.3
31.4
33.1
35.0
36.9
38.4
91.1
92.1
94.2
95.9
97.9
100.5
102.7
104.2
4.7
4.7
4.3
5.5
5.2
5.6
2.8
3.0
2.7
3.5
3.6
3.7
2.6
2.8
2.7
3.3
2.8
2.6
16.2
16.2
15.5
16.5
16.9
19.3
6.4
6.2
7.1
7 7
3.5
3.4
3.5
4.1
4 3
2.4
2.4
2.7
3.1
3^7
4.3
4.4
4.2
4.0
3.6
16.8
15.4
18.0
17.5
17^3
18.1
19.9
17.4
7.5
7.5
8.2
7.7
18.8
12.8
3 9
1947
403
75
70
42
47
683
120
112
I N S T A L M E N T C R E D I T S O F
I N D U S T R I A L
C O M P A N I E S , B Y T Y P E O F C R E D I T
[Estimates.
In millions of dollars]
month
Total
Automobile
Other
Repair
and
moderni z a t i o nl
loans
Personal
instalment
cash
loans
Outstanding at end
of period:
1944
1945
1946
1946—July
A u g u s t . ..
September
October...
November.
December.
1947—January..
February .
March.
April
M a y
June
Julyp
A u g u s t P ..
67.1
76.7
108.4
89.0
93.1
95.3
99.7
103.7
108.4
112.2
115.5
118.7
124.6
128.5
131.3
134.0
138.4
10.5
11.0
15.0
13 0
13 6
13.8
14 5
14.9
15.0
15.6
16.5
17.1
18
20.6
21.7
22.4
23.6
3.8
40
7.4
5.4
5.6
6.2
7.0
7.6
7,4
8.0
8.4
8.9
9 9
10.8
11.8
12.8
13.6
1.1
1.5
2.4
1.9
2 0
2 0
2.2
2.3
2.4
2.5
2.5
2.6
2.7
3.0
3.2
3.4
3.6
51.7
60.2
83.6
68.7
71.9
73 3
76.0
78.9
83.6
86.1
88.1
90.1
93.3
94.1
94.6
95.4
97.6
Volume extended
during month:
1946—July
August. ..
September
October...
November.
December.
1947—January
February .
March . . . ,
April
M a y .
June
,
JulyP
A u g u s t P .. .
19.6
20 5
20 0
22.5
23.0
26.2
.-2 2 . 4
22.2
25.6
27.4
26.9
27.3
26.4
25.3
3.3
3.5
3.4
4.0
4.1
3.4
3.6
3.9
3.9
4.8
4.7
4.8
5.1
4.5
1.4
1,1
1.4
1.8
1.7
1.6
1.8
1.6
1.8
2.4
2.4
2.7
2.9
2.8
0.3
0.3
0.3
0.3
0.2
0.3
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
14.6
15 6
14.9
16.4
17.0
20.9
16.8
16.5
19.6
19.9
19.3
19.3
17.9
17.5
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
OCTOBER
218
311
411
136
54
55
64
165
R e t a i l i n s t a l -2
m e n tp a p e r
Outstanding at end
of period:
1941
1942
1943
. ..
1944 .
....
1945
1946
Volume extended
during month:
1946—July
August....
September.
October
November..
December..
Other
Repair
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Lstim ates. I n millions of dollars]
Autonnobile
Other Repair Perand
retail,
sonal
ret a i l
purm o d - instalYear or month
Total
Pur- D i r e c t c ha an sd e d e rt ni io zn a - mc ae sn ht
chased l o a n s d i r e c t l o a n s 1 l o a n s
P Preliminary.
r
Revised.
1301
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
RATIO O F COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Aug.
1947?
July
1947
June
1947
Aug.
1947?
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
+7
+4
+9
+7
-8
-8
-8
-8
-16
-10
-10
-5
-7
-4
+16
+16
+ 18
+ 19
+28
+ 17
Accounts receivable, end
of month:
Total
Instalment
+2
+2
+1
+1
+3
+37
+35
+37
+32
+38
+35
Collections during
month:
Total
Instalment
0
+1
+1
_4
-2
-6
+ 13
+8
+ 17
+9
+19
+ 13
Inventories, end of
month, at retail value.
+2
-1
0
+17
+26
+35
0
+5
July
1947
June
1947
+8
+ 12
-12
Preliminary.
Charge
accounts
Instalment accounts
Year and month
Department
stores
Furniture
stores
Household ap- Jewelry
pliance
stores
stores
1946
July
August
September...
October
November.. .
December. . .
'33
'36
35
'39
'38
'36
26
26
25
27
27
26
57
54
51
52
47
47
32
33
30
32
34
44
1947
January
February....
March
April
May
June
July
August?
'30
'29
'33
'30
'30
'28
28
28
23
21
25
23
24
23
22
22
47
41
'44
44
44
46
43
42
26
25
27
25
26
24
23
23
r
Department
stores
58
59
56
60
59
54
52
••52
56
54
56
54
53
51
P Preliminary.
' Revised.
1
Collections during month as percentage of accounts outstanding a t
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year and month
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
Charge
account
Instal-
Charge
Instalment
Charge
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
100
114
130
145
162
202
100
131
165
188
211
243
100
82
71
66
68
101
100
102
103
111
124
176
100
78
46
38
37
50
100
91
79
84
94
138
100
103
80
70
69
'91
100
110
107
112
127
168
48
56
61
64
64
59
43
38
34
32
32
37
1946—July
August
September
October
November
December
156
193
197
218
2,57
330
191
••233
229
249
297
384
75
99
97
119
146
199
130
164
180
202
233
292
45
'47
50
55
"•61
75
119
127
145
156
176
'223
'81
'87
'90
'104
'112
'121
'164
152
152
186
197
205
61
60
57
56
57
57
35
36
39
39
38
38
1947—January
February
March
April
May
June
July
August?
163
159
210
207
216
195
161
174
188
179
236
230
241
219
184
196
106
109
146
141
138
123
113
130
146
144
192
192
202
182
143
156
•"74
'73
'75
'79
'81
82
83
84
'175
154
160
'163
167
165
146
145
'121
'115
'129
'123
'127
'122
124
123
'250
195
185
186
198
193
190
161
57
56
55
55
55
55
57
56
37
38
39
39
39
39
37
38
P Preliminary.
' Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1297.
1302
FEDERAL RESERVE BULLETIN
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 Average=100]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929.
1930.
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
1931.
1932.
1933.
1934.
1935.
108.7
97.6
92.4
95.7
98.1
103.9
86,
84,
93
100.4
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
104.1
101.7
98.4
97.9
98.1
1936.
1937.
1938.
1939.
1940.
99.1
102.7
100.8
99.4
100.2
101.3
105.3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96.4
100.9
104,
104,
104.6
100.2
100.2
99.9
99.0
99.7
96.3
104.3
103.3
101.3
100.5
98.7
101.0
101.5
100.7
101.1
1941.
1942.
1943.
1944.
1945.
1946.
105.2
116.5
123.6
125.5
128.4
139.3
105.5
123.9
138.0
136.1
139.1
159.6
106.3
124.2
129.7
138.8
145.9
160.2
106.2
108.5
108.0
108.2
108.3
108.6
102.2
105.4
107.7
109.8
110.3
112.4
107.3
122.2
125.6
136.4
145.8
159.2
104.0
110.9
115.8
121.3
124.1
128.8
1945—July
August
September.
October... .
November.
December..
129.4
129.3
128.9
128.9
129.3
129.9
141.7
140.9
139.4
139.3
140.1
141.4
145.9
146.4
148.2
148.5
148.7
149.4
108.3
111.2
111.4
110.7
110.5
110.1
110.3
145.6
146.0
146.8
146.9
147.6
148.3
124.3
124.5
124.6
124.7
124.6
124.8
1946—January
February...
March
April
May
June
July
August
September.
October
November.
December..
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
168.1
171.0
176.5
110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1
125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
131.0
132.5
136.1
1947—January..
February.
March...
April....
May
June
July
August...
153.3
153.2
156.3
156.2
156.0
157.1
158.4
183.8
182.3
189.5
188.0
187.6
190.5
193.1
179.0
181.5
184.3
184.9
185.0
185.7
184.7
117.3
117.5
117.6
118.4
117.7
117.7
119.5
179.1
180.8
182.3
182.5
181.9
182.6
184.3
137.1
137.4
138.2
139.2
139.0
139.1
139.5
Year or month
108.3
108.4
108.5
108.7
108.8
108.8
108.9
109.0
109.0
109.2
109.2
110.0
Back figures.—Bureau of Labor Statistics, Department of Labor.
OCTOBER
1947
1303
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
193$
1939
1940
1941
1942
1943
1944
1945
1946
. . .
1946—August
September.
October... .
November..
December..
1947—January.. .
February...
March
April
May
June
July
August. . . .
Week ending:
1947—May 10
May 1 7 . . . .
May 24
May 3 1 . . . .
June 7
June 14
June 2 1 . . . .
Tune 28
July 5 . . . .
Tuly 12
July 1 9 . . . .
July 2 6 . . . .
Aug. 2 . . . .
Aug. 9 . . . .
Aug. 16
Aug. 23
Aug. 30
vSept. 6
Sept. 13
Sept. 20
Sept. 2 7 . . . .
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86
68
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
129.1
124.0
134.1
139.7
140.9
141.5
144.6
149.6
147.7
147.1
•147.6
150.6
153.6
161.0
154.3
165.3
169.8
168.1
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
149.0
131.9
157.9
165.4
160.1
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
111.6
112.2
115.8
120.7
124.7
127.6
128.6
131.3
131.8
131.9
131.4
133.4
136.0
138.9
141.6
142.4
172.5
176.7
175.1
173.8
174.6
166.4
'170.8
'173.2
178.4
182.1
124.0
125.7
128.6
131.3
134.7
136.6
138.0
139.6
139.2
138.9
138.9
139.5
140.8
94.4
94.3
94.2
94.5
96.1
97.7
97.9
100.8
103.4
103.3
103.9
'108.9
112.5
114.0
114.2
125.8
130.2
134.7
138.0
r
137.9
r
139.9
140.3
141.4
142.6
143.8
148.9
132.7
133.8
134.8
145.5
157.8
169.7
174.8
177.5
178.8
177.0
'174.4
'175.7
179.7
98.4
98.4
99.9
118.9
125.7
128.1
129.3
132.2
133.2
127.1
120.2
118.8
117.5
112.6
113.6
115.3
118.2
120.2
123.3
124.6
125.8
127.8
128.8
129.2
129.8
129.7
102.0
102.1
104.0
106.5
108.9
110.3
110.9
115.3
115.7
116.1
'112.7
r
113.0
112.7
146.7
147.0
146.9
147.4
147.9
147.6
147.8
147.6
148.0
148.3
150.3
150.6
151.3
152.2
152.7
153.5
154.0
154.9
157.4
158.1
156.2
176.3
176.9
177 2
178.4
179.5
178.3
178.7
179.0
179.5
178.2
182.4
182.0
180.8
181
181
181.4
181.7
182.4
187.3
189.8
184.7
161.1 131.7
161.1 132.1
160.3 132.2
161.6 132.3
163.1 132.2
162.4 132.1
162.6 132.1
162.2 132.0
164.6 132.1
165.8 132.1
168.0 132.9
167.1 133.7
168.0 134.7
171.1 '135.2
172.3 135.4
172.3 136.6
172.1 137.3
174.1 137.9
180.9 138.1
182.3 138.0
177 6 138.2
166.7
166.4
166.4
166.5
166.6
167.0
169.4
170.0
171.7
173.3
172.7
173.6
174.5
176.5
177.8
182.3
183.3
183.2
185.2
185.5
186.2
138.0
138.5
138.3
138.5
138.5
138.5
138.4
138.4
138.4
138.3
138.4
138.6
139.0
139.5
139.7
140.1
140.1
140.3
140.4
140.7
140.8
104.0
104.1
104.3
104.1
104.4
104.4
104.5
104.5
105.1
105.8
107.1
108.9
109.7
110.7
111.0
114.1
114.2
114.4
114.4
115.0
115.0
140.7
141.8
141.8
142.3
142.5
142.3
141.5
141.4
141.6
141.6
142.9
143.6
1
46.1
146.7
146.7
147.0
149.8
150.4
150.4
150.3
150.4
178.6
177.4
177.0
178.0
177.5
176.1
176.3
175.4
175.2
175.4
174.8
174.8
176.6
178.0
178.9
179.1
179.3
180.1
179.4
180.9
182.0
127.2
125.9
126.0
126.4
124.7
124.4
124.3
123.2
121.5
117.5
117.9
117.9
116.9
116.9
117.2
117.4
117.6
118.5
120.4
122.2
123.6
128.6
129.
129.
129.
129.
129.6
131.0
131.0
131.0
131.0
131.4
131.3
131.4
131.8
132.0
131.9
131.9
131.9
132.1
131.9
131.9
114.9
115.9
116.5
116.1
115.9
116.0
115.8
115.8
115.4
114.6
115.7
116.4
116.8
116.0
115.5
115.6
115.9
117.2
117.9
115.1
114.9
Total
1946
ChemiHides and Textile Fuel and
Metals Building cals
House- Misceland furnishleather products lighting and metal materials
allied
products
materials products
ing
goods laneous
products
1947
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and LtLther Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods...
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1947
1946
Subgroups
Subgroups
Aug.
May
169.
177.
147.
202.4 206.0 202.3 208.8
198.7 200.9 209.9 215.9
153.5 155.3 157.5 152.6
161.
124.
120.
198.
114.
138.8
151.7
144.3
203.0
138.4
140.
155
133.
115.
172.2
177.7
176.3
138.3
122.
160
87
134
30
112
121
133.9
193.0
100.8
67.9
37.0
129.2
176.1
113
136
147
63
79
72,
112.2 112.7 '114.2 121.7
145.1 145.6 '163.0 169.8
155.7 157 3 160.7 170.2
64.1 64.4
85.0 85.8 85.5
86.8 87.5 89.8 92.2
June
r
July
Aug
140.9
149.2
145.2
208.6
139.7
152.8
154.7
139.7
217.9
141.7
164.3
153.3
133.0
234.6
140.7
172.6
187.1
178.9
138.3
173.2
203.5
187.4
138.8
174.9
215.6
190.7
139.1
133.9
193.8
100.8
68.4
37.0
129.2
173.8
134.3
195.9
100.4
68.2
37.0
130.1
171.2
134.3
199.2
99.9
68.2
37.0
133.3
171.
Aug.
Metals and Metal Products:
Agricultural implements. . . .
Farm machinery
Iron and steel
,
Motor vehicles l
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied 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
May
108.5 117.8
109.7 119.2
113.3 128.6
June
118.2
119.7
131.4
149.3 149.4
ioi *4 143.9 142.9
106.3 120.0 119.1
126.0 134.5 134.7
105.8 114.0 114
177.6 269.4 266.1
113.9 169.2 P159.6
106.3 120.0 119.1
120.1 127.7 127.7
120.9 144.8 145.1
98.4
110.1
94.4
87.7
102.5
118.7
173.6
102.5
96.7
179.9
July
Aug
118.4
119.7
133.3
150.3
141.8
123.4
118.6
119.7
139.4
156.3
141.8
128.6
143.3
114.9
269.0
156. 1
123.4
130.8
146.1
144.3
116.9
276.7
154.9
128.6
143.0
150.1
118.7 119.9 117.5
156.1 137.4 136.6
101.8 103.5 105.5
96.8 97.2 97.3
139.2 134.8 133.3
118.5 136.9 137.2 138.1 138.1
106.6 120.3 120.9 121.1 120.9
73.0 73.0 -•62
'60.8 60.8
221.1 237.4 253.3 269.4 261.3
119.6 154.3 154.2 157.2 157.6
46.2 45.6 37.1 34.6 33.7
105.0 122.1 121.7 121.2 121.3
1
' Revised.
Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1304
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions ot dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters
Annual totals
1947
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government
enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1929
1933
1939
103.8
55.8
90.4
7.0
.6
-.1
7.2
7.1
.7
1.2
8.1
9.4
.5
.5
-.1
87.4
39.6
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
0)
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
1941
1944
1946
125.3 210.6 203.7 191.7 197.0 207.5 218.6 222.2 226.0
11.7
16.8
.5
-4.5
11.8
16.6
.5
-2.2
-.2
.5
.1
.7
1.9
-.2
-.1
1.7
72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6
.1
199.4
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67
2.7
9.3
11.3
.5
.5
11.8
14.0
.5
2.6
11.0
16.9
.5
-2.1
10.7
16.0
.6
-2.1
10.9
16.3
.5
-2.4
11.1
17.4
.5
-1.5
11.5
17.7
.5
-2.1
14.6 23.5 16.5 14.2 17.2 15.6 18.8 22.4 23.3
5.9
5.9
5.3
2.8
5.2
6.0
6.4
5.8
6.5
.0
.0
.0
.0
-.2
.0
-.9
.0
.8
10.4 10.1
9.8
2.6
3.1
10.8 11.9 11.0 10.4
4.5
4.5
2.8
4.6
4.5
4.5
4.5
1.3
4.4
6.2
4.7
5.4
6.2
5.6
5.9
4.5
5.6
5.1
.5
.5
.5
.5
.5
.5
.5
.5
.6
95.3 164.9 177.2 168.7 172.5 179.5 187.5 190.9 191.6
3.3
18.9 18.8 17.8 18.7 19.1 19.5 21.4 21.6
2.0
19.8 20.0
17.5 17.2 16.3 17.1 17.5 17.9
1.3
1.6
1.6
1.4
1.6
1.6
1.6
1.6
1.6
168.0
92.0 146.0 158.4 150.9 153.8 160.4
169.4 170.0
82.3 110.4 143.7 134.3 138.2 147.3 154.9 156.8 159.0
9.8 35.6
14.8 16.6 15.5
13.1 13.1 12.6
11.0
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters
Annual totals
1947
1946
National income
Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental incomes
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation ad
justment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1929
1933
1939
87.4
39.6
72.5
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
6.8
4.5
3.5
1941
1944
1946
103.8 182.3 178.2 168.2 173.5
179.9 191.0 197.6 199.4
64.3 121.2 116.8 111.5 114.0 119.2 122.2 124.9 125.8
61.7 116.9 111.1 105.5 108.0 113.6 117.1 119.4 120.3
51.5 83.3 90.2 81.3 87.5 93.8 98.0 101.5 103.0
1.9 20.8
5.6
4.6
4.1
8.0
7.9
6.7
11.9
8.3
13.3 13.1
12.8 12.9 12.2 12.6 13.2 13.5
2.6
5.1
5.4
4.2
6.0
5.5
5.6
6.0
5.5
20.8 34.4 41.8 39.4 39.2 41.9 46.7 47.0 47.0
9.6
15.3 19.7 18.5 18.6 19.9 22.0 22.4 21.8
6.9
12.4 15.2 14.1 13.8 15.2 17.8 17.6
18.0
4.3
7.0
7.0
6.7
6.9
6.8
6.8
7.2
6.9
14.6
17.2
7.8
9.4
-2.6
4.1
23.5
23.8
13.9
9.9
-.4
3.2
16.5
21.1
8.6
12.5
-4.7
3.2
14.2
15.2
6.1
9.1
-1.0
3.1
17.2
19.4
8.0
11.5
-2.3
3.2
15.6
22.9
9.3
13.5
-7.3
3.2
18.8
27.1
11.0
16.1
-8.3
3.2
22.4
29.0
11.6
17.4
-6.6
3.3
23.3
27.4
10.8
16.6
-4.1
3.3
n.a. Not currently available.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
1
2
3
OCTOBER
1947
1305
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters
Annua! totals
1947
1946
1929
1933
1939
1941
1944
1946
1
2
4
3
1
2
103.8
55.8
90.4 125.3 210.6 203.7 191.7 197.0 207.5 218.6 222.2 226.0
Personal consumption expenditures
78.8
9.4
Durable goods
.
. .
37.7
Nondurable goods
31 7
Services
15.8
Gross private domestic investment
New construction *
7.8
6.4
Producers' durable equipment
1.6
Change in business inventories
8
Net foreign investment
Government purchases of goods and services... 8.5
1.3
Federal
..
War
}1.3
N on war
(3)
Less: Government sales 2
7.2
State and local
46.3
3 5
22.3
20 6
1.3
1.1
1.8
-1.6
67.5
6.7
35.3
25 5
9.0
4.0
4.6
Gross national product
.4
.9
2
8.0
2.0
2.0
13.1
5.2
1.3
3.9
(3)
(3)
5.9
7.9
82.3 110.4 143.7 134.3 138.2 147.3 154.9 156.8 159.0
9 8
6 8 14 9 11 4 13 9 16.2 18.2 19.0 20.0
44.0 67.2 87.1 82.6 83.2 88.9 93.6 94.0 95.0
28 5 36 5 41 7 40 4 41 2 42 1 43 1 43.8 44.0
17.2
5.7 24.6 18.6 22.3 27.§ 30.4 29.6 28.8
9.5
5.7
8.9
9.3
2.3
7.2
8.7
10.3
8.5
7.7
9.1 11.5 13.2 15.7 16.6 17.8
5.3 12.4
5.4
1.5
3.9 - 2 . 0
3.7
2.0
4.9
2.7
2.3
4.5
5.2
1.1 - 2 1
3 3
6 1
4 8
9 2 10.6
24.7 96.6 30.7 35.4 30.3 28.6 28.2 26.6 27.6
16.9
16.9 89.0 20.7 26.5
18.2
20.9
17.7
13.8 88.6 21.3 28.5 23.1 17.7 15.8 17.7
3.2
3.3 ]l9.9 19.5
3.1
1.6
2.4
1.1
2.1
(»)
1.8
2.2
2.6
1.2
3.0
3.0
4.2
2.2 11.7
7.8
10.4 11.2 11.2
7.5
10.0
9.4
8.9
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Commodity Distributive
produc- indusing intries
dustries
Total
receipts4
Total
disbursements
85.1
76 2
64.8
49 3
46 6
53.2
59 9
'68.4
74 0
68.3
72 6
78 3
95.3
122 2
149.4
164.9
171.6
177.2
50.0
45 7
38.7
30 1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109.2
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
12.0
13.5
15.8
18 4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7
9.9
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
179.0
180.9
178.5
184.0
188.4
189.9
109.9
112.3
113.0
113.6
115.4
117.0
111.8
114.2
114.8
115.4
117.2
118.8
46.4
48.5
49.4
49.5
50.6
52.3
1947—January...
190.3
February.. '190.7
March.. . .
191.8
April
'190.2
r
May....
191 5
195.1
June
P196.9
July
117.1
'117.5
117.5
'116.7
118 3
121.1
P121.5
119.2
'119.6
119.6
118.9
120.4
123.2
P123.6
53.1
53.2
53.7
53.2
54 1
55.5
P55.4
1929
1930
1931
1932
. .
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
. . .
1944
1945
. . . .
1946
1946—juiy
August....
September.
October.. .
November
December.
21.5
18.5
14.3
9 9
9.8
Service
industries
8.2
7.7
Government
15.5
14.4
12.5
6.8
9.8
8.8
5 7
5.0
5 2
5.3
5 0
5.1
5.2
DiviLess emProdends
Other' prietors'
and
ployee
contrilabor
and
perbutions income5 rental 6 sonal
for
income interest
social
income
insurance
.1
1
Transfer
payments7
1.5
1 5
Nontural
income8
13.3
12 6
11 1
9 1
8 2
8.6
8 6
10.1
10 3
8.7
9 2
9 4
9.9
9 7
10.0
10.7
11.6
13.3
2.2
2 4
3.5
2 4
2.8
3.0
3 1
3.1
3 2
3.0
3.6
6.2
11.3
76.8
70.0
60.1
46.2
43.0
49.5
53.4
62.8
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.4
157.9
.2
2
.2
6
.6
6
.4
4
.5
5
.5
5
7
6
7.8
8.6
9.5
10.5
11.5
13.6
6.1
6 5
7.9
7 5
8.2
8.2
8 5
10.2
16 1
26.9
33.6
35.5
20.9
.8
1 2
1.8
2.2
2.3
1.9
.6
7
.9
1.3
1.5
1.6
19.7
15 7
11 8
7 4
7 2
8.7
12 1
'12.6
15 4
14.0
14 7
16 3
20.8
28 1
32.1
34.4
37.1
41.8
31.3
31.9
31.8
32.0
33.0
33.5
14.0
14.0
14.1
14.2
14.4
14.4
20.1
19.8
19.5
19.7
19.2
18.6
1.9
1.9
1.8
1.8
1.8
1.8
1.6
1.6
1.6
1.6
1.6
1.6
43.3
42.9
39.5
45.3
47.6
47.2
13.3
13.3
13.3
13.3
13.5
13.7
10.9
10.8
11.1
10.2
10.3
10.4
157.5
160.5
162.0
162.7
165.6
167.3
33.5
33.7
33.7
33.4
34 2
35.3
P35.7
14.6
'14.6
14.6
14.8
14 9
15.2
P15.3
18.0
18.1
17.6
17.5
17 2
17.2
P17.2
2.1
2.1
2.1
2.2
2 1
2.1
P2.1
1.6
1.7
1.7
1.7
1 8
1.8
Pl.8
46.6
46.8
47.7
46.9
46 9
47.6
P48.2
13.9
14.0
14.0
14.0
14 0
14.1
P14.3
11.1
10.7
10.9
10.9
10 5
10.5
Pll.l
168.2
168.5
168.8
167.8
169 2
171.9
P173.O
5.5
5.8
6.3
6 9
6.7
6.9
7.3
.5
5
2
2
2
.5
4
4
2.7
2 2
2.1
p Preliminary.
n.a. Not currently available.
' Revised since publication in source cited below.
Includes construction expenditures for crude petroleum and natural gas drilling.
8
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars*
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not' available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
1
2
4
1306
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
1947
Chart
book
page
Aug.
WEEKLY FIGURES 1
Sept.
Sept.
1947
Sept.
Chart
book
page
Sept.
In billions of dollars
WEEKLY FIGURES
RESERVES AND CURRENCY
Aug.
27
Sept.
^-Cont.
Sept.
10
Sept.
17
Sept.
24
In unit indicated
MONEY RATES, ETC.— C o n t .
Reserve Bank credit, total.. . .
U. S. Govt. securities, total..
Bills
Certificates
Notes
Bonds
Gold stock
Money in circulation
Treasury cash and deposits. . .
Member bank reserves
2,
Required reserves
Excess reserves*
Excess reserves (weekly avg.):
Total*
New York City*
Chicago
Reserve city banks
Country banks e
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
-.-.••• 2 0
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
20
Other
20
New York City banks:
Loans and investments
U. S. Govt. securities, total..
Bonds
Certificates
Notes
Bills
Demand deposits adjusted..
U. S. Govt. deposits
Interbank deposits
Time deposits
1
Loans, total
1
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On'other securities... 21
To others
21
Allother
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
Allother
21
22 AS 22.62 22.47 22.39 22.5 Stock prices (1935-39=100):
Total
22.11 22.22 22.04 21.76 22.1:
Industrial
14.15 14.16 13.81 13.54 13.9
Railroad
6.87 6.98 7.04 7.03 7.02
.37
.4'
.37
.47
.47
Public utility
. 7 : Volume of trading (mill, shares)
.72
.72
.72
.72
21.77 21.77 21.82 21.94 21.9:
28.30 28.75 28.74 28.63 28.5i
2.1:
2.25 1.78
1.57
1.55
BUSINESS CONDITIONS
16.49 16.63 16.93 17.13 16.8,
15.72 15.79 15.92 P15.98 P15.8{
.78
.84
1.02 Pl.15 P. 9: Wholesale prices (1926=100):
Total
P.90
.78
.79
.95 Pl.08
Farm products
.01
.03
.02
.01
.02
Other than farm and food. .
.01
Production:
(2)
(2)
(2)
.22
.22
.23
.29
.27
Steel (% of capacity)
.54
P.
66
.54
.65
Automobile (thous. c a r s ) . . .
P.76
Paperboard (thous. t o n s ) . . .
Electric power (mill. kw. hrs.)
Basic commodity prices
(1939=100)
Department store sales
63.73 63.80 64.29 64.71 64.57
(1935-39=100)
38.40 38.35 38.70 39.02 38.68 Freight carloadings (thous.
31.00 31.02 31.08 31.09 31.13
cars): Total
Miscellaneous
4.16 4.14 4.10 4.15 4.15
2.63 2.62 2.71 2.71 2.71
.61
.69
.58
.81
1.08
4.24 4.23 4.27 4.31 4.3
47.11 46.95 47.35 47.50 47.30
.97
.95
1.03
1.02
1.03
21.10 21.21 21.32 21.38 21.57
12.41 12.52 12.72 12.86 12.94
3.16 3.17 3.19 3.21 3.23
2.16
1.24
2.14
1.22
2.03
1.11
1.90
.92
.97
.93
3.38
3.38
3.38
3.42
.93
.93
1.91
1.00
.91
3.50
40
40
40
40
40
123
129
104
101
.61
124
130
105
103
.72
122
127
103
102
.74
124
130
104
102
.84
122
127
102
102
.71
69 154.0 154.9 157.4 158.1 156.2
69 181.7 182.4 187.3 189.8 184.7
69 137.3 137.9 138.1 138.0 138.2
73 93.4 92.4 84.3 89.4
73
88
110
83
106
74
177
181
140
186
75 4,940 4,721 5,053 4,977
94.1
106
184
74 305.2 307.2 319.7 325.8 324.6
75
277
265
291
301
317
76
76
926
411
809
354
922
404
931
413
938
421
1947
Aug.4
July
June
MONTHLY FIGURES
In billions of dollars
RESERVES AND CURRENCY
19.76 19.81 20.04 20.15 20.13 Reserve Bank credit
7
7
11.98 11.96 12.18 12.35 12.20 Gold stock
7
10.42 10.42 10.47 10.45 10.49 Money in circulation
.78 Treasury cash
.71
.70
.69
.68
7
.74 Treasury deposits
.72
.73
.72
.80
7
.19 Member bank reserves:
.12
.12
.47
.23
Total
4, 7, 14
15.99 15.96 16.06 16.05 16.09
.25
.23
.24
.23
.26
Central reserve city banks.. 14
Reserve city banks
15
4.06 4.19 4.26 4.38 4.27
1.40
Country banks
15
1.38
1.39
1.40
1.40
6.52 6.58 6.56 6.49 6.63 Required reserves:
4
4.38 4.42 4.52 4.56 4.60 Total
Central reserve city banks. .
Reserve city banks
15
.4,
.64
.62
.40
.51
Country banks
15
.31 xcess reserves:
.32
.32
.31
.31
.2
.28
.28
.27
.28
Total
4,5
.94
.94
1.03
.91
.94
New York City
5
Chicago
5
43.97 43.99 44.25 44.57 44.44
Reserve city banks
5
Country banks
5
26.42 26.39 26.52 26.67 26.49
20.57 20.59 20.62 20.63 20.64 Money in circulation, t o t a l . . . . 9
Bills of $50 and over
9
3.45 3.44 3.42 3.45 3.38
1.9
1.91
1.90
1.91
1.98
$10 and $20 bills
9
.49
.46
.60
.50
.58
Coins, $1, $2, and $5 bills.. . 9
31.11 30.99 31.29 31.45 31.22
.72
.78
.75
.78
.78
ALL BANKS
6.48 6.61 6.90 7.10 6.80
IN THE UNITED STATES
13.07 13.08 13.11 13.12 13.12
14.58 14.63 14.76 14.89 14.94
8.03 8.10 8.20 8.29 8.34
3.05 3.07 3.09 3.11 3.1 Total deposits and currency* .. 10
.93
.93
.93
.91
.90 Demand deposits adjusted*...
10
6
10
2.57 2.54 2.55 2.58 2.58 Time deposits adjusted
Currency outside banks*
10
U. S. Govt. deposits*
10
Per cent per annum
22.22
21.09
28.24
1.34
.56
22.34
21.40
28.26
1.33
.73
22.52
21.65
28.25
1.33
.96
16.15
5.14
6.38
4.64
16.35
5.20
6.44
4.71
16.48
5.18
6.54
4.76
15.37
5.11
6.15
4.10
15.57
5.19
6.22
4.16
15.68
5.17
6.32
4.20
.78
.01
.01
.22
.54
28.30
8.53
15.28
4.48
.78
.01
(2)
.22
.55
28.15
8.53
15.17
4.46
.80
.01
.56
28.43
8.60
15.33
4.51
P165.10
P82.50
P55.60
P26.OO
Pi. 00
P165.90
P83.20
P55.60
P26.00
PI. 10
P166.80
P83.40
P55.8O
P26.10
PI. 50
P112.50
P33.50
P7O.5O
P 8 . 50
P113.20
P34.00
P7O.5O
P8.70
P113.80
P34.90
P7O.2O
P8. 70
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 yearss
7-9 years 3
15 years or more
ALL COMMERCIAL BANKS
34
34
34
34
34
.766
.85
1.27
1.51
2.23
789
.85
1 .27
1 .52
2 .23
.802
.87
1.28
1.53
2.24
808
.87
1 .28
1 .53
2 .23
.817
.87 Loans and investments, total*.
1.28
Loans*
1.54
U. S. Govt. securities*
2.24
Other securities*
11
11
11
11
For footnotes see p. 1310.
OCTOBER
1947
1307
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
June
July
Aug.*
In billions of dollars
MONTHLY FIGURES—Cont.
Chart
book
page
MONTHLY FIGURES—Cont.
June
July
Aug.*
In billions of dollars
TREASURY FINANCE—Cont.
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted6
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
14
14
14
14
14
14
14
14
94.98
28.49
59.56
6.93
69.79
28.00
10.85
5.29
95.38
28.93
59.35
7.10
70.43
28.10
11.09
5.48
14
14
14
14
14
14
14
25.20
8.01
15.64
1.56
20.11
2.33
5.12
25.14
8.02
15.47
1.65
20.15
2.34
5.18
15
15
15
15
15
15
15
34.73
11.42
20.98
2.33
24.28
11.24
1.76
35.02
11.70
20.96
2.36
24.48
11.25
1.80
15
15
15
15
15
15
15
35.05
9.07
22.94
3.04
25.41
14.43
3.34
35.22
9.21
22.92
3.10
25.80
14.50
3.49
95.91 Ownership of U. S. Govt. securities—
29.70
Cont.
59.07
Marketable public issues—Cont.
7.14
By earliest callable or due date:
70.53
Within 1 year:
28.15
Total outstanding
11.19
Commercial bank and F. R.
5.54
Bank
F. R. Bank
25.06
1-5 years:
8.29
Total outstanding
15.13
Commercial bank and F. R.
1.64
Bank
19.82
F. R. Bank
2.35
5-10 years:
5.16
Total outstanding
Commercial bank and F. R.
35.38
Bank
12.02
F. R. Bank
21.00
Over 10 years:
2.37
Total outstanding
24.72
Unrestricted issues:
11.28
Nonbank, c o m m e r c i a l
1.76
bank, and F. R. Bank..
Commercial bank and
35.47
F. R. Bank
9.39
F. R. Bank
22.95
3.13
25.99
14.53
MONEY RATES, ETC.
3.59
31
52.44
31
31
37.30
21.03
37.05
20.71
21.35
31
42.52
42.52
42.52
31
31
30.62
.70
30.67
.70
.70
18.93
18.93
31
52.13
31
31
11.62
.04
11.75
.04
.04
31
54.81
54.81
54.81
31
6.64
6.65
31
31
5.29
.11
5.38
.11
.10
Per cent per annum
CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
22
22
22
22
22, 23
23
23
23
23
F. R. Bank discount rate
33
10.99 P11.06 Pll.22 Treasury bills (new issues)
33
2.27 P2.30 P2.33 Corporate bonds:
2.89 P2.79 P2.76 Aaa
33,37
.92
P.93
Baa
37
P.93
4.92 P5.05 P5.2O High grade (Treas. series)
37
37
2.88 P2.96 P3.03 U. S. Govt. bonds, 15 years or more..
2.04 P2.09 P2.17
.88
P. 97
P.92
1.16 Pi.17 PI. 20
TREASURY FINANCE
U. S.TGovt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks e
Fed. agencies and trust funds. . .
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills:
Total outstanding
Commercial Bank and F. R.
Bank
F. R. Bank
Certificates:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Bonds:
Total outstanding
Unrestricted issues:
Nonbank, c o m m e r c i a l
bank, and F. R. Bank..
Commercial bank and
F. R. Bank
F. R. Bank
28
28
28
28
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
30
30
30
30
30
30
255.20 256.39 257.18 Stock prices (1935-39 =100):
119.32 119.32 119.32 Total
49.21 49.02 48.90 Industrial
59.05 59.30 59.50 Railroad
27.37 28.52 29.22 Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
70.10 70.50
Credit extended to customers
32.81 33.34 33.74 Money borrowed
21.87 21.55 22.19 Customers' free credit balances....
65.80 66.00
21.10 21.30
25.00 25.00
BUSINESS CONDITIONS
12.10 12.20
6.4
6.40
Personal income (annual rate, bill.
dollars):* *
Total
15.77 15.76 15.74 Total salaries and wages
Proprietors' income, dividends and
15.28 14.96
interest
14.50 13.90 14.21 All other
Labor force (mill, persons):*
25.30 25.12 25.03 Total
Civilian
14.82 14.84
Unemployment
Employment
6.90
6.28
6.56
Nonagricultural
8.14
8.14
8.14 Employment in nonagricultural 5establishments (mill, persons):*
Total.
5.22
5.21
....
.37
.37
.37 Manufacturing and mining
Trade
119.49 119.49 119.49 Government
Transportation and utilities
Construction
71.32 71.33
Hours and earnings at factories:
Weekly earnings (dollars)
49.50 49.84
Hourly earnings (cents)
Hours worked (per week)
.72
.73
.73
1 00
376
1.00
.703
1.00
.748
?
3
2
2
2.55
3.18
2.51
2.25
2.56
3.17
2.51
2.24
.55
.21
.50
.22
In unit indicated
39
39
39
39
39
119
124
98
101
.83
126
132
108
102
1.16
125
130
105
101
.67
41
41
41
552
222
650
564
251
677
550
241
656
48
48
195.1
121.1
196.9
121.5
48
48
61.7
12.3
62.5
12.9
49
49
49
49
49
64.0
62.6
2.6
60.1
49.7
64.0
62.7
2.6
60.1
50.0
63.4
62.0
2.1
59.9
50.4
50
50
50
50
50
50
42.3
16.2
8.7
5.5
4.1
1.7
42.0
16.0
8.7
5.3
4.1
1.7
P42.4
P16.2
*>8.7
P5.3
P4.1
Pi.8
51
51
51
49.33
122.6
40.2
49.03 P49.26
123.2 P123.8
39.8 P39.8
For footnotes see p. 1310.
1308
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *~-Continued
Chart
book
page
MONTHLY FIGURES—Cont.
1947
June
July
Chart
book
page
Aug.
June
July
Aug.
In unit indicated
MONTHLY FIGURES—Cont.
In unit indicated
1947
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS—Cont.
Industrial production :5
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures
53
Machinery and trans, equip....
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53,54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food p r o d u c t s . . . .
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 5(3 mo. moving
avg., mill, dollars) :
Total
59
Residential
59
Other
59
Residential contracts (mil], dollars):6
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction
activity (mill.
6
dollars):
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings:5
Total (1935-39 =100)
63
Groups (points in total index):
Miscellaneous
63
Coal
63
All other
63
Department stores:
6
Indexes (1935-39=100) :
Sales
64
Stocks
64
296 stores
Sales (mill, dollars)
65
Stocks (mill, dollars)
65
Outstanding orders (mill, dollars) 65
Stocks-sales ratio (months' supply) 65
184
176
••82.9
44.2
21.2
78.7
42.2
20.0
17.5
78.7
19.8
21.7
16.5
76.4
18.2
21.9
••22.8
14.4
22.5
22.8
13.5
21.4
188
211
171
133
233
275
181
198
164
121
217
266
'175
133
154
179
'114
147
118
155
166
104
438
291
••439
251
Consumers' prices (1935-39=100):
All items
Food
P182
Clothing
Rent
P80.
Wholesale prices (1926=100):
P42.
Total
P2Q.
Farm products
Other than farm and food
P16.
Prices paid and received by farmers
P79.
(1910-14=100):
P19.
Paid
P22.
Received
Cash farm income (mill, dollars):
P22.
Total
*14.
Livestock and products
P22.
Crops
Govt. payments
P181
206
P130
P216
P269
130
P156
178
P437
P293
67
67
67
67
157.1
190.5
185.7
109.2
158.4
193.1
184.7
110.0
69
69
69
147.6
177.9
131.4
150.6
181.4
133.4
71
71
231
271
231
276
72
72
72
72
2,215
,449
743
23
77
77
65.20
6 2.13
77
77
77
e .59
63.07
79
79
79
Pl.242
1,241
P466
79
P775
1,318
1,187
Pl.151 Pl.150
Pl,150 Pi,149
P3 99
P450
P700
P75O
80-81
1947
243
269
228
Jan.Mar.
292
323
270
Apr.June
JulySept.
QUARTERLY FIGURES
In billions of dollars
TREASURY FINANCE
228
255
205
557
213
343
636
251
385
189
23
166
119
47
226
9
217
166
51
304
9
295
197
98
1,070
,161
1^238
253
424
276
447
294
475
6
387
9
429
9
460
77.9
30.0
29.5
235
276
INTERNATIONAL TRADE AND FINANCE
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
See p. 1333 of this BULLETIN .
137
1,452
1,205
153.6
181.7
136.0
134
78.
24.5
31.4
143
81.5
31.1
30.9
289
242
287
230
P281
P227
304
769
471
2.5
252
729
594
2.9
P273
P792
P622
P2.9
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total..
Individual income taxes
Corporate income taxes
Misc. internal revenue.
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo...
26
26
26
26
26
26
26
27
27
27
33
35
35
35
CORPORATE SECURITY ISSUES
Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars):*
Net proceeds:
All issuers
Industrial
Railroad
Public utility
New money:
All issuers
Industrial
Railroad
Public utility
13.39
4.55
10.89
8.29
4.45
1.98
1.86
••14.96 '11.43
'9.77 '12.20
+5.19 ' - . 7 7
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
10.63
4.30
13.90
12.61
7.95
2.62
2.03
2.31
1.82
2.37
2.80
2.38
1.83
2.44
2.95
2.21
1.77
2.25
2.69
In unit indicated
42
42
.95
.68
1.70
1.10
43
43
43
43
1,018
438
53
442
1,605
634
82
854
43
43
43
43
673
283
43
932
428
284
414
60
For footnotes see p. 1310.
OCTOBER
1947
1309
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
QUARTERLY
1947
1946
Jan.Mar.
Oct.Dec.
Annual rates,
in billions of dollars
FIGURES
GROSS NATIONAL PRODUCT, ETC.
Gross national product • 5
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income,
consumption, and
saving: e 5
Personal income
Disposable income
Consumption expenditures
Net personal saving
FIGURES FOR SELECTED DATES
June
Dec.
In billions of dollars
LIQUID ASSET HOLDINGS*
44
218.6
222.2
44
44
45
45
45
28.2
154.9
18
93.6
43.1
26.6
156.8
19.0
94.0
43.8
44
35.6
38.8
226.0 Individuals and businesses:
Total holdings
27.6 Deposits and currency
159.0 U. S. Govt. securities
20.0 Individuals:
95.0 Total holdings
44.0 Deposits and currency
U. S. Govt. securities
39.4 Corporations:
46
46
46
46
15.7
9.3
5.4
5.2
16.6
10.3
2.7
9.2
17.8 U. S. Govt. securities
9.5 Unincorporated businesses:
1.5 Total holdings
10.6 Deposits and currency
47
47
47
47
187.5
168.0
190.9
169.4
156.8
12.6
154.9
13.
June
29
CALL DATE FIGURES'
Total holdings
Deposits and currency
U. S. Govt. securities
12
12
12
12
45 .44
10 .47
15 .29
1 .07
13
13
13
13
9 .69
.88
4 .27
2 .46
13
13
13
13
2 .40
2 .48
3 .31
3 .15
220.5
138.9
81.6
223.2
143.3
79.9
24
24
24
151.2
96.2
55.0
24
24
24
41.8
24.6
17.2
156.9
101
55
39.1
23.5
15.6
24
24
24
27.5
18.1
9.4
27.2
18.3
8.9
191.6
170.0
159.0
11.0
Dec.
31
June
30
In billioiis of dollars
ALL MEMBER BANKS
24
24
24
1946
1947
July 31
Feb. 26*
25
77.5
77.8
25
25
25
25
25
38.3
16.4
13.0
37.2
16.0
12.5
4.4
4.5
4.2
4.5
25
25
25
6.6
2.1
4.5
6.5
2.1
4.5
25
25
25
25
27.6
21.4
28.9
22.1
1947
1946
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local govt. securities
Other securities
Chart
book
page
Apr.June
46.23
5.60
10.04
1.17
13.15
.88
5.36
3.31
1.51
1.47
3.55
3.08
46.51
4.37
7.54
.77
13.82
.97
6.24
4.00
1.51
1.15
3.98
2.97
OWNERSHIP OF DEMAND DEPOSITS •
Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit ass'ns and other
r
«
Estimated
P Preliminary.
Revised.
1
Figures for other than Wednesday dates are shown under the Wednesday included
3
See pp. 1251-1253 for an explanation of the revision in this series.
4
For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available
5
in the weekly period.
2
6.2
5.0
6.7
5.2
Less than 5 million dollars.
in the regular BULLETIN tables that show those series.
Adjusted for seasonal variation,
e7 As of May 31, 1947.
Member bank holdings of State and local government securities on Sept. 30, 1946, were 3.62 billion dollars and of other securities were
3.08 billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copiesof monthly
issues, at $1.00 each.
1310
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
1947
Chart
book
page1
June
1947
Chart
book
page1
Aug.?
June
In millions of dollars
Aug.?
In millions of dollars
10,992 11,061 11,216 Consumer instalment sale2 credit
granted, cumulative totals:
4,918 5,047 5,195
By automobiles dealers
2,883 2,956 3,029
By furniture and household appli2,035 2,091 2,166
2,761
ance stores
2,887 2,786
By department stores and mail2,271 2,301 2,327
916
927
933
order houses
By all other retailers
Consumer instalment loan credit out10,992 11,061 11,216 standing, cumulative totals:2
Commercial and industrial banks.
6,074 6,014 6,021
Small loan companies
3,187 3,228 3,260
916
927
933
Credit unions
Miscellaneous lenders
Insured repair and modernization
2,035 2,091 2,166
loans
Consumer credit outstanding, total...
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding,
cumulative totals:2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals:2
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
Allother
6
July?
1,155
1,169
1,201
724
301
733
304
752
312
7
422
411
419
7
265
246
261
7
7
169
80
163
73
167
81
8
8
8
8
2,883
1,544
2,956
1,587
938
705
3,029
1,626
974
734
8
450
470
495
906
682
J
P Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1947
[In thousands of units]
Cotton
Federal Reserve district
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis ..
Minneapolis
Kansas City
Dallas.
San Francisco
.
....
Boston .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
. . . .
.
Total
1
2
Spring wheat
Estimate
Sept. 1, 1947
Production
1946
Estimate
Sept. 1, 1947
Production
1946
Estimate
Sept. 1, 1947
Production
1946
Estimate
Sept. 1, 1947
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
6,670
25,152
51 543
174,078
154,203
161,491
902,488
298,627
304,499
260,133
58 959
6,070
6,498
17,856
53,578
26,028
5,748
55,570
38,914
40,437
439,505
63,901
125,858
10,481
19,960
55,032
30,939
8,222
70,912
55,491
34,019
566,369
132,823
111,400
2,403,913
873,893
1,095,648
600
869
7,120
31,175
53,294
223,470
149,589
162,801
1,394,302
416,064
407,287
372,024
64,640
6,161
8,640
11,849
3,287,927
1,154
1,777
2 830
1
2
1,153
2,285
3,522
249
3,771
Oats
Federal Reserve district
Winter wheat
Production
1946
217
2,062
Total
Corn
Tame hay
Tobacco
21
20
189
76
1,313
16
243,224
4,249
84
32,726
1,524
11
265,879
4,400
83
40,961
281,822
312,954
White potatoes
Production
1946
Estimate
Sept. 1, 1947
Production
1946
Estimate
Sept. 1, 1947
Production
1946
Estimate
Sept. 1, 1947
Production
1946
Estimate
Sept. 1, 1947
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
5,147
33,681
18,919
75,131
39,915
33 262
592,327
82,353
399 186
158,727
39,970
31,249
4,620
15,190
12,056
28,235
37,042
33 862
452,703
55,671
370 100
149 652
35,674
31,987
3,911
6,795
2,753
6,182
5,077
4 210
17,788
9,298
9 590
8,372
1,883
13,471
3,936
6,463
2,658
5,811
4,488
3 966
18,285
8,795
10 056
9,328
1,715
13,350
34,501
1,324
59,124
162,708
1,321,995
266,587
42,770
414,372
3,379
5,320
38,567
1,573
61,100
139,212
1,249,875
271,044
35,340
347,167
2,769
3,864
88,945
49,845
23,406
14,710
31,369
18,718
32,940
11,171
43,833
37,972
6,634
116,426
63,611
39,391
20,161
11,393
24,739
12,416
24,322
8,191
37,967
32,340
5,083
88,554
1,509,867
1,226,792
89,330
88,851
2,312,080
2,150,511
475,969
368,168
Includes 10,000 bales grown in miscellaneous territory.
Includes 11,000 bales grown in miscellaneous territory.
OCTOBER
1947
1311
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC ISSUES, BY CLASS OF SECURITY*
[In millions of dollars. Postal Savings and prewar bonds included; guaranteed securities excluded]
Certificate holdings
Bill holdings
End
of
month
T o ten
securities
outstanding
1941—
Jan.... 36 276
Feb
36 275
Mar.
37 054
April.. 37 075
37 075
June
37 713
July.'.". 37 713
Aug.. . 37 667
Sept.
37 ,368
Oct.
Dec
38 869
39 ,677
41 ^562
1942—
Jan
Feb.
Mar.!.
April.
May. .
June..
July...
Aug.. .
Sept...
Oct....
42 ,271
43 700
43 ,329
45 ,137
47 ,615
50 ,573
53 ,826
57 ,176
60 ,402
65 ,008
Nov... 66 ,132
Dec... 76 ,488
1943—
77 ,496
Jan
Feb... 78 ,726
Mar.. . 79 ,662
April.. 91 ,392
M a y . . 95 ,382
June.. 95 ,310
July... 98 ,613
Aug.. . 99 ,935
Sept... 111 ,426
Oct.... 115 ,944
Nov... 115 ,909
Dec... 115 ,230
1944—
Jan.... 115 ,259
Feb... 126 ,171
Mar... 128 ,080
April.. 127 ,440
M a y . . 128 ,029
June.. 140 ,401
July... 144 ,919
Aug.. . 145 ,213
Sept... 144 ,723
Oct.... 145 ,008
Nov... 145 ,183
Dec... 161 ,648
1945—
Jan
162 ,261
Feb... 162 ,379
Mar.. . 162 ,625
April.. 162 ,680
May.. 162 ,652
June.. 181 ,319
July... 183 ,080
Aug... 183 ,334
Sept... 182 ,833
Oct.... 182 ,790
Nov.. . 185 ,112
Dec... 198 ,778
1946—
Jan.... 199 ,633
Feb... 199 ,810
Mar... 197 ,063
April.. 195 ,079
M a y . . 193 ,487
June.. 189 ,606
July... 187 ,596
Aug.. . 186 ,350
Sept... 184 ,338
Oct.... 182 ,318
Nov... 180 ,328
Dec... 176 ,613
1947—
Jan.... 176 ,444
Feb... 175 ,410
Mar... 172 ,462
April.. 170 ,535
M a y . . 169 ,926
June.. 168 ,703
July... 168 ,509
Aug... 168 ,390
Total
Nonbank
Commercial
bank
Federal
Reserve
Bank
Total
Nonbank
Commercial
bank
Federal
Re- Total
serve
Bank
1,307
1, 306
1 038
755
844
2 101
673
710
942
671
751
708
652
1 953
2 257
2 508
3 663
4 168
4 619
5 126
5 721
6 627
7 423
8
9
10
10
11
12
12
13
13
13
13
232
234
044
853
864
460
846
054
064
074
072
491
6,813
5, 722
5, 721
5, 721
5, 698
5, 698
5, 698
5, 698
5, 509
566
848
759
1 112
501
102
506 1 098
517
788
624
780
673 1 030
955 1 037
6,012
5, 997
10
1 428
I 292
5 591
5 591
5, 571
5 571
5 571
710
1 ,191
1 350
1 557
834 2 ,263
824 2 ,648
1 ,078 2 ,884
1 ,177 3 ,468
1 ,122 4 ,216
1 ,120 4 ,497
481
383
1 ,010
1 507
1 507
3 096
3 096
4 705
6 211
6 211
6 739
10 ,534
1 ,166 5 ,568
1 ,455 5 ,302
5 ,069
6 ,415
7 ,017
6 ,502
5 ,939
5 ,233
6 ,448
6 ,227
1 ,268 5 ,643
1 ,588 4 ,716
689
1 ,475
2 ,087
2 ,430
2 ,442
3 ,815
4 ,896
5 ,701
5 ,351
5 ,547
6 ,136
6 ,768
10 ,741
11 ,161
11 ,161
16 ,154
16 ,561
16 ,561
16 ,561
17 ,497
21 ,136
23 ,199
23 ,103
22 ,843
4 ,904
5 ,484
4 ,606
4 ,137
3 ,627
4 ,894
5 ,477
4 ,555
3 ,614
3 ,092
2 ,935
4 ,113
6 ,941
6 ,354
6 ,532
7 ,641
8 ,466
8 ,873
9 ,065
10 ,074
10 ,783
11 ,551
11 ,868
11 ,148
22 ,843
25 ,680
25 ,680
25 ,306
25 ,2,66
28 ,822
30 ,035
30 ,001
29 ,573
29 ,546
29 ,545
30 ,401
9 935
9 766
9 354
9, 169
10 403
10 686
10 608
10 306
10 325
9 494
10 482
13
12
12
12
15
15
16
15
15
15
15
11 ,376
11 ,830
12 ,079
13 ,010
12 ,954
12 ,962
12 ,810
13 ,254
13 ,234
13 ,172
12 ,593
12 ,831
30
30
34
34
34
34
34
34
35
35
35
38
10
10
11
11
11
11
11
11
11
11
10
11
15 145 4,897 23 ,039
15 259 4,917 23 ,039
17 830 5,411 18 ,588
17 550 5,333 18 ,588
17 202 5,870 18 ,588
16 789 6,032 23 ,497
16 812 6,096 23 ,498
16 413 6,400 23 ,498
16 209 7,184 23 ,498
16 230 7,206 23 ,498
16 358 7,800 23 ,498
18 091 8,364 22 ,967
2 ,078
1 ,199
1 ,394
1 ,547
1 ,625
1 ,912
1 ,255
1 ,290
13 ,101 1 ,256
13 112 1 ,274
13 147 2 ,009
13 ,150 1 ,372
13 766 1 ,673
14 ,734
967
15 ,523
981
15 ,715 1 ,086
15 ,747 1 ,350
16 ,060 1 ,417
16 ,405 1 ,602
16 ,428 1 ,167
91
156
243
566
696
657
690
611
1, 059
957
1, 356
1, 729
1, 703
1, 585
3, 023
3 032
3 535
3 466
5 960
5 703
5 646
5 579
5 337
7 853
8 277
8 018
7 675
817
869 "27
1, 971
66
1, 921
218
3, 008
341
504
3, 978
3, 782
726
4, 389
765
6,470 1,041
6,594
6,837
6,845
9, 197
9 759
9 823
9 890
11 000
11 936
13 357
13 177
12 701
1,115
789
850
997
1,099
1,092
1,092
1,160
1,347
1,565
1,908
2,467
6 689
6 689
6 689
7 958
10 095
10 095
9 863
Commercial
bank
2, 027
2, 022
1, 990
1, 947
937
j '953
A '
963
l[878
983
974
2, 875
2 t 879
2, 911
2, 931
2 , 941
2 ' 925
2',915
2, 854
3, 252
3, 246
9
11
11
11
11
[1
11
049
944
979
950
037
967
011
708
472
888
032
2,696
2,970
2,973
3,147
3,382
3,382
3,382
3,559
3,749
4,163
4,887
1 ,789
1 ,598
2 ,255
1 ,518
1 ,430
1 ,431
1 ,392
1 ,360
1 ,357
1 ,266
1 ,127
1 ,101
2 ,387 12 ,866 41 ,502 12 075 21 380 8,047 19 ,551
2 ,396 13 ,038 41 ,413 12 151 21 716 7,546 19 ,551
17 ,074
902
17 ,048
779
17 ,038 1 ,267
581
440
492
801
520
539
681
928
590
15 ,652
15 ,730
15 ,090
15 ,101
14 ,972
787 14 ,496
1 ,060 13 ,895
14 ,207
2, 995
926 2 t 972
J 937 2 '941
I, 942 2',936
1 976 2 902
2 250 3 725
2 285 3 682
2, 362 3, 602
2 773 4 507
2 968 5 830
2 924 5 828
2 869 5 670
698
699
850
825
813
500
506
533
603
569
552
389
Federal
Total
Reserve
Bank
359
220
303
595
370
315
564
617
679
585
863
700
,399
,408
,828
,804
37 ,720
36 ,473
34 ,478
32 ,478
30 ,475
29 ,987
12 827
12 305
12 276
11 315
12 ,228
12 275
12 ,031
11 ,683
11 ,313
11 ,270
29 ,79
28 ,784
27 ,792
26 ,294
26 ,294
25 ,296
25 ,122
25 ,02.
11 ,416 11 ,195 7,180 10 ,090
11 ,383 10 ,212 7,189 10 ,090
11 ,402 9 ,991 6,399 8 ,142
10 ,806 9 ,837 5,65 8 ,142
10 ,946 9 ,336 6,012 8 ,142
10 ,480 8 ,536 6,280 8 ,142
10 ,28
8 ,282 6,559 8 ,142
6,896 8 ,142
20
19
18
16
618 6,954 18 ,261
598 6,505 18 ,261
157 6,395 18 ,261
676 6,813 18 ,261
17 ,616 7,786 13 ,351
16 ,342 7,856 13 ,351
14 ,532 7,915 13 ,351
13 ,343 7,452 13 ,351
11 ,831 7,331 13 ,351
11 ,221 7,496 10 ,090
5 ,986
5 ,919
4 880
4 ,989
4 ,983
5 ,736
5 ,589
5 ,678
5 ,735
5 ,744
5 ,718
5 ,146
34, 579
36, 108
36,' 106
36', 106
38, 280
714 38, 280
722 40, 378
725 41, 614
678 41, 614
297 43 577
343 43, 577
324 49 464
693
693
693
693
693
,275
,190
49 469
49 469
919
4 ,494 13 ,652
4 ,553 13 ,625
4 ,506 12 ,292
5 ,527 12 ,071
4 ,695 11 ,828
5 ,117 11 ,396
3 ,817 8 ,938
3 ,912 8 ,843
3 ,976 8 ,707
4 ,167 8 ,469
4 ,163 8 ,353
3 ,615 6 ,120
1 ,405
1 ,373
1 ,463
1 ,663
1 ,738
1 ,748
596
596
668
117
0, 494
0, 642
0' 726
0! 864
0! 936
0',944
0! 889
025
9 j915
534
2 \186
749
665
188
8*, 116
062
Q '
040
9]
9,
882
882
882
2, 118
2, 118
2, 118
2, 118
4, 945
4, 949
4, 949
4, 949
8, 509
8, 711
8, 711
8, 711
8, 711
12, 221
12 519
12 525
12 526
0, 941 4, 840
1, 706 6 147
1 449 6 387
21, 338 6 445
21 946 7 368
21 607 17 388
22 285 19 457
68 140 12 503 25
74 078 18 082 24
73 009 18 206 23
72 722 18 240 23
72 733 18 250 23
79 440 20 714 26
81 293 21 084 26
81 431 21 124 26
81 466 21 133 26
81 466 21 120 25
81 298 21 133 24
91 781 24 351 29
029
392
981
522
421
58 171
65
68
68
68
92
92
92
92
92
106
108
108
107
107
109
120
121
121
121
121
121
119
119
119
119
715 119
835 119
355 119
640
085
136
140
734
393
227
902
682
657
119
119
119
119
119
119
^402
,547
,566
^548
^569
,606
,617
,643
,660
,713
,145
,464
,777
772 ,637
148 2,367
841 ,984
533 ,017
018 ,708
238 ,468
736 ,445
181 ,473
915 ,500
795 1,506
090 1,508
278 1,559
29
29
29
29
29
30
32
32
32
33
34
36
016
991
372
515
615
925
289
,645
863
201
,240
,530
1,592
1,613
1,450
1,445
1,447
1,464
1,346
1,269
1,243
1,243
1,243
1,243
417 24 586 29 231 37 ,434 1,166
545 24
572 24
572 24
572 24
644 36
,085 37
,367 37
,244 37
,244 37
,566 40
,619 50
,538
,814
,357
,357
,357
,502
,502
,502
,502
,502
,502
,502
604
598
588
592
246
420
703
794
785
100
522
29 ,056
28 ,762
28 ,348
27 ,577
27 ,474
26 ,715
26 ,368
25 ,620
24 ,989
23 ,909
22 ,599
51 422 21 ,901
51 ,713 21 ,711
51 ,718 21 ,308
51 ,727 20 ,805
51 ,569 20 ,715
51 ,580 19 ,817
51 ,583 19 ,489
51 ,582 19 ,295
48 ,069 22 ,477
48 ,088 22 ,261
48 ,107 22 ,159
48 ,093 22 ,234
,753
,084
,513
,290
,811
,837
,182
,853
,493
,580
46 ,551
1,132
1,128
1,123
1,113
1,113
1,113
1,114
47 ,268
47 ,443
47 ,428
47 ,922
48 ,170
47 ,350
47 ,675
47 ,870
947
947
37
38
38
39
41
42
43
42
43
44
48
48
48
48
,201
,398
,483
,422
355 119 ,489 48 ,126 22 ,083 48 ,52
444 119 ,489 48 ,140 22 ,103 48 ,493
352
352
369
369
369
369
,280
,280
,359
,359
,359
[359
,359
,359
[359
19
20
20
21
24
24
24
25
299
824
351
004 25
265 27
013 28
777 28
337
574
Federal
Reserve
Bank
513
0, 169 32 ? 863
696
0! 846
0! 776 3 782
0! 692 3! 845
1, 055 4 737
111
005
695
338
774 57 716
721 57 716
721 57 716
687
686
693
665
7, 875
22
22
21
23
23
23
22
22
26
26
26
25
957 49 469
957 55 397
,566
1 ,560
1 ,051
988
,017
1 ,685
1 ,698
1 ,762
1 ,933
1 ,920
2 ,102
2 ,120
6 ,168
6 ,096
5 ,122
5 ,05
4 ,933
4 ,855
4 ,844
CommerReJnre- cial
strict- strict- bank
ed
ed
28, 156
28, 156
29, 728
29, 750
29, 750
30, 411
30, 411
30 \365
30, 365
777 31, 955
777 3 1 , 961
777 33, 563
15 487
15 ,560
12 657
12 ,611
12 ,588
16 ,076
16 ,211
16 ,058
15 ,830
15 ,834
15 ,678
15 ,701
3 ,567
3 ,550
2 ,668
2 ,739
2 ,840
2 ,918
2 ,929
Nonbank
900
900
820
820
820
820
820
820
820
3 138 7 372
665
882
13 302 3 374 9 046
16 244 3 683 11 402 ,159
16 263 3 621 11 486 , 156
16 ,2,65 3 580 11 499 ,186
17 405 4 507 11 718 ,180
18 ,067 4 855 12 092 [,120
18 ,067 4 773 12 216 ,078
17 ,936 4 641 12 230 ,065
17 ,936 4 633 12 203 [,100
17 ,936 4 438 12 387 ,111
23 ,039 6 062 15 411 1 ,566
17 ,042
17 ,032
17 ,047
17 ,054
17 ,041
17 ,039
17 ,023
17 ,024
17 ,007
16 ,987
17 ,000
17 ,033
40
38
36
34
1,903
Bond holdini
6 704 13 352 2,787 11 175
3 ,931
3 ,387
2 ,720
2 ,565
2 ,242
2 ,798
2 ,737
2 ,193
2 ,035
1 ,978
2 ,306
2 ,476
1 ,512 13 ,280
1 ,875 13 ,661
1 ,715 13 ,896
1 ,142 14 ,466
1 ,225 14 ,406
925 14 ,739
939 14 ,711
1 ,126 14 ,595
848 15 ,025
1 ,187 14 ,745
'
2 890 5
2 974 5
2 990 5
3 015 5
3 065 5
168 2 894 5
875 3 648 7
875 3 621 7
596 3 306 7
596 3 341 7
596 3 351 7
175 3 121 7
1 ,096
1 ,182
2 ,122
1 ,466
1 ,853
1 ,281
1 ,478
1 ,591
1 ,749
1 ,876
2 ,127
1 ,730
,401
,396
,544
,478
,442
,136
,472
,430
,072
,021
,021
,155
•i
9 863
9 863
9 797
9 797
9 797
16 ,403
16 ,399
16 ,921
17 ,041
17 ,049
17 ,041
17 ,025
17 ,038
17 ,018
17 ,026
17 ,026
17 ,037
16 ,610
16 ,002
15 ,775
15 ,756
15 ,735
Nonbank
6,813
1, 604
603
1'603
l' 603
603
604
1 305
1 404
1 703
2 002
2 002
Treasury note holdings
,489
,489
,489
,48
,48
,48
48 ,157 22 ,125
48 ,169 22 ,02
48 ,162 21 ,964
48 ,168 21 ,825
48 ,159 21 ,49
48
48
48
48
49
,454
,540
,62
,769
,11
977
977
977
947
903
903
903
755
755
755
755
755
753
753
753
753
753
753
735
727
726
720
* The new book, Federal Reserve Charts on Bank Credit, Money Rates, and Business, carries a series of charts showing the distribution of
ownership of the marketable debt of the United States among nonbank holders, commercial banks, and Federal Reserve Banks, broken down by
class of security and by term to call date. Basic data are from Treasury's monthly Survey of Ownership published in Treasury Bulletin.
The commercial banks covered by the Survey have accounted for approximately 91-93 per cent of the amount of securities owned by all
commercial banks in the United States in 1946 and 1947. The percentage of ownership declined in 1946 and 1947, however, after increasing
1312
FEDERAL RESERVE BULLETIN
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC ISSUES, BY EARLIEST CALLABLE OR DUE DATE*
[In millions of dollars.
End
of
month
Total
securities
outstand-
Total
Nonbank
ing
1941—
Jan...
Feb .
Mar...
April..
May. .
June..
July.. .
Aug..
Sept...
Oct....
Nov..
Dec. .
1942—
36,276
36,275
37,054
37,075
37,075
37,713
37,713
37,667
37,368
38,869
39,677
41,562
Postal Savings and prewar bonds included; guaranteed securities excluded.]
Within 1 year
4,189
4,187
3,211
3,210
3,210
2,399
2,398
2,352
2,395
2,306
2,605
3,120
5-10 years
1-5 years
Com- Fedmer- eral
Re- Total
cial
bank serve
Bank
Com- Fedmer- eral
Re- Total
cial
bank serve
Bank
Nonbank
995 9,526
994 9,526
973 10,641
973 10,152
973 10,152
Nonbank
233
233
185
185
185
128
128
128
194
151
151
192
11,609
11,609
11,248
11,737
11,737
13,592
13,592
13,592
13,250
13,250
13,753
13,521
5 * 191
5,657
5 ,633
6,788
6,769
6,772
6,553
6,508
6,593
6,465
5,084
5,107
5,131
5,735
5,754
5,751
5,694
5,739
6,157
6,085
97
97
136
228
319
574
13,534
13,534
13,468
13,468
13,468
13,503
13,503
13,503
14,835
16,331
16,331
16,611
6,529
6,535
6,513
6,492
6,491
6,143
6,142
6,165
6,569
6,450
6,348
6,216
6,034 971 13,330 6,397
6,028 971 13,312 6,272
6,023 932 14,333 6,984
6,044 932 14,333 6,916
6,045 932 15,625 7,287
6,536 824 17,126 8,062
6,528 833 19,224 8,888
6,487 851 19,224 8,701
7,386 880 19,224 8,648
8,382 1,499 20,427 8,737
8,354 1,629 20,427 8,559
8,729 1,666 22,787 9,266
Jan.... 77,496 21,531 6,033 13,240 2,258 16,611
6,240
6,306
7,129
6,222
5,439
7,029
7,674
7,551
7,024
6,981
6,996
6,633
8,755
8,783
9,834
9,373
10,223
11,444
13,560
13,683
13,772
13,810
13,794
13,760
1,616 22,788
1,522 22,788
1,471 20,449
1,321 22,817
1,254 25,389
1,089 23,051
1,035 23,051
1,035 23,051
1,006 27,013
1,011 30,561
1,012 30,584
944 30,015
9,154
9,147
8,059
10,083
10,519
9,473
9,210
8,951
12,852
13,643
13,387
13,073
1,806 1,220
1,530 1,495
1,643 1,382
878 1,393
876 1,394
853 1,371
1,054 1,147
1,075 1,080
1,128 1,326
1,515 1,413
Jan.... 42,271 2,813 1,099 1,617
43,700
43,329
45,137
47,615
50,573
53,826
57,176
60,402
65,008
66,132
76,488
Feb
Mar.'. '.
April
May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec...
1943—
2,714
2,410
4,218
4,521
7,445
8,600
10,714
12,608
14,515
15,639
20,528
1,138
1,368
1,786
1,780
2,743
2,770
3,160
3,751
4,644
4,462
6,005
11479
906
2,204
2,422
4,128
4,783
6,255
7,469
8,352
9,685
12,031
1,047
1,299
1,388
1,519
1,492
2,492
9,924
9,924
9,924
10,680
10,680
10,680
971 12,331
1,069
1,069
1,069
1,003
1,003
1,003
5,947
5,350
5,311
5,194
5,112
5,088
5,723
5,642
5,605
6,155
Ovei 10 years
Com- Fedmer- eral
Re- Total
cial
bank serve
Bank
474
475
516
516
516
518
518
518
562
562
564
650
Nonbank
CommerUnre- cial
Restrict- strict- banks
ed
ed
10,952
10,952
11,954
11,976
11,976
11,797
11,798
11,798
11,043
12,633
12,639
12,591
Federal
Reserve
Bank
7,994
7,988
7,913
7,764
7,796
7,807
7,267
8,317
8,354
8,709
3,454
3,482
3 ,557
3,569
3,538
3,527
3,356
3,853
3,823
3,445
477
477
506
506
506
464
464
464
420
463
462
437
8,721
9,538
8,790
8,800
8,836
7,996
7,985
7,965
7,951
7,962
7,870
7,811
3,437
4,157
3,911
3,882
3,835
3,202
3,214
3,236
3,249
3,205
3,259
3,300
436
446
417
436
447
419
418
416
417
450
488
506
12,270 1,364 16,566
,949 7,772 3,366
12,451 1,190 16,566 4,949 7,764 3,453
11,631 759 16,566 4,949 7,631 3,740
11,986 748 20,126 8,509 7,491 3,900
14,375 495 20,328 8,711 7,452 3,980
13,160 418 19,603 8,711 7,269 3,481
13,434 407 19,603 8,711 7,164 3,597
13,664 436 19,603 8,711 7,060 3,701
13,700 461 23,114 12,221 6,982 3,780
16,271 647 23,412 12,519 6,940 3,822
16,550 647 23,440 12,525 6,941 3,843
16,291 651 23,442 12,526 6,871 3,867
479
400
246
226
185
142
131
131
131
131
131
178
4,178
4,286
4,325
4,212
4,294
4,318
4,395
4,476
4,511
5,526
6,198 735 12,594
6,295 745 14,141
6,593 756 13,118
6,659 758 13,118
882
7,554 784 14,000
882
8,241 823 12,499
850
882
9,486
12,499
9,668 855 13,735 2,118
867
9,709
13,735 2,118
10,508 1,182 13,735 2,118
10,522 1,346 13,735 2,118
12,034 1,487 16,562 4,945
Feb...
Mar...
April..
May. .
June..
July...
Aug...
Sept.. .
Oct. . .
Nov.. .
Dec. ..
1944—
78,726
79,662
91,392
95,382
95,310
98,613
99,935
111,426
115,944
115,909
115,230
Feb.,.
Mar.. .
April. .
May. .
126,171
128,080
127,440
128,029
140,401
144,919
145,213
144,723
145,008
145,183
161,648
43,313
45,820
45,125
45,700
50,080
52,082
52,239
52,140
52,425
52,600
53,683
13,317 20,477
14,394 21,402
13,035 20,954
13,136 20,400
13,459 23,821
13,743 25,347
13,845 24,393
14,077 23,105
14,195 22,288
13,209 22,708
13,827 23,175
9,519 23,464
10,024 22,739
11,136 22,759
12,164 22,760
12,800 25,061
12,992 25,722
14,001 25,722
14,958 26,588
15,942 26,588
16,683 26,588
16,681 34,994
6,635
6,881
6,422
6,436
6,453
7,622
7,948
7,778
7,784
7,668
6,735
9,945
13,746
15,415
15,082
15,095
15,079
16,195
16,607
16,821
17,762
17,868
18,801
23,492
956 30,015
1,168 30,015
1,235 30,015
1,228 30,015
1,228 3u,015
1,244 33,889
1,167 35,357
1,123 35,479
1,042 34,215
1,052 34,215
1,052 34,215
1,557 37,909
12,526 16,849
12,111 17,290
12,028 17,385
11,826 17,587
11,707 17,704
14,889 18,395
15,224 19,630
15,068 19,973
14,516 19,288
14,249 19,555
13,476 20,328
17,590 19,953
640
614
602
602
604
605
503
438
411
411
411
366
23,442
29,379
29,506
29,542
29,553
31,373
31,757
31,772
31,780
31,780
31,780
35,061
12,503
18,082
18,206
18,240
18,251
20,714
21,084
21,124
21,133
21,119
21,132
24,351
6,745
6,664
6,594
6,569
6,544
6,245
6,183
6,165
6,148
6,166
6,076
6,007
3,984
4,389
4,456
4,483
4,508
4,164
4,240
4,242
4,260
4,256
4,333
4,464
210
244
250
250
250
250
250
241
239
239
239
239
162,261
162,379
162,625
162,680
162,652
181,319
183,080
183,334
182,833
182,790
185,112
198,778
57,090
57,081
59,079
59,133
59,106
60,646
65,875
65,847
65,255
65,212
65,212
70,546
14,275 25,479 17,336 31,563
14,149 25,127 17,805 31,563
15,678 25,244 18,157 31,746
15,375 24,799 18,959 31,746
15,521 24,116 19,469 31,746
15,497 25,328 19,821 34,801
16,944 28,551 20,380 29,892
17,211 27,443 21,193 29,892
17,012 26,252 21,991 36,017
17,069 26,204 21,939 36,017
16,550 26,528 22,134 36,017
16,796 30,538 23,212 35,391
9,268
9,346
9,178
9,246
9,201
8,920
7,718
7,776
9,656
9,543
9,329
9,535
21,155
21,077
21,546
21,489
21,537
24,387
21,314
21,256
25,394
25,507
25,721
25,163
1,140 38,354
1,140 38,468
1,022 39,150
1,011 39,150
1,008 39,150
1,494 41,516
860 41,783
860 41,786
967 35,661
967 35,661
967 35,661
693 33,025
17,279 20,733
17,126 21,026
18,012 20,811
17,655 21,173
17,164 21,669
17,705 23,494
17,119 24,347
16,811 24,658
14,753 20,698
14,352 21,099
13,637 21,814
11,807 21,008
342
316
327
322
317
317
317
317
210
210
210
210
35,254
35,267
32,650
32,650
32,650
44,356
45,530
45,810
45,901
45,901
48,223
59,816
24,586
24,604
24,598
24,588
24,592
36,246
37,420
37,703
37,794
37,785
40,100
50,522
5,852
5,758
4,197
4,123
3,899
3,683
3,564
3,454
3,363
3,231
3,104
3,040
4,630
4,727
3,692
3,777
3,999
4,267
4,386
4,493
4,584
4,725
4,859
6,107
186
178
163
162
160
160
160
160
160
160
160
147
22,761
24,212
31,534
32,750
33,093
33,689
35,011
39,497
40,169
40,083
40,437
6,753 13,299
7,412 13,400
9,719 17,710
10,489 18,027
9,617 17,976
9,628 17,480
9,657 17,900
11,560 20,649
11,611 21,044
11,325 20,276
11,585 19,165
2,709 16,611
3,400 18,434
4,105 16,916
4,234 16,916
5,500 19,562
6,581 22,269
7,454 22,269
7,288 21,802
7,514 21,802
8,482 21,802
9,687 21,337
J a n . . . 115,259 40,465 10,220 20,066 10,179 21,337
June..
July...
Aug...
Sept...
Oct....
Nov.. .
Dec...
1945—
Jan
Feb...
Mar.. .
April..
May. .
June..
July...
Aug.. .
Sept.. .
Oct....
Nov...
Dec.. .
1946—
Jan... 199,633 70,478 16,598 31,667 22,213 35,378 9,421 25,264 693 33,025 11,341 21,474 210 60,752 51,422 2,899 6,284 147
F e b . . . 199,810 70,379 16,614 31,912 21,853 35,378 9,280 25,405 693 33,025 11,307 21,508 210 61,028 51,713 2,814 6,354 147
Mar.. . 197,063 69,549 18,631 29,368 21,550 33,430 8,534 24,203 693 34,474 11,648 22,609 217 59,611 51,718 2,086 5,667 140
April.. 195,079 67,564 17,289 28,615 21,660 33,430 8,476 24,239 715 34,474 11,340 22,917 217 59,611 51,727 2,050 5,694 140
May. . 193,487 65,972 17,283 26,829 21,860 33,430 8,533 24,182 715 34,474 11,183 23,074 217 59,611 51,569 2,118 5,784 140
June.. 189,606 62,091 15,893 23,487 22,711 35,057 8,976 25,285 796 32,847 10,778 21,934 135 59,611 51,580 2,034 5,857 140
July... 187,596 60,081 15,479 22,041 22,561 35,057 8,928 25,333 796 32,847 10,620 22,092 135 59,611 51,583 1,900 5,988 140
Aug.. . 186,350 58,835 15,550 20,411 22,874 35,057 8,954 25,307 796 32,847 10,475 22,237 135 59,611 51,582 1,864 6,025 140
Sept... 184,338 61,218 16,811 21,408 22,999 39,404 10,295 28,297 812 28,910 11,165 17,642 103 54,806 48,069 1,573 5,029 135
Oct. . . 182,318 59,957 16,947 20,531 22,479 38,645 9,917 27,928 800 28,910 10,961 17,846 103 54,806 48,088 1,553 5,030 135
Nov.. . 180,328 57,966 16,400 18,658 22,908 38,645 9,970 27,875 800 28,910 10,886 17,921 103 54,806 48,107 1,504 5,062 133
72 54,806 48,093 1,515 5,065
133
Dec... 176,613 54,952 15,879 16,760 22,313 39,572 10,273 28,467 832 27,281 10,552 16,657
1947— 176,444 54,784
15,752 16,128 22,904 39,572 10,411 28,329 832 27,281 10,339 16,870
72 54,806 48,126 1,463 5,084
133
Jan....
72 54,806 48,140 1,446 5,087
133
F e b . . . 175,410 53,750 15,534 15,136 23,080 39,572 10,552 28,188 832 27,281 10,280 16,929
72 54,806 48,157 1,443 5,073
133
Mar.. . 172,462 53,140 15,683 15,760 21,697 38,257 10,564 27,001 692 26,258 9,772 16,414
692
72
April.. 170,535 51,213 14,431 15,822 20,960 38,257 10,576 26,989
26,258 9,703 16,483
54,806 48,169 1,442 5,062 133
72 54,806 48,162 1,392 5,137
115
May. . 169,926 50,605 14,454 14,941 21,210 38,257 10,694 26,871 692 26,258 9,64? 16,539
40 54,806 48,168 1,351 5,180
107
June.. 168,703 52,442 15,147 16,269 21,026 42,522 11,903 29,921 698 18,932 7,315 11,577
106
40 54,806 48,159 1,267 5,274
July... 168,509 52,249 15,198 16,346 20,705 42,522 11,852 29,972 698 18,932 7,186 11,706
100
40 54,806
698 18,932
Aug... 168,390 52,131
21,354 42,522
from approximately 93 per cent in June 1943 to between 94 and 95 per cent in 1944 and 1945. The number of covered banks increased by nearly
1,700 in 1943-45 but has since declined by about 100 in 1946-47. Ownership by uncovered banks is included under nonbank holdings.
For the convenience of users of the Chart Book, the data underlying the charts are assembled in these tables, which provide basic information
needed for analysis of the wartime growth in public debt and of recent changes in the debt structure.
OCTOBER
1947
1313
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec.
Dec
Aug.
On par list
Total banks, branches
and offices on which
checks are drawn
States total:
31, 1945
31 1946
31, 1947?
Member
Total
Not on par list
(Nonm ember)
Nonmember
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043 l
14,070
3,947
3,981
4,068
11,869
11,957
12,016
3,616
3,654
3,744
6,877
6,894
6,921
2,909
2,913
2,986
4,992
5,063
5,095
707
741
758
486
931
845
1,159
281
825
130
226
486
931
845
1,159
281
825
130
226
336
799
648
720
208
758
95
196
150
132
197
439
73
67
35
30
1,011
1,157
2,482
1,468
426
158
555
128
786
537
2,425
1,116
300
122
529
71
475
339
1000
497
197
108
212
40
311
198
1,425
619
1,277
1,751
995
508
111
6
36
1,186
603
1,739
885
504
40
6
28
1,186
473
756
606
272
26
4
19
1,123
130
983
279
232
222
22
111
22
87
22
24
10
36
10
36
Branches
and offices
Banks1
Branches
and offices2
2,133
2,086
2,054
331
327
324
103
14
317
31
225
620
57
352
126
36
26
57
14
2
9
63
674
12
110
4
71
By districts and
by States
Aug.
31, 1947P
District
Boston
New York
Philadelohia
Cleveland
.. .
Richmond
Atlanta
Chicago
St Louis
•.
Minneapolis
Kansas City
Dallas
San Francisco
8
State
5
7
Arkansas
California
Colorado
228
193
142
19
889
1
99
193
142
5
889
1
66
115
92
1
847
1
33
78
50
4
42
Connecticut
Delaware
District of Columbia...
Florida
Georsda
115
39
22
14
115
39
22
14
64
17
11
4
51
22
11
10
37
19
34
3
Idaho
Indiana
Iowa
Kansas
..
Kentucky
M^aine
Maryland
Massachusetts
Michigan
Minnesota
Missouri
M!ontana
19
177
373
2
30
114
95
48
875
487
663
611
44
3
88
162
385
158
63
169
183
37
5
16
2
27
71
64
48
873
487
663
609
44
3
88
162
36
63
67
100
148
385
56
63
169
183
36
40
67
100
148
444
203
444
677
6
53
263
38
525
111
7
408
2
18
205
593
111
409
2
18
29
43
31
26
504
237
163
214
42
3
32
22
369
250
500
395
56
162
113
45
38
79
148
25
35
35
66
137
272
11
25
90
35
11
5
32
34
11
203
229
157
215
46
6
208
6
1
55
145
2
17
Nevada
New Hampshire
New Jersey
New Mexico
65
343
47
2
134
7
65
343
47
2
134
7
52
295
33
1
118
New York
North Carolina
North Dakota
Ohio
Oklahoma
661
204
151
668
384
704
169
24
183
1
661
86
46
668
374
704
46
4
183
1
575
53
41
425
224
649
69
1,004
19
149
170
79
133
39
31
47
69
4
69
1,004
19
54
68
13
10
314
89
305
88
124
117
120
117
148
443
55
Oregon
Pennsylvania
Rhode Island
South Carolina .
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
8
294
879
59
69
182
553
55
8
345
31
......
263
160
1
55
19
4
23
79
133
39
29
21
32
767
11
30
63
74
111
28
27
20
37
237
8
24
5
5
22
11
2
1
193
819
54
4
44
4
10
13
10
82
557
111
262
59
69
11
2
202
25
29
2
8
43
103
55
110
65
21
280
18
108
97
163
37
23
167
68
46
1
86
33
5
243
150
179
102
414
6
1
34
40
3
2
1
16
7
27
63
278
2
2
6
14
2
13
48
14
8
129
3
2
26
30
180
80
111
118
105
123
20
10
95
102
2
26
101
60
15
45
9
1
7
4
76
3
110
71
51
1
2
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 1175 of the BULLETIN for September 1947).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1314
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS
NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1946-1947
Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks.
[Amounts in thousands of dollars]
All member banks
National member banks
State member banks
Item
First half
of 1946
Earnings
Interest on U. S. Government securities..
Interest and dividends on other securities.
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees..
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation on banking house,
furniture, etc
Other current expenses
Net current earnings before income
taxes
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
Losses and charge-offs
On securities
On loans
All other
Profits before income taxes.
Taxes on net income
Federal
State
Net profits
Gash dividends declared.
On preferred stock1
On common stock
Assets and liability items : 2
Loans
U. S. Government securities. .
Other securities
Real estate assets
Cash assets
Total assets
Time deposits
Total deposits
Total capital accounts
Number of officers at end of period
Number of employees at end of period.. .
Number of banks at end of period
Earnings ratios:
Percentage of total capital accounts:3
Net current earnings before income taxes
Net profits
Cash dividends declared
Percentage of total assets:3
Total earnings
Net current earnings before income taxes,
Net profits
Percentage of total securities:3
Interest and dividends on securities....
Net recoveries and profits
Percentage of U. S. Government securities:"
Interest on U. S. Government securities.
Percentage of total loans:3
Earnings on loans
Net recoveries (or losses —)
Other ratios :
Total capital accounts to:
Total assets
Total assets less Government and cash
assets
Total deposits
Time deposits to total deposits
Interest on time deposits to time deposits3..
First half
of 1947
First half
of 1946
First half
of 1947
First half
of 1946
First half
of 1947
1,175,376
546,199
74,503
342,475
5,643
47,482
33,852
61,547
63,675
1,250,331
464,772
73,057
479,557
7,215
57,482
32,141
63,580
72,527
761,566
360,093
51,157
225,689
3,543
32,876
22,208
23,335
42,665
833,389
311,419
51,763
327,976
4,981
40,041
20,863
25,551
50,805
413,810
186,106
23,346
116,786
2,100
14,606
11,644
38,212
21,010
416,942
153,363
21,294
151,581
2,234
17,441
11,278
38,029
21,722
693,834
114,404
210,265
5,802
102,728
987
40,200
790,373
126,957
248,452
6,425
116,633
1,138
43,177
444,881
74,287
129,585
3,831
69,250
541
26,592
515,114
83,680
156,536
4,309
80,048
689
28,795
248,953
40,117
80,680
1,971
33,478
446
13,608
275,259
43,277
91,916
2,116
36,585
449
14,382
15,843
203,605
15,667
231,924
10,785
130,010
10,830
150,227
5,058
73,595
4,837
81,697
481,542
216,430
29,786
125,244
35,560
25,840
110,120
58,339
17,251
34,530
459,958
117,200
22,607
53,930
23,179
17,484
316,685
164,857
141,683
41,996
9,607
18,033
587,852
159,113
147,970
11,143
428,739
123,973
2,865
121,108
491,931
141,664
132,037
9,627
318,275
75,204
13,000
35,897
14,533
11,774
53,193
26,146
15,667
11,380
340,286
99,062
93,551
5,511
350,267
128,408
17,525
72,728
23,857
14,298
63,421
35,297
9,877
18,247
381,672
101,673
95,499
6,174
279,999
132,376
2,105
130,271
77,919
1,372
76,547
241,224
86,455
732
85,723
57,440
52,471
4,969
148,740
46,054
1,493
44,561
23,039,000
75,305,000
6,264,000
869,000
28,962,000
134,852,000
25,231,000
126,094,000
7,754,000
27,675,000
61,120,000
6,786,000
868,000
29,140,000
126,019,000
27,663,000
116,803,000
8,205,000
14,197,000
49,261,000
4,337,000
550,000
19,361,000
87,959,000
16,887,000
82,576,000
4,753,000
18,018,000
40,464,000
4,870,000
565,000
19,677,000
83,856,000
18,755,000
77,961,000
5,217,000
8,842,000
26,044,000
1,927,000
319,000
9,602,000
46,893,000
8,343,000
43,519,000
3,001,000
9,657,000
20,656,000
1,916,000
303,000
9,464,000
42,163,000
8,908,000
38,842,000
2,988,000
42,030
222,607
6,887
44,391
238,750
6,928
29,240
140,070
5,012
31,087
152,903
5,012
12,790
82,537
1,875
13,304
85,847
1,916
12.4
11.1
3.2
11.2
8.5
3.2
13.3
11.8
3.3
12.2
9.2
3.3
11.0
9.9
3.1
9.5
7.3
3.1
1.7
.7
.6
2.0
.7
.6
1.7
.7
.6
2.0
.8
.6
1.8
.7
.6
1.9
.7
.5
1.5
1.6
.1
1.5
.2
1.6
.1
1.5
.3
1.5
.1
1.5
1.5
1.5
3.5
-.02
3.2
.2
3.7
-.01
2.7
.1
6.5
5.4
6.2
6.4
7.1
22.0
6.7
24.1
.9
26.7
6.9
19.2
24.8
7.7
22.9
85,227
37,218
25,470
22,539
88,022
12,261
52,516
11,703
11,542
46,699
23,042
7,374
16,283
206,180
8,646
5,710
32,034
11,072
9,803
11,159
151,645
42,602
38,486
4,116
109,043
45,921
1,373
44,548
.2
1.5
1.5
3.0
.2
5.8
25.4
6.1
20.0
22.9
7.0
23.7
24.6
5.8
20.5
3.2
-.02
1
Includes interest on capital notes and debentures.
The figures of assets and liabilities are averages of the amounts reported for the June call date in the current year and December call date
in the preceding year.
3
Annual basis.
2
OCTOBER 1947
1315
ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND
POSSESSIONS ON JUNE 30, 1947, DECEMBER 31, 1946, AND JUNE 29, 1946
[Amounts in thousands of dollars]
June 30, 1947
All
insured
commercial
banksi
ASSETS
Loans and investments
110,712,106
Loans (including overdrafts)
33,258,041
United States Government direct obligations. . 69,141,228
Obligations guaranteed by United States Gov13,678
ernment
4,827,879
Obligations of States and political subdivisions.
3,169,582
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve
301,698
Bank stock)
Banks not
members
Federal Reserve System
15,925,729
4,605,491
9,964,017
3,815
847,207
481,436
15,860,994
4,046,599
10,540,624
3,582
754,113
492,008
117,438,074
26,796,235
82,974,112
23,742
3,975,354
3,354,207
15,420,383
3,496,006
10,733,066
3,729
669,452
493,931
24,068
314,424
24,199
4,119,728
3,776,078
""397^648
" "439^379
31,853,309
15,999,368
1,473,274
2,965,193
19,454
657
124,335
9,428,590
60,399
56,777
6,130,396
3,529,026
25,197
9,036,691
72,555
125,492
34,086
5,237,335
3,303,071
35,455
544
104,627
20,326
113,281
6,091
9,959
899,703
24,903
113,019
8,005
763
64,442
118,339
230,023
109,939
3,869
1,344
11,542
23,984
67,350
12,036
23,548
92,056
240,990
117,022
3,838
1,368
11,948
24,673
144,373,154
19,594,046
147,364,543
20,140,833
150,743,366
19,359,312
99,270,391
78,234,373
11,908,935
10,301,124
133,154
21,096
1,121,303
194,434
2,621
103,416,303
79,902,589
2,709,074
223,248
5,968,462
10,888,080
1,364,022
12,498,944
10,775,884
235,821
24,500
1,053,962
243,953
10,578
108,408,358
75,404,533
12,718,443
225,491
5,808,920
10,584,438
1,346,281
12,076,461
9,815,766
898,133
36,919
982,709
193,853
7,357
284
914,008
17,922
115,585
5,199
65,193
87,202
237,673
139,720
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
Banks not
members
Federal Reserve System
297,762
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 deposits
All
insured
commercial
banksi
33,704,314
16,013,442
2,014,710
8,453,306
51,042
34,885
5,814,224
Time deposits
Individuals, partnerships, and corporations.. .
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries
112,208,350
30,739,973
73,559,881
15,027
4,300,705
3,295,002
Banks not
members
Federal Reserve System
23,763
32,199,046
16,039,194
1,806,395
LIABILITIES
Demand 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
All
insured
commercial
banks1
3,507,287
Reserves, cash, and 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
Total assets
June 29, 1946
December 31, 1946
1,043,850
205,561
6,496,970
9,806,903
1,371,889
3,899
6,353
902,457
634
332,381
2,110,845
135,203
2,360,828
154,246
2,320,252
141,724
34,425,373
33,479,604
105,678
4,881
771,394
42,662
21,154
6,367,849
33,612,986
32,761,111
114,327
5,023
6,376,063
32,240,406
6,068,666
133,695,764
18,276,784
6,236,378
3,114
1,554
122,503
4,296
4
664,522
49,199
18,804
6,251,282
3 828
1,542
113,554
5,853
4
137,029,289
18,875,007
4,592
552,104
51,2o9
25,613
140,648,764
5,952,253
4,510
1 ,234
105,502
5,154
13
18,145,127
208,409
194,878
270,208
31,504,915
101,923
59,543
99,892
53,358
124,721
374,727
134,880
9,533
783
2,327
23,192
25,527
9,311
38,888
133,458
57,497
101,261
381,709
139,523
8,759
1,354
4,365
19,907
25,344
11,507
83,229
109,799
48,428
78,908
394,189
102,037
10,989
1,427
1,978
15,523
22,331
10,812
134,813,093
18,347,457
138,076,503
18,946,243
141,673,763
18,208,187
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Other capital accounts
3,171,036
4,182,796
1,644,081
562,148
452,042
482,146
242,353
70,048
3,141,878
4,060,047
450,103
465,789
208,317
70,381
3,070,706
1,495,456
590,659
442,541
428,709
213,854
Total capital accounts
9,560,061
1,246,589
9,288,040
1,194,590
9,069,603
1,151,125
144,373,154
19,594,046
147,364,543
20,140,833
150,743,366
19,359,312
81,027,964
11,653,224
13,391
11,433,295
1,702,083
6,466
82,101,483
13,664,608
13,359
11,858,600
1,899,861
78,296,370
23,895,648
13,335
10,835,572
2,449,032
6,451
Total liabilities
Total liabilities and capital accounts
MEMORANDA
Demand deposits adjusted 2
Pledged assets (and securities loaned)
Number of banks
6,462
3,932,822
1,485,019
581,056
66,021
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.
1316
FEDERAL RESERVE BULLETIN
ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1947, BY CLASS OF BANK
[Amounts in thousands of dollars]
Central reserve city
member banks
ASSETS
Loans and investments
Loans (including overdrafts)
United States Government direct obligations.
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve
Bank stock)
Reserves, cash, and 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
Demand 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
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries
Reserve
citymember
banks
Country
member
banks
All
member
banks
New York
Chicago
20,331,642
6,547,930
12,569,672
1,133
630, 77.5
486,095
4,801,652 34,611,405 35,056,823 94,801,52:
1,564,556 11,440,998 9,101,619 28,655,10;
2,889,775 20,841,668 22,887,386 59,188,50:
96,039
6,243,34'
4,165,945
123,432
174,544
163,406
3,429
1,363,722
871,656
9,371
89,932
1,520,752 11,241,354
972,65"" 6,274,09
35,670
469,986
5,301
1,812,598
1,167,279
9,863
3,981,637
2,688,436
All
national
member
banks
All State
member
banks
62,981,961 31,819,561
18,763,913 9,891,190
39,264,818 19,923,683
6,378
2,897,741
1,893,773
155,338
277,982
19,341,575
9,688,644
4,627,666 28,694,09" 10,603,176
966,198
779,819 16,040,361
1,408,907
3,430,355 5,489,091 4,169,589
23,065
13,762
31,588
21,128
2,849
34,228
834,193 5,689,924 3,558,419
82,640
3,485
1,083,896
794,663
122,644
9,352,524
5,437,185
442,709
47,341
2,540
20,260
1,883,831
160,956
1,42
962
349,080
1,850,439
13,859
10,157
2,622,820
284
161,074
589
15,336
284,663
7,012
337,412
5,12
284
798,485
12,723
515,11
8,571
284
283,373
4,152
3,29.
55,377
66,617
28,016
169
2,498
15,589
2,788
47,191
25,857
98,636
52,185
10,639
2,707
44,795
33,191
61,294
86,439
225,637
116,180
46,25'
52,24'
140,444
63,314
15,037
34,192
85,193
52,866
1,319,502
8,523
13,100
2,131,505
26,890,243
6,358,784 46,368,303 45,179,333 124,796,663 83,149,481 41,647,182
22,682,581
17,202,217
5,037,070 31,983,269 27,658,538 87,361,458 58,088,124 29,273,334
3,417,078 23,934,305 23,379,649 67,933,249 44,670,432 23,262,817
143,485
35,749
260,055
2,898,186
1,227,726
915,163
177,897
2,756
303,940
1,056,347
23,972
231,945
79,431
2,300,769
4,773,283
109,360
357,371
66,529
2,510,903
884,653
8,210
910,698
184,465
5,375,667
9,612,469
1,369,268
55,080
554,176
451,223
610,708
151,264
4,042,089
6,685,943
708,049
299,990
33,201
1,333,578
2,926,526
661,219
1,975,642
1,219,639
756,003
16,540
460
21,150
870,828 11,268,894 14,474,742 28,073,648
863,728 10,887,829 14,100,998 27,259,348
1,600
40,396
46,327
102,564
749
2,578
3,327
5,500
319,171
307,682
648,893
20,749
17,157
38,366
21,150
19,058,287
18,427,749
80,641
2,789
508,984
31,074
7,050
9,015,361
8,831,599
21,923
538
139,909
7,292
24,141,765
5,907,898 43,252,163 42,133,280 115,435,106
77,146,411
1,459,184
1,406,793
14,241
14,100
Total deposits
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
264,923
5,285
1,300
63,425
21,107
12,436
105,452
46,187
10,800
29,805
16,643
51,392
143,846
62,106
24,656,595
Total liabilities.
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Other capital accounts
Total capital accounts
Total liabilities and capital accounts.
MEMORANDA
Par or face value of capital
Capital notes and debentures
First preferred stock
Second preferred stock
Common stock
611,997
1,162,435
391,390
67,826
2,233,648
26,890,243
611,997
1,122
610,875
Retirable value of capital: First preferred stock. .
Second preferred stock.
1
Demand deposits adjusted
Pledged assets (and securities loaned) .
Number of banks
1
16,493,604
1,009,617
37
2,865
1,658
3,547
22,524
4,349
37,910
3,014
11,623
34,154
77,413
12,938
270,208
222,565
50,010
99,109
51,031
101,529
349,235
125,580
27,860
58,923
33,439
71,422
221,147
71,461
38,288,695
47,643
22,150
40,186
17,592
30,107
128,088
54,119
5,942,841 43,572,040 42,310,332 116,481,808 77,853,228 38,628,580
144,350
163,625
59,209
48,759
952,851
1,200,976
440,343
202,093
1,009,796
1,174,835
510,923
173,447
2,718,994
3,701,871
1,401,865
492,125
1,766,321
2,325,826
873,921
330,185
952,673
1,376,045
527,944
161,940
415,943 2,796,263 2,869,001 8,314,855 5,296,253 3,018,602
6,358,784 46,368,303 45,179,333 124,796,663 83,149,481 41,647,182
144,350
144,350
952,851
9,700
21,669
150
921,332
1,009,928
8,596
41,298
5,117
954,917
2,719,126
19,418
62,967
5,267
2,631,474
" "25,690
2,569
1,738,187
952,680
19,418
37,277
2,698
893,287
25,241
150
93,136
9,513
118,377
9,663
38,757
3,656
79,620
6,007
1,766,446
3,427,018 24,166,430 25,507,582 69,594,634 46,373,741 23,220,893
552,164 4,236,323j 4,153,137 9,951,241
7,597,552 2,353,689
14
353
6,524
5,012
1,916
6,928
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
OCTOBER
1947
1317
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments.
1319
Gold production
1320
Gold movements
1320
International capital transactions of the United States. .
1321-1326
Central banks
1327-1330
Money rates in foreign countries. .
1331
Commercial banks
1332
Foreign exchange rates.
1333
Price movements:
Wholesale prices .
1334
Retail food prices and cost of living. .
1335
Security prices
1335
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 Tnost part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
1318
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
Argentina 3
Belgium
Brazil
Canada
32
40
51
70
115
254
329
354
192
214
«7
5
6
5
6
J
361
355
354
354
354
354
354
354
354
354
7
7
7
«543
6
7
7
6
7
8
6
7
1938—Dec.....
1939 -Dec
1940 -Dec
1941 — D e c . . .
1942—Dec
1943 - D e c . . .
1944 -Dec
1945—Dec
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
431
466
353
354
»658
»939
»1,111
403
581
609
734
734
735
734
1946—Sept
Oct
Nov.. . .
Dec
1947—Jan .
Feb
Mar
Apr
May....
June....
July
Aug
20,305
20,402
20,470
20,529
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
»424
P460
s'483
»563
*645
P7O6
722
726
726
735
723
691
633
634
639
643
644
End of month
India
Iran
(Persia)
Italy
Japan
Java
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
274
274
274
274
274
274
274
274
26
26
26
26
34
92
128
131
193
144
120
164
ltS4
164
« 164
80
90
140
235
4
216
1946—Sept
Oct
Nov.. . .
Dec
1947—Jan
Feb
Mar
Apr
May
June
July...
Aug
274
274
274
274
274
274
274
274
274
274
274
123
123
123
127
End of month
Sweden
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec.....
1943—Dec
1944—Dec
1945—Dec
321
308
160
223
335
387
463
482
•965
1,158
1,342
1946— Sept
Oct
Nov
Dec
1947—Jan
Feb
Mar
Apr
May....
472
469
426
381
348
324
265
217
190
168
144
126
1,412
1,408
1,418
1,430
1,432
1,431
1,432
1,427
1,416
1,355
1,370
1,378
June....
July
Aug
P726
P726
P723
P623
716
649
Switzerland'
Tur
United
Kingdom
701
549
502
665
824
29
29
88
92
114
161
221
241
2,690
»1
key
237
236
235
237
238
238
233
226
207
191
185
Colombia
Cuba
30
30
30
31
36
54
79
82
24
21
17
16
25
59
92
127
1
1
1
16
46
111
191
73
71
71
65
63
54
53
53
53
45
46
45
142
143
144
145
147
125
126
98
92
93
87
211
221
221
226
231
236
229
234
239
259
Chile
New
Mexico Netherlands Zealand
29
32
47
47
39
203
222
294
998
692
617
575
506
500
500
270
23
23
23
23
23
23
23
23
213
200
191
181
170
148
149
149
141
265
265
265
265
265
245
197
197
196
190
190
23
23
23
23
23
23
23
23
23
23
23
Uruguay
Venezuela
Yugo-
69
68
90
100
89
121
157
195
52
52
29
41
68
89
130
202
57
59
82
•83
205
205
200
200
200
200
197
194
192
P189
P191
215
215
215
215
215
235
235
235
235
235
235
215
Czecho- Denslomark
vakia
OCTOBER
1947
Germany
29
29
29
29
29
29
29
Greece
53
53
52
44
44
44
44
38
55
55
52
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090
61
61
61
38
38
38
38
38
32
32
32
32
32
32
52
52
53
53
53
53
53
53
53
53
53
796
796
796
796
796
796
696
696
696
696
544
544
Peru
Poland
Portugal
Rumania
South
Africa
20
20
20
21
25
31
32
28
85
<84
69
69
59
59
59
60
60
60
133
152
158
182
203
260
267
269
220
249
367
366
634
706
814
914
P27O
P27O
P268
970
965
941
939
886
851
803
798
788
757
94
94
84
24
24
24
24
24
21
20
19
20
20
20
20
B.I.S.
Other
coun-7
tries
14
7
12
12
21
45
37
39
166
178
170
166
185
229
245
247
40
40
40
32
28
28
27
27
27
27
27
26
237
237
237
240
239
239
240
240
240
P240
P240
P240
P Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad
and gold belonging to the Argentine Stabilization Fund.
!
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, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
are8 included also.
Figure for December 1938 is that officially reported on Apr. 30, 1938.
* Figures relate to last official report dates for the respective countries, as follows: Java—
Jan.
31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
1
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
• Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
N O T E . — 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.
1
France
83
56
58
61
61
61
61
61
Norway
4
Egypt
Hungary
37
24
24
24
24
24
24
27
28
28
28
28
28
28
24
24
24
24
24
27
27
27
30
30
Spain
3
525
42
42
91
105
110
Hi
111
111
111
111
111
111
111
111
752
Government gold reserves 1 not included ia
previous figures
End of month United
States
1938—Dec
1939—Mar
M^ay
Aug
Dec
1940—Aug
Dec
1941—Sept.. . .
Dec
1942—Dec
1943—Dec
1944—Dec
1945—June
Dec
1946—June
Sept.. . .
Dec
1947—Mar
80
154
United
King- France
dom
2759
1,732
3876
156
48
24
25
12
43
12
81
18
71
113
177
163
331
559
477
4460
4
292
<151
52,354
52,398
52,341
52,196
52,535
52,587
52,345
293'
214
457
Belgiurra
44
17
17
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
» Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings of U. S. dollars, including
private as well as official holdings, as reported
by banks in the United States are shown > in
table on p. 1324.
NOTE.—For available back figures and for details regarding special internal gold transfers
affecting the British and French institutions, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for February 1945, p. 190.
1319
GOLD PRODUCTION
OUTSIDE U. S. S. R.
fin thousands of dollars]
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—Aug..
Sept..
Oct..
Nov..
Dec.
1947—Jan,.
Feb..
Mar..
Apr..
May.
June.
July..
Estimated
world
production Total
reported
outside
U.S.S.R.i monthly
South
Africa
1,136,360 958,770 425,649
1,208,705 1,020,297 448,753
1,297,349 1,094,264 491,628
1,288,945 1,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
646,914 427,862
'663,266 417,647
'60,319 35,553
'56,745 34,509
••58,988
'54,948
'56,501
58,127
41,044
51,824
55,412
59,738
35,922
33,823
34,184
34,021
19,965
28,665
31,824
35,308
33,984
35,396
Production reported monthly
Africa
North and South America
RhoWest I Belgian United I CanMex- IColom- I Chile Nica-7
desia Africa2 Congo' States 4 ada 5
bia
ragua
i
/ = i 5 5 / 2 1 grains of gold */va fine; i. e., an ounce of fine gold=$35
28,532 24,670 8,470 178,143
,379 32,306 18,225 10,290 1,557
28,009 28,564
8,759 196,391
,303 29,426 19,951 11,376 3,506
29,155 32,163 * 8,862 210,109
,890 30,878 22,117 11,999 5,429
27,765 32,414
209,175
,081 27,969 22,961 9,259 7,525
26,641 29,225
130,963
,446 28,019 20,882 6,409 8,623
23,009 19,740
48,808
,796 22,055 19,789 6,081 7,715
20,746 18,445
35,778
,302 17,779 19,374 7,131 7,865
19,888 18,865
32,511
,385
17,734 6,282 6,985
19,061 20,475
^51,182
,994
15,301 8,068 6,357
1,646
1,750
'7,834 8,092
,048
377
448
1,578
1,715
'6,322 8,047
,425
354
379
1,579
1,785
'5,454 8,429
,332
1,384
654
1,527
1,820
'4,424 8,092
,161
1,203
657
1,585
1,820
'5,779 7,961
,088
864
559
1,524
1,785
7,612 8,195
,423
271
566
1,502
1,750
5,483 7,806
,276
371
581
1,574
1,855
5,500 9,235
,273
856
555
1,537
1,890
6,246 8,921
,464
540
610
1 508
1,820
7,220 9,412
,130
528
502
1,680
6,117 9,418
,065
553
520
1,855
7,319
636
Other
54,264 11,284
56,182 11,078
55,878 10,157
9,940
51,039
8,960
42,525
8,820
28,560
6,545
16,310
5,950
16,450
4,585
21,595
3,080
1,925
1,925
1,925
2,170
2,205
1,820
1,820
1,820
1,785
1,890
490
490
525
315
490
525
490
490
560
525
490
560
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.
r
Revised.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal
Statistics. Beginning January 1944, they represent Gold
3
Coast4 only.
Beginning May 1940, monthly figures no longer reported.
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure8 $475,641 so that the aggregate for the year is equal to the annual estimate6 compiled by the United States Mint.
Figures for Canada beginning 1946 are subject to official revision.
Beginning April 1942, monthly figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately 535 a fine ounce]
Year Total
net
or
mo. imports
1938
1939
1940
1941
1942
1943
1944
1945
1946
United
Kingdom
France
Belgium
Netherlands
Sweden
Net imports from or net exports (—) to:
Other PhilipSwitzLatin
AuserCanada Mexico Ameri- pine tralia
land
can Re- Republics public
South
Africa
Japan India
All
other
countries
76,315 36,472 65,231 27,880 39,162
401 168,740 16,159 13,301
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862 165,605 50,956 2168,623
977
2,622,330
161,489
63,260
184,756
128,259
38,627
103,777
111,739 49,989 284,208
29,880
90,320
241,778
633,083
4,744,472
1
1,747
1
899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 363,071
3,779
982,378
321
129 20,008
528 4,119
5 208,917 40,016 39,680
1,955
315,678
66,920 - 3 , 2 8 7 13,489
-8,731
307
88
152
68,938
46,210 -109,695 -108,560
18,365
-845,392 -695,483
199 3,572
4
53,148 15,094 -41,748 " 1 6 3
-133,471
357
160
-106,250
106
344,130
458
—6
311,494
-2,613 5-18,083
41 118,550
3,591 -134,405 - 1 5 6
-14
1946
Sept.
Oct.
Nov.
Dec.
1947
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.?
-7,629
24,182
77,903
-61,193
-16,820
20,361
153,634
44,050
129,734
200,233
219,201
111,657
2
383
2
9
-120
-75
— 1,002
-449
2
82 -29,198
198
4,523
621
1,065
449 -110,276 ' - 1 5 1
17,902
19,912
38,601
17 18,883
- 3 9 8 6 3,785
103
-682
- 4 3 0 6 12,415
- 8 6 8 6 3,279
443 -97,579 -132
51,174
222 -30,341 - 4 9
30,319
221 -13,269 - 1 2 9
101,642
26,341 - 9 , 7 9 3
2,898
122
262 24,352 - 8 7
26,442
217 96,026 - 7 0
52,913
7R7 103,894 -1,111
51 820
2 220!
330 90 369 -1,543
32,544
37,490
66 674
11 26,376
80,446
53,228
60 081
17 16 042
-374 7 -2,899
- 5 5 6 -16,734
-214
-1,140
—515
-1,390
-78 -1,529
-334 6 -638
- 5 5 1 6 5,233
4,221
197
134
25,248
27,473
-8
-2
6
-31
1
-108
1
1
p Preliminary.
1 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.
2 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 other countries.
34 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
Includes $133,980,000 to China and $509,000 from other countries.
6
Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
e Includes imports from U. S. S. R. as follows: 1946—September, $3,372,000; November, $11,793,000; December, $4,492,000; 1947—July
$5,626,000;
August, $5,627,000.
7
Includes $14,000,000 to China and $2,734,000 to other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
1320
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
From Jan. 2, 1935,
Total
Increase in foreign banking
funds in U. S.
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155 0
312.8
388 6
361.4
31 8
43.7
40 1
125.2
—6 2
15.8
90 3
316.7
21 1
29.8
29 8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,546 3
1,993.6
2,331 9
2,667.4
613.6
823.4
947 1
989.5
79.6
80.3
86 0
140.1
534.0
743.1
861.1
849.4
390
449
456
431
3
0
2
5
114
180
272
316
4
5
2
2
427
524
633
917
4
16 5
23 2
12 9
31
30
29
29
2,998.4
3,639 6
3,995 5
3,501 1
1,188.6
1,690 1
1,827.2
1,259 3
129.8
293 0
448.2
334 7
1,058.8
1,397 1
1,379.0
924 6
411
466
518
449
0
4
1
1
319
395
493
583
1
2
3
2
1,075 7
1 069 5
1,125 1
1 162 0
4
18
31
47
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3,301 3
3,140.5
3,567.2
3,933.0
1,043 9
880.9
1,275.4
1,513.9
244 0
220.6
282.2
327.0
799 9
660.4
993.2
1.186.9
434 4
403.3
477 2
510.1
618 5
643.1
625 0
641.8
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
1,927.3
1,888.3
550.5
607 5
618.4
650.4
1,188.9
1 201 4
1,177.3
1,133.7
63.9
74 0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
L.907.8
L,980.5
.958.3
631.6
684 1
773.6
775.1
646.7
664 5
676.9
725.7
761.6
785 6
793.1
803.8
1,095.0
1,042 1
987.0
888.7
88.7
98 9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607 4
5,660.1
5,612 6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767 4
818.6
805 3
791 3
812 7
834.1
841 1
855 5
701 8
631.2
623 5
626 7
95 9
98.2
100 9
100.9
1942—Mar. (Apr.
1)
June 30 2
Sept. 30
Dec. 31
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858 2
888.8
849.6
838.8
830 5
848.2
624.9
632.0
646 1
673.3
104.3
106.2
107.5
104.4
1943—Mar.
June
Sept
Dec.
31
30
30
31
6,292 6
6,652.1
6,918.7
7,267.1
3,788 9
4,148.3
4,278.0
4,644.8
1,868 6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898 7
896 9
888.6
877 6
810 5
806 8
929.3
925 9
685 9
687 9
708.1
701 1
108 6
112 1
114.8
117 8
1944—Mar. 31
June 30
Sept. 30
Dec. 31
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868 0
856.6
883 5
805.8
904 1
929.8
1,026 2
1,019.4
685 8
702.4
737 8
911.8
119.6
119.1
122 2
126.3
1945—Mar
June
Sept.
Dec.
8,002.6
8,422 8
8,858.6
8,802.8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2,354.3
2,357.9
2,487.2
2,675.5
848.5
760 4
865 3
742.7
983.7
1 011 2
998 2
972.8
820.6
848 4
818 4
798.7
130.5
131 8
134.6
144.1
8,822 9
8,775.1
8,730.8
8,674.4
8,405.8
8,338.2
8,496.2
8,344.2
8,250.1
8,280.2
8,270.4
8,009.5
6,234.7
6,156.8
6,098.8
6,076.2
5,850.7
5,662.7
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
3,601.6
3,457.7
3,384.6
3,296.2
3,074.2
2,852.0
3,186.7
2,917.3
2,834.4
2,776.9
2,532.7
2,333.6
2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.0
2,811.7
2,847.3
2,884.0
2,962.7
2,938.7
16.2
70.6
48.5
45.4
190.8
200.0
280.3
249.1
264.4
441.5
453.8
729 2
728.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
1,097 8
1,067.2
1,073.0
1,076.1
1,104.2
1,103.9
1,125.3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9
625 9
672.4
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
135.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7
8,047.3
9,929.9
9,706.7
9,741.5
9,478.2
5,270.6
5,017.3
4,811.3
4,785.4
4,468.0
2,386.0
1,976.2
1,695.4
1,688.8
1,418.7
2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
449.0
2,705.6
2,707.0
2,702.5
2,819.4
404.8
380.9
337.1
333.6
255.3
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
464.4
439.7
414.3
416.7
398.5
150.4
156.6
154.5
161.6
156.4
937—Mar.
June
Sept.
Dec.
31 .
30
30
31
1946—Jan. 31
Feb 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1947—j an
Feb
Mar.
Apr.
May
31
28
31
30
31
....
4.4
6
1
3
4
1
3
9
5
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); and beginning
Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury.
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old^peries overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
OCTOBER
1947
1321
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)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946— June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 3 1 . . . . .
Feb. 28
Mar. 31
Apr. 30
May 31
Total i
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
,440.7
,667.4
,501.1
,933.0
,112.8
.807.9
,354.1
,980.2
,267.1
,728.4
,802.8
8,147.4
8,296.2
8,063.9
8,001.0
8,015.8
828 9
555.7
7,598.4
7,224.3
6,999.7
7,039.0
6,658.9
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
892.5
485.3
756.0
624.1
665.1
736.3
640.9
563.1
585.6
558.2
489.6
595.
453.5
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
539.7
411.9
389.4
376.4
370.1
351.1
322.8
326.4
319.1
295.6
256.7
391.7
356.8
130.4
335.
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
737.0
741.0
752.5
745.9
756.3
760.9
766.1
769.5
776.8
786.1
801.6
804.6
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
170.4
196.9
201.0
203.5
213.4
228.0
287.5
342.8
256.2
215.8
221.7
198.7
166.6
311.6
436.1
612.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
,317.6
,288.1
,264.8
,243.9
,248.7
,249.5
,246.3
,259.5
,232.8
,262.9
,210.0
,161.5
1,200.6
70.9
()
2,051.3 150.5 201.2
2,653.0 106.3 410.6
3,054.2 155.3 384.6
3,790.1 229.4 483.4
4,056.6 411.7 606.8
3,626.3 340.5 567.5
3,608.1 425.1 835.8
4,192.8 760.3 951.0
4,081.8 976.4 1,193.7
4,037.0 1 ,395.7 1,338.4
3,554.8 1,313.2 1,471.6
3,790.7 1,278.7 1,486.1
3,612.0 1,223.5 1,566.2
3,649.5 1,177.7 1,544.8
3,738.9 ,110.6 1,569.6
3,603.8 ,067.0 1,546.4
3,574.2 979.7 1,474.0
3,645.8 967.1 1,466.3
3,455.8 933.3 1,431.2
3,362.5 853.1 1,384.3
3,552.8 764.8 1,364.7
3,294.9 763.1 1,318.6
210.2
299.
281
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
432.5
419.4
393.2
421.1
433.1
401.7
384.8
369.4
336.3
351.4
332.0
319.8
Canada
Latin
2
America Asia
156.5
243.0
315.4
302
522.6
642.6
691
932.9
,161.6
,273.6
,784.1
,560.3
,492.1
,425.4
,365.9
,326.6
,327.4
,258.3
,217.
,155.9
,149.8
,112.0
,042.6
All
other2
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
247.5
248.5
236.7
263.2
270.0
284.4
269.6
302.0
248.1
250.0
244.6
239.6
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, t h r o u g h 1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940) .
1940—Dec. (Jan. 1, 1941).
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946— June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Total
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,662.7
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
5,270.6
5,017.3
4,811.3
4,785.4
4,468.0
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
273.7
599.7
464.0
509.0
576.8
485.5
397.6
423.0
381.9
312.2
423.1
279.7
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
239.5
217.5
210.5
222.4
199.1
185.8
208.2
195.6
197.8
166.7
205.0
189.7
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
314.6
318.8
341.1
333.1
345.5
353.2
359.0
363.6
370.5
378.5
383.6
388.9
7.3
23.0
6.9
1.7
19.7
— .9
-3.4
-6.2
-6.9
7.0
50.1
116.6
145.2
154.0
158.6
168.6
185.2
247.6
300.
227.1
198.2
205.4
184.1
59.9
82.4
119.1
196.8
449.9
580.8
538.0
479.8
565.3
611.2
745.8
747.6
718.4
691.2
679.4
453.5
588.9
791.7
1,010.7
1,655.4
1,986.3
1,766.9
1,697.5
2,271.2
2,193.7
2,223.4
1,897.9
2,194.8
2,031.4
2,097.9
2,183.0
2,084.0
2,065.5
2,141.0
1,979.3
1,921.0
2,035.9
1,808.0
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399.5
704.7
818.6
,414.2
1,155.8
1,176.4
1,111.6
1,069.6
995.4
937.4
823.9
748.0
784.7
670.2
519.6
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
205.8
195.1
170.6
195.4
204.5
181.2
165.8
157.0
129.0
146.2
129.6
117.8
688
693
687.2
701.0
673.1
719.1
689.2
647.8
Latin
2
America Asia
33.5
87.0
149.3 149.4
166.3 217.0
127.6 251.8
215.1 417.0
326.4 531.2
296.7 541.4
482.8 743.9
578.7 928.2
794.7 888.6
924.9 ,369.1
1,029.7 ,360.8
1,052.8 ,306.8
105.0 ,256.9
,059.2 ,215.8
,058.9 ,178.7
,029.3 ,183.9
983.3 ,135.7
,010.3 ,082.9
981.0 ,013.5
956.1 ,012.5
,000.0 982.7
,009.4 943.1
All
Other*
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
218.5
218.9
224.1
239.3
244.8
260.8
263.9
288.5
258.7
251.5
247.2
237.9
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—D ec 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 3 1 . . .
1945—Dec 31
1946—j u n e 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec 31
1947—j an 3i
Feb. 28
Mar 31
Apr 30
May 31
Total
United
King- France
dom
Netherlands
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
624.5
574.1
554.0
519.8
532.8
492.9
427.2
404.8
380.9
337.1
333 6
255.3
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
261.5
216.2
226.2
226.7
235.5
236.1
244.3
241.5
252.6
256.2
249 6
252.4
— .4
-3.3
—4.4
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-100.7
-101.0
-104.2
-118.4
— 110.2
-12.0.2
-132.3
-117 9
-135.1
-137.1
-32 4
-20.6
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
78.0
78.1
75.7
76.0
76.1
75.1
75.0
73.4
69.2
66.1
63.4
57 9
60.2
Switzerland
Italy
Other
Europe
Total
Europe
Asia2
All
other2
1.6
2.7
13.7
16.3
38.5
88.0
132 0
175.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
248.2
242.8
246.0
236.3
232.0
229.0
226.9
226.0
225.9
217.1
203.4
196.7
310.2
-4.6
20.1 37.3
343.7
36.9
24.9 30.4
409.3 - 2 1 . 7
51 6 18 7
460.9
35.9
66.8 —46 5
563.5
56.5
52.6 —21.5
634.7
60.3
43.2 34.8
647.4
62.7
17 7 64 7
661.5
58.6
68 3 93 8
656.5
55.1
55.7 102.7
626.6
64.8
37.0 77.7
593.4
39.5
9.1 99.2
512.9
39.3
3.3 72.8
457.3
50.6
-2.4
71.9
465.2
49.3
— 17 3 61 1
439.2
42.6
- 1 4 . 6 56.4
452 0
43 2
— 14 1 54 8
40 0 —32 2 54 1
435.4
421.3
40.7
- 5 8 . 8 29.9
426 9
44 1 —92 4 34 6
414.3
49.9 - 1 1 1 . 6 • 44.0
402.4
53.9 - 1 4 0 . 6 40.2
482 8
56 5 —213 7 31 0
490.0
56.1 - 2 7 0 . 0
1.8
— 1.6
—4.4
—8 7
—7.0
— .8
2 6
2.6
2.9
6.5
5 4
6.6
5.1
6.8
5.2
1.6
1.4
3 4
2.6
37
1.8
-1.7
—3 5
-4.1
-3.3
-1.4
6.5
13.7
15.5
25.3
25 8
26.2
26.2
26.2
26.2
24.1
22.2
17.8
15.9
16 0
13.7
10.6
11 7
8.9
6.0
45
2.7
CanLatin
ada America
2.1
—1 2
6 6
7.5
-.3
1.5
-3.9
-3.4
—4 2
-3.7
—3 1
—4 4
-5.8
—8 4
-15.7
-18.7
—23 0
-22.6
1
2
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
• Inflow less than $50,000.
1322
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936— Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
1936)
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
1,103.9
1,125.3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1939)
1940)
1941)
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
109.7
107.3
101.5
100.4
98.3
95.0
96.8
98.1
101.3
101.4
102.9
103.6
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
51.0
50.9
49.9
49.9
49.5
49.1
50.2
50.0
49.9
50.1
50.0
49.6
Netherlands
Switzerland
Italy
Other
Europe
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
33.2
33.1
31.4
30.3
29.1
27.5
26.0
24.7
23.6
22.8
22.5
2.2
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
45.0
44.9
36.4
37.4
34.5
31.0
31.2
31.5
31.8
30.9
31.9
31.4
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.3
27.3
27.1
27.1
26.8
26.7
26.7
27.0
26.8
26.8
26.9
26.9
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246.6
246.9
249.2
250.5
258.4
257.6
258.2
258.0
257.2
260.2
261.8
264.6
265.1
257.7
258.3
Total
Europe
CanLatin
ada America
Asia1
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
59.8
59
59
59
59.4
59.5
61.1
61.0
61.1
61.1
61.0
61.0
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
23.0
23.0
6.5
17.4
19.3
19.3
.7
10.9
-5.7
6.4
11.1
14.7
Can- Latin
1
ada America Asia
All
other1
143.1 - 3 9 . 7
278.3
1.7
366.4
10.5
440.6
-9.7
495.2
-7.6
510.0
25.0
521.3
35.4
526.3
-3.0
530.3
41.2
530.1 104.9
523.8
49.1
516.7 166.2
521.9 179.7
503.8 193.7
503.4 200.2
496.2 207.7
486.5 226.4
491.2 236.6
493.0 290.0
497.9 218.9
497.1 253.7
491.8 309.5
472.0 358.8
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
338.1
341.0
378.2
390.3
414.2
439.9
448.4
453.2
457.6
464.4
468.2
474.2
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—Dec. 31
1946—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
1936)
Total
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
464.4
439.7
414.3
416.7
398.5
1939)
1940)
1941)
United
King- France
dom
Netherlands
Switzerland
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
73.3
73.4
73.0
77.6
81.6
74.3
74.9
73.0
71.4
71.2
73.8
72.3
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
233.5
224.0
223.6
222.9
220.1
216.8
213.6
207.0
199.4
194.4
188.0
179.3
168.6
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
342.3
342.1
335.6
335.8
334.7
336.3
337.9
338.4
338.7
338.4
344.2
345.4
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-179.0
-186/2
-186.7
-189.7
-193.4
-194.9
-194.9
-196.2
-197.5
-197.9
-198.3
-200.5
Italy
_ !
-3^3
-4.9
-5.5
-4.9
2.7
—, -tI
.6
1.9
2.2
1.8
1.7
1.6
1.7
1.6
2.0
2.1
3.0
-7.0
-15.5
-15.6
-15.4
Other
Europe
Total
Europe
7.6
286.2
2.8
31.1
818.0
32.6
38.3 1,041.6
37.6
33.9 1,094.1
25.7
32.2 1,004.4
-2.6
35.8
851.3 -18.4
37.1
615.0 -44.7
44.4
644.7 -45.1
55.4
645.7 -58.2
72.4
633.7 -28.1
68.0
582.9 -126.6
58.4
520.9 -66.8
55.2
509.8 -147.7
56.3
502.8 -150.3
56.0
501.6 -153.9
56.0
497.2 -155.7
55.4
486.7 -158.2
57.3
484.3 -143.0
56.6
474.2 -137.1
55.3
455.2 -141.9
47.8
432.0 -144.6
46.0
429.5 -141.9
45.2
415.5 -141.0
3.7
15.5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
81.3
90.3
86.1
87.5
91.5
93.4
94.1
87.6
84.9
86.2
88.2
90.6
86.5
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
62.1
49.7
43.4
30.5
29.7
25.0
26.8
33.4
32.1
30.6
30.3
28.8
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.9
8.4
8.3
8.8
8.6
7.5
6.9
8.8
9.1
8.0
8.1
8.1
8.7
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
1940—Dec. (Jan. 1, 1941).
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947 Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Total
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
144.1
141.4
140.9
146.8
150.4
153.1
154.7
153.7
150.4
156.6
154.5
161.6
4
156.4
United
King- France
dom
Netherlands
Switzerland
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.4
24.3
24.4
23.7
22.1
22.4
22.0
20.5
20.1
20.0
20.4
20.5
19.9
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
26.0
15.9
16.1
15.8
15.7
16.3
16.1
17.5
17.3
14.9
16.3
17.3
16.9
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
30.3
33.4
33.8
35.9
36.9
37.9
38.6
39.6
39.5
39.9
41.5
42.1
40.4
()
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.3
18.9
19.2
18.6
19.2
19.2
19.2
19.2
19.8
17.7
18.6
18.4
Italy
Other
Europe
Total
Europe
1.3
-.3
5.0
5.0
4.9
7.7
7.7
8.5
9.2
10.4
13.6
12.9
13.2
13.7
14.0
14.1
14.8
14.7
14.1
14.0
13.8
13.7
13.5
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
113.6
106.3
107.0
108.9
107.5
110.4
111.2
112.0
110.8
109.0
110.0
112.7
109.5
CanLatin
1
ada America Asia
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
19.5
18.5
19.8
19.1
19.2
20.1
21.5
21.5
22.1
21.7
20.0
21.2
19.6
1.0
-4.2
-.9
1.6
9.2
3.9
4.2
3.8
5.1
5.9
10.2
8.5
12.9
18.3
17.1
15.3
13.4
10.3
18.0
16.3
19.5
18.5
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.8
3.9
4.4
3.7
4.0
5.0
4.8
5.3
5.2
5.5
7.0
8.0
All
other1
.9
()
2^1
.7
.8
.9
1.3
1.8
1.3
1.5
1.7
1.6
1.6
1.5
1.8
2.0
1.9
2.8
2.8
1.2
.9
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under ll'All
A other."
2 Inflow less than $50,000.
3 Outflow less than $50,000.
* Amounts outstanding May 31 (in millions of dollars): foreign brokerage balances in United States, 106.0; United States brokerrage balances
abroad, 26.4.
OCTOBER 1947
1323
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
Date
International
institutions
1934—Dec.3 3
1935—Dec. ...
1936—Dec. 30.
1937—Dec. 29.
1938—Dec.3 3...
1939—Dec.
1940—Dec.3. ..
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
1946—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
210.8
219.9
300.3
269.0
284.4
461.4
473.7
468.9
2,725.6
2,726.9
2,722.5
2,839.3
Total foreign
countries1
Official
and
private
Switzerland
Italy
Official
United
NethKing- France erlands
dom
Other
Total
Europe Europe
669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
92.4
76.9 33.9 12.9
130.3
205.5 163.5 68.6
232.5
235.7 176.3 78.8
427.1
261.5 143.9 89.1
473.8
436.1 187.4 101.8
781.0
448.2 288.2 204.9
1,418.9
365.5 490.1 174.3
400.8 448.6 174.9
1,314.9
554.6 432.3 186.6
2,244.4
3,320.3 1,000.8 439.9 193.3
865.7 401.2 209.7
3,335.2
707.7 310.0 281.6
4,179.3
13.7
86.1
123.5
302.1
218.8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
18.8
26.1
41.7
25.7
20
38
17.9
15.4
12.1
11.3
27.3
70.4
76.7
136.5
158.3
194.9
273.3
526.4
657.3
614.6
650.9
728.6
774.5
909.1
232.9
99.3 122.8 202.8
686.3 145.3 156.3 289.8
814.3 186.1 263.9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201.8 248.5 435.5
1,882.6 274.6 336.0 655.7
2,213.5 434.3 447.3 769.9
1,994.0 373.2 417.7 780.0
2,020.7 507.4 597.7 930.0
2,584.5 812.6 693.7 ,108.8
2,517.8 926.5 909.3 ,069.2
2,583.0 1,522.2 1,046.4 ,549.7
12.0
23.4
27.1
20.0
34.1
72.5
73.3
113.6
149.6
175.3
174.0
181.8
332.5
336.7
359.0
351.1
4
359.1
366.8
372.6
377.2
384.1
392.2
397.2
402.5
137.0
165.5
174.3
178.9
188.9
205.5
267.9
321.0
247.4
218.5
225.7
204.4
910.8
881.7
854.5
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
811.1
2,257.4
2,554.4
2,391.0
2,457.4
2,538.3
2,439.3
2,420.7
2,496.2
2,334.6
2,276.3
2,391.2
2,163.3
,541.4
,487.5
,437.5
,396.4
,359.3
,364.5
,316.4
,263.5
,194.2
,193.1
,163.3
,123.7
187.4
187.8
192.9
208.1
213.7
229.7
232.8
257.3
227.5
220.3
216.0
206.7
6,401.2
6,688.3
6,467.5
6,420.3
4
6,395.1
6,229.6
6,006.5
6,004.8
5,751.4
5,545.4
5,519.6
5,202.2
3,562.3
3,897.0
3,627.6
3,544.7
3,487.2
3,243.0
3,043.9
3,096.3
2,686.5
2,405.7
2,399.1
2,129.0
335.1
661.1
525.3
570.3
638.1
546.8
458.9
484.4
443.3
373.6
484.4
341.0
286.0
275.2
250.8
275.5
284.6
261.4
245.9
237.2
209.1
226.4
209.8
197.9
256.1
234.1
227.1
239.0
215.7
202.4
224.9
212.2
214.4
183.3
221.6
206.3
CanLatin
All 2
ada America Asia 2 Other
1,263.8 1,151.3
1,284.3 1,174.4
1,219.6 1,226.6
1,177.5 1,180.7
103.3 1,180.5
,045.3 1,150.8
s
931.8 1,104.8
855.9 1,131.8
892.7 1,102.6
778.2 1,077.6
627.5 1,121.6
1,130.9
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
6 LuxemGermany Greece bourg6
Date
Other
Europe
Belgium
Denmark
Finland
I939—Dec.33
1940—Dec
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 31. . .
1944—Dec. 31. . .
1945—Dec. 31. . .
526.4
657.3
614.6
650.9
728.6
774.5
909.1
159.2
144.8
117.3
121.8
122.9
124.3
185.0
28.1
17 3
18 1
17.7
13.9
14.8
25.9
21.4
16 5
9.5
6.7
5.7
7.9
7.7
7.1
5.5
6 6
7.5
6.5
6.8
7.0
39.3
43.5
48.7
70.8
1946—June 30. . .
July 31. . .
Aug. 31. . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
910.8
881.7
854.5
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
811.1
175.7
169.0
160.1
158.7
177.0
186.0
159.5
165.3
149.3
178.8
163.0
150.9
49.7
50.4
52.1
56.8
54.9
57.0
66.5
73.3
68.3
62.5
57.8
56.9
11.2
11.9
13.1
13.6
17.0
18.6
22.2
21.6
28.9
31.3
26.8
22.4
6.4
6.4
6.5
6.4
6.8
7.3
7.1
5.3
5.5
6.9
9.1
72.3
64.1
60.1
64.4
58.4
55.5
49.3
43.7
43.0
39.7
39.8
37.7
21.5
Norway
6 YugoPortuRu6
All
gal
mania6 Spain Sweden USSR slavia6 other
18.3
18.4
18.6
22.3
56 3
48.7
65 2
132.4
158.9
220.8
216.1
35.7
53.4
54.5
47.9
9.4
9.3
9.5
9.3
22.6
22.9
22.8
21.7
21.6
21.8
22.6
22.5
22.5
22.9
22.2
22.2
161.1
148.9
142.3
140.8
136.0
123.1
123.5
117.4
106.8
105.3
111.2
100.6
48.6
47.6
50.2
49.1
48.8
43.5
39.0
45.4
44.0
54.2
52.2
52.3
10.0
10.9
Cuba
French
West
Indies
and
Guiana7
8.5
8.7
8.7
9.0
8.9
8.9
8.9
12.2
11.3
8.3
14.3
12.3
16.1
28.0
17.7
31.8
43.4
31.7
142 2
235 .4
210 7
153.5
163.2
152.1
210.1
32.3
20.7
18.2
18.9
20.2
15.3
16.4
19.8
20.0
18.8
18.1
17.5
191.7
204.4
196.3
183.1
159.9
165.4
172.6
164.2
159.1
165.2
157.3
152.2
59.5
50.2
47.9
37.5
46.4
53.2
60.5
60.4
58.5
58.5
60.0
50.4
7.4
8.3
8.7
8.5
8.4
Panama8
Peru 7
Other
Vene- Latin
zuela7 America
85.3
105.6
121.&
64.2
95.4
119.8
144.8
i7.5
9.9
5.7
5.7
10.4
12.4
12.9
13.9
14.7
15.3
12.5
109.8
187.9
19l!o
57.9
76.9
52.1
43.7
62.3
65.9
67.7
74.7
87.8
90.3
89.9
103.4
107.8
111.4
108.4
105.6
Latin America
NethDate
Latin
America
Argentina
Bolivia7
Brazil
Chile
i6!8
26.8
28.5
27.3
34.5
54.0
55.0
66.3
59.3
62.1
53.9
51.2
49.8
50.5
50.7
46.2
45.2
51.0
53.4
45.3
336.0
1939—Dec.'3
1940—Dec.
447.3
1941—Dec. 31. . . 417.7
1942—Dec. 31. . . 597.7
1943—Dec. 31. . . 693.7
1944—Dec. 31. . . 909.3
1945—Dec. 31. . . 1,046.4
57.7
115.4
75.7
67.6
69.8
93.9
77.3
12.6
17.7
14.5
36.4
36.2
50.5
67.7
98.7
140.8
195.1
1,151.3
1,174.4
1,226.6
1,180.7
1,180.5
1,150.8
1,104.8
1,131.8
1,102.6
1,077.6
1,121.6
1,130.9
116.6
124.4
147.9
144.5
147.9
131.4
112.6
166.0
180.0
181.4
223.0
252.0
10.7
12.3
11.5
13.5
14.3
13.6
14.0
12.4
13.7
12.8
11.7
10.3
218.8
231.1
255.9
231.0
223.5
205.6
174.0
183.4
157.8
127.6
115.3
96.7
1946—June 30. . .
July 31. . .
Aug. 31. . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31. . .
Colom-7
bia
"43!i'
67.1
83.6
79.2
66.3
75.2
67.4
65.2
61.5
60.7
57.8
51.0
55.9
51.9
56.2
57.8
Costa7
Rica
er-
Mexico
lands
West
Indies
and
Surinam7
7.4
6.9
37.0
47.9
62.5
100.3 "'49'
2.6
70.4
4.4
139.3
7.1
128.3
58.8
55.0
37.7
95.7 " 2 0 ! } '
70.4
41.2
83.1
36.0
116.4
28.2
34 0
58! 7
42.1
36.9 'ij'.i'
57.6 17 A
69.1 27.7
88.7 43.9
24.2
31.5
49.7
6.7
6.8
6.5
6.7
7.1
8.6
7.7
7.3
9.0
8.5
9.3
8.5
169.6
167.0
175.6
160.6
158.0
159.1
153.5
147.3
145.9
150.8
168.0
162.0
137.1
135.3
143.1
142.2
133.2
143.2
152.2
149.3
142.1
139.1
127.6
128.8
87.1
84.8
84.3
85.4
84.6
84.1
77.2
78.2
75.2
73.2
71.0
68.9
46.1 168.6
42.3 171.5
50.9 169.4
52.5 167.3
68.7 167.6
67.3 166.7
74.0 168.7
51.5 183.8
45.5 182.4
46.7 1186.1
49.4 ^186.6
46.3 |202.9
"\2A
12.2
7.0
7.6
7.4
7.8
6.7
6.0
5.4
4.9
3.9
4.0
3.2
3.6
16.7
14.7
14.1
13.7
13.6
13.5
16.1
13.6
11.8
10.5
10.6
9.0
40.6
39.2
38.8
39.1
43.8
40.7
40.9
37.0
34.3
34.0
35.9
38.9
26!9'
For footnotes see p. 1325.
1324
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,
China
and French Hong BurMan- Indo-1 Kong ma,
and
chu- China
Ceyria
lon1
1939—Dec.s
655.7 167 0
1940—Dec.3
769.9 207 5
1941—Dec. 3 1 . . . .
780.0 156.8
1942—Dec. 3 1 . . . .
930.0 360 9 "27 A
1943—Dec. 3 1 . . . . 1 ,108.8 574 2 27.4
1944—Dec. 3 1 . . . . 1 ,069.2 427.3 27.4
1945—Dec. 3 1 . . . . 1 ,549.6 582 3 28.0
30. . . 1 ,541.4
31. . . 1 ,487.5
31. . . 1 ,437.5
30. . . 1 ,396.4
31. . . 1 ,359.3
30. . . 1 ,364.5
31. . . 1 ,316.4
31. . . 1 ,263.5
28. . . 1 ,194.2
31. . . 1 ,193.1
30... . 1 ,163.3
M a y 31. . . 1 ,123.7
1946—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1947—Jan.
Feb.
Mar.
Apr.
1
2
3
657
611
561
525
490
456
431
398
359
343
339
324
0
9
8
3
1
5
9
7
7
2
1
3
43.6
47.2
55.0
42.9
37.7
36.2
39.9
42.1
36.0
39.1
38.4
40.5
71
91
61
41
23
22
27
4
1
6
6 is".1
9 18. 2
9 22. 1
4 33. 4
Egypt
Neth- PhilBritand French Union
erNew Angloippine Tur-1 Other
ish Japan lands
of
All 2 Austra- Zea- Egyp- Mo- South
Other
IsMa- 1
key
Asia
other
East 1 lands
lia land tian rocco Africa
laya
Indies
Sudan
"i'.o. 9
1.3
1.2
37 8 36 1
1.6
33 2 33 2
2.2
34 1 28 3 10.3
37.9 35 8 9 . 3
35 6 33 3
9.5
46 1 40 1 17.2
44 9 43 5 17.3
39 2 42 5
8.8
40 8 44 2
7.1
38 9 40 7
7 ?
39 0 36.1
8.3
41 5 33.4
9.6
165
110
69
4
4
4
4
.4
.3
.9
.8
.1
.0
.1
3 .5
9 .2
13 .4
9 .5
14 .1
14 .1
16 .6
17 .2
17 .7
18 7
18 .9
18.0
193
198
226
1601 4 254
110. 1 259
110. 5 365
113. 7 629
4
6
8
7
1
8
1
29
35
23
52
100. 2
114. 3
120. 1
128. 9
133. 4
134.5
127. 1
5
4
9
2
6
3
6
3
5
1
9
2
69 .3
64 .5
62 .9
61 .0
58 .6
64 .3
54 .7
60 .8
56 .5
SS 8
65 .4
57 .0
117
116
122
103
95
4
6
9
7
4
505
482
466
465
466
466
446
448
430
447
438
432
.5
.4
.9
.2
.5
.2
.0
72
73
113
149
175
174
181
5
3
6
6
3
0
8
86 .8
89 .5
187
187
192
208
213
229
4
8
9
1
7
7
58
162
264
36
55
64
78
.9
.4
.7
.5
84.6
80
80
89
93
88
85
79
75
71
.6
.5
.2
.8
.5
.1
4
.6
.8
232.8
257.3
227 5
220
216 0
206 7
1
3
9
9
4
5
3
4
8
1
5
3
24. 4
28. 7
33. 6
39. 9
41. 1
35. 1
45. 5
40. 9
59. 4
40 4
38. 7
36. 2
7
6
5
5
5
5
8
8
8
9
8
8
5
4
2
5
5
23.
25.
52.
28.
7
0
2
3
6
7
7
6.8
6.1
7.3
18.9
17.7
17.7
19.0
20.2
21.8
22.3
20.8
19.8
18.4
19 6
19.0
20.5
12
10
4
10
1
3
3
0
11 0
4.5
8 3
6 4
91
124
97
113
11
11
11
13
2
5
6
4
12
10
13
24
29
52
47
82
33
43
47
50
113 .7
113 .4
110 .1
104 .5
102 .5
99 . 8
96 .4
89 .9
90 .7
90 5
86 .2
76 .5
13.3
14
14
16
16
16
16
14
5
9
0
9
1
9
8
1
4
5
4
2
.2
.5
.9
7
.3
.0
.8
.1
.6
.4
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 3 below.
Footnotes
to table on p. 1324.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3 Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan. 41, 1941.
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States"
have been adjusted to exclude the unreal movement introduced by this change.
5
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
• Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for May 1947, p. 621, and September 1945, pp. 967-970.
ASSETS
Total
Date
1934—Dec. (Jan. 2, 1935)
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—Der 31
1944—Dec. 31
.
1945—Dec. 31
1945—June
July
Aug
Sept
Oct.
Nov
Dec
1947—j an#
Feb.
Mar
Apr
May
30
31
31
30
31
30
31
3i
28
31
30
31
.
. .
. . .
. . .
. . .
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Total'
Europe Europe
Canada
Latin
America
Asia x
All
other 1
311.8
273.3
223.0
179.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
96.3
100.9
59.4
118.0
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
117.4
80.1
67.2
78.9
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
8.5
10.1
12.9
17.2
15.5
9.3
6.4
9.7
61.6
67.0
63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
221.2
276.8
269.0
294.9
282.1
298.8
312.9
307.3
319.8
331.8
251.3
244.1
53.6
42.2
43.6
50.3
49.7
52.9
52.2
48.8
43.0
39.0
36.4
36.8
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
438.0
56.2
57.1
68.0
72.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
127.3
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
1,139.9
778.6
672.6
655 0
594.0
508.7
384.0
367.8
246 7
257 9
329 7
392.8
296.9
88 1
114.1
84 8
86.0
39 9
23.0
20.9
12 6
19 9
25 9
25.4
80.5
32 5
16.8
13 5
10.3
4.9
4.2
1.8
18.6
19.0
21.9
23.0
24.2
5.7
.9
1.1
8.2
6 6
5.4
5.5
5.5
5.2
1.5
2.6
27.2
13.5
10.9
20.8
13.5
11.8
2.0
1.5
1.3
.5
4
3
3 0
1.5
.4
.4
.3
1.1
36.3
2.9
.3
511 0
561.4
581 5
615 7
602.7
642 6
708 3
730 7
754.6
798 4
801 8
880.2
30 5
75.8
65 8
65 3
56.5
55 9
47 7
50.5
39.4
35 8
42.4
39.6
.9
119.4
119.6
122 8
137.1
128.8
138 8
151.0
136.6
153.7
155.8
51.0
39.3
6.5
2.4
1 l
1.4
3.4
3 1
3.0
3.9
4 1
5.7
9.9
13.0
15 6
21.1
18.8
1.3
6.7
4 7
5.5
4.5
6.3
9.8
11.7
12.2
11.4
8.3
9.5
4.3
8.8
10.7
10.5
12.9
16.0
14.9
17.7
20.6
22.0
23.8
4.8
3.9
11.7
9.9
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
1947
1325
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
Germany
1939—Dec.2...
1940—Dec.2...
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
104.7
69.5
60.5
56.3
52.9
78.3
74.6
6.5
1.5
1.1
.8
.7
.7
.6
3.2
.3
(
1.4
1.8
1.9
5.6
7.6
53.4
39.6
34.4
34.0
33.9
33.9
33.9
1.1
.6
.6
.7
9
.5
.2
.2
35.1
31.6
1946—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
61.6
67.0
63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
7.7
8.8
9.1
6.9
7.2
7.7
7.5
7.1
7.4
8.0
8.9
8.9
4.4
4.3
4.0
3.5
4.3
5.9
6.2
6.4
6.1
8.3
7.1
9.1
33.9
33.9
33.9
33.9
33.9
33.9
30.4
30.3
30.4
30.4
30.4
30.3
1.1
1.6
2.1
12.6
12.6
13.0
12.4
12.4
12.5
13.2
12.8
13.0
.3
.6
.5
.7
.7
2.1
3.3
3.7
4.0
4.2
5.2
5.9
Date
Greece1 Luxembourg1
Norway
1 SwePorRutugal3 mania1 Spain den
Yugo-1 All
USSR1 slavia
other
3.6
3.2
3.2
1.8
1.6
8.7
1.0
.6
.4
.2
.2
.9
28.0
24.5
22.1
8.4
5.0
5.1
4.7
2.9
4.2
3.3
3.6
7.2
6.5
7.2
7.3
6.2
3.8
3.7
3.5
5.6
7.6
5.5
5.5
4.1
3.9
4.9
5.5
5.6
6.0
7.1
7.4
5.0
5.0
4.3
5.5
6.1
6.2
9.4
9.5
10.2
13.2
22.9
26.3
2.4
1.4
.8
.5
.5
.7
.1
.1
.7
1.0
1.3
.9
1.0
.9
.9
1.0
1.0
1.2
8,
S3
4.2
6.9
7.0
Latin America
Latin
BoAmer- Argentina livia* Brazil Chile
ica
Date
1939—Dec.22
1940—Dec.
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—Dec 31
., ..
1946—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1947—Jan 31
Feb. 28
Mar. 31
Apr. 30
May 31
16 8
11.9
16.8
113 3
122.7
148.3
99 7
112.2
131 0
158.9
15.3
3.1
21.0
164.7
170 4
185.3
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
438. Q
20.4
27.9
25.6
21.4
22.5
24.0
41.8
49.1
45.5
49.9
57.8
60.7
6.9
Colombia*
NetherFrench
lands
West
Other
West PanaCosta Cuba Indies Mexico Indies
Latin
6
Peru* VeneRica*
and
Amerzuela*
ma
and
Gui-4
ica
Suriana
nam*
32.2
33.1
38.0
16.7
18.9
25.3
24.7
9 7
13.4
14.9
15.3
16.6
9.0
6.6
20.7
12.2
15.5
16.8
.7
1.2
1.2
20.1
47.4
33.3
3.1 28.4
4.4 28.6
3.2 41.3
2.6 37.2
2.2 40.4
2.0 43.9
2.3 49.8
2.6 54.4
2.6 63.1
3.0 69.6
4.8 115.4
5 . 3 150.2
8.0
7.5
10.6
14.5
13.8
14.0
14.6
13.1
15.3
16.0
18.6
20.3
23.2
21.3
22.6
23.8
21.0
19.8
26.4
29.9
30.2
26.8
30.4
36.4
1.5
2.1
9.8
1.7
2.6
2.5
2.9
3.4
3.7
4.0
3.4
29.3
25.7
15.6
21.1
27.9
41.1
25.7
35.5
37.9
45.2
53.8
60.1
3.0
1.8
1.8
1.3
10 5
11.7
11.3
.6
3.6
8.3
.2
(3)
(3)
(3)
(3)
.2
(3)s
.1
.2
.1
5 9
1 0
6.1
7.6
4.8
3
11.2
8.6
11.0
2.1
2.4
2.1
1.1
.8
1.1
2 8
1.4
1.2
1.9
3.9
.5
3
.5
3.8
5.1
6.1
37.2
44.4
57.3
14.2
8.7
11.7
33.4
15.0
15.2
17.2
22.0
17.6
20.6
25.5
27.0
28.8
30.7
33.7
34.8
.4
5
.4
.4
.4
.5
.8
.9
.8
.8
1.1
1.8
1 6
1.3
.9
.9
.8
1.3
1.6
1.7
2.2
2.2
3.5
3 4
3.6
3.0
2.7
2.7
3.7
5.4
6.5
7.0
7.8
1.0
2.1
7.6
7.9
8 1
8.1
7.0
4.8
6.6
8.7
10.4
15.6
19.6
15.4
19.2
22.1
24 0
25.8
27.0
24.9
21.7
23.1
27.1
27.9
33.9
37.3
36.7
Asia and All Other
Date
India,
Egypt
China
Neth- PhilBriand French Union
and French Hong Burer- ippine Tur- Other All Aus- New Anglo
ma,
tish
of Other
Zea- Egyp- Mo- South
Asia Man- Indo-6 Kong and Ma- Japan lands
Is- key6 Asia other7 tra- land
6
chu- China
East
Cey6 lands
laya
tian
Africa
ria
Indies
lon6
Sudan
1939—Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
174.1
117.8
87.9
35.3
26.3
51.4
29.9
22.0
23.7
23.5
11.1
1.7
1.5
1.0
1.9
1.7
3.1
.9 2.2
1.0 2.0
.9 22.3
.8 7.5
1946—June 30. . .
July 31. . .
Aug. 31. . .
Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. ..
Feb. 28 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
56.2
57.1
68.0
72.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
127.3
23.9
19.0
28.6
34.7
34.6
40.8
53.9
43.8
36.8
41.2
47.0
76.1
2.0
2.2
2.9
3.2
6.5
4.0
5.9
5.0
5.1
4.1
4.0
3.5
7.4
9.4
10.8
11.7
10.1
9.1
12.0
12.7
12.9
14.6
14.2
13.2
102.1
55.8
18 9
.7
5
.5
.5
.1
.5
.1
.5
.1
1.7
.1
.2
.2
.2
.2
.5
.5
1.0
1.3
1.1
.3
.3
.3
.3
.5
.2
.2
.2
.2
.2
.2
.2
1.6
1.7
1.5
1.4
26.4
22.6
23.0
14.4
13.9
13.8
13.8
1.8
3.2
1.8
2.0
1.4
1.2
1.3
1.2
1.0
.9
1.0
1
.9
1.4
1.9
1.5
16.7
18.5
19.2
16.6
16.0
14.7
20.2
25.3
23.0
20.3
22.4
23.2
.9
.9
.9
.9
1.3
.9
1.4
1.4
1.5
2.0
2.5
2.7
21.6 9.3
14.0 6.4
19.5 9.7
2.0 4.8
1.8 3.9
8.8 11.7
2.7 9.9
3.5
3.9
3.9
3.9
4.0
4.2
4.4
4.5
4.0
3.9
4.5
5.8
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
1.0
.5
.6
1.7
.7
.2
.2
.7
1.7
2.4
9.7
4.7
1.2
.7
1.0
2.5
1.9
.6
2.9 1.1
2.9 1.2
3.3 1.2
1.0
.9
3.4 1.1
4.3 1.2
6.2 1.3
6.5 1.5
7.5 1.3
6.6 1.6
8.5
8.0
8.1
7.7
8.4
9.1
10.1
10.5
14.7
16.0
18.3
18.9
3.9
2.5
3.0
2.5
2.0
2.4
2.2
3.4
4.5
5.5
6.8
6.0
1
2
Prior to June 30, 1942, included under "All other."
Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
3 Less than $50,000.
* Prior to June 30, 1942, included under "Other Latin America.'
6
Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
5
7
1326
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28.
1939—Dec. 27,
1940—Dec. 25.
1941—Dec. 31,
1942—Dec. 30
1943—Dec. 29,
1944—Dec. 27
1945—Dec, 26
Assets of issue
department
Cash reserves
Other
assets 2
Gold1
200.1
313.7
326.4
Assets of banking department
Discounts
and advances
Liabilities of banking department
Securities
Note
circulation 8
Coin
Notes
.6
.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
Deposits
Bankers'
Other
liabilities
Public
Other
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223 .4
234.3
260.7
274.5
11.4
15
29.7
12.5
11.2
9.0
10.3
5.2
5.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
326.4
• .2
.2
.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
5
630.0
5 780.0
6
950.0
5
1,100.0
s6 1,250.0
1,400.0
1.0
.9
.3
.9
.9
1.9
.4
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
1946—Sept. 25
Oct. 30
Nov. 27
Dec. 25
.2
.2
.2
.2
1,400.0
1,400.0
1,400.0
» 1,450.0
1.2
1.0
1.1
1.3
41.5
38.5
34.2
22.1
18.8
9.5
25.3
13.6
324.6
327.2
333.9
327.6
1,358.7
1,361.8
1,366.0
1,428.2
302.9
292.7
310.1
278.9
9.3
8.2
10.1
10.3
55.5
57.5
56.3
57.3
18.5
17.8
17.9
18.1
1947—Jan. 29
Feb. 26
Mar. 26
Apr. 30,
May 28,
June 25,
July 30
Aug. 27.
.2
.2
.2
.2
.2
.2
.2
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1.0
.9
.6
1.0
1.3
1.8
2.4
2.5
85.8
74.7
59.5
62.6
56.1
55.2
30.9
56.8
25.4
16.0
11.1
18.0
8.7
20.6
28.6
16.6
271.0
294.6
338.7
344.8
353.9
337.0
364.6
332.0
1,364.5
1,375.6
1,390.7
1,387.6
1,394.1
1,395.0
1,419.3
1,393.4
288.4
285.2
286.4
303.7
301.9
290.3
301.8
282.0
16.0
22.4
10.6
6.9
5.0
8.0
11.3
14.0
60.6
60.1
94.4
98.0
95.1
98.3
95.1
93.4
18.3
18.4
18.5
17.8
18.0
18.1
18.3
18.4
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
31.
31.
31.
31.
30.
31.
31.
31.
31.
30.
31.
Gold
180.5
179.4
179.8
185.9
225.7
)
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation'
Shortterm6
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
.7
Other
liabilities8
Dominion
government
Other
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
Chartered
banks
1946—Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
.9
.9
1.0
1,259.1
,301.5
,283.8
,197.4
523.9
521.5
605.0
708.2
38.3
40.1
40.9
42.1
,147.5
,156.9
,161.1
,186.2
511.3
538.6
579.5
565.5
27.4
36.6
63.9
60.5
87.8
85.2
79.4
93.8
48.0
46.7
46.8
42.7
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 30 .
1.0
1.0
1.2
.0
.0
4.0
.7
2.4
,196.8
,172.3
,146.9
,186.0
,123.0
,063.7
,081.9
1,141.5
718.8
738.9
757.5
751.2
731.0
716.0
722.6
720.3
39.3
47.6
40.4
59.2
41.3
40.4
42.0
39.0
,138.6
,137.9
,153.2
,153.9
,148.1
,152.6
,153.7
1,158.9
533.3
493.6
536.3
542.6
477.6
474.4
468.3
515.0
150.1
215.7
159.8
195.7
179.4
105.6
124.1
133.6
82.9
75.3
64.6
69.3
58.5
54.4
63.7
58.7
51.0
37.3
32.1
35.9
32.6
36.9
37.3
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 three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
s Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 3, and Dec. 10, 1945, and on Dec. 10, 1946.
6
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
OCTOBER
1947
1327
CENTRAL BANKS—Continued
Assets
Bank of France
Liabilities
Advances to
Government
Domestic bills
(Figures in
millions of francs)
Gold 1
Foreign
exchange
Open
market 2
Special
2
Other
For occupation
Other 2
costs 3
1938—Dec. 2 9 . . .
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . .
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . .
87,265
697,267
684,616
84,598
84,598
84,598
75,151
6129,817
821
112
42
38
37
37
42
68
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
1,797
2,345
661
12
169
29
48
303
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
72,317
142,507
210,965
326,973
426,000
426,000
1946—Aug. 2 9 . . .
Sept. 2 6 . . .
Oct. 3 1 . . .
Nov. 2 8 . . .
Dec. 2 6 . . .
94,817
94,817
94,817
94,817
94,817
5
6
5
6
7
64,474
70,577
71,224
74,739
77,621
546
3,124
3,344
3,135
61,657
62,567
63,127
67,396
76,254
1947—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
94,817
94,817
82,817
82,817
82,817
82,817
664,817
5
8
5
6
6
6
6
75,500
82,958
83,613
85,120
82,221
82,983
99,114
2,209
1,435
694
134
125
84
8
82,674
85,917
85,221
80,901
88,429
87,134
85,195
7
Other
assets 4
Deposits
Note
circulation
Govern- C.A.R.5
ment
Other
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
Other
liabilities
20,627
34,673
63,900
69,500
68,250
64,400
15,850
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
570,006 12,048
426,000
426,000
426,000
426,000
426,000
8,600
28,100
46,600
55,500
67,900
45,049
44,703
52,693
47,116
47,577
633,327
667,567
696,924
704,796
721,865
779
804
814
824
765
62,282
54,743
55,612
58,549
63,468
4,213
4,201
4,241
4,748
7,213
426,000
426,000
426,000
426,000
426,000
426,000
426,000
55,200
54,000
79,500
55,000
63,700
95,000
113,600
54,507
53,066
58,083
8
1O8,758
8
103,846
8
119,662
8
120,046
730,253
737,692
746,266
770,670
775,053
807,064
831,587
789
831
767
770
745
834
792
55,020
54,512
63,880
62,304
66,745
76,747
71,329
4,849
5,166
5,021
4,992
4,599
9,040
5,075
41,400
64,580
16,857
10,724
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
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
Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National
Bank of Belgium on Dec. 22, 1944.
6
Central Administration of the Reichskreditkassen.
6
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million, in week ending May 2, 1946, 35,000 million, and in week ending July 3, 1947, 18,000 million francs of gold transferred from Bank of
France
to Stabilization Fund.
7
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury
bonds covering these contributions is shown under "Other assets."
8
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1 .
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government x
Nationalized
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund 8
1947
Aug.
July
1946
June
National Bank of Belgium—Cont.
Loans to Government
1,235
Other loans and discounts
4,665
Claim against Bank of Issue... .
866
Other assets
47
Note circulation
048 8,089
Demand deposits 4
418 2,160
Blocked accounts
404 3,599
Other liabilities
329 1,433 Central Bank of Bolivia—Mone660
091
tary Dept.(millions of bolivianos):
006 9,475
Gold at home and abroad
210
79
Foreign exchange
Loans and discounts
2
Government securities
723
1,683
Other assets
Note circulation
Deposits
186,158 216,105
Other liabilities
5
4,073 2,355 National Bank of Bulgaria
Central Bank of Chile (millions
429,
390,316
of pesos):
7,124
10,
Gold
202,
197,680
Gold contribution to Int'l. Fund.
Discounts for member banks. . .
254,262
270
Loans to Government
23,638
21.
Other loans and discounts
135,
140,319
Other assets
Note circulation
Deposits—Bank
32,852
Other
3,660
Other liabilities
045
163
958
178,971
2,095
410,572
17,034
204,143
248,064
24,195
132,270
28,453 28,214
12,161 12,227
1,364 1,564
Aug.
1947
Central Bank
(Figures as of last report
date of month)
1946
Aug.
July
June
Aug.
48,947
4,296
64,597
2,379
77,818
3,893
78,712
1,775
47,169
6,456
64,597
2,327
77,597
4,493
78,719
1,745
48,624
2,652
64,597
2,244
75,380
4,809
78,891
1,658
49,579
3,271
64,597
2,094
71,284
5,338
78,009
1,422
922
434
301
430
8
1,678
193
224
920
282
207
431
12
1,635
214
3
200
43
658
1,162
1,394
1,662
3,658
675
280
991
1,239
1,625
3,670
586
247
506
486
222
43
868
220
331
43
725 ' " 5 9 2
1,234
718
1,151
662
1,638
1,907
3,761 3,016
517
593
265
174
467
427
1
2
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
» This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
1328
Until such
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Aug.
July
June
Aug.
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia
Bank of Finland (millions of
(thousands of pesos):
markkaa):
Gold
52,043 62,589 246,743
Gold
35,398 46,580 66,484
Foreign exchange
Foreign assets (net)
x
21,867 21,867
Net claim on Int'l. Fund
Clearings (net)
1,225
1,225
Paid-in capital—Int'l. Bank. . . .
Loans and discounts
12,647 93,479 26,920
Loans and discounts
Securities
88,521 87,828 79,594
Government loans and securities.
Other assets
41,712 39,207 39,959
Other assets
Note circulation
144,361 •44,824 216,351
Note circulation
Deposits
.75,440 73,751 205,715
Deposits
Other liabilities
33,612 34,198 37,634 Bank of Greece (billions of drachOther liabilities
mae) :
National Bank of Costa R i c a Gold and foreign exchange (net).
Issue dept. (thousands of colones):
Loans and discounts
11, 69 11,329 16,91
Gold
Advances—Government
Foreign exchange
15,746
7,881
5,524
Other
Contributions to Int'l. Fund and
Other assets
30,321 30,321
1,126
to Int'l. Bank
Note
circulation
63,020 62,050 59,54:
Loans and discounts
Deposits—Government
4,003 4,020 1,61'
Securities
Other
1,076
1,49
1,051
Other assets
Other liabilities
74,497
68,741
73,809
Note circulation
Bank
of
Guatemala
(thousands of
37,310 43,751 11,355
Demand deposits
quetzales):
6,527 6,294 6,126
Other liabilities
Gold
National Bank of Czechoslovakia
Foreign exchange
(millions of koruny):
Gold contribution to Int'l. Fund
,925 4,694 4,732 3,80 =
Gold and foreign exchange 2 . . .
Rediscounts and advances
,6
4,302 4,097 5,977
Loans and discounts
Other assets
,873 124,181 124,207 120,596
Other assets
Circulation—Notes
984
930
931
Note circulation—Old
Coin
()
New
Deposits—Government
,
47,288 45,037 44,393 37,785
68,784
77,615
Deposits—Old
68,931
Banks
)
()
New
Other liabilities
,730 9,288 9,674 7,413
Other liabilities
.457 9,138 9,108 6,583 National Bank of Hungary (millions of forint):
National Bank of Denmark
Gold
(millions of kroner):
Foreign exchange
71
71
Gold
Discounts
7
80
Foreign exchange
141
Loans—Treasury
52
58
Clearing accounts (net)
95
Other
14
16
Loans and discounts
33
Other assets
107
103
Securities
97
Note
circulation
6,005 6,085
Govt. compensation account.
7,588
Demand deposits—Government
27.
289
Other assets
94
Other
1,462
1,482
Note circulation
1,487
Other liabilities
2,340 2,335 2,707
Deposits—Government
,
2,646 2,737 3,69 Reserve Bank of India (millions of
Other
rupees):
149
147
Other liabilities
24:
Issue department:
Central Bank of Ecuador
Gold at home and abroad. .
(thousands of sucres):
Sterling securities
274,229 273,868 242,312
Gold
Indian Govt. Securities. . .
18,44' 16,623 97,583
Foreign exchange (net) 1
Rupee coin
16,877 16,877
Net claim on Int'l. Fund
Note circulation
255,88' 229,131 214,734
Loans and discounts
Banking department:
133,955 132,132 94,684
Other assets
Notes of issue department.
347,758 339,366 341,064
Note circulation
Balances abroad
Demand deposits
297,413 274,331 269,825
Treasury bills discounted..
54,224 54,934 38,423
Other liabilities
Loans to Government....
Other assets
National Bank of Egypt (thouDeposits
sands of pounds):
Other liabilities
6,376 6,376 6,241
Gold
13,432 14,699 15,601 Central Bank of Ireland (thousand
Foreign exchange
of
pounds):
3,289 2,933
Loans and discounts
1,996
Gold
British, Egyptian, and other
Sterling funds
297,559 303,861 301,507
Government securities
Note circulation
24,731 26,298 25,748
Other assets
Bank
of Italy (millions of lire):
122,759 126,651 130,099
Note circulation
Gold
83,836 89,183 81,609
Deposits—Government
Foreign
exchange
123,666 119,801 127,03
Other
Advances—Treasury
15,126 18,53: 12,348
Other liabilities
Other Govt. agencies
Central Reserve Bank of El SalvaLoans and discounts
dor (thousands of colones):
Government securities
37,07 37,120 32,823
Gold
Other assets
40,57 45,118 '37,109
Foreign exchange (net)
Bank of Italy notes
1.56C
1,563
Net claim on Int'l. Fund l....
Allied military notes
2,02.
1,60: * i i
Loans and discounts
Deposits—Government
5,518 5,471 6,055
Government debt and securitiei
Demand
1,716 1,770 1,966
Other assets
Other
50,484 51,333 44,892
Note circulation
Other liabilities
29,520 32,908 28,348 Bank of J a p a n 4
Deposits
8,455 8,403 '6,230 Bank of Java 4
Other liabilities
1947
Aug.
July
1946
June
Aug.
2
1
2
2
1,438
316
980
1,296
—3,920 —4,2 78 -4,984 -8,739
33,241 32,033 32,163 32,920
408
407
4.50
497
755
1,023
698
649
23,945 22,956 22,415 17,986
1,216
1,473 2,580
1,148
6,185 6,020 5,078
6,339
27,229
22,006
1,250
2,442
7,978
29,43.2,838
6,990
13,12
8,517
707
18
684
885
94
692
79
168
1,448
725
17
679
843
91
690
82
149
1,434
1,002
9
533
430
36
496
104
99
1,311
27,229
22,456
1,250
2 ,504
7,897
29,209
2,822
7,353
13,606
8,345
27,227
22,811
1,250
1,508
7,983
29,417
2,816
6,804
13,373
8,370
28,471
16,570
346
155
921
340
346
166
749
340
275
3
374
301
1,592
27
67
377
333
1,468
17
69
380
42
398
356
137
10
590
800
3,226
28,215
2,647
4,050
11,936
2,218
444
444
444
11,353 11,353 11,353
578
578
578
298
276
188
11,936 12,215 12,068
737
4,050
50
76
788
5,501
201
437
4,359
17
47
767
5,338
289
496
5,620
10
407
6,283
249
2,646 2,646 2,646 2,646
38,503 37,759 37,625 35,766
41,148 40,405 40,271 38,412
523
526
4,352 6,354
489,252 459,923
14,040 29,342
91,395 35,774
115,629 82,813
37,447 31,138
501,17 324,826
76,417 92,885
11,728 15,107
57,599 64,117
83,921 137,194
21,800 11,742
r
1
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning Dec. 31, 1946.
3
Change due to transfers in accordance with the law relating to the Currency Liquidation Fund.
4
For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942),
see BULLETIN for March 1943, p. 278.
OCTOBER 1947
1329
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico, (millions of pesos):
Metallic reserve l
"Authorized" holdings of securities, etc..
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities
Bank of
Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal«
National Bank of R u m a n i a 3
South African Reserve Bank
(thousands of pounds):
Gold*
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
1947
Aug.
July
1946
June
Aug.
653
646
671
723
1,522
617
90
1,683
927
271
1,485
627
95
1,683
900
268
,580
600
96
,687
998
263
,731
490
160
,700
502
2
354
152
,600
126
126
,768
810
82
738
210
502
2
357
174
,600
130
126
,760
866
85
719
209
713
1
,530
156
114
274
,467
,433
142
689
510
2,802
92,428
2,802
93,933
,802
,579
23,462 23,050
3,868
3,868
769
809
47,420 47,180
68,262 71,056
4,681
5,966
180
,000
,952
,678
,291
,964
,756
2,802
90,707
'212
339
394
120
74
,108
68
,912
,994
016
900
352
930
870
697
185
760J
717
171
852
207
,81i;i55 432
,491
,480
020 31,202
848 626,847
485 24, 859
551, 751
265
380 4 1 , 323
184,810
10,674
7,627
12,527
63,429
145,957
6,252
997
850
527
553
534
258
,025
,323
,738
,004
,835
,475
,779
,214
522
,790
,243
,213
574
,785
,012
Central Bank
(Figures as of last report
date of month)
1947
Aug.
July
1946
June
Aug.
Bank of Spain—Continued
3,100
2,625
Other assets
22,620 19,744
Note circulation
425
2,585
Deposits—Government. . .
3,454
3,149
Other
586
Other liabilities
515
Bank of Sweden (millions of kronor):
371
1,046
278
316
Gold
339
298
1,021
Foreign assets (net)
238
Swedish Govt. securities and ad,707 2,398 2,533
937
vances to National Debt Office5
120
224
126
Other domestic bills and advances
30
346
371
424
Other assets
886
,632 2,543 2,618
Note circulation
2,534
478
570
619
Demand deposits—Government.
797
113
118
317
Other
214
382
338
362
Other liabilities
375
Swiss National Bank (millions of
francs):
,234 5,187
,055 4,851
Gold.
70
96
120
176
Foreign exchange
84
111
59
Loans and discounts
»
82
83
83
Other assets
Note circulation
,022 3,980
3,688
1,127
Other sight liabilities
,073
1,169
,132
342
322
312
Other liabilities
345
Central Bank of the Republic of
T u r k e y (thousands of pounds):
517,088
Gold e
299,520
Foreign exchange and foreign
300,228 295 (83 64,926
clearings
596,857 589 053 717,591
Loans and discounts
187,122 83 085 164,739
Securities
33,061 28 469
4,759
Other assets
929, 70)941 231 845,422
Note circulation
148,360
352 91,821
Deposits—Gold
938 130,041
324,330
Other
739 254,251
232,496
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
286,419 310,856
Gold
13,008 13,639
Silver
318
Paid-in capital—Int'l. Bank
Advances to State and govern25,817 18,112
ment bodies
143,729 106,132
Other loans and discounts
362,173 359,669
Other assets
217,285 190,075
Note circulation
45,578 46,899
Deposits—Government
251,537 254,848
Other
317,064 316,586
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
557 408 617,912 617,912 557,080
Gold7.
. .
80 131 31,267 38,633 24,319
Foreign exchange (net)
77 993 92,603 66,537 34,339
Other assets
Note circulation—Central Bank. 495 669 487,579 493,461 403,884
4, 531
4,748 5,390 7,776
National banks.
184 287 210,858 151,519 195,263
Deposits
31 046 38,597 72,711 8,816
Other liabilities
National Bank of the Kingdom
of Yugoslavia s
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
82,712 82,712 124,774
Gold in bars
Cash on hand and on current
9 635 14,429 13,774
4,958
account with banks
1, 726 3,574
497
141
Sight funds at interest
Rediscountable bills and accept36, 159 33,451 33,661 10,217
ances (at cost)
10 363 13,538 14,058
Time funds at interest
6,278
Sundry bills and investments. . . 74, 325 66,676 69,190 308,800
Funds invested in Germany 9 . . . 291 160 291,160 291,160
4, 286 2,506 2,504
Other assets
35
18 093 18,093 18,100 20,737
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own account
,113 11,666 10,280
3,437
Other
,591 2,087 3,372
1,651
Long-term deposits: Special accounts
228, 909 228,909 228,909 229,001
Other liabilities
249, 434 247,291 246,894 200,376
1
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
3 For last available report from the central bank of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944)
see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
4
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds
• Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Govern8
9
ment.
See BULLETIN for December 1936, p. 1025.
Before March 1947, included in "Sundry bills and investments."
1330
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
Ger- Bel- NethKing- France many
er- Swegium lands
den
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
Nov. 7 1946
Dec. 19
Jan. 10, 1947
Aug. 27
In effect Sept. 30,
1947
2
4
6
5
4
2
4
2
Switzerland
Rate
Sept.
30
Bolivia
6
4
2y2
Canada
Chile
3
3
21/
4
3
Costa Rica... .
Czechoslovakia
Central
bank of—
Date
effective
Albania
Argentina
Austria
2H
2
Central
bank of —
Mar. 21,
Mar. 1,
July 3,
Aug. 27,
Nov. 8,
1940
1936
1945
1947
1940
Ireland
Italy
Japan
Aug.
Feb.
Dec.
July
Apr.
Oct.
14,
8,
16,
18,
1,
28,
1946
1944
1936
1933
1939
1945
Lithuania
Mexico
Netherlands .
NewZealand.
Norway
Peru
Jan.
June
Oct.
Oct.
June
15,
8,
15,
1,
5,
1946
1943
1946
1935
1947
Portugal
Rumania. . . .
South Africa.
Spain
Sweden
Jan.
Apr.
Aug.
Aug.
Nov.
10,
9,
16,
1,
28,
1947
1940
1946
1946
1935
Switzerland..
Turkey
United Kingdom
U.S.S.R.. . .
Yugoslavia. .
Java
Latvia
4
3
Denmark
Ecuador . . . .
El Salvador. . .
Estonia
Finland
4
3
3
2
3
7
4
Rate
Sept.
30
Date
effective
Nov. 23,
Sept. 6,
Apr. 7,
Jan. 14,
Feb. 17r
sy2
3.29
3
5
6
1943
1947
1936
1937
1940
July
June
June
July
Jan.
Aug.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
1, 1940
4
3
4
2H
Jan.
May
June
Dec.
Feb.
12,
8,
2,
1,
9,
4
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
5
2H
1944
1944
1941
1938
1945
2
3}/
France
Germany
3
IK
\y2
2V
2y2
10
7
3
Hungary
India
2y2
NOTE.—Changes since Aug. 31: Italy—Sept. 6, up from 4 to 5}4 per cent.
&2>|
2
IX
&2M
3y2
2y2
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Germany
Bankers'
allowance
on deposits
Private
discount
rate
Day-today
money
4.58
3.88
3.75
.00
2.88
2.88
2.93
2.75
2.38
2.13
2.13
2.13
2.13
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
Netherlands^
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
1932—July
1933—July
1934—July
1935—ijuly
1936—July
1937—July
1938—July
1939—July
1940—July
1941—July
1942—Tuly
1943—July
1944—July
1945—July
1946—July
.92
.48
.87
.65
.58
.56
.55
.79
1.03
1.03
1.03
1.03
1.03
1.03
.53
.66
.40
.67
.62
.76
.59
.58
.53
.52
.77
1.02
1.00
1.00
1.00
1.00
1.00
.51
.85
.75
.75
.79
.75
.75
1.00
1.00
1.00
1.04
1.13
1.13
.63
1946—Aug
Sept
Oct
Nov.
Dec
.53
.53
.53
.53
.53
.51
.51
.51
.51
.50
.63
.63
.63
.63
.63
1.41
1.30
1.07
1.01
1.21
1.18
1.00
.90
.78
.78
1.25
1.25
1.25
1.25
1.25
1947—Jan
Feb
Mar
Apr
May
June
July
.53
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
1.44
1.72
1.65
1.59
1.45
1.46
1.52
.77
1.46
1.19
1.11
1.08
.86
1.09
1.25
1.25
1.25
1.25
1.25
1.25
1.25
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
1.25
1.52
i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
OCTOBER 1947
1331
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and
short
notice
Liabilities
Bills dis- Treasury
deposit2 Securities Loans to
counted receipts
Other
assets
Deposits
Total
Demand
Time
Other
liabilities
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
274
324
366
390
422
500
536
174
159
141
142
151
199
252
334
265
171
198
133
147
369
314
758
896
,307
,667
,523
609
771
999
1,120
1,154
,165
,234
1,015
924
823
794
761
772
827
290
293
324
325
349
347
374
2,441
2,800
3,329
3,629
4,032
4,545
4,850
1,398
1,770
2,168
2,429
2,712
3,045
3,262
,043
,030
,161
,200
,319
,500
,588
256
250
253
236
245
250
265
1946—August. . .
September.
October...
November.
December.
553
553
557
574
499
313
280
312
324
432
464
405
472
497
610
,511
,671
,629
,628
,560
,393
,393
,403
,410
,427
906
930
944
964
994
369
379
390
433
505
198
302
5,397
5,503
5,685
3,427
3,502
3,563
3,632
3,823
,771
,800
,833
,870
,862
310
308
310
328
342
1947—January. .
February. .
March....
April
May
475
463
466
476
460
464
475
428
421
444
435
430
451
442
624
659
750
709
659
672
699
,563
,436
,317
,346
,350
,330
,283
,427
,439
,455
,461
,470
,479
1,488
1,008
1,015
1,034
1,064
1,099
1,131
1,139
454
451
465
470
489
518
504
5,629
5,519
5,556
5,583
5,571
5,658
5,644
3,749
3,603
3,606
3,628
3,593
3,667
3,668
,880
,916
,950
,956
,978
,992
,975
348
364
374
376
386
386
386
June
July
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
292
323
356
387
471
550
694
53
40
32
31
48
92
251
1,088
,108
,169
,168
,156
,211
,274
132
159
168
231
250
214
227
1,646
1,531
1,759
2,293
2,940
3,611
4,038
612
570
653
657
744
782
869
85
80
71
60
42
34
26
2,774
2,805
3,105
3,657
4,395
5,137
5,941
1,033
1,163
1,436
1,984
2,447
2,714
3,076
1,741
1,641
1,669
1,673
1,948
2,423
2,865
963
846
962
1,049
1,172
1,289
1,386
1946—August. . .
September
October...
November
December.
665
676
699
730
753
98
91
97
117
136
,249
,284
,341
,476
,507
128
122
126
128
132
4,336
4,375
4,471
4,496
4,232
865
960
959
931
1,039
23
22
22
22
21
5,892
6,037
6,201
6,362
6,252
2,426
2,513
2,724
2,902
2,783
3,466
3,524
3,477
3,460
3,469
1,428
1,449
1,470
1,493
1,525
1947—January..
February.
March.. . .
April
May
689
635
695
719
631
637
645
134
155
121
97
81
106
99
,481
,506
,555
1,628
1,664
1,709
1,761
134
126
195
142
113
126
119
4,369
4,264
4,239
4,349
4,162
,131
960
1,066
993
1,035
998
1,041
1,036
21
21
21
21
20
20
20
6,233
6,171
6,188
6,356
6,066
6,152
6,170
2,700
2,585
2,569
2,719
2,383
2,508
2,481
3,533
3,586
3,619
3,637
3,682
3,644
3,690
1,514
1,558
1,590
1,594
1,563
1,578
1,580
June
July
Assets
France
(4 large banks. End
of month figures in
millions of francs)
4,110
Cash
reserves
Due from
banks
Liabilities
Bills discounted
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Otherliabilities
1939—December
1940—'December
1941—December
1942—December
1943—December
1944—December
1945—December
4,599
6,409
6,589
7,810
8,548
10,365
14,602
3,765
3,863
3,476
3,458
4,095
4,948
13,804
29,546
46,546
61,897
73,917
90,897
99,782
155,025
7,546
8,255
8,265
10,625
14,191
18,653
36,166
2,440
2,221
2,040
2,622
2,935
2,190
7,360
42,443
61,982
76,656
91,549
112,732
128,758
213,908
41,872
61,221
75,744
91,225
111,191
126,578
211,871
571
762
912
324
1,541
2,180
2,037
844
558
413
462
428
557
2,898
4,609
4,753
5,199
6,422
7,506
6,623
10,151
1946—June
July
August
September
October
November
December
17,472
14,985
14,830
16,553
15,505
16,909
17,943
16,114
17,873
16,991
17,723
18,389
18,423
18,919
184,633
182,107
181,770
177,269
183,716
187,560
195,177
42,674
50,747
53,861
55,935
61,262
63,941
64,933
12,708
14,160
15,676
16,319
18,618
21,116
23,392
255,173
260,371
262,160
262,130
273,488
281,576
291,894
253,386
258,574
260,461
260,366
271,672
279,703
290,004
1,787
1,797
1,699
1,765
1,816
1,872
1,890
8,330
9,527
10,376
10,798
12,490
14,370
15,694
10,096
9,973
10,592
10,871
11,513
12,004
12,777
1947—January
February
March
April
May
17,267
16,992
19,471
18,578
17,516
20,241
19,127
20,677
20,877
20,684
195,750
197,377
203,451
202,425
209,977
•67,084
66,114
66,744
69,670
68,656
18,367
18,756
20,724
21,081
22,377
295,444
294,922
305,583
306,356
311,244
293,484
292,946
303,742
303,857
308,256
1,960
1,976
1,841
2,499
2,988
15,767
15,720
16,380
16,772
17,606
7,499
7,723
9,103
9,503
10,360
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
or description of statistics see pp. 566-571 in same publication.
1332
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable trans fers.
Year or month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—September. . . .
October
November....
December. . . .
1947—January
February
March
April
May
June
July
August
Year or month
1938
1939
.
1940
1941
1942
1943
1944
1945
1946
1946—September. . . .
October
November....
December....
1947—January
February
March
April
May
June
July...
August
Year or month
Argentina
(peso)
Official Special
Export
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
3.4674
3.4252
Official
Free
389 .55
353 .38
2322.80 305.16
23!764" 322.80 321.27
23.704 322.80 321.50
24.732 322.80 2321.50
25.125 2322.80
25.125
322.80 3321.17
25.125
321.34
25.125
321.38
25.125
321.27
25.125
321.19
25.125
321.07
25.125
321.06
25.125
320.91
25.125
320.91
25.125
320.91
25.125
320.91
25.125
320.90
25.125
320.90
25.125
320.92
2
Czecho- Denslovakia mark
(koruna) (krone)
2
Australia
(pound)
21.825
20.346
219.308
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
Official
Free
In cents per unit of foreign currency]
Bulgaria
(lev)
3.3788 5.8438
1 2424
3.3704 6.0027 5.1248 21.2111
23.3760 6.0562 5.0214
6.0575 5.0705
6.0584 5.1427
6.0586 5.1280
6.0594 5.1469
2
2.2860 26.0602 5.1802
2.2829 6.0602
(*)
2.2803
5.4 053
2.2798
5.4053
2.2797
5.4053
2.2795
5.4053
2.2790
5.4382
2.2797
5.4404
2.2822
5.4404
2.2836
5.4405
2.2831
5.4406
2.2832
5.4406
2.2818
5.4406
2.2821
5.4406
Canada
(dollar)
Official
2
90.909
90.909
90.909
90.909
90.909
90.909
95.198
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
FinGerH u n - India
land France m a n y Greece Hong
Kong
gary
(mark- (franc) (reichs- (drach(dollar) (pengo) (rupee)
ma)
mark)
ka)
2.1567 2.8781 40.164
1.9948 22.5103 40.061
1.8710 2.0827 40.021
22.0101
239.968
2
2
Belgium
(franc)
Brazil
(cruzeiro1)
220.876
20.877
20.877
20.877
20.869
20.867
20.866
20.866
20.866
20.866
20.865
20.862
20.862
2
.8958 30.457
.8153 27.454
.6715 222.958
24.592
19.727
19.238
18.475
219.770
1.9711
.8409
.8408
.8409
.8408
.8407
.8408
.8408
.8408
.8407
.8408
.8407
.8407
.8405
36.592
33.279
30.155
30.137
30.122
30 122
30 122
30.122
30.155
30 170
30.156
30 155
30 152
30.157
30 153
30 153
30 160
30 161
30 163
30 171
30 171
Portu- Ruma- South Spain Straits SweSwitzNorway Poland
Settle- den
nia Africa
gal
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
1938
24.566
1939
23.226
2
22.709
1940
1941
1942
....
1943
1944
1945
220.176
1946
20.161
1946—September
20.161
October
N o v e m b e r . . . . 20.161
20 161
December
20.161
1947—January
20.161
February
20.161
March
20.161
April
20.160
May
20.160
June
20.160
July
20 159
August
2
18.860
18.835
4.4267
4.0375
3.7110
24.0023
24.0501
4.0501
4.0501
4.0501
4 0501
4.0501
4.0501
4.0412
4.0313
4.0208
4.0275
4.0161
4.0257
.7325 484.16 5.600 56.917
.7111 440.17 10.630 51.736
2.6896 397.99 9.322 46.979
398.00 29.130 47.133
2
398.00
46.919
398.00
398.00
399.05
400.50 29.132
400.50 9.132
400.50 9.132
400.50 9.132
400.50 9.132
400.63 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9.132
400.75 9,132
25.197
23.991
23.802
223.829
225.859
27.820
27.819
27.821
27.821
27.822
27.822
27.822
27.823
27.824
27.826
27.827
27.826
Free
99.419
96.018
85.141
87.345
88.379
89.978
89.853
90.485
93.288
96.254
95.953
95.182
95.444
95.078
95.692
94.217
91.901
91.954
91.592
91.652
91.998
Chile
(peso)
Official
5.1716
5.1727
5.1668
5.1664
2
Japan
(yen)
5.2605
5.1959
5.0407
2
5.0703
28.451
25.963
23.436
223.439
.4434
United
Kingdom
(pound)
Official
Free
22.871
488.94
443 t»4
22.525
22.676 2403.50 383.00
23.210 403.50 403.18
403.50 2403.50
403.50 403.50
403 50 3
2
403 50 403 02
2
23.363
403 .28
23.363
403 .32
23.363
403 .20
23.363
403 .09
23.363
402 .94
402 .93
23.363
402 .74
23.363
402 .73
23.363
402 .74
23.363
402 .74
23.363
402 .72
23.363
402 .71
23.363
402 .73
23.363
2
4.0000 21.360 55.953
4.0000 11.879 57.061
4.0000 6.000 57.085
24.0000 25.313 57.004
57.052
57.265
57.272
57.014
57.020
57.007
57.007
57.065
57.140
57.140
57.041
56.980
56.980
56.980
56.980
56.980
56.980
Italy
(lira)
2
China Colom(yuan
bia
Shang- (peso)
Export
hai)
New
NethMex- erlands
Zeaico
land
(guild(peso)
(pound)
er)
22.122
19.303
18.546
20.538
20.569
20 577
20 581
20.581
20.581
20.578
20.574
20.583
20.584
20.582
20.574
20.574
20.577
20.580
20.576
20.575
20.582
55.009 392.35
53.335 354.82
53.128 306.38
322.54
322.78
324.20
324.42
237.933 323.46
37.813 322.63
37.789 322.67
37.789 322.56
37.789 322.48
37.789 322.36
37.789 322.35
37.789 322.20
37.788 322.20
37.757 322.20
37.760 322.20
37.751 322.18
37.760 322.18
37.753 322.20
2
Uruguay
(peso)
Yugoslavia
(dinar)
Controlled
Noncontrolled
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
2.3115
236.789 2.2716
37.601 22.2463
43.380 2.2397
52.723
52.855
53.506
55.159
56.280
56.271
56.272
56.272
56.272
56.264
56.262
56.262
56.262
56.262
56.262
56.259
56.203
1
2
3
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.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the
New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
4
The rate quoted after July 22, 1946, is not strictly comparable to the "free"rate shown before that date. The average for the "free" rate
for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955.
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 previous years, see BULLETIN for July 1947, p .
933; February 1944, p. 209; and February 1943, p. 201.
OCTOBER
1947
1333
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index Numbers]
United
States
(1926 100)
Year or month
1926
100
100
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
66
75
80
81
86
67
72
72
75
85
United
Kingdom
(1930100)
2
90
95
95
101
119
France
(1938 100)
Italy
(1938 =
100)i
Netherlands
Sweden
(July 1938- (1935 100)
June 1939
= 100)
124
106
132
150
86
88
89
94
109
61
58
52
63
89
67
65
72
80
94
100
99
103
110
133
89
90
87
91
108
Switzerland
(July 1914
-100)
126
144
90
96
100
102
114
91
90
90
96
111
2
2
2
126
127
101
103
100
105
100
104
140
155
102
105
111
115
107
111
83
90
96
100
103
104
128
136
148
182
227
247
137
153
159
163
166
169
139
171
201
234
265
375
121
136
153
173
183
197
209
233
296
131
150
157
160
164
181
146
172
189
196
196
194
1,406
251
186
143
184
210
218
223
221
215
1,789
1 787
1.948
2,063
259
185
262
264
186
190
266
192
2,120
2,120
2,144
2 617
2,848
2,946
267
268
194
195
269
268
268
270
196
197
198
199
199
79
75
121
109
286
175
648
1946—September
October
November
December. .
124
109
299
177
727
134
140
111
111
305
309
178
179
824
806
141
112
313
180
842
3,011
3 176
3 376
3,677
1947—January
February
March
April..::..
May
June
142
145
114
118
312
310
182
183
867
882
P3,754
P 3 891
150
148
147
148
120
123
125
128
305
300
299
297
184
187
189
190
860
847
946
904
P4,139
Julv
151
154
129
P131
293
292
193
194
P881
P998
August
Japan
(1933 =
100)
79
87
99
103
104
106
79
77
.
Mexico
(1929 =*
100)
Canada
(1926 100)
P4 533
P5,193
P 5 329
P5,752
P272
213
217
219
219
219
219
220
221
221
222
223
P Preliminary.
1
etric average of the prices of 156 commodities.
The new national index, published by the Central Institute of Statistics, is a weighted geomet
Yearly averages for 1933-1942 are derived from
The weights are determined on the basis of the total quantities produced and imported in 1938. Ye
old index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
United K i n g d o m
(1930=100)
Canada
(1926=100 )
Ytar or month
R a w and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Farm
products
Foods
Other
commodities
Farm
products
1926 .
100
100
100
100
100
100
1933
1934 .
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
51
65
61
71
71
78
51
59
57
64
79
81
86
69
65
68
84
82
86
74
70
71
78
80
85
82
81
83
64
69
87
74
64
68
66
71
84
73
67
75
82
106
83
100
89
96
73
85
Netherlands
(July 1938-June 1939 = 100)
Industrial raw
products
Industrial
finished
products
Foods
Industrial
products
70
73
83
85
87
90
73
74
81
78
75
82
87
92
102
97
97
133
90
96
112
104
106
138
103
121
112
163
104
126
82
90
89
92
146
158
156
160
140
157
177
175
148
154
157
174
159
159
172
200
179
193
282
163
184
261
123
107
97
98
99
93
160
164
123
128
149
105
106
131
99
100
110
107
110
112
104
106
109
94
94
99
158
158
158
170
175
184
Foods
1946—September
October
November
* December
154
132
112
111
108
100
158
188
207
293
268
165
170
168
158
165
160
116
121
125
113
114
114
112
113
113
101
101
102
157
157
156
189
191
193
209
218
217
298
299
308
269
271
272
1947—January
February
March ..:
April
May
June
July
August
165
170
183
156
162
168
128
129
131
114
116
116
115
119
124
104
107
108
157
158
158
196
197
198
218
218
220
313
312
312
273
274
274
P Preliminary.
r
177
162
176
178
160
162
181
182
167
172
132
117
126
112
163
200
215
316
274
132
131
r
133
119
119
128
129
113
116
165
166
203
203
321
323
120
131
116
P120
P133
P117
207
209
275
277
136
168
167
206
205
r
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1334
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL
COUNTRIES—Continued
RETAIL FOOD PRICES
| Index numbers]
COST OF LIVING
[Index numbers]
SwitzUnited
United
CanKing- France Nether- erStates
ada
lands land
dom
(1938
(1935-39 (1935-39 (July
= 100) (1911-13 (June
= 100)
= 100)
1914
= 100)
1914
= 100)
= 100)
Year or
month
United
SwitzCanKing- France Nether- erUnited
ada
dom
lands land
(1938
States
= 100) (1911-13 (June
(1935-39 (1935-39 (July
= 100)
1914
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
160
140
169
645
210
139
124
204
645
130
137
137
138
151
174
193
203
208
209
208
1946-September.
October...
November.
December.
174
180
188
186
143
147
147
146
168
168
168
168
800
866
851
861
209 1946-September.
215
October...
November.
216
December.
216
146
149
152
153
126
127
127
127
203
203
203
204
785
858
856
865
207
212
212
212
1947-January...
February
March....
April
T^ay
. .
June
184
182
190
188
188
191
168
168
169
168
847
851
833
830
883
153
153
156
156
156
157
127
128
129
131
133
135
204
203
204
203
July
August....
193
146
147
149
152
155
158
158
136
856
858
838
837
886
^935
P965
Pl.068
212
212
212
213
216
217
217
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
101
98
120
130
105
98
95
97
103
104
101
106
139
141
141
164
108
129
106
124
138
136
139
116
127
131
131
133
168
161
166
168
170
149
174
224
275
377
100
120
127
130
130
150
130
130
132
146
177
191
198
175
200
211
215
215
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
. ...
160
P941
P974
216 1947-January...
February
215
March....
216
April
216
May.
220
June. . . .
222
July-
P161
v\ 089
August . . . .
162
98
99
147
103
101
99
100
101
102
102
106
154
156
158
184
108
129
105
117
124
126
128
112
117
118
119
119
199
200
199
201
203
150
175
224
285
393
203
P137
100
» 132
137
139
140
154
175
187
195
v1 Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. . .
United
States*
(derived
price)
15
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 = 100)
(2)
87
Common stocks
France
(1938 =
100)
Netherlands"
50
13
1939
1940
1941
1942
1943
1944
1945
1946
113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
114.2
7
114.2
8
143.4
146.4
146.6
150.5
152.1
144.6
1946—September. . .
October
November. . .
December
122.8
121.8
121.6
121.5
117.8
117.6
117.6
117.6
132.5
133.0
134.6
134.7
142.1
139.9
141.0
142.6
1947—January
February....
March
April '"
122.6
122.7
122.4
122.8
122.9
122 8
122.5
122.3
117.8
118.1
118.2
117.9
118.2
118 6
119 3
P119.2
135.0
134.0
133.3
132.6
132.9
132.1
131.1
126.4
142.1
140.8
139.8
138.6
136.9
P135 4
P131.1
June
July
August
United
States
(1935-39
= 100)
Canada*
(1935-39
= 100)
402
100
United
France 8
NetherKingdom (December
lands*
(1926 = 100) 1938 = 100) (1938=100)
278
6 275
109.0
94 2
88 1
80.0
69 4
91.9
99.8
121 5
139.9
77 4
67.5
64 2
83 5
83.8
99 6
115.7
75 9
70 8
72.5
75 3
84 5
88.6
92 4
96.2
109.0
107.6
106.6
106.9
125.4
122.3
120 6
125.5
104.4
101.8
102 5
106.4
94.7
93.0
95 3
97.8
933
1,034
1,080
1,244
109.0
106.9
105.9
104.3
104.6
105 0
125.2
128.7
123 7
119.3
115 2
119 1
126 0
124.5
106.2
109.4
106 4
104.8
104 4
105 3
107 4
P105.5
98.6
96.7
96 9
96.6
97 9
97 5
98 2
92.2
1,068
1,028
1 103
1,017
1 003
P\ 124
Pl.135
7
8
37
112
140
308
479
540
551
694
875
167.5
170.0
180.1
179.5
183 6
201.9
203 0
P Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter
on the capitalized yield as calculated on the 15th of every month.
3
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond4 for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
B
In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique
Generate," September-November 1946, p. 424.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and'represents an unweighted monthly average
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
OCTOBER
1947
1335
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
RONALD RANSOM,
Vice Chairman
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
Special Adviser
to the Board of Governors
Assistant
to the Chairman
CHESTER MORRILL,
ELLIOTT THURSTON,
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
S. R. CARPENTER, Secretary
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel
CARL E. PARRY Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
DIVISION OF ADMINISTRATIVE SERVICES
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES,
ALLAN SPROUL, Vice
Chairman
Chairman
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N . PEYTON
RONALD RANSOM
M. S. SZYMCZAK
S. R. CARPENTER, Assistant Secretary
Counsel
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H. STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
1336
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
CHESTER MORRILL, Secretary
Account
FEDERAL
ADVISORY COUNCIL
W. RANDOLPH BURGESS, NEW YORK DISTRICT
JAMES K. VARDAMAN, JR.
LAURENCE F . WHITTEMORE
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General
WOODLIEF THOMAS, Economist
Director
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Donald K. David
Laurence F. Whittemore
William Willett
New York.
William I. Myers
Vice Presidents
Robert B. Harvey2
E. G.Hult
E. O. Latham
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning8
Allan Sproul
L. R. Rounds
Philadelphia....
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
Hugh Leach
W. G. Wysor
J. S. Walden, Jr.
Charles P. McCormick
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.2
Allan M. Black
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
O. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
O. P. Cordill
L. H. Earhart
Delos C. Johns
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis 3
J. M. Leisner
W. L. Partner
Minneapolis... . Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
Kansas City
Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
San Francisco..
Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
Carl B. Pitman
O. A. Schlaikjer
R. F. Van Amringe
A. Phelan
Hi V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny2
P. M. Poorman
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
R.W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin 8
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
O. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C M . Stewart
C. A. Schacht
William B. Pollard
1
Also Federal Reserve Agent.
OCTOBER
1947
1
Cashier.
Federal Reserve
Bank of
Branch
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
0. P. Cordill
L. H. Earhart
Dallas
Mac C. Smyth
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
* Also Cashier.
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
* General Manager.
1337
FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors of
the Federal Reserve System.
FEDERAL RESERVE BULLETIN. Issued monthly.
Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and
Venezuela, is $2.00 per annum or 20 cents per copy;
elsewhere, $2.60 per annum or 25 cents per copy.
Group subscriptions in the United States for 10 or
more copies to one address, 15 cents per copy per
month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK
MONEY RATES, AND BUSINESS. Issued
CREDIT,
monthly.
$9.00 per annum, or $1.00 per copy. In quantities
of 10 or more copies of a particular issue for single
shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digests
of Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve
Act, with compilation showing textual changes in
the Act. 683 pages. $1.25 per copy.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying reports,
and introduction reviewing the monetary history of
Paraguay. July 1946. 170 pages. $1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
THE FEDERAL RESERVE ACT, as amended to No-
vember 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES.
(8 pamphlets,
the first six now available and the last two to be
published later.)
No. 1. Jobs, Production, and Living Standards.
No. 2. Agricultural Adjustment and Income.
No. 3. Public Finance and Full Employment.
No. 4. Prices, Wages, and Employment.
No. 5. Private Capital Requirements.
No. 6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
BANKING STUDIES. Comprising 17 papers on
banking and monetary subjects by members of the The price for the set of eight pamphlets is $1.25;
Board's staff. August 1941; reprinted March 1947. 25 cents per pamphlet, or, in quantities of 10 or
496 pages. Paper cover. $1.00 per copy; in quan- more for single shipment, 15 cents per pamphlet.
tities of 10 or more copies for single shipment, 75
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
cents each.
FEDERAL RESERVE SYSTEM. Individual regulations
BANKING AND MONETARY STATISTICS. Statistics of
with amendments.
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
REPRINTS
copy. No charge for individual sections (un- (From Federal Reserve Bulletin except as otherwise indicated)
bound), as listed on page 1069 of the August 1947
BULLETIN.
PROVISIONS OF STATE LAWS RELATING TO BANK
RESERVES as of December 31, 1944. 1945. 30 pages.
* A more complete list, including periodical releases and reprints, appeared on pp. 1066-1069 of the August 1947 BULLETIN.
1338
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING, by Frieda Baird. March
1947. 6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph
FEDERAL RESERVE BULLETIN
A. Young and Duncan McC. Holthausen.
1947. 9 pages.
METHODS OF RESTRICTING MONETIZATION OF PUB-
LIC DEBT BY BANKS. April 1947. 4 pages.
NEW
GUATEMALAN
Business Loans of Member Banks
March
BANK LAW, by David
L.
Grove. April 1947 BULLETIN with translation of
new Bank Law. 39 pages.
REVISION OF WEEKLY STATISTICS FOR MEMBER
BANKS IN LEADING CITIES. June-July 1947. 9 pages.
BUSINESS LOANS OF MEMBER BANKS, by Albert
R. Koch. March 1947. 11 pages.
TERM
LENDING
TO BUSINESS BY COMMERCIAL
BANKS IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith.
June 1947. 17 pages.
RETAIL CREDIT SURVEY—1946. From July 1947
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
BULLETIN with supplementary information for nine
separate trades. 40 pages.
LOANS AT MEMBER BANKS, by Richard Youngdahl.
T H E BRITISH CRISIS. September 1947. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. September 1947. 2
July 1947. 17 pages.
MEMBER BANK LOANS TO SMALL BUSINESS, by
Charles H. Schmidt. August 1947. 15 pages.
pages.
FINANCIAL POSITION OF MANUFACTURING AND
TRADE IN RELATION TO SIZE AND PROFITABILITY,
1946, by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT
STATISTICS. September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna. September 1947. 8
pages.
OCTOBER 1947
Survey of Consumer Finances
PART I.
EXPENDITURES FOR DURABLE GOODS AND
INVESTMENTS. June 1947. 17 pages.
PART II.
CONSUMER INCOMES AND LIQUID ASSET
HOLDINGS. July 1947. 15 pages.
PART III. CONSUMER SAVING IN 1946 AND OWNERSHIP OF SELECTED NONLIQUID ASSETS. August 1947.
12 pages.
1339
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
d
w
I
r
1
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
td
OCTOBER I, 1948
$YST£lt.
@FedFRASER