Full text of Federal Reserve Bulletin : September 1946
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EDERAL
E RVE
ULLETIN
SEPTEMBER 1946
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WQODLIEF THOMAS
CARL £ .
PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—The Labor Market in the Transition.
Liquid Assets and Expenditures Plans of Farm Operators.
Estimated Durable Goods Expenditures, 1939-45, by Doris Warner and Albert R. Koch
Index of Department Store Sales and Stocks, by Major Departments.
The Balance Sheet of Agriculture, 1946.
Law Department:
Farm Tenant Loans.
Silver Legislation.
Regulation U
Acceptances by Member Banks—Revision of Regulation C.
Consumer Credit—Amendment to Regulation W.
Administrative Procedure Rules:
Board of Governors:
Rules of Organization.
Rules of Procedure.
Federal Open Market Committee:
Rules on Organization and Information
Rules on Procedure.
...
Foreign Funds Control—Treasury Department Releases.
Current Events
...
National Summary of Business Conditions.
Financial, Industrial, Commercial Statistics, U. S. (See p. 1021 for list of tables)
International Financial Statistics (See p. 1075 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Map of Federal Reserve Districts.
Federal Reserve Publications (See inside of bac\ cover)
Subscription Price of BULLETIN
957-964
965-966
967-973
973
974-994
995
995
995
996-998
998
999-1004
1004-1011
1011-1014
1014-1015
1015-1017
1018
1019-1020
1021-1074
1075-1093
1094
1095
1096
FEDERAL RESERVE BULLETIN
September
VOLUME 32
1946
NUMBER
9
THE LABOR MARKET IN THE TRANSITION
The enormous task of converting the nation's labor force from war to peace has been
substantially accomplished and generally
those seeking work can find it without long
delay. This represents a start toward the
goal of sustained full employment and the
task ahead is to develop economic conditions
which will encourage stability of employment at a high level. Advanced levels based
upon speculative price increases would not
be likely to be maintained.
About 13.5 million veterans have returned to civilian life, nearly 11 million of
them since V-J Day. In addition, several
million workers engaged in war production
have transferred to peacetime employment
or withdrawn from the labor force. This has
been accomplished without unemployment
rising above the 2.7 million reached in February and March, a level from which it has
since declined somewhat. Unemployment
has remained at relatively low levels in spite
of physical difficulties of rearranging production facilities and equipment, frustrating
disruptions to production occasioned by
unbalanced material flows and by work stoppages, and continued uncertainties surrounding prices and costs. On the whole, conversion of the labor force has been achieved
more smoothly and more rapidly, and with
less hardship to those involved, than appeared likely at the end of the war.
The explanation for the low levels of unSEPTEMBER
1946
employment following the end of the war
lies mainly in three factors:
(1) the large demand for all kinds of
peacetime goods and services. The demand
has been sufficient to make possible the current utilization for peacetirrfe purposes of a
slightly larger total number of civilian manhours of work than was utilized in civilian
production for both war and nonwar purposes prior to the end of the war;
(2) the redistribution of the aggregate
number of manhours worked among a
greater number of workers. Hours of work
performed by the average employee have declined substantially from their strained wartime levels and now are almost as low as before the war. This reduction in hours
worked per employee has permitted an increase of at least 3 million in the number of
persons employed; and
(3) the withdrawal from the labor force
of war-induced entrants. Since V-J Day
several million of the war-induced entrants
to the civilian labor force have withdrawn
from the labor market and are no longer
either employed or unemployed. Women
comprise a large proportion of the withdrawals from the labor force.
These three factors—the reattainment of
the total volume of manhours worked in
the summer of 1945, the reduction in average
hours of work, and the withdrawal from the
labor force of extra wartime entrants—
957
REVIEW OF THE
account for the absorption of 9 million veterans into civilian jobs in the period since the
end of the Japanese War.
INCREASED DEMAND FOR GOODS
Underlying the reattainment of the wartime volume of civilian manhours worked
has been the strong stimulus of heavy demand which has made possible the transfer of the large volume of manhours devoted to war purposes to production of
peacetime goods. The potentially deflationary effects of a decline of over 80 per cent in
Federal war expenditures for goods and
services between the second quarter of 1945
and the present have been offset by the large
backlog demands which, in conjunction
with the excessively large supply of money
and other liquid assets created in the process
of war finance, have accelerated consumer
and business spending. As a result total
expenditures of all kinds, after declining
13 per cent under the impact of reduced
war expenditures, have advanced in response
to increased private spending and are now
only about 6 per cent below the wartime peak.
Prices have increased, however, so that the
comparison in real terms is somewhat less
favorable.
The underlying inflationary pressures
which have tended to push up prices,
within the limits imposed by price and
other controls, have also acted as powerful
stimuli for overcoming the transition frictions in the labor market. To the extent that
inflationary pressures have speeded the absorption of veterans into civilian employment
and the transfer of other workers to peacetime activities they have served a useful purpose. With conversion largely accomplished,
however, widespread price advances would
magnify the elements of instability in the labor market and if carried far enough would
958
MONTH
result in a business reaction and declining employment. This is what happened after
World War I when sharp price increases
were followed by a period of substantial price
declines and reduced employment.
The strong demand for goods and services
and hence for manpower has tended to encourage the continuation of some of the
employment practices followed during the
war. Such practices include hiring in anticipation of need, carrying overhead employment at a higher level than necessary in
order to be prepared for contingencies, and
scrutinizing pay roll costs less carefully than
would be the case if competition among
sellers were greater. These practices have
tended to increase the number of job opportunities available and to reduce the number
of lay-offs occasioned by the shift to peacetime production. Partly because of such
factors, output per manhour has not increased as much as might have been expected
under conditions of stable high employment,
and in some industries productivity may have
declined in this period. Nevertheless, in the
majority of industries productivity is higher
than before the war because of the currently
higher rates of plant and equipment utilization and also because of war and postwar improvements in plant and equipment and
technology. As industry shakes down to
stable peacetime operations, further substantial advances in productivity can be expected, judging by developments after World
War I when productivity advanced very
sharply for a few years and thereafter increased at a more normal rate.
TRANSITORY FACTORS
Although conversion has been achieved
more rapidly than might have been expected,
the temporary nature of some of the demand
for labor should not be ignored. Some of
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
the expansion of employment is attributable situation. The beginning, on a moderate
to the large backlog demands which accumu- scale, of a back to the farm movement, related during the period of war scarcity. In versing the strong trend away from agriculsome lines employment is being supported ture during the war which resulted in a deby extravagant expectations about the level cline of one-sixth in the farm population
and permanency of future demands. Some between April 1940 and April 1945, may reof those now at work are engaged in pro- flect an increasing supply of manpower reladucing for inventory rather than for current tive to nonagricultural demand. No doubt
consumption. Whether a high level of em- some of those who have withdrawn from the
ployment can be sustained when the ex- labor force since the end of the war have done
pansionary effects of these temporary factors so because of inability to find suitable jobs.
However, the majority of withdrawals were
have worn off remains to be tested.
probably voluntary in view of the fact that
Currently, there is no question but that the
labor market is fairly tight. This is indicated a large proportion were women in the marnot only by the low level of unemployment riageable and child-bearing age group and
but also by the high rate at which workers young men and women in the school age
voluntarily quit jobs, the apparent ease with group.
which workers move into and out of the In the period immediately ahead, it may
labor force, the relatively high level of em- be expected that the labor market will remain
ployment of older men and women, the high relatively tight. Entrance of additional vetrate at which unemployed veterans and erans to the civilian labor force will be
others leave the unemployment benefit rolls, limited and will be offset to some extent by
and the continued upward drift of wages of the withdrawal of veterans to attend school.
As long as inflationary presures continue
unskilled and unorganized workers.
strong, but not strong enough to disrupt proNotwithstanding the general tightness of
ductive relationships, it is unlikely that unthe labor market, elements of looseness are
employment will rise sharply. The accombeginning to appear as a result of the fact
panying chart shows the seasonally adjusted
that the most urgent needs for manpower
trend of the labor force since July 1945.
have been satisfied. Evidence of the beginning of a change in the state of the
labor market is seen in the tendency for a
larger proportion of the unemployed to be
without jobs for longer periods and in the
tendency for employers to be more selective
than earlier with regard to the age, sex, and
1
previous experience of workers hired. The
large proportion of available jobs for which
offering wages are lower than those being
paid in other industries and plants also points
to a lower intensity of manpower demand.
The fact that important pressure for longer
hours of work seems to be lacking is a further
sign of relative balance in the manpower
LABOR FORCE, EMPLOYMENT AND UNEMPLOYMENT
SEASONALLY ADJUSTED
MILLIONS OP PERSONS
70
MM
TOTAL LABOR FORCE
ARMED FORCES)
"~
—
h>T ^(lNCLUDING'
""
\
CIVILIAN E M P L O Y M E N T ^ ^ ^
UNEMPLOYMENT
J
A
IS945°
Source.—Bureau
by
SEPTEMBER 1946
Federal
N
°
of
J
1946
Census.
Adjusted
for
seasonal
variation
Reserve.
959
REVIEW OF THE MONTH
ABSORPTION OF VETERANS
One of the major factors in the postwar
labor market has been the great speed with
which those in the armed forces have been
returned to the civilian labor force. Limited
only by the needs of the armed services and
the physical capacity to transport persons
from abroad and to process discharges, the
rate of release to civil life has been very
rapid. Almost 11 million veterans have been
released in the period since V-} Day. Releases
to civil life reached a peak rate of one and a
half million a month in October, November,
and December. Since then the rate has declined in line with the smaller number remaining to be discharged. No attempt was
made to relate the timing of discharges to
the state of the civilian labor market or its
capacity to absorb additional workers. A
policy of timing demobilization was suggested in some quarters as a means of avoiding the unfavorable developments which
occurred after World War I but it was not
adopted. After the first war the bulk of
those released from the armed forces entered
a depressed labor market. At that time, aside
from $60 and train fare home, little was done
to ease the shift of veterans to civilian activities.
The fact that a comprehensive veteran assistance program was available this time has
been an extremely important factor in
smoothing the absorption process and forestalling serious hardship to millions of veterans. The measures available include the
legal establishment of the right to reemployment in their old jobs, the payment of dismissal pay ranging from $100 to $300 for
each veteran, the payment of tuition and
subsistence allowances for those wishing to
enroll in schools, the provision of self-employment allowances to sustain a minimum
level of income for those veterans working
960
on their own account, the payment of
benefits to those taking on-the-job training,
and the payment of readjustment allowances
of $20 a week to those seeking work but unable to find jobs. In addition, loans are
made available at special terms to those wishing to purchase homes or businesses and
more adequate medical care and pensions
are available than after World War I for
those requiring this type of aid. Also available to veterans and others are the services
of a coordinated employment service which
has placed millions of workers in civilian
jobs during the period of transition.
Something of the importance of these programs can be seen in the use made of the readjustment allowances. Although hardly
more than 1.8 million veterans have received
such allowances in any given week, and currently only 1.6 million are receiving these
benefits, almost 6 million individuals, or
about 40 per cent of all veterans, have received
payments for varying lengths of time. Payments for unemployment are permissible for
TOTAL DISCHARGED VETERANS COMPARED
WITH THOSE RECEIVING UNEMPLOYMENT ALLOWANCES
MILLIONS OF PERSONS
MILLIONS OF PERSONS
RELEASED TO CIVIL L F E ^ ^ ^
/
/
/
/
/
I
/
^ ^ ^ ^
VETERANS CURRENTLY RECEIVING
UNFMPI OYMFNT A] 1 OWANCFS
\
'
J
A
- 1
S
0
1945
1 * l
N
D
^
1
'
1
1
1
1
1
1
1
!
t
1
1946
Total veterans of World War II released to civil life compiled
by Federal Reserve from reports of the Army, Navy, and
Veterans Administration. Veterans currently receiving unemployment allowances based on Veterans Administration reports.
FEDERAL RESERVE BULLETIN
REVIEW OF THE
up to 52 weeks, depending on length of
service, but so far the turnover among those
receiving benefits has been high. The average veteran currently on the rolls has received
benefits for only about 12 weeks. The chart
on page 960 shows for each month the number of persons released to civilian life up to
that time as compared with the number of
veterans currently receiving unemployment
benefits.
According to Census estimates, approximately 80 per cent of the male veterans were
employed in August and less than 7 per cent
were unemployed. The remainder were outside the labor force attending school, on vacation, or unable to work. The following
table compares the labor force status of male
veterans with that of nonveterans in August
1946.
MONTH
employment was 1 million lower than in
July 1940. Unemployment was approximately 7.5 million lower than in July 1940.
Average hours worked per week were substantially higher at the end of the war than
in 1940.
At the end of the war, the composition of
the civilian labor force was considerably different from that in 1940. The number of
men in the civilian part of the labor force
was nearly 8 million smaller while the number of women was nearly 6 million larger.
The average age of those in the civilian
labor force was higher than that in 1940
even though substantial additions came
from the group of young men and women
who would ordinarily have been going to
school.
The wartime expansion of the total labor
force, including the armed forces, demonCOMPARATIVE LABOR FORCE STATUS OF MALE VETERANS AND
strated the existence of a flexibility in the
NONVETERANS, AUGUST 1946
labor supply hardly thought possible before
[Percentages]
the war when major attention was focused
Nonveterans
on the fairly regular net annual growth of
the labor supply by about 600,000 resulting
Total
100.0
In civilian labor force .
84.7
largely from the growth of the population in
Employed
82.2
the working age groups. In addition to this
65.5
Nonagricultural activities .
17.2
Agriculture
,
regular expansion of the labor force, about
2.0
Unemployed
8 million persons usually considered outside
Not in the labor force .
15.3
the labor market obtained jobs or entered the
1
Data include males 14 years of age and over, but do not include armed forces at the peak of manpower mobimales in institutions or in the armed forces.
Source.—Based on Bureau of the Census data.
lization. These additions were divided almost evenly between men and women.
SHIFTS IN THE LABOR FORCE
Almost half of them came from among
In July 1945, there were 67.5 million per- young men and women who ordinarily
sons in the labor force, including over 12 mil- would have been attending school full time.
lion in the armed forces and more than 55 For example, less than one-fourth as large a
million in the civilian labor force. The total percentage of the male population 18-24
labor force was nearly 10 million larger than years of age was attending school in 1945 as
in the corresponding month of 1940 but the in 1940. Even among young men not in the
civilian labor force was 2 million smaller armed forces, the ratio in school in 1945 was
than in 1940. Nonagricultural employment about one-third that in 1940. The percentwas about 6.5 million higher but agricultural age of young women attending school also
961
SEPTEMBER 1946
1
REVIEW OF THE
decreased substantially although not as
sharply as that for men. The other extra
additions to the labor force came from men
and women of all other age groups. A surprisingly large number came from among
men and women in the older age groups who
found their services in high demand in the
stringent war labor market.
Although some of the extra workers left
the labor force after V-E Day, the sharp increase in the exodus came after the defeat of
Japan. Almost 6 million of the war-induced
entrants have now withdrawn from the labor
force and of these nearly 4 million are women. In the marriageable and child-bearing
age group 20 to 34, about ll/2 million of these
women have left the labor market, a reflection of the high rate of demobilization of the
armed forces and the sharp postwar rise in
both marriage and birth rates. The withdrawal of women in this age group has been
so sharp that the total in this age group remaining in the labor force is about 1 million
below normal, as measured by the prewar
trend of labor force participation. Abnormally high labor force participation rates still
prevail among women in the 14-19 and 35
and over age groups. The high rate of participation of the younger group is probably
temporary while the high rate among the
older group is likely to be permanent if job
opportunities continue to be available. The
rate for those 20-34 may increase in the
period ahead when the marriage and birth
rates recede from their high war and early
postwar levels.
Among men, the largest reduction in wartime labor force participation rates has occurred among those under 20 although the
rate for this group is still substantially
higher than is likely to prevail permanently.
In the age group 20-24, the participation rate
is somewhat below normal as a result of the
962
MONTH
high level of school attendance among veterans. Among those over 25, the majority of
the war-induced entrants are still in the labor
force. The additions in the older age brackets will probably remain in the labor force if
job opportunities are available.
The large-scale influx to the labor market
during the war and the speed with which
withdrawals have occurred since the end of
the war are phenomena of substantial importance in understanding the labor market.
They indicate the flexible nature of the
labor force and help to explain how it
may be possible to increase employment more
than unemployment is reduced by drawing
WAR-INDUCED ADDITIONS TO THE TOTAL LABOR FORCE
U
JULY FIGURES
1
Additions to the labor force in excess of those expected on
the basis of prewar population and labor force participation
trends. Estimated by Federal Reserve and subject to change
when the Census revision of the labor force for the period prior
to July 1945 becomes available.
upon groups outside the labor force as well
as upon those actively seeking work. The
chart above shows the estimated number of
war-induced entrants to the total labor force
in July of each year beginning in 1940.
CHANGES IN EMPLOYMENT
Offsetting the early losses in employment
in direct war industries, increases developed
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
in employment in other lines, chiefly in
trade and service activities and in construction, which had been unable to obtain an
adequate number of workers during the war.
The net decline in civilian employment after
V-J Day, adjusted for seasonal variation,
amounted to only about 2 million and by
January 1946, the number employed exceeded that in the summer of 1945. In August
this year employment was 4.5 million higher
than at the end of the war.
Agricultural employment was a little
higher than a year ago according to Census
estimates. Nonagricultural employment was
4.4 million higher than in August 1945,
and approximately 10 million higher than
in 1940. Gains in nonagricultural employment have occurred in most major industry
groups, except Government and manufacturing which are below the levels existing
before the end of the war. In manufacturing, declines have been concentrated in
those durable goods industries heavily engaged in war production while in most other
durable goods industries moderate increases
in employment have occurred. Practically
all nondurable goods industries report increases in employment during the period.
Substantial advances in employment have
occurred in construction, which was more
than double its level in mid-1945; in trade,
which seasonally adjusted was at the highest
level on record; in self-employment which
has increased by about 1 million; in public
utilities; and in finance and service lines.
Mining employment has increased somewhat
while railroad employment has declined
moderately, and employment in domestic
service apparently has not increased. Further
advances in employment are expected in construction and manufacturing and possibly in
trade and service activities, aside from the
usual seasonal changes. A further substanSEPTEMBER
1946
tial reduction is scheduled in Federal employment as the wartime programs are liquidated. The following chart shows the
changes in employment in major nonagricultural industry groups since 1940.
EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS
Source.—Bureau of Labor Statistics. Adjusted for seasonal
variation by Federal Reserve. July is the last month plotted.
An examination of the broad structure of
employment indicates that a large amount
of the distortion which resulted from
organizing the labor force to supply the
goods and services for war has been eliminated. This distortion took the form of a
very high concentration of workers in manufacturing and Government activities and a
squeezing of the manpower supply in construction, agriculture, and service activities.
The reduction in agriculture was an accentuation of the long-term downward trend and
by reducing the amount of underemployment improved the utilization of manpower
in farming.
With the shifts that have occurred since
the end of the war, much of the war distortion of the structure of employment has
963
REVIEW OF THE MONTH
been eliminated. The distribution now, by
broad nonagricultural industry groups, is
not greatly out of line with that in 1929 and
1940. Manufacturing as a percentage of the
total is higher than in 1929 or 1940, as is
Government. The percentages in trade and
finance, service and miscellaneous are lower
than in the earlier periods. Construction and
mining are also lower and the transportation
and public utility group is below 1929 but
above 1940. It appears reasonable to expect
further modification of the structure of employment in the direction of the 1929 and
1940 distributions. In view of the changes in
the economy, however, it is unlikely that the
distribution of employment will or should
duplicate that of earlier periods. The accom-
964
panying table compares the distribution of
nonagricultural employment in 1929 and
1940 with that at the height of the war and
in August 1946.
DISTRIBUTION
OF EMPLOYEES IN
NONAGRICULTURAL
ESTABLISHMENTS
[Percentage of total, by industry groups]
Annual averages
August
1946
1929
Total.
Manufacturing
Mining
Construction
Transportation and
public utilities
Trade
Finance, services, and
miscellaneous
Government
1940
1943
100.0
100.0
100.0
100.0
33.8
3.5
6.8
33.9
2.9
5.4
43.3
2.2
3.1
36.5
2.1
5.3
12.5
20.1
9.5
21.7
13.6
13.0
9.0
17.5
10.1
19.6
10.2
14.7
12.9
13.5
13.5
9.8
Source.—Based on Bureau of Labor Statistics data.
prietors and domestic servants are excluded.
Pro-
FEDERAL RESERVE BULLETIN
LIQUID ASSETS AND EXPENDITURE PLANS OF FARM OPERATORS1
Liquid assets held by farm spending units are
a significant potential source of funds for the purchase of consumer and producer goods as well as
for investment in farm lands. According to the
"Balance Sheet of Agriculture" reproduced elsewhere in this BULLETIN, these holdings of deposits,
currency, and United States savings bonds amounted
to about 19 billion dollars at the beginning of 1946,
after having increased fourfold during the war years.
Certain useful information about the liquid asset
holdings and spending plans of an important group
of farmers, namely, farm operators, is provided by
the national survey of liquid assets conducted for
the Board of Governors of the Federal Reserve
System by the Division of Program Surveys of the
Bureau of Agricultural Economics. Farm operators
make up about half of the 9 to 10 million farm
spending units. The term includes (1) all fulltime operators who maintain a farm all year and
have no other major occupation, and (2) all parttime operators who receive at least 50 per cent of
their annual gross cash incomes from farming. It
does not include farm laborers, retired farmers, and
spending units not engaged in farming but living
on farms with their families.2
Checking accounts and savings bonds are the
types of liquid assets most frequently held by farm
operators.3 The position of the farm operator as
a producer as well as a consumer has made for
more widespread use of the checking account by
the farm operator than by the population as a whole.
Farm operators not only plan to buy consumer
durable goods and houses in 1946 but in addition
plan to purchase a sizeable quantity of farm machinery and to build and repair farm buildings.
In so doing, they plan to use their liquid assets
to a greater extent than does the rest of the United
States population.
1
Prepared by Duncan McC. Holthausen of the Board's Division of Research and Statistics from a special report for farm
operators based on the national liquid asset survey data. The
results of the survey were summarized in the June, July, and
August 1946 issues of the BULLETIN. Mr. George Katona and
Mrs. Eleanor Maccoby of the Division of Program Surveys,
Bureau of Agricultural Economics, were primarily responsible
for the conduct of the studies.
2
A spending unit is denned as all persons living in the same
dwelling unit and belonging to the same family who pool their
incomes to meet their major expenses.
8
Currency holdings were not included among holdings of
liquid assets, because of the difficulty in obtaining accurate reports of such holdings. See BULLETIN for June 1946, pp.
574-75.
SEPTEMBER
1946
HOLDINGS OF LIQUID ASSETS
Three-fourths of all farm operators held some
type of liquid asset at the beginning of 1946. As
is indicated by Table 1, more than one-half of the
group held Government bonds, about the same
proportion had checking accounts, and only
one-sixth held savings accounts. For the population
as a whole no more than one-third of all spending
units use checking accounts. Reflecting the possible
use of checking accounts by farmers for savings
and the nonavailability of savings accounts in certain farm areas, the data indicate that the farm
operator makes less use of the savings account than
does the population as a whole. No very significant
difference is apparent in the proportion of all people
or farm operators that held Government bonds at
the beginning of the year.
Practically no difference between farm operators
and the population at large was revealed by the
total amount of liquid assets held by individual
spending units in the respective groups. In both
instances about three in ten spending units held
$1 to $499 in liquid assets, another three in ten held
between $500 and $1,999, and not quite two in ten
had more than $2,000 in liquid assets. In addition,
little difference between these two groups of liquid
asset holders was reflected by the average amount
TABLE 1
PERCENTAGE OF FARM OPERATORS AND OF U. S. POPULATION
HOLDING VARIOUS T Y P E S OF LIQUID ASSETS, EARLY
Type of liquid asset
U. S. discount bonds
Other Government bonds
Savings accounts
Checking accounts
Any one type of asset
1946
* T2
Farm
operators
U. S.
population1
57
3
17
57
78
63
3
39
34
76
!A11 spending units in the U. S. population, including farm
operators.
of any one type of asset held. Farm operators with
checking accounts carried an average deposit of
the same amount as all people with checking
accounts. This similarity was also observed in
the case of savings deposits. Farm operators with
savings bonds generally held somewhat smaller
11
965
LIQUID ASSETS AND EXPENDITURES PLANS OF FARM OPERATORS
amounts than the rest of the population with
savings bonds.
PROBABLE USE OF LIQUID ASSETS
Farm operators expressed greater willingness
than the total population to use their liquid assets
in 1946. This difference can be largely attributed
to the prospective use of checking accounts by
farmers and probably reflects a seasonal influence,
since farmers' cash balances are generally high early
in the year and are drawn down for operating purposes during the crop production period. When
asked whether they intended to reduce the balance
of their checking accounts by a large amount, about
45 per cent of the farm operators as compared to
about 30 per cent of all people indicated they would
or would probably do so. In the case of Government bonds, there is no such marked difference for
the immediate future. About one in ten of the
farm operators and also of the population as a whole
expected to use some Government bonds for various
purposes in the current year.
When asked during the interview period about
prospective use of Government bonds in the next
five years, a significant difference was revealed in
the attitudes of farm operators and the total population. Half of the total population indicated that
they would not be willing to use their Government
bonds for the purchase of houses, farms, or investment in businesses or real estate; only one-third of
the farm operators indicated that they would not
be willing to use their bonds for these purposes. In
general, it appears that farmers regard liquid assets
as less permanent holdings than do all other people.
plans. In their plans for purchasing cars and other
consumer durable goods, farm operators show no
differences from the population as a whole.
Farm machinery purchases and the repair and
construction of farm buildings were most frequently
mentioned in the farm operators' spending plans
for production purposes. The purchase of farm
land was next in importance.
In terms of the approximate dollar amounts that
would be spent by farm operators for the various
purposes listed in Table 2, the purchase of farm
land is the largest item, accounting for roughly
two-fifths of the estimated total of contemplated
expenditures. Farm machinery and all consumer
durable goods each account for about one-fifth
of total prospective expenditures. In the case of
farm land, the bulk of purchases would be financed
by mortgage credit; for consumer durables, farm
machinery, and farm building repairs, farm operators would draw largely from current income for
payment.
It is very probable that the expenditure plans of
many farm operators will not be realized during
1946 because of the shortages in supplies of certain
types of farm equipment and construction materials. Nevertheless, it is clear that farm operators,
in comparison with the rest of the population, plan
to make relatively more extensive expenditures and
at the same time to use more of their liquid assets.
This is primarily because their potential expenditures reflect outlays for both production and consumption purposes.
TABLE 2
EXPENDITURE
DURABLE
EXPENDITURE PLANS OF FARM OPERATORS, 1946
During the interview period in the first quarter
of 1946, farm operators expressed plans for very
sizeable outlays in the current year for automobiles
and other consumer durable goods, farm machinery,
repair and construction of farm buildings and
houses, and farm land. Table 2 indicates the proportion of farm operators with definite and tentative plans for these various types of expenditures.
About 6 per cent^of the farm operators had definite
plans to buy automobiles; 3 per cent had tentative
plans. For other consumer durables, 22 per cent had
definite purchase plans and 7 per cent tentative
966
PLANS
GOODS,
OF FARM
FARM
FARM
OPERATORS
MACHINERY
LAND,
FOR CONSUMER
AND BUILDINGS, AND
1946
Percentage of spending units
Type of expenditure
Automobiles
Other consumer durables
Farm machinery
Farm buildings:
Repairs
New construction
Houses:
Repairs
New construction
Farm land
1
With definite
expenditure
plans
With tentative
expenditure
plans 1
6
22
20
3
7
7
18
7
15
1
6
2
2
2
1
Those who say they would probably buy or build.
FEDERAL RESERVE BULLETIN
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
by
DORIS P. WARNER AND ALBERT R. KOCH
The magnitude and character of durable goods
expenditures in the United States in 1945 reflected
the end of the war and the strong pressures for
speedy reconversion to peacetime production. Private producers' expenditures totaled almost 8 billion
dollars, over 25 per cent more than expenditures in
either 1944 or 1939 but still below the peak expenditures of 1941. Expenditures by manufacturing
and mining concerns amounted to almost one-half
of total private producers' expenditures.
On the other hand, public expenditures on all
types of durable goods continued to decline in
1945, dropping to only a little over 3 billion dollars,
slightly lower than 1939 expenditures and far below
the wartime peak of almost 14 billion in 1942. The
decline in public expenditures represented largely
the completion of construction of military and industrial facilities initiated by the Federal Government during the war. Expenditures of Federal,
State, and local governments in 1945 for highways,
educational institutions, and other public buildings
continued small relative to prewar levels.
Consumer expenditures on durable goods in 1945,
particularly on housing and automobiles, continued
low because of the time-lags involved in shifting to
the production of these civilian items. Expenditures on other durable consumer goods, however,
including such household items as furniture and
floor coverings, and jewelry, increased considerably,
probably to new all-time highs.
The foregoing comments are based on Table 1,
which continues the estimates of total durable goods
TABLE 1
ESTIMATED DURABLE GOODS EXPENDITURES IN THE U N I T E D STATES, 1939-45
[In millions of dollars]
Type of expenditure
Public and private—total
Public—total
Military 1
Industrial and commercial 2
Public4 utility 3
Other
Private—total
Producers'—total
Railroad
Klectric power
Telephone .
Transit
Other utilities 5
Manufacturing and mining
Commercial and miscellaneous 7
Agricultural 8
Consumers'—total
Housing
Automobiles . .
Other durable goods
Institutional 9
1939
1940
1941
1942
1943
1944
1945
18,270
21,090
28,280
28,620
21,760
16,790
19,730
3,440
120
40
360
2,920
3,620
510
250
550
2,310
6,690
1,760
2,130
830
1,970
13,820
5,060
6,460
960
1,340
9,150
2,420
4,910
1,040
780
3,550
720
1,870
360
600
3,100
560
1,730
200
610
14,830
6,000
280
370
17,470
7,390
440
400
21,590
9,390
560
500
14,800
6,960
540
480
12,610
5,260
460
380
13,240
6,350
580
280
16,630
7,990
510
430
250
310
450
370
160
180
90
200
3,170
1,260
850
7,740
1,410
600
5,730
100
40
160
2,610
720
730
7,320
750
610
5,960
30
270
110
110
2,310
1,770
800
8,620
2,230
2,260
4,130
210
110
150
3,140
1,940
900
9,890
2,480
2,840 '
4,570
190
110
210
4,080
2,280
1,200
11,980
2,890
3,260
5,830
220
70
210
2,890
1,000
1,140
6,820
600
130
6,090
70
100
200
63,770
1,600
1,110
8,530
790
680
7,060
110
NOTE.'—Division between public and private is on basis of ownership of goods, not source of funds for financing. Public represents
Federal, State, and local governments. Public includes all construction and equipment expenditures in the industrial and commercial
category, but does not include munitions or merchant ships used for war purposes. Private includes both construction and equipment
expenditures and a small amount of Government expenditures for commercial equipment such as typewriters, machine tools, and trucks.
1
Represents construction on cantonments, air fields, and navy yards.
2
Includes mainly expenditures for industrial plants and equipment to produce war goods.
» Represents only fixed plant construction for such revenue producing facilities as pipe lines, electric power and gas, TVA project,
and 4
housing projects.
Includes construction of nonrevenue producing utilities such as highways, educational and other public buildings, and WPA contraction.
8
Includes pipelines, manufactured and natural gas, and telegraph.
6
Preliminary; based on data of large companies only.
7
Includes trade, service, and transportation not elsewhere classified.
8
Represents expenditures on service buildings and farm equipment, including estimated business use of passenger automobiles. Does
not include farm housing or automobiles for pleasure use.
9
Represents only construction by religious, educational, and other private institutions.
SEPTEMBER
1946
967
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
expenditures presented in the BULLETIN for April
1942.1 The data have been carried through 1945
in response to numerous requests for over-all information on durable goods expenditures during
the war period. In addition, estimates of private
durable goods expenditures for major manufacturing and mining industrial groups are presented
for the first time.
DURABLE GOODS EXPENDITURES IN
MANUFACTURING AND MINING
Expenditures on durable goods in the manufacturing and mining industries totaled about 33
billion dollars during the 1941-45 period, approximately 50 per cent by private industry and 50 per
cent by the Federal Government. The major portion of Federal expenditures was for plants and
equipment to produce aircraft, ships, ordnance,
and other war materials. The Civilian Production
Administration estimates that ress than one-third,
or about 5 billion dollars worth, of these Federally
financed plants will have a peacetime use.2 Of
the 16.5 billion dollars spent by private industry
for new industrial facilities during 1941-45, however, a large portion can be adapted for such use.
In the aggregate, about 20 of the 33 billion dollars
of the wartime expansion may be adaptable for
postwar production.
1
See also the BULLETIN for September 1939, pp. 731-36;
February 1940, p. 116; and February 1941, p. 103.
2
Civilian Production Administration, War-created
Manufacturing
Plant, Federally
Financed, 1940-1944,
Nov. 15,
1945, p. S.
Estimated private durable goods expenditures of
all manufacturing and mining concerns during the
years 1941-45 totaled over 30 per cent of their gross
capital assets (plant and equipment) at the beginning of the period. The additional plant and
equipment resulting from these expenditures represent a significant addition to the industrial capacity
of the nation even though these facilities were acquired at high costs and may not all be usable for
the production of peacetime products. Moreover,
a large proportion of them have already been completely amortized. This increase in new facilities
during the war relative to those on hand previously
varied considerably from industry to industry, with
companies in industrial groups classified as "war
industries" generally showing a greater expansion
than the nonwar industries. Among the war industries, expansion of plant and equipment relative
to gross capital assets varied from 65 per cent in
the automobile industry to 17 per cent in the nonferrous metals industry.
Data on the privately financed expansion of
capacity in the manufacturing and mining industries during the war period are presented in Table 2.
These estimates are based on the plant and equipment expenditures of a sample of corporations derived from the financial statements of individual
companies. The classification by industry is on the
basis of the general industrial activity of the companies in the prewar period. For example, wartime expenditures of companies making automobiles
before the war have been classified as expenditures
TABLE 2
ESTIMATED PRIVATE DURABLE GOODS EXPENDITURES IN THE MANUFACTURING AND M I N I N G INDUSTRIES, 1941-45,
RELATED TO GROSS CAPITAL ASSETS, D E C E M B E R 3 1 ,
1940
[In millions of dollars]
Expenditures
Industry
(Classification by prewar activity)
Expenditures
Gross capital
1941-45 as
assets
percentage of
(Plant and
gross capital
equipment)
assets,
Dec. 31, 1940 Dec. 31, 1940
1941
1942
1943
1944
1945 *
Total
1941-45
Total.
4,080
3,170
2,610
2,890
3,770
16,520
51,820
32
War industries—total
Chemicals and rubber
Petroleum
Iron and steel
Nonferrous metals
Machinery
Automobiles and parts
Other transportation equipment
2,790
410
830
370
260
420
300
200
2,220
280
700
390
170
350
190
140
1,980
180
930
250
100
260
130
130
2,050
280
1,020
190
60
250
180
70
2,630
350
1,030
220
60
390
540
40
11,670
1,500
4,510
1,420
650
1,670
1,340
580
31,340
3,860
10,620
6,550
3,800
3,470
2,050
990
37
39
42
22
17
48
65
59
Nonwar industries—total
Food, beverages, and tobacco
Textiles, apparel, and leather
Other 2
1,290
350
220
720
950
220
150
580
630
160
70
400
840
210
150
480
1,140
240
130
770
4,850
1,180
720
2,950
20,480
5,630
3,770
11,080
24
21
19
27
1
2
Preliminary; based on data of large companies only.
Includes primarily paper and paper products, printing and publishing, and lumber and building materials.
968
FEDERAL RESERVE BULLETIN
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
of the automobile industry, even though some of
these wartime expenditures were for the construction of facilities to produce aircraft.
DESCRIPTION OF FEDERAL RESERVE ESTIMATES
As in the earlier estimates, durable goods expenditures are defined as outlays for goods having a
normal useful life of three or more years or as gross
additions to plant and equipment on which normal
depreciation is usually accrued. Accordingly, expenditures for small tools, repairs, maintenance,
and similar items are excluded.
Public expenditures include all expenditures of
Federal, State, and local governments for durable
goods. A classification of public expenditures was
first introduced in the BULLETIN for April 1942 in
order to bring out the main types of Federal expenditures during the war. The division between
private and public expenditures is based primarily
on the ownership of goods as contrasted with the
sources of funds for financing. Private producers'
expenditures, the largest component of total expenditures and the area in which the Board's staff
has centered its work, include plant and equipment
expenditures of business concerns in all types of
industry, including agriculture. Consumers' expenditures, the third major component of total
durable goods expenditures, have been revised to
exclude some semidurable goods expenditures and
to agree completely with the estimates of the Department of Commerce.
A detailed description of the sources of data and
methods of compilation of the Federal Reserve estimates of durable goods expenditures is given in
the appendix following this article.
RELATED SERIES
collected in the course of its work in controlling
new construction. With the end of most wartime
controls on new construction, however, this series
was discontinued. A more recent series developed
jointly by the Securities and Exchange Commission
and the Department of Commerce presents quarterly estimates of business expenditures for new
plant and equipment.
In order to give a better understanding of the
relationship between the new series and the Federal Reserve estimates, a comparison of the estimates is presented, together with an explanation
of the differences in their results. In general, these
differences are due primarily to differences in
sources of data and methods of compilation. The
comparison of the Board estimates with other series
is confined to private producers' expenditures since
this is the area in which a major portion of the
Board estimates has been developed from primary
sources.
Department of Commerce estimates—Gross national product. Most of the components of the
Federal Reserve estimates either (1) are identical
with the comparable components of the gross national product—for example, consumers' durable
goods expenditures—having been derived from
them or from the same basic source; or (2) can
not be compared because the gross national product components are not published in sufficient detail—for example, public expenditures.
TABLE 3
FEDERAL RESERVE ANI> COMMERCE ESTIMATES
Private Producers' Durable Good's Expenditures, 1939-45
[In billions' of dollars]
Year
Federal
Reserve
Department
of Commerce
(From gross
national
product data)
Since 1942 when the Federal Reserve data were
6.1
6.0
last published, the Department of Commerce, the 19-39^
7.8
1940
7.4
9.9
9 4
War Production Board (succeeded by the Civilian 1941 . .
7.0
1942
5.4
Production Administration), and the Securities and 1943
3.1
5.3
4.1
6.4
1944
Exchange Commission have developed for various 1945
7.1
8.0<
purposes similar or related estimates of durable
NOTE.—The series
product data ingoods expenditures. As a measure of total economic €kides expenditures on from gross national and "producers-' dur"other construction"
able equipment" less (1) capital outlays charged to current expense,
activity, the Department of Commerce initiated (2) "miscellaneous noivFederal public service enterprise" conestimates of gross national product which include struction, and (3) residential farm construction, all oi which are
excluded from the Federal Reserve data.
durable goods expenditures. The War Production
Board developed a series on Federally and non- For private producers* durable goods expenditures,
Federally financed facilities expansion for the war as is shown in Table 3, the two sets of estimates are
period primarily on the basis of the detailed statistics roughly similar in 1939-41 but differ considerably
SEPTEMBER
1946
969
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
thereafter. The larger differences in 1942-45 are
probably due to the fact that the gross national
product series on producers' durable equipment for
these years is based on a relatively small sample of
shipment data supplied by the War Production
Board. The gross national product series is now
being completely revised on the basis of more comprehensive data on shipments of various types of
equipment during the war years. Preliminary
revisions of the estimates indicate that they will
be considerably larger for the period 1942-45 than
the series presented in Table 3.
Civilian Production Administration estimates.
During the war period the War Production Board
initiated a series on Federally and non-Federally
financed expenditures on facilities, July 1, 1940
through June 30, 1945. These data are similar to
the Federal Reserve data on expenditures for publicly and privately owned durable goods.3 Most
of the components of the two estimates either can
not be compared directly because of differences in
their coverage or are identical, having been derived
from the same sources. However, for the private
durable goods expenditures of the manufacturing
and mining industries, the two estimates can be
compared. As is shown in Table 4, they vary considerably.
TABLE 4
FEDERAL RESERVE AND CIVILIAN PRODUCTION ADMINISTRATION
ESTIMATES
Durable Goods Expenditures in Manufacturing and Mining,
1941-44
[In billions of dollars]
^ear
Total
private and
public
War
industries
Nonwar
industries
CPA
FRB
CPA
FRB
CPA
6.2
5.5
9.6
7.5
4.8
9.0
6.9
4.0
2 8
2.2
2.0
2.1
2 3
1.9
1.5
1.4
1 3
1.0
.6
.8
.7
.5
.8
FRB
1941
1942
1943
1944
Private
9
3
The two classifications,
"Federally and
non-Federally
financed expenditures" and "expenditures on publicly and
privately owned durable goods," are not strictly comparable
primarily because (1) State and local government expenditures are included in non-Federally financed expenditures in
the Civilian Production Administration series but in expenditures on publicly owned durable goods in the Federal Reserve
estimates; and (2) expenditures on certain facilities constructed
under Emergency Plant Facility Contracts or financed by Reconstruction Finance Corporation loans or by the United Kingdom are included in the Civilian Production Administration's
Federally financed expenditures but in the Board's expenditures
on privately owned durable goods.
970
Federal Reserve figures on privately owned durable goods expenditures in manufacturing and mining are between 25 and 30 per cent higher than the
Civilian Production Administration series. In order
to understand this variation, a brief description of
the sources of the Civilian Production Administration estimates is necessary. Estimates for war industries were based primarily on authorizations granted
under construction limitation orders L-41 and U-l
and monthly contract reports received by the War
Production Board from the Federal financing agencies. Adjustments, however, were made for undercoverage during the period July 1940 through June
1941, when priority regulations were not effective
and considerable facilities expansion was not covered by certificates of necessity. For nonwar industries, estimates were based on the Census of Manufactures, 1939, projected through 1944 on the basis
of the trends shown by the Federal Reserve figures
for durable goods expenditures in those industries.
This method was necessary for the nonwar industries because "a substantial part of plant additions
fell within the minor industrial construction for
which the War Production Board set up no direct
controls." 4
In the war industries, the Civilian Production
Administration estimates were generally a half billion dollars or about 20 per cent lower than those
of the Federal Reserve Board, possibly because some
expansion in the war industries, as well as in the
nonwar industries, fell outside the control of the
War Production Board. In addition, an increasing amount of construction during the war was
done with labor and equipment available within the
plant.
Variation in the level of the Federal Reserve and
the Civilian Production Administration estimates
in the case of the nonwar industries results primarily from the use by the Civilian Production Administration of the Census of Manufactures, 1939
for bench-mark data. These Census data are lower
than the Federal Reserve data for several reasons,
including (1) their exclusion of construction expenditures in 1939 on new plants which did not
begin operations during that year; (2) their exclusion of expenditures by manufacturing and mining
concerns on durable goods not used in manufacturing and mining activities—for example, on warehouses; and (3) possible under-reporting.
4
Civilian Production Administration, Facilities Expansion
July 1940-June 1945, Jan. 16, 1946, p. 21.
FEDERAL RESERVE BULLETIN
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
SEC—Commerce estimates. Quarterly estimates
of business expenditures on new plant and equipment were initiated by the Securities and Exchange
Commission and the Department of Commerce in
the Survey of Current Business, January 1946.
These data, which begin with the first quarter of
1945, are divided into four groups—manufacturing
and mining, railroads, electric power and gas utilities, and commercial and miscellaneous. The series
is identical in scope with the private producers'
component of the Federal Reserve estimates of durable goods expenditures. For 1945, the only overlapping year, the two sets of estimates are compared in Table 5.
TABLE 5
FEDERAL RESERVE AND S E C - C O M M E R C E
Industrial and commercial. Expenditures of publicly owned industrial and commercial plant and
equipment are based largely on Civilian Production
Administration data on value of Federally financed
facilities put in place from July 1, 1940 to June 30,
1945, adjusted (1) to exclude facilities financed
under Emergency Plant Facility Contracts and
facilities financed by the Reconstruction Finance
Corporation and by the United Kingdom, and (2)
to include State and local expenditures. Expenditures for Emergency Plant Facilities and for facilities financed by the Reconstruction Finance Corporation and by the United Kingdom are excluded
because these facilities were privately constructed
and owned and are included in private producers1
expenditures.
ESTIMATES
Business Expenditures on N e w Plant and Equipment, 1945 x
PRIVATE PRODUCERS' EXPENDITURES
Railroad. These estimates are derived from gross
capital expenditures for Class I railroads compiled
Federal
SECby the Association of American Railroads. The figReserve
Commerce
Industryures are adjusted to exclude purchases of land as
6.5
6.9
Total
reported by the Interstate Commerce Commission
3.7
Manufacturing and mining
23.8
and are raised 5 per cent to allow for expendi.5
.6
Railroads. .
.6
Electric power and gas utilities. . . .
.5
tures of Class II and III railroads and switching
2.0
Commercial arid miscellaneous....
1.8
and terminal companies.
1
Electric power. Expenditures in this industry
Excludes agriculture; detail may not add to total due to
rounding.
2
are those of the Federal Power Commission and
Preliminary; based on data of large companies only.
represent gross additions to privately owned utility
Although the two sets of estimates are derived plants. The estimate for 1945 is preliminary and
from different sources of data and are compiled by based on the change in the Edison Electric Instidifferent methods, they are quite comparable. For tute's estimates of expenditures by electric utility
example, whereas the manufacturing and mining companies, municipal plants, and rural co-operacomponent of the Federal Reserve estimates is tives from 1944 to 1945.
derived from financial statements of samples of
Telephone. These data are supplied by the
business concerns, that of the SEC-Commerce series American Telephone and Telegraph Company and
is developed from quarterly schedules on plant and cover the entire industry. They have been adjusted
equipment expenditures submitted directly by a to exclude the purchase of used plant and material.
large sample of businesses. In the case of the comTransit. Transit estimates are based on the
mercial and miscellaneous category, both estimates Transit Fact Boo\, an annual publication of the
are based on small samples of data and are subject American Transit Association. All expenditures of
to a considerable margin of error.
transit companies for ways and structures, cars,
buses, trolley coaches, and power and line are included.
SOURCES AND METHODS, FEDERAL
Other utilities. These figures include expendiRESERVE ESTIMATES
tures for pipe lines and telegraph construction as
PUBLIC EXPENDITURES
reported by the Construction Division of the DeMilitary, public utility, and other. The estimates partment of Commerce. They also include expendifor military, public utility, and other public expendi- tures for manufacturing and natural gas facilities
tures arc based on statistics compiled by the Con- as reported by the American Gas Association.
struction Division of the Department of Commerce.
Manufacturing and mining. Estimates for years
[In billions of dollars]
SEPTEMBER
1946
971
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
prior to 1941 are the same as those published in the of the sample is small, the estimates may be subject
to a large margin of error. Those industries, howBULLETIN for April 1942 and are based on factory
construction data and on shipments offinishedma-ever, represent a relatively small portion of total
chinery and equipment used in manufacturing and manufacturing and mining assets. The accompanymining.1 Beginning in 1941, estimates were ing table shows by industries the portion of the
derived from a "source and application of funds total corporate fixed assets included in the sample.
analysis" of the financial statements of a sample As is indicated by the table, the coverage ranges
of approximately 1,300 business concerns in 18 in- from 89 per cent in the rubber industry to 12 per
dustries and 4 size groups. The sample series of cent in the printing and publishing industry. The
expenditures was then raised by industry and size heavy goods and other war industries are well repgroups to represent all manufacturing and mining resented. Of the nonwar industries the sample
corporations on the basis of the ratio of fixed assets covers less than 25 per cent of the following: texof the sample to those of all corporations as reported tiles and apparel; beverages; lumber, stone, clay,
in Statistics of Income. The figures were then ad- and glass; and printing and publishing.
Commercial and miscellaneous. Estimates of exjusted to include the expenditures of unincorporated
businesses on the basis of information available on penditures of commercial and miscellaneous convalue of product classified by legal status of firm cerns are based on various independent estimates
in the Census of Manufactures, 1939. The sample of construction activity in these industrial groups
of large concerns with assets of 10 million dollars and on estimates of plant and equipment expendiand over was secured from financial statements in tures of about 680 small, medium, and large-size reMoody's Manuals on Industrials; the sample of tail and wholesale trade concerns derived from a
small and medium-size firms was from a coopera- "source and application of funds analysis" of their
tive project of the Robert Morris Associates and the financial statements. The estimates for this group
are based on limited and selected data and are subFederal Reserve System.2
ject to a wide margin of error.
FIXED CAPITAL ASSETS OF SAMPLE AS A PERCENTAGE OF
Agricultural. These figures include all expendiTHOSE OF A L L CORPORATIONS IN INDUSTRY, 1940
tures for fixed improvements to farm real estate and
Per cent
Nonwar industries
Per cent
War industries
all expenditures for farm machinery, trucks, and
tractors, as well as an allowance for the use by farm67
89
Tobacco
Rubber
48
ers of passenger automobiles for business purposes.
Paper
83
Petroleum
47
Food
Iron and steel
82
Farm expenditures for repairs have been excluded
Leather
47
Nonf errous m e t a l s . . . .
79
Textiles and apparel.
Autos and parts
22
67
on the basis of the Department of Commerce breakBeverages
Other transportation
18
Lumber, stone, clay,
equipment
64
down of the Bureau, of Agricultural Economics
and glass
17
Chemicals
48
Printing and publishMachinery
40
estimate of farm construction expenditures into
ing
12
two segments—expenditures for repairs and for new
NOTE.—Based onffixed capital assets of all corporations in the
construction.
respective industries as published by the Bureau of Internal
Revenue, Statistics of Income, 1940, Pt. 2. No allowance is made
for corporations not submitting balance sheets or for unincorporated businesses. Such an allowance would lower somewhat further
the amount of coverage, particularly among the nonwar indusmuusLiics.
IUUU,
ucvaagcs,
LCAIUCB
cui«a a y y d i c i ,
IUIUUCI, CM,UHC,
clay, and glass; and printing and publishing. For other industries,
less than 5 per cent of the business is done by unincorporated
businesses.
Estimates of total expenditures for private producers' durable goods in manufacturing and mining are more accurate than those for individual industries. For some of the latter, where coverage
1
For a detailed explanation of these estimates, see "Estimated Expenditures for New Durable Goods, 1919-38" in
the2 BULLETIN for September 1939, pp. 734-35.
Estimates for the years 1936-41 derived from the source
and application of funds analysis of the financial statements of
a sample of large concerns only did not differ substantially for
most of the years from the earlier estimates based on factory
construction and machinery shipment data.
972
CONSUMERS' EXPENDITURES
Housing. Estimates include both farm and nonfarm housing as reported by the Construction Division of the Department of Commerce. These data
have been revised to exclude maintenance of farm
homes—a revision possible through the Department
of Commerce breakdown of the Bureau of Agricultural Economics estimate of farm housing into
expenditures for new farm housing and for maintenance.
Automobiles and other durable goods. These figures are a breakdown of the estimates of durable
goods expenditures made by the Department of
Commerce for the computation of the gross naFEDERAL RESERVE BULLETIN
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45
tional product. The data on automobiles include
purchases of tires and tubes as well as purchases
of new cars, parts, and accessories. The data on
other durable goods refer mainly to household
goods, such as furniture, heating and cooking apparatus, refrigerators, sewing machines, electrical
appliances, china, glassware, and radio apparatus
and phonographs. The new estimates are somewhat lower than those previously published in the
BULLETIN. The latter included some semidurable
household goods.
INSTITUTIONAL EXPENDITURES
These estimates are based on data published by
the Construction Division of the Department of
Commerce and include construction of religious,
educational, social, hospital, and other institutional
buildings.
INDEX OF DEPARTMENT STORE SALES AND STOCKS,
BY MAJOR DEPARTMENTS
The titles of the tables on pages 857 and 858 in
the BULLETIN for August 1946 were inadvertently
reversed. The heading to the table on page 857
SEPTEMBER
1946
should be corrected by deleting "sales" and inserting "stocks," and the heading on page 858 should be
corrected by deleting "stocks" and inserting "sales."
973
THE BALANCE SHEET OF AGRICULTURE, 1946
The major portions of the second of a series of vehicles, 1 per cent. Crops on hand decreased
annual reports on the condition of agriculture, is- 6 per cent. The relative importance of the differsued by the United States Department of Agricul- ent types of assets and liabilities in the agricultural
ture, are given below. The report will be published balance sheet at the beginning of 1946 is shown
later as a Miscellaneous Publication of the Depart- in the accompanying chart, and comparative figures
ment and will include additional details.
for January 1, 1940-46 inclusive are given in Table 1.
The present report is designed to carry forward
COMPARATIVE CONSOLIDATED BALANCE SHEET
the comparative consolidated balance sheet of agriOF AGRICULTURE. JAN. 1, 194O-46
culture for the years 1940-44 which was published
under the title The Impact of the War on the
I
ASSETS
Financial Structure of Agriculture (United States
1 "N.
fZ£/Z*
fZ££t
Department of Agriculture, Miscellaneous Publication No. 567, August 1945). In that study, the
1
i €£££l
H£fi£&
meaning, use, and limitations of the consolidated
i ,-'
1
balance sheet and its individual items were con'////
YSSA m
sidered. Many of the considerations in the longer
1/
1
i
report continue to be pertinent and may be referred
I
I
'
i
to by those who are examining the balance sheet
, | , 1 , 1 ,
of agriculture for the first time. The consolidated
balance sheet, although it accurately reflects the
over-all position of agriculture, does not reveal differences in circumstances that exist in different
States and regions and among individual farmers.
The study was prepared under the direction of \ T h e financial assets of persons living on farms
Norman J. Wall, Head, Division of Agricultural also increased significantly during 1945. DeFinance, Bureau of Agricultural Economics, by posits and currency held by farmers are estimated
Alvin S. Tostlebe, Roy J. Burroughs, Harold C. to have increased by about one-fourth and United
Larsen, Lawrence A. Jones, Harold T. Lin gard, and States savings bonds by slightly more. Investments
Mrs. Lucy R. Hudson.
in cooperatives also increased.
The large increases in holdings of cash and GovViewed as a composite business, agriculture was ernment bonds during the war years probably reflect
valued at 101,522 million dollars on January 1, some deterioration in the farm plant. Net disin1946. Farm real estate was valued at 56,584 million vestment in farm buildings, machinery, and all
dollars, other physical assets at 24,888 million, and motor vehicles as a result of low maintenance may
financial assets of farm operators totaled 20,050 have been nearly 800 million dollars for the
million. Creditors had an 8,337 million dollar years 1942-45, but new outlays in 1940 and 1941
claim on these assets and proprietors had equities considerably exceeded depreciation.1 The six-year
of 93,185 million. All of these totals were larger period, however, showed a small net increase in
than they had been at the beginning of 1945, mostly investment. There probably were important defibecause of price changes and accumulations of ciencies when the period began.
financial assets rather than because of physical ^ F a r m debts were again reduced during 1945,
changes in farm plant.
though to a less extent than in other recent years.
The valuation of total physical assets of farms Farm mortgage debt declined by 190 million to 5,081
• increased 9 per cent during 1945. The evaluation
1
Depreciation is based on
of farm real estate increased 13 percent during ment at current prices. Thisthe average requirement for replacefigure includes 100 per cent of the
value of passenger automobiles whereas nnh1icVi#v1 cpi-i^«= nf +ko
the year; livestock on farms, 9 per cent; household
ises
les
equipment, 2 per cent; and machinery and motor and costs.
(PERCENTAGE DISTRIBUTION OF ASSETS, AND LIABILITIES AND EQUITIES)
FINANCIAL I
/''ASSETS
I
PHYSICAL
ASSETS
IET0RS
U
EQ
946
945
944
i
943
942
941
;
940
974
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
million dollars, down nearly 4 per cent for the year
and 23 per cent since January 1, 1940. It is noteworthy that not only did total mortgage debt decrease less during 1945 than in previous war years,
but that in 20 States such debt actually increased.
Farmers' non-real-estatc debt to the principal
financing institutions, not including loans guaranteed by the Commodity Credit Corporation, increasedJSjDer cent in 19457 This increase may have
been due in part to a shift from loans guaranteed
by the Commodity Credit Corporation. The nonrecourse loans held or guaranteed by the Corporation decreased 58 per cent, or 568 million dollars,
as compared with a 52 million increase for the unguaranteed loans. Debt to miscellaneous lend-
ers such as merchants, finance companies, and dealers is believed to have increased somewhat during
1945. In certain rural areas where farmers depended largely on merchant credit for their supplies during the crop season, such credit presurrfably remained relatively more important than in
urban places.
The emphasis often placed on farm debt has
tended to obscure the extent of the proprietary interest in agriculture held by owner-operators and
tenants as well as by landlords and owners of manager-operated farms. Such persons held a 92 per
cent equity in the assets on January 1, 1946, currently priced at relatively high levels in the balance
sheet. Creditors, whose claims had been reduced by
TABLE 1
COMPARATIVE CONSOLIDATED BALANCE S H E E T OF FARMS, U N I T E D STATES, JAN. 1, 1940-46
x
[Dollar amounts in millions]
Net change
1940
—
1941
1942
1943
1944
1945
1946
1945-46
1940-46
Per cent
Amount Per cent Amount
ASSET ITEMS
Physical assets:
$33,642 $34,026 $36,611 $39,963
Real estate 2
Non-real-estate:
Livestock
7,042
5,132
9,541
5,320
Machinery and motor
vehicles
4,180
4 3,141 43,323 4 3,962
Crops, stored on and
off farms 5
2,645
5,110
3,798
2,944
Household equipment
4,275
4,265
4,386
4,299
Financial assets:
Deposits and currency. . 4 3,908 44,334 45,297 4 7,'014
United States savings
bonds
4 522 4 1,186
4 357
^249
Other (in co-ops)
4 831
4 712
4 779
*738
Total .
*
$45,592 $50,295 $56,584
+68 +$22,942
+ 13 +$6,289
49,538
48,839
9,635
+88
+4,503
+9
44,374
4 4,762
4,805
+53
+1,664
+1
+43
6,079
4,276
4 6,542
4,232
6,124
4,324
-6
-418
4 9,141 4 11,266
13,991
+ 132 +3,479
+49
+1
+258 +10,083
+2
+24
+2,725
4 2,430 43,965
4
4 893
968
5,028
1,031
+4,779
+319
+27
+7
+ 1,063
+63
4$53,704 4$55,341 4$62,397 1$72,090 4$82,323 4$90,869 $101,522
+ 1,919
+45
+89 +$47,818
+ 796
+92
+ 12 +$10,653
LIABILITY ITEMS
Total
$6,586
$6,534
$6,484
$6,117
$5,635
$5,271
$5,081
-23
-$1,505
-4
-$190
4 1,538
4 1,673
4 1,890
4 1,667
4 1,683
41,620
1,672
+9
+ 134
+3
+52
443
1,455
604
1,675
488
1,748
4 902
1,464
4717
1,180
4 982
1,132
414
1,170
-20
-29
-285
-58
$10,022 $10,486 $10,610 $10,150
Real-estate mortgages....
Non-real-estate debt:
To principal institutions
Excluding loans held
or guaranteed by
Commodity Credit
Corporation
Loans held or guaranteed by Commodity
Credit Corporation 8
To others 67
$9,215
$9,005
$8,337
-17
-$1,685
—7
-568
+38
-$668
+3
CAPITAL ITEMS
Proprietors' equities
Total, liabilities
and equities
1
3
8
4
6
4$43,682 4$44,855 4$51,787 4$61,940 4$73,108 4 $81,864 $93,185
+113 +$49,503
+ 14 +$11,321
4$53,704 4$55,341 4$62,397 4$72,090 4$82,323 *$90,869 $101,522
+89 +$47,818
+ 12 +$10,653
The margin of error of the estimates varies with the items.
As of April 1.
Preliminary.
Revised.
Includes all crops held on farms and crops held in bonded warehouses as security for Commodity Credit Corporation loans.
latter, which on Jan. 1, 1946 totaled 252 million dollars, formerly were reported under the heading "Warehouse receipts."
6
Tentative.
7
Includes individuals, merchants, dealers, and other miscellaneous lenders.
The
SEPTEMBER
975
1946
THE BALANCE SHEET OF AGRICULTURE, 1946
the payments on debt made by farmers, held claims on an industry-wide concept and is not to be conequal to 8 per cent of the assets. The correspond- fused with net income to operators alone. From
ing percentages for January 1, 1940, were 81 for this net income operators still had to pay wages to
hired labor, rents to landlords not living on farms,
proprietors and 19 for creditors.
V Despite slightly reduced physical output and and mortgage interest to creditors not living on
somewhat higher costs, the total net income from yfarms. After these deductions the tenants and
agriculture was sustained at a high level in 1945, owner-operators together received 13,188 million
amounting to 16,060 million dollars or 5 per cent dollars, or 5 per cent more than in 1944. Detailed
/more than in 1944. Including Government pay- data are given in Table 2.
Gross farm income was higher in 1945 than in
ments, total net income from agriculture was 16,831
million dollars. This net-income figure is based 1944 because unit prices received for many crop
TABLE 2
COMPARATIVE CONSOLIDATED INCOME STATETMENT FOR FARMS, U N I T E D STATES, 1940-45 3
[In millions of dollars]
Item
1940
1941
1942
1943
1944
1945
8,343
1,232
624
11,157
1,399
658
15,316
1,684
702
2 19,342
22,016
2
755
2 20,238
22,031
* 282o
20,781
2,143
889
10,199
13,214
17,702
2 22,113
2 23,089
23,813
842
456
261
568
1,095
212
646
446
1 114
567
292
631
235
228
683
452
1,531
756
352
714
2,133
719
423
782
2,009
834
508
870
1,360
206
863
451
2 1,454
186
2 1,002
458
2,078
2 646
476
831
21,621
177
2 1,076
2
475
-4,526
+82
5,755
+766
-5,202
-6,233
2 -7,157
+299
8,311
+586
+843
12,312
+697
* +264
'15,220
+672
-7,380
-408
2 15,301
-7,712
-41
16,060
+804
+771
16,105
16,831
HOW NET INCOME WAS OBTAINED
Gross income from agriculture:
1.
Cash receipts from tarm marketings
2. Value of products retained on farms for home consumption
3.
Rental value of farm homes
Total
Nonlabor production costs:
Feed bought
Livestock bought, except horses and mules. .
Fertilizer and lime bought
Vehicle operation
Depreciation and maintenance 3
Interest on non-real-estate debt
Other operating expenses
Taxes on real estate and tangible personalty ,
7.
8.
9.
10.
11.
12.
13.
Total
14. Adjustment for changes in inventory *
Total net income from agriculture. .
15.
16. Government payments 5
Total net income from agriculture and Govern17.
ment payments
2
2
1,722
179
1,065
525
6,521
8,897
13,009
1,000
(6)
1,197
(8)
1,566
(6)
1,928
(8)
2,094
2,210
)
459
295
()
654
293
961
285
1,130
264
1,189
255
1,185
248
4,767
6,753
10,197
2 12,570
2 12,567
13,188
6,521
8,897
13,009
2 15,892
2 16,105
16,831
2 15,892
HOW NET INCOME WAS DISTRIBUTED
18.
19.
20.
Return to labor:
Hired labor (cash and perquisites) . . .
Farm family labor
Operators' labor
Total
Net return to investment in farming:
Return to capital—
Net rent and Government payments to landlords not
living on farms 7
Farm mortgage interest
23.
Capital return to operators
24.
21.
Total
25.
Return to management—
Enterprisers' profit and loss.. .
26.
Total to operators 8
Total net income from agriculture and Government payments
27.
17.
1
2
8
4
The margin of error of the estimates varies with the items.
Revised.
Includes an allowance for interest on an indeterminate amount of miscellaneous debt.
Market value, in terms of prices a t the end of the year, of the increase or decrease in the physical quantities of crops on farms for
sale or of numbers of livestock, whether or not for sale.
5
Includes some payments that are comparable to certain items included in Item 1. Thus receipts from loans made or guaranteed
by the CCC are included there, whereas consumers' price subsidies to dairy and other farmers are included in Item 16.
« Unavailable.
7
After subtraction of estimated payments for taxes, mortgage interest, and other expenses paid by such landlords.
8
Reflects the adjustment for changes in inventory values and represents the difference between Items 17 and the sum of Items 18,
22, and 23.
Based on "Net Farm Income and Parity, 1940-45," The Farm Income Situation, Bureau of Agricultural Economics, June 1946.
976
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
and livestock items were sufficiently higher to off- labor employed. Over half of the investment on
set the smaller physical production. Gross farm in- January 1, 1946 was in land and buildings and
come includes cash receipts from farm marketings, about a fourth was in non-real-estate physical propvalue of products retained on farms for home con- erty such as crops, livestock, and farm and home
sumption, and rental value of farm homes. Gov- equipment. As is indicated by the chart, the reernment payments are an additional source of in- maining capital items, about one-fifth of the total,
come to farmers who participate in various types were the financial assets which consist of currency,
bank deposits, Government bonds, and other inof farm programs.
In most States cash receipts from farm market- vestments. This section deals with the changes in
ings were somewhat above 1944 levels although value and amount of these various assets that ocsome decreases were in evidence, particularly in the curred during 1945 and the five preceding years.
Cotton States. Cash receipts from crops were at
about the same level in 1945 as in 1944, notwithFarm Real Estate
standing considerable reduction in receipts from
cotton. Receipts from tobacco and feed crops,
The value of land and buildings, which constimostly corn and oats, were larger than in 1944.
tutes 56 per cent of the total assets of farmers, was
The 4.7 per cent increase in receipts from live- .56.6 billion dollars in 1946. The rise in value durstock and products accounts for the 2.7 per cent ing the preceding year was 6.3 billion dollars
increase in receipts from farm marketings during or about 13 per cent. Except for 1919 and for the
1945. Increased receipts from poultry and eggs year ended March 1944, this is the greatest inwere the most important. Cattle and calves sold crease of values in any one year on record.
at higher prices and more were marketed; sheep
By March 1, 1946 the index of value per acre of
and lambs sold at higher prices though the num- farm land had risen 71 per cent above the prewar
bers sold remained about the same; and the quan- period 1935-39. This about equals the increase
tity of dairy products marketed was somewhat in- during World War I of 70 per cent from the avercreased over the 1944 level. In contrast, despite a age of 1912-14 to the peak in 1920. Notwithstand7 per cent price advance, cash receipts from hogs ing the same rate of increase, the present level is
were down 19 per cent because the number mar- still somewhat lower than the high following World
keted was 24 per cent below the previous year. War I, the index (1912-14=100) for 1946 being
Moreover, in 1944, 408 million dollars of cash 142 as compared with 170 in 1920.
receipts came from the disposal of inventory carThe rise of land values during last year occurred**
ried over from the previous year, whereas only 41
in all States, but at varying rates. The only States
million dollars were so obtained in 1945.2
Nonlabor production costs were 4.5 per cent showing an increase of not more than 5 per cent
fiigher in 1945 than in 1944. Although restrained were Maine, New Hampshire, and Utah. The
by price controls on goods purchased by farmers, States having the largest increases (16 to 20 per
reported costs appeared to be on the increase. cent) were in the Appalachian region, the eastern
Hired labor reported in the income statement as part of the Corn Belt, and Mississippi, Alabama,
a part of the return from agriculture (Table 2) cost Oklahoma, and Colorado. Land values in the Apthe operators 5.5 per centv more in 1945 than in palachian and Pacific regions are now double the
values of the 1912-14 base period and are higher
1944.
than at any time during the World War I period.
3
THE ASSET ITEMS
^
Agriculture as an industry is characterized by a These and other regional changes are shown in
large amount of capital investment relative to the the chart. Industrialization and an increased demand for tobacco may have contributed to the high
2
Valued in terms of prices at the year end in each case
and only for items commonly held for sale. These figures are
values in the Appalachian region whereas in the
not to be confused with changes in values of the total inventory
Pacific region the improvement of farm land, espeshown in the balance sheet, which includes feed, breeding stock,
and other elements not "held for sale."
3
cially through irrigation and the planting of new
Data on the inventories of real estate, livestock, crops, ma.chinery, and household equipment were prepared under the
citrus orchards, has caused a substantial enhancedirection of the following persons: Real estate—M. M. Regan,
A. R. Johnson; livestock—C. L. Harlan; crops—C. E. Burk- ment in values over those of World War I. In the
head, T. J. Kuzelka, J. J. Morgan, John F. Marsh; machinery-—
Harry C. Norcross, Roger F. Hale; household equipment— Northeast where the urban influence is strong, land
"Emma Holmes.
'.SEPTEMBER
1946
977
THE BALANCE SHEET OF AGRICULTURE, 1946
values are now higher than in any other year
except 1920. In all of the Midwest, values of farm
real estate have risen substantially; but in view of
the low levels at the beginning of the war, present
values in the Midwest arc still far below those of
the first war period. In the Great Plains region,
where droughts and low prices were particularly
depressing during the 1930's, values have not
reached the 1912-14 levels.
FARM REAL ESTATE ESTIMATED VALUE PER ACRE
BY REGIONS,1915 21 AND 1940 46"
DEX NUMBERS 119)2 14 100)
incurred in connection with some purchases. During 1945 about one-seventh of all purchases involved a debt of 75 per cent or more of the purchase price. On the average, the debt in such
cases was more than the full market value in 1941.
The impact of this boom in land values on the
financial condition of farmers will vary with different individuals. Serious results will probably
not come to those who owned farms at the beginning of the rise nor to those who have bought farms
and have since reduced their debts to a size that is
manageable even with lower incomes. But to a
substantial number of recent purchasers, for whom
high real estate prices have resulted in large mortgage debts, a decline in farm incomes may bring
financial difficulties.
Non-Real-Estate Physical Inventories C
• The increase in value of farm real estate is due
almost wholly to an increase in prices. The actual
physical condition of the nation's agricultural plant
has not improved and probably has deteriorated.
Many farm structures, because of the character of
wartime labor and shortages of materials, are now
in need of extensive repairs and improvements.
Likewise, as a result of heavy production and the
*shift to intertilled crops, farm land in many areas
has been depleted.
Activity in the farm real estate market increased
from 51.5 voluntary sales per 1,000 farms to 54.9
in the year ending March 15, 1946. Although
somewhat under the peak of 55.9 per 1,000 farms
reached two years earlier, voluntary farm sales appear to have been nearly twice as frequent last year
as the average for the period 1935-39.
In general, an increasing amount of cash has been
involved in these transfers. Of the recorded farm
real estate sales in about 130 selected counties of
the United States, 58 per cent were entirely for
cash. For 1942, 1943, and 1944 the percentages of
the sales for all cash were 45, 52, and 55, respectively.
For the transfers financed by credit, down payments during 1945 averaged 42 per cent of the
purchase price as compared with 40 per cent in
1944 and 38 per cent in 1943. Notwithstanding
the large cash payments, heavy debts are still being
978
The value of non-real-estate physical inventories
on farms on January 1, 1946 showed an increase of
512 million dollars over that of a year earlier. This
2 per cent increase brought the total inventory
value to 24,888 million dollars, as is indicated by
Table 3. Of the total, livestock on farms accounted
for nearly 39 per cent, crops 25 per cent, machinery
19 per cent, and household equipment 17 per cent.
During 1945 increased inventory values were registered for livestock, machinery, and household equipment. The value of livestock on farms increased
by nearly 800 million dollars. The increase in the
value of machinery and household equipment was
nominal and the value of crops held by farmers was
down.
Compared with 1940, total inventory values of
non-real-estate physical assets were up 64 per cent.
Livestock inventories were higher by 88 per cent,
crops by 132 per cent, machinery and motor vehicles by 53 per cent, and household equipment by
1 per cent.
Livestock on farms, f Livestock and poultry on
farms on January 1, 1946 were estimated to have
a value of 9,635 million dollars, the highest on
record.4 The increase during 1945 was almost 800
million dollars, or about 9 per cent. During 1944
there had been a decrease of 7 per cent. With the
exception of horses and mules, which decreased in
value about 134 million dollars, the inventory value
4
^. ~. detailed information by States, see "Livestock onFor
Farms January 1," U. S. Department of Agriculture, Bureau
of Agricultural Economics, Crop Reporting Board Release,
Feb. 15, 1946.
FEDERAL RESERVE BULLETIN:
THE BALANCE SHEET OF AGRICULTURE, 1946
warehouse receipts other than those which were
security for loans made or guaranteed by the Commodity Credit Corporation. The value of wareTABLE 3
house receipts used as collateral for such loans as
INVENTORY VALUE OF NON-REAL-ESTATE PHYSICAL ASSETS
HELD BY FARMERS IN THE UNITED STATES, BY CLASSES,
of January 1, 1946 is estimated at 251.8 million dolJAN. 1, 1940-46
lars. This is less than half the amount outstand[In millions of dollars]
ing a year before and is smaller than at any time
Machinery Housesince the beginning of the war. The increase in
and
All
Livehold
market prices, especially of cotton and wheat, to
Year
classes
stock i
Crops2
motor 3
equipvehicles
ment
levels substantially higher than loan values is the
main reason for the smaller volume of farmer-owned
4,275
43,141
2,645
1940
. 4 15,193 5,132
1941
. M5.885
5,320
2,943
43,323
4,299
crops entering or remaining in off-farm storage.
1942
. U9.189
7,042
3,799
43,962
4,386
1943
. 4 23,096 9,541
5,110
4,180
4,265
Farm machinery and motom vehicles. The in1944
. 4 24,267 4 9,538
6,079
44,374
4,276
1945
. 424,376 48,839
6,543
4 4,762
4,232
ventory value of farm machinery and motor vehicles
1946
.
24,888
9,635
6,124
4,805
4,324
on January 1, 1946 was 4,805 million dollars, an
1
Includes horses, mules, cattle, hogs, sheep, and poultry.
increase of 43 million dollars over a year earlier.
2
Includes grains, hay and forage, oil crops, vegetables, tobacco,
miscellaneous crops on farms, and warehouse- receipts securing
This small increase is in contrast to increases of 388
Commodity Credit Corporation loans.
3 Includes tractors, trucks, automobiles, and other farm mamillion dollars in 1944 and 194 million in 1943.
chinery.
Expenditures by farmers during 1945 were well
4 Revised.
V The increase in the value of livestock on farms over a billion dollars for the second consecutive
during 1945 was primarily the result of an increase year, but even these dollar replacements failed to
in the value per head. The unit values of milk maintain the physical inventory of machinery and
cows, other cattle, sheep, hogs, and poultry in- motor vehicles. The relationship between purchases
creased during 1945, although those of horses and and depreciation for the period 1910-45 is shown on
mules declined. On the other hand, the numbers the chart.
of cattle, sheep, horses, and mules were less than a
PURCHASES AND DEPRECIATION OF FARM AUTOMOBILES, MOTORTRUCKS.
TRACTORS, AND OTHER FARM MACHINERY UNITED STATES. 1910-45
year earlier and considerably less than on January
1, 1944. Only hogs and poultry showed an increase in numbers during 1945.
Pure
Inventory value of crops. \ The inventory value
of crops on farms on January 1, 1946 is estimated
at 5,872 million dollars, a decrease of about 52 mil(\
1A
lion dollars during 1945. This change in invenHi
tory values reflects changes in both price and
/ :
quantity of the various crops.
A Grains and oil crops on farms were the only
Y
r- V
classes to show an increased value. The value of
grain crops was about 20 million dollars larger than
at the beginning of 1945 and the value of oil crops
a little over 6 million dollars larger. Higher prices
Household furnishings and equipment on farms.
were responsible for both of these increases. The
values of hay and forage crops, vegetables, tobacco, Little change occurred during 1945 in the reported
and miscellaneous crops were nearly 80 million dol- value of furnishings and equipment in farm homes.
lars less on January 1, 1946 than on January 1, The value of such items, estimated at 4,324 million
1945. This decrease occurred despite higher prices dollars for January 1, 1946, was only 92 million dollars more than the value for the previous year.5
for all classes except vegetables.
B
Warehouse receipts. In addition to crops stored
Valuations are not strictly comparable with those for other
assets as
on farms, farmers hold substantial quantities in farm are based valuations of household furnishings and equipment
upon original cost, minus depreciation, with no
adjustment for changes in price of inventories but with an
storage off farms." The extent of these holdings is allowance for movement of furniture when families move to or
These estimates are made by the
Economics
influenced largely by current and prospective mar- from farms. the Bureau of Human NutritionFamilyHome EcoDivision of
and
ket conditions. Little information is available on nomics, U. S. Department of Agriculture.
979
SEPTEMBER 1946
of each of the other classes of livestock was larger
at the beginning of 1946 than a year earlier.
/v"\l
J/ /
\
THE BALANCE SHEET OF AGRICULTURE, 1946
The value of new furniture and equipment
bought during the year somewhat more than offset
the depreciation on the old. Purchases were made
at somewhat higher prices than in the previous year.
The increase in farm population from 25,190,000
on January 1, 1945 to 25,990,000 on January 1, 1946,
due largely to the return of veterans and war workers to farms, increased requirements for furniture
and equipment.6
7
Financial Assets
4 Property holdings of farmers in ordinary times
consist mostly of the physical types, the growth and
volume of which have been reported in preceding
sections, and of investments in farm cooperatives.
The need for physical assets is so pressing that in
normal times most farmers, as many other groups,
are likely to carry on with a minimum of ready
money and securities that can be cashed quickly.
In addition to drawing down their supply of
money to negligible amounts, farmers frequently
use credit to provide the physical means of farming
and of living. Consequently money savings are
quickly converted into physical assets or are used
to reduce debts. \Large accumulations of money or
of nonfarm investments by farmers have been uncommon, except under conditions that permitted
farm income to rise sharply, or that restricted expenditures. During the recent war, and throughout
1945, circumstances favored the accumulation of
financial assetsj
Ban\ deposits. Bank deposits owned by farmers
on January 1, 1946 are estimated at about 10 billion
dollars. Since the beginning of 1940 the increase
in farmer-owned deposits has totaled about 7 billion dollars, of which 2 billion accumulated in the
year 1945 alone.
The expansion of bank deposits has been rather
general with all groups throughout the United
States. However, from the movement of deposits
shown on the chart, it appears that farmer-held
deposits have grown at a somewhat faster rate than
deposits of most other groups. Not only have farm
0
Farm Population: April 1940 to January 1946, Series
me memuus usea in estimating larmer-owned Dame deposits, and
farmer purchases of United States savings bonds, refer to The
Impact of the War on the Financial Structure of Agriculture
(U. S. Department of Agriculture Miscellaneous Publication
No. 567, 1945), Appendices E and F , pp. 185 and 195. I t is
hoped that better data from more extensive farm surveys will
be available later. The 6.8 billion dollar estimate for demand
deposits compares with the 6.0 billion estimate made by the
Board of Governors of the Federal Reserve System (FEDERAL
RESERVE BULLETIN, May 1946, p. 469).
980
incomes risen rapidly but some types of farm expenditures have been reduced because of the general
shortages. This is illustrated by the recent trend of
rural retail sales. It is probable that a sizeable part
BANK DEPOSITS*: ALL BANKS AND COUNTRY BANKS,
UNITED STATES, JUNE 3O AND DEC. 31, 1923-45
INDEX NUMBERS ( 1 9 2 4 - 2 9 = 100)
TOT7kL DEPO SITS
V
-
EMA NO DEPC)S!T
4
I
-
;l
All banks
Country banks
jjl
i
350
i
TIM E DEPOSITS
f|
-
300
200
!
'T
/-
I
250
-
-
i
/i
--
-
-
\
,
f
ft
/J j -
l\
\
\
V
--
1923 I 1931 : 1939 j 1923 \ 1931 | 1939 i 1923 | 1931 ; 1939 •
1927
1935 1943 1927 1935 1943 1927 1935
1943
of the increase in deposits has been at the expense
of deterioration of the agricultural plant.
Demand deposits of all farmers are currently estimated to be 6.8 billion dollars or over 5 billion more
than at the beginning of 1940 (see Table 4). Time
TABLE 4
FARMER-OWNED
BANK
DEPOSITS,
UNITED
STATES,
JAN. 1, 1940-46
[In billions of dollars]
Beginning of year
1940
1941
1942 .
1943
1944
1945
1946
.
Total
deposits
Demand
deposits
Time
deposit^
2.9
3.2
3.8
5.0
6.5
7.9
10.1
1.5
1.7
2.2
3.2
4.5
5.4
6.8
1.4
1.5
1.6
1.8
2.0
2.5
3.3
deposits, now estimated at 3.3 billion dollars, increased nearly 2 billion during this six-year period.
The trend of deposits owned by farmers in various
regions is indicated by the growth of deposits of
country banks. Total deposits have risen to about
four times the 1940 figure in each of the areas for
which the Bureau of Agricultural Economics maintains an index except the Lake States. Even there,
total deposits have more than tripled. The major
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
The forces that are believed to have contributed
portion of the increase is in the form of demand
deposits, which in most areas are now between five to the unprecedented growth of currency in private
and six times as great as in 1940. The indexes of hands during the war mostly continued throughout
time deposits show the largest increases in the Lake 1945. These include high wartime incomes, reand Corn Belt States and the smallest increases in ceived in many cases by persons not accustomed to
Texas-Oklahoma and the Great Plains States. The using checking accounts; restricted opportunities for
relatively small growth of time deposits reflects in spending current income; shifts in population which
part the low interest paid on them. It is also prob- often severed banking connections in the old locaable that the patriotic appeal of United States sav- tion without establishing them in the new; and
ings bonds as well as their higher return has at- illegal activities like black market transactions and
tracted savings of farmers that might otherwise have tax evasion.
been deposited in time or savings accounts in banks.
United States savings bonds. The value of
The distribution of bank deposits among areas United States savings bonds held by the farm popuand among farmers can be only roughly approxi- lation on January 1, 1946 is estimated at 5 billion
mated. A recent quarterly survey of agriculture by dollars. The net increase during 1945 was slightly
the Bureau of Agricultural Economics, however, in- more than a billion dollars. Although substantial,
dicates that 10 per cent of the farm operators held this growth is less than occurred in 1944 or in 1943.
70 per cent of all demand deposits owned by this
The smaller growth of savings-bond holdings in
group. Furthermore, about half of all farm opera- 1945 is due mainly to a smaller volume of purtors have no demand deposits. In the Northern and chases. The amount of Series E bonds bought by
Western regions of the country approximately 40 farmers in 1945 is estimated at 1,088 million dollars,
per cent of the farmers surveyed reported no such compared with 1,472 million in 1944 and 1,165
deposits, whereas in the South about 60 per cent re- million in 1943. The decline in purchases was
ported no deposits. It is interesting that in the general, as is indicated in Table 5. Only in the
North and West 45 per cent of the owners and only
TABLE 5
about 40 per cent of the tenants stated that they had
ESTIMATED COST OF SERIES D AND E SAVINGS BONDS
no demand deposits. On the other hand, in the
PURCHASED BY FARMERS, BY REGIONS, 1940-45
South approximately half of the owners and nearly
[In millions of dollars]
three-fourths of the tenants and croppers reported
no such deposits. The proportion of farm operaRegion1
Total 1940 1941 1942 1943 1944 1945
tors having no time or savings accounts was sub112
150
12
118
486
20
74
Northeast
stantially greater than those having no demand ac- Appalachian
135
176
12
147
571
19
82
82
104
5
78
317
9
39
Southeast
counts, especially in the South.
169
16
141
116
531
19
70
Lake States
318
29
257
237
1,013
34 138
Currency. On January 1, 1946 currency outside Corn Belt
87
5
72
281
10
40
67
Delta States . . .
151
10
109
438
11
43
114
banks stood at 26.8 billion dollars, of which 21.1 Great Plains
132
8
102
400
14
49
95
Texas-Oklahoma. .
billion is believed to have been held by individuals. Mountain . . .
70
4
52
203
6
23
48
82
115
89
357
7
12
52
No specific information is available as to the amount Pacific
4,597 108 154 610 1,165 1,472 1,088
of currency held by farmers. For the purpose of United States
x
estimating this item to complete the balance sheet,
For names of States within regions, see Table 7, p. 984.
however, it is assumed that the 21.1 billion dollars
is divided between farm and nonfarm persons (in- Great Plains and Southeast regions were purchases
cluding the armed forces) on the basis of their slightly larger in 1945 than in 1943. Among the
numbers. On this basis farmers appear to have reasons for the decline may be a "let down" assoheld 3.9 billion dollars in currency on January 1, ciated with the end of the war, one less bond drive
1946. This compares with 3.3 billion dollars at the in 1945 than in 1944, and the desire of some farmers
beginning of 1945 and 1.0 on January 1, 1940.8 to hold more ready cash, hoping to buy new maThese are very rough approximations, subject to chinery and other capital improvements. As in
revision when more information becomes available. previous years, it is assumed that Series E bonds
constituted 92 per cent of all United States savings
8
Estimates for the period 1940-45 have been revised in
bonds bought by farmers.
accordance with later estimates of "currency held by individuals" by the Board of Governors of the Federal Reserve
The increasing rate of redemptions was another
System.
SEPTEMBER
1946
981
THE BALANCE SHEET OF AGRICULTURE, 1946
factor tending to retard the growth of bond holdings of farmers in 1945. Until 1943 the estimated
amount of bonds cashed by farmers was more than
offset by the increased values that were accruing
on bonds retained. In 1945 the value of bonds
cashed by farmers, estimated at about 180 million
dollars, was approximately three times the accrued
interest. It is probable that some bonds were cashed
for the purchase of farms or the limited supplies of
new farm machinery which were available. Notwithstanding the larger cash-ins by farmers, the
rate was substantially less than for the total population. For the latter, the rate was nearly 14 per
cent of the amount of bonds held at the beginning
of the year. There are indications that the bulk
of bonds now owned is concentrated in the hands
of a relatively small proportion of the farm population. In a nation-wide quarterly survey of about
2,500 farm operators, conducted by the Bureau of
Agricultural Economics, 10 per cent of those reporting held about three-fourths of the bonds, and
about 50 per cent reported that they owned no
bonds. The survey also indicates that for those
operators owning bonds the average amounts held
were greater for owners than for tenants.
Wide differences in the amount of bonds owned
by individual farmers may be explained in part by
the fact that some have felt it advisable to invest
their savings in the farm business. Others have
retained their liquid funds in the form of cash and
bank accounts or have used them to pay debts.
However, the basic reason for the negligible bond
holdings of many farmers is the lack of sufficient
income to cover adequately farm and family expenditures and still to have much left for investment.
Investment in cooperatives. The equity of farmers in cooperatives on January 1, 1946 is estimated
at 1,031 million dollars. This is an increase of 63
million during die past year and 319 million over
the six-year period beginning January 1, 1940.
Details are shown in Table 6.
Marketing ^nd purchasing associations, which
are of most importance in volume of business, have
about doubled their net worth since 1940. Although the number of marketing associations declined somewhat, the financial interest of farmers
in them has expanded greatly as many individual
associations grew in size and in scope of operations.
Purchasing associations grew slightly in number
and show a very marked strengthening in financial
982
TABLE
6
FARMERS' FINANCIAL INTEREST IN SELECTED T Y P E S OF
COOPERATIVES, U N I T E D STATES, JAN. I ,
1940-46
[In millions of dollars]
Type of cooperative
All selected types
1940 1941 1942 1943 1944 1945 1946
712
Marketing and purchasing
associations 1
322
Farmers' mutual telephone companies5. . 23
Farmers' mutual irrigation companies 4 .. 197
Farmers' mutual fire
insurance compa42
nies5
Production credit associations6
17
National farm loan
108
associations'
3
Federal land banks 9 ..
738
779
831
893
968 1,031
345
382
432
498
577
23
23
23
23
23
23
197
197
197
197
197
197
45
50
56
61
267
2 73
18
20
23
27
29
33
107
3
104
2
98
2
85
2
74
*1
66
1
2
638
1
Net worth. Source: Bureau of Agricultural Economics estimates based on data accumulated by Farm Credit Administration.
2
Preliminary.
• Investment in nlant and equipment less borrowed money.
Figure used for each date is that for Jan. 1, 1938. Source: U. S.
Buraeu of the Census, Census of Electrical Industries, 1937.
* Net woith as of Jan» 1, 1940 used for each date. Source: U. S.
Bureau of the Census, Census of Irrigation of Agricultural Lands,
1940,
•i Surplus and reserves. Source: Data for 1940-41 from Farm
Credit Administration; after 1941 from Bureau of Agricultural
Economics.
8
Par value ol capital stock owned by individuals. Source:
Farm Credit Administration.
condition. This is a result of increased savings
growing out of the broadening of services available
to patrons and the increase in the volume of supplies bought by farmers—especially feed, petroleum,
seed, and fertilizer.
The financial interest of farmers in other kinds
of cooperatives has shown a similar trend. The surplus and reserves of mutual fire insurance companies have nearly doubled since 1940. Fewer
losses and expanded coverage resulting from both
new members and higher building valuations have
been the main causes of this increase in net worth.
Stock ownership by members in the production
credit associations has increased as a result of an
increased volume of loans, continued holding of
stock by members after retirement of their loans,
and voluntary purchases of additional stock. On
the other hand, the large volume of farm-mortgage
loans that was paid has resulted in a substantial reduction in farmers' financial interest in the national
farm loan associations and the Federal land banks.
The financial condition of mutual irrigation and
telephone companies probably has improved along
with the general rise in prosperity of agriculture,
but because of wartime shortages of material and
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
labor it is doubtful that these companies have experienced any great expansion in activities. No
current estimates are available but it seems conservative to carry as the net worth for each year
since 1940 the latest prewar estimates.
Because of a wider base and larger volume of
business at a higher price level, many associations
have retained larger amounts of savings to cover
increased costs of operations and to provide desirable
new facilities. Moreover, reserves for such contingencies as inventory losses from possible price declines have been established. Prosperous agricultural conditions in recent years have made the improvement of the financial condition of these cooperatives a comparatively easy task.
Comparative Growth of Liquid Assets
Liquid asset holdings of farmers grew at a faster
rate in the period 194045 than those of any other
group whose holdings are depicted in the accomINDEX OF LIQUID ASSETS AND PERCENTAGE DISTRIBUTION. BY
TYPE OF ASSET OF SPECIFIED OWNERS, JAN. 1, 1940-46*
(JAN. 1, 1940 = 100)
These comparisons suggest that during the war
factors which affected the income and savings of
farmers were more like those that affected the
earnings of unincorporated business than like those
that influenced the income and savings of the wageearning and professional classes. This is not surprising as the typical farmer really operates an "unincorporated business," the income and outgo of
which reflect market changes more immediately and
with greater sensitivity than wages or other personal
earnings of the nonfarm groups.
Although each type of liquid asset increased
throughout the war in absolute amount for each
type of owner, the relative importance of the individual items changed variously among different
types of holders. For example, the relative importance of currency declined somewhat for unincorporated business and farmers, but approximately
doubled for other persons. Demand deposits of
each type of holder rose more rapidly than other
liquid assets in the early years of the war, and then,
although continuing to rise in absolute amounts,
declined in relative importance. At the end of the
war the proportion of demand deposits to all liquid
assets of farmers and other persons was approximately that of 1940, whereas in the case of unincorporated business it was 22 per cent less than in 1940.
For every type of holder the relative importance
of time deposits declined more than any other type
of liquid asset. This was due chiefly to the equally
general and notable rise in relative importance of
Government securities. For farmers, Government
security holdings rose from 6 to 26 per cent of the
total; for unincorporated business from 17 to 40
per cent, and for other persons from 15 to 33 per
cent. For all holders, the increase was from 19 to
40 per cent of the total. On January 1, 1946, farmers' holdings of Government bonds were exceeded
in value only by demand deposits.
THE LIABILITY ITEMS
panying chart. However, the year-by-year percentage changes in total liquid assets of farmers and
of unincorporated business are strikingly alike.
Much less similar is the growth of liquid assets
held by persons other than farmers. Here the
rate of growth was little more than half that of
farmers' holdings. The rate of growth for "all
types" was 69 per cent of the rate for farmers.
SEPTEMBER
1946
J So far, this report has dealt with the valuation of
the various assets of agriculture. The two important groups which hold claims on these assets are
the proprietors of the farming business and their
creditors. The relationship of these two interests
is of considerable significance with respect to the
present and future financial situation of agriculture.
Farm Real Estate Debt
Indebtedness secured by mortgages on farm real
983
THE BALANCE SHEET OF AGRICULTURE, 1946
estate was approximately 5,081 million dollars on was the lowest since 1915 and was less than oneJanuary 1, 1946, or 190 million dollars less than a half of the peak of 10,786 million dollars reached
year earlier. This debt at the beginning of 1946 in 1923.
TABLE 7
FARM MORTGAGE D E B T OUTSTANDING, BY REGIONS AND STATES, JAN. 1, 1940-46
With Percentage Changes, 1940-46 and 1945-46
[Dollar items in thousands]
Percentage change
Region and State
1940
1941
1942
1943
1944
1945
1946
1940-46
UNITED STATES—Total.. $6,586,399 $6,534,487 $6,483,847 $6,117,168 i$5,634,772
1945-46
$5,270,655 '$5,080,717
-22.9
-3.6
Northeast
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
522,654
24,757
11,220
27,814
45,845
4,121
36,742
191,786
48,791
131,578
515,047
25,055
11,151
27,773
45,791
4,151
35,936
185,864
49,597
129,729
504,277
23,028
11,439
27,489
44,921
4,061
35,357
178,595
50,153
129,234
481,605
20,081
11,505
27,234
43,475
3,800
32,998
168,271
48,540
125,701
462,982
17,159
11,394
28,911
43,677
3,693
32,191
156,651
45,863
123,443
452,508
15,808
12,920
32,528
44,034
3,890
30,640
147,079
44,673
120,936
449,518
15,514
13,003
34,442
40,706
4,013
29,190
147,015
44,888
120,747
-14.0
-37.3
15.9
23.8
-11.2
-2.6
-20.6
-23.3
-8.0
-8.2
-1.9
.6
5.9
-7.6
3.2
-4.7
(2)
.5
-.2
Appalachian
Delaware
Maryland3
Virginia
West Virginia
North Carolina
Kentucky
Tennessee
440,838
7,957
46,675
72,299
21,969
90,071
109,253
92,614
445,587
8,127
46,011
72,245
22,031
96,652
110,504
90,017
440,261
8,496
44,396
70,840
21,671
97,411
112,414
85,033
414,698
8,347
43,384
68,406
20,193
88,645
108,687
77,036
387,912
8,095
42,894
65,124
17,986
80,829
102,915
70,069
372,537
8,532
43,570
62,117
17,419
76,723
99,026
65,150
363,362
8,661
44,501
62,369
15,949
77,696
93,437
60,749
-17.6
8.8
-4.7
-13.7
-27.4
-13.7
-14.5
-34.4
-2.5
1.5
2.1
.4
-8.4
1.3
-5.6
-6.8
Southeast
South Carolina
Georgia
Florida
Alabama
247,945
45,948
82,037
38,101
81,859
256,282
46,713
84,355
38,380
86,834
267,425
50,687
90,901
35,559
90,278
257,645
45,950
89,916
33,726
88,053
242,330
42,932
85,740
33,304
80,354
222,056
40,613
82,580
25,634
73,229
215,564
39,636
79,953
26,199
69,776
-13.1
-13.7
-2.5
-31.2
-14.8
-2.9
-2.4
-3.2
2.2
-4.7
Lake States
Michigan
Wisconsin
Minnesota
907,234
174,308
356,936
375,990
904,927
173,792
346,716
384,419
900,631
171,451
333,279
395,901
860,787
161,231
313,933
385,623
802,744
150,463
287,513
364,768
772,562
147,325
270,016
355,221
752,548
148,808
258,239
345,501
-17.1
-14.6
-27.7
-8.1
-2.6
1.0
-4.4
-2.7
1,829,261 1,843,213 1,860,524 1,776,743
239,059
252,681
245,448
242,686
236,266
244,487
243,002
229,129
418,970
406,988
415,192
373,981
705,589
723,397
707,739
710,985
229,377
232,971
231,832
219,962
1,620,763
231,446
203,169
325,915
652,906
207,327
1,507,932
224,533
189,468
291,094
606,612
196,225
1,458,723
229,351
185,217
275,712
573,815
194,628
-20.3
-4.1
r21.6
-34.2
-18.7
-15.1
-3.3
2.1
-2.2
-5.3
-5.4
Corn Belt
Ohio
Indiana
Illinois
Iowa
Missouri
rj
Delta States
Mississippi
Arkansas
Louisiana
227,979
100,368
72,513
55,098
236,272
103,491
75,560
57,221
242,953
104,776
79,305
58,872
235,402
99,968
78,405
57,029
222,040
90,389
77,519
54,132
212,448
86,941
74,857
50,650
219,140
88,294
76,712
54,134
-3.9
-12.0
5.8
-1.7
3.1
1.6
2.5
6.9
Great Plains
North Dakota
South Dakota
Nebraska
Kansas
863,010
141,230
127,706
309,826
284,248
815,374
132,717
119,122
290,081
273,454
786,462
128,255
118,474
281,184
258,549
726,924
122,631
114,740
261,753
227,800
638,149
105,047
105,042
232,921
195,139
549,863
83,150
98,755
203,874
164,084
486,100
75,230
89,8.13
176,779
144,278
-43.7
—46.7
-29.7
-42.9
-49.2
-11.6
-9.5
-9.1
-13.3
-12.1
Texas-Oklahoma
Texas
Oklahoma
585,425
431,746
153,679
577,812
421,448
156,364
577,149
417,817
159,332
537,825
386,271
151,554
487,492
345,642
141,850
447,260
316,357
130,903
403,183
278,253
124,930
-31.1
-35.6
-18.7
-9.9
-12.0
-4.6
Mountain
Montana
Idaho
Wyoming
Colorado. .
New Mexico
Arizona
Utah
Nevada
357,190
66,118
78,763
34,009
75,005
27,499
28,933
36,650
10,213
348,100
63,536
78,361
32,948
73,408
26,764
28,498
34,946
9,639
329,761
292,681
57,535 *
48,143
77,557 * 70,790
29,030
25,624
70,727
61,386
24,564
24,195
28,348
26,362
32,539
27,977
9,461
8,204
258,752
39,876
62,619
22,374
54,238
24,880
24,981
22,713
7,071
240,367
32,971
55,224
21,641
51,103
28,149
26,168
19,321
5,790
237,600
31,509
52,038
21,022
52,185
29,878
27,037
17,671
6,260
-33.5
-52.3
-33.9
-38.2
-30.4
8.7
-6.6
-51.8
-38.7
-1.2
-4.4
-5.8
-2.9
2.1
6.1
3.3
-8.5
8.1
Pacific
Washington
Oregon
California
604,863
106,857
90,421
407,585
591,873
104,927
90,281
396,665
574,404
101,227
88,900
384,277
511,524
83,028
81,153
347,343
493,115
77,412
78,465
337,238
494,976
78,899
81,553
334,524
-18.2
-26.2
-9.8
-17.9
.4
1.9
3.9
-.8
532,858
92,064
84,235
356,559
1
Includes joint-stock land bank loans called for foreclosure, which are not distributable by States, as follows: 1944—184,384; 1945—
$6,621; 1946—$3,114.
2
Less than —0.05 per cent.
8
Includes District of Columbia.
984
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
The decline in farm real estate debt of 3.6 per
cent during 1945 compares with a reduction of 6.5
per cent in 1944 and 7.9 per cent during 1943. This
change in the pace of debt reduction for the nation
in part reflects increases in debt in 20 States during
1945 as compared with only 8 States in the preceding year. The rate of decline slowed down in most
areas, and farm-mortgage debt actually increased
in the Delta and Pacific regions. The Texas-Oklahoma area was the only one to experience a greater
decrease during 1945 than in 1944. The largest
percentage decrease during 1945 occurred in the
Great Plains with a drop of 11.6 per cent, which
was followed closely by a decline of 9.9 per cent
in the Texas-Oklahoma area.
As a result of the higher farm incomes during
the war and the limited alternative uses of that
income, mortgage debt repayments during 1940-46
have been substantial. Even increased amounts of
new loans made during this period have not been
enough to offset principal repayments. As is indicated in Table 7, the net reduction in the debt has
ranged as high as 52 per cent in Montana and
Utah. The Mountain States in general showed an
average reduction of one-third, second only to the
decline of 44 per cent which took place in the
Loans of the Federal agencies, which represent
almost 30 per cent of the total farm real estate debt,
continued to decline during 1945. As is shown
in Table 8, farm mortgages held by the Federal
land banks declined at a slower rate than in either
1944 or 1943, dropping to 1,079 million dollars.
This slower rate was partly accounted for by an
increase of one-third in the amount of new loans
closed, which resulted in part from an increase of
about one-tenth in the average size of new loans.
Another factor was a change in regulations permitting the land banks to make loans up to 65
per cent of normal value of the farm and to
take over eligible loans of the Federal Farm Mortgage Corporation. Nevertheless, Federal land bank
loans were down 10.8 per cent from the level of
January 1, 1945 and 46.3 per cent from January 1, 1940.
The Federal Farm Mortgage Corporation showed
the largest percentage decrease during 1945, a decline of 31.1 per cent. On January 1, 1946 its
loans totaled only 239 million dollars compared
with 347 million on January 1, 1945, and 713 million at the beginning of 1940. This decline of
approximately two-thirds since 1940 resulted from
less need for emergency financing, substantial rc-
TABLE 8
FARM MORTGAGE DEBT HELD BY MAJOR LENDER GROUPS, UNITED STATES, JAN. 1, 1940-46
[Dollar items in thousands]
Amounts held by major lender groups
Total
debt
1940
1941
1942
1943
1944
1945.
1946
. .
$6,586,399
6,534,487
6,483,847
6,117,168
5,634,772
5,270,655
5,080,717
Federal
land
banks
$2,009,820
1,957,184
1,880,784
1,718,240
1,452,886
1,209,646
1,079,010
Federal
Farm
Mortgage
Corporation
$713,290
685,149
634,885
543,895
429,751
347,310
239,378
Farm
Security
Administration
$38,566
73,093
122,104
163,681
176,595
178,936
184,035
Life
insurance
companies
$984,290
1,016,479
1,063,166
1,042,939
986,661
933,723
884,312
Insured
commercial
banks
Individuals
and
others
$534,170
543,408
535,212
476,676
448,433
449,582
507,298
$2,306,263
2,259,174
2,247,696
2,171,737
2,140,446
2,151,458
2,186,684
-5.0
12.8
-5.2
1.6
Percentage change
Period
1940-46
1945-46
-22.9
-3.6
-46.3
-10.8
Great Plains. The smallest reduction occurred in
the Delta States, where it averaged only 4 per cent.
Other areas with reductions of 20 per cent or more
were the Texas-Oklahoma and Corn Belt regions.
For the United States as a whole, the decline in
farm-mortgage indebtedness averaged 22.9 per cent.
SEPTEMBER 1946
-66.4
— 31.1
377.2
2.8
-10.2
-5.3
payments, and the transfer of eligible loans to the
Federal land banks. Not only did the amount of
new loans closed by this organization during 1945
drop but the average size also declined.
The Farm Security Administration, on the other
hand, expanded its loans 2.8 per cent, reaching a
985
THE BALANCE SHEET OF AGRICULTURE, 1946
new high of 184 million dollars on January 1, 1946,
which is nearly five times the amount held on January 1, 1940. Although the increase of a little more
than 5 million dollars during 1945 was more than
twice the increase of 1944, it was considerably less
than that for any year prior to 1944. The slackening in the rate of growth of its loan account, which
this comparatively new organization has experienced in recent years, has resulted from an unwillingness to grant new loans at recent high prices for
land and from increased repayments on old loans.
Life insurance company loans declined 5.3 per
cent during 1945, reflecting both heavy principal
repayments and a drop of about 10 per cent in new
loans. No appreciable change was noted in the
average size of new loans recorded as compared
with 1944, but the average size for that year was
already about 30 per cent above the 1936-39
average. On January 1, 1946 loans held were
slightly in excess of 884 million dollars, which is
about 17 per cent smaller than on January 1, 1942
and approximately 10 per cent smaller than on
January 1, 1940.
Commercial banks, on the other hand, increased
their farm-mortgage holdings during 1945 by 12.8
per cent, the largest increase experienced by any
major lender group. New loans recorded by banks
were estimated to be up more than 20 per cent over
1944. The increase was accounted for in part by an
increase of nearly 10 per cent in average size. While
their outstanding loans were still 5 per cent below
those held on January 1, 1940, they were again
over the half billion mark.
Loans of individuals and of miscellaneous lenders, which totaled 2,187 million dollars on January
1, 1946, increased for the second consecutive year.
Although small percentage-wise, the increase in
amount of loans of these noninstitutional lenders
was second only to that shown by commercial
banks. This increase brought the January 1, 1946
total to approximately 95 per cent of the total of
January 1, 1940. The increase in loans held by
"individuals and others," resulting largely from a
rise of nearly 10 per cent in new loans by individuals, is associated to a considerable extent with
the increased activity in the land market, which
has given rise to an expanded volume of purchasemoney mortgages. The average size of new loans
recorded by individuals during 1945 also increased
nearly 10 per cent, continuing the upward trend
that has been evident since 1940.
The varying trends of debt in the several areas
have brought no appreciable change in the distribution among regions. Two regions—the Lake
States and the Corn Belt—together accounted for
43.5 per cent of the total debt on January 1, 1946.
Loans of life insurance companies were particularly
concentrated, 51 per cent being in the Corn Belt
alone. As is indicated in Table 9, the Great Plains
and the Lake States were other regions in which
life insurance companies had concentrated their
holdings.
Loans of Federal land banks and the Federal
Farm Mortgage Corporation were more evenly
distributed throughout the country. Nevertheless,
about two-thirds of the land bank loans and slightly
more than one-half of the Federal Farm Mortgage
Corporation loans were on farms in the Lake States,
the Corn Belt, the Great Plains, and Texas-Oklahoma. The Farm Security Administration has
TABLE 9
PERCENTAGE DISTRIBUTION OF FARM-MORTGAGE D E B T HELD BY MAJOR LENDER GROUPS, BY REGIONS, JAN. 1,
Total
debt
1
2
Federal
Farm
Mortgage
Corporation
Farm
Security
Administration
Life
insurance
companies
100.0
100.0
100.0
100.0
100.0
8.9
United States
Federal
land
banks
100.0
Region *
Northeast
Appalachian
Southeast
Lake States
Corn Belt
Delta States
Great Plains
Texas-Oklahoma
Mountain
Pacific
.
1946
6.4
9.9
3.2
0.3
12.9
8.4
4.0
17.7
25.5
4.7
3.6
4.9
7.2
4.2
14.8
28 7
4.3
9 6
...
7.9
. . . .
4.7
9.7
5.4
4.2
13.0
24.3
3.9
16.6
12.5
6.4
7.3
6.8
8.4
13.4
13.9
3.6
15.2
10.9
8.0
9.9
13.8
16.8
7.2
14.4
16.9
6.7
14.9
3.7
2.4
4.2
1.3
10.2
51.0
14.3
8.3
2.2
3.5
Others 2
5.2
4.6
13.2
For names of States within regions, see Table 7, p. 984.
Includes individuals, commercial banks, and miscellaneous lenders.
986
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
confined its lending activities chiefly to the Appalachian, Southeast, Corn Belt, Delta, and TexasOklahoma regions, where farm tenancy is high.
Individuals, banks, and miscellaneous lenders had
the bulk of their loans in the Corn Belt, Lake States,
Northeast, and Pacific regions.
The decline in farm real estate debt and the increase in land values during 1945 further lowered
the ratio of "debt to value" from 10.5 to 9.0 per
cent. This compares with a ratio of nearly 20 per
cent on January 1, 1940 and a high of approximately 28 per cent in 1933. In any interpretation
of {hese ratios, two things should be kept in mind:
(1) the increase in values in recent years has been
a much more important factor than the decline in
debt? and. (2) averages such as these often hide
the unfavorable debt position in which many individual farmers find themselves.
Interest charges payable on farm-mortgage indebtedness have declined along with the debt itself
and for the calendar year 1945 totaled 248 million
dollars. This compares with 255 million dollars for
1944 and 295 million dollars in 1940. Both the level
and trend of interest charges during World War II
have differed substantially from those of World
War I. During and after the First World War
interest charges increased steadily from a total of
314 million dollars in 1915 to 574 million dollars
in 1920 and to a high of 680 million dollars in 1922.
In this same period the proportion of cash farm
1
income absorbed by interest charges ranged from
3 per cent in 1918 to 8 per cent in 1921 and 1922,
whereas in World War II the range was from
about 3 per cent in 1940 down to 1 per cent in
1943-45.
Although the volume of farm real estate debt
TABLE
10
NON-REAL-ESTATE LOANS TO FARMERS H E L D BY PRINCIPAL CREDIT INSTITUTIONS, BY REGION AND STATE, 1945
x
AND 1946
With Percentage Changes, Jan. 1, 1945-Jan. 1, 1946
[Dollar items in thousands]
Region and State
UNITED STATES
Percentage
Jan. 1, 1945 Jan. 1, 1946 increase or
decrease
$1,587,996 $1,644,203
3.5
Northeast
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York .
New Jersey
Pennsylvania .
90 993
8 699
2,283
7,464
3 445
97 493
8 447
2,466
9,016
3 867
675
3,753
36,580
6,132
21,962
851
3,688
39,065
6,295
23,798
Appalachian
Delaware
Maryland
District of Columbia
Virginia .
West Virginia
North Carolina
Kentucky
Tennessee
95,406
1 501
7,255
27
19,015
5,302
14,646
25,437
22,223
101,745
1 873
7,411
26
19,533
5 126
15,594
26,907
25 275
6.6
24 8
2.2
-3.7
2.7
—3 3
Southeast
South Carolina
Georgia
Florida.
Alabama
95,185
15,263
31,937
17,755
30,230
95,374
14,894
32,924
17,267
30 289
.2
-2.4
3.1
-2.7
2
137,510
25 793
37,186
74,531
138,080
28 253
38,200
71,627
4
9 5
2.7
-3.9
301,758
33,060
34,065
67,249
102,108
65,276
312,946
34,995
39,866
72,572
102,285
63,228
Region and State
Percentage
Jan. 1, 1945 Jan. 1, 1946 increase or
decrease
Delta
Mississippi
Arkansas
Louisiana
$89,444
41,824
28 717
18 903
$94,342
42,882
31 500
19 960
5.5
2.5
9.7
5 6
Great Plains
North Dakota
South Dakota
Nebraska
Kansas
274,169
54 916
67 934
80,235
71,084
250,859
51,906
60 291
76,555
62,107
-8.5
-5.5
— 11 3
-4.6
-12.6
Texas - Oklaho ma
Texas
Oklahoma
207,188
154 075
53,113
218,351
162,837
55,514
5.4
5.7
Mountain
175,324
33,855
18,435
19 493
49,262
18,045
13 184
19 268
3,782
183,496
34,273
18,908
20,164
50,754
18,625
16,377
20,442
3,953
4.7
1.2
2.6
3.4
120,979
20,881
14 669
85 429
151,514
24,847
17,023
109,644
25.2
19.0
16.0
28.3
40
3
-92 5
3.7
5.9
17.0
7.9
.2
-3.1
Lake States.
Michigan
Wisconsin
Minnesota
v
. .
Corn Belt
Ohio .
Indiana
Illinois
Iowa
Missouri
7 1
—2 9
8.0
20.8
12 2
26 1
-1.7
6.8
2.7
8.4
6.5
5.8
13 7
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona.
Utah
Nevada
Pacific
Washington
Oregon
California
Un all oca ted
4.5
3.0
3.2
24.2
6.1
4.5
1
Insured commercial banks, Farm Security Administration, production credit associations, Emergency Crop and Feed Loan
Office, Federal intermediate credit banks, and Regional Agricultural Credit Corporation. Excludes loans made or guaranteed by
he Commodity Credit Corporation, except a small amount held by Federal intermediate credit banks.
SEPTEMBER 1946
987
THE BALANCE SHEET OF AGRICULTURE, 1946
has been the dominant factor in the interest charge
picture, interest rates also have shown significant
differences. The average interest rate changed
little during World War II, approximating 4.6
per cent on January 1, 1940 and 4.5 per cent for
the succeeding four years. In 1944 the Federal land
banks discontinued their temporary rate of 3.5 per
cent and charged the contract rate, which was set
at 4.0 per cent for all except certain direct and special loans. Similar action was taken by the Federal
Farm Mortgage Corporation in 1945, bringing their
rate back to 5 per cent. These actions contributed
to an increase in the average rate for all mortgage
lenders to 4.8 per cent for both 1945 and 1946.
During World War I interest rates showed considerable stability but at a much higher level. From
1915 to 1920 the average varied little from 6.1
per cent but by 1923 it had risen to 6.4 per cent.
Non-Real-Estate Debt
The total non-real-estate debt of farmers on January 1, 1946 is estimated at 3,256 million dollars
or about 450 million less than was outstanding a
year earlier. Of this amount 1,672 million dollars
was owed to the principal institutional lenders
TABLE
OUTSTANDING NON-REAL-ESTATE
without Commodity Credit Corporation guarantees
and 414 million was owed to or guaranteed by the
Corporation. The remainder represents roughly
the debt to other lenders such as individuals, merchants, and finance companies.
Institutional loans (excluding those made or
guaranteed by the CCC) are of two types: (1)
those made to farmers on a regular business basis,
and (2) those made to farmers with low incomes
who have difficulty in obtaining credit from the
more usual sources. The first type of loan is extended by banks, production credit associations,
and the financing institutions discounting with, the
Federal intermediate credit banks. The second
type is made by the Farm Security Administration, Emergency Crop and Feed Loan Office, and
the Regional Agricultural Credit Corporation.
These two classes are not mutually exclusive as
each includes many loans which have the characteristics of the other. Taken together, the principal
institutions extending both types of credit (excluding CCC loans) increased their outstanding loans
by 3.5 per cent during 1945. Percentage changes
by regions and States are given in Table 10.
Commercial banks were the most important in11
LOANS TO FARMERS IN THE UNITED STATES, BY PRINCIPAL CREDIT INSTITUTIONS,
JAN. 1, 1940, 1945, AND 1946
[In thousands of dollars]
Agency
Total:1
Excluding Commodity Credit Corporation loans held or guaranteed.. .
Including Commodity Credit Corporation loans held or guaranteed 2 . .
Commercial banks:1
Excluding Commodity Credit Corporation guarantees2
Including Commodity Credit Corporation guarantees
Agencies supervised by the Farm Credit Administration:
Production credit associations
Excluding Commodity Credit Corporation guarantees2
Including Commodity Credit Corporation guarantees
Federal intermediate credit banks 3
Excluding Commodity Credit Corporation guarantees2
Including Commodity Credit Corporation guarantees
Regional agricultural credit corporations
Emergency Crop and Feed Loan Office 4
Farm Security Administration 5
Commodity Credit Corporation:
Loans held 6
Institutional loans guaranteed 2
1940
1945
1946
,537,758
,980,445
1,619,541
2,602,023
1,672,411
2,086,123
900,079
,134,573
949,079
1,769,229
1,037,804
1,346,265
153,425
188,306
203,794
194,788
201,135
32,316
29,792
29,966
12,195
138,068
302,101
26,487
26,487
6,151
128,901
278,280
146,670
835,812
98,904
314,808
8,005
167,795
276,138
208,193
234,494
7
1
New series, commercial bank data included in these totals are for all active banks. For discussion of new bank series see
Agricultural Finance Review, November 1945, p. 1.
2
Guarantees are loans secured by agricultural commodities covered by purchase agreements of the Commodity Credit Corporation;
also certificates of participation in cotton producers' pool; in 1945 and 1946 includes some loans to processors of and dealers in agricultural
commodities and some advances by banks to CCC. On Jan. 1, 1940 the amount of guaranteed loans held by banks was as reported by
the CCC. In 1945 and 1946figuresused are those reported by banks.
3
4 Loans to and discounts for private financing institutions.
Includes seed, feed, crop production, drought relief, and orchard rehabilitation loans, some of which were made by predecessors
(Farmers' Seed Loan Office and Emergency Crop Production Office).
5
Includes rural rehabilitation, water facility, and project equipment loans. Includes loans from State rural rehabilitation corporation 6
trust funds and loans made by the predecessor (Resettlement Administration).
Excludes loans held by commercial banks, Federal agencies, and loans securing certificates of participation in the cotton producers
pool.7
Revised.
988
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
stitutions extending "business" type credit. Their
non-real-estate loans to farmers (excluding CCC
loans) accounted for 1,038 million dollars or over
60 per cent of the total on January 1, 1946. As is
shown in Table 11, production credit associations
were next in importance with 195 million dollars
outstanding. Taken together, the loans of these
two types of institutional lenders increased during
1945 in every State except those in the Great Plains
region and Minnesota and Missouri. For the
country as a whole the increase was about 9 per
cent.
The outstanding loans of the Farm Security
Administration, Emergency Crop and Feed Loan
Office, and Regional Agricultural Credit Corporation declined nearly 40 million dollars, or about 9
per cent, during 1945. The decrease in this type
of credit indicates the improved financial position
of many farmers in the lower income groups. Although the amount of new FSA loans was somewhat greater during 1945 than during 1944, outstanding loans nevertheless decreased 24 million
as a result of larger repayments. Outstanding loans
declined from 302 million dollars at the beginning
of 1945 to 278 million in 1946. The shrinkage
from 150 to 135 million in outstanding RACC and
Emergency Crop loans reflects fewer new loans
and substantial repayments of the old loans. Another factor in the decline reported for the Emergency Crop loans was the cancellation of 2.5 million
dollars of uncollectible old loans, under the terms
of recent legislation.
The volume of non-real-estate debt owed to noninstitutional creditors, such as merchants, dealers,
and individuals, is roughly estimated to be slightly
more than a billion dollars. Although this debt is
believed to have expanded a little last year, it probably is substantially less than amounts .outstanding
during the 1930's. Notwithstanding the generally
moderate level of such credit, the volume may be
large in some areas, particularly in the South where
many tenants customarily owe their landlords or
merchants for expenses of living and production.
During the war, changes in the non-real-estate
debt situation among farmers have been diverse.
Many farmers with higher incomes have paid off
their debts. Others, who formerly borrowed from
such creditors as merchants and dealers, have shifted
to banks, PCA's, or other specialized lenders. Loans
for production purposes probably now average considerably more per borrower than before the war,
SEPTEMBER 1946
however. Loans made in 1945 by the more important Federal and Federally sponsored agencies
averaged nearly twice the size of those made in.
1938. Data are given in Table 12. The size of
new loans increased significantly in all regions.
TABLE
12
AVERAGE SIZE OF NON-REAL-ESTATE LOANS TO FARMERS IN
THE UNITED STATES, BY SELECTED FEDERAL AGENCIES, 1938-45
Year
Production
credit
associations l
Farm Security
Administration
Original
loans 2
Supplemental
loans 3
Emergency
Crop and
Feed Loan
Office i
1938
1939
1940
$1,237
1,365
1,505
$560
471
561
$214
214
215
$112
106
120
1941
1942
1943
1944
1945
1,791
2,011
2,160
2,231
2,386
623
639
761
1,096
1,147
193
231
287
322
396
119
136
155
182
199
1
2
Calendar year.
Fiscal year. Excludes loans made by State Corporation trust
funds.
3
Fiscal year. Additional loans made to farmers who already
have Farm Security Administration loans.
Expanded operations and rising costs make it
necessary for most farmers to use more working
capital. Some provide this out of liquid assets;
others borrow the additional funds needed in the
farm business. Moreover, an expansion in nonreal-estate credit will be necessary to finance the
expected increase in building activity and the
larger volume of durable goods that farmers expect
to buy. So far, the total non-real-estate debt to
institutions has not risen as fast or as high as
during World War I.
Commodity Credit Corporation loans. Included
with non-real-estate loans of the principal institutions in Table 11 are loans made or guaranteed
by the Commodity Credit Corporation. These
nonrecourse loans are secured solely by farm products and are made primarily for the purpose of
supporting farm prices.
During the recent war years the volume of these
loans was large compared with prewar years; on
January 1, 1945 it approached a billion dollars.
A year later, however, the amount of these loans
had dropped to about 400 million dollars. Fewer
new loans were made and more outstanding loans
were redeemed by producers in 1945 than in 1944.
The primary reason for the decline in outstanding
CCC loans is the high market prices of farm prod989
THE BALANCE SHEET OF AGRICULTURE, 1946
ucts compared with CCC loan values, particularly
for cotton and wheat, upon which the bulk of the
loans are based. Some of the apparent decrease
was due to more accurate reporting by banks. Also,
because the CCC announced future buying prices
for many farm products, there may have been an
increase in the volume of commodity loans made by
banks and others without benefit of the guarantee
by CCC.
Proprietary Equities
The proprietors in agriculture include owneroperators, tenants, landlords not living on farms,
and even the stockholders of corporations operating
farms. The equities that each of these types of
proprietors has in total agricultural assets have not
been learned. While owner-operators undoubtedly
hold the predominant interest in agriculture, tenants
have a substantial investment in livestock, equipment, and other non-real-estate items. Landlords
living off farms often have some equity in livestock,
equipment, seed, and other items. Landlords and
tenants often jointly own portions of the farm
operating capital.
Of the total assets of agriculture, valued at 101,522 million dollars, the equities of all types of
proprietors totaled 93,185 million dollars on January
1, 1946. The gain of 11,321 million dollars from
the year previous may be accounted for by a reduction of 190 million dollars in mortgage debt, a
reduction of 478 million dollars in non-real-estate
debt, and an increase of 10,653 million dollars in
assets. The increased asset valuation, however,
includes 7,430 million dollars resulting merely
from price advances for inventory items.
SIGNIFICANCE OF CHANGES IN THE BALANCE SHEET
Notable increases in the dollar value of both
physical and financial assets and some further decreases in debts characterize the changes in the
balance sheet of agriculture for 1946. As a consequence a further marked rise in owner equities
has occurred. Moreover, the large increases in
farmers' holdings of currency, bank deposits, and
Government bonds have fully maintained the
high degree of liquidity that has been a noteworthy feature of the balance sheet in recent years.
As a result, the financial condition of farmers as
a group has undergone further improvement during the year.
990
There are, however, a number of factors in this
situation which should be evaluated if the farmer's
economic position is to be kept in perspective. The
more important of these are: (1) The increase in
the valuation of the physical assets in 1945 was
mostly due to increases in price; (2) the increase
in the liquid assets of farmers—like the increase of
such assets throughout the economy—was largely
an outgrowth of wartime Federal fiscal practices
which are now undergoing decisive change; and
(3) the farmer-owned liquid assets appear to be
concentrated to a considerable extent in the hands
of a small percentage of farmers. These factors and
their significance will be enlarged upon in what
follows.
Consequences of further advances in prices of
physical assets. The increase in the valuation of
physical assets, which in magnitude overshadows
all other changes on the agricultural balance sheet,
is due mostly to further increases in prices which,
at the beginning of 1945, were already abnormally
high by any standards save those of the war years.
That this development improved the financial condition of many farmers may be taken for granted,
but this improvement is not the entire story. An
increase in prices of farm assets may produce other
consequences not all of which are desirable.
For example, one consequence of a rise in the
prices of the physical assets of farmers is that the
down payments and the debts of those who buy
farms or livestock and equipment at the higher level
are increased in much the same proportion that
prices rise. Thus the further advance in prices of
physical assets in 1945 has increased the financial
obstacles to farming and the risks of ownership, particularly for returning veterans and farm hands who
did not profit by the high level of farm income during the war. This is less serious for farm operators,
many of whom have improved their financial condition so that the purchase of a farm or additional
livestock and equipment even at the higher prices
can be financed in a way that will make ownership
reasonably secure whether the present level of
income continues or not.
Many who bought farms at prices which prevailed in 1945 have taken a very considerable risk
that farm income will decline. This risk is not so
serious for those who pay cash, but when farms are
bought at high prices and are mortgaged, the need
for a high income is solidified in the form of fixed
charges from which there is no easy escape if, later,
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
farm income declines. Even where these payments ments to postwar production and marketing concan be met, it is possible that what is left will not be ditions, but, if retained until then, may also
enough to meet desirable outlays for farming and serve as a hedge against possible deflation in the
for living. The future transfer of ownership prob- later postwar period. Whence the liquid assets
ably also would be hindered by the memory of high came in such astonishing volume during the war,
prices paid and the hope that they might return. and where in the future they may go, are questions
Thus rigidity develops in a situation that should of considerable importance.
With very minor exceptions the increases of
remain flexible if desirable adjustments are to be
currency, bank deposits, and Government securimade, as changing conditions inevitably require.
A second consequence is that a rapid rise in ties in the economy as a whole had a common
the value of land and other physical assets en- origin in the huge Federal deficits of the war years.
courages unwise spending by farmers whose equi- Apparently, the circumstances that during the war
ties are expanding to unexpected proportions. In generated unprecedented amounts of currency, deWorld War I this contributed considerably to the posits, and Government securities are changing in
excesses in pricing and spending that characterized 1946. Special interest, therefore, attaches to the
that period. The feeling of financial well-being,* probable influence of budgetary surpluses and reinduced to a substantial degree by the larger equi- lated factors on the volume of liquid assets generally
ties, was a stimulant to easy buying and borrowing. and on the holdings of farmers in particular.
When Federal deficits give way to a surplus of
The chief hazard for farmers in the period ahead
is that the levels and relationships of prices receipts over expenditures, a shrinkage in the agestablished during the war may not continue. gregate of currency, deposits, and Government
There is abundant historical precedent for a sharp securities of private nonbank holders is sure to
postwar decline in prices of farm products and result unless prevented by expansion of private
farm income which in turn would lower the valua- loans and investments by commercial banks, or by
tions of most physical assets owned by farmers. certain Treasury monetary operations such as the
Such a decline may begin when the abnormal de- purchase of silver and gold. Such a shrinkage
mand for farm products created by the war and will occur regardless of how the surplus is used.
its aftermath has subsided. It is perhaps not un- If the surplus is added to the cash balance of the
reasonable to expect that any decline that may Treasury or is used to pay of? debt to banks the
occur this time will be moderated by controls net efiect on the liquid assets of private nonbank
with which the farmers and the Government have holders will be to reduce the volume of currency
now had some experience. But it is well, to re- and deposits. The only other possible use of the
member that any later downward adjustment of surplus is to redeem Government securities owned
prices will be less severe if, as wartime controls by private nonbank investors, the net effect of which
are relaxed or removed, prices do not rise much would be a shrinkage in such holdings of securities.
The relative contraction in each type of liquid
above wartime levels.
Influence of Federal fiscal developments on liq- asset and the distribution of the shrinkage among
uid assets of farmers. The preceding section has various economic groups that will result from a
indicated how extensively higher prices have con- budgetary surplus will depend upon individual
tributed to the wartime growth in valuations of circumstances and decisions as well as upon the
the physical assets and of the equities of farmers. It policy of the Treasury. Leading factors which
has indicated also that a decline in prices could will determine the nature, extent, and distribution
greatly reduce both. However, farmers have been*/ of the shrinkage are (1) the relative volume of
accumulating a very large volume of other a~ssets incomes that will be received and the relative
in the form of currency, bank deposits, and Gov- volume of expenditures, including taxes, that will
ernment bonds which will not decline in dollar value be made by the various segments of the economy,
should a period of deflation ensue. On the contrary, and (2) the ownership of the Federal securities
if prices of commodities fall, the purchasing power which will be retired.
of these "liquid assets" will increase. These asConsideration of these factors suggests two desets, therefore, not only contribute flexibility to the velopments that would probably accompany a
individual farmer's position, facilitating adjust- budgetary surplus if it developed at this time. The
SEPTEMBER
1946
991
THE BALANCE SHEET OF AGRICULTURE, 1946
first is that any contraction in nonbank holdings of holdings of farmers will not decline this year,
liquid assets that might occur as a result of a sur- or at least that the decline will be less for farmers
plus would probably consist mainly of a reduction than for others. Present indications are that farm
in deposits and currency rather than in Govern- income in 1946 will be at a record high level, and
ment securities. The second is that if contraction may comprise a larger fraction of the national
occurs in 1946, the aggregate shrinkage is likely income than in recent years. Expenditures by
farmers for industrial goods will not cut deeply
to affect farmers' holdings less than others.
A budgetary surplus is not likely to reduce sub- into the over-all wartime accumulations of cash
stantially nonbank holdings of Government bonds and bonds so long as new machinery and other
because of two special factors in the current situ- manufactured products continue in short supply.
ation. First, the present policy of the Treasury Moreover, present Federal taxes probably absorb
is to retire issues held in the commercial bank- a smaller proportion of aggregate farm income
ing system, and to promote the sale to, and to than of total nonfarm income. Accordingly, if
encourage the retention of bonds by others. There- the flow of cash into farmers' hands is up to presfore, the Treasury may be expected to act vig- ent prospects, and expenditures including taxes do
orously to keep sales of bonds to nonbank in- *not rise sharply in the second half of the year,
vestors at least equal to redemptions. Secondly, farmers as a whole will retain or may increase the
industrial products of the type most likely to present volume of their liquid assets despite some
induce the cashing of bonds—new automobiles, possible reduction for the economy as a whole.
dwellings, and the like—remain scarce. ThereA decline is not unlikely after 1946 when manufore, despite higher prices, it seems unlikely factured goods become abundant. Such a decline
that spending this year will make such inroads would probably appear first in currency and deon currency and deposit holdings of individuals posit holdings, as Government bonds would generas to require extensive cashing of bonds. This ally be cashed only after money balances had been
conclusion will need to be modified if the public, drawn down. Where income and accumulated
made apprehensive by rising prices, decides to cash money are insufficient to meet requirements, borits bonds and scramble for existing goods. Unless rowing may be resorted to even before bonds are
such a flight from money and bonds into goods cashed.
develops, nonbank holdings of Government bonds
Country banks, therefore, may experience some
should not diminish. Hence, if a budgetary sur- decline of deposits when manufactured goods beplus develops in the near future, it is likely come abundant. Unless offset by a reduction in
to involve nonbank holders of liquid assets as individual currency holdings or an increase in
a whole only to the extent that, through taxes, country bank loans, a decline of deposits in country
they may contribute currency and deposits to the banks will occur when payments to outside comcash balance of the Treasury, or through this to munities exceed receipts from them. Such an
a reduction of the Federal debt held in the com- outflow may occur regardless of conditions affectmercial banking system.
ing agricultural prosperity.
The reduction of Federal debt so far in 1946
If postwar conditions are favorable to agriculture,
has not appreciably reduced the aggregate of cur- currency and deposit holdings in rural communirency, deposits, and Government bonds in the ties will approach gradually the level that farmers
hands of the nonbank public. This is because the and persons in country towns believe is enough
issues that have been retired have been primarily to transact their business. Amounts not needed
from the holdings of commercial and Federal re- for this purpose may be invested in ways that will
serve banks; and they have been paid by drawing remove part of them from the community.
down the exceptionally large cash balance of the
If postwar conditions are unfavorable to agriTreasury rather than from surplus tax receipts. The culture, it is difficult to see how a considerable
debt, therefore, has been reduced by the use (and shrinkage of deposits in country banks can be
extinction) of Treasury deposits.
avoided. Under adverse conditions, outgo for
If, as a result of a budgetary surplus in late farm communities is likely to exceed income con1946, some shrinkage in liquid assets of non- siderably. Should such conditions persist, wartime
bank holders occurs, it seems probable that the accumulations of bonds as well as of currency and
992
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1946
deposits owned by farmers might shrink considerably. So would deposits arising out of current
bank loans to borrowing farmers.
WHether the decline of deposits in country banks
after this period of expansion will be less severe
than after World War I depends mainly on whether
farm income will continue to provide payment
for the goods and services farmers will buy, together with interest on bank loans and on other
funds borrowed outside the community. Unless
present trends are sharply altered,, indebtedness of
farmers will not make as heavy demands on deposits in country banks this time as after World
War I. Moreover, changes since the First World
War in our banking structure and practices, like
deposit insurance and broader standards of eligibil#
ity for rediscount, and the present composition of
the portfolios of country banks make improbable
a repetition of anything like the reduction of bank
deposits which occured after 1920. In these respects, at least, the prospect is definitely better for
retention of a level of deposits which will provide a
satisfactory basis for loans by country banks.
Significance of concentration of liquid assets of
farmers. Evidence is beginning to appear that a
relatively small percentage of all farmers own a
large percentage of the liquid assets owned by
farmers. The indication of concentrated ownership
of farmer-owned Government securities and bank
deposits which constitute four-fifths of the total of
farmer-owned liquid assets raises important questions touching both the present and the future financial condition of farmers. With respect to the
present, the leading question is: Does this evidence
indicate that improvement in financial condition
during the war was narrowly confined to a fortunate few? With respect to the future the leading
questions are: How will this apparent concentration of farmer-owned deposits and Government
bonds affect their disposition in the period ahead?
What does it indicate with respect to future use of
credit by farmers?
A high degree of concentration of deposit and
bond holdings does not necessarily indicate that
improvement in financial condition during the
war was confined to a fortunate minority. But it
does suggest a wide disparity in individual incomes among farmers even in years of general
agricultural prosperity, and it emphasizes the wide
variety of circumstances in which various farmers
find themselves. Doubtless, the circumstances and
SEPTEMBER
1946
inclinations of some farm families were such that
the increased earnings of the war were used to
raise their level of living. Such farmers made little
or no improvement in their financial condition.
Others preferred to use a part of their better incomes in one way or another to improve their
financial situation. To some farmers reduction of
debt at the fastest possible rate may have recommended itself; to others investment in new facilities appeared desirable. Still others, in circumstances where neither debt reduction nor further
investment in facilities seemed desirable or feasible,
kept a part of their wartime earnings in currency
or loaned it to others. Combinations of these situations add to the possibilities of improvement in
financial condition that do not include the accumulation of Government bonds or bank deposits. Concentration of these assets, therefore, by no means
precludes widespread improvement in the financial
condition of farmers.
What does the evidence of concentration suggest concerning the probable use of the 15 billion
dollars in deposits and Government bonds that
are involved? If farmer ownership of Government bonds and bank deposits is as concentrated
as now appears probable, a considerable part of
these accumulations is likely to be undisturbed as
payment is made for repairs and new equipment
that could not be obtained during the war, and as
changes in types or methods of farming are made.
This is particularly true of bond holdings, which
many farmers apparently regard as investments
more or less permanent in character. Moreover,
if a high degree of concentration of ownership of
deposits exists it is likely that many accounts are
much larger than necessary to finance desirable
changes in farming operations of their owners.
A considerable amount of such deposits may therefore be available for investment elsewhere. They
may become a sizable source of loans to other
farmers.
Finally, what does the indication of concentration suggest with respect to future credit use by
farmers? The evidence of concentration in bond
and deposit holdings suggests that any general desire to alter products or methods, to add new equipment to the farm and farm home, or to acquire
farm real estate can be satisfied only through a
considerable expansion of credit.
Such an expansion occurred after World War I.
Then, as now, agriculture had enjoyed a number
993
THE BALANCE SHEET OF AGRICULTURE, 1946
of years of exceptional prosperity, and prices of through reduction of debt or improvement of fafarms had risen sharply in response to the higher cilities and earning power.
General availability of industrial products may
farm incomes and improved prospects. Concuralso contribute considerably to an increase in farmrent with these wartime developments, the volume
of personal and collateral loans made by commer- mortgage debt. The rapid repayment of debt which
cial banks to farmers rose from 1.6 billion dollars throughout the war more than offset new recordon January 1, 1915 to 2.5 billion dollars in the ings is likely to fall decidedly as manufactured
middle of 1918. Total outstanding farm-mortgage goods become abundant. The opportunity to buy
debt rose from 4.7 billion dollars on January 1, such goods freely will probably reduce the repay1914 to 7.1 billion on January 1, 1919. From these ment of debts to a point where the downward
trend of farm-mortgage indebtedness will be rehigh levels fresh advances were made immediately
versed. Such a change will be hastened by the
after the war. By the end of 1920, personal and
present upward trend of new indebtedness that is
collateral loans had risen to 3.9 billion dollars—a
associated with the high activity and rising prices
56 per cent increase in 30 months. On the same in the farm real estate market.
date total farm-mortgage debt stood at 10.2 billion
M It is probable, therefore, that in the next few
dollars—an increase of 44 per cent in 24 months.
years the purchasing power of farmers as a group
As increases of such magnitude occurred even will be determined to a marked extent by an exafter high levels of indebtedness had been reached pansion of loans, as well as by current income and
during World War I, it will not be surprising if accumulated liquid assets. Conceivably, the exloans to farmers show a marked increase after this pansion of credit may be of greater importance
war during which debts declined. The personal than accumulated liquid assets in providing the
and collateral types of loans are likely to rise when means by which ownership of farms is achieved
industrial commodities that farmers want are again and by which expansion or general improvement of
generally available. Much of this increase is likely farm operations are carried out. The general
to result from the demands of farmers who have liquidity of country banks and other lenders, inaccumulated negligible amounts of liquid assets cluding farmers who have accumulated money,
but who have improved their credit during the war will facilitate borrowing.
994
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Farm Tenant Loans
held or owned by the United States at not less than
90.5 cents per fine troy ounce: Provided, That at
Amendment to Section 24 of Federal Reserve Act
all times the ownership and the possession or conBy Act of Congress approved August 14, 1946 trol within the United States of an amount of
(Public No. 731, 79th Cong.), the first paragraph of silver of a monetary value equal to the face amount
section 24 of the Federal Reserve Act was amended of all outstanding silver certificates heretofore or
by inserting after the words "National Housing hereafter issued by the Secretary of the Treasury
Act" the following: "or which are insured by the shall be maintained by the Treasury: Provided
Secretary of Agriculture pursuant to title I of the further, That hereafter each United States coinage
Bankhead-Jones Farm Tenant Act." The effect of mint shall receive for coinage silver mined after
this amendment is to make the limitations and re- July 1, 1946, from natural deposits in the United
strictions on loans made by national banks secured States or any place subject to the jurisdiction thereof,
by real estate inapplicable to loans for the purpose as provided in the Act of July 6, 1939 (Public Law
of enabling farm tenants to acquire farms when 165, Seventy-sixth Congress), and tendered to such
such loans are insured under the Bankhead-Jones mint within one year after the month in which the
Farm Tenant Act.
ore from which it is derived was mined, except
that the seigniorage to be deducted shall be 30
per centum instead of 45 per centum as provided
Silver Legislation
in section 4 (b) of said Act.
An Act of Congress approved July 31, 1946, Approved July 31, 1946.
authorizes the Secretary of the Treasury to sell or
lease silver to industry at not less than 90^4 cents
Regulation U
per ounce. The Act also reduces the seigniorage to
Capital Contribution Loans
30 per centum on silver mined after July 1, 1946.
The text of the Act reads as follows:
The Board has been asked several questions as
to whether a loan secured by stocks is subject to
Regulation U if it is made to one or more individuals to enable them to contribute capital to a
[CHAPTER 718—2D SESSION]
stock brokerage firm.
[H. R. 4590]
It appears that the brokerage firm purchases and
AN ACT
carries for customers stocks that are registered on
To authorize the use by industry of silver held or owned by a national securities exchange. In one such case,
the United States, and for other purposes.
the brokerage firm states that it does a strict comBe it enacted by the Senate and House of Rep- mission business and makes no investments for its
resentatives of the United States of America in own account. In another such case, the firm does
Congress assembled, That hereafter the Secretary both. In some such cases the capital would replace
of the Treasury is authorized to sell or lease for capital withdrawn and in others it would be new
manufacturing uses, including manufacturing uses money.
incident to reconversion and the building up of
It is the view of the Board that all such loans
employment in industry, upon such terms as the should be considered to be for the purpose of purSecretary of the Treasury shall deem advisable, to chasing or carrying registered stocks, and that, as
any person, partnership, association, or corporation, such, they are not permitted under the present terms
or any department of the Government, any silver of the regulation.
[PUBLIC LAW 579—79TH CONGRESS]
SEPTEMBER 1946
995
LAW DEPARTMENT
Acceptances by Member Banks
Revision of Regulation G
The Board of Governors of the Federal Reserve
System on August 13, 1946, adopted effective August 31, 1946, a revised version of Regulation C, Acceptance by Member Banks of Drafts or Bills of Exchange. The Regulation governs the acceptance
of drafts or bills drawn against domestic or foreign shipments of goods or secured by warehouse
receipts covering readily marketable staples and the
acceptance of drafts or bills drawn for the purpose
of creating dollar exchange. The revision has been
made in order to simplify and clarify the Regulation. In making the revision, the Board has had
the benefit of suggestions received from a number
of member banks experienced in acceptance credit
procedure and from the Federal Reserve Banks.
While the Board, in stating the requirements that
must be met, has endeavored to lay down broad
principles that should be observed, it should be
emphasized that mere technical compliance with
the provisions of the Regulation will not necessarily
afford an accepting bank protection from loss.
Sound acceptance practice depends primarily on the
exercise by accepting banks of good credit judgment. The principal reliance for the maintenance
of sound practices must be placed upon that judgment and the continued development of seasoned
policies in this field of extension of bank credit.1
The text of Regulation C as revised reads as
follows:
REGULATION C
Revised Effective August 31, 1946
(Superseding Regulation C, Series of 1928)
ACCEPTANCE BY MEMBER BANKS OF
DRAFTS OR BILLS OF EXCHANGE
INTRODUCTION
This Regulation is based upon and issued pursuant to various provisions of the Federal Reserve
Act, particularly the provisions of the seventh
and twelfth paragraphs of section 13 of such Act,
the texts of which are published in the appendix
hereto. The Regulation relates to the acceptance
by member banks of drafts or bills of exchange.
Provisions governing the eligibility of bankers'
ir
The Federal Reserve
tained a summary of a
mitted to the Board of
Presidents of the Federal
Committee.
996
BULLETIN for September 1937 conreport on Acceptance Practice subGovernors and the Conference of
Reserve Banks by a Federal Reserve
acceptances of member banks for discount by the
Federal Reserve Banks are contained in Regulation
A; and provisions governing the purchase of
bankers' acceptances by the Federal Reserve Banks
are contained in Regulation B.
SECTION 1.
ACCEPTANCE OF COMMERCIAL DRAFTS OR
BILLS
(a) Authority.—Any member bank may accept drafts or bills of exchange drawn upon it
which grow out of any of the following transactions
(hereinafter referred to as "commercial drafts or
bills"):
(1) The importation or exportation of
goods, that is, the shipment of goods between
the United States and any foreign country,
or between the United States and any of its
dependencies or insular possessions, or between dependencies or insular possessions and
foreign countries, or between foreign countries;1
(2) The shipment of goods within the
United States, provided shipping documents
conveying or securing title are attached or are
in the physical possession of the accepting
bank or its agent at the time of acceptance;
(3) The storage in the United States or in
any foreign country of readily marketable
staples,2 provided that the draft or bill of exchange is secured at the time of acceptance
by a warehouse receipt or other such document conveying or securing title covering such
readily marketable staples.3
{b) Maturity.—No member banks shall accept
any commercial draft or bill unless at the date of
its acceptance such draft or bill has not more than
six months to run, exclusive of days of grace.
(c) Acceptances for one person.—No member bank shall accept commercial drafts or bills,
whether in a foreign or domestic transaction, for
X
A member bank accepting any commercial draft or bill
growing out of a transaction of the kinds described in subsection (a)(l) of section 1 will be expected to obtain before
acceptance and retain in its files satisfactory evidence, documentary or otherwise, showing the nature of the transactions
underlying the credit extended.
2
A readily marketable staple within the meaning of this
Regulation means an article of commerce, agriculture, or industry, of such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price
as to make (a) the price easily and definitely ascertainable, and
(b) the staple itself easy to realize upon by sale at any time.
3
It should be noted that pursuant to Regulations A and B
Federal Reserve Banks may neither discount nor purchase bills
arising out of the storage of readily marketable staples unless
the acceptor remains secured throughout the life of the bill.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
any one person, company, firm, or corporation in
-an amount equal at any time in the aggregate to
more than 10 per cent of its paid-up and unimpaired capital stock and surplus, unless the bank
be and remain secured as to the amount in excess of
such 10 per cent limitation by either attached
documents or some other actual security growing
out of the same transaction as the acceptance; but
a trust receipt which permits the customer to have
access to or control over the goods will not be
considered "actual security" within the meaning
of this subsection.
section after not less than 90 days' notice in writing
to the bank affected.
rescind any authority granted by it pursuant to this
(c) Purpose of transaction.—(1) Any such
SECTION 2 . ACCEPTANCE OF DRAFTS OR BILLS TO FURNISH DOLLAR EXCHANGE
(a) Authority.—(1) Any member bank, after
obtaining the permission of the Board of Governors,
may accept drafts or bills of exchange drawn upon
it by banks or bankers in foreign countries or dependencies or insular possessions of the United
States for the purpose of furnishing dollar exchange
(hereinafter referred to as "dollar exchange drafts
or bills") as required by the usages of trade in the
(d) Limitation on aggregate amount.—No respective countries, dependencies, or insular posmember bank shall accept commercial drafts or bills sessions, subject to the conditions set forth in this
in an amount equal at any time in the aggregate section. Any member bank desiring to obtain such
to more than 50 per cent of its paid-up and unim- permission shall file with the Board of Governors
paired capital stock and surplus; except that, with through the Federal Reserve Bank of its district an
the permission of the Board of Governors of the application for such permission. Such application
Federal Reserve System as provided in subsection need not be in any particular form but shall show
(e) of this section, any such member bank may ac- the present and anticipated need for the authority
cept such drafts or bills in an amount not exceeding requested.
at any time in the aggregate 100 per cent of its
(2) The Board of Governors may at any time
paid-up and unimpaired capital stock and surplus
rescind any permission granted by it pursuant to
(hereinafter referred to as "authority to accept comthis section after not less than 90 days' notice in
mercial drafts or bills up to 100 per cent"); but in
writing to the bank aflfected.
no event may the aggregate amount of such accept(b) Countries with respect to which dolances growing out of domestic transactions exceed
50 per cent of such capital and surplus. Commer- lar exchange drafts or bills may be accial drafts or bills accepted by another bank, whether cepted.—(1) Any such foreign country or dedomestic or foreign, at the request of a member pendency or insular possession of the United States"
bank which agrees to put such other bank in funds must be one of those specified in a list published
to meet such acceptances at maturity shall be con- by the Board of Governors for the purposes of this
sidered as part of the acceptance liabilities of the regulation, with respect to which the Board of Govmember bank requesting such acceptances as well ernors has found that the usages of trade are such
as of such other bank, if a member bank, within as to justify banks or bankers therein in drawing
the meaning of the limitations prescribed in this on member banks for the purpose of furnishing
dollar exchange. Any member bank desiring to
section.
place itself in position to accept drafts or bills of
(e) Authority to accept up to 100 per exchange from a country, dependency, or insular
cent.—(1) Any member bank desiring authority possession not specified in such list may request
to accept commercial drafts or bills up to 100 per the Board of Governors through the Federal Reserve
cent shall file with the Board of Governors, through Bank of its district to add such country, dependthe Federal Reserve Bank of its district, an appli- ency, or insular possession to the list upon a showcation for permission to exercise such authority. ing that the furnishing of dollar exchange is reSuch application need not be made in any partic- quired by the usages of trade therein.
ular form, but shall show the present and antici(2) The Board of Governors may at any time,
pated need of the applicant bank for the authority after 90 days' published notice, remove from such
requested.
list the name of any country, dependency, or insular
(2) The Board of Governors may at any time possession, contained therein.
SEPTEMBER
1946
997
LAW DEPARTMENT
dollar exchange draft or bill must be drawn and
accepted in good faith for the purpose of furnishing
dollar exchange as required by the usages of trade
in the country, dependency, or insular possession in
which the draft or bill is drawn. Drafts or bills
drawn merely because dollar exchange is at a premium in the place where drawn or for any speculative purpose or drafts or bills commonly referred
to as "finance bills" (i.e., which are not drawn
primarily to furnish dollar exchange) will not be
deemed to meet the requirements of this section.
(2) The aggregate of drafts or bills accepted by
such member bank for any one foreign bank or
banker shall not exceed, an amount which the member bank would expect such foreign bank or banker
to liquidate within the terms of the agreements
under which the drafts or bills were accepted,
through the proceeds of export documentary bills
or from other sources reasonably available to such
foreign bank or banker arising in the normal course
of trade.
(d) Maturity.—Such member bank shall not
accept any dollar exchange draft or bill unless at
the date of its acceptance it has not more than three
months to run, exclusive of days of grace.
(e) Acceptances for one bank or banker.
—Such member bank shall not accept dollar exchange drafts or bills for any one bank or banker
in an amount exceeding in the aggregate 10 per
cent of the paid-up and unimpaired capital and
surplus of the accepting bank, unless it be and remain secured as to the amount in excess of such
10 per cent limitation by documents conveying or
securing title or by some other adequate security.
(/) Limitation on aggregate amount.—Such
member bank shall not accept dollar exchange
drafts or bills in an amount exceeding at any one
time in the aggregate 50 per cent of its paid-up
and unimpaired capital and surplus. This limitation is separate and distinct from and not included
in the limitations prescribed by subsection (d) of
section 1 of this Regulation with respect to acceptances of commercial drafts or bills. Dollar
exchange drafts or bills accepted by another bank,
whether domestic or foreign, at the request of a
member bank which agrees to put such other bank
in funds to meet such acceptances at maturity shall
be considered as part of the acceptance liabilities
of the member bank requesting such acceptances
998
as well as of such other bank, if a member bank,
within the meaning of the limitations prescribed
in this section.
Consumer Credit
Amendment to Regulation W
The Board of Governors of the Federal Reserve
System, effective September 3, 1946, amended Regulation W relating to consumer credit in two respects. The first enlarged the scope of the regulation by making it applicable to all consumer credits
up to $2,000 instead of only those up to $1,500.
The second reduced the maximum maturity from
18 months to 15 months for instalment loans that
are not connected with the purchase of consumers' durable or semi-durable goods. Instalment
credits for the purchase of such goods remain subject to a maximum maturity of 12 months, or 15
months in the case of automobiles. The text of the
amendment is as follows:
AMENDMENT N O . 21 TO REGULATION W
Regulation W is hereby amended in the following respects, effective September 3, 1946:
1. Section 1, 2 0 ) , 2(A), 2(i'), 6(a), 6(b), 7(a),
7(b), and 7(c) are amended by striking out
"$1,500" and inserting in lieu thereof $2,000".
2. Section 6(1?) and 10(b) are amended by striking out "18 months" and inserting in lieu thereof
"15 months".
3. Footnote 5 attached to section 7(<r) is amended
so that it will read as follows:
5
The maximum maturity is 6, 12, or 15 months from the date
of the original loan as determined by its purpose, except that 18
months from the date of the renewal or extension is permissible
with a Statement of Necessity pursuant to section 10 (d).
4. The last sentence of footnote 7 attached to section 10(<z) is amended so that it will read as follows:
Whenever the regulation is amended to increase or decrease
the maximum maturity for any class of transactions, the terms
of repayment "permitted in the first instance" in so far as they
relate to the maximum maturity for such class of transactions
shall be deemed to be the terms applicable under the provisions
of the amendment.
5. Section 10(d) is amended by inserting after
the words "except that" the words "it may have
a maturity of not more than 18 months and".
Administrative Procedure Rules
Board of Governors
Pursuant to the Administrative Procedure Act and
other relevant provisions of law, the Board of GovFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
ernors adopted, effective September 11, 1946, the
following Rules of Organization and Rules of Procedure:
RULES OF ORGANIZATION
Effective September 11, 1946
SEC. 1.
BASIS AND PURPOSE
SEC. 2.
COMPOSITION AND LOCATION
(a) Governors, Chairman,
Chairman
(b) Location
SEC. 3.
Vice
CENTRAL ORGANIZATION
(a) Secretary's Office
(b) Legal Division
(c) Division of Research and Statistics
(d) Division of Examinations
(e) Division of Bank Operations
(/) Division of Security Loans
(g) Division of Personnel Administration
(h) Division of Administrative
Services
(/) Other Personnel
SEC. 4.
FIELD ORGANIZATION
SEC. 5.
DELEGATIONS OF FINAL AUTHORITY
SEC. 6.
PUBLISHED INFORMATION
(a) Annual Report
(b) Federal Reserve BULLETIN,
Other Published Information
(c) Federal Register
SEC. 7.
OBTAINING INFORMATION,
SUBMITTALS OR REQUESTS
MAKING
(a) Obtaining Published Information
(b) Government Agencies, etc.
(c) Other Applications, Requests
or Submittals
SEC. 8.
UNPUBLISHED INFORMATION
(a) General >Rule Regarding Unpublished Information
(b) Disclosure of Certain Grants
of Permission or Authority
(c) Certain Unpublished Information Not Disclosed
(d) Reasons for Non-disclosure
SEC. 9.
SUBPOENA OF OFFICERS
(a) Advice by Person Served
(b) Appearance by Person Served
SEPTEMBER
1946
BASIS AND PURPOSE
SEC. 1.—These rules are issued by the Board of
Governors of the Federal Reserve System (hereinafter sometimes called the Board) pursuant to the
Administrative Procedure Act and other relevant
provisions of law, including the Federal Reserve
Act. As specified in section 3(a)(l) of the Administrative Procedure Act, these rules describe the
Board's "central and field organization including
delegations . . . of final authority and the established places at which, and methods whereby, the
public may secure information or make submittals
or requests"; they include appropriate provisions
regarding the information specified in sections 3(b)
and 3(<r) of the Administrative Procedure Act.
The rules relate to the consumer credit functions
of the Board exercised pursuant to the President's
Executive Order No. 8843, dated August 9, 1941,
as well as to the other functions of the Board.
COMPOSITION AND LOCATION
SEC. 2(a) Governors, Chairman, Vice
Chairman.—The law provides for a Board of
Governors composed of seven members appointed
by the President by and with the advice and consent of the Senate, for fourteen-year terms. Of
these, one is designated by the President as Chairman and one as Vice Chairman to serve as such for
terms of four years. At meetings the Chairman
presides or, in his absence, the Vice Chairman
presides. In the absence of the Chairman and Vice
Chairman, the Board elects a member to act as
Chairman Pro Tempore. The Chairman of the
Board, subject to its supervision, is its active executive officer.
(b) Location.—The principal offices of the
Board are in the Federal Reserve Building, 20th
Street and Constitution Avenue, N. W., Washington 25, D. C. Information as to business hours,
which may be changed from time to time, will be
furnished upon request.
CENTRAL ORGANIZATION
SEC. 3.—The Board's central organization, in
addition to the members of the Board, consists of
personnel organized as follows:
(a) Secretary's Office is headed by the
Board's Secretary, who acts as Chief Administrative Officer of the Board in its relations with the
divisions of its staff and with the Federal Reserve
999
LAW DEPARTMENT
Banks. It clears and conducts official correspondence of the Board and is charged with responsibility
for the official records of the Board.
(b) Legal Division is headed by the Board's
General Counsel. It advises and assists the Board
with respect to legal matters, including, among other
things, litigation, and preparation of, or assistance
on, regulations, orders, opinions and other documents or correspondence of legal or semi-legal
character.
(c) Division of Research and Statistics
is headed by a Director. It advises and assists the
Board with respect to general economic and statistical matters, and collects, prepares and interprets
statistics, charts and other economic information appropriate for that purpose.
(d) Division of Examinations is headed by
a Director. It reviews and coordinates the bank
examination functions of the Federal Reserve Banks
(which examine the State member banks and their
holding company and other affiliates), reviews reports of such examinations, examines the Federal
Reserve Banks, and advises and assists the Board
with respect to bank supervisory activities of the
Federal Reserve System, and with respect to various
applications such as for membership in the System,
for trust powers, for establishment of branches, and
for voting permits of holding company affiliates.
(e) Division of Bank Operations is headed
by a Director. It advises and assists the Board
with respect to matters concerning the condition,
operation, and reports of the Federal Reserve Banks,
arranges for the printing and shipment of Federal
Reserve notes to supply the Federal Reserve Banks,
and collects and prepares various data regarding
condition, earnings, expenses, and other statistics
of Reserve Banks, member banks, and other banks.
(/) Division of Security Loans is headed
by a Director. It advises and assists the Board with
respect to questions of credit policy in selected fields,
and deals with administrative matters arising under
the Board's Regulations T and U, relating to security-market credit, and Regulation W, relating to
consumer credit.
(g) Division of Personnel
Administra-
tion is headed by a Director. It serves as central personnel unit of the Board, and advises and assists
the Board with respect to personnel matters of the
Federal Reserve Banks coming before the Board.
1000
(h) Division of Administrative Services
is headed by a Director. It serves as the central
budgetary, procurement, duplicating, communications and service unit of the Board and advises and
assists the Board with respect to such matters. It
also performs various administrative functions including the distribution of Board publications and
the operation of the Board's building and other
facilities.
(/) Other Personnel. In addition to the
divisions mentioned above, the staff of the Board
includes Advisers to the Board and Assistants to
its Chairman; these are listed in the Federal Reserve
BULLETIN.
The Federal Reserve BULLETIN is is-
sued monthly under the direction of the Staff Editorial Committee, which is listed in the BULLETIN
and which is responsible for interpretations and
opinions expressed therein, except in official statements and signed articles. The Board has occasion
to hold so few formal hearings that it does not
employ a trial examiner as a regular member of its
staff. In accordance with applicable provisions of
law and in individual cases as the need may arise,
the Board will obtain and utilize competent trial
examiners, whose functions in such capacity will be
appropriately separated from investigative and
prosecuting functions of the staff as required by
law.
FIELD ORGANIZATION
SEC. 4.—The United States is divided into 12 Federal Reserve Districts. In one city of each Federal
Reserve District there is a Federal Reserve Bank,
and in 10 of the districts there are one or more
branches of the Federal Reserve Bank in other cities.
Each Federal Reserve Bank is a separate legal entity
created pursuant to the Federal Reserve Act. The
locations of the 12 Federal Reserve Banks and 24
branches and the boundaries of the Federal Reserve
District and branch territories are shown in Appendix A. Each Federal Reserve Bank, in addition to its other important duties, carries out many
local functions for the Board pursuant to instructions of the Board, and in many matters acts as
the Board's field representative in the bank's district. It administers the Board's policies locally
under instructions of the Board, keeps the Board
informed of local conditions, and recommends such
action as it thinks appropriate for general policies
or in particular cases.
It is desirable and convenient for persons conFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
cerned with Federal Reserve matters to deal with
the Federal Reserve Bank of the appropriate district,
or a branch thereof, in the first instance, and the
Board requests all persons to follow this procedure.
At each Federal Reserve Bank, one of the three
directors of the bank appointed by the Board is
designated by the Board as Chairman of the board
of directors of the bank and as Federal Reserve
Agent. He acts as the Board's official representative
and maintains a local office of the Board on the
premises of the Federal Reserve Bank.
DELEGATIONS OF FINAL AUTHORITY
SEC. 5.—The Board does not delegate its authority on any question of general policy, and its functions are such that there are no delegations of final
authority in the usual sense of that term. Subject
to the Board's control, there are, however, provisions for the Federal Reserve Banks to relax certain
requirements promptly in the field in individual
instances in order to avoid undue rigidity. This
is the case with respect to some special conditions
of membership (such as those regarding reduction
of capital stock, investment in bank quarters, and
disposal of stocks by member banks), minor penalties for deficiencies in member bank reserves, and
the determination of facts in connection with disaster credits and "cycle billing" under Regulation
W. Provision is also made for appropriate committees of national securities exchanges or associations to grant extensions of time or approve certain
other transactions under Regulation T.
PUBLISHED INFORMATION
SEC. 6(a) Annual Report.—The Board's Annual Report to Congress, made pursuant to section
10 of the Federal Reserve Act, gives a report of
the Board's operations during the year, and frequently includes recommendations to Congress and
an economic review of the year. Under the law it
must include a complete record of actions taken
by the Board or by the Federal Open Market Committee with respect to policies determined by the
Board or Committee and must show the votes taken
and the reasons underlying the actions.
(*) Federal Reserve Bulletin, Other Published Information.—In the Federal Reserve
BULLETIN, which has been published monthly since
1915, the Board publishes much other information
available to it. In addition to various kinds of ecoSEPTEMBER 1946
nomic and statistical information, the following are
published in the BULLETIN:
(1) All regulations of the Board of general
interest to the public (including rules of organization and procedure, as specified in the
Administrative Procedure Act), and amendments thereto; and
(2) Statements of general policy, or interpretations, for the guidance of the public.
Some material that appears in the BULLETIN is
released in advance during the month so that it will
be more nearly current, examples being certain
regulations and rulings, the monthly summary of
business conditions, the Board's index of industrial production, and certain other statistical series.
Among such information published in the BULLETIN and also released in advance is the weekly
statement, published pursuant to section 11 (0) of
the Federal Reserve Act, showing the condition of
each Federal Reserve Bank and a consolidated statement of all Federal Reserve Banks. These weekly
statements show in detail the assets and liabilities of
the Federal Reserve Banks, single and combined,
and furnish full information regarding the reserves
and the amount, nature and maturities of the paper
and other investments owned or held by the Federal
Reserve Banks.
From time to time, the Board issues various other
publications, of which the more important are listed
in the Federal Reserve BULLETIN.
(c) Federal Register.—All the information
specified in subparagraph (1) of section 6(b) of
these rules and such of the information specified
in subparagraph (2) thereof as is appropriate, is
published in the Federal Register.
OBTAINING INFORMATION, MAKING
SUBMITTALS
OR REQUESTS
SEC. 7(a) Obtaining Published Information.—Anyone may subscribe to the Federal Reserve BULLETIN at the standard rate, which is published in the BULLETIN. A copy of each issue of the
BULLETIN is sent to each member bank. Current
or back issues of the BULLETIN, Annual Report,
rules, regulations, or other published information
may be examined at the offices of the Board or any
Federal Reserve Bank, and copies, if in stock, will
be supplied by the Board at small cost or no cost.
(b)
Government
Agencies,
etc.—The
1001
LAW DEPARTMENT
Board, directly or through such persons as it may
designate, (1) makes available to each State member bank a copy of the report of the regular examination of the bank and, when the Board deems
it in the public interest, may furnish such bank
other information pertaining to its affairs; and (2)
may make available to the Comptroller of the Currency, the Federal Deposit Insurance Corporation,
certain other agencies of the United States, and any
authority having general supervision of a State
bank, copies of reports of examination and other
information, for use where necessary in the performance of their official duties: Provided, That
all reports or other information furnished under
(1) or (2) shall remain the property of the Board
and under no circumstances shall any person or authority to whom the information is made available,
nor any officer, director, or employee thereof, disclose or otherwise make public any such information except in official publications of general statistical reports which are not in such detail as to disclose the aflairs of any person.
UNPUBLISHED INFORMATION
SEC. 8(a) General Rule Regarding Unpublished Information.—Except as authorized by
the Board, no person, whether or not an officer or
employee of the Board or of a Federal Reserve
Bank, shall disclose or permit the disclosure of any
unpublished information of the Board to anyone
(other than an officer or employee of the Board
or of a Federal Reserve Bank properly entitled to
such information for the performance of his official
duties), whether by giving out or furnishing such
information or copy thereof or allowing any person
to inspect, examine or copy such information or
copy thereof or otherwise. For the purpose of these
rules, "unpublished information of the Board" includes all information or advice (including any
examination report, or related information, in connection with examinations made by examiners
selected or approved by the Board), which is not
published in the Federal Register, Federal Reserve
BULLETIN, or elsewhere, and which comes to the
Board or to any officer, employee, or agent thereof
(c) Other Applications, Requests or Sub- (including any Federal Reserve Bank, or officer,
mittals.—Other applications, requests and sub- agent, or employee thereof) in the performance of
mittals, including requests for access to unpub- duties for or on behalf of the Board, whether conlished information of the Board, should be sent to tained in files, memoranda, documents, reports,
the appropriate Federal Reserve Bank, which will books, accounts, records, or papers, or acquired by
forward them to the Board when necessary. It is any such officer, employee, or agent in the performpreferable and more convenient for all concerned ance of such duties, and whether located in the
to send applications, requests or submittals to the Board's files, at a Reserve Bank, or elsewhere.
Reserve Bank in the first instance, and the Board
requests all persons to follow this procedure.
When applicable, the forms specified in section
5(b) of the Board's Rules of Procedure shall be
used. In the case of all other applications or requests, including requests for access to unpublished
information, the application, in addition to being
signed by the person making it or his duly authorized agent, shall, in so far as practicable, clearly,
completely and concisely state the full name and
address of the applicant, the facts involved (including the purposes for which any unpublished information requested will be used if made available),
the action requested, the applicant's interest in the
matter, and the reasons why the request should be
granted. Copies of any form prescribed in section
5(b) of the Rules of Procedure, and further details
regarding those forms or the matter to be included
in any application, request or submittal, may be obtained from the Federal Reserve Banks.
1002
(b) Disclosure of Certain Grants of Permission or Authority.—The approval by the
Board of an application of a State bank for membership in the Federal Reserve System, the granting
of permission to establish a branch or to exercise
trust powers, and other similar grants of permission
or authority by the Board may not in all cases be
of sufficient general interest to justify publication,
but the fact that the Board has granted such approval, permission or authority in such cases will
at the appropriate time be disclosed to any person
upon request made in accordance with section
7(c) of these rules, to the extent that such disclosure would not conflict with the principles stated
in section S(d) of these rules.
(c) Certain Unpublished Information
N o t Disclosed.—For the reasons and good cause
found as set forth in section S(d) of these rules,
and except as provided in section 7(b) or S(b) of
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
these rules, the Board will not make available or
otherwise disclose in response to requests any unpublished information of the Board, whether or not
a matter of official record within the meaning of
the Administrative Procedure Act, if such information relates to any of the following:
(1) Examinations, investigations, inspections, or
reports of any particular bank or affiliate thereof,
broker, finance company, or other person engaged,
or proposing to engage, in the business of extending
any kind of credit or in the business of a holding
company affiliate; or information concerning the
business, personal or financial affairs of any such
person or of anyone employed by or doing business
with any such person.
(2) Proceedings in connection with the consideration of (/) the removal of a director or officer
of a member bank pursuant to section 30 of the
Banking Act of 1933, (ii) the granting of approval
or permission for a bank to establish a branch or
exercise trust powers, (in) the granting or termination of membership in the Federal Reserve System,
(iv) the granting or revocation of a voting permit
to a holding company affiliate, (v) the suspension
from the use of the credit facilities of the Federal
Reserve System pursuant to section 4 of the Federal Reserve Act, or (vi) the granting or termination of permission or authority in other cases in
which public hearing is not required by statute or
Board regulations.
(3) The determination of policies concerning discount rates, reserve requirements, open-market
operations, interest rates, margin requirements, consumer credit controls, or other matters of monetary,
fiscal or credit policy.
(4) Relations between the Board and any Federal
Reserve Bank, activities of any Reserve Bank for
any agency of the United States or for any international organization, and internal operations of
the Board or any Reserve Bank, including, among
other things, any matters of administration.
(5) Relations with, or activities that affect relations with, any foreign bank, banker or country.
(6) Any other matter as to which the Board,
in a particular case, determines that, in the public
interest and for the reasons stated in section $(d),
the information should not be disclosed.
(d) Reasons for Non-disclosure.—The
public interest requires that certain unpublished
SEPTEMBER 1946
information, as mentioned above, be not disclosed.
For the following good cause found, such non-disclosure is a manifest need in order that the Board
may achieve the due execution of its authorized
functions:
(1) The Board's investigating, examining and
information-gathering functions, and the appropriate safeguarding of information regarding such
functions, are essential to the proper enforcement of the legislation it administers.
(2) In connection with its activities described
in section 8(J)(1), its proceedings as more fully
specified in section 8(<r)(2), and its other activities in the field of monetary, fiscal and credit
policy, the Board necessarily has much information that is secret or confidential or that relates
solely to the internal management of the Board
or of other Government agencies. This includes
advice and other information received by the
Board from its staff, other Government agencies,
the Reserve Banks, and others. It also includes
information concerning the business, personal,
and financial affairs of individual banks and their
holding company and other affiliates, brokers,
finance companies, and other extenders of credit,
and also concerning such affairs of persons employed by or doing business with them. Improper
disclosure of such information would:
(/) Permit speculators and others to interfere with the Board's actions taken with a view
to accommodating commerce and business and
with regard to their bearing upon the general
credit situation of the country;
(ii) Permit speculators and others to reap
unfair profits and other unfair advantages by
speculative trading in securities and otherwise;
(in) Unreasonably and unnecessarily disturb and interfere with individual privacy and
confidential business relations;
(iv) Interfere with the orderly execution
and accomplishment of the objectives of
policies adopted by other Government agencies
concerned with economic and fiscal matters;
(v) Impede the Board's necessary collection
of information and advice, much of which cannot be obtained except on a confidential and
voluntary basis; and
(vi) Cause misinterpretations and misunderstandings as to the Board's policies and pur1003
LAW DEPARTMENT
poses, and as to the status of particular financial institutions, with resulting disturbance of
securities markets and impairment of public
confidence in individual institutions or in the
nation's financial structure.
(3) Relations of the Board, of the Federal Reserve Banks, or of other banks, with foreign
banks, bankers or countries involve matters of
foreign affairs. Other activities of the Board and
of the Reserve Banks influence the flow of gold
and of dollar balances to or from foreign countries, with vital effects upon such countries and
the United States. Improper disclosures regarding such matters would interfere with the orderly
conduct of the foreign aflairs of the United
States.
(4) Unpublished information regarding personnel or other matters of the Board's internal
administration could be of no proper benefit to
other persons; and its improper disclosure would
needlessly interfere with the privacy of the
Board's personnel, with their performance of
duties for the Board, and with the Board's necessary functions.
(5) The Federal Reserve Banks stand in a
peculiarly close relationship to the Board. In
addition to their other important functions, they
act in many matters as the Board's field representatives, and give the Board much valuable advice and assistance on both local and national
problems. The Reserve Banks also perform certain functions for various agencies of the United
States and certain international organizations.
Improper disclosure of information regarding the
Board's supervision and regulation of the Reserve
Banks, its relations with them, or their activities
for agencies of the United States or for international organizations, would damage the public interest in the manner described in sections
8(<*)(1), (2), (3), and (4) of these rules.
advise the Board of such service and of all relevant
facts, including the documents and information
requested and any facts which may be of assistance
to the Board in determining whether such documents or information should be made available;
and he shall take action at the appropriate time to
advise the court or tribunal which issued the process, and the attorney for the party at whose instance the process was issued, if known, of the substance of these rules.
(b) Appearance by Person Served.—Except as the Board has authorized disclosure of the
relevant information, or except as provided in section 22(b) of the Federal Reserve Act, any such
person who has unpublished information of the
Board and is required to respond to a subpoena or
other legal process shall attend at the time and place
therein mentioned and respectfully decline to produce any documents or disclose any information
or give any testimony with respect thereto, basing
his refusal upon these rules. If, notwithstanding,
the court or other body orders the production of
any documents, disclosure of any information, or
giving of any testimony, the person having such
unpublished information of the Board shall
promptly report the facts to the Board.
RULES OF PROCEDURE
Effective September 11, 1946
SEC. 1.
BASIS AND PURPOSE
SEC. 2.
PROCEDURE FOR REGULATIONS
(a) Notice
(b) Public Participation
(c) Preparation of Draft and Action by Board
(d) Effective Dates
(e) Exceptions as to Notice or Effective Date
SEC. 3.
ADJUDICATIONS WITH FORMAL HEARING
SEC. 4.
ACTION ON APPLICATIONS OR REQUESTS, AND SIMILAR MATTERS
SUBPOENA OF OFFICERS
SEC. 9(a) Advice by Person Served.—If
any person, whether or not an officer or employee
of the Board or of a Federal Reserve Bank, has
unpublished information of the Board and in connection therewith is served with a subpoena, order,
or other process requiring his personal attendance
as a witness or the production of documents or
information upon any proceeding, he shall promptly
1004
(a)
(b)
(c)
(d)
(e)
(/)
Kinds of Applications
Form of Application
Procedure
Recommendations by Staff
Notice of Granting or Denial
Action at Board's Initiative
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
SEC. 5.
APPEARANCES, FORMS
(a) Appearance and Practice
(b) Forms
APPENDIX A. RULES OF PRACTICE FOR
FORMAL HEARINGS
RULE
I
RULE
RULE
II
III
RULE
IV
RULE
V
RULE
VI
RULE
VII
VIII
IX
RULE
RULE
RULE
X
RULE
XI
RULE
XII
Appearance and Practice before the Board
Notice of Hearings
Hearings for the Purpose of Taking Evidence
Continuance, Changes,
Extensions of Time
Proposed Findings and
Conclusions
Trial Examiner's Report
Exceptions
Briefs
Appearance
before
Board
or Board
Members
Taking Evidence Before Board or Member Thereof
Filing Papers, Docket,
Computation
of
Time
Service of Reports, Exceptions, Briefs, and
Other Papers
Formal Requirements
as to Papers Filed in
Proceedings
instructions as to the scope and contents of all
papers, reports, or examinations." The rules relate
to the consumer credit functions of the Board exercised pursuant to the President's Executive Order
No. 8843, dated August 9, 1941, as well as to the
other functions of the Board.
PROCEDURE FOR REGULATIONS
SEC. 2 (a) Notice.—General notice of proposed
making of regulations (including amendments
thereto) will be published in the Federal Register,
except as specified in section 2(e) of these rules
or otherise excepted by law. The notice will include either the terms or substance of the proposed
regulation or a description of the subjects and issues involved; but the giving of such notice does
not indicate Board approval of any feature of any
proposal. The notice will also include a reference
to the authority for the proposed regulation and a
statement of the time, place and nature of public
participation.
(b) Public Participation.—The usual method
of public submission of data, views or arguments
shall be in writing. Although submittals or requests may be sent directly to the Board, it is preferable that they be sent to the appropriate Federal
Reserve Bank, which will forward them to the
Board. The locations of the 12 Federal Reserve
Banks and the boundaries of the Federal Reserve
districts are shown in Appendix A of the Board's
Rules of Organization.
(c) Preparation of Draft and Action by
Board.—In the light of consideration of all
relevant matter presented or ascertained, the Legal
RULE XIII
Division, in collaboration with other appropriate
divisions of the Board's staff, will prepare drafts
of proposed regulations or amendments, and the
staff will submit them to the Board with recomBASIS AND PURPOSE
mendations. The Board in due course will take
SEC. 1.—These rules are issued by the Board of
such action as it deems warranted in the circumGovernors of the Federal Reserve System (hereinstances and appropriate in the public interest. Any
after sometimes called the Board) pursuant to the
other documents that may be necessary to carry
Administrative Procedure Act and other relevant
out any decision by the Board in the matter will
provisions of law, including the Federal Reserve
be prepared by the Legal Division, in collaboration
Act. As specified in section 3(a)(2) of the Adwith the other appropriate divisions of the staff.
ministrative Procedure Act, these rules state "the
general course and method by which" the Board's
"functions are channeled and determined, including the nature and requirements of all formal or
informal procedures available as well as forms and
SEPTEMBER
1946
(d) Effective Dates.—Any regulation (including any amendment) issued by the Board will
be published or served not less than thirty days
prior to the effective date thereof, except as
1005
LAW DEPARTMENT
specified in section 2(e) of these rules or otherwise
excepted by law.
ACTION ON APPLICATIONS OR REQUESTS, AND SIMILAR
(e) Exceptions as to Notice or Effective
Date.—For one or more of the reasons hereinafter
indicated, in certain situations either or both of the
following is true: (1) Notice and public participation are impracticable, unnecessary, contrary to the
public interest, or otherwise not required in the
public interest, or (2) there is reason and good cause
in the public interest why the effective date should
not be deferred for 30 days. The reason or reasons
in such cases usually are that such notice, public
participation or delay would prevent the action
from becoming effective as promptly as necessary
in the public interest, would permit speculators or
others to reap unfair profits or to interfere with
the Board's actions taken with a view to accommodating commerce and business and with regard
to their bearing upon the general credit situation
of the country, would provoke other consequences
contrary to the public interest, would unreasonably
interfere with the Board's necessary functions with
respect to management or personnel, would not
aid the persons affected, or would otherwise serve
no useful purpose. The following may be mentioned as some examples of situations in which such
advance notice or such deferred effective date, or
both, will ordinarily be omitted in the public interest: The review and determination of discount
rates established by Federal Reserve Banks, and
changes in general requirements regarding reserves
of member banks, interest rates, credit for purchasing or carrying securities, or consumer credit.
SEC. 4(tf) Kinds of Applications.—The Board
receives various applications and requests as to
which neither statute nor Board Regulation requires
an opportunity for hearing. Among the examples are: Requests for the issuance, amendment or repeal of regulations, requests for access
to unpublished information, requests for interpretations, and applications for permission or authority to exercise certain powers or privileges
(such as for membership in the Federal Reserve
System, for a voting permit to a holding company
affiliate, for a bank to establish a branch, or for a
national bank to exercise trust powers).
ADJUDICATIONS
WITH
FORMAL
HEARING
SEC. 3.—In adjudications which a statute or the
Board's regulations require to be preceded by opportunity for hearing, the procedure shall be as set
forth in Appendix A hereof, entitled "Rules of
Practice for Formal Hearings." Among the examples of such adjudications are: Termination of a
bank's membership in the Federal Reserve System,
removal of a bank official under section 30 of the
Banking Act of 1933, suspension of a license under
Regulation W, revocation of a voting permit of
a holding company affiliate, suspension from the
use of the credit facilities of the Federal Reserve
System pursuant to section 4 of the Federal Reserve Act, and issuance of a cease and desist order
under section 11 of the Clayton Act.
1006
MATTERS
(b) Form of Application.—The forms specified in section 5(b) of these rules for certain applications shall be used where applicable. In all other
cases the application or request, in addition to being
signed by the person making it or his duly authorized agent, shall, in so far as practicable, clearly,
completely and concisely state the full name and
address of the applicant, the facts involved (including the purposes for which any unpublished information requested will be used if made available),
the action requested, the applicant's interest in the
matter, and the reasons why the request should be
granted. Copies of any form prescribed in section
5(£), and further details regarding those forms or
the matter to be included in any application may
be obtained from the Federal Reserve Banks.
(c) Procedure.—Applications or requests
should be sent to the appropriate Federal Reserve
Bank, which will forward them to the Board when
necessary. When appropriate, the Reserve Bank
will make an investigation and report the relevant
facts, with its recommendation, to the Board. It
is preferable and more convenient for all concerned
to send applications or requests to the Reserve
Bank in the first instance. The Board requests all
persons to follow this procedure, as it usually facilitates prompt preparation of recommendations by
the staff, and action by the Board. The locations
of the 12 Federal Reserve Banks and the boundaries of the Federal Reserve districts are shown in
Appendix A of the Board's Rules of Organization.
(d) Recommendations by Staff.—In the
light of consideration of all relevant matter presented or ascertained, the appropriate divisions of
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
the Board's staff will prepare and submit to the
Board recommendations on the subject. The Board
in due course will take such action as it deems
warranted in the circumstances and appropriate
in the public interest. Such documents as may be
necessary to carry out any decision by the Board
are prepared by the staff.
(e) Notice of Granting or Denial.—Prompt
notice will be given to the applicant of the granting
or denial in whole or in part of any written application or request of any interested person made in
connection with any Board proceeding. In the case
of any denial, except in affirming a prior denial
or where the denial is self-explanatory, such notice
will be accompanied by a simple statement of
procedural or other grounds.
(/) Action at Board's Initiative.—When
the Board, without receiving an outside application
or request, is acting in matters in which opportunity for hearing is not required by statute or
Board regulation, similar procedure will be followed, including investigations, reports and recommendations by the staff and by the Reserve Banks,
where appropriate.
Form 83B Application for Membership in the Federal Reserve System (Mutual Savings Banks Authorized
to Purchase Stock in Federal Reserve Bank)
83C Application for Membership in the Federal Reserve System (Mutual Savings Banks Not Permitted to Subscribe for Stock in Federal Reserve
Bank)
83D Application for Stock in the Federal Reserve
Bank (Mutual Savings Bank admitted to membership upon deposit of appropriate amount with
Federal Reserve Bank and now permitted to
subscribe for Federal Reserve Bank stock under
laws under which organized)
" 83E Certificate of Directors and Cashier
" 86 Application for Cancellation of Federal Reserve
Bank Stock—Liquidating Member Bank
' 87 Application for Cancellation of Federal Reserve
Bank Stock—Insolvent Member Bank
"
"
105 Report of Condition of State Member Bank
lQ5a Instructions for Preparation of Condition Reports
on Form 105 by State Bank and Trust Company
Members of the Federal Reserve System
105b Schedule O—Loans and Advances to Affiliates
and Investments in and Loans Secured by Obligations of Affiliates
105e (Form 105e-l)—Report of Condition of State
Member Bank (Publisher's Copy)
107 Report of Earnings and Dividends of State Member Banks (Calendar year)
107a Instructions for Preparation of Reports of Earnings and Dividends by State Member Banks
107b Report of Earnings and Dividends of State Member Banks for 6 month period
'
'
APPEARANCES, FORMS
SEC. 5(a) Appearance and Practice.—Appearance and practice before the Board in all matters shall be governed by Rule I of Appendix A
hereof.
'
150 Application for Approval and Reservation of
Title of a Corporation Proposed to Be Organized
under the Terms of Section 25 (0) of the Federal
Reserve Act
151 Articles of Association—Banking Corporations
Authorized to Do Foreign Banking Business
under Section 25 (a) of the Federal Reserve Act
152 Organization Certificate—Banking Corporations
Authorized to Do Foreign Banking Business
under Section 25 (<z) of the Federal Reserve Act
(b) Forms.—The following forms, which are
available at the Federal Reserve Banks, shall be
used for the purposes indicated:
Form 30
Application for Federal Reserve Bank Stock—
Organizing National Bank
30a Application for Federal Reserve Bank Stock—
Nonmember State Bank Converting into National
Bank
56
Application for Adjustment in Holdings of Federal Reserve Bank Stock (except by mutual
savings banks)
56a Application of Mutual Savings Bank for Adjustment in Holdings of Federal Reserve Bank
Stock
"
"
61
61b
Report of an Affiliate or Holding Company Affiliate of a Member Bank
220a Report of an Affiliate or Holding Company Affiliate of a Member Bank (Publisher's Copy)
220b Instructions for Preparation of Reports of Affiliates and Holding Company Affiliates of Member
Banks (on Forms 220 and 220a)
240
Application of National Bank for Trust Powers
Supplementary Application of National Bank for
Additional Trust Powers
83
'
220
Application for Membership in the Federal Reserve System (cover sheet)
83A Application for Membership in the Federal Reserve System (State Banks Except Mutual Savings Banks)
SEPTEMBER
1946
Report of Member Firm of a National Securities
Exchange
314
'
Report of Condition by Foreign Banking Corporation (semiannual)
319 Confidential Department Store Sales Report Card
414
416
Computation of Reserve to Be Carried with
Federal Reserve Bank by Member Bank
Weekly Condition Report of Member Banks ir
Leading Cities
1007
LAW DEPARTMENT
Form 437
Annual Report of Holding Company Affiliates
"
467 Interest Rates Charged on Commercial and Industrial Loans
'
563a Registration Statement under Regulation W
(Consumer Credit)
564a Statement of Borrower under Regulation W
(Specimen Form, Registrant may use own form
instead)
565 Statement of Necessity under Regulation W to
Prevent Undue Hardship (Specimen Form, Registrant may use own form instead)
"
'
571
1
'
Commercial Bank Report of Consumer Instalment Credit
573 Monthly Report of Bank Debits
585
585a
'
585b
'
585c
585e
595
"
"
Industrial Bank Monthly Report (Consumer
Credit)
Small Loan Company Monthly Report (Consumer Credit)
Federal Credit Union Monthly Report (Consumer Credit)
State Credit Union Monthly Report (Consumer
Credit)
Industrial Loan Company Monthly Report (Consumer Credit)
Annual Retail Credit Survey
618
Retail Jewelry Store Monthly Report (Consumer
Credit)
619 Retail Household Appliance Monthly Report
(Consumer Credit)
'
624
Monthly Survey of Sales—Finance Companies
(Consumer Credit)
"
631
Monthly Commercial Bank Report of Consumer
Instalment Credit
Retail Furniture Stores Monthly Report (Consumer Credit)
Department Stores Monthly Report (Consumer
Credit)
Deposit Survey (Semi-Annual) (R & S 909)
P-l
1
"
"
"
"
Application for a Voting Permit under Section
5144, Revised Statutes (Holding Company Affiliate)
P-2 Exhibit C—Resolution of Board of Directors or
Other Governing Body of Applicant
P-3 Exhibit L—Agreement to Permit Examinations
P-4—Exhibit N—Authorization to Furnish Information
P-5 Exhibit P—Agreement by Holding Company
Affiliate of State Member Bank to Accept Provisions of Section 5144, Revised Statutes
P-6 Exhibit Q—Agreement by Holding Company
Affiliate (of State Bank Applying for Membership in Federal Reserve System) to Accept Provisions of Section 5144, Revised Statutes
T-l
Agreement, Resolution, Certificate—to Qualify
under Section 8 (a) of the Securities Exchange
Act of 1934
1008
Form T-2 Agreement, Resolution, Certificate—to Qualify
under Section 8 (a) of the Securities Exchange
Act of 1934 (Bank with Principal Place of Business outside 48 States of United States)
APPENDIX A
RULES OF PRACTICE FOR FORMAL
HEARINGS
RULE I
APPEARANCE AND PRACTICE BEFORE- THE BOARD
(a) No register of attorneys or agents who may
practice before the Board is maintained. No application for admission to practice is required. Any
person desiring to appear before or transact business
with the Board in a representative capacity may be
required to file a power of attorney with the Board
showing his authority to act in such capacity, and
he may be required to show to the satisfaction of
the Board that he is properly qualified.
(b) Any person appearing before or transacting
business with the Board in a representative capacity,,
or desiring so to act, may for cause, sufficient in*
the judgment of the Board, be suspended or disbarred from so doing.
(c) Contemptuous conduct at any hearing before
the Board, any member thereof, or a trial examinershall be ground for exclusion from any hearing and
for summary suspension for the duration of any
hearing or for such further period as the Board'
may prescribe.
RULE II
NOTICE OF HEARINGS
Whenever a hearing is ordered by the Board
in any proceeding, notice of such hearing shall begiven to the party or parties to the proceeding by
the Secretary of the Board or such other person as;
the Board may designate for the purpose. Such
notice shall be given by serving a copy of the Order
for Hearing in accordance with Rule XII a reasonable time in advance of the hearing. In any proceeding, the Board may make amendments to theOrder for Hearing.
RULE III
HEARINGS FOR THE PURPOSE OF TAKING EVIDENCE
(a) Hearings for the purpose of taking evidence shall be held as ordered by the Board, and*
the Board may provide for such a hearing to be
FEDERAL RESERVE BULLETINT
LAW DEPARTMENT
held before a duly designated officer, herein referred to as a trial examiner.
(b) All such hearings shall be private and shall
be attended only by respondents and their representatives or counsel, representatives of the Board,
witnesses, and other persons having an official interest in the proceedings; Provided, however, That
on the written request of one or more respondents
or counsel for the Board, or on its own motion,
the Board, when not prohibited by law, may permit
other persons to attend or may order the hearing
to be public.
(c) All such hearings shall be stenographically
reported and a transcript thereof shall be made
which shall be a part of the record of the proceeding. Transcripts will be supplied to a respondent or respondents (and to any person applying therefor if the Board has ordered the hearing
to be public) at the prescribed rates.
(d) A trial examiner may at any time withdraw if he deems himself disqualified; and, upon
filing in good faith of a timely and sufficient affidavit
of personal bias or disqualification of the trial
examiner, the Board will determine the matter
as a part of the record and decision in the case.
(e) Except as permitted by the Administrative
Procedure Act, the trial examiner shall not consult any person or party on any fact in issue unless
upon notice and opportunity for all parties to participate, nor be responsible to or subject to the supervision or direction of any officer, employee, or
agent engaged in the performance of investigative
or prosecuting functions.
(/) The trial examiner shall have authority in
connection with the hearing to administer oaths
and affirmations, rule upon oflers of proof and
receive relevant evidence, regulate the course of
the hearing, hold conferences for the settlement
or simplification of the issues by consent of the
parties, dispose of procedural requests or similar
matters, certify any question to the Board (at his
discretion or at the Board's direction) for its consideration and disposition, and take other action
consistent with the rules or regulations of the Board
and other requirements of law.
(g) Any oral or documentary evidence may be
received, except that irrelevant, immaterial, or unduly repetitious evidence shall be excluded.
(h) Objections to the admission or exclusion of
evidence shall be in short form, stating the grounds
SEPTEMBER
1946
of objections relied upon, and the transcript shall
not include argument or debate thereon except as
ordered by the Board or the trial examiner. Rulings
on such objections shall be a part of the transcript
except as the Board may otherwise require with
respect to a particular ruling. Exception to any
such ruling must be noted before the trial examiner
in order to be urged in the consideration of the
matter by the Board, except as otherwise permitted
by the Board.
(/) The Board or trial examiner may call for
the production of further evidence upon any issue,
and, upon appropriate notice, the trial examiner
may reopen any hearing at any time prior to his
report or the Board may reopen any hearing at any
time prior to its order disposing of the proceeding.
(/') Subpoenas requiring the attendance of witnesses from any place in the United States at any
designated place of hearing, or requiring the production of documentary evidence, will be issued
only by the Board and as authorized by law. Application may be made either to the Secretary or
to the presiding trial examiner, who will report
to the Board. Such application must be in writing
and must state, as definitely as practicable, the
reasonable scope of the evidence sought (reasonably
identifying any document desired) and the facts
to be proved thereby, in sufficient detail to indicate the materiality and relevance thereof.
(^) Witnesses summoned by the Board at the
request of the respondent or of counsel for the
Board will be paid the same fees and mileage that
are paid to witnesses in the courts of the United
States, unless the Board otherwise directs. Such
payments as witnesses may be entitled to receive
under this section shall be made by the party at
whose instance the witnesses appear.
RULE IV
CONTINUANCES, CHANGES, EXTENSIONS OF TIME
Except as otherwise expressly provided by law,
the Board may by the Order for Hearing or otherwise provide time limits different from those specified in these rules, may on its own motion or for
cause shown extend any time limits prescribed by
these rules or an Order for Hearing, and may continue or adjourn any hearing. Each hearing shall
begin at the time and place ordered by the Board,
but thereafter may be successively adjourned to
such time and place as may be ordered by the
Board or by the trial examiner.
1009
LAW DEPARTMENT
RULE V
PROPOSED FINDINGS AND CONCLUSIONS
(a) Following any hearing before a trial examiner the transcript of the testimony shall forthwith
be filed with the Secretary of the Board.
(b) Within 15 days after the filing of the transcript with the Secretary of the Board (or within
15 days after the party's receipt of a copy of such
transcript, if the party has ordered a copy promptly
at the conclusion of the hearing), any party or
counsel to the Board may submit to the trial
examiner a statement in writing setting forth proposed findings and conclusions, which may be
accompanied by a brief in support thereof. If a
party or counsel to the Board submits any such
proposed findings or conclusions or briefs, he
shall as promptly as practicable furnish copies
thereof to the opposing side. All such proposed
findings or conclusions shall be a part of the record.
RULE VI
TRIAL EXAMINER'S REPORT
(a) The trial examiner, within 15 days after
the expiration of the time allowed for filing proposed findings and conclusions, or within such
different period as the Board may prescribe, shall
file with the Secretary of the Board his report containing his recommended decision.
(b) A copy of such report shall be forthwith
served on each party and on counsel to the Board
by the Secretary of the Board or such other person
as the Board may designate for the purpose.
RULE VII
EXCEPTIONS
(a) Within 15 days after receipt of a copy of
the trial examiner's report, any party or counsel
to the Board may file exceptions to the recommended decision of the trial examiner or any portion thereof, or to his failure to follow a proposed
finding or conclusion, or to the admission or exclusion of evidence; and within such period he
may file a brief in support of his contentions and
exceptions. A copy of such exceptions and briefs
shall be forthwith served on each party and on
counsel to the Board by the Secretary of the Board
or such other person as the Board may designate
for the purpose. Exceptions shall be argued only
at the final hearing, if any, on the merits before
the Board or one or more members thereof.
1010
(b) Objections to the recommended decision
of the trial examiner or to his failure to follow a
proposed finding or conclusion not saved by exception filed pursuant to Rule VII will be deemed to
have been abandoned and may be disregarded.
Objections to the admission or exclusion of evidence not saved by exception at the time of the
hearing for the purpose of taking evidence and
included in the exceptions filed pursuant to Rule
VII will be deemed to have been abandoned and
may be disregarded.
(c) Exceptions not briefed in accordance with
Rules VII and VIII may be regarded by the Board
as waived.
RULE VIII
BRIEFS
(a) All briefs shall be confined to the particular
matters in issue. Each exception or proposed finding or conclusion which is briefed shall be supported by a concise argument and by citation of
such statutes, decisions and other authorities, and
by page references to such portions of the record,
as may be relevant. If the exception relates to the
admission or exclusion of evidence, the substance
of the evidence admitted or excluded shall be set
forth in the brief with appropriate references to
the transcript.
(b) Within 10 days after receipt of an original
brief any party or counsel to the Board may file
a reply brief, which shall be confined to matters
in the original brief of the opposing party. Copies
of any such reply brief shall be filed and served
or furnished the opposing party in the same manner
as specified for the original brief.
(c) Briefs not filed on or before the time fixed
in these rules will be received only upon special permission of the Board.
RULE IX
APPEARANCE BEFORE BOARD OR BOARD MEMBERS
Upon written request of any party or of counsel
to the Board, the Board may, if it deems such
action appropriate, order the matter to be set down
for oral argument before the Board, or one or more
members thereof. Such request must be made
within the time provided for filing the original
briefs.
RULEX
TAKING EVIDENCE BEFORE BOARD OR MEMBER THEREOF
Instead of hearings for the purpose of taking
FEDERAL RESERVE BULLETIN:
LAW DEPARTMENT
evidence before a trial examiner as specified in
Rule Ill(tf), such hearings may, as the Board determines, be held before the Board, one or more
of its members, or more than one trial examiner.
Hearings so held shall be subject to the same procedure as that applicable under these rules to hearings before a trial examiner, except that the Board
and members thereof are not subject under the
law to the requirements regarding separation of
functions and, with respect to hearings before the
Board, the trial examiner's report referred to in
Rule VI and the related exceptions and briefs referred to in Rule VII will be omitted.
RULE XI
FILING PAPERS, DOCKET, COMPUTATION OF TIME
(a) All reports, exceptions, briefs, and other
papers required to be filed with the Board in any
proceeding shall be filed with the Secretary. Any
such papers may be sent to him by mail or express,
but must be received by him in the office of the
Board in Washington, D. C, within the time limit,
if any, for such filing.
(b) Unless and until otherwise ordered by the
Board, the Order for Hearing, the transcript, the
report of the trial examiner, exceptions thereto, proposed findings or conclusions, and briefs in support
of such proposals or in support of or in opposition
to such exceptions, and other papers which are filed
in connection with any hearing shall not be made
public, and shall be for the confidential use only
of the Board, appropriate members of its staff, the
respondent or respondents, and counsel.
(c) In computing any period of time prescribed
or allowed by these rules or by order of the Board,
the day of the act, event, or default after which
the designated period of time begins to run is not
to be included. The last day of the period so
computed is to be included, unless it is a Saturday, Sunday, or a legal holiday in the District of
Columbia, in which event the period runs until the
end of the next day which is not a Saturday,
Sunday, or holiday in the District of Columbia.
Intermediate Saturdays, Sundays, and holidays shall
be included in the computation. A half-holiday
shall be considered as other days and not as a
holiday.
(d) The Order for Hearing may provide for
the number of copies of papers to be filed.
SEPTEMBER
1946
RULE XII
SERVICE OF REPORTS, EXCEPTIONS, BRIEFS, AND
OTHER PAPERS
All reports, exceptions, briefs, proposed findings
or conclusions, or other documents or papers required by these rules to be served on any party to
a proceeding, or on counsel to the Board, shall
be served by the Secretary of the Board or such
other person as the Board may designate for the
purpose. Such service, except on counsel to the
Board, shall be made by personal service on the
party or his attorney of record, by registered mail
addressed to the party or his attorney of record,
or by other appropriate means specified by the
Board. Service by registered mail shall be deemed
to be made as of the date of receipt by the person
addressed.
RULE XIII
FORMAL REQUIREMENTS AS TO PAPERS FILED
IN PROCEEDINGS
(a) All papers filed under these rules shall be
typewritten, mimeographed, or printed.
(b) All papers shall be signed by the party
filing the same, or his duly authorized agent or
attorney, or counsel to the Board, and, except in
the case of counsel to the Board, must show the
address of the signer.
(c) All papers filed shall include at the head
thereof, or on a title page, the name of the Board,
the names of the parties, and the subject of the
particular paper or pleading.
Federal Open Market Committee
Pursuant to the Adiministrative Procedure Act
and the Federal Reserve Act, the Federal Open
Market Committee adopted, effective September
11, 1946, the following Rules on Organization and
Information and Rules on Procedure:
RULES ON ORGANIZATION AND
INFORMATION
Effective September 11, 1946
SEC.
1. BASIS AND SCOPE
SEC. 2. COMPOSITION AND MEETINGS OF COMMITTEE
(a) Members
(b) Chairman and Vice Chairman
(c) Meetings
SEC. 3. EXECUTIVE COMMITTEE
(a) Members
ion
LAW DEPARTMENT
(b) Meetings
(c) Duties
SEC. 4. OTHER PERSONNEL
(a) Official Staff
(b) System Open Market Account
(c) Others
SEC. 5. SUBMITTALS, PETITIONS, AND REQUESTS
0 ) Place
(b) Method
SEC. 6. AVAILABILITY OF INFORMATION
(a)
(b)
(c)
(d)
(e)
Federal Register
Policy Record
Unpublished Information
Reasons for Non-disclosure
Requests for Unpublished Information
SEC. 7. SUBPOENAS
(a) Advice by Persons Served
(b) Appearance by Person Served
BASIS AND SCOPE
SEC. 1.—These rules are issued by the Federal
Open Market Committee (hereinafter sometimes
called the Committee) pursuant to the Administrative Procedure Act and the Federal Reserve Act.
Included therein are the rules specified by sections
3(tf)(l), 3(£), and 3>(c) of the Administrative Procedure Act.
COMPOSITION AND MEETINGS OF COMMITTEE
SEC. 2(a) Members.—The Federal Open Market Committee consists of the members of the
Board of Governors of the Federal Reserve System
and five representatives of the Federal Reserve
Banks who are Presidents or First Vice Presidents
of such banks. The representatives of the Federal
Reserve Banks, and an alternate for each representative, are elected in accordance with section
12A of the Federal Reserve Act for terms of one
year commencing on March 1 of each year.
(b) Chairman and Vice Chairman.—At
its first meeting on or after March 1 of each year,
the Committee selects a Chairman and a Vice
Chairman from among its membership.
(c) Meetings.—The Committee meets at
Washington, D. C, on call by the Chairman of
the Board of Governors of the Federal Reserve
System or at the request of three members of the
Committee, at least four times each year and
oftener if deemed necessary.
1012
EXECUTIVE COMMITTEE
SEC. 3(a) Members.—At its first meeting on
or after March 1 of each year, the Federal Open
Market Committee selects from among its membership an Executive Committee consisting of three
members of the Board of Governors of the Federal Reserve System and two of the representatives
of the Federal Reserve Banks. Alternates to serve
in the absence of members of each group represented on the Executive Committee are likewise
selected. The Chairman of the Federal Open
Market Committee is one of the members o! the
Executive Committee and serves as its Chairman.
(b) Meetings.—The
Executive Committee
meets periodically, on call of the Chairman or
at the request of two members, as necessary in
the performance of the duties assigned to it.
(c) Duties.—The duties of the Executive Committee are:
(1) To direct the execution of transactions in
the open market in accordance with open-market
policies adopted by the Federal Open Market Committee;
(2) To allocate the Government securities and
other obligations held in the System Open Market Account among the several Federal Reserve
Banks in accordance with the principles determined
by the Federal Open Market Committee;
(3) To keep the members of the Federal Open
Market Committee informed of all transactions
executed under the direction of the Federal Open
Market Committee and of all allocations and reallocations of Government securities and other
obligations held in the System Open Market Account; and
(4) To perform such other functions and duties
in connection with open-market operations as
may be assigned to it from time to time by the
Federal Open Market Committee.
OTHER PERSONNEL
SEC. 4 ( » Official Staff.—The official staff of
the Federal Open Market Committee includes its
Secretary, Assistant Secretary, General Counsel,
Assistant General Counsel, Economist, and Associate Economists, who perform the duties indicated
by their titles. These staff members are selected
from among the officers and employees of the
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Board of Governors of the Federal Reserve System
and the Federal Reserve Banks.
(b) System Open Market Account.—One
of the Federal Reserve Banks is selected by the
Committee to execute transactions for the System
Open Market Account. Such bank selects a
Manager of the System Open Market Account,
satisfactory to the Committee.
(c) Others.—The services of other officers and
employees of the Board of Governors of the Federal Reserve System and Federal Reserve Banks
are made available and are utilized by the Committee as required.
SUBMITTALS, PETITIONS, AND REQUESTS
SEC. 5(a) Place.—The mailing address of the
Federal Open Market Committee is: Federal Reserve Building, 20th Street and Constitution Avenue, Washington 25, D. C. The Committee
customarily meets at the offices of the Board of
Governors of the Federal Reserve System at that
address.
in each annual report made to Congress by the
Board of Governors of the Federal Reserve System
in accordance with Section 10 of the Federal Reserve Act.
(c) Unpublished Information.—Except as
may be specifically authorized by the Committee
or its Executive Committee, or as may be required
in the performance of duties for, or pursuant to
the direction of, the Committee, no person shall
disclose, or permit the disclosure of, any unpublished information of the Committee to anyone,
whether by giving out or furnishing such information or copy thereof, by allowing any person to
inspect, examine or copy such information or copy
thereof, or by any other means. Unpublished information of the Committee shall include all information concerning the proceedings, deliberations, discussions, and actions of the Committee
and all information or advice coming to the Committee or to any member of the Committee or any
officer, employee or agent of the Committee, the
Board of Governors of the Federal Reserve System,
or any Federal Reserve Bank, in the performance
of duties for, or pursuant to the direction of, the
Committee, whether contained in files, memoranda,
documents, reports, books, accounts, records, or
papers or otherwise acquired and whether located
at the offices of the Board of Governors of the
Federal Reserve System, the Federal Reserve Banks,
or elsewhere: Provided, That it shall not include
information which has been published in accordance with sections 6(a) and 6(b) of these rules or
information which is available to the public through
other sources.
(b) Method.—All submittals, petitions, and
requests, including requests for access to informa. tion, shall be made in writing and mailed to the
Committee at the address stated in section 5(a)
of these rules. Any petition or request shall be
signed by the person making it, or his duly authorized agent, and shall, in so far as practicable,
clearly, completely and concisely state his full name
and address, the facts involved (including the
purposes for which any unpublished information
requested will be used if made available), the
action desired, the person's interest in the matter,
and the reasons why the petition or request should
(d) Reasons for Non-disclosure.—The
non-disclosure of unpublished information of the
be granted.
Committee generally is required in the public inAVAILABILITY OF INFORMATION
terest for one or more of the following reasons:
SEC. 6(a) Federal Register.—Rules describing the Committee's organization and procedure
and any substantive rules or statements of policy
which are formulated and adopted by the Committee for the guidance of the public will be published in the Federal Register.
(b) Policy Record.—A complete record of
the actions taken by the Committee during the
preceding year upon all matters of policy relating
to open market operations, showing the votes taken
and the reasons underlying the actions, is included
SEPTEMBER
1946
(1) Disclosure of unpublished information concerning policies with respect to future open market
operations which are under consideration or have
been adopted by the Committee, and of unpublished information which might aid in anticipating
action by the Committee, would:
(/) Interfere with the accomplishment of the
objectives of the Committee's actions taken with a
view to accommodating commerce and business
and with regard to their bearing upon the general credit situation of the country;
1013
LAW DEPARTMENT
(if) Permit speculators and others to reap unfair profits or other unfair advantages by speculative trading in securities and otherwise;
(7/7) Interfere with the orderly execution of
policies adopted by the Committee;
(iv) Result in unnecessary and unwarranted disturbances in the securities markets;
(v) Make open market operations more costly
to the Federal Reserve Banks;
(vf) Interfere with the orderly execution and
accomplishement of the objectives of policies
adopted by other Government agencies concerned
with economic and fiscal matters; and
(vif) Cause misinterpretations and misunderstandings, with possible resultant impairment of
public confidence in the nation's financial structure.
(2) The Committee's unpublished information
includes much that is furnished to it on a secret
or confidential basis and its disclosure would:
(/') Have the effects described in section 6(d)(l)
of these rules;
(if) Impede the necessary collection of information and advice, much of which cannot be obtained
except on a confidential and voluntary basis; and
(Hi) Unreasonably and unnecessarily disturb
and interfere with individual privacy and confidential business relationships.
(e) Requests for Unpublished Information.—Requests for access to unpublished information will be granted only if it clearly appears that
disclosure of the information will not be contrary
to the public interest for any of the reasons set
forth in section 6(d) of these rules.
SUBPOENAS
SEC. 7 (a) Advice by Person Served.—If
any person, whether or not an officer or employee
of the Committee, of the Board of Governors of
the Federal Reserve System, or of a Federal Reserve
Bank, has unpublished information of the Committee and in connection therewith is served with
a subpoena, order, or other process requiring his
personal attendance as a witness or the production
of documents or information upon any proceeding,
he shall promptly advise the Committee of such
service and of all relevant facts, including the documents and information requested and any facts
which may be of assistance in determining whether
such documents or information should be made
1014
available; and he shall take action at the appropriate time to advise the court or tribunal which
issued the process, and the attorney for the party
at whose instance the process was issued, if known,
of the substance of these rules.
(b) Appearance by Person Served.—Except as disclosure of the relevant information has
been authorized pursuant to these rules, any such
person who has unpublished information of the
Committee and is required to respond to a subpoena or other legal process shall attend at the
time and place therein mentioned and respectfully
decline to produce any documents or disclose any
information or give any testimony with respect
thereto, basing his refusal upon these rules. If,
notwithstanding, the court or other body orders
the production of any documents, disclosure of
any information, or giving of any testimony, the
person having such unpublished information of
the Committee shall promptly report the facts to
the Committee.
RULES ON PROCEDURE
Effective September 11, 1946
SEC. 1. BASIS AND SCOPE
SEC. 2. COMMITTEE ACTION
SEC. 3. NOTICE AND PUBLIC PROCEDURE
SEC. 4. EFFECTIVE DATE
SEC. 5. SUBMITTALS, PETITIONS, AND REQUESTS
BASIS AND SCOPE
SEC. 1.—These rules are issued by the Federal
Open Market Committee (hereinafter sometimes
called the Committee) pursuant to the Administrative Procedure Act and the Federal Reserve Act.
They include the rules specified by section 3(#)(2)
of the Administrative Procedure Act.
COMMITTEE -ACTION
SEC. 2.—The function of the Committee is the
direction and regulation of open market operations
which are conducted by the Federal Reserve Banks.
This involves the determination of the policies
which are to be pursued with respect to the purchase and sale of securities by the Federal Reserve
Banks with a view to accomodating commerce
and business and with regard to their bearing upon
the general credit situation of the country, together
with consideration and action upon incidental matters relating to the manner in which such operaFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
tions are to be conducted. The discharge of the
Committee's responsibilities requires the continuous
gathering of information and study of changing
financial, economic, and credit conditions and
other pertinent considerations by the members of
the Committee and its personnel. These activities
are closely interrelated with other activities of the
Board of Governors of the Federal Reserve System
and the Federal Reserve Banks and all relevant
information and views developed by these organizations are available to the Committee. With this
background, action is taken by the Committee
upon its own initiative at periodic meetings held
at least four times each year and oftener if deemed
necessary. Attendance at Committee meetings is
restricted to members of the Committee and its official stafl, the Manager of the System Open Market
Account, the Presidents of Federal Reserve Banks
who are not at the time members of the Committee, and such other advisers as the Committee may
invite from time to time. The Committee acts
through the adoption and transmittal of directives
and regulations to its Executive Committee or to
the Federal Reserve Banks. Operations in the
System Open Market Account are conducted under
the direction of the Executive Committee pursuant
to directives issued by the Committee.
NOTICE AND PUBLIC PROCEDURE
SEC. 3.—There ordinarily will be no published
notice of proposed action by the Committee or
public procedure thereon, as described in section
4 of the Administrative Procedure Act, because
such notice and procedure is impracticable, unnecessary, or contrary to the public interest for one
or both of the following reasons:
(a) Non-disclosure of information is required in
the public interest for reasons stated in section
6(d) of the Committee's Rules on Organization
and Information; and
(b) Expeditious and timely action, without the
delay incident to such notice and procedure, is
required in the public interest.
EFFECTIVE DATE
SEC. 4.—Committee action ordinarily will be
made effective on the date the action is taken because the nature of the subject matter and the
action taken is such that the public interest and
the proper discharge of the Committee's responsibilities so require.
SEPTEMBER 1946
SUBMITTALS, PETITIONS, AND REQUESTS
SEC. 5.—Submittals, petitions, and requests may
be made to the Committee at any time in the
manner stated in section 5 of the Committee's
Rules on Organization and Information. They
will be considered by members of the Committee's
official staff and, where appropriate, will be brought
to the attention of the members of the Committee
or its Executive Committee for consideration and
any necessary action.
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
th Treasury under authority of the Executive Order
of April 10, 1940, as amended, and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
August 2, 1946
AMENDMENT TO GENERAL RULING NO. 19
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5(b) of
the Trading with the Enemy Act, as Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control.*
General Ruling No. 19 is hereby amended to read as
follows:
RELEASE OF PROPERTY VESTED BY ALIEN PROPERTY CUSTODIAN
(1) Control of vested German and Japanese property released to Alien Property Custodian. All control under Executive Order No. 8389, as amended, and Executive Order No.
9193, as amended, of any property or interest of Germany
or Japan or any national thereof vested by the Alien Property Custodian is hereby released to the Alien Property
Custodian. The release of any such property or interest shall
take effect on the effective date of the vesting order of the
Alien Property Custodian covering the property or interest.
(2) Effect on pending applications of release of control to
Alien Property Custodian. A release of control over any
vested property or interest to the Alien Property Custodian
constitutes a final denial by the Secretary of the Treasury
of any pending application for license or other authorization
with respect to any such property or interest. No application
for license or other authorization with respect to any such
property or interest will thereafter be entertained or granted
by the Secretary of the Treasury.
JOSEPH J. O'CONNELL, JR.,
Acting Secretary of the Treasury.
*Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
1942, as amended by Ex. Order 9567, June 8, 1945; Regulations,
April 10, 1940, as amended June 14, 1941, July 26, 1941, and
February 19, 1946.
1015
LAW DEPARTMENT
Treasury Department
Foreign Funds Control
August 2, 1946
PUBLIC CIRCULAR NO. 31
Under Executive
Order No. 9193,
the Trading with
War Powers Act,
Order No. 8389, as Amended, Executive
as Amended, Sections 3(a) and 5(b) of
the Enemy Act, as Amended by the First
1941, Relating to Foreign Funds Control.*
ATTACHMENTS AGAINST BLOCKED PROPERTY
(1) Reference is made to General Ruling No. 12 relating to unlicensed transfers of blocked property. Reference
is also made to General Ruling No. 19 relating to the release
of Treasury controls over property vested by the Alien
Property Custodian. This circular deals with the efTect of
such release on unlicensed attachments levied with respect
to blocked property prior to the vesting thereof by the
Custodian.
(2) Under paragraph (1) of General Ruling No. 12,
interests in blocked property cannot be acquired, transferred,
or created by unlicensed "transfers." Nor may an unlicensed transfer be the basis for the assertion or recognition
of any right, remedy, power, or privilege with respect to,
or interest in, any blocked property.
(3) An attachment is a "transfer." See paragraph (5)
of General Ruling No. 12 where the term "transfer" is
defined as including "the issuance, docketing, filing, or
other levy of or under any judgment, decree, attachment,
execution, or other judicial or administrative process or
order, or the service of any garnishment." An unlicensed
attachment, therefore, cannot operate to transfer or create
any interest in blocked property. Nor can it serve as a
basis for the assertion or recognition of any right, remedy,
power, or privilege with respect to, or interest in, any
blocked property.
(4) Paragraph (4) of General Ruling No. 12 does not
constitute a license authorizing the seizure or creation of
any interest in blocked property by attachment proceedings
or other legal process. This paragraph merely is a formal
statement of the position which the Treasury Department
has always taken with respect to litigation affecting blocked
property—that it does not desire to interfere with such litigation so long as it is clearly understood that the judicial
process cannot, without a license or other authorization
from the Secretary of the Treasury, operate to transfer or
create any interest in blocked property. Thus the proviso
of paragraph (4) specifies that "no attachment, judgment,
decree, lien, execution, garnishment, or other judicial process
shall confer or create a greater right, power, or privilege
with respect to, or interest in, any property in a blocked
account than the owner of such property could create or
confer by voluntary act prior to the issuance of an appropriate license." In issuing paragraph (4) r the Treasury Department did not undertake to decide for the courts
*Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26,
1941, and February 19, 1946.
1016
whether they should exercise jurisdiction. It simply prescribed that jurisdiction could be exercised only on the
basis that if a Treasury license was not issued, the judicial
process could not operate to transfer or create any interest
in blocked property, nor could it be the basis for the assertion or recognition of any other right, remedy, power,
or privilege with respect to the property.
(5) The Treasury Department has always considered that
when the Alien Property Custodian has vested any property,
it would not be in the national interest for the Treasury
Department thereafter to grant licenses authorizing the
creation or acquisition of any interest in the property.
Formerly it was the practice of the Department, whenever
it was notified by the Custodian that a particular property
had been vested, to issue a specific release to the Custodian
of all control of the property under Executive Orders Nos.
8389 and 9193. Paragraph (1) of General Ruling No. 19
constitutes a general release of such control in the case of
all German and Japanese property vested by the Custodian.
Paragraph (2) of the General Ruling is intended to make
it clear that a release of control over any vested property to
the Alien Property Custodian, whether by specific release
or by reason of the General Ruling, operates as a final denial
by the Secretary of the Treasury of any pending application for license or other authorization relating to such property and that no application for a license authorizing the
creation, acquisition, or transfer of any interest in such
property will thereafter be entertained or granted. The
paragraph is thus a formal statement of what has always
been the position of the Treasury Department—namely,
that once blocked property has been vested by the Custodian,
there is no longer any possibility that an unlicensed attachment may ripen through the issuance of a Treasury license
into a seizure and acquisition of an interest in such blocked
property.
(6) In view of the fact that the Alien Property Custodian
has publicly announced his intention of vesting all German
and Japanese property in the United States, it will be the
general policy of the Treasury Department not to grant any
licenses authorizing the creation or acquisition through legal
process of any interest in blocked German or Japanese
property.
JOSEPH J. O'CONNELL, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
August 27, 1946
AMENDMENT TO GENERAL LICENSE NO. 42
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
*Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; 55 Stat. 838; Sec. 3, Pub. No. 485, 79th Cong.; Ex. Order
8389, April 10, 1940, as amended by Ex. Order 8785, June 14,
1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,
1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193,
July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Ex.
Order 9747, July 3, 1946; Regulations, April 10, 1940, as
amended June 14, 1941, July 26, 1941, and February 19, 1946.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
General License No. 42 is hereby amended to read as
follows:
General Ruling No. 11A is hereby amended to read as
follows:
GENERALLY LICENSING INDIVIDUALS IN THE
UNITED STATES AND CERTAIN ORGANIZATIONS
REGULATIONS LIMITING WITHDRAWALS FROM
CERTAIN BLOCKED GERMAN AND JAPANESE
ACCOUNTS
(1) Persons licensed. A general license is hereby granted
licensing as a generally licensed national
(a) any individual in the United States, except an individual who on October 5, 1945 was in a blocked
country other than a member of the generally
licensed trade area, and
(b) any partnership, association, corporation, or other
organization which is a national of a blocked
country solely by reason of the interest of persons
licensed hereby.
(2) Definition. The term "blocked country" shall be
deemed to include all countries licensed by General License
No. 94 except a country licensed by General License No. 96.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
August 27, 1946
REVOCATION OF GENERAL LICENSE NO. 68A,
AS AMENDED
Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
with the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
General License No. 68A, as amended, is hereby revoked.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
August 27, 1946
AMENDMENT TO GENERAL RULING NO. 11A
Under Executive
Order No. 9193,
the Trading with
War Powers Act,
Order No. 8389, as Amended, Executive
as Amended, Sections 3(a) and 5{b) of
the Enemy Act, as Amended by the First
1941, Relating to Foreign Funds Control.^
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; 55 Stat. 838; Sec. 3, Pub. No. 485, 79th Cong.; Ex.
Order 8389, April 10, 1940, as amended by Ex. Order 8785,
June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963,
Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order
9193, July 6, 1942, as amended by Ex. Order 9567, June 8,
1945; Ex. Order 9747, July 3, 1946; Regulations, April 10,
1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946.
t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, Pub. No.
485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998,
Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by
Ex. Order 9567, June 8, 1945; Ex. Order 9747, July 3, 1946;
Regulations, April 10, 1940, as amended June 14, 1941, July 26,
1941, and February 19, 1946.
SEPTEMBER
1946
(1) Withdrawals from blocked German and Japanese
accounts not authorized in certain cases. No license or other
authorization now outstanding or hereafter issued, unless
expressly referring to this general ruling, shall be deemed
to authorize any payment, transfer, or withdrawal from any
blocked account if the person with whom the account is
maintained has reasonable cause to believe that any of the
following has an interest in the account:
(a) The Government of Germany or Japan, and any
agent, instrumentality, or representative of either
Government;
(b) Any individual who is a citizen or subject of Germany or Japan and who at any time on or since
December 7, 1941, has been within the territory
of either country or within any other territory
while it was designated as "enemy territory"
under General Ruling No. 11;
(c) Any partnership, association, corporation, or other
organization which is organized under the laws
of, or which at any time on or since December 7,
1941, has had its principal place of business in,
any territory of Germany or Japan;
(d) Any partnership, association, corporation, or other
organization, situated within any foreign country,
which is a national of Germany or Japan by reason
of the interest therein of any government or person
specified in this paragraph.
(2) Continued applicability of certain general licenses.
The following general licenses shall continue applicable,
notwithstanding the provisions of paragraph (1) of this
general ruling:
(a) General License No. 1;
(b) General License No. 1A;
(c) General License No. 2 only with respect to payment or reimbursement for normal service charges
(as therein defined) other than interest due;
(d) General License No. 4;
(e) General License No. 5;
(f) General License No. 25;
(g) General License No. 26;
(h) General License No. 27;
(i) General License No. 29;
(j) General License No. 30;
(k) General License No. 30A;
(1) General License No. 31.
(3) Continued applicability of certain specific licenses.
Any specific license conferring generally licensed national
status on any person or authorizing the sale, purchase, or
exchange of any securities shall continue applicable, notwithstanding the provisions of paragraph (1) of this general
ruling.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
1017
CURRENT EVENTS
Resignations of Branch Directors
On August 26, 1946, the Board of Governors
accepted the resignation of Mr. George W. Stocking, Professor of Economics, University of Texas,
Austin, Texas, as a director of the San Antonio
Branch of the Federal Reserve Bank of Dallas.
Mr. Stocking had served the Branch as a director
since June 6, 1943.
On September 13, 1946, the Board of Governors
accepted the resignation of Mr. John D. Clark, Dean,
College of Business Administration, University of
Nebraska, Lincoln, Nebraska, as a director of the
Omaha Branch of the Federal Reserve Bank of
Kansas City. Mr. Clark had served the Branch as a
director since September 23, 1943.
Change in Board's Organization
Effective August 20, 1946, the Board of Governors abolished its Office of Administrator for
War Loans, and transferred the functions and duties
remaining in that office to the Division of Bank
Operations.
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 July 16, 1946, to August 15, 1946:
1018
New
Yor\
Delevan—Bank of Delevan
Rockville Centre—South Shore Trust Company
Ohio
Custar—The Custar State Bank Company
Dayton—The Peoples Bank of Dayton
Huntsville—The Huntsville State Bank
Pennsylvania
Glassport—The Bank of Glassport
Milroy—The Milroy Banking Company
Milton—Milton Bank and Safe Deposit Company
South Carolina
Timmonsville—Pee Dee State Bank
Virginia
Heathsville—Bank of Northumberland, Incorporated, of Heathsville, Virginia
Madison—State Bank of Madison, Incorporated
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled August 26, and released for publication August 28]
tivity in the furniture industry remained at about
the June rate.
In the nondurable industries, production at textile mills declined, owing to worker vacations
during the first week in July, while output of manufactured food products increased considerably.
INDUSTRIAL PRODUCTION
Meatpacking rose sharply to the highest level since
Industrial production advanced from 171 per
February and there were increases also in the outcent of the 1935-39 average in June to 174 in July,
put of flour, bakery goods, and dairy products.
according to the Board's seasonally adjusted index.
Sugar meltings declined. Output of paperboard
Output of durable goods and of minerals genand paper boxes declined from recent high levels
erally increased while output of nondurable manuwhile newsprint consumption showed a further
factures as a group showed little change, with inadvance. Activity in the chemical and rubber increases in some lines offset by declines in others.
dustries showed little change.
Production at steel mills in July rose about oneMineral production rose to a new high 46 per
sixth and in August has increased somewhat further,
cent above the 1935-39 average. Increases in the
with output of ingots increasing to about 90 per
output of anthracite, copper ore, and iron ore
cent of capacity. Activity in the machinery and
accounted for most of the July rise in production
transportation equipment industries continued to
of minerals.
advance in July. Production in the nonferrous
CONSTRUCTION
metal industries rose again but was still about 7
Value of construction contracts awarded, as
per cent below the January level. Output of stone,
clay, and glass products continued to increase and reported by the F. W. Dodge Corporation, dethe July index, at 197, was well above the previous clined further in July, but was still more than
high in March, with an increase in production of twice the prewar average. The drop reflected a
glass containers accounting for most of the July continued decline in residential awards to a level
advance. Lumber production showed a decline, about two-fifths below the May peak. Nonresiowing in large part to vacations for lumber workers dential building awards increased slightly in July,
on the Pacific Coast in the early part of July. Ac- after a small decline in June.
Industrial production increased somewhat further
in July, after a sharp advance in June. Prices of
commodities rose rapidly in July and continued to
advance, although at a more moderate rate, in the
first three weeks of August.
INDUSTRIAL PRODUCTION
PER CENT
COST OF LIVING
PER CENT
PHYSICAL VOLUME S
193* -39-100
[PER
260
150
^
f\
140
!
J.
POOL
/CLOTHING
130
120
110
no
100
100
90
80
1940
1942
1944
1946
1940
1942
1944
1946
Federal Reserve indexes. Groups are expressed in terms of
points in the total index. Monthly figures, latest shown are for
July.
SEPTEMBER 1946
1939
I940
I94I
1942
I945
Bureau of Labor Statistics' indexes. Last month in each
calendar quarter through September 1940. monthly thereafter.
Midmonth figures, latest shown are for July.
1019
NATIONAL SUMMARY OF BUSINESS CONDITIONS
EMPLOYMENT
Nonagricultural employment continued to rise in
July, with major gains in the construction and manufacturing industries and some decrease in government employment. Total unemployment decreased
to about 2.3 million in July, the lowest of the year.
DISTRIBUTION
Value of department store sales declined less
than seasonally from June to July and the Board's
adjusted index rose to 278 per cent of the 1935-39
average as compared with an average of 254 for the
first six months of the year. In the first three
weeks of August, sales continued at a high level.
As a result of large receipts of merchandise, value
of department store stocks continued to increase
in July but relative to sales was still lower than
before the war. Unfilled orders were at an exceptionally high level.
Loadings of railroad freight increased further in
July as shipments of livestock and grains and of
ore and coke rose sharply and shipments of other
classes of freight showed little change.
COMMODITY PRICES
Commodity prices, which had advanced sharply
in July, rose somewhat further in the first three
weeks of August. There were increases in prices of
textiles, housefurnishings, and fuels as well as in
some farm products and foods. Grains, however,
declined and corn future contracts were still substantially below cash quotations, reflecting the continued prospect of a large harvest. With the renewal of price control at the end of July, ceiling
prices were reestablished but in many cases at
higher levels than prevailed on June 30. Announce-
ment was made that ceilings would not be reestablished at this time on most grains or on dairy
products but would be on livestock and meats and
on cottonseed and soybeans and their products.
BANK CREDIT
The Treasury retired for cash 3.3 billion dollars
of Government securities during July and early
August; war loan balances at commercial banks
were reduced by approximately the same amount.
As most of the securities were held by banks, retirement operations had little effect on deposits
of businesses and individuals. Drains on bank
reserves resulting from redemption of securities
held by the Reserve Banks were met by System
purchases of Government securities and by reductions in Treasury deposits. Need for reserve funds
resulted also from an increase in nonmember balances at the Reserve Banks, reflecting the deposit
of the first instalment of the British loan, and from
some outflow of currency into circulation. Changes
in required and excess reserves, on the average,
were negligible.
As a result of the Treasury debt retirement operations as well as security sales to the Reserve Banks
in connection with reserve adjustment Government
security holdings at banks in 101 leading cities
were reduced by an additional two billion dollars
during the seven weeks ended August 14. Total
loans for purchasing or carrying Government securities declined further to a level comparable to
that which prevailed prior to the Victory Loan
Drive. Commercial loans, both in New York City
and outside, increased substantially over the period.
MEMBER BANKS IN LEADING CITIES
DEPARTMENT STORE SALES AND STOCKS
•LIONS OF DOLLARS
3OLLAR VOLUME SEASONALLY ADJUSTED, 1935-35
SALES
k
/\i
/v
kkr
Y^VsTOCKS >
n A/
I
7 1'
/\ J
V
.y
1939
1939
1940
1941
1942
1943
1944
1945
1946
Federal Reserve indexes. Monthly figures, latest shown are
for July.
1020
1940
1941
1942
1943
1944
1945
1946
Demand deposits (adjusted) exclude U. S. Government and
interbank deposits and collection items. Government securities
include direct and guaranteed issues. Wednesday figures, latest
shown are for Aug. 28.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements.
Federal Reserve Bank statistics... .
Guaranteed war production loans.
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
.
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes..
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances.
Money rates and bond yields,. .
Security prices and new issues.
Corporate earnings and dividends.
Treasury
finance
Government corporations and credit agencies.
Business indexes
Department store statistics. .
Consumer credit statistics. .
Cost of living. .
Wholesale prices.
...
Gross national product, national income, and income payments. .
August Crop Report, by Federal Reserve districts.
Current statistics for Federal Reserve chart book..
.
Number of banking offices in the United States
Changes in number of banking offices in the United States
1023
1024-1025
1025-1028
1029
1029-1030
1031-1032
1032
1033
1034-1035
1036-1037
1038-1041
1042
1043
1044-1045
1046
1047-1049
1050
1051-1060
1061-1063
1064-1066
1066 #
1067
1068
1069
1070-1072
1073
1074
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 ot
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.
SEPTEMBER
1946
1021
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
30
25
20
15
10
1939
1940
1939
1940
1941
1941
1942
1943
(944
1942
1943
1944
1945
1945
1946
1946
Wednesday figures, latest shown are for Aug. 28. See p. 1023
1022
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit out standin
U. S Government
securities
Discounts
and
advances
Monthly averages of
daily figures:
1945—Mav.
Gold
stock
All
other
Treas-
Total
ury
bills
and
certificates
Total
All
other 1
Treasury
currency
outstanding
Money
in circulation
TreasOther
ury deFedTreas- posits Nonwith
memeral
ury
Recash Federal ber deReposits serve
holdserve
acings
counts
Banks
Member
bank reserve
balances
Total
Excess2
633
590
163
212
245
240
20,754
21,271
21,593
22,699
23,152
23,473
18,640
18,488
18 793
20,076
20,570
22,122
2,114
2,783
2,800
2,623
2,582
1,351
412
457
460
458
503
458
21,799
22,318
22,215
23,369
23,900
24,171
20,325
20,263
20,203
20,246
20,267
20,270
4,136 26,351
4,145 26,561
4,153 26,918
4,534 27,978
4,536 28,140
4,538 28,281
2,361
2,302
2,268
2,263
2,266
2,251
405
368
618
556
686
589
1,549
1,631
1 563
1,'O74
1,053
1,274
439
449
450
551
561
567
15,156
15,415
14,755
15,727
15,996
16,017
1,005
1,339
1,220
956
943
928
End of month figures:
1945—May 31
June 30
July 3 1 . . . .
1946—May 31. . . .
June 2 9 . . . .
July 31. . . .
875
46
302
254
157
246
20,954
21,792
21,717
22,932
23,783
23,633
18,824
18,994
18,906
20,291
21,280
22,282
2,130
2,798
2,811
2,641
2,503
1,351
303
466
340
331
516
286
22,131
22,304
22,359
23,518
24,456
24,164
20,270
20,213
20,152
20,242
20,270
20,267
4,144
4,145
4,199
4,535
4,539
4,540
26,528
26,746
27,108
28,120
28,245
28,254
2,331
2,279
2,258
2,257
2,251
2,250
362
599
586
846
833
513
1,589
1,668
1,516
866
1,250
1,401
440
450
449
553
561
562
15,296
14,920
14,794
15,653
16,123
15,996
1,038
1,585
1,037
807
1,112
856
Wednesday figures:
1945—Oct. 3
Oct. 10. . . .
Oct. 17. . . .
Oct. 24
Oct. 31. . . .
314
313
316
389
439
23,212
23,272
22,901
23,089
23,276
20,297
20,357
19,985
20,192
20,379
2,916
2,916
2,916
2,898
2,898
294
338
482
312
272
23,821
23,923
23,699
23,790
23,987
20,072
20,040
20,039
20,038
20,036
4,248
4,257
4,262
4,270
4,278
27,853
27,962
27,952
27,974
28,049
2,268
2,282
2,249
2,248
2,244
648
535
293
295
429
1,469
1,419
1,324
1,349
1,373
484
485
482
482
483
15,420
15,537
15,700
15,751
15,723
1,001
1,027
1,032
1,002
904
Nov. 7
Nov. 14
Nov. 21
Nov. 28
508
596
630
792
23,076
23,448
23,343
23,646
20,179
20,510
20,372
20,627
2,898
2,938
2,970
3,019
292
455
359
326
23,877
24,498
24,331
24,764
20,035
20,034
20,032
20,031
4,285 28,137
4,284 28,178
4,297 28,198
4,297 28,169
2,268
2,265
2,272
2,269
261
580
410
557
1,310
1,313
1,360
1,351
484
486
484
485
15,737
15,994
15,937
16,261
928
1,163
1,043
1,293
Dec.
5....
Dec. 12. . . .
Dec. 19
Dec. 26. . . .
345
312
360
492
23,525
23,493
23,668
24,037
20,474
20,440
20,602
20,970
3,052
3,053
3,067
3,067
359
460
829
643
24,229
24,264
24,859
25,172
20,029
20,045
20,066
20,065
4,303
4,317
4,326
4,334
28,279
28,370
28,557
28,649
2,242
2,268
2,288
2,283
8
627
718
1,199
1,304
1,204
1,284
1,282
'487
488
496
500
16,242
15,669
15,906
15,658
1,594
1,296
1,332
1,213
1946—Jan.
2....
Jan.
9....
Jan. 16
Jan. 2 3 . . . .
Jan. 3 0 . . . .
222
215
210
207
310
24,092
23,859
23,437
23,341
23,297
21,602
21,377
21,030
20,968
20,945
2,490
2,482
2,407
2,373
2,352
533
463
426
373
291
24,847
24,536
24,072
23,922
23,898
20,065
20,046
20,111
20,135
20,157
4,352
4 362
4,377
4,385
4,404
28,491
28,297
28,119
27,977
27,914
2,306
2,256
2,262
2,282
2,295
771
758
272
578
762
1,299
1,307
1,257
1,239
1,298
498
505
505
506
507
15,900
15,822
16,145
15,859
15,681
1,439
1,266
1,423
1,169
1,061
Feb.
6....
Feb. 13. . . .
Feb. 2 0 . . . .
Feb. 27
289
411
352
380
23,227
23,253
23,017
22,972
20,876
20,904
20,692
20,652
2,352
2,349
2,326
2,320
324
270
417
325
23,840
23,933
23,787
23,677
20,157
20,157
20,233
20,233
4,413 27,929
4,424 27,967
4,434 27,955
4,447 27,938
2,306
2,301
2,318
2,317
716
864
940
826
1,226
1,173
1,235
1,203
516
516
516
517
15,717
15,693
15,490
15,555
1,115
1,146
950
1,039
Mar. 6
Mar. 13
Mar. 20
Mar. 27
443
710
483
683
22,526
22,393
22,592
22,974
20,207
20,074
20,335
20,634
2,320
2,320
2,258
2,340
.327
319
408
305
23,297
23,423
23,483
23,963
20,232
20,232
20,233
20,257
4,451
4,456
4,467
4,478
27,957
27,946
27,889
27,842
2,284
2,260
2,267
2,298
612
501
774
1,397
1,153
1,210
1,230
1,226
531
530
540
540
15,444
15,663
15,484
15,395
924
1,112
929
995
Apr. 3
Apr. 10
Apr. 17
Apr. 24
686
353
326
324
21,969
22,232
22,103
22,304
19,603 2,366
19,866 2,366
19,736 2,366
19,874 2,430
280
261
429
274
22,936
22,846
22,857
22,901
20,255
20,253
20,251
20,247
4,485
4,492
4,514
4,536
27,912
27,955
27,948
27,877
2,271
2,259
2,259
2,260
533
260
334
385
1,013
1,161
1,138
1,159
550
550
548
547
15,396
15,406
15,395
14,457
1,072
940
843
836
May 1
May 8
May 15
May 22
May 29
225
207
145
163
237
22,579
22,732
22,660
22,643
22,983
20,003 2,577
20,134 2,598
20,049 2,641
20,001 2,641
20,341 2,641
279
279
447
326
337
23,084
23,219
23,252
23,132
23,556
20,251
20,248
20,245
20,245
20,242
4,535
4,534
4,534
4,532
4,533
27,888
27,958
27,950
27,961
28,106
2,267
2,266
2,265
2,262
2,265
409
314
504
562
681
1,010
1,162
1,110
1,069
1,038
548
550
550
550
553
15,747
15,751
15,652
15,505
15,689
1,111
1,014
916
700
830
June 5 . . . .
June 1 2 . . . .
June 19
June 2 6 . . . .
252
252
252
231
22,780
23,270
22,691
23,385
20,129
20,619
20,187
20,882
2,651
2,651
2,503
2,503
417
374
512
369
23,450
23,896
23,454
23,986
20,272
20,271
20,272
20,269
4,534
4,537
4,536
4,539
28,159
28,128
28,116
28,135
2,285
2,280
2,260
2,262
394
860
419
970
1,063
969
985
950
556
557
566
569
15,799
15,909
15,916
15,910
738
833
671
867
July 3 . . . .
July 1 0 . . . .
July 1 7 . . . .
July 24
July 31
239
292
204
219
246
23,003
23,394
23,230
23,652
23,633
21,652
22,043
21,879
22,301
22,282
1,351
1,351
1,351
1,351
1,351
453
333
462
358
286
23,694
24,019
23,895
24,229
24,164
20,270
20,271
20,271
20,269
20,267
4,540
4,537
4,538
4,539
4,540
28,395
2*8,335
28,241
28,187
28,254
2,249
2,254
2,249
2,263
2,250
507
664
513
674
513
971
1,116
1,165
1,473
1,401
567
568
568
563
562
15,815
15,889
15,968
15,877
15,991
730
825
859
753
856
Aug. 7
Aug. 14
Aug. 21. . . .
Aug. 28
258
263
229
216
23,593
23,575
23,486
23,606
22,242
22,224
22,135
22,256
1,351
1,351
1,351
1,351
283
400
394
279
24,134
24,238
24,109
24,102
20,266
20,268
20,274
20,280
4,538 28,326
4,541 28,353
4,543 28,365
4,543 28,376
2,263
2,262
2,265
2,274
353
557
540
620
1,331
1,295
1,250
1,214
573
572
572
574
16,093
16,008
15,933
15,867
964
898
P885
June
July
1946—May
June
July
P792
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 35J-355 in the same publication.
1
2
SEPTEMBER
1946
1023
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect August 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Effective
Rate
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
. .
•
. ..
. .
....;
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
Apr.
May
Apr.
1
1
1
1
1
1
1
1
1
1
1
1
27,
25,
25,
3,
10,
10,
26,
26,
26,
27,
10,
25,
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
Other secured advances
[Sec. 10(b)]
Rate
Effective
\y2
Oct. 27,
Oct. 30,
Oct. 17,
Sept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Effective
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
Apr.
2
2K
2
2
2K
2
2
2
2
2
2
2K
29,
6,
23,
9,
16,
16,
16,
16,
23,
13,
16,
25,
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Rate on
Aug. 31
Maturity
Treasury bills
Bankers' acceptances:
1- 90 days
91-120 days
121-180 days
H
1
1
1
In effect beginning—
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five years
[In effect August 31. Per cent per annum]
To industrial or
commercial
businesses
Apr. 30, 1942
K
!Aug. 24, 1946
!Aug. 24, 1946
*Aug. 24, 1946
Federal
Reserve
Bank
1
Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics. Table 117,
pp. 443-445.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND
CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect August 31]
F E E S PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
80 or less
85
90. . .
95
Over 95
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrowers)1
10
15
20
30
50
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco..
On discounts or
purchases
On
loans2
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
1
2
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative, charge a flat fee of not to exceed $50, without regard to the
amount or maturity of the commitment.
1024
On
commitments
K-l
K-i X
K~1 VA
-K—I yi
K~i y*
y~\ y
K - l VA
K-I X
K - l YA
K - l VA
K - l YA
Portion
for which
institution is
obligated
Remaining
portion
(3)
(4)
(3)
52
(3)
On
commitments
(4)
(4)
(4)
(4)
(3)
(3)
2K-5
1—IK
(3)
4
( )
2K-5
(4)
(4)
(4)
(3)
(3)
(4)
(3)
(4)
6
6
K-i
yi—l x
K~i y*
K~i yi
K~"i yi
1^-11^
y~l
j^
K~i yi
6 K~i yi
K~I yi
«K-iK
1
See table on maximum interest and commitment rates chargeable under Regulation V for rates on guaranteed Section 13b loans.
2
Including loans made in participation with financing institutions
3
Rate charged borroVer less commitment rate.
4
Rate charged borrower.
5
May charge rate charged borrower by financing institution, if
lower.
6
Charge of X per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Nov. 1,1933- Feb. 1,1935- Effective
Jan.31,1935 Dec.31,1935 Jan. 1,1936
[Per cent per annum]
Maximum rate of interest. . . .
Maximum commitment rate 2 .
To financing institutions
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
2K
2K
2K
2K
2K
2K
2K
2K
2
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
MARGIN REQUIREMENTS'
[Per cent of market value]
Net demand deposits 1
Central
reserve
city
banks
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
21 ,
16 ,
1,
1,
16 ,
1,
20 ,
14 ,
3,
1917-Aug. 15, 1936..
1936-Feb. 28, 1937..
1937-Apr. 30, 1937..
1937-Apr. 15, 1938..
1938-Oct. 3 1 , 1941..
1941-Aug. 19, 1942..
1942-Sept. 13, 1942..
1942-Oct. 2, 1942..
1942 and after.
Time
deposits
(all
Reserve Country member
city
banks
banks)
banks
13
7
10
15
19K
17K
22^
26
20
22K
17K
26
24
22
20
20
20
20
20
IOK
12X
14
12
14
14
14
14
3
4^
5K
6
5
6
6
6
6
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 5,
1945July 4,
1945
July 5,
1945Jan. 20,
1946
Effective
Jan. 21,
1946
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
50
50
75
75
100
100
50
75
100
1
1
Demand deposits subject to reserve requirements, i. e., demand
deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
Item
1946
1946
Aug. 28
Aug. 21
Aug. 14
Aug. 7
July 31
July 24
July 17
August
1945
July
August
Assets
Gold certificates
17,333,759 17,345,756 17,351,207 17,352,209 17,339,209 17,334,209 17,344,208 17,330,929 17,339,209 17,237,314
Redemption fund for
766,272
766,622
773,221
765,349
688,810
F. R. notes
751,347
763,991
754,251
750,705
766,272
Total gold certificate reserves
18,097,550 18,100,007 18,101,912 18,103,556 18,105,481 18,107,430 18,109,557 18,097,551 18,105,481 17,926,124
Other cash
300,933
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
216,334
300,752
298,420
298,236
96,334
109,315
142,398
137,883
125,354
120,000
120,000
120,000
120,000
120,000
229,315
262,398
257,883
245,354
1,075
1,059
Industrial loans
14,499
17,889
Acceptances purchased
U. S. Gov't securities:
Direct:
Bills:
Under repurchase
5,050, 572 4,981,099
option
9,425,
9,382,210
Other
ertificates:
Special
7,779, 637 ,771,637
Other
595, 600
595,600
Notes
755, 290
755,290
Bonds
1,138
23,020
1,125
27,926
1,173
33,789
Total discounts and
advances
307,379
296,028
303,857
99,200
83,505
120,000
120,000
219,200
1,113
38,164
300,467
307,379
221,255
210,730
125,354
351,574
120,000
120,000
10,720
203,505
330,730
245,354
362,294
1,178
42,323
1,154
13,452
1,173
33,789
3,154
,113,509 5,303,399 5,154,209 5,227,033 4,821,339 5,281,879 5,154,209 5,094,632
,338,830 9,273,260 9,251,820 9,197,970 9,191,835 9,457,300 9,251,820 8,158,923
,771,637 7,665,637 7,875,732 7,875,732 7,865,732 7,855,637
595,600
595,600
595,600
595,600
595,600
595,600
755,290
755,290
755,290
755,290
755,290
755,290
,875,732 6,399,511
595,600 1,762,450
755,290 1,114,442
Total U. S. Govt.
23,606,
23,485,836
,574,866 23,593,186 23,632,651 23,651,625 23,229,796 23,945,706 23,632,651 22 ,529,958
securities
ther Reserve Bank
456,586
418,235
311,541
263,
374,941
376,114
254,241
251,229
319,202
251,229
credit outstanding. . .
Total Reserve Bank
credit outstanding 24,102,016124,109,040 24,237,536 24,134,361 24,164,196 24,229,304 23,895,037 24,747,628 24,164,196 23,206,947
Liabilities
Federal Reserve notes. . 24,352,035 24,338,725 24,334,039 24,317,708 24,244,229 24,183,233 24,227,768 24,411,565 24,244,229 23,864,496
Deposits:
Member bank — re15,867,316 15,933,168 16,008,045 16,092,682 15,991,184 15,877,292 15,967,618 16,245,216 15,991,184 15,010,534
serve account
U. S. Treasurer—gen551,611
703,856
513,091
513,250
620 300
540,467
513,250
557,264
353,002
673,721
eral account
606,547
,149,166
823,540
701,963
630 696
560,968
823,540
892,647
762,160
824,366
Foreign
738,873
427,999
577,845
577,845
548,443
583 020
579,935
604,501
533,169
506,226
Other
Total deposits
17,701,332 17,724,041 17,860,638 17,776,276 17,905,819 18,023,595 17,646,178 8,294,492 17,905,819 17,139,310
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent). .
43.0
43.0
42.9
43.0
43.0
42.9
43.2
43.0
43.7
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
August 28, 1946
Discounts and advances
Industrial loans
Acceptances purchased
U. S. Government securities... .
1
Total
Within
15 days
216,334
91,494
1,075
929
14,499
6,993
23,606,489 4 987, 858
16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over
days
days
6 months to 1 year 2 years 5 years 5 years
days
1,305
2,375 121,160
67
36
6
12
2,966
4,540
,264, 783 5 ,287,512 5,048,109 2,214,950 2,731,187
443,250 582,440
2
46,400
After deducting $395,051,000 participations of other Federal Reserve Banks.
SEPTEMBER
1946
1025
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Redemption fund
for F. R. notes:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total gold certificate reserves:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Other cash:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Discounts & advances:
Secured by
U. S. Govt.
securities:
July 3 1 . . .
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
Other:
July 3 1 . . .
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
Industrial loans:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Acceptances
purchased:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
U. S. Govt.
securities:
Bills:
Under repurchase
option:
July 3 1 . . .
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
Other bills:
July 3 1 . . .
Aug. 7 . . .
Aug. 14...
Aug. 3 1 . . .
Aug. 2 8 . . .
Certificates:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Notes:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Bonds:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total U. S. Govt.
securities:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Boston
New
York
Philadelphia
Cleveland
Richmond
17,339,209
17,352,209
17,351,20
17,345,756
17,333,759
730,344
732,005
734,476
745,709
733,290
5,181,366
5,199,000
5,209,574
5,399,919
5,309,505
766,272
751,347
750,705
754,251
763,791
57,468
57,368
57,267
57,154
57,045
116,501
116,106
115,764
115,389
114,935
59,573
59,412
60,265
60,093
59,936
75,895
75,770
75,651
75,521
75,347
60,941
62,289
61,733
61,069
62,462
18,105,481
18,103,556
18,101,912
18,100,007
18,097,550
787,812
789,373
791,743
802,863
790,335
5,297,867
5,315,106
5,325,338
5,515,308
5,424,440
888,735
879,410
871,792
884,927
908,157
1,228,361
1,182,168
1,158,148
1,192,140
1,188,527
923,476
936,451
942,907
939,552
959,629
307,379
•298,236
298,420
300,752
300,933
22,028
22,143
22,194
21,451
23,280
84,098
85,818
83,541
83,970
83,057
20,219
20,005
19,530
19,463
19,136
20,934
22,573
20,284
22,767
20,516
19,023
17,542
18,948
18,039
19,518
125,354
137,883
142,398
109,315
96,334
995
2,715
4,865
5,545
4,550
64,381
35,813
37,463
22,645
32,105
5,833
5,855
6,725
6,805
4,190
15,155
17,050
20,880
4,230
2,255
120,000
120,000
120,000
120,000
120,000
7,680
7,360
7,360
7,680
7,680
39,960
43,295
43,295
39,960
39,960
9,960
9,545
9,545
9,960
9,960
11,160
10,695
10,695
11,160
11,160
1,173
l,12i
1,138
1,059
1,075
77
77
77
73
73
1,046
998
1,023
975
1,002
Atlanta
Chicago
St.
Louis
Minneapolis
City
Dallas
San
Francisco
50
50
38
11
33,789
27,926
23,020
17,889
14,499
829,162 1,152,466
819,998 1,106,398
811,527 1,082,497
824,834 1
,116,619
848,221 1,113,180
891,885 3,567,365
916,700 3,546,125
914,957 3,537,757
.
3,360,730
887,566 3,:
874,453 3,420,195
557,483
544,715
554,739
565,134
555,757
321,579
318,480
329,582
329,917
331,881
565,192
573,342
571,040
570,626
576,012
120,969
105,833
105,708
110,564
120,367
42,313
42,275
42,235
42,198
42,149
20,250
20,237
20,227
20,666
20,638
34,707
34,682
34,659
34,637
34,591
934,776 3,688,334
959,489 3,651,958
957,658 3,643,465
930,161 3,471,294
916,873 3,540,562
599,796
586,990
596,974
607,332
597,906
341,829
338,717
349,809
350,583
352,519
599,899
608,024
605,699
605,263
610,603
23,563
20,016
22,027
20,443
21,222
38,503
38,263
37,852
38,632
38,566
10,975
11,016
11,572
11,908
12,929
6,271
5,236
6,242
5,498
5,936
14,718
14,062
14,336
15,077
15,235
11,012
10,206
10,611
10,640
11,055
36,035
31,356
31,283
32,864
30,483
12,955
11,335
21,845
15,070
13,575
3,000
1,400
7,200
5,100
9,404
5,600
16,500
22,500
26,800
11,900
10,435
15,850
4,300
12,600
10,535
14,000
6,420
2,000
2,400
10,600
5,700
700
700
2,000
1,000
1,500
2,500
4,600
4,765
3,500
6,320
4,620
5,640
5,405
5,405
5,640
5,640
4,560
4,370
4,370
4,560
4,560
16,080
15,410
15,410
16,080
16,080
4,080
3,910
3,910
4,080
4,080
3,000
2,875
2,875
3,000
3,000
3,960
3,795
3,795
3,960
3,960
3,840
3,680
3,680
3,840
3,840
10,080
9,660
9,660
10,080
10,080
862,535
874,162
881,174
878,483
897,167
42,891
42,789
42,701
42,595
42,420
458,240 2,221,592
460,737 2,260,547
475,679 2,248,205
464,772 2,201,447
461,943 2,212,155
25,639
25,615
25,593
25,565
25,528
109,125
108,971
108,902
108,800
108,373
483,879 2,330,717
486,352 2,369,518
501,272 2,357,107
490,337 2,310,247
487,471 2,320,528
33,789
27,926
23,020
17,889
14,499
5,154,209
5,303,399
5,113,509
4,981,099
5,050,572
68,290
75,531
82,502
83,579
75,300
3,414,912
3,514,197
3,384,939
3,239,753
3,321,117
198,343
209,063
216,283
191,233
176,543
62,800
72,690
72,970
57,690
58,800
49,106
53,361
51,146
57,521
58,342
18,600
11,710
4,910
9,910
8,510
800,526
823,351
777,626
774,116
822,936
73,912
91,680
75,710
86,576
90,106
28,526
35,754
34,294
44,344
44,934
68,957
80,188
53,455
67,343
39,375
16,219
15,736
11,586
14,126
16,401
354,018
320,138
348,088
354,908
338,208
9,251,820
9,273,260
9,338,830
9,382,210
9,425,390
770,461
758,725
747,600
734,357
748,352
145,322
150,464
166,190
176,594
186,950
732,320
755,023
744,042
747,448
735,428
1,322,956
1,316,373
1,300,394
1,303,146
1,334,211
863,317
864,683
868,860
871,623
874,373
755,523
756,651
760,099
762,380
764,651
1,208,472
1,207,852
1,264,758
1,365,207
1,316,670
550,393
542,444
542,375
515,365
523,103
344,875
339,163
342,459
330,283
335,647
606,513
618,293
631,058
608,619
639,848
514,871
524,633
525,435
517,259
511,879
1,436,797
1,438,956
1,445,560
1,449,929
1,454,278
7,875,732
7,665,637
7,771,637
7,771,637
7,779,637
547,556
532,667
540,180
540,180
540,747
2,000,290
1,949,456
1,975,106
1,975,106
1,977,043
603,217
587,191
595,277
595,277
595,887
704,087
683,541
693,905
693,905
694,687
480,560
467,261
473,970
473,970
474,477
409,585 1,052,962
398,554 1,025,840
404,121 1,039,524
404,121 1,039,524
404,541 1,040,557
404,724
394,478
399,648
399,648
400,038
225,933
220,005
222,998
222,998
223,222
373,129
362,953
368,086
368,086
368,473
321,442
312,440
316,979
316,979
317,323
752,247
731,253
741,841
741,843
742,642
595,600
595,600
595,600
595,600
595,600
41,409
41,387
41,398
41,398
41,399
151,271
151,468
151,368
151,368
151,360
45,618
45,624
45,621
45,621
45,621
53,247
53,109
53,179
53,179
53,185
36,342
36,305
36,324
36,324
36,325
30,975
30,967
30,971
30,971
30,971
79,630
79,705
79,667
79,667
79,664
30,607
30,650
30,628
30,628
30,626
17,086
17,094
17,089
17,089
17,089
28,218
28,200
28,209
28,209
28,210
24,309
24,275
24,293
24,293
24,294
56,888
56,816
56,853
56,853
56,856
755,290
755,290
755,290
755,290
755,290
52,512
52,484
52,498
52,498
52,499
191,829
192,079
191,952
191,952
191,942
57,849
57,856
57,852
57,852
57,852
67,523
67,348
67,438
67,438
67,444
46,086
46,039
46,063
46,063
46,064
39,280
39,270
39,274
39,274
39,275
100,980
101,075
101,02/
101,027
101,023
38,814
38,868
38,840
3o,840
38,838
21,667
21,677
21,671
21,671
21,672
35,783
35,761
35,773
35,773
35,774
30,826
30,784
30,806
30,806
30,807
72,141
72,049
72,096
72,096
72,100
23,632,651
23,593,186
23,574,866
23,485,836
23,606,489
1,480,228
1,460,794
1,464,178
1,452,012
1,458,297
1,253,963 3,242,570 1,098,450
1,237,152 3,237,823 1,098,120
1,239,375 3,262,602 1,087,201
1,246,656 3,359,541 1,071,057
1,247,948 3,360,850 1,082,711
638,087
633,693
638,511
636,385
642,564
1,112,600
1,125,395
1,116,581
1,108,030
1,111,680
1026
5,903,624 1,637,347 2,210,613 1,475,411
5,957,664 1,654,757 2,193,061 1,467,649
5,869,555 1,659,075 2,187,886 1,476,363
5,734,773 1,637,431 2,175,358 1,485,501
5,828,412 1,611,331 2,208,327 1,489,581
907,667 2,672,091
907,868 2,619,210
909,099 2,664,440
903,463 2,675,629
900,704 2,664,084
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total loans and
securities:
July 31
Aug. 7
. .
Aug. 14
Aug. 21
Aug. 28
Due from foreign
banks:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Federal Reserve
notes of other
Banks:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Uncollected
items:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Bank premises:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Other assets:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total assets:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 2 8 . .
Federal Reserve
notes:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Deposits:
Member bank
•—reserve
account:
July 3 1 . . .
Aug. 7. ..
Aug. 1 4 . . .
Aug. 2 1 . . .
Aug. 2 8 . . .
U. S. Treasurer-general
account:
July 3 1 . . .
Aug. 7 . . .
Aug. 1 4 . . .
Aug. 2 1 . . .
Aug. 2 8 . . .
°rejuly 3 1 . . .
Aug. 7 . . .
Aug. 14. . .
Aug. 2 1 . . .
Aug. 2 8 . . .
OtherJuly 3 1 . . .
Aug. 7 . . .
Aug. 1 4 . . .
Aug. 2 1 . . .
Aug. 2 8 . . .
Total deposits:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Deferred availability items:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Kansas
City
San
Francisco
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
6,041,754
6,064,698
5,973,333
5,815,267
5,914,976
1,654,186
1,671,155
1,676,368
1,655,171
1,626,483
2,236,978
2,220,856
2,219,499
2,190,759
2,221,742
1,494,006
1,484,389
1,503,613
1,506,211
1,508,796
1,261,523
1,242,922
1,250,945
1,256,316
1,261,912
3,264,250
3,269,733
3,300,512
3,402,421
3,388,830
1,112,965
1,117,880
1,095,411
1,087,737
1,097,326
641,087
650,568
647,806
641,385
645,564
1,118,960
1,139.790
1,126,076
1,112,690
1,116,340
911,507
913,548
913,779
908,803
907,044
2,686,771
2,633,635
2,677,600
2,692,029
2,678,784
5
5
5
5
5
127
i 27
i 27
1
27
i 27
7
7
7
7
7
8
8
8
8
8
4
4
4
4
4
3
2
2
3
11
11
11
11
11
3
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
7
7
135,015
130,790
128,318
124,993
127,409
7,389
5,621
5,368
5,822
5,636
22,294
18,906
19,245
19,875
17,385
6,530
5,648
5,785
5,442
5,025
6,328
5,185
4,792
5,713
5,765
21,246
19,553
19,165
18,911
20,002
8,219
7,794
8,311
9,438
9,555
14,842
13,658
13,260
13,895
15,072
5,303
6,609
6,904
7,405
8,881
9,621
10,067
8,872
8,278
8,795
5,301
6,212
7,040
5,987
6,308
4,035
3,541
3,067
3,665
3,719
23,907
27,996
26,509
20,562
21,266
2,073,566
2,001,079
2,486,704
2,242,912
2,034,598
167,034
166,905
210,818
189,671
162,356
452,222
413,854
542,179
502,238
429,486
119,815
149,050
144,199
129,256
115,484
190,926
186,356
250,720
204,650
184,529
166,158
165,262
199,782
169,957
166,329
126,275
126,236
149,880
130,189
116,379
305,593
296,513
389,154
353,662
325,175
88,229
83,141
109,635
97,822
93,656
51,764
53,426
61,066
57,857
56,095
123,405
91,432
123,179
108,734
105,489
91,939
73,350
100,495
94,384
94,994
190,206
195,554
205,597
204,492
184,626
32,857
32,851
32,850
32,852
32,803
• 1,320
1,320
1,320
1,320
1,315
8,546
8,546
8,546
8,550
8,551
3,230
3,230
3,230
3,229
3,218
3,923
3,923
3,923
3,923
3,914
2,721
2,721
2,721
2,721
2,714
1,544
1,544
1,544
1,543
1,540
3,080
3,080
3,080
3,080
3,074
2,030
2,030
2,029
2,029
2,026
1,279
1,279
1,279
1,279
1,279
2,556
2,550
2,550
2,550
2,550
809
809
809
809
809
1,819
1,819
1,819
1,819
1,813
57,786
49,847
52,269
53,703
54,116
3,876
3,244
3,445
3,539
3,732
13,040
11,286
12,044
12,441
12,814
3,923
3,323
3,486
3,608
3,708
6,237
5,598
5,860
5,857
5,607
3,505
3,044
3,263
3,262
3,353
3,195
2,778
2,830
2,857
2,936
7,751
6,734
7,015
7,148
7,323
3,542
3,142
3,246
3,331
3,345
1,608
1,335
1,418
1,520
1,537
2,668
2,236
2,314
2,310
2,395
2,618
2,128
2,123
2,321
2,357
5,823
4,999
5,229
5,505
5,009
44,625,134
44,496,562
44,961,978
44,589,401
44,485,889
2,478,444
2,459,557
2,511,373
2,489,981
2,457,259
11,919,848
11,918,241
11,964,253
11,957,676
11,890,736
2,696,645
2,731,828
2,724,397
2,701,103
2,681,218
3,693,695
3,626,667
3,663,234
3,625,817
3,630,608
2,630,139
2,628,966
2,690,403
2,658,657
2,680,345
2,359,098
2,360,782
2,393,198
2,350,950
2,330,420
7,322,364
7,279,950
7,394,349
7,290,143
7,318,613
1,822,843
1,810,811
1,825,774
1,817,567
1,816,072
1,053,461
1,060,630
1,076,494
1,066,402
1,071,727
1,867,510
1,864,309
1,881,197
1,852,614
1,858,923
1,505,802
1,489,937
1,532,159
1,510,962
1,507,452
5,275,285
5,264,884
5,305,147
5,267,529
5,242,516
24,244,229
24,317,708
24,334,039
24,338,725
24,352,035
1,468,758
1,468,672
1,467,301
1,466,089
1,466,901
5,488,792
5,497,795
5,502,577
5,505,248
5,514,577
1,638,052
1,640,445
1,644,568
1,643,858
1,644,184
2,072,200
2,077,371
2,080,371
2,080,904
2,083,769
1,662,905
1,675,118
1,685,016
1,696,729
1,699,103
1,429,802
1,436,123
1,432,156
1,429,027
1,427,153
4,467,535
4,481,783
4,487,685
4,494,833
4,495,224
1,058,231
1,061,487
1,061,980
1,060,184
1,058,463
559,994
564,549
565,862
568,985
571,341
902,416
908,558
906,021
904,201
902,614
601,479
604,187
603,520
603,323
602,773
2,894,065
2,901,620
2,896,982
2,885,344
2,885,933
15,991,184
16,092,682
16,008,045
15,933,168
15,867,316
717,349
723,971
726,844
729,256
720,093
4,926,305
5,066,923
4,983,782
5,032,205
4,911,378
801,948
801,089
798,837
795,070
797,204
1,261,287
1,211,633
1,170,967
1,177,342
1,186,407
720,338
717,489
725,782
710,162
730,554
730,257
737,042
741,457
721,502
719,942
2,312,372
2,307,648
2,317,964
2,242,126
2,288,769
590,774
586,517
579,176
583,451
584,335
391,524
399,343
399,540
395,258
393,919
786,057
792,847
791,185
781,338
780,362
753,327
757,205
762,385
759,568
754,132
1,999,646
1,990,975
2,010,126
2,005,890
2,000,221
513,250
353,002
557,264
540,467
620,300
45,136
24,740
40,497
40,359
37,884
151,445
92,215
137,304
133,671
176,653
29,287
33,040
34,021
34,252
29,801
45,140
36,848
57,947
59,267
70,898
22,454
18,914
29,212
32,014
36,656
17,129
11,329
25,207
22,579
21,014
86,764
47,979
84,366
94,159
91,848
31,687
17,900
23,476
31,059
33,694
20,052
13,213
23,539
16,963
24,374
9,431
15,235
27,190
21,168
36,046
18,655
12,167
27,372
21,582
20,420
36,070
29,422
47,133
33,394
41,012
823,540
824,366
762,160
701,963
630,696
50,490
50,419
46,670
42,718
38,234
2301,953
2302,319
2278,922
2
259,436
!235,032
64,836
64,909
60,088
55,024
49,159
72,648
72,730
67,328
61,653
55,082
36,714
36,756
34,026
31,158
27,837
29,684
29,717
27,510
25,192
22,507
104,675
104,793
97,009
88,834
79,366
26,559
26,589
24,614
22,540
20,138
19,529
19,551
18,099
16,573
14,807
25,778
25,807
23,890
21,877
19,545
24,997
25,025
23,166
21,214
18,953
65,677
65,751
60,838
55,744
50,036
577,845
506,226
533,169
548,443
583,020
2,843
2,556
2,623
2,548
2,787
482,894
415,900
433,429
462,531
495,070
2,886
5,477
3,018
2,224
2,387
7,803
7,555
9,812
7,938
10,403
2,463
3,870
5,533
3,288
3,591
3,466
3,041
3,339
2,856
3,206
7,388
6,553
11,631
4,533
5,234
8,511
8,272
8,581
8,426
7,403
3,362
2,292
3,043
2,499
2,270
2,471
2,387
2,448
1,896
1,658
2,689
1,148
2,084
2,255
4,229
51,069
47,175
47,628
47,449
44,782
17,905,819
17,776,276
17,860,638
17,724,041
17,701,332
815,818
801,686
816,634
814,881
798,998
5,862,597
5,877,357
5,833,437
5,887,843
5,818,133
898,957
904,515
895,964
886,570
878,551
1,386,878
1,328,766
1,306,054
1,306,200
1,322,790
781,969
777,029
794,553
776,622
798,638
780,536
781,129
797,513
772,129
766,669
2,511,199
2,466,973
2,510,970
2,429,652
2,465,217
657,531
639 278
635^847
645,476
645,570
434,467
434 399
444^221
431,293
435,370
823,737
836,276
844,713
826,279
837,611
799,668
795,545
815,007
804,619
797,734
2,152,462
2,133,323
2,165,725
2,142,477
2,136,051
1,822,420
1,746,921
2,110,673
1 868 054
1,771,062
151,729
147,039
185,173
166,679
148,795
363,127
337,273
421,821
357,259
349,714
106,613
133,722
130,522
117,271
104,910
173,866
159,535
215,634
177 423
162]517
152,997
143,224
178,271
152,669
149^810
121,605
116,292
136,148
122,341
109',003
255,817
243,195
307,293
277,094
269^224
83,436
86,310
104,111
88,019
88^022
41,767
44,329
49,102
48,702
47*594
117,668
95,710
106,720
98 387
94,'807
82,001
67,479
90,814
80,089
83^911
171,794
172,813
185,064
182 121
162^755
New
York
Total
Boston
23,912,967
23.880,120
23,861,422
23,734,099
23,838,397
1,488,980
1,470,946
1,476,480
1,465,310
1,470,600
83
83
83
83
83
Minneapolis
Dallas
/
1
2
After deducting $56,000 participations of other Federal Reserve Banks on July 31; Aug. 7; Aug. 14; Aug. 21; and Aug. 28.
After deducting $521,033,000 participations of other Federal Reserve Banks on July 31; $521,620,000 on Aug. 7; $482,875,000 on Aug. 14;
$442,181,000 on Aug. 21; and $395,051,000 on Aug. 28.
SEPTEMBER
1946
1027
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of iollars]
Other liabilities
including accrued div.:
July 31
9,772
Aug. 7
11,526
Aug. 14
10,885
Aug. 21
11,295
Aug. 28
12,390
Total liabilities:
July 31
43,982,240
Aug. 7
43,852,431
Aug. 14
44,316,235
Aug. 21
43,942,115
Aug. 28
43,836,819
Capital Accounts:
Capital paid in:
July 31
183,952
Aug. 7
184,023
Aug. 14
184,111
Aug. 21
184,192
Aug. 28
184,210
Surplus
(section 7):
July 31
358,355
Aug. 7
358,355
Aug. 14
358,355
Aug. 21
358,355
Aug. 28
358,355
Surplus
(section 13b):
July 31
27,428
Aug. 7
27,428
Aug. 14
27,428
Aug. 21
27,428
Aug. 28
27,428
Other capital accounts:
July 31
73,159
Aug. 7
74,325
Aug. 14
75,849
Aug. 21
77,311
Aug. 28
79,077
Total liabilities
and capital accounts:
July 31
44,625,134
Aug. 7
44,496,562
Aug. 14
44,961,978
Aug. 21
44,589,401
Aug. 28
44,485,889
L^omm it merits to
make industrial loans:
July 31
5,438
Aug. 7
5,688
Aug. 14
6 102
Aug. 21
6 142
Aug. 28
6,159
Philadelphia
New
York
Boston
Total
Richmond
Cleveland
Chicago
Atlanta
Minneapolis
St.
Louis
Kansas
City
Dallas
San
Francisco
579
540
588
435
457
505
502
550
1,779
1,792
1,940
1,879
2,021
389
431
466
408
461
384
459
368
439
391
436
446
476
445
481
3,633,865
3,566,704
3,603,113
3,565,547
3,570,183
2,598,338
2,597,087
2,658,419
2,626,560
2,648,139
2,332,378
2,334,001
2,366,322
2,323,999
2,303,375
7,236,330
7,193,743
7,307,888
7,203,458
7,231,686
1,799,587
1,787,506
1,802,404
1,794,087
1,792,516
1,036,612
1,043,736
1,059,553
1,049,419
1,054,696
1,844,257
1,840,990
1,857,930
1,829,312
1,835,513
13,590
13,594
13,601
13,605
13,613
18,386
18,413
18,422
18,426
18,426
7,726
7,729
7,732
7,733
7,733
6,986
6,986
6,996
7,000
7,001
22,137
22,147
22,172
22,173
22,180
5,926
5,933
5,936
5,988
5,988
3,989
3,993
3,994
3,994
3,995
6,077
6,079
6,080
6,080
6,080
6,699
6,701
6,702
6,705
6,705
17,041
17,044
17,046
17,048
17,049
116,860
116,860
116,860
116,860
116,860
28,946
28,946
28,946
28,946
28,946
33,745
33,745
33,745
33,745
33,745
15,593
15,593
15,593
15,593
15,593
14,450
14,450
14,450
14,450
14,450
53,029
53,029
53,029
53,029
53,029
12,939
12,939
12,939
12,939
12,939
8,869
8,869
8,869
8,869
8,869
11,891
11,891
11,891
11,891
11,891
10,670
10,670
10,670
10,670
10,670
28,924
28,924
28,924
28,924
28,924
3,012
3,012
3,012
3,012
3,012
7,205
7,205
7,205
7,205
7,205
4,501
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,326
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
5,207
5,207
5,342
5,376
5,553
14,226
14,548
14,972
15,384
15,791
5,471
5,540
5,646
5,737
5,856
6,692
6,798
6,947
7,092
7,247
5,156
5,231
5,333
5,445
5,554
4,522
4,583
4,668
4,739
4,832
9,439
9,602
9,831
10,054
10,289
3,864
3,906
3,968
4,026
4,102
2,918
2,959
3,005
3,047
3,094
4,148
4,212
4,159
4,194
4,302
3,659
3,698
3,755
3,812
3,870
7,857
8,041
8,233
8,405
8,587
11,919,848 2,696,645
11,918,241 2,731,828
11,964,253 2,724,397
11,957,676 2,701,103
11,890,736 2,681,218
3,693,695
3,626,667
3,663,234
3,625,817
3,630,608
2,630,139
2,628;966
2,690,403
2,658,657
2,680,345
2,359,098
2,360,782
2,393,198
2,350,950
2,330,420
7,322,364
7,279,950
7,394,349
7,290,143
7,318,613
1,822,843
1,810,811
1,825,774
1,817,567
1,816,072
1,053,461
1,060,630
1,076,494
1,066,402
1,071,727
1,867,510
1,864,309
1,881,197
1,852,614
1,858,923
971
597
571
620
637
521
696
696
696
696
159
158
158
149
149
16
16
16
16
16
3,600
3,600
4,040
4,040
4^040
615
636
608
640
696
2,512
2,665
2,815
3,302
3,881
515
565
649
615
657
921
467
1,032
1,054
1,020
1,107
1,716
2,436,920
2,418,033
2,469,716
2,448,289
2,415,390
11,717,028
11,715,090
11,760,650
11,753,652
11,686,305
2,644,137
2,679,247
2,671,703
2,648,314
2,628,302
10,866
10,866
10,864
10,865
10,865
64,529
64,538
64,566
64,575
64,575
22,439
22,439
22,439
22,439
22,439
2,478,444
2,459,557
2,511,373
2,489,981
2,457,259
319
350
384
437
482
1,000
977
1,041
1,068
1,075
1,483,467 5,219,321
1,467,561 5,208,733
1,509,725 5,248,812
1,488,468 5,211,010
1,484,900 5,185,814
1,505,802 5,275,285
1,489,937 5,264,884
1,532,159 5,305,147
1,510,962 5,267,529
1,507,452 5,242,516
450
450
450
450
8
8
g
8
8
163
163
163
163
163
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes
outstanding (issued
to Bank):
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Collateral held against
notes outstanding:
Gold certificates:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Eligible paper:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
U. S. Govt. securities:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total collateral:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Boston
New
York
24,921,776
24,937,734
24,967,827
24,988,473
24,990,262
1,514,832
1,508,673
1,507,290
1,505,725
1,504,748
5,647,364
5,652,769
5,654,988
5,657,018
5,674,224
10,799,000
11,102,000
11,182,000
11,039,000
10,839,000
430,000
430,000
430,000
430,000
430,000
3,420,000
3,420,000
3,420,000
3,420,000
3,420,000
500,000
500,000
500,000
500,000
500,000
101,599
100,933
90,818
66,140
70,275
995
2,715
4,865
'4,550
64,381
35,813
37,463
22,645
32,105
5,833
5,855
6,725,
6,805
4,190
12,955
11,335
21,845
15,070
13,575
14,698,912
14,496,680
14,400,710
14,536,576
14,740,106
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
2,300,000
2,300,000
2,300,000
2,300,000
2,300,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,550,000 1,200,000
1,550,000 1 ,200,000
1,550,000 1,200,000
1,550,000 1,200,000
1,550,000 1,200,000
25,599,511
25,619,613
25,673,528
25,641,716
25,649,381
1,530,995
1,532,715
1,534,865
1 ,530,000
1,534,550
5,784,381
5,755,813
5,757,463
5,742,645
5,752,105
1,705,833 2 ,185,000
1,705,855 2 ,185,000
1,706,725 2 ,185,000
1,706,805 2,185,000
1,704,190 2 ,185,000
1028
Philadelphia
Cleveland
1,683,229 2,125,025
1,687,048 2 ,125,658
1,687,149 2 ,127,953
1,691,329 2,132,342
1,683,073 2,132,516
635,000
635,000
635,000
635,000
635,000
Richmond
• Atlanta
Chicago
1,710,099
1,720,487
1,727,580
1,740,709
1,737,144
1,463,320 4,545 ,212
1,470,037 4,549,964
1,468,379 4,562,140
1,466,922 4,565,974
1,465,182 4,568,966
550,000
550,000
550,000
565,000
565,000
625,000 2,,165,000
625,000 2 ,465,000
625,000 2,495,000
625,000 2
!,395,000
625,000 2!,195,000
1,762,955
1,761,335
1,771,845
1 ,780,070
1 ,778,575
Minne- Kansas
apolis
City
St.
Louis
Dallas
926,300
926,799
930,515
930,987
627,635
627,863
628,828
627,110
175,000
178,000
178,000
170,000
170,000
280,000
280,000
280,000
280,000
280,000
169,000
169,000
169,000
169,000
169,000
10,435
15,850 14,000
4,300 6,420
12,600 2,000
10,535
2,400
10,600
5,700
700
700
1,096,450 571,903
1,093,439 574,210
L,097,931 575,211
1,096,323 577,920
1,093,208 581,265
300,000
300,000
300,000
300,000
300,000
2,400,000,
2,100,000
2,100,000
2,200,000
2 ,400,000
898,912 400,000
1,475,000 4,565,000
1,475,000 4,565,000
1,475,000 4,595,000
1,475,000 4,595,000
1,475,000 4,595,000
1,209,347 575,000
1,232,530 592,000
1,205,010 584,420
1,224,176 597,000
1,225,641 595,000
850,000
850,000
850,000
850,000
850,000
San
Francisco
916,680
900,710
911,576
915,106
400,000
400,000
425,000
425,000
3,010,407
3,000,787
2,999,863
2,996,114
927,691 630,857 2,991,388
1,550,000
1,550,000
1,600,000
1,550,000
1,550,000
4,600
4,765
3,500
6,320
4,620
700,000 500,000 1,600,000
700,000 500,000 1,600,000
700,000 500,000 1,600,000
700,000 500,000 1,600,000
700,000 500,000 1,600,000
982,400
990,600
985,700
980,700
980,700
669,000 3,154,600
669,000 3,154,765
669,000 3,203,500
669,000 3,156,320
669,000 3,154,620
FEDERAL RESERVE BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed
loans
outstanding
Guaranteed loans
authorized
to date
Date
Number
1942
June 30
Sept. 30
Dec. 31
1943
Mar. 31
June 30
Sept. 30
Dec. 31
1944
Mar. 31
June 30
Sept. 30
Dec. 30
1945
Mar. 31
June 30
Sept. 30
Dec. 31
1946
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Total
amount
Amount
Additional
amount
available to
borrowers
Portion under guarguaran- antee agreements
teed
outstanding
565
1,658
2,665
310,680
944,204
2,688,397
81,108
427,918
803,720
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1,245,711 999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
5,904
6,433
6,882
7,434
7,466,762
8,046,672
8,685,753
9,310,582
2 ,009,511
2,064,318
1,960,785
1,735,970
137,888
69,674
230,720
356,677
632,474 1,430,121
1,680,046
1,735,777
1,663,489
1,482,038
3,615,963
3,810,797
4,301,322
4,453,586
7,886 9,645,378 1,599, 120 1 ,365,959 3,963,961
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,695 10,313,868 1,073,892 916,851 3,043,674
8,757 10,339,400 510,270 435,345
966,595
8,761
8,766
8,768
8,770
8,771
8,771
8,771
10,340,275
10,341,890
10,342,690
10,343,018
10,344,018
10,344,018
10,344,018
427,278
357,161
271,793
171,036
116,077
70,267
55,771
363,048
302,597
230,110
147,164
100,316
60,214
48,391
764,093
477,429
363,010
286,701
147,815
142,617
72,373
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees
available but not completed, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
1934
1935
1936
1937
1938
1939
. .
1940
1941
1942
June 24. . .
Dec. 3 1 . . .
1943
June 3 0 . . .
Dec. 3 1 . . .
1944
June 3 0 . . .
Dec. 3 0 . . .
1945
Mar. 3 1 . . .
June 3 0 . . .
Sept. 3 0 . . .
Dec. 3 1 . . .
1946
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 30. . .
Apr. 3 0 . . .
May 31. . .
June 2 9 . . .
July 3 1 . . . .
Applications
approved
to date
Number
Approved
Loans Commit
but not
outments
outcom- 1 standing2
pleted (amount) standing
Amount (amount)
(amount)
Participations
outstanding
(amount)
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13 683
9,'152
10,337
8 225
2 7,'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
475,468
491,342
3,203
13,044
10,532
12,132
9,270
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
3,493
3,502
3,505
3,511
528,936
537,331
540,241
544,961
85
70
130
320
4,214
3,252
3,166
1,995
3,321
5,224
4,291
1,644
2,365
2,501
2,018
1,086
3,512
3,513
3,519
3,520
3,520
3,524
3,528
545,372
546,149
547,581
551,512
551,890
552,711
558,538
195
545
755
1,843
1,590
1,536
1,486
1,310
1,210
1,178
1,579
1,575
2,063
1,631
5,393
5,366
5,438
1,046
Total reserves held:
1945—June
July.
1946—June
July.
June 27
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Excess reserv BS:
1945—June
July.
1946—j u n e
July.
1
926
4,095
45
615
6,085
976
1,014
1,034
1,229
1,110
1,103
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.
SEPTEMBER
1946
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
banks l
Coun-
3 ,930
4 ,199
4 ,180
895
887
897
6,072
5,834
6,320
6,314
4,195
4,096
4,588
4,627
15 ,926
16 ,034
15 ,985
16 062
15 ,982
. . . . 16 035
16 ,062
16 042
4 ,206
4 ,216
4 ,182
4 163
4 ,185
4 168
4 ,152
4 117
878
876
881
897
899
903
903
909
6,284
6,332
6,294
6,338
6,297
6,338
6,338
6,339
4,559
4,611
4,628
4,664
4,601
4,626
4,669
4,678
1 ,339
1 ,220
943
928
30
17
29
18
8
10
5
11
370
328
240
226
932
866
867
997
933
974
24
30
17
19
3
3
3
9
210
280
227
243
15 415
14 ,755
15 ,996
16 ,017
June 27
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
,
Aug. 15
Borrowings a t Federal
Reserve Itanks:
1945—June
4 211
937
669
673
630
684
686
703
637
859
20
7
195
913
914
925
16
17
14
8
5
7
230
211
215
659
681
689
590
164
127
121
399
76
6
7
1
4
3
132
54
84
82
58
33
33
27
June 27
July 4
July 11
July 18
July 25
119
81
149
137
1
7
12
2
79
52
107
97
34
103
1
5
6
4
5
79
Aug. 1
Aug. 8
Aug. 15
94
144
12
4
1
55
80
129
10
23
27
59
40
July.
1946—June
July.
79
16
26
33
P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
19,070
17,930
984
All
member
banks *
Month , or
week ending Thursday
26,430
17,305
3,452
3,471
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
July 1945
June 1946
16,035
16,889
6,746
7,925
10,324
11,903
4,659
5,503
July 1946
16,475
8,026
11,928
5,593
Boston
New York
Philadelphia
Cleveland
2,047
3,178
1,171
1,441
858
2,081
704
880
363
1,106
958
1,076
225
1,090
831
770
Richmond
Atlanta
Chicago.*
St. Louis
1,141
1,596
2,017
630
372
468
1,283
310
873
717
1,612
969
431
197
871
252
Minneapolis
Kansas City
Dallas
San Francisco. . .
566
538
934
1,218
272
103
125
570
700
1,529
1,430
594
397
189
55
285
1029
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
Interbank
U. S.
Government
war loan
deposits2
Other
Demand
deposits
ad- 3
justed
Net
demand
deposits4
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of July 1946
All member banks
95,046
12,044
Central reserve city bank:
New York
Chicago
25,135
5,296
4 ,300
1,129
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis*
Kansas City
Dallas
San Francisco
35,137
2,169
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
72,686
67,629
74,112
26,225
5,798
16,035
15,055
980
144
2,996
684
17,839
3,483
16,128
3,194
20,408
4,160
1,405
51
164
4,194
4,166
781
894
879
28
15
9
7
3,904
295
69
308
505
248
221
503
233
148
255
223
896
25,690
1,579
23,394
1,451
27,204
1,704
10,467
1,827
6,313
6,069
451
456
1,882
3,022
1,636
1,443
3,131
1,222
1,734
2,790
1,495
1,294
2,895
1,074
2,012
3,131
1,750
1,690
3,108
1,541
189
298
217
45
26
80
165
108
140
280
109
64
285
228
298
357
113
424
729
398
382
769
339
174
484
428
352
109
415
699
377
362
736
327
170
456
389
1,716
1,676
244
5
3
8
30
21
21
33
12
4
28
39
40
100
487
2,547
4,028
2,231
2,194
4,118
2,027
1,089
2,914
2,436
8,797
5 ,543
295
30
357
501
348
531
485
572
299
915
585
625
29,478
2,501
4,405
2,150
2,534
2,135
2,535
3,681
1,721
1,331
2,137
2,506
1,843
1,072
94
92
15
26
121
2U
69
123
67
84
144
28
2,732
300
565
236
287
191
190
364
117
114
116
123
128
3,755
4,635
3,942
186
319
207
286
295
354
493
242
183
419
533
238
370
757
378
443
313
361
613
256
218
299
338
290
333
661
324
366
270
312
517
220
181
239
265
252
693
37
97
53
76
43
49
96
36
37
59
73
37
28
3
16
3
2
2
98
587
642
565
801
1,745
1,628
7,275
1,541
1,490
6,616
2,176
1,851
6,983
25,674 . 24,913
2,000
2,108
3,577
3,748
1,849
1,898
2,221
2,168
1,751
1,823
2,073
2,134
3,249
3,185
1,443
1,482
1,119
1,149
1,937
1,911
2,197
2,239
1,640
1,686
22,340
1,917
3,367
1,662
1,913
1,589
1,942
2,772
1,328
1,008
1,586
1,818
1,438
1,212
445
396
1,914
317
163
343
314
4,660
13,572
1,081
3,156
1,530
1,644
801
663
2,148
560
666
291
178
853
3
1
4
9
11
3
39
16
6
Second half of July 1946
All member banks
94,756
12,013
9,887
72,856
67,989
74,432
26,379
5,806
16,001
15,121
880
Central reserve city bank;
New York
Chicago
24,827
5,365
4,250
1,180
2,835
17,741
3,530
16,145
3,220
20,367
4,230
1,412
784
59
174
4 ,166
901
4 ,158
893
8
8
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
35,107
2,175
5,526
3,763
23,575
1,472
27,367
1,727
1,827
489
455
465
1,856
3,023
1,645
1,458
3,130
1,240
1,726
2,793
1,509
1,314
2,897
1,090
1,994
3,132
1,764
1,687
3,115
1,544
190
299
235
43
23
78
169
100
139
304
103
67
287
226
290
6 ,315
362
113
421
746
391
375
770
337
174
491
423
1,711
6 ,105
357
111
413
699
380
361
738
328
171
466
392
1,689
210
5
3
8
47
11
14
32
10
3
25
31
22
66
281
66
293
498
237
211
484
222
140
245
213
872
25,818
1,599
10,521
295
32
344
502
340
506
512
553
304
953
567
617
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
29,457
2,501
4,347
2,137
2,553
2,134
2,502
3,718
1,724
1,335
2,165
2,505
1,837
1,056
2,634
88
89
14
26
120
200
74
124
67
85
141
27
286
538
227
289
181
183
352
113
109
113
119
123
4 ,619
373
746
378
444
315
353
622
253
217
295
336
287
3 ,965
335
662
326
369
273
311
520
221
182
243
268
254
654
38
84
52
74
42
42
102
32
35
52
68
33
27
1
16
2
2
2
588
2,494
4,024
2,222
2,175
4,127
2,016
1,090
2,961
2,439
8,798
655
646
567
805
1,763
1,659
7,309
1,555
1,520
6,676
2,227
1,866
7,042
25,767
2,127
3,720
1,896
2,238
1,833
2,118
3,292
1,487
1,159
1,967
2,245
1,686
25,049
2,024
3,563
1,851
2,184
1,765
2,062
3,228
1,449
1,131
1,943
2,207
1,643
22,469
1,931
3,362
1,670
1,929
1,604
1,937
2,788
1,337
1,015
1,608
1,837
1,450
1,213
447
397
1,922
318
164
345
314
4,677
13,662
1,085
3,184
1,540
1,655
806
665
2,159
565
671
293
182
856
3,746
191
305
200
286
294
337
525
243
187
430
521
228
2
2
6
7
8
4
15
11
4
3
' 2
1
1
Averages of daily closingfiguresfor reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based on deposits at opening of business.
" 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, 3therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than 4war loan and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
5
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
1030
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Large denomination currency2
Coin and small denomination currency2
Total
in circulation1
Total
Coin
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1945—March.
April...
May. . .
June...
July
August.
September...
October
November...
December. . .
25,899
26,189
26,528
26,746
27,108
27,685
27,826
28,049
28,211
28,515
18,000
18,353
18,715
19,183
19,599
20,141
20,235
20,381
20,500
20,683
1,170
1,180
1,196
1,205
1,223
1,236
1,243
1,252
1,263
1,274
1946—January
February....
March.
April
May
June...
July...
27,917
27,954
27,879
27,885
28,120
28,245
28,254
20,126
20,139
20,045
19,997
20,171
20,248
20,185
1,261
1,264
1,269
1,280
1,291
1,300
1,311
End of year or
month
3
$1
$2
$5
402
423
460
499
505
524
559
610
695
801
909
987
33
32
33
35
33
34
36
39
44
55
70
81
719
771
815
906
905
946
954
957
972
981
995
Unassorted
$10
$20
Total
$50
$100
$500
1,019
1,129
1,355
1,693
1,973
2,150
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
364
337
358
399
387
409
460
538
724
618
577
627
707
710
770
919
1,112
1,433
1,019 1,910
1,481 2,912
1,996 4,153
125
112
122
135
139
160
191
227
261
287
407
555
237
216
239
265
288
327
425
523
556
586
749
990
8
5
7
7
6
17
20
30
24
9
9
10
10
7
16
18
12
32
32
60
46
25
22
24
8
10
5
8
7
5
2
4
4
3
2
3
1,003
1,001
1,000
1,009
1,039
73
73
73
73
73
73
72
71
71
73
2,132
2,151
2,186
2,215
2,250
2,301
2,288
2,274
2,279
2,313
6,132
6,238
6,377
6,515
6,659
6,826
6,815
6,779
6,783
6,782
7,539
7,754
7,911
8,193
8,400
8,700
8,816
9,004
9,095
9,201
7,900
7,837
7,814
7,565
7,511
7,546
7,592
7,671
7,713
7,834
2,088
2,126
2,159
2,132
2,139
2,180
2,204
2,243
2,264
2,327
4,266
4,210
4,192
4,044
4,013
4,038
4,071
4,123
4,154
4,220
550
527
513
483
472
466
464
461
457
454
965
932
909
868
847
832
825
816
811
801
9
9
8
8
8
8
8
7
7
7
23
33
33
31
32
22
21
21
20
24
1
1
1
2
2
2
2
2
2
2
985
982
984
987
999
998
990
69
68
67
66
67
67
67
2,217
2,211
2,191
2,173
2,199
2,191
2,166
6,568
6,570
6,547
6,509
6,586
6,604
6,552
9,027
9,044
8,986
8,981
9,029
9,087
9,099
7,794
7,816
7,834
7,889
7,950
7,998
8,071
2,316
2,322
2,327
2,337
2,352
2,364
4,224
4,248
4,267
4,309
4,356
4,387
2 , 3 7 7 4,437
445
443
442
439
438
438
436
779
772
768
773
775
781
790
7
9
9
8
8
8
8
22
22
22
22
21
22
21
3
1
1
1
1
2
2
$1,000 $5,000 $10,000
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
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 leld in the Treasury
Total outstanding, As security
against
July 31,
gold and Treasury
1946
cash
silver
certificates
20,267
18,156
24,922
4,540
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—July 31 1946
June 30' 1946
July 31 1945
.
494
1,909
*2,241
883
329
347
465
18,156
' *2,241
15 ?90
332
1,909
50
24,010
4,194
50
23,973
4,222
52
23,139
3,917
3
i2 '
4
3
1
20,396
20,398
19,945
2 815
813
307
2,250
2,251
2,258
142
140
127
243
22
5
29
5
-
114
1
2 2,111
99
39
18
For
Federal
Reserve
Banks
and
agents
Money in circulation1
Money
held by
Federal
Reserve
July 31,
Banks and July 31, June 30,
1945
1946
1946
agents
1,998
849
320
314
458
2,026
843
317
317
464
1,732
800
296
322
521
113
114
119
3,935
3,864
3,775
28,254
1
15,290
15,288
15,165
28,245
27,108
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. 1023, and seasonally adjusted figures in table on p. 1032=
2
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31,
1945.
* To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
* Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
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 buHion 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.
SEPTEMBER
1946
1031
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series l
+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
7,598
8,732
11,160
15,410
20,449
25,307
28,515
Monthly averages of daily
figures:
1945—March
April
May
June
July
August
September... .
October
November... .
December....
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
+401
+291
+318
+157
+278
+558
+291
+122
+124
+103
1946—January
February
March
April
May
June
July
August
28,158
27,944
27,913
27,923
27,978
28,140
28,281
28,352
28,074
27,944
27,997
28,148
28,175
28,281
28,338
28,494
-96
-130
+53
+ 151
+27
+ 106
+57
+ 156
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
Increase
in gold
stock
19342
8,238
4,202.5
1935
10,125
1,887.2
1936
311,258
1,132.5
3
1937
12,760
1,502.5
1938 .
14,512
1,751.5
1939
17,644
3,132.0
1940
4,351.2
21,995
1941
22,737
741.8
1942
22,726
— 10.3
1943 . .
21,938
— 788.5
1944
20,619 — 1,319.0
1945
—553.9
20,065
1945—August
20,088
-64.6
September.. 20,073
-15.0
October. . . . 20,036
-36.9
November.. 20,030
-6.2
December. . 20,065
35.2
1946—January... . 20,156
91.0
February... 20,232
76.3
March
20,256
23.9
April
20,251
-5.2
May
20,242
-9.1
June
20,270
28.1
July
20,267
-3.2
P2O,28O
August
P13.4
EarDoNet
marked mestic
gold
gold: de- gold
import
crease
proor export
or induc(-)
crease ( —) tion x
1,133.9
1,739.0
1,116.6
1', 585'. 5
1,973.6
4^744.5
982.4
315.7
68.9
—845.4
— 106.3
-12.3
13.5
-4.3
.8
19.3
154.1
82.4
31.4
-20.5
-27.0
36.3
6.3
(4)
82.6
.2
—85.9
—200.4
—333.5
—534^4
—644.7
—407.7
—458.4
—803.6
—459.8
—356.7
-63.0
-19.0
34.6
-38.2
-4.3
-12.5
-5.8
19.7
15.1
27.5
15.0
5
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
3.2
2.7
3.6
3.8
3.6
4.0
3.3
3.6
3.2
3.2
3.4
8.0
60.1
(4)
v Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 1078, adjusted to exclude
Philippine Islands production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and
$35 a fine ounce thereafter.
s Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
* Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of the International Bank
amounted to 4,166.7 million dollars on Aug. 31, 1946. Gold under
earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Annual rate of
turnover of total
deposits except
interbank
Total, all
reporting
centers
New
York
City 1
140
other
centers x
Other
reporting
centers 2
1937
1938
1939
1940
1941
1942—old series 33
1942—new series
1943
1944
1945
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
974,102
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
16.1
16.5
17.1
18.3
1945—July
August
September
October
November
December
1946—January
February
March
April
May
June
July
79,163
73,208
71,169
81,616
79,401
101,577
89,132
73,963
87,579
87,532
r
85,908
86,667
91,377
•
33,590
29,388
28,545
34,984
32,246
45,035
38,819
30,498
35,670
37,208
35,085
34,972
37,357
38,286
36,767
35,718
39,006
39,255
47,774
41,977
36,210
43,449
42,122
42,433
43,219
45,017
7,287
7,054
6,906
7,626
7,900
8,766
8,337
7,255
8,459
8,201
'8,390
8,476
9,004
17.5
14.4
16.5
18.1
18.1
23.1
18.5
16.6
17.8
19.0
17.9
18.9
20.0
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
deposits except interbank and Government
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
193,143
164,945
167,939
167,373
193,729
200,337
New
York
City
13.1
11.7
10.8
9.7
215,090
186,140
200,636
217,744
270,439
308,913
29.5
25.1
21.0
17.1
17.3
18.0
22.4
19.9
19.4
18.6
19.4
18.4
258,398
298,902
351,602
369,396
403,400
412,800
20.5
22.4
24.2
17.4
17.3
16.1
9.2
8.2
9.1
8.8
9.9
10.9
9.0
8.7
9.4
9.2
9.2
9.9
10.1
29,190
24,803
26,534
29,990
28,423
37,046
34,165
27,425
32,831
33,290
30,408
32,439
32,667
32,662
30,796
30,631
33,474
34,616
41,070
35,546
31,402
36,543
36,478
35,324
r
36,921
38,240
25.6
19.7
22.9
22.4
23.5
31.8
28.3
25.6
27.5
27.6
24.5
26.3
25.6
16.1
13.7
14.9
14.4
16.5
19.5
16.2
16.2
16.8
16.8
15.8
16.7
16.8
333 other
reporting
centers
r
1
2
3
Revised.
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.
1032
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
1929—June
December
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—June
December
41,680
42,548
19,172
19,817
36,919
37,766
14,411
15,035
1937—June
December
1938—June
December
1939—June
December
1940—June
December
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
1945—TUJV
August
September
October
November
December
1946—Januarys
February P
March?
April?
May?
June?
Julyp
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
163,600
163,200
162,900
163,900
167,300
175,401
176,300
177,000
173,700
174,200
173,400
r
l7l,3OO
170,800
97,700
99,900
101,700
104,500
106,300
102,341
102,700
102,300
101,200
103,600
104,900
»-106,200
107,000
End of month
Time deposits
United
States
Government
deposits2
Currency
outside
banks
Total
Commercial
banks »*
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
852
1,016
21,656
21,715
10,849
11,019
9,621
9,488
1,186
1,208
4 761
4^782
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
10 125
10',170
10 209
10]278
10,433
10,523
10,631
10,658
1,267
1^269
1,251
1^251
1,261
1,278
1,292
1,303
5,489
5', 638
5 417
5',775
6,005
6,401
6,699
7,325
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
1,303
1,313
1 315
1 576
1^786
2,032
2,340
2,657
8,204
9,615
10 936
13^946
15,814
18^837
20,881
23,505
25,097
138,100
137,300
136,800
137,600
141,000
148,911
150,200
150,900
147,600
148,000
147,000
144,700
144,200
72,200
74,000
75,600
78,200
80,000
75,851
76,600
76,200
75,100
77,400
78,500
r
79,600
80,400
20 800
17,300
14,300
11,700
13,100
24,608
24,600
25,000
22,400
20,000
17,400
13,400
11,300
45,100
46,000
46,900
47,700
47,900
48,452
49,000
49,700
50,100
50,600
51,100
51,700
52,500
27,800
28,500
29,200
29,700
29,800
30,135
30,500
31,100
31,300
31,600
32,000
32,400
32,900
14 600
14^700
14,900
15,100
15,200
15,385
15,500
15,600
15,800
15,900
16,000
16,200
16,400
2 700
2,'800
2,800
2,900
2,900
2,932
3,000
3,000
3,000
3,100
3,100
3,100
3,200
25,500
25!900
26,100
26,300
26,300
26,490
26,100
26,100
26,100
26,200
26,400
r
26 600
26^600
Mutual
savings
banks 4
Postal
Savings
System 5
lUl5
T
Revised.
x
p Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash Sterns in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Tabie 9, pp. 34-35, for back figures.
2
3
4
5
BANK SUSPENSIONS 1
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
1939—Dec. . 1,279
1940—Dec. . 1,304
1941—Dec. . 1,314
1942—Dec.. . 1,417
1943—Dec. . 1,788
1944—Dec. . 2,342
1,319
1,348
1,396
1,464
1,843
2,411
53
36
26
16
10
8
2,720
2,785
2,836
2,880
2,909
2,933
2,981
3,013
3,043
3,066
3,091
P3.110
P3.154
2,809
2,867
2,921
2,968
2,999
3,022
3,073
3,107
3,139
3,161
3,188
7
8
8
6
6
6
5
5
5
5
5
1945—July. .
Aug...
Sept..
Oct.. .
Nov. .
Dec...
1946—Jan.. .
Feb.. .
Mar...
Apr.. .
May..
June..
July..
U. S. Government
securities
Total
1,192
1,224
1,274
1,345
1,716
2,252
Direct
1,046
1,078
1,128
1,220
1,716
2,252
2,625 2,625
2,674 2,674
2,737 2,737
2,780 2,780
2,809 2,809
2,837 2,837
2,886 2,886
2,910 2,910
2,951 2,951
2,966 2,966
2,986 2,986
Cash
reserve
Guar- funds,
anetc. 2
teed
146
146
146
126
74
88
95
102
118
152
176
185
176
182
184
179
181
192
182
189
197
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same^publication.
1
2
SEPTEMBER
1946
Member
banks
Total,
all
banks
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945
1946—Jan.-Aug
Nonmember
banks
National State
291
15
22
8
9
4
1
1
4
2
6
Insured
Noninsured
189
81
18
3
6
2
1
3
1
3
0
0
Deposits of suspended banks
(in thousands of dollars):2
125,991 14,616 26,548 44,348 40,479
1934-39
1940
1941
1942
1943
1944
1945
1946—Jan.-Aug
5,943
256
3,726 3,144
1,702
6,223 4,982
405
0
0
5,341
503
1,375
1,241
405
346
79
327
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation-loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
1033
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Deposits
Other
Investments
Total
U . S.
Loans
Interbank^
Number
of banks
Government
obligations
Other
securities
Total*
27,570 17,953
28,716 19,402
30,419 20,983
34,485 25 ,488
54,222 45 ,932
73,365 65 ,932
93 ,446 85 ,885
101 ,661 93 ,657
100.872 101,295
105,320 96,100
9.617
9,314
9,436
8,997
8,290
7,433
7,561
8,004
8,577
9,220
61,319
68,225
75,963
81,780
99,796
117,661
141,449
151,033
165.612
159,460
7,484 28,695
9,883 32,492
38,518
10,941
10,989 44,316
61,395
11,318
75,561
11,012
12,245 91,644
1 2,605 96.725
14.065 105.073
12,310 98,350
25,140
25,850
26,504
26.476
27,083
31,088
37,559
41.702
45.623
48,800
15,207
15,035
14,895
14,825
14,682
14,579
14,535
14,^42
14,553
14,567
7,223
6,801
6,136
6,3?9
6,764
7,331
7,860
51,041
57,702
65,305
71,248
89.132
105,923
128.072
136.607
150.227
143,180
7,484 28,695
9.883 32,492
38,518
10,941
10,989 44.316
11.318 61,395
75,561
11.012
12.245 91.644
12.60S 96.725
14.065 105.Q73
12,310 98,350
14,862
15.327
15,846
15.944
16,419
19,350
24,183
27 276
30.238
32,520
14,652
14,484
14.344
14,277
14,136
14,034
13,992
14,000
14,011
14,026
6,943
6,859
7,098
6,984
6,631
5,983
6,155
6,577
7.131
7,641
49.772
56.069
63,461
69,411
87,803
104,094
125,714
134.245
147.775
140,612
7 254
9.523
10.539
10,654
11.144
10.705
12,074
12.401
13.883
12,007
27.849
31,483
37.333
43.061
60,504
74,309
89.761
94.910
04,015
96,459
14.669
15,063
15.589
15.697
16,154
19,081
23.879
26.934
29,876
32,145
13,655
13.531
13,438
13,426
13,34.1
13,270
13,263
13.277
13.207
13,330
640
651
982
961
5,629
,022
,208
,599
6.070
6,458
43,363
49,340
56,430
61,717
78,?77
92,262
110.917
118,378
129.670
122,519
7.153
9,410
10,423
10,525
11,000
10.555
11.884
12,230
13.640
11,801
24.842
28.231
33,829
38.846
54.523
66,438
79.774
84.400
91.820
84,602
11.369
11.699
12,178
12,347
12,754
15,268
19,259
21,748
24,210
26,115
6.338
6,362
6,4«6
6,619
6,679
6.73S
6,814
6.840
6.RR4
6,887
27,996
31.559
35,787
39,458
50.468
59,961
71,858
76.533
84.939
80,212
4.499
5,898
6.574
6,786
7,400
7,159
8.056
8,251
9,229
7,816
15.587
17.579
20.885
24,350
34.499
42.605
50,900
53.698
59.486
54,930
7.910
8.081
8.329
8,322
8,570
10,196
12,901
14,585
16,224
17,466
5,224
5.1*7
5,144
5,117
5,0*1
5,040
5,025
5,015
5,017
5,012
15.367
17,781
20,642
22,259
27,808
32,302
39,059
41,844
44,730
42,307
2,653
3,512
3,849
3,739
3,600
3,397
3.827
3,980
4,411
3,986
9.255
10,652
12.944
14,495
20,024
23.833
28,874
30,702
32.334
29,672
3,459
3.617
3,849
4,025
4.184
5,072
6,357
7,163
7,986
8,649
1.114
1,175
1,342
1.502
1,598
1,698
1,789
1.8?5
1,867
1,875
Total
All banks:
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—June 30.
Dec. 31.
1946—June 29«.
48,831
50,885
54,170
61,101
78,137
96,966
119,461
129,639
140,227
136,820
21,261
22,169
23,751
26,616
23.915
23,601
26,015
27.979
30.355
31,500
All commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29e
38,669
40,667
43.922
50,722
67,391
85,095
105,530
114,505
124,019
119,690
16,364
17,243
18,792
21,711
19,217
19,117
21,644
23,672
26.076
27,150
All insured commercial banks:
1938—Dec. 31
1939—Dec. 30.
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
bee. 31
1946—June 29
37,470
39,289
42,556
49,288
66,240
83,507
103,382
112,353
121,809
117,409
16,021
16,863
18,394
21,258
18,903
18,841
21,352
23,376
25.765
26,791
All member banks:
1938—Dec. 31. . .
1939—Dec. 30. . .
1940—Dec. 31. . .
1941—Dec. 31 2 ...
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 30. . .
1945—June 30. . .
Dec. 3 1 . . . .
1946—June 29
32,070
33,941
37,126
43,521
59,263
74.258
.91,569
99,426
107,183
102,032
13,208
13,962
15,321
18,021
16,088
16,288
18,676
20,588
22.775
23,302
57
72
78
84
78
All national banks:
1938—Dec. 3 1 . . .
1939—Dec. 30. . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Dec. 30. . .
1945—June 30. . .
Dec. 3 1 . . . .
1946—June 29 . . . .
20,903
21,810
23,648
27.571
37,576
47,499
58,308
63,177
69,312
66,277
S t a t e member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31 2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
11,168
12,130
13,478
15,950
21,687
26,759
33,261
36,249
37,871
35,754
22,305
23,424
25 ,130
29 ,011
48,174
65 ,978
83.886
90. 833
15 ,071
16,300
17,759
21 ,788
41 ,373
59 ,842
97 .943
92 ,540
77 ,558
84 069
90 613
84 680
21
22
24
28
14 506
15 566
17 063
21 046
449
426
161
030
336
666
030
978
043
618
40 705
58 683
75 875
82 401
88 912
82 977
863
979
805
500
175
970
893
838
408
729
13 223
14 328
15 823
19 539
37 546
52 948
67 685
73 239
78 338
72 272
8,469
9,022
10,004
11,725
10,183
10,116
11,480
12,369
13,925
14,469
12 434
12 789
13 644
15 845
27 393
37 382
46 828
50 808
55,387
51,809
691
058
735
039
744
065
292
051
51.250
47 271
3,743
3,731
3,908
3,806
3,648
3.318
3,536
3,757
4,137
4,537
4,738
4,940
5,316
6,295
5,905
6,171
7,196
8,219
8,850
8,834
6 429
7,190
8 162
9 654
15 783
20,588
26, 065
28, 030
29.021
26,921
4 532
5,271
6,088
7 500
13,802
18,883
24,393
26,188
27,089
25 000
1,897
1,920
2,074
2,155
1,980
1,705
1,672
1.842
1,933
1,921
47
64
82
88
96
90
18
19
21
25
43
8
9
9
12
23
34
43
47
Demand
Time
e
Partly estimated. Figures have been rounded to nearest 10 million dollars.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These
banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included
only 1once in "all banks."
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
* Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
1034
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Depo sits
Loans and investments
Investments
Class of bank
and
call date
Total
Loans
Total
Other
U. S.
Government
obligations
Other
securities
Total 1
All nonmember commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29«
6,598
6,726
6,796
7,208
8,135
10,847
13,972
15,091
16.849
17,670
3,156
3,281
3,471
3,693
3,132
2,832
2,971
3,087
3.303
3,850
3,442
3,445
3,325
3,515
5,003
8,014
11,002
12,005
13,546
13,820
1,848
1,971
1,936
2,251
3,829
6,899
9,880
10,839
12,284
12,420
1.594
,474
,389
,264
,174
,115
,122
,166
1,262
L,400
7,678
8,362
8,875
9,539
10,864
13,671
17,168
18,242
20,571
20,680
Insured nonmember commercial
banks:
1938—Dec 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec 30
1945—j une 30
Dec 31
1946—June 29
. .
5,399
5,348
5,429
5,774
6,984
9,258
11,824
12,940
14.639
15,392
2,813
2,901
3,074
3,241
2,818
2,556
2,678
2,790
2.992
3,491
2,586
2,447
2,356
2,533
4,166
6,702
9,146
10,150
11.647
11,901
1,283
1,238
1,240
1,509
3,162
5,739
8 197
9 170
10,584
10,716
L,303
1,209
1,116
1.025
1,004
6,409
6,729
7,032
7,702
9,535
11,842
14,809
15,880
18,119
18,108
1,199
1,378
1,367
1,434
1,151
1.588
2,148
2,152
2,211
2,280
343
856
565
291
380
397
452
314
276
292
297
311
360
998
969
982
837
1,312
1,856
1,855
1,900
1,920
733
696
742
667
1,160
1,682
1,668
1 700
1,700
265
273
239
170
153
174
187
200
220
1,269
1,633
1,843
1,837
1,329
1,829
2,358
2,362
2.452
2,570
10,162
10,218
10,248
10,379
10,746
11,871
13,931
15,134
16,208
17,130
4,897
4,926
4,959
4,905
4,698
4,484
4,370
4,307
4,279
4,350
5,265
5,292
5,289
5,474
6,048
7,387
9,560
10,827
11,928
12,780
2,883
3,102
3 224
3,700
4 559
6 090
8,328
9,588
10 682
11,420
2,382
2,190
2,065
1,774
1,489
1 297
1,232
1,240
1 246
1,360
972
1,329
1,655
1 693
2,007
7,525
9,223
10.063
10,846
11,454
461
511
280
232
422
548
629
861
303
470
421
405
608
604
607
606
9,190
8,889
8,593
8,686
8,739
4,345
4 708
5,071
5,361
5,680
Noninsured nonmember commercial
banks:
1938—Dec. 31
1939—Dec 30
1940—Dec. 31
1941—Dec 31
1942—Dec. 31s 4
1943—Dec 31
1944—Dec. 30
1945—June 30
Dec 31
1946—j une 29«
.
AH m u t u a l savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 312
1942—Dec. 31
1943—Dec 31
1944—Dec 30
. .
1945—j u n e 30
Dec 31
..
1946—June 29 •
...
. .
Insured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec 31
1941—Dec 312
1942—Dec. 31
1943—Dec 31
1944—Dec 30
1945—j u n e 30
Dec 31
1946—June 29
. . .
...
Noninsured m u t u a l savings b a n k s :
1938—Dec 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
1943 Dec. 31
1944—Dec 30
1945—j u n e 30
Dec. 31
1946—j u n e 29e
605
637
642
740
724
3,073
3,110
3,089
3,081
3,132
1,018
1 050
1,267
4,452
6 113
6,974
7,765
8,322
3 844
5 509
6,368
7 160
7,662
4,436
4,321
4,322
4.263
3,958
1,411
1,260
1,218
1,198
1,220
4 754
4,568
4,271
4,424
4 781
2,935
3 448
3,853
4,163
4,460
2 603
2,680
2 676
3,071
3 698
2,246
2 819
3 220
3,522
3,760
962
949
979
1,063
1,185
660
2 150
1,887
1,595
1,353
1 084
689
629
633
641
700
Interbank*
Number
of banks
Demand
Time
331
473
518
464
318
457
362
375
426
3,853
4,260
4,689
5,470
6,872
9,123
11,870
12 326
14,104
13,750
3,493
3,629
3,668
3,605
3,674
4,091
4 936
5 541
6 042
6,430
8,314
8,122
7,858
7,661
7,460
7,299
7,181
7,163
7,130
7,142
101
3 007
3,252
3,504
4,215
5 981
7,870
9 987
10,510
12,196
11,857
3 300
3 365
3,411
3 358
3 409
3,823
4 632
5 199
5,680
6,045
7,317
7,169
6,952
6,810
6,667
6,535
6,452
6,440
6,416
6,646
500
113
116
129
145
149
190
171
244
206
230
846
L 008
1,185
1,255
891
1,253
1,883
193
997
264
257
953
906
10,278
10,523
10 658
10,532
10 664
11 738
13 376
14,426
15 385
16,280
10 278
10,523
10 658
10,532
10 664
11 738
13 376
14,426
15 385
16,280
555
1,012
1 409
1 818
1 789
2 048
7 534
8 910
9,671
10 363
10,979
1,012
1 409
1 818
1 789
2,048
7 534
8 910
9,671
10 363
10,979
48
9 266
9,114
8 840
8,743
8 616
4 204
4 466
4 754
5,022
5,300
9 266
9 114
8 840
8,743
8 616
4 204
4 466
4 754
5,022
5,300
360
402
335
173
307
171
204
182
300
R15
1 908
1,890
247
265
269
304
343
362
380
851
793
764
729
723
714
696
551
551
548
546
545
543
542
542
541
51
53
52
56
184
192
192
192
191
507
500
498
496
490
361
351
350
350
350
For footnotes see page 1034.
SEPTEMBER
1946
1035
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
Investments
Loans for
Compurchasing
meror carrying
cial,
securities
inAgriReal- Conelud- culesOther
ing
tur- To
tate sumer loans Total
openloans loans
brok- To
marers
othket
and
ers
pa-1
dealper
U. S. Government obligations
Direct
Total
16,021
18,394
21,258
18,903
18,841
21,352
23,376
25,765
26,791
5 ,636
7 ,178
9 ,214
7 ,757
7 ,777
7 ,920
7 ,501
9 ,461
10 ,334
1 ,060
1 ,281
1 ,450
1 ,642
1 ,505
1 ,723
1 ,632
1 ,314
1 ,366
1,002
663
614
950
1,414
2,269
3,113
3,164
2,417
885
727
662
597
922
2,265
3,601
3,606
2,656
3
4
4
4
4
4
4
4
5,
857
468
773
646
437
343
413
677
738
21 449
3,583
24 161
4 077
4^545
28 030
2 ,269 1,042 47 336
918 64 666
1 ,868
944 82 030
1 ,888
2 ,108 1,008 88 978
2 ,361 1,181 96 043
3 ,069 1,211 9 0 , 618
13,208
15,321
18,021
16,088
16,288
18,676
20,588
22,775
23,302
5 ,179
6 ,660
8 ,671
7 ,387
7 ,421
7 ,531
7 ,095
8 ,949
9 ,685
712
865
972
973
642
594
934
1,398
2,249
3,089
3,133
2,395
775
652
598
538
839
2,108
3,407
3,378
2,480
2
3
3
3
716
228
494
423
274
209
248
455
267
2,853
3,273
3,692
870
1 ,847
848
1 ,484
877
1 ,505
934
1 ,688
1 ,900 1,104
2 ,464 1,133
3,262
3,384
4,072
4,116
4,428
5,760
7,069
7,334
6,506
1 ,594
2 ,125
2 ,807
2 ,546
2 ,515
2 ,610
2 ,380
3 ,044
3 ,169
539
696
954
832
1,004
1,184
1,250
1,333
1,329
335
492
732
658
763
738
671
760
804
17
5
6
6
6
17
13
2
1
4,963
5,931
7,105
6,102
6,201
6,822
7,155
8,514
8,862
2 ,063
2 ,589
3 ,456
2 ,957
3 ,058
3 ,034
2 ,883
3 ,661
3 ,932
207
263
300
290
279
348
304
205
197
4,444
5,309
5,890
5,038
4,654
4,910
5,114
5,596
6,605
1 ,186
1 ,453
1 ,676
1 ,226
1 ,084
1 ,149
1 ,162
1 ,484
1 ,781
483
590
659
772
713
802
755
648
679
25
21
20
17
25
32
32
42
34
243
201
183
161
197
310
422
471
354
5,399 2,813
5,429 3,074
5,774 3,241
6,984 2,818
9,258 2,556
11,824 2,678
12,940 2,790
14,639 2,992
15,392 3,491
457
518
543
370
356
389
406
512
649
348
416
478
553
482
525
506
459
488
28
21
20
16
16
21
24
31
21
110 1, 141
75 1, 240
64 1, 282
59 1, 225
82 1, 165
156 I , 136
193 1, 167
228 1, 224
176 1, 473
1 ,089
1 ,023
1 ,198
1 ,125
855
877
787
5
220
6
46 5
190
8
412
169
787
193
21
24 1,054
323
859
30 1,742
53 2,528 1,539
2,453 1,172
1,852
798
43
42
48
34
102
163
159
211
188
70
54
52
32
52
163
299
233
185
3
3
3,
4,
121
130
123
117
107
86
76
80
83
535
468
554
303
252
253
270
287
378
12
19
22
23
22
24
23
36
43
63
84
96
62
45
45
50
51
76
148
153
179
223
298
226
1,154
1 400
1,530
674
528
547
611
707
937
863
805
500
175
970
893
838
408
729
5 , 072
7, 527
8, 823
13, 841
15, 566
18, 243
18, 687
18, 809
16, 798
1, 430
1, 681
1, 806
18 3 , 141
14 3 , 550
34 4 , 258
34 4 , 480
40 4 , 598
32 3 , 837
119
242 1, 230
1 101
1*322
115
436
207
1,512
114
194 l ' 527
97
312
153 1, 486
808
217
267 1, 420
658
301
311
777 1, 379
313
660
371 1,147 1, 378
315
757
427 1,503 1, 459
404
855
321 1,142 1, 743 1 ,073
453
1, 353
1, 644
1, 823
1, 797
1, 725
1, 719
1, 771
1, 881
2, 398
18
21
25
43
57
72
78,
84,
78,
393
381
351
362
363
422
States C ther
and
CerGuar- politi- £ ecutifian- i cal 1 ities
cates
]Bills of in- Notes Bonds Leeu
mbdividebtsions
edness
f
ers
All insured commercial banks:
1938—Dec. 31. . 37,470
1940—Dec. 31
42,556
1941—Dec. 31
49,288
1942—Dec. 3 1 . . 66,240
1943—Dec. 3 1 . . 83,507
1944—Dec. 30 . 103,382
1945—June 30 . 112,353
Dec. 31. . 121,809
1946—June 29. . 117,409
Member banks,
total:
1938—Dec. 3 1 . . 32,070
1940—Dec. 31. . 37,126
1941_Dec. 312 . 43,521
1942—Dec. 31
59,263
1943—Dec. 31 . 74,258
1944—Dec. 30. . 91,569
1945—June 30. . 99,426
Dec. 3 1 . . 107,183
1946—June 29.. 102,032
New York City:z
193g—Dec. 31
8,335
1940— Dec. 31 . 10,910
1941—Dec. 31 . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 31. . 19.994
1944—Dec. 3 0 . . 24,003
1945—June 30. . 25,756
Dec. 3 1 . . 26,143
1946—June 29.. 23,304
Chicago:*
1938—Dec. 31. . 1,969
1940—Dec. 31 . 2,377
1941—Dec. 31 . 2,760
1942—Dec. 31 . 3,973
4,554
1943—Dec. 31
1944—Dec. 30 . 5,443
5,730
1945—June 30
Dec. 3 1 . . 5,931
1946—June 2 9 . . 5,167
Reserve city banks:
11,654
1938—Dec. 31
1940—Dec. 31
13,013
1941—Dec. 31
15,347
20,915
1942—Dec. 31
1943—Dec. 31 . 27,521
33,603
1944—Dec. 30
36,572
1945—June 30
Dec. 31. . 40,108
1946—June 29. . 37,675
Country banks:
1938—Dec. 31. . 10,113
10 826
1940—Dec. 31
1941—Dec. 31. . 12,518
1942—Dec. 3 1 . . 16,419
1943—Dec. 3 1 . . 22,188
1944—Dec. 30. . 28,520
1945—June 30 . 31,368
Dec. 3 1 . . 35,002
1946—June 29.. 35,886
Dbligations
290
662
988
3 ,648
2 ,756
3 159
5 ,799
7 ,672
15 ,778
16 ,454
16 ,045
12 ,004
8,000
9,925
12,797
20,999
30,656
39,848
45,870
51,321
52,092
2 ,568
3 ,719
4 ,102
2 ,718
2 ,501
978
43
22
24
3 ,011
3 ,608
3 ,651
3 ,533
3 ,287
3 ,422
3 ,684
3 ,873
3 ,973
3 ,932
3 ,491
3 ,333
3 ,098
2 ,696
2 ,733
2 ,892
3 ,258
3 ,668
286
652
971
3 ,389
2 ,594
3 ,007
5 ,409
6 ,906
14 ,127
14 ,723
14 ,271
10 467
7,208
9,091
11,729
18,948
27,265
34,927
40,266
44,792
45,420
2 ,340
3 ,486
3 ,832
2 ,540
2 ,345
902
33
16
20
2 ,448
3 ,013
3 ,090
2 ,965
2 ,729
2 ,857
3 ,102
3 ,254
3 ,307
3 ,192
2 ,970
2 ,871
2 ,664
2 ,294
2 ,350
2 ,497
2 ,815
3 ,151
1 142 1,663
894
158
3 , 857
1 245 2^977 1 ,615
6 , 044
207
7, 265
311
1 623 3,652 1 ,679
12, 547 1 ,855 2,'144 2 056 5,420 1 ,071
984
14, 563 1 ,328 3,409 1 829 7,014
189
17, 179
913 3,740 3 745 8,592
2
17, 492
424 3,538 3 607 9,920
477 3,433 3 325 10,337
17, 574
1
1
15, 646
201 2,980 2 229 10,234
517
695
729
593
444
468
567
606
535
698
788
830
701
558
596
629
629
618
141
188
182
166
158
160
154
181
153
176
186
193
186
155
185
196
204
200
14
17
21
40
58
75
82
88
82
506
063
046
705
683
875
401
912
977
13 222
15 823
19 539
37 546
52 948
67 685
73 239
7 8 , 338
72, 272
1, 114
1, 307
1, 430
2 , 789
3 , 238
3 , 913
4 , 130
4 , 213
3 , 485
4 ,462 6,727
4 ,636 13,218
3 ,971 15,300
2 ,831 17,204
2 , 455 19,071
1 ,220 17,637
* ,363
4 ,360
3 ,748
2 ,633
2 ,275
1 ,072
59
297
256
397
199
250
127
133
14
6,285
12,071
13,982
15,584
16,985
15,292
291
145
153
391
484
779
814
749
529
637
877
1,045
1,253
1,467
1,042
655
752
903
1,282
1,602
1,809
1,936
1,864
1,' 900
109
112
119
83
74
31
6 , 691
7, 081
8 , 243
14, 813
2 1 , 321
2 6 , 781
29, 417
3 1 , 594
2 8 , 813
1 224 2,997
740
'57
808
5 , 018
103
984
771 3^281 1 ,049
5 , 204
956
6 , 467
295
751 4^248 1 ,173
954
811
1 3 , 038 1 ,441 2,253 1 723 6,810
749
913
19, 682 1 ,802 4^691 2 497 9,943
440 1 ,000
2 5 , 042
,704 5,730 5 181 11,987
27, 523 ,320 6,598 5 689 13,906
10 1 ,100
5 1 ,126
2 9 , 552
,034 6,982 5 653 15,878
26, 585
7 1 194 1
410 6,038 4 014 16,116
5 , 669
5 , 517
6 , 628
1 1 , 380
17, 534
2 3 , 610
2 6 , 253
2 9 , 407
2 9 , 281
3 , 233
3 , 269
4 , 377
9 , 172
15, 465
2 1 , 552
2 4 , 094
2 6 , 999
26, 556
11
45
110
671
1,251
,032 3^094
882 3,466
762 4,194
630 5,102
447 5,231
866
893
820
821
726
740
794
916
034
732
433
481
240
096
422
613
544
696
1,893
2 081
2^926
5,436
8,705
12,540
14,504
16,713
17,170
597
710
861
574
538
241
21
9
12
982
1 ,146
1 ,222
1 252
1 ,214
1 ,230
1 281
1 342
[ 426
1 453
1 102
1 028
956
855
829
878
1 067
1 299
259
162
152
390
766
1 652
1 731
1, 774
1 538
793
834
228
234
271
179
156
76
10
6
4
563
595
563
569
560
566
584
619
667
739
521
462
435
403
383
396
443
518
1
2
4
4
4,
3,
Insured nonmember commercial b a n k s :
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 31
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 3 0 . .
Dec. 31. .
1946—June 29..
730
2 , 586 1, 283
803
2 , 356 1, 240
854
2 , 533 1 509
173 4 , 166 3 , 162
422
385
70 6 , 702 5 , 739
383
67 9 , 146 8, 197
74 10, 150 9 , 170
420
460
77 1 1 , 647 10, 584
605
79 1 1 , 901 10, 716
4
10
17
99
276
223
198
180
147
442
1,147
1,319
1,620
2,087
2,346
1,069
2,053
3,395
4,928
5,611
6,538
6,682
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit Insurance Corporation.
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items
for Dec. 31, 1945, may not be entirely comparable with prior figures.
2
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System These
banks are included in "member banks"' b are not included in "all insured commercial banks."
but
8
Central reserve city banks.
1036
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Con tinned
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Re-
serves
Cash
with
Federal in
Revault
serve
Banks
Class of bank
and
call date
DeBalances mand
dewith
posits
do-,
ad- 5
mestic
banks4 justed
Interbank
d e p ssits
Time deposits
Certified
U. S. States and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
DoFormestic4 eign
All insured c o m mercial b a n k s :
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
1946—June 29. .
8,694
13,992
12,396
13,072
12,834
14,260
14,806
15,810
15,999
950
5,663 25,198
1,234 8,202 33,820
1,358 8,570 37,845
1,305 9,080 48,221
1,445 8,445 59,921
1,622 9,787 65,960
1,474 9,959 68,048
1,829 11,075 74,722
1,471 9,102 78,281
838
503
5,595
666
702
9,677
673 1,762
9,823
813 8,167
10,234
893 9,950
9,743
948 19,754
11,063
11,217 1,119 23,478
12,566 1,248 23,740
10,584 1,346 12,941
2,942
3,298
3,677
3,996
4,352
4,518
4,698
5,098
5,807
1,077
1,219
1,669
1,354
1,240
2,585
2,320
Member banks,
total:
1938—Dec. 3 1 . .
1940—Dec.
1941—Dec. 312 .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29 . .
8,694
13,992
12,396
13,072
12,835
14,261
14,807
15,811
16,001
1,087
1,019
1,132
1,271
1,150
1,438
1,141
4,240
6,185
6,246
6,147
5,450
6,354
6,486
7,117
5,772
22,293
30,429
33,754
42,570
52,642
57,308
59,133
64,184
67,461
790
5,510
501
616
700
9,581
671 1,709
9,714
811 7,923
10,101
891 9,444
9,603
945 18,509
10,881
11,064 1,106 21,967
12,333 1.243 22,179
10,391 1,339 12,009
2,386
2,724
3,066
3,318
3,602
3,744
3,877
4,240
4,826
1,009
1,142
1,573
1,251
1,138
2,450
2,179
New York City:*
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec 30. .
1945—June 30. .
Dec. 3 1 . .
1946—June 29.
4,104
7,057
5 105
4,388
3,596
3,766
3,879
4,015
4,255
68
102
93
72
92
102
89
111
85
109
122
141
82
61
76
64
78
68
7,168
11,062
10,761
11,899
13,899
14,042
14,643
15,065
16,158
139
437
2,687
48
1,032
641
3,595
866
607
3,209
733 4,186
2,867
810 3,395
851 6,722
3,179
989 7,618
3,271
3.535 1,105 6.940
3,127 1,178 3,495
280
370
319
263
252
199
229
237
293
884
902
821
899
929
942
870
35
42
43
39
38
43
33
36
26
235
319
298
164
158
177
180
200
162
1,688
1,941
2,215
2,557
3,050
3,041
3,152
3,153
3,189
Reserve city banks:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
2,354
4 027
4,060
4,940
5 116
5,687
5,882
6,326
6,332
321
396
425
365
391
441
396
494
399
1,940
2,741
2,590
2,202
1,758
2,005
2,029
2,174
1,858
7,214
9,581
11,117
14,849
18,654
20,267
20,682
22,372
23,483
Country banks:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—June 30. .
Dec. 3 1 . .
1946 —June 29. .
1,353
1,857
2,210
2,842
3,303
3,909
4,117
4,527
4,543
322
452
526
542
611
684
632
796
631
1,956
3,002
3,216
3,699
3,474
4,097
4,213
4,665
3,684
6,224
446
633
7,845
790
9,661
957
13,265
994
17,039
19,958 1,149
20,656 J1,108
23,595 1
L,199
997
24,630
204
243
271
287
313
352
324
391
330
1,423 2,904
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,473 8,915
3,959 10,537
3,332 10,821
746
991
595
971
U.S.
IndiGov- States
viduals
ernand
partner- Inter- ment politships, bank and
ical
and corPostal subdiporaSav- visions
tions
ings
77
86
69
59
61
124
109
105
103
107
575
522
492
397
395
423
482
496
552
14,009
14,998
15,146
15,697
18,561
23,347
26,346
29,277
31,847
18 6,434
11 6,673
10 6,841
10 7,055
46 7,453
122 7,989
65 8,340
215 8,671
83 9,068
21,119
29,576
33,061
42,139
51,820
56,270
57,417
62,950
65,589
142
141
140
87
62
58
61
64
72
61
56
50
56
120
105
102
99
101
462
435
418
332
327
347
392
399
447
10,846
11,687
11,878
12,366
14,822
18,807
21,254
23,712
25,568
6
3
4
5
39
111
52
208
72
5,424
5,698
5,886
6,101
6,475
6,968
7,276
7,589
7,920
6
5
6
3
4
11
16
17
27
5
7
8
10
8
36
51
29
23
26
17
19
20
17
652
768
778
711
816
977
1,338
1,132
7,273
11,357
11,282
12,501
14,373
14,448
14,789
15,712
16,836
"29
96
40
195
27
1,593
1,615
1 648
1,727
1,862
1,966
2,023
2,120
2,176
181
174
233
178
174
167
193
237
262
29
27
34
38
44
33
29
66
37
1,597
1,905
2,152
2,588
3,097
3,100
3,124
3,160
3,153
5
9
8
1,144
1,319
1,448
1,509
1,516
1,763
>,003
796
995
170
228
286
385
475
488
422
611
558
7,034
9,468
11,127
15,061
18,790
20,371
20,559
22,281
23,005
1,128
L,184
1,370
1,558
L ,727
L.868
L,939
2,004
2,269
154
187
239
272
344
369
346
435
453
48
58
68
76
96
103
101
135
142
547
913
195
471
450
448
710
361
341
23,475
32,398
36,544
47,122
58,338
64,133
65,494
72,593
75,391
157
160
158
97
68
64
66
70
IndiCapividuals, Bor- tal
partner- row- acships, ings counts
and corporations
1,082
1,206
1,372
3
Chicago:
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
1,051
l]021
[nsured nonmember commercial b a n k s :
1938—Dec. 3 1 . .
1940—Dec. 3 1 . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 3 1 . .
1944—Dec. 30
1945—June 30
Dec. 31
1946—June 29
658
997
1,027
1,105
972
1,132
1,174
L.292
1,047
2,719
3,919
4,302
4,831
4,770
5,421
5,510
6,307
5,220
85
95
108
133
141
182
153
233
194
9
8
8
12
14
16
19
20
24
53
49
54
63
63
70
90
110
129
83
90
127
665
713
1,400
1,499
1,552
789
424
327
491
1,982
3,373
6,157
7,655
8,221
4,531
143
2
151
2
225
2
4 1,090
5 1,962
8 4,230
8 5,195
8 5,465
8 3,194
2
3
2
2
2
3
13
5
7
48
50
53
243
506
1,245
1,511
1,560
932
555
574
611
678
750
775
820
858
981
2
1
452
496
476
453
505
619
663
719
779
113
107
104
63
41
33
31
30
27
17
19
20
22
56
40
39
38
43
269
226
243
169
151
154
166
160
187
4,233
4,505
4,542
4,805
5,902
7,561
8,529
9,563
10,190
3
2
27
1,777
1,904
1,967
2,028
2,135
2,327
2,450
2,566
2,676
5,215
6,846
8,500
11,989
15,561
18,350
18,945
21,797
22,594
23
29
30
20
17
14
14
17
18
44
33
31
32
56
57
54
52
48
147
150
146
140
149
175
207
219
242
5,509
5.917
6,082
6,397
7,599
9,650
10,981
12,224
13,226
6
3
4
3
10
16
9
11
18
1,798
1,909
1,982
2,042
2,153
2,321
2,440
2,525
2,674
2,356
2,822
3,483
4,983
6,518
7,863
8,078
9,643
9,802
15
18
18
10
6
6
5
6
5
25
13
8
5
4
4
4
4
6
113
87
74
65
68
76
90
97
105
3,163
3,311
3,276
3,339
3,750
4,553
5,105
5,579
5,934
11
8
6
5
6
10
13
7
11
1,010
2
2
j
1
1
257
270
288
304
326
354
362
377
394
2
975
956
955
979
1,022
1,065
1,083
1,149
4
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.
6
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes see page 1036.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
SEPTEMBER
1946
1037
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total—101 Cities
1945—July
1946—March
April
May
June
July
Total
loans
and
invest- Total
ment;
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S.
U. S.
Govt. Other Govt. Other
seseob- curi- ob- curiligaligations ties tions ties
64,094 13,673 5,925 1,618
U. S. Government obligations
Real- Loans
estate to Other Total
loans banks
Bills
Total
890 2,234
397 1,051
,986
,869
,713
,59:
,432
431
423
445
450
462
1,140
1,169
1,213
1,258
1,306
61
76
84
95
139
1,780 51,588
1,846 50,232
1,867 49,225
1,879 47 ,800
1,919 45 ,871
48,146
46,803
45,840
44,425
42,421
66,928
65,360
64,124
62,612
60,749
15,340
15,128
14,899
14,812
14,878
7,475
7,511
7,468
7,506
7,827
,756
,491
,351
,296
,062
711
743
758
731
731
75 1,483 50,421 47,258 1,967
Certificates
of indebtedness
Notes Bonds
Other
securities
10,640 9,614 25,037 3,163
1,119 12,393 7,502 27,132
1,230 11,322 7,033 27,218
1,106 10,436 6,854 27,444
1,014 9,648 6,636 27,127
882
442
429
385
375
3,450
9,665 4,989 26,885
June
June
June
June
5
12
19
26
63,331
62,864
62,505
61,748
14,742
14,786
14,803
14,917
7,469 ,279
7,507 ,242
7,520 ,264
7,529 1,400
744
733
728
719
1,629
1,610
1,588
1,559
448
448
453
454
1,239
1,251
1,264
1,277
80
116
92
90
1,854 48,589
1,879 48,078
1,894 47,702
1,889 46,831
45,222 1,205
824
44,716
44,324 1,268
43,437
758
9,827
9,680
9,705
9,380
6,713 27,477 3,367
6,677 27,535 3,362
6,604 26,747 3,378
6,549 26,750 3 ,394
July
July
July
July
July
3
10
17
24
31
61,049
60,61
60,869
60,547
60,662
14,888
15,024
14,761
14,803
14,912
7,611 1,199
7,717 1,315
7,810 1,031
832
7,974
932
8,018
754
744
703
785
672
1,511
1,472
1,431
1,393
1,355
455
463
452
457
482
1,284
1,296
1,306
1,313
1,332
154
111
120
121
189
0
l,92i 46 ,161
1,906 45 ,591
1,908 46 ,108
1,928 45,744
1,
,932 45
^,750
42,744 1,026
709
42,185
42,643 1,121
42,266
780
42,269
773
9,905
9,687
9,572
9,557
9,605
5,033 26,780 3,417
4,994 26,795 406
4,995 26,955 465
4,972 26,957 478
4,955 26,936 3,481
Aug.
Aug.
Aug.
Aug.
7
14
21
28
59,786
59,910
60,030
59,983
14,877
14,992
15,021
15,078
8,136
8,295
8,416
8,496
66;
616
586
564
1,328
1,300
1,269
1,252
452
452
467
444
1,338
1,349
1,356
1,367
133
177
174
172
1,962 44,909 41,454
1,
,918 41,460
1,970 45 ,009 41,571
1,976 44 ,905 41,463
667
760
862
758
8,908
8,832
8,797
8,762
4,908
4,853
4,870
4,854
861
840
783
807
New York City
1945—July
22,99'
6,089
2,221 1,316
693 1,153
182
1946—March
April
May
June
July
23,189
22,521
21,993
21,507
20,690
6,483
6,213
5,962
5,789
5,675
2,981
3,003
2,925
2,891
2,967
1,435
1,163
1,059
1,028
860
527
541
525
500
491
728
664
599
543
484
190
186
205
203
210
26,971
27,015
27,042
27,089
3,455
3,458
3,438
3,442
397 16,908 15,798
443
3,019 3,233 9,103 ,110
48
64
72
83
124
507
527
513
477
476
16,706
16,308
16,031
15,718
15,015
15,608
15,223
15,008
14,689
13,935
199
420
356
396
233
3,449
2,993
2,768
2,669
2,876
2,573
2,307
2,155
2,067j
1,420
9,387
9,503
9,729
9,557
9,406
15,942
15,764
15,828
15,337
2,051
2,052
2,111
2,053
9,785 1,019
9,846 1,022
9,293 1,026
9,304 1,047
62
June
June
June
June
5
12
19
26
21,732
21,525
21,589
21,18:
2,918 1,009
967
2,894
1,001
2,1"
5,845 2,865 1,136
509
505
497
489
556
544
541
531
200
199
204
207
67
105
81
79
469
483
485
473
14,923
14,742
14,802
14,290
519
256
643
167
2,568
2,588
2,755
2,766
July
July
July
July
July
3
10
17
24
31
20,970
20,617
20,690
20,528
20,644
5,786 2,901
954
5,893 2,933 1,105
Aug.
Aug.
Aug.
Aug.
7
14
21
28
20,075
20,117
20,211
20,189
5,497
5,538
5,519
5,514
1,098
1,085
1,023
1,029
1,080
2,942
Outside New York City
1945—July
41,097 7,584
1946—March
43,739 8,857
April
42,839 8,915
May
42,131 8,937
June
41,105 9,023
July
40,059 9,20.
831
651
758
523
513
477
492
453
519
499
490
463
448
208
205
202
203
232
144
97
105
107
165
474 15,184 14,133
478 14,724 13,673
15,108 14,012
15,045 13,945
474 15,014 13,912
375
47
375
246
121
9,326 1,051
2,972
9,328 1,051
2,861
2,775 1,412 9,450 1,096
2,831
396 9,472 1,100
2,941
,396 9,454 1,102
3,093
3,145
3,197
3,223
679
667
599
629
443
409
395
371
437
424
411
404
204
203
218
192
94
141
148
148
483 14,578
14,579
14,692
483 14,675
93
137
253
155
2,571
388
2,527
389
376
2,516
2,551 1,412
3,704
302
197 1,081
215
986
4,494
4,508
4,543
4,615
4,860
321
328
292
268
202
202
233
231
240
1,258
1,205
1,114
1,054
948
241
237
240
247
252
1,073
1,104
1,149
1,194
1,243
1,086 33,513 31,460 1,524
9,434
9,437
9,466
9,474
1,092
1,089
1,081
1,083
7,621 6,381 15,934 2,053
32,538
31,580
30,832
29,736
28,486
920
810
750
618
649
8,944
8,329
7,668
6,979
6,789
4,929
4,726
4,699
4,569
3,569
17,745 2,344
17,715 2,344
17,715 2,362
17,570 2,346
17,479 2,370
1,177
249 1,187
249 1,200
247 1,212
13 1,385 32,647 30,299
686
568
625
591
7,259
7,092
6,950
6,614
4,662
4,625
4,493
4,496
17,692 2,348
17,689 2,340
17,454 2,352
17,446 2,347
1,446 30,977
1,428 30,86
1,437 31,000
1,447 30,699
24 1,458 30,736
28,611
28,512
28,631
28,321
28,357
651
662
746
534
652
6,933
6,826
6,797
6,726
6,664
3,573
3,557
3,583
3,576
3,559
17,454 2,366
17,467 2,355
17,505 2,369
17,485 2,378
17,482 2,379
27,968
27,970
27,960
27,871
574
623
609
603
6,337
6,305
6,281
6,211
3,520 17,53 2,363
3,464 17,578 2,369
3,494 17 ,576 2,357
3,442 17,615 2,359
June
June
June
June
5
12
19
26
41,599
41,339
40,916
40,566
8,952
9,025
9,042
9,072
4,551
4,61
4,632
4,664
270
275
263
264
235
228
231
230
1,073
1,066
1,047
1,025
July
July
July
July
July
3
10
17
24
31
40,079
39,998
40,179
40,019
40,018
9,10:
9,131
9,179
9,320
9,282
4,710
4,784
4,868
4,951
4,982
245
210
200
181
174
231
231
226
293
219
992
973
941
930
907
247
221
258 233
250 1,242
254 1,250
250 1,268
Aug.
Aug.
Aug.
Aug.
7
14
21
28
39,711
39,793
39,819
39,794
9,380
9,454
9,50
9,564
5,043
5,150
5,219
182
173
184
178
224
207
191
19.
891
876
858
848
248 1,274
1,286
249 1,293
252 1,303
5,273
13,486
13,490
13,611
13,592
1,273
1,319
1,354
1,402
1,443
34,882
33,924
33,194
32,082
30,856
1,396 32,314 29,974
1,409 31,874 29,522
1,416 31,494 29,147
1,479
1,477
1,482
1,493
30,331
30,339
30,317
30,230
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
1
Direct and guaranteed.
1038
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves |
with I Cash
in
Federal vault
Reserve
Banks
Date or month
Total 101 Cities
1945—July
IndiBalDeances mand vid- States Certiwith
deuals,
and
fied
do- posits part- polit- * and
mestic ad- 1 nerical
offibanks justed ships, subcers'
and
divicor- sions checks,
etc.
porations
Time deposits,
except interbank
IndiDomestic
vidU. S.
banks
Boruals, States Govand
rowU. S. part- polit- ernFor- ings
Gov- nerical ment
eign
and
ern- ships, subbanks
Dement and
divi- Postal mand Time
corSavpora- sions ings
tions
564 2,358 36,619 36,847 1,826
1,065 15,142 8,506
9,930
9,862
10,083
10,217
10,159
1946—March
April
May
June
July
569
568
562
595
585
9,709
Interbank
deposits
9,803
1,048
'9,566
9,632
9,769
9,910
9,985
126
130
129
124
134
9,787
9,543
9,368
9,266
9.409J
1,241
1,264
1,265
1,268
1,268
508
360
139
165
206]
1,349
1,362
1,353
1,282
10,071
9,654
8,644
8,660
9,882
9,901
9,915
9,943
129
125
121
120|
9,352
9,355
9,363
8,997
1,254
1,264
1,287
1,268
173
176
184
126|
5,145
5,142
5,137
5,135
233
204
172
168
253
232
237
230]
183
5,162 19,493
13,028
16,883
15,588
5,180 15,661
5,190 14,994
5,194 14,068
5,193 15,080
5,197 13,753
1,847 29,190
5...
12...
19...
26...
10,195
10,219
10,208
10,244
580
612
587
600
July
July
July
July
July
3...
10...
17...
24...
31...
10,111
10,141
10,177
10,145
10,221
545
619
594
590
580
2,164|39 ,241 39,374
2,143 39,134 39,250
2,241 139,247 39,757
2,132 39,427 39,505
2,175 39,362|39 ,508
318
256
212
239
274
1,464
1,275
1,269
1,249
1,220
7,665 9,958
7,413. 9,969
7,449 9,980
7,161 9,994
7,299 10,020
121
134
139
139
139
9,403
9,371
9,639
9,2871
9,347
1,266
1,261
1,272
1,265
1,273
Aug. 7 . . .
Aug. 1 4 . . .
Aug. 2 1 . . .
Aug. 2 8 . . .
10,280
10,194
10,162
10,087
580
608
581
617
2,102|39,069|38,867 2,232
2,230 39,078 39,593
2,134 39,170139,322
2, 107|39,303 39,273 2,245
1,151
1,242
1,148
1,085
6,586
6,622
6,664
6,556
141
143
145
145
9,409
9,537
9,314
9,214)
1,259
1,280
1,296
1,313
3,528
3,563
3,577
3,7183,761
3,704
96
96
3,740]
3,762
3,725
3,817
10,051
10,064
10,075
10,075
14,037
14,732
17,530
16,122
3,102
938
72
701
768
797
824
775
5,723
5,159
4,425
3,408
2,659
'1,136
1,148
1,197
1,2501
1,231
3,014
2,999
2,990]
2,988
2,974
1,115
1,132
1,125
1,117
1,116
322
136
34
67
117
1,943
1,955
1,965
1,966)
1,974
32,831
33,290
30,408
32,439
32,667
225
2401
241
252
815
874
812
797
3,711
3,560
3,187
3,172
1,249
1,253
1,248
1,249
2,980
2,991
3,063
2,919|
1,105
1,111
1,135
1,119
77
79
67
461
1,970]
1,970
1,964
1,959
6,565
6,748
8,314
7,330
28 13,381 13,741
184
36|13,445
13,563
13,965
14,446
14,317
13,790
13,898
14,290
14,823
14,753
230
254
279
240
223
94
100
91
98
14,371 14,717
14,324 14,768
14,604 15,005
14,484 14,801
87
131 4,800] 61,852
5,059 69,374
5,093 69,768
5,124 65,732
5,141 •69,360
5,168 70,907
108
15,119
13,725
11 ,864
9,257
7,397
June
June
June
June
1946—March
April
May
June
July
Bank
debits 2
1,167
1,258
1,306
1,336
1,295
2,165 37 38637,413
2,160 37,412|37 ,329
•
2,155 38,502 138,350
2,139 39, 592 39 ,564
2,171 139, 282 39 ,479 2,260
2,118 39,471 39,190 2,436
2,195 39,505 39,738 2,372
2,148 39,869140 ,034 2,370
2,096139 ,522 39,295 2,436
New York City
1945—July
Capital
677 6,200 1,001
June
June
June
June
5...
12...
19...
26...
July
July
July
July
July
3...
10...
17...
24...
31...
692
732
710|
709
677
99
104
96
93
92
26(14,374 14,860
14,266 14,693
14,255 14,711
14,383 14,775
14,309 14,727
207
188
239
239
242
912 2,769 1,230
777 2,678 1,223
1,224
739
1,228
736]
1,248
712
3,042
2,974
3,048
2,895
2,910
1,111
1,111
1,123
1,111
1,119
139
105
89
87
169
1,972
1,973
1,972
1,973
1,981
9,590
5,976
7,639
7,097
7,160
Aug. 7 . . .
Aug. 14...
Aug. 2 1 . . .
Aug. 2 8 . . .
3,730|
3,745
3,654
94
100
92
101
14,157 14,412
14,131 14,602
14,208 14,552
14,191 14,527
219
215
210
198
606
747
682
611
2,328 1,253
2,337
2,352
2,305 1,256
2,886
2,915
2,872
2,841
1,107
1,124
1,140]
1,157
133
119
142
123
1,983
1,985
1,981
1,977
6,713
5,884
6,273
5,710
Outside
New York City
1945—July
6,181
476 2,330 23,238 23,106 1,642
59
1946—March
April
May
June
July
6,367
6,285
6,365
6,456
6,455
482
481
474
499
489
129J23,941
2,105 23,849
2,128 24,537
2,111 25,146
2,144 24,965
35
6,701
110
8,430
8,484
8,572
8,660
8,754
100
108
108
106]
118
39]
39
41
45
48
6,773
6,544
6,378
6,278
6,435
126 186 3,116 36,543
36,478
132 224
35,324
140| 105
151
98 3,175 36,921
152
89 3,194 38,240
25,100 24,473
25,181 24,970
25,265 25,029;
25,038 24,494
June
June
June
June
5...
12...
19...
26...
6,455
6,457
6,483
6,427
486
512
496;
502
2,093
2,168
2,120
2,065
2,211
2,132
2,129
2,184
534
488
541
485
6,360
6,094
5,457
5,488
8,633
8,648
8,667
8,694
108
108
104
104
43
44
46
48
6,372
6,364
6,300
6,078
149
153
152
149
July
July
July
July
July
3...
10...
17...
24...
31...
6,419
6,409
6,467
6,436
6,544
446
515
498
497
488
2,138 24,86' 24,514 2,111
2,118 24,868|24 ,557
2,212 24,992 25,046
2,105 25,044] 24,730|
2,149 25,053 24,781
552
498
530
513
508
4,896
4,735
4,765
4,595
4,700
8,728
8,746
8,756
8,766
8,772
105
118
124
123
124
47
48
48
48
48]
6,361
6,397
6,591
6,392
6,437
155
150
149
154
154
6,502
6,464|
6,417
6,433
486
508
489
516
2,081 24,912
2,201 24,947
2,108 24,962
2,078 25,112
545
495
466
474
4,258
4,285
4,312
4,251
8,798
8,809
8,819
8,819
125
126
129
129
49
49
51
53
6,523
6,622
6,442
6,373
Aug. 7...
Aug. 14...
Aug. 21...
Aug. 28...
r
1
2
32,662
89
1,947
2,042
2,124
2,164
2,037
388 8,942
466 9,396]
490 8,566
509 7,439
512 5,849
520J 4,738
7,505
23,623
23,431
24,060
24,741
24,726
24,455
24,991
24,770
24,746
2,013
1,994
1,996
2,047
3,175
3,172
3,173
3,176
7,472
7,984
9,216
8,792
94
99
83|
81 3,197
84 3,199
9,903
7,052
9,244
8,491
8,501
99
152
156 118
3,212
156
3,220]
156]
8,281
8,184
8,807
8,043
96
97
117
80
Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
SEPTEMBER
1946
1039
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Boston
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
New York*
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Philadelphia
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Cleveland
July 31
Aug. 7
Aug.. 14
Aug. 21
Aug. 28
Richmond
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Atlanta
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Chicago*
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
St. Louis
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Minneapolis
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28. . .,
Kansas City
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Dallas
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
San Francisco
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
City of Chicago*
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S.
U. S.
Govt. Other Govt. Other
sese- obobcuri- liga- curiliga- ties
ties
tions
tions
Real- Loans
estate to Other Total
loans banks loans
Other
Cersecutifirities
cates
1
of in- Notes Bonds
debtedness
Total
Bills
139 2,205 2,109
152 2,161 2,065
2,043
139
2,030
139
140 2,114 2,018
45
42
35
30
35
409
369
354
347
335
191
190
190
190
189
1,464
1,464
1,464
1,463
1,459
96
96
97
96
96
3,031
2,99.
2,993
2,980
2,981
826
832
853
854
867
519
506
536
540
541
16
18
18
28
29
19
24
17
13
16
35
35
35
35
35
16
15
15
15
15
80
80
81
82
82
2
2
12
2
9
22,766
22,161
22,240
22,30.
22,283
6,050
5,925
5,963
5,948
5,948
3,216
3,278
3,332
3,387
3,416
765
691
673
605
636
458
447
413
399
375
476
463
450
437
430
253
225
223
238
213
164
164
164
164
165
165
94
141
148
148
553
563
567
570
565
16,716
16,236
16,277
16,355
16,335
15,515
15,045
15,088
15,174
15,152
150
100
182
265
172
3,184
2,785
2,738
2,722
2,749
1,578
1,573
1,577
1,564
1,600
10,603
10,587
10,591
10,623
10,631
1,201
1,191
1,189
1,181
1,183
2,471
2,468
2,423
2,429
2,432
592
599
618
615
617
299
303
310
314
318
11
15
16
15
11
32
31
36
29
31
30
29
33
32
31
9
9
10
9
9
48
47
47
47
47
1
1
3
3
3
162
164
163
166
167
1,879
1,869
1,805
1,814
1,815
1,681
1,672
1,608
1,618
1,618
76
69
36
56
69
248
249
225
240
229
225
223
223
224
222
1,132
1,131
1,124
1,098
1,098
189
197
197
196
197
4,936
4,918
4,881
4,897
4,895
1,153
1,174
1,162
1,166
1,167
512
517
526
533
539
31
31
31
32
33
30
31
28
27
28
198
198
191
188
185
14
15
15
15
16
191
192
194
192
197
11
25
10
9
166
165
167
170
169
3,783
3,744
3,719
3,731
3,728
3,506
3,467
3,442
3,455
3,451
37
28
20
37
27
756
714
732
700
705
395
395
356
384
381
2,318
2,330
2,334
2,234
2,338
277
277
277
276
277
2,071
2,059
2,069
2,070
2,062
406
415
418
423
423
183
189
192
197
199
2
4
2
2
2
7
7
7
7
7
49
49
49
49
46
9
9
9
9
9
62
63
64
64
65
89
88
89
89
90
1,665
1,644
1,651
1,647
1,639
1,580
1,559
1,566
1,562
1,554
31
29
32
34
30
394
375
378
372
365
132
132
132
132
132
1,023
1,023
1,024
1,024
1,027
85
85
85
85
85
2,080
2,068
2,074
2,074
2,073
509
507
506
508
508
256
256
258
260
259
2
2
1
1
1
10
10
10
10
10
91
88
86
86
85
20
20
20
20
21
36
35
36
36
36
90
93
92
92
93
1,571
1,561
1,568
1,566
1,565
1,409
1,401
1,408
1,406
1,406
30
35
38
35
35
396
382
386
392
392
164
163
163
163
165
819
821
821
816
814
162
160
160
160
159
8,750
8,656
8,693
8,738
8,701
1,906
1,918
1,932
1,946
1,950
1,142
1,156
1,176
1,192
1,206
76
72
71
74
70
54
54
51
49
45
163
161
158
151
147
70
71
71
72
71
207
209
210
213
214
195
195
195
197
6,844
6,738
6,761
6,792
6,751
6,264
6,169
6,192
6,225
6,180
169
140
160
170
132
,668
,590
,571
,566
,546
775
750
737
740
707
3,652
3,689
3,724
3,749
3,795
580
569
569
567
571
1,939
1,922
1,933
1,920
1,916
595
603
611
609
615
308
313
319
317
318
3
3
3
3
3
51
51
50
49
52
15
15
15
15
16
87
87
123
125
127
127
128
1,344
1,319
1,322
1,311
1,301
1,199
1,174
1,181
1,170
1,161
18
6
22
18
15
180
169
162
155
154
201
201
201
201
198
800
798
796
796
794
145
145
141
141
140
1,240
257
260
263
270
273
124
127
130
138
142
1
1
1
1
1
29
27
26
26
25
5
5
5
5
5
34
34
34
35
35
62
64
64
63
62
983
972
974
967
967
925
913
914
907
908
19
15
15
12
12
104
96
98
98
99
154
154
153
150
150
648
648
648
647
647
58
59
60
60
59
2,323
2,291
2,329
2,328
2,338
470
475
480
482
485
280
286
290
294
296
2
2
2
2
2
34
34
34
32
32
9
9
9
9
9
52
52
53
53
53
87
87
87
87
1,853
1,816
1,849
1,846
1,853
1,689
1,652
,684
,681
,687
55
37
61
53
62
489
479
486
490
488
278
272
272
273
272
867
864
865
865
865
164
164
165
165
166
2,020
2,014
2,021
2,016
2,007
684
686
690
690
695
411
419
423
424
427
1
1
1
1
1
99
93
92
90
89
30
30
30
30
30
45
45
45
45
45
89
90
91
92
94
1,336
1,328
1,331
1,326
1,312
,265
,255
,259
,255
,242
50
49
55
53
51
389
379
375
373
365
182
181
182
182
182
644
646
647
647
644
71
73
72
71
70
7,035 1,464
7,004 1,483
7,017 1,496
038 1,510
055 1,530
768
786
803
820
835
22
21
21
19
18
100
100
96
94
95
32
29
30
30
30
326
330
333
337
339
178
176
182
180
183
5,571
5,521
5,521
5,528
5,525
5,127
5,082
5,075
5,088
5,086
680
674
667
667
656
2,966
2,970
2,977
2,980
2,977
444
439
446
440
439
,168 1,281
,097 1,282
,133 1,290
5,143 1,297
5,130 1,298
853
860
873
883
894
74
71
70
72
68
106
104
101
96
94
61
61
62
62
61
44
45
45
46
46
97
887
96
815
96
843
97
846
98 3,832
3,529
3,466
3,494
3,500
3,482
93
117
104
99
118
112
92
119
102
92
424
400
386
380
343
1,952
1,985
2,002
2,027
2,076
358
349
349
346
350
1,041
989
987
991
971
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
1
Direct and guaranteed.
1040
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin minions of dollars1
Demand deposits,
except interbank
Re
serves
BalDewith Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic ad- 1
serve
banks justed
Banks
Federal Reserve
district and date
Boston (6 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
New York (8 cities)*
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Philadelphia (4 cities)
Tuly 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Cleveland (10 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Richmond (12 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Atlanta (8 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Chicago (12 cities)*
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
St. Louis (5 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Minneapolis (8 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Kansas City (12 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Dallas (9 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
SanFrancisco (7 cities)
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
City of Chicago*
July
Aug.
Aug.
Aug.
Aug.
31
7
14
21
28
'
465
468
468
480
474
56
i 57
58
.57
59
Individuals, States Certiand
fied
part- politand
nerical
offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Time deposits,
except interbank
U. S.
Government
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
States U. S.
Bor- Cap- Bank
deband Govrow- ital
ernacpolit- ment
.For- ings counts its'
ical
eign
and
subbanks
Dedivi- Postal mand Time
Savsions ings
109
108
121
111
103
2,215
2,205
2,214
2,209
2,208
2,192
2,171
2,207
2,194
2.180
133
129
134
134
131
44
41
38
36
36
403
364
365
368
360
464
465
466
466
467
290
298
298
286
286
23
25
25
24
25
4
3
4
4
1
294
295
295
296
296
695
648
623
658
633
15,666
15,497
15,475
15,546
15,519
15,904
15,565
15,781
15,714
15,682
469
436
440
426
412
753
649
786
721
648
2,817
2,524
2,533
2,549
2,498
1,947
1,954
1,956
1,958
1,958
2,982
2,960
2,989
2,945
2,911
1,123
1,110
1,127
1,143
1,160
189
136
142
158
139
2,143
2,146
2,148
2,144
2,141
7,549
7,107
6,291
6,708
6.082
260
261
261
261
262
583
541
590
595
550
3,939
4,026
3,962
3,992
3,899
126
129
134
125
136
124
116
127
131
433
433
427
423
418
31
31
33
32
34
79
95
83
86
1,823
1,836
1,793
1,803
1,815
1,880
1,872
1,857
1,859
1,866
65
6
66
64
63
25
23
28
25
23
330
295
297
299
292
239
240
240
240
241
355
358
364
347
343
12
11
11
11
11
4
4
6
2
2
823
789
753
759
76:
7
75
80
7
80
191
186
199
195
190
3,131
3,120
3,035
3,078
3,089
3,164
3,033
3,098
3,092
3,106
163
176
176
175
18:
58
11
54
51
56
581
530
534
538
535
1,300
1,304
1,305
1,307
1,306
499
500
525
509
506
4
4
4
4
24
20
20
3
348
344
352
346
356
38
39
40
38
41
125
131
136
123
134
1,408
1,414
1,418
1,404
1 ,407
1,418
1,411
1,435
1,423
1,426
99
98
93
88
88
28
26
33
26
26
239
218
224
225
221
373
374
375
375
375
360
369
374
370
385
144
143
144
145
144
404
452
443
458
422
372
375
387
372
371
30
30
32
30
33
138
140
153
149
145
1,376
1,379
1,397
1,394
1,404
1,275
1,276
1,31
1,292
1,286
22,
224
221
225
228
18
15
14
14
13
210
190
191
192
188
447
448
449
449
449
459
469
4
458
449
130
130
130
130
131
434
429
427
442
396
1,45
1,446
1,454
1,389
1,437
94
91
96
93
98
397
385
399
383
387
5,375
5,321
5,353
5,351
5,434
5,296
5,203
5,349
5,261
5,312
48'
47'
471
485
509
89 1,041
85
937
94
942
88
944
92
926
,962
,971
,973
,976
,976
1,671
1,698
1,720
1,670
1,639
619
621
621
621
623
2,200
2,046
1,937
2,241
2,007
336
338
32:
331
328
11:
10
108
103
101
1,118
1,103
1,118
1,112
1 ,128
1,168
1,164
1,194
1,175
1,178
72
71
73
69
69
19
18
16
15
19
232
211
213
213
209
367
368
368
369
368
543
552
541
528
515
140
141
141
141
141
377
378
396
403
375
206
21
207
20:
205
93
90
93
92
92
749
742
739
732
724
710
705
714
715
700
110
114
108
10J
104
15
14
16
14
17
164
149
148
149
149
226
226
227
227
227
325
331
342
344
360
90
90
90
91
91
268
297
305
348
329
454
462
457
451
446
281
275
285
265
1,495 1,462
1,458 1,459
1,508 1,500
1,510 1,482
1,535 1,478
188
179
178
189
195
27
25
25
23
26
235
218
219
221
217
309
310
311
311
311
900
897
872
860
153
154
154
154
155
538
496
512
556
485
389
398
406
405
396
232
217
233
220
217
1,469
1,469
1,491
1,486
1,473
1,475
1,463
1,513
1,496
1,475
9
97
94
89
95
32
26
25
27
25
211
193
194
194
189
291
292
292
293
292
548
548
558
540
539
147
147
147
147
148
419
398
405
478
392
1,004
984
999
1,010
992
281
268
281
279
3,537
3,525
3,53-7
3,545
3,567
3,564
3,545
3,628
3,619
3,584
169
164
155
157
169
112
112
113
108
104
836 2,095
757 2,099
762 2,102
772 ,104
772 ,105
427
426
451
445
421
572
573
574
574
575
1,192
1,231
1,258
1,240
1,192
3,247
3,229
3,240 3,331
3,260 3,311
3,290 3,330
227
222
218
217
222
40
38
41
43
45
805
811
812
813
814
1,164
1,176
1,198
1,157
1,139
903
909
907
881
892
176
173
174
174
656
589
592
593
578
488 1,002
971
489
881
489
953
489
890
490
'
391 1,395
392 1,330
391 1,271
391 1,380
393 1,252
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
1
2
SEPTEMBER
1946
1041
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Based on 2
Held by
Commercial
Total
paper
outout- 1 standing
standing
Accepting banks
Total
Own
bills
90
52
Bills
bought
1945—ApriJ
May
June
July
August
September
October
November
December
103
101
107
110
111
127
156
159
104
107
117
128
135
135
145
154
82
80
90
101
104
100
107
112
1946—January
February
M^arch
April
May
June
...
July
174
178
172
149
126
121
166
167
163
169
177
192
126
128
119
109
108
109
71
74
64
65
66
65
55
53
55
44
42
45
131
205
118
67
Federal
Reserve
Banks
(For own
account)
51
119
117
51
44
45
50
52
53
58
64
38
32
36
45
50
52
46
49
48
Imports
into
United
States
Others
81
26
22
27
26
28
31
35
38
42
34
Goods stcired in or
shipped between
poin ts in
United
States
10
109
109
104
114
124
134
54
2
13
13
18
72
74
81
91
98
95
100
103
40
39
42
47
55
64
(3)
Exports
from
United
States
146
24
9
10
9
10
11
12
15
18
22
20
22
25
23
22
23
26
20
18
17
16
18
22
»
Foreign
countries
29
31
33
30
28
27
24
26
2
2
3
4
2
3
6
6
7
8
9
8
9
7
8
9
1
2
As reported by dealers; includes some finance company paper sold in open market.
Dollar exchange less than $500,000 throughout the period.
3 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net) 1
accounts
accounts
1936—June
December...
1937—June
December...
1938—June
December...
1939—June."
December...
1940—June
December...
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
1941—June
December...
1942—June
December...
1943—June
December...
1944—j un e
December...
1945—June
616
600
496
543
761
788
887
1,041
1,223
11
8
9
7
9
11
5
7
11
89
86
86
154
190
188
253
260
333
1945—August
September. .
October
November. .
December...
31,100
31,084
»l,063
H,095
1,138
1946—January....
February.. .
March
April
May
31,168
31,046
3 936
3 895
3 856
809
3
745
June
July
Credit balances
12
7
413
399
J
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
219
249
214
232
215
190
178
207
223
204
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
186
211
180
160
167
181
196
209
220
395
368
309
378
529
557
619
726
853
255
289
240
270
334
354
424
472
549
65
63
56
54
66
65
95
96
121
17
17
16
15
15
14
15
18
14
7
5
4
4
7
5
11
8
13
222
213
189
182
212
198
216
227
264
313
3758
3762
3
743
3711
795
3573
3594
3632
3639
654
112
29
13
299
3 734
3 645
3 622
3 575
3 547
498
3
442
3 727
3 755
3 712
3 697
3 669
651
3 653
120
24
17
314
370
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
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): May, 144; June, 140; July, 109.
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.
10-12
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months1
U.S. Government
security yields
Prime Stock
exbank- change
9-to 12ers'
call
month
accept- loan
to
certifi- 3-year5ances,
3re90 1
month cates taxable
new2
of indays
bills*
als
debted- notes
ness
.69
73
.75
.44
.44
.44
1.00
1.00
1.00
.375
.75
.79
.81
1945—August
September.
October
November.
December..
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.82
.84
.83
.84
.84
1946—January...
February. .
March
April
May
June
July
August
.75
.75
.75
75
.75
.75
.77
.44
.44
.44
44
.47
.50
.59
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.375
.375
.79
.76
.79
81
.83
.83
.84
.84
.84
.84
.84
.83
.84
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1937 average1
1938 average1
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
average....
average....
average....
average....
average
average....
average....
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.07
2.04
1.97
2.07
2.30
2.11
1.99
2.87
2.56
2.55
2.58
.80
.68
2.51
3.51
3.38
3.19
3.26
3.13
3.02
2.73
1942—March....
June
September
December.
2.48
2.62
2.70
2.63
1.85
2.07
2.28
2.09
2.48
2.56
2.66
2.63
3.20
3.34
3.25
3.26
1943—March....
June
September
December.
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September
December.
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
3.12
3.18
3.14
2.65
1945—March
June
September
December.
1946—March....
June
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
2.31
2.41
1.75
1.84
2.34
2.51
2.93
2.97
.10
.03
.99
.12
L.18
L. 15
L.13
1.14
.376
.376
.375
.375
.375
New
York
City
1939
1940
1941
1942
1943
1944
1945
1943 average
1944 average
1945 average
Total
19 cities
1.12
L.ll
L.13
L.15
1.18
Week ending:
YA-V%
Aug. 3
Aug. 10.... H-%
Aug. 17.... K-Vz
Aug. 2 4 . . . . K-Vk
Aug. 3 1 . . . .
1.00
11/16
11/16 1^-1K
11/16
11/16 IK-IK
13/16
.373
375
.34
.33
.18
.17
.19
.17
.14
.15
4 ;
4
1
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to t h a t date it was 1.25 percent.
3
Rate on new issues offered within period.
«From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15, 1950.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
2
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]
Corporate Moody's)4
U. S . Government
Year, month,
or week
7 to 9
years
Taxable
15 years and
over
Partially tax
exempt
Taxable
Municipal
(highgrade)2
Corporate
(highgrade)1
By ratings
Total
Aaa
Aa
A
By groups
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1943 a v e r a g e . . . .
1944 a v e r a g e . . . .
1945 a v e r a g e . . . .
.96
.94
.60
1.98
1.92
1.66
2.47
2.48
2.37
2.06
1.86
1.67
2.64
2.60
2.54
2.36
2.37
2.35
2.33
2.33
.70
.79
.76
.70
.64
2.56
2.56
2.54
2.54
2.54
3.13
3.06
2.87
2.85
2.85
2.84
2.81
2.79
3.91
3.61
3.29
3.26
3.24
3.20
3.15
3.10
2.99
2.97
2.89
1.68
1.68
1.62
1.56
1.51
2.86
2.81
2.71
2.70
2.70
2.70
2.68
2.68
3.64
3.39
3.06
L.59
.56
L.50
L.42
L.38
2.73
2.72
2.62
2.61
2.62
2.62
2.62
2.61
2.85
2.80
2.68
1945—August. . .
September
October.. .
November
December.
3.16
3.05
2.87
2.86
2.85
2.84
2.82
2.80
2.68
2.67
2.65
2.64
2.64
3.02
3.05
3.03
2.99
2.96
2.86
2.85
2.84
2.81
2.79
L .31
L.28
1.28
L.36
1.47
1.43
1.40
1.46
(6)
2.21
2.12
2.09
2.08
2.19
2.16
2.18
2.23
L.57
L.49
L.49
1.45
L.54
L.55
1.60
1.65
2.43
2.36
2.35
2.37
2.44
2.42
2.41
2.44
2.73
2.68
2.66
2.67
2.71
2.71
2.71
2.73
2.54
2.48
2.47
2.46
2.51
2.49
2.48
2.56
2.62
2.56
2.54
2.56
2.58
2.59
2.59
2.62
2.73
2.70
2.69
2.69
2.73
2.73
2.72
2.74
3.01
2.95
2.94
2.96
3.02
3.03
3.03
3.03
2.57
2.54
2.54
2.57
2.60
2.59
2.58
2.58
2.89
2.83
2.80
2.78
2.84
2.85
2.86
2.89
2.71
2.65
2.64
2.65
2.69
2.70
2.69
2.70
L.43
L.43
L.44
1.48
1.51
(6)
(6)
2.23
2.22
2.22
2.23
2.25
1.63
1.64
1.64
1.64
1.67
2.43
2.43
2.44
2.44
2.45
2.72
2.72
2.73
2.73
2.73
2.50
2.50
2.51
2.51
2.51
2.61
2.61
2.62
2.62
2.63
2.74
2.74
2.74
2.74
2.75
3.03
3.03
3.04
3.04
3.03
2.59
2.58
2.59
2.58
2.58
2.88
2.89
2.89
2.90
2.90
2.70
2.70
2.70
2.70
2.71
1946—January..
February..
March....
April
May
June
July
August. . .
Week ending:
Aug. 3 . . .
Aug. 10...
Aug. 17...
Aug. 24...
Aug. 3 1 . . .
5
(6)
6
( )
(6)
(6)
(6)
(6)
(6)
(6)
(6)
( 6 )
1
2
4
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
* Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
6
No partially tax-exempt bonds due or callable in 15 years and over.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
SEPTEMBER 1946
1043
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate4
Year, month, or week
U. S.
Government2
Total
Industrial
PreDe- ferred •
Public faulted
utility
Railroad
15
50
10
20
20
15
15
402
354
20
100.50 131.8
100.25 135.7
. . . 102.04 139.6
120.3
120.9
122.1
109.5
114.7
117.9
117.0
120.5
122.2
97.6
107.3
115.1
114.0
116.3
116.3
172 7
175.7
189.1
92
94
89
102
123
101
137
82
100
122
90
106
1,032
971
1,443
188 1
186.7
188.0
192.2
195 3
118
126
132
137
140
119
128
135
139
142
131
138
145
154
157
107
111
114
121
120
1.034
1,220
1,556
1,961
1,626
148
146
123
128
M83
1,776
.116
1,391
1,311
1,086
1-9
1946—January
February
Anarch
April
May
June
July
August
Week ending:
Aug. 3
Aug. 10
Aug 17
Aug 24
Aug 31
138.8
137.0
137.7
139.0
140.1
121.7
121.6
121.9
122.0
121.9
117.2
117.1
117.7
118.3
119.0
121.7
121.4
122.0
122.5
123.1
114.4
114.4
115.3
116.6
117.5
115.5
115.6
115.7
116.0
116.2
141.6
143.4
143.4
144.1
142.1
142.0
140.9
140.0
123.8
124.5
124.5
124.3
123.7
123.9
124.0
123.8
119.7
120.0
120.1
119.9
119.5
119.5
119.1
119.0
123.9
124.4
124.5
124.4
123.9
123.9
123.4
124.0
118.9
119.6
119.9
119.6
118.6
118.7
118.5
117.7
116.3
116.1
115.9
115.8
116.0
116.0
115.3
115.4
84.9
85.4
82.7
83.6
81.8
83 2
80.0
78.8
197.9
200 5
203.1
204 9
201 9
202 4
204 1
203.4
104.17
104.31
104.25
104.05
103.77
..
102.22
102.02
102.38
102.60
102.68
44.0
59.2
75.4
75.6
74.5
76.6
78.9
82.1
104.59
106.03
106.46
106.61
104.82
105.28
104.87
104.11
.
1945—August
September
October
November
December
Medium- and lower-grade
15
Number of issues
1943 average
1944 average
1945 average
Municipal
(highgrade)3 Highgrade
Common (index , 1935-39=100) Volume
of trading7 (in
thousands of
Indus- Rail- Public shares)
Total
utility
road
trial
140.3
140.1
140.1
140.1
139.5
123.8
123.9
123.8
123.7
123.8
118.6
118.7
119.1
119.3
119.2
122.7
123.1
124.0
124.7
124.6
118.0
117.8
117.8
117.6
117.4
115.2
115.2
115.4
115.5
115.6
78.6
79.3
80.2
79.3
76.4
205.3
204.7
203 5
202.9
202.4
28
164
160
145
156
154
157
124
124
142
152
154
153
150
159
157
153
157
162
154
129
130
128
146
150
147
125
946
149
149
150
147
139
152
153
154
151
143
148
150
152
149
138
128
128
128
125
120
825
820
749
901
1,375
145
143
936
1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
2
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.
• Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
• Standard and Poor's Corporation.
• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
Total
(new Total
and
(dorefund- mestic
and
ing)
foreign)
Domestic
Total
State
and
municipal
6,214
3,937
4,449
5,790
4,803
. . 5,546
2,114
2,174
4,216
7,958
1,972
2,138
2,360
2,277
1,951
2,854
1,075
1,949
2,094
2,325
2,239
1,948
2,852
1,075
642
913
640
896
735
712
971
931
751
518
342
176
235
1,764
1,752
1,229
1945—July
510
August. . .
879
September.
October... 1,338
223
November.
838
December.
249
144
142
243
94
243
1945—January
Februarv
March. . .
April
May
June
July
200
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
346
350
65
For refunding
Domestic
Total
(doCorporate
For-2 mestic
Fedeign
and
eral
foragenBonds
eign)
cies1 Total
and Stocks
notes
22
157
481
924
461
1,192
1,225
1,272
1,062
108
90
15
624
374
646
839
817
807
287
601
889
506
282
422
471
26
1,255
602
654
249
144
142
238
94
241
35
37
37
29
34
80
2
212
107
105
209
60
161
34
64
35
103
28
107
178
43
70
106
31
54
200
68
1
18
131
10
122
16
22
7
9
65
557
1,09
1,03
84
223
373
310
425
222
373
302
425
79
61
103
108
93
491
491
124
873
383
736
47
5
352
408
67
97
135
173
118
92
224
23
44
35
38
2
1
2
17
12
5
3
17
118
99
115
111
172
93
193
367
183
184
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,146
981
981
366
366
737
732
1,096 1,070
129
129
594
594
146
1
8
146
284
42
127
290
192
307
4,242
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,194
Total
State
and
municipal
382
191
129
195
482
435
181
259
404
440
353
281
665
1,537
344
698
440
497
418
3,387
1,209
1,267
1,733
2,026
1 557
418
685
3,187
856
1,236
1,596
1,834
1,430
407
603
200
352
31
137
193
126
11
82
288
119
119
28
48
4
90
15
48
912
2,466
4,911
2,178
4,256
31
7
9
38
7
3
200
20
17
42
44
255
750
338
705
989
78
337
623
297
645
820
60
282
127
41
60
169
18
55
5
26
3
30
113
55
20
264
247
58
17
46
85
127
65
71
23
25
324
284
334
723
728
423
Corporate
ForFedeign'
eral
agenBonds
cies1 Total
and Stocks
notes
311
698
728
423
4
10
47
16
23
326
17
41
386
8
33
284
363
664
366
238
277
536
301
345
274
1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce,
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
655
55
2
1044
Monthly figures
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
Retirement of securities
New money
Total
Plant and Working
equipment capital
Bonds and Preferred
notes
stock
Total
Repayment
Other
of
other debt purposes
1935
1936
1937
1938
1939
1940
1941
1942 ..
1943
1944
1945
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
5,800
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,691
208
858
991
681
325
569
868
474
308
657
996
111
380
574
504
170
424
661
287
141
252
581
96
478
417
177
155
145
207
187
167
405
415
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,447
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,017
71
226
190
87
59
128
100
30
72
351
430
170
154
111
215
69
174
144
138
73
49
124
23
49
36
7
26
19
28
35
27
47
124
1945—January
February
March
April
May
June
July
August
September
October
November
December
281
215
226
643
496
92
944
440
795
1,077
121
470
275
212
221
632
485
91
925
433
780
1,057
117
462
35
28
48
102
136
5
190
80
99
150
20
103
14
16
28
55
49
1
147
41
50
97
7
75
21
12
19
47
88
3
43
39
49
53
13
27
240
177
171
513
331
79
719
297
668
854
70
327
221
160
158
501
278
72
581
278
634
798
51
286
19
17
13
12
53
7
138
19
35
56
19
41
5
1
14
12
1
5
50
1
19
4
12
1
2
3
6
6
11
6
12
34
22
19
253
297
417
682
844
654
674
245
291
405
666
825
634
656
111
37
99
213
153
239
333
63
17
55
148
91
169
205
49
20
44
65
62
70
128
118
238
287
376
630
311
254
56
222
257
320
514
279
215
62
16
30
56
116
32
39
5
2
2
57
28
13
44
10
15
17
21
14
72
25
1946—January
February
March
April
May
June
July
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Other
Industrial
Public utility
Railroad
Retire- All
Total
Total
Retire- All Total
Retire- All Total
Retire- All
net
New ment of other
net
New ment of other
net
New- ment of other
New ment of other
net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses
ties
ties
ceeds
poses ceeds
poses ceeds
ties
ties
poses ceeds
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943.
1944
1945
120
774
338
54
182
319
361
47
160
602
1,436
57
139
228
24
85
115
253
32
46
102
115
54
558
110
30
97
186
108
15
114
500
1,320
1945—January
February...
March
April
May
June
July
August
September..
October
November..
December. .
119
108
"12'
119
96
360
75
105
84
270
246
14
18
12
10
4
27
346
57
93
74
266
219
68
19
50
1946—January....
February...
March
April
May
June
July
150
192
98
76
35
8
"
10 1,250
77 1,987
751
1
1,208
1,246
is' 1,180
1,340
464
469
1,400
2,196
7
148
190
97
69
26
1
15
2
23
65
60
122
127
183
30
297
110
364
523
35
169
43
32
78
138
424
173
338
1
1
1
6
5
10
181
43
31
76
119
408
129
155
2
12
1
4"
1
774
1,280
1,079
831
584
961
828
527
497
1,033
1,865
74
439
616
469
188
167
244
293
228
454
732
550
761
373
226
353
738
463
89
199
504
984
150
80
90
136
43
56
121
146
71
76
149
122
390
71
16
102
155
94
4
21
107
194
46
218
57
8
9
42
55
4
13
61
88
72
152
7
7
88
9
18
4
20
7
1
5
104
21
4
42
60
4
3
47
28
9
41
64
117
3
163
63
87
89
17
51
54 . . . . . .
16
50
2
38
15
89
17
49
7
301
16
111
47
38
6
107
23
26
6
106
9
10
18
4
15
2
2
40
13
10
27
27
27
8
7
4
12
2
6
5
6
26
5
8
82
27
93
118
223
59
480
221
130
218
49
166
1
1
2
1
" Y
11 • • 29" " 5 '
6
2
1
8
4
5'
19
10
15
1
3
9
15
"13"
11
34
1
181
100
126
412
289
402
279
98
26
94
198
127
200
137
68
59
13
157
137
152
99
13
9
10
18
37
24
31
6
9
2
7
14
20
6
30
27
50
86
47
13
30
27
25
17
51
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,083
65
60
124
139
184
30
301
115
371
565
42
200
7
1
2
1
7
9
8
30
63
89
180
43
245
317
145
22
40
61
"
i'
4'
15
15
19
56
25
51
43
7
8
3
17
4
9
6
" '25'
1
2
3
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
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
expenses.
4
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
SEPTEMBER
1946
1045
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Iron
and
steel
Other NonMaAu- trans- ferrous
chin- tomo- porta- metals
and
tion
ery
biles equip- products
ment
Other
durable
goods
Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
cals
tobacco refining
Other
nondurable
goods
MisDividends
cellaNet
neous profits1
servPre- Comices
ferred mon
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
. . . 2,163
1,769
. . 1,800
1,896
1,925
146
115
223
102
119
70
151
98
186
134
122
90
564
278
325
226
204
194
188
158
193
159
165
174
163
242
274
209
201
222
243
173
227
182
180
190
169
133
153
138
128
115
108
88
113
90
83
88
88
148
159
151
162
175
199
112
174
152
186
220
223
194
207
164
170
187
187
160
187
136
149
147
154
132
152
161
171
184
203
847
1 028
1 137
888
902
970
989
90
92
88
86
86
85
669
705
552
556
611
612
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
2 46
2 43
2 43
2 50
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
52
46
20S
174
213
296
21
23
20
23
134
135
125
158
430
433
461
52
47
51
39
41
41
47
50
52
2
53
45
53
19
22
20
39
37
43
477
34
32
31
43
41
41
40
36
36
39
31
23
36
42
49
58
47
38
39
38
50
209
221
226
21
22
21
127
132
127
246
22
170
444
47
40
52
29
20
38
49
42
36
39
224
21
142
459
475
518
46
47
55
40
38
55
55
55
59
30
28
28
22
21
25
43
45
49
52
56
64
43
49
53
37
37
37
43
52
50
230
244
272
22
20
23
149
137
184
492
508
439
49
53
37
38
42
35
63
77
46
31
27
23
21
21
20
45
46
50
62
64
61
48
45
43
39
38
37
45
47
53
250
269
224
246
20
22
21
142
145
143
Number of companies.
1939
1940
1941
1942
1943
1944
1945
Quarterly
1942—1
2
3
4
1943—1
2
3
4
1944—i
2
3
4
1945—i
2
3
4
....
485
49
r323
'22
47
r_19
601
1946—1
2
66
47
2
2
52
2 47
2 47
2 43
2 50
247
36
2
58
r
48
46
2 46
2 41
-34
23
27
26
58
'20
12
65
25
2 36
r2_6
2 42
32
73
51
37
r
56
60
r
63
67
44
40
r
62
73
58
r
22
82
182
20
93
146
21
244
153
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power4
Railroad"
Year or quarter
Operating
revenue
Income
before
income
tax 6
Income
before
income
tax 6
Net
income1
Dividends
Operating
revenue
Income
before
income
tax 6
Net
income1
Dividends
2,647
2,797
3,029
3,216
3,464
3,618
3,695
629
692
774
847
914
915
906
535
548
527
490
502
499
523
444
447
437
408
410
390
399
1.067
1,129
1,235
1,362
1,537
L,641
L.803
227
248
271
302
374
399
396
191
194
178
163
180
174
177
175
178
172
163
168
168
173
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
425
504
229
-404
139
187
125
-4
30
72
29
123
971
909
887
928
292
233
211
171
139
123
116
145
102
96
92
109
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
38
-54
14
-42
56
52
971
915
'299
rl96
221
151
107
110
475
497
84
75
54
53
44
45
Net
income1
Dividends
755
93
189
500
902
873
668
447
126
159
186
202
217
246
253
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
3
4
2
2,091
2,255
2,368
2,340
515
608
653
435
1944—1
2
3
4
2,273
2,363
2,445
2,356
I945—1
2
3
4
2,277
2,422
2,231
1,972'
1946—1
2
1,866
1,711
1939
1940
1941
1942
I943
1944
1945
3,995
4,297
5,347
7,466
9,055
9,437
8,902
1942—1
2
3
4
I943—1
Quarterly
Telephone5
126
249
674
1,658
2,211
1,971
Operating
revenue
r
1
Revised.
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
» Class I lirie-haul railroads, covering about 95 per cent of all railroad operations.
4
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
6
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
6
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description
of .data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1046
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars!
End of month
Marketable public issues1
Total
interestbearing
direct
debt
42,968
45,025
48,961
57,938
72,422
108,170
136,696
1943—June
165,877
Dec
201,003
1944—June
230,630
Dec.
258,682
1945—June
263,001
1945—Aug
262 ,020
Sept
Oct. . 261,817
265,342
Nov
278,115
Dec
278,887
1946—Jan
279,214
Feb
276,012
Mar
273,898
Apr
M a y . . . . 272,583
J u n e . . . . 269,422
268,270
July
267,546
Aug
1940—June....
Dec.
1941—June....
Dec,
1942—June
Total 2
42,376
44,458
48,387
57,451
71,968
107,308
135 ,380
164,508
199,543
228,891
256,357
260,746
259,630
259,439
262,849
275,694
277,456
277,912
274,748
272,711
271,440
268,111
267,039
266,359
Total
gross
direct
debt
34,436
35,645
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
183,334
182,833
182,790
185,112
198,778
199,633
199,810
197,063
195,079
193,487
189,606
187,596
186,350
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtbonds
notes
bills
edness
Total 2
Special
U. S. Treasury issues
savings tax and
bonds savings
notes
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67 ,944
79,244
91,585
106,448
108,172
107,049
107,049
109,371
120,423
121,358
121,635
121,177
121,177
121,177
119,323
119,323
119,323
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
57,379
56 278
56 072
57^028
56 915
57,168
57 206
56,550
56 408
56,472
56,173
56,399
56,566
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
48,828
48 917
49,035
49,320
49,447
1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,038
17,018
17,026
17,026
17,037
17,042
17,032
17,047
17,054
17,041
17,039
17,023
17,024
3,096
10,534
16,561
22,843
28,822
30,401
34,136
34,430
35,072
35,021
35,021
38,155
41,502
41,413
40,399
38,408
36,828
34,804
37,720
36,473
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
23,498
23,498
23,498
23,498
22,967
19,551
19,551
18,261
18,261
18,261
18,261
13,351
13,351
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,033
20,519
20,577
20,710
20,000
20,655
20,897
21,135
21,224
21,481
22,332
23,045
23,443
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
10,148
9,021
8,776
9,058
8,235
8,107
8,043
7,365
7,144
7,127
6,711
6,669
6,688
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,255
2,391
2,378
2,492
2,421
1,431
1,301
1,264
1,188
1,143
1,311
1,231
1,187
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
515
527
541
536
553
545
539
542
533
542
467
324
370
1
Including amounts held by Government agencies and trust funds, which aggregated 6,627 million dollars on July 31, 1946.
'-Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING AUGUST 31, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills 1
Sept. 5, 1946
Sept. 12, 1946
Sept. 19, 1946
Sept. 26, 1946
Oct. 3,1946
Oct. 10, 1946
Oct. 17, 1946
Oct. 24, 1946
Oct. 31, 1946
Nov. 7, 1946
Nov. 14, 1946
Nov. 21, 1946
Nov. 29, 1946
1,313
1,310
1,310
1,306
1,308
1,315
1,311
1,305
1,306
1,315
1,314
1,308
1,302
Cert, of indebtedness
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
V%
%
%
H
%
K
%
%
%
%
Vs
4,336
3,440
3,778
3,768
3,330
4,954
3,133
2,820
2,775
2,916
1,223
1^
1M
1H
134
\y2
3,261
1,948
2,707
1,687
3,748
1, 1946. .
1, 1946
1,1946
1, 1946
1,1947
1,1947
1, 1947
1,1947
June 1,1947
July 1, 1947
Aug. 1,1947
Treasury
Dec. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Sept. 15,
notes
1946
1947
1947
1947
1948
Treasury bonds
Oct. 15, 1947-52... 4 34
Dec. 15, 1947
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51... 2 %
June 15, 1948
1%
Sept. 15, 1948
2Y2
Dec. 15, 1948-50
2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
759
701
1,115
1,223
3,062
451
571
1,014
1,292
2,098
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52... ZY%
Dec. 15, 1 9 4 9 - 5 3 . . . 2 ^
Mar. 15, 1950-52
2
Sept. 15, 1950-52... 2H
Sept. 15, 1950-52
2
Dec. 15, 1950
\\i
June 15, 1951-54... 2 %
Sept. 15, 1951-53
2
Sept. 15, 1951-55
3
Dec. 15, 1951-53... 2 M
Dec. 15, 1951-55
2
Mar. 15, 1952-54... 2 ^
June 15, 1952-54
2
June 15, 1952-55... 2 34
Dec. 15, 1952-54
2
June 15, 1953-55
2
June 15, 1954-56...2J4
Mar. 15, 1955-60... 2 %
Mar. 15, 1956-58.. .23^
Sept. 15, 1956-59... 2%
Sept. 15, 1956-59... 2 34
June 15, 1958-63...2 %
June 15, 1959-62... 2 34
Dec. 15, 1959-62... 2 34
Dec. 15, 1960-65... 2 M
June 15, 1962-67... 2H
Dec. 15, 1963-68... 2%
June 15, 1964-69.
" '
Dec. 15, 1964-69.
Mar. 15, 1965-70.
Mar. 15, 1966-71.
June 15, 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72... 23^
Postal Savings
bonds
2M
Conversion b o n d s . . . . 3
Panama Canal loan.. 3
Total direct issues
Guaranteed securities
Federal Housing Admin.
Various
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
116
13
50
186,350
43
i Sold on discount basis. See table on Open-Market Money Rates,
p. 1043.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Fiscal year
ending:
June— 1940
1941
1942
1943
1944
1945
1946
2,905 1,109
4,314 1,492
10,188 5,994
21,256 11,789
34,606 15,498
45,586 14,891
49,035 9,612
1945—July. . .
Aug....
Sept....
Oct
Nov....
Dec...
46,508
46,715
46,741
46,786
47,473
48,183
48,588
48,692
48,733
48,828
48,917
June.. . 49,035
July. . . 49,320
Aug... . 49,477
1946—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
1946
203
3,526
8,271
11,820
11,553
6,739
114
148
207
848
395
67
435
758
802
679
407
2,032
2,759
2,876
2,658
2,465
2,371
4,298
6,717
1,294
1,032
700
514
624
1,184
1,254
571
420
510
865
908
47
22
18
8
54
83
215
107
76
107
265
262
428
531
528
616
533
559
960
622
626
668
594
571
753
590
641
367
371
388
345
321
386
347
40
30
27
29
24
24
31
25
278
225
228
250
225
226
335
217
629
565
634
621
552
519
537
478
Maturities and amounts oustanding Auj;ust 31, 1946
Year of
maturity
1946
1947
1948
.. .
1949
1950
1951 . . . .
1952
1953
1954
1955
1956
1957
1958
Unclassified. .
Total
SEPTEMBER
RedempAmount Funds received from sales during tions and
Period
outmaturities
standing
at end of
All
All
Series Series Series
month
G
F
series
series
E
All
series
174
426
500
802
985
1612
4,630
8,374
11,103
9,902
5,840
3,039
2,151
-60
49,477
Series
B-D
Series
E
3,325
1 173
4 630
7,002
8,279
6,899
2,409
30,393
F
Series
G
210
570
637
715
572
220
174
426
500
802
985
439
Series
1,161
2 254
2,367
2,716
2 467
1,930
2,925
12,895
1047
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
End of month
1940—June
1941—June
Dec
1942—June
December
1943—June
December
1944—June
December
1945—June
1945—September
October
November
December
1945—January
February
March
April
.
May
June
Commercial
banks 1
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,892
107,028
107,676
109,372
114,362
115,264
115,404
111,601
111,332
109,832
107,083
Federal
Reserve
Banks
Total
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,100
83,700
84,400
85,900
90,100
92,000
92,500
89,000
88,600
86,900
83,300
Total
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
. . . 260,156
259,980
. . . 263,386
276,246
278,001
278,451
275,290
. . . 273,244
271,983
268,578
Held jy non bank investors
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
23,328
23,276
23,472
24,262
23,264
22,904
22,601
22,732
22,932
23,783
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,874
153,128
152,304
154,014
161,884
162,737
163,047
163,689
161,912
162,151
161,495
Individuals
9,700
11,100
13,800
18,200
23,800
30,300
37,100
45,100
52,200
58,500
59,500
59,300
62,000
63,600
63,700
63,700
63,800
63,300
63,300
63,000
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
22,500
22,400
22,200
24,400
24,700
24,800
25,000
25,000
25,200
25,300
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,000
10,000
9,800
10,700
10,900
11,100
11,200
11,300
11,300
11,500
2,600
2,400
4,400
5,400
11,600
15,700
20,100
25,700
27,600
29,900
28,900
28,300
27,800
29,900
29,300
29,000
29,200
27,700
27,500
26,500
State
and
local
governments
300
400
500
600
800
1,300
2,000
3,200
4,300
5,300
5,500
5,500
5,300
6,300
6,400
6,400
6,400
6,400
6,400
6,200
U. S. Government agencies
and trust funds
Special
issues
4,775
6,120
6,982
7 885
9,032
10,871
12,703
14,287
16,326
18,812
20,519
20,577
20,710
20,000
20,655
20,897
21,135
21,224
21,481
22,332
Public
issues
2 305
2,375
2 558
2 737
3,218
3,451
4 242
4,810
5,348
6,128
6 123
6,175
6 134
7,038
7 043
7 061
7,046
7 045
7,048
6,798
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, 1946.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Public marketable securities. Par values in millions of dollars]
End of month
Total:2
1946—Jan...
Feb...
Mar. .
Apr...
May..
June..
Treasury bills:
1945—Jan.
Feb.
Mar'.'
Apr.
May..
Total
outstanding
199,672
199,849
197,104
195.120
193,529
189,649
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
sav- ance Other
cial
agen- Recies serve banks ings combanks panies
and Banks C1)
trust
funds
7,014 23,264
7.030 22.904
7,016 22,601
7,014 22,732
7,018 22,932
6,768 23,783
84,700
85,192
81,861
81,477
79,884
76,578
10,726
10,871
10,955
11,026
11,087
11,220
1
23,758 50,210
23,895 49,957
24,008 50,663
24,060 48,811
24,229 48,379
24,285 47,015
14
9
g
7
3
12,866
13,038
13,280
13 661
13,'896
14,466
2,387
2,396
1,512
1,875
1,715
1,142
2
8
1
3
6
June..
17,042
17 032
17,'047
17.054
17,041
17,039
Certificates:
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
June..
41,502
41.413
40,399
38,408
36,828
34,804
51
58
73
69
75
58
8,047
7,546
6,954
6,505
6,395
6,813
21,380
21,716
20,618
19.598
18,157
16,676
101
119
179
205
211
243
390
531
573
549
579
576
Treasury notes:
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
June..
19,551
19,551
18,261
18,261
18,261
18,261
8 1,405
7 1,373
9 1,463
9 1,663
13 1,738
9 1,748
13,652
13,625
12,292
12,071
11,828
11,396
176
184
211
211
224
227
546 3,764
538 3,824
520 3,765
527 3.779
584 3,874
623 4,258
12
12
13
11
14
14
3
3
3
3
3
3
Guaranteed
securities:
1945—Jan...
Feb.
Mar.
Apr...
May..
June..
39
39
40
41
42
43
7
8
3
8
9
9
1,783
1 584
2,239
1,502
1 1,421
1 1,424
13
13
13
13
12
13
11,532
11,442
12,003
11,483
11,410
10,439
4
4
3
6
4
4
End of month
Treasury bonds:
Total:
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
June..
Maturing within
5 years:
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
June..
Maturing in 5-10
years:
1946—Jan.. .
Feb...
Mar..
Apr...
May..
June..
Maturing in 10-20
years:
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
June..
Maturing after 20
years:
1946—Jan.. .
Feb...
Mar. .
Apr...
May..
Total
outstanding
U. S.
Govern- Fed- Com- Mu- Insurment eral
mer- tual
agen- Resav- ance Other
cial
cies serve banks ings comand Banks C1)
banks panies
trust
funds
121,358 6,905
121,635 6,909
121,177 6,882
121,177 6,884
121,177 6,877
119,323 6,655
947 47,253
47,429
47,414
47,908
48,155
47,335
10,445
10,565
10,561
10,599
10,647
10,743
947
903
903
903
755
22,807
22,812
22,896
22,972
23,052
23,073
33,000
32,974
32,523
^1,912
31,541
30,764
10,879
10,879
11,613
11,613
11,613
10,772
478
478
561
561
561
272
7 360
7',320
7,887
8',019
8,009
7,776
169
159
174
179
189
232
46,484
46,484
45,261
45,261
45,261
44,928
1,323
1,321
1,154
1,153
1,148
1,133
31,776
31,901
31,247
31,502
31,668
31,545
2,230
2,128
2,052
2,000
1,963
1,905
3,735
3,697
3,603
3,513
3,464
3,337
7,418
7,444
7,202
7,092
7,019
7,013
20,643
20,692
20,701
20.701
20,704
20,023
970
972
973
975
974
915
5,470
5,541
5,596
5,687
5,729
5,257
3,427
3,476
3,422
3,484
3,438
3,461
3,054
2,986
3,012
3,100
3,146
3,165
7,711
7,718
7,696
7,454
7,414
7,226
43,350
43,577
43,600
43,600
43,598
June.. 43,598
5,082
5,086
5,098
5*100
5 100
5,091
2,634
2,669
2,679
2,695
2,744
2,758
4,617 15,759
4,802 15,871
4,909 15,991
4',936 16,090
5 054 16,179
5,145 16,223
15,257
15,150
14,922
14,783
14,523
14,381
258 2 613
257 2',666
288 2, 701
268 2^585
264 2,586
347 2,145
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial
banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by
other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks. On June 30, 1946, commercial banks reporting to the Treasury held 23,487 million dollars' of U. S. Government2 securities due or callable within one year out of a total of 62,091 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
1048
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisTransIncome taxes1 cella- Social
Trust
NaTotal
neous Secu- Other Total Net Inter- tional fers to Other budget Defiest
extrust
inter- rity
rerere- 3 on
counts
ac- pendi- expend- cit
denal
etc.*
Withtaxes ceipts ceipts ceipts debt fense counts, tures itures
held2 Other reveetc.
nue 1
Period
Fiscal year ending
June 1944...
June 1945...
June 1946...
1945—July
August. . .
September.
October...
November.
December.
1946—January..
February.
March
April
May
June
July
August. . .
8,393 26,262 5,291 1,751
10,289 24,884 6,949 1,793
9,392 21,493 7,725 1,714
669 1,073
718
66
1,200
466
877
306
768 3,440
573
69
572 1,021
689
58
1,076
449
602
257
707 2,659
516
69
554
201
645
51
704
584
310
1,086
180
649
100
658
118
642
65
485
615
442
966
285
615
742
650
76
695
974
514
67
679
44.
1,070
302
3,711
3,824
3,915
228
432
342
241
225
170
397
191
176
424
690
399
349
223
45,408 44,149 2,609 87,039
556
47,740 46 ,457 3,617 90,029 1.646
44,239 43 ,038 4,722 48 ,542 1,918
2,754 2,695
156 7,325
530
3,281 2,997
99 6,399
162
5,192 5,189
647 5,367
34
2,581 2,530
172 5,126
38
2,609 2,374
84 4,226
4,122 4,118
817 4,245
309 3,417
3.848 3,819
684
118 2,702
3,875 3,678
148
646 2,550
5,762 5,747
23
174 2,560
2,734 2,677
200
106 2,182
2,998 2,733
95
4,482 4,479 1,395 2,442
5
249 1,190
2,600 2,539
631
122 1,509
2,717 2,434
13
Period
Net
receipts
Net expenditures
in checking acExInvest- pendi- counts of
Governments tures
ment
agencies
Other
Receipts
Increase
gross
debt
3,540 93,744 49,595 -4,051 + 10,662 64 ,307
5,113 100,405 53,948
+798 +4,529 57 ,679
9,837 65,019 21,981
+781 -10,460 10,740
546
8,557 5,862
-116 - 2 , 6 1 5 3,362
694
7,354 4,357
-50 -3,451
956
563
6,611 1,422
-95 -2,497 -980
615
5,950 3,420 +302 - 3 , 3 2 1 - 2 0 3
346
4,656 2,282
+390 +1,632 3,524
384
5,445 1,327
+113 +11,558 12,773
4,891 1,073
482
-276
772
-577
543
+39
3,510 + 168
+534
327
1,383
4,602 +1,146 +462 - 1 , 5 9 3 -3,201
1,316
4,251 1,573 +254 - 3 , 4 3 3 -2,114
1,294
944 -139 - 2 , 3 9 8 -1,316
3,677
1,671
- 1 0 3 - 4 , 2 9 8 -3,161
5,513 1,034
2,444
+918 - 2 , 2 0 9 -1,152
4,514 1,975
1,152
363
2,796
+98
-989 -724
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Change
in
general
fund
balance
Investments
Assets
Expenditures
Deposits
in
Federal
Reserve
Banks
Total
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
Fiscal year ending:
June 1944... .
Tune 1945....
June 1946
3,202
3,239
2,940
2,816
2,757
1,261
380
453
1,618
4,403
1.178
-952
1,851
3,820
4,726
1,313
2 444
2,407
192
-571
2,550
20,775
25,119
14,708
1,442
1.500
1,006
18,007
22.622
12,993
1,327
997
708
607
421
470
20,169
24,698
14,238
1945—July
August....
September.
October
November.
December..
312
543
52
132
419
54
203
239
241
-66
38
198
51
56
91
146
143
149
222
-26
51
-274
-79
-395
579
336
407
284
295
260
441
172
163
80
65
54
89
487
9
228
158
195
22,469
19,018
16,582
13,307
14,849
26,520
1,252
1,300
1,755
1,124
1,372
1,674
20,303
16,874
13,989
11,389
12,694
24,044
914
844
839
794
784
802
386
387
447
494
404
517
22,082
18,631
16,134
12,813
14,445
26,003
1946—January.. .
February. .
March
April
May
June
July
August....
178
355
64
135
465
232
276
492
-36
-13
87
-60
72
359
103
122
178
178
174
155
158
140
137
135
-9
9
-635
-4
181
8
5-1,704
66
810
393
181
326
390
466
5586
108
548
309
85
-18
419
41
5
448
25,851
26,414
24,743
21,293
18,859
14,708
12,444
11,431
1,011
1,209
2,160
1,124
1,230
1,006
702
872
24,030
24,447
21,776
19,502
16,949
12,993
10,961
9,842
810
758
807
667
681
708
781
716
424
453
376
359
323
470
415
391
25,427
25,961
24,367
20,935
18,536
14,238
12,029
11,040
583
225
72
133
165
253
331
180
1
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
« Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
5
Excess of receipts ( + ) or expenditures (—).
Adjustment in classification. Not comparable with back figures.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
CASH INCOME AND OUTGO OF THE U. S.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collection 3. In millions of dollars]
TREASURY
Individual
Income taxes
Estate
and
Period
Withheld
Other
Normal
and
surtax
1,121
1,852
3,069
4,521
5,284
4,880
4,640
Other
profits
taxes
164
27
37
57
84
360
407
433
447
137
511
7,823
10,264
9 858
982
1,418
3,263
5,944
10,438
8,770
8,847
1945—July
August
September..
October....
November. .
December. .
1,250
1,460
32
1,094
1,405
27
338
110
1,131
294
61
560
217
114
795
215
136
744
1,618
5,064
9,345
11,004
7,822
429
228
1,584
421
248
1,398
1946—January
February...
March
April
604
1,848
154
708
1 245
30
858
1,743
991
1,883
508
175
1,053
375
301
128
1,006
157
82
744
192
536
236
1,268
324
157
994
330
686
June
July
1946
gift
taxes
Excess
profits
Fiscal year ending:
June—1940
1941 .
1942
1943
1944 .
1945
1946
SEPTEMBER
[In millions of dollars]
Corporation income
and profits taxes
Excise and
other miscellaneous
taxes
Cash
income
Period
Fiscal year ending:
June—1940
1941
1942
1943
1944
1945
1946
Cash
outgo
Excess
of
cash
outgo
7,019
9,298
15,374
25,485
48,254
51,332
48,103
9,555
14 031
34,717
79,253
94,296
96,263
65,904
2,536
4 733
19,342
53,769
46,043
44,931
17 800
643
677
2,000
2,547
3,405
4,124
4,842
6,317
7,036
8
5
11
6
6
13
49
69
34
44
44
45
742
756
498
662
560
466
1945—July
August
September... .
October
November. . . .
December....
3,012
3,713
5,597
2,905
3,087
4,407
7,998
7,854
6,649
6,009
4,811
5,303
4,987
4,141
1,052
3,104
1,724
896
6
4
9
5
3
16
4
61
54
84
66
64
63
74
582
543
555
549
577
548
634
1946—January
February
March
April
May
3,993
4,277
5,950
2,934
3,492
4,736
2,703
5,628
3,910
4,161
4,171
4 382
5,044
2,922
1,635
-367
-1,789
1,237
890
308
218
144
91
June
July
. .
1049
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
Corporation or agency
Total Cash
All agencies:
June 30 1945
Sept. 30, 1945
Dec 31 1945
Mar. 31, 1946
33,552
700
34,247 815
33,844 925
33,325 1,279
Classification by agency,
Mar. 31, 1946
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
248
334
Federal intermediate credit banks..
1 200
Federal land banks
124
Production credit corporations . . .
15
Regional Agricultural Credit Corp..
456
Farm Security Administration . . .
26
Other*
151
Federal Farm Mortgage Corp
Rural Electrification Administration
432
1,401
Commodity Credit Corp
Federal Crop Insurance Corp
7
3
Federal Surplus Commodities Corp.. .
CommodiLoans ties,
resupceiv- plies,
able
and
materials
U. S. PriBonds, notes,
Gov- vately
Land,
and debenernstruc- Undis- Other tures payable Other ment owned
tures, tribasliabil- inter- interU.S.
and
uted
est
Fully
est
ities
Govt. Other equip- charges sets guarsecusecu- rities ment
anteed Other
rities
by U.S.
5,544
5,409
5,290
5,069
1,679
1,756
1,683
1,789
2,507
2,487
2,288
1,918
Investments
375
368
325
285
20,164
20,816
21,017
20,784
772
442
472
460
502
551
555
536
1,163
1,135
1,113
1,133
4,162
4,486
4,212
4,959
267
797
1,811
2,154
1,845
1,741
2
37
183
43
279
998
12
55
1
9
4
521
4
3
2
322
43
135
73
338
18
153
166
1
168
849
1
29
781
163
15
4
3
553
64
172
7
38
29
1
29
285
1
21
7
26
Reconstruction Finance Corporation 4 . . 9,832
Office of Emergency Management: 6
8,910
War Shipping Administration . .
14
Office of Inter-American Affairs
311
Export-Import Bank
997
Federal Deposit Insurance Corp
271
Federal Works Agency
747
Tennessee Valley Authority
3,716
U S Ivtaritime Commission
1,943
All other
42
951 1,046
304
13
30
17
2
12
31
39
39
National Housing Agency:
Federal Home Loan Bank Administration:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public HousingAuthority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R F C . Mortgage Company
137
422
31
279
5
80
2
3
77
103
225
62
2
1
251
486
129
965
8
52
13
27
146
721
3 3,224
2 1,752
0)
68
3
43
3
334
30
32
98
1,712 8,121
955 7,955
9
5
2
309
698
160
271
«7
740
141 3,575
65 1,878
2
11
()
551
63
134
6
32
100
818
6
(2)
124
•2
7
620
2
(2)
48
68
24
69
' 5
6,794
7,818
213
1,163
3
492
18
7
48
25
143
432
-255
3
3
4
4
6
(')
234
14
451
x
5
1
5
5
85
3
1
()
u
8
65
132
124
(2)
50
2
2
18
8
• • « • •
7
4
759
2
19
1
(2)
21
00
139
LOANS BY PURPOSE AND AGENCY
Mar. 31, 1946
Fed.
Fed. inter- Banks Com- Rural
Fed. Farm medi- for co- modity Elecland Mort. ate opera- Credit trification
banks Corp. credit tives Corp.
Adm.
banks
1,070
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks . .
Other
49
(2)
CLASSIFICATION OF
Purpose of loan
5
459
465
472
479
240
1
20
10
43
1
23
27,266
27 610
27,492
26,218
Farm
Security
Adm.
Home
Owners'
Loan
Corp.
Fed.
ExFed.
Public home R.F.C. portand
Hous- loan affili- Iming
port
Auth. banks ates Bank
All
other
Dec.
1945,
All 31, all
agen- agencies
cies
279
183
31
422
31
475
153
72
70
(2)
Total loans receivable
(net)
998
137
279
(J)
1
183
31
422
2,816
825
18
49
196
200
223
232
10
25
185
545
715
438
40
227
526
707
438
(2)
794
Other
Less: Reserve for losses.
148
1
178
151
206
152
13
322
781
285
285
153
15
32
267
316
4
279
(2)
(2)
()
114
127
985
279
213 5,069
2
2,878
896
5,290 1
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
'Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4
Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial
Company, which were transferred to the Reconstruction Finance Corporation from Foreign Economic Administration under Executive Order
9630, and War Damage Corporation.
5 All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department
of Commerce.
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 theJ3uLLETiN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics
Table 152, p. 517.
1050
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year
and
month
Income
payment'
Value)1
'935-39
100
Adjusted
Construction
contracts
awarded (value)3
1923-25=100
Industrial production
(physical volume)* 2
1935-39=100
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 4
1939=100
All
other
Nonagricultural
Factory
DepartFac- Freight ment Wholesale
:pst of
tory carload- store
com- living4
sales
pay
ings*
modity 1935-39
rolls4 1935-39 (val4
ue) *s prices
100
1939 = = 100
1926
100
1935-39 = 100
100
AdAdAdAdAd- Unad- AdAdAd- 1 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
122.9
1929
109.1
1930
92.3
1931
70.6
1932
68.9
1933
78
1934
87
1935
101
1936
107
1937
98
1938
105
1939
113.5
1940
138
1941...
174.6
1942
213.0
1943...
233.4
1944
P239.1
1945
1943
208.8
April
209
May
212
June
214
July
August... . 216
216
September
October. . . 219
222
November.
224.7
December
1944
227.2
January...
232.4
February..
231.9
March....
231.1
April
232.1
May
233.9
June
233.2
July
234.0
August...
232.5
September
235.5
October. .
237.5
November
239.0
December
1945
241.9
January..
245.2
February.
244.
March. . .
242.3
April
241.
May
244.6
June
243.4
July
236.0
August...
229.0
September
231.4
October..
235.
November
December
234.
1946
233.!
January
231.
February.
234.
March...
236.4
April
239.
May
240.
June
P251.
July
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
.108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
176.2
176.9
179.0
180.1
180.2
179.6
180.6
181.5
179.9
175.4
175.8
178.3
180.2
181.4
180.8
181.4
181.9
180.3
324.9
330.4
336.1
335.8
343
349.5
354.9
359.7
350.7
136
135
127
141
140
140
137
139
143
160
159
168
169
166
166
172
176
168
103.
104.1
103.8
103.2
103
103
103
102
103.2
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
132.5
132.4
131.8
131.1
130.9
•131.1
"130.8
•130.8
129.9
129.
128.9
'129.7
178.8
178.5
176.6
174.5
173.3
172.5
171.4
170.9
169.3
168.1
167.3
168.0
178.3
178.0
176.2
173.8
172.3
172.2
171.9
172.0
170.1
168.5
167.7
168.3
351.6
352.7
350.5
345.0
345.3
346.6
339.6
343.1
341.9
343.8
341.0
346.
145
142
140
138
138
139
142
142
139
137
141
137
174
173
183
174
183
177
189
18
187
19.
204
197
103.
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
'130.1
130.3
130.6
129.0
168.1
168.0
166.5
163.8
160.8
157.2
151.
147.6
127.8
127.2
127.8
128.1
167.7
167.5
166.0
163.0
159.8
156.9
152.1
148.7
128.5
127.6
128.2
128.4
345.6
344.8
341.7
333.3
318.7
314.6
298.7
267.3
224.2
222.9
222.9
226.2
144
139
145
141
141
140
139
128
127
118
133
127
198
210
220
182
189
202
'216
200
200
213
22.
216
104.9
105.2
105.3
105.
106.0
106.1
105.9
105.
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
130.7 130.2
122.4 121.9
130.3 129.9
136.6 135.9
138.0 136.9
139.6 139.3
P140.4 P140.9
229.
210.5
232.9
'249.2
'248.1
257.
133
126
139
109
106
133
139
228
254
263
250
256
275
274
107.1
107.
108.9
110.2
111.0
112.9
124.3
129.9
129.6
130.2
131.1
131.7
133.3
141.0
63
60
59
65
49
60
61
33
31
32
36
35
35
34
3
35
68
55
80
79
89
61
78
81
132.6
132
132.8
133
132
131
132.0
132.3
132.2
139
14:
139
140
143
142
139
142
143
143
143
137
55
45
40
36
33
34
38
41
39
42
46
51
29
21
1
1
16
1
14
13
13
13
13
14
76
64
59
52
46
50
5
63
61
65
73
81
17:
176
176
174
173
173
165
157
156
15
158
156
140
141
142
140
138
144
143
140
134
12
138
133
48
59
72
70
58
5C
5
61
69
83
9
108
14
13
15
18
20
22
23
24
26
36
44
56
75
96
118
166
138
18.
161
167
••190
164
161
162
P158
14
14
137
104
116
139
107
136
147
170
16"
17'
P165
61
95
129
172
179
177
P164
237
239
237
240
242
244
247
24
241
236
239
238
241
245
248
249
24
239
356
359
358
360
365
368
374
376
365
175
176
17
17
178
179
179
180
174
131
129
117
13135
138
136
133
137
243
244
241
239
236
235
230
232
230
232
23:
232
240
240
238
237
236
236
23
235
234
234
232
230
369
36
364
361
356
354
34
348
342
344
341
343
176
17
175
17
169
169
165
168
168
169
173
173
234
236
235
230
225
220
210
186
167
162
168
163
230
232
232
229
225
220
211
188
171
164
16
161
345
346
34!
336
323
308
292
239
19
186
191
185
160
152
168
165
156
148
164
16
159
171
P173
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
186
207
102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117
126.7
132.4
130.8
125.7
71
83
66
71
98
89
92
100
100
99
107
93
80
6
76
80
86
99
11
97
106
117
125
129
132
140
137
-•160
170
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
135
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
9
61
10:
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
171
166
175
19
P202
••166
P146
. 52
45
Unadjusted
103.2
123.5
79.7
85.5
108.4
101.2
106.6
109.9
107.9
109.1
117.1
94.7
71.8
49.5
53.1
68.3
78.6
91.2
108.8
84.7
100.0
114.5
167.5
245.2
334.4
345.7
288.4
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
3
41
45
60
7:
89
82
40
16
26
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
274
Unadjusted
103.
104.
79.
88,
101,
93
97
98
96
96
103
89
75
64
71
83
88
96
105
90
100
107
132
154
177
172
149
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
68
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
235
203
Adjusted
79 126.4
91 125.4
104 119.3
121 119.
134 1 2 0 .
150 121.3
145 123.5
169 122.0
161 125.0
168 126.3
161 127.4
172 128.5
P167 P129.0
r
* Average per working day.
* Preliminary.
Revised.
1
Department of Commerce series on value of payments to individuals.
2
For indexes by groups or industries, see pp. 1052-1055. For points in total index, by major groups, see p. 1071.
* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1059 of this BULLETIN.
4
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. 1061-1063.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department
stores sales, June 1944, pp. 549-561.
SEPTEMBER
1946
1051
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
Industry
Industrial
June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Jun£ July
Production—Total..
220
168
163
160
152
168
165
neo
170
168
173
169
163
154
173
176
167
176
292
239
194
186
191
185
166
138
183
175
194
187
155
163
146
167
164
102
43
169
159
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
160
306
164
172
155
293
100
108
95
199
142
175
148
363
371
310
230
232
231
232
217
48
46
38
106
188
168
176
161
286
393
207
225
r
231
242
572
535
405
273
258
252
220
199
209
245
239
242 v244
207
188
142
105
120
137
107
98
114
161
162
171 P178
219
Machinery
162
173
181
214
173
505
Pig iron
Steel
Open hearth.
Electric
167
194
192
Iron and steel
186
222
308
Durable Manufactures. . .
210
233
Manufactures—Total
196
165
139
144
148
151
139
141
132
130
135 P143
184
183
171
150
148
147
140
128
123
109
109
110 P131
135
143
148
150
139
145
109 154
86 144
126 167
98 142
319 '343
P178
179
179
189
168
337
Manufacturing Arsenals and Depots1.
Transportation
Equipment....
Automobiles
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) l
Nonferrous
Metals
and
Products....
Smelting and refining
(Copper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium
products; Tin consumption) 1
Lumber and Products
234
144
110
107
98
108
119
125
130
129
133
P!26
104
138
98
98
124
89
115
76
120
83
123
72
131
95
135
108
139
117
142
123
144
123
142
127
146
P116
P147
160
161
161
158
164
172
185
192
190
176
190
P!96
177
61
218
97
110
162
260
200
79
243
97
110
172
220
186
175
4
• 50
235
235
113
106
119
116
181
177
218 215
181
3
244
119
124
182
217
190
29
247
131
144
197
199
216
106
255
149
144
201
197
221
136
251
152
150
204
217
214
130
243
152
148
202
221
193
133
213
•127
140
187
226
209 222
119 129
240 254
155 155
"148 P149
193 P192
•238
156
166
134
Stone, Clay, and Glass Products. . .
166
169
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. . .
Abrasive and asbestos products.
Other stone and clay products1. ,
176
43
223
95
121
172
298
Nondurable Manufactures. .
173
193
62
240
93
117
179
287
161
167
151
132
125
228
140
138
233
149
146
234
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
116
111
117
114
131
92
49
139
115
131
92
54
151
118
126
146
99
64
146
156
154
158
144
141
146
ill
123
220
123
123
213
134
138
215
131
128
215
135
133
226
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
127
109
108
119
119
137
97
56
137
132
109
128
79
50
133
109
98
112
75
47
130
114
112
125
97
52
151
151
Leather and Products. . .
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers..
Shoes
147
138
123
Manufactured Food Products
Wheat flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Preliminary.
1052
107
121
89
46
145
138
135
130
116
144
143
161
162
164
165 P153
150
147
241
148
144
245
152
149
246
153
152
240
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
175
136
226
175
178
170
179
133
109
125
83
51
140
120
157
134
138
144
220
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1
Wool textiles
Carpet wool consumption
Apparel wool consumption.
Voolen
Woe' and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
164
161
159
165
132
Textiles and Products
Revised.
155
116
Lumber. .
Furniture.
r
95
109
150
153
133
131
115
135
84
54
134
142
104
124
*75
49
118
141
156
153
•145
122
120
100
138
154
107
128
74
45
128
P142
160
149
127
233
127 P128
120
140
84
62
148
144
158
139
'148
139
143 P148 P 1 4 6
90
89
85
181
179
171
206
222
208
136
•154 P131
59
65
143
149
136
146
•116
59
151
130
163
'117
58
150
131
122
59
153
144
•129
65
173
163
62
166
163
167
174
135
73
168
178
141
144
142
103
142
1
127
129
•148 P 1 4 5
75
72
160
155
201
156
141
120
165
179
125
155
153
158
189
135
131
146
122
87
105
178
205
153
87
184
140
149
132
80
157
130
157
101
72
132
120
151
90
68
94
85
97
65
60
126
165
190
145
132
121
140
146
136
116
133
133
126
144
151
110
129
99
159
197
134
155
171
138
138
148
109
P129
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION. BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1946
Industry
June July Aug. Sept. Oct.
Nov. Dec,
Jan.
Feb. "Mar. Apr. May June July
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
155
139
129
163
Malt liquor
Whiskey
Other distilled spirits..
Rectified liquors
139
101
107
155
146
109
108
162
148
128
108
160
152
128
113
165
159
138
137
168
'165
•145
145
174
'165
'146
143
174
'167
'163
139
173
164
165
132
169
157
158
136
160
P149
161 P155
>123 P107
153 P155
139
Alcoholic Beverages.
150
134
108
161
193
173
192
201
216
212
231
238
176
169
155
161
147
199
448
293
149
55
399
306
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
199
131
431
396
197
125
524
127
100
370
401
117
96
356
409
109
60
352
387
123
61
343
367
128
139
0
57
318
Industrial Alcohol from Beverage Plants1
Tobacco Products
128
Paper and Paper
Newsprint consumption
P r i n t i n g p a p e r (same a s s h o w n u n d e r
Petroleum and Coal Products
112
143
156
161
154
163
153
140
106
206
99
111
216
96
110
194
94
87
139
64
104
185
71
111
205
69
110
217
65
109
205
69
110
219
71
108
200
76
99
181
72
135
131
143
143
142
134
133
140
148
146
142
146
P138
137
160
116
103
236
138
134
160
75
126
139
139
79
131
149
120
93
227
122
128
149
73
122
146
133
80
129
146
118
92
219
120
126
141
74
126
142
135
72
138
152
124
100
223
126
136
165
77
125
142
141
81
139
154
124
101
227
129
137
157
80
133
147
147
79
138
153
114
103
223
131
136
158
79
132
145
140
81
132
137
95
100
195
120
131
143
78
132
149
140
86
130
131
93
102
167
125
130
145
81
134
146
128
86
136
144
96
104
203
130
135
155
82
139
141
135
86
143
156
98
111
239
132
141
165
82
144
149
138
86
141
155
96
112
235
131
139
166
85
144
143
126
86
138
150
92
100
223
133
136
160
84
141
143
128
83
142* P133
161
99
107
250
137
139
129
164
155
85
72
143
127
142
138
132
124
83
84
111
109
115
114
112
118
123
127
124
129
124
85
96
93
96
96
92
102
108
110
108
116
121
Paper)......
P!84
P!71
P!66
P!63
P!74
129
176
130
190
130
172
141
183
133
172
135
161
138
168
132
167
140
170
146
175
116
111
296
91
85
295
151
145
337
113
116
18
73
75
16
137
133
276
160
155
P331
230
234
232
'231
233
P234
142
127
246
378
145
130
251
384
147
126
255
379
146 P152
122 P119
256 P258
389 P389
205
215
133
141
137
149
159
112
141
109
164
Pi 74
P!72
.
Fuels
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
148
177
136
132
156
175
136
133
155
173
138
140
132
151
119
116
129
152
120
122
147
164
133
144
140
164
123
157
131
171
129
180
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
318
307
265
239
230
228
134
132
243
412
139
130
243
409
133
122
222
368
136
126
237
386
139
124
238
371
142
124
244
370
218
193
172
191
192
144
143
140
134
124
138
148
146
139
126
143
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
109
Rubber Products
v267
150
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1 .
Other chemical products 1
269
222
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 . .
Coke
By-product coke
Beehive coke
Chemical Products..
Minerals—Total.
154
91
195
98
106
Printing and Publishing
160
83
162
142
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)
150
93
177
90
Cigars
Cigarettes
Other tobacco products
109
105
106
168
168
162
161
P156
P!66
P161
148
122
256
382
260
392
143
121
261
r
383
216
221
219
215
141
137
104
146
149
145
108
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
146
109
108
'107
rQ4
r91
163
159
159
135
'132
218
P216
140
P146
'124
150
P153
73
60
125
142
P153
86 P128
153 P154
149
P79
r
P98
65
33
P35
P43
'111
89
P35
P34
P32
P33
r
1
Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN
for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
SEPTEMBER
1946
1053
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1946
Industry
June July Aug. Sept Oct.
Nov
Dec. Jan. Feb. Mar Apr.
May
June July
Industrial Production—Total..
220
211
188
171
164
167
161
156
148
164
163
159
171
I 74
Manufactures—Total
234
223
196
177
171
173
167
160
151
170
174
167
176
I 79
308
292
240
195
187
192
184
164
136
182
190
176
195
192
187
155
163
146
167
164
102
43
169
159
109
154
179
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
164
172
155
306
100
108
95
199
168
176
161
286
142
175
148
363
86
126
98
319
144
'167
'142
'343
179
189
168
337
393
371
310
230
232
231
232
217
48
46
38
106
188
207
225
'231
242 P245
572
535
405
273
258
252
217
220
199
209
245
239
242 P244
207
188
142
105
120
137
95
107
98
114
-•161
162
171 P 1 7 8
219
196
165
139
144
148
147
151
139
141
132
130
135
183
182
171
150
148
148
141
140
128
123
109
109
110 P130
234
202
162
135
143
148
150
155
144
148
141
139
145
121
116
113
104
94
95
86
99
110 120
129
131
141
'134
113
138
107
134
108
124
98
115
82
120
81
123
63
131
80
135
108
142
122
144
126
142
138
146
•127
•147
192
'198
Durable
Manufactures....
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) 1
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; Magnesium products; Tin consumption) 1
Lumber and Products.
Lumber. .
Furniture.
Stone, Clay, and Glass Products.
95
139
166
168
165
166
167
162
159
163
184
187
181
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. . .
Abrasive and asbestos products.
Other stone and clay products 1.
175
43
221
102
120
175
298
186
62
230
102
115
179
287
183
61
227
110
113
162
260
204
79
247
112
114
176
220
192
50
242
123
122
182
218
176
4
237
122
123
183
215
169
3
227
108
128
186
217
186
29
242
107
134
190
199
210
106
247
113
138
191
197
221
136
251
125
143
197
217
214
130
243
145
144
198
221
204
133
228
134
140
190
226
Nondurable Manufactures.
173
167
159
161
158
158
154
157
162
162
161
160
161
164
153
152
240
Textiles and Products
131
128
215
135
133
226
140
138
233
149
146
234
150
147
241
148
144
245
152
149
246
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
89
193
160
163
156
154
149
104
184
156
159
152
153
153
110
200
158
160
154
155
171
135
222
175
177
171
170
173
138
229
174
176
171
173
169
122
224
171
172
169
174
174
134
231
176
180
170
176
175
136
226
175
178
170
179
107
118
113
117
111
117
137
134
131
127
127
97
109
79
46
134
114
110
123
95
52
148
123
108
122
91
46
145
116
113
130
86
50
148
120
113
131
90
49
132
109
115
134
90
54
140
118
136
157
104
67
160
138
119
140
82
62
144
114
135
81
56
131
142
105
125
•72
48
127
141
104
123
76
46
127
157
151
166
153
151
149
143
133
128
139
136
134
135
149
209 '212
124 109
254 223
284 257
•185
93
191
214
155
72
164
185
120
62
139
127
100
50
112
105
Butter
,
Cheese
Canned and dried milk. . . ,
Ice cream
Meat packing
,
Pork and lard
Beef
Veal
Lamb and mutton
47
103
105
131
129
137
116
127
119
97
146
148
108
134
95
179
197
134
133
93
173
224
140
171
179
164
202
135
182
225
138
130
145
134
138
215
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
107
103
120
78
49
123
109
132
Wheat flour
Cane sugar meltings l
Manufactured dairy products. .
123
123
213
150
Manufactured Food Products.
1054
P153
132
125
228
144
121
123
220
116
132
99
57
135
132
Leather tanning
Cattle hide leathers
Calf and kip leathers... .
Goat and kid leathers.. .
Sheep and lamb leathers.
Shoes
139
144
139
103
132
1
214
129
244
171
•150
•192
'246
162 P 1 5 9
143
134
138
144
220
126
Leather and Products.
Preliminary.
2O7
119
237
166
147
197
238
146
150
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption l . . . .
Wool textiles
Carpet wool consumption... .
Apparel wool consumption.. .
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth. . .
c Corrected.
r
Revised.
;
141
151
49
112
105
159
162
144
139
139 '137
127
233
142
138
159
96
51
123
118
119
101
54
138
141
116
134
66
180
184
160
80
222
227
137
104
189 •197
89
86
237 207
240 207
171
201
141
76
186
129
138
120
75
154
120
143
95
71
128
120
151
90
70
96
84
97
63
60
117
165
154
167
147
132
116
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
Industry
June July Aug. Sept. Oct.
Nov. Dec,
Jan.
Feb. Mar. Apr. May June July
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery. .
Other food products
Malt liquor
Whiskey
Other distilled spirits..
Rectified liquors
157
174
88
165
154
165
115
158
176
242
139
165
164
165
142
168
158
118
134
173
156
108
139
171
152
'94
149
167
'150
'92
144
166
'148
'89
129
166
-•145
'101
110
162
141
103
104
157
141 P157
124 P201
91
155
158
162
214
175
199
214
201
188
198
211
162
164
157
174
175
0
35
318
184
199
400
293
170
55
216
306
183
52
324
365
169
70
566
420
154
83
467
427
157
130
301
343
163
131
280
396
178
125
314
416
118
100
241
401
123
96
214
409
124
60
211
387
154
61
213
367
160
145
Alcoholic Beverages..
146
107
96
165
133
155
169
173
157
104
142
148
152
164
159
145
93
186
92
83
170
91
204
95
106
220
106
111
225
103
110
198
97
87
128
57
104
185
70
111
193
67
110
202
65
109
190
69
110
219
71
108
210
77
99
190
72
142
134
137
160
117
103
236
138
134
160
75
126
142
139
80
130
147
107
93
227
122
128
149
73
122
140
133
78
Industrial Alcohol from Beverage Plants1
Tobacco Products
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and publishing.
Petroleum and Coal Products. . . .
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1. .
Coke
By-product coke
,
Beehive coke
,
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition l
Other chemical products x...
P267
142
134
133
141
148
146
142
147
139
153
115
101
227
129
137
157
80
133
148
147
79
138
153
121
103
223
131
136
158
79
132
145
140
82
131
137
96
100
195
120
131
143
78
132
145
140
84
130
131
96
102
167
125
130
145
81
134
144
128
86
137
145
100
104
203
130
136
155
82
139
147
135
86
143
157
105
111
239
132
141
165
82
144
149
138
86
141
156
106
112
235
131
139
166
85
144
144
126
88
138
151
100
100
223
133
136
160
84
141
143
128
83
142 P133
162
100
107
250
137
139
128
164
155
85
72
143
127
145
133
132
124
84
82
110
117
118
114
114
122
129
129
126
129
115
87
269
143
138
150
110
100
223
126
136
165
77
125
142
141
81
107
105
Newsprint consumption
Printing paper (same as shown under Paper).
144
129
144
104
92
219
120
126
141
74
126
142
135
71
94
101
104
96
94
106
114
112
115
104
P240
P!84
P!56
I 74
P172
vl66
P161 P171
P137
I 74
P166
148
177
136
124
156
175
134
124
155
173
137
135
132
151
119
115
129
152
120
122
147
164
133
148
140
164
122
162
131
171
125
184
129
176
129
200
130
172
139
187
133
172
141
165
138
168
137
169
140
170
146
164
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
148
144
276
154
150
286
116
111
91
85
295
151
145
337
113
116
18
73
75
'16
137
133
276
P331
315
303
261
239
232
230
231
233
233
234
237
'231
231
P230
138
130
243
412
137
129
243
409
132
124
222
368
135
131
237
386
139
130
238
371
140
125
244
370
142
127
246
378
142
127
251
384
145
124
255
379
148
122
256
382
151
'119
260
392
147
'117
'261
'383
150 P 1 5 0
119 >1 17
256
258
389 P 3 8 9
215
218
155
Rubber Products. . .
222
218
193
172
191
192
205
215
216
221
219
Minerals—Total.
147
145
143
137
125
134
126
134
134
131
100
141
Fuels
150
148
146
139
126
143
137
146
149
145
108
149 P153
148
153
129
151
140
146
117
153
135
144
102
152
142
148
114
138
112
110
120
133
149
159
112
141
132
142
94
139
150
159
114
144
152
160
121
147
159
168
125
138
32
10
121
146
73
60
125
149
129
125
124
123
116
80
61
60
'48
'46
'48
63
96
204
301
196
289
192
289
188
281
175
245
111
108
79
50
78
50
58
22
'56
28
'61
58
89
116
144
233
Coal
Bituminous coal.
Anthracite
Crude p e t r o l e u m . . . .
Metals..
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
,
Gold
Silver
P32
P38
I 49
P153
P159
P128
P154
295
P28
P30
P42
156
86
153
P216
P34
P32
*• Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures, see BULLETIN
for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
SEPTEMBER
1946
1055
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry group or industry
1945
June
Factory pay rolls
1946
July
Mar.
Apr.
May
1945
June
July
May
1946
June
July
Mar.
Apr.
May
June
Total
Durable goods
Nondurable goods
'248.1 257.2
156.9 152.1 129.9 '135.9 136.9 139.3 140.9 318.7 314.6 298.7 232.9 r
204.4 195.3 138.4 '151.6 154.6 158.0 160.4 427.6 414.2 387.1 236.8 r267i3 '267.2 280.9
119.5 118.0 123.1 123.5 123.0 124.4 125.4 212.2 217.3 212.1 229.2 231.4 '229.5 234.0
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
r
164.4 156.8 127.9 134.5
120
119
121
117
166
201
213
129
117
133
133
105
122
119
125
112
108
124
127
103
Electrical Machinery
Electrical equipment
Radios and phonographs
266.6 254.1 141.5 '171.5 '188.8
213
103
130
150
223
172
157
165
242
254
195.0 195.7 500.5 490.0 460 6 224.1 '286
155
415
426
155
209'
387
178
486
501
286
'300
463
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors... .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
216.3 209.2 166.5
191.3 192.6 404.7 407.0 384.4 277.9 r301.6 '312.2 329.5
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
'132.8
115
169
125
125
109
135.0 137.9 318.6
117
227
169
422
132
213
126
268
113
247
308.3
223
387
230
261
242
289 7 211.7 r231.6
189
193
217
213
293
349
178
206
234
209
230
238
182
195
232
149
131
334
313
320
304
289
282
218
216
'263
240
136
341
318
279
201
222
165
150
156
145
121
117
-•145
'126
146
128
168
155
122
130
134
210
332
173
150
195
244
274
135
203
320
171
147
188
233
265
129
1059.1 993.9
1192
1284
1870
1950
998
1067
179.3 *187.0
170
198
150
147
161
186
'219
154
155
135
129
109
156
186
202
125
170
185
130
109
162
187
'213
142
289.3
294
252
316
r
306.4 298.1
311
'304
'294
'293
'307
'279
154.8
172
219
157
146
162
192
226
161
386
683
272
289
348
430
576
250
386
680
278
306
353
422
585
243
366
641
272
298
329
388
543
229
258
231
199
170
257
287
'359
200
292.6 '293.8 2396.0 2223.5 2068 0 507.0
318
2837 2546 2310*
524
292
384
3703 3232 3043
267
549
2434 2328 2193
r
221.4
176
291
207
236
192
229.1
181
292
235
239
206
'264
242
266
250
226
230
'314.5 337.6
248
261
'312
331
290
312
178
175
261
284
'378
'232
287
370
192
'228
260
287
'402
'253
298
416
235
248
270
301
416
257
558 i
'553'
'458
'555
'538.3
'566
'469
'499
545.5
590
469
497
Automobiles
159.4 149.3 111.2
166.2 172.9
292.2 281.6
253.1 166.9 '241.7 '234.1 252.0
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
, Aluminum manufactures
178.4
141
167.6 137.9 '146.9 '149 9 157.7 161.9
106
105
100
101
138
347.3 337.9
262
262
176
284
163
260
313.1 247.8 '264 g '268.9 286.1
172
182
173
187
268
'240
'200
'233
271
294
321
291
312
326
450
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
103.9 101.7
90
93
113
171
161.9
133
181
135
189
124.5 124.2 127.0
75
72
75
92
91
93
132.6
75
93
137 0 141.3 143.7
77
79
95
97
230.5 239.7 222.1 234.5 248 2 261.8 280.4
132
147
142
140'
148
134
158
175
165
164
170
167
159
183
109.9
97
111.5
98
111 4 114.1 113.8
98
101
194.2 195.9 188.2 209.0 214.6 212 3 223.5
188
173
184
190
196
173
166
148
195
341
524
328
497
109.6 108.1 124.9
123
146
127
99
73
71
96
73
73
132
113
117
128.4 129 7 132.9 133.3
146
145
147
109
115
105
102
104
99
132
137
134
185.5 189.8 185.6 217.2 226,0
200
247
201
194
250
155
114
121
128
172
121
169
126
127
181
217
184
186
176
219
225 6 236.6
243
242
177
185
180
196
215
239
Textile-Mill and Fiber Products
91.8 102.8
93.6
112
103
Cotton goods except small wares. . 105
75
71
Silk and rayon goods
72
106
91
Woolen and worsted manufactures. 94
70
60
61
Hosiery
84
86
94
Dyeing and finishing textiles
103.4 103 6 104.8 103.5
112
112
113
75
76
77
107
107
107
71
71
72
95
94
95
168.3 177.3 172.6 212.6 215
200
246'
242
210
210
134
167
164
142
138
179
234
239
187
177
95
100
94
129
131
141
147
145
181
179
214.8 218.6
244
248
167
167
238
239
131
133
175
185
Apparel and Other Finished Textiles. . . . 115.9 110.0 128.6
87
86
Men's clothing, n.e.c
90
74
68
Shirts, collars, and nightwear
69
80
65
Women's clothing, n.e.c
71
67
66
Millinery
128.9 128.3
87
88
74
75
80
78
83
70
130.6 128.6 204.5 207.6
89
157
164
77
123
126
78
131
125
68
93
Leather and Leather Products
Leather
Boots and shoes
102.5 102.6
92
93
89
103.1 102.8 163.6 173.1 167.
91
147
149
147
89
143
154
149
91.3
83
79
90.1 102.4
93
81
78
191.2
152
124
109
108
Food and Kindred Products
Slaughtering and meat packing.. . .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
120.4 127.5 121.0 119.8 118.3 119.3 129.2 193.7 202.6 212.7
106
122
115
113
107
163
106
178
175
121
122
118
110
109
119
202
211
218
108
110
107
110
104
102
171
174
175
108
99
106
104
'98
96
185
187
164
143
147
143
140
139
141
206
220
231
79
124
63
68
70
82
157
250
144
Tobacco Manufactures
Cigarettes
Cigars
86.1
124
65
83.4
124
60
87.9
117
73
90.8
120
76
91.2
121
77
92.1
123
77
263.6
170
153
173
170
263 5 258.8
176
174
153
157
170
163
143
99
263.3
181
160
160
105
202.1 203 9 203.1 203.4
165'
159
164
163
185
183
185
183
206.6
191
214
183
186
200
132
205 4
181*
203
179
193
195
149
92.0 157.2 164.5 151.9 171.3 174.6
192
204
201
202
205
133
137
115
162
156
202.5
181
182
171
174
201
150
205.6
167
191
169
181
210
180
181.1 184.1
217
218
164
168
' Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for July 1946 are
preliminary.
1056
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry group or industry
1946
July
1945
Mar.
Apr.
May
June
132.9
118
123
121
134.5
119
123
122
135.3
120
123
123
97.5 96.8 113.5 114.2 114.3
107
108
92
91
109
122
122
121
104
104
June
Paper and
Paper
Paper
Paper
Factory pay rolls
Allied Products
and pulp
goods, n.e.c
boxes
118.5
103
105
111
115
109
111
Printing and Publishing
Newspaper periodicals
Book and job
Chemical and Allied Products
232.8
Drugs, medicines, and insecticides 183
Rayon and allied products
111
Chemicals, n.e.c
165
Explosives and safety fuses
1304
Ammunition, small arms
1508
79
Cottonseed oil
112
Fertilizers
223.2
183
111
162
1207
1346
76
104
171.4
186
124
166
200
194
92
168
170.9
187
122
170
199
181
78
155
May
June
July
Mar.
137.3 135.6
122
123
125
194.5
178
186
175
202.0
184
193
183
198.0
181
182
181
233.3
208
212
213
115.7 116.0
109
124
'166.8
188
121
168
176
177
65
132
July
1946
Apr.
May
235.9
'210
212
216
237.4
••212
212
217
243.8
216
218
226
138.9 139.6 137.8 177.2 178.9 179.5
122
120
122
154
158
161
156
155
200
154
200
197
184.2
162
205
'283.8
305
200
-•278
'267
319
140
301
285.1
306
198
283
266
331
127
253
165.1 163.7 425.7 417.6
188
282
284
121
183
186
169
295
299
169
2096
1984
178
3185
3037
59
184
168
109
293
259
397.8
273
184
292
1880
2636
154
247
290.0
301
200
276
310
377
198
387
291.2
302
201
283
-"307
342
168
363
June
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
127.4 128.0 136.7 138.2 136.9
127
133
134
134
128
113
100
115
105
101
139.7 141.5
136
110
227.8 230.6 234.6 231.0 '232.7 '228.2
223
224
228
218
221
222
182
195
193
186
210
169
233.8
223
184
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
164.5 160.5 181.5 182.0 182.7
192
167
162
193
193
132
131
128
130
129
186.1 184.3
196
132
299.8 304.3 298.7 302.8 324.9
289
294
287
281
313
244
243
242
238
241
327.6
314
241
337.2
318
254
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
171.9 165.9 160.5 163.7 165.0
205
512
473
203
198
157
155
136
136
139
169.4 169.7
197
142
336.7 337.5 315.0 293.1 301.6
996
988
835
346
342
265
263
260
215
220
300.5
331
221
315.6
339
233
For footnotes see page 1056.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1945
Group
1946
June
r
p Preliminary.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
157.2
204.3
120.1
Total
Durable
Nondurable
July
151.7
195.2
117.4
147.6
187.5
116.1
127.8
144.8
114.5
127.2
142.6
115.1
127.8
143.3
115.6
128.1
141.2
117.8
130.7
144.4
119.8
122.4
122.9
122.0
130.3
138.6
123.7
136.6
151.6
124.7
138.0
154.6
124.9
Revised.
June
July
139.6 P140.4
158.0 P160.3
125.1 P124.8
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1945
May
All
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
SEPTEMBER
June Feb.
1945
Mar. Apr. M a y June
May
40.0 104.2
1946
June
Feb.
Mar.
103.8
100.2 103.5
Apr.
May
June
44.1
44.6
40.5 40.7
45.8
40.0
40.6
40.4 '39.3
39.8
113.4 113.0 106.4
110.3
r
46.0
45.6
46.6
45.9
43.9
46.0
42.9
43.6
43.6
46.0
45.7
47.7
46.2
43.8
46.2
44.0
44.1
43.8
39.1
40.3
41.4
39.0
34.5
43.2
40.1
42.3
41.1
40.0
40.3
41.7
40.0
37.0
42.2
41.1
42.5
41.6
39.9
'40.2
41.5
39.9
37.4
41.8
41.3
42.3
41.3
'38.5
38.8
'40.3
'39.1
35.8
'41.1
40.9
41.3
'40.3
38.8
39.7
41.1
39.5
36.8
40.9
41.5
41.8
40.4
111.2
106.8
115.
129.
126.9
107
81.4
85.9
92.8
108.4
102.9
114.7
123.4
124.8
109.1
83.6
87.1
96.7
116.9
103.6
117.2
126.4
126.4
111.3
84.8
88.8
98.5
118.6
109.6
117.9
131.6
'130.2
113.1
85.6
'90.3
'100.4
119.1
113.8
120.7
133.3
131.8
114.6
88.1
91.7
101.8
120.1
115.6
122.7
136.2
134.3
116.4
90.4
93.1
103.8
42.3
Iron and Steel and Products
Electrical Machinery
,
Machinery Except Electrical
Transportation Equipment Except Autos,
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
,
Furniture and Finished Lumber Products
Stone, Clay, and Glass Products
Revised.
1946
45.5
Manufacturing.
Durable Goods
r
Average hourly earnings (cents per hour)
43.1
40.9
40.9
40.6
40.1
40.1
90,3
95.3
97.5
98.8
99.6
100.3
40.7
36.4
40.4
44.5
41.6
45.4
41.2
45.7
47.5
44.2
44.8
41.8
37.2
42.1
45.6
42.8
46.4
41.6
45.4
47.8
45.2
45.2|
40.5
36.5
40.4
44.3
38.5
43.9
40.8
41.7
41.6
40.8
41.8
40.4
37.5
40.8
42.9
39.7
43.9
41.2
41.6
40.
40.8
42.1
40.3
37.2
40.5|
42.8
39.2
43.5
-•41.0|
41.4;
40.0
40.3!
41.8
39.8
36.9
39.6
'42.4
39.5
42.8
40.4
'40.7
'39.3
39.4
40.9
40.0 74.5 75.9 83.3
37.0 84.7 83.9 92.2
39.3 85.9 85.7 90.7
42.3 87.4 87.7 92.4
39.9 74.7 75.7 83.2
43.1 87.6 87.9 93.7
40.6 113.3 112.8 122.1
40.5 99.0 99.7 102.1
39.2 120.4 120.7 128.6
39.3 113.2 114.0 112.9
41.2 99.2 99.2 98.5
85.8
96.1
91.7
94.3
83.0
95.7
123.5
103.3
130.7
113.8
99.9
86.9
96.6
92.8
'95.2
83.0
'96.6
'124.8
104.5
'133.2
123.2
101.5
87.3
95.6
94.3
'96.2
84.8
'98.1
126.6
106.4
134.1
126.6
102.8
87.5
95.1
95.1
97.2
84.6
99.
127.7
108.6
134.9
128.4
104.2
39.7
111.2
106.1
115.0
130.0
126.8
107.2
82.2
85.2
92.9
90.4
105.8 107.1 108.4
113.1 114.8 116.5
NOTE.—Back figures are available from the Bureau of Labor Statistics.
1946
1057
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
679
834
2,912
3,013
3,248
3 433
3,619
3 761
3,822
6,618
6,906
*7,378
7,263
7,030
7,044
7,173
4 160
4,310
4 438
4 447
4 115
4 348
4 589
3 988
4,136
4 446
5 203
5 890
5 911
5 887
962
954
944
933
2,077
2,136
2,095
2,041
3,448
3,484
3,503
3,525
7,227
7,224
7,132
7,136
4,382
4 330
4,255
4 229
5,431
5,526
5,620
5 701
927
1,899
1,734
1.604
L,476
L,358
1,263
1,164
1,082
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4 146
4,146
4 121
4,110
4 102
4 112
4 127
4 110
4 079
4 078
4,119
4,127
5 783
5,829
5 911
5,945
5 965
5,962
5 943
5,916
5 810
5 818
5,822
5,981
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4 173
4 165
4,257
4 363
4 475
4 505
4,514
4,488
4 384
4 359
4 304
5,866
5 889
5,901
5,905
5 902
5,896
5 859
5,898
5,899
5,915
5 914
6,081
1,085
3,797
3,848
3,846
3,811
3,802
'3,795
3,801
3,803
3,774
3,806
3,871
3,916
7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
7,215
7,258
7,315
7,335
4 394
4,404
4 438
4 466
4 513
4 521
-4 558
4,597
4 603
4 745
4 894
4,936
5,954
5,998
6 026
6 003
5 976
5,953
5 973
5,967
5 874
5,673
5 575
5,684
816
819
L.385
L.462
1,597
r 1,708
[,873
.944
3,956
3,987
3,990
'3,939
'3,873
3,880
3,884
7,673
7,697
7,757
7,775
'7,763
7,792
7,881
5,034
5 082
5 127
5,166
'5 134
5 055
5 025
5,528
5 517
5 522
5,502
'5 513
5 480
5 418
833
834
826
816
686
700
671
652
3,809
3,818
3,791
3,767
3,771
3,770
6,942
6,918
6,994
7,148
7,299
7,611
4,618
4 582
4,488
4 340
4 315
4,304
5,830
5 869
5,958
5 945
5 914
6,172
927
945
1,006
1,014
1,042
3,740
3,771
3,788
3,792
3,802
••3,833
3,858
3,860
3,831
3,825
3,871
3,896
7,030
6,985
7 084
6,990
7,021
7,004
6,975
6,979
7,143
7,331
7,571
7,959
4 350
4,360
4 394
4 444
4,513
4 589
4 672
4,666
4 603
4,698
4 845
4 936
5 894
5,938
5 996
6 003
6,006
5 953
5 943
5,937
5 933
5,701
5 575
5 769
1,132
1,260
1,345
1,517
'1,742
1,910
2,041
3,897
3,907
3,930
'3,919
'3,873
3,919
3,942
7,481
7,505
7,617
7,759
'7,724
7,753
7,723
4,984
5,031
5 076
5 140
'5,134
5 131
5,151
5,473
5,462
5 494
5 502
'5,541
5 480
5,391
Total
SEASONALLY ADJUSTED
1942—Seotember
October
November
December
. . . .
1943—January
February
March
April
...
June
J U ly
August
Seotember
October
November
1944—Tanuarv
February
...
April
May
June
July
August
September
October
November
December
...
February
March
April
May
...
....
July
August
.
...
October
November
December
1946—Tanuarv
February
IMarch
April
.•
June
July
UNADJUSTED
1944—July
August
September
October
November
December
1945—January
Februarv
]Vtarch
April
May
June
July
August
September
October
November
December
..
. . .
1946— Tanuarv
February
March
April
M^ay
June
July
.
Mining
10,078
10,780
12,974
15,051
'17,381
'17,111
'15,060
845
916
947
970
891
835
779
1,753
1,722
2,236
2,078
1,259
39,171
39,452
39,597
39,898
15,644
15,798
16,048
16,333
'40,081
'40,154
'40,358
'40,248
'40,170
'40,298
'40,435
'40,288
'40,032
'40,067
'40,143
'40,118
1939
1940
1941
1942..
1943
1944..
1945..
Manufacturing
30,353
31,784
35,668
38,447
»-40,185
'39,689
'38,144
Year and month
'16,653
'16,901
'17,123
'17,215
'17,267
'17,431
'17,618
'17,648
'17,608
'17,689
'17,769
'17,634
'40,219
'40,202
'40,016
'39,796
'39,737
'39,789
'39,693
'39,711
'39,440
'39,220
'39,127
'39,357
'17,675
'17,669
'17,535
'17,322
'17,191
'17,116
'17,006
'17,000
'16,804
'16,675
'16,612
'16,747
'39,489
'39,558
'39,651
'39,169
'38,953
'38,683
'38,356
'38,070
'36,223
'36,184
'36,538
'36,813
924
915
908
893
893
888
878
876
869
859
863
Construction*
020
936
891
864
862
862
830
786
852
737
848
843
719
673
848
833
677
653
830
822
812
648
627
609
808
802
611
619
'16,696
'16,684
'16,640
'16,384
'16,092
'15,749
'15,255
'14,944
'13,094
'13,048
'13,110
'13,059
805
633
'37,471
'37,016
'37,931
'38,335
'38,684
'39,015
39,158
'13,236
'12,536
'13,272
'13,848
'13,971
'14,119
14,187
814
812
'39,809
'39,806
'39,616
'39,426
'39,435
'40,004
'17,091
'17,085
'16,888
'16,758
'16,695
'16,747
'39,093
'39,135
'39,251
'38,991
'38,880
'38,767
'38,474
'38,172
'36,398
'36,327
'36,779
'37,463
'37,013
'36,509
'37,469
'38,121
'38,633
'39,124
39,325
802
796
658
691
765
732
798
784
736
782
828
868
714
789
940
984
780
780
798
801
508
'722
858
883
812
629
806
594
'16,696
'16,684
'16,557
'16,302
'16,012
'15,749
'15,331
'15,019
'13,159
'13,048
'13,110
'13,059
801
798
796
582
599
636
'13,236
'12,536
'13,206
'13,779
'13,901
'14,119
14,258
810
808
801
761
699
728
794
798
845
784
911
784
784
718
793
802
505
'718
812
819
Federal,
State, and
local
government
* Includes Contract Construction and Federal Force Account Construction.
' Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by
final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Data from January 1943 forward
were affected by this revision. Estimates include all full- and part-time wage and salary workers in nqnagricultural 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. July 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back
unadjusted data are available from the Bureau of Labor Statistics.
1058
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
1945
June
July
August
September
October
November
December
Year
1946
1945
357.5
387.4
697.6
734.9
952.4
807.9
19.5
19 3
26.9
42 7
47.2
41.8
46.3
42.7
42.6
59.9
88.4
86.1
Factories
1946
140.9
147.0
328.9
395.8
242.5
227.3
257 7
263.6
278.3
316.6
370.1
330.7
January
February
A!arch
April
May
Nonresidential building
Residential
building
T o t al
89.7
102.1
275.2
370.6
463.6
332.2
3,299.3
563.5
Educational
1946
1945
1946
1945
1946
1945
1946
1945
1946
104.7
97.7
113.7
105.1
140.5
159.4
7 5
8 5
10.0
12 3
9.5
18.8
19.8
25.5
45.5
60.8
62 8
65.5
69 0
77 5
112.7
75 1
88.7
55.2
4 9
3 0
4.6
4 3
5.1
10.5
13.4
10.4
10.2
18.6
7 0
18.1
17 1
11.4
18.0
23.4
23.4
25.8
28 3
40.9
37.9
38.3
35.2
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
54.6
61.1
74.0
51.0
50.2
64.7
143.6
128.1
197.9
202.4
8.2
23 9
17 6
36.3
49 9
29.4
35.6
36.9
32.0
27.0
30.8
30.0
27.3
100.2
376.8
1945
45.2
66 6
160.4
174 5
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
1,027.0
346.4
1944 1945 1946
Year
141
147
329
396
243
227
258
264
278
317
370
331
1,994 3,299
358
387
698
735
952
808
718
1944 1945 1946 1944 1945 1946
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
67
43
61
61
62
37
28
43
46
46
42
42
44
49
43
62
74
1,435 1,311
66
73
107
87
95
146
149
196
235
256
309
269
559
47
56
146
127
197
215
202
1,988
311
331
551
608
756
593
516
Title I Loans
Year or month
1935
1936
1937
1938
1939
1940.
1941
1942
1943
1944
1945
Total
320
557
495
694
954
1 026
1,186
1 137
942
886
684
1945—July.
Aug.
Sept.
Oct
Nov.
Dec
52
45
44
...
Property
improvement
Small
home
construction
1- to 4- Rental War
and
family
houses group housing
housing (Title
(Title
VI)
(Title
II)
ID
224
246
94
309
60
160
208
251
262
141
424
473
669
736
877
691
96
125
189.
13
25
26
21
15
1
12
12
11
>
243
216
219
2
2
11
48
51
13
13
6
*
7
3
19
18
16
2
19
26
60
55
28
23
21
20
1946—j an#
Feb
56
46
48
17
14
13
27
24
28
Apr
May
58
21
28
80
83
June . ..
July
39
40
31
37
•
*
*
1
*
1
1
1946
July
54,880
175,514
43,968
64,566
85,294
85,807
90,527
40,032
27,401
15,840
34,162
46,341
120,184
42,587
110,579
106,239
71,845
151,414
49,942
32,166
22,329
54,288
10,891
27,012
23,976
26,722
46,621
21,689
35,273
19,819
5,700
12,784
27,204
717,991
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
June
July
807,914
257,691
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
SavCom- Muings
tual
mer- savand
loan
cial
ings associbanks banks
ations
Insur- Fed2
ance
eral
com- agen- Other
panies cies1
13
284
601
537
272
21
15
14
17
11
11
12
8
7
8
10
6
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
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.
SEPTEMBER
1945
1946
Federal Reserve district
Mortgages on
62
Mar
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
Hn millions of dollars]
::::;;;
885.4
Public ownership Private ownership
Month
J a n u a r y . . . . 159
February... 137
176
March
179
April
144
May
June
164
July
191
August
169
September. . 176
145
October
November. . 165
December. . 188
Other
Commercial
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
Public works
and public
utilities
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
1,949
2,075
2.232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
856
264
940
272
276 1,032
237
243
245
200
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
^ h e RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, 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.
1059
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports1
Merchandise imports 2
Excess of exports
Month
1942
1943
1944
1945
1946
1942
1943
1944
1945
1946
1942
1943
1944
1945
1946
January
February
March
482
483
637
749
728
988
124
107
197
903
887
1,030
P799
P671
P815
254
254
272
230
234
249
300
314
358
334
325
365
P394
P319
P384
228
230
365
519
494
739
824
793
839
569
561
665
P405
P352
P431
April
May
June
717
542
650
989
,092
,003
1,231
1,455
1,297
1,005
1,135
870
P758
P851
P878
235
191
215
258
282
296
352
386
331
366
372
360
P406
P397
P385
482
351
434
732
810
707
879
1,069
965
639
763
511
P352
P455
P493
July
August
September....
659
705
732
,265
,280
,269
1,194
P893
P737
P514
214
187
196
302
318
289
294
304
282
P356
P360
P335
446
518
536
963
962
981
903
887
912
P378
P180
October
November....
December
803
788
883
,238
,073
,288
1,144
1,187
939
P455
P639
P736
200
168
359
329
312
282
328
323
347
P344
P322
P297
603
620
524
909
761
1,005
815
863
591
3,510
5,550
7,411
5,831
1,420
1,549
2,042
2,122
2,089
4,001
5,369
Jan.-June
P4,772
P2,284
P537
Pill
P317
P439
3,709 P2.488
P Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Backfigures.—SeeBULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
8
REVENUES, EXPENSES, AND INCOME OF CLASS
RAILROADS
[In millions of dollars]
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average=100]
ForLive- est
Total Coal Coke Grain stock products
Annual
1939
1940
1941
1942 .
1943
1944 .
1945
Mis-
Mer-
Net
Total
Total
railway
railway
railway
operating expenses operating
income
revenues
Net
income
3,995
4,297
5,347
7,466
9,055
9,437
P8.902
3,406
3,614
4,348
5,982
7,693
8,343
P8.052
589
682
998
1,485
1,362
1,093
P850
93
189
500
902
874
668
P447
1945—April
May
June
July
August. . .
September
October...
November.
December.
799
796
831
791
705
691
657
668
628
704
704
725
696
648
655
620
608
674
96
92
61
-36
62
57
71
61
22
4
3
30
-56
1946—January.. .
February..
March....
April
May
June
655
635
651
566
515
639
567
555
667
562
524
586
88
80
-16
4
-9
53
51
51
-45
-28
P-51
779
823
820
796
755
679
697
661
614
684
719
••720
699
669
635
643
600
651
95
104
••100
97
87
44
54
61
-37
59
65
66
63
51
9
20
34
-75
641
579
646
567
533
612
570
521
667
557
537
574
71
58
-20
10
-5
38
34
29
-49
-21
celOre lane- chandise
ous
lcl
...
101
109
98
111
102
137
107
101
96
96
100
114
110
147
101
110
97
96
130
138
137
140
135
123
135
138
143
134
168
181
186
185
172
112
120
146
139
151
91
104
117
124
124
139
155
141
143
129
183
206
192
180
169
136
146
145
147
142
100
69
63
67
68
1945—May
141
140
June
139
July
128
August .
September.. . 127
118
October
November.. . 133
127
December
127
193
167
120
137
204
151
69
143
136
128
143
109
148
133
181
193
167
155
113
167
164
155
157
163
146
158
167
153
121
121
115
114
123
145
140
144
140
133
125
109
110
106
170
171
166
174
134
134
117
146
146
132
126
125
133
130
68
67
64
66
69
74
74
1946—January
February
March
April
May .
133
126
139
109
106
148
152
155
26
68
127
107
165
95
62
152
150
141
112
126
126
158
140
143
114
122
126
134
143
125
118
94
121
66
66
134
121
143
143
123
133
146
140
126
149
137
135
78
78
78
81
74
81
139
145
177
139
166
153
164
141
78
142
127
191
147
108
143
268
152
69
145
143
132
143
136
128
178
187
160
158
188
176
99
97
109
149
140
140
263
273
249
150
148
133
68
67
65
143
109
148
133
154
111
167
172
163
158
164
144
150
189
183
135
135
115
108
94
261
215
114
36
136
136
139
123
69
72
75
71
148
152
155
133
114
166
152
147
130
120
126
111
109
121
134
29
24
35
123
113
136
74
75
79
SEASONALLY
ADJUSTED
June
July
UNADJUSTED
1945—May .
June
July
August .
September.. . 137
October
128
November.. . 136
December
119
1946—January
February
March
April
May .
June
July
123
119
132
107
26
93
99
127
143
50
141
82
107
137
68
146
130
155
103
213
125
139
74
81
145
111
128
103
96
143
61
138
135
153
263
142
78
172
166
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.
1060
Annual
1939
1940
1941
1942
1943
1944
1945
SEASONALLY
ADJUSTED
106
95
57
36
37
UNADJUSTED
1945—April
May
June
July
August. . .
September
October...
November.
December.
1946—January.. .
February..
March....
April
May
June
P-36
P13
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Richmond
Atlanta
Chicago
St.
Louis
Minne
apolis
Kansa
City
Dallas
San
Francisco
106
114
138
153
167
182
201
109
120
144
170
194
215
236
113
123
145
162
204
244
275
107
116
135
149
161
176
193
111
119
143
158
179
200
227
106
109
123
129
148
164
185
105
110
127
149
184
205
229
112
117
138
157
212
246
277
109
117
139
169
200
221
244
'199
175
175
184
202
184
206
189
197
209
212
218
'253
236
225
248
251
237
300
274
268
292
298
288
197
189
193
199
208
206
237
225
232
238
240
239
'185
178
191
190
203
199
226
216
239
241
238
244
'299
272
278
289
288
287
'258
231
232
245
273
256
194
210
232
219
226
'240
235
205
221
244
224
232
'253
252
r220
236
246
244
256
273
260
262
283
294
276
276
'303
307
308
339
335
317
319
365
366
209
241
243
237
234
253
254
234
281
286
267
277
'305
300
212
236
246
224
252
'248
253
249
261
275
273
289
288
283
306
339
336
352
342
368
381
269
300
297
291
305
315
323
127
125
176
196
225
323
118
120
171
196
235
307
137
136
178
208
255
327
161
165
199
224
264
338
181
194
239
271
319
399
225
244
279
307
348
466
154
158
197
213
254
320
185
194
234
255
303
365
'150
160
207
210
243
305
192
201
239
253
286
366
'227
237
292
318
352
467
211
210
243
254
321
407
179
207
238
255
248
253
208
147
156
197
223
211
'216
157
155
174
206
219
214
'221
158
158
174
219
228
'222
'228
174
167
194
237
'253
243
257
203
197
227
264
281
274
266
219
246
292
315
336
313
307
275
167
193
226
242
234
245
198
192
236
264
281
272
'274
234
158
182
223
234
242
'236
204
199
238
255
273
272
265
240
248
299
316
335
322
313
290
214
253
258
287
284
'288
266
102
108
131
179
155
162
166
99
105
124
165
142
147
153
97
102
123
181
143
150
159
96
99
119
167
141
148
150
99
106
130
182
144
151
156
107
113
139
191
175
190
198
107
115
140
178
161
185
188
103
111
134
186
160
161
159
102
108
134
176
152
159
166
103
110
138
171
151
169
165
99
105
125
159
152
157
156
106
113
130
161
159
177
190
106
113
137
187
172
177
182
1945—July
August. ...
September
October
November
December
176
169
166
164
165
158
161
155
152
151
148
139
170
161
155
152
150
163
159
152
149
149
146
166
156
153
151
157
149
212
199
200
196
195
192
198
187
186
188
193
189
167
161
155
156
155
147
174
166
172
166
163
155
177
166
163
160
160
155
156
157
154
155
158
154
196
187
212
193
189
198
189
186
184
185
191
176
1946—January . . . .
February
March
April
May
June
July
167
171
177
189
200
210
222
145
154
157
171
177
181
187
162
166
170
180
190
r
204
213
149
153
160
172
'182
189
197
157
163
174
178
192
209
213
207
201
206
217
233
243
264
184
192
201
220
239
252
267
163
165
168
179
191
199
213
160
175
185
193
211
222
231
166
162
166
183
186
'207
224
165
163
183
184
'194
'212
193
179
190
195
208
239
253
252
183
190
190
215
217
218
250
1945—July.
August
September
October
November
December
175
182
184
185
179
136
154
164
166
169
167
127
'161
173
174
175
173
136
155
165
167
170
164
124
166
169
171
174
165
124
210
224
224
224
207
160
204
202
205
211
203
155
164
172
173
174
171
132
181
181
190
186
175
130
180
176
176
178
173
136
174
175
173
176
170
126
212
212
237
218
202
166
200
205
207
205
202
144
1946—January
February
March
April . .
May
June
July
146
158
172
188
200
205
222
132
145
154
164
173
174
180
144
156
171
182
192
192
196
130
148
160
175
'184
179
187
138
151
168
183
194
201
213
177
190
205
218
228
232
260
166
179
201
217
232
255
275
140
150
163
179
191
195
209
138
158
180
193
211
222
240
151
155
167
174
185
'200
228
143
147
165
179
191
212
215
161
169
185
202
227
246
272
161
167
177
212
225
221
265
Year or month
Phila- Clevedelphia land
Boston
New
York
106
114
133
149
168
186
207
104
108
126
140
148
162
176
101
106
119
128
135
150
169
104
111
129
143
151
168
184
'216
200
200
213
225
216
183
166
167
177
183
188
'176
165
161
172
182
179
228
254
263
250
256
275
274
186
200
218
210
213
232
227
1945—July
August
September
October
November
December
163
168
209
230
273
352
1946—January
February
March
ADril.
May
Tune
July
SALES*
1939
1940
1941
1942
1943
1944
1945
SEASONALLY ADJUSTED
1945—July
August
September
October
November.
December
1946—January
February
March
Aoril
May
...
June
July
UNADJUSTED
STOCKS*
1939
1940
1941
1942
1943
1944...
1945
EASONALLY ADJUSTED
UNADJUSTED
' Revised.
* Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
SEPTEMBER
1946
1061
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, AND OUTSTANDING ORDERS
As reported by 296 department stores in various Federal Reserve
districts]
Amount
(In millions of dollars)
Without seasonal adjustment
Jan.
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
average
average
average
average
average
average
average
128
136
156
179
204
227
255
344
353
419
599
508
534
564
108
194
263
530
560
728
1944—Dec...
385
451
618
1945—Jan.. .
Feb...
Mar...
Apr.. .
May..
June..
July..
Aug...
Sept..
Oct.. .
Nov...
Dec...
199
198
280
209
231
235
191
213
243
298
334
429
465
500
524
566
592
••596
592
625
620
624
602
462
771
817
772
725
671
695
722
671
652
700
779
764
1946—Jan.. .
Feb.. .
Mar...
Apr.. .
May .
June..
July..
224
239
301
319
304
304
P245
491
533
582
644
••674
698
P747
896
979
974
910
934
1048
P1081
Year or month
1939
1940
1941
1942
1943
1944
1945
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1943
9. . . .146 Jan.
16. . . .139
23. . . .125
30. . . .126
6. . . .143 Feb.
13. . . .178
20. . . .155
27. . . .162
6. . . .150 Mar.
13. . . .144
20. . . .147
27. . . .155
3 . . . .161 Apr.
10. . . .168
17. . . .170
24. . . .182
1. . . .142
8. . . .169 M a y
15. . . .149
22. . . .153
29. . . .151
5. . . .151 June
12. . . .168
19. . . .168
26. . . .132
3 . . . .134 July
10. . . .113
17. . . .126
24. . . .124
3 1 . . . .118
7. . . .131 Aug.
14. . . .131
2 1 . . . .146
28. . . .145
4. . . .169 Sept.
11. . . .156
is!
. 179
25. '.'. '. 176
2
175
9'.'.'.!l88 Oct.
1944
8. . . .143
15. . . .146
22. . . .144
29. . . .137
5 . . . .146
12. . . .142
19. . . .142
26. . . .146
4. . . .153
11. . . .160
18. . . .172
25. . . .182
1. . . .212
8. . . .208
15. . . .152
22. . . .163
29. . . .168
6. . . .184
13. . . .197
20. . . .177
27. . . .168
3. . . .163
10. . . .172
1 7 . . . .173
24. . . .151
1. . . .149
8. . . .116
15. . . .145
22. . . .138
29. . . .132
5. . . .137
12. . . .148
19. . . .149
2 6 . . . .171
2. . . .194
9. . . .177
.196
16.
23. .. !l93
30
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
196
7'. '.!218 Oct.
.
1945
6. . . .145
13. . . .166
20. . . .160
27. . . .161
3 . . . .163
10. . . .172
1 7 . . . .176
24. . . .177
3 . . . .182
10. . . .204
17. . . .214
24. . . .226
3 1 . . . .230
7. . . .181
14. . . .156
2 1 . . . .192
28. . . .184
5. . . .193
12. . . .196
19. . . .178
26. . . .182
2. . . .169
9. . . .196
16. . . .206
23. . . .183
30. . . .173
7 . . .153
14. . . .167
21. . . .157
28. . . .153
4 . . . .167
11. . . .176
18. . . .124
25. . . .182
1. . . .194
8. . . .177
15. . . .213
2 2 . . . !220
29
Jan.
Feb.
Mar.
Apr,
May
June
July
Aug.
Sept.
209
6.' . .' .'242 Oct.
1946
5 . . . .135
12. . . .188
19. . . .191
26. . . .188
2. . . .197
9 . . . .214
16. . . .209
23. . . .213
2. . . .217
9 . . . .233
16. . . .243
23. . . .255
30. . . .257
6 . . ..272
13. . . .282
20. . ..289
27. . . .232
4. . . .248
11. . . .274
18. . ..246
25. . . .245
1. . . .223
8. . ..273
1 5 . . . .283
22. . . .248
29. . . .239
6. . . .192
13. . . '210
20. . . '201
27. . . .204
3 . . . .217
10. . . .228
17. . . .239
24. . . .255
3 1 . . . .281
7
14
21
28
5
r
Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
r
P Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
July June
1946 1946
United
States P+32 +31 +27 Cleveland-cont.
Toledo
+29 +26 +24 Youngstown....
+27 +24 +22 Erie
+31
+21 Pittsburgh
+27 +28 +24 Wheeling
Boston
New Haven. .
Portland
Boston Area..
Downtown
Boston
Springfield. . .
Worcester....
Providence.. .
+26
+27
+26
+32
New York
Bridgeport. . .
Newark
Albany
Binghamton..
Buffalo
Elmira
Niagara Falls
New York City.
Poughkeepsie
Rochester....
Schenectady.
Syracuse
Utica
+39
+36
+42
+48
+43
+30
+31
+19
+40
+43
+32
+32
+41
+23
+27
+ 17
+30
+20
+37
+38
+39
+42
+30
+28
+22
+7
+39
+34
+30
+31
+35
+ 19
+24
+1
+26
+2
+34
+30
+35
+51
+31
+29
+18
+11
+36
+36
+28
+20 Atlanta
+34 Birmingham....
+21 Mobile
Richmond
Washington
Baltimore
Raleigh, N. C .
Winston-Salem,
Charleston, S. C
Greenville, S. C
Lynchburg
Norfolk
Richmond
Roanoke
Charleston,
W. Va
Clarksburg
Huntington
Montgomery. . .
P+32 +31 +27 Jacksonville. . . .
P+39 +40 +38 Miami
P+33 +28 +27 Orlando
+28 +30 +24 Tampa
P + 3 5 +33 +31 Atlanta
P + 3 6 +40 +34 Augusta
P + 2 9 +28 +24 Columbus
Macon
+31 +32 +27 Baton Rouge. . .
Cleveland....
Akron
+21 +27 +18 New Orleans. . .
Canton
+30 +22 +20 Bristol, T e n n . . .
+33 +35 +31 Jackson
Cincinnati
+28 +27 +25 Chattanooga.. .
Cleveland
+30 +34 +28 Knoxville
Columbus
Springfield. . . +17 +13 + 14 Nashville
Philadelphia.
Trenton
Lancaster
Philadelphia..
Reading
Wilkes-Barre.
York
« Revised.
•
Preliminary.
1062
July June Seven
1946 1946 mos.
1946
Seven
July June mos.
1946 1946 1946
1946
+25
+27
+32
+38
+29
+25
+ 19
+24
+21
+40
+ 15
+29
+ 15
+36
+38
Chicago
p+34 +32
Chicago
+31 +35
P + 3 4 +32
Peoria
Fort Wayne.. . P + 4 2 +34
Indianapolis... +31 +33
+38 +33
Terre Haute..
Des Moines. . . +37 +36
+36 +29
Detroit
+39 +40
Flint
+45 +37
Grand Rapids.
+32 +33
Lansing
Milwaukee. . . . +35 +30
+44 +30
Green Bay
+32 +21
Madison
+25
+27
+27
+42
+32
+ 19
+23
+ 19
+34
+28
+24
+22
+22
+23
+31
+5
+30
+24
+8
+31
+35
+22
+20
+2+24
+26
+20
+24
+4 St. Louis
P+32
+29 Fort Smith... . P+8
+33 Little R o c k . . . . P+23
+35 +39
+38 +26
+26 +20
+27 +27
+30 +21
+21 +23
+26 + 19
+23 +26
+35 +26
+40 +35
+31 +28
+29 +29
+38 +32
+ 19 +8
+24 +33
+33 +26
+26 +36
+19 +33
+23 +28
+41 +36
+8 + 14
+45 +43
Quincy
+30 Evansville
+31 Louisville
+23 East St. Louis.
St. Louis
+26 St. Louis Area.
+24 Springfield....
+15 Memphis
+20
+19 Minneapolis. .
+28 Minneapolis. . .
+35 St. Paul
+30 Duluth-Superior
+31
+34 Kansas
City...
+ 12 Denver
+29 Pueblo
+31 Hutchinson
+25 Topeka
+27 Wichita
+22 Joplin
+30 Kansas City...
+10 St. Joseph
+40 Omaha
* Data not available.
P+25
P+33
P+31
*
P+34
P+34
P+34
P+31
+42
+41
+45
+24
+30
+37
+21
+31
+27
+21
+25
+25
+51
+38
** Six months 1946.
+28
+29
+30
+31
+24
+31
+31
+24
+22
+30
+25
+31
+32
+25
+33 +28
+ 18 +20
+24 +22
+28 +24
+27 +24
+26 +27
+54 **+39
+35 +29
+35 +29
+46 +39
+35 +28
•+32
+33
+33
+18
+27
+37
+ 19
+21
+22
+ 19
+24
+25
+39
+31
+34
+36
+32
+15
+25
+33
+12
+18
+18
+16
+29
+23
+35
+30
July June Seven
1946 1946 mos.
1946
Kansas City—
cont.
Oklahoma City. +20 '+21
Tulsa
+31 +26
+32
+29
+25
+35
+24
+47
+25
+17
+18
+29
+24
+22
+34
+22
+34
+29
+29
+30
+34
+30
+31
+39
+24
+29
+30
+28
+26
+22
+28
+24 +26
+20
Dallas
Shreveport
Corpus Christi.
Dallas
Fort Worth
Houston
San Antonio. . .
+33
+26
+26
+39
+26
+41
+31
San
Francisco.
Phoenix
Tucson
Bakersfield
Fresno
Long Beach....
Los Angeles....
Oakland and
Berkeley
Riverside and
San Bernardino
Sacramento... .
San Diego
San Francisco..
San Jose
Santa R o s a . . . .
Stockton
Vallejo and
Napa
Boise and
Nampa
Portland
Salt Lake City.
Bellingham....
Everett
Seattle
Spokane
Tacoma
Yakima
+30
+31
+28
+39
+27
+25
+34
+28
+37
+14
+ 18
+28
*
+39
-13
+27
+34
+36
*
+38
+ 17
+39
+13
+34
•+32
+25
+29
• + 12
+20
+27
+22
+24
+19
+28
+9
+17
+24
*+22
+23
-11
+26 +23
+27 +23
+30 +31
-10 "+19
+34 +32
+21 +15
+28 +26
+ 17 +14
+28 +24
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
index numbers
without seasonal adjustment
1941 average monthly sales=100l
Number
of stores
reporting
Department
Sa !es during
1946
June
1945
1946
1945
May
June
May
Stocks
(end of
month)
Sales during
period
Stocks at end
of month
month
June
Percent changje from Ratio of stocks
to sales 2
a year ago (value)
June
June
1946
Six
mos.
1946
June
1946
June
1946
1945
2.6
2.4
+16
+29
+25
351
2.7
2.4
473
406 +31
196
464
194
+16
148
+27
351
2.3
2.2
433
387 +17
420
204
199
170
+13
+15
348
110
178
89
303
276
340 +24
+20
-9
2.7
3.8
329
334
275
268
233
283
319
252 +18
+ 12
1.0
1.1
+ 18
286
252
246
723
734
614 + 16 + 14
2.5
2.4
323
+ 19
308
226
219
197
573
552
500 + 15
2.5
2.5
+15
+ 16
206
210
192
736
691
692
3.6
311
+7
+5
+ 7 3.6
284
290
260
244
293
317
230 + 19 +17
+28
1.0
0.9
333
214
223
191
394
373
300 + 12 + 12
+33
1.8
1.6
251
245
214
498
477
364 + 17 +19
2.0
1.7
331
+37
342
159
155
124
178
163
138 +28
+33
1.1
1.1
+5
108
143
105
618
545
522
4.9
325
+3
+8
+ 19 5.7
239
216
214
167
421
420
468 +29 +29
-9
1.9
2.8
257
30
38
25
608
452
500 +19
+6
+24 20.3 19.4
246
178
214
170
619
594
583
3.4
3.4
+8
+5
+5
142
160
135
722
728
693
5.1
5.0
281
+9
+6
+5
164
127
152
114
144
191
119 + 11 + 19
1.1
1.0
+23
317
189
197
161
450
486
397 + 17 +23
+ 13
2.4
2.4
2.8
400
9 1.9
171
403
438 +36
211
154
+37
322
229
184
139
206
182
200
329 +33
-36
1.1
2.3
+37
305
240
170
414
162
437
410 +41
0
1.7
2.4
+47
282
171
146
693
171
661
697 + 17 + 14
-1
4.1
4.8
200
124
424
156
419
501 +62
-14
2.1
4.0
175
+52
3.4
2.8
514
379 +70
187
489
110
+35
198
+57
309
177
463
233
114
433
190
418 +56
+53
3.7
+ 10 2.6
166
380
256
98
349
182
282 +70
+30
2.3
3.0
+55
200
607
146
563
237
418 +37
+28
+44
3.0
2.9
289
163
139
204
21
128
152
35 +673 +528 +327
0.8
1.5
187
479
296
122
461
195
339 +54
+41
2.6
2.8
+40
172
752
229
120
733
200
593 +44
+48
+26
4.4
5.0
147
576
224
102
524
136
447 +43 +36
+29
3.9
4.4
269
822
226
149
839
283
532 +81
3.1
3.6
+72
+55
1.9
2.0
470
425
267
387 +18
240
202
+19
290
+9
328
276
309
126
309
241
181 + 15
+63
1.2
0.8
+7
3.7
3.7
636
651
150
552 +15
173
179
335
+16
+14
250
785
780
122
280
242
715
3.1
3.0
+3 + 10
+8
234
642
650
227
228
194
556 +20
+ 15
2.8
2.9
+ 17
150
589
594
319
152
140
541
3.9
3.9
+7
+9
+9
195
712
734
301
208
146
561 +33 +34
+28
3.6
3.8
125
746
752
235
139
118
595
+28
6.0
4.9
+6
+1
159
590
606
226
160
146
535
3.7
3.6
+ 11
+9
+7
3.2
2.7
+14
509
499
445 +38
189
180
138
+34
298
302
236
247
186
559
614
322 +63 +54
1.9
1.7
+74
2.4
2.2
395
177
390
+14
166
145
346 +22
212
+17
199
179
169
158
362
315 +13
360
2.0
+ 15
2.0
+9
166
190
146
139
453
429 +37
449
+32
2.4
3.0
+7
114
173
194
119
449
344 +46 +36
419
2.6
+33
2.8
52
245
266
220
434
323 + 12
407
1.8
1.4
+9
+34
130
154
126
122
399
416 +26
423
2.6
-4
3.4
+ 19
1 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stock-sales ratio. For description and monthly indexes of sales
and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August, 1946. The titles of the tables on pages 857 and 858
were reversed.
2 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 1061.
GRAND TOTAL—entire stores
MAIN STORE—total
Women's apparel and accessories..
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's). . .
Gloves (women's and children's).. . .
Shoes (women's and children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods. .
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers..
H o m e furnishings
Furniture, beds, mattresses, springs.
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares
Piece goods
Cotton wash goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Miscellaneous
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Year and month
Accounts receivable
at end of month
Sales during month
Total
1945—June
July
August
September
October
November
December
1946—January
February
March
April
May
June
Julyp
Cash
Instalment
Charge
account
150
rl22
194
163
181
202
245
271
356
52
47
58
63
89
100
108
118
88
99
117
147
165
204
186
191
233
249
234
233
192
64
72
84
96
85
81
74
106
122
162
175
169
169
130
136
154
190
212
270
142
152
190
205
194
193
156
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Charge
account
Instalment
Charge
account
34
32
32
33
36
41
48
76
76
85
99
113
62
••58
57
59
71
77
79
104
103
122
143
148
64
66
65
64
63
63
64
33
31
31
32
33
33
32
45
44
43
45
45
46
45
108
100
114
126
129
133
119
82
75
83
82
83
81
79
190
140
138
154
168
167
163
65
62
60
60
59
59
61
31
34
36
36
37
37
35
Instalment
v Preliminary.
r Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 1061.
SEPTEMBER 1946
Chargeaccount
sales
1063
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of month
or year
Total
consumer
credit
Total
instalment
credit
1929
1930
1931.
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
1942
1943.
1944
1945.
Singlepayment
loans2
Loans1
Charge
accounts
1 740
L ,611
L 381
1,114
L,081
1,203
1,292
L 419
L,459
1,487
1,544
L 650
1,764
L ,513
L.498
1,758
L.981
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
Automobile
1,318
928
1,197
1,104
652
674
637
958
619
. .
.
.
. . . .
July
August
September
October
November
December
1946—January
February
March. . .
April
May
JuneP
JulyP
1,544
L 459
1,441
1,470
1,666
L 835
1,981
701
1,692
1 972
2,138
2,188
2 322
2,269
746
751
754
756
758
763
772
782
793
804
3,167
2,706
2 214
1,515
1,581
1,849
2,607
3 501
3,947
3,578
4,436
5 455
5,924
2 955
1,961
2 039
2,365
2,515
2,032
1 595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
516
459
532
802
1,065
1,195
1,265
1,644
2,005
2,180
1,464
1,147
1,204
1,462
2,125
1 949
1 402
962
776
875
1,048
J .331
1,504
1,442
1,468
I 488
1,601
L 369
1,192
L 251
1,616
5,697
5,654
5,649
5,702
6,000
6 344
6,734
6 506
6.564
6 978
7,315
7,499
7,754
7,808
.
1,987
1 992
1,988
2,010
2,086
2,190
2,365
2,364
2,408
2 507
2,652
2,789
2,908
3,017
719
712
706
717
754
805
903
877
879
905
188
192
196
202
210
219
227
235
245
264
531
520
510
515
544
586
676
642
634
641
289
668
367
693
1,268
1.280
1,282
1,293
1,332
L.385
1,462
1,487
L.529
.602
1,695
1,785
1,873
1,957
1,420
1,452
L.466
1,466
1,490
1,556
1,616
L.659
L.671
I 695
1,710
1,708
1,697
L 690
957
1,004
1,035
1,060
318
336
Service credit
Other
Total
7,637
6,839
5 528
4,082
3,905
4,378
5,419
6,771
7,467
7,030
7,981
9,153
9,899
6,485
5,338
5,777
6,734
...
1945—j u n e
Sale credit
686
699
815
822
829
832
P Preliminary.
1
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Commercial
banks 1
Small
loan
companies
1 065
1,195
1 265
1 644
2,005
2,180
1 464
1 147
1,204
1 462
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358
471
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
445
129
131
132
134
89
67
68
76
1 268
1,280
1,282
1,293
1,332
1,385
1,462
1,487
1,529
1,602
1,695
1,785
1 873
1,957
400
406
406
413
428
448
471
494
522
564
608
656
700
744
389
391
389
387
395
409
445
446
452
462
482
492
506
520
70
70
70
70
71
73
76
76
78
82
85
88
92
95
Total
1929
...
1930
1931
1932
1933
1934
1935
1936
1937
1938
...
1939
1940
1941
1942
1943
1944
1945
1945—j u n e
July
August
September. .
October
November. .
December...
1946—January....
February...
March
April
May
June?
July?
652
674
619
516
459
532
802
Industrial
Loans made by principal lending institutions
(during period)
Industrial
loan
companies2
219
218
184
143
121
125
156
191
221
Credit
unions
Miscellaneous
lenders
Insured
repair
Commercial
modern- banks 1
ization
loans*
and
95
99
104
107
72
59
60
70
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
25
168
244
148
154
213
284
301
215
128
120
179
63
63
63
64
64
67
70
70
71
73
76
78
79
81
122
122
121
120
121
124
128
127
128
132
137
142
149
154
88
88
88
87
88
90
93
93
94
95
97
98
99
100
136
140
145
152
165
174
179
181
184
194
210
231
248
263
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
792
636
744
938
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
238
261
255
255
182
151
155
166
176
194
198
203
146
128
139
151
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
81
75
73
72
88
94
101
104
105
132
138
148
148
155
82
76
71
74
89
97
133
76
80
103
105
97
99
106
14
13
13
13
16
15
18
14
14
18
18
19
19
20
13
12
11
12
14
14
16
14
14
16
16
16
17
17
21
18
18
16
20
21
23
19
19
24
2c
28
28
29
69
130
248
368
460
680
1,017
1 198
413
380
340
250
202
234
288
354
409
p Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of
other retail direct loans not shown separately. Other retail direct loans outstanding at the end of July amounted to 55 million dollars, and loans
made during July were 13 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.
1064
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outs tanding. In millions of dollars]
End of
year or
month
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938.
1939
1940
1941
1942
1943
1944
1945
1945
Total,
excluding
automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Automobile
Jewelry
stores
All
other
retail
stores
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
531
520
510
515
544
586
676
150
145
142
144
156
173
198
237
235
232
235
247
262
283
11
11
11
11
11
12
14
49
47
45
44
44
47
74
84
82
80
81
86
92
107
642
634
641
668
686
699
693
189
184
188
200
206
210
208
272
274
279
288
295
299
297
14
14
14
15
16
17
19
66
62
59
60
61
63
60
101
100
101
105
108
110
109
June
July
Aug
Sept
Oct
Nov
Dec
1946
Jan
Feb.
Mar
Apr
May
JuneP
Julyp
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1941—June
December....
1942—June
December....
1943—June
December....
1944—June
December....
1945—June
July
August
September
October
November... .
December....
1946—January
February
March
April
May
JuneP
Julyp
Volume extended
during month:
1945—June
July
August
September
October
November....
December
1946—January
February
March
April
May
June?
Julyp
Retail instalment paper 2
Total
Automobile
Other
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Repair Personal
and
instalmodern- ment
ization
cash
loans l
loans
202.5
196.8
162.4
125.4
100.2
91.8
89.6
92.0
94.6
95.1
95.1
95.7
97.7
100.9
104.1
105.6
107.3
112.8
118.1
122.4
127.2
131.8
53.5
49.3
34.3
21.
14.4
12.6
12.5
13.0
12.8
12.8
12.7
12.6
13.1
13.6
13.8
14.1
14.6
15.4
16.8
17.6
18.4
19.6
18.4
18.8
16.3
12.8
8.8
7.7
6.8
7.8
7.7
7.8
7.9
8.0
8.4
9.0
9.8
9.9
10.0
10.9
11.8
12.7
13.4
13.2
18.2
18.6
16.5
15.6
14.1
14.0
12.9
13.4
14.2
14.6
14.9
15.4
16.2
16.8
17.2
18.0
18.2
19.1
20.2
21.2
22.0
23.1
112.4
110.1
95.3
75.6
62.9
57.5
57.4
57.8
59.9
59.9
59.6
59.7
60.0
61.5
63.3
63.6
64.5
67.4
69.3
70.9
73.4
75.9
18.0
16.2
15.8
16.4
19.7
19.9
21.3
18.6
18.0
23.3
23.6
24.4
23.8
26.3
2.4
2.3
2.1
2.2
2.7
3.0
3.1
3.1
3.0
3.8
4.2
3.9
3.9
4.6
1.6
1.4
1.3
1.3
1.7
2.2
2.0
1.6
1.7
2.2
2.4
2.8
2.6
6
5
5
6
1
9
6
8
1.6
2.4
2.5
2.5
2.3
2.6
12.4
11.0
10.9
11.3
13.2
12.8
14.6
12.1
11.7
14.9
14.5
15.2
15.0
16.3
Other
retail,
purPur- Direct chased
chased loans and
direct
ret ail
Year or month
Total
Outstanding at end of
period:
1939
1940 .
1941
1942..
1943
1944
1945
1945—June
July
.. .
August
September..
October. . ..
November..
December..
1946—January....
February. ..
March ..
April
1,093
1,450
1,694
845
514
559
731
609
619
622
633
659
694
731
771
809
871
946
1,025
May
1,093
JuneP
1,162
Julyp
Volume extended during month:
116
1945—June
107
July
108
August
106
September..
131
October. . . .
140
November. .
147
December..
157
1946—January. . . .
155
February. ..
188
March
212
April .. .
j
226
May
^.
217
JuneP
Julyp
239
218
311
411
136
55
57
65
56
56
57
58
60
62
65
Repair
and
modernization
loans1
Personal
instalment
cash
loans
347
422
451
289
221
245
302
265
270
267
271
279
291
302
314
329
353
378
402
423
444
53
50
47
46
56
60
64
63
63
82
83
85
85
89
155
217
288
143
68
75
97
70
74
82
97
108
115
123
164
253
310
123
81
99
146
116
118
119
122
128
135
146
155
164
179
193
212
228
245
79
79
79
79
83
90
97
107
111
117
127
142
154
167
209
247
234
154
89
83
121
93
96
100
103
109
116
121
125
131
140
151
161
173
183
12
11
11
12
13
14
14
19
18
20
29
29
24
30
24
22
23
23
28
29
32
34
35
41
46
52
50
53
15
13
15
13
19
21
24
27
24
25
32
38
36
44
12
11
12
12
15
16
13
14
15
20
22
22
22
23
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1944
1945
1945—June
July
August
September....
October
November....
December....
1946—January
February
Mi arch
April
May
.. .
JuneP
Julyp
Volume extended
during month:
1945—June
July
August
September
October
November
December....
1946—January. . .
February
March
April
Miay
JuneP
Julyp
Total
67.1
76.7
69 6
70.0
69.3
70.4
71.4
73.8
76.7
77.5
78.4
81 0
83.2
85.6
87.5
89.0
14.1
13.4
13 1
13.8
16.0
16.2
17.8
15 6
15.2
18.3
18.0
18.4
18.3
19.4
Retail instalment paper 2
Automobile
Other
10.5
11.0
9 2
10.0
10.6
11.0
11.2
11.2
11.6
12.1
12.6
12.7
13.0
3.8
4.0
3.7
3.8
3.7
3.8
3.9
4.0
4.0
4.0
4.1
4.2
4.5
4.8
5.2
5.5
2.3
2.4
0 7
9.6
9.6
9.6
2 2
2.2
2.6
2.7
2.7
2.6
2.4
3.0
3.1
3.2
2.7
3.3
0.6
0.7
0.7
1.0
1.1
0.8
0.7
0.8
0.9
1.0
1 2
1.2
1.4
Repair
and
modernization
loans 1
1.1
1.5
1 3
1.3
1.3
1.4
1.5
1.6
1.5
1.5
1.6
1.6
1.6
1.7
1.7
1.8
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.2
0.2
0.2
0.2
0.3
Personal
instalment
cash
loans
51.7
60.2
55.4
55.3
54.7
55.6
56.0
57.6
60.2
60.8
61.5
63.6
65.0
66.5
67.9
68.7
11.0
10.1
10.0
10.7
12.2
12.2
14.1
12.2
11.9
14.2
13.7
13.8
14.2
14.4
P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
SEPTEMBER
1946
1065
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
July June
1946? 1946
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
May
1946
Percentage change
from corresponding
month of preceding
year
July June
1946? 1946
-2
-3
+57
+68
+48
+86
+53
+72
+42
+70
+60
+80
+49
+76
0
+3
+2
+4
+3
+28
+23
+26
+23
+27
+20
+3
+2
Accounts receivable, at
end of month:
Total
. .
Instalment
Collections during
month:
Total .
Instalment
0
-1
+6
+4
+44
+37
+36
+34
+41
+37
Inventories, end of
month, at retail value.
+7
+4
+7
+37
+35
+22
-3
-4
Year and month
May
1946
+7
+7
+4
+ 11
-6
-8
-4
-7
Charge
accounts
Instalmen . accounts
June
1945
Depar t- Furniment
ture
stores
stores
33
23
35
40
40
36
Household ap- Jewelry
pliance
stores
stores
43
33
Department
stores
64
January.
February
March
April
May
.
June
42
48
31
31
62
63
23
27
27
24
49
52
51
48
30
31
35
46
63
66
67
61
32
31
35
25
24
27
52
'52
'54
32
29
32
61
60
64
35
28
34
33
27
26
56
32
33
32
62
60
32
July
August
September
October
November
December
27
55
31
57
'32
33
. . . .
1946
...
24
23
55
55
63
r
P Preliminary.
Revised.
Ratio of collections during month to accounts receivable at begin ning of month.
1
Preliminary
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items
1931
1932 .
1933
1934
1935
1941
1942 .
1943
1944
1945 .
.
.
.
. . .
1945—January
March
April
June
July
August
September
October
November
December
.
. . .
.. . . . . . .
March
April
May
June
July
p
Revised.
132. S
126.0
115.3
112.7
141.4
137.5
103.9
86.5
84.1
93 7
100.4
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100 7
94 4
94.2
101.3
105 3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96.4
100 9
104.1
104.3
104.6
105 2
116.5
123 6
125 5
128.4
105.5
123.9
138.0
136 1
139.1
106.5
124.2
129.7
138.8
145.9
105 9
108.5
108.0
108 2
108.3
127 1
126 9
126.8
127.1
128 1
129.0
129 4
129 3
128.9
128.9
129.3
129.9
137 3
136.5
135.9
136.6
138.8
141.1
141 7
140 9
139.4
139.3
140.1
141.4
143.0
143.3
143.7
144.1
144.6
145.4
145.9
146 4
148.2
148.5
148.7
149.4
129.9
129.6
130.2
131 1
131.7
133.3
141.0
1936
1937
1938 .
1939
1940 . . . .
Rent
99 1
102 7
100.8
99 4
100.2
. .
Clothing
108 7
97.6
92 4
95 7
98.1
1920
1930
Food
122.5
119.4
Year or month
141.0
139.6
140.1
141 7
142.6
145.6
165.7
149.7
150.5
153.1
154.5
155.7
157.2
157.9
108.3
108.3
108.3
108.3
108.4
108.5
Fuel,
electricity,
and ice
House
furnishings
112.5
111.4
108.9
103.4
100.0
101.4
100.7
100.2
100 2
99.9
99.0
99.7
102.5
105.4
107.8
109 8
110.3
109 7
110.0
110.0
109.8
110.0
110.0
111.2
111 4
110.7
110.5
110.1
110.3
110.8
111.0
110.5
110.4
110.3
110.5
113.3
111.7
108.9
98.0
85.4
84.2
92.8
94.8
96.3
104.3
103.3
101.3
100.5
108.2
122.2
125.6
136.4
145.8
143 6
144.0
144.5
144.9
145.4
145.8
145.6
146 0
146.8
146.9
147.6
148.3
148.8
149.7
150.2
152.0
153.7
156.1
156.9
Miscellaneous
104.6
105.1
104.1
101.7
98.4
97.9
98.1
98.7
101 0
101.5
100.7
101.1
104.0
110.9
115.9
121.3
124.1
123 3
123.4
123.6
123.8
123.9
124.0
124 3
124 5
124.6
124 7
124.6
124.8
125 4
125.6
125.9
126 7
127.2
127.9
127.8
Back figures.—Bureau of Labor Statistics, Department of Labor.
1066
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the B
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
91.6
85.2
75.0
70.2
1945—July
August. . .
September
October. .
November
December.
1946—January..
February.
March....
April
May
June
July
Week ending:
1946—Mar. 23 . .
Mar. 30. .
Apr. 6. .
Apr. 13. .
Apr. 20. .
Apr. 27. .
May 4. .
May 11. .
May 18. .
May 25. .
June 1. .
June 8. .
June 15. .
June 22. .
June 29. .
July 6. .
July 13. .
July 20. .
July 2 7 . .
Aug. 3. .
Aug. 10. .
Aug. 17. .
Aug. 24. .
Aug. 31. .
105.9
105.7
105.2
105.9
106.8
107.1
107.1
107.7
108.9
110.2
111.0
112.9
124.3
129.0
126.9
124.3
127.3
131.1
131.5
129.9
130.8
133.4
135.4
137.5
140.1
157.0
108.4
108.7
109.1
109.3
109.6
109.6
109.9
110.1
110.9
110.7
111.1
111.5
111.8
112.4
112.7
117.2
120.7
124.2
124.1
125.0
127.1
128.3
128.4
128.2
132.9
133.3
135.2
135.1
135.4
135.5
135.6
135.8
137.9
137.2
138.8
139.4
139.9
140.0
140.3
152.9
153.9
159.2
157.3
156.5
162.3
163.3
160.9
157.1
Year, month, or week
Total
of Labor Statistics. 1926=100]
Other commodities
ChemiHouse- MiscelHides and Textile Fuel and Metals
Building
leather products lighting and metal materials cals and furnish- laneous
allied
ing goods
products
materials products
products
77.9
79
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
106.9
106.4
104.9
105.7
107.9
108.6
107.3
107.8
109.4
110.8
111.5
112.9
140.2
99.7
99.9
99.8
100.1
100.2
100.5
100.8
101.3
102.2
103.3
103.9
105.6
108.8
118.0
118.0
118.7
118.6
118.8
118.9
119.4
119.6
119.8
119.8
120.4
122.4
141.2
99.6
99.6
100.1
101.0
101.1
101.4
101.6
102.2
104.7
107.9
W8.8
109.2
113.2
84.3
84.8
84.1
84.2
84.6
84.8
84.9
85.1
85.0
86.1
86.1
87.8
90.3
104.7
104.7
104.9
105.0
105.2
105.6
105.7
106.6
108.4
108.8
109.4
112.2
113.3
117.5
117.8
118.0
118.3
118.7
119.5
120.0
120.9
124.9
126.5
127.8
129.9
132.1
95.
95.
95.
95.
95.
96.
96.0
95.9
96.0
96.1
96.5
96.4
99.3
104.5
104.5
104.6
104.7
104.7
104.7
106.2
106.5
106.9
107.5
108.3
110.4
111.9
94.8
94.8
94.8
94.8
94.8
94.8
95.3
95.6
95.6
95.7
97.0
98.5
101.3
109.4
109.5
109.7
109.9
110.4
110.3
110.7
110.9
111.5
111.0
111.8
111.9
111.8
1,13.7
113.4
121.1
134.0
142.0
140.7
142.3
144.0
148.9
148.1
150.9
102.0
102.3
102.4
102.8
103.1
103.1
103.6
103.7
104.0
104.1
104.3
104.6
104.9
105.1
105.4
106.3
106.9
107.8
108.6
109.2
110.8
110.8
111.0
lli.O
120.1
120.1
120.1
120.3
120.3
120.3
120.3
120.3
120.9
120.9
120.9
120.9
123.4
123.5
123.8
124.0
129.1
139.3
144.0
143.0
138.3
138.4
140.4
140.1
102.4
104.3
104.5
105.0
105.2
105.5
106.7
106.7
108.2
108.
108.
108.
108.
108.
108.5
108.8
108.8
109.5
109.5
110.8
114.6
114.9
115.0
115.2
85.4
85.4
85.5
86.5
86.6
86.6
87.0
87.0
87.0
87.1
86.7
86.9
86.9
87.1
87.5
89.5
90.1
90.2
90.2
92.5
96.6
96.5
96.7
96.7
107.9
107.9
108.0
108.2
109.0
109.0
109.
109.3
109.3
109.4
109.5
110.5
111.0
111.0
111.6
112.6
113.0
113.2
113.3
113.1
113.5
113.7
113.7
113.6
123.6
123.6
124.0
124.0
126.0
126.0
126.6
126.8
126.9
127.2
127.8
128.2
128.5
129.7
130.3
130.7
131.8
132.5
132.6
132.0
132.4
132.7
132.9
132.8
96.0
96.0
96.0
96.1
96.1
96.1
96.1
96.2
96.3
96.6
96.6
96.8
96.8
96.9
96.9
98.2
98.4
100.0
100.3
98.1
98.2
98.3
98.3
98.1
108.4
108.5
108.7
108.7
108.7
108.7
108.7
108.9
109.4
109.4
110.0
110.2
110.4
110.4
110.7
110.7
110.7
112.5
112.5
113.0
113.4
114.0
114.0
114.0
95.4
95.4
95.4
95.4
95.4
95.5
96.2
96.2
96.3
96.6
97.8
97.9
97.9
97.9
97.9
98.0
98.3
98.8
101.7
101.6
101.7
101.0
101.5
101.5
1946
1945
Subgroups
July
Farm products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products.
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods..
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity...
Gas
Petroleum products
1946
Subgroups
Apr.
May
June
July
128.6 137.0 148.1 151.8 181.4
133.3 135.1 134.9 137.4 162.9
125.5 134.2 135.1 137.5 145.7
110.5 116.3 117.0 127.3 156.9
95.3 99.4 100.3 101.7 124.9
130.3 138.2 140.6 136.1 130.0
108.0 110.3 110.5 110.1 169.9
95.6 97.7 98.1 98.1 109.4
126.3
117.6
101.3
115.2
128.6
117.6
104.0
115.2
128.9
120.7
104.0
115.2
129.5
121.5
110.7
115.2
140.4
169.3
133.2
115.2
107.4 117.4 119.6 120.3 120.5
19.7 137.6 138.6 139.4 148.6
71.5 75.5 75.7 75.8 76.3
30.2 30.2 30.2 30.2 30.2
112.7 112.7 112.7 112.7 114.0
100.9 110.5 111.9 112.3 113.5
101.6 104.0 104.1 106.1 114.5
123.9 125.2 125.3 132.8 136.1
131.0 133.5 133.5 133.5 147.5
60.3 66.6 67.0
77.8 79.7 80.2 79.6
64.2 62.8 63.5 64.0 65.1
June
July
97.7 98.6 101.7 107.0
98.7 99.6 102.7 108.4
99.1 107.4 107.8 110.1
112.8 112.8 112.8
85.9 87.1 89.0 99.2'
92.6 100.8 100.8 106.0
107.2
108.7
111.3
July
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles *
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials.
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
111.7
99.4
155.1
106.1
92.6
107.3
104.3
Apr.
119.9
102.4
171.4
108.0
100.8
120.1
112.8
May
120.5
102.6
172.5
108.2
100.8
120.1
115.7
121.3
102.6
176.0
108.6
106.0
120.1
118.4
102.7*
106.0
122.5
104.0
177.3
114.9
106.0
120.1
119.9
96.1 97.1 97.9 98.0 98.5
110.2 112.4 112.4 109.4 112.6
81.1 81.9 81.9 82.7 88.2
86.6 86.6 86.6 86.6 86.6
102.0 102.1 102.1 102.1 114.2
107.5 112.1 113.4 114.5 117.3
101.5 102.9 102.9 106.1 106.4
73.0 73.0 73.0 73.0 73.0
159.6 159.6 173.6 197.8 246.3
109.0 113.9 115.3 115.6 117.0
46.2 46.2 46.2 46.2 46.2
98.9 99.2 100.2 101.0 101.9
1
This subgroup is in process of revision.
Back figures.—Bureau of Labor Statistics, Department of Labor.
SEPTEMBER
1946
1067
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
Seasonally adjusted annual rates by quarters
Annual totals
1946 P
1945 1
1939
1940
1941
1942
1943
1944
19451
1
3
4
1
2
88.6
Gross national product
Government expenditures
goods and services
Federal Government
2
for
War
Nonwar
State and local governments
Private gross capital formation.
Construction
Residential
Other .
Producers durable equipment
Net change in business inventories
Net exports of goods and
services
Net exports and monetary
use of gold and s i l v e r . . . .
Consumer goods and services...
Durable goods
Nondurable goods
Services
Gross national product
Deductions:
Business tax and nontax
liabilities
Depreciation and depletion.
Other business r e s e r v e s . . . .
Capital outlay charged to
current expense
Adjustments:
For inventory revaluation
For discrepancies
National income
Additions:
Transfer payments
Deductions:
Corporate savincs
Contributions to social insurance funds
Income payments to individuals .
Income payments to individuals
Personal taxes and nontax
Payments
Federal
State and local
Disposable income of individuals
Consumer e x p e n d i t u r e s . . . .
N e t s a v i n g s of i n d i v i d u a l s . .
National income
Total compensation of employees
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Nonagricultural
Interest and net rents
..
Net corporate profit
Dividends
Savings
97.1
120.2
152.3
187.4
197.6
199.2
205.1
208.2
198.2
185.2
180.6
185.6
16.0
7.9
16.7
8.8
26.5
18.6
62.7
55.3
93.5
86.2
97.1
89.5
84.8
75.7
96.5
88.7
99.8
92.0
81.0
73.0
57.2
49.3
41.1
32.8
38.0
29.5
1.4
6.5
2.8
6.1
25.7
22.0
50 3
5 0
7.4
7.6
2.9
81 3
4 9
7.4
2.5
1.6
69 4
82.9
85.7
66.4
42.6
5.7
6.3
5.8
6.3
7.9
9.1
2.6
7.8
3.6
1.8
7.8
6.6
2.3
6.6
6.7
7.9
14.8
4.3
13 3
5 3
7.9
19.1
5.3
83 7
8.1
10.9
3.6
7.9
11.2
2.9
8.0
15.0
3.7
8.3
19.2
5.3
2.0
1.6
2.4
2.0
2.8
2 5
1.3
1 6
0.6
1 0
0.5
1.1
0.7
1.9
0.3
1.5
0.5
1.8
0.9
2.0
1.4
2.3
2.0
3.3
5.5
6.9
8 9
0.9
1.8
3.5
0.8
1.5
1.2
0.2
61.7
6.4
32.6
22.7
0.3
65.7
7.4
34.4
23.9
0.2
74.6
9 1
40.1
25 4
0.1
82.0
6 3
47.9
27 8
88.6
97.1
120.2
10.4
6.2
0.8
12.4
6.4
0.7
18 5
7.0
0.8
0.7
0.9
-0.4
0.0
70.8
-0.4
-0.4
77.6
1.3
-3.2
— 1.1
96.9
7.7
2.0
1.6
3 1
4.0
-0.6
-1.7
-1.5
-1.8
91.3
6 6
55". 1
29 7
-0.1
98.5
6.7
, 60.0
31.8
152.3
187.4
27 4
8.0
0.5
6.6
2
5.2
2
6.1
2
6.7
2
8.3
2
7.5
8.5
25.0
8.2
3.5
4.7
2
9.3
197.6
23 l
7.6
0.6
2
7.1
29 7
8.2
0.5
5 1
-0.5
1.1
0.8
-0.2
1.5
149.4
-0.1
-3.4
-1.6
1.7
3.2
5.4
7.5
106.4
7.7
65.6
33.1
105.0
7.4
65.0
32.6
101.8
7.1
61.5
33.2
106.0
7.4
65.1
33.5
113.0
9.0
70.6
33.3
120.2
10.7
75.6
34.0
122.0
12.0
75.5
34.5
0.9
-2.1
—0 2
122.2
8.4
-0.1
-2.2
160.7
2.4
2.6
2.5
2.7
3.2
5.3
0.4
1.8
4.0
4.4
5.5
5.4
2.0
2.1
2.6
3.2
3.8
3.9
70.8
76.2
92 7
117 3
143 1
156 8
160.7
163.7
163.2
158.6
156.9
156.7
161.0
70.8
76.2
92.7
117.3
143 1
156 8
160.7
163.7
163.2
158.6
156.9
156.7
161.0
3.1
1.3
1.9
3.3
1.4
1.9
4.0
2.0
2.0
6.7
4.7
2.0
18.6
16.6
2.0
19.4
17 A
2.1
21.2
22.1
21.7
20.7
20.1
18.7
19.0
67.7
61.7
6.0
72.9
65.7
7.3
88.7
74.6
14.2
110 6
82.0
28.6
124.6
91.3
33.3
137.4
98.5
38.9
139.6
106.4
33.1
141.6
105.0
36.6
141.5
101.8
39.7
137.9
106.0
31.9
136.9
113.0
23.9
138.0
120.2
17.8
142.0
122.0
20.0
70.8
48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
0.4
77.6
52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8
96 9
64.5
60 8
3.7
15.8
6.3
9.6
8.0
8.5
4.5
4.0
122 2
84.1
80 8
3.3
20.6
9.7
10.9
8.8
8.7
4.3
4.4
149 4
106.3
103 1
3.2
23.5
11.9
11.6
9.7
9.8
4.3
5.5
160 7
116.0
112 8
3.2
24.1
11.8
12.3
10.6
9.9
4.5
5.4
P Preliminary.
1
Revised figures. Unad
Unadjusted quarterly data have not yet been revised; unrevised data and annual totals2for all components appear in BULLETIN for July, 1946, p. 806.
:IN
2
Based on new sources and not precisely comparable with previous years.
3
Less than 50 million dollars.
dollars
NOTE.—Detail does not always add to totals because of rounding. Fo- a general description of above series see the Survey of Current Business
and
tor May ana August 1942, and March 1V43.
1V42,
Marcn 1943.
Bk figures: F annuall totals 1929 through 13
l
hh
h Survey of C
f Current B i
l
i
Back fi
For
1938, see the S
Business, M
May 1942 and A i l 1944. For quarterly estimates
1942 d April 1944 F
1939 through 1944, see the Survey of Current Business for April 1944 and February 1946.
1068
FEDERAL RESERVE BULLETIN
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF AUGUST 1, 1946
[In thousands of units]
Cotton
Federal Reserve district
Corn
...
Estimate
Aug. 1, 1946
Bales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Production
1945 i
Bales
Production
1945
Estimate
Aug. 1, 1946
'257'
2,305
549
Bushels
7 412
27,253
52,911
220,734
148,381
186,519
1.156,790
349,257
383,549
397,723
80,483
7,398
Bushels
7 518
32,435
51,768
236,243
138,306
172,396
1,426,314
441,503
475,675
431,764
75,337
7,561
9,290
3,018,410
3,496,820
" "\\\n
i1ios"
2,165
2
2,789
2.006
" 3 ' 3 i 002
237
2,258
458
Total
9,015
Tame hay
Oat;Federal Reserve district
Estimate
Aug. 1, 1946
Production
1945
Estimate
Aug. 1, 1946
Bushels
5,216
31 880
18,200
79,149
34,508
28,080
601,068
89,188
384 587
156,390
40 727
29,885
Tons
3,539
6 639
2,515
5,605
5,030
4,468
19,618
8,946
10 776
8,986
1 937
13,514
Tons
3,262
6 143
2,362
5,562
5,099
4,350
17,059
8,645
9 456
7,542
1,872
13,096
1,547,663
Total
Production
1945
Production
1945
Estimate
Aug. 1, 1946
Bushels
Bushels
10,194
17,974
66,402
25,775
7,649
66,754
48,392
37,541
403,707
42,546
96,243
6,244
17,873
57,991
27,417
6,338
56,985
44,421
41,112
438,280
54,283
128,950
823,177
879,894
Tobacco
Bushels
4,791
21 666
15,458
63,506
31,291
30,913
593,313
58,711
522 589
129,155
47 001
29,269
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
2
3
Winter wheat
1,498,878
91,573
84,448
Spring wheat
Production
1945
Estimate
Aug. 1, 1946
Bushels
36
57
126
Bushels
51
171
130
30
30
786'
20
257,127
5,039
100
36,645
1 ] 295
20
238,808
4,532
75
35,360
299,966
280,472
White potatoes
Estimate
Aug. 1, 1946
Production
1945
Estimate
Aug. 1, 1946
Pounds
30,774
1 228
46,355
145,225
1,132,964
237,297
37,405
358,631
3 073
4,856
Pounds
35,176
1 465
53,680
149,992
1,254,668
242,804
42,742
373,518
3 556
5,365
Bushels
61,939
35 386
19,996
13,504
24,988
18,589
34,683
10,311
52,596
37,315
5 433
110,391
Bushels
74,298
38,110
20,620
13,216
30,564
19,319
31,724
12,905
42,415
36,840
6,410
118,605
1,997,808
2,162,966
425,131
445,026
Production
1945
As revised in August 1946.
Includes 9,000 bales grown in miscellaneous territory.
Includes 14,000 bales grown in miscellaneous territory.
SEPTEMBER
1946
1069
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
1946
Chart
book
page July Aug. Aug. Aug.
14
31
Aug.
In billions of dollars
WEEKLY FIGURES'
WEEKLY FIGURES*— Gont.
24 16 24.13 24.24 24.11 24.10 Steel production (% of c a p a c i t y ) . . .
23 63 23.59 23.58 23.49 23.61 Electric power prod. (mill. kw. hrs.).
14 41 14.58 14.45 14.36 14.48 Freight carloadings (thous. c a r s ) . . .
7.77
88 7.67 7.77
7.78 Department store sales (1935-39
.60
= 100)
60
.60 .60
.60
.76
.76 Wholesale prices (1926 = 100):
76 .76 .76
.23
Total
25 .26 .26
.2:
27 20.27 20.27 20.27 20.28 Farm products
Other than farm and food
25 28.33 28.35 28.37 28.38
Reserve Bank credit, total
U. S. Govt. securities, t o t a l . . . .
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves*
Excess reserves (weekly average):
Total*
New York City
Chicago
Reserve city banks
Country banks"
3
3
3
2
2
2
2
2
4 15
15
37 89.6 89.0 90.3 89.7 89.4
37 4,351 4,412 4 ,422 4,444 4 ,404
45 898 899
885 908
45
228
91
02
01
23
66
14 60
14 42
14 39
14
66 59.79 59.91
27 41.45 41.46
36 39.07 39.08
35 6.64 6.68
91 14.88 14.99
.91
.02
.01
.21
.68
.93
.01
.01
.22
.69
P.89
.01
(2)
.19
P.68
p.87
.02
.01
.20
P. 66
60.03
41.57
39.17
6.72
15.02
59.98
41.46
39.30
6.62
15.08
64 20.08 20.12 20.21 20.19
91 13.49 13.49 13.61 13.59
9.47
9.47
3.92
3.89
3.96
.14
.25
.16
14.13 14.21 14.19
2.34 2.36
2.31
4.04
4.01
4.00
1.27
1.27
1.27
5.54 5.52
5.51
3.15
3.20
3.22
45 9.43 9.44
34
12
31
61
03
26
63
04
3.96
.09
14.16
2.34
3.99
1.27
5.50
3.09
76
.68
.44
.64
.64
45
68
70
.67
.41
.63
.69
.70
Per cent per annum
.376
.84
1.12
1.43
2.23
.376
.84
1.11
1.43
2.22
.375
.84
1.13
1.44
2.22
.375
.83
1.15
1.48
2.23
.375
.84
1.18
1.51
2.25
2.43 2.43 2.44
2.50 2.50 2.51
3.03 3.03 3.04
2.42
2.51
3.04
2.41
2.51
3.03
In unit indicated
27
27
27
27
27
149
152
148
128
83
149
153
150
128
82
150
154
152
128
75
MONTHLY FIGURES
Reserve Bank credit
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, 2 and $5 bills
June
July*
In billions of dollars
RESERVES AND CURRENCY
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
23.37
20.25
27.98
2.26
.56
15.73
4.96
6.22
4.55
14.77
4.94
5.99
3.84
.96
23.90
20.27
28.14
2.27
.69
16.00
5.09
6.32
4.59
15.05
5.05
6.08
3.92
.94
24.17
20.27
28.28
2.25
.59
16.02
5.08
6.31
4.63
15.09
5.05
6.09
3.95
.93
13
13
8
8
"
1.80
3.78
28.12
7.95
15.62
4.56
1.81
3.67
28.24
8.00
15.69
4.56
1.83
3.75
28.25
8.07
15.65
4.53
.63
.37 Total deposits and currency
. 60 Demand deposits
. 70 Time deposits
Currency outside banks
39.79 U. S. Govt. deposits
27.87
17.62
CONSUMER CREDIT
9.78
10. 22 9.86 9.77
9.65
.62
.57
65
.61
.60
05 24.91 24.95 24.96 25.11
75 4.31 4.33 4.36 4.30
62 6.70 6.80
6.62
6.56
90 8.92 8.94
8.95
8.95
9.56
28 9.38 9.45
9.50
5.27
98 5.04 5.15
5.22
55 1.55 1.51 1.48 1.47
75 2.79 2.80 2.80 2.80
U. S. jGovt. securities:
Bills (new issues)
24
Certificates
24
Notes
. 24
Bonds (7-9 years)
24
Bonds (15 years and over). . , 24, 26
Corporate bonds:
High grade (5 issues)
26
Aaa
26
Baa
26
281
ALL BANKS IN U. S.
.60
.40
.63
40 02 39.71 39.79 39.82
36 27.97 27.97 27.96
48 17.54 17.58 17.58
MONEY RATES, ETC.
255
1946
May
;
J
I
.
J
239
49 125.0 127.1 128.3 128.4 128.2
49 156.5 162.3 163.3 160.9 157.1
49 109.2 110.8 110.8 111.0 111.0
2.27
25 2.26 2.26
2.27
.54
51
.35 .56
.62
99 16.09 16.01 15.93 15.87
14 15.13 15.11 P15.O5 P15.08
86
.96 .90 P.89 P.79
MEMBER BANKS IN LEADING CITIES
Stock prices (1935-39=100), total.
Industrial
Railroad
Public utility
Volume of trading (mill, shares)..
In unit indicated
BUSINESS CONDITIONS
RESERVES AND CURRENCY
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, t o t a l . . .
Bonds and guaranteed
securities3
Notes and certificates3
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U. S. Govts..
Brokers'—on other securities
To others
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, t o t a l . . .
Bonds and 3 guaranteed
securities
Notes and certificates3
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities
All other
1946
Chart
book
page July Aug. Aug. Aug. Aug.
14
21
28
147
151
149
125
90
139
143
138
120
138
9 P173.40
9 P78.5O
9 P51.10
9 P26.40
9 P17.40
Consumer credit, total
18
Single payment loans
18
Charge accounts
18
Service credit
18
Instalment credit, total
18, 19
Instalment loans
19
Instalment sale credit, total
19
Automobile
19
Other
19
7.51
1.71
2.19
.82
2.79
1.79
1.00
.32
.69
P171.3O P170.80
P79.60 P80.40
P51.7O
P52.50
P26.60 P26.60
P13.40 Pll.30
PI .16
PI.70
P2.32
P.83
P2.91
PI.87
Pl.04
P. 34
v. 70
P7.81
Pl.69
P2.27
p.83
P 3 . 82
Pi.96
Pl.06
P.37
P.69
TREASURY FINANCE
U. S. Govt. obligations outstanding,
total interest-bearing
By classes of securities:
Bonds (marketable issues)
Notes, cert., and bills
Savings bonds and tax n o t e s . . .
Special issues
By maturities:
5 years and over
5-20 years
5-10 years
Within 5 years
Within 1 year
Certificates
Bills
Holdings of U. S. Govt. obligations:
Commercial banks
Fed. agencies and trust funds. . . .
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
20
271.98
268.58
267.36
20
20
20
20
121.18
72.13
56.47
21.48
119.32
70.10
56.17
22.33
119.32
68.09
56.40
23.05
20
20
20
20
20
20
20
109.72
66.12
45.37
83.77
65.86
36.83
17.04
108.71
65.11
45.03
80.90
61.98
34.80
17.04
108.70
65.10
45.03
78.89
59.97
37.72
17.02
21
21
21
21
21
21
21
86.90
28.53
22.93
11.30
25.20
97.10
42.70
83.30
29.13
23.78
11.50
25.30
95.60
41.50
29.71
23.63
For footnotes see p. 1072.
1070
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESBRVB CHART BOOK—Continued
Chart
book
page
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
Corporate Aaa bonds
F . R. Bank discount rate (N. Y.)
Treasury bills (new issues)
Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances....
BUSINESS CONDITIONS
1946
May
June
July*
Per cent per annum
23
23
23
27
27
27
27
27
29
29
29
Income payments (mill, dollars) :fi
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
1
Industrial production:
Total (1935-39=100).
35, 49B
Groups (points in total index):
Durable manufactures
35
Machinery and trans, equip.. .
49B
Iron and steel
49B
Nonferrous metals, lumber, and
building materials
49B
Nondurable manufactures
35
Textiles and leather
49 B
Food, liquor, and tobacco
49B
Chemicals, petroleum, rubber,
and coal products
49B
Paper and printing
49B
Minerals
35, 49B
New orders, shipments, and inventories (1939=100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls
(1939=100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)"
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural employment (mill.
persons) :5
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (3 mo. moving
average, mill, dollars):5
Total
41
Residential
41
Other
41
Chart
book
page
2.51
1.00
.375
2.48
1.00 Residential contracts (mill, dollars) :5
.375 Total
Public
Private, total
1- and 2-family dwellings
In unit indicated
Other
Value of construction activity (mill,
154
150
dollars):
153
159
153
Total
157
157
154
Residential:
162
129
128
130
Public
131
.94
109
Private
Nonresidential:
856
745
Public
809
547
442
Private
498
5
669
653 Freight carloadings:
651
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
13,421 13,486 P14.058
Coal
8,565 8,689 P8.879
All other
5
4,856 4,797 P 5 , 1 7 9 Department stores (1935-39=100) :
Sales
1,657
Stocks.
1,547
968
Exports and imports (mill, dollars):
85
583
Exports
630
106
Excluding Lend-Lease exports...
54
3.
Imports
3.0
Excess of exports excluding Lend60.4
57.6
Lease exports
59.3
43.C Cost of living (1935-39=100):
41.0
42.0
17.
16.7
All items
17.3
2.3
2.3
Food
2.6
58.1
55.3
Clothing
56.7
48
46.4
Rent.
46.8
9.9 Wholesale prices (1926=100):
8.9
10.0
Total
P173
160
Farm products
170
Other than farm and food. .
73.5
41.2
16.9
15.4
75.8
21.4
20.0
P74.1
P19.6
P20.8
21.4
12.9
21.1
P21.4
P12.3
P22.1
390
11
379
327
52
301
26
275
253
22
270
32
238
208
30
49C
824
919
983
49C
49C
12
288
17
317
21
333
49C
49C
133
391
159
426
178
451
43
106
133
139
43
43
43
67.6
14.5
24.0
74.1
30.9
'28.3
77.2
30.8
30.7
44
44
256
200
275
210
274
222
46
46
46
P851
P784
P397
P878
47
47
47
47
131.7
142.6
155.7
133.3
145.6
157.2
108.5
141.0
165.7
157.9
49
49
49
111.0
137.5
103.9
112.9
140.1
105.6
124.3
157.0
108.8
P821
P385
P436
46
P15.
21.0
12.5
17.6
42
42
42
42
42
P76.8
P41.6
19.
14.6
75.5
21.3
20.7
July
June
Cont.
2.49
1.00
.375
66.4
39.9
11.9
May
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
1946
208
224
P205
170
184
159
P209
P213
Oct.Dec.
QUARTERLY FIGURES
RECEIPTS AND EXPENDITURES OF THE
U. S. TREASURY
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue
P210
P230
207
207
208
1945
49D
49D
49D
49D
49D
49D
49D
P173
248.1
136.9
257.2
139.3 P140.9
42.48
107.1
39.7
43.35
108.4
40.0
P43.07
P109.3
P39.4
'38.7
'14.7
7.8
5.5
3.9
1.7
'39.0
'14.9
7.8
5.5
3.9
1.9
716
326
389
Apr.June
In billions of dollars
16.05
13.60
9.02
8.45
3.44
3.19
1.82
13.00
8 .67
13.24
12.59
7.22
3 ^49
1.88
13.44
7.19
9.89
8.07
3.72
2.48
1.87
23
25
25
25
2.09
1.71
2.23
2.38
2.31
1.75
2.34
2.93
2.41
1.84
2.51
2.97
P39.2
P15.0
693
330
363
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
Jan.Mar.
Per cent per annum
MONEY RATES
P189
P158
1946
Corporate security issues:
Net proceeds:
All issues
P5.4
Industrial
P3.,9
Railroad
Pl.9
Public utility
New money:
All issues
P679
Industrial
P301
Railroad
P378
Public utility
P7.9
In millions of dollars
SECURITY MARKETS
28
28
28
28
1,636
433
315
807
941
407
348
154
2,125
1,103
209
735
28
28
28
28
272
157
46
41
248
219
10
3
604
525
18
21
For footnotes see p. 1072.
SEPTEMBER
1946
1071
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
June
30
1946
Dec.
31
June
29
In billions of dollars
CALL DATE FIGURES
June
30
June
29
Dec.
31
In billions of dollars
CALL DATE FIGURES—Cont.
102.03 Country banks:
72.27
Loans and investments, total
45.42
U. S. Govt. obligations
15.29
Other securities
10.47
Loans
1.07
Demand deposits adjusted
02 Time deposits
.02
10
10
11
11
11
11
11
10
99.43 107.18
73.24 78.34
40.27 44.79
15.58
16.98
14.72
14.27
2.63
2.27
5.60
6.07
6.46
11
11
10
11
11
11
3.10
2.50
20.59
7.10
3.25
1.13
3.25
2.82
22.78
8.95
3.46
3.31
3.15
23.30
9.69
4.27
11
11
11
10
3.09
3.41
1.69
59.13
3.13
3.38
1.90
64.18
.03
13
13
13
13
13
13
31.37
24.09
2.16
5.11
20.66
11.26
1946
1945
SELECTED DATES
35.89
26.56
2.73
6.61
24.63
13.53
35.00
27.00
2.41
5.60
23.60
12.51
Apr.-
Oct.Dec.
June
.86
FARM REAL ESTATE VALUES
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
1945
CLASSES OF BANKS—CONT.
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Agricultural
For purchasing securities:
Brokers
Toothers
Consumer
Demand deposits adjusted
Chart
book
page
12
12
12
12
12
12
31.49
21.62
1.55
8.32
17.80
1.79
32.07
21.79
1.62
8.67
18.22
1.97
12
12
12
12
12
12
36.57
27.52
1.89
7.15
20.68
8.76
40.11
29.55
2.04
8.51
22.37
9.79
2.40
2.48 Cash farm income (bill, dollars, annual
2.46
basis)
67.46 Farm real estate values (1912-14=
100)
Prices received and paid by farmers:
Prices paid (1910-14=100)
Prices received (Aug. 1909-July
28.47
1914=100)
19.13
1.51
7.84
19.35
2.21
37.68
26.59 Cash farm income (bill, dollars)
2.23 Farm transfers (number per 1000
farms):
8.86
23.48
Total
10.45
Voluntary sales and trades
r
e Estimated.
P Preliminary.
Revised.
1
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period
2
Less than $5,000,000.
3
Beginning July 31, guaranteed securities are included with bonds.
4
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN
8
Adjusted for seasonal variation.
6
In unit indicated
49A
21.4
23.0
49A
6
6
49A
49A
133
P23.O
M47
142
175
178
184
204
207
214
1944
1945
In unit indicated
49A
21.0
21.6
49A
49A
53.4
51.5
56.4
54.9
tables that show those series.
As of Nov. 1, Mar. 1, and July 1.
* Copies of the Chart Book may be obtained at a price of 50 cents each,
1072
FEDERAL RESERVE
BULLETIN
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks 1
banks »
B a n k s (Head Offices)
14,682
Dec. 31, 1942
14,579
Dec. 31, 1943
14,535
Dec. 31, 1944
Dec. 31, 1945
.
. . . 14,553
14,574
July 31, 1946P
Dec.
Dec.
Dec.
Dec.
July
Branches a n d
Additional Offices'
31, 1942
31, 1943
31, 1944
31 1945
31, 1946*
3,739
3,933
4,064
4,090
4,056
Total
Total 2
National
Mutual savings
banks
Nonmember banks x
Member banks
re-
State 2
Total
Insured
NonIninsured * sured *
Noninsured
14,136
14,034
13,992
14,011
14,033
6,679
6,738
6,814
6,884
6,895
5,081
5,040
5,025
5,017
5,010
1,598
1,698
1,789
1,867
1,885
7,460
7,299
7,181
7,130
7,141
6,667
6,535
6,452
6,416
6,447
793
764
729
714
694
56
184
192
192
191
490
361
351
350
350
3,602
3,797
3,924
3,947
3,904
2,615
2,793
2,892
2,909
2,865
1,592
1,741
1,813
1,811
1,753
1,023
1,052
1,079
1,098
1,112
987
1,004
1,032
1,038
1,039
935
952
978
981
980
52
52
54
57
59
35
95
99
101
109
Nonreporting
banks
(nonmember
noninsured)
102
41
41
42
43
130
119
120
112
114
* Preliminary.
1
Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative"2 banks in Arkansas and 101 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banka
are not included in the total for "Commercial banks" and are included only once in "All reporting banks."
8
Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military
reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated
as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 106, respectively.
NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monstary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS,
BY DISTRICTS AND STATES
< par list
3n
3n par li
Not
Not
Federal Reserve
district or State
Total»
United States total:
Dec. 31, 1942
Dec. 31, 1943
Dec. 31, 1944
Dec. 31, 1945
July 31, 1946*....
14,123
14,021
13,989
14,002
14,032
Total
11,413
11,492
11,544
11,869
11,932
Member
banks
Nonmember
banks
6 670
6 729
6 ,806
6 877
6 889
4,743
4,763
4,738
4,992
5,043
on
par
list i
June 30, 1946 *
490
490
335
155
942
850
942
850
1 174
1 174
802
650
725
140
200
449
Richmond
Atlanta
Chicago . .
St. Louis
1,009
1 135
2 471
1,465
778
508
477
328
999
494
301
180
1,413
611
231
627
59
360
Minneapolis
Kansas City
Dallas
San Francisco
1,271
1,749
1,732
974
502
857
495
469
751
590
269
120
981
267
226
682
17
117
7
219
10
105
10
84
5
21
5
114
96
191
66
111
30
80
132
140
140
92
48
115
40
115
40
63
17
52
23
.
Alabama
Arizona
Arkansas . . . .
California
Colorado
228
191
Connecticut
Delaware
Dist. of Columbia...
Florida
Georgia
21
170
365
2 412
1,105
589
21
105
85
18
68
60
3
37
25
65
280
2
Idaho .
Illinois
Indiana
46
863
46
861
26
494
20
367
490
490
239
251
T
659
613
659
611
164
213
495
398
386
386
114
155
63
52
63
43
38
272
170
185
170
185
80
148
90
37
Kansas
Kentucky
Louisiana . .
Maine
Maryland
Massachusetts
SEPTEMBER
1946
9
25
Total i
Total
2
103
on
par
list>
Member
banks
Nonmember
banks
214
48
8
337
31
1
416
165
72
2
260
2
12
50
13
5
Michigan
Minnesota
Mississippi
Missouri
Montana
443
672
203
592
110
442
256
38
520
108
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico. . .
411
8
64
345
42
406
8
64
345
42
228
208
30
183
77
146
6
52
295
29
New York
North Carolina
North Dakota..
Ohio
Oklahoma
2,710
2,529
2,445
2,133
2,100
By districts a n d
by States
Boston
New York
Philadelphia
Cleveland
State
670
670
578
92
201
150
676
382
83
45
676
371
54
42
426
218
29
3
250
153
Oregon
Pennsylvania...
Rhode Island. .
South Carolina.
South Dakota..
69
69
1 016
20
33
773
11
36
243
9
1,016
20
147
169
52
68
29
60
118
103
11
23
8
95
101
Tennessee
Texas
Utah
Vermont
862
59
797
59
107
546
34
251
25
105
65
71
315
71
300
40
201
31
99
15
Washington... .
122
115
55
60
Wisconsin
Wyoming
293
188
81
180
556
177
440
108
166
55
55
37
69
274
18
7
3
116
P Preliminary.
1
Represents banks on which checks are drawn, except that it (excludes
f
both member and nonmember mutual savings banks on a few c> which
some checks are drawn. Similar par list figures published heretofore
have included member mutual savings banks and member nondeposit
trust companies (three and four, respectively, on Dec. 31, 1945)
on which no checks are drawn, because of the requirement, that member
banks remit at par for checks presented to them through the Federal
The total in this table differs from total commercial banks in oreceding table because the commercial bank total excludes some banks on
which checks are drawn, namely, those that do not renort to State
banking departments (see footnote 1 of preceding table), and ncludes
industrial banks and nondeposit trust romnan ies whether or not
checks are drawn on them.
NOTE.—Prior to February 1946 statistics on the Federal Reserve
par list were putDlished annually. For back figures see Banking and
Monetary Statish cs, Table 15, and descriptive text, pp.14-15.
1073
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial banks
All
banks
Total
Total 1
Banks (Head Offices)
December 31, 1933
December 31, 1934
December 31, 1941
December 31, 1942
December 31, 1943
December 31, 1944
December 31, 1945
June 30, 1946
Branches and Additional Offices*
December 31, 1933
December 31, 1934
December 31, 1941
December 31, 1942
December 31, 1943
December 31, 1944.
. .
December 31, 1945
June 30, 1946
Bank Changes
Jan. 1-June 30, 1946
Increase in number of banks:
Primary organizations (new banks) 6
Resumption of business by banks previously placed in voluntary liquidation. .
Decreases in number of banks:
Consolidations and absorptions
Voluntary liquidations7
Inter-class bank changes:
Conversions—
National into State
.. .
State into national
Federal Reserve membership'
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance 9
Admissions of State banks
Withdrawals of State banks
Net increase or decrease in number of banks. .
Branch Changes
Jan. 1-June 30, 1946
Increase in number of branches:
De novo branches
Banks converted into branches
Decrease in number of branches:
Branches discontinued
Inter-class branch changes:
From nonmember to State member
Banking offices at military reservations:
Established
Reopened as a banking facility at a veterans' hospital
.. .
Discontinued
Inter-class changes
Net increase or decrease in number of
branches
15 029
16 063
14 825
14 680
14 579
14 535
14 553
14,567
Mutual savings
banks
Nonmember banks 2
Member banks
14,450
15,484
14,277
14 134
14,034
13 992
14,011
14,026
6,011
6,442
6,619
6 679
6,738
6,814
6,884
6,887
National
5,154
5 462
5,117
5 081
5,040
5 025
5,017
5,012
State
member1
857
980
1,502
1,598
1,698
1,789
1,867
1,875
Total
Insured3
8,439
9,042
7,661
7,458
7,299
7,181
7,130
7,142
7,699
6,810
6,667
6,535
6,452
6,416
6,446
2,911
3 133
3,699
3 739
3 933
4,064
4 090
4,035
2,786
3 007
3,564
3 602
3 797
3,924
3 947
3,886
2,081
2 224
2,580
2 615
2 793
2,892
2 909
2,853
1,121
1 243
1,565
1 592
1 741
1,813
1 811
1,734
960
981
1,015
1 023
1 052
1,079
1 098
1,119
705
783
984
987'
1 004
1,032
1 038
1,033
+68
+68
+ 11
+7
+4
+2
-45
-10
-27
2
-18
-1
—1
+8
-1
1,343
5 79
68
52
56
184
192
192
696
191
'05
932 r83
935
52
52
32
35
952
52
1
511
496
490
361
351
350
350
1M
l2fi
8
54
57
59
+57
+50
+1
95
99
101
103
102
41
41
42
42
+7
+1
-18
-8
-16
-2
-3
107
-1
+1
-5
—3
—3
+23
-4
+23
—4
Noninsured
851
791
764
729
714
978
981
974
+1
—1
+3
Q
Insured 1
8 , - 4 t39
+2
+2
-46
-10
# Noninsured3
—23
-22
—1
+3
+1
+4
+21
-21
+14
+15
+3
-5
+8
+12
+30
-18
-1
+54
+23
+48
+23
+28
+19
+15
+6
+20
+4
+ 18
+3
+2
+1
+6
-11
-11
+13
+13
-1
-10
-10
+ 11
— 11
-10
+1
+1
+1
+5
+1
+5
-1
+11
+1
+4
+1
+3
— 127
— 127
— 118
— 103
— 15
+1
-1
-55
-61
-56
-77
+21
—9
-5
-1
+1
Q
-7
+2
+6
1
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks which became
members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only
once2 in "all banks."
Includes unincorporated (private) banks reporting to State banking departments.
8
Federal deposit insurance did not become operative until Jan. 1, 1934.
• Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Officers at military reservations
(shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks
designated as depositaries and financial agents of the Government. Three of these banking facilities are in each case operated by two national
banks, each bank having separate tellers windows; each of these facilities is counted as one banking office only.
5
Separate figures not available for branches of insured and noninsured banks.
• Exclusive of new banks organized to succeed operating banks.
7
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
• Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership,9 they are included under "conversions." ,
Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such
changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank
changes."
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
1074
FEDERAL RESERVE
BULLETIN
PAGE
Gold reserves of central banks and governments. .
1077
Gold production...
1078
Gold movements. .
1078
Net capital movements to United States since January 2, 1935.
1079-1084
Central banks...
1085-1088
Money rates in foreign countries. . .
1089
Commercial banks. .
1090
Foreign exchange rates...
1091
Price movements:
Wholesale prices. ..
1092
Retail food prices and cost of living...
1093
Security prices...
, 1093
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States arc 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.
SEPTEMBER 1946
1075
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
193g—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
14,512
17,644
21,995
22,737
22,726
21,938
20,619
Argentina 1
1946
30
24
1
1
1
16
46
111
53
30
30
31
36
54
79
21
17
16
25
59
92
83
214
27
5
6
5
6
56
58
61
61
61
61
53
52
44
44
44
44
409
409
712
694
6
7
82
82
104
106
176
176
61
61
82
82
82
82
82
82
83
82
83
44
44
114
115
127
128
129
131
132
133
134
135
52
52
698
711
716
729
747
755
763
761
761
756
352
352
274
274
407
404
403
398
398
397
392
398
406
186
186
191
201
201
201
201
201
201
61
61
61
61
61
61
61
61
44
44
38
38
38
38
38
38
38
52
52
52
52
52
52
52
52
Norway
Peru
357
356
354
363
362
361
361
360
359
358
274
274
274
274
274
274
274
274
Java
26
26
193
144
164
164
80
90
26
120
164
140
24
24
24
24
26
34
92
128
6164
235
*216
P131
P131
P126
P126
Sweden
192
5
5
7
7
6
6
7
5
6
6
New
Mexico Nether- Zealand
lands
29
32
998
692
23
23
94
94
20
20
47
617
23
*84
47
39
203
222
575
506
500
500
23
23
23
23
270
270
270
270
270
270
270
270
270
270
270
270
55
55
52
52
52
52
52
284
257
254
250
235
France
2,430
2,709
2,000
2,000
2,000
2,000
1 777
85
484
220
249
21
25
31
32
59
59
60
60
182
203
260
267
23
23
23
23
23
23
28
28
28
28
28
28
23
23
23
23
23
60
60
60
60
60
60
267
268
268
268
269
269
28
28
28
25
23
23
60
60
269
Other
countries 6
29
2,690
7
69
52
57
14
166
68
90
100
89
52
29
41
68
89
59
82
7
12
12
21
178
170
166
185
229
19^g—Dec
1939—Mar
245
964
161
221
121
157
1945—Aug
Sept
Oct.
479
479
475
474
482
481
481
478
476
473
234
236
236
236
241
241
241
241
241
241
240
189
195
195
195
195
195
195
195
1 052
L,084
L.085
1,111
I 109
8 1,104
1,099
1.091
1,102
1 099
1,106
1,106
1,119
130
186
191
191
202
202
212
212
212
212
215
*83
45
37
39
39
39
39
39
39
39
39
39
39
39
248
248
247
245
247
247
247
245
366
634
706
814
42
42
91
105
909
938
954
943
914
949
109
108
108
108
110
111
982
1 014
1,046
1,080
1 046
May
387
463
1
B.I.S.
3525
111
111
111
111
Government gold reserves 1 not incl uded
in previous figures
Yugoslavia
29
88
92
114
Spain
367
Venezuela
701
27
28
28
28
28
28
28
796
796
796
158
Uruguay
549
502
665
824
Greece
1,777
1,777
1,540
1,540
1 090
1,090
1,090
1,090
1,090
133
152
United
Kingdom
308
160
223
335
29
29
29
29
29
29
59
Turkey
321
29
69
69
Switzerland
1938—Dec. . .
1939—Dec
1940—Dec
1941—Dec
1942 Dec
1943—Dec
1944—Dec
Germany
South
Poland Portu- Ruma- Africa
gal
nia
20
255
255
250
296
294
288
131
*>131
P131
Apr... .
M!ay
June . .
July....
End of month
Egypt
274
274
274
274
274
274
274
24
Feb
Mar
Denmark
40
51
70
115
254
329
37
24
Jan
Czechoslovakia
32
Japan
Oct
Nov
Dec
Cuba
609
734
734
735
734
Italy
1945—Aug
Sept
Colombia
581
Iran
(Persia)
Hungary
Chile
431
20,088
20,073
20,036
20,030
20,065
Dec
1946—j a n >
20,156
20,232
Feb
Mar. . . . 20,256
20,251
Apr
20,242
May
20 270
June
July . . . . 20,267
1938—Dec
1939—Dec.
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944 Dec
British Canada
India
Brazil
466
353
354
1658
1939
11,111
1945—Aug
Sept. .
Oct.
Nov.. .
End of month
Belgium
United
End of month United King- France
States
dom
June
..
Sept.. . .
Dec
1940—June...
Dec
80
154
85
164
156
86
48
89
25
8
12
11
43
2759
1 732
331
559
477
Belgium
44
17
»876
292
17
17
17
17
17
17
17
17
17
1941—June...
*151
Dec...
1942—June .
Dec.
1
P242
P198
I943—June
1
P241
Dec
P241
1
21
473
17
1944—June...
June....
12
1
Dec...
P240
.
17
470
July....
32
1945—Mar...
81
June...
17
20
Sept
* Preliminary.
1
18
Dec
Figures through March 1940 and for December 1942, December 1943, and December 1944
17
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar. . .
54
abroad and gold belonging to the Argenti ne Stabi ization ] "und.
a On May 1, 1940, gold belonging to Ba nk of Canada tra nsferred to Foreign Exchange Con1 Reported at infrequent intervals or on detrol Board. Gold reported since that tim e is gold*held by Minister of Finance.
1
layed basis: U. S.—Exchange Stabilization Fund
Figure for December 1938 is that offic ally reported on Apr. 30, 1938.
* Figures relate to last official report d<ites for the respe ctive countries, as follows: Java— (Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Jan. 31, 1942; Norway—Mar. 30, 1940; P 3land—July 31, 1939; Yugoslavia—Feb. 28, 1941.
1
Figure for February 1941; beginning '.Vlar. 29, 1941, go d reserves no longer reported sepa- Fund and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
rately.
3 Reported figure for total British gold reserves
• These countries are: Albania, Algeric , Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, Bulgaria, China, Costa ] iica beginning Jilly 1943, Danzig through Aug. 31, on Aug. 31, 1939, less reported holdings of Bank
1939, Ecuador, El Salvador, Estonia, Finla nd, Guatemala, I celand, Ireland beginning February of England on that date.
* Figure for Sept. 1, 1941.
1943, Latvia, Lithuania, Morocco, and Siam. Figures f 3r certain of these countries have
NOTE.—For available back figures and for debeen carried forward from last previous oiftcial report,
7
imount by gold transfers to British tails regarding special internal gold transfers
Gold holdings of Bank of England red uced to nominal <
affecting the British and French institutions, see
Exchange Equalization Account during 1 939.
8
In addition to gold held by the Swiss National Bank, the Swiss National Bank's Annual Banking and Monetary Statistics, p. 526, and
Report for 1945 stated that the Swiss (Government own sd gold amounting to 238 million BULLETIN for February 1945, p. 190,
dollars on Dec. 31, 1945.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555
and for a description of figures, including details regarding special internal gold transfers affect
Ing the reported data, see pp. 524-535 in the same publication.
Dec
1946—j a n. #
Feb
Mar
Apr
May
SEPTEMBER
1946
1077
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—July. .
Aug..,
Sept..
Oct.. .
Nov..
Dec..
1946—Jan.. .
Feb..
Mar..
Apr.. ,
May.
June.
Estimated
world
production Total
reported
outside
U.S.S.R.i monthly
South
Africa
823,003 708,453 366,795
882,533 752,847 377,090
971,514 833,895 396,768
1,041,576 893,384 410,710
136,360 958,770 425,649
208,705 ,020,297 448,753
297,349 ,094,264 491,628
288,945 ,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
645,323 427,862
53,143 36,311
53,363 34,199
52,756 35,313
55,739 36,809
54,686 36,005
54,896 35,043
55,758 35,892
P50.981 32,971
P50.656 30,871
P53.900 34,793
36,740
35,732
Africa
RhoWest
desia Africa2
f=255/21
$1
24,264 12,153
25,477 13,625
28,053 16,295
28,296 20,784
28,532 24,670
28,009 28,564
29,155 32,163
27,765 32,414
26,641 29,225
23,009 19,740
20,746 18,445
19,888 18,865
1,679 1,610
1,668 1,610
1,680
610
1,664
610
1,595
400
1,597
470
1,584
610
1,473 1,610
Production reported monthly
North and South America
Belgian United I CanMex- jColomNicaChile I ragua7
Congpa States 4 I ada 5
ico6 | bia
I
grains of gold 9 /i fine; i. ,, an ounce of fine gold=$35,
e
6,549 108,191 104,023 23,135 12,045 8,350 1,166
7,159 126,325 114,971 23,858 11,515 9,251
858
7,386 152,509 131,181 26,465 13,632 9,018
807
8,018 168,159 143,367 29,591 15,478 9,544
848
8,470 178,143 165,379 32,306 18,225 10,290 1,557
8,759 196,391 178,303 29,426 19,951 11,376 3,506
38,862 210,109 185,890 30,878 22,117 11,999 5,429
209,175 187,081 27,969 22,961 9,259 7,525
130,963 169,446 28,019 20,882 6,409 8,623
48,808 127,796 22,055 19,789 6,081 7,715
35,778 102,302 17,779 19,374 7,131 7,865
32,511 92,794
17,734 6,282 6,985
1,881
3,331
2,728
3,639
3,822
3,635
3,984
3,28.
3,639
3,226
3,158
3,416
1,645
1,645
1,610
1,715
,357
,411
,404
,034
,726
,391
,346
,013
,67
,338
,412
,203
1,518
1,459
1,400
1,319
1,224
1,140
1,492
1,309
1,473
1,193
1,350
1,09-
393
595
570
559
592
634
522
443
608
580
488
563
504
464
370
425
396
1,096
683
549
770
451
Other
Austra-I British
lia8 I India*
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
16,450
1,400
2,065
1,190
1,190
1,435
1,365
1,470
1,330
1,400
1,435
1,610
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545
5,950
490
560
490
490
490
525
175
630
455
490
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.
P Preliminary.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those* reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
Coast only.
3
Beginning May 1940, monthly figures no longer reported.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures
represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193
so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint.
6
Figures for Canada beginning 1945 are subject to official revision.
6
Beginning April 1942, monthly figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439 they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Total
Year
net
or
month imports
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945
Nov.
Dec.
1946
Jan.
Feb.
Mar.
Apr.
May
June
July*
United
Kingdom
France
Belgium
Netherlands
Sweden
SwitzerCanada
land
Mexico
PhilOther
ipLatin
AusAmeri- pine tralia
Iscan Republics lands
12,402
86,829
30,270
28,153
1,131,994 499,870 260,223 8,902 94,348
968
95,171
13,667
3 227,185
29,359
1,739,019 315,727 934,243
2 7,511
72,648
39,966
3,351 71,006
30,790
1,116,584 174,093 573,671
6 54,452 111,480s
38,482
39,485
1,585,503 891,531 -13,710 90,859 6,461
76,315; 36,472
65,231
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
57,020
3,798 165,122 341,618 28,715 86,987 612,9491 33,610
3,574,151 1,826,403
29,880 128,259
977 63,260 161,489 90,320 2,622,330
633,083 241,778
4,744,472
899 412,056
16,791
1
61,862
1,747
1
3,779
982,378
5 208,917
40,016
39,680
1,955
315,678
66,920 -3,287
13,489
88
68,938
46,210; -109,695 -108,560
-845,392 -695,483
53,148
15,094 -41,748
160
-106,250
789
19,253
154,070
82,439
31,396
-20,534
-27,028
36,329
6,347
272
37,131
64
36
34
-1
-4
-1
-6
355
247
151 270
80,629
25,265
222
127
32,277
639
126
75
149
34
29
476
391
1,698
-18,499
BritSouth
ish
Africa Japan India
All
other
countries
12,038 1,029
12
4 76,820 21,095
15,335 3,498
65
75,268 28,529
21,513 23,280
8
77,892 20,856
25,427 34,713
181 246,464 50,762
8,910
27,880 39,162
401 168,740 16,159
13,301
35,636 74,250 22,862 165,605 50,956 268,623
38,627 103,777 184,756 111,739 49,989 3284,208
42,678 67,492 292,893 9,444 9,665 463,071
321
528 4,119
129 20,008
152
307
-8,731
100
18,365
3,572
5
-133,471
103
ir»rt
357
15
11
3
1,729
1,479 • ' " i i
1,386
-2
• 637
-33
-8
902
11
2,328
!
o
3
93
3
II
3! 3 967 •
9
9
41
-1,562
297
654
191
1,366
6
-21,586
7
-27,155
8
3,112
9
2,865
P Preliminary.
1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
a Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
• Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
6 Includes $133,980,000 to China and $509,00J from other countries.
• Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries.
7
Includes $27,229,000 to China and $75,000 from other countries.
8
Includes $2,813,000 from U. S. S. R. and $299,000 from other countries.
• Includes $2,813,000 from U. S. S. R. and $52,000 from other counties.
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.
1078
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, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar.
June
Sept.
Dec.
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1.397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
193g—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
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
L,459.8
L,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)
June30»
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
L.482.2
1,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
1943—Mar.
June
Sept.
Dec.
31
30
30
31
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1.939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944— Mar.
June
Sept.
Dec.
31
30
30
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—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
7,908.1
7,983.6
8,002.6
8,079.7
8,131.6
8,422.8
4,999.6
5,159.6
5,219.4
5,289.5
5,335.4
5,671.0
2,744.4
2,859.6
2,865.1
2,920.2
2,964.9
3,313.2
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848,2
859.8
848.5
844.7
845.7
760.4
1,025.2
989.3
983.7
1,012.6
1,032.0
1,011.2
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
8,641.7
8,711.9
8,858.6
8,965.4
8,828.1
8,802.8
5,846.2
5,922.4
6,042.2
6,214.0
6,122.9
6,144.5
3,482.4
3,513.6
3,554.9
3,593.0
3,431.0
3,469.0
2,363.9
2,408.8
2,487.2
2,620.9
2,691.9
2,675.5
810.2
829.0
865.3
875.5
804.2
742.7
1,015.0
999.7
998.2
946.5
983.0
972.8
843.2
831.6
818.4
795.1
779.1
798.7
127.1
129.1
134.6
134.4
139.0
144.1
8,822.9
8,733.9
8,635. 2
8,605.8
6,234.7
6,131.8
6,073.8
3 6,056.0
,601.6
3 ,432.7
5,359.6
3 : ,276.1
2,633.2
2,699.1
2,714.1
32,780.0
729.2
728.7
703.6
3 701.2
1,097.8
1,067.2
1,073.0
1,076.1
625.9
672.4
645.1
630.7
135.1
133.9
139.9
3
141.7
(Apr. 1)
(July 1)
30
30
July 31.
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan.
Feb.
Mar.
Apr.
31
28
31
30
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and Philippine accounts held with the United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City
by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and 5
their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). i
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Amounts outstanding Apr. 30, in millions of dollars: total foreign banking funds in United States, 6,794.6, including official funds, 3,986.4,
and other funds, 2,808.2; United States banking funds abroad, 434.3; and brokerage balances (net due "foreigners"), 64.8.
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.
SEPTEMBER
1946
1079
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,through—
1935—Dec. (Jan. 1,
1936—Dec. 30. .
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 3i #
1942—Dec 31
1943—Dec. 31
1944—Dec. 3 1 . ,
1945—May 31 .
June 30
July 31
Aug 31
Sept. 30 .
Oct. 31
Nov. 30..
Dec. 31
1946—j an- 3i m
Feb 28
Mar. 31 .
Apr. 30. .
Total
1,440. 7
2,667. 4
3,501. 1
1939)... 3,933.0
1940)... 5,112.8
1941). . . 5,807.9
5,354.1
5,980. 2
7,267. 1
7,728. 4
8,131. 6
8,422. 8
8,641. 7
8,711. 0
8,858. 6
8,965. 4
8,828. 1
8 802. 8
8,822. 9
8 733.9
8,635. ?
8,605. 8
1936)...
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
453.0
521.7
542.4
499.8
463.9
510.9
469.8
464.2
553.6
531.6
515.1
453.3
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
506.8
513.0
516.1
518.1
518.1
523.8
526.3
539.7
538.4
525.8
536.5
5^28.2
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
677.1
679.7
689.9
695.6
698.4
705.2
709.8
722.3
728.6
731.1
728.8
730.4
36.6
83.1
123.9
140.5
165.9
175.9
179.9
179.5
178.6
179.1
179.0
179.0
179.0
179.2
179.3
179.5
179.4
179.7
179.6
179.4
179.3
179.3
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
77.5
80.0
85.2
89.6
94.2
98.0
100.8
106.5
107.3
108.5
111.2
138.9
554. 9
829. 3
993. 7
1 ,183.8
1 ,101.3
865.2
674.1
837. 8
1 ,257. 7
1 ,090. 0
1 ,029. 3
1 ,066. 9
1 ,075. 0
1 ,018. 8
946. 7
937. 8
888. 7
892. S
858. 3
804. 7
719. 1
709. 5
Other
Total
Europe Europe
130.0
228.5
312.2
472.0
752.9
922.7
891.8
850.9
954.8
993.3
1,003.6
1,017.9
1,053.0
1,059.2
1,134.2
1,118.1
1,127.8
1,132.1
1,142.9
1,125.5
1,116.7
1,140.0
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4,081.8
3,926.4
4 057 5
4,140.6
4,060.2
4,034.8
4,073.2
4,002.6
4,037.0
4,108.7
4,006.7
3,906.7
3,879.5
CanLatin
ada America Asia*
(2)
150.5
106 3
155.3
229.4
411.7
340.5
425.1
760 3
976.4
1 ,147.7
1 218 0
1 ,302.7
1 383 1
1 ,411.2
1 419 2
1 ,434.3
1 395 7
1 ,342.6
1 357 0
1 ,370.5
1 ,347.7
All
other1
70.9 156.5
201.2 243.0
410 6 315 4
384.6 302.7
483.4 522.6
606.8 642.6
567 5 691 1
835.8 932.9
951 0 1,161 6
1,193.7 1,273.6
1,324 3 1,524 7
1 353 8 1 585 1
1,411 7 1 579 1
1 392 1 1 656 1
1,413 8 1,763.7
1 404 7 1 804 3
1,336 5 1,801 7
1 338 4 1 784 1
1 345 1 1,780 5
1 350 7 1 764 9
1 391 5 1 716 5
1,400.9 1,723.1
12.7
21.4
15 9
36.2
87.4
90.2
128 6
178.3
201 4
203.0
208 5
208 4
207 6
220 3
235.2
264 1
253 0
247 5
246 0
254 7
250 0
254.7
1
Latin
America Asia
All
other1
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec 3i
1942—Dec. 3 1 . .
194^—Dec 3i
1944—Dec. 31
1945—May 31
June 30
July 31
1936). . .
1939)...
1940). . .
1941). . .
AU<J 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1946—Jan 31
Feb. 28
Mar. 31
Apr 30
...
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
5,335.4
5,671.0
5,846.2
5 922 4
6,042.2
6,214.0
6,122.9
6,144.5
6,234.7
6,131.8
6,073.8
6,056.0
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
770.7
800.5
810.6
762.6
684.8
678.9
638.3
646.4
617.7
569.2
492.4
492.1
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
192.7
196.7
199.2
201.4
204.0
211.4
253.0
265.0
277.3
265.6
278.4
278.3
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
240.1
243.2
250.6
255.8
259.7
266.5
272.0
286.3
297.5
298.3
303.2
306.5
-.8
2.7
9 6
-11.8
-20.1
-22.9
-23.1
-22.7
-23.7
-23.4
-23.5
-23.5
-23.5
-23.4
-23.4
-23.2
-23.4
-23.3
-23.3
-23.5
-23.6
-23.6
7.3
23.0
60.7
79.7
109.4
208.6
470.0
603.7
561.1
502.5
589.0
634.7
619.7
670.0
706.8
672.4
744.8
729.9
738.2
769.1
757.6
742.0
738.0
760.9
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
235.0
292.2
318.8
276.6
233.3
280.2
247.1
229.9
318.2
300.5
284.3
225.7
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
22.5
23.6
29.2
33.6
38.2
41.7
45.1
50.1
50.8
52.2
55.2
83.0
453.5
588.9
791.7
1,010.7
1,655.4
1,986.3
1,766.9
1,697.5
2,271.2
2,193.7
2,057.3
2,202.7
2,291.7
2,179.0
2,141.4
2,185.4
2,170.3
2,223.4
2,295.8
2,204.2
2,127.8
2,122.8
Canada
46.0
86.8
76 3
101.6
174.5
334.1
273.1
399.5
704.7
818.6
1,053 4
1,159.3
1,241 8
1 341 9
1,384.1
1,443.9
1,437.8
1,414.2
1,242.8
1,241.8
1,251.8
1,236.2
33.5
149.3
166 3
127.6
215.1
326.4
296 7
482.8
578 7
794.7
913 5
955.4
979 2
965 8
989 0
976.2
924 2
924.9
929 4
922.0
972 4
956.2
87.0
149.4
217 0
251.8
417.0
531.2
541 4
743.9
928 2
888.6
1 138 6
1 180 1
1 161 2
1 252 1
1 329 9
1 382 8
1 373 7
1 369.1
1 554 5
1,542 9
1 505 0
1,518.7
11.5
15.2
8 0
22.2
60.5
61.3
101 6
141.9
162 0
169.7
172 7
173 5
172 3
183 6
197 6
225.7
216 8
212.9
212 3
220 8
216 8
222.1
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec 3i
J942—Dec. 31
^943—Dec 31
1944—Dec 3 1 , .
1945 May 31
June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec. 31
1946—J an 31
Feb. 28
Mar. 31
Apr 30
1
2
1936) . . .
1939). . .
1940). . .
1941) . . .
. .
Netherlands
Switzerland
Germany
Italy
-.4
48.1
—3.3
62.0
65.3
-4.4
-5.6
68.4
12.9
73.8
17.7
74.6
17.6
76.9
18.1
77.8
18.3
77.9
18.3
77.7
77.8
18.2
18.0
77.8
77.8
18.3
77.8
18.2
77.8
18.0
78.1
18.0
78.0 - 1 7 . 9
78.0 - 1 7 . 7
78.3 - 1 7 . 1
78.4 - 1 7 . 5
78.3 - 1 7 . 1
78.2 - 2 4 . 7
1.6
2.7
2.6
2.6
2.9
6.5
5.4
29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196 9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
13.7
16.3
Total
United
King- France
dom
361.4
431.5
449.1
510.1
650.4
775.1
791 3
888.8
877.6
805 8
845.7
760.4
810.2
829.0
865.3
875.5
804.2
742.7
729.2
728.7
703.6
701.2
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
261.5
264.1
267.2
260.4
267.1
270.5
266.1
266.6
266.2
265.7
263.4
260.4
6.6
5.1
6.8
7.3
2.7
4.5
6.1
5.4
5.1
6.5
5.2
1.9
3.2
2.5
1.6
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.4
26.2
26.2
26.2
26.2
26.1
26.0
Other
Total
Europe Europe
8.8
22.0
26 9
33.8
28.4
49.8
53.6
56.8
60.0
34.6
70.1
30.9
30.3
69.4
70.9
69.4
68.8
38.3
65.9
61.1
57.9
61.0
CanLatin
1
ada America Asia
310.2
-4.6
36 9
343.7
409.3 - 2 1 . 7
460.9
35.9
563.5
56.5
634.7
60.3
647.4
62 7
661.5
58 6
656.5
55.1
626.6
64 8
658.0
67.3
616.5
39 1
621.2
47.7
655.0
51 4
662.5
53.3
664.4
60.7
624.6
54 9
593.4
39.5
618.3
18 5
614.0
21.6
608.1
30.0
599.3
28*2
20.1
37.3
24 9
30 4
51 6
18 7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2
34.8
17 7
64 7
93 8
68 3
55.7 102.7
37 0
77 7
40.1
77.9
23 5
79 9
58.2
81.4
51 4
68 4
47 4
98 3
54 4
91 7
22 2
99 9
9.1
99 2
3 3
88 5
6 8
85 5
— 10.4 75 5
1.9
71.9
All
other1
-1.6
—4 4
—8.7
-7.0
-.8
2.1
—1 2
6 6
7.5
— 3
2.4
1 5
1.8
2
3
4
2
1
9
8
2
6
5
6
9
4
-.2
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.
1080
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.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
I945—May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31.
I945—j a n . 31
Feb 28
Mar. 31
Apr 30
1, 1936). ..
4, 1939). . .
3, 1940). ..
1, 1941). . .
. . . .
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848 2
925.9
1,019 4
1,032.0
1 011 2
1,015.0
999 7
998.2
946 5
983.0
972 8
1,097.8
1 067 2
1,073 0
1,076.1
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125 4
127.6
126 5
120.8
118 9
119.0
119.0
119.1
119 2
119.1
117.7
115.0
113 9
112.4
110.8
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52 4
50.6
51 0
51.2
51 3
51.2
51 2
51.2
51 1
51.1
51.2
51.1
51 0
51.1
51.2
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.5
33.5
33.5
33.5
33.5
33.7
33.0
33.0
33.4
33.4
33.1
33.2
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
44.5
44.7
45.0
45.0
45.2
45.5
45.0
45.2
44.9
45.0
45.0
45.1
13.3
22.5
26.6
33.5
36.6
36.5
36.5
36.5
36.5
36.5
36.5
36 5
36.5
36.5
36.5
36 5
36.5
36.5
36.5
36 5
36.5
36.5
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28 0
27.9
27 6
27.6
27 6
27.6
27 6
27.6
27 6
27.6
27.5
27.3
27 3
27.3
27.3
46.1
87.9
115.2
167.8
189.0
196.4
201.8
207 6
210.1
210 4
210.0
210 1
210.1
210 1
210.9
211 1
210.4
212.8
212.5
212 6
212.9
213.1
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
524.1 114.5
93.3
522.5
522.8
94.4
522.9
77 0
523.9
73.1
524 6
23 4
522.7
59.6
523.8
49 1
520.7 176.8
519 7 144 3
518.3 149.1
517.2 147.8
Canada
Latin
America Asia*
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245 4
272.3
302 0
310.4
312 4
314.7
316 5
317.6
314 9
317.4
317 1
317.6
320 5
323 1
328.8
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61 5
62 2
61 3
61.7
61 7
61.7
61 7
61.8
61 8
61 5
60 8
60 9
60 6
60 4
60.0
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18 0
19 9
21 0
21.2
21 3
21.3
21 7
21 8
21 9
21 8
22 0
21 9
22 1
22 1
22.5
CanLatin
ada America Asiai
All
other*
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.
1936—Dec. 30
I937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941__Dec. 31
1942—Dec 31
I943—Dec. 31
I944—Dec 31
I945—May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec 31
1946—j an# 31
Feb 28
Mar. 31
Apr 30
Total
316.7
917.4
1,162.0
4, 1939). .. 1,219.7
3, 1940). . . 1,133.7
888.7
1, 1941). . .
626.7
673.3
701.1
911.8
785.0
848.4
843.2
831.6
818.4
795.1
779.1
798.7
625.9
672.4
645.1
630.7
1, 1936). . .
United
King- France
dom
Netherlands
Switzerland
Germany
149.8 23.4
367.7 64.7
448.7 70.3
472.6 76.9
328.1 76.6
157.1 74.4
- 7 0 . 1 74.9
- 7 7 6 80.5
-100.3 82.7
-125.4 77.3
-142.8 66.4
-138.9 77.6
-140.3 71.7
-141.5
71.1
- 1 4 3 . 4 78.5
-149.9 78.3
- 1 5 4 . 0 70.4
-157.9 81.7
-161.9 81.8
— 164.7 77.0
-169.2 77.2
-173.0 74.0
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
239.3
241.3
240.9
240.7
237.8
235.5
234.0
233.5
228.6
228.1
226.1
225.8
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
359.4
363.1
363.5
362.0
360.2
360.9
358.1
355.4
354.0
353.8
346.1
345.2
-5.4
-7.5
-17.4
-22.8
-28.2
-29.1
-30.1
-30.9
-30.8
-30.8
-30.7
—30.7
-30.7
—30.7
-30.7
-30 7
-30.6
-30.4
-30.4
—30.4
-30.4
-30.5
Italy
1
-3'.3
-4.9
-5.5
-4.9
2.7
— 1
— !i
.6
1.9
.8
2.2
1.9
1.8
1.8
1.9
1.6
2.2
2.4
2.4
2.1
2.0
Other
Europe
Total
Europe
12.9
38.5
55.7
56.6
60.4
64.9
67.3
75.3
86.3
103.2
93.5
96.4
95.3
96.5
96.4
96.4
98.0
98.5
93.7
96.8
94.7
91.9
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644.7
645.7
633.7
585.9
611.0
602.1
600.0
600.8
592.4
577.4
582.9
568.3
562.8
546.5
535.4
2.8
32.6
37.6
25.7
-2.6
-18.4
-44.7
—45 1
-58.2
-28.1
-106.7
—91.7
-98.5
— 105.4
-117.9
— 126.4
-136.8
-126.6
-114.5
-69.6
-80.3
-83.9
3.7
15.5
18.2
23.7
30.1
25.6
28.1
35 2
40.5
54.9
52.8
58 5
57.2
56 1
55.1
54 6
65.8
81.3
89.3
97 6
98.2
102.7
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27 7
62 5
240.5
242 7
260 4
272.2
270 9
270.6
264 4
263.1
251 3
73.0
71 9
71 3
67.7
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10 9
10 6
10.7
10 3
10 3
10.2
10 0
9.8
10 0
9 4
9 9
9 9
9 7
9 4
CanLatin
1
ada America Asia
All
other*
8.9
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
194?—Dec 31
1943—Dec. 31
1944 Dec 31
1945—May 31
June 30
July 31 .
Aug 31
Sept 30
Oct 31
Nov 30
Dec 31
1945—j an 3i
Feb. 28
Mar 31
Apr. 30
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
133.6
131.8
127.1
129.1
134.6
134.4
139 0
144.1
135.1
133.9
139.9
141.7
1
1
1936). . .
1939). . .
1940). . .
1941). ..
NethUnited
erKing- France
dom
lands
Switzerland
Germany
Italy
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
22.6
22.8
22.8
23.1
23.1
23.2
23.1
23.4
24.2
24.7
24.1
24.3
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
25.8
26.0
26.4
26.6
27.8
27.3
28.2
30.3
30.3
30.9
32.1
32.0
-.2
-.7
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.3
.3
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.1
21.7
18.5
18.2
19.1
19.1
19.3
19.8
21.3
20.7
20.0
19.2
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
23.1
23.5
24.2
24.4
24.7
25.2
24.1
26.0
16.2
16.2
16.1
15.7
— .2
-.1
-.2
-.2
-.1
-.2
00
1
-.1
1
-.1
(3)
i
.4
.4
.4
.4
4
.4
.4
.4
.4
.5
Other
Total
Europe Europe
1.4
.4
5.0
5.2
5.0
7.9
8.0
8.7
9.4
10.5
10.3
10.6
10.6
10.8
11.1
11.3
12 4
13.6
13.1
13.1
13.3
13.1
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
101.1
104.8
102 7
103.4
106.1
106 4
107 5
113 6
105.6
105.9
106 0
104.8
-4.5
-7.6
3.5
1.8
8.7
10.7
14 1
15.2
17 6
16.2
19.3
17.9
17 3
18.2
18.6
17 6
18 8
19 5
19.0
18.9
19 9
19.4
1.0
-4.2
-.5
-.9
1.6
9.2
3 9
4.2
3 8
5.1
7.5
4 1
2 3
2 3
4.5
4 5
6 9
5 9
5 5
3.9
8 2
11.3
2.9
2.1
.5
— 1.5
-3.4
6.0
6 3
6.0
6 0
5.6
3.9
3 0
2 7
3 2
3.2
3 6
3 4
3 8
3 6
3 9
4 5
4.8
-.9
>3<
2!l
.7
g
.9
1 3
1.8
1.9
1 9
1 9
2 0
2.2
2 2
2 4
1 3
1 5
1 3
1 3
1.3
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3
Inflow less than $50,000.
Outflow less than $50,000.
SEPTEMBER
1946
1081
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
United
King- France
dom
Total
Date
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
1
Latin
America Asia
All
other1
669.7
1934—Dec. (Jan. 2, 1935). . .
1935—Dec. (Jan. 1, 1936). .. 1,301.1
1,623.3
1936—Dec. 30
1937—Dec 29
1,893.1
1938—Dec. (Jan. 4, 1939). .. 2,157.8
76.9
205.5
235.7
261.5
436.1
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
232.9
46.8
686.3
107.5
814.3
126.3
156.0 1,017 1
255.5 1,237.8
99.3
145.3
186.1
175 6
201.8
122.8
156.3
263.9
280 9
248.5
(Jan. 3, 1940). .. 3,221.3
(Jan. 1, 1941). .. 3,938.2
3,678.5
31
4,205.4
31
3i
5,374.9
31
5,596.8
448.2
365.5
400.8
554.6
1,000.8
865.7
288.2
490.1
448.6
432.3
439.9
401.2
204.9
174.3
174.9
186.6
193.3
209.7
376.3
508.4
339.9
184.2
210.6
239.3
9.5
6.7
6.6
38.5
17.9
15.4
12.1
11.3
27.3
274.6
434.3
373.2
507.4
812.6
926.5
336.0 655.7 72.5
447.3 769.9 73.3
417.7 780.0 113.6
597 7 930 0 149.6
693.7 1,108.8 175.3
909.3 1 069 2 174.0
832.1
861 8
872.0
824.0
746.2
740 2
699.6
707.7
679.0
630.5
553.8
553.4
315.1
372 3
399.0
356 7
313.4
360 3
327.3
310.0
398.3
380.7
364.5
305.8
209.3
213 3
215.8
218 0
220.6
228 1
269.6
281.6
293.9
282.2
295.0
294.9
258.0
261 2
268.5
273.8
277.7
284.4
290.0
304.2
315.5
316.2
321.2
324.4
6.7
6.7
6.8
6.9
516.9
650.6
608.0
643.4
722.1
767.7
752.7
803.0
839.8
805.4
877.9
862.9
871.2
902.1
890.6
875.0
871.0
894.0
1939_Dec.
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec
1944—Dec
I945—May 31
June 30 . .
July 31
/\ u g 31
Sept. 30
Oct 31
Nov. 30
D e c 31
1946—Jan. 31
Feb 28
Mar 31 .
Apr. 30
6,074.0
6 409 6
6,584.8
6,660 9
6,780.7
6 952 5
6,861.4
6 883 1
6,973.3
6,870.3
6,812 3
6,794.6
. .
7.5
6.5
6.8
6.9
7.1
6.9
7.0
6.9
6.8
6.6
6.6
42.9
43.9
49.5
53.9
58.5
62.0
65.4
70.4
71.1
72.5
75.5
103.3
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
2,517.8
2,416.9
2,562 3
2,651.3
2,538.6
2,501.0
2,545 0
2,529.9
2,583.0
2,655.4
2,563.8
2,487.4
2,482.4
202.8
289.8
331.9
399 5
435.5
1,161.3 1,035.0 1,319.2
1,267 3 1,076 9 1 360 7
1,349.8 4,100.7 1,341.8
1,449 9 1 087 4 1 412 7
1,492.1 1,110.6 1 510 5
1,551 8 1 097 7 1 563 4
1,545.7 1,045.7 1,554 4
1,522 2 1,046 4 1 549 7
1,350.7 1,050 9 1 735 1
1,349.7 1,043.5 1,723.6
1,359.7 1,094 0 1 685 6
1,344.1 1,077.7 1,699.3
12.0
23.4
27.1
20 0
34.1
141.6
142 4
141.2
152 5
166.5
194 6
185.7
181 8
181.1
189.7
185 6
191.0
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
1939—Dec. (Jan. 3, 1940). .
1940—Dec. (Jan. 1, 1941). .
1941 Der 31
1942—Dec 31 . . . .
I943—Dec. 31
1944—Dec 31
516.9
650.6
608 0
643 4
722.1
767.7
159.2
144.8
117 3
121.8
122.9
124.3
28.1
17.3
18 1
17.7
13.9
14.8
21.4
16.5
5 7
1945—Mav 31
June 30
July 31
Aug 31
Sept 30
Oct. 31
Nov. 30
Dec 31
1946—j an 31
Feb 28
Mar 31
Apr 30
752.7
803.0
839.8
805 4
877.9
862.9
871.2
902 1
890.6
875 0
871.0
894.0
147.3
142.1
150.5
149 9
218.6
195.6
183.0
185.0
184.9
167 6
166.3
176.4
13.4
13.7
13.7
14.4
16.8
20.1
24.3
25.9
40.1
41.6
44.2
47.4
6.8
6.7
6.6
. .
Finland
7.9
7.7
7.1
6.7
7.2
6.7
6.2
5.5
6.6
10.7
11.2
10.1
Greece2 Luxembourg2
Norway
39.3
43.5
48.7
18.3
18.4
18.6
56.3
48.7
65 2
132.4
158.9
220.8
53.7
56.6
60.5
63.2
66.1
68.7
71.0
70.8
70.0
69.7
74.9
76.7
19.1
19.3
22.9
22.9
22.9
22.9
23.0
22.3
22.3
22.4
22.3
22.0
2
RuPortu2 YugoAll
gal* mania2 Spain Sweden USSR slavia2 other
194.0
240.6
236.6
187.1
184.4
182.7
182.9
216.1
176.5
175.0
174.0
159.3
35.7
53.4
54.5
36.6
40.6
46.4
39.0
45.5
45.2
48.5
47.9
47.5
45 3
45.4
49.7
9.4
9.3
17.5
31.8
43.4
142.2
235 4
210 7
153 5
163.2
152.1
9.3
9.3
9.3
9 7
37.6
31.8
36.9
40.4
32.6
24.4
31.2
31.7
37.1
37.4
35.4
36.2
160.2
165.4
183.7
194 3
199.1
213.5
217.2
210 1
214.0
212 9
205.2
200.0
9.5
9.2
9.2
9.2
9.3
9.3
9 2
9.2
10.0
14 3
12 3
16.1
17 7
9 9
5.7
17 5
20.9
22 3
25 7
25.4
24.4
24 8
28 0
29 7
28 5
24 8
44.9
5 6
5.7
5 2
5 1
5 2
5.2
5
5
6
6
6
4
7
3
6
8
7.7
109 8
187.9
191 0
57 9
76 9
52.1
51 7
50.3
45 2
46 9
45 0
44.5
44 3
43 7
46 4
48 4
51 2
53.6
Latin America
Latin
BoAmer- Argen- livia* Brazil Chile
tina
ica
Date
336.0
447.3
417.7
597.7
693.7
909.3
57.7
115.4
75.7
67.6
69.8
93.9
1,035.0
1,076.9
1,100.7
1,087.4
1,110.6
1,097.7
1,045.7
1,046.4
1,050.9
. . . 1,043.5
1,094.0
1,077.7
70.0
73.2
82 5
75.1
78.0
77.2
82.3
77.3
94.8
80.0
83.9
84.1
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
1945—May 31
Tune 30
July 31
Aug 31
Sept 30
Oct 31
Nov. 30
Dec 31
1946—Jan. 31
Feb 28
Mar 31
Apr 30
Colombia*
36.4
36.2
50.5
10.8 67.7
12.6 98.7
17.7 140.8
26.8
28.5
27.3
34.5
54.0
55.0
43.4
67.1
83.6
17.7
19.2
17.2
18.0
17.9
17.9
15.6
14.5
13.6
13.4
13.6
12.7
54.9
66.8
64.6
64.5
63.2
63.6
71.4
66.3
66.6
64.6
63.9
60.3
76.6
76.2
82.3
90.2
93.2
83.1
84.5
79.2
82.4
80.6
77.5
72.4
138.8
146.2
164.4
163.0
181.5
179.2
185.6
195.1
192.3
199.6
210.6
206.8
NethFrench
erWest
lands
Other
Costa Cuba Indies Mex- West Pana- Peru* Vene- Latin
and
Indies ma4
Rica*
ico
zuela* AmerGuiand
ica
ana*
Surinam*
37.0
47.9
62.5
12.4 100.3
12.2 70.4
7.4 139.3
8.2
7.5
8.0
7.0
6.2
6.6
7.1
6.9
6.0
5.7
6.3
6.0
169.6
190.4
153.9
156.9
154.5
145.4
136.5
128.3
122.2
120.5
139.5
152.7
4.9
2.6
4.4
6.3
6.3
8 6
7.3
7.8
7.3
6.6
7.1
7.2
7.1
6.6
6.6
58.8
55.0
37.7
95.7
70.4
83.1
20 7
41.2
36.0
34.0
58.7
42 1
36 9
57.6
69.1
158.4
163.8
177 2
158.7
164.4
164.3
111.8
116.4
125.9
128.3
140.7
122.3
32 5
29.2
31 5
31.7
32.9
33 6
31.0
28.2
20.9
22.8
20.7
21.7
83 1
86.2
89 6
87.8
89.1
90 5
90.7
88 7
89.4
87.5
91 2
90.3
17 7
17 4
27.7
20 9
24 2
31.5
33 9
35.5
48 2
41.5
50 2
43.0
44.3
38.8
38.8
42 6
45 9
43 9
43 4
45.0
41 9
39.8
38 3
49 7
36 0
42.4
41 3
49.5
85.3
105.6
121 8
64 2
95 4
119.8
136 6
134.8
134 9
145.3
138.6
138 1
138 3
144 8
150 3
146.0
156 3
152.4
For footnotes see p. 1083.
1082
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,
BurFrench
China Indo-1 Hong ma,
Kong and
China
Ceylon1
1939—Dec.
(Jan. 3, 1940) . . 655.7 167.0
1940—Dec.
(Jan. 1, 1941). . 769.9 207.5
1941—Dec. 31
780.0 156.8
1942—Dec. 31
930.0 360.9
1943—Dec. 31
1,108.8 574.2
1944—Dec. 31
1,069.2 427.3
27.4
27.4
27.4
91.1
61.6
41.6 13.1
23.9 18.2
22.9 22.1
1945—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1946—Jan.
Feb.
Mar.
Apr.
27.5
27.5
27.5
27.6
27.6
27.5
27.5
28.0
28.2
34.6
37.9
38.0
21.9
22.0
21.9
21.
21.9
21.7
22.1
27.4
30.5
31.8
34.8
36.4
Japan
Egypt
and French Union
Bri- (incl. Neth- PhilerKoof
tish rea) lands ippine Tur- Other All 2 AU! New Anglo- Motra- Zea- EgypSouth Other
Iskey Asia other
Ma-1 and
East 1 lands
lia land tian rocco Africa
laya Man- Indies
Sudan
churia
1
8
31
30
31
31
30
31
30
31
3}
28
31
30
1,319.2
1,360.7
1,341.8
,432.7
1,510.5
1,563.4
1,554.4
1,549.6
1,735.1
1,723.6
1,685.6
1,699.3
541.7
519.6
501.1
578.7
588.5
591.7
581.4
582.3
756.3
738.0
732.1
717.0
71.4
165.4
193.4
58.5 72.5
198.6
110.3
226.8
69.9
4.8 160.4 254.7 29.9
1.0
4.1 110.1 259.1 35.4
.9
4.0 110.5 365.8 23.7
1.3
4.0 117.6 448.8 50.7
1.0
4.1 111.3 531.9 51.5
.9
4.3 112.6 528.8 50.8
540.5 51.2
.9
3.9 108.
.9
4.2 99.3 612.1 50.5
1.0
4.2 104.4 645.4 50.5
0
4.1 103.8 659.7 47.2
2
4.1 113.7 629.1 52.5
7
4.0 110.0 642.8 57.3
6
3.9 100.7 635.7 62.2
5
3.8 99.0 598.4 66.1
1.6
3.7 102.1 617.0 66.9
26.6
23.2
24.1
25.3
28.9
33.2
34.6
33.4
29.4
36.7,
25.7
34.6
162.4
264.9
36.2
55.5
64.2
79.4
68.6
69.6
74.2
76.7
83.7
73.0
78.0
75.1
78.4
86.3
81.9
73.3
113.6
149.6 23.1 4.8
175.3 25.3 5.1
174.0 52.9 3.5
141.6
142.4
141.2
152.5
166.5
194.6
185.7
181.8
181
189
185.6
191.0
3.5
3.3
3.3
4.6
3.1
3.7
4.3
4.3
4.0
4.0
3.8
3.8
6.8
6.1
7.3
12.1
10.3
4.3
9.5
11.0
10.8
13.6
13.6
17.3
19.6
18.9
19.4
19.6
18.9
17.9
11.0 91.8
4.5 124.1
8.3 97.6
4.3
3.6
4.0
4.7
5.8
7.7
9.4
10.0
9.7
10.1
10.3
11.3
6.0
6.4
4.7
5.8
8.4
6.4
8.0
6.4
6.3
9.1
9.5
8.9
86.2
87.4
90.5
96.2
107.1
130.4
114.2
113.4
112.2
120.8
118.8
122.5
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
Footnotes to table on p. 1082.
i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
* Prior to June 30. 1942, included under "All other."
» Prior to June 30, 1942, included under "Other Latin America."
< Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia*
All
other1
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1939—Dec.
1940—Dec.
1941—D ec .
1942—Dec.
1943—Dec#
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
3i
31
.
. . .
1945-~-May 31
June 30
Tuly 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec 31
1946—jan. 3i
Feb. 28
Mar 31
Apr. 30
1946
1,139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118 0
60.4
174.6
154.5
141.1
114 4
99.1
117.4
80.1
67.2
78 9
144.1
8.5
10.1
12.9
17.2
15.5
508.7
384.0
367.8
246.7
257.9
329.7
39.9
23.0
20.9
12.6
19.9
25.9
4.9
4.2
1.8
5.7
.9
1.1
5.2
1.5
2.6
.5
A
1.5
3.0
11.8
2.0
1.5
1.3
1.1
.3
1.3
51.4
29.9
26.2
22.3
19.0
44.4
172.2
101.0
88.4
72 6
77.6
107.5
39.7
36.0
33.6
34 3
37.8
28.1
113.3
122.7
148 3
99 7
112 2
131.0
174.1
117.8
87 9
35 3
26.3
51.4
9.3
6.4
9.7
4 8
1.4
53.4
39.6
34.4
34.0
33.9
33.9
289.8
375.0
325.2
306.5
270 2
260.0
331.3
392.8
406.3
406.8
431.9
434.3
1934—Dec.
1935—Dec.
1936—rj ec
1937—D ec#
1938—Dec.
SEPTEMBER
Total
30.5
27.9
24.8
31.6
24.9
21.5
25.9
25.4
25.9
26.3
28.6
31.6
1.3
.4
.7
1.2
1.2
.3
.4
3.6
2.0
1.2
1.0
1.1
1.1
.8
.7
.7
.9
.6
.6
2.7
3.0
1.6
2.9
6.2
4.9
5.6
6.5
8.9
48.2
48.7
9.7
8 1
36.5
36.3
35.7
36.1
35.8
43.4
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.8
.3
1.3
76.2
117 6
113.0
79.1
71 7
69.8
109.6
140 7
115.8
120.2
126.1
134.8
25.6
53 8
45.2
41.5
39 6
32.2
38.0
53 3
74.3
71.3
62.9
64.7
127.9
144 5
109.8
116 6
120 6
113.6
145 8
158 9
164.7
161.2
178 4
166.1
51.1
49 2
47.7
60 7
30 8
37 3
29 1
29 9
40.6
43.6
53 6
57.1
.8
5.4
.4
.4
.3
.3
.3
.3
.3
=1
.3
.3
.3
.4
.4
.6
9.6
10.2
40.8
13.1
17.9
21.1
18.0
3.9
11.7
9.0
9 9
9.5
8.5
76
7.2
8.8
9 9
10.8
10.5
11.0
11.6
1083
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
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
Denmark
1945—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1946—Jan. 31
Feb 28
Mar. 31
Apr. 30
8.9
48.2
48.7
9.7
8.1
9.6
10.2
40.8
13.1
17.9
21.1
18.0
1 4
6.5
1.5
1.1
31
51.4
29.9
26.2
22.3
19.0
44.4
.8
.8
.8
.7
.5
.5
.6
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
Finland
3.2
.3
BelOther
Europe gium
Date
31
.8
.7
.7
Greece1 Luxembourg1
.6
1.0
1.0
1.1
1.1
8 7
1 0
28 0
24 5
22.1
8.4
5.0
5.1
1.1
.6
.6
.1
.1
.1
.2
.2
35.1
2.4
1.4
.8
.6
.6
.6
.6
.6
.6
.6
.1
.1
.1
.1
.1
.1
.1
.1
40 1
40.5
.1
.1
.1
.1
31.6
.1
42
6.2
.2
.6
5
.2
.3
.3
.2
.4
!
1.8
2.6
3.6
4.6
Yugo- All
USSR1 slavia1 other
.9
5
5.6
7.6
1.5
1.5
1 SwePorRutugal1 mania1 Spain den
3 6
1.8
1.9
Norway
P)2( )
.1
.7
.7
.8
.8
2.0
1.3
1.4
1.2
.6
.1
.1
.1
.1
5
.4
4
.4
.4
5
<*)
i
.i
6
I
3.2
3.2
1.8
.4
.2
1.5
9
.9
1.4
.9
1.0
.9
1 6
1.8
1 4
1.5
1.4
.3
3
.7
1.5
.3
.5
1 0
.2
.1
.1
9
f2)
1.1
1 i
1.3
2.4
1
4.9
4 8
4.9
4.9
5.1
5.0
4 9
4 7
4.8
4 9
4.9
5.0
La tin Ameri ca
Latin
BoAmer- Argen- livia8 Brazil Chile
tina
ica
Date
1939—Dec.
1940 Dec
1941—Dec.
1942 Dec
1943—Dec.
1944—Dec
(Jan. 3, 1940)... 113.3 16.8
(Tan. 1, 1941)... 122.7 11.9
148.3 16.8
31
99.7 6.9
31
112.2 15.3
31
31
131.0 3.1
1945
31
30
31
31
30
31
30
31
31
28
31
30
Mav
Tune
July
Aug
Sept.
Oct
Nov.
Dec
1946—j an ,
Feb
Mar.
Apr
127.9
144.5
109.8
116.6
120.6
113.6
145.8
158.9
164.7
161.2
178.4
166.1
7.7
8.3
14.1
11.0
12.8
10.8
20.5
21.0
24.2
18.0
24.7
26.8
3.0
1.8
1.8
1.3
1.2
1.2
1.3
1.1
1.8
1.2
1.3
1.7
1.5
2.7
2.9
32.2
33.1
38.0
16.7
18.9
25.3
25.5
30.6
26.9
24.4
21.7
18.2
22.0
24.7
26.8
29.7
30.0
31.9
Colombia*
NetherFrench
lands
West
Other
Costa Cuba Indies Mexico West PanaVene- Latin
8
Indies ma4 Peru3 zuela3 AmerRica
and
and
Guiica
Suriana1
nam*
9.7
13.4
14.9
15.3
16.6
9.0
8.4
7.0
8.4
6.3
7.5
6.8
7.2
6.6
7.0
6.2
7.1
7.0
20.7
12.2
15.5
15.1
16.8
16.3
17.1
16.7
14.2
19.4
16.8
17.5
18.1
20.1
20.0
.6
.7
1.2
L.I
L.I
?
L.2
5
4
?
?
4
15
4
1.4
10.5
11 7
11.3
8.3
20.1
47.4
39.1
49.7
10.3
14.5
18.3
17.0
27.2
33.3
33.9
32.9
37.1
22.9
4.8
11.2
8.6
.3
.5
.3
1 0
2 1
2 4
2.1
1 1
.8
8.7
8.9
10.2
8.7
9.0
9 7
10.6
11.0
10.5
13 9
14.3
14.1
.4
.4
.3
.3
3
.9
1.0
1 1
.8
8
5.9
6 1
.2
(2)
(2)
(2)
[l
.2
(2)
(2)
.1
.1
.1
.1
.1
7.6
4
.3
5
.3
4
.5
.4
1
1
1
2
2
2.8
1 4
1.2
1.4
1.4
1 7
1.9
1 3
1 3
1 7
1 9
3 3
3 5
3 8
0
1
9
8
9
1.1
5.8
5.6
5 5
5.2
5 2
5 7
6 1
6 1
6 6
6 9
7 7
3.6
s
3.9
3 8
5.1
7.4
37 2
44 4
57 3
14.2
8 7
11.7
12.6
12.3
12 4
23.7
24 1
25 4
27 3
33 4
29 5
25 9
26 1
26.6
Asia and All Other
Date
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942 Dec. 31
1943 Dec 31
. •
1944—Dec 31
India,
French Hong BurAsia China Indo- 8 Kong ma,
and
China
Ceylon6
174.1
117.8
87.9
35.3
26.3
51.4
1945—Mav 31
June 30
July 31
Aug. 31
Sept 30
Oct 31
Nov. 30
Dec 31
1946—Jan. 31
Feb. 28
Mar 31
Apr 30
1.9
1.7
3.1
.9
1.0
.9
22.0
23.7
23.5
11.1
L.7
L.5
1
51.1
L.2
49.2
L.O
47.7
1
60.7
1
30.8
I ?
37.3
29.1
1 7
1 0
29.9
7 7
40.6
9 7
43.6
53.6 22.8
57.1 25.6
«
(2)
(a)
.2
(2)
(2)
.2
Japan
Egypt
Bri- (incl. Neth- PhilUnion
and
Koertish rea) lands ippine Tur- Other All 6 Aus- New Anglo- French of
tra- Zea- Egyp- Mo- South Other
Ma-6 and
Is- key^ Asia other lia land
East
laya Man- Indies5 lands
tian rocco Africa
Sudan
churia
102.1
55.8
18.9
"".7
.5 ' i!o
.5
.5
1.7
2.0
.1
.5
1.5
.9
.8
.8
.8
19.4
16.8
14.5
15.0
.1
.1
.1
.1
.5
.5
.5
.5
1.4
1.4
1.4
1.4
.8
.8
.8
.8
1.1
.8
1.5
1.5
8.0
7.2
7.1
7.5
7.9
7.0
6.8
7.2
.1
.1
.1
.1
.1
.3
.2
2
.5
.5
.5
.5
.3
.3
.3
.3
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
26.4
21.6 9.3
22.6
14.0 6.4
23.0
19.5 9.7
14.4 1 8 2.0 4.8
13.9 3.2 1.8 3.9
13.8 1.8 8.8 11.7
13.9
13.6
13.9
26.0
13.6
13.0
13.7
13.8
18.5
20.1
16.0
16.1
? 0
2.0
2.2
? 1
11.8 9.0
12.5 9.9
13.1 9.5
13.6 8.5
2.3
2 9 76
1 6 11.4 7 . 2
1 7 2.0 8.8
f 0 2.7 9.9
1 0 2 . 5 10.8
1 1 2 . 8 10.5
11
11 0
3 . 9 11.6
.9
i6
i
.5
.6
.2
.2
.i
.2
1 0
.9
2.1
1.0
3
.4
.4
.4
4
.2
.3
3
7
7
.9
1 7
2.1
1.8
1 3
1.5
3
6
7
7
6
7
7
.6
3
2
2
3
2
.3
2
.2
' (*) '
(2)
(2)
(2)
(2)
1
1
1
1
.1
17
12
2.4
9.7
.7
1.0
6 1
6.0
5.2
5 0
4 5
4 1
5 0
4 7
5 0
5 3
5 8
1 2
2.4
1.6
1 8
1 6
1 5
1 9
2 5
2 9
2 4
2 9
6.7
2.6
1
Prior to June 30, 1942, included under "All other."
* Less than $50,000.
3
Prior to June 30, 1942, included under "Other Latin America."
* Included "Canal Zone" prior to June 30, 1942.
6
Prior to June 30, 1942, included under "Other Asia."
6
Country breakdown not available until June 30, 1942.
1084
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Assets of banking department
Cash reserves
Other
Gold*
Coin
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
145.8
147.6
120.7
119.8
190.7
192.3
200 1
313 7
326 4
326 4
L .2
.2
.2
.2
.2
.2
25.
31.
30.
28.
27.
26.
25.
30.
29.
28.
27.
25.
31.
30.
29.
27.
1945—Aug. 29.
Sept. 26.
Oct. 31.
Nov. 28.
Dec. 26.
.2
.2
.2
.2
.2
1946—Jan. 30.
Feb. 27.
Mar. 27.
Apr. 24.
May 29.
June 26.
July 31.
.2
.2
.2
.2
.2
.2
.2
.2
.6
.6
.8
1.0
.5
.6
.6
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
Discounts
and advances
Securities
84.9
104.7
133.0
120.1
101.4
98 2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223 A
234.3
260.7
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
11.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
1,350.0
1,350.0
1,350.0
1,350.0
1,400.0
.4
.2
.4
.5
.4
24.3
20.3
28.1
22.6
20.3
7.2
3.6
11.2
11.3
8.4
295.3
331.7
288.9
301.6
327.0
1,325.9
1,329.9
1,322.2
1,327.6
1,379.9
238.2
279.1
244.2
250.2
274.5
16.0
5.5
9.2
10.5
5.3
55.0
53.1
57.4
57.7
58.5
18.0
18.1
17.7
17.8
17.8
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
1,400.0
.5
.9
.8
1.0
1.5
1.8
1.4
68.8
77.1
71.9
52.0
58.6
36.4
13.4
5.5
7.4
20.0
22.4
16.7
12.5
15.8
289.6
236.7
238.7
256.3
250.9
315.2
288.0
1,331.4
1,323.1
1,328.3
1,348.3
1,341.7
1,363.9
1,386.9
279.7
234.5
249.1
253.4
244.8
286.0
238.7
11.0
16.7
9.9
7.4
7.4
5.3
7.1
55.9
53.0
54.0
53.1
57.4
56.5
54.4
17.9
18.0
18.5
17.8
18.0
18.1
18.3
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
»630.0
«780.0
6 950.0
6 1,100.0
* 1,250.0
8
Notes
Liabilities of banking department
Note
circulation3
1.0
.9
.3
.9
.9
1.9
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm8
Note
irculation7
Chartered
banks
Other
Dominion
govern-
Other
liabilities8
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906.9
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
1945—Aug. 31.
Sept. 29.
Oct. 31.
Nov. 30.
Dec. 31..
176.1
176.1
176.1
159.0
156.8
1,031.5
1,028.9
1,109.4
1,168.1
1,157.3
584.0
591.4
590.6
629.4
688.3
62.3
34.9
39.5
69.5
29.5
1,097.9
1,112.4
1,136.6
1,113.8
1,129.1
444.4
442.9
474.2
495.2
521.2
32.6
39.6
51.0
159.1
153.3
39.7
22.4
32.4
27.4
29.8
239.2
213.9
221.3
230.5
198.5
-Jan. 3 1 . .
1946—
Feb. 28..
Mar. 30..
Apr. 30..
May 31. .
June 29. . ,
July 31. .
101.8
95.2
95.2
24.1
2.0
2.0
1.8
,143.8
,155.2
,296.2
,348.0
,230.0
,218.5
,276.6
686.2
688.8
559.9
553.0
541.1
540.7
541.8
33.2
48.0
39.4
48.6
52.9
30.8
31.4
1,088.1
1,086.7
1,102.2
1,114.4
1,109.5
cl,114.0
1,117.9
505.9
522.9
518.1
555.8
493.9
500.5
532.5
187.2
201.7
149.2
183.3
87.1
57.9
69.1
34.2
56.4
89.1
62.7
78.5
85.6
90.1
149.6
119.6
132.1
57.4
57.2
34.2
42.1
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939—Dec. 30. .
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
180.5
179.4
179.8
185.9
225.7
c Corrected.
i 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 1
three pence.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
8
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at c urrent 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.
• Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May 6 8, July 3, and Dec. 10, 1945.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
• 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.
SEPTEMBER
1946
1085
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)
Liabilities
Advances to
Government
Domestic bills
Foreign
exchange
Gold*
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
42
For occupation Other2
costs3
Other
assets
Deposits
Note
circulation
Govern- C.A.R.4
ment
Other
68,571 11,737
76,436 12,624
85,725 5,898
85,028 2,311
82,613 2,322
83,421 3,718
81,150 2,862
89,342 2,089
93,837 3,461
110,935 5,061
151,322 1,914
218,383
984
270,144 1,517
382,774
770
500,386
578
572,510
748
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
37,855
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872
7,078
Other
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
47,288
1,379
652
1,797
2,345
661
12
169
29
48
8,624
8 429
7,389
3 438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
18,592
72,317
142,507
210,965
326,973
426,000
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
15,850
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
6
35,221
27
153
303
10,162
12,936
14,242
20,442
26,073
25,548
426,000 19,750
426,000
426,000
426,000
426,000
426,000
6
35,403
H1.666
H2,717
H6.152
6
45,859
639,122
548,945
469,652
496,258
528,945
545,795
570,006
774
80,246
53,598
30,793
21,708
12,048
57,231
50,005
53,156
52,552
53,447
57,755
7,701
4,600
4,506
5,617
4,540
4,087
27,415
30,945
32,647
36,579
45,512
46,204
426,000
426,000
426,000
426,000
426,000
426,000
•44,818
6
46,744
640,985
638,614
641,848
642,053
592,436
605,156
613,434
616,102
625,809
629,181
5,781
1,014
781
732
745
750
52,046
50,743
52,516
53,653
51,845
53,265
4,156
4,070
4,357
5,337
4,072
4,268
1929—Dec. 27. ..
1930—Dec. 2 6 . . .
1931—Dec. 30. ..
1932—Dec. 3 0 . . .
1933—Dec. 2 9 . . .
1934—Dec. 28. ..
1935—Dec. 2 7 . . .
1936—Dec. 30. ..
1937—Dec. 3 0 . . .
1938—Dec. 29. ..
1939—Dec. 2 8 . . .
1940— Dec. 26. ..
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 30. ..
1944—Dec. 2 8 . . .
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
84,598
75,151
1945—May 3 1 . . .
Aug. 30. ..
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov. 2 9 . . .
Dec. 2 7 . . .
75,151
75,151
75,151
565,152
65,152
5129,817
45 48,141
46 48,703
46 49,363
47 60,087
45 62,210
68 723,038
1946—Jan. 3 1 . . .
Feb. 28.. .
Mar. 2 8 . . .
Apr. 2 5 . . .
May 2 9 . . .
June 2 7 . . .
129,817
129,817
129,817
129,817
594,817
94,817
69
69
69
5
5
5
26,081
27,247
25,524
25,810
63,090
64,985
220
160
46
16,000
19,000
11,200
13,400
41,400
64,580
16,857
10,724
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Other
liabilities
Open
2
market 2 Special
Reserves of gold and
foreign exchange
Total
reserves
Gold
Bills (and
checks),
including
Treasury
bills
Securities
Security
loans
Eligible
as note
cover
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
1929—Dec.
1930—D ec
1931—Dec.
1932—Dec
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
31
3i
31
31
30
31
31
31
31
31
30
31
31
31
31
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
77
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
1944—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
29
31
30
31
31
30
31
30
30
77
77
77
77
77
77
77
77
77
77
(8)
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
46
38
28
26
38
42
47
.46
62
112
1
1
1
1
1
1
67
70
69
1
33
31
23
27
21
20
25
24
21
45
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535
1,788
1,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445
1945—Jan. 31
Feb. 28
77
77
64,625
70,699
199
307
81
112
60
61
2,083
2,591
51,207
55,519
13,566
16,419
2,353
1,909
71
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and
in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec. 22, 1944.
7
Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds.
8
Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
1086
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1946
July
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt.. .l.
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government 1
Nationalized
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o3n w e a l t h Bank of Australia (thousands of pounds):
210,
Gold and foreign exchange
Checks and bills of other banks. . 2,
Securities (inch Government and
403, ,368
Treasury bills)
Other assets
11, 408
Note circulation
197, 680
Deposits of Trading Banks:
255,
Special
22,
Other
152,
Other liabilities
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Loans to Government
Other loans and discounts. . . . .
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits 4
Blocked accounts
Other liabilities
Central Bank of Bolivia—Monetary Dept. 6 (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 7
Central Bank of Chile (millions
of pesos):
366
Gold
465
Discounts for member banks
697
Loans to Government
741
Other loans and discounts
954
Other assets
014
Note circulation
544
Deposits—Bank
254
Other
410
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Czechoslovakia
in Prague (millions of koruny):
Gold
Foreign exchange
Loans and discounts
Other assets
June
1945
May
,232
,641
871
73
,311
588
,437
,221
1,208
4,127
873
84
7,915
395
3,415
2,186
446
,314
119
436
8,072
200
2
177
122
171
July
1,242
2,987
877
149
2,553
1,570
561
i98
179
193
199,305
2,330
203,
2,
411,313 414,549
16,
14,486
198,
199,964
260,
261,112
24,377
148,218
21,
153,
327
101
062
062
597
103
505
166
131
450
33,328
4,048
48,212
2,761
64,597
2,022
72,542
2,772
78,222
1,433
31,219
4,315
42,334
491
64,597
1,385
60,202
4,306
78,737
1,097
(Apr.)
919
526
120
547
11
1,631
492
1
383
337
697
890
,863
,065
537
206
361
234,
66,
35,
76,
38,
208,
201,
40,
383
362
701
915
1,856
3,043
550
227
398
287
308
736
973
,342
,624
514
191
317
232,444
73,235
22,201
72,714
42,756
201,199
199,306
42,846
180,191
106,990
13,286
65,953
32,122
174,771
169,905
53,866
1,517
1,517
1,816
787
6,184
123,601 93,995
Central Bank
(Figures as of last report
date of month)
National Bank of Czechoslovakia
in Prague—Continued
Note circulation—Old
New
Deposits—Old
New
Other liabilities
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 8 . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland 7
Bank of Greece 7
National Bank of Hungary 7
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad..
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted. .
Loans to Government
Other a-ssets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Japan7
Bank of Java7
1946
July
985
35,500
78,637
8,531
7,084
142
93
23
98
7,588
97
1,482
2,685
3,710
247
June
1945
May
July
950
984
,280 33,594
,942 82,630
8,236
,442
,489
7,710
479
83
141
105
28
98
7,594
98
1,497
2,791
3,622
236
97
36
,962
30
72
65
,018
868
,003
,915
493
83
137
100
35
95
,588
103
,516
,860
,523
242
254
566
(Apr.)
265,246
,805
,691
39,476
190,532
,653
91,292
,850
309,702
,207
243,626 240 ,686
33,217 30 ,105
,241
,381
,037
,949
,461
,158
,666
,944
,301
6,241
16,283
2,112
241
918
,792
298,720 292 ,829
29,692
,419
134,492
,398
,936
79,046
,942
127,722
,922
11,7
32,902
39,537
1,163
6,131
1,825
45,642
28,991
6,925
444
,353
578
164
,378
444
11,303
578
183
12,340
444
,343
578
164
,287
162
,626
2
169
5,931
25
447
,923
315
2,646
38,376
41,022
100
327
994
256
723
070
018
312
510
6,302
332
242
,344
37
2
263
,717
171
2,646
34,766
37,412
646
188
834
1
Government decree of April 24, 1946 provided for the guarantee of all deposits registered in the name of the Central Bank.
2 By decree of May 24, 1946 the Central Bank became responsible for all subsidiary money.
* Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while
previously these statements included the operations of the General Banking Division.
4
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking
functions) and Commercial Banking Departments.
6
Latest month available.
7
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary
(November 1944), see BULLETIN for January 1946, p, 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
* In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to
Government compensation account.
SEPTEMBER
1946
1087
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions of pesos):
Metallic reserve1
"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
Discounts
Loans
Other assets
Note circulation—Old
New2
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*
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
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Golds
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a 3
S o u t h African Reserve Bank
(thousands of pounds):
Gold7
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
1946
July
June
1945
May
July
721
731
739
701
1,733
480
159
1,694
1,190
208
1,759
489
146
1,698
1,227
201
1,898
434
83
1,698
1,257
198
1,835
358
78
1,463
1,341
167
713
1
4,530
170
121
275
2,447
1,562
97
639
516
713
1
4,572
1
163
100
276
2,338
1,604
160
660
513
713
713
1
4,639 *4',489
318
1
130
165
116
92
3,448
277
2,290
1,683 '"230
188
1,607
661
481
512
2,802
85,520
2,802
79,372
2,802
66,556
34,025 40,479 17,466
4,016
4,045 14,345
2,374
1,123
1,709
44,546
4,344 40,544
79,604
8,428 58,741
4,587
5,050
3,592
(Apr.)5
3,404
34,967
3,899
10,083
460
29,364
17,391
6,058
3,328
22,606
8,125
10,587
323
28,309
14,746
1,914
(Mar.)
149,264 124,985
39,298 16,936
594,310 581,398
22,550 30,076
'2,783
505,020 46:
265,838 261,162
34,564 29,450
(Mar.)5
1,418
1,423
6,206
7,087
9,500
9,842
285
297
1,020
1,018
693
731
7,824 7,570
11,703 10.755
836
834
257,014
31,173
5,176
8,241
66,384
229,063
6,157
131,069
29,562
5,313
122,943
66,737
217,187
4,962
107.532
27,619
3,673
99,344
64,612
168,925
4,631
1,213
1,213
1,189
585
585
597
15,694 15,856 16,101
3,935
3,406
4,179
3,647
1,681
2,429
1945
Central Bank
(Figures as of last report
date of month)
July
Bank of Spain—Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and advances to National Debt Office8
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of t h e Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets ^
Note circulation
Deposits—Gold
Other
Other liabilities
Bank of t h e Republic of Uruguay 9
(thousands of pesos):
Gold
Silver
Advances to State and government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Gold™
Foreign exchange (net)
Credits to national b a n k s . . . . . .
Other assets
Note circulation—Central Bank.
National banks
Deposits
Other liabilities
National Bank of t h e Kingdom
of Yugoslavia^
Bank for I n t e r n a t i o n a l Settlements 1 1 (thousands of Swiss gold
francs):
Gold in bars
Cash on hand and on current
account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments. . .
Other assets
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities
June
May
19,034 18,866
1,219
1,538
3,361
4,351
486
482
July
,093
,434
,895
552
,036
,074
1,042
1,098
1,043
1,028
,055
690
945
28
880
,450
837
300
376
951
44
815
2,495
897
176
380
1,235
59
826
2,453
1,163
141
435
,266
33
993
,412
738
323
564
4.844
168
61
88
3,639
1,210
311
4,786
183
73
87
3,617
1,212
300
4,784
176
68
89
3,564
1,256
297
,642
136
59
84
,522
,105
294
299,520 300,927
67,926 77,224 63 499
669,434 674^765 807. 399
165,195
369 70, 787
83,938
,165 23, 053
820,703
,276 948. 008
91,821
,821 85, 586
132,199
779 146, 288
241,290 226,574 176, 963
(Apr.) *
300,250 271, 461
13,748 13, 971
9, 782
24,161
99,391 91, 172
329,266 321,040
185,631 157,071
527
39,572 38,,
955
251,104 244,'
290 509 266,871
557, 080 438,570
44,116 93, 948
14, 310
16,710 16, 304
394,167 323, 849
,272 12, 494
516
199 r 216,343
446
15,951
118,437 120,164
342
11,544 11,831
141
142
749
093
9,643 9,415
3,178
2,750
306,371 304,635
36
38
14,545 14,559
387
750
022
116
985
3,580
1,556
3,581
1,093
',240
,017
229,001 229,001 229. 001
200,668 200,742 201, 215
1
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency reform decrees effected between June and October 1945.
3
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942,
p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
4
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is
t
divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes
central banking functions, was issued for the end of December 1944.
5
6
Latest month available.
Valued at average cost beginning October 1940,
7
8
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
Includes small amount of non-Government bonds.
9
Issue and banking departments consolidated.
10
Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Govn
ernment.
See BULLETIN for December 1936, p. 1025.
2
1088
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1936
Jan. 28, 1937. .
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938. .
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939. .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26...
Dec 15
Jan. 25, 1940. .
Apr 9
May 17
Mar. 17, 1941. .
May 29
....
June 27
Jan. 16, 1945. .
Jan 20
Feb. 9
In effect Aug. 31,
1946
United
SwitGer- Bel- NethKing- France many gium er- Swe- zerdom
lands den land
2
4
6
5
4
2
4
2
$y
3
' "I'y
2
2K
IK
Rate
Aug.
31
Central
bank of—
Date
effective
5K Mar. 21, 1940
Albania
Argentina
Belgium
Bolivia
3
3
iy->
2K
2
4
3
iy2
3
3
2
3
Date
effective
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
1935
1940
1944
1936
1933
1945
Mexico
Netherlands .
New Zealand.
Norway
Peru
Portugal....
4K
2K
IK
2K
2K
June
June
July
Jan.
Aug.
Jan.
4,
27,
26,
8,
1,
12,
1942
1941
1941
1946
1940
1944
1946
1938
1939
1935
1934
Rumania. . . .
South Africa.
Spain
Sweden
Switzerland..
4
3
4
2K
IK
May
June
Dec.
Feb.
Nov.
8,
2,
1,
9,
26,
1944
1941
1938
1945
1936
l y% Jan 20 1945
zy Apr. 9, 1940
Aug. 16, 1946
10
Oct. 22, 1940
3
2K Nov. 23, 1943
Turkey
United Kingdom
U. S.S. R....
Yugoslavia. .
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
IK
6
sy
Denmark
Ecuador
El Salvador. ..
Estonia
Finland
4
Rate
Aug.
31
Italy
4
Japan
3.29
Java
3
Latvia
5
Lithuania. . . 6
3V2
Mar. 1, 1936
Jan. 16, 1945
Nov. 8, 1940
3
British India. .
Nov. 28,
Bulgaria
Dec. 1,
5
Canada
Feb. 8,
Chile
3-4K Dec. 16,
4
July 18,
Colombia
Czechoslovakia
2K Oct. 28,
4
Central
bank of—
7
3
4K
4
Jan.
May
Mar.
Oct.
Dec.
15,
26,
30,
1,
3,
2
2,'y
3><
Germany
Greece
Hungary
Ireland
3
iy
IK
1, 1938
iy
15A
2
IK
iy
iy
IK
NOTE.—Changes since July 31: Greece—-August 16, 1946 , up from
7 to 10 per cent.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Germany
Private
discount
rate
Day-today
money
Private
discount
rate
Money
for
1 month
7.50
3.58
6.05
4.75
3..88
7.90
3.74
6.74
5.70
4.93
4.57
3.16
2.67
2.78
3.06
2.71
1.98
1.93
1.90
1.90
1.92
5.30
1.89
1.05
.39
2.18
.78
4.42
3.92
.15
.13
.49
0)
1.88
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Bankers'
acceptances
3 months
Treasurybills
3 months
Day-today
money
1929—June
1930—June
1931—June
1932—June
1933—June
1934—June
1935—June
1936—June
1937—June
1938—June
1939—June
1940—June
1941—June
1942—June
1943—June
1944—June
1945—June
5.32
2.31
2.09
1.05
.50
.91
.71
.78
.68
.59
.75
1.03
1.03
1.03
1.03
1.03
1.03
5.35
2.30
2.10
.85
.40
.85
.64
.78
.68
.59
.76
1.02
1.00
1.00
1.00
1.00
1.00
4.23
1.93
1.64
.99
.62
.92
.75
.75
.79
.75
.77
1.00
1.00
1.00
1.06
1.13
1.13
1945—July
Aug
Sept
Oct
Nov
Dec
1.03
1.03
1.03
.83
.53
.53
1.00
1.00
1.00
.75
.51
.50
1.13
1.13
1.13
.96
.63
.63
1.25
1.25
1.25
1.25
1.25
1.25
1946—Jan
Feb
Mar
Apr
May
June
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.50
.63
.63
.63
.63
.63
.63
1.25
1.25
1.25
1.25
1.25
1.25
I
Bankers'
allowance
on deposits
Netherlands
5.30
1.93
1.07
1.00
2.06
1.00
3.83
3.95
1.00
.50
.75
C1)
2.25
3..76
3..00
2.88
2.79
2.38
2.13
2.13
2.13
2.13
3.26
2.06
1.12
1.50
1.50
1.50
2.60
2.25
1.00
1.00
1.00
1.50
1.25
1.25
1.25
1.25
1.25
2HS
23^-5
2M5
1
Figure not available.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table
172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
SEPTEMBER
1946
1089
COMMERCIAL BANKS
United Kingdom
Liabilities
Assets
1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Vfoney at
call and Bills dis- Treasury
deposit
counted receipts l
short
notice
1939 Dprpmbpr
1940—December
1941—December
1942—December
1943—December
1944—December
1945—j u iy m
August.........
September
October
November
December
274
324
366
390
422
500
513
496
201
229
189
296
536
252
369
1946—January
February
MarchApril
May
496
249
361
500
511
518
483
493
509
509
524
June
174
159
141
142
151
199
334
265
171
198
133
147
198
181
233
226
195
215
340
379
433
470
526
243
254
271
301
315
Loans to
Securities customers
314
758
896
1,307
1,667
1,994
1,993
1,971
1,925
1,703
1,523
1,493
1,468
1,443
1,449
1,374
1,302
Deposits
Other
assets
Total
Demand
Time
609
771
999
1, 120
1 154
1 ,165
1 015
924
823
794
761
772
290
293
324
325
349
347
2,441
2,800
3,329
3,629
4,032
4,545
1,308
1,770
2,168
2,429
2,712
3,045
1,030
1,161
L.200
1,319
1,500
1, 123
767
769
771
799
809
827
300
4,819
4,875
4,898
4,859
4,789
4,850
3,205
3,236
3,266
3,277
3,254
3,262
1,613
1,638
1,632
1,582
1,535
1,588
840
847
863
841
856
894
333
4,729
4,684
4,749
4,865
4,894
5,045
3,135
3,078
3,143
3,242
3,239
1,594
L.606
1,606
1,623
1,655
1, 126
1 ,146
1
178
1 201
1, 234
1 230
241
1,
1 246
282
1,
322
1,
1, 382
292
299
308
318
374
338
353
367
356
399
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
254
263
265
271
276
281
287
292
296
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
Note
circulation
Other
assets
Depo.?its Payable in Canada
excluc ingr interbank deposits
Other
liabilities
Total
Demand
Time
292
323
356
387
471
550
....
. ..
53
40
32
31
48
92
1.088
1,108
1,169
1,168
1,156
1,211
132
159
168
231
250
214
1 646
1 531
1 759
7 293
2 , 940
3 611
612
570
653
657
744
782
85
80
71
60
42
34
2,774
2,805
3,105
3,657
4,395
5,137
1 033
1,163
1 436
1,984
2,447
2,714
1 741
1 641
1 669
1,673
1,948
2 423
1,049
1,172
1,289
135
112
237
242
3 802
^ 835
3 960
4 159
28
28
4 015
4 038
769
789
750
812
888
869
26
26
5,269
5,229
5,269
5,573
6,013
5,941
2,528
2 396
2,331
2,582
3,197
3,076
2 741
2 833
2,935
2,992
2 816
2,865
1,316
1 324
1,344
1.39?
1,350
L.386
209
206
214
221
197
159
100
119
197
243
304
275
793
845
803
876
907
896
25
25
25
24
24
23
5,810
5,830
5,781
5,898
5,882
5,756
2 848
2,752
2 611
2,660
2,576
2,393
2 963
3 078
3 170
3 238
3,306
3,364
L 354
1,379
L 387
1,452
L. 456
1,490
582
640
June
239
251
1,079
1,021
1,002
1,009
1,372
1,274
665
669
650
722
642
637
.
109
130
646
694
..
1945—January
210
200
148
152
125
115
1,213
1,194
1,181
1,160
1,187
1,188
237
242
229
227
4
4
4
4
4
4
27
27
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Loans
Other
assets
Deposits
Own
42 443
41,872
61,270
75,764
91,225
111,191
126,578
1,541
2,180
557
4,609
4,813
5,187
6 422
7,506
6,623
1,876
1,705
2,073
2,339
2,286
2,361
2,296
2 103
2,010
2,037
745
939
1,212
1 544
1,837
2 150
2,268
2 476
2,618
2,898
6,403
6,619
6,928
7 685
7,868
8 271
8,364
8 690
8,980
10,151
1,887
1,840
3,371
4,607
7,455
7,898
29,546
46,546
61,897
73,917
90,897
99,782
7,546
8,346
8,280
10,625
14,191
18,653
2,440
2,229
2,033
2,622
2,935
2, L90
1945—March
April
May
8,117
8,582
27,281
16,282
11,990
11,104
11,122
11,942
11,898
14,602
5,072
4,954
4,999
5,660
5,944
5,991
6,080
6,337
6,859
13,804
98,593
99,146
109,270
156,620
146,195
143,799
143,818
143,567
145,110
155,025
21,255
22,246
23,108
23,216
27,127
27,697
28,732
30,153
32,165
36,166
2, L18
I,1 190
3,008
3,618
4 , 212
4,970
5 , 279
5,< ?06
6, 325
7, 360
1SQ 526
196 ,167
185 ,763
183 ,140
184 ,400
186 ,740
190 ,759
213 ,908
126,132
128,154
157,453
193,828
183,477
180,779
182,105
184 637
188,748
211,871
15,312
15,005
13,871
14,393
153,227
157,420
40,123
41,119
5 , 022
6 , 527
216 ,729
222 ,059
214,842
220,219
..
1946—January
February
Other
liabilities
Demand
3,765
3,863
3,476
3,458
4,095
4,948
..
acceptances
Total
4,599
6,418
6,589
7,810
8,548
10,365
July
August
September
October
November
December
963
846
962
Liabilities
1039—December
1940—December
1941—December
1942—December
1943—December
1944—December
June
244
244
247
591
581
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—j u iy
August
September
October
November
M^arch
April
May
Security
loans
256
250
253
236
245
250
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
62 032
76 675
91 549
112 732
128 758
128 007
129 859
Time
571
844
324
462
428
762
912
558
413
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported*
by individual banks for days, varying from bank to bank, toward the end of the month.
1
Represent six-month loans to the Treasury at 1 ^ 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, Table 168, pp. 648-655, and for
description of statistics see pp. 566-571 in same publication.
1090
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Official
1937
1938
1939
1940
1941
1942
1943
1944
1945
Year or
Special
Export
Brazil
(cruzeiro1)
.
...
4.
. .
m o n t h
4
4
0
5
5
5
5
5
6
37
38
27
62
75
84
86
94
02
6.1983
2322.80
322.80
322.80
322.80
322.80
2
322.80 2 3 2 1 . 1 7 2 2 . 2 8 6 0
6
8
0
0
0
0
0
0
0
5*.
5.
5.
5.
5.
5.
5.
320.8?
320.70 32.2883
321.31 2.2879
321.41 2.2857
321.41 2.2839
321.41 2.2840
321.41 2.2845
321.41 2.2845
321.40 2.2844
321.38 2.2846
321.41 2.2847
321.41 2.2847
6
6
6
6
6
6
6
6
6
6
6
6
.
.
.
.
.
.
.
.
.
.
.
.
0
0
0
0
0
0
0
0
0
0
0
0
6
6
6
6
6
6
6
6
6
6
6
6
0
0
0
0
0
0
0
0
0
0
0
0
5
5
5
5
5
5
5
5
5
5
5
5
3.94
9.55
3.38
5.16
1.27
1.50
2321.50
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
C o l o m bia
(peso)
F i n Czecho- Denslovakia mark ( lm a a nr dk fkoruna) (krone)
ka)
6
5
7
7
7
7
7
7
7
.726
.953
.061
085
.004
.052
.265
272
.014
1 9 4 5 — A u g
Sept
56
56
56
56
56
56
56
56
57
57
57
57
.980
.980
980
.980
980
.980
.980
.980
.032
.021
.007
.007
M a y
June
July
3.4930
3.4674
23.4252
Free
.
.
.
.
.
.
.
.
.
9
8
5
0
2
2
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
5
5
5
5
5
5
5
5
5
In cents per unit of foreign currency]
British
I n d i a
(rupee)
8
5
6
6
6
6
6
6
6
3
3
3
3
3
3
223.704
23.704
24.732
25.125
25.125
1937
1938
1939
1940
1941
1942
1943
1944
1945
Oct. . .
Nov
Dec
1945—j an
Feb
Mar
Belgium
(franc) O f f i c i a l
Free
Official
32 959
32.597
30.850
29 773
29.773
29.773
29.773
29.773
29.773
. ..
1 9 4 5 — A u g .
Sept.
Oct
N o v .
D e c
1 9 4 6 — j a n
Feb.
M a r
Apr.
M a y
J u n e
July
Australia
(pound)
A r g e n t i n a
(peso)
22.069
21.825
20.346
219.308
2.18
2.1o
1.99
1.87
22.01
1
6
4
1
0
3.3752
3.3788
3.3704
23.3760
4
2
2
2
2
2
2
2
2
2
2
2
2
5
.
.
.
.
.
.
.
.
.
.
.
.
0
0
1
1
1
1
37.3
36.5
1248 33.2
214 30.1
705 30.1
427 30.1
280 30.1
469 30.1
802 30.1
26
92
79
55
37
22
22
22
22
1
1
1
1
1
1
1
1
1
1
1
2
802
802
802
802
802
802
802
829
902
900
902
2 8 3
2
2
2
2
2
2
2
2
3
8
8
8
France
(franc)
1
7
8
0
1
G e r m a n y G r e e c e
(drach(reichsm a )
mark)
4.0460
2.8781
2.5103
22.0827
40.204
40.164
40.061
40.021
2
39.968
.
.
.
2.
9
8
8
6
0
9
1
7
5
5
5
1
5
8
3
5
3
3
3
3
3
3
3
3
3
3
3
3
0
0
0
0
0
0
0
0
0
0
0
0
.
.
.
.
.
.
.
.
.
.
.
.
1
1
1
1
1
1
1
1
1
1
1
1
1.2846
1.2424
21.2111
4
7
4
8
2
Hungary
ux
Free
Official
296!
90.
90.
90.
90.
90.
9
9
9
9
9
909
09
09
09
09
09
9
9
9
9
9
9
9
9
9
9
9
0
0
0
0
0
0
0
0
0
0
0
.
.
.
.
.
.
.
.
.
.
.
9
9
9
9
9
9
9
9
9
9
9
Official
100.004
99.419
96.018
85.141
87.345
88.379
89.978
89.853
90.485
8
92.0060
2.0060
2.0060
2.0060
2.0060
20.877
20.877
20.877
20.877
20.877
20.877
5 . 1 6 9 7 24.OOOO 29.606
5 . 1 7 1 6 4.0000 21.360
5 . 1 7 2 7 4.0000 11.879
6.000
5 . 1 6 6 8 4.0000
2 5 . 1 6 6 4 2 4.0000 25.313
90.475
89.908
90.358
90.736
90.725
90.712
90.695
90.747
90.764
90.679
90.597
6 96.662
M e x ico
(peso)
5.2607
5.2605
5.1959
5.0407
2
5.0703
28.791
28.451
25.963
23.436
223.439
27.750 55.04
22.122 55.00
19.303 53.33
18.546 253.12
20.538
20 569
20.577
20 581
20.581 237.93
2
2
2
2
2
2
2
2
2
2
2
2
10
u
4434
.4434
4434
. 4 4 3 4
0
0
0
0
0
0
0
0
0
0
0
0
U n i t e d
Year or month
1
1
1
1
1
1
1
1
1
937
938.
939
940
941
942
943
944
945
Portu- Ruma- S o u t h S p a i n
Norway Poland
gal
Africa
nia
(krone) (zloty) (escudo) (leu) ( p o u n d ) ( p e s e t a )
24.840
24.566
23.226
222.709
.. .
18.923
18.860
18.835
2
4.4792
4.4267
4.0375
3.7110
24.0023
1 9 4 5 — A u g
Sept
Oct
Nov
Dec
1946—Jan
Feb
Mar
Apr
May
June
July
84.0501
820.202
20.202 • • • • • • • • 4.0501
4.0501
20.202
4.0501
20.197
4.0501
20.161
4.0501
20.161
.7294 4 8 9 . 6 2
.7325 4 8 4 . 1 6
.7111
2.6896
4
3
3
3
3
3
3
4
9
9
9
9
9
9
0
7
8
8
8
8
9
.
.
.
.
.
.
.
1
9
0
0
0
0
0
7
9
0
0
0
0
5
4
4
4
4
4
4
4
4
4
4
4
4
0
0
0
0
0
0
0
0
0
0
0
0
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
6.053
5.600
10.630
9.322
2
9.130
89.132
9.132
9.132
9.132
9.132
9.132
Straits SweSettle- den
ments
(dollar) (krona)
57.973
56.917
51.73
46.97
47.13
246.91
6
9
3
9
25.487
25.197
23.991
23.802
223.829
«23
23.
23.
23.
23.
1 2
26
8
8
8
8
S w i t z e r l a n d
(franc)
2
2
2
2
2.938
2.871
2.525
2.676
223.210
852 823 363
52 23.363
52 23.363
52 23.363
52 23.363
195 23 363
New
N e t h Zeae r l a n d s
land
(guild(pound)
er)
Japan
(yen)
21.9711
2.0189
2.0189
2 0189
2.0186
1.7822
.8410
.8410
.8410
.8409
.8408
.8409
.8409
China
(yuan
Shanghai)
Export
Italv
(lira)
(pengd)
19.779
19.727
19.238
18.475
219.770
C h i l e
(peso)
C a n a d a
(dollar)
90
90
90
90
90
90
90
90
90
90
90
fi
98.347
2
2
2
2
2
2
2
2
9
2
2
2
H o n g
K o n g
(dollar)
30.69
30.45
27.45
22.95
224.59
B u l g a r i a
(lev)
2403.5
403.5
403.5
403.5
403.5
2
403.5
0
0
0
0
0
0
Controlled
Free
3
3
3
6
9
9
9
9
9
322.16
321.99
322.60
322.70
322.70
322.70
322.70
322.70
322.69
322.67
322.70
322.70
403.02
402.
402.
403.
403.
403.
403.
403.
403.
403.
403.
403.
403.
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
6
4
2
3
3
3
3
3
3
3
3
3
9
9
4
8
7
8
8
8
5
2
7
7
9
4
2
5
5
5
5
5
5
.
.
.
.
.
.
.
.
.
0
3
0
8
8
8
8
8
8
Noncontrolled
Yugoslavia
(dinar)
72
2.3060
2.3115
70
1 1 236.789 2.2716
3 0 37.601 2.2463
3 0 43.380 22.2397
3 0 52.723
3 0 52.855
3 0 53.506
3 0 55.159
7
6
6
6
6
6
6
6
6
494.40
488 94
443.54
383.00
403.18
403.50
2
403.50
2
737.93
37.93
37.93
37.92
37.78
37.78
37.78
37.78
37.78
3
U r u g u a y
(peso)
Kingdom
(pound)
Official
.581
.578
578
.578
.579
.580
.581
.580
.580
.575
.572
.587
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
323.46
5
9
5
8
56.125
56.175
56.282
56.290
56.290
56.290
56.290
56.290
56.290
56.287
56.272
56.272
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
3
Average of daily rates for that part of the year during which quotations were certified.
8
Based on quotations beginning Sept. 24.
4
Official rate abolished as of July 22. Based on quotations through July 19.
5
Based on quotations through July 19 and from July 25-31.
6
Currency revalued on July 5.
7
8
Based on quotations beginning Nov. 2.
Based on quotations beginning Feb. 5.
9
10
Based on quotations beginning Mar. 9.
Based on quotations beginning Mar. 22.
11
Based on quotations through June 12.
12
Currency revalued on July 13.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
SEPTEMBER
1946
1091
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
1926
695
Japan
(October
1900 =
100)
Netherlands
(1926-30
= 100)
237
Italy
(1928 =
100)
Germany
(1913 =
100)
106
134
Switzerland
(July 1914
= 100)
U26
144
1
100
102
114
111
115
146
172
189
196
196
194
96
91
90
90
96
111
107
111
143
184
210
218
223
221
222
223
222
220
65
67
86
427
97
66
75
80
81
86
79
77
79
87
99
103
104
106
67
72
72
75
85
79
75
83
90
96
100
103
104
86
88
89
94
109
101
103
137
153
159
163
166
169
398
376
338
411
581
653
707
93
98
102
104
106
106
107
110
112
114
116
106
106
105
106
105
104
103
104
171
171
170
170
107
104
170
191
219
104
170
190
214
107
108
109
110
111
113
124
1932 . . . .
1933
1934
. .
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1945—j u iy
August
September
October
November
December ..
19 46
»124
100
100
France
(1913 =
100)
Sweden
(1935 =
100)
196
194
191
191
United
Kingdom
(1930 =
100)
Canada
(1926*
100)
105
105
106
108
109
172
172
172
173
173
174
177
184
185
184
184
185
215
213
214
213
213
186
213
107
Tanuarv
February
March
April
May
July
109
»901
161
65
180
178
186
198
238
251
278
311
329
70
63
62
68
76
89
95
99
116
132
63
63
62
64
76
72
74
•88
92
» 90
i 96
1
8
Approximate figure, derived from old index (1913 =100).
Average based on figures for 5 months; no data available since May 1940, when figure was 919.
* Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
Other
Farm
commod- products
ities
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
70
70
73
73
74
81
78
75
82
89
92
93
94
94
88
83
85
87
92
102
97
97
133
146
158
160
158
158
85
87
90
90
96
112
104
106
138
156
160
164
170
175
94
94
94
94
161
161
158
158
Foods
1926
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
48
51
65
79
81
86
69
65
68
82
106
123
123
128
61
61
71
84
82
86
74
70
71
83
100
107
105
106
70
71
78
78
80
85
82
81
83
89
96
97
99
100
48
51
59
64
69
87
74
64
67
71
83
96
103
105
55
57
64
66
71
84
73
67
75
82
90
99
104
106
129
127
124
127
107
106
105
106
100
100
100
100
108
106
104
106
108
109
100
101
106
106
107
107
105
106
130
131
133
135
138
140
157
107
108
109
111
112
113
140
101
101
102
103
104
106
109
107
107
107
108
108
110
1945—July
SeDtember
October
November
December
1046— Tanuarv
March
April
June
J U ly
131
132
IndusIndusAgricul- trial raw trial finand semi- ished
tural
products finished products
products
176
176
176
175
Farm
products
.
Germany
1913=100 >
United K i n g d o m
(1930=100)
Canada
(1926=100}
United States
(1926=100)
106
106
94
94
••107
107
107
108
109
110
95
95
96
99
99
99
129
158
158
157
157
158
159
159
159
161
130
150
91
87
96
102
105
105
106
108
111
112
115
119
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
175
175
180
179
179
180
181
'•181
185
r
p Preliminary.
Revised.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1092
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
(Index numbers]
Year or
month
1934
1935 . . .
1936
1937 . . .
1938
1939
1940
1941
1942
1943 . . .
1944
1945
SwitzUnited
Nether- erKingGerUnited
Canland
dom
lands
many
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100)
1914
= 100)
= 100)
= 100)
1914
= 100)
= 100)
SwitzUnited
GerNether- erKingCanUnited
land
many
lands
dom
ada
States
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
1914
= 100)
= 100)
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
139
133
170
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
215 1945
128
119
203
209
1945-JuIy
August
September.
October.. .
November.
December.
142
141
139
139
140
141
136
136
134
133
134
134
176
172
169
169
169
169
217 1945-JuIy
216
August
216
September.
213
October
210
November.
210
December.
129
129
129
129
129
130
120
121
120
120
120
120
207
205
203
203
203
203
211
210
210
208
207
207
1946-January...
February..
March
April
May
June
July .. .
141
140
133
133
169
169
120
120
203
203
207
206
133
135
138
142
144
169
169
169
169
171
210 1946-January...
February.
208
March
April
May
June
July
130
130
140
142
143
146
166
130
131
132
133
141
120
121
122
124
125
203
203
204
203
205
205
205
206
207
.
94
100
101
105
98
95
97
106
124
138
136
93
95
98
103
104
101
106
116
127
131
131
122
125
130
139
141
141
164
168
161
166
168
118
120
122
122
122
123
128
129
132
134
124
118
120
127
130
130
150
177
191
198
115
114
120
130
130
132
146
175
200
211
215
96
98
99
103
101
99
100
105
117
124
126
..
.
.
..
.
206
206
208
209
96
96
98
101
102
102
106
112
117
118
119
141
143
147
154
156
158
184
199
200
199
201
121
123
125
125
126
126
130
133
137
139
129
128
130
137
137
138
151
174
193
203
208
140
136
U32
137
139
140
154
175
187
195
1
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; an April 1937, p. 373.
id
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(derived
price)i
Common stocks
United
Kingdom
Germany
France
(December (1938 = 100)2 (average
1921=100)
price)8
Netherlands*
United
States
(1935-39
= 100)
(1926 = 100)
United
Kingdom
Germany
France
(1938=100)*
15
87
50
*139
8
402
278
(s)
1939...
1940
1941 . . .
1942
1943
1944
1945
113.8
115.9
117.8
118.3
120 3
120 9
122.1
112.3
118.3
123.8
127.3
127 8
127.5
128.3
114.2
•114.2
•143.4
146.4
146 6
150 5
152.1
99.0
100.7
103.0
«103.3
90.9
7
77.9
84.3
94.7
98 5
94.2
88.1
80.0
69.4
91 9
99 8
121.5
75.9
70.8
72.5
75.3
84 5
88 6
92.4
94.1
114.6
136.8
142.1
145 0
1945—July
August
September. .
October
November. .
December...
122.3
121.7
121.6
121.9
122.0
121.9
128.3
128.3
128.2
128.5
127.8
127.5
151.1
150.6
150.9
150.2
150 3
151.2
118 4
117.9
126.1
132 0
136 9
139.7
93 7
91.4
92.0
93 2
94 5
94.2
360
421
477
467
441
450
1946—January. . . .
February . .
March
April
May
June
123.8
124 5
124.5
124.3
123.7
123 9
124.0
129.1
130 1
129.9
131.7
132.6
132.0
132.2
148 6
148 6
147.5
146.1
147.3
146 3
144 8
143 3
141.8
151.6
154.3
153 2
149.6
95 2
94 9
93 8
95.2
97.6
99 5
99.2
Nether-
lands
(1930 = 100)
433
461
452
448
532
540
Number of issues. .
July
*295
112
«140
•308
479
540
551
453
100
89.7
8
95.0
129.1
131.5
151 0
* 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
Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number
of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295
thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin
de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes
from 8 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior
to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
* Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index
beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent.
6
This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287.
6
Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July.
• Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
SEPTEMBER 1946
1093
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
RONALD RANSOM, Vice Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON,
Assistant to the Chairman
M. KENNEDY, Special Assistant
to the Chairman
Special Adviser
to the Board of Governors
CHESTER MORRILL,
DAVID
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND,
Assistant Secretary
LEO
H. PAULGER, Special Adviser
to the Board of Governors
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF SECURITY LOANS
J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director
DIVISION OF RESEARCH AND STATISTICS
BONNAR BROWN, Assistant Director
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION OF EXAMINATIONS
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
ROBERT F. LEONARD, Director
LISTON P. BETHEA, Director
C. E. CAGLE, Assistant Director
GARDNER
L. BOOTHE, II, Assistant Director
FEDERAL
ADVISORY COUNCIL
FEDERAL
OPEN MARKET COMMITTEE
S. ECCLES, Chairman
SPROUL, Vice Chairman
MARRINER
ALLAN
IRA CLERK
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
A. L. M. WIGGINS,
RICHMOND DISTRICT
M. S. SZYMCZAK
VACANCY,
ATLANTA DISTRICT
JAMES K. VARDAMAN, JR.
EDWARD E. BROWN,
CHICAGO DISTRICT
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
W. S. MCLARIN, JR.
RONALD RANSOM
C. S. YOUNG
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
E. A. KINCAID, Associate Economist
JOHN K.- LANGUM, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
CHESTER MORRILL,
1094
President
JAMES H. PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED H . WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Deputy Chairman
Bank of
President
First Vice President
Boston
Laurence F. Whittemore
William Willett
Allan Sproul
L. R. Rounds
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
New York
Vice Presidents
E. G. Hult
J. C. Hunter2
E. 0. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
E. C. Hill
Wm. G. McCreedy
Philadelphia.... Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
Atlanta
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
Malcolm H. Bryan
Carl B. Pitman
0. A. Schlaikjer
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
C. A. Mcllhenny 1
Philip M. Poorman
C. A. Sienkiewicz
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
C. B. Strathy
Edw. A. Wayne
V. K. Bowman
L. M. Clark
Allan M. Black'
Neil B. Dawes
J. H. Dillard
E. C. Harris
H. F. Conniff
S. P. Schuessler
Chicago
C. S. Young
John K. Langum
0. J. Netterstrom
Charles B. Dunn
A. L. Olson
Alfred T. Sihler
St. Louis
0. M. Attebery
William B, Pollard
Russell L. Dearmont
Chester C. Davis
C. A. Schacht
A. F. Bailey
F. Guy Hitt
Douglas W. Brooks
William H. Stead
Wm. E. Peterson
C. M. Stewart
Minneapolis.... Roger B. Shepard
E. W. Swanson
J. N. Peyton
H. G. McConnell
Sigurd Ueland
A. W. Mills'
0. S. Powell
W. D. Cochran
Harry I. Ziemer
Otis R. Preston
Kansas C i t y . . . . Robert B. Caldwell
Delos C. Johns
0. P. Cordill
H. G. Leedy
John Phillips, Jr.
Henry 0. Koppang L. H. Earhart
Robert L. Mehornay
G. H. Pipkin
C. 0. Hardy
D. W. Woolley*
Dallas
W. E. Eagle
E. B. Austin3
J. R. Parten
R. R. Gilbert
W. H. Holloway
R. B. Coleman
W. D. Gentry
R. B. Anderson
Watrous H. Irons
H. R. DeMoss
L. G. Pondrom
H. F. Slade
J. M. Leisner8
Ira Clerk
Henry F. Grady
San Francisco...
H. N. Mangels
W. F. Volberg
C. E. Earhart
Harry R. Wellman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Buffalo
New York
Federal Reserve
Bank of
Chief Officer
I. B. Smith*
Minneapolis. . . . Helena
Kansas City... . Denver
Oklahoma City
Omaha
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin6
Richmond
Baltimore
Charlotte
W. R. Milford*
W. T. Clements*
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
Chicago
Detroit
E. C. Harris6
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey1 6
C. A. Schacht
William B. Pollard6
Also Federal Reserve Agent.
SEPTEMBER
1946
R. E. Towle*
G. H. Pipkin6
0. P. Cordill6 6
L. H. Earhart
6
Cleveland
1
Chief Officer
Branch
* Cashier.
8
W. E. Eagle6 1
L. G. Pondrom
W. H. Holloway*
El Paso
Houston
San Antonio
Dallas
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier. -
4
Managing Director.
6
Vice President.
1095
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
^.•••'
OCTOBER I. 1945
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM:
@FedFRASER