Full text of Federal Reserve Bulletin : September 1947
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FEDERAL
ESERVE
BULLETIN
SEPTEMBER 1947
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
The British Crisis
1071-1082
Sterling in Multilateral Trade, by J. Burke Knapp and F. M. Tamagna.
1083-1090
Financial Position of Manufacturing and Trade in Relation to Size and Profitabilty, 1946, by Albert R. Koch and Charles H. Schmidt.
1091-1102
Estimated Liquid Asset Holdings of Individuals and Businesses.
1103-1104
Revision of National Income and Product Statistics
1105-1114
Law Department:
Common Trust Funds—Operation of Investment Trust.
Current Events and Announcements
1115
1116
National Summary of Business Conditions.
1117-1118
Financial, Industrial, Commercial Statistics, U. S. (See p. 1119 for list of tables)
1119-1175
International Financial Statistics (See p. 1176 for list of tables).
1176-1193
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
1194
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
1195
Federal Reserve Publications
1196-1197
Map of Federal Reserve Districts
1198
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September
VOLUME 33
1947
NUMBER 9
THE BRITISH CRISIS
With rapid exhaustion of the 3,750 million
dollar credit from the United States providing an unmistakable storm warning for the
United Kingdom, Prime Minister Attlee on
August 6 delivered a major address before
the British Parliament outlining his Government's plans for dealing with the crisis. He
called upon the British people to make still
further sacrifices and greater efforts in a new
Battle of Britain—an economic battle which
could not be won by the few but would demand the united effort of the whole nation.
Mr. Attlee's recovery program, as developed in subsequent speeches and announcements by other Ministers, attacks the fundamental weakness of the British economy,
namely, the fact that demands upon its productive capacity have tended far to outrun
the volume of available output. The adverse
balance of trade which has led to such rapid
consumption of British external reserves is
but one aspect of the general disequilibrium.
Mr. Attlee has bluntly reminded the British
people that the eventual remedy can lie only
in an increased volume of production or in
an inexorable reduction in living standards.
It is too early to appraise the probable efficacy of the Attlee recovery program. The
major readjustments in the British economy
which are contemplated can only be accomplished with time, concentration, and resolution. As one means of buying time, the
British Government, after consultation with
SEPTEMBER
1947
the United States Government, has taken
drastic action to conserve its remaining external reserves to meet the most essential
import requirements. On August 20, following an exchange of letters by the British
Chancellor of the Exchequer and the Secretary of the Treasury, the United Kingdom
suspended the automatic convertibility into
dollars of pounds sterling held by a large
number of foreign countries. Consultations
are proceeding between the two governments
with a view to examining the extent to which
the new situation demands further restrictive
measures in the area of British exchange and
trade policies.
THE BRITISH BALANCE OF PAYMENTS,
1946-47
In 1946, the deficit in the United Kingdom's current balance of payments, amounting to 1,600 million dollars, was much more
moderate than had been anticipated. British
exports expanded rapidly during the year,
and during the last quarter reached 111 per
cent of 1938 volume as compared to only 56
per cent in the last quarter of 1945. (See
chart on page 1072.) For the year as a whole,
receipts from exports totaled 3,560 million
dollars. The volume of imports increased
during the same period from 53 to 72 per
cent of the 1938 level, further expansion
being restrained both by deliberate governmental action and by world shortages of food
and raw materials. Payments for imports
1071
T H E BRITISH CRISIS
amounted to 4,440 million dollars in 1946,
and the merchandise deficit to no more than
880 million dollars. This deficit was reduced
to only 400 million dollars after allowance
for net British earnings from shipping, interest and dividends, and other ordinary invisible items in the balance of payments.
However, government expenditures overseas, including contributions to relief programs and to maintenance of the British zone
of occupation in Germany, exceeded government receipts from abroad by no less than
1,200 million dollars.
In February 1947, before the full effects of
the winter fuel crisis were appreciated, the
British Government released a tentative estimate of the current account balance of payments for 1947 in the following terms:
imports had reached an annual rate of
around 6,600 million dollars (in f.o.b. terms)
during May and June, the Government presented a new import estimate of approxiVOLUME OF EXTERNAL TRADE
OF THE UNITED KINGDOM ^
1938
•
100
QUARTERLY
-
i
LONG
: R A N G E TARGET FOR EXPORTS
-
-
-
-
^ ^
LONG-RANGE TARGET FOR
IMPC
EXPORT INDEX
RTS
1/
-
IMPORT INDEX
VAL
(IN MIL
PAYMENTS
RECEIPTS
[Millions of dollars]
1
.. 5,800 Exports and re-exports . 4 ,800
Imports *
Net invisible income . . . 300
Net government ex1 ,400
700 Deficit
penditure abroad.. .
6 ,500
6,500
1
In British balance of payments statistics, the import and
export figures represent actual payments for imports and receipts
from exports rather than the physical flow of goods. Imports
are valued f.o.b. foreign ports, i.e. at the cost in the foreign
country, excluding ocean transportation and insurance charges.
RET
JES
IN
BASE YEAR,
"
.
,
,
1938
~
LIONS OF POUNDS STERLING):
MNED IMPORTS
EXPi ORTS OF U K
-
858
MOSE - 4 7 1
1
1
Exports of United Kingdom merchandise; retained imports.
SOURCE.—Board of Trade Journal.
mately 6,800 million dollars for the twelvemonth period beginning in July. O n July 8,
Mr.
Herbert Morrison stated in Parliament
At the time this estimate was made, it was
anticipated that United Kingdom exports that on the basis of this revised import esticould be raised to 140 per cent of the 1938 mate the balance of payments deficit for the
volume by the end of 1947. This objective year ending June 1948 was expected to be on
was modified, however, in the light of the the order of 1,800 million dollars.
It is apparent, however, that the first half
midwinter industrial stoppage caused by the
of
1947 and succeeding months has been
fuel and transportation crisis. An official
spokesman for the Government announced a period of unusual strain. In addressing
in June that exports could not be expected to Parliament on August 6, Mr. Attlee declared
reach the indicated level until the middle of that the deficit had risen from 1,600 million
dollars in 1946 to an annual rate of no less
1948.
On the import side it is probable that the than 2,800 million in the first half of 1947.
forecast gave insufficient weight to the effect In six months the deficit was as large as that
of the rapid rise in world prices which com- forecast in February for the year as a whole.
menced during the last half of 1946 and Detailed data concerning this deficit have
which had not been fully reflected in British not yet been published, but it is clear that
import figures by the turn of the year. After exports were lower while imports and gov1072
FEDERAL RESERVE BULLETIN
THE BRITISH CRISIS
ernment expenditures abroad were higher
than had been anticipated.
During the first half of 1947, exports and
re-exports amounted to only 102 per cent
of the 1938 level in volume terms, a disappointing contrast to the 111 per cent rate
reached in the last quarter of 1946. (See
chart on page 1072). The volume of imports
declined to only 67 per cent of 1938 during
the first quarter, but in the second quarter
reached a postwar high of 77 per cent, while
the index of import prices, as shown in the
table on page 1075, was registering marked
advances. Published British trade statistics
(adjusted for ship purchases) indicate a merchandise deficit of about 800 million dollars
in the first half of the year; however, in
view of Mr. Attlee's figure for the total
current account deficit (calculated on the
basis of actual payments) it is clear that the
excess of cash payments for imports over
cash receipts from exports must have been
substantially higher. This indicates a shift
in the timing of trade payments—slower
collections on exports and demands for
prompter payments on imports—which is
characteristic of countries encountering financial difficulties, and which, of course,
accentuates those difficulties. At the same
time it may be presumed that overseas government expenditures were higher than anticipated, especially in connection with supplies for the combined United States-United
m Kingdom zones of Germany, the cost of
which is now being shared equally between
the occupying powers.
FINANCING THE DEFICIT
In 1946 only about half of the current
account deficit had to be financed from gold
and dollar resources: 600 million was drawn
on the United States credit, and 540 million
on the Canadian credit, but since the United
SEPTEMBER
1947
Kingdom added 240 million to its gold and
dollar holdings and repaid nearly 100 million
of debts to the United States and Canada,
the net dollar drain on current account
amounted to only about 800 million dollars.
The remaining half of the 1,600 million
dollar current account deficit was covered
by net capital transactions with other countries, mainly in the form of an increase in
sterling balances held for foreign account
in London.
The net drain on gold and dollar resources accelerated during the year, however,
and amounted to as much as 369 million
in the last quarter alone. This acceleration
continued into 1947, as shown by the following figures, in millions of dollars, cited by
Chancellor Dalton in his report to the British Parliament: January 137; February 224;
March 323; April 307; May 334; and June
308. The net drain in the first half of 1947
totaled 1,633 million dollars, or double the
figure for the whole of the preceding year.
As may be seen from the accompanying
table, the bulk of this amount, 1,450 million
dollars, was provided by drafts upon the
United States credit, the remainder being
covered from the Canadian credit.1
Since the net dollar drain in the first half
of 1947 amounted to 1,633 million, while
the current account deficit was 1,400 million,
it is apparent that Britain's capital transactions with third countries, instead of providing net additional financing as in 1946,
must have caused a net loss of over 200
million dollars in the first half of this year.
This capital outflow was, of course, the resultant of a great variety of operations between the United Kingdom and other countries, including increases and decreases in
1
British gold and dollar reserves declined some 200 million
dollars during this period, but this may be offset against a gold
contribution of similar size to the International Monetary Fund
in February 1947, a payment not covered by Chancellor Dalton's
statement.
1073
THE BRITISH CRISIS
sterling balances held by foreign countries,
sale of British overseas investments in some
countries and the building up of new ones
in others, and repayment of debts to and
from the United Kingdom. Undoubtedly,
however, one important source of capital
outflow was the utilization of sterling funds
which the British had released to a large
number of countries out of their old accumulated balances. To the extent such
sterling was converted into dollars, there
was obviously a direct increase in the drain
on British gold and dollar resources. But
even if it was used to pay for British exports,
the same result followed indirectly since such
exports did not yield a return in goods or
in currencies which could be spent for goods.
U N I T E D KINGDOM DRAWINGS ON THE U N I T E D STATES CREDIT
[Millions of dollars]
Monthly
Year and month
1946—j u iy
August
September
October
November
December
Cumulative
300
100
400
200
....
600
200
100
200
1,100
June....
450
200
300
2,050
July
August
700
600
1947—January
February....
March
April
May
Amount remaining.
....
3,350
400
It is likely that this factor continued to
play an important role in the exceptionally
heavy net dollar drain which occurred in
the weeks following the midyear date. In
the month of July this drain amounted to
538 million dollars, according to Chancellor
Dalton, and it reached an even higher rate
during the first half of August. On August
20, following consultations with the United
States Government, emergency measures
were taken in London to check the drain
1074
through suspension of automatic convertibility for pounds sterling held by a large number of foreign countries. But during July
and August a total of 1,300 million dollars had to be drawn on the United States
credit, which continued to bear the brunt
of the dollar drain, reducing the unutilized
balance of this credit to only 400 million
dollars. Other liquid dollar assets held by
the British Government on September 1
consisted of an undrawn balance of about
450 million dollars on the Canadian credit
and about 2,400 million dollars of gold and
dollar reserves.
FACTORS IN THE DOLLAR CRISIS
While full details concerning recent developments in the British balance of payments have not yet been published, it is
possible to draw the following conclusions
from available evidence:
1. T h e results for the year 1946 as a whole
were, at least superficially, very reassuring.
T h e United Kingdom's resort to its gold
and dollar resources, including the United
States and Canadian lines of credit, was far
less than had been expected in 1945, thanks
mainly to an extraordinary recovery in British exports. Toward the end of the year,
however, there was a disturbing increase in
the net dollar drain, due in large measure
to rising prices of imports, especially those
from the Western Hemisphere.
2. In the first half of 1947, there was a .
sharp increase in the current balance-of-payments deficit. T h e important contributing
factors were:
(a) Further substantial increases in import prices, reflecting in large part developments in the United States. It is true that
British export prices have risen almost as
fast (see table on page 1075). However,
since imports greatly exceed exports, a genFEDERAL RESERVE BULLETIN
THE BRITISH CRISIS
eral increase in prices results in an accelerated
drain on reserves.
(b) A serious setback in the British export
drive due to the winter fuel crisis. The
cost of the resulting industrial stoppages in
terms of exports has been estimated by
Chancellor Dalton at 800 million dollars.
(c) The apparent failure of government
overseas expenditures to decline as much as
position as a whole suffered during this
period from net capital withdrawals of over
200 million dollars by countries other than
the United States and Canada.
These striking developments in the relations of other countries with the United
Kingdom reflected in almost every case the
so-called "world dollar shortage," arising out
of the desire by foreign countries to purchase
INDEXES OF IMPORT AND EXPORT PRICES IN THE UNITED KINGDOM
[1938 = 100]
Export prices
Import prices
Total
Food,
drink, and
tobacco
Raw
materials
and
semimanufactures
1946—Jan.-Mar
Apr .-June
July-Sept
Oct.-Dec
199
201
206
217
200
201
204
216
1947—Jan.-Mar
Apr.-May
226
238
224
231
Period
Manufactures
Total
Metal
goods
Textiles
Other
216
219
224
231
177 •
181
191
202
190
195
199
207
173
178
181
188
244
254
265
273
190
192
194
199
242
261
211
228
215
223
195
202
287
299
207
216
SOURCE.—Monthly Digest of Statistics (United Kingdom Central Statistical Office).
expected, due in large part to the continuing
heavy costs of supporting the German
economy.
3. The deterioration in the current account position might still have been supportable if countries other than the United
States had been able to contribute as in 1946
to financing the British deficit. If Canada
had been in a position to finance its entire
export surplus to the United Kingdom, and
if other countries, in their net capital transactions with the United Kingdom, had been
able to provide even the same amount of
assistance to the United Kingdom as in 1946,
the drafts on the United States credit in the
first half of 1947 would have been only
about 600 million instead of 1,450 million
dollars. But in fact, the United Kingdom
found it necessary to pay Canada 220 million
United States dollars in the first half of 1947;
and, as noted previously, the British dollar
SEPTEMBER
1947
more goods and services in the United States
than they could pay for with existing dollar
financing facilities. The reason, for example, that Canada has found it necessary
to restrict British drafts upon the Canadian
line of credit and to ask payment in United
States dollars for half of its net exports to
the United Kingdom is that Canada itself
has needed the funds to meet its net dollar
deficit in transactions with the United States.
Similarly other countries which might have
built up additional sterling balances in
London, thereby in effect extending credit
to the United Kingdom, were apparently
obliged to call upon their sterling earnings
(and upon amounts released from old sterling balances) in order to finance their payments to the United States. There are some
indications that certain countries may have
reduced their imports from the United Kingdom in order to maximize their earnings
1075
THE BRITISH CRISIS
of convertible sterling. Utilization of old
sterling balances was facilitated by the
gradual relaxation of British exchange restrictions, which restored free convertibility
to large amounts of sterling well before the
July 15, 1947, deadline fixed in the AngloAmerican Financial Agreement.2
THE RECOVERY PROGRAM IN FOREIGN TRADE
Prime Minister Attlee's speech in the
House of Commons on August 6 and
subsequent addresses by other members
of the British Government have outlined
the measures deemed necessary to surmount
the present crisis. While some of these measures have a specifically international character, others will involve major readjustments
in the domestic economy. The current
British crisis is widely referred to as the
"battle of the balance of payments"; but more
fundamentally it is a battle for greater production and for more economic utilization
of human and material resources.
Because of the extent to which the British
economy is dependent upon imports for basic
foodstuffs and raw materials, only a limited
reduction in the trade deficit can be
attained by curtailing purchases abroad. The
first two columns of the accompanying table
show import schedules announced by the
British Government early this year and at
midyear. There were minor changes in
quantities but most of the increased cost of
the later program is attributable to rising
prices.
On August 16, however, Mr. Attlee announced a reduction in the import program, the general effects of which are estimated in the third column of the table. The
major change results from a decision to re2
An accompanying article (see pp. 1083-90) describes the obligations undertaken by the United Kingdom in the AngloAmerican Financial Agreement with regard to the free availability of sterling, and the measures which have been taken to
implement these obligations.
1076
duce food imports from "hard currency"
countries by 580 million dollars a year, to
be compensated so far as possible by increased purchases in "soft currency" areas
where payment in dollars is not required.
For the purposes of the table below, it
is assumed that as a result of such shifts
the net reduction in British food imports
will be limited to 260 million dollars, or 8
per cent of the earlier program. The Government has announced that the weekly
meat ration will be reduced to one shilling's
worth per person (approximately 20 cents),
and that food supplies for restaurants will
be cut from 15 to 18 per cent. Specific
import cuts of modest proportions were announced by Mr. Attlee for lumber (40 million dollars per year), petroleum products
(16 million dollars), and miscellaneous luxuries (20 million dollars). In addition, he
suggested the temporary suspension of cotton purchases since British cotton stocks now
exceed a year's supply at the current rate of
consumption.
U N I T E D KINGDOM IMPORT PROGRAMS
[Millions of dollars—f. o. b.]
Official
program
Commodities
for
calendar
year 19471
Food and supplies for agriculture
Raw materials and supplies
for industry
Machinery and equipment
(including ships)
Petroleum products (including requirements for conversion from coal to oil)....
Tobacco
Consumer goods
Film remittances
Total
Rough
estimate
Official
program for twelve
months
for year
based on
ending
Attlee
June 19482
program
2,900
3,360
3,100
2,100
2,560
2,400
240
220
220
220
200
140
72
320
160
120
60
300
160
100
20
5,872
6,800
6,300
1
Estimate as of February 1947 from the Economic Survey
for2 1947 (Command Paper 7046).
Estimate as of July 3, 1947 (Hansard, July 3, Col. 1518).
Additional savings in British international
expenditures will be effected by a sharp reFEDERAL RESERVE BULLETIN
THE BRITISH CRISIS
duction in foreign exchange allotments to
British travelers, and by a very heavy increase in import duties on foreign films
aimed at restricting remittances on such films
to no more than 25 per cent of their total
earnings. Mr. Attlee also announced that
the British could not continue to spend dollars on supplies for the German economy,
and that other arrangements for financing
German requirements would have to be
made when the present Anglo-American
Agreement on this subject is reviewed in
the near future.
The main emphasis of the Attlee program
falls necessarily upon an expansion of exports through greater production and continued restraint upon the volume of domestic consumption of home-produced
goods. The British Government long since
announced its aim to raise the volume of
exports to 175 per cent of the 1938 level,
and the rapid increase in exports in 1946
may be attributed largely to deliberate government policy. Industries producing for
export have been granted preferred treatment in the distribution of scarce supplies
of raw materials, in the allocation of space
in government controlled factories, and—
where possible—in handling their financial
problems. Public funds have been appropriated in support of BETRO, the British
Export Trade Research Organization created
by private industry. All of these efforts
will presumably be intensified.
At the same time, home demand is being
held in check by maintenance of high purchase taxes, ranging up to 100 per cent of
wholesale prices, on automobiles and other
luxuries and semiluxuries, and publicity
campaigns are being conducted to explain
the importance of the export drive to the
British consumer. Continued rationing of
apparel and household linens permits subSEPTEMBER
1947
stantial exports of textiles despite serious
shortages within the domestic economy.
In setting its policies, as Mr. Attlee pointed
out, the British Government has been forced
to weigh constantly two conflicting considerations—the need for protecting the nation's external financial position and the
need for maintaining the strength and morale
of the population. Undoubtedly some margin for additional diversion of consumer's
goods from domestic to foreign markets
still exists and will be exploited; but the
margin is probably small if the productive
efficiency of British workers is to be maintained at a satisfactory level. In short, the
necessary expansion of exports in the medium
and longer term will require a substantial
increase in the total production of marketable goods.
In the meanwhile, however, the British
have directed their attention to the possibilities of improving their international trade
position, at least in the short run, by adopting
more rigorous trade and exchange regulations than were contemplated by the terms
of the Anglo-American Financial Agreement
under which the 3,750 million dollar credit
was extended by the United States. The
British Government initiated consultations
with the United States Government concerning these matters on August 18. An immediate result wTas the British order of
August 20 temporarily suspending the automatic convertibility into dollars of sterling
held by a number of foreign countries. On
this and other relevant matters, consultations
are continuing.
The clauses in the Anglo-American Financial Agreement in which relaxation is
of special interest to the British are those
requiring that sterling earned by foreign
suppliers of the British market (or released
from old accumulated balances) must be
1077
THE BRITISH CRISIS
made freely available for payments to the
dollar area, and the one committing the
United Kingdom (with certain exceptions)
to grant nondiscriminatory treatment to
United States products in the administration of its quantitative import controls.
Through exchange restrictions on the convertibility of sterling, through selective trade
practices, or through a combination of the
two, the British believe that they might be
able to maintain a higher level of imports,
with a smaller use of dollars, than could
otherwise be afforded during the forthcoming difficult period.
Since the subject of possible relaxations
in the Anglo-American Agreement is currently under negotiation between the two
governments, and since the form which
British action might take if appropriate relaxations were granted has not yet been
determined, it would be premature to attempt a detailed analysis of these questions.
In general, however, it may be suggested
that the British might check the drain on
dollars temporarily without cutting imports
if they were free and able: (1) to shift the
source of imports from the dollar area to
other areas, and (2) to restrict the extent
to which imports from other areas necessitate an indirect dollar outlay. T h e mere
shifting of import sources would not bring
substantial advantages so long as imports
from other areas had to be paid for in
sterling which would be freely convertible
into dollars. But with freedom to apply
both trade discrimination and exchange restrictions, imports might be obtained from
other areas on credit terms (e.g. against
payment in inconvertible sterling balances)
or in exchange for British goods which
would not otherwise have been exportable.
World-wide shortages, however, tend to
limit the extent to which such arrangements
1078
are feasible. Countries outside the dollar
area may not be able to supply the goods
which the British need, or even if they can,
they may be able, in the present sellers' market, to resist furnishing them on credit
terms. O n the other hand, the United Kingdom's ability to deliver goods in exchange
for the imports it receives is limited by its
physical capacity to produce for export. In
short, while trade and exchange restrictions
may provide a palliative—possibly an indispensable palliative in the United Kingdom's
present straitened circumstances—they do
not appear to offer great promise for amelioration of the British import problem in the
current world market situation.
T H E PRODUCTION PROGRAM
More fundamental adjustments to existing
economic problems may be obtained through
greater domestic production. N e w targets
for output of deep-mined coal and steel are
among the first specific indications of the
Government's program for increasing production. For mined coal the aim is an
average weekly output of 4 million tons between September 1 and April 30 of next year,
representing an increase of 6 per cent over
the same period for last year. With 10-12
million tons annual production of open-cast
(strip-mined) coal, this might yield a total
output of 215 million tons in 1948 as compared with less than 200 million tons this
year. Even as moderate an improvement as
this in the coal supplies of the nation could
provide an important stimulus to industrial
production and might also permit expansion
of coal exports on a limited scale.
The target for steel production during
the winter months has been set at an annual
rate of 13.5 million ingot tons as compared
with the total of 12.5 million tons expected in
the current calendar year. Even though the
FEDERAL RESERVE BULLETIN
THE BRITISH CRISIS
present level of production is above the average for the immediate prewar years, the
deficiency in steel supplies during 1946 has
been estimated at 2 million tons. As a result of heavy domestic demand from warexpanded metal-working industries, now
leading the United Kingdom export drive,
and from the building trades, the steel industry has become the second most troublesome bottleneck in the British recovery program. Imports of semifinished and finished
steel, which provided well over 1,250,000
tons in 1937, fell to less than 400,000 tons
in 1946 and showed little increase in the first
half of 1947. A British steel delegation has
recently returned from the United States
after failing to place the desired volume of
orders for steel in this market, and steel
cannot be obtained from prewar Continental
suppliers. Further expansion of domestic
production depends primarily on larger supplies of coal and coke and on uninterrupted
and efficient transport services. The transport industries are affected in turn by the
shortage of steel, and there appears to be
danger of a transportation crisis in the
coming winter as a result of accumulated
under-maintenance of equipment and other
factors. Mr. Attlee suggested that a schedule
of priorities for rail transport was under
study by the Government.
Shortages of these and other basic materials and services (e.g. lumber and electric
power) contribute to dislocations, stoppages, and less than maximum productivity
throughout British industry to an extent
which cannot be accurately appraised. The
fact is, however, that the British economy is
running on very narrow margins, with each
operation tightly geared to the next and
without the flexibility created by ample
working stocks and inventories. As a result, if a single important cog in the producSEPTEMBER
1947
tive system slows down temporarily—essentially this is what happened during last
winter's fuel and transportation crisis—the
whole machine is affected. In view of world
shortages of many of the most critical supplies required for an industrial economy,
however, this situation could not be fully
remedied in the near future even if Britain
could afford to import for restocking purposes.
ADJUSTMENTS IN LABOR AND AGRICULTURE
As fuel and material supplies are increased,
it will be possible to employ a larger labor
force in many critical industries now working well below capacity. (The table below
shows the distribution of the labor force of
Great Britain at the end of April 1947.)
Meanwhile, an immediate increase in the
number of workers engaged in coal mining,
textile production, and agriculture is among
the goals set by the Government. In the
longer run, an increase of no less than 100,000
agricultural workers is planned in order to
permit the 20 per cent expansion in domestic
agricultural production discussed below.
DISTRIBUTION OF MANPOWER IN GREAT BRITAIN AT E N D OF
APRIL
1947 1
[In thousands]
Coal industry
.
750
Public utilities and transport
1,643
Agriculture and fishing
1,077
Building and civil engineering
1,280
Building materials and equipment
632
Metals and engineering. . . .
2,817
Textiles and clothing
1,443
Food, drink, tobacco
603
Chemicals
327
Other manufacturing industries
1,286
Distribution
2,312
Other consumer
services
2 ,024
Public service 2
2,145
Total in civil employment. .
18,33'>
Armed forces and auxiliary services.
1,371
Total in employment
19,710
Demobilized men and women not yet in employment...
115
Insured unemployed
.*
385
Total working population
20,210
1
Males 14-64; females 14-59. Excludes private domestic servants and prisoner of war labor. Note that "Great Britain" does
not2 include Northern Ireland.
National and local government, including post office workers,
teachers, police and fire services.
SOURCE.—Hansard, July 1, 1947, Col. 143.
1079
THE BRITISH CRISIS
Important net additions to the labor force
can only be obtained through reductions in
the personnel of the armed services or
through re-entry into the labor market of a
large number of women workers; recruitment of foreign labor for work in the United
Kingdom has proved disappointingly small.
Some 200,000 men are now scheduled to be
released from British overseas forces by the
end of March 1948 in an accelerated program
designed both to reduce foreign defense expenditure and to expand the domestic labor
supply. However, the effect of this addition
will be offset in large part by the steady repatriation of German prisoners of war; as
of mid-1947, more than 250,000 German
prisoners remained in the United Kingdom,
of whom 127,000 were engaged in food production and 46,000 in housing construction
and miscellaneous work of value to the
British economy.
In June 1947, Labor Minister Isaacs
launched a new campaign to increase the
supply of female labor for industry and indicated that more than 300,000 vacancies
existed for women and girls, especially in
the textile industry. Thus far the response
appears to have been meager, although over
a million fewer women were employed in
industry at the end of May than at the high
point of the war effort.
A further large potential source of labor
for manufacturing industry appears to lie
in the building trades, which now employ
more men than ever before. If a large proportion of the proposed 20 per cent reduction
in timber imports is concentrated in the field
of building materials, a substantial shift of
manpower from the building trades to export industries may result. Rapid improvement in British housing, involving both repair of war-damaged buildings and erection
of new dwellings, has been a major aim of
1080
the Labor Government, but both Mr. Attlee
and Mr. Dalton emphasized that capital developments not making an immediate contribution to the export drive would have to
be postponed.
A lengthening of working hours in coal
mining, transport, and other basic industries
upon which the United Kingdom's industrial economy depends has been proposed by
the Government and accepted in principle
by the trade unions. In addition, the Control of Engagement Order, application of
which had been discontinued except for coal
mining, building, and agriculture, will be
reimposed, giving the Government power
to prevent the loss of manpower from essential industries and more limited powers
to direct unemployed workers into the most
essential industries. It appears at the time of
writing that the powerful Trades Union
Congress, meeting in early September, will
support adoption of still wider governmental
powers for the direction of labor.
Finally, Mr. Attlee announced a major
long-range project for British agriculture
aimed not at expanding exports but at economizing on imports, mainly of meat and
dairy products. This program calls for the
further expansion of British food production, which had already been greatly stimulated during the war period, by some 400
million dollars or 20 per cent by 1951-1952.
While at present prices this would save 400
million dollars of food imports, a survey
presented to Parliament in March of this
year concluded that an expansion of this
magnitude in the output of British agriculture might require increased imports, mainly
of animal feedstuffs, to the value of some
300 million dollars annually. Hence, the
net saving on imports through such a program may be moderate. Mr. T o m Williams, British Minister of Agriculture, has
FEDERAL RESERVE BULLETIN
T H E BRITISH CRISIS
subsequently announced an increase in
acreage subsidies and in the guaranteed
prices for farm products designed to stimulate domestic production of livestock and
dairy products; he also announced a plan
for turning over 400,000 acres to the growing
of flaxseed. These measures will not necessarily lead to a long-term decline in the
quantity of British food imports; the increase in home production may be matched
by the increased food requirements of the
growing British population and by the
generally higher level of per capita consumption which will need to remain a major
long-run objective.
SAVINGS AND THE PROBLEM OF INCENTIVES
Successful application of the most recent
program of increased production and reduced consumption will intensify the state
of "suppressed inflation" which already
characterizes the British economy. Throughout the war and postwar period, disposable
consumer income after taxes has been far
greater than the volume of goods available
for the British consuming public, despite a
substantial import surplus. The price and
wage structure has been held in line through
large government food subsidies and strict
controls upon the distribution of basic essentials with the result that excess purchasing power has been dammed up in the form
of more or less involuntary accumulations
of liquid assets.
As long as the war continued, patriotic
motives constantly stimulated the highest
levels of individual effort and ready acceptance of the necessity for deferring immediate consumption. Since the end of the
war, however, these motives have been less
compelling, while the accumulated savings
of the war period apparently represent
for some holders the maximum desired reSEPTEMBER
1947
serves, and for others a fund of liquid resources to be spent at the earliest opportunity. Under these circumstances, the small
additional increase in earnings attainable
through overtime work or through employment in the essential but less agreeable undertakings such as mining and foundry work
do not provide workers much incentive for
additional effort or for changing jobs. The
general effect of suppressed inflation on the
morale of the British people in the present
emergency is suggested by the following
passage from the London Economist of August 9:
The community is faced with the necessity for
the most bitter economy of its resources; but fewer
of its individuals have a personal economic problem
to face than ever before . . . . Of course they do not
react to a national emergency that is something
they read about in the papers and do not experience
in their own lives.
Unless the hard exigencies of the new economic Battle of Britain can be brought home
convincingly to the mass of consumers, they
will be inclined to spend a high proportion
of their incomes, and even to draw upon
wartime savings, in order to satisfy long
deferred demands.
The British Government's budget for current expenditures is now roughly in balance
and therefore does not contribute to the
inflationary pressures. On the other hand,
estimated public and private capital expenditures in excess of depreciation allowances
are equivalent to about one-eighth of the
national income. There appears considerable
reason to doubt that the public will voluntarily supply a flow of investment funds
sufficient to finance these capital expenditures, even if some of the less immediately
essential projects are sacrificed (as the Government has clearly indicated will be necessary, especially in the field of housing).
If investment funds are not forthcoming,
1081
T H E BRITISH CRISIS
resort must be had to further credit expansion and further increases in the already
swollen money supply.
In such circumstances, there may continue
to be great and even mounting pressure
upon the price and rationing controls, which
must be rigorously maintained if the scarce
supply of goods available for consumption
is to be distributed equitably and efficiently.
At the same time high prices for uncontrolled
consumer goods and services will continue
to induce the diversion of productive resources into nonessential uses. A breakdown
of price and wage controls would lead to an
upward spiral in the British cost structure,
which might require major domestic and
international readjustments. It is equally apparent that productive resources need to be
channelled even more strictly toward the
meeting of essential needs.
It is possible that attempts may be made
to lessen the inflationary pressure through
higher taxes, higher interest rates, a reduc-
1082
tion in government subsidies and other expenditures, or through some system of compulsory saving. However, aside from the
technical and political difficulties of such
remedies, it should be noted that tax rates
are already so high that they are commonly
alleged to be a serious deterrent to effort
and output (the income tax rate is double
that imposed by the Federal Government in
the United States on incomes up to $5,000).
It would appear, therefore, that means must
be found to invoke continued voluntary
discipline on the part of the British public
in the use of its excess purchasing power.
Whatever measures of external assistance
may be devised, a spirit of self-discipline at
home appears to be essential to the solution
of British problems within the framework
of democratic institutions. In view of the
importance of British recovery to the United
States and the rest of the world, it is reassuring that this quality has long been a notable
characteristic of the British people.
FEDERAL RESERVE BULLETIN
STERLING IN MULTILATERAL TRADE
by
J. BURKE KNAPP AND F. M. TAMAGNA
The main body of the following article was prepared to describe the program instituted by the
United Kingdom on July 15, 1947, to ma\e the
pound sterling a freely transferable and convertible
world currency. This program suffered a serious
setback when on August 20, 1947, the United Kingdom Government (following consultation with the
United States Government) found it necessary to
suspend the automatic right which it had granted
to various foreign monetary authorities to exchange
sterling into dollars. However, this action was
stated to be "of an emergency and temporary
nature" and the general obligations and objectives
of the United Kingdom remain unchanged. The
British Chancellor of the Exchequer in a letter ad-
dressed to the Secretary of the Treasury on August
20, stated that:
"The restrictions now contemplated should not
be interpreted as in any degree indicating a modification of H. M. Government's oft-expressed view
as to the desirability of maintaining full and free
convertibility of sterling. As a long-run objective,
such convertibility is an indispensable element in
British financial policy!'
In these circumstances,, it is considered that a
description of the original program remains pertinent, if only to clarify the nature of the departures
which have proved necessary. Notes on the technical changes effected on August 20 have been incorporated in brackets throughout the article.
The Anglo-American Financial Agreement,
signed on December 6, 1945, and ratified on July
15, 1946, provides for the extension by the United
States to the United Kingdom of a line of credit
of 3,750 million dollars and the assumption by the
United Kingdom of certain obligations related to
the development of multilateral trade on a nondiscriminatory basis. In particular, the Financial
Agreement contains specific provisions with respect
to the elimination of exchange restrictions on current transactions and on amounts released from accumulated sterling balances. In general, the provisions relating to current transactions are to remain
in force until December 31, 1951; thereafter, the
rules adopted by the International Monetary Fund
will govern the exchange control practices of all
members of the Fund with respect to such transactions. The provisions relating to releases from
accumulated balances, on the other hand, have no
terminal date.
of accumulated sterling balances. Most of these
obligations were to come into effect one year from
the effective date of the Agreement, i.e. on July 15,
1947, "unless in exceptional cases a later date is
agreed upon after consultation'^ between the two
governments. However, Section 8 (i), relating to
exchange controls on transactions with the United
States, was to take effect immediately upon ratification, i.e. on July 15, 1946, with no provision for
postponement.
1. Section 7 provides that the United Kingdom
should complete arrangements with sterling area
countries for the purpose of making current sterling
receipts freely available for current transactions,
and specifies that:
"immediately after the completion of such arrangements, the sterling receipts2 from current transactions of all sterling area countries . . . will be
freely available for current transactions in any
currency area without discrimination; with the
result that any discrimination arising from the
so-called sterling area dollar pool will be entirely
removed and that each member of the sterling
area will have its current sterling and dollar
receipts2 at its free disposition for current transactions anywhere."
OBLIGATIONS OF UNITED KINGDOM UNDER ANGLOAMERICAN AGREEMENT X
Two sections of the Agreement (7 and 8) deal
with the United Kingdom's obligation to remove
exchange restrictions on current transactions, and
one (Section 10) deals with the United Kingdom's
intentions and obligations concerning the settlement
1
For the full text of the Agreement, see BULLETIN for January 1946, pp. 14-19.
SEPTEMBER
1947
2
Exception is made in the Agreement for "any receipts arising out of military expenditure by the Government of the
United Kingdom prior to Dec. 31, 1948, to the extent to which
they are treated by agreement with the countries concerned
on the same basis as the balances accumulated during the
war." So far as is known, no use has been made of this permitted exception.
1083
STERLING IN MULTILATERAL TRADE
It should be noted that this section provides
merely that sterling receipts of sterling area countries from current transactions will be freely available to them for current transactions in any currency area. It does not require that the British abstain from controlling the amount of such receipts
through restrictions on sterling payments by British
residents to sterling area countries on current transactions, nor does it require that such receipts be
freely available to sterling area countries for capital
transactions in any currency area.
2. Section 8 (i) provides that the United Kingdom:
"will not apply exchange controls in such a
manner as to restrict (a) payments or transfers in
respect of products of the United States permitted
to be imported into the United Kingdom, or other
current transactions between the two countries, or
(b) the use of sterling balances to the credit of residents of the United States arising out of current
transactions" (except that these obligations are
waived if the International Monetary Fund declares
the United States dollar to be a "scarce" currency.
See comment relating to Section 8 (ii) below.)
It should be noted that this provision requires
the free availability, whether for current or capital
transactions, of sterling balances held by residents
of the United States, provided that they arose out
of current transactions. This requirement was acceptable to the United Kingdom Government, since
it was in conformity with the British policy of controlling the amount of merchandise imports (which
give rise to the bulk of current payments by the
United Kingdom to the United States) through
direct quantitative trade controls rather than by exchange restrictions. Section 9 of the Agreement,
which deals with the administration of the United
Kingdom's quantitative import controls, simply
forbids their application in a discriminatory manner
(again with some exceptions); it does not prohibit
the United Kingdom from using direct import controls to restrict the amount of foreign purchases by
British residents.
3. Section 8 (ii) contains a mutual undertaking
on the part of the Governments of the United
States and the United Kingdom to the effect that
"they will impose no restrictions on payments and
transfers for current transactions," subject to certain
exceptions. The two important exceptions are that
the British may (a) continue to restrict the use
1084
for current transactions of sterling balances accumulated by foreign countries before the effective date
of Section 8 (ii) of the Agreement, and (b) impose
restrictions in conformity with the Articles of Agreement of the International Monetary Fund.
With respect to (b), it is recalled that the Fund
Agreement permits members to impose exchange
restrictions only (1) during the initial "transitional
period" if circumstances require (Article XIV); (2)
upon exchange operations in a currency declared
"scarce" by the Fund (Article VII); and (3) by
special authorization of the Fund (Article VIII).
However, by a special clause in the Anglo-American
Financial Agreement, the United Kingdom agreed
that after Section 8 (ii) became effective it would
not exercise its "transitional" privileges under Article XIV of the Fund Agreement, "unless in exceptional cases after consultation they [the two governments] agree otherwise." [Consultations pursuant to this provision were announced in the
exchange of letters between Secretary Snyder and
Chancellor Dalton on August 20.]
Under Article VII of its Articles of Agreement,
the Fund has the power to declare a currency
"scarce" if "the demand for a member's currency
seriously threatens the Fund's ability to supply
that currency."3 Such a declaration authorizes
members of the Fund "temporarily to impose limitations on the freedom of exchange operations in
the scarce currency" provided that such limitations
are "no more restrictive than is necessary to limit
the demand for the scarce currency to the supply
held by or accruing to the member country in question." If, therefore, the Fund should declare the
dollar to be a "scarce" currency, the United Kingdom would no longer be bound under Sections
8 (i) and (ii) to allocate dollars freely for current
transactions with the United States or to make
sterling receipts of foreign countries freely transferable for such transactions. On the other hand, no
specific exemption in such an eventuality is included in Sections 7 and 10 (ii) relating to the
free availability of sterling receipts by sterling area
countries, and of releases from accumulated balances, respectively.
Attention is again called to the fact that the broad
language used in Section 8 (ii) forbidding all "restrictions on payments and transfers for current
transactions" requires the United Kingdom to ab3
It should be noted that the criterion for Fund action is
whether the currency is "scarce in the Fund," not whether
there is a "world scarcity" of such currency.
FEDERAL RESERVE BULLETIN
STERLING IN MULTILATERAL TRADE
stain from using exchange control to restrict the
amount of payments to foreigners by British residents on current transactions. In this sense, this
commitment is more far-reaching than if the obligation were merely to make such sterling receipts as
were allowed to arise from current transactions
"freely available for current transactions in any currency area" (cf. language of Section 7).
4. Section 10 deals with the problem of accumulated sterling balances and is divided into two
parts. In Section 10 (i), the United Kingdom
Government expressed its intention to secure the
early completion of "settlements covering the sterling balances accumulated by sterling area and other
countries prior to such settlement." The United
Kingdom Government indicated further that:
"The settlements with the sterling area countries
will be on the basis of dividing these accumulated
balances into three categories: (a) balances to be
released at once and convertible into any currency
for current transactions, (b) balances to be similarly
released by instalments over a period of years beginning in 1951, and (c) balances to be adjusted as a
contribution to the settlement of war and postwar
indebtedness and in recognition of the benefits
which the countries concerned might be expected to
gain from such a settlement."
Section 10 (ii) contains an obligation on the
part of the United Kingdom to the effect that:
"Any sterling balances [accumulated prior to the
settlements contemplated in Section 10 (i)] released or otherwise available for current payments
will . . . be freely available for current transactions
in any currency area without discrimination."
Amounts released from accumulated sterling balances are therefore assimilated to current sterling
receipts of foreign countries in so far as their free
availability is concerned. Amounts not released
are in effect immobilized except for use in capital
transactions, e.g. repayment of debt, repatriation
of investments, etc. In particular, accumulated
sterling balances may not be made expendable only
on current transactions with the sterling area, a form
of trade discrimination which the British might
otherwise have employed.
For the meaning of "current transactions," the
Financial Agreement refers to Article XIX (i) of
the Articles of Agreement of the International
Monetary Fund, which defines them as follows:
SEPTEMBER
1947
"Payments for current transactions means payments which are not for the purpose of transferring
capital, and includes, without limitation:
"(1) All payments due in connection with foreign trade, other current business, including services, and normal short-term banking and credit
facilities;
"(2) Payments due as interest on loans and as
net income from other investments;
"(3) Payments of moderate amount for amortization of loans or for depreciation of direct investments;
"(4) Moderate remittances for family living expenses."
It may be noted that the United Kingdom and
United States Governments agreed, in Section 5 (b)
of the Financial Agreement, that payments up to
43,750,000 pounds sterling annually would be regarded as a "moderate amount for amortization"
on accumulated sterling balances, and might therefore be included as "current transactions" when calculating the balance of payments of the United
Kingdom for the purpose of the waiver-of-interest
clause.
IMPLEMENTATION OF THE OBLIGATIONS
The specific methods by which the United Kingdom Government has sought to implement its
obligations have been determined in the light of a
major long-run objective of British economic policy,
namely, the re-establishment of the pound sterling
as a leading world currency. This objective is not
merely a matter of pride and prestige. Certain
tangible economic advantages accrue to the United
Kingdom if the pound sterling is widely used, by
the United Kingdom and by other countries, as the
currency for the settlement of international transactions. In the first place, such usage encourages
the employment by foreign countries of British
banking and insurance services, and of British commodity markets in which sterling quotations prevail. These are sources of important overseas income for the United Kingdom. Of even greater
importance, however, is the fact that the more
widely sterling is used in international payments,
the more inclined foreign countries will be to hold
substantial working balances in that currency in
London. Whether invested in the London market
or not, such balances constitute from the international point of view loans to the United Kingdom,
1085
STERLING IN MULTILATERAL TRADE
and loans on most favorable terms since, although
relatively permanent, they require payment of little,
if any, interest.
In implementing its obligation to make currently earned sterling "freely available for current
transactions in any currency area," the United
Kingdom had broadly three choices: (a) to make
all current payments to foreigners in foreign exchange, thus preventing any sterling from being
currently earned; (b) to make current payments
to foreigners in sterling, but to ofler the foreign
recipients facilities for converting such sterling
freely into any foreign currency needed by them
for payments on current transactions; or (c) to
make current payments to foreigners in sterling,
and to make arrangements under which the foreign
holder could transfer the sterling freely in payment for current transactions with other currency
areas. (With respect to releases from accumulated
sterling balances, of course, the choice lay between
the second two methods.)
In general, it has been by the third avenue that
the United Kingdom has sought to carry out its
obligations, partly because it more nearly conformed
to prewar practice, but mainly because—now as before the war—this method gives sterling the broadest usage in international transactions and promises
the greatest advantages to the British economy.
Method (a)—payment in foreign exchange—would
remove sterling forthwith from the field of current
international payments; method (b)—immediate
convertibility—would retire it from the international field after it had served in only one transaction; but method (c)—transferability—leaves it
free to circulate in transactions around the world.
The third procedure defers longest the time
which elapses between payment of sterling to
foreign accounts and presentation of that sterling
to the United Kingdom for "redemption" by means
of exports (or conversion into foreign exchange).
In other words, method (c) maximizes the extent
to which foreign countries are likely to hold sterling
working balances in London.
In order to make sterling freely transferable to all
other currency areas, it would be necessary to make
arrangements under which all countries agreed to
accept sterling freely in current transactions. This
is indeed the pattern to which the British have
been working.
In the first place, the United Kingdom itself
1086
stands ready to accept sterling in payment for its
exports of goods and services. It should be noted
that most other countries imposing exchange controls do not have currencies circulating freely in
world commerce and characteristically demand payment for their exports in foreign exchange.
In the second place, all countries in the sterling
area (broadly the British Commonwealth excepting
Canada) have always been freely prepared to accept
sterling in international transactions since they hold
their ultimate monetary reserves in that currency.
Thirdly, by July 15, 1947, a large number of
countries, including Canada and most of Britain's
important trading partners in Europe and Latin
America, had entered into agreements with the
United Kingdom under which their monetary authorities (normally central banks) agreed to accept
sterling freely in their so-called "Transferable Accounts" in London in payment for current international transactions. This they were prepared to
do since they received assurance that sterling in
such accounts could be drawn upon freely to make
payments on current transactions to other currency
areas, including the United States. [The suspension on August 20, 1947, of the free transferability
of the sterling in these accounts to the dollar area
will presumably necessitate the renegotiation of
these arrangements by the United Kingdom. It
has already been announced that Canada and Newfoundland have been withdrawn from the list of
"Transferable Accounts" countries.]
Fourthly, then, comes the United States together
with the Philippines and a list of Latin American
countries whose economies are closely tied to the
United States. In order to assure that these countries (the "dollar area") will accept sterling freely
into their so-called "American Accounts," the
United Kingdom has undertaken to make sterling
in such accounts freely and directly convertible into
dollars. In view of the fact that the world has to
make such large net payments to the United States
at the present time, this ready acceptability of sterling in the United States is the key pin in the whole
system of "transferable" sterling. It should be
added that in the United States as a rule sterling is
accepted not by exporters (as in the sterling area,
including the United Kingdom) or by the monetary
authorities (as in Transferable Accounts countries)
but rather by commercial banks, which have established a market in New York where sterling can
FEDERAL RESERVE BULLETIN
STERLING IN MULTILATERAL TRADE
be sold against dollars. These banks may present
to the British Exchange Control (through the Federal Reserve Bank of New York) for conversion
into dollars- such sterling acquisitions as they are
not able to dispose of in the market through sales
to American importers and other purchasers of
sterling.
Finally, there remain a number of countries with
respect to which special arrangements (as described
in detail below) have been or are being made. Even
countries in this last category are for the most part
prepared to take sterling in payment for current
transactions.
Method (c), therefore, with eventual convertibility of sterling into dollars being assured through
the New York market, would have constituted on
July 15, 1947, virtually the full pattern of British
exchange practice if it had not been for certain
substantial exceptions dictated largely by the fact
that United States exporters are accustomed to demand payment directly in dollars. Thus, for example, most British imports from the United States
are paid for directly in dollars, not in sterling subsequently to be converted into dollars through
the American Accounts system operated by United
States commercial banks. Again Canada, the sterling area countries, and a few others ordinarily
exchange sterling for dollars directly with the British Exchange Control in order to cover expenditures in the United States. On the other hand,
most of the Transferable Accounts countries which
have occasion to exchange sterling for dollars in
order to pay for American exports ordinarily sell
their sterling in the New York market, thus conforming to the pattern described above. Numerous
other less noteworthy exceptions have proved necessary to adapt the pattern to the complicated web
of existing international monetary arrangements
and practices.
In conclusion, it should be recalled that the whole
system is designed to make current sterling receipts
of foreign countries (including releases from accumulated balances) freely available only for current
transactions. The British Exchange Control scrutinizes sterling payments to foreigners by residents of
the United Kingdom to assure that no exports of
capital take place without official consent, but it
was considered a virtually impossible task to undertake such a scrutiny with respect to all sterling
transfers between foreign countries. The United
SEPTEMBER
1947
Kingdom therefore sought to meet this problem in
a practical manner. It entrusted sterling area countries with full discretion in dealing with their sterling accounts, on the basis of an informal understanding that capital transactions with countries
outside the area would not be undertaken without
consultation with London. A similar procedure
was extended to the Transferable Accounts countries, on the basis of formal agreements with the
monetary authorities in the countries concerned under which the latter undertook to draw upon their
Transferable Accounts for payments outside the
sterling area only for the financing of current account transactions. [These agreements were suspended, however, by the British order issued on
August 20, 1947, terminating the free transferability of sterling from Transferable Accounts to American Accounts pending the institution of more
effective methods of control.] Accounts maintained in London by the remaining countries continue under the direct licensing procedure of the
British Exchange Control which therefore retains
supervision over the types of transactions passing
through these accounts.
TYPES OF ACCOUNTS AVAILABLE FOR CURRENT
PAYMENTS
Resident Accounts. Resident Accounts are those
held by residents of the sterling area, which covers
the entire British Commonwealth (excluding Canada and Newfoundland) plus Iraq, Transjordan,
Iceland, and the Faroe Islands. It will be seen that
the sterling area comprises countries of widely different constitutional status, and dependencies in
various stages of development toward self-government.
The administration of exchange control in the
sterling area countries outside the United Kingdom
is delegated to the central banks and other banks in
these countries, which license exchange transactions
without submission to and prior scrutiny by the
British Exchange Control. The monetary authorities of these countries retain broad discretionary
powers in the administration of exchange control
and may, under certain conditions, control payments even within the sterling area itself. However, as far as the British Exchange Control is concerned, sterling transfers within the sterling area
remain free for all purposes, whether for current
or capital transactions, whereas payments by resi1087
STERLING IN MULTILATERAL TRADE
dents of the United Kingdom to foreign accounts
are normally restricted to legitimate transactions of
a current nature.
It may be noted that the United Kingdom is responsible for the maintenance of the par value of
22 territorial currencies in circulation in the various dependencies included in the United Kingdom
quota of the International Monetary Fund (British
mandates, protectorates and colonies, etc.). These
dependencies have no direct access to the Fund, and
the United Kingdom must be prepared to supply
the dollars and other foreign exchange required
by any such area incurring net expenditures in such
currencies. There is good reason, therefore, for
the United Kingdom to supervise the general exchange control policies of its dependencies in
order to assure their close coordination with the
British Exchange Control. On the other hand, the
Dominions and other members of the sterling
area, which have autonomous currency systems and
which are members or are eligible for membership
in the Fund, establish their exchange control policies
in full independence, although as a practical matter they too usually cooperate with the general policies of the United Kingdom.
Transferable Accounts. The system of Transferable Accounts may be regarded as the main instrument by which the United Kingdom has sought to
carry out its obligations under the Financial Agreement. It was developed in the early part of 1947,
and by July 15 it applied to Argentina, the Belgian
monetary area, Brazil, Canada and Newfoundland, Czechoslovakia, Egypt and Sudan, Ethiopia,
Finland, Iran, Italy and Vatican City, the Netherlands monetary area, Norway, the Portuguese'
monetary area, Spain, Sweden, and Uruguay. [Canada and Newfoundland were withdrawn from the
list of Transferable Accounts countries as of August
20, 1947.]
The operations of Transferable Accounts are
free from the British Exchange Control [except for
transfers to American or Canadian and Newfoundland Accounts after August 20, 1947], but subject
to terms and conditions stipulated in agreements
between the United Kingdom and the countries
concerned. Transferable Accounts have been limited to countries which could give satisfactory
assurance that balances in such accounts would
be used only for current transactions, and would
agree not to restrict the acceptance of sterling by
1088
their nationals in payments from third countries.
The opening of Transferable Accounts is subject
to designation by the Bank of England and is
generally limited to accounts held by of on behalf
of monetary authorities, or under their control.
Private holders, however, may transfer their sterling balances freely to a Transferable Account in
the same country or monetary area and, therefore, may employ such balances in current transactions with other countries by making payments
through official channels.4
As has been explained previously, a basic principle of the Transferable Accounts system was that
sterling in such accounts should be freely exchangeable for dollars through the New York market, although in some cases the British Exchange Control appears to have effected direct conversion of
such sterling into dollars. [This free exchangeability
of sterling into dollars was suspended on August
20, pending the institution of more effective methods of control.] Furthermore, in the agreements
with Belgium, Netherlands, Norway, Portugal, and
Sweden, the Bank of England agreed to repurchase upon request sterling balances held by the
central bank of the other country against payment
in the other's currency or, if necessary, in gold.
In the cases of Belgium, Netherlands, and Norway,
this stipulation was made to conform to the conditions of Article VIII, Section 4 (a) of the Agreement of the International Monetary Fund: namely,
"(1) that the balances to be bought have been recently acquired as a result of current transactions;
or (2) that their conversion is needed for making
payments for current transactions." On the other
hand, in the case of Portugal and Sweden (not
members of the Fund) repurchase was provided
only for balances recently acquired and needed for
current payments. The United Kingdom's undertaking to repurchase the other countries' balances
was unilateral vis-a-vis Belgium and Netherlands,
but reciprocal with Norway, Portugal, and Sweden.
So far as is known, no use has been made of these
special arrangements [which presumably must now
be renegotiated along with the rest of the agreements with the Transferable Accounts countries].
American Accounts. The system of American
Accounts arose from the unification and redesignation in July 1945 of the "United States Regis4
This arrangement, incidentally, has assisted some of the
governments in Transferable Accounts countries to direct private sterling balances to the meeting of essential needs.
FEDERAL RESERVE BULLETIN
STERLING IN MULTILATERAL TRADE
tered Accounts" (covering the United States, United
States dependencies, and the Philippines) and the
"Central American Accounts" (covering 13 Latin
American Republics—Colombia, Costa Rica, Dominican Republic, Cuba, Ecuador, El Salvador,
Guatemala, Haiti, Honduras, Mexico, Nicaragua,
Panama, and Venezuela). On July 15, 1947, the
system was extended to Bolivia, Chile, and Peru.
The distinguishing feature of the American Accounts is the unilateral and unrestricted extension
by the United Kingdom Government of free availability for balances in such accounts. Drafts upon
American Accounts are not made conditional upon
any undertaking on the part of the monetary authorities of the country concerned to restrict the use
of sterling to current transactions. American Accounts may be credited with sterling from other
American Accounts without limitation, from Transferable Accounts for current transactions subject
to supervision of the monetary authority of the
country from which the credit originates [after
August 20, within the limits stipulated by the
British Exchange Control], and from other sterling
accounts for current transactions subject to license
of the British Exchange Control or (in the case
of sterling area countries) the monetary authority
of the country concerned. Transfers of sterling can
be made from American Accounts to any other
sterling accounts [except, after August 20, Canadian
and Newfoundland Accounts] without limitations
or scrutiny by the British Exchange Control,
whether the funds are employed for current transactions or not. This free and full release of sterling balances by the United Kingdom does not preclude, however, the application of exchange controls imposed by the countries concerned in their
own interest; in fact, a number of American Accounts countries maintain restrictions on the use
of sterling, as well as dollars, by their nationals.
A corollary of the free availability of American
Accounts sterling for current and capital transactions is its free convertibility into dollars. Sterling held in any American Account can be unrestrictedly transferred to the account of any bank
in the United States and disposed of in the market
against dollars. In fact, the market for sterling in
the United States is rather narrow and has frequently been characterized by "undersupply" rather
than "oversupply" of sterling. This paradoxical
situation, which has developed at times despite the
SEPTEMBER
1947
unfavorable balance of trade of the sterling area
vis-a-vis the dollar area, is due to the fact that most
American exporters prefer to receive immediate
payment in dollars rather than in sterling, whereas
American importers, investors, and tourists make
considerable payments in sterling to the sterling
countries. However, in order to stabilize the exchange market and maintain the dollar-pound rate
within parity margins, the British Exchange Control, acting through the Federal Reserve Bank of
New York, has in practice been prepared to sell
sterling for spot delivery to any American Account
at $4.03 Vi; and similarly to purchase sterling from
any American Account at $4.02%. It is this ready
convertibility through the New York market which
assures the acceptability of sterling in American
Accounts countries even though they maintain only
small sterling balances and hold their reserves and
conduct most of their foreign trade in dollars.
Other Accounts. The accounts of other countries
may be grouped into three categories as described in
the following paragraphs:
(a) The United Kingdom indicated its readiness
to extend the Transferable Accounts system only
to countries which are willing to take sterling on
current account from all sources and without limitation. Because of various considerations, however,
the monetary authorities of a few countries pre-*
ferred to exercise their own discretion in receiving
sterling payments. For such countries special arrangements for sterling convertibility had to be
made. To this group belong Switzerland, which
intends to retain power to control the inflow of
foreign funds (whether in the form of dollars or
sterling) as a measure of domestic stabilizaron, and
Germany and Japan, where the Allied control
authorities are guided by administrative considerations in preferring not to commit themselves to
receive payments in sterling. The accounts of these
countries may be used freely for payments to Resident Accounts. The United Kingdom has undertaken to convert directly into gold or dollars any
net sterling balances arising from current transactions and not required for current expenditures
in the sterling area.
(b) The United Kingdom has adopted a procedure of direct scrutiny of exchange transactions
in the case of a number of small countries, where
there are no local monetary authorities capable of
giving satisfactory assurance that their sterling ac1089
STERLING IN MULTILATERAL TRADE
counts would be used only for current transactions.
This category comprises Afghanistan, Albania,
Korea, Liberia, Nepal, Saudi Arabia, and Tangier.
None of these countries presents a real problem, as
the volume of their sterling transactions is very
limited and some of the countries are normally
short of sterling.
(c) In accordance with the clause included in
Sections 8 (ii) and 10 (ii), the United Kingdom
Government was granted a postponement until September 15, 1947, of its obligations under those
sections with respect to sterling transactions with a
1090
limited number of countries, i.e. Austria, Bulgaria,
China, Denmark, France, Greece, Hungary, Paraguay, Poland, Rumania, Siam, Turkey, Union
of Soviet Socialist Republics, and Yugoslavia.
Obviously the United Kingdom has found it difficult to make appropriate arrangements with some
of these countries because of their internal economic
and political situations. The accounts of those to
which the United Kingdom finds it impracticable
to extend the Transferable Accounts system may
have to continue under the direct scrutiny of the
British Exchange Control.
FEDERAL RESERVE BULLETIN
FINANCIAL POSITION OF MANUFACTURING AND TRADE
IN RELATION TO SIZE AND PROFITABILITY, 1946
by
ALBERT R. KOCH AND CHARLES H. SCHMIDT
During 1946 business concerns contributed to, and
most of them profited by, high levels of economic
activity. In addition to the sustained high consumer demand for goods and services throughout
the year, the business demand for new plant and
equipment and for increased stocks of merchandise
was at a record level. Businesses financed their
capital requirements in large part out of funds retained from operations and previously accumulated
liquid assets, but they also obtained a substantial
amount of funds from new bank loans and security
issues.
In a prosperous year like 1946, the most significant changes in the financial position of businesses occur in profits and liquidity. Therefore
this article, which is based on the financial statements of a sample of over 2,600 manufacturing
and trade concerns, stresses these aspects of business financial development. What erTect, for example, did type of industry and character of wartime operations have upon business profitability and
financial position in 1946? How did profitability
last year vary with size of enterprise ? Did wartime
developments in the relationship between profitability and size of business continue? What was
the effect of current inflationary developments on
business profits and liquidity? How did liquidity
of manufacturing and trade concerns vary with
degree of profitability? Are manufacturing and
trade concerns financially prepared to meet a possible decline in volume of operations?
SUMMARY OF FINDINGS
1. The dollar volume of manufacturing and
trade operations in all but the durable goods manufacturing industries increased generally in 1946,
regardless of the size of the concern. The relative
change in volume did not vary consistently with
size of concern, as it did during the war period
as a whole, when the greatest relative increase
occurred among small concerns. Businesses showing the greatest increases in sales from 1945 to 1946
had relatively larger profits in terms of return on
investment in 1946 than those showing smaller
SEPTEMBER
1947
increases. The group of companies with 1946 deficits experienced a sharp decline in the volume of
their sales from the previous year.
2. Profit margins increased significantly for most
corporations in 1946 and were much larger than
they were before the war. The increase was characteristic of small, medium, and large companies.
The most profitable companies experienced the
greatest relative increase in profit margins from the
previous year.
3. Ratios of profits to business investment (net
worth) in 1946 were in general considerably higher
than in 1945 and in the prewar period. As in previous years, both earnings and losses were relatively
greater in small than in large corporations within
the profitable and the unprofitable groups. The
greatest rate of increase in profits after taxes to net
worth from 1945 to 1946 occurred among medium
corporations in contrast to the war years when it
occurred among small companies.
4. Funds retained from operations, chiefly undistributed earnings and depreciation allowances, increased relatively more than sales and profits in
1946. This increase was due primarily to the small
increase in dividend payments relative to the increases in sales and profits. Owing to the large
over-all business requirements arising out of increased sales and higher costs and prices, however,
the volume of retained funds had to be augmented
with substantial funds obtained from financial institutions and individuals.
5. Working capital, that is, current assets minus
current liabilities, continued to increase in 1946.
Small enterprises increased their working capital
relatively more than large ones, while the highly
profitable concerns increased theirs more than the
less profitable and deficit companies.
6. Liquid assets (cash and marketable securities)
declined last year in all but the most profitable
small businesses. Most types and sizes of concerns
drew upon their accumulated cash and marketable
securities to help finance additional inventories,
credit sales to customers, and plant and equipment
expenditures. Among the large durable goods
1091
FINANCIAL POSITION OF MANUFACTURING AND TRADE
manufacturers, the principal former war producers,
liquid assets were used partly for the purpose of
liquidating prior-year tax liabilities.
7. A large dollar volume of inventories was
accumulated in 1946 by concerns of all sizes. The
largest relative increases occurred among small and
medium enterprises. Highly profitable companies
experienced a greater relative increase in inventories
than did moderately profitable or deficit companies.
8. The increase in bank indebtedness was very
general in 1946. In most industries large concerns
increased their bank loans relatively more than
small ones, and moderately profitable concerns increased their loans more than highly profitable or
deficit companies.
9. Although the total dollar volume of working
capital of most businesses increased during 1946,
the liquidity of this capital decreased significantly.
The decline was most pronounced in the case of
small and medium concerns that were building up
inventories depleted during the war years. In spite
of this decline in liquidity most concerns of all
sizes were more liquid at the end of 1946 than
they were before the war.
COVERAGE OF THE SURVEY
The manufacturing and trade concerns whose
financial statements are analyzed in this article
varied by type of industry, size, profitability, and
corporate status, as is indicated in Table 1. The
data on manufacturing and retail trade corporations with total assets of 10 million dollars or more
were obtained from Moody's Manual of Industrials.
All other data were obtained from commercial bank
credit files under a cooperative arrangement between the Robert Morris Associates and the Federal Reserve System.1
The concerns whose financial data are analyzed
in the current article are only a small proportion
of the total population of manufacturing and trade
enterprises. Although the coverage of large manufacturing corporations is high, that of small concerns is low. Moreover, since the financial statements were obtained from bank credit files, the
individual concerns represented in the group were
1
This arrangement was initiated in 1944 in order to obtain
financial data on small and medium manufacturing and trade
concerns for the period 1940-43; it has been continued every
year since. Analyses of prior-year data have been published in
fht BULLETINS r or J-n\tarv 1945, "Wartime Earnings of Small
Business"; Anril 1945, "Wartime Financing of Manufacturing
and Trade Concerns"; December 1945, "Financial Developments in Manufacturing and Trade in 1944"; and December
1946, "The Postwar Financial Position of Business."
1092
not randomly selected from
population. In addition, the
the statements were obtained
large urban institutions.
As is indicated in Table 1,
profitable and unincorporated
the entire business
banks from which
were, in the main,
the coverage of unconcerns is particu-
TABLE 1
NUMBER OF MANUFACTURING AND TRADE CONCERNS
IN 1946 SURVEY
Medium
Small
Industry and rate
of return on net
worth in 1946
Corporations
Unincorpo- Corrated porabusi- tions
nesses
Large
Unincorpo- Corrated porabusi- tions
nesses
Unincorporated
businesses
Manufacturing
Durable goods:
More than 15 per
cent
. ...
15 percent or less. .
Loss
119
96
21
26
(8)
(1)
113
140
20
(3)
(1)
0
20
133
12
0
0
0
Nondurable goods:
More than 15 per
cent
204
15 percent or less. . 135
Loss
(13)
58
(6)
(1)
238
149
(6)
(4)
(3)
0
59
108
0
0
0
0
Trade
Wholesale:
More than 15 per
cent
15 per cent or less. .
Loss
..
65
33
(1)
59
11
0
107
88
(1)
(18)
(3)
0
82
50
0
(2)
(4)
0
Retail:
More than 15 per
cent
15 per cent or less. .
Loss
52
35
(2)
57
13
0
51
39
0
(22)
(5)
0
104
42
0
(3)
0
0
NOTE.—Figures in parentheses indicate subgroups not analyzed
separately in the current article because an insufficient number of
concerns was reported. Size of concern in this and in following
tables, unless otherwise specified, is based on asset size as of the
end of 1946 as follows:
Manufacturing
Trade
(Total assets, in millions of dollars)
Small
Under 1
Under M
Medium
1 to 10
X to 1
Large
10 and over
1 and over
Classification by rate of return on net worth in this and in following
tables is also based on 1946 data and is the ratio of profits after
taxes to net worth; net worth is the sum of capital stock and
surplus and is as of the year-end.
larly deficient.2 A sufficient number of statements
of unprofitable concerns was obtained only for durable goods manufacturers, and a sufficient number
of unincorporated concerns only for the small size
group. Because of the special character of the group
of concerns under study, the financial data have
been aggregated and presented for homogeneous
2
This is true even
doubtedly an unusually
of manufacturing and
sharp price increases
ditions.
though unprofitable companies were unsmall percentage of the entire population
trade corporations in 1946, a year of
and extremely favorable business con-
FEDERAL RESERVE BULLETIN
FINANCIAL POSITION OF MANUFACTURING AND TRADE
groups of concerns in a given industry, of a given
size, with a given degree of profitability, and of a
given corporate status. Because of the dissimilar
treatment accorded income taxes and owner or officer salaries or withdrawals in the case of corporations and unincorporated enterprises, the profit
ratios that follow cover only corporations. In the
case of comparisons of the data collected this year
with those collected in prior years, no breakdown
by profitability and corporate status groups has been
possible because of the lack of comparable data for
prior years. As a general rule, the conclusions
drawn from the study apply with most reliability to
profitable medium and large corporations. The
survey coverage of other groups of concerns is so
limited that conclusions concerning their financial
developments are subject to a wide margin of error.
VOLUME AND PROFITABILITY OF OPERATIONS
Volume of operations. Manufacturing and trading businesses of all sizes and of varying degrees of
profitability, with the exception of those in certain
durable goods manufacturing industries, experienced a high volume of operations in 1946. As is
shown in Table 2, sales in 1946 exceeded those of
1945 for most groups of concerns, when the basis
of grouping is industry, size, profitability, and corporate status. An important determinant of this
higher volume of sales was the rise in prices, particularly during the last half of 1946. Another important factor was the high level of consumer demand for goods and services. Only in the case of
durable goods manufacturers, particularly the large
ones, did volume of operations decrease from 1945
to 1946. This decline was due to the continuation
of transitional problems. As a result of the decline
in sales, these large concerns, as will be seen later,
experienced significantly different financial developments in 1946 than did concerns in other industrysize groups.
In general, the rate of increase in sales exhibited
no consistent variation with size of enterprise.
This was in contrast to the war period as a whole,
when small companies had the greatest relative
increase in volume of business. In the nondurable
goods manufacturing industries and wholesale
trade, medium concerns experienced a greater relative increase in sales from 1945 to 1946 than did
small or large enterprises. In durable goods manufacturing industries, however, the greatest rise, or
smallest decline, occurred among small and medium
SEPTEMBER
1947
businesses, while the greatest decline occurred
among large concerns, formerly war producers. In
retail trade there was no apparent relationship between size of concern and relative increase in sales.
As was to have been expected, the greater the
relative increase, or the smaller the relative decrease,
TABLE 2
PERCENTAGE CHANGE IN SALES, 1945
TO 1946
Group of Manufacturing and Trade Concerns
Small
Industry and rate
of return on net
worth in 1946
Corporations
Unincorporated
businesses
Durable goods:
More than 15 per cent. .
15 per cent or less
Loss
+24
-17
-48
+ 16
0)
(x)
+24
-18
-50
-37
-31
-80
Nondurable goods:
More than 15 per cent. .
15 per cent or less
+24
+ 10
+22
0)
+29
+12
+ 9
+ 4
Wholesale:
More than 15 per cent. .
15 per cent or less
+31
+ 12
+ 18
+29
+39
+23
+27
+20
Retail:
More than 15 per cent. .
15 per cent or less
+76
+13
+32
+27
+37
+24
+28
+39
Medium Large
corpocorporations rations
Manufacturing
Trade
1
Ratio not computed because an insufficient number of concerns was reported.
NOTE.—The ratios in this and in the following tables are based
on aggregate data of groups of concerns. See Table 1 for definitions of size of concern and rate of return on net worth.
in sales volume, the greater the profitability of a
given size-group of manufacturing and trade corporations. It was in large part the increase in
sales volume which resulted in the high profitability.
Profit margins.
During 1946 most businesses
experienced not only a larger dollar volume of
operations but also a greater volume of profits for
each dollar of business transacted. In other words,
the unit price increases in the products of most
manufacturing and trade concerns were not matched
by proportionate increases in their total unit costs.
The more intense utilization of capacity that resulted from the increase in volume of operations undoubtedly was an important factor in the rise in
profit margins (defined as the ratio of profits before taxes to sales).
The increase in profit margins from 1945 to 1946,
which is shown in Table 3, occurred in the case of
small, medium, and large corporations within most
1093
FINANCIAL POSITION OF MANUFACTURING AND TRADE
of the individual industry and profitability groups.
On the average, the profit margins of small companies remained substantially lower than those of
large companies. The combination of lower profit
margins with higher rates of return on net worth
for small, profitable companies as compared with
larger ones is explained primarily by the fact that
small concerns characteristically have a greater
volume of sales for each dollar of investment or
net worth than do large companies.
That the 1946 profit margins of most concerns
were still substantially above those of the prewar
period can be seen from Table 4. When the group
TABLE
1940 AND 1946
Group of Manufacturing and Trade Concerns
Manufacturing
Size of concern
TABLE 3
PROFITS OR LOSSES BEFORE TAXES AS PERCENTAGE OF SALES,
1945 AND 1946
Group of Manufacturing and Trade Corporations
Industry and rate
of return on net
worth in 1946
Small
corporations
Medium
corporations
Large
corporations
Manufacturing
Durable goods:
More than 15 per cent:
1945...
1946
15 per cent or less:
1945
1946
Loss:
1945
1946
Nondurable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
7
10
13
12
14
18
7
8
4
8
6
5
-12
6
-12
5
7
9
8
11
13
15
4
5
6
7
8
10
2
4
8
Trade
Wholesale:
More than 15 per cent:
1945 . .
1946
15 per cent or less:
1945
1946
Retail:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
4
6
2
2
2
3
6
8
8
9
8
8
4
3
5
4
7
7
NOTE.—See Table 1 for definitions of size of concern and rate of
return on net worth.
The most profitable corporations, that is, those
with a return on net worth of more than 15 per
cent as of 1946, in addition to having a greater
relative increase in volume of operations, also had
a greater relative increase in profit margins from
1945 to 1946. In contrast, a sharp decline in sales
combined with the disappearance of profit margins
was responsible for the unprofitable operations of
those companies that incurred losses in 1946.
1094
4
PROFITS BEFORE TAXES AS PERCENTAGE OF SALES,
Small:
1940
1946
Medium:
1940
1946
Large:
1940
1946
Durable
goods
Nondurable
goods
Trade
Wholesale
Retail
5
7
2
8
2
4
3
7
9
9
5
10
2
5
3
7
14
8
10
11
3
6
3
8
NOTE.-—-In this and in following tables where 1940 and 1946
data are compared, no breakdowns by profitability or corporate
status are presented because of the lack of data for prior years.
Because of the resultant broader groupings, all of the concerns
listed in Table 1 are included in the 1946 data. Data for 1940
cover a somewhat smaller number of concerns than those for
1946. Size of concern for the 1940 data is based on asset size as
of the end of 1941 rather than 1946. See Table 1 for definition
of size of concern.
of manufacturing and trade concerns under study
was analyzed by homogeneous industry- and assetsize classes, it was found that only in the case of
large durable goods manufacturers was the 1946
profit margin below that of 1940. The greatest
relative increase in profit margin from the earlier
to the later year occurred among small concerns.
Although the profit margin of small concerns is
still below that of profitable large concerns, the gap
has been greatly reduced during the war and early
postwar years.
Return on investment. For many financial and
economic problems, return on investment in the
business (net worth) is a more significant measure of the profitability of a given business or group
of businesses than is the profit margin. Profit margins are afTected by various technical operating
characteristics of given lines of business or industry
as well as by economic conditions. Return on net
worth is particularly appropriate, for example, in
analyses of income distribution and of variations in
profitability among industries.
The 1945 to 1946 increase in business profitability, measured either before or after taxes, relative
to net worth (defined as the sum of capital stock
and surplus) was general among most manufacFEDERAL RESERVE BULLETIN
FINANCIAL POSITION OF MANUFACTURING AND TRADE
turing and trade corporations. The principal exceptions, as can be seen from Table 5, were in the
group of durable goods manufacturing companies.
The rise in profits on investment was characteristic
of corporations of all sizes, but medium corporations experienced the greatest rate of increase. This
was also in contrast to the war period when small
concerns experienced a greater relative increase in
profitability than did medium and large ones.
TABLE 5
PROFITS OR LOSSES BEFORE AND AFTER TAXES AS PERCENTAGE
OF N E T WORTH, 1945 AND 1946
Group of Manufacturing and Trade Corporations
Profits or losses
after taxes
Profits or losses
before taxes
Industry and rate
of return on net
worth in 1946
TABLE 6
PROFITS AFTER TAXES AS PERCENTAGE OF N E T WORTH,
Small
corporations
Medium
corporations
Large
corporations
Small
corporations
Medium
corporations
Large
corporations
Manufacturing
33
44
47
36
24
12
21
12
16 "
11
21
-24
20
-19
33
47
30
46
15
29
11
26
14
22
9
8
8
8
8
7
43
- 8
8
-19
7
-13
14
- 9
31
45
37
40
13
28
11
26
15
24
14
16
14
18
13
16
7
10
7
11
8
11
Wholesale:
More t h a n 15 per
cent:
1945
1946
15 per cent or less:
1945
1946
22
38
25
43
32
42
15
28
12
27
11
25
12
11
13
16
13
17
9
9
7
10
6
10
Retail:
More than 15 per
cent:
1945
1946
15 per cent or less:
1945
1946
27
47
32
42
32
36
16
33
12
27
11
21
17
13
18
18
22
23
12
10
8
9
8
12
Nondurable goods:
Alore than 15 per
cent:
1945
1946
15 per cent or less:
1945
1946
Trade
In most industries in 1946, as in previous years,
small profitable corporations earned a greater return on investment than did large profitable comSEPTEMBER 1947
1940 AND 1946
Group of Manufacturing and Trade Concerns
Trade
Size of concern
Manufacturing
Durable goods:
More t h a n 15 per
cent:
1945
1946
15 per cent or less:
1945
1946
Loss:
1945
1946
panies. Among the few deficit companies in the
group studied, however, the largest losses relative
to net worth were experienced by the small companies.3 In practically all industry-size groups the
most profitable corporations as of 1946 had the
greatest relative increase in profitability from the
previous year.
Average profits on net worth in most industry
size groups, as Table 6 shows, were extremely high
in 1946 as compared with the prewar period. Although the greatest relative increase was among the
small corporations, large companies in all except
the durable goods manufacturing industries also
experienced increases.
Small:
1940
1946
Medium:
1940
1946
Large:
1940
1946
Durable
goods
Nondurable
goods
Wholesale
Retail
8
15
6
20
9
26
9
26
10
13
8
19
7
20
7
21
10
8
8
13
7
20
8
19
NOTE.-—-Net worth is the sum of capital stock and surplus and
is as of the end of the year. See Table 1 for definition of size of
concern.
Funds retained from operations. Funds retained
from operations, that is, the sum of (1) profits after
taxes and dividends and (2) the amount set aside
for depreciation of plant and equipment and for
contingencies, characteristically provide the major
portion of the funds used by business enterprises
to finance asset expansion. The higher level of
earnings experienced by most concerns last year
was the most important factor in the large increase
in the funds they retained from operations; depreciation allowances were only slightly higher, and
funds set aside for contingencies remained relatively small. In 1946 retained funds experienced
a much greater relative increase than did either
sales or profits. This was due primarily to the
small increase in dividend payments relative to
the increase in profits.
3
It should be remembered that among the concerns studied
a sufficient number of deficit concerns as of 1946 were reported
only in the durable goods manufacturing group.
1095
FINANCIAL POSITION OF MANUFACTURING AND TRADE
In relation to the volume of new funds obtained
by businesses from external sources, such as financial institutions and individual savers, retained
funds in 1946 were not particularly high. This fact
was due in large part to the extremely large business
requirements for additional funds to finance asset
expansion. Nevertheless, as is indicated in Table 7,
a greatly increased proportion of the sales dollar
was available for reinvestment in the business.
TABLE 7
PERCENTAGE OF SALES RETAINED FOR DEPRECIATION AND
RETAINED FROM EARNINGS, 1945
AND
1946
Group of Manufacturing and Trade Concerns
1945
Industry and size
1946
Retained Retained
for depre- from l
ciation earnings
Total
retained
Total
retained
Durable goods:
Small
Medium
Large
3.3
2.5
4.8
4.5
5.3
3.9
1.2
1.5
2.6
3.3
3.8
1.3
Nondurable goods:
Small
Medium
Large
2.1
2.7
7.7
4.1
5.1
7.8
0.6
0.9
2.9
3.5
4.2
4.9
years, it differed markedly in character in 1946
from that of 1944 and 1945. In the later war
years inventories showed some tendency to decline
and credit sales to private purchasers were at a
relatively low level; consequently, most additions to
current assets were in the form of cash and marketable securities and, among manufacturers, in
amounts due from the Government on war contracts. Among the current liabilities, a large proportion of indebtedness was represented by amounts
due the Government for income and excess profits
taxes. During 1946, on the other hand, most concerns drew upon their wartime accumulations of
cash and marketable securities for various business
purposes, expanded their inventories and customer
credits, obtained more bank and trade credit, and
reduced their debt to the Government for taxes.
While the net effect of these changes in current
assets and liabilities was a further growth in work-
Manufacturing
TABLE 8
PERCENTAGE CHANGE IN WORKING CAPITAL, 1945
Industry and rate
of return on net
worth in 1946
1.5
1.0
1.3
2.0
2.2
2.9
0.2
0.2
0.2
1.8
2.0
2.7
Retail:
Small
Medium.
Large... .
3.1
2.3
1.5
3.4
3.7
3.5
0.4
0.6
0.6
3.0
3.1
2.9
1946
Small
Trade
Wholesale:
Small
Medium.
Large.. . .
TO
Group of Manufacturing and Trade Concerns
Corporations
Unincorporated
businesses
Medium
corporations
Large
corporations
+ 3
Manufacturing
Durable goods:
More than 15 per cent. .
15 per cent or less
Loss
+30
+ 1
— 15
(l)
(2)
(2)
+30
+ 2
+ 7
Nondurable goods:
More than 15 per cent. .
15 per cent or less
+27
+ 7
+ 13
(«)
+22
+ 5
+ 14
+ 4
Wholesale:
More than 15 per cent. .
15 per cent or less
+32
+ 9
+ 18
+ 3
+23
+4
+28
+ 1
Retail:
More than 15 per cent. .
15 per cent or less
+4
+33
+ 2
+ 2
+27
+ 7
+ 13
+25
1
After taxes and dividends.
NOTE.—See Table 1 for definitions of size of concern and rate of
return on net worth.
Although the proportion of sales retained increased from 1945 to 1946 in most industrial groups,
the increase was relatively greatest in wholesale
trade. As in the case of the increase in profits,
the growth of retained funds was characteristic of
small, medium, and large corporations.
CHANGES IN BUSINESS LIQUIDITY
Growth in working capital. The working capital
of manufacturing and trade concerns, defined as the
excess of current assets over current liabilities, continued to grow during 1946, reflecting in part the
high profitability of operations. Although this
growth continued a trend that started in the national defense period and carried through the war
1096
- 2
— 14
Trade
1
2
Less than 0.5 per cent.
Ratio not computed because an insufficient number of concerns was reported.
NOTE.—See Table 1 for definitions of size of concern and rate of
return on net worth.
ing capital, this growth was accompanied by a
decrease in business liquidity, as will be shown
more specifically in a later section of this article.
This was in contrast to the working capital growth
in 1944 and 1945, which was accompanied by an
increase in liquidity.
FEDERAL RESERVE
BULLETIN
FINANCIAL POSITION OF MANUFACTURING AND TRADE
In general, as is shown by Table 8, small and
medium manufacturing corporations increased their
working capital relatively more than did the large
companies during 1946. In part, this reflected the
relatively greater profitability of small and medium
concerns, which enabled them to finance a larger
proportion of their requirements from internal
sources, rather than with bank or trade credit.
In part, also, it reflected the heavier reconversion
expenses of the large war producers. Variations in
the relative expansion of working capital among
wholesale and retail trade concerns of different size
were somewhat less pronounced. In both wholesale and retail trade the major financial requirements during 1946 were for replacement of war
depleted inventories and expansion of credit sales
*to customers—requirements that were roughly comparable for trade concerns of all sizes.
Working capital expansion was, for the most
part, closely associated with profitability, the more
profitable concerns having the greatest relative increases in working capital. The only exception
was the group of large retail trade concerns. Two
of the three industry-size groups that experienced
losses during 1946 likewise had decreases in their
working capital.
TABLE 9
PERCENTAGE CHANGE IN CASH PLUS MARKETABLE SECURITIES,
1945 TO 1946
Group of Manufacturing and Trade Concerns
Small
Medium
corporations
Large
corporations
0)
(1)
-20
-42
—38
— 27
—22
— 51
-11
-28
-20
_ 4
-17
- 9
Wholesale:
More than 15 per cent. .
15 per cent or less
+
- 3 01
— 5
+ 12
- 8
-25
-27
-25
Retail:
More than 15 per cent. .
15 per cent or less
+ 16
-20
-34
-20
-32
-33
-28
Industry and rate
of return on net
worth in 1946
Corporations
Unin
corporated
businesses
Manufacturing
Durable goods:
More than 15 per cent.
15 per cent or less
Loss
+
5
-43
— 65
Nondurable goods:
More than 15 per cent. .
15 per cent or less
-33
-(i)
-15
Trade
1
Ratio not computed
-28
b e c a u s e a n insufficient
n u m b e r of c o n -
cerns was reported.
NOTE.—See Table 1 for definitions of size of concern and rate of
return on net worth.
Concerns in most size groups, with the exception
of the more profitable small corporations, deReduction in liquid asset holdings. As previously
creased
their liquid asset holdings during 1946,
mentioned, the growth in working capital of busiregardless
of their profitability status. Large durness concerns during 1946 reflected a marked ,
change in the composition of current assets—a able goods manufacturers and large wholesale and
change that resulted in some reduction of business retail concerns, for example, liquidated between
one-fifth and one-half of their cash and marketliquidity. The majority of business concerns, as
able securities. There are indications, however,
is shown in Table 9, drew on their wartime acthat unprofitable concerns were obliged to draw
cumulations of cash and marketable securities, insomewhat more heavily on their liquid assets to
cluding tax notes, to meet current requirements finance current operations than would have been
for funds, including payment of 1945 income and the case had profits supplied part of the funds
excess profits taxes and additions to inventories needed for inventory replacement and other purand to plant and equipment, or to finance a larger poses.
volume of credit sales to their customers. Among
Inventory accumulation. Business concerns made
durable goods manufacturers, which were largely
engaged in war contract work during most of 1945, substantial progress during 1946 in replenishing
the 1946 reduction in amounts owed the Govern- their war depleted stocks of peacetime goods and
ment for income and excess profits taxes was supplies although the increase in physical quantities
roughly half as great as the reduction in liquid as- was much smaller than the growth in dollar volume
set holdings. In the nondurable goods manufac- of inventories, owing to the pronounced rise in
turing and wholesale and retail trade groups, ac- prices in the latter part of the year. As is shown
crued income taxes either increased during 1946 or by Table 10, inventory expansion was not confined
decreased slightly, so that the bulk of the funds to concerns in any one industry-size-profitability
resulting from their reduction in liquid asset hold- group; of the 33 groups for which data are available, ten showed an expansion of 50 per cent or
ings was available for other business purposes.
SEPTEMBER 1947
1097
FINANCIAL POSITION OF MANUFACTURING AND TRADE
more in end-of-year book value of inventory, and
all but one increased inventory holdings by 20 per
cent or more.4 The 1946 growth of business inventories contrasts sharply with the preceding year,
in which inventories of nondurable goods manufacturers and wholesale and retail trade concerns increased slightly, while those of durable goods manufacturers declined moderately.
TABLE 10
PERCENTAGE INCREASE IN INVENTORIES, 1945
TO
1946
Group of Manufacturing and Trade Concerns
Small
Industry and rate
of return on net
worth in 1946
Corporations
Unincorporated
businesses
Medium Large
corpo- corporations rations
Manufacturing
Durable goods:
More than 15 per cent. .
15 per cent or less
Loss
Nondurable goods:
More than 15 per cent. .
15 per cent or less
Trade
Wholesale:
More than 15 per cent. .
15 per cent or less
Retail:
More than 15 per cent. .
15 per cent or less
52
41
59
39
0)
55
36
37
21
31
76
41
30
63
0)
29
23
34
22
49
28
39
18
42
3\
49
26
65
38
48
52
78
44
56
63
(1)
1
Ratio not computed because an insufficient number of concerns was reported.
NOTE.-—See Table 1 for definitions of size of concern and rate of
return on net worth.
Relative expansion of inventories was greater, on
the average, for small and medium manufacturing
and trade corporations and small unincorporated
manufacturing concerns than for large companies.
In durable goods manufacturing the relative inventory expansion of the more profitable small concerns
was roughly twice that of the large companies,
whereas in other industrial groups it was only
slightly greater. Many of the large durable goods
manufacturers had substantial inventories of goods
in process and materials for military production at
the end of 1945. These were disposed of during
1946, and replaced by materials needed for civilian
goods production, a development which is not, how-
1098
ever, reflected by the change in their end-of-year inventories. Many small manufacturers engaged in
war production had terminated those activities and
disposed of most of their war inventories by the end
of 1945. In addition, many small manufacturers not
engaged in war production were compelled by the
general shortage of materials to reduce their inventories to relatively low levels during the war, so
that their restoration to something resembling prewar levels meant larger relative increases.
As a general rule, inventory replenishment by
small and medium concerns was related to relative
profitability of operations, those with larger earnings increasing their inventories more than those
with moderate earnings. Among the large corporations there is no evidence that greater profitability of operations induced larger additions to
inventory. In fact, among the large durable goods
manufacturers the unprofitable concerns showed
the greatest relative increase in inventory holdings.
This may have been because these concerns had
major reconversion problems which involved substantial shifts in types of assets held.
Customer financing. In addition to inventory expansion, there was a marked increase in the volume
of customer financing, as reflected in accounts receivable during 1946. This was true of all but the
large durable goods manufacturers, whose reduction in amounts due from the Government resulting from termination of war contracts more than
offset any increase in the volume of credit which
they may have extended to private customers. The
relative increase in receivables was roughly the
same for small, medium, and large corporations,
excluding large durable goods manufacturers. The
more profitable concerns, however—that is, those
with a return on net worth of more than 15 per
cent—showed greater increases in customer financing than did the moderately profitable concerns.
Expansion of bank debt. In the process of expanding their inventories and volume of credit sales
and of financing other expenses coincident with a
high level of operations during 1946, many
business concerns borrowed from commercial
banks, with the result that their indebtedness to
banks at the end of 1946 was larger than that at
the end of 1945. As is shown in Table 11, business concerns in all but one of the industry-sizeprofitability groups increased the amount of their
bank borrowing, in many cases by relatively large
FEDERAL RESERVE BULLETIN
FINANCIAL POSITION OF MANUFACTURING AND TRADE
amounts. Among the durable and nondurable
goods manufacturers and wholesale trade groups it
was the large concerns which for the most part
had the greatest relative increase in bank debt,
TABLE 12
PERCENTAGE OF LONG-TERM TO TOTAL BANK DEBT,
1945 AND 1946
Group of Manufacturing and Trade Concerns
Small
TABLE 11
PERCENTAGE CHANGE IN TOTAL BANK DEBT, 1945 TO 1946
Group of Manufacturing and Trade Concerns
Industry and rate
of return on net
worth in 1946
Corporations
Sm all
Industry and rate
of return on net
worth in 1946
•
Corporations
corporated
businesses
Medium
corporations
Large
corporations
Manufacturing
Durable goods:
More than 15 per cent. .
15 per cent or less
Loss
Nondurable goods:
More than 15 per cent. .
15 per cent or less
+ 26
+ 110
+ 98
+ x42
+ 21
+ 154
x
+ 8
()
0)
()
+ 22
+ 23
+ 21
+ 81
+ 100
+ 17
+ 29
+ 28
+ 14
+ 3
Trade
Wholesale:
More than 15 per cent. .
15 per cent or less
+
13
-
+ 67
+ 77
+ 32
+ 60
+ 93
+ 71
Retail:
More than 15 per cent. .
15 per cent or less
+ 54
+ 164
+ 178
+ 32
+107
+ 49
+ 92
+239
1
Ratio not computed because an insufficient number of concerns was reported.
NOTE.—See Table 1 for definitions of size of concern and rate of
return on net worth.
while in retail trade small corporations and unincorporated concerns borrowed more heavily than
did medium and large corporations. In most cases,
concerns of moderate profitability were obliged to
supplement their sources of funds by borrowing on
a short- or long-term basis from the commercial
banks to a much greater extent than those with
larger earnings.
Most size-profitability groups of manufacturing
and trade concerns increased their long-term relative to their short-term bank loans from the end
of 1945 to the end of 1946. A shift toward longterm bank credit had also occurred during the
previous year. Even in the case of decreases in
the ratio of long-term to total bank debt from 1945
to 1946, as shown in Table 12, half of such decreases
were due to a greater relative increase in short-term
than long-term debt rather than to an absolute decline in the volume of long-term debt outstanding.
The relatively limited use of term loans by small
manufacturing and trade concerns is confirmed by
the findings of the Federal Reserve Survey on busiSEPTEMBER
1947
Unincorporated
businesses
Medium
corporations
Large
corporations
Manufacturing
Durable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
Loss:
1945
1946
Nondurable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
6
8
8
6
18
37
54
33
19
18
0)
31
36
24
81
14
51
17
30
71
84
54
58
C1)
11
15
6
10
0
3
13
20
5
6
I1)
19
19
Wholesale:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
3
0
0
2
1
2
1
0
1
0
0
0
2
3
3
Retail :
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
9
0
0
1
0
0
68
50
0
0
0
0
0
0
69
30
Trade
1
Ratio not computed because an insufficient number of concerns
was reported.
2
Less than 0.5 per cent.
NOTE.-—See Table 1 for definitions of size of concern and rate of
return on net worth.
ness loans outstanding at member banks as of November 20, 1946.5 In that survey it was found
that the largest users of term credit among small
concerns were those in the public utility (including transportation) and the service industries, and
that small concerns in retail and wholesale trade
and manufacturing, which are the only kinds of
business covered in the current survey, used much
less term credit relative to the total amount of bank
credit they obtained. Moreover, it was found that
a large portion of the dollar volume of term loans
to small business concerns was made by small
5
See, for example, Duncan McC. Holthausen, "Term Lending to Business by Commercial Banks in 1946," Federal Reserve
BULLETIN, May 1947, pp. 498-517; and Charles H. Schmidt,
"Member Bank Loans to Small Business," Federal Reserve
BULLETIN for August 1947, pp. 963-977.
1099
FINANCIAL POSITION OF MANUFACTURING AND TRADE
and medium banks, whereas a high proportion of
the concerns included in the present survey presumably were borrowing from the large banks.6
Resultant liquidity position. The changes in the
volume and character of the working capital of
manufacturing and trade concerns during 1946
greatly affected their liquidity at the year-end, that
is, their ability to meet currently maturing obligations. As has been indicated, although the working capital of most concerns increased during the
year, their cash liquidity decreased. This was primarily because their holdings of cash and readily
marketable securities were in some measure replaced by amounts due from customers and by inventories—current assets that must be converted
into cash before they can be used for debt repayment. In the case of receivables, this conversion
period is largely determined by customary rates of
collection of credit sales, and is usually of short
duration. In the case of inventories, however, and
especially inventories that have been acquired at
high prices, the realization of full value in cash is
dependent upon the maintenance of a resale price
level that is relatively as high as or higher than
their production or purchase cost.
Since there is no completely satisfactory single
measure of business liquidity, four different ratios
were examined with regard to recent changes in
the financial position of the group of manufacturing and trade concerns under study. These ratios
are (1) the current ratio—total current assets
divided by total current liabilities; (2) the quick
ratio—cash, marketable securities, and receivables
divided by total current liabilities; (3) the inventory turnover ratio—sales divided by inventories;
and (4) a liquid assets ratio—cash plus marketable
securities less accrued taxes divided by sales.7
As is shown in Table 13, most manufacturing
and trade concerns of all sizes and degrees of profitability had decreases in their current ratios during
1946. In most cases, however, the decreases were
slight. In the aggregate, only large and medium
manufacturers of durable goods showed any im6
It will be recalled that most of the financial data on which
the current article is based came from the credit files of large
banks.
7
The wartime growth in income taxes led to a matching by
businesses of accrued tax liabilities with holdings of Government securities and tax notes, the proceeds of which were to be
used to pay the taxes when they came due. This practice has
continued since the end of the war. Hence, in considering
"operating requirements" for cash and marketable securities,
an amount equal to the accrued income tax liability has been
deducted in determining the amount of cash and marketable
securities available for general business purposes.
1100
provement in their current ratios during 1946, primarily as the result of substantial reductions in
their accrued income and excess profits tax liabilities. Small concerns, on the other hand, had the
greatest declines in current ratios.
TABLE 13
CURRENT RATIO, 1945 AND 1946
Group of Manufacturing and Trade Concerns
Small
Industry and rate
of return on net
worth in 1946
Corporations
Unincorporated
businesses
Medium
corporations
Large
corporations
Manufacturing
Durable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
Loss:
1945
1946
Nondurable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
2.1
2.0
3.1
2.3
2.1
2.3
2.0
2.5
2.4
2.4
C1)
2.5
2.7
3.0
3.5
2.1
1 .9
i1)
2.3
2.8
2.2
2.2
3.8
3.0
3.1
2.9
2.3
2.6
2.7
3.2
2.9
3.4
3.2
Trade
Wholesale:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
2.4
2.3
3.6
3.3
2.2
2.0
2.2
2.1
3.3
3.2
2.6
2.0
2.9
2.4
2.6
2.2
Retail:
More than 15 per cent:
1945
1946
2.6
2.3
4.1
2.8
4.9
3.3
2.4
2.4
2.5
2.5
3.0
2.5
3.2
3.1
15 per cent or less:
1945
1946
2.8
2.5
1
Ratio not computed because an insufficient number of concerns was reported.
NOTE.—Total current assets divided by total current liabilities.
See Table 1 for definitions of size of concern and rate of return on
net worth.
The general decline in business liquidity during
1946 is more apparent in Table 14, in which the
quick ratios (cash, marketable securities, and receivables divided by current liabilities) at the end
of 1945 and 1946 are compared. In all, 30 of the
33 industry-size-profitability groups showed declines in the quick ratio. The greatest declines
occurred in the case of small unincorporated concerns in both manufacturing and trade, and small
concerns as a group had somewhat greater declines
FEDERAL RESERVE BULLETIN
FINANCIAL POSITION OF MANUFACTURING AND TRADE
TABLE 14
TABLE 15
QUICK RATIO, 1945 AND 1946
INVENTORY TURNOVER,
Group of Manufacturing and Trade Concerns
Small
Industry and rate
of return on net
worth in 1946
Corporations
Manu "acturing
Unincorporated
businesses
Medium
corporations
Large
corporations
Manufacturing
Durable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
Loss:
1945
1946 .
1.1
1.1
1.7
1.1
1.2
1.1
1.5
1.6
1.4
1.1
0)
0)
1.4
1.2
2.1
2.1
1.1
0.6
0)
0)
1.4
1.2
1.5
1.3
1.2
1.1
2.3
1.6
1.2
1.1
1.6
1.5
1.7
1.4
C11)
C)
1.7
1.4
2.0
1.7
Wholesale:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
1.4
1.3
2.0
1.6
1.1
1.0
1.1
0.9
1.8
1.5
1.1
0.9
1.5
1.2
1.3
1.0
Retail:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
1.6
1.3
2.3
1.3
1 .5
1.1
1.5
1.1
1.6
1.1
2.7
1.4
1.7
1.2
1.9
1.5
Nondurable goods:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
1940, 1945, AND 1946
Group of Manufacturing and Trade Concerns
Trade
Size of concern
Durable
goods
Nondurable
goods
Wholesale
5 5
9.1
5.9
7 5
9 2
7.9
11 3
14 6
12.9
7 3
8.3
7.8
4.2
6.7
4 4
5.6
6.9
6 6
8.3
10.5
10 0
7.6
7.9
6.6
4.2
7 9
3.8
4.3
6 1
5.1
6.6
8 5
7.6
9.3
7.9
6.5
Small:
1940 .
1945
1946
Medium:
1940
1945
1946.
Large:
1940
1945
1946
Retail
NOTE.—Annual sales divided by inventories at end of year.
Table 1 for definition of size of concern.
See
TABLE 16
CASH PLUS MARKETABLE SECURITIES LESS ACCRUED TAXES AS
PERCENTAGE OF SALES, 1945 AND 1946
Group of Manufacturing and Trade Concerns
Trade
Small
1
Ratio not computed because an insufficient number of concerns was reported.
NOTE.—Cash, marketable securities, and receivables divided by
total current liabilities. See Table 1 for definitions of size of
concern and rate of return on net worth.
in the quick ratio than had large and medium concerns. Moreover, it appears that concerns with
losses or moderate profits experienced greater declines in their liquidity position as measured by
the quick ratio than did those with high profits
during the year.
Inventory turnover, expressed as the ratio of
sales during the year to inventory at the end of the
year, declined sharply during 1946 as is shown in
Table 15.8 In the majority of the industry-size
groups, however, inventories relative to annual
8
More precise ratios of inventory turnover would have been
(1) annual sales divided by average inventories on hand during the year or (2) December sales divided by year-end inventories. It was impossible to compute such ratios because of
lack of data. Since sales, particularly among durable goods
manufacturers, increased greatly during 1946, the ratio used
here somewhat understates inventory turnover, and hence business liquidity at the end of the year.
SEPTEMBER 1947
Industry and rate
of return on net
worth in 1946
Corporations
Unincorporated
businesses
Medium
corporations
Large
corporations
Manufacturing
Durable goods:
More than 15 per cent:
1945
1946
. . . .
15 per cent or less:
1945
1946
Loss :
1945
1946
Nondurable goods:
More than 15 per cent:
1945
. . . .
1946
. .
15 per cent or less:
1945
1946
4
2
9
5
6
3
8
10
6
5
9
7
18
22
5
5
0)
C1)
C1)
9
12
4
19
5
2
10
6
6
4
7
5
7
4
0)1
C)
9
7
13
11
3
2
5
4
4
1
3
1
4
2
5
4
5
3
5
3
7
4
11
6
8
4
6
4
14
7
8
4
10
4
11
5
Trade
Wholesale:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
. .
1946
Retail:
More than 15 per cent:
1945
1946
15 per cent or less:
1945
1946
. .
1
Ratio not computed because an insufficient number of concerns was reported.
NOTE.— See Table 1 for definitions of size of concern and rate of
return on net worth.
1101
FINANCIAL POSITION OF MANUFACTURING AND TRADE
sales volume were still smaller at the end of 1946
than they were in 1940. It is possible that at the
higher sales volume characteristic of 1946 less inventories per dollar of sales are required than at
the lower 1940 sales volume.
A final measure of business liquidity considered
was the ratio of cash plus marketable securities less
accrued taxes to sales. During 1946 the amount
of cash and marketable securities available for gen-eral business purposes declined relative to the volume of operations for most size-industry-profitability groups of business concerns, as is shown in
1102
Table 16. This was attributable in part to a
liquidation of cash and marketable security holdings over and above amounts required for tax payments, and in part to a growth in sales volume,
Large durable goods manufacturers, whose sales
dropped in 1946 to a level below 1945, were the
only ones whose liquid assets less accrued taxes
showed any appreciable increase relative to sales,
In spite of the 1946 decline in this ratio among
most manufacturing and trade concerns, it was still
substantially higher at the end of 1946 than in
1940.
FEDERAL RESERVE BULLETIN
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
Individuals increased their holdings of liquid
assets by an estimated 5.7 billion dollars in the
second half of 1946, while businesses decreased
their holdings by 3 billion dollars in this period.
Estimates of liquid asset holdings of individuals
and businesses as of December 31, 1946, and for
previous end-of-year and mid-year dates since December 1939, are published in the accompanying
table. These estimates cover the principal assets
which are most readily convertible for use and for
which there are representative statistics of ownership. Currency and demand deposits are the basic
forms of cash ordinarily used, and under existing
practices time deposits and also United States Government securities are readily convertible into cash.
Other assets that may be commonly considered as
liquid savings, such as savings and loan shares,
insurance and pension reserves, and corporate and
municipal securities, are excluded.
For the full year of 1946, individual holdings
increased by 9.7 billion dollars and business holdings decreased by 6.5 billion. Part of this shift of
funds between individuals and businesses occurred
as a result of large outlays by business for additions
to plant and equipment and expansion of inventories, in addition to a substantial net increase in
credit granted to individuals.
Both corporations and unincorporated businesses
drew upon their accumulated liquid assets during
1946, but corporations liquidated their assets at by
far the greater rate, the decrease being 13 per cent
as compared with 2 per cent for unincorporated
businesses. Almost all of the reductions were in
United States Government securities, with corporations liquidating about one-fourth and unincorporated businesses about one-tenth of their holdings.
Increases in individuals' liquid assets during
1946 were primarily in checking and savings accounts, with only slight additions to currency and
United States Government security holdings. This
was a sharp change from the wartime pattern.
In the second half of 1946, a little less than threefifths of the 5.7 billion dollar increase in individuals'
holdings was in the form of demand deposits, with
an additional one-third accounted for by time deposits. United States Government securities and
currency together were responsible for only one
SEPTEMBER
1947
per cent of the increase, while in the period from
December 1940 to December 1945 they accounted
for over 60 per cent of the approximately 100 billion dollar increase in individuals' holdings. Personal holdings of United States Government securities, other than trust holdings, actually decreased
by 3.1 billion dollars during 1946. This decline
was more than offset by an increase of 3.2 billion
dollars in trust-owned United States Government
securities. It is interesting to note that the second
Survey of Consumer Finances, conducted early
this year, indicated that about 3 million fewer
spending units held United States Government
securities at the end of 1946 than a year earlier
and that roughly 5 million more spending units
had savings or checking accounts at the end of
the year than at the beginning of 1946.1
The estimates presented in the accompanving
table include liquid assets held by individuals (including farmers), unincorporated businesses, and
corporations other than insurance companies. They
do not include holdings of Federal, State, or local
governments, Government agencies, foreigners,
banks, building and loan associations, insurance
companies, or nonprofit associations. The estimates
are approximations of amounts shown or implied
in accounting records of the holders rather than
those reported by banking and Treasury records,
although they are derived from bank and Treasury
reports. The deposit estimates, therefore, differ
somewhat from the figures reported by banks and
regularly published among banking statistics.2
The basic classifications used and method of estimate are the same as those employed previously.
Estimates for dates prior to December 1946 include
some small revisions in the ownership distribution
of demand deposits and United States Government
securities.3
1
This survey, conducted for the Board by the Survey Research Center, University of Michigan, provides information on
the distributon of holdings of liquid assets by individuals at the
beginning of 1947 and their attitudes toward spending these
assets. The results are published in the June, July, and August
1947 issues of the Federal Reserve BULLETIN.
2
A detailed description of the methods by which these estimates were made, together with the basic worksheets, may be
secured from the Division of Research and Statistics. Board of
Governors of the Federal Reserve System, Washington 25,
D. C.
3
See Federal Reserve BULLETINS for June 1945, February
1946, and November 1946 for previously published estimates.
1103
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[In billions of dollars]
1939
1942
1941
1940
1944
1943
1945
1946
Type of holder
Dec.
Total 1
Currencv
Demand deposits 2
Time deposits
U. S. Government securities3.
Business holdings—total
Currency
Demand deposits
Time deposits
. .
U. S. Government securities. .
Corporations—-total. .
June
Dec.
June
June
June
Currency .
Demand deposits
Time deposits
U. S. Government securities.
Personal holdings—total
Currency
Demand deposits
Time deposits
U. S. Government securities. .
Trust funds—total
5
Demand deposits
Time deposits
. . .
U. S. Government securities.
Other personal—total 8
Currency
Demand deposits
Time deposits
U. S. Government securities.
Dec.
65.1
67.7 '70.6
5.8
20.9
26 3
12.1
8.9 10.2 13.1 15.0 18.0
6.1
6.6
7.5
22.9 '24.6 '26.5 27.9 30.9 '36.8 42.7 47.1
26 7 26 9 27 1 26 9 26 5 27 7 29 6 32.0
12.0 12.5 '13.0 '17.3 '22.5 '33.9 '43.6 '54.0
20.0 22.6 24.2
47.9 53.1 '56.0
35.0 39.0 43.5
66.7 '74.9 '82.3
25.5
'60.2
47.7
'86.6
25.5
62.5
50.9
81.6
25.7
64.6
53.0
79.9
'25.8 '29.4 '39.3 '49.3 '55.7
'62.7 '67.3 '72.1
'72.8
69.3
66.3
4.8
34.7
3.2
26.6
4.9
33.5
3.4
24.5
'19.3 '20.5 '22,2
74.1
'23.5
3.9
3.1
3.6
2.1
2.8
2.3
1.7
1.9
1.6
1.6
'12.5 '13.8 '15.5 '16.5 '16.6 '18.6 '21.7 27.5 28.9 '29.4
2 1
2.5
22
2 3
2 0
2 1
2 0
2 0
2 0
2 0
5.1
6.5 12.7 '16.5 '20.9 '26.9
3.1
'3.0
'3.0
3.2
4.3
31.3
2.7
'29.0
4.5
33.7
2.9
'31.0
'4.7
33.7
3 1
'31.3
43.0
'44.6
13.0
'13.9
'15.0
'15.7
'17.4
'19.6
'27.1
'34.1
'38.5
1.7
Unincorporated business—total.
June
'90.1 '111.5 '130.9 '151.1 169.6 '189.6 '206.0 '220.0 220.5 223.2
Dec.
Financial 4corporations—
total
Currency
Demand deposits
Time deposits
U.S.Government securities
Dec.
'81.0
Dec.
0.9
0.8
0.8
0.9
0.7
0.8
0.8
0.7
0.7
0.8
9.5 '10.5 1 1 . 7 '12.3 '12.4 '13.8 '16.0 20.0 20.9 '21.4
0.7
0 7
0 7
0 7
0 7
0 7
0 7
0 7
0 7
0 7
9.6 '12.6 '16.0 '20.0
3.5
4.3
2.0
'1.9
2.1
'1.9
Nonfinancial corporations
—total
June
June
Currency
Demand deposits
Time deposits
U. S. Government securities.
Demand deposits
....
Time deposits
U. S. Government securities
Dec.
Dec.
'47.1
'45.0
41.8
39.1
0.9
0.9
22.1 24.0
0.7
0 7
'20.9 '21.5
'0.9
22.1
0 7
'21.3
1.0
22.9
0 7
17.2
1.0
21.8
0.7
15.6
1.8
1.8
1.9
2.2
2.4
2.5
2.8
3.1
'3.4
3.8
4.1
4.8
4.7
4.4
1.1
0.1
1.2
0.1
1.2
0.1
1.3
0.1
1.3
0.1
1.3
0.1
1.2
0.1
1.3
0.1
1.3
0.1
'1.3
0.1
1.5
0.1
1.6
0.1
2.0
0.1
2.1
0.1
2.1
0.1
0.5
0.5
0.5
0.5
0.8
1.0
1.2
1.4
1.7
2.0
2.2
2.4
2.7
2.5
2.2
'17.2
'24.6 '31.3 '35.4 '39.6 '40.8 '43.0 '40.2
11.3 '12.1 '13.2 '13.8 '15.2
0.9
0.9
0.9
0.8
'0.9
0.7
0.7
0.8
0.8
0.9
0.7
0.8
0.8
8 4 '9 3 '10 5 '11 0 '11 1 '12 5 '14 8 18 7 19 6 20.1 20.6 22.4 20.1
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
8.4 '11.2 '14.3 '18.0 '18.7 '19.1 '18.6
'1.4
'1.4
2.7
3.3
1.5
1.6
22.7 25.0 27.8
15.2 17.2 '19.7
8.4
'6.3
'6.6
'7.2
'7.8
'9.8 '12.2
37.1
1.0
20.8
0.6
14.7
34.7
27.5
27.2
0 9
'3 0
1.3
1.1
0 9
'3 3
1.3
1.1
1 0
'3 8
1.3
1.1
1 i
'4 2
1.4
1.1
1 3
42
1.3
1.6
'45.8 '47.2 '48.4 '50.6 '55.2
2 0
1 5
'4 8 '5.7
1.4
1.3
3.1
2.2
'60.7 '72.2
81.6
95.4 '106.9 122.3 '133.9 '147.2 151.2 156.9
7.9
'12.3
24.5
'16.0
10.3
'15.1
25.6
'21.2
11.9
15.2
27.4
27.1
14.4 16.1
18.2 '18.5
29.7 32.5
33.1 '39.8
23
7.5
1.5
3.9
2 7
8 0
1.6
4.9
3.0
8.0
1.8
'6.9
3.4
9.2
2.0
8.1
3.6
9.7
2.2
9.5
3.8
11.6
2.4
10.0
3.8
11.8
2.5
9.4
3.9
11.7
2.7
8.9
18.3 19.7
21.8 '22.3
36.3 40.6
45.9 51.3
'20.8
'26.5
44.6
'55.3
20.7
27.8
47.7
55.0
20.8
31.1
49.6
55.4
13.3
'14.6
'15.8
17.7
19.2
1.4
0.2
11.7
1.5
0.2
'12.9
1.6
0.2
'14.0
1.8
0.3
15.6
17.2
4.2
'8.4
24.3
8.9
4.5
'9.1
24.7
8.9
4.9
'9.1
24.9
'9.5
4.5
4.7
4.7
4.8
'5.6
6.1
6.8
8.3
9.9
'11.6
1.2
0 2
3.1
1.3
0 3
3.1
1.3
0 3
3.1
1.4
0 3
3.1
1.4
0 3
'3.9
1.3
0 2
4.6
1.2
0 2
5.4
1.2
0 2
6.9
1.3
1.3
0.2
0 2
8.4 '10.1
'41.3
'42.5
'43.7
'45.8
'49.6
'54.6
'65.4
73.3
85.5
'95.3
109.0 '119.3 '131.4
4.2
'7 2
24.1
5.8
4.5
'7 8
24.4
5.8
4.9
'7 8
24.6
'6.4
5.6
'8 6
24.7
'6.9
7.9 10.3
6.8
'9 9 '11 0 '13 9
24.6 24.3 25.4
'8.3 '11.4 '15.8
11.9
14 0
27.2
20.2
14.4 16.1
16 9 '17.2
29.5 32.3
24.7 '29.7
18.3 19.7 '20.8
20.4 '20.8 '24.9
36.1 40.4 44.4
34.2 '38.4 '41.3
6.8
5.6
'10.0 '11.3
25.0 24.9
'10.0 '12.2
1.0
19.7
0.6
13.4
1.7
0.3
133.5 137.7
20.7
26.0
47.4
39.4
20.8
29.4
49.3
38.2
r
1
Revised.
Figures for banks, insurance companies, building and loan associations, nonprofit associations, and governmental bodies and agencies are
not included
in the totals shown.
2
These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based
on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total
demand deposits as of Dec. 31, 1946, on a holder-record basis (see table) amounted to 64.6 billion dollars while on a bank-record basis these deposits
amount to 76.7 billion. This is because checks are constantly in the mail. i. e., deducted on payor's records and not yet added on payee's records,
and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's
deposits
as per bank records.
3
Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, as follows: December 1945, 1,128 million dollars;
June 1946, 58 million dollars; December 1946, 29 million dollars. Excludes 602 million dollars of armed forces leave bonds outstanding on Dec.
31, 1946 that were not redeemable until Sept. 2, 1947.
* Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and
dealers,
holding companies not otherwise classified, etc.
8
Includes only amounts administered by corporate trustees.
6
Includes holdings of farmers and professional persons.
1104
FEDERAL RESERVE BULLETIN
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
A complete revision of the statistical series on
gross national product, national income, and related
measures of economic activity was published by the
Department of Commerce in a Supplement to the
July Survey of Current Business. Some of the revised figures were shown in the statistical section
of the August BULLETIN, but with this issue a somewhat expanded form of presentation is introduced
(see pages 1167-68). Back figures on the new basis
are given on pages 1109-14 for convenient reference.
National income and product statistics have been
increasingly used in recent years as measures of
economic activity. This body of related data comprises several different totals as well as many subtotals and a great number of components. All of
these series, however, represent an aggregative
rather than a particularistic approach to the national
economy. As distinguished from such business
barometers as indexes of stock prices or of electric
power consumption, for example, they are measures
of total economic activity—as defined for the purpose at hand—rather than simply indicators of
activity. In combining and summarizing the
underlying data, much significant information—
both quantitative and qualitative—is necessarily
lost. For this reason, the national income and
product series, even when broken down into their
components, are not a substitute for the detailed
analysis of particular markets and particular industries. They do, however, offer an over-all view
of the working of the economy that clarifies the
relations of the various sectors and provides a framework for more detailed analysis.
The basic data relating to income and production
may be grouped and totaled in a number of different ways, depending on the problem at hand.
Three summary series, however, appear most generally valuable for analytic purposes and have
become familiar to the users of these data. They
are the gross national product, the national income,
and personal income (formerly known as income
payments to individuals).
The gross national product is the most comprehensive measure of the output of the economy.
It takes account of the value of all final products
currently produced, including both capital goods
SEPTEMBER
1947
and commodities available for current consumption,
together with changes in inventories of all types
of goods. These goods and services are valued as
nearly as possible at market prices, and no deduction from the total is made to allow for the value
of fixed capital used up in the process of production—that is, depreciation charges are ignored.
The value of materials incorporated in final
products is deducted, however, in order to avoid
duplication. Furthermore, the series is confined
strictly to goods and services currently produced.
It does not attempt to measure all transactions or
changes in value. Hence, transfers of real estate
or of other existing assets are not taken into account.
Likewise, capital gains and losses are excluded, as
well as payments such as unemployment compensation or pensions, which are not related to current
production.
The national income is a summation of the
amounts earned by labor and property owners on
account of current production, after allowance for
depreciation. Like the gross national product it
also leaves out capital gains, including profits or
losses arising from changes in inventory values due
to price fluctuations. It also excludes indirect
business taxes (excises and the like) since they are
not a reward to any of the factors of production,
although they are included in market prices and
hence in the gross national product. The national
income series is therefore more suitable than the
gross national product for studies of income distribution or for the analysis of certain long-range
problems when account must be taken of the
maintenance and replacement of fixed capital.
Personal income figures are especially useful for
short-range economic analysis. They include only
income actually received by persons (including nonprofit institutions and unincorporated enterprises
as well as individuals) in cash or in kind. Thus,
they exclude the retained earnings of corporations,
which are not available for expenditure by persons.
They include, on the other hand, social security
benefits and other transfer payments, which are not
usually considered part of income but which are
available for private expenditure. Personal income
minus personal taxes and related liabilities is known
as disposable personal income. This series is the
1105
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
basis for many studies of consumer expenditure
and saving.
NATURE OF THE REVISIONS
The recently published revisions represent five
years' work and extend to almost every component
of the series. The estimates are available in much
greater detail than before, and the definitions of
the various totals and subtotals have been clarified
and rationalized.
The new series on national income and product
are somewhat higher than the old throughout the
period covered by the revision, 1929-1946. (See
Charts I and II.) The changes in levels are most
significant, however, for the war years.
The new estimates incorporate changes in concept as well as statistical revisions. Conceptual
changes, in fact, account for the larger part of the
increase in the income and product totals.
The major conceptual changes may be grouped
into two categories: (1) those designed to achieve
greater consistency of definition among the various
related series, and (2) those taking account of
certain types of imputed income and income received in kind that were previously excluded
from the estimates. In addition, several minor refinements in concept have been made possible by
the availability of improved data.
CONSISTENCY OF DEFINITION
The national income, as noted above, represents
an aggregate of the rewards earned by labor and
property owners for the current production of goods
and services; in technical language, it is measured
at factor cost. Estimates of gross national product,
on the other hand, relate as closely as possible to
the mar\et value of current output. The consistent
application of these definitions has required several
changes in the series.
1. Taxes on corporate profits are now included
in national income, while the previous practice
was to exclude them. This change is intended to
place profits on the same basis as the other income
shares, which are added into national income without deduction of personal taxes.
2. Interest payments on government debt have
been excluded from both national income and
gross national product, since they are not considered to be a reward for current production or
to represent the current use of economic resources.
3. Profits resulting from appreciation in the
book value of inventories, and corresponding losses
when values are falling, have been excluded from
national income. This treatment is now consistent
with that of other types of capital gain or loss,
which have no counterpart in current production.
In the past, such profits or losses had been excluded
GROSS NATIONAL PRODUCT
NATIONAL INCOME
DEPARTMENT OF COMMERCE ESTIMATES
DEPARTMENT OF COMMERCE ESTIMATES
ANNUALLY 1929-1946
BILLIONS OF DOLLARS
ANNUALLY
BILUONS OF DO
F929-I946
BILLIONS OF DOLL)
240
200
NEW
SERIES i
•
f /"'
i /
/ /
NEW / /
SERIES//
—
/
160
!
ft FORMER
U SERIES
J
s
120
60
/ /
I //
]/i//
•
—
_
//
//
—
FORMER
yy
-
:
—
_
^
40
0
1
I
[
1930
1932
1934
1106
J936
i
X
1
i
i
!
|
!
1938
1940
1942
1944
1946
1930
1932
1934
1
!
1
1936 1938 1940 1942 1944 1946
FEDERAL RESERVE BULLETIN
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
from the national product but not from the national income.
GROSS NATIONAL PRODUCT
Difference between Old and New Series
tary life insurance funds and to family allowances.
These changes are of particular significance, of
course, in explaining the higher level of the new
gross national product series for the war years.
3. An item of imputed interest has been included
[In billions of dollars]
Revision
1929
Statistical revision.
Plus: Items included in new series but
not in old—•
Net imputed rent, depreciation and
taxes on owner-occupied dwellings . . . .
4.8
Income in kind and other imputed
income of armed forces
0.1
Other.. . .
0 4
Less: Items in old series but excluded
from new—
Government interest p a y m e n t s . . . .
1.0
Other...
-0.1
Equals: Net increase (new series minus
old)
4.4
1939
-0.4
1946
4.7
Revision
3.4
5.6
0.1
0 6
3.7
1 2
1.2
0.6
4.5
0.9
1.8
9.7
SOURCE.—Department of Commerce.
4. Subsidies paid by government to private business have been removed from the national product,
since they are not included in the market valuation
of goods and services produced.
Another change introduced on grounds of consistency of definition, although not parallel to those
just enumerated, is in the treatment of depletion
allowances, which were formerly deducted along
with depreciation charges in computing national
income. No such deduction is made in the new
series. It is felt that since new discoveries of natural
resources are not considered as part of gross capital
formation, an allowance for the depletion of known
resources would be inappropriate.
IMPUTED INCOME AND OTHER CONCEPTUAL CHANGES
Several items of income and expenditure that
were previously disregarded have been incorporated
in the new series.
1. The most important of these is imputed net
rent on owner-occupied dwellings, which is now
included in gross national product, national income,
and personal income. As a corollary, depreciation
and taxes on such dwellings, as well as imputed
rent, have been added to consumer expenditures.
Thus the methods of treating rented and owneroccupied housing are now comparable.
2. The value of food and personal clothing provided for members of the armed forces has been
added to the national income and national product along with government contributions to miliSEPTEMBER 1947
NATIONAL INCOME
Difference between Old and New Series
[In billions of dollars]
1929
Statistical revision
-0.3
Plus: Items included in new series but
not in old—
1.4
Taxes on corporate profits
0.6
Depletion charges
Net imputed rent of owner-occupied
dwellings
2.8
Income in kind and other imputed
0.1
income of armed forces
Inventory valuation adjustment... . 0 . 6
Other
Less: Items in old series but excluded
from new—
1.0
Government interest payments. . . .
Other
—0.1
Equals: Net increase (new series minus
4.1
old)
1939
1946
0.4
6.9
1.5
0.5
8.6
0.6
1.5
2.9
0.1
3.7
-0.9
0 2
-6.0
1 2
1.2
0 2
4.5
0.2
1.7
13.2
SOURCE.—Department of Commerce.
to cover the services rendered by banks and other
financial institutions without explicit charge. As
a consequence, it is now possible to abandon the
artificial assumption previously made, which allocated all receipts of long-term interest (except government interest received by nonfinancial corporations) to persons and treated all short-term interest
receipts as interbusiness transactions that cancel out.
Three other minor conceptual changes may be
mentioned. (1) Employer contributions to private
pension and welfare funds have been substituted
for benefit payments in the national income and
personal income estimates. (2) Changes in farm
inventories of crops not held for sale have been
added to the appropriate series. (3) Business transfer payments—consumer bad debts, corporate gifts,
and other similar items—have been included in
personal income.
CHANGES IN CONSUMPTION EXPENDITURES AND
PERSONAL SAVING
These conceptual changes have a substantial influence on the numerical magnitude of the national
income and the national product, but they do not
necessarily affect prevailing interpretations of the
economy or of the relationships among the various
sectors and types of activity.
1107
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
The new estimates of personal consumption exThe ratio of personal saving to disposable income
penditures and of personal saving, however, differ is also lowered throughout the period under conin a more fundamental sense from those previously sideration, even after allowance is made for changes
published. In this case, the revisions suggest that in concept.
consumption expenditures have been considerably
higher throughout the period since 1929 than the
SIGNIFICANCE OF THE CHANGES
earlier figures indicated, and that personal saving
has been considerably less.
Those characteristics of our economy that stood
In the previous series, personal saving was esti- out most sharply in the former estimates of national
mated by a double-residual method. Consumer ex- income and product are equally striking in the
penditure was first derived by subtracting private revised figures. The extraordinarily high level
capital formation and government expenditure of total output during the war and at present,
from the gross national product, after appropriate as compared with the previous peak in 1929, for
adjustment on both sides. Consumer expenditure, example, is even more dramatically shown in the
estimated in this manner, was then subtracted from new figures than in the old. (See Charts I and II.)
disposable income to give personal saving. (For On either basis, both the gross national product and
the years since 1939, the movement, but not the the national income in 1946 were approximately
level, of consumer expenditure has been related to double their 1929 value. Some part of this exindependent data on retail trade and the like.)
pansion is accounted for by price increases, to be
In the revised series, personal consumption ex- sure; but after all possible allowances on this
penditures are estimated independently throughout. score, the figures show a very impressive rise in
The result of this change in method, together with physical production.
the conceptual changes, has been to raise the level
With regard to timing as well as level, the new
of the consumption estimates for the whole period totals in general correspond quite closely with the
since 1929. Correspondingly, there has been a old. However, the revised national income series
reduction in the level of personal saving, as is now has its low point in 1933 rather than in 1932,
indicated in Chart III. The new figures suggest, and thus shows the same movement as gross nain fact, that individuals were dissaving on balance tional product and personal income at the trough
during the depression years 1932-1934.
of the depression. This change in timing results
from statistical revisions rather than from changes
CHART I I I
in definition. On the other hand, the peak of naPERSONAL SAVING
tional income has been shifted from 1946 to 1945,
due largely to the inclusion of corporate profits
before tax under the new concept while previously
40
taxes on profits had been deducted. Under the
former concept, the repeal of the excess profits tax
30
in 1945 had the effect of raising the national inif
20
come
estimate for 1946, but this is no longer the
/YHE*
10
case with the new definitions.
Despite these two changes in the timing of
_ --""2^--"'
0
national
income movements, the general picture
, 1 , I "1 I
1
I
-10
of
economic
developments during the past two
50
OME
AS
decades that emerges from a study of the new
40
estimates is familiar. The sharp drop from 1929
to
1932-1933 appears in all the series, along with
30
the slow and incomplete recovery up to 1937, the
20
recession of that year, the defense prosperity of
10
1940-1941, and the great upsurge of the war years.
^ - / N E W SERIES
The
relative movements of the major components
0
Nd
have
also been little affected by the revisions. Sales
|
1
1
i
-10
i
of durable goods fluctuate more than those of
1930
1932
1934
1936 1938
1940
1942
1944
1946
DEPARTMENT OF COMMERCE ESTIMATES
ANNUALLY 1929-1946
IN BILLI ONS OF DOLLARS
FORM :R SERIES
V-
SERIES
V
_ - / ,
I
1
* PERCEC TAGE OF DISPOSA 3LE PERS ONAL INC
FORMEF : SERIES
y
_ ^
—•
\
^
(
1108
4
!
(
FEDERAL RESERVE BULLETIN
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
nondurables; wages and salaries are more stable
than profits or farm returns.
The new estimates of personal consumption expenditures and personal saving, however, will force
a re-examination of some widely held impressions
regarding these magnitudes and their relation to
disposable income. In 1929, for example, the old
series showed personal saving as 11.1 per cent of
disposable income; the corresponding figure in the
revised series is 4.8 per cent. For 1933, the percentage saved was 3.8 on the old basis and —2.7
on the new. (That is, personal consumption ex-
penditure exceeded disposable income to the extent
of 2.7 per cent.) For 1946 the old figure was 12.9
per cent while the revised series shows 9.3 per cent.
The role of private saving in the economy has
in the past been the subject of much controversy.
It may be expected that new debates will be opened
by these revisions of the data. Relations between
saving and income calculated from the old series,
and projections based on these relations, will have
to be modified. The results of such reinterpretation cannot yet be foreseen.
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING,
1929-1946
[In millions of dollars]
1931
1932
1933
1934
Gross n a t i o n a l p r o d u c t
103,828 90,857 75,930 58,340 55,760 64,868
7,245
7,663
7,218
8,312
Less: Capital consumption allowances
8,747
8,816
E q u a l s : Net n a t i o n a l p r o d u c t
95,012 82,110 67,618 50,677 48,515 57,650
Plus: Subsidies minus current surplus of govern18
283
-49
-45
-147
ment enterprises
-123
7,055
7,815
6,859
6,768
Less: Indirect business tax and related liabilities.
7,003
7,155
659
641
649
737
Business transfer payments
587
534
864
1,437
1,235
1,188
Statistical discrepancy
-80
-705
E q u a l s : National income
87,355 75,003 58,873 41,690 39,584 48,613
Less: Undistributed corporate profits
2,597 - 3 , 0 4 5 - 5 , 3 8 1 - 5 , 9 9 8 - 2 , 4 2 8 - 1 , 6 1 9
524
382
746
500
Corporate profits tax liability
1,398
848
1,047 - 2 , 1 4 3
-625
2,414
Corporate inventory valuation adjustment
472
3,260
285
304
278
262
Contributions for social insurance
243
253
0
0
0
0
0
0
Excess of wage accruals over disbursements.,
1,141
1,170
1,230
1,084
964
Plus: Net interest paid by government
983
1,454
2,024
1,552
1,415
912
1,010
Government transfer payments
659
641
737
587
534
649
Business transfer payments
E q u a l s : Personal income
85,127 76,195 64,835 49,274 46,629 53,230
1,455
1,464
1,595
1,858
2,507
Less: Personal tax and related payments
2,643
82,484 73,688 62,977 47,819 45,165 51,635
E q u a l s : Disposable personal i n c o m e
78,761 70,789 61,153 49,208 46,346 51,882
Less: Personal consumption expenditures. . . .
-247
1,824 - 1 , 3 8 9 - 1 , 1 8 1
E q u a l s : Personal saving
3,723
2,899
1938
Gross n a t i o n a l p r o d u c t
Less: Capital consumption allowances
E q u a l s : Net n a t i o n a l p r o d u c t
Plus: Subsidies minus current surplus of government enterprises
Less: Indirect business tax and related liabilities..
Business transfer payments
Statistical discrepancy
E q u a l s : National income
Less: Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjustment..
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Net interest paid by government
Government transfer payments
Business transfer payments
E q u a l s : Personal i n c o m e
Less: Personal tax and related payments
E q u a l s : Disposable personal i n c o m e
Less: Personal consumption expenditures
E q u a l s : Personal saving
1939
1940
1941
* 1942
1935
1936
1937
72,193 '82,483
7,369
7,684
64,824 '74,799
90,213
7,972
82,241
403
39
8,190
8,663
594
594
-346
862
56,789 '64,719
-613
-284
965
1,411
-227
-738
333
598
0
0
1,141
1,101
1,795
2,926
594
594
59,861 '68,353
1,888
2,258
57,973 '66,095
56,215 62,515
1,758
'3,580
60
9,157
567
-1,050
73,627
-8
1,512
-31
1,800
0
1,204
1,851
567
73,976
2,921
71,055
67,121
3,934
1944
1945
1946
84,683
7,992
76 ,691
90,426 100,477 125,294 159,628 192,573 210,551 213,120 203,679
9,935 10,585 11,773 12,085 11,040
8,440
9,294
8,101
82,325 92,037 116,000 149,636 181,988 198,778 201,035 192,639
176
9,154
429
-91
67,375
-906
1,040
963
1,977
0
1,192
2,405
429
68,327
2,862
65,465
64,513
952
485
9 ,365
451
462
72 ,532
1,209
1,462
-714
2 ,136
0
1,205
2 ,512
451
72 ,607
2 ,440
70 ,167
67 ,466
2 ,701
150
183
102
659
775
843
420
11,296 11,813 12,685 14,029 15,339 16,851
10,021
494
504
502
549
564
528
431
1,050
720
470
2,599
3,099 - 2 , 1 0 1
658
81 ,347 103,834 136,486 168,262 182,260 182,8C8 178,204
5,136
5,886
5,239
4,921
4,174
6,925
2 ,398
7,846 11,665 14,153 13,913 11,283
8,601
2 ,878
-824
-148 - 2 , 6 1 7 - 1 , 2 7 4
-355
- 5 3 3 -4,689
3,468
4,516
5,172
2,784
6,140
5,990
2 ,282
0
209
-193
0
14
-30
0
1,517
2,140
2,800
1,289
1,291
3,675
4,491
2,657
2,466
3,082
2,617
5,621
10,791
2 ,688
494
504
549
502
431
564
528
78 ,347 95,308 22,159 49,432 164,915 171,590 177,217
5,962 17,815 18,904 20,878 18,789
3,293
2 ,604
75 ,743 92,015 116,197 L31,617 46 ,011 150,712 158,428
72,052 82,255 90,835 .01,626 10,417 21,698 143,670
9,760 25,362 29,991 35,594 29,014 14,758
3 ,691
'Annual data for 1936 has been revised since publication in the source cited below.
SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce.
SEPTEMBER 1947
1109
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING—Continued
[Seasonally adjusted annual rates by quarters.
In billions of dollars]
1939
Gross national product
Less: Capital consumption allowances
Equals: Net national product
Plus: Subsidies minus current surplus of government
enterprises
Less: Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Equals: National income
Less: Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Net interest paid by government
Government transfer payments
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1940
87.1
8.0
79.1
88.9
8.1
80.8
91.1
8.1
83.0
94.6
8.2
86.4
96.9
8.2
88.7
98.7
8.3
90.4
100.6
8.5
92.1
105.6
8.7
96.9
0.4
9.2
0.4
-1.5
71.4
1.2
1.3
0.1
2.0
0.0
1.1
2.6
0.4
70.9
2.4
68.5
64.8
3.7
0.5
9.3
0.5
0.4
71.2
1.0
1.4
-0.4
2.1
0.0
1.2
2.5
0.5
71.4
2.4
69.0
67.4
1.5
0.6
9.4
0.5
0.
73.0
1.2
1.5
-0.3
2.2
0.0
1.2
2.5
0.5
72.6
2.4
70.2
68.4
1.8
0.4
9.5
0.5
2.5
74.4
1.6
1.7
-2.3
2.3
0.0
1.3
2.4
0.5
75.3
2.4
72.9
69.2
3.7
0.5
9.6
0.4
1.7
77.5
1.5
2.5
-0.4
2.2
0.0
1.3
2.7
0.4
76.1
2.6
73.5
70.0
3.5
0.5
9.9
0.4
0.5
79.9
2.4
2.8
0.6
2.2
0.0
1.3
2.8
0.4
76.5
2.6
73.9
71.8
2.0
0.5
10.2
0.4
0.2
81.8
2.5
2.9
0.1
2.3
0.0
1.3
2.7
0.4
78.6
2.6
76.0
72.3
3.7
0.3
10.4
0.4
0.2
86.1
3.2
3.3
-0.9
2.4
0.0
1.3
2.6
0.4
82.3
2.6
79.7
74.1
5.6
1941
Gross national product
Less: Capital consumption allowances
Equals: Net national product
Plus: Subsidies minus current surplus of government
enterprises
Less: Indirect business tax and related liability
Business transfer payments
Statistical discrepancy
Equals: National income
Less: Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Net interest paid by government
Government transfer payments
*
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1
2
111.9
120.6
8.8
9.2
103.1
111.4
0.3
0.1
10.8
11.2
0.5
-1.5
93.6
3.5
6.5
-1.2
2.5
0.0
1.3
2.7
0.5
0.5
-1.3
101.2
5.0
7.9
-2.2
2.7
0.0
1.3
2.6
0.5
86.7
92.3
83.4
76.6
89.0
81.7
3.3
6.8
3.3
7.2
1945
2
130.0
9.5
120.5
138.6
9.6
129.0
221.8
12.4
209.4
0.1
11.3
0.5
1.3
107.5
5.7
8.5
-3.8
2.9
0.0
1.3
-0.1
11.9
0.5
0.6
14.8
0.6
2.8
191.8
6.4
13.4
-0.5
5.8
0.0
3.3
3.4
0.6
174.0
21.3
152.7
118.2
34.5
3.6
112.9
5.7
8.6
-3.2
3.0
0.0
1.3
2.6
2.6
0.5
98.7
3.3
95.4
84.9
10.4
0.5
103.1
3.3
99.8
85.7
14.1
220.2
12.9
207.3
3
213.4
11.9
201.5
197.1
11.2
185.9
1.5
16.0
0.6
2.7
168.1
0.4
8.3
-0.6
6.3
0.0
4.1
9.9
0.6
168.3
20.3
148.1
127.9
20.1
0.2
0.8
15.2
15.3
191.6
179.5
13.5
-0.5
-0.5
174.1
21.2
152.9
118.8
34.1
169.9
20.7
149.2
121.8
0.6
0.2
6.5
6.2
0.0
3.5
4.2
0.6
0.6
6.9
3.2
9.9
6.2
0.0
3.8
5.0
0.6
27.4
NOTE.—Comparable quarterly data for 1946 are shown on p. 1167 of this BULLETIN. Details may not add to totals because of rounding
SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce.
1110
FEDERAL RESERVE BULLETIN
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
GROSS NATIONAL PRODUCT OR EXPENDITURE,
1929-1946
[In millions of dollars!
1929
Gross national product
1930
1931
1932
1933
1934
1935
1936
r
1937
103,828
90 ,857
75 ,930
58,340
55,760
64,868
72,193
82,483
90,213
Personal consumption expenditures
Durable goods
Nondurable goods
Services
78,761
9,362
37,742
31,657
70 ,789
7,275
34,052
29,462
61,153
5,569
28,955
26,629
49,208
3,694
22,743
22,771
46,346
3,503
22,254
20,589
51,882
4,255
26,732
20,895
56,215
5,158
29,377
21,680
62,515
6,374
32,887
23,254
67,121
7,005
35,232
24,884
Gross private domestic investment
New construction1
Producers' durable equipment
Change in business inventories
15,824
7,824
6,438
1,562
10 ,209
5,566
4,926
-283
5,362
3,561
3,162
~lv,361
886
1,668
1-.781
-2,563
1,306
1,142
1,783
-1,619
2,807
1,420
2,531
-1,144
6,146
1,890
3*351
905
'8,318
2,783
4,531
I ' , 004
11,440
3,687
5,444
2,309
771
690
197
169
150
429
-54
-93
62
8,472
1,311
J 1,344
9,169
1,410
1,432
9,218
1,537
8,077
1,480
1,549
1,484
7,958
2,018
2,022
9,750
2,991
2,997
9,886
2,931
2,935
11,743
4,815
4,818
11,590
4,552
4,557
33
7,161
22
7,759
12
7,681
4
6,597
4
5,940
6
6,759
4
6,955
3
6,928
5
7,038
1938
1939
1940
1941
1942
1943
1944
1945
1946
Net foreign investment
Government purchases of goods and services
Federal
War
Nonwar
....
L e s s : G o v e r n m e n t sales' 2 . . .
. . . .
S t a t e a n d local
84,683
90 ,426
100,477
125,294
159,628
192,573
210,551
213,120
203,679
Personal consumption expenditures
Durable goods
Nondurable goods
Services
64,513
5,754
34,032
24,727
67 ,466
6,729
35,258
25,479
72,052
7,854
37,594
26,604
82,255
9,750
43,960
28,545
90 ,835
6,845
52,962
31,028
101,626
6,515
61,205
33,906
110,417
6,755
67,190
36,472
121,698
7,977
75,298
38,423
143,670
14,917
87,061
41,692
Gross private domestic investment.
New construction1
Producers' durable equipment
Change in business inventories.
6,311
3,309
3,975
-973
9,0C4
3,986
4,577
441
12,983
4,600
6,108
2,275
17,211
5,661
7,676
3,874
9,330
3,212
4,702
1,416
4,591
2,010
3,761
-1,180
5,658
2,267
5,348
-1,957
9,058
3,146
7,134
-1,222
24 ,582
8,525
12,393
3,664
Net foreign investment. .
1,109
888
1,509
1,124
-2C7
-2,245
-2,099
-754
4,773
Government purchases of goods and services 12,750
5,280
Federal
War
) 5,286
Nonwar
)
2
Less: Government sales
. . .
6
7,470
State and local
13,068
5,157
1,258
3.908
9
7,911
13,933
6,170
2,223
3,956
9
7,763
24,7C4
16,923
13,794
3,173
44
7,781
59 ,670
52,027
49,567
2,664
204
7,643
88,601
81,223
80,384
1,480
641
7,378
96 ,575
89,029
88,638
1,552
1,161
7,546
83,118
74,963
76,172
1,011
2,220
8,155
30 ,654
20,671
21,293
2,383
3,005
9,983
Gross national product.
r
Annual data for 1936 have been revised since publication in the source cited below.
Includes construction expenditures for crude petroleum and natural gas drilling.
- Consists of sales abroad and domestic sales of surplus consumption goods and materials.
SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce.
1
SEPTEMBER 1947
1111
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
GROSS NATIONAL PRODUCT OR EXPENDITURE—Continued
[Seasonally adjusted annual rates by quarters.
In billions of dollars]
1939
2
1940
1
3
2
3
87.1
88.9
91.1
94.6
96.9
98.7
100.6
105.6
Personal consumption expenditures
Durable goods
Nondurable goods
Services
64.8
6.4
33.5
25.0
67.4
68.4
70.0
71.8
72.3
6.6
6.9
35.6
25.3
35.6
25.9
69.2
7.0
36.4
25.8
74.1
8.3
38.7
27.1
Gross private domestic
investment
New construction1
Producers' durable equipment
Change in business inventories
8.3
4.0
4.1
0.2
7.7
4.0
4.3
9.1
3.9
4.7
0.5
11.0
4.1
5.2
1.7
Net foreign investment
0.7
0.6
1.0
1.2
1.8
1.6
1.4
1.3
13.2
5.2
1.1
4.1
0.0
8.0
13.2
12.6
13.4
5.3
1.2
4.1
0.0
7.9
4.8
1.3
3.4
0.0
7.8
13.3
5.4
1.4
3.9
0.0
7.9
13.3
5.5
13.5
15.6
7.8
3.8
4.0
0.0
7.8
Gross national product
Government purchases of goods and services
Federal
War
Nonwar
Less: Government sales2
State and local
-0.5
7.5
7.8
7.8
36.3
26.2
37.6
26.4
37.8
26.7
11.8
12.0
13.5
4.2
5.6
2.0
4.5
5.8
1.7
4.7
6.3
2.5
5.8
1.6
4.2
0.0
7.6
1.7
3.9
0.0
7.8
1941
2
5.6
1.8
3.7
0.0
7.9
14.5
4.9
6.8
2.8
1945
3
1
2
3
111.9
120.6
130.0
138.6
221.8
220.2
213.4
197.1
Personal consumption expenditures
Durable goods
Nondurable goods
Services
76.6
9.4
39.6
27.6
81.7
10.3
43.3
28.1
84.9
10.1
46.0
28.9
85.7
9.2
46.9
29.6
118.2
118.8
121.8
127.9
9.5
79.4
39.1
Gross private domestic
investment
New construction1
Producers' durable equipment
Change in business inventories
15.5
5.4
7.3
2.8
16.8
18.5
5.8
8.0
3.0
5.9
8.3
4.4
17.9
5.5
7.1
5.3
1.1
0.7
0.6
2.1
18.7
11.2
7.5
3.7
0.0
7.5
21.3
13.6
10.7
26.0
18.0
15.2
32.8
24.9
21.7
3.3
0.1
7.9
Gross national product
Net foreign investment
Government purchases of goods and services
Federal
War
Nonwar
Less: Government sales2
State and local
2.9
0.0
7.8
2.8
0.1
8.0
7.3
7.4
7.7
73.1
37.8
73.2
38.1
75.6
38.6
5.5
7.6
2.8
6.4
10.9
2.4
5.9
-2.8
-1.5
-2.0
-2.6
0.1
1.5
100.0
92.2
92.2
96.4
88.5
88.7
80.6
55.5
46.9
49.5
0.7
3.3
8.6
1.1
1.2
7.8
1.2
1.4
7.9
3.2
7.6
0.1
72.3
74.3
1.0
3.0
8.3
12.2
4.3
8.7
-0.8
1
2
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
NOTE.—Comparable quarterly data for 1946 are shown on p. 1168 of this BULLETIN. Details may not add to totals because of rounding.
SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce.
1112
FEDERAL RESERVE BULLETIN
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
NATIONAL INCOME, BY DISTRIBUTIVE SHARES, 1929-1946
[In millions of dollars]
1929
1930
1931
1932
87,355
75,003
58,873
Compensation of employees
50,786
Wages and salaries1
50,165
Private
45,206
312
Military
4,647
Government civilian
Supplements to wages and salaries
,
621
Employer contributions for social in101
surance
Other labor income
520
46 ,515
45,894
40,720
315
4,859
621
39,470
38,886
33,607
308
4,971
584
106
515
13,927
8,262
8,120
142
5,665
National income.
Income of unincorporated enterprises and
inventory valuation adjustment
Business and professional
Income
Inventory valuation adjustment
Farm 2
Rental income of persons
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest.
National income
1933
1934
1935
1936
41,690
39,584
48,613
56 ,789
'64,719
73,627
30,826
30,284
25,297
295
4,692
542
29 ,330
28,825
23,660
270
4,895
505
34,067
33,520
27,420
271
5,829
547
37,107
36,508
29,984
306
6,218
599
42,675
41,754
33,866
338
7,550
921
47,696
45,948
38,432
358
7,158
1,748
111
473
126
416
133
372
147
400
171
428
418
503
1,234
514
10,963
7,032
6,277
755
3,931
8,214
5,316
4,705
611
2,898
4,921
3,206
2,911
295
1,715
5,207
2,925
3,450
-525
2,282
6,603
4,276
4,330
-54
2,327
9,858
4,987
5,037
-50
4,871
'9,942
6,074
6,194
-120
'3,868
12,249
6,630
6,659
-29
5,619
5,811
4,786
3,620
2,508
2,018
2,095
2,288
2,682
3,140
10,290
9,818
1,398
8,420
6,563
3,303
848
2,455
1,631
-783
500
-1,283
-1,995
-3,042
382
-3,424
-1,981
162
524
-362
1,098
1,723
746
977
2,997
3,224
965
2,259
4,946
5,684
1,411
4,273
6,166
5,823
2,597
472
5,500
-3,045
3,260
4,098
-5,381
2,414
2,574
-5,998
1,047
2,066
-2,428
-2,143
2,596
-1,619
-625
2,872
-613
-227
4,557
-284
-738
4,693
-8
—31
6,541
6,176
5,938
5,430
5,010
4,750
4,539
4,474
4,376
1938
1939
1940
1941
1942
1943
1944
1945
1946
6,197
1,512
4,685
67,375
72,532
81,347 103,834 136,486 168,262 182,260 182,808 178,204
44,747
42,812
34,564
370
7,878
1,935
47,820
45,745
37,519
398
7,828
2,075
51,786
49,587
41,130
591
7,866
2,199
64,280
61,708
51,537
1,862
8,309
2,572
1,423
512
1,540
535
1,624
575
1,983
589
2,302
706
2,677
2,936
1,304
3,805
1,516
4,072
1,578
10,768
6,347
6,126
221
4,421
11,282
6,776
6,942
-166
4,506
12,660
7,720
7,772
-52
4,940
16,504
9,566
10,210
-644
6,938
22 ,724
12,112
12,464
-352
10,612
25,951
14,128
14,266
-138
11,823
27,690
15,310
15,369
-59
12,380
30,165
16,700
16,754
-54
13,465
34 ,951
19,738
21,046
-1,308
15,213
Rental income of persons
3,278
3,465
3,620
4,322
5,371
6,150
6,693
6,952
6,865
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
4,292
3,329
1,040
2,289
5,753
6,467
1,462
5,005
9,177
9,325
2,878
6,447
14,615
17,232
7,846
9,386
19,824
21,098
11,665
9,433
23,692
24,516
14,153
10,363
23,486
23,841
13,913
9,928
19,689
20,222
11,283
8,939
16 ,451
21,140
8,601
12,539
3,195
-906
963
3,796
1,209
-714
4,049
2,398
-148
4,465
4,921
-2,617
4,297
5,136
-1,274
4,477
5,886
-824
4,689
5,239
-355
4,765
4,174
-533
5,614
6,925
-4,689
4,290
4,212
4,104
4,113
3,878
3,367
3,207
3,130
3,174
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Income of unincorporated enterprises and
inventory valuation adjustment
Business and professional
Income
Inventory valuation adjustment
Farm 2
Dividend's
Undistributed profits
Inventory valuation adjustment
Net interest
84,689 109,102 121,184 122,872 116,763
81,681 105,537 116,944 117,551 111,113
78,671
65,628
83,317
82,085 90,237
14,478 20,782 22,438
6,285
8,010
12,388
9,768
12,845
13,028
12,866
3,565
3,008
4,240
5,321
5,650
*• Annual data for 1936 have been revised since publication in the source cited below.
Includes employee contributions to social insurance funds.
Inventory valuation adjustment data for farms are not available separately.
SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce.
1
2
SEPTEMBER
1947
1113
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS
NATIONAL
INCOME
BY DISTRIBUTIVE
SHARES—Continued
[Seasonally adjusted annual rates by quarters.
In billions of dollars]
1939
1
2
1940
3
4
1
3
2
4
71.4
71.2
73.0
74.4
77.5
79.9
81.8
86.1
46.7
44.8
36.4
0.4
8.1
1.9
47.1
45 .1
36.7
0.4
8.0
2.0
47.9
45.8
37.7
0.4
7.6
2.1
49.5
47.3
39.2
0.4
7.6
2.2
49.7
47.6
39.3
0.5
7.8
2.1
50.5
48.3
40.0
0.5
7.8
2.2
52.1
49.9
41.5
0.6
7.9
2.2
54.8
52.4
43.6
0.8
8.0
2.3
11.2
6.7
4.5
10.9
6.6
4.3
11.1
6.7
4.4
11.9
7.0
4.9
12.1
7.3
4.9
12.2
7.6
4.6
12.6
7.8
4.8
13.7
8.2
5.5
Rental income of persons.
3.4
3.4
3.5
3.6
3.6
3.6
3.6
3.7
Corporate profits and inventory valuation adjustments
Corporate profits before tax
Corporate profits tax liability
. .
Corporate profits after tax
5.8
5.7
1.3
4.4
5.6
6.0
1.4
4.7
6.3
6.5
1.5
5.1
5.3
7.6
1.7
5.9
7.9
8.3
2.5
5.8
9.5
8.9
2.8
6.2
9.5
9.4
2.9
6.5
9.8
10.7
3.3
7.4
3.2
1.2
0.1
3.7
1.0
-0.4
3.9
1.2
-0.3
4.3
1.6
2.3
4.3
1.5
-0.4
3.8
2.4
0.6
4.0
2.5
0.1
4.2
3.2
-0.9
4.2
4.2
4.2
4.2
4.1
4.1
4.1
4.1
3
4
National i n c o m e .
r
. . ..
Compensation of employees.
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries
Income of unincorporated enterprises
ventory valuation adjustment
Business and professional
Farm2
....
and
in-
Dividends
Undistributed p r o f i t s . . . .
Inventory valuation adjustment.
Net interest.
1941
1
National
income...
C o m p e n s a t i o n of e m p l o y e e s . . .
Wages and salaries"1
Private
Military
Government civilian
Supplements to wages and salaries.
• •
Income of unincorporated enterprises and inventory valuation adjustment
Business and professional
Farm2
Rental income of persons .
Corporate profits and inventory valuation
justment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax.
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest .
2
1945
3
4
1
2
93.6
101.2
107.5
112.9
191.8
191.6
179.5
168.1
57.9
55.5
46.3
1.1
8.1
2.4
62.1
59.6
49.7
1.6
8.3
2.5
66.8
64.1
53.7
2.2
8.3
2.6
70.1
67.3
56.2
2.6
8.6
2.7
127.3
122.4
86.4
23.0
13.0
5.0
126.9
121.6
84.9
23.6
13.1
5.3
122.5
117.1
80.0
23.7
13.5
5.4
114.5
108.9
77.1
19.5
12.4
5.6
14.7
8.9
5.8
15.8
9.1
6.7
17.4
10.0
7.4
18.3
10.3
7.9
30.3
16.3
14.0
30.3
16.4
13.9
29.4
16.6
12.8
30.6
17.5
13.1
3.9
4.2
4.4
4.7
7.0
7.0
6.9
6.9
13.0
14.2
6.5
7.7
15.0
17.2
7.9
9.3
14.8
18.6
8.5
10.2
15.7
18.9
8.6
10.3
24.0
24.5
13.4
11.1
24.2
24.7
13.5
11.2
17.6
18.1
9.9
8.1
13.0
13.6
8.3
5.3
4.2
3.5
-1.2
4.3
5.0
-2.2
4.5
5.7
-3.8
4.6
5.7
-3.2
4.7
6.4
-0.5
4.7
6.5
-0.5
4.9
3.2
-0.5
4.9
0.4
-0.6
4.1
4.1
4.1
4.1
3.2
3.1
3.1
3.1
ad-
1
Includes employee contributions to social insurance funds.
Inventory valuation adjustment data for farms are not available separately.
NOTE.—Comparable quarterly data for 1946 are shown on p. 1167 of this BULLETIN. Details may not add to totals because of rounding.
SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce.
2
1114
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Common Trust Funds
we first recommend to such people for investment purposes."
Operation as Investment Trust
Section 17(a) of Regulation F provides in part as
The Board has received a request for a ruling follows:
with respect to whether a national bank may invest
"The purpose of this section is to permit the
certain funds in participations in a common trust
use of Common Trust Funds, as defined in secfund operated by the bank.
tion 169 of the Internal Revenue Code, for the inThe facts as set forth in the bank's letter are as
vestment of funds held for true fiduciary purfollows:
poses; and the operation of such Common Trust
Funds
as investment trusts for other than strictly
"We have been approached by a local corporafiduciary purposes is hereby prohibited. * * *
tion which wishes to place $8000 in our common
The trust investment committee of a bank operattrust fund. They assure me that this money is
ing a Common Trust Fund shall not permit any
not needed in their business at the present time
funds of any trust to be invested in a Common
and probably will not be needed until the next
Trust Fund if it has reason to believe that such
serious depression such as 1932. They insist that
trust was not created or is not being used for
any trust fund which they set up is a bona fide
bona fide fiduciary purposes."
one to permit them to have this small sum of
Under the facts presented, it appears that there
money invested properly from the diversification
is
no reason for the creation of the trust other than
point of view.
the
desire of the corporation to invest its funds in
"It is true however that the settler company
reserves the right to revoke the agreement at any participations in the common trust fund. The trust
time or to withdraw part of the money placed in merely is a mechanism designed to enable the corthis trust fund. The trust fund was established poration to acquire such participations in lieu of
with the idea of having it placed in the common other investments. The analogy with the purchase
trust fund. * * * We have been approached of investment trust certificates is apparent; and
indirectly by other small corporations along the the use of a common trust fund for this purpose
same lines and they all want to protect their amounts in substance to the operation of the fund
reserve position as much as possible. They have as an ordinary investment trust. In the circumindicated to me that the savings banks will not stances, the Board is of the opinion that the protake their money and they apparently are not posed investment in participations in the common
satisfied to obtain the small income return avail- trust fund is clearly contrary to the above-quoted
able on the short term government bonds that provisions of Regulation F.
SEPTEMBER 1947
1115
CURRENT EVENTS AND ANNOUNCEMENTS
Publication of Postwar Economic Studies No. 7
International Monetary Policies, to be available
for distribution in October, is the seventh of the
eight postwar economic studies authorized by the
Board of Governors. This pamphlet will contain
the following papers: "Exchange Rates and the
International Monetary Fund," by Lloyd A. Metzler; "National Central Banking and 'the International Economy," by Robert Triflin; and "Comments on 'National Central Banking and the International Economy/ " by Gottfried Haberler.
The eighth pamphlet, Federal Reserve Policy,
will be announced in a later issue of the BULLETIN.
Each pamphlet contains essays on related subjects
by specialists on the staffs of the Board and the
Federal Reserve Banks. The views expressed in
the papers are entirely those of the authors, and
there is no official endorsement of any of the proposals made.
Individual pamphlets may be purchased for 25
cents each, or for 15 cents each for group purchases
of ten or more in single shipment. Orders should
be sent to the Division of Administrative Services,
Board of Governors of the Federal Reserve System,
Washington 25, D. C.
Revised Edition of Book on Federal Reserve System
A complete revision of the booklet entitled The
Federal Reserve System—Its Purposes and Functions, which was first published by the Board of
Governors in 1939, will be available for distribution
late in the fall. Earlier revision was prevented by
the pressure of wartime activities and for some time
the first edition has been obsolete in many important
respects.
The new edition, as was the old, is intended to
1116
provide a brief and relatively simple but authoritative statement of the purposes and functions of
the Federal Reserve System. In the main the discussion is in terms of monetary and credit problems
and policies in peacetime, but one chapter of the
revised edition is devoted to the unusual responsibilities of the Federal Reserve in time of war. Written primarily for students, bankers, businessmen,
and others who need a concise statement of the
services rendered by the Federal Reserve System to
the economy of the United States, the text does not
purport to be an exhaustive account of Federal
Reserve activities.
The price for cloth-bound copies of the booklet
will be 75 cents each for one to nine copies and
50 cents each for group orders of ten or more sent
in a single shipment. Paper-bound copies will be
distributed without charge. Requests for delivery
upon publication should be addressed to the Division of Administrative Services, Board of Governors
of the Federal Reserve System, Washington 25,
D.C.
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, 1947 to August 15, 1947:
Alabama
Leighton—Bank of Leighton
Illinois
Manteno—Manteno State Bank
New Yor\
Glen Cove—The Nassau Union Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS- CONDITIONS
[Compiled August 25, and released for publication August 27]
Industrial production was at a lower level in July
than in June, owing in part to influences of a
temporary nature. Retail trade was generally maintained. Prices advanced during July and also the
first half of August.
INDUSTRIAL PRODUCTION
Production of manufactures and minerals both
declined in July and total industrial production,
according to the Board's seasonally adjusted index,
was at 178 per cent of the 1935-39 average. This
was 6 points below the June level and 12 points
below the March postwar high of 190. Scattered
information now available indicates a somewhat
higher level for August than for July.
Output of durable manufactures generally decreased in July. There was a marked reduction in
steel output during the first two weeks of the
month, when a coal shortage seemed imminent.
Activity in shipbuilding was sharply reduced by
work stoppages, and there was a moderate decline
in activity in the machinery industry. Automobile
output declined somewhat in July, and showed a
further reduction in the first half of August, with
production still limited by the sheet steel shortage.
Nonferrous metal manufacturing continued to decline in July, partly as a result of some reduction
in demand. Output of lumber and of stone, clay,
and glass products was also at a lower level than
in June.
Nondurable goods production continued to decline in July. There was a further reduction in
textile output, owing in part to vacations of production workers but also to earlier slackening of
demand. Output of rubber products also continued to decline. Production of paperboard was
lower in July but increased in August to the earlier
high level. In the canning industry production
rose more than is usual in July but was considerably below the unusually high level of last season.
Mineral output declined in July. There was a
sharp drop in bituminous coal and anthracite output, accounted for largely by vacations early in the
month. Output of crude petroleum declined
slightly but was still at a very high rate.
EMPLOYMENT
Factory employment declined somewhat further
in July, after allowance for seasonal changes, while
employment in most other nonagricultural lines
continued to show little change. Total government
employment was reduced by 120,000 to about 5,300,000 persons in mid-July, reflecting a reduction in
Federal employment and also a decline of a seasonal nature in other government employment.
INDUSTRIAL PRODUCTION
DEPARTMENT STORE SALES AND STOCKS
_DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39 * 100
1939
194]
1943
1945
1947 1939
1941
1943
1945 1947
Federal Reserve indexes. Monthly figures, latest shown are
for July.
SEPTEMBER 1947
1939
1940
1941
194Z
1943
1944
1945
1946
1947
Federal Reserve indexes. Monthly figures, latest shown are
for July.
1117
NATIONAL SUMMARY OF BUSINESS CONDITIONS
CONSTRUCTION
Value of construction contracts awarded, according to the F. W. Dodge Corporation, rose in
July, reflecting increases in awards for most types
of private construction. Awards for private residential work were one-fourth larger than in June
as contracts for hotels, apartment hotels, and onefamily houses for sale or rent increased substantially. Value of awards for commercial and manufacturing building increased by about one-third.
Federal controls on private construction were
largely eliminated as of June 30.
pared with the record crop of 3.3 billion last season.
Lower cotton prices were attributable in some part
to more definite prospects for a crop substantially
above last season.
The general level of wholesale commodity prices
advanced somewhat further from July 15 to the
middle of August, reflecting chiefly further increases in prices of meats, dairy products, and
fuels, and a general advance of about 10 per cent in
prices of iron and steel products. Prices of new
automobiles were generally raised in this period.
Steel scrap prices declined in the middle of August,
following sharp advances in preceding weeks.
DISTRIBUTION
Department store sales showed the usual seasonal decline in July, and the Board's adjusted
index remained at the high May and June level.
In the first two weeks of August, sales showed
less rise than usual and were 4 per cent below the
corresponding period of a year ago whereas in
July sales were 5 per cent higher than last year.
This difference reflected in part the sharp temporary rise in sales which occurred in August a
year ago, and unfavorable shopping weather in
many sections this year.
COMMODITY PRICES
Prices of basic commodities in the middle of
August were generally at about the advanced levels
reached on July 15. Prices of corn, hides, and
wool tops rose further in this period, while prices
of cotton and vegetable oils declined. Higher corn
prices resulted in part from deterioration of the
corn crop, which on the basis of August 15 conditions was estimated at 2.4 billion bushels as com-
BANK CREDIT
Further additions to monetary gold stock, an
inflow of currency from circulation, and purchases
of government securities by the Reserve Banks
increased member bank reserve balances in July and
the first three weeks of August. In August these
additions to bank reserves were partly offset by a
shift of funds to Treasury balances at Reserve
Banks as a result of an excess of Treasury receipts
over expenditures. Required reserves increased
over the period, reflecting continued expansion of
deposits at member banks.
Commercial and industrial loans at banks in
leading cities increased sharply during July and
the first half of August, particularly at banks outside New York City. Real estate and consumer
loans showed further sustained growth. Government security holdings declined somewhat at banks
in New York City but showed little change at
other city banks.
LOANS AT MEMBER BANKS IN LEADING CITIES
WHOLESALE PRICES
1926 MOO
1939
1940
1941
1942
1943
Bureau of Labor Statistics* indexes. Weekly figures, latest
shown are for week ending Aug. 23.
1118
Excludes loans to banks. Wednesday figures, latest shown
are for Aug. 20.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items.
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements.
Federal Reserve Bank statistics.
Guaranteed war production loans.
Deposits and reserves of member banks.
Money in circulation.
Gold stock; bank debits and deposit turnover.
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes.
All insured commercial banks in the United States, by classes.
Weekly reporting member banks.
Commercial paper, bankers' acceptances, and brokers' balances.
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends
Treasury finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer• credit statistics.
Cost of living
Wholesale prices
Gross national product, national income, and income payments.
Current statistics for Federal Reserve chart books.
August crop report, by Federal Reserve districts.
Number of banking offices on Federal Reserve par list and not on par list
Changes in number of banking offices in the United States.
1121
1122
1123-1126
1127
1127-1128
1129-1130
1130
1131
1132-1133
1134-1135
1136-1139
1140
1141
1142-1143
1144
1145-1147
1148
1149-1158
1159-1161
1162-1164
1165
1166
1167-1168
1169-1173
1173
1174
1175
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
SEPTEMBER 1947
1119
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
-IONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
1939
1940
1941
1942
1943
1944
1945
1946
1947
1939
1940
1941
1942
1943
1944
1945
1946
1947
15
10
Wednesday figures, latest shown are for Aug. 27. See p. 1121.
1120
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In million s of dollars]
Reserve Bank credit outs tanding
U. S Government
securities
Discounts
and
advances Total
Date
Monthly averages of
daily figures:
1946—May
Treasury
bills
and
certificates
All
other
Gold
All 1 Total stock
other
TreasTreasury
Treas- ury deMoney
posits
curury
cirwith
rency in
cash
culaFederal
outholdtion
Restandings
serve
ing
Banks
212
245
240
130
162
119
22 ,699
23 ,152
23 ,473
21 ,782
21 ,658
21 ,877
20 ,076 2 ,623
20 ,570 2 ,582
22 ,122 1 ,351
20 ,686 1 ,096
20 ,561 1 ,097
20 ,781 1 ,096
458
503
458
372
397
346
23 ,369
23 ,900
24 ,171
22 ,284
22 ,217
22 ,342
20,246
20,267
20,270
20,865
21,092
21,399
4,534
4,536
4,538
4,559
4,560
4,552
27,978
28,140
28,281
28,158
28,236
28,259
2 ,263
2 ,266
2 ,251
1 ,340
1 ,339
1 ,325
556
686
589
612
557
735
End-of-month figures:
1946—May 31
June 29
July 3 1 . . . .
1947—May 31
June 3 0 . . . .
July 31
254
157
246
179
70
137
22 ,932
23 ,783
23 ,633
22 ,088
21 ,872
21 ,549
20 ,291 2 ,641
21 ,280 2 ,503
22 ,282 1 ,351
20 ,984 1 ,105
20 ,775 1 ,097
20 ,454 1 ,095
331
516
286
471
228
189
23 ,518
24 ,456
24 ,164
22 ,738
22 ,170
21 ,875
20,242
20,270
20,267
20,933
21,266
21,537
4,535
4,539
4,540
4,558
4,552
4,552
28,120
28,245
28,254
28,261
28,297
28,149
2 ,257
2 ,251
2 ,250
1 ,330
1 ,314
1 ,327
846
833
513
728
756
795
Wednesday figures:
1946—Oct. 2
Oct. 9
Oct. 1 6 . . . .
Oct. 2 3 . . .
Oct. 30
218
271
254
248
238
23 ,555
23 ,502
23 ,418
23 ,056
23 ,608
22 ,126
22 ,074
21 ,973
21 ,610
22 ,162
1 ,428
1 ,428
1 ,445
1 ,445
1 ,445
368
275
480
332
256
24 ,140
24 ,048
24 ,152
23 ,636
24 ,101
20,306
20,305
20,304
20,388
20,399
4,546
4,544
4,545
4,546
4,548
28,526
28,608
28,597
28,585
28,588
2 ,301
2 ,270
2 ,274
2 ,270
2 ,285
357
483
524
369
462
,020 1 494
,105 1 578
24 ,107
24 ,565
24 ,314
24 ,416
20,405
20,420
20,461
20,469
4,548
4,548
4,548
4,548
28,750
28,761
28,689
28,815
2 ,276
2 ,294
2 ,285
2 ,271
408
577
633
665
June
July
1947—May
June
July
Nov.
Nov.
Nov.
Nov.
6
13
20
27
376
397
330
283
23 ,515
23 ,684
23 ,522
23 ,682
22
22
21
22
Dec,
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
246
290
303
340
163
23 ,888
24 ,128
23 ,211
23 ,722
23 ,350
1947—Jan. 8 . . . .
Jan. 15
Jan. 22
Jan. 29
247
243
238
317
Feb. 5
Feb. 12
Feb. 19
Feb. 2 6 . . . .
Member
bank reserve
balances
Other
Non- Federal
memReber de- serve
posits
accounts Total
Excess8
551
561
567
627
632
632
15,727
15,996
16,017
15,978
16,154
16,347
553
561
562
629
629
621
807
15,653
16,123 1,112
856
15,991
991
16.238
738
16,112
399
16,007
597
598
596
595
595
16,166
16,019
16,142
15,779
16,111
934
766
855
435
737
1,044
1,021
953
599
599
597
598
16,060
16,259
16,098
16,131
637
838
618
643
917
875
770
848
822
600
601
609
612
607
16,222
16,479
16,517
16,530
16,139
669
874
656
913
562
966
967
1,074
1,053
1,274
993
950
994
866
1,250
1,401
1,044
881
1,066
1,045
920
868
972
1,006
967
956
943
928
784
785
781
933
093
1 588
1 588
216
484
463
451
22
22
22
22
22
239
479
102
613
241
1
1
1
1
1
648
648
109
109
109
452
378
815
815
581
24 ,585
24 ,796
24 ,328
24 ,877
24 ,093
20,477
20,450
20,477
20,527
20,529
4,550
4,551
4,554
4,554
4,562
28,906
28,946
29,109
29,163
28,952
2 ,288
2 ,270
2 ,208
2 ,258
2 ,272
679
626
237
547
393
23 ,733
23 ,327
23 ,430
23 ,863
22
22
22
22
624
218
322
754
1 109
1 109
1 109
109
396
536
533
335
24 ,375
24 ,105
24 ,201
24 ,514
20,531
20,567
20,692
20,808
4,561
4,560
4,559
4,559
28,748
28,518
28,369
28,265
2 ,281
2 ,291
2 ,295
2 ,325
401
409
862
1,536
,004
1,021
614
615
613
612
16,457
16,431
16,308
16,124
903
850
726
663
278
393
342
392
23 ,412
23 ,803
23 ,918
24 ,044
22
22
22
22
1
1
1
773
861 1
109
109
145
183
359
442
414
326
24 ,050
24 ,638
24 ,674
24 ,761
20,749
20,751
20,770
20,322
4,559
4,558
4,556
4,556
28,295
28,346
28,276
28,262
2 ,320
2 ,335
2 ,324
1 ,381
1,162
863
938
1,711
649
2,358
2,372 1,218
622
623
623
624
16,095
15,994
15,770
15,781
761
779
614
703
Mar. 5
Mar. 12
Mar. 19
Mar. 26
239
237
234
287
23 ,242
23 ,247
22 ,411
22 ,810
22
22
21
21
044
050
306
704
1
1
1
1
198
198
105
105
323
295
402
390
23 ,804
23 ,780
23 ,047
23 ,486
20,376
20,403
20,413
20,438
4,557
4,557
4,557
4,556
28,335
28,330
28,242
28,170
,331
,335
,335
,355
1,407
1,429
1,108
1,172
1,148
1,060
626
627
636
637
15,930
15,847
15,943
15,658
800
718
673
559
Apr. 2 . . . .
Apr. 9
Apr, 16
Apr. 23
Apr. 30
429
277
101
141
125
21 ,938
22 ,276
21 ,905
21 .829
21 ,857
20
21
20
20
20
833
171
800
724
752
1
1
1
1
1
105
105
105
105
105
391
339
468
259
223
22 ,758
22 ,893
22 ,474
22 ,230
22 ,205
20,486
20,497
20,583
20,621
20,774
4,557
4,559
4,558
4,558
4,561
28,247
28,250
28,163
28,105
28,114
,333
,336
,332
,338
,329
946
753
613
482
619
1,093
1,033
642
641
641
643
627
15,540
15,934
15,987
15,820
15,826
563
886
844
658
654
May 7
M a y 14
M a y 21
M a y 28
102
139
117
130
21 ,852
21 ,762
21 ,676
21 ,590
20
20
20
20
747
671
589
485
1
1
1
1
105
091
087
105
276
331
278
299
22 ,230
22 ,233
22 ,071
22 ,019
20,811
20,878
20,888
20,932
4,560
4,559
4,559
4,561
28,197
28,134
28,116
28,211
,328
,337
,338
,372
654
556
539
751
1,066
957
846
626
628
626
626
15,877
15,949
15,942
15,705
654
787
752
520
June
June
June
June
July
July
July
4
11
18
25
173
175
132
132
21 ,760
21 ,578
21 ,186
21 ,582
20
20
20
20
664
482
089
485
1
1
1
1
097
097
097
097
301
287
479
343
22 ,234
22 ,040
21 ,797
22 ,057
20,990
21,026
2 L ,123
2 L.174
4,561
4,561
4,561
4,553
28,261
28,253
28,195
28,183
,366
,332
,333
,329
653
495
225
642
956
889
857
915
629
629
632
636
15,921
16,028
16,241
16,081
626
667
750
674
2
9
16
July 23
July 30
110
120
99
118
111
21
21
21
21
22
,629 20 532 1 097
,611 20 515 1 097
,758 20 663 1 095
22 ,145
22 ,035
22 ,248
22 ,093
22 ,310
2 L.284
2 1,336
2 1,434
2 ,467
28,409
28,363
28,225
28,145
28,129
,325
,329
1 ,331
1 ,330
1 ,341
658
566
756
939
705
977
844
952
818
21,537
4,559
4,551
4,550
4,550
4,551
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
Aug.
Aug.
Aug.
Aug.
6....
13....
20
27
123
183
239
135
21
22
22
22
22
22
22
22
,211
,494
,636
,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
1 ,330
1 ,329
1 ,330
1 ,335
728
621
622
624
626
16,409
16,428
16,407
16,493
303
694
700
012
20 605
20 917
1, 095
1 095
406
304
391
275
187
869
030
20
20
21
21
777
939
008
018
1, 092
1 091
1 089
1 089
219
282
300
236
,097
,107
713
1,600
1,053
1,265
915
879
1,021
1,025
918
L.236
1,071
L,000
987
1,123
p
741
779
792
P845
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. 360-366 in the same publication
1
2
SEPTEMBER
1947
1121
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect Aug. 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
Boston
New Y o r k . . . .
Philadelphia..
Cleveland....
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Other secured advances
[Sec. 10(b)]
Effective
Rate
Effective
Apr. 27,1946
Apr. 25,1946
Apr. 25,1946
May 3, 1946
May 10, 1946
May 10, 1946
Apr. 26,1946
Apr. 26,1946
Apr. 26,1946
Apr. 27,1946
M a y 10, 1946
Apr. 25,1946
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Oct. 27, 1942
Oct. 30, 1942
Oct. 17, 1942
Sept. 12,1942
Oct. 28, 1942
Oct. 15, 1942
Aug. 29,1942
Mar. 14, 1942
Oct. 30, 1942
Oct. 27,1942
Oct. 17, 1942
Oct. 28,1942
Rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Effective
Mar. 29,1946
Apr. 6, 1946
Mar. 23,1946
Mar. 9, 1946
Mar. 16,1946
Mar. 16,1946
Mar. 16,1946
Mar. 16,1946
Mar. 23,1946
Apr. 13,1946
Mar. 16,1946
Apr. 25,1946
2
iy*
2
2
2
2
2
2K
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed a? 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.
430-443.
FEDERAL RESERVE BANK BUYTNG RATES ON BILLS
[Per cent per annum]
Maturity
Treasury bills issued prior to
July 10, 1947
Bankers' acceptances:
1- 90 days
91-120 days
121-180 days
Rate on
Aug.31
X
%
1
1
1
In effect beginning—
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Previous
rate
Maturities not exceeding five years
[In effect Aug. 31. Per cent per annum]
Apr. 30, 1942
2
Aug.
2
24, 1946
Aug. 24. 1946
2Qct. 20. 1933
To industrial or
commercial
businesses
H
Federal
Reserve
Bank
1
2
Prior to July 10,*1947, rate applied to all outstanding Treasury bills.
Date on which rate became effective at the Federal Reserve Bank
of New York.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Period in effect
June 2 1 , 1917-Aug. 15, 1936..
Aug. 16, 1936-Feb. 28, 1937..
Mar. 1, 1937-Apr. 30, 1937..
May
1, 193 7-Apr. 15, 1938..
Apr. 16, 1938-Oct. 31, 1941..
1,
1941-Aug. 19, 1942..
Nov.
Aug. 20, 1942-Sept. 13. 1942 .
14,
1942-Oct. 2, 1942..
Sept.
Oct. 3, 1942 and after
Central
reserve
city
banks
13
19K
22^
26
22M
26
24
22
20
Time
deposits
Reserve Country
(all
city
banks member
banks
banks)
10
15
7
3
4K
10J4
12K
17K
20
14
12
14
14
14
14
17K
20
20
20
20
6
5
6
6
6
6
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
Boston
New York
Philadelphia.. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco. .
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.
1122
On
loans 1
2K-5
2K-5
2K-5
2M-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
2K-5
On
commit-
ments
Portion
for which
institution is
obligated
K-l
K-1K
K-1K'
K-lX
K-lK
K-lK
K-lK
K-lK
K-lK
K-i#
K-iK
K-iK
On
Remaining
portion
8
8
(8)
$
«2
8
(2)
commit-
ments
K-l
K-1X
K-lK
K-1K
B K-iK
K-1X
K-lK
54-1 X
K-ltf
5 K-lX
6 K-1X
K-1K
6
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Nov.l, 1933-Feb.l, 1935- Effective
Jan. 31,1935 Dec.31, 1935 Jan. 1, 1936
2K
2K
On discounts or
purchases
2K-5
l - i2 K
(2)
()
1
(22) financing institutions.
Including
loans
made
in
participation
with
2
(
Rate charged borrower less commitment ) rate.
8
Rate charged borrower.
* May charge rate charged borrower by financing institution, if
lower.
6
Charge of Ye, 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]
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . . .
In less than 90 days
To financing institutions
Vs
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1947
Aug. 27
Aug. 20
Aug. 13
1947
Aug. 6
July 30
July 23
July 16
August
1946
August
July
Assets
19,841,192 9,750,179 L9,694,179 19,686,179' 19,618,179 19,500,179 19,475,179 19,850,675 19,621,179 17,330,929
Gold certificates
Redemption fund for
682,942
676,616
672,936
723,670
674,936
672,616
672,613
723,671
683,443
766,622
F. R. notes
Total gold certifi20,524,134 20,426,795 20,366,795 20,358,792 20,291,115 20,223,849 20,198,850 20,534,118 20,296,115 18,097,551
cate reserves
Other cash
**•
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
259,733
269,358
268,739
267,208
105,060
109,674
153,675
29,500
129,530
29,530
134,560
239,204
183,205
253,498
257,366
277,080
303,857
88,971
71,823
155,633^
107,752
210,730
29,530
27,530
29,500
29,530
120,000
118,501
99,353
185,133
137,282
330,730
270,975
272,963
93,517
81,477
29,530
29,530
123,047
111,007
1,154
1,723
1,730
Industrial loans
1.858
1,831
1,794
1,667
1,682
1,731
1,732
13,452
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
2,621,080 3,084,431 3,438,088 3,743,570 4,212,909 4,219,510 4,443,458 2,269,129 3,564,615 5,281,879
option
11,527,448 11,073,758 10,696,996 10,347,116 10,104,007 9,844,622 9,600,267 11,937,708 10,330,616 9,457,300
Other
Certificates:
Special
6,869,216 6,849,716 6,803,566 6,685,966 6,599,766 6,541,266 6,619,266 6,896,216 6,558,966 7,855,637
Other
595,600
369,300
369,300
369,300
369,300
369,300
369,300
Notes
369,300
369,300
369,300
755,290
719,690
719,690
725,690
719,690
725,690
725,690
Bonds
721,690
722,690
725,690
Total U. S. Govt.
22,106,734 22,096,895 22,029,640 21,868,642 22,011,672 21,700,388 21,757,981 22,192,043 21,549,187 23,945,706
securities
Other Reserve Bank
456,586
credit outstanding. .
234,588
297,985
379,648
185,358
272,606
279,735
217,656
187,155
388,789
Total Reserve Bank
credit outstanding 22,477,713 22,635,878 22,494,24' 22,211,027 22,309,760 22,093,225 22,247,854 22,758,682 21,875,356 24,747,628
Liabilities
Federal Reserve notes. 24,225,486 24,161,831 24,144,768 24,127,081 24,072,745 24,081,647 24,150,309 24,345,032 24,090,051 24,411,565
Deposits:
Member bank — re16,493,046 16,407,371 16,428,266 16,408,911 16,353,942 16,244,344 16,336,222 16,601,053 16,007,408 16,245,216
serve account
U. S. Treasurer—gen703,856
915,237 1,265,056 1,052,669
750,608
727,849
795,403
704,622
939,169
756,000
eral account
606,547
540,833
493,209
651,690
518,836
616,149
549,850
587,388
337,801
455,276
Foreign
738,873
493,592
691,312
582,230
480,829
449,738
648,796
480,554
520,908
496,735
Other
Total deposits. . . . 18,531,346 18,659,228 18,480,600 18,207,518 18,294,748 18,001,868 18,044,233 18,694,663 17,868,698 18,294,492
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent). .
47.7
47.8
48.1
48.1
47.9
47.7
47.9
48.4
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug 27
Industrial loans:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
U. S. Government securities:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
SEPTEMBER 1947
111,007
123,047
183,205
239,204
134,560
1,723
1,682
1,667
1,794
1,831
Within
15 days
74, 793
80 971
132 434
198 599
96 099
1
1
1
1
1
199
162
147
274
311
16 to 30
days
3,418
4,905
10,786
4,985
16,371
31 to 60
days
17,882
19,193
27,417
28,925
15,660
3
3
3
3
61 to 90 91 days to 6 months 1 year to 2 years to Over
days
6 months to 1 year 2 years
5 years
5 years
14,913
17,977
12,567
6,695
6,430
1
1
26
26
22,011,672 3,425,484 2.326,699 5,537,140 4 ,289,552
21,868,642 3,254,,427 280,080 4 ,746,077 4,022,377
22,029,640 3,486,,213
244,455 4,781,434 3 ,836,257
22,096,895 4,428,,947 508,179 4,418,819 4,001,519
22,106,734 4,454,208 2 327,022 4,330,964 ,221,109
28
26
51
27
27
54
53
54
53
53
109
110
109
110
110
327,
327
302
301
301
1,234,111 4,214,596
2,699,922 2,884,669
2,703,922 2,997,269
2,720,522 3,040,819
2,712,022 3 ,083,319
295,400
295,400
295,400
295,400
295,400
148,350
148,350
148,350
148,350
148,350
540,340
537,340
536,340
534,340
534,340
1123
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
19,618,179
July 30
19,686,179
Aug. 6
19,694,179
Aug. 13
19,750,179
Aug. 20
19,841,192
Aug. 27
Redemption fund
for F. R. notes:
672,936
July 30
672,613
Aug. 6
672,616
Aug. 1 3 . . . .
676,616
Aug. 20. . . .
682,942
Aug. 27
Total gold certificate reserves:
20,291,115
July 30
20,358,792
Aug. 6
20,366,795
Aug. 13
20,426,795
Aug. 20
20,524,134
Aug. 27
Other cash:
270,975
July 30
267,208
Aug. 6
268,739
Aug. 13
Aug. 20
269,358
Aug. 27
259,733
Discounts & advances :
Secured by
U. S. Govt.
securities:
July 3 0 . .
81,063
Aug. 6. .
93,103
Aug. 13. .
153,412
Aug. 20. .
109,326
Aug. 2 7 . .
104,791
Other:
July 3 0 . .
29,944
Aug. 6 . .
29,944
Aug. 1 3 . .
29,793
Aug. 20. .
129,878
Aug. 2 7 . .
29,769
Industrial loans:
July 30
1,723
1,682
Aug. 6
1,667
Aug. 13
1,794
Aug. 20
1,831
Aug. 27
U. S. Govt.
securities:
Bills:
Under repurchase
option:
July 3 0 . . 4,212,909
Aug. 6. . 3,743,570
Aug. 13. . 3,438,088
Aug. 2 0 . . 3,084,431
Aug. 2 7 . . 2,621,080
Other bills:
July 3 0 . . 10,104,007
Aug. 6. . 10,347,116
Aug. 1 3 . . 10,696,996
Aug. 20. . 11,073,758
Aug. 27. . 11,527,448
Certificates:
July 30. . 6,599,766
Aug. 6. . 6,685,966
Aug. 13. . 6,803,566
Aug. 20. . 6,849,716
Aug. 2 7 . . 6,869,216
Notes:
July 30
369,300
Aug. 6 . . . .
369,300
Aug. 13
369,300
Aug. 20. . . .
369,300
Aug. 27
369,300
Bonds:
July 30
725,690
Aug. 6 . . . .
722,690
Aug. 13
721,690
Aug. 20
719,690
Aug. 27
719,690
Total U. S. Govt.
securities:
July 30
22,011,672
Aug. 6
21,868,642
Aug. 13
22,029,640
Aug. 20
22,096,895
Aug. 27
22,106,734
Total loans and
securities:
July 30
22,124,402
Aug. 6
21,993,371
Aug. 13
22,214,512
Aug. 20
22,337,893
Aug. 27
22,243,125
1124
New
York
Boston
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
564,756
568,309
549,099
558,002
569,687
346,340
349,925
349,711
344,964
353,005
584,968
603,936
592,414
613,848
597,583
90,470
90,294
90,294
90,294
93,090
45,354
45,308
45,308
45,308
45,259
21,148
21,126
21,126
21,126
21,101
34,124
34,091
34,091
34,091
36,054
24,161
24,126
24,126
24,126
24,087
53,060
52,957
52,957
52,957
52,826
913,206 4,089,039
909,688 4,075,403
898,708 4,135,522
868,397 4,197,414
850,732 4,198,319
610,110
613,617
594,407
603,310
614,946
367,488
371,051
370,837
366,090
374,106
619,092
638,027
626,505
647,939
633,637
488,580
508,717
500,333
498,068
494,125
,733,068
,788,072
,793,065
,766,115
,768,267
Atlanta
Chicago
920,256 869,990 3,998,569
908,010 866,594 3,985,109
891,515 855,613 4,045,228
851,562 825,302 4,107,120
855,331 804,774 4,105,229
Kansas
City
Dallas
464,419 ,680,008
484,591 735,115
476,207 ,740,108
473,942 713,158
470,038 715,441
723,996
738,783
737,571
752,905
742,254
6,539,940
6,503,592
6,506,564
6,530,427
6,667,210
798,513
818,139
808,348
835,974
807,005
1,126,424
1,124,076
1,141,801
1,142,975
1,153,635
53,793
55,677
55,677
55,677
55,533
117,820
117,349
117,350
117,350
116,813
60,060
59,861
59,862
59,862
60,117
75,098
74,932
74,932
74,932
75,238
54,632
53,798
53,798
57,798
56,866
777,789
794,460
793,248
808,582
797,787
6,657,760
6,620,941
6,623,914
6,647,777
6,784,023
858,573
878,000
868,210
895,836
867,122
1,201,522
1,199,008
1,216,733
1,217,907
1,228,873
974,888
961,808
945,313
909,360
912,197
30,667
29,178
28,802
31,876
27,359
44,564
47,365
45,887
48,379
47,029
15,100
14,188
13,063
11,633
12,009
21,092
22,880
20,392
21,713
19,371
12,627
12,579
13,009
12,672
13,263
23,030
20,678
24,596
22,592
20,396
39,043
39,806
40,205
41,062
40,971
17,317
15,161
15,065
15,519
14,389
8,159
7,047
8,757
7,265
8,094
8,715
7,842
7,991
8,075
8,599
11,203
10,616
10,399
9,159
10,101
39,458
39,868
40,573
39,413
38,152
5,430
8,725
7,775
7,025
8,940
19,495
15,595
65,605
17,885
24,005
7,020
5,470
12,320
8,495
7,070
8,205
11,586
19,024
15,400
13,000
6,740
8,699
11,735
5.560
7,290
5,057
1,007
2,757
6,057
4,957
3,075
3,275
2,200
4,100
6,800
9,766
17,931
13,631
19,190
12,710
590
4,090
3,390
8,890
390
4,170
9,97,0
3,670
5,370
4,120
2,501
2,501
7,201
6,200
5,375
9,014
4,254
4,104
5,154
10,134
8,288
1,8
9,440
9,440
9,440
41,440
9,440
2,389
2,390
2,390
10,489
2,390
2,744
2,843
2,843
12,132
2,822
1,596
1,596
1,446
6,445
1,546
1,248
1,248
1,248
5,343
1,243
4,212
4,112
4,112
17,712
4,012
1,087
1,087
1,087
4,588
1,088
738
738
738
3,238
738
1,033
1,033
1,032
4,533
1,032
973
973
973
4,274
974
2,596
2,596
2,596
11,396
2,596
30,340
18,140
35,290
14,380
15,120
34,685
37,180
31,800
37,560
29,550
19,210
9,050
7,550
8,500
5,660
777,535
710,540
686,770
628,865
528,365
76,891
64,121
56,323
57,852
44,915
35,590
33,700
23,338
26,552
14,818
24,382
32,047
15,972
16,597
12,414
14,175 240,230
16,049 158,930
10,080 171,600
11,096 140,000
7,080 109,650
815,187 1,324,678
828,094 1,365,441
846,670 1,397,986
866,673 1,446,642
890,760 1,504,310
615,426
623,103
637,310
624,451
639,031
414,185
417,946
427,720
419,792
443,042
715,937
722,026
751,685
752,987
769,981
543,900 1,097,820
551,555 1,124,865
552,158 1,160,059
534,814 1,197,957
553,656 1,243,593
813,470 356,683
824,517 361,013
839,603 366,908
845,517 369,224
848,021 370,200
187,110
189,551
192,878
194,185
194,738
318,164
322,352
328,064
330,306
331,252
311,948 615,258
315,775 623,821
320,990 635,524
323,040 640,109
323,903 642,051
1,717
1,676
1,661
1,791
1,828
6
6
6
3
3
71,085
82,585
72,353
71,658
65,818
43,216
43,094
43,095
43,095
45,958
2,762,781
2,481,708
2,238,622
1,987,781
1,704,730
290,839
897,087
428,939
870,682
593,800
892,119
891,074
878,639
877,735 1,093,357
126,005
99,520
88,390
83,590
82,960
1,026,303 1,427,840 934,805
1,029,419 1,434,832 950,214
1,042,122 1,422,976 972,391
1,032,220 1,432,237 996,272
1,069,323 1,417,630 1,025,030
432,129
438,113
446,291
449,495
450,852
1,742,998
1,764,131
1,792,889
1,804,203
1,808,967
433,522
439,893
448,620
452,032
453,481
654,598
662,952
674,340
678,811
680,699
401,306
406,731
414,142
417,048
418,277
332,580
337,117
343,317
345,746
346,775
24,180
24,199
24,225
24,234
24,239
97,532
97,441
97,319
97,273
97,253
24,258
24,298
24,351
24,371
24,380
36,629
36,618
36,603
36,598
36,595
22,456
22,466
22,480
22,485
22,487
18,610
18,621
18,635
18,641
18,643
45,519
45,542
45,574
45,586
45,591
19,959
19,941
19,915
19,907
19,903
10,470
10,470
10,470
10,470
10,469
17,804
17,805
17,808
17,808
17,809
17,455
17,442
17,423
17,416
17,413
34,428
34,457
34,497
34,511
34,518
47,515
47,356
47,341
47,228
47,236
191,655
190,685
-190,181
189,565
189,526
47,668
47,549
47,588
47,495
47,511
71,978
71,659
71,530
71,322
71,317
44,126
43,964
43,930
43,818
43,823
36,570
36,440
36,417
36,327
36,331
89,447
89,122
89,061
88,837
88,847
39,220
39,022
38,919
38,794
38,786
20,574
20,488
20,460
20,403
20,403
34,985
34,843
34,800
34,705
34,706
34,300
34,133
34,049
33,941
33,936
67,652
67,429
67,414
67,255
67,268
1,471,996
1,462,935
1,482,329
1,471,254
1,465,880
5,085,805
4,962,904
4,912,811
4,969,896
4,893,833
1,657,756 2,221,385
1,640,679 2,224,201
1,651,071 2,240,739
1,639,708 2,233,348
1,677,655 2,221,361
1,437,378 1,222,157 3,050,649
1,460,555 1,229,322 3,035,162
1,484,743 1,252,589 3,058,994
1,517,183 1,275,887 3,055,447
1,539,167 1,298,169 3,015 ,134
1,108,179
1,107,200
1,119,375
1,110,228
1,112,835
667,929 1,111,272 921,778 2,055,388
672,155 1,129,073 934,954 2,009.502
674,866 1,148,329 934,700 2,069,094
671,402 1,152,403 920,307 2,079,832
683,470 1,166,162 935,988 2,097,080
1,479,320
1,473,554
1,491,998
1,486,570
1.476,711
5,114,740
4,987,939
4,987,856
5,029,221
4,927,278
1,668,882 2,232,334 1,445,714 1,228,462 3,057,936
1,650,215 2,238,630 1,470,850 1,231,577 3,042,549
1,667,442 2,262,606 ,497,924 1,256,594 2,065,306
1,660,483 2,260,880 1,529,188 1,287,287 3,077 ,259
1,688.943 2,237,183 1,548,003 1,304,369 3,025,946
1,119,032
1,126,218
1,134,093
1,134,006
1,126,633
669,257 1,116,475
676,983 1,140,076
678,994 1,153,031
683,530 1,162,306
684,598 1,171,314
925,252 2,066,998
938,428 2,016,352
942,874 2,075,794
930,781 2,096,382
942,33 2,109,810
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Due from foreign
banks:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Federal Reserve
notes of other
Banks:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Uncollected
items:
July 30
Aug. 6
Aug. 13
. .
Aug. 20
Aug. 27
Bank premises:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Other assets:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
July 30..'
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Liabilities
Federal Reserve
notes:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Deposits:
Member bank
—reserve
account:
July 3 0 . .
Aug. 6. .
Aug. 1 3 . .
Aug. 20. .
Aug. 27. .
U. S. Treasurer-general
account:
July 30. .
Aug. 6. .
Aug. 13. .
Aug. 20. .
Aug. 2 7 . .
July 3 0 . .
Aug. 6. .
Aug. 13. .
Aug. 20. .
Aug. 27. .
Other*
July 3 0 . .
Aug. 6. .
Aug. 13..
Aug. 20..
Aug. 2 7 . .
Total deposits:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27.
Deferred availability items:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Other liab. incl.
accrued div.:
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
New
York
Boston
102
102
102
102
102
6
6
6
6
6
128,915
119,025
118,258
113,205
120,898
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
Minneapolis
St.
Louis
Kansas
City
San
Francisco
Dallas
33
33
133
^33
8
8
8
8
8
9
9
9
9
9
5
5
5
5
5
4
4
4
4
4
14
14
14
14
14
4
4
4
4
4
3
3
3
3
3
4
4
4
4
4
3
3
3
3
3
9
9
9
9
9
5,327
5,699
5,760
3,187
7,599
21,006
19,108
20,857
19,825
18,970
6,087
5,419
5,962
6,088
5,725
7,058
6,289
4,661
5,122
5,323
14,616
9,856
8,735
8,953
8,226
8,901
9,436
9,796
7,528
11,707
16,377
15,398
14,125
14,801
15,207
7,557
7,645
7,794
6,561
7,452
11,994
12,512
13,423
14,626
13,279
7,179
7,616
6,256
7,634
7,953
3,897
3,620
3,681
3,547
3,435
18,916
16,427
17,208
15,333
16,022
2,204,265
2,174,590
2,563,477
2,530,290
2,251,365
176,031
186,944
199,717
205,036
176,466
427,492
386,866
471,478
492,175
430,453
141,861
157,941
195,130
175,528
147,734
216,744
204,202
259,033
233,963
205,898
192,903
194,267
213,046
211,353
209,709
136,172
139,199
159,287
159,992
134,922
348,755
334,966
420,809
401,419
340,195
100,630
100,092
117,912
107,740
97,629
55,542
56,996
59,986
68,330
62,505
121,204
130,092
141,221
136,264
118,546
95,755
87,513
109,598
115,394
116,856
191,176
195,512
216,260
223,096
210,452
31,903
31,876
31,876
31,881
31,845
1,264
1,264
1,264
1,264
1,259
8,349
8,331
8,331
8,331
8,331
3,107
3,107
3,107
3,107
3,101
3,784
3,784
3,784
3,784
3,784
2,648
2,648
2,648
2,655
2,648
1,501
1,501
1,501
1,500
1,497
3,036
3,036
3,036
3.036
3,030
1,984
1,984
1,984
1,983
1,983
1,222
1,222
1,222
L,222
1,219
2,486
2,480
2,480
2,480
2,480
778
775
775
775
775
1,744
1,744
1,744
1,744
1,738
54,326
53,802
55,748
57,277
58,506
3,396
3,414
3,697
3,917
3,658
13,601
13,167
13,928
14,138
14,940
3,177
3,227
3,328
3,438
3,514
5,748
5,810
5,643
5,801
5,960
3,275
3,192
3,449
3,481
3,563
2,854
2,879
2,948
3,030
3,036
7,101
6,961
7,017
7,483
7,394
3,201
3,250
3,387
3,406
3,467
1,526
1,550
1,595
1,607
1,657
2,483
2,489
2,625
2,628
2,720
45,106,003
44,998,766
45,619,507
45,766,801
45,489,708
2,473,800
2,494,519
2,524,492
2,540,438
2,490,845
12,287,545
12,083,750
12,172,284
12,259,879
12,231,057
2,696,795
2,712,105
2,756,250
2,756,121
2,728,156
3,688,291 2,646,676
3,680,612 2,655,205
3,772,861 2,684,129
3,749,179 2,677,667
3,706,401 2,697,614
2,314,130
2,314,962
2,353,434
2,350,330
2,326,663
7,561,301
7,518,133
7,686,034
7,742,488
7,631,076
1,859,835
1,867,971
1,874,646
1,872,529
1,866,503
1,115,191
1,127,364
1,134,817
1,142,673
1,145,461
1,877,638
1,928,626
1,940,113
1,967,330
1,945,253
24,072,745
24,127,081
24,144,768
24,161,831
24,225,486
1,439,822
1,442,802
1,439,793
1,439,650
1,439,182
5,566,569
5,567,726
5,567,289
5,574,897
5,590,156
1,357,834 4,525,157
1,363,868 4,538,452
1,363,191 4,545,215
1,359,854 4,552,250
1,365,345 4,560,361
1,072,759
1,075,706
1,076,726
1,075,759
1,076,838
583,827
588,019
587,935
591,553
591,943
912,958
921,923
924,773
924,340
926,183
586,592
590,712
590,150
590,280
593,399
2,671,012
2,674,987
2,676,249
2,671,757
2,671,730
16,353,942
16,408,911
16,428,266
16,407,371
16,493,046
733,959
749,384
734,055
732,589
744,896
5,145,488
5,104,269
5,094,346
5,054,417
5,091,608
704,622
727,849
1,052,669
1,265,056
915,237
48,597
52,661
89,539
102,912
65,699
587,388
549,850
518,836
493,209
540,833
^33
1
I
2,556
5,408
2,454
5,409
2,497
5,634
2,667
5,681
2,808
5,789
1,528,024 5,056,777
1,552,126 5,063,393
1,570,160 5,150,287
1,560,394 5,147,773
1,570,440 5,150,239
1,629,169 2,083,582
1,629,853 2,084,055
1,632,747 2,091,543
1,632,421 2,093,928
1,641,913 2,104,204
1,643,464
1,648,978
1,649,157
1,655,142
1,664,232
793,014
802,950
799,909
795,022
797,165
1,221,757
1,232,757
1,222,984
1,224,776
1,221,477
721,075
722,851
728,475
720,852
732,331
721,469
723,509
736,696
725,803
725,643
2,459,188
2,442,984
2,466,343
2,477,491
2,469,012
598,573
608,095
601,509
609,559
604,053
405,909
411,440
409,507
407,237
419,549
777,653
810,573
813,801
830,483
828,794
774,173
797,865
797,223
784,826
789,612
2,001,684
2,002,234
2,023,418
2,044,316
2,068,906
170,202
186,570
277,902
386,642
257,229
44,392
42,787
63,348
83,749
58,577
58,345
66,284
114,514
111,929
72,199
46,923
49,884
57,107
53,019
54,387
44,490
33,452
39,550
55,903
44,539
91,358
87,185
139,623
197,965
130,865
41,891
39,415
41,294
43,580
47,249
39,074
41,932
51,804
52,619
44,590
30,770
33,802
33,439
52,928
37,744
35,661
40,308
39,190
41,494
39,338
35,040
32,716
30,028
27,904
31,622
2215,762
2202,878
2
200,422
2
197,402
2205,518
44,259
41,318
37,916
35,227
39,933
50,815
47,439
43,533
40,446
45,849
26,774
24,995
22,937
21,310
24,157
22,402
20,914
19,192
17,831
20,213
74,310
69,374
63,662
59,146
67,048
19,124
17,854
16,384
15,221
17,255
13,660
12,753
11,703
10,873
12,325
19,124
17,853
16,384
15,221
17,255
18,031
16,833
15,447
14,352
16,269
52,919
53,569
105,359
82,316
62,821
48,087
44,923
41,228
38,276
43,389
648,796
520,908
480,829
493,592
582,230
2,188
2,245
2,394
2,694
1,474
583,017
451,584
411,271
423,497
510,918
2,191
2,425
2,453
2,475
2,139
7,499
9,077
7,366
7,114
7,254
2,179
2,325
1,606
1,962
1,933
1,795
1,443
4,531
4,590
4,471
3,749
3,206
3,773
3,714
4,141
5,632
6,269
6,287
6,664
7,169
2,144
2,388
1,912
1,960
2,031
1,163
1,381
1,413
1,048
1,217
35,826
37,782
37,849
38,250
38,435
18,294,748
18,207,518
18,480,600
18,659,228
18,531,346
819,784
837,006
856,016
866,099
843,691
6,114,469
5,945,301
5,983,941
6,061,958
6,065,273
883,856
889,480
903,626
916,473
897,814
1,338,416
1,355,557
1,388,397
1,384,265
1,346,779
796,951
800,055
810,125
797,143
812,808
790,156
779,318
799,969
804,127
794,866
2,628,605
2,602,749
2,673,401
2,738,316
2,671,066
665,220
671,633
665,474
675,024
675,726
460,787
468,513
474,926
472,689
478,495
828,710
863,609
864,565
898,848
884,841
829,278
855,789
852,306
841,128
846,436
2,138,516
2,138,508
2,207,854
2,203,158
2,213,551
2,019,009
1,957,036
2,283,844
2,232,407
2,016,879
168,027
169,340
183,062
188,859
162,050
384,771
351,978
401,686
402,259
354,803
125,549
135,486
162,340
149,554
130,503
199,339
175,034
226,793
204,549
188,622
169,795
170,493
188,932
189,334
184,285
135,353
141,638
159,944
155,870
135,761
310,417
281,606
371,685
355,958
303,282
95,048
94,396
106,037
95,299
87,319
51,424
52,103
53,069
59,565
55,948
109,167
116,867
124,319
117,615
107,501
86,729
80,752
102,690
103,765
105,216
183,390
187,343
203,287
209,780
201,589
12,936
12,708
14,134
15,518
16,495
855
889
941
2,155
2,036
2,371
3,450
3,210
902
905
1,031
1,015
1,127
1,621
1,744
1,705
1,783
1,949
785
827
926
930
750
731
829
867
974
2,228
2,164
2,340
2,361
2,561
618
604
690
667
740
611
498
609
538
687
660
654
766
765
845
626
512
588
663
761
1,125
1,144
1,338
1,387
1,558
1,092
1,052
1,031
941
216
783
446
456
1
2
After deducting $69,000 participations of other Federal Reserve Banks on July 30; Aug. 6; Aug. 13; Aug. 20; and Aug. 27.
After deducting $371,552,000 participations of other Federal Reserve Banks on July 30; $346,868,000 on Aug. 6; $318,308,000 on Aug. 13;
$295,732,000 on Aug. 20; and $335,240,000 on Aug. 27.
SEPTEMBER
1947
1125
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total liabilities:
July 3 0 . . . . 44,399,438
Aug. 6. . . . 44,304,343
Aug. 13
44,923,346
Aug. 20
45,068,984
Aug. 27. .. 44,790,206
Capital Accts.:
Capital paid in:
July 3 0 . . . .
192,501
Aug. 6. . . .
193,103
Aug. 13. . . . 193,200
Aug. 20. .. .
193,274
Aug. 27. .. .
193,288
Surplus
(section 7):
July 3 0 . . . .
439,823
Aug. 6 . . . .
439,823
Aug. 13
439,823
Aug. 20
439,823
Aug. 27
439,823
Surplus
(section 13b):
July 3 0 . . . .
27,455
Aug. 6. . . .
27,455
Aug. 13
27,455
Aug. 20
27,455
Aug. 27
27,455
Other cap. accts.:
July 3 0 . . . .
46,786
Aug. 6. . . .
34,042
Aug. 13. . . .
35,683
Aug. 20
37,265
Aug. 27. . . .
38,936
I Uudl
San
Francisco
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
2,428,488
2,450,037
2,479,812
2,495,700
2,445,975
12,067,964
11,867,041
11,955,287
12,042,564
12,013,442
2,639,476
2,655,724
2,699,744
2,699,463
2,671,357
3,622,958
3,616,390
3,708,438
3,684,525
3,641,554
2,610,995
2,620,353
2,649,140
2,642,549
2,662,356
2,284,093
2,285,555
2,323,933
2,320,718
2,296,946
7,466,407
7,424,971
7,592,641
7,648,885
7,537,270
1,833,645
1,842,339
1,848,927
1,846,749
1,840,623
1,096,649
1,109,133
1,116,539
1,124,345
1,127,073
1,851,495
1,903,053
1,914,423
1,941,568
1,919,370
11,195
11,197
11,203
11,204
11,204
67,562
68,127
68,127
68,138
68,136
14,279
14,293
14,296
14,301
14,301
18,783
18,787
18,819
18,794
18,795
8,135
8,135
8,137
8,138
8,140
7,418
7,427
7,429
7,437
7,437
23,038
23,043
23,081
23,086
23,088
6,344
6,344
6,343
6,344
6,346
4,239
4,240
4,241
4,243
4,247
6,441
6,442
6,452
6,456
6,458
7,135
7,135
7,138
7,199
7,202
17,932
17,933
17,934
17,934
17,934
27,557
27,557
27,557
27,557
27,557
136,549
136,549
136,549
136,549
136,549
34,720
34,720
34,720
34,720
34,720
41,394
41,394
41,394
41,394
41,394
20,676
20,676
20,676
20,676
20,676
18,663
18,663
18,663
18,663
18,663
65,078
65,078
65,078
65,078
65,078
16,577
16,577
16,577
16,577
16,577
10,997
10,997
10,997
10,997
10,997
15,729
15,729
15,729
15,729
15,729
13,777
13,777
13,777
13,777
13,777
38,106
38,106
38,106
38,106
38,106
3,012
3,012
3,012
3,012
3,012
7,253
7,253
7,253
7,253
7,253
4,489
4,489
4,489
4,489
4,489
1,007
1,007
1,007
1,007
1,007
3,325
3,325
3,325
3,325
3,325
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
3,548
2,716
2,908
2,965
3,097
8,217
4,780
5,068
5,375
5,677
3,831
2,879
3,001
3,148
3,289
4,149
3,034
3,203
3,459
3,651
3,545
2,716
2,851
2,979
3,117
3,194
2,555
2,647
2,750
2,855
5,349
3,612
3,805
4,010
4,211
2,748
2,190
2,278
2,338
2,436
2,233
1,921
1,967
2,015
2,071
2,836
2,265
2,372
2,440
2,559
2,580
2,142
2,204
2,275
2,342
4,556
3,232
3,379
3,511
3,631
2,473,800
2,494,519
2,524,492
2,540,438
2,490,845
12,287,545
12,083,750
12,172,284
12,259,879
12,231,057
2,696,795
2,712,105
2,756,250
2,756,121
2,728,156
3,688,291
3,680,612
3,772,861
3,749,179
3,706,401
2,646,676
2,655,205
2,684,129
2,677,667
2,697,614
2,314,130
2,314,962
2,353,434
2,350,330
2,326,663
7,561,301
7,518,133
7,686,034
7,742,488
7,631,076
1,859,835
1,867,971
1,874,646
1,872,529
1,866,503
1,115,191
1,127,364
1,134,817
1,142,673
1,145,461
1,877,638
1,928,626
1,940,113
1,967,330
1,945,253
289
277
268
258
257
!1,446
H.387
U,341
H,290
H,285
366
351
339
327
326
420
403
390
375
374
222
212
205
198
197
185
178
172
165
165
615
589
570
548
547
158
152
147
141
141
113
108
105
101
101
158
152
147
141
141
1,085
1,106
1,095
1,380
1,353
1,353
1,353
1,493
76
86
84
88
89
27
27
27
27
427
31
31
31
31
30
400
400
580
580
580
Dallas
1,503,225 4,994,043
1,527,765 5,001,982
1,545,734 5,088,728
1,535,836 5,086,082
1,545,812 5,088,428
llcLUlllXlcS
and cap. accts.:
July 30
45,106,003
Aug. 6 . . . . 44,998,766
Aug. 13
45,619,507
Aug. 20
45,766,801
Aug. 2 7 . . . . 45,489,708
Contingent liability on bills
purchased for
foreign correspondents:
July 30
4,519
Aug. 6. . . .
4,334
Aug. 13
4,191
Aug. 20
4,032
Aug. 2 7 . . . .
4,021
Commit, to make
indus. loans:
July 30
6,909
Aug. 6. . . .
6,910
Aug. 13
7,077
Aug. 20
6 952
Aug. 27. .. .
7,454
966
928
1,528,024 5,056,777
1,552,126 5,063,393
1,570,160 5,150,287
1,560,394 5,147,773
1,570,440 5,150,239
149
143
138
133
133
3,750
3,750
3,750
3 750
3J50
398
382
369
355
354
160
157
157
157
157
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
F.R. notes outstanding
(issued to Bank):
24,787,889 ,498,558 5,714,901 1,673,926 2,139,284 ,693,234 1,397,002 4,621,568 ,107,699 600,284 937,619 615,363 2,788,451
July 30
24,812,113 ,493,492 5,723,304 1,676,298 2 ,135,983 ,694,071 1,402,204 4,626,373 ,107,614 600,890 942,612 620,262 2,789,010
Aug. 6
24,820,256 ,494,380 5,723,607 1,682,000 2 136,493 ,694,066 1,401,807 4,628,379 ,114,214 601,045 948,627 616,753 2,778,885
Aug. 13
24,866,042 497,746 5,726,296 1,682,388 2 ,140,921 ,699,520 1,405,383 4,646,023 ,112,065 603,847 952,609!620,879 2,778,365
Aug. 20
24,911,249 505,829 5,738,665 1,685,634 2,145,902 ,702,183 1,411,246 4,656,613 ,111,373 604,398 950,998 621,518 2,776,890
Aug. 27
Collateral held against
notes outstanding;
Gold certificates:
12,103,000 440,000 3,470,000 500,000 655,000 675,000 570,000 2,860,000 300,000 184,000 280,000 169,000 2,000,000
July 30
12,153,000 440,000 3,470,000 500,000 655,000 675,000 570,000 2,860,000 300,000 184,000 280,000 169,000 2,050,000
Aug. 6
12,188,000 440,000 3,470,000 500,000 655,000 660,000 570,000 2,860,000 300,000 184,000 280,000 169,000 2 ,100,000
Aug. 13
12,138,000 440,000 3,470,000 500,000 655,000 610,000 570,000 2,860,000 300,000 184,000 280,000 169,000 2 ,100,000
Aug. 20
Aug. 27
12,068,000 440,000 3,470,000 500,000 655,000 610,000 520,000 2,890,000 300,000 184,000 280,000 169,000 2,050,000
Eligible paper:
5,430
9,014
62,179
July 30
7,020
6,640
4,170
19,495
9,820
590
Aug. 6
8,725
4,254
5,470
8,599
9,970
15,595
17,985 4,090
74,688
Aug. 13
7,775
4,104
12,320
3,670
65,605
11,635
13,685
3,390
122,184
Aug. 20
7,025
5,154
8,495
5,370
17,885
5,460
19,245 8,890
77,524
Aug. 27
8,940
10,134
7,070
4,120
24,005
7,140
12,765
390
74,564
U. S. Govt. s e c :
July 30
13,656,891 1,100,000 2,400,000 1,200,000 1,500,000 1,055,000 850,000 1,800,000 926,891 425,000 700,000 500,000 1,200,000
13,644,121 1,100,000 2,400,000 1,200,000 1,500,000 1,055,000 850,000 1.800,000 914,121 425,000 700,000 500,000 1,200,000
Aug. 6
Aug. 13
13,636,323 1,100,000 2,400,000 1,200,000 1,500,000 1 ,055,000 850,000 1,800,000 906,323 425,000 700,000 500,000 1,200,000
Aug. 20
13,687,852 1,100,000 2,400,000 1,200,000 1,500,000 1,105,000 850,000 1,800,000 907,852 425,000 700,000 500,000 1,200,000
Aug. 27
13,524,915 100,000 2,400,000 1,200,000 1,500,000 1,105,000 900,000 1,800,000 894,915 425,000 700,000 500,000 1,000,000
Total collateral:
25,822,070 1,545,430 5,889,495 1,707,020 2,155,000 1,736,640 1,420,000 4,660,000 1,236,711
984,170 669,000 3,209,014
July 30
25,871,809 1,548,725 5,885,595 1,705,470 2 ,155,000 1,738,599 1,420,000 4,660,000 1,232,106 613,090 989,970 669,000 3,254,254
Aug. 6
1,712,320
2
1,726,635
1,420,000
4,660,000
25,946,507 1,547,775 5,935,605
Aug. 13
155,000
1,220,008 612,390 983,670 669,000 3,304,104
Aug. 20
25,903,376 1,547,025 5,887,885 1,708,495 2,155,000 1,720,460 1,420,000 4,660,000 1,227,097
985,370 669,000 3,305,154
Aug. 27
25,667,479 1,548,940 5,894,005 1,707,070 2 155,000 1,722,140 1,420,000 4,690,000 1,207,680 609,390 984,120 669,000 3,060,134
1
After deducting $3,073,000 participations of other Federal Reserve Banks on July 30; $2,947,000 on Aug. 6; $2,850,000 on Aug. 13; $2,742,000
on Aug. 20; and $2,736,000 on Aug. 27.
1126
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER
BANK
RESERVES AND
[Averages of daily figures.
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
..ate
1942
June 30
Dec. 31
1943
June 30
Dec. 31
1944
June 30
Dec. 30
1945
June 30
Dec. 31
1946
Tune 29
Dec. 31. . .
1947
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Additional
amount
available to
borrowers
guarPortion underagreeguaran- antee
ments
teed
outstanding
Number
Amount
565
2,665
310,680
2,688,397
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
Total
amount
81,108
803,720
69.674
632,474
137,888
1,430,121
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966,595
8,771
. 8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
8,771
8,771
8,771
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
18,025
14,238
11,746
10,356
9,236
3,589
3,245
16,654
13,237
10,965
9,658
8,601
3.218
2,908
22,424
21,183
15,392
13,452
13,176
6,726
6,709
NOTE.-—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
1934
1935
1936
1937
1938
1939
1940
1941
1942
June 24. . .
Dec. 31 . . .
1943
June 30. . .
Dec. 31. . .
1944
June 30. . .
Dec. 30. . .
1945
June 30. . .
Dec. 31. . .
1946
June 2 9 . . .
Dec. 3 1 . . .
1947
Jan. 31. . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31. . .
June 3 0 . . .
July 31. . .
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
3,452
3,471
475,468
491,342
3,203
13,044
10,532
12,132
9,270
19,070
17,930
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
3,502
3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
3,524
3,542
552,711
565,913
615
1,210
4,577
554
5,366
8,309
1,110
2,670
3,545
3,548
3,548
3,552
3,553
3,555
3,558
568,540
569,487
569,825
571,408
571,893
572,836
574,999
4,795
4,795
4,595
5,371
4,595
593
996
8,217
8,186
8,160
7,279
5,735
7,018
6,886
2,677
2,729
2,727
2,616
2,761
4,043
3,902
926
195
1,902
1,081
1,109
1,618
1,778
1,732
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
SEPTEMBER
1947
ber
banks 1
New
York
Chicago
;Re-
Country ]
bk
serve
city
banks
15 ,996
16 ,017
16 ,153
16 ,347
4 ,199
4 ,180
4 ,196
4 ,239
887
897
940
964
6 ,320
6 ,314
6 ,377
6 ,438
4,588
4,627
4,640
4,706
June
June
July
July
July
July
July
Aug.
19
26
3
10
17
24
31
7
16 ,239
16 ,149
16 ,206
16 ,311
16 ,387
16 ,400
16 ,372
16 ,464
4 ,195
4 ,242
4 ,250
4 ,225
4 ,229
4 ,260
4 ,247
4 ,227
942
932
941
971
968
967
970
976
6 ,420
6 ,358
6 ,378
6 ,410
6 ,466
6 ,455
6 ,467
6 ,511
4,682
4,617
4,637
4,705
4,724
4,719
4,688
4,750
Excess reserves:
1946—June
July
1947—June
July
943
928
785
781
29
18
14
12
5
11
10
-1
240
226
224
222
669
673
538
549
829
741
779
809
830
789
753
805
11
12
16
14
14
16
14
13
4
4
3
2
4
3
4
3
241
207
231
242
246
220
209
228
573
518
529
551
566
550
526
561
127
121
135
92
6
7
11
2
4
3
1
84
82
73
51
33
27
50
39
128
114
105
98
93
82
94
95
2
2
2
2
3
1
74
68
62
63
47
51
48
i
55
52
44
41
32
43
31
42
32
June
June
July
July
July
July
July
Aug.
19
26
3
10
17
24
31
7
Borrowing a t Federal
Reserve Banks:
1946—June
July
1947—June
July
June
June
July
July
July
July
July
Aug.
[Amounts in thousands of dollars]
Approved
Loans Commit- Particiments
pations
outbut not
outcom- standing2
outpleted1 (amount) standing standing
(amount) (amount)
(amount)
Central reserve
city banks
mem-
Total reserves held:
1946—June
July
1947—June
July
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
Applications
Date (last
approved
Wednesday
to date
or last day
of period) Num- Amount
ber
All
Month, or
week ending Thursday
BORROWINGS
In millions of dollars]
19
26
3
10
17
24
31
7
4
7
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[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
Time
deposits
Demand
deposits
except
interbank
Time
deposits
July 1946
June 1947
'16,447
15,040
8,026
8,437
rll,956
5,593
5,981
July 1947
11,526
6,022
15,108
8,450
Boston
New York
Philadelphia
Cleveland
1,835
2,816
1,055
1,288
882
2,168
746
919
11,639
331
1,010
882
1,032
Richmond
Atlanta
Chicago
St. Louis
1,043
1,497
1,882
616
397
488
1,383
333
836
643
1,655
961
468
214
948
279
Minneapolis
Kansas City
Dallas
San Francisco
543
519
898
1,116
293
105
140
595
728
1,568
1,445
550
438
200
62
303
233
1,160
893
824
r
1
Revised.
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All reserve cities have a population of more than 15,000.
1127
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Interbank
Other
Net
demand
deposits 2
Time
deposits3
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half July 1947
All member banks
86,968
11,135
75,833
76,194
28,051
5,501
16,327
15,514
813
Central reserve city banks:
New York
Chicago
22,359
5,060
4,d90
1,127
18,269
3,933
20,640
4,570
1,459
871
45
156
4,232
971
4,215
966
17
4
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
31,875
1,931
565
2,227
3,663
2,034
1,963
3,852
1,792
971
2,657
2,274
7,947
4,972
276
28
321
461
303
417
475
501
273
840
544
535
26 ,902
1,656
537
1,906
3,202
1,730
1,546
3,377
1,291
698
1,817
1,731
7,412
27,549
1,759
497
1,978
3,255
1,780
1,672
3,281
1,536
810
2,165
1,868
6,948
11,256
200
309
276
1,318
448
412
2,092
324
176
359
340
5,002
1,800
37
25
73
161
98
130
300
90
60
265
259
300
6,423
371
121
420
762
398
383
812
331
175
480
439
1,730
6,184
364
118
412
730
383
359
782
325
173
454
394
1,690
239
8
3
8
32
15
23
30
6
2
26
44
41
52
2
1
2
14
2
2
5
10
1
12
2
1
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
27,674
2,248
3,918
1,957
2,340
1,987
2,311
3,599
1,688
1,333
2,139
2,456
1,699
945
88
87
14
24
106
165
69
112
62
69
126
22
26 ,729
2,159
3,831
1,942
2,316
1,881
2,146
3,530
1,576
1,271
2,071
2,330
1,677
23,435
1,952
3,432
1,714
2,030
1,652
1,940
3,028
1,433
1,129
1,742
1,926
1,457
14,466
1,114
3,324
1,637
1,743
865
703
2,328
611
731
305
204
901
3,500
185
315
191
258
264
319
508
216
173
377
495
199
4,701
377
766
376
448
323
350
643
265
227
307
332
287
4,149
340
680
338
389
283
314
564
237
202
262
282
258
552
37
87
38
59
40
36
80
28
25
44
50
29
38
8
15
4
4
4
1
1
1
i
"i'
91
94
Second half of July 1947
All member banks
87,068
11 ,057
76,010
76,709
28 ,082
5,464
16 ,366
15 ,614
752
Central reserve city banks:
New York
Chicago
22,265
5,050
4 ,031
1,123
18,234
3,927
20,755
4,560
1,456
880
47
153
4 ,245
959
4 ,238
965
7
-6
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
32 ,055
1,925
563
2,223
3,722
2,014
1,961
3,884
1,805
963
2,754
2,301
7,940
4 ,971
270
28
314
455
295
398
481
493
263
903
542
530
27,084
1,655
534
1,909
3,267
1,719
1,563
3,403
1,312
700
1,851
1,760
7,410
27 ,850
1,759
499
1,981
3,297
1,779
1,682
3,322
1,555
807
2,240
1,895
7,034
11 ,255
200
308
276
1,318
447
412
2 ,096
323
176
360
339
5 ,000
1,792
34
23
73
169
92
126
304
88
62
277
259
285
6 ,452
368
121
421
779
396
374
823
336
175
491
439
1,730
6 ,245
364
118
413
739
383
361
790
330
172
470
399
1,707
207
5
2
8
40
14
12
33
5
3
22
40
23
49
3
1
3
6
6
2
7
8
1
6
2
4
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
27,698
2,255
3,904
1,946
2,345
1,981
2,287
3,614
1,694
1,332
2,176
2,484
1,680
932
83
82
15
23
104
153
70
117
61
74
128
22
26,765
2,172
3,822
1,931
2,322
1,876
2,133
3,544
1,578
1,271
2,102
2,356
1,658
23,543
1,968
3,444
1,713
2,042
1,656
1,942
3,052
1,437
1,133
1,757
1,942
1,458
14 ,490
1,116
3 ,332
1,641
1,744
865
701
2 ,334
612
731
305
201
907
3,472
182
305
184
253
261
298
505
220
171
402
509
184
4 ,710
373
758
378
450
322
347
651
268
230
308
338
286
4 ,165
343
682
338
391
284
314
567
238
202
264
284
259
544
31
76
40
59
38
33
84
31
28
44
54
28
39
5
12
10
4
3
1
1
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—-Demand deposits adjusted (demand deposits other than interbank and United States Government, less cash items reported as in
process of collection) of all member banks estimated at 69,720 million dollars in the first half and 70,320 million in the second half of July. U. S.
Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements.
1128
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation x
End of year or
month
Coin and small denomination currency 2
Total
Coin
s$l
Large denomination currency 2
$5
$10
$20
Total
$50
$100
$500 $1,000 $5,000 $10,000
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
4,167
442
402
5,519
452
423
5,536 4,292
4,518
460
478
5,882
5,021
499
517
6,543
505
537
6,550 5,015
5,147
524
550
6,856
5,553
559
590
7,598
6,247
610
648
8,732
8,120
695
751
11,160
801
880
15,410 11,576
909
20,449 14,871 1,019
987
25,307 17,580 1,156
28,515 20,683 1,274 1,039
33
32
33
35
33
34
36
39
44
55
70
81
73
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
364
1,360
337
1,254
1,369
358
1,530
399
1,542
387
1,714
409
2,048
460
2,489
538
3,044
724
3,837 1,019
5,580 1,481
7,730 1,996
7,834 2,327
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
125
112
122
135
139
160
191
227
261
287
407
555
454
237
216
239
265
288
327
425
523
556
586
749
990
801
8
5
7
7
6
17
20
30
24
9
9
10
1946—March. . . .
April
May
June
July
August. . . .
September.
October. . .
November.
December.
27,879
9
8
1947—'January. . .
February..
March. . . .
April
May
June
July
27,885
28,120
28,245
28,254
28,448
28,507
28,600
28,861
28,952
20,045
19,997
20,171
20,248
20,185
20,271
20,262
20,273
20,447
20,437
1,269
1,280
1,291
1,300
1,311
1,319
1,332
1,345
1,355
1,361
984
987
999
998
990
992
1,001
1,000
1,010
1,029
67
66
67
67
67
66
66
65
65
67
191
173
199
191
166
165
156
148
169
2,173
6,547
6,509
6,586
6,604
6,552
6,571
6,528
6,494
6,543
6,497
8,986
8,981
9,029
9,087
9,099
9,159
9,180
9,221
9,305
9,310
7,834 2,327 4,267
7,889 2,337 4,309
7,950 2,352 4,356
7,998 2,364 4,387
8,071 2,377 4,437
8,178 2,402 4,509
8,247 2,419 4,567
,329 2,436 4,645
8,416 2,458 4,711
8,518 2,492 4,771
442
439
438
438
436
436
436
434
435
438
768
773
775
781
790
802
795
784
782
783
28,262
28,304
28,230
28,114
28,261
28,297
28,149
19,808
19,873
19,807
19,684
19,773
19,769
19,622
1,337
1,337
1,344
1,351
1,351
1,355
1,356
972
967
969
972
985
986
980
63
64
63
63
63
64
63
2,074
2,090
2,085
2,065
2,089
2,078
2,058
6,284
6,336
6,309
6,253
6,303
6,289
6,230
9,077
9,079
9,036
8,979
8,982
8,996
,935
8,457
8,434
8,424
8,432
8,489
8,530
8,529
2,460
2,456
2,447
2,442
2,449
2,466
2,453
434
433
432
431
430
430
428
774
769
771
773
804
810
806
4,757
4,755
4,754
4,769
4,789
4,808
4,824
7
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
10
5
8
7
5
2
4
4
3
2
3
2
22
22
21
22
21
20
21
21
21
26
1
1
1
2
2
2
2
2
2
3
23
14
14
12
11
12
12
3
3
1
1
2
2
2
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money leld in the Treasury
Total outstanding, As security
July 31,
against
1947
gold and Treasury
cash
silver
certificates
21 537
20,344
24,779
4,552
Gold
Gold certificates
Federal Reserve notes
.. . .
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
JVlinor coin
United States notes
Federal Reserve Bank notes. .
National Bank notes
Total—July 31 1947
June 30 1947
July 31 1946
.
.
493
1 926
3 2,239
924
350
347
406
20 344
2
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
1,193
17,481
(4)
July 31,
1947
June 30,
1947
July 31,
1946
48
23,887
4,214
48
23,999
4,250
50
24,010
4,194
3 2,239
72
62
313
28
3
149
148
142
19
11
3
1
205
30
7
27
4
2,034
875
332
317
400
2,062
876
331
320
406
1
106
106
1,998
849
320
314
458
3,912
3,764
3,935
28,149
277
1,926
107
. .
2,815
819
Money in circulation 1
22,583
22,319
20,396
1,327
1,314
2,250
17,481
17,224
15,290
113
28,297
28,254
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. 1121, and seasonally adjusted figures in table on p. 1130.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note of explanation of these duplications.
5 Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
SEPTEMBER
1947
1129
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—•
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series x
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
Monthly averages of daily
figures:
1946—Anril
May
June
July
August
Seotember
October
November
December
27,923
27,978
28,140
28,281
28,352
28,478
28,588
28,727
28,997
28,148
28,175
28,281
28,338
28,494
28,535
28,588
28,641
28,710
+ 151
+27
+106
+57
+ 156
+41
+53
+53
+69
1947—January
February
March
Aoril
May
Tune
July
August
28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
-252
-158
+58
+54
-56
+22
-62
+78
+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
1
For end of year figures, represents change computed on absolute
nounts in first column.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
Increase
in gold
stock
1936
211,258
1,132.5
1937
212,760
1,502.5
1938
14,512
1 ,751.5
1939
17,644
3,132.0
21,995
4,351.2
1940
22,737
741.8
1941
22,726
-10.3
1942
-788.5
1943
. . . 21,938
20,619 -1,319.0
1944
20,065
-553.9
1945
20,529
464.0
1946
20,280
13.2
1946—August
25.3
September.. 20,305
96.7
October.... 20,402
67.7
November. . 20,470
59.4
December. . 20,529
219.3
1947—January.... 20,748
February. . . 20,330 3 -418.2
20,463
132.5
March
20,774
311.5
Aoril
20,933
159.0
May
21,266
333.4
June
21,537
270.6
July
P21,766
P228.9
August
Net
gold
import
or export
Earmarked
gold: decrease
or increase (—)
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
311.5
15.2
-7.6
24.2
77.9
-61.2
-16.8
20.4
153.6
44.1
129.7
200.2
P219.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
—8^3.6
-459.8
-356.7
465.4
60.1
12.3
115.7
127.5
82.8
196.1
-684.5
203.5
272.0
13.1
119.0
26.7
42.3
Domestic
gold
production1
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
56.9
8.3
6.8
5 9
4.9
6.3
7.6
5.5
5.3
6.2
7.2
6.1
7.3
P Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 1178 adjusted to exclude
Philippine
Islands production received in United States.
2
Includes gold in the Inactive Account amounting to 27 million
dollars
on
Dec.
31, 1936, and 1,228 million on Dec. 31, 1937.
3
Change reflects primarily gold subscription to International Monetary
Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
Hinted to 3,640.2 million dollars on Aug. 31, 1947. Gold under ear-
BANK DEBTTS 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
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
New
York
City
Annual rate of
turnover of demand
deposits except interbank and Government
Other
leading
cities
New
York
City
Other
leading
cities
167,939
167,373
193,729
J200.337
258,398
298,902
351,602
374,365
407,946
200,636
217,744
270,439
308,913
369,396
403,400
412,800
449,414
522,944
21.0
17.1
17.3
18.0
20.5
22.4
24.2
25.5
25.2
19.4
18.6
19.4
18.4
17.4
17.3
16.1
16.9
16.5
10.1
9.6
10.7
10.6
11.6
12.6
35,391
30,856
30,555
32,035
31,379
40,021
44,567
44,138
42,413
46,612
46,037
52,139
25.3
21.6
23.7
21.9
23.8
28.7
16.4
15.6
16.7
16.3
17.8
19.2
11.6
11.6
11.9
11.3
11.3
12.1
11.5
33,592
29,173
34,439
29,997
31,695
35,092
33,026
48,778
44,011
50,582
46,403
48,023
48,595
48,525
23.8
24.0
24.9
21.5
22.7
25.6
22.9
17.4
18.1
18.6
17.0
17.3
17.9
17.2
Total, all
reporting
centers
New
York
City 1
140
other
centers l
Other
reporting
centers 2
1939
423,932
1940
445,863
1941
537,343
1942—old series 33
607,071
1942—-new series
641,778
1943
.
. . . 792,937
1944
891,910
1945
. . 974,102
1946—old series*4
11,050,021
1946—new series
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210
16.1
16.5
17.1
18.3
19.0
13.1
11.7
10.8
9.7
1946—July
August
September
October
November
December
91,358
82,704
83,295
91,340
86,645
103,900
37,357
30,216
31,397
33,913
31,088
41,252
45,017
43,683
43,155
47,671
46,105
52,295
8,985
8,805
8,743
9,756
9,452
10,353
20.0
16.3
19.3
18.7
19.9
25.8
1947—January
February
March
April
May
June
July
93,488
81,567
93,314
87,771
87,840
94,446
93,733
34,305
29,745
33,547
31,391
30,895
35,632
34,779
49,140
43,199
49,955
46,904
47,464
49,265
49,178
10,043
8,622
9,812
9,475
9,482
9,548
9,776
20.6
20.4
20.4
19.2
19.0
22.7
21.2
333 other
reporting
centers
10.0 {
1
2
3
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months
of 1942 partly estimated.
4
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947
and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics,
Table 55, p. 254, due to differences in method of computation.
1130
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
End of month
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
55,171
54.713
41,680
42,548
56,565
58,955
60,943
64,099
66,952
70,761
Time deposits
Total
deposits
adjusted
Demand
deposits
adjusted1
51,532
51,156
36,919
37,766
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148.911
144,721
22,540
22,809
14,411
15,035
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41.870
48,922
56,039
60,803
60,065
66,930
69,053
75.851
79,476
United
States
Government
deposits 2
Commercial
banks»*
Mutual
savings
banks *
19,557
19,192
10,849
11,019
14,776
14,776
15,097
15,258
15,540
15,777
8,905
8,838
9,621
9,488
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
28,611
28,189
21,656
21,715
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
1929—June
December
1933—June
December
1938— June
December
1939-June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
74,153
78,231
81,963
99,701
110,161
122,812
136.172
150,988
162,784
175,401
171,237
26,179
26,366
19,172
19,817
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62.868
71,853
79,640
80.946
90,435
94,150
102,341
105,992
1946—July
August.
September
October
November
December
170,700
170,600
170,200
170,000
169,500
167,107
106,700
107,200
107,900
108,900
109,700
110,044
144,300
144,000
143.700
143,500
142,800
140,377
80,300
80,600
81,400
82,400
k
83,000
83,314
11,600
10,700
9,300
7,900
6,400
3,103
1947—January (Jan. 29) P
February (Feb. 26)v
March (Mar. 26)P.
April (Apr. 30)P. . .
t65,900
165,400
165.100
165.200
164.900
165.100
166.300
108,600
106,800
106,400
107,300
107,500
108,500
109,300
139,800
139,200
139,100
139.200
138.900
139,100
140,300
82,500
80,600
80,400
81.300
81,500
82,500
83,300
3,100
3,900
3,800
2,800
2,100
1,000
1,200
May (May 2 8 ) P . . . .
Tune (June 25)P.. .
July (July 30) P
381
158
852
1,016
599
889
792
846
828
753
Total
Postal
Savings
System &
Currency
outside
banks
1C.209
10,278
10,433
10,523
10,631
10,658
149
159
,186
,208
,251
,251
,261
,278
,292
,303
3,639
3,557
4,761
4,782
5,417
5,775
6,005
6,401
6,699
7,325
15.928
11,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932
3,119
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26.490
26,516
52,400
52,700
53,000
53,200
53,400
53,960
32,800
33,100
33,300
33,500
33,500
33,808
16,400
16,400
16,500
16,500
16,600
16,869
3,200
3,200
3,200
3,200
3,300
3,283
26,400
26,600
26,500
26,500
26,700
26,730
54,200
54,700
54,900
55,100
55,300
55.600
55,800
33,900
34,200
34,300
34,500
34,600
34,700
34,900
17,000
17,100
17,200
17,200
17,300
17,500
17,500
3,300
3,400
3,400
3,400
3,400
3,400
3,400
26,100
26,200
26,000
26.000
26,000
26,000
26,000
l
P Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
» Excludes interbank time deposits and postal savings redeposited in banks.
*6 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figure? include three member mutual savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9. pp. 34-35 for back figures.
2
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
1
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
Total,
all
banks
U. S. Government
securitie 3
Total
Direct
Cash
reserve
Guar- funds,
anetc. 2
teed
1939—Dec.. .
1940—Dec...
1941—Dec.. .
1942—Dec. .
1943—Dec...
1944—Dec...
1945—Dec.. .
1,279
1,304
1,314
1,417
1,788
2,342
2,933
1,319
1,348
1,396
1,464
1,843
2,411
3,022
53
36
26
16
10
8
6
1,192
1,224
1,274
1,345
1,716
2,252
2,837
1,046
1.078
1,128
1,220
1,716
2,252
2,837
1946—Aug.. .
Sept..
Oct..
Nov...
Dec..
3,188
3,207
3,235
3,260
3,284
3,288
3,306
3,337
3,360
3,387
6
6
6
6
6
3,088
3,114
3,134
3,151
3,182
3.088
3,114
3,134
3,151
3,182
194
186
197
204
200
1947—Jan. . .
Feb...
Mar..
Apr,.
May. .
Tune
July. .
3,331
3,355
3.375
3,382
3,387
3,393
3,436
3,463
3,481
3,492
3,508
3,523
6
6
5
5
c
6
3,234
3,257
3,284
3,290
3,277
3,302
3,234
3.257
3,284
3,290
3,277
3,302
196
200
192
197
226
216
146
146
146
126
74
88
95
102
118
152
179
v1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
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.
SEPTEMBER
1947
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945
1946
1947—j a n _Au2
Nonmember
banks
Member
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
0
Deposits of suspended banks2
(in thousands of dollars) :
125,991 14,616 26,548 44,348 40,479
1934-39
1940
1941
1942
1943
1944
1945
1946
1947
256
5,943
3,726 3,144
1,702
6.223 4,982
405
0
0
Tan Anp
5,341
503
1,375
1,241
405
346
79
327
0
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292
for description, see pp. 281-282 in the same publication.
1131
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and
call date
Total
Loans
Total
Other
Cash
assets 1
Total Number
of
capital
accounts banks
U. S.
Government
obligations
Other
securities
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,175
9,491
10,020
23,292
28,090
27,344
28,701
28,475
30,790
35,415
33,124
35,041
33,540
68,242
75,996
81,816
99,803
117,661
141,448
165,612
159,171
155,902
153,200
9,874 32,513
10,934 38,558
10,982 44,349
11,308 61.431
11,003 75,569
12,235 91,653
14,065 105,921
12,311 98,043
12,656 92,446
11,640 89,330
25,855
26,503
26,485
27,064
31,089
37,561
45,627
48,817
50,800
52,230
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,067
11,360
11,700
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,567
14,585
14,602
Total i
Interbank^
Demand
Time2
All b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30*
50,884
54,177
61,126
78,147
96,966
119,461
140,227
136,572
131,698
130,900
22,165 28,719 19,417
23,756 30,422 20,972
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
31,486 105,087 95,911
35,648 96,050 86,558
38,380 92,520 82,500
All commercial b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30*
40,668
43,929
50,746
67,393
85,095
105,530
124,019
119,448
113,993
112,520
17,238
18,800
21,714
19,221
19,117
21,644
26,083
27,130
31,122
33,680
23,430
25,129
29,032
48,172
65,978
83.886
97,936
92,318
82.871
78,840
16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780
70,340
7,114
7,372
7,225
6,793
6,136
6,329
7,331
7,845
8,091
8,500
22,474
27,124
26,551
28,039
27,677
30,206
34,806
32,378
34,223
32,7*00
57,718
65,337
71,283
89,135
105,923
128,072
150,227
142,890
139,033
135,730
9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75.569
12,235 91,653
14,065 105,921
12,311 98,043
12,656 92,446
11,640 89,330
15,331
15,844
15,952
16,395
19,350
24,184
30,241
32,536
33,930
34,760
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,352
9,577
9,840
14,484
14,345
14,278
14 136
14,034
13,992
14,011
14,026
14,044
14,061
39,290
42,557
49,290
66,240
83,507
103,382
121,809
117,409
112,178
110,682
16,863
18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733
33,250
22,427
24,162
28,031
47,336
64,666
82,030
96,043
90,618
81,445
77,433
15,567
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554
69,136
6,860
7,099
6,984
6,631
5,983
6,155
7,131
7,641
7,891
8,297
21,873
26,287
25,788
27,586
27,183
29,733
34,292
31,843
33,694
32,190
56,069
63,461
69,411
87,803
104,094
125,714
147,775
140,612
136,990
133,659
9,523 31,483
10,539 37,333
10,654 43,059
11,144 60,504
10,705 74,309
12,074 89,761
13,883 104,015
12,007 96,459
12,320 91,144
11,243 88,074
15,063
15,589
15,699
16,154
19,081
23,879
29,876
32,145
33,526
34,343
6,527
6,676
6,844
7,055
7,453
7,989
8,671
9,068
9,286
9,558
13,534
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13,354
13,386
33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,032
96.362
94,802
13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
19,979
21,805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
66,146
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
5,651
5,982
5.961
5,629
5,022
5,208
6,070
6,458
6,625
6,948
19,782
23,963
23,123
24,280
23,790
25,860
29,845
28,079
29,587
28,694
49,340
56,430
61,717
78,277
92,262
110,917
129,670
122,519
118,170
115,435
9,410
10,423
10,525
11,000
10,555
11,884
13,640
11,801
12,060
11,041
28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
76,380
11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
28,014
5,522
5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,095
8,315
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
6,928
21,810
23,648
27,571
37,576
47,499
58,308
69,312
66,277
63,723
62,982
9,022
10,004
11,725
10,183
10,116
11,480
13,925
14,469
17,272
18,764
12,789
13,644
15,845
27,393
37,382
46,828
55.387
51,809
46,451
44,218
9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658
39,271
3,731
3,908
3,806
3,648
3,318
3,536
4,137
4,537
4,793
4,947
12,489
15,099
14,977
16,184
16,017
17,570
20,114
18,607
20,012
19,342
31,559
35,787
39,458
50,468
59,961
71,858
84,939
80,212
78,775
77,146
5,898
6,574
6,786
7,400
7,159
8,056
9,229
7,816
8,169
7,432
17,579
20,885
24,350
34,499
42,605
50,900
59,486
54,930
52,194
50,694
8,081
8,329
8,322
8,570
10,196
12,901
16,224
17,466
18,412
19,020
3,397
3,528
3,640
3,729
3,950
4,265
4,644
4,862
5.138
5,296
5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,007
5,012
12,130
13,478
15,950
21,687
26,759
33,261
37,871
35,754
32,639
31,820
4,940
5,316
6,295
5,905
6,171
7,196
8,850
8,834
9,424
9,891
7,190
8,162
9,654
15,782
20,588
26,065
29,021
26,921
23,216
21,928
1,920
5,271
2,074
6,088
2,155
7,500
1,980
13,802
1,705
18,883
1,672
24,393
1,933
27,089
1,921
25,000
21,384 - 1,832
2,001
19,927
7,293
8,865
8,145
8,096
7,773
8,290
9,731
9,472
9,575
9,353
17,781
20,642
22,259
27,808
32,302
39,059
44,730
42,307
39,395
38,289
3,512
3,849
3,739
3,600
3,397
3,827
4,411
3.986
3,890
3,609
10,652
12,944
14,495
20,024
23,833
28,874
32,334
29,672
26,726
25,686
3,617
3,849
4,025
4,184
5,072
6,357
7,986
8,649
8,779
8,994
2,124
2,169
2,246
2,371
2,525
2,703
2,945
3,058
2,957
3,019
1,175
1,342
1,502
1,598
1,698
1,789
1,867
1,875
1,893
1,916
All insured commercial
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
All n a t i o n a l b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
State member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
• Partly estimated.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. "All banks" comprise "all
commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member
banks" except three mutual savings banks that became members of the Federal Reserve System in 1941; these three banks are included in both
"member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks."
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For recent
revisions in series see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see following page.
1132
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Deposits
Investments
Total
Other
Cash
assets *
Total
U. S.
Government
obligations
Other
securities
Loans
Total i
Inter-1
bank
Demand
Number
Total
of
capital
accounts banks
Time 2
All nonmember commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 3 1 . . . . . . .
1947—June30e
6,727
6,803
7,233
8,137
10,847
13,972
16,849
17,430
17,646
17,730
3,276
,479
,696
3,136
2,832
2,971
3,310
3,830
4,429
5,020
3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217
12,710
1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749
11,150
1,464
1,389
1,266
1,166
1,115
1,122
1,262
1,388
1,468
1,560
2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639
4,010
8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879
20,310
464
512
457
309
448
351
425
510
597
600
4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526
12,950
3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756
6,760
1,363
1,312
1,288
1,230
1,245
1,298
1,362
1,433
1,483
1,530
8,122
7,859
7,662
7,460
7,299
7,181
,130
7,142
7,147
7,136
Insured nonmember
commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31.
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
5,350
5,431
5,776
6,984
9,258
11,824
14,639
15,392
15,831
15,896
2,901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
4,597
2,448
2,357
2,535
4,166
6,702
9,146
11,647
11,901
11,791
11,299
1,239
1,240
1,509
3,162
5,739
8,197
10,584
10,716
10,524
9,949
1,210
1,116
1,025
1,004
962
949
1,063
1,185
1,268
1,350
2,091
2,324
2,668
3,308
3,395
3,875
4,448
3,766
4,109
3,498
6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836
18,240
113
1K5
129
145
149
190
244
206
260
201
3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12,225
11,694
3,365
3,411
3,360
3,409
3,823
4,632
5,680
6,045
6,351
6,345
1,005
978
959
955
979
1,022
1,083
1,149
1,193
1,245
7,172
6,9'52
6,810
6,667
6,535
6,452
6,416
6,446
6,457
6,461
1,378
1,372
1,457
1,154
1,588
2,148
2,211
2,038
1,815
375
405
455
318
276
292
318
339
389
,003
967
,002
836
,312
,856
,893
,699
1,426
749
694
761
674
1,160
1,682
1,693
1,496
1,226
254
273
241
162
153
174
200
204
200
601
837
763
452
494
473
514
534
530
1,649
1,876
1,872
1,332
1,829
2,358
2,452
2,279
2,043
396
329
164
299
161
181
303
336
1,031
1,225
1,291
927
1,261
1,892
1,905
1,584
1,302
268
255
253
241
270
305
365
391
404
358
334
329
275
267
276
279
284
290
950
907
852
793
764
729
714
696
690
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,125
17,704
18,380
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,700
5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,680
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,160
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,520
818
966
793
663
797
584
609
747
818
840
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,470
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,470
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,715
1,784
1,860
551
551
548
546
545
543
542
541
541
541
Insured m u t u a l savings
banks:
1939—Dec. 30
1,329
1940—Dec. 31
1,654
1,693
1941—Dec. 31
1942—Dec. 31
2,007
1943—Dec. 3 1 . . . .
7.525
1944—Dec. 30
9,223
1945—Dec. 31
10,846
1946—June 29... .
11,453
Dec. 31
11,891
1947—June 30...
12.375
605
637
642
740
3,073
3,110
3,081
3,132
3.250
3,370
724
1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641
9,005
422
548
629
861
3,844
5,509
7,160
7,662
7,946
8,216
303
470
421
405
608
604
606
660
695
789
133
202
151
130
559
400
429
550
612
658
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
153
161
164
201
808
892
1,034
1,122
1,173
1,218
51
53
52
56
184
192
192
191
191
191
4,323
4,319
4,259
3,954
1,411
1,260
1,198
1,224
1,275
4,565
4,274
4,428
4,792
2,935
3,448
4,163
4.447
4,538
2,679
2,667
3,075
3,711
2,246
2,819
3,522
3,777
3,833
1,885
1,607
1,353
1,082
689
629
641
671
705
685
764
642
533
238
184
180
197
206
9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442
9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442
1,156
1,131
1,077
1,035
468
485
558
500
498
496
490
361
351
350
350
350
Noninsured nonmember commercial
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 313
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—-June 304
All m u t u a l savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31.
1947—June 30«. . . .
Noninsured mutual
savings banks:
1939—Dec. 30....
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 304. . . .
8,887
8.594
8,687
8,747
4,345
4,708
5,361
5,671
5,813
593
611
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks
and 2525 million at all insured commercial banks.
Figures
for "All banks" and for mutual savings banks include a relatively small amount of demand deposits held by the latter.
3
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons
are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
4
Figures not yet available.
For other footnotes, see preceding page.
SEPTEMBER
1947
1133
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Investment
Loans
Class of bank
Total
loans
call date
investments
and
and
All insured commercial banks:
42 557
JL-'t/C
01..
D P P 31
1941—Dec. 3 1 . . 49\290
1942—Dec. 3 1 . . 66,240
1943—Dec. 3 1 . . 83,507
1944—Dec. 30.. 103,382
1945—Dec. 3 1 . . 121,809
1946—June 29.. 117,409
Dec. 3 1 . . 112,178
1947—June 30. . 110,682
Member banks,
total:
1940—Dec. 3 1 . . 37,126
1941—Dec. 3 1 . . 43,521
1942—Dec. 3 1 . . 59,263
1943—Dec. 3 1 . . 74,258
1944—Dec. 30.. 91,569
1945—Dec. 3 1 . . 107,183
1946—June 29.. 102,032
Dec. 3 1 . . 96,362
1947—June 30. . 94,802
New York City:*
1940—Dec. 3 1 . . 10,910
1941—Dec. 3 1 . . 12,896
1942—Dec. 3 1 . . 17,957
1943—Dec. 3 1 . . 19,994
1944—Dec. 30. 24,003
1945—Dec. 3 1 . . 26,143
1946—June 29.. 23,304
Dec. 3 1 . . 20,834
1947—June 30. . 20,332
Chicago:*
1940—Dec. 3 1 . . 2,377
1941—Dec. 3 1 . . 2,760
1942—Dec. 3 1 . . 3,973
1943—Dec. 3 1 . . 4,554
1944—Dec. 30.. 5,443
1945—Dec. 31 . 5,931
1946—June 29.. 5,167
Dec. 3 1 . . 4,765
1947—June 30. . 4,802
Reserve city banks:
1940—Dec. 3 1 . . 13,013
1941—£)eCi 3 1 . . 15,347
1942—Dec. 3 l ! . 20,915
1943—Dec. 3 1 . . 27,521
1944—Dec. 30.. 33,603
1945—Dec. 3 1 . . 40,108
1946—June 29.. 37,675
Dec. 3 1 . . 35,351
1947—June 30. . 34,611
Country banks:
1940—Dec. 3 1 . . 10,826
1941—Dec. 3 1 . . 12,518
1942—Dec. 3 1 . . 16,419
1943—Dec. 3 1 . . 22,188
1944—Dec. 30.. 28,520
1945—Dec. 3 1 . . 35,002
1946—June 29.. 35,886
Dec. 3 1 . . 35,412
1947—June 30.. 35,057
Insured nonlyTtu
104.0
I J. S. Government obli gations
Commercial,
Total
Loans for
purchasing
or carrying
insecurities Real
clud- AgnConcules- sumer Other Total
ing
To
tate
open- turloans loans
al1 brok- T o loans
ers othket
and
padeal- ers
per1
ers
ga-
tions
Total
7 178
9^214
7,757
7,777
7,920
9,461
10,334
14,016
14,765
24,162
28',031
47,336
64,666
82,030
96,043
90,618
81,445
77,433
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554
69,136
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
21,805
3,273
6,660 865 642 652 3,228
8,671 972 594 598 3,494
3,692
25,500
934
870
538
7,387 1,089
3,423 1,847
43,175
7,421 1,023 1,398 839 3,274 1,484 848 57,970
7,531 1,198 2,249 2,108 3,209 1,505 877 72,893
8,949 855 3,133 3,378 3,455 1,900 1,104 84,408
9,685 877 2,395 2,480 4,267 2,464 1,133 78,729
13,154 884 1,506 1,467 5,358 3,308 1,020 69,666
13,820 972 1,507 1,154 6,240 3,998 965 66,146
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
3,384
4,072
4,116
4,428
5,760
7,334
6,506
6,368
6,548
2,125
2,807
2,546
2,515
2,610
3,044
3,169
4,078
4,171
696
954
832
492
732
658
763
738
760
804
663
614
950
1,414
2,269
3,164
2,417
1,517
1,517
727
662
597
922
2,265
3,606
2,656
1,609
1,278
465
6
8
412
787
21
24 1,054
30 1,742
190
169
193
323
859
54
52
32
52
163
233
185
101
84
4,468
4 C7 7
4,773
4',545
4,646 2,2691 .042
4,437 1,868 918
4,343 1,888 944
4,677 2,361 1,181
5,738 3,069 1,211
7,103 4,031 1,098
8,201 4,893 1,047
130
123
117
107
86
80
83
99
104
468
554
303
252
253
287
378
455
500
19
22
23
22
24
36
43
51
42
84
96
62
45
45
51
76
105
130
of
Direct
18,395
21',259
18,903
18,841
21,352
25,765
26,791
30,733
33,250
1,281
1^450
1,642
1,505
1,723
1,314
1,366
1,358
1,549
GuarCertifiancates
of
inBills
Notes Bonds teed
debtedness
3,608
3^651
3,533
3,287
3,422
3,873
3,973
4,298
4,826
3 491
3^333
3,098
2,696
2,733
3,258
3,668
3,592
3,471
2,594
3,007
5,409
6,906
14,127
14,271
10,467
5,602
4,369
9,091
11,729
18,948
27,265
34,927
44,792
45,420
46,219
46,502
902
16
20
11
10
3,013
3,090
2,965
2,729
2,857
3,254
3,307
3,548
3,982
2,970
2,871
2,664
2,294
2,350
2,815
3,151
3,077
2,966
6,044 207
1,245 2,977 1,615
7,265 311
1,623 3,652 1,679
12,547 1,855 2,144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
17,179 913 3,740 3,745 8,592 189
1
17,574 477 3,433 3,325 10,337
1
15,646 201 2,980 2,229 10,234
1
992 10,202
13,308 387 1,725
137 1,103
1
775 10,555
12,571
695
729
593
444
468
606
535
557
631
788
830
701
558
596
629
618
601
582
188
182
166
158
160
181
153
167
175
186
193
186
155
185
204
200
187
173
652
971
4,363
4,360
3,748
2,275
1,072
1,167
6^285
12,071
13,982
16,985
15,292
10,043
773 7,544
18
14
34
40
32
29
29
1,681
1,806
3,141
3,550
4,258
4,598
3,837
3,266
3,237
1,307
1,430
2,789
3,238
3,913
4,213
3,485
2,912
2,890
115
207 1,436
1,322
114
194 1,527
1,51?
97
808
153 1,486
312
217
267 1,420
658
301
660
311
777 1,379
313
427 1,503 1,459
855
404
321 1,142 1,743 1,073
453
264
704 2,237 1,436
435
185
540 2,713 1,675
405
7,081
8,243
14,813
21,321
26,781
31,594
28,813
24,527
23,170
5,204
6,467
13,038
19,682
25,042
29,552
26,585
22,250
20,845
5,517
6,628
11,380
17,534
23,610
29,407
29,281
27,408
25,955
433 2,081
45
3,269
481 2,926
110
4,377
671
9,172
1,240 5,436
15,465 1,032 3,094 2,096 8,705
882 3,466 4,422 12,540
21,552
26,999 630 5,102 4,544 16,713
26,556 447 5,231 3,696 17,170
24,572 279 4,020 2,470 17,797
197 3,035 1,960 17,696
22,893
1,004
1,184
1,333
1,329
1,499
1,565
1,094
1,178
5,931
7,105
6,102
6,201
6,822
8,514
8,862
10,825
11,441
2,589
3 456
2^957
3,058
3,034
3,661
3,932
5,548
5,726
263
300
290
279
348
205
197
201
197
5,309 L.453
5,890 1,676
5,038 1,226
4,654 1,084
4,910 1,149
5,596 '.1,484
6,605 1,781
8,004 2,433
9,102 2,744
590
659
772
713
802
648
679
681
774
21
20
17
25
32
42
34
29
26
201
183
161
197
310
471
354
273
244
1,644
1,400
1,823
1,530
1,797 674 393
1,725 528 381
1,719 547 351
1,881 707 363
2,398 937 422
2,9 70 1,312 306
3,381 1,693 240
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
4,597
416
478
553
482
525
459
488
474
576
21
20
16
16
21
31
21
12
11
75
64
59
82
156
228
176
142
125
1,240
1,282
1,225
1,165
1,136
1,224
1,473
1,748
1,963
42
48
34
102
163
211
188
117
100
subdivisions
9,925 3,719
12,797 4,102
20,999 2,718
30,656 2,501
39,848 978
22
51,321
24
52,092
15
53,200
14
53,505
o\727
13,218
15,300
19,071
17,637
12,288
835 9,441
7,527
8,823
13,841
15,566
18,243
18,809
16,798
14,465
13,784
5
6
6
6
17
2
1
3
1
States Other
and secupolit- rities
2,756
3,159
5,799
7,672
15,778
16,045
12,004
6,780
5,341
662
988
4,462
4,636
3,971
2,455
1,220
1,271
148
153
179
298
226
250
291
2,453 1,172
1,852
798
1,096 389
1,196 286
Obli-
297
256
397
199
250
133
14
60
106
498
368
145
153
391
484
779
749
529
146
132
2,253
4,691
5,730
6,982
410 6,038
441 3,799
334 3,038
1,723
2,497
5,181
5,653
4,014
1,993
1,503
637
877
1,045
1,467
1,042
103
295
1,441
1,802
1,704
1,034
771
751
752
903
1,282
1,602
1,809
1,864
1,900
2,207
2,284
3,486
3,832
2,540
2,345
112
119
83
74
31
3,281 1,049 984 893
4,248 1,173 956 820
6,810 811 954 821
9,943 749 913 726
11,987 440 1,000 740
5 1,126
916
15,878
7 1,194 1,034
16,116
4 1,272 1,004
16,013
3 1,364
962
15,967
710
861
574
538
241
9
12
6
5
1,146
1,222
1,252
1,214
1,230
1,342
1,426
1,551
1,813
1,102
1,028
234
271
179
156
76
6
4
3
4
595
563
569
560
566
619
667
752
845
521
462
435
403
383
443
518
516
505
956
855
829
1,067
1,299
1,285
1,250
member com-
mercial banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—June 29..
Dec. 3 1 . .
1947—-June 30. .
5,431
5,776
6,984
9,258
11,824
14,639
15,392
15,831
15,896
518
543
370
356
389
512
649
862
945
803
2,357 1,240
2,535 1,509
854
422
173 4,166 3,162
385
70 6,702 5,739
383
67 9,146 8,197
460
77 11,647 10,584
605
79 11,901 10,716
723
79 11,791 10,524
895
82 11,299 9,949
10
17
442
99
276 1,147
223 1,319
180 2,087
147 2,346
104 2,247
62 1,897
162
152
390
766
1,652
1,774
1,538
1,179
972
834
1,069
2,053
3,395
4,928
6,538
6,682
6,991
7,013
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit Insurance Corporation. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are
included
in "member banks" but are not included in "all insured commercial banks."
1
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec.2 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
1134
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposit 3
Reserves
with
federal
Reserve
Banks
Class of bank
and
call date
ash
in
iUlt
Balances
with
domestic3
Danks
Demand
deposits
ad- 4
usted
I
Interbank
deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions hecks,
etc.
DoFormestic3 eign
All insured commercial banks:
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 31. .
1947—June 30. .
13
12
13
12
14
15
15
16
16
992
396
072
834
260
810
999
013
039
1 ,234
8, 202
1 ,358
8, 570
9 , 080
1 ,305
1 ,445
8, 445
9 , 787
1 ,622
1 ,829 1 1 , 075
1 ,471 9 , 102
9 , 481
2 ,012
1 ,804
8 , 498
Member banks
total:
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—June 29. .
Dec. 31. .
1947—June 30. .
13
12
13
12
14
15
16
16
16
992
396
072
835
261
811
001
015
040
991
1 ,087
1 ,019
1 ,132
1 ,271
,438
,141
] ,576
1 ,409
6 , 185
6 , 246
6 , 147
5 , 450
6, 354
7, 117
5 , 772
5 , 936
5 , 521
7 057
5 105
4 388
3 596
3 ,766
4 ,015
4 ,255
4 ,046
4 ,166
102
93
72
92
102
111
85
131
123
122
141
82
61
76
78
68
87
50
11
10
11
13
14
15
16
16
16
062
761
899
899
042
065
158
429
494
4 032
3 595
3 209
2 867
3 ,179
3 ,535
3 ,127
3 ,031
2 ,898
4
3
6
1 ,105 6
1 ,178 3
1 ,195
1 ,228
,051
1 ,021
902
821
899
942
870
928
973
42
43
39
38
43
36
26
29
36
319
298
164
158
177
200
162
172
162
1
2
2
3
3
3
3
3
3
941
215
557
050
041
153
189
356
427
997
1 ,027
1 ,105
972
1 ,132
1 ,292
1 ,047
1 ,130
1 ,056
8
8
12
14
16
20
24
24
24
Reserve city banks
1940—Dec. 3 1 .
1941—Dec. 3 1 .
1942—Dec. 3 1 .
1943—Dec. 3 1 .
1944—Dec. 3 0 .
1945—Dec. 3 1 .
1946—June 2 9 .
Dec. 3 1 .
1947—June 3 0 .
4 ,027
4 ,060
4 ,940
5 ,116
5 ,687
6 ,326
6 ,332
6 ,337
6 ,274
396
425
365
391
441
494
399
532
470
2 741
2 590
2 202
1 758
2 005
2 174
1 858
1 923
1 ,864
9 581
11 117
14 849
18 654
20 267
22 372
23 483
24 ,221
24 ,166
3 ,919
4 ,302
4 ,831
4 ,770
5 ,421
6 ,307
5 ,220
5 ,417
4 ,773
Country ban ks:
1940—Dec. 3 1 .
1941—Dec. 3 1 .
1942—Dec. 3 1 .
1943—Dec. 3 1 .
1944—Dec. 3 0 .
1945—Dec. 3 1 .
1946—June 2 9 .
Dec. 3 1 .
1947—June 3 0 .
1 ,857
2 ,210
2 ,842
3 ,303
3 ,909
4 ,52
4 ,543
4 ,703
4 ,62
452
526
542
61
684
796
63
883
780
3 002
3 ,216
3 ,699
3 ,474
4 ,097
4 ,665
3 ,684
3 ,753
3 ,444
633
7 ,845
9 ,661
790
13 ,265
957
17 ,039
994
19 ,958 1 ,149
23 ,595 1 ,199
24 ,630
997
26 ,237 1 ,067
25 ,508
885
24
27
28
313
35
39
33
43
39
2 ,01
2 ,325
2 ,934
2 ,996
3 ,434
3 ,959
3 ,332
3 ,54
2 ,979
3 ,39
4 ,092
5 ,65
7 ,279
8 ,652
10 ,53
10 ,82
11 ,842
11 ,418
New York City:"
1940—Dec. 31. .
1941—Dec. 3 1 .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 .
1946—June 2 9 .
Dec. 3 1 .
1947—June 3 0 .
Chicago:2
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—June
Dec.
1947—June
31.
31.
31.
31,
30.
31.
29.
31.
30.
Insured nonmember commercial banks:
1940—Dec. 3 1 .
1941—Dec. 3 1 .
1942—Dec. 3 1 .
1943—Dec. 3 1 .
1944—Dec. 3 0 .
1945—Dec. 3 1 .
1946—June 2 9 .
Dec. 3 1 .
1947—June 3 0 .
]
33, 820
3 7 , 845
4 8 , 221
5 9 , 921
6 5 , 960
74, 722
78, 281
8 2 , 085
8 1 , 012
9,
9
0
9
1
2
0
0
9
677
823
234
743
063
566
584
888
807
3 0 , 429 9 581
33, 754 9 714
4 2 , 570 0 101
5 2 , 642 9 603
5 7 , 308 0 881
6 4 , 184 2 333
6 7 , 461 0 391
70, 243 0 644
6 9 , 595 9 612
95
108
133
14
182
233
194
244
194
u. s.
IndiGov- States
viduals,
and
partner- Inter- ern- politships, bank ment
ical
and
and corPostal subdiporavisions
Savtions
ings
CapiIndital
viduals, Boracpartner- rowings
counts
ships,
nd corporations
1
1
1
1
702
666
673 1, 761
813 8 , 167
893 9 , 950
948 9 , 754
248 3 , 740
346 2 , 941
364 2 , 930
372 1, 247
3 , 298
3 , 677
3 , 996
4 , 352
4 , 518
5 , 098
5 , 807
5 , 967
6 , 495
971 3 2 , 398
077 3 6 , 544
1 219 4 7 , 122
669
5 8 , 338
X.
1 354 6 4 , 133
2 585 72, 593
2 320 75, 391
2 361 79, 887
2 111 7 8 , 220
160
158
97
68
64
70
77
68
64
69
59
61
124
109
103
107
119
111
522 14,998
492 15,146
397 15,697
395 18,561
423 23,347
496 29,277
552 31,487
664 32,742
771 33,461
11
10
10
46
122
215
83
39
60
6 , 676
6 , 844
7, 055
7, 453
7, 989
8 , 671
9 , 068
9 , 286
9 , 558
1
1
1
1
700
616
671 1, 709
811 7 923
891 9 444
945 18 509
243 22 179
339 12 009
353 2 672
369 1 095
2 , 724
3 , 066
3 , 318
3 , 602
3 744
4 240
4 826
4 915
5 376
1
1
1
1
2
2
2
1
913 2 9 , 576
009 33, 061
142 4 2 , 139
573 5 1 , 820
251 5 6 , 270
450 6 2 , 950
179 6 5 , 589
207 6 9 , 127
976 6 7 , 933
141
140
87
62
58
64
72
62
60
56
50
56
120
105
99
101
114
106
435
418
332
327
347
399
447
551
649
11,687
11,878
12,366
14,822
18,807
23,712
25,568
26,525
27,259
3
4
5
39
111
208
72
30
50
6,
6,
6
7
7
8
8
5
7
10
8
15
14
51
29
23
26
17
20
17
39
17
768
778
711
816
977
5
8
471
450
448
710
361
1 ,338
1 ,132
942
915
11
11
12
14
14
15
16
17
17
357
282
501
373
448
712
836
216
202
1 ,400
1 ,552
789
152
181
174
233
178
174
167
237
262
228
304
27
34
38
44
33
66
37
47
55
1
2
2
3
3
3
3
3
3
905
152
588
097
100
160
153
495
417
49
327
54
491
63 1 ,982
63 3 ,373
70 6 ,157
110 8 ,221
129 4 ,531
127
991
311
109
995
1 ,144
1 ,319
1 ,448
1 ,509
1 ,763
2 ,003
2 ,077
2 ,301
228
286
385
475
488
611
558
693
554
9
11
15
18
20
22
23
24
23
468
127
061
790
371
281
005
288
934
151
225
1 ,090
t
1 ,962
4 ,230
8 5 ,465
3 ,194
877
424
1 ,184
1 ,370
1 ,558
1 ,727
1 ,868
2 ,004
2 ,269
2 ,391
2 ,51
187
239
272
344
369
435
453
524
451
50
53
243
506
574
61
678
750
775
858
98
58
68
76
96
103
135
142
154
135
641
607
733
810
851
48
866
186
395
722
940
495
651
179
370
319
263
252
199
237
293
218
260
90
127
665
713
2
i
I
1
1 ,245
1 ,560
932
258
152
1 ,052
1 ,119
5
6
3
4
11
17
27
20
22
1,206
1,372
1,395
1,407
2
2
2
1
4
6
496
476
453
505
619
719
779
823
864
107
104
63
41
33
30
27
25
21
19
20
22
56
40
38
43
43
41
226
243
169
151
154
160
187
235
319
4,505
4,542
4,805
5,902
7,561
9,563
10,190
10,580
10,888
6 846
8 ,500
11 ,989
15 ,561
18 ,350
21 ,797
22 ,594
24 ,128
23 ,380
29
30
20
17
14
17
18
17
17
33
31
32
56
57
52
48
55
49
150
146
140
149
175
219
242
272
308
5,917
6,082
6,397
7,599
9,650
12,224
13,226
13,727
14,101
2 ,822
3 ,483
4 ,983
6 ,518
7 ,863
9 ,643
9 ,802
10 ,76
10 ,28
18
18
10
(
6
13
87
74
65
68
76
97
105
113
122
3,311
3,276
3,339
3,750
4,553
5,579
5,934
6,232
6,218
*2
2
5
L
I
I
5
6
A
i1
29
96
195
27
i
5 698
5, 886
101
475
968
589
920
095
315
2
2
2
2
615
648
727
862
966
120
176
205
234
270
288
304
326
354
377
394
404
416
1 ,904
1 ,967
2 ,028
2 ,135
2 ,327
2 2 ,566
27 2 ,676
i
2 ,729
11 2 ,796
1
i
10
16
11
18
26
38
1 ,909
1 ,982
2 ,042
2 ,153
2 ,321
2 ,525
2 ,674
2 ,757
2 ,869
8
6
5
6
11
978
959
955
979
1 ,022
1 ,083
1
1 ,149
1 ,193
10 1 ,245
3
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
SEPTEMBER
1947
1135
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
invest- Total
ments
CommerTo brokers
cial,
and dealers
industrial,
and
U. S.
agri- Govt. Other
culobtural
liga- curities
tions
U. S. Government obligations
To others
U. S.
Govt
obligations
Real Loan?
estate to Othei Total
Other loan? banks
securities
Total
Bills
Certificates
of indebtedness
Notes
Bonds1
Other
securities
Total—
Leading Cities
1946—July
69,129 17,184
803 1,539
535 2,029
153 2,281 51,945 47,964
970 11,181 5,585 30,228 3,981
1947—March
April
May
June
July
63,724
63,284
63,169
63,143
63,401
19,695
19,864
19,917
20,167
20,232
12,107
12,162
11,891
11,757
11,860
402
406
590
771
588
422
414
429
531
523
573
548
530
513
514
496
496
487
482
472
2,687
2,785
2,876
2,938
3,029
150 2,858 44,029
155 2,898 43,420
181 2,933 43,252
157 3,018 42,976
160 3,086 43,169
39,979
39,311
39,229
38,886
39,025
999
889
678
818
950
5,475
5,192
5,247
4,762
4,595
3,198
2,843
2,773
2,658
2,643
30,307 4 ,050
30,387 4 ,109
30,531 4,023
30,648 4 ,090
30,837 4 ,144
June 4
June 11
June 18
June 25
62,909
62,970
63,406
63,285
20,285
20,080
20,072
20,230
11,752
11,763
11,754
11,757
829
760
713
784
576
507
526
514
528
525
503
498
477
485
485
480
2,904
2,930
2,949
2,967
237
109
130
151
2,982 42,624
3,001 42,890
3,012 43,334
3,079 43,055
38,536
471
38,817
819
39,246 1,151
38,943
832
4,776
4,692
4,799
4,782
2,707
2,662
2,623
2,637
30,,582 4,088
30,644 4,073
30,673 4 ,088
30,692 4 ,112
July
2...
July
9...
July 1 6 . . .
July 23 . . .
July 30. . .
63,371
63,227
63,416
63,513
63,479
20,277
20,042
20,141
20,194
20,508
11,809
11,791
11,848
11,883
11,967
742
605
501
519
573
524
457
585
530
522
515
511
513
509
522
471
466
463
462
501
2,981
3,005
3,026
3,053
3,079
158
131
122
153
235
3,077 43,094
3,076 43,185
3,083 43,275
3,08.c 43,319
3,109 42,971
38,990
989 4,648
39,099 1,100 4,570
39,145 1,072 4,551
39,154
951 4,672
38,739
638 4,535
2,652 30,701 4,104
2,648 30,781 4,086
2,650 30,872 4 ,130
2,636 30,895 4 ,165
2,631 30,,935 4,232
Aug. 6
Aug. 13
Aug. 20
Aug. 27
63,629
63,513
63,646
63,730
20,662
20,697
20,892
21,100
12,092
12,238
12,301
12,406
616
531
604
735
499
468
465
451
509
509
496
502
471 3,098
467 3,114
482 3,137
3,156
4,384
4,325
4,305
4,162
2,631 30,994 4 ,232
2,610 31,004 4 ,228
2,640 30,974 4,227
2,626 30,
,235
New York City
1946—July
22,400
6,197
3,214
933
556
511
247
77
135
524 16,20: 15,041
1947—March
April
May
June
July
19,998
19,944
19,798
19,920
20,014
6,164
6,204
6,195
6,342
6,186
4,407
4,439
4,252
4,180
4,176
310
313
492
651
477
283
279
292
358
351
109
105
101
96
103
205
208
195
190
191
99
99
98
99
100
131
132
141
127
130
620
629
624
641
658
12,662
12,533
12,462
12,393
12,600
June 4
June 11
June 18
June 25
19,775
19,718
20,069
20,118
6,448
6,304
6,264
6,351
4,194
4,183
4,160
4,181
703
640
597
663
346
352
380
355
103
106
88
88
189
190
193
187
98
102
101
97
178
92
109
129
July 2
July 9
July 16
July 23
July 30
20,082
20,002
19,9931
20,088
19,903
6,335
6,124
6,078
6,100
6,292
4,193
4,177
4,157
4,165
4,186
617
491
391
415
472
344
307
385
360
360
103
102
102
98
108
186
185
182
181
220
98
99
101
101
101
Aug. 6
Aug. 13
Aug. 20
Aug. 27
19,899
19,736
19,815
19,760
6,34
6,305
6,440
6,519
4,230
4,309
4,320
4,378
51
432
508
638
353
325
326
316
102
101
90
94
184
18.
195
186
101
102
102
102
Outside
New York City
1946—July
8,708 1,136
269 3,108 42,967
241 3,129 42,816
3,156 42,754
3,170 42,630
38,735
38,588
38,527
38,395
726
649
608
611
249 3,125
1,539
10,128 1,162
390
315
109
302
398
1,295
1,229
1,262
1,011
1,013
1,022
800
813
776
766
9,955
10,189
10,278
10,304
10,423
1,172
1,207
1,141
1,185
1,228
13,32 12,143
639 13,414 12,248
636 13,805 12,618
651 13,767 12,565
52
231
540
385
978
945
1,027
1,093
828
783
745
750
10,285
10,289
10,306
10,337
1,184
1,166
1,187
1,202
138
10
103
121
181
656 13,747
13,878
13,915
13,988
659
13,611
12,553
12,681
12,697
12,733
12,336
377 1,042
541
976
502
983
440 1,077
130
986
770 10,364 1,194
772 10,392 1,197
772 10,440 1,218
762 10,454 1,255
755 10,465 1,275
200
184
214
124
662
669
685
681
12,282
12,162
12,101
11,977
162
153
131
122
748
718
714
720
13,834
13,740
13,60;
13,578
13,828
13,552
13,431
13,375
13,241
886
826
820
711
10,486
10,465
10,436
10,424
1,270
1,269
1,274
1,264
46,729 10,98'
5,494
203
247
,028
288 1,952
18 1,757 35,742 32,923
721 8,056 4,046 20,100 2,819
June
July
43,726
43,340
43,371
43,223
43,387
13,531
13,660
13,722
13,825
14,046
7,700
7,723
7,639
7,577
7,684
92
93
98
120
111
139
135
137
173
172
464
443
429
417
411
291
288
292
292
281
2,588
2,686
2,778
2,839
2,929
19 2,238
2,269
40 2,309
2,377
2,428
30,195
29,680
29,649
29,398
29,341
27,317
26,778
26,767
26,493
26,425
609
574
569
516
552
June 4
June 11
June 18
June 25
43,134
43,252
43,337
43,167
13,837
13,776
13,808
13,879
126
120
116
121
230
155
146
159
425
419
415
410
288
295
292
293
2,806
2,828
2,8
2,870
2,345
2,362
2,376
2,428
29,29
29,476
29,529
29,288
26,393
26,569
26,628
26,378
3,798
588 3,747
611 3,772
447 3,689
1,879
1,879
1,878
1,887
20,297 2,904
20,355 2,907
20,367 2,901
20,355 2,910
July 2. .
July
9..
July 16. .
July 23. .
July 30. .
43,289
43,225
43,423
43,425
43,576
13,942
13,918
14,063
14,094
14,216
7,781
125
114
110
104
101
180
150
200
170
162
412
409
411
411
414
285 2,883
281 2,906
281 2,925
952
281
281
978
2,421
2,420
2,426
2,426
2,445
29,34
29,30
29,360
29,331
29,360
26,437
26,418
26,448
26,421
26,403
612
559
570
511
508
3,606
3,594
3,568
3,595
3,549
1,882
1,876
1,878
1.874
1,876
20,337 2,910
20,389 2,889
20,43: 2,912
20,441 2,910
20,470 2,957
Aug. 6
Aug. 13
Aug. 20
Aug. 27
43,730 14,315
43,777 14,392
43,831 14,452
43,970! 14,581
7,862
7,929
7,981
8,028
101
99
96
97
146
143
139
135
407
408
406
408
287
284
287
288
997
012
035
054
2,446
2,460
2,47
82 2,48'
29,415 26,453
29,385 26,426
29,379 J26,426
29,389 126,418
564
496
477
489
3,498
3,499
3,485
3,451 1,906
1947—March
April
May
i
4,180 2,176
3,963 2,043
3,985 1,960
3,751 1,882
3,582 1,877
20,352
20,198
20,253
20,344
20,414
20,508
20,539
20,538
20,572
2,878
2,902
2,882
2,905
2,916
2,962
2,959
2,953
2,971
1
Including guaranteed obligations.
Backfigures.—"Fordescription of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
1136
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 1
serve
banks justed
Banks
Date or month
In millions of dollars]
Time deposits,
except interbank
IndiIndividvidCertiuals, States
uals, States
and
fied
and
part- politU. S. part- politand
nerGov- nerical
offiical
ships, subern- ships, subcers'
and
and
divi- checks, ment cordivicor- sions
etc.
porapora- sions
tions
tions
Interbank
deposits
U. S.
Government
and
Postal
Savings
Demand
Domestic
Foreign
Bor- Caprow- ital
acings counts
Time
Bank
debits 2
Total— _
Leading Cities
1946—July
11,563
697 2,389 45,527 45,475 2,772
7,890 13,292
208
9,861
1,317
212
5,537 379,958
1947—March....
April
May
June
July
11,432
11,455
11,530
11,681
11,792
743
735
763
764
762
2,,357 455,255 45,242
2,,326 455,428 45,235
2,291 45,96645,62
' ,557
2,290 46,858 46
2,308 46,890 46 ,794
2,961
3,118
3,248
3,280
3,096
1,362 2,187 13,934
1,381 1,736 13,946
1,396 1,315 13,992
1,465
450 14,025
1,491
586 14,058
280
307
324
325
327
9,453
9,180
8,974
8,957
9,153
,346
,356
,379
,342
,339
186
191
169
170
138
5,665
5,691
5,718
5,730
5,740
85,018
76,400
79,718
83,687
81,551
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 25.. .
11,598
11,629
11,768
11,728
736
784
767
771
2,225 46,627
2,290 46 ,779
2,418 47,035
2,228 46,989
46,008
46,596
47 ,103
46 ,521
3,365
3,237
3,231
3,285
1,448
1,504
1,403
1,504
350
434
472
544
14,014
14,024
14,025
14,039
322
322
329
325
8,910 ,348
8,940 ,319
9,209 1,327
8,768 1,375
257
148
137
139
5,734
5,727
5,729
5,730
17,544
19,167
19,726
18,915
July 2 . . .
July 9 . . .
July 1 6 . . .
July.23...
July 3 0 . . .
11,627
11,755
11,853
I1,808
11,915
730
783
756
763
777
2,325 46,626
2,305 46 ,525
2,408 46, 963
2,268 47, 187
2,234 47,145
46 ,443
46,351
47,459
46,899
46,816
3,191
3,061
3,040
3,079
3,109
1,818
1,391
1,436
1,353
1,457
596 14,055
656 14,057
14,057
14,061
648 14,061
328
326
327
324
329
9,182
9,228
9,376
9,009
8,968
1,350
1,343
1,354
1,339
1,308
140
132
95
133
192
5,739
5,743
5,734
5,739
5,745
23,032
15,462
19,028
18,378
18,034
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 27. . .
11,921
11,924
11,94
12,020
721
774
73 =
783
2,25.
2,363
2,298
2,264
46,809 46 ,219
46,574 46,879
46,780 46 ,683
47,105 46,747
3,128
3,051
3,043
3,162
1,326
1,234
1,398
1,344
748
791
825
868
332
330
330
335
9,271
9,441
9,261
9,123
1,330
1,360
1,392
1,414
235
271
225
156
5,765
5,767
5,762
5,771
17,830
16,868
18,013
16,985
15,719 16,187
1,557
14,072
14,074
14,094
14,081
New York City
1946—July
4,021
235
871
2,869
1,303
1947—March....
April
May
June
July
3,991
4,001
4,044
4,076
4,098
117
116
125
121
124
15,570
15,712
15,742
16,122
16,224
16,052
16,171
16,141
16,526
16,651
187
225
248
226
231
702
720
776
813
827
662
525
380
123
134
1,351
1,346
1,347
1,357
1,348
15 2,962
2,914
2,892
15 2,902
2,908
,195
,210
,229
,201
,194
92
72
96
73
65
2,162
2,170
2,176
2,173
2,181
34,437
29,997
31,695
35,092
33,026
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
4,051
4,010
4,113
4,132
119
127
118
121
15,970
15,966
16,195
16,356
16 269
16,424
16,684
16,725
231
209
223
240
832
86:
720
835
92
113
135
152
1,354
1,360
1,357
1,358
2,885
2,865
3,008
2,851
,203
,178
,185
,237
160
36
52
44
2,179
2,174
2,172
2,169
7,349
8,433
7,921
7,560
July 2 . . .
July 9 . . .
July 1 6 . . .
Tuly 2 3 . . .
July 3 0 . . .
4,053
16,179
16,057
16,228
16,380
16,279
16,658
16,439
16,765
16,721
16,672
214
198
245
244
256
,104
738
774
4,205
127
128
119
122
12
806
133
142
111
122
161
1,349
1,351
1,346
1,347
1,348
2,961
2,943
2,972
2,856
2,806
,208
,205
,207
,191
,159
70
51
36
37
131
2,183
2,183
2,182
2,182
2,177
10,155
6,227
7,658
7,142
7,447
Aug.
Aug.
Aug.
Aug.
4,132
4,107
4,099
4,133
120
125
117
126
16,067
15,831
15,928
15,994
16,283
16,306
16,341
16,368
232
21
211
219
688
594
752
735
188
198
207
217
1,348
1,350
1,351
1,356
2,866 ,181
2,896 ,209
2,872 1,242
2,801 1 ,257
165
156
100
71
2,193
2,192
2,190
2,187
7,000
6,298
6,614
6,637
Outside
New York City
1946—July
7,542
588 2,348 29,808 29,288 2,537
686
5,021
11,989
192
6,744
1947—March
April
May
June
July
7,441
7,454
7,486
7,605
7,694
626 2,318 29,
29,190 2,774
619 2,271 29,716 29,064 2,893
638 2,254 30,224 29 486 3,000
2,254 30,736 30,031 3,054
64
638 2,273 30,666 30,143 2,865
660
661
620
652
664
,525
,211
935
327
452
12,583
12,600
12,645
12,668
12,710
263
291
307
308
312
6,491
6,266
6,082
6,055
6,245
151
146
150
141
145
94
119
73
97
73
3,503
3,521
3,542
3,557
3,559
50,581
46,403
48,023
48,595
48,525
June 4 . . .
June 1 1 . . .
June 18.. .
June 2 5 . . .
7,547
7,619
7,655
7,596
617 2,192
657 2,251
649 2,383
650 2,193
29,739
30,172
30,419
29,796
3,134
3,028
3,008
3,045
616
639
683
669
12,660
321 12,664
337 12,668
392 12,681
305
305
312
310
6,025
6,075
6,201
5,917
145
141
142
138
97
112
85
95
3,555
3,553
3,557
3,561
10,195
10,734
11,805
11,355
July 2 . . .
July 9..
July 16..
July 2 3 . . .
Tuly 3 0 . . .
7,574
750
698
734
710
603 2,289 30,447 29,78
655 2,
,468 29,912
637 2,370 30 ,735 30,694
641 2,233 30,807 30,178
652 2,198 30,866 30,144
2,977
2,863
2,795
2,835
2,853
714
653
662
640
651
463
514
380
417
487
12,706
12,706
12,711
12,714
12,713
313
311
311
309
313
6,221
6,285
6.404
6,153
6,162
142
138
147
148
149
70
81
59
96
61
3,556
3,560
3,552
3,557
3,568
12,877
9,235
11,370
11,236
10,587
Aug. 6...
Aug. 13...
Aug. 20...
Aug. 27.. .
789
817
846
7,887
601 2,227 30,742 29,936 2,896
649 2,328 30,743 30,573 2,834
618
30,342 2,832
657
31,111 30,379 2,943
638
640
646
609
560
593
618
651
12,724
12,724
12,743
12,725
316
314
314
319
6,405
6,545
6,389
6,322
149
151
150
157
70
115
12 =
3,572
3,575
3,572
3,584
10,830
10,570
11,399
10,348
6...
13.. .
20...
27...
34
30,657
30,813
30,840
30,633
3,117 1,160
124 2,129 35,391
3,408 344,567
1
2
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.
3 Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will
be furnished upon request.
SEPTEMBER
1947
1137
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Investments
For purchasing
or carrying securities
Total
loans
and
nvest- Total
ments
Federal Reserve
district a n d d a t e
Boston
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
New York*
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Philadelphia
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 2 7 . .
Cleveland
July 30
Aug. 6
Aug 13
Aug. 20
Aug. 2 7 . . .
Richmond
July 3 0 . . .
Aug. 6 . . . .
A u g . 13
Aug. 20
Aug. 2 7 . .
Atlanta
July 30. . .
Aug. 6. .
Aug. 13
Aug. 20
Aug. 2 7 . . .
Chicago*
July 3 0 . .
Aug. 6
Aug. 13. . . .
Aug. 2 0 . . .
Aug. 27 .
St. Louis
July 3 0 . .
Aug. 6. .
Aug. 13
Aug. 20
Aug. 27.
Minneapolis
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Kansas City
July 30
Aug. 6
•\ug 13
Aug. 20
Aug. 27.
Dallas
July 3 0 . . .
Aug. 6
Aug. 13
Aug. 20
Aug. 27. . . .
San Francisco
July 30
Aug. 6
Aug 13
Aug. 20
Aug. 27
City of Chicago*
July 30
Aug. 6
Vug 13
Aug. 20
Aug. 27
Commercial,
To brokers
indus- and dealers
trial,
and
agri- U.S.
Other
culGovt. seobtural
liga- curities
tions
U. S. Government obligations
To others
U.S.
Govt. Other
seobliga- curi*
tions ties
Real Loans
estate to Other
Total
oans banks loans
927
945
957
935
959
583
588
599
602
603
21
24
20
16
26
10
7
9
9
9
19
19
19
19
19
15
15
15
15
15
108
109
109
109
109
4
15
16
2
14
167
168
170
163
164
22,051 6,919
22,049 6,975
21,877 6,938
21,956 7,073
21,892 7,158
4,477
4,602
4,612
4,673
475
520
437
513
645
364
356
329
329
319
121
115
114
103
107
238
202
201
213
204
261
263
264
264
264
181
200
184
214
124
802
799
807
825
822
15(132
15,074
14,939
14,883
4,734
2,852
2,850
2.863
. . . . 2,838
2,840
4] 520
Bills
Total
1,925 1,809
1,905 1,787
1,906 1,789
1,903 1,787
1,881 1,765
3,693
13,641
13,506
13,444
13,304
Certificates
of indebtedness
Other
secuNotes 3onds rities
]
31
15
16
13
12
186
184
186
173
154
87
87
86
94
90
155
187
174
155
130
1,041
941
873
866
758
851
845
814
810
811
11,646
11,668
11,645
11,613
11,605
1,439
1,433
1,433
1,439
1,430
1,505
L ,501
L,501
L,5O7
1,509
116
118
117
116
116
2,488
2,501
2,497
2,498
2,501
77Oi
780
777
7821
788
435
437
441
447
445
2
2
2
2
2
21
21
20
21
20
9
9
9
9
9
7
7
7
7
7
80
80
80
78
78
6
13
6
6
13
210
211
212
212
214
1,718
1,721
1,720
1,716
1,713
1,458
1,464
1 ,463
1,458
1,455
21
30
25
24
22
116
113
113
112
104
72
72
72
74
74
1,249
1,249
1,253
1,248
1,255
260
257
257
258
258
4,210
4,221
4 207
4,255
4,252
1,266!
1 ,279
I 28S|
1 ,320
1,315
716
730
739
750
756
16
16
14
29
18
25
21
20
18
18
88
87
87
89
90
15
15
15
15
15
203
205
205
207
208
1
1
1
1
202
204
204
211
209
2,944
2,942
2 ,922
2,935
2,937
2,630
2,628
2 ,607
2,619
2,620
26
29
11
30
29
159
146
144
146
144
116
116
112
120
117
2,329
2,337
2,340
2,323
2,330
314
314
315
316
317
2,519J
2.530
2,534
2,527
2,534
706
715
719
723
725
328
335
337
340
339
6
6
6
6
6
35
36
35
35
36
20
21
20
20
20
152
152
154
154
154
5
6
7
7
8
160
158
160
161
162
1,813
1,815
1,815
1,804
1,809
,691
,693
,694
,683
,688
28
29
29
14
21
196
198
199
195
193
89
87
89
92
93
1,378
1,379
1,377
1,382
1,381
122
122
121
121.
121
2,295
2,304
2.311
2,320
2,326
715
718
718
724
730
399
408
408
412
417
7
7
7
7
7
50
47
47
47
47
33
34
33
34
34
56
56
56
56
56
7
5
5
5
5
162
160
161
162
163
1,580
,391
1,586
,395
1,593 1,401
1,596 1,404
1,596 1,404
15
19
19
19
20
242
231
228
223
224
114
119
124
127
125
1,020
1,026
1,030
1,035
1,035
189
191
192
192
192
8,585
8,615
8.648
8,649
8,739
2,482
2,479
2,496
2.491|
2,535
1 ,656
1,669
1 ,687
1,699
1,712
50
43
48
34
34
41
37
35
34
33
49
43
43
42
44
63
63
64
64
63
277
279
280
282
284
26
25
16
11
36
320
320
323
325
329
6,103
6,136
6,152
6,158
6,204
5,561
5,594
5,612
5,620
5,655
128
147
132
134
148
714
718
716
715
726
392
393
398
402
402
4,327
4,336
4,366
4,369
4,379
542
542
540
538
549
2.036
2,041
2,040
2,038
2 ,051
. . . 1,120
1,126
1,122 1
1,124
1,130
790
796
805
809
816
439
445
450
452
455
1
1
1
1
6
5
5
4
4
32
32
34
34
35
16
17
16
17
17
132
132
132
134
134
3
3
5
4
4
161
161
162
163
166
1,246 1,099
1,245 1,097
1,235 1,087
1,229 1,080
1,235 1,085
17
18
12
9
20
88
88
87
90
90
135
135
135
135
134
859
856
853
846
841
147
148
148
149
150
362
363
3671
375
379
200
202
204
209
213
3
2
2
2
2
14
14
14
15
15
6
48
48
49
49
50
2,390
2,393 j
2,410
2,418
2,432
723
726
734
731
733
469
471
479
476
477
5
20
20
20
20
20
11
12
11
12
12
97
98
99
99
100
2 122
2,'123
2,142
2,144
2,142
836
838
837
840
843
556
559
557
557
559
7
7
34
34
34
35
33
34
35
35
35
37
10,811
10.876
10,862
10,879
10,891
4,012
4,048
4,064
4^089
4,119
1,709
1,731
1,735
1 \ 745
1,757
8
g
8
8
26
24
23
23
22
51
53
53
48
47
1,715
1 ,280
1,291
1,306
50
43
47
34
34
34
31
29
28
27
32
26
26
25
27
....
5,412
5,460ii
5,459 |
5,452
5,480
1,709
1 720
i ; 711
1,752
l]317
1 ,331
5
c
c
4
8
8
7
91
91
92
94
93
758
763
755
749
751
696
701
693
688
691
14
15
17
10
17
27
27
24
27
25
68
68
67
67
67
587
591
585
584
582
62
62
62
61
60
120
120
120
119
120
1,667
1,667
1,676
1^687
1,699
1,480
1,478
1,487
1,498
1,508
74
56
60
60
62
282
284
288
292
295
148
149
149
155
155
976
989
990
991
996
187
189
189
189
191
74
74
76
76
77
130
128
128
130
130
1,286 1,187
1,285 1,186
1,305 1,203
1,304 1,203
1,299 1,197
24
22
26
24
21
229
224
229
228
222
125
125
127
127
126
809
815
821
824
828
99
99
102
101
102
43
44
44
44
44
1,591
1,602
1,610
1^629
1,642
584
585
590
591
598
6,799
6,828
6,798
6,790
6,772
6,044
6,071
6 ,046
6,043
6,023
105
159
128
116
109
1,255
1,230
1,238
1 ,238
1,227
434
435
437
437
432
4,250
4,247
4,243
4,252
4,255
755
757
752
747
749
54
55
56
56
55
66
66
66
67
67
173 3,697
172 3,751
174 3,739
173 3,74
175 3,728
3,316
3,369
3,358
3.363
3,340
39
82
47
51
17
521
526
524
527
538
210
211
211
212
209
2,546
2,550
2,576
2,573
2,576
381
382
381
378
388
,
6
6
6
1
26
25
16
11
36
1
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
1138
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Time deposits,
except interbank
Re-
Federal Reserve
district and date
Boston
July 30.
Aug. 6.
Aug. 13.
Aug. 20.
Aug. 27.
New York*
July 30.
Aug. 6. .
Aug. 13 . .
Aug. 20. .
Aug. 27. .
Philadelphia
July
Aug.
Aug.
Aug.
Aug.
30. .
6. .
13...
20. .
27.
Cleveland
July 30.
Aug. 6. .
Aug. 13. .
Aug. 20. .
Aug. 27.
Richmond
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 2 7 . .
Atlanta
July 30. .
Aug. 6. . .
Aug. 13
Aug. 20
Aug. 27.
Chicago*
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27. .
St. Louis
July
Aug.
Aug.
Aug.
Aug.
30...
6
13
20
27
Minneapolis
July 30. . .
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Kansas City
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Dallas
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
San Francisco
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
City of Chicago*
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Deserves
Balwith Cash ances mand
Fedwith
dein
eral vault doposits
Remestic adserve
banks justed 1
Banks
IndividCertiuals, States
and
fied
part- politand
nerships, subcers'
and
di vi- checks,
cor- sions
etc.
porations
U. S.
Government
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Interbank
deposits
Demand
IT. S.
Government
Doand
ForPostal mes- eign
tic
Savings
10
9
6
8
6
312
313
313
313
313
733
718
691
737
686
135
169
184
110
83
2,363
2,379
2,379
2,376
2,374
7,927
7,457
6,781
7,105
7,087
3
2
9
6
5
301
302
302
302
303
659
679
631
642
606
6
5
5
5
5
5
12
15
35
42
21
462
462
462
462
462
987
967
956
1 ,031
963
330
352
357
345
354
6
6
5
4
5
4
4
4
4
4
4
5
8
2
3
206
206
206
207
207
579
632
601
637
579
444
471
485
469
462
8
7
7
7
7
6
4
4
4 " "2
4
5
4
4
171
172
173
172
173
550
579
539
600
542
2
2
1
4
9
650
652
652
652
653
2,490
2,487
2,325
2,644
2,381
508
515
500
504
522
57
56
58
57
58
98
104
110
105
107
2,380
2,385
2,374
2,369
2,397
2,337
2,339
2,353
2,346
2,322
161
167
158
157
181
42
39
43
39
39
23
27
31
32
34
496
497
496
496
496
4,467
4,407
4,395
4,373
4,408
168
162
169
158
169
132
128
144
139
122
17,724
17,527
17,279
17,372
17,422
17,934
17,532
17,575
17,596
17,624
493
491
479
455
448
850
725
629
794
771
191
220
231
242
252
2,176
2,175
2,177
2,178
2,182
21
21
21
21
21
464
468
469
465
465
40
38
42
40
43
86
90
98
90
95
2,019
2,029
2,019
2,030
2,042
2,089
2,076
2,092
2,093
2,100
79
85
87
85
87
26
21
25
29
23
19
21
22
23
25
384
384
384
384
384
38
38
38
38
38
330
339
351
331
327
11
10
10
10
11
746
755
731
739
736
79
72
75
72
77
158
161
161
158
152
2,974
2,959
2,892
2,922
2,943
3,002
2,940
2,977
2,953
2,986
162
178
166
169
175
52
53
49
52
44
39
44
47
52
56
1.241
1,243
1,243
1,259
1,259
41
44
44
43
40
445
462
472
464
456
5
5
5
473
481
487
479
490
63
59
64
60
65
159
172
166
157
164
2,047
2,042
2,046
2,037
2,054
1,986
1,992
2,021
1,997
2,007
178
176
172
176
178
43
40
41
39
38
40
43
45
46
48
598
598
598
598
597
8
q
8
8
8
8
8
8
8
7
435
439
448
439
442
42
39
42
40
43
168
177
196
183
171
1,754
1,751
1,770
1.768
1,773
1,611
1,614
1,670
1,654
1,639
288
284
280
271
282
26
23
22
26
22
22
30
31
32
34
539
539
539
539
538
8
8
8
8
8
5
5
5
5
1,609 102
1 ,583 94
1,612 102
95
1,618
1,608 101
373
372
372
375
375
5,976
5,867
5,913
5,931
6,027
5,818
5,688
5,866
5,795
5,830
589
572
562
587
628
100
93
102
103
98
153
169
175
177
187
2,343
2,346
2,345
2,347
2,345
56
56
57
57
57
10
10
10
10
11
369
377
370
381
375
27
25
28
26
28
111
120
124
114
109
1,306
1,302
1,306
1,317
1,337
1,370
1,352
1,395
1,376
1,382
90
95
99
100
101
19
17
16
17
18
26
31
32
34
35
458
458
458
458
457
12
12
12
12
12
2
2
2
2
2
208
210
205
206
214
12
11
12
12
12
82
82
86
83
88
784
775
761
750
763
734
730
749
733
740
136
125
119
116
119
15
20
16
16
18
11
12
13
13
15
245
245
245
245
245
474
507
510
528
523
30
27
29
27
30
297
284
302
288
292
1,663
1,642
1,680
1,708
1,735
1,658
1,650
1,715
1,709
1,707
210
207
210
212
220
30
28
27
27
28
31
35
37
37
40
375
376
376
376
376
4
4
4
4
4
3
3
3
3
3
939
970
978
957
944
465
485
479
467
474
31
30
32
30
33
281
287
305
309
297
1,782
1,791
1,797
1,807
1,807
1,720
1,734
1,788
1,783
1,760
167
165
157
159
174
34
35
33
36
32
15
17
21
22
24
344
345
345
345
336
29
28
27
28
36
5
5
6
6
6
566
581
597
587
573
4
4
5
5
6
1,697
1,694
1,718
1,746
1,763
126
108
121
118
124
289
278
299
297
292
6,736
6,739
6,737
6,769
6,805
6,557
6,572
6,678
6,648
6,650
556
583
562
556
569
220
232
231
220
213
78
99
106
115
118
4,862
4,866
4,868
4,869
4,866
112
112
111
111
111
14
14
14
14
14
442
445
477
471
463
54
57
57
54
58
1,064
1,045
1,057
1,066
1,060
42
39
42
39
41
192
193
190
195
190
3,862
3,821
3,810
3,828
3,861
3,879
3,813
3,910
3,872
3,876
287
278
265
268
289
51
45
49
54
52
114
119
125
125
131
1,162
1,163
1,162
1,163
1,161
34
34
35
35
35
2
2
2
2
2
1,080
1,139
1,158
1,145
l!l26
25
27
25
26
26
6
5
5
5
5
282
285
299
279
278
25
25
25
25
25
2,871
2,934
2,964
2,940
2,864
5
Bor- Cap- Bank
debrow- ital
acits-'
ings counts
Time
1 ,467
1,553
1,576
1,555
1,532
20
19
22
20
20
1.162
1 .184
1 ,212
1 ,245
1.260
5
31
31
29
31
31
20
14
13
13
13
2
2
2
2
2
566
582
578
554
546
4
4
5
7
9
17
13
19
12
165
165
165
165
165
479
505
464
509
454
286
297
307
309
324
2
2
2
3
2
4
3
9
96
96
96
96
96
309
318
345
395
367
4
9
2
4
2
179
179
179
179
180
687
687
687
754
636
2
2
7
6
5
181
181
181
181
182
524
530
517
604
511
5
1
1
10
6
659
658
659
657
663
2,110
2,271
2,331
2,355
2,173
2
438
439
438
438
439
1,605
1,604
1,484
1,701
1,536
1
1
5
5
5
5
5
4
4
4
4
4
1
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
SEPTEMBER
1947
1139
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Based on 2
Held by
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Total
Own
bills
Bills
bought
1946—June
July
August
September
October
November
December
121
131
142
148
202
227
228
192
205
207
200
204
208
227
109
118
140
151
154
155
169
65
67
68
68
71
73
74
45
51
72
82
82
82
94
1947—January
February
March
April
May
June
July
236
243
266
256
250
'234
243
241
230
228
215
189
183
187
183
171
170
154
130
132
148
85
76
75
71
67
69
75
98
95
95
83
63
63
74
Federal
Reserve
Banks
(For own
account)
18
34
13
2
Imports
into
United
States
Others
Exports
from
United
States
Goods stored in or
shipped between
points in
United
States
Foreign
countries
64
54
54
47
50
54
58
134
146
152
150
154
152
162
22
24
22
20
18
23
29
27
26
26
23
23
26
29
8
9
7
7
8
6
7
58
59
58
61
59
50
39
172
164
158
140
118
111
115
35
35
36
42
45
46
45
27
24
27
25
21
20
21
8
7
7
8
5
6
7
T
Revised
sed
sported by
As reported
by dealers;
dealers; includes
includes some finance companv paper sold in open market.
throughout the period.
igures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
Back fig
1
2 D o l l aIT
r exchange
"•""'•^i""'1 "«•<=> less
\ncscsthan
+i-.i« $500,000
it^nn
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
partners'
debit
firm
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...
1,489
985
774
991
834
906
653
677
55
34
27
32
25
16
12
12
161
108
88
106
73
78
58
99
214
232
215
190
178
207
223
204
1,217
688
495
754
570
637
376
427
266
278
258
247
230
266
267
281
92
85
89
60
70
69
62
54
25
26
22
22
21
23
22
22
13
10
11
5
6
7
5
5
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
616
600
496
543
761
788
887
1,041
1,223
1,138
809
11
8
9
7
9
11
5
7
It
12
7
89
86
86
154
190
188
253
260
333
413
399
186
211
180
160
167
181
196
209
220
313
370
395
368
309
378
529
557
619
726
853
795
498
255
289
240
270
334
354
424
472
549
654
651
65
63
56
54
66
65
95
96
121
112
120
17
17
16
15
15
14
15
18
14
29
24
7
5
4
4
7
5
11
8
13
13
17
222
213
189
182
212
198
216
227
264
299
314
1946—August
September. .
October
November. .
December...
3 723
33 631
583
3571
537
453
3377
3 305
3 253
3 238
217
33 647
729
3 720
3 723
693
118
10
289
1947—January. . . .
February. . .
March
April
May
June
July
3 533
3 573
3576
3 553
3 530
552
3
564
32103217
3216
s
205
3 201
222
3251
3 687
33 681
677
3 665
3 652
650
3677
9
271
5*
6
31 i
" " 333 " "
395"
" "162" "
"36" " ' '
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): May, 63; June, 62; July, 68.
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.
1140
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
u. s Government
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month 3- to 5ances,
3certifi- year
re90 1
month
cates
newdays
bills * of in- taxable
4
als2
debted- issues
ness
[944 average
1945 average
1946 average
73
.75
.81
.44
!44
.61
1.00
1^00
1.16
.375
!375
79
!81
.82
1946—August
September.
October. . .
November.
December..
.81
.81
.88
.94
.75
.81
.81
.81
.81
1.38
1.38
1.38
1.38
1.38
.375
.375
.375
.376
.375
.84
.85
.83
.84
.85
.81
.81
.81
.81
.81
.81
.81
.88
1.38
1.38
1.38
1.38
1.38
1 38
1.38
1.38
.376
.376
.376
.376
.376
.84
.85
.82
.83
.85
.85
.85
.85
1.00
1947—January. . . 1.00
February.. LOO
LOO
March
LOO
April
LOO
May
June
July
August....
LOO
LOO
LOO
Week ending:
Aug. 2 . . .
Aug. 9. . .
Aug. 16. . .
Aug. 2 3 . . .
Aug. 30. . .
COMMERCIAL LOAN RATES
375
376
.703
.748
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
.18
1.16
•
1.19
L27
L29
L28
1.30
L26
L.26
L.24
I 24
1.27
1 .29
L33
L31
[Per cent per annum]
1937 average1
1938 average1
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1943—June
September. . . .
December. . . .
1944—March
June
September. . . .
December. . . .
1945—March
June
1
1
1
1
1
13/16 i i^-i j ^
13/16 1 L^—11^
13/16 i j ^ - i y%
13/16 1 M ~ 1 ; H J
15/16
.740
.741
.741
.752
.766
September.. . .
December....
1.33
1.33
1.33
1.29
1.27
.85
.85
.85
.85
.85
1946—March
June
September....
December....
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per3 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
Revised beginning Dec. 17, 1945; an explanation of the nature of
this revision will be published in the near future.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
1947—March
June
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
2.59
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
3.00
2.48
2.65
2.63
2.63
2.69
2.39
2.53
2.50
2.45
2.09
2.31
2.41
2.32
2.33
2.31
2.38
1.73
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
2.88
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
3.25
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.70
2.05
2.10
2.98
2.71
2.76
3.38
2.73
3.17
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1.82
1.83
2.37
2.44
2.80
2.95
BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
years
and
Corporate (Moody's)5
Municipal
(highgrade)3
Corporate
(highgrade)4
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
1-8
15
30
2.48
2.37
2.19
1.86
1.67
1.64
2.60
2.54
2.44
120
3.05
2.87
2.74
30
1.94
.60
.45
2.72
2.62
2.53
2.81
2.71
2.62
3.06
2.87
2.75
3.61
3.29
3.05
2.80
2.68
2.60
3.39
3.06
2.91
2.97
2.89
2.71
1946—August... .
September.
October. . .
November.
December.
.49
.57
.58
.60
.60
2.23
2.28
2.26
2.25
2.24
1.65
1.75
1.84
1.80
1.97
2.44
2.50
2.51
2.51
2.55
2.73
2.79
2.82
2.82
2.83
2.51
2.58
2.60
2.59
2.61
2.62
2.68
2.70
2.69
2.69
2.74
2.80
2.84
2.84
2.83
3.03
3.10
3.15
3.17
3.17
2.58
2.64
2.65
2.66
2.66
2.89
2.98
3.05
3.05
3.04
2.70
2.75
2.76
2.77
2.77
1947—January. . .
February. .
March. . . .
April
May
June
July
August....
.56
.54
.52
.53
.53
.56
.57
.54
2.21
2.21
.19
.19
.19
2.22
2.25
2.24
1.92
1.99
2.02
1.98
1.95
1.92
1.91
1.93
2.48
2.48
2.49
2.49
2.49
2.50
2.51
2.51
2.79
2.78
2.79
2.78
2.79
2.81
2.80
2.80
2.57
2.55
2.55
2.53
2.53
2.55
2.55
2.56
2.65
2.64
2.64
2.63
2.63
2.64
2.64
2.64
2.79
2.79
2.80
2.81
2.82
2.83
2.82
2.81
3.13
3.12
3.15
3.16
3.17
3.21
3.18
3.17
2.63
2.61
2.61
2.60
2.60
2.60
2.62
2.63
3.00
3.00
3.02
3.03
3.05
3.10
3.06
3.03
2.73
2.72
2.73
2.71
2.71
2.72
2.72
2.72
Week ending:
Aug. 2 . . .
Aug. 9 . . .
Aug. 16. ..
Aug. 2 3 . . .
Aug. 3 0 . . .
.57
.56
.55
1.52
1.51
2.25
2.25
2.24
2.23
2.23
1.91
1.93
1.93
1.92
1.92
2.51
2.51
2.51
2.52
2.52
2.79
2.79
2.79
2.79
2.80
2.55
2.55
2.55
2.56
2.56
2.64
2.64
2.64
2.64
2.65
2.81
2.80
2.81
2.81
2.81
3.17
3.16
3.16
3.17
3.18
2.62
2.62
2.62
2.63
2.63
3.04
3.03
3.03
3.03
3.05
2.72
2.72
2.72
2.73
2.73
Number of issues.
1944 average
1945 average
1946 average
1
2
8
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Revised beginning June 17, 1946; an explanation
of the nature of this revision will be published in the near future.
4
Standard and Poor's Corporation.
U. S. Treasury Department.
6 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
SEPTEMBER
1947
1141
SECURITY MARKETS *
Bond prices
Stock price
Corporate
Year, month, or week
Number of issues
1-8
1944 average
1945 average
1946 average
1946—August
October
November
December
U. S.
Government2
Medium- and lower-grade
Total
Industrial
Railroad
Volume
of trading' (in
thousands of
Public shares)
utility
Common (index 1935-39 = 100)
Pre-
De- ferred"
Public faulted
utility
Total
Industrial
Railroad
15
15
50
10
20
20
15
15
402
354
20
28
100 25 135.7
102.04 139.6
104.77 140.1
120.9
122.1
123.4
114.7
117.9
118.5
120.5
122.2
123.6
107.3
115.1
117.0
116.3
116.3
114.9
59.2
75.4
76.7
175.7
189.1
198.5
100
122
140
102
123
143
101
137
143
90
106
120
1,443
1,390
140.0
137.8
136.0
136 8
133.4
123.8
122.8
121.8
121.6
121.5
150
129
126
124
147
119
110
113
125
110
107
106
126
129
119
110
946
2,173
1,256
1,191
1 ,320
111.2
112.4
112.5
112.7
112 5
113.0
113.8
113.9
78.8
65.4
62.7
63.6
67.7
68.3
69.3
66.0
64.0
61.9
63.4
69.6
69.6
146
125
122
121
134.4
133.1
132 5
133.2
133 9
134.4
134.7
134.3
117.7
114.3
112.3
112.7
112.9
114.3
114.3
113.6
113.2
109 2
107.3
110.5
110.4
203.4
196.2
191.6
189.3
186.2
104.32
104.35
104 61
104 57
104 48
104.08
103.75
103.89
124.0
123.3
122.2
122.5
123.0
123.5
123.7
123.7
123.5
123 2
122.6
122.8
123.9
115.4
114.7
112.9
112 6
111.9
122.6
122.7
122.4
122.8
122 9
122.8
122.5
122,3
119.0
117.4
115.8
115.9
115.9
116.3
116.8
116.6
116.5
115 0
114.3
115.7
116.1
187.3
189.0
188.1
186.5
186.2
186.2
188.4
188.7
125
129
115
103.69
103.71
103.81
104.02
104.07
134.6
134.2
134.2
134.4
134.4
122.4
122.3
122.3
122.4
122.2
115.8
116.1
116.1
116.1
116.0
122.9
123.9
124.0
123.9
123.8
110.7
110.5
110.6
110.4
110.1
113.7
113.8
113.8
114.0
114.2
70.8
70.3
69.9
69.4
68.7
188.7
188.2
188.7
189.2
188.7
. . . . 104.11
103.25
103.58
103 71
103.87
1947—January
February
March
April
May.
1 une
July
August.
Week ending:
Aug. 2.
Aug. 9. .
Aug. 16
Aug. 23
Aug. 30. .
Municipal
(highgrade)3 Highgrade
4
111
133
128
119
110
111
107
124
132
130
102
95
98
108
105
105
102
119
126
125
125
126
124
124
123
131
132
130
130
129
129
124
119
115
123
119
108
107
105
105
104
971
998
1,176
841
912
912
101
102
101
833
1 .158
674
102
102
102
101
101
1 ,051
718
732
615
612
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.
8
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per
cent 20-vear bond.
4
5
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
8
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 BULLBTIM
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
fin millions of dollars]
For new capital
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—July
August..
September
October.
November
December
Total
(new
and
refunding)
For refunding
Domestic
Total
(domestic
and
forTotal
eign)
3,937
4,449
5,790
4,803
5,546
2,114
2,174
4,216
7,991
8,581
2,138 2,094
2,360 2,325
2,277 2,239
1,951 1,948
2,854 2,852
1,075 1,075
640
642
896
913
1,772 1,761
4,588 4,579
State
and
municipal
712
971
931
751
518
342
176
235
471
952
981
560
441
562
761
993
493
419
242
363
659
788
493
419
242
363
659
788
124
64
71
49
69
119
636
1947—January..
389
February
855
March. . .
885
April
699
May....
1,033
June
31,033
July
498
250
635
784
347
744
3
487
250
614
777
332
744
619
215
97
293
402
106
212
124
863
Domestic
Corporate
ForFedeign2
eral
agen-1
Bonds
cies Total and Stock*
notes
157
481
924
461
1,272
108
90
15
26
121
47
1,225
817
873
807
383
287
736
601
1,062
889
624
506
374
282
646
422
607
1,264
3,506 2,038
408
67
97
135
173
118
92
224
657
1,468
44
35
38
2
1
' "l
17
12
9
Total
(domestic
and
forTotal
eign)
1,799
2,089
3,513
2,852
2,693
1,039
1,532
3,303
6,219
3,993
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863
Corporate
State
and
municipal
Federal
agen-1
cies
Total
191
129
195
482
435
181
259
404
324
208
281
665
1,537
344
698
440
497
418
912
741
1,209
1,267
1,733
2,026
1,557
418
685
2,466
4,937
2,914
For
eign2
Bonds
and Stock*
notes
856
1,236
1,596
1,834
1,430
407
119
28
48
2,178
4,281
2,313
352
31
137
193
126
11
82
288
656
601
603
90
15
46
130
369
354
170
267
590
669
184
196
96
223
444
544
184
159
75
43
145
125
488
141
200
199
102
205
436
126
200
199
102
190
33
33
38
133
13
34
395
93
145
65
86
105
324
39
143
36
68
79
71
53
1
29
19
27
52
15
252
118
310
376
211
517
483
208
75
265
240
79
434
309
44
44
44
136
132
83
174
139
139
220
101
35:
290
170
135
56
191
96
352
25:
170
22
24
50
20
33
38
40
103
31
140
73
317
211
118
84
8
136
39
227
162
10
18
22
4
34
91
48
11
4
83
15
29
5
*38
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
*3 Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1142
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Retirement of securities
Working
capital
Total
Bonds and
notes
32
111
380
574
504
170
424
661
287
141
252
638
2,012
26
96
478
417
177
155
145
207
187
167
405
442
991
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,728
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,258
Preferred
stock
Repayment
of
other debt
Other
purposes
84
170
154
111
215
69
174
144
138
73
49
134
408
11
23
49
36
7
26
19
28
35
27
47
133
219
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,500
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,358
57
208
858
991
681
325
569
868
474
308
657
1 ,080
3,003
1946—July
August
September
October
November
December
720
527
267
383
629
818
703
518
261
377
617
807
327
344
138
202
511
623
198
126
101
160
329
557
129
219
37
43
183
66
305
115
98
48
81
114
265
94
38
36
74
97
40
21
60
12
6
17
46
50
18
122
6
59
25
10
6
5
19
12
1947—January
February
March
April
May
June
July
322
265
450
449
446
738
601
316
260
442
441
437
727
588
183
'205
285
254
180
498
435
138
105
153
101
109
426
370
45
101
132
153
71
72
64
120
34
121
85
232
207
112
81
18
110
80
198
164
103
38
16
11
5
34
43
9
11
15
31
98
19
15
17
2
5
5
3
7
6
24
!
!
!
7l" '
226
190
87
59
128
100
30
72
351
438
469
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Industrial
Public utility
Other
Total
Total
Retire- All
Total
Retire- All
Total
Retire- All
Retire- All
net
N e w ment of other
N e w ment of other
net
net
N e w 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- 1
ties
poses ceeds
ties
ceeds
ties
poses ceeds
poses ceeds
ties
poses
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
693
21
57
139
228
24
85
115
253
32
46
102
115
129
1946—July
August
September..
October....
November..
December. .
9
3
19
40
18
47
8
3
16
21
18
35
1947-—January... .
February...
March
April
May
33
8
12
17
37
28
28
28
7
9
17
15
28
22
172
120
774
338
54
182
319
361
47
160
602
1 ,436
June
July
120
54
558
110
30
97
186
108
15
114
500
31
10
77
1
11
30
63
89
180
43
245
317
145
22
40
69
761
1,343
2,159
1,207
338
41
111
124
61
483
181
6
13
108
18
411
156
33
86
17
33
72
43
67
332
93
225
536
307
14
47
223
30
31
353
234
26
18
107
61
179
181
68
130
1,250
1,987
751
1,208
1,246
1,180
1,340
" 1 8
464
469
1 ,400
1 ,320
2,291
560 " " 3 " 2,052
1
3
19
10
5
2
1
' 2
"
"l
22
6
77
42
30
27
50
86
47
13
30
27
25
17
63
83
1,190
1,897
611
943
1,157
922
993
292
423
1
2
12
" ' 10'
3
2
2
2
16
2
4
1,033
1,969
3,355 2,000
1,010
903
2
150
80
90
136
43
56
121
146
71
76
148
451
325
422
130
210
530
226
131
326
108
71
470
145
150
80
9
12
48
17
44
16
13
127
12
64
31
53
1
3
8
52
6
9
1
3
5
32
229
119
90
328
165
141
239
136
rQ4
52
204
129
96
175
84
8
5
24
26
26
43
9
16
33
99
10
19
21
11
66
9
3
10
21
14
5
58
1
3
5
21
3
62
774
1,280
1,079
831
584
961
828
527
497
25
74
439
616
469
188
167
244
293
228
454
811
34
550
761
373
226
353
738
463
89
199
504
20
122
390
71
16
102
155
94
4
21
107
206
258
46
218
57
8
9
42
55
4
13
61
85
113
72
152
7
7
88
9
18
" " '4
19
4
20
7
1
5
104
21
42
65
56
4
3
56
89
1
25
42
15
3
4
5
6
8
1
2
1
10
r
Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross
proceeds are derived by multiplying principal amounts or number
3
Estimated net
proceeds are equal to estimated gross proceeds less cost
4
of units by offering price.
of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
SEPTEMBER
1947
1143.
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Dividends
Manufacturing and mining
Year or quarter
Total
Other
transportation
equipment
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services 2
Iron
and
steel
Machinery
Automobiles
629
47
69
15
68
77
75
49
45
30
80
74
1,465
1,818
2,163
1,769
1,800
1,896
1,925
32,545
146
278
325
226
204
194
188
283
115
158
193
159
165
174
163
171
223
242
274
209
201
222
243
130
102
173
227
182
180
190
169
127
119
133
153
138
128
115
108
136
70
88
113
90
83
88
88
165
151
148
159
151
162
175
199
356
98
112
174
152
186
220
223
281
186
194
207
164
170
187
187
273
134
160
187
136
149
147
154
302
492
508
439
485
49
53
37
49
38
42
35
47
63
77
46
58
*50
447
4
36
4 36
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
48
45
43
51
1946—i
2
3
4
323
604
698
3 853
22
67
96
97
-19
49
32
3 61
-34
21
42
102
« -5
<51
4 38
4 44
20
26
41
50
12
37
41
3 57
65
74
93
124
56
62
77
85
1947
•"873
888
'126
99
69
82
99
110
r4 47
457
'47
46
'90
111
Number of companies.
Net
profits1
Preferred
Common
152
152
152
122
132
152
161
171
184
203
321
847
1,028
1,137
888
902
970
989
31,139
90
90
92
88
86
86
85
82
564
669
705
552
556
611
612
657
39
38
37
40
45
47
53
58
250
269
224
246
20
22
21
22
142
145
143
182
63
66
67
77
62
71
77
91
82
80
93
66
116
250
310
»415
20
21
20
21
146
153
149
209
89
87
'96
91
63
79
'425
438
20
22
177
194
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Quarterly
1945—i
2
3
4
1
2
3
3
r
PUBLIC U T I L I T Y
50
57
r
98
69
r
CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
5
Operating
revenue
Income
before
income
tax 8
Net
income1
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
126
249
674
1,658
2,211
1,972
756
273
93
189
500
902
873
667
450
289
1945—1
2
3
4
2,277
2,422
2,230
1,973
430
514
237
-426
1946—1
2
3
4
1,869
1,703
2,047
2,008
1947—1
2
2,039
2,111
Telephone T
Income
before
income
tax 8
Net
income1
Dividends
Operating
revenue
126
159
186
202
217
246
246
235
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
629
692
774
847
913
902
905
953
535
548
527
490
502
507
534
645
444
447
437
408
410
398
407
454
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
227
248
271
302
374
399
396
'277
191
194
178
163
180
174
177
200
175
178
172
163
168
168
173
'171
149
199
127
-25
31
68
28
118
966
909
888
917
288
230
205
181
142
125
119
148
101
95
96
115
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
39
-57
161
130
14
-45
128
191
56
52
41
85
970
920
936
1,002
299
221
207
226
196
151
142
156
107
110
112
125
475
497
502
519
84
75
'56
62
54
53
44
49
'43
'43
'43
'42
163
185
86
117
43
50
1,079
1,032
289
247
191
166
115
115
527
478
67
29
44
21
40
33
Quarterly
. . .
6
Operating
revenue
Annual
1939
1940
1941
1942
1943
1944
I945
1946
Electric power
Dividends
Income
before
Net
income income 1
tax 8
r
Dividends
l
' Revised.
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
8
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
5
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
6
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
8
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
2
1144
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
End of month
1940—June.
Dec
1941—June.
Dec
1942—June
Dec
1943—June.
Dec
1944—June.
Dec
1945—June
Dec
1946—June
Total
gross
direct
debt
42,968
45,025
48,961
57,938
72,422
108,170
. . . 136,696
165,877
. . . 201,003
230,630
258,682
278,115
269,422
. ..
. ..
1946—Sept
Oct
Nov
Dec
1947—Jan
Feb
Mar
Apr
May. . . .
June....
July
Aug
265,369
263,532
262,277
259,149
259,776
261,418
259,124
257,701
258,343
258,286
259,448
260,097
Marketable public issues l
Total
interestbearing
direct
debt
Total 2
42,376
44,458
48,387
57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
34,436
1,302
35,645
1,310
37,713
1,603
41,562
2,002
50,573 2,508 " '3"!096'
76,488 6,627 10,534
95,310 11,864 16,561
115,230 13,072 22,843
140,401 14,734 28,822
161,648 16,428 30,401
181,319 17,041 34,136
198,778 17,037 38,155
189,606 17,039 34,804
264,217 184,338
262,415 182,318
260,925 180,328
257,649 176,613
258,378 176,444
258,113 175,410
255,800 172,462
254,427 170,535
254,975 169,926
255,113 168,702
256,321 168,509
257,110 168,390
CertifiTreasury cates of Treasury Treasury Total 2
indebtbonds
bills
notes
edness
17,007
16,987
17,000
17,033
17,074
17,048
17,038
16,610
16,002
15,775
15,756
15,735
34,478
32,478
30,475
29,987
29,791
28,784
27,792
26,294
26,294
25,296
25,122
25,025
In millions of dollars]
Nonmarketable public issues
Special
U.S. Treasury
and issues
savings tax
bonds savings
notes
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
13,351
13,351
13,351
10,090
10,090
10,090
8,142
8,142
8,142
8,142
8,142
8,142
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
56,025
56,081
56,343
56,451
57,157
57,765
58,156
58,612
58,863
59,045
59,296
59,499
49,545
49,624
49,709
49,776
50,343
50,717
50,945
51,117
51,240
51,367
51,552
51,664
6,096
6,003
5,978
5,725
5,590
5,570
5,443
5,477
5,525
5,560
5,592
5,642
23,854
24,015
24,254
24,585
24,777
24,938
25,183
25,280
26,186
27,366
28,516
29,220
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
1,152
1,117
1,352
1,500
1,399
3,305
3,324
3,275
3,368
3,173
2,332
2,200
391
378
362
331
262
181
175
171
171
83
74
73
1
Including amounts held by Government agencies and trust funds, which aggregated 5,407 million dollars (revised figures) on June 30, and
4,788 million on July 31, 1947. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, and Armed Forces Leave bonds not shown separately.
Backfigures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING AUGUST 31, 1947
UNITED STATES SAVINGS BONDS
[In millions of dollars]
On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate Amount
Treasury bills l
Sept. 4, 1947
Sept. 11, 1947
Sept. 18, 1947
Sept. 25, 1947
Oct. 2, 1947
Oct. 9, 1947
Oct. 16, 1947
Oct. 23, 1947. . . .
Oct. 30, 1947
Nov. 6, 1947
Nov. 13, 1947
Nov. 20, 1947....
Nov. 28, 1947
C e r t , of I n d e b t e d rless
Sept. 1, 1947
Oct.
1 1947
Nov
1 1947
D e c . 1, 1947
Jan.
1, 1948
F e b . 1 1948
M a r . 1, 1948
%
A p r . 1, 1948
Y%
4
June
July
July
1. 1948
%
1. 1948 Ser "F" %
1, 1948 Ser. "G"K
Treasury notes
Sept. 15, 1947
Sept. 15, 1947
Sept. 15. 1948
• 1/^i
AH
AH
Treasury Bonds
Oct. 15, 1947-52 » AH
Dec. 15, 1947 2 . . .
Mar. 15, 1948-50. . . . 2
Mar. 15. 1948-51 2 .2H
June 15, 1948
Sept. 15, 1948«.... .2H
Dec. 15, 1948-50 * '.. 2
June 15, 1949-51. . . . 2
Sept. 15. 1949-51. . . . 2
Dec. 15, 1949-51.. . . . 2
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 2 . . 3 ^
Dec. 15, 1949-53 2..2H
Mar. 15, 1950-52
2
Sept. 15. 1950-52 2..2H
Sept. 15, 1950-52
2
Dec. 15, 1950
1H
June 15, 1951-54 2..2 %
Sept. 15, 1951-53
2
Sept. 15, 1951-55 2 . . . . 3
Dec. 15, 1951-53 2..2*4
Dec. 15, 1951-55
2
Mar. 15, 1952-54... 2H
June 15, 1952-54
2
June 15. 1952-55... 2H
Dec. 15, 1952-54 2
2
2
2,341 June 15, 1953-55
June 15, 1954-56 2..2 M
1,440
Mar. 15, 1955-60 2. .2 ^
1.775
Mar. 15, 1956-58... 2}4
3,281
3,134 Sept. 15, 1956-59 K. 2%
Sept.
15, 1956-59... 2 M
3.947
June 15, 1958-63 2..2%
2,142
June 15, 1959-62 4..2 H
1,321
Dec. 15, 1959-62 4..
2 34
1,777
2
2,742 Dec. 15, I960- 65 . . 2 %
June 15. 1962-67 4 . . 2 ^
1,127
Dec. 15, 1963-68 4..2H
June 15. 1964-69 4..2H
Dec. 15, 1964-69 44 . . 2 ^
2,707 Mar. 15, 1965 7O ..2H
1,687
Mar. 15. 1966-71 4 . . 2 ^
3,748 June 15, 1967-72 4.. 2 H
Sept. 15, 1967-72... 2V2
Dec. 15. 1967-72 4..2H
3 759
701 Postal Savings
1,115
bonds
2H
1,223 Panama Canal Loan. 3
1,307
1,303
1,305
1,104
1,303
1,300
1,102
1,101
1,102
1,103
1,201
1,201
1,302
451
571
Total direct issues
1,014 Guaranteed securities
1,292 Federal Housing Admin.
2,098
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
115
50
168,390
34
J
Sold on discount
basis. See table on Open-Market Money Rates,
8
p. 1141.
Partially tax exempt.
• Called for redemption on Oct. 15, 1947.
* Restricted.
SEPTEMBER
1947
Month
Fiscal year
ending:
June—1940. .
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1946—Aug... .
Sept....
Oct....
Nov
Dec...
1947—Jan
Feb....
Mar....
Apr. . . .
May.. .
June...
July.. .
Aug... .
Amount Funds received from sales during Redemptions and
outperiod
maturities
standing
at end of
All
month
Series Series Series
All
G
series
E
F
series
2,905 1,109
203
4,314 1,492
10.188 5,994 3 526
21,256 11,789 8 271
34,606 15,498 11 820
45,586 14,891 11 553
6 739
49,035 9,612
51,367 7,208 4 287
590
347
49,477
494
309
49,545
327
519
49,624
453
294
49,709
576
370
49.776
952
535
50,343
712
394
50,717
616
372
50,945
572
349
51,117
488
305
51,240
482
301
51,367
559
339
51,552
460
294
51,664
67
435
758
802
679
407
360
25
20
24
20
29
53
41
35
33
25
24
27
21
2
2
2
2
2
2
114
148
395
032
759
876
658
465
561
217
165
169
139
178
364
278
209
191
158
157
193
144
207
848
2,371
4,298
6,717
5,545
478
482
489
418
504
483
398
449
455
421
433
457
404
Maturities and amounts outstanding August 31, 1947
Year of
maturity
1947
1948
1949
1950
1951
....
1952
1953
1954
1955
1956
1957
1958
1959
Unclassified. .
Total
All
series
Series
C-D
189
509
189
509
814
983
814
983
435
1,574
4,347
7,755
10 142
8,898
6 543
5,240
2,891
1,805
-26
51,664
2,930
Series
Series
F
1,139
4,347
6,418
7 418
6,027
3,253
2,328
543
597
678
541
315
236
2 181
2,274
2 612
2,371
2,576
1,569
3,117
14,713
E
30,930
207"
Series
G
i * i3i "
1145
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by nonbank investors
Held by banks
Total
interestbearing
securities
End of month
Total
Commercialx
banks
Federal
Reserve
Banks
Total
Insurance
companies
Individuals
jvyTi i f I I Q 1
iVX LI L U. a. I
savings
Other
corporations
and
associations
local
governments
State
and
U. S. Government agencies
and trust funds
Special
isues
Public
issues
1940—June
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
29 ,308
32 ,863
40 ,114
47 ,872
64 ,302
80 ,070
97 ,289
117 ,758
133 ,815
150 ,774
161 ,184
160 ,395
9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
2 ,500
2 ,400
4 ,400
5 ,400
11 ,600
15 ,500
20 ,000
25 ,800
27 ,600
29 ,800
29 ,100
25 ,200
1
1
2
3
4
5
6
6
400
600
700
900
000
500
100
200
300
300
500
500
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
1946—November
December
1947—-January
February
March
April
May
261,286
257,980
101,244
97,850
77,300
74,500
23,944
23,350
160 ,042
160 ,130
63,200
63,500
25,300
25,300
11,700
11,800
23 ,000
22 ,400
6 200
6 200
24,254
24,585
6,355
6,338
258,640
258,294
255,976
254,598
255,146
255,197
97,841
96,817
94,093
93,557
92,888
91,972
73,900
72,700
71,500
71,700
70,800
70,100
23,941
24,117
22,593
21,857
22,088
21,872
160 ,779
161 ,477
161 ,883
161 ,041
162 ,258
163 ,225
64,200
64,700
65,200
65,400
65,600
65,800
25,400
25,400
25,100
25,100
25,200
25,000
11,900
12,000
12,000
12,000
12,000
12,100
22 ,000
21 ,900
21 ,700
20 ,500
21 ,000
21 ,100
6
6
6
6
6
6
24,777
24,938
25,183
25,280
26,186
27,366
6,389
6,374
6,388
6,314
5,966
5,445
June
200
200
300
300
300
400
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
May 31, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U.S.
Government
agencies
and
trust
funds
Fed- Com- Mu- Insurmer- tual
eral
sav- ance Other
Recial
serve banks ings comBanks 0)
banks panies
June
162,843
198,820
189,649
176,658
169,972
168,740
June
16,428
17,037
17,039
17,033
16,002
15,775
Treasury bills:
1944—Dec
1945—Dec
1946—June....
Dec
1947—May
Total
outstanding
t
Fed- Com- Mu- Insureral
mer- tual
Recial
sav- ance Other
serve banks ings comBanks 0)
banks panies
and
trust
funds
Treasury bonds
and notes,
due or
callable:
Type of
security:
Total:2
1944—Dec
1945—Dec
1946—June
Dec
1947—May
End of month
U.S.
Government
agencies
Certificates:
1944—Dec
30,401
1945—Dec
38,155
1946—June
34,804
Dec
29,987
1947—May.... 26,294
J u n e . . . . 25,296
Treasury notes:
1944—Dec
23,039
1945—Dec
22,967
1946—June
18,261
Dec
10,090
1947—May.... 8,142
8,142
June
Treasury bonds:
1944—Dec
91,585
1945—Dec
120,423
1946—June
119,323
Dec
119,323
1947—May
119,323
119,323
June
5,338 18,846 72,045
7,009 24,262 82,830
6,768 23,783 76,578
6,302 23,350 66,962
5,929 22,088 63,500
5,409 21,872 62,961
6
5
3
2
12
11
8,183 18,761 39,670
10,491 23,183 51,046
11,220 24,285 47,015
11,521 24,346 44,177
11,740 24,120 42,594
11,845 23,969 42,684
1
11,148
12,831
14,466
14,745
14,972
14,496
4,113
2,476
1,142
1,187
590
787
1
1
62 4,887
38 8,364
58 6,813
64 7,496
82 6,012
48 6,280
15,032
18,091
16,676
11,221
9,336
8,536
60 1,566 15,411
8 2,120 15,701
9 1,748 11,396
6
355 6,120
12
369 4,933
7
369 4,855
1
1
1
11
1,159
1,723
1,424
1,088
i
427
479
136
91
243
257
266
249
310
360
576
490
439
362
9,974
11,211
10,439
10,459
10,158
9,821
336
179
227
211
171
183
568
576
623
603
282
285
5,098
4,383
4,258
2,796
2,376
2,443
3
5,173 1,243 36,508 7,704 17,859 23,098
947 46,535 10,217 22,230 33,579
6,915
755 47,335 10,743 23,073 30,764
6,655
753 48,408 11,049 23,226 29,700
6,186
735 48,614 11,297 23,383 29,516
5,778
727 48,756 11,407 23,305 29,822
5,306
Within 1 year:
1944—Dec
1945—Dec
1946—June
Dec
1947—May....
June....
1-5 years:
1944—Dec
1945—Dec
1946—June
Dec
1947—May....
6,737
15,222
10,119
7,802
8,193
11,255
34,965
35,376
35,055
39,570
38,257
June.... 42,522
5-10 years:
1944—Dec
37,909
1945—Dec
33,025
1946—June
32,847
Dec
27,283
1947—May.... 26,258
18,932
June
10-20 years:
1944— Dec
23,817
1945—Dec
34,985
1946—June
37,189
Dec
32,384
1947—May.... 32,384
40,352
June
After 20 years:
1944—Dec
11,194
1945—Dec
24,781
1946—June
22,372
Dec
22,372
1947—May.... 22,372
14,405
June
83
646 4,016
185 2,017 9,956
4 1,431 5,655
29
72 4,341
83
226 5,003
83
251 6,936
580
408
443
576
466
469
34
63
116
181
262
374
171 1,790
235 2,761
495 2,418
591 2,591
314 2,305
420 3,191
866 1,884 6,589
1,557 23,490
693 25,165
701 1,742 6,673
797 25,285
709 1,506 6,319
831 28,470 1,047 2,101 6,550
692 26,869 1,256 2,149 6,823
698 29,917 1,574 2,671 7,193
725
787
716
529
471
423
366
210
135
72
72
40
19,953
21,007
21,933
16,657
16,540
11,577
3,447
2,058
1,609
2,042
1,706
1,245
3,787
2,902
2,822
2,826
2.748
2,002
9,631
6,063
5,632
5,156
4,725
3,645
2,098
2,779
3,400
2,975
2,831
3,374
145
90
83
78
78
78
3,391
3,691
3,308
2,433
2,460
2,587
3,186
5,523
6,026
5,303
5,436
6,751
8,204
10,996
12,547
11,708
11,792
15,137
6,793
11,905
11,829
9,886
9,789
12,425
1,748
2,764
2,103
2,084
1,939
95
57
57
55
37
29
1,066
2,418
2,550
2,632
2,675
2,593
509
2,051
2,510
2,687
2,809
1,649
4,381
6,933
6,325
6,602
6,661
3,358
3,394
10,559
8,826
8,313
8,250
5,812
964
* 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.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1146
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Trea sury. In mi lions of dollars]
MisTransIn- War fers
Income taxes1 cella- Social
Budget
to Other Total surplus
ter- and
neous
Net
Other Total
Secudeexbudget (+) or
reest fense trust
interrereac3
rity
pendiexpendceipts ceipts ceipts
on
nal
deficit
Withcounts tures itures
Other reve- taxes
debt activetc.
held2
ities
nue1
Period
Increase ( + ) or
decrease (—)
Trust
during period
accounts General
Gross
etc.4
fund
debt
balance
Fiscal vear ending:
June 1945 . . . . 10,289 24,884 6 ,949 1 ,793 3,824 47,740 46 457 3,61' I 90,029 1 646 S 106 100,397 —53 941
9,392 21,493
June 1946
,725 1 ,714 3,915 44,239 43 ,038 4,72i 48,542 1,918 8 , 532 63,714 -20,676
June 1 9 4 7 . . . . 10,013 19,292 8 ,049 2 , 039 5,309 44,703 43 ,259 4,95J 517,142 1,355 19,051 42,505
+754
1,070
443
679
302
223 2,717 2 ,434
—499
1946— August
13 1, 288
2,932
12^ 1,509
705 2 ,845
September..
656
89
186 4,481 4 ,478
974
64* L.100
32
2,755 + 1,723
October....
557
847
752
74
386 2,617 2 ,544
16( I L ,481
48 1 »•<276
2,965
-420
332
290
236 2,639 2 ,364
November. . 1,111
669
10! 1,436
27
961
2,529
-165 *
December. .
766 2,120
722
89
416 4,113 4 ,107
21 1, 110
3,662
9 5 : 2 1,580
+445
1947- January. . . .
546 2,117
693
58
445 3,860 3 ,820
343! 1,412
71 1, 288
3,113
+706
February... 1,376 1 ,845
666
387
368 4,643 4 ,378
16 2 , . 318
3,914
124; 1,457
+464
March
785 3,865
682
118
275 5,724 5 ,701
3,598 +2,102
1 1, 544
626! 1,428
April
584 1,012
638
75
315 2,624 2 ,556
14
46 2,( 385
4,001 - 1 , 4 4 5
1,728
1,218
400
595
432 2 , 300
May
365
625 3,204 2 ,865
-987
3,851
92! 1,327
June
778 2 ,492
602
125 1,484 5,480 5 ,473 1,396! 1.493
18 2 , 532
-67
5,540
July
625
757
663
80
24.> * 853
549 5 2 , 022
343 2,469 2 ,397
3,669 -1,272
1,255
413
643
352
202 2,865 2 ,536
10.S 860
261 1, 336
-524
3,060
August
I
Net expenditures
in checking acExcounts of
Investments pendi- Governtures
ment
agencies
Period
Net
receipts
Fiscal vear ending:
June 1945
June 1946
June 1947
3,239
2,940
3,219
12,757
1,261
1,785
453
1 ,618
1,493
Other
Receipts
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
deposi.aries
Other
assets
Total
liabilities
Balance
in
general
fund
-938
2,817
2,117
25,119
14,708
3,730
,500
1 ,006
1 ,202
22,622
12,993
962
1,565
421
470
422
24,698
14,238
3,308
716
702
684
655
668
391
353
323
300
418
11,040
10,171
8,070
6,665
3,502
746
1,554
1,571
1,548
1,607
1,5 \>5
391
344
323
395
336
422
391
304
4,711
7,134
6,909
4,312
4,066
3,308
3,069
3,400
-70
29
-58
26
-27
108
216
155
127
125
192
46
26
60
26
-12
228
78
265
331
11,431
10,524
8,393
6,965
3,920
872
1 ,445
824
682
9,842
8,377
6,936
5,487
2,570
1947—January . . .
February. . .
March
April. . .
May
219
440
83
157
590
246
632
573
45
87
201
5
159
476
398
150
126
123
134
133
126
137
154
134
131
11
-32
-60
-33
90
158
176
123
361
207
197
327
477
153
400
44
41
17
32
456
305
46
281
121
224
2
-26
110
348
159
26
5,102
7,478
7,233
4,707
4,402
3,730
3,460
3,705
1 ,620
2 ,561
2 ,369
842
989
1 ,202
884
5 749
2,736
3,363
3,292
2,317
1,807
962
958
1,362
v
+642
-57
+ 1,161
+649
2 444
2, 407
1 577
135
112
116
104
109
, j ur exyenuiLures \~).
+332
-2.294
- 1 ,423
3,820
4,735
3,009
122
271
-5
87
237
.-^.v-v.^ ^ xv-vv^wv,
+206
+99
1,553
95
-196
492
57
159
430
71
July.
August
-634
-129
-224
-2,598
-245
-758
-239
-33
+269
Assett
1946—August
September. .
October
November. .
December. . .
June
- 1 2 5 +1,210
+628
+317 +2,422 + 1,642
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
+ 791 +4,529 +57,679
- 5 2 4 -10,460 + 10,740
- 5 4 8 -10,930 - 1 1 , 1 3 6
-989
— 724
+234
-868 - 2 , 1 7 7
-414
+ 156 - 2 , 1 0 1 - 1 , 8 3 7
+15 - 1 , 4 0 5 - 1 , 2 5 5
-480 -3,163 - 3 , 1 2 8
773
997
708
5
l]617
1,59^
2
eiow.
Withheld by employers (Current Tax Payment Act of 1943).
nt taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund,
5
Change in classification.
Back figures.-—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY
[In millions of dollars]
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
Individual
income taxes
In millions of dollars]
Corporation income
and profits taxes
Period
Fiscal year ending:
June—1941
1942
1943
1944.
1945.
1946.
..
1947.
Withheld
Other
686
7,823
10,264
9,858
9,842
1 ,418
3,263
5 ,944
10,438
8,770
8,847
9,501
1946—July. .
August
September. .
October....
November. .
December. .
858
1 ,339
30
1,062
1 ,243
27
375
77
1,198
234
80
420
1947—January.
February...
March
April
May.
. .
657
1 ,971
81
1,014
1,528
33
1,133
2,196
1,082
1 ,967
648
158
1,068
297
June
July
SEPTEMBER 1947
Estate
and
gift
taxes
Excise anc
other miscellaneous
taxes
Period
Normal
and
surtax
Excess
profits
Other
profits
taxes
1,852
3,069
4,521
5,284
4,880
4,640
6,055
164
1,618
5,064
9,345
11,004
7,822
3,566
37
57
84
137
144
91
55
407
433
447
511
643
677
779
2,547
3,405
4,124
4,842
6,317
7,036
7,285
192
142
692
232
122
752
330
204
978
344
123
925
4
4
10
4
3
9
74
58
43
1946-
49
62
634
631
604
706
612
652
250
177
1,712
228
170
1,386
370
266
127
80
66
63
61
49
6
3
3
2
3
2
2
66
84
103
68
62
55
66
639
595
541
572
539
560
618
57
Cash
income
Excess
of cash
Cash
outgo
income (+)
or
outgo (—)
Fiscal year ending:
June—1941
1942
1943
1944..
1945
1946..
. .
1947..
9,298
15,374
25,485
48,254
51,332
48,103
47,210
14,031
34,717
79,253
94,296
96,263
65,904
39,873
-4,733
-19,342
-53,769
-46,043
-44,931
-17,800
July
August
September...
October
November.. .
December. .
2,703
3,016
4,698
2,803
2,892
4,257
2,923
2,928
2,988
2,850
2,276
3,643
-219
+88
1947—January... .
February.
March
April
May
3,948
5,163
5,975
2,862
3,349
5,544
2,565
2,827
3 ,690
3,352
3,687
3,315
5,394
3,392
June
July.
+7,337
+1,710
-47
+616
+614
+ 1 ,121
+1,474
+2,623
-825
+33
+ 149
-827
1147
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
CommodiLoans ties,
resupTotal Cash ceiv- plies,
able
and
materials
Corporation or agency
All agencies:
Mar. 31, 1946
June 30, 1946
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
33,325
29,869
29,569
30.409
32,337
Classification by agency,
Mar. 31, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
322
Federal intermediate credit banks.
388
Federal land banks
1,076
Production credit corporations....
113
Regional Agricultural Credit Corp.
15
Agricultural Marketing Act Revolving Fund
2
Federal Farm Mortgage Corp
118
Rural Electrification Administration.
581
Commodity Credit Corp
1,277
Farmers' Home Administration
478
Federal Crop Insurance Corp
16
National Housing Agency:
Federal Home Loan Bank Adm.:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
Reconstruction Finance Corp. 6
464
528
57
200
5
42
4,192
7,003
6,514
5,069
5,381
5,949
6,649
7,294
,918
,550
,429
,265
,003
108
570
172
327
28
236
198
583
175
15
<*)
727
1
9
2
25
,508
1
75
536
325
377
261
169
460 1,741
385 1,605
299 1,536
339 1,414
380 1,176
1,133
1,234
1,250
1,252
1,250
4,959 26,218
4,939 22,889
3,377 24,069
3,588 24,810
3,142 27,268
479
482
496
498
509
39
349
722
273
37
77
113
15
243
()
126
1,226
4
22
140
123
12
227
55
1
8
(4)
36
6
7
1
141 2,587
48
216
701 3,757
8
9
47
4
193 1,325
30
953
143
731
23
116
3^227
3,305
6,507
1,894
29
115
10
516
56
158
5
41
230
()
560
163
37
2
113
581
-74
473
-6
176
609
122
487
interest
43
383
(4)
278
1
26
5
33
22
20,784
17,438
16,973
16,924
15,486
1
3
5
214
56
13
7
6
503
77
3
6
1
40
Land, Destruc- ferred
,789
285
,767
439
,836
390
,873
547
,985 3,426
43
43
137
68
254
326
889
180
633
4,457
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission activities
War Shipping Adm. activities 6
Allother*
1,279
1,305
1,157
1,398
1,588
U.S.
Govt.
securities
U.S. PriGov- vately
ernment owned
inter-
Bonds, notes,
and debentures
payable Other
and Other
tures, undisliabilas- Fully
and
Other equip- trib- sets guarities
secu-2 ment uted 3
Other
anteed
charges
rities
by U.S.
Investments
139
267
760
212
191
135
393
333
61
3,799
6,670
6,453
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1947
Purpose of loan
Fed.
FarmFed, inter- Banks Com- Rural
Fed. Farm
mediers'
for co- modity Elecland
ate opera- Credit trificaHome
tion
banks Mort.
Corp. credit tives Corp. Adm. Adm.
banks
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
Total loans receivable
(net)
957
137
326
255
201
570
Home
Owners'
Loan
Corp.
Fed.
ExFed. R.F.C. portPublic home
and
Hous- loan affiliIming
port
Auth. banks ates Bank
600
596
236
68
29
(4)
889
108
326
278
1
29
(4)
273
13
254
172
570
327
583
278
236
All
other
Dec. 31,
1946,
All
all
agen- agencies
cies
(4)
40
10
27
3,056
663
2,884
659
150
163
17
41
167
204
171
192
12
2
239
226
66
1,515
1,100
86
10
17
238
2,854
590
497
19
295
2,284
623
478
765
1,508 1,277
7,294
6,649
5
(<
V
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—June 30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; International Monetary Fund Quota—Mar.
31, 1947, 2,750.
* Deferred charges included under "Other assets" prior to Mar. 31, 1947.
5
« Less than $500,000.
Includes U. S. Commercial Company and War Damage Corp.
•7 Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities.
Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and
those of The Virgin Islands Co. are as of Dec. 31, 1946.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,
Table 152, p. 517.
1148
FEDERAL RESERVE BULLETIN
BUSINESS INDEXESx
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume)* 2
1935-39 = 1 0 0
Employment4
1939 = 100
Manufactures
Year and month
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
Factory
Fac- Freight
tory carload
pay
ings*
rolls 4 1935-39
1939 = = 100
100
AdUnad- AdAdAdAdAdAdAdUnad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919....
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937.
1938
1939
1940
1941
1942
1943
1944. .
1945
1946
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
P170
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
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
P192
232
232
232
230
July
August
September
October
November. . . .
December
June
234
236
235
230
225
220
210
186
167
162
168
163
1946
Ianuary
February
March
.
April
May
June
July
August
September.
October
November
December..
1944
November
December
1945
January
February
March
April
May
.
1947
January
February
March
April
May
June
July
Unadjusted
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
264
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95 4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86 3
78^6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121 1
123.8
143.3
127.7
119.7
121.9
122.2
125.4
126.4
124 0
122^6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102 7
100! 8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139.3
135.4 167.2 167.7 341.0
135.9 • 168.0 168^3 346^7
141
137
201
200
104.4
104^7
126.6
127^0
75
96
118
112
89
73
79
91
104
121
134
150
136 2
136.6
136.4
135.8
134.8
134.2
133.0
131.8
125.8
125.5
126.6
127.1
168 8
169^3
168.3
166.0
163.6
160.3
155.0
150.4
130.1
129.5
130.1
130.6
168.2
168.7
167.7
165.2
162.5
160.0
155.6
151.7
130.8
129.9
130.5
130.9
347 0
347 .'5
345.7
338.5
324.9
321.8
306.6
273.6
228.7
227 .7
227.7
231.4
144
139
145
141
141
140
139
128
127
118
133
127
198
207
214
184
190
203
214
201
203
213
221
220
104 9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
127 1
126!9
126.8
127.1
128.1
129.0
129.4
129.3
128.9
128.9
129.3
129.9
61
95
129
172
179
177
161
157
147
140
122
143
145
169
161
168
161
172
168
158
155
148
152
163
129.2
127.4
130.6
132.4
133.4
134.3
134.7
136.4
137.6
138.1
139.1
139.4
133.2
124.4
132.6
139.4
140.7
142.2
143.0
146.3
148.6
149.1
151.5
152.4
132.6
123.9
132.1
138.5
139.6
141.9
143.6
147.7
149.5
149.6
152.0
152.8
234.1
214.3
238.3
254.8
253.5
262.8
267.1
284.4
290.3
292.8
298.2
306.2
133
126
139
109
106
133
139
141
138
139
137
140
227
250
256
252
259
276
273
290
270
257
271
276
107.1
107.7
108.9
110.2
111.0
112.9
124.7
129.1
124.0
134.1
139.7
140.9
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
144
152
129
123
110
116
P126
148
149
134
142
140
152
Pi 60
139.5
139 8
140.0
138.9
138.9
139.7
P138.8
153.4
154.4
154.6
153.8
151.9
151.6
P149.7
152.7
153.7
154.0
152.9
150.6
151.3
P150.4
307.3
310.6
314.1
310.7
312.2
319.4
150
142
146
137
142
137
134
P165
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
26
143
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102
161
341
343
173
173
143
137
46
51
13
14
73
81
230
232
232
229
225
220
211
188
171
164
167
161
345
346
345
336
323
308
292
239
194
186
191
185
175
176
•176
174
173
173
165
157
156
154
158
156
140
141
142
140
138
144
143
140
134
124
138
133
48
59
72
70
58
50
54
61
69
83
94
108
14
13
15
18
20
22
23
24
26
36
44
56
160
152
168
165
159
170
172
178
180
182
183
182
156
148
164
163
159
171
174
180
184
184
183
180
166
138
183
190
175
193
202
208
212
214
214
211
161
167
166
164
161
162
157
164
165
168
173
174
141
141
137
104
115
139
146
144
146
145
136
137
107
136
147
170
169
174
165
158
151
145
139
154
189
189
190
187
185
184
'184
221
222
225
222
218
218
'176
176
•"175
172
170
168
P165
146
146
148
143
'151
148
P139
146
151
132
133
127
136
P145
P209
Unadjusted
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
132
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
153
P178
Ad-
justed
103.9
124.2
80.2
86.0
109.1
101.7
107.2
110.5
108.5
109! 7
117.1
94.7
71.8
49.5
53.1
68.3
78.6
91.2
108 8
84^7
100.0
114.5
167.5
245.2
334.4
345.7
293.4
266.4
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
j>134
185
187
185
185
185
P180
103.7
104.2
79.7
88.2
101.0
93.8
97.0
98.9
96 8
Depart- Wholement
sale
store
Cost of4
com- living
sales
modity
(val4 1935-39
ue)* 5 prices
= 100
1926
1935 39 =
100
= 100
96^
103.1
89.8
75.8
64.4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
177.7
172.4
151.8
142.0
102'.8
95.8
86.3
75.7
76.1
84.0
87.8
95.1
101.1
94.6
100.0
105.8
119.4
131.1
138.8
137.0
132.0
134.4
141.5 153.3
144.6 153 2
149.6 156.3
147.7 '156.2
'147.1 '156.0
'289 '148.0 157.1
287
150.8
265
268
273
276
291
r
*1 Average per working day.
P Prelim ary.
Revised.
Department of Commerce index on income payments to individuals no longer available.
-3 For indexes by groups or industries, see pp. 1150-1153. For points in total index, by major groups, see p. 1171.
Based on F . W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1157 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. 1159-1161.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
SEPTEMBER
1947
1149
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation^
[Index numbers of the Board of Governors. 1935-39 average=100]
1946
1947
Industry
July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y
June July
Industrial Production—Total.
172
178
180
182
183
182
189
189
190
187
185
184
P178
Manufactures—Total
177
184
186
188
191
190
196
197
198
194
190
190
P185
Durable Manufactures...
202
208
212
214
214
211
221
222
225
222
218
218
180
184
185
184
178
159
192
191
196
195
197
193
181
178
190
169
343
186
196
170
381
184
196
172
366
183
195
171
369
174
193
163
404
152
174
145
381
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
r
461
193
215
179
469
189
r
211
174
198
166
425
243
254
261
268
271
276
277
277
281
276
273
Transportation Equipment
Automobiles2
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) l
241
242
240
237
235
235
229
233
239
237
176
182
188
185
187
187
181
190
197
193
179
Nonferrous Metals and Products.
151
159
172
184
192
197
202
206
196
187
140
150
161
168
175
181
184
190
203
198
155
163
176
191
198
203
209
213
193
182
129
135
137
136
142
141
142
147
147
144
141
121
144
126
152
129
152
127
155
135
157
132
160
131
161
137
167
138
166
135
161
132
158
131
192
197
204
200
202
210
219
219
218
211
200
207
218
129
249
155
147
187
233
215
114
251
159
150
215
242
238
161
265
162
150
212
235
227
158
250
156
149
212
241
226
152
251
162
150
215
252
232
135
265
177
152
219
263
.t.,
245
149
278
182
168
227
271
235
154
263
203
164
232
260
241
159
269
192
165
224
258
234
151
263
175
164
218
249
229
163
251
141
162
212
247
230 206
154 124
257 234
171
165 P165'
215 '223
168
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
-•176
'458
275 P268
Manufacturing Arsenals and Depots1. . .
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin)1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)1
Lumber and Products .
Lumber...
Furniture.
Stone, Clay, and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products1..
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1
Wool textiles
Carpet wool consumption. . .
Apparel wool consumption. .
Woolen and worsted yarn. . .
Woolen yarn
Worsted yarn
Woolen and worsted cloth.. .
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products. ..
Wheat flour
Cane sugar meltings1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk....
Ice cream
r
225
233
188
P]33
P198
'225
157
164
165
168
173
174
176
176
175
172
170
145
163
168
169
174
164
172
173
172
166
164
133
127
239
152
149
240
156
153
242
157
155
248
163
164
256
152
141
254
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133
263
144
101
192
143
147
138
151
173
137
226
173
178
165
176
181
144
239
180
183
176
184
178
143
230
177
177
176
181
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
154
175
177
145
124
174
150
103
120
119
117
121
115
116
120
122
116
113
107
99
117
66
45
125
101
119
70
49
124
101
114
81
51
134
97
103
78
67
141
110
121
91
70
137
129
110
122
94
68
130
117
113
127
98
67
117
118
118
134
99
81
108
121
122
140
99
84
102
121
119
137
102
79
95
113
119
138
96
88
'83
109
115
131
94
92
85
102
156
162
161
156
157
158
155
154
145
155
162
158
160
149
144
152
145
•147
79
172
148
148 P149 P153
82
81
85
178 185
198
147 152
164
154
82
206
173
152
79
191
173
'155
82
196
184
157
85
196
188
106
133
131
130
150
147
136
146
127
131
135
P136
73
168
178
74
169
173
79
168
163
135
146 P146
77
79
164 172
142
143
P144
'132
118
264
157
tofmeasure productive activity du
1150
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
Industry
July Aug. Sept. Oct. Nov. Dec, Jan. Feb. M a r . Apr. M a y June July
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
165
190
145
132
121
138
141
139
134
110
38
24
41
81
93
115
116
107
140
131
163
179
150
160
116
151
151
162
138
105
163
172
164
133
108
159
165
167
121
104
149
143
169
122
101
150
153
159
121
105
151
154
159
119
102
152
157
154
141
104
156
171
149
154
93
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
153
175
109
154
151
155
107
158
150
143
110
159
154
167
123
156
160
160
135
164
168
170
147
172
165
157
138
171
158
137
142
166
160
151
145
165
161
145
149
167
158
138
153
164
154
132
135
164
'157
'136
176
174
227
206
213
234
241
223
208
189
162
159
164
128
65
377
426
123
56
426
427
71
384
461
179
68
241
460
194
64
191
463
202
158
333
426
183
188
623
408
157
179
695
372
160
151
619
314
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
140
155
157
173
169
148
158
168
158
160
142
99
181
72
110
202
79
112
205
76
127
226
79
131
216
81
109
192
72
112
208
69
110
228
67
98
216
66
94
221
68
106
187
55
101
216
66
136
147
150
152
153
150
156
157
159
156
161
160
Alcoholic Beverages. .
Malt liquor
Whiskey
Other distilled spirits. . .
Rectified liquors
'167
Industrial Alcohol from Beverage Plants l..
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)
156
98
210
72
'152
131
147
96
101
229
122
129
155
72
127
138
124
84
142
156
98
110
238
132
140
169
85
134
151
135
83
144
162
101
111
249
136
142
172
85
138
152
133
87
146
163
106
108
244
141
144
172
89
144
155
135
85
147
162
96
109
248
139
145
175
90
142
156
136
84
146
159
98
109
236
139
144
168
86
155
152
134
87
150
166
99
109
252
145
147
179
83
153
148
137
87
151
171
100
109
260
150
148
181
83
155
142
137
89
154
174
99
113
266
151
151
180
88
160
151
139
89
150
169
97
112
254
150
147
178
87
158
144
132
93
155
173
97
112
265
151
152
184
88
160
148
141
92
155
178
105
116
277
151
151
179
88
162
147
144
91
Printing and Publishing
124
129
128
132
130
138
138
140
142
141
142
146 P143
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
121
123
117
119
118
120
122
125
124
124
125
131
P178 P!82
P181
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
l
Chemical Products i. .
Paints
Soap 3
Rayon
Industrial chemicals
Explosives and ammunition l. .
Other chemical products l
P!77
P178 P180
'185 P185
148
144
166
81
156
149
138
91
131
P179 P184 P190
144
166
135
172
149
164
152
162
146
165
153
155
145
160
159
163
148
161
147
150
148
167
154
162
142
166
160
175
143
170
162
185
142
174
167
176
139
163
156
170
145
171
163
175
154 P157
173
168
182
160
155
336
165
159
369
166
161
352
167
160
406
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
169
161
"428
165
160
339
235
237
235
238
243
249
251
253
250 P252
150 153 149 148 150 152 154 156 157 155
120 117 114 111 115 128 131 136 135 138
'250 -•254 '256 -•257 '261 •"260 '266 r276 '283 '289
396 395 395 402 411 422 430 429 431 433
153
137
'292
'435
151 P 1 5 2
142 P137
251 P294
P436
r
25l
r
25l
Rubber Products.. . .
211
221
234
234
243
252
247
246
239
234
220
v210
Minerals—Total
146
144
146
145
136
137
146
146
148
143
'151
148 vl39
Fuels
153
150
151
150
140
141
151
150
153
144
156
153 P14S
153
159
128
154
149
156
120
151
155
163
125
149
152
160
124
149
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122 '153
127 '165
102 104
155 157
140 P 1 1 3
147 P 1 1 7
110 P 9 3
159 P158
107
111
111
111
117
122
117
136
125
P117
148
153
157
153
158
166
159
189
169
Coal
Bituminous coal.
Anthracite
Crude petroleum
Metals
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
169
1
r
Series included in total and group indexes but not available for publication separately.
P Preliminary.
Revised.
This series
series is
is in
in process
process of
of revision.
revision.
This
Revised series. Figures for earlier months of 1946 are: January, 253; February, 256; March, 255; April, 255; May, 253; and June, 249.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
DD. 753-771 and 825-882.
1940,>. pp.
22
3
SEPTEMBER
1947
1151
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1946
1947
Industry
July Aug. Sept. Oct.
Nov. Dec.
Jan.
Feb.
174
180
184
184
183
180
rl84
t85
187
184
185
178
186
191
191
192
188
192
193
195
193
191
191
203
210
214
215
214
209
218
220
223
222
219
219 P210
Iron and Steel.
180
184
185
184
178
159
192
191
196
195
197
193
181
Pig iron
Steel
Open hearth.
MachineryElectric
178
190
169
343
186
196
170
381
184
196
172
366
183
195
171
369
174
193
163
404
152
174
145
381
193
206
177
414
207
174
446
194
213
179
457
189
213
178
193
215
179
469
189
r
211
-•458
174
198
166
425
243
254
261
268
271
276
277
277
281
276
273
275
v268
241
242
240
237
235
235
229
233
239
237
'225
233
176
182
188
185
187
187
181
190
197
193
'179
150
159
172
184
192
197
139
150
161
176
182
184
155
163
176
191
198
203
137
144
147
142
139
133
144
140
152
144
152
136
155
131
157
193
204
212
209
211
129
239
171
147
187
233
223
114
261
179
154
215
242
242
161
270
188
155
216
235
232
158
258
181
158
218
241
Industrial
Production—Total.
Manufactures—Total
Durable Manufactures...
Mar. Apr.
M a y I June
July
155 P179
-•176
P186
Manufacturing Arsenals and Depots *
Transportation Equipment
Automobiles *
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium: Tin)1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)'
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers.
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.l
Other stone and clay products .
Nondurable Manufactures..
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption»...
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
L tat her and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings 1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
Ice Cream
'202 '206 '200
P223
P189
196
187
179
190
196
203
198
187
•209
'213
'202
193
182
129
126
135
140
143
143
148
P141
114
160
107
161
118
167
126
166
134
161
136
158
142
159
P132
P157
207
203
208
205
209
208
206
209
P199
228
152
254
175
155
219
252
218
135
247
161
158
224
263
241
149
273
148
156
218
271
229
154
255
154
156
221
260
241
159
269
157
159
215
258
234
151
263
166
160
215
249
242
163
269
148
162
214
r
247
229
154
254
183
163
220
240
vl74
199
124
224
P223
P225
159
166
172
172
174
172
171
171
171
169
168
168
P167
145
163
168
169
174
164
172
173
172
166
164
154
P1<4
133
127
239
152
149
240
156
153
242
157
155
248
163
164
256
152
141
254
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133
263
118
264
144
101
192
143
147
138
151
173
137
226
173
178
165
176
181
144
239
180
183
176
184
178
143
230
177
177
176
181
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
'147
126
177
'156
154
175
177
145
124
174
150
101
119
118
117
123
114
116
123
121
115
113
106
94
110
66
45
116
106
100
115
73
47
127
99
111
80
51
131
98
104
80
67
141
130
114
126
94
68
145
129
110
122
92
68
124
117
113
130
96
67
109
118
127
145
104
84
119
121
121
140
97
83
99
121
118
137
98
82
93
113
119
138
92
86
133
131
••89
109
112
126
96
92
84
102
P97
158
158
157
149
140
140
144
149
154
P168
146
153
162
160
157
143
138
146
P144
P96
59
129
103
P95
62
124
114
68
132
119
P127 P161
71
77
84
151
178 214
137
161
196
161
164
125
P197
89
207
207
164
143
147
130
P175 P151 P120
81
76
68
189
171
148
179
150
115
r
P102
P2O2 P229 P229
102 113
104
256 279
242
240 254
218
P Preliminary.
* Revised.
* Series included in total and group indexes but not available for publication separately.
» This series- is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed
to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,
parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
1152
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board o Governors.
1935-39 average = 1001
1946
1947
Industry
July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Manufactured
Food
Mar
Apr.
May
June July
Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
. . . .
•
Other manufactured foods
Processed fruits and vegetables
Confectionery
.
Other food products .
.
A Icoholic Beverages
...
Malt liquor
Whiskev
Other distilled spirits
Rectified liquors
T54
122
37
117
181
175
191
152
167
147
132
116
138
108
141
132
107
19
44
89
100
109
117
160
136
210
156
172
116
139
225
168
124
115
151
150
199
162
130
103
162
153
106
105
146
133
154
115
99
139
149
118
102
154
159
124
104
157
151
141
96
150
151
154
162
173
188
173
166
164
150
143
142
143
143
146
228
89
255
115
315
142
216
161
147
159
132
149
102
142
163
164
172
175
83
135
88
123
r
90
118
101
100
P176
161
86
144
157
164
158
159
160
161
165
P\
187
174
237
221
196
210
206
195
187
182
167
178
182
160
141
199
166
149
161
150
142
149
162
170
189
196
90
70
65
56
71
68
64
158
188
179
219
426
526
461
624
460
401
463
366
426
405
408
417
372
151
230
427
131
106
79
55
403
314
302
276
210
194
198
215
191
231
145
161
166
179
172
138
157
160
149
151
142
165
162
99
190
110
212
112
219
127
235
131
221
109
177
112
208
110
215
98
201
94
205
106
187
101
227
98
221
Industrial Alcohol from Beverage Plants *
Tobacco Products
Cigars
.
Cigarettes
Other tobacco products.
Paper
and
Paper
Products....
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulohate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
.
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
•
Gasoline
Fuel oil
Kerosene
Other petroleum products
Coke
Bv-product coke
Beehive coke
1
Chemical Products
Paints
Soap 3
Rayon
Industrial chemicals
•
72
77
81
85
83
63
68
65
66
68
55
67
136
147
150
152
153
150
156
157
159
156
161
160
131
146
142
154
144
160
146
162
147
162
146
159
150
167
151
171
154
175
150
171
155
174
155
178
86
101
229
122
128
155
72
127
133
124
82
86
110
238
132
140
169
85
134
151
135
82
90
111
249
136
142
172
85
138
152
133
87
98
108
244
141
144
172
89
144
156
135
85
101
109
248
139
145
175
90
142
156
136
85
99
109
236
139
144
168
86
155
147
134
85
103
109
252
145
147
179
83
153
147
137
87
104
109
260
150
148
181
83
155
147
137
89
106
113
266
151
151
180
88
160
151
139
89
106
112
254
150
147
178
87
158
146
132
95
105
112
265
151
152
184
88
160
148
141
93
106
116
277
151
152
179
88
162
150
144
92
143
166
81
156
143
138
89
115
123
128
135
135
141
133
138
145
144
145
146
134
104
111
119
125
129
126
114
111
129
131
129
129
113
P178
P182
P177 P178 P180 P185 P185 P179 P184
P181
72
P151
P190
P157
144
166
133
160
149
164
151
155
146
165
153
154
145
160
159
163
148
161
147
155
148
167
152
167
14?
166
155
179
143
170
160
194
142
174
165
180
139
163
162
174
145
171
170
176
154
173
168
171
160
155
336
165
159
369
166
161
352
167
160
406
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
169
161
••428
165
160
339
P279
232
233
235
240
244
250
-250
r252
254
253
252
247
P249
148
148
149
152
P150
116
••257
156
119
256
149
151
119
'250
119
'254
395
395
396
r
r
116 128
261 '260
151
154
128
'266
134
••276
157
r
135
283
157
r
135
289
402
411
422
430
429
431
433
157
133
•"292
•"435
139 P135
251 P294
440
P436
Rubber Products
211
221
234
234
243
252
247
246
239
234
220
216
P210
Minerals—Total
150
147
149
147
135
132
141
141
143
139
'153
152
P144
Fuels
153
150
151
150
140
141
151
150
153
144
156
153
P143
153
159
149
156
155
163
152
160
118
116
128
130
162
173
151
162
153
163
122
127
'153
r
165
104
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Coorjer* Lead* Zinc) 1
Gold
Silver
140 P113
147
P 93
110
159 P158
128
120
125
124
123
121
118
107
113
151
149
149
150
147
146
150
102
154
153
155
157
126
132
136
126
105
76
81
84
83
112
140
149
188
295
189
282
192
282
180
252
144
174
92
58
97
69
104
73
103
72
153
173
200
279
P213
44
35
55
48
60
59
51
59
49
58
54
55
57
65
55
67
51
70
54
68
56
P152
306
r
v Preliminary.
Revised.
* Series included in total and group indexes but not available for publication separately.
'This s*»rie? is in process of revision.
'Revised series. Figures for earlier months of 1946 are: January, 253; February, 256; March, 255; April, 255; May, 253; and June, 249.
N O T E . — F o r description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 87&-881 and 9 3 3 - 9 3 / , and August
1940, pp. 753-771 and 825-882.
SEPTEMBER
1947
1153
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
Factory pay rolls
1947
June
July
Mar.
Apr.
May
1946
June
July
May
1947
June
July
Mar.
Apr.
May
June
Total
Durable goods
Nondurable goods
141.9 143.6 154.0 152.9 150.6 151.3 150.4 253.5 262.8 267.1 314.1 310.7 312.2 319.4
162.4 165.7 180.9 180.8 178.0 179.5 175.7 275.1 289.1 296.3 349.9 349.9 353.8 365.4
125.7 126.2 132.8 130.9 129.1 129.1 130.4 232.3 237.0 238.5 279.2 272.3 271.6 274.4
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
141.5
117
169
132
127
113
145.7
121
167
137
126
117
158.1
124
164
129
143
139
158.0
125
164
132
141
136
156.8
126
164
132
141
137
157.1 155.0 232.3 240.3
128
176
182
162
292
291
133
207
235
139
236
242
136
206
192
247.5
192
277
249
245
211
294.2
213
305
243
300
282
297.5
220
309
249
301
277
306.7
236
317
250
306
279
315.0
247
320
264
305
283
152
131
157
136
173
155
167
153
161
151
159
149
270
246
280
254
336
325
327
324
316
329
324
326
143
150
166
166
166
165
236
306
307
315
326
Electrical Machinery
Electrical equipment
Radios and phonographs
201.2 203.2 231.3 218.7 213.8 221.5 215.9 323.0 347.9 351.0 429.6 396.6 407.1 432.6
174
175
170
156
173
264
322
317
153
245
328
258
344
212
197
188
205
420
176
332
409
177
308
413
329
390
Machinery except Electrical
Machinery and machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors. .
Machine tools
Machine-tool accessories
Pumps
Refrigerators
198.6 201.8 225.1 226.6 225.9 224.2 218.1 322.5 342.0 346.2 416.6 423.0 429.5 434.6
172
219
158
146
162
189
226
163
174
233
168
147
162
189
225
168
191
244
175
169
158
195
247
201
191
241
176
178
156
190
246
207
190
238
176
181
151
183
243
211
189
231
180
185
146
178
242
223
Transportation Equipment, except Autos
Aircraft, except aircraft engines. .
Aircraft engines
Shipbuilding and boatbuilding
301.6
316
292
265
299.9
324
298
251
296.7
356
315
203
300.8
358
316
208
293.7
348
303
203
291.8 258.0 558.3
337
566
303
469
204
499
Automobiles
172.3 180.2 198.2 200.5 186.5 196.2 194.4 241.-
Nonferrous Metals and Products
Primary smelting and refining.. . .
Alloying and rolling, except aluminum
Aluminum manufactures
164.9 171.2 187.5 184.8 179.6 175.1 172.2 281.4 298.6 303.9 359.0 354.0 349.0 346.2:
144
143
148
148
108
128
282
283
191
228
176
292
285
147
202
Lumber and Timber Basic
Products....
Sawmills and logging camps
Planing and plywood mills
131.6 133.5 145.- 149.1 154.8 158.2 160.7 244.2 261.9 252.1 310.1 323.4 351.4 374.9
160
168
171
156
143
276
351
145
265
286
335
385
412
159
158
163
134
155
242
334
242
351
135
255
323
367
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
119.1 119.6 134.2 131.8 129.5 129.
127
129
128
118
119
131
153
206
135.6
'167
'134
'113
'149
161
215
159
208
154
196
147
182
358
495
288
333
270
320
485
388
363
502
302
344
264
312
491
395
368
503
309
372
263
305
494
428
557.5
586
469
483
558.7
606
469
469
556.9
662
480
386
565.3
657
488
399
561.3
639
477
396
560.3T
622
482
396
259.9 292.8 347.7 343.4 329.0 355.9"
269
336
269
340
299
383
295
369
230
289
282
285.7
329
240
•253
315
288.,
'335
'248
'257
'317
104.6 103.1 101 .1 213.5 217.2
116
115
248
244
77
76
167
167
99
98
239
238
70
68
133
131
97
96
175
185
213.3
246
166
229
131
179
265.0
322
209
262
158
218
240.3
215
178
254
145
317.7
281
234
340
197
128.3 124.5 141.9 135.0 131.4
112
122
114
125
124
87
88
100
99
99
139
130
155
142
136
103
86
78
83
79
Leather and Leather Products
Leather
Boots and shoes
103.8 103.0 104.7 103.0
91
88
92
93
96
95
95
97
Food and Kindred Products
Slaughtering and meat packing...
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
120.9
107
109
102
95
141
83
Tobacco Manufactures
Cigarettes
Cigars
92.1 90.7 92.2 87.5 88.4 90.2
123
120
120
123
120
122
79
77
72
73
74
75
125.0
116
121
107
114
150
59
355
498
277
313
276
327
490
359
242.2
'•275
'230
'230
'250
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
123.
119
123
106
113
146
57
299
447
248
248
262
293
413
272
220
131.7 131 .4
124
101
136
79
99.4
92
92
99.8
91
93
126.0
119
116
107
110
154
59
130.3
121
119
107
107
163
68
283
348
280
327
127.0 221.6 233.3 231.9 292.0 286., 285.1 290.4
144.0 142 .2
'169
'144
126
164
Textile-Mill and Fiber Products
Cotton goods except small wares.
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
131.0
102
114
101
93
144
137
240
330
296
416
236
248
270
305
416
263
241.4
'279
'216
'213
'260
142.6
'171
'121
'124
166
136.6 145.3 146.0
'172
'166
'146
'139
'125
'120
'143
'166
'151
'123
'166
104.1 102.8 108.6 106.9
119
113
112
118
80
77
76
78
104
106
103
107
76
72
74
71
94
99
98
95
m\
284
370
192
228
260
292
402
257
271
252
230.2
'280
'207
'196
'234
254.2
222
177
287
115
228
258.6
230
181
283
121
279
285
286.9
333
'201
'276
'324
298.2
'341
'277
'279
'322
255.4
315
201
248
146
215
248.3
303
200
241
140
211
242.5
294
194
240
131
211
279.8
267
227
278
138
272.1
271
229
260
119
274.9
273
230
264
128
r
204.6 204.9 198.7 222.2 214.6 207.0 211.5
159
163
156
185
184
184
185
198
196
190
214
205
197
202
205.1
181
182
171
174
201
150
208.2
167
191
169
180
210
182
235.1
180
221
179
170 •
222
326
239.3
217
261
193
232
240
130
243.1
212
253
195
231
252
140
252.8
232
240
200
229
268
143
267.8
241
264
204
226
296
164
89.2 181.1 184.1 178.3 193.1 181.6 182.8 194.8
217
164
218
168
211
160
227
176
218
160
221
164
240
168
f Revised.
NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass,
and Printing and Publishing groups have been adjusted to final 1945 data made available by the Bureau of Employment Security of the Federal
Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures
are for pay roll period ending nearest middle of month and cover production workers only. Figures for July 1947 are preliminary.
1154
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
1946
Industry group or industry
Paper and Allied Products
Paper and pulp
Paper goods, n e.c.
Paper boxes
Factory pay- rolls
1947
1946
June
July
Mar.
Apr.
May
June
July
138.8
122
123
137.4
121
121
145.9
126
127
145.0
125
126
143.7
125
125
143.6
126
125
125
124
131
130
125
123
140 1 240 0 247.0
213
217
212
218
May
217
1947
June
July
Mar.
Apr.
May
June
246 4 290 9 290 9 292 6 299 6
218
270
259
253
255
212
249
250
248
245
223
226
261
257
250
250
119.9 121.1 128 2 128.5 128 6 129 1 128 3 186 4 191 3 193 3 227 7 230 7 234 2 235 9
110
119
'"109
'•117
'118
120
164
161
162
197
'202
'209
'210
'130
'133
'138
'138
137
138
'220
'208
'216
'254
'255
'258
'255
Printing and Publishing
Newspaper periodicals
Book and job
Chemicals and Allied Products
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n.e.c.
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
181.3
188
121
169
178.9
188
118
168
197.5
198
121
179
196.2
197
121
180
194.8
194
121
180
187.9
191
104
182
169
178
59
107
170
178
56
103
191
156
99
153
192
158
85
146
192
162
72
136
191
163
65
114
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
144.5
136
114
146.7
137
118
145.9
135
119
145.4
134
119
149.3
138
121
150.8
139
123
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
182 9 177 0 196 1 193 5 184 2 180 4 171 0 322 1 331 4 321 4 374 3 383 9 371 2 36 3 4
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
190.1 311.1
305
200
278
154.5
313.0
306
198
283
315 .5
307
198
289
377 5 378.3
363
360
236
239
330
327
381.5
359
239
335
373 3
355
205
339
267
319
140
301
266
331
127
250
265
336
120
246
315
333
254
385
311
336
209
381
334
352
185
365
341
359
169
30?
234.4
222
169
242.5
223
195
251.0
228
215
262.1
235
229
265.2
237
231
275.7
244
248
286.2
254
256
196
183
199
195
189
186
314
134
318
304
132
343
145
133
130
357
349
143
241
255
256
297
297
277
272
170.8
197
142
170.5
192
146
182.1
181
147
179.8
180
148
176.3
176
149
174.4
178
151
303.1
331
221
318.4
339
233
314.2
327
240
367.6
328
272
361.0
328
271
356.6
317
275
355.4
337
281
169.3
341
For footnotes see p. 1154.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939=100]
1947
1946
Group
Total
Durable
Nondurable
' Preliminary.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
142.2
162.3
126.3
143.0
165.2
125.6
146.3
169.7
127.8
148.6
172.7
129.6
149.1
173.8
129.7
151.5
176.4
131.8
152.4
177.1
133.0
153.4
178.7
133.4
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.6
179.3
129.8
July
P149.7
P 175.0
P129.7
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Aver a ge hours worked per week
1946
Industry group
May
All
manufacturing.
Durable Goods
Iron and steel products
Electrical machinery
Machinery except electrical
Transportation equipment except a u t o s . . . .
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished basic products
Stone, clay, and glass products
Nouduvablc 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 oroducts
Miscellaneous industries
Average hourly earnings (cents per hour)
1947
June Feb.
40.4
Mar. Apr. M a y June
40.3
May
107.1
39.7
40.0
39.3
39 8 40 5 40 7 40 5 40 5 40 6 114.7
38.4
38 9
40.1
39.1
36.3
41.1
40.9
41.3
40.2
38.8
39 8
40.9
39.5
36.6
40.9
41.5
41.8
40.4
40.4
40.1
1947
1946
40.1
June
Feb.
Mar.
Apr.
May
June
108.4 117.0 118.0 118.6 120.8 122.7
40.0
40 0
41.3
39.7
38.8
41.0
42.1
41 .9
40.1
40.4
40 5
41.5
39.8
39.7
41.0
41.0
41 .7
40.5
40.4
40 0
41.5
39.8
38.5
40.8
41 .4
41.5
40.5
40.3
39 8
41.4
40.2
38.3
40.6
41.9
41 .5
40.2
40.4
39 8
41.3
40.1
38.7
40.5
42.6
41.7
40.8
119.0
113 1
120.4
133.3
132.5
114.9
88.0
91 .7
101.9
116.5
120.6
114 8
122.3
135.0
134.7
116.3
90.8
92.7
104.1
40 1 40 2 40.4
40.1
39.6
39.8
39.8
99.6
100.3
110.7
111 .9 112.2
113.0
114.1
40 -0
36.7
39.0
42 3
37.5
43.2
40.3
41.3
40.2
39 8
41.0
39 1
35.5
38.3
42 1
36.7
43.0
40.1
41.0
40.5
39 5
40.6
38 9
35.8
38.2
43 0
36.3
43.1
40.1
41.1
40.0
39.0
40.3
38 6
36.0
38.1
43.4
38.2
42.9
39.9
41.2
40.7
39.1
40.3
87.3
95.6
94.2
96.1
84.8
98.3
126.6
106.4
134.2
126.6
102.8
87.5
95.1
95.0
97.2
84.6
99.3
127.8
108.4
134.7
128.3
104.2
99.7
104.9
102.1
108.8
93.7
109.8
141.5
116.5
138.2
133.1
112.3
102.4
104.5
102.8
108.8
93.9
110.9
144.3
117.7
140.8
133.0
113.9
102.7
99.9
102.9
109.7
94.8
112.1
146.2
119.2
141.8
139.7
114.2
102.5
98.8
103.3
111 .0
94.8
113.5
148.7
121.1
144.8
141.6
115.4
102.4
99.4
105.2
112.7
94.9
116.7
150.1
123.2
146.4
141 .9
116.7
39 8
36.9
39.6
42 4
39 5
42.9
40.4
40.7
39.3
39 4
40.9
40 0
37.1
39.3
42 3
40.0
43.0
40.5
40.5
39.6
39 3
41.2
40 4
36.9
39.5
42 7
37.8
43.2
40.1
41.4
40.1
40 6
41.0
122.9
123.6
124.3
127.8
130.3
125.8
120 3
129.0
136.7
139.9
122.2
97.9
102.2
113.3
126.9
121 2
129.8
136.2
139.6
122.6
98.3
103.1
114.4
128.0
121.0
130.8
136.3
140.6
123.4
99.0
103.2
114.9
133.3
126 4
133.4
137.6
146.3
126.0
102.5
104.7
117.3
136.3
129 5
136.2
138.8
148.4
128.5
105.6
106.2
119.1
NOTE.—Preliminary July 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 39.9 and 123.4; Durable, 40.0
and 131.0; Nondurable, 39.8 and 115.3 respectively. Back figures are available from the Bureau of Labor Statistics.
SEPTEMBER
1947
1155
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Service l
Federal,
State, and
local
government*
1,382
1,419
1,462
1,440
1,401
1,374
1,383
1,523
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
7,335
7,315
7,314
7,325
7,355
7,316
,406
,401
,398
,389
,392
,396
3,792
3,789
3,808
3,803
3,801
3,805
6,136
6,079
5,981
5,991
5,973
5,941
3,720
3,741
3,775
3,799
3,809
3,815
3,803
3,810
3,827
3,820
3,819
3,835
7,309
7,347
7,412
7,370
7,361
7,374
7,391
7,406
7,422
7,441
7,462
7,486
,388
,386
,384
,384
,379
,374
,369
,366
,367
1,363
1,366
1,368
3,795
3,794
3,791
3,786
3,800
3,813
,803
3,798
3,806
3,790
3,786
3,783
6,015
6,005
5,999
6,010
6,015
6,036
6,040
6,035
6,006
6,010
6,032
6,104
044
049
,048
,051
,049
060
,072
093
,093
,109
,148
166
3,838
3,849
3,858
3,862
3,858
3,867
3,869
3,864
3,876
3,861
3,912
3,952
7,487
7,536
7,558
7,577
7,545
7,551
7,587
7,635
7,733
7,793
7,882
7,936
1,364
,363
,361
,361
,362
,363
,378
,385
,387
,403
,422
,442
3,782
3,782
3,769
3,768
3,778
3,813
3,845
3,859
3,877
4,061
4,147
4,217
6,076
6,084
6,097
6,092
6,066
6,075
6,063
6,038
5,962
5,761
5,668
5,637
864
864
857
542
753
864
873
886
884
883
883
874
,192
210
,280
,384
,424
,473
,535
601
,648
,670
679
,731
3,992
3,983
4,003
4,011
3,946
3,956
3,991
4,042
4,064
4,093
4,101
4,091
8,096
8,213
8,364
8,371
8,386
8,426
8,464
8,573
8,609
8,581
8,639
8,630
,461
,499
,508
,502
,509
,516
,534
,546
,549
,548
,551
,554
4,307
4,349
4,354
4,474
4,426
4,365
4,382
4,386
4,412
4,537
4,578
4,596
5,670
5,680
5,699
5,689
5,695
5,671
5,543
5,530
5,550
5,523
5,475
5,421
15,426
15,529
15,564
15,513
15,359
15,347
15,180
883
880
879
856
884
890
861
,678
,651
,632
652
,668
,695
714
4,075
4,052
4,040
3,855
3,970
4,074
4,092
8,595
8,637
8,695
8,638
8,632
8,667
8,670
,552
,554
,555
,546
,553
,551
,578
4,596
4,630
4,588
4,552
4,567
4,641
4,613
5,438
5,421
5,442
5,453
5,447
5,454
5,334
39,908
40,258
40,680
40,877
41,466
41,848
42,065
42,439
42,928
14,045
14,159
14,371
14,526
14,876
15,035
15,064
15,271
15,348
542
753
864
873
886
884
883
883
874
,356
,438
,532
627
,713
,747
,753
,713
644
3,991
3,946
3,996
4,051
4,103
4,064
4,093
4,101
4,071
8,329
8,302
8,342
8,337
8,402
8,523
8,667
8,898
9,234
,510
,517
,531
,549
,554
,534
,540
,543
,546
4,474
4,448
4,430
4,426
4,430
4,456
4,514
4,555
4,573
5,661
5,695
5,614
5,488
5,502
5,605
5,551
5,475
5,638
41,803
41,849
42,043
41,824
41,920
42,342
42,137
15,372
15,475
15,510
15,429
15,237
15,317
15,232
883
880
879
856
884
890
861
,527
,502
,534
,619
,685
,763
,817
4,014
4,011
4,020
3,836
3,970
4,115
4,153
8,552
8,507
8,565
8,552
8,546
8,580
8,540
,544
,546
,555
,554
1,561
1,567
1,594
4,527
4,561
4,565
4,552
4,590
4,711
4,659
5,384
5,367
5,415
5,426
5,447
5,399
5,281
Transportation and
public
utilities
Trade
,150
,294
,790
,170
,567
,094
,082
,493
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
915
912
915
910
901
907
,491
,424
,369
,279
,247
,233
3,634
3,639
3,633
3,671
3,683
3,687
17,643
17,637
17,503
17,314
17,219
17,140
17,037
16,952
16,809
16,714
16,661
16,712
900
901
896
892
890
895
885
886
878
865
859
852
,224
,174
,129
,097
,098
,092
,088
,081
,061
,040
,036
,031
41,247
41,364
41,318
41,124
40,832
40,659
40,287
39,923
38,102
38,017
38,356
38,502
16,808
16,856
16,783
16,607
16,405
16,087
15,641
15,217
13,341
13,267
13,334
13,297
848
845
844
806
769
843
832
832
833
762
843
855
1946—January
February
March
April
May
June
July
August
September
October.
November
December
39,129
38,595
39,547
40,097
40,413
40,671
40,797
41,309
41,669
41,854
42,139
42,207
13,547
12,797
13,482
14,124
14,274
14,400
14,475
14,745
14,953
15,019
15,233
15,310
1947—January
February
March
April
May
June
July
42,243
42,354
42,395
42,065
42,080
42,319
42,042
1946—April
May
June
July
August
September
October
November
December
1947—January
February
March
April
May
June
July
Total
Manufacturing
Mining
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
845
916
947
983
917
883
826
836
1943—July
August
September
October
November
December
42,317
42,167
41,987
42,064
42,164
41,972
17,608
17,608
17,569
17,696
17,812
17,687
1944—January
February
March
April
May
June
July
August
September
October
November
December
41,994
41,985
41,889
41,652
41,571
41,539
41,416
41,334
41,176
41,043
41,021
41,171
1945—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
1939
1940
1941
1942
1943
1944
1945
1946
Contract
construction
Finance1
SEASONALLY ADJUSTED
UNADJUSTED
1
Formerly combined and published as Finance, Service, and Miscellaneous.
* Includes Federal Force Account Construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. These estimates have been adjusted to levels indicated by final 1945;
data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and
salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. July 1947 figures are preliminary. Back unadjusted data are
available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
1156
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. VV. Dodge Corporation.
Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
January
Pcbruary
March
April
May
June
July
,
August
September
October
November
December
1947
1946
1947
1946
1947
1946
357 5
387.4
697.6
734.9
952.4
807.9
718.0
679 9
619.9
573.2
503.7
457.3
571.6
442.2
596.8
602.3
674.7
605.1
660.2
89.7
102.1
275.2
370.6
463.6
332.2
281.2
284.0
293.8
235.1
221.1
193.4
257.4
208.4
282.9
256.7
254.1
209.5
240.9
104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
73.6
69.9
7,489.7
Year
Factories
86.5
73.9
82.1
65.6
71.3
66.8
82.3
1,317.3
3,142.1
Educational
1946
1946
1947
69.0
77.5
112.7
75.1
88.7
55.2
72.8
56.6
50.0
41.0
36.1
38.6
38.3
46.4
52.6
66.3
59.2
58.4
81.6
773 2
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
Commercial
Other
1947
18.1
17.1
11.4
18.0
23.5
23.5
35.7
7.8
18.8
12.6
15.1
19.7
1947
1946
19.7
13.5
21.4
22.7
47.7
40.1
38.5
221 4
Public works
and public
utilities
25.8
28.3
40.9
37.9
38.3
35.2
45.8
37.7
27.1
31 5
36.0
19.8
55.9
9.4
35.8
29.6
57.7
44.7
51.2
404.4
1946
1947
50.2
64.7
143.6
128.1
197.9
202.5
153.1
184.4
156.4
112 8
121 8
115.9
113.9
90.5
122.0
161.4
184.7
185.7
165.9
1 631 3
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]
Private ownership
Public ownership
Month
1946
1945 1946 1947
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
Year
141
147
329
396
243
227
258
264
278
317
370
331
358
387
698
735
952
808
718
680
620
573
504
457
3,299 7,490
1945 1946 1947 1945
572
442
597
602
675
605
660
75
74
221
309
148
82
108
67
43
61
61
62
47
56
146
127
197
215
202
205
187
134
130
109
167
96
143
177
234
226
203
. . . 1.311 1,754
1946 1947
66
73
107
87
95
146
149
196
235
256
309
269
405
346
453
425
441
379
458
311
331
551
608
756
593
516
475
433
439
373
348
Federal Reserve district
Boston
New York. . .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta.
Chicago
St. L o u i s . . . .
Minneapolis.
Kansas City.
Dallas
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
."ear or month
1935.
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946.
Total
320
557
495
694
954
.. .
1,026
1,186
1,137
942
886
684
798
1946—I ill v
August
September..
October....
November..
December. .
1947—January. . . .
February...
March . .
April
May
Tune
July
80
55
63
85
67
77
89
79
86
117
112
152
169
Property
improvement
224
246
60
160
208
251
262
141
96
125
189
363
42
25
32
47
35
40
44
39
40
51
42
Small
home
construction
13
25
26
21
15
1
(2)
(2)
(2)
(
?
((22))
2
()
(2)
2
( )
1947
July
36,915
83,399
45,110
74,717
64,274
69,666
107,563
51,675
29,535
41,956
55,444
32 ,208
70 ,685
37 ,458
59 ,049
77 ,843
67 ,459
102 ,554
65 ,640
22 ,979
25 ,228
43 ,967
54,880
175,514
43,968
64,566
85,294
85,807
90,527
40,032
27,401
15,840
34,162
660,254
605,070
717,991
Mortgages on
War and
l - t o 4 - Rental
and
v etfamily group
houses housing erans'
housing
(Title
(Title
(Title
II)
II)
VI) 1
94
309
424
473
669
736
877
691
243
216
219
347
33
26
26
33
26
28
30
27
28
33
36
39
39
2
2
11
48
51
13
13
6
02)
7
4
3
1
NOTE.— Data for July 1947 are preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
13
284
601
537
272
85
s
4
4
6
7
9
16
13
18
33
34
63
74
1
Mortgages insured under War Housing Title VI through April
1946; figures thereafter represent mainly mortgages insured under
the Veterans' Housing Title VI (approved May 22, 1946) but include
a few refinanced2 mortgages originally written under the War Housing
Title VI.
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
SEPTEMBER
June
,988 5,735 .
Total (11 districts). . .
Title I Loans
July
[In millions of dollars]
End of month
Total
Savings
Com- Mutual
and
mersavloan
cial
ings associbanks banks
ations
Insur- Fed2
ance
eral
com- agen- Other
panies cies *
1936—Dec
193 7— Dec
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
940
272
276 1,032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,436
260
246
247
233
11
9
122
105
974
917
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
1157
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
1
Merchandise exports
1946
1947
1946
Excess of exports
1947
1943
1944
1946
1947
1944
1945
750
728
992
1,124
1,107
1,197
903
887
1,030
798 Pl,114
670 Pl,150
815 Pl,327
230
234
249
301
314
358
334
325
365
394
318
385
P531
P436
P444
520
494
743
823
793
839
569
561
665
405
352
431
P583
989
1,092
1,003
1,231
1,455
1,296
1,005
1,135
870
757
851
878
258
282
296
361
386
332
366
372
360
407
397
386
P512
P474
P466
732
810
707
870
1,069
965
639
763
511
350
453
492
P787
1,265
July
1,280
August
September. . . .1,269
1,197
1,191
,194
893
737
514
P826
P883
P643
302
318
289
294
304
282
356
360
335
P434
P425
P 3 78
963
962
981
903
887
912
537
378
180
P392
P458
P265
October
November
December
1,237
1,072
1,286
1,144
,185
938
P537
455
P986
639
736 Pl,097
329
312
282
329
323
336
344
322
297
P394
908
760
1,004
815
862
602
111
317
439
P143
P505
P561
Jan.-June
5,555
7,410
1,549
2,052
2,122
4,006
5,359
3,709
Month
1943
Tanuary
February
March
April
May
June
5,831
1943
P1,299
P1,422
P!,242
4,769 P 7 , 5 5 3
1944
1945
P482
P536
2,286 P 2 , 8 6 3
1945
P713
P883
P948
P776
2,482 P4,690
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.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
2
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
[In millions of dollars]
ForTotal Coal Coke Grain Live- est
stock prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
1946
101
102
137
140
135
132
98
111
123
135
138
143
134
130
1946—May
June
July
August. . .
September
October. .
November
December.
106
133
139
141
138
139
137
140
68
146
145
152
160
155
117
132
62
126
140 r125
177 139
184
131
183
125
183
142
166
147
155 162
1947—January..
February.
March. . .
April
May
June
July
150
142
146
137
142
137
134
163
149
147
119
155
141
175
157
171
180
173
185
173
170
68
61
146
145
138
172
177
181
180
166
163
109
130
138
137
168
181
186
185
172
146
107
101
112
120
146
139
151
138
96
96
91
104
117
124
125
129
100
114
139
155
141
143
129
143
110
147
183
206
192
180
169
136
Miscellaneous
Merchandise
l.c.l.
101
110
136
146
142
138
97
96
100
69
63
67
69
79
73
81
78
77
75
79
83
81
145
147
SEASONALLY
ADJUSTED
1947—January..
February.
March. . .
April
May
June
July
Annual
1939
1940
1941
1942
1943
1944
1945
1946
3,995
4,297
5,347
7,466
9,055
9,437
8,899
P7,627
3,406
3,614
4,348
5,982
7,693
8,343
8,049
P7.OO8
1946—April
May
June
July
August. . .
September.
October...
November.
December.
566
515
639
651
664
673
663
663
658
1947—January...
February..
March. . . .
April
May
June
Net
railway
operatinj
income
Net
income
998
1,485
1,362
1,093
849
93
189
500
902
874
668
447
P289
562
524
586
603
613
605
606
601
523
4
-9
53
48
51
68
57
62
135
-28
-41
20
16
18
37
25
29
98
698
696
723
685
698
731
624
631
642
637
633
649
74
65
81
48
65
82
42
33
48
15
32
P49
1946— April
May
June
July
August. . .
September.
October.. .
November.
December.
567
533
612
674
710
660
710
658
637
556
537
574
611
629
593
625
594
534
11
-5
38
63
82
67
85
64
103
1947—January...
February..
March.. . .
April
May
June
686
636
718
689
724
697
628
593
645
631
649
637
58
43
73
58
76
60
589
682
SEASONALLY
ADJUSTED
115
115
66
118
166
118
91
128
136
122
125
149
153
157
154
146
151
156
164
162
164
157
157
145
123
135
141
145
139
139
148
148
147
159
151
138
140
168
123
111
121
111
104
'107
107
163
166
159
148
148
145
152
176
172
171
184
184
184
194
152
145
151
147
145
142
143
77
76
78
79
76
74
71
111
128
166
142
140
103
96
135
113
120
130
155
153
125
139
142
146
142
197
171
118
154
148
139
103
213
263
243
245
216
169
73
80
78
77
79
82
84
78
118
89
96
98
147
159
159
94
87
87
154
151
137
UNADJUSTED
1946—May
June
July
August. . .
September
October. .
November
December.
Total
Total
railway
railway
operating expenses
revenues
107
137
143
145
149
149
141
131
152
160
138
133
163
137
134
144
142
140
155
117
132
149
147
119
155
141
115
184
182
182
169
183
170
165
144
152
157
144
146
133
121
143
202
165
166
148
153
45
44
43
50
157
267
286
311
150
151
154
139
139
136
144
145
146
146
145
74
74
79
80
76
73
71
' 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.
1158
UNADJUSTED
-20
r-36
15
32
53
39
57
38
89
29
14
43
33
46
P36
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 retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
Year or month
United
States
Minne- Kansas
Dallas
City
apolis
San
Francisco
106
109
123
129
148
164
185
247
105
110
127
149
184
205
229
287
112
116
138
157
212
245
276
353
109
117
139
169
200
221
244
306
300
330
313
293
294
303
253
259
265
254
252
251
'282
300
321
297
283
299
'383
381
376
349
356
348
'321
3.4
313
319
320
317
245
262
260
261
276
278
281
278
290
294
306
321
299
320
262
261
279
257
270
278
268
281
272
298
296
316
305
295
363
347
347
377
379
'361
378
313
330
'325
315
323
'320
329
275
321
374
372
416
570
198
236
268
268
318
409
234
284
316
313
371
463
204
232
287
281
302
385
239
279
311
312
340
448
r2Q\
'219
226
292
290
301
278
215
273
298
346
350
'348
307
269
196
210
250
258
276
270
219
228
244
288
297
315
269
249
196
202
258
264
269
264
217
225
247
283
290
297
281
250
294
306
337
347
356
'307
288
249
278
295
297
301
99
106
130
182
144
151
156
205
107
113
139
191
175
190
198
250
107
115
140
178
161
185
188
258
103
111
134
186
160
161
159
205
102
108
134
176
152
159
166
225
103
110
138
171
151
169
165
211
99
105
125
159
152
157
158
210
106
113
130
161
159
177
190
250
106
113
137
187
172
177
182
238
205
210
217
220
219
213
208
221
232
249
258
264
264
262
274
298
319
267
271
277
297
330
348
213
210
220
235
249
256
231
234
240
264
274
292
224
219
227
244
259
281
206
201
219
234
249
303
252
262
267
274
303
364
250
240
249
270
296
334
234
249
242
230
221
215
205
216
225
223
221
215
'212
204
257
261
264
246
238
231
217
315
307
295
302
292
270
265
311
335
321
320
309
280
270
262
264
263
257
243
232
226
291
296
288
281
272
267
246
278
270
266
287
268
'257
254
298
293
302
282
267
248
211
327
343
343
326
333
308
276
315
330
331
308
287
280
267
179
198
210
231
236
186
,•197
218
216
217
247
213
192
213
231
247
242
187
213
225
246
268
263
214
260
297
294
312
316
266
275
292
305
333
347
293
209
225
244
263
274
231
240
255
266
295
293
246
228
232
245
271
279
246
'229
225
246
266
266
248
272
296
299
310
324
306
265
263
281
299
313
274
180
194
207
202
194
180
181
206
231
241
233
224
206
194
188
218
223
225
217
'201
194
225
242
254
253
241
222
217
268
290
295
304
286
259
268
280
312
321
317
300
283
278
225
240
255
252
243
227
222
250
266
279
281
272
267
256
253
257
267
273
266
'248
258
258
264
272
273
261
248
236
294
305
326
316
316
298
299
277
290
308
304
298
285
283
Richmond
Atlanta
Chicago
St.
Louis
184
236
106
114
138
153
167
182
201
257
109
120
144
170
194
215
236
289
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
111
119
143
158
179
200
227
292
236
259
205
179
231
232
'242
259
246
233
239
250
260
286
249
248
266
277
'310
'307
298
286
'291
293
343
365
367
348
347
363
254
281
263
250
261
264
215
219
237
227
244
249
237
228
224
229
235
253
254
254
247
234
236
258
275
'264
257
256
256
257
272
298
284
281
'293
281
307
299
303
317
301
341
338
346
353
367
365
336
208
242
278
278
336
441
157
184
237
240
284
398
158
189
214
202
301
392
'174
195
246
258
318
408
203
249
251
265
333
430
'222
'254
316
312
'370
'494
209
222
266
268
280
265
219
170
171
227
227
241
r232
164
182
188
229
223
237
231
170
188
192
255
248
261
238
185
194
210
262
266
283
267
220
102
108
131
179
155
162
166
213
99
105
124
165
142
147
153
182
97
102
123
181
143
150
160
195
96
99
119
167
*141
148
150
191
1946—July
August....
September.
October
November.
December..
222
221
226
237
256
274
187
186
192
207
209
205
208
210
200
192
221
238
1947—January. .
February.
March
April
May
Tune
July
268
275
273
264
252
242
230
197
206
211
211
198
188
188
1946—July
August....
September.
October
November.
December..
223
238
250
267
277
235
tary. .
1947—•Janua
Februuary.
March....
April
May
234
252
264
262
253
'236
232
Boston
New
York
106
114
133
149
168
186
207
264
104
108
126
140
148
162
176
221
101
106
119
128
135
150
169
220
273
290
270
257
271
276
227
246
226
216
230
231
265
268
273
276
291
'289
287
1946—July
August
September.
October
November.
December..
1947—January. .
February.
March
April
May
June
July
Phila- Clevedelphia land
SALESi
1939
1940
1941
1942
1943
1944
1945
1946
104
111
129
143
151
167
SEASONALLY ADJUSTED
1946—July
August
September
October
November
December
1947—January
February
March
April
May
June
July
UNADJUSTED
332
395
384
434
567
r
265
292
32o
330
376
504
294
272
STOCKSi
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
SEASONALLY ADJUSTED
UNADJUSTED
June
July
' Revised.
1
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 sec BULLETIN
for June 1946, pp. 588-612.
SEPTEMBER
1947
1159
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Amount
(In millions of dollars)
Year or month
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1946—June
July
August
September
October
November
December
1947—January
February
March
April
May
June
July
Without seasonal adjustment
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
128
136
156
179
204
227
255
318
344
353
419
599
508
534
564
714
108
194
263
530
560
728
907
'303
244
303
309
341
404
526
700
••738
806
828
879
919
776
1048
'1074
1012
960
845
691
557
256
250
332
321
'336
304
P252
769
838
865
849
'818
769
619
603
485
387
'351
470
P594
P729
r
P Preliminary.
Revised.
1
These figures represent retail sales, stocks, and outstanding orders
as reported by a sample of 296 of the larger department stores located
in various cities throughout the country and are not estimates for all
department stores in the United States.
Back figures.—Division of Research and Statistics.
1946
1945
1947
1946
6... . .242Oct.
13... . .245
20. . .237
233
27
Nov. 3... 236 Nov.
10... ..261
17. .. .275
24.".. . .258
Dec. 1... . .326
8... ..401 Dec.
15... ..433
22... ..421
29... ..158
.277 Apr. 6... . .272Apr. 5... ..319
5
12
.281
13... . .282
12... ..265
19
.295
20... . .289
19
271
26
287
26... . .267
27!.. ' 232
2
277 May 4... 248 May 3... . .279
10... ..311
9.... .314
11... . .274
16
.342
18... . .246
17
273
24... . .277
23
363
25... 245
30.... .334 June 1... ..223
31... . .250
7.... .475
8... . .273June 7.. .. .293
14.... .519
15... . .283
14... . .300
21
.532
22... . .248
21... . .256
28.... .281
29... . . 239
28... ..245
July 6... . .192July 5 . ..208
1946
1947
13. .. . .210
12... ..228
20... . .201
19... . .217
.
.135
Jan.
4
.188
27...
.
.204
26...
. '213
Jan. 5...
12... . .188
11
.232 Aug. 3... . .217Aug. 2 . .220
19... ..191
18
.223
10... . .228
..223
25
.220
17... . . 239
16... . .225
26... . .188
.217
24... . .255
23. ... .243
Feb. 2. ..197 Feb. 1
9... ..214
8... ..219
31... ..281
30... . .277
15
.246 Sept. 7... . .264Sept. 6... . .265
16... . .209
23... . .213
22.... .216
14... . .293
13.. .
.238
21... . .280
20. . .
Mar. 2... ..217 Mar. 1
9... ..233
8'.'...'..254
28... .257
27
16... . .243
15
.267
23... . .255
22.... .286
30... . .257
29
.283
Oct.
' Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
United States.
Boston
New Haven. . .
Portland
Boston Area. .
Downtown
Boston
Springfield
Worcester
Providence....
New York l
Bridgeport .. .
Newark 1
Albany
Binghamton...
Buffalo 1
Elmira
Niagara Falls..1
New York City
Poughkeepsie..
Rochester l....
Schenectady.
.
Syracuse 1
Utica
+4
v+4
4-6 +10
4-8 4-4
4-12
—9
-4
+4
+3
+2
+2
+*
+5
+3
+7
+2
—5
+5
+9
+6
+8
+8
+1
+13
Philadelphia
.
+6
Trenton x
Lancaster 1... . ! + i o
Philadelphia 1. . +4
Reading *
+6
1
Wilkes-Barre
.
+7
York 1
+8
4-8
—7
4-1
4-3
'4-5
4-2
-4
4-9
4-1
4-13
4-1
4-1
4-4
+
i
4-6
4-8
4-14!
±S
4-5
4-4
'4-2
4-6
-6
Cleveland
+8 +4
Akron x
+10 - 1
Canton *. 1
+4 4-lC
Cincinnati1 . . .
+7 4-3
Cleveland ... . , + 11
+1
Columbus l 1. . . . +2
Springfield . . .
+6
Cleveland-cont
Toledo 1
Youngstown
*. .
Erie 1
Pittsburgh 1. . . .
Wheeling 1
4-11 Richmond
4-5 Washington J . . .
+8 Baltimore
4-4 Raleigh, N. C. .
4-9 Winston-Salem.
C.
+9 Charleston^.
Greenville, S. C.
4-4 Lynchburg
4-10 Norfolk
4-8 Richmond
4-10 Roanoke
4-11 Charleston,
4-10
W. Va
4-8
4-10 Huntington....
4-11
+8 Atlanta
+ 13 Birmingham l. .
+ 11 Mobile
Montgomery ll. .
...
+12 Jacksonville
+4 Miami x
+ 14 Orlandox
+11 Tampa x
+ 14 Atlanta
+ 15 Augusta
+5 Columbus
Macon l
+10 Baton Rouge J1 . .
+6 New Orleans . .
+14 Briston, lTenn. .
+9 Jackson
x
..
+9 Chattanooga
+7 Knoxville Jl
+61 Nashville
Chicago
+9
+7
+9
+3
+3
+4 + 10 Chicago x
+3 +11 Peoria 1
+6 +11 Fort Wayne 1l..
-3
-1
0
-3
-1
-6
+8
+ 11 + 13
+1
+1
-9
3!
+7
+1
-10
I
.
-2
+ 1| +1
0 +2
+6
e
+ |
+ 10!
+8
+51
+4:
-4j
-III
+8
+4!
+7|
12!
+61
-1 +4
-g -5
-20
-12 -21
-7
iSeven
July Junej mos.
1947 1947!1947
I
jSeven
July j June! mos.
1947 1947 1947
,
Seven
July j June mos.
1947 I 1947 1947
July
1947
Indianapolis ..
Terre Haute *..
Des Moines.
..
x
1
+4 Detroit
+2 Flint
+5 Grand Rapids.
+ 14 Lansing
Milwaukee x x...
+ 18 Green
Bay .. .
- 2 Madison
+4
+2 St. Louis
+3 Fort Smith....
+ 11 Little Rock x . .
+6 Quincy
Evansville. . . .
+6 Louisville 1.. . .
+5 East St. Louis.
St. Louis 1. . . .
Louis Area.
+5 St.
+5 Springfield....
l
+7 Memphis . . . .
+8 Minneapolis . .
+3 Minneapolis 1..
+ 12 St. Paul 1
+4 Duluth+ 10 Superior x. . .
+2
+5 Kansas City . .
+9 Denver
- 2 Pueblo
+8 Hutchison. . . .
+ 10 Topeka
+8 Wichita
+2 Joplin
0 Kansas City.. .
- 8 St. Joseph. . . .
+2 Omaha
p+11 +9 + Kansas City—
cont.
+9 ' + 6
P + 4 +10 +10 Oklahoma City.
- 6 +13 Tulsa
+5 - 4 + 10
+10 + 17 +6 Dallas
+3 +13 Shreveport
+ 13 + 13 + 10 Corpus1 Christi..
+ 1 Dallas
+ 15 ++6
14 + 16 Fort W o r t h . . . .
+ 17 + 15 + 1 Houston x .. .
+3 +6 + 18 San Antonio... .
+6
P + 1 4 +21
.
P+8 + 12 +17 San Francisco.
+
11 | Phoenix 1 . . .
+6 -3
+8 Tucson
-201 - 1 2 Bakersfield1
-6\
— 10;
+ 10 + 171
+6|
+88| +75!
+ 10!
l
|
+4! - 4 !
+61
o| +
| + 12
+ 15J
-1
+6
+ 15
+ 11
+94
+9
+ 11
+4
+4
+12
+8
+ 15
+ 12 + 13
+5 +4\ +8
+4 +5! +11
+ 11 - 3 | +9
+2 - l ! +5
+8 +4j9! +8
-6
-3
+ 10 + 11! + 13
+5 +5| +9
+ 12 +3| +9
+2
ol + 7
Fresno x
Long Beach xl.. .
Los Angeles .. .
Oakland and1
Berkeley ....
Riverside and
San Bernardino
Sacramentox *. . .
San Diego . . . .
San Francisco l .
San Jose x J
Santa Rosa . . .
Stockton
Vallejo and
Napa J
Boise and
Nampa
Portland
1
Salt Lake City
.
x
Bellingham
. ..
Everettxl
Seattle
Spokane Lx
Tacoma x
Yakima
-lj
+6|
-l!
+5 +19|
|
ij
-61
- 2i
+7 +4
0 +2|
-lj
+3
+6
+5
+8
+7
+1
+7
+8
+6
0\
+7
0
+3
4 | +10
°l ' ++61
+11
( 2 ) I +4J3 +10
+6! + ll! +11
-61 +2
-4
- l ! +8
v+2
+7
+6
+3
+2
+ 11
+9
+3
P-2
-6; +4
r
+7j +9
+3i +7
'0! +2
' - 2 | +4
+7; +17
+ 11 +7
'+6! +14
-20| -17! - 1 5
-IS1,
^+6
+ 16
— 13!
p-61
+2
+4
-81 +2
+8 +11
- 3 +8
+41 +9
-3 +6
-3
+8!
-lj
'-111 ' + 11
P-4
+4
+16
+4
+7
p Preliminary.
' Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
Six months 1947.
1
2
3
1160
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
S A L E S A N D STOCKS B Y M A J O R
DEPARTMENTS
Per cent change
from a year ago
(value)
Number
of stores
reporting
Department
Sales during
period
June
1947
GRAND T O T A L — e n t i r e stores
358
+1
MAIN STORE—total
358
-1
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons housedresses uniforms
Underwear slips negligees
Knit underwear
Silk and muslin underwear, slips
Negligees robes lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
.
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's children's)
Handbags, small leather goods
'.
355
340
341
335
315
221
240
294
340
163
189
165
320
248
262
246
294
174
333
339
349
328
-8
—9
-12
-8
-10
-10
-9
— 13
-1
M e n ' s a n d boys' wear
M e n ' s clothing
M e n ' s furnishings, hats, caps
Boys' clothing a n d furnishings
M e n ' s a n d boys' shoes, slippers
329
245
314
290
190
+4
+15
Home furnishings
316
240
266
299
233
306
204
175
191
239
239
239
+9
F u r n i t u r e , beds, mattresses, springs
D o m e s t i c floor coverings.
Draperies, curtains, upholstery
M a j o r household appliances
Domestics, blankets, linens, e t c
Linens a n d towels .
Domestics-muslins sheetings
Blankets, comforters, spreads
L a m p s a n d shades
C h i n a a n d glassware
Housewares
Piece goods
Silks r a y o n s a n d velvets
Woolen dress goods
C o t t o n wash goods
... .
.. .
305
113
94
127
...
+8
-3
-7
+5
-5
—30
+3
—5
c
+2
-21
-14
0
-4
+ 12
1947
June
1947
1947
Sto cks at e n d
cf m o n t h
1946
19 47
1946
1946
June
May
June
June
May
June
+9
2.6
2.4
+11
2.7
2.4
192
213
194
523
569
473
-10
—31
—6
-36
—36
-35
—36
+20
+ 16
+28
+33
-25
— 14
+58
—35
-28
— 26
— 15
-15
+ 14
+40
-28
2 1
2.1
1.1
1.7
1.8
1.3
2.6
1.4
2.2
2.0
2.2
2.1
2.9
3.2
17.4
2.4
4.1
0.9
5.1
2.2
2.0
2.0
2.2
2.7
1.0
2.5
2.6
1.8
3.7
1.0
1.8
1.7
1.6
2.6
3.6
1.9
18.5
3.4
5.1
1.1
5.7
2.0
1.1
2.4
183
101
241
264
204
228
186
252
212
228
210
191
216
206
21
183
132
121
103
258
125
162
218
173
279
267
240
270
212
273
252
254
264
245
246
242
29
247
153
168
156
278
156
193
199
110
275
286
226
254
205
290
214
212
217
205
206
216
30
178
142
127
108
251
159
189
391
209
267
457
374
298
483
350
458
460
466
406
632
659
364
439
535
114
525
572
250
328
438
237
340
577
441
365
560
410
485
469
493
458
678
732
332
491
586
146
573
616
267
383
433
303
283
723
573
441
753
293
394
358
349
538
736
421
608
619
722
144
618
498
178
450
+10
+25
+5
+1
+12
+45
+ 141
+40
-6
+81
2.7
2.3
2.4
4.0
3.4
1.9
1.1
1.7
4.1
2.1
219
211
240
164
224
198
225
181
187
193
211
184
240
171
200
580
494
580
657
773
651
511
678
752
820
400
206
414
693
424
+15
+2
+21-i
+34
+45
+78
+16
+252
+27
+20
+ 138
+5
2.8
2.6
2.3
3.0
0.8
2.6
3.1
1.1
3.1
4.4
3.9
3.1
204
177
187
199
328
183
182
190
178
173
152
273
221
189
218
246
357
183
168
196
180
191
145
305
187
177
166
200
163
187
188
179
189
172
147
269
692
680
683
702
463
607
706
478
611
621
817
848
724
707
672
760
497
645
709
491
668
703
792
929
514
463
380
607
139
479
577
197
600
752
576
822
-1
n
-4
-3
-3
-6
0
-5
+5
+ 14
+1
+6
+ 11
+6
+1
+1
—2
+1
+8
-4
j
- 2
—1
+3
+2
+8
+7
+42
+3
-5
-9
-37
+9
+10
+ 10
+3
+ 16
+53
+ 106
+ 12
+91
3.1
2.9
8.2
2.0
1.9
1.3
4.6
1.2
228
198
99
301
290
274
111
368
240
219
157
276
709
573
809
618
732
587
765
647
470
278
716
328
+2
-2
-12
-16
—9
-15
-6
— 21
+23
— 18
-9
_9
-11
3.3
2.8
2.4
3.7
3.3
3 3
3.1
5 1
3.5
3.6
3.3
3.7
3.2
2.8
3.9
3.6
4.2
2.7
6.0
3.7
3.8
3.6
169
240
250
135
199
186
217
121
153
150
141
182
278
267
145
213
216
201
131
160
155
142
173
250
234
150
195
186
205
125
159
153
145
563
671
592
500
664
607
673
614
541
536
470
604
687
626
533
719
675
698
656
583
582
494
636
785
642
589
712
779
534
746
590
573
529
+7
2.8
4.6
3.4
2.1
2.7
5.1
2.6
1.9
190
115
197
317
186
115
171
270
189
131
179
302
539
533
660
663
576
572
686
721
509
662
449
559
1.9
1.6
2.1
2.5
2.7
2.4
2.2
2.0
2.4
2.6
1.8
2.6
194
188
228
190
247
191
205
208
199
215
279
189
177
179
190
173
245
154
377
298
469
484
680
458
404
321
523
502
686
512
395
362
453
449
434
399
-6
—2
-4
Miscellaneous
T o y s a n d games
Sporting goods, cameras
Luggage
.
305
154
66
251
-12
+ 10
+5
207
198
164
140
53
127
+10
+5
+20
+9
+1
+24
:
Sales during
period
June
+1
+12
-1
+ 101
-2
-3
+6
344
121
231
328
308
208
130
242
251
157
94
BASEMENT STORE—total
W o m e n ' s apparel a n d accessories
M e n ' s a n d boys' clothing a n d furnishings
H o m e furnishings
Piece goods
Shoes.
.
+6
+5
Index numbers
without seasonal adjustment
1941 average monthly sales=100 ;
3.4
3.8
3.7
3.5
1.4
3.3
3.9
2.5
3.4
3.6
5.4
3.1
0
Small wares
Lace, trimmings, embroideries, a n d r i b b o n s . . . .
Notions
Toilet articles, drug sundries, a n d prescriptions. .
Jewelry a n d silverware
Jewelry
Silverware
A r t needlework
Stationery, books, magazines
Stationery
Books, magazines
. . .
. . .
Six
mos.
1947
Stocks
(end of
month)
R a t i o of
stocks t o
sales x
- +7
10
+2
o
+6
-3
—2
-2
+1
+ 165
0
-7
+ 13
+ 12
-5
+1
—2
+7
+4
+4
+ 10
-3
+2
-15
+ 16
+8
+ 13
+8
+25
+ 13
+ 12
+29
— 17
-20
+43
+ 17
-5
-18
+4
+8
+52
+ 15
1
T h e ratio of stocks t o sales is obtained b y dividing stocks a t t h e end of t h e m o n t h b y sales during the m o n t h a n d hence indicates t h e n u m b e r
of m o n t h s ' supply on h a n d a t t h e e n d of t h e m o n t h in t e r m s of sales for t h a t m o n t h .
2
T h e 1941 average of m o n t h l y sales for each d e p a r t m e n t is used a s a base in c o m p u t i n g t h e sales index for t h a t d e p a r t m e n t . T h e stocks
index is derived b y applying t o t h e sales index for each m o n t h t h e corresponding stocks-sales ratio. F o r description a n d m o n t h l y indexes of
sales a n d stocks b y d e p a r t m e n t groups for back years, see p p . 856-858 of B U L L E T I N for August 1946. T h e titles of t h e tables on pages 857 a n d
858 were reversed.
3
F o r m o v e m e n t s of total d e p a r t m e n t store sales a n d stocks see t h e indexes for t h e United S t a t e s on p . 1159.
N O T E . — B a s e d on r e p o r t s from a group of large d e p a r t m e n t stores located in various cities t h r o u g h o u t t h e c o u n t r y . I n 1945 sales a n d stocks
a t these stores accounted for a b o u t 50 p e r cent of estimated total d e p a r t m e n t store sales a n d stocks. However, n o t all stores reported d a t a for
all of t h e d e p a r t m e n t s shown; consequently, t h e sample for t h e individual d e p a r t m e n t s is n o t so comprehensive as t h a t for t h e t o t a l .
SEPTEMBER
1947
1161
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding.
In millions of dollars]
Instalment credit
Total
consumer
credit
End of year
or month
7,637
6,829
5,526
4,093
3,929
4,396
5,439
6,796
7,491
7,064
7 994
9,146
9,895
6,478
5,334
5 776
6,637
10,157
1929.
1930.
1931
1932.
1933.
1934.
1935.
1936.
1937.
1938.
1939
1940.
1941.
1942
1943.
1944
1945
1946
1946—'Time
July
August
September
October
7,905
'•8,032
'8,374
'8,643
'9,021
'9,540
10,157
'9,982
'9,939
10,255
10,465
10,723
10,970
11,060
November
December
1947—January
Fphruarv
March
April
May
June?
Julyp
Total
instalment
credit
3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2 034
2,365
3,976
2,902
3,022
3,165
3,288
3,458
3,646
3,976
Sale credit
Total
Automobile
Other
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
1,558
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
544
336
365
394
425
466
505
544
581
631
691
753
810
858
905
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
1,035
1,070
1,124
1,177
1,261
1,358
1,558
1,566
1,608
1,695
1,813
1,922
2,014
2,074
4,048
4,156
4,329
4,537
4,733
4,909
5,051
699
705
730
752
795
853
1,014
985
977
1,004
1,060
1,112
1,156
1,169
Loans1
Singlepayment
loans2
Charge
accounts
Service
credit
652
664
617
527
483
550
822
1,090
1,219
1,299
1,657
1,998
2,176
1,457
1,143
1,199
1,462
2,418
1,867
1,952
2,041
2,111
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,895
2,977
2,125
1,949
1 402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1 369
1,192
1 255
1,519
2,253
1,846
1,886
1,938
2,000
2,081
2,164
2,253
'2,295
'2,303
'2,279
'2,256
2,255
2,269
2,306
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1 513
1,498
1 758
1 981
3,054
2,327
2,281
2,418
2,495
2,621
2,859
3,054
2,764
2 602
2,768
2,782
2,835
2,887
2,792
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
'874
830
'843
'853
'860
'861
'871
'874
'875
'878
'879
'890
900
905
911
pPreliminary.
' Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
1
2
CONSUMER INSTALMENT LOANS
[Estimates.
In millions of dollai-s]
Amounts outstanding
(end of period)
Year or month
Total
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
June?
July?
Industrial
banks*
Industrial
loan
com- 2
panies
1,090
1,219
L,299
L.657
L,998
M76
1,457
1,143
1,199
46?
2,418
1,867
1,952
2,041
2,111
2,197
2,288
2,418
263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608
129
131
132
134
89
67
68
76
117
99
104
107
72
59
60
70
98
498
512
527
536
547
565
608
92
96
100
103
108
112
117
79
81
84
86
90
94
98
2,482
2,548
2,634
2,724
2,811
2,895
2,977
991
1,030
1,079
1,123
1,167
1,196
1,223
611
611
617
627
633
638
649
122
125
128
133
138
143
148
102
105
108
113
116
119
121
. . .
1945
1946
1946—June
July
August
September. .
October
November. .
December...
1947—January....
February. . .
March
April
May
Small
loan
companies
43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956
702
744
790
824
865
907
956
652
664
617
527
483
550
. .
Commercial
banks *
219
218
184
143
121
125
156
191
221
95
Loans made by principal lending institutions
(during period)
Credit
unions
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185
149
155
158
164
171
176
185
186
190
197
204
213
224
233
Miscellaneous
lenders
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110
99
101
102
103
104
106
110
110
110
111
112
113
113
114
Insured
repair
Comand
modern- mercial
banks1
ization
loans3
Small
loan
companies
25
168
244
148
154
213
284
301
215
128
120
179
344
69
130
248
368
460
680
1,017
1,198
792
639
749
942
1,793
463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956
1,251
248
263
280
295
312
328
344
148
155
164
156
176
172
191
187
180
214
213
212
211
217
98
105
108
96
105
120
166
98
90
121
116
115
117
123
360
377
394
412
431
462
489
Industrial
banks2
Industrial
loan
companies2
413
380
340
250
202
234
288
354
400
238
261
255
255
182
151
155
166
231
176
194
198
203
146
128
139
151
210
19
20
20
20
21
22
26
22
21
24
24
24
26
28
17
17
18
18
19
20
25
20
20
23
24
24
24
22
Credit
unions
42
41
38
34
33
.
42
67
105
148
179
257
320
372
247
228
230
228
339
28
29
30
31
34
33
39
33
33
38
39
42
43
44
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 94 million dollars, and
loans2 made during July were 13 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
1162
FEDERAL RESERVE
BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
Department
Total,
End of
Furnistores
excludyear or ing autoture
and
month
mailstores
mobile
order
houses
1929
1,197
160
583
539
155
1930.
1,104
1931
958
454
138
1932
313
677
103
299
663
119
1933
314
741
146
1934
1935
336
865
186
406
256
1936
1,147
1937
469
1,368
314
1938
485
302
1,343
536
377
1939
1,525
1940
599
1,721
439
466
619
1941
1,802
391
252
1942
1,009
1943
271
172
639
635
183
269
1944
283
676
198
1945
1946
366
337
1,014
1946
699
299
210
Tune
299
July
212
705
730
221
308
August....
311
752
235
September
795
257
322
October. . .
853
284
337
November.
366
337
December. 1,014
1947
352
985
337
January. . .
349
977
338
February..
358
354
M a r c h . . . . 1,004
386
366
April
1,060
382
409
May
1,112
423
395
June?
1,156
432
398
Julyp
1,169
In millions of dollars]
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
28
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
123
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
160
17
20
22
23
25
26
28
63
63
64
65
66
72
123
110
111
115
118
125
134
160
27
29
29
32
32
36
37
114
107
105
109
114
120
118
155
154
158
167
175
182
184
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Outstanding at end
of period:
1941—June
December... .
1942—June
.. .
December... .
I943—June
December
1944—j un e
December.. . .
1945—June
December....
1946—June
July
August
September. . .
October
November... .
December.. . .
1947—January
February
March
April
May
JuneP
Julyp
Volume extended
during month:
1946—June
July
August
September. . .
October
November... .
December....
1947—January
February... .
March
April
May
JuneP
July?
Total
202.5
196.8
162 4
125.4
100.2
91.8
89.6
92.0
94.6
104.1
127.4
132.6
138.5
142.9
150.6
156.1
162.7
168.1
172.6
177.4
184.2
191.4
199.2
206.5
23.8
26.3
26.7
25.2
28.8
28.5
31.2
29.1
27.4
31.3
32.4
32.8
33.8
36.3
Automobile
53.5
49.3
34.3
21.4
14.4
12.6
12.5
13.0
12.8
13.8
18.5
19.9
21.3
22.1
24.4
26.2
27.5
29.5
31.3
33.5
36.4
38.6
40.6
43.0
3.9
4.7
4.7
4.3
5.5
5.2
5.6
6.4
6.2
7.1
7.7
7.5
7.5
8.3
Other
Repair
Persona]
instalmodern- ment
cash
ization
loans
loans 1
and
18.4
18.8
16 3
12.8
8 8
18.2
18.6
16 5
15.6
14 1
13.7
13.8
14.1
14.7
15.7
16.7
17.8
18.6
19.6
19.4
20.5
21.8
23.1
24.4
12.9
13.4
14 2
17.2
22 0
23.1
24.2
25.4
26.7
27.5
28.3
28.9
29.6
30.3
31.4
33.1
35 0
36.9
7.7
6.8
7.8
7.7
9.8
2.7
2.8
3.0
2.7
3.5
3.6
3.7
3.5
3.4
3.5
4.1
4.3
4.3
4.7
U.O
2 3
2.6
2.8
2.7
3.3
2.8
2.6
2.4
2.4
2.7
3.1
37
39
3.9
112.4
110.1
95 3
75^6
62 9
57^5
57.4
57.8
59 9
63.3
73 2
75.8
78.9
80.7
83.8
85.7
89.1
91.1
92.1
94.2
95.9
97.9
100 5
102.2
14 9
16.2
16.2
15.5
16.5
16.9
19.3
16.8
15.4
18.0
17.5
17.3
18.1
19.4
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purPur- Direct chased
and
chased loans direct
Repair
and
modernization
loans1
Personal
instalment
cash
loans
218
311
411
136
54
55
64
165
164
253
310
123
79
96
139
306
155
217
288
143
68
75
100
275
209
247
234
154
89
84
124
273
109
115
127
212
225
241
165
184
201
183
195
211
347
422
451
289
226
247
315
572
439
460
484
Automobile
retail
Total
Year or month
Outstanding at end of
period :
1939
1940
1941
1942
1943
1944
1945.
1946
1945—June
July
August
September..
October....
November..
December. .
1947—January....
February...
March
April
May
June p
July?
Volume extended during month:
1946—June
July
August
September..
October....
November..
December. .
1947—January.. . .
February...
March
April
May
JuneP
July?
1,093
1,450
1,694
845
516
557
742
1,591
1.108
,179
,264
,334
,413
,494
1,591
1,668
1,732
1,821
L.922
2,027
2,125
2,202
219
242
255
246
279
274
306
307
289
343
364
375
392
385
136
145
156
165
181
196
215
252
268
285
306
325
348
373
214
233
251
275
296
305
317
237
254
276
397
423
439
337
364
388
288
455
406
23
28
33
30
34
33
39
44
42
54
60
59
59
63
47
49
53
51
58
58
64
69
70
81
84
83
80
84
38
48
43
46
54
54
61
65
55
59
69
77
92
76
226
242
256
273
280
284
296
506
525
546
572
586
599
620
314
334
358
637
652
664
379
674
23
24
29
27
31
29
28
24
25
31
36
42
44
42
88
93
97
92
102
100
114
105
97
118
115
114
117
120
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. n millions of dollars
Year or month
Total
Outstanding at end
of period:
1944
1945
1946
1946—June
July
August
September...
October .;:
November....
December....
1947—January
February . . . .
March.. . .
April
May
JuneP
Julyp
67.1
76.7
108.4
87 5
89.0
93.1
95.3
99 7
103.7
108.4
112.2
115.5
118.7
124.6
128.5
131.3
133.5
Volume extended
during month:
1946—June
.
July
August .
September...
October......
November....
December....
1947—January . . . .
February . . . .
March
April
May
June p
Julyp
18 3
19.6
20.5
20.0
22.5
23.0
26.2
22.4
22.2
25.6
27.4
26.9
27.3
25.5
Retail instalment paper Automobile
10.5
11.0
15.0
12.7
13.0
13.6
13.8
14.5
14.9
15.0
15.6
16.5
17.1
18.7
20.6
21.7
22.2
2.7
Other
3.8
4.0
7.4
5.2
Repair Persona
instaland
modern- ment
cash
izationl
loans
loans
1 l
1.5
2.4
1.7
5.4
5.6
6.2
7.0
7.6
7.4
8.0
8.4
8.9
9.9
10.8
11.8
12 8
1.9
2.0
2.0
2.2
2.3
2.4
2.5
2.5
2.6
2.7
3.0
3.2
3.3
1.2
1.4
0.2
3.5
3.4
4.0
4.1
3.4
3.6
3.9
3.9
4.8
4.7
4.8
l.l
L.4
L.8
1.7
L.6
1.8
1.6
1.8
2.4
2.4
2.7
0.3
0.3
0.3
0.2
0.3
0.2
0.2
0.3
0.3
0.5
0.5
4.9
2.8
0.4
3.3
0.3
51.7
60.2
83.6
67.9
68.7
71.9
73.3
76.0
78.9
83.6
86.1
88.1
90.1
93.3
94.1
94.6
95.2
14.2
14.6
15.6
14.9
16.4
17.0
20.9
16.8
16.5
19.6
19.9
19.3
19.3
17.4
P1 Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
SEPTEMBER 1947
1163
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
July June
1947^ 1947
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at
end of month:
Total
Instalment
Collections during
month:
Total
Instalment
May
1947
+11
+9
+13
+2
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 3
Percentage change
from corresponding
month of preceding
year
June
1947
May
1947
+7
+ 12
+17
-11
-12
—8
+17
+17
+28
+ 17
+29
+23
July
1947P
-10
-9
-8
-8
-11
-7
-7
-4
0
0
+1
+3
+5
+3
+36
+33
+38
+35
+41
+32
+1
-4
-6
+7
+6
+ 17
+9
+19
+13
+22
+ 13
0
-4
+25
+35
+41
-2
Inventories, end of
month, at retail value.
-1
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
1946
June
July
August
September
October
November
December
34
32
35
34
37
37
35
26
26
26
25
27
27
26
56
57
54
51
52
47
47
33
32
33
30
32
34
44
60
58
59
56
60
59
54
1947
January
February
March
April
May
June
July*
29
28
32
29
29
27
27
23
21
25
23
24
23
22
47
41
45
44
44
46
44
26
25
27
25
••26
24
23
52
51
56
54
56
54
53
Department
stores
r
P Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1
*> Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
100
114
130
145
162
202
100
131
165
188
211
243
100
82
71
66
68
101
100
102
103
111
124
176
100
78
46
38
37
50
100
91
79
84
94
138
100
103
80
70
69
89
100
110
107
112
127
168
48
56
61
64
64
59
9
6
5
4
4
4
43
38
34
32
32
37
1946—June
July
August
September
October
November
December
193
156
193
197
218
257
330
234
234
229
249
297
384
81
••75
99
97
119
146
199
169
130
164
180
202
233
292
45
45
48
50
55
62
75
133
119
127
145
156
176
224
83
79
84
87
101
109
117
167
165
152
152
186
197
205
59
61
60
57
56
57
57
4
4
4
4
5
5
5
37
35
36
39
39
38
38
1947—January
February
March
April
May
June
July*
163
159
210
207
216
195
161
188
179
236
230
241
219
184
106
109
146
141
138
123
114
146
144
192
192
202
182
143
75
74
76
80
82
82
83
176
154
160
164
167
165
146
118
112
126
120
124
119
122
251
195
185
186
198
193
190
57
56
55
55
55
55
57
6
6
6
6
6
6
6
37
38
39
39
39
39
37
••191
Charge
account
Instalment
Charge
account
Instalment
Charge
account
r
p Preliminary.
Revised.
N O T E . — D a t a based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1159.
1164
FEDERAL RESERVE BULLETIN
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 Average=100]
All items
Food
Clothing
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929
1930
1931..
1932..
1933..
1934..
1935..
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
108.7
97.6
92.4
95.7
98.1
103.9
86.5
84.1
93.7
100.4
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
104.1
101.7
98.4
97.9
98.1
1936
1937
1938
1939
1940
99.1
102.7
100.8
99.4
100.2
101.3
105.3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96.4
100.9
104.1
104.3
104.6
100.2
100.2
99.9
99.0
99.7
96.3
104.3
103.3
101
100,
98.7
101.0
101.5
100.7
101.1
1941
1942....
1943....
1944
1945....
1946....
105.2
116.5
123.6
125.5
128.4
139.3
105.5
123.9
138.0
136.1
139.1
159.6
106.3
124.2
129.7
138.8
145.9
160.2
106.2
108.5
108.0
108.2
108.3
108.6
102.2
105.4
107.7
109.8
110.3
112.4
107.3
122.2
125.6
136.4
145.8
159.2
104.0
110.9
115.8
121.3
124.1
128.8
1945—July
August
September.
October
November.
December. .
129.4
129.3
128.9
128.9
129.3
129.9
141.7
140.9
139.4
139.3
140.1
141.4
145.9
146.4
148.2
148.5
148.7
149.4
108.3
111.2
111.4
110.7
110.5
110.1
110.3
145.6
146.0
146.8
146.9
147.6
148.3
124.3
124.5
124.6
124.7
124.6
124.8
1946—January....
February...
March
April
May
June
July
August
September.
October
November.
December.
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
168.1
171.0
176.5
110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1
125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
131.0
132.5
136.1
1947—January..
February.
March. . .
April....
May
June
July
153.3
153.2
156.3
'156.2
156.0
157.1
183.8
182.3
189.5
188.0
187.6
190.5
193.1
179.0
181.5
184.3
184.9
185.0
185.7
117.3
117.5
117.6
118.4
'117.7
117.7
179.1
180.8
182.3
'182.5
181.9
182.6
137.1
137.4
138.2
139.2
139.0
139.1
Year or month
108.4
108.5
108.7
108.8
108.8
108.9
109.0
109.0
109.2
109.2
r
Revised.
Backfigures.—Bureauof Labor Statistics, Department of Labor.
SEPTEMBER
1947
1165
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
1946—June
July
August. . .
September
October...
November.
December.
1947—January..
February..
March....
April
May
June
July
Week ending:
1947—Apr. 5 . . .
Apr. 1 2 . . .
Apr. 19. . .
Apr. 2 6 . . .
May 3 . . .
May 10...
May 1 7 . . .
May 2 4 . . .
May 3 1 . . .
June 7 . . .
June 14...
June 2 1 . . .
June 2 8 . . .
July 5 . . .
July 12...
July 19...
July 2 6 . . .
Aug. 2 . .
Aug. 9 . .
Aug. 16...
Aug. 23. . .
Aug. 30. .
112.9
124.7
129.1
124.0
134.1
139.7
140.9
141.5
144.6
149.6
147.7
147.1
'148.0
150.8
140.1
157.0
161.0
154.3
165.3
169.8
168.1
165.0
170.4
182.6
177.0
175.7
177.9
181.4
112.9
140.2
149.0
131.9
157.9
165.4
160.1
156.2
162.0
167.6
162.4
159.8
161.8
167.1
105.6
109.5
111.6
112.2
115.8
120.7
124.7
127.6
128.6
131.3
131.8
M31 .9
M32.0
133.8
122.4
141.2
138.9
141.6
142.4
172.5
176.7
175.1
173.8
174.6
166.4
r
170.8
'•173.2
178.4
109.2
118.1
124.0
125.7
128.6
131.3
134.7
136.6
138.0
139.6
139.2
138.9
138.9
139.5
87.8
90.3
94.4
94.3
94.2
94.5
96.1
97.7
97.9
100.8
103.4
103.3
103.9
107.9
181.2
180.1
175.4
177.6
174.6
176.3
176.9
177.2
178.4
179.5
178.3
178.7
179.0
179.5
178.2
182.4
182.0
180.8
181.2
181.4
181.4
181.7
164.4
163.0
162.2
160.3
162.7
161.1
161.1
160.3
161.6
163.1
162.4
162.6
162.2
164.6
165.8
168.0
167.1
168.0
171.1
172.3
172.3
172.1
139.3
139.6
138.8
137.8
138.0
138.0
138.5
138.3
138.5
138.5
138.5
138.4
138.4
138.4
138.3
138.4
138.6
139.0
139.5
139.7
140.1
140.1
103.9
104.0
104.1
103.9
104.0
104.0
104.1
104.3
104.1
104.4
104.4
104.5
104.5
105.1
105.8
107.1
108.9
109.7
110.7
111.0
114.1
114.2
Year, month, or week
148.8
148.1
147.2
146.8
146.7
146.7
147.0
146.9
147.4
147.9
147.6
147.8
147.6
148.0
148.3
150.3
150.6
151.3
152.2
152.7
153.5
154.0
Total
1946
132.3
132.1
132.4
132.0
131.8
131.7
132.1
132.2
132.3
132.2
132.1
132.1
132.0
132.1
132.1
132.9
133.7
134.7
135.4
135.4
136.6
137.3
lides and Textile
leather
products products
174.3
173.8
172.5
171.9
166.7
166.7
166.4
166.4
166.5
166.6
167.0
169.4
170.0
171.7
173.3
172.7
173.6
174.5
176.5
177.8
182.3
183.3
r
1166
Miscellaneous
95.4
89.9
79.2
71.4
77.0
86 2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
112.2
113.3
114.0
114.2
125.8
130.2
134.7
138.0
M37.9
139.9
140.3
141.4
142.6
143.8
129.9
132.1
132.7
133.8
134.8
145.5
157.8
169.7
174.8
177.5
178.8
177.0
175.2
176.5
96.4
99.3
98.4
98.4
99.9
118.9
125.7
128.1
129.3
132.2
133.2
127.1
120.2
118.8
110.4
111.9
112.6
113.6
115.3
118.2
120.2
123.3
124 6
125.8
127.8
128.8
129.2
129.8
98.5
101.3
102.0
102.1
104.0
106.5
108.9
110.3
110.9
115.3
115.7
116.1
115.8
116.6
140.3
140.3
140.9
140.8
140.7
140.7
141.8
141.8
142.3
142.5
142.3
141.5
141 .4
141.6
141.6
142.9
143.6
146.1
146.7
146.7
147.0
149.8
177.8
177.9
178.4
178.0
178.5
178.6
177.4
177.0
178.0
177.5
176.1
176.3
175.4
175.2
175.4
174.8
174.8
176.6
178.0
178.9
179.1
179.3
134.5
134.5
132.5
130.5
128.6
127.2
125.9
126.0
126.4
124.7
124.4
124.3
123.2
121.5
117.5
117.9
117.9
116.9
116.9
117.2
117.4
117.6
126.7
126.7
128.1
128.6
128.6
128.6
129.4
129.4
129.5
129.5
129.6
131.0
131.0
131.0
131.0
131.4
131.3
131.4
131.8
132.0
131.9
131.9
115.7
114.3
115.6
115.2
115.4
114.9
115.9
116.5
116.1
115.9
116.0
115.8
115.8
115.4
114.6
115.7
116.4
116.8
116.0
115.5
115.6
115.9
1946
1947
Subgroups
July
Apr.
May
June
181.4
162.9
145.7
199.8 202.4 206.0 202.3
199.2 198.7 200.9 209.9
156.4 153.5 155.3 157.5
156.9
124.9
130.0
169.9
109.4
148.8 138.8 140.9
154.1 151.7 149.2
142.2 144.3 145.2
196.7 203.0 208.6
147.6 138.4 139.7
140.4
169.3
133.2
115.2
172.1 172.2 172.6 173.2
178.1 177.7 187.1 203.5
158.0 rl76.3 -•178.9 187.4
137.7 138.3 138.3 138.8
152.8
154.7
139.7
217.9
141.7
120.5 133.0 133.9 133.9
148.6 194.7 193.0 193.8
76.3 100.8 100.8 100.8
126.7
69.4
67.9
68.4
30.2
37.0
37.0
37.0
112
129.1 129.2 129.2
113.5 175.8 176.1 173.8
134.3
195.9
100.4
68.2
37.0
130. 1
171.2
114
136.1
147.5
65.6
80.7
65.1
114.1
158.0
160.
113.9
145.0
155.4
64.3
84.0
86.3
112.2 112.7
145.1 145.6
155.7 157.3
64.1
85.0 " 8 5 ! 8
86.8
87.5
July
July
89.8
x
Revised.
Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
Housefurnishng goods
1947
Subgroups
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
Chemicals and
allied
products
Fuel and
Metals
lighting and metal Building
materials products materials
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
2
Apr.
May
June
July
107.2 116.6 117.8 118.2 118.4
108.7 118.0 119.2 119.7 119.7
111.3 127.6 128.6 131.4 133.3
148.8 149.3 149.4 150.3
102.7 141.0 143.9 142.9 141.8
106.0 118.2 120.0 119.1 123 A
122.5 134.5 134.5 134.7
104.0 114.0 114.0 114.3
177.3 273.5 269.4 266.1
114.9 175.5 169.2 163.9
106.0 118.2 120.0 119.1
120.1 127.7 127.7 127.7
119.9 143.7 144.8 145.1
143.3
114.9
269.0
160.4
123.4
130.8
146.1
98.5 119.5
112.6 181.0
88.
101.2
96.7
86.6
220.1
114.
118.7
173.6
102.5
96.7
179.9
118.7
156.1
101.8
96.8
139.2
119.9
137.4
103.5
97.2
134.8
117.3 '135.2
106.4 120.0
136.9
120.3
137.2
120.9
138.1
121 .1
73.0
73.0
73.0
73.0
246.3 208.9 237.4 253.3
117.
152.5 154.3 154.2
52.0
46.
45.6
37.1
123.3 122.1 121.7
101 .
()
269 A
157.2
34.6
121.2
In process of revision.
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions 01 dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters
Annual totals
1947
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government
enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1929
1933
1939
103.8
55.8
90.4 125.3 210.6 203.7 191.7 197.0 207.5 218.6 222.2 226.0
7.0
.6
-.1
7.2
7.1
.7
1.2
-.1
87.4
39.6
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
0)
1941
1944
11.8
14.0
.5
2.6
8.1
9.4
.5
.5
1946
11.7
16.8
n.a.
n.a.
-3.S
n.a.
.1
.7
-.1
.5
-.2
1.7
1.9
72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
11.0
16.9
.5
-2.1
10.7
16.0
.6
-2.1
10.9
16.3
.5
-2.4
11.1
17.4
.5
-1.5
11.5
17.7
.5
-2.1
11.8
16.6
n.a.
n.a.
n.a.
n.a.
n.a.
14.6 23.5 16.5 14.2 17.2 15.6 18.8 22.4 n.a.
5.2
2.8
6.0
6.4
5.8
5.3
5.9
5.9
6.5
-.2
-.9
.0
.0
.0
.0
.8
.0
.0
3.1
2.6
10.8 11.9 11.0 10.4
10.4 10.1
9.8
2.8
4.6
4.5
1.3
4.5
4.5
4.4
4.5
4.5
4.7
5.4
6.2
4.5
5.6
6.2
5.1
5.6
5.9
.5
.5
.5
.5
.5
.5
.6
.5
.5
95.3 164.9 177.2 168.7 172.5 179.5 187.5 190.9 191.6
3.3
18.9 18.8 17.8 18.7 19.1 19.5 21.4 21.6
2.0 17.5 17.2 16.3 17.1 17.5 17.9 n.a.
n.a.
1.3
1.4
1.6
1.6
1.6
1.6
1.6
n.a.
n.a.
92.0 146.0 158.4 150.9 153.8 160.4 168.0 169.4 170.0
82.3 110.4 143.7 134.3 138.2 147.3 154.9 156.8 159.0
9.8 35.6 14.8 16.6 15.5 13.1 13.1 12.6 11.0
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annua totals
Seasonally adjusted annual rates by quarters
1947 P
1946
1929
1933
1939
1941
1944
1946
1
National income
.
3
4
1
. . . 87.4
39.6
72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6
50 8
50.2
45.2
.3
4.6
.6
19.7
8.3
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
5.7
2.3
5.8
2.0
4.5
3.5
10 3 - 2 . 0
9.8
.2
1.4
.5
8.4
-.4
.5 - 2 . 1
6.5
5.0
5.8
6.5
1.5
5.0
-.7
4.2
Compensation of employees
Wages and salaries 2
Private
JVlilitary
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3
. . .
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
2
. . .
2
n.a.
64.3 121.2 116.8 111.5 114.0 119.2 122.2 124.9 125.8
61.7 116.9 111.1 105.5 108.0 113.6 117.1 119.4 120.3
51.5 83.3 90.2 81.3 87.5 93.8 98.0 n.a.
n.a.
1.9
8.0
11.9
20.8
6.7
5.6 n.a.
n.a.
7.9
8.3
12.8 12.9 12 2 12.6 13.2 13.5 n.a.
n.a.
2.6
4.2
5.6
6.0
5.5
5.1
5.4
6.0
5.5
20.8 34.4 41.8 39.4 39.2 41.9 46.7 47.0 47.0
9.6
15.3 19.7 18.5 18.6 19.9 22.0 n.a.
n.a.
6.9
12.4 15.2 14.1 13.8 15.2 17.8 n.a.
n.a.
4.3
6.7
6.9
6 9
6 8
7.0
n.a.
6.8
n.a.
14.6
17.2
7.8
9.4
-2.6
4.1
23.5
23.8
13.9
9.9
-.4
3.2
16.5
21.1
8.6
12.5
-4.7
3.2
14 2
15.2
6.1
9.1
-1.0
3.1
17 2
19.4
8.0
11.5
-2.3
3.2
15 6
22.9
9.3
13.5
-7.3
3.2
18 8
27.1
11.0
16.1
-8.3
3.2
22.4
29.0
11.6
17.4
-6.6
3.3
n.a.
n.a.
n.a.
n.a.
-4.1
3.3
P Preliminary.
n.a.
Not currently available.
1
Less than 50 million dollars.
2
Includes
employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of this BULLETIN.
SEPTEMBER
1947
1167
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Annua totals
Seasonally adjusted annual rates by quarters
1947
1946
1939
1933
1929
1941
1944
1946
1
Gross national product
103.8
Personal consumption expenditures
Durable goods
Nondurable goods
. .
Services
Gross private domestic
investment
New construction l
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and services...
Federal
War
Nonwar
Less: Government sales2
S t a t e a n dlocal
. . .
55 .8
.8
. . .
7.2
1
4
3
2
90.4 125.3 210 .6 203.7 191. 7 197. 0 207 .5 218. 6 222.2 226.0
78.8 46 .3
9.4
3 .5
37.7 22 .3
31.7 20 6
1 .3
15.8
1 1
7.8
6.4
1.8
1 6 —1
8.5
1 3
2
?
8 .0
9
o
2 .0
()
.9
67.5
6.7
35.3
25.5
9 0
4
0
4 6
4
9
13 1
?
13
3 9
9
82.3 110 .4 143.7 134. 3 138. 2 147 .3 154. 9 156.8 159.0
9.8
6 .8 14.9 11. 4 13. 9 16 .2 18. 2 n.a.
n.a.
44.0 67 .2 87.1 82. 6 83. 2 88 .9 93. 6 n.a.
n.a.
28.5 36 s 41.7 40 4 41 2 4? 1 43 1 n.a.
n.a.
17.2
5 .7 24.6 18. 6 22. 3 27 .0 30. 4 29.6 28.8
2 s
8 7
8 9
9.5
5 7
9
7 ?
8 5
3 17.8
7.7
5 .3 12.4
9. 1 11. 5 13 . 2
15. 7 10
16.6
^
i 0
4 Q
1.5
3 9 —2 0
4
2
s ?,
37
3 3
6 1
4
92. 27
10.6
1.1 - ? 1
4
8
24.7 96 .6 30.7 35.4 30. 3 28 . 6 28. 2 26.6 27.6
16 9 80 0 20 7 26 ? 90 0
16 0 n.a.
n.a.
13.8 88 .6 21.3 28. 5 23. 1 17 .7 15. 8 n.a.
n.a.
1 .6
3 .1
3.2
2.4
1. 1
2 1
n.a.
3. 3 n.a.
1 .2
2 .6
3.0
3. 0
4 2
n.a.
2. 2 n.a.
7
4
10
.4
.5
10.0
8.
9
2
n.a.
7.8
n.a.
9
11.
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and sal.aries
Year or month
Personal
income
1946—June
July
August
September
October. . .
November
December.
85.1
76.2
64.8
49.3
46 6
53.2
59.9
'68.4
74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.9
171.6
177.2
173.2
179.0
180.9
178.5
184.0
188.4
189.9
1947—January. .
February..
March....
April....
May
June
190.3
190.5
191.8
190.3
191.4
P193.0
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
. . . .
. .
Wage and salary disbursementJ3
Total
receipts4
50.0
45.7
38.7
30.1
28 7
33.4
36 3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109.2
107.9
109.9
112.3
113.0
113.6
115.4
117.0
117.1
117.4
117.5
116.8
118.3
P119.3
Total
disbursements
50.2
45.9
38.9
30.3
28.8
33.5
36 5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
109.8
111.8
114.2
114.8
115.4
117.2
118.8
119.2
119.5
119.6
118.9
120.4
P121.5
Commodity Distribproduc- indusing intries
dustries
21.5
18.5
14.3
9.9
Service
industries
15.5
14.4
12.5
8.2
7.7
8 8
5 1
6 8
9.8
5.7
Government
5.0
5.2
5.3
5.0
9 8
12.0
13 5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7
45.8
46.4
48.5
49.4
49.5
50.6
52.3
10 7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
30.6
31.3
31.9
31.8
32.0
33.0
33.5
10.5
11.5
13.6
13.6
14.0
14.0
14.1
14.2
14.4
14.4
10.2
16.1
26.9
33.6
35.5
20.9
19.8
20.1
19.8
19.5
19.7
19.2
18.6
53.1
53.2
53.7
53.2
54.1
P54.8
33.5
33.7
33.7
33.4
34.2
P34.5
14.6
14.5
14.6
14.8
14.9
P15.0
18.0
18.1
17.6
17.5
17.2
P17.1
9.9
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5
52
6.1
65
7.9
7.5
8.2
8.2
8.5
DiviProdends
Less employee
Other
prietors'
and
contrilabor
and
perbutions income5 rental 6 sonal
for
income interest
social
income
insurance
.1
.5
.5
.5
.4
.4
.4
.4
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
1.9
.5
.6
.6
.7
.9
1.3
1.5
1.6
1.9
1.6
1 9
1 6
2.1
2.1
2.1
2.2
2.1
P2.1
1.6
1.7
1.7
1.7
1.8
1.9
1.8
1.8
1.8
1.8
\s
.5
1.6
1.6
1.6
1.6
1.6
PI.8
Transfer
payments7
TV
agricultural
income8
12.1
'12.6
15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.4
37.1
41.8
8 6
10.1
10.3
10.0
10.7
11.6
13.3
11.3
76.8
70.0
60.1
46.2
43 0
49.5
53.4
62.8
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.4
157.9
39.3
43 3
42.9
39.5
45.3
47.6
47.2
13.2
13 3
13.3
13.3
13.3
13.5
13.7
11.2
10.9
10.8
11.1
10.2
10.3
10.4
155.3
157.5
160.5
162.0
162.7
165.6
167.3
46.6
46.8
47.7
46.9
46.9
P47.3
13.9
14.0
14.0
14.0
14.0
P14.0
11.1
10.7
10.9
10.9
10.5
P10.6
168.2
168.5
168.8
167.8
169.2
P169.9
19.7
15.7
11 8
13.3
12.6
11.1
7.4
9.1
8.2
8.6
72
8.7
8.7
9.2
9.4
9.9
9.7
1.5
1.5
2.7
2.2
2 1
2.2
2 4
3.5
2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
r
P Preliminary.
n.a. Not currently available.
Revised since publication in source cited below.
Includes construction expenditures for crude petroleum and natural gas drilling.
3
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.-—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of this BULLETIN.
1
2
4
1168
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
1947
Chart
book
page
July
30
WEEKLY F I G U R E S 1
Aug.
6
Aug.
13
1947
Aug.
Chart
book
page
Aug.
In billions of dollars
Aug.
July
30
13
WEEKLY FIGURES *—Cont.
RESERVES AND CURRENCY
Aug.
Aug.
20
Aug.
27
In unit indicated
MONEY RATES, ETC.— C o n t .
Reserve Bank credit, t o t a l . . . . 2
U. S. Govt. securities, total.. 3
Bills
.
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves e
4
Excess reserves (weekly avg.):
Total"
5
6
New York City
5
Chicago
5
Reserve city banks
5
Country banks 0
5
22.31 22.21 22.49 22.64
22.01 21.87 22.03 22.10
14.32 14.09 14.14 14.16
6.60
6.85
6.69
6.80
.37
.73
.37
.75
.81
.01
.82
.01
P.81
.01
.23
59
.22
.59
.21
P.58
63.63 63.51
38.74 38.59
30.99 31.00
4.38
4.33
2.61
2.63
.65
.73
4.23
4.23
46.81 46.57
.87
.83
.73
20.51 20.66 20.70
11.97 12.09 12.24
3.10
3.08
3.11
63.65
38.53
30.97
4.31
2.64
.61
4.23
46.78
.91
20.89
12.30
3.14
.37
.37
.72
.72
.72
21.54 21.60 21.61 21.67
28.13 28.21 28.22 28.24
2.60
2.05
2.06
2.38
16.35 16.41 16.43 16.41
15.61 P15.67 P15.65 P15.62
.78
P. 79
.74
.74
.01
.21
.53
P.
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities. . . 21
To others
21
Allother
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
Allother
21
63.48
38.74
30.94
4.54
2.63
.64
4.23
47.15
2.12
1.10
1.02
3.34
2.10
1.13
.97
3.38
2.05
1.10
.95
3.41
2.16
1.24
.93
3.38
19.82
12.10
10.44
.82
.71
.72
.15
.13
15.83 15.93
.21
.22
4.11
4.11
1.38
1.38
6.31
6.44
4.31
4.32
19.76
11.98
10.42
.71
.72
.12
15.99
.23
4.06
1.98
1.04
.94
3.37
19.90 19.90 19.74
12.34 12.28 12.16
10.47 10.49 10.47
.99
.89
.83
.76
.75
.13
16.28
.17
3.97
1.38
6.29
4.19
.16
16.07
.20
4.05
1.38
6.35
4.23
.47
.36
.33
.95
.52
.35
.29
.97
43.58
26.40
20.47
3.55
1 .88
.51
30.87
.56
6.31
13.05
14.22
7.78
2.98
.96
2.50
43.73
26.45
20.51
3.50
1.88
.56
30.74
.63
6.55
13.07
14.32
7.87
3.00
.94
2.51
22.48 Stock prices (1935-39=100):
22.11 Total
40
14.15
Industrial
40
6.87
Railroad
40
.37
Public utility
40
.72 Volume of trading (mill, shares) 40
21.77
28.30
2.25
BUSINESS CONDITIONS
16.49
15.65
Wholesale prices (1926—100):
Total
69
P. 80
Farm products
69
.01 Other than farm and food. , 69
Production:
()
Steel (% of capacity)
73
.2
Automobile (thous. c a r s ) . . . 73
P. 56
Paperboard (thous. t o n s ) . . . 74
Electric power (mill. kw. hrs.) 75
Basic commodity prices
(1939=100)
74
Department store sales
63.73
(1935-39=100)
75
38.40 Freightcarloadings (thous.cars):
31.00 Total
76
4.16
Miscellaneous
76
2.63
.61
4.24
47.11
.95
21.10
12.41
3.16
.43
.33
.28
.96
43.78
26.43
20.54
3.50
1.89
.50
30.74
.66
6.70
13.06
14.39
7.93
3.01
.93
2.52
.51
.33
.29
1.00
43.83
26.43
20.54
3.49
1.93
.48
30.85
.69
6.54
13.08
14.45
7.98
3.04
.93
2.51
Per cent per annum
1.38
6.5
4.38
.64
.32
.28
.91
43.97
26.42
20.5
3.45
1.91
.49
31.11
.72
6.48
123
129
125
131
108
102
1.05
126
132
107
102
.72
124
130
105
102
.73
124
130
105
101
.62
104
101
.61
151.3
180.8
134.7
152.2
181.2
135.2
152.7
181.4
135.4
153.5
181.4
136.6
154.0
181.7
137.3
94.4
92.8
93.4
94.9
93.2
98
85
88
79
84
174
182
178
177
174
4,806 4,874 4,923 4,953 4,940
305.7 304.8 307.3 305.3 305.2
220
223
225
243
277
922
398
905
390
906
397
901
396
926
411
MONTHLY FIGURES
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit
7
Gold stock
7
Money in circulation
7
Treasury cash
Treasury deposits
7
Member bank reserves:
Total
4, 7, 14
Central reserve city banks. . 14
Reserve city banks
15
Country banks
15
Required reserves:
Total
4
Central reserve city banks. . 14
Reserve city banks
15
Country banks
15
Excess reserves:
Total
4
New York City
Chicago
Reserve city banks
Country banks
5
Money in circulation, total.. ..
Bills of $50 and over
$10 and $20 bills
9
Coins, $1, $2, and $5 bills.. . 9
22.28
20.87
28.16
1.34
.61
22.22
21.09
28.24
1.34
.56
22.34
21.40
28.26
1.33
.73
15.98
5.05
6.32
4.61
16.15
5.14
6.38
4.64
16.35
5.20
6.44
4.71
15.19
5.04
6.09
4.06
15.37
5.11
6.15
4.10
15.57
5.19
6.22
4.16
.78
.01
.55
28.26
8.49
15.29
4.49
.78
.01
.01
.22
.54
28.30
8.53
15.28
4.48
.78
.01
()
.22
.55
28.15
8.53
15.17
4.46
P164.90
P81.50
P55.3O
J>26.00
P2 .10
P165.10
P82.5O
P55.60
P26.00
Pi. 00
P166.30
P83.30
P55.80
P26.00
PI. 20
11 P112.7O
11 P33.10
11 P71.3O
P8.30
11
P112.5O
P33.50
P7O.5O
P8.5O
P113.00
P34.00
P7O.3O
P8.7O
(2)
22
2
ALL BANKS
IN THE UNITED STATES
13.07
14.58
8.03
3.05 Total deposits and currencye 6 .. 10
.93 Demand deposits adjusted ... 10
10
2.5 Time deposits adjusted 6 e
Currency outside banks
U. S. Govt. deposits 6
10
10
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years*3
7-9 years
15 years or more
ALL COMMERCIAL BANKS
.740 .741 .741 .752 .766
34
.85
.85
.85
.85 Loans and
investments, total 6 .
34 .85
1 .33 1.33 1 .29
1.27
34 1.33
Loans e
6
1 .56
34 1.57
1.55 1 .52 1.51
U. S. Govt. securities
34 2.25 2 .25 2 .24 2 .23 2.23
Other securities 6
For footnotes see p. 1172.
SEPTEMBER
1947
1169
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
May
June
July
In billions of dollars
MONTHLY FIGURES—Cont.
14
14
14
14
14
14
14
14
95.04
28.14
60.15
6.75
68.95
27.92
10.96
5.31
94.98
28.49
59.56
6.93
69.79
28.00
10.85
5.29
14
14
14
14
14
14
14
24.95
7.92
15.53
1.50
19.59
2.33
5.17
25.20
8.01
15.64
1.56
20.11
2.33
5.12
15
15
15
15
15
15
15
34.92
11.30
21.35
2.28
24.14
11.21
1.76
34.73
11.42
20.98
2.33
24.28
11.24
1.76
15
15
15
15
15
15
15
35.17
8.92
23.27
2.97
25.23
14.38
3.35
35.05
9.07
22.94
3.04
25.41
14.43
3.34
CONSUMER CREDIT •
Consumer credit, total
22
Single payment loans
22
Charge accounts
22
Service credit
22
Instalment credit, total
22, 23
Instalment loans
23
Instalment sale credit, total?....
23
Automobile
23
Other
23
.90
P.91
P4.91
P2.90
P2.01
.81
P.86
1.11
Pi.16
TREASURY FINANCE
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks e
Fed. agencies and trust funds...
F. R. Banks6
Individuals
Corporations6
Insurance companies6
Mutual savings banks6e
State and local govts.
Marketable public issues:
By class of security:
Bills:
Nonbank 5
Commercial bank 5
F. R. Bank
Certificates:5
Nonbank
Commercial bank 5
F. R. Bank
Notes:
Nonbank 5
Commercial bank 5
F. R. Bank
Bonds:
Nonbank:
Restricted issues5 5
Unrestricted issues
Commercial bank 5
F. R. Bank
28
28
28
28
28
255.15 255.20
119.32 119.32
50.44 49.21
58.86 59.05
26.19 27.37
29
29
29
29
29
29
29
29
70.80
32.15
22.09
65.60
21.00
25.20
12.00
6.30
30
30
30
16.00
15.56
14.97
30
30
30
26.29
15.35
6.01
30
30
30
8.14
5.30
30
30
30
30
119.49
71.33
49.36
.37
.74
70.10
32.81
21.87
65.80
21.10
25.00
12.10
May
June
July'
Cont.
95.38 Ownership of U. S. Govt. securities—
28.93
Cont.
59.35 Marketable public issues—Cont.
By earliest callable or due date:
7.10
Within 1 year:
70.43
Nonbank s
28.10
11.09
Commercial bank 5
5.
F. R. Bank
1-5 years: 5
Nonbank
25.14
8.02
Commercial bank 5
15.47
F. R. Bank
1.65
5-10 years: 5
Nonbank
20.15
Commercial bank 5
2.34
5.18
F. R. Bank
Over 10 years:
35.02
Nonbank:
11.70
Restricted issues5 5
20.96
Unrestricted issues
Commercial bank 6
2.36
24.48
F. R. Bank
11.25
1.80
31
31
31
50.61
36.15
21.21
52.44 52.25
37.30
21.03 '20.' n
31
31
31
38.26
27.56
42.52
30.62
31
31
31
31
31
31
31
35.22
MONEY RATES, ETC.
9.21
22.92
3.10
33
25.80 F. R. Bank discount rate
33
14.50 Treasury bills (new issues)
3.49 Corporate bonds:
Aaa
33,37
Baa
37
High grade (Treas. series)
37
37
10.72 P10.97 Pi1.06 U. S, Govt. bonds, 15 years or more. .
2.26 P2.27 P2.31
2.84 P2.89 P2.79
4.73
2.81
1.92
1947
In billions of dollars
MONTHLY FIGURES—Cont.
TREASURY FINANCE
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjustede
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjustede
Time deposits
Balances due to banks
Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted«
Time deposits
Balances due from banks
Chart
book
page
4
P.91
42.52
.69
.70
" ". 70
26.26
16.61
18.93
11.62
18.93
54.81
6.64
5.25
54.81
6.64
5.29
54.81
.12
.11
.07
.04
Per cent per annum
1 00
376
1.00
.376
1 .00
703
? 53
3 . 17
2 .49
2 .19
2.55
3.21
2.50
2.22
2 .55
3 .18
2 .51
2 .25
In unit indicated
P5.O5
P2.98
P2.O7
P.91
Pi.17 Stock prices (1935-39 =100):
Total
Industrial
Railroad
Public utility
Volume
of trading (mill, shares)
256.39
119.3 Brokers' balances (mill, dollars):
Credit
extended to customers
49.02
59.30 Money borrowed
Customers'
free credit balances....
28.52
39
39
39
39
39
115
119
95
102
.91
119
124
98
101
.83
126
132
108
102
1.16
41
41
41
530
201
652
552
222
650
564
251
677
48
191.5
118.3
48
48
60.9
12.3
'61.7
'12.3
P62.5
P12.9
49
49
49
49
49
61.8
60.3
2.0
58.3
49.4
64.0
62.6
2.6
60.1
49.7
64.0
62.7
2.6
60.1
50.0
50
50
50
50
50
50
42.1
16.2
8.6
5.4
4.0
1.7
42.3
16.2
8.7
5.5
4.1
1.7
P42.0
P16.0
51
51
51
48.46
120.8
40.1
BUSINESS CONDITIONS
Personal income
(annual rate, bill.
dollars):6 6
Total
Total salaries and wages
Proprietors' income, dividends and
6.4
interest
All other
Labor force (mill, persons) : e
Total
15.77
Civilian
15.28
Unemployment
:
14.50
Employment
Nonagricultural
25.30
Employment in nonagriculturale 6 estab14.82
lishments (mill, persons) :
6.28
Total
Manufacturing and mining
8.14
Trade.
5.22
Government
.37
Transportation and utilities
Construction
119.49 119.49 Hours and earnings at factories:
Weekly earnings (dollars)
71.32
Hourly earnings (cents)
49.50
Hours worked (per week)
.73
'195.1
'121.1 P121.5
P8.7
P5.3
P4.1
PI.7
49.37 P49.25
122.7 P123.4
40.3 P39.9
For footnotes see p. 1172.
1170
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
1947
Chart
book
page
MONTHLY FIGURES—Cont.
May
June
Chart
book
page
July
In unit indicated
1947
May
June
July
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS
Cont.
6
Industrial production:
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures...
53
Machinery and trans, equip....
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53,54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food products. . . .
56
Paperboard
56
Leather
56
Industrial
chemicals
56
Rayon 7
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable
.. .
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 6(3 mo. moving
avg., mill, dollars) :
Total
59
Residential
59
Other
59
6
Residential contracts (mill, dollars):
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction
activity (mill,
e
dollars) :
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings:6
Total (1935-39 = 100)
63
Groups (points in total index):
Miscellaneous
63
Coal
63
All other
63
Department stores:
Indexes (1935-39 = 100) :6
Sales
64
Stocks
64
296 stores
Sales (mill, dollars)
65
Stocks (mill, dollars)
65
Outstanding orders (mill, dollars) 65
Stocks-sales ratio (months' supply) 65
185
184
'82.6
'43.5
21.6
82.8
44.2
21.2
17.4
79.7
21.0
21.7
17.4
78.7
19.8
21.7
'22.8
14.2
'23.0
22.7
14.4
22.5
onsumers' prices (1935-39=100):
All items
Food
P178
Clothing
Rent
P79.
Wholesale prices (1926=100):
P42.
Total
P19.
Farm products
Other than farm and food
P16.
Prices
paid and received by farmers
P77.
(1910-14=100):
P18.
Paid
P22.
Received
Cash farm income (mill, dollars):
P22.
Total
P14.
Livestock and products
P21.
Crops
Govt. payments
198
215
141
132
225
273
188
211
171
131
233
275
186
148
155
184
119
435
292
177
133
154
179
115
440
251
235
256
223
*>243
P269
P228
283
313
262
P292
P323
226
251
204
P228
521
203
317
557
213
343
P362
219
35
184
137
47
189
23
166
119
47
226
9
217
166
51
955
1,065
1,153
224
380
'253
'422
280
444
9
342
6
'384
421
142
79.4
33.0
29.6
291
252
336
818
351
2.4
P181
P198
P121
P223
P268
118
P157
166
P436*
P294
'289
242
304
769
471
2.5
'157.1
190.5
185.7
109.2
193.1
69
69
69
'147.1
175.7
'131.9
'148.0
177.9
'132.0
150.8
181.4
133.8
71
71
229
272
231
271
72
72
72
72
2,033
1,382
614
37
2,215
1,449
743
23
231
276
INTERNATIONAL TRADE AND FINANCE
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
77
Official
77
Invested in U. S. Treasury bills
and certificates
77
Private
77
Total assets
77
Exports and imports (mill, dollars):
Exports
79
Excluding Lend-Lease exports...
79
Imports
79
Excess of exports or imports excluding Lend-Lease exports
79
Foreign exchange rates:
See page 1191 of this BULLETIN .80-81
8
8
5.52
2.40
s .61
3.12
.80
8
8
Pl.422
Pl.418
P474
P944
Pi,242 Pi, 151
Pl.241 Pi, 150
P450
P466
P700
P775
1947
1946
Jan.Mar.
Apr.June
QUARTERLY FIGURES
In billions of dollars
TREASURY FINANCE
P2S5
P205
77.9
30.0
29.5
'156.0
187.6
185.0
109.2
Oct.Dec.
P27O
137
67
67
67
67
P593
P231
134
78.
24.
31.
287
230
P252
P594
P2.
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or o u t g o . . . .
26
26
26
26
26
26
26
9.16
4.50
9.02
7.72
3.07
2.52
2.14
10.63
4.30
13.90
12.61
7.95
2.62
2.03
27
27
27
9.95
8.77
+1.18
15.09
9.87
+5.22
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
33
35
35
35
CORPORATE SECURITY ISSUES
Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars):*
Net proceeds:
All issuers
Industrial
Railroad
Public utility
New money:
All issuers
Industrial
Railroad
Public utility
13.39
4.55
10.89
8.29
4.45
1.98
1.86
11.76
12.40
-.64
2 33
1 85
2.43
2 76
2 .31
1 .82
2 .37
2 .80
2.38
1.83
2.44
2.95
In unit indicated
42
42
1.78
1.53
.95
.68
1.70
1.10
43
43
43
43
1,801
966
105
668
1,018
438
53
442
1,605
634
82
854
43
43
43
43
1,336
686
673
283
43
284
932
428
74
537
60
414
For footnotes see p. 1172.
SEPTEMBER
1947
1171
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
1946
Jan.Mar.
Oct.Dec.
Annual rates,
in billions of dollars
QUARTERLY FIGURES
GROSS NATIONAL PRODUCT, ETC.
Gross national product • £
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment :
Producers' durable equipment.
New construction
...
Change in business inventories.
Net foreign investment
Personal income, consumption, and
saving:«
Personal income
Disposable income
Consumption expenditures
Net personal saving
44
218.6
28.2
154.9
18.2
93.6
43.1
222.2
44
44
45
45
45
44
35.6
38.8
46
46
46
46
15.7
9.3
5.4
5.2
16.6
10.3
2.7
9.2
47
47
47
47
187.5
168.0
154.9
13.1
190.9
169.4
156.8
12.6
26.6
156.8
19.0
94.0
43.8
GALL DATE FIGURES**
Dec.
31
12
12
12
12
45 .44
10.47
15 .29
1.07
46.23
5.60
10.04
1.17
46.51
4.37
7.54
.77
13
13
13
13
9 .69
13.15
4 .27
2 .46
5.36
3.31
13.82
.97
6.24
4.00
13
13
13
13
2 .40
2 .48
3 .31
3 .15
1.51
1.47
3.55
3.08
1.51
1.15
3.98
2.97
June
Dec.
In billions of dollars
24
24
24
220.5
138.9
81.6
223.2
143.3
79.9
24
24
24
151.2
96.2
55.0
156.9
101.5
55.4
24
24
24
41.8
24.6
17.2
39.1
23.5
15.6
24
24
24
27.5
18.1
9.4
27.2
18.3
8.9
191.6
170.0
159.0
11.0
June
30
1946
10
226.0 Individuals and business:
Total holdings
27.6 Deposits and currency
159.0 U. S. Govt. securities
20.0 Individuals:
95.0 Total holdings
Deposits and currency
44.0
U. S. Govt. securities
39.4 Corporations:
Total holdings
Deposits and currency
17.8 U. S. Govt. securities
9.5 Unincorporated businesses:
Total holdings
1.5
10.6 Deposits and currency
U. S. Govt. securities
In billions of dollars
ALL MEMBER BANKS
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local govt. securities. . . .
Other securities
SELECTED DATES
LIQUID ASSET HOLDINGSe
1947
1946
June
29
Chart
book
page
Apr.June
1946
1947
July 31
Feb. 26P
OWNERSHIP OF DEMAND DEPOSITS «
Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit ass'ns and other
r
Preliminary.
• Estimated
Revised.
1
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly
3
Revised; an explanation of the nation of this revision will be published in the near future.
4
For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular
5
period.
2
25
77.5
77.8
25
25
25
25
25
38.3
16.4
13.0
37.2
16.0
12.5
4.4
4.5
4.2
4.5
25
25
25
6.6
2.1
4.5
6.5
2.1
4.5
25
25
25
25
27.6
21.4
28.9
22.1
6.2
5.0
6.7
5.2
Less than 5 million dollars.
BULLETIN tables that show those series.
The figures shown are cumulative totals, not aggregates of the individual components. Therefore, the cumulated total through nonbank
holdings (or through nonbank holdings of restricted issues in the case of bonds or of issues due or callable in over 10 years) represents the holdings
of all6 groups combined.
Adjusted for seasonal variation.
7
Revised beginning January
1946, see p. 1151.
8
9
As of Apr. 30, 1947.
Member bank holdings of State and local government securities on Sept. 30, 1946, were 3.62 billion dollars and
of other
securities were 3.08 billion; data for other series are available for June and December dates only.
10
Revised beginning December 1939; see p. 1103.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1172
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS- -Continued
CONSUMER CREDIT *
1947
Chart
book
page1
May
JuneP
Chart
book
page1
Julyp
(In millions of dollars)
Consumer credit outstanding, total. . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding, cumulative totals :2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6
1947
May
JuneP
Julyp
(In millions of dollars)
10,723 10,970 11,060 Consumer instalment sale2 credit
granted, cumulative totals:
4,733 4,909 5,051
By automobiles dealers
2,811 2,895 2,977
By furniture and household appli1,922 2,014 2,074
ance stores
2,835 2,887 2,792
By department stores and mail2,255 2,269 2,306
911
900
905
order houses
By all other retailers
Consumer instalment loan credit
out10,723 10,970 11,060 standing, cumulative totals: 2
Commercial and industrial banks.
5,990 6,061 6,009
Small loan companies
3,155 3,174 3,217
900
905
911
Credit unions
Miscellaneous lenders
Insured repair and modernization
1,922 2,014 2,074
loans
1,112
1,156
1,169
698
289
725
302
734
302
417
410
398
275
265
247
178
82
170
80
164
71
2,811
1,506
873
660
2,895
1,556
918
694
2,977
1,606
957
724
431
462
489
l
p Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
2
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF AUGUST 1, 1947
[In thousands of units]
Cotton
Federal Reserve district
Boston. .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
^Minneapolis
Kansas City
Dallas
San Francisco
Total
Corn
Boston
.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
.
Minneapolis
Kansas City
Dallas
San Francisco
.
....
. . .
Total .
1
2
3
Spring wheat
Production
1946 i
Estimate
Aug. 1, 1947
Production
1946
Estimate
Aug. 1, 1947
Production
1946
Estimate
Aug. 1, 1947
Production
1946
Estimate
Aug. 1, 1947
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
6 445
23,734
51,789
153,699
150,225
165,514
1,009 957
351,286
351,215
331,013
59,096
5,976
6,498
17,856
53,578
26,028
5,748
55,570
38,914
40,437
439,505
63,901
125,858
10,481
19,960
55,032
30,939
8,222
70,912
55,491
34,019
566,369
132,823
111,400
2,659,949
873,893
1,095,648
1,154
1,777
1,098
2,113
2 2,830
3 3,689
217
2,062
600
249
3,826
869
7,120
31,175
53,294
223,470
149,589
162,801
1,394,302
416,064
407,287
372,024
64,640
6,161
8,640
11,844
3,287,927
Oats
Federal Reserve district
Winter wheat
Tobacco
Tame hay
21
21
189
70
1,313
16
243,224
4,249
84
32,726
1,386
11
285,265
4,278
77
40,991
281,822
332,099
White potatoes
Production
1946
Estimate
Aug. 1, 1947
Production
1946
Estimate
Aug. 1, 1947
Production
1946
Estimate
Aug. 1, 1947
Production
1946
Estimate
Aug. 1, 1947
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
5,147
33,681
18,919
75,131
39,915
33,262
592,327
82,353
399,186
158,727
39 970
31,249
4,666
13,185
12,070
29,005
36,943
33,862
445,193
55,370
374,318
151,649
36 051
31,312
3,911
6,795
2,753
6,182
5,077
4,210
17,788
9,298
9,590
8,372
1 883
13,471
3,921
6,256
2,658
5,841
4,495
3,968
18,541
9,230
10,087
9,854
1 717
13,258
34,501
1,324
59,124
162,708
1,321,995
266,587
42,770
414,372
3,379
5,320
39,211
1,580
62,652
137,811
1,244,400
253,366
35,501
345,185
2,719
4,052
88,945
49,845
23,406
14,710
31,369
18,718
32,940
11,171
43,833
37,972
6,634
116,426
62,641
34,558
18,848
10,483
24,575
12,416
25,110
8,350
38,379
32,054
5,085
89,294
1,509,867
1,223,624
89,330
89,8.26
2,312,080
2,126,477
475,969
361,793
As revised in August 1947.
Includes 10,000 bales grown in miscellaneous territory.
Includes 11,000 bales grown in miscellaneous territory.
SEPTEMBER
1947
1173
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
On par list
Total banks, branches
and offices on which
checks are drawn 1
Federal Reserve
district or State
Total
Not on par list1
(Nonmember)
Member
Nonmember
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
14,002
14,043
14,064
3,947
3,981
4,057
11,869
11,957
12,011
3,616
3,654
3,735
6,877
6,894
6,923
2,909
2,913
2,979
4,992
5,063
5,088
707
741
756
District
Boston
New York
Philadelphia
Cleveland
486
931
845
1,164
280
823
131
222
486
931
845
,164
280
823
131
222
336
799
648
723
207
756
96
193
150
132
197
441
73
67
35
29
Richmond
Atlanta
Chicago
St. Louis
1,011
1,154
2,480
1,468
424
160
555
128
786
535
2,423
1,115
299
124
529
71
475
338
999
498
197
110
212
40
311
197
,424
617
Minneapolis
Kansas City
Dallas
San Francisco
1,276
1,749
993
507
110
6
36
1,182
602
1,738
883
503
40
6
28
1,182
473
756
606
272
26
4
19
1,119
State
Alabama
Arizona
Arkansas
California
Colorado
220
10
228
193
142
23
36
19
885
1
110
10
99
193
142
23
36
5
885
1
86
5
66
115
92
Connecticut
Delaware
District of Columbia
Florida
Georgia
115
39
19
177
372
21
14
37
2
30
115
39
19
114
94
21
14
37
2
27
Idaho
Illinois
Indiana
Iowa
Kansas
48
874
487
663
610
44
3
88
162
48
872
487
663
608
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
385
158
63
169
183
36
64
67
100
148
443
677
205
592
110
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
United States total:
Dec. 31, 1945
Dec. 31, 1946
July 31, 1947*
Banks
Branches
and offices
Banks
Banks
Branches
and offices
2,133
2,086
2,053
331
327
322
102
14
317
31
225
619
57
353
125
36
26
57
129
982
277
231
14
2
9
63
674
70
23
29
1
843
1
24
5
33
78
50
7
4
42
64
17
16
71
64
10
4
34
2
26
51
22
3
43
30
44
3
88
162
26
504
237
163
214
42
3
32
22
368
250
500
394
385
56
63
169
183
36
41
67
100
148
113
45
38
79
148
25
36
35
66
137
272
11
25
90
35
203
6
53
443
263
38
523
110
203
6
7
228
208
30
181
80
157
6
1
215
55
8
342
30
409
8
65
343
47
2
18
2
134
7
409
8
65
343
47
2
18
2
134
7
145
6
52
295
33
2
17
1
118
264
2
13
48
14
New York
North Carolina
North Dakota
Ohio
Oklahoma
661
204
151
672
384
703
168
24
179
1
661
86
46
672
374
703
46
4
179
1
575
53
41
428
224
648
27
157
1
86
33
5
244
150
55
19
4
22
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
69
1,005
19
149
170
79
133
39
31
46
69
1,005
19
54
68
79
133
39
29
21
32
767
11
30
63
74
111
28
27
20
37
238
8
24
5
5
22
11
2
1
Tennessee
Texas
Utah
Vermont
Virginia
294
877
59
69
314
69
4
13
10
193
817
59
69
305
54
4
13
10
87
557
34
40
202
44
4
11
2
111
260
25
29
103
Washington
West Virginia
Wisconsin
Wyoming
123
182
553
55
117
119
179
443
55
117
By districts and
by States
July 31, 1947P
,
43
'148*
97
55
108
163
37
110
21
11
110
4
110
129'
11
10
3
63
278
56
162
2
11
5
32
34
11
102
23
414
167
69
1
1
16
7
118
105
122
20
10
10
95
102
2
25
101
60
15
' 2
8
44
64
71
280
18
7
4
3
110
51
'76*
1
Does not include mutual savings banks, on a few of which some checks are drawn, but does include banking facilities (see footnote 4 on
p. 1175). The difference of two between the number of nonmember commercial banks on Dec. 31, 1946, shown in this table and in table on p. 1175,
is due to the fact that this table excludes 109 banks and trust companies on which no checks are drawn, and includes 99 unincorporated banks
and 12 other banks on which checks are drawn but which are not reporting to a State banking department.
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1174
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial banks 1
All
reporting
banks
Member banks
Total
Total 2
Banks (Head Offices)
1933
1934
1941
.
1945
1946
1947
Dec.
Dec
Dec
Dec.
Dec.
June
31,
31
31
31,
31,
30,
Dec.
Dec.
Dec
Dec
Dec.
June
Branches and Additional Offices 4
31 1933
31, 1934
31 1941
31 1945
.
31, 1946
30, 1947
. .
National
Mutual savings
banks
Nonmember banks *
State
member2
Total
Insured 3
NonIninsured 3 sured 2
15,029
16,063
14,825
14,553
14,585
14,601
14,450
15,484
14,277
14,011
14,044
14,060
6,011
6,442
6,619
6,884
6,900
6,928
5,154
5,462
5,117
5,017
5,007
5,012
857
980
1,502
1,867
1,893
1,916
8,439
9,042
7,661
7,130
7,147
7,135
8,4 39
7,699
1,343
6,810
851
6,416
714
6,457
690
6,461
674
2,911
3,133
3,699
4,090
4,138
4,215
2,786
3,007
3,564
3,947
3,981
4,049
2,081
2,224
2,580
2,909
2,913
2,968
1,121
1,243
1,565
1,811
1,781
1,813
960
981
1,015
1,098
1,132
1,155
705
783
984
1,038
1,068
1,081
932
981
1,006
1,020
+57
+57
+ 19
+ 11
+8
+38
+35
+3
-21
-14
-6
-21
-14
-6
-8
-7
-1
-5
-4
-1
-3
-3
-13
-7
-5
-12
-5
-2
-1
-2
-3
+2
+25
+1
+1
+5
-25
-25
+1
+1
+ 13
-13
-12
+4
-16
674
5'
'05
'83
52
57
62
61
Noninsured
q
68 " 79 511
52
496
192
350
191
350
191
350
32
101
115
123
: 25
26
103
42
42
43
Bank Changes
Jan. 1-June 30, 1947
New banks ®
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations7
Inter-class changes:
Conversions—
National into State
State into national
Federal Reserve membership:8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance:9
Admissions of State banks
Withdrawals of State banks
Net increase or decrease
Number of banks, June 30, 1947
-1
-3
+25
-1
-1
-2
+ 16
+28
14,601
14,060
6,928
5,012
1,916
7,135
6,461
+ 72
+21
+63
+21
+42
+ 17
-7
+29
+8
+13
+9
+21
+21
+4
-1
+1
+ 16
+5
+23
191
350
+8
+1
Branch and Additional Office Changes
Jan. 1-June 30, 1947
De novo branches
Banks converted into branches 10
Branches and offices discontinued . .
Inter-class branch changes:
National to State member
State member to national
.. .
-16
-16
Noninsured to insured
Net increase or decrease...
Number on June 30, 1947:
Branches
Banking facilities at military reservations
-6
+3
- +2
-2
+3
+4
-9
-9
-3'
"-3' " " +
1
-1
+77
+68
+55
+32
+23
+13
+ 14
-1
+8
+1
4,141
3,975
2,899
1,758
1,141
1,076
1,015
61
123
43
74
74
69
55
14
5
5
1
Includes unincorporated (private) banks reporting to State banking departments. Excludes banks that do not report to State banking
departments, as follows on June 30, 1947: 10 "cooperative" banks in Arkansas and 96 unincorporated (private) banks in Georgia, Iowa, Michigan, 2and Texas.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became
members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only
once 3 in "all reporting banks."
Federal deposit insurance did not become operative until Jan. 1, 1934.
4
Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations
(shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks
designed 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 teller windows; each of these facilities is counted as one banking office only.
5
Separate figures not available for branches of insured and noninsured banks.
6
Exclusive of new banks organized to succeed operating banks.
7
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
8
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."
10
Includes 5 banking facilities at military reservations operated by national banks.
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
SEPTEMBER
1947
1175
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
1177
Gold production
1178
Gold movements
1178
International capital transactions of the United States
1179-1184
Central banks
1185-1188
Money rates in foreign countries.
1189
Commercial banks
1190
Foreign exchange rates.
1191
Price movements:
Wholesale prices
1192
Retail food prices and cost of living
1193
Security prices
1193
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
1176
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina 1
Belgium
Brazil
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
431
466
353
354
*658
»939
U.lll
403
581
609
734
734
735
734
32
40
51
70
115
254
329
354
192
214
»7
5
6
5
6
2 361
20,280
1946—Aug
20,305
Sept
20,402
Oct
N o v . . . . 20,470
20,529
Dec
20,748
1947—Jan
20,330
Feb
Mar.. . . 20,463
20,774
Apr
M a y . . . . 20,933
J u n e . . . 21,266
J u l y . . . . 21,537
407
»424
P460
»483
P563
P645
750
722
726
726
735
723
691
633
634
639
643
644
357
355
354
354
354
354
354
354
354
354
7
7
7
7
2 543
6
7
7
6
7
8
6
End of month United
States
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
End of month
India
P706
P726
P726
P723
716'
Iran
(Persia) Italy
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
274
274
274
274
274
274
274
274
26
26
26
26
34
92
128
131
1946—Aug
Sept
Oct
Nov.. . .
Dec
1947—Jan
Feb
Mar
Apr
May
June
July...
274
274
274
274
274
274
274
274
274
274
274
124
123
123
123
127
193
144
120
Japan
Java
164
164
164
164
80
90
140
235
*216
5
Colombia
Cuba
30
30
30
31
36
54
79
82
24
21
17
16
25
59
92
127
1
1
1
16
46
111
191
73
73
71
71
65
63
54
53
53
53
45
141
142
143
144
145
147
125
126
98
92
93
87
201
211
221
221
226
231
236
229
234
239
259
Canada Chile
New
Mexico Netherlands Zealand
29
32
47
47
39
203
222
294
998
692
617
575
506
500
500
270
23
23
23
23
23
23
23
23
218
213
200
191
181
170
148
149
149
141
270
265
265
265
265
265
245
197
197
196
190
190
23
23
23
23
23
23
23
23
23
23
23
Czecho- Denslomark
vakia
Egypt
France
83
56
58
61
61
61
61
61
53
53
52
44
44
44
44
38
55
55
52
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090
61
61
61
61
38
38
38
38
38
38
32
32
32
32
32
32
52
52
52
53
53
53
53
53
53
53
796
796
796
796
796
796
796
696
696
696
696
544
Norway
Peru
94
94
•84
20
20
20
21
25
31
32
28
23
24
24
24
24
24
21
20
19
20
20
20
Poland
85
•84
Portugal
69
69
59
59
59
60
60
60
Germany
Greece
29
29
29
29
29
29
29
27
28
28
28
28
28
28
Hungary
37
24
24
24
24
24
24
24
24
24
24
24
27
27
27
30
30
Rumania
South
Africa
Spain
133
152
158
182
203
260
267
269
220
249
367
366
634
706
814
914
3 525
1.001
970
965
941
939
886
P270
851
P27O
803
P26S
798
788
757
111
111
111
111
111
111
111
111
111
111
42
42
91
105
110
I
Sweden
Switzerland6
Turkey
1938 -Dec..
1939—Dec..
1940—Dec..
1941 —Dec..
1942—Dec..
1943—Dec..
1944—Dec..
1945—Dec..
321
308
160
223
335
387
463
482
701
549
502
665
824
«965
1,158
1,342
29
29
88
92
114
161
221
241
1946—Aug..
Sept..
Oct...
Nov..
Dec..
1947—Jan...
Feb..
Mar..
Apr...
May.
June.
July.
474
472
469
426
381
348
324
265
217
190
168
144
1,396
1,412
1,408
1,418
1,430
1,432
1,431
1,432
1,427
1,416
1,355
240
237
236
235
237
238
238
233
226
207
191
End of month
United
Kingdom
Uruguay
Venezuela
Yugoslavia
2,690
8
1
69
68
90
100
89
121
157
195
52
52
29
41
68
89
130
202
57
59
82
•83
205
205
205
200
200
200
200
197
194
192
215
215
215
215
215
215
235
235
235
235
235
B.I.S.
Other
coun-7
tries
14
7
12
12
21
45
37
39
166
178
170
166
185
229
245
247
41
40
40
40
32
28
28
27
27
27
27
238
237
237
237
240
239
239
240
240
240
P240
P240
P Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad and gold belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
are included also.
3 Figure for December 1938 is that officially reported on Apr. 30, 1938.
* Figures relate to last official report dates for the respective countries, as follows: J a v a Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately
• Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.— For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication.
1
SEPTEMBER
1947
Government gold reserves 1 not included in
previous figures
United
End of month United
France
States Kingdom
80
1938—Dec
2759
1,732
1939—Mar.. . .
154
May....
3876
Aus
156
Dec
1940—Aug
" " 4 8 ' ' "292
Dec
24
1941—Sept.. . .
•151
25
Dec
12
1942—Dec
43
1943—Dec
12
1944—Dec
'552#,354'
81
1945—June....
2,398
18
Dec
52,341
71
1946—June....
52,196
113
Sept.. . .
52,535
177
5
Dec
2,587
163
1947—Mar
331
559
477
H60
4
293
214'
457
Belgium
44
17
17
17* "
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 Figure for end of September.
3 Reported figure for total British gold reserves
on Aug. 31, 1939. less reported holdings of Bank
of 4England on that date.
Figure for first of month.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings of U. S. dollars, including
private as well as official holdings, as reported
by banks in the United States are shown in
table on p. 1182.
NOTE.—For available back figures and for details regarding special internal gold transfers
affecting the British and French institutions, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for February 1945, p. 190.
1177
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1938..
1939. .
1940..
1941..
1942. .
1943..
1944..
1945..
1946. .
1946—July.
Aug..
Sept..
Oct..
Nov..
Dec.
1947—Jan..
Feb..
Mar..
Apr..
May.
June.
Estimated
world
production Total
outside 1 reported
monthly
U.S.S.R.
South
Africa
136,360 958, 770 425,649
208,705 1,020 297 448,753
297,349 1,094 264 491,628
288,945 1,089 395 504,268
966 132 494,439
760 527 448,153
682, 061 429,787
646 914 427,862
668. 973 417,647
57,193 36,657
60,795 35,553
57,221 34,509
59,464 35,922
55,424 33,823
56,977 34,184
^•58,127 34,021
••41,044 19,965
51,824 28,665
55,412 31,824
35,308
33,984
Production reported monthly
Africa
North and South America
MexRhoWest 2 Belgian3 United4 I Can-5
Colom- I Chile Nica-7
ico6
desia Africa Congo States | ada
bia
ragua
5
9
$1=i5 /2i grains of gold /io fine; i. c, an ounce of fine gold=$35
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557
28,009 28,564 3 8,759 196,391178,303 29,426 19,951 11,376 3,506
29,155 32,163 8,862 210,109 185,890 30,878 22,117 11,999 5,429
27,765 32,414
209 175 187,081 27,969 22,961 9,259 7,525
26,641 29,225
130 963 169,446 28,019 20,882
20,882 6,409 8,623
23,009 19,740
48
127,796 22,055 19,789 6,081 7,715
20,746 18,445
35
19,374 77,131 7,865
102,302 17,779 19,374
19,888 18,865
32
17,734 6,282 6,985
94,385
19,061 20,475
56
15,301 8,068 6,357
98,994
1,643 1,750
3,993 8,384
1,335
456
665
1,646
1,750
8,310 8,092
1,048
448
377
1,578
1,715
6,798 8,047
1,425
379
354
1,579
5,930 8,429
1,332
654
1,785
1,384
1,527
4,900 8,092
1,161
657
820
1,203
1,585
6,255 r 7,961
1,088
559
864
1,820
1,524
7,612 8,195
1,423
566
271
1,785
1,502
483 '7,806*
1,276
581
371
1,750
r
1,574
1,273
555
856
1,855
5,500 r9,235
1,537
1,464
610
540
1,890
6,246 S. 921
1,130
502
528
1,820
7,220 '9,412
520
6,117 9,418
1,680
Other
iVustraI British
8
lia
India*1
54,264 11,284
56,182 11,078
55,878 10,157
51,039 9,940
42,525 8,960
28,560 8,820
16,310 6,545
16,450 5,950
21,595 4,585
525
1,785
490
3,080
490
1,925
525
1,925
315
1,925
490
2,170
525
2,205
490
1,820
490
1,820
560
1,820
525
785
490
1,890
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
r
Revised.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal
Statistics. Beginning January 1944, they represent Gold
3
Coast4 only.
Beginning May 1940, monthly figures no longer reported.
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.
5
6
Figures for Canada beginning 1945 are subject to official revision.
Beginning April 1942, monthly figures no longer reported.
7
Gold
exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year Total
or
net
mo. imports
1938
1939
1940
1941
1942
1943
1944
1945
1946
United
Kingdom
Belgium
Netherlands
Sweden
Net imports from or net exports (—) to:
| Other Phil| Latin
ipMexico | Ameri- pine
| can Re- Isi publics lands
SwitzerCanada
land
Australia
South
Africa
Japan
British
India
All
other
countries
1,973,569 1,208,728 81,135 15,488163,049 60,146 1,363
76,315 36,472 65,231 27,880 39,162
168,74016,,159 13,301
3,574,151 1,826,403 3,798165,122 341 ,618 28,71586,987 612,949 33,610 5 7,'020 35 636 74,250 22,862 165,605
>5,<5 50,956 2168,623
>41,778
977 63,260161,489 90,320 2,622,330 29,880 128,259 38 627103,777 184 756111,739
4,744,472 633,C
1,7 49,989 284,208
1
1
3,779
982,378
1,747
899 412,056 16,791 61,862 42 678 67,492 292 893 9,444 9,665 3 63,071
528
1,955
208,917 40,016 39,680
321
119
315,678
129 20,008
5
152
88
66,920 -3,287 13,489
307
68,938
-8,731
199
46,210 -109,695 -108,560
572
-845,392 -695,483
18,365
106
160
53,148 15,094 -41,748
357
-106,250
103
'-133,471
458 * — i4l..
344,130
3,591 -134,405 -156
311,494
41 118 550
-2,613 5-18,083
1946
Aug.
Sept.
Oct.
Nov.
Dec.
1947
Jan.
Feb.
Mar.
Apr.
May
June
July?
15
-7
24
77
-61
210
629
182
903
193
-16
20
153
44
129
200
219
820
361
634
050
734
233
201
649
197
134
25,248
27,473
2
383
2
9
-120
-75
-1,002
-449
-108
1
51,174
30,319
101,642
26,341
26,442
52,913
51,820
516 -8,502
-6
82 -29,198
198
4,523
1,065
621
449 -110,276 -151
443
222
221
-9,793
262
217
282
-97,579 -132
-30,341 - 4 9
-13,269 -129
2,898
122
24,352 - 8 7
96,026 - 7 0
103,894 1,111
15 19,886
17,902!
19,912
38,601
17 18,883
32,544
37,490
66,674
11 26,376
80,446
53,228
60,081
-236
-398
-682
-430
-868
e 2,887
e 3,785
103
6
12,415
« 3,279
- 3 7 4 7 2,899
- 5 5 6» -16,734
-1,140
-214
-1,390
-515
- 7 8 -1,529
-334 6 -638
-551
5,233
P Preliminary.
1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
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.
3 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
<Includes $133,980,000 to China and $509,000 from other countries.
5
Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
6
Includes imports from U. S. S. R. as follows: 1946—August, $2,821,000; September, $3,372,000; November, $11,793,000; December, $4 492 000*
1947—July,
$5,626,000.
7
Includes $14,000,000 to China and $2,734,000 to other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
2
1178
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, ( —). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935,
through—•
Total
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3) . . . .
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
316.7
21.1
29.8
29.8
6.0
1936—Mar.
June
Sept.
Dec.
(Apr. 1 ) . . . .
(July 1)
30
30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar.
June
Sept.
Dec.
31
30
29
29
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,301.3
3,140.5
3,567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
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 (Tuly 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012 9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1 ) . . . .
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1)
June 30 2
Sept. 30
Dec. 31
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
,752.0
,864.2
,873.5
,908.3
819.7
842.3
858.2
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
,920.3
,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—Mar.
June
Sept.
Dec.
31
30
30
31
8,002.6
8,422.8
8,858.6
8,802.8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2,354.3
2,357.9
2,487.2
2,675.5
848.5
760.4
865.3
742.7
983.7
1,011.2
998.2
972.8
820.6
848.4
818.4
798.7
130.5
131.8
134.6
144.1
1946—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
28
31
30
31
30
31
31
30
31
30
31
8,822.9
8,775.1
8,730.8
8,674.4
8,405.8
8,338.2
8,496.2
8,344.2
8,250.1
8,280.2
8,270.4
8,009.5
6,234.7
6,156.8
6,098.8
6,076.2
5,850.7
5,662.7
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
3,601.6
3,457.7
3,384.6
3,296.2
3,074.2
2,852.0
3,186.7
2,917.3
2,834.4
2,776.9
2,532.7
2,333.6
2,633.2
2,699.1
2,714.1
2,780.0
2,776.5
2,810.7
2,763.0
2,811.7
2,847.3
2,884.0
2,962.7
2,938.7
16.2
70.6
48.5
'45.4
190.8
200.0
280.3
249.1
264.4
441.5
453.8
729.2
728.7
703.6
701.2
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
1,097.8
1,067.2
1,073.0
1,076.1
1,104.2
1,103.9
1,125.3
1,141.9
1,170.7
1,196.9
1,231.5
1,237.9
625.9
672.4
645.1
630.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
135.1
133.9
139.9
141.7
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7
1947—Jan.
Feb.
Mar.
Apr.
31
28
31
30
8,047.3
'9,929.9
9,706.7
9,741.5
5,270.6
»\5,O17.3
'4,811.3
4,785.4
2,386.0
1,976.2
1,695.4
1,688.8
2,884.6
3,041.1
3,115.9
3,096.7
449.0
2,705.6
2,707.0
2,702.5
404.8
380.9
337.1
333.6
1,308.2
1,229.8
1,282.6
1,341.6
464.4
439.7
414.3
416.7
150.4
156.6
154.5
161.6
r
r
r
-6.2
15.8
90.3
r
1
Revised.
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); and beginning
Feb. 2 28, 1946, Italian special deposit account held with the U. S. Treasury.
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
SEPTEMBER 1947
1179
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—£)ec> 29. .
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 3 1 . .
1945—£)ec> 31, #
1946—May 31 .
June 30. .
July 31
Aug 31 .
Sept. 30..
Oct. 3 1 . . .
Nov. 30. .
Dec. 3 1 . .
1947—j an 3i
Feb. 28
Mar. 31 .
Apr. 30. .
1936)
1939)
1940)
1941)
Total 1
United
King France
dom
Netherlands
Switzerland
Other
Italy Europe
Total
Europe
1 ,440.7
? 667.4
3, 501.1
3, 933.0
5, 112.8
5, 807.9
354 1
s,
s 980.2
7, 267.1
7 728 4
8 802.8
8 , 360.4
147.4
8, 296.2
8, 063 9
8 001.0
8 015.8
7, 828 9
7 555.7
7, 598.4
r
224.3
r 7,
6, 999.7
7 039.0
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
t,090.0
892 5
585.8
485.3
756.0
624.1
665.1
736.3
640.9
563.1
585.6
558.2
489.6
595.8
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
464.1
432.5
419.4
393.2
421.1
433.1
401.7
384.8
369.4
336 3
351.4
332.0
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
539.7
426.3
411.9
389.4
376 4
370.1
351.1
322 8
326.4
319.1
295 6
256.7
391.7
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
725.4
737.0
741.0
752.5
745,9
756 3
760 9
766.1
769.5
776 8
786.1
801.6
24.0
45.6
22.1
32.2
58.0
55.4
50 5
48.1
48.2
63 1
106 5
165.7
170 4
196.9
201 0
203 5
213.4
228 0
287.5
342.8
256 2
215.8
221.7
(3)
70.9 156.5
1,200.6
2,051.3 150.5 201.2 243.0
2,653.0 106.3 410.6 315.4
3,054.2 155.3 384.6 302.7
3,790.1 229.4 483.4 522.6
4,056.6 411.7 606.8 642.6
3,626 3 340 5 567 5 691.1
3,608.1 425 1 835.8 932.9
4,192.8 760.3 951.0 1,161.6
4,081 8 976.4 1,193.7 1,273.6
4,037.0 1 ,395.7 1.338 4 1,784.1
3,698.7 1 ,306.2 1,431.5 1,677.5
3,554 8 1 ,313 2 1,471.6 1,560 3
3,790.7 1 ,278.7 1,486.1 1,492.1
3 612 0 \ ,223 5 1 566 2 1 425 4
3,649 5 1 ,177.7 1,544.8 1,365.9
3,738 9 1 ,110.6 1,569 6 1,326 6
3 603 8 1 ,067 0 1,546 4 1 327 4
3,574.2 979.7 1,474.0 1,258.3
3,645.8 967.1 1,466.3 1,217.1
3 455 8 rr933 3 1,431 2 1,155 9
3,362.5 853.1 1,384.3 1,149.8
3,552.8 764.8 1,364.7 1,112.0
166 6
311 6
436.1
612.5
918.9
1,098.6
1,071 7
1,030 3
1,133.3
1,172 5
1,311.8
1,331.3
1,317 6
1,288.1
1 264 8
1,243 9
1,248.7
1,249 5
1,246 3
1,259.5
1 232 8
1,262.9
1,210.0
Canada
Latin
2
America Asia
All
other2
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
246.5
247.5
248.5
236.7
263.2
270.0
284.4
269.6
302.0
248.1
250.0
244.6
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through1935—Dec. (Jan. 1, 1936) .
1936— Dec. 30
1937—Dec. 29. .
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941).
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—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
6,144.5
5,850.7
5,662.7
5,949.7
5,729.0
5,681.7
5,660.9
5,495.4
5,272.3
5,270.6
r
5,O!7.3
r
4,811.3
4,785.4
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
373.0
273.7
599.7
464.0
509.0
576.8
485.5
397.6
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
251.8
239.5
217.5
210.5
222.4
199 1
185.8
208.2
195.6
197.8
166.7
205.0
72.4
109.8
288.
205.
362.
494.
326.
166.
192.
221
286.3
305.3
314.6
318.8
341.1
333.1
345.5
353.2
359.0
363.6
370.5
378.5
383.6
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
110.2
116.6
145.2
154.0
158.6
168.6
185.2
247.6
300.7
227.1
198.2
205.4
59.9
82.4
119.1
196.8
449.9
580.8
538.0
479.8
565.3
611.2
745.8
423.0
381.9
312.2
423.1
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
239.5
205.8
195.1
170.6
195.4
204.5
181.2
165.8
157.0
129.0
146.2
129.6
753.9
747.6
718.4
691.2
679.4
688.7
693.1
687.2
701.0
673.1
719.1
689.2
Total
Europe
Canada
453.5
588.9
791.7
1,010.7
1,655.4
1,986.3
1,766.9
1,697.5
2,271.2
2.193.7
2,223.4
2,033.7
1,897.9
2,194.8
2.031.4
2,097.9
2,183.0
2.084.0
2,065.5
2,141.0
1,979.3
1,921.0
2,035.9
46.0
86.8
76.3
101.6
174.5
334.1
273.1
399.5
704.7
818 6
,414.2
Latin
2
America Asia
33.5
149.3
166.3
127.6
215.1
326.4
296.7
482.8
578 7
794.7
924.9
,140.3 986.5
,155.8 ,029.7
,176.4 ,052.8
,111.6 ,105.0
,069.6 ,059.2
995.4 .058.9
937.4 ,029.3
823.9 983.3
748.0 1 ,010.3
••784.7 981.0
'670.2 956.1
519.6
87.0
149.4
217.0
251.8
417.0
531.2
541.4
743.9
928.2
888.6
,369.1
,475.0
,360.8
,306.8
,256.9
,215.8
,178.7
,183.9
,135.7
,082.9
,013.5
,012.5
982.7
All
Other5
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
215.2
218.5
218.9
224.1
239.3
244.8
260.8
263.9
288.5
258.7
251.5
247.2
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through —
1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940).
1940—Dec (Jan. 1, 1941).
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Tan. 31
Feb. 28
Mar. 31
Apr. 30
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
742.7
644.8
624.5
574.1
554.0
519.8
532.8
492.9
427.2
404.8
380.9
337.1
333 .6
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
259.4
261.5
216.2
226.2
226.7
235.5
236.1
244.3
241.5
252.6
256.2
249 6
Netherlands
48.1
-.4
62.0
-3.3
65.3
-4.4
68.4
-5.6
73.8
12.9
74.6
17
76.9
17.6
77.8
18.1
77.9
18.3
77.7
18.3
78.0
-17.7
78.2
-99.9
78.1
75.7 -100.7
-101.0
76.0 -104.2
76.1 -118.4
75.1
-110
75.0 -120
73.4 -132,3
69.2 -117.9
66.1 -135.1
63.4 -137.1
57.9
-32.4
Switzerland
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
5.2
.1
1.6
1.4
3.4
2.6
3.7
1.8
-1.7
-3.5
-4.1
Italy
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
25.5
24.1
22.2
17.8
15.9
16.0
13.7
10.6
11.7
8.9
6.0
45
ther
Europe
38.5
88.0
132.0
175.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
255.4
248.2
242.8
246.0
236.3
232.0
229.0
226.9
226.0
225.9
217.1
203.4
Total
CanEurope ada
Latin
2
America Asia
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
518.8
512.9
457.3
465.2
439.2
452.0
435.4
421.3
426.9
414.3
402 .4
482.8
20.1 37.3 - 1 . 6
24.9 30.4 - 4 . 4
51.6 18.7 - 8 . 7
66.8 -46.5
-7.0
52.6 - 2 1 . 5
-.8
43.2 34.8
2.1
17.7 64.7
-1.2
68.3 93.8
6.6
55.7 102.7
7.5
37.0 77.7
-.3
9.1 99.2
1.5
10.0 74.7
-1.5
3.3 72.8
-3.9
-2.4
71.9
-3.4
- 1 7 . 3 61.1
-4.2
—14.6 56.4
-3.7
- 1 4 . 1 54.8
-3.1
-32.2 54.1
-4.4
- 5 8 . 8 29.9
-5.8
- 9 2 . 4 34.6
-8.4
-111.6 44.0 -15.7
-140.6 40.2 -18.7
-213.7 31 .0 -23.0
-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
39.5
42.8
39.3
50.6
49.3
42.6
43.2
40.0
40.7
44.1
49.9
53.9
56.5
All
other*
r
1
2
Revised •
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
»Inflow less than $50,000.
1180
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINGE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1935- Dec. (Jan. 1, 1936)
1936— Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
1,104.2
1,103.9
1,125.3
1,141.9
1,170
1,196.9
1,231.5
1,237.9
1,308.2
1,229.8
1,282.6
1,341.6
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
51.1
51.0
50.9
49.9
49.9
49.5
49.1
50.2
50.0
49.9
50.1
50.0
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
33.3
33.2
33.1
31.4
30.3
29.1
27.5
26.0
24.7
23.6
22.8
22.5
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
44.9
45.0
44.9
36.4
37.4
34.5
31.0
31.2
31.5
31.8
30.9
31.9
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.3
27.3
27.3
27.1
27.1
26.8
26.7
26.7
27.0
26.8
26.8
26.9
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246.6
246.9
249.2
249.8
250.5
258.4
257.6
258.2
258.0
257.2
260.2
261.8
264.6
265.1
257.7
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
110.9
109.7
107.3
101.5
100.4
98.3
95.0
96.8
98.1
101.3
101.4
102.9
Total
Europe
Canada
143.1 - 3 9 . 7
278.3
1.7
366.4
10.5
440.6
-9.7
495.2
-7.6
510.0
25.0
521.3
35.4
526.3
-3.0
530.3
41.2
530.1 104.9
523.8
49.1
517.3 169.8
516.7 166.2
521.9 179.7
503.8 193.7
503.4 200.2
496.2 207.7
486.5 226.4
491.2 236.6
493.0 290.0
497.9 218.9
497.1 253.7
491.8 309.5
Latin
America
Asia1
All
other1
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
334.4
338.1
341.0
378.2
390.3
414.2
439.9
448.4
453.2
457.6
464.4
468.2
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
59.9
59.8
59.7
59.7
59.4
59.4
59.5
61.1
61.0
61.1
61.1
61.0
1.1
3.5
17.4
19.3
19.3
.7
10.9
-5.7
6.4
11.1
1
Latin
America Asia
All
other1
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
22.9
23.0
23.0
6.5
TABLE 6. -DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U . S. Securities)
From Jan. 2, 1935, through—
Total
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
619.7
615.0
506.1
492.2
478.3
472.1
454.4
464.5
464.4
439.7
414.3
416.7
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
United
King- France
dom
Netherlands
Switzerland
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-176.7
-179.0
-186.2
-186.7
-189.7
-193.4
-194.9
-194.9
-196.2
-197.5
-197.9
-198.3
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
233.5
225.2
224.0
223.6
222.9
220.1
216.8
213.6
207.0
199.4
194.4
188.0
179.3
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
342.8
342.3
342.1
335.6
335.8
334.7
336.3
337.9
338.4
338.7
338.4
344.2
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
71.1
73.3
73.4
73.0
77.6
81.6
74.3
74.9
73.0
71.4
71.2
73.8
Italy
Other
Europe
-.1
7.6
-3.3
-4.9
-5.5
-4.9
31.1
38.3
33.9
32.2
35.8
37.1
44.4
55.4
72.4
68.0
59.3
58.4
55.2
56.3
56.0
56.0
55.4
57.3
56.6
55.3
47.8
46.0
2.7
-.1
-.1
.6
1.9
2.2
2.1
1.8
1.7
1.6
1.7
1.6
2.0
2.1
3.0
-7.0
-15.5
-15.6
Total
Europe
Canada
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
524.0
520.9
509.8
502.8
501.6
497.2
486.7
484.3
474.2
455.2
432.0
429.5
2.8
3.7
32.6
37.6
25.7
-2.6
-18.4
-44.7
-45.1
-58.2
-28.1
-126.6
-66.3
-66.8
-147.7
-150.3
-153.9
-155.7
-158.2
-143.0
-137.1
-141.9
-144.6
-141.9
15.5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
81.3
89.7
90.3
86.1
87.5
91.5
93.4
94.1
87.6
84.9
86.2
88.2
90.6
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
63.8
62.1
49.7
43.4
30.5
29.7
25.0
26.8
33.4
32.1
30.6
30.3
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.9
8.5
8.4
8.3
8.8
8.6
7.5
6.9
8.8
9.1
8.0
8.1
8.1
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1935— Dec. (Jan. 1,
1936—£)ec< 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—.Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—DQC. 31
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb 28
Mar 31
Apr. 30
1936)
1939)
1940)
1941)
Total
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
144.1
140.9
141.4
140.9
146.8
150.4
153.1
154.7
153.7
150.4
156 6
154.5
....
M61.6
United
King- France
dom
Netherlands
Switzerland
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20 7
21.5
23.1
23.4
24.2
24.3
24.4
23.7
22.1
22.4
22.0
20.5
20.1
20.0
20.4
20.5
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17 5
19.9
22.3
26.0
16.0
15.9
16.1
15.8
15.7
16.3
16.1
17.5
17.3
14 9
16.3
17.3
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13 7
19.3
23.0
30.3
32.2
33.4
33.8
35.9
36.9
37.9
38.6
39.6
39.5
39 9
41.5
42.1
4.0
11.5
13.4
19.4
17.0
16.8
17 4
18.8
18.5
19.8
19.1
19.3
18.9
19.2
18.6
19.2
19.2
19.2
19.2
19 8
17 7
18.6
Italy
Other
Europe
Total
Europe
Canada
.1
.3
.1
.2
.1
.2
.2
2
.3
.3
.4
.5
1.3
-.3
5.0
5.0
4.9
7.7
7.7
8 5
9.2
10.4
13.6
12.9
12.9
13.2
13.7
14.0
14.1
14.8
14.7
14.1
14 0
13 8
13.7
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78 1
89.1
97.7
113.6
105.0
106.3
107.0
108.9
107.5
110.4
111.2
112.0
110.8
109 0
110.0
112.7
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15 2
17.6
16.2
19.5
19.6
18.5
19.8
19.1
19.2
20.1
21.5
21.5
22.1
21 7
20.0
21.2
^5
.3
.5
.5
.4
.4
4
.4
.5
1
Latin
America Asia
1.0
-4.2
L6
9.2
3.9
4 2
3.8
5.1
5.9
10.9
10.2
8.5
12.9
18.3
17.1
15.3
13.4
10.3
18 0
16.3
19.5
2.9
2.1
.5
-1.5
-3.4
6.0
6.3
6 0
6.0
5.6
3.8
4.1
4.8
3.9
4.4
3.7
4.0
5.0
4.8
5.3
5 2
5.5
7.0
All
other1
-.9
.3
.7
.8
.9
1.3
1.8
1.3
1.4
1.5
1.7
1.6
1.6
1.5
1.8
2.0
1.9
2 8
2 8
1.2
1
2
4
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Inflow less than $50,000.
» Outflow less than $50,000.
Amounts outstanding Apr. 30 (in millions of dollars): foreign brokerage balances in United States, 112.9; United States brokerage balances
abroad, 28.2.
SEPTEMBER
1947
1181
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Total foreign
1
countri es
In-
NethUnited
King- France erdom
lands
Switzerland
Italy
Other
Europe
Total
Europe
92 .4
130 .3
232 .5
427 .1
473 .8
781 . 0
1 ,418 .9
1 ,314 9
2 ,244 .4
3 ,320 . 3
3 ,335 .2
4 ,179 . 3
76.9
205.5
235.7
261.5
436.1
448.2
365.5
400.8
554 6
1,000.8
865.7
707.7
33 .9
163 .5
176 .3
143 .9
187 .4
288 .2
490 .1
448 .6
432 .3
439 .9
401 .2
310 .0
12.9
68.6
78.8
89.1
101.8
204.9
174.3
174 9
186 6
193.3
209.7
281.6
13.7
86.1
123.5
302.1
218.8
376.3
508.4
339 9
184 2
210.6
239.3
304.2
18.8
26.1
41.7
25.7
20.4
38.5
17.9
15.4
12.1
11.3
27.3
70.4
76.7
136.5
158.3
194.9
273.3
526 4
657.3
614.6
650 9
728.6
774.5
909.1
232.9
99.3 122.8 202.8
686.3 145.3 156.3 289.8
814.3 186.1 263.9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201.8 248.5 435.5
1,882 6 274.6 336.0 655 7
2,213.5 434.3 447.3 769.9
1,994.0 373.2 417.7 780.0
2,020 7 507.4 597 7 930 0
2,584.5 812.6 693.7 1,108.8
2,517.8 926.5 909.3 1,069.2
2,583.0 1 ,522.2 1,046.4 1,549.7
12.0
23.4
27.1
20.0
34.1
72.5
73.3
113.6
149 6
175.3
174.0
181.8
65.4 6,589.3 3 ,784 .5
1946—May 3 1 . . . .
June 30.... 210.8 6,401.2 3 ,562 .3
July 3 1 . . . .
219.9 6,688.3 3 ,897 .0
Aug. 31
300.3 6,467.5 3 ,627 .6
Sept. 30.... 269.0 4 6,420.3 3 ,544 .7
Oct. 3 1 . . . .
284.4 6,395.1 3 ,487 .2
Nov. 30.... 461.4 6,229.6 3 ,243 .0
Dec. 3 1 . . . .
473.7 6,006.5 3 ,043 .9
1947—Jan. 3 1 . . . . 468.9 6,004.8 3 ,096 .3
Feb. 28
2,725.6 '5,751.4 2 ,686 .5
Mar. 3 1 . . . . 2,726.9 '5,545.4 2 ,405 .7
Apr. 30.... 2,722.5 5,519.6 2 ,399 .1
434.4
335.1
661.1
525.3
570.3
638.1
546.8
458.9
484.4
443.3
373.6
484.4
319 .7
286 .0
275 .2
250 .8
275 .5
284 .6
261 .4
245 .9
237 .2
209 .1
226 .4
209 .8
268.4
256.1
234.1
227.1
239.0
215.7
202.4
224.9
212.2
214.4
183.3
221.6
323.2
332.5
336.7
359.0
351.1
4
359.1
366.8
372.6
377.2
384.1
392.2
397.2
130.5
137.0
165.5
174.3
178.9
188.9
205.5
267.9
321.0
247.4
218.5
225.7
917.1
910.8
881.7
854.5
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
1,655.7
1,541.4
1,487.5
1,437.5
1,396.4
1,359.3
1,364.5
1,316.4
1,263.5
1,194.2
1,193.1
1,163.3
184.1
187.4
187.8
192.9
208.1
213.7
229.7
232.8
257.3
227.5
220.3
216.0
Date
ternational
institutions
Official
i
private
1934—Dec.3
1935—Dec.3
1936—Dec. 30....
1937—Dec.3 29....
1938—Dec.
1939—Dec 33
1940—Dec
1941—Dec. 31
1942—Dec. 31
1943—Dec 3 1 . . . .
1944—Dec 31
1945—Dec 3 1 . . . .
669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938.2
3,678.5
4,205 4
5,374.9
5,596.8
6,883.1
al
2,393.2
2,257.4
2,554.4
2,391.0
2,457.4
*2,538.3
2,439.3
2,420.7
2,496.2
2,334.6
2,276.3
2,391.2
Canada
1 ,248.2
1 ,263.8
1 ,284.3
1 ,219.6
1 ,177.5
1 ,103.3
1 ,045.3
>931.8
855.9
••892.7
•"778.2
627.5
2
Latin
America Asia
1,108.1
1,151.3
1,174.4
1,226.6
1,180.7
1,180.5
1,150.8
1,104.8
1,131.8
1,102.6
1,077.6
1,121.6
All
other 2
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec33
1940—Dec
1941—Dec. 3 1 . . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 31. . .
1945—Dec. 31. . .
526.4
657.3
614 6
650.9
728.6
774.5
909.1
159.2
144 8
117 3
121.8
122.9
124.3
185.0
28.1
17.3
18 1
17.7
13.9
14.8
25.9
21.4
16 5
5 7
6 6
7.9
7.7
7.1
5.5
7.5
6.5
6.8
7.0
39.3
43.5
48.7
70.8
1946—May 31. . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. . .
Feb. 28. . .
Mar. 31. . .
Apr. 3 0 . . .
917.1
910.8
881.7
854.5
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
177.8
175.7
169.0
160.1
158.7
177.0
186.0
159.5
165.3
149.3
178.8
163.0
48.6
49.7
50.4
52.1
56.8
54.9
57.0
66.5
73.3
68.3
62.5
57.8
11.9
11.2
11.9
13.1
13.6
17.0
18.6
22.2
21.6
28.9
31.3
26.8
6.5
6.4
6.4
6.5
6.4
6.8
7.3
7.1
5.3
5.5
6.9
9.1
75.5
72.3
64.1
60.1
64.4
58.4
55.5
49.3
43.7
43.0
39.7
39.8
6 LuxemGermany Greece bourg6
Norway
6
PortuYugo- All
Rugal* mania6 Spain Sweden USSR6 slavia6 other
18.3
18.4
18.6
22.3
56 3
48.7
65 2
132.4
158.9
220.8
216.1
35.7
53.4
54.5
47.9
9.4
9.3
9.5
9.3
22.1
22.6
22.9
22.8
21.7
21.6
21.8
22.6
22.5
22.5
22.9
22.2
161.6
161.1
148.9
142.3
140.8
136.0
123.1
123.5
117.4
106.8
105.3
111.2
49.5
48.6
47.6
50.2
49.1
48.8
43.5
39.0
45.4
44.0
54.2
52.2
10.2
10.0
10.9
Costa7
Rica
Cuba
French
West
Indies
and
Guiana7
Mexico
12A
"4.9'
7.4
6.9
37.0
47.9
62 5
100.3
70.4
139.3
128.3
2.6
4.4
7.1
58 8
55.0
37 7
95.7
70.4
83.1
116.4
6.9
6.7
6.8
6.5
6.7
7.1
8.6
7.7
7.3
9.0
8.5
9.3
163.7
169.6
167.0
175.6
160.6
158.0
159.1
153.5
147.3
145.9
150.8
168.0
7.0
7.0
7.6
7.4
7.8
6.7
6.0
5.4
4.9
3.9
4.0
3.2
119.8
137.1
135.3
143.1
142.2
133.2
143.2
152.2
149.3
142.1
139.1
127.6
9.5
6.7
8.5
8.7
8.7
9.0
8.9
8.9
8.9
12.2
11.3
17.5
31.8
43.4
31.7
142 2
235.4
210.7
153.5
163.2
152.1
210.1
12.3
16.1
28.0
35.5
32.3
20.7
18.2
18.9
20.2
15.3
16.4
19.8
20.0
18.8
18.1
196.0
191.7
204.4
196.3
183.1
159.9
165.4
172.6
164.2
159.1
165.2
157.3
57.4
59.5
50.2
47.9
37.5
46.4
53.2
60.5
60.4
58.5
58.5
60.0
Panama8
Other
Vene-7 Latin
Peru7 zuela
America
"ioy
41.2
ii'.i'
36.0
28.2
34 0
58 7
42 1
36^9
57.6
69.1
88.7
17 A
27.7
43.9
20^9
24.2
31.5
49.7
85 .3
105 .6
121.8
64^2
95.4
119.8
144.8
19.2
16.7
14.7
14.1
13.7
13.6
13.5
16.1
13.6
11.8
10.5
10.6
88.9
87.1
84.8
84.3
85.4
84.6
84.1
77.2
78.2
75.2
73.2
71.0
40.3
40.6
39.2
38.8
39.1
43.8
40.7
40.9
37.0
34.3
34.0
35.9
50.3
46.1
42.3
50.9
52.5
68.7
67.3
74.0
51.5
45.5
46.7
49.4
160.5
168.6
171.5
169.4
167.3
167.6
166.7
168.7
183.8
182.4
186.1
186.6
ii'.3'
109.8
187.9
191 0
17.'7* 57.9
9.9
76.9
5.7
52.1
5.7
43.7
7.3
7.4
8.3
8.7
8.5
8.4
10.4
12.4
12.9
13.9
14.7
15.3
57.4
62.3
65.9
67.7
74.7
87.8
90.3
89.9
103.4
107.8
111.4
108.4
Latin America
NethLatin
America
Colom-7
bia
Bolivia7
Brazil
1939—Dec.3
336.0 57.7
1940—Dec3
447.3 115.4
1941—Dec 3 1 . . . 417.7
75.7
1942—Dec. 31. . . 597.7 67.6
1943—Dec. 31. . . 693.7 69.8
1944—Dec. 31. . . 909.3 93.9
1945—Dec. 31. . . 1,046.4 77.3
10.8
12.6
17.7
14.5
36.4
36.2
50 5
67.7
98.7
140.8
195.1
26.8
28.5
27.3
34.5 " 4 3 . 4
54.0
67.1
55.0
83.6
66.3
79.2
1946—May 31. . . 1,108 .1
June 3 0 . . . 1,151.3
July 3 1 . . . 1,174.4
Aug. 31. . . 1,226.6
Sept. 30. . . 1,180.7
Oct. 31. . . 1,180.5
Nov. 30. . . 1,150.8
Dec. 31. . . 1,104.8
1947—Jan. 31. . . 1,131.8
Feb. 2 8 . . . 1,102.6
Mar. 31. . . 1,077.6
Apr. 3 0 . . . 1,121.6
11.9
10.7
12.3
11.5
13.5
14.3
13.6
14.0
12.4
13.7
12.8
11.7
222.0
218.8
231.1
255.9
231.0
223.5
205.6
174.0
183.4
157.8
127.6
115.3
55.3
59.3
62.1
53.9
51.2
49.8
50.5
50.7
46.2
45.2
51.0
53.4
Date
Argentina
92.6
116.6
124.4
147.9
144.5
147.9
131.4
112.6
166.0
180.0
181.4
223.0
Chile
69.6
66.3
75.2
67.4
65.2
61.5
60.7
57.8
51.0
55.9
51.9
56.2
12.2
er-
lands
West
Indies
and
Surinam7
For footnotes see p. 1183.
1182
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 AH Other
Asia
Date
India,
China
Neth- PhilBritand French Hong Burerma, ish Japan lands
ippine Tur-1 Other
All
Man- Indo-1 Kong and
IsMa-1
key Asia other2
chu- China
East 1 lands
Ceylaya
ria
Indies
lon1
1939—Dec.3
655.7 167.0
1940—Dec.5
769.9 207.5
1941—Dec. 31
780.0 156 8
1942—Dec. 3 1 . . . . 930.0 360.9
1943—Dec. 31
1,108.8 574.2
1944—Dec. 31
1,069.2 427.3
1945—Dec. 3 1 . . . . 1,549.6 582.3
1,655.7 695.4
1,541.4 657.0
1,487.5 611.9
1,437.5 561.8
1,396.4 525.3
1,359.3 490.1
1,364.5 456.5
1,316.4 431.9
1,263.5 398.7
1,194.2 359.7
1,193.1 343 2
1,163.3 339.1
1946—May 31. . .
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1947—Jan. 31. . .
Feb. 2 8 . . .
Mar. 31
Apr. 3 0 . . .
1
2
3
165.4
110.3
69 9
27.4
27.4
27.4
28.0
71.4
91.1
61 6
41.6
23.9
22.9
27.4
13.1
18.2
22.1
33.4
1.0
.9
1.3
1.2
4.8
4.1
4.0
4.1
160.4
110.1
110.5
113.7
193.4
198.6
226.8
254.7
259.1
365.8
629.1
39.0
43.6
47.2
55.0
42.9
37.7
36.2
39.9
42.1
36.0
39.1
38.4
35.4
37.8
33.2
34.1
37.9
35.6
46.1
44.9
39.2
40.8
38 9
39.0
37.6 1.4
36.1 1.6
33.2 2 . 2
28.3 10.3
35.8 9 . 3
33.3 9 . 5
40.1 17.2
43.5 17.3
42.5 8 . 8
44.2 7 . 1
40 7 7 2
36.1 8 . 3
3.7
3.5
9.2
103.6
100.2
114.3
120.1
128.9
133.4
134.5
127.1
117.4
116.6
122 9
103.7
13.4
9.5
14.1
14.1
16.6
17.2
17.7
18 7
18.9
Egypt
and French Union
Aus- New Angloof
tra- Zea- Egyp- Mo- South
Other
lia land tian rocco Africa
Sudan
29.9
35.4
23.7
52.5
58.5
162.4
264 9
36.2
55.5
64.2
78.0
72.5
73.3
113 6
149^6
175.3
174.0
181.8
23.1
25.3
52.9
28.9
4.8
5.1
3.5
4.3
580.2 72.0
505.5 69.3
482.4 64.5
466.9 62.9
465.2 61.0
466.6 58.6
466.3 64.3
446.6 54.7
448.3 60.8
430.5 56.5
447 1 55.8
438.9 65.4
87.4
86.8
89.5
84.6
80.6
80.5
89.2
93.8
88.5
85.1
79 4
75^6
184.1
187.4
187.8
192.9
208.1
213.7
229.7
232.8
257.3
227.5
220 3
216.0
23.8
24.4
28.7
33.6
39.9
41.1
35.1
45.5
40.9
59.4
40 4
38! 7
4.8
7.5
6.4
5.2
5.5
5.5
5.7
8.0
8.2
8.3
9 6
8>
6.8
6.1
7.3
12.1
10.3
18.9
16.8
17.7
17.7
19.0
20.2
21.8
22.3
20.8
19.8
18.4
19 6
19^0
11.0
10.0
4.5
8.3
6.4
91.8
124.1
97.6
113.4
12.4
11.2
11.5
11.6
13.4
13.3
14.5
14.9
16.0
16.9
16 5
\6.\
11.3
12.8
10.1
13.4
24.5
29.4
52.2
47.2
82.5
33.9
43 7
47.3
115.0
113.7
113.4
110.1
104.5
102.5
99.8
96.4
89.9
90.7
90 5
86.2
4.3
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 3 below.
Footnotes
to table on p. 1182.
r
Revised.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
s Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan. 41, 1941.
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States"
have been adjusted to exclude the unreal movement introduced by this change.
5
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
e Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for May 1947, p. 621, and September 1945, pp. 967-970.
ASSETS
Date
1934—Dec. (Jan. 2,
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1947—Jan.
Feb.
Mar.
Apr.
1935)
1936)
1939)
1940)
1941)
31
30
31
31
30
31
30
31
31
28
31
30
Total
United
King- France
dom
Netherlands
Switzerland
18.6
19.0
21.9
23.0
24.2
1,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
80.5
32.5
16.8
13.5
10.3
490.7
511.0
561.4
581.5
615.7
602.7
642.6
708.3
730.7
754.6
798.4
801.8
32.6
30.5
75.8
65.8
65.3
56.5
55.9
47.7
50.5
39.4
35.8
42.4
.9
.9
3.4
3.1
3.0
3.9
4.1
5.7
9.9
4.9
4.2
1.8
1.3
1.1
1.4
1.1
13.0
15.6
21.1
5.7
.9
1.1
.5
.4
.3
36.3
118.5
119.4
119.6
122.8
137.1
128.8
138.8
151.0
136.6
153.7
155.8
51.0
Canada
Latin
America
Asia l
All
other 1
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
96.3
100.9
59.4
118.0
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
117.4
80.1
67.2
78.9
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
8.5
10.1
12.9
17.2
15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
215.3
221.2
276.8
269.0
294.9
282.1
298.8
312.9
307.3
319.8
331.8
251.3
50.1
53.6
42.2
43.6
50.3
49.7
52.9
52.2
48.8
43.0
39.0
36.4
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
54.4
56.2
57.1
68.0
72.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
12.9
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
Italy
Other Total
Europe Europe
8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
27.2
13.5
10.9
20.8
13.5
11.8
311.8
273.3
223.0
179.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
8.0
6.5
6.7
4.7
5.5
4.5
6.3
9.8
1.0
2.4
4.3
8.8
54.4
61.6
67.0
63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
11.7
12.2
11.4
8.3
2.0
1.5
.4
.4
.3
.3
10.7
10.5
12.9
16.0
14.9
17.7
20.6
22.0
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
SEPTEMBER
1947
1183
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
Germany
1939—Dec2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
104.7
69.5
60.5
56.3
52.9
78.3
74.6
6.5
1.5
1.1
.8
.7
.7
.6
3.2
.3
1.4
1.8
1.9
5.6
7.6
53.4
39.6
34.4
34.0
33.9
33.9
33.9
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
54.4
61.6
67.0
63.8
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
5.0
7.7
8.8
9.1
6.9
7.2
7.7
7.5
7.1
7.4
8.0
8.9
.1
.1
.2
.3
.2
.4
.5
.5
.6
.4
.3
.3
2.0
4.4
4.3
4.0
3.5
4.3
5.9
6.2
6.4
6.1
8.3
7.1
33.9
33.9
33.9
33.9
33.9
33.9
33.9
30.4
30.3
30.4
30.4
30.4
Date
Greece1 Luxembourg1
Norway
1 SwePorRutugal1 mania1 Spain den
Yugo-1 All
USSR1 slavia
other
1.1
.6
.6
.7
.1
.1
.1
.1
3 6
.9
5
.2
.2
35.1
31.6
2.4
1.4
.8
.5
3.2
3.2
1.8
1.6
8.7
1.0
6
.4
.2
.2
.9
28.0
24.5
22.1
8.4
5.0
5.1
4.7
1.5
1.1
1.6
2.1
12.6
12.6
13.0
12.4
12.4
12.5
13.2
12.8
.1
.1
.1
.1
.1
.1
.1
.1
1.2
.3
.6
.5
.7
.7
2.1
3.3
3.7
4.0
4.2
5.2
.6
.5
.7
.7
1.0
1.3
.9
1.0
.9
.9
1.0
1.0
2.1
2.9
4.2
3.3
3.6
7.2
6.5
7.2
7.3
6.2
3.8
3.7
3.0
5.6
7.6
5.5
5.5
4.1
3.9
4.9
5.5
5.6
6.0
7.1
5.1
5.0
5.0
4.3
5.5
6.1
6.2
9.4
9.5
10.2
13.2
22.9
.1
.1
.1
.1
.1
.1
.1
1
.1
4.2
6.9
11
1
Latin America
Latin
BoAmer- Argentina livia4 Brazil Chile
ica
Date
1939—Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
v
1946—May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
Colombia4
NetherFrench
lands
West
Other
West PanaCosta4 Cuba Indies Mexico Indies
4 Vene- Latin
Rica
and
ma5 Peru zuela4 Amerand
ica
Gui-4
Suriana
nam4
113.3 16.8
122.7 11.9
148.3 16.8
99.7 6.9
112.2 15.3
131.0 3.1
158.9 21.0
3.0
1.8
1.8
1.3
32.2
33.1
38.0
16.7
18.9
25.3
24.7
9.7
13.4
14.9
15.3
16.6
9.0
6.6
20.7
12.2
15.5
16.8
1.2
1.2
10.5
11.7
11.3
8.3
20.1
47.4
33.3
158.0
164.7
170.4
185.3
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
2.0 30.9
3.1 28.4
4.4 28.6
3.2 41.3
2.6 37.2
2.2 40.4
2.0 43.9
2.3 49.8
2.6 54.4
2.6 63.1
3.0 69.6
4.8 115.4
6.7
8.0
7.5
10.6
14.5
13.8
14.0
14.6
13.1
15.3
16.0
18.6
21.2
23.2
21.3
22.6
23.8
21.0
19.8
26.4
29.9
30.2
26.8
30.4
1.2
1.5
2.1
9.8
1.7
2.6
2.5
2.9
3.4
3.7
4.0
3.4
27.6
29.3
25.7
15.6
21.1
27.9
41.1
25.7
35.5
37.9
45.2
53.8
20.4
20.4
27.9
25.6
21.4
22.5
24.0
41.8
49.1
45.5
49.9
57.8
.6
.7
(*)
()
5.9
6.1
7.6
4
11.2
8.6
11.0
13.5
15.0
15.2
17.2
22.0
17.6
20.6
25.5
27.0
28.8
30.7
33.7
.3
.5
.3
.5
1.0
2.1
2.4
2.1
1.1
.8
1.1
2.8
1.4
1.2
1.9
3.9
3.8
5.1
6.1
.5
.4
.5
.4
.4
.4
.5
.8
.9
.8
.8
1.1
1.1
1.8
1.6
1.3
.9
.9
.8
1.3
1.6
1.7
2.2
2.2
3.8
3.5
3.4
3.6
3.0
2.7
2.7
3.7
5.4
6.5
7.0
7.8
7.7
7.9
8.1
8.1
7.0
4.8
6.6
8.7
10.4
15.6
19.6
15.4
37.2
44.4
57.3
14.2
8.7
11.7
33.4
21.2
22.1
24.0
25.8
27.0
24.9
21.7
23.1
27.1
27.9
33.9
37.3
A s i a and All Other
Date
1939—Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
India,
Egypt
China
Neth- PhilBur- Briand French Union
and French
er- ippine Tur- Other All Aus- New Anglo
ma, tish Japan lands
of
Asia Man- Indo-6 Hong
7 tra- Zea6
MoOthe
and
Kong
EgypMaIsother
key
Asia
chu- China
East 6 lands
lia land tian rocco South
Cey- laya6
Africa
ria
Indies
lon*
Sudan
174.1 22.0
117.8 23.7
87.9 23.5
35.3 11.1 " ( » ) "
26.3
1.7
(3)
51.4
1.5
(3)
29.9
1.0 (3)
54.4
56.2
57.1
68.0
72.7
74.3
. . . 75.0
99.2
94.5
85.0
88.9
. . . . 98.1
22.6
23.9
19.0
28.6
34.7
34.6
40.8
53.9
43.8
36.8
41.2
47.0
3
()
(3)
.1
(3)
(3)
(3)
?(333)
(( ))
1.9
1.7
3.1
.9 ' "i.'i
1.0 2.0
.9 22.3
.8 7.5
2.0
2.0
2.2
2.9
3.2
6.5
4.0
5.9
5.0
5.1
4.1
4.0
6.6
7.4
9.4
10.8
11.7
10.1
9.1
12.0
12.7
12.9
14.6
14.2
1
Prior to June 30, 1942, included under "All other."
2
Report dates for these years are as follows: 1939—Jan.
3
Less
than $50,000.
5
Included "Canal Zone" prior to June 30, 1942.
7
Country breakdown not available until June 30, 1942.
1184
.7
.5
.1
.1
.3
.1
1.7
.1
.2
.2
.2
.2
.5
.5
1.0
1.3
102.1
55.8
18.9
.5 "i!o
.5
1.7
1.5
.5
1.4
.5
.3
.3
.3
.3
.3
.5
.2
.2
.2
.2
.2
.2
1.4
1.4
1.2
1.3
1.2
1.0
.9
1.0
1.1
.9
1.4
1.9
26.4
22.6
23.0
14.4
13.9
13.8
13.8
1.8
3.2
1.8
2.0
16.7
16.7
18.5
19.2
16.6
16.0
14.7
20.2
25.3
23.0
20.3
22.4
.9
.9
.9
.9
.9
1.3
.9
1.4
1.4
1.5
2.0
2.5
21.6 9.3
14.0 6.4
19.5 9 7
2.0 4.8 1.0
1.8 3.9
.5
8.8 11.7
.6
2.7 9.9 1.7
3.6
3.5
3.9
3.9
3.9
4.0
4.2
4.4
4.5
4.0
3.9
4.5
. 12.9
15.3
14.8
15.6
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
1.8
1.9
2.9
2.9
3.3
2.7
3.1
3.4
4.3
6.2
6.5
7.5
.7
.2
.2
.7
.1
.1
.2
.3
.6
.6
l.l
L.2
L.2
.2
.3
.3
.4
.3
.4
.4
.4
.4
.4
.5
.4
L.O
.9
L.I
L.2
L.3
L.5
L3
(3)
8
. ,
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
.1
.1
.2
.1
1.7
2.4
9.7
4.7
1.2
.7
1.0
2.5
7.8
8.5
8.0
8.1
7.7
8.4
9.1
10.1
10.5
14.7
16.0
18.3
2.5
3.9
2.5
3.0
2.5
2.0
2.4
2.2
3.4
4.5
5.5
6.8
3, 1940; and 1940—Jan.
1, 1941.
4
Prior to June 30, 1942, included under "Other Latin America."
6 Prior to June 30, 1942, included under "Other Asia."
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Assets of banking department
Liabilities of banking department
Bank of England
(Figures in millions of
pounds sterling)
Cash reserves
25
30
29
28
27
25
31
30
29
27
26
200.1
313.7
326.4
326.4
* .2
.2
.2
.2
.2
.2
.2
1946—Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
.2
.2
.2
.2
.2
1947—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30
.2
.2
.2
.2
.2
.2
.2
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
Other
assets 2
Gold1
5
5
5
5
Discounts
and advances
Securities
Coin
Notes
260.0
200.0
220.0
230.0
580.0
5 630.0
5 780.0
8
950.0
1,100.0
1,250.0
1,400.0
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
1,400.0
1,400,0
1,400.0
1,400.0
1,450.0
1.1
1.2
1.0
1.1
1.3
32.7
41.5
38.5
34.2
22.1
9.9
18.8
9.5
25.3
13.6
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1.0
.9
.6
1.0
1.3
1.8
2.4
85.8
74.7
59.5
62.6
56.1
55.2
30.9
25.4
16.0
11.1
18.0
8.7
20.6
28.6
Note
circulation 3
Deposits
Bankers'
Public
Other
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
343.4
324.6
327.2
333.9
327.6
1,367.5
1,358.7
1,361.8
1,366.0
1,428.2
307.6
302.9
292.7
310.1
278.9
7.0
9.3
8.2
10.1
10.3
54.0
55.5
57.5
56.3
57.3
18.4
18.5
17.8
17.9
18.1
271.0
294.6
338.7
344.8
353.9
337.0
364.6
1,364.5
1,375.6
1,390.7
1,387.6
1,394.1
1,395.0
1,419.3
288.4
285.2
286.4
303.7
301.9
290.3
301.8
16.0
22.4
10.6
6.9
5.0
8.0
11.3
60.6
60.1
94.4
98.0
95.1
98.3
95.1
18.3
18.4
18.5
17.8
18.0
18.1
18.3
424.5
467.4
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
Shortterm6
Other
liabilities
Note
circulation7
Chartered
banks
Other
Dominion
government
Other
liabilities8
Other
200.9
.5
.6
172.3
156.8
906.9
1,157.3
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
1946—Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1.7
.7
.9
.9
1.0
1,257.7
1,259.1
1,301.5
1,283.8
1,197.4
530.8
523.9
521.5
605.0
708.2
44.1
38.3
40.1
40.9
42.1
,127.4
,147.5
,156.9
,161.1
,186.2
521.1
511.3
538.6
579.5
565.5
69.1
27.4
36.6
63.9
60.5
79.7
87.8
85.2
79.4
93.8
37.1
48.0
46.7
46.8
42.7
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
.0
.0
.2
.0
.0
4.0
.7
1,196.8
1,172.3
1,146.9
1,186.0
1,123.0
1,063.7
1,081.9
718.8
738.9
757.5
751.2
731.0
716.0
722.6
39.3
47.6
40.4
59.2
41.3
40.4
42.0
,138.6
,137.9
,153.2
,153.9
,148.1
,152.6
,153.7
533.3
493.6
536.3
542.6
477.6
474.4
468.3
150.1
215.7
159.8
195.7
179.4
105.6
124.1
82.9
75.3
64.6
69.3
58.5
54.4
63.7
51.0
37.3
32.1
35.9
32.6
36.9
37.3
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
31.
31.
31.
31.
30.
31.
31.
31.
31.
30.
31.
180.5
179.4
179.8
185.9
225.7
4.2
9.1
14.9
28.4
64.3
38.4
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
19.1
17.8
27.7
29.8
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
2.1
3.5
3.1
17.9
9.5
6.0
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 3, and Dec. 10, 1945, and on Dec. 10, 1946.
6
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
SEPTEMBER 1947
1185
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)
Liabilities
Advances to
Government
Domestic bills
Gold 1
Foreign
exchange
Open
market 2
Special 2
Other
For occupation
Other 2
costs 3
1938—Dec. 2 9 . . . 87,265
1939—Dec. 2 8 . . . 697,267
1940—Dec. 2 6 . . . 684,616
1941—Dec. 3 1 . . . 84,598
1942—Dec. 3 1 . . . 84,598
1943—Dec. 30.. . 84,598
1944—Dec. 28.. . 75,151
1945—Dec. 2 7 . . . 6129,817
821
112
42
38
37
37
42
68
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
1,797
2,345
661
12
169
29
48
303
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
72,317
142,507
210,965
326,973
426,000
426,000
1946—July 2 5 . . .
Aug. 2 9 . . .
Sept. 2 6 . . .
Oct. 3 1 . . .
Nov. 2 8 . . .
Dec. 2 6 . . .
94,817
94,817
94,817
94,817
94,817
94,817
6
5
6
5
6
7
64,769
64,474
70,577
71,224
74,739
77,621
546
3,124
3,344
3,135
45,324
61,657
62,567
63,127
67,396
76,254
1947—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 2 7 . . .
Apr. 30.. .
May 2 9 . . .
June 2 6 . . .
94,817
94,817
782,817
82,817
82,817
82,817
5
8
5
6
6
6
75,500
82,958
83,613
85,120
82,221
82,983
2,209
1,435
694
134
125
84
82,674
85,917
85,221
80,901
88,429
87,134
Other
assets 4
Deposits
Note
circulation
Govern- C.A.R.5
ment
Other
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
Other
liabilities
20,627
34,673
63,900
69,500
68,250
64,400
15,850
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
426,000
426,000
426,000
426,000
426,000
426,000
8,600
8,600
28,100
46,600
55,500
67,900
40,915
45,049
44,703
52,693
47,116
47,577
612,879
633,327
667,567
696,924
704,796
721,865
717
779
804
814
824
765
59,829
62,282
54,743
55,612
58,549
63,468
7,006
4,213
4,201
4,241
4,748
7,213
426,000
426,000
426,000
426,000
426,000
426,000
55,200
54,000
79,500
55,000
63,700
95,000
54,507 730,253
53,066 737,692
58,083 746,266
770,670
775,053
119,662 807,064
789
831
767
770
745
834
55,020
54,512
63,880
62,304
66,745
76,747
4,849
5,166
5,021
4,992
4,599
9,040
8
1O8,758
8
103,846
8
41,400
64,580
16,857
10,724
1
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For
explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million
francs were authorized to meet the costs of the German army of occupation.
4
Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National
Bank
of
Belgium on Dec. 22, 1944.
5
Central Administration of the Reichskreditkassen.
6
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million,
and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund.
7
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury
bonds covering these contributions is shown under "Other assets."
8
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.
Central Bank
(Figures as of last report
date of month)
1947
July
June
1946
May
July
1947
Central Bank
(Figures as of last report
date of month)
July
National Bank of Belgium
Central Bank of t h e Argentine
Loans to Government
Republic (millions of pesos):
2,449
1,235
Other loans and discounts
Gold reported separately
2,261
4,736
Claim against Bank of Issue... .
Other gold and foreign exchange.
958
866
Other assets
Government securities
60
36
Note circulation
Temporary advances to Govt..1 .
7,391
10,408
Demand deposits 4
Rediscounts and loans to banks .
2,062
2,305
Blocked accounts
Other assets
2
3,562
4,306
Other
liabilities
Currency circulation
1,865 Central Bank of Bolivia—Mone336
Deposits—Member bank
901
510
tary
Dept.(millions
of bolivianos):
Government
8,597
12,085
Gold at home and abroad
Nationalized x
171
77
Foreign
exchange
Other
Loans and discounts
Certificates of participation in
2
Government securities
Government securities
712 1,643
Other assets
Other liabilities
Note circulation
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Deposits
186,158
226,245
Gold and foreign exchange
210,908
Other liabilities
6
4,073
2,590
2,220 National Bank of Bulgaria
Checks and bills of other banks. .
Securities (incl. Government and
Central Bank of Chile (millions
429,494 397 ,277 403,368
of pesos):
Treasury bills)
10,779 11,997 11,408
Gold
Other assets
202,680 200 ,680 197,680
Note circulation
Gold contribution to Int'l. Fund.
Deposits of Trading Banks:
Discounts for member banks. . .
270,984 279 ,784 255,012
Special
Loans to Government
21,414 22,123 22,847
Other
Other loans and discounts
135,425 135,522 152,365
Other liabilities
Other assets
National Bank of Belgium
Note circulation
(millions of francs):
Deposits—Bank
28,214 28,163 27,998 33,148
Gold
Other
12,227 12,644 10,255
3,708
Foreign exchange
Other liabilities
1,814
1,564
2,014
Net claim on Int'l. Fund 3
47,169
6,456
64,597
2,327
77,597
4,493
78,719
1,745
1946
June
May
48,624
2,652
64,597
2,244
75,380
4,809
78,891
1,658
July
49,338
4,530
64,597
2,250
75,446
4,811
79,099
1,626
48,632
3,450
64,597
2,119
71,862
4,325
78,063
1,405
(Apr.)
922
165
337
430
14
1,671
185
12
920
315
191
431
11
,630
234
3
220
43
725
1,234
1,151
1,638
3,761
517
265
467
239
43
565
1,258
1,096
1,891
3,729
632
200
531
366
"
465
697
741
1,954
3,014
544
254
410
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank
entral Bank became responsible for all subsidiary money,
5
6
Latest month available.
For last available report (January 1943) see BULLETIN for July 1943, p. 697.
1186
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 1
Paid-in capital—Int'l. Bank. . . .
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Costa R i c a Issue dept. (thousands of colones):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Czechoslovakia
(millions of koruny):
Gold and foreign exchange 2 . . . .
Loans and discounts
Other assets
Note circulation—Old
New
Deposits—Old
New
Other liabilities
National Bank of D e n m a r k
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account....
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) x
Net claim on Int'l. Fund
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 (net)
Net claim on Int'l. Fund *
Loans and discounts
Government debt and securities
Other assets
Note circulation
Deposits
Other liabilities
1947
July
June
1946
May
July
Central Bank
(Figures as of last report
date of month)
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
27,470
Securities
Other assets
80,825
Note circulation
39,694
Deposits
211,949
Other liabilities
211,70"
39,89^ Bank of Greece (billions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
11,329 11,29: 16,890
Advances—Government
6,880
15,746 12,84:
Other
Other assets
30,321 30,321 1,126
Note circulation
62,050 63,284 57,235
Deposits—Government
4,020 4,040 1,561
Other
1,076
1,458
1,490
Other liabilities
74,49 73,430 70,770
of Guatemala (thousands of
43,751 43,001 8,433 Bank
6,294 6,805 5,979 quetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund
4,694 4,732 4,689 3,619
Rediscounts and advances
4,302 4,097 4,062 5,858
Other assets
24,181 124,20 124,254 121,261
Circulation—Notes
931
930
Coin
931
985
45,037 44,393 43,719 35,500
Deposits—Government
68,784 68,931 69,412 78,637
Banks
9,288 9,674 9,936 8,531
Other liabilities
9,138 9,108 9,008 7,08' National Bank of Hungary (millions of forint):
Gold
Foreign exchange
71
71
71
Discounts
80
77
79
142
Loans—Treasury
58
93
52
71
Other
16
14
18
23
Other assets
103
107
101
98
Note
circulation
,085 6,208 7,588
6,005
Demand deposits—Government
289
272
257
9
Other
,482 1,487
1,462
1,482
Other liabilities
,335 2,081 2,685 Reserve
2,340
Bank
of
India
(millions of
,737 3,092 3,710
2,646
rupees):
147
149
144
24
Issue department:
Gold at home and abroad.
Sterling securities
273,868
,549 241,674
Indian Govt. Securities. . .
16,623
,150 79,750
Rupee coin
16,877
,87
Note circulation
229,13
Banking department:
,573 223,38'
132,132
Notes of issue department.
,732 90,59i
339,366
,43' 334,33=
Balances abroad
274,33
,416 262,643
Treasury bills discounted. .
54,93
,034 38,42i
Loans to G o v e r n m e n t . . . .
Other assets
Deposits
Other liabilities
6,376 6,24
Central
Bank of Ireland (thousand;
14,69" 15,60
of
pounds):
2,60C
2,98«
Gold
Sterling funds
305,830 303,01
Note circulation
26,386 25,32'
Bank
of Italy (millions of lire):
131,106 131,72
Gold
89,653 83,32<
Foreign
exchange
117,54< 125,49.
Advances—Treasury
17,972 12,24<:
Other Govt. agencies
Loans and discounts
Government securities
37.12C 37,16( 32,851
Other assets
45,118 47,60:
65
Bank of Italy notes
1,563
1,563
Allied military notes
1,602
488
1,41.
Deposits—Government
5,47
5,47 = 6,08.
Demand
1,69
1,77
1,88
Other
51,333 52,128 44,84(
Other liabilities
32,908 33,48
27,59 Bank of Japan 3
8,364 '•6,32 Bank of Java 3
8,40^
52,043 62,589
35,398 46,580
21,867 21,867
1,225
1,225
12,647 93,479
88,521 87,828
41,712 39,207
! 44,361 244,824
75,440 173,751
33,612 34,198
61,025
63,734
21,867
1,225
77,947
83,896
40,990
238,660
169,130
42,894
35,954
79,607
1947
July
June
1946
May
July
2
2
2
1
1,438
1,296
2,033
-242
-4,278 -4,984 -5,882 -8,841
32,033 32,163 31,451 32,837
407
408
412
545
755
1,023
798
738
22,956 22,415 21,653 17,269
1,216
1,296
2,690
1,473
6,185
5,079
6,020 5,864
725
17
679
843
91
690
82
149
1,434
761
16
645
824
87
676
65
168
1,424
27,229
22,456
1,250
2,504
7,897
29,209
2,822
7,353
13,606
8,345
27,227
22,811
1,250
1,508
7,983
29,417
2,816
6,804
13,373
8,370
346
155
921
340
346
166
749
340
314
179
666
340
301
1,592
27
67
377
333
1,468
17
69
380
338
1,408
5
73
351
1,048
8
512
358
33
444
197
1,317
,228 28,471
,651 16,853
,250
,530
,109
3,188
,643 28,620
,799
2,613
,885
3,723
,072 11,468
,369
2,087
444
444
444
11,353 11,353 11,353
578
578
578
176
276
266
12,215 12,270 12,155
43
4,359
1
47
767
5,338
289
371
4,663
32
13
730
5,503
30
397
5,635
3
""435
6,177
293
2,646
2,646
2,646
2,646
37,759 37,625 37,882 38,376
40,405 40,271 40,528 41,022
523
526
5,991
5,162
488,526 459,923
18,60' 29,747
80,056 28,545
115,629 82,813
27,710 29,312
478,801 311,125
96,373
79,01
7,054 18,526
58,379 66,753
93,375 131,659
19,583 12,420
r
1
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning Dec. 31, 1946.
3 For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942),
see BULLETIN for March 1943, p. 278.
SEPTEMBER
1947
1187
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve l
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
,y
New
Deposits—Government
Blocked
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
.
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities
Bank of Paraguay—Monetary
Dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Discounts.. . .
Government loans
Other assets
Note circulation
Deposits
. .
Other liabilities
Bank of Portugal 3
National Bank of Rumania 3
South African Reserve Bank
(thousands of pounds):
Gold*
..
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
.
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
1947
July
646
,48
627
9.
1,683
900
268
502
2
354
152
3,600
126
126
2,768
810
82
738
210
2,802
92,428
23,050
3,868
769
47,180
71,056
4,681
June
1946
May
July
Central Bank
(Figures as of last report
date of month)
1947
July
June
1946
May
July
Bank of Spain—Continued
Other assets
3,079 2,148
Note circulation
22,553 19,449
,580 1,636
1,733
Deposits—Government
2,431
769
600
571
Other
480
2,912 3,320
87
96
159
Other liabilities
986
564
,687 1,686
1,694 Bank of Sweden (millions of kronor):
998 1,035
1,190
Gold
316
371
418 1,036
254
263
208
Foreign assets (net)
298
279 1,074
238
Swedish Govt. securities and ad-5
vances to National Debt Office
2,398
2,322
,533
945
502
519
713
Other domestic bills and advances
224
126
118
28
2
1
371
1
Other assets
424
526
880
312
357
4,530
Note circulation
2,543
,618
2,556
2,450
155
174
170
Demand deposits—Government.
570
619
581
837
3,600 3,600
Other
118
113
192
300
110
130
338
Other liabilities
.....
382
335
376
126
126
275 Swiss National Bank (millions of
2,760 2,730
francs):
,447
935
866
,562
Gold
5,187
5,037 4,844
,055
103
97
Foreign exchange
96
138
85
120
168
591
639
719
Loans and discounts
84
65
87
61
212
516
82
87
209
Other assets
87
88
Note circulation
3,980
,954
3,908 3,639
Other sight liabilities
1,127
,073
1,179
1,210
2,802 2,802 2,802
Other liabilities
342
322
241
311
93,933 92,307 86,772 Central Bank of the Republic of
Turkey (thousands of pounds):
24,180 27,254 30,000
Golds
517,088 534,971 579,794 299,520
Foreign exchange and foreign
3,868 3,868 4,016
clearings
300,228 295
807 1,131 2,224
288 065 63,447
596,857 589.
580 672 691,778
46,984 47,008 45,200
Loans and discounts
187,122 183
179 869 164,686
72,595 75,601 76,012
Securities
28 012 71,532
6,010 4,753 4,602
33,061 28.
Other assets
Note circulation
929,170 941,231 961 991 826,491
339
339
178 435 91,821
Deposits—Gold
148,360
468
394
Other
324,330 315,938 290 503 128,667
120
126
Other liabilities
232,496 225,739 225 484 243,983
74
75
Bank of the Republic of Uruguay
8,108 8,108
(thousands of pesos):
65
68
Gold
290,991 310,856
1,856
1,912
Silver... ,
13,008 13,678
3,994 4,158
Paid-in capital—Int'l. Bank
318
985
1,016
Advances to State and govern902
900
ment bodies
24,604 18,633
341
352
Other loans and discounts
138,779 104,294
940
930
Other assets
396,690 348,735
Note circulation
223,226 185,749
Deposits—Government
43,152 48,404
1,870 3,395
1,870
Other
247,324 255,149
33,697 36,246 33,353
Other liabilities
350,689 306,895
14,185 14,515
500 Central Bank of Venezuela (thou9,760 9,779 9,827 sands of
bolivares):
2,717 2,713
617,912 617. 912 617,912 557,080
724
Gold7
42,171 44,725 29,152
31,267 38, 633
Foreign exchange (net)
670 24,354
9,852 10,829 15.58Q
92,603 66 537 62,296 27,967
Other assets . . . .
10,207 9,570 3,058
Note circulation—Central Bank. 487,579 493 461 498, 006 405,283
390
7,822
4,748
National banks.
5,726
519 141,120 188,226
210,858
Deposits
101,870 164,032
711 36,025
8,070
38,597
Other liabilities
20,491
National Bank 3of the Kingdom
2,480
of Yugoslavia
65,600 15,834 Bank for International Settle666,308 631 ,739
ments 8 (thousands of Swiss gold
107,144 10,878
francs):
641,979 539 ,602
Gold in bars
82,712 124,774
202,657 257,413
Cash on hand and on current
13 774 24,943
113,256 25,469
5,673
account with banks
497
496
140
Sight funds at interest
Rediscountable bills and accept33 661 26,326 10,621
ances (at cost).
14 058 13,368 7,339
Time funds at interest
185,971 193,610 252,402
69 190 64,594 306.767
Sundry bills and investments.
..
8,997
316 26,824
Funds invested in Germany 9 . . .
291 160 291,160
4,850
680
3,943
Other assets
,
2
2,503
36
10,527
769
Demand deposits (gold)
8,130
18
18,107 20.752
216 66,539
63,553
Short-term deposits (various
582 217,896
currencies):
140,534
577
Central banks for own ac6,258
6,864
count
280
9.303 3,436
Other
1,214
1,213
372
3,381
1,653
Long-term deposits: Special ac522
574
counts
15,884 15,807
228,909 228,909 229,001
Other liabilities
8,182
4,360
246,894 246,402 200,508
671
680
721
1
2
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
3 For last available report from the central bank of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944),
see BULLETIN
for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
4
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds.
6
Gold
revalued
on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning
October 1944, a certain amount of gold formerly
reported in the Bank's account shown separately for account of the Govern8
9
ment.
See BULLETIN for December 1936, p. 1025.
Before March 1947, included in "Sundry bills and investments."
1188
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
SwitzGer- Bel- NethKing- France many
er- Sweergium lands
den land
dom
In effect Dec. 31,
1936
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. IS
Jan. 25, 1940...
Apr 9
May 17
Mar. 17, 1941. . .
May 29
June 27
Jan. 16, 1945...
Jan 20
Feb. 9
Nov 7 1946
Dec. 19
Jan. 10, 1947 . . .
2
4
6
5
4
2
3
4
2
Rate
Aug.
31
Albania
Argentina
Austria
Belgium
Bolivia
2
2
Rate
Aug.
31
Date
effective
Ireland
Italy
Japan
Java
Latvia
2H
4
3.29
3
5
Nov. 23, 1943
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
1946
1944
1936
1933
1939
1945
Lithuania....
Mexico
Netherlands .
NewZealand.
Norway
Peru
6
July
June
June
July
Jan.
Aug.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
1, 1940
Jan.
June
Oct.
Oct.
June
15, 1946
8, 1943
15, 1946
1, 1935
5, 1947
Portugal
Rumania....
South Africa.
Spain
Sweden
2^
4
3
4
Jan.
May
June
Dec.
Feb.
12, 1944
8, 1944
2, 1941
1, 1938
9, 1945
Jan.
Apr.
Aug.
Aug.
Nov.
10, 1947
9, 1940
16, 1946
1, 1946
28, 1935
Switzerland..
Turkey
United Kingdom
U.S.S. R.. . .
Yugoslavia. .
4
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
Mar. 21, 1940
Mar. 1, 1936
July 3, 1945
Aug. 27, 1947
Nov. 8, 1940
sy2
6
Central
bank of—
Date
effective
2
4
2y2
Bulgaria
Aug. 14,
Feb. 8,
Canada
Chile
3-43J Dec. 16,
July 18,
Colombia
Costa Rica....
Apr. 1,
3
Czechoslovakia
Oct. 28,
3
3
4
3
2y2
"4
Denmark
Ecuador
El Salvador...
Estonia
Finland
3
3
2
Aug 27
In effect Aug. 31,
" l "
1947
Central
bank of —
3
7
4
2j|
5
2
1M
21/
sy2
France
3
Germany
Greece
Hungary
India
1 V£
15/8
ly2
10
7
3
2y2
2V>
NOTE.—Changes since July 31: Belgium—Aug. 27 up from 3 to 3 3^ per
cent.
3 "
&2M
sy2
2H
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Germany
Bankers'
allowance
on deposits
Private
discount
rate
Day-today
money
4.75
3.88
3.76
3.00
2.88
2.88
2.88
2.79
2.38
2.13
2.13
2.13
2.13
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
Netherlands^
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
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
1946-—June
1946—July..
Aug..
Sept..
Oct...
Nov..
Dec.
1.05
.50
.91
.71
.78
.85
.40
.85
.68
.68
.59
.75
1.03
1.03
1.03
1.03
1.03
1.03
.53
.59
.76
1.02
1.00
1.00
1.00
1.00
1.00
.50
.63
1.42
1.00
50
50
50
60
25
00
00
00
50
.25
,25
.25
.25
.25
.25
.53
.53
.53
.53
.53
.53
.51
.51
.51
.51
.51
.50
.63
.63
.63
.63
.63
.63
1.52
1.41
1.30
1.07
1.01
1.21
1.31
1.18
1.00
.90
.78
.78
.25
.25
.25
.25
.25
.25
1947—Jan...
Feb.. ,
Mar..
Apr...
May.
June.
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
1.44
1.72
1.65
1.59
1.45
1.46
.77
1.46
1.19
1.11
1.08
.25
.25
.25
.25
.25
.25
.64
.78
.99
.62
.92
.75
.75
.79
.75
.77
1.00
1.00
1.00
1.06
1.13
1.13
.86
1
The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
>. 656-661, and for description of statistics see pp. 571-572 in same publication.
SEPTEMBER
1947
1189
COMMERCIAL BANKS
United K i n g d o m
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
1
Cash
reserves
Money at
call and
short
notice
Bills dis- Treasury
Loans to
deposit 2 Securities customers
counted receipts
Deposits
Other
assets
Other
liabilities
Total
Demand
Time
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—'December.
1945—December.
274
324
366
390
422
500
536
174
159
141
142
151
199
252
334
265
171
198
133
147
369
314
758
896
1,307
1,667
1,523
609
771
999
1,120
1,154
1,165
1,234
1,015
924
823
794
761
772
827
290
293
324
325
349
347
374
2,441
2,800
3,329
3,629
4,032
4,545
4,850
1,398
1,770
2,168
2,429
2,712
3,045
3,262
1,043
1,030
1,161
1,200
1,319
1,500
1,588
256
250
253
236
245
250
265
1946—July
August. . .
September
October...
November.
December.
532
553
553
557
574
499
305
313
280
312
324
432
522
464
405
472
497
610
1,382
1,511
1,671
1,629
1,628
1,560
1,406
1,393
1,393
1,403
1,410
1,427
885
906
930
944
964
994
386
369
379
390
433
505
5,113
5,198
5,302
5,397
5,503
5,685
3,389
3,427
3,502
3,563
3,632
3,823
1,724
1,771
1,800
1,833
1,870
1,862
304
310
308
310
328
342
1947—January. .
February.
March....
April
May
475
463
466
476
460
464
428
421
444
435
430
451
624
659
750
709
659
672
1,563
1,436
1,317
1,346
1,350
1,330
1,427
1,439
1,455
1,461
1,470
1,479
1,008
1,015
1,034
1,064
1,099
1,131
454
451
465
470
489
518
5,629
5,519
5,556
5,583
5,571
5,658
3,749
3,603
3,606
3,628
3,593
1,880
1,916
1,950
1,956
1,978
348
364
374
376
386
386
June
Liabilities
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—'December.
1945—December.
292
323
356
387
471
550
694
53
40
32
31
48
92
251
1,088
1,108
1,169
1,168
1,156
1,211
1,274
132
159
168
231
250
214
227
1,646
1,531
1,759
2,293
2,940
3,611
4,038
612
570
653
657
744
782
869
85
80
71
60
42
34
26
2,774
805
3,105
3,657
4,395
5,137
5,941
1,033
1,163
1,436
1,984
2,447
2,714
3,076
1,741
1,641
1,669
1,673
1,948
2,423
2,865
963
846
962
1,049
1,172
1,289
1,386
1946—July
August. . .
September
October...
November
December.
696
665
676
699
730
753
96
98
91
97
117
136
1,230
1,249
1,284
1,341
1,476
1,507
121
128
122
126
128
132
4,298
4,336
4,375
4,471
4,496
4,232
876
865
960
959
931
1,039
23
23
22
22
22
21
5,887
5,892
6,037
6,201
6,362
6,252
2,476
2,426
2,513
2,724
2,902
2,783
3,411
3,466
3,524
3,477
3,460
3,469
1,407
1,428
1,449
1,470
1,493
1,525
1947—'January . .
February.
March.. . .
April
May
689
635
695
719
631
637
134
155
121
97
81
106
1,481
1,506
1,555
1,628
1,664
1,709
134
126
195
142
113
126
4,369
4,264
4,239
4,349
4,162
4,131
960
1,066
993
1,035
998
1,041
21
21
21
21
20
20
6,233
6,171
6,188
6,356
6,066
6,152
2,700
3,533
586
619
1,514
1,558
1,590
1,594
1,563
1,578
June
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
3,682
3,644
Liabilities
Loans
Deposits
Other
assets
Total
Demand
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
4,599
6,409
6,589
7,810
8,548
10,365
14,602
3,765
3,863
3,476
3,458
4,095
4,948
13,804
29,546
46,546
61,897
73,917
90,897
99,782
155,025
7,546
8,255
8,265
10,625
14,191
18,653
36,166
2,440
2,221
2,040
2,622
2,935
2,190
7,360
42,443
61,982
76,656
91,549
112,732
128,758
213,908
41,872
61,221
75,744
91,225
111,191
126,578
211,871
1946—May
July
August.. . .
September.
October. . .
November.
December.
15,295
17,472
14,985
14,830
16,553
15,505
16,909
17,943
15,988
16,114
17,873
16,991
17,723
18,389
18,423
18,919
175,903
184,633
182,107
181,770
177,269
183,716
187,560
195,177
41,772
42,674
50,747
53,861
55,935
61,262
63,941
64,933
11,738
12,708
14,160
15,676
16,319
18,618
21,116
23,392
243,228
255,173
260,371
262,160
262,130
273,488
281,576
291,894
241,569
253,386
258,574
260,461
260,366
271,672
279,703
290,004
1947—'January. . .
February..
March....
April
17,267
16,992
19,471
18,578
20,241
19,127
20,677
20,877
195,750
197,377
203,451
202,425
67,084
66,114
66,744
69,670
18,367
18,756
20,724
21,081
295,444
294,922
305,583
306,356
293,484
292,946
303,742
303,857
June
569
719
383
2,508
Time
Own
acceptances
Other
liabilities
2,037
844
558
413
462
428
557
2,898
4,609
4,753
5,199
6,422
7,506
6,623
10,151
1,659
,787
,797
,699
,765
,816
,872
,890
7,879
8,330
9,527
10,376
10,798
12,490
14,370
15,694
9,589
10,096
9,973
10,592
10,871
11,513
12,004
12,777
,960
,976
,841
2,499
15,767
15,720
16,380
16,772
7,499
7,723
9,103
9,503
571
762
912
324
,541
180
1
From September 1939 through November
N
1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the e id
n ' of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
xcept
in
June
ana
-uecemoer,
when
the
statements
will give end-of-month data.
except
and
Decembei,
wn
n
me
o
i
a
^
n
C
2
Represent six-month loans to the Treasury
Treasur at 1^8 Per cent through Oct. 20, 1945, and at Y% per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables; :168-171, pp. 648-655, and
)r description of statistics see pp. 566-571 in same publication.
1190
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
Australia
Brazil
Chile
Canada
China ColomBelBul(peso)
(pound)
(cruzeiro1)
(peso)
(dollar)
(yuan
bia
Year or month
gium
garia
Shang- (peso)
Special
(franc)
(lev)
Official Export Official Free
Official Free
Official Free Official Export
hai)
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—August
September. . . .
October......
November....
December. . . .
1947—January
February
March
April
May
June
July
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
1938
•3.4674
2
1939
3.4252
1940
1941
1942
1943
1944
1945
2
1946
2.0060
2.0060
1946—August
September. . . . 2.0060
October.
2.0060
November. . . . 2.0060
December. . . . 2.0060
1947—January
2.0060
February
2.0060
March
2.0060
April
2.0060
May
2.0060
June
2.0060
July
2.0060
1938
24.566
1939
23.226
2
1940
22.709
1941
1942
1943
1944
1945
220.176
1946
1946—August
20.161
September. . . . 20.161
October
20 161
November. . . . 20.161
December. . . . 20.161
1947—January
20.161
February
20.161
March
20.161
April
20 161
20.160
May
20.160
June
20.160
July
1
3.3788 5.8438
1.2424
3.3704 6.0027 5.1248 21.2111
3.376O 6.0562 5.0214
290.909
6.0575 5.0705
90.909
6.0584 5.1427
90.909
6.0586 5.1280
90.909
6.0594
90.909
5.1469
2
6.0602
90.909
2.2860 2
5.1802
95.198
2.2829 6.0602
100.000
2.2847
5.3 675
100.000
2.2803
5.4053
100.000
2.2798
5.4053
100.000
2.2797
5.4053
100.000
2.2795
5.4053
2.2790
100.000
5.4382
2.2797
100.000
5.4404
2.2822
100.000
5.4404
2.2836
100.000
5.4405
2.2831
100.000
5.4406
2.2832
100.000
5.4406
2.2818
100.000
5.4406
21.825
20.346
19.308
2
FinGerHun- India
land France many Greece Hong
Kong gary
(mark- (franc) (reichs- (drach(rupee)
(dollar)
ma)
(pengo)
ka)
mark)
2.1567 2.8781 40.164
1.9948 22.5103 40.061
1.8710 2.0827 40.021
239.968
2.0101
2
2
2
1 9711
.8409
.8408
.8408
8409
.8408
.8407
.8408
8408
8408
8407
.8408
8407
8407
2
20.876
20.877
20.877
20.877
20.877
20.869
20.867
20.866
20.866
20.866
20.866
20.865
20.862
.8958 30.457 19.727 36.592
.8153 27.454 19.238 33.279
2.6715 22.958 18.475 30.155
224.592 219.770 30.137
30.122
30 122
30.122
30 122
30.155
30 185
30.170
30 156
30 155
30.152
30.157
30 153
30 153
30 160
30.161
30 163
30 171
99.419
96.018
85.141
87.345
88.379
89.978
89.853
90.485
93.288
96.784
96.254
95.953
95.182
95.444
95.078
95.692
94.217
91.901
91.954
91.592
91.652
5.1716
5.1727
5.1668
2
5.1664
Italy
(lira)
Japan
(yen)
5.2605
5.1959
5.0407
2
5.0703
28.451
25.963
23.436
2
23.439
2
.4434
United
Kingdom
Ruma- South Spain Straits
Swe- Switz(pound)
SettleNorway Poland PortuAfrica
gal
nia
den erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
Official Free
Year or month
2
3
23.704
23.704
24.732
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
Czecho- Denslovakia mark
(koruna) (krone)
Year or month
389 .55
353 .38
322.80 305.16
322.80 321.27
322.80 2321.50
322.80 321.50
322.80
2
322.80 3321.17
321.34
321.41
321.38
321.27
321.19
321.07
321.06
320.91
320.91
320.91
320.91
320.90
320.90
2
2
2
18.860
18.835
.7325 484.16 5.600 56.917
.7111 440.17 10.630 51.736
2.6896 397.99 29.322 46.979
398.00 9.130 247.133
398 00
46 919
398.00
398.00
399.05
2
400.50 29.132
4.0501
400.50 9.132
4.0501
400.50 9.132
4.0501
4.0501
400.50 9.132
400 50 9 132
4 0501
400.50 9.132
4.0501
400.63 9.132
4.0501
400.75 9.132
4 0501
400.75 9.132
4 0412
400.75 9.132
4.0313
400 75 9.132
4.0208
4 0275
400. 75 9.132
400.75 9.132
4.0161
4.4267
4.0375
3.7110
2
4 0023
25.197
23.991
23.802
223.829
225.859
27.819
27.820
27.819
27.821
27.821
27.822
27.822
27.822
27.823
27.824
27.826
27.827
22.871
48£ .94
22.525 2
443 .54
22.676
403.50
383.00
2
23.210 403.50 403.18
403.50 403.50
403.50 2403.50
403 50
2403
50 3403 02
2
23.363
40; .28
23.363
40:5.36
23.363
40: .32
23.363
40: .20
23.363
40; .09
23.363
402 .94
402..93
23.363
402..74
23.363
402 .73
23.363
402..74
23.363
402 .74
23.363
402 .72
23.363
402 .71
23.363
4.0000 21.360 55.953
4.0000 11.879 57.061
6.000 57.085
4.0000
2
4.0000 25.313 57.004
57.052
57.265
57.272
57.014
57.020
57.007
57.007
57.007
57.065
57.140
57.140
57.041
56.980
56.980
56.980
56.980
56.980
Neth- New
Mex- erlands
Zeaico
land
(peso) (guild(pound)
er)
22.122
19.303
18.546
20.538
20.569
20 577
20.581
20.581
20.581
20.596
20.578
20.574
20.583
20.584
20.582
20.574
20.574
20.577
20.580
20.576
20.575
55.009 392.35
53.335 354.82
253.128 306.38
322.54
322.78
324.20
324.42
'23 Y 933 323.46
37.813 322.63
37.789 322.70
37.789 322.67
37.789 322.56
37.789 322.48
37.789 322.36
37.789 322.35
37.789 322.20
37.788 322.20
37.757 322.20
37.760 322.20
37.751 322.18
37.760 322.18
Uruguay
(peso)
Yugoslavia
(dinar)
Controlled
Noncontrolled
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
2.3115
'236! 789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
56.280
56.272
56.271
56.272
56.272
56.272
56.264
56.262
56.262
56.262
56.262
56.262
56.259
Prior to Nov. 1, 1942, the official designation of the Brazilian cu
Average of daily rates for that part of the year during which quotations were certified
At the end of June 1945 official rates for the Australian and British pounds
X.
1 LKJx.
\,\J
i. ^
l_/ V •
1)
J. Zs TTx* j
SEPTEMBER 1947
CLXv/
Vylilvldi
v i v O i g i l C l UAVJ.A
wi.
uiiv
JL^X
u^jmuii
v u i i v n v j
u n i t
vv C
4
.
O
uiiv
1191
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index Numbers]
Year or month
United
States
(1926 100)
1926
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Mexico
(1929 100)
Canada
(1926 =*
100)
100
100
66
75
80
81
86
79
67
72
72
2
75
85
79
75
83
90
96
100
103
104
77
79
87
99
103
104
106
United
Kingdom
(1930 100)
France
(1938 100)
124
106
90
95
95
101
119
126
127
128
136
148
182
227
247
86
88
89
94
109
101
103
137
153
159
163
166
169
61
58
52
63
89
100
105
139
171
201
234
265
375
286
175
1946—August
September.. .
October
November
December
129
124
134
109
109
111
293
299
305
177
177
178
698
727
824
140
111
309
179
313
180
806
112
1947—January. . .
February
March
April..::...
May
June
July
142
145
114
118
312
310
182
183
150
148
147
148
151
120
123
125
128
305
300
299
297
293
184
187
189
••190
193
121
109
141
P129
Italy
(1938 100)i
67
65
72
80
94
100
104
121
136
153
867
882
'860
Switzerland
(July 1914
-100)
132
150
2 126
144
100
99
103
110
133
140
155
173
183
197
209
233
296
2 90
2 96
91
90
90
96
111
107
111
143
184
210
218
223
221
215
1,406
2,791
3,011
3 176
3,376
3,677
1,643
1,789
1,787
1,948
2,063
257
259
262
264
266
185
185
186
P3,754
P3 891
2,120
2,120
2,144
2,617
2,848
2,946
267
268
269
268
268
P27O
194
195
P4,139
P4 533
P5,193
847
946
904
Sweden
(1935 100)
89
90
87
91
108
102
105
131
150
157
160
164
181
251
648
842
Netherlands
(July 1938June 1939
= 100)
Japan
(1933 100)
P881
100
102
114
111
115
146
172
189
196
196
194
186
190
192
196
197
198
199
215
213
217
219
219
219
219
220
221
221
222
r
P Preliminary.
Revised.
1
The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from
old index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
1926
United Kingdom
(1930=100)
Canada
( 1926=100)
Other
Farm
commod- products
ities
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Farm
products
Foods
100
100
100
100
100
100
51
65
79
81
61
71
84
82
71
78
78
80
57
64
66
71
86
86
85
82
81
83
89
96
97
99
100
110
51
59
64
69
87
74
64
68
73
85
98
107
110
112
73
67
75
82
90
99
104
106
109
70
73
73
74
81
78
75
82
89
92
93
94
94
99
..
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1946—August
September
October
November . . . .
1947—January
February
April
May
June
July
84
Foods
Industrial
products
83
85
87
92
87
90
90
96
102
69
65
68
82
106
123
123
128
149
74
70
71
83
100
107
105
106
131
161
154
149
132
112
112
111
111
108
108
100
100
159
158
165
158
116
113
165
160
121
125
114
114
101
157
170
168
112
113
113
101
102
157
156
165
170
156
162
128
129
114
116
115
119
104
107
157
158
131
132
132
132
134
116
117
119
119
124
126
128
129
108
112
113
116
P131
P116
158
163
165
166
168
183
177
176
178
181
168
162
160
162
167
P120
97
97
133
146
158
160
158
158
158
Netherlands
(July 1938-June 1939 = 100)
Foods
Industrial raw
products
Industrial
finished
products
112
104
106
138
156
160
164
170
175
184
103
121
140
157
157
159
172
200
163
177
175
174
179
193
282
fl26
148
186
188
205
207
292
293
189
209
298
218
217
299
308
266
268
269
271
272
196
197
218
218
313
312
198
200
203
••203
220
215
206
312
316
321
191
193
112
104
. 154
C
163
184
261
273
274
274
274
275
207
r
c
p Preliminary.
Revised.
Corrected.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1192
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRIN GIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
United
SwitzUnited
CanKing- France Nether- erStates
ada
dom
lands land
(1938
(1935-39 (1935-39 (July
= 100) (1911-13 (June
= 100)
= 100)
1914
= 100)
1914
= 100)
= 100)
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
.
101
105
98
103
130
139
98
104
141
....
.
...
170
169
377
645
120 1936
130 1937
130 1938
132 1939
146 1940
175 1941
200 1942
211 1943
215 1944
215 1945
210 1Q46
100
95
97
101
106
141
164
108
129
106
124
138
136
116
127
131
131
168
161
166
168
149
174
224
275
120
127
130
130
150
177
191
198
SwitzUnited
King- France Nether- erCanUnited
lands land
dom
ada
(1938
States
(1935-39 (1935-39 (July
= 100) (1911-13 (June
1914
= 100)
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
i 132
137
130
137
139
137
99
103
98
101
147
154
101
102
99
100
102
106
156
158
184
108
129
140
154
138
151
105
117
124
126
112
117
118
119
199
200
199
201
150
175
224
285
175
187
195
174
193
203
208
128
139
119
124
203
204
393
645
100
1946- August
September.
October.. .
November
December
171
174
180
145
143
147
171
168
168
743
800
866
209 1946-August
209
September.
215
October
144
146
149
126
126
127
205
203
203
730
785
858
209
208
207
207
212
188
186
147
146
168
168
851
861
216
216
152
153
127
127
203
204
856
865
212
212
1947-January...
February..
March
April
May . . . .
June
July
184
182
146
147
168
168
847
851
216 1947-January...
215
February..
153
153
127
128
204
203
149
152
169
168
162
833
830
216
216
156
156
129
131
204
203
203
856
858
212
212
190
188
886
216
217
139
160
133
140
188
191
193
155
158
P160
883
P941
P965
December
April
May
220
222
. ..
June
July
133
135
156
157
212
213
838
837
P937
P971
P136
P1 Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States*
(derived
price)
Number of issues. . .
15
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 = 100)
(2)
87
Common stocks
France
(1938 =
100)
Netherlands"
50
13
278
109.0
77.4
67.5
64.2
83 5
83 8
99 6
115.7
75 9
70.8
72.5
75.3
84 5
88 6
92 4
96.2
142.8
142.1
139.9
141.0
142.6
109.4
109.0
107.6
106.6
106.9
146 4
125.4
122.3
120.6
125.5
116 9
104.4
101.8
102 5
106.4
97 6
94.7
93.0
95.3
97.8
142.1
140.8
139.8
138.6
136.9
P135 4
P131.1
109.0
106.9
105.9
104.3
104 6
125.2
128.7
123.7
119.3
115 2
119 1
126.0
106.2
109.4
106.4
104.8
104 4
P105 3
P107.4
98.6
96.7
96.9
96 6
97 9
97 5
98.2
123.4
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
114.2
7
114.2
s 143.4
146.4
146.6
150.5
152.1
144.6
1945—August
....
September. . .
October
November. . .
December....
123 8
122.8
121.8
121.6
121.5
117.6
117.8
117.6
117.6
117.6
132.2
132.5
133.0
134.6
134.7
1947—January
February....
March
April
l^ay .
....
122.6
122.7
122.4
122.8
122.9
122 8
122.5
117.8
118.1
118.2
117.9
118 2
P118 6
135.0
134.0
133.3
132.6
132.9
132 1
131.1
June
Tuly
402
United
France 6
Kingdom (December
(1926 = 100) 1938 = 100)
100
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
. ...
Canada 4
(1935-39
= 100)
94 2
88.1
80.0
69.4
91 9
99.8
121 5
139.9
113 8
115.9
117.8
118.3
120.3
120.9
122.1
1939
1940
1941
1942
1943
1944
1945
1946
United
States
(1935-39
= 100)
5 275
7
8
Netherlands"
(1938=100)
37
112
140
308
479
540
551
694
875
896
933
1,034
1,080
1,244
167.5
1,068
1,028
1,103
1,017
180.1
179.5
183.6
201.9
203.0
Pl 124
Pi,135
170.0
P Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter on the capitalized yield as calculated on the 15th of every month.
s Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond4 for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
B
In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique
G6n6rale," September-November 1946, p. 424.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
SEPTEMBER
1947
1193
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
ELLIOTT THURSTON,
Assistant
RONALD RANSOM, Vice
LAWRENCE CLAYTON
CHESTER MORRILL, Special
to the Chairman
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
Chairman
JAMES K. VARDAMAN, JR.
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
J. LEONARD TOWNSEND, Assistant General Counsel
DIVISION O F RESEARCH A N D STATISTICS
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant
Director
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Assistant Director
CHANDLER MORSE, Assistant Director
J. BURKE KNAPP, Assistant Director
DIVISION O F PERSONNEL
ADMINISTRATION
FRED A. NELSON, Director
DIVISION O F EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
DIVISION O F ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
FEDERAL
ADVISORY COUNCIL
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
LAURENCE F. WHITTEMORE
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant
J. LEONARD TOWNSEND, Assistant General Counsel
Economist
PAUL W . MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H . STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
1194
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice
President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. W I L L I A M S ,
PHILADELPHIA DISTRICT
JOHN H . M C C O Y ,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
}. T . BROWN,
ATLANTA
EDWARD E. BROWN,
CHICAGO DISTRICT
DISTRICT
President
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
ED H . W I N T O N ,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS,
Director
WALTER LICHTENSTEIN,
Secretary
HERBERT V. PROCHNOW, Acting
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston....
Albert M. Creighton
Donald K. David
Laurence F. Whittemore
William Willett
New York.
William I. Myers
Vice Presidents
Robert B. Harvey2
E. G. Hult
E. 0. Latham
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning3
Allan Sproul
L. R. Rounds
Philadelphia. .
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
Hugh Leach
W. G. Wysor
J. S. Walden, Jr.
Charles P. McCormick
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
Minneapolis..
Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
Kansas City. .
H. G. Leedy
Robert B. Caldwell
Henry 0. Koppang
Robert L. Mehornay
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
San Francisco.
Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.3
Allan M. Black
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
0. P. Cordill
L. H. Earhart
Delos C. Johns
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis
J. M. Leisner3
W. L. Partner
Carl B. Pitman
0 A. Schlaikjer
R. F. Van Amringe
A Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny2
P. M. Poorman
B. J. Lazar
Martin Morrison
W. F. Taylor
Donald S. Thompson
R.W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley8
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
O. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C M . Stewart
C. A. Schacht
William B. Pollard
1
Also Federal Reserve Agent.
SEPTEMBER
1947
2
Cashier.
8
Branch
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
0. P. Cordill
L. H. Earhart
Dallas
Mac C. Smyth
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
1195
FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors of
the Federal Reserve System.
FEDERAL RESERVE BULLETIN. Issued monthly.
Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and
Venezuela, is $2.00 per annum or 20 cents per copy;
elsewhere, $2.60 per annum or 25 cents per copy.
Group subscriptions in the United States for 10 or
more copies to one address, 15 cents per copy per
month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK
MONEY RATES, AND BUSINESS. Issued
CREDIT,
monthly.
$9.00 per annum, or $1.00 per copy. In quantities
of 10 or more copies of a particular issue for single
shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digests
of Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve
Act, with compilation showing textual changes in
the Act. 683 pages. $1.25 per copy.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying reports,
and introduction reviewing the monetary history of
Paraguay. July 1946. 170 pages. $1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
THE FEDERAL RESERVE ACT, as amended to No-
vember 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES.
(8 pamphlets,
the first six now available and the last two to be
published later.)
No. 1. Jobs, Production, and Living Standards.
No. 2. Agricultural Adjustment and Income.
No. 3. Public Finance and Full Employment.
No. 4. Prices, Wages, and Employment.
No. 5. Private Capital Requirements.
No. 6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
BANKING STUDIES. Comprising 17 papers on
banking and monetary subjects by members of the The price for the set of eight pamphlets is $1.25;
Board's starl August 1941; reprinted March 1947. 25 cents per pamphlet, or, in quantities of 10 or
496 pages. Paper cover. $1.00 per copy; in quan- more for single shipment, 15 cents per pamphlet.
tities of 10 or more copies for single shipment, 75
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
cents each.
FEDERAL RESERVE SYSTEM. Individual regulations
BANKING AND MONETARY STATISTICS. Statistics of
with amendments.
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
REPRINTS
copy. No charge for individual sections (un- (From Federal Reserve Bulletin except as otherwise indicated)
bound), as listed on page 1069 of the August 1947
BULLETIN.
PROVISIONS OF STATE LAWS RELATING TO BANK
RESERVES as of December 31, 1944. 1945. 30 pages.
* A more complete list, including periodical releases and reprints, appeared on pp. 1066-1069 of the August 1947 BULLETIN.
1196
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING, by Frieda Baird. March
1947. 6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph
FEDERAL RESERVE BULLETIN
A. Young and Duncan McC. Holthausen.
1947. 9 pages.
NEW
GUATEMALAN
March
BANK LAW, by David
L.
Grove. April 1947 BULLETIN with translation of
new Bank Law. 39 pages.
REVISION OF WEEKLY STATISTICS FOR MEMBER
BANKS IN LEADING CITIES.
June-July 1947. 9 pages.
RETAIL CREDIT SURVEY—1946.
June 1947. 17 pages.
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
MEMBER BANK LOANS TO SMALL BUSINESS, by
Charles H . Schmidt.
August 1947. 15 pages.
From July 1947
BULLETIN with supplementary information for nine
separate trades. 40 pages.
Business Loans of Member Banks
BUSINESS LOANS OF MEMBER BANKS, by Albert
R. Koch.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith.
March 1947. 11 pages.
Survey of Consumer Finances
PART I.
EXPENDITURES FOR DURABLE GOODS AND
INVESTMENTS.
PART II.
HOLDINGS.
June 1947. 17 pages.
CONSUMER INCOMES AND LIQUID ASSET
July 1947. 15 pages.
TO BUSINESS BY COMMERCIAL
PART III. CONSUMER SAVING IN 1946 AND OWNER-
BANKS IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
SHIP OF SELECTED NONLIQUID ASSETS. August 1947.
TERM
LENDING
SEPTEMBER 1947
12 pages.
1197
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
1
a
as
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1943
$YST£tt.
@FedFRASER