frb_101947
TRANSCRIPT
A L E S E R V E
BULLETINOCTOBER 1947
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
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EDITORIAL COMMITTEE
ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for interpretations and opinions expressed, exceptin official statements and signed articles.
CONTENTSPAGB
The Current Labor Market 1199-1206
Postwar Bank Credit Problems, by Marriner S. Eccles 1207-1211
Financial Position and Buying Plans of Consumers, July 1947. 1212-1215
Commercial Bank Loans to Farmers, by Tynan Smith and Philip T. Allen 1216-1227
Annual Report of the Bank for International Settlements 1228-1250
Yields on United States Government Securities—Revision of Averages 1251-1253
Current Events and Announcements 1254
National Summary of Business Conditions 1255-1256
Financial, Industrial, Commercial Statistics, U. S. (See p. 1257 for list of tables) 1257-1317
International Financial Statistics (See p. 1318 for list of tables). 1318-1335
Board of Governors and StafT; Open Market Committee and Staff; Federal Ad-visory Council 1336
Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1337
Federal Reserve Publications 1338-1339
Map of Federal Reserve Districts 1340
Subscription Price of BULLETIN
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N
VOLUME 33 October 1947 NUMBER 10
THE CURRENT LABOR MARKET
The labor market continues to reflect thehigh level of economic activity and the in-flationary pressures which have prevailedsince the end of the war. Total employmentis at or close to record levels. Unemploy-ment is about as low as might be expectedin a dynamic economy. Wages are con-tinuing to increase in response to firm de-mand for workers, rising living costs, andhigh business earnings. Industrial relations,which were exceptionally strained for aconsiderable period after the war, haveeased and in recent months work stoppageshave been a relatively minor factor in theeconomy.
Current levels of employment are sup-ported by a high level of total demand.Domestic demand, after some hesitation inthe spring and early summer, has increasedagain. Export demand is exceptionally greatalthough reduced from the record levelsof the first half of the year when an esti-mated 2.1 million employees in nonagricul-tural activities were directly or indirectlyengaged in production for export and whenagricultural incomes were being sustainedby large exports of farm products. Prices,which had been relatively stable during thesecond quarter, have advanced sharply inrecent months. As long as the inflationarypressures continue strong, there is little like-lihood that unemployment will increasegreatly.
In June and again in July, the numberemployed in civilian jobs reached a totalslightly above 60 million, partly as the re-sult of the usual summer expansion of agri-cultural employment. In August employ-ment declined slightly as seasonal require-ments in farming were reduced. Of thetotal of 59.9 million employed in August, 50.4million were engaged in nonagricultural ac-tivities of all kinds, including self-employ-ment and domestic service, while 9.5 millionwere engaged in agriculture. The nonagricul-tural total represented an increase of 1.9 mil-lion over a year ago; the agricultural figurewas slightly higher than a year ago but the in-crease probably reflected a change in timingof seasonal needs rather than an increase inbasic employment.
Unemployment at 2.1 million in Augustwas seasonally lower than in June and Julyand about the same as a year ago. Amongveterans, unemployment has declined sharplysince early this year. Only 471,000 were re-ceiving veterans' unemployment allowancesearly in October as compared with 1.2 mil-lion in January of this year and the peakof 1.8 million reached in July of last year.
LABOR FORCE
On a seasonally adjusted basis, employ-ment, unemployment, and the labor forcehave been relatively stable since the begin-ning of 1947 with employment and the labor
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force increasing somewhat and unemploy-ment declining slightly. Withdrawal ofwar-induced entrants to the labor forcewas largely completed by July 1946 andsince then the labor force has increased about1.2 million, of which approximately half isattributable to normal growth of the popula-tion. In addition, veterans who, in the sum-mer of 1946, were temporarily outside thelabor force returned to look for work, andsome women who had withdrawn at the endof the war again appeared in the labor marketat the end of last year. With such postwarchanges largely completed, movements in thelabor force in the period ahead will reflectlargely seasonal influences and normalgrowth. Thus, changes in employment willhave a more direct effect on unemploymentthan has been the case during most of theperiod since the end of the war. The fol-lowing chart shows the labor force, employ-ment, and unemployment on a seasonallyadjusted basis since July 1945.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
1945 1946 1947
Bureau of Census estimates, adjusted for seasonal variationby Federal Reserve. Latest figures shown are for August 1947.
Still in the labor force are about 1.5 mil-lion more persons than had been anticipatedon the basis of prewar trends. Included
in this group are those remaining fromamong the 8 million extra entrants to thelabor market at the height of the war, aswell as workers drawn into the market byfavorable opportunities for employment ordrawn in by sharply rising living costs sincethe end of the war. The extra additions tothe labor force are concentrated in the 14-19 year age group and in women over35 years of age and men over 55 years. Inthese three groups the presence of oppor-tunities for work is an important factor con-tributing to unusually high rates of labormarket participation. It is interesting tonote that the number of men over 55 in thelabor force has not been reduced from thehigh war levels.
Partially offsetting the extra additionsfrom these groups are lower-than-normalparticipation rates among both men andwomen in the 20-34 year age group. Theexplanation for the low participation ratesamong women in this age group lies in theexceptionally high rates of marriages andbirths since the end of the war. The highrate of school enrollment among veteransin this age group accounts for the relativelylow worker rates for young men. The tableon the next page shows the distribution ofthe labor force in April 1947 by age and sexgroups as compared with the "normal" dis-tribution indicated by prewar trends.
MANUFACTURING EMPLOYMENT
The hesitation in domestic demand in thespring and early summer of this year did notresult in declining employment outside ofmanufacturing. In manufacturing, however,employment declined from its postwar peakof 15.5 million reached in March 1947 to15.2 million in July. Although this net de-cline was small, it occasioned a considerableamount of interest because the declines in
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COMPARISON OF ACTUAL AND NORMAL LABOR FORCE
April 1947[In thousands of persons]
Sex and age groups
Total, 14 years and over...
Male14-1920-3435-5455 and over
Female14-19 . . . .20-3435-5455 and over
Actuallaborforce *
60,950
44,4103,460
15,48017,4108,060
16,5401,8206,3506,4701,900
Normallaborforce 2
59,400
43,0802,470
16,16017,1707,280
16,3201,1907,6805,9301,520
Excess ofactual over
normal
1,550
1,330990
-680240780
220630
-1,330540380
1 An adjustment of 300,000 was added to the figures reported bythe Census Bureau to allow for unusually low employment inagriculture during the Census survey week in April 1947, becauseof weather conditions. 18 Estimates of normal labor force are based on trends in therate of labor market participation by age and sex groups for theperiod 1920 to 1940.
some of the component industries wereclearly attributable to weakening demand,the first substantial evidence in employmentdata of weakness in demand since the endof the war. Some of the drop this year wasattributable to the reappearance of seasonalbehavior in some industries. However, thereappearance of seasonal movements was initself an indication of less buoyant demandthan had existed earlier. In addition, tem-porary factors such as material shortages,work stoppages, and more extensive unpaidvacations than usual influenced employmentunfavorably in some lines this summer.
In August and September manufacturingemployment increased again and, largely be-cause of the exceptional rise in the nondur-able goods group, climbed above its Marchlevel, in response both to seasonal influencesand to dissipation of earlier fears about thestrength of demand for several products. Ina few industries, such as rubber, radio, alumi-num, and machine tool manufacturing, em-ployment still appears to indicate weaknessof demand in relation to supply. Totalmanufacturing employment in Septemberthis year was 660,000 greater than in Sep-
tember 1946, with about three-fifths of theincrease taking place in nondurable goodsindustries.
EMPLOYMENT IN OTHER INDUSTRIES
In other major industry divisions—mining,transportation, public utilities, trade, andfinance and service—employment in recentmonths has increased slightly or has remainedstable at record postwar levels. In response tostrong demand and seasonal influences, em-ployment in contract construction has in-creased substantially in recent months. Inmost of these groups employment is sub-stantially higher than a year ago. Employ-ment in domestic service, which declinedthroughout the war and early postwar period,has increased sharply since mid-1946, and iscurrently nearly 300,000 higher than a yearearlier. The number of self-employed work-ers, which also had declined during the war,increased 1.2 million after the war to a totalof 6 million in the fall of 1946, a levelwhich has been maintained since then. Al-though varying sharply in response toseasonal needs, agricultural employment hasremained relatively constant on a seasonallyadjusted basis at a level 850,000 below 1940.
The drop of 200,000 in Federal Govern-ment civilian employment in the UnitedStates between January and September 1947represents a continuation of the curtailmentwhich began after V-J Day. In Septembersuch employment was 420,000 less than ayear earlier and 1.1 million less than twoyears earlier. The size of the armed forceshas also declined, of course, and at 1.4 mil-lion in September, the number attached tothe services was 1.1 million below Septem-ber 1946 and 10.7 million below the war-time peak. State and local government em-ployment has increased moderately since theend of the war. The following chart shows
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monthly employment of nonagriculturalwage and salary workers by major industrygroups since 1940.
EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS
1940 1942 1944 1946
Bureau of Labor Statistics data, adjusted for seasonal varia-tion by Federal Reserve. Latest figures shown are for August1947.
CHANGES IN COMPOSITION OF EMPLOYMENT
Shifts in the industrial composition of em-ployment have taken place since the prewaryear 1940. Employment in all nonagricul-tural establishments increased 30 per centfrom September 1940 to September 1947,while in manufacturing employment in-creased 40 per cent. As a result manufactur-ing now has 37 per cent of all employees innonagricultural establishments as comparedwith 34 per cent in the earlier period. Withinmanufacturing, employment in durablegoods industries increased 52 per cent,whereas in nondurable goods industries em-ployment increased 30 per cent.
Among durable goods industries, elec-trical and nonelectrical machinery and auto-mobiles showed the greatest gains in employ-ment with increases of 70 per cent or more.Iron and steel, furniture, and stone, clay,and glass products have had increases of
only 25 to 35 per cent. Among nondurablegoods industries, chemicals, petroleum re-fining, and rubber products showed increasesof 50 per cent or more while both textiles andleather have had increases of less than 10per cent, and tobacco manufacturing hadfewer workers in September 1947 than inSeptember 1940.
The gain in relative importance of manu-facturing since September 1940 contrastswith declines in relative standing of trade,finance, mining, and Government. Otherservice industries, construction, public utili-ties, and transportation account for about thesame proportions of employment as they didin September 1940. Domestic service andagricultural employment have declined interms of actual number of workers engagedas well as in relation to total employment.
Changes which have occurred among oc-cupations reflect to a large extent the changein industrial composition since 1940. Crafts-men, operators, and kindred workers havegained in relative employment, while pro-fessional, domestic service, and sales work-ers have declined. Such white collar groupsas nonfarm proprietors, managers, officials,and clerical workers have shown sharp gainsin employment in both absolute and relativeterms since 1940.
STATE OF THE LABOR MARKET
On the whole, the labor market currentlyappears to be firm, with the supply and de-mand for workers in relatively close balance.Much of the urgency evident earlier in thedemand for labor has disappeared and em-ployers in hiring new workers have becomemore selective than earlier with regard to age,sex, and previous experience of workers.Planned expansions of staff, aside from meet-ing seasonal needs and replacing turnover,
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are reported by relatively few industries andthe number of additional workers needed insuch plans is fairly small. At the same time,the rate at which workers voluntarily quitjobs has declined and in July was lower thanin any July since 1941. This suggests thatworkers generally are finding job opportuni-ties less plentiful than earlier and it also sug-gests that the restlessness felt earlier by manyveterans, which took the form of frequentjob changes, has been reduced.
POSTWAR WAGE INCREASES
The strong and general demand for goodsand services, combined with advancing livingcosts and record levels of earnings of busi-ness and agriculture, has contributed to con-tinuation of the postwar upward movementof wage and salary rates which began withrelaxation of wage controls at the end of thewar. At that time pressures for higher wagerates came from both workers and employers.Demands for manpower in activities whichhad been unable to obtain adequate numbersof workers during the war encouraged em-ployers in these industries to grant wage in-creases in order to obtain workers. Also,the sharp decline in hours of work and pre-mium overtime pay with a consequent heavyreduction in weekly earnings in war indus-tries created strong pressure from workersfor compensating increases in hourly wages.The drop in average hours also had the effectof requiring the hiring of more workersthan before to obtain the same number ofman-hours of work, and hence it had a tight-ening effect on the labor market.
After the relaxation of wage controls thesepressures for higher wages became effectiveearly in wholesale trade, petroleum refining,and textile manufacturing, but the generalpattern of the first round of increases wasnot established until the spring of 1946 when
settlements, typically about 18% cents anhour, were made in key heavy industries.Although settlements were of variousamounts and were made at various times, firstin one industry and then in another, the in-creases established in heavy industries spreadexceptionally widely and quickly and affectednot only wages in unionized industries butalso wages and salaries in trade, service, andother activities.
The second round. Living costs and netearnings of many business firms increasedsharply after the middle of 1946 and demandsagain arose for wage increases. A secondround of such advances began in the fall of1946, largely among nondurable manufactur-ing industries. These developed into anothergeneral pattern of increases when contractswere renewed in key heavy industries inthe winter and spring of this year. The pat-tern increases, which were about 15 centsan hour including a variety of adjust-ments as well as straight wage rate advances,have been followed outside the heavy in-dustries less closely than was the case lastyear. Recent settlements have reflected, toa greater extent than earlier, differing priceand profit positions of businesses and bar-gaining strengths and policies of unions. Ad-justments relating to union security, unionresponsibility, paid holidays, welfare funds,and pensions have been of substantial im-portance in recent negotiations. Workstoppages this year have been relatively un-important as a factor in general economicactivity or in the wage settlements obtained.Man-days lost because of industrial disputesin the first seven months of 1947 were onlyone-fourth of those in the same period of1946.
Recent wage increases have been generallysmaller than those granted last year, anduntil the coal settlement were not being
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reflected as quickly or as fully in price in- 25 per cent shown for hourly earnings. Ascreases as had been the case in the earlier compared with 1940, however, the increasesperiod. The coal settlement, which was have been larger in weekly than in hourlyexceptionally favorable to the miners, appears terms in manufacturing industries, amount-to have had the effect of encouraging other ing to 105 per cent for nondurable goods,workers to demand larger increases than where hours have increased substantially, andthey might have otherwise. Shortly after to 84 per cent for durable goods manufac-the coal settlement prices of coal were ad- turing. In most nonmanufacturing indus-vanced sharply and so were the prices of tries weekly earnings and hourly earningssteel. These developments encouraged em- have increased by about the same percentageployers to grant wage increases more readily since 1940, but in coal mining, where averagethan they would have otherwise and to raise hours were exceptionally low before the war,selling prices by amounts related to the state weekly earnings have increased very sub-of demand as well as to changes in costs, stantially more than hourly earnings.Thus, the effect on the economy has been to In comparison with the incomes of otherreinforce inflationary tendencies and, com- major groups, such as corporate and non-bined with advancing food prices in response corporate businesses and farmers, the in-to heavy export demands and reduced sup- creases in average money wages of em-plies of some crops, it has contributed to the ployees since the end of the war and alsoprospect of further wage increases. since 1940 have been smaller in percentage
___ terms than the increases in net incomes ofWAGE INCREASES SINCE 1940 t h e s e Q t h e r g f o u p s T h e s e v a r i a t i o n s r e f l e c t
As a result of postwar wage adjustments, the sharp rise in prices and in the volumegross hourly earnings of production workers of economic activity. Nearly all broad eco-in manufacturing have advanced about 25 nomic groups have shared in the expansionper cent since September 1945 and are about of income, but as is usual in periods of86 per cent higher than in 1940. Slightly sharp changes the shares of some have in-larger relative gains have been shown in both creased more than those of others,periods for nondurable goods than for dur-able goods manufacturing industries. In CHANGES IN REAL WAGES
most nonmanufacturing industry groups for Although in money terms the war andwhich data are available, average increases postwar wage increases have been large, theyappear to have been somewhat smaller but, have been offset to a substantial extent bywith a few exceptions, not greatly out of line rising prices. Since 1940 wages have in-with the average increases shown for manu- creased more than consumers' prices; as afacturing. result, the buying'power of hourly earnings
Hpurs of work have also changed and of factory workers is over one-sixth andin some instances weekly earnings have in- that of weekly earnings over one-fourthcreased by different percentages from those higher in the recent period. However, overshown for hourly earnings. For example, the more recent period since the end of thesince September 1945 weekly earnings of war, hourly earnings in manufacturing andproduction workers in manufacturing have the index of consumers' prices have bothadvanced only 20 per cent rather than the advanced by about one-fourth, while whole-
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sale prices for both farm and nonfarm prod-ucts have increased substantially more. Thefollowing chart shows actual weekly earn-
AVERAGE WEEKLY EARNINGS OF PRODUCTIONWORKERS IN MANUFACTURING
INDEXES, 1940 • 100
1940 1942 1944 1946
Bureau of Labor Statistics data. Weekly earnings expressedin terms of 1940 dollars are obtained by adjusting weekly earn-ings in current dollars by the changes in the Consumers' Price[ndex. Latest figures shown in current dollars are for August1947; in 1940 dollars, July 1947.
ings of factory workers and "real" weeklyearnings, that is, after adjustment for changesin consumers' prices, since 1940.
Not all employees have had increases intheir wages or salaries as large as the aver-ages reported for production workers inmanufacturing. The new spurt in pricesand living costs in recent weeks will in-tensify the difficulties of these employees andothers whose incomes have fallen behind inthe race with prices.
GENERAL NATURE OF WAGE INCREASES
Available data for the First World War,which are limited, indicate that wage in-creases then were sharper but more nar-rowly restricted to those industries, such asheavy manufacturing, mining, and railroads,which felt directly the impact of the war.In the recent period the rise in wages andsalaries has been fairly general, with nearlyall groups sharing in it. Although the
amounts of increase have varied consider-ably, they have been much more uniformamong industries than might be supposed.For example, some 20 million of the 28 mil-lion workers included in the industries forwhich current monthly wage data are re-ported by the Bureau of Labor Statisticswere employed in July 1947 in indus-tries in which average hourly earnings hadadvanced between 40 and 60 cents, or between70 and 90 per cent, since 1940. None of themajor industries covered reported averageincreases of less than 30 cents an hour, orless than 40 per cent; and less than one-twelfth of the workers were employed inindustries whose average earnings had ad-vanced more than 70 cents an hour, or morethan 100 per cent.
After adjustment for the increase in con-sumers' prices, the majority of the workersrepresented in the reports were in industriesin which real hourly earnings had advancedless than 20 per cent since 1940, but at thesame time only a small proportion werein industries in which real hourly earningshad declined. It should be noted that gov-ernment employees are not included in thesedata and other groups of salaried and whitecollar workers are not fully represented.
Hourly- wage advances in manufacturingsince 1940 have tended to be greater in per-centage terms in industries in which wageswere low at the start than in industries inwhich wages were high. For example,among durable goods manufacturing indus-tries, the two lowest paid in 1940 were lum-ber and furniture. Hourly earnings in theseindustries have increased 102 and 98 percent, respectively, while automobiles andtransportation equipment, which were thetwo highest paid before the war, have in-creased their hourly earnings 58 and 76 percent, respectively. Among nondurable goods
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industries, textiles and tobacco were at thebottom of the group in 1940 but since thenhave had increases of 113 and 93 per cent,while the highest paid in the nondurablegroup, petroleum refining and printing, havehad hourly increases of 69 and 70 per cent.
The same general tendency is evidentamong nonmanufacturing industries. Thus,telephone employees whose earnings wereamong the highest before the war have hadtheir wages advanced less than the average.Wages in the electric power and light in-dustry were also high before the war andhave increased less than the average, whilehourly earnings in retail trade, which werelow before the war, have increased morethan the average. The chart compares hourlyearnings in 1940 and in July 1947 for se-lected industries.
AVERAGE HOURLY EARNINGSOP WORKERS IN SELECTED INDUSTRIES
HOURLY EARN1NG8- CENTS1940 JULY
AVERAeE .1947,
FURNITURE
BITUMINOUS COAL
RUBBER
APPAREL I
RETAIL TRADE
CHEMICALS
FOOD PRODUCTS
CLEANING ANDDYEING
POWER LAUNDRIES
JRON AND STEEL
MACHINERY. EXCEPTELECTRICAL
ELECTRICALMACHINERY
WHOLESALE TRADE
AUTOMOBILES
Bureau of Labor Statistics data. For manufacturing, mining,power laundries, and cleaning and dyeing industries, the datarelate to production workers only.
For other groups of workers, wage in-creases also have been large and general.Hired farm workers and domestic servants
have had exceptionally large increases inpercentage terms. White collar employeesalso appear to have had substantial adjust-ments in their wages and salaries since 1940and especially in the past two years. Forsome groups of such employees, however,the adjustments have been less than thosereceived by most industrial workers.
PROSPECTS
Changes in employment and wages inthe period ahead will depend more largelythan in the recent past upon the broad fac-tors that bring about changes in nationalincome and prices. In the early postwarperiod there were several highly importantfactors in the labor market which operatedalmost independently of the volume of na-tional income but these factors have largelydisappeared. Among such independent fac-tors were the withdrawal of most of the war-time entrants from the labor force and de-mobilization of the armed forces and warworkers. To a considerable extent otherfactors, such as the postwar cutback in hours,the turbulent state of industrial relations, andthe first round of wage increases, were onlypartially related to changes in general eco-nomic conditions. With practically full em-ployment achieved, the armed forces atabout their planned postwar strength, andweekly hours of work averaging close to thetraditional 40, the general labor market inthe period ahead can be expected to reflectreadily changes in general economic activity.
As long as inflationary pressures continuestrong there is little likelihood that unem-ployment will increase greatly. The con-tinued advances in prices, particularly in foodprices, are placing increasing pressure on theliving standards of many workers. Unlessliving costs are stabilized or reduced, pres-sures for w a ^ increases are likely to continue.
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POSTWAR BANK CREDIT PROBLEMS*
by
Marriner S. Eccles
President Leggett, members, and guests of theNational Association of Supervisors of State Banks:
Because of our common problems and responsi-bilities, I appreciate this opportunity to participatein your proceedings. In the chaotic world of today,groping for answers to the overriding problems ofeconomic security and enduring peace, we can findcomfort in the strong and healthy position of ourbanking system. At the same time we must befully aware of the dangers which the presentvigorous inflationary forces may threaten for thebanking system.
INFLATION, THE CONSEQUENCE OF WAR FINANCE
Postwar inflation, with its severe distortions inthe structure of prices, wages, and profits, is pri-marily due to the enormous wartime increase inour money supply. The banks of the country,including the Federal Reserve Banks, in helpingto meet the needs of war finance, brought aboutthis increase. In the six years from the middle of1940 to the middle of 1946 the Federal Govern-ment spent nearly 400 billion dollars, most of whichwas for national defense and war purposes. Muchless than half of this amount was met by tax receiptsand the balance of about 225 billion dollars wasborrowed. During this six-year period commercialand Federal Reserve Banks together increased theirholdings of Government securities by 90 billiondollars, and savings institutions, businesses, andindividual investors purchased the remainder ofthe securities sold.
Commercial bank holdings of Government se-curities have been reduced somewhat since thepostwar peak by the Treasury's debt retirementprogram, but they are still more than four timesas large as in 1940. In expanding their portfoliosof Governments, banks did not decrease their hold-ings of other assets. As a matter of fact, the totalof their loans, other securities, reserves, and othercash has increased since 1940 by about 21 billiondollars. As a result of this credit expansion, com-mercial bank deposits increased by 70 billion dollars.
* Address by the Chairman of the Board of Governors of theFederal Reserve System to the National Association of Super-visors of State Banks, Washington, D. C, Sept. 25, 1947.
In addition, currency in circulation showed a growthof 20 billion dollars.
This expansion in bank credit and consequentlyin the money supply was made possible by the largeexcess reserves which were held by the banks atthe beginning of the war, and by the additionalreserves that were provided by the Federal Reservethrough an increase of over 20 billion dollars inits holdings of Government securities.
It is inevitable that in financing a war, businessand individual holdings of money and Governmentsecurities increase. The reason for this is thatpeople are paid for furnishing the goods and serv-ices which are needed to carry on the war and arenot available for purchase by business and con-sumers. Consequently, incomes expand morerapidly than consumption can be increased. Unlesstaxes are raised sufficiently to absorb all of thesurplus income, savings must increase, and theymust be held largely in the form of bank deposits,currency, or Government securities. To the extentthat the Government expenditures are not met bytaxes or the sale of securities to nonbank investors,the balance must be absorbed by the banking sys-tem, which results in expansion of the moneysupply.
If the public had attempted to spend their entireexcess income, prices would have risen very rapidly.However, due to the willingness of the public tosave during the war period and due to the effectiveharness of wartime controls that were put intoeffect, prices rose but little during the war. Bythe end of the war vast holdings of money andother liquid assets had been accumulated and largedeferred demands had been built up. At the pre-vailing level of prices, demand was far in excessof any supplies that could be made available withinany short period of time.
It should have been apparent that if these forceswere permitted free play, a sharp rise in priceswould result. The people of the nation, however,not fully realizing the dangers in the situation,made clear their wishes that controls be removed.Business wanted freedom from allocations, pricecontrols, building permits, rationing, and businessparticularly wanted repeal of the excess profits tax.
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POSTWAR BANK CREDIT PROBLEMS
Farmers wanted release of all controls affectingagricultural products. Labor wanted removal ofrestraints on higher wages. Bankers generally sym-pathized with the desires of all these groups toremove controls. In response to these public pres-sures, wartime controls, such as allocation of rawmaterials, building permits, price and wage restric-tions, as well as the excess profits tax, were pre-maturely abandoned.
We are currently witnessing the results of thisnational policy. With demand for goods alreadylarge because of high levels of current income andwith a huge backlog of domestic and internationaldemand reinforced by huge accumulations of liquidassets after five years of war, price inflation wasinevitable. The country is now suffering the con-sequences of having placed our reliance upon therestoration of a competitive price situation to bringabout necessary postwar readjustments in an ab-normal period when effective demand far exceedsavailable supplies.
As a result, the economy is caught fast in a seriouswage-cost-price spiral. Short farm crops at homeand abroad have intensified this spiral. Inter-national crisis, in part the result of our rising prices,is imposing on us obligations that can only be dis-charged by actions that will increase our inflationdifficulties. Yet we should not allow what is leftof European democracy to perish through starva-tion and communism. Nor can we ultimately solveour problem of inflation without the restoration ofEurope's vast productivity to help take care of theworld's needs. The danger that faces us is thatinflation will go on unchecked and end, as infla-tions always have ended, in economic collapse.
The higher the spiral of inflation is wound byfurther general price and wage increases, by furtherrapid expansion of private debt, and by failure toreduce public expenditures for all purposes thatcan be eliminated or postoned until the emergencyhas ended, the more serious the inevitable readjust-ment is certain to be. The longer the ultimatereaction is postponed, the longer it will take toreach a stable condition of employment and pro-duction. Readjustment in our domestic situationis overdue, and the sooner it can be brought about,the better it will be for the nation and the world.
COST OF MAINTAINING THE PEACE
We spent nearly 350 billion dollars to win thewar, and we shall need to spend substantial, al-
though much smaller amounts, to keep the peace.Large parts of the world have been devastated and,even in those parts left intact, the customary proces-ses and channels of trade and commerce have beendestroyed or upset. People in nearly all nationshave vast holdings of money and large deferreddemands for the necessities of life, and supplies ofnearly everything to meet these demands arc in-adequate. The money they have, however, can-not be used to make purchases from countrieswhich have goods for sale, and they have little elseto offer in exchange. When people are thus upset,they are susceptible to the lure of political panaceasand are likely to generate feelings of hatred towardothers more fortunate than they. This state ofmind is a threat to stability and peace in the world.
In the two fiscal years from July 1946 to June1948 we have budgeted expenditures of more than25 billion dollars for the maintenance of our na-tional defense. We have provided altogether sincethe end of the war foreign grants and credits ofapproximately 16.5 billion dollars, which is onlytwo-thirds of our military budget for the first twopostwar fiscal years. Surely this is a small amountto make available for helping to win the peace,when compared with our vast expenditure of 350billions used to win the war.
It cannot be denied or ignored that continuedlarge loans and grants to foreign countries arceither a heavy current burden upon our taxpayersor a strong inflationary force on our economy, butso are our even larger military expenditures, whichare considered by many as necessary for maintain-ing peace.
We should be fully aware of the costs and risksof providing foreign aid and make adjustments inour policies accordingly. We cannot be lavish inaid to other countries without suffering the con-sequences of inflation, heavier taxation, or the re-imposition of controls. Countries receiving as-sistance should recognize the burden that is beingimposed on our economy, and it is imperative thatthey take measures to assure the most effectiveuse of their own resources as well as of those re-ceived from us. If these requirements are met, itwould be shortsighted, as well as highly selfish,for us to deny aid needed to prevent starvationand to reconstruct productive capacity in othercountries. Our reason for denying the aid wouldbe that we wanted to increase our already largeconsumption in order to counteract inflation. Yet
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the best remedy for inflation is more production,and the greatest unused productive resources nowlie outside of this country, but they cannot be effec-tively operated by starving people devoid of equip-ment and supplies.
RESPONSIBILITY OF FEDERAL RESERVE SYSTEM
What bearing, you may wonder, does all thishave upon our common problems and respon-sibilities of bank supervision? The Federal Re-serve has a close interest in these matters, becausewe are responsible for providing the reserves thatsupport our entire money and credit system. Wemust constantly consider whether the existingsupply of bank credit is redundant or inadequate.This judgment must be based upon the needs andbehavior of the economy. There is not time hereto discuss the specific objectives, standards, andvarious other considerations that provide the basisfor these policy decisions. The Board of Governors,the Federal Open Market Committee, composedof the Board and representatives of the Federal Re-serve Banks, the operating officials of the ReserveBanks, and the Federal Advisory Council in givingadvice, must constantly keep in mind the impactof Federal Reserve policies on the economy.
International affairs are of importance to us be-cause of their general impact on our domesticeconomy and more directly because the net resultantof all international financial transactions is re-flected in gold movements. Gold, together withFederal Reserve Bank credit, supplies the basicreserves of our banking system. The interest andresponsibilities of the Reserve System in this fieldare recognized by the Congress in including theChairman of the Board of Governors as one of five.members of the National Advisory Council. ThisCouncil has responsibility for supervising and co-ordinating the international financial policies of theFederal Government.
CHANGED POSITION OF BANKS
Because of their interests and responsibilities, theFederal Reserve authorities are greatly impressedwith the changed position of banks that has resultedfrom war. These changes will affect the dutiesand responsibilities of all bank supervisory agencies.The vast volume of deposits and currency not onlyoffers a threat of inflation for the economy as awhole, but it may create serious problems for in-dividual banks. With our system of 14,000 separate
banks, shifts of deposits from bank to bank neces-sitate corresponding shifts of assets or other adjust-ments. For this reason our banking system requiresa high degree of liquidity and these requirementshave been enlarged by the great wartime growthand broad distribution of bank deposits.
Another problem confronting bank supervisoryagencies is the great existing potential for furtherexpansion of credit. Generally in the past bankscould not expand their loans and investments,except when new funds came to them or unlessthey were willing to borrow. When one bank lostfunds, it had to borrow or liquidate assets. Whilefor individual banks that situation still exists, thevery large holdings of Government securities nowheld by banks make it easy for them to shift toother assets that seem more attractive.
When banks sell their Government securities, inthe absence of any other buyer, the Federal Reserveis obliged to purchase them. Otherwise, the Gov-ernment securities market would decline and mightcollapse. This would not only greatly increase thecost of carrying the public debt, but would seriouslyendanger our entire financial structure, in whichGovernments now occupy such an important place.
When the Federal Reserve System acquires addi-tional Government securities, new reserves arecreated; these reserves pass to other banks andultimately may provide the basis for an expansionin credit amounting to six to ten times the reservesmade available. This ability of the banking systemto bring about the creation of new reserves withoutborrowing is a new element in the credit situation.With an active demand for loans, it can be a power-ful inflationary force. The Board has long recog-nized this problem, discussed it fully in its AnnualReports to Congress for 1945 and 1946, and pre-sented proposals for its solution. Most of you maybe familiar with the substance of these reports;time does not permit a full discussion of them here.Up to date little support has been received for theBoard's suggestions, and nothing whatever has beendone to put the Board in a position where it couldrestrain inflationary expansion by the banking sys-tem.
Another potential for credit expansion is thelarge flow of gold that is now coming into thiscountry. This inflow has already amounted tonearly 2 billion dollars this year. Since the middleof the year total loans and investments of com-mercial banks have been expanding at a rate equiva-
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lent to 10 billion dollars a year. If this shouldcontinue it would provide an inflationary forcemore than double the anti-inflationary effect ofthe prospective surplus in the Federal budget forthis fiscal year. It would equal the inflationaryimpact of the unprecedented surplus of exports overimports in this country's foreign trade during recentmonths. Under present circumstances, it does notappear possible for the Federal Reserve System tocheck this credit expansion by selling Governmentsecurities and thus absorbing bank reserves.
Banks have been the beneficiaries of wartimedevelopments. Their assets have increased tre-mendously and these assets are perhaps more liquidand less subject to depreciation than at any previoustime of active business. Bank earnings have grownmore rapidly than expenses, so that profits arerelatively large, and capital structures have beenenlarged. Finally, their large holdings of Govern-ment securities make it possible for banks to shiftreadily to any other more attractive assets thatmay be available.
Banks can also suffer the consequences of un-pleasant economic developments, as they have attimes in the past. Some of the most disastrous ofthese developments have occurred during my careeras a banker and businessman and during thecareers of most of you. Banks are most seriouslyaffected when they have helped to bring about theconditions by undue expansion of credit followedby rapid liquidation.
Although present inflationary developments arelargely the result of war finance, in the past twoyears expansion of private credit has become afactor of increasing importance. Conditions arefavorable for a further substantial expansion ofprivate credit that may contribute further to ex-cessive inflation and lead to disastrous consequencesfor the economy. Such a development would en-danger the healthy position of our banking system.
WHAT CAN SUPERVISORS DO?
As I have indicated, the existing general mone-tary and credit powers of the Federal Reserve areinadequate for preventing such a development.Nor can bank supervision, in view of its limitedscope and of the inflationary forces already gener-ated, be expected to prevent further inflation. Wecan, however, understand the nature of the problemand use our influence to discourage banks fromcontributing to it. This would help to diminish
resulting undesirable effects upon banks. Whatspecifically can be done?
(1) Maintenance of a high degree of liquidityshould be encouraged; banks should be discouragedfrom reducing their large holdings of Governmentsecurities and cash assets in order to acquire lessliquid and more risky assets.
(2) Supervisors should take a critical attitudetoward any expansion of loans, unless they con-tribute directly to increased production and move-ment of goods. This attitude should apply par-ticularly to consumer credit, real estate loans basedon inflated values, loans to carry excessive inven-tories, and any loans for speculative purposes.
(3) As long as banks maintain their presentlarge holdings of cash and Government securities,most of them are adequately capitalized. Bankswith low ratios of capital to risk assets, however,should build up their capital. If banks persist inincreasing their risk assets, they should be requiredto enlarge their capital accordingly by retention ofearnings. If retained earnings are not sufficient,then additional stock should be sold.
It is important for us to keep in mind that futurelosses of banks are determined by current policies.While each individual loan of a bank may appearsound taken by itself, the practices of banks in theaggregate may contribute to generally unhealthyconditions. In an unsound economy, banks ingeneral cannot remain sound. Our banks nowappear to be in a position to withstand the severeeconomic storm that is threatening. This is notthe time for them to remove their storm shuttersor venture out into the gale.
In summary, I would reassert that the wartimeincrease in money and incomes relative to thesupply of goods and services has created an in-flationary development with severe distortions inprices, wages, and profits. Readjustment in ourdomestic situation is overdue. The sooner it canbe brought about, the better it will be for thenation and the world; the longer it is postponed,the more severe will be the inevitable readjustment.
We are faced with a choice between unattractivealternatives. We must decide how much we aregoing to spend preparing for the next war and forother purposes that might be eliminated or deferred.At the same time we need to determine how muchwe are going to make available to maintain peacethrough provision of vital food and needed pro-
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ductive facilities to the starving and destituteWestern European democracies. It should be recog-nized that we cannot continue to spend as muchas we have been for all of these purposes, in thepresence of other strong inflationary pressures inthe economy, without severe costs and risks.
We are on the horns of a dilemma. We simplycannot reduce taxes drastically and at the same timeassist Europe. We cannot expand domestic credit,both public and private, for the purpose of havingall we want and assist Europe and avoid inflation.We must give up something or we are going to paymuch more dearly in the long run. If we desire topreserve democracy and peace in the world, we mustassist in feeding the starving people in the democ-racies of Europe and help them to get into produc-
tion because it is only by their production that wewill be relieved and more will be available in thiscountry. If controls are needed to do that, weshould have controls. If the public understandsthe problem and voluntary rationing can do it, ofcourse that is the desirable way to do it. We havegot to deal with the economic facts of life as theyare. As bank supervisors you can try to see to itthat the banks of this country put some pressure oncredit expansion and stop this inflationary growththat they are responsible for collectively, thoughindividually they may not be aware of it. If youwant public authorities to have control over creditexpansion, consider the recommendations of theBoard in its annual reports of 1945 and 1946 beforeit is too late.
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FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1947]
In the summer of 1947 consumers generally con-tinued to be in a strong financial position and theirattitudes and intentions indicated the maintenanceof large expenditures for the purchase of durablegoods and houses. Consumers were drawing insubstantial amounts upon accumulated liquid assetsand were borrowing, as well as using current in-comes, to maintain a high level of expenditures.Although many individuals reported reductions intheir liquid assets, others showed increases andliquid asset holdings continued large in total amountand remained widely distributed.
Mainly because of the rise in the cost of living,the proportion of spending units that felt theywere worse off financially than a year ago was largerin July than earlier in the year. These spend-ing units, which were most numerous in the lowerincome groups, were somewhat less optimistic thanothers were about future economic developments.Responses to questions concerning current expendi-tures indicated that rising prices in relation toincomes were compelling many spending units tomake important adjustments in personal and familybudgets. Data from a recent survey show a signifi-cant shift since the beginning of the year in con-sumers' price expectations. At the end of July 1947approximately one-third of all spending units ex-pected higher prices in the next 12 months ascompared to about one-tenth of all spending units inthe first quarter of the year.
1 This article was prepared by Duncan McC. Holthausen ofthe Board's Division of Research and Statistics. It summarizesthe results of the Board's interim Survey of Consumer Financesbased on interviews taken during the last two weeks of July1947.
Dr. Rensis Likert, Director, and Dr. Angus Campbell, Assist-ant Director, Survey Research Center, University of Michigan,were in general charge of the survey. Responsibility for de-tailed planning and supervision of the survey, including inter-viewing, editing, tabulation of survey results, and preparationof survey studies was carried by Dr. George Katona in collabora-tion with Mrs. Hazel L. Lang, both of the Survey ResearchCenter's Staff. Mr. Charles F. Cannell served as head of thefield staff and Mr. Roe Goodman as head of the sampling sectionof the Center.
From the Board of Governors, general supervision of thesurvey has been under the direction of Woodlief Thomas,Director, and Ralph A. Young, Assistant Director, of theDivision of Research and Statistics.
The first annual survey of Consumer Finances was madefor the Board of Governors early in 1946 by the Division ofProgram Surveys, Bureau of Agricultural Economics, U. S.Department of Agriculture. Results of that survey werereported in 1946 in the June, July, and August issues of theBULLETIN. Results of the second annual survey of ConsumerFinances, conducted for the Board by the Survey Research Cen-ter, University of Michigan, in parly 1947, were published inthe June, July, and August 1947 issues of the BULLETIN.
These conclusions are based upon an interim sur-vey of the financial position and plans of a smallnational sample of consumer units, made for theBoard of Governors by the Survey Research Centerof the University of Michigan.
A more comprehensive survey of consumerfinances made early this year showed that con-sumers then were predominantly optimistic andexpected prosperous conditions to prevail duringthe entire year. At that time, consumers alsoanticipated that there would be some relief in theprices they paid for goods and services. During thefollowing six months, however, consumer pricesrose and warnings of possible economic reactionwere voiced with growing frequency by businessleaders, economists, and public officials. How thesechanges in consumer prices and these warnings ofcommunity leaders were affecting the attitudes andspending plans of consumers thus became a matterof considerable importance, and the interim surveywas undertaken during the last two weeks of Julyto determine what changes had occurred.
In the interim survey interviews were taken withapproximately 700 respondents residing in 20 coun-ties and 5 metropolitan areas scattered throughoutthe country. The interview unit, as in the Board'sannual surveys of consumer finances conductedearly in 1946 and 1947, was the spending unit.2
The method of selecting the sample was comparableto that used in the annual surveys, with the resultthat the small sample was similar in income dis-tribution and other socio-economic characteristics tothe larger samples of the annual surveys. It shouldbe noted that the findings based on this smallerinterim sample are less reliable than those of thelarger surveys inasmuch as they are necessarilysubject to a rather large sampling error. In addi-tion, no detailed information was obtained for thesmall sample on the amounts of expenditures andsavings. Small sample interim surveys afford auseful method for periodic supplementation of thefindings of annual surveys on consumer attitudes,expectations, and plans. Like the annual surveys^however, the methods are experimental in manyrespects and have not yet been fully tested; con-
2 Defined as all persons living in the same dwelling and be-longing to the same family who pooled their incomes to meettheir major expenses.
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scquently, the findings should be interpreted withcaution.
THE FINANCIAL STATUS OF CONSUMERS
Shifts in the basic wage rates and salaries of in-dividual spending units were frequent during theyear ending July 1947. Almost two-fifths of allspending units indicated that they were makingmore money than a year ago, while only aboutone-fourth of the units said that they were makingless money. This information, taken together withaggregate data on the current annual rate of per-sonal income, as estimated by the Department ofCommerce, suggests that there may be a furtherupward shift from 1946 to 1947 in the median in-come of all spending units.
During the first seven months of 1947, as in1946, sizable numbers of spending units reportednet withdrawals from their liquid asset holdings,i.e., United States Government securities and check-ing and savings accounts in banks. Others con-tinued to augment their holdings. The primarypurpose for which liquid assets were withdrawnwas again to meet general living expenses, par-ticularly in the case of spending units in lowerincome groups. The purchase of houses andtransfer of funds to other investments were next infrequency of purpose for which liquid assets werewithdrawn.
Liquid asset withdrawals by many spending unitswere largely counterbalanced by additions to liquid-asset holdings on the part of other units, and noimportant change occurred in the proportion ofunits holding liquid assets. In other words, con-sumer liquid asset holdings, although drawn uponconsiderably, continued to be widely distributed.The pattern of distribution generally conformed tothat shown by the annual surveys of holdings madeearly in 1946 and 1947. Reversing tendencies withrespect to savings bond holdings during the year1946, more spending units reported buying thanreported cashing such bonds during the first sevenmonths of this year.
The availability of liquid asset holdings is evi-dently contributing to greater expenditures for con-sumption. Both in 1946 and to date in 1947 theturnover of liquid assets has been substantial andhas added to inflationary pressures in consumermarkets. In the case of some consumer units, suchholdings have been used to supplement income inmeeting current expenditures. In other cases, they
have supplemented income to meet large expendi-tures, such as the purchase of consumer durablegoods. While saving continues to be regarded ashighly important by a large majority of spendingunits, the proportion having a regular saving planhas declined significantly compared with early in1946. At that time, of course, the use of pay rolldeduction plans for buying bonds was more generalthan it was in July of this year.
Along with the greater availability of consumerdurable goods and houses, instalment buying andborrowing, as reported by spending units, increasedconsiderably over 1946 levels. In the case of durablegoods purchases, liquid assets were often used tomeet the down-payment requirement, with thebalance of the purchase price covered by an instal-ment note or borrowed from a bank, loan agency,or private individual. Purchase of a house duringthe first half of 1947 apparently involved incurrenceof mortgage debt in virtually all cases.
There was some upward shift by July 1947 inthe proportion of spending units that thought theywere worse off financially as compared with a yearago. Spending units in lower income groups wereprimarily responsible for this shift and they referredeither to the increased cost of living or decreases inincome as the cause of their less satisfactory situa-tion.
CONSUMER EXPECTATIONS
Consumers were generally optimistic about theirfuture well-being. As is indicated by Table 1, morespending units expected their incomes to increasethan to decrease. The majority of spending unitscontinued to expect good times during the next 12months.
During the past 18 months consumers' priceexpectations have fluctuated widely. By the firstof this year many consumer units expected pricedeclines and few expected price increases, as is-shown in Table 1. By May of this year, after thewide publicity given to the Newburyport plan, itis possible that additional consumer units anticipatedgeneral price declines in the goods they normallybought. By midyear, this trend in consumers' priceexpectations was reversed, and in late July almostone-third of all spending units anticipated priceincreases, compared roughly with one-eighth earlierin the year. Over the same period, the proportionexpecting lower prices had dropped from almostone half to one-third, and these respondents most
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TABLE 1
CONSUMER EXPECTATIONS CONCERNING THE GENERAL
ECONOMIC OUTLOOK, INCOMES, AND PRICES
Expectations
General economic outlook 4
Good times aheadBad times aheadUncertain or no changeNot ascertained
All cases
Own incomes 5
Income will be largerIncome will be about the same.. .Income will be smallerUncertain, "it depends"Not ascertained
All cases
Prices •
Will go upWill remain the sameWill go down .Conditional answersNot ascertained .
All cases
Percentage distribution ofall spending units
February1946 i
353623
6
100
253423135
100
5321
8135
100
February1947 2
5522212
100
234214192
100
132246172
100
July1947*
5034133
100
2349
8182
100
32292991
100
i Based on interviews in January-March 1946 (first survey).'Based on interviews in January-March 1947 (second survey).* Based on interviews in the second half of July 1947 (interim
survey).• The question was: "Considering the country as a whole, do you
think we will have good times or bad times or what during thenext year or so?"
* In February and July 1947 the question was: "How about ayear from now—would you say that you will be making moremoney or less money than you are now, or will you be makingthe same?" Data for February t946 are not strictly comparablebecause they do not include farmers and are based on a comparisonof expected annual income for 1946 with actual income in 1945.
• The question was: "What do you think will happen to theprices of the things you buy during the next year—do you thinkthey will go up or down or stay about like they are now?
frequently expected small price declines—not largeones. It is probable that this shift resulted in partfrom the continuing increases in food prices duringthe first half of the year, the possibility of increasedrentals, and the new coal wage agreements with thesubsequent increases in steel prices and also in pricesof many consumer durable goods.
In the first quarter of the year, the expectationof price declines was predominantly associated withthe expectation of good times, while spending unitsexpecting price increases were evenly divided intheir expectations of good or bad times. A similarrelationship was observed in the July survey whenmany more spending units anticipated price in-creases.
These changes in the price expectations of manyconsumers do not appear to have had any substan-
tial effects upon their buying plans, particularlythose for consumer durable goods. It was notedthat whether consumers expected prices to fall orto rise, the postponement of certain purchases wasreported by almost as large a proportion of con-sumers expecting price increases as of those expect-ing price decreases. Possibly because consumersexpected only slight price changes, the effect oftheir price expectations on their buying plans wasminimized. In addition, it is possible that becauseof the frequency of changes in price expectations,effects upon buying plans have tended to lag. Buy-ing plans for many goods may also continue toreflect backlog demands or reasonably urgent needs,in which case shifts in price expectations, unlessfor large price changes, cannot be expected to in-fluence buying plans heavily.
It is of interest that consumers' general price ex-pectations closely paralleled their expectations withregard to food prices. In the case of consumerdurable goods and clothing, no more than one-fifthof all spending units anticipated price increaseswhile about one-third expected price declines.
CONSUMER EXPENDITURES AND PLANS TO BUY
About two-thirds of all spending units reportedthat they were spending more for food since thebeginning of the year, while about three-fifths ofthe spending units felt that they were buying lessclothing than usual. Comments made in connec-tion with food and clothing purchases give someindication of how the consumer has rearranged hisbudget expenses in order to take account of in-creased costs. Consumer units spending largeramounts for their food purchases predominantlyhad incomes of $2,000 or above, but as many ashalf of those having incomes under $2,000 also in-creased their expenditures on foods. Commonadjustments in order to maintain customary volumeand quality of food purchases were cuts in otherexpenses and reductions in amounts saved. A sub-stantial proportion of the spending units who didnot spend more for food, especially those havingincomes of less than $2,000, reduced the quality offood bought or raised or preserved much of theirown food. In the case of clothing purchases asignificant proportion of those spending units whofelt that they were buying less clothing than usualsaid that clothing prices were too high in explana-tion of the shift in their purchases. Less frequentlymentioned were explanations such as "other ex-
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penses were too high" and "did not need moreclothing." About one-tenth of all spending unitsreported buying more clothing than usual, fre-quently with the explanation that their clothingneeds had accumulated.
Nearly as large a proportion of spending unitsas had indicated plans early this year to buy auto-mobiles and other selected durable goods during1947 indicated that purchases had been made dur-ing the first seven months of the year. About halfas many prospective buyers of houses as were shownby the earlier survey reported the completion ofpurchases by July.
The proportion of spending units indicating plansto purchase automobiles and other selected durablegoods in the 12 months following July 1947, as isshown in Table 2, was substantially the same asin earlier reports of purchase intentions for the year1947. The volume of planned purchases for certainselected durable goods other than automobiles asof February 1947 was somewhat lower than ob-served in early 1946. The interim survey (July1947) suggests that there has been no furtherdecline in plans to buy and that the market for otherselected durable goods is approximately as strongas was observed at the beginning of this year.Furthermore, there was no significant shift shownin spending plans for consumer durable goods byincome levels.
The prospective purchase of houses in the 12months following July 1947 was also substantiallythe same as noted earlier for the year 1947. Again,there were no significant shifts in the income levelsof consumers who had plans to buy houses.
Information obtained with respect to the timingof consumers' intended purchases suggests that con-sumer plans to buy certain types of durable goodsduring the 12 months following July 1947 may notindicate the full volume of their actual purchases.In some cases, the rate of planned expenditurewas considerably less for the first half of 1948than for the last half of 1947. Plans to buy houses,on the other hand, were more evenly timed for thefull 12-month period. In the case of newr auto-mobiles considerable uncertainty was of course ex-pressed by consumers as to the exact timing oftheir purchases within the 12-month period.
Prospective purchasers of these items, however,were more often optimistic in regard to their futureincome status and in regard to the general economicoutlook than were other consumers. This reflected
TABLE 2
DISTRIBUTION OF CONSUMER INTENTIONS TO BUY AUTOMO-
BILES, SELECTED DURABLE GOODS, AND HOUSES, BY INCOME
GROUP OF PURCHASER1
Type of purchase
Automobiles:Expected to buy in 1946.Bought in 1946Expected to buy in 1947.Expected to buy within
a year from July 1947.
Other selected durablegoods:
Expected to buy in 1946.Bought in 1946Expected to buy in 1947.Expected to buy within
a year from July 1947.
Houses:2
Expected to buy in 1946,.Bought in 1946Expected to buy in 1947 .Expected to buy w thin
a year from July 1947.
Prospective and actual purchasersas a percentage of all spending units
within each income group
Allincomegroups
111112
13
282821
22
876
6
Lessthan
$2,000
665
6
212114
16
554
3
$2,000-$4,999
141215
16
333426
24
987
7
$5,000andover
262024
30
383526
32
11139
11
1 In every case "expected to buy" includes those who said theydefinitely would buy or probably would buy. Intended purchasesfor the year 1946 were ascertained in the first survey (January-March 1946) and are related to 1945 income. Actual purchasesin 1946 and intended purchases for the year 1947 were ascertainedin the second survey (January-March 1947) and are related to1946 income. Intended purchases for July 1947 to July 1948 wereascertained in the interim survey (second half of July 1947) andare also related to 1946 income. Data for the three income groupsin the interim survey are based on relatively small numbers ofcases and are therefore less reliable than the data from the firstand second surveys.
2 Based on nonfarm spending units only. Farmers are notincluded inasmuch as their purchases of housing are usuallyincidental to their purchases of farm land.
in part the fact that a larger proportion of higherincome groups were prospective purchasers of theseitems. Consumers at these levels were more opti-mistic in their personal and general outlook thanwere spending units at lower income levels.
In general, the interim survey does not indicatethat consumer plans to purchase durable goods orhouses in the 12 months following July 1947 havebeen discouraged sufficiently by the prevailing levelof prices to cause an early decline in expendi-tures for these items. Nevertheless a considerablenumber of spending units that stated they wereplanning to buy automobiles and houses in the fiveyears following July 1948 also stated they were notplanning to purchase in the next 12 months becauseof high prices. Thus it appears that at lower pricelevels a considerably larger group of consumerswould purchase durable goods and houses in thenear future.
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COMMERCIAL BANK LOANS TO FARMERSby
TYNAN SMITH AND PHILIP T. ALLEN *
At the middle of 1947, insured commercial bankshad nearly 2,500,000 individual loans outstandingto farmers, aggregating in amount about 2.2 bil-lion dollars.1 Almost nine-tenths of the numberand two-thirds of the amount were directly ex-tended to finance operation of the nation's farmsfrom planting to harvest or the purchase of equip-ment and livestock. The remaining tenth of thenumber and third of the amount were extendedupon the security of real estate mortgages tofinance the purchase of land or to meet other essen-tial farm needs. Both the production loans andthe farm mortgage loans of insured commercialbanks at midyear stood over 20 per cent greaterin amount than a year earlier.
The American farmer currently enjoys a favor-able debt position. Total farm debt is low in rela-tion to both income and* the value of farmers'assets. Debt is also low in absolute terms. Duringthe war farmers were able to liquidate a substan-tial portion of their mortgage debts and the presenttotal is nearly a third lower than before the war.During and after World War I farm mortgagedebt rose at about the same rate as farm land prices.This experience has not been repeated in the cur-rent period despite a rise in land prices nearlyequal to that during the First World War.
The volume of bank credit extended to farmersis about one-third higher than before the war asa result of a sharp increase in the past two years.Nevertheless, the total is much below that in 1920and the proportion of total bank loans representedby credit to farmers in the middle of 1947 wasonly 7 per cent as compared with about 20 percent in 1920. The number of farm loans now out-standing at insured commercial banks representsan average of two bank loans for every Rve farmers.Since many farmers have more than one loan,more than three out of every five farmers haveno bank indebtedness.
Aggregate figures give little cause for concern.
• Of the Division of Research and Statistics of the FederalDeposit Insurance Corporation and of the Board of Governors,respectively.1 Loans directly guaranteed by the Commodity Credit Corpora-tion were excluded from the survey. The total amount of theseloans held by insured commercial banks was 20 million dollarson June 30, 1947.
The over-all picture, however, obscures many indi-vidual cases of farms on which debt may be rela-tively heavy or of banks which may have theirearning assets unduly concentrated in certain typesof agricultural credit. Such instances may involveserious local problems in a period of downwardadjustment in agricultural prices.
New information on the characteristics of thefarm loans held by insured commercial banks atmidyear was assembled through a survey conductedjointly by the Federal Reserve System and the Fed-eral Deposit Insurance Corporation. The Bureauof Agricultural Economics cooperated in the devel-opment of the survey plan. A representative sampleof about 1,200 commercial banks—approximately700 member banks and 500 insured nonmemberbanks—cooperated voluntarily in supplying infor-mation on their farm loans. The great majority ofthese participating banks are located in farmingcommunities. The purpose of the survey was toprovide a basis for a better understanding of creditdevelopments in this field and also to furnish in-formation on the characteristics of bank loans tofarmers and on typical bank loan practices in farmfinancing. All figures used in the present articleare estimates based on the sample data obtained inthis survey.
Commercial banks have long provided the majorshare of short-term production credit used by farm-ers. In addition to banks, farmers obtain short-term credit to finance operations from ProductionCredit Associations sponsored by the Federal Gov-ernment and from other sources, principally retailmerchants and individuals. Loans of the Produc-tion Credit Associations are about one-fifth theamount of short-term bank loans. Very little isknown about the amount of short-term fundsfarmers secure from individuals and similar lenders.
Production loans extended to farmers by com-mercial banks were typically for small amounts andfor short periods. Over two-fifths of these loansoutstanding at insured commercial banks in themiddle of 1947 were for amounts of less than $250each and about two-thirds of them carried maturi-ties of less than six months. Most of this creditwas borrowed either to pay production and living
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costs or to finance the purchase of machinery andlivestock. Two-thirds of the loans were securedby pledge of specific assets or by endorsement.Livestock, machinery, and a combination of crops,livestock, or machinery were the types of assetsmost frequently pledged. Most of this type ofcredit was supplied to farmers by small countrybanks.
While banks furnish a relatively smaller propor-tion of the total farm real estate mortgage creditthan of farm production credit, the importance ofbanks in the farm mortgage field has increased inthe past two years. According to estimates of theDepartment of Agriculture, commercial banks atthe beginning of the year held 14 per cent of theoutstanding amount of farm mortgages in contrastto 11 per cent a year earlier and 8 per cent in 1940.Federal Land Banks and life insurance companieseach now hold about one-fifth of the total farmmortgage debt, while individuals hold most of theremaining 50 per cent.
Farm mortgage loans of banks also were of rela-tively small size and were typically to finance thepurchase of small tracts of land. Many of theseloans have been made in the past two years whenland values have been high. An important part ofthe farm mortgage loans of banks was written tomature in one year or less. Over one-half of theseloans were to be repaid in instalments, and thisproportion has increased in recent years. As withproduction loans, about four-fifths of the volumeof this type of credit was provided by banks with10 million dollars or less in deposits.
This article, which is the first of a series to bepublished on the national aspects of the farm loansurvey, summarizes its principal findings. Thematerial is presented in two sections, the first deal-ing with farm production loans and the secondwith farm mortgage loans. Subsequent articles willdeal more fully with additional phases of bankloans to farmers, such as the pattern of interestrates and detailed characteristics of farm produc-tion and farm mortgage loans.2
FARM PRODUCTION LOANS
The estimated 2,185,000 farm production loansoutstanding at insured commercial banks in themiddle of 1947 represented a total credit volumeof 1.5 billion dollars.8 These loans were predomi-nantly small. The average amount outstandingwas about $700. Over two-fifths of the loans were
under $250 in outstanding amount, as is shown inTable 1, while a third of the number represented
TABLE 1
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN M I D - 1 9 4 7 , BY SIZE OF LOAN
AND N E T W O R T H OF BORROWER
[Estimates of outstanding loans]
Size of loan and networth of borrower
Size of loan:
Under $250$250-$499$500-$999
$l,000-$2,499$2,500-$4,999$5,000 and over. . . .
All loans
Net worth of borrower
Under $2,000$2,000-$9,999$10,000-$24,999
$25,000-$99,999....$100,000 and over. .Unclassified
All borrowers.. .
Numberof loans(In thou-
sands)
938428375
3178245
2,185
5221,007
410
1762742
2,185
Amountof loans
(Inmillions)
$102126211
393227421
1,480
115462338
335208
22
1,480
Percentagedistribution
Number
42.919.617.1
14.53.82.1
100.0
23.946.118.8
8.11.21.9
100.0
Amount
6.98.5
14.2
26.515.428.5
100.0
7.831.222.9
22.614.01.5
100.0
NOTE.—Detailed figures may not add to totals because ofrounding.
loans of between $250 and $1,000. Loans under$1,000 accounted for almost one-third of the totalvolume of all commercial bank loans to financefarm operations. Individual loans of $5,000 ormore constituted 2 per cent of the number but29 per cent of the total amount.
A large proportion of the farm production loans2 The survey of insured commercial bank loans to farmers,
on which this article is based, was planned by the Division ofResearch and Statistics of the Board of Governors of the Fed-eral Reserve System and the Division of Research and Statisticsof the Federal Deposit Insurance Corporation in consultationwith the Federal Reserve Banks, the Bureau of AgriculturalEconomics, and other interested agencies. The information formember banks of the Federal Reserve System was collected andcompiled into district totals at the Reserve Banks and nationaltotals were prepared at the Board's offices. The informationfor insured commercial banks not members of the Federal Re-serve System was collected by the examiners of the FederalDeposit Insurance Corporation with the consent and cooperationof the participating banks. Totals were compiled by the Cor-poration's Division of Research and Statistics.
Supervision of the survey, analysis of results, and prepara-tion of articles are under the general direction of Ralph A.Young, Assistant Director of the Board's Division of Researchand Statistics and Florence Helm, Acting Chief of the Corpora*tion's Division of Research and Statistics. Richard Young-dahl of the Board's staff and Tynan Smith of the Corporation sstaff have been largely responsible for the supervision of thecollection and tabulation of information.
Copies of the forms used in the survey are appended tothis article.
8 Farm production loans were defined as all loans to farmowners or operators except loans secured by real estate, loansdirectly guaranteed by the Commodity Credit Corporation, andloans made to farmers for commercial or industrial purposes.
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of insured commercial banks were extended to meetthe credit needs of small farmers. About 25 percent of the number of loans were to farmers witha net worth of under $2,000 while 46 per cent ofthe loans were to farmers with a net worth offrom $2,000 to $10,000, as is shown in Table 1.The amount of farm production credit extendedby banks to farmers with a net worth of under$10,000 was 40 per cent of the total. In the Souththe proportion of loans going to small borrowerswith a net worth of under $2,000 was higher thanin other parts of the country. In the NorthernStates the proportion of loans outstanding to farm-ers with a medium net worth of between $2,000and $10,000 was above average, while in the FarWest about two-thirds of the loans amounting tonine-tenths of the volume were to large borrowerswith a net worth of $10,000 and more.
As Table 2 shows, bank credit to finance farmoperations was widely distributed among the dif-ferent types of farms. The largest number of bankborrowers were operators of general farms, whoaccounted for 45 per cent of the number of farmproduction loans.4 This group of borrowers typi-cally had a small or medium net worth and the
TABLE 2
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY T Y P E OF FARM
[Estimates of outstanding loans]
Averagesize
of loanType of farm
G e n e r a l . . . . . . . .DairyCottonWheat, corn, and
field cropsLivestock. ^ . , . - .
TobaccoTruck. . . .Fruit. .Poultry . . . . . .Other*
All borrowers..
Numberof loans
(In thou-sands)
977306252
207201
9845241756
2,185
Amountof loans
(Inmillions)
$529218
98
176324
2638292024
1,480
Percentagedistribution
Number
44.714.011 6
9.59.2
4 42.11 10 82.6
100.0
Amount
35 714.76 6
11.921.9
1 72.62 01 31.6
100.0
$540710390
8501,610
260840
1,1901,140
420
680
1 This group includes farms not classified elsewhere, such aspart-time farms, and farms not classified as to type.
NOTE.—Detailed figures may not add to totals because ofrounding.
average size of their loans was relatively low. Thesecond most important group of borrowers in terms
4 A general farm was denned in the survey as one in whichno single source of income provided one-half or more of thetotal.
of number of bank loans were dairy operators.This group accounted for 14 per cent of the numberand 15 per cent of the amount of farm productionloans outstanding.
Operators of cotton farms accounted for 12 percent of the number of farm production loans out-standing at insured commercial banks at midyear,but only 7 per cent of the credit volume. Theseloans were considerably below average in size, $390as compared with $680, and over half of themwere to farmers with a net worth of under $2,000.Similarly, most of the tobacco farmers with out-standing loans had a small net worth. The produc-tion loans to tobacco farmers averaged $260 each,the lowest for any group. For both of these typesof farming the productive unit is typically small.
The large-scale nature of operations of livestockfarms and ranches is reflected in the bank borrow-ings of this group, which accounted for 9 per centof the number and 22 per cent of the amount offarm production loans. The average size of loanwas $1,610, the highest for any type of farm. Halfof the number and over four-fifths of the amountof loans outstanding to livestock operators were toborrowers with a net worth of $10,000 or more.Fruit and poultry farming also tend to be largeoperations. As a consequence the average size ofbank production loans to these two groups of bor-rowers was large and most of the borrowers hada relatively large net worth.
Purpose of loan. The two most important usesreported for bank credit to finance farm opera-tions were to pay production and living costs andto purchase machinery or livestock. Loans for thepurpose of paying farm production and living costsaccounted for one-half of the total number. As isshown in Table 3, most of these loans were forsmall amounts and the average size was $460. Con-sequently, the volume of bank credit extended forthis purpose amounted to only a third of the total.
About one-third of the farm production loanswere to finance the purchase of machinery or live-stock. As would be expected, such loans weretypically larger than those used to pay productionand living costs. The average size of loans tofinance the purchase of machinery or livestock wasnearly $1,000 and these loans accounted for one-half of the total dollar volume outstanding.
Among the other major purposes for which short-term production credit was used were the purchaseor improvement of land or buildings and the re-
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payment of debts. Loans to finance the purchaseor improvement of land or buildings tended to berelatively large for this type of bank credit, averag-ing $1,110 in size. Most of the loans obtained forthe repayment of debt were small; half of thenumber were for amounts of less than $250.
TABLE 3
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN M I D - 1947, BY SIZE AND PURPOSE OF LOAN
[Estimates of the number of outstanding loans]
Size of loan
Under $ 2 5 0 . . . . . . . . .$250-$499$500-$999
$l,000-$2,499$2,500-$4,999$5,000 and over .
All loans
Under $250..$250-$499$500-$999
$l,000-$2,499$2,500-$4,999$5,000 and over
All loans
Average size of loan.
Purpose of loan
Allpur-poses
Paypro-duc-tionand
livingex-
penses
Buyma-
chin-ery orlive-stock
Buyor im-prove
land orbuild-ings
Re-pay
debts
Un-clas-sified
Number of loans, in thousands
938428375
3178245
2,185
606221152
992413
1,116
183145171
1684221
731
282224
29117
122
361512
102
76
852515
1032
140
Percentage distribution
42.919.617.1
14.53.82.1
100.0
$680
54.319.813.6
9.02.21.1
100.0
$460
25.019.923.5
23.05.82.8
100.0
$980
22.918.219.9
24.38.85.9
100.0
$1,120
46.919.315.9
12.83.11.9
100.0
$630
61.117.610.9
7.41.81.3
100.0
$450
NOTE.—Detailed figures may not add to totals because ofrounding.
Security. About two-thirds of the number offarm production loans and a little more than two-thirds of the total amount were secured by pledgeof specific assets or by endorsement, while the re-mainder were unsecured. The proportions of bothnumber and amount of farm production loans thatwere secured were only a little above the compar-able proportions of member bank loans to smallbusiness enterprises with total assets of under$50,000, excluding loans secured by mortgages onreal estate.5 Because of the nature of farming
5 Tynan Smith, "Security Pledged on Member Bank Loansto Business," Federal Reserve BULLETIN, June 1947, Table 16,p. 677.
operations the use of mortgages on real estate assecurity for bank credit is much more prevalentamong farm operators than among other smallbusiness enterprises.
Table 4 shows the more important types of se-curity pledged against bank loans to finance farmoperations. A combination of crops, livestock, ormachinery was pledged against approximately one-fourth of the loans amounting to one-fourth of thetotal amount. The second most important type ofsecurity was livestock alone, which was pledgedagainst 17 per cent of the number of loans. Sinceloans secured by livestock were above average insize they accounted for 24 per cent of the volume.Machinery alone was pledged against 8 per centof the number of loans. These loans, most ofwhich were to finance the purchase of the machinerypledged, were typically of medium size; two-thirdsof them ranged from $500 to $2,500 in amount.
Crops, either growing or in storage, were notvery important as security for production loans tofarmers. Loans secured by growing crops werelargely small loans made to farm borrowers withrelatively low net worth. Over half of these loanswere under $250 in amount and the average size
TABLE 4
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY TYPE OF SECURITY PLEDGED
[Estimates of outstanding loans]
Type of security
UnsecuredEndorsedCombination of crops,
livestock, or machin-ery
Livestock.Machinery
Growing cropsCrops in storageG. I. guarantee or in-
suranceOtherUnclassified
All loans
Num-ber ofloans
(Inthou-
sands)
743273
505361167
345
126816
2,185
Amountof
loans(Inmil-
lions)
$433112
359353118
177
1854
9
1,480
Percentagedistribution
Num-ber Amount
34.012.5
23.116.57.6
1.6.2
.53.1
.7
100.0
29.37.6
24.323.88.0
1.1.5
1.23.7
.6
100.0
Aver-agesizeof
loan
$580410
710980710
5001,410
1,570790540
680
NOTE.—Detailed figures may not add to totals because ofrounding.
was $500. Loans secured by crops in storagetended to be large and averaged $1,410. Morethan one-half of the total dollar volume of this
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group of loans was represented by loans amountingto $5,000 or more each.
There were approximately 12,000 farm produc-tion loans outstanding at insured commercial banks,on which the major security was reported to beGovernment guarantee or insurance under the pro-visions of the Servicemen's Readjustment Act. Thetotal amount of such loans came to an estimated18 million dollars. More than 80 per cent of theseloans were to farmers with a medium to small networth of under $10,000. Nevertheless, the averagesize of loan, $1,570, was higher than that for anyother major type of security. Nine-tenths of thenumber of the G. I. loans and four-fifths of theamount were for the purpose of financing the pur-chase of machinery or livestock.
Maturity. Farm production loans held by in-sured commercial banks were predominantly short-term. About two-thirds of the number werewritten on a demand basis or with original maturi-ties of six months or less. Only 4 per cent of thenumber and 6 per cent of the amount outstand-ing carried maturities of more than one year fromthe date of the note.
Loans written to mature in three months or lessaveraged $490 in amount, from which point theaverage size ranged upward to $1,980 for farmproduction loans written to mature in over fiveyears, as is shown in Table 5. The only exception
TABLE 5
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY ORIGINAL MATURITY
[Estimates of outstanding loans]
Maturity
Demand3 months or less3 to 6 months6 to 9 months9 months to 1 year. .
1 to 2 years2 to 3 years3 to 5 yearsOver 5 yearsPast dueUnclassified
All loans
Num-ber ofloans(In
thou-sands)
Amountof
loans(Inpil-
lions)
130488848340252
601692337
2,185
$ 142237538220231
5318134
222
1,480
Percentagedistribution
Num-ber Amount
5.922.338.815.611.5
2.70.80.40.11.50.3
100.0
9.616.036.414.915.6
3.61.20.90.21.50.1
100.0
Aver-agesizeof
loan
$1,090490630650920
8801,1201,4401,980670320
680
NOTE.—Detailed figures may not add to totals because ofrounding.
to this tendency for short-term loans to be of rela-tively small size was in the case of demand loans,which were almost as large on the average as loansmaturing in from two to three years.
There appeared to be little relationship betweenthe purpose for which funds were borrowed andthe maturity of the loan. About two-thirds of thenumber and three-fifths of the amount of bankloans to pay farm production and living expensescalled for repayment within six months. Thiswould coincide roughly with the time required forthe production and sale of crops. It is surprisingthat a similar proportion of the loans to financethe purchase of machinery or livestock carriedmaturities of six months or less. Loans to purchasefeeder livestock would be expected to have shortterms. However, machinery and livestock otherthan feeders normally require a much longer periodto recover their cost and, therefore, loans to financesuch purchases would be expected to carry longerterms than six months. Thus it may be that gen-eral farm income is regarded as a source of re-payment rather than the return on the asset pledged.Also, in some cases renewals may be made ifnecessary.
Size of bank. Farmers typically obtain their bankcredit locally. The major importance of smallbanks in this credit field is indicated by the factthat 43 per cent of the number of farm productionloans were held by banks with deposits of less than2 million dollars. Loans held by these small bankstended to be relatively small so that this group ofbanks accounted for only a third of the dollar vol-ume. Large banks located in metropolitan areasdo very little agricultural credit business. Thesurvey revealed that banks with deposits of 10million dollars or more had 8 per cent of the num-ber and 18 per cent of the amount of farm produc-tion loans outstanding at the middle of 1947.
As would be expected, small farm operatorstended to borrow at small banks and larger bor-rowers at large banks. Table 6 shows the directrelationship between size of bank and net worth01 borrower. At banks with deposits of less than2 million dollars, 25 per cent of the farm produc-tion loans were to borrowers with a net worth ofunder $2,000; this proportion declined to 16 percent at banks with deposits of 10 million dollars ormore. Conversely, 41 per cent of the loans and80 per cent of the amount outstanding at the largebanks were to borrowers with a net worth of
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TABLE 6
FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947BY N E T WORTH OF BORROWER AND SIZE OF BANK
[Estimates of outstanding loans]
Net worth of borrower
Under $2,000$2,000-$9,999$10,000-$24,999
$25,000-$99 999$100,000 and over .Unclassified
All borrowers
Under $2,000$2,000~$9 999$10,O00-$24 999.
$25,000-$99 999$100,000 and over . .Unclassified
All borrowers
Size of bank (Total deposits, in millions of dollars)
Allinsured
commercialbanks
Under 2
Number of loans
5221,007
410
1762742
2,185
239466174
5955
947
2-10 10 andover
, in thousands
256481200
921526
1,070
276136
257
11
168
Allinsured
commercialbanks
Under 2 2-10
Amount of loans, in millions
$ 115462338
335208
22
1,480
$ 50201131
84183
487
$ 58225169
171100
11
733
10 andover
$ 83639
809 0
8
260
Percentage distribution
23.946.118.8
8.11.21.9
100.0
25.249.218.3
6.2. 5.6
100.0
24.044.918.7
8.61.42 . 4
100.0
16.236.521.3
15.04 . 46 . 6
100.0
7 . 831.222.9
22.614.0
1.5
100.0
10.241.226.9
17.33 . 70 . 7
100.0
7 .930.723.0
23.313.6
1.5
100.0
2 . 913.915.0
30.734.5
3 . 0
100.0
NOTE.—Detailed figures may not add to totals because of rounding.
$10,000 or more as compared with 25 per cent ofthe number and 48 per cent of the amount at thesmall banks. Nevertheless, because of the localcharacter of most farm credit and the necessity forthe bankers to be very familiar with the local agri-cultural situation and the operations of the bor-rower, a considerable proportion of the bank creditneeded by even the very large farm operators wasprovided by the small banks located in nearbycommunities.
Interest. The average interest rate on commercial
TABLE 7
USUAL INTEREST RATE CHARGED ON FARM PRODUCTION LOANS
BY INSURED COMMERCIAL BANKS, 1947, 1940, AND 1930
Usual interest rate(Per cent per annum)
Under 666 1 to 7.98.0 to 9.0Over 9
All reporting banks
Percentage of banksreporting rate
1947
264514123
100
1940
84720196
100
1930
143202610
100
bank loans to finance farm operations was 6.2 percent. The survey indicated a substantial declinein this rate over the last two decades. As is indi-cated in Table 7, the proportion of banks chargingusual interest rates of under 6 per cent has in-creased markedly since 1930, and the proportioncharging usual rates of 8 per cent or more hassteadily declined.
Over four-fifths of the banks making farm pro-duction loans in 1947 had some minimum interestcharge. The most common minimum was between50 cents and $1.00. Since many of the farm pro-duction loans were quite small in amount and forshort maturities, the existence of a minimum in-terest charge sometimes resulted in a high ratewhen computed on an annual basis.
In addition to interest the borrower usually hasto pay supplementary charges to cover the costsincurred by the bank in making the loan. Thesesupplementary charges most often represent legal,recording, and notary fees in connection with chat-tel mortgages. About a third of the banks reportedthat they made no supplementary charges. Mostof these banks probably were not using the chattelmortgage form for their farm production loans
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and thus were not incurring extra costs whichwould have to be passed on to the borrower.
FARM MORTGAGE LOANS
Insured commercial banks at midyear of 1947 hadoutstanding 725 million dollars of loans secured byfarm land.6 This volume represented 265,000 loansaveraging $2,700 in outstanding amount.
Total farm mortgage debt declined substantiallyduring the war and has since shown little increase.Commercial banks have been active lenders in thepostwar period, and their farm mortgage holdingshave increased by 24 per cent in the past yearcompared with an increase of probably less than4 per cent in the total farm mortgage debt.
Original amount of loans and types of propertiesmortgaged. Bank farm mortgage loans outstandingin midyear included many loans that were relativelysmall in original amount. Nearly one-third of thenumber of loans were for less than $1,500 whenmade, and almost four-fifths were under $5,000.The median size of original loan was about $2,400.Only about one loan in five was over $5,000 inoriginal amount, and only one in twenty was over$10,000. The distribution of the number andamount of loans by original size of loan is shownin Table 8.
The sizable proportion of small loans in the totalwas related, of course, to the fact that many of theproperties mortgaged—in most cases properties pur-chased with the loan proceeds—were small. Table
TABLE 8
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY ORIGINAL AMOUNT OF LOAN
[Estimates of outstanding loans]
Original amountof loan
Under $500$500-$999$l,000-$l,499
$l,500-$2,499$2,500-$4,999
$5,000-$9,999$10.000-$24,999
$25,000-$49,999$50,000 and over
Total
Numberof loans(In thou-sands)
173133
5574
4112
1
265
Amountof loans
(Inmillions)
$ 51730
81204
217133
2413
725
Percentagedistribution
Number
6.611.812.3
20.627.8
15.64.7
0.40.1
100.0
Amount
0.62.44.2
11.228.1
29.918.4
3.31.8
100.0
NOTE.—Detailed figures may not add to totals because ofrounding.
9 shows the number and amount of loans in eachof the different acreage groups.
TABLE 9
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947
BY ACRES IN PROPERTY MORTGAGED
[Estimates of outstanding loans]
Acres mortgaged
Under 10.10-2930-6970-139 . . . .140-259260-499Over 500Not given
Total
Numberof loans(In thou-
sands)
8256495521452
265
Amountof loans
(Inmillions)
$ 1246
1132261967351
7
725
Percentagedistribution
Number
2.89.4
24.235.719.85.22.0
.9
100.0
Amount
1.76.4
15.631.227.110.17.01.0
100.0
6 Farm mortgage loans were denned as loans principallysecured by mortgages, deeds of trust, land contracts, or otherliens on farm land.
NOTE.—Detailed figures may not add to totals because ofrounding.
About one-third of the number of loans were se-cured by properties under 70 acres, another thirdby properties from 70 to 140 acres, and the finalthird by properties of 140 acres or more. The largeproportion of loans on small properties suggests thatbank mortgage loans were frequently to establishedfarm operators purchasing small additional tractsas well as to new operators purchasing small units.
The highest proportion of small tracts on whichmortgage loans were made was in the Far West,where nearly two-thirds of the mortgaged propertieswere under 70 acres. In the South the proportionof small units was also considerably higher thanaverage.
The average size of loan outstanding was nearlyas large for units under 10 acres as for the tractsfrom 10 to 69 acres. This situation was at leastpartly explained by the high concentration of fruit,truck, and poultry farms in this size group. Suchfarms usually have a higher value per acre thanmost other types of farms.
General farms were the most prevalent type onwhich mortgage loans were made, afs is shown byTable 10. In the Northeast, dairy farms predomi-nated with about one-half of the number andamount of bank mortgage loans on these farms.In parts of the South nearly one-half of the numberand one-third of the amount of loans were on cottonfarms. In the Far West the widest variation wasshown in the types of farms on which loans weremade, with about one-fifth each of the number ofloans on general, field crop, dairy, and fruit farms.
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COMMERCIAL BANK LOANS TO FARMERS
TABLE 10
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY T Y P E OF FARM MORTGAGED
[Estimates of outstanding loans}
Type of farmmortgaged
GeneralDairyWheat, corn, and field
cropsCottonLivestockTobaccoTruckFruitPoultryOther i
Total.
Numberof loans(In thou-
sands)
12841
211712976419
265
Amountof loans
(Inmillions)
$337123
7927431718291142
725
Percentagedistribution
Number Amount
48.115.5
8.16.64.73.42.62.31.67.2
100.0
46.517.0
10.83.85,92.32.44.01.55.7
100.0
1 This group includes farms not classified elsewhere, such apart-time farms, and farms not classified as to type.
NOTE.—Detailed figures may not add to totals because ofrounding.
The average size of bank mortgage loan out-standing was smallest on cotton and tobacco farms,and was largest on fruit and field crop farms.
Purpose of loan. As would be expected, the mostimportant purpose for which farmers obtained realestate loans from banks was to purchase land, as isshown in Table 11. Nevertheless, over a fourthof both the number and amount of outstanding
TABLE 11
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY PURPOSE OF LOAN
[Estimates of outstanding loans]
Purpose
Buy the land that wasmortgaged
Buy other landBuild or repair build-
ingsOtherNot known
Total
Numberof loans(In thou-
sands)
15125
235116
265
Amountof loans
(Inmillions)
$43977
4712835
725
Percentagedistribution
Number
56.89.5
8.619.25.9
100.0
Amount
60.510.6
6.517.64.8
100.0
NOTE.—Detailed figures may not add to totals because ofrounding.
loans were to build or repair buildings, and forother purposes such as the purchase of machinery,repayment of debts, and the payment of productionexpenses. Thus an important part of bank loanssecured by real estate was not strictly for financingland ownership transactions.
In the South and in the Far West loans madefor purposes other than the purchase of land were
of considerably greater relative importance thanelsewhere. In some parts of the South it is acommon practice to secure production loans withreal estate mortgages. Over one-half of the num-ber and amount of the real estate mortgage loansmade in 1947 in some Southern sections were forpurposes other than to purchase land.
Loans were larger for the purchase of real estatethan for any other purpose. Loans made in 1947for the purchase of real estate averaged $3,700 inoutstanding amount, while loans included in the"other" purpose classification and loans for buildingor repairing buildings averaged $2300.
Size of bank. As in farm production loans, thebulk of farm mortgage loans was held by bankswith 10 million dollars or less of deposits. Bankswith 2 to 10 million dollars of deposits held 53per cent of the amount and 52 per cent of the num-ber of outstanding farm mortgage loans held byall banks, while banks in the smallest deposit group—under 2 million dollars—held 28 per cent of theamount and 37 per cent of the number of suchloans. Banks with over 10 million dollars of de-posits held 19 per cent of the amount and 12 percent of the number of all farm mortgages held bybanks.
The average size of outstanding loan was $4,400at the largest banks, $2,800 at banks in the 2 to 10million dollar deposit group, and $2,100 at thesmallest banks. The largest banks made loans onsomewhat larger tracts of land than did the smallerbanks.
Year mortgage was written. During and since thewar, with farm incomes high, much of the prewarfarm mortgage debt has been retired. At the sametime, however, new borrowers have been incurringsizable debts. As is shown in Table 12, more thanone-half of both the number and the amount offarm mortgage loans outstanding at commercialbanks in midyear of 1947 were secured by mort-gages written in 1946 or 1947. In large part, thishigh proportion of recent loans is believed to repre-sent new borrowings rather than renewals of priorloans. About one-third of the outstanding loanswere made between 1940 and 1945 and only a verysmall fraction before 1940.
There was some minor variation between differ-ent sections of the country with respect to the pro-portion of total loans represented by loans made inrecent years. At banks in the Northeastern Statesa higher than average proportion of the number
OCTOBER 1947 1223
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COMMERCIAL BANK LOANS TO FARMERS
TABLE 12
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY DATE OF MORTGAGE
[Estimates of outstanding loans]
Date of mortgage
Before 19401940-4519461947
Total
Numberof loans(In thou-
sands)
16919662
265
Amountof loans
(Inmillions)
$ 25216285198
725
Percentagedistribution
Number
5.934.336.423.4
100.0
Amount
3.529.939.327.3
100.0
NOTE.—Detailed figures may not add to totals because ofrounding.
of outstanding loans was made before 1940—about13 per cent compared with 6 per cent for all sectionsof the country, and a smaller proportion of loanswas made in 1947—about 17 per cent comparedwith 23 per cent. Banks in some Southern Stateshad a larger than average part of their loans repre-sented by mortgages made in 1946 and in 1947.
During the past year, when a substantial propor-tion of the farm mortgage loans now held by bankswere written, land values have been 75 per cent ormore above the prewar level. Survey reports pro-vide some indication that, while banks are willingto lend more on a given farm than in 1940, theincrease in loan value at most banks has beensmaller than the rise in the price of farm land.Thus, in 1940, more than 80 per cent of the bankswere lending 50 per cent or more of the currentselling price of farm property. In 1947, in contrast,loans of this proportion were available at only about55 per cent of the banks. A distribution of allinsured commercial banks by the percentage of thecurrent selling price they were lending on farmproperties in 1940 and 1947 is given below.
Percentage of selling price Percentage of banks1947 1940
llYz or less 12 2Over HYz to 50 31 1150 39 51Over 50 16 IINot known 2 3
Total 100 100
No definite conclusions can be drawn from thesurvey data regarding the adequacy of present bankappraisal and lending policies on farm properties.The current advanced levels of farm land valuessuggests a need for caution if banks are to be pro-tected against probable future declines in farmcommodity prices and in farm land prices. The
1224
relatively small amount of debt held by banks is anelement of strength that was not present in formerperiods of inflated farm prices and land values.
Maturity and method of repayment. Over one-third of the number and about one-fourth of theamount of farm mortgage loans outstanding at com-mercial banks in mid-1947 called for repaymentwithin one year after the loan was made, as isshown in Table 13, and about one-third of both the
TABLE 13
FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS
OUTSTANDING IN MID-1947, BY MATURITY OF LOAN
[Estimates of outstanding loans]
Maturity
DemandUnder 6 months6 months to 1 year. . .1 to 2 years2 to 3 years3 to 5 years5 to 10 years10 to 15 years15 to 20 yearsOver 20 yearsPast due »
Total
Numberof loans(In thou-
sands)
21294613175950952
14
265
Amountof loans
(Inmillions)
$ 5055822541
17519641241026
725
Percentagedistribution
Number
7.910.817.34.86.5
22.418.93.41.9
.65.4
100.0
Amount
6.97.5
11.33.45.7
24.227.25.63.31.33.6
100.0
1 This group may include some mortgage loans which, althoughtechnically past due, are considered demand loans in accord-ance with local practices.
NOTE.—Detailed figures may not add to totals because ofrounding.
number and amount of loans provided for repay-ment in from one to five years. The remainingone-fourth of the number and two-fifths of theamount had terms of five years or more.
There was a tendency for the larger loans to havethe longer maturities. However, an important partof even these loans had very short terms. Thirtyper cent of the loans originally for $1,500 to $5,000had maturities of one year or less, as did one-fifthof those having an original size of $5,000 to $25,000.The high percentage of loans of relatively shortmaturities distinguishes farm mortgage loans ofbanks from those of most other lenders. In somecases banks follow the practice of writing farmmortgage loans for short terms with the under-standing that upon request they will be renewedat maturity.
The majority of farm mortgage loans outstand-ing at banks in mid-1947 called for repayment ininstalments. Over one-half of the number andnearly two-thirds of the amount outstanding wereof this type. Mortgages in recent years were muchmore likely to contain provisions for instalment
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COMMERCIAL BANK LOANS TO FARMERS
repayment than were mortgages written before1940. Of loans made in 1946 and still outstanding,two-thirds of the number and three-fourths of theamount contained such provisions. In contrast, ofloans still outstanding that were made between 1930and 1940 only one-third of the number and amountprovided for instalment repayments. Instalmentrepayments were more prevalent on larger loansthan on small ones. Of the loans under $1,500 inoriginal amount, nearly two-thirds were of thesingle-payment type. This may be compared withone-third for loans over $5,000 in original amount.
Loans with the longer maturities were mostlikely to be repaid in instalments. Thus about95 per cent of the dollar amount of loans maturingin over five years were of this type, 67 per centof the loans with maturities of three to five years,and only 20 per cent of the loans, except demandloans, maturing in one year or less. Surprisingly,62 per cent of the outstanding amount of demandloans called for instalment repayment. As far asrepayment method was concerned, demand loansbore a greater resemblance to long-term loans thanto very short maturity loans.
A comparison of single-payment loans with in-stalment loans was made to determine the propor-tion of the original amount of each that had beenrepaid. For loans still outstanding from any par-ticular year since 1940, it was found that a similarpercentage of the original debt had been retiredon both single-payment and instalment loans. Thisprobably indicates that, at least in years of abnor-mally high farm incomes, loan collections are rela-tively independent of the stated method of repay-ment.
Interest rates on farm real estate loans. Theaverage interest rate on farm mortgage loans out-standing at banks in mid-1947 was 4.9 per cent.On the very small loans, interest rates were higher,averaging 6 per cent on loans under $1,500 inoriginal size. Rates averaged 4.5 per cent on loansof $10,000 to $25,000 in original size. As in thecase of farm production loans, interest rates onfarm mortgage loans have declined from earlieryears. About three-fifths of the banks making suchloans reported that their usual rate of interest in1947 was 5 per cent or less. The usual rate wasthis low at only about one-fourth of the banks in1940 and at only about one-tenth of the banks in1930.
Most of the banks reported charges other thaninterest on farm mortgage loans. For the most part
OCTOBER 1947
such charges were associated with the initial proc-essing of the mortgage, such as title search andrecording fees. About one-fourth of the banksreported appraisal charges.
COVERAGE OF THE SURVEY
Banks included in the sample for the survey wereselected according to a plan consistent with estab-lished sampling procedures. Selection was madefrom all member and nonmember insured commer-cial banks. For purposes of sampling and of com-pilation of the estimates, banks were divided intothree size groups within each Federal Reserve dis-trict. From each group a sufficient number ofbanks were drawn to provide adequate size andgeographic coverage.
Respondent banks that were members of theFederal Reserve System filled out the questionnairesas of June* 20, 1947. Data for insured commercialbanks that were not members of the Federal ReserveSystem were obtained by the bank examiners of theFederal Deposit Insurance Corporation in the courseof bank examinations conducted during the periodJune 2 to July 18, 1947. A total of 1,211 banksand branches participated in the survey of farmproduction loans. In the survey of farm real estateloans the number of participants was 1,200.
For the farm production loan survey, each bankwas asked to report on one of every five of its loansof this type, selected in a random manner. Sincethe number of farm real estate loans was muchsmaller than the number of production loans, re-ports were obtained on every real estate loan heldby the participating banks.
Two steps were involved in deriving over-allestimates of farm production loans from thesample data. First, the one-in-five sample of loansheld by the participating banks was expanded torepresent all of the farm production loans at thesebanks. Second, the resulting estimates for all loansat the participating banks were expanded to coverall loans at all insured commercial banks in eachsize group in each Federal Reserve district. Thiswas done for each group on the basis of the relation-ship between the amount of farm production loansoutstanding at the sample banks and the amountoutstanding at all insured commercial banks as re-ported to the Federal bank supervisory agencies.For the farm real estate loan survey all of the loansof the participating banks were included so thatonly the second step in the estimating procedurewas necessary.
1225
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£ REPORTING FORMS AND INSTRUCTIONS FOR THE SURVEY OF COMMERCIAL BANK LOANS TO FARMERS OUTSTANDING ON JUNE 20, 1947
Sheet_
DETACHCONFIDENTIAL
TOTAL "OTHER LOANS TO FARMERS"
Outstanding June 20 . $_(See schedule A, item 3 of the Call Report Instructions)
WORKSHEET
LOANS TO FARMERS(OTHER THAN CCC LOANS OR LOANS SECURED BY FARM LAND)
OUTSTANDING ON JUNE 20, 1947
NOTE:—Piease see sampling instructionsbefore filling out this worksheet.
Form R ft S 1433p o r B "^Proved Budget Bureau No. 55-4702i S p i r e a September 30, 1047)
NOT
USE
Field
Coiuim
Description
Code
Al
Dist.
B2-3
'State
cU-6
County
D7-10
Bank
En
Group
F
12
Class
G13
Pop.
NAME OF BORROWER
1SIZE OF
NOTE
AMOUNTOUT-
STAND INGJUNE 20
(DOLLARS)
2DATE
MADE OR
LAST
RENEWED
IFRENEWED
(MONTH,
DAY,
YEAR)
OATE DUE
(MONTH,
DAY,
YEAR)
( I F DEMAND
WRITE IN
"DEMAND ")
PLEASE
LEAVE
BLANK
METHOD OF R E -
PAYMENT
(CHECK ONE)
ONE
P A Y -
MENT
REGU-
LAR
S T A L -
MENTS
IRREG-
ULAR
STAL-
MENTS
INTEREST CHARGED
ANNUAL
RATE IN
PERCENT
M (32
ANNUAL
RATE IN
PERCENT
DOLLAR
AMOUNT
OF D I S -
COUNT
CHARGED
( 3 5 )
MAJOR SECURITY
(ENTER CODE IN COLUMN)
Codel-*aot secured; not endorsed2—not secured; endorsed3—G. I. guarantee4—1:5—crops in storage
8—combination of crops,livestock, or machinery
9--otber security
MAJOR PURPOSE
(ENTER CODE
IN COLUMN)
1—pay productionor liTing costs
2—buy or improveland or bldgs.
4—repay debts5—not knows
8ACRES
(TOTALACREAGE'OWNED &RENTED)
TYPE OF FARM
(SEE INSTRUC-TIONS)
PLEASELEAVEBLANK
R(43-44)
TENURE OF BORROWER
Code_1—owner, no mortgage2—owner, mortgageS—owner, no mortgage,
rents additional land
—tenant or cropper
1 1
NET WORTH
OF
BORROWER
(ENTER CODE)
Code1—under $2000.2—$2000-59999
-$10, 000-524,999
-$26,000-$99, 999
-$100,000 and
over
4/1/47 1/1/48 15.75 220 Dairy
PART II - GENERAL QUESTIONNAIRE
1. Show the usual rate of interest for loans of this type charged by your banks in theyears shown:
Year
Rate
1930 1940 1947
2. List all charges other than interest or notary fees, if any, that a borrower may be askedto pay to obtain a loan of this type. Include chattel mortgage fees, inspection fees, etc.Show the amount of charge and indicate whether it is a flat charge or whether it dependson the size of the loan.
Type of charge Amount and basis of charge
3. Does your bank have a minimum interest charge?
If yes, what is the amount of such charge?
Ye
INSTRUCTIONSPlease follow carefully the enclosed sampling instructions. Report on every fifth note of the
type "other loans to farmers." 1 If several notes are outstanding to a single borrower, treat eachnote separately in counting through your notes to select every fifth note for your sample. Do notinclude CCC guaranteed loans or loans secured principally by farm real estate.
Column 3. If an instalment note, give date last instalment is due.Column 5. If charge is on an interest basis, show the annual rate in percent in the column
indicated. If note was discounted, insert the annual discount rate in percent and show the dollaramount of discount charged.
Column 9. Type of farm refers to the principal source (one-half or more) of cash income tothe farmer. If no single source provides one-half or more of the income, write in "generalfarm." Examples are:
wheat (or other grains)cottontobaccodairypart-time (major income
from labor off farm)
poultryhogs (or other livestock)truck cropsfruit
Example. Smith secured a loan of $300 on April 1, 1947 at an annual discount rate of 7 per-cent which amounted to a discount charge of $15.75. The loan was to buy a bull, and a chattelmortgage on the bull was taken as security. The loan is payable on January 1, 1948. Smithowns 160 acres, rents an additional 60, and most of his income is from the sale of milk. Hehas a mortgage of $5,000 on his farm and his net worth is about $12,000.
The blank columns and the letters and numbers under each heading are for our use in codingthe information for machine tabulation.
1 "Other loans to farmers," as defined in the Call Report, include all loans made to farm or ranch owners and operators, including tenants, except loans secured by real estate, borrowings for commercialand industrial purposes (when a farmer is operating a business enterprise as well as a farm) and loans directly guaranteed by the Commodity Credit Corporation. "Other loans to farmers" include loanssecured by a commodity with respect to which the CCC has announced a purchase or price-support program but which are not directly guaranteed; loans and advances made for agricultural production; loansand advances (except real estate loans) made for all other purposes associated with the maintenance or operation of the farm as a business or a home; notes of farmers which the bank has discounted for orpurchased from merchants and dealers; and automobile instalment loans and other consumer instalment loans to farmers.
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oO
DETACHCONFIDENTIAL
NOTE:--Report on each loansecured by farm real estate.
WORKSHEETREAL ESTATE LOANS SECURED BY FARM LAND
OUTSTANDING JUNE 20, 1947
Form R 1 S 1432iroved Budget Bureau No. 55-4701• ires September 30, 1947)
Field
Coiuim
Description
Code
A
1
Dist.
DO NOT
B
2-3
State
cU-6
County
USE
D
7-10
Bank
E
nGroup
F
12
Class
G
13
Pop.
NAME OF BORROWER
OR IGINALAMOUNT OFNOTE UNDERPRESENTMORTGAGE
(DOLLARS)
H (14-19)
DATE MADEOF ORIGINALNOTE UNDERPRESENTMORTGAGE
(MONTH, DAY,YEAR )
I (20-24)
APPRAISEDVALUE OF
REAL ESTATEAT DATE OFPRESENTMORTGAGE
J,(25-30)
NUMBER OFACRES TOWH I CH
MORTGAGEAPPLIES
K (31-35)
TYPE OF LIEN
(CHECK ONE)
L (36) L (36)
MAJOR PURPOSE(ENTER CODE IN
COLUMN)
Code1—to buy land
mortgaged2~~to boy other
land3~to build or
repair bldgs.4—other5—not known
M (37)
1DATE OFLAST RE-NEWAL, IFRENEWED
(MONTH,DAY, YEAR)
8DATE DUE(IF DEMAND
WR ITE"DEMAND")
(MONTH,DAY, YEAR)
O (43-47)
PLEASELEAVEBLANK
P (48)
AMOUNT OFNOTE OUT-STANDINGJUNE 20
(DOLLARS)
G (49-54)
10INTERESTCHARGED
(PRESENTANNUALRATE INPER CENT)
R (55-57)
11METHOD OFREPAYMENT
{CHECK ONE)
ONEPAY-MENT
S (58)
IN-STAL-MENTS
S (58)
12TYPE OF FARM
(SEE INSTRUC-TIONS)
PLEASELEAVEBLANK
T(59-60)
Hansen A, 000 5/1/45 10,000 80 5/1/48 4,000 Dairy
PART II - GENERAL QUESTIONNAIRE
1. Show the usual rate of interest for loans of this type charged by your bank in the yearsindicated.
Year
Rate
1930 1940 1947
2. Please list below all charges other than interest, if any, that a borrower may be asked topay to obtain a loan of this type at your bank. Show the amount of charge and indicatewhether it is a flat charge or whether it depends on the size of the loan. (Include dp-praisal fees, title search fees, mortgage recording fees, etc.)
Type of charge Amount and basis of charge3. In 1946 how many farm mortgages did your bank Number
(a) buy from individuals or other lenders? ~~...—~~
(b) make under agreement to resell to insurance com-panies or other financial institutions at somefuture date? ~ .....
(c) sell to individuals or other lenders? ~~.~~~^~.
4. On farm real estate, what percent of the current selling price doesyour bank now lend?
In 1940 what percent of the selling price of that period did yourbank lend ?
Amount
INSTRUCTIONS
Report on each loan secured by farm real estate.1
Column 3. If no appraisal was made, enter the estimated value.
Column 8. If an instalment loan, give date last instalment is due.
Column 12. Type of farm refers to the principal source (one-half or more) of cash incometo the farmer. If no single source provides one-half or more of the income, write in "generalfarm." Examples are:
wheat (or other grains)cottontobaccodairypart-time (major income
from labor off farm)
poultryhogs (or other livestock)truck cropsfruit
Example. On May 1, 1945 Hansen secured a loan for $4,000 to purchase 80 acres of land,appraised at $10,000. The loan is not amortized, is due May 1, 1948, and is secured by a firstmortgage. The interest rate is 6 percent. Hansen has paid nothing on the loan. Most of theincome from the farm is from the sale of milk.
The blank columns and the letters and numbers at the bottom of each heading are for ouruse in coding the information for machine tabulation.
1 Loans secured by farm land include all loans principally secured by mortgages, deeds of trust,land contracts, or other liens on farm land. Farm land is denned as any land suitable for agri-cultural uses and the improvements on such land.
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The Seventeenth Annual Report of the Ban\ forInternational Settlements, covering the year endingMarch 31, 1947, was submitted to the annualgeneral meeting at Basle on June 16, 1947, bythe General Manager, M. Roger Auboin. Selectionsfrom the Report, with a minimum of textualchanges, are given herewith.
The Bank's financial year 1946-47 has seen someimportant innovations in the institutional frame-work of the world's monetary system, for it was inthat period that the International Monetary Fundand the International Bank for Reconstruction andDevelopment reached the stage at which operationscould begin.
Both the International Monetary Fund and theInternational Bank for Reconstruction and Develop-ment have, as part of their activities, establishedcontact with the United Nations and various otherinstitutions.
TRANSITION FROM WAR TO PEACE ECONOMY
The two years which have passed since hostilitiesin Europe came to an end have been years of transi-tion from war to peace economy. The main taskhas thus been to overcome with the greatest possiblespeed two wellnigh unavoidable difficulties whichbeset the war economy:
(i) Wartime budget deficits became so large thatthey could be met only by resort to inflationaryfinancing.
(ii) Exceptional shortages in ordinary consumers'goods and the consequent reductions in the standardof living were due to the fact that up to one-half ofthe productive power in certain countries had beendevoted to the prosecution of the war.
The progress of reconversion since the summerof 1945 has varied greatly from country to country,the degree of success being dependent upon, interalia, the extent of actual destruction suffered duringthe war and of the exhaustion of stocks, the size ofmonetary reserves and the amounts of foreign credit
NOTE.—The selected passages republished herewith representabout one-fifth of the text of the report and include portionsof every chapter except that dealing with current activities ofthe Bank. Selections from the Bank's First Annual Reportwere published in the Federal Reserve BULLETIN for July 1931and the series was continued through the Twelfth Report—seeBULLETIN for January 1943, pp. 15-41. A reprint of the Intro-duction and Conclusion of the Thirteenth Report was issued inpamphlet form by the Board of Governors in November 1944.Portions of the Fourteenth Report were published in the FederalReserve BULLETIN, September 1945, pp. 874-901.
obtained, as well as the ability shown by govern-ments in tackling the problems of administration.But the principles which emerge from the ex-perience gained are, with slight modifications, ap-plicable to all countries.
A return to orderly budgeting is clearly of para-mount importance as a safeguard against inflation.It is conceivable that, immediately after hostilitieshad ceased, a country was still justified in excep-tional outlay on such vital needs as the restorationof communications and the provision of minimumworking capital for industrial and commercialenterprises, even if that involved some further infla-tion. But there soon came a point when the dis-advantages of continued or spasmodic rises in prices,with the monetary uncertainty thus engendered, faroutweighed other considerations, since nothingenduring can be built on the quicksands of con-stantly changing monetary values.
Apart from inflationary dangers resulting fromlarge budget deficits, there is another importantconsideration, namely, that such deficits take tollof current domestic savings and the proceeds offoreign credits also, and thus eat into the resourcesavailable for productive investments. It oftenhappens that attention is paid too exclusively to thepurely financial aspect of balancing the budget,although the physical apportionment of actualproductive power is of equal consequence. For thisvery reason importance attaches to the level atwhich equilibrium is obtained. A hypertrophiedadministration not only makes it difficult to fill thegap between expenditure and revenue but retainsmen and worsen of different grades whose labouris urgently needed in industry, agriculture and com-merce. Losses suffered in this way are clearlyperceived in societies of a collectivistic type with akeen predilection for large-scale industrial invest-ments; but at the present juncture such losses cannotescape notice anywhere since they stand out con-spicuously against the background of the acutelabour shortage prevailing in the world. It is in-teresting to note that in France the Monnet Plan(published in December 1946) was worked out inclose contact with representatives of various associa-tions including trade unions, all being in agreementthat the practical execution of the plan was condi-tional upon a radical reform of public finances, in-cluding the establishment of budget equilibriumby a compression of expenditure. A similar line hasbeen adopted in the two-year plan for Czecho-
1228 FEDERAL RESERVE BULLETIN
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Slovakia. If a feeling of security came to prevail inthe international sphere, permitting substantialreductions in military expenditure, an enormousadvance would have been made towards monetaryreconstruction and an improvement in the generalstandard of living. There is, in more ways thanone, a connection between a real and secure peace,orderly financing and social well-being.
During the war, subsidies, designed mainly tohold down the cost of living, became an importantitem on the expenditure side of many nationalbudgets. By a combination of price control andsubsidies it was possible to moderate the increasein wages and the consequent rise in the general levelof prices; and, for governments which had largeborrowing programmes, this was an important con-sideration from a financial point of view also, sincelower costs meant smaller additions to the dead-weight debt. With the return to peace, the grantingof subsidies is generally being felt as a hindranceto the establishment of budget equilibrium and alsoas a factor militating against the realisation of anatural balance between costs and prices. True,it is sometimes argued that the payment of subsidiesmerely constitutes a transfer from one income groupto another, without absorbing actual resources, andthat, for this reason, such expenditure should notbe regarded as a real encroachment on productivepower, limiting the volume of investments. Butthis is surely too shallow a view: so long as govern-ments have to borrow for current purposes, and thusto meet the subsidies, there is very likely to be anet reduction in the savings available for productivepurposes (since the holding-down of the cost ofliving certainly does not give rise to a correspondingamount of fresh savings). If, moreover, the sub-sidies can be financed only through the issue of newpaper money, the resulting inflationary increase insuch prices as are not fully controlled may soonnullify all the advantages for the consumer. It willprove positively harmful to try to keep the cost ofliving down by subsidising, if in that way newpurchasing power is released to the public andaffects prices in general.
Even when the budget is balanced, there is theconsideration that the maintenance of artificiallylow prices benefits not only those who really needthe aid involved but also those who could do with-out it; moreover, the subsidies necessitate the main-tenance of a higher level of taxation than wouldotherwise have been required—which may be aserious matter when taxation, already high, actsas a discouragement to new initiative and exertions.
The nationalisations which have taken place inmany countries since the war cannot as yet bejudged by results, partly because complete data
regarding the operation of the national enterprisesare still lacking for the most part. But it is knownthat in many cases operating losses are beingsustained which have to be covered by grants fromthe public treasuries. When that is the case thenationalised enterprises not only do not contributetheir fair share to the current upkeep of publicservices but actually appropriate a part of thenation's savings to cover current costs, and thusslow down progress all round.
Fortunately it can be said that in many countriesthe true connection between allocations in thefinancial accounts and the disposal, for differentpurposes, of the nation's real resources is becomingmore and more understood, thanks partly to thepublication of special studies, often in connectionwith the annual budget.
In the second world war a much greater propor-tion of government expenditure was covered bytaxation than had been the case in the previousconflict; even in the financial year 1944-45, i.e. atthe height of the war, fully 50 per cent of the BritishGovernment's expenditure was met by currentrevenue, with 46 per cent as the correspondingfigure for the United States and over 45 per centfor Germany. In other countries, too, efforts weremade to increase the yield of taxation. Withgovernment revenue at a high level, it seemed likelythat postwar budgets would fairly easily be broughtinto balance once the swollen war expenditure couldbe discontinued. Another condition was, of course,that no great fall occurred in national incomethrough large-scale unemployment—an eventualityagainst which more or less effective safeguards hadbeen devised by the various governments.
As events have turned out, the flow of moneyincomes has in general been well maintained, to-gether with a steady resumption of peacetimeproduction. But, even so, budgetary equilibriumhas not easily been restored; the main reasons forthe delay and disappointments in this particularfield are those already mentioned above; con-tinuance of high military expenditure, official estab-lishments larger than ever before, subsidies some-times even higher than during the war and oftenappreciable deficits in nationalised enterprises; butto these reasons should be added: heavy appropria-tions for demobilisation and discharge gratuities andthe increasing cost of pensions, as well as new itemsof social expenditure, real progress in the social fieldbeing a result of official schemes only in so far asthey really (together with a general increase inincomes) contribute to an all-round improvementin the standard of living. In the course of 1946only a limited number of countries were able toachieve a real equilibrium in their budgets. In
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some cases the situation was even worse than duringthe war itself. China, harassed by civil war,laboured under heavy government deficits resultingin extreme inflation; and deficit financing alsobrought down the currencies of Greece andHungary.
When a Treasury sells foreign exchange to im-porters, it receives the equivalent in its own cur-rency and such funds can be used to meet budgetexpenditure (forming, in some budgets, an im-portant revenue item, which is known in Franceunder the special name ''benefice d'impex"). Evenwhen UNRRA was the importer and seller of thegoods, the proceeds of the sales were largely leftto accrue on suspense accounts with the central bankor the Treasury, and while this process went on thefunds thus accumulated made it easier to meetbudget deficits. Under agreements with UNRRAthe receiving countries have given an undertakingthat within a reasonable time they will spend onrelief and rehabilitation the equivalent of the netproceeds from the sale of UNRRA supplies. InItaly, for instance, the funds in question, the so-called "Fondo Lire," have risen to more than 70milliard Italian lire, arrangements being made forthe use of the funds over a period of three to fiveyears, largely for the building of houses. There is,in this way and in others, a connection between theresources used to bridge a gap in the balance ofpayments and the covering of deficits in the budgetaccounts.
It is always important to remember the differenceswhich exist in the methods of drawing up thebudgets of different countries, but these differencesare more marked than ever now that the problemof extraordinary expenditure created by the war(and the boundary between ordinary and extra-ordinary items is by no means easily established)has given rise to new complications. In a periodof reconstruction and nationalisation it is especiallyhard to lay down any clear rule for the distinctionbetween current and capital items. Care must, ofcourse, be taken lest accounting methods are usedto give the impression that all is well in the statefinances, when as a matter of fact borrowing iscontinuing on a large scale.
Many countries operate special investmentbudgets with more or less strict criteria as to whatkind of outlay may be regarded as "investment."It is usually a rule of modern employment policy,as laid down in official declarations by differentgovernments, that fluctuations in business activityshould be mitigated by government action, inspending more than its revenue during a depressionbut realising a surplus when there is a boom. Inapplication of these principles, the present boom in
some countries ought to be counteracted by budgetsurpluses and a strict curtailment of public invest-ments. It sometimes happens that one only dis-covers there has been a boom when the depressionhas already set in; but at this particular juncturethe signs of business activity are there for every-body to see. And the governments do not denythat present conditions call for budgeting with asurplus. In practice, however, it has been foundmost difficult for those concerned to live up to ideaswhich were strongly supported and acclaimed aslong as it was only a question of recourse to deficitspending, as was the case in the thirties of the inter-war period.
It would perhaps be unfair to expect the strictestobservance of budgetary principles in an emergencyperiod after a terrible and devastating war, when somuch has to be repaired. The degree of improve-ment in the field of public finance must not beunderrated: budget deficits are, as a rule, beingcompressed if not wholly eliminated. Nevertheless,in more than one country the government has foundthat the money and capital markets are less readyto absorb issues of bills and bonds for Treasurypurposes, the reason being an increase in privatedemand for funds as reconversion gets under wayand brings a higher volume of investment and aneed for more working capital. To meet the in-creased requirements without resort to inflation agreater volume of genuine savings is wanted, andthat this is the case is usually made quite clear inthe analysis of economic conditions and the planswhich have been prepared in so many countries.The consequence has been a more sober attitudetowards budgetary problems, in the realisation thatunsound financing postpones the day of full peace-time production.
The difficulties of bringing industrial productioninto full swing in postwar Europe have, except ina few countries, been aggravated by the state of thefood supply, which has afforded insufficient nourish-ment especially for those engaged on heavy work(miners being a typical example).
Changes in the volume of industrial productionare usually the result of factors other than thehazards of the weather; but the heavy snowfallsand prolonged cold in the winter of 1946-47 im-paired transport conditions in western Europe andbrought about a crisis which, through shortage ofcoal, affected industry in general.
The indexes show a general advance in output,with interruptions only in a few instances on ac-count of labour disputes, the postwar period havingbeen characterised in European countries by aremarkable freedom from prolonged strikes andlockouts.
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Monthly indexes, January-June 1939 = 100.
N.755 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948
0) Yearly averages.
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The available manpower may not always be aswell distributed as could be desired, and fatigue,under-nourishment and absenteeism, together withlack of materials and the use of old-fashioned ma-chinery, may keep the output per worker below thepotential level. But the beneficial results of muchpersistent effort are gradually becoming visible inone European country after another. For in onerespect the transition from war to peacetime con-ditions has actually been easier than was expected:full employment has been attained in countriespursuing widely different economic policies, andmay be attributed to forces stronger than thoseresulting from the action taken by any individualgovernment.
It is instructive to recall the numerous planswhich were drawn up during the war, to enable theauthorities "to provide work" when the expectedpostwar depression should set in, on the assumptionthat government war expenditure on such a hugescale could not suddenly disappear without causinga dangerous dropping-ofl in demand. It may al-ways be well "to hope for the best while preparingfor the worst," but the actual turn of events inthe first two postwar years shows how necessary itis not to become a prisoner of long-term plans butto allow sufficient elasticity for the adaptation ofpolicy to the ever changing and largely unpredict-able conditions of economic life.
There have, however, been two conspicuous ex-ceptions to the state of full employment:
(i) In many countries, and more particularly atcertain periods, lack of coal has kept back produc-tion and, to some extent, employment.
(ii) Defeated countries, and especially Germanyand Japan, have been subject to special conditionswhich have kept production and employment atan abnormally low level.
After nearly two years* experience of over-em-ployment in a number of countries, it is generallyfelt that this state of affairs brings with it con-siderable dangers and difficulties. Among otherthings, it obviously upsets the ordinary run oftechnical education: a young man will hesitate toundergo a long and perhaps dreary apprenticeshipwhen in an unskilled job he can immediately getalmost the same wage as that paid to a skilledworker with many years of training. The diminu-tion of the wage differential between skilled andunskilled occupations may indeed have lasting ef-fects since it leads to a general lowering of technicalstandards with, ultimately, serious consequencesfor the workers themselves. It is also possible that,when there is always another equally good job tobe had, the individual in any grade will be tempted
to become more careless in his work, and this isprobably one of the reasons for the increase inabsenteeism (another reason being the lack of in-centive to work and earn more in countries withhigh taxation and strict rationing). Over-employ-ment may further result in a distorted distributionof productive power: when every branch of industryis looking for more people to employ, workersnaturally seek employment in occupations whichthey find more agreeable—generally commerce andother service trades—the result being that otherless favoured branches, such as coal mining and thetextile industry, will find it more difficult to recruitsufficient numbers. It is, of course, an old ex-perience that a pronounced boom builds up a seriesof unbalanced positions, with consequences whichbecome apparent often in a most unpleasant waywhen the trend of business turns.
Finally, over-employment creates the conditionsfor a strong upward movement of money wagesand, whenever the wage increase is greater than thesimultaneous increase in productivity, the resultwill be a clearly inflationary rise in prices. Early in1947, investigations made by the Swiss Price Con-trol showed that about 90 per cent of all recent'price rises had been due to wage increases. It iswell to remember that a sudden rise in wages hasnot always the same effect: sometimes, because ofmonetary stringency or the general tendency of thecommodity markets, as influenced from abroad,commodity prices do not rise, and then the wageincrease will tend to make costs too high forproduction to continue on a remunerative basis;in such a case the workers may be said to havepriced themselves out of the market, with un-employment as a result. Something of the kindwould seem to have happened in connection withthe business setback of 1937 in the United States.But in the present situation, in which the volumeof the monetary circulation is so great and moneyhas remained so cheap, an increase in wage costshas, in some countries, simply led to a correspondingincrease in prices; nor would competition fromabroad seem to have held down prices when wagecosts have risen, demand having not yet been satis-fied; thus, for a time, few of the normal brakes ona sudden rise in prices were operating, the inflation-ary momentum having been too strong.
It is fair to say that in more than one countrytrade-union leaders and members of the governmenthave tried to exert a moderating influence whennew wage contracts have been under negotiation,for they have come to realise that wage rises whichsimply lead to price rises benefit nobody. But lifeis not so simple that, merely by holding down wagecosts, a solution to the problem of inflation can be
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found. There must be no inflationary gap betweenexpenditure and revenue in the budget, and asufficiency of essential supplies must be securedfrom domestic production and imports, sustained,if need be, by foreign credits. In other words, nopiecemeal solution will suffice but a comprehensivescheme must be devised, providing for a properbalance in the central and local budgets, the recon-stitution of adequate monetary reserves, and a soundrelationship in the cost and price structure bothinternally and in relation to other countries, withsufficient resources available for economic develop-ment. Gradually, it should become possible toreturn to a normally working price system, suf-ficiently well constituted from a monetary andeconomic point of view to guarantee that thereshall be no lack of purchasing power when the out-put of goods and services increases, and that thereshall be prompt adjustment whenever a seriousdislocation appears in the cost and price structureswithin the various economies or in their relationswith one another.
PRICE MOVEMENTS
During the war, when, on the one hand, com-modities were becoming scarcer and, on the otherhand, new money was constantly being issued tohelp to finance the government, it was necessaryto ensure a fair distribution of essentials by ration-ing—which meant that, in addition to the moneyrequired, the individual had to have the necessarycoupons for the goods he wanted. As the wartimeshortages are gradually overcome, it should be pos-sible to do away with the whole system of coupons,which not only adds a cumbersome and costly com-plication to everyday life but hampers the function-ing of the price system and thus contributes to acontinuance of artificial shortages. If the buyingpower of the public is increased (e. g. by a budgetdeficit or a sharp increase in money wages overand above the rise in output) but prices of com-modities already produced are strictly kept down,then a gap is certain to arise between the amountof money to be spent and the supplies of goods andservices available; and, as a result, prices will eitherrise, sometimes in a "hidden fashion," e. g. througha decline in quality, or there will be a rapid increasein imports, against which import restrictions stillin force may be intensified or restrictions alreadyabolished may be reimposed. Instead of sinkingdeeper into the quagmire of controls, the authoritiesshould rather seek to re-establish freedom for thepurchase and sale of goods, so that money can oncemore become a token of general purchasing power.This would bring back freedom of choice and at-tention to quality, and it would also furnish a
guide to the better direction of production. Anattempt to effect a redistribution of income byrationing would, under normal circumstances, bea crude and maybe even ineffective mode of action—ineffective because, by the purchase of non-rationed goods, those who have sufficient funds attheir disposal are able to obtain more in terms ofreal cost to society than if they had been entitledto acquire freely whatever goods and services theywanted. If any person or group of persons is con-sidered to have obtained income or wealth wrongly,the correction should be made by means less costlythan a denial of money's functions and a stultifica-tion of the whole price system.
The superabundance of purchasing power, whichhas been and still is typical of the postwar situationin most countries, is not a homogeneous phenome-non. In its simplest form it is caused by inflationaryissues for government purposes. But, even with abudget in equilibrium, an excess of purchasingpower may reflect the spending or investment of olddeposits and other liquid assets representing a"hangover" from the war financing. It may alsohappen that incomes suddenly rise (when, for in-stance, wages are raised) but prices are kept downby a control of goods already produced, the resultbeing a disparity between spending and availablesupplies, as stated above. Moreover, easy moneyconditions, sustained by purchases of securities bythe central bank, may provide an abundance ofcredit in the market, with consequences which itis difficult to foresee in every respect. When asurplus of spending appears, it is necessary toanalyse each particular situation correctly in orderto find out what the proper remedies are; in anycase it would be well to get rid of the idea that theproblems can simply be solved by more "control."
After a major world war, three critical businessadjustments constitute successive threats:
(i) The first occurs when war expenditure issuddenly cut and the question arises whether theslack is going to be taken up by an expansion ofother outlay (in the form of current spending andinvestment) so as to prevent a disastrous price falland widespread unemployment. As we alreadyknow, this first hurdle has been taken with lessdifficulty than had been generally expected.
(ii) The second critical period sets in when war-time shortages disappear, when inventories havebeen replenished and when consumers have satisfiedthe demand postponed during the war. The pres-sure will not be felt simultaneously in all countries.In the United States the time for this particularadjustment would seem to be ripe in the course of1947. Considering that during the second world
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war exceptional shortages were never allowed tolift prices and wages as much as had been the caseduring the first world war, the subsequent pricesetback may this time be less violent. In any case,there are plenty of opportunities for investment (inhousing, etc.) and, when such opportunities exist,the necessary adjustments will usually be madewithout any prolonged depression.
(iii) At a later date a moment will probablycome when, after years of steady investment, therate of return on capital is likely to be affected, andit is not out of the question that such a situation, ifnot properly dealt with, will cause a glut on themarkets which, together with an apparent lack ofinvestment possibilities, will create serious difficul-ties. Still, it should be remembered that after thefirst world war difficulties of this kind did not setin before 1929-30, i.e. more than ten years after thearmistice. Probably in this case too we can countupon a few years' grace; but we must not repeatthe mistakes which made the price fall in the earlythirties so violent and disastrous.
In general, of course, it is well to remember thataction by the authorities (or their omission of properaction) is a more important factor nowadays forthe simple reason, if for no other, that the publicsector has grown in size. To take an example:should there be an abrupt cessation of financing indollars, the foreign demand on the Americanmarket might shrink rapidly, and that at a timewhen price support might be badly needed. This isnot the least of the considerations making it highlydesirable that sufficient facilities in the form ofloans and credits should be provided, so that alacuna in the institutional sphere may not, evenindirectly, cause an embarrassing decline in worldmarket prices.
POSTWAR FOREIGN TRADE
In the course of 1946 most countries resumedthe regular issue of their trade statistics but, owingto continued non-publication in some cases and todifficulties of interpreting some of the publisheddata, it has not been possible to give comprehensivefigures of world trade comparable with those com-piled before the war. Accordingly, the best methodhas been to give the dollar value of foreign tradefor a certain number of countries for which thenecessary statistics have become available.
The 33 countries whose foreign trade statisticsare available for 1945 and 1946 were responsible in1938 for nearly 60 per cent of the total foreign tradeof the world. In judging the significance of thefigures for the different years, account must, ofcourse, be taken of the violent price changes which
have occurred since 1929—the sharp fall in pricesfrom 1930 onwards, which, in spite of a partialrecovery, left, for instance, U. S. dollar prices in1938 some 30 per cent below the 1929 level; thenthe rise in prices during the war itself and, afterhostilities had ceased, the increase by some 20-30per cent on the U. S. market between the summerof 1945 and the end of 1946. Nor must the pricechanges be forgotten in interpreting the trendshown in the following graph, which records themonthly trade of 20 countries (responsible for about50 per cent of world trade in 1938).
For comparison with prewar conditions, it isnecessary to try to strike an average for the prob-able rise in prices between 1938 and, say, the latterhalf of 1946; and, in that connection, it must beremembered that the trade figures as given in thenational statistics have been converted into dollarsat the official rates, while in many countries therise in the domestic price level has been more pro-nounced than in the United States. Moreover, thevalue of imports has been swollen by the heavycost of transport, particularly by sea. If the levelin 1938 is put at 100, the price index figure for thelatter half of 1946 would probably be somewherebetween 200 and 250. If, for the sake of simplifica-tion, calculations are made on the basis of an indexfigure of 225, the 1938 value of foreign trade forthe 33 countries at the rate of progress attained inthe second half of 1946 would be 23.5 milliarddollars, as compared with 26.2 milliard in 1938, adecline in volume by about 10 per cent. For theworld as a whole, however, the percentage of de-cline would be greater, since the remaining coun-tries include Germany and Japan, whose exporttrade virtually ceased immediately after the warand, by the latter half of 1946, had regained onlya fraction (about 10 per cent) of the prewar volume(with higher figures for the import trade if thisis taken to include what the occupying powershave brought in for their own military and ad-ministrative establishment and for the sustenanceof the German and the Japanese population).
Even apart from the temporary disappearanceof Germany and Japan from international com-mercial intercourse, certain great shifts have oc-curred in the distribution of trade, the most strik-ing feature being the increased importance of theforeign trade of the United States.
Before the war Great Britain accounted for one-seventh of the world's foreign trade, the UnitedStates and Germany sharing the second place, eachwith about one-tenth of the total. But, in 1946,the United States ranked indisputably first, witha turnover nearly twice as large as that of GreatBritain. The old characteristics of the trade of
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Volume of World Trade.Monthly, in millions of dollars.
sooo
*000
3000
2000
1000
1 9 3 7 938 1 9 3 9
sooo
4000
3000
2000
1000
1 9 4 5 1 9 1 6 1 9 <*7
the two countries still prevail: Great Britain in 1946had, as previously, an import surplus (through thedecade from 1929 to 1938 the relation betweenBritish imports and exports was 3 : 2 ) , while theUnited States balance of trade showed an exportsurplus, as it had done without a single exceptionsince the year 1893. Whereas before the secondworld war the merchandise export surplus waslargely offset by an adverse balance of services(invisible trade), the United States in 1946 had toits credit a surplus in respect of both merchandiseand services. Owing to large lend-lease shipments,the United States had had in 1945, as in the previ-ous two years, an import surplus on commercialaccount, paid for largely by gold; but in 1946 thetraditional export surplus on merchandise accountreappeared.
In the period from 1925-38 Germany, Great Brit-ain and the United States were the main trade part-ners of the U.S.S.R., providing 40-60 per cent ofimports and absorbing roughly half of all Russianexports.
The decrease in the trade relations with Germanylargely reflected changes in political orientation. In1937 the United States for the first time ranked
top among the supplier countries, delivering, inparticular, machinery, metals and petroleum prod-ucts, while Great Britain was the main purchaserof Russian goods.
For recent years the trade of the U.S.S.R. canonly be known indirectly through the statistics ofpartner countries and the tenor of trade agreementsconcluded. While before the war the share of theU.S.S.R. in trade with the Danubian and Balkancountries was often only a fraction of 1 per cent,the position attained in 1946 by the U.S.S.R. inthe imports and exports of Poland, Bulgaria andHungary (for which the necessary statistics andparticulars are available) was much larger thanany share ever taken by Germany. During thewar the shipments of goods by Great Britain andthe United States to the Russian Army increasedgreatly under the lend-lease arrangements, whileordinary trade was still on a small scale, exceptfor an increase in the exports from the U.S.S.R. tothe United States.
The composition of exports from the U.S.S.R. tothe United States underwent a spectacular increasein undressed furs, which accounted for as much as72 per cent of the total in the first half of 1946;
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other important items were manufactured manga-nese, ores and textile fibre. Hides occupied firstplace in Russian exports to Great Britain, while thevalue of timber imports dropped to one-tenth ofits 1938 importance and petroleum to one-thirtieth.In British exports to the U.S.S.R. the first placehas been taken by machinery, including electricpower stations ordered during the war, while thegreat Russian demand for machine tools could notbe fully satisfied.
FOREIGN TRADE OF GREAT BRITAIN AND THE UNITED STATES
WITH THE U.S.S.R.
Year
193819421943194419451946
Great Britain (Inmillions of pounds)
Importsfrom
U.S.S.R.
19.53 . 21.82 . 13 . 84 . 9
Exportst o
U.S.S.R.
6 . 59 . 89 . 5
23.916.3
9 . 1
United States(In millions of dollars)
Importsfrom
U.S.S.R.
2425305054
100
Exports to U.S.S.R
Cash
706429303854
Lend-lease
_
1,3612,9663,4431,783
152
UNRRAand
privaterelief
17152
Total
701,4252,9953,4731,838
358
While the war was still going on, the U.S.S.R.concluded certain commercial agreements withother countries, in particular Finland and Bulgaria;and since the war it has concluded about 15 tradeagreements, mostly with European countries, rang-ing from the very comprehensive agreement withHungary to the negotiation of a single transactionlike the delivery of 400,000 tons of wheat to Francein the second quarter of 1946. One of the mostimportant agreements is that with Sweden, in-volving the grant of a Swedish credit of 1,000million kronor over a period of five years, to beused in addition to a yearly trade turnover of 200million between the two countries. In chronologi-cal order, the U.S.S.R. concluded agreements withFinland, Bulgaria, Yugoslavia, Roumania, Poland,Hungary, France, Czechoslovakia, Italy, Iceland,the Argentine, Uruguay, Great Britain, Sweden,Ireland, and Norway. Some of these agreementsfixed the trade turnover, all of them determiningin advance the commodities to be exchanged. Ac-cording to the lists, the U.S.S.R. is a potential sellerof cereals, salt, sugar, timber, textile raw materials,and manufactured iron and steel, as well as of armsand munitions to Poland and machinery to Yugo-slavia. In view of the economic structure of itstrade partners, the U.S.S.R. is mainly importingraw materials; but machinery is being obtained, in
particular from Czechoslovakia, and manufacturedgoods, for instance, from Hungary.
Notwithstanding the great variety of conditionswhich have characterised the foreign trade of thepostwar years, it appears possible to make a fewgeneral observations:
(1) As shown by the graph on page 1235, therehas been a remarkable improvement in the volumeof international trade since the autumn of 1945,the impression given by the trade statistics beingconfirmed by the fact that all newly-built ships arefinding sufficient cargo to keep them fully employed.
(2) A greater proportion than usual of the im-ports of European countries (especially those ofGreat Britain, France, Italy, Greece and, in its ownpeculiar way, Germany) consists of foodstuffs, re-flecting a deficiency in the domestic food productionof these countries.
(3) The relatively small volume of postwar tradewithin the continent of Europe, as well as certainmarked changes in the direction of Europe's for-eign trade, is intimately connected with the virtualdisappearance of Germany from the internationalexchange of goods and services.
(4) For a number of countries the decline intrade with Germany has been compensated to agreat extent by an increase in trade with the UnitedStates.
(5) Intra-European trade has been largely con-ducted within a framework of payments agree-ments which are bilateral in form but an appreci-able degree of multilateralism has persisted in thetrade structure of those countries which are free toarrange their foreign commercial relations.
(6) As trade recovers, the volume of importsand exports and the conditions governing them willbear an increasingly close relation to the expansionor contraction of purchasing power in each indi-vidual country, as well as to the prices prevailingthere. Countries which have to combat inflationarytendencies at home realise the help they can derivefrom a substantial volume of imports. An interest-ing case is that of Ireland, where import dutieshave been suspended for a large number of articles(including such important items as boots, shoes,personal clothing, coffee, wood, etc.). Irish pro-tective duties were often high indeed, correspond-ing to 30 and 40 per cent or more of the importprice, and the suspension may therefore prove quiteeffective.
If the efforts at present centred in the work ofthe International Trade Organisation are to be suc-cessful, /.<?. if the world is to adopt a system offreer trade, it is important that the connection be-tween the conditions of internal financing and the
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establishment of an external balance should be fullyrealised. The interdependence goes deeper than amere need to arrange foreign loans and credits forthe purpose of meeting temporary or more funda-mental deficits in the balance of payments.
Insistence upon these aspects does not imply neg-lect of others. It is, of course, an essential condi-tion for a smooth working of the monetary systemthat trade barriers should be lowered. The govern-ments hesitate to agree to reductions in tariffs, etc.,without obtaining certain "escape clauses." It maybe that, so long as present ideas of sovereignty per-sist, very little progress can be made without accept-ing a certain number of such clauses. If advantageis ever taken of the "escape" that the clauses inquestion would permit, it is likely to be in timesof depression, since it was in the depressions of1920-21 and 1930-33 that the United States in-creased its tariffs and several other countries, inone way or another, followed the example thus set.When business is good, the demand for highertariffs is slight and can, as a rule, easily be with-stood. One of the main safeguards would there-fore seem to be that any possibility of precipitateaction should be excluded: this would mean that,particularly in a depression, the countries wouldhave to consult one another; they would then realisethat, as was the case in the thirties, measures whichhit world trade were really to the advantage of noneand certainly delayed the day of recovery.
But tariffs are not the only hindrance to trade:there are all the quantitative restrictions, whichoften constitute a more formidable obstacle to free-dom than a protective duty. The question ofadministering quantitative restrictions raises thethorny problem of non-discrimination in a formwhich does not lend itself to an easy solution; and,in many instances, the situation is made more dif-ficult by the fact that an individual country may nothave sufficient supplies of every foreign currencyand may therefore be unable to allocate foreignexchange equally in all directions. If all the maincurrencies were truly interchangeable (as was thecase before 1914 and, in a large measure, in theperiod 1926-30), the problems arising would be lessintractable, this being another example of the con-nection between monetary and commercial develop-ments. It is apparently becoming more and morean accepted fact that no hard and fast solutions canas yet be found for these problems. As in the fieldof preferential treatment, the more immediate ob-jective must be to secure a certain give and take,including the maximum of fairness in the practicalapplication of the various restrictive methods (inso far as these remain necessary), with the pos-sibility of periodical revisions in view of altered cir-
cumstances. The goal being to arrive at multi-lateral trade and accordingly to eliminate quanti-tative restrictions at the earliest possible moment.The first result might be a series of compromises,for which prolonged negotiations would be thenecessary preliminary. The most hopeful aspect ofthe great work carried on in the I.T.O. conferencesin Geneva would seem to be that commercial ques-tions are now receiving much more profound atten-tion than was given to them after the first worldwar, when countries retained unrestricted powersto limit the freedom of commercial intercourse.
FOREIGN EXCHANGE RATES
In the field of foreign exchange the keynote of thepolicy pursued since hostilities ceased has been themaintenance of a high degree of stability in theofficial quotations—a policy contrasting sharply withthat pursued after the first world war. In orderthat the official situation may be seen at a glance,the following table has been prepared, showing thealterations which have occurred in the official ex-change values between August 1939 and March1947 and also between December 1945 and March1947.
The control of foreign exchange transactionsallowed under the Articles of Agreement of the In-ternational Monetary Fund is really intended toprevent large-scale capital movements from up-setting the equilibrium of the balance of paymentsand thus endangering the maintenance of exchangestability. But, even assuming that it will provepossible thus to exclude undesirable capital move-ments, there is still the need of establishing a properbalance on current account. In judging what wouldbe the true rate of exchange of a currency, use mustbe made of several indexes—not only of the com-modity price index but also of indexes showingchanges in cost of living, wage rates, note circulationand even the total of the national income—not for-getting the attention which may have to be paid tostructural changes. The calculation of purchasing-power parities on the basis of wholesale prices is,however, the simplest method of approaching theproblem and, if the necessary reservations are bornein mind, such a calculation may form a useful start-ing point.
It should be mentioned that, whatever the char-acter of unofficial market quotations, such quota-tions are apt to be regarded by many as more realthan other quotations, especially since the public, in-ured to wartime propaganda, is no longer disposed tobelieve official statements unhesitatingly, or it holdsthe opinion that, in some cases at least, the officialrates are dangerously out of touch with reality. Inmany respects, the situation is different from that
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OFFICIAL ALTERATIONS IN EXCHANGE RATES 1939-47
CountriesNational
currency units
U. S. Dollar rates
August 24,1939
End of
December1945
March1947
Percentage change
August 24,1939 to
March 1947
December1
1945 toMarch 1947
AustriaBelgiumBulgariaCzechoslovakia. .DenmarkFinlandFranceGermany .GreeceHolland
Hungary..ItalyNorway...Poland....Portugal. .RoumaniaSpainSwedenSwitzerlandTurkey
United Kingdom.YugoslaviaCanadaArgentina8
BrazilsIran
Schillings..B.fcsLeva....KcsD.Kr...FM... .Fr.fcs. .RM. .DrFl
P\/FrtLit. [Italian lire].N.KrZlEsc . . .LeiPesS.Kr.. .Sw. fcs..£T. . v .
£stgDinars. .Can. $ . . .Pesos. . .CruzRials....
1 5.3429.5883.9029.2354.795
48.6037.7552.493
117.601.86
5.2019.004.275.32523.36143.599.054.154.4351 .267
44.05100.474.32519.9317.41
10.0043.83286.5050.004.81
136.00119.1010.00
500.002.65
104,000.00100.004.96
e 101.0024.815
4 3,635.0010.954.204.30
51.305
4/ l l^d650.00110.25
4.067519.5032.50
10.0043.83
286.5050.004.81
136.00119.1010.00
5,000.002.65
2 11.745 225.00
4.96101.0024.89
25,195.0010.95< 3.60
4.302.81
4/11 hid50.00
' 100.254.10
18.72M. 50
-47-33-71-42- 0.3-64-68-75-98-30
-56-92-14-95- 6-99.99-17+ 15+ 3-55
-14-12+ 0.2+ 5+ 6-46
00000000
-900
- 0.1- '0.3-98
0+17
0- 54
00
+10- 1+ 4
0
found after the first world war, when exchangerates were, as a rule, allowed to fluctuate in re-sponse to the supply and demand on the markets.Such fluctuations had their disadvantages, especiallywhen they were brought about by panic capitalmovements, for they influenced the domestic pricelevel, in some cases in an inflationary, in others ina deflationary direction. But it cannot be deniedthat the more flexible system then applied also hadIts advantages. It seldom happened that the fluctu-ations led to rates which proved a serious obstacleto the carrying-on of ordinary import and exportbusiness. The danger now is that certain rates,being kept stable in a rigid manner, may perpetuatea disequilibrium in the relative cost and price levelsof the different countries, and that the disparitiesmay become so marked that exports from a countrywhose currency is artificially overvalued will shrinkin volume, while goods are attracted from abroadand payments for huge import surpluses lead toheavy drafts on the monetary reserves, howevermuch these are supplemented by foreign loans andcredits.
While the domestic situation of a country remainsin flux, as a result, say, of continued budget deficits,it is often considered undesirable to proceed to an
alteration of the foreign exchange rates since, inthe circumstances, any such alteration would verylikely not be a definitive one. For the sake ofrestoring confidence, psychological considerationsbeing as a rule very important, the proper action isto establish, if possible, conditions such that anynecessary alteration in the exchange rate can beregarded as final. The truth is that piecemeal at-tempts are likely to fail both for real and for psy-chological reasons: as far as the foreign exchangeposition is concerned, it has to be accepted (asmentioned elsewhere in this report) that the prob-lem of the balance of payments cannot be solvedindependently of a restoration of balance in thebudget and in other relations of importance to thedomestic economy.
PRODUCTION AND MOVEMENT OF GOLD
After having reached, in 1940, a peak of 41 mil-lion fine ounces (equivalent to 1,435 million dollarsat $35 an ounce), the world output of gold fellby one-third in the following five years, andamounted to about 27 million fine ounces in 1945.These figures include certain estimates for U.S.S.R.production, the data on this subject being still frag-mentary; but the changes are primarily due to vari-
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ations in production in the rest of the world. For1946, published information from South Africa,Canada, the United States and a number of othercountries makes it possible to state that in that yearthere were the first signs of a change in the trend,gold production rising by probably half a millionounces to a total of about 27.5 million ounces(equivalent to 960 million dollars). For the largestproducing country, South Africa, there was as yetno upturn, but in the United States productionwent up by as much as 75 per cent, though, evenso, it was still hardly more than a quarter of whatit had been in 1940.
In other respects also the year 1946 revealed achange in tendency: after a decline for four con-secutive years, the monetary gold stock of theUnited States increased by 623 million dollars in1946, that country alone taking the equivalent ofabout two-thirds of the current output of gold.Other countries which added to their gold reserveswere Switzerland, Cuba, South Africa, Belgium,Colombia, Venezuela and Uruguay. Four coun-tries show substantial decreases in their gold re-serves: France, the Argentine, Mexico and Sweden(the decrease in the case of the Argentine being dueto foreign debt retirement). An interesting resultis that for the world as a whole the published goldreserves were no greater at the end of 1946 thanat the beginning and, even when account is takenof unpublished reserves, the net change over theyear would seem to have been an increase of nomore than 200 million dollars. Only one conclusioncan be drawn from these facts: the newly-producedgold has almost all "disappeared," some of it beingaccounted for by an increase in the industrial use ofgold (in the jewellery trade, etc.), but the largestpart having found its way into private hoards inEurope and Asia.
From about 1924 to 1941 the accumulated in-crease in the world's total gold stock resulting fromthe annual output of gold corresponded roughly toincreases in the reported monetary reserves, the in-dustrial use of gold being probably met, by andlarge, out of scrap gold and such additions as, fromtime to time, were obtained from hoards in the East,especially India, China and Egypt (this having beenthe case, in particular, in the years 1932-34).
A remarkable decline which began in 1942 in thereported gold stock was partly due to the hoardingof gold but partly to a shift into unreported re-serves, especially those of the British EqualisationAccount, whose gold holdings were largely re-constituted in the years 1942-45, after having beencompletely exhausted in the spring of 1941.
The ways in which gold went into private hoardsmay briefly be described as follows:
(i) During the war, several governments, in-cluding the United States Government, sold goldin India, China and elsewhere for the primary pur-pose of obtaining local currencies at a relativelyfavourable price and the secondary purpose ofchecking inflationary tendencies by the absorptionof the most volatile money in circulation.
(ii) After the war, a similar method of financingwas employed in China and, it would seem, also inGreece, which received part of its foreign credits inthe form of gold coins, subsequently sold on themarket.
(iii) The Bank of Mexico has sold gold fromtime to time, requiring payment in U. S. dollars.From June 14, 1946 the price was $40.61 per ounce,this being 16 per cent higher than the official U. S.price of $35 per ounce. On January 28, 1947 thesale of gold was suspended, the reported reasonbeing the heavy fall in Mexican reserves; but saleswere resumed at the end of March, when the pricewas increased to $42.92 per ounce. This was, how-ever, a higher quotation than the market could bearand a reduction was made to the former level inthe first part of April, and to $39.76 per ounce inMay 1947.
Arbitrage in Mexican gold would seem to havetaken place on a considerable scale, some of thecoins finding their way into Mediterranean coun-tries and even farther east. The result of these andother gold shipments to eastern countries was thatthe free price of gold usually fell—for instance, byover 20 per cent in Egypt between August 1945 andthe spring of 1947. In Bombay, however, wheresteps had been taken to check the sales of gold, theprice for the metal rose by about 60 per cent in thesame interval.
(iv) The monetary authorities in Switzerlandhave sold gold at a rate which in 1946 averagedabout 1 million Swiss francs per working day. Insome respects these sales can be regarded as a sterili-sation measure, since in that way the Swiss authori-ties were able to absorb funds from the market andconsequently to convert further amounts of gold intoSwiss francs for foreign customers. In its AnnualReport for 1946 the Swiss National Bank an-nounced that from 1941 its sales of gold coins andbars to the market and to Swiss industries exceeded1,000 million francs, of which 307 million francswere sold in 1946.
(v) Much of the gold from Switzerland andfrom other sales found its way to France, whereconsiderable amounts had been purchased by thepublic in recent years. It is estimated that at thebeginning of 1947 private gold holdings in Francereached the high figure of 3,000 tons, equivalent
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to about 3,400 million U. S. dollars or nearly fivetimes as much as the gold reserves of the Bank ofFrance.
The fact that uniform changes in the price ofgold may be made under the Articles of Agreementof the International Monetary Fund has alreadygiven rise to discussion as to whether such a stepwould be advisable at once, considering the rise incommodity prices and production costs which hasoccurred since 1939. As long as the sellers' marketlasts and commodity prices still show a tendency torise, an increase in the price of gold would add anunnecessary stimulus to the boom. But, even ifthere were a setback in commodity prices, it isquite possible that the decline would be relativelymoderate and would not interrupt the advance ingeneral business activity for a long while. Such anexpedient as a uniform alteration in the price paidfor gold should be used, if at all, in a really severedepression only, in which the balance between costsand prices has been fundamentally upset by, forinstance, a sharp fall in the general level of prices.It must also be remembered that the Act pro-viding for the participation of the United States inthe International Monetary Fund and the Interna-tional Bank for Reconstruction and Developmentexpressly prescribed that, unless Congress by lawauthorised such action, neither the President norany person or agency could, on behalf of the UnitedStates, propose or agree to any change in the parvalue of the U. S. dollar under any of the provisionsof the Fund.
NEW POSTWAR FOREIGN LENDING
New postwar foreign lending has been in avariety of forms: intergovernmental loans, loans
and credits by government agencies, credits undermonetary agreements (sometimes directly betweencentral banks), credits guaranteed under exportcredit insurance schemes, etc. But, in practicallyall cases, the risks have been taken by the lendinggovernment; private lending with private risk-taking has been almost negligible. An attempt togive a comprehensive survey of the new foreignlending is arranged under the following headings:
(a) Governments,(b) Monetary and payments agreements,(c) Capital markets and banks, and(d) Export credit insurance.
(a) Governments. In addition to the creditsgranted in order to terminate wartime arrange-ments and for the disposal of surplus property etc.,a number of intergovernmental loans and creditshave been negotiated since the end of the war. Upto December 1946, the total of these credits appearsto be in the neighborhood of 8,000 million dollars, ofwhich under one-third had actually been utilised.The accompanying table shows the main credits ofthis nature, excluding credits under monetary andsimilar arrangements which are considered later.
The United States credit to the United Kingdomaccounts for nearly half of the total loans grantedand, with the loans of the Export-Import Bank,United States lending makes up about two-thirds ofthe total.
The credit to the United Kingdom, which wasapproved by Congress in July 1946, is availableup to the end of 1951; it bears interest at 2 per centand is repayable in 50 annual instalments beginningin December 1951. According to the text of theagreement, "The purpose of the line of credit isto facilitate purchases by the United Kingdom of
GOVERNMENTAL LONG-TERM LOANS AND CREDITS: END OF DECEMBER 1946 X
Lending government
United StatesTreasury DepartmentExport-Import Bank
Canada
United KingdomSweden
Total (approximate)
Borrower
United KingdomVarious countriesUnited KingdomVarious countriesFranceVarious countriesU.S.S.R
Date of agreement
December 1945July 1945 to December 1946March 1946 .Up to January 1947March 1945 et seqApril 1944 to July 1945October 1946 . . . .
Totallimit ofcredits
Amount drawn
endof
1946
endof March
1947
In millions of U. S. dollars
3,7502 1,600
1,250600400180280
8,060
6002 4403 5403310
400<1506 10
2,450
1,100
400<150
M0
1 Excluding credits given under monetary and payments agreements.2 Export-Import Bank loans during the 18 months to December 1946 excluding the three loans given under terms similar to those of
the Lend-Lease Act, Section 3(c).8 As at the end of January 1947. * Estimated.6 Estimated small amount debited in settlement of former Swedish claims on the U.S.S.R.
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goods and services in the United States, to assistthe United Kingdom to meet transitional postwardeficits in its current balance of payments, to helpthe United Kingdom to maintain adequate reservesof gold and dollars and to assist the Government ofthe United Kingdom to assume the obligations ofmultilateral trade, as defined in this and otheragreements."
The Export-Import Bank was of vital importancein the emergency financing up to the middle of1946. In addition to 655 million dollars in lend-lease loans, the Bank granted loans and creditsduring the period July 1945 to June 1946 amount-ing to 1,540 million dollars, of which some 440million had been utilised by the end of 1946.
The Bank does not grant lump-sum loans butprovides funds under credit authorisations whenthe borrower has given satisfaction regarding thepurposes of the credit, the need of the country forexternal loans and its capacity to repay. It is theBank's policy to discourage the use of credits for thepurchase of commodities in scarce supply in theUnited States; funds are supplied only for the pur-pose of acquiring American commodities andservices (including shipping) and, in March 1946,
according to circumstances. Mention should alsobe made of the special cotton credits with regardto which 100 million dollars was allocated for useby European countries.
But the lending power of the Bank was ap-proaching exhaustion by June 1946 and, in thelast six months of the year, new loan authorisationshardly exceeded 50 million dollars, while earlierauthorisations of over 100 million expired or werecancelled, so the total outstanding fell.
After the United States the most important lenderon foreign account has been the Canadian Govern-ment with a total of nearly 2,000 million Canadiandollars, of which over 60 per cent was lent to theUnited Kingdom, the terms of this loan as tointerest and amortisation being similar to thoseof the United States loan. Other loans of the Cana-dian Government have been made under Part IIof the Export Credits Insurance Act of 1944 (and1945), which authorised direct loans up to 750 mil-lion Canadian dollars for the purchase of Canadian-produced goods; the terms of the most importantloans are given in the table. Of the total of 1,845million authorised some 1,000 million remainedunspent at the end of 1946.
CANADIAN GOVERNMENT: POSTWAR FOREIGN LOANS AND CREDITS
Borrowing country
United KingdomBelgiumChina . . .CzechoslovakiaFranceHollandDutch East IndiesNorwayU.S.S.R
Totals
Date of agreement
March 1946October 19451945 . . .April 1945April 1946May 1945October 1945September 19451945
Interestrate
(Per cent)
233
I"32H2%2
Maturitydates
1951-20001947-761948-771950-541947-761950-761950-541951-591950
Amountgranted
Utilised
March1946
at end of
January1947 .
In millions of Canadian dollars
1 2501006019
2 4 2 ^125
1530
3
1,844^
25
3
251%
2%
67
54051
4
67
3
850
* France: Actually temporary advances of 80 million Canadian dollars had been made in anticipation of the credit but not debitedby the end of March 1946.
the Bank adopted the policy of requiring thatmarine risk contracts should be in U. S. dollars.In general, the terms of loans granted by the Export-Import Bank were such as to cover the cost ofborrowing by the United States Treasury (whichsupplied the funds) plus an allowance for adminis-trative expenses and the credit risk on the loan;20-30 year loans to foreign governments for recon-struction purposes were granted at 3 per cent in-terest while 3!/2 or 4 per cent was charged on otherlong-term loans, rates on short-term credits varying
The United Kingdom loan to France of 100million pounds sterling arose from the monetaryagreement of March 1945, under which the Frenchhad drawn 150 million when the pact expired inFebruary 1946; 40 million was repaid in gold andthe balance later reduced to 100 million, which wasconsolidated in December 1946 into a loan at l/2per cent interest, the capital being repayable in12 annuities beginning in 1950.
Owing to the paucity of statistical material pub-lished in the United Kingdom, it seems desirable
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to reproduce in full the statement of the UnitedKingdom's "contribution to world recovery ingrants and credits," as it was given in Parliamenton April 30, 1947, although the accompanying tablecovers gifts and grants as well as credits. Thefigures are based on estimates which tend to under-state the total contribution.
UNITED KINGDOM: POSTWAR GRANTS AND CREDITS
[In millions of pounds sterling]
(a) Non-recoverable expenditure:UNRRA contributions 155United Kingdom share of non-recoverable cost of
Combined Civil Affairs supplies (MilitaryRelief) 38
Malta 30Greece (maintenance and initial equipment of
armed forces) 29Greece (surpluses) 2.5Italy (estimated value of surpluses after allowing
for payments from Italy in respect of this andother United Kingdom claims under the Finan-cial Agreements of April 17, 1947) 55
Austria (supplies to British Zone before UNRRAundertook supply responsibility in April 1946). 10
Austria (estimated non-recoverable portion of 8.5million pounds sterling post-UNRRA assist-ance to Austria) 6
Austria (surplus machine tools) 0.1Hungary (surplus machine tools) 0.2
Total (round figures) 325
(b) Repayable loans and credits:United Kingdom share of recoverable cost of
Combined Civil Affairs supplies (MilitaryRelief) 62
Burma (Grants to March 31, 1947) 30France (under Financial Agreements) 100Greece (Stabilisation Loan) 10Holland (Government loan and estimated value,
subject to adjustment, of military equipmentand surpluses) 60
Czechoslovakia (credit for commercial purposes). . 5Czechoslovakia (surplus goods credit) 2.5Austria (estimated recoverable portion of post-
UNRRA assistance, including raw materialcredit) 4
Hungary (wool credit) 0.5
Total (round figures) , 275
(c) Germany:Approximate total cost to March 31, 1947 of
assistance to German economy (excludingoccupation costs) 140
Grand total of three classifications 740
Swedish credits to other countries have beenpartly in the form of reconstruction credits andpartly commercial credits, under payments agree-ments, etc. The four principal reconstructioncredits were utilised for the most part for the pur-chase and accumulation of goods in Sweden priorto the cessation of hostilities. Of the total of about550 million Swedish kronor long-term reconstruc-tion loans granted, perhaps 450 million had beendrawn at the end of 1946. It should be noted thatthese figures cover only the postwar foreign creditsgiven by Sweden and thus exclude wartime dona-tions and gifts as well as the 218 million Swedishkronor of credits given in the early war years, prin-
cipally to Finland, and the so-called "Legation"credits of some 405 million, mainly to Denmark,Holland, and Norway (of which 200 million hasbeen written off). Further, 80 million Swedishkronor of French debt under the payments agree-ment was consolidated in June 1946, to be repaidover five years from July 1948.
(b) Monetary and payments agreements. A typi-cally European development dating from the closeof the war has been the spreading network of mone-tary and payments agreements, made in an effortto facilitate the resumption of foreign trade; al-though bilateral in form they tend to spread uni-form conditions over a wide area and are generallymultilateral in spirit and in effect. While the firstagreement of the kind was concluded in London,in 1944, between Holland and the Belgo-Luxem-bourg Union, the United Kingdom has been a lead-ing country in this field and the table on page 1243indicates a number of these agreements.
The agreements contain a number of importantfeatures in common: (a) they set the official rateof exchange bilaterally between the contractingparties, and (b) they establish machinery throughwhich each country makes its own currency avail-able to the others.
Each of the original agreements indicated in thetable was terminable at three months' notice byeither party and was subject to review and adjust-ment after joint consideration; the parties agreedto maintain contact whenever monetary relationsof one country affected the other and to apply theagreement with flexibility. Generally, a minimumbalance was to be held by each country in accountwith the other, without interest, and gold was tobe set aside when the maximum of the reciprocalcredits was exceeded by either party. In practicesome limits originally set have become rathertheoretical and have been omitted from the table,e. g. the limits for the British overdraft on Denmarkand the Swiss and Swedish overdrafts on England.
Under such an agreement the French Govern-ment ran up a large sterling debt which was con-solidated into a loan (see earlier paragraph); bythe end of 1946, the Danish Government had adebt of 33.5 million pounds sterling and a limit of35 million was fixed.
In some other cases the balance of payments hasbeen the other way and the British have utilisedtheir overdraft: of the Swiss limit of 260 millionSwiss francs only 174 million (10 million poundssterling) was available up to March 12, 1947 and,as this amount was totally utilised before that date,largely owing to purchases of Swiss goods by Indiaand South Africa, the British were forced to transfergold for several million pounds.
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BRITISH RECIPROCAL MONETARY CREDITS X
Partner country
Belgium.Sweden..Denmark. .HollandCzechoslovakia.NorwaySwitzerland.Portugal
Date of original agreement
October 1944. . .January 1 9 4 5 . . . .August 1945September 1945. .November 1945. .November 1945 . . .March 1946April 1946
Termin years
35533532
Exchange rate(currency units to
pound sterling)
176.62516.90219.3410.691
201.5020.0017.35
1.00.00
Present credit limits(In millions)
Poundsterling
5
Ts10
— (3)
5
Localcurrency
B. fcs 883S. Kr. 567
D. Fl. 107Kcs 200
—(3)Sw. fcs 260Esc. 500
1 In these agreements the I 'nited Kingdom is the focal point for the whole sterling area.3 Changed to 14.50 in July 1946. * No limit fixed.
Swedish official credits for commercial purposes,granted partly direct and partly under reciprocalpayments agreements, had an aggregate limit of1,000 million Swedish kronor at the end of 1946(excluding the 80 million kronor French debt con-solidated in June 1946). Over half of the totalwas accounted for by the United Kingdom: 350million Swedish kronor (about 21 million poundssterling) was the Swedish sterling holding accumu-lated up to April 1946 and a further accumulationof 217 million (about 15 million pounds sterling)was foreseen up to April 1947; in fact, at the endof 1946, the sterling holding on this account wasless than it had been in April 1946. Of the other430 million kronor of commercial credits grantedit may be estimated that about three-quarters hadbeen utilised by December 1946. Thus, includingthe sterling holding and the consolidated credits toFinland, the total of commercial credits actuallyutilised amounted to the equivalent of about 180million dollars at the end of 1946.
The postwar monetary dredits of Switzerland(i.e. excluding the credits to Germany and Italyduring the war which have remained unsettled)were granted up to possible limits totalling 640million Swiss francs (part of which could only beutilised after 1946). By the end of 1946, 480 mil-lion had been drawn, mainly by France and theUnited Kingdom; the four countries which hadutilised their credits held Swiss franc balancesamounting to 130 million, so that the net amountof credit granted wras 350 million. Norway had atno time utilised her credit and Czechoslovakia hada balance of 35 million Swiss francs (in November1946) while Poland also had a "substantial balance"on the special coal account.
For two other countries it is possible to givedetails of the actual overdrafts and credits outstand-ing on monetary and payments agreements at theend of 1946. For purposes of comparison thefigures are converted into U.S. dollars although,
of course, the debts and credits are actually denomi-nated in the currencies of the countries concerned.
At the end of 1946, France had agreements with20 countries having aggregate credit limits equiva-lent to 375 million dollars, with actual short-termdebts the equivalent of 208 million and credits of41 million, the net indebtedness being 167 million.These figures do not take account of the debts tothe United Kingdom, the equivalent of 400 milliondollars, and to Sweden, of 22 million, which havebeen consolidated.
Holland had agreements with 14 countries, withaggregate limits the equivalent of 138 million dol-lars. Holland's net debts fell from 57 milliondollars on December 31, 1946 to 47 million on Janu-ary 15 and 29 million on March 17, 1947.
Belgium, on December 31, 1946, had monetaryand payments agreements with 17 countries, withaggregate credit limits the equivalent of 209 mil-lion dollars; a net amount, equivalent to 20 million,was due to Belgium.
In order to give an approximate indication of theposition of the monetary and payments agreementsin Europe the table on the following page hasbeen prepared.
This table, although incomplete, covers the maincreditor countries on the continent. OutsideEurope the most important creditor is the Argen-tine which had claims against France and Belgium,at the end of 1946, the equivalent of 73 milliondollars and 27 million respectively (included under"All other countries" in the table). As regardsthe purely European credits on monetary and pay-ments agreements, the total outstanding at the endof 1946 exceeded the equivalent of 500 milliondollars.
(c) Capital markets and banks. Foreign lendingon private account, i.e. through market issues orbank credits, comprised the bulk of the foreignlending after the 1914-18 war and reached itsclimax in the late twenties.
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POSITION OF CREDITS ON MONETARY AND PAYMENTS AGREEMENTS AT END OF 1946
[In millions of U. S. dollars]
Debtor countries
United Kingdom . . . . . .FranceBelgiumHollandDenmark
Total of specified credits
Total of specified debts (last column)...
Net position as specified
All other countries (net)
Total net position
Creditor countries
UnitedKingdom
135
+ 135
-180
- 4 5
France
30
10
+40
-105
- 6 5
-100
-165
Belgium
3025
30
+85
- 4 0
+45
- 2 5
+20
Holland
—
- 5 0
- 5 0
- 5
- 5 5
Denmark
10
+ 10
-135
-125
Sweden
80152510
+ 130
+ 130
+50
+ 180
Switzer-land
4065
5
+ 110
+ 110
+ 110
Total
1801054050
135
+510
-510
—
NOTE.—Round figures only: amounts under 5 million dollars have been excluded. The table includes those credits under reciprocalarrangements and therefore excludes the Swiss bank credit to Holland and similar items. The table also excludes, in particular, the debtsof France to the United Kingdom and Sweden which have been consolidated.
Total overseas and foreign issues on the Londonmarket rose somewhat in 1946 from the very lowlevel of the war years but still remained at onlyone-tenth of the volume reached in 1927 and 1928.Practically the whole of the increase in 1946 wasfor British overseas countries, the issues beingchiefly by gold-mining companies situated in Britishparts of Africa. New York presents a somewhatsimilar picture, issues for new money in 1946 beingrather less than one per cent of the volume in1925-28. There has, however, been some revivalof foreign conversion issues in the New Yorkmarket, especially on Australian account (the totalof 130 million dollars for 1946 being the highestsince 1930). It is a fair conclusion to draw thatup to the end of 1946 there had been no capitalmarket issues on foreign account anywhere in theworld except in a very few favoured cases and forspecial purposes.
Information regarding bank credits on foreignaccount is even more fragmentary than for foreigncapital issues but some data are available, particu-larly regarding London and New York. Therehas been a remarkable increase in the volume of"acceptances, endorsements, etc." as shown by thereturns of the London clearing banks, but marketopinion attributes the increase largely to guaranteesand indemnities, many of which are not even in-directly connected with overseas trade. It is be-lieved, however, that there has been a significantincrease in the credit lines opened by the merchantbanks, especially for the export trade. Informationon this sort of private credit is naturally scarce butnotices of some of the credits have been published.The press reports an increased amount of financing
by acceptance credits in respect of various tradesand industries, in some cases the work involved,or commodity handled, never touching the UnitedKingdom.
Besides these banking credits there appear tohave been other more or less financial credits forparticular purposes. As early as 1945 a credit wasgiven to Czechoslovakia for 5 million poundssterling for the financing of Czechoslovakian pur-chases in Great Britain; and a further credit of2.5 million was given in November 1946, theoperation being described as "more in the natureof an arrangement for deferred payment than thatof a loan."
There has been a revival in the volume of dollaracceptances outstanding in New York by over 100million dollars since the lowest point reached dur-ing the war (almost wholly due to acceptancesbased on imports into the United States) but thetotal of all acceptances outstanding is little morethan one-eighth of the volume outstanding at theend of 1929 (the highest point attained).
The renewed interest of American banks inforeign financing is, however, more clearly shownby the total of their short-term foreign assets, ac-cording to the monthly returns made to the UnitedStates Treasury since 1934.
The reduction of American foreign credits,which began in 1931, continued almost uninter-ruptedly until April 1943 when, at 225 milliondollars, they were a small fraction of the 1930 total,and only one-fifth of that at the end of 1934. Theincrease of around 400 million since 1943 has oc-curred mostly since VE-Day, and Holland has beenthe chief beneficiary. In April 1947, Holland
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repaid the American bankers' credit of 135 milliondollars by the sale of gold which had been pledgedas collateral. In March 1947, the National Bankof Roumania obtained an emergency advance of7 million dollars against collateral of gold from aNew York bank, for the purchase of grain, whilenegotiations continued for a 50 million dollarcredit with a group of banks, the funds beingdestined for food purchases.
(d) Export credit insurance. Before the war inter-national trade was financed principally by a vastnetwork of credits granted largely by export firmsunder the terms of the sale contracts. It is difficultto give any estimate of the volume of these creditsbut they usually conformed to a somewhat tradi-tional pattern. Foods and agricultural productswere generally paid for in cash or at very shortterm, a typical example being Danish exports toGreat Britain on ten days' credit (the customaryterm which still obtains). The financing of rawmaterial exports on the other hand was more com-plicated; indeed, when the exports were from arelatively poor country the financing was sometimesundertaken by the importer. But, for finishedgoods, credit terms were generally granted by theexporter up to about three months, although longerterms were sometimes allowed for machinery, shipsor other heavy capital goods.
This prewar web of credits was torn by the warand is now only slowly re-forming as countries andfirms are considered credit-worthy and trade restric-tions are modified. How far such export creditson private account have grown since the war it isimpossible to say but information given aboveregarding bank acceptance credits appears to pointto a steady resumption.
The question is complicated by the fact that,especially at a time of monetary disturbance, bothimporters and exporters will strive to hold onlywhat at the time appears to them to be the strongestcurrency and to be rid of the weaker currencies;thus trade statistics do not necessarily reflect faith-fully the movement of the balance of payments ontrade account (even ignoring the normal lag inpayment due to export credits). Before the warsome countries made adjustments to the trade statis-tics in their balance of payments estimates to takeaccount of this and similar factors; but such esti-mates are difficult to make and this item tends tobe lumped together with other miscellaneous itemsand errors and omissions under a "residual."
A method of encouraging private export creditswhich deserves mention is the Export Credit Guar-antee, which provides for official insurance of ex-change and other risks through government agenciesand other official bodies in the exporting country.
Such export guarantees generally cover a propor-tion, say three-quarters or four-fifths, of the risksinvolved in the export trade, the cost of insuranceand the balance of risk being borne by the exporter;costs generally vary according to the country towhich the export is sent and the terms of the creditgranted. This type of export credit insurancethrough government agency should be sharply dis-tinguished from the direct credits given by theCanadian Government (which financed about one-third of Canada's exports in this way during 1946)and by the United States Government, through theExport-Import Bank, out of its own funds. Anessential element of the export insurance is pro-vision of funds from private sources, the risk beingnot wholly covered by the government guarantee.
Although of great utility in the promotion offoreign trade especially as regards exports towardscountries which might be judged to be unsurefrom a political or credit point of view, exportguarantees are, of course, not credits in themselvesand it would be wrong to take these figures asgiving an indication of the actual credits granted.In many cases, where the importing country has apayments or similar agreement with the exportingcountry, the real "credit" might appear only as aholding of foreign currency by the central bank ofthe exporting country.
The international lending position as it had de-veloped up to the spring of 1947 presented a curious,and, at first glance, mystifying, paradox. Sincethe end of the war, a vast amount of assistance hadbeen undertaken or arranged, especially by theUnited States, and already voices had been raisedwarning against the peril of over-lending; but, inthe early months of 1947, a new phenomenon set in,which is usually referred to as the "dollar shortage,"affecting not only the war-torn countries in Europebut also certain hard-currency countries. Alreadythe Swiss franc had been in strong demand, beingat the time the scarcest currency in the world, butthis shortage had not, of course, the same inter-national importance as that of the dollar. In thespring of 1947 lack of monetary reserves of gold anddollar exchange forced a number of countries toadopt plans for the curtailment of their imports inthe immediate future.
To throw light on the apparent contradictionbetween the large supplies of, and the demand for,dollar funds, it is necessary to analyse the foreignassistance already given and to review present andfuture needs. The following table summarises theinformation relative to postwar foreign lendinggiven in the foregoing pages. The figures apply
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INTERNATIONAL POSTWAR LOANS AND CREDITS GRANTED UP TO DECEMBER 1946 x
[In millions of U. S. dollars]
Debtor countries
United Kingdom 2
France (and colonies)Holland (and colonies)3
BelgiumItalyDenmarkFinlandNorwayCzechoslovakiaPolandGreece . . . . . . .U.S.S.RChinaLatin AmericaOthers
Totals authorised. .
Totals utilised
Creditor countries
UnitedStates
4,4001,950
560150185208075709090
240200140*130
8,380
3,850
Canada
1.250240140100
3020
560
1,845
840
UnitedKingdom 2
40050
140
30
40
40
700
700
Sweden
140404030
306560
525
280
715
315
Switzer-land
60702010
160
120
LatinAmerica
180
210260
650
100
Totalauthorised
5,8502,880
810290185190145165125115130525260350430
12,450
5,925
Totalutilised
1,9002,000
41023017518013560605070
250150110145
5,925
1 Generally, figures are rounded to the nearest 10 million dollars but in some cases it has been thought desirable to round to 5 million,e.g. in the case of the Canadian credit of 3 million to the U.S.S.R.
2 Excluding the fluctuations of sterling balances, except certain specified items under monetary and payments agreements. As thetable takes account only of postwar credits, such items as the 400 million dollar loan from the U. S. Reconstruction Finance Corporationare omitted.
3 Of the 560 million dollars from the United States and 140 million Canadian dollars from Canada, 200 million dollars and 15 millionCanadian dollars respectively are on account of the Dutch East Indies.
4 Credits to Latin America prior to July 1945 are excluded.
almost exclusively to official loans and credits,generally at long term but also at middle and, insome cases, relatively short term; fluctuations ofsterling balances are not taken into account unlessthey fall within the limits of specific monetary andpayments agreements. The figures are all roundedof? and are intended to give an idea of the orderof magnitude involved rather than to present formalstatistics.
The clue to the paradox which contrasts extensiveforeign lending against acute dollar shortage isfound in at least three important factors:
(a) Continued American surplus exports in thefirst four months of 1947 at a rate of 12 milliarddollars a year, for which (as UNRRA and otherrelief organisations cease or reduce their work)payment has to be found in dollars.
(b) A large proportion of the actual Americanlending has been in respect of arrangements arisingout of the termination of the war (lend-lease anddisposal of surplus property), i.e. for materialalready largely in current use, while
(c) the urgent needs for reconstruction in Europeand elsewhere are still enormous.
On the one hand, the activities of UNRRA werecoming to an end in the early months of 1947with post-UNRRA relief on a much smaller scaleand to certain specified countries only, while thesale of American surplus property is now in its
final stages; on the other hand, there had been littleAmerican lending for new money since the middleof 1946 until the first loan of the International Bankfor Reconstruction and Development was finallyarranged in May 1947. These facts, combined withthe large American export surplus and the con-tinued needs in war-stricken countries, suffice toexplain the increasing strain on the dollar market.
International lending and repayment must ofnecessity be closely bound up with internationaltrade. Experience has shown that the non-fulfil-ment of contractual debt service may be due notonly to inability of the debtor country to furnish asufficiency of goods and services in its balance ofpayments but also to unwillingness on the part ofa creditor country to facilitate adequate imports—the most difficult case occurring if, in periods ofdepression, tariffs are raised—with grave disadvan-tages to both the creditor and the debtor countriesand possibly disastrous consequences for the inter-national monetary system as a whole. A reductionof different kinds of trade barriers, whether bynegotiations through the International Trade Or-ganisation or otherwise, is indeed recognised to bean essential element in the smooth working of inter-national trade operations. If postwar foreign lend-ing is not to lead to a repetition of the internationalfinancial crisis of 1930 and 1931, there should bemuch fuller publicity and a close study of long andshort-term lending, or borrowing, by individual
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countries with a view to a better understanding ofthe current situation so that dangerous tendenciesmay be avoided.
INTERNAL CREDIT CONDITIONS
There are often a variety of contradictory influ-ences making themselves felt in different countries,some of these influences being monetary, someeconomic and others of a psychological nature.While a dose of monetary expansion, even if it ledto mild inflation, may have eased the conversionfrom peacetime to wartime activities, it is obviousthat beyond a certain point inflation becomesinimical to economic health and anti-inflationarycounter-measures are required. Such measures donot necessarily mean "dear money, depressed tradeand mass unemployment" but they should exert asteadying effect on the price level and lead to are-establishment of confidence in the currency andof the credit position of the countries concerned.
The general tendency in altogether too manycountries at the present time is clearly towardsinflation, and to advocate remedial action in thesecases is to call for a brake on dangerous trends.Such action may be in the economic, monetary orpsychological fields. In the latter class are thedecrees, issued with general approval in December1946 and February 1947, calling for cuts in Frenchprices. In the monetary or rather fiscal field therealisation of a budget surplus from taxation orother ordinary internal revenue has been, or appearslikely to be, attained this year in the United States,Canada, the United Kingdom, Switzerland, Swedenand some other countries, i.e. mostly those sparedthe direct devastation of the war; and it has provedpossible in a number of other countries, such asBelgium, Norway and Denmark, for the Treasuriesto cease having resort to the central bank. In theeconomic class, an anti-inflationary force whichhas certainly been very welcome in some countrieshas been the surplus of imports obtained by theutilisation of foreign credits. Similarly, UNRRAsupplies, given freely by the Anglo-Saxon countries,have been sold to the local populations and, par-ticularly in Italy, Yugoslavia and Poland, haveenabled the governments of these countries to buildup funds in local currencies; in accordance with theUNRRA agreement, these funds are later to beutilised for specific purposes, but their constitutionhas been a deflationary force giving valuable aidto the local governments to obtain and maintaincontrol of their financial position.
Certain restraining forces are thus at work, asthe above examples demonstrate—but they may notbe sufficient alone to counteract the inflationaryforces still operative. In the United States, the
surplus of budget receipts and the retirement ofgovernment debt are having their first effects—thecreation of fresh liquid assets in the hands of thepublic is coming to an end, the pressure of newmoney on interest rates is weakening and the longdownward trend of yields has given way to a slightrise. And somewhat similar effects may be ex-pected elsewhere as budgets reach equilibrium.Further, borrowing on private account is becomingof greater importance, as the marked increase ofadvances by the commercial banks since the warhas shown in many countries.
The future of interest rates in the world is noteasy to predict but the movements during the pastyear have been illuminating, and it is worthy ofremark that in some countries the "defrosting" ofshort-term rates has been under discussion and, inothers, it has not been considered old-fashioned tomake use of the classic weapon of bank rate.
NATIONAL ECONOMIC PLANS IN EUROPE
In countries in which the state has become thesole or main owner of natural resources and in-dustrial enterprises, it is obviously incumbent uponthe government to arrange for a proper planningof the economic activities. But also in several coun-tries which rely mainly on private enterprise, theauthorities have drawn up plans designed to activateeconomic development, priorities being fixed forthe order of investment of available funds with aview to ensuring special attention to what are con-sidered essential tasks.
Even when no formal plans have been elaborated,the governments have in some cases thought itadvisable to announce definite "targets" to be at-tained in matters of particular importance. Thus,in the United Kingdom great emphasis has beenplaced on the necessity of raising exports to 175per cent of the 1938 volume in order to obtainequilibrium in the balance of payments by 1951,when the American credit lapses. To this end,all except the most indispensable domestic require-ments are being held back in order to give priorityto exports. In Italy, too, careful estimates havebeen made of the balance of payments for the year1947, with the aid of UNRRA officials, as a pre-liminary to obtaining foreign credits. In Belgium,a Ministry for Equipment was created in April 1946and has made public a first report on the country'sneed of investments during the next 10 years; butthe estimates thus made have not the character ofa plan, properly speaking.
In some other countries planning has been on amore ambitious scale and projects have been drawnup covering a considerable sector in the economy ofthe country concerned, for a number of years ahead.
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Some indication of the main lines of the planselaborated is given in the table, which also includessome extra-European plans. The figures should beregarded as indicating only the order of magnitudeinvolved.
If the regaining and even surpassing of the peace-time level of production is the immediate target,it should be borne in mind that reconstruction andexpansion are usually coupled with structuralmodifications affecting the whole economic system.Without exception, these modifications take theform of increased industrialisation varying in in-tensity from country to country. As a generalisa-tion it may be said that the main purpose of theplans is to achieve a degree of industrialisationapproaching the standard reached in technicallyadvanced countries. Such a process of industrialisa-tion will often be accompanied by a relative decreasein agricultural activity and a change-over from ex-tensive types of cultivation, especially of cereal crops,to intensive types (such as industrial plants, fruit-
growing, horticulture, fodder crops) together withhighly developed cattle-breeding, dairy farming, etc.Countries such as Hungary and Poland, whichpreviously counted as predominantly agricultural,show no desire to resume agricultural exports inthe form customary hitherto, being more disposedto concentrate on processed products incorporatinga greater amount of labour of a more remunerativekind. It is expected that the policy of industrialisa-tion and of turning to intensive farming will tendto absorb the surplus agricultural population ineastern and southern Europe. In these countriesthere is a great demand, as elsewhere, for highlyqualified personnel but there is not, as in westernEurope, an acute shortage of manpower as such.
The essence of the domestic financial problem is,the necessity of raising domestic savings above thenormal level. Since voluntary savings can hardlybe expected to reach sufficiently high levels incountries which have suffered devastation and im-poverishment, the economic authorities are con-
NATIONAL ECONOMIC PLANS
Country
Duration ofplan
Years Period
Main object of plan
Cost of plan(In millions)
Nationalcurrency
units
U. S. dollars
Totalcost
Annualaverage
FranceHollandBulgariaCzechoslovakiaHungaryPolandYugoslavia
U.S.S.RIranTurkeyArgentinaMexico
1947-511947-521947-481947-481947-491947-491947-51
1946-501947-531947-511947-511947-52
modernization and reconstructionreconstructionindustrialisation and rationalisationeconomic recovery „reconstruction and developmentreconstructionreconstruction and development
reconstruction and developmenteconomic developmentindustrialisationeconomic development and industrial expansionindustrialisation and agricultural expansion. . . .
2,250,00011,70055,00069,880
6,110340,000278,300
250,300
6006,6003,185
18,8904,410
1901,400
5203,4005,570
47,200
2101,660
640
3,78073595
700170
1,1301,110
9,500
' 4 0330105
NOTE.—The amounts are generally expressed in present-day currencies, with the following qualifications:France: The total indicated in the table is the amount given in the General Report on the Plan of Modernisation and Equipment
published in November 1946. The estimates were made in June 1946 and are based on the maximum capacity of the investment indus-tries. Of the total amount only one-third, i.e. 720 milliard French francs, is for the purpose of modernisation properly speaking, the restbeing devoted to reconstruction and delayed maintenance; 536 milliard francs are provided for "basic activities" (coal, electricity, ironand steel, cement, agricultural machinery and transport).
For 1947 a precise programme has been elaborated, the amounts involved being estimated at 475 milliard French francs, of which300 milliard will be at the charge of the government but only 60 per cent of this amount, i.e. about 180 milliard, has so far (up to the endof May 1947) been authorised.
Holland: The amount in the table is to be provided under the "Frame Plan" for 1946-52, the figures being expressed in the pricelevel of 1947; of the total investments 4,100 million florins are for manufacturing industries, 1,300 million for agriculture and the remainderfor trade, transportation, dwellings and the replenishment of stocks.
Czechoslovakia: Of the total investments shown in the plan, 47,740 million Czech crowns are for Bohemia and Moravia and 22,140million for Slovakia. As regards distribution for different purposes, 25,400 million are to be devoted to industry and handicrafts, about5,200 million to agriculture and 39,300 million to transport, housing and public works.
Hungary: 1.509 million fcrints is to be provided for reconstruction and modernisation of industry; 1,184 million for the develop-ment of agriculture; 1,707 million forints for the reconstruction and development of communications and 1,594 million for the develop-ment of social and cultural institutions.
Poland: The original cost of the plan was calculated at 10 milliard prewar zlotys, corresponding to 1,900 million prewar dollars atthe official rate of the day. Converted into present-day currency at the official rate (1:100), this would make 190 milliard zlotys for thewhole period of the plan. However, the present purchasing power of the Polish currency is not sufficiently taken into account in theabove-mentioned amount. Allowing for the altered purchasing power of the U. S. dollar as indicated by the wholesale price index, the1,900 million 1938 dollars would correspond to about 3,400 million 1946 dollars, making 340 milliard zlotys at the present official parity.
U.S.S.R.: The plan is based on 1945 prices. Conversion of the figures into dollars was made at the official rate.Yugoslavia: The plan is applicable from May 1, 1947. 41 per cent of the amount provided is for industrial plant and equipment,
about 26 per cent for communications, 11 per cent for electrification and 8 per cent for agricultural production.
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templating forms of additional compulsory saving,e.g. through taxation or rationing of consumption.In order to be successful, they must limit the currentconsumption of the government also and thus doaway with deficits on the current account of thenational budget.
Practically all the plans foresee foreign borrowingin order to supplement domestic savings and, inparticular, to purchase machinery and materialsnot available at home. A critical point for all ofthem is indeed to be found in the balance of pay-ments: in the majority of cases, the plans foreseean import surplus during a transition period cover-ing the first few years of their application, notwith-standing all efforts to stimulate exports. Severalgovernments count on loans from the InternationalBank for Reconstruction and Development tofacilitate the execution of their plans, the first suchloan having been obtained by France in May 1947.
Since the plans have been drawn up on a purelynational basis, it is at the focal point of the balanceof payments, where the national economies meetone another, that a need of coordination arises; tosome extent account would seem to have been takenof this need in eastern Europe. But, by and large,the plans are competitive, not only as far as foreignloans are concerned but also with regard to importsof essential materials, machinery and, in some cases,manpower.
CONCLUSION
There is truth in the statement that the secondworld war began before the world had had time toright itself after the distortions and maladjustmentsresulting from the first world war. Fortunately,people today are more aware of the problems con-nected with the fundamental changes in the eco-nomic and financial structure and they are keenlyanxious to avoid a repetition of the mistakes whichinterrupted the period of prosperity in the interwaryears.
An outstanding illustration of the present morerealistic and reasonable attitude, and one whichobviously suggests itself, is the writing-off of war-time mutual aid and of straight lend-lease commit-ments not covered by reverse lend-lease. This actionhas coincided with deliveries of essential goods andservices through UNRRA and other relief organiza-tions on a scale which may not have satisfied allrequirements of the many war-stricken countriesbut which, in the aggregate, involved very largesums, probably the equivalent of over 5,000 milliondollars. Further, more attention than after the lastwar is being paid to commercial problems, dealtwith primarily through the different conferencesof the International Trade Organisation, while in
the financial sphere two new institutions, the Inter-national Monetary Fund and the International Bankfor Reconstruction and Development, have got intoworking order under conditions which have placedconsiderable funds at their disposal. And, in addi-tion to international cooperation, great efforts arebeing made in individual countries to overcomepostwar difficulties, to reconstruct peacetime econ-omies and to influence the business trend. For anumber of countries carefully worked-out planshave been drawn up and formally accepted, thepurpose being to concentrate available recources onthe carrying out of certain essential tasks, generallyinvolving a speeding up of the process of indus-trialisation.
With the exception of a few countries, includingGermany and Austria, in which conditions havebeen abnormal, full employment has been the ruleeverywhere and, although not always the best in-struments of modern technique have been available,some notable results have been achieved in thefield of reconstruction, especially as regards therestoration of the transport system and the expan-sion of industrial production, notwithstanding themany difficulties caused by continued deficiencies inthe output of coal.
But, even if there has been some appreciableeconomic progress, much remains to be done, cer-tain weaknesses being only too evident in the stateof the world today. Apart from the political dif-ficulties, there is still in many sectors a lack ofbalance, made more acute by the great fatigue leftby the war. The increased strain in the winter of1946-47 led to the reintroduction of monetary andcommercial restrictions in countries where they hadbeen abolished and to a stricter application wherethey were still in force. And (to turn to anothersphere) the commitments represented by accumu-lated sterling balances, taken together with otheroutstanding liabilities of an official character result-ing from the war and its immediate aftermath,attain a total as high as that which proved sointractable after the first world war.
Notwithstanding the diversity of economic sys-tems, certain economic necessities make themselvesfelt in all countries:
Firstly, the governmental measures must notproduce simply negative effects. Controls, what-ever their purpose may be, should not merely resultin a cutting down of business, for the situation maywell require a more active influence and, perhaps,most of all, such conditions that private individualsand firms are prompted to do, on their own initia-tive and in their own interests, that which is de-sirable from the general standpoint of society.
There is the further danger that matters relating
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to the budget situation, the balance of payments,prices, wages, etc., may be treated as separate ques-tions, as if the problems of an economy could bedealt with in watertight compartments withoutregard to the interdependence of economic phe-nomena. It is not unusual for plans to be workedout by individual departments having little contactwith one another, while actual results can, in allprobability, best be obtained by a comprehensivepolicy designed to eliminate fundamental maladjust-ments.
A third and cognate danger is that the authorities,in their attempts to find solutions, will deal withsymptoms instead of attacking the really funda-mental causes. It would, for example, be toolimited and too superficial an approach to try todeal with the problems of the balance of paymentssimply by cutting down imports and artificiallystimulating exports, without attending to thevolume of monetary purchasing power in thedomestic economy. For experience shows that aninflationary expansion of purchasing power at home(whether resulting from current budget deficits,too large a volume of public or private investmentsor sudden sharp increases in wages and salariesunmatched by sufficient goods) acts as an attractionfor imports and as a brake on exports, thus ag-gravating the disequilibrium in the balance of pay-ments. Only too often this connection between themethods of internal financing and the outcome ofthe balance of payments is overlooked. But howcould inflation, which raises the monetary demandfor goods on the market, have any other effect thanto unbalance the country's foreign payments,especially under a system with relatively fixed ex-change rates? As the monetary reserves feel thedrain, the governments may have to adopt restric-tive measures, even though such measures do notget to the heart of the trouble—the inflationary
financing—and may even, through the exclusionof foreign supplies, render an adjustment of theprice situation more difficult.
In more than one country in Europe a lack ofconfidence in the currency (reflecting an acute fearof inflation) is actually keeping goods from themarket, in spite of all the measures of compulsionwhich the authorities impose. In such circum-stances foreign loans and other assistance may stillafford relief by providing badly needed com-modities; but little lasting good will have been doneif the borrowers fail to take advantage of the foreignresources as providing a breathing-space in whicha coherent series of domestic measures can be taken;in other words the loan should be considered andemployed as part of a comprehensive plan forfinancial and monetary rehabilitation.
The psychological preparedness for the properexecution of realistic plans, sufficiently all-embrac-ing to command confidence, is greater today thanit was when hostilities ceased. Many illusions havebeen shed, and there is a growing sense of the needfor effective and even drastic measures. Conditionswould thus seem to exist for a more proper use ofoutside aid in the form of loans and other financialassistance. What is needed, then, is a coordinatedprogramme into which international investmentcan be fitted as one of the measures, essential in itselfbut fully efficacious only if supplemented by domes-tic action.
Access to foreign resources is such a great boonthat it would be very regrettable if the additionalstrength which it provides were to be frittered awayfor purposes other than genuine reconstruction anddevelopment. But, here again, first things mustcome first: without monetary stability upheld by asolid budget, the basis will be lacking for the properdirection of industrial and other investments.
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YIELDS ON UNITED STATES GOVERNMENT SECURITIESREVISION OF AVERAGES
Average yields and prices of United States Gov-ernment securities, regularly published in theBULLETIN, have been revised in some respects. Re-vision was necessary in the yields for 3- to 5-yeartaxable issues and for 7- to 9-year taxable bondsbecause with the passage of time the average ma-turity of issues previously included had fallen be-low the maturity range that the indexes are de-signed to reflect.
The series for 3- to 5-year taxable issues, whichimmediately prior to revision had consisted ofTreasury bonds of December 1950, has been re-vised for the period beginning December 15, 1945.The revision provides for semi-annual adjustmentsto include continuously Treasury bonds whoseaverage yield reflects that of a Treasury bond withfirst call date ranging from approximately 3 years
and 9 months to 4 years at the semi-annual datesof revision.
The series for 7- to 9-year taxable bonds hasbeen revised for the period beginning June 17, 1946.For the six months prior to revision the series hadconsisted of Treasury bonds of June 1952-54, June1952-55, December 1952-54, and March 1956-58.The revision provides for semi-annual adjustmentsto include continuously Treasury bonds whoseaverage yield reflects that of a Treasury bond withfirst call date ranging from approximately 7)4 to 8years at the semi-annual dates of revision.
Annual averages for the years 1939-46, andmonthly and weekly figures beginning January1945 and including the revised figures, are shownin the accompanying table. Earlier figures werepublished in the BULLETIN for May 1945.
U N I T E D STATES GOVERNMENT SECURITY YIELDS AND PRICES
[Yields in per cent per annum, monthly and weekly data are averages of daily figu
Annual and Monthly Figures
Yearand
month
19391940 .
1941 . . .1942. . .1943 . . .1944.. .1945 . . .
1946. . .
1945Ian.. . .Feb.. . .M a r . . .Apr . . . .May. .June. . .Tuly. . .Aug... .S e p t . . .Oct.. . .Nov. . . .Dec.. ..
3-monthbills i 2
023014
.103
.326
.373
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
9-to12-
monthcertifi-
cates ofindebt-edness2
.75
.79
.81
.82
.78
.77
.78
.77
.80
.81
.80
.82
.84
.83
.84
.84
Yield
3- to 5-year
taxableissues 3
.731.461.341.331.18
1 .16
L .31.22
L.18L.14
.16
.16L 1 61.17
3 1.191.171.14
3 1.13
9-
t axable •"
1.931.961.941.60
1 .45
1.891.771.701.621.571.561.581.591.561.501.42
n.38
Bonds
15 vears andover
Partlytax-
exempt
2 412.26
2.052.091.981.921 .66
(5)
1.811.751.701.681 .681.631.631.681.681.621.561.51
Tax-able
2.462.472.482.37
2.19
2.442.382.402.392 392.352.342.362.372.352.332.33
Price oflong-termbonds
Tax-able
104 5106 6
109.5noo.72100.50100.25102.04
104.77
100.97101.81101.56101.68101 74102.38102.46102.22102.02102.38102.60102.68
Yearand
month
1946Jan.. . .Feb.. . .Mar. . . .Apr.. . .M a y . . .June.. .J u l y . . .Aug.. . .S e p t . . .OctNov... .Dec.. ..
1947Jan.. . .Fe bMar. . . .Apr.. . .Mav. . .June. . .July. . .Aug.. . .Sep t . . .
Yields
3-monthbills i 2
375.375.375.375.375.375.375.375.375.375.376.375
.376376
.376
.376
.376
.376
.703
.748
.804
9-to12-
monthcertifi-cates ofindebt-edness2
79.76.79.81.83.83.84.84.85.83.84.85
.8485
.82
.83
.85
.85
.85
.85
.87
3- to 5-vear
taxableissues 3
1 069 9
.961 .101.16
3 1.151.151 .191.271.291.283 1.30
1.261 261.241.241.27
3 1.291.331.311 .28
7-to9-
veartax-
able3
1 311.281.281.361.4731.441.431.491.571.581.60
H.60
1.561 541.521.531.53
H.561.571.541.53
Bonds
15 years andover
Partly-tax-
exempt
(•"')
Tax-able
?. 71. . . 2.12
2.092.082.192.162.182.23
I 2.28• 2 . 2 6
.! 2.25' 2 . 2 4
2.212 212.' 192.192.192.222.252.242.24
Price oflong-termbonds
Tax-able
104 59106.03106.46106.61104.82105.28104.87104.11103.25103.58103.71103.87
104.32104 35104.61104.57104.48104.08103.75103.89103.95
For footnotes see p. 1253.
OCTOBER 1947 1251
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELDS ON UNITED STATES GOVERNMENT SECURITIES
UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES—Continued
[Yields in per cent per annum, monthly and weekly data are averages of daily figures]
Weekly Figures
Weekend-ing
1945Jan. 6
132027
Feb. 3101724
Mar. 310172431
Apr. 7142128
May 5121926
June 29
162330
July 7142128
Aug. 4111825
Sept. 18
152229
Oct. 6132027
Nov. 3101724
Dec. 18
152229
Yields
3-monthbills 12
.375
.375
.375
.375
.375
.375
.376
.375
.375
.375
.375
.375
.376
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.376
.375
.375
.375
.375
.375
.373
9-to12-
monthcertifi-
cates ofindebt-edness 2
.80
.78
.79
.77
.77
.77
.77
.76
.77
.78
.78
.78
.76
.75
.76
.78
.79
.79
.79
.80
.81
.81
.81
.81
.81
.80
.79
.78
.80
.82
.82
.81
.82
.83
.83
.84
.85
.85
.84
.84
.84
.82
.81
.84
.84
.84
.84
.85
.84
.83
.83
.84
3- to 5-year
taxableissues3
1.341.331.321.29
1.251.241.231.20
1.201.181.191.181.17
1.151.151.141.14
1.141.161.171.17
1.181.171.171.141.14
1.141.141.171.19
1.181.171.171.19
1.171.16
3 1.181.211.20
1.201.171.161.16
1.171.151.131.13
1.141.13
3 1.121.151.14
Bonds
7-to9-
yeartax-able3
1.93.91.89.86
.81
.78
.78
.75
.74
.71
.71
.68
.69
.65
.62
.61
.60
.56
.56
.59
.58
1.591.571.571.551.55
1.551.551.581.61
1.591.591.611.60
1.571.561.581.561.55
1.531.511.491.48
.48
.43
.40
.40
.40
.38
.381.401.37
15 years andover
Partlytax-
exempt
1.831.801.801.81
1.801.761.741.73
1.721.691.701.701.71
1.701.681.671.68
1.681.691.691.68
1.681.651.631.621.62
1.621.621.631.65
1.671.671.691.70
1.681.681.691.691.68
1.651.621.611.60
1.601.581.561.55
1.531.511.51(0
Tax-able
2.452.452.442.43
2.412.402.392.37
2.382.402.412.402.39
2.392.382.402.39
2.392.402.392.38
2.372.362.362.342.34
2.342.342.342.36
2.352.342.362.38
2.372.372.382.372.36
2.362.352.342.34
2.352.332.332.33
2.332.322.342.342.32
Price oflong-termbonds
Tax-able
100.66100.84100.96101.15
101.48101.63101.73102.08
101.82101.60101.45101.60101.62
101.65101.79101.61101.67
101.71101.65101.66101.87
101.96102.20102.21102.59102.60
102.53102.59102.53102.25
102.42102.44102.27101.95
102.06102.02101.93102.02102.13
102.23102.35102.52102.45
102.34102.58102.65102.67
102.65102.77102.55102.57102.84
Weekend-ing
1946Jan. 5
121926
Feb. 29
1623
Mar. 29
162330
Apr. 6132027
May 4111825
June 18
152229
July 6132027
Aug. 310172431
Sept. 7142128
Oct. 5121926
Nov. 29
162330
Dec. 7142128
Yields
3-monthbills i 2
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.376
.375
.375
.375
.375
.376
.375
.375
.375
.376
.376
.376
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.376
.376
.376
.376
.376
.376
.375
.375
.375
.374
9-to12-
monthcertifi-cates ofindebt-edness2
.84
.82
.78
.77
.78
.77
.76
.75
.76
.78
.79
.80
.81
.80
.80
.80
.82
.83
.83
.83
.83
.84
.83
.83
.83
.84
.84
.84
.84
.83
.84
.84
.84
.83
.84
.85
.85
.85
.85
.85
.83
.83
.83
.84
.84
.85
.84
.85
.85
.85
.84
.85
3- to 5-year
taxableissues 2
1.121.071.051.03
1.031.011.00
.96
.93
.92
.93
.971.02
1.051.101.121.13
1.121.141.181.18
1.171.151.12
3 1.151.16
1.131.141.181.16
1.161.161.171.201.22
1.251.261.281.29
1.301.301.301.29
1.271.271.271.281.30
1.311.29
31.321.29
Bonds
7-to9-
yeartax-able3
1.351.311.321.30
1.301.281.271.28
1.281.281.271.271.29
1.291.311.371.44
1.441.471.481.48
1.481.461.421.431.44
1.401.401.451.44
1.461.461.471.511.53
1.541.571.591.58
1.581.581.581.59
1.581.571.59
.62
.64
.63
.59
.601.58
15 years andover
Partlytax-
exemptTax-able
2.292.232.192.18
2.172.142.102.10
2.102.102.092.092.08
2.042.032.082.14
2.182.192.202.19
2.182.172.152.152.16
2.152.152.202.20
2.232.222.222.232.25
2.272.292.302.28
2.272.272.262.26
2.242.242.252.262.27
2.272.252.232.22
Price oflong-term
bonds
Tax-able
103.32104.30104.86105.01
105.22105.74106.33106.31
106.25106.35106.49106.47106.59
107.38107.38106.68105.58
105.01104.80104.64104.78
104.92105.18105.36105.37105.20
105.37105.36104.66104.61
104.17104.31104.25104.05103.77
103.52103.13103.11103.29
103.46103.48103.57103.60
103.87103.95103.77103.59103.42
103.46103.82104.02104.14
For footnotes see p. 1253.
1252 FEDERAL RESERVE BULLETIN
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YIELDS ON UNITED STATES GOVERNMENT SECURITIES
UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES—Continued
[Yields in per cent per annum, monthly and weekly data and averages of daily figures]
Weekly Figures—Continued
Weekend-ing
1947Jan. 4
111825
Feb. 18
1522
Mar. 18
152229
Apr. 5121926
May 310172431
Yields
3-monthbills i 2
.375
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
.376
9-to12-
monthcertifi-
cates ofindebt-edness 2
.84
.84
.84
.83
.85
.84
.85
.85
.85
.84
.83
.81
.81
.81
.82
.83
.83
.84
.85
.85
.85
.85
3- to 5-year
taxableissues 8
1^291.281.271.24
1.251.251.261.26
1.271 271.251.231.21
1.221.221.251.24
1.261.271.281.271.26
Bonds
7-to9-
yeartax-able s
1.581.571.571.54
1.551.541.551.54
1.551 541.531.521.51
1.521.521.541.53
1.541.541.531.531.52
15 years andover
Partlytax-
exemptTax-able
2 222.222.222.20
2.212 212.212.21
2.212 202.192 192.18
2.192.182.202 20
2.202.202.202.192.19
Price oflong-termbonds
Tax-able
104 18104.23104.30104.45
104.35104 39104.31104.35
104.38104 47104.56104 66104.74
104 69104.77104.48104 44
104.45104.41104.51104.50104.51
Weekend-ing
1947June 7
142128
July 51?1926
Aug. 29
162330
Sept. 6132027
Yields
3-monthbills i 2
376.376.376.376
.594737
.740
.740
.740741
.741752
.766
789.802.808817
9-to12-
monthcertifi-
cates ofindebt-edness 2
85.85.85.85
.8686
.85
.85
.8585
.8585
.85
85.87.8787
3- to 5-year
taxableissues 3
1 261.27
» 1.321.32
1.331 321.331.33
1 11L 33L .33I 29.27
L 27. 2 8
1.281 28
Bonds
7-to9-
yeartax-able*
1.521.53
M.581.59
1.591 571.581.57
1.571 561.551 521.51
1 521.531.531.54
15 years andover
Partlytax-
exemptTax-able
2.202.212.242.24
2.252.252.252.25
2.252 252.242.232.23
2.232.242.232 24
Price oflong-term
bonds
Tax-able
104.41104.20103.95103.81
103.76103.79103.76103.75
103.69103.71103.81104.02104.07
104.04103.96103.98103.88
1 Rate on new issues offered within period.2 Tax-exempt prior to Mar. 1, 1941; taxable thereafter.• The composition of the series covering the 3- to 5-year taxable issues and the 7- to 9-year taxable bonds has been as follows:
Period(All dates inclusive)
Prior to Sept. 15, 1945
Sept. 15, 1945-Dec. 14, 1945
Dec. 15, 1945-June 14, 1946
June 17, 1946-Dec. 14, 1946
Dec. 16, 1946-June 13, 1947
June 16, 1947-
Issues
3- to 5-year taxable issues
All taxable notes due within 3-5 years
1 Vi% note —Sept. 19481)4% bond—Dec. 1950
13^% bond—Dec. 19502 % bond—June 1949-51
1M% bond—Dec. 19502 % bond—Sept. 1950-52
1 ^ % bond—Dec. 19502 % bond—Sept. 1950-522 % bond—Sept. 1951-53
13^% bond—Dec. 19502 % bond—Sept. 1950-522 % bond—Sept. 1951-532 % bond—Dec. 1951-552Y2% bond—Mar. 1952-54
7- to 9-year taxable bonds
All taxable bonds due or callable within 7-9 years
All taxable bonds due or callable within 7-9 years
2 % bond—June 1952-542M% bond—June 1952-552 % bond—Dec. 1952-542 ^ % bond—Mar. 1956-58
2M% bond—June 1952-552 % bond—Dec. 1952-542 K % bond—Mar. 1956-58
2M% bond—June 1952-552 % bond—Dec. 1952-542M% bond—Mar. 1956-582%% bond—Sept. 1956-59
2 % bond—Dec. 1952-542 ^ % bond—Mar. 1956-582H% bond—Sept. 1956-59
* Price derived from average yield of partly tax-exempt bonds on basis of 2% per cent 16-year bond through October 1941. Thereafteraverage of prices of taxable bonds due or callable in 15 years or more.
6 No partly tax-exempt bonds due or callable in 15-years and over.
OCTOBER 1947 1253
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve MeetingsThe Federal Advisory Council held a meeting
in Washington on September 21-23, 1947, and metwith the Board of Governors of the Federal ReserveSystem on September 23, 1947.
The Conference of Presidents of the FederalReserve Banks met in Washington, D. C. on Oc-tober 3 and 4, 1947. The Presidents met with theBoard of Governors of the Federal Reserve Systemon October 7, 1947.
A meeting of the Federal Open Market Com-mittee was held in Washington, D. C. on October6 and 7, 1947.
Election of Class A Director
On October 15, 1947, the Federal Reserve Bankof Boston announced the election of Mr. Earle W.Stamm, President of the National Bank of Com-merce of New London, New London, Connecticut,as a Class A director to fill the unexpired portionof the term ending December 31, 1949. Mr. Stammsucceeds Mr. Allen W. Holmes, deceased.
Appointment of Class C Director
The Board of Governors of the Federal ReserveSystem on October 1, 1947, announced the appoint-ment of Mr. William R. Wallace, Jr., San Fran-cisco, California, as a Class C director of the Fed-
eral Reserve Bank of San Francisco for the unex-pired portion of the term ending December 31,1947. Mr. Wallace is a member of the law firmWilliamson and Wallace.
Changes in the Board's Staff
Mr. Chandler Morse has resigned as AssistantDirector of the Division of Research and Statisticsof the Board of Governors in order to accept ateaching position at Williams College, Williams-town, Massachusetts.
Mr. Bonnar Brown has been appointed AssistantDirector of the Board's Division of Research andStatistics, effective October 20, 1947. Mr. Brownhas been serving as Assistant Director of the Board'sDivision of Security Loans since July 1, 1944.
Admissions of State Banks to Membership in theFederal Reserve System
The following State banks were admitted tomembership in the Federal Reserve System duringthe period August 16, 1947 to September 15, 1947:
Montana
Livingston—Livingston State Bank
Texas
Anton—Citizens State Bank
1254 FEDERAL RESERVE BULLETIN
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NATIONAL SUMMARY OF BUSINESS CONDITIONSf Compiled September 24, and released for publication September 26]
Industrial output in August recovered most ofthe decline shown in July. Total value of retailtrade continued to show little change. Prices ofgoods in wholesale and retail markets advancedfurther to new high levels.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of indus-trial production was 182 per cent of the 1935-39average in August as compared with 177 in Julyand 184 in June. Most of the August advance wasdue to increases in output of nondurable manufac-tured goods and minerals to levels slightly aboveJune rates. Activity in industries manufacturingdurable goods increased somewhat in August butremained 3 per cent below the June level.
Output of steel rose to a rate of 90 per cent ofcapacity in August, and indications are that it willaverage about that rate in September. Automobileproduction declined further in August, but ad-vanced sharply in September. Output of lumberand most other building materials advanced inAugust, following decreases in July, while outputof nonferrous metal products continued to decline.
Output of most nondurable goods increased inAugust, reflecting in part a recovery from excep-tional vacation influences in July and in part in-
INDUSTRIAL PRODUCTION
2 2 0 L200
180
160
!40
R0
JV
Jf
/1-J/7*
j1
\\
1 -
>/
-
creased domestic demand in such lines as textilesand leather products. Output of manufacturedfood products continued to advance somewhat morethan is usual at this season.
Coal production rose sharply in August, the firstfull month of operations under the new wage con-tracts, but output for the month was still belowthe rate prevailing early this year. Output of crudepetroleum showed a further slight advance.
EMPLOYMENT
Employment in manufacturing increased in Au-gust, following a decline in July, and was some-what larger than in June, reflecting chiefly seasonalincreases in the food and apparel industries. Afurther rise in construction employment occurredin August. The number of persons unemployeddeclined to an estimated 2.1 million persons, whichwas about the same as a year ago.
CONSTRUCTION
Value of contracts awarded for construction, asreported by the F. W. Dodge Corporation, rose byone-fourth from July to August and was higherthan in any month since the postwar peak of May1946. Increases occurred in all major types of con-
CONSTRUCTION CONTRACTS AWARDED
1939 1940 1941 1942 1943 1944 1945 1946 1947
Federal Reserve index. Monthly figures, latest shown are forAugust.
1939 194! 1943 1945 1947 1939 1941 1943 1945 1947
F. W. Dodge Corporation data for 37 Eastern States. Non-residential includes awards for buildings and public works andutilities. Monthly figures, latest shown are for August,
OCTOBER 1947 1255
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NATIONAL SUMMARY OF BUSINESS CONDITIONS
struction but were especially marked in awards forpublic utility construction, which more thandoubled. Awards for all other nonresidential con-struction rose somewhat, while value of awards forresidential building increased by more than one-fourth. The number of new permanent housesstarted in August was estimated by the Bureau ofLabor Statistics to be 83,000 units as comparedwith 80,000 last month and 65,000 a year ago.
DISTRIBUTION
Department store sales in August and the firsthalf of September increased by less than the usualamount at this time of the year. Value of saleswas about two per cent less than in the correspond-ing period last year. Retail sales at all types ofstores were about five per cent larger in Augustthan in the same month a year ago, reflectingchiefly increased sales of durable goods. Value ofsales of most nondurable goods was only slightlylarger, although retail prices were considerablyhigher than in August 1946.
Loadings of railroad revenue freight increasedconsiderably in August to a rate slightly above thesame month a year ago. The August increase re-flected a sharp rise in coal shipments and a sub-stantial gain in loadings of miscellaneous freight.In the early part of September freight carloadingscontinued at a high level, after allowance for theusual Labor Day influence.
COMMODITY PRICES
The general level of wholesale commodity pricesadvanced further from the middle of August to
the middle of September, and exceeded the peakreached in March of this year by about five percent. Prices of farm products and foods showedthe largest increases. Prices of many industrialcommodities have risen sharply since June.
Retail prices increased about one per cent fromJune to July, according to preliminary figures forthe consumers' price index of the Bureau of LaborStatistics. Rent levels in the six cities surveyedshowed somewhat less than one per cent rise inJuly, which was the first month affected by thenew controls permitting increases of 15 per centon new leases extending through 1948. Indicationsare that retail prices have risen further since thattime.
BANK CREDIT
Further large gold inflows and a shift of fundsfrom Treasury and foreign balances at ReserveBanks to accounts held at commercial banks inAugust and the first half of September providedfunds for a substantial expansion in member bankreserves, a large outflow of currency associatedwith cashing of veterans' Terminal Leave PayBonds, and a decline in Federal Reserve holdingsof Government securities. Required reserves in-creased considerably during the period reflectinglarge additional expansion in bank deposits.
Commercial and industrial loans at banks inleading cities continued to increase sharply in Au-gust and early September. Consumer and realestate loans also expanded further, and holdingsof Government securities showed little change.
PER CENT
200
180
160
140
120
100
80 r'.
CONSUMERS PRICES1935-39-100
CLO
*~"
RENT
iiA;
™2J^ALL ITEMS
PE
MEMBER BANK RESERVES AND RELATED ITEMS
1939 1940 1941 1942 1943 1944 1945 1946 194780
Bureau of Labor Statistics' indexes. "All items" includeshousefurnishings, fuel, and miscellaneous groups not shownseparately. Midmonth figures, latest shown are for July.
BILLION9 OF DOLLARS
Wednesday figures, latest shown are for Sept. 24.
1256 FEDERAL RESERVE BULLETIN
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FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items 1259Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserverequirements; margin requirements 1260
Federal Reserve Bank statistics 1261-1264Guaranteed war production loans 1265Deposits and reserves of member banks. . 1265-1266Money in circulation 1267-1268Gold stock; bank debits and deposit turnover 1268Deposits and currency; Postal Savings System; bank suspensions. 1269All banks in the United States, by classes 1270-1271All insured commercial banks in the United States, by classes 1272-1273Weekly reporting member banks . . . . 1274-1277Commercial paper, bankers' acceptances, and brokers' balances. . 1278Money rates and bond yields 1279Security prices and new issues... 1280-1281Corporate earnings and dividends. . 1282Treasury finance 1283-1285Government corporations and credit agencies. . 1286Business indexes 1287-1296Department store statistics.. 1297-1299Consumer credit statistics.. 1300-1302Cost of living 1303Wholesale prices 1304Gross national product, national income, and income payments 1305-1306Current statistics for Federal Reserve chart books. 1307-1311August crop report, by Federal Reserve districts 1311Ownership of U. S. Government marketable public issues 1312-1313Number of banking offices on Federal Reserve par list and not on par list 1314Member bank earnings, 1947.. . 1315Assets and liabilities of insured commercial banks in United States and
possessions on June 30, 1947, December 31, 1946, and June 29, 1946 1316-1317
Tables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made tothe Board; index numbers of production are compiled by the Board on the basis of material collectedby other agencies; figures for gold stock, money in circulation, Treasury finance, and operations ofGovernment credit agencies are obtained principally from statements of the Treasury, or of the agenciesconcerned; data on money and security markets and commodity prices and other series on businessactivity are obtained largely from other sources. Back figures for banking and monetary tables, togetherwith descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;back figures for most other tables may be obtained from earlier BULLETINS.
OCTOBER 1947 1257
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSBILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS
1939 1940 1941 1942 1943 1944 1945 1946 1947
10
1939 1940 1941 1942 1943 1944 1945 1946
Wednesday figures, latest shown are for Sept. 24. See p. 1259.
1947
1258 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]
Date
Monthly averages ofdaily figures:
1946—JuneJulyAug
1947—June.JulyAug
End-of-month figures:1946—June 2 9 . . . .
July 3 1 . . . .Aug. 30
1947—June 30July 3 1 . . . .Aug. 30
Wednesday figures:Nov. 6Nov. 13Nov. 20Nov. 27
Dec. 4Dec. 11Dec. 18Dec. 24Dec. 31
1947—Jan. 8Jan. 1 5 . . . .Jan. 22Jan. 29
Feb. 5Feb. 12Feb. 19Feb. 26
Mar. 5Mar. 12 . . . .Mar. 19Mar. 26
Apr. 2Apr. 9Apr. 16 . . . .Apr. 2 3 . . . .Apr. 30
May 7May 14 . . . .May 21May 28
June 4June 11June 18June 25
July 2 . . . .July 9 . . . .Tuly 1 6 . . . .July 2 3 . . . .July 3 0 . . . .
Aug. 6 . . . .Aug. 1 3 . . . .Aug. 2 0 . . . .Aug. 27
Sept. 3 . . . .Sept. 1 0 . . . .Sept. 17Sept. 24
Reserve Bank credit outstanding
Dis-counts
andad-
vances
245240247162119165
157246331
70137185
376397330283
246290303340163
247243238317
278393342392
239237234287
429277101141125
102139117130
173175132132
110120
99118111
123183239134
125120130119
U. S
Total
23,15223,47323,58421,65821,87722,055
23,78323,63323,94621,87221,54922,192
23,51523,68423,52223,682
23,88824,12823,21123,72223,350
23,73323,32723,43023,863
23,41223,80323,91824,044
23,24223,24722,41122,810
21,93822,27621,90521.82921,857
21,85221,76221,67621,590
21,76021,57821,18621,582
21,62921,61121,75821,70022,012
21,86922,03022,09722,107
22,22422,04221,75622,118
Governmentsecurities
Treas-urybillsand
certifi-cates
20,57022,12222,23320,56120,78120,964
21,28022,28222,59520,77520,45421,103
22,02022,10521,93322,093
22,23922,47922,10222,61322,241
22,62422,21822,32222,754
22,30322,69422,77322,861
22,04422,05021,30621,704
20,83321,17120,80020,72420,752
20,74720,67120,58920,485
20,66420,48220,08920,485
20,53220,51520,66320,60520,917
20,77720,93921,00821,018
21,13520,84820,56220,927
Allother
]
2,5821,3511,351L.O971,0961,091
2,5031,3511,3511,0971,0951,089
1,4941,5781,5881,588
1,6481,6481,1091,1091,109
1,1091,1091,1091,109
1,1091,1091,1451,183
1,1981,1981,1051,105
1,1051,1051,105L.1051,105
1,105L,0911,0871,105
1,0971,097L.097L.097
1,0971,0971,0951,0951,095
1,0921,0911,089,089
,089,194,194,191
Allother1
503458427397346302
516286471228189382
216484463451
452378815815581
396536533335
359442414326
323295402390
391339468259223
276331278299
301287479343
406304391275187
219282300237
274309509336
Total
23,90024,17124,25822,21722,34222,521
24,45624,16424,74822,17021,87522,759
24,10724,56524,31424,416
24,58524,79624,32824,87724,093
24,37524,10524,20124,514
24,05024,63824,67424,761
23,80423,78023,04723,486
22,75822,89322,47422,23022,205
22,23022,23322,07122,019
22,23422,04021,79722,057
22,14522,03522,24822,09322,310
22,21122,49422,63622,478
22,62322,47222,39422,573
Goldstock
20,26720,27020,27121,09221,39921,648
20,27020,26720,28021,26621,53721,766
20,40520,42020,46120,469
20,47720,45020,47720,52720,529
20,53120,56720,69220,808
20,74920,75120,77020,322
20,37620,40320,41320,438
20,48620,49720,58320,62120,774
20,81120,87820,88820,932
20,99021,02621,12321,174
21,28421,33621,43421,46721,537
21,60221,61121,66621,766
21,76521,81521,93521,950
Treas-urycur-
rencyout-
stand-ing
4,5364,5384,5414,5604,5524,551
4,5394,5404,5444,5524,5524,553
4,5484,5484,5484,548
4,5504,5514,5544,5544,562
4,5614,5604,5594,559
4,5594,5584,5564,556
4,5574,5574,5574,556
4,5574,5594,5584,5584,561
4,5604,5594,5594,561
4,5614,5614,5614,553
4,5594,5514,5504,5504,551
4,5524,5514,5514,550
4,5524,5514,5504,552
Moneyin cir-cula-tion
28,14028,28128,35228,23628,25928,252
28,24528,25428,44828,29728,14928,434
28,75028,76128,68928,815
28,90628,94629,10929,16328,952
28,74828,51828,36928,265
28,29528,34628,27628,262
28,33528,33028,24228,170
28,24728,25028,16328,10528,114
28,19728,13428,11628,211
28,26128,25328,19528,183
28,40928,36328,22528,14528,129
28,20628,22328,23928,302
28,74928,74228,63328,556
Treas-urycashhold-ings
2,2662,2512,2621,3391,3251,326
2,2512,2502,2561,3141,3271,323
2,2762,2942,2852,271
2,2882,2702,2082,2582,272
2,2812,2912,2952,325
2,3202,3352,3241,381
1
1
L.331L.335L.3351,355
1,3331,3361,3321,3381,329
1,3281,3371,338L,372
L.366L.332L.3331,329
1,3251,3291,3311,3301,341
1,3301,3291,3301,335
1,323L.3291,3061,319
Treas-ury de-positswith
FederalRe-
serveBanks
686589524557735957
833513704756795751
408577633665
679626237547393
401409862
1,536
1,1621,7112,3582,372
1,4071,429
7131,600
946753613482619
654556539751
653495225642
658566756939705
7281,0531,265
915
459243240800
Non-mem-ber de-posits
1,0531,2741,328
950994
1,079
1,2501,4011,345
8811,0661,343
9671,0441,021
953
917875770848822
966967
1,0041,021
863938649
1,218
:
1,1081,1721,1481,060
1,093L.033
8791,0211,025
9181,066
957846
956889857915
977844952818
1,236
1,0711,000
9871,123
1,149960930924
OtherFed-eralRe-
serveac-
counts
561567573632632624
561562574629621626
599599597598
600601609612607
614615613612
622623623624
626627636637
642641641643627
626628626626
629629632636
631631631633633
621622624626
632632642645
Memberbank reserve
balances
Total
15,99616,01716,03116,15416,34716,481
16,12315,99116,24516,11216,00716,601
16,06016,25916,09816,131
16,22216,47916,51716,53016,139
16,45716,43116,30816,124
16,09515,99415,77015,781
15,93015,84715,94315,658
15,54015,93415,98715,82015,826
15,87715,94915,94215,705
15,92116,02816,24116,081
15,98816,19016,33616,24416,354
16,40916,42816,40716,493
16,62816,93217,12816,831
Ex-cess-
943928891785781800
1,112856
1,085738399823
637838618643
669874656913562
903850726663
761779614703
800718673559
563886844658654
654787752520
626667750674
526670759630742
741779721775
8411,015
P I . 1 4 5P953
* Preliminary.1 Includes industrial loans and acceptances purchased shown separately in subsequent tables.! End of month and Wednesday figures are estimates.Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
OCTOBER 1947 1259
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect September 30. Per cent per annum]
Federal Reserve Bank
Discounts for and advances to member banks
Advances secured byGovernment obligations anddiscounts of and advancessecured by eligible paper
(Sees. 13 and 13a)*
Rate Effective
Other secured advances[Sec. 10(b)]
Rate Effective
Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S,
(last par. Sec. 13)
Rate Effective
BostonNew York. . . .Philadelphia..ClevelandRichmond... .AtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco
Apr. 27,Apr. 25,Apr. 25,May 3,May 10,May 10,Apr. 26,Apr. 26,Apr. 26,Apr. 27,May 10,Apr. 25,
194619461946194619461946194619461946194619461946
IKIK
IKIKIKIKIKIKIKIK
Oct. 27,Oct. 30,Oct. 17,Sept. 12,Oct. 28,Oct. 15,Aug. 29,Mar. 14,Oct. 30,Oct. 27,Oct. 17,Oct. 28,
194219421942194219421942194219421942194219421942
2
i *2
I*222222K
Mar. 29,Apr. 6,Mar. 23,Mar. 9,Mar. 16,Mar. 16,Mar. 16,Mar. 16,Mar. 23,Apr. 13,Mar. 16,Apr. 25,
194619461946194619461946194619461946194619461946
1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligationsof Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of theFederal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 monthsand 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, orcorporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS[Per cent per annum]
Maturity
Treasury bills issued prior toJuly 10, 1947
Bankers' acceptances:1- 90 days
91-120 days121-180 days
Rate onSept. 30
l H111
In effect be-ginning—
Apr. 30, 19422Aug. 24, 1946
2 Aug. 24, 19462Qct. 20, 1933
Previousrate
H
* 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]
Period in effect
June 21, 1917-Aug. 15, 1936..Aug. 16, 1936-Feb. 28, 1937..Mar. 1, 1937-Apr. 30, 1937..May 1, 1937-Apr. 15, 1938..Apr. 16, 1938-Oct. 31,1941. .Nov. 1, 1941-Aug. 19, 1942..Aug. 20, 1942-Sept. 13, 1942..Sept. 14, 1942-Oct. 2,1942..Oct. 3, 1942 and after
Net demand deposits1
Centralreserve
citybanks
1319K2 2 ^262 2 ^26242220
Reservecity
banks
101517H2017K20202020
Countrybanks
710M12K141214141414
Timedeposits
(allmemberbanks)
34KSX656666
1 Demand deposits subject to reserve requirements, i. e., totaldemand deposits minus cash items in process of collection and demandbalances due from domestic banks (also minus war loan and series Ebond accounts during the period Apr. 13, 1943-June 30, 1947, and allU. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.[Per cent per annum]
Nov.l, 1933-Feb.l, 1935- EffectiveJan. 31.1935 Dec.31,1935 Jan. 1,1936
Savings depositsPostal savings depositsOther deposits payable:
In 6 months or moreIn 90 days to 6 months. . . .In less than 90 days
2K2K
2K2K2K
2K2K
2M
1
NOTE.—Maximum rates that may be paid by insured nonmemberbanks as established by the F. D. I. C , effective Feb. 1, 1936, are thesame as those in effect for member banks. Under Regulation Q therate payable by a member bank may not in any event exceed the maxi-mum rate payable by State banks or trust companies on like depositsunder the laws of the State in which the member bank is located.
1260
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANSAND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect September 30. Per cent per annum]
FederalReserve
Bank
BostonNew York . . . .Philadelphia..ClevelandRichmond.. . .AtlantaChicagoSt. LouisMinneapolis. .Kansas Ci ty . .DallasSan Francisco.
To industrial orcommercialbusinesses
Onloans 1
2K-52K-52K-52M-52K-52K-52K-52K-52K-52K-52K-52K-S
Oncommit-
ments
- l
K l X%-WAK-iK%-WA
To financing institutions
On discounts orpurchases
Portionfor whichinstitu-tion is
obligated
828
«2
l-i K
88
Re-mainingportion
Oncommit
ments
K-lKi
1 Including loans made in participation with financing institutions.1 Rate charged borrower less commitment rate.• Rate charged borrower.4 May charge rate charged borrower by financing institution, if
lower.1 Charge of K per cent is made on undisbursed portion of loan.Back figures.See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS'[Per cent of market value]
Prescribed in accordance withSecurities Exchange Act of 1934
Regulation T:For extensions of credit by brokers
and dealers on listed securitiesFor short sales
Regulation U:For loans by banks on stocks
July 5,1945-
Jan. 20,1946
7575
75
Jan. 21,1946-
Jan. 31,1947
100100
100
Effec-tive
Feb. 1,1947
7575
75
1 Regulations T and U limit the amount of credit that may be ex-tended on a security by prescribing a maximum loan value, which is aspecified percentage of its market value at the time of the extension; the"margin requirements" shown in this table are the difference betweenthe market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS[In thousands of dollars]
AssetsGold certificatesRedemption fund for
F. R. notesTotal gold certifi-
cate reserves
Other cash
20,722,742
Discounts and advances:For member banks.. .For nonmember
banks, etc
Total discounts andadvances
Industrial loansAcceptances purchased.U. S. Govt. securities:
Bills:Under repurchase
optionOther
Certificates:SpecialOther
NotesBonds
Total U. S. Govt.securities
Other Reserve Bankcredit outstanding. . .
Total Reserve Bankcredit outstanding
LiabilitiesFederal Reserve notes.Deposits:
Member bank — re-serve account
U. S. Treasurer—gen-eral account
ForeignOther
Total deposits
Ratio of gold certificatereserves to deposit andF. R. note liabilitiescombined (per cent). . .
Wednesday figures
Sept. 24
20,017,674
705,068
20
20,725,197
259,082
89,146
29,500
118,646
1,901
771,36013,139,619
7,015,916471,800719,690
22,118,385
333,873
22,572,805
24,489,812
16,830,557
799,663400,720523,507
18,554,447
Sept. 17
019,670
705,527
252,704
100,279
29,500
19,892,174
699,972
20,592,146
237,937
90,995
29,500
129,779
1,829
823,640
,025,416474,300719,690
,755,623
506,573
22,393,804
24,565,897
17,128,005
240,394432,138497,686
18,298,223
Sept. 10
120,495
1,905
1,493,69012,312,408
7,042,216474,300719,690
22,042,304
307,164
22,471,868
16,932,002
242,854428,670531,666
18,135,192
Sept. 3
19,846,672
687,443
20,534,115 20,524,134 20,426,795
231,916
95,521
29,500
125,021
2,171,36211,987,458
6,976,216369,300719,690
22,224,026
272,356
22,623,211
24,622,738
16,627,511
459,209569,690579,805
18,236,215
Aug. 27
19,841,192
682,942
259,733
105,060
29,500
134,560
1,831
2,621,08011,527,448
6,869,216369,300719,690
22,106,734
234,588
22,477,713
24,225,486
915,237540,833582,230
Aug. 20
19,750,179
676,616
269,358
109,674
129,530
239,204
1,794
3,084,43111,073,758
6,849,716369,300719,690
22,096
297
22,635
24,161
,895
,985
,878
831
16,407,371
1,265493493
,056,209,592
18,659,228
Aug. 13
19,694,179
672,616
20,366,795
268,739
153,675
29,530
183,205
1,667
3,438,08810,696,996
6,803,566369,300721,690
22,029,640
279,735
22,494,247
24,144,768
16,428,266
1,052 669518,836480,829
18,480,600
End of month
Sept.
20,017,671
705,068
20,722,739 20,534,118
267,138
60,239
31,700
91,939
1,8924,053
456,03513,563,291
7,118,566471,800719.690
22,329,382
302,365
22,729,631
24,481,766
16,784 ,'308
1,091,445334,673507,119
18,717,545
48.0
Aug.
19,850,675
683,443
257,366
155,633
29,500
185,133
1,858
2,269,12911,937,708
6,896,216369,300719,690
22,192,043
379,648
22,758,682
24,345,032
16,601,053
750,608651,690691,312
18,694,663
47.7
Sept.
17,327,179
767,837
18,095,016
291,274
69,635
143,800
213,435
1,1031,821
5,058,1679,652,760
7,914,909668,100755,290
24,049,226
328,232
24,593,826
24,448,024
15,910,026
1,081,036612,471456,785
18,060,318
42.6
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIESHELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Discounts and advances:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24 . . .
Industrial loans:Aug. 2 7Sept. 3 . . .Sept. 10. . .Sept. 17Sept ?4
U. S. Government securities:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24.
2222222122
Total
134,560125,021120,495129,779118,646
1,8311,80S1,9051,8291,901
,106,734,224,026,042,304,755,623,118.385
43333
Within15 days
96,09989,01493,782
106,42795,160
1,3111,2881,3571 ,2821,348
,454,208,697,923,390,040,038,532,417,902
222211
16 to 30days
16,37119,53115,37417,4564,944
33
,327,022,327,481,444,442,131,000,872,150
44344
31 to 60days
15,66014,0995,7643,3912,547
" 22
262
,330,964,112,927,898,807,078,979,273,209
44444
61 to 90days
6,4302,3775,5752,5056,084
262525
25
,221,109,571,292,675,612,711,609,771,621
916
23 !3 ,3 ,?
days tomonths
' '9[899
2726265662
712,022021,880021,880016,080983,580
6 monthsto 1 year
33333
083514633917940
12
5353845453
319433433833833
1 year to2 years
295295295178176
110110110109110
,400,400,400,900,400
2 years to5 years
148148148255255
301301301302301
350350350150150
Over5 years
534534534427427
,340,340,340,540,540
OCTOBER 1947 1261
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]
AssetsGold certificates:
Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Redemption fundfor F. R. notes:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24.
Total gold certifi-
cate reserves:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Other cash:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Discounts & ad-vances:
Secured byU. S. Gov't.
securities:Aug. 27. .Sept. 3. .Sept 10. .Sept. 17. .Sept. 24. .
Other:Aug. 27. .Sept. 3. .Sept. 10. .Sept. 17. .Sept. 24. .
Industrial loans:Aug. 27Sept. 3'.'.'.'...Sept. 10Sept. 17Sept. 24
U. S. Govt.securities:
Bills:Under repur-
chaseoption:
Aug. 27. .Sept. 3. .Sept. 10. .Sept. 17. .Sept. 24. .
(Jtner Dins.Aug. 27. .Sept. 3..Sept. 10. .Sept. 17. .Sept. 24. .
Certificates:Aug. 27 ..Sept. 3. .Sept. 10. .Sept. 17. .Sept. 24. .
Notes:Aug. 27Sept. 3....Sept. 10. . . .Sept. 17. . . .Sept. 24
Bonds:Aug. 27. . . .Sept. 3....Sept. 10Sept. 17Sept. 24
Total U. S. Govt.securities:
Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Total loans andsecurities:
Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Total
10,841,19219,846,67219,892,17420,019,67020,017,674
682,942687,443699,972705,527705,068
20,524,13420,534,11520,592,14620,725,19720,722,742
259,733231,916237,937252,704259,082
104,79495,25990,760100,05288,868
29,76629,76229,73529,72729,778
1,8311,8081^9051^829
2,621,0802,171,3621,493,690823,(640771,360
11,527,44811,987,45812,312,40812,712,57713,139,619
6,869,2166,976,2167,042,2167,025,4167,015,916
369,300369,300474,300474,300471,800
719,690719,690719,690719,690719,690
22,106,73422,224,02622,042,30421,755,62322,118,385
22,243,12522,350,85522,164,70421,887,23122,238.932
Boston
742,254721,133715,070765,080728,504
55,53355,53355,39255,65755,175
797,787776,666770,462820,737783,679
27,35922,26022,50823,42024,306
8,9407,6904,9484,1152,379
1,8881,8881,8881,8881,888
333
65,81829,05220,21511,4008,600
877,735898,071893,547905,378931,406
450,852458,301463,301462,133461,461
24,23924,26131,20431,19931,032
47,23647,28047,34847,34147,337
1,465,8801,456,9651,455,6151,457,4511,479,836
1,476,7111,466,5461,462,4541,463,4571,484,103
NewYork
6,667,2106,739,2136,754,2166,750,7106,838,794
116,813116,813121,227120,751120,329
6,784,0236,856,0266,875,4436,871,4616,959,123
47,02942,50444,99745,87142,645
24,00525,70529,18059,7566,535
9,4409,4409,4409,4409,440
1,704,7301,367,485997,826501,080510,649
1,093,3571,388,0581,641,8911,914,9512,026,996
1,808,9671,835,1011,849,2771,845,1721,842,896
97,25397,145124,551124,571123,929
189,526189,315188,990189,021189,043
4,893,8334,877,1044,802,5354,574,7954,693,513
4,927,2784,912,2494,841,1554,643,9914,709,488
Phila-delphia
807,005821,174805,556847,867832,076
60,11761,11760,85260,64960,471
867,122882,291866,408908,516892,547
12,00910,34510,48611,65213,512
7,0707,0603,5252,8151,750
2,3902,3902,3902,3902,390
1,8281,8051,8711,7961,865
82,96059,65040,95014,45014,760
1,069,3231,062,6601,071,8691,076,3461,127,619
453,481461,434467,185465,937465,213
24,38024,42731,46531,45731,284
47,51147,60347,74547,73147,721
1,677,6551,655,7741,659,2141,635,9211,686,597
1,688,9431,667,0291,667,0001,642,9221,692,602
Cleve-land
1,153,6351,122,6911,126,2181,148,4801,146,166
75,23875,23875,03075,35375,196
1,228,8731,197,9291,201,2481,223,8331,221,362
19,37120,71918,45421,38620,432
13,00011,66521,47415,63518,235
2,8222,8182,7912,7872,801
15,12024,01518,3558,4506,100
1,417,6301,425,3511,377,2571,375,1331,432,201
680,699691,054697,208695,582694,667
36,59536,58346,95846,96046,715
71,31771,29271,25271,25671,259
2,221,3612,248,2952,211,0302,197,3812,250,942
2,237,1832,262,7782,235,2952,215,8032,271,978
Rich-mond
855,331861,537844,530841,053825,083
56,86658,86659,77361,95763,219
912,197920,403904,303903,010888,302
13,26311,81012,20413,09813,743
7,2916,7863,9364,48610,185
1,5451,5451,5451,5451,596
313036
29,55016,84018,11018,44423,144
1,025,0301,054,1871,074,7831,058,2761,082,481
418,277425,024429,404428,343427,741
22,48722,49928,92028,91928,764
43,82343,84643,88343,88043,877
1,539,1671,562,3961,595,1001,577,8621,606,007
1,548,0031,570,7271,600,6121,583,9231,617,824
Atlanta
804,774782,638771,295736,451722,770
45,95845,95847,79751,66551,556
850,732828,596819,092788,116774,326
20,39616,18318,09619,18820,810
4,9574,9571,857707
7,507
1,2431,2431,2431,2431,243
5,6609,5003,4003,0002,000
890,760915,184932,436953,682976,354
346,775352,418356,129355,244354,737
18,64318,65623,98623,98323,855
36,33136,35736,39536,39136,389
1,298,1691,332,1151,352,3461,372,3001,393,335
1,304,3691,338,3151,355,4461,374,2501,402,085
Chicago
4,105,2294,098,6594,152,6654,280,0594,308,739
93,09093,09097,88697,72597,581
4,198,3194,191,7494,250,5514,377,7844,406,320
40,97136,69138,21539,44539,687
6,8007,52010,970
2204,020
4,0124,0124,0124,0124,012
528,365497,055321,525203,875148,404
1,504,3101,563,7171,617,1541,668,8321,723,982
848,021861,756870,731868,574867,342
45,59145,61958,64458,63958,326
88,84788,90288,98588,97788,972
3,015,1343,057,0492,957,0392,888,8972,887,026
3,025,9463,068,5812,972,0212,893,1292,895,058
St.Louis
569,687568,656568,558575,081575,151
45,25945,25945,20545,15445,111
614,946613,915613,763620,235620,262
14,38912,40511,47710,45811,236
12,71112,4566,5257,84616,555
1,0871,0871,0871,0831,069
44,91529,81221,12519,46224,612
639,031644,177654,002658,054657,913
370,200375,555378,469377,627377,161
19,90319,88125,49025,49525,363
38,786'38,74438,67838,68538,689
1,112,8351,108,1691,117,7641,119,3231,123,738
1,126,6331,121,7121,125,3761,128,2521,141,362
Minne-apolis
353,005348,192354,135364,995351,212
21,10121,60122,07922,06322,051
374,106369,793376,214387,058373,263
8,0947,4357,1216,8978,244
3903909090
10,090
738738738738738
14,8188,4523,4428,5504,942
443,042455,223443,829437,017454,452
194,738197,767199,630199,154198,885
10,46910,46913,44513,44513,375
20,40320,40220,40220,40220,402
683,470692,313680,748678,568692,056
684,598693,441681,576679,396702,884
KansasCity
597,583596,868597,638602,959589,813
36,05436,05436,00635,97735,948
633,637632,922633,644638,936625,761
8,5997,5248,8068,80910,624
4,1206,4705,3703,57010,200
1,0321,0321,0321,0321,032
12,41419,71223,6929,72912,219
769,981756,604736,718755,698752,785
331,252336,451339,695338,880338,416
17,80917,81122,87922,87822,758
34,70634,70934,71634,71534,715
1,166,1621,165,2871,157,7001,161,9001,160,893
1,171,3141,172,7891,164,1021,166,5021,172,125
Dallas
470,038485,001474,054488,162467,086
24,08725,08726,04326,01325,988
494,125510,088500,097514,175493,074
10,1018,5748,7399,91210,660
5,376326301301301
973973973973973
7,0807,9395,350150
553,656534,362546,373546.408567,673
323,903328,643331,273330,529330,116
17,41317,39722,31222,31522,199
33,93633,90433,85533,86033,863
935,988922,245939,163933,262953,851
942,337923,544940,437934,536955,125
SanFran-cisco
2,715,4412,700,9102,728,2392,618,7732,632,280
52,82652,82752,68252,56352,443
2,768,2672,753,7372,780,9212,671,3362,684,723
38,15235,46636,83442,56843,183
10,1344,2342,584511
1,111
2,5962,5962,5962,5962,596
109,650101,85019,70025,05015,930
1,243,5931,289,8641,322,5491,362,8021,405,757
642,051652,712659,914658,241657,281
34,51834,55244,44644,43944,200
67,26867,33667,44167,43167,423
2,097,0802,146,3142,114,0502,157,9632,190,591
2,109,8102,153,1442,119,2302,161,0702,194,298
1262 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars]
Due from foreignbanks:
Aug. 27Sept. 3Sept. 10Sept. 17. .. .Sept. 24. .. .
Federal Reservenotes of otherBanks:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Uncollecteditems:
Aug. 27 ..Sept. 3Sept. 10Sept. 17Sept. 24
Bank premises:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Other assets:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Total assets:Aug. 27Sept. 3Sept. 10Sept. 17 ..Sept. 24Liabilities
Federal Reservenotes:
Aug. 27. .Sept. 3Sept. 10Sept. 17Sept. 2 4 . . . .
Deposits:Member bank
—reserveaccount:
Aug. 27. .Sept. 3 . .Sept. 10. .Sept. 17. .Sept. 24. .
IJ. S. Treas-urer-generalaccount:
Aug. 27.Sept. 3.Sept. 10.Sept. 17.Sept. 24.
Foreign:Aug. 27.Sept. 3.Sept. 10.Sept. 17.Sept. 24. .
Other:Aug. 27.Sept. 3.Sept. 10.Sept. 17.Sept. 24.
Total deposits:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Deferred availa-bility items:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Other liab. incl.accrued div.:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Total
102102999999
120,898101,676115,147134,234134,758
2,251,3652,365,5622,468,1823,261,5102,727,757
31,84531,80431,83731,86333,264
58,50653,51756,75949,74949,430
45,489,70845,669,54745,666,81146,342,58746,166,064
24,225,48624,622,73824,650,41224,565,89724,489,812
16,493,04616,627,51116,932,00217,128,00516,830,557
915,237459,209242,854240,394799,663540,833569,690428,670432,138400,720
582,230579,805531,666497,686523,507
.18,531,34618,236,21518,135,19218,298,22318,554,447
2,016,8792,093,3082,161,1172,755,0362,393,983
16,49516,32017,00918,59820,899
Boston
66666
7,5995,0934,3725,1714,904
176,466195,924196,606262,851214,891
1,2591,2591,2591,2591,259
3,6583,3423,5973,2743,226
2,490,8452,471,0962,461,2642,580,1752,516,374
1,439,1821,465,6791,463,8381,454,5451,447,748
744,896713,192749,443788,418733,860
65,69928,713
92221,09758,17031,62233,25424,81224,71022,649
1,4742,2032,6744,0244,400
843,691777,362777,851838,249819,079
162,050181,984173,411241,087202,996
1,0521,1381,0111,0671,120
NewYork
I 331 3 31 3 01 3 01 3 0
18,97015,81920,69322,72721,473
430,453463,249484,226608,142509,509
8,3318,3128,3128,3128,312
14,94013,17013,82711,52712,093
12,231,05712,311,36212,288,68312,212,06112,262,673
5,590,1565,649,4745,638,2625,635,5445,620,169
5,091,6085,201,5515,198,0235,256,3495,230,784
257,229130,042230,28163,263
161,7932205,5182217,0342165,6882170,2142160,693
510,918503,135454,412419,443441,995
6,065,2736,051,7626,048,4045,909,2695,995,265
354,803389,402
380,530444,625422,701
3,2102,6913,1103,8895,430
Phila-delphia
88888
5,7253,9485,8666,2146,521
147,734154,273162,529233,817192,076
3,1013,1013,1333,1333,127
3,5143,2733,4182,9483,015
2,728,156
Cleve-land
I
99999
5,3236,0005,6456,7536,746
205,898207,569216,880308,192268,248
3,7843,7753,7753,7755,189
5,9605,6806,6506,2384,992
3,706,4012,724,26813,704,4592,718,8482,809,2102,803,408
1,641,9131,662,3081,662,8981,659,0951,658,048
797,165795,573829,848840,142829,968
58,57723,853
38922,06663,427
39,93341,99831,31531,18528,577
2,1391,2852,1861,9611,998
897,814862,709863,738895,354923,970
130,503141,221133,923196,345162,702
1,1271,1491,2641,2431,359
3,687,9563,785,9893,798,956
2,104,2042,127,7542,134,6722,127,6342,120,269
1,221,4771,227,1061,248,9201,284,5951,247,904
72,19942,602
51916,67694,876
45,84948,22135,95435,80532,810
7,2548,3767,9386,4046,623
1346,7791,326,3051,293,3311,343,4801,382,213
188,622183,338192,898247,465228,646
1,9492,0031,7891,9242,105
Rich-mond
55555
8,2268,3497,9719,736
11,347
209,709217,926229,999312,942250,770
2,6482,6482,6482,6482,641
3,5633,2183,5182,9463,126
2,697,6142,735,0862,761,2602,828,3082,787,758
1,664,2321,704,0221,720,6271,719,0601,717,873
732,331714,612776,802768,996748,264
54,38754,884
1,05718,18753,011
24,15725,40718,94318,86517,287
1,9333,1122,1843,2883,317
812,808798,015798,986809,336821,879
184,285196,643204,969263,151211,004
1,0311,1011,2151,1511,249
Atlanta
44444
11,7076,812
11,61612,12212,351
134,922161,661148,980210,296165,238
1,4971.4971,4971,4971,497
3,0362,8442,8882,5792,607
2,326,6632,355,9122,357,6192,408,0522,378,918
1,365,3451,406,6371,410,2211,400,5991,397,085
725,643726,216748,155746,988720,933
44,53910,220
1,4413,921
44,917
20,21321,25915,85115,78514,465
4,4714,5922,2961,8941,661
794,866762,287767,743768,588781 976
135,761156,193148,653207,702168,457
974980
1,0641,0971,196
Chicago
1414141414
15,20713,91314,52616,91417,095
340,195351,683376,163497,667403,605
3,0303,0303,0303,0563,056
7,3947,0017,3126,3726,499
7,631,0767,672,6627,661,8327,834,38!7,771,334
4,560,3614,615,3504,614,1274,602,1574,589,857
2,469,0122,530,0522,565,8312,632,7542,557,639
130,86559,097
1,88118,361
118,565
67,04870,51652,57852,36047,981
4,1414,6842,8574,0886,406
2,671,0662,664,3492,623,1472,707,5632,730,591
303,282296,359327,517427,324353,140
2,5612,5512,7032,765
St.Louis
44444
7,4524,3987,5349,1908,312
97,629111,003115,567144,321120,329
1,9831,9791,9791,9791,979
3,4673,2563,3823,0153,077
1,866,5031,868,6721,879,0821,917,4541,906,561
1,076,8381,101,9921,104,2601,102,2041,100,992
604,053594,509619,458619,571607,505
47,24925,387
1,49612,07036,555
17,25518,14713,53113,47512,348
7,1698,1407,7768,1868,677
675,726646,183642,261653,302665,085
87,31993,866
105,707135,049113,418
740742811793
2,932 837
Minne-apolis
33333
13,27912,54810,33113,50711,633
62,50568,47375,51287,65079,601
1,2191,2191,2191,2191,219
1,6571,4721,5481,3961,275
1,145,461,154,384
1,153,5241,177,1261,178,122
591,943604,545606,622610,339609,982
419,549432,446450,145447,246443,720
44,59024,971
45712,92827,848
12,32512,9639,6659,6258,820
2,0312,6351,7612,2162,026
478,495473,015462,028472,015482,414
55,94857,66965,74275,02466,193
687691610
1,136850
KansasCity
44344
7,9537,6907,0488,9429,083
118,546132,909136,635158,080144,919
2,4802,4742,4742,4742,474
2,7202,4472,6052,3062,366
1,945,2531,958,7591,955,3181,986,0531,967,356
926,183950,094947,378941,830937,551
828,794827,748846,257843,398826,073
37,74410,982
81018,31433,406
17,25518,14813,53113,47512,348
1,0481,250
599445931
884,841858,128861,197875,632872,758
107,501123,791119,800141,573129,853
845844863882899
Dallas
33333
3,4352,8353,7124,2895,241
116,85698,019
106,961135,413115,960
775772773773773
2,8082,5422,3942,2912,319
1,570,4401,546,3771,563,1161,601,3921,583,155
593,399617,347620,598615,880612,150
789,612783,784805,228810,093788,226
39,33815,930
1,23412,61537,564
16,26917,11012,75812,70511,642
1,217962799883
1,307
846,436817,786820,019836,296838,739
105,21685,74597,043
123,604106,487
761798671747828
SanFran-cisco
99999
16,02214,27115,83318,66920,052
210,452202,873218,124302,139262,611
1,7381,7381,7381,7381,738
5,7895,2725,6204,8574,835
5,150,2395,166,5105,178,3095,202,3865,211,449
2,671,7302,717,5362,726,9092,697,0102,678,088
2,068,9062,080,7222.C93.8922,089,4552,095,681
62,82132,5282,367
20,89669,531
43,38945,63334,04433,93431,100
38,43539,43146,18444,85444,166
2,213,5512,198,3142,176,4872,189,1392,240,478
201,589187,097210,924252,087228,386
1,5581,6321,8981,9042,094
1 After deducting $69,000 participations of other Federal Reserve Banks on Aug. 27; Sept. 3; Sept. 10; Sept. 17; and Sept. 24.2 After deducting $335,240,000 participations of other Federal Reserve Banks on Aug. 27; $352,580,000 on Sept. 3; $262,888,000 on Sept. 10;
$261,800,000 on Sept. 17; and $239,904,000 on Sept. 24.
OCTOBER 1947 1263
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars]
Total liabilities:Aug. 27Sept. 3Sept 10 .Sept. 17Sept. 24
Capital Accts.:Capital paid in:
Aug. 2 7 . . . .Sept. 3Sept. 10Sept. 1 7 . . . .Sept. 2 4 . . . .
Surplus(section 7):
Aug. 2 7 . . . .Sept. 3Sept. 1 0 . . . .Sept. 17Sept. 24. . . :
Surplus(section 13b):
Aug. 27. . . .Sept. 3Sept. 10Sept. 17Sept. 2 4 . . . .
Other cap. accts.:Aug. 2 7 . . . .Sept. 3 . . . .Sept. 10. . . .Sept. 17Sept. 24
Total liabilitiesand cap. accts.:
Aug. 27Sept. 3Sept. 10. . . .Sept. 1 7 . . . .Sept. 24 . . .
Contingent lia-bility on billspurchased forforeign corre-spondents:
Aug. 27. . . .Sept. 3 . . . .Sept. 10Sept. 17Sept. 2 4 . . . .
Commit, to makeindus. loans
Aug. 2 7 . . . .Sept. 3 . . . .Sept. 10Sept. 17Sept. 24. . . .
Total
44,790,20644,968,58144,963,73045,637,75445,459,141
193,288193,306193,367193,422193,442
439,823439,823439,823439,823439,823
27,45527,45527,45527,45527,455
38,93640,38242,43644,13346,203
45,489,70845,669,54745,666,81146,342,58746,166,064
4,0213,8773,3873,2363,125
7,4547,4847,4087,4677,400
Boston
2,445,9752,426,1632,416,1112,534,9482,470,943
11,20411,20411,20411,21211,212
27,55727,55727,55727,55727,557
3,0123,0123,0123,0123,012
3,0973,1603,3803,4463,650
2,490,8452,471,0962,461,2642,580,1752,516,374
257248217207200
NewYork
12,013,44212,093,32912,070,30611,993,32712,043,565
68,13668,14368,15768,16668,170
136,549136,549136,549136,549136,549
7,2537,2537,2537,2537,253
5,6776,0886,4186,7667,136
12,231,05712,311,36212,288,68312,212,06112 262 673
H.2851l,240H.084il,03611,000
Phila-delphia
2,671,3572,667,3872,661,8232,752,0372,746,079
14,30114,30214,30314,30314,302
34,72034,72034,72034,72034,720
4,4894,4894,4894,4894,489
3,2893,3703,5133,6613,818
2,728,1562,724,2682,718,8482,809,2102,803,408
326314274262253
928952885961892
Cleve-land
3,641,5543,639,4003,622,6903,720,5033,733,233
18,79518,80218,80118,80418,807
41,39441,39441,39441,39441,394
1,0071,0071,0071,0071,007
3,6513,8564,0644,2814,515
3,706,4013,704,4593,687,9563,785,9893,798,956
374361315301290
1,4931,4911,4911,4911,491
Rich-mond
2,662,3562,699,7812,725,7972,792,6982,752,005
8,1408,1408,1418,1428,143
20,67620,67620,67620,67620,676
3,3253,3253,3253,3253,325
3,1173,1643,3213,4 73,6.,9
2,697,6142,735,0862,761,2602,828,3082,787 758
197190166158153
8997927678
Atlanta
2,296,9462,326,0972,327,6812,377,9862,348,714
7,4377,4377,4417,4437,443
18,66318,66318,66318,66318,663
762762762762762
2,8552,9533,0723,1983,336
2,326,6632,355,9122,357,6192,408,0522,378,918
165159139133128
427427427427427
Chicago
7,537,2707,578,6097,567,4947,739,8097,676,520
23,08823,08923,14423,15023,154
65,07865,07865,07865,07865,078
1,4291,4291,4291,4291,429
4,2114,4574,6874,9155,153
7,631,0767,672,6627,661,8327,834,3817,771,334
547527461440425
3030302929
St.Louis
1,840,6231,842,7831,853,0391,891,3481,880,332
6,3466,3476,3476,3486,343
16,57716,57716,57716,57716,577
521521521521521
2,4362,4442,5982,6602,788
1,866,5031,868,6721,879,0821,917,4541,906,561
141136118113110
580580580580580
Minne-apolis
1,127,0731,135,9201,135,0021,158]5141,159,439
4,2474,2474,2484,2654,267
10,99710,99710,99710,99710,997
1,0731,0731,0731,0731,073
2,0712,1472,2042,2772,346
1,145,4611,154,3841,153,5241,177,1261,178,122
10197858178
KansasCity
1,919,3701,93,2,8571,929,2381,959[9171,941,061
6,4586,4586,4586,4636,467
15,72915,72915,72915,72915,729
1,1371,1371,1371,1371,137
2,5592,5782,7562,8072,962
1,945,2531,958,7591,955,3181,986,0531,967,356
141136118113110
3 7503,7503,7503,7503,750
Dallas
1,545,8121,521,6761,538,3311,576,5271,558,204
7,2027,2027,2037,2067,211
13,77713,77713,77713,77713,777
1,3071,3071,3071,3071,307
2,3422,4152,4982,5752,656
1,570,4401,546,3771,563,1161,601,3921,583,155
133128112107103
SanFran-cisco
5,088,4285,104,5795,116,2185,140,1405,149,046
17,93417,93517,92017,92017,923
38,10638,10638,10638,10638,106
2,1402,1402,1402,1402,140
3,6313,7503,9254,0804,234
5,150,2395,166,5105,178,3095,202,3865,211,449
354341298285275
157157153153153
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS[In thousands of dollars]
F.R. notes outstanding(issued to Bank):
Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Collateral held againstnotes outstanding:Gold certificates:
Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Eligible paper:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
U. S. Govt. sec :Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Total collateral:Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Total
24,911,24925,227,67225,305,45825,314,89425,254,169
12,068,00012,168,00012,088,00011,938,00011,888,000
74,56470,69455,93682,58857,891
13,524,91513,584,81213,771,12513,889,46213,894,612
25,667,47925,823,50625,915,06125,910,05025,840,503
Boston
5,829 51,5051,508,016 51,508,921l,510,2i269 5
,738,665,781,664
5,792,346781,858
1,502,628 5,769,759
440,000 3,470,000440,000 •440,000 3 /
8,9407,6904,9484,1152,379
1,100,000
NewYork
3,470,0005,470,000
440,000 3,470,000440,000 3,470,000
24,00525,70529,05559,2565,735
1,100,000 2,400,0001,100,000 21,100,0001,100,000
,400,0002,400,0002,400,0002,400,000
1,548,940 5,894,0051,547,690 5,8951,544,9481,544,1151,542,37
,7055,899,0555,929,256
875,735
Phila-delphia
1,685,6341,698,698 2.1,707,4311,7121,705,702
500,000500,000515,000515,000515,000
7,0707,0603,5252,8151,750
1,200,0001,200,0001,200,0001,200,0001,200,000
2,145,902,168,408
2,178,647138 2,188,156
1,707,070 21,707,060 21,718,5251,717,8151,716,750
Cleve-land
2,185,087
655,000670,000685,000695,000695,000
1,500,0001,500,0001,500,0001,500,0001,500,000
,155,000,170,000
2,185,0002,195,0002,195,000 1
Rich-mond
1,702,1831,731,0121,747,1371,757,2601,762,080
610,000610,000610,000560,000560,000
7,1406,6353,7854,335
10,035
1,105,0001,130,0001,160,0001,220,0001,220,000
1,722,1401,746,6351,773,7851,784,335,790,035
At-lanta
4,656,6134,700,906
,707,830720 4,703,272
,411,246,450,821,454,439 4,452,
900,000950,000950,000,000,000,000,000
,485,000 41,475,0001,475,000 4
Chicago
449,339 4,695,457
520,000 2,890,000535,000 2,950,000535,000 2,850,000475,000 2,850,000475,000 2,850,000
1,800,0001,800,0001,90 ,0001,900,0001,900,000
420,000 4,690,000485,000 4,750,000
,750,0004,750,000750,000
St..Louis
1,111,3731,150,3771,153,2421,147,948 6221,144,722
604,398616,316622,279
,571623,205
300,000300,000300,000300,000300,000
12,76512,5106,5797,89616,591
894,915879,812921,125919,462 450,000924,612 450,000
1,207,680 609,3901,192,3221,227,7041,227,358 634,0901,241,203 644,090
Minne-apolis
184,000194,000184,000184,000184,000
3903909090
10,090
425,000425,000440,000
619,390624,090
KansasCity
950,998 621,518642,243970,833
974,353970,460 644,906 2,823,336966,490 641,842
169,000
280,000280,000280,000280,000280,000
4,1206,4705,3703,57010,200
700,000 500,000700,000 500,000
Dallas
646,529 2,812,304
169,000 2,050,000169,000 2,050,000169,000 2,050,000169,000 2,000,000
500,000500,000 1,000,000500,000 1,000,000
700,000700,000700,000
984,120 669,000 3,060,134986,470 669,000 3,054,234985,370 669,000 3,052,584983,570 669,000 3,000,511990,200 669,000 2,951,111
SanFran-cisco
2,776,8902,808,378
2,807,858
1,950,000
10,1344,2342,584
5111,111
1,000,0001,000,0001,000,000
1 After deducting $2,736,000 participations of other Federal Reserve Banks on Aug. 27; $2,637,000 on Sept. 3; $2,303,000 on Sept. 10; $2,200,000on Sept. 17; and $2,125,000 on Sept. 24.
1264 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WAR PRODUCTION LOANS GUARANTEED BY WAR DE-PARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVEBANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Date
1942June 30Dec. 31
1943June 30Dec. 31 .
1944June 30Dec. 30
1945June 30Dec. 31
1946June 29Dec. 31
1947Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 30
Guaranteed loansauthorized
to date
Num-ber
5652,665
4,2175,347
6,4337,434
8,4228,757
8,7718,771
8,7718,7718,7718,7718,7718,7718,7718,771
Amount
310,6802,688,397
4,718,8186,563,048
8,046,6729,310,582
10,149,31510,339,400
10,344,01810,344,018
10,344,01810,344,01810,344,01810,344,01810,344,01810,344,01810,344,01810,344,018
Guaranteedloans
outstanding
Totalamount
81,108803,720
1,428,2531,914,040
2,064,3181,735,970
1,386,851510,270
70,26718,996
18,02514,23811,74610,3569,2363,5893,2452,992
Portionguaran-
teed
69,674632,474
1,153,7561,601,518
1,735,7771,482,038
1,190,944435,345
60,21417,454
16,65413,23710,9659,6588,6013,2182,9082,703
Additionalamount
available toborrowers
under guar-antee agree-
mentsoutstanding
137,8881,430,121
2,216,0533,146,286
3,810,7974,453,586
3,694,618966,595
142,61728,791
22,42421,18315,39213,45213,1766,7266,7096,729
NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and additional amounts available to borrowersunder guarantee agreements outstanding represents amounts repaidand authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (lastWednesdayor last dayof period)
1934. . .1935. . .1936. . .1937. . .1938. . .1939. . .1940. . .1941. . .
1942June 24.Dec. 31 .
1943June 30.Dec. 31.
1944June 30Dec. 30,
1945June 30Dec. 31
1946June 29Dec. 31,
1947Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 30.
Applicationsapprovedto date
Num-ber
9841,9932,2802,4062,6532,7812,9083,202
3,3523,423
3,4523,471
3,4833,489
3,5023,511
3,5243,542
3,5453,5483,5483,5523,5533,5553,5583,563
Amount
49,634124,493139,829150,987175,013188,222212,510279,860
338,822408,737
475,468491,342
510,857525,532
537,331544,961
552,711565,913
568,540569,487569,825571,408571,893572,836574,999576,161
Ap-provedbut not
com-pleted1
amount)
Loan;out-
standing2
(amount)
20,96611,5488,2263,3691,9462,659
13,9548,294
26,3464,248
3,203926
451,295
70320
6154,577
4,7954,7954,5955,3714,595
1951,902
351
13,58932,49325,52620,21617,34513,6839,152
10,337
11,26514,126
13,04410,532
11,3663,894
3,2521,995
1,210554
593996
1,0811,1091,6181,7781,7321,858
Commit-mentsout-
standing(amount)
8,22527,64920,95912,78014,1619,2205,226
14,597
16,83210,661
12,1329,270
4,0484,165
5,2241,644
5,3668,309
8,2178,1868,1607,2795,7357,0186,8867,437
Partici-pations
out-standing(amount)
1,2968,7787,2087,238
12,72210,9816,386
19,600
26,43017,305
19,07017,930
11,0632,706
2,5011,086
1,1102,670
2,6772,7292,7272,6162,7614,0433,9025,028
1 Includes applications approved conditionally by the Federal Re-serve Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of con-dition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of ad-vances, and applications for loans and commitments withdrawn orexpired.
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, orweek ending Thursday
Total reserves held:1946—July
August1947—July
August
July 24July 31Aug. 7Aug. 14Aug. 21Aug. 28Sept. 4Sept. 11
Excess reserves:1946—July
August1947—July
August
July 24July 31Aug. 7Aug. 14Aug. 21Aug. 28Sept. 4Sept. 11
Borrowings at FederalReserve Banks:1946—July
August1947—July
August
July 24July 31Aug. 7Aug. 14Aug. 21Aug. 28Sept. 4Sept. 11
Allmem-
berbanks l
16,01716,03116,34716,481
16,40016,37216,46416,46816,45416,48816,58116,831
928891781800
789753805820777775794948
12112692127
829495163103135136103
Central reservecity banks
•NewYork
4,1804,1254,2394,203
4,2604,2474,2274,1894,1924,2074,2144,249
7192
26
7489343421
Chi-cago
897904964979
967970976979979978987988
113
- 14
34344354
Re-servecity
banks
6,3146,3376,4386,543
6,4556,4676,5116,5246,5316,5556,6146,686
226205222226
220209228219212216235274
82745157
5148557457506154
Coun-try
banks *
4,6274,6654,7064,757
4,7194,6884,7504,7774,7524,7484,7674,907
673670
••548559
550526561585548542542654
27333942
3142324137444132
r Revised. •1 Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all mem-ber banks and of country banks may include small amounts of FederalReserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE ANDSMALL CENTERSi
[Averages of daily figures. In millions of dollars]
August 1946July 1947
August 1947
BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
In places of 15,000and over population
Demanddepositsexceptinter-bank
16,28915,108
15,223
1,8252,8101,0521,300
1,0581,5071,915
628
553531918
1,125
Timedeposits
8,114'8,456
8,471
8822,170
748921
398486
1,388333
293105141606
In places of under15,000 population
Demanddepositsexceptinter-bank
'12.11211,639
11,872
3371,044
9001,043
842640
1,699967
7461,6231,472
557
Timedeposits
5,6746,022
6,054
2341,169
897829
468213957281
44220261
302
r Revised.1 Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.All reserve cities have a population of more than 15,000.
OCTOBER 1947 1265
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Class of bank andFederal Reserve district
All member banks
Central reserve city banks:New YorkChicago . . . . . . . . . .
Reserve city banksBostonNew York . . .Philadelphia .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City. . . . . .DallasSan F ranc i sco . . . .
C o u n t r y b a n k s . . .
Boston . . .New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco.. . .
All member banks
Central reserve city banks:N e w Y o r k . . . . .C h i c a g o
Reserve city banks . .
New York . .PhiladelphiaClevelandRichmondAtlantaChicago . . . . . .St. LouisMinneapo l i s . . . . . . . . . .Kansas City . . . .DallasSan Francisco.. . .
Country banksBostonNew York . . .Philadelphia . .ClevelandRichmond . . .AtlantaChicagoSt LouisMinneapolis . . . . . . .Kansas City . . . .DallasSan Francisco.. . . . . . .
Gross demand deposits
Total
87,225
21,9605,070
32,1811,911
5652,2093,7082,0091,9753,9111,808
9682,7972.3148,006
28,0142,2463,9451,9622,3582,0042,3093,6701,7111,3562,2272,5171,710
Inter-bank
11,189
3,9971,149
5,100269
27335466295409505500272952548523
94282811523
10315772
1196375
13022
Other
76,036
17,9633,921
27,0811,642
5391 ,8743,2421 ,7131.5673 ,4051,308
6971 .8451.7667,432
27,0712,1643 ,8641,9472 .3351,9002.1523 ,5991,5921,2932.1522.3871.687
Netde-
mandde-
posits 2
F t
76,912
20.5394.605
28,0741,754
5031.9853,3121,7741,6983 ,3601,565
8162,2981.9217 ,089
23,6941,9623 ,4591,7192.0451,6681.9453,0791.4451,1421.7761.9771,476
Timede-
posits3
st half Ai
28,108
1.452887
11,257200307276
1,322443411
2,100323176360338
5,000
14,5121,1173,3361.6441,743
865700
2.342614734308201909
De-mandbal-
ancesdue
fromdo-
mesticbanks
igust 1947
5,570
42150
1,755352369
16696
1212999057
263254280
3,623180328193263270314531228183431505195
Reserves with FederalReserve Banks
Total
16,472
4,207979
6,523369122419773401383838339176506449
1,748
4,7633757633S3454326352660271234312344288
Re-quired
15,647
4,195974
6,290363119414742381364798332174481404
1,718
4,188342684339391285314572239204267289261
Ex-cess
825
124
233635
32201940
62
254530
575347944634038893130455627
Bor-row-ingsat
Fed-eralRe-
serveBanks
127
261
60136
165?5
12
431
417
104531
141
3
Second half of August 1947
87,583
21,9705,095
32,4691 905
5692,2143 ,7262,0491,9883,9701,835
9812,8312,3348,066
28,0492,2403,9241,9732,3742,0032,2973,7021,7141,3702,2282,5241 ,702
11,201
4,0.301,149
5,088260
2733046530140750648828993 7541537
93380791523
102154
731166573
13024
76,382
17.9403,945
27,3811 645
5421,8843,2611,7481.5813.4641,346
6921,8951. 7937 ,530
27,1162,1613,8441,9582,3511,9002,1433 6291,5981.3052,1552 ,3941,679
77,257
20.5084,616
28,3191 750
5051 ,9833,3131,8031,7063,4201,590
8222,3431,9317,153
23,8151.9633.4611,7312,0601,6751,9463 1111.4571.1481,7951,9921,475
28,165
1 ,456886
11,286199307276
1.338447411
2.104326177360339
5,002
14,5371,1163,3401.6451.756
866699
2 348614736306202908
5,512
45151
1,764342471
16399
122297
8860
267252288
3,553176310190262260302533220192416499191
16,490
4,198980
6,561369123417775403380842344180518441
1,770
4,750372757382454321348665270236313345287
15,713
4,189976
6,341362119413743387366810338175490407
1,731
4,206342685341394286314576241205270291261
111
94
220734
321515326
5283439
544307241603534892931435426
127
253
55126
14345
113151
438
153441
119
4
1 Averages of daily dosing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required arebased on deposits at opening of business.
2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection anddemand balances due from domestic banks.
3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.NOTE.—'Demand deposits adjusted (demand deposits other than interbank and United States Government, less cash items reported as in
process of collection) of all member banks estimated at 70,150 million dollars in the first half and 70,240 million in the second half of August. U. S.Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements.
1266 FEDERAL RESERVE BULLETIN
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UNITED STATES MONEY IN CIRCULATION, BY DENOMINATION
[Outside Treasury and Federal Reserve Banks, In millions of dollars]
End of year ormonth
Totalin cir-cula-tion x
Coin and small denomination currency 2
Total Coin $2 $5 $10 $20
Large denomination currency2
Total $50 $100 $500 $1,000 $5,000 $10,000
Unas-sorted
1058752443232
112222223
33112222
1933193419351936193719381939194019411942194319441945
1946—AprilMayJuneJulyAugust. . .SeptemberOctober. .NovemberDecember.
1947—January. .February. ,March. . . ,AprilMay ,JuneJulyAugust
5,5195,5365,8826,5436,5506,8567,5988,732
11,16015,41020,44925,30728,515
27,88528,120
,24528,25428,44828,50728,60028,86128,952
28,26228,30428,23028,11428,26128,29728,14928,434
4,1674,2924,5185,0215,0155,1475,5536,2478,12011,57614,87117,58020,683
19,99720,17120,24820,18520,27120,26220,27320,44720,437
19,80819,87319,80719,68419,77319,76919,62219,837
442452478517537550590648751880
1,0191,1561,274
1,2801,2911,3001,3111,3191,3321,3451,3551,361
1,3371,3371,3441,3511,3511,3551,3561,362
402423460499505524559610695801909987
1,039
987999998990992
1,0011,0001,0101,029
972967969972985986980990
33323335333436394455708173
666767676666656567
6364636363646364
719771815906905946
1,0191,1291,3551,6931,9732,1502,313
2,1732,1992,1912,1662,1652,1562,1482,1692,173
2,0742,0902,0852,0652,0892,0782,0582,092
1,2291,2881,3731,5631,5601,6111,7722,0212,7314,0515,1945,9836,782
6,5096,586604
6,5526,571528494
6,5436,497
6,2846,3366,3096,253303
6,2896,2306,308
,342,326,359,501,475
1,4811,5761,8002,5454,0965,7057,2249,201
8,9819,0299,0879,0999,1599,1809,2219,3059,310
9,0779,0799,0368,9798,9828,9968,9359,020
1,3601,2541,3691,5301,5421,7142,0482,4893,0443,8375,5807,7307,834
7,8897,9507,9988,0718,1788,2478,3298,4168,518
8,4578,4348,4248,4328,4898,5308,5298,600
364337358399387409460538724
1,0191,4811,9962,327
2,3372,3522,3642,3772,4022,4192,4362,4582,492
2,4602,4562,4472,4422,4492,4662,4532,477
618577627707710770919
1,1121,4331,9102,9124,1534,220
4,3094,356
,3874,4374,5094,5674,6454,7114,771
4,7574,7554,7544,7694,7894,8084,8244,874
125112122135139160191227261287407555454
439438438436436436434435438
434433432431430430428428
237216239265288327425523556586749990801
773775781790802795784782783
774769771773804810806804
857761720302499107
1071618123232604625222424
222122212021212126
2314141211121212
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
as destroyed. 3 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]
GoldGold certificatesFederal Reserve notesTreasury currency—total.
Standard silver dollarsSilver bullionSilver certificates and Treasurv notes of 1890. .Subsidiary silver coin.Minor coinUnited States notes .Federal Reserve Bank notes. . . .National Bank notes.
Total—Aug. 31, 1947.July 31, 1947.Aug. 31, 1946. . . .
Total out-standing,Aug. 31,
1947
21 ,76620,58224,965
4,553
4931,929
3 2,241924351347402106
(4)(4)(4^
Money
As securityagainst
gold andsilver
certificates
20,582
3 2,241
3121 ,929
22,82322,58320,392
leld in the Treasury
Treasurycash
21,184
7960
27
1811
3I
(5)
1,3231,3272,256
ForFederalReserve
Banks andagents
17,719
17,71917,48115,282
Moneyheld byFederalReserve
Banks andagents
2,815735257
3
18929
725
41
3 ,8083,9123,845
Money in circulation1
Aug. 31,1947
4724,1514,236
150
2,052878334320397106
28,434
July 31,1947
4823,8874,214
149
2,034875332317400106
28,149
Aug. 31,1946
5024,1924,206
143
2 ,003853323317454113
28,448
1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totalsfor other end-of-month dates shown in table above, totals by weeks in table on p. 1259, and seasonally adjusted figures in table on p. 1268.
2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.4 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 onreceipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the faceamount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amountof such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificatesand 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 depositedwith the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be countedas reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. FederalReserve Bank notes and national bank notes are in process of retirement.
OCTOBER 1947 1267
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MONEY IN CIRCULATION WITH ADJUSTMENT FORSEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Date
End of year figures:19391940194119421943194419451946
Monthly averages of dailyfigures:
1946—MayJuneJulyAugustSeptemberOctoberNovemberDecember
1947—TanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember
Amount—•unadjustedfor seasonal
variation
7,5988,732
11,16015,41020,44925 30728,51528 952
27,97828,14028,28128,35228,47828,58828,72728,997
28,54328,30028,27328,18528,15828,23628,25928,25228,654
Amount—adjusted for
seasonalvariation
28,17528,28128,33828,49428,53528,58828,64128,710
28,45828,30028,35828,41228,35628,37828,31628,39428,711
Change inseasonallyadjustedseries 1
+742+ 1 ,134+2,428+4,250+5,039+4,858+3,208
+437
+27+ 106+57
+ 156+41+53+53+69
-252-158+58+54- 5 6+22-62+78
+317
1 For end of year figures, represents change computed on absoluteamounts in first column.
NOTE.—'For discussion of seasonal adjustment factors and for backfigures on comparable basis see September 1943 BULLETIN, pp. 822-826.Because of an apparent recent change in the seasonal pattern aroundthe year end, adjustment factors have been revised somewhat for datesaffected, beginning with December 1942; seasonally adjusted figuresfor money in circulation, as shown in Banking and Monetary Statistics,Table 111, p. 414, and described on p. 405, are based on an older seriesof adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES
[In millions of dollars]
Period
1936193719381939 . . .19401941194219431944194519461946—September..
October. . . .November. .December. .
1947—January....February...MarchAprilMayJuneJulyAugustSeptember..
Goldstock
at endof
period
211,258212,76O14,51217,64421,99522,73722,72621,93820,61920,06520,52920,30520,40220,47020,52920,74820,33020,46320,77420,93321,26621,53721,766
P21.955
Increasein goldstock
1,132.51,502.51,751.53,132.04,351.2
741.8- 1 0 . 3
-788.5-1 ,319.0
-553.9464.0
25.396.767.759.4
219.3-418.2
132.5311.5159.0333.4270.6228.8
P189.2.
Netgold
importor export
(-)
1,116.61,585.51,973.63,574.24,744.5
982.4315.7
68.9-845.4-106.3
311.5- 7 . 624.277.9
-61 .2- 1 6 . 8
20.4153.644.1
129.7200.2219.2
P i l l . 7(4)
Ear-marked
gold: de-creaseor in-
crease (—)
-85 .9-200.4-333.5-534.4-644.7-407.7-458.4-803.6-459.8-356.7
465.412.3
115.7127.582.8
196.1-684.5
203.5272.0
13.1119.026.742.3
5153.1
Do-mestic
goldpro-duc-tion1
131.6143.9148.6161.7170.2169.1125.448.335.832.0
'•51.2'6.3'5.5••4.4'5.87.65.5
'5 .56.27.26.17.37.0
(4)
p Preliminary. r Revised.1 Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 1320.2 Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.3 Change reflects primarily gold subscription to International Mon-
etary 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 institutionsamounted to 3,487.1 million dollars on Sept. 30, 1947. Gold under ear-mark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table156, pp. 536-538, and for description of statistics see pp. 522-523 inthe same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Year and month
1939194019411942—old series 31942—new series 3
194319441945 . . . .1946—old series 4
1946—new series 4
1946—'August . . . .SeptemberOctoberNovemberDecember
1947—JanuaryFebruaryIVIarchAprilM a yJune . .JulyAugust
Debits
Total, allreportingcenters
423,932445,863537,343607,071641,778792 937891,910974,102
11,050,021
82,70483,29591,34086,645
103,900
93,48881,56793,31487,77187,84094,44693,73384,406
to total deposit accounts exceptinterbank accounts
NewYorkCity1
171,382171,582197,724210,961226,865296,368345,585404,543417,475
30,21631,39733,91331,08841,252
34,30529,74533,54731,39130,89535,63234,77928,331
140other
centers x
218,298236,952293,925342,430347,837419,413462,354479,760527,336
43,68343,15547,67146,10552,295
49,14043,19949,95546,90447,46449,26549,17846,717
Otherreportingcenters 2
34,25237,32945,69453,67967,07477,15583,97089,799
105,210
8,8058,7439,7569,452
10,353
10,0438,6229,8129,4759,4829,5489,7769,358
Annual rate ofturnover of totaldeposits except
interbank
NewYorkCity
16.116 517.118 319.0
16 319.318 719.925.8
20.620.420 419 219.022 721 217.5
333 otherreportingcenters
13.111 710.89 7
10.0 {
9 610.710 611.612.6
11.611.611 911.311.312 111.511.0
Debits to demanddeposit accountsexcept interbankand Government
NewYorkCity
167,939167,373193,729
}200,337258,398298,902351,602374,365407,946
30,85630,55532,03531,37940,021
33,59229,17334,43929,99731,69535,09233,02629,025
Otherleadingcities
200,636217,744270,439308,913369,396403,400412,800449,414522,944
44,13842,41346 61246,03752,139
48,77844,01150,58246,40348,02348,59548,52547,026
Annual rate ofturnover of demand
deposits except inter-bank and Government
NewYorkCity
21.017.117.318.020.522.424.225.525.2
21 623.721 923.828.7
23.824.024.921.522.725.622.920.6
Otherleadingcities
19.418.619.418.417.417.316.116.916.5
15.616.716 317.819.2
17.418.118.617.017.317 917.216.6
1 National series for which bank debit figures are available beginning with 1919.2 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.3 See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated. ••**$* Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947
and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated.NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demanddeposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reportedby member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics,Table 55, p. 254, due to differences in method of computation.
1268 FEDERAL RESERVE BULLETIN
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DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS[Figures partly estimated. In millions of dollars]
End of month
Totaldepositsadjusted
andcurrencyoutsidebanks
Totaldemanddepositsadjusted
andcurrencyoutsidebanks
Totaldepositsadjusted
Demanddepositsadjusted1
UnitedStates
Govern-ment
deposits2
Time deposits
TotalCom-
mercialbanks•*
Mutualsavingsbanks <
PostalSavingsSystem <*
Currencyoutsidebanks
1929—June..December
1933—JuneDecember
1938—JuneDecember.
1939—JuneDecember
1940—June..December
1941—JuneDecember
1942—JuneDecember
1943—JuneDecember
1944—JuneDecember
1945—JuneDecember
1946—June
1946—AugustSeptember.OctoberNovemberDecember
1947—January (Tan. 29)PFebruary (Feb. 26)PMarch (Mar. 26)P.April (Apr. 30)P. . .May (May 28)P. . . .June (June 25)P.. .July (July 30) PAugust (Aug. 27)P.
55,17154.71341.68042,54856,56558,95560,94364,09966,95270,761
74,15378,23181,96399,701110,161122,812136,172150,988162,784175,401171,237
170,600170,200170,000169,500167,107
165,900165,400165,100165,200164,900165,100
r165,900166,800
26,17926.366
19.17219.817
29.73031,76133,36036,19438,66142,270
45,52148.60752,80662,86871,85379.64080.94690,43594,150102,341105,992
107,200107,900108.900109.700110,044
108,600106,800106,400107,300107,500108,500-•109,200109,500
51,53251,156
36,91937,766
51,14853,18054,93857,69860,25363,436
65,94968,61671,02785,75594,347103,975115,291127,483137,687148,911144,721
144,000143,700143,500142,800140,377
139,800139,200139,100139,200138,900139,100<• 139,900140,700
22,54022,809
14,41115,035
24,31325,98627,35529,79331.96234.945
37,31738,99241.87048,92256.03960,80360,06566.93069,05375,85179,476
80,60081,40082,40083,00083,314
82,50080,60080,40081,30081,50082,500
r83,20083,400
381158852
1,016
599889792846828753
7531,8951,8378,4028,04810,42419,50620,76324,38124,60813,416
10,7009,3007,9006,4003,103
3,1003,9003,8002,8002,1001,000
'1,1001,500
28,61128,189
21,65621,715
26.23626,30526,79127.05927,46327,738
27,87927,72927.32028,43130,26032,74835,72039,79044,25348,45251,829
52,70053,00053,20053,40053,960
54,20054,70054,90055,10055,30055,600"•55,60055,800
19.55719,192
10,84911,019
14,77614,77615,09715,25815,54015,777
15,92815,88415,61016,35217,54319,22421,21724,07427,17030,13532,429
33,10033,30033,50033,50033,808
33,90034,20034,30034,50034,60034,700'34,70034,800
8,9058,8389,6219,48810,20910,27810,43310,52310,63110,658
10,64810,53210,39510,66411,14111,73812,47113,37614,42615,38516,281
16,40016,50016,50016,60016,869
17,00017,10017,20017,20017,30017,50017,50017,600
149159
,186,208
,251,251,261,278,292,303
,303,313,315,415,576,786
2,0322,3402,6572,9323,119
3,2003,2003,2003,3003,283
3,3003,4003,4003,4003,4003,4003,4003,400
3,6393,5574,7614,7825,4175,7756,0056,4016,6997,3258,2049,61510,93613,94615,81418,83720,88123,50525,09726,49026,516
26,60026.50026,50026,70026,730
26,10026.20026,00026,00026,00026,00026,00026,100
P Preliminary. r Revised. l Includes demand deposits, other than interbank and U. S. Government, less cash itemsin process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account.
1 Excludes interbank time deposits and postal savings redeposited in banks.4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.NOTK.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9. pp. 34-35 for back figures.
POSTAL SAVINGS SYSTEM[In millions of dollars]
End of month
1939—Dec.. .1940—Dec...1941—Dec. .1942—Dec.. .1943—Dec.. .1944—Dec.. .1945—Dec. .
1946—Sept. .Oc t . . .Nov...D e c . .
1947—Jan...Feb . . .Mar. . .Apr.. .May . .Tune..July, .Aug.. .
Depos-itors'bal-
ances1
1,2791,3041,3141,4171,7882,3422,933
3,2073,2353,2603,284
3,3313,3553,3753,3823,3873,393
P3,405P3,403
Assets
Total
1,3191,3481,3961,4641,8432.4113,022
3,3063,3373,3603,387
3,4363,4633,4813,4923,5083,523
Cashin de-posi-tory
banks
533626161086
6666
665556
U. S. Governmentsecurities
Total
1,1921,2241,274L.345L ,7162,2522,837
5,1145,1345,1515,182
3,2343.2575,2843,2903,2773,302
Di-rect
1,0461.0781,1281,2201,7162,2522,837
3,1143.1343,1513,182
3,2343,2573,2843,2903,2773,302
Guar-an-teed
146146146126
Cashre-
servefunds,etc.2
748895
102118152179
186197204200
196200192197226216
P Preliminary.i Outstanding principal, represented by certificates of deposit.5 Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, ac-crued interest on bond investments, and accounts due from late post-masters.
Back figures.—See Banking and Monetary Statistics, p. 519; fordescription, see p. 508 in the same publication.
BANK SUSPENSIONS i
Number of banks suspended:1934-39 . . . .
19401941194219431944194519461947—Jan.-Sept
Deposits of suspended banks(in thousands of dollars) :2
1934-39
19401941194219431944194519461947—Jan.-Sent
Total,all
banks
291
228941000
125,991
5,9433,7261,7026,223
405
Q
0
Memberbanks
Na-tional
15
14
2
14,616
2563,144
4,982
State
6
26,548
Nonmemberbanks
In-sured
189
183621
44,348
5 341503
1,3751 241
405
Non-insured
81
313
40,479
34679
327
1 Represents banks which, during the periods shown, closed tem-porarily or permanently on account of financial difficulties; does notinclude banks whose deposit liabilities were assumed by other banksat the time of closing (in some instances with the aid of Federal DepositInsurance Corporation loans).
1 Deposits of member banks and insured nonmember banks sus-pended are as of dates of suspension, and deposits of noninsured non-member banks are based on the latest data available at the time thesuspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;for description, see pp. 281-282 in the same publication.
OCTOBER 1947 1269
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ALL BANKS IN THE UNITED STATES, BY CLASSES *PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Class of bankand
call date
Loans and investments
Total Loans
Investments
Total
U. S.Govern-
mentobliga-tions
Othersecur-ities
Cashassets l
Deposits
Total iInter-bank*
Other
De-mand Time2
Totalcapital
account;
Numberof
banks
All banks:1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 3 1 . . . . . .1944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—June 30"
All commercial banks:1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—June 30e . . . .
All insured commercialbanks:
1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—June 30
All member banks:1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—June 30
All national banks:1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—Tune 30
State member banks:1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—-June 30
50,88454,17761,12678,14796,966119,461140,227136,572131,698130,900
40,66843,92950,74667,39385,095105,530124,019119,448113,993112,520
39,29042,55749,29066,24083,507103,382121,809117,409112,178110,682
33,94137,12643,52159,26374,25891,569107,183102,03296.36294,802
21,81023,64827,57137,57647,49958,30869,31266,27763,72362,982
12,13013,47815,95021,68726,75933,26137,87135,75432,63931,820
22,16523,75626,61523,91623,60126,01530,36231,48635,64838,380
17,23818,80021,71419,22119,11721,64426,08327,13031,12233,680
16,86318,39521,25918,90318,84121,35225,76526,79130,73333,250
13,96215,32118,02116,08816,28818,67622,77523,30226,69628,655
9,02210,00411,72510,18310,11611,48013,92514,46917,27218,764
4,9405,3166,2955,9056,1717,1968,8508,8349,4249,891
28,71930,42234,51154,23173,36593,446109,865105,08796,05092,520
23,43025,12929,03248,17265,97883,88697,93692,31882,87178,840
22,42724,16228,03147,33664,66682,03096,04390,61881,44577,433
19,97921,80525,50043,17557,97072,89384,40878,72969,66666,146
12,78913,64415,84527,39337,38246,82855,38751,80946,45144,218
7,1908,1629,65415,78220,58826,06529,02126,92123,21621,928
19,41720,97225,51145,95165,93285,885101,28895,91186,55882,500
16,31617,75721,80841,37959,84277,55790,60684,47374,78070,340
15,56717,06421,04640,70558,68375,87588,91282,97773,55469,136
14,32815,82319,53937,54652,94867,68578,33872,27263,04259,198
9,0589,73512,03923,74434,06543,29251,25047,27141,65839,271
5,2716,0887,50013,80218,88324,39327,08925,00021,38419,927
9,3029,4498,9998,2807,4337,5618,5779,1759,491
10,020
7,1147,3727,2256,7936,1366,3297,3317,8458,0918,500
6,8607,0996,9846,6315,9836,1557,1317,6417,8918,297
5,6515,9825,9615,6295,0225,2086,0706,4586,6256,948
3,7313,9083,8063,6483,3183,5364,1374,5374,7934,947
1,9202,0742,1551,9801,7051,6721,9331,9211,8322,001
23,29228,09027,34428,70128,47530,79035,41533,12435,04133,540
22,47427,12426,55128,03927,67730,20634,80632,37834,22332,700
21,87326,28725,78827,58627,18329,73334,29231,84333,69432,190
19,78223,96323,12324,28023,79025,86029,84528,07929,58728,694
12,48915,09914,97716,18416,01717,57020,11418,60720,01219,342
7,2938,8658,1458,0967,7738,2909,7319,4729,5759,353
68,24275,99681,81699,803117,661141,448165,612159,171155,902153,200
57,71865,33771,28389,135105,923128,072150,227142,890139,033135,730
56,06963,46169,41187,803104,094125,714147,775140,612136,990133,659
49,34056,43061,71778,27792,262110,917129,670122,519118,170115,435
31,55935,78739,45850,46859,96171,85884,93980,21278,77577,146
17,78120,64222,25927,80832,30239,05944,73042,30739,39538,289
9,87410,93410,98211,30811,00312,23514,06512,31112,65611,640
9,87410,93410,98211,30811,00312,23514,06512,31112,65611,640
9,52310,53910,65411,14410,70512,07413,88312,00712,32011,243
9,41010,42310,52511,00010,55511,88413,64011,80112,06011,041
5,8986,5746,7867,4007,1598,0569,2297,8168,1697,432
3,5123,8493,7393,6003,3973,8274,4113.9863,8903 ,609
32,51338,55844,34961,43175,56991,653105,92198,04392,44689,330
32,51338,55844,34961,43175,56991,653105,92198,04392,44689,330
31,48337,33343,05960,50474,30989,761104,01596,45991,14488,074
28,23133,82938,84654,52366,43879,77491,82084,60278,92076,380
17,57920,88524,35034,49942,60550,90059,48654,93052,19450,694
10,65212,94414,49520,02423,83328,87432.33429,67226,72625,686
25,85526,50326,48527,06431,08937,56145,62748,81750,80052,230
15,33115,84415,95216,39519,35024,18430,24132,53633,93034,760
15,06315,58915,69916,15419,08123,87929,87632,14533,52634,343
11,69912,17812,34712,75415,26819,25924,21026,11527,19028,014
8,0818,3298,3228,57010,19612,90116,22417,46618,41219,020
3,6173,8494,0254,1845,0726,3577,9868,6498,7798,994
8,1948,3028,4148,5668,9969,64310,54211,06711,36011,700
6,8857,0107,1737,3307,7198,2658,9509,3529,5779,840
6,5276,6766,8447,0557,4537,9898,6719.0689,2869,558
5,522,698,886,101,475,968,589
7,9208,0958,315
3,3973,5283,6403,7293,9504,2654,6444,8625 ,1385,296
124169246
2,371525703945058
3,019
15,03514,89614,82614,68214,57914,53514,55314,56714,58514,602
14,48414,34514,27814,13614,03413,99214,01114,02614,04414,061
13,53413,43813,42613,34313,27013,26313,29713,33013,35413,386
6,3626,4866,6196,6796,7386,8146,8846,8876,9006,928
5,1875,1445,1175,0815,0405,0255,0175,0125,0075,012
1,1751,3421,5021,5981,6981,7891,8671,8751,8931,916
« Partly estimated.* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. "All banks" comprise "allcommercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all memberbanks" 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 recentrevisions in series see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see following page.
1270 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Class of bankand
call date
All n o n m e m b e r com-mercial banks :
1939—Dec. 301940—Dec. 311941—Dec. 31.1942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29.,
Dec. 311947—June 30« . . . .
Insured n o n m e m b e rcommercial banks :
1939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—June 30
Noninsured nonmem-ber commercialbanks:
1939—Dec. 30.1940—Dec. 311941—Dec. 311942—Dec. 31 31943—Dec. 311944—Dec. 301945—Dec 311946—June 29
Dec. 311947—June 30«
All m u t u a l savingsbanks:
1939—Dec. 301940—Dec. 311941—Dec. 31.......1942—Dec. 311943—Dec. 311944—Dec. 301945—Dec. 311946—June 29. . !
Dec. 311947—ju n e 3o'e" '
Insured mutual savingsbanks: *
1939—Dec 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec. 31.'.'.'. .'. .1944—Dec. 301945—Dec. 311945—June 29
Dec. 311947—June 30
Noninsured m u t u a lsavings banks :
1939—Dec. 30J940—Dec. 311941—Dec. 311942—Dec. 311943—Dec 311944—Dec. 301945—Dec. 311946—June 29
Dec. 311947—June 30*.
Total
6,7276,8037,2338,137
10,84713,97216,84917,43017,64617,730
5,3505,4315,7766,9849,258
11,82414,63915,39215,83115,896
1,3781 ,3721,4571,1541,5882,1482,2112,0381,8151,830
10,21610,24810,37910,75411,87113,93116,20817,12517,70418,380
1,3291,6541,6932,0077,5259,223
10,84611,45311,89112,375
8,8878.5948,6878,7474,3454,7085,3615,6715,8136,000
Loans
Loans
3,2763,4793,6963,1362,8322,9713,3103,8304,4295,020
2,9013,0743,2412,8182,5562,6782,9923,4914,0404,597
375405455318276292318339389420
4,9274,9564,9014,6954,4844,3704,2794,3564,5264,700
605637642740
3,0733,1103,0813,1323.2503,370
4,3234,3194,2593,9541,4111,2601,1981,2241,2 751,330
and investments
Investments
Total
3,4513,3243,5365,0028,014
11,00213,53913,60013,21712,710
2,4482,3572,5354,1666,7029,146
11,64711,90111,79111,299
1,003967
1,002836
1,3121,8561,8931,6991,4261,410
5,2895,2925,4786,0597,3879,560
11,92812,76913,17913,680
7241,0181,0501,2674,4526,1137,7658,3228,6419,005
4,5654,2744,4284,7922,9353,4484,1634,4474,5384,670
U. S.Govern-
mentobliga-tions
1,9871,9342,2703,8366,8999,880
12,27712,21211,74911,150
1,2391.2401,509
! 3,1625,739
i 8,19710,58410,71610,5249,949
749694761674
1,1601,6821,6931,4961,2261,200
3,1013 2153,7044,5726,0908,328
10,68211,43811,77812,160
422548629861
3,8445,5097,1607,6627,9468,216
2,6792,6673,0753,7112,2462,8193,5223,7773,8333,940
Othersecur-ities
1,4641,3891,2661,1661,1151,1221,2621,3881,4681,560
1,2101,1161,0251.004
962949
1,0631,1851,2681,350
254273241162153174200204200210
2,1882,0781,7741,4871,2971,2321,2461,3311,4001,520
303470421405608604606660695789
1,8851,6071,3531,082
689629641671705730
Cashassets x
2,6923,1613,4313,7603,8894,3484,9624,3004,6394,010
2,0912,3242,6683,3083,3953,8754,4483,7664,1093,498
601837763452494473514534530510
818966793663797584609747818840
133202151130559400429550612658
685764642533238184180197206180
Deposits
Total1
8,3788,9079,574
10,86713,67117,16820,57120,38720,87920,310
6,7297,0327,7029,535
11,84214,80918,11918,10818,83618,240
1,6491,8761,8721,3321,8292,3582,4522,2792,0432,070
10,52410,65910,53310,66811,73813,37615 38516,28116,86917,470
1,4091,8181,7892,0487,5348,910
10,36310,97911,42811,901
9,1148,8418,7448,6204,2044,4665,0225,3025 .4425,570
Inter-bank 1
464512457309448351425510597600
113116129145149190244206260201
351396329164299161181303336400
Other
De-mand
4,2824,7295,5046,9089,131
11,87914,10113,44113,52612,950
3,2523,5044,2135,9817,8709,987
12,19611,85712,22511,694'
1,0311,225'1,291
9271,2611,8921,9051,5841,3021,260
Time2
3,6333,6673,6133,6504,0924,9386,0456,4366,7566,760
3,3653,4113,3603,4093,8234,6325,6806,0456,3516.345
268255253241270305365391404410
10.52410.65910,53310,66811,73813,37615,38516,28116,86917,470
1,4091,8181,7892 0487,5348,910
10,36310,97911,42811,901
9 1148,8418,7448,6204,2044,4665,0225,3025,4425,570
Totalcapital
accounts
1,3631,3121,2881,2301,2451,2981,3621,4331,4831,530
1,005978959955979
1,0221,0831,1491,1931,245
358334329275267276279284290290
1,3091,2921,2411,2361,2761,3781 5921,7151,7841,860
153161164201808892
1,0341,1221,1731,218
1,1561,1311,0771,035
468485558593611640
Numberof
banks
8,1227,8597,6627,4607,2997,1817,1307,1427,1477,136
7,1726,9526,8106,6676,5356,4526,4166,4466,4576,461
950907852793764729714696690675
551551548546545543542541541541
51535256
184192192191191191
500498496490361351350350350350
1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banksand 525 million at all insured commercial banks.
2 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-yearcomparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
For other footnotes, see preceding page.
OCTOBER 1947 1271
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *LOANS AND INVESTMENTS
[In millions of dollars]
Class of bankand
call date
Totalloansand
invest-ments
Loans
Total
Com-mer-cial,in-
clud-ing
open-mar-ketpa-per1
Agri-cul-tur-al1
Loans forpurchasingor carryingsecurities
Tobrok-ersanddeal-ers
Tooth-ers
Reales-tateloans
Con-sumerloans
Otherloans
Investments
Total
U. S. Government obligations
Total
Direct
Bills
Certifi-catesof in-debt-ed-ness
Notes Bondsan-teed
Obli-ga-tionsof
States Otherand
polit-icalsub-divi-sions
secu-rities
AH insured com-mercial banks:
1940—Dec. 31. .1941—Dec. 31. .1942—Dec. 31. .1943—Dec. 31. .1944—Dec. 30..1945—Dec. 31. .1946—June 29..
Dec. 31. .1947—June 30. .
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. .New York City:*1940—Dec. 31. .1941—Dec. 31. .1942—Dec. 31. .1943—Dec. 31. .1944—Dec. 30..1945—Dec. 31. .1946—June 29..
Dec. 31. .1947—June 30. .Chicago:*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. .Reserve city 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. .Country banks:194a—Dec. 31.1941—Dec. 31. .1942—Dec. 31. .1943—Dec. 31. .1944—Dec. 30.1945—Dec. 31.1946—June 29..
Dec. 31.1947—June 30.
Insured non-member com-mercial banks:
1940—Dec. 31.1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—June 29.
Dec. 31.1947—June 30. .
42,5549,29066,24083,507
103,382121,809117,409112,178110,682
18,39521,25918,90318,84121,35225,76526,79130,73333,250
37,12643,52159,26374,25891,569
107,183102,03296,36294,802
10,91012,89617,95719,99424,00326,14323,30420,83420,332
2,3772,7603,9734,5545,4435,9315,1674,7654,802
13,01315,34720,91527,52133,60340,10837,67535,35134,611
10,82612,51816,41922,18828,52035,00235,88635,41235,057
15,32118,02116,08816,28818,67622,77523,30226,69628,655
3,3844,0724,1164,4285,7607,3346,5066,3686,548
69695832
1,0041,1841,3331,3291,4991,565
5,9317,1056,1026,2016,8228,518,862
10,82511,441
5,3095,8905,0384,6544,9105,5966,6058,0049,102
5,4315,7766,9849,258
11,82414,63915,39215,83115,896
3,073,2412,8182,5562,6782,9923,4914,0404,597
7,178 19,2147,7577,7777,920 19,461
10,33414,01614,765
6,6608,6717,3877,4217,5318,9499,685
13,15413,820
2,1252,8072,5462,5152,6103,0443,1694,0784,171
492732658763738760804
1,0941,178
2,5893,4562,953,0583,0343,6613,93:5,5485,726
1,45.1,6761,2261,0841,1491,4841,7812,4332,744
5185433703563895164986:945
281450642505723314366358549
865972,089,023,198855877884972
68212430
263300290.2793482051920119
59065977271380:648679681774
41647855;48:525459488474576
663614950,414,269,164,417,517,517
662597922
4,4684,7734,6464,437
4,0774,545
2,269
2,265 4,3433,606 4,677
5 r ~2,656,609,278
11,2,361
5,738 3,0694,0314,893
7,1038,201
642594934,398,249,133,395,506,507
465412787
1,0541,7422,4531,8521,0961,196
42483410216321118811100
11114921311427321264185
652 3,228
1,042
24,16228,03147,336 40
918 64,666030 75043
9441,1811,2111,0981,047
82,96,90,61881,44577,433
,064,046,705,683,875,912
662
13727,218
756159
672
82,97773,55469,136
1,2201,271835
15,300 15,77816,04519,071
17,63712,288
925797 4
799 20,999656848321092200505
,004 52,6,730 53 ,5,341
3,719102
2,718,501978 322 ,24
,608,651,533,287,422873973
15 4,298144,826
598538839,108,378,480 4,267
3,2743,2093,455
3,2733,692
,847,484,505
2,4645,358 3,3086,240
2125
870 4357,
8771,1041,133
805500175970
72,89384,40878,729
1,020 69,666965
190169193323859
1,172798389286
5452325216323318510184
207194153267777
1,5031,142704 2540
13012311710786808399104
192223222436435142
436527486420379459743237713
468554
303252253287378455500
148153179298226250291
6245455176105130
8496
66,146
7,5278,82313,84115,56618,24318,80916,79814,46513,784
1,6811,8063,1413,5504,2584,5983,8373,2663,237
15,
52
6,0447,26512,54714,56317,17917,57415,64613,30812,571
1,3071,4302,7893,2383,9134,2133,4852,9122,890
1,3221,512808658660855
1,0731,4361,675
20118316119310471354273
1,6441,8231,7971,7251,7191,8812,3982,970
5,2046,46
13,03819,68225,04:
404 31,594129,55226,58522,25020,845
312301313
45343.
7,0818,243
14,81321,32126,781
28,81324,52723,170
1,4001,530
244 3,381
674528547707937,312,693
75645'82156228176142125
1,2401,2821,2251,1651,1361,2241,4731,7481,963
39338135136342:306240
803854
422385383460605723895
1737067797982
5.5176,62811,38017,53423,61029,40729,28127,40825,955
2,3572,5354,1666,7029,14611,64711,90111,79111,299
652971363,360748
3,2694,379,17215,46521,55226,99926,55624,5722,893
1,2401,5093,16!5,7398,19^10,58410,71610,5249,949
2,275,072,167773
207311
1,8551,328913477201387137
2972563971992501331460106
103295
1,4411,8021,7041,034410441334
45110671
1,0328863044727919
10179927622318014'10462
285071982985292043,544
091729948265927792420219
4,369 46,502
2,5943,0075,4096,90614,12714,27110,4675,602
486832540 2'
2,345902 216 32 0 3
11 ,10
013090965729857254307548,982
491333098696733
3; 2583,6683,5923,471
2,970871,664,294,350,815151
2,1443,4093,7403,4332,9801,7251,103
637877
1,0451,4671,042498368
2,2534,6915,7306,9826,0383,7993,038
1,2513,0943,4665,1025,2314,0203,035
4421,1471,3192,0872,3462,2471,897
1,2451,6232,0561,8293,7453,3252,229992775
145153391484779749529146132
771751
1,7232,4975,1815,6534,0141,9931,503
433481
1,2402,0964,4224,5443,6962,4701,960
162152390766
1,6521,7741,5381,179972
977652420014592,337234202,555
6156790719841891111
752903
1,2821,6021,8091,8641,9002,2072,284
15
,281,248,810,943,987,878,116,013,967
695729593444468606535557631
188182166158160181153167175
984956954913
1,0001,1261,194
41,2721,364
112119837431
,049,173811749440
2,0812,9265,4368,70512,54016,71317,17017,79717,696
8341,0692,0533,3954,9286,5386,6826,9917,01
710861574538241
2342711791567664
1,1461,2221,2521,2141,2301,3421,4261,5511,813
3,0772,966
788830701558596629618601582
186193186155185204200187173
893820821726740916
1,0341,004962
1,1021,028956855829
1,0671,2991,2851,250
595563569560566619667752845
521462435403383443518516505
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the FederalDeposit Insurance Corporation. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks areincluded 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 coveredby purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginningDec. 31, 1945, these items may not be entirely comparable with prior figures.
2 Central reserve city banks.
1272 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedRESERVES AND LIABILITIES
[In millions of dollars]
Class of bankand
call date
All insured com-mercial banks:
1940—Dec. 31. .1941—Dec. 31. .1942—Dec. 31. .1943—Dec. 31. .1944—Dec. 30. .1945—Dec. 31. .1946—June 29. .
Dec. 31. .1947—June 30. .
Member bankstotal:
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. .
New York City:*1940—Dec. 31. .1941—Dec. 31. .1942—Dec. 31. .1943—Dec. 31. .1944—Dec. 30. .1945—Dec. 31. .1946—June 29. .
Dec. 3 1 . .1947—June 30. .
Chicago:2
1940_Dec. 31. .1941—Dec. 31. .1942—Dec. 31. .1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—June 29. .
Dec. 31.1947—June 30.
Reserve city banks1940—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. .
Country 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.
Insured non-member com-mercial banks:
1940— Dec. 31.1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—ju n e 29.
Dec. 31. .1947—Tune 30.
Re-serveswith
FederalRe-
serveBanks
13,99212,39613,07212,83414,26015,81015,99916,01316,039
13,99212,39613,07212,83514,26115,81116,00116,01516,040
7,0575,1054,3883,5963,7664,0154,2554,0464,166
1,0511,021
902821899942870928973
4,0274,0604,9405,1165,6876,3266,3326,3376,274
1,8572,2102,8423,3033,9094,5274,5434,7034,628
Cashin
vault
1
•
A
L,234L.358L,3051,4451,6221,8291,4712,0121,804
9911,0871,0191,1321,2711,4381,1411,5761,409
102937292
102111
85131123
424339384336262936
396425365391441494399532470
452526542611684796631883780
24327'287313352391330437395
Bal-anceswithdo-
mesticbanks3
8,2028,5709,0808,4459,787
11,0759,1029,4818,498
6,1856,2466,1475,4506,3547,1175,7725,9365,521
122141
82617678688750
319298164158177200162172162
2,7412,5902,2021,7582,0052,1741,8581,9231,864
3,0023,2163,6993,4744,0974,6653,6843,7533,444
2,0172,3252,93^2,9963,4343,9593 ,3323,5472,979
De-mand
de-posits
ad-justed4
33,82037,84548,22159,92165,96074,72278,28182,08581,012
30,42933,75442,57052,64257,30864,18467,46170,24369,595
11,06210,76111,89913,89914,04215,06516,15816,42916,494
1,9412,2152,5573,0503,0413,1533,1893,3563,427
9,58111,11714,84918,65420,26722,37223,48324,22124,166
7,8459,661
13,26517,03919,95823,59524,63026,23725,508
3,3914,0925,6517,2798,652
10,53710,82111,84211,418
]
Interbankdeposits
Do-mestic3
9,6779,823
10,2349,743
11,06312,56610,58410,8889,807
9,5819,714
10,1019,603
10,88112,33310,39110,6449,612
4,0323,5953,2092,8673,1793,5353,1273,0312,898
9971,0271,105
9721,1321,2921,0471,1301,056
3,9194,3024,8314,7705,4216,3075,2205,4174,773
633790957994
1,1491,199
9971,067
885
95108133141182233194244194
For-eign
702673813893948
1,2481,3461,3641,372
700671811891945
1,2431,3391,3531,369
641607733810851
1,1051,1781,1951,228
88
12141620242424
4954636370
110129127109
224588888
2223c
113
Demand deposits
U. S.Gov-ern-ment
6661,7618,1679,950
19,75423,74012,9412,9301,247
6161,7097,9239,444
18,50922,17912,0092,6721,095
48866
4,1863,3956,7226,9403,495
651179
90127665713
1,4001,552
789152181
327491
1,9823,3736,1578,2214,531
991311
151225
1,0901,9624,2305,4653,194
877424
5053
243506
1,2451,560
932258152
Statesand
politicalsubdi-visions
3,2983,6773,9964,3524,5185,0985,8075,9676,495
2,7243,0663,3183,6023,7444,2404,8264,9155,376
370319263252199237293218260
174233178174167237262228304
9951,1441,3191,4481,5091,7632,0032,0772,301
1,1841,3701,5581,7271,8682,0042,2692,3912,511
574611678750775858981
1,0521,119
Certi-fiedandoffi-cers'
checks,etc.
9711,0771,2191,6691,3542,5852,3202,3612,111
9131,0091,1421,5731,2512,4502,1792,2071,976
471450448710361
1,3381,132
942915
273438443366374755
228286385475488611558693554
187239272344369435453524451
58687696
103135142154135
Indi-viduals,partner-
ships,and cor-
pora-tions
32,39836,54447,12258,33864,13372,59375,39179,88778,220
29,57633,06142,13951,82056,27062,95065,58969,12767,933
11,35711,28212,50114,37314,44815,71216,83617,21617,202
1,9052,1522,5883,0973,1003,1603,1533,4953,417
9,46811,12715,06118,79020,37122,28123,00524,28823,934
6,8468,500
11,98915,56118,35021,79722,59424,12823,380
2,8223,4834*9836^5187,8639,6439,802
10^76110,287
Time deposits
Inter-bank
16015897686470776864
141140
87625864726260
5634
1117272022
107104
63413330272521
293020171417181717
18181C
666
64
U. S.Gov-ern-mentand
PostalSav-ings
695961
124109103107119111
565056
12010599
101114106
57
108
1514
5
22
222
192022564038434341
333132565752485549
13g544465Gj
Statesand
polit-ical
subdi-visions
522492397395423496552664771
435418332327347399447551649
512923261720173917
8
11
146
226243169151154160187235319
150146140149175219242272308
877465687697
105113122
Indi-viduals,partner-
ships,and cor-
pora-tions
14,99815,14615,69718,56123,34729,27731,48732,74233,461
11,68711,87812,36614,82218,80723,71225,56826,52527,259
768778711816977
1,2061,3721,3951,407
496476453505619719779823864
4,5054,5424,8055,9027,5619,563
10,19010,58010,888
5,9176,0826,3977,5999,650
12,22413,22613,72714,101
3,3113,2763,3393,7504,5535,5795,9346,2326,218
Bor-row-ings
11101046
122215
833960
345
39111208
723050
2996
19527
" l
""2
227
411
343
101611182638
8
56
107
119
10
Capi-talac-
counts
6,6766,8447,0557,4537,9898,6719,0689,2869,558
5,6985,8866,1016,4756,9687,5897,9208,0058,315
1,6151,6481,7271,8621,9662,1202,1762,2052,234
270288304326354377394404416
1,9041,9672,0282,1352,3272,5662,6762,7292,796
1,9091,9822,0422,1532,3212,5252,6742,7572,869
978959955979
1,0221,0831,1491,1931,245
3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and525 million at all insured commercial banks.
4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.For other footnotes see preceding page.Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
OCTOBER 1947 1273
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars!
Date or month
Total-Leading Cities
1946—August
1947—AprilMayJuneJulyAugust
July 2July 9July 16July 23July 30
Aug. 6Aug. 13Aug. 20Aug. 27
Sept. 3Sept. 10Sept. 17Sept. 24
New York City1946—August
1947—AprilMayJuneJulyAugust
July 2July 9July 16July 23July 30
Aug. 6Aug. 13Aug. 20Aug. 27
Sept. 3Sept. 10Sept. 17Sept. 24
OutsideNew York City
1946-August
1947—AprilMayJuneJulyAugust
July 2July 9July 16July 23July 30
Aug. 6Aug. 13Aug. 20Aug. 27
Sept. 3Sept. 10Sept. 17Sept. 24
Totalloansand
invest-ments
68,329
63,28463,16963,14363,40163,630
63,37163,22763,41663,51363,479
63,62963,51363,64663,730
63,7991 21,21264,292 21,31964,714121,38364,566121,569
Loans
Total
17,395
19,86419,91720,16720,23220,838
20,2720,04220,14120,19420,508
20,66220,69720,89221,100
21,833
19,94419,79819,92020,01419,803
20,08220,00219,99320,08819,903
19,89919,73619,81519,760
19,80820,04020,14720,126!
46,496
43,34043,37143,22343,38743,827
43,28943,22543,42343,42543,576
43,73043,77743,83143,970
43,99l|44,252|44,567144,4401
6,051
6,2046,1956,3426,1866,403
6,3356,1246,0786,1006,292
6,3476,3056,4406,519
6,5806.5586,4926,632
11,344
13,66013,72213,82514,04614,435
13,94213,91814,06314,09414,216
14,31514,39214,45214,581
14,63214,76114,89114,937
Com-mer-cial,
indus-trial,andagri-cul-tural
9,259
12,16211,89111,75711,86012,259
11,80911,79111,84811,88311,967
12,09212,23812,30112,406
12,51812,71712,85812,935
3,422
4,4394,2524,1804,1764,309
4,1934,1774,1574,1654,186
4,2304,3094,3204,378
4,4224,5164,5644,597
5,83:
7,7237,6397,5777,6847,950
7,6167,6147,6917,7187,781
7,8627,9297,9818,028
8,0968,2018,2948,338
For purchasingor carrying securities
To brokersand dealers
U. S.Govt.
ob-liga-tions
897
406590771588622
742605501519573
616531604735
714605475498
717
313492651477523
617491391415472
515432508638
617514399429
180
939812011199
125114110104101
101999697
97917669
Otherse-
curi-ties
U. S.Govt.
ob-liga-tions
672
414429531523471
524457585530522
499468465451
452442449435
461
279292358351330
344307385360360
353325326316
319309312305
135137173172141
180150200170162
146143139135
133133137130
To others
1,392
548530513514504
515511513509522
509509496502
502504499497
1051019610397
10310210298108
1021019094
9492
948
443429417411407
412409411411414
407408406408
408412410408
Otherse-
curi-ties
Realestateloans
525
496487482472
2,114
,785,876
2,9383,0293,127
2,9813,005
471466463 3^026462501
471467482474 3,156
3,0533,079
3,0983,1143,137
473476476
3,1713,1893,208
476 3,226
240
208195190191187
186185182181220
184183195186
185186185185
288292292281285
285281281281281
28^
281288
288290
Loansto
bank?
79
999899100102
9899101101101
101102102102
102103102102
285 2,035
2,6862,7782,8392,9293,025
2,8832,9062,9252,9522,978
2,997284 3,012
3,0353,054
3,0693,0863,1063,124
Other
185
18115:
2,351
2,8982,9333,018
160 3,086242
158131
3,141
153235 3,109
241251
3,1083,1293,156
206 3,170
215211194
152
132141127130181
138107103121181
200184214124
161156143218
23
61
37
54
57
3,1673,1753,2243,227
536
629624641658674
656656657659664
662669685681
680682698707
1,815
2,26940 2,30930 2,37730 2,428
2,467
202419 2,426
2,4212,420
2,4262,44.
2,4462,4602,4712,489
2,4872,4932,5262,520
Investment?
Total
50,934
43,42043,25242,97643,16942,792
43,09443,18543,27543,31942,971
42,96742,81642,75442,630
42,58742,97343,33142,997
15,782
13,74013,60313,5713,82:13,400
13,74713,87813,91513,98813,611
13,55213,43113,37513,241
13,22813,48213,65513,494
35,152
29,68029,64929,39829,34129,392
29,34729,30729,36029,33129,360
29,41529,38529,37929,389
29,35929,49129,67629,503
U. S. Government obligations
Total
46,942
39,31139,22938,88639,02538,561
38,99039,09939,14539,15438,739
38,73538,58838,5238,395
38,35438,69939,02238,680
14,613
12,53312,46212,39312,60012,131
12,55312,68112,69712,73312,336
12,28212,16212,10111,977
11,96312,18112,35312,195
32,329
26,77826,76726,49326,42526,430
26,43726,41826,44826,42126,403
26,45326,42626,42626,418
26,39126,51826,66926,485
Bills
833
889678818950649
9891,1001,072951638
726649608611
582812
1,077694
163
109302398142
377541502
162153131122
120231474193
670
574569516552507
570511508
56449647489
462581603501
Cer-tifi-
catesof in-debt-
ed-ness
10,298
5,1925,2474,7624,5954,294
4,6484,5704,5514,6724,535
4,162
4,1384,0954,1464,154
2,774
1,2291,2621,0111,013811
1,042976983
1,077986
886826820711
698680694776
7,524
3,9633,9853,7513,5823,483
3,6063,5943,5683,5953,549
3,498
3,4403,4153,4523,378
Notes
5,433
2,8432,7732,6582,6432,626
2,652,648,650,636
2,631
2,631
2,640
,619,708711
2,705
1,515
800813776766725
770772772762755
748718714720
721801731736
3,918
2,0431,9601,8821,8771,901
1,8821,8761,8781.8741,876
1,8831,8921,9261,906
1,8981,9071,9801,969
Bonds1
30,378
30,38730,53130,64830,83730,992
Othersecu-rities
3,992
4,1094,0234,0904,1444,231
30,70130,78130,87230,89530,935 4
4,1044,0864,1304,165,232
30,99431,00430,974 430,996 4
4,2324,228,227,235
31,01531,08431,08831,127
10,161
10,18910,27810,30410,42310,453
10,36410,39210,44010,45410,465
10,48610,46510,43610,424
10,42410,46910,45410,490
20,217
,253 220,198 220,20,20,41420,539 2
20,33720,389 220,43220,44120,470 2
20,508 22020;20,572
,539 2,538 2
20,59120,61520,63420,637
4,2334,274
,3094,317
1,169
1,2071,1411,1851,2281,269
1,1941,1971 ,2181,2551,275
1,2701,2691,2741,264
1,2651,3011,3021,299
2,823
,902,882,905
2,916,962
2,910,889
2,9122,910
,957
,962,959,953
2,971
2,9682,973
,007,018
1 Including guaranteed obligations.Back figures.—'For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
1274 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—ContinuedRESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Date or month
Total—Leading Cities
1946—August. .
1947—AprilMayJuneJulyAugust. . .
July 2 . . .July 9 . . .July 1 6 . . .July 2 3 . . .July 3 0 . . .
Aug. 6 . . .Aug. 1 3 . . .Aug. 2 0 . . .Aug. 2 7 . . .
Sept. 3 . . .Sept. 1 0 . . .Sept. 17. ..Sept. 2 4 . . .
New York City1946—August. . .
1947—AprilMayJuneJulyAugust. . .
July 2 . . .July 9 . . .July 1 6 . . .July 2 3 . . .July 3 0 . . .
Aug. 6 . . .Aug. 13 . . .Aug. 2 0 . . .Aug. 27 . . .
Sept. 3...Sept. 10.. .Sept. 17.. .Sept. 24...
OutsideNew York City
1946—August. . .
1947—AprilMayJuneJulyAugust. . .
July 2 . . .July 9 . .July 16. .July 2 3 . . .July 3 0 . . .
Aug. 6 . . .Aug. 13 . . .Aug. 2 0 . . .Aug. 2 7 . . .
Sept. 3...Sept. 10...Sept. 17...Sept. 24...
Re-serveswithFed-eralRe-
serveBanks
11,615
11,45511,53011,68111,79211,952
11,6211,75511,85311,80811,915
11,92111,92411,94512,020
12,17612,26612,34812,236
4,056
4,0014,0444,0764,0984,117
4,0534,0054,1554,0744,20=
4,133
4,234,2024,2264,263
7,559
7,454
7,5747,7507,6987,73-7,710
7,7897,8177,8467,
7,9378,0648,1227,973
Cashinault
711
735763764762753
730783756763777
721774735783
784854791808
109
116125121124122
127128119122125
12012511126
124133125130
602
619638643638631
60365563641652
60164961865
660721666678
Bal-anceswithdo-
mesticbanks
2,369 45,487
,326 45 45,23545,62746,557
308 46,890 46,79446,632
22,2912 ,290 4622,295
,42845,966',858
46,817
2,3252,3052,408 46,963 472,2682,234
46,62646,525
47,18747,145
2,2552,3632,2982,264
46,80946,57446,78047,105
46,9542,2572,394 47,350 472,5122,318 47
47,498,303
37
36
2,334
2,2712,2542,2542,2732,263
2,2892,272,3702,2332,198
2,222,328
2,233
2,2242,3622,4682,278
De-mand
de-posits
ad-i Listed1
45,326
46,44346,351
,45946,89946,816
46,21946,87946,68346,747
46,884,514
48,17447,266
15,564
15,71215,74216,12216,22415,955
16,17916,05716,22816,38016,279
16,0615,83115,92815,994
15,96.16,05816,04
29,923
29,71630,22430,73630,66630,86:
30,4430,46830,73530,80730,866
30,74230,743
2,264 30,85231,111
30,99131,29231,45131,218
Demand deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-
pora-tions
15,944
16,17116,14116,52616,65116,325
16,65816,43916,76516,72116,672
16,28316,30616,34116,368
16,37816,50916,62716,499
29,38:
29,06429,48630,03130,14330,307
29,78529,91230,69430,17830,144
29,93630,57330,34230,379
30,50631,00531,5430,767
Statesand
polit-ical
sub-divi-sions
2,751
3,1183,2483,2803,0963,096
3,1913,0613,0403,0793,109
3,1283,0513,0433,162
3,1243,0692,9963,036
225
225248226231220
21419824,244256
23221211219
201232207203
2,526
2,8933,0003,0542 ,8652,876
2,9772,8632,7952,8352,853
2,8962,8342,8322,943
2,9232,832,7892,833
Certi-fiedandoffi-cers'
checks,etc.
1,382
1,3811,3961,4651,4911,326
1,8181,3911,4361,3531,457
326234398344
1,4291,4351,3501,358
730
720776813827692
1,104738774713806
68859475:735
730776639709
65:
661620652664634
714653662640651
638640646609
699659711649
U. S.Gov-ern-
ment
7,048
1,7361,315450586
596656491539648
748791825868
940950889
2,518
525380123134203
133142111122161
188198207217
230247215236
4,530
1,211935327452605
463514380417487
59.618651
710703674709
Time deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-
pora-tions
13,409
13,94613,99214,02514,05814,080
14,05514,05714,05714,06114,061
14,07214,07414,09414,081
14,10414,13814,14214,153
1,328
1,3461,3471,3571,3481,351
1,3491,3511,3461,3471,348
1,3481,3501,3511,356
1,3641,3731,3691,376
12,081
12,60012,6412,66812,71012,729
12,70612,70612,71112,71412,713
12,72412,72412,74312,725
12,74012,76512,77312,777
Statesand
polit-icalsub-divi-sions
U. S.Gov-ern-
mentand
PostalSav-ings
219
307324325327332
328326327324329
332330330335
334336332329
203
291307308312316
31331131130931
316314314319
319321317314
Interbankdeposits
Demand
Do-mes-tic
9,809
9,1808,9748,9579,1539,274
9,1829,2289,3769,0098,968
9,2719,4419,2619,123
9,3649,728
10,0479,647
3,019
2,9142,8922,9022,9082,859
2,9612,9432,9722,8562,806
2,8662,8962,8722,801
2,9082,9843,1003,007
6,790
6,2666,0826,0556,2456,415
6,2216,2856,4046,1536,162
6,4056,5456,3896,322
,352
1,3561,3791,3421,339
,374
1,3501 ,3431,3541,3391,308
1,3301,3601,3921,414
1,4341,4311,4351,424
,456,744
6,9476,640
For-eign
1,193
1,2101,2291,2011,1941,222
1,2081,2051,2071,1911,159
1,1811,2091,2421,257
1,2791,2791,2781,267
146150141145152
14213814148149
14915115015
15515:15715
Time
Bor-row-ings
Cap-italac-
counts
230
191169170138222
14013295
271
189257
138
72967365
123
70513637
131
165156100
71
109125132165
119739
7081599661
7C11512585
70635792
5,566
5,6915,7185,7305 ,7405,766
5,7395,7435,7345,7395,745
5,7655,7675,7625,771
5,7855,7795,7825,786
,181,190
2,1832,183
2,177
2,1932,1922,1902,187
3,428
3,5213 ,5423,553,55'3,576
3,5563,5603.5523,5573,568
3,5723,5753,5723,584
3,593,5903,5943,600
Bankdeb-its 2
374,994
76,40079,71883,68781 ,55176,051
23,03215,46219,02818,37818,034
17,83016,86818,01316,985
15,54417,49220,38919,043
30,856
29,99731,69535,09233,02629,025
10,1556,2277,6587,1427,447
7,0006,2986,6146,637
6,0716,8037,7107,064
H4,13846,40348,02348,59548,52547,026
12,8779,23511,37011,23610,587
10,83010,57011,39910,348
9,47310,68912,67911,979
lave been revised and will
OCTOBER 1947 1275
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS
[In millions of dollars]
Federal Reservedistrict and date
BostonAug 27Sept. 3Sept. 10Sept 17Sept. 24
New York*Aug 27Sept 3 . .Sept. 10Sept. 17Sept. 24
PhiladelphiaAug 27Sept 3Sept 10Sept 17Sept. 24
ClevelandAug 27Sept 3Sept 10Sept 17Sept. 24
RichmondAug 27Sept 3Sept 10Sept 17Sept 24 . . . .
AtlantaAug 2 7Sept 3Sept. 10Sept 17Sept. 4
Chicago*Aug 27Sept 3Sept 10Sept 17Sept. 24
St. LouisAug 27Sept 1Sept 10Sept. 17Sept. 24
MinneapolisAug 27Sept 3Sept 10Sept 17Sept. 24
Kansas CUMAug 27Sept 3 . . .Sept 10Sept 17Sept 24
DallasAug ^7Sept 3Sept 10Sept. 17Sept 24
San FranciscoAug. 27Sept 3Sept. 10Sept. 17Sept 24
City of Chicago*Aug. 27Sept 3Sept. 10Sept. 17Sept. 24
Totalloansand
invest-ments
2,8402,8632,8762,8802,896
21,89221,93622,17322,28522,282
2,5012,5142,5262,5432,537
4,2524,2684,2704,2924,282
2,5342,5502,5552,5892,588
2,3262,3102,3312,3432,337
8,7398,6738,7468,8018,746
2,0512,0622,0572,0742,067
1,1301,1461,1731,1911,192
2,4322,4252,4212,4572,457
2,1422,1372,1442,1562,165
10,89110,91511,02011,10311,017
5,4805,4575,5205,6005,555
Loans
Total
959960972973990
7,1587,2197,2027,1387,279
788790793792798
1,3151,3301,3391,3621,360
725730730736741
730730737745751
2,5352,5182,5472,5682,560
816815821832839
379393403419412
733730735740741
843848854862872
4,1194,1494,1864,2164,226
1,7521,7301,7511,7761,762
Com-mer-cial,indus-trial,andagri-cul-tural
603605613619622
4,6734,7194,8184,8664,901
445445449452457
756765776787792
339342342346348
417418424427431
1,7121,7231,7461,7701,777
455456460468475
213227238249246
477473476480483
559565569575584
1,7571,7801,8061,8191,819
1,3311,3381,3571,3881,392
For purchasingor carrying securities
To brokersand dealers
U.S.Govt.
ob-liga-tions
2620181617
645622517403432
23777
1819161414
11111
3440362618
11111
88978
3440362618
Otherse-
curi-ties
999
109
319322312315308
2020202021
1817151916
66666
77777
3333343228
44444
21122
44554
77777
2222222223
2727282622
To others
U.S.Govt.
ob-liga-tions
1919191919
107107105102102
99998
9090909191
3636353535
4747474746
4445484747
3534343434
1515151515
2020202020
3333343333
4747484747
2728323030
Otherse-
curi-ties
1514151515
204203204203203
77777
1515151414
2021212222
3434343534
6363646565
1717171718
66666
1212121111
3737373737
4444444444
5555555757
Realestateloans
109109109109109
264265267266266
7878787879
208210211211213
154155156155158
5657585960
284285286288289
134135134136136
5050505050
100100101101101
7775767676
1,6421,6521 6631,6791,689
6768686868
Loansto
banks
1421262235
124161156143218
1314
944
88776
56656
36
281
43333
11111
36
27
Otherloans
164163163163164
822820823840849
214214214215215
209213215225219
162162163165166
163160160164166
329329331332335
166165168169168
9394939793
120121121123122
130131131134135
598595593597595
175174173174175
Investments
Total
1,8811,9031,9041,9071,906
14,73414,71714,97115,14715,003
1,7131,7241,7331,7511,739
2,9372,9382,9312,9302,922
1,8091,8201,8251,8531,847
1,5961,5801,5941,5981,586
6,2046,1556,1996,2336,186
1,2351,2471,2361,2421,228
751753770772780
1,6991,6951,6861,7171,716
1,2991,2891,2901,2941,293
6,7726,7666,8346,8876,791
3,7283,7273,7693,8243,793
U. S. Government obligations
Total
1,7651,7881,7881,7881,786
13,30413,28613,50413,67813,535
1,4551,4671,4791,4941,485
2,6202,6192,6132,6112,603
1,6881,6991,7041,7291,722
1,4041,3881,4021,4041,392
5,6555,6105,6545,6785,631
1,0851,0961,0851,0881,073
691693709713718
1,5081,5041,4951,5231,520
1,1971,1841,1861,1891,188
6,0236,0206,0806,1276,027
3,3403,3453,3873,4363,408
Bills
1232303532
130125234479216
2238434230
2916141811
2132333126
2012212118
148106155184158
202721143
1718191416
6256597377
2118171918
10910216614784
172373
126117
Cer-tifi-
catesof in-debt-
ed-ness
154162163161165
758744723737817
104105111121111
144138139135132
193195201215211
224224228230221
726711670670639
9094929692
2527384042
295293279287288
222217219213206
1,2271,2281,2321,2411,230
538530488490464
Notes
9085848179
811811890818818
7473737888
117122122123125
938995
106107
125120120120123
402406407407401
134141142138138
6764646665
155158159164159
126122124127132
432428428483470
209209213213214
Bonds1
1,5091,5091,5111,5111,510
11,60511,60611,65711,64411,684
1,2551,2511,2521,2531,256
2,3302,3432,3382,3352,335
1,3811,3831,3751,3771,378
1,0351,0321,0331,0331,030
4,3794,3874,4224,4174,433
841834830840835
582584588593595
996997998999996
828827826830832
4,2554,2624 2544 2564,243
2 5762,5832 6132,6072,613
Othersecu-rities
116115116119120
1,4301,4311,4671,4691,468
258257254257254
317319318319319
121121121124125
192192192194194
549545545555555
150151151154155
6060615962
191191191194196
102105104105105
749746754760764
388382382388385
1 Including guaranteed obligations.* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
1276 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—ContinuedRESERVES AND LIABILITIES
[In millions of dollars]
Federal Reservedistrict and date
BostonAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
New York*Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
PhiladelphiaAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
ClevelandAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
RichmondAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
AtlantaAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Chicago*Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
St. LouisAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
MinneapolisAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Kansas CityAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
DallasAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
San FranciscoAug. 27Sept. 3Sept. 10Sept. 17Sept. 24
City of Chicago*Aug. 27Sept. 3Sept. 10Sept. 17Sept. 24
Re-serveswithFed-eralRe-
serveBanks
522487496536502
,408,515,481,526,529
465465481484485
73673756773753
490484522505494
44449455449440
,608,656,658,715,669
37366377377371
214228236223228
523526535519510
47-480480479466
763783789762789
060101093124114
Cashin
vault
Bal-anceswithdo-
mesticbanks
5858666061
169164179167173
4341464145
77778381
656370656
4.4:474:43
101106111101lo:
2828302930
121213113
30313:3030
3333363334
12129141129128
414546441
107112113118116
126144
95969510893
152156151163150
164164191187168
171177199204173
37536437389377
1091111211115
889'97105100
2922930«318283
29727.30327305
29229231332309
19C18'19419,19.
De-mandde-
positsad-usted1
2,3972,3872,4162,4332,423
17,42217,39817,50817,50917,529
2,0422,0252,0472,0502,056
2,9432,9302,9242,9452,923
2,0542,0662,0902,0602,055
1,7731,7591,7901,7761,747
6,0275,9566,0126,0916,033
1,3371,3291,3311,3321,319
763765769774772
1,7351,7281,7401,7581,745
1,8071,781,8061,8211,806
6,8056,8276,916,9496,895
3,863,85 =3,89'3,9703,955
Demand deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-
pora-tions
Statesand
polit-icalsub-divi-sions
2,3222,3682,3942,4482,403
17,62417,64417,79117,92717,769
2,1002,1102,1072,1632,127
2,9862,9632,9663,0382,961
2,0072,0432,0592,0562,008
1,6391,6441,6751,6971,637
5,8305,7755,8596,015,880
1,3821,3941,40.1,4391,397
740754779782768
,707,716,753,792,740
,760,750,784,836,793
6,6506,7236,9426,9816,783
3,8763,8643,9184,0383,952
Certi-fiedandoffi-cers'
checksetc.
181158149138145
448434487434427
8786818682
175167166166172
178184179186199
282287278272281
628637622621609
10197979593
11912411411119
220218209205212
174164159149153
569568528531544
289305306315321
3944364947
771773814683751
2339332527
4451515351
385544643
224232521
9810910412195
1821181919
1816191515
2828293127
3229303736
213240231246226
5263565647
U. S.Gov-ern-ment
3438373538
252268282249271
2526273129
5662625964
4849484850
343933636
187205207186200
35334353
15117117
4043404343
2427272628
11812913212132
131136129118131
Time deposits,except interbank
Indi-vid-uals,part-ner-
ships,andcor-pora-tions
Statesand
polit-icalsub-divi-sions
496496496496496
,182,190,199,194
2,201
384384385385385
1,2591,2701,2711,2761,277
597588598598598
538539540540540
2,3452,3482,3522,3542,355
457458459459459
245246246246246
376376377378378
3363333338338
4,8664,8724,8784,8784,880
,161,162,163,164,165
363353433
111111111110110
3535353535
U. S.Gov-ern-mentand
PostalSav-ings
Interbankdeposits
Demand
Do-mes-tic
278276285307294
2,8642,9743,0513,1753,074
327354368382364
456473485510477
354359405438409
462466498511485
1,5321,5541,5841,6231,555
546558585585574
324355391397389
944942958960922
5735759361059'
46347652554950
1,1261,131,1731,1981,150
For-eign
2020202120
1,2601,2821,2821,2811,271
1111121211
66557
55464
Time
Bor-row-
83109125136168
5611
10
Cap-italac-
counts
313314314314314
2,3742,3802,3762,3742,372
303304303303303
462463462463463
207207207208208
173173173174174
653657657656658
165165165166166
9696969696
180179180181181
182182181182183
663665665665668
43944;44344:443
Bankdeb-its2
686588688781752
7,0876,4517,2498,2597,543
606532620716704
963908951
1,1261,065
579568658716705
542508577640613
2,3812,1802,5022,9452,732
454421496576570
367371454537475
636573682798778
511471517642643
2,1731,9732,1032,6532,463
1,5361,4441,5991,9291,707
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 Debits to demand deposit accounts except interbank and U. S. Government accounts.•See note on preceding page.
OCTOBER 1947 1277
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]
End of month
Commer-cial
paperout-
standing1
Dollar acceptances outstanding
Totalout-
standing
Held by
Accepting banks
Total Ownbills
Billsbought
FederalReserveBanks
(For ownaccount)
Others
Based on 2
Importsinto
UnitedStates
Exportsfrom
UnitedStates
Goods stored in orshipped between
points in
UnitedStates
Foreigncountries
1946—JulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust
131142148202227228
236243266256250234
'244244
205207200204208227
241230228215189183187206
118140151154155169
183171170154130132148158
676868717374
8576757167697571
517282828294
9895958363637487
34132
545447505458
5859586159503948
146152150154152162
172164158140118111115133
242220182329
3535364245464547
262623232629
2724272521202120
r Revised1 As reported by dealers; includes some finance company paper sold in open market.2 Dollar exchange less than $500,000 throughout the period.Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
End of month
1937—JuneDecember...
1938—JuneDecember...
1939—JuneDecember...
1940—JuneDecember...
1941—JuneDecember...
1942—JuneDecember...
1943—JuneDecember...
1944—JuneDecember...
1945—JuneDecember...
1946—June
1946—September. .OctoberNovember. .December...
1947—January. . . .February. . .MarchAprilMayJuneJulyAugust
Debit balances
Customers'debit
balances(net)1
1,489985774991834906653677
616600496543761788887
1,0411,2231,138
809
3 6313 5833571
537
3 5333 5733 5763 5533 530
5523 5643 550
Debitbalances in
partners'investmentand trading
accounts
5534273225161212
118979
1157
11127
5
6
Debitbalances in
firminvestmentand trading
accounts
16110888
10673785899
898686
154190188253260333413399
311
333
Cash onhand
and inbanks
214232215190178207223204
186211180160167181196209220313370
453
395
Credit balances
Moneyborrowed2
1,217688495754570637376427
395368309378529557619726853795498
3 3053 2533 238
217
3210321732163 2053 201
2223251»241
Customers'credit balances1
Free
266278258247230266267281
255289240270334354424472549654651
3 7293 7203 723
693
3 6873 6813 6773 6653 652
65036773 656
Other(net)
9285896070696254
6563565466659596
121112120
118
162
Other credit balances
In partners'investmentand trading
accounts
2526222221232222
1717161515141518142924
30
24
In firminvestmentand trading
accounts
13101156755
754475
118
131317
10
9
In capitalaccounts
(net)
397355298305280277269247
222213189182212198216227264299314
289
271
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and*(2) offirms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): June, 62; July, 68; August, 77.NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the lastcolumn 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 datain detail at semiannual dates prior to 1942.
1278 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]
Year,month, or
week
1944 average1945 average1946 average
1946—September.October. . .November.December..
1947—January...February. .MarchAprilM a yJuneJulyAugus t . . . .September.
Week ending:Aug. 30. . .Sept. 6 . . .Sept. 1 3 . . .Sept. 2 0 . . .Sept. 2 7 . . .
Primecom-
mercialpaper,4- to 6-months1
.73
.75
.81
.81
.88
.941.00
.00LOOLOOLOOL 00LOOLOOLOOL 0 6
1111
l - i H
Primebank-
ers'accept-ances,
90days1
.44
.44
.61
.81
.81
.81
.81
.81
.81
.81
.81
.81
.81
.81
.88
.94
15/1615/1615/1615/1615/16
Stockex-
changecallloanre-
new-als*
J 00LOO1.16
1.38L 3 8L.38L.38
1.38L.38L.38L.38
38i.38L.38L.381.38
1 / ^—1/^13^—1 ;HJ1 3 4 ~ 1 ^i M ~ i ^
U. S Governmentsecurity yields
3-monthbills «
.375375
.375
.375
.375
.376
.375
.376
.376
.376
.376376376
.703
.748
.804
.766
.789
.802
.808
.817
9-to 12-monthcertifi-catesof in-
debted-ness
.79!81.82
.85
.83
.84
.85
.84
.85
.82
.83
.85
.85
.85
.85
.87
.85
.85
.87
.87
.87
3- to 5-year
taxableissues4
j 33! l 8
1.16
L 2 7L.29L 2 81.30
L.261.26L.241.24L.27
29L.33L.311.28
L.27L.27L.281.281.28
1 Monthly figures are averages of weekly prevailing rates.2 The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.8 Rate on new issues offered within period.4 Revised beginning Dec. 15, 1945; see pp. 1251-1253 of this BULLETIN.Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKSIN PRINCIPAL CITIES
[Per cent per annum]
1937 average1. . ..1938 average11939 average1940 average1941 average1942 average1943 average1944 average1945 average1946 average
1943—September.December.
1944—March. . . .JuneSeptember.December.
1945—March. . . .JuneSeptember.December.
1946—March. . . .JuneSeptember.December.
1947—MarchJuneSeptember.
Total19 cities
2.592.532.782.632.542.612.722.592.392.34
2.482.65
2.632.632.692.39
2.532.502.452.09
2.312.412.322.33
2.312.382.21
NewYorkCity
1.731.692.072.041.972.072.302.111.991.82
2.052.10
2.102.232.181.93
.99
.20
.05
.71
.75
.84
.83
.85
.82
.831.77
7 otherNorth-ern andEastern
cities
2.882.752.872.562.552.582.802.682.512.43
2.712.76
2.752.552.822.61
2.732.552.532.23
2.342.512.432.43
2.372.442.25
11 South-ern andWestern
cities
3.253.263.513.383.193.263.133.022.732.85
2.733.17
3.123.183.142.65
2.912.802.812.38
2.932.972.752.76
2.802.952.69
1 Prior to March 1939 figures were reported monthly on a basis notstrictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,pp. 463-464; for description, see pp. 426-427.
BOND YIELDS *
[Per cent per annum]
Year, month, or week
U. S. Government(taxable)
7 to 9years
15yearsandover
Munic-ipal
(high-grade)3
Corpo-rate
(high-grade)4
Corporate (Moody's)5
Total
By ratings
Aaa Aa Baa
By groups
Indus-trial
Rail-road
Publicutility
Number of issues
1944 average1945 average1946 average
1946—SeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember
Week ending:Aug. 30Sept. 6Sept. 13Sept. 20Sept. 27
1-5
.94
.60
.45
.57
.58
.60
.60
.56
.54
.52
.53
.53
.56
.57
.54
.53
.51
.52
.53
.53
.54
1-8
2.482.372.19
2.282.262.252.24
2.212.21
.192.192.192.222.252.242.24
2.232.232.242.232.24
15
1.861.671.64
.75
.84
.80
.97
.92
.99
.02
.98
.95
.921.911.931.92
1.921.921.921.921.92
2.602.542.44
2.502.512.512.55
2.482.482.492.49
3.052.872.74
2.792.822.822.83
2.792.78
.492.502.512.512.57
2.522.532.552.582.60
2.85
2.802.802.822.852.89
30
2.722.622.53
2.582.602.592.61
2.572.552.552.532.532.552.552.562.61
2.562.572.582.622.64
30
2.812.712.62
2.682.702.692.69
2.652.642.642.632.632.642 642.642.69
2.652.652.672.692.73
30
3.062.872.75
2.802.842.842.83
2.792.792.802.812.822.832.822.812.86
2.812.812.832.862.89
30
3.613.293.05
3.103.153.173.17
3.13
3.183.173.23
3.183.183.203.243.28
40
2.802.682.60
2.642.652.662.66
2.632.612.612.602.602.602.622.632.67
2.632.632.652.682.71
40
3.393.062.91
2.983.053.053.04
3.003.003.023.033.053.103.063.033.09
3.053.043.063.103.14
40
2.972.892.71
2.752.762.772.77
2.732.722.732.712.712.722.722.722.78
2.732.732.752.782.81
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Revised beginning June 17, 1946; see pp. 1251-1253 of this BULLETIN.3 Standard and Poor's Corporation. 4 U. S. Treasury Department.5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively.Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
OCTOBER 1947 1279
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Year, month, or week
Number of issues
1944 average
1946—SeptemberOctober
December . . . .
1947—JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptember
Week ending:Aug. 30Sept. 6Sept. 13Sept. 20Sept. 27
U. S.Gov-ern-
ment2
1-8
100.25102.04104.77
103.25103 58103.71103.87
104.32104.35104 61104 57104.48104 08103.75103.89103.95
104.07104 04103.96103.98103.88
Munic-ipal
(high-grade)1
15
135.7139 6140.1
137.8136 0136.8133.4
134.4133.1132 5133.2133.9134 4134.7134.3134.4
134.4134 4134.4134.4134.4
Bond
SECURITY MARKETS
prices
l
Corporate *
High-grade
15
120.9122.1123.4
122.8121.8121.6121.5
122.6122.7122 4122.8122.9122.8122.5122.3121.5
122.2122.2121.8121.4121.2
Medium- anc
Total
50
114.7117.9118.5
117.4115.8115.9115.9
116.3116.8116.6116.5115.0114.3115.7116.1115.1
116.0115.5115.2115.1114.8
Indus-trial
10
120.5122.2123.6
123.3122.2122.5123.0
123.5123.7123.7123.5123.2122.6122.8123.9121.9
123.8122 3121.9122 .1121.7
lower-grade
Rail-road
20
107.3115 1117.0
114.3112.3112.7112.9
114.3114.3113 6113.2109.2107 3110.5110.4109.3
110.1110 0109.6109.3108.9
Publicutility
20
116.3116.3114.9
114.7112.9112.6111.9
111 .2112.4112 5112.7112.5113 0113.8113.9114.1
114.2114 2114.0114.1114.0
De-faulted
15
59.275.476.7
65.462.763.667.7
68.369.366 064.061.963.469.669.668.6
68.768 968.468.568.5
Stock prices1
Pre-ferred*
15
175.7189.1198.5
196.2191.6189.3186.2
187.3189.0188 1186.5186.2186.2188.4188.7188.3
188.7188 7188.7188.2187.7
Common (index, 1935-39 = 100)
Total
402
100122140
125122121126
125129124119115119126125123
123124122124122
Indus-trial
354
102123143
129126124129
129133128123119124132130128
129130127130127
Rail-road
20
101137143
119110113119
1151191101029598
108105104
104105103104102
Publicutility
28
90106120
110107106110
111111107105102101102101102
101103102102102
Volumeof trad-ing7 (inthou-
sands ofshares)
9711,4431,390
2,1731,2561,1911,320
9981,176
841912912833
1,158674763
612723744836706
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.1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation.• Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.7 Average daily volume of trading in stocks on the New York Stock Exchange.Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES[In millions of dollars]
Year or month
19371938193919401941194219431944 . . .19451946
1946—August. . .SeptemberOctober. .NovemberDecember
1947—JanuaryFebruaryMarch. . .AprilMayJuneJulyAugust . . .
Total(newandre-
fund-ing)
3,9374,4495,7904.8035.5462.114
••2,1694.216
••8,006••8,557
••561441562761993
636•"410855885699
1,033»l,033
508
For new capital
Total(do-
mesticandfor-
eign)
2,1382,3602,2771,9512,8541,075
642913
1,7724,589
••420242363659788
498••252635784347744
»863317
Domestic
Total
2,0942,3252,2391,9482,8521,075
640896
1,7614,579
419242363659788
487250614777332744619317
Stateandmu-nici-pal
712971931751518342176235471952
64714969
119
21597
293402106212124185
Fed-eral
agen-cies1
157481924461
1,272108901526
121
47
213412
1515128
Corporate
Total
1,225873383736
1,062624374646
1,2643,506
354170267590669
252118310376211517483123
Bondsand
notes
817807287601889506282422607
2,038
19696
223444544
20875
265240
79434309113
Stocks
4086797
13517311892
224657
1,468
1597543
145125
444444
13613283
17410
For-eign2
443538
21
21712
••10
1
102
217
15
For refunding
Total(do-
mesticandfor-
eign)
1,7992,0893,5132,8522,6931,039
••1,5273,303
'6,234••3,968
141200199102205
139'158220101352290170191
Domestic
Total
1,6802,0613,4652,8522,6891,0391,4423,2886,1733,863
126200199102190
13556
19196
352252170191
Stateandmu-nici-pal
191129195482435181259404324208
117
12
50
1112312
113
Fed-eral
agen-cies1
281665
1,537344698440497418912741
3338
1331334
2224502033384040
Corporate
Total
1,2091,2671,7332,0261,557
418685
2,4664,9372,914
931456586
105
10331
14073
317211118147
Bondsand
notes
8561,2361,5961,8341,430
407603
2,1784,2812,313
39143
366879
848
13639
227162107140
Stocks
35231
137193126
1182
288656601
531
291927
1822
434914811
7
For-eign8
1192848
4
••8615
••61••105
15
'is4
••10129
5
" 3 8
r Revised.1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.1 Includes issues of noncontiguous U. S. Territories and Possessions.• Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.Source. —For domestic issues, Commercial and Financial Chronicle; for foreign issues. U. S. Department of Commerce. Monthly figures
subject to revision.Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1280 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Year or month
193419351936193719381939 . . . .1940194119421943194419451946
1946—AugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJu ly . . . .August
Estimatedgross
proceeds2
3972,3324,5722,3102,1552,1642,6772,6671,0621,1703,2026,0116,500
527267383629818
322265450449446738601248
Estimatednet
proceeds3
3842,2664,4312,2392,1102,1152,6152,6231,0431,1473,1425,9026,358
518261377617807
316260442441437727588245
Proposed uses of net proceeds
New money
Total
57208858991681325569868474308657
1,0803,003
344138202511623
183205285254180498435118
Plant andequipment
32111380574504170424661287141252638
2,012
126101160329557
138105153101109426370
99
Workingcapital
2696
478417177155145207187167405442991
2193743
18366
4510113215371726419
Retirement of securities
Total
2311,8653,3681,1001,2061,6951,8541,583
396739
2,3894,5552,728
115984881
114
12034
12185
232207112104
Bonds andnotes
2311,7943,143
9111,1191,6371,7261,483
366667
2,0384,1172,258
9438367497
8118
11080
198164103102
Preferredstock
712261908759
1281003072
351438469
2160126
17
3816115
344393
Repaymentof
other debt
84170154111215
691741441387349
134408
5018
1226
59
1115319819151716
Otherpurposes
11234936
7261928352747
133219 ,
1065
1912
255376
246
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1934 . .193519361937 . .1938193919401941194219431944 . . .19451946 . . . .
1946—AugustSeptember..October.. . .November..December
1947—JanuaryFebruary.. .MarchAprilMayJuneJulyAugust. . . .
Railroad
Totalnetpro-ceeds
172120774338
54182319361
47160602
1,436693
319401847
338
121737282823
Newmoney
2157
13922824
851152533246
102115129
316211835
2879
1715282223
Retire-ment ofsecuri-
ties
12054
5581103097
186108
15114500
1,320560
319
10
521
22
Allotherpur-
poses4
311077
1
' " i s '
3
2
6
Public utility
Totalnetpro-ceeds
1301,2501,987
7511,2081,2461,1801,340
464469
1,4002,2912,052
4111112461
483
4367
33293
225536307140
Newmoney
1130638918043
245317145224069
761
613
10818
411
1447
2233031
353234
28
Retire-ment ofsecuri-
ties
771,1901,897
611943
1,157922993292423
1,3432,1591,207
3386173372
2618
10761
179181
6895
Allotherpur-
poses4
42302750864713302725176383
© •
to to
to to toco
1624
16
Industrial
Totalnetpro-
ceeds
62774
1,2801,079
831584961828527497
1,0331,9693,355
422130210530226
22911990
328165141239
79
Newmoney
2574
439616469188167244
^ to to
_n too
£* CO Oo
8112,000
32610871
470145
1369452
20412996
17565
Retire-ment ofsecuri-
ties
34550761373226353738463
89199504
1,010903
809
124817
8485
24262643
9
Allotherpur-
poses4
21508090
1364356
1211467176
148451
1613
1271264
9163399101921
6
Other
Totalnetpro-
ceeds
20122390
7116
10215594
421
107206258
53138
52
116693
102114
2
Newmoney
46218
5789
4255
4136185
113
9135
32
558
135
2132
Retire-ment ofsecuri-
ties
72152
7788
918
4426556
1
15
568
5
11
Allotherpur-
poses4
194
20715
10421
43
5689
42
34
2
10
1 Estimates of new issues sold for cash in the United States.1 Estimates of new issues sold tor cash in the United btates.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses. 4 Includes repayment of other debt and other purposes.Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
OCTOBER 1947 1281
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Year or quarter
Number of companies.
Annual193919401941 . . .19421943194419451946 .
Quarterly1945—i
234
1946—i234
1947—12
Total
629
1,4651,8182,1631,7691,8001,8961,925
32,545
492508439485
323604698
»853
873888
Net profits,1 by industrial groups
Manufacturing and mining
Ironandsteel
47
146278325226204194188283
49533749
22679697
12699
Ma-chin-ery
69
115158193159165174163
3 171
38423547
- 1 94932
' 6 1
6982
Au-tomo-biles
15
223242274209201222243130
63774658
- 3 42142
102
99110
Othertrans-porta-tion
equip-ment
68
102173227182180190169127
4 50• 4 7*364 36
4 - 54 5 14 384 444 474 57
Non-ferrousmetals
andprod-ucts
77
119133153138128115108136
31272327
20264150
4746
Otherdura-
blegoods
75
7088
11390838888
8 165
21212026
123741
»57
5057
Foods,bever-ages,and
tobacco
49
151148159151162175199356
45465058
657493
124
9869
Oilproduc-
ingand
refin-ing
45
98112174152186220223281
62646137
56627785
90111
Indus-trial
chemi-cals
30
186194207164170187187273
48454351
63666777
8987
Othernon-dura-
blegoods
80
134160187136149147154302
39383740
62717791
9691
Mis-cella-neousserv-ices2
74
122132152161171184203321
45475358
82809366
6379
Profits anddividends
Netprofits1
152
8471,0281,137
888902970989
31,139
250269224246
116250310
»415
425438
Dividends
Pre-ferred
152
9090928886868582
20222122
20212021
2022
Com-mon
152
564669705552556611612657
142145143182
146153149209
177194
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Year or quarter
Annual19391940194119421943194419451946
Quarterly1945—1
234
1946—1234 . . .
1947—i2
Railroad 6
Operat-ing
revenue
3,9954,2975,3477,4669,0559,4378,9027,627
2,2772,4222,2301,973
1,8691,7032,0472,008
2,0392,111
Incomebeforeincome
tax*
126249674
1,6582,2111,972
756273
430514237
-426
39- 5 7161130
163185
Netincome1
93189500902873667450289
149199127
- 2 5
14- 4 5128191
86117
Divi-dends
126159186202217246246235
316828
118
56524185
4350
Operat-ing
revenue
2,6472,7973,0293,2163,4643,6153,6813,828
966909888917
970920936
1,002
1,0791,032
Electric
Incomebeforeincome
tax8
629692774847913902905953
288230205181
299221207226
289247
power •
Netincome1
535548527490502507534645
142125119148
196151142156
191166
Divi-dends
444447437408410398407454
1019596
115
107110112125
115115
Telephone 7
Operat-ing
revenue
1,0671,1291,2351,3621,5371 6411,8031 992
436444449474
475497502519
527478
Incomebeforeincometax*
227248271302374399396277
11510910370
84755662
6729
Netincome1
191194178163180174177200
46454443
54534449
4421
Divi-dends
175178172163168168173171
41444346
43434342
4033
1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends.2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.» Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.4 Partly estimated. 6 Class I line-haul railroads, covering about 95 per cent of all railroad operations.• 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 Com-
pany, 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. Fordescription 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 (tele-phone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
1282 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
End of month
1940—JuneDec
1941—June
1 9 4 2 — J u n e . . . .Dec.
1 9 4 3 — J u n e . . . .Dec
1944—JuneDec
1945—JuneDec
1946—June
1946—OctNovDec
1947—JanFebMarAprMay. . . .J u n e . . . .JulyAugSept
Totalgrossdirectdebt
42,96845,02548,96157,93872,422
108,170136,696165,877201,003230,630258,682278,115269,422
263,532262,277259,149259,776261,418259,124257,701258,343258,286259,448260.097259,145
Totalinterest-bearingdirectdebt
42,37644,45848,38757,45171,968
107,308135,380164,508199,543228,891256,357275,694268,111
262,415260,925257,649258,378258,113255,800254,427254,975255,113256,321257,110256,107
Marketable public issues x
Total2
34,43635,64537,71341,56250,57376,48895,310
115,230140,401161,648181,319198,778189,606
182,318180,328176,613176,444175,410172,462170,535169,926168,702168,509168,390167,946
Treasurybills
1,3021,3101,6032,0022,5086,627
11,86413,07214,73416,42817,04117,03717,039
16,98717,00017,03317,07417,04817,03816,61016,00215,77515,75615,73515,725
Certifi-cates ofindebt-edness
"3 i09o '10,53416,56122,84328,82230,40134,13638,15534,804
32,47830,47529,98729,79128,78427,79226,29426,29425,29625,12225,02524,894
Treasurynotes
6,3836,1785,6985,9976,6899,8639,168
11,17517.40523,03923,49722,96718,261
13,35113,35110,09010,09010,0908,1428,1428,1428,1428,1428,1427,840
Treasurybonds
26,55527,96030,21533,36738,08549,26857,52067,94479,24491,585
106,448120,423119,323
119,323119,323119,323119,323119,323119,323119,323119,323119,323119,323119,323119,323
Nonmarketable public issues
Total2
3,1663,4444,5558,907
13,51021,78829,20036,57444,85550,91756,22656,91556,173
56,08156,34356,45157,15757,76558,15658,61258,86359,04559,29659,49958,640
U. S.savingsbonds
2,9053,1954,3146,140
10,18815,05021,25627,36334,60640,36145,58648,18349,035
49,62449,70949,77650,34350,71750,94551,11751,24051,36751,55251,66451,759
Treasurytax andsavingsnotes
' '2,4713,0156,3847,4958,5869,5579,843
10,1368,2356,711
6,0035,9785,7255,5905,5705,4435,4775,5255,5605,5925,6425,531
Specialissues
4,7755,3706,1206,9827,8859,032
10,87112,70314,28716,32618,81220,00022,332
24,01524,25424,58524,77724,93825,18325,28026,18627,36628,51629,22029,521
Non-interest-bearing
debt
591566574487454862
1,3161,3701,4601,7392,3262,4211,311
1,1171,3521,5001,3993,3053,3243,2753,3683,173
'3,127'2,9872,926
Fullyguaran-teed in-terest-bearing
securities
5,4985,9016,3606,3174,5484,2834,0924,2251,5161,470
409553467
37836233126218117517117183747370
r Revised.1 Including amounts held by Government agencies and trust funds, which aggregated 4,458 million on Aug. 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.Back figures—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLICSECURITIES OUTSTANDING SEPTEMBER 30, 1947
[On basis of daily statements of United States Treasury. In millionsof dollars]
Issue and coupon rate
Treasury bills 1Oct. 2,1947Oct. 9, 1947Oct. 16, 1947Oct. 23, 1947Oct. 30, 1947Nov. 6, 1947Nov. 13, 1947Nov. 20, 1947Nov. 28. 1947Dec. 4, 1947Dec. 11, 1947Dec. 18, 1947Dec. 26, 1947
Cert, of indebtednessOct.Nov.Dec.Jan.Feb.Mar.Apr.JuneJulyJulyJuly
19471 9 4 7 Y %1947 %1948 %1948 V%1948 Y%1948 H1948 %1948Ser."F"%1948S"G'"^
Treasury notesSept. 15. 1948 1HOct. 1, 1948 1
Treasury BondsOct. 15, 1947-52 » AHDec. 15, 1947 2 2Mar. 15, 1948-50 2Mar. 15, 1948-51 2 . 2 ^June 15, 1948 1%Sept. 15, 1948 2 2HDec. 15, 1948-50*.... 2June 15, 1949-51 2Sept. 15, 1949-51 2Dec. 15, 1949-51 2
Amoun
,303,300,102,101,102,103,201,201,302,302,303,302,102
440775281
3,1343,9472.1421,3211,7772,7421,1272,209
3.7484,092
8 759701
1,1151,2233,062
451571
1,0141,2922,098
Issue and coupon rate
Treasury bonds—Cont.Dec. 15, 1949-52 2..3J/gDec. 15, 1949-53 2 . . 2 ^Mar. 15, 1950-52 2Sept. 15, 1950-52 i..2HSept. 15, 1950-52 2Dec. 15, 1950 1 ^June 15, 1951-54 2..2 54Sept. 15, 1951-53 2Sept. 15, 1951-55 2 3Dec. 15, 1951-53 2..2 MDec. 15, 1951-55 2Mar. 15, 1952-54. . . 2 HJune 15, 1952-54 2June 15, 1952-55 . . . 2KDec. 15, 1952-54 2June 15, 1953-55 2 . . . .2June 15, 1954-56 2 . .2J4Mar. 15, 1955-60 2.. 2 %Mar. 15, 1956-58. . . 2 ^Sept. 15, 1956-59 2.,2 %Sept. 15, 1956-59. . . 2 Y±June 15, 1958-63 2 . . 2 ^June 15, 1959-62*..2 34Dec. 15, 1959-62*..2 %Dec. 15, 1960-65 2.. 2 %June 15, 1962-67 *Dec. 15, 1963-68 *June 15, 1964-69*.. 2Dec. 15, 1964-69*.. 2Mar. 15, 1965-70 *Mar. 15, 1966-71 *..2J>June 15, 1967-72*.Sept. 15, 1967-72. . .2J^Dec. 15, 1967-72 * . . 2H
•ostal Savingsbonds 2%
•anama Canal Loan . 3
Total direct issues
Guaranteed securitiesFederal Housing Admin.Various
Amount
4911,7861,9631,1864,9392.6351,6277,986
7551,118510
1,0245,8251,5018,662
725681
2,6111,449982
3,823919
5,2843,4701,4852,1182,8313,7613,8385.1973,4817,9672,716
11,689
11550
167,946
34
'Sold on discount basis. See table on Open-Market M01p. 1279. 2 pa rtially tax exempt.
3 Called for redemption on Oct. 15, 1947. * Restricted.
ney Rates,
UNITED STATES SAVINGS BONDS[In millions of dollars]
Month
Fiscal yearending:June—1940. .
1941..1942..1943..1944..1945..1946..1947..
1946—Sept....OctNov.. . .D e c . . .
1947—TanFeb. . . .Mar. . . .Apr. . . .M a y . . .June...J u l y . . .AugSept.. . .
Amountout-
standingat end of
month
2,9054,314
10,18821,25634,60645,58649,03551,36749,54549,62449,70949,77650,34350,71750,94551,11751,24051,36751,55251,66451,759
Funds received from sales duringperiod
Allseries
115
11151497
,109,492,994,789,498,891,612,208494519453576952712616572488482559460466
SeriesE
2033,5268,271
11,82011,5536,7394,287
309327294370535394372349305301339294304
SeriesF
67435758802679407360
20242029534135332524272121
Series
222222
G
395032759876658465561
165169139178364278209191158157193144142
Redemp-tions andmaturities
Allseries
114148207848
2,3714,2986,7175,545
482489418504483398449455421433457404431
Maturities and amounts outstanding September 30, 1947
Year ofmaturity
1947194819491950195119521953195419551956195719581959Unclassified. .
Total
Allseries
168509815984
1,5714,3277,723
10,0768,8366,4935,4832 8791,966
- 6 8
51,759
SeriesC-D
168509815984435
2,911
SeriesE
1 ,1364,3276,3897,3605,9723,2152,580
30,979
SeriesF
206 '541594674539313256
3,124
SeriesG
" 1,128*2,1752 2672,6042,3632 5661,710
14,813
OCTOBER 1947 1283
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[Estimates of the Treasury Department. Par value, in millions of dollars]
End of monthTotal
interest-bearing
securities
Held by banks
TotalCom-
mercialbanks1
FederalReserveBanks
Held by nonbank investors
Total Indi-viduals
Insur-ancecom-
panies
Mutualsavingsbanks
Othercorpo-rations
andassocia-
tions
Stateandlocalgov-ern-
ments
U. S. Govern-ment agencies
and trust funds
Specialisues
Publicissues
1940—June1941—June
December1942—June
December1943—June
December1944_j u n e
December1945—June
December1946— June
December
1947—JanuaryFebruaryMarchAprilMayJuneJuly
47,87454,74763,76876,517
111,591139,472168,732201,059230,361256,766276,246268,578257,980
258,640258,294255,976254,598255,146255,197256,395
18,56621,88423,65428,64547,28959,40271,44383,30196,546105,992115,062108,18397,850
97,84196,81794,09393,55792,88891,97292,049
16,10019,70021,40026,00041,10052,20059,90068,40077,70084,20090,80084,40074,500
73,90072,70071,50071,70070,80070,10070,500
2,4662,1842,2542,6456,1897,20211,54314,90118,84621,79224,26223,78323,350
23,94124,11722,59321,85722,08821,87221,549
29,30832,86340,11447,87264,30280,07097,289117,758133,815150,774161,184160,395160,130
160,779161,477161,883161,041162,258163,225164,346
9,70010,90013,60017,90023,70030,30037,10045,10052,20058,50063,50062,90063,500
64,20064,70065,20065,40065,60065,80066,000
6,5007,1008,2009,20011,30013,10015,10017,30019,60022,70024,40025,30025,300
25,40025,40025,10025,10025,20025,00025,000
100,400700,900,500,300
6,1007,3008,3009,60010,70011,50011,800
11,90012,00012,00012,00012,00012,10012,200
2,5002,4004,4005,40011,60015,50020,00025,80027,60029,80029,10025,20022,400
22,00021,90021,70020,50021,00021,10021,300
400600700900
1,0001,5002,1003,2004,3005,3006,5006,5006,200
6,2006,2006,3006,3006,3006,4006,400
4,7756,1206,9827,8859,03210,87112,70314,28716,32618,81220,00022,33224,585
24,77724,93825,18325,28026,18627,36628,516
2,3052,3752,5582,7373,2183,4514,2424,8105,3486,1287,0486,7986,338
6,3896,3746,3886,3145,9665,4454,825
1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million onJune 30, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEEDBY THE UNITED STATES *
[Marketable public securities. In millions of dollars]
End of month
Type ofsecurity:
Total:«1944—Dec1945—Dec1946—June
Dec1947—June....
Ju ly . . . .Treasury bills:
1944—Dec1945—Dec1946—June
Dec1947—June
July . . . .Certificates:
1944—Dec1945—Dec1946—June....
Dec1947—June....
Ju ly . . . .Treasury notes:
1944—Dec1945—Dec1946—June
Dec1947—June....
July . . . .Treasury bonds:
1944—Dec1945—Dec1946—June....
Dec1947—June....
July . . . .
Totalout-
stand-ing
162,843198,820189,649176,658168,740168,543
16,42817 03717,03917 03315,77515,756
30,40138,15534,80429,98725,29625,122
23,03922,96718,26110,0908,1428,142
91,585120,423119,323119,323119,323119,323
U.S.Gov-ern-mentagen-ciesandtrustfunds
5,3387,0096,7686,3025,4094,789
6532
118
623858644835
6089676
5,1736,9156,6556,1865,3064,703
Fed-eralRe-
serveBanks
18,84624,26223,78323,35021,87221,549
11,14812,83114,46614,74514,49613,895
4,8878,3646,8137,4966,2806,559
1,5662,1201,748
355369369
1,243947755753727726
Com-mer-cial
banksC1)
72,04582,83076,57866,96262,96163,308
4,1132,4761,1421,187
7871,060
15,03218,09116,67611,2218,5368,282
15,41115,70111,3966,1204,8554,844
36,50846,53547,33548,40848,75649,094
Mu-tualsav-ings
banks
8,18310,49111,22011,52111,84511,891
1
3
12
13691
243257249195
336179227211183174
7,70410,21710,74311,04911,40711,516
Insur-ancecom-panies
18,76123,18324,28524,34623,96923,921
11
310360576490362322
568576623603285261
17,85922,23023,07323,22623,30523,321
Other
39,67051,04647,01544,17742,68443,085
1,1591,7231,4241,088
479790
9,97411,21110,43910,4599,8219,729
5,0984,3834,2582,7962,4432,488
23,09833,57930,76429,70029,82229,963
End of month
Treasury bondsand notes,due orcallable:
Within 1 year:1944—Dec1945—Dec1946—June
Dec1947—June....
Ju ly . . . .1-5 years:1944—Dec1945—Dec1946—June
Dec1947—June....
July . . . .5-10 years:
1944—Dec1945—Dec1946—June....
Dec1947—June....
Ju ly . . . .10-20 years:
1944—Dec1945—Dec1946—June....
Dec1947—June....
July . . . .After 20 years:
1944—Dec1945—Dec1946—June
Dec1947—June....
Ju ly . . . .
Totalout-
stand-ing
6,73715,22210,1197,802
11,25511,255
34,96535,37635,05539,57042,52242,522
37,90933,02532,84727,28318,93218,932
23,81734,98537,18932,38440,35240,352
11,19424,78122,37222,37214,40514,405
U.S.Gov-ern-mentagen-ciesand
trustfunds
83185
4298366
580408443576469442
725787716529423424
2,0982,7793,4002,9753,3742,966
1,7482,7642,1032,084
964810
Fed-eralRe-
serveBanks
6462,0171,431
72251251
1,557693797831698698
366210135
724040
1459083787878
955757552928
Com-mer-cial
banksC1)
4,0169,9565,6554,3416,9366,992
23,49025,16525,28528,47029,91729,971
19,95321,00721,93316,65711,57711,709
3,3913,6913,3082,4332,5872,633
1,0662,4182,5502,6322,5932,639
Mu-tualsav-ings
banks
3463
116181374348
866701709
1,0471,5741,536
3,4472,0581,6092,0421,2451,193
3,1865,5236,0265,3036,7516,949
5092,0512,5102,6871,6491,663
Insur-ancecom-panies
171235495591420402
1,8841,7421,5062,1012,6712,660
3,7872,9022,8222,8262,0021,933
8,20410,99612,54711,70815,13715,197
4,3816,9336,3256,6023,3583,389
Other
1,7902,7612,4182,5913,1913,196
6,5896,6736^3196 5507,'1937,215
9,6316,0635,6325,1563,6453,633
6,79311,90511,8299,886
12,42512,529
3,39410,5598,8268,3135,8125,876
ban
nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.1 Including stock savings banks.2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1284 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
Income taxes1
With-held2 Other
Mis-cella-neousinter-
nalreve-nue1
SocialSecu-rity
taxes
Otherre-
ceipts
Totalre-
ceipts
Netre-
ceipts3
In-ter-eston
debt
Warandde-
fenseactiv-ities
Trans-fers totrustac-
countsetc.
Otherex-
pendi-tures
Totalbudgetexpend-itures
Budgetsurplus(+) ordeficit
Trustac-
countsetc.4
Increase ( + ) ordecrease (—)during period
Generalfund
balanceGrossdebt
1946
Fiscal year ending:June 1945 . . .June 1946. . .June 1947. . .
September.October. . .November.December.
1947—January...February..March. . . .AprilMayJuneJulyAugust.. . .September.
10,2899,39210,013
705557
1,111766
5461,376785584
1,218778625
1,25579
24,88421,49319,292
2,845847332
2,120
2,1171,8453,8651,012400
2,49275413
2,639
6,9497,7258,049
656752669722
69366668:638595602663643699
1,7931,7142,039
8974
29089
5838711875
36512580
352136
3,8243,9155,309
186386236416
44536827531562.
1,484343202615
47,44,239 4344,703 43,259 4
5,4573,038
4,4812,6172,6394,1133,8604,6435,7242,6243,2045.4802,4692,8654,884
4,4782,5442,3644,1073,8204,3785,7012,5562,8655,4732,392,5364,872
3,617 90,0294,722 48,542,958 17,142
648 1,100160 1,481105 1,436952 1,580
34312462614192
1,396245103668
1,4121,45"1,4281,7281,3271,4935 980980
1,073
1,6461,9181,355
32482721
71161
4643218
549273
5,1068,53219,051
9741,276961
1,110
1,2882,3181,5442,0852,0002,632
H.8961,7041,182
100,39763,71442,505
2,7552,9652,5293,6623,1133,9143,5984,0013,8515,5403,6693,0602,932
-53,941-20,676
+754+ 1,723
-420-165+445+706+464
+2,102-1 ,445
-987-67
-1,272-524
+1,940
+791-524-548-414+156+ 15
- 4 8 0
-125+317
-33+269
+99-634-129+206-435
+4,529-10,460-10,930
-868-2,101-1 ,405-3 ,163+1,210+2,422
-224-2 ,598
245-758-239+332+552
+57,679+10,740-11,136-2 ,177-1 ,837-1 ,255-3 ,128
+628+ 1,642- 2 , 2 9 4- 1 , 4 2 3
+642- 5 7
+1,161+649*-953
Period
Details of trust accounts, etc.
Social Securityaccounts
Netre-
ceiptsInvest-ments
Ex-pendi-tures
Net ex-pendituresin check-ing ac-
counts ofGovern-
mentagencies
Other
Re-ceipts
Invest-ments
Ex-pendi-tures
General fund of the Treasury (end of period)
Assets
Total
De-posits
inFederalReserveBanks
De-posits
inspecialdeposi-taries
Otherassets
Totalliabili-
ties
Balance
generalfund
Fiscal year ending:June 1945June 1946.. . .June 1947.. . .
1946—September.OctoberNovember.December..
1947—January.. .February..MarchAprilMayJuneJulyAugustSeptember.
3,2392,9403,219
5715943071
2194408315759024663257365
,757,261,785
271-587237
4587201
5159476398150272
4531,6181,493
112116104109
126123134133126137154134124
1,55395
-196
29-5826
-27
13111
-32-60-339015817647
3,8204,7353,009
216155127125
123361207197327477153400180
2,4442,4071,577
46266026
4441173245630546
28124
-9382,8172,117
22878
265331
121224
2-2611034815926
212
25,11914,7083,730
10,5248,3936,9653,920
5,1027,4787,2334,7074,4023,7303,460
,7054,331
1,5001,0061,202
1,445773824682
1,6202,5612,369
842989
1,202884
5 7491,091
22,62212,993
962
8,3776,9365,4872,570
2,7363,3633,2922,3171,807962958
1,3621,618
997708
1,565
702684655668
7461,5541,5711,5481,6071,5651,617
51,5931,622
421470422
353323300418
391344323395336422391304378
24,69814,2383,308
10,1718,0706,6653,502
4,7117,1346,9094,3124,0663,3083,0693,4003,952
1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943).3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.* Excess of receipts (+ ) or expenditures ( —). 5 Change in classification.Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS[On basis of reports of collections. In millions of dollars]
Period
Fiscal year ending:June—1941
194219431944194519461947
1946—AugustSeptember..October . . . .November. .December. .
1947—January....February.. .MarchAprilMayJuneJulyAugust
Individualincome taxes
With-held
6867,823
10,2649,8589,842
1,33930
1,0621,243
27
6571,971
811,0141,528
331,1331,495
Other
1,4183,2635,944
10,4388,7708,8479,501
771,198
23480
420
2,1961,0821,967
648158
1,06829762
Corporation incomeand profits taxes
Normaland
surtax
1,8523,0694,5215,2844,8804,6406,055
142692232122752
250177
1,712228170
1,38^370275
Excessprofits
1641,6185,0649,345
11,0047,8223,566
204978344123925
2661?7806663614943
Otherprofitstaxes
375784
1371449155
410439
63323221
Estateandgift
taxes
407433447511643677779
5843574962
6684
1036862556679
Excise andother mis-cellaneous
taxes
2,5473,4054,1244,8426,3177,0367,285
631604706612652
639595541572539560618572
CASH INCOME AND OUTGO OF THEUNITED STATES TREASURY 1
[In millions of dollars]
Period
Fiscal year ending:June—1941
194219431944194519461947
1946—AugustSeptember..OctoberNovember. .December. .
1947—January... .February.. .MarchAprilMayJuneJulyAugust.
Cashincome
9,37115,29125,24547,98451,04147,79346,643
2,9974,6822,7942,8694,207
3,8895,1275,9462,8193,3165,2952,5653,193
Cashoutgo
Excess in-come ( + )
oroutgo (—)
14,06034,58578,97994,07995,98665,69239,985
2,9543,0412,9552,3253,629
2,7833,6673,3223,6543,3515,1933,3923,152
-4 ,689-19,294-53,735-46,095-44,945-17,899+6,658
+43+ 1,641
-161+544+578
+ 1,106+ 1,460+2,624
-835- 3 5
+ 102-827+41
1 Revised figures. For description, see TreasuryBulletin for September 1947.
OCTOBER 1947 1285
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department, In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Corporation or agency
Assets, other than interagency items1
Total CashLoans
re-ceiv-able
Com-modi-ties,sup-plies,and
mate-rials
Invest-ments
U. S.Govt.secu-rities
Othersecu-rities2
Land,struc-tures,and
equip-ment
De-ferredand
undis-trib-uted
charges3
Otheras-sets
Liabilities, other thaninteragency items
Bonds, notes,and deben-
tures payable
Fullyguar-
anteedby U.S.
Other
Otherliabil-ities
U. S.Gov-ern-ment
inter-est
Pri-vatelyownedinter-
est
All agencies:Mar. 31, 1946June 30, 1946Sept. 30, 1946Dec. 31, 1946. .Mar. 31, 1947
Classification by agency,Mar. 31, 1947
Department of Agriculture:Farm Credit Administration:
Banks for cooperativesFederal intermediate credit banks.Federal land banksProduction credit corporations. . . .Regional Agricultural Credit Corp.Agricultural Marketing Act Re-
volving FundFederal Farm Mortgage CorpRural Electrification Administration.Commodity Credit CorpFarmers' Home AdministrationFederal Crop Insurance Corp
National Housing Agency:Federal Home Loan Bank Adm.:
Federal home loan banksFederal Savings and Loan In-
surance CorpHome Owners' Loan Corp
Federal Public Housing Authorityand affiliate:
Federal Public Housing AuthorityDefense Homes Corp
Federal Housing AdministrationFederal National Mortgage Association.R.F.C. Mortgage Company
Reconstruction Finance Corp.5
Export-Import BankFederal Deposit Insurance CorpFederal Works AgencyTennessee Valley AuthorityU. S. Maritime Commission:
Maritime Commission activitiesWar Shipping Adm. activities6
All other7
33,32529,86929,56930.40932,337
322388
1,07611315
2118581
1,27747816
464
180633
52857
200542
4,457
,518,123267769
,192003
6,514
,279,305,157,398,588
76
503773
28
61
40
22
192
25
56016337
5,0695,3815,9496,6497,294
254326889
1,9181,5501,4291,2651,003
1
1108570172327
1,7891,7671,8361,8731,985
434313768)
285439390547
3,426
20,78417,43816,97316,92415,486
460385299339380
43 8
1,7411,6051,5361,4141,176
536325377261169
1,1331,2341,2501,2521,250
39349722
4,959 264,9393,3773,5883,142
,21822,88924,06924,81027,268
(*)
383(4)
236
583
2781
265
33
727
1,5081
75
1
i 1170
198
17515
8
122
12
22755
487 48
7
2,587 216
i ioi
3,227
()143731
3,3056,5071,894
2911510
135
2145613
6
12
2
230
212191135
140
36
()1,226
422
86
12
701
19330
39333361
273377711315
2113581-74473-6
123
176609
516561585
41
3,757
1,325953267760
3,7996,6706,453
479482496498509
11
243
116
139
Purpose of loan
To aid agriculture
To aid industry:
Other . .To aid financial institu-
tions :BanksOther
Foreign loansOther
Less: Reserve for losses.
Total loans receivable(net)
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1947
Fed.land
banks
957
68
889
Fed.FarmMort.Corp.
137
29
108
Fed.inter-medi-
atecreditbanks
326
(4)
326
Banksfor co-opera-tives
255
1
254
Com-modityCreditCorp.
201
29
172
RuralElec-
trifica-tion
Adm.
570
(4)
570
Farm-ers'
HomeAdm.
600
273
327
HomeOwn-
ers'LoanCorp.
596
13
583
Fed.PublicHous-
ingAuth.
278
278
Fed.homeloan
banks
236
236
R.F.C.and
affili-ates
(4)40
150163
122
239226
66
765
Ex-port-Im-portBank
'i]5i5<\
1,508
Allother
1027
1741
5
i i ioo8610
1,277
Allagen-cies
3,056663
167204
17238
2,854590497
7,294
Dec. 31,1946,
allagencies
2,884659
171192
19295
2,284623478
6,649
1 Assets are shown on a net basis, i.e., after reserves for losses.2 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; Inter-national Monetary Fund Quota—Mar. 31, 1947, 2,750. 3 Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4 Less than $500,000. 5 Includes U. S. Commercial Company and War Damage Corp.• Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities.7 Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and
those of The Virgin Islands Co. are as of Dec. 31, 1946.NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept.30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics,Table 152, p. 517.
1286 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES3
Year and month
1919 . . . .192019211922 . . . .19231924 . . . .19251926192719281929 . . . .1930193119321933193419351936193719381939 . .194019411942194319441945 . . .1946
1944December
1945January . . . .Februarv!March . . .AprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember
1946JanuaryFebruaryMarchAprilMayJune . .JulyAugust . . . .SeptemberOctoberNovemberDecember
1947JanuaryFebruary .March
M a yJuneJulyAugust
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Industrial production(physical volume)*2
1935-39 = 100
Total
Ad-justed
232
234236235230225220210186167162168163
160152168165159170172178180182183182
189189190187185184176
P182
Unad-justed
72755873888290969599
110917558697587
103113
89109125162199239235203
P170
230
230232232229225220211188171164167161
156148164163159171174180184184183180
184185187185185185178
P185
Manu-factures
Dur-able
Ad-justed
84935381
10395
107114107117132986741546583
108122
78109139201279360353274
»192
343
345346345336323308292239194186191185
166138183190175193202208212214214211
221222225222218
'219207
Non-dur-able
Ad-justed
6260576772697679838593847970798190
100106
95109115142158176171166
P165
173
175176176174173173165157156154158156
161167166164161162157164165168173174
176176175172170168163
P169
Min-erals
Ad-justed
71836671988992
10010099
10793806776808699
11297
106117125129132140137
P134
137
140141142140138144143140134124138133
141141137104115139146144146145136137
146146148143151148141
Constructicontracts
awarded (va1923-25 =
Total
Ad-justed
636356798494
1221291291351179263282532375559647281
122166
684168
153
51
4859727058505461698394
108
107136147170169174165158151145139154
146151132133127136155
Resi-den-tial
Ad-justed
443044688195
1241211171268750371311122137414560728982401626
143
14
141315182022232426364456
6195
129172179177161157147140122143
144152129123110116136
ue)'100
Allother
Ad-justed
799065888694
120135139142142125
84403748507074808189
149235
9261
102161
81
7596
11811289737991
104121134150
145169161168161172168158155148152163
148149134142140152170
Employment4
1939 = 100
Non-agri-cul-
tural
Ad-justed
102.895 886.375.776.184 087 895.1
101 194.6
100 0105 8119.4131 1138 8137.0132 0134.4
135.9
136.2136.6136.4135.8134.8134.2133.0131.8125.8125.5126.6127.1
129.2127.4130 6132.4133.4134 3134.7136.4137.6138.1139.1139.4
139.5139.8140.0138.9138.9139.7138.8
*>139.9
Factory
Ad-justed
168.0
168.8169.3168.3166 0163.6160 3155 0150.4130.1129 5130.1130.6
133.2124.4132 6139.4140 7142 2143.0146 3148.6149 1151.5152.4
153 4154.4154 6153.8151.9151 7149.2
P151.8
Unad-justed
103.7104 279 788 2
101 093 897 098 996.896 9
103.189 875.864.471 383 188 796 4
105 890 0
100 0107 5132 1154 0177 7172 4151 8142.0
168.3
168.2168.7167.7165 2162.5160 0155 6151.7130.8129 9130.5130.9
132.6123.9132 1138.5139 6141 9143.6147 7149.5149 6152.0152.8
152 7153.7154 0152.9150.6151 4149.9
P153.4
Fac-torypay
rolls 4
1939 =100
Unad-justed
103.9124 280 286 0
109 1101 7107 2110 5108.5109 7117.194 771 849.553 168 378 691 2
108 884 7
100 0114 5167 5245 2334 4345 7293 4266.4
346.7
347.0347.5345.7338 5324.9321 8306 6273.6228.7227 7227.7231.4
234.1214.3238 3254.8253 5262 8267.1284 4290.3292 8298.2306.2
307 3310.6314 1310.7312.2319 6313.9
Freightcarload
ings*1935-39
= 100
Ad-justed
12012911012114213914615214714815213110578828992
107111
89101109130138137140135132
137
144139145141141140139128127118133127
133126139109106133139141138139137140
150142146137142137134143
Depart-mentstoresales(val-
ue)* s1935-39
= 100
Ad-justed
83999294
105105110113114115117108
9775738388
100107
99106114133149168186207264
200
198207214184190203214201203213221220
227250256252259276273290270257271276
265268273276291289287281
Whole-salecom-
modityprices *1926= 100
Unad-justed
138.6154 497 696 7
100 698 1
103 5100 095.496 795.386 473 064.865 974 980 080 886 378 677 178 687 398 8
103 1104 0105 8121.1
104.7
104.9105.2105.3105 7106.0106 1105 9105.7105.2105 9106.8107.1
107.1107.7108 9110.2111 0112 9124.7129 1124.0134 1139.7140.9
141 5144.6149 6147 7147.1
r U7 6'150.6153.6
Cost ofliving *1935-39
= 100
Unad-justed
123.8143 3127 7119 7121 9122 2125 4126 4124.0122 6122.5119 4108 797.692 495 798 199 1
102 7100 899 4
100 2105 2116 5123 6125 5128 4139.3
127.0
127.1126.9126.8127 1128.1129 0129 4129.3128.9128 9129.3129.9
129.9129.6130 2131.1131 7133 3141.2144 1145.9148 6152.2153.3
153 3153.2156 3156 2156.0157 1158.4
* Average per working day. P Preliminary. r Revised.1 Department of Commerce index on income payments to individuals no longer available.2 For indexes by groups or industries, see pp. 1288-1291. For points in total index, by major groups, see p. 1309.* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1295 of this BULLETIN.« The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.6 For indexes by Federal Reserve districts and other department store data, see pp. 1297-1299.Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for departmentstore sales, June 1944, pp. 549-561.
OCTOBER 1947 1287
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors
Industry
Durable Manufactures
Steel
Electric
Automobiles^ .(Aircraft; Railroad cars; Locomotives; Shipbuilding—
(Copper smelting; Lead refining; Zinc smelting;
Fabricatinc(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Lumber attd Ptoditcts
Lumber
Stone Clay and Glass Products
Glass productsPlate glassGlass containers..
Gypsum and plaster products
Nondurable Manufactures
Textiles and Products
Textile fabrics
Rayon deliveries
Wool textilesCarpet wool consumption
^^oolen and worsted yarn
Worsted yarnWoolen and worsted cloth . >
Leather and Products . .
Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathers
Shoes
Wheat flour '.Cane sugar meltings1
Manufactured dairy productsButterCheese .Canned and dried milkIce cream
1935-39 average =100]
1946
Aug.
178
184
208
184
186196170381
254
242
182
159
150
163
135
126152
197
215114251159150215242
164
163
152149240
173137226173178165176
120
1011197049
124133
147
131
P13774
169173
Sept.
180
186
212
185
184196172366
261
240
188
172
161
176
137
129152
204
238161265162150212235
165
168
156153242
isi144239180183176184
119
1011148151
134131
136
135
P14379
168163
Oct.
182
188
214
184
183195171369
268
237
185
184
168
191
136
177155
200
227158250156149212241
168
169
157•155
248
178143230177177176181
117
971037867
141130
146
135
P14679
164142
Nov.
183
191
214
178
174193163404
271
235
187
192
175
198
142
135157
202
226152251162150215252
173
174
163164256
181161230178178177181
121
1101219170
137129
156
145
P14677
172143
Dec.
182
190
211
159
152174145381
276
235
187
197
181
203
141
132160
210
232135265177152219263
174
164
152141254
180165223175171180181
115
1101229468
130117
162
155
P14779
172148
1947
Jan.
189
196
221
192
193206177414
277
229
181
202
184
209
142
131161
219
245149278182168227271
176
172
160161263
171155214166160175173
116
1131279867
117118
161
162
P14882
178147
Feb.
189
197
222
191
191207174446
277
233
190
206
190
213
147
137167
219
235154263203164232260
176
173
161161262
178174222169158184178
120
1181349981
108121
156
158
P14981
185152
Mar.
190
198
225
196
194213179457
281
239
197
200
195
202
147
138166
218
241159269192165224258
175
172
160160270
172182210161145183171
122
1221409984
102121
157
160
P15385
198164
Apr.
187
194
222
195
189213178461
276
237
193
196
203
193
144
135161
211
234151263175164218249
172
166
154154270
159170195149128178158
116
1191371027995
113
158
149
P15482
206173
M a y
185
191
218
197
193215179469
273
225
179
187
198
182
••134158
200
229163251141162
'210247
170
164
152148271
161191186147126177156
113
119138968883
109
155
144
P15279
191173
June
184
r191
'219
193
189211176458
275
233
191
179
188
176
rl42r133159
207
230154257171165215240
168
rl55
143133263
'155175
r175144124174
••152
107
'114r130
9492
••84r 103
154
152
P15582
196184
July
176
183
207
181
174198166
r429
266
217
185
172
181
169
133
121155
195
'207124
r235164161221214
163
142
129118
'263
130141147121107139132
100
104120
77888497
155
143
P15785
'197188
Aug.
P182
P188
P211
189
187206170456
P269
P216
P184
P169
P181
P140
P 1 5 9
P197
211151231
P 1 5 8P229P 2 1 3
vU9
P154
P142130267
P156
P151
P14774
175158
P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately.5 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designedto measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodiesparts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered.
1288 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
Industry
Manufactured Food Products—Continued
Meat packingPork and lardBeefVealLamb and mutton
Other manufactured foods .Processed fruits and vegetablesConfectioneryOther food products ..
Alcoholic Beverages
]VIalt licuiorW h i s k e yO t h e r distilled spiritsRectified liquors . . . .
Tobacco Products
CigarsCigarettesOther tobacco products
Paper and Paper Products
Paper and pulpPulp
Groundwood pulpSoda pulpSulphate pulpSulphite pulp
PaperPaperboardFine paperPrinting paperTissue and absorbent paperWrapping paperNewsprint
Paperboard containers (same as Paperboard)....
Printing and Publishing
Newsprint consumption .Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining 2
GasolineFuel oilLubricating oilKeroseneOther petroleum products *
CokeBy-product cokeBeehive coke .
Chemical Products
PaintsSoap .RayonIndustrial chemicalsExplosives and ammunition x
Other chemical products l
Rubber Products
Minerals—Total
Fuels
CoalBituminous coalAnthracite
Crude petroleum
Metals
Metals other than gold and silverIron ore(Copper; Lead; Zinc)1
GoldSilver
1935-39 average =
1946
Aug.
138141139134110
151155107158
174
12356426427
155
11020279
147
142156981102381321401698513415113583
129
123
P182
149164152162
165159369
237
153117254395
221
144
150
149156120151
107
148
5049
Sept.
3824418193
150143110159
227
19771384461
157
11220576
150
1441621011112491361421728513815213387
128
117
« «
146165153155
166161352
235
149114256395
234
146
151
155163125149
111
153
5258
Oct.
115116107140131
154167123156
206
17968241460
173
12722679
152
1461631061082441411441728914415513585
132
119
P179
145160159163
167160406
238
148111257402
234
US
150
152160124149
111
157
4460
Nov.
163179150160116
160160135164
213
19464191463
169
13121681
153
147162961092481391451759014215613684
130
118
P177
148161147150
152148272
243
150115261411
243
136
140
118116123150
117
169
4458
Dec.
151151162138105
168170147172
234
202158333426
148
10919272
150
146159981092361391441688615515213487
138
120
P178
148167154162
143139278
249
152128260422
252
137
141
128130121147
111
153
5355
= 100]
1947
Jan.
163172164133108
165157138171
241
183188623408
158
11220869
156
150166991092521451471798315314813787
138
122
P180
142166160175
171163410
251
154131266430
247
146
151
162173118146
117
158
6064
Feb.
159165167121104
158137142166
223
157179695372
168
11022867
157
1511711001092601501481818315514213789
140
125
P185
143170162185
172165416
251
156136276429
246
146
150
151162107150
122
166
6166
Mar.
149143169122101
160151145165
208
160151619314
158
9821666
159
154174991132661511511808816015113989
142
124
P185
142174167176
172165424
251
157135283431
239
148
153
153163113153
117
159
5868
Apr.
150153159121105
161145149167
189
154131503276
160
9422168
156
150169971122541501471788715814413293
141
124
P179
139163156170
166162324
251
155138289433
234
143
144
122127102155
136
189
6068
May
151154159119102
158138153164
162
149106350194
142
10618755
161
155173971122651511521848816014814192
142
125
P184
145171163175
169161428
253
153137292435
220
151
156
153165104157
169
6466
June
152157154141104
154132135164
159
15079319215
159
10121666
160
1551781051162771511511798816214714491
146
131
P191
154173168182
165160340
250
151142251439
216
148
153
140147110159
122
166
6361
July
15617114915493
156132119168
164
15755329231
156
9821072
146
140160108982531311371667514713612491
139
131
P195
157178157186
161156307
251
152135291438
207
141
144
11311793160
P119
Aug.
14515514015891
P159P136
P'\13
176
16856385238
160
10721180
P156
P150
P114P106P278P1511451788415513813094
144
133
#160
?418
P252
P\33P293
P208
P150
P155
P151P114
P161
P!19
p Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately.2 This series is in process of revision.NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
OCTOBER 1947 1289
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Industry1946
Aug. Sept. Oct. Nov. Dec.
1947
Jan. Feb. Mar. Apr. May I June July Aug.
Industrial Production—Total.
Manufactures—Total
Durable Manufactures...,
Iron and Steel
Pig ironSteel
Open hear th .Electric
Machinery
Manufacturing Arsenals and Depots *.
Transportation Equipment
180
186
210
184
186196170381
254
184
191
214
185
184196172366
261
184
191
215
184
183195171369
268
183
191
214
178
174193163404
180
188
209
159
152174145381
271 276
184
192
218
192
193206177414
277
185
193
220
191
191207174446
277
187
195
223
196
194213179457
185
193
222
195
189213178461
281 276
185
191
219
197
193215179469
273
Automobiles *(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government)1
242
182
240
188
237
185
235
187
235
187
229
181
233
190
239
197
237
193
225
179
Nonferrous Metals and Products.
Smelting and refining(Copper smelting; Lead refining; Zinc amelting;Aluminum; Magnesium: Tin)1
Fabricating(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tinconsumption)1
159
150
172
161
184
167
192
176
197
182
202
184
206
190
200
196
196
203
187
198
163 176 191 198 203 209 213 202 193 182
Lumber and Products.
Lumber...Furniture.
Stone, Clay, and Glass Products.
Glass productsPlate glassGlass containers
CementClay productsGypsum and plaster products...Abrasive and asbestos products.Other stone and clay productsl.
Nondurable Manufactures..
144
140152
204
223114261179154215242
147
144152
212
242161270188155216235
142
136155
209
232158258181158218241
139
131157
207
228152254175155219252
129
114160
203
218135247161158224263
126
107161
208
241149273148156218271
135
118167
205
229154255154156221260
140
126166
209
241159269157159215258
143
134161
208
234151263166160215249
'145
'138158
206
242163269148162
•213247
Textiles and Products.
Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption *...Wool textiles
Carpet wool consumption. .Apparel wool consumption.Woolen and worsted yarn . .
Woolen yarnWorsted y a r n . . .
Woolen and worsted c lo th . .
166
163
152149240
172
168
156153242
172
169
157155248
174
174
163164256
172
164
152141254
171
172
160161263
171
173
161161262
171
172
160160270
169
166
154154270
'169
164
152148271
Leather and Products.
Leather tanningCattle hide leathersCalf and kip leathersGoat and kid l e a the r s . . . .Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flourCane sugar meltings *Manufactured dairy products.
ButterCheeseCanned and dried milk. . .Ice cream
173137226173178165176
119
1001157347127
133
164
130
181144239180183176184
118
991118051131
131
164
147
178143230177177176181
117
981048067141
130
158
143
181161230178178177181
123
1141269468145
129
158
146
180165223175171180181
114
1101229268124117
157
153
171155214166160175173
116
1131309667109118
149
162
178174222169158184178
123
12714510484119121
140
160
172182210161145183171
121
121140978399121
140
157
159170195149128178158
115
118137988293113
144
143
161191186147126177156
113
119138928689
109
149
P17581
189179
P15176
171150
P12068
148115
59129103
P9562
124114
P 9 568
132119
*>10771
151137
P12777
178161
P 1 6 184
214196
P2O2102256240
185
191
220
193
189211
458
275
178
184
208
181
174198166
'429
266
233
191
217
185
179
187
172
180
'149
143159
209
229154254183163220240
141
133155
196
'200124
'225181161221
168
•155
143133263
164
142
118••263
155175175144124174
•152
106
1121259692
'83103
154
146
130141147121107139132
98
9911276887897
166
141
P229113279254
P 2 2 9104242218
P185
P190
P 2 1 3
189
187206170456
v269
P216
P184
P169
P 1 8 1
P148
P143P159
P204
218151241
P162*P230P 2 1 3
P 1 7 2
P154
130267
P172
'150
P 1 9 282
196163
p Preliminary. r 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.
1290 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
Industry
Manufactured Food Products—Continued
Meat packing
BeefVeal
Other food products
Alcoholic Beverages
Whiskey
Cigars
Paper and Paper Products
PulpGroundwood pulp
Sulphite pulpPaper
Printing paper
Petroleum and Coal Products
Petroleum refining'
Fuel oil
CokeBy-product coke
Chemical Products
Paints .Soap
Rubber Products . .
Minerals—Total
fuels
Coal
Crude petroleum
Uetals • ..•
Metals other than gold and silverIron orefConner* Lead' Zinc)1
Gold
1935-39 average
1946
Aug.
122108141132107
173255115161
174
14156230427
161
11021277
147
142154861102381321401698513415113582
123
111
P182
149164151155
165159369
233
151119••254395
221
147
150
149156120151
132
189282
5548
Sept.
37194489100
188315142163
237
19971
526461
166
11221981
150
144160901112491361421728513815213387
128
119
P181
146165153154
166161352
235
148119256395
234
149
151
155163125149
136
192282
6059
Oct.
117109117160136
173216161164
221
16668624460
179
12723585
152
146162981082441411441728914415613585
135
125
145160159163
167160406
240
148116257402
234
147
150
152160124149
126
180252
5159
Nov.
181210156172116
166147159172
196
14964
401463
172
13122183
153
1471621011092481391451759014215613685
135
129
P177
148161147155
152148272
244
149116261411
243
135
140
118116123150
105
144174
4958
Dec.
175199162130103
164132149175
210
161158366426
138
10917763
150
146159991092361391441688615514713485
141
126
148167152167
143139278
250
152128260422
252
132
141
128130121147
76
9258
5455
= 100
1947
Jan.
191225168124115
150102142164
206
150188405408
157
11220868
156
1501671031092521451471798315314713787
133
114
P180
142166155179
171163410
250
151128266430
247
141
151
162173118146
81
9769
5765
Feb.
152162153106105
14386144158
195
142179417372
160
11021565
157
1511711041092601501481818315514713789
138
122
P185
143170160194
172165416
252
154134276429
246
141
150
151162107150
84
10473
5567
Mar.
13813315411599
14283135159
187
149151403314
149
9820166
159
1541751061132661511511808816015113989
145
129
P185
142174165180
172165424
254
157135283431
239
143
153
153163113153
83
10372
5170
Apr.
139139149118102
14388123160
182
162131302276
151
9420568
156
1501711061122541501471788715814613295
144
131
P179
139163162174
166162324
253
157135289433
234
139
144
122127102155
112
153173
5468
May
151154159124104
14390118161
167
170106210194
142
10618755
161
1551741051122651511521848816014814193
145
129
P184
145171170176
169161428
252
157133292435
220
153
156
153165104157
140
200279
5665
June
15015715114196
146101100165
178
18979198215
165
10122767
160
1551781061162771511521798816215014492
146
129
P191
154173168171
165160••340
247
156140251
r439
216
152
153
140147110159
213306
5959
July
14615015115490
16317297171
182
19655191231
162
9822172
145
140159961162531311371667514713112489
130
113
vl95
157178156173
161156307
247
150134291438
207
146
144
11311793160
154
P22O
334
Aug.
12711914115589
P179
P222
P176
181
19256208238
165
10722278
P155
P176P100P106P278P1511451788415513813093
137
120
^160
P418
P248
P150P135
P437
P208
P155
P143P151
P161
P153
v Preliminary. r Revised. x Series included in total and group indexes but not available for publication separately.'This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August1940, pp. 753-771 and 825-882.
OCTOBER 1947 1291
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Industry group or industry
TotalDurable goodsNondurable goods
Iron and Steel and ProductsBlast furnaces, steel works, e tc . . . .Steel castingsTin cans and other tinwareHardwareStoves and heating equipment. . . .Steam, hot-water heating appa-
ratus. .Stamped and enameled wareStructural and ornamental metal
work
Electrical MachineryElectrical equipmentRadios and phonographs
Machinery except ElectricalMachinery and machine-shop
productsEngines and turbinesTractorsAgricultural, excluding tractors . .Machine toolsMachine-tool accessoriesPumpsRefrigerators
Transportation Equipment, except AutosAircraft, except aircraft engines. .Aircraft enginesShipbuilding and boatbuilding....
Automobiles
Nonferrous Metals and ProductsPrimary smelting and refining.. . .Alloying and rolling, except alum-
inum. .Aluminum manufactures
Lumber and Timber Basic Products. .. .Sawmills and logging campsPlaning and plywood mills
Furniture and Lumber ProductsFurniture
Stone, Clay and Glass ProductsGlass and glasswareCementBrick, tile, and terra cottaPottery and related products
Textile-Mill and Fiber ProductsCotton goods except small wares.Silk and rayon goodsWoolen and worsted manufacturesHosiery .Dyeing and finishing textiles
Apparel and Other Finished Textiles.. . .Men's clothing, n.e.cShirts, collars, and nightwearWomen's clothing, n.e.cMillinery
Leather and Leather ProductsLeatherBoots and shoes
Food and Kindred ProductsSlaughtering and meat packing. . .FlourBakingConfectioneryMalt liquorsCanning and preserving
Tobacco ManufacturesCigarettesCigars
Factory employment
1946
July Aug.
143.6165.7126.2
145.7121167137126117
157136
150
203.2156176
201.8
174233168147162189225168
299.9324298251
180.2
171.2128
153206
133.5145135
119.6119
136.6166139120151
102.8112761047194
124.51128813083
103.08895
131.010211410193144137
90.712374
147.7170.6129.7
150.2124167140129123
158142
156
210.5161190
206.6
176241169146168195235172
294.7338309229
187.8
177.3134
157210
139.0151141
123.4122
141 6171143122156
104.0114771047295
130.51168814193
102.78994
138.611511910398145154
91.712376
1947
Apr. May June July Aug
152.9180.8130.9
158.0125164132141136
167153
166
218.7173205
226.6
191241176178156190246207
300.8358316208
200.5
184.8148
159208
149.1160158
131 8129
146.0172146125166
106.118781037498
135.01249914286
103.09396
125 011612110711415059
87.512072
150.6178.0129.1
156.8126164132141137
160151
166
213.8170197
225.9
190238178181151183243211
293.7348303203
186.5
179.6143
154196
154.8167159
129.5127
142.6171122124166
104.611677997097
131.41229913679
99.49292
126.011911610711015459
88.412073
151.4179.7129.1
157.5128162133139136
157149
165
221.5174188
224.2
189231182185146178242223
291.8337303204
196.2
175.1145
147182
158.2171163
129.8128
144.0169145126164
103.11576986896
131.12410113679
99.9193
130.312111910710716368
90.212275
149.9174.7130.3
156.1129158138135134
149146
165
215.0170180
217.9
185231182176137167233217
248.9326301127
195.0
168.2146
139169
156.5169161
127.8126
140.2159147126160
101.211274956992
131.71219714080
100.69194
140.8124124109101170108
89.812075
153.4176.7135.0
158.3
213.7
221.,
247.6
193.8
168.0
161.0
130.9
143.1
103.0
142.5
148.9
91.7
Factory pay rolls
1946
June July Aug,
262 8289.1237.0
240.3182292235242206
271
252
241
347.9258329342.0
296416236248270305416263
557.5586469483
259.9
298.6
269336
261.9286255
233.3230
241.4279216213260
217.2248167239133185
258.6230181283121
204.9163196
208.2167191169180210182
184.1218168
267.1296.3238.5
247.5192277249245211
280
254
251
351.0264332346.2
299447248248262293413272
558.7606469469
292.8
303.9228
269340
252.1276242
231.9228
242.2275230230250
213.3246166229131179
240.3215178254145
198.7156190
235.1180221179170222326
178.3211160
284.4316.1253.4
265.9204295270257234
290280
272
378.9283370
362.2
314454257253281316438288
553.1641498422
319.0
324.2240
283351
285.6313274
250.0247
260.1294243240275
229.4276181234141188
272.5236185306166
199.6161188
254.3202239184187232387
186.2219167
1947
Apr. May June July
310.7349.9272.3
297.5220309249301277
327324
307
396.6317409
423.0
358495288333270320485388
565.3657488399
343.4
354.0283
295369
323.4351334
286.8282
288.8335248257317
255.4315201248146215
279.8267227278138
214.6184205
243.1212253195231252140
181.6218160
312 2353.8271.5
306.7236317250306279
313329
315
407.1328413
429.5
363502303344264312491395
561.3639477396
329.0
349.0285
283348
351.4385351
285.1279
286.9333203276324
248.3303200241140211
272.1271229260119
207.0184197
252.8232240200229268143
182.8221164
319.6365.9274.2
316.1247322264305283
321326
326
432.6344390
434.6
368503310372263305494428
560.3622482396
357.0
346.2296
280327
374.9412367
290.4285
298.2341279279322
242.5294194240131211
274.9273229264128
211.5185202
267.8241264204226296164
194.8240168
313.9350.6277.9
304.4234315295297276
295317
317
422.3333389
420.7
356494313362240282479422
479.6608485246
347.8
326.6297
260299
358.4395345
281.4274
294.6339284276308
237.5289191231135195
278.9260216285147
211.2187201
290.8260286208209325265
200.0254163
r Revised. NOTE.—Indexes for totals, maior groups, *nd industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass,Printing and Publishing Paper, and Rubber groups have been adjusted to final 1945 data made available by the Bureau of Employment Securityof the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlyingfigures are for pay roll period ending nearest middle of month and cover production workers only. Figures for August 1947 are preliminary.
1292 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued(Without Seasonal Adjustment)
{Index numbers of the Bureau of Labor Statistic?, 1939 = 100]
Industry group or industry
Factory employment
1946
July Aug.
1947
Apr. May June July Aug
Factory pay rolls
1946
June July Aug, Apr. May June July
Paper and Allied ProductsPaper and pulpPaper goods, n.e.cPaper boxes
Printing and PublishingNewspaper periodicalsBook and job
Chemicals and Allied ProductsDrugs, medicines, and insecticidesRayon and allied productsChemicals, n.e.cExplosives and safety fusesAmmunition, small armsCottonseed oilFertilizers
Products of Petroleum and Coal ,Petroleum refiningCoke and by-products
Rubber Products.Rubber tires and inner tubesRubber goods, other
Miscellaneous IndustriesInstruments, scientificPhotographic apparatus
137 A'134'145'138
121.1110133
178.918811816817017856
103
146.7137118
177.0'209155
170.5192146
139.2'136'147141
121.6110132
180.518911916917311671112
147.4137119
184.0'218162
175.1191148
145.0'140'154'147
128.5118138
196.219712118019215885146
145.4134119
193.5-•227168
179.8180148
143.5140
•153142
128.6119137
194.819412118019216272136
149.3138121
184.5r22O156
176.3176149
143.4141154140
129.1120138
188.519110418219116365114
150.8139123
180.7'217153
174.4178151
140.7141150134
128.,120138
189.818712018117715964109
153.7141125
175.2'212148
170.2173155
142.4
129.8
192.3
153.7
176.6
174.5
247.0'240'261'252
191.3162216
313.0306198283266331127250
242.5223195
331.4'363'294
318.4339233
246.4•242'254'249
193.3164220
315.5307198289265336120246
251.0228215
321A'348'296
314.2327240
256.5•253'260'262
198.1169222
320.0314206288273201159275
253.1229218
336.9'356'322
329.3330245
290.9•284•302•290
230.7202255
378.3360239330311336209381
265.2237231
383.9'414-•348
361.0328271
291.1'289'307'283
234.2209255
381.5359239335334352185365
275.7244248
367.2'399'326
356.6317275
298.0'302'302'284
235.9210258
373.3355205339341359169302
286.2254256
361.9'396'320
355 A335281
298.7'310'296'274
233.6209260
378 7348238342325356162288
295.6265248
352.7'394'305
341.5319275
For footnotes see p. 1292.FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)[Index numbers of the Board of Governors, 1939=100]
Group
TotalDurableNondurable
1946
July
143.0165.2125.6
Aug.
146.3169.7127.8
Sept.
148.6172.7129.6
Oct.
149.1173.8129.7
Nov.
151 5176.4131.8
Dec.
152.4177.1133.0
Jan.
153 4178.7133.4
Feb.
154.4180.8133.6
Mar.
154.6181.5133.4
1947
Apr.
153.8181.2132.2
May
151.9178.2131.1
June
151 7179.5129.8
July
149.2174.1129.6
Aug.
P151.8P175.7P133.O
Preliminary. 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]
Industry group
Average hours worked per week
June July Mar. Apr. May June July
Average hourly earnings (cents per hour)
1946
June July
1947
Mar. Apr. May June July
All manufacturing
Durable Goods
Iron and steel productsElectrical machineryMachinery except electricalTransportation equipment except autos.. . .Aut omobilesNonferrous metals and productsLumber and timber basic productsFurniture and finished basic productsStone, clay, and glass products
Nondurable Goods
Textiles—mill and fiber productsApparel and other finished productsLeather and manufacturesFood and kindred productsTobacco manufacturesPaper and allied productsPrinting, publishing and allied industries. . .Chemicals and allied productsProducts of petroleum and coalRubber productsMiscellaneous industries
40 0
39. c
38.839.840.939.536.640.941.541.840.4
40.2
39.7
39.3
38.539.440.439.337.840.039.141.039.5
40.1
39.636384339424040.740.039.240.5
40 .4
40.7
40.440.541.539.839.741.041.041.740.5
40.1
40.036.739.042.337.54340.341.340.239.841.0
40.1
40.5
40.440.041.53938.54041.441.540.5
39.6
39.135.538.342.136.743.0404 1 . 040.539.540.6
40.1
40.5
40.339.841.440.238.340.642.041.540.3
39.7
38.935.838.143.036.343.140.141 .140.039.040.3
40.2
40.6
40.439.841.340.138.740.542 .741.740.8
39.8
38.636.038.143.23 8 . 242.939.941.140.739.140.3
39.8
40.0
39.239.740.940.137.739.642.041.240.1
39.6
38.435.737.743.339 642.939.740.940.538.639.3
108.4
116.5
120.6114.8122.3135.0134.7116.390.92.7
104.1
100.3
87.595.195.097.284.699.3
127.8108.4134128.3104
109.3
117.7
121.6115.8123.2136.6135.4116.691 .093.7
105.7
100.9
87.794.195.498.685
100.7128.7109 8135129.2104.8
118.0
123.6
126.9121.2129.8136.2139.6122.698103114.4
111 .9
102.4104.5102.8108.893.9
110.9144.3117.7140.8133.0113.9
118.6
124.3
128.0121.0130.8136.3140.6123.499.0
103.2114.9
112.2
102.799.9
102.9109.794.8
112.1146.2119.2141.8139.7114.2
120.7
127.8
133.3126.4133.4137.6146.3126.0102.5104.6117.3
113.0
102.598.8103.5111.094
113.3148.6121.0144.8141.6115.3
122.6
130.4
136.4129.5136.3138.8148.5128.6105.5106.2119.1
113.9
102.499.4
105.3111.995.0
116.5150.0123.2146.4141.9116.6
123.2
130.6
136.5130.6137.2140.1149.5129.0103.3105.9120.0
115.2
102.7102.1105.4112.795.3
119.0150.1124.7149.5144.6117.6
NOTE.—Preliminary August 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 39.8 and 123.8; Durable, 39.9and 131.4; Nondurable, 39.7 and 115.8 respectively. Back figures are available from the Bureau of Labor Statistics.
OCTOBER 1947 1293
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Year or month Total Manufac-turing Mining Contract
construction
Transporta-tion andpublic
utilitiesTrade Finance Service
Federal,State, and
localgovernmentx
19391940194119421943194419451946
SEASONALLY ADJUSTED
1946—JulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJuly. . . .AugustUNADJUSTED
1946—JulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust
30,28732,03136,16439,69742,04241,48039,97740,712
40,79741,30941,66941,85442,13942,207
42,24342,35442,39542,06542,07942,33842,04242,380
40,87741,46641,84842,06542,43942,928
41,80341,84942,04341,82441,91942,36142,13942,558
10,07810,78012,97415,05117,38117,11115,30214,365
14,47514,74514,95315,01915,23315,310
15,42615,52915,56415,51315,35915,35715,11815,346
14,52614,87615,03515,06415,27115,348
15,37215,47515,51015,42915,23715,32715,17015,484
845916947983917883826836
873886884883883874
883880879856884893864894
873886884883883874
883880879856884893864894
1,1501,2941,7902,1701,5671,0941,0821,493
1,5351,6011,6481,6701,6791,731
1,6781,6511,6321,6521 ,6681,7001,7481,821
1,6271,7131,7471,7531,7131,644
1,5271,5021,5341,6191,6851,7681,8531,948
2,9123,0133,2483,4333,6193,7983,8724,023
3,9914,0424,0644,0934,1014,091
4,0754,0524,0403,8553,9704,0744,0784,093
4,0514,1034,0644,0934,1014,071
4,0144,0114,0203,8363,9704,1154,1394,154
6,7057,0557,5677,4817,3227,3997,6548,448
8,4648,5738,6098,5818,6398,630
8,5958,6378,6958,6388,6318,6688,6868,744
8,3378,4028,5238,6678,8989,234
8,5528,5078,5658,5528,5458,5818,5568,569
1,3821,4191,4621,4401,4011,3741,3831,523
1,5341,5461,5491,5481,5511,554
1,5521,5541,5551,5461,5531,5511,5741,591
1,549,554,534,540,543,546
,544,546,555,554,561,567,590,599
228362
3,554708786795891
4,430
4,3824,3864,4124,5374,5784,596
4,5964,6304,5884,5524,5674,6414,6404,576
4,4264,4304,4564,5144,5554,573
4,5274,5614,5654,5524,5904,7114,6864,622
3,9874,1924,6225,4316,0496,0265,9675,595
5,5435,5305,5505,5235,4755,421
5,4385,4215,4425,4535,4475,4545,3345,315
5,488502605
5,5515,4755,638
5,3845,3675,4155,4265,4475,3995,2815,288
1 Includes Federal Force Account Construction.NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.August 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures begin-ning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Year or month
1940 2
194119421943194419451946.
1946—AugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruary]V[arch . .Aoril]VtayJune'July-August
Total non-institutionalpopulation
100,230101 370102,460103 510104,480105 370106,370
106,470106,630106,760106,840106,940
106,970107,060107,190107,260107 330107,407107,504107,590
Total
56,03057 38060,23064 41065,89065 14060 820
62,20061,34061,16060,98060,320
59,51059,63059 96060,65061 76064 00764,03563,387
Civilian labor force
Total
55,64055,91056,41055,54054,63053,86057,520
59,75059,12058,99058,97058,430
57,79058,01058,39059,12060,29062,60962,66462,035
Employed 1
Total
47,52050,35053,75054,47053,96052,82055,250
57,69057,05057,03057,04056,310
55,39055,52056,06056,70058,33060,05560,07959,914
In nonagricul-tural industries
37,98041,25044,50045,39045,01044,24046,930
48,55048,30048,41049,14049,100
48,89048,60048,82048,84049,37049,67850,01350,441
Inagriculture
9,5409,1009,2509,0808,9508,5808,320
9,1408,7508,6207,9007,210
6,5006,9207,2407,8608,960
10,37710,0669,473
Unem-ployed
8,1205,5602,6601,070
6701,0402,270
2,0602,0701,9601,9302,120
2,4002,4902,3302,4201,9602,5552,5842,121
Not in thelabor force
44,20043 99042 23039 10038,59040 23045 550
44,27045,29045,60045,86046,620
47,46047,43047 23046 61045 57043 39943,46944,203
o / inasmuch as the monthly series began in March 1940.8 Beginning in June 1947, details do not necessarily add to group totals.NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sampl
tolthe calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.le basis. Data relate
1294 FEDERAL RESERVE BULLETIN
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CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
JanuaryFebruaryM^archAprilM a yJuneJulyAugustSeotemberOctober
December
Year
Total
1946
357.5387.4697 6734.9952 4807.9718.0679 9619 9573.2503 7457.3
7,489.7
1947
571 6442.2596 8602.3674 7605.1660.3823 2
Residentialbuilding
1946
89 7102.1275 2370.6463 6332.2281.2284 0293 8235.1221 1193.4
3,142.1
1947
257 4208.4282 9256.7254 1209.5240.9308 9
Nonresidential building
Factories
1946
104 797.7
113 7105.1140.5159.4129.3109.473 7
140.273 669.9
1,317.3
1947
86.573.982.165.671.366.882.388.0
Commercial
1946
69.077.5
112.775.188 755.272.856.650 041.036 138.6
773.2
1947
38.346.452.666.359.258.481.677.2
Educational
1946
18.117.111.418.0
23.535.7
7 .818 812.615 119.7
221.4
1947
19.713.521.422.747.740.138.545.6
Other
1946
25.828.340.937.938 335.245.837.727 131.536 019.8
404.4
1947
55.99.4
35.829.657.744.751.280.0
Public worksand public
utilities
1946
50 264.7
143.6128.1197 9202.5153.1184.4156 4112.8121 8115.9
1,631.3
1947
113.990.5
122.0161.4184.7185.7165.9223.5
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
January . . . .February. . .MarchAprilMayJuneJulyAugustSeptember. .October . . . .November. .December...
Year
Total
1945
141147329396243227258264278317370331
3,299
1946
358387698735952808718680620573504457
7,490
1947
572442597602675605660
Public ownership
1945
7574
22130914882
1086743616162
1,311
1946
4756
146127197215202205187134130109
1,754
1947
16796
143177234226203
Private ownership
1945
6673
1078795
146149196235256309269
1,988
1946
311331551608756593516475433439373348
5,735
1947
405346453425441379458
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION[In millions of dollars]
Year or month
1935 . . .19361937193819391940 . . . .194119421943194419451946
1946—AugustSeptember..October. . . .November. .December. .
1947—January.. . .February...MarchAprilM a yJuneJulyAugust
Total
320557495694954
1,0261 1861,137
942886684798
5563856777897986
117112152169181
Title I
Prop-ertyim-
prove-ment
224246
6016020825126214196
125189363
25324735404439405142505749
Loans
Smallhomecon-
struc-tion
13252621151
( 2 )
(2)
(2)
(2)
(2)
(2)
( 2 )
(2)(2)
(2)
(2)
Mortgages on
l - to4-familyhouses(Title
ID
94309424473669736877691243216219347
26263326283027283336393937
Rentaland
grouphousing(Title
II)
22
11485113136
(2)
743
War andVet-
erans'housing(TitleVI)1
13284601537272
85
44679
1613183334637495
1 Mortgages insured under War Housing Title VI through April1946; figures thereafter represent mainly mortgages insured underthe Veterans' Housing Title VI (approved May 22, 1946) but includea few refinanced mortgages originally written under the War HousingTitle VI. 2 Less than $500,000.
NOTE.—Figures represent gross insurance written during the periodand do not take account of principal repayments on previously insuredloans. Figures include some reinsured mortgages, which are shown inthe month in which they were reported by FHA. Reinsured mortgageson rental and group housing (Title II) are not necessarily shown in themonth in which reinsurance took place.
OCTOBER 1947
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars]
Federal Reserve district
BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas
Total (11 districts)
1947
August July
60,603135,82030,72064,45073,47296,099149,16289,57028,27326,06368,984
823,216
35,62484,69043,69875,86264,27671,578109,90249,06427,92744,31853,315
660,254
1946
August
47,20394,66836,43878,30783,46690,744
102,99962,97629,72320,87232,513
679,909
NOTE.—Data for August are preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
1936—Dec1937—Dec1938—Dec1939—Dec1940—Dec
1941—MarJuneSeptDec
1942—JuneDec
1943—JuneDec
1944—JuneDec
1945—JuneDec
1946—JuneDec
Total
365771
1,1991,7932,409
2,5982,7552,9423,107
3,4913,620
3,7003,626
3,5543,399
3,3243,156
3,1022,946
Com-mer-cial
banks
228430634902
1,162
1,2461,3181,4001,465
1,6231,669
1,7001,705
1,6691,590
1,5701,506
1,488'•1,429
Mu-tualsav-ings
banks
8273871
130
146157171186
219236
252256
258260
265263
260'252
Sav-ingsandloan
associ-ations
56110149192224
230237246254
272276
284292
284269
264253
247233
Insur-ancecom-panies
41118212342542
606668722789
9401,032
1,0711,134
1,1191,072
1,0471,000
974917
Fed-eral
agen-cies l
53277
153201
210220225234
243245
23579
7368
4313
119
Other'
275390
133150
160154178179
195163
158159
150140
134122
122'106
r Revised.1 The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and theUnited 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, exclud-ing terminated mortgages and cases in transit to or being audited at theFederal Housing Administration.
1295
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Month
JanuaryFebruaryMarch . . . .
AprilMayJune
JulyAugustSeptember . . . .
OctoberNovemberDecember
Jan.-July
Merchandise exports1
1943
750728992
9891,0921,003
1,2651,2801,269
1,2371,0721,286
6,820
1944
1,1241,1071,197
1,2311,4551,296
1,1971,1911,194
1,1441,185
938
8,607
1945
903887
1,030
1,0051,135
870
893737514
455639736
6,724
1946
798670815
757851878
826P883P643
P537P986
P 1 , 0 9 7
5,594
1947
P 1 , 1 1 4Pl.150P I . 3 2 7
Pl,299Pl.422Pl,242
Pl.151
P8,704
Merchandise imports 2
1943
230234249
258282296
302318289
32'9312282
1,851
1944
301314358
361386332
294304282
329323336
2,346
1945
334325365
366372360
356360335
344322297
2,478
1946
394318385
407397386
434P425P3 78
P394P482P536
2,720
1947
P531P437P444
P512P474P466
P450
P3.313
Excess of exports
1943
520494743
732810707
963962981
908760
1,004
4,969
1944
823793839
8701,069
965
903887912
815862602
"6,261
1945
569561665
639763511
537378180
111317439
4,246
1946
405352431
350453492
392P458P265
P143P5O5P561
2,874
1947
P 5 8 3P 7 1 3P883
P 7 8 7P 9 4 8P 7 7 6
P 7 0 1
?5,391
P Preliminary.1 Including both domestic and foreign merchandise.2 General imports including merchandise entered for immediate consumption and that entered for sSource.—Department of Commerce.Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; Ju
PR FIGHT CAPT.OADTNGS BY CLASSES RFVFN1JFS. FXF
storage in bonded warehouses.
ily 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
Annual19391940194119421943194419451946
SEASONALLYADJUSTED
1946—JuneJulyAugustSeptember.. .OctoberNovember. . .December. . .
1947—JanuaryFebrua ry . . . .MarchApril . . . .
JuneJulyAugust
UNADJUSTED
1946—JuneJulyAugustSeptember...OctoberNovember. . .December. . .
1947—JanuaryFebrua ry . . . .March
]VlayJuneJulyAugust .
Total
101109130138137140135132
133139141138139137140
150142146137142137134143
137143145149149141131
138133137134144142140148
Coal
98111123135138143134130
146145152160155117132
163149147119155141115146
146145152160155117132
163149147119155141115146
Coke
102137168181186185172146
140177184183183166155
175171180173185173170184
138172177181180166163
184182182169183170165177
Grain
107101112120146139151138
125139131125142147162
157147159151138140168162
128166142140142144152
157144146133121143202175
Live-stock
969691
104117124125129
118166
r11991
128136122
12311112111110410710792
96135113120197171118
11889969894878787
For-est
prod-ucts
100114139155141143129143
149153157154146151156
163166159148148145152152
155153165166154148139
147159159148154151153160
Ore
110147183206192180169136
137164162164157157145
176172171184184184194190
21326324324521616945
444350
157267286311284
Mis-cel-lane-ous
101110136146145147142138
135141145139139148148
152145151147145142143149
139142146150151154139
139136144145146146145150
Mer-chan-diseI.C.I.
9796
1006963676979
81787775798381
7776787976747173
80787779828478
7474798076737173
r Revised.NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Associa-tion of American Railroads. Total index compiled by combining indexes forclasses with weights derived from revenue data of the Interstate CommerceCommission.
REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS
[In millions of dollars]
Annual19391940194119421943194419451946
SEASONALLYADJUSTED
1946—MayJuneJulyAugust. . .September.OctoberNovember.December.
1947—January...February..March. . . .AprilMayJuneJuly
UNADJUSTED
1946—MayJuneJulyAugust. . .September.October...November.December.
1947—January...February..March.. . .AprilMayJuneJuly
Totalrailwayoperatingrevenues
3,9954,2975,3477,4669,0559,4378,899
P 7 , 6 2 7
515639651664673663663658
698696723685698731683
533612674710660710658637
686636718689724697705
Totalrailwayexpenses
3,4063,6144,3485,9827,6938,3438,049
P7.OO8
524586603613605606601523
624631642637633649634
537574611629593625594534
628593645631649637644
Netrailwayoperatingincome
589682998
1,4851,3621,093
849P619
- 9534851685762
135
74658148658248
- 5386382678564
103
58437358766061
Netincome
93189500902874668447P289
-4120161837252998
423348153249
-3615325339573889
291443334638P37
P Preliminary.NOTE.—Descriptive material and back figures may be ob-
tained from the Division of Research and Statistics. Basicdata compiled by the Interstate Commerce Commission.Annual figures include revisions not available monthly.
1296 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1935-39 average = 100]
Year or month
SALESi19391940194119421943494419451946
SEASONALLY ADJUSTED
1946—August
October
February , ..MarchAprilMayJune ...JulyAugust
UNADJUSTED
i 946— \ugustSeptemberOctoberNovember
t947—JanuaryFebruary ..March . ...AprilMay . ...JuneJulyAugust
STOCKS i29391940194119421943194419451946
SEASONALLY ADJUSTED
1946~—AugustSeptemberOctoberNovemberDecember
£947—JanuaryFebruaryMarch.AprilMay . ...JuneJulvAugust
UNADJUSTED
1946—AugustSeptemberOctober ...NovemberDecember
«g47—Tanuary .February
AprilMayJuneJulyAugust
UnitedStates
106114133149168186207264
290270257271276
265268273276291289287P281
242278278336441
209222266268280265219P235
102108131179155162166213
221226237256274
268275273264252'241230P227
238250267277235
234252264262253236232
P245
Boston
104108126140148162176221
246226216230231
215219237227244249237P233
184237240284398
170171227227241232164
P174
99105124165142147153182
186192207209205
197206211211198188188
P189
198210231236186
180194207202194180181
*>200
NewYork
101106119128135150169220
259205179231232
228224229235253254254246
189214202301392
182188229223237231170179
97102123181143150160195
'212200192221238
234249242230221215'204205
••220216217247213
206231241233224206193214
Phila-delphia
104111129143151167184236
r2602*6233239250
247234236258275264257P257
195246258318408
188192255248261238185
P193
9699119167141148150191
'206210217220219
216225223221215212'205P208
'214231247242187
188218223225217201'195P216
Cleve-land
106114138153167182201257
286249248266277
256256257272298284281273
249251265333430
194210262266283267220237
99106130182144151156205
208221232249258
257261264246238231217219
225246268263214
225242254253241222217236
Federal Reserve district
Rich-mond
109120144170194215236289
307298286291293
293281307299303317301282
'254316312370494
219226292290301278215232
107113139191175190198250
264262274298319
315307295302292270265261
297294312316266
268290295304286259268294
At-lanta
113123145162204244275345
365367348347363
341338346353367365336352
321374372416570
273298346350348307269310
107115140178161185188258
271277297330348
311335321320309280270273
292305333347293
280312321317300283278295
Chi-cago
107116135149161176193250
281263250261264
245262260261276278281266
236268268318409
196210250258276270219224
103111134186160161159205
210220235249256
262264263257243232226221
225244263274231
225240255252243227222236
St.Louis
111119143158179200227292
330313293294303
278290294306321299320307
284316313371463
228244288297315269249264
102108134176152159166225
234240264274292
291296288281272267'247250
255266295293246
250266279281272267'257273
Minne-apolis
106109123129148164185247
259265254252251
262261279257270278268271
232287281302385
196202258264269264217243
103110138171151169165211
219227244259281
278270266287268'256254P244
232245271279246
253257267273266248'259P259
KansasCity
105110127149184205229287
300321297283299
281272298296316305'294P296
279311312340448
225247283290297281250
P275
99105125159152157158210
201219234249303
298293302282267248'212P213
225246266266248
258264272273261248'236*>238
Dallas
112116138157212245276353
'384376349356348
363347347377379361378376
'334395384434567
294306337347356307288327
106113130161159177190250
262267274303364
327343343326333308276282
296299310324306
294305326316316298299318
SanFran-cisco
109117139169200221244306
'322313319320317
313330325315323320329338
'290326330376504
249278295297301294272305
106113137187172177182238
240249270296334
315330331308287280267248
263281299313274
277290308304298285283271
r Revised. c Corrected. P Preliminary.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 see BULLETIM
for June 1946, pp. 588-612.
OCTOBER 1947 1297
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SALES, STOCKS, AND OUTSTANDING ORDERSAT 296 DEPARTMENT STORES *
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES[Weeks ending on dates shown. 1935-39 average = 100]
Year or month
1939 average1940 average1.941 average. . . .1942 average1943 average1944 average.1945 average.1946 average.
1946—July ,AugustSeptemberOctober. . .November.December.
1947—January.. .February..MarchAprilMayJuneJulyAugust
Amount(In millions of dollars)
Sales(total
formonth)
128136156179204227255318
244303309341404526
256250332321336304252
P273
Stocks(end ofmonth)
344353419599508534564714
738'809828879919776
769838865849818769730
P792
Out-stand-ing
orders(end ofmonth)
108194263530560728907
1074'1014
960845691557
619603485387351470593
P622
P Preliminary. r Revised.1 These figures represent retail sales, stocks, and outstanding orders
as reported by a sample of 296 of the larger department stores locatedin various cities throughout the country and are not estimates for alldepartment stores in the United States.
Back figures.—'Division of Research and Statistics.
Nov.
Dec.
Jan.
Feb.
Mar
Apr.
1945
3...10...17. .24...1...8 .15...22 .29...
1946
5...12...19 .26...2.9...1623...2...9...16...23 .30...6...
13...20...27...
. .236
..261
. .275
. 258
..326
. 401
..433421
. .158
..135
..188
. 191
..188
..197
..214209
..213
..217
. .233
..243255
..257
. .272
..282
. .289
..232
Without
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1946
2....916....23...30....7...
14....21...28....
1947
411....18...25....18....15....221....815....22...29....512....1926....
seasoi
.277
.314
.342363.334475.519532.281
.188
.232223.220.217.219.246.216.238.254.267286.283.319.265.271.267
lal adjustment
May
June
July
Aug.
Sept.
Oct.
1946
4....1118....25...1815....2229....6
13....20....27....3....1017....24....317....
1421....28....5121926....
.248
.274
.246?4S223?73.283248.239192?10.201.204.217228.239.255.281.264.293.280.257.277281.295.287
May
June
July
Aug.
Sept.
Oct.
1947
3....1017...2431....7
142128....5 ...121926....2916....23....30....613....2027....4 .1118....25
.279311273?77.250?9^.300?S6.245.208??8.217.213.220??3.225.243.277265.291.301.317
NOTE.—Revised series. For description and back figures see pp.874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Aug.1947
Aug.1947
July mos.1947
Aug.1947
July1947
1947Aug-1947
July1947 1947
United States.
BostonNew Haven. . .PortlandBoston Area. .Downtown
BostonSpringfield . .WorcesterProvidence... .
New YorkBridgeportl.. . .Newark *AlbanyBinghamton....Buffalo iElmiraNiagara Falls.. .New York City1.Poughkeepsie.. .Rochester1
Schenectady. . .Syracusel
Utica
Philadelphia .Trenton l
Lancaster 1 . . . .Philadelphia x.Reading x
Wilkes-Barre1.York1
ClevelandAkron l
Canton 1
Cincinnati1. . .Cleveland1....Columbus x. . .Springfield 1. . .
p-6
P-9-18-1-8
-11-13-10
-9-6-13-9-12-13-5-15-8-6-7-12-16
P-5-9-5-4-7-12-13
-8-6-8-10-10-12-5
+5
+5
+3+7+2+7-5+5+9+6+8+8+ 1+ 13
+ 11 +6
Cleveland-cont.Toledo1
Youngstown 2. .Erie1
Pittsburgh 1. . . .Wheeling1
RichmondWashington x . . .BaltimoreRaleigh, N. C. .Winston-Salem.Charleston^. CGreenville, S. CLynchburgNorfolkRichmondRoanokeCharleston,
W. VaHunt ington. . . .
AtlantaBirmingham *. .MobileMontgomery 1. .Jacksonville1...Miamix
OrlandoTampa1
Atlanta1
AugustaColumbusMacon *•Baton Rouge x. .New Orleans x. .Bristol, Tenn.. .Jackson 1
Chattanooga l. .Knoxville x
Nashville l
3-10!- 1 2
-11- 9
- 1 5- 6- 9
- 1 1- 2 3- 2 0-14j
- 7- 1 4
- 1 2- 9
-7- 4j- 8- 7+6
-18+ 2- 7
- 1 2- 9
- 1 1- 4- 3
- 1 1- 1 6- 2 0- 1 9- 1 7
+9+7+9+3+3
- 1- 9
+ 11+9- 5
- 5+7+ 110
+ 10
- 2- 3+6|
+8- 1 2+5+4
= ?-13+8- 1- 9
- 2 0-12
+8+9+6
+20
+ 11+ 14
- 1- 1+ 1+9+3
+4+3
+4+4+6+6+2
+ 11+ 1+9+ 1+2+6- 3+6+8+5- 1- 3
-10
ChicagoChicago!Peoria 1
Fort Wayne1..Indianapolis 1..Terre Haute 1..Des Moines. . .Detroit1
Flint1
Grand Rapids.LansingMilwaukee 1...Green Bay x . . .Madison
St. LouisFort SmithLittle Rock l . .QuincyEvansvil le . . . .Louisville 1... .East St. Louis.St. Louis1. . . .St. Louis Area.Springfield....Memphis 1 . . . .
Minneapolis . .Minneapolis 1..St. Paul1
Duluth-Superior 1.. .
Kansas City . .DenverPuebloHutchison. . . .TopekaWichitaJoplinKansas City...St. Joseph. . . .Omaha
-8-14-11- 4
-13- 4- 8- 3
-12+2
-11- 5- 8
p-10-20-14-23
'+16p-8+79
- 9- 8
-18 |
+1- 1
+ 1P-5+ 1+4- 7
- 1 0- 1 1- 8- 9- 6
- 1 6
+11-•+11
+3+8+5
+ 10+7
+ 13+ 15+4
+ 17+3
+ 14+2+6
- 1 6- 7- 4
+ 10+7
+88+ 10+ 12+4
+6
+9+84-9+8+4
+ 11+8
+ 10+ 14+10+ 16+4
+ 13+8+5
-13- 3+1
+ 15+8
+92+6+8+2+ 1
+11
Kansas City—cont.
Oklahoma City.Tulsa
0 +6+3 +13
+15+5+4
+ 11+2+8- 6
+ 10+5
+ 12+2
+11+6
+ 10+8+3+5- 4
+ 10+7+7
DallasShreveportCorpus Christi..Dallas1
Fort WorthHouston 1.. .San Antonio.. . .
San Francisco.Phoenix x
TucsonBakersfield1
Fresno 1
Long Beach x . . .Los Angeles 1.. .Oakland and
Berkeley1
Riverside andSan Bernardino
Sacramento : . . .San Diego 1. . . .San Francisco x.San Jose x
Santa Rosa 1. . .StocktonVallejo and
Napa l
Boise andNampa
PortlandSalt Lake City l.Bellingham x. . .Everettx
Seattle l
Spokanel
Tacoma 1
- 6
- 6+5
-10- 9— 4- 6- 4
P+1P+4
- 9?+20
+3p 0r+4
+2
+2P+2
+2- 2
3- 6
- 5
- 2 2
•-17P+2P + 4
- 6- 7
P + 1P + 7P-9
+9
r+2-1+5
09
+7
+30
+6+14+6- 4+2
+7+6+3r+l+ 1+9+3- 5
-20
-15+6
+16-13- 5+2r+5- 4- 9
+2+4+4+7+5
0+6+6+5
+7+9+9
+ 12+ 10+2+8
+4
+8+7+2+3
+ 13+5
+ 10
- 1 6
+9+7+7+4+4
+ 15+2+7
p Preliminary. r Revised.1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
1298 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS
DepartmentNumberof storesreporting
358
358
353338338334317223240293339162188166318246272249291175334337349328
328244311290188
316232265297234305204172188240247241
29711193127
34112123132730620714224225215694
30515366252
20719616313853130
Per cent changefrom a year ago
(value
Sales duringperiod
July1947
+2
+1
-5-10-10-4-7-8— 7-80
+6-2-4+4+3-15+80
-2-10+4-21-5
+2+ 14
-7+8
+11+9+ 14-8+79+4-4+25-20
+ 10+1-7-5-29+ 1
+1-2+ 10
i
-1+3+2
-?
— 2-6
+5Q
+ 18+9+9+4+ 18+ 13
0+15
mos.1947
+6
+5
-1-7-5-3-3-6-1-5+4+ 12+ 1+4+ 10+6-2+ 1-4-2+ 1+8
y~7
+9+24+40
+ 11
+15+3+20-2
+ 145+ 1-7+ 15-2-1+9+6+8+8-1+ 14
+22
+ 12-4+ 1-2+7+4+3+8-3
+2-14+ 16+8+ 12+8+24+ 13+ 11+27
Stocks(end ofmonth)
July1947
0
+2
-16-23-8-43-40-38-41— 1-2+7+ 15-36-18+48-33-36-31-19-25+4+23-31
+29+ 117+ 18-12+63+21+30+62-3
+200+ 13+8
+ 106-9-26+36-4
+30+60+ 12+57-14-19-13-16-11-23+ 13-21-13-12-11
-2-26+29+ 13
-13-25
c
-6+27+ 14
Ratio ofstocks tosales l
July
1947
3.0
3.2
2.63.31.2 '1.82.41.83.41.42.22.02.32.33.24.26.82.64.81.88.22.41.92.6
4.13.73.75.95.4
3.73.94.24.21.53.64.12.54.34.26.63.4
3.63.16.22.4
3.83.62.73.94.34.24.24.64.24.63.7
3.14.83.72.3
2.31.82.92.82.93.4
1946
3.1
3.2
2.93.91.13.13.82.75.41.32.22.02.03.44.12.98.64.46.92.29.82.41.23.6
3.21.93.16.23.6
3.43.33.04.00.93.33.61.54.65.75.43.6
2.61.94.01.5
4.44.33.44.64.75.43.85.94.75.13.9
3.36.03.32.3
2.92.53.53.32.23.4
Index numberswithout seasonal adjustment
1941 average monthly sales=1002
Sales duringperiod
1947
July
157
14996168214155169142198188201184170196153781511097863214113113
135136142110134
179162157152368160157181135134125236
187180141234
139178207122143136138124122111117
169112182259
153152157163216127
June
192
18310124126420422818625221222821019121620621183132121103258125162
219211240164224
204177187199328183182190178173152273
22819899301
169240250135199186217121153150141
190115197317
194188228190247191
1946
July
155
157107186222167183153217189190189178189148921391097971206143119
133119147118124
162149138164205155164145137134113234
201189197231
138182188123145137134122127114124
160121154238
140146133145216110
Stocks at endof month
1947
July
503
380316195392381304488274415402428383638645528398522140519524219294
554503528650723
662636669644570571648453578563824803
670562874554
528635564472612571577565515515434
519534667607
351275448452617425
June
523
391209267457374298483350458460466406632659364439535114525572250328
580494580657773
692680683702463607706478611621817848
709573809618
563671592500664607673614541536470
539533660663
377298469484680458
1946
July
496
456416214693634487825279421380372604779433811613750176693504179424
428234445731441
545489408665195506608207641755608839
522349805358
619776644563690746500723586573493
537720517533
407370471483465375
GRAND TOTAL—entire stores
MAIN STORE—total
Women's apparel and accessoriesCoats and suitsDressesBlouses, skirts, sportswear, etcJuniors' and girls' wear
Juniors' coats, suits, dressesGirls' wear
Aprons, housedresses, uniformsUnderwear, slips, negligees
Knit underwearSilk and muslin underwear, slipsNegligees, robes, lounging apparel
Infants' wearShoes (women's, children's)FursNeckwear and scarfsHandkerchiefsMillineryGloves (women's, children's)Corsets, brassieresHosiery (women's, children's)Handbags, small leather goods
Men 's and boys' wearMen's clothingMen's furnishings, hats, capsBoys' clothing and furnishingsMen's and boys' shoes, slippers
Home furnishingsFurniture, beds, mattresses, springsDomestic floor coveringsDraperies, curtains, upholsteryMajor household appliancesDomestics, blankets, linens, etc
Linens and towelsDomestics-muslins, sheetingsBlankets, comforters, spreads
Lamps and shadesChina and glasswareHousewares
Piece goodsSilks, rayons, and velvetsWoolen dress goodsCotton wash goods
Small waresLace, trimmings, embroideries, and ribbons. ,NotionsToilet articles, drug sundries, and prescription;Jewelry and silverware
JewelrySilverware
Art needleworkStationery, books, magazines
StationeryBooks, magazines
MiscellaneousToys and gamesSporting goods, camerasLuggage
BASEMENT STORE—totalWomen's apparel and accessories ,Men's and boys' clothing and furnishingsHome furnishings ,Piece goods ,Shoes
1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the numberof months' supply on hand at the end of the month in terms of sales for that month.
2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocksindex is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes ofsales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and858 were reversed.
* For movements of total department store sales and stocks see the indexes for the United States on p. 1297.NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data forall of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
OCTOBER 1947 1299
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS[Estimated amounts outstanding. In millions of dollars]
End of yearor month
19291930193119321933 . .19341935193619371938193919401941194219431944194519461946—'July
AugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJulyPAugust^
Totalconsumer
credit
7,6376,8295,5264,0933,9294,3965,4396,7967,4917,0647,9949,1469,8956,4785,3345,7766,637
10,1578,0328,3748,6439,0219,540
10,1579,9829 939
10,255•"10,464•"10,72910,99211 06111,216
Instalment credit
Totalinstalment
credit
3,1672,6962,2121,5261,6051,8672,6273,5263,9713,6124,4495,4485,9202,9481,9572,0342,3653,9763,0223,1653,2883,4583,6463,9764,0484,1564,329
'4,536'4,7394,9185,0475,195
Sale credit
Total
2,5152,0321,595
9991,1221,3171,8052,4362,7522,3132,7923,4503,7441,491
814835903
1,5581,0701,1241,1771,2611,3581,5581,5661,6081,695
'1,812'1,9282,0352,0912,166
Automobile
1,318928637322459576940
1,2891,384
9701,2671,7291,942
482175200227544365394425466505544581631691753
••816880922965
Other
1,1971,104
958677663741865
1,1471,3681,3431,5251,7211,8021,009
639635676
1,014705730752795853
1,014985977
1,004'1,0591,1121,1551,1691,201
Loans1
652664617527483550822
1,090J . 2 1 9L.299,657
L.998>,176L ,457,143.199
1,4622,4181,9522,0412,1112,1972,2882,4182,4822,5482,6342,7242,8112,8832,9563,029
Single-payment
loans2
? 17.51,949I 402
962776875
L 048L 3311,504I 4421,468L 488L,601L 3691,1921,255L 519J.2531,886
9382,0002 0812,1642,2532,2952 3032,2792,2562 2552,2712 3012,327
Chargeaccounts
1,7491,6111 3811,1141 0811 2031 2921 4191,4591 4871,5441 6501,7641 5131,4981,7581 9813,0542,2812,4182,4952 6212,8593,0542,7642 6022,7682,7822 8352.8872 7862,761
Servicecredit
596573531491467451472520557523533560610648687729-772874843853860861871874875878879890900916927933
^Preliminary. ' Revised.1 Includes repair and modernization loans insured by Federal Housing Administration.2 Noninstalment consumer loans (single-payment loans of commercial banks, and pawnbrokers).
CONSUMER INSTALLMENT LOANS[Estimates. In millions of dollars]
Year or month
192919301931193219331934 . . .193519361937 . .19381939 . . .194019411942194319441945 . .19461946—July
AugustSeptember. .OctoberNovember. .December...
1947—January. . . .February. . .MarchAprilMayJuneJuly?August?. . . .
Amounts outstanding(end of period)
Total
652664617527483550822
1,0901,2191,2991,6571,9982,1761,4571.1431,1991,4622,418
1,9522,0412,1112,1972,2882,4182,4822,5482,6342,7242,8112,8832,9563,029
Com-mercialbanks*
43453931294488
161258312523692784426316357477956
744790824865907956991
1,0301,0791,1231,1671,1961,2211,251
Smallloancom-
panies
263277287268256264287326374380448498531417364384439608
512527536547565608611611617627633638649652
Indus-trial
banks2
Indus-trialloancom-
panies2
219218184143121125156191221
12913113213489676876
11796
100103108112117122125128133138143148152
9599
1041077259607098818486909498
102105108113116119121125
Creditunions
323129272732446693
112147189217147123122128185
155158164171176185186190197204213224233240
Miscel-laneouslenders
95937858506079
1021251179699
10291868893
110
101102103104106110110110111112113113114114
Insuredrepairand
modern-izationloans8
25168244148154213284301215128120179344
263280295312328344360377394412431450470495
Loans made by principal lending institutions(during period)
Com-mercialbanks*
69130248368460680
1,0171,198
792639749942
1,793155164156176172191187180214213212211217210
Smallloancom-panies
463485494393322413455610662664827912975784800869956
1,251
10510896
1051201669890
121116115117123113
Indus-trial
banks2
Indus-trialloancom-
panies2
41338034025020223428835440°
238261255255182151155166231
2020202122262221242424262925
176194198203146128139151210
1718181920252020232424242322
Creditunions
42413834334267
105148179257320372247228230228339
2930313433393333383942434442
^Preliminary. * Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, anda small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 96million dollars, and loans made during August were 15 million.
2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalmentloans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
3 Includes only loans insured by Federal Housing Administration.
1300 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER INSTALMENT SALE CREDIT, EXCLUDINGAUTOMOBILE CREDIT
CONSUMER CREDIT STATISTICS—ContinuedCONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[ E s t i m a t e d a m o u n t s o u t s t a n d i n g .
E n d o fy e a r o rm o n t h
1 9 2 91 9 3 01 9 3 11 9 3 21 9 3 31 9 3 4 . . .1 9 3 51 9 3 61 9 3 71 9 3 81 9 3 91 9 4 01 9 4 1 . .1 9 4 21 9 4 31 9 4 41 9 4 51 9 4 6
1 9 4 6J u l yA u g u s t . . . .S e p t e m b e rO c t o b e r . . .N o v e m b e r .D e c e m b e r .
1 9 4 7J a n u a r y . . .F e b r u a r y . .M a r c h . . . .A p r i lM a yJune . .J u l y pA u g u s t P. .
T o t a l ,e x c l u d -
i n g a u t o -m o b i l e
1 , 1 9 71 , 1 0 4
958677663741865
1 , 1 4 71 , 3 6 81 3 4 31 , 5 2 51 , 7 2 11 , 8 0 21 , 0 0 9
639635676
1 , 0 1 4
705730752795853
1 , 0 1 4
985977
1 , 0 0 4' • 1 , 0 5 9
1 , 1 1 21 , 1 5 51 , 1 6 91 , 2 0 1
D e p a r t -m e n t
s t o r e sa n d
m a i l -o r d e r
h o u s e s
160155138103119146186256314302377439466252172183198337
212221235257284337
337338358386409423429440
F u r n i -t u r e
s t o r e s
583539454313299314336406469485536599619391271269283366
299308311322337366
352349354366382395398408
I n m i l l i o n s o f d o l l a r s ]
H o u s e -h o l d
a p p l i -a n c e
s t o r e s
265222185121119131171255307266273302313130
29131428
202223252628
2729293232363841
J e w e l r ys t o r e s
5647453029354056687093
110120
77667074
123
6364656672
123
114107105
nos114119120123
A l lo t h e rr e t a i l
s t o r e s
133141136110
97115132174210220246271284159101100107160
111115118125134160
155154158167175182184189
CONSUMER INSTALMENT CREDITS OF INDUSTRIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]
Y e a r a n d m o n t h
O u t s t a n d i n g a t e n do f p e r i o d :1 9 4 11 9 4 21 9 4 3 . . .1 9 4 4 . . . . .1 9 4 51 9 4 6
1 9 4 6 — J u l yA u g u s t . . . .S e p t e m b e r .O c t o b e rN o v e m b e r . .D e c e m b e r . .
1 9 4 7 — J a n u a r y . . .F e b r u a r y . . .M a r c hA p r i lM a yJ u n eJ u l y pA u g u s t P . . .
V o l u m e e x t e n d e dd u r i n g m o n t h :1 9 4 6 — J u l y
A u g u s t . . . .S e p t e m b e r .
O c t o b e rN o v e m b e r . .D e c e m b e r . .
1 9 4 7 - — J a n u a r y . . .F e b r u a r y . .
M a r c hA p r i lM a y . . .JuneJ u l y pA u g u s t P . . .
T o t a l
1 9 6 . 81 2 5 . 4
9 1 . 89 2 . 0
1 0 4 11 6 2 . 7
1 3 2 . 61 3 8 . 51 4 2 . 91 5 0 . 61 5 6 . 11 6 2 . 7
1 6 8 . 11 7 2 . 61 7 7 . 41 8 4 . 21 9 1 . 41 9 9 . 2
2 0 6 . 72 1 2 . 4
2 6 . 32 6 . 72 5 . 22 8 . 82 8 . 53 1 . 2
2 9 . 12 7 . 43 1 . 33 2 . 43 2 . 833 83 6 . 53 2 . 9
R e t a i l instal-m e n t p a p e r 2
A u t o -m o b i l e
4 9 . 32 1 . 41 2 . 61 3 . 01 3 . 8
2 7 . 5
1 9 . 92 1 . 32 2 . 12 4 . 42 6 . 22 7 . 5
2 9 . 53 1 . 33 3 . 53 6 . 43 8 . 64 0 . 64 2 . 84 4 . 5
4 . 74 . 74 . 35 .55 .25 . 6
6 . 46 .27 . 17 77.57.58.27 .7
Other
18.812.8
7 .77 . 89 . 8
17.8
13.814.114.715.716.717.8
18.619.619.420.521.823.124.325.3
2 . 83 . 02 . 73 . 53 . 63 . 7
3 . 53 . 43 . 54 . 14 34 . 34 . 44 . 2
Repairand
modern-izationloans 1
18.615.614.013.417 228.3
23.124.225.426.727.528.3
28.929.630.331.433.135.036.938.4
2 . 62 . 82 . 73.32 . 82 . 6
2 . 42 . 42 . 73 . 13^73 94 . 03.6
Persona:instal-mentcashloans
110.175.657 557.863.389.1
75.878.980.783.885.789.1
91.192.194.295.997.9
100.5102.7104.2
16.216.215.516.516.919.3
16.815.418.017.517^318.119.917.4
[ L s t i m
Y e a r o r m o n t h
O u t s t a n d i n g a t e n d o fp e r i o d :1 9 3 91 9 4 01 9 4 1 . . . .1 9 4 21 9 4 3 . . .1 9 4 41 9 4 51 9 4 61 9 4 6 — J u l y
A u g u s tS e p t e m b e r . . . .O c t o b e rN o v e m b e r . . . .D e c e m b e r . . . .
1 9 4 7 — J a n u a r yF e b r u a r yM a r c h . . . .A p r i lM a yJune
J u l y PA u g u s t P
V o l u m e e x t e n d e d d u r -i n g m o n t h :1 9 4 6 — J u l y
A u g u s tS e p t e m b e r . . . .O c t o b e rN o v e m b e r . . . .D e c e m b e r . . . .
1 9 4 7 — J a n u a r y .F e b r u a r yM a r c hA p r i lM a y . .JuneJ u l y PA u g u s t ?
a t e s . I n
Total
1 , 0 9 31 , 4 5 01 , 6 9 4
845516557742
1 , 5 9 11 , 1 7 91 , 2 6 41 , 3 3 41 , 4 1 31 . 4 9 41 , 5 9 11 , 6 6 81 , 7 3 21 , 8 2 11 , 9 2 2
2 , 0 2 72 , 1 2 52 , 1 9 92 , 2 7 5
2 4 22 5 52 4 62 7 92 7 43 0 63 0 72 8 93 4 33643753923 8 43 7 0
m i l l i o n s o f d o l l a r s ]
A u t o nret
Pur-chased
218311411136
545564
165
1 1 51 2 71 3 61 4 51 5 61 6 51 8 11962152372542762883 0 0
2 83 33 03 4333 94 44 25 46059596 35 8
n o b i l ea i l
D i r e c tl o a n s
164253310123
7996
139306
2 2 52 4 12 5 22 6 82 8 53 0 63 2 53483733974234394554 7 2
4 95 35 15 85 86 46 97 08 18483808 48 3
O t h e rr e t a i l ,
p u r -c h a s e d
a n dd i r e c t
1552172881436875
100275
1 8 42 0 12 1 42 3 32 5 12 7 52 9 63053173373643884054 1 7
4 84 34 65 45 46 16 55 55 96977927 57 0
R e p a i ra n d
m o d -e r n i z a -
t i o nl o a n s 1
2092472341548984
124273
1 9 52 1 12 2 62 4 22 5 62 7 32 8 02842963143343583794 0 3
2 42 92 73 12 92 82 42 53 13642444 24 7
P e r -s o n a l
i n s t a l -m e n tc a s h
l o a n s
347422451289226247315572
4 6 04 8 45 0 65 2 55 4 65 7 25 8 65996206376526646726 8 3
9 39 79 2
1 0 21 0 01 1 41 0 5
9 71 1 81151141171 2 01 1 2
C O N S U M E R I N S T A L M E N T C R E D I T S O F I N D U S T R I A LL O A N C O M P A N I E S , B Y T Y P E O F C R E D I T
[ E s t i m a t e s . I n m i l l i o n s o f d o l l a r s ]
Y e a r o r m o n t h
O u t s t a n d i n g a t e n do f p e r i o d :1 9 4 41 9 4 51 9 4 61 9 4 6 — J u l y
A u g u s t . . .S e p t e m b e rO c t o b e r . . .N o v e m b e r .D e c e m b e r .
1 9 4 7 — J a n u a r y . .F e b r u a r y .M a r c h .A p r i lM a yJ u n eJ u l y pA u g u s t P . .
V o l u m e e x t e n d e dd u r i n g m o n t h :1 9 4 6 — J u l y
A u g u s t . . .S e p t e m b e rO c t o b e r . . .N o v e m b e r .D e c e m b e r .
1 9 4 7 — J a n u a r y .-F e b r u a r y .M a r c h . . . ,A p r i lM a y .J u n e ,J u l y PA u g u s t P . . .
Total
67.176.7
1 0 8 . 48 9 . 09 3 . 19 5 . 39 9 . 7
1 0 3 . 71 0 8 . 41 1 2 . 21 1 5 . 51 1 8 . 71 2 4 . 61 2 8 . 51 3 1 . 31 3 4 . 01 3 8 . 4
1 9 . 62 0 52 0 02 2 . 52 3 . 02 6 . 22 2 . 42 2 . 22 5 . 62 7 . 42 6 . 92 7 . 32 6 . 4
2 5 . 3
R e t a i l i n s t a l -m e n t p a p e r 2
Auto-mobile
10.511.015.01 3 01 3 61 3 . 81 4 51 4 . 91 5 . 01 5 . 61 6 . 51 7 . 11 820.621.722.423.6
3.33.53.44.04.13.43.63.93.94.84.74.85.14.5
Other
3.84 07.45 . 45 . 66.27.07.67,48.08.48.99 9
10.811.812.81 3 . 6
1.41,11.41.81.71.61.81.61.82.42.42.72.92.8
R e p a i ra n d
m o d e r n -i z a t i o n
l o a n s l
1 . 11 . 52 . 41 . 92 02 02 . 22 . 32 . 42 . 52 . 52 . 62 . 73 . 03 . 23 . 43 . 6
0.30.30.30.30.20.30.20.20.30.30.50.50.50.5
Personalinstal-mentcashloans
51.760.283.668.771.973 376.078.983.686.188.190.193.394.194.695.497.6
14.615 614.916.417.020.916.816.519.619.919.319.317.917.5
1 Includes not only loans insured by Federal Housing Administration but also noninsured loans.2 Includes both direct loans and paper purchased.
OCTOBER 1947
P Preliminary. r Revised.
1301
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT STATISTICS—ContinuedFURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Item
Net sales:TotalCash salesCredit sales:
InstalmentCharge account
Accounts receivable, endof month:
TotalInstalment
Collections duringmonth:
TotalInstalment
Inventories, end ofmonth, at retail value.
Percentage changefrom preceding
month
Aug.1947?
+7+4+9+7
+2+2
0+1
+2
July1947
- 8- 8
- 1 0- 5
+10
+ 1- 2
- 1
June1947
- 8- 8
- 7- 4
+1+3
_4- 6
0
Percentage changefrom correspondingmonth of preceding
year
Aug.1947?
+5- 1 6
+16+16
+37+35
+ 13+8
+17
July1947
+8- 1 0
+ 18+ 19
+37+32
+ 17+9
+26
June1947
+ 12- 1 2
+28+ 17
+38+35
+19+ 13
+35
Preliminary.
Year and month
1946JulyAugustSeptember. . .OctoberNovember.. .December. . .
1947JanuaryFebrua ry . . . .MarchAprilMayJuneJulyAugust?
Instalment accounts
Depart-mentstores
'33'36r35'39'38'36
'30' 29'33'30'30' 282828
Furni-ture
stores
262625272726
2321252324232222
House-hold ap-pliancestores
575451524747
4741
'444444464342
Jewelrystores
323330323444
2625272526242323
Chargeaccounts
Depart-mentstores
585956605954
52••52565456545351
P Preliminary. ' Revised.1 Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Year and month
1941 average1942 average1943 average1944 average1945 average1946 average
1946—JulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust?
Index numbers, without seasonal adjustment, 1941 average=100
Sales during month
Total
100114130145162202
1561931972182,57330
163159210207216195161174
Cash
100131165188211243
191••233229249297384
188179236230241219184196
Instal-ment
10082716668101
759997119146199
106109146141138123113130
Chargeaccount
100102103111124176
130164180202233292
146144192192202182143156
Accounts receivableat end of month
Instal-
1007846383750
45'475055"•6175
•"74'73'75'79'81828384
Charge
10091798494138
119127145156176'223
'175154160'163167165146145
Collections duringmonth
Instal-ment
100103807069'91
'81'87'90
'104'112'121
'121'115'129'123'127'122124123
Charge
100110107112127168
'164152152186197205
'250195185186198193190161
Percentage of total sales
Cashsales
485661646459
616057565757
5756555555555756
Instal-mentsales
Charge-account
sales
433834323237
353639393838
3738393939393738
P Preliminary. ' Revised.NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1297.
1302 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COST OF LIVINGConsumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 Average=100]
Year or month All items Food Clothing RentFuel,
electricity,and ice
Housefurnishings Miscellaneous
1929.1930.
1931.1932.1933.1934.1935.
1936.1937.1938.1939.1940.
1941.1942.1943.1944.1945.1946.
1945—JulyAugustSeptember.October... .November.December..
1946—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
1947—January..February.March...April . . . .MayJuneJulyAugust...
122.5119.4
108.797.692.495.798.1
99.1102.7100.899.4
100.2
105.2116.5123.6125.5128.4139.3
129.4129.3128.9128.9129.3129.9
129.9129.6130.2131.1131.7133.3141.2144.1145.9148.6152.2153.3
153.3153.2156.3156.2156.0157.1158.4
132.5126.0
103.986,84,93100.4
101.3105.397.895.296.6
105.5123.9138.0136.1139.1159.6
141.7140.9139.4139.3140.1141.4
141.0139.6140.1141.7142.6145.6165.7171.2174.1180.0187.7185.9
183.8182.3189.5188.0187.6190.5193.1
115.3112.7
102.690.887.996.196.8
97.6102.8102.2100.5101.7
106.3124.2129.7138.8145.9160.2
145.9146.4148.2148.5148.7149.4
149.7150.5153.1154.5155.7157.2158.7161.2165.9168.1171.0176.5
179.0181.5184.3184.9185.0185.7184.7
141.4137.5
130.3116.9100.794.494.2
96.4100.9104,104,104.6
106.2108.5108.0108.2108.3108.6
108.3
108.3
108.4
108.5
108.7108.8
108.8108.9109.0109.0109.2109.2110.0
112.5111.4
108.9103.4100.0101.4100.7
100.2100.299.999.099.7
102.2105.4107.7109.8110.3112.4
111.2111.4110.7110.5110.1110.3
110.8111.0110.5110.4110.3110.5113.3113.7114.4114.4114.8115.5
117.3117.5117.6118.4117.7117.7119.5
111.7108.9
98.085.484.292.894.8
96.3104.3103.3101.3100.5
107.3122.2125.6136.4145.8159.2
145.6146.0146.8146.9147.6148.3
148.8149.7150.2152.0153.7156.1157.9160.0165.6168.5171.0177.1
179.1180.8182.3182.5181.9182.6184.3
104.6105.1
104.1101.798.497.998.1
98.7101.0101.5100.7101.1
104.0110.9115.8121.3124.1128.8
124.3124.5124.6124.7124.6124.8
125.4125.6125.9126.7127.2127.9128.2129.8129.9131.0132.5136.1
137.1137.4138.2139.2139.0139.1139.5
Back figures.—Bureau of Labor Statistics, Department of Labor.
OCTOBER 1947 1303
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 = 100]
Year, month, or week
19291930 . . .1931193219331934193519361937193$19391940194119421943194419451946
95.386.473.064.865.974.980.080.886.378.677.178.687.398.8103.1104.0105.8121.1
1946—AugustSeptember.October... .November..December..
1947—January.. .February.. .MarchAprilMayJuneJulyAugust. . . .
Week ending:1947—May 10
May 1 7 . . . .May 24May 3 1 . . . .June 7June 14June 2 1 . . . .Tune 28July 5 . . . .Tuly 12July 1 9 . . . .July 2 6 . . . .Aug. 2 . . . .Aug. 9 . . . .Aug. 16Aug. 23Aug. 30vSept. 6Sept. 13Sept. 20Sept. 2 7 . . . .
Allcom-modi-
ties
129.1124.0134.1139.7140.9141.5144.6149.6147.7147.1•147.6150.6153.6
146.7147.0146.9147.4147.9147.6147.8147.6148.0148.3150.3150.6151.3152.2152.7153.5154.0154.9157.4158.1156.2
Farmprod-ucts
104.988.364.848.251.465.378.880.9866865.367.782.4105.9122.6123.3128.2148.9
161.0154.3165.3169.8168.1165.0170.4182.6177.0175.7177.9181.4181.7
176.3176.9177 2178.4179.5178.3178.7179.0179.5178.2182.4182.0180.8181181181.4181.7182.4187.3189.8184.7
Foods
99.990.574.661.060.570.583.782.185.573.670.471.382.799.6
106.6104.9106.2130.7
149.0131.9157.9165.4160.1156.2162.0167.6162.4159.8161.8167.1172.3
161.1161.1160.3161.6163.1162.4162.6162.2164.6165.8168.0167.1168.0171.1172.3172.3172.1174.1180.9182.3177 6
Other commodities
Total
91.685.275.070.271.278.477.979.685.381.781.383.089.095.596.998.599.7
109.5
111.6112.2115.8120.7124.7127.6128.6131.3131.8131.9131.4133.4136.0
131.7132.1132.2132.3132.2132.1132.1132.0132.1132.1132.9133.7134.7
'135.2135.4136.6137.3137.9138.1138.0138.2
Hides andleather
products
109.1100.086.172.980.986.689.695.4
104.692.895.6
100.8108.3117.7117.5116.7118.1137.2
138.9141.6142.4172.5176.7175.1173.8174.6166.4
'170.8'173.2178.4182.1
166.7166.4166.4166.5166.6167.0169.4170.0171.7173.3172.7173.6174.5176.5177.8182.3183.3183.2185.2185.5186.2
Textileproducts
90.480.366.354.964.872.970.971.576.366.769.773.884.896.997.498.4
100.1116.3
124.0125.7128.6131.3134.7136.6138.0139.6139.2138.9138.9139.5140.8
138.0138.5138.3138.5138.5138.5138.4138.4138.4138.3138.4138.6139.0139.5139.7140.1140.1140.3140.4140.7140.8
Fuel andlighting
materials
83.078.567.570.366.373.373.576.277.676.573.171.776.278.580.883.084.090.1
94.494.394.294.596.197.797.9
100.8103.4103.3103.9
'108.9112.5
104.0104.1104.3104.1104.4104.4104.5104.5105.1105.8107.1108.9109.7110.7111.0114.1114.2114.4114.4115.0115.0
Metalsand metalproducts
100.592.184.580.279.886.986.487.095.795.794.495.899.4
103.8103.8103.8104.7115.5
114.0114.2125.8130.2134.7138.0
r137.9r139.9140.3141.4142.6143.8148.9
140.7141.8141.8142.3142.5142.3141.5141.4141.6141.6142.9143.6146.1146.7146.7147.0149.8150.4150.4150.3150.4
Buildingmaterials
95.489.979.271.477.086.285.386.795.290.390.594.8
103.2110.2111.4115.5117.8132.6
132.7133.8134.8145.5157.8169.7174.8177.5178.8177.0
'174.4'175.7179.7
178.6177.4177.0178.0177.5176.1176.3175.4175.2175.4174.8174.8176.6178.0178.9179.1179.3180.1179.4180.9182.0
Chemi-cals and
alliedproducts
94.088.779.373.972.175.379.078.782.677.076.077.084.495.594.995.295.2
101.4
98.498.499.9
118.9125.7128.1129.3132.2133.2127.1120.2118.8117.5
127.2125.9126.0126.4124.7124.4124.3123.2121.5117.5117.9117.9116.9116.9117.2117.4117.6118.5120.4122.2123.6
House-furnish-ing goods
94.392.784.975.175.881.580.681.789.786.886.388.594.3
102.4102.7104.3104.5111.6
112.6113.6115.3118.2120.2123.3124.6125.8127.8128.8129.2129.8129.7
128.6129.129.129.129.129.6131.0131.0131.0131.0131.4131.3131.4131.8132.0131.9131.9131.9132.1131.9131.9
Miscel-laneous
82.677.769.864.462.569.768.370.577.873.374.877.382.089.792.293.694.7
100.3
102.0102.1104.0106.5108.9110.3110.9115.3115.7116.1
'112.7r113.0112.7
114.9115.9116.5116.1115.9116.0115.8115.8115.4114.6115.7116.4116.8116.0115.5115.6115.9117.2117.9115.1114.9
Subgroups
Farm Products:GrainsLivestock and poultryOther farm products
Foods:Dairy productsCereal productsFruits and vegetablesMeatsOther foods
Hides and LtLther Products:ShoesHides and skinsLeatherOther leather products
Textile Products:ClothingCotton goodsHosiery and underwearSilkRayonWoolen and worsted goods...Other textile products
Fuel and Lighting Materials:AnthraciteBituminous coalCokeElectricityGasPetroleum products
1946
Aug.
169.177.147.
161.124.120.198.114.
140.155133.115.
122.16087
13430
112121
113136147637972,
1947
May June July Aug
202.4198.7153.5
138.8151.7144.3203.0138.4
172.2177.7176.3138.3
133.9193.0100.867.937.0
129.2176.1
112.2145.1155.764.185.086.8
206.0200.9155.3
140.9149.2145.2208.6139.7
172.6187.1
r178.9138.3
133.9193.8100.868.437.0
129.2173.8
112.7145.6157 364.485.887.5
202.3209.9157.5
152.8154.7139.7217.9141.7
173.2203.5187.4138.8
134.3195.9100.468.237.0
130.1171.2
'114.2'163.0160.7
85.589.8
208.8215.9152.6
164.3153.3133.0234.6140.7
174.9215.6190.7139.1
134.3199.299.968.237.0
133.3171.
121.7169.8170.2
92.2
Subgroups
Metals and Metal Products:Agricultural implements. . . .Farm machineryIron and steel ,Motor vehicles l
Nonferrous metalsPlumbing and heating
Building Materials:Brick and tileCementLumberPaint and paint materials..Plumbing and heatingStructural steelOther building materials
Chemicals and Allied Products:ChemicalsDrugs and PharmaceuticalsFertilizer materialsMixed fertilizers ,Oils and fats
Housefurnishing Goods:Furnishings ,Furniture ,
Miscellaneous:Auto tires and tubesCattle feed ,Paper and pulpRubber, crudeOther miscellaneous
1946
Aug.
108.5109.7113.3
ioi *4106.3
126.0105.8177.6113.9106.3120.1120.9
98.4110.194.487.7
102.5
118.5106.6
73.0221.1119.646.2
105.0
1947
May June July Aug
117.8119.2128.6149.3143.9120.0
134.5114.0269.4169.2120.0127.7144.8
118.7173.6102.596.7
179.9
136.9120.3
73.0237.4154.345.6
122.1
118.2119.7131.4149.4142.9119.1
134.7114266.1
P159.6119.1127.7145.1
118.7156.1101.896.8
139.2
137.2120.9
-•62253.3154.237.1
121.7
118.4119.7133.3150.3141.8123.4
143.3114.9269.0156. 1123.4130.8146.1
119.9137.4103.597.2
134.8
138.1121.1
'60.8269.4157.234.6
121.2
118.6119.7139.4156.3141.8128.6
144.3116.9276.7154.9128.6143.0150.1
117.5136.6105.597.3
133.3
138.1120.9
60.8261.3157.633.7
121.3
' Revised. 1 Revision made beginning October 1946.Back figures.—Bureau of Labor Statistics, Department of Labor.
1304 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME[Estimates of the Department of Commerce. In billions ot dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Annual totals
1929 1933 1939 1941 1944 1946
Seasonally adjusted annual rates by quarters
1947
Gross national product
Less: Capital consumption allowancesIndirect business tax and related liabilitiesBusiness transfer paymentsStatistical discrepancy
Plus: Subsidies less current surplus of governmententerprises
Equals: National incomeLess: Corporate profits and inventory valuation ad-
justmentContributions for social insuranceExcess of wage accruals over disbursements
Plus: Government transfer paymentsNet interest paid by governmentDividendsBusiness transfer payments
Equals: Personal incomeLess: Personal tax and related payments
FederalState and local
Equals: Disposable personal incomeLess: Personal consumption expendituresEquals: Personal saving
103.8
7.0.6
- . 1
- . 187.4
10.3.2.0.9
1.05.8
.685.1
2.61.31.4
82.578.83.7
55.8
7.27.1
.71.2
0)39.6
- 2 . 0.3.0
1.51.22.1
.746.6
1.5.5
1.045.246.3
- 1 . 2
90.4
8.19.4
.5
.5
.572.5
5.82.1
.02.51.23.8
.572.62.41.21.2
70.267
2.7
125.3
9.311.3
.5
.5
.1103.8
14.62.8
.02.61.34.5
.595.33.32.01.3
92.082.39.8
210.6
11.814.0
.52.6
.7182.3
23.55.2
- . 23.12.84.7
.5164.9
18.917.51.4
146.0110.435.6
203.7
11.016.9
.5- 2 . 1
178.2
16.56.0
.010.84.55.6
.5177.2
18.817.21.6
158.4143.714.8
191.7
10.716.0
.6- 2 . 1
1.7168.2
14.26.5
.811.94.45.1
.6168.717.816.3
1.6150.9134.316.6
197.0
10.916.3
.5- 2 . 4
1.9173.5
17.26.4
- . 911.04.65.4
.5172.5
18.717.11.6
153.8138.215.5
207.5
11.117.4
.5- 1 . 5
- . 2179.9
15.65.8
.010.44.55.6
.5179.519.117.51.6
160.4147.313.1
218.6
11.517.7
.5- 2 . 1
- . 1191.0
18.85.3
.09.84.55.9
.5187.5
19.517.91.6
168.0154.913.1
222.2
11.716.8
.5- 4 . 5
- . 2197.6
22.45.9
.010.44.56.2
.5190.921.419.81.6
169.4156.812.6
226.0
11.816.6
.5- 2 . 2
.1199.4
23.35.9
.010.14.56.2
.5191.621.620.0
1.6170.0159.011.0
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annual totals
1929 1933 1939 1941 1944 1946
Seasonally adjusted annual rates by quarters
1946 1947
National income
Compensation of employeesWages and salaries2
PrivateMilitaryGovernment civilian
Supplements to wages and salariesProprietors' and rental incomes
Business and professionalFarmRental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before taxCorporate profits tax liabilityCorporate profits after tax
Inventory valuation adjustmentNet interest
87.4
50.850.245.2
.34.6
.619.78.35.75.8
10.39.81.48.4
.56.5
39.6
29.328.823.7
.34.9
.57.22.92.32.0
- 2 . 0.2.5
- . 4- 2 . 1
5.0
72.5
47.845.737.5
.47.82.1
14.76.84.53.5
5.86.51.55.0
- . 74.2
103.8
64.361.751.5
1.98.32.6
20.89.66.94.3
14.617.2
7.89.4
- 2 . 64.1
182.3
121.2116.983.320.812.84.2
34.415.312.46.7
23.523.813.99.9
- . 43.2
178.2
116.8111.190.2
8.012.95.6
41.819.715.26.9
16.521.18.6
12.5- 4 . 7
3.2
168.2
111.5105.581.311.912.26.0
39.418.514.16.9
14.215.26.19.1
- 1 . 03.1
173.5
114.0108.087.5
7.912.66.0
39.218.613.86.8
17.219.48.0
11.5- 2 . 3
3.2
179.9
119.2113.693.8
6.713.25.5
41.919.915.26.8
15.622.99.3
13.5- 7 . 3
3.2
191.0
122.2117.198.0
5.613.55.1
46.722.017.87.0
18.827.111.016.1
- 8 . 33.2
197.6
124.9119.4101.5
4.613.35.4
47.022.417.67.0
22.429.011.617.4
- 6 . 63.3
199.4
125.8120.3103.0
4.113.15.5
47.021.818.07.2
23.327.410.816.6
- 4 . 13.3
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 therevisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
OCTOBER 1947 1305
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expendituresDurable goods . . .Nondurable goodsServices
Gross private domestic investmentNew construction *Producers' durable equipmentChange in business inventories
Net foreign investmentGovernment purchases of goods and services...
Federal . .WarN on warLess: Government sales 2
State and local
1929
103.8
78.89.4
37.731 715.87.86.41.6
88.51.3
} 1 . 3(3)7.2
1933
55.8
46.33 5
22.320 6
1.31.11.8
- 1 . 62
8.02.02.0(3)5 . 9
Annua!
1939
90.4
67.56.7
35.325 59.04.04.6
. 4
.913.15.21.33.9(3)7 .9
totals
1941
125.3
82.39 8
44.028 517.25.77.73 . 91.1
24.716.913.83.2(»)7 . 8
1944
210.6
110.46 8
67.236 5
5.72.35.3
- 2 . 0- 2 196.689.088.6
1.61.27 .5
1946
203.7
143.714 987.141 724.68.5
12.43 . 74 8
30.720.721.32.43.0
10.0
Seasonally adjusted annual rates by quarters
1946
1
191.7
134.311 482.640 418.67.29.12 . 33 3
35.426.528.5
1.13.08 .9
2
197.0
138.213 983.241 222.38.7
11.52 . 06 1
30.320.923.1
2.14.29 . 4
3
207.5
147.316.288.942 127.§8.9
13.24 . 94 . 5
28.618.217.73.12.6
10.4
4
218.6
154.918.293.643 130.49.3
15.75 . 45 . 2
28.216.915.83.32.2
11.2
1947
1
222.2
156.819.094.043.829.610.316.62 . 79 2
26.617.7
]l9.92.211.2
2
226.0
159.020.095.044.028.89.5
17.81.5
10.627.617.719.5
1.811.7
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Year or month
1929193019311932 . .19331934193519361937193819391940194119421943 . . .19441945 . . . .1946
1946—juiyAugust.. . .September.October.. .NovemberDecember.
1947—January...February..March.. . .AprilMay. . . .JuneJuly
Per-sonal
income
85.176 264.849 346 653.259 9
'68.474 068.372 678 395.3
122 2149.4164.9171.6177.2
179.0180.9178.5184.0188.4189.9
190.3'190.7191.8
'190.2r191 5195.1
P196.9
Wages and salaries
Totalreceipts4
50.045 738.730 128.733.436.341.645.442.345.148.960.980.5
103.5114.9115.2109.2
109.9112.3113.0113.6115.4117.0
117.1'117.5117.5
'116.7118 3121.1
P121.5
Wage and salary disbursements
Totaldis-
burse-ments
50.245.938.930.328.833.536.541.845.942.845.749.661.781.7
105.3117.1117.5111.1
111.8114.2114.8115.4117.2118.8
119.2'119.6119.6118.9120.4123.2
P123.6
Com-modityproduc-ing in-
dustries
21.518.514.39 99 . 8
12.013.515.818 415.317.419.727.539.148.950.345.845.7
46.448.549.449.550.652.3
53.153.253.753.254 155.5
P55.4
Distrib-utiveindus-tries
15.514.412.59 . 88 . 89.9
10.711.813.112.613.314.216.318.020.122.724.830.9
31.331.931.832.033.033.5
33.533.733.733.434 235.3
P35.7
Serviceindus-tries
8.27.76 . 85 75 . 15.55.86.36 96.76.97 . 37.88.69.5
10.511.513.6
14.014.014.114.214.414.4
14.6'14.614.614.814 915.2
P15.3
Gov-ern-ment
5.05 25 . 35 05 .26.16 57.97 58.28.28 5
10.216 126.933.635.520.9
20.119.819.519.719.218.6
18.018.117.617.517 217.2
P17.2
Less em-ployeecontri-butions
forsocialinsur-ance
.11222
.22
.26
.667
.81 21.82.22.31.9
1.91.91.81.81.81.8
2.12.12.12.22 12.1
P2.1
Other'labor
income5
.55
.544
.44
.55
.556
.67
.91.31.51.6
1.61.61.61.61.61.6
1.61.71.71.71 81.8
Pl.8
Pro-prietors'
andrental
income6
19.715 711 87 47 28.7
12 1'12.615 414.014 716 320.828 132.134.437.141.8
43.342.939.545.347.647.2
46.646.847.746.946 947.6
P48.2
Divi-dendsandper-
sonalinterestincome
13.312 611 19 18 28.68 6
10.110 38.79 29 49.99 7
10.010.711.613.3
13.313.313.313.313.513.7
13.914.014.014.014 014.1
P14.3
Trans-fer
pay-ments7
1.51 52 . 72 22 . 12.22 43.52 42.83.03 13.13 23.03.66.2
11.3
10.910.811.110.210.310.4
11.110.710.910.910 510.5
P l l . l
Non-
turalincome8
76.870.060.146.243.049.553.462.866.562.166.371.586.1
108.7134.3149.0154.4157.9
157.5160.5162.0162.7165.6167.3
168.2168.5168.8167.8169 2171.9
P173.O
p Preliminary. n.a. Not currently available. ' Revised since publication in source cited below.1 Includes construction expenditures for crude petroleum and natural gas drilling.2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars*4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insur-
ance. Such contributions are not' available by industries.5 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 as consumer bad debts and other business transfers.8 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 therevisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
1306 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKSBANK CREDIT, MONEY RATES, AND BUSINESS *
Chartbookpage
1947
Aug. Sept. Sept. Sept. Sept.
Chartbookpage
1947
Aug.27
Sept. Sept.10
Sept.17
Sept.24
WEEKLY FIGURES1
RESERVES AND CURRENCY
Reserve Bank credit, total.. . .U. S. Govt. securities, total. .
BillsCertificatesNotesBonds
Gold stockMoney in circulationTreasury cash and deposits. . .Member bank reserves 2,Required reservesExcess reserves*Excess reserves (weekly avg.):
Total*New York City*ChicagoReserve city banksCountry bankse
MEMBER BANKS IN LEADING CITIES
All reporting banks:Loans and investments 16U. S. Govt. securities, total. . 16
Bonds 18Certificates 18Notes 18Bills 18
Other securities 20Demand deposits adjusted.. 16U. S. Govt. deposits 16Loans, total 16
Commercial 20Real estate -.-.••• 2 0
For purchasing securities:Total 20U. S. Govt. securities. . 20Other securities 20
Other 20New York City banks:
Loans and investmentsU. S. Govt. securities, total. .
BondsCertificatesNotesBills
Demand deposits adjusted..U. S. Govt. depositsInterbank depositsTime deposits 1Loans, total 1
Commercial 21For purchasing securities:
To brokers:On U. S. Govts 21On'other securities... 21
To others 21Allother 21
Banks outside New York City:Loans and investments 17U. S. Govt. securities, total. . 17
Bonds 19Certificates 19Notes 19Bills 19
Demand deposits adjusted.. 17U. S. Govt. deposits 17Interbank deposits 17Time deposits 17Loans, total 17
Commercial 21Real estate 21For purchasing securities. 21Allother 21
MONEY RATES, ETC.
U. S. Govt. securities:Bills (new issues) 34Certificates 343-5 yearss 347-9 years3 3415 years or more 34
In billions of dollars
22 AS22.1114.156.87
.37
.7221.7728.30
2.2516.4915.72
.78
.78
.01(2)
.22
.54
63.7338.4031.00
4.162.63
.614.24
47.11.95
21.1012.413.16
2.161.24
.933.38
19.7611.9810.42
.71
.72
.1215.99
.234.061.386.524.38
.64
.32
.28
.91
43.9726.4220.57
3.451.91
.4931.11
.726.48
13.0714.588.033.05
.932.57
22.6222.2214.166.98
.37
.7221.7728.75
1.7816.6315.79
.84
.79
.01(2)
.23
.54
63.8038.3531.02
4.142.62
.584.23
46.951.02
21.2112.523.17
2.141.22
.933.38
19.8111.9610.42
.70
.72
.1215.96
.244.191.396.584.42
.62
.32
.28
.94
43.9926.3920.59
3.441.90
.4630.99
.786.61
13.0814.638.103.07
.932.54
22.4722.0413.817.04
.47
.7221.8228.74
1.5716.9315.92
1.02
.95
.02(2)
.27
.65
64.2938.7031.08
4.102.71
.814.27
47.351.03
21.3212.723.19
2.031.11
.923.38
20.0412.1810.47
.68
.80.23
16.06.26
4.261.406.564.52
.51
.31.28.94
44.2526.5220.62
3.421.91
.5831.29
.786.90
13.1114.768.203.09
.932.55
22.3921.7613.547.03
.47
.7221.9428.63
1.5517.13
P15.98Pl.15
Pl.08.03.01.29
P.76
64.7139.0231.09
4.152.711.084.31
47.50.97
21.3812.863.21
1.90.97.93
3.42
20.1512.3510.45
.69
.73
.4716.05
.234.381.406.494.56
.40
.31
.27
.94
44.5726.6720.63
3.451.98
.6031.45
.757.10
13.1214.898.293.11
.912.58
22.522.1:13.9
7.02.4'. 7 :
21.9:28.5i
2.1:16.8,
P15.8{P. 9:
P.90.02
.22P. 66
64.5738.6831.134.152.71
.694.3
47.301.03
21.5712.943.23
1.911.00
.913.50
20.1312.2010.49
.78
.74
.1916.09
.254.271.406.634.60
.4,
.31
.21.03
44.4426.4920.64
3.381.9
.5031.22
.786.80
13.1214.948.343.1
.902.58
Per cent per annum
.766.85
1.271.512.23
112
789.85.27.52.23
.802.87
1.281.532.24
112
808.87.28.53.23
WEEKLY FIGURES ^-Cont.MONEY RATES, ETC.— Cont .
Stock prices (1935-39=100):Total 40Industrial 40Railroad 40Public utility 40
Volume of trading (mill, shares) 40
BUSINESS CONDITIONS
Wholesale prices (1926=100):Total 69Farm products 69Other than farm and food. . 69
Production:Steel (% of capacity) 73Automobile (thous. c a r s ) . . . 73Paperboard (thous. tons ) . . . 74Electric power (mill. kw. hrs.) 75
Basic commodity prices(1939=100) 74
Department store sales(1935-39=100) 75
Freight carloadings (thous.cars): Total 76Miscellaneous 76
In unit indicated
.817.87
1.281.542.24
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit 7Gold stock 7Money in circulation 7Treasury cash 7Treasury deposits 7Member bank reserves:
Total 4, 7, 14Central reserve city banks. . 14Reserve city banks 15Country banks 15
Required reserves:Total 4Central reserve city banks. .Reserve city banks 15Country banks 15
xcess reserves:Total 4,5New York City 5Chicago 5Reserve city banks 5Country banks 5
Money in circulation, to ta l . . . . 9Bills of $50 and over 9$10 and $20 bills 9Coins, $1, $2, and $5 bills.. . 9
ALL BANKSIN THE UNITED STATES
Total deposits and currency* .. 10Demand deposits adjusted*... 10Time deposits adjusted6 10Currency outside banks* 10U. S. Govt. deposits* 10
ALL COMMERCIAL BANKS
Loans and investments, total*. 11Loans* 11U. S. Govt. securities* 11Other securities* 11
123129104101.61
154.0181.7137.3
93.488
1774,940
305.2
277
926411
124130105103.72
154.9182.4137.9
92.483
1404,721
307.2
265
809354
122127103102.74
157.4187.3138.1
84.3106186
5,053
319.7
291
922404
124130104102.84
158.1189.8138.0
89.4110181
4,977
325.8
301
931413
122127102102.71
156.2184.7138.2
94.1106184
324.6
317
938421
1947
June July Aug.4
In billions of dollars
22.2221.0928.241.34.56
16.155.146.384.64
15.375.116.154.10
.78
.01
.01
.22
.5428.308.5315.284.48
P165.10P82.50P55.60P26.OOPi. 00
P112.50P33.50P7O.5OP8. 50
22.3421.4028.261.33.73
16.355.206.444.71
15.575.196.224.16
.78
.01(2).22.55
28.158.5315.174.46
P165.90P83.20P55.60P26.00PI. 10
P113.20P34.00P7O.5OP8.70
22.5221.6528.251.33.96
16.485.186.544.76
15.685.176.324.20
.80
.01
.5628.438.6015.334.51
P166.80P83.40P55.8OP26.10PI. 50
P113.80P34.90P7O.2OP8. 70
For footnotes see p. 1310.
OCTOBER 1947 1307
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—ContinuedBANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chartbookpage
1947
June July Aug.*
Chartbookpage June July Aug.*
MONTHLY FIGURES—Cont.
MEMBER BANKSAll member banks:
Loans and investments, total 14Loans 14U. S. Govt. securities 14Other securities 14
Demand deposits adjusted6 14Time deposits 14Balances due to banks 14Balances due from banks 14
Central reserve city banks:Loans and investments, total 14
Loans 14U. S. Govt. securities 14Other securities 14
Demand deposits adjusted* 14Time deposits 14Balances due to banks 14
Reserve city banks:Loans and investments, total 15
Loans 15U. S. Govt. securities 15Other securities 15
Demand deposits adjusted* 15Time deposits 15Balances due from banks 15
Country banks:Loans and investments, total 15
Loans 15U. S. Govt. securities 15Other securities 15
Demand deposits adjusted* 15Time deposits 15Balances due from banks 15
CONSUMER CREDIT*
Consumer credit, total 22Single-payment loans 22Charge accounts 22Service credit 22Instalment credit, total 22, 23
Instalment loans 23Instalment sale credit, total 23
Automobile 23Other 23
TREASURY FINANCE
U. S.TGovt. securities outstanding,total interest-bearing 28
Bonds (marketable issues) 28Notes, certificates, and bills 28Savings bonds, savings notes, etc. 28Special issues 28
Ownership of U. S. Govt. securities:Total interest-bearing:
Commercial bankse 29Fed. agencies and trust funds. . . 29F. R. Banks 29Individuals* 29Corporations* 29Insurance companies* 29Mutual savings banks* 29State and local govts.* 29
Marketable public issues:By class of security:
Bills:Total outstanding 30Commercial Bank and F. R.
Bank 30F. R. Bank 30
Certificates:Total outstanding 30Commercial bank and F. R.
Bank 30F. R. Bank 30
Notes:Total outstanding 30Commercial bank and F. R.
Bank 30F. R. Bank 30
Bonds:Total outstanding 30Unrestricted issues:
Nonbank, commerc i a lbank, and F. R. Bank.. 30
Commercial bank andF. R. Bank 30
F. R. Bank 30
In billions of dollars
94.9828.4959.566.93
69.7928.0010.855.29
25.208.01
15.641.56
20.112.335.12
34.7311.4220.982.33
24.2811.241.76
35.059.07
22.943.04
25.4114.433.34
10.992.272.89
.924.922.882.04
.881.16
255.20119.3249.2159.0527.37
70.1032.8121.8765.8021.1025.0012.10
6 . 4
15.77
15.2814.50
25.30
14.826.28
8.14
5.22.37
119.49
71.32
49.50.73
95.3828.9359.357.10
70.4328.1011.095.48
25.148.02
15.471.65
20.152.345.18
35.0211.7020.962.36
24.4811.251.80
35.229.21
22.923.10
25.8014.503.49
P11.06P2.30P2.79
P.93P5.05P2.96P2.09
P.92Pi.17
256.39119.3249.0259.3028.52
70.5033.3421.5566.0021.3025.0012.206.40
15.76
14.9613.90
25.12
14.846.56
8.14
5.21.37
119.49
71.33
49.84.73
95.9129.7059.077.14
70.5328.1511.195.54
25.068.29
15.131.64
19.822.355.16
35.3812.0221.002.37
24.7211.281.76
35.479.39
22.953.13
25.9914.533.59
Pll.22P2.33P2.76
P.93P5.2OP3.03P2.17P. 97
PI. 20
257.18119.3248.9059.5029.22
33.7422.19
15.74
MONTHLY FIGURES—Cont.
TREASURY FINANCE—Cont.
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.By earliest callable or due date:
Within 1 year:Total outstanding 31Commercial bank and F. R.
Bank 31F. R. Bank 31
1-5 years:Total outstanding 31Commercial bank and F. R.
Bank 31F. R. Bank 31
5-10 years:Total outstanding 31Commercial bank and F. R.
Bank 31F. R. Bank 31
Over 10 years:Total outstanding 31Unrestricted issues:
Nonbank, commerc ia lbank, and F. R. Bank.. 31
Commercial bank andF. R. Bank 31
F. R. Bank 31
MONEY RATES, ETC.
F. R. Bank discount rate 33Treasury bills (new issues) 33Corporate bonds:
Aaa 33,37Baa 37High grade (Treas. series) 37
U. S. Govt. bonds, 15 years or more.. 37
Stock prices (1935-39 =100):Total 39Industrial 39Railroad 39Public utility 39
Volume of trading (mill, shares) 39Brokers' balances (mill, dollars):
Credit extended to customers 41Money borrowed 41Customers' free credit balances.... 41
BUSINESS CONDITIONS
In billions of dollars
14.21
25.03
6.90
8.14
Personal income (annual rate, bill.dollars):* *
TotalTotal salaries and wagesProprietors' income, dividends and
interest
.37
119.49
.72
All otherLabor force (mill, persons):*
TotalCivilian
UnemploymentEmployment
NonagriculturalEmployment in nonagricultural estab-
lishments (mill, persons):*5
Total.Manufacturing and mining . . . .TradeGovernmentTransportation and utilitiesConstruction
Hours and earnings at factories:Weekly earnings (dollars)Hourly earnings (cents)Hours worked (per week)
4848
4848
4949494949
505050505050
515151
52.44
37.3021.03
42.52
30.62.70
11.62.04
54.81
6.64
5.29.11
37.0520.71
42.52
30.67.70
18.93
11.75.04
54.81
6.65
5.38.11
52.13
21.35
42.52
.70
18.93
.04
54.81
.10
Per cent per annum
1
?322
00376
.55
.21
.50
.22
1.00.703
2.553.182.512.25
1.00.748
2.563.172.512.24
In unit indicated
11912498
101.83
552222650
195.1121.1
61.712.3
64.062.6
2.660.149.7
42.316.28.75.54.11.7
49.33122.640.2
126132108102
1.16
564251677
196.9121.5
62.512.9
64.062.7
2.660.150.0
42.016.08.75.34.11.7
49.03123.239.8
125130105101.67
550241656
63.462.02.1
59.950.4
P42.4P16.2*>8.7P5.3P4.1Pi.8
P49.26P123.8P39.8
For footnotes see p. 1310.
1308 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *~-Continued
Chartbookpage
1947
June July Aug.
Chartbookpage
1947
June July Aug.
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS—Cont.
Industrial production :5
Total (1935-39 =100) 53, 54Groups (points in total index):
Durable manufactures 53Machinery and trans, equip.. . . 54Iron and steel 54Nonferrous metals, lumber, and
building materials 54Nondurable manufactures 53
Textiles and leather 54Food, liquor, and tobacco 54Chemicals, petroleum, rubber,
and coal products 54Paper and printing 54
Minerals 53,54Selected durable manufactures
(1935-39=100):Nonferrous metals 55Steel 55Cement 55Lumber 55Transportation equipment 55Machinery 55
Selected nondurable manufactures(1935-39 = 100):
Apparel wool consumption 56Cotton consumption 56Manufactured food products . . . . 56Paperboard 56Leather 56Industrial chemicals 56Rayon 56
New orders, shipments, and inven-tories (1939=100):
New orders:Total 57Durable 57Nondurable 57
Shipments:Total 57Durable 57Nondurable 57
Inventories:Total 57Durable 57Nondurable 57
Construction contracts (3 mo. movingavg., mill, dollars) :5
Total 59Residential 59Other 59
Residential contracts (mil], dollars):6
Total 60Public 60Private, total 60
1- and 2-family dwellings 60Other 60
Value of construction activity (mill.dollars):6
Total 61Nonresidential:
Public 61Private 61
Residential:Public 61Private 61
Freight carloadings:5
Total (1935-39 =100) 63Groups (points in total index):
Miscellaneous 63Coal 63All other 63
Department stores:Indexes (1935-39=100) :6
Sales 64Stocks 64
296 storesSales (mill, dollars) 65Stocks (mill, dollars) 65Outstanding orders (mill, dollars) 65Stocks-sales ratio (months' supply) 65
In unit indicated
184
••82.944.221.2
17.578.719.821.7
••22.814.422.5
188211171133233275
'175133154179'114••439251
243269228
292323270
228255205
557213343
1892316611947
1,070
253424
6387
137
77.930.029.5
289242
304769471
2.5
176
78.742.220.0
16.576.418.221.9
22.813.521.4
181198164121217266
147118155166104438291
636251385
2269
21716651
,161
276447
9429
134
78.24.531.4
287230
2527295942.9
P182
P80.P42.P2Q.
P16.P79.P19.P22.
P22.*14.P22.
P181206
P130P216P269
130P156178
P437P293
3049
29519798
1^238
294475
9460
143
81.531.130.9
P281P227
P273P792P622
P2.9
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS—Cont.
Consumers' prices (1935-39=100):All items 67Food 67Clothing 67Rent 67
Wholesale prices (1926=100):Total 69Farm products 69Other than farm and food 69
Prices paid and received by farmers(1910-14=100):
Paid 71Received 71
Cash farm income (mill, dollars):Total 72Livestock and products 72Crops 72Govt. payments 72
INTERNATIONAL TRADE AND FINANCE
Short-term foreign liabilities and assetsreported by banks (bill, dollars):
Total liabilities 77Official 77
Invested in U. S. Treasury billsand certificates 77
Private 77Total assets 77
Exports and imports (mill, dollars):Exports 79
Excluding Lend-Lease exports... 79Imports 79Excess of exports or imports ex-
cluding Lend-Lease exports 79Foreign exchange rates:
See p. 1333 of this BULLETIN . 80-81
QUARTERLY FIGURES
TREASURY FINANCE
Budget receipts and expenditures:Total expenditures
National defenseNet receipts
Internal revenue collections, total . .Individual income taxesCorporate income taxesMisc. internal revenue.
Cash income and outgo:Cash incomeCash outgoExcess of cash income or outgo. . .
In unit indicated
26262626262626
272727
MONEY RATES
Bank rates on customer loans:Total, 19 cities 33New York City 35Other Northern and Eastern cities. 35Southern and Western cities 35
CORPORATE SECURITY ISSUES
Commercial and Financial Chronicledata (bill, dollars):
Total issues 42New capital 42
Securities and Exchange Commissiondata (mill, dollars):*
Net proceeds:All issuers 43Industrial 43Railroad 43Public utility 43
New money:All issuers 43Industrial 43Railroad 43Public utility 43
157.1190.5185.7109.2
147.6177.9131.4
231271
2,215,44974323
65.206 2.13
e .5963.07
Pl.2421,241P466
P775
158.4193.1184.7110.0
150.6181.4133.4
231276
1,4521,205
Pl.151Pl,150P450
P700
153.6181.7136.0
235276
1,3181,187
Pl.150Pi,149
P3 99
P75O
1947
Jan.-Mar.
Apr.-June
July-Sept.
In billions of dollars
10.634.30
13.9012.617.952.622.03
••14.96'9.77
+5.19
13.394.55
10.898.294.451.981.86
'11.43'12.20' - . 7 7
Per cent per annum
2.311.822.372.80
2.381.832.442.95
2.211.772.252.69
In unit indicated
.95
.68
1,018438
53442
673283
43284
1.701.10
1,60563482
854
932428
60414
For footnotes see p. 1310.
OCTOBER 1947 1309
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—ContinuedBANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chartbookpage
1946
Oct.-Dec.
1947
Jan.-Mar.
Apr.-June
Chartbookpage June Dec.
QUARTERLY FIGURESGROSS NATIONAL PRODUCT, ETC.
Gross national product • 5 44Govt. purchases of goods and serv-
ices 44Personal consumption expenditures 44
Durable goods 45Nondurable goods 45Services 45
Private domestic and foreign invest-ment 44
Gross private domestic invest-ment:
Producers' durable equipment. 46New construction 46Change in business inventories. 46
Net foreign investment 46Personal income, consumption, and
saving:e 5
Personal income 47Disposable income 47
Consumption expenditures 47Net personal saving 47
CALL DATE FIGURES'ALL MEMBER BANKS
Holdings of U. S. Govt. securities:Bonds 12Notes 12Certificates 12Bills 12
Loans:Commercial 13Agricultural 13Real estate 13Consumer 13For purchasing securities:
To brokers and dealers 13To others 13
State and local govt. securities 13Other securities 13
Annual rates,in billions of dollars
218.6
28.2154.91893.643.1
35.6
15.79.35.45.2
187.5168.0154.913.
222.2
26.6156.819.094.043.8
38.8
16.610.32.79.2
190.9169.4156.812.6
June29
In
1946
Dec.31
billioi
1947
June30
is of dollars
226.027.6
159.020.095.044.0
39.4
17.89.51.5
10.6
191.6170.0159.011.0
451015
1
9
42
2233
.44
.47
.29
.07
.69
.88
.27
.46
.40
.48
.31
.15
46.235.60
10.041.17
13.15.88
5.363.311.511.473.553.08
46.514.377.54
.77
13.82.97
6.244.00
1.511.153.982.97
FIGURES FOR SELECTED DATESLIQUID ASSET HOLDINGS*
Individuals and businesses:Total holdings 24Deposits and currency 24U. S. Govt. securities 24
Individuals:Total holdings 24Deposits and currency 24U. S. Govt. securities 24
Corporations:Total holdings 24Deposits and currency 24U. S. Govt. securities 24
Unincorporated businesses:Total holdings 24Deposits and currency 24U. S. Govt. securities 24
OWNERSHIP OF DEMAND DEPOSITS •
Individuals, partnerships, and corpora-tions, total 25
Nonfinancial:Total 25Manufacturing and mining 25Trade 25Public utilities 25Other 25
Financial:Total 25Insurance companies 25Other 25
Individuals:Total 25Individuals excl. farmers 25Farmers 25
Nonprofit ass'ns and other 25
In billions of dollars
220.5138.981.6
151.296.255.0
41.824.617.2
27.518.19.4
1946
July 31
77.5
223.2143.379.9
156.91015539.123.515.6
27.218.38.9
1947
Feb. 26*
77.8
38.316.413.0
4 . 44 . 5
6 . 62 . 14 . 5
27.621.4
6 . 25 . 0
37.216.012.54 . 24 . 5
6 . 52 . 14 . 5
28.922.1
6 . 75 . 2
« Estimated P Preliminary. r Revised.1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars.3 See pp. 1251-1253 for an explanation of the revision in this series.4 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.5 Adjusted for seasonal variation,e As of May 31, 1947.7 Member bank holdings of State and local government securities on Sept. 30, 1946, were 3.62 billion dollars and of other securities were
3.08 billion; data for other series are available for June and December dates only.* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copiesof monthly
issues, at $1.00 each.
1310 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—ContinuedCONSUMER CREDIT *
Chartbookpage1
1947
June Aug.?
Chartbookpage1
1947
June July? Aug.?
In millions of dollars In millions of dollars
Consumer credit outstanding, total. . . 3Instalment credit, total 3, 5
Instalment loans 5Instalment sale credit 5
Charge accounts 3Single-payment loans 3Service credit 3
Consumer credit outstanding, cumu-lative totals:2
Instalment credit 4Charge accounts 4Single-payment loans 4Service credit 4
Consumer instalment sale credit out-standing, cumulative totals:2
Automobile dealers 6Furniture and household appli-
ance stores 6Department stores and mail-
order houses 6Allother 6
10,9924,9182,8832,0352,8872,271
916
10,9926,0743,187
916
2,035
1,155
724301
11,0615,0472,9562,0912,7862,301
927
11,0616,0143,228
927
2,091
1,169
733304
11,2165,1953,0292,1662,7612,327
933
11,2166,0213,260
933
2,166
1,201
752312
Consumer instalment sale creditgranted, cumulative totals:2
By automobiles dealers 7By furniture and household appli-
ance stores 7By department stores and mail-
order houses 7By all other retailers 7
Consumer instalment loan credit out-standing, cumulative totals:2
Commercial and industrial banks. 8Small loan companies 8Credit unions 8Miscellaneous lenders 8Insured repair and modernization
loans 8
422
265
16980
2,8831,544
906682
450
411
246
16373
2,9561,587
938705
470
419
261
16781
3,0291,626974734
495
P Preliminary. J 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.
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTSBASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1947
[In thousands of units]
Federal Reserve district
Boston.New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis .. . . . . .MinneapolisKansas CityDallas.San Francisco
Total
Federal Reserve district
Boston . . . . .New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolis .Kansas CityDallasSan Francisco
Total
Cotton
Production1946
Bales
1,1541,777
12 830
2172,062
600
8,640
EstimateSept. 1, 1947
Bales
1,1532,285
23,522
2493,771
869
11,849
Oats
Production1946
Bushels
5,14733,68118,91975,13139,91533 262
592,32782,353
399 186158,72739,97031,249
1,509,867
EstimateSept. 1, 1947
Bushels
4,62015,19012,05628,23537,04233 862
452,70355,671
370 100149 65235,67431,987
1,226,792
Corn
Production1946
Bushels
7,12031,17553,294
223,470149,589162,801
1,394,302416,064407,287372,02464,640
6,161
3,287,927
EstimateSept. 1, 1947
Bushels
6,67025,15251 543
174,078154,203161,491902,488298,627304,499260,13358 9596,070
2,403,913
Tame hay
Production1946
Tons
3,9116,7952,7536,1825,0774 210
17,7889,2989 5908,3721,883
13,471
89,330
EstimateSept. 1, 1947
Tons
3,9366,4632,6585,8114,4883 966
18,2858,795
10 0569,3281,715
13,350
88,851
Winter wheat
Production1946
Bushels
6,49817,85653,57826,0285,748
55,57038,91440,437
439,50563,901
125,858
873,893
EstimateSept. 1, 1947
Bushels
10,48119,96055,03230,9398,222
70,91255,49134,019
566,369132,823111,400
1,095,648
Tobacco
Production1946
Pounds
34,5011,324
59,124162,708
1,321,995266,58742,770
414,3723,3795,320
2,312,080
EstimateSept. 1, 1947
Pounds
38,5671,573
61,100139,212
1,249,875271,04435,340
347,1672,7693,864
2,150,511
Spring wheat
Production1946
Bushels
21189
1,31316
243,2244,249
8432,726
281,822
EstimateSept. 1, 1947
Bushels
2076
1,52411
265,8794,400
8340,961
312,954
White potatoes
Production1946
Bushels
88,94549,84523,40614,71031,36918,71832,94011,17143,83337,972
6,634116,426
475,969
EstimateSept. 1, 1947
Bushels
63,61139,39120,16111,39324,73912,41624,3228,191
37,96732,3405,083
88,554
368,168
1 Includes 10,000 bales grown in miscellaneous territory.2 Includes 11,000 bales grown in miscellaneous territory.
OCTOBER 1947 1311
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC ISSUES, BY CLASS OF SECURITY*
[In millions of dollars. Postal Savings and prewar bonds included; guaranteed securities excluded]
Endof
month
1941—Jan....FebMar.April..
JuneJuly.'.".Aug.. .Sept.Oct.
Dec1942—JanFeb.Mar.!.April.May. .June..July...Aug.. .Sept...Oct....Nov...Dec...
1943—JanFeb...Mar.. .April..May. .June..July...Aug.. .Sept...Oct....Nov...Dec...
1944—Jan....Feb...Mar...April..May. .June..July...Aug.. .Sept...Oct....Nov...Dec...
1945—JanFeb...Mar.. .April..May..June..July...Aug...Sept...Oct....Nov.. .Dec...
1946—Jan....Feb...Mar...April..May. .June..July...Aug.. .Sept...Oct....Nov...Dec...
1947—Jan....Feb...Mar...April..May. .June..July...Aug...
T o tensecur-itiesout-
stand-
ing
363637373737373737383941
424343454750535760656676
7778799195959899111115115115
115126128127128140144145144145145161
162162162162162181183183182182185198
199199197195193189187186184182180176
176175172170169168168168
276275054075075713713667,368869,677^562
,271700,329,137,615,573,826,176,402,008,132,488
,496,726,662,392,382,310,613,935,426,944,909,230
,259,171,080,440,029,401,919,213,723,008,183,648
,261,379,625,680,652,319,080,334,833,790,112,778
,633,810,063,079,487,606,596,350,338,318,328,613
,444,410,462,535,926,703,509,390
Total
1,1,1,
1'l'
1112
22
122344556
789101011121213131313
131313131314151515161616
161616171717171717171717
171717171717171717161717
1717171616151515
307306604603603603603604305404703002
101002652953257508663168619126721627
423232234044853864460846054064074072
,101112147,150766,734,523,715,747,060,405,428
,403,399,921,041,049,041,025,038,018,026,026,037
,042,032,047,054,041,039,023,024,007,987,000,033
,074,048,038,610,002,775,756,735
Bill holdings
Non-bank
1
1111
112111111111
11211
11111
112111111121
112111111111
1
038755844491501506517624673955
673710942671751708834824,078,177,122,120
,166,455,078,199,394,547,625,912,255,290,268,588
,256,274,009,372,673967981,086,350,417,602,167
,096,182,122,466,853,281,478,591,749,876,127,730
,789,598,255,518,430,431,392,360,357,266,127,101
902779,267581440492801
Com-mer-cialbank
1
1
11
1I
111222344
555676556654
454434543324
332222222122
2211111
1
1
1
566848759112102098788780030037
428292710,191350557,263,648,884,468,216,497
,568,302,069,415,017,502,939,233,448,227,643,716
,904,484,606,137,627,894,477,555,614,092,935,113
,931,387,720,565,242,798,737,193,035,978,306,476
,387,396,512,875,715,142,225925939,126848,187
520539681928590787,060
Fed-eralRe-
serveBank
1
12223455566
66678891010111111
111112131212121313131212
121313131314141414141514
1515151514141314
10
91156243566696657481383,010
689,475,087,430,442,815,896,701,351,547,136,768
,941,354,532,641,466,873,065,074,783,551,868,148
,376,830,079,010,954,962,810,254,234,172,593,831
,866,038,280,661,896,466,406,739,711,595,025,745
,652,730,090,101,972,496,895,207
Certificate holdings
Total
1133466610
101111161616161721232322
222525252528303029292930
303034343434343435353538
414140383634373634323029
2928272626252525
507507096096705211211739,534
,741,161,161,154,561,561,561,497,136,199,103,843
,843,680,680,306,2,66,822,035,001,573,546,545,401
,401,396,544,478,442,136,472,430,072,021,021,155
,502,413,399,408,828,804,720,473,478,478,475,987
,79,784,792,294,294,296,122,02.
Non-bank
1,
1,1,1,1,3,
333555557887
69999,1010101010910
101011111111111111111011
121212121211121212111111
11111110101010
690611059957356729703585023
032535466960703646579337853277018675
704935766354169403686608306325494482
359220303595370315564617679585863700
075151827305276315,228275,031,683,313,270
,416,383,402,806,946,480,28
Com-mer-cialbank
1,1,3,3,3,4,6,
6,6,6,9,9991111131312
131312121215151615151515
151517171716161616161618
212120191816171614131111
111099988
817869971921008978782389470
594837845197759823890000936357177701
352049944979950037967011708472888032
145259830550202789812413209230358091
380716618598157676,616,342,532,343,831,221
,195,212,991,837,336,536,282
Fed-eralRe-
serveBank
"2766
218341504726765
1,041
1,115789850997
1,0991,0921,0921,1601,3471,5651,9082,467
2,7872,6962,9702,9733,1473,3823,3823,3823,5593,7494,1634,887
4,8974,9175,4115,3335,8706,0326,0966,4007,1847,2067,8008,364
8,0477,5466,9546,5056,3956,8137,7867,8567,9157,4527,3317,496
7,1807,1896,3995,656,0126,2806,5596,896
Treasury note holding
Total
6,6,5,5,5,5,5,5,5,5,6,5,
555,55666710109
99999911111111[111
111316161617181817171723
232318181823232323232322
191918181818131313131310
1010888888
813813722721721698698698698509012997
591591571571571689689689958095095863
863863797797797168875875596596596175
175302244263,2,65405,067,067,936,936,936,039
,039,039,588,588,588,497,498,498,498,498,498,967
,551,551,261,261,261,261,351,351,351,351,351,090
,090,090,142,142,142,142,142,142
Non-bank
2,2,1,1,
j 'A '
l[•i '
1,
JI,1222,2222
222332333333
333334444446
554445555555
444545333443
3322222
027022990947937953963878983974
903926937942976250285362773968924869
890974990015065894648621306341351121
138374683621580507855773641633438062
,986,919880,989,983,736,589,678,735,744,718,146
,494,553,506,527,695,117,817,912,976,167,163,615
,567,550,668,739,840,918,929
Com-mer-cialbank
2,2 t2,2,2 ,2 '2',2,3,3,
2,2 t2 '2',2333,4555
555555777777
7911111111121212121215
151512121216161615151515
131312121111888886
6655444
875879911931941925915854252246
995972941936902725682602507830828670
698699850825813500506533603569552389
372046402486499718092216230203387411
487,560657,611,588,076,211,058,830,834,678,701
,652,625,292,071,828,396,938,843,707,469,353,120
,168,096,122,05,933,855,844
s
Fed-eralRe-
serveBank
[
[
1
11
1111122
111111
900900820820820820820820820777777777
693693693693693714722725678297343324
,275,190957957919774721721687686693665
665882,159, 156,186,180,120,078,065,100,111,566
,566,560,051988,017,685,698,762,933,920,102,120
,405,373,463,663,738,748596596668715835355
355444352352369369369369
Total
28,28,29,29,29,30,30,30 \30,31,31,33,
34,36,36,'36',38,38,40,41,41,4343,49
494949555857575765686868
687473727279818181818191
9292929292106108108107107109120
121121121121121119119119119119119119
119119119119119119119119
156156728750750411411365365955961563
579108106106280280378614614577577464
469469469397171716716716640085136140
140078009722733440293431466466298781
417545572572572644,085,367,244,244,566,619
,538,814,357,357,357,502,502,502,502,502,502,502
,489,489,489,489,489,48,48,48
Bond holdini
Nonbank
Re-strict-ed
2,2,2,2,4,
4,4,4,8,8,8,8,8,12,121212
121818181820212121212124
242424242436373737374050
515151515151515148484848
48484848484848
882882882118118118118945
949949949509711711711711221519525526
503082206240250714084124133120133351
586604598588592246420703794785100522
422,713,718,727,569,580,583,582,069,088,107,093
,126,140,157,169,162,168,159
Jnre-strict-ed
7,
8*,
Q '
9]9,9 j
0,0!0!0!1,0,1,1
21,212122
222221232323222226262625
252423232326262626252429
292928282727262625242322
212121202019191922222222
22222222212121
875749665188116062117040025915
169846776692055941706449338946607285
111005695338734299824351004265013777
029392981522421337574393227902682657
231,056,762,348,577,474,715,368,620,989,909,599
,901,711,308,805,715,817,489,295,477,261,159,234
,083,103,125,02,964,825,49
Com-mer-cialbank
0,0,0'0!0!0',
0!
2 \
2 ?33
3!44,66671719
192020212424242525272828
292929292930323232333436
373738383941424342434446
474747474847474748484848
48484848484849
494642726864936944889513534186
863696782845737840147387445368388457
772148841533018238736181915795090278
016991372515615925289,645863201,240,530
,434,753,084,513,290,811,837,182,853,493,580,551
,268,443,428,922,170,350,675,870,201,398,483,422
,52,493,454,540,62,769,11
Fed-eralRe-serveBank
,280,280,359,359,359[359,359,359[359
^402
,547,566^548^569,606,617,643,660,713,145,464,777
,6372,367,984,017,708,468,445,473,500
1,5061,5081,559
1,5921,6131,4501,4451,4471,4641,3461,2691,2431,2431,2431,243
1,1661,1321,1281,1231,1131,1131,1131,114977977977947
947947903903903755755755755755753753
753753753753735727726720
* The new book, Federal Reserve Charts on Bank Credit, Money Rates, and Business, carries a series of charts showing the distribution ofownership of the marketable debt of the United States among nonbank holders, commercial banks, and Federal Reserve Banks, broken down byclass of security and by term to call date. Basic data are from Treasury's monthly Survey of Ownership published in Treasury Bulletin.
The commercial banks covered by the Survey have accounted for approximately 91-93 per cent of the amount of securities owned by allcommercial banks in the United States in 1946 and 1947. The percentage of ownership declined in 1946 and 1947, however, after increasing
1312 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC ISSUES, BY EARLIEST CALLABLE OR DUE DATE*
[In millions of dollars. Postal Savings and prewar bonds included; guaranteed securities excluded.]
Endof
month
1941—Jan...Feb .Mar...April..May. .June..July.. .Aug..Sept...Oct....Nov..D e c . .
1942—Jan....F e bMar.'. '.AprilMay. .June..July...Aug.. .Sept...Oct....Nov.. .Dec...
1943—Jan....Feb. . .Mar...April..May. .June..July...Aug...Sept.. .Oct. . .Nov.. .Dec. . .
1944—Jan. . .Feb. , .Mar.. .April. .May. .June..July...Aug...Sept...Oct....Nov.. .Dec...
1945—JanFeb. . .Mar.. .April..May. .June..July...Aug.. .Sept.. .Oct....Nov...Dec.. .
1946—Jan. . .Feb. . .Mar.. .April..May. .June..July...Aug.. .Sept...Oct. . .Nov.. .Dec...
1947—Jan....Feb. . .Mar.. .April..May. .June..July...Aug...
Totalsecu-ritiesout-
stand-ing
36,27636,27537,05437,07537,07537,71337,71337,66737,36838,86939,67741,562
42,27143,70043,32945,13747,61550,57353,82657,17660,40265,00866,13276,488
77,49678,72679,66291,39295,38295,31098,61399,935
111,426115,944115,909115,230
115,259126,171128,080127,440128,029140,401144,919145,213144,723145,008145,183161,648
162,261162,379162,625162,680162,652181,319183,080183,334182,833182,790185,112198,778
199,633199,810197,063195,079193,487189,606187,596186,350184,338182,318180,328176,613
176,444175,410172,462170,535169,926168,703168,509168,390
Total
4,1894,1873,2113,2103,2102,3992,3982,3522,3952,3062,6053,120
2,8132,7142,4104,2184,5217,4458,600
10,71412,60814,51515,63920,528
21,53122,76124,21231,53432,75033,09333,68935,01139,49740,16940,08340,437
40,46543,31345,82045,12545,70050,08052,08252,23952,14052,42552,60053,683
57,09057,08159,07959,13359,10660,64665,87565,84765,25565,21265,21270,546
70,47870,37969,54967,56465,97262,09160,08158,83561,21859,95757,96654,952
54,78453,75053,14051,21350,60552,44252,24952,131
Within
Non-bank
1,8061,5301,643
878876853
1,0541,0751,1281,515
1,0991,1381,3681,7861,7802,7432,7703,1603,7514,6444,4626,005
6,0336,7537,4129,719
10,4899,6179,6289,657
11,56011,61111,32511,585
10,22013,31714,39413,03513,13613,45913,74313,84514,07714,19513,20913,827
14,27514,14915,67815,37515,52115,49716,94417,21117,01217,06916,55016,796
16,59816,61418,63117,28917,28315,89315,47915,55016,81116,94716,40015,879
15,75215,53415,68314,43114,45415,14715,198
1 year
Com-mer-cial
bank
1,2201,4951,3821,3931,3941,3711,1471,0801,3261,413
1,61711479
9062,2042,4224,1284,7836,2557,4698,3529,685
12,031
13,24013,29913,40017,71018,02717,97617,48017,90020,64921,04420,27619,165
20,06620,47721,40220,95420,40023,82125,34724,39323,10522,28822,70823,175
25,47925,12725,24424,79924,11625,32828,55127,44326,25226,20426,52830,538
31,66731,91229,36828,61526,82923,48722,04120,41121,40820,53118,65816,760
16,12815,13615,76015,82214,94116,26916,346
Fed-eralRe-
serveBank
233233185185185128128128194151151192
9797
136228319574
1,0471,2991,3881,5191,4922,492
2,2582,7093,4004,1054,2345,5006,5817,4547,2887,5148,4829,687
10,1799,519
10,02411,13612,16412,80012,99214,00114,95815,94216,68316,681
17,33617,80518,15718,95919,46919,82120,38021,19321,99121,93922,13423,212
22,21321,85321,55021,66021,86022,71122,56122,87422,99922,47922,90822,313
22,90423,08021,69720,96021,21021,02620,70521,354
1-5 years
Total
11,60911,60911,24811,73711,73713,59213,59213,59213,25013,25013,75313,521
13,53413,53413,46813,46813,46813,50313,50313,50314,83516,33116,33116,611
16,61116,61118,43416,91616,91619,56222,26922,26921,80221,80221,80221,337
21,33723,46422,73922,75922,76025,06125,72225,72226,58826,58826,58834,994
31,56331,56331,74631,74631,74634,80129,89229,89236,01736,01736,01735,391
35,37835,37833,43033,43033,43035,05735,05735,05739,40438,64538,64539,572
39,57239,57238,25738,25738,25742,52242,52242,522
Non-bank
5 * 1915,6575 ,6336,7886,7696,7726,5536,5086,5936,465
6,5296,5356,5136,4926,4916,1436,1426,1656,5696,4506,3486,216
6,2406,3067,1296,2225,4397,0297,6747,5517,0246,9816,9966,633
6,6356,8816,4226,4366,4537,6227,9487,7787,7847,6686,7359,945
9,2689,3469,1789,2469,2018,9207,7187,7769,6569,5439,3299,535
9,4219,2808,5348,4768,5338,9768,9288,954
10,2959,9179,970
10,273
10,41110,55210,56410,57610,69411,90311,852
Com-mer-cial
bank
5,0845,1075,1315,7355,7545,7515,6945,7396,1576,085
6,0346,0286,0236,0446,0456,5366,5286,4877,3868,3828,3548,729
8,7558,7839,8349,373
10,22311,44413,56013,68313,77213,81013,79413,760
13,74615,41515,08215,09515,07916,19516,60716,82117,76217,86818,80123,492
21,15521,07721,54621,48921,53724,38721,31421,25625,39425,50725,72125,163
25,26425,40524,20324,23924,18225,28525,33325,30728,29727,92827,87528,467
28,32928,18827,00126,98926,87129,92129,972
Fed-eralRe-serveBank
995994973973973
1,0691,0691,0691,0031,0031,003
971
971971932932932824833851880
1,4991,6291,666
1,6161,5221,4711,3211,2541,0891,0351,0351,0061,0111,012
944
9561,1681,2351,2281,2281,2441,1671,1231,0421,0521,0521,557
1,1401,1401,0221,0111,0081,494
860860967967967693
693693693715715796796796812800800832
832832692692692698698698
5-10 years
Total
9,5269,526
10,64110,15210,1529,9249,9249,924
10,68010,68010,68012,331
13,33013,31214,33314,33315,62517,12619,22419,22419,22420,42720,42722,787
22,78822,78820,44922,81725,38923,05123,05123,05127,01330,56130,58430,015
30,01530,01530,01530,0153u,01533,88935,35735,47934,21534,21534,21537,909
38,35438,46839,15039,15039,15041,51641,78341,78635,66135,66135,66133,025
33,02533,02534,47434,47434,47432,84732,84732,84728,91028,91028,91027,281
27,28127,28126,25826,25826,25818,93218,93218,932
Non-bank
5,9475,3505,3115,1945,1125,0885,7235,6425,6056,155
6,3976,2726,9846,9167,2878,0628,8888,7018,6488,7378,5599,266
9,1549,1478,059
10,08310,5199,4739,2108,951
12,85213,64313,38713,073
12,52612,11112,02811,82611,70714,88915,22415,06814,51614,24913,47617,590
17,27917,12618,01217,65517,16417,70517,11916,81114,75314,35213,63711,807
11,34111,30711,64811,34011,18310,77810,62010,47511,16510,96110,88610,552
10,33910,2809,7729,7039,64?7,3157,186
Com-mer-cial
bank
4,1784,2864,3254,2124,2944,3184,3954,4764,5115,526
6,1986,2956,5936,6597,5548,2419,4869,6689,709
10,50810,52212,034
12,27012,45111,63111,98614,37513,16013,43413,66413,70016,27116,55016,291
16,84917,29017,38517,58717,70418,39519,63019,97319,28819,55520,32819,953
20,73321,02620,81121,17321,66923,49424,34724,65820,69821,09921,81421,008
21,47421,50822,60922,91723,07421,93422,09222,23717,64217,84617,92116,657
16,87016,92916,41416,48316,53911,57711,706
Fed-eralRe-serveBank
474475516516516518518518562562564650
735745756758784823850855867
1,1821,3461,487
1,3641,190
759748495418407436461647647651
640614602602604605503438411411411366
342316327322317317317317210210210210
210210217217217135135135103103103
72
7272727272404040
Total
10,95210,95211,95411,97611,97611,79711,79811,79811,04312,63312,63912,591
12,59414,14113,11813,11814,00012,49912,49913,73513,73513,73513,73516,562
16,56616,56616,56620,12620,32819,60319,60319,60323,11423,41223,44023,442
23,44229,37929,50629,54229,55331,37331,75731,77231,78031,78031,78035,061
35,25435,26732,65032,65032,65044,35645,53045,81045,90145,90148,22359,816
60,75261,02859,61159,61159,61159,61159,61159,61154,80654,80654,80654,806
54,80654,80654,80654,80654,80654,80654,80654,806
Ovei 10 years
Nonbank
Re-strict-
ed
882882882
2,1182,1182,1182,1184,945
,9494,9494,9498,5098,7118,7118,7118,711
12,22112,51912,52512,526
12,50318,08218,20618,24018,25120,71421,08421,12421,13321,11921,13224,351
24,58624,60424,59824,58824,59236,24637,42037,70337,79437,78540,10050,522
51,42251,71351,71851,72751,56951,58051,58351,58248,06948,08848,10748,093
48,12648,14048,15748,16948,16248,16848,159
Unre-strict-
ed
7,9947,9887,9137,7647,7967,8077,2678,3178,3548,709
8,7219,5388,7908,8008,8367,9967,9857,9657,9517,9627,8707,811
7,7727,7647,6317,4917,4527,2697,1647,0606,9826,9406,9416,871
6,7456,6646,5946,5696,5446,2456,1836,1656,1486,1666,0766,007
5,8525,7584,1974,1233,8993,6833,5643,4543,3633,2313,1043,040
2,8992,8142,0862,0502,1182,0341,9001,8641,5731,5531,5041,515
1,4631,4461,4431,4421,3921,3511,267
Com-mer-cial
banks
3,4543,4823 ,5573,5693,5383,5273,3563,8533,8233,445
3,4374,1573,9113,8823,8353,2023,2143,2363,2493,2053,2593,300
3,3663,4533,7403,9003,9803,4813,5973,7013,7803,8223,8433,867
3,9844,3894,4564,4834,5084,1644,2404,2424,2604,2564,3334,464
4,6304,7273,6923,7773,9994,2674,3864,4934,5844,7254,8596,107
6,2846,3545,6675,6945,7845,8575,9886,0255,0295,0305,0625,065
5,0845,0875,0735,0625,1375,1805,274
Fed-eralRe-
serveBank
477477506506506464464464420463462437
436446417436447419418416417450488506
479400246226185142131131131131131178
210244250250250250250241239239239239
186178163162160160160160160160160147
147147140140140140140140135135133133
133133133133115107106100
from approximately 93 per cent in June 1943 to between 94 and 95 per cent in 1944 and 1945. The number of covered banks increased by nearly1,700 in 1943-45 but has since declined by about 100 in 1946-47. Ownership by uncovered banks is included under nonbank holdings.
For the convenience of users of the Chart Book, the data underlying the charts are assembled in these tables, which provide basic informationneeded for analysis of the wartime growth in public debt and of recent changes in the debt structure.
OCTOBER 1947 1313
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reservedistrict or State
United States total:Dec. 31, 1945Dec 31 1946Aug. 31, 1947?
By districts andby States
Aug. 31, 1947P
DistrictBostonNew York . . .PhiladelohiaCleveland
Richmond •.AtlantaChicagoSt Louis
MinneapolisKansas CityDallasSan Francisco
State
ArkansasCaliforniaColorado
ConnecticutDelawareDistrict of Columbia...FloridaGeorsda
Idaho
Indiana . .IowaKansas
Kentucky
M^aineMarylandMassachusetts
MichiganMinnesota
MissouriM!ontana
NevadaNew HampshireNew JerseyNew Mexico
New YorkNorth CarolinaNorth DakotaOhioOklahoma
OregonPennsylvaniaRhode IslandSouth Carolina .South Dakota
TennesseeTexasUtahVermontVirginia
WashingtonWest VirginiaWisconsin
Total banks, branchesand offices on which
checks are drawn
Banks1
14,00214,04314,070 l
486931845
1,159
1,0111,1572,4821,468
1,2771,751
995508
22210
228193142
1153919
177373
48875487663611
38515863
169183
444677205593111
4098
6534347
661204151668384
691,004
19149170
294879
5969
314
12418255355
Branchesand offices2
3,9473,9814,068
281825130226
426158555128
1116
361,186
223619
8891
221437
230
443
88162
366367
100148
2036
53
2182
1347
70416924
1831
79133393147
694
131089
117
148
On par list
Total
Banks
11,86911,95712,016
486931845
1,159
786537
2,4251,116
6031,739
885504
1111099
193142
1153919
11495
48873487663609
3855663
169183
444263
38525111
4088
65343
47
6618646
668374
691,004
195468
193819
5969
305
120179443
55
Branchesand offices
3,6163,6543,744
281825130226
300122529
71
406
281,186
2236
5889
1
221437
227
443
88162
364067
100148
20367
2182
1347
70446
4183
1
79133392921
544
131088
117
97
Member
Banks
6,8776,8946,921
336799648720
475339
1000497
473756606272
875
6611592
6417167164
26504237163214
113453879
148
229208
3018080
1456
5229533
5755341
425224
32767
113063
82557
3440
202
5510816337
Branchesand offices
2,9092,9132,986
20875895
196
19710821240
264
191,123
2229
1847
1
114
342
26
423
32
25353566
137
15761
2171
118
64927
1601
74111282720
444
112
43
110
21
Nonmember
Banks
4,9925,0635,095
150132197439
311198
1,425619
130983279232
245
337850
5122
34331
22369250500395
27211259035
21555
8345
31
2632
134814
8633
5243150
37237
824
5
111262
2529
103
6571
28018
Branchesand offices
707741758
73673530
10314
31731
1429
63
74
42
11103
. . . . . .
2
56162
115
323411
46
6
11
167
55194
23
5221121
10
28
45
7
76
Not on(Nonm
Banks1
2,1332,0862,054
225620
57352
67412
1104
111
129
63278
2
2
102
41416768
1
118105
10
95102
10160
9
43
110
par listember)
Branchesand offices2
331327324
126362657
71
8
14
3
23
46
12320
226
15
1
51
1 Excludes mutual savings banks, on a few of which some checks are drawn.2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 1175 of the BULLETIN for September 1947).Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1314 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK EARNINGSNATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1946-1947
Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks.
[Amounts in thousands of dollars]
Item
All member banks
First halfof 1946
First halfof 1947
National member banks
First halfof 1946
First halfof 1947
State member banks
First halfof 1946
First halfof 1947
EarningsInterest on U. S. Government securities..Interest and dividends on other securities.Interest and discount on loansService charges and fees on loansService charges on deposit accountsOther charges, commissions, fees, etcTrust departmentOther current earnings
ExpensesSalaries—officersSalaries and wages—othersDirectors' and committee members' fees..Interest on time depositsInterest on borrowed moneyTaxes other than on net incomeRecurring depreciation on banking house,
furniture, etcOther current expenses
Net current earnings before incometaxes
Recoveries, profits on securities, etcRecoveries on securitiesProfits on securitiesRecoveries on loansAll other
Losses and charge-offsOn securitiesOn loansAll other
Profits before income taxes.
Taxes on net incomeFederalState
Net profits
Gash dividends declared.On preferred stock1
On common stock
Assets and liability items :2
LoansU. S. Government securities. .Other securitiesReal estate assetsCash assetsTotal assetsTime depositsTotal depositsTotal capital accounts
Number of officers at end of periodNumber of employees at end of period.. .Number of banks at end of period
Earnings ratios:Percentage of total capital accounts:3
Net current earnings before income taxesNet profitsCash dividends declared
Percentage of total assets:3
Total earningsNet current earnings before income taxes,Net profits
Percentage of total securities:3
Interest and dividends on securities....Net recoveries and profits
Percentage of U. S. Government securities:"Interest on U. S. Government securities.
Percentage of total loans:3
Earnings on loansNet recoveries (or losses —)
Other ratios :Total capital accounts to:
Total assetsTotal assets less Government and cash
assetsTotal depositsTime deposits to total depositsInterest on time deposits to time deposits3..
1,175,376546,19974,503
342,4755,643
47,48233,85261,54763,675
693,834114,404210,2655,802
102,728987
40,200
15,843203,605
481,542
216,43029,786125,24435,56025,840
110,12058,33917,25134,530
587,852
159,113147,97011,143
428,739
123,9732,865
121,108
1,250,331464,77273,057
479,5577,215
57,48232,14163,58072,527
790,373126,957248,4526,425
116,6331,138
43,177
15,667231,924
459,958
117,20022,60753,93023,17917,484
85,22737,21825,47022,539
491,931
141,664132,0379,627
350,267
132,3762,105
130,271
761,566360,09351,157225,6893,54332,87622,20823,33542,665
444,88174,287
129,5853,83169,250
54126,592
10,785130,010
316,685
128,40817,52572,72823,85714,298
63,42135,2979,87718,247
381,672
101,67395,4996,174
279,999
77,9191,372
76,547
833,389311,41951,763
327,9764,98140,04120,86325,55150,805
515,11483,680156,5364,309
80,048689
28,795
10,830150,227
318,275
75,20413,00035,89714,53311,774
53,19326,14615,66711,380
340,286
99,06293,5515,511
241,224
86,455732
85,723
413,810186,10623,346116,7862,10014,60611,64438,21221,010
248,95340,11780,6801,971
33,478446
13,608
5,05873,595
164,857
88,02212,26152,51611,70311,542
46,69923,0427,37416,283
206,180
57,44052,4714,969
148,740
46,0541,493
44,561
23,039,00075,305,0006,264,000
869,00028,962,000134,852,00025,231,000126,094,0007,754,000
27,675,00061,120,0006,786,000868,000
29,140,000126,019,00027,663,000116,803,0008,205,000
14,197,00049,261,0004,337,000550,000
19,361,00087,959,00016,887,00082,576,0004,753,000
18,018,00040,464,0004,870,000
565,00019,677,00083,856,00018,755,00077,961,0005,217,000
8,842,00026,044,0001,927,000
319,0009,602,000
46,893,0008,343,000
43,519,0003,001,000
42,030222,607
6,887
44,391238,750
6,928
29,240140,070
5,012
31,087152,903
5,012
12,79082,537
1,875
12.411.13.2
1.7.7.6
1.5
.2
1.5
3.0.2
5.8
25.46.1
20.0
11.28.53.2
2.0.7.6
1.6.1
1.5
3.5- . 0 2
6.5
22.97.0
23.7
13.311.83.3
1.7.7.6
1.5.2
1.5
3.2.2
5.4
24.65.8
20.5
12.29.23.3
2.0.8.6
1.6.1
1.5
3.7- . 0 1
6.2
22.06.7
24.1.9
11.09.93.1
1.8.7.6
1.5.3
2.7.1
6.4
26.76.9
19.2
416,942153,36321,294
151,5812,234
17,44111,27838,02921,722
275,25943,27791,916
2,11636,585
44914,382
4,83781,697
141,683
41,9969,607
18,0338,6465,710
32,03411,0729,803
11,159
151,645
42,60238,4864,116
109,043
45,9211,373
44,548
9,657,00020,656,0001,916,000
303,0009,464,000
42,163,0008,908,000
38,842,0002,988,000
13,30485,847
1,916
9.57.33.1
1.9.7.5
1.5.1
1.5
3.2- . 0 2
7.1
24.87.7
22.9
1 Includes interest on capital notes and debentures.2 The figures of assets and liabilities are averages of the amounts reported for the June call date in the current year and December call date
in the preceding year.3 Annual basis.
OCTOBER 1947 1315
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES ANDPOSSESSIONS ON JUNE 30, 1947, DECEMBER 31, 1946, AND JUNE 29, 1946
[Amounts in thousands of dollars]
ASSETSLoans and investments
Loans (including overdrafts)United States Government direct obligations. .Obligations guaranteed by United States Gov-
ernmentObligations of States and political subdivisions.Other bonds, notes, and debenturesCorporate stocks (including Federal Reserve
Bank stock)
Reserves, cash, and bank balancesReserve with Federal Reserve BanksCash in vaultDemand balances with banks in United States
(except private banks and Americanbranches of foreign banks)
Other balances with banks in United States. .Balances with banks in foreign countries. .Cash items in process of collection
Due from own foreign branchesBank premises owned and furniture and fixtures. .Other real estate ownedInvestments and other assets indirectly representing
bank premises or other real estateCustomers' liability on acceptancesIncome accrued but not yet collectedOther assets
Total assets
LIABILITIESDemand deposits
Individuals, partnerships, and corporations.. .United States Government:
War loan and Series E bond accounts....Other
States and political subdivisionsBanks in United StatesBanks in foreign countriesCertified and officers' checks, cash letters of
credit and travelers' checks, etc
Time depositsIndividuals, partnerships, and corporations.. .United States GovernmentPostal savingsStates and political subdivisionsBanks in United StatesBanks in foreign countries
Total deposits
Due to own foreign branchesBills payable, rediscounts, and other liabilities for
borrowed moneyAcceptances outstandingDividends declared but not yet payableIncome collected but not yet earnedExpenses accrued and unpaidOther liabilities
Total liabilities
CAPITAL ACCOUNTSCapitalSurplusUndivided profitsOther capital accounts
Total capital accounts
Total liabilities and capital accounts
MEMORANDADemand deposits adjusted 2
Pledged assets (and securities loaned)Number of banks
June 30, 1947
Allinsured
commercialbanksi
110,712,10633,258,04169,141,228
13,6784,827,8793,169,582
301,698
32,199,04616,039,1941,806,395
8,453,30651,04234,885
5,814,224
284914,00817,922
65,19387,202237,673139,720
144,373,154
99,270,39178,234,373
1,043,850205,561
6,496,9709,806,9031,371,889
2,110,845
34,425,37333,479,604
105,6784,881
771,39442,66221,154
133,695,764
270,208
59,54399,89253,358124,721374,727134,880
134,813,093
3,171,0364,182,7961,644,081562,148
9,560,061
144,373,154
81,027,96411,653,224
13,391
Banks notmembers
Federal Re-serve System
15,925,7294,605,4919,964,017
3,815847,207481,436
23,763
3,507,287
""397^648
2,965,19319,454
657124,335
115,5855,199
3,899763
12,03623,548
19,594,046
11,908,93510,301,124
133,15421,096
1,121,303194,434
2,621
135,203
6,367,8496,236,378
3,1141,554
122,5034,296
4
18,276,784
9,533783
2,32723,19225,5279,311
18,347,457
452,042482,146242,35370,048
1,246,589
19,594,046
11,433,2951,702,083
6,466
December 31, 1946
Allinsured
commercialbanks1
112,208,35030,739,97373,559,881
15,0274,300,7053,295,002
297,762
33,704,31416,013,4422,014,710
9,428,59060,39956,777
6,130,396
6,353902,45720,326
64,442118,339230,023109,939
147,364,543
103,416,30379,902,5892,709,074
223,2485,968,462
10,888,0801,364,022
2,360,828
33,612,98632,761,111
114,3275,023
664,52249,19918,804
137,029,289
194,878
38,888133,45857,497
101,261381,709139,523
138,076,503
3,141,8784,060,0471,495,456
590,659
9,288,040
147,364,543
82,101,48313,664,608
13,359
Banks notmembers
Federal Re-serve System
15,860,9944,046,599
10,540,6243,582
754,113492,008
24,068
4,119,728
" "439^379
3,529,02625,197
634125,492
113,2816,091
3,8691,344
11,54223,984
20,140,833
12,498,94410,775,884
235,82124,500
1,053,962243,95310,578
154,246
6,376,0636,251,282
3 8281,542
113,5545,853
4
18,875,007
8,7591,3544,365
19,90725,34411,507
18,946,243
450,103465,789208,31770,381
1,194,590
20,140,833
11,858,6001,899,861
6,462
June 29, 1946
Allinsured
commercialbanksi
117,438,07426,796,23582,974,112
23,7423,975,3543,354,207
314,424
31,853,30915,999,3681,473,274
9,036,69172,55534,086
5,237,335
9,959899,70324,903
67,35092,056
240,990117,022
150,743,366
108,408,35875,404,53312,718,443
225,4915,808,920
10,584,4381,346,281
2,320,252
32,240,40631,504,915
101,9234,592
552,10451,2o925,613
140,648,764
208,409
83,229109,79948,42878,908
394,189102,037
141,673,763
3,070,7063,932,8221,485,019
581,056
9,069,603
150,743,366
78,296,37023,895,648
13,335
Banks notmembers
Federal Re-serve System
15,420,3833,496,006
10,733,0663,729
669,452493,931
24,199
3,776,078
332,381
3,303,07135,455
544104,627
113,0198,005
3,8381,368
11,94824,673
19,359,312
12,076,4619,815,766
898,13336,919
982,709193,853
7,357
141,724
6,068,6665,952,253
4,5101 ,234
105,5025,154
13
18,145,127
10,9891,4271,978
15,52322,33110,812
18,208,187
442,541428,709213,85466,021
1,151,125
19,359,312
10,835,5722,449,032
6,451
1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures onopposite page.2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
1316 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1947, BY CLASS OF BANK[Amounts in thousands of dollars]
Central reserve citymember banks
New York Chicago
Reservecity-
memberbanks
Countrymemberbanks
Allmember
banks
Allnationalmemberbanks
All Statememberbanks
ASSETSLoans and investments
Loans (including overdrafts)United States Government direct obligations.Obligations guaranteed by United States Gov-
ernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks (including Federal Reserve
Bank stock)
Reserves, cash, and bank balancesReserve with Federal Reserve BanksCash in vaultDemand balances with banks in United States
(except private banks and Americanbranches of foreign banks)
Other balances with banks in United States. .Balances with banks in foreign countriesCash items in process of collection
Due from own foreign branchesBank premises owned and furniture and fixtures. . .Other real estate ownedInvestments and other assets indirectly representing
bank premises or other real estateCustomers' liability on acceptancesIncome accrued but not yet collectedOther assets
20,331,6426,547,930
12,569,672
1,133630, 77.5486,095
96,039
6,243,34'4,165,945
123,432
47,3412,540
20,2601,883,831
284161,074
589
3,29.55,37766,61728,016
4,801,6521,564,5562,889,775
174,544163,406
9,371
1,520,752972,65""35,670
160,9561,42
962349,080
34,611,40511,440,99820,841,668
3,4291,363,722
871,656
89,932
11,241,3546,274,09
469,986
1,850,43913,85910,157
2,622,820
35,056,8239,101,619
22,887,386
5,3011,812,5981,167,279
82,640
9,688,6444,627,666
779,819
3,430,35513,7622,849
834,193
15,336
1692,498
15,5892,788
284,6637,012
47,19125,85798,63652,185
337,4125,12
10,6392,707
44,79533,191
94,801,52:28,655,10;59,188,50:
9,8633,981,637
2,688,436
277,982
28,694,09"16,040,3611,408,9075,489,091
31,58834,228
5,689,924
284798,485
12,723
61,29486,439
225,637116,180
62,981,96118,763,91339,264,818
6,3782,897,7411,893,773
155,338
19,341,57510,603,176
966,198
4,169,58923,06521,128
3,558,419
515,118,571
46,25'52,24'
140,44463,314
31,819,5619,891,190
19,923,683
3,4851,083,896
794,663
122,644
9,352,5245,437,185
442,709
1,319,5028,523
13,1002,131,505
284283,373
4,152
15,03734,19285,19352,866
Total assets. 26,890,243 6,358,784 46,368,303 45,179,333 124,796,663 83,149,481 41,647,182
LIABILITIESDemand deposits
Individuals, partnerships, and corporationsUnited States Government:
War loan and Series E bond accountsOther
States and political subdivisionsBanks in United StatesBanks in foreign countriesCertified and officers' checks, cash letters of
credit and travelers' checks, etc
Time depositsIndividuals, partnerships, and corporationsUnited States GovernmentPostal savingsStates and political subdivisionsBanks in United StatesBanks in foreign countries
Total deposits
Due to own foreign branchesBills payable, rediscounts, and other liabilities for
borrowed moneyAcceptances outstandingDividends declared but not yet payableIncome collected but not yet earnedExpenses accrued and unpaidOther liabilities
22,682,58117,202,217
143,48535,749260,055
2,898,1861,227,726
915,163
1,459,1841,406,793
14,241
5,037,0703,417,078
177,8972,756
303,9401,056,347
23,972
55,080
870,828863,7281,600
16,540460
21,150
24,141,765
264,923
1,30063,42521,10712,436105,45246,187
5,500
31,983,26923,934,305
231,94579,431
2,300,7694,773,283
109,360
554,176
11,268,89410,887,829
40,396749
319,17120,749
27,658,53823,379,649
357,37166,529
2,510,903884,6538,210
451,223
14,474,74214,100,998
46,3272,578
307,68217,157
5,907,898
2,8651,6583,54722,5244,349
43,252,163
5,285
10,80029,80516,64351,392143,84662,106
42,133,280
37,9103,01411,62334,15477,41312,938
87,361,45867,933,249
910,698184,465
5,375,6679,612,4691,369,268
1,975,642
28,073,64827,259,348
102,5643,327
648,89338,36621,150
115,435,106
270,208
50,01099,10951,031101,529349,235125,580
58,088,12444,670,432
610,708151,264
4,042,0896,685,943
708,049
1,219,639
19,058,28718,427,749
80,6412,789
508,98431,0747,050
77,146,411
222,565
27,86058,92333,43971,422
221,14771,461
29,273,33423,262,817
299,99033,201
1,333,5782,926,526661,219
756,003
9,015,3618,831,599
21,923538
139,9097,292
14,100
38,288,695
47,64322,15040,18617,59230,107128,08854,119
Total liabilities. 24,656,595 5,942,841 43,572,040 42,310,332 116,481,808 77,853,228 38,628,580CAPITAL ACCOUNTS
CapitalSurplusUndivided profitsOther capital accounts
611,9971,162,435
391,39067,826
144,350163,62559,20948,759
952,8511,200,976
440,343202,093
1,009,7961,174,835
510,923173,447
2,718,9943,701,8711,401,865
492,125
1,766,3212,325,826
873,921330,185
952,6731,376,045
527,944161,940
Total capital accounts
Total liabilities and capital accounts.
MEMORANDAPar or face value of capitalCapital notes and debenturesFirst preferred stockSecond preferred stockCommon stock
2,233,648 415,943 2,796,263 2,869,001 8,314,855 5,296,253 3,018,602
26,890,243 6,358,784 46,368,303 45,179,333 124,796,663 83,149,481 41,647,182
611,9971,122
144,350
610,875 144,350
Retirable value of capital: First preferred stock. .Second preferred stock.
Demand deposits adjusted1
Pledged assets (and securities loaned) .Number of banks
16,493,6041,009,617
37
3,427,018552,164
14
952,8519,700
21,669150
921,332
25,241150
24,166,4304,236,323j
353
1,009,9288,596
41,2985,117
954,917
93,1369,513
25,507,5824,153,137
6,524
2,719,12619,41862,9675,267
2,631,474
118,3779,663
69,594,6349,951,241
6,928
1,766,446
" "25,6902,569
1,738,187
38,7573,656
46,373,7417,597,552
5,012
952,68019,41837,2772,698
893,287
79,6206,007
23,220,8932,353,689
1,916
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
OCTOBER 1947 1317
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments. 1319
Gold production 1320
Gold movements 1320
International capital transactions of the United States. . 1321-1326
Central banks 1327-1330
Money rates in foreign countries. . 1331
Commercial banks 1332
Foreign exchange rates. 1333
Price movements:
Wholesale prices . 1334
Retail food prices and cost of living. . 1335
Security prices 1335
Tables on the following pages include the principal available statistics of current significance relatingto gold, international capital transactions of the United States, and financial developments abroad.The data are compiled for the Tnost part from regularly published sources such as central and commercialbank statements and official statistical bulletins, some data are reported to the Board directly. Figureson international capital transactions of the United States are collected by the Federal Reserve Banksfrom banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regu-lation of November 12, 1934. Back figures for all except price tables, together with descriptive text,may be obtained from the Board's publication, Banking and Monetary Statistics.
1318 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]
End of month
1938—Dec.....1939 -Dec1940 -Dec1941 — D e c . . .1942—Dec1943 - D e c . . .1944 -Dec1945—Dec
1946—SeptOctNov.. . .Dec
1947—Jan .FebMarAprMay.. . .June. . . .JulyAug
End of month
1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec
1946—SeptOctNov. . . .Dec
1947—JanFebMarAprMayJuneJ u l y . . .Aug
UnitedStates
14,51217,64421,99522,73722,72621,93820,61920,065
20,30520,40220,47020,52920,74820,33020,46320,77420,93321,26621,53721,766
India
274274274274274274274274
274274274274274274274274274274274
Ar-gen-tina3
431466353354
»658»939
»1,111403
»424P460s'483»563*645P7O6P 7 2 6P726P 7 2 3P 6 2 3
Iran(Persia)
262626263492
128131
123123123127
Bel-gium
581609734734735734
716
722726726735723691633634639643644649
Italy
193144120
Brazil
32405170
115254329354
355354354354354354354354354
Japan
164ltS4164
« 164
Canada
192214
«75656
J361
777
«54367767867
Java
8090
140235
4 216
Chile
3030303136547982
737171656354535353454645
Mexico
2932474739
203222294
213200191181170148149149141
Co-lombia
24211716255992
127
14214314414514712512698929387
Nether-lands
998692617575506500500270
265265265265265245197197196190190
Cuba
111
1646
111191
211221221226231236229234239259
NewZealand
2323232323232323
2323232323232323232323
Czecho-slo-
vakia
8356586161616161
616161
Nor-way
9494
4 84
Den-mark
5353524444444438
3838383838323232323232
Peru
2020202125313228
242424242421201920202020
Egypt
5555525252525252
5252535353535353535353
Poland
85<84
France
2,4302,7092,0002,0002,0002,0001,7771,090
796796796796796796696696696696544544
Portu-gal
6969595959606060
Ger-many
29292929292929
Ruma-nia
133152158182203260267269
P27OP27OP268
Greece
27282828282828
SouthAfrica
220249367366634706814914
970965941939886851803798788757752
Hun-gary
37242424242424
24242424242727273030
Spain
3 525
424291
105110
Hi111111111111111111111111
End of month
1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec . . . . .1943—Dec1944—Dec1945—Dec
1946— SeptOctNovDec
1947—JanFebMarAprM a y . . . .June. . . .JulyAug
Swe-den
321308160223335387463482
472469426381348324265217190168144126
Switz-er-
land'
701549502665824
•9651,1581,342
1,4121,4081,4181,4301,4321,4311,4321,4271,4161,3551,3701,378
Turkey
29298892
114161221241
237236235237238238233226207191185
UnitedKing-dom
2,690»1
Uru-guay
69689010089121157195
205205200200200200197194192
P189P191
Vene-zuela
525229416889130202
215215215215215235235235235235235215
Yugo-
575982
•83
B.I.S.
147121221453739
404040322828272727272726
Othercoun-tries7
166178170166185229245247
237237237240239239240240240
P240P240P240
P Preliminary.1 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 heldabroad and gold belonging to the Argentine Stabilization Fund.
! On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con-trol Board. Gold reported since that time is gold held by Minister of Finance, except forDecember 1945 and December 1946 when gold holdings of Foreign Exchange Control Boardare included also.
8 Figure for December 1938 is that officially reported on Apr. 30, 1938.* Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.1 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa-
rately.• Beginning December 1943, includes gold holdings of Swiss Government.7 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.N O T E . — For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affect-ing the reported data, see pp. 524-535 in the same publication.
Government gold reserves1 not included iaprevious figures
End of month
1938—Dec1939—Mar
M^ayAugDec
1940—AugDec
1941—Sept.. . .Dec
1942—Dec1943—Dec1944—Dec1945—June
Dec1946—June
Sept.. . .Dec
1947—Mar
UnitedStates
80154
156
482425124312811871
113177163
UnitedKing-dom
27591,732
3876
292<151
52,35452,39852,34152,19652,53552,58752,345
France
331559477
44604293'
214
457
Bel-giurra
44
17
171717171717
1 Reported at infrequent intervals or on de-layed basis: U. S.—Exchange Stabilization Fund(Special A/c No. 1); U. K.—Exchange Equali-zation Account; France—Exchange StabilizationFund and Rentes Fund; Belgium—Treasury.
2 Figure for end of September.» Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bankof England on that date.
4 Figure for first of month.5 Gross official holdings of gold and U. S.
dollars as reported by British Government; totalBritish holdings of U. S. dollars, includingprivate as well as official holdings, as reportedby banks in the United States are shown > intable on p. 1324.
NOTE.—For available back figures and for de-tails regarding special internal gold transfersaffecting the British and French institutions, seeBanking and Monetary Statistics, p. 526, andBULLETIN for February 1945, p. 190.
OCTOBER 1947 1319
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD PRODUCTIONOUTSIDE U. S. S. R.fin thousands of dollars]
Year ormonth
Estimatedworld
productionoutside
U.S.S.R.i
Production reported monthlyTotal
reportedmonthly
AfricaSouthAfrica
Rho-desia
West I Belgian United IAfrica2 Congo' States4
North and South AmericaCan-ada5 Mex-
iIColom- I
bia Chile Nica-ragua7
Other
193819391940194119421943194419451946
1,136,3601,208,7051,297,3491,288,945
1946—Aug..Sept..Oct..Nov..D e c .
1947—Jan,.Feb..Mar..Apr..May.June.July..
958,7701,020,2971,094,2641,089,395
966,132760,527682,061646,914'663,266'60,319'56,745••58,988'54,948'56,50158,12741,04451,82455,41259,738
/= i55 / 2 1 grains of gold */va fine;425,649448,753491,628504,268494,439448,153429,787427,862417,647
35,55334,50935,92233,82334,18434,02119,96528,66531,82435,30833,98435,396
28,53228,00929,15527,76526,64123,00920,74619,88819,061
1,6461,5781,5791,5271,5851,5241,5021,5741,5371 508
24,67028,56432,16332,41429,22519,74018,44518,86520,475
1,7501,7151,7851,8201,8201,7851,7501,8551,8901,8201,6801,855
8,4708,759
* 8,862
178,143196,391210,109209,175130,96348,80835,77832,511^51,182
'7,834'6,322'5,454'4,424'5,7797,6125,4835,5006,2467,2206,1177,319
i. e., an ounce of fine gold=$35,379 32,306 18,225 10,290,303 29,426 19,951 11,376,890 30,878 22,117 11,999,081 27,969 22,961 9,259,446 28,019 20,882 6,409,796 22,055 19,789 6,081,302 17,779 19,374 7,131,385 17,734 6,282,994 15,301 8,068
8,0928,0478,4298,0927,9618,1957,8069,2358,9219,4129,418
,048,425,332,161,088,423,276,273,464,130,065
377354
1,3841,203864271371856540528553
1,5573,5065,4297,5258,6237,7157,8656,9856,357
448379654657559566581555610502520636
54,26456,18255,87851,03942,52528,56016,31016,45021,595
3,0801,9251,9251,9252,1702,2051,8201,8201,8201,7851,890
11,28411,07810,1579,9408,9608,8206,5455,9504,585
490490525315490525490490560525490560
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 changesirregularly given out by officials of the gold mining industry, together with certain direct figures for»past years, afford a basis for estimating annualproduction 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
Coast only. 3 Beginning May 1940, monthly figures no longer reported.4 Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthlyfigure $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint.
8 Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported.7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
1943 they represent total Australia; beginning January 1944, Western Australia only.9 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 countriesin the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTSUNITED STATES
[In thousands of dollars at approximately 535 a fine ounce]
Yearor
mo.
193819391940194119421943194419451946
1946Sept.Oct.Nov.Dec.1947Jan.Feb.Mar.Apr.MayJuneJulyAug.?
Totalnet
imports
1,973,5693,574,1514,744,472
982,378315,678
68,938-845,392-106,250
311,494
-7 ,62924,18277,903
-61,193
-16,82020,361
153,63444,050
129,734200,233219,201111,657
Net imports from or net exports (—) to:
UnitedKing-dom
1,208,7281,826,403
633,0833,7791,955
88-695,483
160458
2383
2
9-120
- 7 5— 1,002
-4492
France
81,1353,798
241,7781
- 1 4
- 8
- 2
- 3 1
-1081
Bel-gium
15,488165,122
9771
Neth-er-
lands
163,049341,61863,260
—6
Swe-den
60,14628,715
161,4891,747
Switz-er-
land
1,36386,98790,320
8995
6
1
1
Canada
76,315612,949
2,622,330412,056208,91766,92046,21053,148
344,130
197134
25,24827,473
51,17430,319
101,64226,34126,44252,91351 820
Mexico
36,47233,61029,88016,79140,016
-3 ,287-109,695
15,0943,591
82198
1,065449
443222221
-9 ,7932622177R7
2 220! 330
OtherLatin
Ameri-can Re-publics
65,23157,020
128,25961,86239,68013,489
-108,560-41,748
-134,405
-29,1984,523
621-110,276
-97,579-30,341-13,269
2,89824,35296,026
103,89490 369
Phil-ip-
pineRe-
public
27,88035,63638,62742,678
321
" 1 6 3-156
' -151
-132- 4 9
-129122
- 8 7- 7 0
-1,111-1,543
Aus-tralia
39,16274,250
103,77767,492
52815219910641
17
11
17
SouthAfrica
40122,862
184,756292,893
4,119307
3,572357
118,550
17,90219,91238,60118,883
32,54437,49066 67426,37680,44653,22860 08116 042
Japan
168,740165,605111,739
9,444
India
16,15950,95649,9899,665
129
-2,613
-398-682-430-868
-374-556
-1,140-1,390
- 7 8-334-551
Allothercoun-tries
13,301168,623
2284,208363,071
20,008-8 ,73118,365
4-133,4715-18,083
6 3,785103
6 12,4156 3,279
-2 ,8997-16,734
-214—515
- 1 , 5 2 9-638
6 5,23364,221
p Preliminary.1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.2 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000from other countries.
3 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.4 Includes $133,980,000 to China and $509,000 from other countries.6 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.e Includes imports from U. S. S. R. as follows: 1946—September, $3,372,000; November, $11,793,000; December, $4,492,000; 1947—July
$5,626,000; August, $5,627,000.7 Includes $14,000,000 to China and $2,734,000 to other countries.NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
1320 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESNET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
1935—Mar. (Apr. 3)June (July 3)Sept. (Oct. 2)Dec. (Jan. 1, 1936).
1936—Mar. (Apr. 1)June (July 1)Sept. 30Dec. 30
937—Mar. 31June 30Sept. 29Dec. 29
1938—Mar. 30June 29Sept. 28Dec. (Jan. 4, 1939).
1939—Mar. 29June 28Sept 27Dec. (Jan. 3, 1940).
1940—Mar. (Apr. 3)June (July 3)Sept. (Oct. 2)Dec. (Jan. 1, 1941).
1941—Mar. (Apr. 2)June (July 2)Sept. (Oct. 1)Dec. 31
1942—Mar. (Apr. 1)June 30 2
Sept. 30Dec. 31
1943—Mar. 31June 30Sept 30Dec. 31
1944—Mar. 31June 30Sept. 30Dec. 31
1945—Mar 31 .June 30Sept. 30Dec. 31
1946—Jan. 31Feb 28Mar 31Apr. 30May 31June 30July 31Aug 31Sept. 30Oct 31Nov. 30Dec 31
1947—jan 31Feb 28 . . . .Mar. 31Apr. 30May 31
Total
265.9632.5920.2
1,440.7
1,546 31,993.62,331 92,667.4
2,998.43,639 63,995 53,501 1
3,301 33,140.53,567.23,933.0
4,279.44,742 05,118.25,112.8
5,207.85,531.35,831.25,807.9
5,607 45,660.15,612 65,354.1
5,219.35,636.45,798.05,980.2
6,292 66,652.16,918.77,267.1
7,611.97,610.47,576.97,728.4
8,002.68,422 88,858.68,802.8
8,822 98,775.18,730.88,674.48,405.88,338.28,496.28,344.28,250.18,280.28,270.48,009.5
8,047.39,929.99,706.79,741.59,478.2
Increase in foreign bankingfunds in U. S.
Total
64.1230.3371.5631.5
613.6823.4947 1989.5
1,188.61,690 11,827.21,259 3
1,043 9880.9
1,275.41,513.9
1,829.42,194.62,562.42,522.4
2,630.92,920.73,175.93,239.3
3,229.73,278.03,241.82,979.6
2,820.93,217.03,355.73,465.5
3,788 94,148.34,278.04,644.8
5,034.45,002.54,807.24,865.2
5,219.45,671.06,042.26,144.5
6,234.76,156.86,098.86,076.25,850.75,662.75,949.75,729.05,681.75,660.95,495.45,272.3
5,270.65,017.34,811.34,785.44,468.0
Official i
4 . 422.616.338.0
79.680.386 0
140.1
129.8293 0448.2334 7
244 0220.6282.2327.0
393.2508.1635.0634.1
631.01,012.91,195.41,281.1
1,388.61,459.81,424.01,177.1
1,068.91,352.81,482.21,557.2
1,868 62,217.12,338.32,610.0
3,005.02,812.22,644.82,624.9
2,865.13,313.23,554.93,469.0
3,601.63,457.73,384.63,296.23,074.22,852.03,186.72,917.32,834.42,776.92,532.72,333.6
2,386.01,976.21,695.41,688.81,418.7
Other
59.7207.7355.2593.5
534.0743.1861.1849.4
1,058.81,397 11,379.0
924 6
799 9660.4993.2
1.186.9
1,436.21,686.51,927.31,888.3
1,999.9L.907.8L,980.5.958.3
1,841.01,818.21,817.71,802.6
1,752.01,864.21,873.51,908.3
1,920.31,931.21,939.72,034.8
2,029.42,190.32,162.32,240.3
2,354.32,357.92,487.22,675.5
2,633.22,699.12,714.12,780.02,776.52,810.72,763.02,811.72,847.32,884.02,962.72,938.7
2,884.63,041.13,115.93,096.73,049.3
Increase infunds of in-ternationalinstitutions
in U. S.
16.270.648.545.4
190.8200.0280.3249.1264.4441.5453.8
449.02,705.62,707.02,702.52,819.4
Decreasein U. S.banking
fundsabroad
155 0312.8388 6361.4
390 3449 0456 2431 5
411 0466 4518 1449 1
434 4403.3477 2510.1
550.5607 5618.4650.4
631.6684 1773.6775.1
767 4818.6805 3791 3
819.7842.3858 2888.8
898 7896 9888.6877 6
868 0856.6883 5805.8
848.5760 4865 3742.7
729 2728.7703.6701.2644.8624.5574.1554.0519.8532.8492.9427.2
404.8380.9337.1333.6255.3
Foreignsecurities:
Returnof U. S.funds
31 843.740 1
125.2
114 4180 5272 2316 2
319 1395 2493 3583 2
618 5643.1625 0641.8
646.7664 5676.9725.7
761.6785 6793.1803.8
812 7834.1841 1855 5
849.6838.8830 5848.2
810 5806 8929.3925 9
904 1929.8
1,026 21,019.4
983.71 011 2
998 2972.8
1,097 81,067.21,073.01,076.11,104.21,103.91,125.31,141.91,170.71,196.91,231.51,237.9
1,308.21,229.81,282.61,341.61,380.7
Domesticsecurities:Inflow offoreignfunds
—6 215.890 3
316.7
427 6524 1633 3917 4
1,075 71 069 51,125 11 162 0
1 150 41,155.31,125 41,219.7
1,188.91 201 41,177.31,133.7
1,095.01,042 1
987.0888.7
701 8631.2623 5626 7
624.9632.0646 1673.3
685 9687 9708.1701 1
685 8702.4737 8911.8
820.6848 4818 4798.7
625 9672.4645.1630.7619.7615.0506.1492.2478.3472.1454.4464.5
464.4439.7414.3416.7398.5
Inflow inbrokeragebalances
21 129.829 86.0
416 523 212 9
4 118 331 947 5
54 257.864 147.6
63.974 083.180.6
88.798 9
101.6100.9
95 998.2
100 9100.9
104.3106.2107.5104.4
108 6112 1114.8117 8
119.6119.1122 2126.3
130.5131 8134.6144.1
135.1133.9139.9141.7140.9141.4140.9146.8150.4153.1154.7153.7
150.4156.6154.5161.6156.4
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New Yorkand Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by centralbanks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal ReserveBank of New York which had been transferred from central bank to government names; beginning with the new series commencing with themonth of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governmentsand their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); and beginningFeb. 28, 1946, Italian special deposit account held with the U. S. Treasury.
2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.Since the old^peries overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. Thisadjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequentfigures 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 seeBULLETIN for September 1945, pp. 960-974.
OCTOBER 1947 1321
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedNET 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 — Total iUnitedKing-dom
FranceNeth-
er-lands
Switz-er-
landItaly Other
EuropeTotalEurope
Can-ada
LatinAmerica Asia2 All
other2
1935—Dec. (Jan. 1, 1936)1936—Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939)1939—Dec. (Jan. 3, 1940)1940—Dec. (Jan. 1, 1941)1941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 311946— June 30
July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1947—Jan. 3 1 . . . . .Feb. 28Mar. 31Apr. 30May 31
,440.7,667.4,501.1,933.0,112.8.807.9,354.1,980.2,267.1,728.4,802.8
8,147.48,296.28,063.98,001.08,015.8
828 9555.7
7,598.47,224.36,999.77,039.06,658.9
554.9829.3993.7
1,183.81,101.3
865.2674.1837.8
1,257.71,090.0
892.5485.3756.0624.1665.1736.3640.9563.1585.6558.2489.6595.453.5
210.2299.281339.6468.7670.3639.9625.9636.8585.7464.2432.5419.4393.2421.1433.1401.7384.8369.4336.3351.4332.0319.8
114.5229.7311.9328.6470.3455.6464.4474.0487.7506.2539.7411.9389.4376.4370.1351.1322.8326.4319.1295.6256.7391.7356.8
130.4335.607.5557.5773.0911.5725.7592.1629.1664.3722.3737.0741.0752.5745.9756.3760.9766.1769.5776.8786.1801.6804.6
24.045.622.132.258.055.450.548.148.263.1
106.5170.4196.9201.0203.5213.4228.0287.5342.8256.2215.8221.7198.7
166.6311.6436.1612.5918.9
1,098.61,071.71,030.31,133.31,172.51,311.8
,317.6,288.1,264.8,243.9,248.7,249.5,246.3,259.5,232.8,262.9,210.0,161.5
1,200.62,051.32,653.03,054.23,790.14,056.63,626.33,608.14,192.84,081.84,037.0 1
()150.5106.3155.3229.4411.7340.5425.1760.3976.4
,395.73,554.83,790.73,612.03,649.53,738.93,603.83,574.23,645.83,455.83,362.53,552.83,294.9
1,313.21,278.71,223.51,177.7
,110.6,067.0979.7967.1933.3853.1764.8763.1
70.9201.2410.6384.6483.4606.8567.5835.8951.0
1,193.71,338.41,471.61,486.11,566.21,544.81,569.61,546.41,474.01,466.31,431.21,384.31,364.71,318.6
156.5243.0315.4302522.6642.6691932.9
,161.6,273.6,784.1,560.3,492.1,425.4,365.9,326.6,327.4,258.3,217.,155.9,149.8,112.0,042.6
12.721.415.936.287.490.2
128.6178.3201.4203.0247.5247.5248.5236.7263.2270.0284.4269.6302.0248.1250.0244.6239.6
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through- TotalUnitedKing-dom
FranceNeth-
er-lands
Switz-er-
landItaly Other
EuropeTotalEurope
Can-ada
LatinAmerica Asia2 All
Other*
1935—Dec. (Jan. 1, 1936).1936—Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939).1939—Dec. (Jan. 3, 1940) .1940—Dec. (Jan. 1, 1941).1941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 311946— June 30
July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1947—Jan. 31Feb. 28Mar. 31Apr. 30May 31
631.5989.5
1,259.31,513.92,522.43,239.32,979.63,465.54,644.84,865.26,144.55,662.75,949.75,729.05,681.75,660.95,495.45,272.35,270.65,017.34,811.34,785.44,468.0
128.6163.5189.3364.0376.1293.3328.6493.3939.4804.4646.4273.7599.7464.0509.0576.8485.5397.6423.0381.9312.2423.1279.7
129.6144.2111.8155.3256.1458.0416.5394.5404.1356.6229.9205.8195.1170.6195.4204.5181.2165.8157.0129.0146.2129.6117.8
55.765.976.387.9
190.9160.3161.0170.0176.7193.1265.0239.5217.5210.5222.4199.1185.8208.2195.6197.8166.7205.0189.7
72.4109.8288.4205.1362.7494.7326.2166.3192.7221.4286.3314.6318.8341.1333.1345.5353.2359.0363.6370.5378.5383.6388.9
7.323.06.91.7
19.7— .9
- 3 . 4- 6 . 2- 6 . 9
7.050.1
116.6145.2154.0158.6168.6185.2247.6300.227.1198.2205.4184.1
59.982.4
119.1196.8449.9580.8538.0479.8565.3611.2745.8747.6718.4691.2679.4688693687.2701.0673.1719.1689.2647.8
453.5588.9791.7
1,010.71,655.41,986.31,766.91,697.52,271.22,193.72,223.41,897.92,194.82,031.42,097.92,183.02,084.02,065.52,141.01,979.31,921.02,035.91,808.0
46.086.876.3
101.6174.5334.1273.1399.5704.7818.6
,414.21,155.81,176.41,111.61,069.6
995.4937.4823.9748.0784.7670.2519.6
33.5149.3166.3127.6215.1326.4296.7482.8578.7794.7924.9
1,029.71,052.8105.0,059.2,058.9,029.3983.3,010.3981.0956.1,000.0,009.4
87.0149.4217.0251.8417.0531.2541.4743.9928.2888.6
,369.1,360.8,306.8,256.9,215.8,178.7,183.9,135.7,082.9,013.5,012.5982.7943.1
11.515.28.0
22.260.561.3
101.6141.9162.0169.7212.9218.5218.9224.1239.3244.8260.8263.9288.5258.7251.5247.2237.9
TABLE 4.—DECREASE IN U. S. BANKING
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)1936—Dec. 301937—Dec 291938—Dec. (Jan. 4, 1939)1939—Dec. (Jan. 3, 1940)1940—Dec. (Jan. 1, 1941)1941—Dec 31 . .1942—Dec. 311943—Dec 311944—Dec 3 1 . . .1945—Dec 311946—june 30
July 31Aug. 31Sept 30Oct. 31Nov. 30Dec 31
1947—jan 3iFeb. 28Mar 31Apr 30May 31
Total
361.4431.5449.1510.1650.4775.1791.3888.8877.6805.8742.7624.5574.1554.0519.8532.8492.9427.2404.8380.9337.1333 6255.3
UnitedKing-dom
208.8178.0207.4206.2252.2269.2271.2279.4272.1266.1266.6261.5216.2226.2226.7235.5236.1244.3241.5252.6256.2249 6252.4
France
48.162.065.368.473.874.676.977.877.977.778.078.175.776.076.175.175.073.469.266.163.457 960.2
Neth-er-
lands
— .4- 3 . 3—4.4- 5 . 612.917.717.618.118.318.3
-17 .7-100.7-101.0-104.2-118.4— 110.2-12.0.2-132.3-117 9-135.1-137.1
-32 4-20 .6
FUNDS ABROAD, BY
Switz-er-
land
1.62 . 72 62 . 62 . 96 . 55 46 . 65.16.85.21.61.43 42.63 71.8
- 1 . 7—3 5- 4 . 1-3.3
- 1 . 4
Italy
13.716.3
6 . 513.715.525.325 826.226.226.226.224.122.217.815.916 013.710.611 78.96.04 52 . 7
OtherEurope
38.588.0
132 0175.6206.2241.4250.5253.5256.8231.5235.1248.2242.8246.0236.3232.0229.0226.9226.0225.9217.1203.4196.7
COUNTRIES
TotalEurope
310.2343.7409.3460.9563.5634.7647.4661.5656.5626.6593.4512.9457.3465.2439.2452 0435.4421.3426 9414.3402.4482 8490.0
Can-ada
- 4 . 636.9
- 2 1 . 735.956.560.362.758.655.164.839.539.350.649.342.643 240 040.744 149.953.956 556.1
LatinAmerica
20.124.951 666.852.643.217 768 355.737.09.13.3
- 2 . 4— 17 3- 1 4 . 6— 14 1—32 2- 5 8 . 8—92 4
-111 .6-140 .6—213 7-270.0
Asia2
37.330.418 7
—46 5—21.5
34.864 793 8
102.777.799.272.871.961 156.454 854 129.934 6
• 44.040.231 0
1.8
Allother2
— 1.6—4.4—8 7—7.0— .82 . 1
—1 26 67.5
- . 31.5
- 3 . 9- 3 . 4—4 2- 3 . 7—3 1—4 4- 5 . 8—8 4
- 1 5 . 7-18 .7—23 0-22 .6
1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."• Inflow less than $50,000.
1322 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedNET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through— TotalUnitedKing-dom
FranceNeth-
er-lands
Switz-er-
landItaly Other
EuropeTotal
EuropeCan-ada
LatinAmerica Asia1 All
other1
1935—Dec. (Jan. 1, 1936)1936— Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939)1939—Dec. (Jan. 3, 1940)1940—Dec. (Jan. 1, 1941)1941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 311946—June 30
July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1947—Jan. 31Feb. 28Mar. 31Apr. 30May 31
125.2316.2583.2641.8725.7803.8855.5848.2925.9
1,019.4972.8
1,103.91,125.31,141.91,170.71,196.91,231.51,237.91,308.21,229.81,282.61,341.61,380.7
67.8116.1136.8127.7125.5128.6127.6125.4127.6126.5117.7109.7107.3101.5100.498.395.096.898.1
101.3101.4102.9103.6
6.818.222.826.142.143.451.652.450.651.051.2
51.050.949.949.949.549.150.250.049.950.150.049.6
7.410.421.227.329.431.031.531.633.033.633.033.233.131.430.329.127.526.024.723.622.822.52.2
- 1 . 213.730.436.145.046.044.344.944.744.545.245.044.936.437.434.531.031.231.531.830.931.931.4
2.99.4
13.522.027.628.128.128.027.927.627.527.327.327.127.126.826.726.727.026.826.826.926.9
59.4110.4141.8201.3225.6232.9238.4244.1246.6246.9249.2250.5258.4257.6258.2258.0257.2260.2261.8264.6265.1257.7258.3
143.1278.3366.4440.6495.2510.0521.3526.3530.3530.1523.8516.7521.9503.8503.4496.2486.5491.2493.0497.9497.1491.8472.0
-39 .71.7
10.5- 9 . 7- 7 . 625.035.4
- 3 . 041.2
104.949.1
166.2179.7193.7200.2207.7226.4236.6290.0218.9253.7309.5358.8
12.715.7
175.0167.4184.0202.3221.1245.4272.3302.0317.1
338.1341.0378.2390.3414.2439.9448.4453.2457.6464.4468.2474.2
7.917.024.533.842.853.061.261.562.261.360.859.859595959.459.561.161.061.161.161.061.0
1.13.56.89.7
11.313.516.618.019.921.022.023.023.06.5
17.419.319.3
.710.9
-5.76.4
11.114.7
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through— Total
316.7917.4
1,162.01,219.71,133.7
888.7626.7673.3701.1911.8798.7615.0506.1492.2478.3472.1454.4464.5464.4439.7414.3416.7398.5
UnitedKing-dom
149.8367.7448.7472.6328.1157.1
-70.1-77 .6
-100.3-125.4-157.9-179.0-186/2-186.7-189.7-193.4-194.9-194.9-196.2-197.5-197.9-198.3-200.5
France
23.464.770.376.976.674.474.980.582.777.381.773.373.473.077.681.674.374.973.071.471.273.872.3
Neth-er-
lands
50.5157.6213.8212.1227.7233.2236.7236.9239.9239.0233.5224.0223.6222.9220.1216.8213.6207.0199.4194.4188.0179.3168.6
Switz-er-
land
55.1200.2275.3304.1344.7348.1336.4360.5367.3368.5355.4342.3342.1335.6335.8334.7336.3337.9338.4338.7338.4344.2345.4
Italy
_ !-3^3- 4 . 9- 5 . 5- 4 . 9
2 . 7—, I
-t
.61.92 . 2
1.81.71.61.71.62 . 02 . 13 . 0
-7.0-15.5-15.6-15.4
OtherEurope
7 .631.138.333.932.235.837.144.455.472.468.058.455.256.356.056.055.457.356.655.347.846.045.2
TotalEurope
286.2818.0
1,041.61,094.11,004.4
851.3615.0644.7645.7633.7582.9520.9509.8502.8501.6497.2486.7484.3474.2455.2432.0429.5415.5
Can-ada
2 . 832.637.625.7
-2.6-18.4-44.7-45.1-58.2-28.1
-126.6-66.8
-147.7-150.3-153.9-155.7-158.2-143.0-137.1-141.9-144.6-141.9-141.0
LatinAmerica
3 . 715.518.223.730.125.628.135.240.554.981.390.386.187.591.593.494.187.684.986.288.290.686.5
Asia1
21.444.154.765.287.617.617.527.762.5
240.5251.362.149.743.430.529.725.026.833.432.130.630.328.8
Allother1
2 . 67 .19 . 8
11.114.312.610.910.910.610.79 . 9
8 . 48 . 38 . 88 . 67.56 . 98 . 89 . 18 . 08 . 18 . 18 .7
1935—Dec. (Jan. 1, 1936)1936—Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939)1939—Dec. (Jan. 3, 1940)1940—Dec. (Jan. 1, 1941)1941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 311946—June 30
July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1947—Jan. 31Feb. 28Mar. 31Apr. 30May 31
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreasesin Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through— TotalUnitedKing-dom
FranceNeth-
er-lands
Switz-er-
landItaly Other
EuropeTotal
EuropeCan-ada
LatinAmerica Asia1 All
other1
1935—Dec. (Jan. 1, 1936).1936—Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939).1939—Dec. (Jan. 3, 1940).1940—Dec. (Jan. 1, 1941).1941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 311946—June 30
July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31Jan. 31Feb. 28Mar. 31Apr. 30May 31
1947
6.012.947.547.680.6
100.9100.9104.4117.8126.3144.1
141.4140.9146.8150.4153.1154.7153.7150.4156.6154.5161.6
4156.4
()4.0
11.513.419.417.016.817.418.818.519.819.318.919.218.619.219.219.219.219.817.718.618.4
2.410.411.512.920.119.919.920.721.523.123.4
24.324.423.722.122.422.020.520.120.020.420.519.9
1.3- . 95.06.89.3
13.417.617.519.922.326.015.916.115.815.716.316.117.517.314.916.317.316.9
2.59.1
10.89.6
17.816.213.513.719.323.030.3
33.433.835.936.937.938.639.639.539.941.542.140.4
1.3- . 35.05.04.97.77.78.59.2
10.413.612.913.213.714.014.114.814.714.114.013.813.713.5
7.622.644.047.971.674.375.778.189.197.7
113.6106.3107.0108.9107.5110.4111.2112.0110.8109.0110.0112.7109.5
-4.5- 7 .6
3.51.88.7
10.714.115.217.616.219.518.519.819.119.220.121.521.522.121.720.021.219.6
1.0- 4 . 2-.91.69.23.94.23.85.15.9
10.28.5
12.918.317.115.313.410.318.016.319.518.5
1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under llA2 Inflow less than $50,000. 3 Outflow less than $50,000.* Amounts outstanding May 31 (in millions of dollars): foreign brokerage balances in United States, 106.0; United States broker
abroad, 26.4.
2.92.1
.5-1 .5-3 .4
6.06.36.06.05.63.84.83.94.43.74.05.04.85.35.25.57.08.0
.9
()2^1
.7
.8
.91.31.81.31.51.71.61.61.51.82.01.92.82.81.2
.9
'All other."
rage balances
OCTOBER 1947 1323
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedSHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]LIABILITIES
Date
In-terna-tionalinsti-
tutions
Total foreigncountries1
Officialand
privateOfficial
UnitedKing-dom France
Neth-er-
lands
Switz-er-
land Italy OtherEurope
TotalEurope
Can-ada
LatinAmerica Asia 2 All2
Other
1934—Dec.31935—Dec.3...1936—Dec. 30.1937—Dec. 29.1938—Dec.3...1939—Dec.31940—Dec.3. ..1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 31.1945—Dec. 31.
1946—June 30.July 31.Aug. 31.Sept. 30.Oct. 31.Nov. 30.Dec. 31.
1947—Jan. 31.Feb. 28.Mar. 31.Apr. 30.May 31.
210.8219.9300.3269.0284.4461.4473.7468.9
2,725.62,726.92,722.52,839.3
669.71,301.11,623.31,893.12,157.83,221.33,938.23,678.54,205.45,374.95,596.86,883.1
6,401.26,688.36,467.56,420.3
46,395.16,229.66,006.56,004.85,751.45,545.45,519.65,202.2
92.4130.3232.5427.1473.8781.0
1,418.91,314.92,244.43,320.33,335.24,179.3
3,562.33,897.03,627.63,544.73,487.23,243.03,043.93,096.32,686.52,405.72,399.12,129.0
76.9205.5235.7261.5436.1448.2365.5400.8554.6
1,000.8865.7707.7
335.1661.1525.3570.3638.1546.8458.9484.4443.3373.6484.4341.0
33.9163.5176.3143.9187.4288.2490.1448.6432.3439.9401.2310.0
286.0275.2250.8275.5284.6261.4245.9237.2209.1226.4209.8197.9
12.968.678.889.1
101.8204.9174.3174.9186.6193.3209.7281.6
256.1234.1227.1239.0215.7202.4224.9212.2214.4183.3221.6206.3
13.786.1
123.5302.1218.8376.3508.4339.9184.2210.6239.3304.2
332.5336.7359.0351.1
4 359.1366.8372.6377.2384.1392.2397.2402.5
18.826.141.725.7203817.915.412.111.327.370.4
137.0165.5174.3178.9188.9205.5267.9321.0247.4218.5225.7204.4
76.7136.5158.3194.9273.3526.4657.3614.6650.9728.6774.5909.1
910.8881.7854.5842.7851.9856.4850.5864.3836.3882.4852.5811.1
232.9686.3814.3
1,017.11,237.81,882.62,213.51,994.02,020.72,584.52,517.82,583.0
2,257.42,554.42,391.02,457.42,538.32,439.32,420.72,496.22,334.62,276.32,391.22,163.3
99.3145.3186.1175.6201.8274.6434.3373.2507.4812.6926.5
1,522.2
1,263.81,284.31,219.61,177.5
103.3,045.3
s 931.8855.9892.7778.2627.5
122.8156.3263.9280.9248.5336.0447.3417.7597.7693.7909.3
1,046.4
1,151.31,174.41,226.61,180.71,180.51,150.81,104.81,131.81,102.61,077.61,121.61,130.9
202.8289.8331.9399.5435.5655.7769.9780.0930.0
,108.8,069.2,549.7
,541.4,487.5,437.5,396.4,359.3,364.5,316.4,263.5,194.2,193.1,163.3,123.7
12.023.427.120.034.172.573.3
113.6149.6175.3174.0181.8
187.4187.8192.9208.1213.7229.7232.8257.3227.5220.3216.0206.7
LIABILITIES—SUPPLEMENTARY DATAOther Europe
Date
I939—Dec.31940—Dec 3
1941—Dec. 3 1 . . .1942—Dec. 3 1 . . .1943—Dec. 31. . .1944—Dec. 31. . .1945—Dec. 31. . .
1946—June 30. . .July 31. . .Aug. 31. . .Sept. 3 0 . . .Oct. 3 1 . . .Nov. 30. . .Dec. 31. . .
1947—Jan. 31. . .Feb. 2 8 . . .Mar. 31. . .Apr. 30. . .May 31. . .
OtherEurope
526.4657.3614.6650.9728.6774.5909.1
910.8881.7854.5842.7851.9856.4850.5864.3836.3882.4852.5811.1
Bel-gium
159.2144.8117.3121.8122.9124.3185.0
175.7169.0160.1158.7177.0186.0159.5165.3149.3178.8163.0150.9
Den-mark
28.117 318 117.713.914.825.9
49.750.452.156.854.957.066.573.368.362.557.856.9
Fin-land
21.416 55 .77 .97 .77 .15 . 5
11.211.913.113.617.018.622.221.628.931.326.822.4
Ger-many
9 . 56 . 76 67 .56 . 56 . 87 . 0
6 . 46 . 46 . 56 . 46 . 87 . 37 . 15 . 35 . 56 . 99 . 1
21.5
Greece6
39.343.548.770.8
72.364.160.164.458.455.549.343.743.039.739.837.7
Luxem-bourg6
18.318.418.622.3
22.622.922.821.721.621.822.622.522.522.922.222.2
Nor-way
56 348.765 2
132.4158.9220.8216.1
161.1148.9142.3140.8136.0123.1123.5117.4106.8105.3111.2100.6
Portu-gal
35.753.454.547.9
48.647.650.249.148.843.539.045.444.054.252.252.3
Ru-mania6
9 . 49 . 39 . 59 . 3
10.010.98 .58 .78 .79 . 08 . 98 . 98 . 9
12.211.38 . 3
Spain6
i7.531.843.431.7
32.320.718.218.920.215.316.419.820.018.818.117.5
Sweden
142 2235 .4210 7153.5163.2152.1210.1
191.7204.4196.3183.1159.9165.4172.6164.2159.1165.2157.3152.2
USSR6
14.312.316.128.0
59.550.247.937.546.453.260.560.458.558.560.050.4
Yugo-slavia6
17.79 . 95 .75 .7
7 .48 . 38.78 .58 . 4
10.412.412.913.914.715.312.5
Allother
109.8187.919l!o57.976.952.143.7
62.365.967.774.787.890.389.9
103.4107.8111.4108.4105.6
Date
1939—Dec.'1940—Dec.3
1941—Dec. 31. . .1942—Dec. 31. . .1943—Dec. 31. . .1944—Dec. 31. . .1945—Dec. 31. . .
1946—June 30. . .July 31. . .Aug. 31. . .Sept. 3 0 . . .Oct. 3 1 . . .Nov. 30. . .Dec. 31. . .
1947—Jan. 31. . .Feb. 2 8 . . .Mar. 3 1 . . .Apr. 30 . . .May 31. . .
LatinAmer-
ica
336.0447.3417.7597.7693.7909.3
1,046.4
1,151.31,174.41,226.61,180.71,180.51,150.81,104.81,131.81,102.61,077.61,121.61,130.9
Argen-tina
57.7115.475.767.669.893.977.3
116.6124.4147.9144.5147.9131.4112.6166.0180.0181.4223.0252.0
Bo-livia7
i6!812.617.714.5
10.712.311.513.514.313.614.012.413.712.811.710.3
Brazil
36.436.250.567.798.7
140.8195.1
218.8231.1255.9231.0223.5205.6174.0183.4157.8127.6115.396.7
Chile
26.828.527.334.554.055.066.3
59.362.153.951.249.850.550.746.245.251.053.445.3
Latin
Co-lom-bia7
"43!i'67.183.679.2
66.375.267.465.261.560.757.851.055.951.956.257.8
America
CostaRica7
"\2A12.2
7 . 46 . 9
6 . 76 . 86 . 56 . 77 .18 . 67 .77 . 39 . 08 .59 . 38 . 5
Cuba
37.047.962.5
100.370.4
139.3128.3
169.6167.0175.6160.6158.0159.1153.5147.3145.9150.8168.0162.0
FrenchWestIndiesandGui-ana7
"'49'2 . 64 . 47 . 1
7 . 07 . 67 . 47 . 86 . 76 . 05 . 44 . 93 . 94 . 03 .23 . 6
Mex-ico
58.855.037.795.770.483.1
116.4
137.1135.3143.1142.2133.2143.2152.2149.3142.1139.1127.6128.8
Neth-er-
landsWestIndiesand
Suri-nam7
" 2 0 ! } '41.236.028.2
16.714.714.113.713.613.516.113.611.810.510.69 . 0
Pana-ma8
34 058! 742.136.957.669.188.7
87.184.884.385.484.684.177.278.275.273.271.068.9
Peru7
'ij'.i'17 A27.743.9
40.639.238.839.143.840.740.937.034.334.035.938.9
Vene-zuela7
26!9'24.231.549.7
46.142.350.952.568.767.374.051.545.546.749.446.3
OtherLatinAmer-
ica
85.3105.6121.&64.295.4
119.8144.8
168.6171.5169.4167.3167.6166.7168.7183.8182.4
1186.1^186.6|202.9
For footnotes see p. 1325.
1324 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedSHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—ContinuedAsia and All Other
Date
1939—Dec.s1940—Dec.31941—Dec.1942—Dec.1943—Dec.1944—Dec.1945—Dec.
1946—JuneJulyAug.Sept.Oct.Nov.Dec.
1947—Jan.Feb.Mar.Apr.M a y
3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .3 1 . . . .
30. . .31. . .31. . .30. . .31. . .30. . .31. . .31. . .28. . .31. . .30... .31. . .
111
111111111111
Asia
655.7769.9780.0930.0
,108.8,069.2,549.6
,541.4,487.5,437.5,396.4,359.3,364.5,316.4,263.5,194.2,193.1,163.3,123.7
Chinaand
Man-chu-ria
167207
05
156.8360574
92
427.3582
657611561525490456431398359343339324
3
098315977213
FrenchIndo-China1
"27 A27.427.428.0
43.647.255.042.937.736.239.942.136.039.138.440.5
HongKong
71916141232227
373334
4166994
821
37.93546443940383941
61928905
India,Bur-ma,andCey-lon1
is".18.2 2 .3 3 .
36332835334043424440
1214
1238315527
36.133.4
Brit-ishMa-laya1
"i'.o. 9
1.31.2
1.62 . 2
10.39 . 39 . 5
17.217.38 .87 . 17 ?8 . 39 . 6
Japan
165110
694444
39
139
14141617171818
.4
.3
.9
.8
.1
.0
.1
.5
.2
.4
.5
.1
.1
.6
.2
.77
.918.0
Neth-er-
landsEast
Indies1
1601110.110.113.
100.114.120.128.133.
4157
23194
134.5127.117116122103
95
146974
Phil-ippine
Is-lands
193198226254259365629
505482466465466466446448430447438432
4687181
549263635192
Tur-key1
29352352
696462615864546056SS6557
.9
.4
.7
.5
.3
.5
.9
.0
.6
.3
.7
.8
.58
.4
.0
OtherAsia
58162264
36556478
8689
.5
.4
.9
.2
.5
.2
.0
.8
.584.6808089938885797571
.6
.5
.2
.8
.5
.14
.6
.8
Allother2
7273
113149175174181
187187192208213229
5366308
489177
232.8257.3227220216206
5
07
Aus-tra-lia
2 3 .2 5 .5 2 .2 8 .
2 4 .2 8 .33.3 9 .4 1 .3 5 .4 5 .4 0 .5 9 .403 8 .3 6 .
1399
476911594472
NewZea-land
4534
765555888988
8153
542557023677
Egyptand
Anglo-Egyp-tian
Sudan
6 . 86 . 17 .3
18.9
17.717.719.020.221.822.320.819.818.419 619.020.5
FrenchMo-
rocco
1210
410
11111113
1330
2564
13.314141616161614
5909
19
Unionof
SouthAfrica
11 04 . 586
121013242952478233434750
34
814542
.2
.5
.97
.3
.0
Other
91124
97113
113113110104102
99968990908676
.8
.1
.6
.4
.7
.4
.1
.5
.5
.8
.4
.9
.75
.2
.5
1 Prior to June 30, 1942, included under "Other Asia."2 Country breakdown not available until June 30, 1942.3 See footnote 3 below.
Footnotes to table on p. 1324.1 Country breakdown is for "Official and private."2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."3 Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan. 1, 1941.4 These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to UnitedStates" 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 ForeignExchange Control Board of Canada for 1946.
• Prior to June 30, 1942, included under "All other."7 Prior to June 30, 1942, included under "Other Latin America." 8 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 toexclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE-TIN for May 1947, p. 621, and September 1945, pp. 967-970.
ASSETS
Date
1934—Dec. (Jan. 2, 1935)1935 -Dec. (Jan. 1, 1936)1936—Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939)1939—.Dec. (Jan. 3, 1940)1940—Dec (Jan. 1 1941)1941—Dec. 311942—Dec 31 . . . .1943—Der 311944—Dec. 31 . . . .1945—Dec. 31
1945—June 30July 31Aug 31Sept 30 . . . .Oct. 31Nov 30Dec 31 . . .
1947—jan# 3iFeb. 28Mar 31Apr 30May 31
Total
1,139.9778.6672.6655 0594.0508.7384.0367.8246 7257 9329 7392.8
511 0561.4581 5615 7602.7642 6708 3730 7754.6798 4801 8880.2
UnitedKing-dom
296.988 1
114.184 886.039 923.020.912 619 925 925.4
30 575.865 865 356.555 947 750.539.435 842.439.6
France
80.532 516.813 510.34.94.21.81.31 l1.41.1
.93 . 43 13 . 03 . 94 15.79 . 9
13.015 621.118.8
Neth-er-
lands
18.619.021.923.024.25.7
.91.1
.543
36.3
119.4119.6122 8137.1128.8138 8151.0136.6153.7155.851.039.3
Switz-er-
land
8.26 65.45.55.55.21.52.61.53 01.32.9
6.56 . 74 75 .54 . 56 . 39 . 8
11.712.211.48 . 39 . 5
Italy
27.213.510.920.813.511.82.01.5
.4
.4
.3
.3
2.44 . 38 .8
10.710.512.916.014.917.720.622.023.8
OtherEurope
311.8273.3223.0179.0135.4104.769.560.556.352.978.374.6
61.667.063.873.477.880.882.883.883.992.6
106.4113.1
Total'Europe
743.2433.0392.1326.5274.9172.2101.088.472.677.6
107.5140.7
221.2276.8269.0294.9282.1298.8312.9307.3319.8331.8251.3244.1
Can-ada
96.3100.959.4
118.060.439.736.033.634.337.828.153.3
53.642.243.650.349.752.952.248.843.039.036.436.8
LatinAmer-
ica
174.6154.5141.1114.499.1
113.3122.7148.399.7
112.2131.0158.9
164.7170.4185.3182.6182.1200.2226.8260.4279.6308.6381.7438.0
Asia x
117.480.167.278.9
144.1174.1117.887.935.326.351.429.9
56.257.168.072.774.375.099.294.585.088.998.1
127.3
Allother 1
8.510.112.917.215.59.36.49.74 . 83 . 9
11.79 . 9
15.314.815.615.114.515.817.219.827.130.134.334.0
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.
OCTOBER 1947 1325
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedSHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES
BY COUNTRIES—Continued[In millions of dollars]
ASSETS—SUPPLEMENTARY DATAOther Europe
Date
1939—Dec.2...1940—Dec.2...1941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 31
1946—June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31
1947—Jan. 31Feb. 28Mar. 31Apr. 30May 31
OtherEurope
104.769.560.556.352.978.374.6
61.667.063.873.477.880.882.883.883.992.6
106.4113.1
Bel-gium
6.51.51.1
.8
.7
.7
.6
7.78.89.16.97.27.77.57.17.48.08.98.9
Den-mark
3.2.3
(
Fin-land
1.41.81.95.67.6
4.44.34.03.54.35.96.26.46.18.37.19.1
Ger-many
53.439.634.434.033.933.933.9
33.933.933.933.933.933.930.430.330.430.430.430.3
Greece1
1.1.6.6.7
1.11.62.1
12.612.613.012.412.412.513.212.813.0
Luxem-bourg1
Nor-way
3.69
.5
.2
.235.131.6
.3
.6
.5
.7
.72.13.33.74.04.25.25.9
Por-tugal3
2.41.4
.8
.5
.5
.7
.71.01.3
.91.0
.9
.91.01.01.2
Ru-mania1
.1
.1
8,S34.26.97.0
Spain1
3.23.21.81.6
2.94.23.33.67.26.57.27.36.23.83.73.5
Swe-den
8.71.0
.6
.4
.2
.2
.9
5.67.65.55.54.13.94.95.55.66.07.17.4
USSR1 Yugo-slavia1
Allother
28.024.522.18.45.05.14.7
5.05.04.35.56.16.29.49.5
10.213.222.926.3
Latin America
Date
1939—Dec.2 . , . .1940—Dec.21941—Dec. 311942—Dec. 311943—Dec 311944—Dec. 311945—Dec 31
1946—June 30July 31Aug. 31Sept. 30Oct. 31Nov 30Dec. 31
1947—Jan 31Feb. 28Mar. 31Apr. 30May 31
LatinAmer-
ica
113 3122.7148.399 7
112.2131 0158.9
164.7170 4185.3182.6182.1200.2226.8260.4279.6308.6381.7438. Q
Argen-tina
16 811.916.86 . 9
15.33.1
21.0
20.427.925.621.422.524.041.849.145.549.957.860.7
Bo-livia*
3 . 01.81.81.3
3.14.43.22.62.22.02.32.62.63.04.85 . 3
Brazil
32.233.138.016.718.925.324.7
28.428.641.337.240.443.949.854.463.169.6
115.4150.2
Chile
9 713.414.915.316.69.06.6
8.07.5
10.614.513.814.014.613.115.316.018.620.3
Co-lom-bia*
20.712.215.516.8
23.221.322.623.821.019.826.429.930.226.830.436.4
CostaRica*
. 6
.71.21.2
1.52.19.81.72.62.52.93.43.74.03.43 . 6
Cuba
10 511.711.38 . 3
20.147.433.3
29.325.715.621.127.941.125.735.537.945.253.860.1
FrenchWestIndiesandGui-ana4
.2(3)(3)
(3)(3)
.2( 3 ) s
. 1
.2
.1
Mexico
5 96 . 17 . 64 . 8
11.28.6
11.0
15.015.217.222.017.620.625.527.028.830.733.734.8
Nether-landsWestIndiesandSuri-nam*
3.53
.5
.45
.4
.4
.4
.5
.8
.9
.8
.81.11.0
Pana-ma6
1 02 . 12 . 42 . 11.1
.81.1
1.81 61.3
.9
.9
.81.31.61.72.22.22 . 1
Peru*
2 81.41.21.9
3.53 43.63.02.72.73.75.46.57.07.87 . 6
Vene-zuela*
3 . 93.85.16.1
7.98 18.17.04.86.68.7
10.415.619.615.419.2
OtherLatinAmer-
ica
37.244.457.314.28.7
11.733.4
22.124 025.827.024.921.723.127.127.933.937.336.7
Asia and All Other
Date
1939—Dec.21940—Dec.21941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 311945—Dec. 31
1946—June 30. . .July 31. . .Aug. 31. . .Sept. 30. . .Oct. 31. . .Nov. 30. . .Dec. 31. . .
1947—Jan. 31. . .Feb. 28 . . .Mar. 31. . .Apr. 30. . .May 31. . .
Asia
174.1117.8
Chinaand
Man-chu-ria
FrenchIndo-
China6
22.023.7
HongKong
1.91.7
India,Bur-ma,andCey-lon6
Bri-tishMa-laya6
Japan
102.155.8
Neth-er-
landsEast
Indies6
Phil-ippine
Is-lands
26.422.6
Tur-key6
OtherAsia
21.614.019.52.01.88.82.7
3.53.93.93.94.04.24.44.54.03.94.55.8
Allother7
9.36.4
Aus-tra-
NewZea-land
Egyptand
AngloEgyp-tian
Sudan
FrenchMo-
Unionof
SouthAfrica
Other
87.935.326.351.429.9
56.257.168.072.774.375.099.294.585.088.998.1
127.3
23.511.11.71.51.0
23.919.028.634.734.640.853.943.836.841.247.076.1
3.1.9
1.0.9.8
2.02.22.93.26.54.05.95.05.14.14.03.5
2.22.0
22.37.5
7.49.4
10.811.710.19.1
12.012.712.914.614.213.2
.7
.5
.1
.1
.11.7
.1
.2
.2
.2
.2
.5
.51.01.31.1
18 95
.5
.5
.5
.3
.3
.3
.3
.5
.2
.2
.2
.2
.2
.2
.2
1.61.71.51.4
1.41.21.31.21.0
.91.01
.91.41.91.5
23.014.413.913.813.8
16.718.519.216.616.014.720.225.323.020.322.423.2
1.83.21.82.0
.9
.9
.9
.91.3
.91.41.41.52.02.52.7
9.74.83.9
11.79.9
15.314.815.615.114.515.817.219.827.130.134.334.0
1.0.5.6
1.7
1.92.92.93.3
3.44.36.26.57.56.6
.7
.2
.2
.7
.61.11.21.21.0
.91.11.21.31.51.31.6
1.72.49.74.7
8.58.08.17.78.49.1
10.110.514.716.018.318.9
1.2.7
1.02.5
3.92.53.02.52.02.42.23.44.55.56.86.0
1 Prior to June 30, 1942, included under "All other."2 Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.3 Less than $50,000. * Prior to June 30, 1942, included under "Other Latin America.'5 Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia."7 Country breakdown not available until June 30, 1942.
1326 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS
Bank of England
(Figures in millions ofpounds sterling)
Assets of issuedepartment
Gold1 Otherassets 2
Assets of banking department
Cash reserves
Coin Notes
Dis-counts
and ad-vances
Securi-ties
Notecircula-tion 8
Liabilities of banking department
Deposits
Bankers' Public Other
Otherliabili-
ties
1935—Dec. 25.1936—Dec. 30.1937—Dec. 29.1938—Dec. 28.1939—Dec. 27,1940—Dec. 25.1941—Dec. 31,1942—Dec. 301943—Dec. 29,1944—Dec. 271945—Dec, 26
1946—Sept. 25Oct. 30Nov. 27Dec. 25
1947—Jan. 29Feb. 26Mar. 26Apr. 30,May 28,June 25,July 30Aug. 27.
200.1313.7326.4326.4
• .2.2.2.2.2.2.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
260.0200.0220.0230.0580.0
5 630.05 780.06 950.0
5 1,100.0s 1,250.06 1,400.0
1,400.01,400.01,400.0
» 1,450.0
1,450.01,450.01,450.01,450.01,450.01,450.01,450.01,450.0
.6
.6
1.0.9.3.9.9
1.9.4
1.21.01.11.3
1.0.9.6
1.01.31.82.42.5
35.546.341.151.725.613.328.526.811.611.620.3
41.538.534.222.1
85.874.759.562.656.155.230.956.8
8.517.59.2
28.54.34.06.43.52.55.18.4
18.89.5
25.313.6
25.416.011.118.08.7
20.628.616.6
94.7155.6135.590.7
176.1199.1267.8267.9307.9317.4327.0
324.6327.2333.9327.6
271.0294.6338.7344.8353.9337.0364.6332.0
424.5467.4505.3504.7554.6616.9751.7923.4
1,088.71,238.61,379.9
1,358.71,361.81,366.01,428.2
1,364.51,375.61,390.71,387.61,394.11,395.01,419.31,393.4
72.1150.6120.6101.0117.3135.7219.9223 .4234.3260.7274.5
302.9292.7310.1278.9
288.4285.2286.4303.7301.9290.3301.8282.0
11.41529.712.511.29.0
10.35.25.3
9.38.2
10.110.3
16.022.410.66.95.08.0
11.314.0
37.139.236.636.842.051.254.148.860.452.358.5
55.557.556.357.3
60.660.194.498.095.198.395.193.4
18.018.018.018.017.917.917.917.917.917.817.8
18.517.817.918.1
18.318.418.517.818.018.118.318.4
Bank of Canada
(Figures in millions ofCanadian dollars)
Assets
Gold
Sterlingand United
Statesdollars
Dominion and provin-cial government
securities
Short-term6 Other
Otherassets
Notecirculation'
Liabilities
Deposits
Charteredbanks
Dominiongovern-ment
Other
Otherliabilities8
1935—Dec. 31.1936—Dec. 31.1937—Dec. 31.1938—Dec. 31.1939—Dec. 30.1940—Dec. 31.1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.
1946—Sept. 30.Oct. 31.Nov. 30.Dec. 31.
1947—Jan. 31.Feb. 28.Mar. 31.Apr. 30.May 31.June 30.July 31.Aug. 30 .
180.5179.4179.8185.9225.7
)
4.29.1
14.928.464.338.4
200.9.5.6
172.3156.8
.7
.9
.91.0
1.01.01.2
.0
.04.0
.72.4
30.961.382.3
144.6181.9448.4391.8807.2787.6906.9
1,157.3
1,259.1,301.5,283.8,197.4
,196.8,172.3,146.9,186.0,123.0,063.7,081.9
1,141.5
83.499.091.640.949.9
127.3216.7209.2472.8573.9688.3
523.9521.5605.0708.2
718.8738.9757.5751.2731.0716.0722.6720.3
8.68.2
21.75.25.5
12.433.531.347.334.329.5
38.340.140.942.1
39.347.640.459.241.340.442.039.0
99.7135.7165.3175.3232.8359.9496.0693.6874.4
,036.0,129.1
,147.5,156.9,161.1,186.2
,138.6,137.9,153.2,153.9,148.1,152.6,153.7
1,158.9
181.6187.0196.0200.6217.0217.7232.0259.9340.2401.7521.2
511.3538.6579.5565.5
533.3493.6536.3542.6477.6474.4468.3515.0
17.918.811.116.746.310.973.851.620.512.9
153.3
27.436.663.960.5
150.1215.7159.8195.7179.4105.6124.1133.6
2.13.53.1
17.99.56.0
19.117.827.729.8
87.885.279.493.8
82.975.364.669.358.554.463.758.7
7.713.414.49.3
13.328.535.124.055.4
209.1198.5
48.046.746.842.7
51.037.332.135.932.636.937.337.1
1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillingsand 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 fromExchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
s Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,July 3, and Dec. 10, 1945, and on Dec. 10, 1946.
6 Securities maturing in two years or less.7 Includes notes held by the chartered banks, which constitute an important part of their reserves.8 Beginning November 1944, includes a certain amount of sterling and United States dollars.9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
OCTOBER 1947 1327
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Bank of France
(Figures inmillions of francs)
1938—Dec. 29 . . .1939—Dec. 2 8 . . .1940—Dec. 26 . . .1941—Dec. 3 1 . . .1942—Dec. 3 1 . . .1943—Dec. 30 . . .1944—Dec. 28 . . .1945—Dec. 27 . . .
1946—Aug. 29 . . .Sept. 26 . . .Oct. 3 1 . . .Nov. 28 . . .Dec. 26 . . .
1947—Jan. 30 . . .Feb. 27 . . .Mar. 27 . . .Apr. 30 . . .May 29 . . .June 26 . . .July 3 1 . . .
Assets
Gold1
87,265697,267684,61684,59884,59884,59875,151
6129,817
94,81794,81794,81794,81794,817
94,81794,817
782,81782,81782,81782,817
664,817
Foreignex-
change
821112423837374268
56567
5856666
Domestic bills
Openmarket2
7,42211,27343,19442,11543,66144,69947,28823,038
64,47470,57771,22474,73977,621
75,50082,95883,61385,12082,22182,98399,114
Special2
1,7972,345
66112
1692948
303
5463,1243,3443,135
2,2091,435
69413412584
8
Other
7,8805,1493,6464,5175,3687,543
18,59225,548
61,65762,56763,12767,39676,254
82,67485,91785,22180,90188,42987,13485,195
Advances toGovernment
For oc-cupationcosts3
72,317142,507210,965326,973426,000426,000
426,000426,000426,000426,000426,000
426,000426,000426,000426,000426,000426,000426,000
Other 2
20,62734,67363,90069,50068,25064,40015,850
8,60028,10046,60055,50067,900
55,20054,00079,50055,00063,70095,000
113,600
Otherassets 4
18,49820,09423,17922,12121,74921,42035,22139,122
45,04944,70352,69347,11647,577
54,50753,06658,083
81O8,7588103,8468119,6628120,046
Liabilities
Notecircula-
tion
110,935151,322218,383270,144382,774500,386572,510570,006
633,327667,567696,924704,796721,865
730,253737,692746,266770,670775,053807,064831,587
Deposits
Govern-ment
5,0611,914
9841,517
770578748
12,048
779804814824765
789831767770745834792
C.A.R.5
41,40064,58016,85710,724
Other
25,59514,75127,20225,27229,93533,13737,85557,755
62,28254,74355,61258,54963,468
55,02054,51263,88062,30466,74576,74771,329
Otherliabili-
ties
2,7182,9253,5863,8944,4614,8727,0784,087
4,2134,2014,2414,7487,213
4,8495,1665,0214,9924,5999,0405,075
1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN forMay 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
2 For explanation of this item, see BULLETIN for July 1940, p. 732.3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.4 Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the
National Bank of Belgium on Dec. 22, 1944.6 Central Administration of the Reichskreditkassen.6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000million, in week ending May 2, 1946, 35,000 million, and in week ending July 3, 1947, 18,000 million francs of gold transferred from Bank ofFrance to Stabilization Fund.
7 Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount ofTreasury bonds covering these contributions is shown under "Other assets."
8 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same
publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424.
Central Bank(Figures as of last report
date of month)
Central Bank of the ArgentineRepublic (millions of pesos):
Gold reported separatelyOther gold and foreign exchange.Government securitiesTemporary advances to Govt.. .Rediscounts and loans to banks1.Other assetsCurrency circulation2
Deposits—Member bankGovernmentNationalized x
OtherCertificates of participation in
Government securitiesOther liabilities
Commonweal th Bank of Aus-tralia (thousands of pounds):
Gold and foreign exchangeChecks and bills of other banks. .Securities (incl. Government and
Treasury bills)Other assetsNote circulationDeposits of Trading Banks:
SpecialOther
Other liabilitiesNational Bank of Belgium
(millions of francs):GoldForeign exchangeNet claim on Int'l. Fund8
1947
Aug. July June
28,45312,161
1,364
178,9712,095
410,57217,034
204,143
248,06424,195
132,270
28,21412,2271,564
045163958
048418404329091006
79
723
4,073
429,10,
202,
27021.
135,
1946
Aug.
1,2354,665
86647
8,0892,1603,5991,433660
9,475210
21,683
186,158 216,1052,355
390,3167,124
197,680
254,26223,638140,319
32,8523,660
Central Bank(Figures as of last report
date of month)
National Bank of Belgium—Cont.Loans to GovernmentOther loans and discountsClaim against Bank of Issue.. . .Other assetsNote circulationDemand depositsBlocked accounts 4
Other liabilitiesCentral Bank of Bolivia—Mone-
tary Dept.(millions of bolivianos):Gold at home and abroadForeign exchangeLoans and discountsGovernment securitiesOther assetsNote circulationDepositsOther liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millionsof pesos):
GoldGold contribution to Int'l. Fund.Discounts for member banks. . .Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank
OtherOther liabilities
1947
Aug. July June
48,9474,296
64,5972,379
77,8183,893
78,7121,775
20043
6581,1621,3941,6623,658
675280506
47,1696,456
64,5972,327
77,5974,493
78,7191,745
22243
868991
1,2391,6253,670
586247486
48,6242,652
64,5972,244
75,3804,809
78,8911,658
922434301430
81,678
193224
22043
7251,2341,1511,6383,761
517265467
1946
Aug.
49,5793,271
64,5972,094
71,2845,338
78,0091,422
920282207431
121,635
2143
331
' " 5 9 2718662
1,9073,016
593174427
1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.» 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.4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.5 For last available report (January 1943), see BULLETIN for July 1943, p. 697.
1328 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Central Bank(Figures as of last report
date of month)
Bank of the Republic of Colombia(thousands of pesos):
GoldForeign exchangeNet claim on Int'l. Fund x
Paid-in capital—Int'l. Bank. . . .Loans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities
National Bank of Costa Rica-Issue dept. (thousands of colones):
GoldForeign exchangeContributions to Int'l. Fund and
to Int'l. BankLoans and discountsSecuritiesOther assetsNote circulationDemand depositsOther liabilities
National Bank of Czechoslovakia(millions of koruny):
Gold and foreign exchange 2. . .Loans and discountsOther assetsNote circulation—Old
NewDeposits—Old
NewOther liabilities
National Bank of Denmark(millions of kroner):
GoldForeign exchangeClearing accounts (net)Loans and discountsSecuritiesGovt. compensation account.Other assetsNote circulationDeposits—Government ,
OtherOther liabilities
Central Bank of Ecuador(thousands of sucres):
GoldForeign exchange (net)Net claim on Int'l. Fund 1
Loans and discountsOther assetsNote circulationDemand depositsOther liabilities
National Bank of Egypt (thou-sands of pounds):
GoldForeign exchangeLoans and discountsBritish, Egyptian, and other
Government securitiesOther assetsNote circulationDeposits—Government
OtherOther liabilities
Central Reserve Bank of El Salva-dor (thousands of colones):
GoldForeign exchange (net)Net claim on Int'l. Fund l....Loans and discountsGovernment debt and securitieiOther assetsNote circulationDepositsOther liabilities
1947
Aug.
,925,6,873()
47,288()),730.457
July
52,04335,39821,8671,22512,64788,52141,712144,361.75,44033,612
11, 697,881
30,32163,0204,0031,051
73,80937,3106,527
4,6944,302
124,181930
45,03768,7849,2889,138
7175214107
6,00527.
1,4622,3402,646
149
274,22918,44'16,877
255,88'133,955347,758297,41354,224
6,37613,4323,289
297,55924,731122,75983,836123,66615,126
37,0740,571.56C2,02.5,5181,716
50,48429,5208,455
June
62,58946,58021,8671,225
93,47987,82839,207•44,82473,75134,198
11,32915,746
30,32162,0504,0201,076
74,49743,7516,294
4,7324,097
124,207931
44,39368,9319,6749,108
71805816103
6,085289
1,4822,3352,737
147
273,86816,62316,877
229,131132,132339,366274,33154,934
6,37614,6992,933
303,86126,298126,65189,183119,80118,53:
37,12045,1181,5631,60:5,4711,770
51,33332,9088,403
Aug.
246,74366,484
26,92079,59439,959216,351205,71537,634
16,915,524
1,12659,54:1,61'1,49
68,74111,3556,126
3,80 =5,977
120,596984
37,78577,6157,4136,583
141953397
7,58894
1,4872,7073,69
24:
242,31297,583
214,73494,684341,064269,82538,423
6,24115,6011,996
301,50725,748130,09981,609127,0312,348
32,823'37,109
* i i6,0551,966
44,89228,348'6,230
Central Bank(Figures as of last report
date of month)
Bank of Finland (millions ofmarkkaa):
GoldForeign assets (net)Clearings (net)Loans and discountsSecuritiesOther assetsNote circulationDepositsOther liabilities
Bank of Greece (billions of drach-mae) :
Gold and foreign exchange (net).Loans and discountsAdvances—Government
OtherOther assetsNote circulationDeposits—Government
OtherOther liabilities
Bank of Guatemala (thousands ofquetzales):
GoldForeign exchangeGold contribution to Int'l. FundRediscounts and advancesOther assetsCirculation—Notes
CoinDeposits—Government ,
BanksOther liabilities
National Bank of Hungary (mil-lions of forint):
GoldForeign exchangeDiscountsLoans—Treasury
OtherOther assetsNote circulationDemand deposits—Government
OtherOther liabilities
Reserve Bank of India (millions ofrupees):
Issue department:Gold at home and abroad. .Sterling securitiesIndian Govt. Securities. . .Rupee coinNote circulation
Banking department:Notes of issue department.Balances abroadTreasury bills discounted..Loans to Government....Other assetsDepositsOther liabilities
Central Bank of Ireland (thousandof pounds):
GoldSterling fundsNote circulation
Bank of Italy (millions of lire):GoldForeign exchangeAdvances—Treasury
Other Govt. agenciesLoans and discountsGovernment securitiesOther assetsBank of Italy notesAllied military notesDeposits—Government
DemandOther
Other liabilitiesBank of Japan 4
Bank of Java 4
1947
Aug.
2980
—3,92033,241
4.50698
23,9451,1486,339
27,22922,0061,2502,4427,978
29,43.-2,8386,99013,128,517
2,64638,50341,148
July
21,438
—4,2 7832,033
407755
22,9561,2166,185
70718
68488594
69279168
1,448
27,22922,4561,2502 ,5047,897
29,2092,8227,35313,6068,345
346155921340
3011,592
2767377
44411,353
578298
11,936
7374,050
5076
7885,501201
2,64637,75940,405
June
21,296
-4,98432,163
4081,023
22,4151,4736,020
72517
67984391
69082149
1,434
27,22722,8111,2501,5087,98329,4172,8166,80413,3738,370
346166749340
3331,468
1769380
44411,353
578276
12,215
4374,359
1747767
5,338289
2,64637,62540,271
5234,352
489,25214,04091,395115,62937,447501,1776,41711,72857,59983,92121,800
1946
Aug.
1316
-8,73932,920
497649
17,9862,5805,078
1,0029
53343036
49610499
1,311
28,47116,570
8003,22628,2152,6474,05011,9362,218
2753
374
4239835613710
590
44411,353
578188
12,068
4965,620
10
4076,283249
2,64635,76638,412
5266,354
459,92329,34235,77482,81331,138324,82692,88515,10764,117137,19411,742
r Revised.1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until suchtime as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.2 Gold not reported separately beginning Dec. 31, 1946.3 Change due to transfers in accordance with the law relating to the Currency Liquidation Fund.4 For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942),see BULLETIN for March 1943, p. 278.
OCTOBER 1947 1329
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Central Bank(Figures as of last report
date of month)
1947
Aug. July June
1946
Aug.
Central Bank(Figures as of last report
date of month)
1947
Aug. July June
1946
Aug.
Bank of Mexico, (millions of pesos):Metallic reserve l
"Authorized" holdings of securi-ties, etc..
Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities
Netherlands Bank (millions ofguilders):
GoldSilver (including subsidiary coin)Foreign billsLoans and discountsGovt. debt and securitiesOther assetsNote circulation—Old
NewDeposits—Government
BlockedOther
Other liabilitiesReserve Bank of New Zealand
(thousands of pounds):GoldSterling exchange reserveAdvances to State or State un-
dertakingsInvestmentsOther assetsNote circulationDemand depositsOther liabilities
Bank of Norway (millions of kroner):GoldForeign assets (net)Loans and discountsSecuritiesOccupation account (net)Other assetsNote circulationDeposits—Government
BanksBlockedOther
Other liabilitiesBank of Paraguay—Monetary
Dept. (thousands of guaranies):GoldForeign exchangeLoans and discountsGovernment loans and securitiesOther assetsNote circulationDemand depositsOther liabilities
Central Reserve Bank of Peru(thousands of soles):
Gold and foreign exchangeNet claim on Int'l. Fund2
Contribution to Int'l. BankDiscountsGovernment loansOther assetsNote circulationDepositsOther liabilities
Bank of Portugal«National Bank of Rumania 3South African Reserve Bank
(thousands of pounds):Gold*Foreign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities
Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securitiesOther loans and discounts
653
1,522617
901,683
927271
2,80290,707
23,4623,868
80947,42068,262
5,966
646
1,485627
951,683
900268
5022
354152
,600126126
,76881082
738210
2,80292,428
23,0503,868
76947,18071,0564,681
671
,580600
96,687998263
5022
357174
,600130126
,760866
85719209
723
,731490160,700
'212
7131
,530156
114274
,467,433142689510
2,80293,933
180
,802,579
,000,952,678,291,964,756
339394120
74,108
68,912,994016900352930
184,81010,6747,627
12,52763,429
145,9576,252
870697185760J717171852207
432,81i;i55,491,480020 31,202848 626,847
859751265323
485
380
997850527553534258
,214522,790,243
24,551,
4 1 ,
,025,323,738,004,835,475,779
,213574
,785,012
Bank of Spain—ContinuedOther assetsNote circulationDeposits—Government. . .
OtherOther liabilities
Bank of Sweden (millions of kronor):GoldForeign assets (net)Swedish Govt. securities and ad-
vances to National Debt Office5
Other domestic bills and advancesOther assetsNote circulationDemand deposits—Government.
OtherOther liabilities
Swiss National Bank (millions offrancs):
Gold.Foreign exchangeLoans and discounts »Other assetsNote circulationOther sight liabilitiesOther liabilities
Central Bank of the Republic ofTurkey (thousands of pounds):
Gold eForeign exchange and foreign
clearingsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold
OtherOther liabilities
Bank of the Republic of Uruguay(thousands of pesos):
GoldSilverPaid-in capital—Int'l. BankAdvances to State and govern-
ment bodiesOther loans and discountsOther assetsNote circulationDeposits—Government
OtherOther liabilities
Central Bank of Venezuela (thou-sands of bolivares):
Gold7. . .Foreign exchange (net)Other assetsNote circulation—Central Bank.
National banks.DepositsOther liabilities
National Bank of the Kingdomof Yugoslavia s
Bank for International Settle-ments (thousands of Swiss goldfrancs):
Gold in barsCash on hand and on current
account with banksSight funds at interestRediscountable bills and accept-
ances (at cost)Time funds at interestSundry bills and investments. . .Funds invested in Germany9. . .Other assetsDemand deposits (gold)Short-term deposits (various
currencies):Central banks for own ac-
countOther
Long-term deposits: Special ac-counts
Other liabilities
278339
,707120346,632478317362
,2347011183
,022,132345
316298
2,398224371
2,543570113382
5,187968482
3,9801,127342
517,088
300,228596,857187,12233,061
3,10022,6202,5853,149515
371238
2,533126424
2,618619118338
,055120
,073322
2955898328
929, 70)941148,360324,330232,496
286,41913,008
318
25,817143,729362,173217,28545,578251,537317,064
5578077
4954,
18431
91,
36,1074,291
4,18
408 617,91231,26792,603
131993
617,91238,63366,537
669 487,579 493,4615,390
151,51972,711
531287046
4,748210,85838,597
635726
82,712
14,4293,574
159363325
33,45113,53866,676
160 291,1602,50618,093
286093
,113,591
11,6662,087
228,249,
909 228,909434 247,291
(83053085469231352938739
2,62519,744
4253,454
586
1,0461,021
93730
8862,534
797214375
4,8511765983
3,6881,169
312
299,520
64,926717,591164,739
4,759845,422
91,821130,041254,251
310,85613,639
82,712
13,774497
33,66114,05869,190
291,1602,504
18,100
10,2803,372
18,112106,132359,669190,07546,899
254,848316,586
557,08024,31934,339
403,8847,776
195,2638,816
124,774
4,958141
10,2176,278
308,800
3520,737
3,4371,651
228,909 229,001246,894 200,376
1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.3 For last available report from the central bank of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944)
see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.4 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds• Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Govern-ment. 8 See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments."
1330 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Dateeffective
In effect Dec. 31,1936
Jan. 28,1937June 15July 7Aug. 4Sept. 3Nov. 13 . . .May 10, 1938. . .May 13May 30Sept. 28 . .Oct. 27Nov. 25Jan. 4, 1939Apr. 17May 11July 6Aug. 24Aug 29Sept. 28Oct. 26Dec. 15Jan. 25 1940.Apr 9May 17Mar. 17, 1941May 29J u n e 2 7 . . . .Jan 16 1945Jan. 20 . . .Feb 9Nov. 7 1946Dec. 19Jan. 10, 1947
Aug. 27In effect Sept. 30,
1947
Central bank of—
UnitedKing-dom
2
4
32
2
France
24654
2y2
3
IK
&2>|
IX&2M
Ger-many
4
3}/
Bel-gium
2
4
3
21/
43
2
\y2
2 V
3y2
Neth-er-
lands
2
3
2y2
Swe-den
2H
3
3
2y2
2y2
Switz-er-
land
Centralbank of —
AlbaniaArgentinaAustria
Bolivia
CanadaChile
Costa Rica... .Czechoslovakia
DenmarkEcuador . . . .El Salvador. . .EstoniaFinland
France
Germany
HungaryIndia
RateSept.30
6
43
74
1073
Dateeffective
Mar. 21, 1940Mar. 1, 1936July 3, 1945Aug. 27, 1947Nov. 8, 1940
Aug. 14, 1946Feb. 8, 1944Dec. 16, 1936July 18, 1933Apr. 1, 1939Oct. 28, 1945
Jan. 15, 1946June 8, 1943Oct. 15, 1946Oct. 1, 1935June 5, 1947
Jan. 10, 1947Apr. 9, 1940Aug. 16, 1946Aug. 1, 1946Nov. 28, 1935
Centralbank of—
IrelandItalyJapanJavaLatvia
LithuaniaMexicoNetherlands .NewZealand.NorwayPeru
PortugalRumania. . . .South Africa.SpainSweden
Switzerland..TurkeyUnited King-
domU.S.S.R.. . .Yugoslavia. .
RateSept.
30
sy23.2935
6
5
2H4342H
4
241-4
Dateeffective
Nov. 23, 1943Sept. 6, 1947Apr. 7, 1936Jan. 14, 1937Feb. 17r 1940
July 15, 1939June 4, 1942June 27, 1941July 26, 1941Jan. 9, 1946Aug. 1, 1940
Jan. 12, 1944May 8, 1944June 2, 1941Dec. 1, 1938Feb. 9, 1945
Nov. 26, 1936July 1, 1938
Oct. 26, 1939July 1, 1936Jan. 1, 1947
NOTE.—Changes since Aug. 31: Italy—Sept. 6, up from 4 to 5}4 per cent.
Month
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Bankers'acceptances
3 months
Treasurybills
3 months
Day-to-day
money
Bankers'allowance
on deposits
Germany
Privatediscount
rate
Day-to-day
money
Netherlands^
Treasurybills
3 months
Day-to-day
money
Sweden
Loansup to 3months
Switzer-land
Privatediscount
rate
1932—July1933—July1934—July1935—ijuly1936—July1937—July1938—July1939—July1940—July1941—July1942—Tuly1943—July1944—July1945—July1946—July
1946—AugSeptOctNov.Dec
1947—JanFebMarAprMayJuneJuly
.92
.48
.87
.65
.58
.56
.55
.791.031.031.031.031.031.03
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.66
.40
.76
.59
.58
.53
.52
.771.021.001.001.001.001.00
.51
.51
.51
.51
.51
.50
.50
.51
.51
.51
.51
.51
.51
.67
.62
.85
.75
.75
.79
.75
.751.001.001.001.041.131.13
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
4.583.883.75
.002.882.882.932.752.382.132.132.132.13
5.495.194.673.102.962.642.962.651.731.631.751.861.90
1.52
1.411.301.071.011.21
1.441.721.651.591.451.461.52
1.181.00
.90
.78
.78
.771.461.191.111.08
.861.09
1.501.501.502.792.251.001.001.001.501.251.251.251.251.251.25
1.251.251.251.251.25
1.251.251.251.251.251.251.25
i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
OCTOBER 1947 1331
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS
United Kingdom 1
(11 London clearingbanks. Figures inmillions of pounds
sterling)
Assets
Cashreserves
Money atcall and
shortnotice
Bills dis-counted
Treasurydeposit
receipts 2 Securities Loans to Otherassets
Liabilities
Deposits
Total Demand Time
Otherliabilities
1939—December.1940—December.1941—December.1942—December.1943—December.1944—December.1945—December.
1946—August. . .September.October...November.December.
1947—January. .February. .March... .AprilMayJuneJuly
274324366390422500536
553553557574499
475463466476460464475
174159141142151199252
313280312324432
428421444435430451442
334265171198133147369
464405472497610
624659750709659672699
314758896,307,667,523
,511,671,629,628,560
,563,436,317,346,350,330,283
609771999
1,1201,154,165,234
,393,393,403,410,427
,427,439,455,461,470,479
1,488
1,015924823794761772827
906930944964994
1,0081,0151,0341,0641,0991,1311,139
290293324325349347374
369379390433505
454451465470489518504
2,4412,8003,3293,6294,0324,5454,850
198302
5,3975,5035,685
5,6295,5195,5565,5835,5715,6585,644
1,3981,7702,1682,4292,7123,0453,262
3,4273,5023,5633,6323,823
3,7493,6033,6063,6283,5933,6673,668
,043,030,161,200,319,500,588
,771,800,833,870,862
,880,916,950,956,978,992,975
256250253236245250265
310308310328342
348364374376386386386
Assets Liabilities
Canada
(10 chartered banks.End of month figures
in millions ofCanadian dollars)
Entirely in Canada
Cashreserves
Securityloans
Otherloans anddiscounts
Securityloans
abroadand net
due fromforeignbanks
Securities Otherassets
Notecircula-
tion
Deposits payable in Canadaexcluding interbank deposits
Total Demand Time
Otherliabilities
1939—December.1940—December.1941—December.1942—December.1943—December.1944—December.1945—December.
1946—August. . .SeptemberOctober...NovemberDecember.
1947—January..February.March.. . .AprilMayJuneJuly
292323356387471550694
665676699730753
689635695719631637645
534032314892251
989197117136
134155121978110699
1,088,108,169,168,156,211,274
,249,284,341,476,507
,481,506,555
1,6281,6641,7091,761
132159168231250214227
128122126128132
134126195142113126119
1,6461,5311,7592,2932,9403,6114,038
4,3364,3754,4714,4964,232
4,3694,2644,2394,3494,162
,1314,110
612570653657744782869
865960959931
1,039
9601,066993
1,035998
1,0411,036
85807160423426
2322222221
21212121202020
2,7742,8053,1053,6574,3955,1375,941
5,8926,0376,2016,3626,252
6,2336,1716,1886,3566,0666,1526,170
1,0331,1631,4361,9842,4472,7143,076
2,4262,5132,7242,9022,783
2,7002,5852,5692,7192,3832,5082,481
1,7411,6411,6691,6731,9482,4232,865
3,4663,5243,4773,4603,469
3,5333,5863,6193,6373,6823,6443,690
963846962
1,0491,1721,2891,386
1,4281,4491,4701,4931,525
1,5141,5581,5901,5941,5631,5781,580
France
(4 large banks. Endof month figures inmillions of francs)
Assets
Cashreserves
Due frombanks
Bills dis-counted Loans Other
assets
Liabilities
Deposits
Total Demand Time
Ownaccept-ances
Other-liabilities
1939—December1940—'December1941—December1942—December1943—December1944—December1945—December
1946—JuneJulyAugustSeptemberOctoberNovemberDecember
1947—JanuaryFebruaryMarchAprilMay
4,5996,4096,5897,8108,548
10,36514,602
17,47214,98514,83016,55315,50516,90917,943
17,26716,99219,47118,57817,516
3,7653,8633,4763,4584,0954,94813,804
16,11417,87316,99117,72318,38918,42318,919
20,24119,12720,67720,87720,684
29,54646,54661,89773,91790,89799,782155,025
184,633182,107181,770177,269183,716187,560195,177
195,750197,377203,451202,425209,977
7,5468,2558,26510,62514,19118,65336,166
42,67450,74753,86155,93561,26263,94164,933
•67,08466,11466,74469,67068,656
2,4402,2212,0402,6222,9352,1907,360
12,70814,16015,67616,31918,61821,11623,392
18,36718,75620,72421,08122,377
42,44361,98276,65691,549112,732128,758213,908
255,173260,371262,160262,130273,488281,576291,894
295,444294,922305,583306,356311,244
41,87261,22175,74491,225111,191126,578211,871
253,386258,574260,461260,366271,672279,703290,004
293,484292,946303,742303,857308,256
571762912324
1,5412,1802,037
1,7871,7971,6991,7651,8161,8721,890
1,9601,9761,8412,4992,988
844558413462428557
2,898
8,3309,52710,37610,79812,49014,37015,694
15,76715,72016,38016,77217,606
4,6094,7535,1996,4227,5066,623
10,151
10,0969,97310,59210,87111,51312,00412,777
7,4997,7239,1039,503
10,360
1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying frombank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,except in June and December, when the statements will give end-of-month data.
2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter.NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
or description of statistics see pp. 566-571 in same publication.
1332 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES
[Averages of certified noon buying
Year or month
1938193919401941194219431944194519461946—September. . . .
OctoberNovember. . . .December. . . .
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust
Year or month
19381939 .19401941194219431944194519461946—September. . . .
OctoberNovember. . . .December . . . .
1947—JanuaryFebruaryMarchAprilMayJuneJ u l y . . .August
Year or month
19381939194019411942 . . . .19431944194519461946—September
OctoberNovember . . . .December
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust
Argentina(peso)
Official
32.59730.85029.77329.77329.77329.77329.77329.77329.773
29.77329.77329.77329.773
29.77329.77329.77329.77329.77329.77329.77329.773
Czecho-slovakia(koruna)
3.467423.4252
22.00602.00602.00602.00602.00602.00602.00602.00602.00602.00602.00602.00602.0060
Norway(krone)
24.56623.226
222.709
220.17620.16120.16120.16120 16120.16120.16120.16120.16120.16020.16020.16020 159
SpecialExport
223!764"23.70424.73225.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.125
Den-mark(krone)
21.82520.346
219.308
220.87620.87720.87720.87720.86920.86720.86620.86620.86620.86620.86520.86220.862
Poland(zloty)
18.860218.835
rates in
Australia(pound)
Official
389353
2322.80322.80322.80322.80322.80
2322.80
Free
.55
.38305.16321.27321.502321.50
3321.17321.34321.38321.27321.19321.07321.06320.91320.91320.91320.91320.90320.90320.92
Fin-land
(mark-ka)
2.15671.99481.8710
22.0101
Portu-gal
(escudo)
4.42674.03753.7110
24.0023
24.05014.05014.05014.05014 05014.05014.05014.04124.03134.02084.02754.01614.0257
France(franc)
2.87812.5103
22.0827
21.9711.8409.8408.8409.8408.8407.8408.8408.8408.8407.8408.8407.8407.8405
Ruma-nia(leu)
.7325
.71112.6896
New York for cable trans
Bel-gium(franc)
3.37883.3704
23.3760
22.28602.28292.28032.27982.27972.27952.27902.27972.28222.28362.28312.28322.28182.2821
Ger-many(reichs-mark)
40.16440.06140.021
239.968
SouthAfrica(pound)
484.16440.17397.99398.00398.00398.00398.00399.05400.50400.50400.50400.50400.50400.63400.75400.75400.75400.75400.75400.75400.75
Brazil(cruzeiro1)
Official
5.84386.00276.05626.05756.05846.05866.05946.0602
26.0602
5.4
Free
5.12485.02145.07055.14275.12805.14695.1802
(*)053
5.40535.40535.40535.43825.44045.44045.44055.44065.44065.44065.4406
Greece(drach-
ma)
.8958
.81532.6715
Spain(peseta)
5.60010.6309.322
29.130
29.1329.1329.1329.1329.1329.1329.1329.1329.1329.1329.1329.1329,132
HongKong(dollar)
30.45727.45422.958
224.592
StraitsSettle-ments(dollar)
56.91751.73646.97947.133
246.919
fers. In
Bul-garia(lev)
1 242421.2111
Hun-gary
(pengo)
19.72719.23818.475
219.770
Swe-den
(krona)
25.19723.99123.802
223.829
225.85927.82027.81927.82127.82127.82227.82227.82227.82327.82427.82627.82727.826
cents per unit of foreign
Canada(dollar)
Official
290.90990.90990.90990.90990.90990.90995.198
100.000100.000100.000100.000100.000100.000100.000100.000100.000100.000100.000100.000
India(rupee)
36.59233.27930.15530.13730.12230 12230 12230.12230.15530 17030.15630 15530 15230.15730 15330 15330 16030 16130 16330 17130 171
Switz-erland(franc)
22.87122.52522.676
223.210
223.36323.36323.36323.36323.36323.36323.36323.36323.36323.36323.36323.36323.363
Free
99.41996.01885.14187.34588.37989.97889.85390.48593.28896.25495.95395.18295.444
95.07895.69294.21791.90191.95491.59291.65291.998
Italy(lira)
5.26055.19595.0407
25.0703
2.4434
currency]
Chile(peso)
Official
5.17165.17275.1668
25.1664
Japan(yen)
28.45125.96323.436
223.439
UnitedKingdom
(pound)
Official Free
488.94443 t»4
2403.50403.50403.50403.50403 50
2403 50403403403403402402402402402402402402402
383.00403.18403.50
2403.503403 02.28.32.20.09.94.93.74.73.74.74.72.71.73
Export
4.00004.00004.000024.0000
Mex-ico
(peso)
22.12219.30318.54620.53820.56920 57720 58120.58120.58120.57820.57420.58320.584
20.58220.57420.57420.57720.58020.57620.57520.582
China(yuan
Shang-hai)
21.36011.8796.000
25.313
Neth-erlands(guild-
er)
55.00953.335
253.128
237.93337.81337.78937.78937.78937.78937.78937.78937.78837.75737.76037.75137.76037.753
Uruguay(peso)
Con-trolled
64.37062.01165.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.830
Non-con-
trolled
236.78937.60143.38052.72352.85553.50655.15956.28056.27156.27256.27256.27256.26456.26256.26256.26256.26256.26256.25956.203
Colom-bia
(peso)
55.95357.06157.08557.00457.05257.26557.27257.01457.020
57.00757.00757.06557.14057.14057.04156.98056.98056.98056.98056.98056.980
NewZea-land
(pound)
392.35354.82306.38322.54322.78324.20324.42323.46322.63
322.67322.56322.48322.36322.35322.20322.20322.20322.20322.18322.18322.20
Yugo-slavia(dinar)
2.31152.27162.2463
22.2397
1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."2 Average of daily rates for that part of the year during which quotations were certified.3 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.4 The rate quoted after July 22, 1946, is not strictly comparable to the "free"rate shown before that date. The average for the "free" rate
for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955.NOTE.-—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p.933; February 1944, p. 209; and February 1943, p. 201.
OCTOBER 1947 1333
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES
[Index Numbers]
Year or month
1926
19331934193519361937193819391940194119421943 .194419451946
1946—SeptemberOctoberNovemberDecember. .
1947—JanuaryFebruaryMarchApril..::..MayJuneJulvAugust
UnitedStates(1926 -100)
100
66758081867977798799103104106121
124134140141
142145150148147148151154
Canada(1926 -100)
100
67727275857975839096100103104109
109111111112
114118120123125128129
P131
Mexico(1929 =*100)
909595101119126127128136148182227247286
299305309313
312310305300299297293292
UnitedKingdom(1930-100)
2 124
86888994109101103137153159163166169175
177178179180
182183184187189190193194
France(1938 -100)
106
6158526389100105139171201234265375648
727824806842
867882860847946904P881P998
Italy(1938 =100)i
6765728094100104121136153
3,0113 1763 3763,677
P3,754P3 891P4,139P4 533P5,193P5 329P5,752
Japan(1933 =100)
132
10099103110133140155173183197209233296
1,406
1,7891 7871.9482,063
2,1202,1202,1442 6172,8482,946
Nether-lands
(July 1938-June 1939= 100)
150
89908791108102105131150157160164181251
259262264266
267268269268268270P272
Sweden(1935 -100)
2 126
2 902 96100102114111115146172189196196194186
185186190192
194195196197198199199
Switzer-land
(July 1914-100)
144
91909096111107111143184210218223221215
213217219219
219219220221221222223
P Preliminary.1 The new national index, published by the Central Institute of Statistics, is a weighted geomet
The weights are determined on the basis of the total quantities produced and imported in 1938. Yeold 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.
etric average of the prices of 156 commodities.Yearly averages for 1933-1942 are derived from
WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]
Ytar or month
1926 .
19331934 .193519361937193819391940194119421943194419451946
1946—SeptemberOctoberNovember
* December
1947—JanuaryFebruaryMarch ..:AprilMayJuneJulyAugust
United States(1926=100)
Farmproducts
100
516579818669656882106123123128149
154165170168
165170183177176178181182
Foods
100
617184828674707183100107105106131
132158165160
156162168162160162167172
Othercommod-
ities
100
717878808582818389969799100110
112116121125
128129131132132
r131r133136
Farmproducts
100
5159646987746468738598107110112
111113114114
114116116117119119120
P120
Canada(1926=100
Raw andpartlymanu-facturedgoods
100
5764667184736775829099104106109
108112113113
115119124126128129131
P133
)
Fully andchieflymanu-
facturedgoods
100
7073737481787582899293949499
100101101102
104107108112113116116
P117
United Kingdom(1930=100)
Foods
838587921029797133146158160158158158
158157157156
157158158163165166168167
Indus-trial
products
87909096112104106138156160164170175184
188189191193
196197198200203203207209
Netherlands(July 1938-June 1939 = 100)
Foods
103121140157157159172200
207209218217
218218220215206205
Indus-trial rawproducts
112163177175174179193282
293298299308
313312312316321323
Indus-trial
finishedproducts
104126148154159163184261
268269271272
273274274274275277
P Preliminary. r Revised.Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1334 FEDERAL RESERVE BULLETIN
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PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES| Index numbers]
Year ormonth
19361937193819391940194119421943194419451946
1946-September.October...November.December.
1947-January...FebruaryM a r c h . . . .AprilT^ay . .JuneJu lyA u g u s t . . . .
UnitedStates
(1935-39= 100)
101105989597
106124138136139160
174180188186
184182190188188191193
Can-ada
(1935-39= 100)
98103104101106116127131131133140
143147147146
146147149152155158160
P161
UnitedKing-dom(July1914
= 100)
130139141141164168161166168170169
168168168168
168168169168162
France(1938= 100)
100108129149174224275377645
800866851861
847851833830883
P941P974
v\ 089
Nether-lands
(1911-13= 100)
120127130130150177191198
Switz-er-
land(June1914= 100)
120130130132146175200211215215210
209215216216
216215216216220222
COST OF LIVING[Index numbers]
Year ormonth
19361937193819391940194119421943194419451946 . . . .
1946-September.October. . .November.December.
1947-January...FebruaryM a r c h . . . .AprilMay.June. . . .July-August . . . .
UnitedStates
(1935-39= 100)
9910310199
100105117124126128139
146149152153
153153156156156157158
Can-ada
(1935-39= 100)
98101102102106112117118119119124
126127127127
127128129131133135136
P137
UnitedKing-dom(July1914
= 100)
147154156158184199200199201203204
203203203204
204203204203203
France(1938= 100)
100108129150175224285393645
785858856865
856858838837886
^935P965
Pl.068
Nether-lands
(1911-13= 100)
» 132137139140154175187195
Switz-er-
land(June1914
= 100)
130137137138151174193203208209208
207212212212
212212212213216217217
v Preliminary.1 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]
Year or month
Number of issues. . .
19391940194119421943194419451946
1946—September. . .OctoberNovember. . .December
1947—JanuaryF e b r u a r y . . . .MarchApril '"
JuneJulyAugust
Bonds
UnitedStates*(derived
price)
15
113.8115.9117.8118.3120.3120.9122.1123.4
122.8121.8121.6121.5
122.6122.7122.4122.8122.9122 8122.5122.3
Canada2
(1935-39= 100)
(2)
98.295.199.4
100.7102.6103.0105.2117.2
117.8117.6117.6117.6
117.8118.1118.2117.9118.2118 6119 3
P119.2
UnitedKingdom(December1921 = 100)
87
112.3118.3123.8127.3127.8127.5128.3132.1
132.5133.0134.6134.7
135.0134.0133.3132.6132.9132.1131.1126.4
France(1938 =
100)
50
114.27114.28 143.4
146.4146.6150.5152.1144.6
142.1139.9141.0142.6
142.1140.8139.8138.6136.9
P135 4P131.1
Nether-lands"
13
109.0
109.0107.6106.6106.9
109.0106.9105.9104.3104.6105 0
UnitedStates
(1935-39= 100)
402
94 288 180.069 491.999.8
121 5139.9
125.4122.3120 6125.5
125.2128.7123 7119.3115 2119 1126 0124.5
Canada*(1935-39
= 100)
100
77 467.564 283 583.899 6
115.7
104.4101.8102 5106.4
106.2109.4106 4104.8104 4105 3107 4
P105.5
Common stocks
UnitedKingdom(1926 = 100)
278
75 970 872.575 384 588.692 496.2
94.793.095 397.8
98.696.796 996.697 997 598 292.2
France8
(December1938 = 100)
6 275
1127 1408 308
479540551694875
9331,0341,0801,244
1,0681,0281 1031,0171 003
P\ 124Pl.135
Nether-lands*
(1938=100)
37
167.5
170.0
180.1179.5183 6201.9203 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 cor-
porate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in theUnited 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 andthereafter on the capitalized yield as calculated on the 15th of every month.
3 Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 munic-ipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representativebond for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
4 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 Sta-
tistique Generate," September-November 1946, p. 424.6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and'represents an unweighted monthly average
of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.7 Average based on figures for 5 months; no data available June-December.8 Average based on figures for 10 months; no data available January-February.Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and Feb-
ruary 1932, p. 121.
OCTOBER 1947 1335
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BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, ChairmanM. S. SZYMCZAKERNEST G. DRAPERR. M. EVANS
ELLIOTT THURSTON, Assistantto the Chairman
OFFICE OF THE SECRETARYS. R. CARPENTER, SecretaryBRAY HAMMOND, Assistant SecretaryMERRITT SHERMAN, Assistant Secretary
LEGAL DIVISIONGEORGE B. VEST, General Counsel
RONALD RANSOM, Vice ChairmanJAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
CHESTER MORRILL, Special Adviserto the Board of Governors
DIVISION OF BANK OPERATIONSEDWARD L. SMEAD, DirectorJ. R. VAN FOSSEN, Assistant DirectorJ. E. HORBETT, Assistant Director
DIVISION OF SECURITY LOANSJ. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY Director
DIVISION OF RESEARCH AND STATISTICSWOODLIEF THOMAS, DirectorRALPH A. YOUNG, Assistant DirectorJ. BURKE KNAPP, Assistant DirectorBONNAR BROWN, Assistant Director
DIVISION OF EXAMINATIONSROBERT F. LEONARD, DirectorEDWIN R. MILLARD, Assistant DirectorGEORGE S. SLOAN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATIONFRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, DirectorGARDNER L. BOOTHE, II, Assistant Director
FEDERALOPEN MARKET COMMITTEE
MARRINER S. ECCLES, ChairmanALLAN SPROUL, Vice ChairmanLAWRENCE 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
FEDERALADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
W. RANDOLPH BURGESS, NEW YORK DISTRICT
DAVID E. WILLIAMS, PHILADELPHIA DISTRICT
JOHN H. MCCOY, CLEVELAND DISTRICT
ROBERT V. FLEMING, RICHMOND DISTRICT
J. T. BROWN,
EDWARD E. BROWN,
President
ATLANTA DISTRICT
CHICAGO DISTRICT
CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryGEORGE B. VEST, General CounselJ. LEONARD TOWNSEND, Assistant General CounselWOODLIEF THOMAS, EconomistPAUL W. MCCRACKEN, Associate EconomistALFRED C. NEAL, Associate EconomistWILLIAM H. STEAD, Associate EconomistDONALD S. THOMPSON, Associate EconomistJOHN H. WILLIAMS, Associate EconomistROBERT G. ROUSE, Manager of System Open Market
Account
1336
JAMES H. PENICK,
HENRY E. ATWOOD,
JAMES M. KEMPER,
ED H. WINTON,
RENO ODLIN,
ST. LOUIS DISTRICT
MINNEAPOLIS DISTRICT
KANSAS CITY DISTRICT
DALLAS DISTRICT
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT V. PROCHNOW, Acting Secretary
FEDERAL RESERVE BULLETIN
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CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal ReserveBank of
Chairman1
Deputy ChairmanPresident
First Vice PresidentVice Presidents
Boston
New York.
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis... .
Kansas City
Dallas
San Francisco..
Albert M. CreightonDonald K. David
William I. Myers
Thomas B. McCabeWarren F. Whittier
George C. BrainardReynold E. Klages
W. G. WysorCharles P. McCormick
Frank H. NeelyJ. F. Porter
Clarence W. AveryPaul G. Hoffman
Russell L. DearmontDouglas W. Brooks
Roger B. ShepardW. D. Cochran
Robert B. CaldwellRobert L. Mehornay
J. R. PartenR. B. Anderson
Brayton WilburHarry R. Wellman
Laurence F. WhittemoreWilliam Willett
Allan SproulL. R. Rounds
Alfred H. WilliamsW. J. Davis
Ray M. GidneyWm. H. Fletcher
Hugh LeachJ. S. Walden, Jr.
W. S. McLarin, Jr.L. M. Clark
C. S. YoungCharles B. Dunn
Chester C. DavisF. Guy Hitt
J. N. PeytonO. S. Powell
H. G. LeedyHenry O. Koppang
R. R. GilbertW. D. Gentry
C. E. EarhartH. N. Mangels
Robert B. Harvey2
E. G.HultE. O. LathamE. O. DouglasJ. W. JonesH. H. KimballL. W. KnokeWalter S. LoganKarl R. BoppRobert N. HilkertE. C. HillW. D. FultonJ. W. KossinA. H. Laning8
R. L. CherryClaude L. Guthrie3
E. A. Kincaid
P. L. T. BeaversV. K. BowmanJ. E. DenmarkJoel B. Fort, Jr.Allan M. Black2
Neil B. DawesW. R. DiercksJ. H. DillardE. C. HarrisO. M. AtteberyWm. E. PetersonWilliam B. Pollard
H. G. McConnellA. W. Mills3
Otis R. PrestonO. P. CordillL. H. EarhartDelos C. JohnsE. B. AustinR. B. ColemanH. R. DeMossW. E. EagleW. N. AmbroseD. L. DavisJ. M. Leisner3
W. L. Partner
Carl B. PitmanO. A. SchlaikjerR. F. Van AmringeA. PhelanHi V. RoelseRobert G. RouseV. WillisR. B. WiltseWm. G. McCreedyC. A. McllhennyP. M. Poorman2
B. J. LazarMartin MorrisonW. F. TaylorDonald S. ThompsonR.W. MercerW. R. MilfordC. B. StrathyEdw. A. WayneT. A. LanfordE. P. ParisS. P. Schuessler
John K. LangumO. J. NetterstromA. L. OlsonAlfred T. Sihler
C. A. SchachtWilliam H. SteadC. M. StewartR. E. TowleSigurd UelandHarry I. ZiemerJohn Phillips, Jr.G. H. PipkinD. W. Woolley8
W. H. HollowayWatrous H. IronsL. G. Pondrom3
Mac C. SmythC. R. ShawH. F. SladeW. F. VolbergO. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal ReserveBank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Branch
Buffalo
CincinnatiPittsburgh
BaltimoreCharlotte
BirminghamJacksonvilleNashvilleNew Orleans
Detroit
Little RockLouisvilleMemphis
Chief Officer
I. B. Smith4
B. J. LazarJ. W. Kossin
W. R. MilfordR. L. Cherry
P. L. T. BeaversT. A. LanfordJoel B. Fort, Jr.E. P. Paris
E. C. Harris
C M . StewartC. A. SchachtWilliam B. Pollard
Federal ReserveBank of
Minneapolis. . . .
Kansas C i ty . . . .
Dallas
San Francisco...
Branch
Helena
DenverOklahoma CityOmaha
El PasoHoustonSan Antonio
Los AngelesPortlandSalt Lake CitySeattle
Chief Officer
R. E. Towle
G. H. Pipkin0. P. CordillL. H. Earhart
Mac C. SmythW. H. HollowayW. E. Eagle
W. N. AmbroseD. L. DavisW. L. PartnerC. R. Shaw
1 Also Federal Reserve Agent.OCTOBER 1947
1 Cashier. * Also Cashier. * General Manager.1337
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FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained fromthe Division of Administrative Services, Board ofGovernors of the Federal Reserve System, Wash-ington 25, D. C. Remittance should be madepayable to the order of the Board of Governors ofthe Federal Reserve System.
FEDERAL RESERVE BULLETIN. Issued monthly.Subscription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia, CostaRica, Cuba, Dominican Republic, Ecuador, Guate-mala, Haiti, Republic of Honduras, Mexico, New-foundland (including Labrador), Nicaragua, Pan-ama, Paraguay, Peru, El Salvador, Uruguay, andVenezuela, 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 ormore copies to one address, 15 cents per copy permonth, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT,MONEY RATES, AND BUSINESS. Issued monthly.$9.00 per annum, or $1.00 per copy. In quantitiesof 10 or more copies of a particular issue for singleshipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digestsof Board rulings, opinions of the Attorney Generaland court decisions construing the Federal ReserveAct, with compilation showing textual changes inthe Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers onbanking and monetary subjects by members of theBoard's staff. August 1941; reprinted March 1947.496 pages. Paper cover. $1.00 per copy; in quan-tities of 10 or more copies for single shipment, 75cents each.
BANKING AND MONETARY STATISTICS. Statistics ofbanking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50 percopy. No charge for individual sections (un-bound), as listed on page 1069 of the August 1947BULLETIN.
PROVISIONS OF STATE LAWS RELATING TO BANKRESERVES as of December 31, 1944. 1945. 30 pages.
* A more complete list, including periodical releases and re-prints, appeared on pp. 1066-1069 of the August 1947 BULLETIN.
MONETARY AND BANKING REFORM IN PARAGUAY.Includes translation of laws, accompanying reports,and introduction reviewing the monetary history ofParaguay. July 1946. 170 pages. $1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE(Board of Governors of the Federal Reserve Sys-tem). September 1946. 31 pages.
THE FEDERAL RESERVE ACT, as amended to No-vember 1, 1946, with an Appendix containing pro-visions of certain other statutes affecting the Fed-eral Reserve System. 372 pages. 50 cents perpaper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.Space for plotting through 1948. April 1947edition. 24 pages. 50 cents per copy; in quan-tities 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 bepublished 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.
The price for the set of eight pamphlets is $1.25;25 cents per pamphlet, or, in quantities of 10 ormore for single shipment, 15 cents per pamphlet.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulationswith amendments.
REPRINTS(From Federal Reserve Bulletin except as otherwise indicated)
COMMERCIAL BANK ACTIVITY IN CONSUMER IN-STALMENT FINANCING, by Frieda Baird. March1947. 6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINAN-CIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph
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A. Young and Duncan McC. Holthausen. March1947. 9 pages.
METHODS OF RESTRICTING MONETIZATION OF PUB-
LIC DEBT BY BANKS. April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L.
Grove. April 1947 BULLETIN with translation ofnew Bank Law. 39 pages.
REVISION OF WEEKLY STATISTICS FOR MEMBER
BANKS IN LEADING CITIES. June-July 1947. 9 pages.
RETAIL CREDIT SURVEY—1946. From July 1947BULLETIN with supplementary information for nineseparate trades. 40 pages.
T H E BRITISH CRISIS. September 1947. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF IN-
DIVIDUALS AND BUSINESSES. September 1947. 2
pages.
FINANCIAL POSITION OF MANUFACTURING AND
TRADE IN RELATION TO SIZE AND PROFITABILITY,
1946, by Albert R. Koch and Charles H. Schmidt.September 1947. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT
STATISTICS. September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna. September 1947. 8pages.
Business Loans of Member Banks
BUSINESS LOANS OF MEMBER BANKS, by Albert
R. Koch. March 1947. 11 pages.
TERM LENDING TO BUSINESS BY COMMERCIAL
BANKS IN 1946, by Duncan McC. Holthausen. May1947. 20 pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith. June 1947. 17 pages.
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
MEMBER BANK LOANS TO SMALL BUSINESS, by
Charles H. Schmidt. August 1947. 15 pages.
Survey of Consumer Finances
PART I. EXPENDITURES FOR DURABLE GOODS AND
INVESTMENTS. June 1947. 17 pages.
PART II. CONSUMER INCOMES AND LIQUID ASSET
HOLDINGS. July 1947. 15 pages.
PART III. CONSUMER SAVING IN 1946 AND OWNER-
SHIP OF SELECTED NONLIQUID ASSETS. August 1947.
12 pages.
OCTOBER 1947 1339
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FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
dw
Ir
1td
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES OCTOBER I, 1948
$YST£lt.
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