frb_101947

A L E S E R V E

BULLETINOCTOBER 1947

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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


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

OCTOBER 1947 1199



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

1200 FEDERAL RESERVE BULLETIN



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

OCTOBER 1947 1201



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,




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

OCTOBER 1947 1203



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 inthat 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-




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

OCTOBER 1947 1205



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.



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.

OCTOBER 1947 1207


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




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-

OCTOBER 1947 1209



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-




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.

OCTOBER 1947 1211


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.



FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS

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

OCTOBER 1947 1213



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-




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


Houses:2

Expected to buy in 1946,.Bought in 1946Expected to buy in 1947 .Expected to buy w thin


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.

OCTOBER 1947 1215


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



COMMERCIAL BANK LOANS TO FARMERS

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.

OCTOBER 1947 1217



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


OUTSTANDING IN MID-1947, BY T Y P E OF FARM


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


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.


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-




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


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


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


OUTSTANDING IN MID-1947, BY TYPE OF SECURITY PLEDGED


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


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


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

OCTOBER 1947 1219



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


OUTSTANDING IN MID-1947, BY ORIGINAL MATURITY


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


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


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




TABLE 6

FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947BY N E T WORTH OF BORROWER AND SIZE OF BANK


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

OCTOBER 1947 1221



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


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


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


9 shows the number and amount of loans in eachof the different acreage groups.

TABLE 9


OUTSTANDING IN MID-1947

BY ACRES IN PROPERTY MORTGAGED


Acres mortgaged

Under 10.10-2930-6970-139 . . . .140-259260-499Over 500Not given

Total


sands)

8256495521452

265

Amountof loans

(Inmillions)

$ 1246

1132261967351

7

725


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.


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.




TABLE 10


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.


sands)

12841

211712976419

265

Amountof loans

(Inmillions)

$337123

7927431718291142

725


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.


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


OUTSTANDING IN MID-1947, BY PURPOSE OF LOAN


Purpose

Buy the land that wasmortgaged

Buy other landBuild or repair build-

ingsOtherNot known

Total


sands)

15125

235116

265

Amountof loans

(Inmillions)

$43977

4712835

725


Number

56.89.5

8.619.25.9

100.0

Amount

60.510.6

6.517.64.8

100.0


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



TABLE 12


OUTSTANDING IN MID-1947, BY DATE OF MORTGAGE


Date of mortgage

Before 19401940-4519461947

Total


sands)

16919662

265

Amountof loans

(Inmillions)

$ 25216285198

725


Number

5.934.336.423.4

100.0

Amount

3.529.939.327.3

100.0


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


OUTSTANDING IN MID-1947, BY MATURITY OF LOAN


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


sands)

21294613175950952

14

265

Amountof loans

(Inmillions)

$ 5055822541

17519641241026

725


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.


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

FEDERAL RESERVE BULLETIN



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


£ 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.


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.


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-




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

OCTOBER 1947 1229



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.



ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTSIndustrial Production.

Monthly indexes, January-June 1939 = 100.

N.755 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948

0) Yearly averages.

OCTOBER 1947

(2) Twelve-month moving averages.

1231



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




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

OCTOBER 1947 1233



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




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;

OCTOBER 1947 1235



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




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

OCTOBER 1947 1237



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-




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

OCTOBER 1947 1239



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.




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

OCTOBER 1947 1241



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.




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.

OCTOBER 1947 1243



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




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

OCTOBER 1947 1245



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




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.

OCTOBER 1947 1247



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.




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

OCTOBER 1947 1249



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.



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


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


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


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




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-


.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


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-


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


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



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


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.



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


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



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


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.



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


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:


Total loans andsecurities:


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



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


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):


Collateral held againstnotes outstanding:Gold certificates:


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.



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


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


Borrowings at FederalReserve Banks:1946—July

August1947—July

August


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


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.



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


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.



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


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.



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


ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *LOANS AND INVESTMENTS


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.



ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedRESERVES AND LIABILITIES


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


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





OutsideNew York City

1946-August





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


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.



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. . .


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. . .


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


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


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


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


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS


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


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.



WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—ContinuedRESERVES AND LIABILITIES


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


ships,andcor-

pora-tions

Statesand


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


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


ships,andcor-pora-tions

Statesand


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


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...









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.



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.



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 *


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



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.



NEW CORPORATE SECURITY ISSUES *

PROPOSED USES OF PROCEEDS, ALL ISSUERS


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


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


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


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


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


QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS

INDUSTRIAL CORPORATIONS


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


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).



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


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:


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:


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


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.



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


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


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.



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


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.



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


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.



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


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.



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


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


1947—JanuaryFebruaryMarchAprilMayJuneJuly. . . .AugustUNADJUSTED



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



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


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


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


MERCHANDISE EXPORTS AND IMPORTS


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


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.



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


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


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.



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


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.



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


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


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.



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


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 = 100]


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.



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


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


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


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.



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


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


OCTOBER 1947 1307


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


Demand deposits adjusted* 15Time deposits 15Balances due from banks 15

Country banks:Loans and investments, total 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.


Notes:Total outstanding 30Commercial bank and F. R.


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


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


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.


1-5 years:Total outstanding 31Commercial bank and F. R.


5-10 years:Total outstanding 31Commercial bank and F. R.


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


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




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.


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


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.


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


OCTOBER 1947 1309


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


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.



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]


Boston.New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis .. . . . . .MinneapolisKansas CityDallas.San Francisco

Total


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


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


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


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


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


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


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


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


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



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


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


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


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.



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.


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


ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES ANDPOSSESSIONS ON JUNE 30, 1947, DECEMBER 31, 1946, AND JUNE 29, 1946


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


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


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.



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


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.



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


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.



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


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


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


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.



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


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



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



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


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


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




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


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


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.



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


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


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.





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 ,


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


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


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


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


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




date of month)

1947

Aug. July June

1946

Aug.


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. . .


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.


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


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


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."



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS


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


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


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.



FOREIGN EXCHANGE RATES

[Averages of certified noon buying

Year or month

1938193919401941194219431944194519461946—September. . . .

OctoberNovember. . . .December. . . .


Year or month

19381939 .19401941194219431944194519461946—September. . . .

OctoberNovember. . . .December . . . .

1947—JanuaryFebruaryMarchAprilMayJuneJ u l y . . .August

Year or month

19381939194019411942 . . . .19431944194519461946—September

OctoberNovember . . . .December


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


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.



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


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



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


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


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


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



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


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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