Federal Reserve Bulletin, 1945-02

FEDERAL RESERVE BULLETIN FEBRUARY 194! 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 E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Distribution of Wartime Deposit Expansion. . IOI-III Postwar Problems and Policies, by E. A. Goldenweiser. . 112.-1x1 Law Department: Consumer Credit: Rural Electrification Credit in. Repair or Installation of Coal Stoker. . . 1x2. Current Events 1x3 Directors of Federal Reserve Banks and Branches. .. 1x4-134 National Summary of Business Conditions 135-136 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 137 for list of tables). . 137-187 International Financial Statistics (See p. 189 for list of tables) 189-101 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 202. Senior Officers of Federal Reserve Banks; Managing Officers of Branches... 103 Map of Federal Reserve Districts 104 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 February 1945 NUMBER 2. DISTRIBUTION OF WARTIME DEPOSIT EXPANSION Expansion of bank deposits continued depositors have had a much larger share of in 1944 as in previous war years. Deposits this increase than others. Analysis of dein all commercial and mutual savings posit increases at individual member banks banks, excluding interbank balances, have between 1939 and 1943 showed fewer than more than doubled in the five years since 100 banks in which demand deposits had the end of 1939, increasing by about 70 bil- increased by less than 50 per cent, while an lion dollars. Excluding the sharp increase WARTIME GROWTH IN BANK DEPOSITS in United States Government deposits, the ALL BANKS IN THE UNITED STATES five-year growth was 50 billion dollars. Most of this growth has occurred in the three years of this country's active participation in the war. Accompanying the deposit growth, there has also been an unprecedented expansion in currency in circulation, amounting to 17 billion dollars. Although the increase in total deposits was larger during 1944 than for other war years, this difference is fortuitous, reflecting the sharp temporary rise in United States Government deposits as a result of the Sixth War Loan at the end of the year. Demand deposits, as shown in the chart, increased much less than in the two preceding wartime NOTE.—Interbank deposits are excluded and demand deposits are years, but some of this reduced growth was adjusted for items,in the process of collection. Time deposits include those in Postal Savings System and in mutual savings banks, as well also due to the timing of war loan drives. as in commercial banks. December 1944 figures are estimated. Time deposits, which increased little in the equal number of banks had increases of over early part of the war, have shown an accel- 500 per cent. The deposit expansion of erating rate of growth in the past two years. banks in the southern, western, and mid- Currency in circulation, not shown on the western part of the country has been much chart, expanded by about 5 billion dollars greater than in the Middle Atlantic and in both 1944 and 1943 and by almost as northeastern States. Deposits have grown much in 1942.. more at smaller banks than at larger ones, Some banks, communities, and classes of partly for regional reasons since, generally FEBRUARY 1945 IOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH speaking, more small banks are located in some have had more growth than others. the areas that showed the largest growth. Even among such broad areas as Federal Farmers, other individuals, and wholesale Reserve districts, there have been marked and retail trade concerns—typically a larger differences in deposit expansion. As shown proportion of depositors in small banks— in the following table, the southern, westhave had relatively more growth in deposit ern and midwestern districts have had proholdings than other groups. portionately much greater gains than the Growth of deposits produced by wartime middle-Atlantic and northeastern districts. factors may be compared with the deposit Those areas that might be characterized expansion of the last war, which was fol- as predominately agricultural or metal lowed by sizable deposit shifts and shrink- manufacturing and those in which the ages for many banks. In view of this ex- specialized industries of shipbuilding and perience, questions are being raised as to the aircraft have sprung up have had the likely movement of deposits after this war. largest growth in deposits. In determining their wartime investment GROWTH IN DEPOSITS AND CURRENCY HOLDINGS policies, bankers generally have endeavored BY DISTRICTS [Percentage increases Dec. 30, 1939 to Dec. 30, 1944] to provide the safety and mobility needed t c o u r m a e f e te t r a n t y h e l o w ss a e r s o is f o d v ep er o . s its A t v h a a i t l a m bl a e y e o v c i- - District a D d d e e j p m u o s a s t n e it d d s de T p i o m s e its c • i n R F r o c e e t u s d e l e e s a r r t v a i i e n l on dence indicates that most bankers are Boston 90 49 235 adequately prepared for such contingencies. New York.^ 71 54 282 Philadelphia 101 14 309 There is no reason to expect that the over- Cleveland 139 51 309 all deposit expansion of the war period Richmond 185 63 547 Atlanta 211 80 683 Chicago 143 92 267 will be followed by a widespread contrac- St. Louis 154 50 380 tion of total deposits. Yet almost every Minneapolis... 141 60 238 Kansas City... 178 46 333 banker can recognize some accounts that Dallas 202 46 551 San Francisco 248 81 596 are sure to be reduced, and many individual United States total 124 62 338 bankers, perhaps a majority, expect de- NOTE.—Figures do not include U. S. Government deposits, which posits of their banks to decline. have increased substantially, or interbank deposits. It must be expected that the deposit levels Regional variations in expansion have of some banks will decline considerably been much greater in demand deposits than from wartime levels, but at the same time in time deposits. Increases in demand demany banks will continue to gain deposits. posits for the five-year period varied among It need not be assumed that those banks Federal Reserve districts from 70 per cent to with the largest increases will necessarily Z50 per cent, while those in time deposits have the largest decreases. Analysis of were all less than 100 per cent. These differences in deposit increases and of factors differences are true for the individual years causing them, presented in this Review, as well as for the war period as a whole. have a bearing on the possible reshifting In the earlier years time deposits showed in the postwar period. little or no growth, but in 1944 the growth in time deposits was greater than that REGIONAL DIFFERENCES IN DEPOSIT GROWTH in demand deposits, and in that year there All sections of the country and most was much less variation among districts in banks have shown increases in deposits, but total deposit growth than there had been 102. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in previous years. Currency in circulation, its than have city banks in the same as nearly as its regional differences can be district, but in the districts of greatest measured by the issuance of Federal Reserve growth the city banks have generally outnotes, has expanded much more in some stripped country banks in other districts. districts than in others; increases for the The chart also shows that the deposit five-year period have ranged from i.^^ per expansion that took place prior to our encent in the Boston District to 683 per cent in try into the war was largest in the souththe Atlanta District. Its regional pattern eastern States. The Federal Reserve districts has been roughly similar to that of demand of Richmond and Atlanta were the most deposit expansion. rapidly growing areas. In the period since the entry of this country into active partici- DEPOSIT GROWTH 1940-1944 pation in the war, there has been relatively BY CLASS OF MEMBER BANK, AND BY DISTRICT more expansion of deposits on the west END OF 1939 = 100 RESERVE CITY BANKS 1 FED D ER IS A T L R R IC ES T ERVE 1 COUNTRY BANKS coast and in the midwestern States, as well M as in the southeastern States. The largest 1 BOSTON 1 expansion has been in the San Francisco I NEW YORK 1Eros District, with the Kansas City District, fH 1 PHILADELPHIA 1M3 which showed only moderate growth in B888&I1 CLEVELAND 1iffl 1940-41, in second place during the sub- ^» 1 RICHMOND 1WM sequent period. The Minneapolis District, M 1 ATLANTA Immkmm which had the smallest rate of deposit us wmmtm 1 CHICAGO 1 increase of any Federal Reserve district in ma 1 ST. LOUIS 1 1940-41, has increased slightly more rapidly than the national average since that period. 1 MINNEAPOLIS 1 Throughout the period, the middle Atlantic B8888S8Sa1 KANSAS CITY 1I88888888888S888I and northeastern States have had relatively BBSS 1 DALLAS 1 m much less deposit expansion, with New 1 SAN FRANCISCO 11888888888^88 York City banks and those in the Phila- 1 i • r i i 300 200 300 delphia District showing the smallest rates PER CENT PER CEN END OF 1941 of increase for any area. END OF 1944 Differences in the pattern of deposit * Figures do not include central reserve city banks. Changes for these and all member banks, not shown on chart, are: growth are even greater among areas smaller End of End of than Federal Reserve districts. Some States Central reserve city banks: 1941 1944 New York 120 150 have shown increases in total deposits four Chicago 121 168 Total all member banks 123 201 and five times as great as other States. If Percentages based on growth of total demand deposits adjusted and time deposits and exclude U. S. Government and interbank deposits one were to consider still smaller areas, such and items in the process of collection. All figures for end of 1944 are estimated from preliminary data. as particular cities or counties, the dispari- Increases in the total of adjusted demand ties would be greater. The map on the next and time deposits by classes of banks, as page shows by States for the period Decemwell as by Federal Reserve districts since ber 31, 1941 to June 30, 1944 the growth in 1939 and since 1941 are given in the accom- total deposits, exclusive of interbank balpanying chart. In each district country ances, of insured commercial and all mutual banks have had a greater increase in depos- savings banks. The growth of deposits FEBRUARY 1945 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ranges from 30 per cent for Vermont to 150 posits of 5 million dollars or less showed per cent for Florida. The average increase gains of xoo per cent or more from the end of for the nation was 65 per cent for the two 1939 to the end of 1943, the latest date for and one-half year period. which such data have been compiled. In The States having the largest relative the same period less than xo per cent of the gains are mostly confined to three areas—the banks having deposits ranging from 50 to western States, the central and plain States 500 million and less than 10 per cent of the running from North Dakota south to Texas, largest banks registered such gains. Nearly and the southeastern States of Georgia and a third of the largest banks had increases of Florida. Michigan is also close to these less than 50 per cent, while very few of the groups. The States showing the smallest small banks showed such small increases. relative gains are all in the New England To some extent this differential experience and North Atlantic area. among banks is merely another aspect of the area differences already discussed. Banks DIFFERENCES BETWEEN LARGE in the areas showing the greatest gains are, AND SMALL BANKS in general, smaller in size than those located Small banks have generally gained rela- in the areas showing the smaller gains. tively more in deposits than large banks. The large relative expansion of deposits in As shown by the following table, 40 per the agricultural areas is also reflected as a cent of the member banks with demand de- greater gain for small banks since such WARTIME DEPOSIT EXPANSION BY STATES PERCENTAGE INCREASES. DEC. 31, 1941 TO JUNE 30, 1944 NOTE.—Percentage increases by States of all deposits, excluding interbank, in all insured commercial banks and all mutual savings banks. Data for 1941 partially adjusted to include banks which subsequently became members of the F.D.I.C. IO4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH DISTRIBUTION OF MEMBER BANKS BY PERCENTAGE INCREASE The deposit surveys also show that the IN DEMAND DEPOSITS AND BY SIZE GROUP increases are not confined to, or even mark- Size groups on the basis of total edly concentrated in, the war industries. deposits in 1943 It also appears that small business concerns Percentage increase All in demand deposits* member in 1940-1943 banks li have had as much, possibly more, increase .8 in deposit balances than large ones. In- 3. o creases in retail and wholesale trade and in Percentage of total banks in group service businesses have been relatively large. 50 per cent or less 1 1 2 5 30 Manufacturing companies also showed sub- 50-100 per cent 12 9 17 22 43 100-150 per cent 26 24 32 39 9 stantial increases in cash up to the middle 150-200 per cent 25 26 24 15 9 36 40 25 19 9 of 1943. In the early war period the rap- Over 200 per cent 100 100 100 100 100 idly increasing volume of productive and All member banks... Number of banks 6,254 4,662 1,365 204 23 commercial transactions necessitated larger 1 Increase in deposits of individuals, partnerships, and corporations business deposits. The same was true for from Dec. 30, 1939, to Dec. 31, 1943. individuals, but to a much smaller degree. banks predominate in such areas. For ex- As war production approached its peak, and ample, in the Kansas City District, small business balance requirements were satisfied, banks have gained deposits a little more a larger part of the available funds of corrapidly than large banks in the same disporations were used to buy Government trict. The same relationship holds for the bonds. Boston District, but banks of all sizes in the Kansas City District gained much more Individuals, on the other hand, have conrapidly than any size group in the Boston tinued to accumulate deposits. During the District. This greater gain on the part of early war period all of the deposit expansion small banks is also in part a reflection of the was in demand deposits, but since the beginownership pattern of the deposit expansion, ning of 1943 time deposits, which are which is discussed in the next section. largely held by individuals, have grown continuously and at present their growth ex- DIFFERENCES BY TYPE OF DEPOSIT OWNERSHIP ceeds that of demand deposits. The expan- Federal Reserve System surveys of demand sion of time deposits has been much more deposit ownership indicate that, particuevenly spread throughout the country than larly in recent periods, accumulation of the earlier growth of demand deposits. This deposits by individuals has been relatively is part of the picture of lessened disparity greater than that of businesses. Estimated among banks and regions in growth of total ' rates of deposit growth by broad groups of deposits during 1944 than in previous war depositors are shown in the following years. table. DEPOSIT GROWTH IN LAST WAR CHANGES IN OWNERSHIP OF DEMAND DEPOSITS, 1941 TO 1944 [Estimated; amounts in billions of dollars] During the last war, as in this one, there Increase was a marked growth in bank deposits, July 31, Dec. 31, 1944 1941 and in the early postwar period the expan- Amount Per a c g e e nt- sion continued at an accelerated rate. Al- Domestic business 37.4 25.0 12.4 50 though this growth was less both in ab- Personal 18.6 10.0 8.6 86 Allother1 3.6 2.6 1.0 38 solute and relative terms than that of the Total 59.6 37.6 22.0 59 present war, its geographic pattern was 1 Includes nonprofit organizations, trust funds of banks, and de- somewhat similar. From June 1914 to posits of foreigners. FEBRUARY 1945 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH June 1919, total deposits, exclusive of inter- and South Carolina, for example—the drain bank, in all banks in the United States of deposits amounted to nearly 30 per cent. increased by about 80 per cent. In some The States and regions which gained the of the New England States, the increase most in bank deposits during the war and was less than 30 per cent and in the northern early postwar period subsequently suffered industrial States it was close to the average the greatest loss of deposits. The greatest for the nation. In most of the southern gains and losses were registered in the agriand western agricultural States increases cultural regions, especially the cotton amounted to 130 per cent or more. The States; and the smallest gains and losses deposit increases in the far western States were registered in the New England, Middle were not relatively as great as during this Atlantic, and other industrial States. Howwar, but they were generally above the na- ever, the same areas in which deposit fluctional average. tuation had been the greatest, gained Between June 1919 and June 19x0 there substantially more deposits on balance from was a further increase of 12. per cent in de- 1917 to 192.2. than did those areas where the posits of all banks. In this twelve-month fluctuations were less violent. period there were wide differences among Banking history of the past war and postregions. Such States as North Dakota and war period can not be taken as a guide to Montana lost deposits and other grain belt probable developments after this war, but States showed only nominal, if any, gains. it does indicate some of the elements to be There was also no growth at New York watched. The war period to date has been City banks. During the same period, States analogous to that of the previous war in in the South Atlantic and west south central that the expansion of deposits has been areas registered gains as high as 35 per cent much greater in some areas than in others. to 40 per cent. It should be noted, however, that the de- The subsequent decline in deposits for the posit expansion continued at a rapid rate country as a whole was but a small part of in the period immediately following the last the growth during the preceding years. war, and many of the banking difficulties From June 19x0 to June 19x1, total deposits that followed were due to the speculative decreased 5 per cent, and as nearly as can be excesses of that period. estimated the drop from the peak in the Collapse of the postwar boom in 19x0 spring of 19x0 to the lowest point in the fall put the banking system under great presof 19x1 was less than 10 per cent. The sure. The break in the inflated price serious banking difficulties that began in structure, and the liquidation of bank this period and continued for a number of loans advanced for speculation in securities, years were due to the shifting of deposits commodities, and real estate combined to from one area to another, not to the aggre- create an acute pinch on banks. Many gate decline. During the year ended June banks lost deposits and were forced to sell 192.1 more than one-fourth of the States suf- securities on an already depressed market fered losses in deposits of zo per cent or and to collect loans under pressure. Values more, but at the same time many New Eng- of loan collateral tumbled, bank losses land and eastern States showed marked mounted, and failures became increasingly increases. In some States—Idaho, Georgia, common. 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH An important contrast between this war has contracted considerably during the and the first World War appears with re- war period and farmers have reduced their spect to the expansion of bank loans. If a debts to banks and others. Loans to speculative postwar expansion can be finance purchases of Government securities avoided this time, the contrast will be even have risen only temporarily during war more striking and more favorable for an loan drives and the amounts have not been orderly postwar adjustment. During the comparable to those of the last war. first World War, as shown in the chart, During the last war expansion of lendcommercial banks bought a relatively much ing by banks was accompanied by heavy smaller part of the increased public debt, borrowing by banks themselves. Subsebut they financed a considerable portion of quently when banks were attempting to get it by lending on Government securities. free of debt they tended to press for the There was also a considerable loan expan- repayment of loans. When agricultural sion for other purposes, particularly in prices started to fall, banks had the double agricultural areas and to accumulate busi- problem of protecting their credits and of ness inventories, and this became more pro- getting themselves out of debt. In this war nounced in the early postwar period. there has been no substantial bank borrow- In contrast, during this war there has ing except for temporary periods in the been little loan expansion and none in the money markets, and the great volume of past three years. Loans by larger city short-term Government securities held by banks to war producers have continued to banks, discussed more fully later, gives show some increase, but consumer credit them an ample guarantee of liquidity. The picture of time and savings deposits during the last war presents one interesting DEPOSITS, LOANS, AND GOVERNMENT SECURITIES ALL BANKS IN THE UNITED STATES parallel with this war. Just as now, the -LIONS OF DOLLARS END OF JUNE F expansion of demand deposits got under way very much earlier than that of time - /• deposits. But significantly, the time deposit expansion continued after demand DEPOSITS / deposits began to decline. There was a continuous contraction of demand deposits at member banks from early 19x0 to late - 19x1, but time deposits increased throughout this period. y U- S. GOVT / - SECURITIES/ FACTORS IN DEPOSIT EXPANSION AND DISTRIBUTION DEPOSITS >^ «. INS Federal Government expenditures, reve- \*^- LOANS — — ^ .—> nues, and borrowing have been the most important influences in the growth and U. S. GOV'T 1 1 1 1 1 1 1 distribution of incomes, and liquid assets 1920 1922 1940 1942 1944 during the war period. The Government Figures include loans and all deposits except interbank in all banks of the United States, excluding those private banks which at that time has spent large sums for war goods and did not report to the State banking authorities. 107 FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH services and these amounts have gone di- War expenditures and war finance have rectly or indirectly to others as wages been the basic factors in the wartime disand salaries, fees, profits, interest, and tribution of deposits, as well as in their other forms of income. The recipients in expansion. In some communities the Govturn have disposed of their incomes by ernment has spent more than it has collected spending part of them, paying part in through taxes or through the sale of securitaxes, buying Government securities, and ties, while in others the Government has holding a part in the form of currency raised more funds than it has expended. A or deposits with banks. The Government great share of the effect of the war, howhas borrowed large amounts from banks, ever, is found in factors that lie beyond this and this has supplied new deposits for those initial impact of receipts and disbursements. businesses and individuals who have chosen Subcontracting and the purchases of agrito hold part of their incomes in this form. cultural commodities and raw materials Private activities have been similar to that have set in motion a secondary distribution of the Government with respect to deposit of funds. The broad shifts in production distribution, but they have not contributed to meet the requirements of war and the to deposit growth through bank credit exattendant changes in relative prices, the pansion; private debt to banks and also to movement of population, geographic decreditors other than banks has declined. centralization of industry, the establish- Principal factors causing deposit expanment of special military facilities (camps, sion during the war are expressed in quantidepots, arsenals, etc.) and the location of tative terms in the. following table. As industries in new areas have all influenced shown, the major influence on deposit the distribution of deposit growth, both expansion has been bank purchases of among regions and among different classes United States Government securities and the of depositors. The special concentration major offset has been the drain of currency of Government procurement in fields of into circulation—one of the forms of cash metal manufacturing and the considerable holding. Diminished bank holdings of advance in agricultural prices have tended securities other than those of the United to channel funds to areas specializing in States Government and gold losses have also such products. been minor contractive elements. Great disparity among banks in the scale of deposit expansion is essentially a reflec- FACTORS IN DEPOSIT CREATION tion of the adjustments that war has December 31, 1941—December 31, 1944 [In billions of dollars, partly estimated] forced upon our economy. The incomes of most individuals and businesses have risen Expansive factors Increase in holdings of U. S. Govt. securities: Federal Reserve Banks 16.6 greatly but some have not. There have Commercial banks 56.0 Mutual savings banks 4.6 been great differences among areas and Total factors expanding deposits . . 77.2 industries. Some industries have shifted Contractive factors Increase in currency in circulation 14.1 to the manufacture of war goods and greatly Decrease in gold stock 2.1 Decrease in bank loans .5 expanded their former production levels; Decrease in bank holdings of other securities. 1.4 Net of other factors .3 other industries have lost ground. Some Total factors contracting deposits 18.4 Expansion of bank deposits: whole areas have lost population and Demand deposits—adjusted., 29.1 U. S. Government deposits 18.6 failed to keep pace with the country at Time deposits 11.1 Total expansion of bank deposits 58.8 large. Banks have reflected the differences 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of the areas in which they are located, and loans or holdings of other securities below the differences in the clientele they serve. wartime levels seems unlikely. The large As would be expected, deposit changes bank holdings of United States Government among geographical areas have been parallel securities could be reduced after the war to those of income. Florida, which ranked only by debt retirement from budget surfirst in deposit increase on the map previ- pluses or by purchase of securities from ously shown, ranked second in income banks by others. While either one or increase from 1940 to 1943. New York, both of these circumstances may occur which ranked forty-seventh in deposit in- under some conditions, it is not unlikely crease, ranked forty-eighth in income in- that conditions will be such that banks crease, and Indiana ranked twenty-ninth in will increase their holdings of securities. both cases. Most other States show similar Periods of large budget surpluses and conclose correlations. sequent reduction in bank holdings of There are also nonincome factors which Government securities also tend to be have influenced deposit distribution. Large periods of private debt expansion which corporations operating in many centers would sustain deposit levels. As to appear to have accumulated deposits more purchase of Government securities from at interior banks than in money markets. banks by nonbank investors, there is some It also appears that Government security question whether these investors as a group purchases by nonbank investors have been will further expand their already large holdan appreciably greater proportion of in- ings of securities. Some individuals might come in some areas than in others. buy Government securities from the banking system, but others might sell on an FACTORS INFLUENCING POSTWAR SHIFTS equally large or even a larger scale. Further purchases by business concerns are quite Characteristics of the deposit growth unlikely if there is the expected volume of give some clues as to the factors that will capital expenditure. determine postwar deposit shifts. If the It would also seem more likely that bank diffusion of productive activity resulting loans would increase rather than decrease from the war is continued into the structure after the war. There has been no net of postwar production, if the relative balexpansion in loans since the end of 1941. ance of income of the major sectors of the Some loans will be retired when the war country—agriculture, labor, and industry— is over, but the amount of new loans is not greatly changed, and if the wartime could easily be as great or much greater. shifts in population are not reversed to any Some bank credit will be needed to finance significant degree, then major shifts in industrial reconversion and to aid in the deposit location are not likely. The ultipurchase of such items as automobiles, remate distribution of deposits depends on the frigerators, and other household furnishphysical location of individuals and busiings. There might also be substantial nesses and on the balance of payments increases in credit to finance home construcbetween the various sectors of the economy. tion and to returning veterans. Reduction of the total volume of deposits during the postwar period is likely to result Deposits might be increased in the postonly from a decrease in bank holdings of war period by a return flow of currency. Government securities. Reduction of bank The amount of currency that has gone into FEBRUARY 1945 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH circulation during the war should be more There also may well be some deposit than sufficient to take care of postwar needs. shifts of a milder, more general sort. Or- Currency that is outstanding because of dinarily during periods of increasing busispecial wartime influences, such as black ness activity there is a noticeable movement markets and population dislocation, may be of deposits from the large cities to the expected to return from circulation once smaller cities and towns; and during periods these factors disappear and outflows for of economic recession there is usually a reother purposes should dwindle or cease verse movement. As the tempo of war prowhen total incomes decline from high war- duction declines, many business firms may time levels. find themselves temporarily with excess The reduction in our monetary gold stock funds. There may be a tendency to concenduring the war has been the result mainly of trate these in the large metropolitan banks the limited amount of goods available for awaiting further use. Shifts in deposits purchase in this country by other countries. away from agricultural areas might also When goods are again available for export, transpire in the postwar period if prices of other than through lend-lease, it is likely agricultural products should decline more that the gold movement will be reversed. than other prices, or if more money is sent If total deposits remain at their present or out of these areas to pay for purchases than higher levels, it is obviously impossible for flows back through sale of their products. all banks individually to lose deposits, or While the foregoing factors indicate a for all individual depositors simultaneously shifting from smaller to larger banks, other to reduce their balances. Someone must factors could work in the opposite direction. hold the deposits. Spending does not re- If there are large capital expenditures for duce aggregate bank deposits; it merely deferred maintenance and new capital extransfers a balance to another holder. The pansion, funds may shift from businesses to merchant replacing his inventory transfers individuals and build up the balances of his balance to the manufacturer; the indi- small banks. Likewise, if manufacturing vidual buying a refrigerator transfers his should stay in some of the new sites, debalance to the merchant. If all depositors posits would tend to stay where the wartime attempt to reduce their bank balances growth has occurred. Retention and operathrough spending the net result will be tion of war-built manufacturing plants in increased velocity, not reduced volume of the south and on the west coast would be deposits. illustrative of this development. The loca- Some deposit loss from the more mush- tion of service and other subsidiary ecoroomed war centers is likely. Localities nomic functions would tend to follow the which have experienced phenomenal expan- pattern of the manufacturing location. sion of types of war industry not easily The absence of loan expansion minimizes adaptable to peace production—shipbuild- the chances for deposit redistribution, as ing, aircraft, army camps, etc.—will lose well as for deposit contraction. Since employment, income, and population. there has been no considerable loan ex- These localities are for the most part spepansion during the war period and no cial cases apart from their surrounding large amount of borrowing by banks, it communities. need not be expected that there would be no FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH any significant amount of loan contraction banking system in general, Government following the war. Agricultural districts securities with maturities of one year or less will not be under pressure to liquidate constituted as much as Z5 per cent of as they were following the last war. If all loans and investments. Cash assets speculative loan expansion and bank bor- and Governments of less than one year rowing can continue to be avoided in the maturity represented more than 50 per cent early postwar period banking prospects of the demand deposits of country banks. in many areas will be quite different from These ratios correspond closely to those those after the last war. maintained by money market banks in While some shifting of bank deposits in prewar years. the early postwar period is probable, it may With so much protection, it is hardly be more moderate than is sometimes sup- conceivable that loss of deposits could adposed. Such movements as do take place versely affect any considerable number of will not have disrupting effects on the banks. Deposit shifts would indeed have to banking system as did those following the be substantial and sudden to present a situalast war. tion where maturing issues held in portfolios would not supply the necessary funds. LIQUIDITY OF THE BANKING SYSTEM Furthermore, such shifting of deposits as The banking system is well equipped to may occur need not have an adverse effect meet any deposit shifts that might occur. on the market for Government securities, On June 30, 1944, over 70 per cent of the for whereas some banks will be forced to total loans and investments of all insured sell, others will be able to buy with their commercial banks was in Government se- newly acquired funds. And if other recurities and over one-half of these securities sources should be insufficient the credit had maturities of less than five years. facilities of the Federal Reserve System Even in country banks where liquidity would always be available to member demands are relatively less than for the banks. FEBRUARY 1945 III Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES1 by E. A. GOLDENWEISER Mr. Chairman, ladies and gentlemen: I have single factor in the success of agriculture, withno doubt that you are interested in the subject out which all other factors would be inadequate I am going to talk about tonight, because we all if not futile, is the maintenance of markets are. I am going to paint a very broad picture, among our own people. This means full emmade with sweeping brush strokes. I shall ployment at adequate pay, and a stable and cover a great deal more territory than I am com- gradually rising national income. petent to cover, but it is important to have the In considering the prospects for postwar entire picture before us, even though parts of prosperity, we are confronted first of all with it may be very imperfect, in order to find the the problem of inflation. The principal thing relationship of the particular field in which we that could cause inflation is an attempt by the work to the entire world panorama. We public to convert liquid assets into goods and often see the particular little bailiwick with services while they are scarce. Civilian goods which we are intimately familiar, and in which will not be in large supply immediately after the our daily work lies, out of focus in relation to war because there will have to be a reconversion the numerous forces which shape world affairs. from the war effort. By the end of the war, Even an amateurish and inexpert picture of all people will have in their possession a much phases of the problem may be worth while; larger amount of liquid assets in the form of you can fill in the gaps, correct the mistakes, cash, bank deposits, and Government securities, and argue about the controversial positions. than has ever been dreamed of in any country. What I am to talk about is postwar, and we Individuals and businesses other than financial all pray for it to come soon. The postwar that institutions in the United States now have I am counting on is the end of the European liquid assets amounting to almost 2.00 billions War in a few months at most, and the end of the of dollars. If they should draw them out and Japanese War a year or so later. Perhaps the rush into the markets to satisfy their deferred most important single thing to stress is that we demands for various articles of comfort and are all in the same boat; that industry and luxury and for capital goods, probably no conagriculture, the employer and the worker, the trols would be strong enough to hold the tide of exporter and the importer, the United States inflation; but I do not think that this will hapand the rest of the world all have a common pen. People are likely to try to satisfy their interest in establishing a prosperous group of demands in a reasonable way as soon as possible. nations, each functioning in its own sphere I think, however, that many are likely to want and in proper relationship with the others. to hold on to their savings, and particularly It is the sort of world which Mr. Willkie meant those who are not too sure of having jobs conby "One World." tinuously will hesitate to dissipate their nest In the field of agriculture you will agree that eggs. The large accumulation of liquid assets the most important thing is prosperity and in the hands of the people is far more significant employment of nonagricultural workers. Agri- as a safeguard against serious deflation later culture has special problems, which you have than it is as a danger of immediate inflation. been discussing, and I would not presume to Recently I read articles by two sincere and say anything to you about them because I capable people who reached exactly the opposite would then be entirely over my head right from conclusions on the same factual analysis. One the start. But you will agree that the principal thought people would rush to spend all of their savings, and the other one thought they would 1 Address delivered at the Dinner Meeting of the Annual Agricultural Outlook Conference, Washington, D. C, Nov. 14, 1944, with hold on to all their savings. Consequently, discussion. III. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES one predicted a violent inflation, and the other it is easier to subdivide the total before these a violent deflation. My own thought differs items are deducted. We state these figures in from that of either of them; I am in the middle dollars only because the dollar is a unit of of the road. I think we are going to have some measurement common to machines, toothpicks, spending, but not an orgy of spending. I think services, and all of the things which have to be we will act rationally and continue to exercise added together. I think the figures could be in sufficient measure the controls to which we expressed in index numbers just as well as in are now accustomed in order to hold the dam dollars. They are more reliable as an indicauntil such time as the flow of goods will be tion of trends than as a measure of quantity. equal to the demand. I think, therefore, that In indicating that gross national output must we are likely to escape in this postwar period be 170 billion dollars, I assume that prices inflationary contortions such as we experienced will remain at the 1943 level. If prices go after the last war. down, the same output will be represented by a smaller figure, and if prices go up, the amount MAGNITUDE OF PROBLEM will go up. What we are talking about is a A much more serious and lasting problem— measure of physical quantity of production the one that will subject the effectiveness of expressed for convenience in dollars. our institutions to a crucial test—will be the This 170 billion dollars allows for a 15 per problem of finding jobs for people released from cent reduction from the volume of national the services and from war industries. We are output we have now. That 15 per cent reducgoing to have about 60 million people in the tion can occur without too much unemploylabor force two years after victory. If we allow ment for three reasons: (1) the withdrawal of 4 for about 2. millions in frictional unemployment, million persons from the labor force, already which is largely transition from one job to mentioned; (V) a reduction in hours of labor another, we have to find 58 million jobs. That from 48 to, say, about 40; and (3) the shifting is 12 million more than we had in 1940. It of many workers to jobs where they will produce allows, even at that, for withdrawal from less in an hour than they did in highly mechathe labor force of 4 million of the Q/% million nized war work. These three factors would people now in uniform or industry who would permit a reduction of 15 per cent in gross output not normally be employed. Some of these without causing unemployment. At the same are either too young or too old to be at work time, we allow for an increase in productivity normally; some are women with families who per man hour of about 10 per cent over prewar. would rather stay at home to take care of When you are thinking about 170 billions as the children. Should they go back to non- compared with something like 90 billions in employment, we would still have 58 million 1939, you do not want to think this represents jobs to find. These figures include persons in a 90 per cent increase in output. You want to the armed forces. remember that the 170 includes an increase in In order to have enough jobs for these people prices that has occurred since 1939, so that what two years after the war we must have a gross we are talking about is an increase of something national output at 1943 prices of something like a little over 50 per cent. 170 billion dollars a year, which corresponds With all these explanations, we have to find to a national income of about 140 billions a enough production to add up to something like year. We use the larger of the two figures, the 170 billions, if we are going to keep the people national product, because it measures what is employed. Of this, about 30 billions may be actually produced. The difference between na- work for the Federal, State, and municipal tional product and national income is largely governments; about 113 billions may be taken two items, depreciation and business taxes; off the market by consumers, and about 27 FEBRUARY 1945 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES billions may represent demand for producers* ATTEMPT TO FRAME A COMPREHENSIVE PROGRAM goods. You can distribute the whole among I am going to propose a program here and the parts in some other way. You can have now, with all humility, recognizing my own more consumption goods and less producers' limitations, but with the conviction that the goods, or more Government spending and less one thing we can not afford to do is drift. I am private purchases, or less Government spending going to offer something for you to consider. and more buying by consumers. These figures Let those who can do better try it, fill in the are based on such estimates as are possible on gaps, amend the program; what we need is to the basis of more-or-less reasonable prob- crystallize the best thought we can muster abilities. on this crucial subject. To attain the goal we will have to have an In this program I assume that we are going enormous increase of consumption of all kinds to keep all the war controls necessary until the of goods. We will have to have building flow of goods from factories to civilians is on an unprecedented scale. We will have to sufficient to meet the demand. I take it for have a very large outlay for new plant and granted that we are going to have a rational equipment, a building up of inventories, about demobilization program. I assume that hours of labor will be reduced to prewar, but that 2. billion dollars of excess of exports over imfurther reduction in hours will wait until our ports, and various other items. We will have productivity is such that all essential needs can to do a very good job of production and conbe met and we can afford to take it easier. Any sumption, indeed, and it will require every reduction based on share-the-work philosophy effort of which we are capable. would be short-sighted policy. The other extreme from this 170 billions 1. Peace. Our first and foremost objective would be something like no billions, which should be peace. We have helped to lay the is the figure for 1939 raised by the increase in corner stone for peace in the Dumbarton Oaks the price level through 1943. If we allowed agreements, and I think they should be carried our total production to go down to that level, through successfully. we would have 2.0 million unemployed, and 2.. Maintenance of income. Second is maintethat, of course, is absolutely unthinkable and nance of income, and under that the first item is intolerable. Our future economic destiny lies wage policy. The policy that commends itself somewhere between having production of 170 to me is a reasonable adjustment of wages to billions and 2. million unemployed, and produc- increases in the cost of living, with further tion of no billions and 2.0 million unemployed. increases as productivity increases. I am not going to expand on each of the planks in this The nearer we come to the top figure the more platform because that would keep you here it will have been worth while to fight for our until morning. institutions, and the closer we get to the bottom The other part of the maintenance of income figure the more of a defeat we shall have to program is agricultural policy. On that, you accept for our economic and political instituare the ones who ought to tell me, but I have tions. I do not think that we need to be jotted down a few items that might go into a defeatists about this. We have a formidable program. We have to maintain food standards. task, but we have shown that we are capable of We have to encourage the diversion from agriperforming formidable tasks. If we analyze culture of such elements as are not needed to the problem, and get the judgment of the best raise the economically necessary amount of people in the country on the subject, and product. We have to find means for mainformulate our course of action, and stick to it, taining agricultural income. We must include we shall find a solution. crop insurance. This is merely an indication 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES of the general line I would take, with emphasis give the people a greater feeling of assurance that in agriculture as in industry we must in planning ahead. maintain income. The other thing that I think the Government 3. Government guarantees. The Government ought to guarantee is some kind of job to every should guarantee to every American a minimum person who can work. If a person has done all standard. We have a kind of minimum now he can to find a job and still can't find one, the in that we don't intend to have anyone starve Government ought to offer him a job. The or freeze or go without shelter, but it differs too worker should be encouraged to look for other widely. It depends too much on the dis- work, perhaps by lower wages or otherwise. organized action of individuals and groups. Mind you, this does not apply to regular Government projects, only to the marginal There should be established a standard of living element. I think that the least costly and the below which no person in this country needs to most direct and effective way to assure that a fall under any circumstances; a minimum of deflationary cycle does not get under way is to food, a minimum of clothing, a minimum of see to it that no one who is able and willing to shelter, education, and medical care, and even work need be idle. There are ways for the of money. That is the floor on which to start, Government to do that and it is my conviction and below which no one should have to fall. that if the Government undertook to do it there I think that is basic. I think our minimum would be more feeling of security and less standard is too low, and we have to find means hesitation about continuing normal standards of raising it. of living. Consequently a deflationary cycle As a part of this I suggest that we ought to would be less likely to get under way and have better organization among the lowest there would be less occasion than otherwise for income groups; where we have effective orthe Government to do much spending for the ganization we usually have better standards. I purpose. think that the best way in which standards 4. Public works. A broad policy of public can be obtained without too much Government works should be adopted. It could include a interference is by increased bargaining power, great many things such as roads, schools, liand bargaining power means organization. braries,, hospitals, recreation facilities, irriga- Therefore, what we need is better organization tion, drainage, urban rehabilitation, and imamong the lower income groups. This should provement in facilities available to farmers. be a broad objective of public policy. I am Public works should be timed so as to help not prepared to outline the means of achievstabilize the economy by undertaking more in ing it. periods of economic decline and less at times of As a part of Government guarantees we should a threatening boom. Wages in such public have expanded social security. Our social in- works should be at standard levels. The provisurance program does not cover enough of our sion for guaranteeing jobs would come into population or all of the risks which are properly effect only as a last resort when, after the insurable, and benefits are too small in amount regular public works were under way, some and too short in duration. Nearly all coun- persons would still be unable to find employtries other than the United States, for instance, ment. have made health an important part of their 5. Government regulation. The next heading is social insurance systems. These shortcomings Government regulation. I think we should are now recognized and probably will be cor- have a vigorous policy of discouraging monoprected, but an adequate social insurance program olistic practices that, through limiting or should be mentioned as a part of the economic destroying competition, curtail output and program because it would counter deflation and sustain artificially high prices. The play of FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES economic forces in a competitive economy the public debt, but in a period of recession very should not be interfered with by monopoly little attention should be paid to the budget. controls. I do not believe that all economic ills It is better to unbalance it deliberately by doing can be cured in this way, but encouraging free the things that need to be done to stem deprescompetition and insisting on fair business sion, rather than to permit it to be unbalanced practices should be part of the over-all program. by hasty emergency outlays and a reduction in The other phase of Government regulation tax revenue, as has been the case in the past. that I wish to mention—one usually listed under The thing I wish to stress in connection with a different heading—is taxation. Taxation the budget is that it should not be considered should be viewed as part of the social and of paramount importance in and of itself. In economic program and should be so designed as time of depression, we should do what is necesto encourage economic stability and progress. sary in the general program, and, if this results There should be no sales tax because it falls in expenditures above receipts, that does not heavily on the poor and discourages consump- matter and can not be avoided in any case. tion. Income taxes should be the greatest With the return of prosperity, tax revenue is single instrument in the tax field, but they likely to rise, even with no increase in rates, should be as moderate as is consistent with and then we should balance the budget and providing necessary income for the Government. reduce the debt. What I want to emphasize is Business taxes should not be so high as to dis- that neither budget balancing nor deficit ficourage enterprise unduly and there should be nancing is in itself a program or a remedy for some relief from double taxation of distributed economic ills. Both policies should be viewed corporate earnings. Special care should be as the resultants of carrying out a rational taken to leave sufficient incentive for small and economic program. With such a program the new business. In figuring income taxes there budget will take care of itself; without it any should be more liberal allowance for losses in budget policy will be wholly ineffective. order to encourage risk-taking; if windfall 7. International trade. In international trade profits are taxed there should be adequate we need two particular things, besides many deductions for losses. This point is being others that can not be discussed now. One is recognized and is being incorporated in various a rational commercial policy adapted to a recommendations. creditor nation, which means that in the long It may be that we ought to have the Swedish run we have to import more goods than we sell plan of reducing taxes for plant construction abroad. We can not be a creditor nation and during periods of depression. Perhaps we have what is erroneously called a favorable should have a somewhat flexible scale of taxa- balance of trade. Whether we work through tion by which the Administration would have trade agreements or otherwise is another quesauthority to give tax incentives for construc- tion, but we have to have a commercial policy tion expenditures in periods of business contrac- that fits in with our international responsibilition so that people would try to build then ties and with our position as a creditor nation. rather than in periods of expansion. Whether Second, we ought to adopt some plan like the this plan would fit our conditions needs to be Bretton Woods Monetary Fund in order to examined, but it has an appeal as a reasonable establish stability in the exchanges, provide for means for reducing fluctuations in economic flexibility when necessary, and help in emeractivity. gencies. We also ought to encourage inter- 6. The budget. Let us now turn to the way national investment, which will be absolutely all these policies will be reflected in the budget. necessary in the liberated countries and in the In a period of prosperity every attempt should development of new resources in many other be made to balance the budget and to diminish countries. For that purpose there was pro- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES posed at Bretton Woods a well worked-out plan In the management of the banking system of international organization for investment emphasis should be on seeing that banks render purposes. services commensurate with their cost to the 8. Money and credit. In the monetary field community. Banks* earnings must be adequate we must in the first place maintain the value of to secure sufficient capital, to pay expenses, to Government bonds. In view of the fact that yield a reasonable return, and no more. With all kinds of people and businesses and institu- the very large growth in the Government porttions will be holding bonds, their value must folio, there is danger that bank earnings will be remain stable. This will have to be one of the unnecessarily large. Some device must be found financial cornerstones. With the enormous to prevent this from happening for this would volume of potential investment funds in the be no more desirable than it would be to permit hands of the public, it is improbable that there the banks to suffer from inadequate earnings. will be any tendency for bonds to decline in The banking function, like every other economic value. Nevertheless, the decision to maintain function, is justified only insofar as it gives their value must be made, and followed by ac- service for the returns it receives and the policy tion if it should become necessary. This coun- of the banking authorities should be guided by try will have to adjust itself to a 2.}^ per cent that principle. interest rate as the return on safe, long-time 9. Agency for formulating economic -policies. I money, because the time has come when re- think this covers pretty nearly the entire waterturns on pioneering capital can no longer be front, except that we have to have in the unlimited as they were in the past. That does Government a place for formulating over-all not mean that short-time money rates should economic policies. We have to have a person not move up and down. But I do not want to in Washington whose duty it is to do that and go into detail at this time about the money to present his conclusions for consideration to market mechanism. the President, to the Congress, and to the We have to have liberal financing arrange- Cabinet. This person should probably be ments for reconversion, particularly of small located in the Executive Offices and he should businesses. I think large business has such vast have advisory committees drawn from the Deresources and knows the ropes so well that it partments, from Congress, and from the various can be depended upon to take care of itself, economic groups of the population. He should but it is essential to have provision, through have access to all available information and banks or other institutions, to take care of the responsibility for using the information in requirements of small business in reconversion. working out programs. Neither the President The central banking mechanism must retain nor the Cabinet nor Congress can do this work. all the powers it has, both quantitative and Someone must have the function of serving them qualitative. Probably there should be an and the country in this way. He should have increase in Federal Reserve powers over reserve no powers beyond that of making recommendarequirements in order to give the System more tions. All the work that is being done here in influence over the expansion of credit than it Washington and in the States should be brought has had since the great inflow of gold. Existing into focus by an agency specifically charged with qualitative controls over speculative loans in that duty. the stock market and too easy terms on instalment credit should be developed further, and other selective controls should be established This program no doubt sounds presumptuous, for, say, real-estate and commodity loans. but think it over and give the country the Those weapons should be added to the arsenal benefit of your thoughts. On the whole there of restraints available to monetary policy. is a surprising unanimity in the trend of public FEBRUARY 1945 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES opinion on these subjects; differences are largely you mean, Mr. Goldenweiser, don't you think over details. The general idea that prosperity that would set off the forces of inflation more depends upon maintenance of employment and than anything else? a gradually rising national income is generally My second question has to do with psyaccepted. The old view that the economy needs chology. Does Mr. Goldenweiser really believe a periodic deflationary purge has been largely what he has told us? abandoned. I think that if we find an over-all Mr. Goldenweiser: My answer is, Yes. program that will accomplish the results here Question: It seems to me, then, you have outlined we shall not have fought this war in adhered very strictly to your proposition that vain. We shall have good prospects of main- the economist should not have the bias of containing over this and future generations our sistency. In discussing the conditions which form of economic organization and our stand- would give rise to full employment, I underards of political and social justice. stood Mr. Goldenweiser to say we must have a Question: Mr. Goldenweiser can undoubtedly major housing program, we must have a high explain what seemed to me a contradiction. rate of business investment, and we must If I understood him correctly, for averting un- build up inventories—all things which must employment of some zo millions he relied come to an end, just as they came to an end in partly on exports in excess of imports to the 192.9. It seems to me there runs through Mr. extent of perhaps 2. billion dollars. Later he Goldenweiser's talk a fatalism which says we seemed to say that, as a creditor nation, it do these things during periods of prosperity and was essential as a part of our program that we these things during periods of depression. What import more than we export. I want to ask is, Do you think we can stabilize Mr. Goldenweiser: That is a perfectly legiti- anywhere except at the top or at the bottom? mate question. There is a contradiction, but Mr. Goldenweiser: I think you are doing the answer is a simple one. The first state- yourself an injustice when you call these minor ment referred to the immediate postwar years. questions of detail. They are the most funda- Most countries will not have anything to mental and most con trovers ial questions that export then and will need our goods, and so can be asked; but they are perfectly legitimate we can count on an export balance. But questions.. for the longer run we must have policies that There are more than two questions. If I will reverse the balance of trade. A creditor overlook any of them, you call me back. First, nation, which we are, must import more than about wages. I do not believe that wages it exports. should be adjusted downward to offset the in- Question: I should like to ask two questions, crease in savings. If proper controls over one of which may appear to be a question of spending are retained until reconversion has minor detail. With respect to wage policies I been accomplished, these savings will not understood Mr. Goldenweiser to say that we produce inflation, and after reconversion they should have a "reasonable adjustment of will provide a backlog of security that will wages to the cost of living.*' I assume, to be make their owners less hesitant to spend curlogical and consistent, he would mean wages rent income. Nor do I believe that we would should be adjusted downward as an offset to start an inflationary cycle by permitting an the tremendous increase in savings which has upward adjustment of wages in those industries occurred. But I am afraid what he means is where real earnings have not been maintained that wages should be adjusted upward to take at the prewar level. Wage and salary control, into account the increase in the cost of living price ceilings, rationing, etc., are all parts of a over and above the increase now allowed under national effort to prevent inflation during a the Little Steel Formula. And if this is what time when winning the war must be the major FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES objective of the economy. Application of the with a minimum sacrifice of independence and, principle of adjusting wages to the cost of living if I did not believe there was a chance of doing is not a sound general policy because on the it, I would not advocate it. I would be a deupside, which is what is under discussion, it featist and say that we might just as well emleads to an inflationary spiral. But when in- brace communism or fascism, or some other justices have developed during a period of war- "ism." We know from observation that totime controls a once-for-all rectification may talitarianism can eliminate unemployment, and become necessary. we know from experience that war can do the The questioner also asks whether doing all same. We do not want totalitarianism, bethe things that he enumerates would make it cause we know that while it accomplishes possible for us to stabilize at the top, or whether certain results it does so in a way that sacrifices ultimately they would make us fall to the things that are more sacred. We do not want bottom. I think we should aim for stability war. It is my firm conviction that full employat the top and that the goal is not impossibly ment and a rising standard of living can be high. If we have an adequate volume of goods achieved within the framework of democratic to distribute and an adequate distribution of institutions and economic free enterprise, even income, we should be able to stay at the top. as other economically and socially necessary But in the top to which I refer markets as well objectives have been achieved. I think what as production must be sustained, and specula- I am proposing is consistent with free entertive overexpansion has no place. The point prise and consistent with democracy, so much is that, with a proper distribution of income, so that I am convinced it is the only condition there will be purchasers for a large volume of under which free enterprise and democracy will production and there need be no repetition of survive—even as long as those of us who the 192.9 collapse. It will be a difficult job, haven*t very many more years to live will be but we owe it to ourselves not to permit our here to enjoy it. thinking to be dominated by the defeatist point Question: I should like to ask a question conof view that reasonable prosperity must be fol- cerning your platform. It seems to me that lowed by collapse. We have been fighting you may have left out one plank. I have against extreme fluctuations ever since the toyed with the idea—but I do not quite know invasion of machinery and we have gradually how to handle it—that what we had during learned how to fight more effectively. I think the thirties in the form of unemployment was it is time that we became masters of the machine. really concentrated leisure. In the future,, Question: Do you think it is possible to given this floor of the standard of minimuminstitute the social guarantee of minimum wages welfare that you have set up in one goal and and the minimum standard of living, and so on, to which I certainly agree, I wonder if then we without sacrificing our free, competitive enter- do not have to work into our equation, or into prise system? our thinking about employment, more leisure- Mr. Goldenweiser: I am convinced that if we time for everyone, or are we going to have it fail to do so we will certainly sacrifice our free concentrated again in the form of unemployment? competitive system. If we permit nature to You see, when we develop these estimates of take its course, the way we did after the last the gross national production we talk about war, we will invite the loss of free enterprise increasing aggregate consumption, and inand all of our liberties. Our one chance to creasing goods for export, because we can not maintain a free enterprise system is to make it see readily how the entire gross product may be produce the standard of living a wealthy and consumed or utilized. Now I wonder in that self-respecting country should provide for its summation if leisure shouldn't be included as a population. I believe it is desirable to do this product; then we won't have to reach quite so FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES high to maintain a satisfactory level of eco- Mr. Goldenweiser: I agree on the point about nomic activity? wages. The correction and amplification of my Mr. Goldenweiser: In other words, you would reply are entirely in line with my own thinking. like to have an adequate standard of leisure as Question: If, as Mr. Goldenweiser suggests, well as an adequate standard of labor. I think the United States adopts a "national minimum," that is desirable provided the leisure is not shall aid be given by a "negative income tax" accompanied by want. There should be in- with the recipient free to use the public funds cluded in any program the amount of leisure as he will, or perhaps with stipulations as to that the country can afford but I think that it permissible use; or shall contributions be made would be a fatal mistake to reduce output in kind, by the direct provision of public housmaterially by a reduction of hours before we ing or of other goods? have produced enough to give every person in Mr. Goldenweiser: I am going to sidestep this the United States the minimum necessary for a question on the general ground that it is a decent standard of living. It is my opinion question of detailed procedure. Specific measthat we need to work 39 or 40 hours a week in ures will have to be worked out by qualified order to produce the goods and services without persons and coordinated in an over-all program which additional leisure could not be enjoyed. by the person charged with this responsibility. The amount of leisure should increase just as Naturally I don't think we would say to a soon as our productivity increases enough to person, "You must live in that house or in this assure us the kind of a standard we want with house.'' We have already established minimum less labor. I consider leisure as something we housing standards in many cities by requiring should have more of when we can afford it. that tenement houses must provide a certain Question: I want to put in a word for a better minimum number of cubic feet per person, etc. distribution of leisure. I think you do need It is along such lines, and through making it another plank, Mr. Goldenweiser, and I go to possible for people to afford the minimum after Bradford and to the Plymouth Colony to get it: it has been provided, that I would work. "He who does not work shall not eat." The Question: One of the things which lies at the point of that is that as you develop this process base of what little optimism I have about the of guaranteeing everybody a living, there are postwar picture is the fact that in the centers of a lot of people who are not going to work very economic power, in this country and abroad, much unless they have to. So I am putting in there are people with fundamental ideas about a word for a better distribution of leisure. what is necessary, if we are to accomplish re- While on my feet I would like to say a word sults. I doubt that at the end of the last war about the point brought up, and your answer. such a situation existed; a great many things I don't think your answer was quite as good as were allowed to take their course then as a it could be. One important point is, that you matter of automatic economic principle or law. have the problem of adjusting from a wartime They probably will not be permitted to take wage to a wage-rate basis where the wage rate their course this time. We have had an exis much more important than it is now; that is, cellent demonstration of that tonight. it is the basic thing. And so it seems to me That is a prelude to my question, Can we— that it is practically necessary to a healthful the American people—count on the type of economy that we have some adjustment in the credit and monetary policies on the part of the wage rate to offset, in part at least, the loss of responsible organs of the United States Governovertime payments; and that this can be done ment which will contribute to the maintenance with increased productivity so that it will not of prosperity? I am perfectly willing to admit significantly affect the whole policy and price that these policies are not all that is involved, system. but I do believe they play an important part. IZO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR PROBLEMS AND POLICIES Can we count on the type of policies which will sidering the former tax levels in this country, contribute to a gross national product of 170 we have done a fairly good job. When on the billion dollars and net national income of 140 whole the people pay one-third of the national billions? income in taxes, and some people pay as much Mr. Goldenweiser: If I understand your ques- as 90 per cent of their incomes, there has been tion, it is whether we can count on the kind of a pretty good job of taxing. Government action—and I should imagine you I think that the Federal Reserve System, with would add private action—that would result all its faults, showed sufficient foresight to raise in what I set up as a goal. I hope so. I think reserve requirements when inflation threatened. it is possible, unfortunately, that we will fall It got kicked all over the place as a result, but short of the goal. But if we keep the goal in that is one of the functions of the Federal Remind, and enough of us all over the country serve System. And even though pressure groups and here in Washington get together, it can and political difficulties continue, I believe the be attained. I have profound faith in that. System will manage to do its job. I have been predicting that we are going to have Your question on taxation reminds me of the a pretty serious depression within two or three very picturesque description Keynes gave the years, and one of the reasons for the prediction other night of the way the tax system works in was that I felt the people should recognize England. He said that, if a surgical operation where our danger lies. I hoped that if the cost a wealthy individual in England 100 people were aware of the danger it could be pounds, it would take 4,000 pounds of income averted, thus accomplishing the purpose of to pay for the operation. The surgeon who got most economic prophecies. If we make up our the 100 pounds, if wealthy like his patient, minds to act with determination and purpose, would only have 2.3^ pounds left for himself we won't fall down very badly. I am sure that after he paid the tax on his fee. That is one we will muddle but I hope that we will muddle way of saying that for upper brackets the through rather than just muddle. income tax rate is 97^ per cent. We don't Question: To bring out a question that bothers go quite that high, but we come pretty close me I offer a statement made by a banker in New to it. York: "I would be in favor of this thing they But even that story can be beaten by what a call functional finance—namely, using the wealthy Australian told me once. He said that Government's taxing and spending powers to by the time he had paid the local taxes he had stabilize the economy—if I thought that in a paid 103 per cent of his income in income tax. democratic society we would ever have the Well, he didn't get any crocodile tears out of courage at a time of expansion to do anything me, because his story proved that living on his and have our Government do anything that principal wouldn't do him much damage. The would be deflationary." That is to say, will point is that we have made a good tax effort we tax at a time when we ought to tax in order even though we haven't reached these heights. to prevent inflation, or won't we? Now, we Many of you are young folks, but all of you can didn't during the war. What hope is there remember when our income tax didn't affect that we will after the war? incomes under $3,000, when our income-tax Mr. Goldenweiser: I think that we shall move payments were more or less in the petty cash in that direction. And I don't think that you column. The income-tax blank* we have to are giving quite enough credit to what has face now represent such a tremendous change been done. During the war, in spite of the fact that I think we are underrating our own courage that we asked for more taxes and only got when we say we cannot act to prevent inflation. part of what we wanted, in retrospect and con- FEBRUARY 1945 12-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit desirable to consolidate and clarify certain previous rulings on this subject: Rural Electrification Credit i. Credit for the repair of a stoker is exempt. z. Credit for the replacement of a stoker that With respect to the applicability of Regulais worn out, damaged beyond repair, or tion W to credit extended by Rural Electrificadestroyed is exempt. tion Administration cooperatives to finance the 3. Credit for a stoker that is to be installed wiring of farm homes, barns and outbuildings, in a heating system to be converted from the Board has ruled that credit extended to cover oil to coal is exempt. the wiring and fixtures installed within the farm 4. Credit for a stoker that is to be installed house would be subject to the Regulation, but in a heating system to be converted from that credit extended to cover all other fixtures hand-fired coal to stoker-fired coal is for general farm use, including leads to the exempt. power line from the farm, and fixtures used in The last item modifies slightly the Board's barns and outbuildings (which are usually of ruling published in the 1942. Federal Reserve waterproof construction and not of a kind commonly used in a home) would be exempt under BULLETIN at page 990. Since the coal for which stokers are designed and which is generally used section 8(i). for stoker-firing is of a different kind from that for which hand-fired furnaces are designed and Repair or Installation of Coal Stoker which is generally used for hand-firing, the Questions have been raised recently as to the heating equipment can be said to be converted application of section S(m) of Regulation W to to the use of another fuel, even though in a few credit for the repair or installation of coal instances the kinds of coal used before and after stokers. It has accordingly been considered the conversion may be similar. IXX FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in the Board's Staff Atlanta, located in Savannah, Georgia, was dis- Mr. Lawrence Clayton, who has been Assist- continued effective as of the close of business on ant to the Chairman of the Board of Governors January 31, 1945. since December 1934, resigned in January to Admissions of State Banks to Membership in the become President of Clayton Securities Corpora- Federal Reserve System tion of Boston. The following State banks were admitted to Mr. Elliott Thurston, who has been Special membership in the Federal Reserve System dur- Assistant to the Chairman since May 1935, was ing the period December 16, 1944, to January appointed Assistant to the Chairman, effective February 1, 1945. Illinois Dr. E. A. Goldenweiser, who has been a mem- Geheseo—Central Trust & Savings Bank of ber of the Board's Division of Research and Sta- Geneseo, Illinois tistics since March 1919 and Director of the Indiana Division since January 19x7, was appointed to the newly created position of Economic Adviser, Milford Junction—Citizens State Bank of Mileffective February 1, 1945. ford (P.O. Milford) Dr. Goldenweiser was succeeded as Director Iowa of the Division of Research and Statistics by Mr. Elkader—The Central State Bank & Trust Woodlief Thomas, who has been Assistant Direc- Company tor of the Division since November 1934. For Missouri 13 years prior to that time he had been engaged Holden—Bank of Holden in research work for the Federal Reserve System, serving at various times with the Federal Reserve Montana Bank of Philadelphia, the Federal Reserve Bank Harlem—Security State Bank, Harlem, Montana of New York, and the Board. New Jersey Effective February 1, 1945, Mr. Howard S. Raritan—Raritan State Bank Ellis was appointed Assistant Director of the Division of Research and Statistics. Mr. Ellis New York has been a member of the Division since Septem- Ebenezer—The Ebenezer State Bank ber 1943 on leave of absence as Professor of Hamburg—Bank of Hamburgh Economics at the University of California. Ohio Discontinuance of Savannah Agency % Lake view—The Farmers' Banking Company In accordance with action taken by the Board Texas of Directors of the Federal Reserve Bank of At- Tyler—Tyler State Bank & Trust Company lanta, with the approval of the Board of Govern- Weatherford—The Merchants and Farmers State ors, the Agency of the Federal Reserve Bank of Bank of Weatherford FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES T7OLLOWING is a list of the directorates of the Federal Reserve Banks and Branches as at present JL constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A Directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. District No. 1—Boston Term Expires Class A: Dec. 31 Leon A. Dodge.. .President, The First National Bank of Damariscotta, Damariscotta, Me 1945 Allen W. Holmes President, The Middletown National Bank, Middletown, Conn I94^ Allan Forbes.. . President, State Street Trust Company, Boston, Mass.. I947 Class B: Laurence F. Whittemore. Assistant to President, Boston and Maine Railroad, Pembroke, N. H 1945 Roy L. Patrick.. . President and Director, Rock of Ages Corporation, Burlington, Vt . . 1946 Philip R. Allen. . .Director, Bird & Son, inc., E. Walpole, Mass.. 1947 Class C: Henry S. Dennison2.. ..President, Dennison Manufacturing Company, Framingham, Mass 1945 Henry I. Harriman.. . .Director and Vice Chairman, New England Power Association, Boston, Mass— 1946 Albert M. Creighton1 Chairman of the Board.. 1947 District No. 2—New York Class A: Warren W. Clute, Jr President, Glen National Bank of Watkins Glen, Watkins Glen, N. Y 1945 S. Sloan Colt President, Bankers Trust Company, New York, N. Y.. . . I94^ Harry H. Pond President, The Plainfield Trust Company, Plainfield, N. J.. 1947 1 Chairman. 2 Deputy Chairman. 12.4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Carle C. Conway.. Chairman of the Board and President, Continental Can Company, Inc., New York, N. Y 1945 Donaldson Brown.. .Vice Chairman of the Board, General Motors Corporation, New York, N. Y 1946 Charles E. Adams.. . .Chairman, Air Reduction Company, Inc., New York, N. Y.. 1947 Class C: William I. Myers2 Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y .. 1945 Robert D. Calkins...'... .Dean, School of Business, Columbia University, New York, N. Y... 1946 Beardsley Ruml1.. .. Treasurer, R. H. Macy & Company, Inc., New York, N. Y.. . 1947 Buffalo Branch Appointed by Federal Reserve Bank: Insley B. Smith Managing Director, Buffalo, N. Y 1945 Lewis G. Harriman President, Manufacturers and Traders Trust Company, Buffalo, N. Y 1945 Elmer B. Milliman President, Central Trust Company Rochester, N. Y., Rochester, N. Y 1946 George H. Bangert President, The First National Bank of Kenmore, Kenmore, N. Y.... . 1947 Appointed by Board of Governors: Gilbert A. Prole. Farmer, Batavia, N. Y 1945 Thomas Robins, Jr .. .President, Hewitt Rubber Corporation, Buffalo, N. Y I94^ Marion B. Folsom Treasurer, Eastman Kodak Company, Rochester, N. Y.. .. I947 District No. 3—Philadelphia Class A: George W. Reily.. .President, Harrisburg National Bank, Harrisburg, Pa 1945 John B. Henning President, Wyoming National Bank, Tunkhannock, Pa 1946 Howard A. Loeb.. ..Chairman, Tradesmens National Bank & Trust Company, Philadelphia, Pa 1947 Class B: Ward D. Kerlin.. Secretary & Treasurer, Camden Forge Company, Camden, N. J . 1945 James T. Buckley.. ..Chairman, Executive Committee, Philco Corporation, Philadelphia, Pa I94^ Vacancy. . I947 Class C: Thomas B. McCabe1 President, Scott Paper Company, Chester, Pa 1945 Warren F. Whittier2 Farmer, dairyman, and cattle breeder, Chester Springs, Pa J94^ C. Canby Balderston Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa X947 District No. 4—Cleveland Class A: Ben R. Conner President, The First National Bank of Ada, Ada, Ohio 1945 H. B. McDowell President, The McDowell National Bank of Sharon, Sharon, Pa ._., 1946 F. F. Brooks President, First National Bank at Pittsburgh, Pittsburgh, Pa... 1947 1 Chairman. 2 Deputy Chairman. FEBRUARY 1945 12.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Thomas E. Millsop President, Weirton Steel Company, Weirton, W. Va 1945 R. P. Wright Secretary-Treasurer, Reed Manufacturing Company, Erie, Pa.. . 1946 George D. Crabbs Chairman of Board, Philip Carey Manufacturing Company, Cincinnati, Ohio 1947 Class C: Reynold E. Klages2 President, Columbus Auto Parts Company, Columbus, Ohio. . 1945 George C. Brainard1 President, The General Fireproofing Company, Youngstown, Ohio 1946 A. Z. Baker.. . .President and General Manager, The Cleveland Union Stock Yards Company, Cleveland, Ohio... 1947 Cincinnati Branch Appointed by Federal Reserve Bank: Frederick V. Geier President, The Cincinnati Milling Machine Company, Cincinnati, Ohio 1945 Buckner Woodford.. ..Vice President and Cashier, Bourbon-Agricultural Bank and Trust Company, Paris, Ky 1945 J. G. Gutting... . .President, The Second National Bank of Cincinnati, Cincinnati, Ohio Walter H. Behm. . ..President, Winters National Bank and Trust Company of Dayton, Dayton, Ohio.. 1947 Appointed by Board of Governors: Francis H. Bird Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio 1945 S. Headley Shouse Farmer, Lexington, Ky I94^ Paul G. Blazer Chairman of Board, The Ashland Oil and Refining Company, Ashland, Ky 1947 Pittsburgh Branch Appointed by Federal Reserve Bank: Archie J. McFarland President, Wheeling Steel Corporation, Wheeling, W. Va 1945 Clarance Stanley President, The Union Trust Company of Pittsburgh, Pittsburgh, Pa 1945 g ident, Si T C Whli W V6 R. E. Bowie President, Security Trust Company, Wheeling, W. Va T. C. Swarts Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa 1947 Appointed by Board of Governors: Robert E. Doherty President, Carnegie Institute of Technology, Pittsburgh, Pa.. 1945 Howard W. Jordan President, Pennsylvania Rubber Company, Jeannette, Pa.. .. 1946 Vacancy 1947 District No. 5—Richmond Class A: Charles E. Rieman President, Western National Bank, Baltimore, Md 1945 James C. Braswell Chairman of Board, Planters National Bank and Trust Company, Rocky Mount, N. C 1946 John A. Sydenstricker... .Cashier, First National Bank in Marlinton, Marlinton, W. Va 1947 2 Deputy Chairman. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec, 31 Charles C. Reed President, Williams & Reed, Inc., Richmond, Va 1945 H. L. Rust, Jr President, H. L. Rust Company, Washington, D. C 1946 Edwin Malloy President and Treasurer, Cheraw Cotton Mills, Inc., Cheraw, 1947 S. C. Class C: W. G. Wysor2 General Manager, Southern States Cooperative, Inc., Richmond, Va 1945 Robert Lassiter1 Chairman of Board, Mooresville Cotton Mills, Mooresville, N. C 1946 Charles P. McCormick.. .President, McCormick & Company, Inc., Baltimore, Md.. 1947 Baltimore Branch Appointed by federal Reserve Bank: W. R. Milford Managing Director, Baltimore, Md 1945 James C. Fenhagen Vice Chairman of Board, Baltimore National Bank, Baltimore, Md 1945 George M. Moore Vice President, Union National Bank, Clarksburg, W. Va.. . 1946 W. Bladen Lowndes President, Fidelity Trust Co., Baltimore, Md 1947 Appointed by Board of Governors: Joseph D. Baker, Jr Secretary and Treasurer, The Standard Lime & Stone Company, Baltimore, Md 1945 W. Frank Roberts President, Standard Gas Equipment Corporation, Baltimore, Md 1946 W. Frank Thomas Construction Engineer and Real Estate Management, Westminster, Md 1947 Charlotte Branch Appointed by Federal Reserve Bank: W. T. Clements Managing Director, Charlotte, N. C 1945 Angus E. Bird Chairman of Board, The Citizens & Southern National Bank of S. C, Charleston, S. C 1945 Allen H. Sims... . .Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C 1946 N. S. Calhoun. . . .President, Security National Bank, Greensboro, N. C.. . 1947 Appointed by Board of Governors: D. W. Watkins Director of Extension, Clemson College, Clemson, S. C.. 1945 George M. Wright President, Republic Cotton Mills, Great Falls, S. C I94^ Charles L. Creech Chairman of Board, B. F. Huntley Furniture Company, Winston-Salem, N. C 1947 District No. 6—Atlanta Class A: Vacancy 1945 W. D. Cook President, First National Bank in Meridian, Meridian, Miss.. . 1946 George J. White President, The First National Bank of Mount Dora, Mount Dora, Fla 1947 1 Chairman. 2 Deputy Chairman. FEBRUARY 1945 12.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 J. A. McCrary... . .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1945 Fitzgerald Hall... ..President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tenn Ernest T. George President and Chairman, The Seaboard Refining Company, Ltd., New Orleans, La 1947 Class C: J. F. Porter2. . . . President and General Manager, Tennessee Farm Bureau Federation, Columbia, Tenn 1945 Rufus C. Harris... . .President, The Tulane University of Louisiana, New Orleans, La 1946 Frank H. Neely1. . ..Executive Vice President and Secretary, Rich's, Inc., Atlanta, Ga .... 1947 Birmingham Branch Appointed by Federal Reserve Bank: P. L. T. Beavers Managing Director, Birmingham, Ala 1945 M. B. Spragins President, The First National Bank of Huntsville, Huntsville, Ala *..... 1945 James G. Hall Executive Vice President, The First National Bank of Birmingham, Birmingham, Ala 1946 Gordon D. Palmer President, The First National Bank of Tuskaloosa, Tuscaloosa, Ala 1947 Appointed by Board of Governors: Wm. Howard Smith Planter and cattle raiser, Prattville, Ala 1945 Edward L. Norton..... .Chairman of the Board, Voice of Alabama, Inc., Birmingham, Ala I94^ Donald Comer Chairman of the Board, Avondale Mills, Birmingham, Ala.. 1947 Jacksonville Branch Appointed by Federal Reserve Bank: Geo. S. Vardeman, Jr... .Managing Director, Jacksonville, Fla 1945 Bert C. Teed Executive First Vice President, First National Bank in Palm Beach, Palm Beach, Fla 1945 J. G. McCrocklin President, First National Bank in Tarpon Springs, Tarpon Springs, Fla 1946 J. L. Dart... .. President, The Florida National Bank of Jacksonville, Jacksonville, Fla .... ... 1947 Appointed by Board of Governors: Charles S. Lee Farmer, Oviedo, Fla 1945 Frank D. Jackson President and General Manager, Jackson Grain Company, Tampa, Fla Walter J. Matherly Dean, College of Business Administration, University of Florida, Gainesville, Fla 1947 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr Managing Director, Nashville, Tenn 1945 Edward Potter, Jr President, Commerce Union Bank, Nashville, Tenn 1945 L. R. Driver President, The First National Bank in Bristol, Bristol, Tenn.... 1946 B. L. Sadler President, First National Bank in Harriman, Harriman, Tenn.. 1947 1 Chairman. 2 Deputy Chairman. Ii8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec, 31 W. E. McEwen Director, County Farm Bureau, Williamsport, Tenn 1945 W. Bratten Evans President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1946 Clyde B. Austin.. .President, Austin Company, Inc., Greeneville, Tenn.... 1947 New Orleans Branch Appointed by Federal Reserve Bank: E. P. Paris Managing Director, New Orleans, La 1945 T. G. Nicholson. . . .President, The First National Bank of Jefferson Parish, Gretna, La 1945 John Legier... ..President, National American Bank of New Orleans, New Orleans, La 1946 J. F. McRae.. . .President, The Merchants National Bank of Mobile, Mobile, Ala 1947 Appointed by Board of Governors: John J. Shaffer, Jr Farmer, Ellendale, La 1945 E. F. Billington Vice President, Soule Steam Feed Works, Meridian, Miss.. . 1946 Vacancy 1947 District No. 7—Chicago Class A: Walter J. Cummings Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1945 Horace S. French President, The Milwaukee Avenue National Bank of Chicago, Chicago, 111 1946 Vivian W. Johnson President, First National Bank in Cedar Falls, Cedar Falls, Iowa... 1947 Class B: William C. Heath President, A. O. Smith Corporation, Milwaukee, Wis 1945 Clarence W. Avery President and Chairman, The Murray Corporation of America, Detroit, Mich 1946 Nicholas H. Noyes Vice President in Charge of Finances, Eli Lilly and Company, Indianapolis, Ind 1947 Class C: W. W. Waymack2. . . .Editor and Vice President, The Register and Tribune, Des Moines, Iowa 1945 Paul G. Hoffman. President, The Studebaker Corporation, South Bend, Ind I94^ Simeon E. Leland1 Chairman, Department of Economics, and Professor of Government Finance, University of Chicago, Chicago, 111 1947 Detroit Branch Appointment by Federal Reserve Bank: Walter S. McLucas Chairman, The National Bank of Detroit, Detroit Mich... . 1945 Rudolph E. Reichert President, Ann Arbor Bank, Ann Arbor, Mich 1946 Charles A. Kanter President, The Manufacturers National Bank of Detroit, Detroit, Mich I94^ Appointment by Board of Governors: H. L. Pierson President, Detroit Harvester Company, Detroit, Mich... 1945 Ernest Gilbert. ... . Farmer, Waldron, Mich 1946 1 Chairman. 2 Deputy Chairman. FEBRUARY 1945 12-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 8—St. Louis Expires Class A: Dec. 31 Max B. Nahm Vice President, Citizens National Bank, Bowling Green, Ky.. 1945 G. R. Corlis Cashier, Anna National Bank, Anna, 111 X94^ Tom K. Smith President, Boatmen's National Bank, St. Louis, Mo 1947 Class B: A. Wessel Shapleigh President, Shapleigh Hardware Company, St. Louis, Mo 1945 H. H. Tucker President, Fones Bros. Hardware Company, Little Rock, Ark.. 1946 Louis Ruthenburg President and General Manager, Servel, Inc., Evansville, Ind.. 1947 Class C: Wm. T. Nardin1 Vice President and General Manager, Pet Milk Company, St. Louis, Mo ' 1945 Wm. H. Stead Dean, School of Business and Public Administration, Washington University, St. Louis, Mo 1946 Douglas W. Brooks2 President, The Newburger Company, Memphis, Tenn 1947 Little Rock Branch Appointed by Federal Reserve Bank: A. F. Bailey Managing Director, Little Rock, Ark 1945 Chas. A. Gordon Vice President, Simmons National Bank, Pine Bluff, Ark 1945 Emmet Morris Chairman, W. B. Worthen Company, Bankers, Little Rock, Ark J94^ Geo. S. Neal President, Bank of Russellville, Russellville, Ark 1947 Appointed by Board of Governors: R. E. Short Farmer, Brinkley, Ark 1945 I. N. Barnett Manager, Barnett Bros. Mercantile Company, Batesville, Ark I94^ S. M. Brooks... .. .President, Brooks Advertising Agency, Little Rock, Ark 1947 Louisville Branch Appointed by Federal Reserve Bank: C. A. Schacht Managing Director, Louisville, Ky 1945 Lee L. Persise President, The State Bank of Salem, Salem, Ind 1945 Phil E. Chappell President, Planters Bank & Trust Company, Hopkinsville, Ky. 1946 Wallace M. Davis Vice President, Citizens Fidelity Bank & Trust Company, Louisville, Ky 1947 Appointed by Board of Governors: G. O. Boomer President, The Girdler Corporation, Louisville, Ky 1945 Rosco Stone Farmer, Hickman, Ky I94^ E. J. O'Brien, Jr President, E. J. O'Brien & Company, Louisville, Ky.. .. 1947 Memphis Branch Appointed by Federal Reserve Bank: W. H. Glasgow Managing Director, Memphis, Tenn 1945 V. J. Alexander President, Union Planters National Bank & Trust Company, Memphis, Tenn 1945 W. W. Campbell President, National Bank of Eastern Arkansas, Forrest City, Ark 1946 W. P. Kretschmar President, Commercial National Bank, Greenville, Miss 1947 1 Chairman. 2 Deputy Chairman. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 J. P. Norfleet President, Sledge and Norfleet, Memphis, Tenn.. . . 1945 Rufus C. Branch Cotton planter and ginner, Pecan Point, Ark 1946 J. Holmes Shefard President, Jno. H. Sherard & Son, Sherard, Miss.. .. 1947 District No. 9—Minneapoli s Class A: F. D. McCartney Vice President, First National Bank, Oakes, N. D 1945 S. S. Ford President, Northwestern National Bank, Minneapolis, Minn.. 1946 J. R. McKnight President, Pierre National Bank, Pierre, S. D 1947 Class B: Ray C. Lange... ...President, Chippewa Canning Company, Chippewa Falls, Wis 1945 Homer P. Clark.. . .Chairman of the Board, West Publishing Company, St. Paul, Minn J94^ J. E. O'Connell... . .President, Eddy's Bakeries, Inc., Helena, Mont 1947 Class C: W. C. Coffey1.... . .President, University of Minnesota, Minneapolis, Minn 1945 W. D. Cochran W. D. Cochran Freight Lines, Iron Mountain, Mich I94^ Roger B. Shepard2 President, Finch, Van Slyck & McConville, St. Paul, Minn.. 1947 Helena Branch Appointed by Federal "Reserve Bank: R. E, Towle.. . .Managing Director, Helena, Mont 1945 Peter Pauly... .President, Deer Lodge Bank & Trust Company, Deer Lodge, Mont 1945 P. B. McClintock. .Vice President, Farmers National Bank, Chinook, Mont... 1946 Appointed by Board of Governors: Malcolm E. Holtz Farmer and stockman, Great Falls, Mont. 1945 R. B. Richardson . . President, Western Life Insurance Company, Helena, Mont.. . 1946 District No. 10—Kansas City Class A: T. A. Dines President, United States National Bank, Denver, Colo 1945 M. A. Limbocker President and Chairman, Citizens National Bank, Emporia, Kan 1946 W. L> Bunten.. . .Vice President and Cashier, Goodland State Bank, Goodland, Kan 1947 Class B: Willard D. Hosford.. . .Vice President and General Manager, John Deere Plow Company, Omaha, Neb 1945 J. M. Bernardin Lumberman, Kansas City, Mo 1946 L. C. Hutson President and General Manager, Chickasha Cotton Oil Company, Chickasha, Okla 1947 Class C: Lyle L. Hague Farmer and stockman, Cherokee, Okla 1945 Robert B. Caldwell1 Caldwell, Downing, Noble and Garrity, Kansas City, Mo 1946 Robert L. Mehornay2... . President, North-Mehornay Furniture Company, Kansas City, Mo 1947 1 Chairman. 2 Deputy Chairman. FEBRUARY 1945 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Denver Branch Expires Appointed by Federal Reserve Bank: Dec, 51 P. K. Alexander Vice President, The First National Bank of Denver, Denver, Colo 1945 W. C. Kurtz President and General Manager, Independent Lumber Company, Grand Junction, Colo 1946 Harold Kountze .President, Colorado National Bank, Denver, Colo 1946 Appointed by Board of Governors: W. A. Alexander Vice President and Assistant General Manager, The Denver Tramway Corporation, Denver, Colo 1945 M. E. Noonen.. .. Sheep rancher, Kremmling, Colo 1946 Oklahoma City Branch Appointed by Federal Reserve Bank: A. E. Stephenson Chairman of the Board, Central National Bank, Enid, Okla.. . . 1945 D.M.Tyler First Vice President, Dewey Portland Cement Company, Dewey, Okla 1946 Hugh L. Harrell.. ..Vice President, First National B^nk and Trust Company, Oklahoma City, Okla 1946 Appointed by Board of Governors: Lloyd Noble President, Noble Drilling Corporation, Tulsa, Okla... . 1945 Neil R. Johnson Rancher and farmer, Norman, Okla 1946 Omaha Branch Appointed by Federal Reserve Bank: T. L. Davis President, First National Bank, Omaha, Neb 1945 George A. Bible President, First National Bank, Rawlins, Wyo 1946 Vacancy 1946 George W. Holmes President, First National Bank, Lincoln, Neb 1947 Appointed by Board of Governors: Walter S. Byrne General Manager, Metropolitan Utilities District of Omaha, Omaha, Neb 1945 John D. Clark... .'..Dean, College of Business Administration, University of Nebraska, Lincoln, Neb 1946 L. E. Hurtz. . ... President, Fairmont Creamery Company, Omaha, Neb.. . . 1947 District No. 11—Dallas Class A: Walter P. Napier President, Alamo National Bank, San Antonio, Texas 1945 Frank Turner President, First National Bank, Decatur, Texas 1946 J. E. Woods Chairman of Board, Temple National Bank, Temple, Texas.. 1947 Class B: J. R. Milam President, The Cooper Company, Inc., Waco, Texas 1945 Geo. A. Hill, Jr President, Houston Oil Company of Texas, Houston, Texas... 1946 E. L. Kurth President and General Manager, Angelina County Lumber Company, Keltys, Texas 1947 Class C: Jay Taylor1 Ranching and stockyards, Amarillo, Texas 1945 J. R. Parten2 President, Woodley Petroleum Company, Houston, Texas. . 1946 Vacancy 1947 1 Chairman. 2 Deputy Chairman. 132. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term El Paso Branch Expires Appointed by Federal Reserve Bank: Dec. $i John K. Hicks President and Manager, Hicks-Hayward Company, El Paso, Texas 1945 H. A. Jacobs Vice President, El Paso National Bank, El Paso, Texas 1945 R. W. McAfee President, State National Bank, El Paso, Texas 1946 J. E. Moore Vice President, First National Bank, Roswell, N. M.. .. 1947 Appointed by Board of Governors: R. E. Sherman... . .Leavell & Sherman, Realtors, El Paso, Texas 1945 Jack B. Martin. . . . President, Arizona Ice and Cold Storage Company, Tucson, Ariz 1946 Vacancy. . 1947 Houston Branch Appointed by Federal Reserve Bank: James A. Elkins President, City National Bank, Houston, Texas 1945 B. C. Roberts.. , . President, Wharton Bank & Trust Company, Wharton, Texas. 1945 W. N. Greer President, Citizens State Bank, Houston, Texas I94^ John W. McCullough President, Hutchings-Sealy National Bank, Galveston, Texas. . 1947 Appointed by Board of Governors: J. S. Abercrombie President, J. S. Abercrombie Company, Houston, Texas. .. 1945 George A. Slaughter.... Farming, Wharton, Texas 1946 J. E. Wheat Attorney, Woodville, Texas 1947 San Antonio Branch Appointed by Federal Reserve Bank: R. D. Barclay President, National Bank of Commerce, San Antonio, Texas. . 1945 E. J. Miller ... President, South Texas National Bank, San Antonio, Texas.... 1945 J. A. Walker. . . . Executive Vice President, Del Rio National Bank, Del Rio, Texas I94^ T. C. Frost, Jr.. . . Vice President, Frost National Bank, San Antonio, Texas.... 1947 Appointed by Board of Governors: George W. Stocking Professor of Economics, University of Texas, Austin, Texas. .. 1945 Holman M. Cartwright. .Livestock and farming, Twin Oaks Ranch, Dinero, Texas 1946 J. M. Odom General Contractor, Austin, Texas 1947 District No. 12—San Francisco Class A: Carroll F. Byrd. . . .Chairman of the Board, and Executive Vice President, The First National Bank of Willows, Willows, Calif 1945 C. K. Mclntosh... . Chairman of the Board, The Bank of California N. A., San Francisco, Calif 1946 Richard Shore Smith.... President, The First National Bank of Eugene, Eugene, Ore.. . 1947 Class B.- Reese H. Taylor. . . President, Union Oil Company of California, Los Angeles, Calif 1945 Elmer H. Cox President, Columbia Timber Company, San Francisco, Calif.. 1946 St. George Holden St. George Holden Realty Company, San Francisco, Calif.. . . 1947 FEBRUARY 1945 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Harry R. Wellman2. . . . Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1945 Bray ton Wilbur President, Wilbur-Ellis Company, San Francisco, Calif 194& Henry F. Grady1 President, American President Lines, Ltd., San Francisco, Calif 1947 Los Angeles Branch Appointed by Federal Reserve Bank: W. N. Ambrose Managing Director, Los Angeles, Calif 1945 F. E. Snedecor President, The First National Bank of Corona, Corona, Calif.. . 1945 Herbert D. Ivey President, Citizens National Trust & Savings Bank of Los Angeles, Los Angeles, Calif 1946 Appointed by Board of Governors: Y. Frank Freeman Vice President, Paramount Pictures, Inc., Hollywood, Calif... 1945 C. E. Myers Agriculturist, Covina, Calif 1946 Portland Branch Appointed by Federal Reserve Bank: D. L. Davis Managing Director, Portland, Ore 1945 Paul S. Dick President, The United States National Bank of Portland, Portland, Ore 1945 William C. Christensen. .President, The Commercial National Bank of Hillsboro, Hillsboro, Ore 1946 Appointed by Board of Governors: George T. Gerlinger President, Willamette Valley Lumber Company, Portland, Ore 1945 William H. Steen. . . .Livestock and farming, Milton, Ore 1946 Salt Lake City Branch Appointed by Federal Reserve Bank: W. L. Partner Managing Director, Salt Lake City, Utah 1945 Frederick P. Champ President, Cache Valley Banking Company, Logan, Utah 1945 Orval W. Adams Executive Vice President, The Utah State National Bank of Salt Lake City, Salt Lake City, Utah Appointed by Board of Governors: Henry Aldous Dixon. . . .President, Weber College, Ogden, Utah. ... . 1945 R. C. Rich Livestock and farming, Burley, Idaho . 1946 Seattle Branch Appointed by Federal Reserve Bank: C. R. Shaw Managing Director, Seattle, Wash 1945 Andrew Price President, The National Bank of Commerce of Seattle, Seattle, Wash 1945 Fred L. Stanton President, The Washington Trust Company, Spokane, Wash.... 1946 Appointed by Board of Governors: Charles F. Larrabee President, Roslyn-Cascade Coal Company, Bellingham, Wash.. 1945 John M. McGregor Manager, McGregor Land & Livestock Company, Hooper, Wash 1946 1 Chairman. 2 Deputy Chairman. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled January 23, and released for publication January 25. Figures shown on charts may differ from preliminary figures used in text. Production and employment at factories Output of metals decreased somewhat further increased somewhat in December. Retail buy- in December. In the first three weeks of ing was exceptionally active in December and January steel production continued to decline, the first half of January and wholesale com- partly because of severe weather conditions. modity prices advanced. Output of aluminum has been held at a level of about 90 million pounds per month since last INDUSTRIAL PRODUCTION autumn. The curtailment of aluminum sheet Total industrial production was maintained production during 1944 was reported in January in December at the level of the preceding month, to have led to a critical supply situation for which was 2.^1. per cent of the 1935-39 average, this product in the light of the recently raised according to the Board's index. Manufacturing aircraft schedule. output showed a slight rise because of increased Lumber production showed the usual seasonal output of war products, while minerals produc- decline in December. Output for the year 1944 tion declined, reflecting a sharp drop in coal was about 5 per cent below 1943, and a further production. decline is expected in 1945 due to continued Gains over the November levels of activity shortages of manpower and equipment. in the machinery, transportation equipment, Cotton consumption and output of manuchemicals, petroleum refining, and rubber indus- factured foods were maintained in December tries followed a renewed drive to expand output at the level of the preceding month. There were of critical munitions. Military events in De- declines in shoe production and in activity at cember resulted in higher production schedules paper mills. for munitions and in additional Federal measures Output of coal in December was about ix to assure manpower for war output and to per cent below average production in the increase inductions into the armed services. preceding 11 months. In order to assure Stringent limits were placed on the use of metals supplies to meet the most essential needs, in civilian products under the programs initiated restrictions on less essential civilian uses of last fall. coal were instituted in January. Crude pe- WHOLESALE PRICES INDUSTRIAL PRODUCTION 260 - 240 "V 240 - 220 220 FARM PROD UCTS /y, - / 200 200 - - 180 / 180 .L COMMODITIES -— . -j- - - x^" — ~" 1 160 / 160 - / - 140 140 - 120 120 _ - 100 100 \ 80 80 THANPARMPROOC 1942 1940 1941 1942 Federal Reserve index. Monthly figures, latest shown is for Decem- Bureau of Labor Statistics' indexes. Weekly figures, latest shown ber. are for week ending Jan. 20. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS troleum production was maintained in December BANK CREDIT in large volume, while output of iron ore In the four weeks ended January 17, Governshowed the large seasonal decline customary ment security holdings at weekly reporting in this month. member banks increased further. Loans for DISTRIBUTION purchasing and carrying Government securities During the November-December Christmas declined from the level reached during the Sixth shopping season department store sales rose to War Loan Drive; most of the decline was in the new high levels and were 15 per cent larger loans to customers, but loans to brokers and than in the corresponding period a year ago. dealers also were reduced moderately. The The high level of sales was maintained in the Government securities added to reporting memfirst half of January, taking into account usual ber bank holdings in this period consisted mainly seasonal changes in trade. of bonds and bills. Carloadings of railroad freight declined more Excess reserves held by member banks dethan usual in December. During the first clined relatively little from the peak reached two weeks of January loadings were 5 per cent during the Sixth War Loan Drive. Reserve less than during the same period a year ago, requirements increased, but member bank reowing to decreases in all classes of freight ex- serve balances also increased by approximately cept miscellaneous shipments. the same amount. Spending of Treasury balances and a reduction of nonmember deposits at COMMODITY PRICES Reserve Banks more than offset a decline in The general level of wholesale commodity holdings of Government securities by the prices advanced somewhat from the early part Federal Reserve Banks. Currency in circulaof December to the middle of January. Prices tion declined 130 million dollars during the of most farm products were higher. After the three weeks following the Christmas peak, the middle of January grains and cotton declined largest decline for any corresponding period but were still above early December levels. since early 194.x* Steel scrap, which had been considerably below Following the Sixth War Loan Drive, adceiling levels in the autumn, showed a sharp justed demand deposits renewed their increase, price rise. Prices of nonferrous metal scrap, and time deposits increased at a more rapid rate cement, and various other industrial materials than demand deposits. Between war loan also increased in December and the early part drives, time deposits in all banks have been of January. increasing at the rate of almost three-quarters MEMBER BANKS IN LEADING CITIES of a billion dollars a month. MEMBER BANK RESERVES AND RELATED ITEMS 1939 1940 1941 1942 1943 1944 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are 1939 1940 1941 1942 1943 1944 for Jan. 17. Wednesday figures, latest shown are for Jan. 24. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAOB Member bank reserves, Reserve Bank credit, and related items 139 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 140-141 Federal Reserve Bank statistics 141-145 Guaranteed war production loans 145 Deposits and reserves of member banks 145-146 Money in circulation 147-148 Gold stock; bank debits and deposit turnover 148 Deposits and currency; Postal Savings System; bank suspensions. 149 All banks in the United States, by classes 150-151 All insured commercial banks in the United States, by classes. . . 152.-153 Weekly reporting member banks 154-157 Commercial paper, bankers' acceptances, and brokers' balances. . 158 Money rates and bond yields 159 Security markets 160-161 Corporate profits 161 Treasury finance 163-165 Government corporations and credit agencies 166 Business indexes 167-176 Department store statistics 177-179 Consumer credit statistics 180-181 Wholesale prices 182. Current statistics for Federal Reserve chart book 183-184 Changes in number of banking offices in the United States 185 Earnings and expenses of Federal Reserve Banks during 1944. . . 186-187 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. FEBRUARY 1945 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 1938 1939 1940 1941 1942 1943 1945 Wednesday figures, latest shown are for Jan. 24. See p. 139. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date o D a a u n i d s n d - - ts U. S s . e G T cu b r o u e r i v l i r a e l t y s s i r - e n s naen A t ll o A th l e l r1 Total s G to o c l k d T s r r t e u c o e a i n n u r u a n y c g r s t d - y - - - M i c n o t u i n c o la e i n r - y - T i c h r n u a o e g r s l a y s h d s - - F u T p r e w s y o r d R e e i s e r d t e a i v r h t - e s a s e - - l b p m N e o r e o s m n d it - e s - - c O s F o e e R a t e u r r c h v e d a n - e - e l - t r s Tot b a a l lan E c x es cess2 vances Total and other Banks certificates Monthly averages of daily figures: 1943—Oct.: 15 9,072 6,845 2,226 464 9,551 22,145 '4,100 19,001 2,280 559 1,581 339 12,035 1,264 Nov. 35 9,886 7,630 2,256 418 "10,339 22,091 4,102 19,566 2,294 338 1,687 334 12,313 1,073 Dec 90 11,166 8,876 2,290 658 11,914 22,018 4,098 20,243 2,307 669 1,723 339 12,749 1,048 1944—Oct.: 190 17,079 14,757 2,322 419 17,689 20,753 4,114 24,112 2,362 290 1,593 391 13,808 958 Nov. 436 18,129 15,775 2,354 445 19,009 20,708 4,116 24,738 2,340 262 1,579 395 14,520 1,023 Dec 265 18,693 15,895 2,798 654 19,612 20,657 4,125 25,207 2,355 666 1,595 403 14,168 1,284 End of month figures: 1943—Oct. 31. . 26 9,354 7,112 2,242 443 9,823 22;, 116 4,101 19,250 2,288 400 1,674 341 12,086 1,102 Nov. 30 ... 52 10,348 8,071 2,277 362 10,763 22,065 4,097 19,918 2,289 394 1,592 332 12,401 985 Dec. 31 5 11,543 9,236 2,307 691 12,239 21,938 4,094 20,449 2,303 579 1,716 339 12,886 1,236 1944—Oct. 31.... 345 17,647 15,301 2,346 333 18,325 20,727 4,115 24,425 2,332 255 1,614 393 14,148 990 Nov. 30 .... 473 18,388 16,031 2,357 496 19,357 20,688 4,122 25,019 2,327 138 1,561 395 14,728 1,179 Dec. 30 80 18,846 16,035 2,812 819 19,745 20,619 4,131 25,307 2,375 440 1,598 402 14,373 1,773 Wednesday figures: 1944—Mar. 1 37 11,624 9,043 2,581 381 12,042 21,712 4,091 20,823 2,350 140 1,815 337 12,380 1,215 Mar. 8 52 12,029 9,443 2,586 357 12,438 21,670 4,090 20,963 2,340 269 1,905 339 12,383 1,013 Mar. 15 65 12,110 9,507 2,603 467 12,643 21,670 4,089 21,006 2,342 77 1,922 352 12,705 1,263 Mar. 22 .... 65 12,243 9,637 2,606 415 12,722 21,600 4,090 20,934 2,333 495 1,893 352 12,405 926 Mar. 29 83 12,297 9,685 2,613 369 12,749 21,600 4,092 21,037 2,329 753 1,918 351 12,053 630 Apr. 5 44 12,332 9,719 2,613 389 12,766 21,540 4,093 21,191 2,347 426 1,801 356 12,277 859 Apr. 12 55 12,648 10,040 2,609 402 13,106 21,479 4,093 21,295 2,327 274 1,823 356 12,604 986 Apr. 19 87 12,734 10,128 2,606 508 13,330 21,469 4,093 21,334 2,321 204 1,967 362 12,704 927 Apr. 26 89 12,998 10,392 2,606 398 13,485 21,429 4,094 21,396 2,327 373 2,019 357 12,537 640 May 3 85 13,292 10,679 2,613 353 13,730 21,375 4,092 21,614 2,334 229 1,973 357 12,690 794 May 10 136 13,249 10,636 2,613 328 13,713 21,375 4,097 21,725 2,333 214 1,826 356 12,729 771 May 17 152 13,808 11,196 2,613 421 14,382 21,354 4,099 21,846 2,298 397 1,953 355 12,986 936 May 24 227 13,989 11,376 2,613 309 14,525 21,324 4,100 21,911 2,333 389 1,960 355 13,000 764 May 31 .... 236 14,251 11,613 2,638 272 14,759 21,264 4,101 22,160 2,310 307 1,946 355 13,046 711 June 7 240 14,609 11,972 2,638 334 15,183 21,212 4,101 22,255 2,330 262 1,934 357 13,358 818 June 14 .... 173 15,001 12,362 2,639 431 15,606 21,211 4,104 22,333 2,332 154 2,028 359 13,715 1,059 June 21 .... 172 15,180 12,539 2,641 435 15,786 21,201 4,107 22,293 2,339 334 2,000 369 13,758 1,213 June 28 .... 52 15,081 12,434 2,647 291 15,423 21,193 4,107 22,421 2,314 561 1,978 369 13,081 1,239 July 5 22 14,738 12,091 2,647 325 15,085 21,133 4,107 22,598 *2,296 219 1,861 364 12,987 1,470 July 12 45 14,816 12,174 2,642 374 15,236 21,114 4,107 22,561 2,303 517 1,863 364 12,849 1,563 July 19 39 14,556 12,037 2,519 403 14,999 21,047 4,109 22,531 2,348 360 1,798 364 12,754 1,462 July 26 37 14,802 12,309 2,493 285 15,124 20,996 4,111 22,584 2,313 403 1,773 365 12,793 1,280 Aug. 2 36 14,891 12,429 2,462 321 15,249 20,996 4,112 22,734 2,339 261 1,771 368 12,884 1,190 Aug. 9 62 15,222 12,781 2,441 319 15,604 20,996 4,108 22,910 2,340 487 1,790 371 12,810 1,049 Aug. 16 53 15,231 12,828 2,404 397 15,682 20,998 4,109 23,020 2,345 317 1,804 368 12,935 1,001 Aug. 23 107 15,592 13,226 2,366 300 15,999 20,947 4,112 23,047 2,404 549 1,766 370 12,922 868 Aug. 30. ... 85 15,852 13,502 2,350 230 16,167 20,946 4,114 23,221 2,407 318 1,779 370 13,132 928 Sept. 6 105 16,030 13,688 2,342 374 16,509 20,906 4,114 23,432 2,380 354 1,768 373 13,221 846 Sept. 13.... 116 16,407 14,065 2,342 392 16,916 20,885 4,112 23,495 2,384 370 1,765 373 13,526 971 Sept. 20.... 172 16,540 14,220 2,320 524 17,237 20,885 4,114 23,558 2,390 699 1,758 385 13,445 878 Sept. 27 88 16,501 14,190 2,311 353 16,943 20,825 4,114 23,658 2,373 483 1,627 386 13,355 865 Oct. 4.... 33 16,660 14,350 2,311 406 17,099 20,824 4,113 23,881 2,372 347 1,612 391 13,433 862 Oct. 11... 148 17,016 14,699 2,317 339 17,503 20,725 4,113 24,099 2,366 211 1,568 390 13,708 976 Oct. 18... 185 17,087 14,768 2,319 523 17,795 20,728 4,114 24,157 2,362 315 1,598 390 13,814 918 Oct. 25... 322 17,261 14,922 2,339 316 17,899 20,727 4,115 24,216 2,359 229 1,606 391 13,940 783 Nov. 1.... 359 17,605 15,259 2,346 301 18,265 20,727 4,115 24,409 2,372 216 1,633 393 14,083 921 Nov. 8.... 401 17,957 15,605 2,352 296 18,655 20,726 4,115 24,674 2,313 314 1,640 395 14,159 883 Nov. 15.... 357 17,941 15,586 2,355 509 18,807 20,694 4,114 24,717 2,338 119 1,488 395 14,557 1,087 Nov. 22.... 473 18,411 16,054 2,357 457 19,341 20,693 4,117 24,881 2,339 251 1,567 395 14,719 1,062 Nov. 29 .... 593 18,553 16,196 2,357 374 19,520 20,688 4,120 24,997 2,334 292 1,549 395 14,761 1,205 Dec. 6.... 383 18,311 15,522 2,789 435 19,130 20,668 4,122 25,10,7 2,337 258 1,636 397 14,184 1,364 Dec. 13.... 176 18,577 15,783 2,794 558 19,311 20,667 4,123 25,163 2,348 503 1,597 397 14,092 1,286 Dec. 20.... 218 19,009 16,208 2,801 886 20,113 20,646 4,127 25,280 2,369 1,250 1,621 408 13,958 ,277 Dec. 27.... 153 19,064 16,253 2,812 604 19,821 20,639 4,131 25,335 2,377 901 1,601 409 13,969 ,406 1945—Jan. 3.... 30 18,734 15,927 2,808 706 19,470 20,619 4,130 25,326 2,368 592 1,609 402 13,921 ,274 Jan. 10.... 130 18,907 16,120 2,787 449 19,486 20,593 4,130 25,257 2,372 528 1,590 405 14,057 ,277 Jan. 17.... 129 18,651 15,880 2,771 529 19,310 20,572 4,129 25,209 2,370 334 1,538 404 14,156 ,280 Jan. 24.... 141 18,620 15,880 2,739 459 19,220 20,571 4,129 25,175 2,380 479 1,397 404 14,085 ,195 1 Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. FEBRUARY 1945 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Federal Reserve Bank A G c d a t o i l v o l v a a n e n b s r c l n e m e m s i a n e s t n u e o t c r n i u o n e r b g e y l d i e o g a r b a r y - G b m o e v a d y e t i o r u s n n c r m d i o n u e o g n n n t o t e s r o y o c b e f a l a i a l r g l n a a a d b t n i l o d e ns Other [ s S e e c c u . re 1 d 0 ( a b d )] vances secured by d ( i l r a e s c t t p o a b r l . i g S a e t c io . n 13 s ) of the U. S. or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept.16, 1939 Oct. 27, 1942 Minneapolis.. Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept.16, 1939 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept.16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within^ months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 mont"h s f*o r aaddvances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum) AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturities not exceeding five years Maturity R Ja a n te . 3 o 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous [In effect January 31. Per cent per annum J Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances*^ commercial To financing institutions 1- 90 days X Oct. 20, 1933 1 businesses 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s % O O c c t t . . 2 2 0 0 , ,1 1 9 9 3 3 3 3 1 IK On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a i u f l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b t i b h l e l e s fo o s re e ff l e l m e re r a d , t . w ur e i E r t e y f f , m e c w a ti d o v e u e l d o A n u s e c g l o . l n 3 b d , a it c 1 i k 9 o 4 n 2 b , i t l h p ls a u t r c o h f th a e s li e k s R e e o s a f e m r s v o u e u c n h t B b a a i n l n l k d s , , lo O an n s2 co m m O e m n n t i s t- fo i P r n o s w t r i t h t i u o ic - n h ma R i e n - ing m O it n m c e o n m ts maturity at the same rate of discount. Since May 15, 1943, all purchases tion is portion ha 2 v M e b in ee im n u m m a d b e u s y u in b g je c r t a t t e o s r o e n p u p rc ri h m as e e b o a p n t k io e n r . s' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston 8 ? New York Philadelphia Cleveland Richmond V2-1H Atlanta G M U V A IT R O M A N E N N L T O T E E A R N F A S E T E G E S S U A A C N R H D A A N R M T G A E E X E A D I B M L B U E Y M U W N I A N D R T E E R D R E E R P S E A T G R A U T N L M D A E T N C I T O O , N M- M S C t h . i n ic L n a o e g a u o p is o . l # is -lH 2^-5 8 NA S V IO Y N A D N U E D P N A D C R O E T R N M T E E R X N A E T C C , T U A T S N I E V D T E T M L O A E R R M D I E E T N R IM T N E A O C C . O T 9 M 11 M 2 IS- D K Sa a a n l n l s a F a s r s a n C c i i t s y co 2^ (84 - ) 5 OF 1944 [Rates in effect January 31J 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates onguaranteed Section 13b lo8ans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- 4 Rate charged borrower. Percentage of loan guaranteed centage of amount 5 May charge rate charged borrower by financing institution, if lower. of interest payable 6 Charge of }/i per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp.^446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 Maximum rates that may be paid by member banks as established by 85 15 90 20 the Board of Governors under provisionp of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933- Feb. 1,1935- Effective Jan. 31,1935 Dec. 31,1935 Jan. 1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY Savings deposits FINANCING INSTITUTIONS Postal savings deposits... [Per cent per annum] Other deposits payable: In 6 months or more.... Maximum rate of interest In 90 days to 6 months. Maximum commitment rate.. In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks 1 Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the rate amount of the loan. The financing institution may, in the alternative, payable by a member bank may not in any event exceed the maximum charge^ a flat fee of not to exceed $50, without regard to the amount or rate payable by State banks or trust companies on like deposits under maturity of the commitment. the laws of the State in which the member bank is located. I4O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS i [Per cent of deposits] [ Per cent of market value ] Net demand deposits1 Time Prescribed by Board of Governors of the Federal Effective deposits Reserve System in accordance with Securities Nov. 1, Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e ( n m a k l b s l e ) r For extensions E o x f c c h r a e n d g i e t b A y c b t r o o f k e 1 rs 9 3 a 4 nd dealers on 1937 listed securities, under Regulation T 40 June 21, 1917-Aug. 15, 1936 13 10 7 3 For short sales, under Regulation T 50 Aug. 16, 1936-Feb. 28, 1937 15 For loans by banks on stocks, under Regulation U 40 Mar. 1, 1937-Apr. 30, 1937 22^ May 1, 1937-Apr. 15, 1938 26 20 14 6 4 1 Regulations T and U limit the amount of credit that may be extended on Apr. 16, 1938-Oct. 31, 1941 22^ 12 5 a security by prescribing a maximum loan value, which is a specified Nov. 1, 1941-Aug. 19, 1942 26 20 2 14 6 percentage of its market value at the time of the extension; the "margin Aug. 20, 1942-Sept.l3, 1942 24 20 14 6 requirements" shown in this table are the difference between the market Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 value (100%) and the maximum loan value. Oct. 3, 1942 and after 20 20 14 6 ^Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936. 1 Demand deposits subject to reserve requirements; i.e., demand de- NOTE.—Regulations T and U also provide special margin requirements on posits other than war loan deposits, minus cash items in process of "omnibus" accounts and loans to brokers and dealers. collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1944 1944 1943 Jan. 24 Jan.17 Jan. 10 Jan. 3 Dec. 27 Dec. 20 I Dec. 13 Dec. 6 December November December Assets Gold certificates 17,789,36517,786,36517,806,36517,837,36517,859,36517,889,36517,919,16517,930,16517,850,36517,958,86519,532,580 Redemption fund—F.R. notes. 603,:'"" 609,460 610,990 607,106 607,727 587,726 580,960 572,682 594,126 569,207 233,671 Other cash 291,192 283,214 267,364 245,352 223,756 225,955 233,141 234,843 242,189 242,388 329,822 Total reserves.. 18,684,445 18,679,03918,684,719 18,689,823 18,690,84818,703,046 18,733,266 18,737,69018,686,680 18,770,460 20,096,073 Discounts and advances: For member banks 141,020 129,415 130,155 29,850 152,528 217,368 175,583 383,118 79,825 473,073 5,255 For nonmember banks, etc, 90 90 90 90 140 Total discounts and advances 141,020 129,415 130,155 29,850 152,618 217,458 175,673 383,208 79,825 473,213 5,255 Industrial loans 3,893 3,877 3,741 5,963 6,224 6,407 6,298 3,751 6,790 10,134 U. S. Government securities: Direct: Bills: Under repurchase option 4,248,322 4,186,821 4,305,400 3,876,019 4,420,755 4,549,347 4,364,133 4,384,270 3,983,771 4,583,876 3,845,,007777 Other 6,735,527 6,801,437 6,928,127 7,164,147 7,099,862 7,148,872 7,177,752 7,281,487 7,164,147 7,284,487 2,923,,119911 Certificates: Special Other 4,896,640 4,891,640 4,886,640 4,886,640 4,732,140 4,510,140 4,241,240 3,856,740 4,886,640 4,162,990 2,467,300 Notes 1,565,721 1,565,721 1,565,721 1,565,721 1,565,721 1,554,721 1,548,121 1,542,621 1,565,721 1,110,871 664,900 Bonds 1,170,972 1,202,922 1,218,482 1,239,331 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,559,465 Guaranteed 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 83,014 Total U. S. Government securities, including guaranteed securities. 18,619,68218,651,04118,906,870 8,734,358 19,064,40419,009,006 18,;,577,17r2 18;,, 311,044 18,846,20518,388,150 11,542,947 Other Reserve Bank credit outstanding 455,256 525,407 444,627 701,915 597,782 880,024 551,574 429, 815,055 488,892 680,877 Total Reserve Bank credit outstanding 19,219,85119,309,74019,485,54119,469,864 19,820,767 20,112,71219,310,826 19,129,630 19,744,836 19,357,045 12,239,213 Liabilities Federal Reserve notes 21,647,35821,664,825 21,694,777 21,742,796 21,725,35121,674,686 21,542,416 21,476,589 21,731,017 21,390,966 16,906,359 Deposits: Member bank—reserve account 14,084,85514,156,346 14,056,99613,921,39513,968,623 13,958,44414,092,48414,183,51914,372,899 14,727,735 12,885,984 U. S. Treasurer—general account 479,054 333,916 527,801 591,829 900,698 1,250,415 502,711 258,081 440,487 138,394 578,617 Foreign 1,157,354 1,163,602 1,198,829 1,220,096 1,210,364 1,200,287 1,164,589 1,229,310 1,203,703 1,228,096 1,360,488 Other deposits 240,024 374,027 390,956 388,480 390,989 421,166 432,314 406,545 393,881 332,570 355,936 Total deposits. 15,961,28716,027,89116,174,58216,121,80016,470,67416,830,31216,192,09816,077,45516,410,970 16,426,79515,181,025 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 49.7 49.6 48.9 48.6 49.6 49.9 49.0 49.6 62.6 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] January 24,1944 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t d o n a 6 t y h s s 6 l m y t o e o n a t r hs 2 l y y t e e o a a r rs 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Discounts and advances 141,020 107,995 975 6,475 25,575 Industrial loans 3,893 3,367 1 2 30 4 462 27 U. S. Government securities, including guaranteed securities 18,619,682 3,260,933 1,770,267 3,870,788 4,487,732 978,500 2,443,190 343,200 619,802 845,270 FEBRUARY 1945 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars) Total Boston iTork d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: Dec. 27 17,859,365 933,070 4,774,459 984,7831,328,608 936,563 910,0143,369,608 649,730 377,773 637,977 527,9362,428,844 Jan. 3 17,837,365 901,761 5,228,965 945,4161,342,447 897,500 914,4583,142,156 650,576 366,634 641,197 534,9882,271,267 Jan. 10 17,806,365 888,404 5,303,640 938,801 1,322,786 919,165 937,6512,990,053 644,504 360,483 640,545 527,0582,333,275 Jan. 17 17,786,365 875,396 5,317,426 951,184 1,332,620 898,094 949,2563,018,332 623,007 348,030 627,410 509,3372,336,273 Jan. 24 17,789,365 905,888 5,257,962 939,706 1,328,730 892,262 930,0693,086,594 625,750 340,902 613,712 500,1522,367,638 Redemption fund— F. R. notes: Dec. 27 607,727 41,055 127,191 43,011 57,849 48,259 36,687 93,078 32,840 14,836 25,825 17,796 69,300 Jan. 3 607,106 40,923 106,731 42,799 57,694 49,203 38,520 100,907 32,783 14,820 25,779 17,752 79,195 Jan. 10 610,990 40,827 96,372 42,642 57,568 48,305 38,394 115,776 32,737 14,807 25,743 18,711 79,108 Jan. 17 609,460 40,740 96,086 42,509 57,474 -17,719 38,298 115,683 32,702 14,795 25,719 18,689 79,046 Jan. 24 603,888 40,611 95,637 42,302 57,316 48,681 38,142 110,516 32,643 14,777 25,671 18,649 78,943 Other cash: Dec. 27 223,756 16,034 54,169 15,707 17,741 13,507 18,934 26,785 12,312 5,004 12,704 8,656 22,203 Jan. 3 245,352 17,895 57,887 18,675 18,120 16,227 20,817 29,847 13,413 5,443 13,346 9,623 24,059 Jan. 10 267,364 19,927 65,900 20,055 20,995 16,476 22 203 31,722 14,200 5,424 13,888 10,346 26,228 Jan. 17 283,214 21,830 68,801 20,566 21,056 18,703 24085 34,562 14,872 5,423 14,346 11,144 27,826 Jan. 24 291,192 22,424 70919 21,032 23,876 18,467 23,635 36,216 15,030 5,556 14,639 11,504 27,894 Total reserves: Dec. 27 18,690,848 990,159 4 955 8191,043,501 1404,198 998,329 965 6353,489,471 694,882 397,613 676,506 554,3882,520,347 Jan. 3. 18,689,823 960,579 5393 5831,006,890 1418,261 962,930 973 7953,272,910 696,772 386,897 680,322 562,3632,374,521 Jan. 10.... 18,684,719 949,158 5465 9121,001,498 1401,349 983 946 998 2483,137,551 691,441 380,714 680,176 556,1152,438,611 Jan. 17 18,679,039 937,966 5482 3131,014,259 1411,150 964 5161,0116393,168,577 670,581 368.248 667,475 539,1702,443.145 Jan. 24 18,684,445 968,923 5424 5181,003,040 1409,922 959 410 991 8463,233,326 673,423 361,235 654,022 530,3052,474,475 Discounts & advances: Secured by U. S. Govt. securities: Dec. 27 152,618 3,645 129595 4,285 1,100 3850 3,000 6,300 540 203 Jan. 3 29,850 695 16600 255 500 3,000 7,400 1,400 Jan. 10 130,155 4,355 86 075 2,925 6,400 100 2000 2,500 14,450 8,350 3,000 Jan 17 129,415 4,020 62 635 7,110 7,250 2500 2,800 30,900 12,200 Jan. 24 141,020 4^570 56860 420 6,650 2 750 4,300 31,000 5,000 29,450 Other: Dec. 27 Jan. 3 Jan. 10 Jan. 17 Jan. 24 Total discounts and advances: Dec. 27 152,618 3,645 129 595 4,285 1,100 3850 3,000 6,300 540 203 1 Jan. 3 29,850 695 16600 255 500 3,000 7,400 1,400 Jan. 10 130,155 4 355 8607 S 2,925 6,400 100""i 000 2,500 14,450 8,350 3,000 Jan. 17 129,415 4,020 62635 7,110 7,250 2 500 2,800 30,900 12,200 Jan. 24 141,020 4,570 56860 420 6,650 2 750 4,300 31,000 5,000 29,450 20 Industrial loans: Dec. 27 5,963 201 86 2,540 315 126 22 25 2,648 Jan. 3 3,741 199 12 2,562 308 126 21 25 488 Jan. 10 3,889 199 12 2,710 308 126 21 25 488 Jan. 17 3,877 199 12 2, 736 308 126 21 25 450 Jan. 24 3,893 197 10 2,759 308 124 20 25 450 U. S. Govt. securities Bills: Under repurchase option: Dec. 27. 4 420,755 90,933 2 602 294 182,563 88,990 67 729 22520 753,413 98,402 14,147 55,690 20,333 423,741 Jan. 3.. 3876,019 117,926 2 154958 165,040 80,525 55004 29 573 778,014 74,422 15,895 58,340 23,713 322,609 Jan. 10. 4 305,400 103,523 2 291000 181,290 101,948 41 302 150731,130,157 68,512 15,825 28,628 24,193 303,949 Jan- 17. 4 186,821 80,737 2 128 196 192,200 94,232 53985 155501,159,341 107,775 19,775 43,566 26,863 264,601 Jan. 24 4 248,322 71,517 2082 093 187,459 96,589 51 750 149501,206,991 92,235 55,280 48,804 34,903 305,751 Other bills: Dec. 27 7099,862 743,747 641,0631246,241 735820 682 053 562,093 367,700 320,547 476,489 446,497 877,612 Jan. 3. 7164,147 540,121 611 763 496,531 866,495 610 277 537 2091,187,181 367,711 231,163 372,911 306,3851,036,400 Jan. 10. 6928,127 557,056 554094 496,809 872,902 617 781 525 268 945,158 380,706 233,026 409,647 322,5851,013,095 Jan. 17.. 6 801,437 557,562 570 673 443,476 856,912 609994 518 858 910,520 338,172 231,425 396,056 324,1981,043,591 Jan. 24. . . 6 735,527 556,860 617 250 471,864 870,472 605910 515 523 853,275 336,846 204,432 358,359 312,8541,031,882 Certificates: Dec. 27 4 732,140 223,433 1580 169 283,927 270,615 246 207 164 230 884,057 225,100 84,724 181,749 127,723 460,206 Jan. 3 4 886,640 336,213 1215 384 370,060 464,594 313 056 247024 639,853 229,608 132,225 240,088 203,447 495,088 Jan. 10 4 886,640 336,154 1215442 370,035 464,494 313083 247 024 639,947 229,611 132,197 240,095 203,436 495,122 Jan. 17 4 891,640 336,465 1216 716 370.402 464,918 313417 247 276 640,647 229,848 132,319 240,344 203,640 495,648 Jan. 24 4 896,640 336,730 1218034 370,748 465,266 313 774 247528 641,424 230,087 132,416 240,599 203,834 496,200 Notes: Dec. 27 ... 1568,221 74,045 523663 94,092 89,682 81 593 54425 292,975 74,599 28,076 60,232 42,328 152,511 Jan. 3 1568,221 107,898 390040 118,760 149,097 100465 79275 205,341 73,686 42,435 77,050 65,290 158,884 Jan. 10 1568,221 107,878 390,059 118,752 149,066 100474 79275 205,371 73,688 42,425 77,051 65,287 158,895 Jan. 17 1 568,221 107,869 390068 118,747 149,050 100479 79275 205,387 73,688 42,420 77,053 65,285 158,901 Jan. 24 1568,221 107,844 390093 118,736 149,008 100490 79275 205,426 73,689 42,409 77,055 65,282 158,914 Bonds: Dec. 27 . 1 243,426 58,710 415,207 74,604 71,108 64 694 43 153 232,297 59,149 22,261 47,758 33,561 120,924 Jan. 3. 1 239,331 85,270 308,240 93,853 117,828 79395 62649 162,277 58,233 33,535 60,891 51,597 125,563 Jan. 10. 1218,482 83,819 303,069 92,268 115,822 78067 61595 159,570 57,254 32,964 59,868 50,727 123,459 Jan. 17 1202,922 82,742 299,206 91,086 114,331 77074 60809 157,544 56,523 32,539 59,104 50,078 121,886 Jan. 24. . 1 170,972 80,525 291 278 88,659 111,262 75035 59 194 153,389 55,023 31,667 57,536 48,745 118,659 Total U.S. Govt. sec, incl. guar. sec: Dec. 27.. 19,064,404 1,190,868 5,121,333 1,276,249 1,766,636 1,196 043 966 3812,724,835 824,950 469,755 821,918 670,4422,034,994 ]an. 3. 18,734,358 1,187,428 4,680,385 1,244,244 1,678,539 1.158 197 955 7302,972,666 803,660 455,253 809,280 650,4322,138,544 Ian. 10. 18,906,870 1,188,430 4,753,664 1,259,154 1,704,232 1,150 707 928,2353,080,203 809,771 456,437 815,289 666,2282,094,520 Jan. 17 18,651,041 1,165,375 4,604,859 1,215,911 1,679,443 1,154 949 921,7683,073,439 806,006 458,478 816,123 670,06412,084.626 Jan. 24 18,619,682 1,153,476 4,598 7481,237,466 1,692,597 1,146 959 9164703,060,505 787,880 466,204 782,353 665,6182,111,406 142. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Total loans and sec: Due D J J J f J r a a a a e o n n n n c m . . . . . 1 f 2 2 1 o 3 4 7 0 7 r . e . i _ gnbanks: 1 1 1 1 1 9 8 9 8 8 , , , , , 2 7 0 7 7 2 6 4 8 6 2 7 0 4 4 , , , , , 9 9 9 3 5 8 4 1 3 9 5 9 4 3 5 1 1 1 1 1 , , , , , 1 1 1 1 1 8 9 5 6 9 8 4 8 9 2 , , , , , 3 7 5 2 2 1 9 4 2 4 4 3 4 4 4 4 5 , , , , , 6 8 2 6 6 9 3 5 5 6 6 1 9 5 7 , , , , , 9 0 7 6 5 1 9 5 1 0 4 7 1 8 6 1 1 1 1 1 , , , , , 2 2 2 2 2 8 6 4 2 4 3 4 7 5 0 , , , , , 0 7 7 0 6 7 8 5 6 4 4 9 7 1 5 1 1 1 1 1 , , , , , 6 7 7 6 6 7 1 6 9 8 8 0 8 9 7 , , , , , 8 0 9 5 0 4 5 4 5 0 7 1 0 5 1 1 1 1 1 1 , , , , , 2 1 1 1 1 0 5 5 5 4 0 8 7 0 9 , , , , , 0 5 8 9 8 1 7 2 3 3 9 5 3 3 3 9 9 9 9 9 1 5 3 6 2 6 5 0 6 1 , , , , , 4 7 7 2 4 9 5 8 5 0 0 1 9 6 32 2 3 3 3 , , , , , 7 0 9 0 0 2 6 7 7 8 7 4 5 6 2 , , , , , 8 8 6 7 2 3 0 0 6 3 5 5 3 6 9 8 8 8 8 8 1 3 1 3 2 1 1 8 6 4 , , , , , 0 2 9 8 2 6 5 0 2 8 0 0 6 1 0 4 4 4 4 4 5 5 7 6 5 5 8 9 1 6 , , , , , 7 2 4 4 2 5 5 3 7 0 5 3 7 8 4 8 8 8 8 8 1 2 2 1 2 0 2 3 1 8 , , , , , 7 6 8 4 3 6 0 2 8 4 4 5 8 3 8 6 6 6 6 6 6 5 7 7 6 0 5 0 0 9 , , , , , 4 0 6 6 2 3 6 4 1 2 2 4 5 8 8 2 2 2 2 2 , , , , , 1 1 0 0 0 3 1 3 9 8 9 1 7 5 5 , , , , , 0 8 7 0 0 3 7 4 7 0 2 6 2 6 8 Dec. 27 136 10 149 12 17 4 3 4 4 11 Jan. 3 136 10 I49 12 17 4 3 4 4 11 Jan. 10 136 10 I49 12 17 4 3 4 4 11 Jan. 17 136 I49 12 18 4 3 4 4 10 Jan. 24 116 *29 12 18 4 3 4 4 10 Federal Reserve notes of other banks: Dec. 27 92,560 2,376 14,550 3,554 5,668 8,020 8,216 12,236 6,754 3,011 6,570 4,088 17,517 Jan. 3 107,543 3,043 17,009 3,922 5,549 10,971 10,856 13,948 9,627 3,220 5,684 5,632 18,082 Jan. 10 104,021 3,232 16,145 3,412 3,966 13,204 10,661 13,230 8,558 3,132 6,089 5,675 16,717 Jan. 17 108,230 3,445 16,720 3,096 4,106 14,154 10,377 12,681 6,808 3,650 5,461 5,171 22,561 Jan. 24 107,505 3,619 11,715 2,580 4,466 15,984 11,264 12,600 7,490 3,372 5,706 4,120 24,589 Uncoilected items: Dec. 27 2,106,042 150,111 462,619 124,426 220,977 169,829 123,218 329,606 89,482 45,902 101,194 82,387 206,291 Jan. 3 2,431,237 166,806 520,080 152,852 269,430 210,399 146,171 344,018 93,854 48,442 127,751 103,179 248,255 Jan. 10 1,787,045 127,424 364,536 98,068 166,857 126,493 127,974 295,520 87,852 42,153 99,757 71,842 178,569 Jan. 17 2,160,190 150,509 470,077 109,175 233,457 146,897 149,953 350,313 96,122 49,262 111,295 80,500 212,630 Jan. 24 2,119,357 137,188 438,202 106,033 203,710 145,434 174,051 340,741 97,843 47,926 116,156 93,547 218,526 Bank premises: Dec. 27 34,330 1,615 8,914 3,457 4,101 2,852 1,611 2,884 2,118 1,254 2,667 909 1,948 Jan. 3 34,271 1,610 8,894 3,457 4,101 2,852 1,611 2,879 2,115 1,252 2,661 901 1,938 Jan. 10 34,271 1,610 8,894 3,457 4,101 2,852 1,611 2,879 2,115 1,252 2,661 901 1,938 Jan. 17 34,270 1,610 8,894 3,457 4,101 2,85: 1,611 2,879 2,115 1,252 2,661 901 1,937 Jan. 24 34,545 1,610 8,894 3,457 4,092 2,845 1,608 3,173 2,114 1,252 2,661 901 1,938 Other assets: Dec. 27 55,026 2,861 15,996 3,070 4,202 2,858 2,386 9,800 2,852 1,215 2,386 1,772 5,628 Jan. 3 58,361 3,774 13,254 3,991 5,665 3,435 3,178 8,271 3,042 1,687 3,093 2,822 6.149 Jan. 10 58,519 3,898 13,843 4,126 5,643 3,71 3,262 7,607 3,111 1,673 3,022 2,463 6,154 Jan. 17 60,751 4,027 14,263 4,498 5,901 3,944 3,323 7,909 3,152 1,704 3,145 2,724 6,161 Jan. 24 63,730 4,591 14,552 4,538 6,29; 4,419 3,310 8,438 3,266 1,763 3,213 2,718 6,629 Total assets: Dec. 27 40,201,927 341,84610,708,9612,461,094o,407,20<* ,381,91. 2,067,4736,571,8491,627,342 918,7531,611,810 1,314,193 4,789,484 Jan. 3 40,089,320 324,14410,649,8662,418,1853,381,8652,349,4162,091,366 6,,617,7091,616,474 896,7541,630,220 1,325,333 4,787,988 Jan. 10 39,709,625 278, '",709,1302,375,362 3;, 292,8682,281,1512,072,016 6,,539,5071,617,302 885,3641,615,373 1,306,228 4,737,008 Jan. 17 39,826,949 267,16010,659,822 2,360,254 3,345,7282,289, ,098,697 6,618,6161,615,688 882,5971,618,389 1,298,5344,771,520 Jan. 24 39,774,293 274,18310,553,5282,360,305 3,328,0502,277,9312,098,5746,663,1011,603,020 886,7551,593,590 1,297,213 4,838,043 Liabilities Federal Reserve notes Dec. 27 21,725,351 1,372,398 •4,842,,758 1,433,4771,903,023 1,492,5901,270,0653,975,890 929,076 475,049! 788,937 541,433 2,700,655 Jan. 3 21,742,796 1,367,781 4,847,8571,428,2771,897,745 1,489,2151,278,699 3,980,699 930,458 474,596 797,131 546,5712,703,767 Jan. 10 21,694,777 1,362,104 4,824,629 1,426,905 I,897,863 1,483,5181,274,7333,985,445 928,418 475,475 796,066 542,740 2,696,881 Jan. 17 . 21,664,825 1,356,067 4,819,7821,426,190 1,894, 674 1,479,9081,273,0343,983,828 927,040 475,153 793,984 541, 3<40 2,693,825 Jan. 24 21,647,358 1,353,280 4,824,7451,427,4881,893,889 1,472,6671,265,950 3,984,844 923,976 474,086 792,747 537,1622,696,524 Deposits: Member bank— reserve account: Dec. 27 13,968,623 655,523 4,407,676 687,853 1,070,671 626,447 609,473 ,087,224 527,285 321,885 658,789 619,532 1,696,265 Jan. 3. 13,921,395 665,078 4,323,047 700,8971,120,595 622,288 608 653 ,131,787 521,716 311,183 636,961 ,006 11,668,184 Jan. 10 14,056,996 652,286 4,411,263 704,916 1,092,117 612,906 624,104 ,096,214 541,712 322,077 664,613 641,900 11,692,888 Jan. 17 14,156,346 654,697 4,455,619 693,218 1,110,583 603,974 629,512 ,152,060 536,625 318,518 663,493 626,5141,711,533 Jan. 24 14,084,855 653,202 4,457,602 692,840 1,082,425 595,982 615,126 ,151,390 520,845 315,838 624,643 611,62( 1,763,333 U.S. Treasurer— general account: Dec. 27 900,698 79,537 238,898 98,623 111,537 59,611 28,600 78,511 39,126 45,821 26,912 33,736 59,786 Jan. 3 591,829 39,656 221,105 39,261 39,878 21,492 26,267 50,083 20,198 30,527 29,666 30,940 42,756 Jan. 10 527,801 34,397 295,596 21,985 29,653 11,080 5,072 50,760 11,670 13,363 18,589 13,108 22,528 Jan. 17 333,916 13,088 180,508 13,165 20,715 16,886 6,095 22,581 8,008 10,373 13,017 14,184 15,296 Jan. 24. 479,054 26,956 224,227 13,010 40,057 11,354 17,514 52,203 17,183 16,052 19,096 22,481 18,921 Foreign: Dec. 27 1,210,364 83,804 2469,924 106,719 103,239 46,399 37,120 143,838 35,960 25,520 33,640 33,639 90,562 Jan. 3 1,220,096 83,929 2476,819 107.148 103,654 46,586 37,269 144,417 36,104 25,622 33,775 33,775 90,998 Jan. 10 1,198,829 77,674 2470,649 100,229 99,090 47,837 39,864 148,066 34,169 26,196 34,169 34,169 86,717 Jan. 17 1,163,602 74,762 2455,643 97,561 96,453 46,563 38,803 144,125 33,260 25,499 33,260 33,260 84,413 Jan. 24 1,157,354 75,688 2455,027 96,551 95,454 46,081 38,401 142,632 32,915 25,235 32,915 32,915 83,540 Other: Dec. 27 390,989 4,628 290,886 5,249 11,361 2,376 3,598 4,710 12,160 3,322 3,466 3,778 45,455 Jan. 3 388,480 4,962 287,261 3,740 6,921 2,512 2,979 6,717 11,799 2,323 5,695 3,263 50,308 Jan. 10 390,956 5,287 289,437 4,375 6,253 3,678 2,675 4,784 12,539 2,082 5,353 3,053 51,440 Jan. 17 374,027 5,733 268,025 3,910 9,007 3,024 4,460 6,176 12,579 2,175 5,795 3,168 49,975 Jan. 24 240,024 6,417 134,537 5,686 10,574 3,917 3,066 4,322 11,749 2,247 3,618 2,870 51,021 Total deposits: Dec. 27 16,470,674 823,492 5,407,384 898,444 1,296,808 734,833 678,791 ,314,283 614,531 396,548 722,807 690,685 1,892,068 Jan. 3 16,121,800 793,625 5,308,232 851,046 1,271,048 692,878 675,168 ,333,004 589,817 369,655 706,097 678,9841,852,246 Jan. 10 16,174,582 769,644 5,466,945 831,505 '1,227,113 675,501 671,715 ,299,824 600,090 363,718 722,724 692,230 1,853,573 Jan. 17 16,027,891 748,280 5,359,795 807,854 ,236,758 670,447 678,870 ,324,942 590,472 356,565 715,565 677,12<! 6 '1,861,217 Jan. 24 15,961,287 762.263 5,271,393 1,228,510 657,334 674,107 ,350,547 582,692 359,372 680,272 669,895 1,916,815 Deferred availability items: Dec. 27.. 1,508,396 112,752 292,111 86,690 160,716 131,802 99,231 216,411 66,821 33,904 83,606 65,904 158,448 Jan. 3.. 1,729,458 129,789 327,892 96,689 167,256 144,876 118,580 238,625 79,347 39,366 110,642 83,810 192,586 Jan. 10.. 1,342,554 113,671 251,034 74,642 121,813 99,488! 106,161 188,596 71,838 32,930 80,125 55,200 147,056 Jan. 17. 1,634,919 129,607 313,191 83,940 168,0501 116,882i 127,550 243,8151 81,188 37,597 92,373 63,909 176,817 Tan. 24.. 1,664,217 125,584 289,987 82,253 159,2071 124,980 138,707' 261,638 79,249 39,931 103,987 73,866 184,828 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 ^fter deducting $737,750,000 participations of other Federal Reserve Banks on Dec. 27; $740,720,000 on Jan. 3; $726,663,000on Jan. 10; $707,319,000 on Jan 17; and $699,993,000 on Jan. 24. FEBRUARY 1945 *43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - Ka C n i s ty as Dallas F ci r s a c n o - Other liabilities, including accrued div.: Dec. 27 12,072 1,051 3,066 911 1,340 641 848 1,463 395 377 455 478 1,047 Jan. 3 6,870 799 1,418 555 692 335 295 1,209 231 198 256 189 693 Jan. 10 7,527 650 1,624 576 715 415 685, 1,298 257 204 248 213 642 Jan. 17 7,528 839 1,761 450 706 377 453 1,308 242 213 261 250 668 Jan. 24 8,050 570 1,711 512 738 484 938 1,345 257 254 263 292 686 Total liabilities: Dec. 27 39,716,493 309,693 10,545,3192,419,5223,361,8872,359,866 2,048,9356,508,0471,610,823 905,878 1,595,8051,298,500 4,,752,218 J J a a n n . . 1 3 0 3 3 9 9 , , 6 2 0 1 0 9 , , 9 4 2 4 4 0 2 24 9 6 1 , , 0 9 6 9 9 4 1 1 0 0 , , 5 4 4 8 4 5 , , 2 3 23 9 32 9 2 2 22 , , 3 3 7 3 6 3 , , 5 6 6 2 7 8 3 " , , 3 2 3 4 6 7 , , 7 5 4 0 1 4 2 2 , , 3 2 2 5 7 8 , , 3 9 0 2 4 2 2 2 , , 0 05 7 3 2 , , 7 2 4 9' 2 4 6 6"' , ,4 5 7 5 5 3 , 5/ 1 -3 6 "7 3 1 1 , , 5 6 9 0 9 0 , , 8 6 5 0 3 3 8 8 8 7 3 2 , ,3 8 2 1 7 5 1 1 , , 5 6 9 14 9 , , 1 1 2 6 6 3 1 1 , , 3 2 0 9 9 0 , ,3 5 8 5 3 4 4 4 ,: , 6 7 9 4 8 9 , , 1 2 5 92 2 Jan. 17 39,335,163 234,793 10,494,5292,318,434 ,300,188 2:,267,614 2,079,907 6,553,8931,598,942 869,528 1,602,183 1,282,6254,732,527 Jan. 24 39,280,912 241,69710,387,8362,318,340 3,282,344 2,,255,465 2,079,702 6,5983,-74 1,586,174 873,643 1,577,2691,281,2154,798,853 Capital Accounts Capital paid in: Dec. 27 162,114 10,053 58,951 12,227 16,340 6,513 5,851 19,581 5,141 3,501 5,236 5,174 13,546 Jan. 3 164,399 10,068 59,478 12,260 16,494 6,527 5,876 19,617 5,194 3,546 5,244 5,240 14,855 Jan. 10 164,904 10,091 59,555 12,278 16,602 6,556 5,907 19,692 5,206 3,614 5,272 5,259 14,872 Jan. 17 165,123 10,124 59,594 12,278 16,645 6,576 5,910 19,712 5,231 3,621 5,284 5,276 14,872 Jan. 24 165,305 10,140 59,613 12,302 16,658 6,593 5,931 19,682 5,247 3,627 5,295 5,309 14,908 Surplus (section 7): Dec. 27 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,83l! 14,159 Jan. 3 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Jan. 10 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 V " 4,950 6,196 6,025 15,899 J J a a n n . . 2 1 4 7 2 2 2 2 8 8 , , 1 1 5 5 3 3 1 1 5 5 , , 2 2 3 3 9 9 8 8 4 4 , , 9 9 0 0 3 3 1 19 9 , , 8 8 7 7 2 2 1 1 9 9 , , 0 0 7 7 1 1 7 7 , , 8 8 1 1 3 3 7 7 , , 9 93 3 6 6 3 3 3 3 , , 2 2 0 0 1 1 7 7 , , 0 0 4 4 8 8 4 4 , , 9 9 5 5 0 0 6 6 , , 1 1 9 9 6 6 6 6 , , 0 02 2 5 5 1 1 5 5 , , 8 8 9 9 9 9 Surplus (section 13b): Dec. 27 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Jan. 3 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Jan. 10 27,165 2,'" 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Jan. 17 27,165 2, 7,143 4,468 1,007 3,290 762. 1,429 527 1,073 1,137 1,307 2,142 Jan. 24 27,165 2, 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: Dec. 27 108,258 6,020 27,587 7,065 11,949 7,008 6,213 16,302 4,518 4,705 5,078 4,381 7,432 Jan. 3 68,679 3,963 12,943 5,018 8,552 4,482 4,050 9,925 3,852 3,370 3,517 3,207 5,800 Jan. 10 69,963 4,037 13,297 5,116 8,684 4,570 4,117 10,022 3,918 3,400 3,605 3,254 5,943 Jan. 17 71,345 4,124 13,653 5,202 8,817 4,651 4,182 10,381 3,940 3,425 3,589 3,301 6,080 Jan. 24 72,758 4,227 14,033 5,323 8,970 4,770 4,243 10.415 4,024 3,462 3,693 3,357 6,241 Total liabilities and capital accounts: Dec. 27 40,201,927 ,341,84610,708,9612,461,094 3,407,209 2,381,913 2,067,473 6,571,849 1,627,342 918,1,753 1,611,810 1,314,193 4:,, 789,484 J J a a n n . . 1 3 0 4 3 0 9 , , 0 7 8 09 9 , , 6 3 2 2 5 0 , , 3 2 2 7 4 8 , , 1 3 4 1 4 6 1 1 0 0 , , 6 7 4 0 9 9 , , 8 1 6 3 6 0 2 2, ,4 3 1 7 8 5 , ,3 1 6 8 2 5 3,, ,8 8 6 6 5 8 2 2 , , 3 2 4 8 9 1 , , 4 1 1 5 6 1 2 2 , , 0 0 9 7 1 2 , , 3 0 6 1 6 6 6 6; , ,5 6 3 1 9 7 , , 5 7 0 0 7 9 1 1 , , 6 6 1 1 7 6 , , 3 4 0 7 2 4 8 8 9 8 6 5 ,1 , , 3 7 6 5 4 4 1 1, , 6 6 3 1 0 5 , ,3 2 7 2 3 0 1 1 , , 3 3 0 2 6 5, , 3 2 3 2 3 8 4 4: : ;, , 7 7 8 3 7 7 , , 9 0 8 0 8 8 Jan. 17 39,826,949 ,267,160 10~>,659,822 2,360,2543,292,728 2,289,944 2,098,6976,618,616 11,615,688 882,5971,618,3891,298,534 4,771,520 Comm J i a tm n. e n 2 t 4 s to make 39,774,293 ,274,183 10;,553, 528 2,360,3053 3, , 3 3 2 4 8 5 , , ,277,931 2,098,574 6,663-,101 1,603,020 886,7551,5935,"9'0 1',297,213 4:, 838,043 industrial loans: Dec. 27 4,854 3,078 515 1,156 Jan. 3 3,809 2,723 415 596 Jan. 10 3,661 2,575 415 596 Jan. 17 3,654 2,548 400 631 Jan. 24 3,495 2,38" 400 631 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollarsl Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): Dec. 27 22,512,010 ,415, 934 5,027,1361,474,710 1,961,071 1,538,1141,339,770 4,,064,370 971,120 487,224 819.,636 583688 2,829,237 Jan. 3 22,501,096 ,411,382 5,047,7601,468,5611,954,8151,530,4051,336,9514,067,199 969,035 485,696 820f;, 774 584190 2,824,328 Jan. 10 22,499,042 ,416, 5-86 55,033,6221,465,954 1,957,219 1,528,480 11,333,223366 4,070,978 967,921 582,814 2,831,181 Jan. 17 22,451,788 ,412,347 5,012,8351,463,7021,953,2001,525,2741,332,3944,069,494 965,615 487,070 817,443 580,412 2,832,002 Jan. 24 22,446,586 ,408,8""8-9 55,012,974 1,459,398 1,949,"862 1,517,5841,332,556 4,076,713 969,060 487,325 816!-,149 577 779 2,838,297 Collateral held against notes outstanding: Gold certificates: Dec. 27 10,972,000 610,000 2,570,000 622,000 812,000 615,000 630,000 2!, 300,000 375,000 195,000 320,000 249,000 1,674,000 Jan. 3 11,048,000 610,000 3,070,000 623,000 812,000 615,000 605,000 2!,, 100,000 375,000 195,000 320,000 249,000 1,474,000 Jan. 10 10,968,000 610,0003,270,000 623,000 812,000 615,000 605 ,800,000 375,000 195,000320,000 269,000 1,474,000 Jan. 17 10,953 000 610,000 3,270,000 623,000 812,000 615,000 605,000 1,800,000 375,000195,000 320,000 254,000 1,474,000 Jan. 24 11,043,000 610,000 3,270,000 623,000 812,000 615,000 605,000 1,900,000 375,000 195,000 320,000 244,000 1,474,000 Eligible paper: Dec. 27 148,215 3,645 129,595 4,285 3,850 6,300 540 Jan. 3 26,850 695 16,600 255 500 7,400 1,400 Jan. 10 116,255 4,355 86,075 2,925 100 14,450 8,350 Jan. 17 119,365 4,020 62,635 7,110 2,500 30,900 12,200 Jan. 24 130,050 4,570 56,860 420 2,750 31,000 5,000 29,450 U. S. Govt. securities: Dec. 27 11,803,402 810,0002,400,000 850,0001,150,000 950,000 725,000 1,800,000 648,402 300),000 525,000 345,000 1,300,000 Jan. 3 11,729,422 810,0002,000,000 850,0001,150,000 950,000 750,000 2,000,000 649,422 3001;,000 525,000 345,000 1,400,000 Jan. 10 11,823,512 810,0001,800,000 850,0001,150,000 950,000 750,000 2,300,000 643,512 300,000 525,000 345,000 1,400,000 Jan. 17 11,862,775 810,0001,800,000 850,0001,150,000 950,000 750,00012,300,000 682,775 3001.,000 525,000 345,000 1,400,000 Jan. 24 11,747,235 810,0001,800,000 850,0001,150,000 950,000 750,000 2,200,000 667,235 300),000 525,000 345,000 1,400,000 Total collateral: Dec. 27 22,923,6171,423,645 5,099,5951,476,2851,962,000 1,568,850 1,355,000 4,100,000 1,029,702 495,000 845,540 594,000 2,974,000 Jan. 3 22,804,2721,420,695 5,086,6001,473,2551,962,000 1,565,500)1,355,000 4,100,000 1,031,822 495,000 846,400 594,00012,874,000 Jan. 10 22,907,7671,424,355 5,156,075 1,475,9251,962,000 1,565,100:1,355,000|4,100,000 1,032,962 495,000 853,350 614,000 2,874,000 Jan. 17 22,935,14C1,424,020 5,132,6351,480,110 1,962,0001,567,5(J0;i;355;0004;i00,'000 i;O88;675495!6oO857|266 599|o66l287460O Jan. 24 22,920,285lf424,570j5,126,860 1,473,42011,962,000 1,567,750.1,355,000J4,100,000J1,073,235|500,000|874,450|589,OOOJ2'874'oOO 144 FEDERAL RESERVE BUIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V W l D e a d s a p n t t e e e r d s i a o d ( y l d a a y ) o s t f or Nu A m p a b p p e l p r i r c o a v A ti e o m d n o s unt (a b p p m c u l r A o e t o o p m t v n u e - e - o d n d t 1 t) s (a t L a m o n o u o d a t u i n - n n s g t) 2 C s (a t m o a m o n m e u o d n m t u i - t n n s i g t t ) - ( s a p P t m a a a o n t r o u i d t o u t i - i n n c n s t i g ) - [ G A u m a a o r u a u t n n h t t o s e r e i i d z n e l d t o h a o n u s sand G s u o a o f r u a t d n s o t t l a e l n a e r d d s i ] n lo g ans a A v a a d m i d la i o t b i u o l n e n t al to borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 9 9 3 3 5 6 2 1 , ,9 2 9 8 3 0 1 13 2 9 4 , , 8 4 2 9 9 3 1 8 1 , , 2 5 2 4 6 8 2 3 5 2 , , 5 4 2 9 6 3 2 2 0 7 , , 9 6 5 4 9 9 8 7 , , 7 2 7 0 8 8 Number Amount am To o t u a n l t g P u o a r r ti a o n n - ant m ee e n ag ts ree- 1937 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 June 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 June 30 3,452 475,468 3,203 13,044 12,132 19,070 Feb. 28 3,198 3,479,172 :,040,828 828,221 1,706,849 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Mar. 31 3,534 3,725,241 ,245,711 999,394 1,865,618 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Apr. 30 3,773 4,058,731 ,339,078 1,073,972 2,018,818 1944 May 31 4,002 4,554,278 ,415,777 1,150,040 2,076,998 Jan. 31 3,475 495,738 1,808 10,369 10,146 18.247 June 30 4,217 4,718,818 ,428,253 1,153,756 2,216,053 Feb. 29 3,478 497,875 835 10,198 10,292 18,531 July 31 4,404 4,900,905 ,536,296 1,269,416 2,388,721 Mar. 31 3,481 503,330 1,408 11,774 9,069 18,267 Aug. 31 4,599 5,153,941 .646,921 1,366,178 2,482,875 Apr. 29 3,482 505,726 276 12,250 8,744 17,137 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 May 31 3,483 508,170 208 12,073 3,956 11,321 Oct. 31 4,948 5,546,555 1,815,162 1,511,847 2,586,563 June 30 3,483 510,857 45 11,366 4,048 11,063 Nov. 30 5,123 6,234,047 L,798,272 1,495,910 2,798.283 July 31 3,485 513,134 295 11,115 3,975 10,841 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Aug. 31 3,485 515,419 295 10,482 3,790 10,685 Sept. 30 3,487 519,120 645 9,274 4,400 9,851 1944 Oct. 31 3,488 521,177 45 8,796 4,777 9,751 Jan. 31 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Nov. 30 3,489 523,678 1,295 6,926 4,099 8,636 Feb. 29 5,720 7,172,719 2,030,547 1,700,400 3,451,581 Dec. 30 3,489 525,532 1,295 3,894 4,165 2,705 Mar. 31 5,904 7,466,762 1,009,511 1,680,046 3,615,963 Apr. 30 6,079 7,647,180 :,990,996 1,666,185 3,684,568 May 31 6,283 7,797,400 2,033,579 1,706,421 3,795,558 1 Includes applications approved conditionally by the Federal Reserve June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Banks and under consideration by applicant. July 31 6,590 8,333,741 2,083,435 1,765,841 3,904,215 2 Includes industrial loans past due 3 months or more, which are not in- Aug. 31 6,744 8,487,623 2,010,958 1,706,363 4,107,606 cluded in industrial loans outstanding in weekly statement of condition of Sept.30 6,882 8,685,273 1,960,785 1,663,489 4,301,322 Federal Reserve Banks. Oct. 31 7,050 8,983,937 L,895,733 1,611,872 4,367,332 NOTE.—The difference between amount of applications approved and the Nov. 30 7,235 9,131,770 1,776,609 1,507,709 4,476,918 sum of the following four columns represents repayments of advances, and Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 applications for loans and commitments withdrawn or expired. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees available but not completed, and authorizations expired or withdrawn. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,* DECEMBER 1944 [Averages of daily figures. In millions of dollars] Central reserve m A e l m l - city banks se R r e v - e Coun- a I n n d p o l v a e c r e s p o o f p u 1 l 5 a ,0 ti 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r ba b n e k r s1 $£ Chicago city banks1 Federal Reserve district Demand Demand deposits deposits except Time except Time Total reserves held: inter- deposits inter- deposits 1943—November 12,313 3,453 820 4,916 3,124 bank2 bank2 December 12,749 3,601 837 5,083 3,228 1944—November 14,520 4,057 925 5,773 3,764 December 14,168 3,756 876 5,654 3,882 Total.. 14,844 5,775 9,293 4,006 Week ending (Friday): 1944—Dec. 1 14,770 4,138 940 5,878 3,814 Boston 2,038 651 302 172 Dec. 8 14,268 3,802 890 5,702 3,874 New York 2,958 1,477 903 803 Dec. 15 14,168 3,755 895 5,673 3,845 Philadelphia.... 1,058 513 760 603 Dec. 22 14,067 3,735 854 5,596 3,882 Cleveland 1,307 626 864 544 Dec. 29 14,019 3,684 850 5,592 3,893 1945—Jan. 5 14,110 3,696 846 5,628 3,940 Richmond 1,196 287 684 304 Jan. 12 14,041 3,687 855 5,631 3,868 Atlanta 1,257 313 513 129 Jan. 19 14,147 3,720 874 5,668 3,885 Chicago 1,909 939 1,276 611 St. Louis 534 224 752 177 Excess reserves: 1943—November 1,073 332 712 Minneapolis. 452 188 518 278 December 1,048 302 712 Kansas City 424 76 1,130 140 1944—November 1,023 286 710 Dallas 738 83 1,090 43 December 1,284 359 895 San Francisco.. 973 398 501 204 Week ending (Friday): 1 1 9 9 4 4 4 5 — — D D D D D Ja e e e e e n c c c c c . . . . . . 2 2 1 8 5 2 9 5 1 1 1 1 1 1 1 , , , , , , 1 3 2 1 3 3 5 1 1 9 5 0 2 0 5 6 0 1 -17 5 1 6 1 3 3 3 3 3 3 9 4 3 9 1 4 1 2 6 1 3 8 8 8 9 9 8 7 3 2 9 5 8 5 1 5 6 7 2 5 b i r n e e s e t e n 1 h 2 r e v I I g n e n i t c c v a c l l b e i u u t n l d i d e e e e p s s o s e n h r w a a m n t v a h i y r e s e s a b l i f o o a o p a n n l n l o o k p t w s d o u i e i l n n c p a g a t o i o r s o r u p i n y t t a s l g , o y t e h f i n s . e m h g o s o w a s r m e e n c e t t h i s o r e a e n p n s s a e 1 r r a o 5 v t f , e 0 e s 0 l r y e 0 a s . s e f o r c v r o e a u l c n l i t t r c i y e o s u b w n a t h n ry i k c s h . b h a A a n v k l e l s Jan. 12 1,187 5 333 836 Jan. 19 *1171 7 305 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS [Averages of daily figures. 1 In millions of dollars] Gross demand deposits Reserves Demand Class of bank and Go U v . e S rn . - D de e p m o a s n it d s N m e a t n d d e- T d i e m - e bal d a u n e ces Federal Reserve district Total In ba te n r k - w m a d r e e l - n o t an Other adjusted3 po d s e i - ts4 posits5 do b m f a ro n e m k st s ic Held qu R i e r - ed Excess posits" First half of December 1944 All member banks 89,482 11,992 15,240 62,250 58,433 64,379 19,024 6,162 14,257 12,987 ! 1,270 Central reserve city banks: New York 25,328 3,949 5,566 j 15,813 14,679 18,578 1,012 65 3,798 3,776 Chicago 5,860 1,178 1,180 3,502 3,268 4,272 610 174 896 891 Reserve city banks 33,173 5,637 5,102 22,434 20,593 24,358 7,658 1,910 5,701 5,331 370 Boston 2,249 319 512 1,418 1,326 1,595 130 50 339 327 12 New York 552 26 71 454 427 435 213 19 104 100 5 Philadelphia 2,457 342 432 1,683 1,574 1,841 153 75 393 377 16 Cleveland 4,190 544 700 2,946 2,746 3,109 960 183 724 679 45 Richmond 2,029 363 444 1,222 1,124 1,364 319 125 341 292 49 Atlanta 2,005 558 241 1,206 1,078 1,490 287 150 334 315 19 Chicago 4,175 474 676 3,024 2,835 3,010 1,322 304 726 681 45 St. Louis 1,964 643 290 1,030 904 1,437 232 112 313 301 12 Minneapolis 1,108 281 269 558 494 701 118 75 154 147 7 Kansas City 2,629 899 291 1,438 1,276 1,864 246 314 440 388 52 Dallas..... 2,043 542 236 1,265 1,159 1,471 212 232 350 307 43 San Francisco 7,773 646 938 6,190 5,650 6,041 3,465 268 1,482 1,416 66 Country banks 25,122 1,229 3,392 20,501 19,893 17,171 9,744 4,012 3,861 2,989 873 Boston 2,395 90 493 1,812 1,735 1,614 821 215 336 275 61 New York 3,882 74 732 3,076 2,961 2,730 2,272 311 627 518 108 Philadelphia 1,816 12 273 1,531 1,486 1,284 1,112 217 310 247 63 Cleveland 2,169 25 316 1,827 1,780 1,491 1,168 317 379 279 100 Richmond 2,090 226 274 1,590 1,512 1,355 585 393 299 225 74 Atlanta 1,978 231 230 1,517 1,464 1,345 440 361 282 215 67 Chicago 3,236 82 432 2,723 2,671 2,214 1,541 544 532 403 130 St. Louis 1,446 174 126 1,146 1,112 1,007 399 282 212 165 47 Minneapolis 1,052 80 116 856 834 722 464 194 168 129 39 Kansas City 1,625 79 119 1,427 1,409 1,071 216 422 231 163 68 Dallas... 1,939 129 150 1,660 1,629 1,275 127 488 264 186 78 San Francisco 1,494 28 131 1,335 1,298 1,063 599 268 221 185 37 Second half of December 1944 All member banks 91,084 11,916 17,773 61,394 57,402 63,316 19,161 6,128 14,084 12,786 1,298 Central reserve city banks: New York 25,888 3,955 6,524 15,409 14,208 18,114 1,015 66 3,717 3,684 ! 33 Chicago 5,881 1,155 1,358 3,369 3,128 4,108 613 175 858 858 . Reserve city banks .. 33,724 5,583 5,942 22,200 20,269 23,984 7,717 1,908 5,609 5,260 | 349 Boston 2,299 303 605 1,391 1,298 1,552 131 49 328 318 10 New York 555 26 81 448 420 426 214 20 103 98 5 Philadelphia 2,494 337 506 1,651 1,532 1,793 153 76 385 368 18 Cleveland 4,209 548 775 2,887 2,661 3,034 965 176 699 665 34 Richmond 2,068 346 500 1,221 1,121 1,341 320 130 332 287 44 Atlanta 2,048 562 277 1,210 1,076 1,495 289 146 332 316 15 Chicago 4,218 473 794 2,952 2,745 2,911 1,334 311 706 662 44 St. Louis 1,988 647 316 1,025 889 1,432 233 107 309 300 9 Minneapolis 1,124 267 304 553 489 689 119 68 151 145 6 Kansas City 2,669 897 324 1,448 1,268 1,858 247 311 435 386 49 Dallas 2,090 537 292 1,261 1,149 1,453 214 237 355 303 52 San Francisco 7,962 640 1,168 6,153 5,621 5,999 3,498 277 1,473 1,410 63 Country banks 25,590 1,224 3,950 20,417 19,798 17,110 9.816 3,979 3,900 2,984 916 Boston 2,460 89 573 1,798 1,720 1,613 825 200 333 275 58 New York 3,987 76 841 3,070 2,953 2,718 2,286 318 640 518 122 Philadelphia 1,843 11 315 1,518 1,472 1,270 1,119 215 315 245 70 Cleveland 2,225 27 377 1,821 1,773 1,475 1,172 328 389 277 112 Richmond 2,116 221 320 1,575 1,496 1,346 597 382 294 224 69 Atlanta 2,024 234 244 1,546 1,491 1,358 442 379 287 217 70 Chicago 3,292 78 505 2,709 2,655 2,204 1,557 535 541 402 139 St. Louis 1,466 168 148 1,150 1,116 1,010 402 277 210 166 44 Minneapolis 1,054 84 135 835 814 713 468 187 170 128 42 Kansas City 1,642 79 145 1,418 1,400 1,064 217 420 231 162 69 Dallas 1,976 131 184 1,661 1,629 1,279 125 487 265 186 79 San Francisco 1,506 26 162 1,318 1,281 1,061 604 251 227 185 42 1 Averages of daily closing figures for reserves and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. 3 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts. 4 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 5 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. I46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth c ti u o l n a1- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940. 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January...... 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February. 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September.. .. 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November. 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December. 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15.100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 ,039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 June... 22,504 15,925 1,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 July 22,699 16,034 1,077 910 73 2,016 5,569 6,388 6,667 1,722 3,516 487 911 9 22 2 August 23,292 16,410 1,092 921 75 2,053 5,706 6,562 6,884 1,780 3,642 502 929 9 22 2 September.... 23,794 16,715 1,105 937 75 2,078 5,789 6,731 7,081 1,829 3,765 516 939 9 22 2 October.. 24,425 17,089 1,125 948 76 2,103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 November 1 25,019 17,461 1,144 962 78 2,129 5,990 7,157 7,561 1,946 4,056 546 981 10 23 3 December i 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 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 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] Money held in the Treasury Money in circulation1 Money T s D o ta t e 1 a n c 9 l d . 4 o i 4 3 n u 1 g t , - A g s a o s g s l i d a e l v i c a n e u n r s r t d ity Tr c e a a s s h ury R F B e e F a s d e o n e r r k r v a s e l B h F R a a e n e e g l d k s d e s e e n r b r a t v a s y n e l d De 1 c 9 . 4 4 31, No 1 v 9 . 4 3 4 0, De 1 c 9 . 4 3 31 certificates and agents G G o o l l d d certi#ficates 2 1 0 8 , , 6 49 1 7 9 18,497 22,121 " 15,629" 2,815 "S3" "53" 55 Federal Reserve notes 22,508 137 889 21,482 21,200 16,737 Treasury currency—total. . . 4,131 zl\802" 117 242 3,773 3,766 3,657 Standard silver dollars 494 282 95 2 116 113 95 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,802 ' 190 Mil M04 1,567 Subsidiary silver coin 784 13 13 759 751 671 Minor coin 292 6 4 282 280 254 United States notes 347 3 23 321 325 318 Federal Reserve Bank notes 570 1 9 560 569 624 National bank notes— ... 124 (5) 1 123 124 129 Total—December 31, 1944 («) 20,300 2,375 15,629 3,947 25,307 November 30, 1944 20,386 2,327 15,713 3,790 25,019 December 31, 1943 (4) 21,658 2,303 16,950 3,842 20,449 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 139, and seasonally adjusted figures in table on p. 148. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,941,362 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 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 for explanation of these duplications. 5 Less than $500,000. NoTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1945 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount- Amount- Change in Ear- Date f u o v n r a a r s d i e j a u a t s s io o te n n d al ad v s j a u e r a s i s t a e o t d n io a n l for s a e s d a e s ju o ri s n e t a e s l 1 d ly Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - - End of year figures: crease (—) 1939 7,598 +742 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 0 2 1 3 4... 2 2 1 1 8 5 0 1 5 , , , , , 3 7 4 1 4 0 3 4 6 1 7 9 0 0 2 + + + + + 4 5 4 2 1 , , , , , 8 0 2 4 1 5 3 5 2 3 8 9 0 8 4 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 8 6 5 4 2 . 3 3 1 1 1 1 2 1 8 0 4 , , , , , 7 2 2 1 5 6 5 2 3 1 0 8 5 2 8 4 1 1 1 1 , , , , , 2 1 5 8 7 0 3 0 8 5 2 2 2 7 1 . . . . . 5 2 5 5 5 1 1 1 1 1 , , , , , 1 5 7 1 9 3 8 3 1 7 3 5 9 3 6 . . . . . 9 5 6 0 6 - -3 2 -8 3 0 8 3 5 0 2 . . . 5 . . 9 4 6 2 1 1 1 1 9 1 3 4 4 2 0 1 8 3 . . . . . 9 7 6 6 9 M f o i n g 1 t u 9 h r 4 l e y 3 s — : a M A J M v u p e a n a r r y e r i a c l g h es of daily 1 1 1 1 7 6 6 6 , , , , 2 8 1 4 1 1 4 4 7 5 8 8 1 1 1 1 6 7 6 6 , , , , 9 1 3 5 3 9 0 8 4 7 4 1 + + + + 3 3 3 3 7 5 8 6 0 3 4 0 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 3 4 2 1 3 0 9 4 . . . . . .. . 2 2 2 2 2 1 1 2 2 0 1 7 , , , , , , 7 7 9 6 9 6 3 2 3 9 1 4 7 6 8 5 9 4 -1 4 3 - , 7 3 - , , 3 1 7 1 8 1 5 3 4 0 8 9 1 2 1 . . . . . . 3 5 0 2 8 0 3 4, , 7 5 3 9 4 7 6 1 8 4 5 8 4 2 . . . . . 5 7 9 2 4 5- - - - - - 4 4 6 5 4 8 5 0 4 3 5 0 9 7 4 4 8 3 . . . . . . 8 7 7 4 6 4 ^ 1 1 1 1 4 3 6 7 2 6 5 8 1 0 5 9 . . . . . . 3 3 7 2 4 1 A Ju u l g y ust 1 1 7 8 , , 6 1 8 9 1 6 1 18 7 , , 2 7 8 1 7 6 + + 4 5 1 7 2 1 1943—December.... 21,938 -127.0 4-4.0 -87.0 3.6 September 18,729 18,767 +480 1944—January 21,918 —19 6 -27.6 3.1 October 19,001 19,001 +234 February... . 21,712 -206.6 11.5 3.4 November 19,566 19,507 +506 March 21,600 -111.7 -48.7 2.9 December 20,243 19,944 +437 April 21,429 -170.7 —70.5 2.9 1944—January 20,428 20,367 +423 May 21,264 —165.5 -93.1 2.9 February 20,635 20,635 +268 June 21,173 -90.7 -6.4 2.4 March 20,964 21,027 +392 July 20,996 -177.1 -96.6 3.0 April 21,312 21.484 +457 August 20,926 —69.7 2.7 2.8 May 21,822 21,976 +492 September... 20,825 -101.2 -27.4 3.0 June 22,296 22,408 +432 October 20,727 -98.4 -22.6 2.9 J A u u ly gust 2 2 2 2 , , 5 9 8 8 0 8 2 2 3 2 , ,6 1 2 0 5 4 + +4 2 7 1 9 7 N D o e v c e e m m b b e e r r.... 2 2 0 0 , , 6 61 8 9 8 - -3 6 8 9 . .6 3' 5- - 4 3 6 4 . . 3 7 '3 3 . . 0 0 September 23,525 23,572 +468 October 24,112 24,112 +540 November 24,738 24,664 +552 December 25,207 24,957 +293 P Preliminary, f Figure carried forward. 1945—January 25,243 25,167 +210 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p. 191, adjusted to exclude Philippine Islands production received in United States. 1 For end of year figures, represents change computed on absolute 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a amounts in first column. fine ounce thereafter. NOTE.—For discussion of seasonal adjustment factors and for back 3 Includes gold in the Inactive Account amounting to 27 million dollars figures on comparable basis see September 1943 BULLETIN, pp. 822-826. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. Because of an apparent recent change in the seasonal pattern around the The net gold import figures for months subsequent to December 1943 year end, adjustment factors have been revised somewhat for dates af- have not been released for publication. fected, beginning with December 1942; seasonally -adjusted figures for 5 Gold held under earmark at Federal Reserve Banks for foreign account money in circulation, as shown in Banking and Monetary Statistics, Table amounted to 3,937.2 million dollars on Dec. 30, 1944. 111, p. 414, and described on p. 405, are based on an older series of adjust- NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, ment factors. pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d r e n p o o v si e t r s o e f x c t e o p ta t l e d x e c p e o p s t i t in ac te c r o b u a n n t k s tur d n e o p v o e s r i ts o f e x d c e e m p a t nd interbank and Government interbank and Year and month Government T re o c p t e a o n l r t , t e i a r n s l g l Y N C o e it r w y k 1 1 c 4 e 0 n o te th rs e 1 r r r e p O p n o t f h r p t e r i « r n 2 g Y N C o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o e it r w y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o ie i t n h s g er 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e r r ie ie s s 3 3 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 34 4 7 2 , , 8 4 3 3 7 0 6 5 7 3 , , 0 6 7 7 4 9 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,760 345,585 462,205 83,971 17.1 10.8 298,902 403,400 22.4 17.3 1943—December 76,499 28,936 40,155 7,409 17.8 11.8 24,446 34,751 21.8 17.7 1944—January 71,874 27,031 37,930 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February 70,688 27,592 36,469 6,627 17.7 11.3 22,887 31,566 24.0 18.5 March 76,060 29,644 39,382 7,034 16.5 10.8 25,650 33,937 22.8 17.4 April 66,689 25,297 34,915 6,478 16.0 10.5 21,284 30,482 19.7 16.4 May 67,259 24,708 36,049 6,502 15.5 10.4 20,927 31,105 17.9 15.5 June 83,848 33,563 42,595 7,689 19.7 11.8 28,988 38,024 24.3 18.7 July 72,909 28,474 37,588 6,847 16.2 10.3 25,423 32,934 24.8 18.0 August 69,124 26,165 36,332 6,627 13.9 9.2 21,722 30,988 19.0 15.2 September 70,389 26,860 36,765 6,764 16.1 10.2 23,827 31,882 21.4 16.2 October 73,864 28,558 38,309 6,997 16.9 10.2 24,672 33,498 20.9 16.0 November r77,775 30,016 r40,381 r7,378 18.7 11.5 25,464 34,676 21.6 17.2 December 91,281 37,678 45,490 8,114 21.4 11.9 33,064 40,559 30.0 20.4 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures, include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits t3 demand deposit accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total d T em ot a a n l d United Time deposits ceposits deposits Total DemanJ States Currency End of month adjaunsdted adjusted deposits deposits Govern- outside currency and adjusted adjusted1 ment Com- Mutual Postal banks outside currency deposits2 Total mercial savings Savings banks outside banks34 banks4 System5 banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 December 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 December 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6^401 December 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6*699 1940—June 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 December 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 1941—June 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 December 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 1942—June 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 December 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 1943—June 1943—November 123,500 77,900 105,200 59,600 13,300 32,300 18,900 11,600 1,800 18,300 December 122,812 79,652 103,975 60,815 10,424 32,736 19,213 11,737 1,786 18,837 1944—January 125,300 81,400 106,400 62,500 10,700 33,200 19,500 11,900 1,800 18,900 February 128,600 77,300 109,400 58,100 17,600 33,700 19,800 12,000 1,900 19,200 March 127,900 79,100 108,400 59,600 14,700 34,100 20,100 12,100 1,900 19,500 April 127,500 82,000 107,600 62,100 10,900 34,600 20..500 12,200 1,900 19,900 May 128,000 85,600 107,500 65,100 7,100 35,300 21,000 12,300 2,000 20,500 June 136,169 80,946 115,288 60,065 19,506 35,717 21,217 12,468 2,032 20,881 Julyp 139,200 82,600 118,100 61,500 20,300 36,300 21,600 12,600 2,100 21,100 August** 139,000 85,900 117,300 64,200 16,100 37,000 22,200 12,700 2,100 21,700 September2* 138,900 87,600 116,700 65,400 13,500 37,800 22,800 12,800 2,200 22,200 October** 139,400 92,100 116,600 69,300 8,600 38,700 23,400 13,000 2,300 22,800 November21 142, 700 95,400 119,300 72,000 8,200 39,100 23,700 13,100 2,300 23,400 v Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the 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. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS1 [In millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i b e to p al r o - s s ' - i C n a d s e h - U. S s . e G cu o r v i e ti r e n s ment C r a e s - h banks ti N o a n - al State su I r n e - d in N s o u n re - d ances1 Total posi- serve Number of banks suspended: tory Di- Guar- funds 1934-39 291 15 6 189 81 banks Total rect t a e n e - d etc.2 1940 22 1 18 3 1941 8 4 3 1 1 1 1 9 9 9 3 3 3 4 6 5 — — — D D D e e e c c c 1 1 1 , , , 2 2 2 6 0 0 0 7 1 1 1 1 , , , 2 2 2 3 3 9 7 7 6 5 2 1 8 4 4 7 0 5 1,0 8 5 5 5 9 8 3 7 4 8 7 6 9 0 7 2 6 1 1 16 4 3 7 7 0 1 9 9 0 8 3 0 1 1 19 9 9 4 4 4 4 3 2. . 9 1 2 6 2 1 3 1937—Dec 1,270 1,308 131 1,097 931 167 80 1 1 9 9 3 3 9 8 — — D D e e c c 1 1 , , 2 25 7 2 9 1 1 , , 3 2 1 9 9 1 8 5 6 3 1 1 , , 1 13 9 2 2 1,0 9 4 6 6 5 1 1 6 4 6 6 7 7 3 4 De ( p in o s t i h ts o u o s f a s n u d s s p o e f n d d e o d l la b r a s) n k :2 s 1940-Dec 1,304 1,348 36 1,224 1,078 146 88 1934-39 125,991 14,616 26,548 44,348 40,479 194]—Dec 1,314 1,396 26 1,274 1,128 146 95 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 1940. 5,943 256 5,341 346 1943—Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1942 1,702 1,375 327 1944— F T e a b n 1 1 , ,8 8 6 3 7 3 1 1 , , 9 8 2 9 6 1 9 9 1 1 , , 7 7 1 8 9 3 1 1 , . 7 7 8 1 3 9 1 1 3 6 5 2 1 1 9 9 4 4 3 4 6,2 4 2 0 3 5 4,982 1,2 4 4 0 1 5 Mar 1,906 1,964 9 1,823 1,823 132 Apr 1,947 2,008 9 1,870 1,870 129 1 Represents banks which, during the periods shown, closed temporarily May 1,994 2,053 9 1,912 1,912 132 Tune 2,034 2,095 9 1,951 1,951 135 July 2,084 2,147 8 2,006 2,006 133 Aug 2,140 2,202 8 2,050 2,050 143 loans). Sept 2,198 2,262 8 2,110 2,110 143 2 Deposits of member banks and insured nonmember banks suspended are Oct 2,257 2,323 8 2,165 2,165 150 as of dates of suspension, and deposits of noninsured nonmember banks Nov *>2,304 are based on the latest data available at the time the suspensions were Dec ^2,337 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for p Preliminary. description, see pp. 281-282 in the same publication. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. _ Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. FEBRUARY 1945 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars} Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans Total G o m U o b v l . e i e g n S r a t n . - - se O cu th ri e t r ies Total* I b n a t n er k - ^ Demand Time of banks tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,22' 10,895 67,554 28,775 14,618 December 31r 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—June 30r 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83,588 33,797 14,553 All commercial banks: 1934—June 30 32,742 15,700 17,042 10,307 6,735 36,744 4,560 19,527 12,657 15,353 1937—June 30 39,472 17,432 22,040 14,563 7,477 49,097 6,332 28,118 14,648 14,976 1940—June 29 41,148 17,414 23,734 16,553 7,181 60,139 10,188 34,336 15,615 14,404 1941—June 30 47,625 20,353 27,272 20,095 7,177 67,472 10,948 40,530 15,993 14,305 December 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—June 30 53,649 20,259 33,390 26,410 6,980 72,311 10,287 46,357 15,667 14,228 December 31 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,554 17,634 14,073 December 31r 85,095 19,117 65,978 59,842 6,136 105,923 11,012 75,561 19,350 14,034 1944—June 30r 95,731 21,010 74,722 68,431 6,290 116,133 11,219 83,588 21,326 14,009 All insured commercial bank 1934—June 30 31,688 15,190 16,498 10,005 6,493 35,833 4,435 19,013 12,385 13,939 1937—June 30 38,218 17,041 21,177 13,964 7,213 47,824 6,146 27,240 14,438 13,883 1940—June 29 39,830 17,011 22,819 15,900 6,919 58,418 9,795 33,272 15,351 13,479 1941—June 30 46,186 19,909 26,276 19,370 6,907 65,608 10,545 39,320 15,742 13,422 December 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—June 303 52,642 19,920 32,722 25,934 6,789 71,150 10,076 45,664 15,410 13,399 December 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—June 30 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 December 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—June 30 93,936 20,729 73,207 67,085 6,122 114,145 11,038 82,061 21,045 13,264 All member banks: 1934—June 30 27,175 12,523 14,652 9,413 5,239 31,012 4,35. 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,451 13,969 20,482 14,722 5,761 51,729 9,690 30,111 11,928 6,398 1941—June 302 40,659 16,729 23,930 18,078 5,852 58,512 10,436 35,725 12,350 6,556 December 31 43,521 18,021 25,500 19,539 5,961 61,71 10,525 38,846 12,347 6,619 1942—June 303 46,800 16,928 29,872 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 16,' 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 December 31 74,258 16,""' 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—June 30 83,587 18,084 65,503 60,339 5,164 101,276 10,903 73,488 16,884 6,773 All national banks: 1934—June 30 17,011 7,681 9,331 5,847 3,484 19,896 2,767 10,356 6,772 5,417 1937— 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940 22,038 9,156 12,882 9,094 3,787 33,014 6,083 18,702 8,228 5,164 1941 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,:" 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 December 31.. 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 December 31.. 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38,640 3,490 65,585 7,402 46,879 11,304 5,036 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,845 5,. " 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 12,413 4,813 7,600 5,627 1,973 18,715 3,608 11,409 3,699 1,234 1941—June 302 14,840 5,832 9,008 6,967 2,041 21,238 3,847 13,423 3,969 1,426 December 31.. 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31.. 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31.. 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30....... 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 * 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. r Minor revisions have been made in some of the Dec. 31, 1943 and June 30, 1944 figures. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bapk figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Total Loans G U ov . e S rn . - Other Total1 I b n a te n r k - 1 o N f u b m a b n e k r s Total o m bl e i n g t a- securities Demand Time tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 ,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 ,712 7,607 281 3,888 3,438 8^619 1940—June 29 6,697 3,445 3,252 1,831 ,421 8,410 498 4,225 3,687 8,006 1941—June 30 6,973 3,627 3,346 2,018 ,328 8,969 512 4,805 3,651 7,752 December 31 7,208 3,693 3,515 2,251 ,264 9,539 464 5,470 3,605 7,661 1942—June 304 6,856 3,334 3,522 2,314 ,208 8,915 316 5,046 3,553 7,584 December 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,884 3,849 7,373 December 31r 10,847 2,832 8,014 6,899 1,115 13,671 457 9,123 4,091 7,299 1944—June 30r 12,155 2,929 9,226 8,099 1,128 14,869 315 10,100 4,453 7,239 Insured nonmember commercial banks: 1934—June 30 4,513 2,667 1,846 592 1,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—June 29 5,379 3,042 2,337 1,178 1,159 6,689 104 3,161 3,423 7,081 1941—June 30 5,534 3,183 2,350 1,293 1,057 7,104 110 3,595 3,400 6,869 December 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 December 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 December 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—June 30 10,360 2,648 7,712 6,752 960 12,880 135 8,573 4,172 6,494 Noninsured nonmember commercial banks: 1934—June 30. 1,054 510 544 303 241 911 125 514 272 1,414 1937—June 30 1,254 391 863 599 264 1,273 185 878 210 1,093 1940—June 29 1,318 403 915 653 262 1,721 394 1,064 264 925 1941—June 30 1,439 444 996 725 271 ,865 402 1,210 251 883 December 31 1,434 452 982 742 239 ,837 335 1,255 247 851 1942—June 304 1,007 339 668 477 191 ,161 211 693 257 829 December 31. 1,151 314 837 667 170 ,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 ,519 214 1,045 260 775 December 31r 1,588 276 1,312 1,160 153 ,829 307 1,253 269 764 1944—June 30r 1,795 281 1,514 1,347 168 ,989 181 1,527 281 745 All mutual savings banks: 1934—June 30 9,810 5,606 4,204 971 3,233 9,691 9,691 576 1937—June 30 10,093 4,978 5,115 2,391 2,724 10,125 10,125 563 1940—June 29 10,188 4,926 5,262 3,113 2,149 10,631 10,631 551 1941—June 302 10,321 4,958 5,363 3,426 1,937 10,648 10,648 550 December 31 10,379 4,905 5 474 3,700 1,774 10,532 10,532 548 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 December 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 December 31r 11,871 4,484 7,387 6,090 1,297 11,738 11,738 545 1944—June 30r 12,976 4,414 8,562 7,306 1,257 12,471 12,471 544 Insured mutual savings banks: 1934—June 30 1,022 576 446 120 325 1,040 1,040 66 1937—June 30 969 470 499 252 247 1,002 1,002 56 1940—June 29 1,317 598 719 420 299 1,428 1,428 51 1941—June 302 1,655 641 1,015 569 446 1,803 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 1,864 1,864 53 December 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30 , 2,704 1,013 1,691 1,264 427 2,739 2,739 61 December 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—June 30r 8,489 3,111 5,378 4,752 626 8,235 8,235 192 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—Jung 29 8,871 4,328 4,543 2,693 1,850 9,203 9,203 500 1941—June 30 8,666 4,317 4,348 2,857 1,491 8,845 8,845 497 December 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,531 8,531 494 December 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943_ D juence em 30 ber 31r 4 8 , , 3 5 4 4 5 4 3 1, , 4 5 1 6 1 8 4 2 , , 9 93 7 5 5 4 2 , , 0 2 2 4 6 6 9 68 4 9 9 8 4, , 2 4 0 0 4 2 4 8 , , 2 4 0 0 4 2 4 3 8 6 4 1 1944—June 30r 4,487 1,302 3.185 2,554 631 4,236 4,236 352 For footnotes see opposite page. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations Com- purchasing Obli- C an la d s s c o a f l l b d a a n t k es s, m i t T n l a o e v o n n a e t d n t s a s s t l 1 - Total1 o c m c p i i l i n n u e e a g - d n r l, - - - A t c u a g u r l r l 1 - - i- b o r T s r o e o k c c - a u r r r i y ti i e n s g R l t o e a e a s t a n - e l s - s l C u o m o a n n e - s r O lo t a h n e s r 1 Total Total C ti e fi r - - Direct G a u n a - r- g p S a o a t c t l o a n i a i f o t t d l e i n - s s 0 r s i e t t h c i u e e - s r mar- ers o T t o h- Bills oTiS- Notes Bonds teed subp k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1934—June 30 ... 31,688 15,190 1,329 3,714 3,462 6,684 16,498 10,005 794 656 3,047 5,210 298 2,280 1,213 1937—June 30 ... 38,218 17,041 1,566 3,150 3,583 8 744 21,177 13,964 827 4,637 6,386 2,115 2,684 t,53O 1940—June 29.... 39,830 17,011 6,502 1,184 464 742 4,281 3,840 22,819 15,900 805 2,699 9,026 3,370 3,482 3,436 1941—June 30.... 46,186 19,909 8,342 1,167 592 703 4,629 4,476 26,276 19,370 1,135 2,758 11,397 4,080 3,551 3,356 1942—June 30.... 52,642 19,920 8,867 1,164 569 620 4,770 3,928 32,722 25,934 1,536 1,978 3,732 15,812 2,874 3,493 3,295 1943—June 30.... 75,270 17,390 6,887 1,316 1,134 671 4,547 1,937 896 57,880 51,534 6,55710,315 5,716 26,286 2,661 3,440 2,907 Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,63613,218 7,672 30,656 2,501 3,287 2,696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,106 73,207 67,085 4,70815,46611,834 34,114 963 3,393 2,730 Member banks, total: 1934—June 30 27,175 12,523 1,290 3,309 2,357 5,568 14,652 9,413 791 637 2,871 4,838 276 1,851 3,388 1937—June 30.... 32,739 14,285 1,536 2,829 2,505 7 414 18,454 12 689 821 4,361 5,689 1,819 2 150 3 615 1940—June 29... 34,451 13,969 5,988 736 447 668 3,069 3^062 20,482 14^722 797 2,543 8,261 3^121 2^888 2^873 1941—June 302... 40,659 16,729 7,807 738 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 1942—June 30.... 46,800 16,928 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509 i',m 3,546 14,485 2,685 2,934 2,840 1943—June 30.... 67,155 14,823 6,554 854 1,120 603 3,351 1,540 801 52,332 46,980 6,278 9,418 5,251 23,545 2,487 2,876 2,476 Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,36012,071 6,906 27,265 2,345 2,729 2,294 1944—June 30.... 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,033 65,503 60,339 4,46614,22810,640 30,118 887 2,834 2,331 Dec. 3QP... 91,545 18,668 72,878 67,669 2,857 2,351 New York City:3 1934—June 30.... 7,666 3,401 938 882 156 1,425 4,265 3,210 607 347 1,084 1,015 157 425 630 1937—June 30. 9,006 4,276 1,295 824 149 2,008 4,730 3,630 543 1,426 1,207 454 344 755 1940—June 29.... 9,829 3,014 1,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 1941—June 30.... 12,493 3,778 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 1942—June 30.... 14,019 4,066 2,841 9 430 167 121 499 9,953 8,550 402 ' *663 1,746 4,572 1,166 623 781 1943—June 30.... 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30*\ .. 24,003 5,760 18,243 17,179 468 596 Chicago :3 1934—June 30.... 1,445 556 60 188 21 286 889 661 64 59 194 268 76 114 115 1937—June 30.... 1,969 675 51 145 13 465 1,295 1,001 30 366 511 94 173 121 1940—June 29.... 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941—June 30.... 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 1942—June 30.... 3,116 906 712 3 29 50 22 90 2,210 1,858 357 isi 162 1,068 90 164 188 1943—June 30.... 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Dec. 31.... 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30.... 5,124 1,064 710 11 102 130 21 49 Si 40 4,060 3,688 3-67 1,038 587 1,665 31 204 169 Dec. 30*\ .. 5,443 1,184 4,258 3,913 160 185 Reserve city banks: 1934—June 30 9,609 4,394 232 1,200 1,124 1,840 5,214 3,535 103 178 1,148 2,088 19 632 1,046 1937—June 30.... 11,629 4,994 ' 158 1,032 1,164 2,639 6,635 4,902 195 1,777 2,295 635 752 981 1940—June 29.... 12,160 5,365 2,290 176 87 210 1,372 1 230 6,795 4,947 87 839 3,052 969 981 868 1941—June 30.... 14,013 6,498 3,081 175 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 1942—Tune 30.... 16,535 6,564 3,318 152 78 177 1,524 1,315 9,971 8,188 579 674 981 5,149 806 925 858 1943—June 30.... 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 857 942 785 Dec. 31... 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30.... 30,943 6,761 2,787 277 409 903 1,385 650 350 24,183 22,484 1,914 5,586 3,893 10,689 402 963 735 Dec. 30*\ .. 33,600 6,821 26,780 25,040 1,000 740 Country banks: 1934—June 30.... 8,456 4,172 59 1,039 1,056 2,018 4,283 2,007 16 53 446 1,467 25 681 ,595 1937—June 30.... 10,134 4,340 33 828 1,179 2,301 5,794 3,155 52 792 1^676 635 880 1,759 1940—June 29.... 10,257 4,987 1,361 546 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 1941—June 30.... 11,446 5,607 1,593 555 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 L,047 1942—June 30.... 13,130 5,393 1,512 562 16 169 1,834 1.299 7,737 5,502 171 355 657 3,696 624 1,222 1,013 1943—June 30.... 19,164 4,497 1,017 623 17 164 1,750 555 371 14,667 12,509 1,194 2,276 1,368 7,091 581 1,241 917 Dec. 31.... 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—June 30.... 24,850 4,780 1,096 671 33 345 1,708 536 392 20,071 18,009 926 3,362 3,355 10,114 252 1,212 849 Dec. 30^... 28,500 4,903 23,597 21,537 1,229 830 Insured nonmember commercial banks: 1934—June 30.... 4,513 2,667 40 405 1,105 1,116 1,846 592 4 20 175 372 21 429 824 1937—June 30... 5,479 2,756 30 321 1,078 1,329 2,723 1,275 6 276 697 296 534 914 1940—June 29...! 5,379 3,042 512 448 17 74 1,212 778 2,337 1,178 8 156 765 249 595 563 1941—June 30.... 5,534 3,183 534 429 18 68 1,267 865 2,350 1,293 8 127 918 241 568 489 1942—June 30.... 5,849 2,995 485 439 15 57 1,273 726 2,854 1,837 27 "106 185 1,329 189 561 456 1943—June 30.... 8,123 2,570 333 463 14 68 1,199 397 96 5,553 4,557 278 896 465 2,744 174 565 431 Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 559 403 1944—June 30.... 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. v Preliminary. 1 Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69. 2 Beginning June 30, 1941, member bank figures include three member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "all insured commercial banks." 3 Central reserve city banks. 152. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars! Demand deposits Time deposits Interbank C an la d s s c a o ll f b d a a n te k s s, F s B s e w e e R d R a r r i e n e v e v t - r - k h e e a s s l v C a a in u sh lt m b a B w a d n e n a i o c s t k l - e t h - i s s c 4 j p m u a D o s d d a t s e e n - e - i - d t d s 5 m D es o d t - i e c p 4 osi F e t o i s g r n - m U G er e . o n n v S - t - . p v s S o i u a s l t b i n a i t o d d t i e c n i- s a s l c C h c e f o a e e t e i f c n e c r f r . i d d s k t - i ' s - a v p n a i p s t I d i d n h r o o t u i d r n n c p a a i s e o - s - l r , r s - - , I b n a t n er k - P m U G o i e S a n r s a o n . e n g t S v v n d a s - - . - l t v S p s i t i a u s o a c n i b l t a o i d e d l t n s - i s - p a v n s a i p t I h d d r i o n t i o u r p d n c n a a s e i o s - l - , r r s - - , B r in o o g w r s - - c C o t a a a u c l p n - i t - s All insured commercial banks: 1934—June 30.... 3,819 623 3,661 16,211 4,144 156 1,708 2,024 400 14,881 134 661 384 11,340 79 6,244 1937—June 30.... 6,897 844 4,495 24,340 5,379 618 651 3,165 802 22,623 149 132 346 13,929 35 6,395 1940—June 29.... 13,751 984 7,538 30,944 8,937 699 756 3,098 521 28,897 159 74 502 14,775 14 6,606 1941—June 30.... 12,959 1,242 8,296 36,167 9,700 682 666 3,534 792 34,328 163 65 475 15,203 11 6,772 1942—June 30.... 12,295 1,290 8,102 41,216 9,200 748 1,771 3,865 766 39,262 128 56 471 14,883 12 6,943 1943—June 30.... 12,092 1,448 8,431 55,271 9,768 834 7,699 4,261 1,132 53,416 78 74 412 16,887 24 7,228 Dec. 31.... 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30.... 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Member banks, total: 1934—June 30.... 3,819 473 2,760 14,261 4,070 155 1,658 1,598 372 13,349 130 585 333 8,763 40 5,105 1937—June 30.... 6,897 629 3,207 21,401 5,298 615 628 2,577 752 20,272 137 100 292 10,818 17 5,339 1940—June 29.... 13,751 789 5,751 27,877 8,852 696 711 2,529 475 26,397 142 59 410 11,459 3 5,608 1941—June 30 12,959 999 6,293 32,678 9,610 681 619 2,940 738 31,429 145 55 397 11,898 3 5,800 1942—June 30.... 12,295 1,022 5,770 36,966 9,110 746 1,724 3,230 711 35,646 114 49 400 11,673 6 5,991 1943—June 30.... 12,093 1,142 5,578 48,957 9,648 832 7,236 3,522 1,050 47,863 71 71 341 13,382 18 6,252 Dec. 31.... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30... . 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696 Dec. 3QP 56,266 New York City:* 1934—June 30.... 1,417 64 97 4,800 1,592 135 802 167 154 4,894 8 69 12 649 1,632 1937—June 30.... 2,749 60 105 6,733 2,014 575 306 368 427 6,934 12 17 767 3 1,598 1940—June 29.... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 1941—June 30.... 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 1942—June 30.... 4,762 88 103 11,711 3,284 679 863 271 273 12,014 4 17 717 ...3" 1,698 1943—June 30.... 3,473 92 52 13,543 2,939 744 2,820 249 404 14,001 4 21 755 11 1,774 Dec. 31.... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 "5 26 816 29 1,862 1944—June 30.... 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Dec. 3021 14,448 Chicago:3 1934—June 30 436 40 162 1,077 391 2 47 174 15 944 1 1 361 228 1937—June 30. . 596 27 156 1,509 536 6 41 208 22 1,409 452 245 1940—June 29.... 1,187 39 242 1,898 949 7 79 199 17 1,782 5 15 489 260 1941—June 30.... 1.062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 1942—June 30 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 1943—June 30.... 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Dec 31.... 821 38 158 3,050 972 14 713 174 44 3,097 2 " l" 505 326 1944—June 30... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Dec. 30p 3,100 Reserve city banks: 1934—une 30 1,197 154 1,397 4,593 1,785 16 635 526 117 4,361 106 259 234 3,366 3 1,633 1937—une 30 2,215 212 1,392 7,132 2,339 33 212 934 163 6,840 110 35 190 4,140 2 1,723 1940—une 29 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 1941— une 30 4,125 385 2,793 10,480 4,000 53 341 1,139 209 10,142 109 19 211 4,590 1,940 1942—une 30 4,254 357 2,279 12,515 4,052 55 422 1,304 218 12,199 84 18 239 4,454 1,985 1943—une 30 4,848 395 1,892 17,403 4,749 71 2,383 1,452 333 17,276 49 31 172 5,265 2,071 Dec 31.... 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 ,1944—June 30. .. , 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Dec 3QP 20,370 Country banks: 1934—June 30.... 769 215 1,104 3,792 303 1 174 731 85 3,150 15 256 87 4,388 36 1,612 1937—June 30.... 1,337 330 1,554 6,027 409 2 69 1,067 139 5,089 15 64 85 5,459 13 1,774 1940—June 29.... 1,733 328 2,711 6,969 538 2 143 1,115 164 5,960 29 37 147 5,816 3 1,876 1941—June 30.... 1,914 437 3,106 8,374 652 2 151 1,269 190 7,282 30 31 143 6,049 3 1,956 1942—June 30.... 2,306 533 3,168 10,360 747 3 237 1,429 196 9,141 27 31 143 6,042 3 2,014 1943—June 30.... 2,987 616 3,462 15,009 928 4 1,527 1,619 277 13,604 17 37 148 6,886 7 2,094 Dec. 31.... 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—June 30.... 3,438 618 3,638 17,099 951 5 3,926 1,743 314 15,609 15 52 157 8,477 11 2,239 Dec. 30** 18,347 Insured nonmember commercial banks: 1934—June 30.... 150 901 1,949 74 2 50 426 29 1,532 4 76 51 2,576 39 1,139 1937—June 30.. 214 1,288 2,939 81 3 23 586 51 2,350 11 32 54 3,112 18 1,057 1940—June 29 194 1,788 3,066 84 3 45 570 46 2,500 17 15 92 3,316 10 998 1941—June 30.... 242 2,004 3,488 90 1 47 594 54 2,900 18 10 77 3,312 8 973 1942—June 30.... 268 2,333 4,250 89 2 47 635 55 3,616 14 7 71 3,218 6 952 1943—June 30.... 307 2,853 6,314 120 2 463 740 83 5,554 7 4 71 3,514 6 977 Dec. 31.... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30.... 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars-at all member banks and 614 million dollars at all insured commercial banks, 5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113. FEBRUARY 1945 X53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments I\ S. Government obligations For purchasing Com- or carryingsecurities i Total mer- Date or month in lo a v n a e n d s s t- Total in c tr d i i a u a l s , l, - a T n o d b d r e o a k l e e r r s s To others e R s e t a a l t - e ^o to ans O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- O se t c h u e - r ments and loans >anks Total Bills of in- Notes Bonds an- rities agri- Other U.S. Other debt- teed cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Totai—lOl Cities 1943—Dec 50,379 10,956 6,418 1,406 575 1,117 93 1,347 39,423 36,633 3,505 8,955 4,788 17,6241,761 2,790 1944—Aug 56,286 11,228 6,004 763 605 1,071 343 1,070 60 1,312 45,058 42,111 3,53311,023 7,449 19,501 605 2,947 Sept.. 54,993 10,995 6,033 813 635 748 338 1,065 47 1,316 43,998 41,036 2,63010,884 7,377 19,551 594 2,962 Oct 54,172 11,033 6,130 837 734 559 331 1,062 56 1,324 43,139 40,231 2,24210,495 7,325 19,572 597 2,908 Nov 54,168 11,397 6,287 1,069 759 494 336 1,060 72 1,320 42,771 39,890 1,75210,234 7,315 19,993 596 2,881 Dec 59,436 12,941 6,454 1,448 713 1,519 341 1,058 79 1,329 46,495 43,551 2,27710,260 9,159 21,241 614 2,944 Nov. 1.. 53,914 11,371 6,247 917 889 506 345 1,060 81 1,326 42,543 39,656 1,77410,247 7,274 19,762 599 2,887 Nov. 8.... 53,570 11,239 6,287 922 760 497 325 1,061 63 1,324 42,331 39,467 1,67010,163 7,276 19,760 598 2,864 Nov. 15.. . 54,043 11,283 6,328 988 717 477 328 1,061 67 1,317 42,760 39,883 1,92310,102 7,281 19,983 594 2,877 Nov. 22 . 54,222 11,430 6,300 1,095 734 485 350 1,059 87 1,320 42,792 39,929 1,62710,274 7,325 20,109 594 2,863 Nov. 29 . 55,093 11,665 6,274 1,421 697 505 331 1,061 64 1,312 43,428 40,514 1,76810,384 7,418 20,350 594 2,914 Dec. 6 . 58,603 12,603 6,382 1,430 718 1,286 332 1,059 76 1,320 46,000 43,066 2,14510,347 8,979 20,983 612 2,934 Dec. 13.:. . 59,524 13,029 6,420 1,480 714 1,603 336 1,058 99 1,319 46,495 43,551 2,30110,325 9,133 21,178 614 2,944 Dec. 20.. 59,881 13,14 6,494 1,451 715 1,663 344 1,055 82 1,341 46,736 43,786 2,23310,270 9,274 21,391 618 2,950 Dec. 27 59,737 12,98 6,518 1,431 706 1,526 353 1,058 59 1,335 46,75 43,803 2,42810,099 9,250 21,412 614 2,948 1945—Jan. 3 59,887 12,63 6,425 1,245 724 1,416 354 1,054 107 1,305 47,25 44,323 2,86410,090 9,301 21,453 615 2,934 Jan. 10 59,560 12,50 6,436 1,262 702 1,329 354 1,056 61 1,304 47,05 44,138 2,774 9,975 9,250 21,520 619 2,918 Jan. 17 59,635 12,35 6,425 1,208 707 1,202 354 1,053 92 1,310 47,28 44,393 2,947 9,955 9,217 21,653 621 2,891 Jan. 24 59,620 12,18 6,387 1,143 751 1,140 355 1,051 54 1,306 47,43 44,554 2,92610,029 9,220 21,770 609 2,879 New York City 1943—Dec 18,440 4,25 2,415 641 456 281 94 74 298 14,18 13,309 1,231 3,202 1,692 6,273 911 872 1944—Aug . 20,363 4,52 2,274 574 466 601 137 79 49 346 15,83 14,834 1,151 3,917 2,700 6,885 181 1,003 Sept.. 19,706 4,36 2,281 649 477 365 133 76 34 351 15,34 14,30 682 3,874 2,680 6,900 165 1,039 Oct 19,227 4,37 2,310 678 547 233 132 75 47 354 14,85 13,853 542 3,571 2,683 6,906 151 998 Nov 19,288 4,63 2,366 885 572 200 139 74 53 348 14,65 13,695 310 3,356 2,696 7,185 148 956 Dec 21,601 5,45 2,430 1,145 537 736 138 72 53 343 16,14 15,174 439 3,481 3,310 7,780 164 973 Nov. 1. .. 19,171 4,59 2,345 760 649 208 146 75 56 353 14,57 13,610 368 3,386 2,676 7,032 148 969 Nov. 8.... 19,009 4,52 2,373 767 571 209 128 74 54 348 14,48 13,54 357 3,352 2,678 7,007 147 944 Nov. 15. . 19,248 4,55 2,385 824 547 192 133 74 52 346 14,69 13,739 423 3,287 2,697 7,185 147 956 Nov. 22.... 19,322 4,65 2,367 887 565 196 154 74 63 349 14,66 13,718 251 3,356 2,695 7,268 148 949 Nov. 29. 19,694 4,86 2,357 1,186 530 196 133 74 42 345 14,83 13,865 153 3,398 2,734 7,432 148 966 Dec. 6. ... 21,194 5,22 2,406 1,120 541 554 135 74 47 346 15,97 15,004 327 3,552 3,199 7,764 162 967 Dec. 13.... 21,665 5,54 2,413 1,172 546 796 134 72 67 341 16,12 15,153 422 3,503 3,280 7,783 165 971 Dec. 20.. 21,821 5,53 2,437 1,132 532 812 137 72 58 350 16,29 15,314 483 3,501 3,377 7,789 164 977 Dec. 27. . 21,724 5,52 2,464 1,154 530 783 146 71 38 335 16,20 15,223 525 3,368 3,382 7,785 163 980 1945—Jan. 3 21,929 5,31 2,447 991 544 707 139 73 92 320 16,61 15,650 948 3,430 3,396 7,714 162 966 Jan. 10 21,441 5,22 2,488 984 518 665 139 71 42 319 16,21 15,254 722 3,345 3,358 7,669 160 961 Jan. 17 21,433 5,11 2,458 946 534 573 141 71 76 320 16,31 15,357 876 3,325 3,305 7,691 160 957 Jan. 24 21,412 5,02 2,441 904 572 542 143 69 37 317 16,38 15,439 928 3,330 3,305 7,709 167 948 Outside New York City 1943—Dec ,. 31,939 6,69 4,003 309 294 1,023 19 1,049 25,24 23,324 2,274 5,753 3,096 11,351 850 1,918 1944—Aug. , 35,923 6,70 3,730 189 139 470 206 991 11 966 29,22 27,277 2,382 7,106 4,749 12,616 424 1,944 Sept 35.287 6,62 3.752 164 158 383 205 989 13 965 28,65 26,735 1,948 7,010 4,697 12,651 429 1,923 Oct 34,945 6,65 3,820 159 187 326 199 987 9 970 28,28 26,378 1,700 6,924 4,642 12,666 446 1,910 Nov. 34,880 6,76 3,921 184 187 294 197 986 19 972 28,12 26,195 1,442 6,878 4,619 12,808 448 1,925 Dec 37,835 7,48 4,024 303 176 783 203 986 26 986 30,34 28,377 1,838 6,779 5,849 13,461 450 1,971 Nov. 1.. . . 34,743 6,77 3,902 157 240 298 199 985 25 973 27,964 26,046 1,406 6,861 4,598 12,730 451 1,918 Nov. 8.. 34,561 6,71 3,914 155 189 288 197 987 9 976 27,84 25,926 1,313 6,811 4,598 12,753 451 1,920 Nov. 15.. 34,795 6,73 3,943 164 170 285 195 987 15 971 28,06 26,144 1,500 6,815 4,584 12,798 447 1,921 Nov. 22 . . . .34,900 6,77 3,933 208 169 289 196 985 24 971 28,12 26,211 1,376 6,918 4,630 12,841 446 1,914 Nov. 29 . . . 35,399 6,80 3,917 235 167 309 198 987 22 967 28,59 26,649 1,615 6,986 4,684 12,918 446 1,948 Dec. 6. . 37,409 7,38 3,976 310 177 732 197 985 29 974 30,029 28,062 1,818 6,795 5,780 13,219 450 1,967 Dec. 13. 37,859 7,48 4,007 308 168 807 202 986 32 978 30,37 28,398 1,879 6,822 5,853 13,395 449 1,973 Dec. 20. . 38,060 7,61 4,057 319 183 851 207 983 24 991 30,445 28,472 1,750 6,769 5,897 13,602 454 1,973 Dec. 27. . 38,013 7,46 4,054 277 176 743 207 987 21 1,000 30,548 28,580 1,903 6,731 5,868 13,627 451 1,968 1945—Jan. 3.. . 37,958 7,31 3,978 254 180 709 215 981 15 985 30,64 28,673 1,916 6,<f60 5,905 13,739 453 1,968 Jan. 10 38,119 7,27 3,948 278 184 664 215 985 19 985 30,84 28,884 2,052 6,630 5,892 13,851 459 1,957 Jan. 17 38,202 7,23 3,967 262 173 629 213 982 16 990 30,97 29,036 2,071 6,630 5,912 13,962 461 1,934 Jan. 24 38,208 7,16 3,946 239 179 598 212 982 17 989 31,04 29,115 1,998 6,699 5,915 14,061 442 1,931 Back figures.See Banking and Monetary Statistics, pp. 127-227. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a t d v - k h l - e s v C a i a n u s l h t m b a w a n d e n o i c s t - k e t h i s s c j p m u a o d s a d e s t n - e i - t d d s 1 s p u p v n c h a o a a e i o n i d r l r p r r d s a t - - - s , - - , S p s d s a i t i o u c i a n o v b l a t d n i - e i l t s - - s c C c h o a e f e e e i f t n e c f r r c i d . d t s - k i ' - s m U G e e . o r n n v t S - - . s p p u h a v n c o a a n i e o i r r p d l d r r a t s - s - - - - , , S p s d s a t i i o u i c a o n v b l a t n d i - i e l t - s s - P U m G S o a e in . a s n o r e S g n v t d n v . a s - - t - l m D a e n - b d ank T s ime b F e a i o n g r k n - s B i r o n o g r w s 7- C it a a p l - B de i a t b n s - k 2 tions tions Total 101 Cities 1943—Dec 8,824 585 2,193 34,111 34,444 1,721 867 7,718 5,981 117 64 8,687 4,245 59,197 1944—Aug 8,849 542 2,166 34,111 34,193 1,749 660 12,434 6,882 120 46 8,645 876 56 4,444 52,710 Sept 9,143 561 2,122 35,580 35,804 1,745 742 9,502 7,065 122 46 8,726 868 108 4,469 55,709 Oct 9,359 571 2,123 36,331 36,571 1,780 732 7,446 7,344 120 46 8,983 869 163 4,501 58,170 Nov 9,861 590 2,170 38,268 38,637 1,963 876 5,230 7,464 118 46 9,409 868 398 4,524 60,140 Dec 9,394 647 2,289 35,459 35,922 1,742 925 12,992 7,473 113 45 9,550 883 242 4,532 73,623 Nov. 1.... 9,591 565 2,105 37,587 37,i 1,954 1,067 5,804 7,436 120 46 9,069 863 318 4,518 15,946 Nov. 8.... 9,634 585 2,096 37,627 37,950 1,936 682 5,217 7,473 116 46 9,220 869 328 4,525 11,693 Nov. 15.... 9,906 573 2,249 38,417 39,188 1,894 793 4,821 7,508 118 46 9,665 869 320 4,525 13,226 Nov. 22.... 10,101 585 2,190 39,169 39,417 1,992 948 4,553 7,454 117 45 9,445 860 461 4,528 14,723 Nov. 29.... 10,073 642 2,210 38,539 38,823 2,039 5,757 7,450 116 45 9,650 562 4,525 14,356 Dec. 6... 9,517 613 2,262 35,824 35,965 1,804 760 11,743 7,444 114 45 9,603 879 365 4,542 20,906 Dec. 13.... 9,448 661 2,318 35,867 36,535 1,761 812 12,780 7,461 113 45 9,603 890 217 4,529 14,689 Dec. 20.... 9,285 655 2,279 35,104 35,513 1,7011,126 13,653 7,486 113 45 9,561 873 234 4,534 18,037 Dec. 27.. .. 9,328 65,7 2,295 35,042 35,675 1,7001,004 13,791 7,501 112 45 9,433 891 151 4,522 13,229 1945—Jan. 3 9,238 597 2,446 34,667 35,219 1,7351,126 13,870 7,584 112 45 9,843 890 97 4,602 17,076 Jan. 10 .... 9,325 603 2,264 35,112 35,302 1,807 920 13,130 7,626 111 45 9,623 889 139 4,616 14,373 Jan. 17 .... 9,434 582 2,292 35,686 36,170 1,711 876 12,755 7,639 112 46 9,580 902 164 4,611 15,303 Jan. 24 .... 9,403 580 2,191 35,987 36,268 1,7721,121 12,634 7,668 115 46 9,226 914 138 4,622 14,697 New York City 1943—Dec 3,250 98 29 12,592 12,969 487 3,213 726 2,752 722 76 1,665 24,446 1944—Aug 3,244 87 24 12,435 12,779 171 344 5,072 818 15 2,758 794 24 1,744 21,722 Sept 3,349 92 23 13,035 13,402 171 390 3.839 845 17 2,743 785 66 1,750 23,827 Oct 3,423 94 26 13,272 13,630 216 379 2,969 913 17 2,830 787 123 1,759 24,672 Nov 3,661 96 30 14,293 14,673 282 483 2,003 903 17 2,947 785 274 1,768 25,464 Dec 3,342 107 28 12,809 13,240 202 530 5,578 17 2,963 798 182 1,768 33,064 Nov. 1.... 3,544 88 26 13,891 14,248 315 598 2,277 911 17 2,857 780 240 1,768 7,031 Nov. 8.... 3,548 98 25 14,005 14,352 288 324 2,041 906 17 2,862 784 209 1,769 4,855 Nov. 15.... 3,690 90 40 14,415 14,872 241 421 1,873 911 18 2,981 786 229 1,770 5,603 Nov. 22.... 3,771 97 29 14,680 15,063 282 582 1,757 898 17 2,957 777 283 1,770 6,202 Nov. 29 .... 3,753 107 27 14,475 14,832 2,065 17 3,077 796 408 1,764 5,996 Dec. 6.... 3,382 102 23 12,983 13,294 215 400 4,935 17 2,961 798 287 1,773 9,814 Dec. 13.... 3,352 110 30 12,932 13,443 216 414 5,575 887 17 2,953 799 154 1,768 6,436 Dec. 20.... 3,300 108 27 12,658 13,050 195 702 5, 18 3,000 789 166 1,770 7,961 Dec. 27.. .. 3,335 108 30 12,663 13,174 5,919 17 2,937 122 1,762 5,802 1945—Jan. 3 .... 3,256 95 36 12,488 13,001 651 5,994 890 17 3,180 803 1,788 7,812 Jan. 10 .... 3,328 97 24 12,589 13,014 555 5,637 896 17 2,999 806 1,790 6,842 Jan. 17 3,360 87 23 12,765 13,203 160 507 5,479 900 17 2,977 813 1,791 7,359 Jan. 24 .... 3,363 90 24 12,945 13,417 165 5,385 902 18 2,904 1,793 7,014 Outside New York City 1943—Dec 5,574 487 2,164 21,519 21,475 1,510 4,505 5,255 5,935 2,580 34,751 5,605 455 2,142 21,676 21,414 1,578 316 7,362 6,064 105 39 5,887 82 32 2,700 30,988 5,794 469 2,099 22.545 22.402 1,574 352 5,663 6,220 105 39 5,983 83 42 2.719 31,882 5,936 477 2,097 23,059 22,941 1,564 353 4,477 6,431 103 39 6,153 82 40 2,742 33,498 6,200 494 2,140 23,975 23,964 1,681 393 3,227 6,561 101 39 6,462 83 124 2,756 134,676 6,052 540 2,261 22,650 22,682 1,540 395 7,414 6,589 96 38 6,587 85 60 2,764 140,559 6,047 477 2,079 23,696 23,560 1,639 469 3,527 6,525 103 39 6,212 83 78 2,750 8,915 6,086 487 2,071 23,622 23,598 1,648! 358 3,176 6,567 99 39 6,358 85 119 2,756 6,838 6,216 483 2,209 24,002 24,316 l,653j 372 2,948 6,597 100 39 6,684 83 91 2,755 7,623 6,330 488 2,161 24,489 24,354 366 2,796 6,556 100 38 6,488 83 178 2,758 8,521 6,320 535 2,183 24,064 23,991 1^753 396 3,692 6,561 99 38 6,573 154 2,761 8,360 6,135 511 2,239 22,841 22,67l! 1,589 360 6,808 6,560 97 38 6,642 78 2,769 11,092 6,096 551 C2,288 22,935 23,092! 1,545] 398 7,2051 6,574 96 38 6,650 63 2,761 8,253 5,985 547 2,252 22,446 22,463j 1,5061 424 7,769! 6,597 95 38 6,561 68 2,764 10,076 5,993 549 2,265 22,379 22,501 1,519 399 7,872J 6,625 95 38 6,496 29 2,760 7,427 5,982 502 2,410 22,179 22,218 1,557 475 7,876 6,694 95 38 6,663 27 2,814 9,264 5,997 506 2,240 22,523 22,288! 1,639 365 7,493 6,730 94 38 6,624 62 2,826 7,531 6,074 495 2,269 22,921 22,967! 1,551' 369 7,276 6,739 95 39 6,603 71 2,820 7,944 6,040 490 2,167 23.042 22,851! 1,607 396 7,249 6,766 97 39 6,322 90 2,829 7,683 c Corrected. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [ In millions of dollars} Loans Investments For purchasing or carry- U. S. Government obligations Total C m o e m r- - ing securities loans cial, d F i e s d tr e i r c a t l a R nd es d er a v te e m v a e i e n n n s d - t t - s Total t d a r i u n i n a s d - - l, U T an o . d S b . d r e o a k l e e r r s s U T . o S . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t f t - e if s i- Notes Bonds G a u n a - r- r O s i e t t i c h e u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- secu- obli- secu- edtural ga- rities rities ness tions Boston Dec. 27 3,172 693 424 29 18 16 64 5 115 2,47' 2,420 237 668 387 1,116 12 59 Jan. 3 3,154 694 417 44 19 16 64 3 113 2,460 2,403 202 655 402 1,132 12 57 Jan. 10 3,167 688 416 38 19 16 65 2 112 2,479 2,420 204 653 396 1,155 12 59 Jan. 17 3,184 681 416 34 16 16 64 3 113 2,503 2,444 229 632 392 1,179 12 59 Jan. 24 3,209 682 411 40 15 16 65 5 112 2,527 2,467 242 634 394 1,186 11 60 New York* Dec. 27 23,748 5, 2,624 1,155 536 819 169 146 38 396 17,865 16,809 579 3,688 3,730 8,621 191 1,056 Jan. 3 24,005 5,678 2,607 993 552 743 162 148 92 381 18,32' 17,285 ,016 3,760 3,754 8,565 190 1,042 Jan. 10 23,494 5,584 2,644 986 526 699 161 146 43 379 17,910 16,871 773 3,680 3,692 8,538 188 1,039 Jan. 17 23,488 5,47- 2,612 950 540 607 163 146 76 380 18,014 16,979 935 3-, 658 3,630 8,568 188 1,035 Jan. 24 23,470 5,379 2,595 907 579 574 165 144 37 378 18,091 17,066 983 3,664 3,63- 8,590 195 1,025 Philadelphia Dec. 27 2,432 447 241 34 9 8 37 5 108 1,985 1,833 150 291 29C 1,040 62 152 Jan. 3 2,468 428 229 34 7 9 36 5 104 2,041 1,88' 174 304 293 1,054 62 153 Jan. 10 2,483 438 230 34 7 9 35 7 105 2,04= 1,89: 155 309 299 ,061 67 154 Jan. 17 2,474 434 230 33 35 4 105 2,04C 1,88; 153 302 294 ,067 67 157 Jan. 24 2,479 424 229 33 6 35 3 106 2,05. 1,896 159 310 292 ,079 56 159 Cleveland Dec. 27 4,744 975 421 22 144 161 126 3,76< 3,53: 212 816 632 ,828 44 237 Jan. 3 4,720 939 398 69 23 149 160 125 3,781 3,54. 222 813 62. ,842 43 236 Jan. 10 4,718 936 399 69 21 146 160 126 3,78. 3,54' 192 822 635 ,854 44 235 Jan. 17 4,726 93C 401 64 18 146 160 126 3,79( 3,56 195 823 632 ,868 43 235 Jan. 24 4,714 912 397 62 16 138 159 125 3, 3,56^ 188 824 623 ,885 43 239 Richmond Dec. 27 1,974 345 146 8 5 68 48 59 1,625 1,57. 122 306 31 816 16 54 Jan. 3 1,973 334 143 8 6 60 48 5« 1,63' 1,581 118 308 31' 817 19 58 Jan. 10 1,977 325 142 5 56 48 57 1,652 1,594 127 307 31 826 19 58 Jan. 17 1,979 321 142 5 53 47 58 1,65J 1,598 114 311 32* 826 19 60 Jan. 24 1,975 315 144 5 46 46 58 1,66C 1,607 112 310 32( 843 16 53 Atlanta Dec. 27 1,808 364 214 6 44 24 67 1,444 1,32. 56 265 373 609 19 122 Jan. 3 1,803 363 214 6 44 24 65 1,440 1,31 54 265 375 604 19 123 Jan. 10 1,815 359 209 6 40 24 71 l,45i 1,33C 64 268 374 605 19 126 I Jan. 17 1,822 358 211 6 39 24 69 1,464 1,34 63 268 37. 618 19 123 Jan. 24 1,814 352 208 5 37 24 68 1,462 1,335 58 268 371 623 19 123 Chicago Dec. 27 9,076 1,696 1,023 100 45 218 133 120 7,38C 6,85: 434 1,798 1,383 3,161 75 529 Jan. 3 8,982 1,673 999 95 45 220 133 119 7,309 6,77< 399 1,757 1,375 3,170 75 533 Jan. 10 9,076 1,670 1,007 102 45 203 134 118 7,406 6,88; 606 1,693 1,34 3,168 75 523 Jan. 17 9,055 1,642 1,007 93 42 185 133 120 7,41 6,88« 633 1,680 1,330 3,171 75 524 Jan. 24 9,033 1,622 1,001 52 179 133 119 7,41 6,885 593 1,729 1,341 3,146 76 526 St. Louis Dec. 27 1,845 473 267 5 33 66 1,372 1,25' 52 306 320 561 20 113 Jan. 3 1,853 467 266 5 28 66 1,386 1,27. 72 297 322 562 20 113 Jan. 10 1,885 464 267 5 26 65 1,421 1,309 76 298 327 586 22 112 Jan. 17 1,892 465 268 5 26 65 1,427 1,31 46 314 339 589 26 113 Jan. 24 1,894 460 267 5 24 65 1,434 1,32C 51 311 343 589 26 114 Minneapolis Dec. 27 1,196 236 120 4 32 23 960 879 45 192 205 426 11 81 Jan. 3 1,200 230 120 4 30 23 970 898 44 199 206 438 11 72 Jan. 10 1,193 22: 118 3 22 23 972 903 47 198 209 439 10 69 Jan. 17 1,187 216 120 3 17 23 971 930 45 209 219 447 10 41 Jan. 24 1,166 215 119 2 17 24 951 909 20 193 210 476 10 42 Kansas City Dec. 27 1,985 362 229 3 24 37 1,623 1,499 112 342 358 652 35 124 Jan. 3 1,972 358 225 4 23 37 1,61 1,482 95 343 357 652 35 132 Jan. 10 1,988 359 225 4 23 37 1,629 1,498 90 349 363 662 34 131 Jan. 17 2,000 358 226 3 -23 37 1,642 1,511 82 352 372 671 34 131 Jan. 24 2,004 356 224 4 22 37 1,648 1,52- 80 362 373 677 32 124 Dallas Dec. 27 1,681 412 272 3 44 22 1,269 1,225 92 325 257 531 20 44 Jan. 3 1,681 410 271 4 41 22 1,271 1,226 92 323 261 530 20 45 Jan. 10 1,686 410 274 4 37 23 1,276 1,232 85 325 264 537 21 44 Jan. 17 1,701 412 276 3 36 23 1,289 1,245 90 325 265 545 20 44 Jan. 24 1,692 409 274 3 35 22 1,283 1,238 84 327 267 540 20 45 San Francisco Dec. 27 6,076 1,100 537 43 73 297 4,976 4,599 337 1,102 1,000 2,051 109 377 Jan. 3 6,076 1,056 536 52 293 5,020 4,650 376 1,066 1,012 2,087 109 370 Jan. 10 6,078 1,050 505 51 296 96 5,028 4,660 355 1,073 1,035 2,089 108 368 Jan. 17 6,127 1,060 516 30 47 296 99 5,067 4, 362 1,081 1,043 2,104 108 369 Jan. 24 6,170 1,061 518 47 297 100 5,109 4,740 356 1,097 1,046 2,136 105 369 City of Chicago Dec. 27 5,533 1,169 770 92 121 25 72 4,364 4,015 302 1,075 789 1,818 31 349 Jan. 3 5,450 1,161 749 132 25 69 4,289 3,934 253 1,055 785 1,810 31 355 Jan. 10 5,516 1,160 754 121 25 69 4,356 4,009 413 982 775 1,808 31 347 Jan. 17 5,496 1,139 757 110 26 4,357 4,008 447 968 759 1,803 31 349 Jan. 24 5,519 1,122 751 72 107 26 4,397 4,047 478 1,007 753 1,777 32 350 * 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. 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [ In millions of dollars) Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic sr d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e a R e r e n r i e a t d v k - h l - e s v C a i a n u sh lt b m a w a n d e i n o c s t e k - h ti s s c p m u a o d s a d s t e n e i - - t d d s 1 s p u p h v n c a o a a i i o e n p d r r l r r d s a s - t - - , - , - S p d s s t a i o i u i c a o n v l a b t n i d i e t l - - s - s C h c o e a f e e e i f t n r e c f r c i d d s k t . - i ' s - m U G er . o e n S n v - . t - s p u p h v n c a a a o o i i n e r p l d r r r d s t a s - - - , - - , S p d s s a t i i o i u c a o n v l b a t n d i i e - l t - s s - P U m G S i o e a n a . r o e s n g S n v t n v d s a . - - - t l m D a e n b - d ank T s ime b e F a i o g n n r k - s r B i o n o w g r s - - co a u c n - ts d B i e t a s b n 2 - k tions tions Boston (6 cities) Dec. 27 447 67 124 2,010 1,992 113 35 907 336 3 284 18 5 264 618 Jan. 3 443 63 134 1^983 1*979 113 38 897 339 3 306 18 1 268 787 Jan. 10 432 63 118 2,007 1,986 108 29 861 341 3 300 18 4 269 635 Jan. 17 437 61 116 2 040 2 035 105 30 855 342 3 294 18 3 269 663 Jan. 24 434 59 118 2,054 2^041 104 30 866 344 3 286 18 5 269 648 New York (8 cities)* Dec. 27 3,584 145 126 13,971 14,336 383 632 6,301 1,399 19 10 3,003 3 806 132 1,907 6,158 Jan. 3 3,488 • 128 129 13,806 14,150 391 690 6,381 1,417 19 10 3,250 3 805 85 1,928 8,265 Jan. 10 3,562 133 109 13,889 14 144 382 581 6,004 1,426 18 10 3,069 4 808 101 1,936 7 193 Jan. 17 3,601 121 109 14^094 14^359 377 534 5,835 1,431 19 10 3,045 3 815 109 1,936 7] 719 Jan. 24 3,616 124 104 14,285 14,560 383 763 5,738 1,435 21 10 2,970 3 828 64 1,939 7,370 Philadelphia (4 cities) Dec. 27 395 35 82 1,632 1,725 38 16 552 185 2 1 356 9 3 234 570 Jan. 3 401 31 102 1,671 1,757 41 22 553 187 2 1 377 9 234 653 Jan. 10 413 31 76 1^703 1^744 42 21 528 188 2 1 368 8 3 235 621 Jan 17 401 29 79 1 704 1,767 37 19 519 188 2 1 353 8 6 235 621 Jan. 24 404 30 80 l]7l0 l'762 40 20 535 189 2 1 344 8 236 649 Cleveland (10 cities) Dec .27 723 83 211 2,906 2,988 107 44 849 1,002 44 544 8 3 1 450 839 Jan. 3 762 77 214 2^905 2', 978 110 44 839 1,011 44 557 8 3 452 1,096 Jaa 10 744 77 208 2 917 2 957 109 37 798 1,018 44 546 7 3 6 452 834 Jan. 17 754 77 221 2^966 3^045 110 41 770 1J020 44 556 7 3 7 452 864 Jan. 24 737 75 215 2,966 3,013 111 36 759 1,024 45 526 8 3 6 453 862 Richmond (12 cities) Dec. 27 326 43 185 ,154 1,173 73 27 518 277 2 7 432 5 2 1 118 333 Jan. 3 330 38 189 ,132 1,144 75 28 512 277 2 7 443 5 2 118 430 Jan. 10 315 39 174 ,156 1,151 75 19 482 281 2 7 430 5 2 118 369 Jan. 17 308 37 169 ,163 1,166 74 20 472 282 2 7 419 5 2 "3 118 371 Jan. 24 300 38 168 1,171 1,164 75 22 466 283 2 7 403 5 2 3 119 373 Atlanta (8 cities) Dec. 27 322 31 143 ,110 1,072 145 11 263 321 3 3 506 5 115 350 Jan. 3 322 29 154 ,085 1,049 150 18 261 324 3 3 535 5 115 438 Jan. 10 328 28 156 113 965 255 13 246 324 3 3 534 5 2 114 370 Jan. 17 333 28 153 '138 1,097 156 12 241 328 3 3 527 "i" 5 114 385 Jan. 24 329 29 145 ,134 1,074 162 11 239 329 3 3 512 1 5 115 335 Chicago (12 cities)* Dec. 27 1,395 112 421 5,300 5 281 355 79 2,048 1,505 5 4 1,597 5 18 3 536 2,012 Tan. 3 1,426 104 442 5^166 Si 146 365 82 2,071 1,521 5 4 1,646 5 20 3 535 2', 488 [an. 10 . . 1,394 106 410 5,334 5 256 355 69 1,968 1,531 5 4 1,608 5 18 3 535 1,932 Tan. 17 1,445 103 420 5^434 5^393 368 72 1,889 1,524 5 5 1,628 5 20 2 532 2^076 Jan. 24 1,453 102 401 5,495 5,393 399 75 1,867 1,531 5 5 1,547 5 19 4 533 1,939 St. Louis (5 cities) Dec. 27 318 23 120 994 1,063 66 12 317 271 4 601 2 6 122 342 Jan. 3 318 21 126 992 1,048 66 14 313 273 4 618 1 7 122 416 Tan 10 . .. 327 22 116 1,011 1,056 62 13 296 276 4 636 15 122 357 Jan. 17 325 21 120 l|020 l'081 64 11 285 277 4 628 2 32 122 381 Jan. 24 318 21 110 1,024 1,073 65 14 283 278 4 610 1 32 122 377 Minneapolis (8 cities) Dec. 27 179 12 101 634 616 72 11 337 165 277 2 79 201 Jan. 3 171 11 103 629 611 72 19 332 167 282 2 79 264 Jan. 10 175 11 96 634 615 70 10 312 168 286 1 80 233 Jan. 17 175 11 94 638 622 66 10 302 169 284 2 79 244 Jan. 24 178 11 89 630 607 70 9 297 169 268 2 ""5 80 221 Kansas City (12 cities) Dec. 27....' 410 26 307 1,225 1 262 113 19 314 223 1 3 837 6 134 421 Jan. 3 387 23 297 1,164 1,201 117 26 318 225 1 3 844 5 1 133 562 Jan. 10 405 23 297 1,207 1,232 116 20 303 227 1 3 844 6 2 134 448 Jan. 17 407 23 298 1,233 1,263 119 21 296 228 1 3 842 5 2 134 484 Jan. 24 375 23 273 1,217 1,247 127 19 298 229 1 3 784 5 19 134 469 Dallas (9 cities) Dec. 27 348 27 228 1,140 1,151 62 27 310 197 11 3 533 2 112 320 Tan. 3 337 24 257 1,145 1,141 67 46 306 199 11 3 546 2 112 490 Jan. 10 354 24 236 1,164 1,178 65 22 289 201 11 3 538 2 '"3" 114 317 Jan. 17 350 24 237 1,191 1,212 63 23 278 202 11 3 536 3 113 364 Jan. 24 334 23 231 1,176 1,190 65 33 276 203 11 3 518 3 115 377 San Francisco (7 cities) Dec. 27 881 53 247 2,966 3,016 173 91 1,075 1,620 25 7 463 7 24 451 1,065 Jan. 3 853 48 299 2,989 3,015 168 99 1,087 1,644 25 7 439 6 23 506 1,187 Tan. 10 876 46 268 2,977 3,018 168 86 1,043 1,645 25 7 464 7 23 507 1,064 Jan. 17 898 47 276 3 065 3 130 172 83 1,013 1,648 25 7 468 7 24 507 l' 131 Tan. 24 925 45 257 3', 125 3^144 171 89 l',654 25 7 458 7 25 507 1^077 City of Chicago* Dec. 17 866 48 197 3,129 3,184 164 38 1,371 631 1,143 16 351 1,232 Tan. 3 891 47 208 3,029 3,106 160 37 1,393 638 1,170 16 350 1,577 Tan. 10 864 46 194 3,157 3,190 149 32 1,314 641 1,144 16 350 1 152 Jan. 17 910 45 198 3,224 3,278 153 30 1,265 632 1,159 17 347 l]238 Jan. 24 905 45 190 3,307 3,330 170 33 1,25; 635 1,099 16 347 1,151 * See note on preceding page. * 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 in interbank and U. S. Government accounts. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accepting banks Others2 Im i p n o t r o ts Ex f p r o o r m ts Dollar G s o h o i d p s p p o e s d i t n o t b r s e e d i t n w i e n e o n r Total O bi w lls n b B ou il g ls ht U S n t i a t t e e d s U S n t i a t te e s d exchange United Foreign States countries 1943—September. 170 117 50 33 33 69 7 30 11 October 188 115 48 39 27 67 9 29 10 November.. 203 111 53 35 23 59 11 31 9 December . 202 117 90 52 38 27 66 11 30 9 1944—January 209 120 94 55 38 27 71 12 29 February... 214 135 106 57 49 29 83 12 32 March 195 129 100 52 48 30 79 12 31 April 172 126 96 51 45 29 77 12 30 May 151 113 90 49 41 24 71 10 28 June 137 112 87 44 43 25 74 11 24 July 143 110 88 46 41 23 72 12 24 August . .. 141 110 82 44 38 28 75 10 22 September. 141 111 85 42 43 26 78 11 ) 19 N O D o c e t c v o e e b m m er b b e e r r . . . 1 1 1 6 4 6 7 2 6 1 1 1 2 1 1 9 5 5 8 9 8 4 3 5 4 4 4 4 0 4 4 4 5 5 0 0 3 3 3 0 2 5 7 7 8 4 9 6 1 1 1 3 4 4 ( ( ( V 3 3) ) 2 2 2 4 5 1 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—Set Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars I Debit balances Credit balances j Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v c e c t s o r t a u m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r i a I n n n a v d c p e c t a s o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c I d e n c s t o f r t i u a m rm n d e t i s n n g t I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 • 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December 788 11 188 181 557 354 65 14 5 198 1944—January e78O e560 e37O February e800 e650 e37O March e820 e630 *380 April c780 €600 c390 M Ju a n y e €7 8 9 8 0 7 5 253 196'" e5 6 5 1 O 9 e4 4 0 2 0 4 95 15 11 216 July €940 e660 c420 August *940 e630 e410 September e940 e640 r420 October e950 e670 r430 November . ^40 c640 r430 December 1,041 7 260"" 209 726 472 96 18 8 227 r Revised. e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annuml AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U.S. [Per cent per annum] mo Y w n e e t a h ek r , , or m m 4 p P c - o e a r o n r i p t m m o c t e h i r - e a 6 s , l - l a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s - e i t , - c S h l n c a o e t r a e o l a x e a n w c l - - n l g k - e m G b o i 3 o l n - l v s t 3 e h rn d m 9 c m e o - c e e b f a r o t n t o t t n i i t e e f n t d 1 s i s h - - 2 - e - cu 3 ta r n - y i x o t t e i a o t e a e b s r 5 s le - 1936 average1 1 T 9 2 o . c 6 t i a 8 t l ies Y N 1 C . o e 7 it w r 2 y k 7 E e N r c a 3 n O o i s . t 0 r i t t a e t e 4 h h n s r e - n d r 1 W e 1 r c 3 n e i S . t s 4 i o a t e 0 e n u s r d t n hness 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e 1 1 2 2 . . 5 5 9 3 1 1 . .6 7 9 3 2 2 . . 7 8 5 8 3 3 . . 2 2 5 6 1 1 1 9 9 9 4 4 4 2 4 3 a a a v v v e e e r r r a a a g g g e e e. . . . . 6 6 7 9 6 3 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 2 7 3 6 5 . . 7 7 5 9 1 1 1 . . . 3 1 3 1 3 3 1 1 1 9 9 9 4 3 4 0 9 1 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 7 6 5 8 3 4 2 2 1 . . .9 0 0 7 4 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . , 5 1 3 1 9 8 1943- December. .. .69 .44 1.00 .375 .77 1.30 1942 average 2.61 2.07 2.58 3.26 1943 average 2.72 2.30 2.80 3.13 1944—January .69 .44 1.00 .374 .78 1.30 1944 average 2.59 2.11 2.68 3.02 February .69 .44 1.00 .375 .78 1.32 March .69 .44 1.00 .375 .80 1.36 1940—June 2.59 2.00 2.49 3.38 April .69 .44 1.00 .375 .78 1.36 September 2.68 2.14 2.56 3.43 May .75 .44 1.00 .375 .77 1.35 December 2.59 2.00 2.53 3.36 June .75 .44 1.00 .375 .79 1.34 1941—March 2.58 2.06 2.53 3.25 July. .75 .44 1.00 .375 .77 1.31 June 2.55 1.95 2.58 3.23 August .75 .44 1.00 .375 .76 1.30 September 2.60 1.98 2.62 3.29 September.... .75 .44 1.00 .375 .79 1.31 December 2.41 1.88 2.45 2.99 October .75 .44 1.00 .375 .80 1.35 1942—March 2.48 1.85 2.48 3.20 November .75 .44 1.00 .375 1.34 June 2.62 2.07 2.56 3.34 December.. .75 .44 1.00 .375 <80 1.35 September 2.70 2.28 2.66 3.25 Week ending: December 2.63 2.09 2.63 3.26 D J J J a a a e n n n c . . . . 2 1 3 6 0 3 0 % M % X % % 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 3 3 3 3 7 7 7 7 3 5 5 5 . . . . 7 7 8 8 1 0 8 9 1 1 1 1 . . . . 3 3 3 3 4 6 2 3 1943— J S M u e n p ar e t c e h mber 3 2 2 . . . 0 7 4 0 6 8 2 2 2 . . . 0 3 7 5 6 0 2 2 2 . . . 7 7 9 6 1 8 3 3 2 . . . 2 3 7 4 8 3 Jan. 27 % 1.00 .375 .77 1.29 December 2.65 2.10 2.76 3.17 1944—March 2.63 2.10 2.75 3.12 1 Monthly figures are averages of weekly prevailing rates. June 2.63 2.23 2.55 3.18 2 The average rate on 90-day stock exchange time loans was 1.25 per September 2.69 2.18 2.82 3.14 cent during the entire period. December 2.39 1.93 2.61 2.65 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Number of issues increased from 1 to 2 on Dec. 18. 1 Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.-—See Banking and Monetary Statistics, Tables 120-123, pp. comparable with the current quarterly series. 448-462; for description, see pp. 424-426. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS* [Per cent per annum] U. S. Government Corporate (Moody7s)* Year, month, Long-term Taxable Munic- C r o a r t p e o- By rating By groups or week partially (high ex ta e x m - pt y 7 e t a o r s 9 15 o a v y n e e d r ars grade)2 grade)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 1-7 15 5 120 30 30 30 30 40 40 40 1942 average 2.09 1.93 2.46 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average 1.92 1.94 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1943—December 1.95 2.00 2.49 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 1944—January 1.95 1.99 2.49 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 February 1.93 1.96 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March 1.91 1.95 2.48 1.84 2.64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2 97 April 1.94 1.95 2.48 1.85 2.61 3.08 2.74 2.82 3.09 3.68 2.83 3.45 2.97 May . ... 1.94 1.95 2.49 1.86 2.58 3.06 2.73 2.81 3.07 3.63 2.81 3.41 2.97 •J"u*-anJe 1.91 1.95 2.49 1.87 2.58 3.05 2.73 2.81 3.07 3.59 2.79 3.40 2.96 July 1.89 1.95 2.49 1.84 2.59 3.04 2.72 2.80 3.05 3.57 2.79 3.37 2.95 August 1.90 1.93 2.48 1.82 2.57 3.02 2.71 2.79 3.04 3.55 2.79 3.34 2.94 September 1.93 1.92 2.47 1.83 2.55 3.03 2.72 2.79 3.05 3.56 2.79 3.35 2.94 October 1.93 1.93 2.48 1.87 2.55 3.02 2.72 2.81 3.01 3.55 2.79 3.32 2.96 November 1.90 1.92 2.48 1.88 r2.61 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 December 1.87 51.93 62.48 1.87 2.58 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 Week ending: Dec. 30 1.84 1.94 2.47 1.86 2.59 2.98 2.70 2.76 2.99 3.48 2.74 3.24 2.97 Jan. 6 1.83 1.93 2.45 1.85 2.58 2.98 2.70 2.76 2.98 3.48 2.74 3.24 2.96 Tan. 13. 1.80 1.91 2.45 1.83 2.58 2.98 2.70 2.76 2.99 3.47 2.73 3.23 2.97 Jan. 20 1.80 1.89 2.44 1.81 2.58 2.97 2.69 2.76 2.97 3.45 2.73 3.22 2.97 Jan. 27 . 1.81 1.86 2.43 1.79 2.58 2.97 2.69 2.76 2.98 3.45 2.72 3.22 2.97 T Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. 5 Number of issues decreased from 4 to 3 on Dec. 15 and increased from 3 to 4 on Dec. 18. 6 Number of issues increased from 6 to 7 on Dec. 18. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39= 100) of trad- Year, month, or week U.S. Munic- ing? Gov- ipal Medium- and lower-grade Pre- (in thoum er e n n - t5 g ( r h a i d g e h )3 g H r i a g d h e - Total In tr d i u a s l - R ro a a i d l- P ut u i b li l t i y c fau D l e te - d ferred6 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c s s a h n a d r s e s o ) f Number of issues. 1-7 20 15 402 354 20 28 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1943—December.. 100.19 132.8 120.0 112.1 119.4 101.7 115.1 46.9 169.1 92 94 86 85 807 1944—January 100.18 134.4 120.5 113.2 119.8 104.1 115.5 52.8 171.2 95 96 91 87 788 February... 100.14 135.8 120.4 113.6 119.3 105.7 115.8 58.1 172.7 94 96 96 87 807 March 100.26 136.0 120.5 113.7 119.8 105.3 115.9 60.1 173.4 97 98 99 88 1,124 April 100.26 135.8 120.7 114.4 121.0 105.5 116.6 59.0 173.8 95 97 97 87 659 May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 88 730 June 100.16 135.5 120.9 114.5 121.5 106.2 115.9 61.2 175.8 102 104 101 90 1,598 July 100.19 136.1 121.3 114.7 121.1 106.8 116.3 61.3 177.6 104 107 105 91 1,283 August 100.35 136.5 121.2 114.8 120.9 107.3 116.2 57.3 176.9 103 105 103 92 872 September. 100.40 136.2 121.2 114.5 120.1 107.0 116.5 55.5 177.4 101 103 99 91 738 October 100.29 135.5 121.1 115.5 119.9 109.6 116.9 59.1 177.4 104 106 103 93 776 November.. 100.26 135.2 120.9 115.9 119.9 110.9 116.7 61.2 178.5 103 105 105 92 850 December.. 8100.34 135.5 121.4 116.9 120.7 113.2 116.8 65.8 180.9 105 106 114 92 1,421 Week ending: Dec. 30 100.47 135.6 121.6 117.2 120.8 113.8 117.0 66.8 181.9 104 106 116 92 1,528 Jan. 6 100.66 135.8 121.7 117.5 121.1 114.1 117.2 68.6 182.3 108 110 121 94 1,789 Jan. 13 100.84 136.2 121.5 117.5 121.1 114.2 117.1 70.6 182.8 110 112 127 94 2,055 Jan. 20 100.96 136.6 121.6 117.3 121.3 113.6 117.0 69.0 184.2 109 111 123 95 1,690 Jan. 27 101.15 137.0 121.6 117.1 121.3 113.2 116.8 67.1 186.7 107 109 116 93 1,263 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of: taxable bonds due or callable in 15 years and over. 8 Prices derived from average yields, as computed by Standard and"Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. jj Standard and Poor's Corporation. 8 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Number of issues increased from 6 to 7 on Dec. 18. Back figures.—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475, 479,482, and 486, respectively. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n e n g - d d ) - m e ( a f d e i o n g o s r d n - t - i ) c Total S n m a p t i n a c a u d i t l - - e a c F e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks eign^ m e ( a f e i d o g n s o r d t n - - i ) c Total S n a m p t i n a c a u d l i t - - e a c F e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r - 2 1935.... 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940.... 4,803 1 951 1 948 751 461 736 601 135 2 2 852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942. 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943.. 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,153 923 906 235 45 627 404 223 17 3,230 3,215 404 388 2,423 2,135 288 15 1943—December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944— F J e a b n r u u a a ry ry 2 2 2 4 0 0 10 7 3 3 9 7 3 3 2 1 4 1 31 6 3 3 8 5 1 9 5 2 4 2 10 1 1 3 4 7 6 1 1 3 4 7 6 2 1 6 4 "'25' 1 9 2 6 3 9 6 3 2 6 3 1 March 178 58 58 13 45 28 17 120 120 12 30 78 59 19 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 6 May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 June 213 42 42 23 4 15 11 5 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 7 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September.. 478 42 42 13 29 15 14 436 436 6 30 401 351 50 October 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November... 480 39 39 6 10 23 9 14 440 440 65 39 336 304 32 December... 193 38 38 20 19 13 6 155 155 14 27 114 114 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source— For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m et ated New money Retirement of securities Repayment proceeds'5 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n al g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,014 2,956 575 224 351 2,310 1,972 338 35 37 1943-May 95 93 41 14 26 49 49 1 2 June 76 74 16 10 6 55 36 19 1 2 July 90 88 3 3 63 44 20 12 10 August 110 108 16 13 3 S3 81 2 9 September 70 69 12 6 6 51 41 10 5 1 October 142 139 10 4 5 105 101 4 22 2 November 199 197 119 64 55 71 66 6 6 1 December 116 113 20 8 12 81 77 4 5 7 [944—January 154 150 34 23 11 114 54 60 2 1 February 97 95 49 18 31 33 32 1 4 8 March 203 199 48 32 16 147 129 18 3 1 April 155 150 53 24 28 93 55 38 1 3 May 148 146 23 17 6 120 115 5 3 June 163 160 23 8 15 117 103 13 18 1 July 192 188 60 36 24 122 109 13 6 August 229 226 57 24 33 166 147 19 3 September 438 429 27 17 10 395 357 38 1 5 October 735 722 123 9 114 590 566 24 2 7 November 347 340 24 11 13 316 207 109 December 154 152 54 4 50 96 96 1 1 PROPOSED USES OF_PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Year or month Total net New pro- money ceeds 1934 172 21 1935 120 57 1936 774 139 1937 338 228 1938 54 24 1939 182 85 1940 319 115 1941 361 253 1942 47 32 1943 160 46 1944 606 106 1943—May 14 14 June 29 July 7 August 6 ••••-• September 4 4 October 28 November 26 3 December . 3 3 1944—January 8 February 9 March 29 April May 2 June 45 July 21 August 134 September 189 October 36 November 52 December 82 00 ON ON Public utility Industrial Other Retire- All Total Retire- All Total Retire- All Total Retire- All ment of other net New ment of other net New ment of other net New ment of other securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purties poses4 ceeds ties poses4 ceeds ties poses* ceeds ties poses4 120 31 130 11 77 42 62 25 34 2 20 19 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 30 1,208 180 943 86 831 469 226 136 16 8 7 1 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 108 1,340 317 993 30 828 244 463 121 94 55 18 21 15 464 145 292 27 527 293 89 146 4 4 114 469 22 423 25 497 228 199 71 21 13 4 4 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 ••29 7 " 3 2 1 9 2 1 .. " . 1 .. 6 . " . 3 2 8 1 1 " " 1 i" 6 2 3 0 9 4 2 r6 0 3 2 3 6 6 7 2 3 2 1 12 7 4 60 53 6 39 9 30 1 3 2 49 4 41 4 16 4 10 2 "28 " 53 2 50 2 57 7 27 22 1 1 23 38 38 131 115 11 6 2 1 1 78 1 71 6 29 13 10 6 3 3 61 61 81 26 53 2 1 3 4 2 0 0 8 6 1 3 3 2 0 4 8 1 5 2 1 5 8 8 4 4 1 0 9 4 6 1 3 5 1 1 4 3 2 ""2" 4 •3 2 1 2 58 58 85 19 62 4 1 1 4 •41" 24 23 " "l" 58 17 22 19 33 2 '"" 31 ' 2 1 1 4 2 1 0 9 "1 1 1 4 7 3 8 9 5 5" 4 2 1 9 5 5 2 4 8 9 8 6 9 ' ' " " " ' 5 8 4 5 " " 4 2 1 5 8 3 2 5 5 4 8 4 2 ""2" 6 5 1 1 8 0 6 8 2 5 9 6 6 9 1 3 3 1 1 1 4 8 0 3 6 7 2 7 7 1 0 7 5 1 1 ""2" 5 2 1 1 6 2 1 2 4 1 2 82 10 10 18 12 5 42 '"42" 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 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 compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. FEBRUARY 1945 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,* by industrial groups Profits and dividends Year or quarter s I a t r n e o e d n l c M e h r a in y - - t b A o i u m l - e o s - p e O t m o q t r t e r i u a h n o t n i e t a n s p r - - - m f p N e e u a r r o t c n o r a t n d d o l - s u - s s O g d t o b u l r h o e a e d - r s t F b o a a o e b g n o v a e d d e c s s r c , , - o p r r a e i o i O n n f n d i g g d i n u l - c- c I h c t n e r a d i l m u a s i s l - - g O d n o u t b o r o h l n a d e e - - s r s n c M e e i e i l r c o s l v e u a - - s s - pr N of e i t t , s1 fe P D r r r i e e v - d i d C e m n o d o m s n - Number of companies. 629 77 49 45 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 1943 1,823 205 168 201 203 128 83 163 185 169 144 173 902 86 555 Quarterly 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 I51 1942—1 419 52 38 46 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 32 18 32 27 35 27 34 174 23 135 3 451 51 36 46 648 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 649 36 30 44 49 48 35 47 294 23 158 654 1943—1 437 53 39 47 654 34 19 39 36 42 36 39 21 127 2 441 48 42 49 «52 32 22 40 42 41 35 38 221 22 132 3 464 51 41 52 31 20 42 49 41 37 49 227 21 127 4 481 53 46 53 646 32 23 42 58 46 36 47 245 23 169 1944—1.... 452 47 40 52 658 29 20 40 49 42 36 222 20 142 2 464 46 40 55 30 22 43 52 43 37 43 227 22 149 3 478 46 37 56 650 28 22 41 58 51 34 55 236 20 137 PUBLIC UTILITY CORPORATIONS [ In millions of dollars] Railroad2 Electric power3 Telephone^I Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m m r 6 e e e All N ro e a t d s inc I o n m s r o o e l 1 a v d e s nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 6 re e e inc N o e m t e1 d D e i n v d i- s O re p v i e n e r g n a u t e - in N co e m t e1 d D e i n v d i- s 1939 3,995 126 93 -102 126 2,647 629 535 444 1,067 191 175 1940 4,297 249 189 -73 159 2,797 692 548 447 1,129 194 178 1941 • 5 347 674 500 23 186 3,029 774 527 437 1,235 178 172 1942 7 466 1 658 902 147 202 3,216 847 490 408 1,362 163 163 1943 9,054 2,209 874 187 216 3,464 914 502 410 1,537 180 166 Quarterly 1940—1 986 -3 -12 -29 25 709 187 148 (7) 274 49 44 2 1,010 15 3 -33 29 675 161 128 (7) 281 50 44 3 1,130 92 71 -14 29 682 156 123 h) 281 45 44 4 .... 1,171 145 127 3 78 731 188 149 (7) 294 50 46 (7) 1941— 2 1 1 1 , , 1 2 5 7 2 2 1 9 4 6 5 1 6 0 9 3 — 0 5 3 2 6 8 7 7 5 2 1 3 2 1 0 8 9 2 1 1 5 2 4 6 - (7) 3 2 0 9 8 5 4 4 3 4 4 4 4 5 3 1,468 267 189 23 34 750 183 107 (7) 311 45 44 4 1,454 166 138 5 87 805 200 139 (?) 321 46 40 1942—1 1,483 178 90 12 24 816 234 131 98 324 41 44 2 1,797 390 198 37 46 770 196 104 96 337 41 42 3 2,047 556 286 60 30 792 195 105 84 342 39 39 4 2,139 534 327 38 101 839 222 150 131 359 43 38 1943—1 2,091 513 209 52 28 864 254 136 96 366 42 40 2 2,255 605 239 56 49 835 221 118 98 383 44 42 3 2,368 653 249 55 39 859 210 114 96 389 45 43 4 2,340 438 177 25 100 906 228 133 120 400 48 41 1944_1 . . .. 2,273 458 148 27 31 927 263 135 94 400 42 42 2 2,363 511 174 22 55 886 242 123 102 406 43 42 3 2,445 550 180 23 30 883 207 111 94 409 43 42 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 3 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 4 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. • After all charges and taxes except Federal income and excess profits taxes. S^urcll-Interstate Commerc^ComSis^ion for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are mrtlyestimated)^Federal Communications Commission for telephone companies (except dividends); published reports for industrial compan[e<Tand'fortefepho^fdivldends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. I6Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars ] Marketable public issues1 Nonmarketable public issues Fully Total Total Non- guarangross interest- Special interes.t- teed in- End of month d d i e re b c t t b d e d i a e r r e b i c n t t g Totals Tre b a il s l u s ry in c C d a e n t e r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa b U v o . i n n S d g . s s T t s a r a n e x v o a i t s a n e u n s g r d s y issues be d a e r b in t g s b e te e c r a u e r r s i i n t t - i g es 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3^015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June... . 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—Jan 170,659 167,043 115,259 13,101 22,843 11,175 67,944 38,911 28,901 9,384 12,873 33,616 4,269 Feb 183,107 181,709 126,171 13,112 25,680 13,302 73,882 42,370 31,515 10,220 13,168 1,398 4,227 Mar 184,715 183,348 128,080 13,147 25,680 16,244 72,813 41,762 31,974 9,116 13,507 1,367 2,258 Apr 184,967 183,413 127,440 13,150 25,306 16,263 72,526 42,275 32,497 9,092 13,697 1,554 2,258 May 186,366 184,874 128,029 13,766 25,266 16,265 72,537 42,724 32,987 9,050 14,122 1,492 1,529 June... . 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 July. 208,574 207,117 144,919 15,524 30,035 18,067 81,097 47,237 36,538 10,000 14,961 1,456 1,468 Aug 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 1,514 1,475 Sept 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 1,645 1,480 Oct 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 1,480 Nov 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 44,230 1,470 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1 Including amounts held by Government agencies and trust funds, which aggregated $4,592,000,000 on Nov. 30, 1944, and $5,345,000,000 (preliminary) on Dec. 31, 1944. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan beginning Jan. 18, 1944. 4 Including prepayments amounting to $2,546,000,000 on securities dated Dec. 1, 1944, sold in the Sixth War Loan beginning Nov. 20, 1944. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, DECEMBER 31, 1944 [In millions of dojlars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- month tions Issue and coupon rate Amount Issue and coupon rate Amount Month standing Treasury bills* Treasury bonds—Cont. at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Jan. 4, 1945 1,218 Dec. 15, 1948-50 2 571 Jan. 11, 1945 1,313 June 15, 1949-51 2 1,014 Jan. 18, 1945 1,314 Sept. 15, 1949-51 2 1,292 1943—Mar 17,891 944 720 44 180 131 Jan. 25, 1945 1,309 Dec. 15, 1949-51 2 2,098 Apr 19,267 1,470 1,007 110 353 103 Feb. 1, 1945 1,311 Dec. 15, 1949-52 3^ 491 May 20,507 1,335 995 86 254 104 M M M F F F e e e a a a b b b r r r . . . . . . 2 1 1 8 1 3 5 8 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 5 5 5 5 5 5 1 1 1 1 1 1 , , , , , 3 2 3 3 2 2 0 1 1 0 0 0 4 4 4 1 7 5 D M J S S S u e e e e a n c p p p r . e t t t . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 4 0 0 0 1 1 9 - - - - - - 5 5 5 5 5 5 2 2 2 4 3 3 2 2 2 V Y % 2 2 2 2 2 4 1 7 1 1 1 , , , , , , 9 1 9 7 6 9 6 8 3 8 2 8 3 6 6 9 7 6 J S N J A O u u e u o c n l p g t v y e t .. 2 2 2 2 2 2 1 2 2 4 6 6 , , , , , , 2 6 0 6 4 0 5 9 3 9 5 7 6 4 0 7 6 8 1 1 , , 9 7 8 8 8 7 2 0 7 0 9 9 7 6 2 0 8 8 1 1 , , 4 3 6 6 6 6 0 4 8 9 6 6 0 0 3 6 1 5 1 3 2 9 3 3 2 5 8 3 8 9 3 3 1 1 2 1 1 8 1 4 7 6 0 7 2 4 5 9 9 1 1 1 1 1 1 5 4 5 3 4 7 2 1 5 8 4 0 Mar. 22, 1945 1,217 Sept. 15, 1951-55 3 755 Dec 27,363 853 728 24 101 207 Mar. 29, 1945 1,202 Dec. 15, 1951-53 234 1,118 Ce F A M r e p t a b , r y . . of 1 1 1 i , , , n 1 1 d 1 9 9 9 e 4 4 4 b 5 5 5 t : ednes . s . ' V % s 4 5 1 , , » 0 8 6 7 4 1 7 8 5 J J M D D u u e e a n n c c r e e . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 2 2 2 1 2 - - - - - 5 5 5 5 5 5 4 4 5 4 2 2 Y ^ 2 2 2 i 5 8 1 1 , , , , 0 8 0 5 5 2 2 0 7 1 4 5 1 0 0 1944— A M F M J e a p a a b n r y . r.. 3 3 2 3 3 1 1 2 2 8 , , , , , 4 5 9 9 9 9 1 7 8 0 7 5 4 7 1 2 1 , , 7 6 7 7 7 8 9 3 0 5 2 8 9 9 1 2 1 , ,0 1 5 6 6 8 0 7 0 2 5 2 6 6 4 1 1 2 5 2 1 1 7 7 3 9 5 4 5 1 1 1 8 2 1 1 1 7 2 4 0 1 2 2 2 1 1 6 3 7 8 8 8 7 9 8 5 J A u u n g e . 1 1 , , 1 1 9 9 4 4 5 5 • Ys 4 2 ' , 7 5 7 11 0 J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 3 4 - - 5 5 5 6 2\4 2 6 7 8 2 1 5 J J u u n ly e . . 3 36 4 , , 5 6 3 0 8 6 2 1 , ,8 1 4 2 2 5 1 1, , 6 3 8 5 7 0 1 1 1 0 5 1 3 3 7 3 7 8 2 2 4 2 8 7 Sept. 1,1945. 3694 Mar. 15, 1955-60 2% 2,611 Aug 36,883 602 499 18 85 279 Tr M O D e e a c a c s t r . . u . ry 1 1 , , 1 , n 1 1 9 9 o 1 4 4 9 t 5 5 4 e 5 s • .9 •Y 0 s 4 3 2 4 3 1 9 9 2 2 5 7 M S J S D u e e e a n p p c r e . t t . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 6 6 6 6 8 0 - - - - - 5 5 5 6 6 8 9 9 3 5 2 2 2 2 2 Y % % % ^ 2 3 1 1 , , , 4 8 4 9 9 4 8 2 8 1 9 3 5 2 9 N O S D e o c e p c v t t .. . 3 4 3 3 7 0 8 7 , , , , 6 3 3 3 4 0 2 6 5 8 3 1 2 1 , , 3 0 6 6 2 8 9 9 6 5 3 2 1,8 8 5 5 5 0 9 9 5 7 9 1 1 4 2 1 1 3 5 4 6 1 4 8 8 7 0 5 3 4 6 4 2 3 3 0 8 8 6 1 3 2 5 M M D [a e a a n c r r . . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 5 5 6 5 • • .9 1 M ^ 0 3 16 7 4 5 0 1 1 3 6 8 6 1 J D J D u u e e n n c c . e . e 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 4 3 4 - - - - 6 6 6 6 7 9 8 9 2 2 2 2 Y Y Y )4 2 2 2 2 2 3 3 , , , , 1 8 7 8 1 3 6 3 8 1 1 8 Maturities and amounts outstanding, December 31, 1944 Mar. 15, 1946 . 1 1291 Mar. 15, 1965-70 2Y2 5,197 M D Se e a c p r . t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 7 6 • 1 1 1 V ) / 4 4 ^ 3 1 2 9 2 7 4 6 0 8 1 7 P M S o e s a p t r t a . . l 1 15 5 S , , a 1 1 v 9 9 i 6 6 n 7 6 g - - 7 s 7 2 1 b onds. 2 2 2 Y ) ^ 4 2 3 2 , , 2 7 1 8 1 1 1 6 7 Year of maturity se A ri l e l s S A er - i D es Ser E ies Se F ries Se G ries Sept. 15, 1947 134 1687 Conversion bonds 3 29 Sept. 15, 1948.. IY2 3 748 Panama Canal loan.... 3 50 1945 181 181 Treasury bonds Total direct issues. 161,648 1946... 323 323 Sept. 15, 1945-47. .• 2% 1,214 1947 410 410 D J M u e a n c r . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 5 6 6 - - 5 4 6 8 . . • • .. 3 2 % . ) 3 4 1,0 5 4 3 4 8 6 1 9 Gu C a o F r m e a b m n . t o e 1 d e 5 i d , t y 1 s 9 e C 4 c 5 r u e r d i i t t ie C s or 1 p ^ . 412 1 1 1 9 9 9 4 4 5 8 9 0 4 8 9 8 0 9 9 2 1 4 8 9 8 0 9 9 2 1 June 15, 1946-49. 31^ 819 Home Owners' Loan Corp, 1951 1,676 443 1,233 Oct. 15, 1947-52. 4M 759 June 1, 1945^7 1)4 755 1952 5,204 5,204 Dec. 15, 1947. ... ...2 701 Federal Housing Admin. 1953 9,886 8 464 217 1 205 Mar. 15, 1948-50. ...2 1,115 Various 28 1954 13,548 10,571 607 2,370 Mar. 15, 1948-51. .2% 1,223 1955 3,203 694 2,509 June 15, 1948.... 1% 3,062 Total guaranteed issues ,194 1956 3,606 760 2,847 Sept 15, 1948.... • 2Y2 451 Unclassified 43 1 Sold on discount basis. See table on Open-Market Money Rates, Total. 40,361 3,638 25,472 2,278 8,931 p. 159. FEBRUARY 1945 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 End 6f month s i . e n b c e t u T e a r r o r i e i t t n i s a e t g l s - S i e s p r a s e n n u c m e d i s a e t l n ru t s a t g i P e f s u n u s n c u b d i e l e s i s s c F R B H e e a b d s e n y e e l k r d r v s a e l Total m b C e a o r n c m k ia - s l M s b a a v u n i t n u k g s a s l p I c n a a o n s m n u c i - e r e s - M i a a s O s b r t u k l h e e e e s t r - inv m e i s N s a t a s o r o b u k r n l e s e e - s t- 1941—June 54,747 6,120 2,375 2,184 44,068 20,095 3,426 7,100 9,200 4,200 December 63,768 6,982 2,557 2,254 51,975 21,788 3,700 8,200 9,800 8,500 1942—June 76,517 7,885 2,737 2,645 63,250 26,410 3,891 9,200 10,700 13,000 December 111,591 9,032 3,218 6,189 93,152 41,373 4,559 11,300 14,800 21,100 1943-June 139,472 10,871 3,451 7,202 117,948 52,458 5,290 13,100 18,700 28,400 December 168,732 12,703 4,241 11,543 140,245 59,845 6,096 15,100 23,700 35,500 1944—April 185,670 13,697 4,659 13,220 154,094 63,800 6,800 16,400 26,300 40,800 May 186,403 14,122 4,253 14,251 153,777 63,200 6,700 16,500 26,200 41,200 June 201,059 14,287 4,810 14,901 167,061 68,437 7,308 17,300 30,700 43,300 July 208,585 14,961 4,626 14,915 174,083 71,900 7,500 17,900 31,100 45,700 August 209,764 15,461 4,619 15,806 173,878 71,500 7,600 18,100 30,700 46,000 September 209,331 15,976 4,599 16,653 172,103 70,400 7,700 18,300 30,200 45,500 October 210,088 16,170 4,616 17,647 171,655 70,000 7,700 18,400 29,800 45,800 November 212,244 16,583 4,603 18,388 172,670 71,600 7,300 17,900 28,600 47,300 1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollarsl U.S. U.S. Gov- Gov- End of month s T t o i a o n u n t g t a d - l - m a e c a g r i n e n e e n d - n s t - B s F e R a e r e r n e d a - v - k l e s m b C a e o r n m c k ia s - 1 l M tu u a - l p I a c n a o n s m n u c i - e r e - s Other End of month s T t o i a o n u n t g t a d - l - a m e c a g r i n e n e e n d - n s t - B s F e R e a e r r e n d a v - k - l e s b C m a c o i n e a m k r l - s - b M s t i a n u a n u g v a - k s - l sp I a c n a o n s m n u c i - e e r s - Other trust trust funds funds Total:2 Treasury bonds: 1942—Dec 80,685 3,202 6,189 38,759 4,471 ,766 17,297 Total: 1943—June 99,218 3,319 7,202 48,665 5,161 486 22,385 1942—Dec 49,268 2,739 2,77719,445 4,055 9,944 10,308 Dec. 118,813 3,78711,543 55,549 5,962 14,386 27,586 1943—June 57,520 3,045 1,468 24,226 4,72511,44212,615 1944—June 141,591 4,60414,901 63,523 7,158 16. Dec 67,944 3,614 1,559 28,264 5,506 13,38915,613 Aug 146,405 4,589 15,806 66,345 7,466 17',242 34,957 1944—June 79,244 4,437 1,464 30,910 6,736 15,76819,929 Sept 145,914 4,592 16,653 65,288 7,583 1'7,42534,373 Aug 81,235 4,417 1,269 32,630 7,01216,32319,583 Oct 146,201 4,60617,647 64,911 7,49817,55433,984 Sept 81,270 4,417 1,243 32,848 7,08216,27319,407 Nov 146,376 4,594 18,388 66,396 7,13217,03532,830 Oct 81,271 4,422 1,243 33,185 6,95116,240 19,230 Treasury bills: Nov 81,102 4,418 1,243 34,225 6,609 15,81118,795 1942—Dec 6,627 1,010 4,497 10 26 1,073 Maturing within 5 years 1943—June 11,864 3,815 6,502 21 154 1,361 1942—Dec 5,830 754 2,565 253 726 1,531 Dec 13,072 6,768 4,716 12 72 1,484 1943—June 9,474 867 5,122 298 991 2,195 1944—June 14,734 8,872 4,894 2 960 8,524 665 5,044 211 828 1,775 Aug 15,715 1 10,074 4,555 11 1,068 1944—June".'.'.'.'.'.'.'.'.'.'.! 7,824 536 4,697 189 663 1,740 Sept 15,747 18 10,783 3,614 14 1,315 Aug 8,861 596 5,212 197 719 2,134 Oct 16,060 17 11,551 3,092 16 1,379 Sept 8,861 596 5,194 192 717 2,160 Nov 16,405 12 11,i 2,935 7 1,583 Oct 8,861 595 5,241 177 675 2,170 Certificates: Nov 8,692 591 5,382 161 588 1,968 1942—Dec 10,534 17 1,041 6,470 129 180 2,696 Maturing in 5-10 years: 1943—June 16,561 51 1,092 9,823 184 305 5,106 1942—Dec 17,080 1,574 9,353 1,129 2,101 2,920 Dec 22,843 50 2,467 12,701 208 367 7,050 1943—June 17,921 776 10,107 1,308 2,326 3,401 1944—June 28,822 67 3,382 15,037 126 9,871 Dec 28,360 1,495 15,642 2,030 3,254 5,934 Aug 30,001 68 3,382 16,011 147 9,951 1944—June 34,399 1,570 18,937 2,712 3,673 7,505 Sept 29,573 63 3,559 15,708 180 5449,519 Aug 35,989 1,375 20,507 2,886 3,819 7,405 Oct 29,546 75 3,749 15,472 221 9,342 Sept 36,017 1,340 20,702 2,947 3,727 7,303 Nov 29,545 69 4,163 15,888 235 8,570 Oct 36,017 1,339 20,955 2,841 3,725 7,158 Treasury notes: Nov 36,017 1,338 21,774 2,549 3,470 6,884 1942—Dec 9,863 92 1,324 5,670 167 283 2,327 Maturing in 10-20 years: 1943—June 9,168 61 774 5,500 155 276 2,402 1942—Dec 16,295 2,165 6,240 1,580 2,778 3,531 Dec 11,175 66 665 7,389 197 2,583 1943—June 17,214 1,645 7,611 ,405 2,896 3,657 1944—June 17,405 58 1,180 11,718 286 337 3,826 Dec 14,310 1,270 6,051 ,219 2,571 3,203 Aug 18,067 61 1,078 12,216 289 3,972 1944—June 15,482 1,097 5,509 ,857 2,792 4,228 Sept 17,936 57 1,065 12,181 301 3,758 Aug 14,445 1,025 5,152 ,905 2,730 3,629 Oct 17,936 58 1,100 12,203 304 597 3,675 Sept 14,445 1,024 5,210 ,926 2,71£ 3,572 Guaranteed N o s v e . c . u .. rities: 17,936 58 1,111 12,387 277 577 3,525 N O o ct v 1 1 4 4 , , 4 4 4 4 5 5 1 1 , , 0 0 2 2 5 9 5 5, , 2 2 7 1 2 3 , , 9 9 3 0 2 2 2 2, , 6 7 0 0 9 8 3 3 , , 6 5 3 6 5 9 1942—Dec 4,196 311 37 2,665 108 333 743 Maturing after 20 years: 1943—June 3,908 116 54 2,602 76 309 751 1942—Dec 10,065 1,021 1,286 ,095 4,339 2,323 Dec 3,58. 4 83 2,466 38 283 709 1943—June 12,912 1,221 1,385 ,713 5,229 3,366 1944—June 1,190 1 3 949 6 26 205 Dec 16,751 1,745 1,526 2,046 6,737 4,699 Aug 1,191 1 3 916 6 26 240 1944—June 21,539 2,696 1,766 1,981 8,640 6,456 Sept: 1,192 1 3 921 6 30! 230 Aug 21,939 2,689 1,760 2,026 9,052 6,414 Oct 1,193 1 3 943 6 26| 213 Sept 21,946 2,701 1,744 2,018 9,111 6,374 Nov 1,193 1 3 945 5 25 213 Oct 21,946 2,706 1,775 2,000 9,131 6,336 Nov 21,946 2,705 1,793 1,998 9,144 6,306 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Nov. 30, 1944, commercial banks reporting the to Treasury held $23,643,000,000 of United States Government secur 2 i t I i n es c lu d d u i e n g o r $ c 1 a 9 l 6 la ,0 b 0 l 0 e , 0 w 00 it h o in f P o o n s e t a y l e a S r a o v u in t g o s f a a n t d o t p a r l ew of a $ r 5 b 3, o 7 n 6 d 6 s ,0 0 n 0 o ,0 t 0 s 0 h ow ou n t s s t e a p n a d r i a n t g e . ly below. 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Mis- Change Income taxes1 cella- Trans- in In- Period W he i l t d h 2 - Other n i r n n e n e u t v a o e e e l u 1 r - - s S s t r a o e i x c c ty i u e a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s ce N r i e p e - t t sd I d n e o e t s n e b t r t - ac W t t i i e a v s r i c f o e t e r a r u t u s c n c - s . t t t o s, p O t e u e t n x h r ~ d e e . s i r - e b T i x u t p o u d e t r g a n e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, f a g b e u n e a r n a c n l d - l e - c g d r r e e i o n a b s s t s e Fiscal year ending: June 1942 7,960 3 847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 June 1943 16,094 4 553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 June 1944 8,393 26,262 5 291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 1943—December.... 713 4,327 386 60 251 5,737 5,736 497 6,718 2 236 7,452 1,716 -667 -2,664 -281 1944—January 574 1,153 412 49 590 2,779 2,747 87 7,138 37 308 7,570 4,823 -14 -55 4,781 February 1,137 610 344 373 290 2,754 2,503 56 7,518 5 283 7,862 5,359 -173 +6,916 12,448 March 750 5,161 375 69 220 6,576 6,573 449 7,726 7 343 8,525 1,952 -2,205 -2.549 1,608 April 560 1,915 421 39 183 3 119 3 087 117 7 346 40 355 7 859 4 772 +193 —4 327 252 May 1,104 1,063 520 337 232 3,256 2,950 52 7,879 26 334 8,292 5,342 +185 -3,757 1,399 June 746 4,495 422 75 511 6,249 6,247 747 7,567 40 271 8,625 2,378 -613 +11,646 14,637 July 594 654 681 56 227 2,212 2,163 86 7,201 451 372 8,110 5,947 +133 +1,756 7,570 August 1 065 487 832 319 157 2,859 2,568 77 7,571 57 415 8,119 5,551 +70 —4,252 1 229 September. . . 741 4,432 514 65 175 5^927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 October 609 632 580 60 174 2,054 2,001 133 7,479 47 365 8,024 6,023 +148 -5,127 748 November— 1,035 466 507 293 205 2,506 2,240 56 7,401 18 353 7,828 5,587 +639 -188 4,761 December 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 +12,433 15,626 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e f u i n n d penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c i a G n i o g n m o u e g c v n n e h e a t n c e s r c t i c n e - o k - s f - ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s n e c o i - i s t a s i l - O as t s h e e t r s l T ia t o i b e t i a s l l i- Total W a b i n o n a c l r g - k e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 19,406 1943—December.. .. 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—January 102 83 32 165 164 81 -80 12,873 1,098 10,314 1,461 634 12,239 11,476 February 514 350 33 331 121 59 35 19,726 1,172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 1,540 14,306 1,424 664 16,606 15,844 April 110 51 34 87 202 75 —127 12,896 954 10*546 1,396 617 12,279 11,517 May 584 269 34 148 179 103 24 9,144 942 6,766 1,436 622 8,522 7,759 June 213 489 34 88 231 231 215 20,775 1,442 18 007 1,327 607 20,169 19 406 July 305 225 31 193 415 320 -181 22,513 1,269 19,850 1,394 588 21,924 21,162 August 586 287 35 254 216 149 6 18,277 1,215 15,693 1,369 605 17,672 16,909 September.... 42 303 35 -35 162 121 24 15,753 1,314 13,013 1,426 635 15,117 14,355 October 146 45 36 95 206 84 -55 10,609 998 8,242 1,368 618 9,990 9,227 November.... 519 266 35 -71 225 95 -220 10,223 1,122 8,002 1,100 421 9,803 9,040 December. .. 43 312 36 164 182 119 -213 22,717 1,335 20,261 1,120 481 22,236 21,473 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- 4 Excess of receipts (+) or expenditures ( —). 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! Income taxes Miscellaneous internal revenue Period Total vi C i r d n e u d u n r i a t - - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - t B a a x c e k s p E t r x a o c x f e i e t s s s s p O t r a o t x h f e i e t s r s Total s C t t t o a a a p c x l k i- E ta s a g x t n i a f e d t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a ac x o c e - o s S t t a a x m e p s M re t e a t u a x a n r n i c u e l d i e f r s a s e r ' c s' - n c t M a e e x l o i l e s u a - s - s taxes Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 "*686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 7J038 785 4,763 705 9,345 137 5,353 « 381 511 1,618 988 51 729 1,075 1943—December 4,591 2,158 14 1 1,012 49 1,352 5 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 May 2,289 309 1,545 86 28 312 10 483 42 182 81 4 77 97 June 4,568 1,245 38 1,044 49 2,174 19 499 i 50 195 81 4 64 103 July 1,729 130 1,179 93 32 290 754 128 48 210 77 5 72 214 August 1,712 71 1,258 72 46 260 6 777 194 63 202 86 6 88 139 September .... 4,490 1,329 18 953 32 2,133 25 529 29 35 183 78 4 85 115 October 1,810 81 1,233 110 r27 350 9 544 19 39 196 78 5 95 113 November 1,633 33 1,203 70 36 285 7 520 32 204 81 5 95 103 December 3,670 293 18 980 41 2,31*2 27 559 50 201 71 5 120 112 r Revised. 1 Withheld by employers (Current Tax Payment Act of 1943). 165 FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s P e t e r r t o r e c c e - . k d , Cash g G d U u a i a o r n . r e S v d a c . t n t . - O G a c g i t o e e h v n s e t 1 - r . r c e o a o a A c b t n u h e c l d n e i e - v s t r s - p B n e r e r u o t s s p y s i - - P e h s r f r a e o o t l l r p y d e - Other a a g F n n u b u t d a e y l l r e d y - d ebe O nt t u h r e e r s 1 O lia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i o v n w a te t n e r e l e y d st teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—June 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 1943—September. 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 1,274 5,560 14,929 441 October .. 27,218 7,487 493 486 1,784 6 1,850 1,602 7,115 6,395 4,125 1,285 5,867 15,501 440 November.. 27,788 7,459 492 493 1,833 6 1,963 1,611 7,309 6,622 4,180 1,308 5,788 16,073 439 December.. 28,625 7,444 486 524 1,895 23 1,926 1,624 7,512 7,191 4,239 1,342 5,874 16,732 438 1944—January. . . 29,508 7,410 470 580 1,942 23 1,951 1,645 7,588 7,899 4,277 1,332 5,247 18,216 435 February. 29,791 7,411 452 516 2,099 23 2,062 1,658 7,753 7,817 4,226 1,322 4,956 18,853 435 March 30,263 7,366 442 526 2,090 23 2,140 1,677 7,829 8,170 2,273 1,326 4,950 21,280 433 April 31,083 7,304 439 518 2,161 23 2,455 1,671 7,985 8,527 2,274 1,302 5,589 21,484 435 May 31,153 7,220 436 628 1,750 6 2,379 1,685 8,042 9,007 1,672 1,427 5,623 21,996 435 June 31,666 7,188 433 610 1,701 6 1,970 1,702 8,392 9,664 1,766 1,413 6,185 21,858 443 July 31,097 7,081 423 575 1,578 6 1,866 3,742 8,496 7,330 1,571 1,229 5,863 21,990 444 August. 32,690 6,959 411 593 1.592 7 2,175 3,747 9,220 7,986 1,572 1,200 6,360 23,114 444 LOANS, OTHER THAN INTERAGENCY LOANS Home mortgage and housing agencies3 Other farm credit loans Recon- Rural struc- Elec- Ex- End of month l T o o a t n a s l 2 n C t a F i o n o i r c n - p e . H C L O e o o o w r r m a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - c b m i F n r a a e e e t n t e d d e d k r i i . s - t - o f B o t p a i r e v n c r e k a o s s - - m C C C o r o o e d r d m i p t i - . y t C F m A r a e i d r n d - m . it A S F d r e a i m c t r y u m in - tr m t A if i i o i d c n n - a . - p B p I o m o a r n r t - t k - Other 1942—June 8,379 1,473 1,676 193 82 289 101 231 258 460 342 113 293 December.. 8,127 1,557 1,568 129 94 238 145 242 237 446 346 122 316 1943—June 7,685 1,483 1,441 90 98 296 102 228 245 447 344 129 440 1943—September.. 7,557 1,460 1,383 130 99 269 148 222 237 433 345 136 443 October 7,487 1,432 1,366 127 100 251 189 228 232 427 345 140 438 November.. 7,459 1,427 1,354 116 99 240 215 278 229 421 345 136 423 December.. 7,444 1,413 1,338 110 101 243 235 330 226 416 347 136 405 1944—January 7,410 1,393 1,318 115 103 242 238 378 224 416 347 141 386 February... 7,411 1,393 1,300 114 107 253 221 409 227 417 348 142 394 March 7,366 1,379 1,279 99 110 301 197 408 231 419 349 142 400 April 7,304 1,355 1,260 83 110 302 171 400 233 408 350 217 384 May 7,220 1,348 1,240 72 112 297 152 391 233 400 350 220 398 June 7,188 1,335 1,220 128 114 304 143 347 233 403 348 223 408 July 7 6 , , 0 9 8 5 1 9 1 1, , 3 3 2 3 0 1 1 1 , , 1 1 9 7 9 7 1 1 3 1 6 4 1 1 1 0 0 1 3 2 0 9 1 2 1 1 4 3 0 2 3 3 1 0 8 1 2 2 3 2 2 9 3 39 9 5 3 3 3 4 5 9 2 2 2 2 2 3 3 3 3 9 9 2 5 August SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Loans by Reconstruction Accounts and other Finance Corporation Preferred stock held receivables Property held for sale End of month Total n t L u t i a o o n t n i a s c o f t n i i i n s a - - s l L r r o o a t a a o il n d - s s Other F R i s C n t e t i o r c a o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n o n e rs - ' Other F b M F e a e d C o n d . k r o . t s F r g l p a a a a . n r g n m d e d m C r C C a o o r t o r e d i p m o d i o t n i - y - t C p s w F o o t R r i r r a u e n a p r c c a t . o c i t n a o i o n c o n n r - e n - d s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o t n i - y t - O C H r L w a o o o t n r m i a p o e n o e r n s - ' Other 1942—June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 December. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—June 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 1943—September. 1,460 138 423 899 345 64 187 196 832 272 5,784 1,196 152 102 October... 1,432 136 406 890 343 63 87 186 489 778 397 6,016 865 136 98 November. 1,427 134 405 341 63 88 174 533 734 522 6,231 873 111 94 December . 1,413 131 398 338 63 85 168 488 728 542 6,423 897 96 96 1944—January.. . 1,393 129 396 334 54 82 161 575 702 513 6,582 827 85 94 February.. 1,393 127 395 871 329 47 76 160 553 665 684 6,789 795 76 93 March 1,379 113 392 874 325 47 70 153 607 656 724 6,915 757 66 91 April 1,355 104 384 867 322 47 70 153 615 652 1,035 7,094 741 57 93 May 1,348 99 381 868 319 47 70 148 587 622 1,022 7,184 720 47 91 June 1,335 87 381 867 316 47 70 145 550 574 701 7,395 861 36 100 July 1,331 84 381 866 312 41 70 143 448 559 716 7,530 839 30 97 August.... 1,320 83 363 874 305 35 71 143 788 544 700 7,599 1,502 24 95 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,973 million dollars on June 30, 1944. NOTE.—Comparable figures for months subsequent to August are not available; beginning with Sept. 30,1944, the Treasury figures are in completely revised form and are published quarterly. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r nt a h nd ( I 1 m v n = 9 p a c 3 e a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u v p f l M a r e o r - = o c l a u t d 1 u n m u 0 r u N c e d e 0 - t s ) u o i o * r n - n 2 - M er i a n ls - To a t w a 1 l a 9 r 2 c d 3 o e R - d n 2 t d i e t e 5 a r n s ( a l i - = v - c a t 1 s l 0 u o e 0 A t ) h 3 l e l r N t a c u g u o r l r n a - i E l - - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o 3 1 o a l 0 9 r c l y 0 - s 4 = F c 1 a = r i 9 r e n l 3 i g 1 o g 5 0 s a h - * d 3 0 t - 9 D 19 m s = ( s u e 3 v t a e p o e 5 a l ) 1 a l n e r - * - 0 3 e r s t 5 0 t 9 - W p m r = c i 1 h s o o c 9 a o d e m 1 2 l l e i s 0 e 6 t - 4 y 0 - C 1 l = i 9 o v 3 s i 5 1 t n - 0 g o 3 0 4 f 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 , 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126*4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102i6' 103.1 116.4 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95.5 89.8 94.1 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 71.2 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.2 78 75 64.8 97.6 1933 68 9 69 54 79 76 25 11 37 76.0 71.3 52.8 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 83.8 83.1 67.8 89 83 74.9 95.7 1 1 1 9 9 9 3 3 3 5 6 7 1 1 8 0 0 7 7 1 1 . . 7 3 1 1 8 0 1 7 3 3 1 1 8 0 2 3 8 2 1 1 9 0 0 0 0 6 1 8 9 1 6 9 2 3 5 5 7 5 9 2 3 4 1 7 1 5 7 7 0 0 4 1 9 8 0 4 7 0 . . . 9 6 9 1 8 9 0 8 6 5 . . . 7 4 8 1 9 7 0 0 8 8 . . . 0 5 2 1 H 9 0 I 2 7 1 1 0 0 0 000 0 7 8 80 6 * .3 8 1 9 9 0 9 8 2 * * .1 1 7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 17A 99 *4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 r174.6 199 279 158 129 166 82 235 126.7 152.3 242.3 138 150 98.8 116.5 1943 r213.0 239 360 176 132 68 40 92 130.9 168.7 316.4 137 168 103.1 123.6 1944 P233.3 J>235 P353 Pi 40 pAl 2*127.5 140 2*186 104.0 125.5 f 1941 June 139.9 164 165 203 144 127 117 101 129 117.8 133.3 132.0 170.5 131 131 87.1 104.6 July 142.0 166 165 208 144 126 139 115 158 119.5 136.6 135.5 172.0 132 138 88*8 105.3 August 144.8 167 170 209 146 128 152 112 184 120.6 137.8 138.4 178.8 136 157 90*3 106*2 September 145.3 169 174 212 146 132 161 105 206 121.2 138.8 141.2 184.8 134 140 91.8 108.1 October 146.8 172 176 219 148 134 145 87 192 121.5 139.5 141.8 190.2 134 128 92.4 109.3 November 148.1 174 175 220 151 133 138 74 189 121.9 139.9 141.3 188.6 137 138 92.5 110.2 December 153.7 176 173 225 150 133 123 69 167 121.5 140.6 141.1 195.1 138 136 93.6 110.5 1942 January r156.4 181 177 235 152 133 118 82 147 122.1 141.6 139.8 200.7 140 158 96.0 112.0 February r159.0 183 180 241 153 133 128 100 151 122.5 143.2 142.3 208.2 138 145 96.7 112.9 March r16l.2 186 182 250 153 126 125 95 149 123.2 144.8 144.3 215.1 138 150 97.6 114.3 April r165.4 189 187 257 154 125 128 82 165 124.3 147.0 146.3 221.4 138 143 98.7 115.1 May r167.8 191 192 264 153 126 158 76 226 125.1 148.7 148.0 228.7 136 135 98.8 116.0 June r172.3 193 195 272 152 127 193 76 288 125.9 150.8 149.9 234.5 134 134 98.6 116.4 July r175.5 197 199 278 154 126 206 74 313 127.1 153.2 153.4 242.7 137 146 98.7 117.0 August r179.5 204 207 290 158 130 182 65 278 128.6 155.8 157.1 254.8 140 152 99.2 117.5 September r182.5 208 213 299 161 131 179 70 268 129.1 157.4 159.6 261.8 140 150 99.6 117.8 October r187.2 215 218 311 165 129 185 83 269 130.0 159.6 160.7 270.9 140 158 100.0 119.0 November r192.8 220 220 319 168 130 198 90 286 130.5 161.5 161.9 280.4 136 159 100.3 119.8 December r196.1 223 221 328 169 127 175 91 243 131.4 164.2 164.5 287.9 135 157 101.0 120.4 1943 January r199.6 227 224 337 171 125 145 79 198 131.6 165.8 164.8 290.9 135 164 101.9 120.7 February r203.5 232 229 344 174 131 102 56 140 131.6 167.4 166.4 297.5 139 192 102.5 121.0 March r206.9 235 232 351 174 133 85 42 119 132.0 168.1 167.6 304.5 138 163 103.4 122.8 April r208.8 237 236 356 175 131 63 33 87 131.4 168.4 167.7 309.7 136 159 103.7 124.1 May r209.4 239 239 359 176 129 52 31 68 130.9 167.9 167.2 313.5 135 158 104.1 125.1 Tune r212.8 237 238 358 177 117 45 32 55 131.0 169.0 168.8 317.1 127 167 103.8 124.8 July r214.8 240 241 360 177 134 60 36 80 131.4 169.7 169.8 315.6 141 172 103.2 123.9 August r216.7 242 245 365 178 135 59 35 79 130.9 169.6 170.8 322.2 140 165 103.1 123.4 September.. r216.8 244 248 368 179 138 65 35 89 130.1 168.3 170.1 328.0 140 162 103.1 123.9 October r219.3 247 249 374 179 136 49 34 61 130.1 170.1 170.5 332.6 137 174 103.0 124.4 November.. .. r222.9 247 247 376 180 133 60 37 78 130.2 170.9 171.0 336.5 139 181 102.9 124.2 December r224.7 241 239 365 174 137 61 35 81 130.1 169.1 169.4 328.2 r143 165 103.2 124.4 1944 January r227.2 243 240 369 176 139 55 29 76 130.0 167.8 166.9 327.9 145 175 103.3 124.2 February r232.4 244 240 367 177 142 45 21 64 129.6 166.9 165.9 327.6 143 175 103.6 123.8 March r231.9 241 238 364 175 139 40 17 59 128.9 164.1 163.6 324.4 140 185 103.8 123.8 April r231.1 239 237 361 172 140 36 17 52 128.0 161.5 160.8 318.2 138 172 103.9 124.6 May r232.1 236 236 356 169 143 33 16 46 127.7 159.6 158.9 317.6 138 181 104.0 125.1 June . ... r233.9 235 236 354 169 142 34 15 50 127.7 158.8 158.5 318.1 139 175 104.3 125.4 July r233.2 230 232 347 165 139 38 14 57 127.5 157.6 157.8 310.7 143 192 104.1 126.1 August r234.0 232 235 348 168 142 41 13 63 127.3 156.9 158.0 314.0 142 187 103.9 126.4 September— r232.5 230 234 342 168 143 39 13 61 r126.5 r154.5 r156.2 '"312.9 139 183 104.0 126.5 October 235.5 232 234 r344 169 143 42 13 65 125.7 154.1 154.5 r314.3 137 194 104.1 126.5 November 237.5 232 232 341 173 143 46 13 73 125.4 153.4 153.5 311.6 141 210 104.4 126.6 December.... 2*238.6 P231 **229 2*343 2*172 p137 2*55 PU **88 2*125.8 2*154.0 2*154.3 137 193 104.7 127.0 Januar 1 y 945 ,.. e144 e104.8 * Average per working day. p Preliminary. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 168-171. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 175 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The indexes of employment and pay rolls prior to 1939 have been revised to incorporate new Bureau of Labor Statistics employment estimates for the period 1929-1938. 5 For indexes by Federal Reserve districts and other department store data, see pp. 177-179. 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 and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561. FEBRUARY 1945 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Industrial Production—Total. 247 241 243 ,244 241 239 236 235 230 232 230 232, 232 P231 Manufactures—Total 268 260 262 262 259 256 253 251 246 248 246 248 248 p248 Durable Manufactures 376 365 369 367 364 361 356 354 347 348 342 r344 341 ^343 Iron and Steel 210 200 208 212 214 213 210 204 202 203 202 206 201 V196 P S ; t i e g e l iron 2 2 0 3 0 6 2 1 2 9 2 8 2 2 0 3 2 1 2 2 0 3 7 6 2 2 0 3 6 8 2 2 0 3 6 6 2 2 0 3 3 4 2 1 2 9 5 8 2 1 2 9 2 6 2 1 2 9 4 8 2 1 2 9 2 6 2 1 2 9 5 7 2 1 1 9 8 2 2 1 1 9 1 0 Open hearth. 186 178 186 188 191 192 188 183 184 183 183 187 r186 182 Electric 592 536 554 578 570 549 559 526 491 512 502 492 453 418 Machinery 463 453 461 458 452 445 437 442 435 434 427 429 423 Manufacturing Arsenals and Depots1... P428 Transportation Equipment 786 763 754 746 734 730 716 704 707 695 r703 699 Automobiles 248 240 244 238 233 232 226 228 223 229 226 231 233 P708 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products.... 289 277 285 285 287 292 279 263 244 245 238 r233 234 Smelting and refining 308 307 297 299 297 289 273 253 246 226 205 200 191 2*188 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 282 266 280 280 283 293 282 268 243 252 252 r246 r251 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)* Lumber and Products 136 137 133 131 129 126 124 127 124 127 120 120 122 P121 Lumber.... 127 131 125 122 119 118 115 118 114 118 111 109 112 Pill Furniture., 152 150 148 150 149 142 142 "144 143 146 139 142 141 Stone, Clay, and Glass Products. 168 169 168 168 167 165 161 168 165 -162 159 161 160 P161 Glass products 165 169 171 172 175 183 173 187 180 169 165 174 169 Plate glass 54 55 54 58 59 59 66 65 60 66 66 64 56 Glass containers 204 209 213 212 216 227 210 230 222 204 200 212 208 Cement 98 101 86 88 83 78 76 84 86 88 86 88 Clay products 124 122 129 131 131 125 122 127 124 122 116 115 Gypsum and plaster products 196 192 203 198 194 183 176 180 182 181 175 179 175 ^174 Abrasive and asbestos products... 329 319 319 312 308 297 300 297 294 295 302 292 295 Other stone and clay products1 ... Nondurable Manufactures 180 174 176 177 175 172 169 169 165 168 168 169 173 P172 Textiles and Products. 152 143 149 152 151 151 147 145 139 141 147 r146 149 P149 Textile fabrics 142 133 140 142 141 141 137 135 129 132 137 136 139 Cotton consumption 153 142 150 151 150 151 142 140 139 140 148 140 149 146 Rayon deliveries 191 189 186 187 191 196 195 196 193 189 196 r199 r209 215 Nylon and silk consumption1... Wool textiles 154 142 154 159 155 153 152 148 131 140 144 150 r144 Carpet wool consumption... 39 36 42 42 46 51 53 49 41 47 42 50 56 Apparel wool consumption. 205 186 210 219 216 213 213 196 185 193 197 213 206 Woolen and worsted yarn.., 172 159 173 177 171 167 167 163 144 154 158 r164 156 Woolen yarn 176 161 176 181 174 171 169 166 148 163 162 r170 161 Worsted yarn 166 156 168 171 167 163 163 159 138 141 153 156 148 Woolen and worsted cloth.. 171 160 170 178 172 168 165 163 144 153 160 r164 151 Leather and Products., 105 102 108 111 112 116 112 115 105 112 115 PU2 Leather tanning 98 97 103 105 107 117 110 113 113 108 120 112 Cattle hide leathers 101 98 107 110 113 125 118 124 126 118 r132 r119 122 Calf and kip leathers 67 68 70 76 79 88 86 85 78 82 92 88 84 Goat and kid leathers 90 83 83 84 86 79 86 84 81 77 80 80 81 Sheep and lamb leathers 146 162 166 161 155 168 136 141 144 144 157 149 144 Shoes 109 105 112 114 116 116 114 117 100 114 122 r117 119 nn Manufactured Food Products 153 151 154 158 159 158 154 153 153 147 146 148 154 Wheat flour 128 128 139 125 114 114 110 110 113 116 113 118 125 Cane sugar meltings1 Manufactured dairy products P159 p128 P135 *139 P151 *>139 Butter 86 90 96 92 93 93 83 85 82 78 Cheese 143 147 149 146 152 155 153 158 152 145 146 149 156 Canned and dried milk 132 131 132 139 156 169 173 180 185 180 184 179 181 179 Ice cream Meat packing 185 173 187 215 202 198 180 173 175 169 161 154 158 158 Pork and lard 221 206 234 291 270 266 239 225 219 197 176 159 167 164 Beef 145 139 144 149 143 136 124 121 127 138 140 140 141 149 Veal 150 121 104 94 96 107 100 117 160 191 196 218 213 175 Lamb and mutton 166 158 135 112 110 109 113 125 134 125 135 145 142 149 r Revised. * Preliminary. * Series included in total and group indexes but not available for publication separately. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Nov. Dec Jan. Feb. Mar. Apr. | May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Other manufactured foods 150 153 156 157 160 158 157 154 153 148 147 150 155 Processed fruits and vegetables.. 135 142 140 140 155 152 145 136 130 112 121 139 145 P144 Confectionery 123 134 134 138 147 154 152 147 135 123 115 118 128 Other food products 159 159 163 165 164 161 161 160 162 162 159 158 162 Alcoholic Beverages....... 141 143 131 137 123 116 119 128 186 156 166 169 Malt liquor 169 172 160 148 167 146 135 140 146 152 172 177 197 174 Whiskey... 0 0 0 0 0 0 0 0 0 100 6 0 0 0 Other distilled spirits 62 42 46 40 33 39 34 31 37 647 68 104 76 74 Rectified liquors 178 189 162 182 173 172 174 177 205 232 270 305 353 355 Industrial Alcohol from Beverage Plants1. Tobacco Products 148 143 125 123 126 121 122 126 124 120 135 131 Cigars 101 90 86 92 92 89 86 92 95 93 105 95 Cigarettes 186 181 155 145 154 161 154 151 154 152 149 142 157 155 Other tobacco products 100 99 87 79 73 73 80 79 78 92 87 93 107 108 Paper and Paper Products 140 132 136 138 137 138 142 140 133 142 142 143 143 Paper and pulp 137 131 134 135 134 134 137 136 129 137 137 139 138 Pulp 147 142 147 151 150 151 151 156 153 159 156 165 158 Groundwood pulp 103 107 106 110 108 110 108 108 114 119 118 126 111 Soda pulp 93 103 96 98 93 97 92 91 92 96 92 96 97 Sulphate pulp 212 196 213 217 209 213 217 232 232 234 231 245 238 Sulphite pulp 131 127 130 133 137 136 135 137 127 138 135 142 136 Paper 136 129 132 133 132 131 135 133 125 134 134 135 135 Paperboard 151 135 144 148 147 152 159 156 148 158 159 158 160 145 Fine paper 126 116 119 121 120 117 115 110 99 111 113 111 106 Printing paper 122 122 119 119 117 119 115 115 103 118 116 116 120 Tissue and absorbent paper 160 163 156 151 154 156 159 159 158 149 149 149 150 Wrapping paper 130 127 129 133 128 120 127 125 118 127 127 132 130 Newsprint 83 79 74 77 73 76 83 77 84 81 81 85 Paperboard containers (same as Paperboard). Printing and Publishing 106 105 104 102 100 101 100 102 103 103 P102 Newsprint consumption 89 83 84 85 87 89 86 84 Printing paper (same as shown under Paper) Petroleum and Coal Products 213 219 226 230 234 233 237 251 258 r266 266 Petroleum refining 221 226 234 238 243 242 246 252 259 264 272 r281 281 Gasoline 123 123 125 128 129 129 130 136 137 138 141 140 144 Fuel oil 159 159 159 161 163 161 162 164 164 159 162 167 165 Lubricating oil 137 120 128 126 130 120 118 131 125 125 132 135 136 Kerosene 117 120 132 124 130 125 126 130 128 126 126 124 124 Coke Other petroleum products1 163 172 i74 176 i74 i76 175 172 172 in 168 170 170 By-product coke 155 161 164 166 165 167 166 164 164 164 162 164 164 Beehive coke 459 519 496 503 487 463 470 463 442 419 389 384 367 ^323 Chemical Products 390 365 364 359 341 323 319 314 307 306 306 P313 Paints 140 137 140 140 140 138 137 138 142 143 139 139 140 PU0 Soap. 129 131 133 134 133 137 137 138 134 132 131 129 133 P135 Rayon 223 226 226 229 233 232 235 237 237 240 237 239 243 ^250 Industrial chemicals 398 394 405 406 405 408 410 411 400 395 ^394 Explosives and ammunition1 Other chemical products1 Rubber Products 241 240 242 242 231 230 227 231 230 231 230 P233 Minerals—Total 133 137 139 142 139 140 143 142 139 142 143 143 143 V137 Fuels 134 140 142 141 143 146 146 143 147 148 148 148 P142 Coal 125 147 153 158 148 150 154 152 144 148 147 149 149 PI 32 Bituminous coal, 131 156 161 162 155 155 159 158 151 154 151 152 155 ^138 Anthracite 102 114 119 143 123 129 134 128 118 124 129 133 126 PI 09 Crude petroleum 139 136 137 139 138 139 142 143 142 146 149 148 148 Metals 124 124 124 127 126 122 120 120 117 114 113 111 111 Metals other than gold and silver 187 186 185 190 189 184 182 181 178 175 175 171 170 Iron ore P223 P223 (Copper, Lead; Zinc)1 Gold "27 '"28 Silver. 79 76 r Revised. p Preliminary. 1 Series Included in total and group indexes but not available for publication separately. 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, >. 753-771 and 825-882. 169 FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (^Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Nov. Dec. Jan. I Feb. j Mar. Apr. j MayJune July Aug. Sept. Oct. \ Nov. | Dec. Industrial Production—Total.. 247 239 240 240 I 238 237 236 236 232 235 234 234 232 jV229 Manufactures—Total .. 268 258 259 259 257 255 252 252 248 251 249 250 248 \p247 Durable Manufactures 376 364 367 366 363 361 357 354 348 349 343 r345 r341 | *'342 Iron and Steel 210 208 212 214 213 210 204 202 203 202 206 i 201 | 1*196 Pig iron 200 198 202 207 206 206 203 198 196 198 196 197 192 190 Steel 236 222 231 236 238 236 234 225 222 224 222 225 218 211 Open hearth 186 178 186 188 191 192 188 183 184 183 183 187 r186 182 Electric 592 536 554 578 570 549 559 526 491 512 502 492 453 418 Machinery . 452 445 442 -L;5 434 427 429 423 P42S Manufacturing Arsenals and Depots1 Transportation Equipment . 786 763 754 746 734 730 726 716 704 707 695 r703 699 Automobiles... 248 240 244 238 233 232 226 228 223 229 226 231 233 P23S (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1. .. Nonferrous Metals and Products . 289 278 285 285 287 292 279 263 243 245 238 Smelting and refining 309 307 297 299 297 289 273 252 244 226 205 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 282 266 280 293 282 268 ' ' 243 252 252 r251 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products .. 133 126 121 125 127 133 130 135 128 125 120 PH2 Lumber 124 114 107 107 110 116 119 127 123 129 123 117 109 152 150 148 150 149 142 142 144 143 146 139 142 141 P142 Furniture 164 161 163 163 169 165 167 164 167 163 Stone, Clay, and Glass Products . 166 158 168 167 175 183 184 186 174 175 169 178 170 Glass products 54 55 54 58 59 59 66 65 60 66 66 64 56 Plate glass 206 195 208 205 216 227 225 228 213 213 204 218 210 Glass containers 106 92 70 67 68 74 79 90 94 100 100 102 95 Cement 129 126 121 125 126 122 122 125 124 125 120 r122 121 Clay products 198 196 196 191 188 181 179 183 182 182 179 182 177 Gypsum and plaster products 329 319 319 312 308 297 300 297 294 295 302 292 295 Abrasive and asbestos products Other stone and clay products1 Nondurable Manufactures . 181 172 172 173 171 169 168 169 167 171 173 173 173 Textiles and Products . 152 143 149 152 151 151 147 145 139 141 147 r146 149 Textile fabrics 142 133 140 142 141 141 137 135 129 132 137 136 139 Cotton consumption . 153 142 150 151 150 151 142 140 139 140 148 140 149 146 R N a y y lo o n n a d n el d iv s e i r l i k e s consumption1 191 189 186 187 191 196 195 196 193 189 196 199 r209 215 Wool textiles 154 142 154 159 155 153 152 148 131 140 144 r150 143 Carpet wool consumption ... 39 36 42 42 46 51 53 49 41 47 42 50 56 Apparel wool consumption .. 205 186 210 219 216 213 213 196 185 193 197 213 206 Woolen and worsted yarn ... 172 159 173 177 171 167 167 163 144 154 158 r164 156 Woolen yarn 176 161 176 181 174 171 169 166 148 163 162 r170 161 Worsted yarn 166 156 168 171 167 163 163 159 138 141 153 156 148 Woolen and worsted cloth ... 171 160 170 178 172 168 165 163 144 153 160 r164 151 Leather and Products .. 106 108 116 114 103 111 r121 115 118 P112 Leather tanning 101 96 103 113 106 116 110 111 107 107 118 r112 116 Cattle hide leathers 105 98 109 119 113 125 118 119 119 114 129 121 127 Calf and kip leathers 69 66 69 79 77 85 83 87 77 86 90 90 86 Goat and kid leathers 87 83 83 88 86 81 84 85 80 75 81 80 79 Sheep and lamb leathers 155 154 154 177 150 165 147 139 134 148 153 149 153 Shoes 109 105 112 114 116 116 114 117 100 114 122 rli7 119 Manufactured Food Products .. 154 147 145 143 142 143 147 153 163 165 166 159 155 W Ca h n e e a t s u f g lo a u r r meltings1 129 126 139 127 111 110 106 106 112 115 123 125 126 Man B C C I u c f h u a e a n e t c t e c n e t s r e u r e e d r a e m d an d d a d ir r y ie d p r m od il u k cts p1 1 0 9 6 0 3 5 7 7 P 1 1 9 6 0 0 0 8 6 1 ^ 1 1 8 7 0 1 3 3 7 0 P 1 1 9 2 2 7 4 0 5 9 1 1 8 5 3 7 3 7 P1 1 1 4 6 9 9 3 1 1 4 P1 2 1 2 8 0 4 2 5 5 0 0 ^2 2 2 1 2 2 4 2 5 5 9 8 ^2 2 1 1 2 1 0 8 1 5 7 7 H 1 1 9 6 8 7 1 2 6 8 '*> 1 1 1 8 4 7 5 2 9 0 5' 2* 1 1 1 3 7 4 2 4 0 5 5 P r1 1 1 1 0 6 3 7 8 2 0 " 1 1 6 9 1 3 1 4 2 8 Meat packing 206 205 225 207 187 183 180 172 162 147 148 156 175' 184 Pork and lard 259 271 307 285 251 242 239 225 193 151 139 150 195 217 Beef 150 139 147 137 130 128 124 118 128 140 151 153 146 149 Veal 160 113 97 83 90 105 104 117 160 188 215 248 228 165 Lamb and mutton 166 155 143 113 108 105 115 116 129 122 144 151 142 146 r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Other manufactured foods 156 149 143 142 142 Processed fruits and vegetables 125 111 91 89 85 Confectionery 145 135 138 139 137 Other food products 166 162 157 157 157 Alcoholic Beverages 119 120 111 115 128 Malt liquor ... 130 137 131 133 155 Whiskey 0 0 0 0 0 Other distilled spirits 130 47 30 24 21 Rectified liquors 178 189 162 182 173 Industrial Alcohol from Beverage Plants1 Tobacco Products . 151 132 124 114 117 Cigars 101 90 86 92 92 Cigarettes 190 167 155 136 143 Other tobacco products .... 103 87 85 77 73 Paper and Paper Products 140 131 136 139 137 Paper and pulp 138 130 134 136 134 Pulp 148 142 148 151 150 Groundwood pulp 109 108 111 115 115 Soda pulp 93 103 96 98 93 Sulphate pulp 212 196 213 217 209 Sulphite pulp 131 127 130 133 137 Paper 136 128 131 134 132 Paperboard 151 135 144 148 147 Fine paper 126 116 119 121 120 Printing paper 122 122 119 119 117 Tissue and absorbent paper 160 158 154 157 154 Wrapping paper 130 127 129 133 128 Newsprint .. 87 82 79 74 77 Paperboard containers (same as Paperboard) Printing and Publishing 110 108 101 101 101 Newsprint consumption ... 98 93 83 83 86 Printing paper (same as shown under Paper).. Petroleum and Coal Products 213 219 226 230 234 Petroleum refining 226 234 238 243 Gasoline 123 123 125 128 129 Fuel oil 159 159 159 161 163 Lubricating oil 137 118 124 124 128 Kerosene 120 124 134 130 132 Other petroleum products1 Coke .*. 163 172 "174' 176 174 By-product coke 155 161 164 166 165 Beehive coke 459 519 496 503 487 Chemical Products 392 367 362 360 344 Paints 138 137 137 139 140 Soap 130 131 131 133 133 Rayon 223 226 226 229 233 Industrial chemicals 398 394 405 406 405 Explosives and ammunition1 Other chemical products1 Rubber Products 241 240 242 244 242 Minerals—Total 132 132 133 136 133 Fuels 134 140 142 145 141 Coal 125 147 153 158 Bituminous coal ... 131 156 161 162 Anthracite 102 114 119 143 Crude petroleum . 139 136 137 139 Metals .. 116 87 82 85 Metals other than gold and silver 170 121 113 119 Iron ore 182 83 70 72 (Copper; Lead; Zinc)* Goid .. 31 28 29 "27 Silver 80 75 74 74 OO nC oC OO Apr. May June July Aug. Sept. Oct. Nov. Dec. 140 141 145 159 170 174 167 161 92 94 105 169 213 236 180 133 ^112 128 117 109 111 132 148 154 151 154 158 162 165 165 162 166 171 ^168 127 127 143 151 198 159 168 159 146 153 154 177 183 173 174 164 151 140 2 0 3 2 0 1 1 0 9 2 0 2 6 1 0 0 9 0 9 6 4 27 0 0 15 0 9 8 0 1 172 174 177 205 232 270 305 353 355 120 124 126 127 129 131 125 137 121 89 89 89 86 92 95 93 105 95 150 154 158 162 160 160 148 160 142 73 81 80 78 89 93 99 110 95 138 142 141 132 141 141 143 143 134 137 137 128 137 137 139 138 153 152 156 151 157 154 164 159 121 117 109 101 105 105 117 117 97 92 91 92 96 92 96 97 213 217 232 232 234 231 245 238 136 135 137 127 138 135 142 136 132 135 134 125 134 134 135 135 152 159 156 148 158 159 158 160 "145 117 115 110 99 111 113 111 106 119 115 115 103 118 116 116 120 157 159 162 151 149 149 151 150 120 127 125 118 127 127 132 130 75 77 80 82 77 84 81 82 84 104 100 100 89 98 100 105 107 p104 89 84 84 75 78 84 93 93 88 233 237 242 247 251 258 r266 266 242 246 252 259 264 272 r281 281 129 130 136 137 138 141 140 144 161 162 164 164 159 162 167 165 125 123 131 124 124 132 135 136 127 127 123 119 121 124 124 128 176 175 172 172 171 168 170 170 167 166 164 164 164 162 164 164 463 470 463 442 419 389 384 367 *323 325 323 316 310 310 307 309 308 p315 140 142 142 140 142 138 139 139 p140 134 132 136 133 133 136 135 134 232 235 237 237 240 237 239 243 408 410 411 408 408 400 395 394 ^394 231 230 228 227 231 230 231 230 P233 138 146 146 143 147 147 144 140 p132 143 146 146 143 147 148 148 148 p142 150 154 152 144 148 147 149 149 P132 155 159 158 151 154 151 152 155 p13S 129 134 128 118 124 129 133 126 P109 139 142 143 142 146 149 148 148 86 112 144 148 142 145 138 r123 88 120 168 226 231 222 227 215 188 130 76 188 313 330 323 336 311 259 133 27 25 24 24 23 25' 25' 26' 77 73 66 69 66 62 57 58 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 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. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100J Factory employment Factory pay rolls Industry and group 1943 1944 1943 1944 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Total 171.0 169 A 158.0 r156.2 154. 153.5 154.3 332.6 336.5 328. 314.0 r312.9 r314 311.6 Durable goods 234.2 232. 213.0 r209 r206.7 204.9 206.1 468.8 474.6 461.2 r432.7 r428 r430 425.9 Nondurable goods 121.2 119.5 114.6 114. r113.4 112.9 113.4 199.6 201.4 198.4 198.0 200.1 r200.4 199.7 Iron and Steel and Products 175.9 175. 167.6 166.1 164.8 163. 165.9 318.6 320.1 316.: 309.2 312.0 310.9 306.6 Blast furnaces, steel works, etc 131 130 124 123 122 122 233 227 223 223 227 225 222 Steel castings 267 267 244 240 238 238 483 486 483 456 452 453 449 Tin cans and other tinware 105 106 132 132 129 122 175 169 175 222 225 217 205 H St a o r v d e w s a a r n e d heating equ ; ipment 1 1 3 3 3 2 1 13 3 6 4 1 13 3 9 0 1 13 2 7 8 1 13 2 5 8 1 1 3 2 6 9 2 23 6 2 6 2 2 6 3 9 9 2 24 6 6 6 2 2 6 5 2 6 2 2 6 6 1 1 2 2 6 6 7 2 2 2 6 6 1 6 Steam, hot- water heating apparatus... 198 198 183 182 181 181 365 365 369 345 341 347 351 Stamped and enameled ware 170 168 161 159 158 155 331 340 332 324 327 327 313 Structural and ornamental metal work 208 209 210 208 207 204 384 397 397 411 407 401 397 Forgings 264 264 231 231 r230 228 514 533 523 441 r465 r473 459 Screw machine products 291 290 261 r257 r253 251 561 570 562 512 r504 r497 489 Electrical Machinery 289.9 289.8 276.2 274.2 270.2 267.0 267.1 494.7 506.2 500.0 496.1 500.9 492.7 487.8 Machinery, except Electrical 239.0 238.0 217.8 215.2 213.2 211.5 213.4 441. 445. 440.5 406.2 403.1 406.1 397.9 Machin ery and machine shop product! 247 247 228 224 222 220 447 450 443 415 410 416 408 Tractors 184 187 188 184 182 181 279 288 289 291 291 292 290 Agricultural, excluding tractors 151 154 160 159 158 158 288 294 295 319 333 r316 311 Pumps 335 340 318 310 309 304 694 695 709 669 666 659 627 296 298 273 Refrigerators 167 167 148 146 146 145 302 272 259 261 1184.8 2947.6 3039.1 2591.2 Transportation Equipment, except Autos.. 1472.4 1460.5 1255.3 "122 3.r1200.9 1183.0 2901.1 2606.1 '2562.1 2582.4 166.8 359.5 351.3 304.5 Automobiles 188.9 188.6 169.9 168.4 165.5 163.9 334.4 307.6 299.9 305.4 183.3 164.8 r158.2 156.8 157.3 338.2 343.9 335.4 306.0 r300.2 r300.7 295.8 Nonferrous Metals and Products 185.6 217 171 r161.0 r150 146 384 391 385 315 298 r281 267 Primary smelting and refining 217 126 128 160 r128 128 242 248 244 266 269 r269 273 Clocks and watches 125 128 133 128 r132 128 227 233 223 234 223 239 229 Lighting equipment 131 r131 Lumb S e a r w a m n i d ll s Timber Basic Products 1 8 1 8 0.1 1 8 0 6 7.9 1 8 0 3 3.2 1 8 0 1 0.6 98 7 . 9 5 9 7 8 9 .0 96.8 2 1 0 6 0 4 .9 1 1 9 6 7 0 .4 1 15 8 1 8.6 1 1 9 6 7 5 .8 1 15 8 4 8.1 r1 1 5 9 7 1.2 1 14 7 4 8.7 Planing and plywood mills 110 109 98 96 96 95 182 181 179 167 r166 170 168 Furniture and Lumber Products 110.0 108.9 104.1 101.6 100.9 101.3 101.8 191.0 191.1 188.9 191.4 186.2 189.7 187.4 Furniture 106 105 99 96 96 96 184 185 183 181 175 179 177 Stone, Clay, and Glass Products 119.5 119.7 112.9 111.0 109.6 110.2 111.4 194.0 195.2 192.2 189.0 186.3 189.9 187.4 Glass 131 132 129 127 125 125 202 207 207 204 201 205 201 Cement 91 88 73 73 72 72 141 134 127 118 116 120 116 Brick, tile, and terra cotta 82 82 76 74 r73 73 130 127 126 124 119 r123 120 Pottery and related products 128 127 124 122 r120 121 193 195 185 193 189 192 191 Textile-Mill and Fiber Products 104.0 103.9 94.8 94.2 93.8 94.6 95.3 174.4 176.2 175.9 168.2 169.1 170.6 172.4 Cotton goods except small wares 120 120 109 108 107 108 205 207 207 204 204 204 207 Silk and rayon goods 79 79 74 74 74 74 136 138 139 134 133 139 139 Woolen and worsted manufactures... 108 108 97 98 98 98 198 199 198 181 185 188 189 Hosiery 71 71 66 65 64 64 109 110 110 106 104 104 105 Knitted underwear 103 102 91 89 89 89 177 180 177 163 163 164 166 Dyeing and finishing textiles 97 97 89 89 88 89 152 154 154 146 148 150 151 Carpets and rugs, wool 83 82 79 79 79 79 136 138 134 135 135 136 137 Apparel and Other Finished Textiles 104.2 103.2 96.9 96.6 97.2 96.4 96.5 164.1 165.6 163.5 167.1 174.4 175.5 171.4 Men's clothing, n.e.c 101 100 96 95 95 94 158 162 157 161 166 r170 169 Shirts, collars, and nightwear 80 79 74 73 73 73 134 135 134 128 128 131 129 Women's clothing, n.e.c 85 85 79 80 81 80 132 133 133 140 148 147 141 Millinery 73 75 78 79 79 76 106 92 100 129 137 127 105 Leather and Leather Products 90.9 90.2 88.3 87.4 87.3 87.9 143.2 146.1 147.2 153.4 155.1 155.3 154.7 Leather 87 87 85 84 83 83 135 135 141 146 146 144 143 Boots and shoes 82 81 80 79 79 79 130 133 133 140 143 143 142 Food and Kindred Products 118.5 115.9 127.8 r128.6 122.4 118.1 115.5 182.2 186.0 182.9 200.1 199. i 194.7 191.7 Slaughtering and meat packing 136 142 130 125 123 124 201 232 239 211 200 200 211 Flour 121 120 114 113 115 117 194 197 196 190 197 192 197 Baking 114 114 112 111 113 115 159 164 163 168 169 171 175 Sugar, beet 195 133 r46 r66 r174 209 206 283 175 r65 r87 r229 299 Conf ec tionery 121 122 114 114 119 122 178 189 190 188 192 200 206 Beverages, nonalcoholic 129 125 149 140 130 125 161 159 156 206 188 171 166 M Ca a n lt n i l n i g q u a o n r d s, preserving : 1 9 3 3 1 1 8 3 1 0 1 1 6 4 3 8 1 1 4 8 7 2 1 1 4 3 4 4 1 1 4 0 2 0 2 1 2 8 4 4 1 1 8 6 2 4 1 1 4 7 9 9 3 2 0 2 6 4 3 2 3 1 6 6 2 2 6 1 2 0 2 1 0 8 4 9 Tobacco Manufactures 96.3 96.' 88.3 88.1 89.3 90.2 90.7 160.2 162.5 161.1 157.6 163.1 165.9 172.8 Cigarettes 130 130 127 126 129 131 191 196 190 196 202 209 216 Cigars 78 78 68 68 68 141 141 143 133 138 137 144 Paper and Allied Products 119.1 119.1 113.9 r112.4 113.2 114.6 183.0 184. < 183.7 186.0 r185.2 r188.3 189.3 Paper and pulp 109 109 107 r106 r105 106 174 175 175 181 r180 r183 182 Paper goods, n.e.c 127 126 119 113 r118 119 192 192 190 187 r182 r192 195 Paper boxes ._ 124 124 114 112 113 114 184 188 186 179 180 180 183 r Revised. NOTE.—Figures for December 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 172. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Ccwitf»««/ (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1944 1943 1944 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Printing and Publishing 104.2 104.4 101.1 99.2 100.9 iOi.5 i02.7 131.0 134.9 /J7.P 139.0 139.7 142.3 Newspaper periodicals 95 95 93 92 93 93 114 115 116 118 120 119 121 Book and job 108 109 106 103 106 106 138 142 144 149 152 154 157 Chemical and Allied Products 253.0 240.1 204.7 r205.< 208.8 210.8 217.1 437.6 428.6 405.5 r356.9 r361.1 364.9 366.5 Paints, varnishes, and colors 106 106 106 105 105 106 160 161 159 169 166 167 167 Drugs, medicines, and insecticides.. 177 178 182 179 181 181 251 258 259 265 265 268 270 Rayon and allied products 107 110 110 109 110 111 169 166 168 176 176 177 179 Chemicals, n.e.c 177 177 170 168 167 166 294 297 294 295 293 289 289 Cottonseed oil 147 143 81 r106 125 135 274 281 275 154 r214 264 287 Fertilizers 113 118 102 102 102 107 216 223 227 227 232 227 234 Products of Petroleum and Coal 119.0 118.9 127.3 126.2 125.1 125.2 124.9 197.7 196.3 197.3 220.1 221.0 224.6 219.4 Petroleum refining 113 113 126 125 124 124 186 186 186 214 213 220 214 Coke and by-products 108 108 107 106 103 102 183 176 181 187 190 183 179 Rubber Products 164.9 166.4 158.1 157.6 157.1 157.7 159.5 278.0 287.7 285.5 285.4 288.8 287.6 287.4 Rubber tires and inner tubes 170 173 169 171 171 171 279 289 287 294 301 298 298 Rubber boots and shoes 146 146 131 125 124 123 244 252 246 233 227 226 220 Rubber goods, other 147 147 138 136 135 136 248 257 255 247 248 251 251 Miscellaneous Industries 166.7 164.2 152.0 150.7 150.6 150.5 151.8 301.3 307.6 300.8 286.0 289.7 293.0 291.6 Photographic apparatus 176 174 167 162 161 162 278 284 273 271 268 269 in Games, toys, and dolls 91 88 91 90 91 91 158 156 150 182 182 186 187 i FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group Nov Dec Jan. Feb Mar Apr May June July Aug Sept. Oct Nov. Dec. Total 170.9 1691 167.8 166.9 164.1 161.5 159.6 158.8 157.6 156.9 r154.5 1541 153.4 p154 0 Durable 234.0 2328 230.3 2288 2253 221.1 218.2 216.4 213.7 212.6 r209.2 r206 5 204.7 p206.2 Nondurable 121.2 1189 118.4 118.1 116.0 114.5 113.4 113.3 113.5 112.9 111.4 1128 112.9 p Preliminary. rRevised. NOTE.—Indexes based on Bureau of Labor Statistics data. For back figures see p. 14 of January 1943 BULLETIN, and p. 1187 of December 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1943 1944 1943 1944 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. All Manufacturing., 45.4 45.5 44.6 45.2 r44.8 r45.5 45.3 98.8 99.6 101.8 101.6 r103.2 103.1 103.3 Durable Goods 47.2 47.1 45.7 46.6 46.1 r47.1 46.7 108.6 109.7 111.6 111.2 r113.2 112.9 113.5 Iron and Steel and Products 47.1 47.1 46.0 46.7 46.6 47.2 46.8 105.6 105.7 108.6 107.5 110.1 109.1 108.8 Electrical Machinery 47.1 47.1 45.7 46.3 46.2 r46.4 46.3 98.6 98.8 103.2 103.2 105.1 104.5 104.7 Machinery Except Electrical 49.6 49.6 47.5 48.3 47.9 48.8 48.2 108.6 109.2 112.3 112.1 113.6 113.7 113.4 Transportation Equipment Except Automobiles 47.5 47.6 46.8 47.4 r48.1 47.8 123.1 125.9' 126.7 127.2 r129.7 '130.1 132.4 Automobiles 47.6 46.5 43.7 45.1 43.5 45.6 45.5 125.0 125.3 129.1 126.1 r128.7 127.0 128.0 Nonferrous Metals and Products .... 46.9 47.1 46.0 46.5 46.3 r47.3 47.0 102.9 103.3 105.1 104.7 r105.8 r105.9 105.7 Lumber and Timber Basic Products.. 44.2 43.4 42.4 44.7 r43.3 44.8 43.1 77.3 77.4 79.6 80.1 r80.3 r80.8 79.1 Furniture and Finished Lumber Products. 44.7 44.3 43.6 44.8 r44.0 r44.9 44.2 77.7 78.0 81.2 81.6 r82.9 r83.2 83.2 Stone, Clay, and Glass Products 43.8 43.5 42.4 44.0 43.4 r44.7 44.0 87.1 87.8 89.9 89.5 r91.0 r91.2 91.0 Nondurable Goods 42.7 43.1 43.0 43.0 43.0 43.3 43.3 82.4 82.9 86.2 86.4 87.6 87.1 87.7 Textiles—Mill and Fiber Products ... 41.6 41.8 41.7 41.8 41.8 42.2 42.3 67.4 67.7 71.0 71.1 72.1 72.4 72.2 Apparel and other Finished Products ... 37.8 38.1 37.3 37.7 r38.1 38.2 38.0 73.7 74.0 78.5 80.7 r83.2 r83.2 82.5 Leather and Manufactures 39.5 39.8 41.2 41.2 41.5 41.6 41.2 76.5 77.0 80.1 80.6 r82.0 81.9 81.8 Food and Kindred Products 44.1 45.5 45.6 45.0 44.5 44.8 45.3 81.5 82.9 84.5 84.4 84.7 85.7 85.9 Tobacco Manufactures 42.6 42.5 42.4 42.3 43.4 43.3 44.1 67.0 67.3 70.9 71.5 72.4 72.8 73.6 Paper and Allied Products 45.7 45.8 45.7 46.2 46.2 r46.7 46.5 81.2 81.2 84.7 84.7 85.8 r86.2 86.3 Printing, Publishing, and Allied Industries 40.2 40.5 41.2 41.1 r41.4 40.9 41.2 102.8 102.6 107.2 108.0 110.1 110.2 110.5 Chemicals and Allied Products 45.8 45.6 45.5 45.6 45.6 45.8 45.6 93.1 93.2 96.6 96.1 96.6 95.9 95.7 Products of Petroleum and Coal 46.4 46.0 46.9 46.9 46.4 47.9 46.9 114.2 114.8 119.9 117.9 r120.2 119.0 118.7 Rubber Products 45.4 45.7 45.0 45.6 45.7 46.0 45.7 105.9 106.6 109.4 110.2 111.7 110.8 110.7 Miscellaneous Industries 46.1 46.5 45.2 45.1 r45.2 r46.0 45.8 90.8 91.7 95.5 95.7 r97.3 r96.8 96.9 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRI CULT URAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining istruction* ti p o u n b a li n c d Trade an s d e r m vi i c sc e, el- Sta l t o e c , a a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1 1 9 9 4 4 3 4 ^3 3 8 9 , , 7 7 0 2 0 8 3> 1 1 6 6 , , 9 1 2 2 4 3 2* 8 8 9 3 1 5 1 ^ ,2 6 5 81 9 p3 3 , , 7 6 6 1 1 9 *7 7 , , 0 0 4 3 7 0 ^4 4 , , 3 1 4 1 7 5 p5 5 , , 9 8 0 9 6 0 SEASONALLY ADJUSTED 1940—April 31,047 10,395 908 1,561 2,976 6,822 4,281 4,104 May 31,204 10,402 907 1,641 2,996 6,847 4,293 4,118 June 31,377 10,458 908 1,736 2,998 6,865 4,300 4,112 July 31,590 10,570 912 1,756 3,009 6,895 4,312 4,136 August 31,840 10,776 914 1,723 3,015 6,936 4,328 4,148 September 32,169 11,017 918 1,758 3,025 6,951 4,341 4,159 October 32,485 11,181 920 1,825 3,041 7,005 4,357 4,156 November 32,993 11,409 925 1,971 3,054 7,043 4,395 4,196 December 33,397 11,589 926 2,135 3,076 7,076 4,393 4,202 1941—January 33,638 11,720 938 2,243 3,072 7,065 4,366 4,234 February 33,973 11,934 935 2,256 3,082 7,123 4,374 4,269 March 34,406 12,174 943 2,260 3,131 7,192 4,397 4,309 April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36.774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39.775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April. 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September r38,400 r15,764 822 627 r3,735 r7,065 r4,488 r5,899 October r38,163 r15,620 812 r609 r3,748 7,075 r4,384 r5,915 November 38,049 15,524 617 3,772 7,048 4,367 5,913 December 38,173 15,575 629 3,791 7,057 4,292 6,027 UNADJUSTED 1943—July 39,921 17,059 1,222 3,689 6,920 4,230 5,913 August 39,860 17,182 882 1,169 3,694 6,875 4,172 5,886 September 39,678 17,136 880 1,091 3,688 6,936 4,079 5,868 October 39,718 17,194 873 1,002 3,689 7,076 4,037 5,847 November 39,847 17,238 863 918 3,683 7,245 4,078 5,822 December 40,197 17,080 867 829 3,669 7,554 4,127 6,071 1944—January. 38,965 16,825 858 764 3,664 6,919 4,128 5,807 February 38,840 16,735 858 715 3,704 6,867 4,131 5,830 March 38,725 16,559 852 678 3,723 6,919 4,123 5,871 April 38,689 16,309 844 683 3,744 6,968 4,236 5,905 May 38,672 16,122 839 686 3,768 6,962 4,363 5,932 June 38,846 16,093 844 691 3,803 6,977 4,542 5,896 July 38,731 16,013 833 686 3,809 6,942 4,618 5,830 August 38,744 16,023 834 700 3,818 6,918 4,582 5,869 September r38,571 r15,843 826 671 r3,791 r6,994 r4,488 r5,958 October r38,364 r15,698 816 r652 r3,767 7,146 r4,340 r5,945 November 38,352 15,602 812 635 3,772 7,295 4,323 5,913 December. 38,901 15,653 806 604 3,772 7,657 4,292 6,117 * Includes Contract Construction and Federal Force Account Construction. r Revised, P Preliminary. NOTE.—Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. 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. December 1944 figures are preliminary. For back seasonally adjusted estimates, see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 1*74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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] Nonresidential building Public works and public Month Factories Commercial Educational utilities 1943 1944 1943 January 73.1 i 34.0 ~7T February 87.7 29,9 22.7 March 63.8 48.7 25.2 April 40.7 33.0 6.6 May 24.2 27.1 9.3 June 53.7 24.4 6.9 July 31.9 38.3 5.3 August 234.8 40.0 7.4 September... 31.1 49.0 5.1 October. ... 34.5 37.7 11.2 November... 29.0 52.9 7.9 December... 62.0 57.6 6.0 Year.. 3,274.0 1,994.0 867.8 348.4 j 766.2 j 447722..77 112200..7 80.8 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] i Total Public ownership Private ownership 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 Dec. Nov. Dec. January 317 351 159 198 316 122 119 35 37 Boston 8,849 4,793 15,986 February.... 434 394 137 310 364 109 123 30 28 New York ... 14,597 14,790 20,052 March ! 611 340 176 473 304 133 138 36 43 Philadelphia. 7,430 7,647 10,466 April 499 303 179 355 253 133 144 50 46 Cleveland 15,771 13,232 24,520 May 674 234 144 569 192 98 105 42 46 Richmond ... 22,433 17,045 35,324 June 1,190 230 164 1,105 183 122 85 46 42 Atlanta 29,460 13,845 34,401 July 944 184 191 876 122 148 68 61 42 Chicago 26,705 29,614 35,448 August 721 414 169 633 351 125 88 62 44 St. Louis 16,562 32,067 10,461 September... 723 175 176 661 120 127 62 56 49 Minneapolis . 2,187 8,350 1,978 October 780 214 145 710 157 102 71 56 43 Kansas City. 14,053 9,501 24,883 November... 654 184 165 592 135 103 62 50 62 Dallas.. 30,434 13,966 38,704 December ... 709 252 664 198 45 54 Total (11 districts) 188,481 164,850 252,223 Year 8,255 3,274 7,146 2,695 1,109 579 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Title ILoans Mortgages on Year or month Total P e r r o ty p- S ho m m al e l f 1 a - m to il y 4- R g e a ro n n u t d a p l h W ou a s r ing End of month Total Otherim- con- houses housing (Title prove- struc- (Title (Title VI) ment tion II) II) 1936—Dec. 365 1937—Dec. 771 1935 320 224 94 2 1938—Dec. 1,199 1936 557 246 309 2 1937 495 60 424 11 1939—June. 1,478 1938 694 160 13 473 48 Dec. 1,793 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar.. 1,949 1941 1,186 262 21 877 13 13 June. 2,075 1942 1,137 141 15 691 6 284 Sept.. 2,232 1943 942 96 1 243 * 601 Dec... 2,409 1943—Dec 77 9 18 50 1941—Mar.. 2,598 1,246 June. 2,755 1,318 1944—Jan 75 6 19 50 Sept.. 2,942 1,400 Feb 79 16 14 50 Dec. 3,107 1.465 Mar 62 6 i 13 44 Apr 68 9 i 13 1 45 1942—Mar . 3,307 1.549 May 69 9 18 42 June. 3,491 1,623 June ! 63 9 18 2 36 Dec... 3,620 1,669 July 72 7 18 46 Aug 81 11 20 50 1943—June. 3,700 1,700 158 Sept 83 14 20 3 46 Dec. 3,626 1,705 159 Oct 84 12 22 1 49 Nov 82 17 22 43 1944—June. 3,554 1,669 Dec 66 11 18 37 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. . tion, the Federal Deposit Insurance Corporation, and the United States NOTE.—Figures represent gross insurance written during the period and Housing Corporation. . do not take account of principal repayments on previously insured loans. 2 Including mortgage companies, finance companies, industrial banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State benefit funds, etc. in which they were reported by FHA. Reinsured mortgages on rental and NOTE.—Figures represent gross amount of mortgages held, excluding g re r i o n u s p u r h a o n u c s e i n t g o o ( k T p it l l a e c I e I . ) are not necessarily shown in the month in which e ttee a rr l m m H inn o aa u tt s e i d n g m A or d tg m gag i g n e i s s t a ra n t d io c n ases in transit to or being audited at the federal Housing Administration. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 January 370 325 481 730 ^1,124 242 229 254 229 p300 128 96 228 502 p824 February 347 303 480 719 pl,107 200 234 254 234 P313 147 69 226 485 P794 March 351 357 628 989 ^1,197 217 268 272 249 P358 134 89 355 739 ^838 April 323 387 717 979 PI,226 212 287 235 258 P360 111 100 482 721 P866 May 324 385 536 1,085 PI,455 211 297 191 281 P386 112 88 345 803 Pi,069 June 350 330 648 1,002 PI,295 211 280 215 295 p331 138 50 433 706 P964 July 317 365 650 1,261 PI,197 232 278 213 302 P294 84 87 437 960 P903 August 351 460 703 1,202 PI,188 221 282 186 316 P302 130 178 517 887 P886 September 295 425 732 1,235 ^1,192 195 262 196 286 P280 101 162 536 949 P912 October 344 666 801 1,195 PI, 140 207 304 200 329 P327 137 362 602 866 November 328 492 787 1,072 PI,184 224 281 168 311 P322 104 211 619 761 P862 December 322 653 873 1,244 P934 253 344 359 281 P336 69 309 514 963 P598 January-December 4,021 5,147 8,035 12,714 PI4,240 2,625 3,345 2,742 3,372 P3,911 1,396 1,802 5,293 9,342 P10.328 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933/p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100} RAILROADS [In millions of dollars] Total Coal Coke Grain L s i to v c e- k p F u r e o c o s t r d t s - - Ore l M c o a i e u n l s e s - - - M l c d . e h i c s . a r 1 e - n . o r p T a e i o r l a w ta t a i l n y g e r x a T p i o l e w t n a a s l y es o r i p n a e N c i r l o w a e m t t a in e y g in N co e m t e Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5,982 1,485 904 1943 137 138 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 1944 140 144 186 139 124 144 181 147 67 SEASONALLY SEASONALLY ADJUSTED1 ADJUSTED 1943—September. 767 651 116 75 1943—October 137 140 195 167 119 137 191 140 October 769 654 115 76 November 139 127 186 161 132 150 191 147 November. 769 662 107 69 December r143 147 192 153 122 r155 209 148 December. 782 680 102 67 1944—January 145 150 185 159 121 147 203 149 1944—January 778 662 116 78 February 143 149 180 148 135 146 193 147 February... 775 671 103 65 March 140 140 185 136 131 141 174 149 March 782 690 92 53 April 138 141 190 123 120 141 195 146 April 780 689 91 53 May 138 147 190 128 118 140 195 144 May 779 688 91 52 June 139 148 194 135 124 148 187 143 June 810 701 109 70 July 143 143 194 144 124 156 189 150 July 804 706 98 59 August 142 146 185 131 121 155 188 149 August 781 710 71 30 September.... 139 147 182 126 114 137 184 146 September. 790 710 80 40 October 137 143 182 147 120 133 153 143 October.... 791 709 82 43 November 141 143 181 150 135 138 153 149 November.. 788 697 91 December,,,, 137 127 166 134 128 135 133 151 UNADJUSTED 1943—September. •776 666 110 70 UNADJUSTED October 796 683 113 76 1943— N O o c v to e b m er ber 1 1 4 4 7 2 1 12 4 7 0 1 1 9 8 1 6 1 1 5 6 7 7 1 1 8 6 3 6 1 14 4 7 4 2 19 7 3 4 1 15 5 3 3 N De o c v e e m m b b e e r r .. . 7 7 6 8 2 2 r6 70 6 5 8 r9 7 4 7 6 3 3 5 December.... 133 147 202 144 r117 138 65 139 1944—January 741 658 83 45 1944— M M F J A J A O S J u u e a e p u c a a l n b n p y t r g y r e o r i u c t u l u b e a h s a e r m t y r ry b e . r . . . . . . 1 1 1 1 1 1 1 1 1 1 4 3 3 3 4 4 4 3 4 5 1 3 3 5 8 4 6 2 7 0 1 1 1 1 1 1 1 1 1 1 4 4 4 5 4 4 4 4 4 4 9 1 7 0 3 0 8 3 7 6 1 1 1 1 1 1 1 1 1 1 9 9 8 8 9 8 7 8 7 8 1 1 6 1 4 8 8 7 8 8 1 1 1 1 1 1 1 1 1 1 4 5 1 0 4 2 3 7 4 4 5 9 3 8 7 5 7 2 1 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 5 0 1 8 3 7 6 0 8 6 1 2 5 4 1 1 1 1 1 1 1 1 1 1 4 4 3 4 4 4 5 5 6 4 1 1 3 6 0 0 4 7 2 8 2 2 3 2 2 1 2 4 8 9 8 5 5 3 6 0 7 8 1 1 1 1 1 7 8 2 6 1 1 1 1 1 1 1 1 1 1 5 5 3 4 5 5 4 4 4 3 1 6 8 5 8 1 4 2 7 6 N A M J A J S O M F u u e e o u c p a a l n p b t y g v r y r o e t i c r u e l e b . u h s m . m e t . a ' r b b ry e e r r . . . . . . 8 8 8 7 8 7 7 7 7 7 0 1 3 8 3 6 9 0 9 9 9 9 6 1 5 0 9 4 7 9 6 6 6 7 7 7 7 7 7 7 8 5 7 2 0 1 1 0 0 3 9 1 2 1 6 0 0 5 0 5 1 1 8 9 9 9 9 9 8 8 0 0 8 9 3 9 7 2 4 9 1 0 4 4 5 5 6 6 5 5 6 8 6 4 9 0 1 7 6 0 November 144 143 181 147 170 135 138 155 December 128 127 175 126 124 120 41 142 P Preliminary. rReyised. 1 Includes redistribution of wage accruals in 1943. NOTE.—Descriptive material and back figures may be obtained r Revised. fltrom the Division of Research and Statistics. Basic datacompiled NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for ^>y the Interstate Commerce Commission. June 1941. Based on daily average loadings. Basic data compiled by Associa- " tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month U S n ta i t t e e s d Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - 1919 83 95 84 106 84 73 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 79 88 97 98 96 81 94 1932 75 90 91 83 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 65 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 1944 P1S6 162 150 P214 ^200 205 SEASONALLY ADJUSTED 1943—January 164 143 132 145 171 186 190 166 167 144 194 184 188 February 192 161 149 173 196 231 218 192 218 182 214 246 217 March 163 151 137 150 166 184 185 157 168 142 168 185 197 April 159 146 127 148 152 186 181 155 157 147 173 195 190 May 158 146 130 148 157 182 196 146 164 138 163 191 192 June 167 145 132 151 164 197 209 157 184 144 187 220 200 July 172 147 137 154 171 200 221 168 185 148 184 220 199 August 165 143 135 144 164 187 201 161 177 149 174 208 198 September 162 139 133 149 158 193 210 151 171 147 179 211 189 October 174 145 137 154 170 191 222 169 188 148 194 231 211 November 181 158 144 161 178 215 220 174 197 166 r210 227 212 December 165 148 131 144 164 187 208 154 172 146 174 215 206 1944—January 175 148 135 158 169 208 224 172 182 160 207 206 208 February 175 148 138 157 166 209 225 162 194 176 203 241 209 March 185 162 158 173 183 212 225 173 195 159 193 247 218 April 172 157 140 162 166 199 222 165 173 157 181 232 201 May 181 164 150 168 181 211 233 167 197 158 192 228 216 June 175 151 142 159 166 203 237 163 189 151 192 245 210 July 192 160 149 170 191 213 263 187 208 165 212 277 223 August 187 154 151 158 1S2 213 245 180 207 173 204 250 221 September 183 156 149 170 180 214 247 168 193 162 200 241 217 October 194 165 152 168 190 224 260 192 215 158 215 252 228 November 210 r177 164 183 203 251 269 201 235 189 244 264 r253 December 193 173 155 171 190 208 258 180 207 175 208 263 233 UNADJUSTED 1943—January 129 116 110 112 133 136 152 126 137 108 143 158 150 February 155 125 123 137 157 176 188 155 172 127 169 204 184 March 144 130 115 135 146 166 171 140 153 124 156 168 171 April 164 155 130 151 163 190 196 160 172 151 177 193 188 May 155 145 124 142 156 181 192 149 164 139 165 191 181 June 155 138 123 136 155 177 175 154 166 144 172 183 184 July 127 102 92 107 126 141 166 124 137 117 145 160 165 August 139 110 99 112 143 155 179 136 152 132 163 183 180 September 174 152 141 152 168 208 218 166 188 166 197 232 197 October 186 161 157 174 182 212 233 174 194 168 203 250 219 November r2l5 184 182 202 214 257 200 224 192 r228 269 255 December 273 255 r228 256 262 336 253 277 224 283 343 r325 1944—January 137 119 112 122 132 152 179 131 149 119 153 177 166 February 142 115 115 124 133 159 194 131 153 122 160 200 178 March 170 144 139 162 167 203 219 159 185 140 182 227 197 April 172 161 137 159 172 193 228 166 183 159 183 228 192 May 178 162 142 161 179 210 228 170 197 160 194 228 203 June 163 144 132 143 157 182 199 160 170 151 177 203 193 July 142 110 100 117 140 150 197 139 154 130 168 202 185 August 157 118 110 123 159 176 218 151 178 154 191 220 202 September 196 170 158 173 191 231 257 185 212 184 220 265 226 October 209 184 173 190 204 248 273 197 221 179 226 272 238 November 248 r?07 207 r231 244 294 315 231 268 218 263 314 299 December 320 298 270 305 303 369 418 295 333 269 339 421 373 p Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. FEBRUARY 1945 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES |As reported by 296 department stores in various Federal Reserve districts' [Weeks ending on dates shown. 1935-39 average = 100] Index of stocks Without seasonal adjustment (In millions of dollars) (1935-39 average = 100) 1941 1942 1943 1944 June21 ..117 June 20 .129 June 19... .168 June 17.... .173 Out- 28.... ..118 27.... .109 26.. .132 24.... .151 m ( S o t f a o n o l t r e t a h s l ) m ( S e o t n o n d c t k o h s f ) ( o s e t r n i a d n d n e g d r o s - f a S d e j a a u l s l s o y t n ed - j U u n st a e d d - July 2 1 1 5 6 9 2.... . . . . . . 1 9 9 0 9 7 5 1 9 July 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . 1 1 1 1 0 0 9 2 3 5 5 July 2 1 1 3 4 7 0 . . . . . . . . . . . . 1 1 1 1 1 3 2 2 3 4 6 4 July 2 1 8 I 2 5 . . . . . . . . . . . . . . . . . 1 1 1 1 3 4 4 1 8 5 9 6 month) Aug. 2.... ..111 Aug. 1.... .105 31... .118 29... .132 9.... .127 8... .122 Aug. 7... .131 Aug. 5.... .137 1939 average 128 344 99 2 1 3 6 . . . . . . . . . 1 1 2 2 3 8 2 1 2 5 . . . . . . . .1 1 2 2 6 5 2 1 1 4 . . . .. . . 1 1 4 3 6 1 1 1 2 9. . . . . .. .1 1 4 4 8 9 1940 average 136 353 108 101 30.... ..162 29... .142 28.. .145 26.... 171 1941 average 156 419 194 120 Sept. 6 ..129 Sept 5.... 165 Sept. 4. 169 Sept, 2.. . 194 1 1 1 9 9 9 4 4 4 2 4 3 a a a v v v e e e r r r a a a g g g e e e ^2 1 2 2 7 0 7 9 4 p r 5 5 5 3 0 9 1 8 9 ^5 5 2 5 3 6 8 3 0 . ^1 1 1 5 7 4 3 2 6 2 2 1 7 0 3 . . . . 1 1 1 4 4 6 2 2 1 2 1 1 6 9 2... . . . 1 1 1 7 5 4 2 2 0 2 1 1 5 1 8 . . . . 1 1 1 7 5 7 6 6 9 2 1 9 3 6 ... . . 1 1 1 7 9 9 7 6 3 1943— M J J A A M u u u l p a n a y g r y e r * 2 1 1 1 1 1 0 8 8 6 5 8 0 8 2 8 1 7 4 4 4 4 5 5 6 8 7 7 6 0 2 0 1 2 4 7 4 4 6 6 6 5 9 4 1 7 6 6 2 1 8 1 1 3 1 1 1 1 1 1 4 6 6 2 3 3 4 2 9 8 2 3 1 1 1 1 1 1 6 4 3 3 3 3 2 6 8 5 3 6 N O o ct v . . 2 1 1 1 4 1 8 5 8 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . 1 1 1 1 1 1 5 4 3 4 4 7 5 9 4 5 5 1 9 0 N O o ct v . . 3 2 1 1 1 3 1 4 7 7 0 4 . . . . . .. . . . . . . . 1 1 1 1 1 1 1 8 8 6 6 7 8 7 2 2 6 8 2 3 1 N O o ct v . . 1 3 2 1 6 3 9 2 0 3 6 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 2 1 1 8 8 9 1 0 8 7 7 9 4 1 2 8 5 O N c o t v . . 3 2 2 1 1 0 4 7 1 8 1 4 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 1 2 2 9 0 2 1 0 1 3 i 7 1 8 9 > 5 1 N O S D e o c e p t c v t 2 2 3 2 3 0 3 5 0 5 8 9 r4 5 5 5 6 8 9 7 7 6 3 6 r4 5 5 5 9 6 6 5 1 4 2 0 r1 1 1 1 4 4 5 6 3 3 3 2 1 1 1 13 6 7 6 4 5 0 8 Dec. 1 2 2 6 3 9 2 . . . . . . . .. 2 2 1 1 2 5 7 3 5 0 6 9 Dec. 2 2 1 5 8 1 2 . . . . . . . . . . . . . . 1 2 2 1 8 9 5 7 2 5 0 6 Dec. 1 2 2 4 1 0 7 . . . . . . . . . . . 2 2 2 2 0 2 6 9 1 3 9 7 Dec. 2 1 9 2 5 8 . .. . . . . . . . . 2 2 3 3 5 3 0 6 2 6 4 4 1944— M F Ja e a n b r 2 1 1 2 7 6 7 0 7 4 5 5 7 1 25 8 2 4 5 5 8 2 2 8 6 5 1 1 1 5 5 4 4 8 3 1 1 1 3 4 5 7 7 1 2 29 0 1 . . 9 . . 42 .1 2 9 9 1 9 2 1 1 6 9 9 . . 4 3 . .. . 3 22 3 2 3 2 1 1 5 8 9 . . 4 4 .. . . .2 3 7 2 4 1 3 2 1 1 3 6 0 9 4 . . . . 5 . . . . . . . . 3 1 36 7 2 ( 6 3 > M A J A J u u p u a l n r y g y e . 2 2 1 1 1 2 0 9 6 9 0 6 9 3 6 5 5 5 5 5 2 2 2 1 6 5 4 2 6 8 4 5 5 5 6 7 7 2 9 2 4 5 1 0 8 1 1 1 1 1 4 4 5 6 7 5 7 7 5 0 1 1 1 1 1 5 5 5 4 6 0 0 1 8 3 Jan. 3 2 1 1 3 1 4 7 0 . . . . . . . . . . . . . .. .1 1 1 1 1 2 1 2 3 3 2 1 5 5 6 Jan. 3 2 1 9 0 2 3 6 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 4 3 2 2 7 6 9 5 6 Jan. 2 2 1 8 1 9 2 5 . . . . . . . . . . . . . . . . 1 1 1 1 1 1 4 3 4 4 0 3 7 5 6 J F a e n b . . 1 2 2 6 3 7 3 0 . . . . . . . . . . . . . . . . 1 1 1 1 4 6 6 6 5 1 6 1 Sept 234 583 559 161 167 Feb. 7.... .119 Feb. 6 .143 Feb. 5... .147 10 N Oc o t v 2 2 9 5 9 7 r5 6 7 0 9 0 r6 5 0 7 7 6 r1 1 4 5 4 4 1 1 7 6 2 6 2 1 1 4 . . . . ...1 1 1 2 5 2 1 2 3 0 . . 1 1 7 5 8 5 1 19 2 . . .. .. . .. 1 1 4 4 2 2 2 1 4 7. .... Dec *>386 ^443 135 127 28.... ..127 27 .162 26... ..146 Mar. 3.... p Preliminary. NOTE.—Revised series. For description and back figures see DD 874-875 r Revised. of BULLETIN for September 1944. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Dec. Nov. Year Dec. Nov. Dec. Nov Year Dec. Nov. Year 1944 1944 1944 1944 1944 1944 1944 1944 1944 1944 United States... +14 +16 +11 Boston +14 +12 +9 Cleveland—Cont. Chicago—Cont. Dallas +1S\ +17 +17 B P N o o e r w s t t l o a H n n a d ven + + +1 1 1 7 3 0 + + + 1 6 3 7 + + + 1 5 6 1 P E Y i r o t i t e u s n b g u s r t g o h wn + + + 1 8 7 3 + + + 1 1 7 8 9 + + + 1 1 2 5 1 i T F In e o d r r r t i e a W n H a a p a y u o n t l e i e s . . . . . . . . . + + 1 16 8 + + + 2 1 2 3 7 3 + + 1 1 1 2 D F S o h a r r l t e l a v W s ep o o r r t t h + + + 1 1 1 7 8 6 + + + 1 1 1 2 5 4 + + + 1 1 1 4 9 6 Springfield +10 +8 +3 Wheeling +18 +23 +17 Des Moines.... +19 r+19 **+9 Houston +18 +12 +14 Providence +16 +17 +10 Richmond +13 +16 +11 D Si e o t u r x o i C t ity +9 +11 + + 1 5 3 San " A nt . onio +18 +23 +10 Ne N B B A B w i u r e l n b i f w d Y f g a a g a o n h l r e r o y a k k p m o t r o t n + + + + + + 1 2 1 1 6 7 2 0 5 3 + + + + + + 2 1 1 1 1 2 7 2 3 4 0 + + + + + - 1 1 1 6 6 6 2 0 W G B W L C y a r h a i e n l a n s t e c r i s h n m l h t i e v o n b o s i n g u l t r - l o t r e e S o g n , n a , l S e S . m . C C .. . . + + + + + + 1 1 1 1 1 2 7 4 0 2 0 6 + + + + + + 3 2 2 1 1 9 0 9 2 3 0 + + + + + + 2 1 1 1 7 6 2 9 0 0 L M G F G M a l r r a i i e n a n l d e w n s t i n i d s n a o B g u R n k a . a e y . p e i .. d . s.. + + + + + + 2 2 1 1 1 6 4 0 7 6 3 • + + + + r + + 1 1 1 1 2 4 4 7 5 0 0 + + + + ++ + + 1 2 1 1 1 0 3 6 0 3 6 \ | Sa F P T B n L h r u o a e F o k c n s e s r e g n o a n r o s n n i B f x c i e e i a s ld c c o h j + + + + + + 1 2 1 1 1 3 6 2 8 3 6r r+ + + + + + 2 2 1 2 2 1 1 9 7 8 3 7 + + + + + + 1 1 2 1 9 7 5 8 5 1 Elmira +22 + 16 +12 Norfolk +15 +15 Los Angeles +16 r+18 +13 Ph N N U T P R L SS S P i y o l y r h a c t e i o t a i i e a i n w u r h i c c d g a n l c g e h a a e c a t a n h e Y . d o l u r s p s k e a e n s o t t h c e e l e e r p F i t e r , k r a a h p . a . d i . l s C . a l y i s . e i . . t . . y . . . . . . + + + + + + + + + + + 1 2 1 1 1 1 1 1 6 8 1 1 5 7 2 4 5 6 5 + + + + + + + + + + + 1 1 1 1 1 1 1 1 6 6 0 2 5 0 1 4 5 6 3 + + + + + + + + + + 1 1 1 1 9 8 4 9 5 2 5 3 1 0 s At H M R C B J M T C l M a a a h i i l u n o c i o c r a m a a n m t k b h r n a r m t k i s m p t l i i l g e o s n n e a i b s o o n g g t u n m v o h t r d o i n a e g l n m . l r W e y .Va + + + + + + + + + + + 2 2 1 2 1 2 2 2 1 1 7 3 2 6 1 6 3 4 2 6 9 : ' j 1 ff j + + + + + + + + + + + 1 1 2 2 2 3 2 3 2 2 9 4 0 5 3 6 2 2 1 5 3 : \ + + + + + + + + + + + 1 2 1 1 2 2 2 1 1 9 6 5 5 5 1 1 3 8 4 9 S M t. F Q M i L E L S S n o p t o v i L u n e . t r r u a i o t e m i t n l L n i n a u e s c p s g o S p i v y v s h f u o m i R i i l i i e l l l s s i i o l l e s t e d h ck.... + + + + + + + + + + 2 1 1 2 1 2 1 2 1 1 9 9 5 0 8 1 7 7 3 5 + + + + + + + + + + 4 2 2 1 1 2 2 1 2 1 4 2 0 8 8 2 3 4 0 2 + + + + + + + 1 2 1 1 J f H 7 ? 8 6 J 8i | ! | R S S S S V S S O a a a a t a i a a n o S B v n n n c l k c a e l r t e l e a j k n a r o D F a r j s m t k s n o e r i o i B R e d a d e a e n l e e g n o n e n . r a o s c d y t n a a n o i a n s d r c N d d o a i . n p . o . a . i i ! | | + + ++ + + + + + 1 1 1 2 1 1 1 5 7 4 7 0 3 3 2 J J | r r r r + + + j + + + + - 2 ™ + l U 2 2 1 1 4 0 8 0 8 5 1 ** + + + + + + + _ + 1 1 1 1 1 1 U |_ S 1 1 2 6 5 1 9 Cl J e A C C C W R Y v l k i a e o e e n i n a r l r l v a c o k k d t e n i o n e i n l d n n s a n g - n B a d t a i rre. + + + + + + + + 1 1 2 1 1 1 1 1 0 4 1 2 3 2 3 1 + + + r + + + + + 1 2 2 1 9 8 8 8 7 6 0 4 + + + + + + + + 2 1 1 8 3 9 1 2 6 5 3 A M N K N B J C a e a h n a t c a l w t s o a k c a o h t x o s n n t v o O v n a t i a n n i R l r l l o l l e o e e o a u g n g a s e + + + + + + + 1 2 2 1 2 3 1 1 6 3 7 0 0 5 ! ! ; ! + + + + + + + 2 2 1 1 2 j ^ 5 2 9 0 9 i ! | + + + + + + + + 1 1 1 2 1 2 4 2 4 9 8 3 5 0 0 1 Ka W T J P H K D S n K o u o t u a e s i . p a p e c a n t l n c b h e J s v i s h n k l o i e a o t i C . a r s a s n e i s t C p o y h n it . y . . . . . . .. + + + + + + + * + 1 1 1 1 2 2 1 7 8 6 1 3 1 7 7 | ! j ! + + + + + + + + + 1 1 1 2 2 1 1 1 6 7 6 2 3 2 7 5 9 ! * + + + + + + ++ + 1 1 1 1 1 1 7 9 1 7 8 9 1 8 B T E S S B P S o p a a e o v e N i l c o a l r e s t l o a t t k e i r l t n m m e a L a l a e g n t n a p a t n h e d k a d a e m City. i \ \ + + •4 + + + 1 1 -1 3 4 4 5 8 7 1 + + + + r + + + + 1 1 1 2 1 1 7 9 5 4 1 3 2 2 * + * + + + + + + + 1 6 4 2 9 4 4 3 6 Columbus +15 + 18 +14 Chicago +16 Omaha +17! +9 +12 Yakima j +26! +20 +20 S T p o r l i e n d g o field . .. + + 1 8 7 + + 1 1 6 1 + + 1 4 3 P C e h o ic ri a a go + + 1 17 5;* + *+ 1 1 0 5 l i O Tu k l l s a a homa City + +2 1 6 7 J ! + + 1 1 5 1 r Revised. * Data not yet available. ••Eleven months 1944. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Rati t o o o s f a l s e t s ocks Number Department of stores Percentage change Percentage change November reporting |Nov. 1944 Nov. 1944JNov. 1943 Nov. 1944|N[N<ov. 1944 Nov. 1943 from from from from from from iNov. 1943 Oct. 1944 Oct. 1943 Nov. 1943 Oct. 1944 Oct. 1943 GRAND TOTAL—entire store 354 +15 +16 +13 0 -3 2 2.0 2.4 MAIN STORE-total 354 +15 +17 +13 0 -2 2.1 2.4 Women's apparel and accessories 351 +16 +11 +6 0 -3 x 1.8 2.1 W Wo o m m e e n n ' ' s s a an n d d m m i i s s s s e e s s ' ' c d o re a s t s s e a s nd suits 3 3 2 3 9 3 + +2 1 0 1 - - 1 3 6 - — 18 5 + - 1 9 1 - + 2 5 - - 9 6 1 1 . . 6 3 2 1. . 4 0 Blouses, skirts, sportswear, sweaters, knit apparel 314 +20 0 0 +1 2.0 2.3 Juniors' and girls' wear 29t> +22 +7 +12 -2 —3 1.7 1.8 Infants' wear 303 +24 +10 +7 +31 -3 +1 1.7 1.6 Aprons, housedresses, uniforms 285 +17 +26 +22 -13 +10 +13 2.1 2.9 W Co o r m se e t n s, 's b u ra n s d s e ie r r w e e s ar, slips, negligees 3 3 2 3 2 0 + +3 2 9 6 + - 5 3 5 + — 54 6 - - 7 4 - + 11 3 + -3 2 1 1. . 9 4 2 1. . 8 8 H G Sh o lo o s v e ie s e r s y ( w (w ( o w m o o m e m n e ' n e s n ' s ' a s a n a n d n d d c c h c h il h i d l i d r ld e re n re n 's n ' ) s 's ) ) 3 3 2 2 4 4 5 4 0 + + + 1 1 2 5 5 5 + + + 1 4 1 7 6 4 + + - 4 1 2 0 6 + -3 — 3 0 6 5 - - 1 — 6 3 5 -1 - - 1 1 2 2 2 1. . . 4 2 7 3 2 1. . . 9 5 3 Furs...... 261 -23 +27 +17 -8 -8 -11 2.6 2.2 Men's and boys' wear 322 +16 +30 +25 +1 —5 -2 2.6 3.0 Men's clothing . 231 +13 +5 +3 -16 -7 -3 2.8 3.8 Men's furnishings, hats, caps 304 +14 +53 +50 +2 -4 -2 2.4 2.7 Boys' clothing and furnishings +25 +18 +9 +33 —5 2.5 2.4 Men's and boys' shoes and slippers +16 +43 +16 -6 -3 3.7 4.7 Home furnishings .. 314 +9 +8 +5 -6 -4 2.6 3.0 Furniture, beds, mattresses, springs 231 +17 +4 0 -4 -1 0 2.8 3.4 Domestic floor coverings 235 -8 -9 -13 -7 -10 2.3 2.4 Draperies, curtains, upholstery 291 +10 -2 +1 +4 -9 -10 2.0 2.1 Major appliances (refrigerators, washers, stoves, etc.) „ 180 +19 -3 -11 -47 -6 -7 1.4 3.3 Domestics, blankets, linens, etc 287 +6 +13 +12 y -7 -3 2.3 2.6 China and glassware 219 +14 +42 +44 -11 -5 -5 2.7 3.4 Housewares 219 +17 +8 +3 -11 +1 +3 3.3 4.3 Piece goods (dress and coat yard goods, all materials) 286 +21 -1 -1 -4 -7 -6 1.9 2.4 Cotton wash goods 119 +22 +5 +5 Q —5 -9 1.6 2.1 Small wares 335 +17 +39 +35 +10 +2 +1 2.6 2.7 Notions 221 +17 +11 +5 -10 +2 +3 2.9 3.7 Toilet articles, drug sundries, prescriptions — 319 +10 +39 +34 +28 +10 +5 3.2 2.8 Jewelry and silverware 249 +15 +47 +39 -3 i 2.4 2.9 Miscellaneous 290 +18 +51 +60 +1 -7 -5 1.6 1.8 BASEMENT STORE—total 216 +15 +10 +7 -3 -3 -1 2.0 2.4 Women's apparel and accessories 203 +18 +8 +5 +1 -1 0 1.8 2.1 Men's and boys' clothing and furnishings 166 +13 +22 +16 -2 -3 -1 2.6 3.0 Home furnishings 120 +10 +2 +2 -10 -5 _4 2.0 2.4 Piece goods 52 +24 +3 +1 -7 -6 -9 1.8 2.4 Shoes..... 133 +13 +24 +5 -16 0 +1 3.5 4.7 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Total Sa C le a s s h during I m n m s e o t n a n t l th - a C c h c a o r u g n e t I a m n t s e t e n a n t l d - of a m C c h c o a o n r u t g h n e t I m ns e t n a t l m - ont a h C c h c a o r u g n e t C sa a l s e h s I m n sa s e l t e n a s t l- C ac h s c a a o l r e u g s n e- t 1943— November 165 209 92 130 44 90 82 116 61 34 December 217 289 rl00 159 48 109 r83 121 65 31 1944—January.. 106 140 53 79 44 82 77 143 64 32 February 109 140 57 84 41 72 72 107 63 33 March... 144 182 73 114 40 79 78 100 62 34 April 132 171 59 104 38 79 67 107 62 34 May 141 180 58 112 36 82 67 109 62 34 June 127 165 50 99 34 78 61 111 63 34 J O A N D S u e c u o e l p t c y g v o t e u e e b m m s m e t b r . b b e e e r r r 1 2 1 1 1 1 4 4 0 9 6 2 9 5 3 1 4 6 1 1 2 2 3 1 1 9 4 2 6 3 1 3 5 5 7 8 1 4 6 6 9 8 0 4 0 6 5 1 6 1 1 1 1 9 1 7 8 4 2 3 6 6 2 9 7 3 3 4 3 4 3 2 3 6 2 0 5 1 1 8 9 6 7 2 0 1 0 7 0 8 2 5 5 6 6 7 7 6 8 1 9 5 7 1 1 1 1 9 9 0 1 3 3 2 6 2 5 6 0 6 6 6 6 5 2 4 3 3 3 3 3 3 3 3 1 4 2 2 3 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a preceding page. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End or o y f e m ar onth co c T n r o s e u d ta m i l t1 er ins T ta o l t m al ent Sale credit Loans2 p S a l i o y n a m g n l e s e 8 n - t a C c h co ar u g n e ts Service credit credit Total Automobile Other 1929 . . 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 . .. 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 i. 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 .... 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 1,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 1,650 560 1941 9,959 5,984 3,747 1,942 1,805 2,237 1,601 1,764 610 1942 6,533 3,003 1,494 482 1,012 1,509 1,369 1,513 648 1943 5,382 2,005 816 175 641 1,189 1,192 1,498 687 1944 *>5,811 *2,096 p840 *>200 P640 PI,256 PI,221 PI,758 P736 1943 Nov 5,361 1,946 778 177 601 1,168 1,267 1,466 682 Dec. 5,382 2,005 816 175 641 1,189 1,192 1,498 687 1944 Jan 5,034 1,902 745 169 576 1,157 1,146 1,294 692 Feb 4,878 1,850 707 167 540 1,143 1,113 1,218 697 Mar 5,059 1,867 696 167 529 1,171 1,115 1,376 701 Apr 5,039 1,850 690 171 519 1,160 1,139 1,346 704 May 5,152 1,863 700 181 519 1,163 1,189 1,390 710 June 5,213 1,886 707 192 515 1,179 1,241 1,370 716 July r5,153 rl,892 706 204 502 rl,186 1,250 1,287 724 Aug. r5,197 rl,899 709 210 499 rl,190 1,238 1,330 730 Sept 5,282 1,921 720 210 510 1,201 1,228 1,402 731 Oct. 5,422 1,946 743 210 533 1,203 1,228 1,516 732 Nov p5,607 ^l,982 P773 P208 P565 pl,209 pl,228 pl,664 P733 Dec p5,811 p2,096 ^840 7*200 ^640 PI,256 PI,221 PI,758 P736 v Preliminary. r Revised. 1 Includes recent revisions of single-payment loans, shown on pp. 27-28 of the BULLETIN for January 1945, and of consumer instalment loans of commercial banks and credit unions and consumers' insured repair and modernization loans, shown on pp. 1177-1181 of the BULLETIN for December 1944. 2 Includes repair and modernization loans insured by Federal Housing Administration. 3 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER .INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Insured End o r o f y e m a o r nth ex T c o lu t d a i l n , g D s m e t a p o e n r a n d e r t s t- Fu tu r r n e i- H a h p o o p u l l s d i e - - J s e t w or e e lr s y m E o y n n e d t a h o r f or Total1 m b C a e o r n c m k i s a - 2 l p S c l a m o o n a m i a n e l - l s b I p a n c t a n o r d n k i m u i a i e s l n - s - g C un re io d n it s M l l a e n n is e d c o e e u r l s - s m i r l z o e o a a p d a t n a n e i d o i r s r n n 3 mobile mail- stores ance h o o r u d s e e r s stores 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 1932.. 516 31 257 143 27 58 1930 1,104 155 539 222 1933 459 29 232 121 27 50 1931 958 138 454 185 1934 532 44 246 125 32 60 "25 1932 677 103 313 121 1935 802 88 267 156 44 79 168 1933 663 119 299 119 1936 1,065 161 301 191 66 102 244 1934 741 146 314 131 1937 1,195 258 350 221 93 125 148 1935 865 186 336 171 1938 1,271 312 346 230 112 117 154 1936 1,147 256 406 255 1939 1,671 523 435 257 147 96 213 1937 1,368 314 469 307 1940 2,057 692 505 288 189 99 284 1938 1,343 302 485 266 1941 2,237 784 535 298 217 102 301 1939 1,525 377 536 273 1942 1,509 430 424 202 147 91 215 1940 1,721 439 599 302 1943 1,189 315 372 165 123 86 128 1941 1,805 469 619 313 1944 PI,256 368 388 176 119 P88 P117 1942 1,012 254 391 130 1943 641 174 271 29 1943 1944 P640 P184 P271 P13 Nov 1,168 311 355 165 121 84 132 Dec. 1,189 315 372 165 123 86 128 1943 Nov 601 160 266 32 1944 Dec 641 174 271 29 Jan 1,157 309 360 161 119 85 12 3 Feb 1,143 307 356 161 117 84 118 1944 Mar 1,171 319 369 164 121 86 112 Jan 576 158 248 24 Apr 1,160 322 363 164 118 85 108 Feb 540 147 236 21 May 1,163 329 362 165 118 85 104 Mar 529 144 231 19 June 1,179 339 365 169 119 85 102 Apr 519 142 229 18 July rl,186 r342 367 170 119 85 103 May 519 141 235 16 Aug rl,190 r346 363 172 118 85 106 June 515 138 237 15 Sept 1,201 351 364 172 118 85 111 A Ju u l g y 4 5 9 0 9 2 1 1 3 3 2 2 2 2 3 3 4 3 1 1 3 4 O N c o t v PI 1 , , 2 2 0 0 9 3 r r 3 3 5 5 3 5 3 3 6 6 5 1 1 1 7 7 2 2 1 1 1 1 7 6 P8 8 5 5 P1 11 1 5 6 Sept 510 138 236 13 Dec '1,256 368 388 176 119 P88 P117 Oct 533 148 244 13 84 p Preliminary. r Revised. Nov P565 P162 P253 P13 P89 1 Includes recent revisions of consumer instalment loans of commercial Dec P640 P184 P271 P13 P101 banks and credit unions and of consumers' insured repair and modernization loans shown on pp. 1177-1181 of the BULLETIN for December 1944. P Preliminary. 2 These figures include only personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount of other retail direct loans (14 million dollars at the end of December 1944), not shown separately. 3 Includes only loans insured by Federal Housing Administration. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il bile c O re h t t a h a s e i e l r d , R e m r e a n n p o i d a d z i a - r - i s m n P o s e e n t n r a a - t l l- Month or year Co b m an m k e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans1 loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 34 1939 1,093 218 164 155 209 347 1933 304 202 33 1940 1,450 311 253 217 247 422 1934 384 234 42 1941 1,694 411 310 288 234 451 1935 423 288 67 1942 849 136 127 143 154 289 1936 563 354 105 1943 517 55 84 68 89 221 1937 619 409 148 1944.. 571 58 106 76 83 248 1 1 9 9 3 3 9 8 6 7 0 6 4 3 4 4 1 8 7 9 2 1 5 7 7 9 1943—November 517 56 84 67 92 218 1940 927 536 320 December 517 55 84 68 89 221 1 1 9 9 4 4 2 1 793 "" 9 7 8 9 3 8 4 5 0 5 8 8 3 24 7 7 2 1944— F J e a b n r u u a a ry ry 4 5 9 0 4 7 5 5 2 3 8 S 3 3 6 7 5 1 8 8 1 5 2 2 1 1 3 5 1 1 9 9 4 4 4 3 . 6 7 3 5 5 4 8 8 0 7 9 6 4 3 0 6 4 4 2 2 2 3 8 4 March 501 52 85 62 78 224 April 500 52 88 61 76 223 1943 M ay 508 53 92 62 76 225 May 50 58 29 17 June 522 56 96 63 76 231 June 60 80 35 23 July 531 61 98 62 77 233 July 53 62 30 18 A N O S D e o u c e p t v c g o t e e u e b m m s m e t b r b b e e e r r r r5 5 5 5 5 4 3 4 5 7 9 6 5 5 1 6 6 6 6 5 0 2 3 1 8 r1 1 1 1 r9 0 0 0 0 9 4 2 4 6 r r 6 7 6 6 7 1 2 7 3 6 r r 7 8 8 8 8 8 2 0 1 3 r r 2 2 2 2 2 3 3 3 3 4 6 5 8 7 8 N A O D Se o c u e p t c v g o t e e u e b m m s m e t b r b b e e e r r r 5 5 5 5 5 3 7 1 0 8 6 6 9 7 7 4 7 5 0 0 3 2 2 2 3 2 8 9 9 2 2 1 2 1 1 1 8 3 7 9 Volume extended during 1944 month: January 49 53 27 15 1943— D N e o c v e e m m b b e e r r 8 7 2 5 8 8 1 1 4 5 1 1 2 3 6 5 4 3 1 5 M A Fe p a b r r i r c l u h ary 5 5 7 1 6 2 9 6 6 4 0 1 3 3 2 0 8 9 2 1 1 6 8 6 1944— M M J J A A F J u u e a p u a a n l b n r g y y r e i r u c u l u h a s a r t y ry 1 r9 9 9 9 0 8 7 7 4 7 5 2 5 0 2 0 r1 1 1 1 1 3 9 8 1 2 7 2 4 r2 2 2 2 1 1 1 1 0 1 8 0 9 0 4 5 1 1 1 1 1 1 1 8 1 4 0 5 1 1 3 r8 8 8 4 4 6 5 7 4 4 4 4 5 3 3 3 2 2 2 6 3 5 7 2 O M D J A J S N u u e c e u o a l n p t c y g v y o e t e u e e b m m s m e t b r b b e e e r r r r r r 6 6 6 6 6 6 6 7 5 3 4 5 4 9 3 3 r 1 6 6 7 7 7 7 0 7 7 8 7 5 3 0 6 2 3 3 3 3 3 3 3 3 4 5 3 5 3 4 8 8 2 2 2 1 2 1 1 1 0 2 0 9 3 9 8 8 September r94 rll 19 12 9 43 October 94 10 20 15 9 40 r Revised. November r94 10 r19 r15 8 42 1 These figures for loans made include only personal instalment cash loans December 104 8 20 17 8 51 and retail automobile direct loans, which are shown elsewhere on this page, r Revised. and a small amount of other retail direct loans (2 million dollars in Decem- 1 Includes not only loans insured by Federal Housing Administration ber 1944) not shown separately. Revised figures for the period January 1942 but also noninsured loans. to October 1944 were shown on pp. 1177-1179 of the BULLETIN for December NOTE.—These series have been revised throughout- For descriptive 1944. material and back figures, see pp. 1177-1179 of the BULLETIN for December 1944. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* c P h p e a r r n e c g c e e e n d t f a i r n g o g e m c c o P h r e a r r e n c s g e p e n o t n f a r d g o i e m ng Instalment accounts a C cc h o a u r n ge ts Item Dec m N o o n v th . Oct. De p c. re m ce o N d n o i t n h v g . o f ye O ar ct. Month D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e s p e - - J s e t w o e re lr s y D s m t e o p e r n a e r t s t- 1944 1944 1944 1944 1944 1944 1943 Net sales: November 38 23 23 39 66 T C o as ta h l sales + + 1 3 9 5 + r+ 1 4 1 + + 1 1 4 6 + + 1 2 7 1 + + 2 1 0 5 + + 1 1 7 2 December 35 22 22 55 63 Credit sales: 1944 Instalment +9 +3 +16 +16 +18 +13 January 30 20 22 31 61 Charge account +32 r-6 +7 +13 r-l -5 February 31 20 22 31 61 March 36 23 26 34 65 Accounts receivable, at end of April 31 23 26 28 63 mo T n o t t h a : l +8 r+4 +3 -1 -6 -11 M Ju a n y e. 3 3 3 1 2 2 5 4 2 2 6 8 3 3 0 0 6 6 4 3 Instalment +8 +5 +4 -2 -8 -12 July 30 23 29 31 61 August 34 24 32 31 64 Collections during month: September 35 24 33 32 64 Total 0 0 +8 +5 r+1 0 October. 39 26 36 33 65 Instalment +3 ! -4-1 +10 +6 r-l -1 November.. 39 24 r37 r34 67 December. 36 23 38 48 62 Inventories, end of month, at retail value -11 -3 +1 -10 r-6 -7 r Revised. 1 Ratio of collections during month to accounts receivable at beginning r Revised. of month. FEBRUARY 1945 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All com- Farm Year, month, or week m t o ie d s i- p u r c o t d s - Foods Total H p l i r e d o a e d t s u h a c e n t r s d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s c C a a l h l s l e i e a m d n i d products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1 1 9 9 3 3 3 4 6 74 5 . . 9 9 6 5 5 1. . 4 3 6 7 0 0 . . 5 5 7 7 8 1 . . 4 2 8 8 6 0 . . 6 9 6 72 4 .:8 9 6 73 6 . . 3 3 8 7 6 9 . . 9 8 8 7 6 7 . . 2 0 7 7 2 5 . . 1 3 8 7 1 5 . . 5 8 6 6 9 2 . . 7 5 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 103.9 104.3 93.6 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 October 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 November 102.9 121.4 105.8 97.4 116.5 97.7 81.2 103.8 113.1 100.3 102.8 93.2 December 103.2 121.8 105.6 97.6 117.0 97.7 82.1 103.8 113.4 100.4 102.8 93.3 1944—January 103.3 121.8 104.9 97.8 117.2 97.7 82.3 103.7 113.5 100.4 104.5 93.2 February 103.6 122.5 104.5 98.0 116.9 97.7 83.1 103.7 113.6 100.4 104.2 93.4 March 103.8 123.6 104.6 98.1 116.9 97.8 83.0 103.7 114.2 100.4 104.3 93.5 April 103.9 123.2 104.9 98.4 116.9 97.8 83.0 103.7 115.2 105.4 104.3 93.5 May 104.0 122.9 105.0 98.5 117.0 97.8 83.2 103.7 115.7 105.4 104.3 93.5 June 104.3 125.0 106.5 98.5 116.4 97.8 83.3 103.7 115.9 105.2 104.3 93.5 July 104.1 124.1 105.8 98.5 116.2 98.0 83.2 103.7 115.9 105.3 104.3 93.6 O N A S D e c o u e p t c v g o t e e u e b m m s m e t r b b b e e e r r r 1 1 1 1 1 0 0 0 0 0 4 4 3 4 4 . . . . . 7 0 9 4 1 1 1 1 1 1 2 2 2 2 2 5 2 3 2 4 . . . . . 5 7 6 4 4 1 1 1 1 1 0 0 0 0 0 5 4 4 4 5 . . . . . 5 2 8 2 1 9 9 9 9 9 8 8 8 8 8 . . . . . 9 6 6 7 8 1 1 1 1 1 1 1 1 1 1 7 6 6 6 6 . . . . . 4 2 0 2 0 9 9 9 9 9 9 8 9 9 9 . . . . . 2 4 5 4 4 8 8 8 8 8 3 3 3 2 3 . . . . . 2 0 1 9 1 1 1 1 1 1 0 0 0 0 0 3 3 3 3 3 . . . . . 8 8 7 8 7 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 . . . . . 4 0 0 4 3 1 1 1 1 1 0 0 0 0 0 4 4 5 4 5 . . . . . 8 9 3 8 0 1 1 1 1 1 0 0 0 0 0 4 4 4 4 4 . . . . . 4 4 4 4 4 9 9 9 9 9 3 4 4 3 3 . . . . . 6 2 0 6 6 Week ending: 1944—Nov. 4 104.0 124.0 104.4 98.8 116.7 98.9 83.5 103.8 116.4 104.7 106.1 93.4 Nov. 11 104.1 124.4 104.9 98.8 116.7 98.9 83.5 103.8 116.4 104.7 106.1 93.4 Nov. 18 104.1 124.5 104.9 98.9 116.7 98.9 83.6 103.8 116.4 104.8 106.1 93.4 Nov. 25 104.1 124.1 105.0 98.9 116.7 98.9 83.6 103.9 116.4 104.8 106.1 93.5 Dec. 2 104.2 124.6 105.1 99.0 116.7 98.9 83.7 103.9 116.4 104.8 106.1 93.7 Dec. 9 104.2 124.4 105.4 99.0 116.7 98.9 83.7 103.9 116.4 104.8 106.1 93.9 Dec. 16 104.4 125.6 105.7 99.0 116.7 98.9 83.7 103.9 116.4 104.8 106.1 93.9 Dec. 23 104.6 126.2 105.7 99.0 116.7 99.0 83.7 103.9 116.4 104.8 106.1 93.9 Dec. 30 104.7 126.7 105.5 99.1 117.9 99.0 83.6 103.9 116.4 104.8 106.1 93.9 1945—Jan. 6 104.6 125.9 104.6 99.1 117.9 99.0 83.6 103.9 116.4 104.9 106.1 93.9 Jan. 13 104.7 126.3 104.7 99.2 117.9 99.0 83.9 104.0 116.4 104.9 106.1 94.0 Jan. 20 104.8 126.6 105.0 99.3 117.9 99.0 83.9 104.2 116.7 104.9 106.1 94.0 Jan. 27 104.7 125.8 104.4 99.3 117.9 99.0 83.9 104.3 116.7 104.9 106.1 94.0 1943 1944 1943 1944 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec. Farm Products: Metals and Metal Products: Grains 128.2 121.7 125.1 124.8 127.5 Agricultural implements. . 96.9 97.5 97.5 97.5 97.5 Livestock and poultry 119.5 127.6 127.1 127.0 126.9 Farm machinery 98.1 98.6 98.6 98.7 98.7 Other farm products 120.6 119.2 119.9 121.8 123.2 Iron and steel 97.1 97.2 97.1 97.1 97.2 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.6 110.7 110.7 110.7 110.7 Nonferrous metals 86.0 85.8 85.8 85.8 85.8 Cereal products 95.1 94.4 94.7 94.7 94.7 Plumbing and heating 91.8 92.4 92.4 92.4 92.4 Fruits and vegetables 119.3 115.9 112.7 113.7 116.2 Building Materials: Meats 105.9 106.0 106.0 106.1 106.2 Brick and tile 100.0 101.5 104.8 105.0 105.3 Other foods 98.5 95.5 96.8 99.3 99.7 Cement 93.6 96.9 97.5 97.7 97.5 Bides and Leather Products: Lumber 147.5 154.0 153.8 153.8 153.8 Shoes 126.4 126.3 126.3 126.3 126.3 Paint and paint materials... 103.3 105.5 106.0 106.3 106.3 Hides and skins 111.6 106.1 107.3 107.1 114.0 Plumbing and heating. ... 91.8 92.4 92.4 92.4 92.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.. 102.8 103.3 103.3 103.3 103.3 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.4 107.4 107.4 Chemicals 96.3 96.0 96.0 95.5 95.6 Cotton goods 112.9 118.7 118.8 118.8 119.2 Drugs and pharrnaceuticals. 165.2 217.2 217.2 217.2 217.2 Hosiery and underwear.... 71.7 70.8 71.5 71.5 71.5 Fertilizer materials 81.3 81.2 81.8 81.8 81.8 Silk Mixed fertilizers 86.5 86.6 86.6 86.6 86.6 Rayon 30^3 30^3 30^3 30.2 '30!2' Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods 112.5 112.9 112.9 112.9 112.9 H ousefurnishing Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings 107.1 107.4 107.4 107.4 107.4 Fuel and Lighting Materials: Furniture.. 98.4 101.4 101.4 101.5 101.5 Anthracite 95.0 95.4 95.2 95.3 95.3 Miscellaneous: Bituminous coal 118.8 120.6 120.5 120.5 120.5 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 124.5 130.7 130.7 130.7 130.7 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 58.7 60.3 59.6 Paper and pulp. 106.0 107.2 107.2 107.2 107.3 Gas 77.0 76.8 76.0 77^3 Rubber, crude... 46.2 46.2 46.2 46.2 46.2 Petroleum products 63.5 63.8 63.8 63.8 63.8 Other miscellaneous 96.7 97.0 97.0 97.8 98.2 Back figures.—Bureau of Labor Statistics, Department of Labor. i8x FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1944 1945 Chart 1944 b p o a o g k e De 2 c 7 . Ja 3 n. J 1 an 0 . Ja 1 n 7 . Ja 2 n 4 . b p o a o g k e Dec. WEEKLY FIGURES^ In billions of dollarr. MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 17.69 19.01 19.61 U. S- Govt. securities, total 2, 4 1906 1873 18.91 18.65 18.62 Gold stock 20.75 20.71 20.66 Bills 4 1152 1104 11.23 10.99 10.98 Money in circulation 5 24.11 24.74 25.21 Certificates 4 473 4.89 4.89 4.89 4.90 Treasury cash 5 2.36 2.34 2.36 Notes 4 157 157 1.57 1.57 1.57 Treasury deposits 5 29 26 .67 Bonds. 4 124 1.24 1.22 1.20 1.17 Reserve balances 5, 8 13 i81 14.'52 14.17 Special certificates 4 Required reserves 8 12.85 13.50 12.88 Discounts and advances 2 15 .03 .13 .13 Excess reserves, total 8, 9 96 1.02 1.28 M Go o l n d e y st o in c k circulati ;. o n ,. 2 2 2 2 0 5 6 3 4 4 2 2 5 0 . . 3 6 3 2 2 2 0 5 . . 5 2 9 6 2 25 0 . . 2 5 1 7 2 2 0 5 . . 5 1 7 8 N Ch ew ic a Y go ork City 9 9 0 0 2 1 0 0 1 2 00 .03 M N T E E r x x o e e c c n m a e e m N s s s b u s s e e e r w m r r r y e e b b s s Y d e a e e e r o n r r p v v r k d k e e o e s s s r p C * e i ( t o s s w i e s t y r i e v t . e s e k s l y average), total* 2 3 2 3 3 3 1 1 1 1 3 6 9 9 4 3 0 0 0 7 1 0 3 1 1 1 1 3 . . . . . . 6 9 3 5 2 0 1 2 5 9 2 7 14 1 1 1 . . . . . . 5 2 1 0 5 0 9 8 9 6 3 1 P 1 I 4 1 1 . . . . . . 1 5 1 2 3 0 7 4 6 8 3 2 1 1 1 4 . . . . 4 2 0 4 9 0 8 0 Mon $ R B C C e 1 y i e o o 0 l s i l u i s n e a n n r s n o t v , r c d f e y | i 1 r | $ c 5 c , b 2 i u 0 $ a 0 ty l 2 n a a b , k t n b i i a s l d o a l n s n n d o , k v s $ t e o 5 r t b al ills.. 1 1 1 1 9 9 0 0 0 0 2 1 7 4 4 2 ! 2 6 4 3 8 2 5 8 3 4 4 5 2 1 5 3 7 4 . . . . 0 2 5 7 1 3 2 9 6 5 1 1 1 2 4 7 3 5 . . . . . . 3 7 2 3 9 3 7 3 1 1 0 6 Chicago 3 (2) .01 (2) .01 Reserve city banks 3 35 .39 .33 .30 ALL BANKS IN U. S. Country bankse 3 93 .93 .89 P. 84 T D o e t m al a n d d e p d o e s p it o s s i a t n s d a d c j u u r s r te e d ncy... P1 P 3 6 9 9 4 3 0 0 ' ? 1 >7 4 2 2 0 7 0 0 Time deposits P3870P3910 Currency outside banks P2280 P23.40 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT L D T U o o e . a t m S a n l . a s n l G a d o n o a d d n v s e t i . p n o v o s e b i s l ts i t g m a a e d ti n j o u t n s s s t ed 1 1 1 1 4 4 4 4 5 3 4 1 9 5 3 2 0 9 8 7 4 9 0 4 3 5 4 1 4 9 4 2 . . . . 8 6 6 3 9 3 2 7 5 3 4 1 5 9 4 2 . . . . 1 5 1 5 1 6 4 0 4 5 3 1 4 2 5 9 . . . . 3 6 3 6 5 9 9 4 5 3 4 1 9 5 4 2 . . . . 6 9 5 1 2 9 5 9 Cons S S C u e i h m n r a v g e r i l g r c e e e - c p r a c a e c r y d e c m i d o t i , u e t n n to t t s t l a o l ans 1 1 1 1 8 8 8 8 5 1 1 .2 4 5 7 3 2 2 3 P v n S p \ 6 2 6 7 1 3 6 3 P P P P 5 I I . . . . 7 8 2 7 4 3 2 6 Com N 1 m 0 e e 0 w r c c i Y i a ti l o e r s k l o o a C u n i t s t s y , i d t e o t N al ew York 1 1 1 5 5 5 6 2 4 . . . 5 4 0 2 6 5 6 2 3 . . . 4 4 9 5 3 8 6 3 2 . . . 4 9 4 4 5 9 6 2 3 . . . 4 4 9 3 6 7 6 3 2 . . . 3 9 4 9 5 4 Insta I I l n n m s st t e a a n l l m m t c e e r n n e t t d s l i a o t, l a e n t c o s r t e a d l it, total 18, 1 1 1 9 9 9 1 1 . 9 2 7 5 0 4 v n p \9 2 7 8 1 7 P P p 2 I . . . 8 2 l 4 l 7 B U. r o S k N . e e G r w s o ' v Y lo t. o a r n o k s b — l C ig N it a y e t w , i o t n o Y s ta : o l r k City 1 1 5 5 1 1 5 . 2 68 2 1 1 5 . .6 5 5 4 15 1 . .5 2 0 5 15 1 . .4 3 8 6 1 1 5. . 4 4 4 8 O A t u h t e o r mobile 1 1 9 9 . .2 5 1 3 p p . 5 21 6 P P . . 2 6 0 4 100 c B N N B C B B C i o e t o o e i o i i l r n r l n t t e l t t e l e d s d s i i s s s f f s . s . i o . i c c a a . u a . a n n t . t t s d d . e e i . s s . d g g e u u a a N r r . . e w s s e e Y c c u u o r r r i i . k t t . i i , ; e e s s t o tal.. 1 1 1 1 1 1 1 1 1 7 5 7 7 7 7 7 7 7 2 1 3 3 6 7 6 8 1 3 . . . . . . . . . 3 3 5 5 5 7 7 9 6 7 2 8 0 3 5 9 3 3 2 1 3 3 6 6 7 1 3 8 . . . . . . . . . 6 7 4 9 3 9 6 5 7 6 3 2 1 5 6 7 6 4 2 1 3 3 6 6 8 3 7 2 . . . . . . . . . 3 3 6 5 6 0 8 8 7 5 5 3 2 7 5 8 5 2 2 1 3 9 3 6 3 7 6 2 . . . . . . . . . 4 6 3 6 3 0 0 9 8 7 9 7 3 3 4 7 2 8 2 1 3 3 6 6 7 9 4 2 . . . . . . . . . 7 3 0 4 3 7 1 0 9 0 6 0 7 3 1 2 6 3 U. i n S g B N S . , o a G o t v n t o o e i d N B C t n T v s s a g R , i t e o l . l s E r ( c t l i t s m e A e o n i b s f S r b t a i o t U e l c r . n i r R , k a g e d Y t e a a s e s t t n t s , a i - F d o b b t I n l a e N b e s x a A i l r T N l o n i s C n r u o , e g E t t t a s e o t s s t a , u a n e l r d t y c - . ) . . . . . . 2 8 6 2 4 1 1 1 1 3 9 0 7 7 6 . 9 0 0 5 2 5 4 4 6 9 5 3 7 4 2 6 4 8 2 1 1 1 9 1 9 2 3 6 7 . . 9 2 8 5 1 0 4 4 4 9 0 1 0 4 2 9 6 2 3 3 5 1 1 9 3 0 0 0 6 . . . . . . . 8 0 4 5 3 9 4 7 4 0 8 6 2 3 Savings bonds 37.64 38.31 40.36 Per cent per annum Spec T ia a l x is n s o u t e e s s 1 9 6 . . 0 1 8 7 1 9 6 . . 9 5 9 8 1 9 6 . . 8 3 4 3 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 20.79 21.19 21.65 Treasury bills (new issues) 25 .373 .375 .375 .375 .375 Federal Reserve Banks 17.65 18.39 18.85 Treasury notes (taxable) 25 1.36 1.34 1.33 1.32 1.29 Commercial banks 70.00 71.60 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 1.84 1.83 1.80 1.80 1.81 commercial banks, total 101.70101.10 Taxable 25, 33 2.47 2.45 2.45 2.44 2.43 Mutual savings banks 7.70 7.30 Corporate Aaa bonds 33 2.70 2.70 2.70 2.69 2.69 Insurance companies 18.40 17.90 Corporate Baa bonds 33 3.48 3.48 3.47 3.45 3.45 Other investors, total 75.60 75.90 Marketable issues 29.80 28.60 In unit indicated Per cent per annum Stock prices (1935-39 = 100): MONEY RATES, ETC. Volu T P I R m n u o a d e b t i u a l l o i r l s c . f o t r a u t i r d a t a i l . l d . . i . i t . n y . g (mill, shares) 3 3 3 3 3 5 5 5 5 5 1 1 1 9 1 0 1 0 1 5 4 5 .5 . . . . 9 7 0 5 3 1 1 1 9 0 2 0 1 3 0 7 . 9 7 . . . . 9 5 7 7 8 1 1 1 9 0 2 1 2 . 4 9 1 7 0 . . . . 6 7 2 5 4 1 1 1 0 9 1 2 1 9 . 4 1 2 6 . . . . 9 4 6 8 4 1 1 1 9 1 0 1 0 3 6 . 6 8 2 . . . . 2 7 1 6 6 T F T C U . r r o . e e R m S a a P . . s m s u a u B G e r r r a r y t y o c i n v a i k n b a t l . l l o i y l d t b l p i e s o s t a s a c n p ( x o n ( d e t - u e r s a e n w : x x t a e i b r m s a l s e p t u ) e t e , s ) N . Y.... 2 3 2 2 2 7 3 7 7 9 1 1 . . . 3 . . 3 9 7 5 7 5 3 5 0 5 1 1 . . . 3 . . 3 9 7 7 5 4 0 5 0 5 1 1 . . . 3 . . 3 8 7 7 5 5 7 5 5 0 Taxable 33 2.48 2.48 2.48 Corporate Aaa bonds 29, 33 2.72 2.72 2.70 Corporate Baa bonds 33 3.55 3.53 3.49 BUSINESS CONDITIONS S E F t r l e e e e c i l g t r h p ic t r o c d p a u o r c w lo t e i a o r d n i p n ( r g p o s e d r . ( c t ( h e m o n i u t l l s o . . f k c c w a a r . p s h a ) r c :3 s i . t ) y . ) . . . . 5 5 0 0 4 9 ,2 2 2 . 6 1 4 9 , 5 4 . 2 8 7 4, 9 6 3 1 . 4 0 4, 93 5 . 8 6 8 4 9 ,5 2 7 .6 ' Stock prices (1935-39 = 100): In unit indicated Total. 51 584.8 683.0 782.4 777.3 758.' Total 35 103.5 102.7 104.7 Miscellaneous 51 295.7 335.6 379.9 379.4 372.: Industrial 35 105.6 104.6 106.4 Department store sales (1935-39 = 100).. 52 123 145 166 161 16 Railroad 35 103.4 104.9 113.9 F.H. t A io . n h o ( m th e o u m s. o ) r 4 tgages, new construc- 52 Volu P m u e b l o ic f u tr t a il d i i t n y g (mill, shares)... 3 3 5 5 92 . . 7 7 8 92 . . 8 1 5 9 1 2 .4 . 2 4 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 104.7 104.6 104.7 104.8 Credit extended customers.... 37 e950 e940 1,041 Farm products 63 126.7 125.9 126.3 126.6 Money borrowed 37 e670 e640 726 Other than farm and food 63 99.1 99.1 99.2 99.3 Customers' free credit balances . 37 r430 r430 472 For footnotes see following page. FEBRUARY 1945 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1944 Chart 1944 book book page Oct. | Nov. Dec. page Oct. Nov. Dec In unit indicated MONTHLY FIGURES-Cont. In unit indicated MONTHLY FIGURES-Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Freight car loadings:5 Income payments (mill, dollars), total:5 38 13,185 13,295 ^13,357 Total (1935-39 = 100) 57 137 141 Salaries and wages 38 r9,374 r9,421 ^9,478 Groups (points in total index) Other 38 r3,811 r3,874 #3,879 Miscellaneous 57 78 4 81 6 82.7 Cash farm income (mill, dollars), total. 39 2,460 Coal 57 30 4 30 3 27.0 Livestock and products 39 990 All other 57 28 1 29 0 27.2 Crops 39 1,437 Department stores (1935-39 = 100) :5 Govt. payments 39 33 Sales 59 194 210 193 Industrial production:5 Stocks 59 154 144 PI 35 Total (1935-39 = 100) 41, 42 232 232 Exports and imports (mill, dollars): Groups (points in total index) Exports 61 PI,139 pl,183 7 *>933.8 Durable manufactures 41 130.6 129.3 p129.9 Imports 61 P327 2 P321.9 ^335.9 Machinery, etc 42 91.4 90.4 P91.6 Excess of exports 61 p812 5 ^861 8 p597.8 Iron and steel 42 22.6 22.1 21.5 Excluding Lend-Lease exports 61 P-80 2 v 390 P-86.0 Other durable 42 16.7 16.7 ^16.8 Wholesale prices, total (1926 = 100)... 63 104 1 1044 104.7 Nondurable manufactures 41 79.4 80.9 p8o!7 Farm products 63 1234 1244 125.5 Textiles and leather 42 19.0 19.4 p19.2 Other than farm and food 63 98 7 98 8 98.9 Paper and printing 42 11.1 11.1 no. 8 Cost of living, all items (1935-39 = 100) 65 126 5 126.6 127.0 Foods, liquor, and tobacco 42 20.7 21.9 #21.4 Food 65 1364 136 5 137.4 Other nondurable 42 r28.6 28.6 P29.2 Clothing 65 141 9 142 .1 142.8 Minerals 41,42 21.7 21.7 no.9 Rent 65 108 2 108.2 108.3 Primary products (1935-39 = 100): Steel 43 225 218 211 1944 Cement 43 88 88 Lumber 43 109 112 ""m"\ Apr.- July- Oct.- Coal 43 149 149 H32 June Sept. Dec. Crude petroleum 43 148 148 P\4-7 Cotton consumption 43 140 149 146 QUARTERLY FIGURES In millions of dollars L N a o p p b n e e o L a E r r r s g s a m o o r b i f n p n o W c P L M N O o M A F s s l r u r o a e e ) ) t o g o c e a l : , p h y a m f e t n o r l a o t u e t e m e i l a t o a h r c r r r s c g l y e t e u a a e e m a a r r n l a l n i l t n r t 5 a c u , d n d n u r t a e u l d e o t l m f a u m t a i a r p r c p l a y l t l l o u o p y r y e r m m o d e d e n u f n t o c t o ts d ( s ( m m i i l l l l , . 4 4 4 4 4 4 4 4 4 4 4 4 3 4 3 5 3 4 4 3 3 4 4 4 4 1 5 3 3 5 ' 1 " 8 1 1 1 3 1 8 4 2 2 8 6 3 5 5 1 . . . . . 4 . . 8 5 9 2 1 2 3 5 3 0 1 C 4 3 5 5 3 1 1 1 1 1 1 8 3 3 2 1 8 7 1 5 5 6 3 . . . . . . . 1 2 7 4 5 0 8 2 5 6 1 5 ^ * 4 3 5 5 3 1 1 7 3 8 1 0 3 7 5 . . . . . . . 1 5 2 6 3 3 3 6 B I C n u o t d e rp r g N E C M N N I n o n e x o e e a e r t i d p t w s a r l t i p c t e r W v R P I e r p r e . o n n i e m e u c r a d r a d i c d v o e a b n i o r s u i e e l u c i t l e t t n a r i e p n e i u e s a c p o l c e t e u t r r c u t s a y r n e i d s e t r i d ? i u n i s a s n i a a v c t , t l t c c l n y i o o i o o l t d t m r t i l i m o a e t l e y i e e l v t s e s e a c e s x l t t n u t i a p a o u e x e x n s e e n e : s s 6 d s , i t t o u t r a e l s : 3 2 2 2 2 2 2 2 3 3 3 3 6 4 4 4 4 4 4 4 6 6 6 6 2 2 1 1 4 2 5 4 1 2 1 , , , , , , , 2 3 7 4 7 0 2 4 0 9 7 9 7 7 8 5 9 8 6 2 5 2 2 5 4 5 9 6 6 2 2 1 4 0 3 1 9 4 2 , , , , , , ,9 9 0 0 6 1 7 8 1 9 1 1 5 6 5 7 8 4 4 4 1 2 6 6 7 0 9 0 2 9 3 4 0 2 2 4 9 8 2 4 1 2 1 , , , , , , , , 6 2 7 2 8 6 2 3 2 1 5 1 1 2 6 9 8 3 0 4 1 7 4 8 3 7 5 2 6 5 1 2 2 Manufacturing and mining 45 16.4 16.3 P16.4 Per cent per annum Fa ( c 1 t 9 T T G C o 3 r r r o o 9 y a a n v n d s = e e s t r e p r n m u 1 o m c 0 r p t 0 t e l i a n o ) o : t t y n i o m n e n a t n d a u n t d il it p ie a s y rolls 4 4 4 4 5 5 5 5 5 3 0 7 . . . . 7 9 6 1 5 3 0 7 . . . . 9 8 6 0 P p P * 6 7 > 3 . 0 . 0 1 i g 6 Bank T N O S o o e t r h u w t a a e t t h l e r , Y s e N r o 1 n o 9 r o n k r a c t c n i h C t u d i e i e s r t W s t y n o m e a s e n t r e d s r ' n E l a c o s i a t t n i e e s r s n : cities 3 3 3 2 1 1 1 9 2 3 2 2 . . . . 1 5 2 6 8 5 3 3 2 2 3 2 . . . . 8 1 6 1 2 4 9 8 2 2 2 1. . . . 9 3 6 6 3 9 1 5 Pay rolls 47 r314.3 311.6 Employment 47 154.5 153.5 ^154.3 Apr. 13, June 30, Dec. 30, Hours and earnings at factories: 1944 1944 1944 Weekly earnings (dollars) 48 r46.94 46.80 CALL DATE FIGURES Hourly earnings (cents) 48 103.1 103.3 In billions of dollars Hours worked (per week) 48 r45.5 45.3 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total 12 78.03 83.59 P91.55 (19 N 3 e 9 w = o r 1 d 0 e 0 r ) s : , total 49 278 p280 O U. t h S er . G se o c v u t r . i o ti b e l s i gations 1 1 2 2 5 5 6 . . 1 7 2 7 6 5 0 . . 1 3 6 4 ^67.67 Durable 49 368 P375 State and local obligations 13 2.82 2.83 Ship N m o e n n d ts u , r a to b t le a l 4 4 9 9 2 2 1 8 1 4 p p 2 27 1 9 0 O Fo th re er ig d n o s m e e c s u t r i i c t i s e e s c urities 1 1 3 3 2.30 2.33 Durable 49 381 P376 Loans, total 12 18. ^18.67 Nondurable 49 208 P203 Commercial loans 13 8.05 Inventories, total 49 172 ^171 Real-estate loans 13 3.21 Durable 49 197 ^195 Street loans (brokers' loans) 13 1.66 Nondurable 49 150 p150 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):5 By classes of banks: Total 53 23 24 27 New York City 16 15.18 16.16 Public 53 7 8 7 Chicago... 16 3.42 3.69 Private, total 53 16 16 20 Reserve city banks 16 21.01 22.48 ^25.04 1- and 2-family dwellings 53 12 12 12 Country banks 16 17.17 18.01 Other 53 4 4 8 By kinds of securities: Construction contracts (3-mo. moving Bonds 16 8 30.12 av., mill, dollars):8 Notes 16 10.64 Total 55 171 190 ^226 Certificates 16 14.23 Residential 55 25 25 P26 Bills 16 4.47 Other 55 147 166 P199 Guaranteed 16 .89 e Estimated. v Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Figures published in the January BULLETIN should be corrected as follows: Total—Nov. 29, 808.3; Dec. 6, 793.6; Dec. 13, 749.9; Dec. 20, 762.4; Miscellaneous—Nov. 29, 396.4; Dec. 6, 387.3; Dec. 13, 377.4; Dec. 20, 375.9. 4 5 A Pu d b ju li s c te a d ti o f n o r d s i e s a c s o o n n ti a n l u v ed a % riation. 6 Annual totals of corporate security issues published by the Commercial and Financial Chronicle for 1944 are (in millions of dollars): total issues, 3,049.1; new capital, 626.5; new capital, by industrial groups: railroad—87.9; public utility—42.7; industrial—447.5. 7 Figures available for June and December dates only. * Copies of the March 1943 edition of the Chart Book may be obtained at a price of 50 cents each. A revised edition will not be available for several months. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES Figures foi last date shown are preliminary] Commercial banks Mutual savings banks All Member banks Nonmember banks1 banks Total Total National member Total Insured2 Xnsured inlTed Number of Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 857 8,439 :39 579 December 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 December 31, 1941 14,825 14,277 36,619 5,117 31,502 7,661 6,810 851 352 496 December 31, 1942 14,680 14,134 36,679 5,081 31,598 7,458 6,667 791 356 490 December 31, 1943 14,579 14,034 36,738 5,040 31,698 7,299 6,535 764 3184 361 December 31, 1944 14,535 13,992 36,814 5,025 31,789 7,181 6,452 729 3192 351 Number of Branches and Additional Offices4 December 31 1933 2,911 2,786 2,081 1,121 960 705 05 125 December 31, 1934 3,133 3,007 2,224 1,243 981 783 5783 5126 December 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 December 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 December 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 December 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 Analysis of Bank Changes during 1944 Increases in number of banks: Primary organizations (new banks)6.... +69 +69 +13 +8 +5 +56 +48 +8 Decreases in number of banks: Suspensions _ -1 -1 < -1 Consolidations and absorptions -74 -72 '-35 ••••^27" •••_-• -37 -30 "—7" -1 ' < Voluntary liquidations7 -38 -38 -6 -5 -1 -32 -25 -7 Inter-class bank changes: Conversions—• National into State —4 -4 +4 +4 State into national +7 +13 "—6* " -7 Federal Reserve membership8 Admissions of State banks +108 +108 -108 -108 Withdrawals of State banks -7 -7 +7 +7 Federal deposit insurance9 Admission of State banks +30 -30 +9 -9 Withdrawals of State banks -1 +1 Net increase or decrease in number of banks -44 -42 +76 -15 +91 -118 -83 -35 +8 -10 Analysis of Branch Changes during 19444 Increases in number of branches: De novo branches +39 +37 +12 +10 +2 +25 +19 +6 +1 +1 Banks converted into branches +35 +33 +18 +12 +6 +15 +13 +2 +1 +1 Decrease in number of branches: Branches discontinued -17 -17 -8 — 6 -2 -9 -9 Inter-class branch changes: From national to State member -2 +2 From State member to national +1 From nonmember to national +2" +2 -2" F F r r o o m m n n o o n n m in e s m ur b e e d r t t o o i S ns ta u t r e e d m n e o m n b m er ember +8 +8" 0 + -8 6 -6 ""+2"' Banking offices at military reservations: Established +91 +91 +83 +73 +10 +8 +8 Discontinued -17 -17 -17 -17 Inter-class changes +1 -1 Net increase or decrease in number of branches +131 +127 +99 +72 +27 +28 +26 +2 +4 1 Includes unincorporated (private) banks. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. o TM _ r* A.- J_ 1 T 1_ -C ^™ «~.J i.U ,. 1 1 i 1 ' 1 "*_ H „ , - . . .„ „ . ugh arrangements made by the Treasury Department with banks designated as depo and financial agents of the Government. Four of these banking facilities are in each case operated by two national banks, each bank having separate tellers windows; each of these facilities is counted as one banking office only. 8 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. FEBRUARY 1945 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1944 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounted bills. . ... .. . $724,113 137,378 1458,619 124,952 #12,853 114,090 114,940 U. S. Government securities 102,809,518 6,714,329 28,448,274 7,274,529 9,547,770 5,944,866 5,046,867 Industrial advances 302,980 23,495 4,795 131,817 12,205 8,693 2,789 Commitments to make industrial advances 22,045 874 90 54 431 7,086 All other. ... 533,173 15,114 81,405 8,527 70,495 5,482 11,995 Total current earnings. 104,391,829 6,791,190 28,993,183 7,439,879 9,643,754 5,980,217 5,076,591 Current Expenses Operating expenses: Salaries: Officers 2,678,323 122,382 550,814 144,517 215,358 170,232 162,280 Employees 46,935.558 2,604,276 10,011,496 2,794,071 4,651,686 2,591,498 2,445,559 Retirement System contributions 4,083,585 218,773 850,105 226,553 369,746 230,737 244,930 Legal fees 22,406 300 11 12,414 6,436 121 200 Directors' fees and expenses 131.061 9,730 11,138 9,105 14,238 8,121 13,733 Federal Advisory Council, fees and expenses 15'651 1,350 744 .852 851 570 350 Traveling expenses (other than of directors and members of Federal Advisory Council) 465.028 34,926 58,935 23,933 44,177 35,172 36,466 Postage and expressage 8,477,914 757,987 1,212,002 573,427 862,423 682,456 600,386 Telephone and telegraph 666,625 29,281 112,188 35,099 61,744 35,619 58,750 Printing, stationery, and supplies 3,422,849 267,758 588,717 235,074 414,435 148,751 226,850 Insurance on currency and security shipments 248,882 31,383 36,291 16,278 20,471 24,568 21,767 Other insurance 189,146 11,503 43,490 11,781 15,405 12,480 9,404 Taxes on bank premises.. 1,495,612 127,680 456,381 91,435 124,529 81,599 62,432 Depreciation on bank building 1,084,942 55,832 252,063 143,275 112,476 83,161 42,548 Light, heat, power, and water 586,621 36,753 154,230 33,949 69,526 41,705 34,616 Repairs and alterations to bank building 283,704 13,822 45,817 5,554 49,369 9,954 31,110 Rent 1,024,921 25,719 135,835 53,690 167,145 14,323 78,701 Furniture and equipment 821,959 53,038 135,873 45,711 58,695 74,787 49,070 All other ... 1,931,209 117,269 201,957 159,984 177,734 78,903 141,991 Total operating expenses 74,565,996 4,519,762 14,858,087 4,616,702 7,436,444 4,324,757 4,261,143 Less reimbursements for certain fiscal agency and other expenses 34,906,500 1,823,281 5,782,022 1,789,373 3,584,591 1,784,538 2,239,470 Net operating expenses .... 39,659,496 2,696,481 9,076,065 2,827,329 3,851,853 2,540,219 2,021,673 Assessment for expenses of Board of Governors.. .... 2,296,357 160,488 833,957 210,732 203,437 91,310 74,398 Federal Reserve currency: Original cost , 6,753,897 380,447 1,457,289 497,737 508,392 537,533 544,925 Cost of redemption 466,171 18,756 78,292 26,713 30,843 37,125 53,131 Total current expenses. . 49,175,921 3,256,172 11,445,603 3,562,511 4,594,525 3,206,187 2,694,127 Profit and Loss Current net earnings 55,215,908 3,535,018 17,547,580 3,877,368 5,049,229 2,774,030 2,382,464 Additions to current net earnings: Profits on sales of U. S. Government securities 3,230,454 243,000 828,693 262,580 335,184 191,113 154,428 Recoveries of and withdrawals from allowances for losses on industrial advances (net) 412,195 44,800 130,496 85,862 -4,854 106 28,500 All other 93,805 6,325 2,604 41,503 212 5,207 16,174 Total additions 3,736,454 294,125 961,793 389,945 330,542 196,426 199,102 Deductions from current net earnings . 514,574 85,173 4,783 4,163 401,924 9,752 1,709 Net additions. 3,221,880 208,952 957,010 385,782 -71,382 186,674 197,393 Net earnings. 58,437,788 3,743,970 18,504,590 4,263,150 4,977,847 2,960,704 2,579,857 Paid U. S. Treasury (Sec. 13b) 326,717 57,502 80,059 83,968 2,559 15,139 Dividends paid 9,500,126 595,572 3,483,538 719,004 967,057 380,712 339,513 Transferred to surplus (Sec. 13b) 201,150 6,569 50,568 47,237 58 13,955 Transferred to surplus (Sec. 7). 48,409,795 3,084,327 14,890,425 3,412,941 4,010,790 2,577,375 2,211,250 Surplus (Sec. 7), January 1. 188,096,810 13,206,048 70,012,037 17,858,638 16,025,697 5,235,966 5,724,628 Additions, as above . . 48,409,795 3,084,327 14,890,425 3,412,941 4,010,790 2,577,375 2,211,250 Transferred to reserves for contingencies -8,354,274 -1,051,663 -1,400,000 -965,184 Surplus (Sec. 7), December 31.. 228,152,331 15,238,712 84,902,462 19,871,579 19,071,303 7,813,341 7,935,878 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1944—Continued Chicago St. Louis Minneapolis K C an it s y as Dallas Francisco Current Earnings 144,855 171,965 |18,549 $9,172 113,964 $2,776 Discounted bills 14,032,934 4,581,826 2,665,716 4,572,990 3,901,409 10,078,008 U. S. Government securities 69 775 3,979 1,625 166 112,572 Industrial advances 431 478 12,601 Commitments to make industrial advances 127,061' 30,454 4,543 163,480 9,359 5,258 All other 14,204,919 4,685,451 2,692,787 4,747,267 3,925,376 10,211,215 Total current earnings Current Expenses Operating expenses: Salaries: 329,209 184,921 163,406 178,405 163,972 292,827 Officers 7,645,630 2,536,801 1,342,963 2,410,189 2,332,703 5,568,686 Employees 683,364 244,408 127,681 223,120 219,552 444,616 Retirement System contributions 825 444 79 1,502 74 Legal fees 12,274 6,616 10,169 15,227 8,635 12,075 Directors' fees and expenses 1,505 1,350 1,343 2,002 1,384 3,350 Federal Advisory Council, fees and expenses 70,877 40,663 24,442 24,553 29,072 41,812 Traveling expenses (other than of directors and members of Federal Advisory Council) 1,086,123 399,167 290,284 496,759 454,827 1,062,073 Postage and expressage 60,887 52,387 23,521 55,771 48,189 93,189 Telephone and telegraph 561,656 181,989 93,702 172,709 168,173 363,035 Printing, stationery, and supplies 25,595 6,856 5,828 12,380 12,831 34,634 Insurance on currency and security shipments 19,501 11,415 6,380 13,249 10,522 24,016 Other insurance 214,156 52,288 65,300 91,526 33,256 95,030 Taxes on bank premises 75,266 48,250 28,846 76,537 91,856 74,832 Depreciation on bank building 69,920 33,103 22,727 21,071 35,624 33,397 Light, heat, power, and water 34,234 23,723 10,020 26,303 18,870 14,928 Repairs and alterations to bank building 284,118 47,606 16,650 27,233 25,254 148,647 Rent 162,004 43,232 10,095 56,335 40,805 92,314 Furniture and equipment 451,222 119,743 55,741 125,877 101,622 199,166 All other 11,788,366 4,034,518 2,299,542 4,029,325 3,798,649 8,598,701 Total operating expenses 6,269,409 1,946,935 1,166,669 1,821,144 2,025,759 4,673,309 Less reimbursements for certain fiscal agency and other expenses 5,518,957 2,087,583 1,132,873 2,208,181 1,772,890 3,925,392 Net operating expenses 285,803 71,940 49,461 66,639 67,753 180,439 Assessment for expenses of Board of Governors Federal Reserve currency: 887,963 327,108 115,984 269,778 201,719 1,025,022 Original cost 64,654 33,551 6,953 26,144 29,497 60,512 Cost of redemption 6,757,377 2,520,182 1,305,271 2,570,742 2,071,859 5,191,365 Total current expenses Profit and Loss 7,447,542 2,165,269 1,387,516 2,176,525 1,853,517 5,019,850 Current net earnings Additions to current net earnings: 371,580 148,719 99,777 160,039 135,188 300,153 Profits on sales of U. S. Government securities 5,376 -7,000 88,800 16,958 23,151 Recoveries of and withdrawals from allowances for losses on industrial advances (net) 7,318 6,697 3,642 1,668 1,567 All other 384,274 148,416 192,219 178,665 136,755 324,192 Total additions 379 4,791 405 100 345 1,050 Deductions from current net earnings 383,895 143,625 191,814 178,565 136,410 323,142 Net additions 7,831,437 2,308,894 1,579,330 2,355,090 1,989,927 5,342,992 Net earnings 5,713 20,155 17,973 * 513 43,136 Paid U. S. Treasury (Sec. 13b) 1,115,422 2 - 9 2 3 , , 7 5 1 7 4 7 20 7 6 2 , . 1 3 5 2 9 0 307,792 295,889 7 1 9 3 5 , , 1 8 5 9 7 1 D Tr i a v n id sf e e n r d r s e d p a t i o d surplus (Sec. 13b) 6,710,302 2,018,031 1,280,696 2,029,325 1,693,525 4,490,808 Transferred to surplus (Sec. 7) 26,490,371 6,330,100 3,669.041 4,554,369 4,831,441 14,158,474 Surplus (Sec. 7), January 1 6,710,302 2,018,031 1,280,696 2,029,325 1,693,525 4,490,808 Additions, as above -1,300,000 -387,427 -500,000 -2,750,000 Transferred to reserves for contingencies 33,200,673 7,048,131 4,949,737 6,196,267 6,024,966 15,899,282 ! Surplus (Sec. 7), December 31 FEBRUARY 1945 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. . 190 Gold production . 191 Gold movements .. 191 Net capital movements to United States since January 2., 1935. . 192. Central banks . 193-196 Money rates in foreign countries . . 197 Commercial banks... 198 Foreign exchange rates .. 199 Price movements: Wholesale prices xoo Retail food prices and cost of living. . 2.01 Security prices . xoi Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A i e n n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada! Chile lom Co b - ia C v z s a e l k o ch i - a o- m De a n rk - Egypt France m G a e n r y - - Greece 1938—Dec. 14.512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 353 734 51 274 24 27 30 17 58 52 52 2,000 29 28 1941—Dec. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 328 1942—Dec. 22,726 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Dec. 21,938 734 254 274 325 5 51 59 61 44 52 2,000 29 1944-—Jan.. 21.918 363 734 254 274 6 51 76 61 44 52 2,000 Feb... 21,712 368 734 255 274 7 51 77 61 44 52 2,000 Mar.. 21,600 371 734 255 274 5 56 79 61 44 52 2,000 Apr... 21,429 381 734 276 274 4 56 80 61 44 52 2,000 May.. 21,264 386 734 296 274 6 56 82 61 44 52 2,000 June. 21,173 391 734 297 274 6 56 84 61 44 52 2,000 July 20.996 397 734 297 274 6 56 86 61 44 52 Aug. 20,926 408 298 274 5 56 88 61 44 52 Sept.. 20.825 409 298 274 5 76 89 52 Oct. 20,727 409 313 274 6 76 90 52 Nov. 20,688 409 274 5 91 Dec. 20,619 6 92 1,777 I.... End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- R n u i m a a- I A So fr u ic th a Spain 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 4525 1939—Dec... 24 26 144 164 90 32 692 23 20 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 3 84 20 59 158 367 1941—Dec... 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec. 24 34 3216 39 506 23 25 59 241 634 42 1943—Dec... 24 92 203 500 23 31 60 316 706 91 1944—Jan... 24 92 205 500 23 31 60 316 716 Feb... 24 104 229 500 23 31 60 p323 740 Mar.. 24 104 230 500 23 33 60 728 96 Apr... 24 105 227 500 23 34 60 *>353 727 98 May.. 24 115 226 500 23 34 60 741 101 June.. 24 115 224 500 23 34 60 369 749 104 July.. 24 115 222 500 23 36 760 104 Aug... 115 220 500 23 34 778 104 Sept. 220 23 32 785 104 Oct... 221 23 32 796 104 Nov. 222 23 32 811 Dec. 222 32 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t u i h e n s e - 6 r End of month U St n a i t t e e s d U K d n i o n i m t g e - d France g B i e u l m - 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1 1 9 9 4 4 0 1 — — D D e e c c 2 1 2 6 3 0 5 6 0 6 2 5 8 9 8 2 1 1 1 9 0 0 0 2 4 9 1 3* 8 82 3 1 1 2 2 1 1 4 4 5 2 M Ju a n y e... 85 477 17 1942—Dec. ... 335 824 114 1 89 68 21 160 Sept... 164 3876 1943—Dec 387 964 161 1 121 89 45 204 Dec 156 17 1940—Mar. ... 145 1944—Jan.... 399 973 171 1 123 89 45 205 June... 86 17 Feb 401 984 171 1 124 100 45 210 Sept.... 105 Mar.... 421 994 191 1 128 100 39 212 Dec. ... 48 292 17 Apr 426 1004 191 1 131 100 39 213 1941—Mar. ... 88 ...._. May 430 1010 191 1 136 110 39 217 June... 89 June 432 1,023 210 1 139 110 39 218 Sept.... 24 4151 July... 435 1,030 221 1 142 110 39 218 Dec 25 17 Aug.... 449 1,029 221 1 148 110 39 218 1942—Mar.... 12 Sept.. 454 n 033 221 1 149 110 39 218 June... 8 17 Oct 456 pi, 029 221 1 149 110 39 218 Sept.... 7 Nov n,040 1 125 218 Dec 12 17 Dec n,052 1 130 218 1943—Mar.... 14 p Preliminary. J S u e n p e t. . . . . . . . 1 7 1 17 1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad- Dec 43 dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- 1944—Mar.. . . 14 longing to the Argentine Stabilization Fund. June. . . 21 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. 3 Figures relate to last official report dates for the respective countries, as follows: Bulgaria— 1 Reported at infrequent intervals or on de- Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland- layed basis: U. S.—Exchange Stabilization Fund July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- 4 Figure for December 1938 is that officially reported on Apr. 30,1938. zation Account; France—Exchange Stabilization 5 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. Fund and Rentes Fund; Belgium—Treasury. 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, 2 Figure for end of September. Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El Salvador, 3 Reported figure for total British gold reserves on Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania,Morocco, Aug. 31, 1939, less reported holdings of Bank of Engand Thailand (SiarrO. Figures for certain of these countries have been carried forward from last land on that date. previous official report. 4 Figure for Sept. 1, 1941. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. NOTE.—For certain back figures and for details regarding special internal gold transfers affecting NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, the British and French institutions, see Banking and and for a description of figures, including details regarding special internal gold transfers affecting Monetary Statistics, p. 526. the reported data, see pp. 524-535 in the same publication. I9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total " Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o ia - A W fri e c s a t * I I B C e o l n g g i o an 3 Stated I Canada*|M«ico°| <*£- | Chile N g ic u a a r 7 a- Au l s ia tr 8 a -1 I B I r n i d ti i s a h 9 V = 1155A, grains of gold x 9 £ an ounce oj fine gold = $35 1934 708,453 366 795 24,264 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 752,847 377 090 25,477 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 833,895 396 768 28,053 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 893,38-1 410 710 28,296 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 958,770 425 649 28,532 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939.. 1,020,297 448 753 28,009 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,094,264 491 628 29,155 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,089,395 504 268 27,765 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 968,112 494439 26,641 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943.... 738,471 448 153 23,009 127,796 19,789 6,081 7,715 28,560 8,820 58,309 36,653 1,814 3,605 9,198 1,600 501 633 2,100 700 56,589 36,169 1,763 3, " 9,023 1,581 676 756 1,295 700 54,163 34,100 1,709 3,429 8,988 1,344 617 651 1,155 630 57,152 36,266 1,706 2,933 9,333 2,056 577 677 1,365 665 53,887 34,879 1,771 2,936 8,568 1,363 486 665 945 665 57,227 36,921 1,749 2,881 8,989 2,020 473 693 1,330 595 53,775 35,264 1,702 2,431 8,397 1,732 644 560 1,435 175 55,607 36,430 1,763 2,959 8,247 1,901 639 590 1,295 385 C57,226 37,022 cl,732 2,779 8,290 2,044 604 625 2,100 560 54,826 35,810 1,724 3,028 8,274 1,421 523 615 1,365 525 *54,425 35,821 1,714 2,863 8,051 1,370 {523 C653 1,295 560 ^53,910 35,270 A,714 2,974 ^8,051 '1,370 '523 613 1,260 560 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. c Corrected. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. t 1943 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 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 19331 pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941. see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: 1 Y m e o a n r th or im To n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w e e n - e S r w la it n z d - Canada Mexico p c A O a L u n m b a t h l t e R i i e c r n r e i s - - 2 I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c tr o t A i h u e l e n s l r 2 - 19343 1,131,994 499 870 260,223 8,902 94 348 12402 86,829 30,270 28,153 12038 1029 12 4 76820 r21,O95 1935 1,739,019 315 727 934,243 3 111 185 %8 95,171 13667 29,359 15335 3498 65 75268 r28,529 1936 1116,584 174093 573,671 3,351 71006 2 7511 72,648 39 966 30,790 21513 23 280 8 77892 r20,856 1937 1,585, 503 891 531-13, 710 90,859 6461 6 54,452 111,480 38482 39,485 25427 34 713 181 246,464 50,762 r8,910 1938 1973, 5691,208728 81, 135 15,488 163049 60,146 1363 76,315 36 472 65,231 27880 39,162 401 168,740 16 159 r13,301 1939 3 574, 1511,826403 3,798 165,122 341 618 28,715 86,987 612,949 33 610 57.020 35 636 74,250 22,862 165,605 50,956 r468,623 1940 4 744,472 633083 241, 778 977 63 260161,489 903702,622,330 29880 128,259 38,627 103,777 184,756 111,739 49989 r5284,208 1941 982 378 3 779 1 1 1.747 899 412,056 16791 61,862 42 678 67492 292,893 9,444 9 665 r663,071 1942 315 67S 208 917 10016 39 680 1943 68938 66,920 -3 287 13,489 1944 Jan 400 316 -4,974 Feb 23 461 —3 584 Mar 5? 328—<\\ 711 —5 938 Apr 378 -10,810 May 410 311-14,803 June 367 190-13,271 r Revised. under "Other Latin American Republics." 3 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 4 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. 5 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000, from other countries. 6 Includes $44,920,000 from U.S.S.R., and $18,151,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, seep. 524 in the same publication. FEBRUARY 1945 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30. 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 ,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 ,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 ,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 ,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 ,802.6 791.3 855.5 626.7 100.9 1942—Jan. 28 5,163.7 2,771.6 977.6 ,793.9 801.6 857.5 631.0 102.0 Feb. 25 5,069.0 2,675.5 879.4 ,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) 5,082.4 2,684.0 932.0 ,752.0 819.7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 ,106.7 ,799.4 829.8 843.2 626.6 103.9 May (June 3) 5,413.4 2,996.8 ,144.0 ,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 ,211.7 ,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 ,242.7 ,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 ,293.1 ,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 ,339.1 ,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 ,341.1 ,863.2 890.0 842.1 654.3 104.1 Nov.30 5,761.6 3,250.2 ,366.1 ,884.1 901.6 844.8 661.0 104.1 Dec. 31 v 5,835.0 3,320.3 ,412.0 ,908.3 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 ,536.6 ,934.5 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 ,671.8 ,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 ,723.1 ,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 ,801.8 ,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 ,871.6 ,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 ,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 29 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 7,423.4 4,740.8 2,622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 7,440.9 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30 7,430.9 4,661.2 2,498.8 2,162.3 883.5 1,026.2 737.8 122.2 Oct. 31 7,460.2 34,680.3 32,489.8 32,190.4 3891.3 1,025.8 735.8 3127.1 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on Oct. 31, in millions of dollars: total foreign banking funds in United States, 5,337.2, including official funds, 3,127.4, and other funds, 2,209.7; United States banking funds abroad, 244.2; and brokerage balances^net due "foreigners"), 50.3. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-^37, and for full description of statistics see pp. 558-560 in the same publication. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 Other C C oi a n sh rese N rv o e t s es a c v n o D a d u n i c n s a e - t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other O lia t t i h b e e i s l r i- 1929-Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931-Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 578O.O .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 6950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Jan. 26. .2 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 17.9 Feb 23. .2 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 ^8.9 53.7 18.0 Mar. 29 .2 51, 150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26. .2 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31. .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 June 28. .2 1,150.0 .9 19.4 1.2 282.2 1,130.9 217.7 12.5 55.6 17.9 July 26. .2 1,150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Aug. 30. .2 51,200.0 1.5 54.2 6.2 228.4 1,146.0 201.9 14.4 56.2 18.0 Sept. 27 .2 1,200.0 2.0 45.7 4.3 252.6 1,154.6 221.5 9.8 55.3 18.1 Oct. 25 .2 ,200.0 2.3 35.9 8.8 234.9 1,164.4 203.8 6.2 54.1 17.7 Nov. 29, .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Dec. 27. .2 61,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d d S t o e t U l a r l l t a n i e n r i s s t g ed S t h e o rm rt s - 6 ecuritie O s ther a O s t s h e e ts r ci m r c N ul o a t t e ion7 Ch b a a r n te k r s ed D g o o m ve in rn io - n Other liab O i t l h it e i r es ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1935—Dec 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1933—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 <«) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Jan. 31 .4 799.9 486.8 25.4 860.6 360.9 34.8 22.3 33.4 Feb. 29 .2 789.2 508.9 31.3 875.4 362.7 40.1 31.5 19.8 Mar 31 .3 788.9 557.0 44.0 897.9 359.2 65.8 22.8 44.5 Apr. 29 .2 777.1 567.7 26.4 915.3 385.2 24.6 17.4 28.8 Mav 31 .3 879.0 548.7 23.8 911.5 377.7 101.8 26.6 34.1 June 30 .2 803.5 576.1 39.9 920.5 414.7 8.2 22.0 54.3 July 31 25.9 801.6 602.6 24.4 942.4 414.9 43.0 22.3 31.9 Aug. 31 48.7 849.4 593.8 26.9 960.4 432.5 53.9 34.3 37.9, Sept. 30 45.9 833.1 625.5 22.1 982.8 454.8 21.9 33.3 33.8; N O o ct v . 3 3 1 0 . 1 6 7 2 2 . . 8 3 8 8 6 7 8 5 . . 6 7 6 6 1 2 8 2 . . 9 9 2 5 9 8 . . 3 6 1 1 , , 0 00 1 7 2 . . 8 5 4 43 5 7 4 . . 2 3 7 1 6 0 . . 9 8 3 2 2 0 . . 4 4 o9 2 4 1 3 2 . . & 9 Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 92O9.I 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. 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 millionJpounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds, on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7, Aug. 2, and Dec. 6, 1944. 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 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). 9 Includes 172.3 million dollars to cover holdings of sterling and United States dollars. 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. FEBRUARY 1945 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities (F B ig a u n o r k e f s o f i r f n a n F m c r i s a l ) l n io c n e s Gold1 F c o h e r a x e n - i g g e n m O a p r e k n et D 2 om Sp es e t c i i c a l b 2 ills Other c F u c o p o r A G a s t o t d o i s c o v v 3 - n a e n rn c m e O s e t n t h o t er2 a O s t s h e e ts r ci N r ti c o o u t n l e a- G m ov e e n r t n- D C e . p A o . s R it . s 4! Other l O i t t a i h b e i e s l r i- 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29.. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28.. 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 5 84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31.. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31.. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Aug. 26. 84,598 37 43,108 6,908 288,308 53,500 21,078 448,270 743 14,674 29,615 4,235 Sept. 30. 84,598. 37 43,412 4,968 295,807 69,500 23,519 468,015 821 15,450 33,199 4,355 Oct. 28. 84,598 37 44,591 4,799 306,689 65,500 21,000 475,868 627 12,191 34,111 4,417 Nov. 25 . 84,598 37 44,860 35 6,472 320,843 55,950 21,457 484,060 755 14,083 31,133 4,220 Dec. 30. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Jan. 27.. 84,598 37 44,870 12 8,196 343,300 56,050 21,614 506,035 825 12,365 34,339 5,112 Feb. 24.. 84,598 37 45,018 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 Mar. 30.. 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27.. 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25... 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 June 29. 84,598 37 46,241 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13.. 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Dec. 286. 75,151 42 47,288 48 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other xeichsmarks) Total i T n r c e l a u s d u i r n y g Se l c o u a r n i s ty E as li g n i o b t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s lireserves Gold bills cover 1929—Dec 31. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 806 2,806 176 398 1,114 3,560 540 1,313 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 4 4 4 3 4 9 6 7 8 0 3 5 2 1 4 3 — — — — — — — — — — -D D D D D D D D D D D e e e e e e e e e e e c c c c c c c c c c c . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 3 1 0 0 1 1 1 1 1 1 1 1 . . . . . . . . . . 39 8 8 7 7 7 7 7 7 7 7 6 6 6 4 8 8 8 6 7 7 2 38 8 6 7 7 7 7 7 7 7 7 6 6 2 9 1 1 1 1 1 1 1 4 2 2 1 1 4 4 3 6 5 8 1 1 9 1 5 , , , , , , , , , , , 5 0 5 1 2 2 3 6 3 4 2 5 1 6 3 2 4 4 9 1 5 8 2 0 6 1 6 2 4 2 9 6 3 1 1 6 4 8 7 3 8 3 4 3 2 2 0 5 4 4 8 3 0 6 2 7 5 4 3 5 8 2 2 1 1 4 5 4 2 3 8 0 5 0 0 5 7 9 1 2 7 1 4 9 6 7 3 2 3 3 3 3 3 2 2 2 9 8 1 5 0 1 6 9 2 8 1 3 6 9 7 3 5 5 8 2 3 0 2 2 2 2 1 1 , , , , , , 3 8 8 6 3 0 8 4 6 7 7 1 2 6 5 3 2 6 9 6 6 3 1 1 3 1 7 7 5 6 8 5 4 3 1 1 1 2 3 4 5 8 3 3 4 4 9 1 4 , , , , , , , , , , , 9 4 2 6 2 6 9 0 3 7 3 0 9 4 8 2 8 3 8 2 9 7 1 3 5 5 3 3 3 5 8 0 5 8 2 3 5 1 2 1 1 1 , , , , , , , , , 9 1 6 0 0 5 0 5 2 6 0 5 1 2 8 6 8 1 4 3 9 4 4 0 9 2 7 1 6 8 2 2 9 1, , , , , , , 9 9 9 8 0 0 6 3 3 9 4 0 5 2 3 7 9 8 9 7 8 9 3 3 1 6 0 1 0 6 8 0 3 1944—Jan. 31. 77 39,584 43 42 2,296 33,012 7,176 ,855 Feb. 29. 77 39,269 26 66 2,360 33,508 6,636 ,654 Mar. 31. 77 40,379 46 33 2,281 33,792 7,237 1,788 Apr. 29. 77 40,909 38 31 2,525 34,569 7,179 1,833 May 31. 77 42,159 28 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 27 2,397 35,920 6,754 2,004 July 31. 77 43,222 38 21 2,396 36,888 6,813 2,054 Aug. 31. 77 45,829 42 20 2,275 38,579 7,480 2,185 Sept. 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31. 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30. 77 56,939 62 69 21 2,795 46,870 10,829 2,264 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 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 May 17, 1944, advances of 411,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. o ..,• . -^ j -n , t •& 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 First official statement published since liberation. . . 7 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. 8 Gold not shown separately in weekly Reichsbank statement after June 15,1939. *, . NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. respectively; for description of statistics see pp. 562-565 in same publication. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): (Sept.)2 Gold reported separately 1,242 1,243 1,091 Gold 97 97 Other gold and foreign exchange... 2,439 2,433 2,026 Foreign exchange 22 21 Government securities 878 878 887 Clearing accounts (net) 2,596 1,964 Rediscounted paper Loans and discounts 31 34 Other assets 159 162 156 Securities 78 64 Note circulation 2,264 2,197 1,886 Govt. compensation account5 85 125 Deposits—Member bank 1,339 1,321 1,116 Other assets 3,931 2,436 Government 620 631 448 Note circulation 1,678 1,359 Other 174 223 106 Deposits—Government 2,661 994 Certificates of participation in Other 2,037 2,014 Government securities 127 148 444 Other liabilities 464 375 Com O m th o e n r w li e a a b l il t i h t ie B s ank of Australia 196 195 160 Ce o n f t s r u a c l r B es a ) n : k of Ecuador (thousands (Sept.)2 (thousands of pounds): Gold. 289,859 235,649 Issue department: Foreign exchange (net) 143,821 65,909 Gold and English sterling 50,856 50,544 41,793 Loans and discounts 83,507 81,750 Securities 155,089 157,337 130,422 Other assets 93,010 59,921 Banking department: Note circulation 291,068 229,967 Coin, bullion, and cash 16.878 15,665 6,798 Demand deposits 263,755 179,132 London balances 130,599 122,459 60,455 Other liabilities 55,373 34,130 Loans and discounts 18,009 18,693 17,880 National Bank of Egypt6 (thou- Securities 223,539 221,891 239,571 sands of pounds) : Deposits 180,236 179,887 180,840 Gold 6,241 6,241 Note circulation 197,494 199,494 163,762 Foreign exchange 14,684 14,636 National Bank of Belgium and Bank Loans and discounts 4,120 4,928 of Issue of Brussels (millions of British, Egyptian, and other Govbelga):1 (July)2 ernment securities 252,587 208,749 Gold 4,331 4,331 Other assets 19,290 14,635 Foreign exchange 12,661 10,254 Note circulation 111,946 95,603 Credits to State and public bodies. 4,265 3,346 Deposits—Government. 66,954 64,939 Credits to private economy 50 189 Other 103,631 76,724 Reichskreditkasse 756 C721 Other liabilities.. 14,391 11,923 Other assets 675 C654 Central Reserve Bank of El Salva- N D o em te a c n i d r c d u e la p t o io si n ts 1 1 9 , , 2 5 2 04 0 1 1 6 , , 0 6 9 42 8 do G r ol ( d th ousands of colones): 1 33,167 33,080 27,224 Postal Checking Office 1,637 1,408 Foreign exchange 28,614 34,229 25,551 Other liabilities 375 347 Loans and discounts 1,075 1,117 1,336 National Bank of Bohemia and Government debt and securities... 6,067 6,074 6,720 Mo G r o a ld via (millions of koruny): (Au 1, g 5 . 1 )2 5 1,5 7 1 7 5 5 O N t o h t e e r c a ir s c s u et l s ation 44 1 , ,3 4 6 94 0 43 1, , 0 4 0 57 7 38,3 8 0 4 6 6 F D o is re c i o g u n n t e s xchange 3,4 7 0 7 3 6 1,420 O D t e h p e o r s i l t i s abilities 1 6 9 , , 7 00 8 1 9 2 6 5 , , 7 25 9 4 6 1 5 7 , , 8 48 8 4 6 N L O D O o o t t e h h a m te e e n r r a s c n a l i d i r s a c s b d u e i e l t l s a p i t t o i i o e s s i n ts 4 2 1 3 9 8 1 , , , , 6 9 1 2 4 2 9 2 < . 7 ' 3 2 4 5 4 7 ^ , , , 8 0 9 1 5 7 3 5 3 9 8 6 R B N a a a o n n t f i k k G o p o o n o e l f n f a d g l F G o B i ) n r : a e l n a e k n c e d o 4 4 f Hungary (millions (Aug 1 .) 0 2 0 100 Ce o n f t G F L S r b o e o o a o c r a l l d e l u n i i r s v g B a i i n t t a a i a e n n h n e s o o d x k — s m c d ) h O G : e i o a s t f o n c a h v o g n e B e e u r d r o n n a l t m s i b v r e i o n a a t d (millions (Sept 6 3 6 2 . 8 0 ) 7 4 4 2 4 0 9 5 4 3 5 5 0 8 4 2 6 0 7 1 8 F D L O N o o i t o s h r a t e c e n e i o r s g u c — n a i n r s T T t O c e s s o o u x e t h t c l s a T f h e o t r a r i r e o n e n a g ig s e n u r ry e c s o e u r n v t e ries ... 6 6 1 , , , 1 3 4 5 9 3 4 3 3 4 2 6 9 3 4 1 1 , , , , 3 5 0 4 5 9 3 8 5 7 2 6 5 5 4 0 8 O N t o h te e r c a ir s c s u e l ts ation 1,185 1,07 6 5 8 D Co e n m s a o n l d id a d t e e p d os f i o ts reign credits of 1,294 912 Deposits 76C 804 1931 10 15 Other liabilities 102 Other liabilities 1,50 1,439 National Bank of Bulgaria4 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of G p o e l s d os): 273 369 c250 Issue G o d l e d p a a t r t h m o e m n e t : and abroad (Aug 4 . 4 )2 444 Discounts for member banks 316 277 214 Sterling securities.... 8,28 7,348 Loans to Government 715 715 716 Indian Govt. securities 57 583 Other loans and discounts 923 925 898 Rupee coin 15 128 Other assets.. 1,1571 1,0391 ''876 Note circulation 9,270 8,408 Note circulation. .... 2,393! 2,389 2,268 Banking department: Deposits—Bank 436 410 307 Notes of issue department nt 96 Other 190 180 134 Balances abroad 2,488 1,206 Other liabilities 365 348 246 Treasury bills discounted 1 Bank of the Republic of Colombia Loans to Government 3 (thousands of pesos): 1 Other assets "l5C 113 Gold 161,787 159,920 157,686 103,608 Deposits 2,665 1,216 Foreign exchange 115,122 118,022 120,417 r94,684 Other liabilities 160 202 Loans and discounts 28,573 17,581 14,464 4,759 Central Bank of Ireland (thousands Government loans and securities... 66,281 67,169 63,888 56,878 of pounds): Other assets 26,058 25,824 27,117 r3O,772 Gold 2,646 2 646 2,646 Note circulation 179,287 159,469 156,285 125,434 Sterling funds 29,165 28'225 26,055 D O e th p e o r s i l t i s a . b . i . l ; i . t m ies 1 8 3 3 4 , , 9 5 3 9 7 8 1 8 4 2 6 , , 7 2 7 6 8 9 1 8 4 1 5 , , 8 3 9 9 7 0 1 5 1 0 4 , , 3 8 7 9 3 4 Ban N k o o t f e J c a ir p cu a l n a 4 tion j... 31,811 30,871 28,701 Bank of Java4 ' r Revised. c Corrected. 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of BrusselsI sw was founded by the German Military Administration on June 27, 1940; it has no note issue, drawing its resources principally from advances from the Nation; 1 Bank and deposits by the Postal Checking Office. '2 Latest month for which report is available for this institution. 3 Figure not available. 4 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 5 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 6 Items for issue and banking departments consolidated. FEBRUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): Metallic reserve* 580 566 476 Gold 1,135 994 "Authorized" holdings of securi- Silver. . 612 624 ties, etc. 1,428 1,^39 1,334 Government loans and securities... 16,288 16,184 Bills and discounts 421 402 179 Other loans and discounts 3,110 2,878 Other assets 74 136 54 Other assets 1,882 3,625 Note circulation 1,298 1,267 1,171 Note circulation 16,962 16,381 Demand liabilities 1,023 997 732 Deposits—Government 1,772 1,803 Other liabilities 182 179 140 Other 3,747 3,812 Netherlands Bank (millions of Other liabilities 545 2,308 guilders): Aug.)2 Bank of Sweden (millions of kronor): Gold 932 932 Gold 1,006 854 Silver (including subsidiary coin) Foreign assets (net) 588 652 Foreign bills 3,921 3,214 Swedish Govt. securities and ad- Discounts vances to National Debt Office6. 1,197 1,120 Loans 133 135 Other domestic bills and advances. 83 93 Other assets 96 79 Other assets 1,041 905 Note circulation 4 474 3,478 Note circulation 2,329 2,266 Deposits—Government 105 c107 Demand deposits—Government.... 530 539 Other 310 C633 Other...' 437 160 Other liabilities 193 142 Other liabilities 619 660 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2 802 2,802 2,802 Gold 4,554 4,502 4,451 4,173 Sterling exchange reserve 36,701 34,735 33,616 Foreign exchange 102 94 121 83 Advances to State or State under- Loans and discounts 99 91 184 112 26 072 25 885 • 41 314 Other assets 94 (6) (f>) 211 investments 11,737 11,737 10,324 Note circulation 3,548 3,337 3,267 3,048 Other assets 2,195 2,208 3,444 Other sight liabilities 1,015 1,186 1,337 1,239 Note circulation 38,212 37,923 37,719 Other liabilities 286 (6) (6) 291 Demand deposits 37,554 35,888 50,341 Central Bank of the Republic of Other liabilities 3,741 3,556 3,441 Turkey (thousands of pounds): Bank of Norway3 Gold P 276,372 201,698 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings 58,613 95,271 Gold 333 333 173 Loans and discounts 841,239 721,349 Foreign exchange 1 861 2 039 2,498 Securities 178,344 193,019 219 215 110 Other assets 24 991 26 243 Government loans and securities... 2,425 2,769 1,999 Note circulation 973,528 805,626 Other assets 1,769 1,526 2,044 Deposits—Gold 85,576 79,358 Note circulation 2,837 2,914 2,599 Other 153,094 166,739 Demand deposits—Government.... 548 785 876 Other liabilities 167,360 185,857 Other 2,277 2,273 cl,833 Bank of the Republic of Uruguay Cen O tr t a h l e r R l e i s a e b r il v i e ti e B s ank of Peru (thou- 946 910 cl,517 (th Is o s u u s e a n d d e s p o a f r t p m e e s n o t s : ): (Sept.)2 sands of soles): Gold and silver 120,614 120,343 Gold and foreign exchange 142,577 150,830 Note circulation 135,251 140,711 Discounts 7 280 11,328 Banking department: Government loans 432,987 342,817 Gold and silver 115,518 72,323 Other assets 24,155 21,412 Notes and coin 39,810 38,279 Note circulation 403,902 343,017 Advances to State and to gov- Deposits. 175,437 158,406 ernment bodies 16,789 23 478 Other liabilities 27,660 24,963 Other loans and discounts 95,676 92,785 Bank of Portugal (millions of es- Other assets 276,406 185,648 cudos): (June) 2 Deposits 243,204 174,373 Gold4 1,412 1,399 Other liabilities 300,994 238,139 Other reserves (net) 4,871 4,194 Central Bank of Venezuela (thou- Nonreserve exchange 9,010 7,892 sands of bolivares): Loans and discounts 236 238 Gold7 328,694313,547 268,10 273,314 Government debt 1,023 1,025 Foreign exchange (net) 65,600 45,202 86,79 40,244 Other assets 910 1,044 Credits to national banks 22,560 26,370 26,370 27,870 Note circulation 6,946 6,910 Other assets 25,843 25,053 28,010 10,721 Other sight liabilities 9,577 7,885 Note circulation—Central Bank.... 290,991278,832 271,52 246,015 Other liabilities 940 998 National banks.. 18,742 18,984 20,66 26 258 National Bank of Rumania (millions Deposits 102,207 105,10 110,33 73,748 of lei): (June) 2 Other liabilities 30,758 7,250 6,75 6 128 Gold .... 69,567 59,600 National Bank of the Kingdom of Special exchange accounts 70,223 32,837 Yugoslavia3 Loans and discounts 70,986 55,013 Bank for International Settlements Special loans (in liquidation) 117 153 (thousands of Swiss gold francs) :8 Government debt 44,948 20,469 Gold in bars 119,72 137,144 Other assets 62,750 66,337 Cash on hand and on current ac- Note circulation 211,848 160,016 count with banks 44,35 20,119 Demand deposits 62,252 45,930 Sight funds at interest 12,93 6,977 Other liabilities 44,490 28,463 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) 73,50 106,274 sands of pounds): Time funds at interest 14,96 21,075 Gold 98,44 96,605 85,625 Sundry bills and investments :::::: 200,32 194,544 Foreign bills 20 03 20 008 13 353 Other assets 23< 296 Other bills and loans 5,63 5,104 1,470 Demand deposits (gold) 29,44 50,567 Other assets 94,75 92,706 92,689 Short-term deposits (various cur- ^Note circulation . 54,294 54,909 51,022 rencies) : 159,26 154,609 136,631 Central banks for own accouni 6,64 7,015 Other liabilities 5,31 4,906 5,485 Other 2,09 2,932 Long-term deposits: Special accounts 229,00 229,001 Other liabilities 198,87 196,915 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 7 Beginning October 1944, gold in the amount of 70 million bolivares, formerly reported in the Bank's account, shown separately for account of the 8 See BULLETIN for December 1936, p. 1025. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum ] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - ba C n e k n t o r f a — l R Ja 3 a n 1 te . eff D ec a t t i e ve ba C n e k n t o r f a — l R Ja 3 a n 1 t . e ef D fe a ct t i e ve In effect Oct. 2, O Oc c 1 t t 9 . . 3 9 1 6 6 I B A A e l r b l g g a e i n u n i m t a in a , sy y 2 2 J M M an a a r . r . . 2 2 1 5 1 , , , 1 1 1 9 9 9 4 4 3 0 0 6 J J I Ta a a ta p v l a a y n . . . . . 3 4 3.29 J A S a e p n p r . . t . 1 1 4 7 1 , , , 1 1 1 9 9 9 3 4 3 7 4 6 Oct. 20 Bohemia and La 5 Feb. 17, 1940 Nov. 26 Moravia Oct. 1, 1940 . 6 July 15, 1939 Dec. 3 Lithuania. Jan. 28, 1937 4 June 15 6 July7 5 Bolivia Nov. 8, 1940 Mexico June 4, 1942 Aug. 4 British India.. Nov. 28, 1935 Netherlands. June 27, 1941 Sept. 3 Bulgaria Dec. 1, 1940 New Zealand July 26, 1941 Nov. 13 Canada Feb. 8, 1944 Norway May 13, 1940 May 10, 1938 Chile Dec. 16, 1936 Peru Aug. 1, 1940 May 13 Colombia July 18, 1933 Portugal.... Jan. 12, 1944 May 30 Sept. 28 Oct. 27 Nov. 25 Denmark Oct. 16, 1940 Rumania May 8, 1944 Jan. 4, 1939 Ecuador May 26, 1938 South Africa June 2, 1941 Apr. 17 El Salvador... Mar. 30, 1939 Spain Dec. 1, 1938 May 11 Estonia Oct. 1, 1935 Sweden May 29,1941 July 6 Finland Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 Aug. 29 Sept. 28 Oct. 26 France Jan, 20, 1945 Turkey July 1, 1938 Dec. 15 Germany. Apr. 9, 1940 United King- Jan. 25, 1940 Greece Dec. 1, 1944 dom Oct. 26, 1939 Apr. 9 Hungary Oct. 22, 1940 U. S. S. R... July 1, 1936 May 17 Ireland Nov. 23, 1943 Yugoslavia.. Feb. 1, 1935 Mar. 17, 1941 May 29 J J u a n n e . 2 2 0 7 , 1945 I 2V2 ... I 1M N to O T l^ E. p — er C h c a e n n g t e . s since December 31: France—January 20, down from In effect Jan. 31, 1945 j 2V2 \ 3 OPEN-MARKET RATES f Per cent per annum ] Switzer- United Kingdom lany Nether Lands Sweden land Month ic B c a ep n t k a e n r c s e ' s T*5Siy ^ay-to-day a B llo an w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P is ri c v o a u t n e t M f o o n r ey u L p o a to n s 3 d P is ri c v o a u t n e t 3 months 3 months money on deposits rate money rate 1 month months rate 1929—Nov 5.35 5.30 5.15 6.89 7.79 4.26 4.17 5K2-7 3.32 1930—Nov 2.18 2.15 2.01 4.79 5.48 1.31 1.29 3/>^—53^ 1.16 1931—Nov 5.75 5.55 4.96 8.00 8.69 1.59 1.73 6~7T2 L.77 1932—Nov .89 .82 .73 3.88 4.80 .37 1.00 3 3^-5 J^ L.50 1933—Nov 1.05 .94 .75 3.88 5.18 .45 1.00 3-5 L.50 1934—Nov .45 .29 .68 3.63 4.21 .63 1.00 2^j-4^ L.50 1935—Nov .57 .55 .75 3.01 3.07 3.15 3.00 2^-5 2.44 1936—Nov .56 .55 .75 3.00 2.79 .85 1.55 2^-5 L.46 1937—Nov .59 .58 .75 2.88 2.65 .13 .50 2^-5 LOO 1938—Nov .66 .67 .75 2.88 2.58 .14 .50 2^-5 .0G 1939—Nov 1.96 1.18 1.00 2.65 2.19 1.75 2.41 2H-5 .25 1940—Nov 1.03 1.02 1.00 2.25 1.93 2.25 2.75 3H-5H .25 1941—Nov 1.03 1.00 1.00 2.13 1.75 .25 1942—Nov 1.03 1.00 1.00 2.13 1.75 S-5J/2 1.25 1943—Nov 1.03 1.00 1.00 2.13 1.88 .25 1943—Dec 1.03 1.01 1.00 2.13 1.92 .25 1944—Jan 1.03 1.01 1.08 2.13 1.89 .25 Feb 1.03 1.00 1.13 2.13 1.89 .25 Mar 1.03 1.00 1.13 2.13 1.93 .25 Apr 1.03 1.01 1.13 2.13 1.91 .25 May 1.03 1.00 1.13 2.13 1.90 .25 June 1.03 1.00 1.13 2.13 1.92 .25 July 1.03 1.00 1.13 2.13 1.2S Aug 1.03 1.00 1.13 2.13 1.25 Sept 1.03 1.01 1.13 2.13 1.25 Oct 1.03 1.00 1.10 1.25 Nov 1.03 1.00 1.00 iNuiE.-ror mommy 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. FEBRUARY 1945 [97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i o n g n g b s ) a o n f ks. re C se a r s v h es M ca n o s l o n h l t e o i a y c r n e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e t r ies 1936—December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December 243 160 250 635 971 263 2,254 1,256 997 269 1939—December 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December 324 159 265 3l4" 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—January 416 157 138 1,305 1,149 754 288 3,962 2,650 1,312 245 February •.. 414 150 124 1,264 1,141 761 287 3,897 2,583 1,314 243 March 423 155 113 1,331 1,136 781 290 3,988 2,652 1,336 242 April 430 164 149 1,314 1.152 762 285 4,017 2,672 1,345 240 May 418 173 174 1,310 ,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 1,169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 1,175 765 289 4,121 2,744 1,377 244 August 439 205 211 1,337 1,180 750 283 4,161 2,775 1,386 243 September 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 October 453 191 170 1,567 ,172 744 291 4,342 2,876 1,467 245 November.. 460 205 198 1,548 1,192 748 292 4,398 2,922 1,475 245 Assets Liabilities Canada Entirely in Canada Se lo cu a r n i s ty"1 Deposits payable in Canada (10 chartered banks. End of abroad excluding interbank deposits month figures in millions and net Securities Other of Canadian dollars) due from liabilities foreign Total Demand Time banks 1936—December. 161 1,384 554 103 2,303 755 1,548 837 1937—December. 102 1,411 575 96 2,335 752 1,583 850 1938—December. 166 1,463 535 2,500 840 1,660 843 1939—December. 132 1.646 612 2,774 1,033 1,741 963 1940—December. 159 1,531 570 2,805 1,163 1,641 846 1941—December. 168 1,759 653 71 3,105 1,436 1,669 962 J 942-December. 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—January... 229 2,950 674 41 4,273 2,247 2,026 1,167 February.. 1,003 227 2,994 664 40 4,216 2,093 2,124 1,170 March 982 210 3,156 732 39 4,368 2,143 2,225 1,182 April 920 212 3,390 669 38 4,506 2,253 2,254 1,198 May 1,175 275 3,374 712 37 4,850 2,756 2,094 1,256 June 1,104 294 3,358 856 36 4,836 2,641 2,195 1,339 July 1,063 218 3,388 755 35 4,716 2,451 2,265 1,282 A Se u p g t u e s m t b — er 1,0 9 0 7 2 6 2 2 2 1 4 5 3 3 , . 4 3 5 6 0 8 7 76 5 1 5 43 3 5 5 4 4 , .6 7 6 2 7 6 2 2, , 2 2 6 9 2 7 2 2 , , 4 3 6 7 4 0 41 1 , , 2 26 8 8 2 October... 992 236 3,622 757 35 4,957 2,468 2,489 1,269 November. 1,275 236 3,577 774 34 5,221 2,877 2,343 1,273 France Assets Liabilities (4 larg f e i g b u a re o n s f k s i f . n r an m E c i n s l ) l d i o o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n t d e i d s- Loan a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 1936—December 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December5 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—February 6,710 3,835 73,478 11,749 1,435 91,792 91,452 340 433 4,982 March 6,813 3,803 74,664 15.245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14.644 2,206 102,602 101,525 1,078 347 6,859 September 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October 7,133 3,877 88,289 14,215 2,448 108,368 107.100 1,268 411 7,182 November 7,203 3,960 86,754 14.561 2,653 107,200 105,811 1,390 404 7,326 December 8,548 4,095 90,897 14,191 | 2,935 112,732 111,191 1,541 428 7,506 1944-January.. 7,510 4,125 90,024 13,737 I 1,676 110,485 108,883 1,601 419 6,168 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. : of England rate. die these holdings are now omitted from "Other liabilities." 5 Figures for three banks only. Data for Credit Tndustriel et Commercial not available September 1940-March 1941. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages ot certified noon buying rates in New York for cable transfers. Cn cents per unit of foreign currency] ! Year or month Off A ic r ia g ( l p e e n s t o S E ) i p x n e a p c o i r a t l Off A ic ( i u p al s o t u r I a n l d i F ) a ree (b g B e i l e u g m l- a) Offi ( c c i B r al u r z a e z i il r F o1) ree B ( I r r u n i p t d i e i s e a h ) g B ( a l u e r l v i - a ) C Of a fi n c a ial da (do F l r l e ar e ) Of C fi h c i i l a e l (p E e x so p ) ort C S ( h h h y a a u i i n n a ) n g a - 1936 33.137 1 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 %.ooo6 29.606 1938 32.597 330 89=; .Q55l 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5^1248 33.279 2i.21U 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5.0214 30.155 290!909 85.141 5.1668 4.0000 6.000 1941 29.773 223!?04 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29,773 25,125 322.80 6.0594 5.1469 30.122 90.909 89.853 1944—Jan.. 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.554 Feb... 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.586 Mar.. 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.326 Apr.. . 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.969 May... 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 90.507 Tune 20.773 25.125 322.80 6.0587 5.1275 30.122 90.909 90.403 July. 29.773 25.125 322.80 6.0598 5.1275 30.122 90.909 90.178 Aug. .. 29.773 25.125 322.80 6.0602 5.1520 30.122 90.909 90.003 Sept.. 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.356 Oct 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.736 Nov 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.836 Dec... 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.747 Year or month C ( o p b l e ia o so m ) - C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr a e o r n n k - e) ( F m l k a i a a n n r ) d - k- F (f r r a a n nc c ) e ( m m G r a e a e i r n r c - y k) hs- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a n r n g y - o) I (l t i a r l a y ) J r a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N l Z o a e e u n w a n d - d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1944 57.272 20.581 324.42 1944—Jan 57.277 20.582 324.42 Feb 57.277 20.582 324.42 Mar. . 57.277 20.582 324.42 Apr 57.277 20.582 324.42 May 57.277 20.582 324.42 June.. 57.277 20.582 324.42 July 57.277 20.576 324.42 Aug 57.277 20.580 324.42 Sept 57.277 20.581 324.42 Oct 57.277 20.582 324.42 Nov 57.272 20.582 324.42 Dec. 57.220 20.582 324.42 United Kingdom Uruguay Year or month N ( o k r ro w n ay e) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n t c h d a ) ( S p p es a e i t n a) S S m (d t e o e r t n l a t l l a i t e t s r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree t C ro o l n- led (peso t ) r N c o o o l n l n e - - d Y ( s d u l i a n g v a o i r - a ) 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403!50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1944—Jan 398.00 403.50 65.830 52.946 Feb 398.00 403.50 65.830 52.945 Mar 398.00 403.50 65.830 52.954 Apr 398.00 403.50 65.830 52.961 May 398.0C 403.50 65.830 52.964 June 398.00 403.50 65.830 52.962 July 398.00 403.50 65.830 53.421 Aug. 398.00 403 50 65.830 54.200 Sept 398.00 403.50 65.830 54.185 Oct 398.00 403.50 65.830 54.185 Nov 398.00 403.50 65.830 54.189 Dec 398.00 403.50 65.830 54.196 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. NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682 For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. There are no developments to record for 1944. FEBRUARY 1945 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900=100) = 100) (1935 = 100) =100) 1926 100 100 U24 695 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 .. 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 2*103 p166 P223 1943—December 103 103 163 117 p391 195 220 1944—January 103 103 164 117 *>396 195 221 February 104 103 165 117 2*398 195 221 March 104 103 165 117 *>400 195 223 April 104 103 166 118 p420 195 223 May 104 103 166 118 p4l2 197 223 Tune 104 103 166 118 P417 197 223 July . ... 104 103 167 119 198 224 August 104 102 168 118 197 224 September 104 102 167 118 196 223 October 104 102 167 195 P223 November 104 102 167 195 2*222 December 105 ?167 *>221 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) 1926=100) (1930=100) 1913 = 100) Year or month Raw and Fully and Indus- Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u r ly e - d f m c a h c a i t e n u f u r l e y - d Foods p I ro n tr d d i u u a c l s- ts p A r g t o u r d i r u c a c u l t l s - a t f n r i i d n a i l s s e r h a m e w d i- p tr r i i o s a h d l e u f d c in ts goods goods products 1926 100 100 100 100 100 100 129 130 150 1932;::; 48 61 70 48 55 70 8S 85 91 89 118 1933 - 51 61 71 51 57 70 83 87 87 88 113 1934 . . . ... 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 1943—December 122 106 98 105 104 94 158 166 119 103 136 1944—January 122 105 98 104 104 94 159 166 119 103 136 February 123 105 98 104 105 94 159 167 119 103 136 March 124 105 98 105 105 94 158 168 121 103 136 April 123 105 98 104 105 94 158 169 122 103 136 May 123 105 99 102 104 94 158 170 122 103 136 June 125 107 99 102 104 94 158 170 122 102 136 July 124 106 99 102 104 93 161 170 125 102 136 August 123 105 99 101 104 94 159 172 124 102 136 September 123 104 99 101 103 94 157 172 122 102 137 October 123 104 99 103 103 94 156 172 November 124 105 99 103 103 94 156 172 December 126 106 99 ^103 2*104 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. *LOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index, numbers] [Index numbers] Year or month U ( S 19 n ta 3 i 1 5 t t 0 e e - 0 3 d s ) 9 ( C 1 = a 9 a d 3 1 n 5 0 a - - 0 3 ) 9 U K d ( n 1 J i o 9 i n u m 1 t l g e 4 y d - m 1 = G 9 a 1 e 1 3 n 0 r- 0 - y 1 ) 4 N l 1 = e a 9 t n 1 1 h 0 1 d e 0 - s 1 r ) - 3 S e w = r ( 1 i l J 9 1 u t a 1 0 n z n 4 0 e - d ) Year or month U ( S 1 = 9 t n a 1 3 i 0 5 t t 0 e e -3 s ) d 9 (1 C = a 9 a 3 1 d n 0 5 a 0 - -3 ) 9 U K d ( n 1 J i o 9 u i n m 1 t l g e 4 y d - (1 m = G 9 a 1 e 1 3 n r 0 - - y 0 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 1 s r ) 3 - e S = ( r w 1 J l 1 9 u a i 0 1 t n n 0 4 z e d ) - = 100) = 100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 . 105 112 199 133 174 1942 124 127 161 132 200 1942 . 117 117 200 137 193 1943 138 131 166 134 211 1943 124 118 199 139 203 1944 136 P131 168 1944 126 PH9 201 ^208 1943—December. 137 133 168 134 213 1943—December.. 124 119 199 139 205 1944—January... 136 132 168 135 213 1944—January 124 119 199 139 206 February.. 135 131 168 135 214 February... 124 119 200 140 206 March 134 131 168 136 214 March 124 119 200 140 206 April 135 132 168 138 215 April 125 119 200 140 207 May 136 132 168 138 215 May 125 119 200 141 208 June 136 131 168 139 216 June 125 119 200 142 208 July 137 132 169 146 217 July 126 119 201 146 209 August 138 132 170 143 216 August — 126 119 202 144 208 September 137 131 169 137 215 September. 127 119 202 141 208 October.. . 136 131 168 October r127 119 201 p208 November. 137 132 168 November. 127 119 201 ^208 December. 137 168 p215 December.. 127 ?! 19 201 P208 p Preliminary. r Revised. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d n r e t i a r i c i t t e v e e ) e d s * d ( K 1 D 9 U i 2 e n n c 1 g e i = d t m e o 1 d b m 0 e 0 r ) (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p r v r m e ic ra a e g ) n 2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t a 3 1 i 5 t 0 t e e - 0 3 s d ) 9 K U in n g it d e o d m (1 F 92 ra 6= n 1 c 0 e 0) Germany (1 N 93 l e a 0 t n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 695.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 HlO.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941. 117.8 123.8 ^98.7 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 94.7 69.4 75.3 P476 142.1 131.5 1943 120.3 127.8 98.5 91.9 84.5 145.0 151.0 1944 120.9 127.5 99.8 88.6 1943—December 120.0 127.2 100.9 91.8 85.3 145.1 152.2 1944—January 120.5 127.4 102.1 94.6 86.2 145.2 152.3 February 120.4 127.6 102.7 94.4 86.9 145.3 152.5 March 120.5 127.3 96.6 87.1 145.6 April 120.7 127.1 95.1 87.2 145.8 May 120.9 127.0 97.2 88.0 145.8 June 120.9 127.2 101.5 89.3 145.7 July 121.3 127.3 104.3 90.3 145.5 August 121.2 127.2 102.7 90.6 145.1 September 121.2 127.6 100.7 88.8 145.0 October 121.1 127.9 103.5 89.1 145.2 November 120.9 127.9 102.7 90.1 December 121.4 128.1 104.7 90.1 v Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Staiistics, Table 130, p. 475, and Table 133, p. 479. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. A Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. This number originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources.— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1945 XOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THURSTON, Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF SECURITY LOANS CHESTER MORRILL, Secretary CARL E. PARRY, Director S. R. CARPENTER, Assistant Secretary BONNAR BROWN, Assistant Director BRAY HAMMOND, Assistant Secretary LEGAL DIVISION DIVISION OF PERSONNEL ADMINISTRATION WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney ROBERT F. LEONARD, Director GEORGE B. VEST, Assistant General Attorney DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES E. A. GOLDENWEISER Economic Adviser LISTON P. BETHEA, Director WOODLIEF THOMAS, Director FRED A. NELSON, Assistant Director HOWARD S. ELLIS, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator WILLIAM B. POLLARD, Assistant Director DIVISION OF BANK OPERATIONS FISCAL AGENT EDWARD L. SMEAD, Director J. R VAN FOSSEN, Assistant Director O. E. FOULK, Fiscal Agent J. E. HORBETT, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman ALLAN SPROUL, Vice Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT CHESTER C. DAVIS JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT HUGH LEACH JOHN K. MCKEE JOHN H. MCCOY, CLEVELAND DISTRICT J. N. PEYTON RONALD RANSOM ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK C. S. YOUNG KEEHN W. BERRY, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT RALPH C. GIFFORD, CHESTER MORRILL, Secretary ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary JULIAN B. BAIRD, WALTER WYATT, General Counsel MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist A. E. BRADSHAW, KANSAS CITY DISTRICT HENRY H. EDMISTON, Associate Economist E. A. KINCAID, Associate Economist ED. H. WINTON, JOHN K. LANGUM, Associate Economist DALLAS DISTRICT ARTHUR R. UPGREN, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary XOZ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry S. Dennison William Willctt J. C Hunter* O. A. Schlaikjer New York .... Beardsley Ruml Allan Sproul J. W. Jones H. V. Roelse William I. Myers L. R. Rounds L. W. Knokc Robert G. Rouse Walter S. Logan John H. Williams A. Phdan V. Willis J. M. Rice R. B. Wiltse Philadelphia Thomas B. McCabc Alfred H. Williams W. J. Davis C A. Mcllhcnny3 Warren F. Whitticr Frank J. Drinnen E.G. Hill C. A. Sicnkicwicz Cleveland . . George C. Brainard Ray M, Gidney Wm. H. Fletcher B. J. Lazar Reynold E. Klages Reuben B. Hays J. W. Kossin K. H. MacKcnzic A. H. Laning3 W. F. Taylor Richmond Robert Lassieer Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Gco. H. Kccscc* Edw. A. Wayne Atlanta Frank H. Ncely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark Allan M. Black2 E. C. Harris Chicago . Simeon E. Leland C. S. Young Neil B. Dawcs John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihlcr St. Louis Win, T. Nardin Chester C. Davis O. M. Attcbcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart W. C Coffey J. N- Peyton A. W. Mills8 Sigurd Ueland Minneapolis Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Ziemer Robert B. Caldwell H. G. Lecdy O. P. Cordill C. O. Hardy Kansas City Robert L. Mchornay Henry O. Koppang L. H. Earhart G. H. Pipkin D. W. Woollcy3 Jay Taylor R. R. Gilbert E. B. Austin3 W. O. Ford Dallas J. R. Partcn W. D. Gentry R. B. Colcman W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wcllman Ira Clerk J. M. Lcisner2 H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis .... Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar* Pittsburgh J. W. Kossin* Kansas City .... Denver G. H. Pipkin* Oklahoma City O. P. Cordill Richmond Baltimore W. R. Milford* Omaha L. H. Earhart* Charlotte W. T. Clements* Atlanta. . Birmingham P. L. T. Beavers* Dallas El Paso J. L. Hermann8 Jacksonville Gco. S. Vardeman, Jr.* Houston L. G. Pondrom1 Nashville Joel B. Fort, Jr.* San Antonio W. H. Hollowav6 New Orleans E. P. Paris* Chicago Detroit E. C. Harris6 San Francisco... Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey* Portland D. L. Davis4 Louisville C. A. Schacht* Salt Lake City W. L. Partner4 Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. • Vice President. a Manager. FEBRUARY 1945 2.03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 1 i W = BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES BOARD OF GOVERNORS OF THL FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis