Federal Reserve Bulletin, 1945-04

FEDERAL RESERVE BULLETIN APRIL 1941 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—New Plans for War Financing.., . 195-301 Letter from Secretary Morgenthau. . . 301-303 International Fund and Bank .. 3°4~3°5 Monetary and Credit Agreements Entered into at Bretton Woods, by M. S. Szymczak 306-311 Wartime Financing of Manufacturing and Trade Concerns, by F. C. Dirks. . . 313-330 Ownership of Demand Deposits . 331-334 Annual Report of the Bank of Canada for 1944.. . . 334-335 Law Department: Consumer Credit—Suspension of Licenses . 336-337 Foreign Funds Control—Treasury Department Releases. .. . 337-339 Current Events 340 National Summary of Business Conditions 341-341 Financial, Industrial, Commercial Statistics, U. S. (See p. 343 for list of tables). . . 343-393 International Financial Statistics (See p. 395 for list of tables) 395~4°7 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 408 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . . 409 Map of Federal Reserve Districts 410 Federal Reserve Publications QSee 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, Pamama, 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 montk, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 April NUMBER 4 NEW PLANS FOR WAR FINANCING Plans recently announced by the Treasury and medium-term securities purchased in for the Seventh War Loan reflect further de- drives. The kinds and terms of offerings velopment in war loan financing methods. during the Seventh War Loan are designed Treasury borrowing procedures have been to diminish this shifting of securities to directed toward the broad objectives of banks. financing the war through borrowing as Principal changes in the Seventh War much as possible from the savings of in- Loan that are expected to increase sales to dividuals and business, with a minimum individuals are a larger total goal for inof bank credit expansion, as well as toward dividuals, particularly that for Series E obtaining the amounts needed at the lowest savings bonds, and an extension of the possible rates of interest consistent with period for individual subscriptions for these other objectives. Plans for the Sev- Series E bonds from two months to thirteen enth War Loan are designed to be more weeks. effective in attaining these objectives. For nonbank investors other than in- In successive war loan drives, various dividuals, the goal has been reduced. This methods have been used to encourage invest- reduction, together with a request by the ment of nonbank funds in Government se- Secretary of the Treasury to nonbank incurities. In the first drives, in December vestors to refrain from selling securities i94i and the spring of 1943, offerings were from existing holdings as a means of obmade to both bank and nonbank groups, taining funds for new subscriptions, is inbut the allotments to banks were limited. tended to decrease the pressure for securities In the third drive, in the autumn of 1943, that are later sold to banks. In order to banks were excluded from subscribing dur- exert a further restraining influence on the ing the drive, but received a separate offer- resale of Government securities to commering after the close of the drive. During cial banks, the number of issues that can be 1944 banks were excluded from direct sub- purchased by banks after the close of the scription for issues for new money, except drive has been reduced. The 2. per cent for regular offerings of Treasury bills and unrestricted bonds, heretofore a popular very limited subscriptions concurrent with issue for resale to banks, have been elimthe three drives conducted during that year. inated from the drive; only two unrestricted Bank holdings of Government securities issues will be offered to individuals and only have continued to increase through pur- one to other nonbank investors, and these chases in the market. Corporations and are relatively short-term low-coupon issues. other investors have sold to banks short- Moreover, the period during which the new APRIL 1945 2-95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH restricted long-term bond issues are not uals, and to 2.0.6 billion in the Fifth Loan, eligible for bank ownership has been ex- of which 6.4 billion was to individuals. tended. The issues to be included in the Seventh One result of the changes made in the War Loan are as follows: program will be to reduce the maximum Series E, F, and G savings bonds coupon rate of interest and the maximum Series C savings notes maturity on new issues that will be avail- Y% per cent i-year certificates of indebtable for ownership by banks after the close edness of the drive or at any time in the near iK per cent 53^-year bonds future. The coupon rate of 2.3^ per cent 2-K per cent 14-17-year bonds on marketable issues available for sub- 2-H per cent 2.i-i7-year bonds. scription by nonbank investors remains All of these issues are available for subunchanged, however, and returns on savings scription by individuals and, except for the bonds also continue at previous levels. iJ/£ per cent bonds, by other nonbank in- The marketable issues are offered in un- vestors as well. Commercial banks will limited amounts to investors authorized to not be permitted to own the x}4 or 2-H per own them. cent borids offered in the drive until within ten years of their respective maturity dates,. THE SEVENTH WAR LOAN The 1 % per cent unrestricted bonds and the The goal for the Seventh War Loan has 2-34 per cent restricted bonds, included in been set at 14 billion dollars, of which 7 the Seventh War Loan, were not offered in billion is the goal for sales to individuals, the Fifth and Sixth Loans, while unrepartnerships, and personal trust accounts stricted iM per cent notes and 2. per cent and 7 billion that for other nonbank in- bonds offered in the Fifth and Sixth Loans vestors. Goals established for the Seventh are not included in the Seventh Loan. War Loan and for the two previous war The drive for individuals will extend from loans are compared in the following table. May 14 to June 30; in addition, an intensification of activities in the sale of Series E Seventh Sixth Fifth War War War bonds will begin on April 9, and all savings Loan Loan Loan bonds and savings notes processed through (In billions of dollars) the Federal Reserve Banks between April Individuals, partnerships, and personal trust accounts: 9 and July 7 will be credited to the drive. Series E savings bonds 4.0 2.5 3.0 Other securities. 3.0 2.5 3.0 From June 18 through June 30, the final Total 7.0 5.0 6.0 phase of the drive, subscriptions will be Other nonbank investors 7.0 9.0 10.0 received from all other nonbank investors. Total goal 14.0 14.0 16.0 Life insurance companies, savings institu- The total goal is the same as that set for tions, and States, municipalities, political the Sixth War Loan. The goal for individ- subdivisions, and similar public corporauals is larger than that for any previous tions and agencies will be permitted to make war loan, while the goal for other nonbank deferred payment through August 31, 1945, investors is smaller than that for any drive for the 2-M and 7J/2 per cent marketable since the Second. Actual sales amounted bonds allotted to them. to xi.6 billion dollars in the Sixth War Commercial banks will be afforded an Loan, of which 5.9 billion was to individ- opportunity to subscribe for Series F and G 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH savings bonds, ij^ per cent bonds, and on April 9, millions of persons on pay roll % per cent certificates concurrently with savings plans throughout the country will the drive but not as a part of it. Subscrip- be asked to enlarge their participation as a tions from each bank will be limited to part of the drive. On the basis of the rate $500,000 or 10 per cent of time deposits, of sales ordinarily made during nondrive whichever is the smaller. Not more than periods, this extension of time would pro- $100,000 of the subscriptions from each vide additional sales of about 600 million bank may be for savings bonds. dollars, most of which would be obtained through pay roll savings plans. This LARGER GOAL FOR INDIVIDUALS amount, together with a repetition of the Increases in the total goal for individuals, 3 billion dollars of Series E bonds sold in partnerships, and personal trust accounts, previous drives, would still be short of the and particularly in that for sales of Series E 4 billion goal, and the attainment of that savings bonds, are for the purpose of plac- goal, therefore, will require additional ing more emphasis on sales to individuals, effort on the part of the selling organization who constitute the most important group and greater response on the part of the of investors from the point of view of re- public. straining inflationary trends. This is for For sales of securities other than Series the reason that purchases by these investors E bonds to individuals, partnerships, and reduce their cash holdings or the portion of personal trust accounts, the goal was intheir current income available for buying creased to 3 billion dollars, compared with goods and services, which are in limited a goal of z.5 billion and actual sales of 3 supply during the war and will continue to billion in the Sixth War Loan. While this be for a time after the war is over. goal is not larger than purchases by this At 4 billion dollars the goal for Series E group of the securities offered in the two bonds is considerably larger than previous previous drives, changes in the types and goals and also in excess of actual sales in terms of the issues to be offered may necessiany previous drive, which ranged between tate additional selling effort and greater 2-9 and 3.2. billion in the Fourth, Fifth, and response from investors than was required Sixth War Loans. The maximum was ob- in previous drives. tained in the Fourth Loan, which came at Both the Fifth and Sixth War Loans inthe beginning of the year and consequently cluded three issues of securities that were included large sales to individuals who at available for purchase by commercial banks that time purchased the full annual limit of after the close of the drive. Subscriptions $5,000 maturity value. Enlargement of the for these securities by individual investors goal for savings bonds will place individuals totaled 2..1 billion dollars in the Fifth War and the selling organization under increased, Loan and 1.8 billion in the Sixth Loan. but not excessive, pressure. Some of these subscriptions were from so- Attainment of this goal will be somewhat called free-riders, that is, purchasers who facilitated by an increase in the length of subsequently sold the securities, mostly to the period during which sales of Series E commercial banks, at a profit. In some bonds will be counted toward the drive cases arrangements were made between goals and during which the sales organiza- particular commercial banks and individtion will canvass individuals. Beginning uals, with the understanding that the APRIL 1945 Z97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH securities subscribed for would be resold later purchased in the market with cash accumuto the banks. Both of these practices were lations between drives, and part represented reduced somewhat during the Sixth War portfolio adjustments, which transactions Loan as a result of the policing of such sub- are right and proper. Some of them, howscriptions by commercial banks and the ever, were induced by the profit that could Federal Reserve Banks. be obtained from the premiums on these It is expected that elimination in the issues that developed in the market. Some Seventh War Loan of z per cent bonds will were encouraged by commercial banks that reduce the temptation on the part of com- wanted to add to their holdings. Some mercial banks to arrange for subscriptions were induced by the pressure to reach goals. by individuals. Moreover, the likelihood Reduction in the goal should decrease this that the market premium on the i}4 per sort of pressure. cent bonds will be smaller than it has been The extent of this shifting of securities in on z per cent bonds probably will discourage the past may be indicated by comparing the free-rider. As a consequence greater figures for changes in ownership of Governreliance will need to be placed in the ment securities with subscriptions during a Seventh War Loan on sales of securities to drive. In the Fifth War Loan last June individuals who will hold them. and July, sales to insurance companies totaled z.8 billion dollars, but from the end REDUCTION IN GOAL FOR OTHERS of March to the end of September last year, Reduction in the goal for nonbank in- insurance company holdings increased by vestors other than individuals, including 1.9 billion. Mutual savings banks subinsurance companies, mutual savings banks, scribed for 1.5 billion dollars in the drive and corporations, is designed to reduce and increased their holdings during the pressure for large subscriptions made pos- six-month period by about 900 million. sible by resales of previously-purchased The figures are even more striking in the securities to banks. Actual sales to this case of corporations, which purchased 8.7 group of investors in previous drives have billion dollars in the drive but made a net been far in excess of established goals and addition of only a billion to their holdings also have exceeded the amount of new funds during the six-month period. It is estimavailable to them for sustained investment. mated that 3 billion dollars of this difference To a much larger extent than in the case of represented the redemption of savings notes individuals, these investors followed the in payment for taxes, but well over half practice of selling substantial amounts from represented redemptions of maturing issues existing holdings in order to obtain funds and sales of marketable securities, mostly for the purchase of new issues. Their large to the banking system. subscriptions, therefore, did not represent a corresponding increase in their holdings LIMITATIONS ON RESALES TO BANKS of Government securities, but in large part Many of the changes introduced in the were accomplished through an expansion types of issues and conditions for subscripin holdings by banks, which purchased the tion by the new plans for the Seventh War securities sold. Loan are designed to discourage the shifting Part of these sales from existing holdings of substantial amounts of Government were of short-term low-yielding securities securities from nonbank investors to com- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH mercial banks. One of these is the above- vestors for medium-term bonds to hold as an mentioned reduction in the goal for non- investment and at the same time to prevent bank investors other than individuals. their resale to commercial banks, iJ/i per Another is the decrease in the number of cent restricted bonds have been included in unrestricted issues to be offered and more the offering. These are available to all particularly the omission of 2. per cent nonbank investors. The unrestricted ij^ bonds, which were especially popular for per cent bonds will be available for subthis purpose. scription only by individuals. They will In the offering to corporate nonbank probably develop a smaller premium than investors in the Seventh War Loan, the Y%has been the case for unrestricted issues sold per cent one-year certificates will be the in previous drives. For these reasons they only unrestricted issue. Individuals will will be less likely to be shifted in large be offered an additional unrestricted issue, amounts to banks. the 1Y2 per cent bonds. In the Sixth War As a general measure of restraint, the Loan, there were three unrestricted issues; Treasury has requested that all nonbank of these, nonbank investors other than in- investors refrain from selling previouslydividuals purchased 4.1 billion dollars of acquired securities in order to obtain funds certificates, 1.3 billion of i^i per cent notes, with which to subscribe for the securities and 5.6 billion of 2. per cent bonds. Sub- offered in the drive. This request is a descriptions by this group of investors for the sirable supplement to the reduction in the 2. per cent bonds were larger than those goal for others than individuals, since submade in the Fifth War Loan, while their scriptions from this group have been far in purchases of certificates and notes declined. excess of established goals. This request These differences indicated a tendency to is not intended to preclude normal portfolio purchase more of the high-rate and less of adjustments. Shortening of the period of the lower-rate issues. At the time of the the drive for nonbank investors other than Sixth War Loan, this group of investors individuals to two weeks, compared with sold to banks various issues purchased in four weeks in the Sixth War Loan, may also the Fifth Loan, and since the end of the reduce selling pressure on this group. Sixth Loan a considerable part of the notes As another step toward reducing the use and the 2. per cent bonds purchased by non- of bank credit in war finance, the Secretary bank investors in that drive has been resold of the Treasury again has requested the coto commercial banks. operation of banks in declining to make Elimination of unrestricted 2. per cent speculative loans for the purchase of Govbonds from the Seventh War Loan should ernment securities and in declining to accept be an important influence toward reducing subscriptions that appear to be entered for future resales of securities to banks. In the speculative purposes. The acquisition o£ past 2. per cent bonds have been purchased in outstanding securities by banks on the large amounts by commercial banks, both understanding that customers will subfrom free-riders and as a result of indirect scribe for a substantially like amount of new subscriptions arranged by the banks with securities through such banks, thereby entheir officers, directors, affiliates, and cus- abling the banks to increase their war loan tomers. In order to provide an issue that deposits, is regarded by the Treasury as an will meet the demand from nonbank in- improper practice. The Secretary has APRIL 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH requested banks not to make such purchases services during drives in promoting sales of and not to make loans for the purpose of securities to all classes of nonbank investors. acquiring the drive securities later for their They have assisted in many details in proown account. The Treasury is in favor, viding continuous sales of savings bonds however, of banks making loans to facili- and more recently have undertaken a task tate permanent investment in Government of handling redemptions of these bonds for securities, provided that such loans are the Treasury. Banks have also been called made in accordance with the joint statement upon to assist in handling the clearing of issued during 1942. by the bank supervisory ration coupons. authorities. This statement said in part Throughout the period commercial banks that loans would not be subject to criticism have been the purchasers of that part of if they were made to individual subscribers Government securities that has not been abrelying upon anticipated income and wish- sorbed by the various classes of nonbank ing to augment their subscriptions by investors, including individuals, insurance temporary borrowings from banks but that companies, corporations, and mutual savsuch loans should be on a short-term or ings banks. In this respect commercial amortization basis fully repayable within banks have had perhaps their most essential periods not exceeding six months. The part of the war financing program. Notletter addressed by the Secretary of the withstanding all efforts to sell the largest Treasury to banking institutions is reprinted possible amount of Government securities at the end of this Review. to nonbank investors who will continue Commercial banks will be permitted, as to hold them, commercial banks have had during previous drives, to subscribe for to be depended upon to purchase considercertain of the issues offered in the drive in able amounts. Purchases of securities by limited amounts based on their time de- banks throughout the country have conposits. The same formula will be used as tributed to the smooth working of the enduring the Sixth War Loan, during which tire war financing machinery and have commercial bank subscriptions amounted to provided the larger money supply needed a billion dollars. The only difference is by an expanding economy. that concurrent with the Sixth War Loan Since February 1942. the Treasury has concommercial banks were permitted to sub- fined its offerings for commercial bank subscribe for 2. and i% per cent bonds in addi- scription to issues maturing in 10 years or tion to Series F and G savings bonds, less, except for limited subscriptions based whereas at the time of the next drive the on time deposits. In addition commercial offering in addition to savings bonds will banks, with the above exception, have been consist of % per cent certificates and 1^ prohibited from owning for a period of per cent bonds. years new issues of longer-term bonds. These restrictions have helped to limit the LIMITATIONS ON BANK HOLDINGS increase in commercial bank holdings of In the early stages of the war financing Government securities to short- and meprogram, the emphasis as far as commercial dium-term issues. banks are concerned was on their functions Limitation of bank holdings to shortin facilitating a large volume of war and medium-term securities has been facilifinancing. They have performed necessary tated also by large issues of various types 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of short-term securities—bills, certificates, year bonds declined from 1.94 per cent in and notes. Because of this policy, com- the last week of December to 1.68 per cent mercial banks, most of whose liabilities are toward the end of March. The yield on payable on demand, will enter the postwar long-term taxable bonds declined from z.47 period with a large proportion of their per cent in December to z.37 per cent at the Government security holdings in relatively end of February, but increased somewhat short-term issues, which normally are following the announcement of the Seventh subject to much smaller price fluctuations War Loan. The chart shows changes in than are long-term bonds. Banks will be in yields on Government securities during a liquid and flexible position and, therefore, recent years. able to meet demands for loans and shifts in deposits. YIELDS ON U. S. GOVERNMENT SECURITIES In the Seventh War Loan, the highest coupon rate on securities that will be available for purchase by commercial banks immediately after the drive will be i Yi per cent, compared with z per cent in the Sixth War Loan. Also the zJ4 and 1J/2 per cent restricted bonds may not be purchased until within 10 years of maturity date; these restrictions compare with 13 and 16 years respectively for the last previous issues of iJ/i and zj^ per cent restricted bonds. DECLINE IN YIELDS ON GOVERNMENT SECURITIES Bills are tax-exempt prior to March 1941, taxable thereafter, and Selection of issues for inclusion in the rate shown is average discount on bills offered. Adjusted data for Treasury notes represent substitution of a single selected issue, which Seventh War Loan, as previously indicated, was considered more representative, for the average published for the period indicated. This substitution was the 1 per cent Mar. 15, 1946, has been guided in part by the desire to notes from Nov. 8, 1941, to June 6, 1942, and the V/2 per cent Dec. 15, 1946, notes from June 13, 1942, to Mar. 13,1943. Latest figures are for week ending Mar. 24. discourage resale of outstanding securities by nonbank investors to banks. This has Coupon rates and maturities on the led to the elimination from the drive of the particular issues included in the Seventh popular unrestricted medium-term issues. War Loan reflect only in small part the re- Demand for such issues has been so active cent changes that have occurred in the recently that market prices of Treasury notes previously established structure of yields. and bonds have shown a marked rise, and At the lower end the % per cent one-year yields on bonds have fallen to the lowest certificates are the same as in the Sixth levels since before our entrance into the War Loan. The maturities of the z34 per war in December 1941. cent 14-17-year bonds and of the z^ per The structure of yields on Government cent zz-Z7-year bonds are close to the old securities that was maintained during most pattern. That of the 1^2 per cent 53^-year of the war period was consequently some- bonds is close to the new pattern. what changed. The average yield on 7-9 The program for the Seventh War Loan, APRIL 1945 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH therefore, will continue to offer the same the market for longer-term higher-yielding coupon rates to individuals and to institu- issues. tional investors who are investing savings Increasing amounts of the very short-term for comparatively long periods, but by issues outstanding have been sold to the omitting certain issues previously offered Federal Reserve Banks by commercial will reduce yields available to those seeking banks, corporations, and other investors medium-term investments that can be shifting to the medium-term unrestricted readily liquidated. This class of buyers issues. In recent weeks the Federal Reserve formerly confined their purchases princi- Banks have sold some of their holdings of pally to short-term low-rate issues, but bonds, while buying bills. These purchases gradually they have been impressed by the of short-term issues by the Federal Restability that has been maintained in Gov- serve have prevented short-term rates from ernment security prices and have been in rising. LETTER FROM SECRETARY MORGENTHAU On March xz, 1945, Secretary Morgenthau the commercial banking system can be reduced. The basket of securities selected for the Seventh made public the following letter, which he ad- War Loan Drive is designed to accomplish maxidressed to banking institutions throughout the mum investment of nonbanking funds, and to country: hold indirect participation of commercial bank funds to a minimum. With this in mind, the following changes in the pattern and procedure March zo, 1945 followed in previous drives have been made: The Treasury will open the Seventh War (a) The corporation quota has been reduced Loan Drive on May 14, 1945, with a goal of from the 9 billion dollars that was assigned 14 billion dollars. One of the primary ob- in the Sixth Loan to 7 billion. This jectives of this Drive will be the sale of 7 billion will reduce State and county quotas in dollars of Government securities to individuals. proportion and will cut down excessive This is the largest quota that has ever been set subscriptions previously entered for for individuals in a War Loan Drive. As a part speculative or quota-making purposes. of the campaign to raise this amount, an inten- (b) The basket of securities offered to corporasive program for the sale of Series E bonds in tions does not contain the ij^ per cent the plants and factories of the country will be- bond that will be available to individuals gin on April 9. during the Drive. It was in the corporate The Seventh War Loan will be a continuation basket and on issues of this type that of the Treasury's intensified war bond sales speculative subscriptions were entered program. It is clear that Federal expenditures in previous war loans, and substantial are going to remain at a high level for some time purchases of these issues were made with to come. It is also apparent that funds in the the proceeds of the sale of securities alhands of nonbank investors will continue to ready owned. increase sharply under present conditions. It is (c) Nonbank investors have been requested highly desirable to channel as much of these to refrain from selling securities now funds as possible into Government security in- owned solely for the purpose of obtaining vestment, and to put them to work in the prose- funds with which to subscribe for the cution of the war. securities offered in the Seventh War To the extent that this objective can be ac- Loan Drive. This request is not intended complished, the amount of money obtained from to preclude normal portfolio adjustments. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER FROM SECRETARY MORGENTHAU I earnestly request your cooperation in the should be on a short-term or amortization coming Drive, (i) in declining to make loans for basis fully repayable within periods not exthe speculative purchase of Government securi- ceeding six months." ties; (V) in declining to accept subscriptions from We in the Treasury realize the difficulties that your customers which appear to be entered for the Federal Reserve Banks and banking instituspeculative purposes; and (3) in declining to tions generally have experienced in their efforts make loans for the purpose of acquiring the to handle subscriptions in accordance with our Drive securities later for your own account. If objectives during past drives. We also realize you have any doubt as to the propriety of accept- that it is impossible to apply absolutely uniform ing a subscription for a marketable issue pre- standards to the hundreds of thousands of subsented through your bank, please submit the scriptions for the marketable securities which are circumstances and all available information to received in the course of a big war loan drive. the Federal Reserve Bank of your District. That What is desired and expected is a cooperative bank, in its capacity as fiscal agent of the United effort to make the program as effective and States, will advise you as to the disposition to equitable as possible. be made of the subscription. Another matter with respect to which I should I further request your cooperation in declining appreciate your continued cooperation is that of to purchase outstanding securities from nonbank holding transfers of funds for the purchase of investors on the understanding or condition that Government securities to a minimum. Statistia subscription for a substantially like amount of cal credits will, of course, be given to localities Treasury securities offered during the Drive will desired by the purchaser in the Seventh Loan as be made through your bank with payment to be in previous drives. made through the War Loan Account. I wish to take this opportunity to thank you The Treasury is in favor, of course, of loans for the real service that you and the other banks to facilitate permanent investment in Govern- of the country have rendered in connection with ment securities provided such loans conform to the War Loans, the issue of Savings Bonds, and the provisions of the Joint Statement issued by our financing operations generally. I bespeak the National and State Bank Supervisory your continued help in the coming Drive, to the Authorities on November TL, 1941. This state- end that we may obtain maximum investment in ment, you will recall, reads in part as follows: the securities offered of the type of funds we are ". . .subscribers relying upon anticipated in- most anxious to secure. come may wish to augment their subscriptions Sincerely, by temporary borrowing from banks. Such (Signed) HENRY MORGENTHAU, JR. loans will not be subject to criticism but Secretary of the Treasury. APRIL 1945 3°3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FUND AND BANK STATEMENT BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM1 The Board of Governors of the Federal Re- mutual agreement such changes in exchange serve System is convinced that ratification of the rates as may be necessary. Members undertake Bretton Woods Agreements would be an impor- to eliminate as soon as possible monetary practant step in the restoration of world trade and in tices which interfered with the flow of world safeguarding the interests of the United States in trade before the war, such as discriminatory the postwar world. exchange restrictions, multiple currency arrangements, and bilateral clearing agreements. I It would help to give assurance to member coun- Without the institutions proposed by these tries that the proceeds of sales to any country Agreements we. would be confronted with discould be used for the purchase of goods in any rupted currency conditions and with trade and other country. exchange policies and practices which foreign For the purpose of assisting member countries countries might be forced to adopt in self-preserin maintaining their exchange rates, once they vation but which would nevertheless have have been established, without resorting to disorganizing effects on world trade. In rebuildharmful restrictions on trade, the Fund would ing the machinery of international finance after have resources in gold and various currencies the war it will be vital to avoid the recurrence which would be available for temporary use by of practices which developed after the first World members. It would afford member countries War, and to eliminate abuses which were prevafaced with heavy payments abroad a breathing lent in international lending. Effective action spell during which to make necessary adjustin these fields would form a counterpart to essenments in their economies with a view to restortial programs of domestic reconstruction. The ing equilibrium in their trade with the world. greatest contribution to international prosperity The Fund would not be in essence a lending instiand stability that the United States can make is to maintain full employment and a rising stand- tution but a mechanism for converting local ard of living at home. In order to establish currencies contributed by members into a pool of international trade on a sound and enduring international reserves, on which each country foundation, it must be based upon a balanced could draw in proportion to its contribution. exchange of goods and services. On such a basis While temporary shortages of foreign exchange it will contribute an important steadying influ- could be met through use of the Fund, members ence to our domestic economy. would be under pressure to restore the exchange The International Monetary and Financial to the Fund as soon as possible in order to main- Conference of representatives of forty-four na- tain its ability to serve other members. tions held last summer in Bretton Woods resulted As a companion institution to the Fund, the in agreements for the creation of two new inter- Bank for Reconstruction and Development national financial institutions, the International would be a lending institution to promote the Monetary Fund and the International Bank for international flow of long-term capital. It Reconstruction and Development. The Inter- would make loans for productive and developnational Monetary Fund would exert an influ- mental purposes out of its own capital or out of ence toward exchange stability and thus reduce funds borrowed in the market and would guaranthe exchange risks for exporters and importers. tee such loans as would in the long run increase It would require member countries to maintain the borrower's ability to balance its internaestablished exchange rates and would provide tional accounts. It would help to restore machinery for making in an orderly manner by economies destroyed or disrupted by war, to reconvert their productive facilities to peacetime 1 Released to the press on Mar. 21, 1945. 3°4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FUND AND BANK needs, and to develop the resources of less and capital movements from foreign countries. developed countries. The adoption of the proposed Agreements The Bank would have a stabilizing influence should help to moderate these disturbing inon interest rates and other conditions for inter- fluences. national loans and would tend to eliminate Ill practices in international investment that have In connection with the enabling legislation in the past resulted in excessive costs to borrownow before Congress, the Board is strongly in ers and in losses to lenders. It would handle favor of the addition of a provision for the estabonly loans that could not be obtained on reasonlishment of a council or committee to provide able terms without its support and would, therethe necessary direction and guidance to the fore, in no way interfere with the flow of private representatives of the United States on the govfunds into international investments. At the erning bodies of the Fund and the Bank and to same time it would make it possible for countries interpret to them the international financial greatly in need of foreign resources to obtain and monetary policies of the United States. necessary capital which might not otherwise be Members of this council or committee should available to them on reasonable terms. The consist of the heads of the appropriate agencies agreement provides that loans made or guaranof the Government to be designated by the teed by the Bank must have the approval of the President. It should be a small group, comprislending country. Consequently, the loans can ing not more than five members. Since the and should be so timed as to diminish either proposed institutions are to be permanent, it inflationary or deflationary pressures, and to would be advisable to have the council provided contribute to the maintenance of economic staby law rather than by executive order or inforbility in this country. mal arrangement. The council would not only advise the American governors and directors on II the Fund and the Bank of its views with respect From the point of view of the Board of Govto the financial and monetary policies of the ernors the establishment of the Fund and the United States but would also be authorized to Bank would be desirable because they would act for the United States in matters which recontribute to world recovery and to the mainte- quire approval under the agreements, except in nance of economic stability at a high level which cases in which the right to decide will be reis the main objective of the Board's policy. The tained by Congress. Establishment of such a monetary and credit structure of this country is council would assure reasonable continuity in continually and seriously affected by interna- the interpretation of American international tional transactions. In the past this country's financial policy to this country's representatives monetary authorities have had to meet difficult on the Bank and the Fund. Provision for such situations when our banking system was called a council in the enabling legislation would not upon to absorb an excessive amount of foreign call for any change or modification of the funds arising out of surplus commodity exports Articles of Agreement of the Fund or Bank. APRIL 1945 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS ENTERED INTO AT BRETTON WOODS1 by M. S. SZYMCZAK Last August while in London I had opportu- War was precarious and chaotic. In the politinity to study the plans for reconstruction and cal field, many countries experienced revolutions postwar economic stability of some of the gov- and counterrevolutions, or at the least frequent ernments in exile—particularly Belgium. The changes of government. In the economic field, problem is immense, and its solution, or lack of much industrial plant had to be rebuilt to serve solution, will affect us. It is an international the needs of peace instead of war, and overproblem. worked farm land had to be reconditioned. The American people want to know, and People who had gone without through the war rightly so, what our Government is planning for years scrambled for the meager available supplies the long-range period after the war. of consumer goods. Prices shot up and we ex- As you know, plans are well advanced for the perienced all over the world a postwar inflation. establishment of a Food and Agricultural Organi- International exchange was out of joint. Comzation of the United Nations.2 The meeting at mercial contacts, broken by the war, were Yalta has cleared the path between Dumbarton difficult to restore. Exchange could not be Oaks and San Francisco. And as the President found to buy the imports needed for reconstructold the country, on March first of this year tion and to put national economies back into after his return from Yalta, work is progressing working order. Monetary disorders spread on proposals to strengthen the Trade Agreements throughout the world. Those who could, Act of 1934,3 to secure international agreement for shifted their funds about looking for a "sound" the reduction of trade barriers, to control cartels currency—one that had some stability. and to provide for the orderly marketing of It is generally known that before 1914 the world surpluses of certain commodities .4 Within value of most currencies had been expressed in the past few weeks considerable progress has terms of so many grains of gold. Since gold was been made at the Mexico City Conference in a commodity accepted the world over, this was dealing cooperatively with problems of this an easy means of comparing the relative values hemisphere. of different currencies. For example, the French During much of the period between the First franc was fixed by law at about one one-hunand Second World Wars, one of the greatest obdredth of an ounce of gold. The English pound stacles to the orderly exchange of goods and sterling was fixed by law at about one-quarter services between countries was the uncertainty of an ounce of gold. Therefore, by simple and difficulty which surrounded payment for arithmetic, one pound sterling was the same as these goods and services. The conference held 2.5 francs or one franc was one twenty-fifth of a at Bretton Woods last summer—which I had the privilege of attending—agreed on far-reaching pound. Because of this fact, international trade proposals designed to remove this obstacle and could effect the exchange in goods based on a enabling legislation is now before our Congress. known relation between currencies of various What were the conditions in the two decades countries. between the wars? Peace after the First World With the outbreak of the First World War, most countries refused to permit the export of 1 Address delivered before the Illinois Manufacturers Association, Chicago, 111., Mar. 20,1945. gold and their banks ceased to pay out gold to 2 House Joint Resolution 145, referred to the House Committee on Foreign Affairs March 27, 1945, authorizes the President to accept individuals. The gold standard was abandoned. me 3 m H b o e u rs s h e i p R e fo so r lu th t e io U n n 2 i 6 t 5 e 2 d , S re t f a e t r e r s e d in t o th t i h s e O H rg o a u n s i e z a C t o io m n m . # ittee on Ways After the war, however, every effort was bent and Means March 16, 1945, provides for extension of the Trade Agreements Act for 3 years from June 12, 1945, and permits negotiation of to return to the gold standard. But it was not tariff reductions up to 50 per cent of the rates existing on January 1, 119944555.. always possible and in some cases it was not * International conference on these to be called shortly. 3C6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS AT BRETTON WOODS desirable to return to the old values for the restored. But the difficulties in the international various monetary units. England, however, field were even worse in the 30's than in the did; so strong was the desire to return to what preceding decade. was considered to be normal relations that, in As conditions in the 20's had settled down 1915, a pound was declared to be worth as much there had begun to be a considerable volume of in terms of gold as it had been before the war. international investment. Part of this was in But this was too high a value for the pound, and long-term loans on which the interest and amorit proved a great strain to maintain that value. tization charges made a heavy call upon the Unfortunately, there was no international ma- borrower's foreign exchange resources. Much chinery under the gold standard under which the of it represented short-term lending, partly in the form of deposits in foreign banks and the rates could be altered. There was no flexibility. purchase of speculative securities, partly the There was rigidity. A change in the par values financing of trade. Large quantities of goods of currencies was a major operation which had were imported by the debtor countries on credit. its repercussions on the economic nerve structure In many cases, borrowing far exceeded the capacof world trade. On the other hand, France did ity of the country to repay, especially when the not return to the old value for the franc. The funds borrowed were not used to enlarge the impact of the war and reconstruction upon the productive resources of the country. French economy had lifted commodity prices When the regular flow of United States' loans and made goods much more expensive in France. abroad contracted sharply toward the end of the That is, it took far more francs than before the 1920's and finally reversed itself, and when the war to buy the same quantity of goods. By the great depression occurred in the United States, same token, it took more francs to buy a pound foreign countries found their supply of dollars sterling; the exchange value of the franc fell. drying up. Dollar loans had disappeared and Then in 1926, the franc was stabilized at approxitheir exports to this country fell from about mately 1x5 francs to the pound instead of Z5, as four and one-half billion dollars in 1919 to about before the war. There was no possibility of a billion and a third in 1931. The drastic returning to the old parity, and France was shrinkage in their supply of dollars forced many realistic in not endeavoring to do so. But a of them to default on their indebtedness to us flight of capital had preceded French stabilizaand to curtail their current purchases of our tion and the return flow of capital afterwards goods to the mere essentials—that is, the absoaggravated the difficulties of other countries, lute minimum of their needs. especially England. There was no machinery for international You can imagine, if you do not recall, how cooperative action to deal with such a situation. difficult it was to carry on international commer- Each country felt that it was "on its own" and cial and financial business under these changing hastened to clamp on exchange and trade reand uncertain conditions. There was basic unstrictions. Some hoped to stimulate their excertainty in values—in prices—in exchange. ports by making it cheaper for other countries These conditions were needlessly protracted to buy their goods. They did this by reducing . because each country operated on its own. the price of their currency. They depreciated. There was no comprehensive plan for collabo- At the same time they tried to reduce their imration and cooperative action to restore a func- ports. The result was a general falling off in tioning international monetary system. Small world trade. Exporting countries began to loans were made to some countries to help them suffer from declining production and increasing stabilize their currencies; but this assistance was unemployment. Countries whose economies sporadic and uncoordinated. Each case was were geared to a high level of imports could not treated separately. Toward the end of the xo's find the exchange to pay for their imports. As it was vainly imagined that normalcy had been a result the volume of international trade in 1934 APRIL 1945 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS AT BRETTON WOODS was only about one-half as great as it had been Both proposals were put forward to encourage in 19x9. all interested parties to contribute to the solu- All this contributed to the world-wide depres- tion of the extremely complex problems insion of the 30's which is still fresh in our memo- volved. Both proposals were widely studied, ries. At that time I was here in Chicago and compared, debated and discussed, orally and in well do I remember our situation, for I was writing, by individuals, and in small and large then City Comptroller. The banks were closed. groups, here and abroad. As a result of the wide Tax collection was held up by a reappraisal of area of agreement that was found to exist, a real estate. And when we began again to col- Joint Statement of Experts was published in lect taxes the depression was upon us and prop- April 1944. Further discussion culminated first erty holders were unable to pay taxes. People in a preliminary meeting of representatives of were out of work. Each blamed the other for many nations in Atlantic City in June and finally the difficulties. Back of the domestic depression in the July Conference at Bretton Woods. The was a world economic situation. Bretton Woods Agreements, especially the Fund To keep things moving even on a low level, proposal, are designed to aid in achieving reacountries began to make agreements with others sonable stability in the international monetary on the basis of "I'll buy more from you if you sphere in order to make possible a revival and will buy more from me.'' Trade was forced into expansion of world trade on a multilateral basis. bilateral channels. Countries no longer bought They are a step—and a long step—in the right in the most advantageous market. They bought direction. wherever they could make a deal through the Admittedly, the Bretton Woods Agreements maze of regulations and restrictions which ham- are not a panacea for all the ills of the world. pered international exchanges. There is no Unless the major industrial countries, especially need to describe here the devices—some of them the United States, succeed in maintaining reasoningenious and all of them intricate—which were able stability of employment at high levels there invented in this deadly game of economic war. will be very little chance of avoiding the meas- We know now that it was almost as destructive ures of economic warfare employed in the 30's. to national and international well-being as had In effect, these were measures to "export unembeen the actual hostilities of the First World ployment." By importing as little as possible War. And it laid the basis for the Second and exporting as much as possible, each country World War. hoped to keep its own people working. There I have taken this much time to recall to you is reason to believe that the major countries now the handicaps which confronted international are determined by domestic measures to prevent trade after the last war because some people ap- wide fluctuations in employment. Economic pear to have forgotten them, or at least their stability and full employment in the United memory has dimmed. But those who were alert States are certainly an accepted aim and purpose. to the dangers of a repetition of these conditions But these should be reenforced by a healthy conafter this war have devoted time and energy to dition of international trade. The acceptance seeking a way to avoid such a recurrence if pos- of the Bretton Woods Agreements will contribsible. Interested individuals began systematic ute in a substantial measure to the ability of study more than three years ago. After many countries to maintain employment at high levels conferences and discussions, preliminary, highly without resorting to attempts to "export unemtentative proposals for an international mone- ployment" to other countries. tary institution were presented to the public in If we are to have a healthy world trade, we April 1943. A draft for an International Stabili- need reasonable stability in foreign exchange zation Fund was published by the United States rates, and adequate credit distributed where it Treasury and a draft for an International Clear- will do the most good in rebuilding and developing Union was published by the British. ing national economies. The Bretton Woods 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS AT BRETTON WOODS Agreements are technical documents, the prod- tures by the Bank insure that they will be a uct of the experts of forty-four nations, but they prime investment security since the total of the can be summed up simply. They spell out co- Bank's loans and guarantees may not exceed the operation in the monetary and credit fields, and amount of its capital, surplus, and reserves. give detailed ways in which this cooperation Only one-fifth of the 9.1 billion dollars subcan be achieved. The Agreements provide for scribed by member governments can be used the establishment of two international institu- directly for making loans. The rest will remain tions: an International Monetary Fund, and an in the form of unpaid subscriptions as a guaran- International Bank for Reconstruction and tee fund to meet any losses that the Bank may Development. incur. The Bank proposal is relatively simple. No The International Monetary Fund Agreement serious differences of opinion arose in the nego- deals with a more difficult problem than does tiation of the Bank agreement, which has the Bank. Wider differences of opinion had to received widespread support and approval. The be reconciled before the negotiations were con- Bank follows a well-known pattern. Its job is cluded. Changes will have to be made in it to investigate projects for the reconstruction of from experience. There is provision for amendwar-torn areas, and for the development of backment and there is room through interpretation ward lands for which long-term international for adjustment to conditions as they arise. It loans are needed. When it is satisfied that a aims to prevent a repetition of the chaos which project is productive and that the borrowing followed the last war and of the destructive country has a reasonable prospect of repaying monetary practices of the 30's, both of which I the loan, the Bank will see to it that the loan is have reviewed. It substitutes cooperative inforthcoming on reasonable terms. This does ternational decisions and international action not imply the elimination of private investment for the state of affairs we had in the past when but it is unlikely that enough private capital will each country made its own decisions ar> '-acted be lent to countries in need of reconstruction or alone in what it thought were its own interests. development without some encouragement, es- Under the Fund Agreement each IRember pecially immediately after the war when establishes the gold value of its currency by conditions will be uncertain. The Bank will agreement with the Fund. Gold is still the operate for the most part either by guaranteeing most widely acceptable means of international loans made by private investors or by making payment. But this is not a return to the old loans with funds borrowed from private ingold standard. Although each country undervestors. takes to maintain the established value of its The benefits of the International Bank will be currency at par, there is necessarily provision for many. It will help members to achieve stable altering the parity if it becomes evident that this economies. It will distribute the risks of intervalue is too high or too low (because of changed national lending. Although we may furnish conditions in the country's international posimost of the loans which the Bank guarantees, tion). The Fund will approve only changes this country's share in meeting the risks inthat are really necessary, and object to those volved will be only 3 billion dollars as a consewhich are not. This means that no country will quence of its subscription to the Bank. If be able to sell its currency cheaply—that is, to international loans are made through the Bank, depreciate its money in order to secure a comthe dangers of imperialistic lending will be petitive advantage for its exports. We have avoided. International supervision of foreign learned that when one country tries to secure loans will make it difficult for foreign loans to competitive advantage over another by debe used as an instrument of political policy. The preciation, other countries are not likely to conditions which surround the issues of deben- APRIL 1945 3°9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS AT BRETTON WOODS stand by idly but will join in the scramble with in the value of the currency relative to the curdisastrous consequences for all. rencies of other countries before this train of The Agreement also eliminates special ex- circumstances is set in motion, much confusion change rates for particular types of transactions. and distress will be avoided and the necessary Germany was the country which developed this adjustment can be an orderly one. device most fully. In the years before the war European currency history between the two there were all sorts of reichmarks, representing wars illustrates this problem in the clearest posthe receipts from different kinds of business with sible way. As I said before, in 192.5, England Germany. The non-German owner could not went back on the gold standard at the prewar dispose of these freely since the use of each type gold parity, while continental countries deprewas limited to a particular purpose such as to ciated their currency to a considerable extent. pay tourist expenses in Germany, to buy certain The resulting cost disparities between England types of goods, and so on, and the value of each and other countries resulted in a severe and prokind in terms of other currencies varied greatly. tracted economic depression in Great Britain In this way Germany arbitrarily made it cheaper until the devaluation of the pound in 1931. As or more expensive to buy particular German the pound declined further and further in the goods or to sell particular commodities to following years, production costs in Europe Germany, and manipulated this device to obtain increased in terms of sterling and, in turn, a competitive advantage in international trade. became completely out of line with British The requirement that the Fund approve neces- costs. The attempts of the gold block countries sary changes (after the first 10 per cent) will also to maintain the parity of their currencies in the mean greater stability of exchange rates in the face of such heavy international cost disparities long run. Not only will unnecessary changes led to intense depression and unemployment and be eliminated, but necessary changes can be proved futile in the end. Belgium was the first mad^Jin an orderly way before the situation is country to bow to the inevitable. Her relacomplsiely out of hand. tively prompt decision permitted her to limit the If iWnch production costs (wages and other devaluation of the Belgian franc to only 2.8 per items) for instance, happen to rise much above cent. France meanwhile resisted to the last, production costs in England, French producers with the result that the devaluation, when it will gradually lose their foreign markets—both came, depreciated the French franc by about 60 in England and in other countries—to British per cent as compared with the Belgian 2.8 per producers. French producers will lose even in cent. their domestic market, as their high cost goods Under the Agreement also, all members promare increasingly displaced by lower cost goods ise to eliminate restrictions on foreign exchange imported from Britain. If the basic maladjust- transactions as soon as possible. Of course, ment in the cost structure is not the result of a during the war, each country must keep strict temporary condition, but reflects a fundamental supervision over its international transactions. and lasting change, French production will I am not speaking of wartime controls but of the eventually decrease, unemployment will rise sort of regulations in effect before the war. and monetary reserves will be drained by the Many countries at that time had less foreign deficit in the balance of payments. The French exchange than they needed. That meant that currency will tend to fall in value, speculators importers in those countries were rationed as to will rush to buy foreign exchange and, in many the amount of foreign exchange they could use, cases, the resulting monetary depreciation of the and exporters were required to turn over their French franc will be greater than what was receipts to some governmental agency which really called for to correct the initial cost mal- parcelled them out. This arrangement, as we adjustments. If an appropriate change is made have seen, interfered with normal trade, which IO FEDERAL RESERVE BULLETIN 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS AT BRETTON WOODS was shifted into particular channels, and often mittances, and the rendering of services. Memled to the domination of the economy of one bers are permitted to control capital transactions country by another for political ends. such as money sent for deposit in foreign banks The case of Germany and Hungary illustrates or for use in stock market operations. Real what happened. In preparation for war, Ger- investment can be encouraged and the speculamany was anxious to acquire large stocks of tive movement of funds limited; this will congoods, and was willing to pay well for them in tribute substantially to international monetary German marks. The Hungarian Government stability. had subsidized farm output in order to avoid It is not expected, of course, that the whole the bankruptcy of its farmers when agricultural body of regulations over foreign exchange transprices in world markets dropped, and the prices actions will be done away with at once. Only of Hungarian wheat and meat were much higher confusion would result. The patient is very than Germany would have had to pay elsewhere. sick, and recovery, at best, can be only gradual. But Germany could not buy elsewhere because On the other hand, unless a concerted effort is it did not have the dollars or the pounds or the made as soon as possible to eliminate such pracpesos to do so. An agreement was signed be- tices, there is grave danger that many countries tween Hungary and Germany whereby Germany will fall back on them to balance their interagreed to take Hungarian goods at the high national transactions after this war. They Hungarian prices, and sell to Hungary German must have an alternative which will make such goods—also at high prices. The transactions action unnecessary. were balanced against one another in a * 'clearing However earnestly the member countries may account." Each country tried to prevent an desire to live up to their agreements as far as unsatisfied debt from piling up in the clearing exchange rates and exchange restrictions are account. Under this arrangement both Hun- concerned, it will not be easy for them to do so. gary and Germany were paying more than they To help them, a Fund of almost 9 billion dollars should have for the goods which each imported is to be established, made up of gold and the from the other. Hungary lost its other markets currencies of all the countries which are membecause of its high prices and had to concentrate bers. This Fund will be used to assist member on the German market. countries faced with temporary balance of pay- Germany began to dictate trade terms to Hun- ment difficulties such as might follow a bad crop gary, to tell it what sort of goods it must pro- or a loss of a market for a short period. Should duce if Germany were to take them. When the deficit prove to be more than temporary, the Germany went to war, the Hungarian economy Fund will continue to give the member assistance was firmly tied to that of Germany and thus only if it takes adequate steps to correct the Hungary inevitably became a partner of the situation. Axis. I have sketched briefly the mechanism of the This is the sort of thing we do not want to Fund, and indicated the aims which it is hoped have happen again. Under the Fund Agree- it will achieve. Doubtless, you have all heard ment, members undertake to abandon such and read some criticism of this plan, and I bilateral clearing arrangements and discrimina- should like to mention the main point around tory currency practices as give exporters special which this criticism centers. During the last premiums if they ship goods to countries the twelve or thirteen days I have been attending currencies of which are particularly desired. and closely following the hearings on the This commitment applies only to restrictions Bretton Woods proposals in the Banking and on foreign exchange transactions on current ac- Currency Committee of our House of Represencount, that is, those arising out of shipments of tatives and feel that the quest for information goods, tourists' expenditures, immigrant re- concentrates mainly on this point. APRIL 1945 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT AGREEMENTS AT BRETTON WOODS It has been argued in some quarters that for- require countries adequately supplied with gold eign countries will abuse their privilege of draw- and foreign exchange reserves to draw on them ing on the Fund and that the Fund's resources at the same rate that they draw on the Fund. will be wasted. The position taken by the And it also requires (with qualifications) councritics is that in order to insure that members tries which are gaining gold and foreign extake advantage of the time during which they change to use half of the amounts gained to are drawing on the Fund to correct the unbal- reduce their drafts on the Fund. ance in their international position, aid should The discretionary controls are even more be given only after special investigation and important than the automatic controls. The agreement as to the conditions under which the Fund can postpone the beginning of its exchange funds are to be used. This view misinterprets operations until it is satisfied that most members the very essence and purpose of the Fund. are in sufficiently stable condition to warrant use A country which has agreed to keep its cur- of the Fund's resources. Furthermore, once it rency stable without use of exchange control has commenced general exchange operations it must have immediate access to the resources of can postpone transactions with any individual the Fund. The exchange market must be bal- country which is not in a position to make apanced from day to day and hour to hour. A propriate use of the Fund's assistance. country can not let its currency depreciate Finally, the Fund has a very important diswhile it negotiates over a period of weeks for cretionary power to ensure that the country will the resources with which to support it. If a take advantage of the time during which it is member did so, it would break its agreement drawing on the Fund to put its house in order with the Fund and threaten to unsettle the and correct its position. The Fund can stop a whole exchange market. member from drawing on the Fund if it is not There are, however, a whole series of auto- using its resources in accordance with the purmatic and discretionary controls specifically poses of the Fund. The purposes as stated in designed to prevent excessive drafts on the the Agreement make it quite clear that the Fund by any member country and to ensure wise Fund is to be used to help countries meet tempouse of the Fund's resources. rary deficits only and to give them time to Take, for example, the important automatic correct more deep-seated maladjustments. controls. Definite limits are established on the It is evident to me that the period during amount of foreign exchange a member may ob- which the Fund and the Bank are needed most is tain from the Fund in any single year or as a the immediate postwar period before individual maximum over a period of years unless special countries begin to impose new and additional repermission is given to exceed these limits. strictions on foreign exchange and foreign trade. Secondly, member countries must pay a small Prompt establishment of the Fund and the Bank service charge on all foreign exchange purchased would also give member countries confidence from the Fund. In addition, an annual charge which they must have to place their economic is levied on a member country using the Fund. houses in order with the least possible delay. This charge increases, the larger the use of the With the knowledge we have of the problems Fund's resources, and the longer the period over of the i9io's and the 1930's we have agreed at which the resources are used by a member Bretton Woods with competent representatives country. Thus, a steadily rising pressure is of other countries on sound economic principles put on a member country to reduce its drawing to help solve these problems. The solution of on the Fund. these problems is in our interest. Therefore I Another automatic control is the obligation believe that the International Monetary Fund of all member countries to repurchase their own and the International Bank for Reconstruction currencies from the Fund with gold or foreign and Development should, after due and proper exchange. This obligation is so framed as to consideration, be approved by our Congress. 312- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING ;AND TRADE CONCERNS by F. C. DIRKS Division of Research and Statistics Judged by prewar standards, the wartime de- The analysis presented in this article is based velopments in business finance have been unusual on financial statements of nearly z,ooo concerns in several respects. Concerns in war industries covering the four years 1940-1943. Statements have expanded greatly, and the expansion has representing 345 large manufacturing combeen financed to an unusual extent by increasing panies were obtained from published investshort-term liabilities. The smaller expansion ment manuals. Over 1,600 other statements, in other industries has been unusual in being representing mediurn-size and smaller manuaccompanied by a liquidation of some short-term facturers and all sizes of wholesale and retail liabilities. These and other wartime changes trade—except the very small concerns—were have distorted the distribution of business assets secured from bank credit files by the Robert and liabilities into more or less unfamiliar pro- Morris Associates, and have been tabulated portions. and analyzed under a cooperative arrange- These proportions have been a subject of con- ment with the Federal Reserve System.1 flicting interpretations. Some observers have The 'Very small" concerns, which are not interpreted the growth in liquid assets and in well represented in the sample statistics, are working capital as a sign of greatly strengthened those with less than 10 to zo employees each. financial position, while other observers have In the aggregate they account for only 7 per cent pointed to the declining ratio of short-term of all manufacturing output, but for roughly a assets to short-term liabilities as an evidence of third of all wholesale trade and two-thirds of all serious weakness. As a matter of fact, the retail trade. Probably in many respects, the wartime developments appear to contain ele- wartime experience of the very small concerns ments both of strength and of weakness, and has been similar to that of the concerns whose exclusive emphasis on either aspect would seem statements are analyzed here; but the extent of unwarranted. The purpose of this article is to this similarity is at present a matter of conjecture provide perspective on the present financial and, until more is known, only limited signifistatus of manufacturing and trade concerns, by cance can be ascribed to the experience of the tracing the ways in which their positions have small trade businesses in the sample. evolved during the war. Many of the wartime changes in assets and SUMMARY OF DEVELOPMENTS liabilities are transitory abnormalities that will The rapid expansion of war production and be reversed more or less automatically as the war the increase of consumer incomes and expendiapproaches a close. However, the timing of tures since 1940 form the background for undersome of these adjustments may create financial standing the varying financial developments in embarrassment if they have not been clearly manufacturing and trade. The war requirement anticipated and covered by appropriate credit for large amounts of mechanical equipment has arrangements. In providing these arrangements resulted in large increases in output by manufacnow and during the transition, cooperative turers of metal products, petroleum, rubber, and understanding by business creditors and financ- chemicals, while accompanying restraints on ing institutions will be essential. It would be output of civilian goods have limited expansion unfortunate if they should view the unusual aspects of the situation with such concern that 1 A comparative analysis of the earnings experience of various sizes of business was presented in the Federal Reserve BULLETIN for January they became reluctant to extend needed credit. 1945, "Wartime Earnings of Small Business," pp. 16-26. An appendix to the article described the representativeness of the sample statistics. APRIL 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS in most other manufacturing lines and in trade. ing requirements, since their cash and securities Among different sizes of business, as was pointed rose by about the same percentage as their sales. out in a previous analysis, the smaller manufac- Among the smaller manufacturers and among turing concerns have experienced greater in- trade concerns of all sizes, however, liquid creases in sales than medium and larger concerns. balances have risen much more than sales; this These differences in growth of sales have been suggests the presence of considerable idle funds reflected in the relative expansion of assets and in in most lines. the methods of financing. The largest percent- In both manufacturing and trade, policies of age increases in assets have occurred in the small concerns have differed from those of large so-called "war" manufacturing industries, espe- concerns regarding the proportion of liquid cially among the smaller concerns; on the aver- balances held as cash. The larger concerns have age, the latter increased their assets from the generally put most of their wartime increase in end of 1940 to the end of 1943 by more than 100 liquid funds into Government securities, while per cent, in comparison with an average increase small concerns have kept over half the increase of less than 50 per cent among the large war in the form of cash. This practice may be reproducers.2 lated to the fact that the smaller concerns As regards individual classes of assets, plant entered the war period with less cash relative and equipment have been expanded compara- to the level of operations. tively little. For the larger manufacturers of As regards financing, the outstanding feature war products this reflects in part the use of Gov- in war industries has been that assets have risen ernment owned plants. A more general factor greatly with no more than a tenth to a fifth accounting for the limited plant expansion, of the requisite funds coming from external among small as well as large manufacturers and sources—that is, from 'banks, Government also in trade, has been a more intensive utiliza- agencies and security markets combined. In tion of existing plant and equipment. nonwar manufacturing and in trade, there has The percentage increases in manufacturers' been even less reliance on outside sources of inventories and receivables have been larger than financing; for the period as a whole, both large in plant and equipment, although in general not and small concerns have been able to effect subso large as the growth in sales might have sug- stantial retirements of bank loans. The princigested. In the field of trade, receivables and pal exception to this tendency has been in food inventories were substantially reduced in many manufacturing and the larger retail food stores, lines after 1941, notwithstanding the continued where bank loans have increased considerably. rise of sales. Important exceptions were food, In both war and nonwar lines most of the department, and apparel stores, which continued funds for expanding assets have come 'about to report larger inventories through 1943. equally from an increase in the outstanding Holdings of liquid assets—that is, cash and amount of unpaid expenses and taxes, and from marketable securities—have increased very such internal sources as sales revenue to cover greatly in most lines of manufacturing and trade, depreciation and profits retained after dividend with exceptionally large increases among the payments. Depreciation has been relatively smaller concerns. In manufacturing, the in- more important for large concerns than for small, crease among the large companies appears for owing to the greater amount of plant and the most part to have represented higher operat- equipment relative to other assets; this difference in source of funds has been more or less offset 2 For convenience most of the discussion will distinguish between manufacturers in "war" lines and those in other or "nonwar" lines. by the higher profits of small concerns and by Actually, of course, many producers in the nonwar lines have Government contracts or some other war characteristic; food and apparel, for their policy of retaining a greater proportion instance, are as important to the military forces as to the civilian population. Thus much of so-called nonwar manufacturing has mixed of their profits. characteristics. Trade is more predominantly nonwar, but even here certain wholesale lines have dealt mostly in products destined for the Financing through the medium of unpaid war or for war production. 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS expenses arises from the fact that business pay- an interim sort.3 In instances where operations ments typically lag behind the accrual of daily of the reconversion period result in greatly reoperating obligations. This lag, ranging from duced taxable income, some of the continuing a few days in the case of pay roll obligations up large payments for income taxes may later be reto a year in the case of income tax liability, funded under the carry-back provisions of the continually leaves a certain amount of funds in income tax law. As the regulations now stand, the hands of the business which may be held as however, the refunds are likely to become availcash or used for other purposes. During a able only after the reconversion need is over. TABLE i INCREASE IN SALES COMPARED WITH INCREASE IN ASSETS, 1940 TO 1943, FOR SAMPLE OP MANUFACTURING AND TRADE CONCERNS, BY SIZE OF BUSINESS Asset size (in millions of dollars) Under 1 to 5 5 to 10 10 o v a e n r d Under \i to 1 1 to 5 5 o v a e n r d Manufacturing—war industries Wholesale trade Number of concerns 39 94 169 43 206 133 174 89 14 Percentage increase in: Annual sales 227 228 204 148 140 71 51 60 57 End of year assets: Total 103 142 122 88 46 34 22 31 31 Cash, marketable securities. 383 534 537 455 137 300 281 287 266 R In e v c e e n iv to ab ry les 103 161 113 71 82 1 1 4 6 -1 3 9 2 -1 3 7 2 -9 30 Net property 35 30 18 14 6 9 5 3 -1 Manufacturing—other industries Retail trade Number of concerns 108 202 220 52 80 86 72 33 Percentage increase in: Annual sales 86 76 71 80 81 19 32 67 53 End of year assets: Total 63 39 26 29 28 18 35 40 34 Cash, marketable securities. 301 275 251 190 99 367 346 390 193 R In e v c e e n iv to ab ry les 54 28 17 25 37 -1 2 8 1 -2 4 4 6 -2 5 2 1 -3 7 0 6 Net property 5 2 -3 -1 -3 -7 10 2 -7 1 The sample for this group includes 7 more companies than were in the analysis published in the January BULLETIN. NOTE.—Data cover only items reflected in private financial statements. These include some sales and inventories from Government plants which are privately operated, but the construction of these plants is not reflected in present figures for increase in net property. Size classification of business is based on total assets at the end of 1941. Industries classified as "war" include metal and metal products, chemicals, petroleum, and rubber. Other manufacturing includes food, tobacco, beverages, textiles, apparel, leather, lumber, furniture, paper, printing, and stone, clay and glass products. The relative coverage of these industries by the sample statistics was described in the Federal Reserve BULLETIN, January 1945, pp. 23-26. Dollar figures underlying the percentages shown in this table are presented at the end of this article. period of business expansion, the volume of EXPANSION OF ASSETS accrued but unpaid expenses grows more or less The wartime increase in volume of business", automatically; during the war it has grown with which has been shared by nearly all lines of unusual rapidity because of the larger tax ac- manufacturing and trade, has entailed an expancruals resulting from higher income tax rates. sion in total assets. In general, companies with The increase in what may be called "accruals" the largest increase in sales have expanded their for brevity has been a reasonable and economical assets the most. This is indicated in Table i, way of financing a more or less temporary expan- which shows the percentage increase from 1940 sion in the war industries; but it may present a to 1943 in sales and in assets for manufacturing problem for some firms as the time approaches and trade concerns, classified by size of business. for liquidating their war business. Declines in revenues will be accompanied by a continued 3 It should of course be kept in mind that, as long as the war lasts, high levels of retained earnings will continue to add to liquidity and high level of payments for the deferred items and to strengthen working capital positions in general. This means that, unless business liabilit ies are meanwhile enlarged in connection with some companies may require outside financing of terminating war contracts, the need for readjustment financing is continually being reduced. APRIL 1945 3*5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS The percentage increases in total assets have, war and in nonwar groups. During 1941, in all however, been smaller than the respective in- groups and for all sizes of concern, much the \creases in sales; in many groups of concerns, the greatest increase in assets occurred in receivables increase in total assets has been less than half as and inventories. Very little of the asset increase large as that in sales. Part of this disparity was in the form of cash and marketable securireflects the fact that figures for sales are i2.-mpnth ties; in fact, the percentage increase in these totals, whereas figures for assets represent the liquid items was generally less than the percentlevels at the end of the respective ix-month age rise in sales. In 1942. and 1943 first nonwar periods. For this reason the annual sales figures concerns and then war producers tapered off may overstate appreciably the rise which oc- their expansion of receivables and inventories. curred in the level of operations from the end of The continuing increase in overall assets there- 1940 to the end of 1943.4 fore went largely into cash and marketable Among the major categories of assets, net securities.6 In trade, the use of funds to retire property has increased comparatively least, debt in 194Z and 1943 restricted the growth in while cash and marketable securities have risen total assets that would otherwise have occurred, most; inventory and receivables have occupied and likewise limited the increase in liquid funds. an intermediate position. This order of expan- While the over-all expansion of manufacturing sion has obtained in Virtually all lines of manu- and trade concerns reflected the great expansion facturing and trade except as regards receivables, in demand for all kinds of goods during the war, which showed net declines in most trade groups. much of the shift in pattern of asset expansion Shift in pattern of aiset expansion.—In explain- has been attributable to wartime controls and ing the great increase in liquid balances during shortages. This is brought out in the following the war, one of the most significant factors has brief summary of major developments for various been the decline in amount of funds absorbed by types of assets. other assets. This is illustrated in the chart Inventories and receivables.—As regards manushowing the distribution of assets for small, facturers' inventories, the less marked expansion medium, and large concerns in broad manufac- after 1941 reflected partly the tapering off of turing and trade groups. In order to indicate sales expansion. Probably equally important the comparative growth of small as well as large was the control over inventories of strategic raw concerns, the total assets of each group are materials devised by the War Production Board shown as indexes with 1940 as a base; individual in 1942. when the customary industry policy of classes of assets are shown as points in the total purchasing ahead threatened the orderly develindex. opment of the war program. As a consequence, The chart brings out the fact previously indi- the increase in inventories after 1941 was less cated that, in relation to 1940 assets, the war- than proportionate to the further expansion of time expansion has been greater in war manu- sales. facturing industries than in other groups, and In trade, inventories in the durable goods lines greater for small than for large manufacturers.5 declined considerably after 1941 as production It shows also that among individual asset items, of civilian metal products was restricted. Inthe general pattern of expansion was similar in ventories of nondurable goods, after increasing more sharply than sales in 1941 and early i94x, 4 While it is not possible to measure the disparity between annual averages and year-end figures for each of the groups represented in the declined slightly in 1943 except among food table, a rough indication of the general situation may be had from the Federal Reserve index of manufacturing production. Both for 'durable distributors and department stores. Relative and for nondurable manufactures, the percentage increase in average annual output from 1940 to 1943 was about a fourth larger than the percentage increase in monthly output from December to December. 6 In the present sample of retail trade, the smallest concerns in- 6 The chart indicates that war producers with assets under 1 million creased their sales less than the medium- and larger-size concerns. dollars continued through 1943 to expand their receivables and inven- From estimates of total retail sales published by the Department of tories. This showing reflects mainly a very large expansion by 19 Commerce, however, it may be inferred that the great bulk of the very concerns with assets between }/i and 1 million dollars; this more than small retailers, whicn are not well represented in the sample, had larger offset the lower rate of expansion prevailing among the other 114 conincreases in sales than the small firms shown in the present table. cerns in the group. 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS to sales, nondurable inventories appeared gen- dollar magnitude, has been the use of funds for erally lower at the end of 1943 than in 1940. capital expenditures. Capital expenditures differ The fact that receivables also increased less from the increase in net property account, which rapidly than sales after 1941 may reflect, in war was shown in Table 1 and on the chart, by inindustries, a change in settlement practices cluding amounts spent for replacement of plant incident to the use of Government advances and and equipment as well as for net expansion. progress payments. A more general factor in all From the standpoint of uses of funds it is the industries has been the increasing liquidity of gross amount rather than the net that is signifi- ASSETS OF 1953 MANUFACTURING AND TRADE CONCERNS, 1940-1943 INDEXES, 1940 TOTAL ASSETS' 100 P TO O1 T N A T L S I N IN DEX MANUFACTURING TRADE 250 1940 *4I *42 '43 1940 '41 '42 * 1940 '41 '42 '43 1940 '41 1940 '41 '42 *4 UNDER I I-10 10 AND OVER UNDER '/4 '/4 TO I ) AND OVER ASSF.T SI2E, IN MILLIONS OF DOLLARS All data refer to end of year position. For industries included in manufacturing groups, see note to Table 1. Size classification is based on total assets at the end of 1941. Sizes are grouped differently for trade than for manufacturing, in recognition of the greater proportion of the trade business done by concerns with small assets and the comparative scarcity of concerns in the largest asset classes. "Net property" represents plant and equipment less allowance for depreciation and depletion. "Other assets" consist largely of investments other than marketable securities. buyers which has resulted in more cash pur- cant. Table i. indicates the level of private chases and shorter carrying periods for goods capital expenditures in 1942. and 1943 as percentbought on credit. In the case of retail sales in ages of the 1941 level. particular, the reduction in outstanding charge In most nonwar groups, capital expenditures accounts has also reflected the declining supplies declined progressively after 1941. The main of durable goods and Government limitations on factor restricting expansion of plant and equipconsumer credit under Regulation W. ment, as compared with that of other business Increase in property.—Following much the same assets, was Government restrictions on the trend as inventory expenditures, but of lesser availability of materials and equipment together APRIL 1945 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS TABLE 2. prevent a clearcut picture of the amount of expansion in physical plant facilities entailed in PRIVATE CAPITAL EXPENDITURES IN 1942- AND 1943 COM- PARED WITH 1941, FOR SAMPLE OP MANUFACTURING the wartime capital expenditures. In most AND TRADE CONCERNS financial statements the asset figure representing [Indexes, 1941 = 100] property is a net figure—that is, net of depreciation allowances—and it is the percentage in- Asset size (in millions of dollars) Industry and year crease in this item that was shown in Table 1. Un M der ^tol 1 to 5 5 to 10' 10 o v a e n r d While the general impression conveyed by these figures is correct—that is, expansion of property Manufacturing—war industries: has been minor relative to that of sales and of 1942 184 134 81 98 73 1943 113 100 63 33 72 other assets—the figures tend to understate the Manufacturing—other indus- amount of expansion in physical properties and, tries: 1942 89 68 76 78 60 in the war industries, they exaggerate the con- 1943 50 45 36 37 37 Wholesale trade: v v, ' trast between large and small concerns.8 1942 53 59 75 1L5 A somewhat truer indication of the relative 1943 73 75 19 80 expansion might be provided by comparing Retail trade: 1942 112 62 52 43 1943 76 108 36 10 capital expenditures—that is, the cost of all new additions made during the period—with the gross book value of the properties existing at the with pressure to use existing facilities more end of 1940.9 Approximate estimates on this intensively. These restrictions arose from the basis indicate that in war industries, the group need to divert as much as possible of the output of concerns with assets under % million dollars of the construction, machinery, and equipment expanded their plants about 35 per cent during industries into direct war uses. the three years 1941-1943, while those with In the war industries, capital expenditures of assets over 10 million dollars expanded their own the smaller producers were maintained at or plants (that is, not counting the lease of new above the 1941 level, while those of the larger Government plants) about 19 per cent; in nonproducers declined. However the private exwar manufacturing and in trade, the smallest penditures of the large producers accounted for concerns expanded their properties about 19 only about half the plant additions built for per cent, and the largest concerns about 10 per their operation; the rest of their additions, being mostly of a specialized type, were built with cent.10 Government funds and leased to them for private operation. New facilities for war production 8 This tendency arises from the nature of the accounting adjustments that go into the net property account. Net property consists used by the smaller concerns seem in general to of the acquisition cost of buildings and equipment—and in some cases, developmental expenses and intangibles—reduced by various accounthave been less specialized, and less resort was ing adjustments, of which the largest is usually a depreciation reserve. had to Government financing.7 o In v e g r e t n h e e r a li l f , e t o h f e a o p b r j o e p ct e i r v t e y , o i f ts d o e r p ig re in c a ia l t c io o n st a le c s c s o s u a n lv ti a n g g e i v s a l m ue e r s e h ly o ul t d h a b t e , charged on a systematic basis against revenue from sales; the allocation Various accounting and statistical difficulties of this charge to specific years is typically governed by accounting convenience. As a result, the amount of accrued depreciation on the books at any particular time is not necessarily a measure of the decline in usefulness of the property in terms of its physical capacity; in fact, relative to current usefulness, old properties tend to be carried at 7 The different extent to which Government facilities have been lower net values than new properties. leased to large in contrast to small concerns does not explain entirely 9 It is to be noted that this is a measure only of the gross expanthe difference in their capital expenditure trends. The table shows sion—that is, before taking account of retirements of equipment during that it was in nonwar industries and in trade, as well as in war indus- the war. tries, that expenditures of the smaller concerns held up better in 1942 10 These are average percentages for the broad groups of concerns; and 1943 than those of large companies; and in the principal individual in individual lines there was of course considerable variation from lines, available data indicate that total expansion during the three-year these figures. In the war group, for example, the sample of small period was a larger percentage of the prewar property of small concerns chemical companies expanded their own plant and equipment about than of larger concerns. These differences in capital expenditures 15 per cent and large chemical companies about 20 per cent; electrical (among nonwar groups) are probably related to the greater increase in equipment and aircraft producers of all sizes averaged roughly 35-40 sales of the smaller concerns, but it is not immediately apparent why per cent expansion over the three-year period. In many trade lines, restrictions on plant additions in civilian lines should have been felt capital expenditures probably did not cover the need for ordinary less sever^y by small than by larger businesses. For the present replacement of property and equipment. (See preceding note and sample, part of the explanation may lie in the purchase of used (rather Table 1 where failure of capital expenditures to equal depreciation than new) structures and equipment from other concerns. allowances is indicated by a decline in net property.) 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS With the expansion of physical facilities lim- lines, the greatest increase in cash and securities ited to these proportions, the question naturally occurred among concerns with assets between arises as to how manufacturing and trade con- 34 and 1 million dollars; the increases accruing cerns expanded their sales so much more. Many to those with assets under J4 million dollars war producers, as already indicated, made use of were less large, owing chiefly to the use of funds Government-owned plant facilities. A more to retire debt in 1941 and 1943. In trade, the general factor was the existence at the beginning contrast by size of concern has been less striking of the war of incompletely utilized capacity both and less consistent than in manufacturing, posin manufacturing and in trade. Absorption of sibly because there was less need to accumulate the slack, and in manufacturing the increasing funds and some of the excess was used for debt adoption of multiple shift operations, made retirement. possible a considerable expansion of business on The extent to which growing cash and marthe basis of existing facilities. Also, in the case ketable securities signify increasing ease of finanof retail trade, peacetime capital expenditures cial position depends partly on the accompanyhad often been directed as much to improving ing growth of sales. As the volume of competitive ability to attract customers as to operations has risen, more funds have been reincreasing physical capacity; under conditions quired to make current disbursements and to of wartime shortages, the interruption of such cover possible irregularities in receipts. Howexpenditures interfered little with the rapid rise ever, among medium- and smaller-size concerns, in sales volume. liquid assets have risen much more than sales. In addition to these factors affecting the need This was less true among the larger concerns; for facilities in relation to physical volume of in fact liquid assets increased less than sales in business, rising prices in trade and in nonwar the case of large manufacturers of food, autos, manufacturing have increased the dollar volume aircraft, and rail equipment. The broad trends of sales that could be handled with a given are illustrated for various sizes of business in amount of facilities. Table 3, in terms of the ratio of liquid balances Increase in liquid assets.—The wartime expan- to sales. The table shows that this ratio rose sion in holdings of cash and marketable securi- very considerably among the smaller concerns. ties by business represents the excess of various The differences in wartime growth of liquid incoming funds over their uses. To some extent assets appear to have been somewhat a matter of the growth of cash and securities has resulted choice, since the larger companies in most lines from a deliberate effort by business concerns to used funds to an increasing extent in 1942. and obtain added funds for operating purposes, and 1943 to retire outside debt and stock—bank to some extent it has been merely a passive reflec- loans, Government advances, and security issues. tion of the fact that operations have yielded One reason why smaller concerns preferred to more funds than were needed. Where the latter increase their liquidity, with less retirement of has been the case, there has been a choice debt, was probably the relatively tighter posibetween accumulating idle balances or using tion with which they entered the war period. some of the funds to retire debt. This is illustrated in the table comparing cash In terms of the percentage increase from 1940 and marketable securities with sales. Moreover, to 1943, the gain in cash and marketable securi- the relative liquidity of the smaller concerns ties was indicated in Table 1 to have been three appeared still at the end of 1943 to be lower than times greater for the smaller manufacturers than that of the large companies. for large ones. The graduation in relative It is difficult to judge the significance of the increase has not been entirely consistent through- indicated difference in liquidity of small and out the size range, however. Among most large companies. The comparative liquidity of individual war industries and in some nonwar any two business firms is a complex quality, APRIL 1945 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS TABLE 3 TABLE 4 CASH AND MARKETABLE SECURITIES AS A PERCENTAGE OF INCREASE IN CASH AS A PERCENTAGE OF INCREASE IN LIQUID SALES, 1940 AND 1943, FOR THE SAMPLE OF MANUFAC- ASSETS, 1940 TO 1943, FOR SAMPLE OF MANUFACTURING TURING AND TRADE CONCERNS AND TRADE CONCERNS Asset size (in millions of dollars) Asset size (in millions of dollars) Industry and year Industry Under K«ot 1 to 5 5 to 10 1 o 0 v a e n r d Un X der Mtol 1 to 5 5 to 10 1 o 0 v a e n r d Manufacturing—war indus- Manufacturing—war indus tries: tries 53 56 47 37 30 1940 . . .. 5.0 5.4 8.0 8.7 21.5 Manufacturing—other indus- 1943 7.4 10.5 16.8 19.5 21.3 tries 59 46 42 25 15 v -v ' Manufacturing—other indus- Wholesale trade 66 54 42 29 tries: Retail trade 64 54 46 28 1940 2.9 3.6 4.7 7.6 10.6 1943 6.2 7.7 9.7 12.2 11.7 Who 1 le 9 s 4 a 0 le trade: 1.9 1.8 2.7 N ^, . 7 ' large businesses in manufacturing and in trade 1943 4.3 4.6 6.4 11.0 have kept only a small part of their increasing Retail trade: 1940 . .. 1.8 2.6 3.9 4.2 funds since 1940 in the form of cash—that is, 1943 7.0 8.9 11.6 8.0 currency and bank deposits—and have put the NOTE.—Cash and marketable securities relate to the end of year, larger part of the increase into marketable whereas sales are full year figures. This impairs somewhat the comparability of percentages in the different groups. (See footnote 11.) securities; smaller concerns, on the other hand, have kept more than half of their increasing with many aspects beside the mere ratio of liquid funds in the form of cash. Having started the balances to sales. The type of operations, the war with a lower cash position—in most cases, rate of turnover of tangible assets, and the debt perhaps, uncomfortably low—it is understandstructure are all pertinent factors. These differ able that the smaller concerns should first have considerably among concerns in the same genincreased available cash in preference to building eral industry, with typical differences by size of up security holdings.12 concern. The effect of these and other technical This difference in practice was reflected also considerations is probably that small businesses can get along normally with lower ratios of in the extent to which income tax liability was liquid assets to sales than large companies can. "covered" by holdings of marketable securities. In other words, the comparisons in the table At the end of 1943, the security holdings of small tend to overstate the contrast in liquidity be- manufacturing companies averaged only about tween small and large concerns, and between half of their accrued income tax liability, those in war and nonwar industries.11 whereas large company holdings exceeded their The relatively tighter position of small busi- tax liability. In trade there was less difference, ness in 1940 may explain in part an interesting possibly because of the greater ease in liquid contrast with respect to the accumulation of position; security holdings in the major trade cash during the war. As shown in Table 4, groups averaged upwards of 80 per cent of the accrued tax liability. 11 The following are some of the technical factors contributing on Notwithstanding the tendency of the smaller balance to this overstatement, and in addition to some more or less random variation. In the first place, sales is probably not the most concerns to accumulate cash, in preference to significant basis for appraising liquidity of position. More appropriate would be the current level of disbursements; this was relatively marketable securities, their cash holdings at higher—in manufacturing at least—for concerns with large sales than for those with small sales. Secondly, sales represent full year opera- the end of 1943 were still not so high, relative to tions whereas liquid assets refer only to operations as of the end of year; the amount of disparity between these items varied according to the rate at which sales were increasing during the year, and was probably not the same for small as for large concerns, or for war and nonwar 12 This consideration is not a complete explanation of the form in industries. Differences in seasonal pattern of inventories, receivables which small and large businesses have kept their liquid assets. It does and cash also existed as between manufacturing and trade groups and not account, for example, for the situation in 1940, when there was a affected the significance of liquidity comparisons. Finally, the amount marked variation in relative liquidity between small and large concerns of "float"—checks in circulation—is typically greatest at the year end, but comparatively little difference in the proportion of liquid assets is relative / much greater for small concerns than for large, and thereby held as cash. Nor does the relative liquidity in 1940 account for many contributes to understatement of the cash position of the smaller of the variations in policy among individual groups of companies with Concerns. respect to increases in liquid assets. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS sales, as obtained for the large concerns. The tion, and partly through deferral of payment for difference was substantial in war industries— taxes and other current expenses. The chief cash amounted to 4 per cent of sales for small difference between war and nonwar groups has firms, in contrast to 11 per cent for large—but been that concerns in war industries have obrelatively slight in other manufacturing and in tained additional funds, averaging 10 or 2.0 per trade. In relation to current liabilities, the cash cent of their requirements, from external sources position of smaller companies was more or less —that is, from banks, Government agencies, even with that of the larger companies. and security markets—while concerns in nonwar LIABILITIES AND EQUITY OF 1953 MANUFACTURING AND TRADE CONCERNS, 1940 -1943 POINTS IN POINTS IN TOTAL INDEX MANUFACTURING TRADE TOTAL. INDEX 250 250 200 UNDER '/4 y4 TO 1 1 AND OVER ASSET SIZE,IN MILLIONS OF DOLLARS All data refer to end of year position. For explanation of the grouping by industry and size of concern, see notes to Table 1 and t previous chart. Except in the group of war manufacturing industries, Government advances were of negligible importance. FINANCING THE EXPANSION OF ASSETS lines have had excess funds which have been used to reduce their outside obligations. While manufacturers in war industries have expanded their assets considerably more than The comparative amounts of funds coming those in nonwar manufacturing and trade lines, from different sources are indicated in the chart the broad proportions of financing have been which shows the growth and distribution of very similar. In war as well as nonwar groups, liabilities and equity for various business groups about three-quarters or more of the funds re- from the end of 1940 to the end of 1943. The quired to expand assets has been derived from percentage changes in balance sheet accounts for current operations, partly through retained the period as a whole are shown in Table 5. The profits and sales revenue earmarked for deprecia- classification of accounts in the table and chart APRIL 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS TABLE 5 expanded. The financing obtained in this way PERCENTAGE INCREASE IN LIABILITIES AND EQUITY, 1940 TO has both external and internal characteristics. 1943, FOR SAMPLE OF MANUFACTURING AND TRADE It is external in that the funds are only tempo- CONCERNS rarily available and will in effect have to be Asset size (in millions of "repaid" when the volume of business activity dollars) begins to decline; on the other hand, accruals Industry and item Under to 1 1 to 5 5 1 t 0 o o a v 1 n e 0 d r r t e h s a e t m t b h l e e y in ac te c r ru n e a l m fu o n re d s o f r r o le m ss p w ro it f h it o s u i t n d t e h s e ig s n e n i s n e the course of expanding operations. Manufacturing—war industries Total liabilities and equity 103 142 122 46 The third group of items, representing profits To banks, security holders, Govt. 13 43 48 23 Current accruals 238 340 391 324 236 retained after dividends and allowances for con- Surplus and reserves 366 300 125 124 71 tingency reserves, are true internal funds in that Manufacturing—other industries Total liabilities and equity 63 39 26 29 28 they are owned by the business and their ulti- To banks, security holders, Govt. 18 -4 -10 -10 4 Current accruals 112 120 144 238 143 mate disposition—to be retained or to be paid to Surplus and reserves 98 102 70 76 55 stockholders—is at the discretion of the man- Wholesale trade Total liabilities and equity 34 22 31 31 agement. From the standpoint of funds to To banks, security holders, Govt. 1 *r 2 A Current accruals 33 47 91 195 cover capital expenditures, these internal sources Surplus and reserves 106 74 76 53 should be supplemented by the mention of de- Retail trade Total liabilities and equity 35 40 34 preciation allowances. As was previously To banks, security holders, Govt. -3 -7 6 Current accruals 99 188 144 explained, additions to depreciation reserves arc Surplus and reserves 69 73 42 not reflected on the liability side of the balance NOTE.—The increases in total liabilities and equity are equal to the increases in total assets as shown in Table 1. sheet since depreciation is customarily classified Liabilities to security holders include net increase in stocks as well --> bonds. Liability to Government represents only advances in con- on the asset side as a deduction in arriving at %/ifi/\n TTT-T-f-1-* nurvrklir r> r\ *-\ 4-1- n J-» 4- c* stated net property. The earlier discussion of uses of funds in terms of gross capital expenditures, in preference to increases in net property, reserves, additions to which from current revenues are ordinarily a therefore requires a corresponding recognition major source of funds for capital expenditures, since such reserves are o ti r o d n i n i a n r i a ly rr iv cl i a n s g s if a ie t d n e o t n p t r h o e p a e s r s ty et . sid (S e e o e f f t o h o e t n b o a t l e a n 8 c . e ) sheet as a deduc- here of depreciation allowances as a source of funds. cuts across the usual accounting distinction be- Both the table and the chart indicate that tween current and long-term items in order to direct external obligations have declined generbring out the extent to which expansion was ally among nonwar manufacturing and trade financed internally through current operations groups. In war manufacturing, where asset in contrast to outside borrowing and new expansion was greatest, funds owed directly to investment. external sources have increased, but much less The group of items representing direct financ- than accruals, surplus, and contingency reserves. ing from external sources includes liabilities The largest percentage increases have occurred to banks, Government agencies, and security in accruals, where the major item of growth has holders (inclusive of stockholders). The in- been, generally, the liability for Federal income crease in the middle group of items, desig- and excess profits taxes. The increase in surplus nated as current accruals, represents funds re- and reserves, representing retained wartime tained in the business through the temporary profits, has been much greater for small concerns deferral of payment for various operating ex- than for large. penses, including income taxes and accounts One aspect of these developments which has payable. The outstanding total of these accrued occasioned some concern, especially as regards but unpaid expenses has increased more or less the war manufacturing group, is the increasing automatically as the volume of business has proportion of liabilities and equity in the form FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS of short-term debt—that is, in accruals, bank TABLE 6 loans, and Government advances. As the chart NET PROFIT AND DIVIDENDS IN RELATION TO NET WORTH, brings out, the increase in these items among war 1941-1943, FOR SAMPLE OP MANUFACTURING AND producers has covered roughly two-thirds of TRADE CONCERNS [Average percentages for 3-year period] their entire wartime expansion. By normal prewar standards, the extensive financing of Asset size (in millions of dollars) business on a short-term basis has generally Industry and item b b e e e n ta r k e e g n a r u de p d in a s c u o n n s n o e u c n ti d o . n w Th it i h s q th ue e s t w io o n r k w in i g ll Under t Y o A l . 1 to 5 5 1 t 0 o o a v 1 n 0 e d r capital position. Manufacturing—war industries Net profit/net worth 21 22 16 15 10 As regards year-to-year trends, the principal Dividends/net worth 5 5 6 6 6 Portion of profit retained 76 78 65 58 40 development revealed by the chart is a slight Manufacturing—other industries shift in the nonwar industries from expansion Net profit/net worth 21 13 11 10 10 Dividends/net worth 8 4 4 4 7 of bank loans during 1941 to retirement of bank Portion of profit retained 64 67 60 55 33 loans in 1941 and 1943. This development re- Wholesale trade , ' Net profit/net worth 19 13 12 v- .9 c fl e e i c v t a e b d l e t s h e a n c d o n th tr e a c ra ti p o i n d a o c f c u in m v u e l n a t t o io ri n e s o f a n li d q u re id - D Po iv rt i i d o e n n d o s f / p n r e o t fi w t o r r e t t h ained 64 7 59 6 5 5 6 A 5 6 Retail trade assets in excess of needs. In the war industries Net profit/net worth 15 13 10 9 some groups of companies also retired appre- Dividends/net worth 7 5 4 6 Portion of profit retained 56 61 62 35 ciable portions of their outstanding Govern- NOTE.—In computing the ratios to net worth, average net profit ment advances and bank loans, but this action and dividends for the three years 1941-43 are related to the average net worth at the beginning of each of the three years. was not general enough to be reflected in the chart. More than offsetting the greater amounts of Beneath these similarities in the broad pattern funds derived from internal sources in manufacof industrial and commercial financing are a turing have been large differences in the relative number of significant smaller divergencies in expansion to be financed. The asset expansion individual industries and size-groups. Some for the three years 1941-43 averaged from 50 to of the variations in pattern are summarized in 140 per cent for various sizes of business in the the following paragraphs. war manufacturing group, but only 2.0 to 40 Internal sources of funds.—Among the four per cent in the case of trade. As a result funds broad industry groups, the proportion of the from retained profit and from allowances for asset expansion covered by funds from internal depreciation and contingency reserves have, on sources has depended on two factors—differences the average, covered about 40 per cent of the in the amount of internal funds (relative to the asset expansion in war manufacturing, and prewar size of the business), and differences in about 55 per cent of that in nonwar manufacturthe amount of expansion to be financed. ing; in trade the proportion has averaged about Rates of profit in relation to net worth (or to 75 per cent for small concerns and 45 per cent for total assets) have been slightly higher, and the the large companies. proportion of these earnings reinvested has been As between small and large manufacturers, greater, in the war manufacturing group than in there was considerable difference in the composinonwar manufacturing and trade. These differ- tion of the internal funds. Smaller manufacturences are illustrated in Table 6. Depreciation ing concerns accrued relatively less funds on allowances also have been larger in manufactur- account of depreciation and contingency reing than in trade, principally because of the serves, but relatively more funds from profit greater amount of property relative to other retained after dividends and withdrawals. assets, but partly because depreciation rates have The difference in importance of the reserve averaged slightly higher in the war manufac- allocations resulted in part from the typically turing groups. smaller proportions of plant and equipment used 3x3 APRIL 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS by the smaller concern. In both war and rent, interest, and dividends for which payment nonwar lines, net property comprised 12. to 15 was also deferred, likewise increased in volume per cent less of total assets among small con- with the expansion in level of operations. cerns than among the large. There appears to Accounts payable for purchase of inventories have been no significant difference in the rates of and for trade advances first rose in all groups depreciation charged by small and large com- during 1941, but subsequently declined in many panies on their property account; in each group nonwar lines, and in some war lines also, as annual depreciation charges averaged about 10 increasing liquidity permitted businesses to per cent of net property.13 Allocations of earn- settle their accounts more promptly. The reings for special or contingency reserves were duction in outstanding trade payables was also relatively less among the small concerns. evidently a counterpart of the decline previously Large manufacturers in both war and nonwar described in receivables and inventories. In groups typically derived about 8 per cent of their retail apparel and department stores and some sources of funds in this form, in contrast to 1 to lines of food manufacturing and distribution, 4 per cent for smaller concerns. where inventories and customer credit con- More or less offsetting these differences in the tinued to advance through 1943, trade payables importance of reserve allocations, the smaller also continued to expand. manufacturers appear to have experienced much For the three-year period as a whole, there higher rates of net profit and to have retained appears in most industries to have been less use (that is, after dividends and withdrawals) a of trade accounts payable as a method of considerably higher proportion of the profits. financing by the small concerns than by the This is illustrated in Table 6, which indicates large. That is, accounts payable increased that rates of net profit on net worth averaged more among the large manufacturers than among about zo per cent for small manufacturers over the small, while in trade they increased among the three-year period, as compared with 10 the larger companies and declined among the per cent for large manufacturers; and from 60 to small. At first sight, the significance of these 80 per cent of the earnings were retained by the differences is not apparent. smaller concerns in contrast to 35 to 40 per cent External financing from banks, Government agenretained by the large companies.14 cies and security markets.—As was earlier re- Financing through accruals and trade accounts.— marked, the amount of funds obtained directly Expanding earnings in nearly all lines of activ- from external sources by manufacturing and ity, together with increases in Federal income trade concerns has averaged fairly small in comand excess profits tax rates, resulted in rapidly parison with the total amount required to rising tax liabilities for most businesses during finance asset expansion. In 1941, firms in the years 1941-43. As the tax liability accruing broad industry and size groups met, on the each year might be paid approximately twelve average, from 5 to 2.5 per cent of their expansion months later, the retention of revenues allocable requirements by bank loans, Government adfor taxes was in effect a source of funds that could vances, and some new security issues. In 1942., be used temporarily for other operating purposes. concerns in the war industries continued to meet The amount of other expenses, such as pay rolls, 15 or zo per cent of their expansion requirements by further bank loans and Government advances 13 This corresponds roughly to a rate of 5 per cent on original cost of property. —the smaller firms supplementing these funds 14 The significance of these figures is not clearcut because of differences in accounting practice among smaller concerns with respect to with new security issues—while concerns in managerial salaries; owners of some concerns may take in the form of salaries an appreciable amount of the increase in business earnings, most nonwar groups retired both bank loans thereby reducing reported profit, while other proprietors may record most or all of their salary in the form of dividends or withdrawals. and securities. In 1943 the war producers While these differences in accounting practice are doubtless appreciable, the differences in portion of profit retained, as shown in the continued on balance to increase their bank table, appear large enough to represent a major difference in policy as between small and large manufacturers, at least. The difference be- borrowing with some concurrent reductions in tween small and large trade concerns is less marked. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS Government advances and outstanding securi- For the medium-size firms, a factor in the ties; in nonwar lines, retirements of bank loans increasing use of bank funds in the latter half of and outstanding securities were quite general. 1942. and in 1943 was probably a growing famili- The principal exception to these trends was arity with the financing facilities available from again among food manufacturers and retailers, banks under the Government guarantee of many of which increased their outstanding bank credit. In whole groups of concerns in the loans throughout the period. machinery and transportation equipment in- For the war industries, where external financ- dustries, bank credit by the end of 1943 not ing has been of most importance, the compara- uncommonly averaged 2.5 to 50 per cent of the tive amounts of funds obtained in the various total prewar assets of the group; in individual forms are shown in Table 7. An interesting instances credit had been granted up to many times the entire prewar assets. TABLE 7 As regards financing in the security markets FUNDS DERIVED FROM EXTERNAL SOURCES AS A PERCENTAGE by the war industries, there was on balance OF TOTAL FUNDS FROM ALL SOURCES, 1941-1943, FOR during the period a net increase in outstanding SAMPLE OF MANUFACTURERS IN WAR INDUSTRIES stock and a net decline in funded debt. The Asset size (in millions of dollars) amounts involved were not very large, aver ag- External source and period Under Mtol 1 to 5 5 to 10 10 and ing in most groups under 10 per cent of the over totals outstanding in 1940. Some of the decline 3 years 1941-1943 Bank loans 5 11 16 10 3 in debt may have represented a reaction to the G Se o c v u e r r i n ty m i e s n s t u e a s d v (n an et c ) es 2 1 6 1 -1 6 -1 6 -1 6 incentives for debt reduction provided in the 1941 Revenue Act of 1942.. Under this Act, com- Bank loans 14 3 11 9 5 panies paying excess profits taxes, and entitled Government advances 4 3 2 3 3 Security issues (net) 4 5 1 0 0 to a 10 per cent refund after the war, might take 1942 the refund currently to the extent of 40 cents for Bank loans 13 5 7 8 4 Government advances 7 11 7 11 15 every dollar reduction in outstanding debt. Security issues (net) 3 0 -1 0 -2 It is doubtful, however, whether this provision 1943 Bank loans ... -14 19 29 14 1 has had a very wide response among the sample Government advances -10 2 6 -1 —4 Security issues (net) 0 0 — 1 —4 0 concerns. The net reduction in funded debt NOTE.—Negative figures signify use of funds to retire debt or stock. and net increase in stock of war producers represented a balance between a great variety of small aspect of the comparison is that, for the threeincreases and decreases in both types of securyear period as a whole, the medium and smaller ities, so that no significant generalization from concerns obtained relatively more funds from the data seems possible. In nonwar manufacturbanks than from Government advances. In ing and in trade, where outstanding securities 1942., the peak year in volume of war contracts also declined, there is little evidence of a preawarded, all size groups except the very smallest ference for retiring debt rather than stock. In secured more funds from Government advances some groups, outstanding stock declined more than from banks; most of the increase in Governthan debt and in others debt was increased while ment advances occurred in the first half of the stock declined. Since the adjustments in most year. Up to that time, at least, the Governcases were negligible fractions of the amounts ment advance was a logical form of financing outstanding, they appear to have no general for the prime contractor. The fact that few of significance. the 39 war producers with assets under 34 million dollars made use of Government advances over the period is probably due to the WORKING CAPITAL POSITION fact that most of their business was on a sub- In current discussions of the effect of the war contracting basis. period on business finance, considerable emphasis APRIL 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS often is placed on changes in the working capital TABLE 8 position. This position is discussed sometimes WORKING CAPITAL POSITION IN 1943 COMPARED WITH 1940, in terms of the net working capital—that is, the FOR SAMPLE OF MANUFACTURING AND TRADE CONCERNS excess of short-term assets over short-term Asset siz(i (in millions of liabilities—and sometimes in terms of the dollars) Basis of comparison r it a i t e i s o , o ca f ll s e h d o r t t h -t e e r c m u rr a e s n se t ts r a t t o io . short-term liabil- and industry Un H der to H 1 Ito5 5 1 0 to o a v 1 n 0 e d r During the war, net working capital has Net working capital in 1943 as a increased rapidly for most businesses, chiefly percentage of 1940: Manufacturing—war indusas a result of large retained profits but partly tries 196 214 156 150 143 Manufacturing—other indus- (especially in nonwar lines) from current tries 170 148 145 137 137 v v depreciation allowances which have not been Wholesale trade 157 132 132 116 Retail trade 142 136 135 145 fully reinvested in plant and equipment. As is Ratio of current assets to current shown in Table 8, the growth in net working liabilities, 1940 and 1943: Manufacturing—war induscapital from 1940 to 1943 was greater among war tries: 1940 2.2 2.2 2.7 2.8 2.9 than among nonwar groups, and generally 1943 1.8 1.6 1.5 1.7 1.9 Manufacturing—other indusgreater among smaller businesses than among tries: 1940 2.2 2.3 2.5 3.0 4.1 large. To the extent that this increase resulted 1943 2.0 2.1 2.4 2.4 3.1 Wholesale trade: from retained profit, it evidently has constituted 1940 2.2 2.3 2.4 3.2 1943 2.5 2.4 2.2 2.3 a basic and very appreciable strengthening of Retail trade: 1940 2.2 2.6 2.6 2.5 business financial positions. 1943 2.6 2.3 2.0 2.1 At the same time, much of the current asset NOTE.—All figures represent end-of-year positions. expansion has been financed by a growth of curious anomaly. The explanation is partly to short-term liabilities, which has meant the be found in the fact that the current ratio is an addition of equal dollar amounts to both assets index of financial position developed in connecand liabilities. In many industries the con- tion with commercial practices of peacetime current growth in current assets and current business; the interpretation of this ratio requires liabilities has been greater than the growth in some qualification when applied to a wartime net working capital, so that the latter has situation involving a temporary doubling or appeared as a relatively smaller proportion of the quadrupling of business, with products going total current position. This development is ultimately to the Government. reflected in the ratios of current assets to current As applied to the peacetime business, there liabilities for 1940 and 1943, which are shown are several reasons why a level of current assets in Table 8. In nonwar manufacturing and in considerably higher than current liabilities has trade, such declines in the current ratio as have been considered a desirable long-run standard. occurred have not been considered very serious One is that current assets may be subject to some since current assets in 1943 were in general still shrinkage; inventory values may not be fully more than twice as large as current liabilities. realized if market prices should decline, and In the case of many groups in the war industries, receivables contain a profit mark-up that may however, the current ratio has dropped well not be collectible. Consequently, to assure that below the conventional two-to-one standard. liquidation of current assets will provide funds To some businessmen and their creditors, this to cover the liquidation of current liabilities, it trend has appeared as an element of serious finan- is necessary to maintain a substantial margin of cial weakness. net working capital. Even though the absolute That a particular change in working capital margin should be increasing, a decline in the position can be regarded both as an evidence of ratio of current assets to liabilities would mean a decline in relative safety margin. strength and as an evidence of weakness seems a 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS A second reason for maintaining a substantial job, it is a more or less transient abnormality current ratio in normal peacetime relates to the in the balance sheet; mere contraction in war time sequence in which current assets and current business—and a reduction in wartime income liabilities are likely to be liquidated. When tax rates—will restore the ratio to more normal current assets are large relative to current lia- levels. bilities, there is more likelihood that the From the standpoint of lasting effects of the required funds for effecting a contraction in wartime experience, the more significant aspect liabilities can be provided by the prior liquida- of working capital seems the large increase tion of some current assets. which has come from retained net profit. To For the manufacturer or dealer in war products some extent, it is true, this increase is an "exand for his creditor, the need for a large per- pendable" item, in that it has resulted from a centage margin of current assets over current conservative dividend policy which was adopted liabilities has been considerably modified, first partly because of the uncertain postwar prospect. by the very liquid nature of a large part of It is therefore to be expected that various excurrent assets, and second by safeguards provided penses connected with resumption of peacetime in war contracts and in credit arrangements with activity may draw off some of the recent growth banks and Government agencies against some of in working capital. Nevertheless, the growth the ordinary commercial hazards. A large part has been so substantial that most businesses may of current liabilities now consists of accrued be able to take a good deal of shrinkage and tax liability which is, in many cases, largely still emerge from the war period with more covered by holdings of Government tax notes than they entered. on which shrinkage in value is out of the These remarks are not intended to mean that question. To cover other current liabilities the working capital which all enterprises now there is available a considerable amount of cash have, or with which they may emerge from the together with inventories and receivables; some transition, will suffice for all postwar operations. of these are equivalent to Government securities, As compared with prewar or wartime levels of so far as ultimate collectibility is concerned. operation, more working capital may be re- Under the terms of Government contracts, quired in the future because of the comparatively established receivables are not likely to be subgreater physical quantities of inventories and ject to shrinkage, and any decline in raw matereceivables and their higher unit values. Morerial prices will not affect the reimbursement for over the significance of the large percentage material costs in war contracts.15 The terms increases in working capital already experienced on which guaranteed bank loans and Governby the smaller firms is more or less qualified by ment advances have been arranged are such that the comparatively low level from which many of liquidation of these obligations will generally them entered the war period. These reservafollow, rather than precede, settlement of war tions temper the first-sight impression given by contracts. the wartime increases. In view of these special conditions, it may Perhaps a more valid concern than the not be a true sign of weakness when a current working capital position as such is the adequacy ratio is below the conventional standard merely of the cash position to meet current and prosbecause of a large expansion in war output. To pective operating needs. As was previously the extent that this expansion represents the stated, some of the larger war producers have mobilization of business resources for a specific experienced a decline in the ratio of cash to the level of operations during the war. As the 15 It is true, there has been some intimation from Government agencies that * 'excessive" inventory accumulations would not be con- amount of cash has declined in relation to pay sidered reimbursable in the final settlement. There is also a possibility of asset shrinkage in connection with various developmental rolls and other current disbursements, more costs which, together with post-termination expenditures, will be a subject for renegotiation. These items, however, are typically not care and precision has been required in timing reflected in present current ratios. APRIL 1945 32-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS receipts and expenditures. When the volume of contractors, and others who may need financing, war contracts is reduced, these producers, to- to conclude appropriate arrangements before the gether with others whose cash position now time when large-scale contract termination has appears adequate, may need more funds than developed. Those who do not may meet with they now have for reestablishing peacetime embarrassing delay and perhaps more convenoperations. While various Government groups tional loan standards. have made considerable progress in setting up For some time to come, many business finanarrangements for expediting the release of funds cial statements may contain aspects that seem from terminated war contracts, the experience in strange and doubtful in terms of normal peaceterminations to date suggests that supplementary time standards. To the extent that these are funds may be required, especially by subcon- transitory rather than long-run conditions, it tractors and by others who are on a cost-plus- will be difficult to apply and to interpret confixed-fee basis. ventional indexes of financial condition. The prospective tightness of the cash situation Temporary abnormalities will need continually during reconversion will be more or less inde- to be distinguished from the more enduring pendent of the working capital position, and aspects of financial position. And the mocan be met by interim financing. Under the mentary distribution of liabilities or of assets, Contract Settlement Act, provisions have been may deserve less emphasis in credit analysis made for the procurement services and the than the shifts in prospect—that is, the flow Federal Reserve System to facilitate the avail- of funds required to meet the disbursements ability of bank credit during the settlement which will be entailed in adapting businesses period. It will probably be important for war to postwar conditions. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS COMPOSITE BALANCE SHEET AND INCOME STATEMENTS, 1940 AND 1943, FOR 1953 MANUFACTURING AND TRADE CONCERNS BY GROUPED INDUSTRIES AND ASSET-SIZE OF BUSINESS [Dollar figures in thousands] Asset size (end of 1941, in thousands of doliars) Account Under 250 250 to 1,000 1,000 to 5,000 5,000 to 10,000 10,000 and over 1940 I 1943 1940 1943 1940 1943 1940 1943 1940 1943 Manufacturing—war industries1 Number of concerns 39 94 169 43 206 Total assets (end of year)2 5,149 10,460 44,701 108,346 308,332 683,981 214,149 402,127 22,666,500 33,157,200 Cash 389 1,432 3,418 15,346 29,480 115,351 20,304 58,305 2,976,900 4,485,900 Marketable securities 128 1,067 599 10,104 4,342 100,100 2,164 66,725 648,700 4,120,600 Inventories 1,596 2,975 13,266 31,244 87,811 177,095 59,802 110,074 3,983,300 5,925,300 Receivables 1,000 2,306 9,419 27,938 62,247 141,996 46,099 70,769 1,987,800 4,934,100 Net property 1,708 2,312 15,357 19,907 103,590 122,037 74,914 85,241 11,287,100 11,931,900 Other assets2 328 368 2,642 3,807 20,862 27,402 10,866 11,013 1,782,700 1,759,400 Liabilities and equity (end of year): Notes payable to banks 238 510 2,919 10,392 18,445 86,592 13,289 35,580 317,800 804,100 Trade notes and accounts payable 704 1,001 5,221 9,811 23,660 58,650 13,554 25,726 1,015,600 2,390,800 Government advances 20 68 242 4,189 227 23,368 737 13,078 507,800 1,352,000 Accrued income taxes 112 2,313 1,076 19,845 11,337 121,176 6,724 72,485 585,100 3,385,400 Other current liabilities 311 500 2,450 8,790 14,770 64,622 10,815 33,843 877,500 2,560,400 Funded debt 411 426 2,621 1,505 12,581 11,472 12,724 6,943 2,094,800 1,982,500 Capital stock 2,759 2,874 22,989 25,051 153,053 151,000 112,294 115,578 12,537,000 12,576,700 Reserves (contingency) ... 2 251 45 2,990 3,375 16,670 2,403 12,644 938,800 2,228,500 Earned surplus2 592 2,517 7,138 25,773 70,884 150,431 41,609 86,250 3,792,100 5,876,800 Income statement (during year): Sales 10,296 33,651 74,143 243,330 421,163 1,282,219 258,356 639,738 16,831,900 40,453,400 Profit before income taxes 488 3,152 30,546 37,630 159,720 23,712 95,351 2,203,100 5,082,800 Net profit 376 839 2,904 10,701 26,293 38,544 16,988 22,866 1,618,000 1,697,400 Cash dividends and withdrawals.., 139 221 1,002 2,368 11,598 14,664 8,864 11,059 1,062,100 1,033,700 Three-year totals 1941-43: Retained profit 1,941 18,832 80,157 44,168 2,130,100 Capital expenditures 1,192 10,629 55,106 38,078 4,257,000 Manufacturing—other industries1 Number of concerns 108 202 220 52 3139 Total assets (end of year)2 11,866 19,395 96,260 133,612 441,741 554,389 307,418 397,010 5,548,200 7,086,200 Cash 1,013 2,857 6,791 16,422 29,911 66,432 27,152 41,110 614,600 729,300 Marketable securities 19 1,286 782 12,009 4,339 53,846 2,472 44,749 154,200 800,700 Inventories 3,492 6,273 29,919 41,180 126,887 152,293 80,708 104,411 1,675,200 2,336,800 Receivables 3,537 4,577 23,003 26,570 76,067 84,396 43,876 51,268 610,800 794,000 Net property 3,272 3,443 29,606 30,130 175,309 169,366 136,580 135,264 2,243,500 2,182,300 Other assets2 533 959 6,159 7,301 29,228 28,056 16,630 20,208 249,900 243,100 Liabilities and equity (end of year): Notes payable to banks 835 1,547 9,300 7,733 42,955 24,475 26,496 14,879 222,000 223,800 Trade notes and accounts payable 1,829 2,073 9,341 10,502 25,990 30,900 10,556 17,494 163,700 270,100 Government advances , 207 496 7,000 17,800 Accrued income taxes 93 2,329 1,297 15,410 8,020 64,334 7,385 48,616 163,400 698,400 Other current liabilities 853 1,496 6,464 11,841 16,677 28,297 7,719 20,678 195,200 303,900 Funded debt 519 657 3,932 3,757 31,049 26,063 21,386 14,225 3,702,700 3,875,900 Capital stock 4,278 4,428 47,345 46,862 215,755 207,851 167,076 163,746 Reserves (contingency). 21 72 164 750 3,479 7,205 1,661 10,095 121,600 293,800 Earned surplus2 3,438 6,793 18,417 36,757 97,609 164,768 65,139 107,277 972,600 1,402,500 Income statement (during year): Sales 35,699 66,320 210,012 370,600 726,730 1,246,238 390,708 704,517 7,260,300 13,123,700 Profit before income taxes 775 4,928 4,879 24,969 30,257 99,784 28,912 71,569 602,900 1,131,000 Net profit 682 2,599 3,582 9,559 22,237 35,450 21,527 22,953 439,500 432,600 Cash dividends and withdrawals.. 251 1,004 2,230 3,498 11,786 16,027 9,493 11,248 308,100 283,900 Three-year totals 1941-43: Retained profit 3,541 18,372 67,409 41,663 451,900 Capital expenditures 1,276 8,138 38,767 33,115 439,300 1 Concerns are classified by industry on basis of prewar product. Manufacturing industries classified as "war" include chemicals, petroleum, rubber, steel and products, nonferrous metals and products, electrical equipment, machinery, transportation equipment (autos, aircraft, rail equipment, shipbuilding). Other manufacturing industries include food, beverages, tobacco, textile mill products, apparel, leather and products, lumber products and furniture, paper and products, printing and publishing, and stone, clay, and glass products. 2 Total assets, other assets, and earned surplus are net of intangibles (patents, good will. etc.). 3 The sample for this group includes 7 more companies than were in the analysis published in the January BULLETIN, and 81 more than were represented in the statistics published by the Robert Morris Associates. APRIL 1945 32-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME FINANCING OF MANUFACTURING AND TRADE CONCERNS COMPOSITE BALANCE SHEET AND INCOME STATEMENTS, 1940 AND 1943—Continued Asset size (end of 1941, in thousands of dollars) Account Under 250 250 to 1,000 1,000 to 5,000 5,000 and over 1940 1943 1940 1943 1940 1943 1940 1943 Wholesale trade Number of concerns 174 89 14 Total assets (end of year)1. 15,695 21,081 77,218 94,540 146,569 192,218 121,559 158,664 Cash.. 1,060 3,367 4,082 10,974 10,118 23,361 8,929 16.715 Marketable securities... 112 1,321 453 6,282 940 19.447 1,070 19,887 Inventories 5,601 6,385 29,961 39,549 60,855 80,461 34,586 44,943 Receivables 5,407 6,294 26,677 21,548 43,920 36,287 37,312 33,956 Net property 2,598 2,820 10,725 11,298 22,056 22,772 25,079 24,936 Other assets1 917 894 5,320 4,889 8,680 9,890 14,583 18,227 Liabilities and equity (end of year): Notes payable to banks , 1,500 1,219 8,472 6,166 19,248 14,433 11,811 9,788 Trade notes and accounts payable. 3,067 2,944 12,999 13,010 20,915 24,137 7,908 11,027 Government advances 350 Accrued income taxes 1,450 885 7,730 2,683 23,534 2,137 19,130 Other current liabilities 948 4,383 6,078 6,385 9,706 3,572 9,974 Funded debt 711 2,888 2,870 3,042 4,071 1,712 909 Capital stock 5,755 31,381 30,541 66,410 67,054 69,608 69,818 Reserves (contingency). 172 129 319 511 1,321 426 1,724 Earned surplus1 7,532 16,081 27,826 27,375 47,962 24,385 36,294 Income statement (during year): P S r a o le f s it before # income taxes 10 3 7 , , 7 7 4 8 2 4 24 4 9 , , 3 2 8 6 9 3 37 1 5 5 , , 3 5 2 2 7 8 415 9 , , 3 9 2 5 5 4 6 3 6 6 3 , ,7 0 3 2 3 5 211 7 , , 9 96 92 1 33 2 3 7 , , 5 5 7 1 4 4 Net profit 2,292 3,504 7,798 7,271 12,491 5,824 8,384 Cash dividends and withdrawals.. 910 1,506 3,862 3,824 5,969 3,698 4,294 Three-year totals 1941-43: Retained profit. 3,747 12,209 20,310 11,849 Capital expenditures 1,093 3,760 5,930 5,803 Retail trade Number of concerns 80 86 72 Total assets (end of year)1. 8,715 10,257 40,067 53.965 140,697 196,488 497,945 668,213 Cash 368 1,360 2,490 7.352 9,794 29,289 51,699 80,525 Marketable securities 56 622 108 4,242 1,143 24,273 2,471 78,303 Inventories 3,255 3,953 13.032 18,984 36,884 55,776 132,878 233,487 Receivables. 2,847 2,329 11,202 8,484 36,720 28,797 80.958 56.860 Net property. 1,577 1,468 9,413 10,380 44,931 45,814 209,515 194,865 Other assets1. 612 525 3,822 4,523 11,225 12,539 20,424 24,173 Liabilities and equity (end of year): Notes payable to banks 864 641 3,139 2,140 10,394 4,109 38,312 46,733 Trade notes and accounts payable., 1,468 1,230 4,851 5,673 13,824 19,511 37,794 57,219 Government advances Accrued income taxes 76 642 489 5,652 2,536 29,283 11,830 75,761 Other current liabilities 563 660 1,958 3,225 5,743 14,743 19,412 35,882 Funded debt 342 234 2,358 3,011 10,508 10,504 26,889 38,229 Capital stock 3,799 3,756 16,883 16,669 69,557 69,728 245,426 246,799 Reserves (contingency). 28 98 239 213 1,829 2,952 2.293 13,960 Earned surplus1 1,575 2,996 10,150 17,382 26,306 45,658 115,989 153,630 Income statement (during year): Sales .... 23,823 28,232 98,469 130,111 277,151 461,864 1,300,767 1,986,957 Profit before income taxes , 589 1,681 2,592 9,820 9,624 40,947 41,647 114.172 Net profit 513 1,039 2,103 4,168 7,088 11,664 29,817 38,411 Cash dividends and withdrawals. 279 523 1,082 1,915 3,277 4,537 20,719 24,453 Three-year totals 1941-1943: Retained profit 1,507 7,044 19,495 36,406 Capital expenditures 317 3,840 9,990 32,173 1 Total assets,'other assets, and earned surplus are net of intangibles (patents, good will, etc.). 33° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS The survey of ownership of demand deposits OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, conducted by the Federal Reserve System as of PARTNERSHIPS, AND CORPORATIONS January 31, 1945 indicates, as did the previous [In billions of dollars]* survey, that individuals are still adding large Dollar amount Change, July 1944 to T am he o u e n x t p s a t n o s i t o h n e i i r n h i o n l d d i i v n i g d s u o al f s ' d e h m ol a d n i d n g d s e p o o f si d t e s - . Ja 1 n 9 u 45 a ? ry 1 J 9 u 4 ly 4 r Jan 19 u 4 a 5 ry mand and time deposits and of currency during Total domestic business 40.4 37.6 +2.8 the six months was greater than in any compar- Nonfinancial business—total 35.3 33.0 +2.3 able period. Some of the increase in individual Manufacturing and mining 17.5 17.2 +0.4 Public utilities 3.8 3.7 +0.1 deposits during this period consisted of a growth Trade 10.4 8.8 +1.5 Other nonfinancial 3.7 3.3 +0.4 in farmers' demand deposits, but seasonal influ- Financial business—total...,.,..,... 5.1 4.7 +0.4 ences undoubtedly account for part of this rise. Insurance companies 1.9 1.7 +0.2 Unincorporated business, which to a large degree Other financial 3.2 3.0 +0.3 consists of wholesale and retail trade establish- Personal 21.4 18.4 +3.0 ments, has continued to expand its deposit hold- Farmers 4.7 4.0 +0.7 Others 16.7 14.4 +2.3 ings at a rate about as rapid as that for individual Trust funds 1.5 1.3 +0.2 accounts. Balances of corporations, exclusive Nonprofit associations 1.9 1.6 +0.4 Foreigners—business and individuals.. 0.8 0.7 +0.1 of those engaged in trade, showed little gain. Total 66.0 59.6 +6.4 During the period between the last two deposit surveys, holdings of Government securities * Owing to rounding, details may not add to total. p Preliminary. by both individuals and businesses continued to r Revised in several respects, the most important of which is to incorporate more precise estimates of the ownership of accounts under increase. It appears, however, that increases in $100,000 in New York City banks. This revision was based on a sample study of 25,000 such accounts. individuals' holdings of deposits and currency NOTE.—The figures on deposit ownership presented in this article are estimates of the balances as recorded on the books of all banks, were a somewhat larger proportion of their total and as a consequence are different from estimates of balances on the books of depositors. The former include amounts represented by accumulations of savings during the period than checks that have been drawn by depositors and deducted from their books but not yet charged off their balances on bank records. The was the case for any similar period during the latter include checks received by the payees which have been entered on their records but not yet deposited with the banks. war. Corporations, on the other hand, continued to increase their holdings of Government was faster than that of any similar period. securities while adding very little to their cash Demand deposits of all domestic business firms holdings. grew i.8 billions, but the rate of increase was less than 8 per cent. Relatively small amounts CHANGES IN DEMAND DEPOSIT OWNERSHIP, were added to trust funds and the deposits of JULY 31, 1944 TO JANUARY 31, 1945l nonprofit organizations and foreigners. Of the 3 .o billion increase in personal deposits, During the six months ended January 31,1945, an estimated 700 million represents addition to individuals added an estimated 3.0 billion dollars the balances of farmers. This growth to some to their demand balances, bringing them to a extent reflects seasonal factors. Farmers' actotal of more than u. billion dollars, as shown counts in many parts of the country are at their in the following table.2 The rate of growth low point in the late summer months and are in demand deposits of individuals, 16 per cent, built up during the fall and early winter when 1 The comparison between the two dates presented in this section products are marketed. In the eleven-month is believed to ue relatively free of bias owing to war loan drives, since period of February 19, 1944 to January 31, 1945, the two surveys followed war loan drives by roughly equal time intervals. the growth in farmers' accounts is estimated to 2 Prior surveys of demand deposit ownership were discussed in the Federal Reserve BULLETIN of August 1943, pp. 713-716; October 1943, have been 500 million dollars. pp. 917-922; May 1944, pp. 432-435; and November 1944, pp. 1069-1076. APRIL 1945 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS In addition to this substantial increase in While the major part of business demand depersonal demand deposits, time deposits and posits is owned by corporations, the relative currency in circulation, both of which are held growth of unincorporated business holdings in largely by individuals, increased an estimated the six-month interval was substantially greater 4.0 and x.6 billions, respectively. Thus, during than that of corporations. Corporate business this six-month interval, individuals increased balances increased during the period from 2.9.2. their deposits and currency holdings by nearly billion dollars to 30.7 billions, a gain of about 5 10 billion dollars. per cent, and unincorporated business balances Nearly 60 per cent of the x.S billion dollar increased from an estimated 8.5 billions to 9.7, a increase in demand deposits of domestic business gain of approximately 15 per cent. during this period went into the accounts of Although there is considerable difference in wholesale and retail trade establishments. Bal- the aggregate increase for corporate and unances of such firms increased by an estimated 1.5 incorporated business, there are relatively small billion dollars, which represents a gain of about differences between the two forms for individual 16 per cent. Manufacturing and mining estab- lines of business. This disparity in the comlishments and public utility companies appar- parison of rates of increase for the totals and ently continued to use most of their excess cash the separate parts is due to the fact that for the purchase of Government securities. concerns engaged in wholesale and retail trade, Financial businesses other than insurance com- which is the only business line showing any panies—brokers, real estate agents, loan com- substantial expansion in demand deposit holdpanies and similar enterprises—showed gains of ings, dominate unincorporated business, but are 300 millions. a relatively small part of the corporate total. Furthermore, detailed analysis of the data by CORPORATE AND UNINCORPORATED BUSINESS size of account, size of bank, and location may In the last two surveys, business deposits have indicate other explanations for the differences been divided according to the corporate status of between corporate and unincorporated business their owners. The following table shows esti- deposits. In general, it appears that deposits mates of deposit ownership for corporate and of unincorporated businesses as a group show noncorporate groups for July 31, 1944 and Janu- changes more nearly like those shown by inary 31, 1945 and the dollar change between these dividuals than like those shown by corporatwo dates. tions as a group. DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESS, JULY 1944 AND JANUARY 1945 [In billions of dollars]* Jan. 31, 1945P July 31, 1944r Dollar change Total Corporate co N rp o o n r - ate Total Corporate co N rp o o n r - ate Total Corporatecor N p o o n ra - te Total domestic business 40.4 30.7 9.7 37.6 29.2 8.5 +2.8 +1.5 +1.3 Nonfinancial business—total 35.3 26.8 8.5 33.0 25.6 7.4 +2.3 +1.2 +1.1 Manufacturing and mining 17.5 16.0 1.6 17.2 15.7 1.5 +0.4 +0.3 +0.1 Public utilities 3.8 3.6 0.2 3.7 3.6 0.1 +0.1 +0.1 0.0 Trade 10.4 5.4 5.0 8.8 4.6 4.3 +1.5 +0.8 +0.7 Other nonfinancial 3.7 1.9 1.8 3.3 1.8 1.5 +0.4 +0.2 +0.3 Financial business—total 5.1 3.8 1.2 4.7 3.6 1.1 +0.4 +0.3 +0.1 Insurance companies 1.9 1.7 0.1 1.7 1.6 0.1 +0.2 +0.2 0.0 Other financial 3.2 2.1 1.1 3.0 2.0 1.0 +0.3 +0.1 +0.1 * Owing to rounding, details may not add to total. p Preliminary. r Revised. 332- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS CHANGES IN DEMAND DEPOSIT OWNERSHIP an estimated 18 billion dollars, but during the SINCE THE END OF 1941 past 18 months they have grown only slightly more than half as much—10.4 billions. The Demand deposits of individuals, partnerships, first period was one of pronounced industrial and corporations have increased more than z8 expansion in which business needed larger workbillion dollars since our entry into the war. ing balances. Great wartime growth was espe- Business balances have accounted for over 15 cially true of manufacturing firms, and more billions of this growth; personal deposits for nearly 12. billions; and trust funds and the de- than one-third of the 18 billion dollar growth in posits of nonprofit organizations and foreigners demand deposits during this first period was for 1 billion. Since the end of 1941, manufactur- added to the accounts of manufacturing and ing and mining concerns have expanded their mining firms, an increase of approximately 65 per balances by about 75 per cent, and trade estab- cent. Another one-third of the total growth lishments by nearly 130 per cent. Deposits of was in personal accounts, which also represented individuals increased about izo per cent during a 65 per cent increase. During the last 18 the period. months, on the other hand, less than one-tenth The pattern of demand deposit ownership has of the total deposit growth was added to manuchanged substantially over the war period. In facturing and mining accounts, while over onethe first half of the period, business balances half the growth went into personal balances. grew as rapidly as those of individuals, but, in All business balances have shown relatively the second half, most of the increase has been in small increases since July 1943 with the excepthe accounts of persons and unincorporated busi- tion of trade, which increased its balances ness. The intervals are compared in the follow- throughout the entire war period. ing table. The accrual and settlement of tax liabilities In the nineteen months from December 31, may account for some of the difference in total 1941 to July 31, 1943, demand deposits expanded demand deposit growth between these two OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, FOR DEPOSIT SURVEY DATES DECEMBER 1941 TO JANUARY 1945 [In billions of dollars]* Dollar amount Change Jan. 1945P July 1944r Feb.1944r July 1943 r Dec. 1941r D J e u c l . y 1 1 9 9 4 4 1 3 toJu Ja ly n . 1 9 1 4 94 3 5 to- Total domestic business ... 40.4 37.6 35.9 36.3 24.8 +11.5 +4,2 Nonfinancial business—total 35.3 33.0 31.5 31.6 20.4 +11.2 +3.7 Manufacturing and mining 17.5 17.2 16.3 16.5 10.0 +6.5 +1.0 Public utilities 3.8 3.7 3.7 3.7 3.1 +0.6 0.0 Trade 10.4 8.8 8.2 8.0 4.6 +3,4 +2.3 Other nonfinancial 3.7 3.3 3.4 3.4 2.7 +0.7 +0.4 Financial business—total 5.1 4.7 4.3 4.6 4.4 +0.2 +0.5 Insurance companies 1.9 1.7 1.7 1.9 1.9 0.0 0.0 Other financial 3.2 3.0 2.6 2.8 2.5 +0.3 +0.5 Personal 21.4 18.4 17.7 15.8 9.6 +6.2 +5.6 Farmers 4.7 4.0 4.2 3.3 n.a. n.a. +1.4 Others 16.7 14.4 13.5 12.5 n.a. n.a. +4.1 Trust funds 1.5 1.3 1.3 1.2 +0.3 Nonprofit associations 1.9 1.6 1.5 1.4 +0.3 | +0.5 Foreigners—business and individuals 0.8 0.7 0.8 0.9 ! - -0.1 Total 66.0 59.6 57.1 55.6 37.6 +18.0 +10.4 * Owing to rounding, details may not add to total. p Preliminary. T Revised. n.a. Not available. APRIL 1945 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS periods. In the first one, both individuals and expansion stems not from any need of business businesses were accruing tax liabilities faster for increased working balances but rather from than they were paying taxes. This was par- a widespread election on the part of individuals ticularly true of large corporations that were to hold their savings in the form of bank deposits engaged in. war production. In the second rather than to invest them in Government bonds ; period, corporate tax liabilities were no longer or in other forms. Although analysis of demand expanding and individuals were reducing their deposit increases presents a sharp contrast betax debts.. The most recent deposit survey fell tween individuals and business concerns, paronly a few weeks before March 15, at which ticularly incorporated ones, the differences are time a variety of individual and corporate tax not as great as might at first appear. While payments were due. The higher levels of depos- corporations have virtually stopped adding to its at the time of this survey may have repre- their demand deposit balances and are putting sented preparation to meet these tax liabilities. increased funds into United States Government securities, their security holdings are generally SIGNIFICANCE OF SHIFTING DEPOSIT OWNERSHIP of very short maturity. Some of the recent cor- In view of the fact that one-half of the total porate buying has been of longer maturities but deposit increase since last July went directly into these securities have been, to a considerable personal accounts, and that about three-fourths extent, resold. Thus, both businesses and of the increase of business balances was added to individuals are continuing to show a strong the accounts of trade and service establishments, preference for liquidity in the form in which it appears that much of the current deposit they have embodied their war time savings. ANNUAL REPORT OF THE BANK OF CANADA FOR 19441 SUBMITTED TO THE MINISTER OF FINANCE BY THE GOVERNOR OF THE BANK, FEBRUARY 10, 1945 The volume of Canadian bank deposits and uals, and on the basis of available statistics the active note circulation increased from 2.,775 mil- increase held by individuals appears to have been lion dollars at August 31, 1939, to 6,075 million quite widely distributed. at December 30, 1944, i.e. by 3,300 million. Of The increase in chartered banks' Canadian dethis expansion about 700 million was accounted posit liabilities has been approximately equal to for by unspent balances of Dominion and provin- the increase in their cash, Government securities, cial governments at December 30, 1944, and and amounts temporarily advanced to finance 2,600 million represented an increase in general Victory Bond purchases by the public; other public deposits and active note circulation. I loans and investments taken together have not estimate that something of the order of 60 per risen on balance. cent of the expansion in the amount of money Canadian loans of the chartered banks were held by the general public is owned by individ- 1,006 million dollars at August 31, 1939, and 1,303 million at December 30, 1944, the latter 1 The passages quoted here form about one-third of the text of the figure including temporary loans in connection Report. For previous reports, see BULLETIN for April 1944, March with Victory Bond issues. Loans to provincial 1943, March 1942, May 1940, etc. 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA FOR 1944 and municipal governments have shown a sharp most of the expansion has been due to the public decline during the war, as the budget positions holding more currency than ever before. of these governments improved. Loans to In addition to increasing its security portfolio finance the grain carryover rose quite appreciably as an offset to increased active note circulation, during the first two war years due to large crops the Bank of Canada bought Government securiin 1939 and 1940 but since 194Z there has been a ties in order to expand by i8z million dollars the decline in such advances as grain stocks have cash reserves of the chartered banks, whose fallen, chiefly because of the sharp increase in Canadian deposit liabilities have risen by 2., 5 80 domestic and foreign utilization. Apart from million between August 31, 1939, and December temporary advances made at the time of Victory 30, 1944. This expansion in banks' cash re- Loans to enable subscribers to buy on a deferred serves has been somewhat more than enough to payment plan, loans for the purpose of financing maintain the prewar ratio of cash to deposit the purchase of securities have declined some- liabilities; a higher average cash ratio is approwhat during the past five years. General indus- priate in view of large temporary swings in the trial and commercial loans rose fairly sharply in cash position of individual banks arising from a the first two war years when the war programme greatly increased volume of turnover in their was in the construction stage and when inven- customers' accounts. tories were being accumulated for future needs; In the early months of the war it was thought since 1941, however, there has been a steady desirable that Dominion Government financing decline in commercial and industrial loans and should take a form which would involve some present figures indicate about the same level as credit expansion, and accordingly, as mentioned in 1939. Increased borrowings of those engaged in my Annual Report dated February 1940, some in war activities have, of course, been offset by a government borrowing from banks was deliberreduction in other types of advances. ately undertaken. Subsequently, the increasing Chartered bank holdings of Dominion and tempo of the war and the emergence of shortages provincial government direct and guaranteed have made deliberate stimulus through credit securities (excluding Victory Loan bonds held expansion unnecessary and undesirable. In this temporarily in connection with Official Instalsituation, the Government's policy has been to ment Plan purchases) increased by 1,956 million cover its financial requirements to the maximum dollars between August 31, 1939, and December possible extent first by taxation and secondly by 30, 1944. Most of this expansion occurred as borrowing the savings of the public. the result of direct purchases from the Dominion Although Dominion Government disburse- Government of certain special short term issues. ments between August 31, 1939, and December At December 30, 1944, there were outstanding in 30, 1944, have been nearly 10 billion dollars, such issues 1,000 million dollars in deposit cerabout one-half of this total has been covered by tificates issued for a term of six months at an taxes and other revenues. Moreover, through annual interest rate of % per cent and 450 mil- Victory Loan and other campaigns specifically lion dollars of 1]/^ per cent notes issued for a directed toward the second objective, it has been term of two years; the average interest rate on possible to cover two-thirds of the Government's these two types of security is approximately 1 over-all borrowing by means of bonds sold to and per cent per annum. In addition to the direct retained by nonbanking investors. acquisition of Government securities, the banks The remaining one-sixth of the Government's made net market purchases of such securities total requirements has been financed to a conamounting to some 500 million dollars between siderable extent by the chartered banks, which August 31, 1939 and December 30, 1944. For has involved a substantial increase in their holdthe most part these market purchases have conings of Government securities, and consequently sisted of bonds the maturity of which has come in the volume of savings and demand deposits of into the short or middle term category. the public with the banks. This increase in Of the Bank of Canada's purchases of Governdeposit liabilities has in turn given rise to a need ment securities during the war, 775 million on the part of the chartered banks for larger dollars have been for the purpose of offsetting cash reserves. The policy of the Bank of the decline in chartered banks' cash reserves Canada—implemented through its purchase of which would otherwise have resulted from the Government securities in the market—has been increase in active circulation of Bank of Canada to keep pace with these necessities, without notes. Of this increase in Bank of Canada note trying to bring about expansion of credit for circulation 55 million may be attributed to the purposes unrelated to war needs. decline in chartered bank notes outstanding, but APRIL 1945 335 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 Local Finance Company 5899 Easton Avenue, St. Louis, Missouri Suspension of Licenses Local Finance Company Because of failure to comply with the provi- 3500 North Grand, St. Louis, Missouri sions of Regulation W with respect to extending Local Finance Company loan credit, the Board of Governors on March 362.6 Washington Avenue, St. Louis, Mis- 14, 1945, acting under authority of section 5(b) souri of the Act of October 6, 1917, as amended, and 2.. Safeway Finance Plan, Inc., and the the President's Executive Order No. 8843, Local Finance Company duly filed the Regisordered suspended for six days the licenses of tration Statements required by the Board's two finance companies in St. Louis, Missouri. Regulation W and were at all times mentioned All of the terms of the Board's Order were herein and now are subject to such Regulation; agreed to by the president of the Registrants who 3. Safeway Finance Plan, Inc., and the has given his assurance that they will hereafter Local Finance Company pursued a course of comply with all of the provisions of the Reguladealing in contravention of Regulation W and tion. The text of the Order is as follows: negligently failed to comply with same. Such negligent violations include (a) Statements of ORDER SUSPENDING LICENSE borrower incomplete; not obtained; inaccu- Samuel Morgan, President of the Safeway rate, (b) Statements of Necessity incomplete; Finance Plan, Inc., and the Local Finance imporperly used, (c) maximum credit value of Company, St. Louis, Missouri, having appeared listed articles exceeded in the making of loans in connection with alleged violations of Regulathe proceeds of which were used to purchase tion W of the Board of Governors*of the Federal such listed articles, (d) granting of longer Reserve System (hereinafter called the terms than permissible on instalment obliga- *'Board"), and having waived notice and tions, (e) violations of Section n(a), n(b), opportunity for hearing before the Board and and n(c). consented to the issuance of this Order for the The said Samuel Morgan, President of the suspension of their licenses, and having agreed Safeway Finance Plan, Inc., and the Local that: Finance Company, having further agreed that 1. Safeway Finance Plan, Inc., and the during the period of suspension of the licenses Local Finance Company were at all times of the Safeway Finance Plan, Inc., and the mentioned herein and now are engaged in the Local Finance Company under this Order, he business of extending loan credit through the will close all of the aforesaid offices and disvarious offices which are operated under the continue all business except that of receiving following trade names in the following placed payments on existing loans; that upon resump- Safeway Finance Plan, Inc. tion of business following the termination of 5899 Easton Avenue, St. Louis, Missouri this suspension period, he will conform the Safeway Finance Plan, Inc. business of the Safeway Finance Plan, Inc., 3500 North Grand, St. Louis, Missouri and the Local Finance Company to the require- Safeway Finance Plan, Inc. ments of the Regulation; and that the com- 362.6 Washington Avenue, St. Louis, Mis- panies will not in any manner in their fusouri ture solicitations for business indicate or imply ,36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT that they will grant terms which would be in as Amended by the First War Powers Act, 1941, Relating to contravention of the Regulation. Foreign Funds Control. Accordingly, the Board having considered the Public Interpretation No. 16 is hereby revoked in view of consent, representations, and agreements of the the amendment to General Ruling No. 11, dated February 16, party named, and under authority of section 1945, deleting Finland from the category of "enemy territory". 5(b) of the Act of October 6, 1917, as amended, L. C. AARONS, and the Executive Order of the President No. Acting Director. 8843, hereby orders: 1. That the licenses of the said Safeway Fi- Treasury Department nance Plan, Inc., and the Local Finance Foreign Funds Control Company issued pursuant to the Board's Regu- As amended March 6, 1945 lation W be and the same are hereby suspended for the period commencing at the close of GENERAL RULING NO. II, AS AMENDED business March 17, 1945, and ending at the Under Executive Order No. 8389, as Amended, Executive Order No. opening of business March Z4, 1945, unless 9193, Sections $(a) and /(£) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to said period is sooner terminated by the Board: Foreign Funds Control.* Provided, that this Order during the suspension period, shall not prohibit (a) the carrying *Regulations Relating to Trade or Communication with or on of regular office and accounting work, (b) by an Enemy National the receipt of any payments through the CO Trade and Communication with an Enemy National Promails or through the normal and usual col- hibited. Unless authorized by a license expressly referring to lection facilities, and (c) the making of this general ruling, no person shall, directly or indirectly, enter into, carry on, complete, perform, effect, or otherwise payments of any obligation, including obligaengage in, any trade or communication with an enemy nations to employees for salaries or wages. tional, or any act or transaction which involves, directly or 2.. Any terms used in this Order that are indirectly, any trade or communication with an enemy defined in Regulation W shall have the mean- national. ing therein given them. CO Acts and Transactions by an Enemy National Prohibited. Unless authorized by a license expressly referring to this gen- By order of the Board of Governors of the eral ruling, no enemy national who is within the United Federal Reserve System this 14th day of March, States shall, directly or indirectly, enter into, carry on, com- 1.945- plete, perform, effect, or otherwise engage in, any financial, (Signed) Chester Morrill, business, trade, or other commercial act or transaction. Secretary. (3) Certain Transactions Licensed Under Section 3(0). Every act or transaction prohibited by section 3(a) of the Trading Foreign Funds Control with the Enemy Act, as amended, is hereby licensed thereunder unless such act or transaction is prohibited by para- Treasury Department Releases graph CO or paragraph CO hereof or otherwise prohibited The following releases relating to transactions pursuant to section 5OO of that Act and not licensed by the in foreign exchange, etc., in addition to those Secretary of the Treasury. Attention is directed to the fact that the General License under section 3Ca) of the Act, issued heretofore published in the Federal Reserve by the President on December 13, 1941, does not license any BULLETIN, have been issued by the Office of the act or transaction not authorized hereunder. Secretary of the Treasury under authority of the C4) Definitions. As used in this general ruling and in any Executive Order of April 10, 1940, as amended, other rulings, licenses, instructions, etc.: and the Regulations issued pursuant thereto: CO The term "enemy national" shall mean the following: Treasury Department CO The Government of any country against which Foreign Funds Control the United States has declared war CGermany, Italy, March 1, 1945 * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 REVOCATION OF PUBLIC INTERPRETATION NO. 16 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, Under Executive Order No. 8389, as Amended, Executive Order No. 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended 9193, Sections 3(0) and j(Ji) of the Trading with the Enemy Act, June 14, 1941, and July 26, 1941. APRIL 1945 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Japan, Bulgaria, Hungary, and Roumania) and any mania; Thailand; Yugoslavia; and any other territory agent, instrumentality, or representative of the fore- controlled or occupied by Germany, Italy or Japan. going Governments, or other person acting therefor, (c) The term "The Proclaimed List of Certain Blocked wherever situated (including the accredited representa- Nationals" shall mean The Proclaimed List of Certain tives of other governments to the extent, and only to Blocked Nationals, as amended and supplemented, prothe extent, that they are actually representing the mulgated pursuant to the President's Proclamation of interests of the Governments of Germany, Italy, and July 17, 1941. Japan and Bulgaria, Hungary, and Roumania); (d) The term "trade or communication with an enemy (ii) The government of any other blocked country national" shaJl mean any form of business or commercial having its seat within enemy territory, and any agent, communication or intercourse with an enemy national instrumentality, or representative thereof, or other after March 18, 1942., including, without limitation, the person acting therefor, actually situated within enemy sending, taking, obtaining, conveying, bringing, transterritory; porting, importing, exporting, or transmitting, or the (iii) Any individual within enemy territory, except attempt to send, take, obtain, convey, bring, transport, any individual who is with the armed forces of any of import, export, or transmit, the United Nations in the course of his service with (i) Any letter, writing, paper, telegram, cablegram, such forces or who is accompanying such armed forces wireless message, telephone message, or other communiin the course of his employment by any of the Govern- cation, whether oral or written, of a financial, commerments of the United Nations or organizations acting cial, or business character; or on their behalf; (ii) Any property of any nature whatsoever, includ- (iv) Any partnership, association, corporation or ing any goods, wares, merchandise, securities, currency, other organization to the extent that it is actually situ- stamps, coin, bullion, money, checks, drafts, proxies, ated within enemy territory; powers of attorney, evidences of ownership, evidences (v) Any person whose name appears on The Pro- of indebtedness, evidences of property, or contracts; claimed List of Certain Blocked Nationals, and any directly or indirectly to or from an enemy national after person to the extent that he is acting, directly or in- March 18, 1942.; provided, however, that with respect to directly, for the benefit or on behalf of any such person; any government or person becoming an enemy national •provided that no person so acting shall be deemed to be after March 18, 1942,, the date upon which such governan enemy national if he is acting pursuant to license ment or person became an enemy national shall be subissued under the Order or expressly referring to this stituted for the date March 18, 1942.. general ruling; and HERBERT E. GASTON, (vi) Any person to the extent that he is acting, di- Acting Secretary of the Treasury. rectly or indirectly, for the benefit or on behalf of an Treasury Department enemy national (other than a member of the armed forces of the United States captured by the enemy) if Foreign Funds Control such enemy national is within any country against • March 17, 1945 which the United States has declared war; provided that GENERAL LICENSE NO. 89 no person so acting shall be deemed to be an enemy Under Executive Order No. 8389, as Amended, Executive Order No. national if he is acting pursuant to license issued under 9193, Section j(F) of the Trading with the Enemy Act, as the Order or expressly referring to this general ruling. Amended by the First War Powers Acts 1941, Relating to (b) The term "enemy territory" shall mean the follow- Foreign Funds Control* ing: (i) The territory of Germany, Italy, Japan, Bulgaria, (1) Exportation of powers of attorney or ins fruitions relating to certain types of transactions authorized. A general license is Hungary, and Roumania; and hereby granted authorizing the exportation to any foreign (ii) The territory controlled or occupied by the milicountry of powers of attorney or other instruments executed tary, naval, or police forces or other authority of Geror issued by any person within the United States who is not many, Italy, or Japan. a national of a blocked country which are limited to authori- The territory so controlled or occupied shall be zations or instructions to effect transactions incident to the deemed to be the territory of Albania; Austria; Bulgaria; following: that portion of Burma occupied by Japan; that portion (a) The representation of the interest of such person in of China occupied by Japan; Czechoslovakia; Danzig; a decedent's estate which is being administered in any that portion of Denmark within continental Europe; blocked country and the collection of the distributive French Indo-China; Hong Kong; Hungary; Luxem- share of such person in such estate; bourg; British Malaya; that portion of the Netherlands • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 within continental Europe; that portion of the Nether- Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. lands East Indies occupied by Japan; Norway; that por- 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,, 1941, and July tion of the Philippine Islands occupied by Japan; Ru- 26, 1941. 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (b) The maintenance, preservation, supervision or man- Amended by the First War Powers Act, 1941, Relating to agement of any real estate or tangible personal property Foreign Funds Control* located in any blocked country in which such person has General License No. 74 is hereby amended to read as folan interest; and lows: (c) The conveyance, transfer, release, sale or other dis- (1) Payments from accounts of certain United States citizens position of any property specified in (a) or (b) above, authorized. A general license is hereby granted authorizing provided that if such property is located within any all payments, transfers and withdrawals from blocked accountry not included in the United Nations, the value counts in the United States in the name of, or in which the thereof does not exceed the sum of $5,000 or its equivalent beneficial interest is held by, any citizen of the United States in foreign currency. who is within any foreign country and who is a national of a (2.) Conditions. This general license shall be subject to the blocked country solely by reason of having established resifollowing conditions: dence in a blocked country subsequent to December 1, 1944. (a) No instrument may be exported under this general (V) Limited payments from accounts of other United States citilicense unless it contains an express stipulation that the zens authorized. This general license also authorizes payments person authorized to act thereunder is not empowered to and transfers of credits from blocked accounts in the United engage in any transactions which involve, directly or in- States for the necessary personal expenses in the United directly, any trade or communication with an enemy States of any citizen of the United States who is within any national as denned in General Ruling No. 11, other than foreign country and who is not entitled to the benefits of transactions which are exempted from the provisions of paragraph (1) hereof, and for the personal expenses in the such general ruling; and United States of the family of such citizen, provided that the (b) No instrument which authorizes the conveyance, following terms and conditions are complied with: transfer, release, sale or other disposition of any property (a) Such payments and transfers are made only from located within a country not included in the United Nablocked accounts in the name of, or in which the beneficial tions may be exported under this general license unless it interest is held by, such citizen or his family; contains an express stipulation that such authority may (b) The total of all such payments and transfers made not be exercised if the value of such property exceeds the under this general license does not exceed $500 in any one sum of $5,000 or the equivalent thereof in foreign curcalendar month for any such citizen or his family. rency. (3) Certain transactions not authorized. This general license (3) Definition. As used herein, the term "tangible pershall not be deemed to authorize any remittance to any sonal property" shall not include cash, bullion, deposits, blocked country or any other payment, transfer, or withcredits, securities, patents, or copyrights. drawal which could not be effected without a license if such HERBERT E. GASTON, citizen were within the United States. Acting Secretary of the Treasury. (4) Duty of persons acting under this license. Persons effect- Treasury Department ing any such payment, transfer, or withdrawal shall satisfy themselves that the terms of this license are complied with. Foreign Funds Control HERBERT E. GASTON, March 17, 1945 Acting Secretary of the Treasury. • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 GENERAL LICENSE NO. 74, AS AMENDED Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. Under Executive Order No. 8389, as Amended, Executive Order No. 9,1941, and Ex. Order 8998, Dec. 26,1941; Ex. Order 9193, July 6,1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 9193, Section s(fc) of the Trading with the Enemy Acty as 1941. APRIL 1945 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Appointment of Branch Director credit, Treasury finance, money rates, security The Board of Governors of the Federal Reserve markets, and business conditions. New charts System on March 14, 1945, announced the ap- have been added, especially on bank credit, old pointment of Mr. Hal Bogle of Dexter, New charts have been materially revised, and some Mexico, as a director of the El Paso Branch of charts have been discontinued. On many charts the Federal Reserve Bank of Dallas for the un- which formerly covered the period beginning expired portion of the term ending December 31, with 1919 retrospective data prior to 192.9 have 1947. Mr. Bogle is engaged in farming, ranch- been eliminated, largely for the purpose of ing and alfalfa milling. reducing the amount of paper required for the book. The charts contain space for data for Appointment of Class C Director 1945 and 1946, with lightly printed grids to aid The Board of Governors of the Federal Reserve in keeping them up to date. As was the case System on March 18, 1945, announced the apfor the preceding edition, the book is of brief pointment of Mr. George A. Frierson, a planter case size and contains a list of sources for the of Shreveport, Louisiana, as a Class C Director back figures and an index. of the Federal Reserve Bank of Dallas for the The Federal Reserve BULLETIN will continue unexpired portion of the term ending December regularly to include a table of data for bringing the charts up to date; see pages 389-391 of this Changes in the Board's Staff issue. Mr. J. P. Dreibelbis, General Attorney for the The price of the book is 50 cents per copy. In Board, resigned effective March 15, 1945, to group orders for single shipments there is a become a Vice President of the Bankers Trust special price of 45 cents each for ten to twenty- Company of New York. Mr. Dreibelbis joined four copies, and 35 cents each for twenty-five the staff of the Board in January 1936, as Assist- or more copies. ant General Counsel and was appointed General Admissions of State Banks to Membership Attorney in August 1942.. in the Federal Reserve System Effective March 16, Mr^ George B. Vest was The following State banks were admitted to appointed General Attorney to succeed Mr. membership in the Federal Reserve System during Dreibelbis. Mr. Vest has been a member of the the period February 16, 1945, to March 15,1945: Board's legal staff since 192.2.. In May 1935, he Alabama was appointed Assistant General Counsel in Birmingham—Security Savings Bank which position he served until August 1942., when he was made Assistant General Attorney. Missouri Effective March 1, 1945, Mr. J. Leonard Marshall—Farmers Savings Bank Townsend was appointed by the Board of New York Governors as Assistant General Attorney. Potsdam—Potsdam Bank and Trust Company Federal Reserve Chart Book I Oregon The Board now has available for distribution Amity—Bank of Amity a completely revised edition of Federal Reserve Texas Chart Book I on Bank Credit, Money Rates, Borger—Panhandle State Bank and Business. The charts include all information available as of February 7, 1945. Wisconsin The book contains about 50 charts on bank Goodman—Citizens Bank of Goodman 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled March 25, and released for -publication March 26. Figures shown on charts may differ from preliminary figures used in text. Industrial activity continued to increase lumber and stone, clay, and glass products in slightly in February and the early part of March. February was at about the January level. Value of department store sales was one-fifth Production of most nondurable goods showed greater than in the same period last year. little change in February. Output of cotton Wholesale commodity prices generally showed goods and shoes, however, rose 5 per cent from little change. the preceding month to a level slightly above that of a year ago. Output of explosives and INDUSTRIAL PRODUCTION small-arms ammunition showed further large gains. Activity at meatpacking establishments The Board's seasonally adjusted index of incontinued to decline, as pork and lard production dustrial production was 13 5 per cent of the 193 5dropped further and was 50 per cent below the 39 average in February, as compared with X34 peak level reached a year ago. In March it was in January and £32. in the last quarter of 1944. announced that supplies of meat available for Steel production, which declined further in civilians in the second quarter of 1945 would be the first part of February as a result of continued 12. per cent less than in the first quarter. Activsevere weather conditions, showed a substantial ity in rubber products industries in January and increase at the end of the month and in the first February was 6 per cent above last autumn, three weeks of March. Average output of open reflecting chiefly a sharp increase in production hearth steel during February was z per cent of military truck tires. above the January rate, while electric steel pro- Minerals output rose slightly in February, duction increased 7 per cent. Output of nonreflecting increased output of anthracite and a ferrous metals continued to rise slightly in further gain in crude petroleum production. February, largely reflecting increased military Anthracite production recovered in February demands. Activity in the machinery and transand the first two weeks of March from a large portation equipment industries was maintained decline during January. Bituminous coal proat the level of the preceding month; a decline in duction showed little change in February from shipbuilding offset a slight increase in output of the January level and declined slightly in the most other munitions industries. Production of early part of March. INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS CAL VOLUME SEASONALLY ADJUSTED. 1935 - 39 • 100 PER CENT DOLLAR VOLUME SEASONALLY ADJUSTED, 1936-39-100 PER 240 240 u 220 220 SALES / 200 200 , K w • 180 180 1 160 k 160 140 CKS * AMWi 120 / i J00 . 1937 1938 1939 1940 1941 1942 1943 !944 1945 80 1937 1938 '939 1940 1941 1942 1943 1944 1945 Federal Reserve index. Monthly figures, latest shown is for Federal Reserve indexes. Monthly figures, latest shown are for February. January-February. APRIL 1945 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION million dollars over the same period, but declined somewhat in the week following. To Department store sales in February, which meet the resulting increase in required reserves usually show a little change from January, inas well as the currency drain, Federal Reserve creased considerably this year. Value of sales in February and the first half of March was 2.2. Bank holdings of United States Government per cent larger than in the corresponding period securities increased 395 million dollars in the a year ago, reflecting the earlier date of Easter four weeks ended March 14, while reductions in this year and continuation of the freer spending nonmember and in Treasury deposits at the in evidence since the middle of 1944. Reserve Banks supplied 450 millions of reserve Freight carloadings, which had declined at the funds to member banks. Excess reserves have end of January and the early part of February remained at an average level of about a billion owing to severe weather conditions, have in- dollars. creased since that time. Shipments of miscel- The increase in Federal Reserve holdings of laneous freight were in larger volume in the Government securities roughly paralleled the 5-week period ending March 17 than in the decline in commercial bank holdings. Reportcorresponding period of 1944, while loadings of ing banks reduced their portfolios by z6o million most other classes of freight were less. dollars in the four weeks. Holdings of Treasury notes declined by 1.7 billion dollars while certifi- BANK CREDIT cate holdings increased by 1.4 billion dollars, Treasury expenditures during February and reflecting the March 1 Treasury exchange offer. the first half of March continued to increase the Bill holdings were reduced by 2.10 million doltotal volume of deposits and currency held by lars. Bond holdings, however, continued to the public. Ad justed demand deposits at weekly increase. Total loans for purchasing and carryreporting banks in 101 cities increased 1.4 billion ing Government securities declined by 2.30 dollars and time deposits rose about zoo million million dollars and commercial loans by 185 dollars during the four-week period ended March million. 14. Currency in circulation increased 350 GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES WHOLESALE PRICES PER CENT 1926-100 40 FARM PRODUCTS/^ r BONDSJ .,/ ALL COMMOOITIES 100 V ^ OTHEF J - CERTIFICATES /"*\r * " " " ~ A -* M * / J EFT : „•!,...#. r- •J— bU :-v , • 0 ^..0,000, 40 1939 1940 1941 1942 1943 1944 1945 Excludes guaranteed securities. Data not available prior to Feb. 8, Bureau of Labor Statistics' indexes. Weekly figures, latest shown 1939; certificates first reported Apr. 15, 1942. Wednesday figures, are for week ending March 24. latest shown are for March 21. 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 345 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 346-347 Federal Reserve Bank statistics 347-351 Guaranteed war production loans 351 Deposits and reserves of member banks 351-352. Money in circulation 353—354 Gold stock; bank debits and deposit turnover 354 Deposits and currency; Postal Savings System; bank suspensions 355 All banks in the United States, by classes 356—357 All insured commercial banks in the United States, by classes 3 5 8—3 59 Weekly reporting member banks 360-363 Commercial paper, bankers' acceptances, and brokers' balances 364 Money rates and bond yields 365 Security markets 366-367 Corporate profits 368 Treasury finance 369-371 Government corporations and credit agencies 371 Business indexes 373-382. Department store statistics 383-385 Consumer credit statistics 386-387 Wholesale prices 388 Current statistics for Federal Reserve chart book 389-391 All member banks—Assets and liabilities on Dec. 30, 1944, by classes of banks 392. Assets and liabilities of insured commercial banks in United States and possessions, Dec. 30 and June 30, 1944, and Dec. 31, 1943 393 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 are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. APRIL 1945 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 30 15 10 »938 1939 1940 1941 I94E 1943 1944 1945 Wednesday figures, latest shown axe for Mar. 21. See p. 345. 344 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 v c a o D a a n u n d i c n s d - e - t s s T U o . t a S l s . e G T c b u r o a u e i n r v l r a i d l e y t s s i r - e n s m o e A n th t l e l r ot A h H er Total s G to o c l k d T s r r t c e u o e a i u n n r u a n y r g c s t d - y - - - M i c n t o u i n o l c a n e ir - y - T i c h n r u a o e g r s l a y s h d s - - F u B T p r e s w y o r d a R e e i s n r e e t d a v i h r k - t s e e a s s - l b p m N e o r e o s m n i d t - e - s - c O s F o e t e a R e u r r h c e n d a v e - - t - l e r s Tot b a a l lan E c x e c s ess2 certificates Monthly averages of daily figures: 1943—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—Jan.. 32 11,832 9,517 2,315 506 12,370 21,933 4,093 20,428 2,321 484 1,889 339 12,935 1,114 Feb 35 11,479 8,880 2,599 441 11,954 21,803 4,092 20,635 2,332 335 1,858 340 12,349 1,160 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 1945—Jan 118 18,726 15,956 2,770 543 19,387 20,582 4,129 25,243 2,371 532 1,501 403 14,048 1,114 Feb 233 19,152 16,440 2,712 494 19,879 20,519 4,125 25,527 2,377 536 1,633 410 14,040 959 End of month figures: 1943—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—Jan. 31.... 22 12,073 9,728 2,345 334 12,428 21,918 4,091 20,529 2,320 375 1,956 341 12,917 1,112 Feb, 29.... 34 11,632 9,050 2,582 426 12,092 21,712 4,091 20,824 2,356 194 1,878 333 12,311 1,162 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 1945—Jan. 31.... 176 19,006 16,272 2,734 370 19,552 20,550 4,127 25,290 2,371 648 1,634 402 13,884 982 Feb. 28.... 321 19,439 16,748 2,692 398 20,158 20,506 4,122 25,751 2,355 460 1,581 410 14,228 949 Wednesday figures: 1944—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 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 2,309 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 2,429 2,462 321 15,249 20,996 4,112 22,7 U 2,339 261 1,771 368 12,884 1,190 Aug. 9 62 15,222 2,781 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 2,4J7 318 1,779 370 13,132 928 Sept. 6 105 16,030 :3,688 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 4,065 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 L4,220 2,320 524 17,237 20,885 4,114 23,558 2,390 699 1,758 385 13,445 878 Sept. 27 16,501 .4,190 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 .4,350 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 .4,699 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 4,768 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 .4,922 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 5,259 2,346 301 18,265 20,727 4,115 24,409 2,372 216 1,633 393 14,083 921 Nov 401 17,957 5,605 2,352 296 18,655 20,726 4,115 24,674 2,313 314 1,640 395 14,159 883 Nov 357 17,941 .5,586 2,355 509 18,807 20,694 4,114 24,717 2,338 119 1,488 395 14,557 1,087- Nov 473 18,411 6,054 2,357 457 19,341 20,693 4,117 24,881 2,339 251 1,567 395 14,719 1,062 Nov 593 18,553 .6,196 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 .5,522 2,789 435 19,130 20,668 4,122 25,107 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 [6,208 2,801 886 20,113 20,646 4,127 25,280 2,369 1,250 1,621 408 13,958 1,277 Dec. 27.. 153 19,064 6,253 2,812 604 19,821 20,639 4,131 25,335 2,377 901 1,601 409 13,969 1,406 1945—Jan. 3.. 30 18,734 .5,927 2,808 706 19,470 20,619 4,130 25,326 2,368 592 1,609 402 13,921 1,274 Jan. 10.. 130 18,907 .6,120 2,787 449 19,486 20,593 4,130 25,257 2,372 528 1,590 405 14,057 1,277 Jan. 17.. 129 18,651 5,880 2,771 529 19,310 20,572 4,129 25,209 2,370 334 1,538 404 14,156 1,280 Jan. 24.. 141 18,620 5,880 2,739 459 19,220 20,571 4,129 25,175 2,380 479 1,397 404 14,085 1,195 Jan. 31.. 176 19,006 6,272 2,734 370 19,552 20,550 4,127 25,290 2,371 648 1,634 402 13,884 982 Feb. 7.. 200 19,062 6,340 2,722 442 19,703 20,548 4,126 25,411 2,372 593 1,643 409 13,950 947 Feb. 14.. 230 19,181 6,465 2,716 506 19,918 20,507 4,124 25,533 2,389 547 1,649 409 14,022 996 Feb. 21.. 294 19,231 6,534 2,698 478 20,003 20,506 4,124 25,652 2,384 517 1,672 410 13,999 854 Feb. 28.. 321 19,439 6,748 2,692 398 20,158 20,506 4,122 25,751 2,355 460 1,581 410 14,228 949 Mar. 7... 304 19,350 7,152 2,198 495 20,150 20,454 4,121 25,864 2,365 288 1,586 415 14,208 865 Mar. 14... 255 19,576 7,378 2,193 465 20,296 20,453 4,120 25,881 2,364 263 1,485 417 14,459 991 Mar. 21... 192 19,493 7,294 2,198 488 20,173 20,451 4,120 25,336 2,360 96 1,447 427 14,579 1,073 J 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. APRIL 1945 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 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 Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G t o io v n e s r n m m a e t n u t r i o n b g l i o g r a- be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other s IS ec ec u . r ed ( b a ) d ] vances callable in one year advances secured by or less (Sec. 13) (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 P Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland I Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 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 6 months. NOTE.—Maximum maturities for discounts and adyances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturity R M a a t r e . o 3 n 1 In g i e n f n fe in c g t — be- Pre r v at i e ous [In M eff a e t c u t r M iti a e r s c n h o 3 t 1 e . xc P e e e r d c i e n n g t f p i e v r e a y n e n a u r m s ] Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days Oct. 20,1933 1 121-180 days Oct. 20, 1933 IK On discounts or Federal Reserve purchases Established rate at which Federal Reserve Banks stand ready to buy Bank a u if 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 l h e ls e f o o s r e 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 s u e c g l o . l n 3 b d , a i t c 1 i k o 9 4 n 2 b , i t l h p ls a u t r c o h t f h a s e li e k s R e e o s a f e m r s v o u e u c h n t B b a a i n n ll k d s , , lo O an n s2 co m m O e m n n t i s t- fo i P n r o s w t r i t h t i u o ic - n h ma R i e n - ing m O i n tm c e o n m ts m ha a 2 v t e M u r b i i n t e y i e m n a u m t m t a h d b e e u s s y a u i m b n e g je c r r a t a t t t e e o s o r o f e p n d u i p s rc r c i h o m a u s e n e t b . o a p n S t k i i o n e n c r . e s' M ac a c y e p 1 t 5 an , c 1 e 9 s 4 . 3, all purchases ob ti l o ig n a t i e s d portion Back figures—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston 2H-5 /4 New York 2K-5 (4 Yr-Vi Philadelphia 23^-5 Yr-VA Cleveland 23^-5 \ /4 m Richmond 2^-5 M G M UA IT R M A E N N TE T E R F A E T E E S S A C N H D A R M G A E X A I B M L U E M U N IN D T E E R R E R S E T G U A L N A D T C IO O N M- A Ch tl i a c n ag ta o 2 2 H ^- - 5 5 YT-VA ft5 (4 -5 V ON LOANS GUARANTEED BY WAR DEPARTMENT, St. Louis 2^-5 Yr-VA NAVY DEPARTMENT, AND MARITIME COMMIS- Minneapolis 234-5 SION UNDER EXECUTIVE ORDER NO. 9112 Kansas City 2^-5 AND CONTRACT SETTLEMENT ACT Dallas m 23^-5 Vr\& OF 1944 San Francisco 2M-5 YL-VA \ [Rates in effect March 311 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 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 % 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 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions 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 FINANCING INSTITUTIONS Savings deposits [Per cent per annum] Postal savings deposits... 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 2H I 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. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS * [Per cent of deposits] [ Per cent of market value ] Xet demand deposits1 Time Prescribed by Board of Governors of the Federal deposits Reserve System in accordance with Securities Period in effect Central n (all Exchange Act of 1934 reserve xveserve Country member city banks banks banks) For extensions of credit by brokers and dealers on banks listed securities, under Regulation T June 21, 1917-Aug. 15, 1936 13 10 7 3 For short sales, under Regulation T Aug. 16, 1936-Feb. 28, 1937 193^ 15 10^ 4J^ For loans by banks on stocks, under Regulation U.... Mar. 1, 1937-Apr. 30, 1937 22H 12*2 May 1, 1937-Apr. 15, 1938 26 20 14 6 1 Regulations T and U limit the amount of credit that may be extended on Apr. 16, 1938-Oct. 31, 1941 22% 17H 12 5 Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 Aug. 20, 1942-Sept. 13, 1942 24 20 14 6 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 NOTE .—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 1 .Demand deposits subject to reserve requirements, i.e., demand de- Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand|balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollarsl Wednesday figures End of month Item 1945 1944 Mar. 21 | Mar. 14 Mar. 7 Feb. 28 I Feb. 21 Feb. 14 Feb. 7 Jan. 31 February January February Assets Gold certificates 17,640,765 17,650,36517,651,365 17,724,865 17,693,86517,694,86517,747,865 17,768,86517,724,86517,768,865 19',279,070 Redemption fund—F.R. notes.. 646,697 642,464 640,939 620,810 626,073 625,141 624,821 604,388 620,810 604,388 257,144 Other cash 259,730 250,080 249,580 264,374 266,659 272,013 284,130 292,544 264,374 292,544 329,455 Total reserves... 18,547,192 18,542,909 18,541,88418,610,04918,586,59718,592,019 18,656,81618,665,79718,610,049 18,665,79719,865,669 Discounts and advances: For member banks 191,764 254,405 303,826 319,986 293,265 230,115 199,416 175,850 319,986 175,850 33,700 For nonmember banks, etc 790 790 790 790 790 390 390 790 Total discounts and advances 192,554 255,195 304,616 320,776 294,055 230,505 199,806 175,850 320,776 33,700 Industrial loans 3,926 3,992 3,770 3,801 3,983 3,873 3,721 3,924 3,801 9,912 U. S. Government securities: Direct: Bills: Under repurchase option 4,946,733 5,070,891 4,833,755 5,027,092 4,834,220 4,763,072 4,657,615 4,628,675 5,027,092 4,628,675 2,907,637 Other 6,936,850 6,896,339 6,907,544 6,803,294 6,782,184 6,773,079 6,755,789 6,747,130 6,803,294 6,747,130 3,446,382 Certificates: Special Other 5,410,511 5.410,511 5,410,511 4,917,140 4,917,140 4,929,140 4,926,140 4,896,640 4,917,140 4,896,640 2,696,240 Notes 1,066,350 i;066,350 1,066,350 1,559,721 1,559,721 1,565,721 1,565,721 1,565,721 1,559,721 1,565,721 881,700 Bonds 1,132,072 1,132,072 1,132,072 1,132,072 1,138,052 1,150,372 1,156,472 1,165,672 1,132,072 1,165,672 1,612,636 Guaranteed 2,500 2,500 87,835 Total U. S. Government securities, including guaranteed securities. 19,492,51619,576,16319,350,23219,439,31919,231,31719,181,38419,061,73719,006,338 •,439, 9,006,33811,632,430 Other Reserve Bank credit outstanding 484,415 460,842 491,419 394,157 473,992 502,059 437,969 366,107 394,157 366,107 416,115 Total Reserve Bank credit outstanding 20,173,41120,296,192 20,150,037 20,158,053 20,003,34719,917,821 19,552,219 20,158,053 19,552,219 12,092,157 Liabilities Federal Reserve notes.. 22,255,549 22,289,360 22,264,49722,162,30722,065,160 21,950,486 21,845,618 21,748,046 22,162,307 21,748,046 17,315,525 Deposits: Member bank—reserve account 14,578,53314,459,09714,207,79114,228,453 13,999,22814,021,93413,950,402 13,883,718 14,228,453 13,883,718 12,310,796 U. S. Treasurer—general account 96,123 262,589 288,349 460,184 516,571 547,243 592,798 647,581 460,184 647,581 194,331 Foreign 1,229,822 1,248,985 1,206,674 1,191,796 1,291,192 1,271,209 1,247,849 1,246,754 1,191,796 1,246,754 1,569,657 Other deposits 216,904 235,953 379,000 389,096 380,896 377,378 395,164 387,032 389,096 387,032 308,111 Total deposits.. 16,121,382 16,206,62416,081,81416,269,529 16,187,88716,217,76416,186,213 16,165,08516,269,52916,165,08514,382,895 Ratio of total reservesto deposit and F.R. note liabilities combined (per cent).. 48.7 49.1 49.2 49.2 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS fin thousands of dollars] March 21, 1945 Total 1 W 5 i d th ay in 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 t o d o n a 6 t y h s s 6 m 1 t y o o e 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 192,554 150,225 5,935 9,415 26,979 Industrial loans 3,926 3,231 7 6 5 "34 621 22 U. S. Government securities 19,492,516 3,427,113 1,873,649 4,241,015 4,530,556 1,302,290 2,422,921 268,800 659,402 766,770 APRIL 1945 347 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] 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 Lo S u t. is M ap in o n li e s - K C an i s ty &s Dallas F ci r s a c n o - Assets Gold certificates: Feb. 21 17,693,865 907,562 5,116,040 969,098 1,330,417 929,108 958,617 3,096,495 641,984 361,726 624,884 510,264 2,247,670 Feb. 28 17,724,865 881,146 5,015,325 959, ,340,695 942,499 960,0843,160,042 640,919 354,956 649,966 545,2522,274,271 Mar. 7 17,651,365 856,400 4,998,889 924,588 1,284,780 955,144 967,1813,278,341 622,189 344,031 607,177 496,269 2,316,376 Mar. 14 17,650,365 868,336 4,877,366 927,5871,312,735 976,030 994,^70 "2 3',,246,285 636,551 345,068 620,474 509,0452,336,186 Mar. 21 17,640,765 859,706 4,940,003 940,4 4*2 1,306,508 939,860 961,662 3,,208,296 618,373 335,302 619,483 497,6252,413,505 Redemption fund— F. R. notes: Feb. 21 626,073 41,351 104,460 42,905 57,514 48,793 37,593 110,125 32,516 15,738 25,575 18,552 90,951 Feb. 28 ;. 620,810 41,162 103,675 43,165 57,810 47,537 38,235 109,892 32,424 15,705 27,483 18,462 85,260 Mar. 7 640,939 40,998 118,033 45,410 57,621 48,132 38,024 111,772 32,352 15,682 27,422 20,423 85,070 Mar. 14 642,464 41,938 117,479 45,354 57,575 50,048 37,890 111,572 32,318 15,666 27,396 20,368 84,860 Mar. 21 646,697 42,855 117,177 45,222 62,482 49,308 37,783 111,465 32,284 15,656 27,368 20,341 84,756 Other cash: Feb. 21 266,659 22,822 63,976 20,101 23,962 15,799 22,241 30,360 13,187 5,398 12,802 9,477 26,534 Feb. 28 264,374 22,780 64,117 19,874 22,203 15,585 24,032 30,381 13,051 5,435 12,370 8,767 25,779 Mar. 7 249,580 21,075 61,481 20,468 22,293 13,337 21,677 28,653 11,013 5,072 11,688 8,305 24,518 Mar. 14 250,080 21,898 60,106 19,820 20,964 14,199 21,936 28,289 10,491 4,835 12,663 9,325 25,554 Mar. 21 259,730 22,628 62,489 20,190 22,931 13,124 21,433 29,936 11,934 5,399 12,673 9,757 27,236 Total reserves: Feb. 21 18,586,597 971,735 5,284,476 1,032,1041,411,893 993,700 ,018,4513,236,980 687,687 382,862 663,261 538,293 2!,, 365,155 Feb. 28 18,610,049 945,088 5,183,1171,022,7^4 "9 \1420,~7~0"8 1,005,6211,022,3513,300,315 686,394 376,096 689,819 572,4812,!, 385,310 Mar. 7 18,541,884 918,473 5,178,403 990,466 1,364,6941,016,613 '1,026,8 "82~ 3,,418,766 665,554 364,785 646,287 524,997 2!!,425,964 Mar. 14 18,542,909 932,172 5,054,951 992,7611,391,274 1,040,2771,054,5283,386,146 679,360 365,569 660,533 538,738 2',,446,600 Mar. 21 18,547,192 925,189 5,119,6 6'9- 1,005,8"54 1,391,9211,002,2921,0208,7"8 3,,349,697 662,591 356,357 659,524 527,723 25!,525,497 Discounts & advances: Secured by U. S. Govt. securities: Feb. 21 294,055 11,075 153,500 11,750 19,650 6,800 700 16,050 28,500 15,850 29,865 285 30 Feb. 28 320,776 13,900 190,500 12,230 17,350 9,175 2,200 7,950 25,700 18,950 22,440 381 Mar. 7 304,616 8,250 189,015 6,465 11,300 7,145 700 27,975 15,750 13,050 24,490 346 "i30 Mar. 14 255,195 10,420 160,004 6,565 12,350 8,175 700 6,595 15,700 11,500 22,740 346 100 Mar. 21 192,554 3,985 113,279 750 15,000 3,750 1,300 2,000 26,000 26,000 465 25 Other: Feb. 21... •.. Feb. 28 Mar. 7 Mar. 14 Mar. 21 Total discounts and advances: Feb. 21 294,055 11,075 153,500 11,750 19,650 6,800 700 16,050 28,500 15,850 29,865 285 30 Feb. 28 320,776 13,900 190,500 12,230 17,350 9,175 2,200 7,950 25,700 18,950 22,440 381 Mar. 7 304,616 8,250 189,015 6,465 11,300 7,145 700 27,975 15,750 13,050 24,490 346 130 Mar. 14 255,195 10,420 160,004 6,565 12,350 8,175 700 6,595 15,700 11,500 22,740 346 100 Mar. 21 192,554 3,985 113,279 750 15,000 3,750 1,300 2,000 26,000 26,000 465 25 Industrial loans: Feb. 21 3,983 195 10 2,818 308 120 19 25 488 Feb. 28 3,801 194 10 2,65* 308 120 25 488 Mar. 7 3,770 194 10 2,663 308 120 25 450 Mar. 14 3,992 194 10 2,886 308 119 25 450 Mar. 21 3,926 191 10 3,131 119 25 450 U. S. Govt. securities: Bills: Under repurchase option: Feb. 21 4,834,220 113,938 2,392,671 243,740 100,799 50,143 18,1001,233,985 92,925 116,100 43,474 28,720 399,625 Feb. 28 5,027,092 130,395 2,581,930 241,800 93,460 45,860 31,9361,219,525 79,135 111,635 44,991 30,450 415,975 Mar. 7 4,833,755 121,480 2,515,630 233,280 86,507 35,290 22,8571,146,535 80,625 101,210 51,211 32,660 406,470 Mar. 14 5,070,891 134,593 2,602,825 188,990 90,282 38,654 18,3471,203,021 282,482 99,160 47,397 28,515 336,625 Mar. 21 4,946,733 117,412 2,544,513 167,390 76,432 42,134 21,4161,200,126 293,522 90,235 55,048 34,525 303,980 Other bills: Feb. 21 6,782,184 534,399 670,045 439,946 907,327 608,800 544,786 855,242 363,321 134,248 376,337 318,326 1,029,407 Feb. 28 6,803,294 559,084 667,015 435,655 899,121 610,108 545,854 854,550 377,234 136,137 382,391 326,425 1,009,720 Mar. 7 6,907,544 578,691 612,642 485,421 981,176 616,568 551,128 771,320 420,749 167,190 420,740 361,751 940,168 Mar. 14 6,896,339 560,678 583,352 547,234 987,307 615,874 550,561 807,696 216,253 164,995 420,888 370,2761,071,225 Mar. 21 6,936,850 607,430 593,250 565,912 1L, 001,840 618,384 552,611 812,715 185,833 156,040 410,491 353,2521,079,092 Certificates: Feb. 21 4,917,140 338,078 ,223,193 372,273 467,109 315,117 248,564 644,208 231,053 132,944 241,614 204,676 498,311 Feb. 28 4,917,140 338,062 223,212 372,265 467,080 315,125 248,563 644,232 231,054 132,934 241,617 204,675 498,321 Mar. 7 5,410,511 371,981 ,345,945 409,617 513,946 346,744 273,504 708,873 254,237 146,27: 265,860 225,211 548,321 Mar. 14 5,410,511 371,981 ,345,945 409,617 513,946 346,744 273,504 708,873 254,237 146,272 265,860 225,211 548,321 Mar. 21 5,410,511 371,981 ,345,945 409,617 513,946 346,744 273,504 708,873 254,237 146,272 265,860 225,211 548,321 Notes: Feb. 21 1,559,721 107,239 387,998 118,085 148,169 99,955 78,845 204,342 73,290 42,168 76,640 64,925 158,065 Feb. 28 1,559,721 107,232 388,002 118,083 148,160 99,958 78,846 204,352 73,290 42,167 76,640 64,923 158,068 Mar. 7 ,066,350 73,313 265,269 80,731 101,294 68,339 53,905 139,711 50,107 28,829 52,397 44,387 108,068 Mar. 14 ,066,350 73,313 265,269 80,731 101,294 68,339 53,905 139,711 50,107 28,829 52,397 44,387 108,068 Mar. 21 ,066,350 73,313 265,269 80,731 101,294 68,339 53,905 139,711 50,107 28,829 52,397 44,387 108,068 Bonds: Feb. 21.. ,138,052 78,247 283,103 86,161 108,112 72,932 57,530 149,098 53,476 30,768 55,920 47,373 115,332 Feb. 28 ,132,072 77,831 281,619 85,707 107,537 72,551 57,227 148,322 53,195 30,605 55,627 47,122 114,729 Mar. 7 1,132,072 77,831 281,619 85,70; 107,53' 72,551 57,227 148,322 53,195 30,605 55,627 47,122 114,729 Mar. 14 1,132,072 77,831 281,619 85,70: 107,53 72,551 57,22" 148,322 53,195 30,605 55,627 47,122 114,729 Mar. 21 1,132,072 77,831 281,619 85,70: 107,53 72,551 57,22 148,322 53,195 30,605 55,627 47,122 114,729 Total U. S. Govt. securities: Feb. 21 19,231,3171,171,901 4,957,010 260,2051,731,5161,146,947 947,82. 3,086,875 814,065 456,228 793,985 664,020 2,200,740 Feb. 28 19,439,3191,212,604 5,141,778 253,5101,715,3581,143,602 962,4263,070,981 813,908 453,478 801,266 673,595 2,196,813 Mar. 7 19,350,2321,223,296 5,021,105 294,7561,790,4601,139,492 958,6212,914,761 858,913 474,106 845,835 711,1312,117,756 Mar. 14 19,576,1631,218,396 5,079,010 312,2791,800,3661,142,162 953,544 3:,,OO7,623 856,274 469,861 842,169 715,511 2,178,968 Mar. 21 19,492,5161,247,967 5,030,596 309,3571,801,0491,148,152 958,663 3i;, 009,747 836,894 451,981 839,423 704,4972,154,190 i 348 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 ew rk 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 S ra an ncisco Total loans and sec: i Feb. 21 19,529,355 183,171 5,110,5:20 1,274,7731,751,4741,153,867 948,5443,102,925 842,565 472,078 823,875 664L,,3O5 2,,201,258 Feb.28 19,763,896 ,226,698 5,332,2881,268,396 1',733,0"1'6 1,152,897 964,6263,078,931 839,608 472,428 823,731 673,976 2,,197,301 Mar. 7 19,658,618 ,231,740 5,210,1301,303, 1,802,068 1,146,757 959,3212,942,736 874,663 487,156 870,350 711,4772,118,336 Mar. 14 19,835,350 ,229,010 5,239,0241,321,730 1,813,024 1,150,456 954,2443,014,218 871,974 481,361 864,934 715,8572,179,518 Mar. 21 19,688,996 ,252,143 5,143,'"" 1,313,2381,816,049 1,152,021 959,9633,011,747 862,894 477,981 839,913 704,4972,154,665 Due from foreignbanks: Feb. 21 116 9 12 12 5 4 3 4 4 10 Feb. 28 116 9 12 12 5 4 3 4 4 10 Mar. 7 116 9 12 12 5 4 3 4 4 10 Mar. 14 116 9 12 12 5 4 3 4 4 10 Mar. 21 116 12 5 4 3 4 4 10 Federal Reserve notes of other banks: Feb. 21 72,916 3,201 12,617 2,232 3,374 7,490 7,993 9,088 5,403 1,829 4,167 3,400 12,122 Feb. 28 73,858 2,392 11,660 3,165 3,407 7,831 9,786 9,697 5,223 2,170 3,407 2,785 12,335 Mar. 7 69,480 2,654 11,950 2,094 3,389 5,705 8,476 8,880 5,641 1,479 3,647 2,979 12,586 Mar. 14 74,359 2,586 13,499 2,691 4,454 5,767 7,758 8,864 5,474 1,947 3,942 3,200 14,177 Mar. 21 83,966 3,462 15,803 3,283 4,965 7,014 9,660 10,825 5,619 2,227 4,771 3,155 13,182 Uncollected items: Feb. 21 1,983,660 141,945 431,129 113,081 201,315 142,398 118,071 305,625 81,756 39,492 108,107 77,193 223,548 Feb. 28 1,884,559 128,149 411,444 112,864 214,555 126,609 108,870 294,156 78,290 39,112 93,927 71,178 205,405 Mar. 7 1,897,21 124,006 421,902 113,379 172,725 125,337 119,546 329,966 84,422 39,841 112,453 76,780 176,857 Mar. 14 2,166,444 158,191 484,588 123,479 215,901 150,979 137,1 366,965 101,360 42,945 107,297 79,996 196,845 Mar. 21 2,134,673 134,075 433,357 119,419 208,393 171,939 152,398 340,453 96,784 44,839 115,683 83,914 233,419 Bank premises: Feb. 21 34,458 1,605 8,876 3,445 4,082 2,838 1,606 3,167 2,110 1,249 2,655 894 1,931 Feb. 28 34,397 1,601 8,858 3,433 4,082 2,838 1,604 3,161 2,105 1,249 2,655 886 1,925 Mar. 7 34,392 1,601 8,858 3,433 4,082 2,838 1,604 3,161 2,105 1,249 2,650 886 1,925 Mar. 14 34,391 1,601 8,858 3,433 4,082 2,838 1,604 3,161 2,105 1,249 2,649 886 1,925 Mar. 21 34,370 1,601 8,858 3,421 4,073 2,838 1,603 3,161 2,105 1,249 2,650 886 1,925 Other assets: Feb. 21 64,771 4,275 14,976 4,538 6,302 4,157 3,483 8,847 3,275 1,720 3,348 2,821 7,029 Feb. 28 66,730 4,510 15,311 4,598 6,627 4,215 3,530 9,259 3,427 1,763 3,530 2,825 7,135 Mar. 7 63,371 4,229 14,449 4,440 6,327 3,972 3,348 8,909 3,261 1,656 3,334 2,666 6,780 Mar. 14 62,934 4,427 14,523 4,559 6,001 3,875 3,464 9,020 3,195 1,668 3,094 2,629 6,479 Mar. 21 54,238 3,821 11,934 3,899 5,237 3,326 3,067 7,939 2,791 1,481 2,660 2,383 5,700 Total assets: Feb. 21 40,271,873 ,305,94110,862,6232,430,185 3,378,452 ,304,456 ,098,153 666,650 1,622,800 899,2331,605,4171,286, ,811,053 Feb. 28 40,433,60. ,308,44710,962,7072,415,2173,382,407 ,300,017 ,110,772 695,5371,615,051 892,8211,617,073 1,324,1354,809,421 Mar. 7 40,265,075 ,282,71210,845,7212,417,7083,353,297 ,301,228 ,119,182 712,436 1,635,650 896,169 1,638,7251,319, 789" 4,742,458 Mar. 14 40,716,503 ,327,996 10',815,4722,448, 665" 3,434,748 ,354,198 ,159,501 788,3921,663,472 894,7421,642,"4-5-3 1,341,310 4,845,554 Mar. 21 40,543,551 ,320, ,733,535 2",449,1263,430,650 ,339,436 ,147,574 723,840 1,632,788 884,1371,625,205 1,322,562 4,934,398 Liabilities Federal Reserve Notes: Feb. 21 22,065,160 ,383,233 4,928,9391,459,0881,927,0871,494,6251,292!,897 4059,916 939,712 481,841 805,714 545,5012,746,607 Feb. 28 22,162,307 ,388,486 4,938,4271,462,2621,933,5441,500,1181,307 067,863 944,602 483,400 817,340 556, ,762,906 Mar. 7 22,264,497 ,393,915 4,962,5861,469,0851,943,0"0"9" 1,508,7701,311,229 4089,482 949,040 486,725 820,605 557,2132,772,838 Mar. 14 22,289,360 ,395,578 4,962,9411,472,0121,949,020 1,510,8851,311,476 4,098,615 950,773 488,799 820,505 556,515 2,,772,241 Mar. 21 22,255,549 ,397,845 4,962,2331,468,8071,944,6981,504,2971,305,238 4084,614 948,829 488,031 817,174 552,577 2,,781,206 Deposits: Member bank— reserve account: Feb. 21 13,999,228 641,658 4,509,977 683,9711,092,751 588,096 624,5772,099,014 529,973 306,820 636,151 607,6571,678,583 Feb. 28 14,228,453 646,329 4,616,672 691,3851,089,921 596,256 626,4522,141,990 524,242 313,722 642,478 658,1431,680,863 Mar. 7 14,207,79 646,228 4,577,458 700,0051,111,963 611,331 643, ,131,455 540,573 316,146 656,689 632,4141,639,987 Mar. 14 14,459,09 658,885 4,633,940 709,9821,127,422 618,878 654,5912,165,088 545,367 317,547 660,835 644,9901,721,572 Mar. 21 14,578,533 679,663 4,635,109 735, 71'5" 1,164,049 619,482 645, 170,88. 538,794 317,161 649,997 645,4151,776,661 U. S. Treasurer- General account: Feb. 21 516,57 35,829 162,086 42,111 50,383 35,169 12,591 54,420 18,808 37,693 23,09: 19,678 24,711 Feb. 28 460,184 38,896 190,105 25,003 '34,616 23,979 21,310 43,472 16,352 24,260 20,866 433! 20,892 Mar. 7 288,34' 14,277 77,208 14,406 16,544 8,197 9,643 56,067 20,575 22,229 20,566 15,7821 12,855 Mar. 14 262,589 12,455 73,901 18,317 27,008 18,594 12,360 27,694 23,095 9,899 16,035 18,0921 5,139 Mar. 21 96,123 515 86,440 841 619 515 559 1,071 553 1,074 771 502 2,663 Foreign: Feb. 21 1,291,192 85,971 2493,829 109,622 108,377 52,319 43,600 161,942 37,371 28,651 37,3.71 37,371 94,768 Feb. 28 1,191,796 78,119 2462,507 100,341 99,201 47,890 39,908 148,231 34,207 26,226 34,20' 34,207 86,752 Mar. 7 1,206,67' 79,894 2465,357 101,933 100,775 48,650 40,542 150,58; 34,750 26,642 34,750 34,750 88,048 Mar. 14 1,248,98. 81,180 2500,626 102,819 101,651 49,073 40,894 151,892 35,0521 26,873 35,052 35,052 88,821 Mar. 21 1,229,82: 83,425 2472,473 103,859 102,679 49,569 41,308 153,428 35,406 27,145 35,406 35,406 89,718 Other: Feb. 21 380,89C 4,105 289,286 4,848 8,635 3,190 3,662 4,077 10.743 1,837 4,133 3,074 43,306 Feb. 28 389,09* 5,58: 299,413 4, 8,47, 2,068 4,301 4,210 10,600 1,889 4,492 3,332 39,853 Mar. 7 379,00C 4,276 285,049 4,374 9,273 2,943 4,486 3,950 11,059 1,735 5,770 4,051 42,034 Mar. 14 235,953 4,182 139,151 4,453 10,250 3,018 3,500 4,524 11,319 2,136 5,247 3,268 44,905 Mar. 21 216,904 4,248 108,838 4,148 10,120 3,410 3,646 4,422 11,894 1,925| 5,331 2,984 55,938 Total deposits: Feb. 21 16,187,88' 767,563 5,455,178 840,552 1,26(\,146 678,774 684,430 2,319,453 596,895 375,001 700.747 667,780i1,841,368 Feb. 28 16,269,52< 768,926 5,568,69^ 821,610(1,232,213 670,193 691,971 2,337,903 585,401{ 366,097I 702,043 696,115 1,828,360 Mar. 7 16,081,81' 744,675 5,405,072 820,718J1, 238,555 671,121 698,213 2,342,055 606,957 366,752 717,77: 686,9971,782,924 Mar. 14 16,206,62' 756,702 5,347,618 835,57111,266,331 689,563 711,345 2,349,198 614,833 356,455 717,169 701,4021,860,437 Mar. 21.,....,.. . 16,121,38 767,851 5,302,860 844,563 1,277,467 672,976 691,115 2,329,806 586,6471 347,305 691,505 684,3071,924,980 Deferred availability items: I Feb. 21 1.509,78' 121,547 308,987 87,457 144,057 107,740 101,185 220,149 68,802 28,832! 82,044 56,839 182,145 Feb. 28 1,490,51; 117,207 285,656 88,086 169,293] 106,223 91.758 222,121 67,540 29,729! 80,610 55,216 177,079 Mar. 7 1,405,91 110,300 307,579 84,504 124.204] 97,713! 89,8251 213,301 62,084' 29,049| 83,189 58,712 145,451 Mar. 14 1,705,71; 141,775 333,907 97,514 171,690! 130,001! 116,7541 272,652 80,124 35,82li 87,549 66,456 171,475 Mar. 21 1,650,37' 120,440 297,117 92,088| 160,656* 138,335! 131,223; 241,365 79,482 35,108 99,304 68,646 186,610 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $794,761,000 participations of other Federal Reserve Banks on Feb. 21; $727,473,000 on Feb. 28; $739,017,000 on Mar. 7; $745,440,000 on Mar. 14; and $752,977,000 on Mar. 21. APRIL 1945 349 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 Lo S u t. is M ap in ol n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Other liabilities, including accrued div.: Feb. 21 8,808 706 2,255 624 857 419 395 1,388 328 258 317 357 904 Feb. 28 8,609 768 2,181 582 869 384 371 1,363 323 241 354 255 918 Mar. 7 9,186 719 2,422 632 942 j 455 494 1,353 343 258 355 296 917 Mar. 14 9,519 746 2,550 696 989! 493 407 1,344 448 255: 371 316 904 Mar. 21 9,589 891 2,492 628 968 481 405 1,403 414 271 337 355 944 Total liabilities: Feb. 21 39,771,6392,273,049J10,695,359 2,387,7213,332,1472,281,5582,078,907 6,600,9061,605,737 885,9321,588,8221,270,4774,771,024 Feb. 28 39,930,9632,275,387 10,794,9612,372,540 ,335,919 ,276,918 2,091,4136,629,2501,597,866 879,4671,600,3471,307, ,769,263 Mar. 7 39,761,4082,249,609 10,677,659 2,374,9393,306,710 2,278,0155'9 2,099,7616,646,1911,618,424 882,7841,621,9241,303,218 4,,702,130 Mar. 14 40,211,2212,294,801)10,647 016 2,,405,7933,388,030 2,330,9422,139,982 6,721,8091,646,178 881,3301,625,5941,324,689 4,805,057 Mar. 21 40,036,8942,287,027 10,564,702 2,406,086 3",383,789 2,316,0892,127,981 6,657,1881,615,372 870,7151,608,3201,305,885 4,,893,740 Capital Accounts Capital paid in: Feb. 21 166,215 10,153 59,751 12,440 16,692 6,622 6,003 19,765 5,277 3,647 5,329 5,552 14,984 Feb. 28 166,507 10,157 59,794 12,524 16,707 6,730 6,016 19,769 5,282 3,649 5,341 5,552 14,986 Mar. 7 166,647 10,163 59,813 12,547 16,712 6,735 6,028 19,775 5,287 3,652 5,347 5,585 15,003 Mar. 14 166,735 10,174 59,820 12,556 16,714 6,736 6,058 19, 5,'288 3,650 5,348 5,585 15,018 Mar. 21 166,983 10,175 59,828 12,647 16,722 6,739 6,060 19,806 5,393 3,650 5,348 5,590 15,025 Surplus (section 7): Feb. 21 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Feb. 28 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Mar. 7 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Mar. 14 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Mar. 21 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Surplus (section 13b): Feb. 21 27,165 2,1 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Feb. 28 27,165 2,1 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Mar. 7 27,165 2,1 7,143 4,468 1,007 . 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Mar. 14 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Mar. 21 27,165 2,1 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: Feb. 21 78,701 4,620 15,467 5,684 9,535 5,173 4,545 11,349 4,211 3,631 3,933 3,549 7,004 Feb. 28 80,817 4,784 15,906 5,813 9,703 5,266 4,645 11,888 4,328 3,682 4,052 3,619 7,131 Mar. 7 81,702 4,821 16,203 5,882 9,797 5,331 4,695 11,840 4,364 3,710 4,121 3,654 7,284 Mar. 14 83,229 4,902 16,590 5,976 9,926 5,417 4,763 12,165 4,431 3,739 4,178 3,704 7,438 Mar. 21 84,356 4,979 16,959 6,053 10,061 5,505 4,835 12,216 4,448 3,749 4,204 3,755 7,592 Total liabilities and capital accounts: Feb. 21 40,271,8732,305,94110,862,623 2,430,185 3,378, !, 304,456 ,098, >, 666,6501,622,800 899,233 1,605,4171,286,910 4,811,053 Feb. 28 40,433,6052,308,44710,962,707 2,415,217 3,382, 407 2',,300,017 2,110,772 6>,, 695,5371,615,051 892,8211,617,0731,324,1354,809,421 Mar. 7 40,265,0752,282,71210,845,7212,417,708 3,353, 297 2, ',119,182 6, 1,436 1,635,650 896,169 1,638,7251,319,789 4,742,458 Mar. 14 40,716,5032,327,""' ,815, ,448,665 3,,434, 748 2!!,354,198 2,159,5016,788,3921,663,472 894,7421,642,4531,341,310 4,845,554 Mar. 21 40,543,5512,320,300 10,;733, 535 2,449,126 3!,430, !,339, ,147," ,723, ,632,788 884,1371,625,2051,322,562 4,934,398 Commitments to make industrial loans: Feb. 21 3,38: 2,314 400 593 Feb. 28 3,547 2,479 400 593 Mar. 7 3,567 2,461 400 631 Mar. 14 3,343 2,237 400 631 Mar. 21 3,137 2,031 400 631 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS (In thousands of dollars] Total Boston N Y e o w rk 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 - l A an t- ta Chicago L S ou t. is M ap in o n li e s -K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes outstanding (issued to Bank): Feb. 21 22,673,4631,422,682 5,,066,5251,482,809 1,970,6281,522,5411,343,391 4,138,914 971,436 489, 826,530579,116 2,859,834 Feb. 28 22,749,8491,418,812 5,105,0311,493,276 1,978,1721,526,599 1,347,345 4I, 140,818974,146 490,504 832,616 585,075 22,857,455 Mar. 7 22,828,3591,424,393 5,116,060 1,499, ,980,5"9-6 "1,535,5161,351,554 4t!,148,403 979,229 494 839,165586,1782,872,825 Mar. 14 22,924,5811,432,806 5,134,0711,510,219 1,996,802 1,541, •" ,356,168 4:;, 159,554991,082 498;016 841,929585,5872,876,922 Mar. 21 22,970,2771,436,9515,131,7321,505,260 1,999,426 1,538,0251,363, :, 182,622986,975 497166 841,624— ,2562,898,860 Collateral held against notes outstanding: Gold certificates: Feb. 21 10,836,350 610,000 31,,045,000 633,000 822,000 615,000 605,000 1,960,000 375,000 183,350 320,000244,000 1,424,000 Feb. 28 10,896,350 610,000 31,,070,000 643,000 832,000 615,000 605,000 1,960,000 375,000 183,350320, 000 259,0001,424,000 Mar. 7 10,629,350 615,—:!, 845,000601,000 832,000 615,000 615,000 1,980,000 375,000 188,350 3201!,000219,0001,424,000 Mar. 14 10,730,350 595,000 2!,, 920,000610,000 849,000 615,000 615,000 1,980,000 375,000 1881,350320, 000 239,0001,424,000 Mar. 21 10,721,350 595,000 2!,, 920,000610,000 760,000 615,000 625,000 21,,010,000 375,000 188!,,350320,000229,0001,474,000 Eligible paper: Feb. 21 257,340 11,075 153,500 11,750 6,800 28,500 15,850 29,865 Feb. 28 292,895 13,900 190,500 12,230 9,175 25,700 18,950 22,440 Mar. 7 264,165 8,250 189,015 6,465 7,145 15,750 13,050 24,490 Mar. 14 235,104 10,420 160,004 6,565 8,175 15,700 11,500 22,740 Mar. 21 174,229 3,985 113,279 750 3,750 26,000 26,000 465 U. S. Govt. securities: Feb. 21 12,057,925 810,000 2,,000,000 850,000 1,150,000 950,000 750,000 ,200,000 667,925310,000 125,000345,000 ,500,000 Feb. 28 12,044,135 810, ,000,000 850,000 1,150,000 950,000 750,000 ,200,000 654,135310,000 125,000345,000 ,500,000 Mar. 7 12,335,625 810,000 2,,200 000 900,000 1,150,000 950,000 750,000 :, 200,000655,625310,000 125,000385,000 ,500,000 Mar. 14 12,577,482 900,000 2:, 200,000900,000 1,150,000 950,000 750,000 ,200,000 807,482310,000525,000385,000 ,500,000 Mar. 21 12,638,522 900,0002,200,000 900,000 1,250,000 950,000 750,0002,200,000 768,522310,000 i25,OOO 185,000 ,500,000 Total collateral: Feb.21 23,151,6151,431,0755,198,,500 1,494, 750 1,972, 000 1,571,8001,355,000 4,160,000 1,071,425 509,200 874,865589,0002,924,000 Feb. 28 23,233,3801,433,9005,260,500 1,505, 230 1,982, 000 1,574,175 1,355,000 4,160,0001,054,835512,300 867,440 604,0002,924,000 Mar. 7 23,229,1401,433,2505,234,015 1,507,4651,982,0001,572,'"" ,365, 000 4,180,0001,046,375 11,400 869,490 604,0002,924,000 Mar. 14 23,542,9361,505,4205,280,004 1,516,5651,999, ,573, ,365, 000 4,180,000 1,198,182 509,850 867,740624,000 ,924,000 Mar. 21 23,534,1011,498,9855,233,279 1,510,^750 2:;, 010,0001,568,750 ,375,000 4 210,000 1,169,522524,350845,465614,0002,974,000 350 FEDERAL RESERVE BULLETIN 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 PARTMENT, NAVY DEPARTMENT, AND MARITIME [Amounts in thousands of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V W l D e a d s a p n t t e e e d r s i a d o ( y l d a a y ) o s t f or Nu A m p a b t p p e o l r p i r c d o a a v A t t i e e o m d n o s unt ( b a p p m c u r l A o e t o o p m t v n u - e e - o d n d t 1 t) s ( t a 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 m n 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 o a n t r u o i d t o t u i - i n c n n s i t g - ) [ G A u m a a r o u a u t t o n n h t t o e d s r e a i d i z t n e e l d t o h a o n u s sand G s u o a o f r u a d t n s o t t l a e l n a ed r d s i ] n lo g ans a A v a a d m i d l i a o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Total Portion antee agree- 1936 2,280 139,829 8,226 25,526 20,959 7,208 Number Amount amount guaran- ments 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 194S Mar. 31 3,443 459,296 5.164 13,182 13,143 20,316 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 June 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944 Mar 31 3,481 503,330 1,408 11,774 9,069 18,267 1944 June 30 3,483 510,857 45 11,366 4,048 11,063 Jan. 31 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Sept. 30 3,487 519,120 645 9,274 4,400 9,851 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 2,009,511 1,680,046 3,615,963 1945 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 Jan. 31 3,491 526,659 560 4,066 3,461 2,405 May 31 6,283 7,797,400 2,033,579 1,706,421 3,795,558 Feb. 28 3,492 527,700 585 3,921 3,547 2,374 J J u u n ly e 3 3 0 1 6 6 , ,5 4 9 3 0 3 8 8 , , 0 3 4 3 6 3 , , 6 7 7 4 2 1 2 2 , , 0 0 6 8 4 3 , , 3 4 1 3 8 5 1 1 , , 7 73 6 5 5 , , 7 8 7 4 7 1 3 3 , , 8 9 1 0 0 4 , , 7 2 9 1 7 5 Aug. 31 6,744 8,487,623 2,010,958 1,706,363 4,107,606 • 1 Includes applications approved conditionally by the Federal Reserve Sept.30 6,882 r9,165,273 1,960,785 1,663,489 4,301,322 Banks and under consideration by applicant. Oct. 31 r7,O51 r8,985,617 1,895,733rl,611,873 4,367,332 2 Includes industrial loans past due 3 months or more, which are not in- Nov. 30 r7,237 r9,133,750 1,776,539 1,507,709r4,476,988 cluded in industrial loans outstanding in weekly statement of condition of Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the 1945 sum of the following four columns represents repayments of advances, and Jan. 31 7,581 9,407,853 1,700,632 1,448,995r3,911,058 applications for loans and commitments withdrawn or expired. Feb. 28 7,720 9,517,272 1,646,160 1,402,646 3,964,830 r Revised. 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 BANK DEPOSITS OF COUNTRY MEMBFR BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 FEBRUARY 1945 [Averages of daily figures. In millions of dollars] Central reserve b m a b A e n e m l k r l s - 1 city banks b s c e a R r i n e t v k y - e s b C a o n u k n s - 1 a I n n d p o l v a e c r e s p o op f u 1 l 5 a ,0 ti 0 o 0 n I 1 n 5 , p 00 la 0 c e p s o o pu f l u at n i d o e n r Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s p r i - t ts de T p i o m s e its 1944—January 12,935 3,668 845 5,133 3,289 bank2 bank2 Febuary 12,349 3,395 800 4,899 3,254 1945—January 14,048 3,711 864 5,625 3,848 February 14,040 3,793 5,590 3,774 Total.. 14,728 6,060 9,384 4,194 Week ending (Friday): 1945—Jan. 26 14,081 3,733 881 5,637 3,830 Boston 2,021 675 302 179 Feb. 2 13,926 3,750 876 5,561 3,739 New York 2,924 1,541 910 841 Feb. 9 13,997 3,764 876 5,566 3,790 Philadelphia.. 1,019 539 758 628 Feb. 16 14,037 3,761 882 5,592 3,803 Cleveland.... :::i 1,300 658 565 Feb. 23 14,057 3,811 883 5,598 3,765 M M a a r r . . 9 2 1 1 4 4 , , 2 1 8 2 3 8 3 3 , , 8 8 6 7 2 0 9 8 0 9 3 5 5 5 , , 6 6 1 6 7 7 3 3 , , 7 8 5 4 5 2 R A i t c l h a m nt o a n .. d . . . . 1 1 , , 2 1 7 6 8 1 3 3 3 0 2 1 6 5 8 4 3 5 3 1 1 3 8 8 Mar. 16 14,514 3,910 909 5,786 3,910 Chicago 1,906 994 1,284 643 St. Louis... 532 235 771 186 Excess reserves: 1944—January r1,104 r334 746 Minneapolis 439 197 495 292 February rl,157 r338 795 Kansas City 421 81 1,147 146 1945—January 1,114 297 804 Dallas 746 87 1,130 43 February 959 259 676 San Francisco 981 419 490 214 Week ending (Friday) 1945—Jan. 26 1,048 259 767 Feb. 2 926 228 678 1 Includes any banks in outlying sections of reserve cities which have Feb. 9 977 243 712 been given permission to carry the same reserves as country banks. All Feb. 16 981 255 706 reserve cities have a population of more than 15,000. Feb.23 907 231 654 2 Includes war loan deposits, shown separately for all country banks Mar. 2 891 238 629 in the table on the following page. Mar. 9 933 267 697 Mar. 16 PI,044 299 r Revised. p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. APRIL 1945 351 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 Fed C e l r a a s l s R o e f s e b r a v n e k d a i n s d trict Total In ba te n r k - w G m a o U r v e . e S l n o r . t n an - Other a D d d e e j p u m o s a t s e n it d d s 3 p N m o e s a t i n t d d s e 4 - p T o d i s e m i - t e s5 d b o a b m l f d a a r u o n n e e m k s c t s e i s c Held qu R i e r - ed Excess deposits - First half of February 1945 All member banks.... 89,066 11,212 15,576 62,279 58,740 64,468 19,864 5,601 14,002 13,027 976 Central reserve city banks: New York 25,142 3,842 5,599 15,700 14,613 18,421 1,045 51 3,761 3,747 Chicago 5,721 1,052 1,169 3,500 3,289 4,166 620 177 879 870 Reserve city banks 32,877 5,132 5,258 22,487 20,804 24,232 8,001 1,743 5,575 5,326 249 Boston 2,249 287 549 1,412 1,335 1,576 136 47 331 323 8 New York 550 26 71 453 428 435 221 20 102 100 2 Philadelphia 2.490 314 473 1,704 1,603 1,851 159 66 392 380 12 Cleveland 4,084 509 655 2,920 2,728 3,064 1,003 176 703 673 30 Richmond 1,988 317 428 1,243 1,157 1,365 330 112 322 293 29 Atlanta 1,996 536 237 1,223 1,105 1,509 302 136 342 320 22 Chicago 4,126 433 701 2,992 2,803 2,956 1,390 286 701 675 27 St. Louis 1,943 609 275 1,059 943 1,456 242 98 313 306 8 Minneapolis 1,043 248 251 543 490 681 124 57 146 144 2 Kansas City 2,538 809 297 1,432 1,281 1,828 257 266 413 381 32 Dallas 2,022 475 250 1,297 1,201 1,462 223 217 340 306 34 San Francisco 7,847 568 1,072 6,208 5,729 6,049 3,616 262 1,469 1,427 42 Country banks.. 25,326 1,185 3,549 20,591 20,033 17,650 10,199 3,631 3,787 3,083 704 Boston 2,421 90 528 1,803 1,735 1,650 850 179 319 282 37 New York 3,928 77 740 3,111 3,004 2,796 2,371 290 621 534 87 Philadelphia... 1,795 12 275 1,508 1,470 1,293 1,161 192 301 251 50 Cleveland 2,201 29 346 1,827 1,785 1,503 1,216 313 373 283 90 Richmond 2,048 203 283 1,562 1,494 1,373 616 335 285 229 55 Atlanta 2,050 237 220 1,594 1,543 1,418 467 372 284 111 57 Chicago 3,265 70 466 2,730 2,680 2,265 1,627 491 521 415 106 St. Louis 1,450 150 130 1,169 1,139 1,030 419 261 206 169 36 Minneapolis.... 1,035 99 122 814 793 726 485 167 164 131 33 Kansas City.... 1,639 73 130 1,435 1,419 1,123 226 374 223 171 53 Dallas 1,989 121 162 1,706 1,675 1,364 129 438 266 199 67 San Francisco.. 1,504 25 147 1,332 1,296 1,110 629 217 225 193 32 S econd half of February 1945 All member banks 88,760 11,297 14,422 63,041 59,268 65,050 20,087 5,624 14,085 13,145 940 Central reserve city banks: New York 25,065 3,881 5,147 16,037 14,886 18,735 1,058 52 3,830 3,811 Chicago 5,712 1,064 1,076 3,571 3,332 4,223 622 175 889 882 Reserve city banks . 32,710 5,156 4,895 22,658 20,832 24,253 8,089 1,771 5,606 5,336 270 Boston 2,233 289 512 1,432 1,341 1,581 137 50 332 324 8 New York 545 25 66 454 427 433 223 20 102 100 2 Philadelphia 2,468 317 436 1,716 1,604 1,858 160 63 387 381 6 Cleveland 4,100 514 609 2,976 2,758 3,100 1,015 175 720 681 40 Richmond 1,973 317 396 1,260 1,172 1,380 333 112 317 296 21 Atlanta 2,023 538 220 1,265 1,140 1,537 305 143 347 326 21 Chicago 4,111 437 652 3,023 2,823 2,976 1,391 289 706 679 28 St. Louis 1,969 596 254 1,118 991 1,488 244 101 318 312 6 Minneapolis 1,027 244 231 552 495 686 125 53 147 145 2 Kansas City 2,595 832 276 1,488 1,318 1,869 260 283 418 389 29 Dallas 2,019 475 231 1,313 1,206 1,468 227 216 345 307 38 San Francisco 7,646 572 1,011 6,062 5,558 5,878 3,669 266 1,465 1,396 69 Country banks 25,274 1,196 3,303 20,775 20,218 17,838 10,318 3,627 3,759 3,116 643 Boston 2,404 92 497 1,815 1,741 1,656 858 180 316 283 33 New York 3,891 76 687 3,128 3,018 2,821 2,394 279 614 539 75 Philadelphia 1,784 12 256 1,516 1,476 1,303 1,172 188 300 253 47 Cleveland 2,197 34 320 1,843 1,798 1,525 1,233 310 370 287 82 Richmond 2,044 201 264 1,580 1,517 1,381 624 343 281 231 50 Atlanta 2,074 239 204 1,631 1,585 1,444 474 387 283 231 53 Chicago 3,253 70 437 2,746 2,694 2,280 1,650 490 515 418 96 St. Louis 1,456 149 120 1,187 1,157 1,047 424 261 204 172 32 Minneapolis 1,035 102 113 820 800 739 494 165 165 133 32 Kansas City 1,644 74 120 1,451 1,435 1,140 228 373 227 173 53 Dallas 2,005 120 149 1,735 1,707 1,392 131 441 263 203 60 San Francisco ... 1,486 26 137 1,323 1,290 1,111 637 210 222 194 28 1 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 include Series E bond deposit accounts, but 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. 8 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan and Series E bond 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. 352- 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 a-1 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 L,326 1,254 337 577 112 216 5 7 10 1935. 5,882 4,518 478 460 33 815 1,373 L,359 1,369 358 627 122 239 7 16 5 1936. 6,543 5,021 517 499 35 906 1,563 L,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 L.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 1,039 885 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.. .. 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. ... 25.307 17,580 1,156 987 81 2,t50 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—January 25,290 17,456 1,150 950 77 2,102 5,936 7,242 7,837 2,022 4,228 566 990 10 21 3 February 25,751 17,778 1,158 953 75 2,135 6,076 7,381 7,974 2,059 4,317 571 994 10 24 1 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 F o t e a t 1 b a n 9 . l d 4 2 i o 5 n 8 u g , t , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tre ca a s s h ury R F B e e a F a s d n e o n e d r r k r v a s e l B h R F a a e n e e g l d k s d e e s e n r r b t a v a s y n e l d Fe 1 b 9 . 4 2 5 8, Ja 1 n 9 . 4 3 5 1, Fe 1 b 9 . 4 4 29, certificates agents Gold 20 506 18,398 22,108 Gold certificates 18,398 15,530 2,815 53 53 55 Federal Reserve notes 22,750 125 661 21,964 21,533 17,176 Treasury currency—total 4,122 31,7'96 123 264 3,733 3,704 3,593 Standard silver dollars. 494 276 98 2 118 117 97 Silver bullion 1 520 1520 Silver certificates and Treasury notes of 1890 1,796 211 1,585 1,562 1,508 Subsidiary silver coin 787 14 16 757 751 668 Minor coin 295 7 5 283 282 253 United States notes 347 3 24 320 316 320 Federal Reserve Bank notes 556 (5) 5 550 554 620 National bank notes 123 (5) 122 123 128 Total— J F a e n b . 3 2 1 8 , , 1 1 9 9 4 4 5 5 ( 0 (4 4 ) ) 2 20 0 , , 2 1 1 9 7 4 2 2 , ,3 3 5 7 5 1 1 1 5 5 , , 5 5 3 5 0 8 3 3 , , 7 9 4 2 1 0 25,751 25,290 Feb. 29, 1944 21,369 2,356 16,721 3,722 20,824 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. 345, and seasonally adjusted figures in table on p. 354. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,955,464 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); (in) 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. APRIL 1945 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOP 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! Ear- Amount— Amount— Change in Gold marked Domes- Date f u o n r a s d e j a u s s o te n d al ad s j e u a s s te o d n al for s a e d as ju o s n t a e l d ly Period a s t t o e c n k d I i n n c r g e o a ld se N im et p g o o rt ld go c l r d e : a s d e e- p ti r c o d g u o c ld variation variation series1 of period stock or in- tion! crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1 1 9 9 4 4 0 1 1 8 1 , , 7 1 3 6 2 0 + + 2 1 , , 4 1 2 3 8 4 1 1 9 9 3 3 6 5 31 1 1 0 , , 2 1 5 2 8 5 1 1 , , 1 8 3 8 2 7 . . 5 2 1 1 , , 7 1 3 1 9 6 . . 0 6 -85. . 9 2 1 1 1 3 0 1 . . 7 6 1 1 1 9 9 9 4 4 4 4 2 3 2 2 1 5 5 0 * , , 3 4 4 0 4 1 7 9 0 + + + 4 5 4 , , , 8 0 2 5 3 5 8 9 0 1 1 1 9 9 9 3 3 3 8 7 9. 31 1 1 2 4 7 , , , 7 5 6 6 1 4 0 2 4 3 1 1 , , , 1 5 7 3 0 5 2 2 1 . . . 0 5 5 3 1 1 , , , 5 5 9 7 8 7 4 5 3 . . . 2 5 6 - - - 5 2 3 3 0 3 4 0 3 . . . 4 4 5 1 1 1 6 4 4 1 3 8 . . . 7 9 6 1940 21,995 4,351.2 4,744.5 -644.7 170.2 Monthly averages of daily 1941.... 22,737 741.8 982.4 -407.7 169.1 fig 1 u 9 re 4 s 3 : —July 17,681 17,716 +412 1 1 9 9 4 4 3 2 2 2 1 2 , , 9 7 3 2 8 6 — -1 7 0 88 .3 .5 3 6 1 8 5 . . 9 7 — -4 8 5 0 8 3 . . 4 6 1 4 2 8 5 . . 3 4 August 18,196 18,287 +571 1944 20,619 -1,319.0 (4) -459.8 35.1 September 18,729 18,767 +480 October 19,001 19,001 +234 1944—February... . 21,712 -206.6 4—125.1 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 J M u a n y e 2 2 1 1 , , 2 1 6 7 4 3 -1 -9 6 0 5 . . 7 5 -9 -6 3 . . 4 1 2 2. . 4 9 February 20,635 20,635 +268 July 20,996 -177.1 —96.6 3.0 March 20,964 21,027 +392 August 20,926 —69.7 2.7 2.8 April 21,312 21.484 +457 September... 20,825 -101.2 -27.4 3.0 J M J u u a n l y y e 2 2 2 2 2 1 , , , 5 2 8 8 9 2 0 6 2 2 2 2 2 2 1 , , , 6 4 9 2 0 7 5 8 6 + + + 2 4 4 1 3 9 7 2 2 N D O o c e v t c o e e b m m e b r b e e r r.... 2 2 2 0 0 0 , , , 7 6 6 2 1 8 7 9 8 - - - 6 9 3 9 8 8 . . . 6 4 3 - - - 3 2 4 4 2 6 . . . 7 6 3 3 2 2 . . . 0 8 9 August 22,988 23,104 +479 1945—January 20,550 -69.0 -58.2 2.5 September 23,525 23,572 +468 February 20,506 -43.8 5-37.4 '2.5 October 24,112 24,112 +540 Jan.-Feb 20,506 -112.8 5-95.6 H.9 November 24,738 24,664 +552 December 25,207 24,957 +293 f Figure carried forward. p Preliminary. 1 Annual figures through 1943 are estimates of the United States Mint. 1945—January 25,243 25,167 +210 Annual figure for 1944 and monthly figures are those published in table on February ,25,527 25,527 +360 p. 397, adjusted to exclude Philippine Islands production received in United March 25,850 25,928 +401 States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a amo 1 u F n o ts r i e n n d fi rs o t f c y o e lu a m r n f . igures, represents change computed on absolute fin 3 e I o n u c n lu c d e e s t h g e o r l e d a f i t n e r t . he Inactive Account amounting to 27 million dollars figu N re O s T o E n .— c F o o m r p d ar is a c b u le ss i b o a n s is o f s e s e e a S so ep n t a e l m a b d e j r u s 1 t 9 m 43 e nt B U f L a L ct E o T r I s N , a n p d p . fo 82 r 2- b 8 a 2 c 6 k . on 4 D T e h c e . 3 n 1 e , t 19 g 3 o 6 l , d a n im d p 1 o ,2 r 2 t 8 f i m gu il r l e io s n f o o r n m D o e n c. t h 3 s 1 , s 1 u 9 b 3 s 7 e . quent to February 1944 y B e e a c r a u e s n e d o , f a d an ju s a t p m p e a n re t nt f a r c e t c o e rs n t h c a h v a e n g b e e e in n r t e h v e i s s e e d a so so n m al ew pa h t a t t e r f n o r a r d o a u t n e d s t a h f e - ha 5 v e O n n o F t e b b e . e n 2 8 r , e l 1 e 9 a 4 s 5 e , d g f o o l r d p h u e b l l d i ca u t n io d n e . r earmark at the Federal Reserve fected, beginning with December 1942; seasonally adjusted figures for Banks amounted to 4,032.7 million dollars. All of this was earmarked money in circulation, as shown in Banking and Monetary Statistics, Table directly for foreign account except 102.8 million dollars which was ear- 111, p. 414, and described on p. 405, are based on an older series of adjust- marked in the name of a domestic bank as security for a foreign loan. ment factors. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollarsl 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 t3 a s c it c o a u cc n o ts unts except tu d r e n p i o o n v s te e it r r s b o a e f n x k c t e o p ta t l a e d n x e d c p e o p G s t i t o i v n a e c t r e c n r o m b u a e n n n t k s t tur d n i e n o p t v e o e r s r b i t a s o n f k e x d a c e e n m p d a t nd Year and month Government T r o e c p t e a o n l r , t t e i r a n s l g l Y N C e o i w t r y k 1 1 c 4 e 0 n t o e t r h s e * r r c e e O p n o t t h r e t e r i r s n 2 g Y N C o e it w r y k r 3 e 3 c p 3 e o n o r t t e t i h r n s e g r Y N C o e i w t r y k 10 le c 0 a i t d o ie i t n s h g er Y N C o e it w r 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 1 9 9 4 42 2 — — o n l e d w s s e e r r ie ie s3 s3 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 2 1 2 0 6, , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 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. 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1944—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. 77,775 30,016 40,381 7,378 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 L945—January r82,751 34,990 r40,300 7,461 18.6 9.9 30,826 34,801 27.0 16.9 February. 70,233 29,065 34,713 6,455 17.7 9.7 25,416 30,024 24.3 16.0 Revisseedd.. - NNailtional series for which bank debit figures are available beginning with 1919. 2 AAnnnnuuaall ffiigguurreess ffoorr 11993366-11994422 ((oolldd sseerriieess)) iinncclluuddee 113333 cceenntteerrss;; aannnnuuaall ffiigguurreess ffoorr 119942 (new series) and subsequent figures include 193 centers. 33 SSe e p. 771177 off AAtu gus1t9 4139 4B3 BULLETIfN fodr idetsic riptiofn of iir evisbionii beginniitnhg M with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and 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. 354 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] a d d T e j p o u o t s s a t i l e t d s d d T e e p m o o t a a s n l it d s Total Demand U S n ta it t e e d s Time deposits Currency End of month and 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 System6 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 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June.... 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December. 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June ... 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December. .... 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June.... 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June... 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December.. 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 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 July? 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 October33.... 139,300 92,000 116,600 69,300 8,600 38,700 23,400 13,000 2,300 22,700 November2*.. 142,600 95,300 119,300 72,000 8,200 39,100 23,700 13,100 2,300 23,300 December**.. 150,700 90,400 127,200 66,900 20,600 39,700 24,100 13,300 2,300 23,500 1945—January** 150,400 91,800 126,800 68,200 18,200 40,400 24,600 13,400 • 2,400 23,600 February** 150,300 93,500 126,200 69,400 15,500 41,300 25,200 13,600 2,500 24,100 p 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 Nonm ember Assets Total, banks banks all banks Na- In- Non- Depos- U.S. Government tional State sured insured End of month itors' Cash securities Cash bal- in de- reances1 Total b p t a o o n r s k y i- s Total r D ec i- t G t a u e n e a - d r- s f e u e t n r c v d .2 e s, Num 1 1 b 9 9 e 3 4 r 4 0 - o 3 f 9 banks suspended: 291 18 1 9 8 1941 3 1942 6 1934—Dec 1,207 1,237 540 597 467 130 100 1943 2 1935—Dec 1,201 1,237 287 853 706 147 98 1944 1 1936—Dec 1,260 1,296 145 1,058 892 167 93 1945—Jan.-Mar 1937—Dec 1,270 1,308 131 1,097 931 167 80 1938—Dec 1,252 1,291 86 1,132 965 166 73 Deposits of suspended banks 1939—Dec 1,279 1,319 53 1,192 1,046 146 74 (in thousands of dollars) :2 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 1941—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—Feb 1,867 1,926 9 1,783 1,783 135 1943 6,223 4,982 1,241 Mar.. 1,906 1,964 9 1,823 1,823 132 1944 405 405 Apr 1,947 2,008 9 1,870 1,870 129 1945—Jan.-Mar. 0 May 1,994 2,053 9 1,912 1,912 132 June 2,034 2,095 9 1,951 1,951 135 July 2,084 2,147 8 2,006 2,006 133 1 Represents banks which, during the periods shown, closed temporarily Aug 2,140 2,202 8 2,050 2,050 143 or permanently on account of financial difficulties; does not include banks Sept 2,198 2,262 8 2,110 2,110 143 whose deposit liabilities were assumed by other banks at the time of closing 2 257 2.323 8 2,165 2,165 150 (in some instances with the aid of Federal Deposit Insurance Corporation Nov 2',305 2,'374 8 2,214 2,214 152 loans). Dec... 2,342 2,411 8 2,252 2,252 152 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks 1945—Jan ''2,401 are based on the latest data available at the time the suspensions were Feb... ''2,457 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for p Preliminary. description, see pp. 281-282 in the same publication. 11 OOuuttssttaannddiinngg priinncciippaall,, rreepprreesseenntteedd bbyy cceerrttiiffiiccaatteess ooff ddeeppoossiitt,. 22 InIclldudes working cashh wiitthh postttm asters5, 5 pecr ect enet sreevsee rvfuen 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. 355 APRIL 1945 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 bank cal a l n d d ate Total Loans Total G o m U o b v l . e i S e g n . r a t n - - se O cu th r e it r ies Total* I b n a t n e k r- ^ Demand Time o N f u b m a b n e k r s 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—Dec. 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 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 Dec. 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 7,892 107,224 10,895 67,554 28,775 14,618 Dec. 31 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—June 30 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83,588 33,797 14,553 Dec. 306 119,440 26,040 93,400 85,850 7,550 141,370 12,230 91,610 37,530 14,535 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—Dec. 31 43,922 18,792 25,130 17,759 7,371 65,305 10,941 38,518 15,846 14,344 1941—Dec. 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 Dec. 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 Dec. 31 85,095 19,117 65,978 59,842 6,136 105,923 11,012 75,561 19,350 14,034 1944—June 30 95,731 21,010 74,722 68,431 6,290 116,133 11,219 83,588 21,326 14,009 Dec. 30e 105,460 21,630 83,830 77,500 6,330 128,020 12,230 91,610 24,180 13,992 All insured commercial banks: 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—Dec. 31 42,556 18,394 24,161 17,063 7,098 63,461 10,539 37,333 15,589 13,438 1941—Dec. 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 Dec. 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 Dec. 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 Dec. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 All member banks: 1934—June 30 27,175 12,523 14,652 9,413 5,239 31,012 4,355 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—Dec. 31 37,126 15,321 21,805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 312. 43,521 18,021 25,500 19,539 5,961 61,717 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 Dec. 31 59,263 16,088 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 Dec. 31 74,258 16,288 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 Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 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—June 30 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—Dec. 31 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 10,880 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 Dec. 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 Dec. 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 Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 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 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—Dec. 31 . 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 312 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 Dec. 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 Dec. 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 Dec. 30. 33,261 7,196 26,065 24,393 1,672 39,059 3,827 28,874 6,358 1,789 * 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. e Partly estimated. Figures have been rounded to the nearest 10 million. 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 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." 8 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insur d 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. Back figures.—See Ranking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 356 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 bank Number call date Total Loans Total G m U ov e . n e S r t . n- Other Total1 I b n a te n r k - 1 Demand Time of banks obliga- securities tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 303> 4 6,856 3,334 3,522 2,314 1,208 8,915 316 5,046 3,553 7,584 Dec. 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 Dec. 31. 10]847 2,832 8,014 6,899 1,115 13,671 457 9,123 4,091 7,299 1944—June 30 12,155 2,929 9,226 8,099 l! 128 14,869 315 10,100 4,453 7,239 Dec. 30e 13,910 2,960 10,950 9,830 1,120 17,120 350 11,840 4,930 7,181 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—Dec. 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—Dec. 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 Dec. 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 Dec. 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 Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 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—Dec. 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—Dec. 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 303- 4 1,007 339 668 477 191 1,161 211 693 257 829 Dec. 31. 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30. 1,363 270 1,094 925 169 1,519 214 1,045 260 775 Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30e... 2,080 280 1,800 1,630 170 2,310 160 1,850 300 729 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—Dec. 31 10,248 4,959 5,289 3,224 2.065 10,658 10,658 551 1941—Dec. 312 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 Dec. 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 Dec. 31.. 11,871 4,484 7,387 6,090 1,297 11,738 11,738 545 1944—June 30... 12,976 4,414 8,562 7,306 1,257 12 471 12,471 544 Dec. 30e.. 13,980 4,410 9,570 8,350 1,220 13,350 13,350 543 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—Dec. 31 1,655 637 1,018 548 470 1,818 1 818 53 1941—Dec. 312 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 Dec. 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 Dec. 31 7,525 3,073 4,452 3,844 608 7,534 7 534 184 1944—June 30 8,489 3,111 5,378 4,752 626 8,235 8,235 192 Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1 19 9 4 3 0 7 — — D juence . 3 3 0 1 9 8 , , 1 5 2 9 4 3 4 4 , ,3 5 2 0 2 8 4 4 , , 6 2 1 7 6 1 2 2 , , 1 6 3 7 9 6 2 1 , ,5 4 9 7 5 7 9 8 , , 1 8 2 4 3 0 9 8* ,1 8 2 4 3 0 4 5 9 0 8 7 1941—Dec 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 Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 I943—June 30. 8,544 3,568 4,975 4,026 949 8,402 8,402 484 Dec. 31.. 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—June 30 4 487 1 302 3,185 2,554 631 4,236 4,236 352 Dec. 30e 4,760 1,300 3,460 2,840 620 4,440 4*440 351 For footnotes see opposite page. APRIL 1945 357 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- Class of bank T lo o a t n a s l m c i i n e a - r l - , Agri- or s e c c a u r r r i y ti i e n s g Real- Direct g S a t t o a i f o te n s s cal a l n d d ate m in a e v n n e d t s s t 1 - Total1 o p c m k p a l i u n e p a e g d t n r e - - - r1 cul~ d > a T e e r n o a r o d s k l- - o T th o - l t o e a a s t - n e s O lo t a h n e s r 1 Total Total Bills o d c C f t e e a i e f d b i t i r n - e t - - - s - tfotes Bonds G t a u e n a e - d r- p s o d s a i c l i u o n i a v b t n d l i i - s - - O s ri e t t h c i u e e r - s ers ness All insured commercial banks: 1934—Dec. 31.... 32,785 14,614 1,068 3,492 3,336 6,718 ,172 11,713 1,032 4,402 5,069 1,210 2,411 4,048 1937—Dec. 31.... 37,221 16,74" 971 3,065 3,640 9,072 !0,475 13,669 669 4,568 6,336 2,097 2,587 4,220 1940—Dec. 31.... 42,556 18,394 7,178 1,281 663 727 4,468 4,077 !4,161 17,063 662 2,756 9,925 3,719 3,608 3,491 1941—Dec. 31.... 49,288 21,258 9,214 1,450 614 662 4,773 4,545 ,030 21,046 988 3,159 12,797 4,102 3,651 3,333 1942—Dec. 31.... 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 17,336 40,705 4,462 6,727 5,799 20,999 2,718 3,533 3,098 1943—Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1, 91854,666 58,683 4, ",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 4,708 15,466 1,834 34,114 963 3,393 2,730 Dec. 30.... 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1, 944 !2,030 75,875 3,971 15,300 5,778 39,848 978 3,422 2,733 Member banks, total: 1934—Dec. 31.... 28,150 12,028 1,030 3,110 2,273 5,615 6,122 10,895 1,030 4,217 4,659 989 1,965 3,262 1937—Dec. 31.... 31,752 13,958 950 2,752 2,547 7,708 .7,794 12,371 662 4,277 5,635 1,797 2,047 3,375 1940—Dec. 31... 37,126 15,321 6,660 865 642 652 3,228 3,273 11,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—Dec. 312... 43,521 18,021 8,671 972 594 598 3,494 3,692 !5,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Dec. 31.... 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 3,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 17,970 52,948 4,36012,071 6,906 27,265 2,345 2,729 2,294 1944—June 30.... 83,58: 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,033 »5,503 60,339 4,46614,228 L0.640 30,118 887 2,834 2,331 Dec. 30.... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 2,893 67,685 3,748 3,982 14,127 34,927 90: 2,857 2,350 New York Cily:s 1934—Dec. 31.... 7,761 3,159 716 820 139 1,483 4,602 3,52< 758 1,664 824 278 446 632 1937—Dec. 31.... 8,31 3,67" 761 733 141 2,039 4,640 3,594 495 1,536 1,175 388 342 703 1940—Dec. 31.... 10,910 3,384 2,125 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31.... 17,957 4,116 2,546 78' 193 117 303 148 .3,841 12,54 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31.... 19,994 4,428 2,515 1,054 323 107 252 153 5,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2,430 1,65" 751 93 232 251 .7,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30... 24,003 5,760 2,610 1,74: 859 86 253 179 8,243 17,179 913 3,740 3,745 8,592 189 468 596 Chicago:3 1934—Dec. 31.... 1,581 532 55 170 290 1,049 82 164 299 279 78 129 100 1937—Dec. 31.... 1,90: 635 41 129 453 1,266 1.01C 32 366 518 94 135 121 1940—Dec. 31... 2,37' 696 492 42 54 84 1,681 1,30' 297 145 752 112 188 186 1941—Dec. 31.... 2,760 954 732 48 52 96 1,806 1,43( 256 153 903 119 182 193 1942—Dec. 31.... 3,973 832 658 34 32 3,141 2,78! 397 637 391 1,282 83 166 186 1943—Dec. 31.... 4,554 1,004 763 102 5: 3,550 3,235 199 877 484 1,602 74 158 155 1944—June 30.... 5,124 1,064 710 102 130 4,060 3,685 367 1,038 587 1,665 31 204 169 Dec. 30.... 5,443 1,184 738 163 163 4,258 3,912 250 1,045 779 1,809 31 160 185 Reserve city banks. 1934—Dec. 31.... 10,028 4,31: 195 1,124 1,090 1,904 5,715 4,088 95 1,692 2,022 649 979 1937—Dec. 31.... 11,414 5,20. 123 1,066 1,176 2,838 6,211 4,595 106 1,589 2,267 691 922 1940—Dec. 31... 13,01. 5,93 2,58< 263 115 207 1,436 1,322 7,081 5,20. 103 771 3,2811 1,049 984 893 1941— Dec. 31.... 15,34' 7,10. 3,45( 300 11' 194 1,527 1,512 8,243 6,46' 295 751 4,248j 1,173 956 820 1942—Dec. 31.. . 20,91. 6,10 2,95' 290 9' 153 1,486 31214,813 13,03! 1,441 2,253 1,723 6,810 811 954 821 1943—Dec. 31... 27,52 6,20: 3,05* 27! 21' 267 1,420 658 30 21,321 19, 1, 4,69 2,49' 9,943 749 913 726 1944—June 30... 30,94. 6,76: 2,78^ 27 409 903 1,385 650 35C24,183 22,48' 1,914 5,58i 3,89. 10,689 402 963 735 Dec. 30.. . 33,60; 6,82 3,034 34? 311 777 1,379 660 31326,781 25,04: 1,704 5.73C 5,181 11,987 440 1.00C 740 Country banks: 1934—Dec. 31... 8,78< 4,02i 996 1,026 1,938 4,75f 2,463 13 562 1,533 355 74 1,552 1937—Dec. 31... 10,12- 4,44i 824 1,21 2,377 5,67/ 3,165 29 786 1,675 678 879 1,630 1940—Dec. 31... 10,82i 5,30< 1,45 20 1,644 1,400 5,51/ 3,265 45 433 2,081 710 1,146 1,102 1941—Dec. 31... 12,51 5,89C l,67i 183 1,823 1,530 6,625 4,37' 110 481 2,926 861 l,22f 1,028 1942—Dec. 31... 16,41 5,03* l,22i 16: 1,79" 674 11.38C 9,17: 671 1,25 1,240 5,436 574 1,25: 956 1943—Dec. 31... 22,181 4,65' 1,084 197 1,725 528 17,53' 15,465 1,032 3,09^ 2,096 8,705 538 1,214 855 1944—June 30... 24,851 4,78! 1,096 345 1,708 536 20,07 18,00S 926 3,362 3,355 10,114 252 1,21 849 Dec. 30... 28,521 4,91 1,14' 31 1,71! 547 23,611 21,552 3,46e 4,422 12,540 241 1.23C 829 Insured nonmember commercial banks 1934—Dec. 31... 4 63. 2,58i 38; 1,06: 1,103 2,04' 811 185 411 221 785 1937—Dec. 31... 5,471 2,78' 31 1,09' 1,363 2,68 1,297 291 700 299 844 1940—Dec. 31... 5,42' 3,0' 7 1,241 803 2,35i 1.24C 162 834 234 521 1941—Dec. 31... 5,77. 3,24 64 1,28 854 2,53. 1,505 152 1,069 271 462 1942—Dec. 31... 6,98 2,811 5 1,22= 422 4,16 3,16 44: 390 2,053 179 435 1943—Dec. 31... 9,25 2,55( 82 1,165 385 6,70 5,73 1,14' 766 3,395 156 403 1944—J D u e n c e . 3 3 0 0 . . . .. . 1 11 0 , ,36' 2 2, , 6 6 7 4 1 ! 166 115< 3 3 9 8 5 3 9 7 , , 1 7 4 i: i 6 8 , , 7 1 5 9 : ' 1 1 , , 2 3 3 1 ! 1 1 , , 1 6 9 5 4 2 4 4 , , 0 9 0 2 2 8 7 7 6 6i 4 3 0 8 0 3 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 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 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 3 Central reserve city banks. 358 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 Cl c a a s l s l a n o d d f a t b e ank F s B s e w e e R d R a r r i e n v e e v t r - h - k e e a s s l v C a a in u sh lt m b a B d a n e n o a c s l k - e - t s i s c 4 j p m u a D o s d a d s t 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 i o 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 n c i s - a s l c C h c e o f a e e e t i f n c e c r f r . i d d s t k - ' i s - a v p n a i p s t I d d i h n r o o t u i d r n n c p a a i s e o - s - l , r s r - - , I b n a t n e k r- P m U G i o S a n s a e o . n g t v S n v d s a - t . - l v S s p i t i u s o a c i b l t a o i e d l t n s - i s - a p v s n a i p I t h d d r i o n t i u o r p n d c n a a s e i o s - l - , r r s - - , r i B n 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—Dec. 31.... 4,082 793 4,193 17,901 4,652 148 1,687 2,266 863 16,717 151 524 335 11,674 49 6,152 1937—Dec. 31.... 7,005 789 4,744 23,267 5,519 456 801 2,667 814 22,105 153 126 588 13,988 30 6,403 1940—Dec. 31.... 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31.... 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—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 Dec. 30 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 Member banks, total: 1934—Dec. 31.... 4,082 609 3,149 15,686 4,569 147 1,636 1,799 838 14,951 141 452 294 9,020 19 5,054 1937—Dec. 31.... 7,005 589 3,414 20,387 5,436 453 781 2,132 767 19,747 140 95 482 10,806 15 5,371 1940—Dec. 31. ... 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 312. .. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.... 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—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. 30.... 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 New York City:3 1934—Dec. 31.... 1,576 86 103 5,069 1,797 126 792 229 540 5,371 8 56 4 591 1 1,565 1937—Dec. 31.... 2,738 56 120 6,111 2,108 416 382 189 404 6,507 7 49 696 1,606 1940—Dec. 31.'.'. . 7^057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941 Dec 31 5 105 93 141 10,761 3 595 607 866 319 450 11,282 5 29 778 ,648 1942—Dec. 31. 4*388 72 82 11^899 3*209 733 4,186 263 448 12*501 3 23 711 1,727 1943—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. 30.... 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 Chicago :3 1934—Dec. 31 415 40 207 1,189 445 2 46 182 23 1,073 1 381 226 1937—Dec. 31.... 596 27 179 1,438 528 5 65 207 23 1,354 8 445 255 1940—Dec. 31*... 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 1941 Dec 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31.... 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—June 30.... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Dec. 30.'.'.. 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 Reserve city banks: 1934—Dec. 31.... 1,268 207 1,543 5,136 1,984 17 620 585 169 4,919 118 186 '206 3,494 4 1,614 1937—Dec. 31.... 2,310 200 1,470 6,870 2,389 30 256 777 192 6,743 111 34 266 4,161 1 1,735 1940—Dec. 31 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,506 1,904 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31.... 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 ""2 2,028 1943—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. 30.... 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 Country banks: 1934—Dec. 31... 822 275 1,296 4,292 342 2 178 804 106 3,589 16 210 84 4,554 14 1,650 1937—Dec. 31.... 1,361 307 1,645 5,968 412 1 78 959 149 5,143 21 61 158 5,504 13 1,775 1940—Dec. 31.... 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31.... 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—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... . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 Insured nonmember commercial banks: 1934—Dec. 31.... 184 1,044 2,216 83 1 51 466 25 1,766 9 72 41 2,653 30 1,097 1937—Dec. 31.... 199 1,329 2,879 83 3 20 535 47 2,357 14 31 106 3,182 15 1,032 1940-Dec. 31.... 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31... . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31.... 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—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 Dec. 30... . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 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. APRIL 1945 359 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] L,cans Investments U. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month in l a o v n a e d n s s t- Total in t c r 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 Lo t a o ns O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- s O e t c h u e - r ments t a u c a g u r n r a l d - i l - G U t l o i i o o g . b v S n a - t . - s . O c t s t u i h e e r - e s i- r G U t l o i i o o g . b v S n a - t . - s . O c t s t u i h e e r - e s i- r loans banks Total Bills o d n f e e e d b i s n - t s - - Notes Bonds t a e n e - d rities Total—101 Cities 1944—Feb 53,139 11,625 6,412 1,070 600 807 319 1,094 87 1,236 41,514 38,682 3,924 8,905 5,640 18,4541,759 2,832 Oct 54,172 11,033 6,130 837 734 559 331 1,062 56 1,324 43,139 40,231 2,242 10,495 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 39,896 1,752 10,236 7,316 19,996 596 2,875 Dec 59,436 12,941 6,454 1,448 713 1,519 341 1,058 79 1,329 46,495 43,594 2,277 10,272 9,164 21,267 614 2,901 1945—Jan 59,590 12,356 6,405 1,196 726 1,236 357 1,053 77 1,306 47,234 44,345 2,813 10,008 9,238 21,673 613 2,889 Feb 58,796 11,768 6,320 991 763 929 354 1,047 76 1,288 47,028 44,074 2,389 10,072 9,149 22,104 360 2,954 1944—Dec. 27 59,737 12,986 6,518 1,431 706 1,526 353 1,058 59 1,335 46,751 43,842 2,428 10,110 9,255 21,435 614 2,909 1945—Jan. 3 59,887 12,630 6,425 1,245 724 1,416 354 1,054 107 1,305 47,257 44,354 2,864 10,099 9,305 21,471 615 2,903 Jan. 10 59,560 12,504 6,436 1,262 702 1,329 354 1,056 61 1,304 47,056 44,166 2,774 9,985 9,253 21,535 619 •2,890 Jan. 17 59,635 12,351 6,425 1,208 707 1,202 354 1,053 92 1,310 47,284 44,393 2,947 9,955 9,217 21,653 621 2,891 Jan. 24 59,620 12,187 6,387 1,143 751 1,140 355 1,051 54 1,306 47,433 44,554 2,926 10,029 9,220 21,770 609 2,879 Jan. 31. ... 59,247 12,108 6,351 1,121 748 1,093 369 1,049 72 1,305 47,139 44,257 2,553 9,971 9,196 21,937 600 2,882 Feb. 7 .... 59,007 11,852 6,346 995 774 961 353 1,049 79 1,295 47,155 44,219 2,526 10,159 9,134 22,030 370 2,936 Feb. 14 .... 58,923 11,894 6,369 1,037 775 943 348 1,050 84 1,288 47,029 44,061 2,446 10,101 9,087 22,065 362 2,968 Feb. 21 .... 58,753 11,693 6,313 967 730 912 368 1,047 71 1,285 47,060 44,105 2,443 10,036 9,169 22,105 352 2,955 Feb. 28 58,501 11,634 6,251 964 773 899 346 1,044 71 1,286 46,867 43,912 2,140 9,994 9,206 22,215 357 2,955 Mar. 7 58,424 11,517 6,198 951 745 864 347 1,044 82 1,286 46,907 43,977 2,350 11,555 7,478 22,241 353 2,930 Mar. 14 58,155 11,419 6,186 924 736 824 346 1,042 70 1,291 46,736 43,799 2,238 11,498 7,432 22,286 345 2,937 Mar. 21 58,071 11,284 6,155 889 748 770 347 1,041 57 1,277 46,787 43,774 2,260 11,432 7,430 22,314 338 3,013 New York City 1944—Feb 19,650 4,817 2,470 835 459 485 132 89 63 284 14,833 13,906 1,228 3,216 1,932 6,586 944 927 Oct 19,227 4,376 2,310 678 547 233 132 75 47 354 14,851 13,853 542 3,571 2,683 6,906 151 998 Nov 19,288 4,637 2,366 885 572 200 139 74 53 348 14,651 13,695 310 3,356 2,696 7,185 148 956 Dec 21,601 5,454 2,430 1,145 537 736 138 72 53 343 16,147 15,174 439 3,481 3,310 7,780 164 973 1945—Jan 21,500 5,140 2,454 942 547 602 144 71 60 320 16,360 15,405 843 3,346 3,340 7,713 163 955 Feb 21,019 4,798 2,437 787 588 409 146 68 63 300 16,221 15,253 664 3,348 3,290 7,878 73 968 1944—Dec. 27.... 21,724 5,521 2,464 1,154 530 783 146 71 38 335 16,203 15,223 525 3,368 3,382 7,785 163 980 1945— an. 3 21,929 5,313 2,447 991 544 707 139 73 92 320 16,616 15,650 948 3,430 3,396 7,714 162 966 an. 10 21,441 5,226 2,488 984 518 665 139 71 42 319 16,215 15,254 722 3,345 3,358 7,669 160 961 an. 17 21,433 5,119 2,458 946 534 573 141 71 76 320 16,314 15,357 876 3,325 3,305 7,691 160 957 an. 24 21,412 5,025 2,441 904 572 542 143 69 37 317 16,387 15,439 928 3,330 3,305 7,709 167 948 an. 31.... 21,286 5,016 2,437 885 569 524 156 69 54 322 16,270 15,325 743 3,301 3,335 7,779 167 945 Feb. 7.... 21,098 4,834 2,446 782 604 425 144 70 61 302 16,264 15,292 703 3,370 3,277 7,867 75 972 Feb. 14 .... 21,058 4,878 2,462 826 599 412 139 69 72 299 16,180 15,205 682 3,368 3,225 7,856 74 975 Feb. 21.. .. 21,039 4,751 2,430 772 561 402 160 67 59 300 16,288 15,324 741 3,339 3,302 7,870 72 964 Feb. 28 20,881 4,730 2,411 767 590 396 140 67 60 299 16,151 15,192 530 3,313 3,358 7,919 72 959 Mar. 7 20,799 4,668 2,391 749 572 381 141 67 72 295 16,131 15,189 630 3,864 2,696 7,927 72 942 Mar. 14 20,608 4,634 2,385 755 572 353 141 67 60 301 15,974 15,031 562 3,828 2,658 7,915 68 943 Mar. 21 20,594 4,530 2,365 719 580 309 142 67 50 298 16,064 15,049 582 3,819 2,655 7,929 64 1,015 Outside New York City 1944—Feb 33,489 6,808 3,942 235 141 322 187 1,005 24 952 26,681 24,776 2,696 5,689 3,708 11,868 815 1,905 Oct 34,945 6,657 3,820 159 187 326 199 987 9 970 28,288 26,378 1,700 6,924 4,642 12,666 446 1,910 Nov.: 34,880 6,760 3,921 184 187 294 197 986 19 972 28,120 26,201 1,442 6,880 4,620 12,811 448 1,919 Dec 37,835 7,487 4,024 303 176 783 203 986 26 986 30,348 28,420 1,838 6,791 5,854 13,487 450 1,928 1945—Jan 38,090 7,216 3,951 254 179 634 213 982 17 986 30,874 28,940 1,970 6,662 5,898 13,960 450 1,934 Feb 37,777 6,970 3,883 204 175 520 208 979 13 988 30,807 28,821 1,725 6,724 5,859 14,226 287 1,986 1944— Dec: 27 38,013 7,465 4,054 277 176 743 207 987 21 1,000 30,548 28,619 1,903 6,742 5,873 13,650 451 1,929 1945—Jan. 3 37,958 7,317 3,978 254 180 709 215 981 15 985 30,641 28,704 1,916 6,669 5,909 13,757 453 1,937 Jan.10 38,119 7,278 3,948 278 184 664 215 985 19 985 30,841 28,912 2,052 6,640 5,895 13,866 459 1,929 Jan.17 38,202 7,232 3,967 262 173 629 213 982 16 990 30,970 29,036 2,071 6,630 5,912 13,962 461 1,934 Jan.24 38,208 7,162 3,946 239 179 598 212 982 17 989 31,046 29,115 1,998 6,699 5,915 14,061 442 1,931 Jan. 31.. 37,961 7,092 3,914 236 179 569 213 980 18 983 30,869 28,932 1,810 6,670 5,861 14,158 433 1,937 Feb. 7... 37,909 7,018 3,900 213 170 536 209 979 18 993 30,891 28,927 1,823 6,789 5,857 14,163 295 1,964 Feb.14 37,865 7,016 3,907 211 176 531 209 981 12 989 30,849 28,856 1,764 6,733 5,862 14,209 288 1,993 Feb.21 37,714 6,942 3,883 195 169 510 208 980 12 985 30,772 28,781 1,702 6,697 5,867 14,235 280 1,991 Feb.28 37,620 6,904 3,840 197 183 503 206 977 11 987 30,716 28,720 1,610 6,681 5,848 14,296 285 1,996 Mar. 7 37,625 6,849 3,807 202 173 483 206 977 10 991 30,776 28,788 1,720 7,691 4,782 14,314 281 1,988 Mar. 14 37,547 6,785 3,801 169 164 471 205 975 10 990 30,762 28,768 1,676 7,670 4,774 14,371 277 1,994 Mar. 21 37,477 6,754 3,790 170 168 461 205 974 7 979 30,723 28,725 1,678 7,613 4,775 14,385 274 1,998 Back figures.—See Banking anl Monetary Statistics, pp. 127-227. 360 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 v d 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 i o c s t k t - e h i s s c j p m u a o d s a d s t e n e - i - t d d s 1 s p u p n v c h a o a a e o i n i r d l r p r r d a s - t - - s , - - , S p s d s a i t i o u i c a o n v l b a t d n i e i l - t s - - s c C c h o a e f e e e f i t n f e c r r c d i d s t . - k i ' - s m U G e e r o . n n S v t - . - s p p u a h n v 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 i t i o i u c a o n v l a b t n d i i e l - t - s - s P m U G S o i a e n a s n o e r . g v n t S 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 n o o g w r s - - co C a i u t c a a n - l p ts - B d i e a t b s n 2 - k tions tions Total 101 Cities 1944—Feb 8,500 542 2,251 31,747 32,094 1,671 738 12,356 6,184 126 59 8,706 41 817 58 4,309 54,453 Oct 9,359 571 2,123 36,331 36,571 1,780 732 7,446 7,344 120 46 8,983 35 869 163 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 38 868 398 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 35 883 242 4,532 73,623 1945—Jan. 9,340 585 2,260 35,506 35,842 1,777 987 12,941 7,643 113 46 9,419 33 904 141 4,617 65,627 Feb 9,448 567 2,141 36,493 36,772 1,904 933 11,290 7,812 123 45 8,917 34 939 247 4,662 55,440 1944—Dec. 27 9,328 657 2,295 35,042 35,675 1,700 1,004 13,791 7,501 112 45 9,433 34 891 151 4,522 13,229 1945—Jan. 3 9,238 597 2,446 34,667 35,219 1,735 1,126 13,870 7,584 112 45 9,843 32 890 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 34 889 139 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 33 902 164 4,611 15,303 Jan. 24 9,403 580 2,191 35,987 36,268 1,772 1,121 12,634 7,668 115 46 9,226 34 914 138 4,622 14,697 Jan. 31 9,302 563 2,110 36,076 36,251 1,859 890 12,314 7,697 117 46 8,823 34 925 169 4,636 14,424 Feb. 7 9,358 547 2,085 36,034 35,935 1,892 968 11,950 7,750 122 46 8,873 34 933 205 4,653 14,667 Feb. 14 9,432 589 2,179 36,282 36,977 1,896 935 11,610 7,783 122 45 9,029 35 935 224 4,657 12,571 Feb. 21 9,440 565 2,136 36,637 736,830 1,888 924 rl 1,075 7,832 123 44 8,883 33 940 271 4,662 15,224 Feb. 28 9,560 565 2,164 37,018 37,347 1,939 905 10,523 7,883 125 44 8,883 32 951 288 4,676 12,978 Mar. 7 9,551 564 2,121 37,149 37,168 1,923 798 9,942 7,936 125 44 9,065 34 945 310 4,682 14,365 Mar. 14 9,725 619 2,218 37,635 38,158 1,921 835 9,481 7,956 125 44 9,195 42 930 203 4,676 13,955 Mar. 21 9,753 594 2,159 37,585 37,569 1,986 807 9,345 8,011 123 44 9,082 41 936 206 4,687 14,501 New York City 1944—Feb 3,073 87 24 11,596 11,971 166 414 5,226 746 25 2,750 1 734 41 1, 705 22,887 Oct. 3,423 94 26 13,272 13,630 216 379 2,969 913 17 7 2,830 1 787 123 1,759 24,672 Nov. 3,661 96 30 14,293 14,673 282 483 2,003 903 17 7 2,947 1 785 274 1,768 25,464 Dec. 3,342 107 28 12,809 13,240 202 530 5,578 884 17 7 2,963 1 798 182 1,768 33,064 1945—Jan 3,345 91 26 12,768 13,219 172 590 5,543 899 18 7 2,985 1 817 69 1,792 30,826 Feb. 3,443 92 26 13,241 13,631 240 574 4,745 922 18 7 2,850 1 849 99 1,805 25,416 1944—Dec. 27 3,335 108 30 12,663 13,174 1*81 605 5,919 876 17 7 2,937 1 804 122 1,762 5,802 1945—Jan. 3 3,256 95 36 12,488 13,001 178 651 5,994 890 17 7 3,180 1 803 70 1,788 7,812 Jan. 10 3,328 97 24 12,589 13,014 168 555 5,637 896 17 7 2,999 1 806 77 1,790 6,842 Jan. 17 3,360 87 23 12,765 13,203 160 507 5,479 900 17 7 2,977 1 813 93 1,791 7,359 Jan. 24 3,363 90 24 12,945 13,417 165 725 5,385 902 18 7 2,904 1 826 48 1,793 7,014 Jan. 31 3,415 88 24 13,053 13,462 186 513 5,221 906 18 7 2,866 1 837 54 1,800 6,486 Feb. 7 3,401 91 28 13,053 13,314 236 617 5,047 912 18 7 2,831 1 844 56 1,803 7,122 Feb. 14 3,410 97 23 13,126 13,649 250 579 4,896 917 18 7 2,835 1 842 99 1,805 5,732 Feb. 21 3,450 94 27 13,351 13,700 235 569 4,645 930 18 7 2,847 1 847 113 1,803 7,088 Feb. 28 3,509 88 24 13,434 13,862 239 529 4,390 928 18 7 2,888 1 861 128 1,811 5,474 Mar. 7 3,497 92 21 13,521 13,873 213 456 4,131 933 19 7 2,911 1 855 172 1,809 6,638 Mar. 14 3,523 98 25 13,679 14,142 209 455 3,930 939 19 7 2,891 1 837 95 1,806 6,368 Mar. 21 3,530 92 28 13,691 13,968 271 399 3,856 968 18 8 2,844 841 119 1,807 6,116 Outside New York City 1944—Feb 5,427 455 2,227 20,151 20,123 1,505 324 7,130 5,438 101 53 5,956 40 83 17 2,604 31,566 Oct 5,936 All 2,097 23,059 22,941 1,564 353 4,477 6,431 103 39 6,153 34 82 40 2,742 33,498 Nov 6,200 494 2,140 23,975 23,964 1,681 393 3,227 6,561 101 39 6,462 37 83 124 2,756 34,676 Dec 6,052 540 2,261 22,650 22,682 1,540 395 7,414 6,589 96 38 6,587 34 85 60 2,764 40,559 1945—Jan 5,995 494 2,234 22,738 22,623 1,605 397 7,398 6,744 95 39 6,434 32 87 72 2,825 34,801 Feb 6,005 475 2,115 23,252 23,141 1,664 359 6,545 6,890 105 38 6,067 33 90 148 2,857 30,024 1944—Dec. 27 5,993 549 2,265 22,379 22,501 1,519 399 7,872 6,625 95 38 6,496 33 87 29 2,760 7,427 1945—Jan. 3 5,982 502 2,410 22,179 22,218 1,557 475 7,876 6,694 95 38 6,663 31 87 27 2,814 9,264 Jan. 10 5,997 506 2,240 22,523 22,288 1,639 365 7,493 6,730 94 38 6,624 33 83 62 2,826 7,531 Jan. 17 6,074 495 2,269 22,921 22,967 1,551 369 7,276 6,739 95 39 6,603 32 89 71 2,820 7,944 Jan. 24 6,040 490 2,167 23,042 22,851 1,607 396 7,249 6,766 97 39 6,322 33 88 90 2,829 7,683 Jan. 31 5,887 475 2,086 23,023 22,789 1,673 377 7,093 6,791 99 39 5,957 33 88 115 2,836 7,938 Feb. 7 5,957 456 2,057 22,981 22,621 1,656 351 6,903 6,838 104 39 6,042 33 89 149 2,850 7.545 Feb. 14 6,022 492 2,156 23,156 23,328 1,646 356 6,714 6,866 104 38 6,194 34 93 125 2,852 6,839 Feb. 21 5,990 471 2,109 23,286 r23,130 1,653 355 r6,430 6,902 105 37 6,036 32 93 158 2,859 8,136 Feb. 28... . 6.051 477 2,140 23,584 23,485 1,700 376 6,133 6,955 107 37 5,995 31 90 160 2,865 7,504 Mar. 7 ! 6,054 472 2,100 23,628 23,295 1,710 342 5,811 7,003 106 37 6,154 33 90 138 2,873 7,727 Mar. 14 ! 6,202 521 2,193 23,956 24,016 1,712 380 5,551 7,017 106 37 6,304 41 93 108 2,870 7,587 Mar. 21 \ 6,223 502 2,131 23,894 23,601 1,715 408 5,489 7,043 105 36 6,238 40 95 87 I 2,880 8,385 r Revised. 1 Demand deposits other than interbank and U. S. Goyernment, less cash items reported as m process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 361 APRIL 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 n e d s d er a v te e m v a i e e n n n s d - t t - s Total t d a r i u n i n s a d - - l, U T a . n o d S b . d ro ea k l e e r r s s U. T S o . others e R l s o t e a a a n t l e s - 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 it e t i c h e u e s - r agri- Govt. Other Govt.Other debt- teed cul- obli- secu- obli- secu- edtural rities rities ness Boston Feb. 21 3,120 654 408 25 21 13 16 103 2,466 2,400 180 637 3901,187 66 Feb. 28 3,073 651 401 29 21 13 16 103 2,42: 2,355 152 623 3861,188 67 Mar. 7 3,083 646 399 28 21 13 15 103 2,437 2,369 161 695 3171,190 68 Mar. 14 3,055 646 400 26 21 13 15 103 2,409 2,338 141 686 315 1,190 71 Mar. 21 3,042 642 400 20 23 13 16 103 2,400 2,329 147 681 3161,179 71 New York* Feb. 21 23,087 5,103 2,586 775 569 429 182 361 17,984 16,944 799 3,698 3,620 8,749 ,040 Feb. 28 22,918 5,078 2,566 768 597 423 161 142 361 17,840 16,806 581 3,667 3,679 8,801 ,034 Mar. 7 22,849 5,013 2,545 753 577 406 162 142 356 17,836 16,819 734 4,270 2,927 8,810 ,017 Mar. 14 22,645 4,972 2,539 757 577 374 162 142 361 17,673 16,656 652 4,227 2,901 8,802 ,017 Mar. 21 22,637 4,860 2,512 720 585 330 163 142 358 17,777 16,688 674 4,227 2,899 8,818 ,089 Philadelphia Feb. 21 2,452 417 223 2 32 6 9 34 111 2,035 1,864 128 321 2941,067 171 Feb- 28 2,445 413 218 2 34 5 9 34 111 2,032 1,863 126 318 2971,067 169 Mar. 7 2,450 410 217 2 33 5 9 34 110 2,040 1,871 133 355 259 1,069 169 Mar. 14..- 2,448 413 218 2 35 5 9 34 110 2,035 1,863 129 350 254 1,075 172 Mar. 21 2,473 410 217 2 34 5 9 34 109 2,063 1,891 157 350 252 1,078 172 Cleveland Feb. 21 4,726 895 400 63 16 117 158 126 3,831 3,589 165 843 634 1,936 242 Feb 28 4,733 893 401 63 16 115 158 125 3,840 3,596 168 841 634 1,942 244 Mar. 7 4,740 883 397 63 16 110 158 124 3,857 3,614 175 936 540 1,952 243 Mar. 14 4,724 871 396 57 15 104 157 126 3,853 3,611 164 940 541 1,956 242 Mar. 21 4,695 862 397 55 17 101 155 122 3,833 3,591 167 914 540 1,960 242 Richmond Feb. 21 1,948 301 143 3 5 37 46 57 1,64' ,591 106 303 302 868 56 Feb. 28 1,941 298 141 2 6 36 46 57 1,643 ,587 107 301 300 865 56 Mar. 7 1,946 298 141 2 6 35 46 58 1,648 ,590 107 333 270 866 58 Mar. 14 1,936 297 141 3 4 35 46 58 1,639 ,581 97 336 266 868 58 Mar. 21 1,921 297 141 4 5 34 46 58 1,624 ,566 90 332 263 868 58 Atlanta Feb. 21 1,811 341 198 7 35 24 67 1,470 ,342 59 278 351 648 128 Feb. 28 1,795 338 198 6 35 24 67 1,45' ,329 56 281 346 640 128 Mar. 7 1,810 331 193 6 34 24 65 1,479 ,350 65 345 306 628 129 Mar. 14 1,824 329 190 6 34 24 67 1,49. ,36. 69 354 307 629 130 Mar. 21 1,827 327 189 6 33 24 66 1,500 ,370 66 357 307 634 130 Chicago* Feb. 21 8,847 1,551 978 37 153 135 116 7,296 6,755 493 1,711 1,337 3,177 541 ,Feb. 28 8,835 1,539 957 49 150 134 116 7,296 6,758 489 1,710 1,333 3,189 538 Mar. 7 8,854 1,517 946 42 144 134 115 7,337 6,795 537 1,963 1,063 3,195 542 Mar. 14 8,793 1,481 940 37 144 57 133 113 7,312 6,772 518 1,955 1,062 3,200 540 Mar. 21 8,740 1,485 936 37 142 115 7,255 6,712 480 1,939 1,064 3,192 543 Si. Louis Feb. 21 1,852 445 258 4 20 83 1,40' 1,287 35 291 342 605 120 Feb. 28 1,863 441 253 4 21 84 1,422 1,303 40 294 333 622 119 Mar. 7 1,853 437 250 4 22 83 1,416 1,299 35 341 264 645 117 Mar. 14 1,838 434 244 4 20 87 1,404 1,285 28 328 259 656 119 Mar. 21 1,830 432 246 4 20 83 1,398 1,280 25 323 259 659 118 Minneapolis Feb. 21 1,149 208 115 2 10 49 941 10 185 211 483 43 Feb. 28 1,148 207 116 2 9 49 941 898 11 185 212 481 43 Mar. 7 1,144 204 115 2 8 48 940 897 13 226 171 479 43 Mar. 14 1,144 206 118 2 7 49 938 895 11 227 168 480 43 Mar. 21 1,142 206 119 2 7 48 936 892 10 225 167 482 44 Kansas City Feb. 21 2,001 345 217 3 19 57 1,656 1,529 89 360 361 693 127 Feb. 28 1,988 343 215 3 18 59 1,645 1,517 79 360 357 695 128 Mar. 7 1,990 343 215 3 17 59 1,647 1,518 72 414 310 696 129 Mar. 14 2,007 344 218 3 17 58 1,663 1,535 85 410 309 705 128 Mar. 21 1,979 348 222 3 17 58 1,631 1,502 75 389 312 700 129 Dallas Feb. 21.. 1,670 407 273 4 30 56 1,263 1,217 74 316 273 540 46 Feb. 28 1,659 407 272 4 31 56 1,252 1,206 65 314 273 540 46 Mar. 7 1,669 418 272 4 30 67 1,251 1,205 66 380 220 525 46 Mar. 14 1,679 412 274 4 30 60 1.267 1,221 73 388 221 529 46 Mar. 21.;. 1,676 410 274 4 30 58 1,266 1,220 65 389 224 532 46 San Francisco Feb. 21... 6,090 1,026 514 30 43 99 5,064 4,689 305 1,093 1,054 2,152 375 Feb. 28... 6,103 1,026 513 31 43 296 98 5,077 4,694 266 1,100 1,056 2,185 383 Mar. 7... 6,036 1,017 508 31 40 296 98 5,019 4,650 252 1,297 8312,186 369 Mar. 14 6,062 1,014 508 28 41 296 99 5,048 4,677 271 1,297 8292,1% 371 Mar. 21 6,109 1,005 502 38 99 5,104 4,733 304 1,306 8272,212 371 Cilv of Chicago* Feb. 21 5,368 1,055 727 63 4,309 3,950 120 973 7731,779 359 Feb. 28 5,364 1,053 712 63 4,311 3,955 424 967 7691,790 356 Mar. 7 5,362 1,040 707 62 4,322 3,961 442 1,117 604 1,794 361 Mar. 14 5.326 1,006 700 60 4,320 3,962 451 1,108 6031.796 358 Mar. 21 5,248 1,010 697 83 61 4,238 3,877 391 1,090 604 1,788 361 * Separate figures for New York City are shown in the immediately preceding table, and for the city of CChhiicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 6z 3 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 Reerves Bal- De- Indi- Indi- Domestic 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 R a e r e i n r e t a d v h k - l - e s C va i a n u sh lt m b a w n a d e i n c o s t e h t - k , i s s c p m u o d a s a s d t e n i e - - t d d s 1 s u p p v h n c a a o a i i o e n d p r r l r r d s a - t s - - , - , - S p d s s a t i o i u a i c n o v l a b t i n d i e t l - - s - s c C h c o a e f e e e i f t n r e f c r c i d s t k d . - i ' s - U m G er . o e n S n v - . - t s p u p h v n c a a a o o i i e n r d l p r r r s d t a - s - - , - , - S p d s s a t i o i i a u c n o v l t a b d n i i e l t - - s s - P U m G S i e o a n r a . o e s n g n S v n t 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 r n k - s B r in o o w g r s - - c C o i a t u a c a n p - l t - s d B i e t a s b n 2 - k tions tions Boston (6 cities) Feb. 21 431 55 116 2,053 2,045 103 34 768 350 3 277 19 9 270 701 Feb. 28 436 59 119 2,060 2,056 105 31 731 352 3 267 19 12 271 604 Mar. 7 445 59 107 2,100 2,086 105 31 688 354 3 282 18 8 272 646 Mar. 14 446 63 114 2,107 2,109 105 32 658 355 3 286 19 11 272 686 Mar. 21 463 67 127 2,13^ 2,119 102 32 648 357 3 291 19 1 273 683 New York (8 cities)* Feb. 21 3,691 125 109 14,696 14,827 480 604 4,959 1,472 21 10 2,908 3 849 135 1,950 7,494 Feb. 28 3,757 119 110 14,779 15,000 490 558 4,690 1,472 21 10 2,949 3 863 163 1,959 5,862 Mar. 7 3,728 124 113 14,887 15,031 458 480 4,414 1,481 21 10 2,976 3 857 198 1,957 7,002 Mar. 14 3,769 134 115 15,062 15,327 459 481 4,200 1,489 21 10 2,957 10 839 112 1,954 6,728 Mar. 21 3,770 126 126 15,077 15,137 517 431 4,122 1,519 21 10 2,909 10 843 138 1,955 6,519 Philadelphia (4 cities) Feb. 21 406 28 76 1,748 1,815 38 20 472 192 2 1 324 9 8 240 589 Feb. 28 408 29 78 1,770 1,851 35 18 447 193 2 1 325 8 8 241 517 Mar. 7 413 29 75 1,795 1,847 41 18 422 193 2 1 335 9 2 242 580 Mar 14 417 32 81 1,812 1,892 45 19 402 194 2 1 350 9 2 242 569 Mar. 21 429 32 76 1,843 1,884 52 21 396 195 2 1 351 10 241 584 Cleveland (10 cities) Feb. 21 746 72 201 3,012 3,072 122 36 678 1,045 54 500 7 3 38 457 936 Feb. 28 750 72 208 3,050 3,135 120 38 650 1,048 55 507 7 3 36 457 837 Mar. 7 754 72 198 3,066 3,092 123 35 611 1,054 56 526 8 3 30 457 855 Mar. 14 771 80 210 3,096 3,192 118 43 584 1,057 56 542 8 3 31 457 825 Mar. 21 799 79 202 3,096 3,145 119 43 579 1,060 55 542 8 3 14 458 914 Richmond (12 cities) Feb. 21 299 36 150 1,176 1,181 76 18 408 289 2 7 395 5 2 5 122 380 Feb. 28 306 36 153 1,201 1,198 80 21 382 291 2 7 399 5 2 5 122 356 Mar. 7 313 36 146 1,215 1,202 83 18 365 293 2 7 403 5 1 5 123 362 Mar. 14 317 39 151 1,227 L,227 82 24 348 294 2 7 408 5 2 6 122 369 Mar. 21 315 38 146 1,220 1,200 87 27 343 295 2 7 396 5 2 1 123 389 Atlanta (8 cities) Feb. 21 337 28 148 1,173 1,108 170 11 212 338 3 2 498 1 5 117 395 Feb. 28 342 30 147 1,183 1,105 179 10 204 339 3 2 485 5 1 117 368 Mar. 7 343 28 161 1,196 1,119 175 9 193 341 3 2 508 i 5 118 356 Mar. 14 347 31 164 1,212 1,156 175 11 187 344 3 2 519 1 5 117 338 Mar. 21 337 30 149 1,193 1,133 163 14 195 345 3 2 501 1 5 118 396 Chicago (12 cities)* Feb. 21 1,441 100 389 5,580 5,481 405 61 1,631 1,556 4 4 1,453 5 20 11 538 2,164 Feb. 28 1 473 99 411 5 694 5,636 421 69 1,544 1,572 5 4 1,458 5 19 5 541 1,931 Mar. 7 1,443 98 389 5,680 5,571 406 63 1,465 1,581 4 4 1,485 5 20 25 542 2,020 Mar. 14 1,475 109 402 5,720 5,723 408 72 1,396 1,583 4 4 1,533 5 19 3 539 1,965 Mar. 21 1,464 94 368 5,620 5,509 409 81 1,376 1,584 4 4 1,523 5 19 1 542 2,304 St. Louis (5 cities) Feb. 21 331 20 117 1,044 1,090 66 15 254 284 4 592 30 124 385 Feb. 28 323 20 115 1,063 1,105 70 13 242 285 4 588 27 124 351 Mar. 7 332 20 111 1,069 1,097 69 10 231 287 4 597 15 125 348 Mar. 14 341 22 116 1,074 1,134 71 11 221 288 4 597 14 126 359 Mar. 21 332 22 112 1,063 1,097 74 10 218 289 4 582 25 126 413 Minneapolis (8 cities) Feb 21 169 10 74 629 612 62 10 257 173 252 2 16 80 231 Feb. 28 173 10 76 639 627 66 11 243 173 257 2 19 81 190 Mar. 7...... 176 9 76 658 625 78 10 229 175 256 2 13 80 218 Mar. 14 178 11 74 667 642 78 12 219 175 260 2 12 80 218 Mar. 21 173 11 73 649 619 79 11 216 175 257 2 26 80 233 Kansas City (12 cities Feb. 21 385 22 280 1,270 1,282 132 19 267 235 1 3 769 5 19 135 488 Feb. 28 390 22 273 1,273 1,274 131 28 259 235 1 3 767 5 12 135 440 Mar. 7 396 22 281 1,280 1,267 132 19 246 238 1 3 782 5 14 135 454 Mar 14 402 24 279 1,309 1,310 135 22 234 239 1 3 791 5 12 136 450 Mar! 21:.'".'.' 384 23 281 1^266 1,278 135 20 236 240 1 3 792 5 137 533 Dallas (9 cities) Feb. 21 331 24 227 1,200 1,208 73 20 243 208 11 3 488 3 120 373 Feb. 28 335 24 227 1,217 1,214 79 20 231 209 11 3 476 3 120 330 Mar. 7 360 24 220 1,233 1,221 93 19 220 211 11 3 496 2 121 347 Mar. 14 361 26 237 1,252 1,263 79 21 211 212 11 3 513 3 121 343 Mar. 21 361 25 240 1,254 1,249 73 34 207 221 10 3 504 3 122 414 San Francisco (7cities) Feb. 21... 873 45 249 3,056 3,109 161 76 926 1,690 25 7 427 7 27 509 1,088 Feb. 28.. 867 45 247 3,089 3,146 163 88 900 1,714 25 7 405 7 26 508 1,192 Mar. 7. 848 43 244 2,970 3,010 160 86 858 1,728 25 7 419 7 27 510 1,177 Mar. 14 901 48 275 3,097 3,183 166 87 821 1,726 25 7 439 8 28 510 1,105 Mar. 21 926 47 259 3,168 3,199 176 83 809 1,731 25 7 434 7 29 512 1,119 City of Chicago Feb. 21 901 43 175 3,353 3,385 175 27 1,087 640 1,037 17 351 1,233 Feb. 28. 914 44 187 3,440 3,491 181 34 1,023 652 1,027 17 353 1,141 Mar. 7 895 44 170 3,422 3,435 171 32 971 655 1,056 17 353 1,229 Mar. 14 912 46 178 3,427 3,530 170 32 922 654 1,093 16 351 1,150 Mar. 21 895 35 147 3,307 ,333 167 34 905 651 1,086 16 351 1,378 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. APRIL 1945 363 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 i a - n l g Total Accept O b i i n w ll g s n banks b B ou il g ls ht Others2 I U m S i n t n p a i t o t t o e e r d s ts E U S x f t n r p a o i t o t m e e r s d ts ex D c o h l a l n a g r e G U s o h n o i i d p te p s p d o e s d i t n o t b r s e e F d i t n w o i r e n e e ig n o n r States countries 1943—November.... 203 111 53 35 23 59 11 31 December ... 202 117 90 52 38 27 66 11 30 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 A Se u p g t u e s m t ber.... 1 1 4 4 1 1 1 1 1 1 1 0 8 8 5 2 4 42 4 4 3 3 8 2 2 6 8 7 7 8 5 1 1 1 0 (?) 2 1 2 9 October 142 115 85 40 45 30 79 13 21 November. . . 167 115 84 44 40 32 74 14 24 December.... 166 129 93 44 50 35 86 14 25 1945—January 162 130 98 48 50 32 86 13 25 February 157 126 97 52 46 29 87 12 24 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—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OB STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' bal D an e c b e i s t # in bal D an e c b e i s t min Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money b ( a n la e n t) c 1 es a in n a v d 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 v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th e e t) r i a I n n n a v d c e p c s t o a 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 u i m a r n d m 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 *1 1 s 298 December 991 32 106 190 754 247 60 22 305 1939— D Ju e n c e ember 9 8 0 3 6 4 2 1 5 6 7 7 3 8 2 1 0 7 7 8 6 5 3 7 7 0 2 2 6 3 6 0 6 7 9 0 2 2 3 1 ! i 2 2 7 8 7 0 1940—June 653 12 58 223 376 267 62 22 269 December., 677 12 99 204 427 281 54 22 247 1941— D Ju e n c e ember 6 6 1 0 6 0 1 8 1 8 8 9 6 2 1 1 8 1 6 3 3 9 6 5 8 2 2 8 5 9 5 6 6 5 3 1 1 7 7 7 2 2 1 2 3 2 1942—June 496 9 86 180 309 240 56 16 189 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 14 198 1944—March e820 «630 «380 April «78O e600 «390 May e79O e550 e400 June .... 887 5 253 196 619 424 95 15 11 216 July ^40 e660 «420 August *940 e630 c4l0 September e940 e640 "420 October ^50 e670 e430 November c940 «640 e430 December 1,041 7 260 209 726 472 96 18 8 1945—January cl,090 "730 fi53O February el,120 e730 e540 6 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 meth9d 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. 364 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 annum] 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 e h k r , , or m m 4 p P - c o e a r o n t r p i o m c m t e h i 6 r - e a , s - l l a a b P d c n a e r a c 9 c i n r y e m 0 e s k p s ' s - e l t , - c S h l n a c o t e r a e l o a e x a n w - l c - n l g k - e m G b o i 3 o l n - l v s th 3 ernm d 9 c m - e o c e e b f r o t n a o t t t n t i i e e f n t 1 i d h s - - 2 s - - ecu 3 ta n r - y i x o t t e o i a t a e e b r s 5 s l - e 1936 average1 1 T 9 2 o . c 6 t i a 8 t l ies Y N C 1. o e i 7 t 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 S i . s t 4 o i a t e 0 u e n s r t d n hness 1937 average1 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 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 6 9 3 . . . 4 4 4 4 4 4 : L . . O 0 0 0 0 O . . . 3 3 3 7 2 7 3 6 5 . . 7 7 5 9 1 1 1 . . . 1 3 3 3 1 3 1 1 1 9 9 9 3 4 4 9 1 0 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 . . . 0 0 9 4 7 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 5 3 1 1 8 9 1944—February .69 .44 .00 .375 .78 1.32 1942 average 2.61 2.07 2.58 3.26 March .69 .44 LOO .375 .80 1.36 1943 average 2.72 2.30 2.80 3.13 April .69 .44 LOO .375 .78 1.36 1944 average 2.59 2.11 2.68 3.02 J M A J S u u e u a n l p y g y e t u e s m t ber.... . . . . . 7 7 7 7 7 5 5 5 5 5 . . . . . 4 4 4 4 4 4 4 4 4 4 L L L L L O O O O O O O O O O . . . . . 3 3 3 3 3 7 7 7 7 7 5 5 5 5 5 . . . . . 7 7 7 7 7 7 9 9 6 7 1 1 1 1 1 . . . . . 3 3 3 3 3 5 1 4 0 1 1 1 9 9 4 41 0 — — D J M S u e e n a c p e r e t c e m h m b b e e r r 2 2 2 2 . . . . 6 5 5 5 8 9 8 5 2 2 2 1 . . . . 1 0 0 9 4 0 6 5 2 2 2 2 . . . . 5 5 5 5 6 3 3 8 3 3 3 3 . . . . 3 4 2 2 6 3 5 3 October .75 .44 LOO .375 .80 1.35 September 2.60 1.98 2.62 3.29 November .75 .44 1.00 .375 .81 1.34 December 2.41 1.88 2.45 2.99 December .75 .44 LOO .375 .80 1.35 1942—March 2.48 1.85 2.48 3.20 1945— F J e a b n r u u a a ry ry . . 7 7 5 5 . .4 4 4 4 L L O O O O . . 3 3 7 7 5 5 4. . 7 7 7 8 1 1 . . 2 3 2 1 J D S u e e n p c e t e e m m b b e e r r 2 2 2 . . . 7 6 6 0 2 3 2 2 2 . . . 0 0 2 9 7 8 2 2 2 . . . 6 5 6 3 6 6 3 3 3 . . . 3 2 2 4 6 5 Week M M M F e a a a e b r r r n . . . . d 2 1 1 i 4 n 3 7 0 g: ¥ I I t 1 1 L . . . O 0 0 0 0 0 0 O . . . . 3 3 3 3 7 7 7 7 5 5 5 5 . . . . 7 7 7 7 6 7 8 8 1 1 1 1 . . . . 2 2 1 1 0 0 9 8 1943— J D S M u e e n a p c e r t e c e m h m b b e e r r 3 2 2 2 . . . . 0 4 7 6 0 8 6 5 2 2 2 2 . . . . 7 1 0 3 0 0 5 6 2 2 2 2 . . . . 7 9 7 7 1 8 6 6 3 3 3 2 . . . . 1 2 3 7 7 4 8 3 Mar. 24 7A LOO .375 .78 1.18 1944—March 2.63 2.10 2.75 3.12 June 2.63 2.23 2.55 3.18 1 Monthly figures are averages of weekly prevailing rates. September 2.69 2.18 2.82 3.14 2 The average rate on 90-day stock exchange time loans was 1.25 per December 2.39 1.93 2.61 2.65 cent during the entire period. 3 Rate on new issues offered within period. 1945—March 1.99 4 Number of issues increased from 1 to 2 on Feb. 1. l 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 YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody *s)4 Year, month, Long-term Taxable Mu ip n a i l c- 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 dumber 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 1944—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 June 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 2.61 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 December 1.87 1.93 2.48 1.87 2.59 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 1945—January 1.81 1.89 2.44 1.81 2.58 C2.97 2.69 2.76 2.98 3.46 2.73 3.23 2.97 February 1.75 1.77 2.38 1.71 2.56 2.93 2.65 2.73 2.94 3.41 2.69 3.16 2.95 Wreek ending: Feb. 24 1.73 1.75 2.37 1.67 2.55 2.93 2.65 2.72 2.93 3.40 2.68 3.15 2.95 Mar. 3 1.72 1.74 2.38 1.65 2.53 2.92 2.63 2.72 2.93 3.39 2.68 3.14 2.94 Mar. 10.. 1.69 1.71 2.40 1.64 2.51 2.91 2.62 2.72 2.93 3.38 2.68 3.12 2.94 Mar. 17 1.70 51.71 2.41 1.61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.12 2.93 Mar. 24 1.70 1.68 2.40 1.59 2.50 2.91 2.61 2.72 2.91 3.38 2.68 3.10 2.94 c Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 1 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. s Number of issues decreased from 4 to 3 on Mar. 15. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474 and the BULLETIN for May 1944, pp. 442-446. APRIL 1945 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices* 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 - t2 g ( r h a i d g e h )3 g H r i a g d h e - Indus- Rail- Public fau D lt e e - d ferred6 Total In tr d i u a s l - R ro a a il d - P u u ti b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues.... 1-7 50 10 20 20 402 354 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 1 1 9 9 4 4 4 3 a a v v e e r r a a g g e e 1 10 0 0 0 . . 2 5 5 0 1 13 3 5 1 . . 7 8 1 12 2 0 0 . . 9 3 1 1 0 1 9 4 . . 5 7 1 1 1 2 7 0 . . 0 5 1 9 0 7 7 . . 6 3 1 1 1 1 4 6 . . 0 3 4 59 4 . . 2 0 1 1 7 7 2 5 . . 7 7 1 9 0 2 0 1 9 0 4 2 1 8 0 9 1 8 9 2 0 lf0 9 3 7 2 1 1944—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 100.34 135.5 121.4 116.9 120.7 113.2 116.8 65.8 180.9 105 106 114 92 1,421 1945—January 100.97 136.6 121.6 117.3 121.2 113.7 117.0 68.6 r183.3 108 110 121 94 1,652 February 101.81 138.7 121.9 117.6 121.9 114.3 116.5 68.1 185.5 113 115 125 97 1,664 Week ending: Feb. 24 102.08 139.5 122.1 117.8 122.1 114.8 116.8 68.7 185.2 114 116 128 97 1,662 Mar. 3 101.82 139.9 122.5 118.0 122.7 114.9 116.5 69.0 185.7 115 117 127 98 1,655 Mar. 10 101.60 140.1 122.7 117.9 122.4 114.7 116.6 69.1 186.7 115 118 127 98 1,660 Mar. 17 101.45 140.7 122.7 118.1 122.9 114.8 116.6 69.1 187.2 113 115 124 96 834 Mar. 24 101.60 141.2 122.8 118.2 123.1 114.9 116.5 69.1 187.7 110 112 123 96 980 r Revised. 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. f 3 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. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1944, pp. 442-446. 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 n e g - d d ) - m e ( a f d i e o n g o s r d n - - ti ) c Total S n m a p t i n a c a u d t i 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 p o n n t o d e d r s a s te Stocks F e - ig or n -2 * 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 i l t - - e a c F e g i e r e e a d s n 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 1 1 1 9 9 9 4 4 4 2 4 3 4 2 2 , , , 1 1 1 7 1 5 4 4 3 1,0 6 9 7 4 2 5 2 3 1,0 6 9 7 4 0 5 0 6 3 2 1 4 3 7 2 5 6 1 9 4 0 0 5 8 6 6 3 2 2 7 7 4 4 4 5 2 0 0 8 4 6 2 2 1 9 2 1 2 3 8 ""2" 17 3 1 1 , , , 2 5 0 3 3 3 0 2 9 3 1 1 , , , 2 0 4 1 3 4 5 9 2 4 2 1 0 5 8 4 9 1 4 4 3 9 4 8 7 0 8 2,4 4 6 2 1 8 3 8 5 2,1 4 6 3 0 0 5 7 3 28 8 1 8 2 1 "9 1 0 5 ' 1944—February.... 220 73 73 11 63 59 4 146 146 26 25 96 93 3 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 1945— F J e a b n r u u a a ry ry 2 6 2 2 0 5 1 4 3 2 6 1 4 3 2 6 9 6 2 9 2 2 4 7 3 2 1 2 8 2 5 5 4 1 9 7 0 8 4 1 9 6 0 3 2 8 2 1 1 9 8 5 2 13 7 6 2 1 2 3 4 6 0 33 "is" 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. 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g im ro a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds2 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—July 90 88 3 3 63 44 20 12 10 August 110 108 16 ia"" 3 83 81 2 9 i September 70 69 12 6 6 51 41 10 5 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 1944—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 A S O e u c p t g o t u e b s m e t r ber 4 2 7 3 2 3 8 9 5 4 2 7 2 2 2 9 2 6 1 5 2 2 7 7 3 2 1 9 4 7 1 3 1 1 3 0 4 3 5 1 9 9 6 0 5 6 3 5 1 5 6 4 7 6 7 3 2 1 8 4 9 2 1 " 3 7 5 November 347 340 24 11 13 316 207 109 December 154 152 54 4 50 96 96 1 i 1945—January 281 275 35 14 21 240 221 19 February 215 212 28 16 12 177 160 17 5 1 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1 246 43 1 157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 606 106 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 1943—July 7 ...... 7 22 21 1 60 3 36 21 August 6 60 1 53 6 39 9 30 1 3 2 September 4 4 49 4 41 4 16 4 10 2 October 28 28 53 2 50 2 57 7 27 22 1 1 N D o ec v e e m m b b e e r r 2 3 6 3 3 23 3 7 8 8 "i" 3 7 8 1 ••• —• 1 2 3 9 1 11 1 5 3 1 1 0 1 6 6 2 3 3 1 1 1944—January 8 8 61 61 81 26 53 2 February 9 9 . 30 30 55 40 3 12 M M A Ju p a a n y r r e i c l h 4 2 5 9 2 2 4 9 2 41 1 2 4 5 2 8 0 8 4 6 1 2 5 3 2 3 8 4 8 1 1 5 2 8 1 8 8 5 8 4 1 1 1 9 4 7 9 6 6 2 1 5 2 2 1 1 4 4 3 9 3 4 2 3 1 ""3 2 1 " 31 2 1' July • 21 21 58 " "5 52 109 34 70 5 August 134 19 iis 26 24 2 66 38 27 2 ...... N O Se o c p t v o t e e b m m er b b e e r r 1 5 3 8 2 6 9 1 4 2 0 1 4 3 7 8 5 9 4 2 1 9 5 4 8 9 9 4 8 4 2 1 5 8 3 5 4 8 6 5 1 8 2 8 5 9 6 1 1 1 1 0 3 6 7 7 1 5 1 1 2 1 2 1 ""2" 4 1 2 December 82 82 10 10 18 12 5 1 42 42 1945—January 119 119 65 65 82 28 54 10 8 2 February 108 "l2" 96 60 60 27 9 16 1 18 7 6 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. APRIL 1945 367 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] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e - o s - e p O t m r t q o i t a e u r o h n t n n i e a s p t r - - - f m p e N u a e r r c o n r o t o t d a n d s u - l - s s O g d b o u t l o h r e a d e - r s t F o b a a o b e g n o a v d e c d e s c r s , - o , p r r a e i o i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l u a s l s i- - g O d n o u b t o o h r l n e a d e - - s r s n c M e i e e c r l o i e v l s u a s - - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 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 1944 1,922 193 172 225 214 115 88 167 225 189 145 189 967 86 607 Quarterly 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 1942—l 419 52 38 46 •51 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 648 32 18 32 27 35 27 34 174 23 135 3 451 51 36 46 649 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 654 36 30 44 49 48 35 47 294 23 158 1943—1 437 53 39 47 654 34 19 39 36 42 36 39 208 21 127 2 441 48 42 49 652 32 22 40 42 41 35 38 221 22 132 3 464 51 41 52 •51 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 39 222 20 142 2 464 46 40 55 653 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 4 528 54 55 61 653 28 24 43 67 53 37 52 281 23 178 PUBLIC UTILITY CORPORATIONS [ In millions of dollars] Railroad2 Electric power3 Telephone4 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 r O e p v i e e n r n g a u t e - I i b n n t e c a c f x o o o * m m r * e 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 1944 9,437 1,971 668 82 246 3,618 915 499 390 1,641 174 168 Quarterly 1941—1 1,152 96 69 -5 28 751 209 154 295 43 44 2 1,272 145 103 0 36 723 182 126 308 44 45 3 1,468 267 189 23 34 750 183 107 (7) 311 45 44 4 1,454 166 138 5 87 805 200 139 (7) 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 r99 366 42 40 2 2,255 605 239 56 49 835 221 118 r100 383 44 42 3 2,368 653 249 55 39 859 210 114 r99 389 45 43 4 2,340 438 177 25 100 906 228 133 r113 400 48 41 I944—1 2,273 458 148 27 31 r925 r262 135 94 400 42 42 2 2,363 511 174 22 55 886 r241 123 102 406 43 42 3 2,445 550 180 23 30 r878 207 111 94 409 43 42 4 2,356 452 165 9 130 929 205 130 101 426 46 43 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. 6 After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. 7 Not available. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, 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. 368 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- guaran- End of month d g d i r e r o e b s c t s t i b n d e d t i a e r e r e r b i e c n t s t g t- Totals Tre b a il s l u s ry in c C d a n e e te r e b t s s i t f s 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 r a a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l i b n e d te a e r r b i e n t s g t- s t b e e te e c e r a d u e r r s i i i n t n 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 t,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,47i" 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 4t,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—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 4t,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 ,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 J M u a n y e 2 1 0 8 1 6 , , 0 3 0 6 3 6 1 1 8 9 4 9 , , 8 5 7 4 4 3 1 1 2 4 8 0 , , 0 4 2 0 9 1 1 14 3 , , 7 7 3 6 4 6 2 2 8 5 , , 8 2 2 6 2 6 1 1 7 6 , , 4 2 0 6 5 5 7 7 2 9 , , 5 2 3 4 7 4 4 4 4 2 , , 8 7 5 2 5 4 3 3 2 4 , , 9 6 8 0 7 6 9 9 , , 5 0 5 5 7 0 1 1 4 4 T ,1 2 2 8 2 7 1 1, , 4 4 6 9 0 2 :, , 5 5 2 1 9 6 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 ,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 ,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 ,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 ,480 Nov 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 34,230 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 ,470 1945—Jan 232,408 230,672 162,261 16,403 30,401 23,039 92,221 51,723 41,140 9,864 16,688 1,736 L,496 Feb 233,707 231,854 162,379 16,399 30,396 23,039 92,349 52,345 41,698 9,927 17,130 1,853 1,114 1 Including amounts held by Government agencies and trust funds, which aggregated 5,256 million dollars on Jan. 31, 1945, and 5,208 million (preliminary) on Feb. 28, 1945. 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 2,546 million dollars 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, FEBRUARY 28, 1945 [ In millions of dollars] fOn basis of daily statements of United States Treasury. In millions of dollars] ! Amount Funds received from sales during Redemp- Issue and coupon rate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month tions Treasury bills1 Treasury bonds—Cont. at m e o n n d t h of se A rie ll s Se E ries Se F ries Se G ries se A r l i l es Mar. 1,1945.... 1,204 Dec. 15, 1948-50 2 571 Mar. 8,1945.... 1,205 June 15, 1949-51 2 1,014 Mar. 15, 1945.... 1,207 Sept. 15, 1949-51 2 1,292 1943—June 21,256 876 696 35 144 141 Mar. 22, 1945.... 1,217 Dec. 15, 1949-51 2 2,098 July 22,030 890 683 38 169 138 Mar. 29, 1945.... ..... 1,202 Dec. 15, 1949-52 3H 491 Aug 22,694 802 661 28 112 152 Apr. 5,1945.... 1,205 Dec. 15, 1949-53 2K 1,786 Sept 24,478 1,927 1,400 139 387 155 Apr. 12,1945.... 1,303 Mar. 15, 1950-52 2 1,963 Oct 26,056 1,708 1,340 93 275 144 Apr. 19,1945.... 1,303 Sept. 15, 1950-52 2H 1,186 Nov 26,697 798 665 23 109 170 Apr. 26,1945.... 1,318 Sept. 15, 1950-52 2 4,939 Dec 27,363 853 728 24 101 207 May 3,1945.... 1,316 June 15, 1951-54 2% 1,627 May 10, 1945.... 1,310 Sept. 15, 1951-53 2 7,986 1944—Jan 28,901 1,698 1,085 127 487 188 May 17, 1945.... 1,300 Sept. 15, 1951-55 3 755 Feb 31,515 2,782 2,102 157 522 185 May 24, 1945.... 1,309 Dec. 15, 1951-53 2% 1,118 Mar. 31,974 709 576 23 110 268 Dec. 15, 1951-55 2 510 32,497 739 606 19 114 237 Cert, of indebtedness Mar. 15, 1952-54 2H 1,024 May'.'"!:" 32,987 751 624 15 111 279- Apr. 1, 1945 • Vi 4,877 June 15, 1952-54 2 5,825 June 34,606 1,842 1,350 115 377 248 May 1, 1945 y% 1,615 June 15, 1952-55 2% 1,501 July 36,538 2,125 1,687 101 338 227 June 1, 1945 y% 4,770 Dec. 15, 1952-54 2 8,628 Aug 36,883 602 499 18 . 85 279 Aug. 1, 1945 • Vk 2,511 June 15, 1953-55 2 725 Sept 37,323 692 591 16 85 283 Sept. 1,1945 .V* 3,694 June 15, 1954-56 2% 681 Oct 37,645 695 599 14 83 401 Oct. 1,1945 % 3,492 Mar. 15, 1955-60 2% 2,611 Nov 38,308 1,023 807 43 174 382 Dec. 1, 1945 4,395 Mar. 15, 1956-58 2H 1,449 Dec 40,361 2,386 1,855 125 406 365 Feb. 1, 1946 5,043 Sept. 15, 1956-59 2% 982 Sept. 15, 1956-59 2^ 3,823 1945—Jan. 41,140 1,074 804 42 228 341 Treasury notes June 15, 1958-63 2% 919 Feb 41,698 848 653 31 164 323 Mar. 1,1945.... .90 2,127 Dec. 15, 1960-65 2% 1,485 Mar. 15, 1945.... 718 June 15, 1962-67 2H 2,118 Mar. 15, 1945 . .134 1,606 Dec. 15, 1963-68 2lA 2,831 Dec. 15, 1945 531 June 15, 1964-69 2^ 3,761 Jan. 1,1946....'.".90 3,416 Dec. 15, 1964-69 2H 3,838 Maturities and amounts outstanding, February 28, 1945 Mar. 15, 1946 .. 1 1,291 Mar. 15, 1965-70 2V2 5,197 Dec. 15, 1946.... • VA 3,261 Mar. 15, 1966-71 2}i 3,487 M Se a p r t . . 1 1 5 5 , , 1 1 9 94 4 7 7 . . . . . . . . • ly^ 2 1, , 9 7 4 0 8 7 P S o e s p t t a . l 15 S , a 1 v 9 i 6 n 7 g - s 7 2 b onds. 2 2 l ^ A 2,7 1 1 1 6 7 Year of maturity se A ri l e l s S A er - i D es Se E ries Se F ries Se G ries Sept. 15,1947.... .134 1,687 Conversion bonds 3 29 Sept. 15, 1948.... .\y% 3,748 Panama Canal loan— 3 50 Treasurv bonds Total direct issues 162,379 1 1 9 9 4 4 5 6 3 1 2 8 4 1 3 1 2 8 4 1 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 4 4 5 5 -4 .. 7 .. . in 1,2 5 1 4 4 1 Guaranteed securities 1 1 9 9 4 4 7 8 4 48 1 9 3 4 4 8 1 9 3 Mar. 15, 1946-56. 3M 489 Home Owners' Loan Corp 1949 802 802 June 15, 1946-48..... 3 1,036 June 1, 1945-47 1H 755 1950 992 992 J O u c n t e . 1 1 5 5 , , 1 1 9 9 4 4 6 7 - - 4 5 9 2 . .'•'•4^1 8 7 1 5 9 9 Fe V de ar r i a o l us Housing Admin. 32 1 19 9 5 5 2 1 5 1 , ,6 1 7 5 2 9 445 "l 5 , , 2 15 2 9 7" Dec. 15, 1947........2 701 ^. 1953 9,744 8,327 216" "l,201 Mar. 15, 1948-50.....2 1,115 Total guaranteed issues 786 1954 13,682 10,719 603 2,359 Mar. 15, 1948-51.• -2% 1,223 1955 4,128 941 689 2,498 June 15, 1948.... 3,062 1956...... 3,628 765 2,862 Sept. 15, 1948.... 451 1957... 429 64 365 •21A Unclassified... 54 1 Sold on discount basis. See table on Open-Market Money Rates, p. 365. Total. 41,698 3,647 26,374 2,338 9,285 369 APRIL 1945 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 of month s i e b n c T e t u e a o r r r i t e i t a n i s l e t g - s S i e s p a r s e n u n c m e d i s a e t l n ru t s a t g f e P i u s n u s n c u b d i e e l 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 al e Total m b C e a o r n c m k ia s - l M s b a a u v n i t n u k g a s l s p I c n a a o n s n m u c ie e r - - s M i a s a O s b r u t k l h e e e e s t r - inv m e i s N s a a t s r o o b u k r n l e e e s - s t- 1941—June 54,747 6,120 2,374 2,184 44,069 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 2,738 2,645 63,249 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 4,242 11,543 140,244 59,842 6,090 15,100 23,700 35,500 1944—June... 201,059 14,287 4,810 14,901 167,061 68,431 7,306 17,300 30,700 43,300 1944—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 December.. 230,361 16,326 5,348 18,846 189,841 77,500 8,300 19,600 35,200 49,200 1945—January 232,16S 16,688 5,270 19,006 191,204 78,200 8,600 20,000 34,400 50,000 l 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 dollars] U.S. U.S.I Gov- Gov- End of month s T o t i a o u n n t g t a d - l - m a e a c g r n i e e e n d n n s - t - B s F e R e a r e r n e a d v - k l - e s m b C a e o r n c m k ia s - 1 l b M s i t a n u a n g v u a k s l - - s p I a c n a o n s n m c u i e e r - - s Othei End of month T st o i o a n u n t g t a d - l - a m e c a g r n i e e e n d n n s - t - B s F e R e a r e r e n a v - d k l e - sb C m a c o n i e a m k r l - s - M s tu a u v al - - p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total:2 Treasury bonds: 1942—Dec 3,202 6,189 38,759 4,47110,766 17,297 Total: 1943—June 99,218 3,319 7,202 48,665 5,16112,486 22,385 1942—Dec 49,268 2,739 2,777 19,445 4,055 9,94410,308 Dec 118,813 3,78711,543 55,549 5,962 14,386 27,586 1943—June 57,520 3,045 ',468 24,226 4,72511.44212,615 1944—June 141,591 4,60414,901 63,523 7,158 16,471 34,935 Dec 67,944 3,614 ,559 28,264 5,506 13,38915,613 Oct 146,201 4,606 17,647 64,911 7,498 17,554 33,984 1944—June 79,244 4,437 ,46430,910 6,73615,76819,929 Nov 146,376 4,594 18,388 66,396 7,13217,035 32,830 Oct 81,271 4,422 ,24333,185 6,95116,240 19,230 Dec 162,843 5.33818,846 72,045 8,183 18,761 39,670 Nov 81,102 4,418 ,243 34,225 6,60915,81118,795 1945—Jan 163,458 5,260 19,006 72,918 8,39219,082 38,801 Dec 91,585 5,173 ,243 36,508 7,70417,859 23,098 Treasury bills: 1945—Jan 92,221 5,091 1,166 37,418 7,909 18,07722,561 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 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 Dec 8,524 665 5,044 211 828 1,775 Oct 16,060 17 11,551 3,092 16 1,379 1944—June 7,824 536 4,697 189 663 1,740 Nov 16,405 12 11,868 2,935 7 1,583 Oct 8,861 595 5,241 177 675 2,170 Dec 16,428 6 11.148 4,113 1 1,159 Nov 8,692 591 5,382 161 588 1,968 1945—Jan 16,403 ' 11,376 3,931 2 1,087 Dec 7,824 518 4,834 137 556 1,777 Certificates: 1945—Jan 7,824 518 4,799 144 525 1,836 1942—Dec 10,534 17 1,041 6,470 129 180 2,696 Maturing in 5-10 years: 1943—June 16,561 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 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 3,382 15,037 126 339 9,871 Dec 28,360 1,495 15,642 2,030 3,254 5,934 Oct 29,546 3,749 15,472 221 686 9,342 1944—June 34,399 1,570 18,937 2,712 3,673 7,505 Nov 29,545 4,163 15,888 235 620 8,570 Oct 36,017 1,339 20,955 2,841 3,725 7,158 Dec 30,401 4,887 15,032 136 310 9,974 Nov 36,017 1,338 21,774 2,549 3,470 6,884 1945—Jan 30,401 4,897 15,145 133 357 9,804 Dec 44,087 1,504 24,445 3,556 4,23010,357 Treasury notes: 1945—Jan 44,531 1,421 25,194 3,710 4,357 9,850 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 7,389 197 275 2,583 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 1944—June 17,405 58 1,180 11,718 286 337 3,826 Dec 14,310 1,270 6,051 1,219 2,571 3,203 17,936 58 1,100 12,203 304 597 3,675 1944—June 15,482 1,097 5,509 1,857 2,792 4,228 Nov 17,936 58 1,111 12,387 277 577 3,525 Oct 14,445 1,025 5,213 1,932 2,708 3,569 Dec 23,039 60 1,566 15,411 336 568 5,098 Nov 14,445 1,029 5,272 1,902 2,609 3,635 1945—Jan.... 23,039 56 1,566 15,487 342 628 4,960 Dec 14,445 1,028 5,354 1,887 2,612 3,563 Guaranteed securities: 1945—Jan 14,445 1,006 5,475 2,603 3,480 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 1,095 4,339 2,323 3,583 4 83 2,466 38 283 709 1943—June 12,912 1,221 1,385 1,713 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 Oct 1,193 1 3 943 6 26 213 1944—June 21,539 2,696 1,766 1,981 8,640 6,456 Nov 1,193 3 945 25 213 21,946 2,706 1,775 2,000 9,131 6,336 Dec 1,194 3 960 6 22 203 Nov 21,946 2,705 1,793 1,998 9,144 6,306 1945—Jan 1,19" 3 921 6 19 245 Dec 25,227 3,366 1,873 2,12510,462 7,401 1945—Jan 25,420 3,312 1,946 2,17610,591 7,396 ata for commercial banks, mutual savings banks, and the age by the survey of commercial banks has been expanded. ho w ld ings (including# re . l ati . v ely small amo — un t — s o - f — n a o - n m -j a rketabl r e - issue o s ) by " a • l l » b " a - n . k ^ s - a . n u d u w a ll % in -v s a u n r p a a n ni c e e s c a o s m w p e a l n l i a e s s b fo y r o c t e h r e t r a i i n n v d e a s t t e o s r s a . r e E sh s o t w im n a i t n e s th o e f t t a o b t l a e l above. \ deluding stock savings banks. On Jan. 31, 1945, commercial banks reporting to the Treasury held 26,390 million dollars of United States Government securities due or callable within one year out of a total of 58,257 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period I W h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n r i M n n u e e n i e e s 1 - v t l o a e l e l a u r - - - s S S t r a o e i x c t c y e i u a s - l c O e r t e i - h p e ts r c T e r o e i - p ta t l s ce N ip e t t s3 I d n e o e t s e n b t r t - ac W t t i i e a v s r i- c T f o e t r e a r r u a t s u c n c n - s . s t t t o s - , p O t e u e t n h r x 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 - De ci f t i- c T o e a u r t c u c n - . s t 4 s t ,! Ch f a g b e u a n i a l e - r n n n c a n d e g l - e c g d r I r e e i n n o - a bt ss se 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 1944—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 5 7C7 1,399 J Ju u l n y e 5 7 9 4 4 6 4,4 6 9 5 5 4 4 6 2 8 2 1 5 7 6 5 5 22 1 7 1 6 2 , 2 2 4 1 9 2 6 2 , , 2 1 4 6 7 3 7 8 4 6 7 7 7' , , 2 5 0 6 1 7 45 4 1 0 3 2 7 7 2 1 8 8, ^ 1 6 1 2 0 5 5 2', ,9 3 47 78 + -6 1 1 3 3 3 + + 1 1 1 , ^ 7 6 5 4 6 6 1 7 4 ,6 5 37 70 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 1945—January 619 1,803 573 48 545 3,587 3,556 191 7,551 69 390 8,202 4,645 +238 -2,630 1,778 February 1,295 1,627 552 341 172 3,987 3,767 01 6.948 48 373 7,460 3,693 +101 -2,292 1,300 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 in checkc N e re i - e p t ts I m nv e e n s t t s - p t e u Ex n - re d s i- c a G i o g n m o u e g v n n e e t a c n s r c i t n e o - - s f ce Re i - pts I m nv e e n s ts t- p t E e u x n 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 e c n o i - i s t a s i l - O as t s h e er ts l T ia t o i b e t i a s l l i- Total W a b o i n a n r g c l- e k- 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 1944—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 Mav 584 269 34 148 179 103 24 9,144 942 6,766 1,436 622 8,522 7,759 •J"u*-naJe 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 10,605 998 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 1945—January 169 84 39 -21 251 117 -37 20,077 1,048 17,866 1,164 471 19,606 18,843 February 432 208 37 313 250 122 -98 17,734 1,384 15,265 1,085 420 17,313 16,551 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 u e u d n r- t i a - l W he i l t d h 1 - V t t o i ax c r - y c r r C a o e t r u i n p r t - o o n - t B a a x ck es E p t r x a o c x f e i es s t s s p O t r a t o h x f e i e s r ts Total C st t a t o a a p x l ck i- E t s a g a t x 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 ic r s - - b t T a a x c o c - e o s S t t a a x m e p s M re a t e t t u n a a a x r i u n c x d e l i f e r e se a s s r ' c s - ' n c t M e a e i l x o l s e - u a s s - 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 7^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 1944—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 Tune 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 7 754 128 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 27 350 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 2,312 27 559 50 201 71 5 120 112 1945—January 3,024 1,889 690 43 126 270 547 49 206 78 6 117 90 February 3,158 759 1,892 57 143 301 6 510 37 195 66 6 116 90 1 Withheld by employers (Current Tax Payment Act of 1943). APRIL 1945 371 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 Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, U. S. Pri- End of month Pre- U.S. co A u c n - ts Busi- P e r r o ty p- and debentures Other G m ov e e n r t n- v ow at n e e ly d Total Loans f s e to rr c e k d , Cash d G i o re v c t t . G O o th v e t r . o a t n h d er p n r e o s p s - h f e o l r d a O s t s h e e t r s g F u u a ll r y - lia ti b e i s li- interest interest etc. and agen- receiv- erty sale anteed Other1 guaran- cies1 ables by 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 mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - 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 O L e o o o w r m r a s p n ' n e . - F H b L e a o o a d n m a l e k n r e s - M C p R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g r d r m p 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 v e 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 A t i i f o i i d n c n - a . - p B p I o o m a r r n t - t - k Other 1942—June 8,379 1,473 1,676 193 82 216 384 ,706 562 289' 101 231 258 460 342 113 293 December... 8,127 1,557 1,568 129 94 211 366 ,603 507 238 145 242 237 446 346 122 316 1943—June 7,685 1,483 L,441 90 98 73 317 L.489 463 296 102 228 245 447 344 129 440 1943—September... 7,557 1,460 1,383 130 99 67 317 ,431 437 269 148 222 237 433 345 136 443 October 7,487 1,432 1,366 127 100 66 317 ,406 423 251 189 228 232 427 345 140 438 November... 7,459 1,427 1,354 116 99 65 318 ,381 412 240 215 278 229 421 345 136 423 December. . 7*444 1,413 1,338 110 101 65 318 ,358 403 243 235 330 226 416 347 136 405 1944—January 7,410 1,393 1,318 115 103 64 319 ,332 394 242 238 378 224 416 347 141 386 February 7,411 1,393 ,300 114 107 63 319 ,315 389 253 221 409 227 417 348 142 394 March....... 7,366 1,379 1,279 99 110 62 319 ,290 381 301 197 408 231 419 349 142 400 April 7,304 1,355 1,260 83 110 61 320 L.274 376 302 171 400 233 408 350 217 384 May 7,220 1,348 1,240 72 112 61 318 ,258 370 297 152 391 233 400 350 220 398 June 7,188 1,335 1,220 128 114 60 310 1,245 367 304 143 347 233 403 348 223 408 July 7,081 1,331 1,199 136 110 59 310 ,228 360 301 140 318 232 393 349 223 392 August 6,959 1,320 1,177 114 101 56 307 1,211 354 292 132 301 229 395 352 223 395 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 s a c o f t n i i i n a - s - s l L r r o o a t a a o il n d - s s Other F R s C i t e n 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 e r n s - ' Other F o F M e a e d n C o d . k r . c t s F r g l p a a a a . n g r n m d e d m C r C C a o o r t o r e d i m p o d i o t n i - y - t C p s w F o t o R r i r a r u e n a r p c c a t . o c i t n a o i o n c o n n r - e n d - s Other c W or a p r o- 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 L r w a o o o t n r m i a p e o 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 63 186 489 778 397 6,016 865 136 98 November.. 1,427 134 405 888 341 63 174 533 734 522 6,231 873 111 94 December . 1,413 131 398 884 338 63 85 168 488 728 542 6,423 897 96 96 1944—January.. .. 1,393 129 396 868 334 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 * Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation \ Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. nd k the supervision of the Federal Home Loan Bai .liars on June 30, 1944. 1944, the Treasury figures are in completely revised form and are published quarterly 372- 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 Industrial production contracts Employment4 Y m ea o r n a th nd ( I 1 m v n = 9 p a c e 3 a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Total (phy 19 si 3 c 5 a - D l 3 u 9 v f r M o a - = a c lu t n 1 m u u 0 r - e e 0 ) s •• M er i a n l - s To a t w a 1 a l 9 r 2 d 3- R e d t 2 d i e e a 5 n s ( l i - = v - a 1 l 0 u o e 0 A t ) h 3 l e l r N t a c u g o u r r l n a - i l - - 1939 = F a 1 c 0 to 0 ry 19 F t 3 1 o a 0 9 r c y 0 - F c 1 a r = i 9 e r n l 3 i g o 1 g 5 s a 0 h - * d 3 0 t - 9 D m s = ( s u e t v a e p o e l a 1 ) a e n r l * 0 e r s - t 6 t 0 W p m r = c i 1 h s o o c 9 a o d m e 1 2 l l e i s 0 e 6 - t 4 - 0 y C 1 l = i 9 o v 3 s i 1 5 t n 0 - o g 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 9S.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 87 142 102.6 103.1 116.4 152 117 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 1935.. 87.1 87 83 90 86 37 21 50 87.6 88.7 78.0 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 90.5 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 102.7 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 77.1 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 174.6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 150 98.8 116.5 1 1 9 9 4 4 3 4 P 2 2 1 33 3 . . 3 0 P2 2 3 3 5 9 p3 3 5 6 3 0 ^ 1 7 76 p1 1 4 3 0 2 4 6 1 8 4 1 0 6 9 6 2 1 P 1 1 3 2 0 7 . . 9 5 1 1 7 6 5 6 . . 7 7 p3 3 3 3 4 0 . . 2 4 1 1 3 4 7 0 1 1 6 8 8 6 1 10 0 4 3 . . 0 1 1 1 2 2 3 5 . . 6 5 1941 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 156.4 181 177 235 152 133 118 82 147 122.1 141.4 140.0 201.1 140 158 96.0 112.0 February... 159.0 183 180 241 153 133 128 100 151 122.5 143.3 142.6 208.8 138 145 96.7 112.9 March 161.2 186 182 250 153 126 125 95 149 123.2 145.4 144.8 216.0 138 150 97.6 114.3 April 165.4 189 187 257 154 125 128 82 165 124.3 147.8 147.0 222.4 138 143 98.7 115.1 May 167.8 191 192 264 153 126 158 76 226 125.1 149.9 148.9 230.1 136 135 98.8 116.0 June 172.3 193 195 272 152 127 193 76 288 125.9 151.9 151.0 236.2 134 134 98.6 116.4 July 175.5 197 199 278 154 126 206 74 313 127.1 154.7 154.8 245.1 137 146 98.7 117.0 August 179.5 204 207 290 158 130 182 65 278 128.6 157.5 159.0 258.1 140 152 99.2 117.5 September.. 182.5 208 213 299 161 131 179 70 268 129.1 160.2 162.1 266.0 140 150 99.6 117.8 October.... 187.2 215 218 311 165 129 185 83 269 130.0 162.9 163.7 276.2 140 158 100.0 119.0 November.. 192.8 220 220 319 168 130 198 90 286 130.5 165.1 165.6 287.0 136 159 100.3 119.8 December.. 196.1 223 221 328 169 127 175 91 243 131.4 168.3 168.7 295.4 135 157 101.0 120.4 1943 January 199.6 227 224 337 171 125 145 79 198 131.6 170.5 169.6 300.0 135 164 101.9 120.7 February... 203.5 232 229 344 174 131 102 56 140 131.6 172.3 171.7 307.4 139 192 102.5 121.0 March 206.9 235 232 351 174 133 85 42 119 132.0 174.0 173.5 315.7 138 163 103.4 122.8 April 208.8 237 236 356 175 131 63 33 87 131.4 174.8 174.0 321.8 136 159 103.7 124.1 May 209.4 239 239 359 176 129 52 31 68 130.9 174.9 173.9 326.5 135 158 104.1 125.1 June 212.8 237 238 358 177 117 45 32 55 131.0 176.4 175.8 331.3 127 167 103.8 124.8 July 214.8 240 241 360 177 134 60 36 80 131.4 177.2 177.3 330.4 141 172 103.2 123.9 August 216.7 242 245 365 178 135 59 35 79 130.9 177.1 178.7 338.0 140 165 103.1 123.4 September. 216.8 244 248 368 179 138 65 35 89 130.1 177.0 178.2 344.2 140 162 103.1 123.9 October.... 219.3 247 249 374 179 136 49 34 61 130.1 178.0 178.8 349.6 137 174 103.0 124.4 November. 222.9 247 247 376 180 133 60 37 78 130.2 178.9 179.3 354.4 139 181 102.9 124.2 December.. 224.7 241 239 365 174 137 61 35 81 130.1 177.4 177.7 345.6 r143 165 103.2 124.4 1944 January — 227.2 243 240 369 176 139 55 29 76 130.0 175.9 175.0 345.1 145 175 103.3 124.2 February... 232.4 244 240 367 177 142 45 21 64 129.6 174.6 174.0 344.7 143 175 103.6 123.8 March 231.9 241 238 364 175 139 40 17 59 128.9 172.1 171.6 341.3 140 185 103.8 123.8 April 231.1 239 237 361 172 140 36 17 52 128.0 169.4 168.6 335.0 138 172 103.9 124.6 May 232.1 236 236 356 169 143 33 16 46 127.7 167.7 166.7 334.3 138 181 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 127.7 166.7 166.1 334.6 139 175 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 165.2 165.3 326.8 143 192 104.1 126.1 August 234.0 232 235 348 168 142 41 13 63 127.3 164.1 165.6 330.3 142 187 103.9 126.4 September.. 232.5 230 234 342 168 143 39 13 61 126.5 162.6 163.6 329.1 139 183 104.0 126.5 October 235.5 232 234 344 169 143 42 13 65 125.7 161.0 161.7 330.3 137 194 104.1 126.5 November.. 237.5 232 232 341 173 143 46 13 73 125.3 *160.3 160.7 '327.3 141 210 104.4 126.6 December.. 239.0 232 230 343 173 137 51 14 81 125.7 "160.7 161.0 '331.8 137 193 104.7 127.0 1945 January. . . 241.9 234 230 344 175 140 75 127.1 160.9 160.1 330.3 143 200 104.9 127.1 February... P235 P23l p346 P126.8 p160A P159.9 139 212 105.2 126.8 * Average per working day. p Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 374-377. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 381 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. 5 For indexes by Federal Reserve districts and other department store data, see pp. 383-385. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 13 and 1,187, respectively; for department store sales, June 1944, pp. 549-561. APRIL 1945 373 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] Industry Jan. Feb. Mar. Apr. May | June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Industrial Production—Total.. 243 244 241 239 236 235 230 232 230 232 232 232 234 P235 Manufactures—Total.. 262 262 259 256 253 251 246 248 246 248 248 249 251 P252 Durable Manufactures.. 369 367 364 361 356 354 347 348 342 344 341 343 344 Iron and Steel. 212 214 213 210 204 202 203 202 206 201 198 197 Pig iron 202 207 206 206 203 198 196 198 196 197 192 190 188 192 Steel 231 236 238 236 234 225 222 224 222 225 218 215 r219 227 Open hearth. 186 188 191 192 188 183 184 183 183 187 186 181 176 180 Electric 554 578 570 549 559 526 491 512 502 492 453 456 r523 559 Machinery 461 458 452 445 437 442 435 434 427 428 422 431 430 P434 Manufacturing Arsenals and Depots1 Transportation Equipment 754 746 734 730 726 716 704 707 695 704 r699 r709 70S P701 Automobiles. 244 238 233 232 226 228 223 229 226 r230 r235 235 P236 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products... 285 285 287 292 279 263 244 245 238 233 234 229 240 Smelting and refining 297 299 297 289 273 253 246 226 205 200 191 186 187 P192 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 280 280 283 293 282 268 243 252 252 246 252 247 262 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 131 129 126 124 127 124 127 120 120 122 122 126 P124 Lumber 125 122 119 118 115 118 114 118 111 109 112 111 118 Furniture., 148 150 149 142 142 '144 143 146 139 143 141 142 PU3 Stone, Clay, and Glass Products 168 168 167 165 168 165 •162 159 161 160 163 166 P165 Glass products 171 172 175 183 173 187 180 169 165 174 169 174 176 Plate glass 54 58 59 59 66 65 60 66 66 64 56 51 60 56 Glass containers 213 212 216 227 210 230 222 204 200 212 208 218 200 Cement 86 88 83 78 76 84 86 88 86 88 88 90 87 Clay products 129 131 131 125 122 127 124 122 116 115 116 116 125 2>121 Gypsum and plaster products 203 198 194 183 176 180 182 181 175 179 175 171 182 Abrasive and asbestos products... 319 312 308 297 300 297 294 295 302 292 295 307 303 Other stone and, clay products1 ... Nondurable Manufactures ... 176 177 175 172 169 169 165 168 168 169 173 173 175 Textiles and Products . 152 151 151 147 145 139 141 147 146 149 152 150 P153 Textile fabrics 140 142 141 141 137 135 129 132 137 136 139 141 139 Cotton consumption 150 151 150 151 142 140 139 140 148 140 149 146 145 152 Rayon deliveries 186 187 191 196 195 196 193 189 196 199 209 215 215 215 Nylon and silk consumption1... Wool textiles 154 159 155 153 152 148 131 140 144 150 143 152 147 Carpet wool consumption... 42 42 46 51 53 49 41 47 42 50 56 r57 49 Apparel wool consumption. 210 219 216 213 213 196 185 193 197 213 206 215 224 Woolen and worsted yarn.. 173 177 171 167 167 163 144 154 158 164 156 165 158 Woolen yarn 176 181 174 171 169 166 148 163 162 170 161 170 164 Worsted yarn 168 171 167 163 163 159 138 141 153 156 148 157 149 Woolen and worsted cloth.. 170 178 172 168 165 J63 144 153 160 164 151 166 159 Leather and Products. 108 111 112 116 115 105 112 121 115 116 114 113 VU7 Leather tanning 103 105 107 117 110 113 113 120 111 112 115 112 Cattle hide leathers 107 110 113 125 118 124 126 118 132 119 122 127 124 Calf and kip leathers 70 76 79 88 86 85 78 82 92 88 84 86 85 Goat and kid leathers 83 84 86 79 86 84 81 77 80 80 81 72 68 Sheep and lamb leathers. 166 161 155 168 136 141 144 144 157 149 144 r154 153 Shoes 112 114 116 116 114 117 100 114 122 117 119 113 114 Manufactured Food Products 154 158 159 158 154 153 153 147 146 149 154 r155 156 P157 W Ca h n e e a t s u fl g o a u r r meltings1 139 125 114 110 110 113 116 113 118 125 123 P131 Manufactured dairy products.. P135 P137 H39 ^165 P132' Butter 90 96 92 93 93 83 85 82 82 78 83 81 Cheese ; 149 146 152 155 153 158 152 145 146 149 156 154 163 162 Canned and dried milk 132 139 156 169 173 180 185 180 184 179 181 179 172 175 Ice cream Meat packing 187 215 202 198 180 173 175 169 161 154 158 158 146 146 Pork and lard 234 291 270 266 239 225 219 197 176 159 167 164 149 135 Beef 144 149 143 136 124 121 127 138 140 140 141 149 147 169 Veal 104 94 96 107 100 117 160 191 196 218 213 175 123 101 Lamb and mutton 135 112 110 109 113 125 134 125 135 145 142 149 143 129 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 374 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] 1944t 1945 Industry Jan. Feb. Mar. Apr. 1May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Other manufactured foods 156 157 160 158 157 154 153 148 147 150 155 159 ^164 Processed fruits and vegetables 140 140 155 152 145 136 130 112 121 139 145 146 163 P162 Confectionery 134 138 147 154 152 147 135 123 115 118 128 138 Other food products.. 163 165 164 161 161 160 162 162 159 158 162 165 167' P169 Alcoholic Beverages 131 126 137 123 116 119 128 186 156 166 184 169 217 173 Malt liquor 160 148 167 146 135 140 146 152 172 177 197 174 167 167 Whiskey........'., 0 0 0 0 0 0 0 100 6 0 0 0 198 11 Other distilled spirits 46 40 33 39 34 31 37 647 68 104 76 74 517 284 Rectified liquors 162 182 173 172 174 177 205 232 270 305 353 355 346 312 Industrial Alcohol from Beverage Plants1 Tobacco Products 125 119 123 126 124 121 122 126 124 120 135 131 r121 123 Cigars 86 92 92 89 89 89 86 92 95 93 105 95 r85 95 Cigarettes 155 145 154 161 154 151 154 152 149 142 157 155 147 145 Other tobacco products 87 79 73 73 80 79 78 92 87 93 107 108 95 97 Paper and Paper Products... 136 138 137 138 142 140 133 142 142 143 143 135 136 Paper and pulp 134 135 134 134 137 136 129 137 137 139 138 132 132 Pulp 147 151 150 151 151 156 153 159 156 165 158 150 152 Groundwood pulp 106 no 108 110 108 108 114 119 118 126 111 115 111 Soda pulp 96 93 97 92 91 92 96 92 96 97 97 95 Sulphate pulp 213 98 209 213 217 232 232 234 231 245 238 212 214 Sulphite pulp 130 217 137 136 135 137 127 138 135 142 136 133 137 Paper 132 133 132 131 135 133 125 134 134 135 135 129 129 W P T F P N i r r a i e i s n p a w n s e e s p t u r p p i p e b r i n a o i n a g p a n g n e r p t d r d a p p a a e p b r e s r orbent paper 1 1 1 1 1 7 1 2 5 1 4 9 9 9 6 9 4 1 1 1 1 1 1 2 5 3 3 1 4 7 1 1 3 3 9 8 4 1 1 1 1 1 7 1 2 4 5 2 7 7 8 7 4 0 1 1 1 1 1 7 2 5 1 5 1 3 0 6 9 2 7 1 1 1 1 1 7 2 5 1 1 5 6 7 9 5 5 9 1 1 1 1 1 8 1 2 5 5 1 0 5 5 9 6 0 1 1 1 1 9 8 0 4 1 5 9 3 3 8 8 8 1 1 1 1 1 1 7 2 4 5 1 1 7 7 9 8 8 1 1 1 1 1 8 5 1 4 1 2 4 9 6 9 3 7 1 1 1 1 1 8 1 1 4 5 3 1 1 6 9 8 2 1 1 1 1 1 8 0 6 2 5 3 1 6 0 0 0 0 1 1 1 1 9 8 2 4 2 5 3 5 5 5 5 6 1 1 1 1 8 7 4 1 5 2 5 6 7 9 3 8 "' 1 8 5 3 2 ' Paperboard containers (same as Paperboard).. Printing and Publishing 104 102 100 101 98 100 95 102 99 103 103 104 102 P102 Newsprint consumption 89 85 83 84 81 85 87 87 83 89 86 84 85 84 Printing paper (same as shown under Paper) Petroleum and Coal Products.. 226 230 234 233 237 242 247 251 258 266 268 r268 270 Petroleum refining 234 238 243 242 246 252 259 264 272 281 283 r283 286 Gasoline 125 128 129 129 130 136 137 138 141 140 144 141 143 P146 Fuel oil 159 161 163 161 162 164 164 159 162 167 165 165 171 Lubricating oil 128 126 130 120 118 131 125 125 132 135 136 133 133 Kerosene .... 132 124 130 125 126 130 128 126 126 124 124 119 123 Other petroleum products1 Coke 174 176 174 176 175 172 172 171 i68 170 170 167 167 By-product coke 164 166 165 167 166 164 164 164 162 164 164 163 162 Beehive coke 496 503 487 463 470 463 442 419 389 384 367 296 333 P377 Chemical Products 364 359 341 323 324 319 314 314 307 307 307 312 316 P318 Paints 140 140 140 138 137 138 142 143 139 139 141 r14l 142 P139 Soap 133 134 133 137 137 138 134 132 131 129 133 137 138 p135 Rayon 226 229 233 232 235 237 237 240 237 239 242 242 244 Industrial chemicals 405 406 405 408 410 411 408 408 400 395 394 396 396 P397 Explosives and ammunition1 Other chemical products* Rubber Products 242 244 242 231 230 228 227 231 230 231 231 237 245 p245 Minerals—Total 139 142 139 140 143 142 139 142 143 143 143 137 140 p142 Fuels ... 142 145 141 143- 146 146 143 147 148 148 148 141 145 P147 Coal 153 158 148 150 154 152 144 148 147 149 149 132 140 PU3 Bituminous coal 161 162 155 155 159 158 151 154 151 152 155 138 151 Anthracite 119 143 123 129 134 128 118 124 129 133 126 109 96 Crude petroleum 137 139 138 139 142 143 142 146 149 148 148 146 148 p149 Metals 124 127 126 122 120 120 117 114 113 111 112 111 Pill Metals other than gold and silver 185 190 189 184 182 181 178 175 175 171 170 168 PtfQ Iron ore (Copper; Lead; Zinc)* Gold 31 31 31 28 27 25 24 "23 "22 "22 "22 Silver 73 73 75 73 67 72 67 63 57 58 64 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. APRIL 1945 375 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] 1944 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Industrial Production—Total 240 240 238 237 236 236 232 235 234 234 232 230 230 P231 Manufactures—Total 259 259 257 255 252 252 248 251 249 250 248 248 247 P249 Durable Manufactures ... 367 366 363 361 357 354 348 349 343 346 341 342 342 Iron and Steel 208 212 214 213 210 204 202 203 202 206 201 198 197 202 Pig iron 202 207 206 206 203 198 196 198 196 197 192 190 188 192 Steel 231 236 238 236 234 225 222 224 222 225 218 215 r219 227 Open hearth 186 188 191 192 188 183 184 183 183 187 186 181 176 180 Electric ...... 554 578 570 549 559 526 491 512 502 492 453 456 r523 559 Machinery 458 452 445 437 442 435 427 428 422 430 P434 Manufacturing Arsenals and Depots1 . Transportation Equipment 754 746 730 726 716 704 707 695 704 r699 r709 705 P701 Automobiles 244 238 232 226 228 223 229 226 229 r235 235 p236 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 285 285 292 279 263 243 245 238 233 234 229 240 Smelting and refining 297 289 273 252 226 200 191 186 187 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 280 280 282 268 243 252 252 246 252 247 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 121 122 124 125 127 133 130 135 128 125 120 113 113 P114 L Fu um rn b it e u r re . . . 1 1 4 0 8 7 1 1 0 5 7 0 1 1 4 1 9 0 1 1 1 4 6 2 1 1 4 1 2 9 1 1 2 4 7 4 1 1 4 2 3 3 1 1 4 2 6 9 1 1 2 3 3 9 r1 1 4 1 3 7 1 14 0 1 9 1 9 4 7 2 1 9 4 9 2 p1 P 4 99 3 Stone, Clay, and Glass Products. 161 161 163 163 165 169 165 167 164 167 163 159 160 Glass products 168 167 175 183 184 186 174 175 169 178 170 163 174 Plate glass 54 58 59 59 66 65 60 66 66 64 56 51 60 Glass containers 208 205 216 227 225 228 213 213 204 218 210 202 196 Cement 70 67 68 74 79 90 94 100 100 102 95 82 71 Clay products 121 125 126 122 122 125 124 125 120 122 121 120 116 Gypsum and plaster products. .. 196 191 188 181 179 183 182 182 179 182 177 175 176 P176 Abrasive and asbestos products. 319 312 308 297 300 297 294 295 302 292 295 307 303 Other stone and clay products1. Nondurable Manufactures .. 172 173 169 168 169 167 171 173 173 173 171 171 Textiles and Products . . 149 152 151 147 145 139 147 146 150 P153 Textile fabrics 140 142 141 137 135 129 132 137 136 139 141 139 Cotton consumption 150 151 151 142 140 139 140 148 140 149 146 145 152 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption1 ... 186 187 196 195 196 193 189 196 199 209 215 215 215 Wool textiles 154 159 155 153 152 148 131 140 144 150 143 152' 147 Carpet wool consumption .. 42 42 46 51 53 49 41 47 42 50 56 r57 49 Apparel wool consumption . 210 219 216 213 213 196 185 193 197 213 206 215 224 Woolen and worsted yarn .. 173 177 171 167 167 163 144 154 158 164 156 165 158 Woolen yarn 176 181 174 171 169 166 148 163 162 170 161 170 164 Worsted yarn 168 171 167 163 163 159 138 141 153 156 148 157 149 Woolen and worsted cloth . 170 178 172 168 165 163 144 153 160 164 151 166 159 Leather and Products .... 108 112 116 112 114 103 111 115 118 113 Leather tanning 103 113 106 116 110 111 107 107 118 112 116 114 112 Cattle hide leathers 109 119 113 125 118 119 119 114 129 121 127 127 126 Calf and kip leathers .... 69 79 77 85 83 87 "77 86 90 90 86 84 83 Goat and kid leathers 83 88 86 81 84 85 80 75 81 80 79 73 68 Sheep and lamb leathers . 154 177 150 165 147 139 134 148 153 149 153 r146 143 Shoes 112 114 116 116 114 117 100 114 122 117 119 113 114 Pi 20 Manufactured Food Products . 145 143 142 143 147 153 163 165 166 159 155 r150 143 P140 W Ca h n e e a t s u f g lo a u r r meltings1 139 127 111 110 106 106 112 115 123 125 126 122 130 Manufactured dairy products . P143 P185 p225 P178 ^155 Butter 73 79 87 94 120 128 107 91 82 70 62 61 69 71 Cheese 110 120 137 161 205 225 187 162 149 134 117 111 120 132 Canned and dried milk ... 107 125 153 240 249 215 186 170 145 130 138 140 157 Ice cream Meat packing 225 207 187 183 180 172 162 147 148 156 175 "184 171 139 Pork an * 307 285 251 242 239 225 193 151 139 150 195 217 195 132 V Be e e a f l 1 9 4 7 7 1 8 3 3 7 1 9 3 0 0 1 1 2 0 8 5 1 1 2 0 4 4 1 11 1 7 8 1 1 2 6 8 0 1 1 4 8 0 8 2 15 1 1 5 2 15 4 3 8 1 2 4 2 6 8 1 1 4 6 9 5 1 1 5 1 0 4 156 Lamb and mutton . 143 113 108 105 115 116 129 122 144 151 142 146 152 r Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately. 6 37 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] 1944 1945 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Other manufactured foods .. 143 142 142 140 141 145 159 170 174 167 161 155 ^148 PH7 Processed fruits and vegetables 91 89 85 92 94 105 169 213 236 180 133 114 106 Confectionery 138 139 137 128 117 109 111 132 148 154 151 139 Other food products ... 157 157 157 154 158 162 165 165 162 166 171 169 160 p160 Alcoholic Beverages 111 115 128 127 127 143 151 198 159 168 159 146 195 160 Malt liquor 131 133 155 153 154 177 183 173 174 164 151 140 137 150 Whiskey 0 0 0 0 0 0 0 100 6 0 0 0 198 11 Other distilled spirits 30 24 21 23 21 19 22 609 94 270 159 81 479 262 Rectified liquors 162 182 173 172 174 177 205 232 270 305 353 355 346 312 Industrial Alcohol from Beverage Plants1 . Tobacco Products 124 114 117 120 124 126 127 129 131 125 137 121 r121 118 Cigars . ... 86 92 92 89 89 89 86 92 95 93 105 95 r85 95 Cigarettes 155 136 143 150 154 158 162 160 160 148 160 142 147 136 Other tobacco products 85 77 73 73 81 80 78 89 93 99 110 95 93 94 Paper and Paper Products ... 136 139 137 138 142 141 132 141 141 143 143 134 136 Paper and pulp 134 136 134 134 137 137 128 137 137 139 138 132 132 Pulp 148 151 150 153 152 156 151 157 154 164 159 150 152 Groundwood pulp 111 115 115 121 117 109 101 105 105 117 117 117 115 Soda pulp 96 98 93 97 92 91 92 96 92 96 97 97 95 Sulphate pulp 213 217 209 213 217 232 232 234 231 245 238 212 214 Sulphite pulp ...; 130 133 137 136 135 137 127 138 135 142 136 133 137 Paper 131 134 132 132 135 134 125 134 134 135 135 129 129 Paperboard 144 148 147 152 159 156 148 158 159 158 160 145 153 152 Fine paper 119 121 120 117 115 110 99 111 113 111 106 93 85 Printing paper 119 119 117 119 115 115 103 118 116 116 120 125 119 Tissue and absorbent paper 154 157 154 157 159 162 151 149 149 151 150 151 145 Wrapping paper 129 133 128 120 127 125 118 127 127 132 130 125 128 Newsprint 79 74 77 75 77 80 82 77 84 81 82 84 76 "83 Paperboard containers (same as Paperboard) Printing and Publishing 101 101 101 104 100 100 89 98 100 105 107 106 99 Newsprint consumption 83 83 86 89 84 84 75 78 84 93 93 88 79 83 Printing paper (same as shown under Paper) Petroleum and Coal Products 226 230 234 233 237 242 247 251 258 266 268 r268 270 Petroleum refining 234 238 243 242 246 252 259 264 272 281 283 r283 286 Gasoline . . 125 128 129 129 130 136 137 138 141 140 144 141 143 P146 Fuel oil 159 161 163 161 162 164 164 159 162 167 165 165 171 Lubricating oil . .. 124 124 128 125 123 131 124 124 132 135 136 132 129 Kerosene 134 130 132 127 127 123 119 121 124 124 128 123 126 Other Detroleum Droducts* Coke 174 176 174 176 175 172 172 171 168 170 170 167 167 By-product coke .... 164 166 165 167 166 164 164 164 162 164 164 163 162 Beehive coke 496 503 487 463 470 463 442 419 389 384 367 r296 333 p377 Chemical Products 362 360 344 325 323 316 310 310 307 309 308 313 315 ^319 Paints 137 139 140 140 142 142 140 142 138 139 139 r141 139 P138 Soap 131 133 133 134 132 136 133 133 136 135 134 137 135 PJ34 Rayon .. .... 226 229 233 232 235 237 237 240 237 239 242 242 244 #245 Industrial chemicals .... 405 406 405 408 410 411 408 408 400 395 394 396 396 p397 Explosives and ammunition* . • Other chemical products* Rubber Products 242 244 242 231 230 228 227 231 230 231 231 237 245 *>245 Minerals—Total 133 136 133 138 146 146 143 147 147 144 140 131 134 PISH Fuels . . 142 145 141 143 146 146 143 147 148 148 148 141 145 P147 Coal 153 158 148 150 154 152 144 148 147 149 149 132 140 Pl43 Bituminous coal . . .... 161 " 162 155 155 159 158 151 154 151 152 155 138 151 P150 Anthracite . ... 119 143 123 129 134 128 118 124 129 133 126 109 96 P112 Crude petroleum 137 139 138 139 142 143 142 146 149 148 148 146 148 p149 Metals 82 85 86 112 144 148 142 145 138 123 89 68 P67 Metals other than gold and silver 113 119 120 168 226 231 222 117 215 188 130 94 P94 Iron ore 70 72 76 188 313 330 323 336 311 259 133 61 63 "65 (Copper* Lead* Zinc)* Gold .... 29 27 27 25 24 24 23 25 25 26 25 Silver 74 74 77 73 66 69 66 62 57 58 64 r Revised. " Preliminary, i 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. 377 APRIL 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 = 100) Factory employment Factory pay rolls Industry and group Annual 1944 1945 Annual 1945 1943 19441 Feb. Nov. Jan. Feb. 1943 19441 Jan. Feb. Nov. Dec, Jan. Total 175.7 166.7 174.0 r160.7 1161.0 160.1 159.9 330.4 334.2 345.1 344.7 r327.3 r331.8 330.3 Durable goods 238.6 227.7 240.9 r215.7 r216. 215.9 215.6 463.4 466.7 489.4 487.3 r450.3 r455.8 454.2 Nondurable goods. 126.1 118.5 121.3 117.3 117.6 116.0 115.9 200.4 204.7 204.0 205.3 207.0 210.5 209.2 Iron and Steel and Products 175.2 169.2 174.5 165.2 166.5 167.1 168.3 307.0 313.9 320.9 321.2 308.8 316.7 316.3 Blast furnaces, steel works, etc 133.0 124.3 128 122 122 122 222.3 223.7 224 225 222 226 224 Steel castings 275.8 249.4 266 238 238 240 484.4 460.8 488 487 449 455 457 Tin cans and other tinware 102.0 121.2 111 122 124 125 161.6 203.1 180 186 205 216 219 Hardware 127.1 130.0 134 129 130 130 245.8 265.5 270 266 266 276 274 Stoves and heating equipment 120.6 136.0 136 136 139 137 206.9 256.8 253 253 261 269 267 Steam, hot- water.heating apparatus.. 195.6 186.2 194 181 183 182 353.8 341.8 350 366 351 354 356 Stamped and enameled ware 160.5 159.9 163 155 157 157 300.6 322.4 322 329 313 332 337 Structural and ornamental metal work 200.0 210.7 215 204 205 206 365.3 413.3 411 419 397 r402 395 Forgings 261.2 241.4 363 228 230 232 497.6 481.8 532 535 459 467 477 Screw machine products 292.9 268.2 285 251 254 252 548.0 522.7 564 562 489 499 509 Electrical Machinery 282.2 285.2 296.9 272.9 271.1 269.2 268.1 481.7 512.1 521.1 524.2 498.7 504.3 504.8 Machinery, except Electrical 241.6 228.1 240.6 217.5 219.2 220.0 438.1 428.4 456.5 449.2 409.0 422.0 421.9 Machinery and machine shop products 242.4 231.1 244 220 222 223 432.0 425.4 455 447 408 419 421 Tractors 167.5 187.9 191 181 183 184 256.7 295.8 298 300 290 294 295 Agricultural, excluding tractors 135.7 161.4 162 158 160 160 256.0 324.9 309 321 311 322 322 Pumps 317.0 326.3 347 304 305 305.. 648.8 695.4 744 742 627 650 649 154.9 151.9 156 147 264.5 273.6 r287 Refrigerators 150 150 307 283 266 267 Transportation Equipment, except Autos. 1559.6 1459.1 1596.1 1327.8 1320.7 1311.7 1291.7 3040.0 3031.6 3221.2 3213.9 2905.9 2893.7 2852.5 Automobiles 175.1 176.0 187.3 r166.3 r168.3 169. 169.7 317.0 324.2 358.0 347.8 r307.6 312.6 319.3 Nonferrous Metals and Products 2 19 0 3 4 . . 6 3 1 1 8 5 3 8 . . 9 4 1 20 97 7 .6 1 1 7 4 2 6 .1 r1 1 4 7 4 3.1 1 14 7 3 3.6 176.3 3 3 5 5 0 3 . . 2 9 3 2 4 9 6 1 . . 5 7 3 37 7 8 3.3 3 37 7 1 0.9 3 26 2 7 6.9 r2 3 6 3 4 6.2 3 2 3 6 7 4 .7 Primary smelting and refining 124.2 125.8 124 128 128 126 238.4 260.6 250 253 273 277 270 Clocks and watches 118.9 128.0 128 128 130 127 207.2 227.6 226 229 229 239 236 Lighting equipment... I Lumber and Timber Basic Products 124.1 112.8\ 115.2 109.2 107.6 107.1 209.5 206.3 196.2 202.9 199.3 193.7 192.9 Sawmills 90.1 80.7 82 79 77 76 154.3 150.1 139 146 144 138 138 Planing and plywood mills 111.7 99.7 105 96 97 97 175.9 169.6 174 173 167 168 167 Furniture and Lumber Products 111.7 105.6 109.3 103.1 103.6 103.0 103.2 184.0 190.5 189.1 191.3 190.7 194.0 193.6 Furniture 105.7 99.2 104 96 96 96 174.3 178.6 181 184 177 180 180 Stone, Clay, and Glass Products 122.5 114.5 117.9 111.4 112.3 111.6 110.7 189.1 190.3 189.8 191.0 189.5 192.2 188.6 Glass 126.0 129.5 132 125 126 126 187.6 205.4 207 208 201 204 202 Cement 100.7 72.9 74 72 72 69 141.2 112.0 110 106 116 114 107 Brick, tile, and terra cotta 88.9 75.7 80 73 74 73 133.5 120.8 120 124 120 119 118 Pottery and related products 130.6 123.8 127 121 121 119 188.6 190.4 177 188 191 194 185 Textile-Mill and Fiber Products 107.1 97.0 101.7 94.5 95.5 94.7 94.0 177.2 171.4 171.7 174.1 172.2 176.6 173.9 Cotton goods except small wares.... 122.9 111.0 116 108 110 109 210. 204.1 199 202 207 212 210 Silk and rayon goods 79.9 75.4 78 74 75 74 134.5 136.4 136 139 139 142 138 Woolen and worsted manufactures.. 111.9 101.1 107 98 99 98 202.2 191.6 197 199 189 195 194 Hosiery 73.6 66.5 70 64 64 63 107.7 105.4 107 110 105 106 103 Knitted underwear 108.6 93.3 99 89 90 89 180.2 167.5 175 175 166 167 165 Dyeing and finishing textiles 101.6 91.9 97 89 90 90 156.3 151.4 155 154 151 157 152 Carpets and rugs, wool 88.3 79.6 82 79 80 79 141.2 135.1 135 137 137 141 139 Apparel and Other Finished Textiles. 119.3 110.3 115.1 108.1 107.8 106.0 105. < 181.8 189.6 187.9 196.8 192.3 191. 195.2 Men's clothing, n.e.c 105.1 96.7 100 94 94 92 158.7 163.6 157 163 169 165 165 Shirts, collars, and nightwear... 84.6 75.3 78 73 72 70 134.0 131.3 129 133 129 128 126 Women's clothing, n.e.c 88.0 80.6 84 80 80 79 134.4 140.3 141 148 141 144 149 Millinery 81.3 78.3 86 76 78 109.5 117.7 114 141 105 113 131 Leather and Leather Products 97.3 90.2 91.4 89.4 89.3 152.5 156.3 149.9 154.2 157.4 160. 162.5 Leather 95.6 85.0 87 83 84 84 144.7 145.3 140 145 143 146 147 Boots and shoes 85.7 79.8 81 79 80 79 136.7 140.4 134 138 142 146 148 Food and Kindred Products 122.3 124.6 118.6 125.7 123.3 118.6 117.1 179.1 199.2 191.5 203. 205.0 195.8 Slaughtering and meat packing . 136.6 130.6 140 124 129 128 200.1 216.1 243 227 211 228 222 Flour 115.2 115.7 120 117 118 119 177.6 191.0 200 191 195 r199 206 Baking 110.1 112.1 112 115 115 111 151.8 166.8 161 161 175 177 168 Sugar, beet 80.3 77.3 36 209 150 50 110.6 107.7 76 57 299 •189 67 Confectionery 112.8 116.8 119 122 126 119 166.4 191.1 188 187 r205 211 199 Beverages, nonalcoholic 127.4 132.4 123 125 123 121 153.9 174.1 152 152 166 163 157 Malt liquors 126.3 139.7 131 142 142 137 170.1 202.8 178 182 204 205 194 Canning and preserving 99.5 102.8 70 100 85 78 171.2 194.3 132 133 189 163 154 Tobacco Manufactures. 97.2 89.9 93.5 90.1 90.7 88.1 150.9 158.8 158.1 .154.7 172.7 177. 166.4 Cigarettes 123. 126.6 129 131 133 128 172.0 192.3 190 180 216 223 211 Cigars 83.9 70.5 75 68 68 65 139.7 138.9 138 142 144 147 134 Paper and Allied Products.. 120. 117.6 120.6 116.0 117.4 116.5 116.7 181.9 190.9 188.6 190.0 r194.0 197.6 195.6 Paper and pulp 108.9 106.5 108 106 107 107 169.9 179.0 173 176 182 186 184 Paper goods, n.e.c 128.4 122.1 127 119 121 119 182.2 193.2 194 195 195 198 198 Paper boxes 120.5 115.6 120 114 114 112 176.8 180.6 185 183 183 185 182 r Revised. i Annual indexes for 1944 were computed by the Board of Governors and are preliminary. NOTE.—Figures for February 1945 are preliminary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 37° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDU3TRIES-O*/*»«*/ (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group Annual Annual 1944 1945 Feb. Nov. Dec. Jan. Feb. 19441' Jan. Feb. Nov. Dec. Jan. Printing and Publishing 102.3 101.4 103.0 101.4 102.3 100.1 100.2 137.5 134.6 134.6 142.2 144.1 141.2 Newspaper periodicals 95.2 92.9 93 93 94 92 116.9 112 113 121 122 118 Book and job 104.9 105.9 108 106 107 104 150.2 148 147 157 160 157 Chemical and Allied Products 254.2 211.6 227.4 210.6 215.4 217.8 221.4 367.5 395.7 389.0 366.2 377.8 384.2 Paints, varnishes, and colors 104.8 106.0 106 106 107 105 166.0 160 162 167 171 169 Drugs, medicines, and insecticides 166.1 184.0 187 181 182 180 269.2 268 274 270 272 272 Rayon and allied, products 107.9 109.1 108 111 112 112 174.2 169 169 179 180 182 Chemicals, n.e.c 167.7 170.6 175 166 166 166 294.2 298 296 289 291 293 Cottonseed oil ..[.I............. 116.7 108.8 125 139 r134 130 217.0 252 241 300 r289 275 Fertilizers *''' 120.9 116.9 141 107 114 123 250.2 248 274 234 250 269 Products of Petroleum and Coal 117.6 123.4 125.1 125.3 126.0 126.1 213.7 196.7 201.4 219.2 220.' 220.1 Petroleum refining 110.6 121.0 115 124 125 126 206.4 185 192 214 215 213 Coke and by-products 113.6 105.3 107 102 101 102 184.2 186 182 179 182 189 Rubber Products 158.9 161.9 168.6 159.1 160.3 161.8 161.9 289.4 291.0 295.7 289.9 303.6 318.9 Rubber tires and inner tubes 160.2 170.0 174 171 172 176 292.8 289 296 298 316 339 Rubber boots and shoes 147.1 133.5 144 123 124 120 238.7 249 253 220 229 220 Rubber goods, other 141.3 140.7 148 136 138 138 252.1 260 261 251 257 262 Miscellaneous Industries 176.6 166.8 172.9 162.4 162. 161.8 163.8 318.2 325.5 325.6 314.5 319.7 322.4 Photographic apparatus 168.9 167.2 172 162 162 162 271.9 277 279 271 259 278 Games, toys, and dolls 83.8 87.4 86 91 90 171.6 157 161 187 189 183 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1944 1945 Group and year Jan. Feb Mar Apr. May June July Aug. Sept. Oct Nov Dec Jan. Feb. Total 175.9 1746 1721 169.4 167.7 166.7 165.2 164.1 162.6 161.0 160.3 1607 160.9 Durable. .. 243.2 241I 237I 233.4 230.3 228.2 225.3 224.1 220.4 217.3 215.6 216.1 216.3 p216A Nondurable. 122.9 121 120 118.9 118.3 118.3 117.9 116.8 117.0 116.6 116.7 117.0 117.2 P116.5 ** Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1945. Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1943 1944 1945 1943 1944 1945 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. All Manufacturing. 44.8 45.2 44.8 45.5 45.3 45.6 45.4 99.5 100.2 103.2 103.1 103.5 104.0 104.7 Durable Goods 46.2 46.6 46.1 47.1 46.7 47.1 46.8 109.3 109.9 113.2 112.9r113.6 T113.9 114.6 Iron and Steel and Products 46.5 46.9 46.6 47.2 46.8 r47.4 46.9 106.1 106.9 110.1 109.1r108.9 109.5 110.1 Electrical Machinery 46.2 46.9 46.2 46.3 46.3 46.7 46.6 99.5 100.3 105.1 104.6 104.9 105.9 106.8 Machinery Except Electrical 48.9 49.4 47.9 48.8 48.2 48.9 48.5 110.1 110.7 113.6 113.7 113.4 114.6 115.1 Transportation Equipment Except Automobiles 46.5 46.7 46.9 48.1 47.8 r48.4 47.9 124.2 124.0 129.7 130.1r131.8 r130.9 130.8 Automobiles 44.5 46.9 43.5 45.6 45.5 45.7 45.2 124.7 125.5 128.7 127.0 128.0 127.9 131.4 Nonferrous Metals and Products 46.3 47.0 46.3 47.2 r46.9 47.5 47.2 103.4 103.8 105.8 105.9 105.8 r106.9 107.7 Lumber and Timber Basic Products.. 42.8 41.2 43.3 44.7 43.0 42.3 42.5 76.6 77.1 80.3 80.7 79.1 79.4 79.1 Furniture and Finished Lumber Products. 44.2 43.4 44.0 45.0 r44.4 44.5 44.4 78.2 78.9 82.9 83.3 83.3 84.2 84.6 Stone, Clay, and Glass Products 43.0 42.6 43.4 44.7 44.1 44.2 43.4 87.5 88.1 91.0 91.2 91.0 91.4 91.7 Nondurable Goods 42.8 43.0 43.0 43.3 43.2 43.5 43.4 83.2 83.8 87.6 87.8 87.7 88.3 89.0 Textiles—Mil 1 and Fiber Products 41.7 41.5 41.8 42.2 42.3 42.8 42.3 67.8 68.2 72.1 72.3 72.2 72.5 72.8 Apparel and other Finished Products .. 37.7 38.2 38.1 38.2 38.0 37.7 38.2 74.3 75.9 83.2 83.2 82.4 83.1 84.9 Leather and Manufactures 40.2 40.5 41.5 41.6 41.2 r41.6 41.9 77.3 77.4 82.0 r81.9 81.9 82.4 82.9 Food and Kindred Products 45.5 45.8 44.5 44.8 r45.2 46.0 45.6 83.4 83.9 84.7 85.7 85.9 86.6 86.6 Tobacco Manufactures 42.1 42.1 43.4 43.3 r44.2 45.0 43.4 67.2 67.5 72.4 72.8 73.5 73.8 73.7 Paper and Allied Products 45.3 45.2 46.2 46.7 46.5 46.6 46.3 81.7 82.4 85.8 86.2 86.3 86.7 87.0 Printing, Publishing, and Allied Industries 40.4 40.7 41.4 40.9 41.3 r41.4 41.4 103.9 104.4 110.1 110.2 110.4 110.8 111.1 Chemicals and Allied Products 45.1 45.7 45.6 45.9 45.7 45.7 45.6 93.6 93.9 96.6 95.7 95.6 r96.4 97.1 Products of Petroleum and Coal 46.0 45.6 46.4 47.9 46.9 46.9 46.3 115.3 116.2 120.2 119.0 118.6 119.4 120.0 Rubber Products 44.8 45.2 45.7 ,45.9 45.7 46.6 47.3 107.0 106.6 111.7 110.8 110.7 112.9 115.2 Miscellaneous Industries 45.6 46.0 45.2 • 46.0 45.5 r45.7 45.8 92.5 92.9 97.3 96.8 97.5 r98.6 99.4 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. APRIL 1945 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL 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 Construction* ti p o u n b a li n c d Trade and se r m v i i s c c e e , i 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 1943 39,728 16,924 891 1.259 3,619 7,030 4,115 5,890 1944 p38,690 ^16,119 P679 ^3,761 2*7,044 *>4,347 P5.911 SEASONALLY ADJUSTED 1940— 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 Tune 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 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October 38,159 15,614 812 609 3,748 7,077 4,384 5,915 November r38,044 r15,529 808 611 3,771 7,052 4,359 5,914 December r38,163 r15,552 802 r619 r3,790 r7,O15 r4,304 r6,081 1945—January 38,579 15,635 612 3,792 7,270 4,508 5,954 February 38,499 15,615 614 3,841 7,225 4,400 5,998 UNADJUSTED 1943—September 39,678 17,136 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 38,571 15,843 826 671 3,791 6,994 4,488 5,958 October... 38,360 15,692 816 652 3,767 7,148 4,340 5,945 November. r38,347 r15,607 812 629 3,771 7,299 4,315 5,914 December. r38,888 r15,630 806 r594 r3,771 r7,611 r4,304 r6,172 1945—January. 38,104 15,557 804 563 3,735 7,088 4,46,3 5,894 February. 38,000 15,537 802 559 3,764 7,044 4,356 5,938 * Includes Contract Construction and Federal Force Account Construction. r Revised. p Preliminary. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. 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 ooff tthhee aarrmmeedd ffoorrccess aarree excluded. Febbrruuaarryy 1199455 fgiguur es arep preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. B dd d aailable f th Be f Labor Statistics Back unadjusted data are available from the Bureau of Labor Statistics. 380 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] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o li r c ks Month Factories Commercial Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 January 159.2 140.9 41.0 19.5 34.0 45.2 4.1 7.5 8.7 4.9 21.1 23.9 50.3 39.8 February 137.2 147.0 24.9 19.3 29.9 66.6 4.5 8.5 l-0.2 3.0 23.1 17.6 55.1 32.0 March 176.4 35.2 48.7 7.4 4.4 19.5 61.3 April 179.3 37.8 33.0 6.1 5.4 25.0 72.0 M Ju a n y e 1 1 4 6 4 3 . . 2 9 3 3 4 0 . . 5 6 2 2 7 4 . . 1 4 8 S . 7 8 10 5 1 1 8 7 . 9 1 5 7 5 0 .7 8 July 190.5 25.8 38.3 5.6 10.1 30.2 80.5 August 169.3 23.3 40.0 7.9 6.4 22.4 69.4 September 175.7 24.5 49.0 6.4 7 6 24 2 64.1 October 144.8 23.8 37.7 7.7 3.5 20.0 52.2 November 164.9 23.3 52.9 7.1 5.3 :::;:::: 28.3 48.0 December 188.5 23.9 57.6 9.5 3.8 27.1 66.6 1,994.0 348.4 472.7 80.8 69.2 276.7 746.1 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 eastof the Rockv Mouniains. as reported bv 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] Total Public ownership Private ownership 1945 1944 Month Federal Reserve district 1943 1944 1945 1943 1944 1945 1943 1944 1945 Feb. Jan. Feb. January 351 159 141 316 122 75 35 37 66 Boston 9,373 5,821 5,288 February 394 137 364 109 30 28 New York ... ... 6,360 10,425 22,295 March 340 176 304 133 36 43 Philadelphia 10,974 6,731 5,914 April 303 179 253 133 50 46 Cleveland 11 891 9,623 5,942 May 234 144 192 98 42 46 Richmond 15,625 22,316 24,840 June 230 164 183 122 46 42 Atlanta 14,157 28,550 24,218 July 184 191 122 148 61 42 Chicago .. . ... 26,653 19,149 20,147 August 414 169 351 125 62 44 St. Louis 11,387 8,792 5,771 September... 175 176 120 127 56 49 Minneapolis 14,345 2,698 2,212 October 214 145 157 102 56 43 Kansas City 8,392 11,628 11,828 November... 184 165 135 103 50 62 Dallas 17,800 15,216 8,791 December ... 252 188 198 114 54 74 Total (11 districts) 146,957 140,949 137,246 Year 3,2741,994 2,6951,435 579 559 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars! Title ILoans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o m r o e t v y n p - e t - - S h s c t t m o i o r o m u n a n c - l e l - f 1 h ( a o - T m I u t i I o t s i ) l l e e y 4 s - b R ( g o T e a r u I n o D n i s t t u i d l n a e p l g h ( W o T V u i a s t I l r i ) e ng End of month Total b m c a i n e a r k l - s b s i t a n a u n g v a k s - l s a a s l a t s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar. 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1 137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1 1 9 9 4 4 3 4 9 8 4 8 2 6 1 9 2 6 5 1 2 2 4 1 3 6 * 7 6 5 0 3 1 7 Dec. 2,409 1,162 130 224 542 201 150 1944—Feb 79 16 * 14 50 1941— J M u a n r e 2 2 , , 5 7 9 5 8 5 1 1, , 3 2 1 4 8 6 1 15 4 7 6 2 2 3 3 7 0 6 66 0 8 6 2 2 1 2 0 0 1 1 6 5 0 4 Mar 62 6 13 44 Sept. .... 2,942 1,400 171 246 722 225 178 Apr 68 9 * 13 i 45 Dec 3,107 1,465 186 254 789 234 179 May 69 9 * 18 42 June 66 9 * 18 2 36 1942—Mar 3,307 1,549 201 264 856 237 200 July. 71 7 18 45 June 3,491 1,623 219 272 940 243 195 Aug. 81 11 * 20 50 Dec 3,620 1,669 236 276 1,032 245 163 Sept 83 14 * 20 3 46 Oct 84 12 * 22 1 49 1943—June 3,700 1,700 252 284 1,071 235 158 Nov 82 17 22 43 Dec. 3,626 1,705 256 292 1,134 79 159 Dec 66 H 18 37 1945—Jan i 67 8 * 19 39 1944— D Ju e n c e 3 3 , , 5 3 5 9 4 9 1 1 , , 6 5 6 9 9 0 2 2 5 6 8 0 2 2 6 8 9 4 1 1 , , 1 0 1 7 9 2 6 7 8 3 1 1 5 4 0 0 Feb 1 « 19 * 14 34 I 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 group housing (Title II) are not necessarily shown in the month in which terminated mortgages and cases in transit to or being audited at the Fedreinsurance took place. eral Housing Administration. 381 APRIL 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 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 January 325 481 730 p905 229 254 229 p300 *>332 96 228 502 p824 p573 February 303 480 719 pl'l07 234 254 234 P313 69 226 485 P794 March. 357 628 989 pl,197 268 272 249 P358 89 355 739 p838 April 387 717 979 ^1,226 287 235 258 100 482 721 May 385 536 1,085 297 191 281 P386 88 345 803 pl,069 June 330 648 1,002 pl,295 280 215 295 P331 50 433 706 July 365 650 1,261 pl,197 278 213 302 P294 87 437 960 August . .. 460 703 1,202 * 1,188 282 186 316 p3Q2 178 517 887 P886 September 425 732 1,235 262 196 286 p280 162 536 949 P912 October 666 801 1,195 pl,140 304 200 329 p327 362 602 866 P813 November 492 787 1,072 281 168 311 nn 211 619 761 P862 December 653 873 1,244 344 359 281 p336 309 514 963 p598 January-December 5,147 8,035 12,714 p14,240 3,345 2,742 3,372 1 802 5,293 9,342 p10,328 p Preliminary. * 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 s L t i o v c e k - p F u r e o c o s r t d t - s - Ore l M c o a i e u n l s s e - - - M c l d . h c i e a s .1 r e n - . - o r p T a e i o r lw a 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 i e n 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 1944 9,437 8,343 1,093 651 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—December.. 143 147 192 153 122 155 209 148 1943—November.. 769 662 107 69 December.. 782 680 102 67 1944—January.... 145 150 185 159 121 147 202 150 February... r142 r148 180 148 135 146 193 147 1944—January.... 778 662 116 78 March 140 140 185 136 131 141 174 149 February... 775 671 103 65 April 138 141 190 123 120 141 195 146 March 782 690 92 53 May 138 147 190 128 118 140 195 144 April 780 689 91 53 June 139 148 194 135 124 148 187 143 May 779 688 91 52 July 143 143 194 144 124 156 189 150 June 810 701 109 70 August 142 146 185 131 121 155 188 149 July 804 706 98 59 September.. 139 147 182 126 114 137 184 146 August... 781 710 71 30 October.... 137 143 182 147 120 133 153 143 September.. 790 710 80 40 November.. 141 143 181 150 135 138 153 149 October 791 709 82 43 December.. 137 127 166 134 128 135 133 151 November.. 788 697 91 54 December.. 780 711 69 30 1945—January.... 143 141 176 128 120 142 161 157 February... 139 139 178 119 121 133 168 152 55 1945—January. 766 673 93 P54 UNADJUSTED UNADJUSTED 1943—December.. 133 147 202 144 117 138 65 1943— D N e o c v e e m m b b e e r r. . . . 7 7 6 8 2 2 6 7 6 1 8 2 9 7 4 0 r2 6 9 1 1944— M J F J M A A D O N S u u J e e p u c e o a a l a n b p y t c r g v y r n e o r i t c e u e l u u e b h m s m m a a e t r r r b b b y y e . e e . . r . r r . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 3 2 3 4 3 4 3 4 5 4 4 4 5 8 3 1 3 8 2 6 0 4 4 7 r1 1 1 1 1 1 1 1 1 1 1 1 4 2 4 4 5 4 4 4 4 4 4 4 8 7 1 3 0 3 7 0 8 7 3 6 1 1 1 1 1 1 1 1 1 1 1 1 9 7 9 8 8 8 9 7 8 7 8 8 5 5 1 1 6 1 1 8 8 8 7 8 1 1 1 1 1 1 1 1 1 1 1 1 4 2 5 4 4 2 4 3 1 7 4 0 5 6 9 2 7 5 1 7 3 2 7 8 1 1 1 1 1 1 1 1 1 1 1 1 5 2 8 0 0 0 0 1 0 1 7 0 1 4 4 8 3 7 6 5 0 6 0 2 1 1 1 1 1 1 1 1 1 1 1 1 4 2 4 4 3 4 3 4 4 6 5 5 1 0 0 1 5 6 3 8 0 2 4 7 3 2 2 2 2 2 1 1 4 4 8 3 5 8 0 9 5 7 6 3 1 8 1 7 0 1 2 1 1 6 8 8 1 1 1 1 1 1 1 1 1 1 1 1 4 5 5 5 5 3 5 3 4 4 4 4 2 5 6 1 1 7 8 8 5 7 4 2 1944— N J D A M J S O A M F u u J e e o u e c p a a l a n p b t y c v g r n r y o e t i e c r u e u e l b u h m m s a m e t a r r b b y r b e y e . e . r r . r . . . . . . . . . 8 7 8 8 8 7 7 7 7 7 7 7 0 8 1 3 4 5 6 0 9 9 3 9 9 1 9 6 1 7 0 4 9 7 5 9 ' 6 6 6 7 6 7 7 7 7 7 7 6 7 8 8 2 5 1 3 0 1 0 0 5 2 7 9 1 1 0 5 6 0 5 0 6 1 1 r8 9 9 8 9 8 9 9 7 8 0 0 5 2 3 8 9 9 7 9 0 4 0 1 • 4 6 6 4 4 5 5 5 6 6 4 5 6 1 0 4 8 5 9 7 6 0 1 4 1945— F J e a b n r u u a a r r y y... 1 1 3 3 0 2 1 1 3 4 9 1 1 1 8 8 5 8 1 11 2 7 8 1 9 1 7 5 1 12 2 8 8 4 4 0 2 1 14 4 2 3 1945—January. 'I 751 678 73 ?40 r Revised. 1 p I P n r c e l l u i d m e i s n a re ry d . i stri r b R u e t y io i n se d o . f wage accruals in 1943. NOTE.—For description and back data, see •p. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained June 1941. Based on da- ily„ a..v. erage loading„s- . Jasic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled tion of American Railroads. Total index compiled by combining indexes for classess by the Interstate Commerce Commission. with weights derived from revenue data of the Interstate Commerce Commission. 8x 3 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 t i a t t e e d s Boston Y N o e r w k - d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c S r i a s a c n n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 """80" '"i05" 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 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 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 186 162 r149 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—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 181 158 144 161 178 215 220 174 197 166 210 227 212 December 165 148 131 144 164 187 208 154 172 146 174 215 206 1944—January 175 148 r136 159 169 208 224 172 182 160 207 206 208 February 175 148 138 156 166 209 225 162 194 176 203 241 r211 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 187 154 151 158 182 213 245 180 207 173 204 250 221 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 210 177 164 183 203 251 269 201 235 189 244 264 253 December 193 174 155 171 190 208 258 180 207 175 208 263 233 1945—January 200 r162 150 r173 186 r238 r268 193 r211 181 241 261 247 February 212 167 166 188 204 251 274 200 236 208 246 284 256 UNADJUSTED 1943—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 215 184 182 202 214 252 257 200 224 192 228 269 255 December 273 255 228 256 262 332 336 253 277 224 283 343 325 1944—January 138 119 112 122 132 152 179 131 149 119 153 177 166 February 142 115 115 r123 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 ... 248 207 207 231 244 294 315 231 268 218 263 314 299 December... 320 300 r27O 305 303 369 418 295 333 269 339 421 373 1945—January 156 132 124 r133 145 174 r215 147 r173 136 r179 211 r197 February 171 130 137 149 163 191 235 162 187 144 194 239 215 r Revised. NOTE.—-For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. APRIL 1945 383 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 Amount (1935-39 average (In millions of dollars) = 100) 1941 1942 1943 1944 Aug.23 .128 Aug.22.... ..126 Aug. 21.... .146 Aug.19... .149 30 .162 29.... .142 28.... .145 26.... .171 Season- Sept. 6 .129 Sept 5.... .165 Sept. 4... ..169 Sept. 2.... .194 adj a u l s l t y ed j U u n s a te d d - 2 1 0 3 . . 1 1 4 4 2 2 1 1 2 9 . . . . . . . . . . .1 1 5 4 2 0 1 1 8 1 . . . . . . . . . 1 1 7 5 9 6 1 9 6 . . . . . . . . .. . 1 1 9 7 6 7 27 .161 26.... ..172 25.... .176 23.... ..193 Oct. 4 .179 Oct. 3.... ..183 Oct. 2.... .175 30.... ..196 11 .135 10.....171 9.... .188 Oct. 7.... ..218 18 141 17......166 16.... .189 14 221 1 1 1 1 J 1 9 9 9 9 9 9 4 4 4 3 4 4 4 1 3 9 0 2 a a a a a a v v v v v v e e e e e e r r r r r r a a a a a a g g g g g g e e e e e e 1 1 1 1 1 9 7 4 2 0 5 9 2 6 0 1 3 Nov. 2 2 2 1 5 1 8 9 2 5 .. . . . . . . 1 1 1 1 1 1 5 4 5 7 3 4 9 5 0 6 9 4 Nov. 3 2 2 2 1 7 1 4 1 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 8 8 8 7 7 6 2 2 2 6 2 8 Nov. 2 2 1 3 2 6 7 0 3 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 2 2 2 2 8 9 0 0 1 2 7 4 2 1 1 3 Nov. 2 2 2 1 1 4 1 1 5 8 8 . . . . . . . . .. . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 0 1 3 5 3 0 7 5 1 2 6 9 Dec. 6 .225 Dec. 5. ....250 Dec. 4. ... .269 Dec. 2 . ....304 1943—May 132 135 13... ..250 12... ..295 11. ... .297 9 . . . 365 June 144 138 20 .299 19... ..333 18. ... .321 16 . . . 377 July 162 146 29.... .191 26. ....222 25. .. .274 23 . . ..369 Aug 169 162 30... ..123 Sept 162 168 1942 1943 1944 1945 Oct 153 170 Jan. 3 111 Jan. 2 .....117 Jan. 1 ... .110 Jan. 6 .....145 Nov 143 165 10 .135 9 .....146 8 ... .143 13 .. ..166 Dec 143 134 17... .136 16 .....139 15 ... .146 20 .. . 160 24 .122 23 ....125 22 ... 144 27 .. ..161 1944— F Ja e n b 1 1 5 5 4 4 1 1 3 4 7 7 Feb. 3 7 1. ... . . 1 1 2 1 5 9 Feb. 3 6 0 .. . . . . .. . . . 1 1 2 4 6 3 Feb. 2 5 9 . . . . . . . . .1 1 3 4 7 6 Feb. 1 3 0 . . .. . .. . . . 1 1 7 6 2 3 M O N M J A A S D T u e u c p u o e a a l p t n c r g v y r y t e 1 1 1 1 1 1 1 1 1 1 4 4 6 5 5 4 4 6 7 3 5 8 1 7 4 4 7 5 0 6 1 1 1 1 1 1 1 1 1 1 5 5 5 6 5 4 7 6 6 2 1 0 1 7 0 8 2 3 6 7 M Ap a r r . . 1 2 1 2 1 2 2 1 4 4 8 7 1 8 8 4 1 1 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 2 1 3 2 3 7 4 5 2 4 2 5 0 7 7 0 8 7 9 6 M Ap a r r . . 1 2 2 1 1 2 1 2 3 6 0 3 7 0 0 7 7 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 7 5 4 4 6 6 6 5 7 5 8 5 4 7 2 1 8 5 0 0 A M p a r r . . 1 1 2 1 1 1 2 8 1 4 2 5 6 9 8 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . 1 1 1 1 1 1 2 2 1 4 4 6 5 7 4 5 1 0 8 2 6 0 3 2 2 2 2 8 2 M Ap a r r . . 2 3 1 1 2 2 1 1 3 7 4 1 1 4 0 4 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2 1 1 2 2 7 0 2 7 8 1 2 7 4 6 6 2 4 9 1945— F T e a b n ^8 7 1 6 5 5 *> 1 1 4 4 8 8 P1 1 4 3 1 3 May 2 2 5 . . 1 1 4 4 7 0 May 2 1 4 . . . . . . . . . . 1 1 8 4 2 2 2 2 9 2 . . . . . . . . . . . . 1 1 6 6 8 3 May 2 5 8. . . . . . NOTE.—Revised series. For description and back figures see pp. 874-875 p Preliminary. of BULLETIN for September 1944. r Revised. Back figures,—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Feb. Jan. Two Feb. Jan. Feb. Jan. Two 1945 1945 m 19 o 4 s 5 . 1945 1945 1945 1945 m 19 o 4 s 5 . United States. +16 +18 +17 Boston +9 r+14 +12 Cleveland—Cont. Chicago—Cont. Dallas +15 +24 +19 New Haven +9 +17 +13 Youngstown Fort Wayne.... +24 r+23 +24 Shreveport +8 +32 +20 Portland +11 +3 +7 Erie Indianapolis... +23 +13 +18 Dallas +14 +25 +19 Boston +10 +19 +15 Pittsburgh Terre Haute... +44 "+36 +40 Fort Worth +19 +18 +19 Springfield +9 +9 +9 Wheeling Des Moines— +21 +25 +23 Houston +11 +16 +13 Providence +6 +17 +11 Detroit +15 •+io +12 San Antonio +22 +37 +29 Ne N B A B B w u i e r l n b i f w Y d 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 5 8 4 9 0 5 r+ + + + + + 1 l 1 1 1 7 1 2 5 0 5 + + + + + + 1 1 1 8 5 7 7 9 5 Ri N c G L B W W h y o a r m i a e n l r n s t o e f c i s h o n n m h t i l d v o n b k o i n g u l r - l t r e e S o g , n a l S e . m C .. . . L M G G M F a l r r a i i e n a l n d w e s n t i n i s d a n o u g B n R k a e a y e pids.. + + + + + 2 1 2 2 1 4 2 5 3 5 • + + + + + + 3 2 1 2 3 2 6 2 5 6 6 2 + + + + + 1 2 2 3 1 4 3 5 0 9 Sa P B T F L n h r o u a F e o k n c s r e s e g n a o n r n o s n i B f x c i i e e s a l c d c o h + + + + + + 1 2 2 1 1 5 9 5 3 5 8 r '+ + + + + r+ 2 2 2 1 2 7 3 5 7 9 8 + + + + + + 2 1 2 2 /P 8 5 9 1 6 Elmira +6 +9 +7 Richmond St. Louis +17 +21 +19 Los Angeles +18 +25 +21 Niagara Falls.. +15 +10 +12 Charleston.W.Va. Fort Smith +15 + 18 +17 Oakland and New York City +16 +18 +17 Clarksburg Little Rock.... +18 +26 +22 Berkeley +15 r+23 +19 Poughkeepsie.. +12 +10 +11 Huntington Quincy +23 r+7 +15 Riverside and C P l h e T A U Y W C L S P R C R C S i v y r l h a l c k o e t a o e i a e e i i n r n l a i h r n r c l c a v d a n l o k c k d c h t e a a n c e e t o n i a e i n e o d d n u l l n n s s a p s e n e s n g t - t n h c e e l e B a d p r t i r t a a a i h d r i r a . y e . . . . . . . . . . + + + + + + + + + + + + + + + + 1 2 3 1 2 1 1 1 1 2 1 1 9 9 3 8 0 2 0 6 2 4 7 6 1 2 5 8 + + + + + r + + + + + + + + - + 1 1 2 1 1 1 1 1 1 1 3 9 6 3 0 4 7 6 5 4 7 7 4 5 + + + + + + + + + + + + + + . 1 2 1 1 1 1 1 5 1 O 8 9 1 8 7 1 7 3 5 6 ? 6 5 6 A ! A t M B M M J T A l N M B A N J C K a a a i a a u e a n t h o c i o n a r c l m a t w s m g t k b c a k n a o o a m h u o i s t n t s x p n i l t g v o n s o n O e t i a v a o a t i n n g n R i a . l r m . v l h l l o l o e e i a e e o l . u a m . l r g n . g e y a s e .. + + + + + + 1 1 1 1 2 1 9 0 7 5 5 7 r • " + + + + + + 2 1 2 4 2 2 9 4 4 0 6 3 M Ka M W E L S T S i D P H J O K S n n o p t u o v o t e u m e n . a s i p . r u e a p n c a t m n i e l L c b n n a i J e h v i s s s a o h n h p g s k l o e i a v o p y t s C i a f h u a r s i a n i o e i l i i e i l l s s p s l t l l C e i o y d e h s n it y . . . . . . + + + + + + + + + + + + + + + 1 1 1 1 2 2 1 1 1 1 1 1 1 7 8 2 7 9 6 5 0 4 3 2 4 2 9 6 . r r + + + + + + + + + + + + + + + 2 2 + 1 2 1 2 3 2 1 1 2 2 3 1 7 6 2 9 3 7 8 1 6 0 6 8 1 0 3 1 + + + + + + + + + + + + + + + 1 2 1 1 2 1 2 2 1 1 1 1 1 5 9 9 2 7 6 3 8 9 3 1 9 9 6 4 S B S V S S S S T B S E P S S a a a a t o a a a p a o o N e S v n e n n n i c l l c o a s c r a l e l t t r a o t l e t e k k a n r a l F D i J t m m j e a L a t n l o a m o r o e t n i n B R g p a a n s t a e a n e e d e n k a h g o e d n n c e r a o s d n t i a m s o a C c . . r N o . . d i . . t a i y n p . o a . + + + + + + + + + + + + * * + + 1 1 1 1 2 1 2 1 1 2 2 1 6 1 4 3 6 8 0 6 5 2 7 0 7 3 r r r ' r r r r + + + + + + + + + + + + + + + 1 2 + 3 2 1 2 2 1 2 1 1 l l 2 2 9 l 9 5 8 5 1 3 5 9 4 1 6 2 1 2 + + + + + + + + + + + + * * + + 1 2 1 1 1 2 1 1 1 2 2 1 9 5 5 6 9 3 8 3 7 7 6 1 5 7 C Sp o r l i u n m gf b ie u l s d + + 17 9 + + 16 6 + + 1 8 7 Ch C~ i h- c i a c g a o g . o .. + +1 1 9 9 " + +1 1 8 7 I T O u k l l s a a homa City + + 1 2 2 3r+ + 3 2 5 9 + +2 2 9 0 Yakima +11 +41 +25 Toledo +17 +15 +16 Peoria +20 +20J r Revised. * Data not yet available. 384 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 Percentage change from a year ago Ratio of stocks to sales (value) Number Stocks Department of stores Sales during period fend of Jan. reporting month) Jan. Year Jan. 19,5 1944 19,5 1945 1944 GRAND TOTAL—entire store. 355 +19 +11 -5 2.4 3.0 MAIN STORE—total 355 +20 +12 -5 2.4 3.1 Women's apparel and accessories 352 +22 +13 —2 2.0 2.4 Coats and suits 330 +21 +6 +3 1.6 1.9 Dresses 334 +27 +19 +14 1.4 1.6 Blouses, skirts, sportswear, etc 314 +23 +18 +3 2.2 2.6 Juniors' and girls' wear 300 +24 +18 +16 2.4 2.6 Infants* wear 305 +18 +24 +20 2.6 2.5 Aprons, housedresses, uniforms 286 +28 +14 -13 1.6 2.3 Underwear, slips, negligees 325 +27 +23 -17 1.6 2.4 Corsets, brassieres 331 +30 +27 -11 1.6 2.4 Hosiery (women's and children's)... 344 +18 + 11 -40 1.2 2.3 Gloves (women's and children's) 326 +21 +17 +17 2.7 2.8 Shoes (women's and children's) 241 +29 +9 -15 2.9 4.4 Furs 262 +9 -24 -6 2.0 2.4 Men's and boys' wear 322 +23 +9 -9 3.4 4.5 Men's clothing 231 +22 +1 -16 3.1 4.5 Men's furnishings, hats, caps 307 +23 +9 -14 3.0 4.2 Boys' clothing and furnishings 282 +19 +21 +23 4.5 4.4 Men's and boys' shoes and slippers 175 +48 +1 -22 4.0 7.6 Home furnishings 315 +12 +5 -8 3.2 3.8 Furniture, beds, mattresses, springs 232 +23 +7 -1 3.8 4.8 Domestic floor coverings 236 +9 -6 -18 3.0 4.0 Draperies, curtains, upholstery 292 +23 +16 -1 3.1 3.9 Major household appliances 176 +28 -41 -45 1.8 4.3 Domestics, blankets, linens, etc 290 -6 +6 -16 1.9 2.1 China and glassware 219 +11 +14 -11 3.8 4.8 Housewares 220 +29 +3 —10 3.8 5.4 Piece goods 286 +39 +23 -12 1.7 2.7 Cotton wash goods 119 +31 +21 -12 1.4 2.0 Small wares 335 +17 +15 +4 3.1 3.5 Notions 222 +24 +9 -11 3.0 4.1 Toilet articles, drug sundries, and prescriptions . 319 +6 +11 +18 3.5 3.2 Jewelry and silverware 292 +17 +8 3.7 4.4 Miscellaneous 294 +22 +17 -6 2.8 3.6 BASEMENT STORE—total 217 +16 +10 -4 2.4 2.8 Women's apparel and accessories 205 +20 +13 +2 2.0 2.3 M Ho e m n' e s a fu n r d n i b sh o i y n s g ' s clothing and furnishings .. 1 1 6 2 8 2 + + 1 2 3 0 +6 g 3 2 . . 4 4 4 3. . 0 3 Piece goods 52 +30 -14 1.8 2.6 Shoes , 134 -12 +3 -16 4.0 4.2 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main 3tore 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 tndex numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts ]receivable Collections during Year and month Sales during month at end oi month month Cash I m ns e t n a t l- C ac h c a o r u g n e- t Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- I a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales 1944—January 106 r139 52 r80 44 82 79 143 64 4 32 February r108 r139 r56 84 41 72 72 107 63 4 33 March 144 182 73 114 40 79 78 100 62 4 34 April.... 132 171 59 104 38 79 67 107 62 4 34 May 141 180 58 112 36 82 67 109 62 4 34 June 127 165 50 99 34 78 61 111 63 3 34 July 103 138 44 76 32 67 56 102 65 4 31 August 126 167 60 93 32 70 58 92 64 4 32 September 149 193 66 116 33 81 61 96 63 4 33 October 164 211 81 127 35 90 69 115 63 4 33 November. 191 245 95 149 40 102 75 130 62 4 34 December 245 r326 r105 rl81 46 128 77 135 64 4 32 1945—January r126 r164 r57 r96 43 96 78 r168 63 4> 33 February 126 163 57 98 40 84 69 127 63 33 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. 385 APRIL 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 o r o y f e m ar onth co c T n r o s e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 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 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 :,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 ,057 1,488 1,650 560 1941 9,959 5,984 3,747 1,942 1,805 ,237 1,601 1,764 610 1942 6,529 2,999 1,494 482 1,012 :,505 1,369 1,513 648 1943 5,379 2,002 816 175 641 1,186 1,192 1,498 687 1944 5,790 2,083 836 200 636 1,247 1,220 1,758 729 1944 Feb 4^874 1,846 707 167 540 1,139 1,113 1,218 697 Mar 5,057 1,864 696 167 529 ,168 1,115 1,376 702 Apr 5,037 1,847 690 171 519 1,157 1,139 1,346 705 May 5,148 1,859 700 181 519 ,159 1,189 1,390 710 June 5,209 1,882 707 192 515 1,175 1,241 1,370 716 July 5,148 1,889 706 204 502 [,183 1,250 1,287 722 Aug 5,192 1,896 709 210 499 1,187 1,239 1,330 727 Sept 5,272 1,912 720 210 510 1,192 1,231 1,402 727 Oct 5,412 1,937 743 210 533 1,194 1,231 1,516 728 Nov 5,595 1,973 773 208 565 1,200 1,231 1,664 727 Dec 5,790 2,083 836 200 636 1,247 1,220 1,758 729 1945 Jan ^5,475 P2,008 P778 ?192 P586 V1,230 2*1,206 Pi,528 P733 Feb ^5,314 PI,957 P740 P186 p554 p1,217 PI,189 PI,432 P736 p Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER 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 m T a c u o o lu t b t d o a i i - l l n e , g D s m m e t a p o a e n r a i n d e l r t - s t- F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - J s e t w or e e lr s y s o r t e t A o h ta r l e e l i r l s m E o y n n e d t a h o r f or Total m b C a e o n r m c k i s - a 1 l p S c l a o m o n a m i a n e l - s l b p I a n c a t n o n d r k i m i u a i e s n l - s - g 2 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 o e a a p a d n t n a e i d o i r s r n n 3 order stores houses 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 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 532 44 246 125 32 60 ""is" 1932 677 103 313 121 30 110 1935 802 88 267 156 44 79 168 1933 663 119 299 119 29 97 1936 1,065 161 301 191 66 102 244 1934 741 146 314 131 35 115 1937 1,195 258 350 221 93 125 148 1935 865 186 336 171 40 132 1938 1,271 312 346 230 112 117 154 1936 1,147 256 406 255 56 174 1939 1,671 523 435 257 147 96 213 1937 1,368 314 469 307 68 210 1940 2,057 692 505 288 189 99 284 1938 1,343 302 485 266 70 220 1941 2,237 784 535 298 217 102 301 1939 1,525 377 536 273 93 246 1942 1,505 426 424 • 202 147 91 215 1940 1,721 439 599 302 110 271 1943 1,186 312 372 165 123 86 128 1941 1,805 469 619 313 120 284 1944 1,247 357 388 175 119 88 120 1942 1,012 254 391 130 77 160 1943 641 174 271 29 66 101 1944 1944 636 184 269 13 70 100 Feb 1,139 303 356 161 117 84 118 Mar 1,168 316 369 164 121 86 112 ' 1944 Apr 1,157 319 363 164 118 85 108 Feb 540 147 236 21 51 85 May 1,159 325 362 165 118 85 104 Mar 529 144 231 19 52 83 June 1,175 335 365 169 119 85 102 Apr 519 142 229 18 48 82 July 1,183 339 367 170 119 85 103 May 519 141 235 16 45 82 Aug 1,187 343 363 172 118 85 106 June 515 138 237 15 44 81 Sept 1,192 342 364 172 118 85 111 July 502 132 234 14 43 79 Oct 1,194 344 361 172 117 85 115 Aug 499 132 233 13 42 79 Nov 1,200 345 365 172 116 85 117 Sept 510 138 236 13 43 80 Dec 1,247 357 388 175 119 88 120 Oct 533 148 244 13 44 84 Nov 565 162 253 13 48 89 1945 Dec 636 184 269 13 70 100 Jan ^1,230 358 378 r172 r116 P87 pU9 1945 Feb PI,217 P356 *372 P169 P86 P120 J F a e n b p P 5 5 8 5 6 4 P P 1 1 7 6 2 1 P P 2 2 4 4 9 0 * P 1 ll 2 P P 5 6 5 1 P87 P 1 P T r h e e l s im e i f n ig a u ry re . s inc r l R ud e e v i o se n d ly . personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount * Preliminary. of other retail direct loans (15 million dollars at the end of February 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 386 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 p t t a u h a s r e i - e l r d , R e m r e a n p n o i d a d z i a - r - i s m n P o s e e n t r n 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 2 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 845 136 123 143 154 289 1936 563 354 105 1943 514 55 81 68 89 221 1937 619 409 148 1944 .. 559 57 99 75 83 245 1938 604 417 179 1939 763 489 257 1944—January... 503 53 79 71 85 215 1940 927 536 320 February. 491 52 80 65 81 213 1941 983 558 372 March. 497 52 82 61 78 224 1942 792 798 408 247 April 496 52 85 61 76 222 1943 636 809 364 228 May. 505 53 89 62 76 225 1944. 742 876 403 234 June. . 518 56 93 62 76 231 July 527 61 94 62 77 233 1943 August 532 62 95 62 78 235 July 53 62 30 18 September 534 62 96 62 80 234 August 54 64 29 17 October.. 538 60 97 67 80 234 September 57 70 32 21 November 544 59 97 70 83 235 October 51 67 28 19 December. 559 57 99 75 83 245 November 50 70 29 18 December 58 95 32 23 1945—January 561 55 100 80 82 244 February** 555 55 101 76 83 240 1944 January 49 53 27 15 Volume extended during February 51 60 29 18 month: March 73 94 38 26 1944— M A F J e p a a b n r r i r u c l u h a a ry ry 8 9 7 7 2 5 0 3 1 9 8 1 7 1 1 1 1 8 5 9 5 1 1 1 8 1 4 0 6 4 4 5 5 3 3 3 2 6 3 5 M J J A u u p a l n r y y e il 6 5 6 6 3 6 5 9 6 7 7 7 1 3 2 5 3 3 3 3 3 0 8 5 2 2 1 1 0 2 6 9 May 97 12 21 15 7 42 August... 64 70 35 20 June 100 12 20 13 8 47 September 60 67 33 19 July 95 14 20 11 8 42 October 61 68 34 18 August 94 13 19 11 9 42 November 60 77 34 18 September 89 10 17 12 9 41 December 71 106 37 23 N O o ct v o e b m er ber 9 9 2 1 1 1 0 0 1 1 8 8 1 1 4 5 9 8 4 4 1 0 1945 December.. 102 8 18 18 8 50 J F a e n b u ru a a ry ry^. . 6 6 1 5 5 5 8 6 r3 2 3 9 1 1 6 6 1945—January 96 9 20 17 7 43 February*7. . 86 9 19 12 7 39 r Revised. P Preliminary. 1 These figures for loans made include only personal instalment cash loans v Preliminary. and retail automobile direct loans, which are shown elsewhere on this page, 1 Includes not only loans insured by Federal Housing Administration and a small amount of other retail direct loans (3 million dollars in February but also noninsured loans. 1945) not shown separately. 2 This series is in process of revision. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 c P h e a r n c g e e n t f a r g o e m c P h e a r n c g e e n t f a r g o e m Instalmen. accounts a C cc h o a u r n ge ts preceding corresponding Item Feb. m J o a n n t . h Dec. Fe p b r . e m c o e J d n a i t n n h g . o y f e D a e r c. D s m e to p e r a n 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 a s 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 a n e t r s t- 1945 1945 1944 1945 1945 1944 Net sales: 1944 Total +3 -41 +18 +12 +20 +16 January 30 20 22 31 61 Cash sales -2 -46 +34 +21 +21 +20 February 30 20 22 31 61 Credit sales: March 36 23 26 34 65 Instalment +8 -46 +9 +7 +15 +16 April 31 23 26 28 63 Charge account >j -28 +29 +3 +25 + 13 May 33 25 26 30 64 June 31 24 28 30 63 Accounts receivable, at end of July 30 23 29 31 61 month: August 34 24 32 31 64 Total -3 Q +8 +1 0 -1 September .. 35 24 33 32 64 Instalment -3 -8 +7 +1 -2 October 39 26 36 34 65 November... 39 24 37 34 67 Coll T ec o t t io al ns during month: -10 0 __< +5 +7 +4 December... 36 23 39 49 61 Instalment -8 -6 +3 +1 +3 +6 1945 January 32 21 r34 r31 61 Inventories, end of month, at February 30 21 31 31 61 retail value +5 +3 -11 -2 -6 -10 r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. APRIL 1945 387 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 Farm Year, month, or week m c t o o i m e 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 c a e t n 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 i a 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 p c r C o a a l h d l s l e u i e m a c d n t i s d - 1 i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 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 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 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 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1943—Nov ember 102.9 121.4 105.8 97.4 116.5 97.7 81.2 103.8 113.1 95.0 102.8 93.2 December 103.2 121.8 105.6 97.6 117.0 97.7 82.1 103.8 113.4 95.0 102.8 93.3 1944—January 103.3 121.8 104.9 97.8 117.2 97.7 82.3 103.7 113.5 95.0 104.5 93.2 February.. 103.6 122.5 104.5 98.0 116.9 97.7 83.1 103.7 113.6 95.0 104.2 93.4 March 103.8 123.6 104.6 98.1 116.9 97.8 83.0 103.7 114.2 95.0 104.3 93.5 April 103.9 123.2 104.9 98.4 116.9 97.8 83.0 103.7 115.2 95.5 104.3 93.5 May 104.0 122.9 105.0 98.5 117.0 97.8 83.2 103.7 115.7 95.5 104.3 93.5 June 104.3 125.0 106.5 98.5 116.4 97.8 83.3 103.7 115.9 95.3 104.3 93.5 July 104.1 124.1 105.8 98.5 116.2 98.0 83.2 103.7 115.9 95.5 104.3 93.6 August 103.9 122.6 104.8 98.6 116.0 98.4 83.2 103.8 116.0 95.5 104.4 93.6 September 104.0 122.7 104.2 98.6 116.0 99.2 83.0 103.8 116.0 94.9 104.4 93.6 October 104.1 123.4 104.2 98.7 116.2 99.4 82.9 103.7 116.3 95.0 104.4 93.6 November 104.4 124.4 105.1 98.8 116.2 99.4 83.1 103.7 116.4 94.8 104.4 94.0 December 104.7 125.5 105.5 98.9 117.4 99.5 83.1 103.8 116.4 94.8 104.4 94.2 1945—January 104.9 126.2 104.7 99.1 117.5 99.6 83.3 104.0 116.8 94.9 104.5 94.2 February 105.2 127.0 104.7 99.2 117.6 99.7 83.3 104.2 117.0 94.9 104.5 94.6 Week ending: 1944—Nov. 4 104.0 124.0 104.4 98.8 116.7 98.9 83.5 103.8 116.4 94.7 106.1 93.4 Nov. 11 104.1 124.4 104.9 98.8 116.7 98.9 83.5 103.8 116.4 94.7 106.1 93.4 Nov. 18 104.1 124.5 104.9 98.9 116.7 98.9 83.6 103.8 116.4 94.8 106.1 93.4 Nov. 25 104.1 124.1 105.0 98.9 116.7 98.9 83.6 103.9 116.4 94.8 106.1 93.5 Dec. 2 104.2 124.6 105.1 99.0 116.7 98.9 83.7 103.9 116.4 94.8 106.1 93.7 Dec. 9 104.2 124.4 105.4 99.0 116.7 98.9 83.7 103.9 116.4 94.8 106.1 93.9 Dec. 16 104.4 125.6 105.7 99.0 116.7 98.9 83.7 103.9 116.4 94.8 106.1 93.9 Dec. 23 104.6 126.2 105.7 99.0 116.7 99.0 83.7 103.9 116.4 94.8 106. 93.9 Dec. 30 104.7 126.7 105.5 99.1 117.9 99.0 83.6 103.9 116.4 94.8 106. 93.9 1945—Jan. 6 104.6 125.9 104.6 99.1 117.9 99.0 83.6 103.9 116.4 94.9 106. 93.9 Jan. 13 104.7 126.3 104.7 99.2 117.9 99.0 83.9 104.0 116.4 94.9 106. 94.0 Jan. 20 104.8 126.6 105.0 99.3 117.9 99.0 83.9 104.2 116.7 94.9 106. 94.0 Jan. 27 104.7 125.8 104.4 99.3 117.9 99.0 83.9 104.3 116.7 94.9 106.1 94.0 Feb. 3 104.7 125.7 104.3 99.3 117.9 99.1 84.0 104.2 116.7 94.9 106.2 94.1 Feb.10 104.9 126.8 104.9 99.3 118.0 99.1 84.0 104.2 116.7 94.9 106.2 94.1 Feb.17 105.0 127.2 104.8 99.3 118.0 99.1 83.8 104.3 116.9 94.9 106.2 94.1 Feb. 24 104.8 126.4 104.1 99.3 118.0 99.1 83.8 104.3 116.9 94.9 106.2 94.1 Mar. 3 105.0 127.2 104.5 99.4 118.1 99.2 83.8 104.3 116.9 94.9 106.2 94.3 Mar. 10 105.1 127.1 104.5 99.4 118.1 99.2 83.8 104.3 116.9 94.9 106.2 94.4 Mar. 17 105.1 127.4 104.6 99.4 118.2 99.2 83.9 104.3 116.9 94.9 106.2 94.4 Mar. 24 105.1 127.0 104.5 99.4 118.2 99.2 83.9 104.3 116.9 94.9 106.2 94.4 1945 1944 1945 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. NoV. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 129.3 124.8 127.5 129.3 129.8 Agricultural implements 97.0 97.5 97.5 97.5 97.5 Livestock and poultry 123.3 U1.0 126.9 131.1 133.8 Farm machinery 98.1 98.7 98.7 98.7 98.7 Other farm products 119.3 121.8 123.2 121.5 121.4 Iron and steel 97.1 97.1 97.2 97.7 98.0 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.7 110.7 110.7 110.8 110.8 Nonferrous metals 85.8 85.8 85.8 85.9 85.9 Cereal products 95.1 94.7 94.7 94.7 94.9 Plumbing and heating 918 92.4 92.4 92.4 92.4 Fruits and vegetables 120.7 113.7 116.2 114.4 118.1 Building Materials: Meats 106.0 106.1 106.2 106.4 106.5 Brick and tile 100.1 105.0 105.3 110.4 110.5 Other foods 93.5 99.3 99.7 97.3 95.1 Cement 936 97.7 97.5 97.4 99.0 Hides and Leather Products: Lumber 1484 1538 153.8 153.8 153.9 Shoes 126.4 126.3 126.3 126.3 126.3 Paint and paint materials... 1039 1063 106.3 106.3 106.4 Hides and skins 111.0 107.1 114.0 114.8 115.4 Plumbing and heating 918 924 92.4 92.4 92.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 1073 1073 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.... 1028 1033 103.3 103.5 103.6 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 963 955 95.6 95.8 95.8 Cotton goods 113.4 118.8 119.2 119.7 119.9 Drugs and Pharmaceuticals1 1064 1069 106.9 106.9 106.9 Hosiery and underwear 70.5 71.5 71.5 71.5 71.5 Fertilizer materials 814 818 81.8 81.9 81.9 Silk Mixed fertilizers 863 866 86.6 86.6 86.6 Rayon 30.3 30.2 30.2 30.2 30.2 Oils and fats 1020 1020 102.0 102.0 102.0 Woolen and worsted goods. 112.5 112.9 112.9 112.7 112.7 Housefurnishing Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings 1071 1074 107.4 107.5 107.5 Fuel and Lighting Materials: Furniture 1014 1015 101.5 101.5 101.5 Anthracite 97.8 95.3 95.3 95.3 95.3 Miscellaneous: Bituminous coal 119.9 120.5 120.5 120.5 120.5 Auto tires and tubes 730 730 73.0 73.0 73.0 Coke 130.7 130.7 130.7 130.7 130.7 Cattle feed 159.6 1596 159.6 159.6 159.6 Electricity 60.1 60.1 Paper and pulp 1066 1072 107.3 107.6 108.0 Gas 77.2 77.3 "74^6* Rubber, crude 462 462 46.2 46.2 46.2 Petroleum products 64.0 63.8 63.8 64.3 64.3 Other miscellaneous 967 978 98.2 98.2 98.9 1 Chemicals and allied products group and drugs and Pharmaceuticals revised from October 1941. Back figures.—Bureau of Labor Statistics, Department of Labor. 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK REVISED EDITION OF CHART BOOK* Chart 1945 1945 book page Feb. Feb. Mar. Mar. Mar. 212 7 14 21 WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY Reserve Bank credit, total 2 20.00 20.16 20.15 20.30 20.17 RESERVES AND CURRENCY U. S. Govt. securities, total 3 19.23 19.44 19.35 19.5819.49 Reserve Bank credit 6 19.61 19.39 1988 Bills 3 11.62 11.83 11.74 11.9711.S Gold stock 6 20.66 20.58 2052 Certificates 3 4.92 4.92 5.41 5.41 5.41 Money in circulation 6 25.21 25.24 2553 Notes 3 1.56 1.56 1.07 1.07 1.07 Treasury cash 6 2.36 2.37 238 Bonds 3 1.14 1.13 1.13 1.13 1.13 Treasury deposits 6 67 .53 54 Gold D s i t s o c c o k unts and advances 2 2 20. . 5 2 1 9 20. . 5 3 1 2 20. . 4 3 5 0 20. . 4 26 520. . 4 1 5 9 Mem C b e e n r t b ra a l n k re s r e e r s v e e r v c e i s t , y to b t a a n l k s 6, 1 7 3 1 4 4. .6 1 3 7 1 4 4 . . 5 0 7 5 1 4 40 6 4 8 Money in circulation 2 25.65 25.75 25.86 25.8825.84 Reserve city banks 13 5.65 5.63 559 Treasury cash 2 2.38 2.36 2.37 2.36 2.36 Country banks 13 388 3.85 377 Treasury deposits 2 .52 .46 .29 .26 .10 Required reserves, total 7 1288 12.93 1308 Member bank reserves 2,4 14.00 14.23 14.21 14.4614.58 Central reserve city banks 13 460 4.56 465 Required reserves 4 13.15 13.28 13.34 13.4713.51 Reserve city banks 13 529 5.33 533 Excess reservese 4 .85 .95 .87 1.07 Country banks 13 299 3.04 310 Exce N ss e w r e Y se o r r v k e s C ( i w ty eekly average), total6 .. 5 5 . .0 9 2 1 . . 0 8 2 9 . .9 0 8 1 .02 E B x a c la e n s c s e r s e s d e u r e v e fr s o , m t o b ta a l n ks:4 , 7 128 1.11 96 Chicago 5 .01 .01 .01 Reserve city banks 13 191 1.88 176 R C e o s u e n r t v r e y c b i a ty n k b s a e nks 5 5 . . 2 6 3 5 . . 6 2 3 4 . . 7 2 0 7 P. . 7 3 2 0 Mon C B e o y i u l l n i s n t r o y c f i r b $ c a 5 u n 0 l k a a s t n io d n , o v to er t al 1 8 8 3 2 4 7 5 0 3 7 0 1 3 25 3 7 . . . 9 8 2 3 4 9 2 3 7 5 6 9 7 3 7 5 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 1321 13.18 1346 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.37 4.28 432 Loans and investments 58.75 58.50 58.42 58.1658.07 D U. e m S. a n G d o v d t e . p o o b s l i i t g s a a ti d o j n u s sted 4 3 4 6 . .6 1 4 1 4 3 3 7. . 0 9 2 1 4 3 3 7 . . 9 1 8 5 4 3 3 7 . . 8 64 0 4 3 3 7 . . 7 5 7 9 Total deposi A ts L L a n B d A N cu K r S r e I n N c y U . S. 9 P15070 P150.40 *>150.30 U. S. Govt. deposits 11.12 10.57 9.99 9.53 9.39 Demand deposits 9 P66!90 *>68.20 40 Loans 11.69 11.63 11.52 11.4211.28 Time deposits. 9 P39 70 2*40.40 P41.30 New York City: Currency outside banks 9 P2350 P23.60 P2410 Loans and investments 21.04 20.88 20.80 20.6120.59 U. S. Govt. deposits 9 ^20.60 PIS.20 PIS50 U. S. Govt. obligations, total 15.32 15.19 15.19 15.03 15.05 N B C o e o r n t t e d i s f s ic a a n t d e s guar. securities 3 3 7 . . . 3 3 8 4 7 7 3 3 7 . . .9 4 3 2 3 1 3 2 7 . . . 8 7 9 6 7 3 3 2 7 . . . 8 9 7 2 3 3 3 2 . . 8 7 2 2 Cons S u i m ng e l r e p cr a C e y O d m N it S e , U nt M t o E l t o R a a l n C s R EDIT 1 1 8 8 5 12 7 2 9 p p1 5 . . 2 4 1 8 p p 5 \ . . 3 1 1 9 Bills .74 .53 .63 .56 .58 Charge accounts 18 176 PI. 53 P\.43 Demand deposits adjusted 13.35 13.43 13.52 13.6813.69 Service credit 18 73 P. 73 P.74 U. S. Govt. deposits 4.65 4.40 4.14 3.94 3.86 Instalment credit, total 18, 19 208 P2.01 PI.96 Interbank deposits 3.70 3.75 3.77 3.73 3.69 Instalment loans. . 19 125 ^1.23 PI.22 Time deposits .95 .95 .95 .96 •99 Instalment sale credit, total 19 84 P.78 P.74 Loans, total 4.75 4.73 4.67 4.63 4.53 Automobile 19 20 P. 19 P.19 Commercial 2.43 2.41 2.39 2.39 2.37 Other 19 64 P.59 P.55 For purchasing securities: Brokers'—on U. S. Govts .77 .77 .75 .76 .72 TREASURY FINANCE T B o ro o k t e h r e s' r — s on other securities.. . . 5 5 6 6 . . 5 5 9 4 . . 5 5 7 2 . . 5 4 7 9 . . 5 4 8 5 U. t o S t . a G l o i v n t t . e r o e b s l t i - g b a e t a io ri n n s g outstanding, 20 23036 232.17 232.97 100 citie A s l o l u o ts th id e e r New York: .43 .43 .43 .43 .42 By c B la o s n s d es s o (m f a s r e k c e u t r a it b i l e e s : issues). 20 9158 92.22 92.35 Loans and investments 37.71 37.62 37.63 37.55 Notes, cert., and bills 20 6987 69.84 69.83 U. S. Govt. obligations, total 28.78 28.72 28.79 28.7^ 28.73 Savings bonds and tax notes 20 5092 51.72 52.34 Bonds 14.24 14.30 14.31 14.3: 14.39 Special issues 20 1633 16.69 17.13 N Ce o r t t e i s f ic a a n t d e s guar. securities 6 6. . 1 7 5 0 6 6. . 1 6 , 8 5 7 . . 0 6 6 9 5 7 . . 0 6 5 : 5 7 . . 0 6 5 1 By m 5 a y t e u a r r i s t ie a s n : d over 20 8392 84.56 84.68 Bills 1.70 1.61 1.72 1.68 1.68 5-20 years 20 5869 59.14 59.25 Demand deposits adjusted 23.29 23.58 23.63 23.9623.89 5-10 years 20 44.16 44.62 44.74 U. S. Govt. deposits 6.47 6.17 5.85 5.59 5.53 Within 5 years 20 77.73 77.70 77.69 L T In o im t a e n e r s b , d a e n t p o k o t a s d l i e ts posits 6 6 7 . . . 9 1 0 4 6 1 6 6 7 . . . 1 9 0 2 0 6 6 6 7 . . . 8 2 1 5 8 1 6 6 7 . . . 4 7 1 4 9 3 6 6 7 . . . 3 7 1 : 5 5 W B C i e i l r t l h t s i i f n ic a 1 t e y s e ar 2 2 2 0 0 0 5 3 1 2 0 6 . . . 3 4 4 5 3 0 5 3 1 5 0 6 . . .4 7 4 0 6 0 5 3 1 5 0 6. . . 7 4 4 5 0 0 F A C o o ll r m o p m t u h e r e r c r c h i a a s l ing securities 3 1 1 . . . 8 0 9 8 8 8 3 1 1 . . . 8 0 9 4 9 8 3 1 1 . . . 8 9 0 1 8 6 3 1 1 . . . 8 0 9 0 1 8 3 1 1 . . . 7 0 9 9 0 6 Hold F C F in e e o d d g m . s e m r a o a g e l f e r R c U n i c e a . i s l S e e s . b r G v a a e n n o k d v B s t a . t r n o u k b s s l t ig fu at n i d o s n . s . : 2 2 2 1 1 1 7 2 1 7 1 8 . . . 5 8 6 0 5 7 7 2 1 1 8 9 . . . 0 9 2 1 6 0 ""22 19. ^ 4 4 4 0 Per cent per annum M In u su tu ra a n l c s e a v c i o n m gs p a b n a i n e k s s 2 2 1 1 1 8 9 . . 3 6 0 0 2 8 0 . . 6 0 0 0 T T r r e e a a s s u ur r y y b n i o l t l e s s (n M (t e O a w x N a E i b s Y s l e u R ) e A s) T ES, ETC. 2 2 4 4 1 . . 3 2 7 0 5 1. 5 2 7 0 5 i 3 . 7 1 5 8 i 3 . 7 1 5 91 .3 .1 75 8 Othe M r a in rk v e e t s a t b o l r e s , is to su ta e l s 2 2 1 1 8 3 4 5 . . 4 2 0 0 8 3 4 4 . . 4 4 0 0 U. S. Goyt. bonds: Partially tax exempt 24, 26 1.73 172 l.69 l.701.70 Taxable 24, 26 2.37 238 2.40 2.412.40 Per cent per annum C H C o o ig r r h p p - o o g r r r a a a t t e e d e A B c a a o a a r p b b o o o r n n a d d t s e s bonds (5 issues) 2 2 2 6 6 6 3 2 2 . . . 4 6 5 0 5 5 3 2 2 . . 6 3 5 3 9 3 3 2 2 . . . 6 3 5 2 8 1 3 2 2 . . . 5 3 6 1 8 2 3 2 2 . . . 3 5 6 8 0 F C . o R rp . o B ra a t n e k A d M a i O a sc N b o E o u Y n n d t R s A ra T t E e S , ( N ET . C Y . .). 2. . 7 5 0 0 2. . 6 5 9 0 2. . 6 5 5 0 In unit indicated Treasury bills (new issues) .375 .375 .375 Stoc I k n d p u ri s c t e r s i al ( 1935-39 = 100), total 2 2 7 7 1 1 1 1 4 6 . . 1 3 1 1 1 17 4 . . 3 8 1 1 1 1 5 8 . . 4 0 1 1 1 12 4 . . 5 8112.0 In unit indicated Railroad 27 127.8 126.8 127.2 124.3 Public utility 27 97.2 97.5 97.8 96.2 95.6 Volume of trading (mill shares) 27 1.66 1.66 1.66 .83 .98 Stock prices (1935-39 = 100): Total 27 104.7 108.4 113.0 BUSINESS CONDITIONS Industrial 27 106.4 110.4 115.2 Steel production (% of capacity) 37 96.4 94.6 95.9 94.5 Railroad 27 113.9 120.7 125.3 Electric power prod. (mill. kw. hrs.) 37 4,474 4,472 4,446 4,398 Public utility 27 92.4 93.8 96.8 Freight carloadings (thous. cars) 45 772 785 766 816 Volume of trading (mill, shares).... 27 1.42 1.65 1.66 Department store sales (1935-39 = 100)... 45 177 182 204 214 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 49 104.8 105.0 105.1 105.1 Credit extended customers 29 1,041 el,090 el,120 Farm products 49 126.4 127.2 127.1 127.4127.0 Money borrowed 29 726 e730 e73O Other than farm and food. 49 99.3 99.4 99.4 99.4 Customers' free credit balances 29 472 e530 For footnotes see following page. 8 APRIL 1945 3 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1945 Chart 1944 1945 book book page Dec. Jan. Feb. Dec. Jan. | Feb. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Wholesale prices (1926 = 100): Income payments (mill, dollars) :5 Total 49 104.7 104.9 105.2 Total 30 13,378 13,540 13,72: Farm products 49 125.5 126.2 127.0 Salaries and wages 30 9,501 9,562 9,60: Other than farm and food 49 98.9 99.1 99.2 Other 30 3,877 3,978 4,12: Cash farm income (mill, dollars): Total 31 1,747 1944 1945 Livestock and products 31 922 Crops 31 775 Govt. payments 31 50 QUARTERLY FIGURES Armed forces (mill, persons)6 32 11.9 11.9 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total 32 51.3 51.0 51. Bank rates on customer loans: Male 33 33.7 33.7 33.7 Total, 19 cities 23 2.69 2.39 Female 33 17.5 17.3 17.8 New York City 25 2.18 1.93"i'.99 Unemployment 32 .7 .8 g Other Northern and Eastern cities 25 2.82 2.61 Employment 32 50.6 50.1 50^6 Southern and Western cities 25 3.14 2.65 Nonagricultural 33 43.5 43.4 43.8 Industrial pr A o g d r u i c c t u io lt n u r :5 al ... 33 7.1 6.7 6.8 SECURITY MARKETS In millions of dollars Total (1935 39 = 100) .35 234 P235 Corporate security issues: Groups (points in total index): Net proceeds: Durable manufactures 35 130.3 130.6 p131.2 All issues 28 843 1,214 Nondurable manufactures 35 81.2 81.8 P82.2 Industrial 28 260 233 Minerals 35 20.8 21.4 Railroad 28 344 170 New orders, shipments, and inventories (1939 = 100): Public utilities 28 232 766 New orders: New money: Total 36 2*310 All issues 28 144 201 Durable 36 386 Industrial 28 82 142 Shipments: Railroad 28 49 5 Total 36 282 P273 Public utility 28 10 12 Durable 36 391 P366 Nondurable 36 207 1944 Inventories: Total 36 168 p167 Durable 36 193 p192 Factory N em on p d lo u y ra m b e l n e t and pay rolls (1939 = 100): 36 147 plte CALL DATE FIGURES Pay rolls 38 331. 330.3 In billions of dollars Employment 38 161.0 160.1 P159.9 ALL MEMBER BANKS Hours and earnings at factories: Loans and investments, total 10 78.03 83.59 91.57 Weekly earnings (dollars) 39 47.45 47.52 U. S. Govt. obligations, total 10 56.77 60.34 67.69 Hourly earnings (cents) 39 104.0 104.7 Bonds 11 0) 30.12 34.93 Hours worked (per week) 39 45.6 45.4 Certificates 11 (7) 14.23 13.98 Nonagricultural employment (mill, persons):5 Notes 11 w 10.64 14.13 Total 40 38.2 38.6 Bills 11 (7) 4.47 3.75 Manufacturing and mining 40 16.4 16.4 Guaranteed obligations 11 (7\ .89 .90 Trade 40 7.0 7.3 7 Other securities, total 10 5.12 5.17 5.21 Government 40 6.1 6.0 P6.0 State and local govt. obligations 11 2.82 2.83 2.86 Transportation and utilities 40 3.8 3. p3.8 Other securities 11 2.30 2.33 2.35 Cons C t o ru n c s t t i r o u n c t c io o n n tracts (3 mo. moving average, mill. 40 0.6 0.6 PQ.6 Loan C s o , m to m ta e l r cial 1 1 0 1 18 ( 6.173 ) 1 7 8 . . 0 0 2 8 1 7 8 . . 5 6 3 7 dollars):5 Real estate 11 3.21 3.21 Total 41 209 195 Brokers' 11 1.66 1.74 Residential 41 26 25 Agricultural 11 1.02 1.20 Other 41 183 170 Demand deposits adjusted 10 53.26 51.83 57.31 Residential contracts (mill, dollars) :5 Total 42 27 25 CLASSES OF BANKS Public 42 7 4 Central reserve city banks: Private, total. 42 20 21 Loans and investments, total 12 25.53 27.79 29.45 1- and 2-family dwellings 42 12 13 U. S. Govt. obligations 12 18.59 19.85 21.09 Other 42 Other securities 12 1.38 1.41 1.41 Freight carloadings:5 Loans 12 5.56 6.54 6.94 Total (1935-39 = 100). . .. 43 137 143 139 Demand deposits adjusted 12 17.01 16.32 17.08 Groups (points in total index): Time deposits 12 1.40 1.44 1.63 Miscellaneous 43 82.7 85.9 83.1 Reserve city banks: Coal 43 27.0 29.9 29.5 Loans and investments, total 12 28.68 30.94 33.60 All other 43 27.2 27.7 26.9 U. S. Govt. obligations 12 21.01 22.48 25.04 Department stores (1935-39 = 100) :5 Other securities 12 1.67 1.70 1.74 Sales 44 193 200 212 Loans 12 6.00 6.76 6.82 Stocks 44 136 r148 148 Demand deposits adjusted 12 19.00 18.41 20.27 Exports and imports (mill, dollars): Time deposits 12 6.50 6.81 7.79 Exports 46 934 905 Balances due from banks4 13 1.77 1.90 1.99 Excluding Lend-Lease exports 46 250 255 Country banks: Imports 46 336 332 Loans and investments, total 13 23.82 24.85 28.52 Excess of exports excluding Lend-Lease exports 46 -86 -77 U. S. Govt. obligations. 13 17.17 18.01 21.55 Cost of living (1935-39 = 100): Other securities 13 2.07 2.06 2.06 All items 47 127.0 127.1 126.8 Loans 13 4.58 4.78 4.91 Food 47 137.4 137.3 136.5 Demand deposits adjusted 13 17.25 17.10 19.96 Clothing 47 142.8 143.0 143.3 Time deposits 13 8.27 8.70 9.90 Rent 47 108.3 Balances due from banks4 13 3.22 3.62 4.08 e Estimated. v Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Figures for Feb. 7 (the latest shown in the Chart Book) and for Feb. 14 are shown on p. 391. 3 Less than 5 million dollars. 4 Balances due from banks will be shown monthly (averages of daily figures) instead of call dates shown to December 1944. 5 Adjusted for seasonal variation. 6 The figure for November 1944 (not shown on the chart) is 11.9. * Figures available for June and December dates only. * Current figures are for revised edition of the Chart Book announced on p. 340. Copies may be obtained at a price of 50 cents each. 39° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT FIGURES FOR FEDERAL RESERVE CHART BOOK—Continued 1945 Chart Chart book book page Feb. Feb page Feb. Feb. 7 14 7 14 In billions In billions SUPPLEMENTARY WEEKJLY FIGURES1 of dollars SUPPLEMENTARY WEEKLY FIGURES-Cont. of dollars RESERVES AND CURRENCY MEMBER BANKS IN LEADING CITIES—Cont. Reserve Bank credit, total ^. 2 19.70 19.92 100 cities outside New York: U. S. Govt. securities, total 3 19.0619.18 Loans and investments 15 37.91 37.87 Bills 3 11.4111.54 U. S. Govt. obligations, total 15 28.93 28.86 Certificates 3 4.93 4.9, Bonds 16 14.16 14.21 Notes 3 1.57 1.57 Certificates 16 6.79 6.73 Bonds 3 1.16 1.15 Notes and guar. securities 16 6.15 6.15 Discounts and advances 2 .20 .23 Bills 16 1.82 1.76 Gold stock 2 20.5520.51 Demand deposits adjusted 15 22.98 23.16 Money in circulation 2 25.4125.53 U. S. Govt. deposits 15 6.94 6.75 Treasury cash 2 2.37 2.39 Interbank deposits 15 6.16 6.32 Treasury deposits 2 .59 .55 Time deposits 15 6.94 6.97 Member bank reserves 2,4 13.9514.02 Loans, total 15 7.02 7.02 Required reserves 4 3.0013.03 Commercial 17 3.90 3.91 Excess reserves6 4 .95 1.00 For purchasing securities 17 1.13 1.13 Excess reserves (weekly average), total6... 5 .98 .98 Aliother. 17 1.99 1.98 New York City 5 .02 .01 Per cent per Chicago 5 .01 .01 MONEY RATES, ETC. annum Reserve city banks.. 5 .24 .26 Country banks6... 5 .71 .71 Treasury bills (new issues). 24 .375 .376 Treasury notes (taxable).. ... 24 1.24 1.23 MEMBER BANKS IN LEADING CITIES U. S. Govt. bonds: Partially tax exempt.. 24, 26 1.76 1.74 Total—101 cities: Taxable 24, 26 2.40 2.39 Loans and investments 59.0158.92 High-grade corporate bonds (5 issues) 26 2.57 2.5'. U. S. Govt. obligations 44.22 44.06 Corporate Aaa 26 2.66 2.65 Demand deposits adjusted... 36.0336.28 Corporate Baa 26 3.42 3.41 U. S. Govt. deposits 12.00 11.66 In unit Loans 11.89 indicated New York City: Loans and investments 10 21.06 Stock prices (1935-39 - 100), total 27 110.7 112.4 U. S. Govt. obligations, total 29 15.21 Industrial 27 112.7 114.6 Bonds 7.86 Railroad 27 121.9 124.6 Certificates 3.37 Public utility 27 96.1 96.4 Notes and guar. securities 3.30 Volume of trading (mill, shares) 27 1.50 1.89 Bills .68 Demand deposits adjusted 13.0513.13 BUSINESS CONDITIONS U. S. Govt. deposits 4.90 Interbank deposits 3.68 Steel production (% of capacity) 37 87.9 91.4 Time deposits .94 Electric power prod. (mill. kw. hrs.) 37 4,505 4,472 Loans, total. 4.88 Freight carloadings (thous. cars) 45 755.4 784.7 Commercial 2.46 Department store sales (1935-39 = 100) 45 172 176 For purchasing securities: Wholesale prices (1926 = 100), total 49 104.9 105.0 Brokers'—on U. S. Govts Farm products 49 126. 127.2 Brokers'—on other securities.. Other than farm and food 49 99.3 99.3 To others All other For footnotes see preceding page. APRIL 1945 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 30, 1944, BY CLASSES OF BANKS [Amounts in thousands of dollars] Ne C w e m n Y e tr m o a r l b k e r r e s b er a C v n h e k i s c c 1 a it g y o m R b e e a c s m n i e t k y b r s v e 1 e r C m b o e a u m n n k b t s r e 1 y r m b e a A m n ll b k e s r n m a b e t a A m i n o l b l k n e s a r l A m b l e l a m n S k b t s a e t r e ASSETS Loans and investments 24,003,083 5,442,561 33,603.290 28,520,225 91,569,159 58,308,000 33,261,159 Loans (including overdrafts) 5,759,951 1,184,243 6,821^05 4,910,063 18,676,062 11,479,900 I 7,196,162 United States Government direct obligations 16,989,524 3,882,244 24,601,493 21,310,369 66,783,630 42,655,114 ! 24,128,51b Obligations guaranteed by United States Government... 189,108 30,778 440,497 241,354 901.737 636,862 ! 264,875 Obligations of States and political subdivisions 468,150 160,324 999,516 1,229,770 2,857,760 2,052,310 i 805,450 Other bonds, notes, and debentures 483,306 168,570 626,892 752,455 2,031,223 1,342,365 j 688,858 Corporate stocks (including Federal Reserve Bank stock) 113,044 16,402 113,087 76,214 318,747 141,449 177,298 Reserves, cash, and bank balances 4,921,356 1,378,332 10,237,585 9,322,765 25,860,038 17,569,598 8,290,440 Reserve with Federal Reserve Banks 3,765,700 898,684 5,686,769 3,909,379 14,260,532 9,248,647 5,011,885 Cash in vault 102,421 42,617 441,457 684,212 1,270,707 882,545 388,162 Demand balances with banks in United States (except private banks and American branches of foreign banks). 72,788 175,551 1,986,580 4,080,223 6,315,142 4.810,686 1,504,456 Other balances with banks in United States 3,600 1,509 17,442 16,737 39,288 29,472 9,816 Balances with banks in foreign countries 10,257 509 4,386 1,672 16,824 9,567 7,257 Cash items in process of collection 966,590 259,462 2,100,951 630,542 3,957,545 2,588,681 1,368,864 Due from own foreign branches 217 217 217 Bank premises owned and furniture and fixtures 179,532 16,784 278,247 341,977 816,540 511,577 ,"H,963 Other real estate owned 6,782 15,467 18,824 41,073 18,157 -.2,916 Investments and other assets indirectly representing bank premises or other real estate 4,942 224 50,676 14,522 70,364 47,640 22,724 Customers' liability on acceptances 35,724 2,458 22,275 1,941 62,398 42,715 19,683 Income accrued but not yet collected 68,422 15,504 84,056 38,061 206,043 121,655 84,388 Other assets , 10,073 4,126 40,160 25,563 79,922 48,140 31,782 Total assets 29,230,131 6,859,989 44,331,756 38,283,878 118,705,754 76,667,482 42,038,272 LIABILITIES Demand deposits 25,760,138 5,848,495 34,016,103 25,974,979 91,599,715 58,918,523 32,681,192 Individuals, partnerships, and corporations 14,448,406 3,100,251 20,371,251 18,350,351 56,270,259 36,233,192 20,037,067 U. S. Government: War loan and Series E bond accounts 6,669,801 1,398,090 6,070,076 4,103,745 18,241,712 10,796,413 7,445,299 Other.... 51,805 2,169 86,979 126,235 267,188 221,120 46,068 States and political subdivisions 198,755 167,347 1,509,159 1,868,311 3,743,572 2,800,945 942,627 Banks in United States 3,179,348 1,131,974 5,420,687 1,148,779 10,880,788 7,555,274 3,325,514 Banks in foreign countries 850,624 16,088 70,077 8,163 944,952 463,372 481,580 Certified and officers' checks, cash letters of credit and travelers' checks, etc 361,399 32,576 487,874 369,395 1,251,244 848,207 403,037 Time deposits 1,012,549 619,772 7,788,247 9,896,263 19,316,831 12,939,028 6,377,803 Individuals, partnerships, and corporations 976,691 619,122 7,560,516 9,650,391 18,806,720 12,561,603 6,245,117 United States Government 7,384 39,623 54,114 101,121 80,252 20,869 Postal savings 793 3,048 3,841 3,300 541 States and political subdivisions 17,479 650 154,477 174,606 347,212 256,240 90,972 Banks in United States 1,145 31,838 14,104 47,087 34,083 13,004 Banks in foreign countries 9,850 1,000 3,550 7,300 10,850 Total deposits 26,772,687 6,468,267 41,804,350 35,871,242 71.857,551 39,058,995 110,916,546 Due to own foreign branches 179,081 4,862 175,149 8,794 Bills payable, rediscounts, and other liabilities for borrowed 183,943 money 95,750 15,505 111 ,255 54,180 57,075 Acceptances outstanding 41,832 2,512 25,967 1,978 72,289 48,463 23,826 Dividends declared but not yet payable 21,467 1,310 13,018 9,784 45,579 29,641 15,938 Income collected but not yet earned 5,876 1,679 18,097 11,076 36,728 24,560 12,168 Expenses accrued and unpaid 86,088 25,899 106,051 45,310 263,348 168,053 95,295 Other liabilities 61,180 6,597 32,580 7,933 108,290 45,265 63,025 Total liabilities. 27,263,961 6,506,264 42,004,925 35,962,828 111,737,978 72,402,862 39,335,116 CAPITAL ACCOUNTS Capital 587,160 133,000 803,816 945,065 2,469,041 1,563,055 905,986 Surplus 1,001,255 146,650 1,023,424 876,265 3,047,594 1,805,960 1,241,634 Undivided profits 293,098 32,514 319,223 363,668 1,008,503 631,385 377,118 Other capital accounts 84,657 41,561 180,368 136,052 442,638 264,220 178,418 Total capital accounts . 1,966,170 353,725 2,326,831 2,321,050 6,967,776 4,264,620 2,703,156 Total liabilities and capital accounts 29,230,131 6,859,989 44,331,756 38,283,878 118,705,754 76.667,482 42,038,272 MEMORANDA Par or face value of capital 587,160 133,000 803,816 945,747 2,469,723 1,563,342 906,381 Capital notes and debentures 322 16,390 12,561 29,273 29,273 First preferred stock 8,010 62,116 73,114 143,240 86,386 56,854 Second preferred stock 550 8,527 9,077 5,468 3,609 Common stock 578,828 i33,666 724,760 851,545 2,288,133 1,471,488 816,645 Retirable value of capital: First preferred stock... 20,025 89,396 118,476 227,897 125,342 102,555 Second preferred stock. 550 13,875 14,425 6,731 7,694 Net demand deposits subject to reserve 18,050,959 4,015,715 23,859,071 17,161,941 63,087,686 40,723,198 22,364,488 Demand deposits adjusted2 14,041,970 ! 3,040,712 20,267,333 19,957,515 57,307,530 37,293,663 | 20.013,867 Number of banks 37 I 13 356 6,408 6,814 5,025 i 1,789 1 Banks are classed according to the reserves which they are required to carry (see p. 347). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserye cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS DECEMBER 30, AND JUNE 30, 1944, AND DECEMBER 31, 1943 December 30,1944 June 30,1944 December 31,1943 Banks not Banks not Banks not All insured members All insured members All insured members commercial Federal commercial Federal commercial Federal banks1 Reserve banks1 Reserve banks1 Reserve System System System ASSETS Loans and investments 103,407,825 11,849,829 93,959,854 10,383,502 83,521,587 9,272,818 Loans (including overdrafts) 21,354,758 2,681,032 20,732,091 2,650,895 18,843,488 2,558,557 United States Government direct obligations 74,918,613 8,142,439 66,140,655 6,694,922 56,192,119 5,593,893 Obligations guaranteed by United States Government... 977,613 75,876 963,052 76,344 2,501,430 156,537 Obligations of States and political subdivisions 3,423,732 567,087 3,393,594 561,143 3,287,646 560,165 Other bonds, notes and debentures 2,385,706 354,707 2,388,042 368,453 2,342,211 369,731 Corporate stocks (including Federal Reserve Bank stock). 347,403 342,420 354,693 33,935 28,688 31,745 Reserves, cash, and bank balances 29,746,309 27,190,581 27,191,292 3,403,597 Reserve with Federal Reserve Banks 14,259,603 3,888,250 12,811,799 3,395,505 12,834,452 Cash in vault 1,625,675 1,467,749 1,447,018 314,971 Demand balances with banks in United States (except) 355,102 325^383 private banks and American branches of foreign banks). 9,732,661 8,721,213 2,963,984 8,382,578 2,976,257 Other balances with banks in United States 64,239 3,418,392 64,241 23,442 68,615 26,332 Balances with banks in foreign countries 17,088 24,951 17,936 299 20,398 290 Cash items in process of collection 4,047,043 264 4,107,643 82,397 4,438,231 85,747 89,541 Due from own foreign branches 217 176 9,719 Bank premises owned and furniture and fixtures 940,042 123,572 971,648 130,166 994,269 133,089 Other real estate owned 63,522 22,483 91,671 32,467 122,728 42,116 Investments and other assets indirectly representing bank premises or other real estate 75,527 5,169 80,211 6,021 84,285 7,130 Customers' liability on acceptances 62,801 403 51,660 412 44,625 566 Income accrued but not yet collected 216,599 10,556 205,919 10,154 179,435 9,272 Other assets 100,323 20,401 95,714 17,892 98,051 17,085 Total assets 134,613,165 15,920,663 122,647,434 13,976,119 112,245,991 12,885,673 LIABILITIES Demand deposits 101,793,313 10,193,605 93,051,940 8,723,807 84,956,088 8,023,741 Individuals, partnerships, and corporations 64,148,968 7,878,709 57,364,373 6,608,316 58,346,160 6,525,998 United States Government: War loan accounts 19,455,586 1,213,881 18,431,347 1,087,369 9,665,368 479,483 Other 303,205 36,017 331,631 41,963 285,343 27,526 States and political subdivisions 4,520,308 776,736 4,404,201 766,022 4,353,49' 751,652 Banks in United States 11,063,174 182,386 10,029,890 126,369 9,743,462 140,645 Banks in foreign countries 947,651 2,699 939,819 3,156 893,382 2,312 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,354,421 103,17' 1,550,679 90,612 1,668,876 96,125 Time deposits 23,958,482 4,653,741 21,127,657 4,191,366 19,159,689 3,839,857 Individuals, partnerships, and corporations 23,362,909 4,568,274 20,543,888 4,107,345 18,572,406 3,760,845 United States Government 103,175 2,054 101,853 2,25" 117,206 1,741 Postal savings 5,365 1,524 5,831 1,729 7,097 2,445 States and political subdivisions 423,502 76,295 407,591 74,669 395,059 68,510 Banks in United States 52,67 5,585 57,136 5,358 63,861 6,306 Banks in foreign countries 10,859 11,358 4,060 10 Total deposits 125,751,795 14,847,346 114,179,597 12,915,173 104,115,777 11,863,598 Due to own foreign branches 183,943 209,107 203,508 Bills payable, rediscounts, and other liabilities for borrowed money 121,549 10,294 84,240 9,455 45,679 6,369 Acceptances outstanding 72,693 404 58,23: 430 55,006 684 Dividends declared but not yet payable 48,357 2,778 44,040 1,69' 41,695 2,982 Income collected but not yet earned 46,728 10,000 45,499 9,949 45,449 9,457 Expenses accrued and unpaid 278,97^ 15,630 245,245 13,616 197,759 12,207 Other liabilities 118,859 10,599 70,88' 9,743 87,392 10,802 Total liabilities. . 126,622,898 14,897,05: 114,936,84: 12,960,063 104,792,265 11,906,099 CAPITAL ACCOUNTS Capital 2,912,455 443,41 2,894,735 453,092 2,874,548 458,234 Surplus 3,401,995 355,406 3,190,416 335,028 3,089,817 320,953 Undivided profits 1,169,389 160,97" 1,129,712 162,946 1,006,406 140,485 506,428 63,815 495,72' 64,990 482,955 59,902 Other capital accounts 7,990,267 1,023,612 7,710,587 1,016,056 7,453,726 979,574 Total capital accounts 134,613,165 15,920,663 122,647,434 13,976,119 112,245,991 12,885,673 Total liabilities and capital accounts... MEMORANDA 65,976,654 8,669,08 59,211,610 7,382,55. 59,930,30; 7,288,028 Demand deposits adjusted2 13,268 6,45 13,269 6,49S 13,27- 6,539 Number of banks 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. APRIL 1945 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 396 Gold production . . 397 Gold movements. . 397 Net capital movements to United States since January x, 1935.., 398 Central banks 399-401 Money rates in foreign countries .. 403 Commercial banks. .. 404 Foreign exchange rates .. 405 Price movements: Wholesale prices 406 Retail food prices and cost of living... 407 Security prices . 407 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, APRIL 1945 395 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 c i - h a o- m D a e r n k - 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 J658 735 115 274 6 36 25 61 44 52 2,000 29 1943—Dec. 21,938 734 254 274 5 51 59 61 44 52 2,000 29 1944_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... 20,926 408 734 298 274 5 56 88 61 44 52 Sept.. 20,825 409 298 274 5 56 89 61 44 52 Oct... 20,727 409 313 274 6 56 90 61 44 52 Nov... 20,688 409 314 274 5 56 91 61 44 52 Dec... 20,619 409 j 329 6 56 92 44 1,777 29 1945—Jan... 20,550 732 7 57 ! 94 Feb... 20,506 732 6 I. 95 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java N l e a t n h d e s r - Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1 1 9 9 3 3 8 9 — — D D e e c c . . . . . . 3 2 7 4 2 2 6 6 1 1 9 4 3 4 1 1 6 6 4 4 90 3 2 2 9 6 9 9 9 2 8 2 2 3 3 ,94 2 2 0 0 3, 8 8 S 4 6 6 9 9 1 1 3 5 3 2 2 24 2 9 0 4525 1 1 9 9 4 4 0 1— — D D e e c c . . . . . . 2 2 4 4 2 2 6 6 120 61 1 6 6 4 4 2 1 3 4 5 0 4 4 7 7 6 5 1 7 7 5 2 2 3 3 3 84 2 2 0 1 5 5 9 9 1 1 5 8 8 2 3 3 6 6 6 7 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—Mar.. 24 104 230 500 23 33 60 728 96 Apr... 24 105 227 500 23 34 60 p353 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 60 760 104 Aug... 24 115 220 500 23 34 60 778 104 Sept.. 24 220 500 23 32 60 785 104 Oct... 24 221 500 23 32 60 796 104 Nov.. 24 222 23 32 60 811 104 Dec. 222 23 32 814 p105 1945—Jan... 222 23 30 Feb... 221 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 tr o i t u e h n s e - 6 r United End of month United King- France Bel- States dom gium 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 *1 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 145 May 477 1941—Dec 223 665 92 1 100 41 383 12 142 June... 85 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—June... 86 17 1944—Mar 421 994 191 1 128 100 39 212 Dec. ... 48 '292' 17 Apr 426 1,004 191 1 131 100 39 213 1941—June... 89 17 May.... 430 1,010 191 1 136 110 39 217 Dec 25 4151 17 June 432 1,023 210 1 139 110 39 218 1942—June... 8 17 July 435 1,030 221 1 • 142 110 39 218 Dec. 12 17 Aug 449 1,029 221 1 148 110 39 219 1943—June.... 11 17 Sept 454 1,033 221 1 149 110 39 219 Dec 43 17 Oct 456 1,029 221 1 149 110 39 219 1944—Mar.... 14 Nov 462 1,040 1 151 125 36 219 June. . . 21 17 Dec 463 1.052 1 130 37 219 Sept.... 25 1945—Jan 477 ipl,058 1 130 37 219 Feb 475 |pl,061 1 147 219 1 Reported at infrequent intervals or on dep Preliminary. layed basis: U. S.—Exchange Stabilization Fund 1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad- (Special A/c No. 1); U. K.—Exchange Equalidition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- zation Account; France—Exchange Stabilization longing to the Argentine Stabilization Fund. Fund and Rentes Fund; Belgium—Treasury. 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 2 Figure for end of September. trol Board. Gold reported since that time is gold held by Minister of Finance. 3 Reported figure for total British gold reserves on 3 Figures relate to last official report dates for the respective countries, as follows: Bulgaria- Aug. 31,1939, less reported holdings of Bank of Eng- Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland— land on that date. luly 31, 1939; Yugoslavia—Feb. 28, 1941. 4 Figure for Sept. 1,1941. 4 Figure for December 1938 is that officially reported on Apr. 30, 1938. 5 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. NOTE.—For available back figures and for details 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, regarding special internal gold transfers affecting Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, the British and French institutions, see Banking Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, and Monetary Statistics, p. 526, and BULLETIN for and Thailand (Siam). Figures for certain of these countries have been carried forward from last February 1945, p. 190. previous official report. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. 396 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 | B C e o l n g g ia o n 3 | Canadae|Me*icoe ? Chile I I Ni g c u a a r 7 a- Au li s a tr 8 a - B I r n i d ti i s a h 9 $1 = 15 grains of gold fQ fine; i.e.an, ounceof fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 5 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 738,471 448,153 23,009 19,740 48 •"" 127,796 19,789 6,081 7,715 28,560 8,820 1944 *>662,981 429,787 ?20692 18,445 35,065 101,980 19,374 2*6,919 7,865 16,310 6,545 1944—Feb... 54,163 34,100 1,709 1,540 3,429 1,344 617 651 1,155 630 Mar.. 57,152 36,266 1,706 1,575 2,933 9,333 2,056 577 677 1,365 665 Apr. . 53,887 34,879 1,771 1,610 2,936 8,568 1,363 486 665 945 665 May.. 57,227 36,921 1,749 1,575 2,881 8,989 2,020 473 693 1,330 595 June. 54,775 36,264 1,702 1,435 2,431 8,397 1,732 644 560 1,435 175 July.. 55,607 36,430 1,763 1,400 2,959 8,247 1,901 639 590 1,295 385 Aug.. 57,226 37,022 1,732 1,470 2,779 8,290 2,044 604 625 2,100 560 Sept.. 54,826 35,810 1,724 1,540 3,028 8,274 1,421 523 615 1,365 525 Oct... 54,461 35,821 1,714 1,575 2,863 8,051 1,370 560 653 1,295 560 Nov.. ^53,680 35,270 1,680 1,575 2,974 7,809 1,380 '560 613 1,260 560 Dec... ^53,387 34,836 {1,680 1,610 2,769 8,012 1,162 '560 765 ,1,470 525 1945—Jan... ^55,089 36,216 'l,680 '1,610 2,463 '8,012 PI,882 '560 672 '1,470 '525 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. v Preliminary. ' Figure carried forward. J 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. Beginning January 1944 they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures through 1943 are estimates of the United States Mint. Annual figure for 1944 and monthly figures represent estimates of American Bureau of Metal Statistics. 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 1933t 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 Other France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico p c A a L u n m b a l t e R i i c r n 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 l s r - 2 260,223 8,902 94,348 12,402 86,829 30,270 28,153 12,038 1,029 12 4 76,820 21,095 934,243 3 227,185 968 95,171 13,667 29,359 15,335 3,498 65 75,268 28,529 573,671 3,351 71,006 2 7,511 72,648 39,966 30,790 21,513 23,280 8 77,892 20,856 -13,710 90,859 6,461 6 54,452 111,480 38,482 39,485 25,427 34,713 181'246,464 50,762 8,910 81,135 15,488 163,049 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401 168,740 16,159 13,301 3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862 165,605 50,956 468,623 241,778 977 63,260161,489 90,3202,622,330 29,880 128,259 38,627 103,777 184,756 111,739 49,989 5284,208 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 663,071 208,917 40,016 39,680 66,920—3,287 13,489 400 316 —4,974 23,461-67,200 —3,584 5,328-44,711 —5,938 378 382-10,810 410 311-14,803 367 190-13,271 565 235-14,179 3,655 84-12,767 x Total net import or net export figures have been released for publication on a twelve months' delayed basis. Figures for Canada and Latin American Republics are available on a six months' delayed basis. Figures for other countries are not available for publication subsequent to December 1941. 2 Figures for Colombia, formerly reported separately, and for Latin American Republics, formerly included under "All other countries," are now shown 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. * 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 ltaiy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries ^Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries. 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. APRIL 1945 397 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 4071 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 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940)... 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941)... 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2). 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2). 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).. 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb.25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) .. 5,082.4 2,684.0 932.0 1,752.0 819,7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May (June 3) .. 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31... 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31... 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30.. 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31... 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30... 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 . . 5,835.0 3,320.3 1,412.0 1,908.3 848.2 673.3 104.4 1943—Jan. 30... 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27... 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31... 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30... 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29.. 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30.. 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 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 4,680.3 2,489.8 2,190.4 891.3 1,025.8 735.8 127.1 Nov. 30. ... 7,530.5 4,775.1 2,541.0 2,234.1 872.7 1,025.3 732.4 125.0 Dec. 31 7,475.7 34,612.5 32,372.2 32,240.3 3805.8 1,019.4 911.8 3126.3 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 or other funds, 2,261.6; United S The cumulative figures have been adjusted to exclude the unreal movements introduced into the data by this factor. 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. 574-637, and for full description of statistics see pp. 558-560 in the same publication. 398 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 ter il l l i i n o g n ) s of Gold1 Other Cash reserves co D u i n s- ts Securi- ci t r i c o u n l 3 a- Deposits O lia th b e il r i- Coin Notes a v n a d n c a e d s - ties Bankers' Public Other ties 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 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 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 678O.O .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 5950.0 .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—Mar. 29, .2 150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26. .2 150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31. .2 150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 June 28. .2 150.0 .9 19.4 1.2 282.2 1,130.9 217.7 12.5 55.6 17.9 July 26. .2 150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Aug. 30. .2 200.0 1.5 54.2 6.2 228.4 1,146.0 201.9 14.4 56.2 18.0 Sept. 27 .2 200.0 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 _,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 1945—Jan. 31 .2 1,250.0 1.5 30.6 6.6 263.6 1,219.6 215.1 11.6 57.8 17.9 Feb. 28. .2 1,250.0 1.7 33.1 8.5 261.1 1,217.1 207.8 18.1 60.5 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold States assets circulation7 liabilities8 dollars Short- Chartered Dominion term6 Other banks govern- Other ment 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—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 1938—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.. 9 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—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 May 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 Oct. 31. 62.8 875.7 622.9 58.6 1,012.5 454.3 76.9 32.4 43.8 Nov. 30.. 172.3 868.6 618.9 29.3 1,007.8 437.2 10.8 20.4 212.9 Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 ^209.1 1945—Jan. 31.. 172.3 914.5 590.2 28.0 1,020.6 413.1 23.2 36.0 212.1 Feb. 28.. 170.4 891.6 595.5 29.0 1,028.6 397.6 27.9 37.2 195.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when: it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939,200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million'pounds transferred from Exchange Account to Bank; on Sept. 6,1939,279 million pounds transferred from Bank to Exchange Account. 6 Fiduciary issue increased by 50million 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 Beginning November 1944, includes an amount of sterling and United States dollars equal to that shown under assets. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp.. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. APRIL 1945 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills Advances to Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn Government Other ci N rc o u te la- l O ia t b h i e li r change m O a p r e k n et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 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.. fi97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 584,616 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—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 -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 Tune 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 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25... 75,151 42 47,842 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h i s n m m ar il k l s io ) ns of re T f s o o e r t r e a v i l g es n exch G an o g ld e i T c n h r c e b e l a i u c l s d k l u s i s r n ) y , g Se lo cu an ri s ty E a c s li o g n v i o e b t r l e e Other O as t s h e e t r s ci N r t c i o o u t n e la- Deposits l O ia t t i b h e i s e l r i- 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 1933—Dec. 30. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31. 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31. 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Dec. 31 . 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Jan. 31 77 39,584 43 1 42 2,296 33,012 7,176 1,855 Feb. 29 77 39,269 26 1 66 2,360 33,508 6,636 1,654 Mar. 31. 77 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29. 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30. 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 77 45,829 42 1 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 Dec. 31 77 63,497 112 1 45 2,351 50,102 13,535 2,445 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 July 20,1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 8 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, Tab)llees 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 4OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 Central Bank 1944 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,242 1,117 Gold 97 97 Other gold and foreign exchange... 2,498 2,246 Foreign exchange 22 22 Government securities 875 882 Clearing accounts (net) 2,762 2,100 Rediscounted paper Loans and discounts 55 45 Other assets 161 "'153' Securities 95 70 Note circulation 2,354 1,964 Govt. compensation account6 85 125 Deposits—Member bank 1,402 1,312 Other assets 4,389 2,745 Government 551 504 Note circulation 1,658 1,362 Other 162 122 Deposits—Government 2,327 1,318 Certificates of participation in Other 3,009 2,128 Government securities 120 Other liabilities 512 396 Other liabilities 188 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (Oct.)4 (thousands of pounds): Gold.. 289,959 249,579 Issue department: Foreign exchange (net) 167,736 69,291 Gold and English sterling 50,856 50,856 43,043 Loans and discounts 84,602 84,855 Securities 150,856 160,080 133; 429 Other assets 106,782 74,062 Banking department: Note circulation 300,290 221,849 Coin, bullion, and cash 17,501 18,297 9,463 Demand deposits 282,644 212,554 London balances 130,954 136,891 70,261 Other liabilities 55,627 43,384 Loans and discounts 24,684 20,918 27,881 National Bank of Egypt7 (thou Securities 256,429 229,008251,464 sands of pounds) : (Nov.)4 Deposits 204,130 192,294192,435 Gold.. 6,241 6,241 Note circulation 193,244 202,494168,012 Foreign exchange 14,684 14,148 National Bank of Belgium (millions Loans and discounts 5,416 5,002 of belgas):1 British, Egyptian, and other Gov- Gold2 6,419 6,419 ernment securities 256,940 217,285 Foreign exchange 209 183 Other assets 19,862 10,890 Loans to Government 6,738 6,083 Note circulation 115,288 97,327 Other loans and discounts 344 488 Deposits—Government 64,868 53,927 Claim against Bank of Issue...... 12,918 12,918 Other 109,355 89,867 Other assets 419 437 Other liabilities 13,633 12,446 Note circulation 9,589 8, Central Reserve Bank of El Salva- Demand deposits 689 707 dor (thousands of colones): (Nov.)4 Blocked Treasury account2 2,099 2,099 Gold 33,167 27,452 Notes and blocked accounts3 14,468 14,656 Foreign exchange 28,614 35,345 Other liabilities 202 200 Loans and discounts 1,075 223 National Bank of Bohemia and Government debt and securities... 6,067 6,587 Moravia (millions of koruny): (Nov.) Other assets 1,360 1,011 Gold 1,517 1,515 Note circulation 44,494 43,659 Foreign exchange 800 775 Deposits 19,001 21,167 Discounts 3,793 1,908 Other liabilities 6,789 5,792 Loans 1 1 Bank of Finland5 Other assets 55,027 33,496 Bank of Greece5 Note circulation 32,705 24,001 National Bank of Hungary (millions Demand deposits 13,942 5,663 of pengo): (Nov.)4 Other liabilities 14,491 8,031 Gold. 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 3 5 of bolivianos): (Sept.)4 Discounts 11,977 3,357 Gold at home and abroad 600 556 Loans—To Treasury 511 554 Foreign exchange 384 412 To foreign countries 1,074 1,030 Loans and discounts 279 265 Other 6 Securities—Government 641 632 Other assets "1,082 1,746 Other 41 41 Note circulation 10,672 4,370 Other assets 99 74 Demand deposits 2,713 706 Note circulation. 1,185 1,088 Consolidated foreign credits of Deposits 760 798 1931 10 12 Other liabilities 100 93 Other liabilities 1,352 1,709 National Bank of Bulgaria5 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 27 273 249 Gold at home and abroad 444 444 Discounts for member banks 321 r361 252 Sterling securities 9,043 7,638 Loans to Government 710 r710 716 Indian Govt. securities 578 583 Other loans and discounts 979 r927 913 Rupee coin... 147 135 Other assets 1,205 rl,159 903 Note circulation 10,096 8,675 Note circulation 2,516 r2,598 2,305 Banking department: Deposits—Bank 456 r333 329 Notes of issue department 117 125 Other 208 ri8: 129 Balances abroad 3,423 1,348 Other liabilities 313 r3L 271 Treasury bills discounted 19 30- Bank of the Republic of Colombia Loans to Government 3 3 (thousands of pesos): Other assets 205 121 Gold 167,090 164,928 161,787134,956 Deposits 3,513 1,381 Foreign exchange 109,079 114,965 115,122 83,814 Other liabilities 255 246 Loans and discounts 27,818 26,348 28,573 2,823 Central Bank of Ireland (thousands Government loans and securities.. 65,981 66,202 66,281 56,763 of pounds): Other assets.. 29,493 28,235 26,058 32,515 Gold 2,646 2,646 Note circulation 167,208 166,737 179,28 117,698 Sterling funds 30,449 25,002 Deposits 141,907 145,440 134,598129,764 Note circulation 33,095 27,648 Other liabilities 90,347 88,501 83,93' 63,409 Bank of Japan5 Bank of Java5 r Revised. c Corrected. 1 First official statement published since liberation was that for Jan. 11, 1945. 2 Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities side under "Blocked Treasury account." 3 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared. 4 Latest month for which report is available for this institution . 6 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. 6 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. 7 Items for issue and banking departments consolidated. APRIL 1945 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Feb. Jan Dec. Feb. date of month) Feb. Jan. Dec. Feb. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 623 608 604 510 Note circulation 17,265 17,729 "Authorized" holdings of securi- Deposits—Government 2,033 24 ties, etc. 1,573 1,549 1,535 1,403 Other 3,164 4,406 Bills and discounts 388 403 395 214 Other liabilities 494 1,072 Other assets 62 47 58 60 Bank of Sweden (millions of kronor): Note circulation 1,356 1,334 1,358 1,149 Gold .,047 1,052 1,019 884 Demand liabilities 1,136 1,096 1,058 889 Foreign assets (net) 585 553 567 626 Other liabilities 154 177 176 148 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office6. ,314 1,339 1,278 1,170 guilders): (Oct.)2 Other domestic bills and advances. 34 42 61 59 Gold.... 932 932 Other assets ,051 1,153 1,107 916 Silver (including subsidiary coin).. Note circulation !,345 2,377 2,492 2,127 Foreign bills "4,404 3^578 Demand deposits—Government 608 534 564 576 Discounts 3 Other 344 492 244 277 Loans 136 ' " 135 Other liabilities 734 737 730 674 Other assets 96 85 Swiss National Bank (millions of Note circulation 4,879 3,804 francs): Deposits—Government 149 174 Gold 4,577 4,554 4,259 Other 320 591 Foreign exchange 95 102 77 Other liabilities 223 161 Loans and discounts 183 99 188 Reserve Bank of New Zealand (thou- Other assets 81 94 182 sands of pounds): Note circulation 3,409 3,548 2,919 Gold. 2,802 2,802 2,802 Other sight liabilities 1,241 1,015 1,509 Sterling exchange reserve 42,784 39,655 41,463 Other liabilities 285 286 278 Advances to State or State under- Central Bank of the Republic of takings 27,901 28,126 41,933 Turkey (thousands of pounds): (Oct.) Investments 11,737 11,737 10,322 Gold 276,372 214,166 Other assets 1,628 2,729 2,909 Foreign exchange and foreign Note circulation 39,770 41,385 36,326 clearings 58,613 113,727 Demand deposits 43,192 39,860 59,502 Loans and discounts 841,239 729,140 Ban O k t o h f e r N l o ia r b w il a it y ie 3 s 3,891 3,804 3,602 O Se th cu er r it a ie ss s ets 1 2 7 4 8 , , 9 34 9 4 1 1 2 9 4 1 , , 4 6 4 3 8 0 Ba ( n th k o o u f s a P n a d r s a o g f u a g y u — ara M ni o e n s) e 4 tary Dept. N D o ep te o s c it i s rc — ul G a o ti l o d n 97 8 3 5 , , 5 5 2 7 8 6 84 7 8 9 , , 4 3 7 5 6 8 Gold 3,332 3,332 3,332 Other 153,094 166,484 Foreign exchange 22,800 22,886 25,778 Other liabilities 167,360 178,793 Loans and discounts 4,559 4,832 4,854 Bank of the Republic of Uruguay Government loans and securities... 10,698 10,727 10,740 (thousands of pesos): Other assets 1,117 1,068 928 Issue department: (Nov.)2 Note circulation 25,655 26,312 28,161 Gold and silver 122,674 120,043 Demand deposits 15,281 14,786 15,856 Note circulation 143,908 131,741 Other liabilities 1,570 1,747 1,615 Banking department: Central Reserve Bank of Peru (thou- Gold and silver 119,141 77,599 sands of soles): (Nov.)2 Notes and coin 32,001 29,251 Gold and foreign exchange 137,395 154,981 Advances to State and to gov- Discounts 18,839 13,845 ernment bodies 18,239 15,115 Government loans 437,423 351,025 Other loans and discounts 93,792 95,709 Other assets 23,844 27,584 Other assets 295,103 222,696 Note circulation 406,084 349,970 Deposits 248,933 185,809 Deposits 181,967 170,744 Other liabilities 309,342 254,560 Other liabilities 29,451 26,721 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- sands of bolivares): cu G do o s l ) d : 5 (Ju 1 n ,4 e 1 ) 2 2 1,401 F G o o r l e d i 7 gn exchange (net) 38 7 0 7 1 ' , ,, , 1 2 5 4 5 93 1 2 04 8 , ,7 7 5 5 1 1 k 3 6 2 5 8 , , 6 6 0 9 0 4 3 3 0 2 7 , , 8 20 0 8 2 Other reserves (net) 4,871 4,421 Credits to national banks 20),310 20,310 22,560 26,370 Nonreserve exchange 9,010 8,266 Other assets 13,1,817 22,030 25,843 12,106 Loans and discounts 236 232 Note circulation—Central Bank 304,741 298,328 290,991 250,808 Government debt 1,023 1,023 National banks.. 16i.,079 16,643 18,742 25,211 Other assets 910 969 Deposits 160),945 1L550,55778 102,207 96,591 Note circulation 6,946 6,709 Other liabilities 9 10,292 30,758 5,877 Other sight liabilities 9,577 8,646 National Bank of the Kingdom of Other liabilities 940 956 Yugoslavia3 South African Reserve Bank (thou- Bank for International Settlements sands of pounds): (thousands of Swiss gold francs):8 Gold 98,832 89,838 Gold in bars 114,039 114,036 136,822 Foreign bills 25,518 14,701 Cash on hand and on current ac- Other bills and loans 12,922 1,621 count with banks 44,913 45,508 18,313 Other assets 94,964 91,321 Sight funds at interest 12,818 12,064 6,745 Note circulation 59,920 48,390 Rediscountable bills and accept- Deposits.... 166,666 143,982 ances (at cost) 77,361 72,619 106,341 Other liabilities 5,649 5,108 Time funds at interest 8,856 14,968 21,075 Bank of Spain (millions of pesetas): Sundry bills and investments 199,331 200,604 195,529 Gold 1,166 1,147 Other assets 98 77 332 Silver 609 609 Demand deposits (gold) 19,560 21,481 48,801 Government loans and securities... 15,959 16,506 Short-term deposits (various cur- Other loans and discounts 3,506 3,107 rencies) : Other assets 1,717 1,862 Central banks for own account 6,599 7,161 6,413 Other _ 2,128 2,647 2,859 Long-term deposits: Special accounts 229,001 229,001 229,001 Other liabilities 200,128 199,58', 198,082 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; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. _ 4 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 5 Valued at average cost beginning October 1940. 8 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 Government. 8 Sec BULLETIN for December 1936, p. 1025. 4O1 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 el m - N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- b C an e k n t o r f a — l M R 3 a a 1 t r e . eff D ec a t t i e ve ba C n e k n t o r f a — l M R 3 a a 1 t r e . ef D fe a ct t i e ve In effect Dec. 31, 1936 2 2 4 2 2 2H \x Albania 5X Mar. 21, 1940 Italy 4 Sept. 11, 1944 J Ju an n . e 2 1 8 5 , 1937 4 6 B A e r l g g e i n u t m ina s w y 2*J M an a . r . 16 1 , , 1 1 9 9 4 3 5 6 J J a a v p a an 3 3.29 A Ja p n r . . 14 7 , , 1 1 9 9 3 3 7 6 July 7 5 Bohemia and Latvia 5 Feb. 17, 1940 A Se u p g. t . 4 3 4 Moravia sy 2 Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Nov. 13 May 10, 1938 "4"" ' May 13 Bolivia 6 Nov. 8, 1940 Mexico June 4, 1942 May 30 " 3" British India.. 3 Nov. 28, 1935 Netherlands. June 27, 1941 Sept. 28 3 Bulgaria 5 Dec. 1, 1940 New Zealand July 26, 1941 Oct. 27 "2H" Canada Feb. 8, 1944 Norway 3 May 13, 1940 Nov. 25 f Chile... 3-4H Dec. 16, 1936 Peru 5 Au«. 1, 1940 J A a p n r . . 4 1 , 7 1939 •4" Colombia 4 July 18, 1933 Portugal.... 2X Jan. 12, 1944 May 11 3 July 6 IVi Aug. 24 4 Denmark 4 Oct. 16, 1940 Rumania.... 4 May 8, 1944 Aug. 29 3 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Sept. 28 3 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Oct. 26 2 Estonia 4X Oct. 1, 1935 Sweden Feb. 9,1945 Dec. 15 3 Finland Dec. 3, 1934 Switzerland. IX Nov. 26, 1936 Jan. 25, 1940 2 Apr. Q May 17 3H Mar. 17, 1941 France VX Jan. 20, 1945 Turkey 4 July 1, 1938 May 29 3 Germany 3M Apr. 9, 1940 United King- June 27 Greece 11 Dec. 1, 1944 dom 2 Oct. 26, 1939 Jan. 16, 1945 , Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 J F a e n b. . 2 9 0 1H "ix" Ireland... V/2 Nov. 23, 1943 Yugoslavia.. 5 Feb. 1, 1935 In effect Mar. 31, 1945 2 \X 2y2 2Yi IX NOTE.—Changes since February 28: none. OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l lo a d n w e k p a o e n r s c s i e t ' s Da m y- o t n o e -d y ay d P is r r i c a v o te a u t n e t 1 1 M m f o o o n r n e t y h m u L p o o n a t t o n h s s 3 1929—Jan.. 4.32 4.29 3.41 5.80 5.13 4.20 4.46 3.28 1930—Jan.. 4.07 4.04 3.62 6.33 6.03 2.99 2.85 2.97 1931—Jan.. 2.25 2.24 1.74 4.75 4.93 1.38 1.55 1.17 1932—Jan.. 5.52 4.94 4.20 6.94 7.86 2.24 2.37 1.68 1933—Jan.. .87 .76 .73 3.88 4.98 .37 1.00 1.50 1934—Jan.. 1.01 .90 .86 3.88 4.74 .50 1.00 1.50 1935—Jan.. .36 .26 .66 3.51 3.82 .59 1.00 1.50 1936—Jan.. .56 .53 .75 3.00 2.81 2.21 2.29 2.48 1937—Jan.. .56 .54 .75 3.00 2.54 .52 1.01 1.25 1938—Jan.. .54 .51 .75 2.88 2.98 .13 .50 1.00 1939—Jan.. .55 .53 .75 2.88 2.46 .13 .50 1.00 1940—Jan.. 1.10 1.09 1.02 2.50 2.03 1.85 2.64 1.25 1941—Jan.. 1.03 1.01 1.00 2.25 1.73 2.25 2.75 1.25 1942—Jan.. 1.03 1.01 1.04 2.13 1.92 1.25 1943—Jan.. 1.03 1.01 1.08 2.13 1.84 1.25 1944—Jan.. 1.03 1.01 1.08 2.13 1.89 1.25 1944—Feb.. 1.03 1.00 1.13 2.13 1.89 1.25 Mar.. 1.03 1.00 1.13 2.13 1.93 1.25 Apr.. 1.03 1.01 1.13 2.13 1.91 1.25 May. 1.03 1.00 1.13 2.13 1.90 1.25 June. 1.03 1.00 1.13 2.13 1.92 1.25 July. 1.03 1.00 1.13 2.13 1.90 1.25 Aug.. 1.03 1.00 1.13 2.13 1.89 1.25 Sept. 1.03 1.01 1.13 2.13 1.93 1.25 Oct.. 1.03 1.00 1.10 2.13 1.25 Nov. 1.03 1.00 1.00 2.13 1.25 Dec. 1.03 1.00 1.02 2.13 1.25 1945—Jan.. 1.03 1.01 1.00 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172» pp. 656-661, and for description of statistics see pp. 571-572 in same publication. APRIL 1945 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s c n l e s m t a e i r l r i l l n i i g o n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l e t o i y a c r n e t a d t B co il u ls n d te i d s- T r d e r e c e p e a o i s p s u t i r t s 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 ti r es 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 324 159 265 314 771 924 293 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 L.200 236 1943—December 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—February 414 150 124 1,264 1,141 761 287 3,897 2,583 1,314 243 March 423 155 113 1,331 L,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 1,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 L.169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 1,175 765 289 4,121 2,744 ,377 244 August 439 205 211 1,337 1,180 750 283 4,161 2.775 ,386 243 September 443 191 209 1,444 ,183 744 282 4,251 2,827 1,424 244 October 453 191 170 1,567 1,172 744 291 4,342 2,876 1,467 245 November 460 205 198 1,548 1,192 748 292 4,398 2,922 1,475 245 December 500 199 147 1,667 1,165 772 347 4,545 3,045 ,500 250 1945—January 460 198 159 1,663 1,165 765 301 4,462 2,968 1,495 248 Assets Liabilities Canada Entirely in Canada Se lo cu an ri s ty Deposits payable iriCanada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in d k o s m . l l i a l E r l s i n o ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excludingI interbank derwsits li O ab th il e i r ties reserves loans and dis- foreign Total Demand 1Tine counts banks 1938—December 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 J942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—February 486 52 1,003 227 2,994 664 40 4,216 2,093 2,124 1.170 March 468 41 982 210 3,156 732 39 4,368 2,143 2,225 1,182 April 510 42 920 212 3,390 669 38 4,506 2,253 2,254 1,198 May 525 81 1,175 275 3,374 712 37 4,850 2,756 2,094 1,256 June 526 71 1,104 294 3,358 856 36 4,836 2 641 2,195 I 339 July 545 63 1,063 218 3,388 755 35 4,716 2,451 2,265 1,282 August 569 61 1,002 215 3,368 755 35 4,667 2,297 2,370 1 968 September 575 56 976 224 3,450 761 435 4,726 2,262 2,464 October 597 56 992 236 3,622 757 35 4,957 2,468 2,489 1,'269 November 586 81 1,275 236 3,577 774 34 5,221 2,877 2,343 1,273 December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—January 567 95 1,156 244 3,571 731 32 5,049 2,525 2,524 1,283 France Liabilities (4 large banks. End of month figures in millions of francs) 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 4,609 1940—December5 6,258 3,546 44,243 7,984 1,999 58,890 4,604 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 6,422 1943—March 6,813 74,664 15,245 1,536 96,431 95,783 648 5,205 April 6,720 77,922 15,043 1,650 99,152 ,419 733 5,461 May 7,132 81,620 14,980 1,750 103,272 102,437 836 5,563 June 6,632 80,276 15,518 1,869 102,047 101,118 929 5,716 July 6,770 83,362 14,696 2,024 103,596 102,578 1,017 6,730 August 6,486 82,685 14,644 2,206 102,602 101,525 1,078 6,859 September 6,935 85,079 14,084 2,228 104,830 103,657 1,173 6,987 October 7,133 88,289 14,215 2,448 108,368 107,100 1,268 7,182 November 7,203 ,754 14,561 2,653 107,200 105,811 1,390 7,326 December ,548 90,897 14,191 2,935 112,732 111,191 1,541 7,506 noww oommiitttteedd tfrroomm ""UOttnheerr lliiaabbiilliittiieess.." 5 Figures for three banks only. Data for Credit Industrjel et Commercial not available September 1940-March 1941. NOTE.—For back figures and figures on Geirnau commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES (Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u r n a d li ) a g B iu e m l- (c B ru r z a e z ir il o1) B I r n it d i i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u in an a Official S E p x e p c o i r a t l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h ha a n i) g- 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 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 33.279 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!704' 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—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 June 29.773 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 5.1529 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 1945—Jan 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.968 Feb 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 90.553 Year or month C ( o p b l e i o s a m o) -C s ( l k z o o e v r c u a h n k o a ia ) - ( m D kr e a o n r n k - e) ( F l m a k i a a n n ) r d - k- F (f r r a a n nc c ) e ( m m r G e a a i e r c n r k h - y ) s- 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 a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 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 23M252 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—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 1945—Jan 57.180 20.582 324.42 Feb 57 140 20.582 324.42 United Kingdom Uruguay Year or month N ( o kr r o w n a e y ) 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 i u a ) a- ( A S p o o fr u u i n c t d h a ) ( S p p es a e i t n a) S S m (d t e o e r t l n a t l l a i t e t r s 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 tr C o o ll n e - ( d peso t ) N r c o o o l n l n e - - d Y ( s d l u i a n g v a o i r a - ) 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 2463!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—Mar. 398.00 403.50 65.830 52.954 Apr 398.00 403.50 65.830 52.961 May 398.00 403.50 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 1945—Jan. 398.00 403.50 65.830 54.197 Feb 398.00 403.50 65.830 54.197 1 i 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. APRIL 1945 405 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 ( J O a c p to a b n er (1 la 92 n 6 d - s 30 Sweden (Ju l l a y n d 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 l 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 * 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 104 103 166 196 1944—February 104 103 165 117 *>398 195 221 March 104 103 165 117 P400 195 223 April 104 103 166 118 p420 195 223 May 104 103 166 118 H12 197 223 June 104 103 166 118 197 223 July 104 103 167 119 198 224 August 104 102 168 118 197 224 September 104 102 167 118 196 223 October 104 102 167 118 195 p223 November 104 102 167 195 P222 December 105 103 167 195 ^221 1945—January 105 103 167 195 *>221 February 105 ^103 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 ly e - d Foods p I r n o 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 u c 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 88 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 99 103 104 94 158 170 1944—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 94 156 172 122 103 137 November. 124 105 99 103 103 94 156 173 December.. 126 106 99 103 104 94 157 173 1945—January.... 126 105 99 104 104 94 156 173 February... 127 105 99 ^105 P105 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 406 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] United Can- U K n i i n t g ed - Ger- Nether- S e w r i l t an z- d United Can- U K n i i n t g ed - Ger- Nether-S er w la it n z d - Year or month ( S 1 = 9 ta 3 1 5 t 0 e - 0 3 s ) 9 (1 = a 9 3 d 1 5 0 a - 0 3 ) 9 = d ( 1 J o 9 1 u m 1 0 l 0 4 y ) m 1 = 9 1 a 1 0 3 n 0 - y 1 ) 4(1 la 91 n 1 1 0 d - 0 s 1 ) 3 = ( 1 J 9 1 u 1 0 n 4 0 e ) Year or month ( S 1 = 9 t 1 a 3 0 5 t 0 e -3 s ) 9 (1 = a 9 3 d 1 5 0 a - 0 3 ) 9 = d ( 1 J o 9 1 u 1 m 0 l 4 y 0) (1 m = 9 a 1 1 3 n 0 - 0 y 1 ) 4 (1 l = a 9 1 n 1 1 0 d - 0 1 s ) 3 = ( 1 J 9 u 1 1 0 n 4 0 e ) 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 h32 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 136 131 168 1944 126 119 201 *>208 1944—February.... 135 131 168 135 214 1944—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 . 127 119 201 2>208 November.. 137 132 168 November. 127 119 201 p208 December.. 137 7130 168 December. 127 119 201 2*208 1945—January 137 130 168 ^216 1945—January... 127 119 202 p209 February... 137 *131 168 February.. 127 2>119 202 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. 8 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 v e e e e ) s d 1 d ( K 1 D 9 U i 2 e n n c 1 g e i = t d m e o 1 d b 0 m e 0 r ) (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p v r r m e ic r a a e g n )2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t 3 a 1 i 5 t 0 t e - e 0 3 d s ) 9 K U in n g it d e o d m (1 F 92 r 6 a = n 1 c 0 e 0) Germany (1 N 9 l 3 e a 0 t n h = d 1 e 0 s r 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 S3.3 71.1 55 1935 105.5 129.9 83.5 *95.1 107.8 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 M10.2 124.6 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 CK S 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 6120.6 114.6 895.0 1941 117.8 123.8 p98.7 103.0 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 m i 1943 120.3 127.8 98.5 91.9 84.5 145.0 151.0 1944 120.9 127.5 99.8 88.6 1944—February 120.4 127.6 102.7 94.4 86.9 145.3 152.5 March 120.5 127.3 104.3 96.6 87.1 145.6 152.6 April 120.7 127.1 105.0 95.1 87.2 145.8 152.6 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 1945—January 121.6 128.5 108.4 91.0 February 121.9 113.0 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 Statistics, 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}i 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. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 percent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 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. 8 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. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 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. APRIL 1945 407 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 ROBERT F. LEONARD, Director GEORGE B. VEST, General Attorney J. LEONARD TOWNSEND, 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 EDWARD L. SMEAD, Director FISCAL AGENT 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 CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President ERNEST G. DRAPER JOHN C. TRAPHAGEN, NEW YORK DISTRICT R. M. EVANS RAY M. GIDNEY WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY JOHN H. MCCOY, CLEVELAND DISTRICT JOHN K. MCKEE ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK KEEHN W. BERRY, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel JULIAN B. BAIRD, MINNEAPOLIS DISTRICT GEORGE B. VEST, Assistant General Counsel E. A. GOLDENWEISER, Economist JAMES C. DOLLEY, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT C. O. HARDY, Associate Economist C. A. SIENKIEWICZ, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEF THOMAS, 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 408 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 Willett J. C. Hunter2 O. A. Schlaikjer New York Beardsley Ruml Allan Sproul J. W. Jones H. V. Roelse William I. Myers L. R. Rounds L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams A. Phelan V. Willis J. M. Rice R. B. Wiltse Philadelphia.. .. Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhenny* Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney Wm. H. Fletcher B. J. Lazar Reynold E. Klages Reuben B. Hays J. W. Kossin W. F. Taylor A. H. Laning3 Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Walden, Jr. Geo. H. Keesec2 Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark Allan M. Black8 E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebery Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart H. G. McConnell Sigurd Ueland Minneapolis W. C Coffey J. N. Peyton A. W. Mills2 A. R. Upgren Roger B. Shepard O. S. Powell Otis R. Preston Harry I. Ziemer E. W. Swanson Kansas City.. .. Robert B. Caldwell H. G. Leedy O. P. Cordill C. O. Hardy Robert L. Mehornay Henry O. Koppang L. H. Earhart G. H. Pipkin D. W. Woollcy3 Dallas Jay Taylor R. R. Gilbert E. B. Austin3 W. O. Ford J. R. Parten W. D. Gentry R. B. Coleman W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. C. E. Earhart H. N. Mangels Harry R. Wellman Ira Clerk J. M. Leisner2 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. Smith4 Minneapolis Helena R. E. Towle4 Cleveland. . Cincinnati B. J. Lazar8 Pittsburgh J. W. Kossin5 Kansas City Denver G. H. Pipkin5 Oklahoma City O. P. Cordill5 Richmond.. Baltimore W. R. Milford4 Omaha L. H. Earhart5 Charlotte W. T. Clements4 Atlanta.. Birmingham P. L. T. Beavers4 Jacksonville Geo. S. Vardcman, Jr.4 Dallas... El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.4 Houston L. G. Pondrom5 New Orleans E. P. Paris4 San Antonio W. H. Holloway5 Chicago Detroit E. C. Harris5 San Francisco. .. Los Angeles W. N. Ambrose4 St. Louis.. Little Rock A. F. Bailey4 Portland D. L. Davis4 Louisville C. A. Schacht4 Salt Lake City W. L. Partner4 Memphis W. H. Glasgow4 Seattle C. R. Shaw4 1 Also Federal Reserve Agent, 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. 6 Manager. APRIL 1945 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 H O FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES td BOARD Of GOVERNORS Of THE FEDERAL RESERVE SKTEM p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis