Federal Reserve Bulletin, 1945-05

FEDERAL RESERVE BULLETIN 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—Course of Consumer Credit . 411-418 Supplying the Credit Needs of Business in the Transition and Early Postwar Period, by Ernest G. Draper 4i9~4xx Retail Credit Survey-1944 . 4x3-42.8 Member Bank Earnings in 1944. .. . 419-431 Current Events 432. Compilation of State Laws Relating to Bank Reserves. . 431 National Summary of Business Conditions 433-434 Financial, Industrial, Commercial Statistics, U. S. (See p. 435 for list of tables). . . . 435-501 International Financial Statistics (See p. 503 for list of tables) 5°3~5I5 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 516 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .. 517 Map of Federal Reserve Districts 518 Federal Reserve Publications {See inside of back cover) Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 May NUMBER 5 COURSE OF CONSUMER CREDIT Consumer credit increased slightly during steadily to new high levels and along with the past year, after an almost continuous them charge-account sales have been rising, decline from the autumn of 1941 to the though somewhat less rapidly than the spring of 1944. The reduction in the vol- total. Total retail sales of 69 billion dolume of consumer credit from more than lars in 1944 represented an increase of 9 per 10 billion dollars in 1941 to about 5 billion cent over the volume of the preceding year last year occurred during a period when and so far in 1945 there have been further consumer expenditures were rising and was gains. Aside from charge-account credit, due to a number of influences. For one the increases in consumer credit over the thing, there was a sharp reduction in the past year have been quite small. available supply of consumers' durable CONSUMER CREDIT goods, which usually constitute a large BILLONS OF DOLLARS END OF MONTH FIGURES part of goods purchased on credit. Also, the growth of incomes enabled people to 0 \ 10 pay off debts and to make more purchases J / on a cash basis. Finally, wartime regula- J \ I T OTAL C R CO ED N I S T UMER tion of consumer credit was a factor in V V causing its contraction. / A By the spring of 1944, most of the instal- 6 \V 6 J , J ment debt contracted in connection with \ the active sale of automobiles and other A J consumers' durable goods in 1940 and 1941 4 \ 4 ^_ J \lNSTALMENT had been liquidated. The volume of credit \ CREDIT V had also become adjusted to the operation of Regulation W, which prescribes stricter 2 SINGLE PAYMENT LOANS A/ 2 N.—-%Jr credit terms for consumer purchases. As a CHARGE consequence the decline in the outstanding 0 1 0 volume of credit came to an end and was Estimates of short-term consumer credit outstanding, by type of followed by a slight increase, which re- credit. Latest figures shown are for March. flected a growth in current transactions. It may be said that the first phase of con- The recent relatively small upturn in sumer credit regulation has been completed, consumer credit has been largely concen- and its function is now mainly that of retrated in charge accounts, as shown in the straining a growth in the amount of credit chart. Retail sales have been moving outstanding until supplies of goods for MAY 1945 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH consumers become adequate. It may be ex- this country entered the war, a few months pected that a gradual rise in consumer credit later, production of many kinds of durable will accompany any increase in total con- goods for private use was completely sussumer expenditures. Up to the present pended. It was clear that consumer intime, however, the proportion of consumer comes would be greatly in excess of the expenditures that is financed by credit has civilian supplies of goods, that higher taxes continued to decline. Any substantial in- and increased savings would be necessary crease in consumer credit under existing to avoid inflation, and that further expanconditions would add to the large volume sion of purchasing power through consumer of consumer purchasing power, measured credit would aggravate the situation. by current incomes and existing liquid Measures for diverting part of the expanded assets, and would contribute to inflationary consumer income into the liquidation of pressures which threaten the economy. debt were in order. REGULATION OF CONSUMER CREDIT DECLINE IN CREDIT OUTSTANDING Limitation on the use of credit by con- In the early days of Regulation W consumers was one of the earliest of the controls sumer credit declined rapidly. As durable adopted by the Government to prevent wargoods disappeared from the market, there time inflation. Authority to impose rewas a sharp drop in current credit business. strictions on consumer credit was given by The liquidation of preregulation debts was Executive Order to the Board of Governors also very substantial in 1942. and early of the Federal Reserve System in the sum- 1943. The large volume of automobile mer of 1941, and the Board's Regulation W, sales and generally active business in the issued under that order, was put into effect two years preceding the regulation had been in September of that year. reflected in an increase in credit extended, In the beginning, regulation of consumer and a progressive lengthening of the maturicredit was directed at restraining new credit ties granted. When the downturn set in, extension and at diverting some of the there was a substantial volume of consumer expanded consumer income into the paypaper outstanding that still had considerment of debt. When Regulation W went able periods to run. This included autointo effect the amount of consumer credit mobile paper on which the initial maturioutstanding was at an all-time peak. For ties had been 18 and 24 months and in some more than two years preceding the regulacases as long as 30 months, and credit for tion, there had been a particularly rapid growth in consumer credit based largely on major household appliances and residential an active market for automobiles and other repair and modernization, a considerable consumers* durable goods. fraction of which was granted for periods The regulation was put into effect at a as long as three years. A large proportion time when the economy was being con- of this instalment credit held over from verted from peacetime production to de- previous periods had been liquidated by the fense and war production and when it was latter part of 1943 and was no longer an anticipated that the supplies of goods for important factor in the current volume of civilians, particularly consumers' durable credit outstanding. goods, would have to be curtailed. After The transitional effects of curbing the 412. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH amount of credit extended and hastening its On charge-account credit the transitional repayment were largely completed by the effects of regulation were completed even spring of 1944. In the early phases of more promptly. The amendment of May 6, regulation, as shown in the table, there 194.x imposed the first requirements that were successive changes in the requirements applied to credit of this type, and their prescribing shorter maturities and higher general effect was to prohibit further down payments on instalment sale credit. charge-account sales of listed articles to On September 1, 1941, when Regulation W customers whose previous obligations were first went into effect, the general maturity not paid off within a stipulated period. requirement was 18 months and, except on The impact of this requirement was both automobiles, the down payment requireto produce a considerable liquidation of ments were between 10 and 2.0 per cent. longer charge accounts and initially to curb By May 194X3 however, the maturity limit, new charge-account sales. Although there again except for automobiles, was at was a subsequent revival of charge-account twelve months, and down payments, except for instalment sales of furniture, were sales, the importance of these sales as a generally at 33^ per cent. In the case of proportion of total retail trade never reinstalment cash loans, maturities for the turned to preregulation levels. How much most part were put on a ix-month basis on this was due to the specific influence of May 6, 1942.. regulation and how much to generally MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES ON CONSUMER CREDIT SUBJECT TO REGULATION W Prescribed by Board of Governors of the Federal Reserve System in accordance with Executive Order No. 8843 dated August 9, 1941 Sept. 1, 1941-Mar. Mar. 23, 1942-May Effective May 6, 22, 1942 5, 1942 1942 Type of credit Down Maximum Down Maximum Down Maximum payment maturity payment maturity payment maturity (Per cent) i (months) (Per cent) i (months) (Per cent)* (months) Instalment sales:2 Automobiles 33% 18 15 33% 15 Mechanical refrigerators, washing machines, radios, vacuum cleaners 20 18 15 33% 12 Stoves, ranges 20 18 20 3 15 33% 12 Furnaces, oil burners, plumbing and sanitary fixtures 15 18 20 18 33% 12 Furniture 10 18 10 15 20 12 Floor coverings 20 15 33H 12 Watches, clocks 20 15 12 Jewelry 33% 12 Clothing, furs 33^ 12 Materials (not elsewhere listed) for repair or improvement of residential structures 18 18 12 Instalment loans: c To purchase listed articles To pay charge account arising from sale of listed article, or to pay single-payment loan 18 15 6 Other 18 15 12 Consolidations of instalment sale or loan with pre- (3) viously outstanding instalment credit 415 <•> 15 12 Single-payment loans 3 Charge cales of listed articles 10th day of 2nd month after sale 1 Down payments determined after deduction of any trade-in, except in case of automobiles. 2 Terms shown for selected articles. For terms on other listed articles, see regulation. 3 Where credit is to purchase listed articles, requirements same as on instalment sales of the respective articles. 4 Prior to Dec. 1, 1941, maximum maturity was 18 months. NOTE.—The above limitations are subject to various exceptions; for exceptions in detail, and for additional provisions not reflected in this table, the regulation should be consulted. Where no figure is shown, there was no limitation imposed by Regulation W. MAY 1945 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH expanded incomes and changes in the com- INSTALMENT SALE CREDIT IN PAST YEAR position of trade can not be determined. Instalment sale credit, which ordinarily With minor exceptions, the regulatory accounts for the largest and most widely standards of May 19^ have now been in fluctuating segment of total consumer effect for three years and their influence in credit, has shown the least tendency to rise curbing credit transactions has become during the past year. This is in marked stabilized. Current transactions consist of contrast to the rise in charge-account the replacement of matured and repaid obcredit, and particularly to the continued ligations by others carrying about the same substantial expansion in cash sales of conconditions. sumer goods and services. Shortage of merchandise of the types ordinarily providing RECENT RISE IN CONSUMER CREDIT the basis of instalment credit is the dominant limitation. Where goods are avail- Since the spring of 1944 the volume of able, there is still an appreciable volume of consumer credit outstanding has increased instalment selling, though in general it is by half a billion dollars to a total of 5.6 below 1941 levels and is a considerably rebillions at the end of March. Charge-acduced fraction of total retail sales. count credit increased the most, by xx per In periods prior to 1942., automobiles and cent over the year. Other types increased household appliances accounted for the moderately. Instalment sale credit, ordilargest part of total instalment sale credit. narily the most important type of consumer In 1941, when there were 6.8 billion dollars credit, increased 5 per cent. Instalment of instalment credit sales, those lines alone cash loans at the end of March were 8 per represented about two-thirds of total incent and single-payment loans 6 per cent stalment sales of all durable and nondurable above their year-ago levels. Service credit items. At present, trade in these commodihad also increased. ties is limited virtually to the extremely With the transitional changes largely thin market in used automobiles and applicompleted, the volume of consumer credit ances, and the volume of transactions is outstanding has become much more a result only about one-eighth of the 1941 peak of the character of current consumer exvolume. penditures and payments. The increase Other lines, notably furniture, now domiduring the past year in charge accounts renate the curtailed market of instalment ceivable, which explains the greater part selling. Instalment sales in some lines have of the half billion dollar increase in con- indeed held up very well, as can be seen in sumer credit over the period, reflects largely the chart appearing in the Retail Credit the expanding volume of charge-account Survey article on page 4x6. Instalment sales which has accompanied the increase sales of furniture stores in 1944, for exin total retail sales. The growth in charge- ample, were above both 1943 and 1939 account sales has been much smaller than levels, and only 16 per cent below the 1941 that in cash sales, as shown in the chart on peak. Instalment sales at jewelry stores in page 4x3 of the Retail Credit Survey article 1944 were likewise only about 12. per cent in this BULLETIN. below the 1941 peak and 2.8 per cent above 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the 1939 level- At women's apparel stores cut in half and now average about eight instalment sales exceeded 1941 levels by 17 months. per cent. INSTALMENT SALE CREDIT On the other hand, there are several trade outlets at which instalment sales have been m O ill u i t o s n t s a n o d f in d g o l ( la in rs) Percentage change a g u re to a m tly o b r i e l d e u c d e e d a , le t r h s o u a g n h d n h o o t u s s o e h m o u ld c h a a p s p l a i t - Vendor S 3 e 0 p , t. M 3 a 1 r , . M 31 a , r. S M 1 e 9 a p 4 r t . 1 . 3 3 t 1 o 0 , , 3 to 1 M , M 1 a 9 r a . 4 r 4 . ance stores. Hardware stores and men's 1941 1944 1945 1944 31, 1945 clothing stores now sell only about one- Automobile dealers 2,216 167 184 -92 +10 Household appliance half and automobile tire and accessory Ot s h t e o r r — es total1 1,4 3 5 4 1 2 51 1 0 9 53 1 7 1 - -6 9 5 4 - + 42 5 stores a little more than one-third of the Department stores and mail-order houses. . 448 144 163 -68 + 13 volume of goods on instalment that they Furniture stores 625 231 238 -63 +3 Jewelry stores 96 52 50 -46 -4 sold in this way in 1941. Instalment sales Total instalment sale at department stores are now slightly credit 4,009 696 732 -83 +5 above the levels of early 1944 but substan- 1 Includes miscellaneous vendors not shown separately. NOTE.—All figures estimated; March 1945 figures preliminary. tially below those of 1941. But in each It appears that in large war production of these lines and elsewhere generally the centers, particularly where population has proportion of instalment to total sales has been greatly expanded, the retailers may declined. have imposed maturity restrictions on in- The amount of instalment credit outstalment sales considerably more stringent standing has been considerably diminished than regulatory standards, solely as a both as a result of larger down payments, matter of assuring collections and to guard which decrease the amount of credit exagainst the disruption that would follow tended initially, and of more rapid repaycancellation of war contracts and dispersal ment of the credits. The following table of the population. shows the great contraction from the fall of 1941 to the spring of 1944 and the small CHARGE-ACCOUNT CREDIT increase over the past year. 'The period of Charge-account sales, though a diminishcollection has been considerably shortened, ing proportion of total retail sales, have even in lines which were not affected by nevertheless mounted to peak levels. In the maturity limitations of Regulation W. 1944, it is estimated that there were I2..8 For example, at jewelry stores and at most billion dollars of sales on this basis, department stores the maturities of a large exceeding any previous year by almost proportion of instalment contracts prior to half a billion dollars. Increases in charge- Regulation W were 12. months or less. account sales were reported for nearly all Even so, the collection period has been kinds of trade outlets. The amount of reduced in recent years; in the lines mencharge-account credit outstanding has for tioned the current average maturity on inover two years been larger than the amount stalment credit is now six and five months, of instalment sale credit outstanding. respectively. At furniture stores, where Charge accounts receivable were colsomewhat longer terms were customary lected about as rapidly in 1944 as in the prior to regulation, maturities have been preceding year. Before Regulation W MAY 1945 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH covered charge accounts, there were great A considerable proportion of this credit has variations in the period of collection among been exempt from Regulation W. trade lines and among various parts of the Revival of cash lending, while instalment country; the average period of collection sale credit continues near its wartime low, was generally in excess of 60 days and in is probably due to the fact that cash lendsome areas and in some trade lines was as ing depends much less on the availability high as 75 to 90 days. Now, the collection of consumers' durable goods. The proporperiod on charge accounts has in general tion of these loans that was tied to transacbeen shortened to within the range of 45 tions in durable goods prior to regulation is to 60 days. Although this represents an thought to have been appreciable but it is appreciable reduction from preregulation not known. Since the volume of loans curstandards, it can not be considered an in- rently being made by the principal lenders fringement of the normal use of charge- is running about two-thirds of the peak account credit as an arrangement of con- volume in 1941, it is possible that the reducvenience between stores and their customers. tion in loan volume was accounted for An average of 45 days for charge accounts mainly by the unavailability of the major to be outstanding means that on the aver- consumers' durable goods. age one-half of the customers pay for their purchases the first time they are billed and INSTALMENT CASH'LOANS one-half pay after being billed the second Outstanding (in 1 time. millions of dollars) Percentage change INSTALMENT CASH LOANS S 1 3 e 9 0 p 4 , 1 t. M 1 3 9 1 a 4 , r 4 . M 1 3 9 a 1 4 , r 5 . S M 1 e 9 1 p a 4 9 t r 1 . 4 . 4 3 3 t 0 o 1 , , 3 3 to 1 1 M , , M 1 1 a 9 9 r a . 4 4 r 5 4 . Instalment cash loans, which are made Commercial banks 827 316 373 -62 +18 Small loan companies... 530 369 382 -30 +4 by commercial and industrial banks, small Industrial banking companies 305 164 172 -46 +5 loan companies, and credit unions, have Credit unions 227 121 116 -47 -4 Insured repair and modshown an increase of about 8 per cent in the ernization loans 303 112 128 -63 +14 past year. Increases were particularly no- Total1 .*. 2,294 1,168 1,258 -49 +8 ticeable at commercial banks, which had 1 Includes loans of miscellaneous lenders not shown separately. NOTE.—All figures estimated; March 1945 figures preliminary. earlier sustained sharper decreases than other cash lenders. Changes from the peak The amount of instalment cash loans levels of September 1941 to March 1944 outstanding has diminished considerably and subsequent changes are shown in the and is only a little more than half the following table. The volume of new credit amount at peak levels. This is due to a among the cash lenders appears to have shortening of maturities and to a decline been sustained by factors such as lending for in volume of loans made. The smaller tax payments and, more recently, promo- loan volume is itself undoubtedly due to tion of the idea of consumer borrowing in shorter maturities to some extent since a lieu of cashing United States savings bonds. given monthly payment can not support as Credit for residential repair and modern- great a credit extension if the loan is made ization, which is classed as a form of cash for a shorter period. In many borrowing lending, has shown an earlier and larger transactions the amount of monthly payrise this spring than in other recent years. ment that the borrower can make is the 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH. effective limit of credit extension. Al- At the peak of consumer credit in 1941, though the volume of credit outstanding at this ratio had risen to 1.6 months. In cash lenders has been reduced by the shorter other words consumers at that time were maturities as compared with those prevalent assuming a load of debt nearly a fourth before the war, there does not appear to larger, in relation to expenditures, than have been so great a volume of loans made in the prewar period. This ratio declined for terms below the regulatory maximum steadily during the next three years, averof ii months as in the field of instalment aging only about 0.6 of a month in 1944. sales. Even though the amount of consumer credit outstanding was increasing in dollar volume CONSUMER CREDIT AND CONSUMER during this year, it was still declining in EXPENDITURES relation to total consumer expenditures. The factors underlying the volume of Since the capacity of consumers to carry consumer credit of any one type or for a a debt burden varies with current income, particular line of retail sales include many the relative decrease in credit outstanding elements unique to the particular fields. can be viewed as the building up of unused These are not readily resolved into a general credit capacity, an increase in capacity for view of the over-all volume of such credit. spending. It represents a margin that can Relationship of consumer credit to aggre- be used, as savings can be used, when the gate consumer expenditures has some sig- supply of consumer goods becomes more nificance because it indicates the extent to plentiful and when there may be a need in which transactions which give occasion the postwar economy for a large volume of for the use of credit are financed by the consumer buying to sustain employment extension of credit. Such a comparison is and income. But it is a resource that based on the assumption that consumer ex- should not be depleted before the need for penditures for goods or services are the it arises. generating cause for the use of consumer credit. As is shown in the following table, CONSUMER CREDIT REGULATION AND the average volume of consumer credit CONTROL OF INFLATION outstanding during the period 1935-1939 From the beginning, the control of conwas equal to 1.3 months of consumer ex- sumer credit has been geared to be part penditures . of the general and many-sided program of the Government to moderate inflationary CONSUMER EXPENDITURES AND CONSUMER CREDIT tendencies. The danger of inflation has OUTSTANDING [Amounts in billions of dollars] arisen primarily because the vast wartime Consumer Consumer Ratio of expenditures of the Government in excess Period e a x v p e e r n a d g i e t u p r e e r s, c o r f e d m it o , n a t v h e - r e a n g d e c c o r n e s d u it m e to r of tax receipts have left consumers with month figures expenditures more income than there are goods for pur- 1935-39 4.9 6.4 1.3 1940 5.5 8.3 1.5 chase. While a more adequate program of 1941 6.2 9.7 1.6 1942 6.8 7.9 1.2 taxation and of bond sales to individuals 1943 7.6 5.5 0.7 1944 8.1 5.2 0.6 was being developed, the rapid contraction NOTE.—Consumer expenditures are average monthly expenditures of consumer credit outstanding was an from annual data of Department of Commerce. Consumer credit is average of amounts outstanding at end of months in period, Federal important means of absorbing surplus Reserve data. MAY 1945 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH consumer income. In addition, prior experi- face of shrinking supplies of civilian goods. ence showed that a general advance of Consumers are buying whatever goods come consumer income was usually accompanied to the market; they are accepting considerby an even greater increase in consumer able upgrading with little protest or notice debt. With this in mind, Regulation W and they are exercising little quality diswas initially intended both to limit new crimination. credit extension and to induce contraction. The next critical period in the course of The function of regulation now is more consumer credit will come when the first largely to restrain the volume of new trickle of consumers' durable goods appears credit; to keep it from adding to purchasing on the market. Restraint in spending that power available for consumer expendi- has been due to unavailability of goods, tures. The need for inflationary safeguards strengthened by appeals to patriotism, may remains undiminished. At first inven- diminish, and there will be a strong detories of goods accumulated prior to our mand by consumers for goods that have entrance into the war were a buffer between been unobtainable for so long. If credit enlarged consumer demand and restricted were permitted to augment this demand current production. Now most of that before goods were available in adequate supply has been exhausted. At the same amount, pressure on the market would be time, current incomes, even after paying in- excessive. It will be far better to preserve creased taxes, are far in excess of consumer the unused credit capacity of consumers for goods being produced, and the volume of the later period after the first strong demoney and other liquid assets in the hands mands for consumers' durable goods will of consumers is much larger than ever before have been satisfied, and when support for and still growing. There is a strong a high level of production and employment tendency for expenditures to rise in the will be needed. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLYING THE CREDIT NEEDS OF BUSINESS IN THE TRANSITION by ERNEST G. DRAPER FOREWORD financing. In addition to short-term credit for supplying working capital, medium- and longer- At the outset may I make a personal affirmaterm credit will be needed (1) to convert mation of faith. I believe in the private enterprise chinery and other plant facilities from the prosystem. My twenty-nine years in business and duction of military to civilian supplies, (2.)- to my subsequent ten years' work in Washington rehabilitate run-down, and replace obsolete, have confirmed me in the belief that for the plant and equipment, and (3) to acquire unusual United States the system of private enterprise is amounts of inventory which would otherwise be the one that best suits our national temperament taken over by the Government and disposed of and our great abilities. This system has its as surplus war property. faults, but so has every other system with which I am acquainted. For us now, and in the fore- The important question is not the amount of seeable future, therefore, I believe we should postwar credit needed by business, but the assurjudge the great problems of reconversion and ance that what is needed will be made available. after, from the standpoint of how we can It is essential to the program of full employment strengthen the private enterprise system so that that no business, large or small, with reasonable it will contribute its full share toward vitalizing prospects for success under peacetime conditions the economic and social health of this country will lack credit. and, in due course, that of other countries in the Many of us who have been close to the situaworld as well. tion believe that the private enterprise system is best served when credit is supplied by banks and When we talk of private enterprise, many of other financing institutions which are themus think primarily of trade and industry. We selves part of that system of private enterprise. are apt to forget agriculture and banking and, in The question then arises as to whether, in any particular, the small country bank which in its substantial number of cases, private financing individual sphere of activity can be a great force institutions will be unable to furnish adequate for community good. credit to worthy enterprises because of the rela- With this viewpoint in mind, I should like to tively high risk involved. We have every readiscuss the problem of providing medium- and son to believe that there will be many such cases. long-term credit by the banks as an aid in devel- There have been within the past twelve years, oping and sustaining healthy private enterprise, during the depression period and during the war. particularly in the field of trade and industry. These situations have been met in two general INTRODUCTION ways, first, by the provision of facilities for direct lending to industry by Government, and If we are to have full employment after the second, by utilization of the partial insurance war the transition from war to peacetime operaprinciple, under which Government aid extends tions of business must be accomplished promptly only to guaranteeing, in part, credit which is and smoothly. The problems of reconversion extended in the first instance by private financing may well be greater, particularly for small- and institutions. medium-sized business, than were those of con- While direct Government lending or financing version to war production. One of the most of industry is doubtless justified in periods of vital problems of the transition and early postextreme economic emergency, when private war period will be that of obtaining adequate credit institutions become ultra conservative, or 1 Summary of a statement presented to the Committee on Post- under war conditions, when construction of War Economic Planning and Policy of the House of Representatives. special war facilities is necessary, there is as yet It presents the personal views of Governor Draper. MAY 1945 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT NEEDS OF BUSINESS IN TRANSITION AND EARLY POSTWAR PERIOD no evidence that such financing will be necessary As far as resources are concerned, it can be during the reconversion period. Instead of stated without hesitation that the credit resetting up Government lending agencies, it sources of the banking system are sufficient to would be better, if we mean to preserve the free meet any and all credit requirements of the enterprise system, to assist the existing private reconversion period. These resources are disfinancing institutions to function effectively in tributed throughout the nation in some 14,000 meeting the various credit needs of business in banking institutions, each in touch with the the communities they serve. Otherwise, we business and industry of its own locality. Three undo with one hand what we are trying to do billion dollars in war production loans at present with the other, since Government direct lending outstanding will be retired in large part during agencies often tend to compete, to a greater or the process of contract settlement. A large part lesser degree, with private business in the field of of this will have to be replaced with bank credit banking. for civilian purposes. Whatever the credit demands may be, however, our private banks EXTENT OF CREDIT NEEDED IN THE and the Federal Reserve System have ample RECONVERSION PERIOD resources to meet them. While the early postwar credit picture is far There is no question as to the willingness or from clear, it appears likely that the total need desire of the private banking system to provide for short- and medium-term borrowings will not adequate financing for reconversion. But in be great. We are confronted with a mixed doing so it may need the protection of a partial situation. There are certain factors tending to guarantee similar to that now provided in the lessen the need for credit. For example, busi- V- and T-loan programs, if it is to assume the ness, including small business, has by and large borderline risks. The V loan was established improved its financial position during the war. by Executive Order, and the T loan by the Many business enterprises undoubtedly have Contract Settlement Act of 1944, but these loans ample liquid resources to go through the recon- are strictly limited to the financing of war proversion period without borrowing. Other fac- duction and contract termination. Provision tors indicate an especially acute need for credit for this type of loan insurance or guarantee is in individual cases or special situations. In- contained in the Wagner-Spence bill (S. 511 and stances of this sort are provided by nonwar small H.R. 591), which is now in the hands of the businesses, enterprises that have not done well Banking and Currency Committees of the Senate during the war, and new businesses or new ven- and House. tures by established concerns. This mixed and rather incalculable outlook calls for a flexible THE MARGINAL AREA OF RISK credit policy, one capable of dealing with off- Banks, like other private business enterprises, standard situations and borderline risks. exist for purposes of profit, and they are also Where credit is needed by business, it will be custodians oft he funds of their depositors. Reneeded acutely. Not only the existence of par- sponsibilities to stockholders and depositors ticular enterprises, but the employment capacity place natural limits upon the degree of loan risk of the nation will depend upon the prompt and that should be assumed. However, there is a adequate availability of funds for reconversion marginal area of risk between financing which is purposes. The question, therefore, is the extent fundamentally uneconomic and financing which to which credit, especially private bank credit, the banker can reasonably be expected to supply. will flow into the area of acute need and rela- That is the area into which the partial guarantee tively high risk. The problem is not one of principle enables the banker to venture by reducrelief, but of maintaining the present prosperity ing bis lending risk. and full employment under circumstances of The changeover, which will be faced by many readjustment. businesses in the reconversion period, from a 4x0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT NEEDS OF BUSINESS IN TRANSITION AND EARLY POSTWAR PERIOD one-customer market—the Government—to the under Section 13 b has shown that the best posicompetitive markets of peace time will bring to tion for a central bank lending agency to take in the banker many new and perplexing credit prob- fostering business credit is, not the direct loan lems. There will be many businesses with to industry, but the partial guarantee behind a balance sheets that do not show credit positions bank loan. This is logical, inasmuch as the which would justify advancing to them any small- and medium-sized business is essentially a substantial amount of credit out of the funds of community enterprise and is best financed by the depositors. Small- and medium-size business, local banker, who is in close touch with his which has difficulty in raising equity capital customers. and which often, moreover, resists the idea of The V-loan program, one of the outstanding increasing its equity owners for fear of forfeiting credit achievements in the history of American its independence, will want especially the me- banking, is a guarantee or insurance plan. Exdium- or long-term loan for purposes of buying ecutive Order No. 9112. issued by the President new equipment or surplus war inventory and under his wartime powers on March z6, 1942., other property. As already indicated, it is in gave the War Department, Navy Department, the public interest that credit be made available and Maritime Commission power to guarantee to many of these marginal risks. loans made by banks and other financing institutions for purposes of financing contractors, sub- DEVELOPMENT OF THE LOAN GUARANTEE contractors, or others engaged in any business or PRINCIPLE operation deemed to be necessary, appropriate, Fortunately an eleven-year period of actual or convenient for the prosecution of the war. experience indicates how the reconversion credit The Federal Reserve Banks were authorized to problem can be successfully met by the private act as agents in carrying out the provisions of the banking system with a minimum of Government order, subject to the specific instructions of the participation. guaranteeing agencies and the general supervi- Two acts were passed in 1934 which contrib- sion of the Board of Governors of the Federal uted to this experience—The National Housing Reserve System. On April 6, 1942., the Board of Act and the Act of June 19, 1934. The former Governors issued its Regulation V, prescribing provided for Government insurance of bank general rules and policies for the guidance of the loans to revive the home construction industry. Reserve Banks and, incidentally, giving the V- The latter, by adding Section 3d to the Recon- loan program its popular name. struction Finance Corporation Act and Section The V-loan plan was devised to assure ade- 13b to the Federal Reserve Act, provided for quate credit for war production, which many of both direct lending and the guarantee of bank the small subcontractors were finding it difficult loans to business and industry. The previous or impossible to obtain. While businesses of year Congress had also provided for the insurance every size were benefited, the V-loan program of bank deposits. became especially the mainstay of the small sub- The result of these enactments was to revive contractors. Sixty-two per cent (in number) of the flow of credit, which had been slowed up by all V loans have been made to enterprises with the depression. Private enterprise, both in less than $500,000 total assets or with less than industry and in finance, was assisted through approximately 150 employees. How readily the governmental action. But, by putting the banks availed themselves of the opportunity to Government into the direct lending field, Con- make these reasonably safe loans is evidenced gress at the same time made possible Government by the fact that to date 9.5 billion dollars of competition with private enterprise. bank credit has been made available to war Insured loans worked out successfully in Fed- contractors under authorized Regulation V eral Housing Administration financing. Like- loans. wise, experience of the Federal Reserve Banks At midyear of 1942., when the plan was only a MAY 1945 42.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT NEEDS OF BUSINESS IN TRANSITION AND EARLY POSTWAR PERIOD few weeks old, 2..3 billion dollars of bank loans 1949 so as to make it clear that the program must for war purposes were outstanding, of which be re-examined at that time. only 4 per cent were V loans. By the middle of The total guaranteeing operation under this 1943 total war loans of banks had increased to bill can not be as large as the V-loan operation, 3.3 billion dollars, of which amount 44 per cent but can be about as large as the V-loan program was guaranteed, in part, under Regulation V. in the two bottom-size brackets, that is, to bor- The end of 1943 saw bank war credits at their rowers with assets under $500,000. On the fourpeak, with 3.5 billion dollars outstanding. At to-one ratio provided in the bill, the total guarthis date 55 per cent of all war loans were guar- antee or commitment outstanding could be about anteed under Regulation V. By June of 1944 500 million dollars. Assuming an 85 per cent bank loans for war purposes had dropped to 3.x average coverage of the total risk, which has billion dollars, but V loans had continued to been the experience under the V-loan program, increase, amounting to x.i billion, or 66 percent this would provide over 600 million dollars of of the total. bank credit outstanding at any given date. Business was now in a generally stronger It is believed that this legislation should be financial position, and the banks were beginning adopted without further delay, for the reconverto make more loans without the guarantee. sion period is imminent. The loans would be Thus, at the end of 1944 bank war loans of 3.1 made by private banks. To the extent that they billion dollars were outstanding, the same are made without reliance upon the guarantee, amount as on June 30, but the V loans had de- so much the better. As with the V and T loans, clined to 1.7 billion, or 54 per cent of the total. the fee which the lending banks would pay for The guaranteed loan program will automati- the guarantee would increase with the percentcally disappear with the settlement of canceled age of the loan guaranteed. Hence, an inducewar contracts, just at the moment when recon- ment would exist for the banks to assume as version is beginning, unless the plan is extended much of the risk as they felt they safely could. through the passage of the Wagner-Spence bill No appropriation would be required from Con- (S. 511, H.R. 591). This proposed legislation gress, since the fund originally provided under provides in general for continuing the V-loan Section 13b, which would be made available, method under Federal Reserve System supervi- should constitute an adequate guarantee fund. sion and applying it to the credit problems of Of all the plans by which Government would reconversion. The bill amends Section 13b of provide business and industrial credits in the the Federal Reserve Act. First, the restriction period of transition, the Wagner-Spence bill on the making of loans to provide working most fully conforms to the policy of doing the capital only is removed. This is because loans job and at the same time preserving private for the acquisition of plant and equipment will enterprise. The relationship between the busibe in much demand. Second, the restriction of ness enterprise and its local bank should not be loans to a maximum five-year maturity is re- interrupted or disrupted. The success of the moved. This is because in many cases medium- V-loan program in liberating 9.5 billion dollars term loans of longer than five years will be neces- in bank credit on the high risk margin of war sary. Third, the 80 per cent guaranteeing limit production is our best guide to the principle that is raised to 90 per cent. This change is based on should be used in fortifying the bank credit situathe V-loan experience, namely, that banks will tion of business and industry under the great need that much protection in many of their strains that will undoubtedly be encountered in loans, particularly the smaller ones. Fourth, the transition from war to peace. the 139 million dollars that was appropriated in These thoughts must have been in the mind of 1934 under Section 13b is mad^ available as a Mr. Justice Byrnes when, as Chairman of the guarantee fund. Finally, the direct lending War Mobilization Board and on two separate provision is eliminated. These new powers are occasions, he strongly recommended the passage provided only for a period ending December 31, of the Wagner-Spence proposals. 42.x FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—1944 Total retail sales increased again in 1944, Although credit sales in 1944 were in about reaching a new high level of 69 billion dollars the same volume as in the preceding year, their or about 9 per cent above that of 1943. Credit composition shifted further toward the soft sales continued in about the same volume as in goods lines. Credit sales of trade concerns spethe two prior war years but comprised less than cializing in consumers' durable goods, particuone-fourth of total retail transactions. This larly their sales on an instalment basis, receded compares with slightly more than one-third in further from the already low levels of 1942. and the years immediately preceding the war. 1943. A comparison of the position of trades The declining importance of credit sales in the RETAIL SALES face of a growth in total sales is peculiar to wartime. Ordinarily an increase in sales volume is accompanied by a more than proportionate rise in credit sales. The explanation of the reverse situation during the war is to be found in the abrupt shift in the composition of sales away from consumers' durable goods, which ordinarily TABLE I. RETAIL SALES BY TYPE OF TRANSACTION Annual estimates for total retail trade Percentage of total Sales (In billions of dollars) sales Year Total Cash a C cc h o a u rg n e t I m ns e t n a t l- Cash a C cc h o ar u g n e t I m ns e t n a t l- 1939 42.0 27.2 9.9 4.9 65 23 12 1940 46.4 29.9 10.7 5.8 64 23 13 1941 55.5 36.3 12.4 6.8 66 22 12 1942 57.6 42.5 12.3 2.8 74 21 5 1943 63.7 48.9 12.4 2.4 77 19 4 1944 69.3 54.2 12.8 2.3 78 19 3 NOTE.—Estimates of total retail sales compiled by the Bureau of Foreign and Domestic Commerce, United States Department of Com- 1940 merce. Sales by type of transaction are based on data from the Census of American Business for 1939, projected according to data from the Retail Credit Survey for subsequent years with appropriate allowances as conventionally classified has much less meanin cash sales to adjust for bias in the Survey sample. ing for the war period than for prewar periods, are important in credit selling, and also in the however, since there has been a great shift in the very greatly expanded current incomes in relacomposition of sales in many trades. For extion to the supply of goods available for purample, the limited supplies of furniture and chase by consumers. As a result, individual other consumers' durable goods have made the holdings of cash have increased and consumer distinction between department stores and apcredit has declined. Estimates of cash and parel stores much less clear-cut. At the same credit sales for all retail stores in the country, time, stores concentrating on scarce or unavailbased on data obtained in the 1944 Retail Credit Survey,1 and their relation to total retail sales able merchandise, such as household appliances, have added supplementary lines, many of which are shown in the accompanying table and chart. are quite unrelated to their customary stocks. 1 The 1944 Retail Credit Survey conducted by the Federal Reserve All of these changes make comparisons between System covers nine retail trades and includes reports from 5,750 creditgranting stores, about 4,100 of which supplied data for selected balance trades and between the current and preceding sheet items. Totals include a number of multi-unit firms which submitted consolidated reports, and, therefore, could not be classified by years tenuous and difficult. These conditions size, or, in some cases, by geographical region. Since stores operating wholly or mostly on a cash basis are not represented, the proportion of should be considered in interpreting the figcash sales for individual trades is undoubtedly understated. Estimates of total sales, shown in Table 1, make allowances for divergence in the ures by trades shown in Table 2.. reporting sample from actual conditions. Coverage varies considerably among the several trades, ranging The year 1944 was the first of the war period from about 61 per cent of total 1944 sales for department stores to around 5 and 6 per cent for household appliance and hardware stores, in which receivables arising from credit sales respectively. NOTE.—Copies of the 1944 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request from the Division of Administrative Services y Board of Governors of the Federal Reserve System, Washington 25, D. C. MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1944 TABLE 2.. RETAIL SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Stores reporting in Retail Credit Survey Percentage change, 1943-1944 Percentage of total sales, 1944 Number Kind of business r o e f p s o t r o ti r n e g s T sa o l t e a s l C sa a l s e h s C a s c h a c a l o e r u g s n e- t I m s n a s e l t e n a s t l- Cash a C c h c a o r u g n e t I m ns e t n a t l- Department stores 1,446 +11 +13 +8 -5 66 29 5 Men's clothing stores 436 +9 +14 +2 +1 63 33 4 Women's apparel stores 319 +12 +16 +9 53 44 3 Furniture stores 976 +5 +15 +3 +1 24 18 58 Household appliance stores 466 -14 (x) -13 -32 40 36 24 Jewelry stores 314 +2 +6 -1 -3 52 23 25 Hardware stores 481 +9 +14 +3 +10 52 46 2 Automobile dealers 632 + 1 +4 +8 -17 49 34 17 Automobile tire and accessory stores 680 +15 +21 +17 -17 40 54 6 1 Less than half of one per cent. failed to decline. In i94x and to a lesser extent With the wartime acceleration in collections, in 1943, instalment credits extended in the active the use of retail credit has become more a trading years of 1940 and 1941 were being repaid, matter of convenience and less a ' 'mortgaging' * but by the beginning of 1944 their liquidation of future income. In some years prior to the was virtually completed. During 1944, by con- war, changes in consumer credit receivables were trast, there was actually an increase in both equivalent to anywhere from one-third to oneinstalment and charge accounts receivable; the fourth of consumer savings and, as recently as increase was sizable in the case of charge ac- 1942., they accounted for more than a tenth of counts receivable and very slight in the case of consumer savings. At present, they are no more instalment receivables. Also during 1944, there than a few percentage points of such savings. was no appreciable, further shortening of the During 1944 there was a further growth in the collection period for either charge or instalment liquidity of retailers, especially of small estabaccounts receivable; but the average repayment lishments. Since current liabilities as well as periods for both are generally well below the current assets increased, there was no material regulatory maxima,2 as shown in the accom- change in the current ratio; but net working panying table. For several years there has been capital at the end of 1944 was substantially a tendency toward greater uniformity in matu- larger than a year earlier. Although most of rities among trade lines. the increase in current assets went into United States Government securities, the increase in cash balances was also substantial. Notwithstanding a reduction in inventories in almost all payable the 10th day of the 2nd month after sale. TABLE 3. RETAIL ACCOUNTS RECEIVABLE Stores reporting in Retail Credit Survey Percentage change Instalment paper in accounts receiv- Average collection period for accounts sold as percentage o\ able during 1944 instalment sales Kind of business Charge account Instalment a C c h c a o r u g n e t I m ns e t n al t - (In days) (In months) 1944 1943 (VWv Ull I* 1944 1943 1944 1943 Department stores +17 +2 49 49 7 8 2 2 Men's clothing stores +11 +6 56 54 6 6 (i) (1) Women's apparel stores. +16 -9 59 59 7 8 C1) (*) Furniture stores +1 —4 59 66 8 9 1 1 Household appliance stores. —8 —48 48 48 214 226 2 3 Jewelry stores -2 -2 48 48 7 8 C1) C1) Hardware stores -4 50 54 9 12 2 4 Automobile dealers +14 C1) 43 41 13 15 53 52 Automobile tire and accessory stores. +8 40 43 7 7 (1) C1) 1 Less than half of one per cent. 2 Includes some longer term, preregulation credit, most of which was liquidated by early 1944. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1944 trades, retailers increased their indebtedness to in amounts outstanding. Charge accounts retrade suppliers. Bank loans declined somewhat ceivable at the end of 1944 were almost as large further from the low level at the end of 1943. as those at the peak of 1941 and were higher than for any other year of record. CHARGE-ACCOUNT SALES AND RECEIVABLES Total charge-account sales during 1944 are CHARGE ACCOUNT SALES OF SELECTED RETAIL TRADES estimated at 3 per cent above the 1943 level and PER CENT ANNUAL DOLLAR VOLUME , 1939•100 IPER CENT were the highest on record. The increase was general among the retail trades, as shown in the JEWELRY STORES accompanying chart. Even though at record FURNITURE STORES WOMEN'S APPAREL levels, charge-account sales were a smaller DEPAR S T T M O E R N E T S STORES proportion of total sales than in the preceding HARDWARE STORES year. Not only were charge-account sales a diminishing proportion of total sales at creditgranting stores, but there was less expansion of total sales at these stores than at establishments that operate primarily on a cash basis, such as eating and drinking places, grocery stores, and variety stores. As in prewar years, the larger stores in most trades continued to sell relatively more on charge account than small stores, but the differences between them have been some- ]939 1940 )94! 1943 J944 what narrowed.3 Regional differences in the use of charge-account credit have been less The average collection period for charge acpronounced during the war period than in earlier counts in the South, which before the war was years. much longer than in other areas, has been short- The volume of charge accounts receivable ened considerably but is still longer than in other was 17 per cent larger at the end of 1944 than parts of the country. at the end of 1943. The increase in receiv- INSTALMENT SALES AND RECEIVABLES ables in 1944, however, did not result from a lengthening of collection periods. During the In contrast with the peak reached by chargesecond half of the year there was a spurt in account sales, instalment sales declined slightly charge-account business, particularly during the during 1944 and were lower than for any other extended period of holiday shopping, which year of record. Trades in which instalment caused more than the usual seasonal expansion selling is important, such as automotive and household appliance stores, took their big cut 3 Reporting firms are classified as small, medium, and large, on the in 1942., but in 1944 they reported further debasis of 1944 annual sales volume. These classifications have different meanings for the various kinds of business. The size range for each clines from already low levels. Instalment sales is indicated below: were reasonably well maintained at furniture Small I Medium I Large Kind of business (1944 annual sales. In thousands of dollars) stores and were generally above prewar levels Department stores... Under 1,000 1,000 to 10,000 10,000 and over at jewelry and women's apparel stores, though Men's clothing stores, 250 250 to 1,000 1,000 " " less than in 1943. The 10 per cent excise tax Women's apparel stores 250 250 to 1,000 1,000 which became effective April 1, 1944 apparently Furniture stores 200 200 to 500 500 curbed both jewelry and fur sales and accounted Household appliance stores 100 100 to 250 250 for some decline in instalment business. Not- Jewelry stores 100 100 to 500 500 withstanding any deterring influence taxes may Hardware stores " 100 100 to 500 500 Automobile dealers.. 250 250 to 500 500 have had, consumer expenditures for jewelry, Automobile tire and accessory stores... 50 50 to 100 100 including taxes, were the highest on record and MAY 1945 42-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1944 were more than double the 1940 level. A re- in the case of charge accounts, most of the gain duced volume in fur sales probably accounted for in instalment receivables accompanied the inmost of the drop in instalment sales at women's creased buying in the latter half of the year. apparel stores. In addition to buyer resistance Department stores and men's clothing stores to the excise tax, many of the quality furs were accounted for most of the increase. In all other difficult to obtain. Fur sales ordinarily account retail groups except automobile dealers, instalfor a considerable part of the instalment business ment receivables declined. in women's apparel stores. The movement of At the beginning of 1944, more than two years instalment sales by kind of business is shown in had elapsed since the initial regulation of conthe accompanying chart. sumer credit and by this time a large proportion Aside from furniture, a major part of the in- of the longer term, preregulation instalment stalment business is now in the soft goods lines. credits had been liquidated. Receivables have The small remaining trade in consumers' durable been compressed also by a more than ordinary goods is largely in second-hand articles. Many volume of payment before maturity. Expanded of these sales are between individuals and thus incomes and uncertainty as to postwar employoutside the sphere of organized retail trade. ment have both promoted this action. The average maturity of instalment receivables INSTALMENT SALES OF SELECTED RETAIL TRADES has continued to be considerably below the regulatory standards. The average period instalment accounts were outstanding at apparel and jewelry stores in 1944 was about six and seven months, respectively, while at most department stores the average collection period was even shorter. Furniture accounts were outstanding, on the average, around eight months. It has been reported that retailers in some greatly expanded war centers had become reluctant to grant maximum credit terms. They had voluntarily imposed six-month and even shorter maturities in expectation of an early close of the European phase of the war followed by cancella- 939 1940 1941 1942 1943 1944 tion of contracts or severe cutbacks in war orders with consequent unemployment. The city fig- Any financing in connection with these transures collected in this Retail Credit Survey indiactions is probably reflected in the instalment cate, for example, that the average maturity of accounts of small loan companies, banks, and furniture store contracts in San Diego, San other cash lenders. Francisco, and Milwaukee was between six and Instalment sales in war production centers seven months, and in Detroit was less than eight covered by the 1941 and 1943 Retail Credit Surmonths. On the other hand, these contracts veys frequently showed considerable expansion, appear to have averaged between ten and twelve even though instalment business generally was months in New York City, Boston, Syracuse, declining. In 1944, however, these war producand Nashville. tion areas seem to have had no relative growth in instalment sales, and often reported a decline, CASH SALES even while cash business was still expanding. In 1944, as in the two preceding years, expan- Although instalment sales declined, there was sion in cash sales accounted for virtually all of the a slight increase in instalment receivables be- growth in total retail transactions. Throughtween the end of 1943 and the end of 1944. As out this period, the proportion of cash sales 4x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1944 increased for nearly all trades. Growth in cash in accounts receivable has been small. Increased sales can be largely explained by higher con- holdings of United States Government securities sumer incomes and by the wartime shift in com- in 1944 account for most of the further subposition of merchandise from consumers' durable stantial growth in liquidity for both ingoods customarily sold on credit to items com- corporated and unincorporated businesses. monly purchased for cash. Security holdings of all retailers increased more The most conspicuous gains in total sales than 50 per cent during the year. Unlike the during the war period have been in trades that preceding year, most of this rise represented a traditionally sell for cash; in the dominantly net increase in liquidity. Tax liabilities of credit fields, such as automobile dealers and corporate retailers had increased substantially household appliance outlets, there has been a in 1943 and were frequently offset by the shrinkage. Furthermore, areas showing the purchase of tax savings notes. In 1944, the greatest expansion in total sales have also had accrual of tax liabilities was much less than in the most striking increases in the proportion of the preceding year. As a result a much smaller cash transactions. The following chart shows proportion of Government securities was earchanges in cash sales for the nine trades covered in marked for tax purposes and a larger part was the Retail Credit Survey. The increase in cash added to net working capital. sales for these trades averaged substantially less There was also a substantial increase in the than the increase in cash sales for all retail cash holdings of retailers, particularly of uninbusiness. corporated firms. It is estimated that cash and bank deposits of retailers at the end of 1944 CASH SALES OF SELECTED RETAIL TRADES totaled between 5 and 6 billion dollars.4 This amount is nearly equivalent to the total volume of retail inventories normally carried prior to the war. That the substantial increase in corporate retailers' current assets during 1944 was accom- FURNITURE STORES WOMEN'S APPAREL panied by some increase in current liabilities is STORES HOUSEHOLD APPLIANCE shown by the data for nine trades summarized STORES MEN'S CLOTHING STORES in the accompanying table. Bank borrowings HARDWARE STORES DEPARTMENT STORES of corporate retailers, which had declined during the previous year, showed little change during 1944, but trade payables increased somewhat. Other current liabilities, including tax accruals, were also higher. In the case of unincorporated businesses, current liabilities declined slightly The large increase in public holdings of de- owing to a further substantial reduction in notes posits and currency is a more than adequate ex- payable to banks and some decrease in other curplanation of the continued growth in cash busi- rent liabilities. Trade payables of these reness. Even though cash sales in 1944 were tailers were larger on December 30, 1944 than a double the 1939 volume, cash holdings of indi- year earlier, but the increase was less than for viduals have more than trebled over the same corporate retailers. period. Bank indebtedness of all retailers at the end of 1944 was below prewar levels. As a group, they THE CURRENT FINANCIAL POSITION OF RETAILERS now have not only larger holdings of cash but Almost all wartime factors have made for sub- also considerable unused borrowing capacity in stantially greater liquidity of credit-granting reserve for the time when inventories can be reretailers. Sales have been increased, mark-ups plenished and capital improvements made. maintained, services curtailed, profits well sus- 4 This estimate is based on the Federal Reserve System's survey of tained, and inventories reduced. The increase the ownership of bank deposits, together with an allowance for currency and time deposit holdings. MAY 1945 4x7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1944 TABLE 4. SELECTED BALANCE SHEET ITEMS as well maintained as those of apparel stores, and Weighted total for stores reporting in Retail Credit Survey1 better maintained than those of furniture stores. Percentage Percentage of total The somewhat larger year-end inventories of change current assets at end of during 1944 year hardware and automobile tire and accessory p C or o a r- - Other Co ti r o p n o s ra- Other t s h to a r t e s w p e r r o e b a a d b d ly e d r e w fle h c e t n f u it r e th m e s r c s u to s c to k m in a g r i o ly f l s i o n l e d s tions 1944 1943 1944 1943 were no longer available. Current assets: Buying policies of retailers, particularly those Cash and bank deposits2.. +3 +16 25 27 33 31 United States Government of large firms, have tended to become more consecurities .. . . +57 +56 22 15 15 11 Accounts receivable +9 20 20 16 18 servative during the past year, primarily because Inventories . -7 33 38 36 40 of a reluctance to overstock substandard mer- Total +9 +11 100 100 100 100 chandise. By the end of 1944, wartime substi- Current liabilities: Notes payable to banks... -2 -29 2 2 2 3 tutes commonly referred to as victory models T O r t a h d e e r c p u a r y r a e b n l t e s li . a • b .. i . l ; i v ties... + + 1 8 3 + -4 3 1 9 9 1 1 0 8 8 7 9 8 apparently comprised a much smaller proportion Total +10 -5 30 30 17 20 of total inventories than a year earlier and only Net working capital +8 +15 70 70 83 80 limited orders for such merchandise were placed. Current ratio* 3.3 3.4 5.9 5.1 With the continued rise in retail sales, the rate 1 Reported figures for individual retail trades were weighted in of inventory turnover increased in most stores, accordance with the relative importance of the total business in each yea 2 r . Changes in total cash and deposits differ somewhat from findings but was relatively more rapid in the larger ones. of the Federal Reserve System's survey of the ownership of bank Comparisons of inventory turnover by size of deposits even after allowance for differences in dates of reporting and constituency of items. Retail Credit Survey figures for unincor- store and by kind of business are shown in the porated retailers agree reasonably well with those from the deposit survey, but those for corporations show a much smaller increase. following table. 3 Less than half of one per cent. * Ratio of current assets to current liabilities. TABLE 5. INVENTORIES BY KIND OF BUSINESS AND INSTALMENT PAPER SOLD SIZE OF STORE Stores reporting in Retail Credit Survey Retailers in most of the trades covered in the Survey sold approximately the same proportion ce P nt e a r g - e Inven b to y r y si z t e u r o n f o s v t e o r r e i 1 n 1944 of their instalment paper in 1944 as they did in Kind of business change during 1943. Automobile dealers sold somewhat more 1944 Total Small dfuS; i-* than half in both years but other trades sold a Department stores —4 5.8 4.8 6.3 6.0 negligible part of their instalment paper. Hard- W Me o n m 's e n c ' l s o t a h p i p n a g r e s l t o s r t e o s res + -8 3 4 5. . 4 1 4 3 . . 6 0 4 5 . . 1 5 5 5 . . 3 1 ware and household appliance stores disposed of Furniture stores 3.4 3.1 3.6 3.1 a slightly smaller proportion of their instalment Household appliance stores. 3.0 3.3 3.8 4.0 Jewelry stores 2.2 1.9 2.2 2.3 paper than in the preceding year, while depart- Hardware stores +5 3.6 2.9 3.5 4.2 ment stores slightly increased the percentage Automobile dealers -26 5.6 5.0 5.8 6.1 Automobile tire and accessold. sory stores +6 6.9 4.6 5.7 8.3 1 For basis of size classification, see footnote 3 on p. 425 INVENTORIES 2 Less than half of one per cent. Difficulties in securing merchandise, which The physical volume of inventories has diminwere confined to a few lines in the early part of ished even more than the dollar volume, reflectthe war, became general during 1944. Almost ing the effect of increased prices and a general all goods were scarce, bookings hard to arrange, trading up into higher priced lines. This shift and deliveries uncertain. The small rise in in- to more expensive goods was furthered by the ventories reported at women's apparel stores virtual exhaustion of irreplaceable stocks in may be explained in part by the growing tend- many lines of lower priced merchandise. Acency to stock more expensive merchandise and cording to prewar standards, the inventories of the building up of luxury departments such as nearly all retailers are currently out of balance. costume jewelry and novelties. Inventories of Restocking of items and price lines now entirely hardware stores, notwithstanding their con- missing or in very short supply will be one of the siderable dependence upon metallic goods, were reconversion tasks confronting retailers. 4x8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Net profits of member banks increased sub- tal accounts, however, the ratio of net profits stantially in 1944 to 649 million dollars. They to capital accounts increased from 6.7 per cent were substantially larger than in any previous in 1941 to 9.7 per cent in 1944, when it was year and about two-thirds larger than in 1941 nearly as high as in the previous peak years of and 1942.. The increase was due primarily to 1919 and 19x0. earnings on the banks* increased holdings of As shown in the table below, the increase in United States Government securities. At the net profits from 1943 to 1944 was greater at rebeginning of the war, bank profits were moder- serve city and country banks than at central ate. During the 1930's they had dropped reserve city banks, where the increase in Chicago sharply with the decline in earning assets and was approximately offset by lower net profits in in the level of interest rates, with the result New York. All classes of banks showed subthat special steps were taken to supplement stantial increases in net current earnings. earnings and reduce expenses. On the earnings Earnings on securities again increased subside service charges were widely introduced and stantially because of a further increase in holdincreased, and on the expense side interest on ings of United States Government securities, and demand deposits ,^vas eliminated and lower rates amounted to 960 million dollars in 1944 compaid on time deposits. Dividends paid have pared with 445 millions in 1941. Member not increased substantially. A large portion of banks now hold about 70 billion dollars of the increased earnings in recent years has been Government securities, nearly four times the added to capital accounts, which had been some- 1941 average level of around 18 billion dollars; what depleted in the early 1930's and subse- such securities now comprise nearly threequently had not grown as rapidly as the volume fourths of all earning assets, compared with less of bank liabilities. Despite the increase in capi- than half the total in 1941. The average rate MEMBER BANK EARNINGS, BY CLASS OF BANK, 1943 AND 1944 [Amounts in millions of dollars] Central reserve city banks All member Reserve city banks banks Country banks Item New York Chicago 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 Earnings 1,650 1,874 343 392 90 102 618 692 598 688 On securities 766 960 185 221 52 60 283 347 246 332 On loans 563 563 91 99 23 26 216 216 233 223 Other earnings 321 351 67 72 15 17 119 129 120 133 Expenses 1,039 1,127 184 199 49 52 390 421 416 454 Salaries and wages 487 525 98 106 22 23 183 196 184 200 Interest on deposits 124 144 3 4 5 6 46 55 69 79 Taxes other than on net income 84 83 12 12 5 5 34 32 33 33 Other expenses 344 375 71 77 17 18 127 138 130 142 Net current earnings 611 747 159 193 50 228 270 183 234 Recoveries, profits on securities, etc 312 318 127 101 16 21 81 99 87 97 251 232 65 61 16 86 68 Losses and charge-offs 23 87 77 673 833 222 233 54 224 263 Net profits before income taxes 34 282 193 115 184 37 60 13 45 44 Taxes on net income 10 67 24 557 649 185 173 41 179 219 Net profits 25 216 169 Ratios: To total capital accounts: 9.7 11.1 8.9 10.1 13.1 14.5 10.9 12.2 8.7 10.5 Net current earnings 9.7 10.3 9.1 7.8 12.0 8.6 9.7 8.0 9.8 Net profits Total earnings to total assets. 1.7 1.7 1.4 1.4 1.6 1.6 1.8 1.7 2.1 2.0 Earnings on securities to securities 1.4 1.5 1.2 1.3 1.5 1.5 1.5 1.4 1.6 1.6 Earnings on loans to loans 3.5 3.2 2.0 1.9 2.5 2.4 3.5 3.3 4.9 4.7 MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS IN 1944 earned on securities, which has been declining largest item reported separately, also showed for about 2.0 years, was about 1.5 per cent in some increases in 1944. 1943 and 1944. Nearly all items of expenses showed increases, In the earlier part of the war financing pro- but to a lesser extent than earnings. Salaries gram the increase in bank holdings was largely and wages increased by 38 million dollars to 5x5 in low-rate short-term securities. In recent millions. Interest payments on deposits were months, however, there has been a tendency for larger for the first time in several years as a banks to purchase in the market the highest result of the rapid growth in volume of time coupon securities available to them, principally deposits. The average rate of interest paid on the outstanding 2. per cent bonds. Additions such deposits continued to decline and was only to holdings of Government securities maturing 0.8 per cent in 1944. within five years constituted 70 per cent of the The excess of recoveries and profits over losses increase in total member bank holdings during and charge-offs was 86 million dollars in 1944, 1941; during 1943 this percentage declined to compared with 61 millions in 1943 and with net 63 per cent and in 1944 to 54 per cent. At the losses in most previous years. On securities, end of 1944, holdings of Government securities such an excess has occurred in every year maturing within five years constituted 56 per since 1934. On loans it occurred in 1943 and cent of total member bank holdings of Govern- 1944 following net losses in previous years. ment securities, compared with 40 per cent or Taxes on net income have increased substanless during 1940, 1941, and the first half of 1942. tially since this item was first reported sepa- In the Seventh War Loan Drive the maximum rately in 1942.. They amounted to 184 million coupon rate of interest has been reduced on new dollars in 1944, compared with 115 millions the issues available for ownership by banks in the previous year and 68 millions in 1942. near future. This will serve to hold down the As previously mentioned, the reduction in the average rate of earnings on securities and to maximum coupon rate of interest on new securidiminish somewhat the growth in bank earnties available for ownership by banks will be an ings resulting from the wartime expansion in important factor tending to diminish the growth bank holdings of Government securities. It in bank earnings. Other developments may will moderate the increase in the interest on the also curtail the further growth of net profits. public debt, but under existing circumstances For instance, banks might decide to reduce does not place any undue burden on the banks, service charges or to raise rates on time deposits. since bank earnings are increasing much more The large volume of currency in circulation is a rapidly than their expenses. potential source of additional bank deposits that The average rate earned on loans has declined might be attracted by such means. Also, bank almost without interruption since 1929 but the expenses, such as salaries and wages paid to volume of loans outstanding was somewhat employees, may increase further when wartime larger in 1944 than in other recent years. Total restrictions on use of manpower and on salary earnings on loans were thus unchanged from changes are removed. Finally, it seems unthe previous year. They amounted to only 30 likely that recoveries and profits over the long per cent of total earnings in 1944 compared with run will continue to exceed losses and charge- 40 to 50 per cent in the years i933~i94i; preoffs by amounts as large as in 1943 and 1944. viously, the proportion had been even higher. As indicated in the footnotes to the accom- Service charges on deposit accounts increased panying table, there has been a change in reby over 9 million dollars to 86 millions in 1944; this item has increased every year since it was porting which has affected the comparability first reported separately in 1933. Other earn- of certain figures pertaining to bank earnings. ings, of which trust department earnings are the Beginning with 1942, taxes on net income are 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS IN 1944 shown separately; for earlier years they are prior to 1941. The net profits figures are comincluded in expenses. Another change in 194/2. parable except to the extent that they are was the transfer of recurring depreciation on affected by accessions to and withdrawals from real estate from losses and charge-offs to ex- membership and mergers of member and nonpenses. If data were available by which to member banks. In recent years the effect of apply these changes to earlier years, it seems such changes on net profits has been negligible. probable that the figures for net current earnings Detailed figures of earnings and related items would not be greatly affected. They would, together with selected ratios appear on pages however, be reduced somewhat in most years 491-501 of this BULLETIN. MEMBER BANK EARNINGS, SELECTED YEARS, 192.9-10,44 [Amounts in millions of dollars] Item 1929 1932 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 Earnings 1,554 1,207 1,271 1,321 1,274 1,296 1,323 1,417 1,487 1,650 1,874 On securities 458 467 487 481 448 444 431 445 540 766 960 On loans1 851 498 513 553 544 560 595 665 r649 r563 563 O St t h rv e i r c e e a c r h n a i r n g g e s s on deposit accounts 245 ' 2 3 0 6 5 2 3 3 9 1 2 4 4 5 3 23 5 2 1 23 5 7 4 2 5 3 9 8 2 6 4 5 2 r23 6 0 8 r24 7 5 6 26 8 5 6 Expenses2 3 1,143 833 872 902 890 895 921 988 rl,002 rl,039 1,127 Salaries and wages 357 334 352 372 380 388 400 426 461 487 525 Interest on time deposits4 302 196 175 174 171 159 147 140 128 124 144 Interest on interbank deposits 35 3 2 2 Interest on demand deposits (excluding Ta i x n e t s e r o b t a h n e k r ) t . h f an on net income2 9 6 8 7 6 9 4 8 7 1 8 5 6 82 85 100 129 r81 r84 83 Other expenses3 226 255 263 257 262 273 293 331 344 375 285 Net current earnings2 3 374 399 419 384 401 402 429 r485 r611 747 410 Recoveries, profits on securities, etc 376 508 256 279 327 303 278 188 312 318 113 538 442 338 398 380 356 318 223 251 232 Losses and charge-offs3 778 Net profits before income taxes 451 673 833 68 115 184 Taxes on net income Net profits -255 212 465 337 265 347 349 390 383 557 649 Cash dividends declared5 245 187 199 201 198 207 210 211 .203 208 226 6,816 6,387 6,376 6,341 6,338 6,362 6,486 6,619 6,679 6,738 6,814 Number of banks at end of year 8,522 r Revised; see footnotes 1 and 2. 1 Beginning with 1942, includes "service charges and fees on loans," an item previously included in "other earnings." 2 Beginning with 1942, taxes on net income are reported separately; previously they were included with other taxes in expenses. 3 Recurring depreciation on real estate is included in expenses beginning with 1942 and in losses and charge-offs in prior years. 4 Beginning with 1938, "interest on time deposits" includes interest on interbank time deposits; interest (if any) on demand deposits is included in "other expenses." 6 Includes interest on capital notes and debentures. MAY 1945 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Death of Director Indiana Mr. J. G. Gutting, President, The Second Ligonier—American State Bank National Bank of Cincinnati, Cincinnati, Ohio, Middletown—Farmer's State Bank who had served as a director of the Cincinnati Branch of the Federal Reserve Bank of Cleve- Missouri land since January i, 1943, died on April 13, Cole Camp—The Citizens-Farmers Bank of 1945- Cole Camp Appointment of Branch Director On April 19, 1945, the Federal Reserve Bank Montana of Cleveland appointed Mr. Waldo E. Pierson, Chinook—First State Bank of Chinook President, The First National Bank of Cincin- Poplar—Traders State Bank of Poplar, Monnati, Cincinnati, Ohio, a director of the Cintana cinnati Branch for the unexpired portion of the term ending December 31, 1946, to succeed Pennsylvania Mr. J. G. Gutting. Philadelphia—The Real Estate Trust Company Admissions of State Banks to Membership in the of Philadelphia Federal Reserve System The following State banks were admitted to Texas membership in the Federal Reserve System during the period March 16, 1945, to April 15, Mansfield—State Bank of Mansfield Uvalde—First State Bank of Uvalde, Texas Illinois Wisconsin Chestnut—Bank of Chestnut Chicago—Devon-North Town State Bank Milwaukee—Lincoln State Bank COMPILATION OF STATE LAWS RELATING TO BANK RESERVES The Legal Division of the Board, with the are available for distribution upon request. assistance of the counsel for the Federal Re- This compilation, prepared as of December 31, serve Banks, has prepared a compilation of 1944, supersedes the similar compilation of provisions of State laws relating to reserves State laws relating to bank reserves which required to be maintained by State banks was published in the Federal Reserve BULLETIN against deposits. Copies of the compilation for March 1937, pages i88-xi9. 432- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled April 23, and released for publication April 25. Figures shown on charts may differ from preliminary figures used in text. Industrial activity was maintained at a high and was at about the same level as in March level in March. Value of retail sales was at a 1944. Owing to increased military purchases record for this season of the year. in recent months, however, supplies available for civilians of such goods as food, textile, INDUSTRIAL PRODUCTION leather, and paper products were at the lowest Output at factories and mines was maintained level for the war period. The shortage of carbon in March at the level of the preceding month, black has continued to limit production of which was Z36 per cent of the 1935-39 average, essential military and civilian tires and rubber according to the Board's seasonally adjusted products, but manufacturing facilities are being index. expanded for output of this critical material. At iron and steel mills production continued In the chemical industry, production of exploto rise and was at about the same level as a year sives and small arms ammunition showed less ago. Production of most nonferrous metals increase than in recent months and output at also continued to increase in March in response other chemical plants was maintained at about to military needs; zinc shipments rose to a new the February level. record level. Lumber production, however, Production of bituminous coal was at a was ix per cent smaller in March than in the slightly lower rate in March and declined further same month last year. Output of stone, clay, in the first week of April when wage contract and glass products was maintained at the Febru- negotiations interrupted mine operations. Outary level. In the machinery industries activity put of anthracite increased in March and the showed little change in March. Output of early part of April and crude petroleum productransportation equipment continued to decline tion was maintained in record volume. owing to further curtailment of operations at shipyards. Aircraft production was maintained DISTRIBUTION at the February rate. Department store sales in March showed a In most nondurable goods industries output further sharp increase and the Board's seasonally showed little change from February to March adjusted indexVose to Z2.4 per cent of the 193 5-39 INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100 240 I — 220 f\ SALES 200 • .A 180 A r 160 140 V.STOCKS 120 120 —rxr j 100 80 Lv. I I J 80 1939 1940 194! 1942 1943 1944 1945 Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are for in the total index. Monthly figures, latest shown are for March. March. MAY 1945 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS average as compared with ZIT. in February and April. The slackened rate of expansion in both zoo in January. In the first half of April sales deposits and currency was due primarily to tax continued large, after allowance for the usual payments by businesses and individuals. post-Easter decline. Required reserves of member banks increased Freight carloadings continued to rise in March by around 300 million dollars during the fiveand the early part of April, reflecting increased week period ending April 18. Excess reserves, shipments of most groups of commodities except which were at a temporarily high level in midcoal. In recent weeks, as a result of special March largely as a result of the reduction of efforts to move last year's record wheat crop to Treasury deposits at the Reserve Banks in anticimarket before the 1945 harvest, grain loadings pation of tax collections, subsequently declined have been in much larger volume than in the again to less than a billion dollars. An increase same period a year ago. Shipments of ore have in Treasury and other deposits at Federal Reserve also been much greater due to an early opening Banks in the latter part of March and early April of the Lake shipping season. and resumption of the currency outflow caused a drain on reserve funds which was offset by a COMMODITY PRICES further increase of nearly 600 million dollars in Prices of cotton, livestock, and some other Reserve Bank holdings of Government sefarm products were higher in the third week of curities. April than during March. Wholesale prices of At banks in 101 leading cities, Government industrial commodities, as a group, have con- security holdings declined during the five weeks tinued to show slight increases in recent weeks. ended April 18 by 660 million dollars. Bill holdings were reduced sharply, reflecting to a BANK CREDIT considerable extent declines in the holdings of Banking developments during the latter half Chicago banks associated with the Illinois tax of March and early April, while following the date. Certificate holdings declined generally usual interdrive pattern, were considerably in- while bond holdings continued to rise. Loans fluenced by the large volume of Treasury receipts to others than dealers for purchasing and carryassociated with the March 15 tax date. Ad- ing Government securities were reduced by 180 justed demand deposits at banks in leading cities million dollars and commercial loans declined and currency in circulation both decreased in the by 2.30 million dollars. latter part of March but resumed their growth in MEMBER BANKS IN LEADING CITIES WHOLESALE PRICES BILLIONS OF OOI BILLIONS OF DOLLARS Demand deposits (adjusted) exclude U. S. Government andjjnterbank deposits and collection items. Government securities include Bureau of Labor Statistics' indexes. Weekly figures, latest shown direct and guaranteed issues. Wednesday figures, latest shown are are for week ending Apr. 21. for Apr. 18. 434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGB Member bank reserves, Reserve Bank credit, and related items 437 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements . 438-433 Federal Reserve Bank statistics . . . 439-443 Guaranteed war production loans . ... 443 Deposits and reserves of member banks. 443-444 Money in circulation 445-446 Gold stock; bank debits and deposit turnover 446 Deposits and currency; Postal Savings System; bank suspensions . 447 All banks in the United States, by classes 448-449 All insured commercial banks in the United States, by classes. . . . 450-451 Weekly reporting member banks 451-455 Commercial paper, bankers' acceptances, and brokers' balances . 456 Money rates and bond yields. . 457 Security prices and new issues .... . 458-459 Corporate earnings and dividends. 460 Treasury finance . 461-463 Government corporations and credit agencies. . 464 Business indexes . 465-474 Department store statistics. . . 475-477 Consumer credit statistics. . 478-479 Wholesale prices 480 Current statistics for Federal Reserve chart book . , . 481-482. U. S. Government security yields and prices. . . . 483-490 Member bank earnings, 1944. . . . 491-501 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 Boar \ 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. MAY 1945 435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES ULLIONS OF DOLLARS 30 30 15 10 1938 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for Apr. 25. See p. 437. 436 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 o a D a a n u n d i c d n s - e - t s s T U o . t a S l s . e G c > b u o a u e i r n v l r i a d l y e t s s i r - e n s me o A n th t l e l r o A th l e l r1 Total s G to o c l k d T s r r t u c e o e a i u n n r a u n y r c g s t d - y - - - V i c n t l u i o o c l n a n i e r - y - T c i h r u n a o e g r s l a y h s d s - - F u T B p r e w s y o r d a R e e i s e n r t e d a i v h r k - t e s 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 e R a t e u r r h c e v d a n - e - e l - t r s Tot b a a l lan E ce x s cess2 ertificates Monthly averages of daily figures: 1944—Tan 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 Mar 63 12,099 9,512 2,587 449 12,611 21,641 4,090 20,964 2,335 393 1,873 346 12,431 988 1945—Jan 118 18,726 5,956 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 6,440 2,712 494 19,879 20,519 4,125 25,527 2,377 536 1,633 410 14,040 r952 Mar 245 19,509 17,313 2,196 500 20,253 20,448 4,120 25,850 2,357 269 1,495 423 14,429 1,010 End of month figures: 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 1878 333 12,311 1,162 Mar. 31 63 12,115 9,503 2,613 392 12,571 21,600 4,091 21,115 2,319 603 1,985 350 11,889 512 1945—Jan. 31 176 19,006 16,272 2,734 370 19,552 20,550 4 127 25,290 2,371 648 1,634 4C2 13,884 982 Feb. 28 321 19,439 16,748 2,692 398 20,158 20,506 4,122 25,751 2,355 460 1581 410 14,228 949 Mar. 31 245 19,669 17,490 2,180 396 20,311 20,419 4 119 25899 2,346 647 1361 429 14,166 786 Wednesday figures: 1944—June 7 240 14,609 11,972 2,638 334 15,183 21J212 4 101 22255 2,330 262 1934 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 2028 359 13,715 1,059 June 21 172 15,180 12,539 2,641 435 15,786 21,201 4 107 22293 2,339 334 2000 369 13,758 1,213 June 28 52 15,081 12,434 2,647 291 15423 21,193 4 107 22421 2314 561 1978 369 13,081 1,239 July 5 22 14,738 12,091 2,647 325 15085 21,133 4 107 22598 2 296 219 1861 364 12,987 1,470 July 12 45 14,816 12,174 2,642 374 15236 21,114 4 107 22561 2303 517 1863 364 12,849 1,563 July 19 39 14,556 12,037 2,519 403 14999 21,047 4 109 22531 2348 360 1798 364 12,754 1,462 July 26 37 14,802 12,309 2,493 285 15124 20,996 4 111 22584 2313 403 1773 365 12,793 1,280 Aug. 2 36 14,891 12,429 2,462 321 15249 20,996 4 112 22734 2339 261 1771 368 12,884 1,190 Aug. 9 62 15,222 12,781 2,441 319 15604 20,996 4 108 22910 2340 487 1790 371 12,810 1,049 Aug. 16 53 15,231 12,828 2,404 397 15682 20,998 4 109 23020 2345 317 1804 368 12,935 1,001 Aug. 23 107 15,592 13,226 2,366 300 15999 20,947 4 112 23047 2404 549 1766 370 12,922 868 Aug. 30 85 15,852 13,502 2,350 230 16,167 20,946 4 114 23221 2407 318 1779 370 13,132 • 928 Sept. 6 105 16,030 13,688 2,342 374 16,509 20,906 4 114 23432 2380 354 1768 373 13,221 846 Sept. 13.... 116 16,407 14,065 2,342 392 16,916 20,885 4 112 23495 2384 370 1765 373 13,526 971 Sept. 20. ... 172 16,540 14,220 2,320 524 17,237 20,885 4 114 23558 2390 699 1758 385 13,445 878 Sept. 27.... 88 16,501 14,190 2,311 353 16,943 20,825 4 114 23658 2373 483 1627 386 13,355 865 Oct. 4.... 33 16,660 14,350 2,311 406 17099 20,824 4 113 23881 2372 347 1612 391 13,433 862 Oct. 11.... 148 17,016 14,699 2,317 339 17503 20,725 4 113 24099 2366 211 1568 390 13,708 976 Oct. 18.... 185 17,087 14,768 2,319 523 17795 20,728 4 114 24 157 2362 315 1598 390 13,814 918 Oct. 25.... 322 17,261 14,922 2,339 316 17899 20,727 4 115 24216 2359 229 1606 391 13,940 783 Nov. 1.... 359 17,605 15,259 2,346 301 18265 20,727 4 115 24409 2372 216 1633 393 14,083 921 Nov. 8.... 401 17,957 15,605 2,352 296 18655 20,726 4 115 24674 2313 314 1640 395 14,159 883 Nov. 15.... 357 17,941 15,586 2,355 509 18807 20,694 4 114 24717 2338 119 1488 395 14,557 1,087 Nov. 22.... 473 18,411 16,054 2,357 457 19341 20,693 4 117 24881 2339 251 1567 395 14,719 1,062 Nov. 29 .... 593 18,553 16,196 2,357 374 19520 20,688 4 120 24997 2334 292 1549 395 14,761 1,205 Dec. 6.... 383 18,311 15,522 2,789 435 19130 20,668 4 122 25 107 2337 258 1636 397 14,184 1,364 Dec. 13.... 176 18,577 15,783 2,794 558 19311 20,667 4 123 25 163 2348 503 1597 397 14,092 1,286 Dec. 20.... 218 19,009 16,208 2,801 886 20 113 20,646 4 127 25280 2369 1,250 1,621 408 13,958 1,277 Dec. 27.... 153 19,064 16,253 2,812 604 19821 20,639 4,131 25335 2,377 901 1,601 409 13,969 1,406 1945—Jan. 3... 30 18,734 15,927 2,808 706 19470 20,619 4,130 25326 2,368 592 1,609 402 13,921 1,274 Jan. 10.... 130 18,907 16,120 2,787 449 19486 20,593 4,130 25,257 2.372 528 1,590 405 14,057 1,277 Tan. 17.... 129 18,651 15,880 2,771 529 19,310 20,572 4,129 25209 2,370 334 1,538 404 14,156 1,280 Tan. 24.... 141 18,620 15,880 2,739 459 19,220 20,571 4,129 25,175 2,380 479 1,397 404 14,085 1,195 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. 7.... 200 19,062 16,340 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 16,465 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 16,534 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 16,748 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 17,152 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 17,378 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 17,294 2,198 488 20,173 20,451 4,120 25,836 2,360 96 1,447 427 14,579 1,073 Mar. 28.... 218 19,516 17,326 2,190 341 20,074 20,419 4,118 25,834 2,356 310 1,377 429 14,305 859 Apr. 4.... 220 19,580 17,414 2,167 455 20,255 20,418 4,117 25,865 2,379 335 1,420 438 14,353 932 Apr. 11.... 323 20,091 17,975 2,116 349 20,763 20,417 4,118 25,939 2,364 409 1,553 439 14,593 937 Apr. 18.... 341 20,153 18,037 2,116 478 20,973 20,396 4,117 26,068 2,374 430 1,594 437 14,582 792 Apr. 25.... 508 20,444 18,331 2,113 358 21,310 20,374 4,120 26,074 2,371 651 1,563 437 14,708 822 r Revised. 1 Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAY 1945 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. 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 li o g r a- beyond one year and Other secured advances callable in one year discounts of and [Sec. 10(b)] or less (Sec. 13) advances secured by eligible paper (Sees. 13 and 13a)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 V/2 Oct. 30, 1942 Philadelphia Oct. 17,1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27,1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 2 . Oct. 27, 1942 A Ri t c la h n m ta ond O O c c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 M M a a r r . . 2 1 1 4 , , 1 1 9 9 4 4 2 2 O O c c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 M Se a p r t . . 1 1 4 6 , , 1 1 9 9 3 4 9 2 2 2 V2 O O c c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 Chicago Oct. 17,1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 19^9 2 Oct. 17, 1942 St. Louis Oct. 27,1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis Oct. 30,1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 1XA Oct. 30, 1942 Kansas City Oct. 27,1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 2 Oct. 27, 1942 D Sa a n l l F as ra .. n . c .# isco O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 2 4 1 , , 1 1 9 9 4 4 2 2 O Oc c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 A Se p p r. t . 1 4 6 , , 1 1 9 9 4 3 2 9 2 2V2 O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by 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 C O O F M T M HE IT F M E E D N E T R S A L U N R D ES E E R R V S E E C A T C IO T N 1 13b Maturities not exceeding five years Maturity A Ra p t r e . o 3 n 0 In g i e n f n fe in c g t — be- Pre ra v t i e ous ^ [In effect April 30. Per cent per annum] Treasury bills1 Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 businesses 91-120 days Oct. 20,1933 121-180 days Oct. 20, 1933 On discounts or Federal Reserve purchases Bank On On commit- Portion On comloans2 ments for which Re- mitments institu- maining tion is portion obligated * Minimum Duying rates on prime Dangers acceptances. Back figures—See Banking and Monetary Statistics, Table 117, pp. 443-445 Boston (3) 4) New York ( ) 4\ Philadelphia 4\ Cleveland 32 4\ Richmond M1M (3) 4) GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Atlanta V2-IH (3) H MITMENT RATES CHARGEABLE UNDER REGULATION Chicago 234-5 2^5 V ON LOANS GUARANTEED BY WAR DEPARTMENT, St. Louis NAVY DEPARTMENT, AND MARITIME COMMIS- Minneapolis 23^-5 (j) (4} SION A N U D N D C E O R N T E R X A E C C T U T S I E V T E T L O E R M D E ER N T N A O C . T 9112 K Da a l n l s a a s s City 23^-5 (3) (4J OF 1944 San Francisco < ) (4) [Rates in effect April 30] FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS Guarantee fee 3 R iu a c t i e u u c i h ii a g r g I e v d a n b s o m rro a w uc e r m l e p s o s a c u o t m ip m ai i i t u m u e n w t ii r u a t i e x . na (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 lA 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... 2y2 23^ Other deposits payable: In 6 months or more Maximum rate of interest In 90 days to 6 months. Maximum commitment rate. 21A In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks 1 Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the rate amount of the loan. The financing institution may, in the alternative, payable by a member bank may not in any event exceed the maximum charge a flat fee of not to exceed $50, without regard to the amount or rate payable by State banks or trust companies on like deposits under maturity of the commitment. the laws of the State in which the member bank is located. 438 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 ] Period in effect C re e s n e N t r r v e a t e l dem Re a s n e d r v d e ep C os o i u ts n 1 try d m e T e p ( i m o m a s l b e l i e t r s P R re e s s c e r r i v b e e d S y b s y E t e B x m c o h a i a r n d n a g o c e c f o G A rd o c a v t n e o c rn e f or 1 w s 9 i 3 t o h 4 f t S he ec F u e ri d t e ie r s al N F 1 e o 1 9 b 9 v 3 . 4 . 7 5 - 1 4, , E F f e f 1 e b 9 . c 4 t 5 i 5 v , e b c a i n ty ks b c a i n ty ks banks banks) For extensions of credit by brokers and dealers on listed securities, under Regulation T... 40 50 June 21, 1917-Aug. 15, 1936 13 10 3 For short sales, under Regulation T 50 50 Aug. 16, 1936-Feb. 28, 1937 19K 15 ioy2 4^ For loans by banks on stocks, under Regulation U 40 50 Mar. 1, 1937-Apr. 30, 1937 22?4 173^ MM SK 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 •22H 17^ 12 5 a security by prescribing a maximum loan value, which is a specified Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 percentage of its market value at the time of the extension; the "margin Aug. 20, 1942-Sept. 13, 1942 24 20 14 6 requirements" shown in this table are the difference between the market Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 value (100%) and the maximum loan value. Oct. 3, 1942 and after 20 20 14 6 NOTE .—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. ^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 dollars] Wednesday figures End of month Item 1945 1944 Apr. 25 Apr. 18 Apr. 11 I Apr. 4 I Mar. 28' Mar. 21 Mar. 14 April March February April Assets Gold certificates 17,545,36017,582,26517,607,26517,616,26517,618,265 17,640,76517,650,36517,533,36417,616,26417,724,86518,950,925 Redemption fund—F.R. notes. 663,798 649,023 646,242 644,794 645,182 646,697 642,464 673,969 644,793 620,810 313,942 Other cash 256,108 250,970 253,743 255,282 256,047 259,730 250,080 249,214 258,241 264,374 280,743 Total reserves.. 18,465,266 18,482,25818,507,25018,516,34118,519,49418,547,19218,542,909 18,456,54718,519,29818,610,04919,545,610 Discounts and advances: For member banks 507,471 340,438 321,939 219,209 216,809 191,764 254,405 488,260 243,964 319,986 117,788 For nonmember banks, etc 790 790 790 790 790 790 790 790 790 790 550 Total discounts and advances 508,261 341,228 322,729 219,999 192,554 255,195 489,050 244,754 320,776 118,338 Industrial loans 3,914 4,268 4,300 3,799 3,926 3,992 4,443 4,100 3,801 11,968 U. S. Government securities: Direct: Bills: Under repurchase option 5,282,517 5,100,677 5,129,539 4,941,102 4,897,304 4,946,733 5,070,891 5,124,345 4,996,885 5,027,092 4,001,058 Other 7,810,046 7,712,341 7,611,041 7,082,325 7,018,320 6,936,850 6,896,339 7,886,143 7,082,325 6,803,294 3,640,199 Certificates: Special Other 5,238,011 5,224,011 5,234,011 5,390,511 5,410,511 5,410,511 5,410,511 5,333,211 5,410,511 4,917,140 2,972,940 Notes 987,850 987,850 991,850 1,038,350 1,061,350 1,066,350 1,066,350 987,850 1,051,350 1,559,721 1,156,264 Bonds 1,125,492 1,128,092 1,124,392 1,128,152 1,128,152 1,132,072 1,132,072 1,123,292 1,128,152 1,132,072 1,445,496 Guaranteed 3,771 Total U. S. Government securities, including guaranteed securities. 20,443,916 20,152,97120,090,83319,580,< 9,515,63719,492,51619,576,163 20,454,84119,669,22319,439,319 13,219,728 Other Reserve Bank credit outstanding 353,747 474,408 345,084 451,198 336,883 484,415 460,842 358,304 392,497 394,157 450,244 Total Reserve Bank credit outstanding . 21,309,838 20,972,875 20,762,946 20,255,436 20,074,069 20,173,411 192 21,306,638 20,310,574 20, 13,800,278 Liabilities Federal Reserve notes... 22,505,374 22,504,029 22,368,052 22,320,759 22,262,607 22,255,549 22,289,360 22,597,58222,319,353 22 17,969,274 Deposits: Member bank—reserve account 14,707,95914,582,32314,593,42914,352,576 14,305,08314,578,53314,459,097 14,817,80714,166,18414,228,45312,683,628 U. S. Treasurer—general account 651,280 429,946 408,931 335,420 309,858 96,123 262,589 445,945 646,708 460,184 399,530 Foreign 1,167,896 1,191,486 1,194,886 1,175,385 1,185,819 1,229,822 1,248,985 1,158,579 1,167,559 1,191,796 1,644,744 Other deposits 394,807 402,297 357,858 244,323 191,252 216,904 235,953 390,593 193,123 389,096 362,335 Total deposits 16,921,94216,606,05216,555,10416,107,70415,992,01216,121,38216,206,624 16,812,92416,173,57416,269,52915,090,237 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 46.8 47.3 48.4 48.2 48.1 48.4 59.1 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] April 25, 1945 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y s 90 9 m 1 o to d n a 6 t y h s s 6 l m y t o e o n ar ths 2 1 y y t e o e a a r r s 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Discounts and advances 508,261 419,637 40,515 23,969 24,140 Industrial loans 3,914 3,254 7 8 7 25 587 23 3 U. S. Government securities 20,443,916 3,283,364 2,060,402 4,577,375 4,159,922 1,967,140 2,718,821 273,800 642,902 760,190 MAY 1945 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] ^ Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: Mar. 28 17,618,265 861,878 4,932,092 930,7961,303,118 963,096 948,722 31,280,813 604,974 340,536 610,653 487,813 22,,3.53,774 Apr. 4 17,616,265 897,176 5,368,145 963,7831,294,850 869,238 933,630 2!, 937,096637,983 344,994 619,727 503i,,3370 22,246,273 Apr. 11 17,607,265 877,722 4,998,586 934,0451,285,453 882,274 921,889 31,329,278 630,787 348,125 631,387 5131,,3380 22,254,339 Apr. 18 17,582,265 912,733 4,903,714 945,7551,293,985 879,184 923,137 31,329,677 617,605 334,593 618,255 507,101 2:,316,526 Apr. 25...., 17,545,360 919,789 4,769,971 952,5261,313,824 875,862 940,169 3(,379,969 631,853 349,394 631,."" 488,009 2,292,186 Redemption fund— F. R. notes: Mar. 28 645,182 42,760 116,832 45,574 62,364 48,458 37,661 111,338 32,241 15,639 27,331 20,306 84,678 Apr. 4 644,794 42,646 116,409 45,389 62,225 49,476 37,521 111,180 32,187 15,623 27,291 20,256 84,591 Apr. 11 646,242 44,026 115,798 45,227 62,616 50,560 37,250 111,057 32,151 15,613 27,265 20,229 84,450 Apr. 18 649,023 44,919 115,373 46,060 62,493 51,648 38,125 110,913 32,108 15,600 27,232 20,186 84,366 Apr. 25 663,798 45,821 129,951 45,902 62,863 50,854 37,996 110,758 32,058 15,981 27,199 20,144 84,271 Other cash: Mar. 28 256,047 22,891 60,150 19,482 21,515 14,372 21,401 29,198 12,896 5,512 12,844 9,803 25,983 Apr. 4 255,282 22,344 62,436 20,509 22,919 13,803 19,187 28,881 12,295 5,483 12,190 9,555 25,680' Apr. 11 253,743 22,183 61,214 20,618 22,000 14,475 20,995 28,740 12,205 5,181 12,217 9,620 24,295 Apr. 18 250,970 22,309 62,064 19,984 23,327 13,699 19,557 28,550 11,859 5,17. 12,175 8,531 23,742 Apr. 25 256,108 23,413 63,120 20,460 21,133 15,824 20,006 28,652 12,228 4,915 12,890 8,859 24,608 Total reserves: Mar. 28 18,519,494 927,529 5,109,074 995,8521,386,9971,025,9261,007,784 3,,421,349 650,111 361,687 650,828 517,922 2,464,435 Apr. 4 18,516,341 962,166 5,546,990 1,029,6811,379,994 932,517 990,338 3,,077,157 682,465 366,100 659,208 533,1812,356,544 Apr. 11 18,507,250 943,931 5,175,598 999,890 '1,370,069 947,309 , 134 ,3469,075 675,143 368,919 670,869 543, ",363,084 Apr. 18 18,482,258 979,961 5,081,1511,011,799 1,379,805 944,531 980,819 3,469,140 661,572 355,366 657,662 535,818 2,424,634 Apr. 25 18,465,266 989,023 4,963,0421,018,8881,397,820 942,540 998,1713,519,379 676,139 370,290 671,897 517,012 2,401,065 Discounts & advances: Secured by U. S._ Govt. securities: Mar. 28 217,599 6,895 130,714 13,050 850 4,500 2,600 7,850 31,050 10,050 9,940 100 Apr. 4 219,999 13,570 95,824 2,350 22,135 7,875 2,100 14,875 41,950 9,800 9,390 130 Apr. 11 322,729 12,460 173,779 10,660 27,435 7,000 3,500 7,425 30,200 8,800 8,840 32,630 Apr. 18 341,228 20,069 155,514 10,900 26,605 14,750 1,400 35,600 31,250 23,700 10,840 10,600 Apr. 25 508,261 27,969 288,944 17,520 30,750 21,521 6,000 15,525 32,812 19,800 22,840 50 24,530 Other: Mar. 28 Apr. 4 Apr. 11 Apr. 18 Apr. 25 Total discounts and advances: Mar. 28 217,599 6,895 130,714 13,050 850 4,500 2,600 7,850 31,050 10,050 9,940 100 Apr. 4 219,999 13,570 95,824 2,350 22,135 7,875 2,100 14,875 41,950 9,800 9,390 130 Apr. 11 322,729 12,460 173,779 10,660 27,435 7,000 3,500 7,425 30,200 8,800 8,840 32,630 Apr. 18 341,228 20,069 155,514 10,900 26,605 14,750 1,400 35,600 31,250 23,700 10,840 10,600 Apr. 25 508,261 27,969 288,944 17,520 30,750 21,521 6,000 15,525 32,812 19,800 22,840 24,530 Industrial loans: Mar. 28 3,950 166 10 3,189 110 25 450 Apr. 4 3,799 166 10 3, 110 25 400 Apr. 11 4,300 166 10 3,591 110 23 400 Apr. 18 4,268 166 10 3,559 110 23 400 Apr. 25 3,914 164 7 3,201 94 23 425 U.S. Govt. securities: Bills: Under repurchase option: Mar. 28 4,897,304 104,388 2,612,219 205,916 78,247 44,628 38,0571,007,918 284,154 92,770 44,917 31,985 352,105 Apr. 4 4,941,102 95,509 2,412,244 209,312 93,487 51,927 37,6091,173,780 264,566 91,465 44,553 35,600 431,050 Apr. 11 5,129,539 133,829 2,944,442 214,510 133,867 45,363 32,253 807,425 263,080 87,786 43,634 24,730 398,620 Apr. 18 5,100,677 98,109 3,041,668 233,240 130,517 56,170 27,953 754,701 246,956 89,846 34,157 13,860 373,500 Apr. 25 5,282,517 111,860 3,218,956 218,114 122,882 64,840 32,193 743,849 249,579 73,931 41,382 23,271 381,660 Other bills: * Mar. 28 7,018,320 611,580 613,157 542,0971,007,945 623,432 556,733 847,473 194,898 173,432 433,475 348,5821,065,516 Apr. 4 7,082,325 621,958 388,736 508,807 989,153 698,801 585,0741,092,345 159,351 176,643 447,308 336,2021,077,947 Apr. 11 7,611,041 613,581 517,116 553,597 985,546 712,783 611,9981,239,865 222,618 197,557 462,451 363,3491,130,580 Apr. 18 7,712,341 629,630 541,713 523,811 979,359 700,832 617,1571,290,134 243,479 188,213 477,922 379,4271,140,664 Apr. 25 7,810,046 633,840 565,437 549,221 998,530 693,334 622,1321,321,365 229,499 201,327 473,925 371,046 1,150,390 Certificates: Mar. 28 5,410,511 371,950 1,345,970 409,607 513,900 346,758 273,504 708,920 254,237 146,260 265,862 225,206 548,337 Apr. 4 5,390,511 369,520 1,337,335 416,1 515,559 345,907 279,684 673,271 265,938 144,636 263,455 234,118 544,190 Apr. 11 5,234,011 358,141 1,299,286 404,802 499,689 336,104 271,706 653,688 258,582 140,122 255,825 227,467 528,599 Apr. 18 5,224,011 357,425 1,296,843 404,030 498,686 335,473 271,194 652,436 258,107 139,838 255,337 227,041 527,601 Apr. 25 5,238,011 358,418 1,300,276 405,112 500,075 336,358 271,912 654,188 258,778 140,233 256,019 227,641 529,001 Notes: Mar. 28 1,061,350 72,964 264,032 80,349 100,809 68,021 53,652 139,064 49,873 28,690 52,153 44,178 107,565 Apr. 4 1,038,350 71,179 257,605 80,305 99,310 66,631 53,874 129,689 51,227 27,860 50,748 45,096 104,826 Apr. 11 991,850 67,868 246,216 76,711 94,691 63,691 51,488 123,874 49,002 26,554 48,479 43,106 100,170 Apr. 18 987,850 67,588 245,231 76,401 94,301 63,437 51,282 123,374 48,808 26,444 48,283 42,933 99,768 Apr. 25 987,850 67,596 245,222 76,401 94,310 63,435 51,281 123,374 48,804 26,447 48,283 42,931 99,766 Bonds: Mar. 28 1,128,152 77,556 280,651 85,407 107,154 72,302 57,029 147,817 53,012 30,496 55,435 46,958 114,335 Apr. 4 1,128,152 77,335 279,884 87,250 107,899 72,394 58,533 140,905 55,657 30,269 55,137 48,997 113,892 Apr. 11 1,124,392 76,938 279,118 86,962 107,344 72,203 58,368 140,427 55,551 30,102 54,957 48,866 113,556 Apr. 18 1,128,092 77,183 280,045 87,248 107,689 72,443 58,562 140,890 55,737 30,198 55,138 49,028 113,931 Apr. 25 1,125,492 77,014 279,390 87,047 107,451 72,273 58,426 140,565 55,604 30,131 55,011 48,913 113,667 Total U. S. Govt. securities: Mar. 28 19,515,637 ,238,438 5,116,0291,323,376 1,808,0551,155,141 978,9752,851,192 836,174 471,648 851,842 696,909 2,187,858 Apr. 4 19,580,440 ,235,501 4,675,1""" ,302,572 1,805,4081,235,660 1,014,7743,209,990 796,739 470,873 861,201 700,0132,271,905 Apr. 11 20,090,833 ,250,357 5,286,1781,336,5821,821,1371,230,1441,025,813 2,965,279 848,833 482,121 865,346 707,518 2,271,525 Apr. 18 20,152,971 ,229,935 5,405,5001,324,7301,810,5521,228,3551,026,1482,961,535 853,087 474,530 870,837 712,289 2,255,464 Apr. 25 20,443,916 ,248,728 5,609,2811,335,8951,823,2481,230,24011,035,94412,983,341 842,264 472,069 874,620 713,802 2,274,484 44° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Total loans and sec: Mar. 28 19,737,186 245,499 5,246,7531,339',,615 1,808,9051,159,751 981,,575 2,859,042 867,224 481,698 861,807 696,909 2,188,408 Apr. 4 19,804,238 ,249,237 4,771,638 1',3081,,010 1,827,5431,243,645 1,016,8743,224,865 838,689 480,673 870,616 700,013 2,272,435 Apr. 11 20,417,862 262,983 5,459,967 ,848,5721,237,2541,029, ,972,704 879,033 490,921 874,209 707,5182,304,555 A A p p r r . . 2 1 5 8 2 2 0 0 , , 4 9 9 5 8 6 , , 4 0 6 9 7 1 2 2 5 76 0 , , 8 1 6 7 1 0 5 5 , , 5 8 6 9 1 8 , ,2 0 3 2 2 4 1 1 , , 3 3 5 39 0 , , 8 - 3 " 3 1 1 , , 8 8 5 3 3 7 , ,1 9 5 9 7 8 1 1 , , 2 2 4 5 3 1 , , 2 8 1 5 5 51 1 , , 0 0 4 2 1 7 [, , , 5 94 4 4 8 2 2, , 9 9 9 9 7 8 , , 1 8 3 6 5 6 8 8 8 7 4 5 , , 3 0 3 7 7 6 4 4 9 9 8 1 , ,8 2 6 3 9 9 8 89 8 7 1 , , 4 7 8 0 3 0 7 7 1 1 3 2 , ,2 8 8 5 9 2 2 2 , ,,2 2 9 6 9 6 , , 4 4 3 6 9 4 Due from foreign banks: ,356,616 Mar. 28 116 9 29 12 12 6 5 4 3 4 10 Apr. 4 116 9 29 12 12 6 5 4 3 4 10 Apr. 11 116 9 J29 12 12 6 5 4 3 4 10 Apr. 18 116 9 J29 12 12 6 5 4 3 4 10 Apr. 25 116 9 12 12 6 5 4 3 4 10 Federal Reserve notes of other banks: Mar. 28 90,033 3,867 16,991 3,365 4,976 7,916 9,622 11,049 6,360 2,004 5,273 3,042 15,568 Apr. 4 94,902 3,539 20,421 4,108 5,202 7,383 10,425 11,200 6,389 2,426 4,814 2,910 16,085 Apr. 11 92,347 4,442 19,030 4,725 4fl31 6,618 10,002 10,377 5,206 1,832 4,458 2,609 18,917 Apr. 18 92,315 5,052 22,674 5,013 3,441 6,619 7,943 9,333 4,847 2,: 4,518 2,686 17,901 Apr. 25 89,511 5,600 20,457 5,420 4,332 6,731 8,158 9,142 6,273 1,103 4,134 2,879 15,282 Uncollected items: Mar. 28 1,883,782 130,401 395,766 104,380 198,490 135,485 115,409 313,074 75,857 37,243 95,276 75,038 207,363 Apr. 4 1,932,032 131,731 406,579 119,084 199,232 148,161 113,253 336,724 77,401 38,465 99,058 67,415 194,929 Apr. 11 1,771,499 128,810 373,359 106,335 170,351 131,498 111,542 275,770 79,165 37,807 97,380 68,357 191,125 Apr. 18 2,124,974 147,530 518,231 121,289 215,745 143,395 133,128 326,100 93,281 41,912 112,407 78,183 193,773 Apr. 25 1,859,370 136,357 388,504 119,325 212,663 131,119 109,729 283,010 77,316 36,026 86,326 83,887 195,108 Bank premises: Mar. 28 34,351 1,601 8,858 3,421 4,073 2,832 1,600 3,160 2,104 ,247 2,650 886 1,919 Apr. 4 34,306 1,596 8,839 3,420 4,073 2,832 1,600 3,156 2,101 ,247 2,644 879 1,919 Apr. 11 34,306 1,596 8,839 3,421 4,073 2,832 1,600 3,156 2,100 ,247 2,644 879 1,919 Apr. 18 34,306 1,596 8,839 3,421 4,073 2,832 1,600 3,156 2,100 ,247 2,644 879 1,919 Apr. 25 34,265 1,596 8,839 3,409 4,064 2,825 1,598 3,151 2,100 ,247 2,644 879 1,913 Other assets: Mar. 28 55,241 3,991 12,327 3,692 5,441 3,445 3,141 7,583 2,878 ,487 2,736 2,432 6,088 Apr. 4 47,193 3,136 10,326 3,285 4,682 2,895 2,788 6,580 2,698 ,238 2,291 2,188 5,086 Apr. 11 48,787 3,389 10,904 3,403 4,851 3,093 2,836 6,706 2,661 1,265 2,346 2,113 5,220 Apr. 18 52,140 3,392 10,914 3,769 5,307 3,276 3,120 7,679 2,828 1,392 2,477 2,343 5,643 Apr. 25 54,612 3,557 11,753 3,881 5,559 3,431 3,200 8,081 2,938 1,424 2,529 2,487 5,772 Total assets: Mar. 28 40,320,203 ,312,89710,789,798 2,,450, 337 35,408,894 2,,335,3612,119',,136 6,,615,2751,604,538 885,3691,618,5741,296,233 41,883,791 Apr. 4 40,429,128 ,351,41410,764,822 2,467, 600 35!,420,,738 2;,337,439 ,1351,283 6,,659,700 1,609,747 890,1'5"2 1,638,6351,306,590 4t, 847,008 Apr. 11 40,872,167 ,345,160 11,047, 726 2;,468, 5,402;059 2:,328,610 2;,1351,432 6, ^ 806 1,643,312 901,9941,651,9101,324,709 4[, 884,830 Apr. 18 41,284,576 ,387,710 11,202, 862 2!,484, 492 35,,445;540 2;,343,874 2,,154,163 6,,8,152;61 1,648,969 900,4471,661,4121,332,202 4t, 910,344 Apr. 25 41,459,231 ,413,00311,290,856 2,507, 551 35,478;,448 2,.338,i,507 2,,162!,805 6. : ,821,6471,639,846 901,9621,665,0171,321, t,918,589 Liabilities Federal Reserve notes: Mar. 28 22,262,607 1,397,837 4,981,6791,473,9681,946,523 1,500, 038 1,306, 4714,077,146 945,745 487,752 817,337 550,9912,777,120 Apr. 4 22,320,759 1,404,181 4,988,3551,472,1311,946,108 1,503,1571,315,187 4,087,111 949,229 488,801 824,459 558,620 2",783,420 Apr. 11 22,368,052 1,408,630 4,992,3531,477,2721,951,822 1,505,4071,316,534 4[, 096,596 951,938 491,365 827,088 558,i.405 2,790,642 Apr. 18 22,504,029 1,428,356 5,013,0191,484,5071,957,666 1,505,5841,321,400 4[, 134,753 953,520 493,110 827,885 557,,794 2,826,435 Apr. 25 22,505,374 1,428,450 5,015,1231,487,380 1,962,451 .,1502,7541,319,481 4[, 140,042 951,611 493,072 828,170 555,i,829 2,821,011 Deposits: Member bankreserve account: Mar. 28 14,305,083 657,085 4,740,649 721,722 ,110,590 601,307 635,123 21,,043,842 513,169 315,342 642,508 603,196 1,720,550 Apr. 4 14,352,576 672,222 4,662,960 723,981 ,130,830 614,071 643,994 2!;, 069,479513,289 316,169 665,248 623,7301,716,603 Apr. 11 14,593,429 665,043 4,740,717 735,881 ,119,812 615,245 654L,,018 2!, 169,512545,139 320,099 668,074 639,3341,720,555 Apr. 18 14,582,323 684,975 4,754,191 723,018 ,133,681 605,664 651^,,075 2!, 171,379530,284 314,693 669,561 634,8741,708,928 Apr. 25 14,707,959 681,148 4,821,700 734,259 ,123,560 608,770 656.,,797 21,199,232 540,453 315,817 680,424 622,556 1',723,243 U. S. Treasurer— general account: Mar. 28 309,858 19,337 67,341 19,610 31,036 45,315 5,310 34,635 12,469 10,545 13,423 23,238 27,599 Apr. 4 335,420 37,711 64,638 36,065 28,006 20,953 20,035 54,303 19,250 15,075 11,312 19,595 8,477 Apr. 11 408,931 40,593 141,986 21,564 32,235 16,794 10,361 49,301 14,375 19,191 14,670 18,526 29,335 Apr. 18 429,946 24,034 136,138 29,296 32,923 30,073 5,145 45,056 27,017 18,327 27,364 21,702 32,871 Apr. 25 651,280 68,262 243,464 40,968 63,742 33,318 23,762 56,945 20,822 21,797 19,274 20,982 37,944 Foreign: Mar. 28 1,185,819 79,598 2455,378 100,293 99,154 47,867 39,: 148,160 34,191 26,213 34,191 34,191 86,694 Apr. 4 1,175,385 79,070 2451,616 99,346 98,217 47,415 39,513 146,761 33,868 25,965 33,868 33,868 85,878 Apr. 11 1,194,886 76,984 2469,692 99,887 98,752 47,673 39,728 147,561 34,052 26,107 34,052 34,052 86,346 Apr. 18 1,191,486 79,148 2462,075 100,203 99,065 47,824 39,854 148,028 34,160 26,190 34,160 34,160 86,619 Apr. 25 1,167,896 79,815 2445,318 99,048 97,922 47,273 39,394 146,320 33,766 25,887 33,766 33,766 85,621 Other: Mar. 28 191,252 4,646 87,138 4,863 11,109 4,546 5,028 4,982 10,694 2,002 6,003 2,562 47,679 Apr. 4 244,323 3,532 137,082 4,615 12,017 7,160 3,847 3,107 13,489 2,104 7,234 4,183 45,953 Apr. 11 357,858 2,912 250,500 5,053 11,846 9,227 3,144 3,987 12,078 1,953 5,840 3,440 47,878 Apr. 18 402,297 4,136 303,795 4,427 4,766 7,143 3,548 4,621 11,008 1,952 8,117 2,531 46,253 Apr. 25 394,807 4,466 294,456 5,551 4,738 9,834 6,288 4,443 11,061 1,757 4,915 2,791 44,507 Total deposits: Mar. 28 15,992,012 760,666 5,350,506 846,488 1,251,889 699,035 685,350 2,231,619 570,523 354,102 696,125 663,1871,882,522 Apr. 4 16,107,704 792,535 5,316,296 864,0071,269,070 689,599 707,389 2,273,650 579,896 359,313 717,662 681,3761,856,911 Apr. 11 16,555,104 785,532 5,602,895 862,3851,262,645 688,939 707,2512,370,361 605,644 367,350 722,636 695,3521,884,114 Apr. 18 16,606,052 792,293 5,656,199 856,9441,270,435 690,704 699,622 2,369,084 602,469 361,162 739,202 693,2671,874,671 Apr. 25 16,921,942 833,691 5,804,938 879,826 1,289,962 699,195 726,2412,406,940 606,102 365,258 738,379 680,0951,891,315 Deferred availability items:. Mar. 28. 1,547,015 120,225 285,869 85,999 162,442 112,324 107,173 237,861 70,336 29,765 87,764 64,906 182,351 Apr. 4 1,480,950 120,457 288,291 87,511 157,413 120,642 92,530 230,006 62,647 28,251 79,076 49,476 164,650 Apr 11 1,426,531 116,620 279,643 84,809 139,247 110,059 91,349 201,447 67,663 29,438 84,646 53,735 167,875 Apr. f 18 1,650,682 132,554 360,445 98,817 168,937 123,300 112,780 239,152 74,920 32,302 76,821 63,806 166,848 Apr. 25 1,505,739 116,219 296,829 95,963 177,365 112,134 96,583 204,731 63,981 29,686 80,851 67,625 163,772 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $727,124,000 participations of other Federal Reserve Banks on Mar. 28, $720,256,000 on Apr.4; $724,182,000 on Apr. 11; $726,475,000 on Apr. 18; and $718,095,000 on Apr. 25. MAY 1945 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-ContinuecZ [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Other liabilities including accrued div.: Mar. 28 9,930 798 2,51. 718 1,025 512 472 1,46: 423 295 354 385 971 Apr. 4 9,863 778 2,350 675 1,040 524 441 1,669 412 271 396 304 1,003 Apr. 11 10,535 813 2,84f 745 1,053 569 466 1,540 427 290 414 332 1,039 Apr. 18 10,627 851 2,769 701 1,052 583 450 1,552 478 282 411 385 1,113 Apr. 25 11,213 890 3,128 751 1,071 569 50- 1,592 444 315 419 423 1,107 Total liabilities: Mar. 28 39,811,564 2,279,52610,620,569 2,,407,1733,361,879 2,311,909 2,099,466 6,548,0881,587,027 871,9141,601,5801,279,469 4,842,964 Apr. 4 39,919,276 2,317,95110,595,2922,424,3243,373,631 2,313,92:12 2,115,547 6,592,4361,592,184 876,6361,621,593 1,289,7764,805,984 Apr. 11 40,360,222 2,311,59510,877,7382,425,2113,354,767 2,304,"9"74 2,115,600 6,669,9441,625,672 888,4431,634,7"84 1',307,"8"24 4,843,670 Apr. 18 40,771,390 2,354,05411,032,432 2",440,"969 3,398,090 2,320,171 2,134,252 6,744,5411,631,38' 886,8561,644,31 1,315,252 4,869,067 Apr. 25 40,944,268 2,379,25011,120,0182,463,9203,430,849 2,314,652 2",142,809 6,753,3051,622,138 888,331 ,647,8191,303,9724,877,205 Capital Accounts Capital paid in: Mar. 28 167,110 10,176 59,831 12,647 16,731 6,745 6,064 19,866 5,395 3,652 5,350 5,623 15,030 Apr. 4 167,146 10,176 59,831 12,648 16,733 6,747 6,064 19,876 5,400 3,655 5,357 5,623 15,036 Apr. 11 167,495 10,181 59,831 12,648 16,742 6,748 6,067 20,198 5,410 3,651 5,358 5,625 15,036 Apr. 18 167,544 10,181 59,843 12,654 16,750 6,750 6,067 20,203 5,411 3,654 5,361 5,632 15,038 Apr. 25... 167,622 10,181 59,845 12,655 16,760 6,759 6,077 20,211 5,412 3,657 5,361 5,656 15,048 Surplus (section 7): Mar. 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 Apr. 4 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Apr. 11 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Apr. 18 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Apr. 25 228,153 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): Mar. 28 27,165 2,8 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 4 27,165 2,8 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 11 27,165 2,8 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 18 27,165 2,8 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 25 27,165 2,8 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: Mar. 28 86,211 5,076 17,352 6,177 10,206 5,604 4,908 12,691 4,541 3,780 4,311 3,809 7,756 Apr. 4 87,388 5,168 17,653 6,288 10,29o 5,667 4,974 12,758 4,588 3,838 4,352 3,859 7,947 Apr. 11 89,132 5,265 18,111 6,420 10,472 5,785 5,067 13,034 4,655 3,877 4,435 3,928 8,083 Apr. 18 90,324 5,356 18,541 6,529 10,622 5,850 5,146 13,187 4,596 3,914 4,399 3,986 8,198 Apr. 25 92,023 5,453 18,947 6,636 10,761 5,993 5,221 13,501 4,721 3,951 4,504 4,040 8,295 Total liabilities and capital accounts: Mar. 28 40,320,203 ,312,89710,789,798 ,450,337 ,408,894 2,335,361 119,136 ,615,275 ,604,538 885,369 ,618,574 ,296,233 ,883,791 Apr. 4 40,429,128 ,351,41410,764,822 467,600 ,420,738 2,337,439 135,283 ,659,700 ,609,747 890,152 ,638,635 ,306,590 ,847,008 Apr. 11 40,872,167 ,345,16011,047,726 ,468,619 ,402, 059 2:, 328,610 135,432 ,737,806 ,643,312 901,994 ,651,910 ,324,709 ,884,830 Apr. 18 41,284,576 ,387,71011,202,862 ,484,492 ,445, 540 2:, 343,874 154,163 ,812,561 ,648,969 900,447 ,661,412 ,332,202 ,910,344 Apr. 25 41,459,231 ,413,00311,290,856 ,507,551 ,478, 448 21,,338,507 162,805 ,821,647 ,639,846 901,962 ,665,017 ,321,000 ,918,589 Commitments to make industrial loans: Mar. 28 3,475 2,374 400 631 Apr. 4 3,622 2,471 400 681 Apr. 11 3,139 1,988 400 681 Apr. 18 3,153 2,005 400 678 Apr. 25 3,581 100 2,358 400 653 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San 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 - la A n t t - a Chicago L S o t u .# is M ap in o n li e s -K C an it s y as Dallas F c r is a c n o - Federal Reserve notes outstanding (issued to Bank): Mar. 28 22,955,1391,432,194 5,129,,192 1,509,149 2,000,841 1,535,741 1,363,388 4:, 175,388 983,465496,500 842,817 585,453 2,901,011 Apr. 4 22,998,7861,437,759 5,,155,940 1,511,416 2,001,865 1,537,065 1,363,4214,182,248 985,128 497^690 843,,631585,423 2,897,200 Apr. 11 23,030,8271,444,8355,161,1621,514,330 2,004,443 1,537,559 1,357,910 4,192,480 983,236 500,i,383846,"729 586,363 2,901,397 Apr. 18.. 23,130,0791,461, ,161,5121,522,899 2,.008,982 1,538,2941,367,469 4t,, 207,963 993,084500,507848,244 584,642 2,934,617 Apr. 25 ^ 23,204,695 1,469,180 5,179,1341,530,691 2,.016,775 1,543,825 1,375,505 4:, 221,264 989,853503, 222 849,994587,689 2,937,563 Collateral held against notes outstanding: Gold certificates: Mar. 28 10,722,350 595,1,000 2,920,000 611,000 760,000 615,000 625,0002,010,000 375,000 188,350320,000 229,000 1,474,000 Apr. 4 10,722,350 595,1,000 2,920,000 611,000 760,000 615,000 625, 000 2,010,000 375,000 188,350 320, 229,000 1,474,000 Apr. 11 10,799,000 575,;,ooo2,945,000 616,000 760,000 580,000 625,0002,110,000 375,000 190,000 320,000 222299,,000000 1,474,000 Apr. 18 10,817,000 575,000 2,915,000 614,000 760,000 580,000 625,000 2,140,000 375,000 190,000 000 249,0001,474,000 Apr. 25 10,610,000 575,000 2:, 690,000622,000 770,000 580,000 635, 000 2,140,000 375,000 190,000 320,000 239,000 1,474,000 Eligible paper: ' Mar. 28 206,199 6,895 130,714 13,050 4,500 31,050 10,050 9,940 Apr. 4 180,759 13,570 95,824 2,350 7,875 41,950 9,800 9,390 Apr. 11 251,739 12,460 173,779 10,660 7,000 30,200 8,800 8,840 Apr. 18 277,623 20,069 155,514 10,909 14,750 31,250 23,700 10,840 10,600 Apr. 25 455,936 27,969 288,944 17,520 21,521 32,812 19,800 22,840 24,530 U. S. Govt. securities: Mar. 28 12,629,154 900,000 2,200,000 900,000 ,250,000 950,000 750,000 ,200,000 759,154 310,000 25,000^385,000 1,500,000 Apr. 4 12,609,566 900,0002,200,000 900,000 ,250,000 950,000 750,000 ,200,000 739, i.OOO525,000 385,,1000 1,500,000 Apr. 11 12,563,080 900,0002,200,000 900,000 ,250,000 975,000 750,000 ,100,000 738,080315,000 550,000 385,,1000 1,500,000 Apr. 18 12,546,956 900,0""0"0 2,200,000 900,000 ,250,000 975,000 750,000 ,100,000 721,956315,000 50|000 385,000 1,500,000 Apr. 25 12,749,579 900,0002,400,000 900,000 ,250,000 975,000 750,0002,100,000 724,579315,000550,000 385,000 ,500,000 Total collateral: M Ap a r r . . 2 4 8 2 2 3 3 , , 5 5 1 5 2 7 , , 6 7 7 0 5 3 , , 5 5 0 0 1 8 , , 8 5 9 7 5 05 5 , , 2 2 1 5 5 0, , 7 8 1 2 4 4 1 1 , , 5 5 2 1 4 3 , ,3 0 5 5 0 0 2 2 , , 0 0 1 1 0 0 , , 0 0 0 0 0 0 1 1, , 5 5 7 6 2 9 , , 8 5 7 0 5 0 1 1 , , 3 3 7 75 5 1 i , ,, , 0 0 0 0 0 0 4 4, , 2 2 1 1 0 0 , , 0 0 0 0 0 0 1 1 , , 1 1 6 5 5 6 , , 2 5 0 1 4 6 5 5_ 0 0.. 8 8 , , 1 4 5 0 0 0 8 8 5 5 4 4, 3 9 9 4 Q 06 6 1 1 4 4 , , 0 0 0 0 0 0 2 2 , , 9 9 7 7 4 4 , , 0 0 0 0 0 0 Apr. 11 23,613,819 ,487,4605,318,779 1,526, "6•6"0 2,010,000 1,562,"0"00" 1,375,1,000 4,210,000 1,143, , 800 878840 614,000 2,974,000 Apr. 18 23,641,579 ,495,069 5,270,5141,524,9002,010,000 1,569,750 1,375, ,240, ,128,206 528,700 880,840 634,000 2,984,600 Apr. 25 23,815,515 ,502,969 5i, 378,9441,539,520 2,,020,1,000 1,576,521 ,385,000 4,,240,000 1,132,391524^800 892,840 624,000 2,998,530 442- 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- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V W l e D a d s a p n t t e e e r d s i a o d ( y l d a a y ) o s t f or Nu A m p a b 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 t e o o m p 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 s C (a t m o a m o n m e u o d n m t u i - t n n s i g t t - ) ( s a p P t m a a o a n t r u o i d t o t u i - i n n c n s t i 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 la n 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 TV>tal Portion antee agree- 1936 2,280 139,829 8,226 25,526 20,959 7,208 Number 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 2,688397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Mar.31. 3,534 725241 1245,711 999,394 1,865,618 June 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4*,718818 1428,253 1,153 756 2',216'053 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Sept 30 4,787 5,452498 1708,022 1,413 159 2,494 855 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Dec. 31. 5,347 6,563048 1914040 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 5565 6989 682 2020 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 2030 547 ,700 400 3,451 581 Dec. 30 3,489 525,532 1,295 3,894 4,165 2,705 Mar.31 5904 7466 762 2009 511 ,680 046 3,615 963 1945 Apr. 30. 6079 7 647 180 1990 996 L.666 185 3,684 568 Jan. 31 3,491 526,659 560 4,066 3,461 2,405 May 31 6 283 7 797400 2033 579 1,706 421 3,795 558 Feb. 28 3,492 527,700 585 3,921 3,547 2,374 June 30 6433 8046 672 2064 318 ,735 777 3,810 797 Mar. 31 3,493 528,936 85 4,214 3,321 2,365 July 31 6 590 8 333,741 2083435 L,765841 3,904 215 Aug. 31. 6 744 8487,623 2010958 1,706 363 4,107 606 1 Includes applications approved conditionally by the Federal Reserve O Se c p t. t 3 3 0 1 6 7 8 0 8 5 2 1 8,9 6 8 8 5 5, ,6 7 1 5 7 3 1 1,8 9 9 6 5 0 ,7 7 3 8 3 5 1 1 , , 6 6 1 6 1 3 4 8 8 7 9 3 4 4 , , 3 3 0 6 1 7,3 3 3 2 2 2 Ba 2 n I k n s c l a u n d d es u i n n d d e u r s c tr o i n al s i l d o e a r n a s ti o p n a s b t y d u a e p p 3 l i m ca o n n t. ths or more, which are not in- N De o c v . .3 3 0 0... 7 7,4 2 3 3 4 7 9 9,3 1 1 3 0 3, , 7 5 5 8 0 2 1 1 , , 7 7 7 3 6 5 , , 5 9 3 7 9 0 1 1 , , 5 4 0 8 7 2 0 7 3 0 8 9 4 4 , , 4 4 7 5 6 3,5 9 8 8 6 8 cluded in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1945 NOTE.—The difference between amount of applications approved and the Jan.31 7,581 9,407,853 1,700,632 1,448 995 3,911,058 sum of the following four columns represents repayments of advances, and Feb. 28 7,720 9,517,272 1,646,160 1,402 646 3,964,830 applications for loans and commitments withdrawn or expired. Mar 31 7,885 9,645,328 1,599,120 1,365,959 3,963,961 MEMBER BANK RESERVE BALANCES, BY CLASS OF BANK DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 MARCH 1945 [Averages of daily figures. In millions of dollars] Central reserve m A e l m l - city banks se R r e v - e Coun- In places of 15,000 In places of under ba b n e k r s1 New Chicago b c a i n t k y s banks1 and over population 15,000 population York 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 r p i - t ts de T p i o m s e its 1944—February 12,349 3,395 800 4,899 3,254 bank2 bank2 March 12,431 3,488 796 4,921 3,226 1945—February 14,040 3,793 884 5,590 3,774 March 14,429 3,911 887 5,739 3,892 Total 14,678 6,207 9,381 4,288 Week ending (Friday): 1945—Mar. 2 14,128 3,862 895 5,617 3,755 Boston 1,982 686 182 Mar. 9 14,283 3,870 903 5,667 3,842 New York 2,880 1,578 860 Mar. 16 14,514 3,910 909 5,786 3,910 Philadelphia 1,028 550 761 641 Mar. 23 14,635 3,939 901 5,83.0 3,965 Cleveland 1,300 675 877 579 Mar. 30 14,401 3,932 877 5,715 3,876 Apr. 6 14,373 3,963 799 5,709 3,902 Richmond 1,159 310 685 326 Apr. 13 14,576 3,987 885 5,779 3,925 Atlanta 1,297 342 545 142 Apr. 20 14,668 4,035 905 5,818 3,910 Chicago 1,904 1,019 1,287 659 St. Louis 530 241 775 191 Excess reserves: 1944—February rl,150 21 3 r331 795 Minneapolis 441 202 507 295 March r978 16 -1 r263 700 Kansas City 422 82 1,154 149 1945—February r952 17 8 r252 676 Dallas 753 89 1,130 46 March 1,010 18 2 272 719 San Francisco 981 433 475 219 Week ending (Friday): 1945—Mar. 2 891 18 6 238 629 Mar. 9 r983 13 6 267 697 1 Includes any banks in outlying sections of reserve cities which have Mar. 16 1,059 20 8 299 732 been given permission to carry the same reserves as country banks. All Mar. 23 1,100 19 7 306 768 reserve cities have a population of more than 15,000. Mar. 30 955 19 18 227 693 2 Includes war loan deposits, shown separately for all country banks Apr. 6 977 20 9 239 709 in the table on the following page. Apr. 13 956 11 7 240 698 Apr. 20 *>901 16 6 226 653 r Revised. v Preliminary. 1 Weekly figures of excess reserves of all member banks and of country anks are estimates. MAY 1945 443 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 st d rict Total I b n a te n r k - w G m a o U r v e . S e 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 - it e s6 d b o a b m l f d a a r u o n n e e m k s c t e s i s c Held qu R i e r - ed Excess deposits2 First half of March 1945 All member banks 88,214 11,343 12,978 63,894 60,245 66,029 20,355 5,670 14,350 13,344 1,006 Central reserve city banks New York 24,709 3,911 4,580 16,217 15,119 19,003 1,066 48 3,881 3,865 17 Chicago 5,657 1,071 960 3,627 3,399 4,300 635 170 903 898 4 Reserve city banks 32,631 5,196 4,445 22,990 21,227 24,677 8,215 1,782 5,706 5,428 278 Boston'. 2,194 290 459 1,445 1,357 1,601 139 47 334 329 6 New York... 547 26 60 460 435 440 225 23 105 101 3 Philadelphia 2,465 321 387 1,757 1,650 1,905 161 66 398 391 7 Cleveland 4,092 527 552 3,014 2,814 3,169 1,024 175 732 695 36 Richmond 1,964 322 354 1,288 1,201 1,421 337 105 329 304 25 Atlanta 2,020 541 201 1,279 1,160 1,551 308 152 352 329 23 Chicago 4,109 444 594 3,071 2,878 3,035 1,424 291 728 693 35 St. Louis 1,954 594 229 1,131 1,014 1,509 246 100 328 317 11 Minneapolis 1,028 245 207 576 519 711 127 54 152 150 2 Kansas City 2,579 835 251 1,494 1,331 1,891 263 277 423 394 29 Dallas 2,048 485 207 1,356 1,248 1,515 229 220 369 317 52 San Francisco 7,631 567 946 6,119 5,620 5,927 3,732 274 1,458 1,409 48 Country banks 25,218 1,164 2,993 21,060 20,500 18,049 10,439 3,669 3,860 3,153 707 Boston 2,375 95 448 1,832 1,760 1,685 866 174 322 288 34 New York 3,853 75 620 3,158 3,049 2,848 2,424 282 632 544 88 Philadelphia 1,787 12 232 1,543 1,504 1,325 1,185 194 309 257 52 Cleveland 2,205 34 290 1,881 1,837 1,557 1,246 315 385 293 92 Richmond 2,051 203 237 1,611 1,547 1,407 630 349 287 235 52 Atlanta 2,077 241 185 1,652 1,605 1,455 480 397 298 233 65 Chicago 3,265 69 408 2,788 2,738 2,314 1,670 499 531 424 106 St. Louis 1,457 149 108 1,201 1,170 1,062 429 260 210 174 35 Minneapolis 1,022 68 99 856 836 742 494 163 165 133 32 Kansas City 1,651 74 109 1,469 1,452 1,149 230 382 228 175 53 Dallas 1,993 121 134 1,738 1,705 1,394 136 438 267 203 64 San Francisco 1,481 26 124 1,332 1,298 1,112 647 217 227 194 33 Second half of March 1945 All member banks 87,934 11,365 12,092 64,478 60,945 66,759 20,562 5,661 14,503 13,489 1,014 Central reserve city banks: New York 24,602 3,887 4,227 16,488 15,437 19,272 1,100 72 3,939 3,920 19 Chicago 5,415 1,114 890 3,411 3,190 4,183 631 122 873 874 —1 Reserve city banks 32,698 5,208 4,154 23,336 21,609 25,035 8,284 1,816 5,770 5,504 266 Boston 2,189 304 426 1,460 1,373 1,629 140 49 341 334 6 New York 539 26 56 456 432 440 227 19 104 102 2 Philadelphia 2,493 332 360 1,801 1,691 1,953 163 71 411 400 10 Cleveland 4,077 534 514 3,029 2,828 3,191 1,031 172 736 700 36 Richmond 1,929 318 327 1,283 1,195 1,417 337 100 326 304 22 Atlanta 2,011 534 188 1,289 1,175 1,568 312 143 348 332 15 Chicago 4,128 445 558 3,125 2,926 3,073 1,443 302 735 701 34 St. Louis 1,922 578 213 1,131 1,017 1,488 249 109 322 312 9 Minneapolis 1,009 241 191 577 521 710 128 53 152 150 2 Kansas City 2,578 838 236 1,503 1,344 1,901 266 284 422 396 26 Dallas 2,043 488 194 1,360 1,262 1,524 236 229 355 319 36 San Francisco 7,779 570 890 6,320 5,843 6,142 3,754 285 1,519 1,454 65 Country banks 25,219 1,155 2,821 21,243 20,709 18,269 10,546 3,652 3,921 3,190 730 Boston 2,374 96 420 1,859 1,786 1,704 869 181 329 291 38 New York 3,836 77 579 3,180 3,079 2,873 2,450 288 634 549 85 Philadelphia 1,813 11 219 1,583 1,544 1,354 1,195 204 323 261 62 Cleveland 2,212 29 277 1,906 1,864 1,582 1,260 314 398 297 101 Richmond 2,041 201 224 1,617 1,552 1,425 641 332 288 238 50 Atlanta 2,084 237 175 1,672 1,629 1,478 488 395 298 236 61 Chicago 3,254 69 383 2,802 2,755 2,339 1,686 490 541 429 112 St. Louis 1,447 146 103 1,198 1,169 1,070 435 247 209 176 33 Minneapolis 1,012 69 93 850 831 745 499 156 168 134 34 Kansas City 1,648 73 104 1,471 1,456 1,158 233 375 229 176 53 Dallas 2,015 122 128 1,765 1,734 1,420 133 443 271 207 64 San Francisco 1,484 26 117 1,341 1,311 1,121 657 226 233 196 37 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. ng colu 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. 444 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] End of year and i T n o c ta ir l - .*- Coin and small denomination currency2 Large denomination currency2 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 3d? 1,360 364 618 125 237 g 10 g 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 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 g 1937 . . . 6,550 5,015 537 505 33 905 1,560 ,475 1,542 387 710 139 288 12 7 1938 6,856 5,147 550 524 34 946 1,611 ,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—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 [944—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 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 L945—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 March 25,899 18,000 1,170 954 73 2,132 6,132 7,539 7,900 2,088 4,266 550 965 9 23 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.—Set 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 Total out- For held by standing, As security Federal Federal Ma 1 r 9 . 45 31, g a o s g l i d a l v in e a r s n t d Tre ca a s s h ury R B e a a s n e n d r k v s e B R a a n e g k s e s e n r t v a s e nd Ma 1 r 9 . 4 3 5 1, Fe 1 b 94 . 5 28, Ma 1 r 9 . 4 4 31, certificates agents Gold 20,419 18,314 22,105 Gold certificates 18,314 " 15^446" ""2^815" 53 53 55 Federal Reserve notes 22,956 127 729 22,100 21,964 17,429 Treasury currency—total 4,119 H,797 ' 115 258 3,746 r3,735 3,632 Standard silver dollars 494 277 95 2 120 118 98 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 1,797 206 1^591 " 1,585 " 1,544 Subsidiary silver coin 790 io 15 765 757 676 Minor coin... 295 5 5 285 283 255 United States notes 347 2 25 320 320 318 Federal Reserve Bank notes.. 551 rt2 5 544 550 613 National bank notes . ... 123 1 122 122 127 Total—Mar. 31, 1945 (4) 20,110 2,346 15,446 3,803 25,899 Feb. 28, 1945 (4) 20,194 2,355 15,530 3,741 25^751 Mar. 31, 1944 (4) 21,275 2,319 16,607 3,782 21,115 'Revised. 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. 437, and seasonally adjusted figures in table on p. 446. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,964,788 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; (n) 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 — - - — . ... <• -i i . • r _ _ i _ __ -c —u —±:.c__i. 1 _.,-«T, J:™««..^4.«^ QJ. purchased paper as is eligible 445 MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars 1 Ear- Date f u o A v n r a m a r s d o i e j a u u a t n s i s o o t t — e n n d al ad A v s j a u m e r a s o i s t a e u o t d n n io t a — f n l or s C a e h s d a e a s ju r o n i s n g e t a e s e l 1 d i l n y Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o o c l r r a d e r : a i k n s e d - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 739.0 .2 110.7 1941 11,160 +2,428 1936 311,258 1,132.5 116.6 -85.9 131.6 1942 15,410 +4,250 1937 312,760 1,502.5 585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 973.6 -333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 574.2 -534.4 161.7 1940 21,995 4,351.2 744.5 -644.7 170.2 Monthly averages of daily 1941 22,737 741.8 982.4 -407.7 169.1 figures: 1942 22,726 -10.3 315.7 —458.4 125.4 1943— S A e u p g te u m st ber 1 1 8 8 , , 7 1 2 9 9 6 1 1 8 8 , , 2 7 8 6 7 7 + + 5 4 7 8 1 0 1 19 9 4 4 4 3 2 2 1 0 , , 9 6 3 1 8 9 -1 - , 7 3 8 1 8 9 . . 5 0 68. 4 9 - - 4 8 5 0 9 3 . . 8 6 3 4 5 8 . . 1 3 October.... 19,001 19,001 +234 November 19,566 19,507 +506 1944—March 21,600 -111.7 4-101.7 -48.7 2.9 December 20,243 19,944 +437 April 21,429 -170.7 -70.5 2.9 May 21,264 -165.5 —93.1 2.9 1944—January , 20,428 20,367 +423 June 21,173 -90.7 -6.4 2.4 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 May 21,822 21,976 +492 October 20,727 -98.4 —22.6 2.9 June...... 22,296 22,408 +432 November 20,688 -38.3 -34.7 3.0 J A u u ly gust 2 2 2 2 , , 5 9 8 8 0 8 2 2 2 3 , , 6 1 2 0 5 4 + + 2 4 1 7 7 9 1945— D Ja e n c u e a m ry ber.... 2 20 0 , , 5 6 5 1 0 9 - - 6 6 9 9 . . 6 0 - - 4 5 6 8 . . 3 2 2 2 . . 8 5 September 23,525 23,572 +468 February 20,506 -43.8 -37.4 2.3 October 24,112 24,112 +540 March 20,419 -87.3 5-46.9 .2.4- November 24,738 24,664 +552 April p20,374 P-45.1 6-53.2 f2A December 25,207 24,957 +293 Jan.-Apr p20,374 P-245.3 -195.7 1945—January 25,243 25,167 +210 f Figure carried forward. p Preliminary. February 25,527 25,527 +360 1 Annual figures through 1943 are estimates of the United States Mint. March 25,850 25,928 +401 Annual figure for 1944 and monthly figures are estimates of American April , 26,009 26,219 +291 Bureau of Metal Statistics. 1 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a 1 For end of year figures, represents change computed on absolute fine 3 o I u n n c c lu e de th s e g re o a ld ft e in r. the Inactive Account amounting to 27 million dollars amounts in first column. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. NOTE.—For discussion of seasonal adjustment factors and for back 4 The net gold import figures for months subsequent to March 1944 figures on comparable basis see September 1943 BULLETIN, pp. 822-826. have not been released for publication. Because of an apparent recent change in the seasonal pattern around the 5 Gold held under earmark at the Federal Reserve Banks amounted to year end, adjustment factors have been revised somewhat for dates af- 4,079.6 million dollars on Mar. 31, 1945, and 4,132.8 million dollars on Apr. fected, beginning with December 1942; seasonally adjusted figures for 30, 1945. All of this was earmarked directly for foreign account except money in circulation, as shown in Banking and Monetary Statistics, Table 102.8 million dollars which was earmarked in the name of a domestic bank 111, p. 414, and described on p. 405, are based on an older series of adjust- 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 dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interbank and Government interbank and Year and month Government Total, all New Other New 333 other New 100 other New 100 other reporting York 140 othe reporting York reporting York leading York leading centers City1 centers2 City centers City cities City cities 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e ri r e ie s s 3 3 6 64 0 1 7 , , ' 0 7 7 7 1 8 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 3 4 4 2 7 , , 4 83 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—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 1945—January r82,748 34,990 r40,297 7,461 18.6 9.9 30,826 34,801 27.0 16.9 February r70,243 29,065 r34,717 r6,461 17.7 9.7 25,416 30,024 24.3 16.0 March 81,069 31,884 41,714 7,471 17.0 10.0 28,924 36,008 22.9 16.1 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. D ebits to demand deposit OI turnover Iiavc UCCU cuuipuLCU, nave likewise uccu ic^iicu uy musi ua.ii.is.3 auu uavt uccu C3t.iiiia,i.v,\j. IUI VI-U^'-J- *~r \,UL\.^ *.*J M>,IUUUU viv^v/on. accou:nts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member baannkkss in 101 leadin„g .c_.i.t ies since 1935; y.e.•a••r*ly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 225544, ddu e tto ddiiffffe rences iin metthohdd o ff comptuttaition. 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 a s t l i e t d s a d d d T e e j p m o u o t s a a s t n l i e t d d s Total Demand U S n ta it t e e d s Time deposits Currency End of month c o u b u r a a t r n s n e d i k n d s c e y c o u b u r a a t r n n s e d i k n d s c e y a d d e j p u o s s te it d s a d d e j p u o s s t i e ts d1 d G e m o p v o e e s n i r t t n s - Total b m a C e n r o k c m i s a 3 - l 4 M s b a a u v n t i k u n s a g 4 l s S S P a y o v s s i t t n e a m g l s 5 o b u a t n si k d s e 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 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14513 10,125 ,267 5,489 December 56,639 29,597 51001 23,959 824 26,218 14779 10,170 ,269 5,638 1938—June 56,565 29,730 51 148 24,313 599 26,236 14776 10,209 ,251 5,417 December 58,955 31,761 53 180 25,986 889 26,305 14776 10,278 ,251 5,775 1939—June 60,943 33,360 54938 27,355 792 26,791 15097 10,433 ,261 6,005 December 64,099 36,194 57 698 29,793 846 27,059 15258 10,523 ,278 6,401 1940—June 66,952 38,661 60 253 31,962 828 27,463 15540 10,631 ,292 6,699 December 70,761 42,270 63436 34,945 753 27,738 15777 10,658 ,303 7,325 1941—June 74,153 45,521 65949 37,317 753 27,879 15928 10,648 ,303 8,204 December 78,231 48,607 68616 38,992 1,895 27,729 15884 10,532 ,313 9,615 1942—June 81,963 52,806 71027 41,870 1,837 27,320 15610 10,395 ,315 10,936 December 99,701 62,868 85 755 48,922 8,402 28,431 16352 10,664 ,415 13,946 1943—June. 110,161 71,853 94 347 56,039 8,048 30,260 17543 11,141 ,576 15,814 DDeeccember. 122,812 r79,640 103975 r60,803 10,424 r32,748 '19 224 11,738 ,786 18,837 1944—March 127,900 79,100 108400 59,600 14,700 34,100 20 100 12,100 1,900 19,500 April 127,500 82,000 107600 62,100 10,900 34,600 20 500 12,200 1,900 19,900 May 128,000 85,600 107500 65,100 7,100 35,300 21000 12,300 2,000 20,500 June r136,172 80,946 r115 291 60,065 19,506 r35,720 21 217 r12,47l 2,032 20,881 July 139,300 82,700 118 100 61,500 20,300 36,300 21600 12,600 2,100 21,200 August 139,200 86,000 117 500 64,300 16,100 37,100 22200 12,800 2,100 21,700 September 139,100 87,700 116900 65,500 13,500 37,900 22800 12,900 2,200 22,200 October 139,900 92,300 117 100 69,500 8,700 38,900 23500 13,100 2,300 22,800 November 143,200 95,800 119,900 72,500 8,200 39,200 23700 13,200 2,300 23,300 December 150,988 90,435 127483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—January*7 151,100 92,300 127,400 68,600 18,300 40,500 24,600 13,500 2,400 23,700 February*7 150,900 93,900 126,700 69,700 15,600 41,400 25,200 13,700 2,500 24,200 Marchp 150,700 95,300 126,500 71,100 13,400 42,000 25,700 13,800 2,500 24,200 v Preliminary. r Revised. 1 Includes demand deposits, other than interbank and U. S. Government, less cash itemems in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open I( account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS1 [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S. Government banks ti N o a n - al State su I r n e - d in N s o u n re - d End of month i b to al r - s' i C n a d s e h - securities C r a e s - h ances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D ec i- t G t a u e n e a - d r- f e u t n c d .2 s, 1 19 9 4 3 0 4-39 29 2 1 2 1 1 5 6 18 18 9 8 3 1 1 19 9 4 4 2 1 9 8 4 3 6 l 1934—Dec. 1,207 1,237 540 597 467 130 100 1943 4 2 2 1935—Dec. 1,201 1,237 287 853 706 147 98 1944 1 1 1936—Dec. 1,260 1,296 145 1,058 892 167 93 1945—Jan.-Apr 0 1937—Dec. 1,270 1,308 131 1,097 931 167 80 1 1 1 1 9 9 9 9 3 3 4 4 9 8 1 0 — — — - D D D D e e e e c c c c . . . . 1 1 1 1 , , , , 3 3 2 2 1 0 5 7 4 4 2 9 1 1 1 1 , , , , 3 3 2 3 1 9 9 4 9 6 1 8 5 8 3 2 3 6 6 6 1 1 1 1 , , , , 1 2 2 1 9 2 7 3 2 4 4 2 1 1 1 , , , 0 1 0 9 7 2 4 6 8 8 6 5 1 1 1 1 6 4 4 4 6 6 6 6 8 9 7 7 8 5 3 4 De (i p n 1 o 9 s t i 3 h t 4 s o - u 3 o s 9 f a s n u d s s p o e f n d d e o d l la b r a s n ) : k 2 s 125,991 14,616 26,548 44,348 40,479 1 1 9 9 4 4 3 2 — — D D e e c c . . 1 1 , , 4 7 1 8 7 8 1 1 , , 4 8 6 4 4 3 1 1 6 0 1 1 , , 7 3 1 4 6 5 1 1 , , 7 2 1 2 6 0 126 1 1 0 1 2 8 1 19 9 4 4 0 1 . 5 3, , 7 9 2 4 6 3 3,1 2 4 5 4 6 5,3 5 4 0 1 3 34 7 6 9 1944—Mar.. 1,906 1,964 9 1,823 1,823 132 1 1 9 9 4 4 3 2 6 1 , ,7 2 0 2 2 3 4,982 1 1 , ,3 2 7 4 5 1 327 Apr.. 1,947 2,008 9 1,870 1,870 129 1944 405 405 May. 1,994 2,053 9 1,912 1,912 132 1945—Jan.-Apr 0 June. 2,034 2,095 9 1,951 1,951 135 July. 2,084 2,147 8 2,006 2,006 133 Aug.. 2,140 2,202 8 2,050 2,050 143 1 Represents banks which, during the periods shown, closed temporarily •Sept. 2,198 2,262 8 2,110 2,110 143 or permanently on account of financial difficulties; does not include banks Oct.. 2,257 2,323 8 2,165 2,165 150 whose deposit liabilities were assumed by other banks at the time of closing Nov.. 2,305 2,374 8 2,214 2,214 152 (in some instances with the aid of Federal Deposit Insurance Corporation Dec. 2,342 2,411 8 2,252 2,252 152 loans). 2 Deposits of member banks and insured nonmember banks suspended are 1945—Jan.. 2,404 2,477 8 2.308 2,308 as of dates of suspension, and deposits of noninsured nonmember banks Feb.. ^2,457 are based on the latest data available at the time the suspensions were Mar.. p2.513 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for p Preliminary. description, see pp. 281-282 in the same publication. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. MAY 1945 447 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 lAmounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans Total G o m U o b v l . e i e g n S r a t n - . - se O cu th ri e t r ies Total* I b n a t n e k r- * Demand Time of banks tions All banks: 1934—June 30..., 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—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. 30 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 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. 30 105,530 21,644 83,886 77,558 6,329 128,072 12,245 91,644 24,183 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 6,357 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. 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. _ _ * ~ " ' e banks are all banks." ber bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 448 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 cal a l n d d ate Total Loans Total G o m b U o l v e . i n e g S r t a n - . - se O cu th ri e t r i - es Total1 I b n a te n r k - 1 Demand Time o N f u b m a b n e k r s 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 30*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 1,128 14,869 315 10,100 4,453 7,239 Dec. 30 13,972 2,971 11,002 9,880 1,122 17,168 362 11,870 4,936 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 Ii843 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. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 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. 30 13,931 4,370 9,560 8,328 1,232 13,376 13,376 543 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 1937—June 30 9,124 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 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 1943—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. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 For footnotes see opposite page. MAY 1945 449 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 Ur. S. Government obligations Com- purchasing Obli- Class of bank T lo o a t n a s l m ci• e a r ii - , o s r e c c a u r r r i y ti i e n s g Direct gat o i f ons cal a l n d d ate m in a e v n n e d t s s t 1 - Total1 o c p l i i u n n e d g - n - - A t c u g a u r l r l 1 - - i- br T o o k- To R l t o e a e a s t a - n e l s - s l C u o m o a n n e - s r O lo t a h n e s r 1 Total Total c C t a i e f t i r e - - s G a u n a - r- p S o a t c l a n a i t t d l e i- s O r s i e t t h c ie u e s r mar- ers oth- Bills of in- Notes Bonds teed subp k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1934—Dec. 31.... 32,785 14,614 1,068 3,492 3,336 6,718 18,172 11,713 1,032 4,402 5,069 1,210 2 411 4,048 1937—Dec. 31.... 37,221 16,747 971 3,065 3,640 9,072 20,475 13,669 669 4,568 6,336 2,097 2 587 4,220 1940—Dec. 31.... 42,556 18,394 7J178 1,281 663 727 4,468 4,077 24,161 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 28,030 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 1,04247,336 40,705 4,462 6^ 7275,799 20,999 2,718 3 533 3,098 1943—Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 91864,666 58,683 4,636 13,218 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 1,10673,207 67,085 4,70815,46611,834 34,114 963 3 393 2,730 Dec. 30.... 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 94482,030 75,875 3,97115,30015,778 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 16,122 10,895 1,030 4,217 4,659 989 1965 3,262 1937—Dec. 31.... 31,752 13,958 950 2,752 2,547 7,708 17,794 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 21,805 15,823 652 2,504 9,091 3,486 3 013 2,970 1941—Dec. 312... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 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 87043,175 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 84857,970 52,948 4,36012,071 6,906 27,265 2,345 2 729 2,294 1944—June 30.... 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,03365,503 60,339 4,46614,22810,640 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 72,893 67,685 3,74813,98214,127 34,927 902 2 857 2,350 1945—Mar. 20^ .. 90,508 17,216 73,292 67,895 2 996 2,401 New York City* 1934—Dec. 31.... 7,761 3,159 716 820 139 1,483 4,602 3,524 758 1,664 824 278 446 632 1937—Dec. 31.... 8,313 3,673 761 733 141 2,039 4,640 3,594 495 1,536 1,175 388 342 703 1940—Dec. 31.... 10,910 3,384 2^ 125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.... 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31.... 17,957 4,116 2,546 21 787 193 117 303 14813,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 15315,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30... 24,003 5,760 2,610 30 1,742 859 86 253 17918,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Mar. 20p .. 22,734 5,054 17 681 16,568 515 598 Chicago.3 1934—Dec. 31.... 1,581 532 55 170 18 290 1,049 821 164 299 279 78 129 100 1937—Dec. 31.... 1,901 635 41 129 12 453 1,266 1,010 32 366 518 94 135 121 1940—Dec. 31.... 2,377 696 492 "5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31.... 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.... 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.... 4,554 ,1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30.... 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 169 Dec. 30... 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Mar. 2(P .. 5,211 1,012 4,200 3,840 177 183 Reserve city banks: 1934—Dec. 31 10,028 4,312 195 1,124 1,090 1,904 5,715 4,088 95 1,692 2,022 279 649 979 1937—Dec. 31.... 11,414 5,203 123 1,066 1,176 2,838 6,211 4,599 106 1,589 2,267 637 691 922 1940—Dec. 31.... 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Dec. 31.... 15,347 7,105 3^456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31.... 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2^253 1,723 6,810 811 954 821 1943—Dec. 31.... 27,521 6,201 3,058 279 217 267 1,420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30.... 30,943 6,761 2,787 277 409 903 1,385 650 35024,183 22,484 1,914 5,586 3,893 10,689 402 963 735 Dec. 30.... 33,603 6,822 3,034 348 311 777 1,379 660 31326,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Mar. 20^ .. 33,429 6,346 27,083 25,281 1,034 768 Country banks: 1934—Dec. 31.... 8,780 4,025 64 996 1,026 1,938 4,756 2,463 13 562 1,533 355 741 1552 1937—Dec. 31.... 10,124 4,446 25 824 1,219 2,377 5,677 3,168 29 786 1,675 678 879 1630 1940—Dec. 31.... 10,826 5,309 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1028 1942—Dec. 31.... 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 '1,251 1,240 5,436 574 1,252 956 1943—Dec. 31.... 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 f944—June 30.... 24,850 4,780 1,096 671 33 345 1,708 536 392 20,071 18,009 926 3,362 3,355 10,114 252 1,212 849 Dec. 30... 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Mar. 20p .. 29,133 4,805 24,327 22,206 1,270 851 Insured nonmember commercial banks: 1934—Dec. 31.... 4,635 2,586 38 383 1,062 1,103 2,049 818 2 185 411 221 446 785 1937—Dec. 31.... 5,470 2,789 21 313 1,094 1,363 2,681 1,297 7 291 700 299 540 844 1940—Dec. 31.... 5,429 3,074 518 *416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31.... 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31.... 6,984 2,818 370 553 16 59 1,225 422 174 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30.... 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400 Dec. 30.... 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 * 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. p Preliminary. 1 Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69. 2 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. 450 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 dollarsl Demand deposits Time deposits Interbank Cl c a a s l s a l n o d d f a t b e ank F s B s e w e e R R a d r r i e n v e e v t - - r h e k e a s s l v C a a in u sh lt m b a B w a d n e n a o i c s t k l - R t e - i s s c 4 j p u m a D o s d d a t s e e n e - i - - t d d s 5 m D es o d t - i e c p 4 osi F e ts i o 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 n b i a i t o d d t i e c n 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 s d t k - i ' s - a v p n a i s p t I d i d h n r o o t u i d r n n c p a a i e o s s - - l r , s r - - , I b n a t n er k - P m U G i o S e a n r s a . e o n g n S t v n v d a s - . - t - l v S s p i t a i u s o a c n i b t l a o i d e d l t n s - i s -a p v n s a i p t I h d d r i o n o i t u 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 u a 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 1945—Mar. 20p... 59,356 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 6 29 778 1,648 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 1945—Mar. 20p 15,614 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 g 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 1945—Mar. 20p. 3,324 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 1945—Mar. 20p 21,456 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 1945—Mar 20p 18,962 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 3i 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—j)ec 3i 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 13^ 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. 6 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. MAY 1945 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments U. S. Government obligations For purchasing Com- or carrying securities j Total mer- Date or month i # m n lo a v e a n e n n d s t s t s - Total in t c a r d i n i a u a d 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 l l s o e t a a a n l t - e s ) ,, a o t n o a k n s s O lo t a h n e s r Total Total Bills o c C t f a i e f t i i e r n - - s - Notes Bonds G a u n a - r- s r O i e t t c i h u e e s - r t a u c g u r r l a - i l - G U t l o i i o o g . b S v 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 S v n a - . t - s . O c t s t u i h e e r - e s i- r d n e e e d b s - t s - teed Total—101 Cities 1944—Mar 52,698 11,338 6,367 1,015 618 656 303 1,084 76 1,219 41,360 38,487 3,544 8,956 6,639 18,2421,106 2,873 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 Mar 58,112 11,350 6,157 900 751 800 346 1,042 68 1,286 46,762 43,779 2,233 11,449 7,448 22,306 343 2,983 1945—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 43,773 2,260 11,432 7,430 22,314 337 3,014 Mar. 28. ... 57,797 11,180 6,088 838 776 741 343 1,040 63 1,291 46,617 43,565 2,082 11,312 7,450 22,384 337 3,052 Apr. 4 57,349 10,992 6,044 749 759 684 345 1,041 79 1,291 46,357 43,286 1,846 11,282 7,421 22,401 336 3,071 Apr. 11 57,387 10,977 6,017 812 737 656 348 1,043 66 1,298 46,410 43,327 1,770 11,221 7,442 22,562 332 3,083 Apr. 18 57,291 11,056 5,958 918 776 640 353 1,041 72 1,298 46,235 43,143 1,709 11,098 7,397 22,617 322 3,092 Apr. 25 57,058 11,131 5,938 1,044 747 623 353 1,040 87 1,299 45,927 42,854 1,497 10,973 7,388 22,678 318 3,073 New York City 1944—Mar 19,352 4,655 2,478 779 484 376 115 87 58 278 14,697 13,744 1,118 3,285 2,484 6,352 505 953 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 16,22 15,253 664 3,348 3,290 7,878 73 968 Mar 20,631 4,574 2,372 721 582 332 141 67 59 300 16,05 15,071 575 3,823 2,665 7,940 68 986 1945—Jan. 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 4,75 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 16,15 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 16,13 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 16,06 15,049 582 3,819 2,655 7,929 64 1,015 Mar. 28.... 20,524 4,463 2,346 660 606 284 142 66 55 304 16,06 15,016 525 3,781 2,652 7,990 68 1,045 Apr. 4.... 20,477 4,312 2,329 574 586 241 142 65 70 305 16,16 15,111 674 3,773 2,599 8,000 65 1,054 Apr. 11. .. 20,260 4,30 2,311 620 561 239 143 65 55 309 15,95 14,894 416 3,744 2,636 8,035 63 1,063 Apr. 18. .. 20,228 4,430 2,281 742 600 225 150 65 60 307 15,798 14,744 366 3,692 2,612 8,023 51 1,054 Apr. 25... 20,145 4,524 2,284 861 571 214 148 65 72 309 15,62 14,586 234 3,632 2,601 8,069 50 1,035 Outside New York City 1944—Mar 33,346 6,683 3,889 236 134 280 188 997 18 941 26,663 24,743 2,426 5,671 4,155 11,890 601 1,920 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 7,48 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 7,21 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 Mar 37,481 6,77 3,785 179 169 468 205 975 9 986 30,705 28,708 1,658 7,626 4,783 14,366 275 1,997 1945—Jan. 31... 37,961 7,09 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 7,01 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 7,01 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 6,94 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 6,90 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 6,84 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 6,78 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 6,75 3,790 170 168 461 205 974 7 979 30,723 28,725 1,678 7,613 4,775 14,385 274 1,998 Mar. 28.... 37,273 6,71 3,742 178 170 457 201 974 8 987 30,556 28,549 1,557 7,531 4,798 14,394 269 2,007 Apr. 4... 36,872 6,680 3,715 175 173 443 203 976 9 986 30,192 28,175 1,172 7,509 4,822 14,401 271 2,017 Apr. 11. .. 37,127 6,67 3,706 192 176 417 205 978 11 989 30,45.} 28,433 1,354 7,477 4,806 14,527 269 2,020 Apr. 18. .. 37,063 6,62 3,677 176 176 415 203 976 12 991 30,43 28,399 1,343 7,406 4,785 14,594 271 2,038 Apr. 25... 36,913 6,60 3,654 183 176 409 205 975 15 990 30,306 28,268 1,263 7,341 4,787 U.609 268 2,038 Back figures .—Sea Banking and Monetary Statistics, pp. 127-227. 451. 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 i r n e a t d v h k - l - e s v C a i a n u s l h t m b a w a d n e n o i c s t k - e t h i s s c j m p u a o d s a d e s t n e i - - t d d s 1 s p u p n v c h a o a a e i o n i d r l r p r r d s a t - - - s , - - , S p s d s a t i o i u i a c n o 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 n t e f r c r c d i d t . s - k i ' - s m U G e e . o r n n v t S - - . s p p u h v n a c o a a n i e i o r r p d l d r r a t s - - s - - , - , S p s d s a t i i o u i c a o n v l b a t d n i i e - l t - s s - P m U G S o e a in s a o . n r e S n g t v n v d 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 - p l t - s B d i e a t b s n - 2 k tions tions Total 101Cities 1944—Mar. 8,521 535 2,108 32,814 33,049 1,707 10,829 6,266 8,365 847 69 4,327 59,587 Nov. 9,861 590 2,170 38,268 38,637 1,963 876 5,230 7,464 118 46 9,409 398 4,524 60,140 Dec. 9,394 647 2,289 35,459 35,922 1,742 925 12,992 7,473 113 45 9,550 883 242 4,532 73,623 1945—Jan. 9,340 585 2,260 35,506 35,842 1,777 987 12,941 7,643 113 46 9,419 904 141 4,617 65,627 Feb. 9,448 567 2,141 36,493 36,772 1,904 933 11,290 7,812 123 45 8,917 939 247 4,662 55,440 Mar. 9,643 596 2,152 37,429 37,523 1,977 817 9,498 7,982 124 44 9,061 937 234 4,683 64,932 1945—Jan. 31.. .. 9,302 563 2,110 36,076 36,251 1,859 12,314 7,697 8,823 925 169 4,636 14,424 Feb. 7 9,358 547 2,085 36,034 35,935 1,892 968 11,950 7,750 122 46 8,873 933 205 4,653 14,667 Feb. 14 9,432 589 2,179 36,282 36,977 1,896 935 11,610 7,783 122 45 9,029 935 224 4,657 12,571 Feb. 21 9,440 565 2,136 36,637 36,830 1, 924 11,075 7,832 123 44 8,883 940 271 4,662 15,224 Feb. 28 9,560 565 2,164 37,018 37,347 1,939 905 10,523 7,883 125 44 8,883 951 288 4,676 12,978 Mar. 7 9,551 564 2,121 37,149 37,168 1,923 798 9,942 7,936 125 44 9,065 945 310 4,682 14,365 Mar. 14 9,725 619 2,218 37,635 38,158 1,921 835 9,481 7,956 125 44 9,195 930 203 4,676 13,955 Mar. 21 9,753 594 2,159 37,585 37,569 1,986 807 9,345 8,011 123 44 9,082 936 206 4,687 14,501 Mar. 28 9,543 607 2,110 37,347 37,198 2,077 829 9,222 8,028 125 44 8,902 938 215 4,688 14,673 Apr. 4.. .. 9,611 564 2,119 37,184 37,091 2,065 945 8,794 8,042 99 44 9,045 938 237 4,704 14,877 Apr. 11 9,823 572 2,131 38,037 38,077 2,057 807 7,976 8,098 105 44 9,119 953 283 4,720 12,991 Apr. 18 9,857 581 2,150 38,603 38,739 2,080 840 7,305 8,133 107 44 9,102 957 335 4,721 13,665 Apr. 25 9,933 594 2,121 39,099 38,902 2,183 820 6,686 8,163 106 44 8,875 972 452 4,725 13,331 New York City 19*4—Mar. 3,167 86 12,148 12,561 174 546 4,498 759 20 2,658 768 42 1,708 25,650 Nov. 3,661 96 14,293 14,673 282 483 2,003 903 17 2,947 785 274 1,768 25,464 Dec. 3,342 107 12,809 13,240 202 530 5,578 884 17 2,963 798 182 1,768 33,064 1945—Jan.. 3,345 91 12,768 13,219 5,543 899 18 2,985 817 69 1,792 30,826 Feb. 3,443 92 13,241 13,631 574 4,745 922 18 2,850 849 99 1,805 25,416 Mar. 3,540 95 13,681 14,026 235 442 3,929 952 19 2,859 844 130 1,806 28,924 1945—Jan. 31.. .. 3,415 13,053 13,462 186 513 5,221 2,866 837 1,800 6,486 Feb. 7 3,401 13,053 13,314 236 617 5,047 912 18 2,831 844 56 1,803 7,122 Feb. 14 3,410 13,126 13,649 250 4,896 917 18 2,835 842 99 1,805 5,732 Feb. 21 3,450 13,351 13,700 235 569 4,645 930 18 2,847 847 113 1,803 7,088 Feb. 28 3,509 13,434 13,862 4,390 928 18 2,888 861 128 1,811 5,474 Mar. 7 3,497 13,521 13,873 4,131 933 19 2,911 855 172 1,809 6,638 Mar. 14 3,523 13,679 14,142 209 455 3,930 939 19 2,891 837 95 1,806 6,368 Mar. 21 3,530 13,691 13,968 271 399 3,856 968 18 2,844 841 119 1,807 6,116 Mar. 28 3,610 13,831 14,122 246 456 3,799 967 18 2,791 842 134 1,803 6,593 Apr. 4 3,541 13,910 14,262 214 3,639 958 18 2,823 841 96 1,815 6,419 Apr. 11 3,618 13,983 14,338 3,289 963 18 2,908 858 92 1,817 5,827 Apr. 18 3,629 14,183 14,630 446 3,003 968 18 2,921 857 113 1,818 5,848 Apr. 25 3,689 14,411 14,710 256 446 2,721 973 18 2,822 871 223 1,816 5,781 Outsiie New York City 1944—Mar. 5,354 2,073 20,488 1,533 6,331 5,507 106 5,707 40 79 27 2,619 33,937 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 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 Mar. 6,103 501 2,120 23,748 23,497 1,742 375 5,569 7,030 105 37 6,202 39 93 104 2,877 36,008 1945—Jan. 31.. .. 5,887 2,086 23,023 22,789 1,673 377 7,093 6,791 99 5,957 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 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 93 125 2,852 6,839 Feb. 21 5,990 471 2,109 23,286 23,130 1,653 355 6,430 6,902 105 37 6,036 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 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 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 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 95 87 2,880 8,385 Mar. 28 5,933 509 2,059 23,516 23,076 1,831 373 5,423 7,061 107 36 6,111 96 81 2,885 8,080 Apr. 4 6,070 472 2,039 23,274 22,829 1,851 401 5,155 7,084 81 36 6,222 97 141 2,889 8,458 Apr. 11 6,205 474 2,096 24,054 23,739 1,843 358 4,687 7,135 87 36 6,211 95 191 2,903 7,164 Apr. 18 6,228 486 2,123 24,420 24,109 1,831 394 4,302 7,165 89 36 6,181 100 222 2,903 7,817 Apr. 25 6,244 501 2,094 24,688 24,192 1,927 374 3,965 7,190 36 6,053 101 229 2,909 7,550 * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1945 453 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 e i e n n n s d - t t - s Total t d a r i u n i n a s d - - l, U T a . n o d S b . d ro ea k l e e r r s s U T . o S . others e R l s e o t a a a l n t - s e b L a o t n a o 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 t f - 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 Mar. 28 3,036 640 398 22 22 13 15 64 2 104 2,396 2,325 144 316 1,180 71 Apr. 4 3,028 639 397 23 19 13 15 64 3 105 2,389 2,316 131 313 1,178 73 Apr. 11 2,995 648 398 29 22 13 16 64 . 4 102 2,347 2,273 99 660 304 1,205 74 Apr. 18 2,971 638 397 19 22 13 15 64 6 102 2,333 2,258 112 628 294 1,219 75 Apr. 25 2,960 651 396 29 24 12 16 64 8 102 2,309 2,235 94 618 299 1,218 74 New York* Mar. 28 22,571 4,792 2,492 661 610 305 163 142 55 364 17,779 16,660 606 4,194 2,896 8,890 1,119 Apr. 4 22,545 4,641 2,475 577 590 262 163 140 70 364 17,904 16,777 787 4,177 2,845! 8,897 1,127 Apr. 11 22,339 4,635 2,457 627 565 258 164 140 55 369 17,704 16,569 535 4,134 2,882 8,949 1,135 Apr. 18 22,290 4,757 2,427 746 604 244 170 140 60 366 17,533 16,407 472 4,074 2,859 8,942 1,126 Apr. 25 22,168 4,854 2,430 867 576 233 168 140 72 368 17,314 16,207 305 4,009 2,844 1,107 Philadelphia Mar. 28 2,430 407 214 1 34 5 9 33 111 2,023 1,848 120 345 262 1,067 175 Apr. 4 2,424 408 212 3 34 5 9 33 112 2,016 1,841 119 335 262 1,070 175 Apr. 11 2,412 413 212 7 33 5 10 33 113 1,999 1,822 110 318 263 1,077 177 Apr. 18 2,381 412 210 7 34 5 10 33 113 1,969 1,791 88 305 262 1,081 178 Apr. 25 2,380 411 206 6 36 5 10 34 114 1,969 1,791 91 305 260 1,081 178 Cleveland Mar. 28 4,682 857 392 55 18 15 154 125 3,825 3,582 157 907 559 1,948 243 Apr. 4 4,702 847 389 49 19 95 16 154 125 3,855 3,614 144 922 599 1,938 241 Apr. 11 4,659 841 386 50 19 91 15 154 i 125 3,818 3,577 99 917 596 1,954 241 Apr. 18 4,655 843 384 53 20 89 16 153 I 127 3,812 3,571 96 912 590 1,962 241 Apr. 25 4,651 838 380 51 21 89 16 154 I 126 3,813 3,572 97 909 591 1,965 241 Richmond Mar. 28 1,909 297 139 4 5 33 9 47 I 59 1,612 ,554 86 327 262 866 58 Apr. 4 1,890 291 135 4 5 31 9 47 I 59 1,599 ,540 82 325 257 863 59 Apr. 11 1,894 288 135 3 5 30 9 47 I 58 1,606 ,548 89 325 257 864 58 Apr. 18 1,885 284 132 3 5 30 9 46 I 58 1,601 ,542 79 329 253 868 59 Apr. 25 1,872 281 128 5 5 29 9 46 l 58 1,591 ,532 82 318 252 867 59 Atlanta Mar. 28 1,816 327 190 5 32 7 24 i 66 1,489 ,359 48 364 304 637 130 Apr. 4 1,806 323 186 7 32 7 25 I 65 1,483 ,353 42 363 305 637 130 Apr. 11 1,816 323 186 7 27 7 26 2 68 1,493 ,364 48 365 302 643 129 Apr. 18 1,821 322 187 7 30 7 26 1 64 1,499 1,369 49 366 295 653 130 Apr. 25 1,821 321 184 30 7 26 2 64 1,500 1,369 48 359 296 660 131 Chicago* Mar. 28 8,661 488 932 140 57 134 116 7,173 6,628 454 1,879 1,061 3,197 545 Apr. 4 8,276 479 923 139 57 135 116 6,797 6,245 111 1,850 1,050 3,197 552 Apr. 11 8,554 469 918 127 58 136 116 7,""" 6,536 332 1,891 1,049 3,226 549 Apr. 18 8,573 458 912 124 58 136 117 7,115 6,553 359 1,874 1,049 3,233 562 Apr. 25 8,570 456 914 121 58 136 118 7,114 6,556 374 1,859 1,052 3,234 558 St. Louis Mar. 28 1,812 430 241 20 12 65 1 84 1,382 1,263 32 301 258 659 119 Apr. 4 1,815 428 239 18 12 66 1 84 1,387 1,269 39 302 256 659 118 Apr. 11 1,832 428 238 18 12 66 1 84 1,404 1,284 41 304 261 665 120 Apr. 18 1,840 424 235 18 12 66 1 84 1,416 1,295 47 306 260 669 121 Apr. 25 1,829 421 232 19 12 66 1 84 1,408 1,286 38 306 259 670 122 Minneapolis Mar. 28 1,127 204 116 7 4 23 2 49 923 879 11 218 167 479 44 Apr. 4 1,119 203 117 6 4 23 2 48 916 873 12 212 166 479 43 Apr. 11 1,112 200 117 6 4 23 1 46 912 868 7 212 166 480 44 Apr. 18 1,111 198 115 6 4 23 1 46 91. 868 6 212 166 481 45 Apr. 25 1,098 196 115 6 3 23 1 45 902 857 7 199 163 485 45 Kansas City Mar. 28 1,986 340 217 16 7 37 1 58 1,646 1,516 388 312 704 130 Apr. 4 1,984 338 215 16 7 37 1 58 1,646 1,516 382 312 708 130 Apr. 11 1,985 337 215 16 7 37 1 57 1,648 1,518 86 383 312 711 130 Apr. 18 1,991 335 212 16 7 37 1 58 1,656 1,52 383 318 713 129 Apr. 25 1,978 333 211 15 7 37 1 57 1,645 1,515 387 318 713 130 Dallas Mar. 28 1,664 407 270 30 22 22 59 •1,257 1,211 65 382 222 532 46 Apr. 4 1,666 40 270 29 22 22 59 1,259 1,212 62 384 222 534 47 Apr. 11 1,676 406 269 28 23 22 59 1,270 1,223 72 388 220 533 47 Apr. 18 1,680 401 265 28 22 22 60 1,279 1,232 77 390 220 535 47 Apr. 25 1,666 399 263 28 22 22 60 1,267 1,220 62 223 536 47 San Francisco Mar. 28 6,103 991 487 42 23 295 96 5,112 4,740 273 1,327 831 2,225 372 Apr. 4 6,094 988 486 38 24 295 96 5,106 4,730 229 1,342 834 2,241 376 Apr. 11 6,113 989 486 37 23 295 101 5,124 4,745 252 1,324 830 2,255 379 Apr. 18 6,093 984 482 37 23 295 103 5,109 4,730 236 1,319 831 2,261 379 Apr. 25 6,065 970 479 36 25 292 103 5,095 4,71 226 1,315 831 2,261 381 City of Chicago* Mar. 28 5,179 1,016 695 51 27 61 4,163 3,800 376 1,028 600 1,792 363 Apr. 4 4,809 1,010 689 51 27 61 3,799 3,430 46 996 590 1,794 369 Apr. 11 5,087 996 681 52 27 60 4,09 3,725 275 1,061 587 1,798 366 Apr. 18 5,119 984 676 51 27 60 4,13. 3,758 301 1,059 590 1,803 377 Apr. 25 5,118 679 51 27 61 4,133 3,760 314 1,046 593 1,803 373 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [ In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Federal Reserve w Fe it d h - Cash a w n i c t e h s m d a e n - d u v a id ls - , States Certi- u v a i l d s - , States U Go .S v . - banks Bor- C it a a p l - Bank district and date B s e R a e r n r e a v k - l e s va in ult m ja d e n o s k - ti s c p u o a s s d te i - t d s 1 s p h n c a a i e o n p r r r d t s - - - , p d s a i o i u c n v l a b d i i l t - - - h c o a f e e i f n c f e r i d s k d - ' s U m G er o e . n S n v - . t - s p h n c a a o i e n r p r r d t s - - - , p d s a i o i u c n v l a b d i i l t - - - P m S e o a a r e s n n v t n d a - - t l m D a e n - d Time b e F a i o g n r n k - s r i o n w gs - c a u c n - ts d i e ts b 2 pora- sions etc. pora- sions ings tions tions Boston (6 cities) Mar. 28 444 67 113 2,107 2,082 109 30 641 358 3 289 19 4 272 672 Apr 4 455 64 113 2,125 2,101 HI 34 609 360 3 289 19 10 273 631 Apr. 11 450 54 116 2,144 2,121 118 30 548 362 3 295 20 9 273 609 Apr 18 472 62 113 2*172 2,159 118 28 505 363 3 293 20 17 275 714 Apr. 25 460 66 109 2,190 2,158 119 31 463 365 3 288 20 22 276 628 New York (8 cities)* Mar 28 3,852 133 137 15,211 15,282 504 483 4,063 1,519 21 10 2,853 13 844 155 1,951 6,950 Apr. 4 3,800 124 169 15,323 15,426 491 576 3,889 1,513 21 10 2,890 14 843 125 1,965 6,992 Apr 11 3,868 132 114 15,387 15,514 483 477 3,516 1,522 21 10 2,975 14 860 143 1,966 6,151 Apr. 18 3,891 128 112 15,609 15,829 488 503 3,211 1,528 21 10 2,988 18 859 156 1,967 6,309 Apr. 25 3,943 127 108 15,817 15,903 501 475 2,911 1,535 21 10 2,888 18 873 253 1,965 6,135 Philadelphia (4 cities) Mar. 28 420 33 83 1,800 1,850 61 18 391 195 2 1 343 9 13 241 580 Apr. 4 418 30 87 1,813 1,840 71 16 370 196 2 1 356 9 2 242 559 Apr. 11 422 31 76 1,828 1,841 83 19 335 197 7 1 345 8 10 242 549 Apr 18 421 30 77 1,831 1,849 85 19 306 196 8 1 338 9 10 242 525 Apr. 25 431 31 75 1,852 1,853 100 23 280 197 8 1 344 8 16 243 584 Cleveland (10 cities) Mar. 28 755 81 198 3,081 3,141 122 39 570 1,064 56 516 7 3 460 866 Apr 4 775 77 195 3,121 3*. 119 140 54 542 1,069 30 527 7 3 31 459 907 Apr 11 764 73 188 3,089 3,139 135 39 494 1,075 31 526 7 3 38 460 794 Apr. 18 111 75 195 3*140 3*190 137 40 454 1,078 31 525 8 3 39 460 888 Apr 25 771 76 189 3,182 3,211 139 42 413 1,080 30 503 8 4 45 461 835 Richmond (12 cities) Mar 28 306 40 144 1,214 1,193 88 22 338 296 2 7 382 5 2 123 378 Apr. 4 309 36 142 1,200 1,189 87 21 320 298 2 7 381 5 2 '"'8 123 371 Apr 11 323 38 155 1,226 1,221 86 18 290 301 2 7 397 5 2 8 124 336 Apr. 18 306 37 139 1,223 1,218 84 20 266 302 2 7 386 5 2 15 124 364 Apr 25 308 38 145 1,246 1,229 90 19 242 303 2 7 374 5 2 21 124 361 Atlanta (8 cities) Mar. 28 333 32 138 1,196 1,077 213 10 182 347 3 2 486 5 118 358 Apr. 4 338 28 144 1,193 1,117 177 10 173 349 3 2 494 "i" 5 118 369 Apr. 11 344 29 154 1,214 1,151 176 9 160 352 3 2 507 6 "2 118 338 Apr. 18 347 28 148 1,230 1,166 173 11 147 354 3 2 505 "i" 5 118 352 Apr. 25 347 29 144 1,257 1,172 179 11 136 355 3 2 482 1 6 3 119 340 Chicago (12 cities)* Mar. 28 1,347 88 318 5,336 5,219 424 73 1,359 1,586 4 4 1,569 5 20 2 544 2,402 Apr. 4 1,392 82 314 5,009 4,944 431 86 1,287 1,586 4 4 1,611 5 20 9 545 2,671 Apr. 11 1,480 82 379 5,666 5,548 431 74' 1,167 1,596 4 4 1,491 5 19 3 556 1,893 Apr. 18 1,490 100 398 5,785 5,663 452 81 1,069 .1,608 4 4 1,494 5 20 33 556 2,031 Apr. 25 1,512 101 392 5,940 5,761 486 76 977 1,614 4 4 1,465 5 20 8 556 1,955 St. Louis (5 cities) Mar. 28 310 22 136 1,057 1,092 67 14 215 290 4 568 1 30 126 379 Apr. 4 308 20 132 1,052 1,083 65 14 204 292 4 566 2 41 127 364 Apr. 11 330 22 113 1,086 1,132 66 12 185 294 4 582 1 29 127 335 Apr. 18 323 20 114 1,112 1 161 62 12 168 296 4 570 2 30 127 375 Apr. 25._ 329 21 109 1* 115 l! 156 65 11 162 297 4 562 2 31 127 372 Minneapolis (8 cities) Mar. 28 173 12 72 655 620 86 10 212 176 254 2 126 81 205 Apr. 4 175 10 77 661 616 90 17 201 177 255 2 127 81 205 Apr. 11 179 11 77 672 639 87 9 182 179 261 2 127 81 222 Apr. 18 175 10 75 671 635 85 10 166 179 253 3 127 82 226 Apr. 25 177 11 73 677 646 84 9 151 180 253 3 20 82 211 Kansas City (12 cities) Mar. 28 390 25 276 1,306 1,266 142 23 232 241 1 3 765 5 1 137 433 Apr. 4 406 23 262 1,291 1,273 139 21 223 242 1 3 788 5 1 137 430 Apr. 11 409 23 268 1,299 1,299 134 20 202 245 1 3 807 5 137 436 Apr. 18 409 23 284 1,331 1,322 135 20 189 246 1 3 807 5 2 137 450 Apr. 25 425 24 276 1,339 1,325 145 20 173 247 1 3 798 5 12 137 465 Dallas (9 cities) Mar. 28 324 27 229 1,231 1,214 82 23 204 221 11 3 472 3 122 347 Apr. 4 345 25 216 1,241 1,224 85 19 196 222 11 3 477 3 122 322 Apr. 11 356 24 225 1,253 1,259 78 20 178 224 11 3 510 3 123 305 Apr. 18 349 23 236 1,271 1,282 72 21 163 225 12 3 514 3 121 353 Apr. 25 338 25 233 1,263 1,275 72 24 154 226 12 3 502 3 122 366 San Francisco (7 cities) Mar. 28 889 47 266 3,153 3,162 179 84 815 1,735 25 7 405 7 30 513 1,103 Apr. 4 890 45 268 3,155 3'. 159 178 77 780 1,738 25 7 411 7 30 512 l]056 Apr. 11 898 43 266 3,173 3,213 180 80 719 1,751 25 7 423 6 29 "32' 513 1,023 A A p p r r . 1 2 8 5 9 8 0 9 2 2 4 4 5 5 2 26 5 8 9 3 3* , , 2 2 2 2 ? 1 ! 3 3 * (2 2 6 1 5 3 2 1 0 8 3 9 7 7 5 9 6 6 2 6 4 ' 1 1, , ' 7 7 5 6 8 4 2 2 5 5 7 7 4 4 1 2 6 9 6 6 3 3 1 1 2 1 1 0 5 51 1 2 3 1 1* 0 0 7 78 9 City of Chicago* Mar 28 773 27 93 3,02() 3,047 165 33 894 650 1,132 17 35 1 511 Apr. 4 826 25 91 ) 2', 779 170 37 844 646 l' 171 16 9 354 1*872 Apr. 11 897 25 162 3*31^\ 3,340 170 36 76: 650 1,068 16 35, 1,085 Apr 18 906 44 187 3,45. 3,479 186 43 69£ 657 1', 073 17 35^ 1 16^ Apr. 25 925 44 178 ) 3,'532 203 41 63! 659 l,*O47 17 354 1*.165 * 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. MAY 1945 455 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 paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Own Bills Others2 I U m i n n p i t o t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a l n ar ge ship p p o ed in t b s e i t n ween Total bills bought States States United Foreign States countries 1943—December 202 117 52 38 27 66 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 Tune 137 112 87 44 43 25 74 11 24 July 143 110 46 41 23 72 12 24 August 141 110 44 38 28 75 10 22 September 141 111 42 43 26 78 11 19 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 March 147 128 96 54 42 32 87 11 25 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. CUSTOMERS1 DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on b ( a d n l e a e b n t i ) c t 1 es a i # n n a p v d c a e c r t s o t r t n a u m d e n e r i t n s s n ' g t a in n a d v c e c f t i s o r r t m u a m d n e i ts n n g t a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th et e ) r i a I n n n a d v c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c d I e n c s t o r t f u m a ir n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938-June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940— June 653 12 58 223 376 267 62 22 5 269 December. 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December 788 11 188 181 557 354 65 14 5 198 1944—April e78O e600 c390 May e790 e550 e400 Tune 887 5 253 196 619 424 15 11 216 July c940 e660 e420 95 August e940 e630 e410 September c940 e640 c420 October e950 c670 e430 November e940 e640 e430 December 1,041 7 260 "" 209'" 726 472 18 8 227 96"" 1945—January rl,070 e730 e530 February rl,100 e73O e540 March 3l,034 3722 3553 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a smal] number of large firms. r Revised. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances at the end of ^March represented by balances secured by U. S. Government securities was 109 million dollars. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 456 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 r n t i p o m c m t e i h 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 s e k p s ' s - e i t , - c S h l n c a e o t r a e o l a x e a s n w - - c l n 2 l g k - e m G b o i 3 o l n - l v s th e ' rn d m 9 c m - e o c e e b f t r o a n o t t t n t i i e e f n 1 t d s i h s - 2 - - e - cu 3 t r a n - y i x o t t e i o 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 i O 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 e u n s r t d n hness 1 1 9 9 3 3 8 7 a a v v e e r r a a g g e e 1 1 2 2 . . 5 5 9 3 1 1. . 6 7 9 3 2 2. . 7 8 5 8 3 3 . . 2 2 6 5 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 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 2 7 7 6 3 5 *' . 1 7 7 9 5 r r 1 l \ . . 3 4 3 3 6 4 1 1 1 9 9 9 3 4 4 9 0 1 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 7 5 6 8 4 3 2 2 1. . . 9 0 0 7 7 4 2 2 2 . . . 8 5 5 7 5 6 3 3 3 . . . 1 5 3 9 1 8 1944—April .69 -.44 1.00 .375 .78 1.36 1942 average 2.61 2.07 2.58 3.26 May .75 .44 1.00 .375 .77 1.35 1943 average 2.72 2.30 2.80 3.13 June .75 .44 1.00 .375 .79 1.34 1944 average 2.59 2.11 2.68 3.02 July .75 .44 1.00 .375 .77 1.31 1940—September. . . 2.68 2.14 2.56 3.43 A Se u p g t u e s m t ber.... . . 7 7 5 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 6 9 1 1 . . 3 3 1 0 December 2.59 2.00 2.53 3.36 October .75 .44 1.00 .375 .80 1.35 1941—March 2.58 2.06 2.53 3.25 November .75 .44 1.00 .375 .81 1.34 June 2.55 1.95 2.58 3.23 December .75 .44 1.00 .375 .80 1.35 September.... 2 2 . . 4 6 1 0 1 1 . . 9 8 8 8 2 2 . . 4 6 5 2 3 2 . . 2 9 9 9 1945—January .75 .44 1.00 .375 .78 1.31 December 2.48 1.85 2.48 3.20 February .75 .44 1.00 .375 .77 1.22 1942—March 2.62 2.07 2.56 3.34 M Ap a r r i c l h . . 7 7 5 5 . .4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 4. . 7 7 7 8 1 1 . . 1 1 4 8 J S u e n p e tember 2 2 . . 7 6 0 3 2 2 . . 0 2 9 8 2 2 . . 6 6 3 6 3 3 . . 2 2 5 6 December Week ending: 1943—March 2.76 2.36 2.76 3.24 M A Ap p a r r r . . . 3 1 1 7 4 H /7 7 i A A s > 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 6 5 5 4. . . 7 7 7 5 6 6 1 1 1 . . . 1 1 1 7 5 5 J D S u e e n p c e t e e m m b b e e r r 3 2 2 . . . 0 6 4 0 5 8 2 2 2 . . . 7 1 0 0 0 5 2 2 2 . . . 9 7 7 8 1 6 3 3 2 . . . 1 3 7 7 8 3 Apr. 21 7Aa 1.00 .375 .78 1.14 Apr. 28 VA 1.00 .375 .79 1.14 1944—March 2.63 2.10 2.75 3.12 June 2.63 2.23 2.55 3.18 r Revised. September 2.69 2.18 2.82 3.14 1 Monthly figures are averages of weekly prevailing rates. December 2.39 1.93 2.61 2.65 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 1945—March... 2.53 1.99 2.73 2.91 3 4 N R u at m e b o e n r o n f e w is su is e s s u i e n s c r o e f a fe s r e e d d fr w om ith i 2 n to p 3 e r o io n d A . pr. 1. co l m P p r a i r o a r b t l o e M wi a t r h c h t h 1 e 9 3 c 9 u r f r ig e u n r t e s q u w a e r r t e e r r l e y p o s r e t r e i d e s m . onthly on a basis not strictly Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 448-459, and pp. 483-490 of this BULLETIN. 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 (high ex ta e x m - pt y 7 e t a o r s 9 15 o a v y n e d e r ars grade)2 grade)* Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 1-7 15 5 120 30 30 30 30 40 40 40 1942 average 2.09 1.93 2.46 ..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 >.O6 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 L.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944—April 1.94 1.95 2.48 L.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 L.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 L.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 L.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 L.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 L.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 L.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 L.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 2.97 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 March 1.70 1.70 2.40 1.61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.11 2.94 April 1.68 1.62 2.39 1.57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 Week ending: Mar. 31 1.71 1.69 2.39 1.60 2.50 2.91 2.60 2.73 2.91 3.38 2.68 3.10 2.94 Apr. 7 1.70 1.65 2.39 1.58 2.49 2.91 2.61 2.73 2.91 3.38 2.69 3.10 2.94 Apr. 14 1.68 1.62 2.38 1.58 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.08 2.93 Apr. 21 1.67 1.61 2.40 1.58 2.49 2.90 2.61 2.72 2.90 3.36 2.69 3.07 2.94 Apr. 28 1.68 1.60 2.39 L.54 2.49 2.90 2.61 2.73 2.90 3.35 2.69 3.06 2.94 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and pp. 483-490 of this BULLETIN. MAY 1945 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week m U G e e r . o n n v S - t - ^ . g M ( r h i a u p i d n g a e i l h c ) - 3 g H r i a g d h e - Mediu In m d - u a s- nd lo R w a e il r - -gra P de ublic fau D lt e e - d fe P r r r e e - d6 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 (i s s n a h n i a t n d h r g s e o ? s u o ) - f Total trial road utility Number of issues. 1-7 50 402 20 28 1942 average.. 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1944—April 100.26 135.8 120.7 114.4 121.0 105.5 116.6 59.0 173.8 95 97 97 659 May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 730 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 68.6 183.3 108 110 121 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 March 101.56 140.7 122.7 118.1 122.9 114.8 116.5 68.9 187.7 112 114 124 96 1,195 April 101.68 141.6 122.9 118.2 123.1 115.0 116.5 71.9 190.9 114 117 129 98 1,273 Week ending: Mar. 31 101.62 140.9 122.8 118.1 123.3 114.7 116.5 68.3 189.2 109 111 120 95 954 Apr. 7 101.65 141.4 122.8 118.2 123.3 115.0 116.4 69.3 189.7 111 113 123 96 659 Apr. 14 101.79 141.4 122.9 118.2 123.3 114.9 116 3 70.0 190.2 113 115 126 97 1,048 Apr. 21 101.61 141.4 123.0 118.2 123.1 115.1 116.6 72.2 190.8 117 119 133 100 1,793 Apr. 28 101.67 142.2 122.9 118.2 122.9 115.2 116.6 74.9 192.9 117 119 136 100 1,533 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. 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 pp 483-490 of this BULLETIN. NEW SECURITY ISSUES [In millions of dollarsl 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 i d e o n g o s r d n - t - ) ic 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 p o o n n t o d e d r s a s te Stocks F ei o g r 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 l i 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 9 9 4 4 2 3 2 2, , 1 1 7 1 4 4 1,0 6 7 4 5 2 1,0 6 7 4 5 0 3 1 4 7 2 6 1 9 0 0 8 6 3 2 7 4 4 5 28 0 2 6 1 9 1 2 8 ""2" 1 1 , , 5 0 3 3 2 9 1 1 , , 0 4 3 4 9 2 2 1 5 8 9 1 4 49 4 7 0 4 6 1 8 8 5 4 6 0 0 7 3 8 1 2 1 90 1944 .. . 4,153 923 906 235 45 627 404 223 17 3,230 3,215 404 388 2,423 2,135 288 15 1944—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 •y 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 204 204 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 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—January 625 136 136 92 2 43 18 25 490 490 22 195 272 240 33 February.... 220 42 42 6 9 27 22 5 178 163 8 18 136 136 15 March 557 86 86 24 62 27 35 471 471 150 25 296 265 "31" 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. 458 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 i r m o a ss ted Esti n m et ated New money Retirement of securities Repayment proceeds^ 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 it in 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 19S8 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— S A e u p g t u em st ber 11 7 0 0 1 6 0 9 8 1 1 6 2 1 6 3 3 6 8 5 3 1 8 4 1 1 1 2 0 9 5 i" 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 i July 192 188 60 36 24 122 109 13 6 A Se u p g t u e s m t ber 4 2 3 2 8 9 4 2 2 2 9 6 5 2 7 7 2 1 4 7 3 1 3 0 3 1 9 6 5 6 3 1 5 4 7 7 3 1 8 9 i ' 3 5 N O o ct v o e b m e b r er 3 7 4 3 7 5 3 7 4 2 0 2 1 2 2 4 3 1 9 1 11 1 4 3 5 31 9 6 0 5 20 6 7 6 10 2 9 4 2 7 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 March 226 221 48 28 19 171 158 13 1 2 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—August 6 6 60 1 53 6 39 9 30 3 2 September.. . 4 4 49 4 41 4 16 4 10 \ 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 l" 3 7 8 1 6 1 2 3 9 1 11 1 5 3 1 1 0 1 6 6 3 2 3 1 1 1944—January 8 8 61 61 81 26 53 2 M Fe a b r r c u h ary 2 9 9 2 9 9 1 3 4 0 0 6 " 1 3 3 0 4 5 2 5 8 4 1 0 4 1 3 1 1 4 2 2 2 ...... M J J A u u p a l n r y y e il ""l 4 2 5 1 2 " 4 1 l" 41 2 2 5 5 8 4 8 8 "s" 2 2 5 5 3 8 8 2 1 1 1 8 5 0 1 5 8 9 8 4 3 1 1 9 4 9 7 6 6 2 7 5 2 2 0 1 4 3 5 9 33 4 1 •••• 2 13" "31' O S A e c u p t g o t u e b s m e t r ber 1 1 3 8 3 6 9 4 1 1 2 0 9 1 1 7 3 1 9 5 5 4 1 9 2 4 8 6 9 ""s 8 " 4 1 8 3 2 4 8 4 6 5 2 1 8 6 8 5 6 6 11 3 1 3 8 0 2 7 7 7 5 1 ... 2 .„. 6 2 ' 2" 4' ••••-• November 52 4 48 259 4 255 29 16 11 1 1 1 December 82 82 10 10 18 12 5 1 42 •42" 1945—Tanuarv 119 119 65 65 82 28 54 10 8 2 February 108 12 96 60 60 27 9 16 1 18 7 6 5 March 124 ' "2" 122 93 41 50 4 4 2 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. . , . .. S(7Mrce.—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. MAY 1945 459 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 - p e O t m r t q o i a t e o u r h n t n n i e a s p t r - - - f m p e N u a r e r o c n r o t o t a d 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 e d c d e s c r s , - o , p r r a e o i i O n n n f 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- - O g d n o u b t o o h r l n e a d e - - r s n s 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—1 419 52 38 46 651 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 52 651 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 x o m m * re e e All r N o e a t d s inc I o n m s r o o e l a 1 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 c a f o o x o m m 5 re e e i # n c 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 (7) 295 43 44 2 1,272 145 103 0 36 723 182 126 (7) 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 99 366 42 40 2 2,255 605 239 56 49 835 221 118 100 383 44 42 3 2,368 653 249 55 39 859 210 114 99 389 45 43 4 2,340 438 177 25 100 906 228 133 113 400 48 41 1944—1 2,273 458 148 27 31 925 262 135 94 400 42 42 2 2,363 511 174 22 55 886 241 123 102 406 43 42 3 2,445 550 180 23 30 878 207 111 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 oppierations. z CCllaassss AA aanndd BB eelleeccttrriicc uuttiilliittiieess,, ccoovveerriinngg aabboouutt 9955 ppeerr cceenntt ooff aallll eelleeccttrriicc power operations. Figures include affiliated nonelectric operations. 44 TThhiirtt y ll arge companiie s, coverii ng abbto ut8 58 5 per cent fo fl la ll telhlephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. » After all charges and taxes except Federal income and excess profits taxes. 6 PPaarrttllyy eessttiimmaatteedd.. 7 NNoott aavvaaiillaabbllee.. SSIourctes.—tt Interstate Commerce Commfission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures pprior 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. 46O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars ] End of month T d g d i r o r e o t e b s a c t s l t i b n T d e d t i a o e e r r t r e b i a e c n t l s t g t- Totals Tre b M a il s l a u s r r k y eta in b c C d l a e e n e t e r e b p t s s i t u f s e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al a 2 rke s ta a b U b v o . i l n S e n d . g s p s ubl T i s t c r a n a e x v o i a s i t s n a s e u u n s g r d e s y s S i p ss e u c e ia s l i b n e N t d e a e o r r b e i n n t s - g t- s t g b e t e e u e c F e r a a u d u e r r r l s i a i i l n t t y n n - i g - - es 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 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 4,092 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—Apr 184,967 183,413 127,440 13,150 25,306 16,263 72,526 42,275 32,497 9,092 13,697 1,554 2,258 May 186,366 184,874 128,029 13,766 25,266 16,265 72,537 42,724 32,987 9,050 14,122 1,492 1,529 June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 July 208,574 207,117 144,919 15,524 30,035 18,067 81,097 47,237 36,538 10,000 14,961 1,456 1,468 Aug 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 1,514 1,475 Sept 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 1,645 1,480 Oct 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 1,480 Nov 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 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 1,470 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 1,496 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 Mar 233,950 232,026 162,625 16,921 34,544 18,588 92,377 51,833 42,159 8,948 17,567 1,923 1,119 Apr 235,069 233,063 162,680 17,041 34,478 18,588 92,377 52,460 42,626 9,109 17,923 2,006 1,132 1 Including amounts held by Government agencies and trust funds, which aggregated 5,245 million dollars on Feb. 28, 1945, and 5,281 million on Mar. 31, 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, MARCH 31, 1945 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue md coupon rate Amount Issue and coupon rate \mount 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 All Series Series Series All Apr. 5, 1945.... 1,205 Dec. 15, 1948-50 ... ....2 571 series E F G series Apr. 12, 1945. 1,303 June 15, 1949-51 .... ....2 014 A*pr. 19, 1945.... 1,303 Sept.15, 1949-51.... ....2 292 1943—Aug 22,694 802 661 28 112 152 Apr. 26 1945 1,318 Dec. 15, 1949-51 .... 2 098 Sept 24,478 1,927 1,400 139 387 155 May 3, 1945 1,316 Dec. 15, 1949-52 .. 491 Oct 26,056 1,708 1,340 93 275 144 M M a a y y 1 1 7 0 , 1 1 9 9 4 4 5 5... 1 1 , 3 3 0 1 0 0 M De a c r . . 1 1 5 5 , , 1 1 9 9 5 4 0- 9 5 - 2 53.... '..2y22 9 7 6 8 3 6 N D o ec v 2 2 6 7 , , 6 3 9 6 7 3 8 7 5 9 3 8 6 7 6 2 5 8 2 2 3 4 1 1 0 0 1 9 2 1 0 7 7 0 May 24, 1945.... 1,309 Sept. 15, 1950-52.... ..2y2 186 May 31, 1945.... 1,314 Sept. 15, 1950-52.... .. ..2 4,939 1944—Jan 28,901 1,698 1,085 127 487 188 June 7 1945 1,310 June 15, 1951-54 ..2% 1627 Feb 31,515 2,782 2,102 157 522 185 June 14, 1945.... 1,316 Sept. 15, 1951-53.... ...2 7986 Mar 31,974 709 576 23 110 268 June 21, 1945.... 1,303 Sept. 15, 1951-55.... ... 3 755 Apr 32,497 739 606 19 114 237 June 28, 1945.... 1,314 Dec. 15, 1951-53 .... ..2H 1118 May 32,987 751 624 15 111 279 Dec. 15, 1951-55 • .2 510 June 34,606 1,842 1,350 115 377 248 Cert, of indebtedness Mar. 15, 1952-54 .......2M 1024 July 36,538 2,125 1,687 101 338 227 Apr. 1 1945 4877 June 15, 1952-54 ... 2 5 825 Aug 36,883 602 499 18 85 279 M J O A S u e c u a n t p y g e t . . 1 l 1 1 1 f , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 5 5 5 5 ' • - 1 V 1 4 4 s 4 1 2 3 3 ,6 4 7 6 5 1 9 7 9 1 5 2 0 4 1 J J D J M u u u e n a n n c. e r e e . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 2 5 2 - 3 4 - - 5 6 - - 5 5 0 5 5 4 5 6 . . . . . . . . . . . . . . .. . . 2 2 . % X .2 2 2 8 1 r6 6 5 6 7 6 8 0 1 2 2 1 1 1 5 N S O D e o c e p t c v t 4 3 3 3 0 7 7 8 , , , , 6 3 3 3 4 0 6 2 5 8 1 3 2 1 , ,0 3 6 6 2 8 9 9 3 6 5 2 1,8 5 8 5 5 9 0 9 5 9 7 1 1 4 2 1 1 3 5 6 4 4 1 0 8 8 7 6 3 5 4 4 2 3 3 0 8 8 6 1 3 2 5 Dec. 1, 1945 ...14 4 395 Mar. 15, 1956-58.... 1449 1945—Jan 41,140 1,074 804 42 228 341 Feb. 1, 1946 5043 Sept.15, 1956-59.... • 2% 982 Feb 41,698 848 653 31 164 323 Tr M ea a s r u . ry 1 n 1 o 9 t 4 e 6 s 4 147 J D S u e e n c p . e t. 1 1 1 5 5 5 , , . 1 1 1 9 9 9 5 6 5 6 0 8 - -5 6 - 5 6 9 3 . . . . . . . '•'. 2 2 / H 4 3 1 9 4 8 1 8 2 9 5 3 M Ap a r r 4 4 2 2 , , 6 1 2 5 6 9 8 83 8 8 9 6 7 8 1 4 2 2 2 6 3 1 1 3 5 0 0 4 4 6 0 4 4 Dec. 15, 1945 ...% 531 June 15, 1962-67.... 2 118 1, 1946 ..... .90 3416 Dec. 15, 1963-68 . . .. • -2}/2 2831 Mar. 15, 1946.... .. 1 1291 June 15, 1964-69.... •2y2 3761 Dec. 15, 1946.... 3 261 Dec. 15, 1964-69 . .. 3838 Maturities and amounts outstanding, March 31, 1945 Mar. 15, 1947.... 1948 Mar. 15, 1965-70 . . .••-2/^ 5,197 Sept. 15, 1947.... iMs 2707 Mar. 15, 1966-71.... 2% 3,481 S S e e p pt t . . 1 1 5 5 , , 1 1 9 9 4 4 7 8. . . . . . . . . . . . i 1 y 3 2 4 3 16 7 8 4 7 8 P C S o o e s n p t t v a e l r 15 s S , i a o v n 1 i 9 n 6 g 7 b s - o 7 n 2 b d . o . s . n . . d ' . .. . s .2 . . H 2 .3 ^ 2,7 1 1 1 2 6 7 9 Year of maturity se A ri l e l s S A er - i D es Ser E ies Se F ries Se G ries Treasury bonds Panama Canal loan....3 50 Sept. 15, 1945-47.• •2% 1,214 Total direct issues — 162,625 1945 163 163 15 1945 541 1946 325 325 M Ju a n r e . 1 1 5 5 ' 1 1 9 9 4 4 6 6 - - 5 4 6 8 . ..... 3 1,0 4 3 8 6 9 Guaranteed securities 1 1 9 9 4 4 7 8 4 4 1 8 3 9 4 4 1 8 3 9 June 15, 1946-49. 819 Home Owners' Loan Corp 1949 802 802 O D c e t c . . 1 1 5 5 , , 1 1 9 9 4 47 7 - . 5 .. 2 . . 2 7 7 5 0 9 1 Fe J d u e n r e a l 1, H 1 o 9 u 4 s 5 in ^ g 7 . 1id•,' m' m.'*. 755 1 1 9 9 5 5 0 1 1,6 9 6 9 8 2 4 9 4 9 4 2 1,224 Mar. 15, 1948-50.'.".'2 1,115 Various 32 1952 5,132 5,132 M Ju a n r e . 1 •1I 5 5r , ,* 1 1 4 9r 9 \ 4A 4 08 8 - . 5c . 11 .. .• .1% -2% 3 ], , 2 0 2 6 3 2 Total guaranteed issue 787 1 1 9 9 5 5 3 4 1 9 3 , ,4 6 6 7 7 4 1 8 0, , 5 2 1 5 2 9 6 2 0 1 1 6 2 1 , , 3 19 5 9 3 Sept 15, 1948......VA 451 1955 4,769 1,592 687 2,490 1956 3,623 764 2,859 1957 601 512 Unclassified 41 1 Sold on discount basis. See table on Open-Market Money Rates, p. 457. Total 42,159 3,629 26,719 2,357 9,413 MAY 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 ernment agencies Held End of month s i m e b n c e t T u e a r o r r i e t i t n a i s e l g t- s S is p a s e u n c e d i s a l trust f P i u s u s n u b d e l s i s c R F B e e a b d s n y e e k r r v s a e l Total m b C e a o r n c m k ia - s l M s b a a u v n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s M i a a s O s r b u t k l h e e e e s t r - inv m es N a a t r o o b k r n l s e e - 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—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 77,558 8,328 19,600 35,200 49,200 1945—January 232,168 16,688 5,270 19,006 191,204 78,300 8,600 20,000 34,300 50,000 February | 232,968 17,130 5,267 19,439 191,132 77,900 8,700 20,200 33,700 50,600 l Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks id 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. Gov- End of month s T t o i a o n u n t g t a d - l - a m e a c g r n i e e e n d n n s - t - B s F e R a e r e r n e a d v - k l - e s m b C a e o r n c m k i s a - 1 l b M s i t a n u a n g u v a k s l - - s p I a c n a o n s n m c u i e e r - - s Other End of month T st o i o a n u n t g t a d - l - B s F e R e a e r r n e a v d - k l e - sb C m a c o n i e m a k r l - s - b M s t i a n u a n g u v a k s l - - s p I c a n a o n s n m c u i e e r - - s Other trust funds Total:2 Treasury bonds: 1942—Dec 80.685 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 2,77719,445 4,055 9,94410,308 Dec 118,813 3.78711,543 55,549 5,96214,386 27,586 1943—June 57,520 3,045 1,468 24,2264,72511,44212,615 1944—June 141,591 4,60414,901 63,523 7,158 16,471 34,935 Dec 67,944 3,614 1,559 28,2645,506 13,38915,613 Nov 146,376 4,594 18,388 66,396 7,13217,035 32,830 1944—June 79,244 4,437 1,464 30,9106,73615,76819,929 Dec 162,843 5.33818,846 72,045 8,18318,761 39,670 Nov 81,102 4,418 1,243 34,2256,609 15,81118,795 1945—Jan 163,458 5,260 19,006 72,918 8,392 19,082 38,801 Dec 91,585 5,173 1,24336,508 7,70417,859 23,098 Feb 163,166 5,25119,439 72,543 8,47619,289 38,168 1945—Jan 92,221 5,091 1,166 37,418 7,90918,07722,561 Treasury bills: Feb.... 92,349 5,056 1,13237,737 7,93118,18222,311 1942—Dec 6,627 11 1,010 4,497 10 26 1,073 Maturing within 5 years: 1943—June 11,864 11 3,815 6,502 21 154 1,361 1942—Dec 5,830 754 2,565 253 726 1,531 13,072 20 6,768 4,716 12 72 1,484 1943—June 9,474 867 5,122 298 991 2,195 1944—June.'.'.".'.'.'.'.". 14,734 6 8,872 4,894 2 960 Dec 8,524 665 5,044 211 828 1,775 Nov 16,405 11,868 2,935 7 1,583 1944—June 7,824 536 4,697 189 663 1,740 Dec 16,428 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 Feb 16,399 11,830 3,387 7 1,164 1945—Jan 7,824 518 4,799 144 525 1,836 Certificates: Feb 7,824 518 4,770 172 510 1,856 1942—Dec 10,534 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 Nov 29,545 4,163 15,888 235 620 8,570 1944—June 34,399 1,570 18,937 2,712 3,673 7,505 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 Feb 30,396 4,917 15,259 203 429 9,509 1945—Jan 44,531 1,421 25,194 •3,710 4,357 9,850 Treasury notes: Feb 44,645 1,362 25,507 3,743 4,467 9,569 1942—Dec 9,863 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 ,580 2,778 3,531 Dec 11,175 66 665 7,389 197 275 2,583 1943—June 17,214 1,645 7,611 ,405 2,896 3,657 1944—June 17,405 58 1,180 11,718 286 337 3,826 Dec 14,310 1,270 6,051 ,219 2,571 3,203 Nov 17,936 58 1,111 12,387 277 577 3,525 1944—June 15,482 1,097 5,509 ,857 2,792 4,228 Dec 23,039 60 1,566 15,411 336 568 5,098 Nov 14,445 1,029 5,272 ,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 ,887 2,612 3,563 Feb 23,039 62 1,560 15,560 330 662 4,866 1945—Jan 14,445 1,006 5,475 .880 2,603 3,480 Guaranteed securities: Feb 14,445 1,003 5,466 1,829 2,607 3,538 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 Dec 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 NOV..5S 1,193 1 3 945 5 25 213 1944—June 21,539 2,696 1,766 1,981 8,640 6,456 Dec 1,194 3 960 6 22 203 Nov 21,946 2,705 1,793 1,998 9,144 6,306 1945—Jan 1,197 3 921 6 19 245 Dec 25,227 3,366 1,873 2,12510,462 7,401 Feb 786 586 4 16 175 1945—Jan 25,420 3,312 1,946 2,176 10,591 7,396 Feb 25,433 3,306 1,991 2,18710,600 7,349 • Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded Figures in column h holdings (including above. 1 Including stock savings banks. On Feb. 28, 1945, commercial banks reporting to the Treasury held 25,702 million dollars of United States Government securities due or callable within one year out of a total of 57,836 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 4"2- 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 i r M n n e n e e u v t l a i o e l e s e l a u 1 - r - - - s S S t r a o e i x c t c y i e u a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s ce N ip e t t s3 I d n e o e t s n e b t t r- ac W t t i i e a v s r i- T c f o e t r e a r r u a t s u c n n c - 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 n a e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, Ch f a g b e u a n i e r a n n n c a n l d - e l g - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861- +6,515 64,274 June 1944 '8,393" 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 1944—April 560 1,915 421 39 183 3,119 3,087 117 7,346 40 355 7,859 4,772 +193 -4,327 252 May 1,104 1,063 520 337 232 3,256 2,950 52 7,879 26 334 8,292 5,342 +185 -3,757 1,399 June 746 4,495 422 75 511 6,249 6,247 747 7,567 40 271 8,625 2,378 -613 +11,646 14,637 July 594 654 681 56 227 2,212 2,163 86 7,201 451 372 8,110 5,947 +133 +1,756 7,570 August 1,065 487 832 319 157 2,859 2,568 77 7,571 57 415 8,119 5,551 +70 -4,252 1,229 September .. 741 4,432 514 65 175 5,927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 October 609 632 580 60 174 2,054 2,001 133 7,479 47 365 8,024 6,023 +148 -5,127 748 November 1,035 466 507 293 205 2,506 2,240 56 7,401 18 353 7,828 5,587 +639 -188 4,761 .December 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 +12,433 15,626 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 91 6,948 48 373 7,460 3,693 +101 -2,292 1,300 March 883 4,935 520 96 473 6,908 6,892 628 8,246 45 513 9,433 2,540 +262 -2,036 242 April 600 1,567 534 46 221 2,967 2,929 139 7,139 236 455 7,968 5,040 +9 -3,911 1,120 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period in check- Total ing ac- De- De- liabilic N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c a G o g m o u e v n e n e t n c s r t i n e o - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o e p i s n c o i i s t a s i l - a O s t s h e e t r s ties Total W a b i n o n a c g r 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—April 110 51 34 87 202 75 -127 12,896 954 10,546 1,396 617 12,279 11,517 May 584 269 34 148 179 103 24 9,144 942 6,766 1,436 622 8,522 7,759 June 213 489 34 88 231 231 215 20,775 1,442 18,007 1,327 607 20,169 19,406 July 305 225 31 193 415 320 -181 22,513 1,269 19,850 1,394 588 21,924 21,162 August 586 287 35 254 216 149 6 18,277 1,215 15,693 1,369 605 17,672 16,909 September.... 42 303 35 -35 162 121 24 15,753 1,314 13,013 1,426 635 15,117 14,355 October 146 45 36 95 206 84 -55 10,609 998 8,242 1,368 618 9,990 9,227 November.... 519 266 35 -71 225 95 -220 10,223 1,122 8,002 1,100 421 9,803 9,040 December 43 312 36 164 182 119 -213 22,717 1,335 20,261 1,120 481 22,236 21,473 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 March 66 227 43 -407 270 128 84 15,722 1,547 13,055 1,120 445 15,277 14,514 April 122 48 40 71 412 366 11,809 1,224 9,492 1,093 443 11,366 10,603 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Period Total vi C i r d n e u u d n r a i t - - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C st t t a o a a p x c l k i- E t s a a g 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 t e a t t u a a a x n r n x i c u e l d i e f e r s s a s e r ' c s' - n c t M a e e x l o i l e s u a - s - s 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 '^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 1944—March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 May. 2,289 309 1,545 86 28 • 312 10 483 42 182 81 4 77 97 June 4,568 1,245 38 1,044 49 2,174 19 499 i 50 195 81 4 64 103 July 1,729 r133 1,179 93 r28 290 7 754 128 48 210 77 5 72 214 August 1,712 r73 1,258 72 r43 260 6 777 194 63 202 86 6 88 139 September .... 4,490 rl,330 18 953 r31 2,133 25 529 29 35 183 78 4 85 115 October 1,810 r82 1,233 110 r26 350 9 544 19 39 196 78 5 95 113 November 1,633 r37 1,203 70 r31 285 7 520 32 204 81 5 95 103 December 3,670 r294 18 980 r40 2,312 27 559 50 201 71 5 120 112 1945—January 3,024 1,889 690 43 126 270 5 547 49 206 78 6 117 90 February 3,158 759 1,892 *57 143 301 6 510 37 195 66 6 116 90 March 4,996 1,563 61 956 233 2,170 13 560 89 171 74 6 104 116 r Revised. 1 Withheld by employers (Current Tax Payment Act of 1943). 463 MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars! PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Lia i b n i t l e i r t a ie g s e , n o c t y h e i r t e t m h s an Com- Invest- Bonds, notes, Primodi- ments Land, and deben- U.S. vately Corporation or agency Total Cash r L e a o c b e a l i n e v s - p t s a l i u i n e e p d s s - , , G U o . v S t . . jO se th cu er - I e s t q u a tr u r n u e i d p c s - - , c U h t u r n a t i r d e b g d i - s e - s O as t s h e e t r s t F g u u u r a l e l r s y - payable O l i i t a t i h b e e i s l r - G in m o t v e e e r n e r t n s - t o i w n e t s n e t e r d mate- secu- rities ment anteed Other rials rities by U.S. All agencies: Sept. 30, 1944 31,431 6,566 2,987 1,604 437 15,755 1,421 1,813 1,565 1,204 6,398 21,771 Dec. 31, 1944 31,488 756 6,387 2,942 1,632 424 16,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Classification by agency, Dec. 31, 1944 Department of Agriculture: Farm Credit Administration: Agricultural Marketing Act Revolving Fund 4 3 4 Emergency Crop and Feed Loans 11 10 10 Banks for cooperatives 283 189 43 1 24 249 Federal intermediate credit banks 330 257 39 3 274 54 Federal land banks 1,435 1,146 220 24 818 355 217 Production credit corporations 125 60 8 125 Regional Agricultural Credit Corp 20 19 Federal Farm Mortgage Corp 315 282 19 288 W Ru a r r al F o E o l d e ct A ri d fi m c i a n ti i o s n tr a A ti d o m n: inistration 369 361 9 369 Commodity Credit Corp 2,052 353 1,450 6 711 212 1,006 123 | Farm Security Administration 516 355 (2) 154 7 509 F F e e d d e er r a a l l S C u ro rp p l u I s n s C u o ra m n m ce o d C it o i r e p s Corp 6 3 53 ft1 6 2 I i National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 303 131 144 67 29 125 Federal Savings and Loan Insurance Corp. 156 151 56 I 100 Home Owners' Loan Corp 1,210 1,076 15 35 780 29 401 United States Housing Corp 1 (2 1 Federal Housing Administration 143 "87 26 12 47 58 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 559 305 200 549 Defense Homes Corp 70 1 68 70 Federal National Mortgage Association 53 52 52 R. F. C. Mortgage Co 115 101 113 Reconstruction Finance Corp. and certain affiliates: Reconstruction Finance Corp 1,679 1,237 288 1 56 229 1,450 Certain affiliates3 8,304 1,053 6,517 539 989 7,316 Office of Emergency Management: E Sm xp a o ll r e t r - I W mp ar o r P t la B n a t n s k Corp. 2 1 2 3 8 1 22 3 5 5 () 13 2 8 26 3 7 1 i 1 1 6 3 1 0 War Shipping Administration 6,296 5,427 401 265 5,465 Other3 545 ""l 46 70 134 411 Federal Deposit Insurance Corp 806 12 760 c) 16 517 150 Federal Works Agency 221 66 "76 35 221 Tennessee Valley Authority 726 3 43 (2) 4 10 716 U. S. Maritime Commission 4,275 7 710 991 121 199 4,076 All other 197 65 3,113 2 189 64 CLASSIFICATION OF LOANS BYPURPOSE AND AGENCY Dec. 31, 1944 Sept. Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p . t. . m i b c F n r a a e e t e n t e d e d d k r i . i - s - t o f B o p t r a i e v n c r e a k o s - s - m C C C r o o o e d m r d i p i t - . t y t R r A E i t f u l i d i e o r c m c n a a - l . - A S F r e a d i c r m t u m y - . H O C L e o o w r o m s r a n ' p n e - . P H A F u o i u b e n u t d l g h i s . c - . b h l F a o o e n a m d n k e . s R n s C e t t a F o r i c n o u i r o - c n p c n e - . - a R a f t f F e il C s i- B p p I E o a o m x r n r - t - t k - ot A he ll r a c A g i e e ll s n- a 3 g 0, e a n 1 l 9 c l i 4 e 4 s , To aid agriculture 1,220 351 257 189 353 361 492 161 3,385 3,407 To aid home owners 1,091 12 133 1,237 1,303 To aid industry: Railroads 321 21 343 388 Other 34 "84" 73 191 197 To aid financial institutions: Banks ... 34 20 54 58 Other 32 162 128 Other "305" 803 24 225 106 1,462 1,518 Less: Reserve for losses.. 75 69 1 "137" 151 448 432 Total loans receivable (net) 1,146 282 257 189 353 361 355 1,076 305 131 1,237 242 225 231 6,387 6,566 3 Assets are shown on a net basis, i.e., after reserves for losses. * Less than $500,000. C_o—rrp orations ,p. reviously_ , classified!." war corpr orations" are now s_ho.oww]n as (1) "certain affiliates" under Reconstruction Fmance Corp. (including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) "other" under Office of Emergency Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American Affairs). NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting, of which the most important are: assets items are included in total assets on a net basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed; reporting of certain assets, especially cash and privately-owned interest, is more complete. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1,110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p, 517. 464 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] Y m ea o r n t a h nd ( 1 I m v n = 9 p a c 3 e l a o 5 n u 1 y - m 0 e t - 3 s ) 0 9 e i Tota I l n (p d h u y 1 s 9 s tr 3 ic i 5 a a D - l 3 l u 9 v f p M a r o r - = c o l a u t d u n m 1 u r u 0 N c e d e - 0 s t u o ) i o n r * - n - 2 M era in ls - To a t w a 1 C l 9 a o c 2 rd n 3 o R e s - d n t 2 d t i e e t r 5 a r n s u l a ( i - c = - v c t a t i s o 1 lu 0 n o e 0 A t ) h 3 l e l r N t a c u g o u r r n l a i - l - E - m 19 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t p o 3 1 o a a l 0 9 r c y l 0 y s - - = 44 F c 1 a = r i 9 r e n l 3 i g 1 o g 5 s 0 a - h * 3 0 d t 9 - D 19 m s ( u s e 3 t v a e p o 5 e a l ) 1 a - e n r * l 3 0 e s - r t 6 9 t 0 p W m r = c i 1 h s o c o 9 a o d 1 e m 2 l l i e 0 s 6 e - 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 able Ad- Ad- Unad- Ad- Ad- Ad* Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 116.4 152 117 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 1943 213.0 239 360 176 132 68 40 92 130.9 175.7 330.4 137 168 103.1 123.6 1944 P233A ^235 P353 41 16 61 127.5 166.7 334.2 140 186 104.0 125.5 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 74 313 127.1 154.7 154.8 245.1 137 145 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 90 286 130.5 165.1 165.6 287.0 136 158 100.3 119.8 December.. 196.1 223 221 328 169 127 175 91 243 131.4 168.3 168.7 295.4 135 158 101.0 120.4 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 42 119 132.0 174.0 173.5 315.7 138 162 103.4 122.8 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 t34 60 36 80 131.4 177.2 177.3 330.4 141 1 71 103.2 123.9 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 78 130.2 178.9 179.3 354.4 139 180 102.9 124.2 December.. 224.7 241 239 365 174 137 61 35 81 130.1 177.4 177.7 345.6 143 166 103.2 124.4 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 64 129.6 174.6 174.0 344.7 142 175 103.6 123.8 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 r173 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 50 127.7 166.7 166.1 334.6 139 176 104.3 125.4 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 r208 104.4 126.6 December.. 239.0 232 230 343 173 137 51 14 81 125.7 160.7 161.0 331.8 137 r194 104.7 127.0 1945 January 241.9 234 230 345 174 140 48 14 75 r126.5 *161.0 160.1 '330.4 143 199 104.9 127.1 February... 245.2 236 232 347 177 141 59 13 96 126.6 160.3 159.7 329.1 139 r2U 105.2 "126.9 March ^244.8 ^235 2*232 P347 ^176 P16 P95 126.5 ^158.6 145 223 105.3 126.8 * Average per working day. p Preliminary. r Revised. x Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 466-469. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 473 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. 475-477. 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. 465 MAY 1945 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 «s 100] 1944 1945 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total ,244 241 239 236 235 230 232 230 232 232 232 234 236 Manufactures—Total 262 259 256 253 251 246 248 246 248 248 249 251 253 *252 Durable Manufactures 367 364 361 356 354 347 348 342 344 341 343 r345 347 p347 Iron and Steel 212 214 213 210 204 202 203 202 206 201 198 197 202 211 Pig iron 207 206 206 203 198 196 198 196 197 192 190 188 192 198 Steel 236 238 236 234 225 222 224 222 225 218 215 219 r225 236 Open hearth 188 191 192 188 183 184 18? 183 187 186 181 176 180 189 Electric.. 578 570 549 559 526 491 512 502 492 453 456 523 r549 570 Machinery 458 452 445 437 442 435 434 427 428 422 431 r431 436 p434 Manufacturing Arsenals and Deifots^- Transportation Equipment , 746 734 730 726 716 704 707 695 704 699 709 r706 697 p684 Automobiles 238 233 232 226 228 223 229 226 229 230 235 235 242 (Aircraft; Railroad cars; Locomotives; Shipbuilding Private and Government)1 Nonferrous Metals and Products 285 287 292 "' 279 263 244 245 238 233 234 229 r253 257 Smelting and refining . . .. 299 297 289 273 253 246 226 205 200 191 186 187 191 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium* Tin)1 Fabricating 280 283 293 282 268 243 252 252 246 252 247 '280 284 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products' Tin consumDtion)1 Lumber and Products 131 129 126 124 127 124 127 120 120 122 122 126 123 P119 Lumber 122 119 118 115 118 114 118 111 109 112 111 118 112 P105 Furniture 150 149 142 142 144 143 146 139 143 141 142 142 146 P145 Stone, Clay, and Glass Products 168 167 165 161 168 165 162 159 161 160 163 r162 164 P166 Glass products 172 175 183 173 187 180 169 165 174 169 174 164 168 175 Plate glass 58 59 59 66 65 60 66 66 64 56 51 60 56 61 Glass containers 212 216 227 210 230 222 204 200 212 208 218 200 r207 216 Cement 88 83 78 76 84 86 88 86 88 88 90 87 87 Clay products 131 131 125 122 127 124 122 116 115 116 116 125 123 P121 Gypsum and plaster products . .. 198 194 183 176 180 182 181 175 179 175 171 182 185 Abrasive and asbestos products 312 308 297 300 297 294 295 302 292 295 307 303 307 Other stone and clay products1 Nondurable Manufactures 177 175 172 169 169 165 168 168 169 173 173 174 177 nib Textiles and Products 152 151 151 147 145 139 141 147 146 149 152 150 155 P153 Textile fabrics 142 141 141 137 135 129 132 137 136 139 141 139 144 Cotton consumption 151 151 151 142 141 139 140 148 140 149 146 145 152 150 Rayon deliveries 187 191 196 195 196 193 189 196 199 209 215 215 215 212 Nylon and silk consumption1 Wool textiles 159 155 153 152 148 131 140 144 150 143 152 146 151 Carpet wool consumption 42 46 51 53 49 41 47 42 50 56 57 49 44 Apparel wool consumption 219 216 213 213 196 185 193 197 213 206 215 r225 238 Woolen and worsted yarn 177 171 167 167 163 144 154 158 164 156 165 156 160 Woolen yarn 181 174 171 169 166 148 163 162 170 161 170 162 170 Worsted yarn 171 167 163 163 159 138 141 153 156 148 157 148 146 Woolen and worsted cloth 178 172 168 165 163 144 153 160 164 151 166 159 168 Leather and Products HI 112 116 112 115 105 112 121 115 116 114 113 121 P121 Leather tanning 105 107 117 110 113 113 108 120 111 112 115 113 119 Cattle hide leathers 110 113 125 118 124 126 118 132 119 122 127 125 137 Calf and kip leathers 76 79 88 86 85 78 82 92 88 84 86 85 89 Goat and kid leathers 84 86 79 86 84 81 77 80 80 81 72 68 63 Sheep and lamb leathers 161 155 168 136 141 144 144 157 149 144 154 154 148 Shoes 114 116 116 114 117 100 114 122 117 119 113 114 122 ^123 Manufactured Food Products 158 159 158 154 153 153 147 146 149 154 155 r155 158 P159 Wheat flour 125 114 114 110 110 113 116 113 118 125 123 130 131 P128 Cane sugar meltings1 .. Manufactured dairy products P128 P139' p'm PUS PU2 ^138 Butter 90 96 92 93 93 88 83 85 82 82 78 83 81 84 Cheese.. 146 152 155 153 158 152 145 146 149 156 154 163 162 168 Canned and dried milk 139 156 169 173 180 185 180 184 179 181 179 172 175 189 Ice cream Meat packing 215 202 198 180 173 175 169 161 154 158 158 146 146 146 Pork and lard 291 270 266 239 225 219 197 176 159 167 164 149 135 139 Beef 149 143 136 124 121 127 138 140 140 141 149 147 169 165 Veal 94 96 107 100 117 160 191 196 218 213 175 123 101 104 Lamb and mutton 112 110 109 113 125 134 125 135 145 142 149 143 129 129 p Revised. p Preliminary. l Series included in total and group indexes but not available for publication separately. 466 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] 1944 1945 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Other manufactured foods 157 160 158 157 154 153 148 147 150 155 159 163 165 *,« Processed fruits and vegetables 140 155 152 145 136 130 112 121 139 145 146 163 163 Confectionery 138 147 154 152 147 135 123 115 118 128 138 137 143 Other food products 165 164 161 161 160 162 162 159 158 162 165 167 170 ^167 Alcoholic Beverages. 126 137 123 116 119 128 186 156 166 184 169 r213 r169 151 Malt liquor 148 167 146 135 140 146 152 172 177 197 174 167 167 153 Whiskey 0 0 0 0 0 0 100 6 0 0 0 198 11 0 Other distilled spirits 40 33 39 34 31 37 647 68 104 76 74 r452 r232 57 Rectified liquors 182 173 172 174 177 205 232 270 305 353 355 346 312 265 Industrial Alcohol from Beverage Plants1... Tobacco Products 119 123 126 124 121 122 126 124 120 135 131 121 123 123 Cigars 92 92 89 89 89 86 92 95 93 105 95 85 95 93 Cigarettes 145 154 161 154 151 154 152 149 142 157 155 147 145 147 Other tobacco products 79 73 73 80 79 78 92 87 93 107 108 95 97 91 Paper and Paper Products.... 138 137 138 142 140 133 142 142 143 143 135 136 137 Paper and pulp 135 134 134 137 136 129 137 137 139 138 132 132 134 Pulp 151 150 151 151 156 153 159 156 165 158 150 152 156 Groundwood pulp 110 108 110 108 108 114 119 118 126 111 115 111 113 Soda pulp 98 93 97 92 91 92 96 92 96 97 97 95 98 Sulphate pulp 217 209 213 217 232 232 234 231 245 238 212 214 227 Sulphite pulp 133 137 136 135 137 127 138 135 142 136 133 137 139 Paper 133 132 131 135 133 125 134 134 135 135 129 129 130 Paperboard 148 147 152 159 156 148 158 159 158 160 145 153 152 157 Fine paper 121 120 117 115 110 99 111 113 111 106 93 85 87 Printing paper 119 117 119 115 115 103 118 116 116 120 125 119 125 Tissue and absorbent paper 151 154 156 159 159 158 149 149 149 150 156 147 143 Wrapping paper 133 128 120 127 125 118 127 127 132 130 125 128 127 Newsprint 74 77 73 76 80 83 77 84 81 81 85 76 83 82 Paperboard containers (same as Paperboard).. Printing and Publishing 102 100 101 98 100 95 102 99 103 103 104 102 105 *>104 Newsprint consumption 85 83 84 81 85 87 87 83 89 86 84 85 84 83 Printing paper (same as shown under Paper) Petroleum and Coal Products. 230 234 233 237 242 247 251 258 266 268 268 r273 r276 Petroleum refining 238 243 242 246 252 259 264 272 281 283 283 r289 293 Gasoline 128 129 129 130 136 137 138 141 140 144 141 143 150 ^146 Fuel oil... . 161 163 161 162 164 164 159 162 167 165 165 171 174 Lubricating oil 126 130 120 118 131 125 125 132 135 136 133 133 126 Kerosene 124 130 125 126 130 128 126 126 124 124 119 123 126 Other Detroleum oroducts* Coke 176 174 176 175 172 172 171 168 170 170 167 167 168 171 By-product coke . . . 166 165 167 166 164 164 164 162 164 164 163 162 163 164 Beehive coke 503 487 463 470 463 442 419 389 384 367 296 r334 r367 383 Chemical Products 359 341 323 324 319 314 314 307 307 307 312 316 319 P318 Paints 140 140 138 137 138 142 143 139 139 141 141 142 140 Soap 134 133 137 137 138 134 132 131 129 133 137 138 137 ^136 Rayon 229 233 232 235 237 237 240 237 239 242 242 244 245 Industrial chemicals 406 405 408 410 411 408 408 400 395 394 396 396 400 P399 Explosives and ammunition * Other chemical products* Rubber Products 244 242 231 230 228 227 231 230 231 231 r239 r247 247 P246 Minerals—Total 142 139 140 143 142 139 142 143 143 143 137 140 141 Pi 42 Fuels 145 141 143 146 146 143 147 148 148 148 141 145 146 v147 Coal 158 148 150 154 152 144 148 147 149 149 132 140 143 P142 Bituminous coal 162 155 155 159 158 151 154 151 152 155 138 151 150 Anthracite 143 123 129 134 128 118 124 129 133 126 109 96 112 P115 Crude petroleum 139 138 139 142 143 142 146 149 148 148 146 148 148 P149 Metals 127 126 122 120 120 117 114 113 111 112 111 111 112 P112 Metals other than gold and silver 190 189 184 182 181 178 175 175 171 170 168 170 171 (CoDDer* Lead* Zinc)* Gold 31 31 28 27 25 24 23 22 22 22 23 24 24 Silver 73 75 73 67 72 67 63 57 58 64 62 56 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. MAY 1945 467 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] 1945 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar Industrial Production—Total. 240 238 237 236 236 232 235 234 234 232 230 230 232 P232 Manufactures—Total 259 257 255 252 252 248 251 249 250 248 248 r248 250 P249 Durable Manufactures 366 363 361 357 354 348 349 343 346 341 342 r343 345 Iron and Steel 212 214 213 210 204 202 203 202 206 201 198 197 202 211 Pig iron 207 206 206 203 198 196 198 196 197 192 190 188 192 19S Steel 236 238 236 234 225 222 224 222 225 218 215 219 r225 236 Open hearth 188 191 192 188 183 184 183 183 187 186 181 176 180 189 Electric 578 570 549 559 526 491 512 502 492 453 456 523 r549 570 Machinery 458 452 437 442 435 434 427 422 431 r431 436 P434 Manufacturing Arsenals and Depots* . Transportation Equipment 746 734 730 726 716 704 707 695 704 699 709 r706 697 P684 Automobiles 238 233 232 226 228 223 229 226 229 230 235 235 242 P239 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products ... 285 287 292 279 263 243 245 238 233 234 229 r253 257 P266 Smelting and refining 299 297 289 273 252 205 200 191 186 187 191 P195 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 280 283 282 268 243 252 246 252 247 f280 284 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 122 124 125 127 133 130 128 125 120 113 113 114 Lumber . . 107 110 116 119 127 123 129 123 117 109 97 99 97 Furniture . 150 149 142 142 144 143 146 139 143 141 142 146 P145 142 Stone, Clay, and Glass Products. 163 163 165 169 165 167 164 167 163 159 156 P161 r156 Glass products 167 175 183 184 186 174 175 169 178 170 163 163 175 Plate glass 58 59 59 66 65 60 66 66 64 56 51 161 56 61 Glass con tainers 205 216 227 225 228 213 213 204 218 210 202 60 201 216 Cement 67 68 74 79 90 94 100 100 102 95 82 196 66 Clay products 125 126 122 122 125 124 125 120 122 121 120 71 118 PU7' Gypsum and plaster products. .. 191 188 181 179 183 182 182 179 182 177 175 116 177 ^175 Abrasive and asbestos products. 312 308 297 300 297 294 295 302 292 295 307 176 307 Other stone and clay products1. 303 Nondurable Manufactures .. 173 171 169 168 169 167 171 173 173 173 171 170 172 P171 Textiles and Products . 152 151 151 145 139 141 147 146 149 152 150 155 P153 Textile fabrics 142 141 141 137 135 129 132 137 136 139 141 139 144 Cotton consumption 151 r15I 151 142 r141 139 140 148 140 149 146 145 152 150 Rayon deliveries 187 191 196 195 196 193 189 196 199 209 215 215 215 212 Nylon and silk consumption1 ... Wool textiles 159 155 153 152 148 iii 140 144 150 143 152' 146' Carpet wool consumption .. 42 46 51 53 49 41 47 42 50 56 57 49 44 Apparel wool consumption . 219 216 213 213 196 18> 193 197 213 206 215 r225 238 Woolen and worsted yarn .. 177 171 167 167 163 144 154 158 164 156 165 156 160 Woolen yarn 181 174 171 169 166 148 163 162 170 161 170 162 170 Worsted yarn 171 167 163 163 159 138 141 153 156 148 157 148 146 Woolen and worsted cloth . 178 172 168 165 163 144 153 160 164 151 166 159 168 Leather and Products .. 114 112 114 103 121 115 118 113 r114 125 P121 Leather tanning 113 106 116 110 107 107 118 112 116 114 113 128 Cattle hide leathers 119 113 125 118 119 119 114 129 121 127 127 128 148 Calf and kip leathers 79 77 85 83 87 77 86 90 90 86 84 83 93 Goat and kid leathers 88 86 81 84 85 80 75 81 80 79 73 68 65 Sheep and lamb leathers . 177 150 165 147 139 134 148 153 149 153 146 143 162 Shoes 114 116 116 114 117 100 114 122 117 119 113 114 122 P123 Manufactured Food Products . 143 147 153 163 165 166 159 155 150 143 141 P141 Wheat flour 127 111 110 106 106 112 115 123 125 126 122 130 132 H26 Cane sugar meltings1 Manufactured dairy products . P94 nil p'm P155 PU6 Butter 79 87 94 120 128 107 91 82 70 62 61 69 71 77 Cheese 120 137 161 205 225 187 162 149 134 117 111 120 r133 151 Canned and dried milk ... 125 153 191 240 249 215 186 170 145 130 138 140 157 186 Ice cream Meat packing 207 187 183' ISO' 172 162* 148' 156 175 'l84' "in" 139 135 V P B L e e o a e a r m f l k b a a n n d d l m a u r t d ton 2 1 1 8 8 1 3 5 3 3 7 2 1 1 9 5 3 0 0 1 0 8 2 1 1 1 4 0 2 0 2 5 8 5 2 1 1 1 3 2 1 0 9 4 5 4 2 1 1 1 2 1 1 1 5 8 6 7 1 1 1 1 9 2 2 6 3 8 9 0 1 1 1 1 5 4 8 2 1 0 8 2 1 2 1 1 3 1 5 4 9 5 1 4 2 1 1 1 4 5 5 5 8 3 0 1 2 1 1 1 9 2 4 4 5 8 6 2 2 1 1 1 1 4 6 4 7 9 5 6 1 1 1 1 9 5 1 5 5 0 4 2 1 1 1 8 3 3 5 9 2 1 6 1 1 1 9 2 2 5 8 9 6 0 r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 468 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Other manufactured foods 142 142 140 141 145 159 170 174 167 161 155 148 149 P146 Processed fruits and vegetables 89 85 92 94 105 169 213 236 180 133 114 106 103 Confectionery 139 137 128 117 109 111 132 148 154 151 139 141 144 Other food products 157 157 154 158 162 165 165 162 166 171 169 160 161 p161 Alcoholic Beverages 115 128 127 127 143 151 198 159 168 159 146 r191 r157 133 Malt liquor .... 133 155 153 154 177 183 173 174 164 151 140 137 150 142 Whiskey 0 0 0 0 0 0 100 6 0 0 0 198 11 0 Other distilled spirits 24 21 23 21 19 22 609 94 270 159 81 r414 r209 37 Rectified liquors 182 173 172 174 177 205 232 270 305 353 355 346 312 265 Industrial Alcohol from Beverage Plants1 Tobacco Products ... 114 117 120 124 126 127 129 131 125 137 121 121 118 117 Cigars 92 92 89 89 89 86 92 95 93 105 95 85 95 93 Cigarettes 136 143 150 154 158 162 160 160 148 160 142 147 136 137 Other tobacco products 77 73 73 81 80 78 89 93 99 110 95 93 94 91 Paper and Paper Products ... 139 137 138 142 141 132 141 141 143 143 134 136 138 Paper and pulp 136 134 134 137 137 128 137 137 139 138 132 132 134 Pulp .. . 151 150 153 152 156 151 157 154 164 159 150 152 157 Groundwood pulp 115 115 121 117 109 101 105 105 117 117 117 115 118 Soda pulp 98 93 97 92 91 92 96 92 96 97 97 95 98 Sulphate pulp 217 209 213 217 232 232 234 231 245 238 212 214 227 Sulphite pulp ... 133 137 136 135 137 127 138 135 142 136 133 137 139 Paper 134 132 132 135 134 125 134 134 135 135 129 129 131 Paperboard 148 147 152 159 156 148 158 159 158 160 145 153 152 157 Fine paper 121 120 117 115 110 99 111 113 111 106 93 85 87 Printing paper 119 117 119 115 115 103 118 116 116 120 125 119 125 Tissue and absorbent paper 157 154 157 159 162 151 149 149 151 150 151 145 148 Wrapping paper 133 128 120 127 125 118 127 127 132 130 125 128 127 Newsprint 74 77 75 77 80 82 77 84 81 82 84 76 83 82 Paperboard containers (same as Paperboard) Printing and Publishing 101 101 104 100 100 89 98 100 105 107 106 99 104 p106 Newsprint consumption 83 86 89 84 84 75 78 84 93 93 88 79 83 87 Printing paper (same as shown under Paper) Petroleum and Coal Products ... 230 234 233 237 242 247 251 258 266 268 268 r273 276 Petroleum refining 238 243 242 246 252 259 264 272 281 283 283 r289 293 Gasoline 128 129 129 130 136 137 138 141 140 144 141 143 150 P146 Fuel oil 161 163 161 162 164 164 159 162 167 165 165 171 174 Lubricating oil 124 128 125 123 131 124 124 132 135 136 132 129 125 Kerosene 130 132 127 127 123 119 121 124 124 128 123 126 132 Other petroleum products1 Coke 176 174 176 175 "l72' "172' 171 " i68 ' 170 170 167 167 168 171 By-product coke 166 165 167 166 164 164 164 162 164 164 163 162 163 164 Beehive coke 503 487 463 470 463 442 419 389 384 367 296 r334 367 383 Chemical Products 360 344 325 323 316 310 310 307 309 308 313 315 320 p320 Paints 139 140 140 142 142 140 142 138 139 139 141 139 139 ^138 Soap 133 133 134 132 136 133 133 136 135 134 137 135 136 Rayon . ... 229 233 232 235 237 237 240 237 239 242 242 244 245 Industrial chemicals 406 405 408 410 411 408 408 400 395 394 396 396 400 P399 Explosives and ammunition1 Other chemical products1 Rubber Products .. 244 242 231 230 228 227 231 230 231 231 r239 r247 247 p246 Minerals—Total .. 136 133 138 146 146 143 147 147 144 140 131 134 135 p136 Fuels 145 141 143 146 146 143 147 148 148 148 141 145 146 p147 Coal 158 148 150 154 152 144 148 147 149 149 132 140 143 pU2 Bituminous coal 162 155 155 159 158 151 154 151 152 155 138 151 150 pU9 Anthracite 143 123 129 134 128 118 124 129 133 126 109 96 112 P115 Crude petroleum 139 138 139 142 143 142 146 149 148 148 146 148 148 P149 Metals .. 85 86 112 144 148 142 145 138 123 89 68 67 69 p72 Metals other than gold and silver 119 120 168 226 231 222 227 215 188 130 94 95 99 Iron ore 72 76 188 313 330 323 336 311 259 133 61 63 68 'so (Copper: Lead; Zinc)1 Gold 27 27 25 24 24 23 25 25 26 25 24 23 21 Silver 74 77 73 66 69 66 62 57 58 64 62 56 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. MAY 1945 469 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 = 1001 Factory employment Factory payrolls 1944 1945 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total 174.0 171.6 160. 161.0 160.1 159. 158.1 345.1 344. 341.3 327.3 331.8 330.4 329.1 Durable goods 240.9 237.3 215. 216.1 215.9 215.2 212.5 489.4 487.3 481.6 450.3 455.9 454.3 451.4 Nondurable goods 121.3 119.8 117. 117.6 116.1 116.0 115.3 204.0 205.3 204.1 207.0 210.5 209. 209.5 Iron and Steel and Products 174.5 171.9 165. 166.5 167.1 168.0 166.8 320.9 321.2 316.5 308.8 316. 316.c 318.0 Blast furnaces, steel works, etc 128 126 122 122 122 123 224 225 222 222 226 224 224 Steel castings 266 261 238 238 240 241 488 487 478 449 455 457 454 Tin cans and other tinware 111 112 122 124 125 129 180 186 186 205 216 219 227 Hardware 134 132 129 130 130 131 270 266 271 266 276 274 278 Stoves and heating equipment 136 134 136 139 137 139 253 253 254 261 269 267 274 Steam, hot-water heating apparatus. 194 190 181 183 r183 184 350 366 357 351 354 358 355 Stamped and enameled ware 163 163 155 157 157 158 322 329 326 313 332 337 338 Structuralandornamentalmetalworl 215 212 204 205 206 206 411 419 424 397 402 395 396 Electrical Machinery 296.9 295.9 272.9 271.1 269.2 268.6 266.9 521.1 524.2 524. 498.7 504., 504.8 505.0 Electrical equipment 258 257 240 239 238 237 465 466 466 444 452 454 452 Radios and phonographs 307 304 279 274 271 270 570 576 570 542 537 540 535 Machinery, except Electrical 240.6 236.7 217.5 219.2 220.0 220.4 218.2 456.5 449.2 443.4 409.0 422.9 421.9 424.6 Machinery and machine shop products 244 239 220 222 223 225 455 447 441 408 419 421 424 Engines and turbines 387 388 362 363 365 362 820 824 825 766 808 790 791 Tractors 191 192 181 183 184 183 298 300 301 290 294 295 291 Agricultural, excluding tractors... 162 166 158 160 160 161 309 321 331 311 322 322 328 Machine tools 234 227 202 203 203 204 420 405 401 363 381 379 382 Machine-tool accessories 301 293 256 258 258 259 535 520 503 441 452 458 466 Pumps 347 345 304 305 305 300 744 742 732 627 650 649 646 Refrigerators 156 154 147 150 r149 149 307 283 276 266 287 271 277 Transportation Equipment, except Autos.. ,596.1 1,566.5 1,327.8, 3120.71,311.7 1,286.6 1,247.23,221.2 3,213.9 3',171.9 2,905.9 2,893.7 ',852.52,757.3 Aircraft, except aircraft engines ,021 1,9'7"5 1,595 1,604 1,609 1,625 3,893 3,827 3,728 3,136 3,198 ,252 3,229 Aircraft engines ,939 2,916 2,466 2,422 2,415 2,429 ,286 5,240 5,194 4,278 4,295 ,380 4,378 Shipbuilding and boatbuilding ,786 1,752 1,510 1,498 1,474 1,405 3,599 3,630 3,599 3,498 3,446 ,313 3,108 Automobiles 187.3 183.7 166.3 168.3 169.4 169.1 166.6 358.0 347 A 342.1 307.6 312.6 319., 320.9 Nonferrous Metals and Products 197.6 193.5 172.1 173.1 173.6 176.0 178. 373.3 370.9 362.9 326.9 336.2 337.7 343.0 Primary smelting and refining 207 196 146 144 143 144 378 371 356 267 264 264 264 Alloying and rolling, except aluminun 191 188 178 179 182 185 359 355 352 334 348 355 363 Aluminum manufactures 356 349 273 274 284 292 657 639 615 497 512 530 542 Lumber and Timber Basic Products. 115.2 114.7 109.2 107.6 107.1 107.0 106.3 196.2 202.9 204.0 199.3 193.7 192.9 196.5 Sawmills and logging camps.... 82 81 79 77 76 76 139 146 147 144 139 138 140 Planing and plywood mills 105 105 96 97 97 97 174 173 174 166 167 167 170 Furn F it u u r r n e it a u n re d Lumber Products. 1 1 0 0 4 9.3 1 10 0 3 7.9 1 9 0 6 3.1 1 r 0 97 3.6 r1 9 0 6 3.3 1 9 0 7 3.9 103.3 1 1 8 8 1 9.1 1 1 8 9 4 1.3 1 1 8 9 3 1.5 1 1 7 9 7 0.7 1 18 9 0 4.0 1 18 9 0 4.0 1 18 9 4 6.9 Stone, Clay and Glass Products 117.9 116.8 111.4 112.3 111.6 111.3 111.9 189.8 191.0 191.5 189.5 192.2 188.6 189.6 Glass and glassware 132 133 125 126 126 126 207 208 211 201 204 202 202 Cement 74 72 72 72 69 68 110 106 104 116 114 107 106 Brick, tile, and terra cotta 80 78 73 r73 73 73 120 124 121 120 r118 r117 119 Pottery and related products 127 127 121 121 119 119 177 188 193 191 194 185 187 Textile-Mill and Fiber Products 101.7 100.6 94.5 95.5 94.7 94.0 93.1 171.7 174.1 173.7 172.2 176.6 173.9 173.1 Cotton goods except small wares... 116 115 108 110 109 108 199 202 202 207 212 210 207 Silk and rayon goods 78 78 74 75 74 74 136 139 138 139 142 138 140 Woolen and worsted manufactures. 107 106 98 99 98 98 197 199 200 189 195 194 193 Hosiery 70 69 64 64 63 63 107 110 109 105 106 103 102 Dyeing and finishing textiles 97 96 89 90 90 155 154 155 151 157 152 151 Apparel and Other Finished Textiles 115.1 114.7 108.1 107.8 106.0 106.1 105.9 187.9 196.8 200.2 192.3 191A 195.2 202.6 Men's clothing, n.e.c 100 99 94 94 92 93 157 163 167 169 165 165 171 Shirts, collars, and nightwear 78 78 73 72 70 70 129 133 137 129 128 126 132 Women's clothing, n.e.c 84 85 80 80 79 79 141 148 153 141 144 149 154 Millinery 86 86 76 78 80 83 114 141 141 105 113 131 155 Leather and Leather Products 91.4 91.7 89.4 89.5 89.2 89.0 149.9 154.2 155.1 157.' 160. i 162.5 164.3 Leather 87 87 83 84 84 84 140 145 145 143 146 147 149 Boots and shoes 81 81 79 80 79 79 134 138 139 142 146 148 150 Food and Kindred Products 118.6 117.3 125.7 123.3 118.6 116.7 114.5 191.5 185.7 203.8 205.0 195.8 189.1 Slaughtering and meat packing.. 140 134 124 129 128 120 243 227 212 211 228 222 188 Flour 120 117 117 118 119 119 200 191 184 195 199 206 204 Baking 112 112 115 115 111 112 161 161 163 175 177 168 169 Confectionery 119 119 122 126 119 118 188 187 191 205 211 199 199 Malt liquors 131 132 142 142 137 139 178 182 186 204 205 195 201 Canning and preserving 70 67 100 85 78 75 132 133 127 163 154 149 189 Tobacco Manufactures., 93.5 89.5 90.1 90.7 88.1 88.1 87.6 158.1 154.7 146.5 177.8 166.4 164.2 Cigarettes 129 118 131 133 128 128 190 180 160 172.7 223 211 208 Cigars 75 75 68 68 65 65 138' 142 143 147 134 133 144 Paper and Allied Products.. 120.6 119.9 116.0 117.4 116.5 116.7 115.9 188.6 190.0 190.5 194.0 197.0 194.9 195.3 Paper and pulp , 108 107 106 107 107 107 173 176 176 182 185 183 183 Paper goods, n.e.c 127 127 119 121 119 119 194 195 198 195 198 198 198 Paper boxes 120 119 114 114 112 113 185 183 183 183 185 182 184 r Revised. NOTE.—Table revised to incorporate indexes for important war industries now being published by Bureau of Labor Statistics. Figures for March 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. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 — 100] Factory employment Factory pay rolls 1944 1945 1944 1945 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Printing and Publishing 103.0 102.4 101.4 102.3 r100.8 100.5 100.3 134.6 134.6 135.1 142.2 144.1 r142.8 141.1 Newspaper periodicals 93 93 93 94 92 92 112 113 114 121 122 118 118 Book and job 108 107 106 107 r106 106 148 147 147 157 160 r160 157 Chemical and Allied Products 227.4 216.6 210.6 215.4 217.8 221.3 222.2 395.7 389.0 372.1 366.2 377.8 384.2 389.9 Drugs, medicines, and insecticides... 187 190 181 182 180 180 268 274 276 270 272 272 275 Rayon and allied products 108 108 111 112 112 113 169 169 172 179 180 182 182 Chemicals, n.e.c 175 173 166 166 166 166 298 296 294 289 291 293 295 Explosives and safety fuses 1,027 997 1,244 1,289 1,311 1,349 1,684 1,563 1,509 1,865 1,970 1,999 2,020 Ammunition, small-arms 2,150 1,644 1,183 1,292 1,431 1,555 4,509 4,200 3,203 2,371 2,633 2,915 3,091 Cottonseed oil 125 113 139 134 130 120 252 241 215 300 289 275 254 Fertilizers 141 148 107 114 123 134 248 274 305 234 250 269 302 Products of Petroleum and Coal 119.7 120.1 125.1 125.3 126.0 126.1 126.6 196.7 201.4 203.9 219.2 220.4 220.1 221.5 Petroleum refining 115 116 124 125 126 126 185 192 196 214 215 213 216 Coke and by-products 107 106 102 101 102 102 186 182 180 179 182 189 186 Rubber Products 168 6 167 2 159 1 r161 6 163 2 163 4 162 9 291 0 295 7 297 0 289 9 r305 2 r319 8 320 2 Rubber tires and inner tubes 174 173 171 r174 179 178 289 296 299 298 r319 rU2 340 Rubber goods, other 148 147 136 138 138 140 260 261 258 251 r256 r261 266 Miscellaneous Industries 172.9 171.3 162.4 162 2 161.8 164.0 164.7 325.5 325.6 325.0 314.5 319.7 322.4 324.6 Instruments, scientific 592 584 535 534 532 539 1,138 1,116 1,109 1,014 1,058 1,057 1,069 Photographic apparatus 172 170 162 162 162 162 277 279 280 271 259 278 276 r Revised. 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 Feb Mar. Apr. May June July Aug. Sept. Oct Nov Dec Jan Feb. Mar. Total 1746 172.1 169.4 167.7 166.7 165.2 164.1 162.6 1610 1603 160. 7 r161. 0 160.3 P158 6 Durable 2415 237.7 233.4 230.3 228.2 225.3 224.1 220.4 217. 3 215. 6 216. 1 2163 215.7 Nondurable 1219 120.4 118.9 118.3 118.3 117.9 116.8 117.0 1166 1167 117. 0 r117 3 116.6 *115!8 p Preliminary. r Revised. NOTE.—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 194-1 19 1944 1945 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. All Manufacturing.. 45.2 45.3 45.5 45. 3 45.6 45.4 45.5 100.2 100.3 103.1 103.5 104.0 104.6 104.3 Durable Goods 46.6 46.7 47. 1 46. 7 47.1 46.8 46.9 109.9 110.0 112.9 113.6 r114.0 r114.5 113.8 Iron and Steel and Products 46.9 47.1 47. 2 46 8 47.4 46.9 47.0 106.9 106.9 109.1 108.9 109.5 110.1 109.8 Electrical Machinery 46.9 46.8 46. 3 46.3 r46.6 46.6 46.7 100.3 100.5 104.6 104.9 105.9 r106.9 106.5 Machinery Except Electrical 49.4 49.1 48. 8 48 2 48.9 r48.6 48.9 110.7 110.7 113.7 113.4 114.6 115.1 115.0 Transportation Equipment Except Autos 46.7 46.9 48. 1 47 8 48.4 r48.0 47.4 124.0 124.7 130.1 131.8 130.9 r130.7 130.2 Automobiles 46.9 46.3 45. 6 45 5 45.7 45.2 46.5 125.5 125.7 127.0 128.0 127.9 131.4 128.3 Nonferrous Metals and Products 47.0 47.0 47. 2 46 9 r47.6 47.2 47.4 103.8 104.0 105.9 105.8 106.9 107.7 107.4 L S F t u u o m r n n e b i , t e u r C re a la n y a d , n a d T n F i d m i n b G i e s l r h a e s B d s a P L si r u c o m d P b u r e c o r t d s P u r c o ts ducts. 4 4 4 1 3 2 . . . 2 4 6 4 4 4 2 4 3 . . . 9 2 3 4 4 4 4 4 5 . . .0 7 7 4 4 4 4 4 3.0 4 1 r r 4 4 4 4 4 2 . . . 3 1 3 r r 4 4 4 2 3 4 . . . 6 5 4 4 4 4 3 4 3 . . . 2 8 9 8 7 78 8 7 . . . 9 1 1 8 7 7 7 7 9 . . . 9 2 0 9 8 8 1 3 0. . . 7 2 3 8 9 7 1 3 9 . . . 0 3 1 r r 8 9 7 4 1 9 . . . 4 3 4 r9 8 7 1 4 9 . . . 6 6 1 9 8 7 1 5 9 . . . 5 0 3 Nondurable Goods 43.0 43.2 43. 3 43 2 43.5 43.4 43.4 83.8 84.2 87.8 87.7 88.3 r89.1 89.3 Textiles—Mill and Fiber Products 41.5 41.8 42. 2 42 3 42.8 42.3 42.3 68.2 68.6 72.3 72.2 72.5 72.8 73.0 Apparel and other Finished Products ... 38.2 38.7 38 2 38 0 37.7 38.2 38.9 75.9 77.8 83.2 82.4 83.1 84.9 86.0 Leather and Manufactures 40.5 41.2 41 6 41 2 41.6 41.9 42.2 77.4 77.8 81.9 81.9 82.4 82.9 83.6 Food and Kindred Products 45.8 45.5 44 8 45.2 46.0 45.6 44.9 83.9 83.8 85.7 85.9 r86.5 86.6 86.5 Tobacco Manufactures 42.1 41.3 43 3 44 2 45.0 43.4 43.1 67.5 67.8 72.8 73.5 73.8 r73.6 73.7 Paper and Allied Products 45.2 45.6 46 7 46 5 46.6 46.3 46.3 82.4 82.9 86.2 86.3 r86.4 r86.7 86.4 Printing, Publishing, and Allied Industries 40.7 40.7 40 9 41.3 41.4 r41.5 41.0 104.4 104.4 110.2 110.4 110.8 r111.0 111.3 Chemicals and Allied Products 45.7 45.7 45 9 45 7 45.7 45.6 45.6 93.9 93.5 95.7 95.6 96.4 97.1 97.3 Products of Petroleum and Coal 45.6 46.5 47 9 46.9 r47.1 r46.6 47.3 116.2 115.9 119.0 118.6 r120.0 r120.6 119.6 R M u i b sc b e e l r l a P ne ro o d us u c I t n s dustries 4 4 6 5. . 2 0 4 46 5 . . 2 7 '4 4 6 5 0 9 4 4 5 5 5 7 4 45 6 . . 7 6 r4 4 5 7 . . 9 3 4 4 7 5 . . 3 8 1 9 0 2 6 . . 9 6 1 9 0 3 7 . / 8 2 1 9 1 6 0 . . 8 8 1 9 1 7 0 . . 5 7 r1 r9 1 8 3 . . 5 0 r 1 9 1 9 5 . . 3 2 1 9 1 9 4 . . 1 9 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. MAY 1945 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION / [Thousands of persons] Transporta- Finance, Federal, Year and month Total Ma t n u u r f i a n c g - dining Construction* ti p o u n b l a i n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a l and 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 38,698 16,121 835 679 p3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1940—October 32,485 11,181 920 1,825 3,041 7,005 4,357 4,156 November 32,993 11,409 925 1,971 3,054 7,043 4,395 4,196 December 33,397 11,589 926 2,135 3,076 7,076 4,393 4,202 1941—January 33,638 11,720 938 2,243 3,072 7,065 4,366 4,234 February 33,973 11,934 935 2,256 3,082 7,123 4,374 4,269 March 34,406 12,174 943 2,260 3,131 7,192 4,397 4,309 April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September 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 38,044 15,529 808 611 3,771 7,052 4,359 5,914 December r38,164 r15,554 802 619 r3,789 7,015 4,304 6,081 1945—January r38,406 r15,633 r805 r613 r3,797 r7,21O r4,394 5,954 February 38,434 15,603 804 620 3,846 7,159 4,404 5,998 March 38,388 15,478 796 650 3,843 7,177 4,421 6,023 UNADJUSTED. 1943—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 38,347 15,607 812 629 3,771 7,299 4,315 5,914 December r38,889 r15,632 806 594 r3,77O 7,611 4,304 r6,172 1945—January r37,934 r15,555 r801 r564 r3,740 r7,O3O r4,350 5,894 February 37,936 15,525 800 564 3,769 6,980 4,360 5,938 M.arch 37,998 15,401 796 598 3,785 7,048 4,377 5,993 * 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 of the armed forces are excluded. March 1945 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 472- 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] Residential Nonresidential building Public works Total building and public 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 1-0.2 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 May 144.2 34.5 27.1 5.8 3.8 17.1 55.8 June 163.9 30.6 24.4 8.7 10.5 18.9 70.7 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 Year 1.994.0 348.4 472.7 80.8 AO 9 276.7 746.1 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 east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1945 1944 Month Federal Reserve district 1943 1944 1945 1943 1944 1945 1943 1944 1945 Mar. Feb. Mar. January 351 159 141 316 122 75 35 37 66 Boston 11,317 9,373 5,962 February.... 394 137 147 364 109 74 30 28 73 New York 13,158 6,360 19,098 March 340 176 329 304 133 221 36 43 107 Philadelphia.. 9,102 10,974 7,219 April 303 179 253 133 50 46 Cleveland 17,179 11,891 14,413 May 234 144 192 • 98 42 46 Richmond 22,313 15,625 27,238 June 230 164 183 122 46 42 Atlanta 34,442 14,157 20,591 July 184 191 122 148 61 42 Chicago 86,002 26,653 29,530 August 414 169 351 125 62 44 St. Louis 69,217 11,387 7,500 September... 175 176 120 127 56 49 Minneapolis 3,248 14,345 3,943 October 214 145 157 102 56 43 Kansas City 24,862 8,392 18,683 November.. . 184 165 135 103 50 62 Dallas 38,034 17,800 22,206 December ... 252 188 198 114 54 74 Total (11 districts) 328,874 146,957 176,383 Year 3,2741,994 2,6951,435 579 559 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on Prop- Small 1- to 4- Year or month Total erty home family im- con- houses prove- struc- (Title ment tion ID 1935 320 224 94 1936 557 246 309 1937 495 60 424 1938 694 160 13 473 1939 954 208 25 669 1940 1,026 251 26 736 1941 1,186 262 21 877 1942 1,137 141 15 691 1943 942 96 1 243 1944 886 125 216 1944—Mar 62 6 13 Apr 68 9 * 13 May 69 9 * 18 June 66 9 * July 71 7 * Aug 81 11 * Sept 83 14 * Oct 84 12 * Nov 82 17 Dec 66 11 1945—Jan 67 8 * Feb 68 19 * Mar 60 13 * OO OO INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Sav- Com- Mu- ings Insur- Fed- Re a n n t d al War End of month Total m ci e a r l - s tu av al - l a o n a d n c a o n m ce - a e g r e a n l - Other2 ho g u ro si u n p g h ( o T u i s tl i e ng banks b i a n n g k s s a a s t s i o o c n i s - panies cies1 (Title VI) II) 1936—Dec 365 228 8 56 41 5 27 1937—Dec. 771 430 27 110 118 32 53 2 1938—Dec 1,199 634 38 149 212 77 90 2 11 1939—June 1,478 759 50 167 271 137 94 48 Dec 1,793 902 71 192 342 153 133 51 13 1940—Mar 1,949 971 90 201 392 171 124 13 13 June 2,075 1,026 100 208 432 182 127 6 284 Sept 2,232 1,093 111 216 480 190 141 * 601 Dec 2,409 1,162 130 224 542 201 150 7 537 1941—Mar 2,598 1,246 146 230 606 210 160 44 June 2,755 1,318 157 237 668 220 154 "l 45 Sept 2,942 1,400 171 246 722 225 178 42 Dec 3,107 1,465 186 254 789 234 179 2 36 45 1942—Mar 3,307 1,549 201 264 856 237 200 20 50 June 3,491 1,623 219 272 940 243 195 20 3' 46 Dec 3,620 1,669 236 276 1,032 245 163 22 1 49 22 43 1943—June 3,700 1,700 252 284 1,071 235 158 18 37 Dec 3,626 1,705 256 292 1,134 79 159 19 39 1944—June 3,554 1,669 258 284 1,119 73 150 14 * 34 Dec 3,399 1,590 260 269 1,072 68 140 17 30 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. MAY 1945 473 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 Exce'ss of exports Month 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 January 325 481 730 PI,116 P900 229 254 229 P300 P334 96 228 502 P816 P566 February 303 480 719 Pi,107 P882 234 254 234 p313 P324 69 226 485 P794 P558 March 357 628 989 PI, 197 Pi,029 268 272 249 p359 ^371 89 355 739 P838 P658 April 387 717 979 PI,226 287 235 258 p360 100 482 721 P866 May 385 536 1,085 PI,455 297 191 281 P386 88 345 803 Pi,069 June 330 648 1,002 pl,296 280 215 295 P331 50 433 706 P964 July 365 650 1,261 n,197 278 213 302 p294 87 437 960 P903 August 460 703 1,202 PI,188 282 186 316 P302 178 517 887 P886 September 425 732 1,235 PI,192 262 196 286 P281 162 536 949 P911 October 666 801 1,195 ^1,142 304 200 329 p329 362 602 866 P814 November 492 787 1,072 PI,184 281 168 311 P322 211 619 761 P863 December 653 873 1,244 P934 344 359 281 P336 309 514 963 P598 January-March 985 1,589 2,438 p3,420 P2.811 730 779 712 p972 Pi,029 254 810 1,726 p2,448 Pi,782 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933 p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100 ] RAILROADS [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p F r e o s o r d t - - Ore l M e a i e n l s e - - - M l c d . h e i c a r s . n 1 - e . . o r r p e T a v e i o e r l a w n ta t u a i l n e y s 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 c i N r l o w a e m t t a in e y g in N c e o t me 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 1944—January.... 145 150 185 159 121 147 202 150 1943—December.. 782 680 102 67 February... 142 148 180 148 135 146 193 147 March 140 r139 185 136 131 141 174 149 1944—January 778 662 116 78 April 138 141 190 123 120 141 195 146 February... 775 671 103 65 M Ju a n y e 1 1 3 3 8 9 1 14 4 8 7 1 19 9 4 0 1 13 2 5 8 1 12 1 4 8 1 14 4 8 0 1 1 9 8 5 7 1 1 4 4 4 3 M Ap a r r i c l h 7 78 8 0 2 6 68 9 9 0 9 9 1 2 r5 5 4 3 J A N D O S u e u e o c l p t y c g v o t e u e e b m m s m e t b r b b e e e r r r . . . . . 1 1 1 1 1 1 4 3 3 3 4 4 1 9 7 7 2 3 1 1 1 1 1 1 2 4 4 4 4 4 7 7 3 3 3 6 1 1 1 1 1 1 8 6 8 8 8 9 1 6 5 2 2 4 1 1 1 1 1 1 3 5 3 4 2 4 1 0 4 7 6 4 1 1 1 1 1 1 2 2 3 2 1 2 8 0 5 1 4 4 1 1 1 1 1 1 3 3 3 3 5 5 5 7 3 8 5 6 1 1 1 1 1 1 3 5 5 8 8 8 3 3 3 9 8 4 1 1 1 1 1 1 5 4 4 4 4 5 1 9 3 9 6 0 J N J A S O M u u e u o c l a n p y g v y t e t u o e e m s m b t e b b r e e . r r . . . . . . 8 8 7 7 7 7 7 7 1 0 9 9 8 8 9 0 4 1 0 1 8 6 6 7 7 7 7 7 8 0 9 0 0 1 1 8 1 7 6 9 0 0 1 9 8 9 9 8 7 0 1 2 1 8 0 1 9 r r r r r r 7 4 6 4 5 3 5 1 2 1 6 7 2 2 1945—January 143 141 176 128 120 142 161 157 December... 780 711 69 F M e a b r r c u h ary... 1 1 4 3 5 9 1 13 3 7 9 1 19 7 0 8 1 1 1 3 9 4 1 1 2 2 9 1 1 1 3 3 3 4 2 1 1 6 8 8 1 15 5 9 2 1945— F J e a b n r u u ar a y r . y... 7 7 8 6 1 6 6 6 7 7 3 8 1 9 0 3 3 P 6 6 0 6 UNADJUSTED UNADJUSTED 1944—January.... 133 150 195 159 116 133 50 137 1943—December .. 782 712 70 February .. 133 148 191 145 108 140 48 138 March 132 H39 187 125 103 141 51 142 1944—January 741 656 85 April 135 141 186 108 107 141 168 144 February... 735 r648 r87 46 May 141 147 188 113 106 146 281 145 March 797 705 93 54 J J A O N D S u u e u e o c l n p y c g v t e t o e u e e m b s m m t e b b b r e e . e — . r r r . . . . . . . 1 1 1 1 1 1 1 2 4 4 4 5 4 4 8 8 6 4 0 4 7 1 1 1 1 1 1 1 4 2 4 4 4 4 4 3 7 3 7 8 3 6 1 1 1 1 1 1 1 8 7 8 7 9 7 8 1 5 1 8 1 8 8 1 1 1 1 1 1 1 4 2 4 4 4 7 3 7 6 2 7 1 2 7 1 1 1 1 1 1 1 5 2 8 0 0 1 7 1 4 4 2 0 5 0 1 1 1 1 1 1 1 2 4 4 5 6 3 5 0 0 8 7 2 5 4 2 3 2 2 2 1 4 3 8 9 0 7 3 1 7 1 1 2 6 8 1 1 1 1 1 1 1 5 4 5 5 5 5 4 6 2 5 1 1 8 7 J A J O A M S u u e u c p l a n p t y g r y e o t i u l e b s m e t r ber.. 8 8 8 8 7 7 7 0 1 3 0 9 9 6 9 9 6 4 9 9 0 6 7 7 7 7 7 7 7 2 3 1 1 0 0 2 1 5 0 0 0 6 1 1 9 9 8 8 9 0 0 7 9 9 8 9 1 0 6 4 5 6 5 5 6 0 8 9 1 7 6 0 November.., 781 689 92 64 1945—January.... 132 141 185 128 115 128 40 143 December... 757 687 70 41 February... 130 139 188 117 97 128 42 142 March 136 137 192 124 102 134 63 151 1945—January 751 678 73 39 February.... 713 640 73 P37 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for P Preliminary. r Revised. June 1941. Based on daily average loadings. Basic data compiled by Associa- 1 Includes redistribution of wage accruals in 1943. tion of American Railroads. Total index compiled by combining indexes for classes NOTE.—Descriptive material and back figures may be obtained with weights derived from revenue data of the Interstate Commerce Commission.from the Division of Research and Statistics. Basic datacompiled by the Interstate Commerce Commission. 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month U S n ta it 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 a sc n n o - 1919 83 95 84 106 73 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926..... 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1 1 9 9 3 3 2 3 7 7 5 3 9 8 0 4 9 8 1 6 83 6 6 8 9 6 6 8 8 r6 6 2 0 6 6 7 8 7 7 6 2 7 7 9 6 7 7 4 3 6 6 1 2 6 7 8 1 1934 83 90 91 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 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 3 4 4 1 3 2 9 0 4 1 1 1 1 1 1 5 8 1 6 3 0 0 6 4 8 3 6 1 1 1 1 1 1 4 2 4 6 0 0 0 6 8 2 8 4 1 1 1 1 1 1 2 3 4 1 0 0 8 5 9 9 1 6 1 1 1 1 1 1 6 4 2 5 1 0 8 3 9 1 1 4 1 1 1 1 1 1 5 3 1 8 6 0 3 8 4 2 7 6 2 1 1 1 1 1 1 0 7 2 4 9 4 9 0 0 4 4 2 2 1 1 1 1 4 0 6 1 4 2 4 4 2 3 5 3 1 1 1 1 1 1 3 7 4 6 0 1 5 6 9 1 7 6 2 1 1 1 1 1 0 1 7 1 5 4 0 9 9 1 8 3 1 1 1 1 1 1 6 0 3 0 4 2 5 6 3 9 9 2 2 1 1 1 1 1 0 0 4 2 1 8 5 5 9 7 0 4 2 2 1 1 1 1 1 5 4 3 1 1 2 7 6 8 7 2 2 2 1 1 1 1 2 0 0 6 1 3 1 0 9 9 7 9 SEASONALLY ADJUSTED 1943—April 159 146 r129 148 152 186 181 155 157 147 173 195 190 May 158 146 130 148 157 r183 196 146 164 138 163 191 192 June 167 145 r133 151 164 r201 209 157 184 144 187 220 200 July r171 147 137 154 171 r197 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 r196 210 151 171 147 179 211 189 October 174 145 137 154 170 r194 222 169 188 148 194 231 211 November r180 158 r143 161 178 r199 220 174 197 166 210 227 212 December r166 148 133 144 164 r197 208 154 172 146 174 215 206 1944—January 175 148 136 159 169 r202 224 172 182 160 207 206 208 February 175 148 138 156 166 r198 225 162 194 176 203 241 211 March 185 162 r153 173 183 r213 r228 173 195 159 193 247 r219 April r173 157 r141 162 166 r200 222 165 173 157 181 232 201 May 181 164 150 168 181 211 233 167 197 158 192 228 216 June r176 151 r144 159 166 r207 237 163 189 151 192 245 210 July 192 160 149 170 191 r211 263 187 208 165 212 277 223 August 187 154 151 158 182 r214 245 180 207 173 204 250 221 September 183 156 149 170 180 r218 247 168 193 162 200 241 217 October 194 165 152 168 190 r227 260 192 215 158 215 252 228 November r208 177 r162 183 203 r231 269 201 235 189 244 264 253 December r194 174 r158 171 190 r220 258 180 207 175 208 263 233 1945—January r199 162 150 173 186 r231 268 193 211 181 241 261 247 February r211 r166 166 r189 204 r238 274 200 236 208 246 284 r257 March 223 202 189 204 222 249 273 213 235 205 239 283 249 UNADJUSTED 1943—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 142 115 115 123 133 159 194 131 153 122 r161 200 178 March 170 144 139 162 167 203 r221 159 185 r141 182 227 r198 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 r151 197 139 154 130 168 202 185 August 157 118 110 123 159 r177 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 r249 273 197 221 179 226 272 238 November 248 207 207 231 244 294 315 231 268 218 r264 314 299 December 320 300 270 305 303 369 418 295 333 269 339 421 373 1945—January 156 132 124 133 145 174 215 147 173 136 r178 211 197 February 171 130 137 149 163 191 235 162 187 144 194 239 r217 March 212 188 176 200 214 251 281 200 233 186 232 269 232 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. MAY 1945 475 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 Sept. 20.... ..142 Sept.19.... .152 Sept. 18... .179 Sept 16 .196 Out- 27.... .161 26.... .172 25... .176 23 .193 m ( S o t f o a n o l t r t e a h s l ) m ( S e o t n o n d c t k h o s ) f ( o s e t r n i a d n d n e g d r o s - f a S d e j a a u l s s l o t y n e - d j U u n s a t d e - d Oct. 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 3 4 7 4 5 1 9 Oct. 2 1 1 3 4 7 0 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 7 6 8 7 2 6 3 1 Oct. 2 1 9 2 3 6 . . . . . . . . . . . . . . . . . . . 1 1 1 1 9 8 8 7 4 9 8 5 Oct. 3 2 1 0 1 7 4 . . . . 2 2 2 1 0 2 1 9 9 1 8 6 month) Nov 1.... ..145 31.... .168 30.... .187 28 .207 8.... ..150 Nov 7 .182 Nov. 6.... .202 Nov. 4: .....215 1939 average 128 344 99 15.... ..159 14 .182 13.... .211 11 .....231 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 3 4 0 2 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e 2 2 1 1 1 2 0 7 5 3 7 4 9 6 6 5 3 4 5 5 3 9 5 1 0 1 9 3 9 8 5 5 2 1 1 5 3 6 0 9 8 0 3 8 4 1 1 1 1 1 5 4 7 2 0 3 6 2 0 1 Dec. 2 2 1 2 2 6 9 0 3 9 2 . . . . . . . . . . . . . . . . . : . . . . . . . 1 1 1 . . 2 2 2 9 7 3 2 9 5 1 6 9 5 9 0 Dec. 2 1 2 1 2 5 6 8 1 9 2 . . . . . . . . . . . . . . . . . 2 3 2 1 1 2 2 3 9 7 8 5 2 3 5 0 6 2 Dec. 2 1 1 2 2 4 1 8 5 7 0 ' . . . . ' . . . . ' . . . . . . . '. . . . ' . 2 2 3 2 2 2 9 0 2 7 2 6 7 1 1 9 4 3 Dec. 1 2 2 1 9 2 6 3 5 8 . . '. . . ' . . . . . '. . . . 2 2 3 . 3 3 3 5 6 3 0 7 6 2 9 4 6 7 5 1943— N J D A O S J u e u o u e c l p n c t v g y t e 3 2 2 2 1 1 1 3 5 3 0 5 8 6 8 9 0 5 1 8 8 4 4 5 5 5 5 5 6 9 7 8 8 0 6 7 3 6 0 6 7 4 5 4 6 5 5 6 6 9 6 6 5 7 9 1 1 4 2 0 1 2 8 1 1 1 1 1 1 1 5 4 6 4 4 6 6 3 4 2 3 3 2 9 1 1 1 1 1 1 16 6 3 7 3 6 4 5 8 4 0 8 2 6 F Ja e n b. . 3 2 1 1 7 3 1 4 1 0 7 . . 9 . . . . . . . 4 . . . . . . . . . . . 2 . . . . . . . . . . . 1 1 1 1 I .1 1 2 2 3 l 3 9 2 5 5 l 6 J F a e n b . . 3 2 1 1 6 9 0 2 3 6 9 4 . . . . . 3 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 2 4 2 1 4 3 5 6 6 7 3 9 J F a e n b . . 2 1 2 1 5 8 1 9 9 5 2 4 . . . 4 . . . . . . . . . . . . . . . . . . .. . . . 1 1 1 1 1 1 1 4 4 3 4 4 0 6 3 7 4 6 J F a e n b . . 3 2 1 2 1 1 0 6 3 0 9 3 7 0 4 . 5 . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 4 6 6 6 7 6 2 5 6 1 3 2 0 3 1944—Jan 167 479 527 154 137 2 1 1 4 . . . .. . . . . . . 1 1 1 2 5 2 2 1 0 3 . . 1 1 7 5 8 5 1 1 2 9 . . . . . . . . . . 1 1 4 4 2 2 2 1 4 7 .... .1 1 7 7 7 6 M M F A J J A u u e p u a a n l b r g y r y e 2 2 2 1 1 1 1 2 2 0 7 9 9 6 0 7 6 0 9 6 3 5 5 5 5 5 5 5 2 2 2 1 2 1 6 5 5 4 3 2 6 8 4 5 4 5 5 5 6 8 7 2 2 9 7 2 8 5 6 1 0 4 8 1 1 1 1 1 1 1 4 4 5 4 5 6 7 5 8 4 7 7 5 0 1 1 1 1 1 1 1 5 4 5 5 5 4 6 1 7 1 0 0 8 3 M Ap a r r . . 2 2 1 2 4 7 8 1 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 1 1 1 1 1 3 3 5 4 7 2 7 0 7 8 0 7 M Ap a r r . . 2 1 2 2 3 6 7 3 0 7 . . . . . . 1 1 1 1 1 1 4 6 4 5 6 5 4 2 7 0 1 5 . A M p a r r . . 2 1 2 1 4 1 6 5 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 1 6 7 8 5 4 2 0 2 2 3 6 M Ap a r r . . 2 3 1 1 7 3 4 1 0 7 .... r . . . . . 2 2 2 1 2 1 3 0 2 1 8 8 0 4 6 4 2 1 N O D Se o c e p t c v t 2 2 2 3 9 8 5 3 9 5 7 4 5 6 4 5 8 7 0 4 3 9 0 4 5 5 6 6 5 7 0 2 9 6 8 0 1 1 1 1 6 5 4 3 1 4 4 6 1 1 1 1 6 7 6 2 7 2 6 7 May 2 1 1 2 9 5 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 .1 2 4 4 4 4 9 7 6 9 0 May 2 1 1 8 4 1 0 7 . . . . . 1 1 1 1 1 4 7 8 6 6 2 0 2 8 9 May 2 2 1 9 6 8 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 1 6 5 8 0 6 8 2 4 8 3 May 1 2 2 1 5 8 2 1 4 . . . . . . . . . . . . . 1 1 1 1 1 9 9 5 8 9 2 5 6 4 3 1945— F J e a b n 1 1 9 9 8 9 4 4 6 9 2 2 8 7 1 6 4 5 1 1 4 4 8 8 1 14 3 1 3 3 2 1 3 0 6 . . . . . . . . . . . . . . . . . . 1 1 1 0 2 2 4 7 5 2 2 1 9 2 5 . . . 1 1 1 4 5 5 9 1 3 2 2 1 0 7 3 . . . . . . . . . . . . . . . 1 1 1 9 7 6 7 7 8 June 1 2 2 9 6 Mar r Revised. p Preliminary. NOTE.—Revised series. For description and back figures see pp. 874-875 Back figures.—Division of Research and Statistics. of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 r 5 . F 19 e 4 b 5 . T m 1 h 9 o r 4 s e 5 . e M 19 a 4 r 5 , F 19 e 4 b 5 . T m 1 h 9 o r 4 s e 5 . e M 19 a 4 r 5 . F 19 e 4 b 5 . T m 1 h 9 o 4 r s e 5 . e M 19 a 4 r 5 . F 19 e 4 b 5 . T m 1 h 9 o 4 r s e 5 . e UnitedjStates.. +26 +16 +21 Bo B N P P S st p r o o e o o r w r s n i v t t n l o i g a H d n n f e a i d n e v l c e d e n + + + + + + 2 3 3 3 1 3 7 2 4 1 9 2 + + r+ + + + 1 1 8 9 6 0 1 9 + + + + + + 2 1 1 2 1 2 0 6 8 1 6 0C Ri l c W E P e Y h v i r o m e h t i t u l e e o a s n e n b n g l d d u i s n — r t g g o C h w o n nt. + + + + + 2 3 3 2 2 5 8 1 6 6 + + + + + 2 1 2 2 1 5 0 0 6 6 + + + + + 2 1 2 2 2 8 4 0 7 1 Ch T D D F F I i n c e l o e e i a d r r t s n g r t i r M t e a o o W n — i o H t a i a C p a n y o o u e n n l s t e i t e s . . . . . . . . . . . + + + + + + 5 1 5 3 2 3 0 9 8 4 9 3 + + + + + + 1 1 4 2 2 2 5 5 4 1 4 3 + + + + + + 2 1 2 4 2 3 7 5 2 8 8 3 Da H F D S S ll a o h o a a n r r l u s t e l s a A v W t s e o n p n o t o o r r n th t io + + + + + + 1 1 2 2 1 1 5 5 4 6 3 8 + + + + + + 1 1 2 1 1 8 4 9 2 1 5 + + + + + + 1 2 1 2 1 1 8 8 3 1 8 9 N C Ph e l T e U Y N B N A B L A N B W C C P E P S R C C R S w i v l r h o y u a l a r l o c o t e k i l e e i a o i e i m e e i b a i n n r w f i u d n a h w r r l n l l c c d Y l f v n a a g k u a k o e g c d g c h e a t a i a g o a c e n n t a n l m e r o i i l h h a n d e Y p o r u a r e l d o n y n r s n s k s k a k e a e h n a b p s - g o n t t n l e i m c e B u o e r e a p a d e F t k r s r a . r t h t a p . t a i . r o . d i . . . s r C l a . n . . . e y i l . . . . . e i s . . t . . . . y . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 3 3 4 2 3 4 1 3 3 3 4 2 2 4 2 2 3 2 3 2 3 2 2 2 2 3 2 2 9 4 4 0 0 6 2 2 8 7 5 4 0 6 3 5 8 0 3 4 7 9 4 8 8 + + + + + + + + + + + + + r + + + + + + + + + + + + + + 1 2 1 1 1 1 1 1 1 2 3 2 1 1 1 1 2 1 1 1 4 4 8 5 9 3 2 0 2 9 4 0 5 0 0 6 2 6 6 7 6 5 1 2 5 7 8 + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 2 2 2 2 2 1 2 1 1 1 2 1 2 1 1 3 1 2 2 2 1 2 1 2 2 2 0 8 0 0 5 0 7 0 8 7 5 3 5 1 5 3 1 8 1 0 1 9 4 9 5 1 A C t h l G N H W B W L M B M R C M J T A C A M B N J K N C a i a a c y a i a r h o i n u l a u e t h n a o i o c a i a c r c a a e l n l m t a w r a n t n g s m o b a k c s n a k a t h g r e o f r c m h s i t h u o k i x t s o n t n o p s m l n m i i h l t t v g e o O n i s s v o e i . l n a n v t o a n . b k a i s o b o t n n i o . g R i g n n a r l . g t l u l u m n v l l r o l h t - o l e o t e r e e d r o i e S n o a g e o g u a l , n m n l a . r g n g e W y l S s e a e . . . m . V C . . a .. . + + + + + + + + + + + + + + + + + + + + + + + + + + + 4 3 2 1 1 2 3 3 2 4 3 1 2 2 3 1 6 6 3 2 2 3 3 2 3 2 2 2 5 4 0 7 8 2 9 5 4 6 9 3 1 8 1 0 2 3 8 7 1 1 8 3 3 7 + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 2 1 1 1 1 3 3 1 1 2 1 1 2 1 1 1 1 1 1 2 1 1 3 8 7 9 1 4 8 3 4 1 0 3 9 8 8 2 7 9 9 0 7 7 5 5 7 1 9 + + + + + + + + + + + + + + + + + + + + + + + + + + + 3 2 3 2 2 3 2 1 2 1 1 2 3 1 1 3 3 2 2 2 1 2 2 2 2 2 9 2 8 7 0 8 1 0 6 9 7 6 1 7 6 3 2 7 9 3 3 9 4 8 8 ; 1 M 5 K / a i M . L G M F M G L Q W E L S S T D P H J K O S O n n o L o p a t u o i v o s r n t u r e u a m a i k e . i t . p e a n r a r o u e l a p e i n d c t n t m i l t w e n l s L s l n a n c u J b n a i a e h i v i s e n s i c o d s n h h p g i s p o h l k a S i a n e v s o y o C s a y t h f i u a u o o s B r g m a i R n i n e R i l i k i i l m e l l p s t a s i s i C o l l e e y s a t h y o d e a e h c p i n t k i C y d . . i . . s . t . . . . y . . . + + + + + + + + + + + + + + + + + + + + + + + + * * 2 2 3 1 2 2 2 3 4 3 4 2 3 4 3 2 2 3 2 2 2 2 2 3 2 5 8 7 8 1 9 4 0 0 4 7 4 1 2 4 2 1 9 7 6 9 6 3 r r ' + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 + 1 1 1 1 1 1 2 2 1 1 2 2 2 2 2 1 1 1 1 1 1 1 1 3 3 6 2 7 9 7 7 0 9 2 8 3 4 4 3 5 2 5 6 2 9 7 6 2 3 * * * * + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 2 2 2 2 2 3 3 2 2 3 2 2 2 2 2 1 1 1 2 2 3 2 2 8 9 2 2 2 1 9 5 0 6 3 3 4 1 2 3 6 2 5 4 5 2 0 1 0 5 Sa V R S S S B P B S S F L T n S O P T L B S E S Y S a a a a h t r o o i u a a a o a p o a e v e a o N a S n n v n F e B n o k i n c c l l c s r a o l k e k s c s t e a l r t l e e g t s r a e o t e k e a l r n k i i n a l r a A o t r n D J F r a n m m m e L a a s j l o s n t a m n o k i e B o n g o i n t r n n f i x B c a R a a t p n e s d e i a d a n h e d g i e e k e e a l e d e s g o n n a e a n e e l c a r o s d d c m l c y t o a n a e n o h i s C n a s d d N r c i d o t a i y . n p . . . o a . . + + + + + + + + + + + + + + + + + + + + + + + * + 2 2 2 2 2 1 3 2 2 2 1 2 1 1 2 1 1 2 2 2 3 2 1 3 7 0 3 2 7 0 4 2 4 9 9 2 2 5 6 9 4 0 2 9 1 0 9r r ' ' ' ' + + + + + + + + + + + + + + + + + + + + + r + + + 1 + 1 1 1 1 2 1 2 2 1 1 1 2 2 2 1 2 1 2 1 1 n 7 2 2 4 6 9 5 5 1 2 5 6 8 3 0 0 S 4 7 5 6 8 1 7 * + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 2 2 2 1 1 2 1 2 1 2 2 2 2 2 1 1 2 1 2 1 2 1 9 2 6 0 1 7 7 5 9 0 5 2 7 4 8 3 9 5 0 6 3 0 9 5 3 Springfield .. +28 +9 +16 Chicago. +24 +19 +21 Tulsa.... +38 +23 +32 Toledo +32 +17 +22 Peoria... +36 +20 +27 r Revised. • Data not vet available. **Two months. 476 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 Percent change from a year ago (value) Ratio of stocks to sales Number Stocks (end Department of stores Sales during period of month) Feb. reporting Feb. Two mos. Feb. 1945 1945 1945 1945 1944 GRAND TOTAL—entire store... 355 +16 +17 -4 2.6 3.2 MAIN STORE-total 355 +16 +18 -5 2.7 3.2 Women's apparel and accessories . 352 +21 +21 -3 2.2 2.7 Coats and suits 330 +25 +23 +3 1.6 2.0 Dresses. 334 +24 +26 +13 1.8 2.0 Blouses, skirts, sportswear, etc 314 +27 +25 +5 2.6 3.1 Juniors' and girls' wear 299 +35 +31 +10 2.4 3.0 Infants' wear 305 +18 +18 +19 2.7 2.7 Aprons, housedresses, uniforms 286 +17 +23 -22 1.8 2.7 Underwear, slips, negligees 325 +25 +26 -14 1.8 2.6 Corsets, brassieres 331 +29 +29 -12 1.7 2.4 Hosiery (women's and children's) 344 +12 +14 —41 1.1 2.0 Gloves (women's and children's) 327 +18 +20 +9 3.0 3.3 Shoes (women's and children's) 242 +35 +32 -18 3.3 5.4 Furs 263 -15 xi +6 3.0 2.4 Neckwear and scarfs 243 +10 — 1 2.2 2.4 Handkerchiefs 282 +21 +10 3.4 3.8 M Ha il n l d in b e a r g y s and small leather goods.... 3 1 0 6 1 8 + + 16 1 +18 3 1 . . 1 8 3 1. . 7 2 Men's and boys* wear 322 +19 +21 -8 4.0 5.2 Men's clothing 231 +15 +18 -15 4.1 5.6 Men's furnishings, hats, caps 306 +20 +21 -14 3.4 4.8 Boys' clothing and furnishings 281 +24 +21 +21 4.9 5.0 Men's and boys' shoes and slippers.. 175 +25 +37 -23 5.1 8.2 Home furnishings 315 +11 +12 -10 3.3 4.1 Furniture, beds, mattresses, springs.. 232 +18 +21 0 3.4 4.0 Domestic floor coverings 239 -5 +2 -19 3.3 3.8 Draperies, curtains, upholstery 293 +19 +21 -7 2.9 3.7 Major household appliances 176 +20 +23 -43 1.7 3.6 Domestics, blankets, Enens, etc 291 +3 -20 2.6 3.3 Lamps ana shades 217 +18 +21 —4 4.2 5.1 China and glassware 217 +9 +10 —9 3.9 4.6 Housewares 221 +24 +26 -9 4.1 5.6 Piece goods 286 +19 +28 -22 1.5 2.3 Cotton wash goods. 119 +6 +17 -20 1.2 1.6 Small wares 336 +6 +11 +5 3.4 3.4 Lace, trimmings, embroideries, ribbons.. 118 +8 +12 +27 4.2 3.5 Notions 221 +14 +19 -8 3.4 4.2" Toilet articles, drug sundries, and prescriptions . 320 +20 4.0 3.1 Jewelry and silverware 267 +4 +10 0 3.8 4.0; Art needlework 252 +15 +20 —6 2.5 3.1 Stationery, books, and magazines.. 231 +20 +23 +2 2.5 3.0. Miscellaneous 291 +11 +16 -4 3.0 3.4 Luggage 219 -12 -30 3.0 3.7 BASEMENT STORE-total 216 +19 +18 -3 2.7 3.3 Women's apparel and accessories 204 +21 +20 +4 2.3 2.7 Men's and boys' clothing and furnishings . 167 +17 +19 4.4 5.2 Home furnishings 122 +11 +12 — 11 2.8 3.4 Piece goods 51 +28 +29 -27 1.4 2.4 Shoes 136 +32 +7 -15 4.0 6.3 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales fox that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a th ble Collec m ti o on n s th during Cash Instal- Charge- 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- 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 m sa e le n s t ac s c a o le u s nt 1944—February 108 139 56 84 41 r71 r73 r108 63 33; March r143 182 73 114 40 79 r7g 100 62 3* April 132 171 59 104 38 79 67 107 62 34 May 141 180 58 112 36 82 67 109 62 34 June 127 165 50 99 34 78 61 111 63 34 July 103 138 44 76 32 67 56 r103 65 31 August 126 167 60 93 32 70 58 92 64 32 September 149 193 66 116 33 81 61 96 63 33 October 164 211 81 127 35 90 69 115 63 33, November 191 245 95 149 40 102 75 130 62 34 December 245 326 105 181 46 128 77 135 64 32 1945—January 126 164 57 96 43 r97 r167 63 33 February 126 163 57 98 40 84 127 63 33 March 178 230 73 141 39 96 120 62 34 r Revised. NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page. MAY 1945 477 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 lo i 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 1,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 1,650 560 1941 9,959 5,984 3,747 1,942 1,805 2,237 1,601 1,764 610 1942 6,529 2,999 1,494 482 1,012 1,505 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 Mar 5,057 1,864 696 167 529 1,168 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 1,159 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 1,183 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 5,481 2,013 778 192 586 1,235 1,206 1,528 734 Feb *>5,322 pl,963 P742 ^186 P556 ?1,221 PI,189 PI,432 P738 Mar P5,588 Pi,990 P732 ^184 P548 Pi,258 ^1,180 PI,676 P742 p Preliminary. 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] Indus- Insured End o r o f y e m ar onth ex m T a c o u o lu b t t d o a i - i l l e n , g D s o m m e t a r o p a n d e r a i n d e e l r r t - s t- F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w or e e lr s y s r o t e t A o t h a r l e e l i r l s m E o y n n e d t a h o r o f r Total m b C a e n o r m c k i s a - * l p S c l a o m o n a m i a n e l - l s b p a c a t n o n r k i m i a i e 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 a p d n t n a i e d o s i r r n n 3 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 25 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 L,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 Mar. 1,168 316 369 164 121 86 112 Apr 1,157 319 363 164 118 85 108 1944 May 1,159 325 362 165 118 85 104 Mar 529 144 231 19 52 83 June 1,175 335 365 169 119 85 102 519 142 229 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 1,235 358 378 172 116 87 124 Feb. PI,221 P356 P372 P168 P114 P86 PI 25 1945 Mar PI,258 P373 P382 P172 PI 16 P87 P128 Jan 586 172 249 12 61 92 M Fe a b r P P 5 5 5 4 6 8 P P 1 16 6 3 3 P P2 2 3 4 8 0 P Pl l l l P P 5 5 0 4 ^ P 8 8 8 6 P 1 P T r h e e l s im e i f n ig a u ry re . s include only personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount P Preliminary. of other retail direct loans (16 million dollars at the end of March 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 47 8 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 t o ai b l ile c r O e h p t t a u h a s r e i e - l r d , R e m r e a n n p o i d a d z i a - r - i s m n P o s e e n t n r a a - t l l - Month or year Co b m an m k e s r 1 cial c S o m m al pa l n l i o e a s n c I o n b m d an u p k s a t i n n r i i e g 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—February 491 52 80 65 81 213 1940 927 536 320 March 497 52 82 61 78 224 1941 983 558 372 April 496 52 85 61 76 222 1942 792 798 408 247 May 505 53 89 62 76 225 1943 636 809 364 228 June 518 56 93 62 76 231 1944 742 876 403 234 July 527 61 94 62 77 233 August 532 62 95 62 78 235 1943 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 82 244 February2* 555 55 101 76 83 240 1944 Marchp 572 55 107 76 84 250 January 49 53 27 15 February 51 60 29 18 Volume extended during March 73 94 38 26 month: April 56 61 30 16 1944—February 70 15 35 May 65 72 35 20 March 95 9 19 10 52 June 69 75 38 22 April 82 11 18 11 36 July 63 73 33 19 May 97 12 21 15 42 August 64 70 35 20 June 100 12 20 13 47 September 60 67 33 19 July 95 14 20 11 42 October 61 68 34 18 August 94 13 19 11 42 November 60 77 34 18 September 89 10 17 12 41 December 71 106 37 23 October 92 10 18 15 40 November 91 10 18 14 41 1945 December 102 18 18 50 January 65 58 33 16 February**. 61 56 30 16 1945—January 96 9 20 17 43 March* 82 94 41 23 February** 86 9 19 12 39 March? 113 12 24 14 54 p Preliminary. 1 These figures for loans made include only personal instalment cash loans p 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 (4 million dollars in March but also noninsured loans. 1945) not shown separately. 2 This series is in process of revision. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* c P h e a r n c g e e n t f a r g o e m c c o P h r e a re r n c s g e p e n o t n f a r d g o i e m ng Instalment accounts a C cc h o a u rg n e ts Item Mar. p m re F o c e n e b d t . h ing Jan. Ma p r r . e m ce o F d n i e t n h b g . o y f e J a a r n. Month D s m e to p e r n a e r t 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 n a e t r s t- 1945 1945 1945 1945 1945 1945 Net sales: 1944 Total +26 M-2 -41 +17 +12 +20 February r31 20 22 31 61 C C a re s d h it sa sa le l s es: +25 —2 —46 +28 r+20 r+22 A M p a r r i c l h 3 3 6 1 2 2 3 3 2 2 6 6 3 2 4 8 6 6 5 3 C In h s a t r a g lm e e a n c t count + + 3 1 0 9 r r- + 6 7 r- — 45 28 + + 16 6 r +7 r r + +2 1 3 4 J M J u u a l n y y e 3 3 3 3 1 0 2 2 2 5 4 3 2 2 2 6 8 9 3 3 3 0 0 1 6 6 6 4 3 1 Accounts receivable, at end of August 34 24 32 31 64 month: September 35 24 33 32 64 Total 0 7 -8 +2 +1 r j October 39 26 36 34 65 Instalment -1 -3 -8 +1 +1 -2 November 39 24 37 34 67 December 36 23 39 49 61 Collections during month: Total +9 -10 +9 +5 +7 1945 Instalment +12 -8 -6 +9 +1 +3 January 32 21 34 r31 61 February 30 21 31 r30 61 Inv re e t n a t i o l ri v e a s l , u e end of month, at +4 +5 r+2 +3 r-3 March 36 24 36 34 66 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. MAY 1945 479 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 i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c r C a o a h l l d s l e u i a m e c d n t i d - s1 i f n H u g r o n g u i o s s o h e- - ds 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 K)3.8 115.5 95.2 104.3 93.6 1944—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 Tune 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 March 105.3 127.2 104.6 99.2 117.8 99.7 83.4 104.2 117.1 94.9 104.5 94.6 Week ending: 1945—Jan. 6 .. 104.6 125.9 104.6 99.1 117.9 99.0 83.6 103.9 116.4 94.9 106.1 93.9 Jan. 13... 104.7 126.3 104.7 99.2 117.9 99.0 83.9 104.0 116.4 94.9 106.1 94.0 Jan. 20... 104.8 126.6 105.0 99.3 117.9 99.0 83.9 104.2 116.7 94.9 106.1 94.0 Jan. 27 104.7 125.8 104.4 99.3 117.9 99.0 83.9 104.3 116.7 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 Mar. 31... 105.1 127.3 104.8 99.4 118.3 99.2 83.9 104.3 116.9 94.9 106.2 94.4 Apr. 7... 105.1 127.2 104.9 99.5 118.3 99.2 84.0 104.3 117.0 94.9 106.2 94.6 Apr. 14... . 105.5 128.9 105.5 99.5 118.3 99.1 84.0 104.3 117.0 94.9 106.2 94.6 Apr. 21.. 105.6 129.5 105.7 99.5 118.3 99.1 83.9 104.3 117.0 94.9 106.2 94.6 Apr. 28. 105.7 130.5 106.5 99.5 118.3 99.1 83.9 104.3 117.0 94.9 106.2 94.6 1945 1945 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. I Feb. Mar. Farm Products: Metals and Metal Products: Grains 129.5 127.5 129.3 129.8 129.8 Agricultural implements 97.1 97.5 97.5 97.5 97.5 Livestock and poultry 125.6 126.9 131.1 133.8 135.6 Farm machinery 98.2 98.7 98.7 98.7 98.7 Other farm products 119.9 123.2 121.5 121.4 120.5 Iron and steel 97.1 97.2 97.7 98.0 98.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.5 110.7 110.8 110.8 110.8 Nonferrous metals 85.8 85.8 85.9 85.9 85.9 Cereal products 95.1 94.7 94.7 94.9 95.1 Plumbing and heating 91.8 92.4 92.4 92.4 92.4 Fruits and vegetables 123.3 116.2 114.4 118.1 115.9 Building Materials: Meats 106.0 106.2 106.4 106.5 107.7 Brick and tile 100.3 105.3 110.4 110.5 110.7 Other foods 92.7 99.7 97.3 95.1 94.7 Cement 93.6 97.5 97.4 99.0 99.4 Hides and Leather Products: Lumber 146.3 153.8 153.8 153.9 153.8 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials 104.4 106.3 106.3 106.4 106.3 Hides and skins 111.2 114.0 114.8 115.4 116.4 Plumbing and heating 91.8 92.4 92.4 92.4 92.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials 102.8 103.3 103.5 103.6 103.8 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 96.3 95.6 95.8 95.8 95.8 Cotton goods 113.6 119.2 119.7 119.9 119.9 Drugs and Pharmaceuticals1 . 106.4 106.9 106.9 106.9 106.8 Hosiery and underwear 70.5 71.5 71.5 71.5 71.5 Fertilizer materials 81.4 81.8 81.9 81.9 81.9 Silk Mixed fertilizers 86.3 86.6 86.6 86.6 86.6 Rayon 30.3 30.2 30^2 30^2 30^2 Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods.. 112.5 112.9 112.7 112.7 112.7 Housefurnishing Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings 107.2 107.4 107.5 107.5 107.5 Fuel and Lighting Materials: Furniture 101.4 101.5 101.5 101.5 101.5 Anthracite r 95.6 95.3 95.3 95.3 95.3 Miscellaneous: Bituminous coal 120.1 120.5 120.5 120.5 120.6 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 130.7 130.7 130.7 130.7 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 59.0 59.9 6'0.0 Paper and pulp 107.2 107.3 107.6 108.0 108.0 Gas 76.7 74.6 75.7 16.9 Rubber, crude 46.2 46.2 46.2 46.2. 46.2 Petroleum products 64.0 63.8 64.3 64.3 64.3 Other miscellaneous 96.7 98.2 98.2 98.9 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. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* On Bank Credit, Money Rates, and Business Chart Chart book book page Mar. Ap 4 r. A 1 p 1 r. A 1 p 8 r. A 2 p 5 r page Jan. Feb. Mar.3 WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY Reserve Bank credit, total 2 20.07 20.26 20.76 RESERVES AND CURRENCY U. S. Govt. securities, total 3 19.52 19.58 20.09 20.15 20.44 Reserve Bank credit. 6 19.39 19.88 20.25 Bills 3 11.92 12.02 12.74 12.8113.09 Gold stock 6 20.58 20.52 20.45 Certificates 3 5.41 5.39 5.23 5.22 5.24 Money in circulation 6 25.24 25.53 25.85 Notes 3 1.06 1.04 .99 .99 .99 Treasury cash.... 6 2.37 2.38 2.36 Bonds 3 1.13 1.13 1.12 1.13 1.13 Treasury deposits 6 .53 .54 .27 Discounts and advances 2 .22 .22 .32 .34 .51 Member bank reserves, total 6, 7 14.05 14.04 14.43 Gold stock 2 20.42 20.42 20.42 20.40 20.37 Central reserve city banks. ... 13 4.57 4.68 4.80 Money in circulation 2 25.83 25.87 25.94 26.07 26.07 Reserve city banks 13 5.63 5.59 5.74 Treasury cash 2 2.36 2.38 2.36 2.37 2.37 Country banks 13 3.85 3.77 3.89 Treasury deposits 2 .31 .34 .41 .43 .65 Required reserves, total 7 12.93 13.09 13.42 Member bank reserves , 4 14.31 14.35 14.59 14.58 Central reserve city banks 13 4.56 4.65 4.78 Required reserves 4 13.45 13.42 13.66 13.7913.89 Reserve city banks 13 5.33 5.34 5.47 E E x x c c e e s s s s r re e s s e e r r v v e e s s e (weekly average), totale .. 5 4 . . 8 9 6 6 . . 9 9 3 8 . . 9 9 6 4 P. . 7 9 9 0 .82 Exce C ss o u re n s tr e y r v b e a s, n k t s o tal 1 7 3 3 1 . .1 0 1 4 3. . 1 9 0 5 3 1 . . 1 0 7 1 New York City 5 .02 .02 .01 .02 Balances due from banks: Chicago 5 .02 .01 .01 .01 () Reserve city banks 13 1.88 1.76 1.80 Reserve city banks 5 .23 .24 .24 .23 .21 Country banks 13 3.93 3.63 3.66 Country bankse ... 5 .69 .71 .70 P. 65 Mon B ey il l i s n o c f i r $ c 5 u 0 la a ti n o d n , o v to er t al 8 8 25 7 . . 2 8 9 4 25 7 . . 7 9 5 7 25 7 . .9 90 0 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 13.18 13.46 13.67 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.28 4.32 433 New L L D U U L Y o o o . . e a a a o m S S n n n r . . k a s s s n G G a a d C o o n n i v v d d d t t t e y . . i i p : n n d o o v v e b s e e p l i i s s t o g s t t s m m a i a t t e e d i s o n n ju n t t s s s s ted 1 1 1 1 1 1 5 4 4 4 4 4 4 3 2 5 1 9 3 0 7 7 1 . . . . . . 2 5 5 3 8 1 7 7 2 5 0 8 4 3 2 5 1 8 3 7 7 0 0 . . . . . . 8 2 1 3 4 9 4 9 8 5 8 9 4 3 2 5 1 8 3 8 0 7 0 . . . . . . 0 3 0 2 3 9 2 3 4 6 9 8 4 2 5 3 1 3 0 7 8 7 1 . . . . . . 3 1 2 2 6 0 5 4 3 9 0 6 4 5 3 2 1 6 2 7 9 0 1 . . . . . . 7 8 0 1 1 1 3 5 6 0 5 3 T D T U C i o e u . m m t r S a r e e a l . n n d G d c d e e y o p p v d o o o t e s s . u p i A i t t d t o s s L s e s i L d p i a t e o n s B s A d b i N t a s c K n u S k r r s I e N n c U y . S. 9 9 9 9 9 p p p ^ 1 6 4 2 1 5 8 3 0 8 1 . . . . . 6 7 5 3 1 0 0 0 0 0 ^ ^ ^ ^ ^ 1 1 2 6 4 5 5 4 9 1 0 . . . . . 6 2 9 7 4 0 0 0 0 0 p1 p p P m 1 4 5 ? . 3 2 0 A A . . i 0 . 7 0 2 O o O O U. S. Govt. obligations, total 15 15.02 15.11 14.89 14.74 4.59 Bonds 16 7.99 8.00 8.04 8.02 8.07 CONSUMER CREDIT Dem N B C a i n e o l d r t ls t e i s f d i e c a p a n o t d e s s i g t . s u a . a r . d . . j s u e s c te u d r ities 1 1 1 1 6 6 5 6 1 3 2 3 . . . . 7 7 5 8 8 2 3 3 1 3 2 3 . . . . 7 6 6 9 7 6 7 1 1 3 2 3. . . . 7 7 4 4 0 2 1 3 2 4 . . . . 6 6 1 3 9 6 8 7 3 4 2 . . . . 6 6 4 2 3 5 1 3 Cons S C S u i e h n m r a g v e r l i g r e c e e p c a c r a c e r y e c d m d o it i u e , t n n t t t s o l t o a a l ns 1 1 1 1 8 8 8 8 5 1 1 . . . . 2 4 5 7 1 8 3 3 P P pl P 5 \ ! . . 4 7 3 4 1 3 1 9 P p1 p 1 . A . 6 7 S 8 4 U I T n i . t m e S e r . b G d a e n o p k v o t. s d i e d ts p e o p s o i s ts it s 1 1 1 5 5 5 3 3 . . . 8 6 9 1 3 9 3 3 . . . 6 6 9 7 5 8 3 3 . . . 7 3 9 7 0 8 3 3 . . . 0 7 9 1 8 9 2 3. . . 6 7 9 9 3 9 Insta I I n n lm s s t t e a a n l l t m m c e e r n n e t t d s l i a o t, l a e n t o s c t r a e l d it, total 18, 1 1 9 1 9 9 2 1 . . . 0 2 7 1 3 8 pl P l . 2 7 2 4 p P 1 P I . . 2 . 9 7 6 9 3 Loan C s o , m to m ta e l r cial 1 1 5 7 4 2 . . 4 3 6 5 4 2 . . 3 3 1 3 4 2 . . 3 3 0 1 4 2 . . 4 2 3 8 4 2 . . 5 2 2 8 A O u th to er m obile 1 1 9 9 . . 1 5 9 9 * vm . 5 1 5 9 P *\ . 5 1 5 8 For purchasing securities: 100 c L U i o . t i a S e n s A B . s o G l o l a n u o n o B d B T t v d s t s o r r h t i . o o d e i o k k n e r o t e e v b h N r r e l e s s i s e ' ' r g — — t s w m a t o o e i Y n n o n n o t o s U s r , k t . h : t e S o r . t a G s l e o . c . v u t r s i ties.. 1 1 1 1 1 1 1 5 5 7 7 7 7 6 3 2 1 7 8 4 . . . . . . . 2 5 6 3 4 4 6 7 5 6 9 3 3 1 3 2 1 6 8 4 . . . . . . . 8 1 5 3 4 4 5 7 8 7 8 0 4 9 3 2 1 7 8 4 . . . . . . . 6 4 1 4 3 5 5 2 3 3 3 8 6 3 3 2 1 8 7 4 . . . . . . . 4 0 7 4 3 5 6 4 3 8 0 0 6 9 3 2 1 6 8 4 . . . . . . . 9 2 8 4 5 3 6 1 7 6 5 7 6 1 U. t o S B t . a G y l o i c N B n v S S la t t p a o o . e s v e n t r s o c i e T d e e n b i s R s s s a g , l t E l i s - o ( g c A b i m b f e a S s e o r t s U a s a i t u n e r o R r ., e k d i c Y n s n s e u s a g t r n a a F i o d n t I b u i N d l e b t e A s s t i N : t a l i a l x C s s n s E n d u o i e n t s e g ) s . , 2 9 6 5 3 1 2 1 9 2 6 . . . . . 6 7 2 1 8 9 2 2 7 4 2 9 6 5 3 1 2 9 2 2 7 . . . . . 3 8 9 1 3 5 3 7 3 4 2 9 5 7 1 3 2 1 0 7 3 . . . . . 0 3 8 5 1 5 8 3 7 5 D U L I T n o i . e t m a m e S n e r N B C . a s b i n e , G o d a l r d t l e n t o t s e o p i k . v s f d t o i t . a e c . s a d l p a i n e d t o t s d p e e s s o p i g t s o s u i s t a i s a t r d s . j s u e s c te u d r ities 1 1 1 1 1 1 1 1 6 5 5 5 5 5 6 6 2 5 5 6 6 3 7 1 7 . . . . . . . . 0 4 2 7 5 5 1 5 7 6 2 5 2 3 7 6 2 5 5 6 6 7 3 1 7 . . . . . . . . 0 1 3 1 1 5 2 6 9 9 7 1 7 8 6 7 2 4 5 6 7 6 4 7 1 . . . . . . . . 7 6 3 3 2 0 2 7 5 2 5 5 2 5 4 7 1 6 6 4 7 . . . . . . . . 0 3 3 4 4 3 6 2 6 4 1 2 3 3 5 4 2 4 5 7 6 6 1 7 4 . . . . . . . . 0 3 0 2 2 2 6 6 6 4 0 0 8 1 9 6 By m W W 5 5 5 B C - - a i e 2 1 y i i l t t r t 0 0 l e u h h s t a i r i i y y f r n n i i s e e t c i a a a 5 1 e a r r t s s s n e y y : s d e e a a o r r v s er 4 5 8 5 7 3 1 5 4 9 4 7 0 6 . . . . . . . 7 1 6 5 4 7 4 4 6 2 6 0 0 0 4 5 8 5 3 7 1 5 4 9 4 0 7 6 . . . . . . . 7 2 6 7 6 4 4 5 5 8 4 9 0 0 4 8 5 5 7 3 1 3 8 3 7 9 4 6 . . . . . . . 1 6 6 2 0 5 9 7 5 0 6 3 4 2 F A C o l o l r m o p m t u h e r e c r r c h i a a s l ing securities 1 1 1 7 7 7 3 1 1 . . . 7 9 0 4 7 1 3 1 . . . 7 9 9 2 7 9 3 1. . . 7 9 1 9 3 1 . . .97 3 1 . . . 6 9 9 5 7 8 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 c R U n i c e a . i s l S e e s . b r v G a a e n n o k d v B s t a t . r n o u k b s s t l ig f a u t n io d n s. s . : 2 7 1 1 8 9 . . . 9 0 3 6 1 0 7 2 1 7 2 9 . . . 9 4 4 0 0 4 2 1 2 9 . .6 8 7 3 Mutual savings banks 8.60 8.70 Per cent Per annum Insurance companies 20.00 20.20 MONEY RATES, ETC. Other investors, total 84.30 84.30 Treasury bills (new issues) 24 .376 .375 .375 .375 .375 Marketable issues 34.30 33.70 Treasury notes (taxable) 24 1.17 1.15 1.15 1.14 1.14 U. S. Govt. bonds: Partially tax-exempt 24, 26 1.71 1.70 1.68 1.67 1.68 Per cent per annum Taxable _ 24, 26 2.39 2.39 2.38 2.40 2.39 High-grade corporate bonds (5 issues) 26 2.50 2.49 2.49 2.49 2.49 MONEY RATES, ETC. Corporate Aaa bonds 26 2.60 2.61 2.61 2.61 2.61 Corporate Aaa bonds 2.69 2.65 2.62 Corporate Baa bonds 26 3.38 3.38 3.36 3.36 3.35 F. R. Bank discount rate (N. Y.). .50 .50 .50 Treasury bills (new issues) 375 .375 .375 In unit indicated Stock prices (1935-39 = 100), total 109 111 113 117 Industrial 111 113 115 119 In unit indicated Railroad 120 123 126 133 Public utility 95 96 97 100 Volume of trading (mill shares) .95 .66 1.05 1.79 Stock prices (1935-39 = 100): Total 108 113 112 BUSINESS CONDITIONS Industrial 110 115 114 Steel production (% of capacity) 96.6 96.9 94.3 91.9 93.2 Railroad 121 125 124 Electric power prod. (mill. kw. hrs.).... 4,329 4,322 4,332 44.11 Public utility... 94 97 96 Freight carloadings (thous. cars) 835 765 846 864 '899 Volume of trading (mill, shares).... 1.65 1.66 1.20 Department store sales (1935-39 = 100). 230 181 156 192 184 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total. . .. 105.1 105.1 105.5 105.6 105.7 Credit extended customers 1,070 rl,100 1,034 Farm products 127.3 127.2 128.9 129.5 130.5 Money borrowed e730 e730 722 Other than farm and food 99.4 99.5 99.5 99.5 99. Customers' free credit balances e530 e540 533 For footnotes see following page. 481 MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1945 Chart 1945 book book page Jan. Feb. Mar. page Jan. Feb. Mar. 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):4 Total 49 104.9 105.2 105.3 Total 30 13,540 13,727 Farm products 49 126.2 127.0 127.2 O Sa t l h a e r r ie .. s and wage m s 3 3 0 0 9 3 , , 5 9 6 78 2 9 4, , 1 6 2 0 5 2 2 p1 *9 0 , 6 600 Other than farm and food. 49 99.1 99.2 99.2 Cash T o fa t r a m l income (mill, dollars): 31 1,658 ^1,399 1944 1945 Livestock and products 31 903 P79 Crops 31 668 July- Oct.- Jan.- Govt. payments 31 87 48 QUARTERLY FIGURES Sept. Dec. Mar. Armed forces (mill, persons) 32 11.9 12.0 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total 32 51.0 51.4 51 Bank rates on customer loans: Male 33 33.7 33.7 33, Total, 19 cities 23 2.69 2.39 2.53 Female 33 17.3 17.8 17 New York City 25 2.18 1.93 1.99 Unemployment 32 .8 .9 Other Northern and Eastern cities. 25 2.82 2.61 2.73 Employment 32 50.1 50.6 50', Southern and Western cities 25 3.14 2.65 2.91 Nonagricultural 33 43.4 43.8 43. Industrial pr A o g d r u i c c t u i l o t n u : r 4 al 33 6.7 6.8 7, SECURITY MARKETS In millions of dollars Total (1935-39 = 100) 35 234 236 P23i Corporate security issues: Groups (points in total index): Net proceeds: Durable manufactures 35 r131.0 131.5 All issues 28 843 1,214 708 Nondurable manufactures 35 81.8 82.7 ^82. Industrial 28 260 233 201 New ord M er i s n , e s r h a i l p s ments, and inventori ; e s (1939 = 100): 35 21.4 21.5 P21. P R u a b il l r i o c ad u tility 2 2 8 8 3 2 4 3 4 2 7 1 6 7 6 0 2 2 4 2 8 7 New orders: New money: Total 36 305 All issues 28 144 201 111 Durable 36 431 P479 Industrial 28 82 142 78 Shipments: Railroad 28 49 5 12 Total 36 264 Public utility 28 10 12 2 Durable 36 355 Nondurable 36 201 ^216 1944 1945 Inventories: Total 36 166 Durable 36 190 187 June Dec. Mar. Nondurable 36 146 P144 30 30 20 Fact P o a ry y e r m ol p ls l oyment and pay rolls (1939 = 100): 38 r330.4 329.1 CALL DATE FIGURES Employment 38 160.1 159.7 ^158.1 In billions of dollars Houurrss aanndd eeaarrnniinnggss aatt ffaaccttoorriiees: ALL MEMBER BANKS WWekelk ly earnii ngs (d(ollarsd) l l ) 39 47.52 47.43 Loans and investments, total 10 83.59 91.57 p90.51 Hooyu rly earningg s (cent(s)) r104.6 104.3 U. S. Govt. obligations, total 10 60.34 67.69^67.90 HH ours workkedd ((per week) 39 45.4 45.5 Bonds 11 30.12 34.93 Nonagricultural employment (mill, persons):4 Certificates 11 14.23 13.98 Total ... 40 r38.4 38.4 Notes 11 10.64 14.13 Manufacturing and mining 40 16.4 16.4 Bills 11 4.47 3.75 Trade 40 r7.2 7.2 Guaranteed obligations 11 .89 .90 Government 40 6.0 6.0 p6.0 Other securities, total 10 5.17 5.21 Transportation and utilities 40 3.8 3. *3 8 State and local government obligations 11 2.83 2. Con C st o ru n c s t t i r o u n c t c io o n n tracts (3 mo. moving average, m ; ill, 40 0.6 0.6 Loan O s t , h t e o r ta s l e curities 1 1 0 1 1 2 8 . . 3 0 3 8 1 2 8 . . 3 6 5 8 dollars) :4 Commercial 11 7.02 7.53 Total 41 195 241 ^245 Real estate 11 3.21 3.21 R O e th si e d r ential 4 4 1 1 1 2 7 5 0 21 2 6 5 p2 2 1 > 6 29 A Br g o r k ic e u r l s t ' ural 1 1 1 1 1 1 . .0 6 2 6 1 1 . . 2 7 0 4 Residential contracts (mill, dollars) :4 Demand deposits adjusted 10 51.83 57.31 Total 42 25 24 Public 42 4 7 Private, total 42 21 17 CLASSES OF BANKS 1- and 2-family dwellings 42 1 12 Central reserve city banks: Other.. 42 8 Loans and investments, total 12 27.79 29.45^27.95 Freight car loadings:4 U. S. Govt. obligations 12 19.85 21.09 p20.41 Total (1935-39 = 100) 43 143 139 145 Other securities 12 1.41 1.41 2*1.47 Groups (points in total index): Loans 12 6.54 6.94 2*6.07 Miscellaneous 43 85.9 83.1 86.9 Demand deposits adjusted 12 16.32 17.08 Coal 43 29.9 29.5 29.1 Time deposits 12 1.44 1.63 All other 43 27.7 26.9 29.3 Reserve city banks: Department stores (1935-39 = 100) :4 Loans and investments, total 12 30.94 33.60^33.43 Sales 44 r199 r211 223 U. S. Govt. obligations 12 22.48 25.04 2)25.28 Stocks 44 148 148 145 Other securities 12 1.70 1.74 8 Exports and imports (mill, dollars): Loans 12 6.76 6.82 P6.35 Exports 46 r900 Demand deposits adjusted 12 18.41 20.27 Excluding Lend-Lease exports 46 252 r223 Time deposits 12 6.81 7.79 Imports 46 r334 P371 Country banks: Excess of exports excluding Lend-Lease exports.... 46 r—82 Loans and investments, total 13 24.85 28.52 2*29.13 Cost of living (1935-39 = 100): U. S. Govt. obligations 13 18.01 21.55 P22.21 All items 47 127.1 r126.9 126.8 Other securities 13 2.06 2.06 P2A2 Food 47 137.3 136.5 135.9 Loans 13 4.78 4.91 Clothing 47 143.0 143.3 143.7 Demand deposits adjusted 13 17.10 19.96 . Rent 47 108.3 Time deposits 13 8.70 9.90 . e Estimated. p Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 4 Adjusted for seasonal variation. 5 Figures available for June and December dates only. • Copies of the Chart Book may be obtained at a price of 50 cents each. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES [Yields in per cent per annum] Annual Figures Yields Bills1 Notes Bonds Year New issues q D uo e t a a l t e i r o s n ' s C an e d rt i n fi o c t a e t s e 1 s Certificates1 3 to 5 years y 7 e t a o r s 9 Long-term4 y a e 1 n a 5 d rs lo P b n r o g i n c - d e t s e o & rm f offered over within period2 mon 3 ths m 3 o t n o t 6 hs 9 m o to n t 1 h 2 s e T e m a x x p - - t a T b a l x e - 3 T ab a l x e - ta P x a - r e t x ia e l m ly pt T ab ax le - 1919 . 4.73 91.9 1920 5.42 5.32 85.9 1921 4.83 5.09 88.2 1922 3.47 4.30 96.6 1923 3.93 4.36 95.9 1924 . . . 2.77 4.06 99.3 1925 3.03 3.86 101.7 1926 ... .... 3.23 3.68 103.8 1927 3.10 3.34 108.1 1928 . . . . .. 3.97 3.33 108.3 1929 4.42 3.60 104.8 1930 2.23 3.29 108.8 1931 1.402 1.15 3.34 592.8 1932 .879 .78 3.68 88.9 1933 .515 .26 2.66 3.31 93.1 1934 .256 ^28 (6) 2 12 3 12 95.4 1935 .137 .17 1.29 2.79 99.5 1936 .143 .17 1 11 2.69 100.8 1937 .447 .28 1.40 2.74 100.1 1938 .053 .07 .83 2.61 101.8 1939 .023 .05 .59 2.41 104.5 1940 .014 .04 .50 2.26 106.6 1941 .103 .13 .46 .73 2.05 109.5 1942 .326 1.46 1.93' 2.09 2A6 5100.72 1943 .373 .75 1.34 1.96 1.98 2.47 100.50 1944 .375 .79 1.33 1.94 1.92 2.48 100.25 Monthly Figures [Averages of daily figures, except where otherwise indicated] Yields Yields Bonds Bonds Certificates Price of Certificates Price of Month and notes1 Long-term4 lo b n o g n - d te s r 5 m Month and notes1 Long-term4 lo b n o g n -t d e s r 5 m Partially Partially 3 to 6 months tax-exempt 3 to 6 months tax-exempt 1919—Jan... 4.63 92.9 1921—July. 4.60 5.26 86.5 Feb... 4.70 92.2 Aug.. 4.75 5.22 86.9 Mar... 4.73 91.9 Sept. 4.75 5.12 87.9 Apr... 4.72 92.0 Oct.. 4.21 4.83 90.8 May.. 4.67 92.5 Nov.. 4.03 4.64 92.8 Tune.. 4.69 92.3 Dec. 3.90 4.47 94.7 July.. 4.72 92.0 Aug... 4.78 91.3 1922—Jan.. 3.90 4.45 94.9 Sept.. 4.73 91.9 Feb.. 3.81 4.50 94.3 Oct... 4.71 92.1 Mar. 3.55 4.41 95.3 Nov.. 4.81 91.0 Apr.. 3.21 4.28 96.8 Dec... 4.90 90.1 May. 3.25 4.26 97.0 June 3.25 4.24 97.2 1920—Jan.. 4.50 4.93 89.8 July. 3.20 4.14 98.4 Feb... 4.50 5.05 88.6 Aug.. 3.13 4.12 98.6 Mar.. 4.75 5.09 88.2 Sept. 3.34 4.19 97.8 Apr.. 5.25 5.28 86.3 Oct.. 3.71 4.30 96.6 May.. 5.50 5.58 83.4 Nov. 3.66 4.33 96.2 June. 5.75 5.54 83.8 Dec. 3.65 4.32 96.3 July. 5.81 5.57 83.5 Aug.. 5.83 5.67 82.6 1923—Jan.. 3.66 4.32 96.3 Sept.. 5.81 5.43 84.8 Feb.. 3.65 4.33 96.2 Oct.. 5.75 5.08 88.3 Mar. 4.12 4.38 95.7 Nov.. 5.75 5.21 87.0 Apr.. 4.13 4.39 95.6 Dec... 5.88 5.40 85.1 May. 3.95 4.37 95.8 June 3.84 4.34 96.1 1921—Jan... 5.67 5.23 86.8 July. 3.91 4.34 96.1 Feb... 5.30 5.28 86.3 Aug.. 3.86 4.35 96.0 Mar.. 5.38 5.27 86.4 Sept. 4.01 4.36 95.9 Apr... 5.20 5.24 86.7 Oct.. 4.22 4.40 95.4 May.. 5.16 5.25 86.6 Nov. 3.94 4.37 95.8 June.. 4.99 5.27 86.4 Dec. 3.88 4.35 96.0 For footnotes see end of table. MAY 1945 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Contznued Monthly Figures—Continued Yields Yields Billsl C an e d rt i n fi o c t a e t s e 1 s Bonds Price of Bills1 C an er d t i n fi o c t a e t s e 1 s Notes Bonds Price of Month' New issues Long-term* b l t o o e n n r d m g s - 5 Month New issues q D uo e t a a l t e i r o s n ' s 3 y e t a o r s 5 Long-term4 b l t o o e n n r d m g s - 5 offered 3 to 6 offered 3 to 6 p w e i r t i h o i d n ^ months ta P x a - r e t x ia e l m ly pt p w e i r t i h o i d n 2 3 months months ex T e a m x- pt ta P x a - r e t x i e a m lly pt 1924—Jan... 3.76 4.30 96.6 1930—Jan... 3.39 3.43 107.0 Feb... 3.54 4.28 96.8 Feb.. 3.306 3.36 3.41 107.2 Mar.. 3.57 4.28 96.8 Mar... 2.95 3.29 108.8 Apr... 3.38 4.23 97.3 Apr.. 2.933 3.00 3.37 107.7 May.. 2.99 4.15 98.3 May. 2.544 2.41 3.31 108.5 June.. 2.44 3.98 100.2 June. 1.89 3.25 109.3 July.. 1.92 3.94 100.7 July.. 1.83 3.25 109.3 Aug.. 1.90 3.91 101.1 Aug.. 1.960 1.53 3.26 109.2 Sept.. 2.14 3.92 100.9 Sept.. 1.77 3.24 109.4 Oct... 2.41 3.87 101.5 Oct... 1.74 3.21 109.8 Nov.. 2.58 3.90 101.2 Nov.. 1.726 1.40 3.19 110.1 Dec... 2.57 3.96 100.5 Dec... 1.48 3.22 109.7 1925—Jan... 2.61 3.96 100.5 1931—Jan... .949 1.24 3.20 594.4 Feb... 2.62 3.95 100.6 Feb... 1.207 1.06 3.30 93.2 Mar.. 2.78 3.96 100.5 Mar... 1.465 1.38 3.27 93.6 2.78 3.93 100.8 Apr... 1.313 1.49 3.26 93.7 May.; 2.73 3.87 101.5 May.. 1.014 3.16 94.9 June. 2.86 3.79 102.5 June. .631 .55 3.13 95.2 July.. 3.06 3.79 102.5 July.. .485 .41 3.15 95.0 Aug.. 3.01 3.85 101.8 Aug.. .598 .42 3.18 94.6 Sept.. 3.17 3.85 101.8 Sept.. 1.217 .45 3.25 93.8 Oct. . 3.53 3.82 102.1 Oct... 2.468 1.70 3.63 89.4 Nov.. 3.65 3.79 102.5 Nov.. 2.225 1.77 3.63 89.4 Dec. 3.51 3.80 102.4 Dec... 3.253 2.41 3.93 86.1 1926—Jan... 3.49 3.77 102.7 1932—Jan... 2.681 2.48 4.26 82.6 Feb.. 3.18 3.71 103.5 Feb.. . 2.655 2.42 4.11 84.2 Mar.. 3.14 3.71 103.5 Mar... 2.079 2.25 3.92 86.2 3.08 3.70 103.6 Apr.. . .767 1.11 3.68 88.8 3.17 3.67 104.0 May.. .428 .31 3.76 87.9 June.... 2.93 3.67 104.0 June. .408 .34 3.76 87.9 July 3.11 3.68 103.8 July.. .417 .22 3.58 90.0 Aug 3.27 3.70 103.6 Aug.. .440 .14 3.00 3.45 91.5 Sept 3.42 3.70 103.6 Sept.. .233 .03 2.95 3.42 91.8 Oct 3.58 3.68 103.8 Oct... .176 ? 2.77 3.43 91.7 Nov 3.35 3.62 104.6 Nov.. .181 ( 2.77 3.45 91.5 Dec 3.07 3.56 105.3 Dec... .085 .04 2.56 3.35 92.6 1927—•Jan... 3.23 3.51 106.0 1933—Jan... .207 .07 2.40 3.22 94.2 Feb.. 3.29 3.48 106.3 Feb... .485 .01 2.54 3.31 93.1 Mar 3.20 3.37 107.7 Mar.. . 2.289 1.34 3.09 3.42 91.8 Apr 3.39 3.35 108.0 Apr... .565 .45 2.90 3.42 91.8 May. . .. 3.33 3.31 108.5 May.. .418 .29 2.68 3.30 93.2 June . .. 3.07 3.34 108.1 June. .267 .07 2.52 3.21 94.3 July 2.96 3.36 107.9 July.. .367 .19 2.49 3.20 94.4 Aug 2.70 3.32 108.4 Aug.. .211 .01 2.48 3.21 94.3 Sept 2.68 3.30 108.7 Sept.. .102 .04 2.31 3.19 94.5 Oct 3.08 3.29 108.8 Oct... .157 .09 2.31 3.22 94.2 Nov 3.04 3.23 109.6 Nov.. .419 .22 2.98 3.46 91.3 Dec 3.17 3.17 110.4 Dec... .695 .29 3.25 3.53 90.5 1928—Jan... 3.31 3.18 110.2 1934—Jan... .670 .72 .25 3.11 3.50 90.9 Feb.. . 3.33 3.19 110.1 Feb.. .628 .62 .08 2.80 3.32 93.0 M Ap a r r . . . .. . 5 3 . . 6 2 2 7 3 3 . . 1 2 7 0 1 1 1 1 0 0 . . 4 0 M Ap a r r . . . . . . 1 2 7 7 9 3 . .1 2 5 4 .0 6 1 2 2. . 0 4 7 4 3 3 . . 2 1 0 1 9 9 4 5 . . 4 5 May. . 73.90 3.24 109.4 May.. .138 .16 1.92 3.02 96.6 June. 73.92 3.29 108.8 June. .070 .15 .72 2.98 97.1 *July.. 4.12 3.42 107.1 July.. .072 .15 .57 2.92 97.8 Aug. 4.36 3.48 106.3 Aug.. .198 .19 .74 3.03 96.5 Sept.. 4.57 3.46 106.6 Sept.. .270 .21 .26 3.20 94.4 Oct... 4.70 3.47 106.5 Oct... .208 .27 .00 3.10 95.6 Nov.. 4.26 3.38 107.6 Nov.. .217 .25 .99 3.07 96.0 Dec.. 4.26 3.45 106.7 Dec... .143 .23 .78 3.01 96.7 1929—Jan 4.66 3.52 105.8 1935—Jan... .136 .20 .60 2.88 98.3 Feb 4.39 3.62 104.6 Feb... .114 .19 .42 ' 2.79 99.5 Mar 4.60 3.74 103.1 Mar.. .154 .15 .21 2.77 99.7 Apr 4.80 3.64 104.3 Apr.. .169 .15 .20 2.74 100.1 May.... 5.09 3.64 104.3 May. .145 .15 .12 2.72 100.4 June.... 4.80 3.69 103.7 June. .128 .15 .15 2.72 100.4 July 4.55 3.64 104.3 July.. .065 .15 .15 2.69 100.8 Aug 4.70 3.71 103.5 Aug.. .101 .16 .21 2.76 99.9 Sept 4.58 3.70 103.6 Sept.. .214 .20 .46 2.85 98.7 Oct 4.37 3.61 104.7 Oct... .189 .20 .37 2.85 98.7 Nov 3.47 3.35 108.0 Nov.. .135 .16 .29 2.83 99.0 Dec 3.276 3.03 3.36 107.9 Dec. .15 1.25 2.84 For footnotes see end of table. 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued Monthly Figures—Continued Yields Yields Bills1 Notes Bonds Bills1 Notes Bonds Price Certifi- Price Month New- D q t e u i a o o l n t e a s r - s y 3 e t a o r s 5 a 1 n 5 d y o e v a e rs r lo o n f g- Month New D q e u a o l t e a r - s' cates1 y 3 e t a o r s 5 y 7 e t a o r s 9 a 1 n 5 d y o e v a e rs r lo o n f go i f s f s e u r e e s d bonds5 o i f s f s e u r e e s d Par- b t o e n rm ds5 p w e i r t i h o i d n 2 mon 3 ths ex T e a m x- pt P e a x r t e t a i m x a - l p l t y p w e i r t i h o in d2 mon 3 ths m 9 o t n o t h 1 s 2 e T m e a x x p - - t T ab a l x e - 3 Taxable t t i e a a x x l - l - y T a a b x le empt 1936—Jan .099 .20 1.21 2.81 99.2 1940—Oct (6) .02 .43 2.21 107.2 Feb .081 .20 1.15 2.78 99.6 Nov .003 .02 .34 2.09 108.9 Mar .113 .20 1.10 2.73 100.3 Dec (6) .02 .35 2.01 110.1 Apr .099 .20 1.10 2.70 100.7 May.... .182 .20 1.09 2.68 100.9 1941—Jan (6) .02 .43 .76 2.12 108.5 June.... .226 .20 1.13 2.69 100.8 Feb .034 .04 .55 .81 2.22 107.1 July .... .141 .15 1.17 2.68 100.9 Mar .089 .11 .50 .84 2.12 108.5 Aug .182 .20 1.12 2.64 101.4 Apr .092 .10 .52 .81 2.07 109.2 Sept .155 .16 1.09 2.65 101.3 May.... .082 .11 .44 .72 2.04 109.7 Oct .132 .13 1.12 2.68 100.9 June.... .089 .12 .38 .68 2.01 110.1 Nov .095 .11 .99 2.60 102.0 July .097 .12 .37 .67 1.98 110.5 Dec... . .209 .12 1.04 2.59 102.1 Aug .108 .13 .33 .62 2.01 110.1 Sept .055 .10 .34 .62 2.02 109.9 1937—Jan .360 .17 1.18 2.56 102.5 Oct .049 .09 .41 .72 1.98 110.5 Feb .384 .15 1.22 2.54 102.7 Nov .242 .28 .57 3.98 1.95 2^34 5103.15 Mar .583 .38 1.44 2.66 101.2 Dec .298 .33 .64 1.10 2.06 2.47 100.52 Apr .696 .56 1.59 2.83 99.0 May .647 .41 1.48 2.80 99.4 1942—Jan .214 .47 1.05 1.86 2.10 2.48 100.35 June.... .561 .36 1.54 2.81 99.2 Feb .250 .44 1.02 1.89 2.17 2.48 100.44 July .492 .28 1.44 2.78 99.6 Mar .212 .44 1.02 1.85 2.10 2.46 100.80 Aug .519 .29 1.45 2.78 99.6 Apr .299 1.06 1.83 2.07 2.44 101.09 Sept .530 .31 1.50 2.82 99.1 May.... .364 1.11 1.93 2.06 2.45 100.90 Oct .343 .20 1.42 2.82 99.1 June.... .363 31.41 1 90 2.04 2.43 101 22 Nov .145 .09 1.31 2.78 99.6 July .368 1.45 l!96 2.04 2.46 KXL76 Dec .104 .11 1.27 2.73 100.3 Aug .370 "'^80' 1.47 1.98 2.06 2.47 100.61 Sept .370 .76 1.47 1.97 2.08 2.46 100.78 1938—Jan .099 .10 1.13 2.69 100.8 Oct .372 .75 1.48 1.98 2.09 2.45 100.82 Feb .084 .08 1.09 2.68 100.9 Nov .371 .80 1.49 1.98 2.10 2.47 100.58 Mar .074 .08 1.01 2.67 101.0 Dec .363 .80 1.48 1.98 2.13 2.49 100.24 Apr .083 .09 .94 2.66 101.2 May.... .027 .05 .77 2.56 102.5 1943—Jan .367 .76 1.43 1.93 2.11 2.46 100.67 June.... .023 .05 .67 2.58 102.2 Feb .372 .73 1.41 1.93 2.11 2.46 100.60 July .053 .07 .70 2.58 102.2 Mar .373 .75 1.40 1.98 2.12 2.48 100.41 Aug .047 .06 .71 2.57 102.3 Apr .373 .78 31.39 1.99 2.05 2.48 100.36 Sept .096 .08 .82 2.63 101.6 May.... .373 .78 1.36 1.95 1.96 2.46 100.68 Oct .023 .05 .68 2.55 102.6 June.... .374 .70 1.32 1.93 1.91 2.45 100.79 Nov .024 .04 .71 2.56 102.5 July .374 .68 1.30 1.92 1.91 2.45 100.75 Dec .007 .03 .67 2.56 102.5 Aug .375 .75 1.29 1.95 1.92 2.46 100.53 Sept .375 .77 1.31 1.97 1.90 2.48 100.35 1939—Jan .002 .03 .65 2.54 102.7 Oct .375 78 1.31 1.98 1.90 2.48 100.39 Feb .004 .03 .63 2.51 103.1 Nov .375 .77 1.29 2.00 1.94 2.48 100.24 Mar .005 .03 .51 2.43 104.2 Dec .375 .77 1.30 2.00 1.95 2.49 100.19 Apr .019 .03 .50 2.38 104.9 May.... .006 .03 .42 2.27 106.4 1944—Jan .374 .78 1.30 1.99 1.95 2.49 100.18 June.... .006 .03 .39 2.22 107.1 Feb .375 .78 1.32 1.96 1.93 2.49 100.14 July .017 .04 .45 2.23 107.0 Mar .375 .80 1.36 1.95 1.91 2.48 100.26 Aug .058 .05 .48 2.27 106.4 Apr .375 .78 1.36 1.95 1.94 2.48 100.26 Sept .101 .14 1.07 2.67 101.0 May.... .375 .77 1.35 1.95 1.94 2.49 100.19 Oct .028 .05 .77 2.60 102.0 June.... .375 .79 1.34 1.95 1.91 2.49 100.16 Nov .018 .05 .64 2.46 103.8 July .375 .77 1.31 1.95 1.89 2.49 100.19 Dec .010 .04 .51 2.35 105.3 Aug .375 .76 1.30 1.93 1.90 2.48 100.35 Sept. .375 .79 1.31 1.92 1.93 2.47 100.40 1940—Jan. (6) .01 .47 2.30 106.0 Oct .375 .80 1.35 1.93 1.93 2.48 100.29 Feb .004 .02 .46 2.32 105.7 Nov .375 .81 1.34 1.92 1.90 2.48 100.26 Mar (6) .02 .42 2.26 106.6 Dec .375 .80 1.35 1.93 1.87 2.48 100.34 Apr .003 .02 .45 2.26 106.6 May.... .042 .06 .65 2.39 104.8 1945—Jan .375 .78 1.31 1.89 1.81 2.44 100.97 June.... .071 .10 .76 2.40 104.6 Feb .375 .77 1.22 1.77 1.75 2.38 101.81 July .009 .05 .57 2.30 106.0 Mar .375 .78 1.18 1.70 1.70 2.40 101.56 Aug .019 .04 .58 2.31 105.9 Apr .375 .77 1.14 1.62 1.68 2.39 101.68 Sept .021 r.os .48 2.25 106.7 For footnotes see end of table. 485 MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued Weekly Figures [Averages of daily figures, except where otherwise indicated] Yields Yields Bills1 Notes Bonds Bills1 Notes Bonds Week ending New w i i s th su in e s w o e f e f k ered D q t e u i a o o l n e ta s r - s' y 3 e t a o r s 5 L te o r n m g 4 - lo P b n r o g i n c - e t d e s o r 5 m f Week ending o N f is fe e s r u w e e d D q e u a o le ta r - s' y 3 e t a o r s 5 a 1 n 5 d y o e v a e rs r lo P b n r o g i n c - e d te s o r 5 m f within tions week mo 3 nths mo 6 nths mo 9 nths mon 3 ths ex T e a m x- pt P e a x t r a e ti x m a - l p l t y mon 9 ths mon 3 ths ex T e a m x- pt P e a x r e t t a m i x a p - ll t y 1934 1935 Jan. 6 .622 .70 3.14 3.48 91.1 Apr. 6. ... .176 .15 L.21 2.74 100.1 13 . . .670 .80 3.25 3.56 90.2 13.... .176 .15 L.23 2.74 100.1 20 ... .669 .65 3.06 3.49 91.0 20.... .169 .15 1.20 2.75 100.0 27 717 .74 3.07 3.48 91.1 27.... .153 .15 .17 2.73 100.3 Feb. 3.... .656 .942 .70 2.88 3.39 92.1 May 4.... .152 .15 L. 12 2.71 100.5 10 .662 .988 .70 2.78 3.34 92.7 11.... .143 .15 .13 2.72 100.4 17 575 .67 2.83 3.31 93.1 18.... .146 .15 .12 2.73 100.3 24.... .617 .54 2.81 3.29 93.3 25.... .137 .15 .13 2.72 100.4 Mar. 3 ... .434 .42 2.77 3.31 93.1 June 1.... .149 .15 .14 2.75 100.0 10 .32 2 58 3.25 93.8 148 .15 .15 2 74 100.1 17 ... .089 .23 2.38 3.18 94.6 15.... .134 .15 .12 2.72 100.4 24 .080 .190 .14 2.34 3.15 95.0 22.... .123 .15 .18 2.72 100.4 31 .077 .194 .15 2.27 3.15 95.0 29.... .107 .15 .17 2.70 100.7 Apr. 7 .073 .182 .15 2.10 3.14 95.1 July 6.... .080 .15 .16 2.70 100.7 14 .079 .187 .15 2.00 3.10 95.6 13.... .052 .15 .16 2.69 100.8 21 .078 .185 .15 2.13 3.11 95.5 20.... .057 .15 .15 2.69 100.8 28 .074 .162 .15 2.07 3.10 95.6 27.... .071 .15 .15 2.69 100.8 May 5 .068 .146 .15 2.01 3.06 96.1 Aug. 3.... .070 .15 .13 2.69 100.8 12 .063 .140 .16 1.93 3.02 96.6 10.... .073 .15 .15 2.71 100.5 19 .058 .127 .16 1.92 3.02 96.6 17.... .082 .15 .16 2.74 100.1 26 .15 1.89 3.02 96.6 24.... .127 .15 .22 2.79 99.5 31.... .151 .20 .37 2.84 98.8 June 2. ... .15 1.82 3.00 96.8 9 ... .15 1 74 3.00 96.8 Sept. 7 .176 .20 .38 2.82 99.1 16 .074 .15 1.71 2.97 97.2 14.... .198 .20 .40 2.83 99.0 23 .067 .15 1 72 2.98 97.1 21 .228 .20 .55 2.89 98.2 30 .. .070 .15 1.68 2.97 97.2 28 .253 .20 .49 2.87 98.5 July 7 .068 .15 1.62 2.95 97.5 Oct. 5 .233 .20 .48 2.88 98.3 14 ... .069 .15 1 56 2.90 98.1 12. ... .205 .20 .42 2 86 98.6 21 067 .15 1.53 2.90 98.1 19 .177 .20 .33 2.83 99.0 28 .085 .15 1.55 2.94 97.6 26 .169 .20 .30 2.83 99.0 Aug 4 .115 .15 1 60 2.95 97.5 Nov. 2 .161 .20 .32 2.83 99.0 11 .248 .16 1.72 3.01 96.7 9 .143 .20 .27 2.82 99.1 18 ... .227 .24 1 73 3.05 96.2 16. .. .142 .15 .29 2.83 99.0 25 .219 .20 1.80 3.05 96.2 23.... .131 .15 .28 2.83 99.0 30.... .124 .15 .29 2.84 98.8 Sept 1 181 .20 1.85 3.05 96.2 8 .226 .20 2 07 3.12 95.4 Dec. 7.... .108 .15 .26 2.84 98.8 15 ... .282 .20 2 32 3.20 94.4 14 087 .15 .24 2.84 98.8 22 .286 .20 2.35 3.25 93.8 21.... .080 .15 1.27 2.84 98.8 29 .284 .25 2.33 3.23 94.0 28.... .080 .15 1.24 2.83 99.0 Oct 6 236 .30 2.24 3.18 94.6 1936 13 ... .209 .28 2 05 3.11 95.5 Jan. 4... .107 .20 1.23 2.82 99.1 20 .198 .25 1.88 3.07 96.0 11.... .100 .20 1.21 2.81 99.2 27 189 .25 1.88 3.05 96.2 18.... .093 .20 1.18 2.79 99.5 25.... .098 .20 1.22 2.81 99.2 Nov 3 .212 .25 1.99 3.08 95.9 10 220 .25 2.03 3.09 95.7 Feb. 1.... .095 .20 1.22 2.81 99.2 17 . . .208 25 1 97 3.07 96.0 8 087 .20 1.19 2.80 99.4 24 .226 .25 1.96 3.05 96.2 15.... .078 .20 1.16 2.79 99.5 22.... .074 - .20 1.13 2.76 99.9 Dec 1 .219 .25 1.97 3.05 96.2 29.... .084 .20 1.11 2.77 99.7 8 198 .25 1.84 3.03 96.5 15 .155 .25 1.78 3.02 96.6 Mar. 7.... .104 .20 1.05 2.74 100.1 22 ... .116 .20 1.74 2.99 97.0 14 . .104 .20 1.08 2.74 100.1 29 101 .20 1.73 2.99 97.0 21.... .118 .20 1.13 2.73 100.3 28.... .126 .20 1.12 2.71 100.5 1935 Jan 5 116 .20 1.69 2.96 97.3 Apr. 4.... .113 .20 1.12 2.71 100.5 12 .. .145 .20 1.64 2.92 97.8 11.... .100 .20 1.11 2.70 100.7 19 145 .20 1.64 2.88 98.3 18.... .093 .20 1.09 2.69 100.8 26 .136 .20 1.53 2.83 99.0 25.... .089 .20 1.09 2.70 100.7 Feb 2 120 .20 1.52 2.84 98.8 May 2 .125 .20 1.10 2.70 100.7 9 .110 .20 1.51 2.82 99.1 9.... .188 .20 1.11 2.70 100.7 16 ... .117 .20 1.46 2.81 99.2 16.... .181 .20 1.09 2.69 100.8 23 .108 .166 .20 1.33 2.77 99.7 23.... .200 .20 1.07 2.67 101.0 30.... .218 .20 1.09 2.68 100.9 Mar. 2 ... .100 .147 .15 1.24 2.74 100.1 9 .094 .141 .15 1.20 2.75 100.0 June 6.... .230 .20 1.07 2.69 100.8 16 .094 .147 .15 1.19 2.78 99.6 13.... .242 .20 1.09 2.69 100.8 23 .109 .180 .15 1.25 2.79 99.5 20.... .240 .20 1.16 2.69 100.8 30 .157 .15 1.22 2.77 99.7 27.... .191 .20 1.18 2.70 100.7 For footnotes see end of table. 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued Weekly Figures—Continued Yields Yields Bills1 Notes Bonds Bills1 Notes Bonds Price of Price of Week ending Ne o w w f i f t e h i r s e in s d ue D q e u a o le ta r - s' 3 y e t a o r s 5 a 1 n 5 d y o e v a e rs r b l t o o e n n rm d g- s5 Week ending New w i i t s h s i u n e w o e f e fe k red D q e u a o le ta r - s' y 3 e t a o r s 5 a 1 n 5 d y e o a v r e s r b l t o o e n r n m d g s - 5 week tions Tax- Partially tions Tax- Partially 9 months 3 months exempt exempt 3 months 9 months 3 months exempt ex t e a m x- pt 1936 1937 July 4 .067 .16 1.17 2.69 100.8 Oct 2 .436 .19 1.45 2.82 99.1 11 .071 .15 1.14 2.67 101.0 9 .429 .20 1.41 2.82 99.1 18 .115 .15 1.18 2.68 100.9 16 362 .20 1.42 2.82 99.1 25 .224 .15 1.19 2.68 100.9 23 8.261 22 1.46 2 82 99 1 30 8.226 .17 1.41 2 81 99 2 Aug. 1 .230 .15 1.16 2.67 101.0 8 .213 .20 1.14 2.67 101.0 Nov. 6 8.201 .11 1.34 2 79 99 5 15 .194 .20 1.13 2.65 101.3 13. 8.143 .08 1.32 2 80 99 4 22 .170 .20 1.12 2.63 101.6 20 8.117 .08 1.28 2.78 99.6 29 .149 .20 1.09 2.62 101.7 27 8.119 .09 1.30 2.76 99.9 Sept. 5 .130 .16 1.07 2.60 102.0 Dec. 4 8 129 .11 1.31 2 75 100 0 12 .146 .16 1.07 2.61 101.8 11. 8.124 .12 1.27 2.74 100.1 19 .156 .16 1.09 2.66 101.2 18 .102 .11 1.28 2 73 100 3 26 .186 .16 1.12 2.68 100.9 25 .101 .09 1.26 2.71 100.5 Oct. 3 .162 .18 1.12 2.68 100.9 1938 10 .141 .16 1.11 2.68 100.9 Jan 1 065 .11 1.22 2.71 100.5 17 .124 .12 1.12 2.68 100.9 8 .097 .10 1.18 2.70 100.7 24 .120 .12 1.12 2.68 100.9 15 .111 .11 1.12 2.69 100.8 31 .115 .10 1.13 2.69 100.8 22 .103 .10 1.08 2 67 101 0 29. . .084 .10 1.14 2.70 100 7 Nov. 7 .106 .11 1.07 2.65 101.3 14 .101 .11 1.01 2.61 101.8 Feb. 5... .080 .07 1.12 2 69 100 8 21 .084 .11 .96 2.58 102.2 12 .078 .08 1.13 2.69 100.8 28 .088 .11 .95 2.58 102.2 19. .092 .08 1.08 2 68 100 9 26 .086 .09 1.05 2.66 101.2 Dec. 5 .092 .10 .94 2.59 102.1 12 .117 .10 .94 2.58 102 2 Mar 5 073 07 1.00 2 65 101 3 19 .225 .10 1.07 2.60 102.0 12 .070 .07 .98 2 66 101 2 26 .294 .15 1.15 2.61 101.8 19. . . .067 .07 1.03 2 69 100 8 26 .087 .08 1.01 2.68 100.9 1937 Jan. 2 .316 .18 1.13 2.57 102.3 Apr. 2 .139 .11 1.06 2.71 100.5 9 .333 .18 1.17 2.55 102.6 9 146 .14 1.07 2.71 100.5 16 .345 .18 1.19 2.55 102.6 16 .061 .13 1.01 2.69 100.8 23 .361 .15 1.19 2.56 102.5 23 .037 .05 .82 2 62 101 7 30 .401 .15 1.20 2.56 102.5 30 .033 .04 .83 2.60 102.0 Feb 6 .373 .16 1.19 2.55 102.6 May 7 .029 .06 .82 2.57 102.3 13 .373 .15 1.20 2.55 102.6 14 .027 .06 .79 2.56 102.5 20 .386 .15 1.24 2.55 102.6 21 .025 .05 .75 2.56 102.5 27 .402 .15 1.26 2.53 102.9 28 .025 .04 .72 2.57 102.3 Mar. 6. .454 .25 1.30 2.54 102.7 June 4 .040 .05 .67 2 55 102 6 13 .525 .25 1.40 2.59 102.1 11. ... .027 .05 .65 2.57 102.3 20 .711 .37 1.50 2.68 100.9 18 .016 .05 .66 2.59 102.1 27 .643 .55 1.50 2.77 ' 99.7 25 .011 .04 .68 2.60 102.0 Apr. 3 .661 .58 1.57 2.83 99.0 Tuly 2 .023 .04 .68 2 60 102 0 10 .667 .65 1.65 2.84 98.8 9...'.'.'. .038 .06 .69 2.58 102.2 17 .701 .60 1.60 2.81 99.2 16 .054 .06 .69 2 58 102 2 24 .715 .48 1.54 2.82 99.1 23 .059 .07 .72 2.58 102.2 30 .062 .07 .70 2 58 102 2 May 1 .738 .45 .52 2.83 99.0 8 .723 .47 1.49 2.79 99.5 Aug. 6 .044 .07 .70 2.57 102.3 15 .685 .42 .48 2.81 99.2 13 .047 .06 .70 2.56 102.5 22 .617 .38 L.47 2.81 99.2 20 .048 .06 .71 2.56 102.5 29 .562 .35 L46 2.79 99.5 27. .047 .06 .72 2.56 102.5 June 5 .545 .35 1.49 2.80 99.4 Sept. 3 .049 .06 .74 2.59 102 1 12 .572 .36 1.52 2.81 99.2 103 .06 .74 2.59 102.1 19 .578 .39 1.56 2.82 99.1 17 .106 .09 .87 2.66 101.2 26 . . .619 .35 1.57 2.82 99.1 24 .142 .08 .85 2.64 101.4 July 3 .490 .34 1.55 2.82 99.1 Oct 1 032 .10 .85 2.64 101.4 10 .514 .30 t .50 2.79 99.5 8 .022 .05 .67 2.56 102 5 17 .502 .30 L.45 2.79 - 99.5 15 .018 .05 .66 2.55 102.6 24 .485 .27 1.41 2.77 99.7 22 .026 .04 .67 2.54 102.7 31 .467 .24 L38 2.75 100.0 29 .027 .04 .69 2.54 102.7 Aug. 7 .478 .26 1.38 2.75 100.0 Nov. 5 .022 .04 .69 2.55 102 6 14 .459 .25 L.39 2.76 99.9 12 .027 .04 .71 2.55 102.6 21 .524 .26 1.44 2.79 99.5 19 .026 .04 .73 2.57 102.3 28 .615 .34 1.53 2.83 99.0 26 .021 .04 .72 2.57 102.3 Sept. 4 .711 .45 L.54 2.84 98.8 Dec. 3 .017 .04 .68 2.58 102.2 11 .584 .45 L.57 2.84 98.8 10 .013 .03 .65 2.56 102.5 18 .441 .29 L47 2.81 99.2 17 .006 .03 .69 2.56 102.5 25 .384 .22 L .46 2.81 99.2 24 .02 .69 2.55 102.6 31 .02 .66 2.55 102.6 For footnotes see end of table. MAY 1945 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued Weekly Figures—Continued Yields Yields Bills1 Notes Bonds Bills1 Notes Bonds Price of Price of Week ending N 3 e w o m w w f i f o t e e h i n e r s i e k t s n h d u s e 3 D q m e t u i a o o o l n n e ta s r t - h s' s e 3 y T x e e a t a o m x r - s p 5 t a P 1 e n a x 5 d t r e a t y m i x o a e - v p l a l e t r y r s b l t o o e n n rm d g s - 5 Week ending N 3 w e o m w w f i f t e e o h r e n i e i k s t n d s h u s e 3 D q m t e u i a o o o l n t n e a s t r - h s s ' ex T e a m 3 x p - to t 5 y T e a a x rs able3 P a e 1 n a x 5 t r d e a t y m i x o a e - p v l a l t e r y s r b l t o o e n n rm d g s - 5 1939 1940 Jan. 7.. () .03 2.54 102.7 Mar. 2. . .000 .02 .43 2.33 105.6 14.. .001 .03 .67 2.54 102.7 9.. 6 .02 .42 2.28 106.3 21. . .007 .03 .63 2.52 103.0 16.. .02 .42 2.25 106.7 28.. .002 .03 .64 2.55 102.6 23. . .02 .43 2.26 106.6 30.. .02 .41 2.24 106.8 Feb. 4.. .004 .03 .63 2.52 103.0 11. . .005 .03 .64 2.52 103.0 Apr. 6... .000 .02 .39 2.21 107.2 18.. .004 .03 .63 2.50 103.3 13... .001 .02 .45 2.26 106.6 25.. .004 .03 .63 2.50 103.3 20.. .004 .02 2.29 106.1 27. ., .007 .02 2.29 106.1 Mar. 2 1 1 4 5 8 1 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 3 3 2 0 . . . . 0 0 0 0 3 3 3 3 . . . . 5 5 4 5 3 2 9 6 2 2 2 2 . . . . 4 4 4 4 3 4 3 8 1 1 1 1 0 0 0 0 4 4 4 3 . . . . 2 2 5 1 May 2 1 1 4 1 5 8 . . . . . . . . . . . 0 0 0 0 3 6 1 0 2 7 6 8 . . . . 0 0 0 0 6 3 8 2 . . . . 7 4 7 4 7 8 0 5 2 2 2 2 . . . . 4 4 2 2 7 4 9 6 1 1 1 1 0 0 0 0 3 6 4 6 . . . . 7 1 6 1 Apr. 2 2 1 8 9 2 1 5 . . . . . . . . . . . . . . . 0 0 0 0 0 1 2 1 1 2 2 5 6 6 3 . . . . . 0 0 0 0 0 3 3 3 3 3 . . . . .4 4 4 5 5 8 9 9 0 1 2 2 2 2 2 . . . . . 3 3 3 4 3 6 8 9 1 9 1 1 1 1 1 0 0 0 0 0 5 4 4 4 4 . . . . . 2 9 5 8 8 June 2 2 1 8 9 2 1 5 . . . . . . . . . . . . . . 0 0 0 1 0 2 4 9 1 8 4 6 5 8 9 . . . . 1 0 1 1 2 9 0 1 . . . . . 7 6 8 8 8 2 7 3 4 0 2 2 2 2 2 . . . . . 3 3 4 4 4 3 5 3 9 9 1 1 1 1 1 0 0 0 0 0 4 5 5 3 3 . . . . . 2 6 3 4 4 May 6.. .009 .03 .47 2.34 105.4 July 6. .017 .08 .61 2.31 105.9 13.. .005 .03 .45 2.28 106.3 13. .008 .05 .56 2.31 105.9 20.. .005 .03 .40 2.25 106.7 20. .006 .04 .56 2.30 106.0 27.. .004 .03 .40 2.24 106.8 27. . .004 .04 .57 2.31 105.9 June 3.. .004 .03 .37 2.21 107.2 Aug. 3.. .004 .04 .58 2.30 106.0 10.. .004 .03 .36 2.20 107.4 10.. .007 .04 .59 2.31 105.9 17.. .003 .03 .39 2.23 107.0 17.. .021 .04 .60 2.34 105.4 24.. .005 .03 .39 2.23 107.0 24.. .028 .05 .58 2.31 105.9 July I: .014 .03 .43 2.25 106.7 31.. .036 .05 .54 2.30 106.0 .012 .03 .47 2.25 106.7 Sept. 7.. .038 .05 .50 2.27 106.4 15.. .015 .04 .45 2.22 107.1 14.. .032 .05 .50 2.27 106.4 22.. .019 .04 .44 2.23 107.0 21.. .013 .04 .50 2.24 106.8 29.. .022 .04 .43 2.21 107.2 28.. .000 .04 .45 2.22 107.1 .032 .04 .42 2.21 107.2 Oct. 5.. .04 .45 2.21 107.2 Aug-,5 2 1 :: 9.. . . 0 0 4 3 2 2 . . 0 0 4 4 . . 4 4 3 3 2 2 . . 2 2 4 4 1 1 0 0 6 6 . . 8 8 1 19 2 . . . . 0 0 . . 0 0 2 2 . . 4 4 5 3 2 2 . . 2 2 2 2 1 10 0 7 7 . . 1 1 26.. .076 .06 .53 2.34 105.4 26.. .02 .41 2.21 107.2 Sept. 2.. .108 .09 2.38 104.9 Nov. 2.. .002 .02 .40 2.20 107.4 9.. .159 .20 1.18 2.59 102.1 9.. .003 .02 .35 2.12 108.5 16.. .125 .17 1.12 2.66 101.2 16.. .003 .02 .32 2.08 109.1 23.. .082 .13 1.09 2.74 100.1 23.. .004 .02 .32 2.07 109.2 30. . .036 .99 2.74 100.1 30.. .002 .02 .34 2.06 109.4 Oct. 7.. .022 .05 .95 2.72 100.4 Dec. 7.. .0a01 .02 .34 2.05 109.5 2 1 1 4 . . . . . .0 0 2 3 7 3 . . 0 0 5 5 . . 7 8 0 6 2 2 . . 6 5 6 4 1 10 0 2 1 . . 7 2 2 1 1 4 . . . . (6) . .0 0 2 2 . . 3 3 3 7 .65 2 1 . .9 0 9 2 1 1 0 1 9 0 . . 9 4 28.. .028 .05 .65 2.51 103.1 28.. .02 .37 .65 2.01 110.1 Nov. 4.. .017 .05 .69 2.52 103.0 1941 11. . .020 .05 .68 2.51 103.1 Jan. 4.. 0 .02 .40 .69 2.04 109.7 18.. .018 .05 .63 2.47 103.7 11.. 0 .02 .43 .75 2.09 108.9 25.. .015 .05 .60 2.40 104.6 18.. .02 .41 .75 2.11 108.7 25.. .02 .43 .76 2.15 108.1 Dec. 2.. .016 .05 .60 2.38 104.9 9.. .019 .05 .56 2.40 104.6 Feb. 1.. .02 .47 .79 2.17 107.8 16.. .018 .04 .50 2.37 105.0 8.. .000 .02 .54 .80 2.21 107.2 23.. .007 .04 .49 2.32 105.7 15.. .007 .02 .60 .82 2.23 107.0 30.. 6 .04 .47 2.30 106.0 22.. .043 .03 .58 .81 2.24 106.8 1940 Mar. 1.. .086 .09 .48 .81 2.18 107.7 Jan. 6.. 8 .00 .44 2.28 106.3 8.. .120 .12 .52 .86 2.17 107.8 13.. .00 .46 2.28 106.3 15.. .117 .14 .50 .84 2.11 108.7 20.. .02 .49 2.32 105.7 22.. .065 .11 .49 .83 2.08 109.1 27.. .001 .02 .48 2.31 105.9 29.. .055 .08 .50 .84 2.10 108.8 .004 Feb. 3.. .001 .02 .48 2.33 105.6 Apr. 5.. .079 .52 .86 2.12 108.5 10.. .005 .02 .47 2.32 105.7 12.. .093 .10 .54 .86 2.13 108.4 17.. .006 .02 .46 2.31 105.9 19.. .097 .11 .55 .82 2.08 109.1 24.. .005 .02- .46 2.32 105.7 26.. .097 .12 .51 .77 2.02 109.9 For footnotes see end of table. 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued Weekly Figures—Continued Yields Yields Bills1 Notes Bonds Bills1 Notes Bonds New New Certifiissue Dealers' 3 to 5 7 to 9 15 years Price of issue cates1 3 to 5 7 to 9 15 years Price of Week ending o w f i f t e h re in d q ti u o o n t s a- years years and over l t o e n rm g- e W nd e i e n k g o w ff i e th re in d years years and over l t o e n rm gweek bonds5 week bonds5 Par- Parmon 3 ths mon 3 ths e T m e a x x p - - t a T b a l x e - 3 Taxable ti t a e a x l x l - y - T ab a l x e - mon 3 ths m 9 o to n th 12 s a T b a l x e - 3 Taxable ti t e a a x l x - ly - T ab ax le empt empt 1941 1942 May 3. . .096 .12 .49 .74 2.02 109.9 July 4... .365 1.42 1.91 2.04 2.44 101.06 10 .069 .12 .47 .73 2.04 109.7 11 . . .365 1.44 1.95 2.04 2.46 100.70 17 .070 .10 .44 .73 2.04 109.7 18.. . .368 1.46 1.97 2.04 2.46 100.76 24 .069 .10 .41 .72 2.06 109.4 25... .370 1.46 1.97 2.04 2.46 100.75 31 .107 .10 .41 .71 2.02 109.9 Aug. 1... .372 1.47 1.98 2.04 2.46 100.66 June 7. .100 .13 .38 .70 2.03 109.8 8... .372 1.49 1.98 2.06 2.48 100.46 14 .103 .13 .37 .67 2.02 109.9 15... .372 1.48 1.98 2.06 2.48 100.48 21 .066 .12 .40 .68 2.02 109.9 22... .369 "!83" 1.47 1.98 2.06 2.47 100.68 28 .086 .10 .39 .68 1.99 110.4 29... .367 .78 1.46 1.97 2.06 2.46 100.79 July 5 .097 .10 .38 .67 1.98 110.5 Sent. 5 .368 .76 1.46 1.97 2.07 2.46 100.80 12 .097 .12 .39 .68 1.99 110.4 12... .369 .77 1.47 1.96 2.07 2.46 100.79 19 .098 .12 .37 .68 1.99 110.4 19... .370 .76 1.47 1.96 2.08 2.46 100.79 26 .094 .12 .35 .68 1.98 110.5 26.. . .373 .77 1.48 1.97 2.08 2.46 100.78 Aug. 2 .106 .12 .33 .63 1.97 110.7 Oct. 3... .369 .78 1.47 1.98 2.10 2.46 100.73 9 .114 .12 .33 .63 2.01 110.1 10... .373 .77 1.47 1.98 2.10 2.46 100.77 16 .116 .13 .34 .64 2.04 109.7 17. .. .373 .76 1.49 1.98 2.09 2.45 100.87 23 .114 .13 .33 .61 2.02 109.9 24... .373 .73 1.49 1.99 2.09 2.44 100.95 30 .090 .13 .32 .60 !!!!!!!!! 2.00 110.2 31... .373 .72 1.49 1.99 2.09 2.46 100.74 Sept. 6 .071 .11 .31 .58 1.99 110.4 Nov. 7... .373 .81 1.49 1.99 2.09 2.46 100.72 13 .050 .10 .32 .58 2.01 110.1 14... .371 .80 1.49 1.99 2.09 2.46 100.70 20 .037 .10 .36 .63 2.03 109.8 21. .. .370 .80 1.49 1.98 2.09 2.47 100.63 27 .062 .08 .38 .65 2.03 109.8 28... .368 .79 1.49 1.98 2.12 2.48 100.33 Oct. 4 .002 .11 .38 .66 2.01 110.1 Dec. 5.... .367 .79 1.49 1.98 2.13 2.49 100.26 11 .001 .07 .39 .69 2.00 110.2 12.... .364 .79 1.48 1.98 2.13 2.49 100.21 18 .024 .06 .41 .72 2.00 110.2 19.... .363 .78 1.48 1.98 2.13 2.49 100.20 25 .067 .06 .41 .73 1.97 2!35 5102.99 26.... .365 .82 1.49 1.98 2.13 2.49 100.21 Nov. 1 .151 .15 .45 .78 1.93 2.34 103.17 1943 8 .200 .25 .48 3.91 1.94 2.33 103.36 Jan. 2.... .357 .81 1.49 1.97 2.13 2.48 100.39 15 .258 .28 .57 .98 1.95 2.33 103.27 9.... .363 .80 1.44 1.94 2.12 2.46 100.64 22 .... .267 .30 .63 1.02 1.96 2.35 103.02 16.... .366 .76 1.43 1.93 2.11 2.46 100.69 29 .242 .30 .60 1.02 1.96 2.35 102.92 23.... .370 .75 1.41 1.93 2.11 2.46 100.67 30.... .369 .72 1.41 1.93 2.11 2.46 100.70 Dec. 6 .293 .30 .61 1.06 1.98 2.40 102.00 13 .295 .33 .68 1.13 2.08 2.50 100.08 Feb. 6.... .372 .73 1.39 1.93 2.11 2.46 100.72 20 9.295 .35 .64 1.11 2.07 2.50 100.11 13.... .373 .75 1.40 1.93 2.11 2.46 100.67 27 9.310 .35 .64 1.12 2.12 2.50 100.04 20.... .374 .72 1.42 1.94 2.11 2.47 100.50 27.... .369 .73 1.42 1.94 2.10 2.47 100.50 1942 Jan. 3 9.304 .58 1.10 2.10 2.50 100.04 Mar. 6.... .371 .75 1.41 1.95 2.12 2.47 100.45 10 .119 .48 1.07 2.07 2.49 100.17 13.... .373 .75 1.41 1.96 2.12 2.48 100.42 17 ... .196 .46 1.06 ''i!88 ' 2.09 2.49 100.24 20.... .373 .75 31.39 2.01 2.12 2.48 100.42 24 .231 .46 1.04 1.86 2.11 2.47 100.51 27.... .374 .74 1.39 2.01 2.12 2.48 100.37 31 .220 .46 1.02 1.84 2.13 2.47 100.58 Apr. 3.... .374 .75 1.39 2.01 2.10 2.48 100.34 Feb. 7 .250 .45 1.03 1.86 2.14 2.47 100.54 10.... .373 .79 1.40 2.00 2.08 2.48 100.33 14 .263 .43 1.02 1.89 2.17 2.48 100.41 17.... .371 .79 1.39 2.00 2.05 2.48 100.33 21 .266 .43 1.02 1.92 2.19 2 48 100.37 24... .372 .77 1.38 1.98 2.03 2.48 100.39 28!!!!.! .222 .44 1.02 l!91 2!l8 2!48 100!45 May 1.... .373 .78 1.39 1.99 2.03 2.48 100.43 Mar. 7 .229 .43 1.01 1.89 2.14 2.48 100.49 8.... .372 .81 1.39 1.97 1.99 2.47 100.49 14 .195 .44 1.03 1.86* 2.11 2.47 100.54 15... .373 .80 1.38 1.96 1.96 2.46 100.65 21 10.203 1.03 1.84 2.09 2.46 100.80 22... .373 .77 1.34 1.94 t.94 2.46 100.75 28. !. 10 221 1.01 l!82 2.06 2.43 101.25 29!!. .374 .74 1.33 1.92 1.93 2.45 100.86 Apr. 4 10.264 1.03 1.82 2.06 2.43 101.26 June 5.... .374 .73 1.32 1.92 1.91 2.45 100.83 11 .281 1.05 1.81 2.06 2.43 101.32 12.... .374 .71 1.33 1.94 L.90 2.45 100.78 18 .317 1.04 1.80 2.06 2.44 101.23 19.... .374 .72 1.33 1.94 .92 2.45 100.79 25 .335 1.07 1.84 2.07 2.46 100.89 26.... .374 .67 1.32 1.93 1.92 2.45 100.78 May 2 .358 1.09 1.90 2.08 2.47 100.67 July 3.... .375 .68 1.29 1.91 1.90 2.46 100.78 9 .368 1.11 1.95 2.07 2.47 100.63 10... .374 .68 1.28 1.91 1.89 2.45 100.81 16 !365 1.11 1.94 2.08 2.46 100.78 17... .374 .69 1.32 1.91 1.90 2.45 100.80 23!!!!.! .365 1.11 1.93 2!06 2.44 10l!ll 24!..! .374 .69 1.31 1.92 1.92 2.46 IOO!74 30 .365 1.11 1.90 2.04 2.44 101.21 31.... .374 .68 1.31 1.94 1.93 2.46 100.65 June 6 .366 1.13 1.91 2.04 2.43 101.24 Aug. 7.... .374 .74 1.30 1.95 1.93 2.46 100.60 13 .365 31.41 1.90 2.04 2.43 101.30 14.... .375 .73 1.28 1.95 1.92 2.46 100.59 20 u.362 1.41 1.89 2.04 2.43 101.32 21.... .374 .75 1.29 1.95 1.93 2.47 100.51 27 .360 1.42 1.91 2.05 2.44 101.10 28.... .375 .79 1.31 1.95 1.92 2.47 100.47 For footnotes see end of table. MAY 1945 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued Weekly Figures—Continued Yields Yields Bills1 Notes Bonds Bills1 Notes Bonds New Certifi- Price New Certifi- Price Week of is fe s r u e e d cates1 3 to 5 7to9 15 years and lo o n f g- Week of i f s e s r u e e d cates1 3 to 5 7 to 9 15 years and lo o n f gending within "years years over term ending within years years over term week bonds5 week bonds5 Parti- Parti- 3 9 to 12 Tax- Tax- ally Tax- 3 9 to 12 Tax- Tax- ally Taxmonths months able able tax- able months months able able tax- able exempt exempt 1943 1944 Sept. 4.... .375 .79 1.31 1.97 1.92 2.48 100.40 July 1... .375 .79 1.34 1.95 1.89 2.49 100.15 11.... .374 .77 1.32 1.97 1.91 2.48 100.37 8... .374 .78 1.32 1.95 1.89 2.49 100.15 18.... .374 .75 1.32 .98 1.90 2.48 100.33 15... .375 .78 1.31 1.95 1.88 2.49 100.19 25.... .375 .77 1.31 L.98 1.90 2.48 100.34 22... .375 .77 1.31 1.95 1.89 2.49 100.23 29... .375 .76 1.31 1.95 1.90 2.49 100.20 Oct. 2.... .375 .77 1.32 .97 1.89 2.48 100.34 9.... .375 .76 1.31 .97 1.89 2.47 100.47 Aug. 5 ... .375 .77 1.30 1.94 1.90 2.48 100.26 16.... .375 .81 1.32 .98 1.91 2.48 100.35 12 ... .375 .77 1.30 1.93 1.91 2.48 100.32 23.... .375 .79 1.31 .98 1.91 2.48 100.38 19 ... .375 .75 1.30 1.93 1.91 2.48 100.35 30.... .375 .79 1.30 .98 1.91 2.48 100.35 26 ... .375 .75 1.30 1.92 1.90 2.48 100.40 Nov. 6.... .376 .78 1.30 1.99 1.93 2.48 100.26 Sept. 2.... .375 .75 1.28 1.92 1.90 2.48 100.42 13.... .375 .77 1.30 1.99 1.93 2.48 100.25 9.... .375 .79 1.27 1.92 1.92 2.47 100.42 20.... .376 .77 1.29 2.00 1.95 2.49 100.23 16.... .375 .78 1.29 1.92 1.93 2.47 100.45 27.... .375 .75 1.29 2.00 1.95 2.48 100.24 23.... .375 .78 1.34 1.92 1.94 2.48 100.41 30.... .375 .80 1.34 1.92 1.94 2.48 100.34 Dec. 4.... .375 .78 1.29 2.00 1.95 2.49 100.21 11.... .375 .77 1.29 2.00 1.95 2.49 100.19 Oct. 7.... .376 .80 1.35 1.93 1.93 2.48 100.33 18.... .375 .77 1.31 2.00 1.96 2.49 100.18 14.... .375 .80 1.35 1.93 1.92 2.48 100.31 25.... .375 .76 1.31 2.00 1.95 2.49 100.19 21.... .375 .80 1.34 1.93 1.92 2.48 100.29 28.... .375 .79 1.34 1.94 1.94 2.48 100.26 1944 Jan. 1 .373 .77 1.31 2.00 1.96 2.49 100.19 Nov. 4.... .375 .81 1.35 1.94 1.92 2.48 100.25 8 .374 .76 1.29 1.99 1.95 2.49 100.20 11.... .375 .81 1.35 1.92 1.91 2.48 100.27 15 .374 .77 1.29 1.99 1.95 2.49 100.20 18.... .375 .81 1.34 1.92 1.90 2.48 100.27 22 .374 .78 1.31 1.99 1.95 2.49 100.16 25.... .375 .80 1.33 1.92 1.89 2.48 100.26 29 .374 .79 1.32 1.99 1.95 2.49 100.14 Dec. 2.... .375 .80 1.35 1.93 1.90 2.48 100.24 Feb. 5 .374 .78 1.32 1.98 1.96 2.49 100.13 9.... .375 .80 1.35 1.93 1.88 2.48 100.27 12 .375 .77 1.32 1.95 1.94 2.49 100.13 16.... .375 .80 1.35 1.93 1.88 2.48 100.29 19 .375 .79 1.32 1.96 1.93 2.49 100.13 23.... .375 .81 1.36 1.94 1.85 2.47 100.41 26 .375 .79 1.32 1.96 1.90 2.49 100.16 30.... .373 .81 1.36 1.94 1.84 2.47 100.47 Mar. 4 .374 .80 1.33 1.95 1.90 2.49 100.18 1945 11 .375 .79 1.33 1.95 1.90 2.49 100.24 Jan. 6.... .375 .80 1.34 1.93 1.83 2.45 100.66 18 .375 .81 1.38 1.95 1.91 2.48 100.26 13.... .375 .78 1.33 1.91 1.80 2.45 100.84 25 .375 .80 1.39 1.95 1.93 2.48 100.30 20.... .375 .79 1.32 1.89 1.80 2.44 100.96 27.... .375 .77 1.29 1.86 1.81 2.43 101.15 Apr. 1 .375 .80 1.39 1.94 1.94 2.48 100.28 8 .375 .80 1.37 1.95 1.93 2.48 100.25 Feb. 3.... .375 .77 1.25 1.81 1.80 2.41 101.48 15 .375 .78 1.36 1.95 1.93 2.48 100.27 10.... .375 .77 1.24 1.78 1.76 2.40 101.63 22 .375 .77 1.35 1.95 1.93 2.48 100.28 17.... .376 .77 1.23 1.78 1.74 2.39 101.73 29 .374 .77 1.35 1.96 1.95 2.49 100.23 24.... .375 .76 1.20 1.75 1.73 2.37 102.08 May 6 .375 .77 1.35 1.95 1.95 2.49 100.20 Mar. 3.... .375 .77 1.20 1.74 1.72 2.38 101.82 13 .375 .75 1.34 1.95 1.95 2.49 100.20 10.... .375 .78 1.18 1.71 1.69 2.40 101.60 20 .375 .78 1.35 1.95 1.95 2.49 100.18 17.... .375 .78 1.19 1.71 1.70 2.41 101.45 27 .375 .79 1.35 1.95 1.94 2.49 100.17 24.... .375 .78 1.18 1.68 1.70 2.40 101.60 31.... .376 .76 1.17 1.69 1.71 2.39 101.62 June 3 .375 .79 1.34 1 95 1.92 2.49 100.17 10 .375 .79 1.33 1.95 1.92 2.49 100.17 Apr. 7.... .375 .75 1.15 1.65 1.70 2.39 101.65 17 .375 .79 1.34 1.95 1.92 2.49 100.16 14.... .375 .76 1.15 1.62 1.68 2.38 101.79 24 .375 .79 1.35 1.95 1.90 2.49 100.16 21.... .375 .78 1.14 1.61 1.67 2.40 101.61 28.... .375 .79 1.14 1.60 1.68 2.39 101.67 i 1 Tax-exempt prior to Mar. 1, 1941; taxable thereafter. 2 Including the following maturities: three months, to Feb. 16, 1934; six months, from Feb. 23, 1934, to Feb. 23, 1935; nine months, from Mar. 1, 1935, to Oct. 15, 1937; bills maturing about Mar. 16, 1938, from Oct. 22 to Dec. 10, 1937; three months, from Dec. 17, 1937, to date. 3 A single selected issue substituted for periods when it was considered to be more representative. This substitution consisted of the 1 per cent Mar. 15| 1946, notes for the period from Nov. 1, 1941, to June 4, 1942, and the V/2 per cent Dec. 15, 1946, notes for the period from June 6, 1942, to Mar. 13, 1943. 4 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after eight years, from 1919 to 1925; after twelve years, from 1926 to 1934; and after fifteen years, from 1935 to date. 5 Price derived from average yield of partially tax-exempt bonds, on basis of 4 per cent 16-year bond through December 1930 and on basis of 2% per cent 16-year bond through October 1941. Thereafter, average of prices of taxable bonds due or callable in 15 years or more. 6 Negative yield. 7 Based in part on certificates with maturities of six to nine months. 8 Bills maturing about Mar. 16, 1938. 9 Bills maturing about Mar. 16, 1942. 10 Bills maturing about June 16, 1942. 11 Bills maturing on Sept. 17, 1942. 49° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All member banks1 n m a e t A i m o ll b n e a r l m S e A t m a ll t b e er cit C y e m nt e ra m l b r e e r s e b r a v n e ks R m e e c s m i e t r y b v e e r C m o e u m n b t e ry r Item banks banks view York Chicago banks banks 1941 1942 1943 1944 Year 1944 Earnings 1,416,866 1,486,734 1,650,170 1,873,768 1,201,935 671,833 392,33: 101,664 691,654 688,118 Interest and dividends on securities 445,281 539,673 765,828 959,787 629,920 329,867 221,258 59,52 346,704 332,298 Interest and discount on loans 665,152 639,721 552,128 548,274 359,067 189,207 93,579 24,044 210,029 220,622 Service charges on deposit accounts.... 64,869 68,177 76,407 85,500 59,931 25,569 7,343 961 30,801 46,395 O Se th rv e i r c e c h c a h r a g r e g s e , s c a o n m d m f i e s e s s i o o n n s, l f o e a e n s s , etc. \ 37,799 3 9 6 , ,2 0 7 4 1 0 4 1 5 0 , , 1 8 3 4 7 9 5 1 3 4 , , 2 9 0 0 6 0 3 8 5 , , 5 0 8 64 8 1 6 8 , , 3 1 1 4 2 2 5 6, , 5 2 3 62 9 1, 6 53 2 1 0 2 5 0 , , 7 1 9 9 1 5 2 2 5 , , 3 8 1 5 6 2 Trust department 93,116 91,925 96,333 104,333 37,387 66,946 37,316 9,660 37,214 20,143 Other current earnings 110,649 101,927 103,488 107,768 71,978 35,790 21,035 5,321 40,920 40,492 Expenses2 3 987,917rl,001,556rl,038,787 1,126,733 722,285 404,448 199,283 52,081 421,190 454,179 Salaries—officers 163,264 169,912 174,877 187,503 121,873 65,630 29,441 6,992 58,787 92,283 Salaries and wages—^others 262,639 290,625 312,125 337,440 207,821 129,619 76,940 16,132 136,945 107,423 Directors' and committee members' fees 8,169 8,539 8,706 9,514 6,377 3,137 1,072 131 1,909 6,402 Interest on time deposits 139,930 128,289 123,707 144,103 96,807 47,296 4,247 6,001 54,821 79,034 Interest on borrowed money 124 110 353 967 452 515 531 206 230 Taxes other than on net income2 128,967 r81,260 r84,282 82,844 53,800 29,04' 12,150 "5,072 32,260 33,362 Recurring depreciation on banking house, furniture, and fixtures3 33 434 33,472 34,939 24,404 10,535 4,915 734 12,631 16,659 Other current expenses 284,824 289,387 301,265 329,423 210,751 118,672 69,987 17,019 123,631 118,786 Net current earnings2 3 428,949 r485,178 r611,383 747,035 479,650 267,385 193,049 49,583 270,464 233,939 Recoveries, profits on securities, etc. 278,339 188,466 312,333 318,133 193,870 124,263 101,089 20,555 99,276 97,213 Recoveries on securities 63,989 48,301 81,812 82,821 50,290 32,531 31,733 6,955 23,551 20,582 Profits on securities 128,956 59,911 93,854 116,267 68,846 47,421 39,858 4,711 36,792 34,906 Recoveries on loans 58,905 55,903 72,533 72,540 50,240 22,300 19,006 6,200 21,857 25,477 All other 26,489 24,351 64,134 46,505 24,494 22,011 10,492 2,689 17,076 16,248 Losses and charge-offs3 317,525 223,050 250,972 232,183 142,418 89,765 60,673 15,814 87,336 68,360 On securities 137,731 102,691 101,559 97,146 67,556 29,590 22,737 10,164 35,012 29,233 On loans 83,590 64,770 63,360 60,283 41,023 19,260 12,337 3,651 27,855 16,440 Allother3 96,204 55,589 86,053 74,754 33,839 40,91 25,599 1,999 24,469 22,687 Net profits before income taxei 0 450,594 672,744 832,985 531,102 301,883 233,465 54,324 282,404 262,792 Taxes on net income 8 67,530 115,491 183,715 120,431 63,284 60,076 13,250 66,817 43,572 Federal 102,976 169,136 111,675 57,461 52,220 13,250 62,783 40,883 State 67,530 12,515 14,579 8,756 5,823 7,856 4,034 2,689 Net profits 383,064 557,253 649,270 410,671 238,599 173,389 41,074 215,587 219,220 389,763 Cash dividends declared . 210,618 203,007 208,368 226,002 144,001 82,001 70,673 12,956 77,738 64,635 On preferred stock4 12,745 11,090 10,828 9,687 5,294 4,393 813 3,863 5,011 On common stock.... 197,873 191,917 197,540 216,315 138,707 77,608 69,860 12,956 73,875 59,624 Loans 16,699,00017,218,00016,229,000 17,682,000 .0,936,000 6,746,000 5,223,000 1,084,000 6,594,000 4,781,000 U. S. Government securities 17,753,00025,408,000 48",182,000 60,324,000 18,665,00021,659,000 5,966,000 3,613,000 !2,403,00018,342,000 Other securities 5,994,000 5,842,000 5,286,000 5,131,000 3,448,000 1,684,000 1,033,000 343,000 1,692,000 2,063,000 Real-estate assets 1,229,000 1,167,000 1,071,000 974,000 603,000 371,000 201,000 17,000 363,000 393,000 Cash assets 23,062,00022,705,00023,243,000 24,482,000 6,528,000 7,954,000 5,049,000 1,308,000 9,603,000 8,522,000 Total assets 65,044,00072,610,00094,299,000108,920,000 0,379,00038,541,00027,577,000 6,388,000 40,792,00034,163,000 Time deposits 12,458,00012,413,00014,176,000 17,198,000 .1,507,000 5,691,000 920,000 557,000 6,915,000 8,806,000 Total deposits 18,717,000 66;,103,000 87,381,000101,484,000 »5,801,00035,684,000 :5,236,000 6,015,000 38,390, 00'0 31,844,000 Total capital accounts 5,798,000 5,977,000 6,304,000 6,712,000 4,105,000 2,608,000 1,912,000 341,000 2,223,000 2,238,000 Number of officers 36,476 35,604 36,398 37,693 26,436 11.257 2,574 589 8,913 25,617 Number of employees — 176,466 182,023 190,354 193,279 121,926 71,35. 36,234 7,837 74,841 74,367 Number of banks 6,619 6,679 6,738 6,814 5,025 1,789 37 13 356 6,408 r Revised; see footnote 2. 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming membersdui ing the year whose returns may cover operations for only part of the year); and in addition includes figures for the first half of the year for the national banks in operation on June 30 but not at the year end. 2 Beginning with 1942, taxes on net income are reported separately and shown just above net profits; previously they were included with other taxes in expenses. 3 Recurring depreciation on banking house, furniture, and fixtures is included in expenses beginning with 1942 and in losses and charge-offs in prior years. 4 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts in 1941-1943 are averages of the amounts reported for every call date in the current year and the final call date in the preceding year; in 1944 the spring call date was omitted in averaging the amounts. The number of officers, employees, and banks are as of the end of the year. Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. MAY 1945 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston New York F, £• C l l a e n v d e- R m i o c n h d - Atlanta Chicago St. Louis K C an it s y a s D -p a , l n l as Fra S nc a i n sco Earnings 106,763 538,543 119,792 159,382 83,179 83,522 270,44' 66,528 49,602 74,913 72,343 248,752 Interest and dividends on securities 51,421 296,52 64,150 84,422 40,403 40,172 151,520 31,739 24,231 33,899 29,516 111,787 Interest and discount on loans 30,946 137,340 31,993 45,000 26,459 23,782 69,374 22,410 14,171 25,695 28,017 93,087 Service charges and fees on loans 649 5,92: 514 1,193 284 396 3,154 421 313 212 197 1,645 Service charges on deposit accounts 5,163 16,320 3,704 6,567 5,105 5,200 12,908 3,14: 2,950 5,421 4,827 14,193 Other charges, commissions, fees, etc 2,407 9,725 1,900 3,283 3,195 5,572 7,10 3,304 4,001 2,657 2,868 7,187 Trust department 8,087 42,483 11,092 8,239 3,689 2,41 13,066 2,00:" 1,354 1, 1,050 8,867 Other current earnings 8,090 30,226 6,439 10,678 4,044 5,983 13,320 3,510 2,582 5,042 5,868 11,986 Expenses 66,573 298,534 72,172 100,841 53,337 52,086 162,255 42,122 31,35: 45,866 46,000 155,595 Salaries—officers 11,603 46,389 12,029 14,926 9,67 8,491 25,495 8,031 6,718 10,521 10,120 23,503 Salaries and wages—others. 18,882 102,365 20,169 26,020 14,437 13,992 46,901 10,998 7,759 12,427 12,349 51,141 Directors' and committee members' fees 754 2,351 1,227 873 580 391 1,103 425 381 431 429 569 Interest on time deposits.. 8,716 10,210 16,839 7,709 5,659 26,470 4,797 4,90: 3,289 2,305 29,733 Interest on borrowed 23,474 money 54 28 23 16 33 45 86 22 10 1- 4 Taxes other than on net 632 income 4,567 5,675 12,881 4,11; 4,615 11,470 4,219 1,592 3,108 4,964 7,328 Recurring depreciation on 18,312 banking house, furniture, and fixtures 2,135 8,496 2,831 3,543 1,911 1,982 3,918 1,164 857 1,581 1,697 4,824 Other current expenses 19,862 96,515 20,003 25,736 14,894 16,923 46,853 12,40: 9,121 14,499 14,122 38,493 Net current earnings 40,190 240,009 47,620 58,541 29,84; 31,436 108,194 24,406 18,250 29,047 26,343 93,157 Recoveries, profits on securities, etc. 20,375 129,482 26,677 23,049 11,923 9,240 37,889 8,872 6,132 9,796 7,734 26,964 Recoveries on securities.... 3,500 37,487 8,838 6,605 2,603 769 9,976 1,978 2,048 2,762 836 5,419 Profits on securities 6,651 52,596 9,401 7,438 4,688 4,981 11,607 3,042 1,086 2,396 2,227 10,154 Recoveries on loans 7,030 26,268 4,484 4,946 2,275 1,628 9,614 1,711 1,812 3,001 2,573 7,198 All other 3,194 13,131 3,954 4,060 2,357 1, 6,692 2,141 1,186 1,63' 2,098 4,193 Losses and charge-offs.... 15,316 78,682 29,083 18,935 5,367 6,614 28,060 5,558 4,038 7,374 6,540 26,616 On securities 4,811 29,174 9,846 9,741 2,340 3,028 16,588 3,267 2,168 5,101 2,521 8,561 On loans 5,864 17,683 5,978 2,887 1,470 1,614 5,35: 1,087 709 1,358 2,015 14,266 All other 4,641 31,825 13,259 6,307 1,557 1,972 6,120 1,204 1,161 915 2,004 3,789 Net profits before income taxes 45,249 290,809 45,214 62,655 36,398 34,062 118,023 27,720 20,344 31,469 27,53' 93,505 Taxes on net income 13,114 67,936 8,841 11,237 8,917 7,686 24,205 4,731 4,079 6,838 6,203 19,928 Federal 11,019 59,271 8,841 11,237 8,866 7,374 24,175 4,721 3,391 6,260 6,188 17,793 State 2,095 8,665 51 312 30 10 578 15 2,135 Net profits 32,135 222,873 36,373 51,418 27,481 26,376 93,818 22,989 16,265 24,631 21,334 73,577 Cash dividends declared . 13,644 82,854 16,399 16,114 9,087 7,721 25,788 7,490 4,858 7,951 8,298 25,798 On preferred stock4 462 3,229 766 1,008 282 431 1,009 251 96 115 188 1,850 On common stock 13,182 79,625 15,633 15,106 8,805 7,290 24,779 7,239 4,762 7,836 8,110 23,948 Loans 966,000 6,251,000 832,0001,334,000 730,000 719,000 2,250,000 671,000 375,000 631,000 741,000 2,183,000 U. S. Government securities 3,410,000 2200,,041,000 3,,198,000 4,749,0002,581,000 ,283,000 9,417,0001,952,0001,508,0002,176,0001,850,000 7,159,000 Other securities 192,000 1,394,000 416,000 506,000 159,000 270,000 902,000 217,000 105,000 218,000 127,000 625,000 Real-estate assets 64,000 303,000 95,000 97,000 54,000 52,000 79,000 29,000 19,000 27,000 43,000 112,000 Cash assets 1,196,000 6,361,0001,209,000 1,956,0001,264,000 ,362,000 3,714,0001,015,000 651,0001,514,0001,436,000 2,806,000 Total assets 5,850,000 34,476,0005,774,000 8,661,000 4,802,000 4,700,00016,403,000 ,892,0002,664,000 4,574,0004,202,00012,922,000 Time deposits 875,000 3,173,0001,181,0001,940,000 829,000 646,000 3,098,000 567,000 519,000 415,000 302,000 3,654,000 Total deposits 5,381,00031,633,000",251,0007,967,( ,512,00 ,449,00015,533000 3,667,000 ,507,000 ,328,000 ,981,000 2,274,000 Total capital accounts 425,000 2,392,000 501,000 664,000 275,000 236,000 817,000 213,000 149,000 237,000 213,000 590,000 Number of officers 2,174! 6,323 2,756 3,224 2,221 1,836 4,902 2,112 1,827 2,912 2,700 4,706 Number of employees 11,540 52,220 12,297 14,970 9,395 9,238 26,794 7,792 5,442 8,392 8,376 26,823 Number of banks. 347 816 647 468 316 475 467 749 580 270 See footnotes on p. 491. 492. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19^—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis apolis K C an it s y as Dallas Fra S n a c n isco Earnings 41,170 15,320 52,456 91,433 35,235 39,846 79,746 33 519 18,484 40,126 34,958 209,361 Interest and dividends on securities 18,149 7,251 29,532 49,974 18,968 18,810 46,456 15,959 10,055 20,521 15,903 95,126 Interest and discount on loans 13,041 4,393 11,061 8,771 11,445 19,586 11,340 4,876 11,874 12,105 77,960 Service charges and fees on 23,577 loans 533 142 364 83 307 1,238 322 137 84 1,427 Service charges on deposit ac- 1,056 counts 819 864 1,002 1,862 1,802 5,205 910 798 1,217 11,783 Other charges, commissions, 2,655 fees, etc 967 335 587 1,471 1,343 2,749 2,833 1,653 732 872 1,043 5,610 Trust department 4,221 4961 7,629 6,630 2,171 1,604 1,310 1,636 1,069 1,727 857 7,864 Other current earnings 3,440 1,839 2,281 6,070 2,037 3,129 3,118 1,699 817 3,150 3,749 9,591 Expenses 22,338 10,536 28,818 54,538 22,613 24,511 51,701 20,814 10,429 23,623 21,7?4 129,535 Salaries—officers 3,822 1,236 4,200 6,424 3,365 3,196 6,323 3,097 1,536 3,553 3,382 18,653 Salaries and wages—others. .. 7,722 3,536 10,784 16,317 7,054 6,702 17,043 6,346 3,613 7,425 6,415 43,988 Directors' and committee members' fees 118 50 214 111 163 137 255 104 69 120 86 366 Interest on time deposits 1,063 1,419 937 7,396 2,246 2,325 9,294 1,788 900 1,478 1,450 24,525 Interest on borrowed money.. 9 5 13 10 3 15 43 71 18 7 11 1 Taxes other than on net income 1,332 2,183 7,623 2,060 2,529 2,726 2,169 468 1,761 2,504 6,179 Recurring depreciation on banking house, furniture, and fixtures 655 368 719 1,705 745 971 1,129 490 203 774 892 3,980 Other current expenses 7,617 3,196 9,768 14,836 6,977 8,636 14,888 6,749 3,622 8,505 6,994 31,843 Net current earnings... 18,832 4,784 23,638 36,895 12,622 15,335 28,045 12,705 8,055 16,503 13,224 79,826 Recoveries, profits on securities, etc. 9,170 4,700 14,212 13,297 6,858 4,029 7,077 5,008 2,013 6,226 3,900 22,786 Recoveries on securities 967 1,229 5,435 4,464 1,797 289 696 858 494 2,168 540 4,614 Profits on securities. ... 2,460 2,528 5,096 3,900 3,144 1, 3,330 1,906 386 1,770 1,518 8,774 Recoveries on loans 3,876 745 1,946 2,766 796 870 1,277 815 627 1,386 872 5,881 All other 1,867 198 1,735 2,167 1,121 890 1,774 1,429 506 902 970 3,517 Losses and charge-offs.. 8,018 3,186 16,060 12,881 2,451 3,546 5,264 2,629 1,252 4,935 3,17' 23,937 On securities 1,915 1,222 5,802 6,847 1,054 1,529 2,186 1,477 739 3,823 1,140 7,278 On loans 4,069 784 3,162 1,969 662 835 846 495 221 558 860 13,394 All other 2,034 1,180 7,096 4,065 735 1,182 2,232 657 292 554 1,177 3,265 Net profits before income taxes 19,984 6,298 21,790 37,311 17,029 15,818 29,858 15,084 8,816 17,794 13,94' 78,675 Taxes on net income 7,828 289 5,861 7,567 4,727 4,025 6,119 2,954 2,279 4,304 3,849 17,015 F S e ta d t e e ral 6 1 , ,3 4 9 2 9 9 2 3 5 6 3 5,861 7,567 4,727 3,9 1 1 1 1 4 6,11 6 3 2,954 1, 3,9 3 8 1 7 7 3,849 1 1 5 , , 7 2 8 3 0 5 Net profits .. 12,156 6,009 15,929 29,744 12,302 11,793 23,739 12,130 382 13,490 10,098 61,660 Cash dividends declared... 6,855 921 9,042 10,026 4,243 3,959 5,662 4,308 6,537 3,966 3,913 22,652 On preferred stock4 36 133 84 665 117 309 534 78 2,191 74 112 1,684 On common stock 6,819 788 8,958 9,361 4,126 3,650 5,128 4,230 3,892 3,801 20,968 37 Loans. . 541,000 133,000 394,000 896,000 323,000 413,000 624,000 426,000 1825,,105004 385,000 385,000 1,889,000 U. S. Government securities . 1,402,000 432,0001,557,0'00 3,009,000 1.,320,0001,112,000 3,255,0001,077,000 698,0001,390,000 1.,062,000 6,089,000 Other securities 38,000 22,000 152,000 229,000 48,000 127,000 221,000 106,000 30,000 130,000 43,000 546,000 Real-estate assets 21,000 15,000 33,000 55,000 27,000 26,000 24,000 14,000 8,000 16,000 28,000 95,000 Cash assets 506,000 161,000 610,0001,159,000 574,000 635,0001,271,000 515,000 282,000 881,000 695,000 2,313,000 Total assets.. 2,524,000 765,000 2,766,0005,364,0002,300,000 2,323,0005,408,000 2,144,0001,206,000 2,811,0002,215,000 10,967,000 Time deposits 118,000 194,000 145,000 885,000 294,000 256,000 1.,173,000 213,000 106,000 219,000 188,000 3,123,000 Total deposits 2,310,000 717,000 !, 545,000 ,918,000 ,175,0002,201,000 174,000 2,027.C" ,138, 0"0"0 2,,671,0002,101,000 10,415,000 Total capital accounts 185,000 48,000 205,000 422,000 117,000 112,000 220,000 110,000 62,000 134,000 108,000 499,000 Number of officers 466 194 740 475 483 906 467 204 551 469 3,477 Number of employees 4,268 2,055 1,301 4,148 4,241 9,242 4,207 2,111 4,459 3,947 22,054 Number of banks.. 23 33 36 50 37 32 * Not including central reserve city banks. See footnotes on p. 491. MAY 1945 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 194A—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Earnings 65,593 130,891 67,336 67,949 43,676 89,039 33,009 31,118 34,787 Interest and dividends on securities 33,272 68,018 34,618 34,448 21,362 45,537 15,780 14,176 13,378 Interest and discount on loans 17,905 39,368 20,932 21,423 12,337 25,744 11,070 9,295 13,821 Service charges and fees on loans 116 518 150 137 89 385 99 176 114 Service charges on deposit accounts 4,344 8,113 2,702 3,912 3,398 6,742 2,232 2,152 3,537 Other charges, commissions, fees, etc 1,440 2,851 1,313 1,812 2,823 3,654 1,651 3,269 1,785 T O r t u he st r d c e u p r a re rt n m t e e n a t rnings 4 3 , , 6 8 5 6 0 6 4 7 , ,3 6 5 7 2 1 4 3 , , 1 4 5 6 8 3 4 1 , , 6 60 0 9 8 2,8 8 5 1 4 3 4 2 , , 8 0 8 9 1 6 1, 3 81 6 1 6 1,7 2 6 8 5 5 1,8 2 9 6 2 0 Expenses 44,235 88,715 43,354 46,303 27,575 58,473 21,308 20,923 22,243 Salaries—officers 7,781 15,712 7,829 8,502 5,295 12,180 4,934 5,182 6,968 Salaries and wages—others.. 11,160 21,889 9,385 9,703 7,290 13,726 4,652 4,146 5,002 Directors' and committee members' fees 636 1,229 1,013 646 254 717 321 312 311 Interest on time deposits .... 7,653 17,808 9,273 9,443 3,334 11,175 3,009 4,002 1,811 Interest on borrowed money . 45 96 15 13 18 2 15 4 3 Taxes other than on net income . 3,235 5,436 3,492 5,258 2,053 3,672 2,050 1,124 1,347 2,460 1,149 Recurring depreciation on banking house, furniture, and fixtures 1,480 3.213 2.112 1,838 1,166 1,011 2.055 674 654 807 805 844 Other current expenses 12,245 23,332 10,235 10,900 7,917 8,287 14,946 5,653 5,499 5,994 7,128 6,650 Net current earnings 21,358 42,176 23,982 21,646 7,220 16,101 30,566 11,701 10.195 12,544 13,119 13,331 Recoveries, profits on securities, etc 11,205! 23,693 12,465 9.752 5,065 5,211 10,257 3,864 4,119 3,570 3,834 4,178 Recoveries on securities...... 2,533J 4.525! 3,403 2,141 806 480 2,325 1,120 1,554 594 296 805 Profits on securities 4,191! 10,210 4,305 3,538! 1,544 3,001 3,566 1.136 700 626 709 1,380 Recoveries on loans 3,154! 6.517 2,538 2,180 1,479 758 2,137 896 1,185 1,615 1,701 1,317 All other 1,327 2,441 2,219 1,893 1,236 972 2,229 712 680 735 1,128 676 Losses and charge-offs 7,298 14,823 13.023 6,054 2,916 3,068 6,982 2,929 2,786 2,439 3,363 2,679 On securities 2,896 5,215 4,044 2,894 1,286 1,499 4,238 1,790 1,429 1,278 1,381 1,283 On loans 1,795 4,562 2,816 918 779 855 592 488 800 1,155 872 All other 2,607 5,046 6,163 2,242 790 1,889 547 869 361 827 524 Net profits before income taxes 25,265 51,046 23,424 25,344 19.369 18,244 33,841 12,636 11,528 13,675 13,590 14,830 Taxes on net income 5,286 7,571 2,980 3,670 4,190 3,661 4,836 1,777 1,800 2,534 2,354 2,913 Federal 4.590 6.798 2,980 3,670 4,139 3,463 4,812 1,767 1,494 2,273 2,339 2,558 State 696 773 51 198 24 10 306 261 15 355 Net profits... 19,979 43,475 20,444 21,674 15,179 14,583 29,005 10,859 9,728 11,141 11,236 11,917 Ca O s n h p d r i e v fe id rr e e n d d s s t o d c e k c 4 lared.. 6, 4 7 2 8 6 9 ! 1 2 1 , , 2 2 8 6 3 0 ! 7, 6 3 8 5 2 7 6,0 34 8 3 8 4,8 1 4 6 4 5 3,7 1 6 2 2 2 7,1 4 7 7 0 5 3,1 1 8 7 2 3 2,66 5 7 9 3,98 4 5 1 4,38 7 5 6 3,1 1 4 6 6 6 On common stock 6,363 8,977 6,675 5.745 4,679 3,640 6,695 3,009 2,608 3,944 4,309 2,980 Loans 425,000 896,000 438,000 438,000 407,000 306,000 542,000 245,000 190,000 245,000 357,000 294,000 U. S. Government securities. 2,009,000 3,643,0001,641,0001,740,0001,262,0001,171,0002,549,000 875,000 810,000 786,000 788.000 1,069,000 Other securities 154.000 339,000 265,000 277,000 111,000 143,000 337,000 111,000 75,000 88,000 84,000 79,000 Real-estate assets 43,000 87,000 62,000 42,000 27,000 26,000 37,000 15,000 11,000 11,000 16,000 17,000 Cash assets 689,000 1,151.000 598,000 797,000 689,000 726,0001,136,000 500,000 369,000 632,000 741.0001 492,000 Total assets.. 3,326,000 6,134,000 3,008,0003,298,000 2,502,000 2,377,000 4,607,000 1,747,000 1,459,0001,763,000 1,988,000 1,955,000 Time deposits 757,000 2,059,0001,036,0001,055,000 535,000 390,000 1,368,000 354,000 412,000 196,000 114,000 531,000 Total deposits 3,071,000 5,680,"000 2",706,000 3,050,000 ,337,C" ,249,000 41,344, ,641,0001,368,0001,658,0001,881,000 1,859,000 Total capital accounts 240,000 433,000 296,000 242,000 157,000 124,000 256.000 103,000 87,000 103,000 104,000 91,000 Number of officers 1,708 3,555 2.275 2,484 1,746 1,353 3,407 1,645 1,623 2,361 2,231 1,229 Number of employees 7,272 13,931 6,489 6,669 5,247 4,997 9,715 3,585 3,331 3,933 4,429 4,769 Number of banks.. 768 624 677 432 293 458 699 543 238 See footnotes on p. 491. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,866,992 15,495 52,681 135,263 133,224 179,858 131,633 136,777 1,082,061 Interest and dividends on securities 957,175 5,807 21,788 61,567 65,212 89,285 65,109 70,227 578,180 Interest and discount on loans 547,203 7,004 21,700 49,977 42,754 53,538 37,781 37,828 296,621 Service charges and fees on loans 14, 53 182 487 560 605 631 623 11,748 Service charges on deposit accounts 85,296 1,012 3,840 10,138 10,132 13,902 8,374 7,364 30,534 Other charges, commissions, fees, etc 53,026 1,027 3,037 6,230 4,817 6,007 3,720 3,947 24,241 Trust department 101,836 16 122 1,030 2,633 5,449 6,724 7,000 78,862 Other current earnings 107,567 576 2,012 5,834 7,116 11,072 9,294 9,788 61,875 Expenses 1,122,049 10,740 35,512 90,748 89,850 121,146 87,199 87,632 599,222 Salaries—officers 186,551 3,887 10,947 22,532 18,019 20,772 14,012 13,643 82,739 Salaries and wages—others 336,071 1,230 5,187 17,379 20,855 32,465 24,763 26,605 207,587 Directors' and committee members' fees 9,472 231 803 1,807 1,378 1,343 771 614 2,525 Interest on time deposits 143,825 1,623 6,460 17,074 16,999 20,814 12,670 11,446 56,739 Interest on borrowed money 956 5 6 28 38 54 93 97 635 Taxes other than on net income 82,540 737 2,415 6,611 6,405 8,668 6,897 6,602 44,205 Recurring depreciation on banking house, furniture, and fixtures 34,913 390 1,294 3,473 3,402 4,256 2,851 2,868 16,379 Other current expenses 327,721 2,637 8,400 21,844 22,754 32,774 25,142 25,757 188,413 Net current earnings. . 744,943 4,755 17,169 44,515 43,374 58,712 44,434 49,145 482,839 Recoveries, profits on securities, etc 317,301 1,950 6,315 17,142 17,377 27,402 21,630 16,265 209,220 Recoveries on securities 82,728 429 1,601 3,978 3,845 6,078 5,375 3,041 58,381- Profits on securities 116,047 463 1,672 5,600 5,923 9,894 8,741 7,729 76,025 Recoveries on loans 72,435 781 1,934 4,697 4,485 6,458 4,459 3,020 46,601 All other . 46,091 277 1,108 2,867 3,124 4,972 3,055 2,475 28,213 Losses and charge-offs , 232,011 1,064 4,080 12,394 13,173 20,374 15,285 12,320 153,321 On securities 97,110 322 1,716 5,355 6,377 9,671 6,806 5,803 61,060 On loans 60,252 453 1,282 3,334 3,068 4,115 3,252 2,247 42,501 All other ,. ... 74,649 289 1,082 3,705 3,728 6,588 5,227 4,270 49,760 Net profits before income taxes 830,233 5,641 19,404 49,263 47,578 65,740 50,779 53,090 538,738 Taxes on net income 183,013 696 2,449 6,181 6,978 11,546 10,222 12,421 132,520 Federal 168,492 648 2,274 5,779 6,571 10,930 9,720 11,730 120,840 State 14,521 48 175 402 407 616 502 691 11,680 Net profits 647,220 4,945 16,955 43,082 40,600 54,194 40,557 40,669 406,218 Cash dividends declared 224,996 1,611 5,279 13,037 12,075 16,182 11,308 11,683 153,821 On preferred stock4 .,..». ... 9,677 77 194 690 934 1,390 808 1,287 4,297 On common stock 215,319 1,534 5,085 12,347 11,141 14,792 10,500 10,396 149,524 Loans ._ 18,630,248 121,116 395,984 982,224 893,527 1,265,133 982,207 1,139,991 12,850,066 U. S. Government securities 67,453,837 325,876 1,304,134 3,762,689 4,059,350 5,764,379 4,452,817 5,046,389 42,738,203 Other securities r 5,199,964 36,377 143,472 446,690 445,304 586,949 343,902 335,001 2,862,269 Real-estate assets -. 924,938 5,799 20,271 61,678 66,596 106,879 79,456 80,349 503,910 Cash assets. 25,751,294 236,950 782,444 1,908,819 1,768,498 2,433,933 1,894,815 2,114,443 14,611,392 Total assets 118,307,931 726,482 2,647,747 7,167,588 7,242,22210,175,776 7,774,778 8,738,505 73,834,833 Time deposits 19,282,340 164,638 689,222 2,022,691 2,155,623 2,755,729 1,677,930 1,545,607 8,270,900 Total deposits 110,555,479 661,640 2,455,745 6,683,551 6,772,680 9,559,371 7,315,043 8,288,070 68,819,379 Total capital accounts 6,932,763 64,063 189,689 475,126 455,538 594,045 434,869 422, f 4,296,591 Number of officers 37,482 2,074 4,583 7,590 4,638 4,2371 2,295 2,100 9,965 Number of employees 192,265 1,527 5,108 13,585 14,464 21,052| 15,335 16,248 104,946 Number of banks included , 6,782 932 1,664 2,118 617| 1 Totals are for all banks that submitted reports covering the entire year, except 3 trust companies and 1 national bank having no deposits. See footnotes on p. 491. MAY 1945 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- i 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,198,659 11,236 38,908 103,552 98,505 127,105 79,612 95,936 643,805 Interest and dividends on securities 628,023 4,256 16,475| 48,502 49,893 64,853 41,716 49,466 352,862 Interest and discount on loans 358,248 5,055 15,688 37,075 30,262 36,583 21,345 27,207 185,033 Service charges and fees on loans 8,579 44 131 344 315 354 425 442 6,524 Service charges on deposit accounts 59,754 721 2,852 7,740 7,605 10,071 5,285 5,263 20,217 Other charges, commissions, fees, etc 34,890 729 2,180 4,758 3,553 4,206 2,324 2,689 14,451 Trust department 37,294 14 77 595 1,653 3,318 2,615 3,745 25,277 Other current earnings 71,871 417 1,505 4,538 5,224 7,720 5,902 7,124 39,441 Expenses 720,062 7,777 26,185 69,126 66,090 84,795 51,947 60,423 353,719 Salaries—officers 121,517 2,801 7,982 17,055 13,353 14,739 8,198 9,536 47,853 Salaries and wages—others 207,253 904 3,902 13,320 15,351 22,687 14,642 18,156 118,291 Directors' and committee members' fees — 6,353 170 595 1,412 1,035 969 433 442 1,297 Interest on time deposits 96,538 1,167 4,733 12,827 12,209 13,891 6,990 7,450 37,271 Interest on borrowed money 449 5 4 25 23 32 25 85 250 Taxes other than on net income ' 53,602 523 1,794 5,138 4,792 6,167 4,354 4,422 26,412 Recurring depreciation on banking house, furniture, and fixtures ^24, 38, 293 1,002 2,737 2,589 3,089 1,742 2,068 10,865 Other current expenses 209,965 1,914 6,173 16,612 16,738 23,221 15,563 18,264 111,480 Net current earnings. . 478,597 3,459 12,723 34,426 32,415 42,310 27,665 35,513 290,086 Recoveries, profits on securities, etc 193,442 1,501 4,708 13,232 12,656 17,530 13,167 11,924 118,724 Recoveries on securities 50,242 330 1,162 3,101 2,839 3,328 3,049 2,415 34,018 Profits on securities 68,666 359 1,323 4,493 4,256 6,367 5,492 5,590 40,786 Recoveries on loans 50,151 602 1,475 3,623 3,291 4,963 2,981 2,120 31,096 All other 24,383 210 748 2,015 2,270 2,872 1,645 1,799 12,824 Losses and charge-offs. 142,322 883 3,159 9,783 10,102 12.671 9,244 8,517 87,963 On securities 67,523 264 1,287 4,323 5,066 6,090 4,993 4,525 40,975 On loans 41,004 383 1,056 2,539 2,260 2, 1,546 1,513 29,099 All other 33,795 236 816 2,921 2,776 3,973 2,705 2,479 17,889 Net profits before income taxe 529,717 4,077 14,272 37,875 34,969 47,169 31,588 38,920 320,847 Taxes on net income 120,194 517 1, 4,692 5, 8,296 6,597 9,217 84,005 Federal 111,442 478 1,644 4,377 4,751 7,821 6,353 8,763 77,255 State 8,752 39 144 315 331 475 244 454 6,750 Net profits 409,523 3,560 12,484 33,183 29,887 38,873 24,991 29,703 236,842 Cash dividends declared 143,691 1,212 4,057 10,369 9,177 11,550 6,603 92,643 On preferred stock4 5,284 64 143 411 539 756 344 681 2,346 On common stock 138,407 1,148 3,914 9,958 8,638 10,794 6,259 7,399 90,297 Loans 11,468,369 86,813 286,141 727,515 635,673 881,630 586,411 825,988 7,438,198 U. S. Government securities., 43,194,286 229,042 953,105 2,887,067 3,062,949 4,183,270 2,818,406 3,558,636 25,501,811 Other securities 3,532,363 27,985 110,645 353,921 334,976 420,858 249,095 257,188 1,777,695 Real-estate assets 574,391 4,507 16,048 47,559 48,368 73,131 45,455 52,170 287,153 Cash assets 17,517,356 169,112 576,770 1,484,544 1,368,603 1,814,221 1,308,582 1,605,304 9,190,220 Total assets. 76,498,767 517,725 1,943,812 5,504,525 5,456,740 7,385,887 5,019,859 6,315,276 44,354,943 Time deposits 12,910,313 114,224 496,109 1,508,161 1,538,268 1,873,326 987,447 1,013,154 5,379,624 Total deposits 71,700,449 468,229 1,797,067 5,126,190 5,109,181 6,947,803 4,747,549 5,998,308 41,506,122 Total capital accounts. 4,253,508 48,826 145,050 371,995 338,820 422,642 258,011 296,638! 2,371,526 Number of officers 26,36: 1,470 3,348 5,821 3,503 3,056 1,335 1,443 6,391 Number of employees.. 121,65; 1,110 10,325 10,674 14,774 9,177 11,041 60,716 Number of banks included. 5,oo; 1,212 1,624 See footnotes on pp. 491 and 495 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 668,333 4,259 13,773 31,711 34,719 52,753 52,021 40,841 438,256 Interest and dividends on securities 329,152 1,551 5,313 13,065 15,319 24,432 23,393 20,761 225,318 Interest and discount on loans 188,955 1,949 6,012 12,902 12,492 16,955 16,436 10,621 111,588 Service charges and fees on loans 6,310 9 51 143 245 251 206 181 5,224 Service charges on deposit accounts 25,542 291 988 2,398 2,527 3,831 3,1 2,101 10,317 Other charges, commissions, fees, etc 18,136 298 857 1,472 1,264 1,801 1,396 1,258 9,790 Trust department 64,542 2 45 435 980 2,131 4,109 3,255 53,585 Other current earnings 35,696 159 507 1,296 1,892 3,352 3,392 2,664 22,434 Expenses 401,987 2,963 9,327 21,622 23,760 36,351 35,252 27,209 245,503 Salaries—officers 65,034 1,086 2,965 5.477 4,666 6,033 5,814 4,107 34,886 Salaries and wages—others 128,818 326 1,285 4,059 5,504 9,778 10,121 8,449 89,296 Directors' and committee members' fees 3,119 61 208 395 343 374 338 172 1,228 Interest on time deposits 47,287 456 1,727 4,247 4,790 6,923 5,680 3,996 19,468 Interest on borrowed money 507 2 3 15 22 68 12 385 Taxes other than on net income 28,938 "'214 621 1,473 1,613 2,501 2,543 2,180 17,793 Recurring depreciation on banking house, furniture, and fixtures 10,528 97 292 736 813 1,167 1,109 800 5,514 Other current expenses 117,756 723 2,227 5,232 6,016 9,553 9,579 7,493 76,933 Net current earnings 266,346 1,296 4,446 10,089 10,959 16,402 16,769 13,632 192,753 Recoveries, profits on securities, etc 123,859 449 1,607 3,910 4,721 9,872 8,463 4,341 90,496 Recoveries on securities 32,486 99 439 877 1,006 2,750 2,326 626 24,363 Profits on securities 47,381 104 349 1,107 1,667 3,527 3,249 2,139 35,239 Recoveries on loans 22,284 179 459 1,074 1,194 1,495 1,478 900 15,505 All other 21,708 67 360 852 854 2,100 1,410 676 15,389 Losses and charge-offs 89,689 181 921 2,611 3,071 7,703 6,041 3,803 65,358 On securities 29,587 58 429 1,032 1,311 3,581 1,813 1,278 20,085 On loans 19,248 70 226 795 808 1,507 1,706 734 13,402 All other 40,854 53 266 784 952 2,615 2,522 1,791 31,871 Net profits before income taxes. 300,516 1,564 5,132 11,388 12,609 18,571 19,191 14,170 217,891 Taxes on net income 62,819 179 661 1,489 1,896 3,250 3,625 3,204 48,515 Federal 57,050 170 630 1,402 1,820 3,109 3,367 2,967 43,585 State 5,769 9 31 87 76 141 258 237 4,930 Net profits 237,697 1,385 4,471 9,899 10,713 15,321 15,566 10,966 169,376 Cash dividends declared. 81,305 399 1,222 2,668 2,898 4,632 4,705 3,603 61,178 On preferred stock4 4,393 13 51 279 395 634 464 606 1,951 On common stock 76,912 386 1,171 2,389 2,503 3,9981 4,241 2,997 59,227 Loans 7,161,879 34,303 109,843 254,709 257,854 383,503 395,796 314,003 5,411,868 U. S. Government securities.. 24,259,551 96,834 351,029 875,622 996,401 1,581,109 1,634,411 1,487,753 17,236,392 Other Securities 1,667,601 8,392 32,827 92,769 110,328 166,091 94,807 77,813 1,084,574 Real-estate assets 350,547 1,292 4,223 14,119 18,228 33, 748 34,001 28,179 216,757 Cash assets 8,233,938 67,838 205,674 424,275 399,895 619,712 586,233 509,139 5,421,172 Total assets.. 41,809,164 208,757 703,935 1,663,063 2,789,889 2,754,919 2,423,229 29,479,890 Time deposits 6,372,027 50,414 193,113 514,530 617,355 882,403 690,483 532,453 2,891,276 Total deposits 38,855,030 193,411 658,678 1,557,361 1,663,499 2,611,568 2,567,494 2,289,762 27,313,257 Total capital accounts. 2,679,255 15,237 44,639 103,131 116,718 171,403 176,858 126,204 1,925,065 Number of officers 11,115 604 1,235 1,769 1,135 1,1811 960 657 3,574 Number of employees.. 70,610 417 1,270 3,260 3,790 6,278 6,158 5,207 44,230 Number of banks.. 1,779 263 452 494 235 168 75 58 See footnotes on pp. 491 and 495. MAY 1945 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve Item All member banks n m a b e t a A i m n o ll k b n s e a r l m b S e a A m t n a l b k l te s er Ne c w it - y b a m n e k m C s h b i e c r ago m R b e e c a s m i n e ty b k rv s e e r C m b o e a u m n n b k t e s ry r York 1941 1942 1943 Year 1944 Summary ratios: Percentage of total capital accounts: Net current earnings2 3 7.4 r8.1 r9.7 11.1 11.7 10.3 10.1 14.5 12.2 10.5 Profits before income taxes 7.5 10.7 12.4 12.9 11.6 12.2 15.9 12.7 11.7 Net profits after taxes 6.7 6.4 8.8 9.7 10.0 9.1 9.1 12.0 9.7 9.8 Cash dividends declared 3.6 3.4 3.3 3.4 3.5 3.1 3.7 3.8 3.5 2.9 Percentage of total assets; N To et t a c l u e r a r r e n n i t n g e s arnings2 3 2. . 2 7 2 r. . 7 0 1 r.6 .7 1. . 7 7 1. . 7 7 1. . 7 7 1. . 4 7 1. .8 6 1. .7 7 2. . 0 7 Net profits after taxes .6 .5 .6 .6 .6 .6 .6 . .6 .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities.. 31.4 36.3 46.4 51.2 52.4 49.1 56.4 58.6 50.1 48.3 Earrrngs on loans5 47.0 43.6 34.1 30.1 30.6 29.1 25.2 25.2 31.2 32.4 Service charges on deposit accounts.. 4.6 4.6 4.6 4.6 5.0 3.8 1.9 .9 4.5 6.7 Other current earnings 17.0 15.5 14.9 14.1 12.0 18.0 16.5 15.3 14.2 12.6 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.0 31.0 29.5 28.0 27.4 29.1 27.1 22.7 28.3 29.0 O In t t h e e r r e s c t u o rr n e n ti t m e e x p d e e n p s o e s s i 2 t s 3 2 9 9 . . 9 8 8.6 7.5 7.7 2 8 4. . 6 1 2 7 4 . . 0 1 1.1 5.9 7.9 2 1 5 1 . . 5 5 Total expenses2 3 69.7 r27.8 r25.9 24.4 60.1 60.2 22.6 22.6 24.7 r67.4 r63.0 60.1 50.8 51.2 60.9 Net current earnings2 3 .... 30.3 39.9 39.8 34.0 32.6 37.0 39.9 49.2 48.8 39.1 Net charge-offs, etc. (or recoveries +)3 2.8 2.3 +3.8 +4.6 +4.3 +5.1 +10.3 +4.6 +1.7 +4.2 Taxes on net income 4.5 7.0 9.8 10.0 9.4 15.3 i3.0 9.6 6.3 Net profits after taxes 27.5 25.8 33.8 34.7 34.2 35.5 44.2 40.4 31.2 31.9 Rates of earnings on securities and and loans: Percentage of total securities: Interest and dividends on securities.. 1.9 1.7 1.4 1.5 1.5 1.4 1.3 1.5 1.4 1.6 Net losses (or recoveries and profits +) ,2 .1 +.1 + .2 + .1 +.2 +.3 +.04 +.1 +.1 Percentage of total loans: Earnings on loans5 4.0 r3.8 r3.5 3.2 3.4 2.9 1.9 2.4 3.3 4.7 Net losses (or recoveries +) .1 .05 + .1 + .1 + .1 + .05 + .1 +.2 .1 + .2 Distribution of assets: Percentage of total assets: U. S. Government securities 27.3 35.0 51.1 55.4 54.9 56.2 57.9 56.6 54.9 53.7 Other securities 9.2 8.0 5.6 4.7 4.9 4.4 3.7 5.4 4.1 6.0 Loans 25.7 23.7 17.2 16.2 15.5 17.5 18.9 17.0 16.2 14.0 Cash assets 35.5 31.3 24.6 22.5 23.5 20.6 18.3 20.5 23.5 24.9 Real-estate assets 1.9 1.6 1.1 .9 .9 1.0 .7 .3 .9 1.2 Other ratios: Total capital accounts to: Total assets 8.9 8.2 6.7 5.8 5.3 5.4 6.6 Total assets less Government securities and cash assets 23.9 24.4 27.6 27.8 27.0 29.2 29.1 23.2 25.3 30.7 Total deposits 9.9 9.0 7.2 6.6 6.2 7.3 7.6 5.7 5.8 7.0 Time to total deposits 21.2 18.8 16.2 16.9 3.6 9.3 18.0 27.7 Interest on time deposits to time deposits 1.1 1.0 .9 .8 .5 1.1 .9 " Beginning with 1942, includes "Service charges and fees on loans", an item previously included in "other earnings." For other footnotes, see p. 491. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6700.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19'4A—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . i . s M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings 9.5 10.0 9.5 8.8 10.9 13.3 13.2 11.5 12.2 12.3 12.4 15.8 Profits before income taxes. . 10.6 12.2 9.0 9.4 13.2 14.4 14.4 13.0 13.7 13.3 12.9 15.8 Net profits after taxes 7.6 9.3 7.3 7.7 10.0 11.2 11.5 10.8 10.9 10.4 10.0 12.5 Cash dividends declared 3.2 3.5 3.2 2.4 3.3 3.3 3.2 3.5 3.3 3.4 3.9 4.4 Percentage of total assets: Total earnings 1.8 1.6 2.1 1.8 1.7 1.8 1.6 1.7 1.9 1.6 1.7 1.9 Net current earnings.... .7 .7 .8 .7 .6 .7 .6 .7 .6 .6 .7 Net profits after taxes. .5 .6 .6 .6 .6 .6 .6 .6 .5 .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on sees.. 48.2 55.1 53.6 53.0 48.6 48.1 56.0 47.7 48.9 45.3 40.8 44.9 Earnings on loans 29.6 26.6 27.1 29.0 32.2 29.0 26.8 34.3 29.2 34.6 39.0 38.1 Service charges on deposit accts... 4.8 3.0 3.1 4.1 6.1 6.2 4.8 4.7 5.9 7.2 6.7 5.7 Other current earnings. 17.4 15.3 16.2 13.9 13.1 16.7 12.4 13.3 16.0 12.9 13.5 11.3 Total earnings.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.6 27.6 26.9 25.7 29.0 26.9 26.8 28.6 29.2 30.6 31.1 30.0 Interest on time deposits . 8.2 4.3 8.5 10.6 9.2 6.8 9.8 7.2 9.9 4.4 3.2 11.9 Other current expenses. 25.6 23.5 24.8 27.0 25.9 28.7 23.4 27.5 24.1 26.2 29.3 20.6 Total expenses. 62.4 55.4 60.2 63.3 64.1 62.4 60.0 63.3 63.2 61.2 63.6 62.5 Net current earnings.. #37.6 44.6 39.8 36.7 35.9 37.6 40.0 36.7 36.8 38.8 36.4 37.5 Net charge-offs, etc. (or recoveries +)... +4.7 +9.4 2.0 +2.6 +7.8 +3.2 +3.6 +5.0 +4.2 +3.2 +1.7 + .1 Taxes on net income 12.2 12.6 7.4 7.0 10.7 9.2 8.9 8.2 9.1 8.6 8.0 Net profits after taxes 30.1 41.4 30.4 32.3 33.0 31.6 34.7 34!6 32.8 32.9 29.5 29.6 Rates of earnings on securities andloans: Percentage of total securities: Interest and dividends on sees 1.4 1.4 1.8 1.6 1.5 1.6 1.5 1.5 1.5 1.4 1.5 1.4 Net losses (or recoveries and profits +)1.. + .1 + .3 + .2 + .1 -S- ? + .1 + .05 +.1 + .1 + .0 + .0 + .1 Percentage of total loans: Earnings on loans 3.3 2.3 3.5 3.7 3.4 3.2 3.4 3.9 4.1 3.8 4.3 Net losses (or recoveries +)1 + .1 + .1 + .2 + .1 + .0 + .2 +.1 + .3 + .3 + .1 .3 Distribution of assets: Percentage of total assets: U. S. Government securities... 58.3 58.1 ~1i 54.8 53.7 48.6 57.4 50.2 56.6 47.6 44.0 55.4 Other securities 3.3 4.0 5.8 3.3 5.7 5.5 5.6 3.9 4.8 3.0 4.8 Loans 16.5 18.1 14.4 15.4 15.2 15.3 13.7 17.2 14.1 13.8 17.6 16.9 Cash assets 20.4 18.5 20.9 22.6 26.3 29.0 22.6 26.1 24.4 33.1 34.2 21.7 Real-estate assets 1.1 .9 1.6 1.1 1.1 1.1 .5 .7 .7 .6 1.0 .9 Other ratios: Total capital accounts to: Total assets 7.3 6.9 8.7 7.7 5.7 5.0 5.0 5.5 5.6^ 5.2 5.1 4.6 Total assets less Government securities and cash assets 34.2 29.6 36.6 33.9 28.7 22.4 25.0 23.0 29.5 26.8 23.3 20.0 Total deposits 7.9 7.6 9.5 8.3 6.1 5.3 5.3 5.8 5.9 5.5 5.4 4.8 Time to total deposits 16.3 10.0 22.5 24.4 18.4 14.5 19.9 15.5 20.7 9.6 7.6 29.8 Interest on time deposits to time deposits.. 1.0 .7 .9 .9 .9 .9 .9 .8 .9 .8 .8 .8 1 Ratios of less than .005 are shown as .0 MAY 1945 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued RATIOS OF RESERVE CITY MEMBER BANKS* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o ew rk - P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S r i a s a n c n o - Summary ratios: Percentage of total capital accounts: Net current earnings 10.2 10.0 11.5 8.7 10.8 13.7 12.7 11.6 13.0 12.3 12.2 16.0 Profits before income taxes 10.8 13.1 10.6 8.8 14.6 14.1 13.6 13.7 14.2 13.3 12.9 15. & •Net profits after taxes 6.6 12.5 7.8 7.0 10.5 10.5 10.8 11.0 10.5 10.1 9.4 12.4 Cash dividends declared 3.7 1.9 4.4 2.4 3.6 3.5 2.6 3.9 3.5 3.0 3.6 4.5 Percentage of total assets: Total earnings 1.6 2.0 1.9 1.7 1.5 1.7 1.5 1.6 1.5 1.4 1.6 1.9 Net current earnings .7 .6 .9 .7 .5 .7 .5 .6 .6 .6 .7 Net profits after taxes .5 .6 .6 .5 .5 .4 .6 '.5 .5 .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on sees 44.1 47.3 56.3 54.7 53.8 47.2 58.3 47.6 54.4 51.1 45.5 45.5 Earnings on loans 32.9 29.6 21.8 26.9 25.1 29.5 26.1 34.8 27.1 29.9 34.9 37.9 Service charges on deposit accts 2.0 5.6 1.9 2.9 5.3 4.5 6.5 2.7 4.3 4.7 3.5 5.6 Other current earnings 21.0 17.5 20.0 15.5 15.8 18.8 9.1 14.9 14.2 14.3 16.1 11.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.0 31.1 28.5 24.9 29.6 24.8 29.3 28.2 27.9 27.4 28.0 29.9 Interest on time deposits 2.6 9.3 1.8 8.1 6.4 5.8 11.7 5.3 4.8 3.7 4.2 11.7 Other current expenses 23.7 28.4 24.6 26.7 28.2 30.9 23.8 28.6 23.7 27.8 30.0 20.3 Total expenses .: 54.3 54.9 59.7 61.5 64.8 62.1 56.4 58.9 62.2 61.9 Net current earnings 45.7 31.2 45.1 40.3 38.5 35*2 37.9 43.6 41.1 37.8 38.1 Net charge-offs, etc. (or recoveries +)... +2.8 +9.9 3.5 + .5 +12.5 +1.2 +2.3 +7.1 +4.1 +3.2 +2.1 .5 Taxes on net income 19.0 1.9 11.2 8.3 13.4 10.1 7.7 8.8 12.3 10.7 11.0 8.1 Net profits after taxes 29.5 39.2 30.4 32.5 34.9 29.6 29.8 36.2 35.4 33.6 28.9 29.5 Rates of earnings on securitiesand ioans: Percentage of total securities: Interest and dividends on sees 1.3 1.6 1.7 1.5 1.4 1.5 1.3 1.3 1.4 1.4 1.4 1.4 Net losses (or recoveries and profits +). + .1 +.6 .3 + .05 + .3 + .06 + .05 + .1 + .02 + .01 + .08 .09 Percentage of total loans: N Ea e r t n l i o n s g s s e s o n ( o l r o r a e n c s overies +)1 2 .0 .5 4 3 .0 .4 3 2. . 9 3 + 2 . . 7 1 + 2 .0 .7 4 + . 2 0 .8 1 + 3 . . 3 1 + 2 . . 7 1 + 2 . .7 2 + 3 . .1 2 + 3 . . 2 0 4. . 2 4 Distribution of assets: Percentage of total assets: U. S. Government securities 55.5 56.5 56.3 56.1 57.4 47.9 60.2 50.2 57.9 49.4 47.9 55.5 Other securities 1.5 2.9 5.5 4.3 2.1 5.5 4.1 4.9 2.5 4.6 1.9 5.0 Loans 21.4 17.4 14.2 16.7 14.0 17.8 11.5 19.9 15.3 13.7 17.4 17.2 Cash assets 20.0 21.0 22.1 21.6 25.0 27.3 23.5 24.0 23.4 31.3 31.4 21.1 Real-estate assets .8 2.0 1.2 1.0 1.2 1.1 .4 .7 .7 .6 1.3 .9 Other ratios: Total capital accounts to: Total assets 6.3 7.4 7.9 5.1 4.8 4.1 5.1 4.8 4.9 Total assets less Government securities and cash assets 30.0 27.9 34.2 35.3 28.8 19.4 24.9 19.9 27.4 24.8 23.6 19.5 Total deposits 8.0 6.7 8.1 8.6 5.4 5.1 4.3 5.4 5.4 5.0 5.1 4.8 Time to total deposits 5.1 27.1 5.7 18.0 11.6 22.7 10.5 8.2 8.9 30.0 Interest on time deposits to^time deposits... .9 .7 .6 .9 .7 .8 * Not including central reserve city banks. 1 Ratios of less than .005 are shown as .0. 5OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1944—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings 8.9 9.7 8.1 8.9 11.0 13.0 11.9 11.4 11.7 12.2 12.6 14.6 Profits before income taxes 10.5 11.8 7.9 10.5 12.3 14.7 13.2 12.3 13.3 13.3 13.1 16.3 Net profits after taxes 8.3 10.0 6.9 9.0 9.7 11.8 11.3 10.5 11.2 10.8 10.8 13.1 Cash dividends declared 2.8 2.6 2.5 2.5 3.1 3.0 2.8 3.1 3.1 3.9 4.2 3.5 Percentage of total assets: Total earnings 2.0 2.1 2.2 2.1 1.9 1.8 1.9 1.9 2.1 2.0 1.9 2.0 Net current earnings .6 .7 .8 .7 .7 .7 .7 Net profits after taxes .6 .7 .7 .7 .6 .6 .6 .6 .7 .6 .6 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on sees 50.7 52.0 51.4 50.7 44.7 48.9 51.1 47.8 45.6 38.5 36.4 42.3 Earnings on loans 27.5 30.5 31.3 31.7 37.3 28.5 29.3 33.8 30.4 40.1 42.9 39.0 Service charges on deposit accts 6.6 6.2 4.0 5.8 6.8 7.8 7.6 6.8 6.9 10.1 9.6 6.1 Other current earnings 15.2 11.3 13.3 11.8 11.2 14.8 12.0 11.6 17.1 11.3 11.1 12.6 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.9 28.7 25.6 26.8 28.6 28.8 29.1 29.0 30.0 34.4 33.9 30.5 Interest on time deposits 11.6 13.6 13.8 13.9 11.4 7.6 12.6 9.1 12.9 5.2 2.3 13.2 Other current expenses 26.9 25.5 25.0 27.4 24.1 26.7 24.0 26.5 24.3 24.3 28.7 22.5 Total expenses 67.4 67.8 64.4 68.1 64.1 63.1 65.7 64.6 67.2 63.9 64.9 66.2 Net current earnings... 32.6 32.2 35.6 31.9 35.9 36.9 34.3 35.4 32.8 36.1 35.1 33.8 Net charge-offs, etc. (or recoveries +).... +6.0 +6.8 .8 +5.4 +4.5 +4.9 +3.7 +2.8 +4.3 +3.2 +1.3 +3.8 Taxes on net income 3 8 0 . . 1 5 3 5 3 . . 8 2 3 4 0 . . 4 4 3 5 1 . . 4 9 3 8 1 . . 7 7 3 8 3 . . 4 4 3 5 2 . . 4 6 3 5 2 . . 3 9 3 5 1 . . 8 3 3 7 2 . . 3 0 3 6 0 . . 3 1 7.3 Net profits after taxes 30.3- Rates of earnings on securities and loans: Percentage of tota securities: Interest and dividends on sees 1.5 1.7 1.8 1.7 1.6 1.6 1.6 1.6 1.6 1.5 1.6 1.5 Net losses (or recoveries and piofits+). + .2 + .2 + .2 + .1 + .1 + .2 + .1 + .05 + .1 .01 .04 + .1 Percentage of total loans: Earnings on loans 4.2 4.5 4.8 4.9 4.4 4.1 4.8 4.6 5.0 5.7 4.5 5.2 Net losses (or recoveries +) + .3 + .2 .1 + .3 + .2 .01 +.2 + .1 +.4 + .3 + .2 + .2 Distribution of assets: Percentage of total assets: U. S. Government securities 60.4 59.4 54.6 52.8 50.4 49.3 55.3 50.1 55.5 44.6 39.6 54.7 Other securities 4.6 5.5 8.8 8.4 4.4 6.0 7.3 6.4 5.1 5.0 4.2 4.0 Loans 12.8 14.6 14.6 13.3 16.3 12.9 11.8 14.0 13.0 13.9 18.0 15.0 Cash assets 20.7 18.8 19.9 24.2 27.5 30.5 24.7 28.6 25.3 35.8 37.3 25.2 Real-estate assets 1.3 1.4 2.1 1.3 1.1 1.1 .8 .9 .8 .6 .8 .9 Other ratios: Total capital accounts to: Total assets 7.2 7.1 9.8 7.3 6.3 5.2 5.6 5.9 6.0 5.8 5.2 4.7 Total assets less Government securities and cash assets 38.2 32.3 38.5 31.8 28.5 25.8 27.8 27.7 31.1 29.9 22.7 23.1 Total deposits 7.8 7.6 10.9 7.9 6.7 5.5 5.9 6.3 6.4 6.2 5.5 4.9 Time to total deposits 24.6 36.3 38.3 34.6 22.9 17.3 31.5 21.6 30.1 11.8 6.1 28.6 Interest on time deposits to time deposits... 1.0 .9 .9 .9 1.0 .9 .8 .9 1.0 .9 .8 1.0 MAY 1945 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGB Gold reserves of central banks and governments. . 504 Gold production. . 505 Gold movements. . 505 Net capital movements to United States since January 2. 1935. . 506 Central banks 507-510 Money rates in foreign countries . 511 Commercial banks. . 511 Foreign exchange rates . . 513 Price movements: Wholesale prices . 514 Retail food prices and cost of bvm^. . 515 Security prices . 515 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 arc 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 are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. AY 1945 503 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 Canada Chile lom Co b - ia Cuba Cz v s a e l k c o i h - o a - m D a en r - k Egypt France m G a e n r- y Greece 1938—Dec. 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec... 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 1941—Dec... 22,737 354 734 70 274 5 30 16 1 61 44 52 2,000 29 1942—Dec. 22,726 735 115 274 6 36 25 16 61 44 52 2,000 29 1943—Dec... 21,938 734 254 274 5 51 59 46 61 44 52 2,000 29 1944—Apr... 21,429 381 734 276 274 4 56 61 61 44 52 2,000 May.. 21,264 386 734 296 274 6 56 82 71 61 44 52 2,000 June. 21,173 391 734 297 274 6 56 84 76 61 44 52 2,000 July.. 20,996 397 734 297 274 6 56 86 86 61 44 52 Aug... 20,926 408 734 298 274 5 56 88 91 61 44 52 Sept.. 20,825 409 298 274 5 56 89 101 61 44 52 Oct... 20,727 409 313 274 6 56 90 101 61 44 52 Nov.. 20,688 409 314 274 5 56 91 101 61 44 52 Dec... 20,619 409 329 274 6 56 92 111 44 52 1,777 29 1945—Jan... 20,550 409 732 330 274 7 57 94 1,777 Feb... 20,506 409 732 340 274 6 57 95 1,777 Mar.. 20,419 715 5 97 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- le N al e a w n d N w o ay r- Peru Poland Po g r a t l u- Ruma- A So fr u ic th a Spain 1938—Dec. 37 26 193 164 80 29 998 23 94 20 69 133 220 4525 1939—Dec. 24 26 144 164 90 32 692 23 20 3 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 3 84 20 59 158 367 1941—Dec. 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec. 24 34 3216 39 506 23 25 59 241 634 42 1943—Dec. 24 92 203 500 23 31 60 316 706 91 1944—Apr.. 24 105 227 500 23 34 60 727 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. 24 222 500 23 32 60 811 104 Dec. 222 23 32 60 814 105 1945—Jan.. 222 23 30 829 106 Feb.. 221 23 30 834 Mar. 220 30 Government gold reserves1 not included Other 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 t o ri u e n s - 6 End of month U St n a i t t e ed s U K d n i o n i m t g e - d France g B iu el m - 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec ... 80 2759 331 44 1939—Dec 308 549 29 71 68 52 59 7 178 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 170 May 477 1941—Dec 223 665 92 1 100 41 383 12 166 June... 85 17 1942—Dec 335 824 114 1 89 68 21 185 Sept.... 164 3876 1943—Dec 387 964 161 1 121 89 45 229 Dec 156 17 1940—June... 86 17 1944—Apr 426 1,004 191 1 131 100 39 238 Dec. ... 48 292 17 May 430 1,010 191 1 136 110 39 242 1941—June... 89 17 June 432 1,023 210 1 139 110 39 242 Dec 25 4151 17 July 435 1,030 221 1 142 110 39 243 1942—June. .. 8 17 Aug 449 1,029 221 1 148 110 39 244 Dec 12 17 Sept 454 1,033 221 1 149 110 39 244 1943—June.... 11 17 Oct 456 1,029 221 1 149 110 39 244 Dec 43 17 Nov 462 1,040 221 1 151 125 36 244 1944—Mar.. .. 14 1945— D Ja e n c 4 47 6 7 3 pl 1 ,O ,0 5 5 8 2 2 2 2 2 1 1 1 1 1 1 5 5 7 9 1 13 3 0 0 3 3 7 7 2 2 4 4 5 5 J S u e n p e t . . . . . . . 2 2 1 5 17 Feb 475 pl,061 1 147 246 Mar pl,O72 1 147 246 1 Reported at infrequent intervals or on dep Preliminary. layed basis: U. S.—Exchange Stabilization Fund r Revised to include Bulgaria, formerly shown separately. (Special A/c No. 1); U. K.—Exchange Equali- 1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad- zation Account; France—Exchange Stabilization dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- Fund and Rentes Fund; Belgium—Treasury. longing to the Argentine Stabilization Fund. 2 Figure for end of September. 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 3 Reported figure for total British gold reserves on trol Board. Gold reported since that time is gold held by Minister of Finance. Aug. 31,1939, less reported holdings of Bank of Eng- 3 Figures relate to last official report dates for the respective countries, as follows: Greece— land on that date. Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30,1940; Poland—July 31, 1939; Yugoslavia 4 Figure for Sept. 1, 1941. —Feb. 28, 1941. 4 Figure for December 1938 is that officially reported on Apr. 30, 1938. NOTE.—For available back figures and for details 5 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. regarding special internal gold transfers affecting 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, the British and French institutions, see Banking Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El and Monetary Statistics, p. 526, and BULLETIN for Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, February 1945, p. 190. Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. 7 Gold holdingsof 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. 504 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 i - a ******lMe*H C°biT I Chi'° I I Ni g c u a a r 7 a- Au H s a tr 8 a-1 I B I r n i d ti i s a h 9 $1 = 15&grains of gold fine; i.e.,an ounce of 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 |I 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 3 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 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1944 662,992 429,787 ^20,762 18,445 35,065 101,980 19,374 p6,860 7,865 16,310 6,545 1944—Mar 57,152 36,266 1,706 1,575 2,933 ,333 2,056 577 677 1,365 665 Apr. 53,887 34,879 1,771 1,610 2,936 ,568 1,363 486 665 945 665 May 57,227 36,921 1,749 1,575 2,881 ,989 2,020 473 693 1,330 595 June 54,775 36,264 1,702 1,435 2,431 ,397 1,732 644 560 1,435 175 July 55,607 36,430 1,763 1,400 2,959 ,247 1,901 639 590 L,295 385 Aug 57,226 37,022 1,732 1,470 2,779 ,290 2,044 604 625 MOO 560 Sept 54,826 35,810 1,724 1,540 3,028 ,274 1,421 523 615 L.365 525 Oct 54,461 35,821 1,714 1,575 2,863 ,051 1,370 560 653 1,295 560 Nov 53,675 35,270 1,680 1,575 2,974 ,809 1,380 555 613 1,260 560 Dec 53,404 34,836 1,750 1,610 2,769 ,012 1,162 506 765 1,470 525 1945—Jan p55,295 36,216 {1,750 1,610 2,463 ,166 1,882 {506 672 1,470 560 Feb p51,582 33,698 f\,750 1,575 2,342 ,455 ^1,882 '506 590 1,260 525 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. P Preliminary. f Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 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 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to:1 Y m e o a n r th or i T m o n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico c p A O a L u n m b a t h l t e R i i e c r n e r 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 c o tr o t A i h u e l e n l s r 2 - 19343 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,153 12,038 1,029 12 4 76,820 21,095 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 29,359 15,335 3,498 65 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 30,790 21,513 23,280 8 77,892 20,856 1937 1,585,503 891,531 -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 1938 1,973,5691,208,728 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 1939 3,574,1511,826,403 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 1940 4,744,472 633,083 241,778 977 63,260161,489 90,3202,622,330 29,880 128,259 38,627 103,777 184,756 111,739 49,989 6284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 663,071 1942 315,678 208,917 40,016 39,680 1943 68,938 66,920 -3,287 13,489 1944 Jan -23,269 400 316 -4,974 Feb -125,093 23,461-67,200 -3,584 Mar -101,672 5,328-44,711 -5,938 Apr 378 382-10,810 May 410 311-14,803 Tune 367 190-13,271 July 565 235-14,179 Aug 3,655 84-12,767 Sept 295 93 -5,299 1 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. 4 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 5 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. 6 Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. MAY 1945 5°5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 ,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 ,069.5 1«.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 ,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 ,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 ,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 ,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 ,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 ,436.2 550.5 646.7 ,188.9 63.9 June 28 4,659.2 2,111.8 425.3 ,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 ,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 ,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 ,999.9 631.6 761.6 ,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 ,907.8 684.1 785.6 ,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 ,112.3 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 ,200.8 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 ,307.7 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 ,375.1 ,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 ,321.7 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 ,752.0 819.7 849.6 624.9 104.3 June 302 5,495.3 3,075.9 1,211.7 ,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,654.9 3,212.6 ,339.1 ,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 ,412.0 ,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 ,536.6 ,934.5 889.8 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 ,671.8 ,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 ,723.1 ,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 ,801.8 ,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 ,871.6 ,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 ,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 ,953.0 901.9 792.9 692.3 112.6 Aug. 31.. 6,726.3 4,107.9 2,122.6 ,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 ,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 ,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 ,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 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 7,633.1 34,723.9 32,468.7 32,255.2 3848.2 1,025.9 909.0 3126.1 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Ami ' . . .. 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. 506 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 circula- (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 Cash reserves a c n o D d u i n s a - t d s - Se t c ie u s ri- tion3 Deposits O lia th b e il r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. .. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.C 8.8 35.8 17.9 1930—Dec. 31.... 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30.... 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28... 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27... 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26... 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25.. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. .. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29... 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 ... 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.C 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 5780.0 .3 28.5 6.4 267.8 751.7 219.5 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.; 10.3 60.4 17.9 1944—Apr. 26.... .2 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31... .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 June 28.... .2 1,150.0 .9 19.4 1.2 282.2 1,130.9 217/ 12.5 55.6 17.9 July 26... .2 1,150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Aug. 30.... .2 51,200.0 1.5 54.2 6.2 228.4 1,146,0 201.5 14.4 56.2 18.0 Sept. 27 ... .2 1,200.0 2.0 45.7 4.3 252.6 1,154.6 221.J 9.8 55.3 18.1 Oct. 25 ... .2 1,200.0 2.3 35.9 8.8 234.9 1,164.4 203. J 6.2 54.1 17.7 Nov. 29... .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5" 207. C 11.6 55.3 17.8 Dec. 27.. .2 51,250.0 1.9 11.6 5.1 317.4 1,238.6" 260.' 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. J5 18.1 60.5 18.0 Mar. 28. j .2 1,250.0 1.5 14.5 18.6 268.4 1,235.8 218.5 8.9 57.0 18.1 I Assets Liabilities Bank of Canada Dominion and provincial government Deposits Sterling (Fi Cs~ g y a u n re a s dJ i• i a n n m Jd i o l 1 l l1 i l o a n rs s ) \ of Gold and S t U at n es ited securities a O s t s h e e ts r ci m r c N ul o a t t e ion7 liab O i t l h it e i r es8 dollars S t h er o m rt G - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 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 f9) 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—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 ,012.5 454.3 76.9 32 A 43.8 Nov. 30 172.3 868.6 618.9 29.3 ,007.8 437.2 10.8 20.4 212.9 Dec. 30... 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Jan. 31 172.3 914.5 590.2 28.0 ,020.6 413.1 23.2 36.0 212.1 Feb. 28.... 170.4 891.6 595.5 29.0 ,028.6 397.6 27.9 37.2 195.1 Mar. 31... 177.1 926.5 608.7 33.2 ,048.7 422.0 18.7 52.7 203.4 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. 4? Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. * NNootteess iissssuu ed leess s amounts heel d inn bbaannkkiinngg deeppaarttmmeenntt.. 44 OO n JJaann . 66 , 11993399 , 220000 mmiilllliioonn ppoouunnddss sstteerrlliinngg ooff ggoolldd ((aatt lleeggal parity) transferred froomm BBaannkk ttoo EExxcchhaannggee EEqquuaalliizzaattiioonn AAccccoouunntt;; oonn MMaarr.. 11,, 11993399,, aabboouutt 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on JJuullyy 1122 , 11993399 , 2200 miillilonlJpiodu nds tranfsdfe rredf fromE hE xchange AccoAutnt to BBaannkk;; oonn SSeepptt.. 66,,1199339,,2277 9 mmilolnio np poouunndds st rtarannsfseferrreredd fofrmom B Banakn kt ot oE Excxhcahnagneg eA Acccocuonutn.tt. 66 FFiidduucciiaarryy iissssuuee iinnccrreeaasseedd bbyy 5500 mmiilllliioonn ppoouunnddss oonn JJuunnee 1122,11994400 , AApprr . 3300, AAuugg. 3300, aanndd 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. MAY 1945 5O7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o r f e s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n 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 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t a t i h b es e il r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931-Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 i,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. 28 697,267 112 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,*3i7 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—Nov. 25 84,598 37 44,860 35 6,472 320,843 55,950 21,457 484,060 755 14,083 31,133 4,220 Dec. 30 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Jan. 27 84,598 37 44,870 12 8,196 343,300 56,050 21,614 506,035 825 12,365 34,339 5,112 Feb. 24 84,598 37 45,018 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 Mar. 30 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 Tune 29 84,598 37 46,241 1 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Dec. 286 75,151 42 47,288 48 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25 75,151 42 47,842 16 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb. 22 ; 75,151 42 47,894 9 23,473 426,000 "'7,700' 737,903 568,900 778 43,697 4,797 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u a r n i 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 cir t c io u n la- Deposits lia ti b e i s li- 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. 3i 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—Feb. 29 , 77 (8) 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 71 ' 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—Jan. 31P. 77 64,625 199 (9) (9) (9) 51,207 13,566 (9) v Preliminary. 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. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 First official statement published since liberation. 7 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22. 8 Gold not shown separately in weekly Reichsbank statement after June 15,1939. 9 Figure not available. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 508 FEDERAL RESERVE BULLETIN 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. | Jan. Mar. Central Bank of the Argentine Re- National Bank of Denmark (millions (Dec. public (millions of pesos): of kroner): 1944)4 Gold reported separately 1,242 1,242 1,128 Gold 97 97 Other gold and foreign exchange... 2,528 2,483 2,270 Foreign exchange 22 22 Government securities 872 873 882 Clearing accounts (net) 2,762 2,200 Rediscounted paper Loans and discounts 55 27 Other assets ' 150 150 161 Securities 95 71 Note circulation 2,354 2,317 1,986 Govt. compensation account6... 85 85 Deposits—Member bank 1,477 1,410 1,367 Other assets 4,389 2; 900 Government 578 525 515 Note circulation 1,658 1,414 Other 54 191 125 Deposits—Government 2,327 1,391 Certificates of participation in Other. 3,009 2,221 Government securities 126 126 C288 Other liabilities 512 376 Other liabilities 203 179 c160 Central Bank of Ecuador (thousands (Nov. Commonwealth Bank of Australia of sucres): 1944)4 (thousands of pounds): Gold 283,780 249,621 Issue department: Foreign exchange (net) 174,043 70,964 Gold and English sterling 50,856 50,856 45,543 Loans and discounts 83,361 83,506 Securities 150,857 150,856 139,643 Other assets 109,756 88,907 Banking department: Note circulation 305,183 222,094 Coin, bullion, and cash 19,596 17,501 9,341 Demand deposits 288,254 225,028 London balances 133,538 130,954 85,588 Other liabilities 57,503 45,875 Loans and discounts 25,362 24,684 24,082 National Bank of Egypt7 (thou- (Dec. Securities 265,644 256,429 251,599 sands of pounds): 1944)4 Deposits 205,697 204,130 189,455 Gold 6,241 6,241 Note circulation 193,244 193,244 176,762 Foreign exchange 16,147 14,148- National Bank of Belgium (millions Loans and discounts 6,754 2,647 of G b o e l l d g 2 as) :* 6,265 6,419 6,419 Br e i r t n is m h, e n E t g s y e p c t u i r a i n ti , e s and other Gov- 260,533 223,932' Foreign exchange 567 209 183 Other assets 20,329 12,881 Loans to Government 7,446 6,738 6,083 Note circulation 116.708 97,346 Other loans and discounts 134 344 488 Deposits—Government 67,790 58,061 Claim against Bank of Issue 12,918 12,918 12,918 Other 113, 91,755 Other assets 399 419 437 Other liabilities 11,638 12,687 Note circulation 10,255 9,589 8,866 Central Reserve Bank of El Salva- Demand deposits 827 689 707 dor (thousands of colones): Blocked Treasury account2 2,099 2,099 2,099 Gold 33,322 32,590 Notes and blocked accounts3 14,347 14,468 14,656 Foreign exchange 31,306 35,077 Other liabilities 203 202 200 Loans and discounts 1,086 371 National Bank of Bohemia and (Nov. Government debt and securities... 6,007 6,384 Moravia (millions of koruny): 1944)4 Other assets 1,327 869 Gold 1,517 1,515 Note circulation 46,737 43,543 Foreign exchange 800 775 Deposits 19,556 25,762 Discounts 3,793 1,945 Other liabilities 6,654 5,986 Loans 1 1 Bank of Finland5 Other assets 55,027 36,568 Bank of Greece5 Note circulation 32,705 24,523 National Bank of Hungary (millions (Nov. Demand deposits 13,942 7,899 of pengo): 1944)4 Other liabilities 14,491 8,381 Gold 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 3 6 of bolivianos): Discounts 11,977 4,070 Gold at home and abroad 600 557 Loans—To Treasury 511 550 Foreign exchange 414 424 To foreign countries 1,074 1,036 Loans and discounts 289 260 Other 6 Securities—Government 626 633 Other assets 1.082 1,647' Other 41 41 Note circulation 10,672 4,963 Other assets 78 100 Demand deposits 2,713 794 Note circulation 1,256 1,112 Consolidated foreign credits of D O e th p e o r s i l t i s abilities 7 9 0 1 1 8 9 0 5 8 Ot 1 h 9 e 3 r 1 l iabili . t . i # es 1,35 1 2 0 1,64 1 6 2 National Bank of Bulgaria5 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 27 277 273 Gold at home and abroad 444 444 444 Discounts for member banks 341 321 179 Sterling securities 9,543 9,293 7,798 Loans to Government 710 710 720 Indian Govt. securities 578 578 583 Other loans and discounts 973 979 952 Rupee coin 105 126 123 Other assets 1,206 1,205 995 Note circulation 10,593 10,340 8,825 Note circulation 2,580 2,516 2,311 Banking department: Deposits—Bank 44' 456 393 Notes of issue department 77 102 124 Other 15' 208 141 Balances abroad 3,690 3,746 1,662 Other liabilities 324 313 274 Treasury bills discounted 47 23 2 Bank of the Republic of Colombia Loans to Government 3, (thousands of pesos): Other assets 267 222 138; Gold 167,090 164,928 138,457 Deposits 3,798 3,832 1,671 Foreign exchange 109,079 114,965 87,427 Other liabilities 282 262 257 Loans and discounts 27,818 26,348 2,082 Central Bank of Ireland (thousands Government loans and securities.. 65,981 66,202 56,992 of pounds): Other assets 29,493 28,235 30,144 Gold ,646 2,646 2,646 2,646 Note circulation 167,208 166,737 120,628 Sterling funds ,223 29,292 29,1471 25,524 Deposits 141,90' 145,440 130,519 Note circulation ,869 31,938 31,793j 28,170, Other liabilities 90,347 88.501 63,954 Bank of Japan5 Bank of Java5 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. 5 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. J 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. MAY 1945 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 f 642 623 608 524 Note circulation 17,265 16,122 "Authorized" holdings of securi- Deposits—Government 2,033 1,833 ties, etc 1,608 ,573 1,549 1,404 Other 3,164 4,107 Bills and discounts 405 388 403 250 Other liabilities 494 481 Other assets 69 62 47 62 Bank of Sweden (millions of kronor): Note circulation 1,395 ,356 1,334 1,166 Gold 1,047 1,052 929 Demand liabilities 1,174 ,137 1,096 928 Foreign assets (net) 585 553 566 Other liabilities 155 154 177 145 Swedish Govt. securities and ad- Netherlands Bank (millions of (Oct. vances to National Debt Office6. 1,314 1,339 1,044 guilders): 1944)2 Other domestic bills and advances. 34 42 68 G Si o lv ld er (including subsidiary coin).. 932 932 O N t o h t e e r c a ir s c s u et l s ation 2 1 , , 3 05 4 1 5 2 1 , ,1 3 5 7 3 7 2,1 9 6 4 3 8 Foreign bills 4,404 3,783 Demand deposits—Government 608 534 608 Discounts 3 Other 344 492 152 Loans 136 136 Other liabilities 734 737 631 Other assets. 96 86 Swiss National Bank (millions of Note circulation 4,879 3,937 francs): Deposits—Government 149 103 Gold. 4,639, 4,591 4,577 4,299 Other 320 727 Foreign exchange 108 95 89 Other liabilities ; 223 169 Loans and discounts 35l! 286 183| 279 Reserve Bank of New Zealand (thou- Other assets 81 81 170 sands of pounds): Note circulation 3,564 3,478 3,409 2,980 Gold 2,802 2,802 Other sight liabilities 1,333 1,301 1,241 1,581 Sterling exchange reserve 42,784 27,762 Other liabilities (7) 288 285 276 Advances to State or State under- Central Bank of the Republic of takings 27,901 44,231 Turkey (thousands of pounds): Investments 11,737 11,960 Gold 276,382 238,650 Other assets 1,628 3,064 Foreign exchange and foreign Note circulation 39,770 36,253 clearings 74,489 96,360 Demand deposits 43,192 49,896 Loans and discounts 836,401 748,226 Other liabilities 3,891 3,670 Securities 174,282 190,913 Bank of Norway3 Other assets 25,607 18,841 Bank of Paraguay—Monetary Dept. Note circulation 941,582 868,446 (thousands of guaranies)4 Deposits—Gold 85,586 85,139 Gold 3,329 3,332 Other 185,694 138,076 Foreign exchange 22,194 22,886 Other liabilities , 174,300 201,329 Loans and discounts 3,787 4,832 Bank of the Republic of Uruguay Government loans and securities... 10,673 10,727 (thousands of pesos): Other assets 1,256 1,068 Issue department: Note circulation 26,895 26,312 Gold and silver 122,751 119,793 Demand deposits 12,744 14,786 Note circulation 151,771 137,500 Other liabilities 1,600 1,747 Banking department: Central Reserve Bank of Peru (thou- (Nov. Gold and silver 133,241 83,733 sands of soles): 1944)2 Notes and coin 29,270 C41,124 Gold and foreign exchange 137,395 157,261 Advances to State and to gov- Discounts 18,839 11,148 ernment bodies 18,088 13,634 Government loans 437,423 358,836 Other loans and discounts 91,589 97,940 Other assets 23,844 27,122 Other assets 295,549 ;221,063 Note circulation 406,084 357,748 Deposits 263,025 192,530 Deposits 181,967 171,902 Other liabilities 304,711 264,965 Other liabilities 29,451 24,717 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- (June sands of bolivares): cudos): 1944)2 Gold8 349,741380,249 328,751 307,208 O N L O N G G O o t t o o o t l h h h a d n v t e e e e n r e r r r s e r c s n r a s a i e m e r i s n r g c s s v d e e u h e e n r t l t v d s a t e l e t i i i d x s s a o c c e b n o h b ( i n u a t li e n n t t g i t ) e s e s 4 9 6 9 1 1 , , , , , , 4 0 8 5 0 9 9 2 1 1 7 2 7 3 4 1 6 2 0 3 1 7 6 0 4 8 6 8 1 1 , , , , , , 9 5 5 9 4 7 2 0 1 2 0 4 2 7 3 4 8 9 4 5 3 6 9 8 Nati O N D F O C o o t r e o t n h h r e p t a e e e d e o i l r r i g s t c B i s n a l i t i r s s a a t c e s o n b u e x i k l t c l n a s i h a t t o a i i t f e o n i s o n g t n — e h a N e l ( C n b a e e K t a n t i n ) t i o r n k n a g s a l d l B o b m a a n n k k o . s f . . . . . 3 1 0 9 2 2 2 1 3 9 4 5 0 2 0 6 , , , , , , , 5 6 5 0 9 3 6 1 2 7 7 5 1 0 9 2 3 2 2 0 3 1 !3 1 0 2 7 1 1 6 — 4 9 0 6 7 3 0 , , , , , , , 7 0 1 9 3 8 - 7 4 7 5 4 1 1 6 " 1 9 5 5 7 0 8 2 1 0 9 2 2 1 1 5 4 8 2 0 6 0 0 , , , , , , , 7 3 0 6 3 2 5 5 2 4 3 7 9 1 1 8 3 0 8 2 0 2 4 8 5 2 2 2 1 5 9 8 3 6 4 6 , , , , , , , 3 2 4 5 5 8 3 4 1 2 5 4 8 7 7 5 1 2 3 2 0 Nat O io t n he a r l l B ia a b n il k it i o es f Rumania3 940 928 Ba Y n u k g f o o s r la I v n i t a e 3 rnational Settlements South African Reserve Bank (thou- (,thousands of Swiss gold francs):9 sands of pounds): Gold in bars 114,039 118,272 Gold 101,228 100,649 88,349 Cash on hand and on current ac- Foreign bills 28,558 24,356 22,531 count with banks 44,913 17,796 Other bills and loans 2,881 8,594 1,840 Sight funds at interest 12,818 6,938 Other assets 91,973 98,238 85,919 Rediscountable bills and accept- Note circulation 56,520 56,474 51,169 ances (at cost) 77,361 105,340 Deposits 162,581 169,641 142,316 Time funds at interest 8,856 21,067 Other liabilities 5,539 5,72O| 5,154 Sundry bills and investments 199,331 197,511 Bank of Spain (millions of pesetas): Other assets 98 332 Gold 1,166 1,056 Demand deposits (gold) 19,560 29,551 Silver 609 625 Short-term deposits (various cur- Government loans and securities.. 15,959 15,952 rencies) : Other loans and discounts 3,506 2,848 Central banks for own account 6,599 7,036 Other assets 1,717 2,062 Other 2,128 2,848 Long-term deposits: Special accounts 229,001 228,909 Other liabilities 200,128 198,911 c Corrected. 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. 6 Includes small amount of non-Government bonds. 7 Figure not available. 8 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. 9 See BULLETIN for December 1936, p. 1025. 510 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 R A 3 a p 0 t r e . ef D fe a ct t i e ve ba C n e k n tr of a — l R A 3 a p 0 t r e . ef D fe a ct t i e ve In effect Dec. 31, 1936 2 2 4 2 2 IK Albania Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan. 28, 1937 4 Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 June 15 6 Belgium Jan. 16, 1945 Java 3 Jan. 14, 1937 July 7 5 Bohemia and Latvia 5 Feb. 17, 1940 Aug. 4 4 Moravia Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Sept. 3 Nov. 13 3 2 May 10, 1938 4 May 13. Bolivia 6 Nov. 8, 1940 Mexico y 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 Canada Feb. 8, 1944 Norway 3 2 May 13, 1940 Nov. 25 Chile... Dec. 16, 1936 Peru 5 Aug. 1, 1940 Jan. 4,1939 2 Colombia 4 July 18, 1933 Portugal.... Jan. 12, 1944 Apr 17 4 May 11. 3 July 6 Aug. 24 "i "' 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 Oct. 1, 1935 Sweden 2% Feb. 9,1945 Dec 15 3 Finland Dec. 3, 1934 Switzerland. Nov. 26, 1936 Jan 25, 1940 2 Apr. 9 May 17 Mar. 17, 1941 in France 4 2 Jan. 20, 1945 Turkey 4 July 1, 1938 May 29 3 Germany Apr. 9, 1940 United King- June 27 Greece Dec. 1, 1944 dom 2 Oct. 26, 1939 Jan 16 1945 Hungary Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 Jan 20 Ireland Nov. 23, 1943 Yugoslavia.. 5 Feb. 1, 1935 Feb 9 In 19 e 4 ff 5 ect Apr. 30, 2 1% m 2H NOTE.—Change3s since March 31: none. OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a e m p n o t k a n e n t r h c s e s ' s T 3 r m e b a i o l s n l u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e -d y ay d P i r s r i c a v o te a u t n e t 1 M m f o o o n r n ey th m u L p o o n a to t n h s 3 s d P i r s r i c a v o te a u t n e t 1929—Feb 5.05 4.96 4.33 5.80 6.33 4.39 4.78 3.31 1930—Feb 3.82 3.72 3.76 3 ~2 5.53 6.01 2.80 2.94 2.71 1931—Feb 2.56 2.37 2.29 4.88 5.49 1.12 1.05 .00 1932—Feb 4.63 4.08 3.84 4 -3 6.67 7.81 1.87 1.69 .52 1933—Feb .83 .78 .73 3.88 4.86 .37 1.00 .50 1934—Feb .95 .86 .88 3.88 4.78 .78 1.00 .50 1935—Feb .38 .28 .63 3.41 3.83 .58 1.00 .50 1936—Feb .55 .53 .75 3.00 2.77 1.19 1.63 .37 1937—Feb .55 .53 .75 3.00 2.47 .28 1.00 .18 1938—Feb .53 .50 .75 2.88 2.73 .13 .50 .00' 1939—Feb .53 .51 .75 2.88 2.53 .13 .50 .00- 1940—Feb 1.04 1.02 .00 2.50 2.08 1.58 2.50 .25 1941—Feb 1.03 1.02 .00 2.25 1.68 2.25 2.75 .25: 1942—Feb 1.03 1.00 .04 2.13 1.75 .25 1943—Feb 1.03 1.00 .10 2.13 .82 .25 1944—Feb 1.03 1.00 .13 2.13 .89 .25 1944—Mar 1.03 1.00 .13 2.13 .93 .25 Apr 1.03 1.01 .13 2.13 .91 .25 May 1.03 1.00 .13 2.13 .90 .25 June 1.03 1.00 .13 2.13 .92 .25 July 1.03 1.00 .13 2.13 .90 .25 Aug 1.03 1.00 .13 2.13 .89 .25 Sept 1.03 1.01 .13 2.13 .93 .25 Oct 1.03 1.00 .10 2.13 .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 1.25 Feb 1.03 1.00 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. MAY 1945 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p n u o d r u e o n s n d i s c n l s e m t a e i r r l 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 t e a o i y c n r e t d at 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 Loans to a O s t s h e e ts r Total I D D e e m po a s n i d ts 3 Tima3 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 2.50 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—March 423 155 113 1,331 1,136 781 290 3,988 2,652 1,336 242 April 430 164 149 1,314 1,152 762 285 4,017 2,672 1,345 240 May 418 173 174 1,310 1,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 1,169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 1,175 765 289 4,121 2,744 1,377 244 August 439 205" 211 1,337 1,180 750 283 4,161 2,775 1,386 243 September 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 October... 453 191 170 1,567 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 1,500 250 1945—January... 460 198 159 1,663 1,165 765 301 4,462 2,968 1,495 248 February.. 455 188 140 1,639 1,160 769 305 4,405 2,904 1,501 250 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t e a f r n i e g a d u d r i e b a s n a n in d k o s m . l la il r E l s io n ) 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- excluding interbank deposits li O ab th il e i r ties loans and dis- foreign Total Demand Time counts banks 1938—December. 263 65 940 166 1,463 535 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 J 942—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—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 1,339 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 1,268 September 575 56 976 224 3,450 761 435 4,726 2,262 2,464 41,282 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 February.. 539 80 1,125 254 3,624 717 31 5,021 2,390 2,631 1,287 France Assets Liabilities (4 larg f e i g b u a r o n e f s k s i f n . r a m n E c i s n ll ) d io o ns f month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December5 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—March 6,813 3,803 74,664 15,245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November 7,203 3,960 86,754 14,561 2,653 107,200 105,811 1,390 404 7,326 December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 42S 7,506 1944—January... 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 6,168 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at IH per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales, which are included in total. 4 Due to changes in reporting procedure, the figure for ''Note circulation" includes a small amount of interbank note holdings while these holdings are now omitted from "Other liabilities." 5 Figures for three bariks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. MS-655^ and for description of statistics see pp. 566-571 in same publication. 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 ra n l d i ) a g B iu e m l- (c B ru r z a e z i i r l o1) B I r n it d i i s a h g B a u r i i . a Canada (dollar) Chile (peso) C S ( h h y a u in n a g n a - Official Special Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) Export 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 *5!l248' 33.279 21.2111 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—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 Mar.. 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.295 • Year or month Co b l i o a m- C sl z o e v c a h k o ia - m De a n rk - F la i n n d - France m G a e n r- y G (d r r e a e c c h e - H K o o n n g g H ga u r n y - Italy Japan Mexico e N rl e a t n h d - s N Z e e w a- (peso) koruna) (krone) (m k a a r ) k- (franc) ( m re a i r c k h ) s- ma) (dollar) (pengo) (lira) (yen) (peso) (g e u r i ) ld- (p l o a u n 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 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239 968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1944 57 272 20.581 324.42 1944—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 j 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 Mar 57.036 20.582 324.42 United Kingdom Uruguay Year or month N (k o r 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 ia u) a- ( A S p o o fr u u i n c th a d) ( S pe p s a e i t n a) S S m (d e t e o r t a n l t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree 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 2403!50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246 919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1944—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 Mar 398.00 403.50 65.830 54.197 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 backfigures, 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 Februtrayry 1943, p. 201, and February 1944, p. 209. MAY 1945 513 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 ct p o a b n er ( l 19 a 2 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 M26 144 1932 • 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 HI 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 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 P223 1944—March 104 103 165 117 195 223 April 104 103 166 118 p420 195 223 May 104 103 166 118 P412 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 *>223 November 104 102 167 195 P222 December 105 103 167 195 P221 1945—January . . . 105 103 167 195 p221 February 105 103 167 195 March 105 *>103 168 195 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 i m t t h m i e e o r s d- pr F o a du r c m ts f m p a a a c r t n t u u l r - y ed f c m a h a c i t n e u f u r l - e y d Foods pr I o n tr d d i u u a c s l t - s p A r g t o r u d i r u c a c u l l t - s a t f n r i i d a n s l i e s r m h a i e w - d p t r r i i o s a d h l u e c d f t i s ngoods 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—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 1§3 104 94 157 173 - 1945—January 126 105 99 104 104 94 156 173 February 127 105 99 105 105 94 157 173 March 127 105 99 *>105 no5 p94 156 174 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 5*4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 n t a 3 i 1 5 t t 0 e e - 0 3 d s ) 9 ( C 1 a 9 a 3 d 1 n 5 0 a - - 0 3 ) 9 U K d ( n 1 J i o 9 i n u m 1 t l g e 4 y d - m 1 = G 9 a e 1 1 r n 3 0 - - 0 y 1 ) 4 N ( e l 19 t a 1 1 h n 1 0 e d - 0 r s 1 ) - 3 S e w = r ( 1 i J l 9 1 u t a 1 0 n z n 4 0 e - d ) Year or month U ( S 1 = 9 n t a 3 1 i 0 5 t t e e 0 -3 d s ) 9 (1 = C 9 a a 3 1 d 0 5 n a 0 - - 3 ) 9 U K d ( n 1 i J o 9 i n u m 1 t l g e 4 y - d (1 m = G 9 a 1 1 e 3 n 0 r - y 0 - 1 ) 4 N (1 l = e 9 a t 1 1 n h 0 1 d e 0 - s 1 r ) - 3 S e = ( r w 1 J l 1 9 u a i 0 1 t n n 0 z 4 e d - ) = 100) = 100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 130 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—March 134 131 168 136 214 1944—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 P208 November. 137 132 168 November . 127 119 201 p208 December. 137 130 168 P215 December.. 127 119 201 p208 1945—January... 137 130 168 1945—January... 127 119 202 P2O9 February.. 137 131 168 February .. 127 119 202 March. ... 136 P131 168 March 127 202 p Preliminary. 11 2 A RR v eevv er ii a ssee g dd e b iinn a dd s ee e xx d o ffrr n oo mm fi gu MM re aa s rr cc f hh o r 11 3 99 33 m 66 o (( n ssee th ee s BB ; UU n LL o LL d EE a TT t II a NN a ff v oo a rr i l AA ab pp l rr e ii ll s 11 i 9 n 93 c 3 e 77 ,, M p a . r 3 ch 7 3 1 ) 9 . 40, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d n r e t i a r i c i t t v e e e e ) d s 1 d ( K 1 D 9 U i 2 e n n c 1 g e i = d t m e o 1 d b m 0 e 0 r ) (1 F 9 r 1 a 3 n =1 c 0 e 0) G ( e a p r v 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 t n 3 a 1 i 5 t 0 t e - e 0 3 s d ) 9 K U in n g it d e o d m (1 F 92 r 6 a n = c 1 e 00) Germany (1 N 9 l 3 e a 0 t n = h d 1 e s 0 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 83.3 71.1 55 1935 105.5 129.9 83.5 695.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 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 142.1 131.5 1943 120.3 127.8 98.5 91.9 84.5 145.0 151.0 1944 120.9 127.5 99.8 88.6 1944—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 .... 121.9 128.7 113.0 90.6 March 122.7 111.8 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds 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 4J^ 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 per cent. 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. 5 Average Apr.-Dec. only. Average Jan.-Mar. on old basis was 95.9. J Average based on figures for 5 months; no data available June-pec. 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. MAY 1945 5*5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 0. 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 RALPH C. GIITORD, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JULIAN B. BAIRD, MINNEAPOLIS DISTRICT WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel E. A. GOLDE-NWEISER, Economist A. E. BRADSHAW, KANSAS CITY DISTRICT C. 0. 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 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. Hunter* 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. Mcllhenny3 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. Keesee2 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. Black* E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack H. 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. Woolley3 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. Day 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. Lazar* Pittsburgh J. W. Kossin* Kansas City Denver G. H. Pipkin* 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. Vardeman, 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. Hollowa>5 Chicago. Detroit E. C. Harris^ 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. fe. 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. MAY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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