Federal Reserve Bulletin, 1945-06

FEDERAL RESERVE BULLETIN JUNE 194! OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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—Monetary Developments in Latin America ... . 519-531 Liquid Asset Holdings of Individuals and Businesses . . . 532.-535 Current Events 535 Canadian White Paper on Employment and Income. . . . 536-549 Annual Report of the Bank of France. . . . . 550-556 Law Department: Consumer Credit—Amendment to Regulation W . . 557-558 Foreign Funds Control—Treasury Department Releases . 558-563 Passage of Reserve Ratio Bill. . 563 = Absorption of Exchange Charges 564 National Summary of Business Conditions 565-566 Financial, Industrial, Commercial Statistics, U. S. (See p. 567 for list of tables) 567-618 International Financial Statistics (See p. 619 for list of tables) 619-631 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 632. Senior Officers of Federal Reserve Banks; Managing Officers of Branches.... 633 Map of Federal Reserve Districts 634 Federal Reserve Publications {See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE VOLUME 31 June NUMBER 6 MONETARY DEVELOPMENTS IN LATIN AMERICA Wartime monetary developments in Latin lars in 1940 total Latin American exports America have been in many respects com- increased rapidly throughout the period parable to those in the United States. 1941-1944, as shown by the chart, reaching Similar gaps between the expansion of pur- a total of nearly 3 billion in 1944. Imchasing power in the hands of the public ports, on the other hand, were restricted and the expansion of available goods and by supply and shipping shortages. In services for consumption are endangering spite of price increases, the dollar volume internal price stability and calling forth of imports did not expand until 1943-1944 controls of various types. The Latin American problem, however, is largely of FOREIGN TRADE OF LATIN AMERICA external origin. Increased exports and BILLIONS OF DOLLARS ANNUAL BIL 30 limited imports, rather than war expendi- / tures, are primarily responsible both for the growth of purchasing power and for the shortages of civilian supplies. In most of these countries, monetary and price con- 2.0 EXPORTS 2.0 trols are still relatively undeveloped and, • -^ / in consequence, the inflationary threat is RTR "•*•*- — in many cases graver than in the United States. On the other hand, expanded ex- " "" ——' 1.0 1.0 port surpluses have also resulted in great accumulations of gold and foreign ex- EXPO T SURPLU change, and these reserves, together with recent monetary, banking, and fiscal re- O 0 forms, will facilitate the task of postwar 1938 1939 1940 1941 1942 1943 1944 readjustment. Total trade of twenty Latin AmericarL countries, converted to U. S. dollars. Source: Department of Commerce. WARTIME TRADE AND ACCUMULATION OF and, even then, to a far lesser degree than RESERVES exports. For the whole period 1940-1944 Exports from Latin America taken as a exports exceeded imports by about 3.5 whole delined somewhat in 1940, but rose billion dollars. later to unprecedented levels as a conse- These trade balances, more than capital quence of the United States rearmament movements, explain the extraordinary acprogram and active participation in the cumulation of gold and foreign exchange war. From a low of about 1.7 billion dol- reserves by Latin American countries during JUNE 1945 5*9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the war. Foreign loans and investments, foreign trade, official gold and foreign it is true, revived somewhat from the low exchange reserves, and money supply of levels to which they had fallen in the individual Latin American countries appear 1930's. There was a substantial move- in the table on page 531. ment of European short-term capital into the Argentine market, of direct American DOMESTIC CREDIT EXPANSION investments into Mexico especially, and Monetary expansion in the Latin Amerof Export-Import Bank loans throughout ican countries, however, was not confined the area. This, however, was far more to the direct effects of reserve accumulation than offset by increases in Latin American Domestic credit expansion, both by central investments and private bank balances banks and commercial banks, added impeabroad and by amortization of indebted- tus to the upward movement. ness to foreigners and payments for serv- Financing of budgetary deficits played a ices. Repatriation of Argentine sterling prominent part in the increase of central bonds alone since September 1943 exceeded bank credit. While government expendisubstantially the total increase in the out- tures rose under the pressure of rising prices standing loans of the Export-Import Bank and, in some cases, of increased military to all Latin American countries in the five budgets, the disruptive effects of the war years 1940-1944. on the import trade brought about a sharp Thus net payments on service and capital contraction in customs receipts, the tradiaccount over the period absorbed about 1.3 tional mainstay of Latin American tax billion dollars of the cumulative surpluses revenues. To cite two major cases, cuson merchandise account. This still left a toms collections fell in Argentina from 377 considerable residue which accrued to million pesos in 1938 to IUJ million in official gold and foreign exchange reserves, 1943 and in Brazil from i,o5x million lifting them from about 800 million dollars cruzeiros to 596 million over the same in December 1939 to over 3.3 billion at the period. Similar declines in customs receipts end of 1944. were general throughout Latin America The quadrupling of official reserves over and constitute one of the chief explanasuch a brief period constituted, by itself, tions of the paradox of continuing budgeta powerful stimulus to monetary expan- ary deficits accompanying an unprecedented sion. Central banks had to pay for the increase in money incomes. New taxes foreign exchange they acquired, and their were created, but the effects of such renote issue and deposits rose parallel with forms were slow and deficits continued in the increase in their gold and foreign ex- most countries throughout the war years. change holdings. The mere conversion In the absence of developed markets for of new reserves into domestic money would government bonds, deficits had to be have been sufficient in most cases to double financed in nearly all these countries or triplt the money supply. In thirteen through central bank credit. countries the total money supply would The addition to central bank money rehave more than doubled from this source sulting from the acquisition of international alone, and in four of these—Paraguay, reserves and from loans to governments Ecuador, Cuba, and Haiti—it would have in turn increased commercial bank reserves, more than tripled. stimulating a secondary credit expansion by Statistics on the wartime increases in the banking system. Required reserves in 52.0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Latin American countries are generally by investment of twice the amount of the around 8 per cent against time and savings tax in equipment certificates to be used when deposits and 16 per cent against demand de- imports again became available. In posits. The banks, therefore, were free to Colombia a substantial portion of the devote a large portion of their increased foreign exchange arising out of coffee excash to new lending operations and thus to ports was paid at exchange rates below multiply the total monetary impact of parity, the difference accumulating in a central banking expansion. coffee reserve fund. In many countries, such as Argentina, Chile, Paraguay, and PARTIAL MEASURES OF CONTROL Uruguay, many classes of export drafts While money incomes of the public were purchased at relatively low exchange increased as a result of the factors analyzed rates, sterilizing in part the inflationary above, the volume of purchasable goods effect of the inflow of exchange. This and services was held down by import system of differential exchange rates, tantashortages and by the difficulty of developing mount to export taxes, was in effect prior domestic substitutes in economies largely to the war, but its anti-inflationary effects geared to export trade rather than to their in- were amplified during the war. New ternal markets. The consequent develop- capital funds brought into Argentina were ment of inflationary forces ultimately led required to be held on deposit with the to the adoption of restrictive or offsetting central bank until that institution appolicies by central banks and Treasuries, proved their investment as noninflationary. side by side with direct controls over prices In many countries consideration was and rationing of a few items in short given to upward revaluation of the currency supply. as a means of reducing monetary expansion In a few countries flexible requirements resulting from the favorable balance of for commercial bank reserves were intro- payments. Exporters would have received duced. In Mexico reserve requirements less local currency for their dollar drafts, were increased to as much as 50 per cent of and import prices would also have been demand and time deposits. Direct ceil- reduced by the decline in exchange rates. ings over the volume of bank loans were Exporting groups, however, were strongly maintained over a considerable period of opposed to a policy which would have cut time in Costa Rica. In many countries, deeply into their profits and argued that including Argentina, Chile, Colombia, an exchange shift should not be made to Ecuador, and Uruguay, the central bank meet what was an exceptional and tempoattempted to withdraw liquid funds from rary situation. It was also felt that in view the market through the sale of debentures of the tight supply situation the importers to the public or the banks. would not have passed on to the consumers In Colombia a portion of foreign the savings resulting from a change in exexchange proceeds, business reserves, change rates. Finally, currency revaluaprofits, etc., was required to be invested in tion would have imposed upon central Government bonds or certificates of de- banks or Treasuries accounting losses on posit, although the program was later their gold and foreign exchange reserves, curtailed. Brazil followed a somewhat and this also acted as a deterrent to the similar course by adopting an excess profits lowering of exchange rates. Moderate tax, payment of which could be avoided revaluations were effected in Mexico, Ecua- JUNE 1945 5x1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH dor, Bolivia, and Paraguay, but in other rates. Income tax revenues rose in Argencountries the official parity of the currency tina from 108 million pesos in 1938 to 373 was left unchanged throughout the war million in 1944, in Colombia from 18 to 2.4 years. million pesos, in Chile from 2.83 to 1,2.17 The margins which, under the exchange million pesos, and in Brazil from 2.87 to control system, had developed between 1,961 million cruzeiros. In all these counofficial rates and free or black market rates tries income and profits taxes took first declined, however, and often vanished en- place among the categories of fiscal receipts. tirely under the influence of free market Expenditures, however, were also growing, forces of supply and demand. Finally, and few countries succeeded in achieving and most important, the exchange control full budgetary equilibrium. An outstandsystems in existence and other restrictions ing exception was Venezuela, where total on imports were greatly relaxed, usually revenues increased from 341 million bolivars through more liberal administration of the in 193 8-193 9 to 446 million in 1943-1944 controls rather than through legislative and in the latter year exceeded expendienactments. Exchange was granted more tures by 81 million. This unusual fiscal and more freely by the exchange author- showing was in large part the result of ities, and many commodities, among both substantial increases in petroleum taxes imports and exports, were transferred from put into effect in 1943. higher dollar rate categories to lower ones. Exporters received, and importers paid, IMPACT UPON MONEY SUPPLY fewer pesos for their dollars. About 40 Growth of the money supply—coin, curper cent of Argentine exports had, access rency, and demand deposits—in the various in 1943 to an exchange rate of about 4 countries reflects the interplay of the forces pesos per dollar. In January 1944 most of reviewed above. The inflationary pressures them were shifted to the regular export —external and domestic—proved far too rate of 3.36 pesos per dollar. In Colombia powerful for the measures of control availnonessential imports were subject until able to monetary and fiscal authorities April 7, 1943, to rates ranging from 1.795 or developed by them during the course of to 1.95 pesos per dollar. These rates were the war. In only one country was the inreduced to a range of 1.765 to 1.785 on that crease in the money supply less than 100 date, and one year later a single rate of per cent from December 1939 to December 1.76 pesos per dollar was put into effect. 1944. Relative increases for individual All in all, however, the strengthening of countries, as shown in the table, ranged Latin American currencies in the exchange from 94 per cent in Venezuela to nearly market remained rather moderate and well 300 per cent in Cuba. below that which occurred in the course of The relative effectiveness of monetary the last war. policy in checking the domestic expansion Efforts were made to limit or reduce the may be gauged for individual countries by budgetary deficits resulting in part from comparing in the table the percentage infalling custom revenues. One of the main crease in money supply from 1939 to 1944 measures consisted of sharp increases in with the portion attributable to accumulaincome and profit taxes, including both the tion of official reserves. imposition of new taxes and increases in In nearly every country the domestic 5 zz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH forces of expansion far outweighed the least in Argentina, Uruguay, and Venezuela measures of contraction. The two out- and greatest in Ecuador, Chile, Nicaragua, standing exceptions were Uruguay and Ven- and Bolivia. The increases in the money ezuela. In Uruguay the central bank is at supply depict, on the whole, somewhat the same time the most powerful com- similar trends. mercial bank in the country and could The correspondence is far from perfect, control directly, to a large extent, the but this should be expected in view of the volume of commercial bank loans as well imperfections in the data and of the influas of central bank credit. In Venezuela ences on prices exerted by other factors than fiscal action played an effective part in the money supply. Official cost of living achieving relative stabilization of the indexes usually reflect only living costs for money supply. a workman's family, and their adequacy, even in this limited sense, is difficult to INCREASE IN MONEY SUPPLY AND IN COST OF LIVING INDEXES, SELECTED LATIN AMERICAN COUNTRIES judge. The American Chamber of Com- Percentage increase 1939 to 1944 merce of Rio de Janeiro recently estimated Moneysupply that living costs in that city had risen by From Official 151 per cent since June 1939, while the offi- Country increased gold cost of Total and foreign living index cial index used in the table shows a rise of exchange reserves only 70 per cent from the first half of 1939. Argentina 128 116 10 The rapid industrial development of Ar- Venezuela 94 99 31 Uruguay 109 164 22 gentina—the official index of the volume Colombia 179 161 50 Brazil 208 79 70 of industrial production rose by 2.5 per Peru 222 30 73 cent from 1940 to 1944—tended to offset Costa Rica 232 132 76 Cuba 298 306 83 shortages of imports through the substitu- Paraguay 262 208 89 Mexico 269 100 100 tion of newly-developed local production Ecuador 280 263 123 Chile 153 66 126 and helped stabilize Argentine prices to a Nicaragua H81 84 170 Bolivia 236 149 237 greater extent than was the case in other countries. Similar considerations should 1 Mar. 31,1941, to Aug. 31,1944. NOTE.—More detailed statistics appear in the table on p. 531. also be taken into account for any accurate EXTENT OF PRICE RISES appraisal of inflationary trends in other Scarcity of import goods and increases in countries. their dollar prices, as well as in freight and insurance charges, brought upon Latin BASIC VULNERABILITY TO EXTERNAL FORCES American commodity prices direct upward Wartime dislocations in Latin American pressures which no national measures of countries can be properly appraised and control could combat effectively. These understood only against the background of pressures were intensified by the monetary past experience. They should not be viewed expansion reviewed above. as a purely accidental phenomenon, arising The increases in official cost of living in- solely from the abnormalities of war. On dexes in the various countries, together the contrary, the present emergency has with the increases in money supply shown brought into clearer focus more permanent in the table, give a rough indication of the forces, active even in time of peace upon the relative inflationary pressure in the various economy of Latin American countries. countries. The increase in living costs was One of the most important characteristics JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of the economic structure of these countries Latin American countries are too rough to is their vulnerability to fluctuations in inter- permit even approximate calculations of national trade and capital movements. similar ratios. For the area as a whole, Domestic saving and investment play a however, exports may average close to zo relatively minor role as determinants of per cent of national income. Wide variaeconomic activity, owing in part to low in- tions exist from country to country, with come levels which limit savings and to the probable ratios of 30 per cent or over for lack of well-developed capital markets. On Bolivia, Cuba, Paraguay, Uruguay, the the other hand, national incomes are highly Dominican Republic, and Chile. dependent on international trade and capital The consequent vulnerability of Latin transactions. In Argentina, for instance, American countries to external fluctuations available data indicate that about zx per is all the more serious in view of the high cent of national income in 1941 was derived degree of concentration of their export trade from exports and other foreign transactions. in a very few products whose markets are Exports alone accounted for 15 per cent. particularly sensitive to the business cycle. As a point of comparison, the ratio of ex- Two commodities alone—petroleum and ports to national income in the United coffee—accounted in 1938 for 30 per cent of States has generally fluctuated around a total Latin American exports, and seven level of about 6 per cent. Thus any decline commodities—petroleum, coffee, meat, in the world's demand for Argentine ex- sugar, copper, wool, and cotton—for more ports might be expected to have an effect than 58 per cent. Even these figures fail to upon that country's economy two or three reflect the degree of dependence of inditimes as great as the effect of a decline in vidual countries on a very few export United States exports upon our economy. products. As shown in the table, in seven National income estimates for most other countries a single commodity, and in eight IMPORTANCE OF LEADING EXPORTS IN TOTAL TRADE OF LATIN AMERICAN COUNTRIES Leading exports in order of importance Per cent of total export trade in 1938 from — Country Leading Two Three First Second Third export leading leading exports exports South America: Southeastern group: Argentina Meats Wheat Corn 23 36 49 Uruguay Wool Meats Hides 44 66 78 Paraguay Cotton Meats Quebrach 27 47 65 Brazil Coffee Cotton Cacao 45 63 67 Northern group: Venezuela Petroleum Coffee Gold 93 96 Colombia Coffee Petr«leum Gold 54 77 Ecuador Cacao Petroleum Cyanide 23 39 52 Southwestern group: Peru Petroleum Cotton Copper 34 52 69 Chile. Copper Nitrate Wool 48 70 75 Bolivia Tin Silver Tungsten 75 81 Central America: Panama Bananas Cacao Beef 74 85 90 Costa Rica Coffee Bananas Cacao 49 76 85 Nicaragua Coffee Gold Bananas 35 61 74 El Salvador Coffee Gold Sugar 87 92 94 Honduras Bananas Silver Gold 59 75 84 Guatemala Coffee Bananas Chicle 61 90 94 Mexico Lead Gold Silver 16 31 44 Island Republics: Cuba Sugar Tobacco Cigars 70 77 79 Dominican Republic. Sugar Cacao Coffee 60 74 81 Haiti Coffee Cotton Sugar 50 65 76 5M FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH others two commodities, accounted for change standard, and the monetary function more than 60 per cent of total export trade of the central banks was largely limited to in the last full prewar year. From 44 to the conversion of foreign exchange sur- 69 per cent of the foreign trade of the re- pluses or deficits into equivalent changes in maining five countries was concentrated the volume of currency or commercial bank in three commodities. reserves. Provisions for central bank redis- The dangers of such concentration may be counts and advances introduced a modicum gauged from the fact that Chilean exports of flexibility into the system, but were so dropped to only one-eighth of their former narrowly circumscribed to types of credit level in the short space of three years from not readily available in those countries as 19x9 to 1932.. More recently, in 1938, Ar- to be insignificant in comparison with gentine exports declined by more than 40 external inflationary or deflationary presper cent during a single year, changing an sures . export surplus of 870 million pesos in 1937 The resulting instability of the monetary into an import surplus of no million in system was aggravated by the operation of 1938. the fractional reserve system of commercial International capital movements exhibit banking. The volume of central bank the same violent shifts. The net inflow of money, which reflected almost automaforeign capital into Argentina totalled tically changes in international reserves about 800 million pesos in the three years rather than any control by monetary au- 19x6-19x8, ceased entirely in 19x9, rose sud- thorities, in turn largely determined the denly to 500 million in 1930, and then cash reserves at the disposal of the commerturned into a net outflow in 1931-193X. cial banking system. Fluctuations in these Foreign loans to Chile reached a total of reserves generally stimulated a multiple 1,100 million gold pesos in 19x9-1930, but expansion or contraction in the money supdropped to 75 million in the following two ply through their effect on the credit policy years and vanished completely in 1933. of the banks. Due to the absence of welldeveloped money markets and to the lack of PREVIOUS RIGIDITY OF MONETARY AND power to modify reserve requirements, as BANKING MECHANISMS well as to legal limitations on their own This extreme vulnerability to interna- lending operations, the monetary authoritional fluctuations makes the problem of ties were unable to control the supply of monetary stability in Latin American coun- commercial bank reserves or the changes in tries radically different from that faced by credit based on them. Thus every surplus older, more diversified economies. As a in the balance of payments tended to bring consequence the monetary and banking about a multiple expansion, and every mechanisms which had developed in Eng- deficit a multiple contraction, in the total land and the United States and which were money supply. transplanted in many Latin American coun- The monetary history of Colombia in the tries in the 19x0^ failed to meet the dif- period 19x5-1931 illustrates these points ferent needs of these countries. and is fairly representative of similar hap- Under the banking systems established penings in other Latin American countries. during that period, the supply of money In the three years 19x5-19x7 the internawas rigidly tied to the gold or gold ex- tional reserves of the central bank increased JUNE 1945 52-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH by about 2.1 million pesos, as shown on the been. With the cessation of the capital chart. The secondary monetary expansion inflow and a decline in foreign demand by the private banks amounted to another for Colombia's products, international re- 14 million pesos, bringing about a total serves fell by about 80 per cent in three expansion of 35 million pesos in total years, and the money supply was drastically money supply, which represented an in- cut to about half of the 19x8 peak. Followcrease of about 58 per cent. Throughout ing these heavy losses, gold payments were this period the central bank played a purely suspended in the late months of 1931. SOURCES OF MONEY SUPPLY OF COLOMBIA The monetary history of other Latin MILLIONS OF PESOS American countries followed, on the whole, a similar pattern. The gold standard broke down throughout the area around the end of 1931 under the unbearable strains to which the economies of these countries were subjected. Under the existing monetary mechanisms the violent fluctuations in balances of payments resulting from the characteristics of the Latin American economies described above were transmitted directly to the monetary system. As a consequence the disruptive influences of short-term trade and capital movements were permitted to affect domestic price and cost levels and could not be alleviated by adoption of offsetting monetary policies. Fluctuations in exports were associated NOTE.—Total money supply is divided into three parts: (1) that part which originated in acquisition of international reserves by the Central to a considerable degree with accidental or Bank, i.e., an amount equal to the Central Bank's net gold and foreign T ex re ch as a u n r g y e d a o s m se e t s s t , ic ( 2 c ) r e t d h it a t o p p e a r r a t t io w n h s i , c h i .e o . r , i t g h i e n a e t x e c d e ss i n o f C C en en tr t a r l a l B B a a n n k k a a n n d d cynical factors, owing to excessive depend- Treasury monetary liabilities (coin, paper currency, bank balances, and nonbank checking deposits) over their net international reserves, and (3) ence on a few commodities the supply of that part which originated in private bank domestic credit operations, i.e., the excess of checking deposit liabilities of private banks over their which is greatly influenced by vagaries in cash reserves and balances with the Central Bank. End of year figures 1924-1938; semiannual, 1939; quarterly, beginning 1940. weather and the demand for which is domipassive role, and the increase of its mone- nated by the state of business activity and tary liabilities exactly corresponded to its incomes in foreign markets. Similarly, acquisition of gold and foreign exchange. capital movements were determined largely In the first year of prosperity, 192.8, there by speculative or cyclical factors rather was a further increase of 2.0 million pesos than by differentials in interest rates. The in international reserves, which was offset great inflow of capital into Latin America in in part by a decrease of 6 million in central the prosperous 19x0^ and its sudden bank credit. Private banks, however, con- drying up in the following depression years tinued expanding, and the total money contributed powerfully to monetary instasupply rose further to about 190 per cent bility by accentuating both the upswing of the December 19x4 level. and the downswing of the cycle. Subsequent contraction was even more This does not mean that international drastic than the preceding expansion had lending is to be generally condemned. On z6 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the contrary, foreign loans and investments to immediate adaptations to temporary and may be of considerable value from the point abnormal conditions. Adherence to these of view both of monetary stabilization and mechanisms had contributed to bringing of economic development. For this to be about a large inflation in the late i^xo's true, however, the flow of capital should be and a drastic deflation in the years 192.9keyed to monetary or developmental needs 1931, ending in a near breakdown of the rather than to speculative waves. A capi- economic and social structure of these tal inflow which is not balanced by pay- countries. ments abroad for goods and services used in With the collapse of the gold standard, in developing the country, and which results the latter part of 1931, every Latin Amerimerely in building up monetary reserves, can country attempted to promote internal may have a harmful effect on the economy. recovery without waiting for improve- The increase in foreign indebtedness then ment in world conditions. Although the serves only to expand the country's money policies adopted did not always follow a supply. clear and conscious pattern, they were gen- The advantages, as well as the disadvan- erally characterized by liberal credit politages, of capital movements are clearly cies, direct or indirect central bank financing exemplified by the economic history of of government deficits and of agricultural Argentina. Foreign investments consti- and developmental loans, currency devaluatuted one of the major factors in the spec- tion, and exchange control. Coupled with tacular development of the Argentine more favorable conditions in the export economy in the last half of the nineteenth markets, these measures assisted in lifting century. On the other hand, they were the national economies stage by stage from also an important factor of monetary in- the depths of the depression. stability. In fact, the major monetary Exchange control constituted, in most cycles since the foundation of the Argen- cases, an important element of these politine Republic have been predominantly cies. Without it the drain on reserves influenced by the ebb and flow of foreign would have proved unbearable and would loans and investments as well as of export have led either to new credit restrictions or trade. to runaway depreciation of the currencies. On the other hand, the controls adopted RECENT CHANGES IN MONETARY AND were unnecessarily stifling and cumbersome BANKING POLICIES and incorporated in some cases discrimina- During the 1930's and also in the war tory or protectionist devices, alien to any period Latin American countries have monetary function they might serve. moved toward the adoption of monetary Moreover, the recourse to central bank and fiscal policies designed to offset, rather financing was often excessive in relation to than to accentuate, the unstabilizing effects real needs and economic possibilities. of external fluctuations in trade and capital Abuses led to inflationary pressures of movements. The rigid monetary mecha- varying magnitude. Available indexes renisms of the 192.0's had proved largely flect cost of living increases between 1931 unsuitable to deal with the principal short- and 1940 ranging from about 14 per cent term forces affecting their economies and in Peru to 45 per cent in Colombia, 100 per often tended to sacrifice long-run stability cent in Chile, and 690 per cent in Bolivia— JUNE 1945 5x7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH owing in large part to the Chaco War. tutes a fundamental departure from the Central bank lending powers were broad- central banking structures previously estabened, but anti-inflationary controls were lished in Latin America. Brazil has taken still lacking and, as a consequence, it a first step toward the foundation of a cenproved difficult or impossible to prevent an tral bank with the recent creation of a expansion from running into inflationary "Superintendence of Money and Credit." excesses. The monetary structure thus Monetary and central banking legislation is remained extremely vulnerable to infla- now under discussion in Cuba, Bolivia, tionary pressures and this proved a source the Dominican Republic, and Guatemala. of considerable weakness during the war. In addition wartime reforms in fiscal Wartime evolution of banking legislation structures—and especially the sharp inwas mainly directed toward remedying creases in income and profit taxes—should this defect. Many new powers, described place government finances on a far stronger earlier in this review, have been given to basis than was formerly the case, especially central banks to curb inflationary de- when imports revive and customs revenues velopments. again approximate their former levels. The chart on page 5x6 illustrates con- Treasuries may, therefore, be less dependent cretely this evolution in the case of Colom- on central bank financing. Progress in bia. Until the end of 1931 the total money this field would help to remedy one of the supply moved in close parallelism with main domestic sources of monetary ininternational reserves. In the period 1932.- stability. 1940 the dominant factor was credit expansion by the central bank and to a minor POSTWAR INTERNATIONAL PROSPECTS extent by private banks, leading to a pro- While new machinery and procedures for gressive expansion of the money supply meeting wide fluctuations in the Latin from the low levels reached in 1931. In American balances of payments have been the war years the central bank developed developed in recent years, there are many for the first time a definite compensatory uncertainties ahead arising out of the interpolicy, offsetting a loss of reserves in 1941 national situation. It is clear that the longand sterilizing in part, through credit run equilibrium of the Latin American contraction, the tremendous reserve ac- balances of payments will be deeply affected quisition in 194:1-1944. by international cost and price disparities The changes in banking organization which have developed during the war. The effected in the 1930's and in wartime years countries in which price rises have been were mostly in the nature of piecemeal moderate will be in a relatively good posiemergency measures, rather than of sys- tion in this respect. tematic and comprehensive reforms. They Necessary readjustments for the area as a left the central banking structure of most whole are now unpredictable, in view of the countries in a state of relative disorganiza- uncertainties which attach to future price tion. There appears to be a growing desire and currency movements in the various for a systematic overhauling of monetary countries. Price rises have, on the whole, and banking institutions. The Republic of been far less in Latin America than in con- Paraguay has recently adopted new mone- tinental Europe, but greater than in the tary and banking legislation, which consti- United States and in England. The ulti- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH mate exchange parities to be adopted in term standpoint the prospects for Latin Europe, however, may offset the com- America as a whole depend largely upon petitive advantage now possessed by Latin the maintenance of high levels of trade America. On the other hand, the com- and income throughout the world. petitive disadvantage in comparison with On the side of imports the present situa- England and the United States may be tion is wholly abnormal. Because of the reduced if prices increase in these countries war there exists in every Latin American after wartime controls are abolished, or if country a large backlog of demand, which they decrease in Latin America when restoration of normal import channels OFFICIAL GOLD AND FOREIGN EXCHANGE RESERVES, END OF 1944 again makes available goods now in short Ratio (in per supply. As for individual countries the Gross official cent) 1944 gold and foreign reserves to — relative extent of price rises suggests that 1 exchange Argentina, Uruguay, Venezuela, and Co- Country ! • 1 r m e o s f i e l l r 1 i v o 9 e 4 n s 4 s , e o ( n f in d s e e n R r d e v - e o s f , Im 1 p 9 o 44 rt lombia will be in rather favorable positions, j dollars) 1939 while difficulties may be especially great South America: Southeastern group: in Ecuador, Chile, Nicaragua, and Bolivia. Argentina 1,226 261 487 Uruguay 228 300 317 Competitive cost differentials will, in Paraguay 10 1,000 91 Brazil 611 1,036 150 Northern group: any case, be only one of many factors influ- Venezuela 151 290 156 Colombia 158 658 180 encing Latin American exports. The re- Ecuador 35 875 152 Southwestern group: opening of European and Asiatic markets, Peru 35 167 44 Chile 105 300 70 the shift from war demand to peacetime Bolivia 23 460 62 Central America: consumption, the level of economic activity Panama Costa Rica. 13' ' 650 62' in the major importing countries, the inter- Nicaragua 7 350 70 El Salvador.... 25 313 250 Honduras. . . 6 692 46 national movements of private or public Guatemala 21 300 91 Mexico 222 694 80 capital, and institutional developments in [sland Republics: Cuba 451 1,735 216 the international monetary structure, in Dominican Republic Haiti.. 8 267 50 exchange controls, and in tariffs are major Total, all countries. . 3,335 403 180 variables which will have considerable in- See footnotes to table on p. 531. fluence on the future development of the Latin American economies. in the postwar years may occasion substan- Demand for war materials, such as cop- tial drains upon their large reserves of gold per and nitrates, may be sharply curtailed, and foreign exchange. According to esthus creating serious disruptions for the timates of the Department of Commerce, countries dependent on them for the bulk Latin American import demand for replaceof their exports. On the other hand, cof- ment of worn-out capital goods may fee exporting countries may again find im- reach z.i billion dollars for the first four portant outlets from which they have been years after the war, and imports for new excluded during the war. Cereal and meat capital development about 1.2. billion, exporting countries, like Argentina and making a total of 3.3 billion for four Uruguay, should continue to find excep- years, or an average of 800 million dollars tionally good markets abroad as long as per year. While those imports may be production in war-damaged countries con- financed to a large extent from foreign tinues on a reduced level. From a long- loans and investments, they may neverthe- JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH less make substantial inroads from time to shows, reserves for Latin America as a time on existing gold and foreign exchange whole at the end of 1944 were 180 per cent reserves. of total 1944 imports. They ranged from However the situation develops, the gold 44 to 100 per cent of 1944 imports in ten and foreign exchange reserves accumulated countries and from 100 to 300 per cent in during the war should constitute a stabiliz- six others. They reached as high as 317 ing element, giving greater freedom of ac- per cent in Uruguay and 487 per cent in tion for monetary policy. Such reserves Argentina. Latin America as a whole now show a total increase of about 303 per cent has official gold and foreign exchange refor Latin America as a whole, ranging from serves of over 3.3 billion dollars—four 67 per cent in Peru to more than 1,600 per times their 1939 level. cent in Cuba. More important than their These reserves, together with the past increase, however, is their present strengthening of the Export-Import Bank relation to foreseeable needs. in the United States and the establishment Any thorough appraisal should take into of the proposed International Monetary account many unpredictable factors bearing Fund and Bank for Reconstruction and upon the size of possible future deficits in Development, if adopted, are likely to the balance of payments. Some general cushion immediate postwar difficulties. idea, however, of the relative reserve strength of the various countries may be Together with improved central banking derived from a comparison between their and fiscal mechanisms, they offer hope for international reserves and their annual dis- more stable and prosperous economies bursements for imports. As the table throughout the Latin American area. 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH FOREIGN TRADE AND INCREASE IN OFFICIAL RESERVES AND IN MONEY SUPPLY OF LATIN AMERICA, 1939-1944 Foreign trade (in millions of dollars)1 ( G in r o m s i s l l o i f o f n ic s i a o l f r d e o se ll r a v r e s s )2 Country 1939 Exports 1944 1939 Imports 1944 E 19 x 3 p 9 ort surp 1 l 9 u 4 s 4 C 1 u 9 s e m 4 u x 0 r u p p - l 1 o l a 9 u r t t 4 s i 4 ve 1 i 9 n 4 c N 0 r - e e 1 t a 9 s 4 e 4 E 1 n 9 d 3 9 of E 1 n 9 d 4 4 of South America: Southeastern group: Argentina 459 686 347 252 113 434 1,139 2756 2470 21,226 Uruguay 66 98 52 72 14 25 75 152 76 228 Paraguay 7 12 7 11 0 1 -1 9 1 10 Brazil.....' 336 578 260 407 76 171 587 552 59 611 Northern group: Venezuela 166 239 102 97 64 143 509 299 252 151 Colombia 101 140 105 88 -4 53 158 134 24 158 Ecuador 12 33 10 24 1 10 32 31 4 35 Southwestern group: Peru 72 48 79 23 5 66 14 21 35 Chile 138 198 85 149 54 49 241 70 35 105 Bolivia 39 78 19 37 20 40 181 18 5 23 Central America: Panama 3 3 20 38 -17 -35 -157 Costa Rica 9 11 17 21 -8 -11 -38 11 2 13 Nicaragua 8 15 6 10 2 5 18 5 2 7 El Salvador 13 33 9 10 4 23 50 17 8 25 Honduras 10 10 10 13 0 -4 -12 25 21 26 Guatemala 17 31 15 23 2 8 17 14 7 21 Mexico 186 216 127 278 58 -62 53 2190 232 2222 Island Republics: Cuba 148 427 106 209 42 218 528 2425 226 2451 Dominican Republic 19 60 12 19 7 42 85 Haiti 7 16 16 -1 0 r 3 Total 1,816 2,968 1,365 1,853 450 1,115 3,531 2,507 3,335 Money supply (in millions of local currency)3 Percentage increase Percentin money supply age Local Increase 1939 to 1944 1939 to 1944 increase Country currency in living unit En 19 d 3 9 of En 1 d 94 4 of Total fo F r r e o i r m g e n s e g e r o v x ld e c s h a 4 a n n d ge d f o F a m c ro t e o m s r t s ic Total fo F r r e o i m g re n s g e e o r x v ld c e h s a a n n d ge 1 c 9 1 o 9 3 4 9 s 4 t s 5 to South America: Southeastern group: Argentina peso 2,599 5,937 3,338 3,024 314 128 116 10 Uruguay peso 154 322 168 252 -84 109 164 22 Paraguay guarani 13 47 34 27 7 262 208 89 Brazil cruzeiro 13,941 42,897 28,956 11,046 17,910 208 79 70 Northern group: Venezuela bolivar 311 603 292 6308 -16 94 99 31 Colombia peso 146 407 261 235 26 179 161 50 Ecuador sucre 162 615 453 426 27 280 263 123 Southwestern group: Peru sol 312 1,004 692 95 597 222 30 73 Chile. peso 2,524 6,387 3,863 1,671 2,192 153 66 126 Cen B tr ol a iv l i A a merica: boliviano 7563 '1,889 '1,326 839 487 236 149 237 Costa Rica colon 47 156 109 62 47 232 132 76 Nicaragua cordoba 832 890 58 27 31 181 84 170 El Salvador colon 26 73 47 42 5 181 162 (9) Honduras lempira 106 ioi3 107 nil -4 127 189 (9) Guatemala quetzal 12g 1222 1214 14 0 175 175 (9) Mexico peso 3,392 13922 1,551 269 100 100 Island Republics: 919 2,473 Cuba peso 553 "425 -11 298 306 83 Haiti gourde 139 1224 414 26 -10 200 325 (9) 12g 1216 1 Department of Commerce figures; 1944 partly estimated. 2 Gross official gold and foreign exchange reserves, estimated on the basis of published data; whenever possible, true dollar values have been used, but the valuation of foreign exchange reserves is usually available only on the basis of cost prices rather than of current exchange rates. Four countries, Honduras, Cuba, Dominican Republic, and Panama, have no central banks. For Honduras and Cuba, figures shown include commercial banks' foreign exchange reserves and dollar currency and coin in circulation; in these two countries official Treasury reserves alone rose from 0.8 and 1.6 million dollars, respectively, in 1939 to 1.6 and 163.2 million in 1944. There was no central bank in Venezuela in 1939; reserves shown for that date are gold holdings of the seven banks of issue then in existence. For Mexico the series are based on reported gold holdings only, since foreign exchange reserves are not published separately. No figures are shown for Dominican Republic and Panama, since comparable and comprehensive data on reserves and money circulation are not available. 3 Notes and coins outside banks and demand deposits, except where otherwise indicated. 4 Increase in reported gross official gold and foreign exchange reserves as valued in central bank balance sheets (usually at cost), except where otherwise indicated. 5 Base period is January-June 1939, except for Paraguay (December 1939); increases figured to December 1944, except for Argentina and Uruguay (November) and Paraguay (August 1944). 6 December 1939 gold holdings of the seven banks of issue, converted into bolivars at 3.06 bolivars per dollar. 7 Total note issue plus total deposits (January 1940 and September 1944) in commercial banks and commercial departments of mortgage banks. s Money supply figures are for Mar. 31, 1941, and Aug. 31, 1944. 9 Not available. 10 Currency and coin m circulation. 11 Includes increase in official reserves (1.5 million lempiras), dollar circulation (6.2 million lempiras) and foreign exchange reserves of private issue banks (3.1 million lempiras). 12 Note issue only. 13 Includes only increase in reported gold, converted at 4.85 pesos per dollar. 14 Includes increase in official reserves (161 million pesos), dollar circulation (117 million) and foreign exchange reserves of commercial banks (147 million). JUNE 1945 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES During the war holdings by individuals and ferred have correspondingly increased their holdbusinesses of liquid assets, i.e. cash, bank de- ings of Government securities. posits, and United States Government securities, Accumulation of liquid assets during the war have shown a tremendous expansion. In the will no doubt have a considerable effect on the five years from the end of 1939 to the end of 1944 scale and pattern of spending and investment the total of these holdings increased from 66 bil- after the war. The general significance of lion dollars to 194 billions. The growth is con- liquid asset expansion was discussed in the tinuing at a rate of about 50 billion dollars a Review of the Month appearing in the October year. By the end of the war total holdings of 1944 Federal Reserve BULLETIN. In that review, liquid assets will probably be as much as four estimates of total holdings of the principal types times the maximum prewar amount. of liquid assets at the end of 1944 and of 1941 Expansion of liquid asset holdings is an in- were published and rough estimates of holdings evitable result of Government borrowing to by broad classes of owners were presented in finance the war. Government payments for chart form. Since the basic data were still subgoods and services needed to conduct the war ject to review and revision, actual figures by provide income to businesses and individuals, owners were not published. These estimates supplementing income arising from goods and have been revised and, although available data services supplied for civilian use. The Govern- do not permit the computation of exact figures, ment in turn collects taxes from businesses and they are believed to be sufficiently accurate for individuals, but since taxes are insufficient to broad purposes. In view of the importance of cover all Government expenditures, the amount the subject it has been decided to publish them. of income left after taxes exceeds the value of The accompanying table gives estimates by cergoods and services available for purchase by tain broad classes of holders and by type of liquid asset. civilians. This excess of income is necessarily saved, and the savings have been mainly kept The classes of owners are (1) corporations in the form of liquid assets. (other than banks and insurance companies), Individuals and businesses have added tre- (2.) unincorporated businesses, and (3) inmendously to their holdings of Government dividuals (including farmers and trust funds). securities and thus have directly aided in financ- Figures for banks, insurance companies, building the Government wartime deficit. At the ing and loan associations, nonprofit associations, same time they have greatly expanded their and governmental bodies and agencies are not holdings of currency and bank deposits, and this included in the totals shown. The figures for has meant approximately corresponding in- the different classes of holders are significant creases in holdings of Government securities by with respect to the sort of use that may be made the banking system—Federal Reserve Banks, of these liquid asset accumulations, whether commercial banks, and savings banks. Other for consumption or for capital outlays. The forms of individual and business savings, such as type of liquid asset held may have a bearing repayment of debt, building up of insurance and upon the relative degree of liquidity or firmness pension reserves, investment in savings and loan of ownership. shares, purchase of corporate securities, and the like, have been much smaller in amount than SOURCES OF THE ESTIMATES liquid asset accumulation and in general have These estimates are based on a number of meant that the recipients of the funds so trans- sources: Treasury Department estimates of own- 532- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES ership of United States Government securities, and currency. Totals of these estimates of own- Federal Reserve estimates of ownership of de- ership of different types of assets have also been mand deposits, and Securities and Exchange compared with estimates of total individual and Commission estimates of individual savings and business savings which are implicit in the estiof corporate working capital. These published mates of gross national product and income flow sources were supplemented by more or less arbi- compiled by the Department of Commerce. trary estimates of ownership of time deposits Estimates based on such a combination of LIQUID ASSET HOLDINGS OF BUSINESS AND INDIVIDUALS [In billions of dollars] 1939 1940 1941 1942 1943 1944 ce D m e b - er June ce D m e b - er June ce D m e b - er June ce D m e b - er June ce D m e b - er June ce D m e b - er Total... 65.9 68.6 71.6 75.3 82.1 89.8 112.7 132.2 153.0 170.9 193.6 Currency 6.2 6.5 7.1 8.0 9.4 10.7 13.7 15.6 18.6 20.7 23.3 Demand deposits 21.3 23.4 25.1 27.0 28.3 29.9 37.2 43.4 48.3 47.9 54.7 Time deposits .... 26.3 26.7 26.9 27.1 26.9 26.5 27.7 29.6 32.0 35.0 38.9 U. S. Government securities. ... ... 12.1 12.0 12.5 13.2 17.5 22.7 34.1 43.7 54.1 67.3 76.7 Business holdings—Total. 17.5 18.6 20.3 20.9 24.2 27.2 37.0 45.5 51.6 57.7 66.0 Currency . 0.6 0.6 0.7 0.8 0.9 0.9 1.1 1.1 1.2 1.3 1.5 Demand deposits 12.8 14.0 15.8 16.3 17.3 18.9 22.3 27.0 28.5 28.4 31.5 Time deposits 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 U S Government securities 3.2 3.1 2.9 2.9 5.1 6.5 12.7 16.5 21.0 27.1 32.1 Corporations—Total1... 13.0 13.8 14.9 15.2 17.5 19.2 27.0 33.8 38.1 42.0 47.1 Currency 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 0.9 Demand deposits 9.8 10.7 11.9 12.2 12.7 13.6 16.0 19.7 20.6 20.6 22.4 Time depssits : 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 U. S. Government securities 2.1 2.0 1.8 1.8 3.5 4.3 9.6 12.7 16.0 19.9 23.1 Financial corporations—Total... 1.7 1.8 1.9 1.9 2.2 2.4 2.6 2.8 3.0 3.2 3.5 Demand deposits .. 1.1 1.2 1.3 1.3 1.3 1 3 1 3 1 3 1 2 1 1 1 2 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 1 0 1 0 1 0 1 U. S. Government securities 0.5 0.5 0.5 0.5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 Nonfinancial corporations—Total 11.3 12.0 13.0 13.3 15.3 16.8 24.4 31.0 35.1 38.8 43.6 Currency 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 0.9 Demand deposits 8.7 9.5 10.6 10.9 11.4 12.3 14.7 18.4 19.4 19.5 21.2 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 U. S. Government securities 1.6 1.5 1.3 1.3 2.7 3.3 8.4 11.3 14.3 17.9 20.9 Unincorporated business—Total2. 4.5 4.8 5.4 5.7 6.7 8.0 10.0 11.7 13.5 15.7 18.9 Currency 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 Demand deposits 3.0 3.3 3.9 4.1 4.6 5.3 6.3 7.3 7.9 7.8 9.1 Time deposits 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 U. S. Government securities 1.1 1.1 1.1 1.1 1.6 2.2 3.1 3.8 5.0 7.2 9.0 Personal holdings—Total 48.4 50.0 51.3 54.4 57.9 62.6 75.7 86.7 101.4 113.2 127.6 Currencv 5.6 5.9 6.4 7.2 8.5 9.8 12.6 14.5 17.4 19.4 21.8 Demand deposits 8.5 9.4 9.3 10.7 11.0 11.0 14.9 16.3 19.8 19.5 23.2 Time deposits 25.4 25.8 26.0 26.2 26.0 25.6 26.8 28.7 31.1 34.1 38.0 U. S. Government securities 8.9 8.9 9.6 10.3 12.4 16.2 21.4 27.2 33.1 40.2 44.6 Trust funds—Totals... 4.4 4.6 4.6 4.7 5.3 6.1 7.5 9.0 10.7 12.0 12.7 Demand deposits 1.2 1.3 1.3 1.4 1.4 1.3 1.2 1.2 1.4 1.2 1.4 Time deposits 0.2 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 U. S. Government securities 3.0 3.0 3.0 3.0 3.5 4.5 6.0 7.5 9.0 10.5 11.0 Other personal—Total4... 44.0 45.4 46.7 49.7 52.6 56.5 68.2 77.7 90.7 101.2 1' x.9 Currency - 5.6 5.9 6.4 7.2 8.5 9.8 12.6 14.5 17.4 19.4 21.8 Demand deposits 7.3 8.1 8.0 9.3 9.6 9.7 13.7 15.1 18.4 18.3 21.8 Time deposits 25.2 25.5 25.7 25.9 25.6 25.3 26.5 28.4 30.8 33.8 37.7 U. S. Government securities 5.9 5.9 6.6 7.3 8.9 11.7 15.4 19.7 24.1 29.7 33.6 1 Excludes nonprofit associations. 2 Currency, time deposit, andU. S. Government security holdings of unincorporated businesses include only those held for business purposes —that is, those included in the financial statements of these concerns. Other such holdings of the owners of incorporated business are included among personal holdings. In the reporting of demand deposits, "mixed" accounts from which both personal and business expenditures were made have been classified as business accounts. 3 Includes only amounts adminstered by corporate trustees. 4 Includes holdings of farmers and professional persons JUNE 1945 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES sources require considerable internal reconcile- terval could not have been prepared from the ment since the classifications of holder categories available data. The estimates for December in the various sources are not always identical dates are somewhat more dependable than those either as to time or as to scope. For example, for the June dates because of more comprehensive Treasury estimates of ownership of Government year-end data. securities include "other associations" with cor- (2.) These estimates are of liquid asset holdings porations. Treasury, Securities and Exchange by domestic individuals and businesses. Hold- Commission, and Commerce Department figures ings of all governmental units (Federal, or State include unincorporated businesses with "indi- and local), foreigners, insurance companies, viduals," whereas Federal Reserve estimates of building and loan associations, and nonprofit demand deposit ownership combine corporate associations, have been excluded. These groups and unincorporated businesses for some dates and were excluded because it is believed that their show them separately for more recent dates. holdings of liquid assets have relatively little The estimates here published reconcile such to do with their plans and prospects for spending disparities in classification so far as is possible. and investment. Holdings of liquid assets for these groups at the end of 1939 and 1944 are PRINCIPAL FEATURES OF THE ESTIMATES1 shown in the following table. The estimates of liquid asset ownership were supplied for as many classes of owners as the LIQUID ASSET HOLDINGS—SELECTED GROUPS [In billions of dollars] basic data would permit. Because of limitations December December of the basic data, however, the degree of sub- 31, 1939 31, 1944 division could not be carried very far. The divi- Federal Government1 6.8 40.8 sion of corporations between financial and non- State and local governments 3.9 9.2 Foreigners2 1.1 2.0 financial corporations was presented because of Insurance companies 8.6 21.7 Building and loan associations 0.3 2.0 basic differences in their economic character- Nonprofit associations 1.4 3.8 istics. Liquid asset holdings of financial cor- 1 Includes war loan balances and U. S. Government securities held by the Treasury, its agencies, and trust funds. porations, which consist mainly of real estate 2 Includes foreign holdings of U. S. Government securities, and the deposits of foreigners included in deposits of individuals, partnerships, concerns and of sales finance and loan companies, and corporations. Foreign banking funds are not included. NOTE.—The figures shown involve varying degrees of estimation. have characteristics quite different from those of nonfinancial concerns which deal with manufac- There are other groups for which exclusion turing, mining, trade, construction and the like. would also probably have been appropriate, Personal holdings of liquid assets were divided such as credit unions, but for which precise between those held directly and amounts held figures were not available or for which the in trust funds administered by corporate fidu- amounts were too small to merit detailed reciaries for the benefit of individuals, because dif- search. Holdings by the banking system are ferences in the way in which the increases in not shown; their inclusion in the total would this latter group would influence consumption have involved double counting because bank and investment expenditure. holdings of Government securities, cash, and The following special points should be borne other assets balance the deposits and currency in mind: already shown as held by others. (i) The estimates are made for semiannual (3) The estimates are based more on aggreperiods beginning in 1940 and thus permit re- gate figures as reported by banks or the Treascasting either on a fiscal or a calendar year basis. ury (the debtors) than on records of individuals Satisfactory estimates for any shorter time in- and businesses (the creditors or owners of the assets). The total amounts of liquid assets 1 A detailed description of the methods by which these estimates were taken from banking and Treasury statistics. were made, together with the basic worksheets, may be secured from the Division of Research and Statistics, Board of Governors of the Some of the ownership categories are supported Federal Reserve System, Washington 25, D. C. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES by reliable figures. Others are residuals. As a for items in transit as well as those in process of result, there is a varying degree of accuracy collection. The amounts of demand deposits as within the estimates, some being precise and shown by bank records differs from those shown some rough. The division of total liquid on the accounts or checkbook stubs of the holdasset holdings between corporate and other ers owing to time lags involved in the transholders, for example, is believed to be reasonmission of checks between payors and payees and ably accurate, but the division of other holders their respective banks. between unincorporated business and personal There are other cases of slight disparities beholdings is somewhat more tenuous. tween public and private records of liquid asset (4) The estimates of ownership by groups are holdings. For example, Government securities approximations of the amounts that are pregenerally are carried at par on the public debt sumably shown or implied in the accounting records of the holders rather than those reported records but may be carried either above or below by banking and Treasury records, although the par on holders' records. These disparities, aggregates are based on the latter. The de- though recognized, are believed to be so small mand deposit figures, for example, are adjusted as not to require adjustment. CURRENT EVENTS Federal Reserve Meetings Florida The Federal Advisory Council held a meeting Miami—Little River Bank and Trust Company in Washington on May 13-14, 1945, and met Illinois with the Board of Governors of the Federal Reserve System on May 14, 1945. Lima—The State Bank of Lima West Chicago—State Trust and Savings Bank Death of Director Mr. Paul S. Dick, Chairman, The United Indiana States National Bank of Portland, Portland, Sellersburg—Sellersburg State Bank Oregon, who had been a member of the Federal Louisiana Advisory Council for the years 1937 through 1941 and a director of the Portland Branch of the Monroe—Central Savings Bank and Trust Company Federal Reserve Bank of San Francisco since January 1, 1942., died on May 9, 1945. Missouri Appointment of Director New Haven—Citizens Bank of New Haven On June 7, 1945, the Federal Reserve Bank Montana of San Francisco appointed Mr. Charles H. Malta—The First State Bank of Malta Stewart, President, Portland Trust and Savings Bank, Portland, Oregon, a director of the Port- Pennsylvania land Branch for the unexpired portion of the Philadelphia—North Philadelphia Trust Comterm ending December 31, 1945, to succeed Mr. pany Dick. South Dakota Admissions of State Banks to Membership in the Federal Reserve System Martin—Blackpipe State Bank The following State banks were admitted to Texas membership in the Federal Reserve System during the period April 16, 1945, to May 15, 1945'. Odessa—First State Bank JUNE 1945 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME1 The ultimate aim of all reconstruction policies overcome without much patient and resourceful is the extension of opportunity, welfare and work. The Government is inaugurating polisecurity among the Canadian people. Recon- cies which break new ground, and is confident struction must start from the circumstances that these policies, with full public understandwhich result from nearly six years of war; ing and support, will achieve, in the immediate circumstances in which, at the peak, not far postwar period, satisfactory results of decisive from half of the Canadian people derived their importance. In later years, as experience grows, occupation and their incomes directly, or indi- they can be made to yield ever-improving results rectly, from government expenditures. The which will mark a new era in Canadian developprogram of reconstruction is, therefore, not a ment. simple matter of striking out for new^goals, but The specific application of reconstruction a complicated task of combining the demobiliza- policies is set out in this paper in respect of tion of the armed services and war industry with Stage 2. of the war only, as this is the period of the rebuilding of an ampler and more stable immediate urgency and is likewise a period con- Canadian economy. cerning which it is possible to speak with a Comprehensive provisions have been made for greater degree of certainty. Stage 2. of the war the demobilization and re-establishment of the is the stage beginning at the cessation of hostilimembers of the armed forces. These provisions ties in Europe and extending to the time when will depend for their success on the conditions of complete and final victory has been won in the civilian life, in which such persons are finally Pacific. During Stage 2., war expenditures will re-established, and particularly on the availa- continue at a high level while those reductions bility of employment or other gainful occupa- in the armed forces and war industry, and the tion. beginnings of reconstruction, which circum- The cejitral task of reconstruction, in the inter- stances permit and require, are being carried out. est of the armed services and civilians alike, During this period, the Dominion Government, must be to accomplish a smooth, orderly transi- under its wartime powers, will have the central tion from the economic conditions of war to responsibility and authority for initiating and those of peace and to maintain a high and stable carrying out reconstruction policies, as well as level of employment and income. The Govern- for the continued prosecution of the war. ment adopts this as a primary object of policy. For the succeeding period, when final victory This goal can not be achieved by legislation has been achieved and when the full long-term alone, nor by a single device or plan. In this, policies of reconstruction will be put into effect, it is like the wartime stabilization program. it is impossible at this time to lay down detailed Its attainment will require the effective working policies with the same definiteness. Concenof a number of compatible policies, all directed tration of attention and effort on the continuing to the same end, and each contributing to the problems of war and the impending problems of success of the others. It will not be enough Stage 2. of the war have imposed limits on the that it is an object of government policy. It detailed work which could be done on later must be an object of national endeavour. The programs. Policies will be vitally affected by active cooperation of all governments and the international economic arrangements which groups in the country will be essential to success. can be achieved and equally by the financial and In setting as its aim a high and stable level of administrative agreements reached at the Doemployment and income, the Government is not minion-Provincial Conference. It is possible, selecting a lower target than "full employ- however, to set out the broad lines of long-term ment." Rather, the Government is mindful reconstruction policy which the Government that employment and incomes will be subject to proposes to follow. fluctuations in the sphere of international trade, which can not be wholly and instantaneously I. THE EMPLOYMENT PROBLEM offset, and that seasonal fluctuations, resulting As of June 1, 1944, it is estimated that the from climate and buying habits, are not to be total number of people in remunerative occupa- 1 This report, having special reference to the initial period of recon- tions, including service in the armed forces, but struction, was presented to the Canadian Parliament by the Minister excluding women in agriculture, was 5,016,000, of Reconstruction, Honorable CD. Howe, in April 1945. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME as compared with 3,693,000 in 1939. Out of the it will be possible, in the view of the Governlarger number enlisted during the war, the ment, to release some part of our armed forces, number in the armed services at that time was and some part of the workers and capacity in 784,000, and those in nonagricultural war indus- war industry. The rate of release will be govtry numbered 1,055,000, or 1,839,000 people erned by the exigencies of war. For the manwhose duties were directly connected with the power and resources so released, many uses will prosecution of the war and would cease with it. compete. The Government proposes that they These 1,839,000 persons had been drawn, on should be directed: the one hand, from the natural growth of popu- (1) to contributing, through international lation, from the ranks of married and other arrangements, to the relief and rehabilitation of women not previously seeking employment, and devastated countries; from the unemployed. On the other hand, QL) to the maintenance and resumption of they had been withdrawn from agriculture, from exports to our historic markets and, as supplies nonagricultural civilian industry and from the and shipping permit, to the development of new student population. Even on the assumption continuing markets; that a substantial number who have left agricul- (3) to the reconversion of industrial capacity ture may not return to it, these latter categories, released from war use and to the carrying out of at the levels of June, 1939, would reabsorb rather desirable industrial expansion and modernizamore than 600,000. Further allowance must be tion; made for an abnormal number of retirements at (4) to the replacement and modernization of the end of the war, for a number of married the equipment of agriculture and other primary women who will wish to withdraw from em- industries and to the provision of additional ployment, for those who will remain in. the facilities for production and marketing services; armed forces, for some increase in the student (5) to providing for as large a housing propopulation over the level of 1939, and, in view gram, both rural and urban, as available labour of the extreme scarcity of manpower during the and materials will permit; war and the highly seasonal character of some (6) to providing for increases in consumer of our industries, some necessary increase over goods produced for the civilian market, as the the wartime level in the number of persons not demobilized armed forces pass into the civilian at work on any one day. Without attaching population, and, as circumstances allow, to precise figures to each of these categories, it is meet deferred civilian demand. safe to say that they will include more than In addition, it will be necessary in this period, 350,000 persons and that the employment of less to initiate plans and programs to provide overthan 900,000 persons over the level of 1939 would later years for the successful pursuit of policies, provide a high level of employment for the directed to the attainment of high and stable: population of June, 1944. As each year passes, employment and income. this figure will be increased by about 60,000 by None of these objectives can be given any the natural increase of population. absolute priority over others. In the interest of At present, these additional jobs, and more, employment and welfare, a balance must be preare provided by government war expenditures, served among them. which will be curtailed just as soon as the re- It is the view of the Government that the quirements of war permit. The Government requirements of these competing uses in Stage 2. does not believe it to be either desirable or prac- of the war will exceed the amounts of materials ticable to look to the expansion of government and labour which can be made available. Warenterprise to provide, to any large degree, the time policies of economic stabilization and conadditional employment required. It follows trol over scarce materials and productive capacthat a major and early task of reconstruction is ity will continue to be necessary to ensure not to facilitate and encourage an expansion of only the effectiveness of the war effort but an private industry, including primary with other orderly transition to peacetime employment. industries. It is clear, however, that, even with over-all The full increase in civilian employment will demands unsatisfied, there will be dislocations be neither required nor possible until after vic- and unavoidable delays in transition, resulting tory has been won in the Pacific. Initial steps at the same time in surpluses of some products toward achieving it must be taken in Stage 2. of and shortages of others. The termination of the war. While meeting the full requirements war contracts can not affect all communities, of Canada's contribution to victory in the Pacific, equally and simultaneously. Our transition JUNE 1945 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME from peace to war was not accomplished without of long-term policy are laid down. Detailed dislocations, and the transition from war to' measures, in addition to those which Parliament peace can not avoid them entirely. has already enacted, will be planned to give effect to these policies, in the latter period, as II. THE SOURCES OF EMPLOYMENT AND INCOME overriding international and national decisions are reached. Remunerative employment and income in any economy are provided by the expenditures which are made. These expenditures are best classified III. EXPORT TRADE according to the channels through which the Canadian employment and income have, in the expenditures flow, viz., (a) export trade, in past, been highly dependent on export markets. which the decision to spend is made outside the In agriculture, and the other great primary country; Q?) private investment in plant, equip- industries, the dependence has been direct and ment and other durable goods and goods in obvious. Where it has been indirect, it has stock, in which the decision is governed largely been none the less real. by prospective earnings in relation to cost; (c) During the war, export shipments, financed consumption expenditures, the level of which is in part by the Canadian Government, have bemainly dependent on the level of incomes; (tt) come highly abnormal in size and composition. public investment in useful works for improving After the war, so high a level of export shipthe productiveness of resources, and the welfare ments will be neither possible nor desirable. and opportunities of the people. Public expen- Nevertheless, a relatively high level of export ditures for current goods and services also trade will be vitally necessary. A low level of provide employment, but can not to any large export trade might not ultimately defeat the degree be determined with reference to the needs attainment of high employment, but it would of employment, except in terms of reasonable involve painful reorganization among our indusstability. In maintaining a high and stable tries, costly delays, and reduced standards of level of employment and income, the Govern- living. ment proposes to use appropriate means to influ- Having regard to the structure of Canadian ence expenditures in all these channels with industry, the desired levels of employment and particular emphasis on those which are most income, and the low level of export trade before susceptible of encouragement and control. the war, the Government considers that a figure A higher degree of productive efficiency is of not less than one and three-quarter billion necessary to maintain the desired level of in- dollars annually at current prices for merchancome and a correspondingly high standard of dise exports and nonmonetary gold is a practical living. Efficiency and direction in production and desirable target for postwar exports. This will have a very important bearing upon the would be about one-half our current swollen employment level which can be maintained, and wartime exports, about 60 per cent above the this in turn involves research and technical prewar level in dollar value, but only about 15 education. Business management will be called per cent higher in the amount of goods exupon to apply wartime experience in attaining ported. new levels of efficiency and to secure larger pro- (a) Export Trade in Stage 2 of the War.—In duction and greater employment through passing Stage z of the war, the war requirements of the on to the consumers and other purchasers in the United Nations will continue at a high level. form of lower prices the savings thus made. In addition, there will exist abroad great need Labour, which will benefit most from high for Canadian and other exports. The relief, levels of employment, will make an essential rehabilitation and reconstruction needs of councontribution to the solution of the postwar tries devastated by war will be extensive. An problem by assisting management in making unsatisfied import demand in other countries high labour earnings compatible with low costs has been deferred while goods and shipping through skilful, abundant and efficient pro- space were unobtainable. Export capacity in duction. all countries at war can be released only gradu- In the four sections of this paper which follow, ally. the means which the Government proposes to The problem of the level of exports, other use to influence expenditures in each of these than munitions of war, in this period will be channels are explained. First, they are set out one of supply and of finance. specifically in respect of Stage 2. of the war. Financial provision for some exports has Second, for the succeeding period, the broad lines already been made through the United Nations 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME Relief and Rehabilitation Administration. The expansion of Canadian exports will be one Government proposes to recommend the con- phase of an expanded Canadian economy which tinuation of Mutual Aid to United Nations, will require for its use greatly increased imports. where necessary, until the end of the war in the The expansion of exports is not looked on as a Pacific. Under the Export Credits Insurance means by which unemployment is to be trans- Act, the Government is authorized to extend ferred from this to other countries, nor is the and guarantee credits to other governments for contraction of Canadian imports any part of the financing Canadian exports, and this authority- Government's employment policy. will be used, in so far as supplies permit, to re- The conditions under which postwar trade store and maintain historic markets and develop can reach higher levels than before the war are new ones. not, in any large degree, under the direct control For certain of our exports, especially in food of the Canadian Government. They must be products, wartime contracts are being continued achieved by collaboration with other governinto Stage x of the war. Wartime collaboration ments, and particularly, in view of the direction in the allocation and shipment of products in of our trade, with the governments of the short supply will be continued through the Com- British Commonwealth and of the United bined Food Board, the Combined Production States. The great wartime increase in the outand Resources Board and the United Maritime put and exchange of goods was also dependent Board. on close collaboration among these governments. Changes in requirements or dislocations of Postwar collaboration along equally bold and trade may affect adversely the markets for par- imaginative lines is essential if expanded world ticular products. To meet such contingencies trade is to reinforce domestic employment polithe Agricultural and Fisheries Price Support cies and contribute to freedom from want. Acts will be used to safeguard the primary pro- International security and freedom from ducer against the penalties of sudden changes and threat of war are the first objects of collaboration dislocations. and are essential prerequisites of international Within the limits which the continuing war economic prosperity. prescribes, the final period of the war must be The Government has pressed and is continuing used to begin the re-establishment of Canadian to press actively for a wide collaboration in the nonwar export trade on a dependable and ex- reciprocal reduction and removal of trade barpanded basis. Equally, since dependable trade riers, especially trade barriers of an arbitrary and must ultimately be an exchange of goods for discriminatory type. Agreements must be goods, the period must be used to build up our reached at an early date so that a dependable imports and the exporting capacity of other framework may be set up for the reconversion of countries so that we may ultimately receive war industries in all countries and so that vested imports in payment for our exports. interests may not become entrenched in wartime For its part, the Government is prepared, as trade restrictions. Having regard to the widerapidly as circumstances permit, to facilitate, spread character of our trade, the Government through its wartime controls and otherwise, the attaches special importance also to the reconstire-establishment of peacetime markets for Cana- tution of multilateral trade on a firm basis and dian exports. The Commercial Intelligence arrangements under which the proceeds of our Service, which has been drawn on heavily for exports may be spent wherever we desire to obwar duties, is being re-established, as rapidly as tain our imports. possible, as the instrument of vigorous and It is with these objects in mind that the Govexpanded trade representation. ernment has participated in the development of Initiative, resourcefulness and farsighted plan- the plans for the International Monetary Fund ning will be necessary, on the part of export and the United Nations Bank of Reconstruction industry, and of industry which hopes for export and Development on which agreement among markets, in overcoming the initial problems of experts was reached at Bretton Woods in July resuming interrupted trade relations and devel- last. oping new ones, and establishing their competi- The Monetary Fund plan would assure comtive position and the quality and continuing parative stability of exchange rates and, where acceptability of their products. change was desirable, would substitute for (b) Problems of Postwar Export Trade.—The competitive depreciation of exchanges an orderly Government is looking to an expansion of total process of change following international conworld trade, within which other countries as sultation. It would outlaw the discriminatory well as Canada can increase their exports. The currency practices which turned trade into eco- JUNE 1945 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME nornic warfare. When it was fully in operation, world in the transition period following final it would assure the convertibility of the pro- victory in the Pacific. Our Allies whose terriceeds of our sales abroad into whatever curren- tories have been overrun by the enemy and the cies we required for our current needs. It would United Kingdom, which has spent its substance give to each member country for the purposes of without stint in the common cause, will face its current balance of payments an assured, very difficult balance-of-payments problems though limited, line of credit to serve as a but- when Lend-Lease and Mutual Aid come to an tress to policies directed to the expansion of end with the close of the Pacific War. The employment. Government is concerned lest these difficulties The regular transfer of capital from surplus should lead to the establishment, even on a temto deficit countries for purposes of reconstruction porary basis, of currency or trade blocs applying and development is essential to the expansion discriminatory treatment to their trade with and stability of international trade. The Bank other countries. Such a development would of Reconstruction and Development would pro- contribute to economic disorder, and hamper vide through an international institution for a economic recovery throughout the world. The needed revival of international investment. problems which give rise to these possible de- In the interest of Canadian and world pros- velopments are not to be solved by the nations perity and of peaceful collaboration among concerned, acting alone or in exclusive associanations, the Government endorses these plans tion with the other countries sharing these parand hopes that Parliament will in due course ticular trade difficulties, but by international approve the draft agreements. In reaching this collaboration as farsighted as that undertaken view, the Government is mindful of the possibil- during the war. Convinced that these countries ity that Canada might, as a member of both will again establish their trade and industry and institutions, occupy the position of a "creditor" that our historic peacetime trade with them can nation. be re-established, the Government is willing to Officials of the Government have participated extend to such countries, to enable them to acin preliminary discussions looking to agreements complish this transition, adequate credits to which would assure greater stability in inter- finance, to the degree necessary, their import national markets for food and raw materials and requirements from Canada. In the view of the in equally preliminary discussions concerning Government, appropriate terms for repayment of international private agreements commonly these credits would recognize unequivocally the known as cartels. These discussions will be dependence of such international debt payments pursued actively with the object of reaching on the expansion of world trade and ample agreements which will contribute to the sta- markets for the exports by which credits must bility and welfare of this country as of other be repaid. countries. The Government is prepared to press through In pressing for international arrangements collaboration with other Governments for stable which would permit and encourage the expan- solutions to this and related problems. sion of world trade, the Government is impressed not only with the importance of trade from the IV. PRIVATE INVESTMENT IN CANADA point of view of the Canadian economy, but is Export trade has been the greatest dynamic also convinced that a high degree of freedom of force influencing the level of national income and trade is thoroughly compatible with, and necesemployment in Canada. Next in importance is sary to, a balanced program for promoting a high the investment of private capital in industrial level of employment and income. The above are proposals, in varying stages of and commercial buildings and equipment, goods discussion and agreement, for establishing en- in stock, power and transportation facilities, during international economic arrangements exploration and development of natural reander which the nations of the world might sources, and housing. In the past, the amount .share prosperity and plenty rather than poverty of such investment has been closely related to and depression. Rapid progress must be made the volume and profitability of our export trade, in reaching agreements on these lines if tempo- but it need not be so fully dominated by export rary expedients to meet immediate problems are trade in the future. not to thwart long-term solutions. (a) Private Investment in Stage 2 of the War.— Such long-term agreements will not, in them- During the war, both private and public capital selves, however, meet fully the international expenditures have been largely absorbed in economic problems which will confront the equipping war production and the armed forces. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME In terms of postwar needs, there is an abnormal panded employment, will not encounter fiscal amount of capital and maintenance expenditures penalties. to be made as soon as labour and materials are Having regard to prevailing congestion and available. In the period immediately following the needs of returning veterans, the highest imthe European War, it will be necessary to reduce portance will be attached also to housing. The the barriers to such expenditures, facilitate those National Housing Act, 1944, makes very comwhich are of the greatest urgency and safeguard plete provision for financing, at lower rates than them against an inflationary boom which would ever obtained in Canada before, housing for bring them to an abrupt and abortive conclusion. homeowners and for tenants, low rental housing The Government, through the Department of projects, houses on farms, and modernization Reconstruction, will encourage and assist the and improvements. For war veterans, this is speedy conversion and expansion of our in- supplemented by postwar credits which may be dustries, giving special attention to those locali- used to provide two-thirds of the cash equity required to build or buy a home. During Stage ties which have depended most on war produc- 2.j all who wish to build homes for themselves or tion and in which the postwar adjustment will for rent to others may not be able to do so bebe greatest. There will not be, in Stage 2. of the cause of continuing shortages. war, all the materials and particular categories Subject to war requirements, the Government of labour required to do all that people will plans to encourage and use its wartime controls desire accomplished, but, within this limitation, to assist in the production of material and equipthe assistance and controls at the disposal of the ment for a total program of not less than 50,000 Government will be used to facilitate private units in the first full construction year following investment in this field, having due regard to the the end of the European war. This figure will desirability of stable as well as high emfall short of what is desirable but it will probployment. ably be as high as labour and materials can be Faced with continuing war expenditures, the found for in that period. As in other fields of Government has not been able to synchronize reconstruction, the Government will direct the reduction or discontinuance of wartime taxasupplies to those communities which, by reason tion with the beginning of projects for converof the decline of specific types of war production, sion and expansion. Therefore, amendments have the workers to use them. proposed in the Budget of 1944, and since en- This immediate period, when only a limited acted, provided for some substantial relief of housing program is possible, should also be investment and maintenance expenditures as used to carry out the surveys which are basic to such from the effects of wartime taxation. The community planning, establish the plans, and extension of the privilege of writing back or agree on the methods for carrying out soundly carrying forward losses allows business firms to conceived housing and slum clearance projects. approach more nearly to an average-profit basis Here the initiative must rest in large degree in for taxation purposes. Provision for writing the local communities, the Government standing back to the profits of a war year one-half the ready to give technical assistance and to provide maintenance expenditures incurred during a substantial grants for slum clearance and generdesignated postwar year, will provide a definite ous assistance in the financing of well-located incentive to make good all deficiencies in main- and properly managed projects which provide tenance. A further and more important provi- good housing at low rentals. Research and exsion has been made. In respect of new invest- periment in the use of materials and in the rement in industrial plant and equipment, the duction of costs must also be hastened in this business taxpayer may select a rate of deprecia- period. tion not less than one-half and not more than In attaining its housing objective, the Governdouble the normal rates. This provision will ment will seek the cooperation of local governallow business enterprises a fair chance of re- ment and of labour and management in the concovery of their capital newly invested, even struction industry. though wartime rates of profits taxation should (F) Private Investment after the War.—The debe in existence at the inception of the project. cision to invest private funds in capital goods There is in these provisions assurance to business will depend on the businessman's view of the that, pending the time when it is possible to prospective margin of profit to be made on the reduce wartime taxation, new investment, on investment. The demand for consumer goods which we must depend in large degree for ex- will be high and everything which the Govern- JUNE 1945 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME ment is doing, and plans to do, to enlarge ex- providing through the chartered banks, under ternal markets and increase and stabilize con- limited government guarantee, loans for a wide sumer income, will contribute to the prospective range of farm improvements. profitableness of new investment. Buildings In the field of housing, expenditures have and equipment will be worn out or obsolete. been deficient over the past fifteen years, and New products and new processes will require new there is need, as soon as the exigencies of war capital investment. permit, for investment in housing on a scale far One object of the Government's stabilization exceeding the immediate prewar levels. War policy has been to keep down costs and achieve savings and postwar credits, the greater assura postwar position in which the cost of new in- ance of steady employment, family allowances vestment in buildings, equipment and materials and the facilities of the National Housing Act would not be a barrier to employment. will enable many thousands to build their own The Government recognizes that wartime homes. To assist in slum clearance, provision taxation, both in its form and rates, is discourag- is made in the Act for direct grants to municiing to new investment. It was deliberately palities of half the net cost. Life insurance designed to be discouraging in order that more companies and other financial institutions have resources could be used for the purposes of war. been empowered to build and own rental housing Because war expenditures are so inflationary in projects, with suitable guarantees for the proeffect, wartime taxation must be restrictive and tection of policyholders. Locally organized deflationary. After the war, a quite different limited-dividend corporations desiring to build taxation policy will become an appropriate part rental projects to meet the needs of those earning of policies directed to the maintenance of em- low incomes may obtain all but a small fraction ployment and income. The Government pro- of the capital they require from the Government. poses not only to reduce taxation as rapidly The effort to attain a high postwar level of as possible but to develop its fiscal policy so employment and income must be a national and as to encourage the increase of private invest- not merely a government effort. The Government to a high and stable level. It is proposed ment will make every effort to create by all its particularly to eliminate or minimize taxation policies favourable conditions within which the which contributes to a higher level of production initiative, experience, and resourcefulness of costs. private business can contribute to the expansion The Government desires and expects that low of business and employment. interest rates will continue after the war. It proposes to pursue a monetary policy which will V. CONSUMPTION encourage, through low interest rates, the in- The amount of goods and services at present vestment of funds in productive capital con- being consumed by civilians is well above the tributing to employment. level of 1939. This high level of consumption The sources of credit within the country are has latterly, however, been kept up at the example to finance an expansion of investment. pense of inventories. It is much below the level To provide credit, however, for the establish- which present incomes would maintain were it ment and expansion of industrial enterprises, in not for shortages of materials and labour, the circumstances in which lending institutions have pressure of taxation, and insistent need for hitherto been unable to provide adequate financ- saving for Victory Bonds. With the release of ing, the Industrial Development Bank has been labour and materials from war demands, we may established. Its facilities are of particular im- expect a substantial increase in consumption portance for small and new enterprises on the expenditures which will be reinforced temdevelopment of which much future employment porarily by the need to replenish depleted trade will depend. inventories. The continuance of this level of The improvement of buildings and equipment consumption expenditures will depend on the on farms for increasing productive efficiency and maintenance and distribution of incomes. adding to the amenities of farm life is a field of (a) Consumption Expenditures in Stage 2 of the private investment to which the Government at- War.—In this period, consumption expenditures taches especial importance. Maintenance of may be expected to rise to the full degree to farm incomes will be the most effective encour- which goods and services can be made available. agement to this type of expenditure. To provide The reabsorption of the men and women of the credit, where needed, on reasonable terms, the Armed Forces into the civilian population will Farm Improvement Loans Act has been passed in itself call for greater production of civilian 542- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME consumer goods. The many financial provisions penditures against the contingency of particular for their re-establishment will add substantially dislocations in export trade. to expenditures on consumer goods. The deferment of purchases during the war, Indeed, the danger in this period, as at present, the large accumulation of individual savings, is that consumption expenditures will tend to some part of which is destined to reappear as outrun our immediate capacity to put on the consumption expenditures, and the measures market the goods and services desired. Every already taken to augment low family-income effort will be made, consistent with meeting and those incomes interrupted by unemployment other requirements, to facilitate the maximum or dislocation of export trade will give strong increase in supplies, but it can not be anticipated support to consumption expenditures during that shortages of consumers' goods will dis- Stage 2. of the war. This will necessitate conappear on the cessation of hostilities in Europe. tinued vigilance and careful management lest Measures whose prime object is to stimulate the pressure of expenditures on markets should consumption expenditures will not be appropri- result less in increased civilian employment than ate to this period of the war, but there are in sharply rising prices. possible dislocations, related to demobilization (b") Consumption Expenditures After the War.— and international trade, against which incomes The deferred demand for consumption goods, if require protection. Such dislocations and de- not neutralized by price inflation, will continue lays may occasion a fall in some incomes. It to influence consumption expenditures until well will be necessary to prevent such declines from after the war is ended. The measures for supbecoming cumulative and to safeguard low porting and stabilizing such expenditures will family-incomes especially. continue to operate. Parliament has enacted statutes which, aside The Government has given support to the from their long-term effects, will go far in meet- development of additional social security measing these needs. Under the Unemployment In- ures, and has indicated willingness to institute surance Act, 1940, which came into effect when contributory old age pensions and health inemployment was rising, wage earners have ac- surance, as soon as financial and administrative quired rights to benefits of substantial duration arrangements with the Provinces can be agreed in periods of unemployment. A fund of over upon. Under the Pensions Act, equitable pen- 250 million dollars has been built up. In the sions are provided for disabled veterans and for period of conversion of war industry, when some the dependents of members of the armed forces dislocation and loss of work will be unavoidably who have lost their lives in the war. In addiassociated with the transfer of workers to new tion to their great direct results in human jobs and other localities, benefits paid under the security and welfare, such measures will have Act will to an important degree maintain con- important supplementary effects in stabilizing sumption expenditures *and maintain employ- and enlarging consumption expenditures and ment in the industries producing consumption the employment which is derived from them. goods and services. Much has been learned during the war of the The Family Allowance Act, 1944, the purpose vital importance of improved nutrition. In of which is to promote the well-being of chil- the years after the war, it will be possible to put dren, provides for substantial payments in re- that knowledge to much more general use. spect of children up to 16 years of age. These Both nationally and internationally, through payments will begin in July, 1945, a date which the Food and Agricultural Organization, the it is hoped will not be greatly before the be- Government proposes, by research, education, ginning of Stage 2. of the war. They will aug- improvement or marketing methods and ment the incomes of families in the lower- facilities, and by such other means as are necesincome groups, and will provide the means for sary, to foster the improvement of Canadian maintaining or increasing the consumption of standards of nutrition up to a level worthy of so these groups. The supplementary effect which great a food producer. they will have in increasing or maintaining employment will be evidence that what is in the VI. PUBLIC INVESTMENT first instance a transfer of income will be ulti- Government expenditures, like private exmately paid for, in substantial part, out of an penditures, play an important part in determinincrease in income. ing the level of employment and income. In The Agricultural and Fisheries Price Support the circumstances of this war, they have become Acts, mentioned earlier in this paper, will to a the dominant part. Viewed from one direction, degree underwrite consumption and other ex- the problem of the transition is to maintain the JUNE 1945 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME level of employment, while substituting private period, the Dominion proposes to press ahead for a large part of public expenditures. with the planning of its own deferred works and In relation to employment and income, invites provinces and municipalities to do the government expenditures are of three sorts: (i) same. current expenditures for goods and services, In addition, the Dominion Government will whose amount has to be determined by the give consideration to methods of stimulating current need for government services and opera- provincial and municipal governments to carry tions rather than varied according to the need out necessary surveys and draw the plans for for employment; (2.) transfer payments, such as useful public projects, in defined categories, to be pensions, allowances and similar payments, executed when they are needed to stabilize which have their effect on employment as they employment, probably some time after the reappear as private expenditures; (3) public Japanese war has ended. capital or investment expenditures for buildings, Further, the Dominion Government proposes equipment, roads, airfields and other durable to press ahead as rapidly as possible with surdevelopments and improvements. The last are, veys, aerial and other mapping, and explorations to a degree, capable of being timed so as to on the results of which a new and forward-lookcontribute to employment as needed and suppleing agreed program for the development and ment private expenditures and compensate for conservation of natural resources must be built. their fluctuations. The cooperation of the provincial governments The postwar employment problem is not to and of the industries engaged in the use of our be solved by huge expenditures on "public natural resources will be sought. works". Efforts to increase and stabilize em- Beyond this, the Dominion will undertake ployment and income must pervade all economic its own deferred projects in those localities in policies. On the other hand, it is the firm in- which the decline of war contracts or other cirtention of the Government to institute a system cumstances have made available labour, which of managing its capital expenditures so that can be employed on such projects and for which they may contribute to the maximum to the the locality gives promise of permanent employimprovement and stabilization of employment ment. The Government will invite provincial and income. and municipal governments to cooperate in fol- (a) Public Investment in Stage 2 of the War.— lowing similar programs. It has not been possible during the war to ac- (b) Public Investment Policy After the War.— cumulate a large * 'shelf' of ready-planned public The deliberate use of public investment expendiprojects. The war program has necessarily tures as a permanent instrument in employment taken precedence and the engineering staffs of policy has to be undertaken experimentally. all governments have been denuded by war There is, as yet, no working model even in other demands. Particularly has it been impossible to countries. It will be necessary to frame policy embark on the planning of new types of comto fit the facts of the Canadian economy and prehensive projects of far-reaching extent. On administer it in accordance with our federal conthe other hand, all governments, Dominion, stitution. The Government believes, however, provincial and municipal, have a considerable that there will be wide agreement on making a backlog of public projects of the normal sort for substantial beginning along two lines: maintenance and expansion, which have been (1) the undertaking of advance planning of deferred during the war years. Some of these all necessary and desirable Dominion projects are fully planned and others are capable of rapid so that there may be available a "shelf" of planning. Governments will wish to carry out soundly planned projects, ready for execution these projects as soon as labour and materials when prospective employment conditions make are available once more. it desirable to increase public investment ex- Other demands on our labour and materials penditures. Since in the inter-war years the will limit severely the amount of public investpublic investment expenditures of provincial ment expenditures. As already emphasized, and municipal governments have been much beyond the needs of the war in the Pacific, a greater than those of the Dominion Governhigher importance will be attached to an inment, it will be an essential part of such a policy crease in exports to some markets, to private that advance planning on the part of these investment for the conversion and expansion of governments should be encouraged, and, withindustry, to housing, to some increase in conout interfering with provincial or municipal sumption expenditures. decisions in respect of the direction of their Accordingly, as an appropriate policy for this 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME own expenditures, cooperation should be sought transportation to open up the various regions on the timing of such expenditures; and in carrying out thorough and carefully (z) the implementation, in cooperation with planned scientific explorations and surveys. the Provinces, of a new Dominion policy of Further public expenditures will be undertaken expenditures on the development and conserva- as justified to develop and conserve the natural tion of natural resources. In view of the rapid resources for the support of the present and adwartime depletion of natural resources, provi- ditional population. sion for such expenditures is urgent. While The amazing wartime advance of aviation, the some of these expenditures must be continuous, large number of airfields constructed in Canada a substantial portion of them may be varied ac- for military or civil use and the decisive sigcording to employment and income levels. The nificance which transportation has always had resources of the farm, forest, mines, fisheries and in Canadian development emphasize the imrivers are basic to Canadian development and portance which civil aviation will have as a prudent expenditure on their conservation and productive field of public investment after the development will be true investment expenditure war. Already there has been considerable progyielding valuable returns. The returns will be ress in the development of commercial aviation, greatly enhanced, if the development and con- but in terms of the future it is only a beginning. servation of the resources of particular areas can On both national and international commercial be coordinated. routes, and in the exploration, development and Such expenditures would provide some meas- safeguarding of our natural resources, civil aviaure of alternative income in the areas affected tion will emerge as a great and, in the main, new by declines in export markets, and thus would Canadian employment. The Government profight most of our depressions at the point of poses, through the Department of Reconstrucfirst contact rather than after they have spread tion, the Air Transport Board, the Department through the economy. There is in the field of of Transport and the Trans-Canada Airlines, development and conservation the opportunity to turn the great potentialities of civil aviation at appropriate times for genuine public invest- into realities as rapidly as possible and to do so ment which would induce more private invest- within a planned pattern. ment and not supplant it. Beginning on these two lines, the Dominion VII. SCIENTIFIC AND INDUSTRIAL RESEARCH Government would seek to enlarge the scope of The Government attaches the greatest imits public investment program as rapidly as exportance to the expansion of scientific research perience could be acquired in its management in Dominion and other government laboratories, and sound plans laid for the future. In underin the universities and within industry. In the taking this policy, the Dominion would not seek in any particular to limit the control of past, Canadian industry and government have provinces over their own resources nor to divert been far too dependent on sources outside the any of the revenues to be derived from them. country for the results of research and there These policies, which have vast constructive has been too little dissemination of technical possibilities in this country, if boldly and knowledge. Scientific research has yielded durprudently planned to meet Canadian problems, ing the war results of the greatest immediate require for their full implementation, a new defi- and future significance. Applied to the probnition of financial arrangements between lems of Canadian industry and resources, equal Dominion and Provinces, and can not be under- research effort can contribute enormously to the taken in definite terms before the Dominion- future employment and income of the Canadian Provincial Conference is held. people. In the Yukon and Northwest Territories, the The Government proposes to continue and Dominion Government is solely responsible for expand after the war the work of the National policies governing the use, development and Research Council and coordinate it more closely conservation of the natural resources. Im- and effectively with the research work of the proved transportation, wartime experience, universities, other government laboratories, and scientific progress in the exploration of resources industry. By cooperative endeavour, the whole and the experience of other countries in the technical level of Canadian industry,* both development of northern areas, all point to the primary and secondary, must be raised. great possibilities of properly planned develop- In the immediate future, few, if any, research ment in these regions. The Government pro- facilities can be released from war work. poses to press forward vigorously in improving Through the medium of the Department of JUNE 1945 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME Reconstruction, however, definite steps have For that period, their work is being closely corbeen taken: related with that of the Department of Veterans (i) to establish and operate a technical and Affairs. After the war, the work of the emscientific information service to make technical ployment offices will continue to be of essential knowledge and the results of research available importance in the carrying out of employment to industry, and particularly small industry, policies and in furnishing information on local throughout Canada; and national employment. (2.) to arrange, wherever men and facilities During the war, the War Emergency Training are available, for research designed to assist Program, carried on jointly by the Dominion and special industrial and development projects; the provinces, has played an essential part by (3) to establish cooperation and coordination providing trade training for service personnel in long-term research programs. and industrial training, both in schools and To encourage the expansion of research by plants. In preparation for the transition to private industry, Parliament has made generous peace and to meet the requirements of peacetime fiscal provisions for charging as current ex- training, the Vocational Education Co-ordinapenses or writing off over a period of years tion Act, 1942., was passed authorizing the against taxable income all expenditure and in- Minister of Labour to conduct, in cooperation vestment made in research facilities. with the Provinces, or otherwise, training for, among others, persons discharged from the VIII. PLACEMENT AND TRAINING OF WORKERS armed forces and persons whom the Unemployment Insurance Commission has directed to at- A high over-all demand for labour will not of tend a course of training. The financial and itself assure jobs for all. The kinds of work other provisions for the re-establishment trainoffering and the places where unfilled jobs exist ing of persons discharged from the Armed will change with the seasons of the year and Services are already well known. The Minister with the development of new consumer de- and the Commission will use their authority mands, new industries, new processes and new actively in respect also of demobilized war workmaterials. There must, therefore, be a high ers who require training or retraining for satisdegree of mobility of labour as between occupa- factory establishment in postwar industry. tions, and between jobs and places. This is To make possible the provision of adequate particularly true of such a country as Canada at training facilities, the Government has auits stage of development and with its climatic thorized grants to the provinces under the Vocaconditions. The attainment of the required tional Education Co-ordination Act of xo mobility and adaptability will depend in large million dollars over a period of 10 years. In degree on the initiative and resourcefulness of addition, it has authorized grants of a further the workers themselves. 10 million dollars over a period of three years During the war, highly important experito provide physical facilities for vocational ence has been gained in the placement and traintraining with particular reference to modern ing of workers. The Employment Offices and shop equipment. Placement Service, established under the Un- Under the Unemployment Insurance Act, an employment Insurance Act 1940, have been used, insured person claiming benefit may be directed since 1942., under the direction of the Minister by the Commission to take a course of training. of Labour, for the administration of the Na- In order to distinguish such training from unemtional Selective Service program. Under diffiployment and to create greater inducement for cult and exacting circumstances, a large and individuals to take such training, the Governincreasingly efficient organization has been built ment proposes to provide for payments during up. The restrictive regulations in force during such approved training at higher rates than those the war will disappear as soon as they no longer paid as unemployment insurance benefits. serve a useful purpose, but the placement services These measures will assist in attaining the and the forward planning in the employment of necessary mobility and adaptability of workers. the labour force will be expanded in scope and They must not be taken as offering a substitute improved in quality on the basis of wartime exin any way for the initiative and resourcefulness perien§e and postwar requirements. of the workers themselves. The employment offices will be key institutions in the period of demobilization when, of IX. WARTIME CONTROLS necessity, there will be much transfer of work- During the war, it has been necessary to imers and persons released from the Armed Forces. pose many restrictive controls. The occasion 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME for these controls has been acute scarcity— hand, it could also be dissipated in a needless scarcity of manpower, materials, productive inflation, which would defeat orderly reconfacilities, transport, foreign exchange, etc. version, if such buying power were permitted to Many of these controls have been exercised run wild at a time when civilian production was directly in the form of priorities, allocations or still restricted and shortages and bottlenecks prohibitions in the use of labour or scarce mate- persisted. rials or facilities. Other controls such as price The most severe inflationary pressure came control, reinforced by fiscal policy, have been immediately after the war of 1914-18 and not part of a general economic stabilization program during it. The rise in prices after the last war designed to control inflation. was extremely sharp and this unfortunate in- As wartime scarcities disappear, wartime con- flation undoubtedly greatly accentuated the trols will be relaxed and discontinued. As violent slump in prices which followed. The manpower, materials, productive capacity and Government is determined to safeguard the transport become available in larger quantities, stabilization program until its full benefits can restrictive controls based on a condition of acute be reaped in a smoother, more rapid transition scarcity will become obsolete. It will be neces- to a prosperous peacetime economy. The stasary, however, to be sure that the underlying bilization program is a vital factor in maincondition has disappeared permanently before taining the highest feasible level of employment all the machinery of control is abandoned. In during the transition, both in the negative sense the period following the European war, when that it can prevent inflation with its inevitable only a limited program of reconstruction can be deflationary consequences, and in the positive begun, it will be the policy of the Government sense that prices must be kept at reasonable to relax controls over production, materials and levels if a high volume of postwar production is manpower as rapidly as supplies justify. It is to be achieved. High postwar employment probable, however, that many such controls will can be based only on high production and an continue to be needed for a time after the close absolute essential in achieving this objective is of the European war to ensure the effective to keep prices in hand during the transition. prosecution of the Japanese war and at the same Canada's dependence on exports gives special time the provision of essential civilian needs. emphasis to this need, both because of the ob- In addition, the maintenance of certain controls vious necessity of competing in external markets will aid in meeting the more urgent require- and because of the dependence of large sections ments of reconstruction, including the first step of the domestic market on export income. in industrial reconversion, the provision of more housing, and the development of export X. GOVERNMENT FINANCE markets of a peacetime character. The broad proposals contained in this paper The need for price control and other antihave for their object the maintenance of levels inflationary measures will not disappear with of employment and income greatly above those the end of the European war. The magnitude ruling before the war. These and other requireof the expenditures required for the prosecution ments will call for government expenditures and of the Japanese war and the continued claims revenues at higher than prewar levels. Neveron manpower will be such as to necessitate the theless, they are consistent, in the Government's continuance of the stabilization program, if view, with postwar taxation at substantially both war and reconstruction programs are not lower levels than at present. to be jeopardized. Moreover, the accumulation The national debt has necessarily increased of savings and the steady increase in deferred greatly during the war, and in view of the exneeds for some consumer goods and for a wide penditures associated with the termination of variety of durable goods (such as housing, household appliances, automobiles, highways, the war, with demobilization and re-establishfarm machinery and buildings, and peacetime ment, it will not be possible to balance the industrial plant) will continue to set the back- budget immediately on the cessation of hostilities. ground for price inflation until production of a Rigorous war taxation, the steady reduction in civilian character can be expanded very mate- the rate of interest, acquisition of revenue-prorially. The store of buying power which indi- ducing assets, and the rise in the national income viduals and corporations have accumulated during have served to keep the cost of carrying the debt the war can be of great assistance in sus- down to about the same relative weight it had taining production and employment during the in 1939. The relative burden after the war is transition from war to peace. On the other likely to be little more than it was before the JUNE 1945 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME war, if income and employment can be main- achieved with a minimum of delay by clearing tained at high levels. promptly from such plants government-owned In these circumstances, the Government con- equipment or materials which are not required siders the postwar debt problem to be quite for civilian production. manageable. The Government will be pre- Arrangements are being made as speedily as pared, in periods when unemployment threatens, possible for the disposition of governmentto incur the deficits and increases in the national owned plant, machine tools, equipment and debt resulting from its employment and income other materials no longer required for war propolicy, whether that policy in the circumstances duction to those who can use such facilities in is best applied through increased expenditures civilian production. These facilities will be or reduced taxation. In periods of buoyant em- sold at fair prices and on reasonable terms in acployment and income, budget plans will call for cordance with policy already enunciated. Spesurpluses. The Government's policy will be to cial attention will be given to the needs of small keep the national debt within manageable pro- industries for rental premises and for materials portions, and maintain a proper balance in its and equipment. The desirability of establishing budget over a period longer than a single year. industry in the smaller towns and cities and in Fiscal policy during the war has necessarily areas in which there was, before the war, little been based on economic as much as purely finan- industrialization, will also be taken into concial consideration. It is proposed to extend that sideration. practice into the postwar years and apply war The Government will have quantities of other experience to the problems of peace. types of materials available for disposal as surplus. A great deal of this, produced specifically XI. THE BEGINNING OF THE TRANSITION for war purposes, will have little value or use in peacetime. In dealing with such as can be used The return to a civilian economy will be to advantage for production purposes, general affected by the rate at which the armed services welfare, or consumer goods, the Government are brought back to Canada from overseas will make every effort to avoid all unnecessary theatres and the rate at which military demowaste and to dispose of them to the best ecobilization is undertaken. The conversion of nomic advantage of Canada. Every effort will industry to peacetime uses will also be affected be made to see that goods intended for public by the extent to which war production must be consumption reach the public by the shortest continued during Stage 2. or the war. In the possible route and that no speculation is inlight of these qualifying factors, steps have been volved. While the Government does not intend taken to meet the first problems of reconversion to enter into unfair competition with civilian and expansion of industry and the re-employbusiness, it will seek to recover as much as posment of persons released from the armed services sible for the taxpayers of the nation on these and war industry. goods. At the same time, they will be disposed The transfer to civilian production of inof in a manner designed to prevent speculation dustry no longer required for war purposes inand to contribute to the general welfare and volves both the settlement of war contracts and benefit of the Canadian people. the clearing of plant. The Department of Muni- In the transition period, continuing needs for tions and Supply has determined rapid prowar production, together with the demand for cedures to deal with any final renegotiation of civilian goods, both in Canada and abroad, will contracts and termination of war orders, so that require, taking the country as a whole, all the civilian production, in plants no longer required labour and materials which can be made availfor war purposes, may be proceeded with exable. High employment on a nation-wide scale peditiously and delays incidental to the settlewill continue. There will, however, be unment of war contracts and clearing of plants avoidable dislocations and delays in some localishall not impede the transition. In all cases, in ties where wartime demands have necessitated which contractors have complete and up-to-date heavy concentration of war orders and an abnorinformation on materials, costs, and producmal wartime population. In these places, cantion, substantial interim payments in settlement cellation of war contracts will fall more heavily of contracts may be made within thirty days and than elsewhere. final settlement should normally follow with reasonable rapidity. The Government, working in the first instance Arrangements have been developed whereby through the Department of Reconstruction, is full use of plant for civilian purposes may be making plans to meet these local situations. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME These plans include the speedy re-establishment as a great national objective, transcending in and development of civilian industry in these importance all sectional and group interests. areas. They will be supplemented, to the ex- This paper sets out the Reconstruction policies tent necessary and desirable by special attention of the Government for the period beginning at to the field of housing and public works. Re- the cessation of hostilities in Europe, and ex- .strictions on house-building and other construc- tending to the time when complete and final victory has been won in the Pacific. Those polition will be relaxed earlier than in other localicies are set out concretely, though of necessity ties where employment is still at a high level; not in complete detail. public works projects may be initiated in these This paper also sketches the broad outline of areas as the occasion demands, even though it is long run permanent policies, to follow total and not possible or desirable to proceed with similar final victory on all fronts. Full implementation works in other localities. Controls will be used of long run policies must await the full release to see that materials are available to carry out of manpower and resources from war. Permaany special program designed to meet special nent and mutually satisfactory financial and local conditions. The cooperation of provincial administrative arrangements with the Provincial and municipal authorities will be sought both governments are a necessary prelude to full as regards the preparation and the implementa- implementation. tion of these plans. The Government of Canada will support international undertakings to establish a peace of XII. SUMMARY good will, founded on sound economic grounds. No other peace can endure. A prosperous world In this paper, the Government has stated unis essential to a prosperous Canada. equivocally its adoption of a high and stable During more than five years of war, Canada level of employment and income, and thereby has continued to mobilize and expand its full higher standards of living, as a major aim of productive capacity. Government, Labour and Government policy. It has been made clear Management have been united together in the that, if it is to be achieved, the endeavour to common objective of winning the war. The achieve it must pervade all government eco- same united effort can win our postwar obnomic policy. It must be wholeheartedly ac- jectives. Canada looks to the nature with cepted by all economic groups and organizations confidence. JUNE 1945 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for the took for its own use huge percentages averaging from 50 to 90 per cent. year ending December 31, 1944, was submitted to the The consequences are well known. Equipgeneral meeting of stockholders on March 22, 1945. ment has deteriorated, has been carried away by The main text of the address of the Governor of the the enemy or destroyed in the course of military Bank, M. Emmanuel Monick, is given in translation operations. Stocks have disappeared; this reherewith:1 sults very often in apparent profit, but actually it indicates a loss of material assets and, for the Cut off from most foreign markets since 1940 future, a serious increase in costs. The French and suffering first from a progressive contraction, population, which industry can no longer proand afterwards from a complete stoppage of im- vide with clothing, heat and sometimes even ports from its oversea possessions, France has with shelter, lives in a state of utter destitution. experienced a severe shortage of raw materials, Contrary to a too general opinion, agriculture fuel and other commodities necessary for its in- has suffered from occupation hardly less than dustry and agriculture. To this shortage of industry. The shortage of labor, fertilizer, and materials was added a shortage of labor. The seed, the large German requisitions of livestock labor force, already curtailed by the absence of and horses and the deterioration of equipment more than one million French prisoners of war, have resulted in an increasingly marked fall in became obviously inadequate with the beginning yields. Despite the untiring work of the farmof the requisitions for compulsory labor in Ger- ers, crops have been constantly short since the many and of deportations, by which 1.2. million beginning of the war. Such has been the case men, including a large number of skilled work- in 1944, the wheat crop being estimated at 64 ers, were separated from their usual occupations. million metric quintals against 93 million in 1938. Livestock, which has decreased in num- The transportation crisis had hardly less seribers, has been even more reduced in weight and ous consequences. It made itself felt as early as in quality owing to the lack of feedstuffs. The 1940, following the first deliveries of rolling same factor contributed to a dangerous reduction stock exacted by Germany; it grew suddenly in the milk supply. worse in 1943 and reached its climax during the summer of 1944. Here also the occupying power imposed a Economic effects of the German occupa- heavy tribute on the country: 643,000 horses tion.—French industry was bound to feel the - were requisitioned; from our supply of wheat consequences of this triple shortage of raw ma- and meat—to say nothing of many other prodterials, labor and means of transportation. ucts—the Germans took for their own use in Almost every section experienced a decrease in 1942., 7.7 million metric quintals and z.2. million production: in the textile industry, in the chemi- metric quintals respectively, i.e., 12..75 and 34 cal industry and, more particularly, in the rubber per cent of consumption. industry, production has, since 1940, rarely The growing scarcity of foodstuffs and the exceeded 30 per cent of the normal figures. The difficulties experienced in distribution have, industrial production index, based on 1938 = from year to year, rendered the supply problem 100, fell to 62. in 1941, 58 in 1941 and 53 in 1943. more and more alarming. The drastic rationing During the spring of 1944, the growing diffi- system imposed severe hardships on the French culties experienced in the distribution of com- population during the occupation, affecting its modities and the increasingly severe rationing health and its working capacity. of motive power made it necessary to reduce still Under such conditions trade depended solely further the number of working days. From upon French production and suffered directly production reduced thus the occupying power from its decrease. The small quantity of foodstuffs and goods available restricted increasingly the actual importance of regular transactions, 1 The report, available in French, contains in addition sections on though apparent figures were in some degree appointments and personnel, tables and explanatory notes showing the operations of the Bank in detail, including earnings and dividends, and swollen owing to the price increase. Furthera summary of an executive order of Dec. 5, 1944, governing the session of the annual meeting (henceforth to be held in March), and the com- more, this shortage stimulated black market position of the General Council of the Bank. For earlier reeppoorrtis see transactions at disproportionately high prices. BULLETIN for June 1940, April 1939, etc. 55° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE The evolution of foreign trade was also af- pated yields—remained inadequate to cover fected by the disturbances to national economy entirely actual French expenditures, both ordioccasioned by the disasters of 1940 and by the nary and extraordinary. occupation. Imports showed a very material The financing of such huge payments through decrease which became even worse in 1943, normal credit operations would have been poswhen they amounted in value to only one-third, sible only if practically all the money put in and in weight to only one-tenth of 1938 figures. circulation in that way had returned ultimately Exports, to be sure, experienced a revival and to the Treasury. But the monetary circuit showed a steady increase in value until the be- worked very imperfectly so long as the occupaginning of 1944, but it is scarcely necessary to tion continued. During this period, the French say that this advance was of no benefit to our Government was able to cover the expenses it economy; on the contrary, it reflected the system- must meet only to the extent of 3Z per cent by atic looting of French resources by the occupy- taxation and 40 per cent by borrowing;2 for the ing power. balance it had to resort to the Bank of France. For the most part, exports during this period After the rapid exhaustion of the special adconsisted of deliveries of raw materials and vances which, under an agreement dated August manufactures exacted by Germany. They in- 15, 1940, the Bank had placed at the disposal of volved a loss of real wealth for the country and the Government, up to an amount of 50 billion an additional burden for the Treasury, which francs to make possible the payment of occupahad to advance to French exporters the amounts tion costs, several further agreements were owing to them, in so far as exports were not entered into authorizing successive increases in offset by the trifling amount of imported German in the limit. goods. At the time of liberation, the advances The Bank has never ignored the dangers of the French Treasury—the counterpart of involved in the growth of such advances; it which is represented by reichsmark assets— pointed out repeatedly and most emphatically totalled 160 billion francs. the seriousness of the situation. But its warn- The Bank and public finance.—Govern- ings and protests remained ineffectual at a time ment finance, as well as private economy, was when the enemy was master of the country. severely affected by four years of occupation. The limit fixed for advances for occupation France had to pay to the invader a tribute which costs was thus raised by degrees to 381 billion imposed an overwhelming burden on the State. francs by the end of 1943; on the eve of liberation The payments which Germany exacted from it stood at 416 billion and the credit opened was France as occupation costs had been fixed at 2.0 exhausted. On the other hand, the advances million reichsmarks a day, i.e., on the basis of available for the current requirements of the the arbitrary parity assigned to this currency, Treasury—for which the maximum was finally 400 million francs. After a reduction of one- raised to 100 billion francs by a new agreement fourth in May 1941, this figure was, from No- dated June 8, 1944—amounted, on August 31, vember 11,1942., raised to Z5 million reichsmarks 1944, to 74,550 million. or 500 million francs; furthermore, from this The expansion of the advances to the State date, France had to pay to Italy a monthly necessarily resulted in a corresponding increase advance of 1 billion francs, which was subse- in the note issues. It is true that, if each year quently transferred to Germany. Moreover, the is considered separately, there was no exact cor- French Government had to refund expenses of respondence between these two movements. billeting and quartering for German troops The circulation increased sometimes more which at the beginning averaged about 500 mil- slowly, sometimes more rapidly than the adlion francs monthly, but soon reached 1 billion. vances, following the rhythm of the German Payments made under these various heads, drawings from their account. But if the period together with the advances corresponding to the which elapsed from the beginning of the war is deficit of the Franco-German clearing, amounted considered as a whole, the correlation is striking. to 81 billion francs in 1940, 141 billion in 1941, From the beginning of the war up to the day 156 billion in 194X5 2.83 billion in 1943, and 193 after liberation, advances to the State have inbillion for the period January-August 1944. creased by 496 billion. During the same period, Thus, the financial costs directly resulting from the circulation advanced from 141 billion to 63 z the occupation amount to 855 billion francs. billion, i.e., it increased by 490 billion. It must be stressed that the Treasury had to bear the whole of this burden, since budgetary receipts—though constantly in excess of antici- 2 Of which 27 per cent by short-term and 13 per cent by long-term loans. JUNE 1945 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE Banks and the money market.—The con- exceptional circumstances obliged the Bank to siderable disbursements which the Treasury con- give to the Treasury has not caused our institutinued to make maintained an exceptional tion to forget its primary task of assisting the abundance of means of payment in the country country's productive forces through a liberal during recent years. Bank deposits, though and judicious credit distribution. But owing increasing more slowly than the note currency, to the exhaustion of stocks and the overabunhave also largely expanded. For instance, for dance of funds, private enterprise has for several the six large credit institutions deposits ex- years made only a very limited use of the Bank's panded from 76 billion francs at the end of 1940 facilities. to 138 billion at the end of 1943, and to 158 bil- From 1941 to 1943, our discounts have exlion on October 31, 1944. They have accord- panded very little, much less than the price ingly increased by 108 per cent. increase which occurred during this period The movement was still more accentuated in would have justified. It is true that occasionlocal and regional banks; in the seventeen most ally, when final payments on Government loan important ones, the creditor accounts increased subscriptions were made, our portfolio amounted by 137 per cent during the same period. In the for a time to relatively high figures, but its avpopular banks the percentage of increase in de- erage remained small: it fell from 5,2.19 million posits amounted to X3o per cent and sometimes francs in 1941 to 4,653 million in 1942., and was even to 400 per cent for certain local banks of no higher than 6,045 million in 1943. secondary importance. The resumption of hostilities on metropolitan The savings banks* transactions have also territory has not given rise to the credit requireincreased rapidly. Since the critical days of ments which might have been expected and June 1940, when they had to meet big with- which the Bank was prepared to meet. In fact, drawals, new deposits were always larger than long before the landing in Normandy, the Bank withdrawals; the monthly average excess ad- had made arrangements to supply funds, through vanced from 569 million francs in 1941 to 4 discounts, to the industrial enterprises which billion in 1944. On December 31, 1944, total would be isolated from the rest of France. But deposits of the savings banks amounted to thanks to the rapidity with which the enemy nearly 168 billion, against 69 billion at the end was driven out of the country and thanks also of 1940. to the confidence with which the French popula- Such a vast flow of funds necessarily reacted tion was anticipating liberation, these excepupon the money market, where rates remained tional facilities were but little used. steadily at a very low level. The State took Such are the consequences which the events of advantage of such conditions to reduce progres- the years of occupation had on the Bank's activisively the rates on its short-term debt, as well ties. as those on its long-term loans. Problems of reconstruction.—We had at The abundance of capital seeking investment last the joy of living the days so anxiously also had an influence upon the course of the awaited, when the nation's long anguish was at stock exchange. Stock prices advanced almost an end. continuously up to the end of January 1943. At But the country had suffered so much that it that time a sudden reaction took place; then after had perhaps imagined deliverance in too rosy a having fallen fairly steadily for six months, light. It believed that with the recovery of its prices alternately rose and fell. The general liberties it would also regain all its productive index of stock prices computed on the basis of powers. It is not the fault of the nation that the the 1938 average rose to 651 on January xx, 1943, energy with which it struggled against the inand fell again to 5x9 at the end of that year. vader did not lead to a revival of its productive On the eve of the liberation of Paris it was again activities. at its previous maximum of 651. Its soil was free up to the nearly regained Taking advantage of the current public de- frontiers, but the land was filled with ruins. mand for securities of variable yield, many com- Necessity had often forced the nation to damage panies have increased their capital during the the instruments of its own economy, its transporpast few years, as the original capital was no tation, its factories, in order to weaken the longer in proportion to the expansion of the enemy's resistance. The raw material supplies other items of their balance sheet and to the size were exhausted. The available tonnage was of the tasks they will have to assume when the not sufficient for the delivery of desperately war is over. needed supplies from overseas. The labor force The importance of the help which highly had been scattered either by German demands or 552- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE by the voluntary mobilization of the armed out precedent in our history. But all that has forces of the interior. been accomplished during the last six months The whole economic life was paralyzed. Is bears witness to the efforts of the nation deterit necessary to recall facts which are still present mined to recover. There is a tendency to underto everyone's memory? Only four of our de- rate these efforts. When more time has elapsed, partments had entirely escaped devastation. it will be possible to judge more equitably these More than one and a half million buildings, first months since liberation during which the houses, factories or farms were damaged or de- country, after having regained control of its stroyed. Enormous areas of cultivated land had destiny, and in spite of so many obstacles, has been devastated. Hundreds of thousands of made the first movements toward recovery. bombed-out people had been obliged to leave The most urgent task was the reorganization their homes and places of employment. Com- of the transportation system: 1,800 bridges, munications were broken. Our railways, cut to tunnels, etc., were repaired during a particularly pieces by destruction of nearly ^,500 bridges, hard winter; the railway lines were gradually tunnels, etc., could use only 18,000 kilometers reopened to traffic and their total length is of broken lines out of more than 39,000, and now only 3,000 kilometers less than that of the under very precarious conditions: only 3,000 lines in use in 1939. Simultaneously, the numengines instead of 16,000 were usable, and less ber of locomotives has been practically doubled than 175,000 cars out of 450,000. Many railway and several hundred units are added each month. stations, 60 per cent of the principal freight yards Soon only the engines seized by the Germans will and of the great repair shops, and more than half be lacking. It will take more time to rebuild of the machine shops were demolished or seri- the stock of railway cars which, in spite of the ously damaged. On the major part of the in- contribution of canal barges and motor trucks land canals destruction of bridges and locks will, for a long time to come, be inadequate to rendered any traffic impossible. Two-thirds of meet the needs of normal commercial traffic. the barges and more than half of the steam tugs Yet the latter, as the figures of freight shipments were gone. show, is growing more active every day and Road traffic could not make good the complete permits gradual restoration of some vital sectors deficiency of railway traffic, for want of the of the economic system. necessary vehicles and fuel. Finally, all the Unfortunately, to this transportation crisis, ports from which the enemy had been dislodged now subsiding, must be added the difficulties of were in a state of utter destruction, which ren- the fuel supply which is delaying recovery; the dered useless the liberty that we had regained deficiency of the production of our coal mines, in control of our maritime communications. now much lower than before the war, has not The avenues of trade, even the oldest ones, those yet been made up by sufficient imports. which are most solidly based on geographical Yet, in spite of the extreme difficulty of their conditions, were blocked and the national terri- task, employers, technical staff and workers are tory was in such a state of partition that the preparing for the resumption of operations, consumer's subsistence had become as precarious making plans for the repair of factories and as the worker's employment. All branches of equipment, and for the manufacture of new industry were forced to slow down, then to stop products; and wherever they have the facilities, all activity: the sources of energy which deter- they are showing some initial results. Such mine the functioning of the whole economic are the first positive evidences of efforts, scatsystem, coal and electricity, were exhausted or tered but determined, which stimulate the laborihad become unobtainable. ous reconstruction of the economic system. Thus France was deprived simultaneously of These first achievements deserve particular all the elements of recovery, whether they were praise as they have been accomplished almost needed to feed the population, to replenish the solely with our own resources. Our allies who, depleted markets or to support military action. on the different fronts, were engaged in a war The hopes of a restoration of the national life demanding their full strength, could not give us and of a resumption of the struggle which had the economic assistance which they would have accompanied the liberation were in danger of otherwise provided. Furthermore, France was being completely wrecked. anxious to help them with all her resources: her Yet, it is even now possible to say that these ports, her roads, her railways, her factories, hopes have not been lost. Progress, it is true, is have been placed at the disposal of the armies or slower than was anticipated by those who did assigned to war production. France agreed to not fully realize the gravity of a situation with- give priority to war needs over the needs, how- JUNE 1945 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE ever urgent, of a people who, after five years of tain all the benefit of the monetary ease which it suffering and hardship, expected some easing of secured by the issue of the Liberation Loan and restrictions. The sacrifices which France took which is reflected by our balance sheet. Thus upon herself for the benefit of the commonwealth the item "temporary advances" (Avances proof nations in war will be more fully appreciated visoires) which, at the time of liberation, in future. amounted to 74,000 million francs had fallen by Government finance since the liberation. December 2.8 to 15,850 million. The Treasury —In the midst of the inevitable confusion of our accordingly had at its disposal a large reserve of economic system, the credit of the State has borrowing power. been fully maintained. Its steadiness has shown The diminution of the advances to the Treasthe faith of the country in its new destiny. In ury had the fortunate effect of reducing the spite of all material difficulties, ever increasing amount of notes in circulation, which was one amounts have been entrusted to the Treasury. of the objectives of the loan. From the begin- During the last four months of the year, the ning of November to the end of December, the surplus of subscriptions to Treasury bills has amount of notes issued has fallen from 63 z bilexceeded 2.0 billion francs. Another and still lion francs to 572. billion. clearer proof of this faith in its future and in its The franc and the exchanges.—After being potentialities of recovery was given in November separated by the occupation from its oversea by the nation which, as never before, has shown territories and from foreign countries the its eagerness to answer the call of the State. mother country has, as rapidly as possible, re- The Government, anxious to speed the finan- sumed regular connections with them. Consecial and monetary adjustment, issued the 3 per quently an uninterrupted trade intercourse from cent Liberation Loan made up of perpetual which we expect large benefits to our economic rentes. Everywhere, even in the regions where life can be re-established and expanded. war damage was heaviest, the issue has been a In order to avoid any monetary disparity it complete success. The subscriptions, totaling has been deemed advisable to introduce into 165 billion francs, supplied the Treasury with continental France the rates of exchange which liquid funds representing a total of 1x7 billion, were already in force in the Empire. Accordof which 73 billion was paid in bank notes. The ingly, the sterling rate has been raised from issue has also made possible the funding of the 176.62.5 to zoo francs, and the dollar rate from floating debt to the amount of 37 billion francs. 43.80 to 49.6Z5 francs. The rates of the other Following its tradition, the Bank loyally lent foreign exchanges have been adjusted to these its best efforts to the success of this great operanew parities. A corresponding change has tion; it received at its offices or through specially been made in the official buying price of the kiloappointed agents subscriptions for a total gram of fine gold, which has been raised from amount of 2.4,500 million francs. 47,608 francs to 53,600 francs. Since June 1944, the old 3 per cent rentes had The Bank of France has been particularly glad regularly been quoted above par and the issue of to be able to resume, at the earliest possible date, such a volume of new securities had no depresdirect contact with the banks of issue of allied sing effect on their price. Owing to the remarkand friendly countries. able and continued steadiness of their quota- It desired to restore to the National Bank of tions, the Government was able to make an offer Belgium the equivalent of the gold deposit in January 1945 for voluntary conversion by which had been entrusted to it in 1940, and which 3 per cent redeemable rentes were substituted for former loans at a higher rate to a total which it had to surrender under duress. This of more than 106 billion francs. This new and repayment is covered by an obligation of the very important operation was entirely successful. Government which appears in our balance sheet It marks a significant stage of the cheap money under a special heading. policy which was also extended to Treasury Monetary agreements.—In order to facilibills, the rates on which have been again reduced. tate and to develop our commercial intercourse The Bank has supported this policy by fixing its with Belgium, we concluded on October 10 last, discount rate at 1^ per cent, the lowest rate a provisional monetary arrangement, which was hitherto applied in France. replaced on February Z3 by a broader agreement Requests for the reimbursement of converted which provides in particular for the opening of securities have been very few. Consequently reciprocal credits to the advantage of the two they will not entail any considerable disburse- banks of issue. An agreement along the same ments for the Treasury; the latter will thus re- lines has been concluded quite recently between 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE the Swiss Confederation and the French Gov- sistence, and must be based on far-reaching ernment. plans and an abiding faith. Negotiations preliminary to a financial and When measuring our duties and our possibilmonetary agreement with Great Britain have ities, we must not limit our view to immediate just been brought to a happy conclusion. We obstacles, but look beyond. If we contemplate are glad to be able to re-establish active connec- a plan extending over several years, the diffitions with the English market, which during culties appear successive and possible to overthese long trials has once again shown the per- come by dint of steady and progressive efforts. manence of its strength. During these successive stages—the duration of France's postwar trade.—We hope that other which will have to be shortened by hard work— agreements will enable us to restore the inter- it will be possible to rebuild houses and rupted business relations with foreign countries. factories, to supply the country with up-to-date But during a long period, of which the end can equipment, to restore and improve the means of not be foreseen as yet, our foreign trade will still transportation, to increase production, and to depend on the necessities, the conditions and the provide everyone with work, wages and profits, consequences of the war; that is to say, we shall which can not be assured in a weakened largely depend on foreign countries without economy. Indeed there can be no social being able to supply them with equivalent progress without prosperity. Thanks to the amounts of goods and services. increase of the national income, equilibrium in According to extensive programs drawn up by public finance will be restored if the nation's the Government and carried out by our purchas- overhead charges are reduced to the limits of ing commissions, we are to receive from various taxation and if the burden of the public debt is countries some products which are essential for adjusted to the restored volume of savings. the restocking of our industries. Finally, it will be possible to improve progres- Not only have the United States of America sively the monetary situation and to stabilize the accorded to us, for war purposes, the amplest purchasing power of the franc as a means of facilities on the basis of Lend-Lease ana of attaining economic progress, credit expansion Mutual Aid, but they have granted us long-term and social peace. credits, which will facilitate the restoration These prospects must strengthen our hopes. of our economic activity. The spirit which Truly, France must rely heavily at first upon prompted these arrangements is most generously the help of the Allied Nations; but above all she conceived and leads to the most effective pooling will have to work as she has never worked of all resources of the nations jointly engaged before. Indeed, everyone must realize that she in war. will have to depend chiefly on herself, on the However, there is still a large part of our pur- wisdom of her leaders, on the steady application chases from overseas which must be paid for in of her technicians and of her workmen, on the cash. As a means of building up our available foresight of her thrifty population, on the unity resources in foreign exchange the Government and the patriotism of her people. All these has decided to take a census of assets abroad virtues, which recent events have again put to which could be mobilized to pay for our im- the test, need only to be directed, disciplined and ports. For the same purpose the compulsory encouraged by reminders of the object to be deposit of certain classes of foreign securities and attained, that is, the rebirth of the Fatherland. the disclosure of the gold holdings have been In the fields of money and credit, the Bank, ordered. The nation has realized the importance faithful to its obligations towards the State and of these measures, as well as the supremacy of its duty to the Nation, will endeavor to put the vital needs of its economy over private inter- at the disposal of the country not only the ests, however legitimate they seem to be. strength of its traditions, but also its desire to Prospects for the reconstruction period.— find new solutions. The picture that has been presented should not, The experiences of the First World War and in spite of the extent of our losses and of our of the subsequent years of disillusionment have boundless tasks, create the depressing impression shown how pernicious easy methods can be. that the effort to be made is beyond our resources We have seen that inflation is one of the worst and our powers. The reconstruction of a coun- evils which a country can suffer, and that every try where everything is weakened and shattered, effort must be made to prevent it. But if unwhere nearly everything is lacking, will require controlled issues, designed to facilitate an an incredible amount of courage and of self- unwise policy of unproductive expenses, must denial. It will be a work of patience and per- be avoided by every possible means, it is also JUNE 1945 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF FRANCE true that an expansion of credit may be beneficial caused since 1914, both in France and in all if it stimulates productive activity and if it is important countries. The monetary plans accompanied by strict precautions as to its which have been drawn up overseas and in influence on prices and exchange. In this which our representatives have cooperated respect monetary technique has made progress, effectively represent an effort, which we heartily and we shall take care to profit by its lessons. endorse, to insure that this time the war of In the years ahead the whole banking system arms shall not be followed by a war of currenmust participate in this distribution of credit. cies. The reform which will be necessary in order to It is generally recognized that equilibrium adjust it to this policy ought to make provision of the exchanges is not merely a blessing, but a for the permanent conditions of good manage- necessity. However, in the present state of ment, whether as regards deposits, their use or the world, it can only be attained through joint the sound rules of liquidity. efforts of the Associated Nations, and not From this point of view it is the Bank's duty through a chaotic series of separate attempts to play, in accordance with the Government's like those which were too often tried during policy, a primary part as a promoting and con- the last 15 years. The increasingly close intertrolling mechanism. By virtue of its functions dependance of the markets makes international the bank of issue remains the principal wheel of cooperation indispensable. In the technical the credit mechanism. We are ready to assume field the Bank of France intends to cooperate in this function. this great policy directed toward peace with no Moreover we have not forgotten the distress reservations other than the faithful protection which disturbances in exchange rates have of French interests. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit plans" for specified home-improvement items and others which relate to the exemption for Amendment to Regulation W "disaster credits." The Board of Governors of the Federal Re- The text of the amendment is as follows: serve System, effective June n, 1945, issued Amendment No. 16 to its Regulation W, relating AMENDMENT NO. 16 TO REGULATION W to Consumer Credit. The changes do not affect Regulation W is hereby amended in the folthe regulation as a whole but relate almost lowing respects, effective June 11, 1945. exclusively to transactions for financing the 1. By changing section /\(F) to read as follows: purchase of materials, articles, and services used Qi) Maximum Maturity.—The maturity shall in repairs or improvements of residential not exceed the maximum maturity specified for property. the listed article in section 13OO. The purpose of this amendment, notwith- z. By changing section 6(V)(2-) to read as standing the fact that it makes certain changes follows: of detail in down-payment and maturity require- (z) The maturity shall not exceed the maximents, is essentially administrative. It reflects mum maturity specified for the listed article in no change in the Board's consumer credit policy section 13OO. or in the place of consumer credit regulation in 3. By striking out of section 8(V) entitled the Government's anti-inflation program. "Real Estate Loans*' the words "which is Under the amendment no credit transaction in secured by a bona fide first lien on improved real the home-improvement field is any longer ex- estate duly recorded or." empted from the regulation by reason of the way 4. By striking out section 8(0 entitled "Dein which it may be secured, the area in which it fense Housing" and section S(m) entitled "Fuel may be located, or the type of job to which it Conservation Credits" and by relettering the may relate. For all such credit transactions, if remaining subsections of section 8 accordingly. they relate to residential property and are not 5. By amending section 8(A), relettered as secover $1,500, a length-of-contract requirement is tion 8(g), so that it will read as follows: prescribed, but no down-payment requirement is (g) Disaster Credits.—Any extension of credit prescribed for any of them. The maximum made by the Disaster Loan Corporation; or any maturity may not hereafter exceed 18 months extension of credit to finance the repair or reexcept that for certain "fuel conservation placement of real or personal property damaged credits" extended during the next five months or lost as a result of a flood or other similar disthe maximum maturity may be 2.4 months. aster which the Federal Reserve Bank of the Heretofore some such transactions have been district in which the disaster occurs finds has altogether exempt, some have been subject to a created an emergency affecting a substantial maturity limitation of iz months, and others number of the inhabitants of the stricken area, have been subject to both a down-payment re- provided such extension is made prior to the end quirement of one-third and a maturity limitation of the sixth calendar month following the month of iz months. in which the disaster is found to have occurred The amendment also contains some technical and a statement describing the damage or loss is provisions which relate to so-called "summer preserved in the Registrant's files. JUNE 1945 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 6. By adding to section 12 the following new structures, or (3) the installation of storm doors, subsection (o): storm windows, or weather stripping, may have (V) Summer Plans.—Notwithstanding sec- a maturity of not more than Z4 months if such tions 4(c) and 6(c) (2.), the payment schedule of extension of credit is otherwise in conformity an instalment credit made for any of the pur- with the requirements of this regulation. poses specified in section 13 (/) may reduce or Foreign Funds Control omit payments during the period from the extension of the credit to October 31,1945, if the other Treasury Department Releases payments are increased in such manner as to The following releases relating to transactions meet all the other requirements of the regulain foreign exchange, etc., in addition to those tion applicable to such credit. heretofore published in the Federal Reserve BUL- 7. By striking out the names of the articles LETIN, have been issued by the Office of the listed as Items x, 16, 22., 2.7, 38, and 39 in Group A Secretary of the Treasury under authority of the of section 13GO and inserting after each such Executive Order of April 10, 1940, as amended, number the following parenthesis: "(JDeletedand the Regulations issued pursuant thereto: see Group C)." 8. By changing Group C in section 1300 to Treasury Department read as follows: Foreign Funds Control Group C—18 months' maximum maturity: March 2.3, 1945 1. Materials, articles and services (other than AMENDMENT TO SPECIAL REGULATION NO. I articles, whether or not designed for Requiring Reports on Form TFR-joo by Persons Subject to the household use, which are of kinds else- Jurisdiction of the United States with Respect to Property in Any Foreign Country* where listed) in connection with repairs, alterations, or improvements upon ur- Special Regulation No. 1 is hereby amended in the following respects: ban, suburban or rural real property in (1) Section 137.3, subdivision (b), shall read as follows: connection with existing structures (b) Reports are not required from (1) any citizen of (other than a structure, or a distinct part the United States in enemy or enemy-occupied territory, thereof, which, as so repaired, altered provided that reports shall be filed by such persons or improved, is designed exclusively for whenever they depart from such territory or, if they have not so departed, whenever United States consular non-residential use), provided the deservices have been established in the territory within ferred balance does not exceed $i,5oo.11 which they are present, or (2.) any member of the armed 9. By adding to section 13 a new subsection forces of the United States serving outside the conti- (/) to read as follows: nental United States, regardless of the amount or kind (/) Fuel Conservation Credits.—Notwith- of property otherwise reportable by any such person, (x) Section 137.4, subdivision (b), shall read as follows: standing the provisions of Group C of section (b) Reports by persons outside the United States who 1300, any extension of instalment credit made are subject to the jurisdiction of the United States shall prior to November 1, 1945, to finance the pur- be filed on or before December 1, 1943, with the United chase or installation of materials or articles States Consul of the District wherein such person is then included in Group C that are to be used in (1) the present, except that reports by persons who are in enemy or enemy-occupied territory on December 1, 1943 shall replacement of heating equipment that is worn be filed on or before May 1, 1945, or within sixty days out, damaged beyond repair, or destroyed, (2) after the date when United States consular services have the installation of loose-fill, blanket or batt-type been established in the territory within which they are insulation, or insulating board, within existing present, whichever is later. Persons required to report * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 11 Effective June 11, 1945, the following articles were added to this Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, 56 Stat. 1078; Ex. Order 8389, group: Air conditioning systems, furnaces and heating units for fur- April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order naces (including oil burners, gas conversion burners, and stokers), 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, lighting fixtures, plumbing and sanitary fixtures, water heaters, and Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, water pumps so installed, whether or not designed for household use. as amended June 14, 1941 and July 26, 1941. 558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT hereunder who have returned to the United States be- required to report should file in the manner specified in fore the date on which they are required to report should subdivision 9-A of this Section. file in the manner specified by subdivision (a) of this HERBERT E. GASTON, Section. Acting Secretary of the Treasury. HERBERT E. GASTON, Acting Secretary of the Treasury. Treasury Department Foreign Funds Control Treasury Department March 30, 1945 Foreign Funds Control AMENDMENT TO PUBLIC CIRCULAR NO. 2.5 March 2.3, 1945 Under Executive Order No. 8389, as Amended, Executive Order No. 9193, Sections 3(0) and jQi) of the Trading with the Enemy AMENDMENT TO PUBLIC CIRCULAR NO. 2.2. Act, as Amended by the First War Potvers Act, 1941, Relating Under Executive Order No. 8389, as Amended, Executive Order to Foreign Funds Control* No. pi<)S, Sections 3 (V) and 5 (Jf) of the Trading with the Public Circular No. 15 is hereby amended to read as Enemy Act, as Amended by the First War Powers Act, 1941, follows: Relating to Foreign Funds Control* (1) Exemption from General Ruling No. 11 of certain communi- Public Circular No. 2.2. is hereby amended in the following cations with liberated Italy, Bulgaria and Rumania and certain respects: acts and transactions. There are hereby exempted from the (1) Section II-3-B shall read as follows: provisions of General Ruling No. 11: (a) Any communication of a financial, commercial, B. Certain persotis exempted regardless of amount or kind of property.—Report need not be made by any person or business character with any person within any who is within any of the following categories on or part of the territory of Italy, Bulgaria or Rumania after May 31, 1943, and who remains therein until De- controlled or occupied by the military, naval, or cember 1, 1943, regardless of the amount or kind of police forces or other authority of any of the United property otherwise reportable by such person: (1) citi- Nations: zens of the United States in enemy or enemy-occupied (b) Any act or transaction involving any such comterritory, provided that reports shall be filed by such per- munication; sons whenever they depart from such territory or, if they (c) Any act or transaction for the benefit or on behalf have not so departed, whenever United States consular of any such person. services have been established in the territory within (2.) Certain general licenses not applicable to Italy, Bulgaria which they are present; (2.) members of the armed forces and Rumania. The provisions of General Licenses Nos. 32. of the United States serving outside the continental and 33 shall not be deemed to authorize any remittances to United States; (3) officers or employees of foreign gov- any person within the territory of Italy, Bulgaria or Rumania. ernments and members of the immediate families of such HERBERT E. GASTON, persons, provided they are not citizens of the United Acting Secretary of the Treasury. States, (z) Section II-9-B shall read as follows: Treasur y Department B. Persons outside the United States.—Reports by per- Foreign Funds Control sons outside the United States who are subject to the April 10, 1945 jurisdiction of the United States shall be filed on or before December 1, 1943, with the United States Consul AMENDMENT TO GENERAL RULING NO. 11 of the district wherein such person is then present, except that reports by persons who are in enemy or enemy- Under Executive Order No. 8389, as Amended, Executive Order occupied territory on December 1, 1943 shall be filed on No. 9193, Sections 3(0) and $(])) of the Trading with the Enemy or before May 1, 1945, or within sixty days after the Act, as Amended by the First War Powers Act, 1941, Relating date when United States consular services have been to Foreign Funds Control. \ established in the territory within which they are * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 present, whichever is later. Persons who have returned Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as to the United States before the date on which they are amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941, and July 26, 1941. * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 t Sec 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2,48 Stat. Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 14, 1941, and July 26, 1941; Special Regulation No. 1, June 1, 1943. 1941, and July 26,1941. JUNE 1945 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT General Ruling No. n is hereby amended by deleting the (ii) by the acquisition of French franc exchange from following from paragraph (4)(b)(ii) of such general ruling: a person in the United States having a license Luxembourg; specifically authorizing the sale of such exchange; HERBERT E. GASTON, (b) Except as authorized by paragraphs (V) or (4) of this Acting Secretary of the Treasury. general license, no payment shall be made from any account in which any national of a blocked country Treasury Department who is not within the generally licensed trade area Foreign Funds Control has any interest. April 10, 1945 (2.) Trade transactions with France by blocked business enterprises in the United States authorised. Subject to all other terms PUBLIC CIRCULAR NO. 2,7 and conditions of this general license, any national of a Under Executive Order No. 8389, as Amended, Executive Order blocked country doing business in the United States pursuant No. 9193, Sections }(a) and $Qf) of the Trading with the Enemy to license is hereby authorized, while so licensed, to engage Act, as Amended by the First War Powers Act, 1941, Relating in any transaction referred to in paragraph (1) hereof to the to Foreign Funds Control * same extent as such national is licensed to engage in trade transactions with persons in the generally licensed trade area. Status under the Order of Syria and Lebanon and nationals (3) Collection of certain other financial instruments for French thereof. For the purpose of administering the Order and accounts authorized. This general license also authorizes the complying with the provisions thereof: collection and payment of the following financial in- (a) Syria and Lebanon shall not be deemed to be blocked struments : countries: (a) Traveler's checks; (b) Nationals of Syria and Lebanon shall not be deemed (b) Drafts of bills of exchange drawn under Traveler's to be nationals of a blocked country solely by reason letters of credit issued by banking institutions in the of the fact that Syria and Lebanon heretofore were United States; and regarded as mandates of a blocked country. (c) Checks, drafts, bills of exchange or warrants drawn HERBERT E. GASTON, on the Secretary of State of the United States, the Acting Secretary of the Treasury. Secretary of the Navy of the United States, or the Treasury Department Treasurer of the United States; provided that the proceeds are credited to a blocked account in Foreign Funds Control a domestic bank in the name of a banking institution in April 14, 1945 France which has forwarded such instruments for collection. GENERAL LICENSE NO. 90 (4) Payments and withdrawals from certain balances in French blocked accounts authorised. This general license also author- Under Executive Order No. 8389, as Amended, Executive Order izes payments in any amount: No. 9193, Section $(]y) of the Trading with the Enemy Act, as (a) From any blocked account in a domestic bank in the Amended by the First War Powers Act, 1941, Relating to name of a banking institution in France to a person in Foreign Funds Control.^ the United States: (1) Trade transactions with France authorised. A general (b) From any blocked account in a domestic bank in the license is hereby granted authorizing all transactions ordi- name of a banking institution in France to a person in narily incident to the importing and exporting of goods, the generally licensed trade area, when such payments wares and merchandise between the United States and France are incident to the importing and exporting of goods, or between any member of the generally licensed trade area wares and merchandise between France and the genand France, provided that: erally licensed trade area; (a) Payment for any goods, wares or merchandise exported (c) From any blocked account in a domestic bank in the from France shall be made only name of a banking institution in France to any other (i) by deposit of the dollar amount thereof with a such account; and banking institution in the United States for credit (d) From any blocked account in the United States in the to a blocked account in the name of the consignor name of a person in France to any account in the or a banking institution in France; or United States in the name of, or in which the beneficial interest is held by, the Bank of France or any agency * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as of the Government of France; amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. provided that such payments are made only from balances in Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June such accounts which have accrued on or since November 4, 14, 1941, and July 26, 1941. t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 1944 pursuant to (i) this general license, (ii) any license Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, authorizing remittances to France, or (iii) any license au- 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; thorizing transfers from any account in the name of, or in Regulations, April 10, 1940, as amended June 14,1941, and July 26,1941. 56O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT which the beneficial interest is held by, the Bank of France Public Circular No. 4B, issued February 7, 1941, is hereby or any agency of the Government of France. revoked. (5) Certain transactions not authorised. This general license HERBERT E. GASTON, shall not be deemed to authorize: Acting Secretary of the Treasury. (a) Any transaction which is by, on behalf of, or pursuant to the direction of (P any person whose name appears Treasury Department on The Proclaimed L st of Certain Blocked Nationals, Foreign Funds Control or Qii) any blocked country or national thereof not April 14, 1945 within France or the generally licensed trade area; or (b) Any transaction which involves property in which (i) AMENDMENT TO PUBLIC CIRCULAR 4C any person whose name appears on The Proclaimed List of Certain Blocked Nationals, or (ii) any blocked Under Executive Order No. 8389, as Amended, Executive Order country or national thereof not within France or the No. 9193, Sections 3(0) and jQi) of the Trading with the Enemy generally licensed trade area has at any time on or Act, as Amended by the First War Powers Act, 1941, Relating since the effective date of the Order had any interest. to Foreign Funds Control* (6) Definitions. As used in this general license: Public Circular No. 4C is hereby amended in the following (a) The term "France" shall include France and any respects: colony or other territory subject to the jurisdiction of (1) Section II-A(i) is revoked. France. CO Section II-A(2.) shall read: (b) The terms "generally licensed trade area" and "mem- (2.) Nationals of foreign countries acquiring resiber" of the generally licensed trade area shall have dence in the United States after February 2.3, 1942., the meaning prescribed in General License No. 53, as who apply to be licensed as generally licensed naamended. tionals under General License No. 41. HERBERT E. GASTON, (3) Section II-B(i) is revoked. Acting Secretary of the Treasury. (4) Section II-C shall read: C. Amount of property.—Reports on Series L required Treasury Department under this Circular shall be made without any exemption whatever with respect to the amount of property Foreign Funds Control involved. April 14, 1945 (5) Section II-D(6) is revoked. (6) Section II-EC5) is revoked. REVOCATION OF PUBLIC CIRCULAR NO. 4A (7) Section II-G(i)(a) is revoked. Under Executive Order No. 8389, April 10, 1940, as Amended and (8) Section IV-5(c)(i) is revoked. Regulations Issued Pursuant Thereto* HERBERT E. GASTON, Acting Secretary of the Treasury. Public Circular No. 4A, issued January 16, 1942., is hereby revoked. Treasury Department HERBERT E. GASTON, Foreign Funds Control Acting Secretary of the Treasury. May 15, 1945 Treasury Department GENERAL LICENSE NO. 91 Foreign Funds Control Under Executive Order No. 8389, as Amended, Executive Order April 14, 1945 No. 9193, Section 5Q?) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to REVOCATION OF PUBLIC CIRCULAR NO. 4B Foreign Funds Control. \ Under Executive Order No. 8389, April 10, 1940, as Amended and (1) Trade transactions with Belgium authorised. A general Regulations Issued Pursuant Thereto.^ license is hereby granted authorizing all transactions ordi- * Sec. 3(aj, 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 • Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June June 14, 1941, and July 26, 1941. 14,1941, and July 26, 1941. t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 t Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended July 6, 1942; Regulations, April 10,1940, as amended June 14, 1941, and June 14, 1941, and July 26, 1941. July 26, 1941. JUNE 1945 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT narily incident to the importing and exporting of goods, (d) From any blocked account in the United States in the wares and merchandise between the United States and Bel- name of a person in Belgium to any account in the gium or between any member of the generally licensed trade United States in the name of, or in which the benefiarea and Belgium, provided that: cial interest is held by, the Banque Nationale de (a) Payment for any goods, wares or merchandise ex- Belgique, the Banque du Congo Beige, or any agency ported from Belgium shall be made only of the Government of Belgium; (i) by deposit of the dollar amount thereof with a provided that such payments are made only from balances in banking institution in the United States for such accounts which have accrued on or since February 2., credit to a blocked account in the name of the 1945 pursuant to (i) this general license, (ii) any license auconsignor or a banking institution in Belgium; or thorizing remittances to Belgium, or (iii) any license au- (ii) by the acquisition of Belgian franc exchange from thorizing transfers from any account in the name of, or in a person in the United States having a license spe- which the beneficial interest is held by, the Banque Nationale cifically authorizing the sale of such exchange; de Belgique, the Banque du C6ngo Beige, or any agency of (b) Except as authorized by paragraphs (Y) or (4) of this the Government of Belgium. general license, no payment shall be made from any (5) Certain transactions not authorised. This general license account in which any national of a blocked country shall not be deemed to authorize: who is not within the generally licensed trade area has (a) Any transaction which is by, on behalf of, or pursuant any interest. to the direction of (i) any person whose name appears (2.) Trade transactions with Belgium by blocked business enter- on The Proclaimed List of Certain Blocked Nationals, pises in the United States authorised. Subject to all other or (ii) any blocked country or national thereof not terms and conditions of this general license, any national of within Belgium or the generally licensed trade area; or a blocked country doing business in the United States pur- (b) Any transaction which involves property in which suant to license is hereby authorized, while so licensed, to (i) any person whose name appears on The Proclaimed engage in any transaction referred to in paragraph (1) hereof List of Certain Blocked Nationals, or (n) any blocked to the same extent as such national is licensed to engage in country or national thereof not within Belgium or the trade transactions with persons in the generally licensed generally licensed trade area has at any time on or trade area. since the effective date of the Order had any interest. (3) Collection of certain other financial instruments for Belgian (6) Definitions. As used in this general license: accounts authorised. This general license also authorizes the (a) The term "Belgium" shall include Belgium and any collection and payment of the following financial in- colony or other territory subject to the jurisdiction of struments : Belgium. (a) Traveler's checks; (b) The terms "generally licensed trade area" and "mem- (b) Drafts or bills of exchange drawn under traveler's ber" of the generally licensed trade area shall have letters of credit issued by banking institutions in the the meaning prescribed in General License No. 53, as United States; and amended. (c) Checks, drafts, bills of exchange or warrants drawn HERBERT E. GASTON, on the Secretary of the State of the United States, the Acting Secretary of the Treasury. Secretary of the Navy of the United States, or the Treasury Department Treasurer of the United States; provided that the proceeds are credited to a blocked account in Foreign Funds Control a domestic bank in the name of a banking institution in Bel- May 15, 1945 gium which has forwarded such instruments for collection. (4) Payments and withdrawals from certain balances in Belgian GENERAL RULING NO. IIA blocked accounts authorized. This general license also author- Under Executive Order No. 8389, as Amended, Executive Order No. izes payments in any amount: 9193, Sections 3(^1) and j(Ji) of the Trading with the Enemy (a) From any blocked account in a domestic bank in the Act, as Amended by the First War Powers Act, 1941, Kelating name of a banking institution in Belgium to a person to Foreign Funds Control.* in the United States; Regulations Limiting Withdrawals from Certain Blocked (b) From any blocked account in a domestic bank in the German and Japanese Accounts name of a banking institution in Belgium to a person in the generally licensed trade area, when such pay- (1) Withdrawals from blocked German and Japanese accounts ments are incident to the importing and exporting of not authorised in certain cases. No license or other authorizagoods, wares and merchandise between Belgium and the generally licensed trade area; * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 (c) From any blocked account in a domestic bank in the Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, name of a banking institution in Belgium to any other 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended such account; and June 14, 1941, and July 26, 1941. 562. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT tion now outstanding or hereafter issued, unless expressly following general licenses shall continue applicable, notwithreferring to this general ruling, shall be deemed to authorize standing the provisions of paragraph (1) of this general any payment, transfer, or withdrawal from any blocked ruling: account if the person with whom the account is maintained (a) General License No. 1; has reasonable cause to believe that any of the following has (b) General License No. iA; an interest in the account: (c) General License No. 2. only with respect to payment (a) The Government of Germany or Japan, and any agent, or reimbursement for normal service charges (as instrumentality, or representative of either Govern- therein defined) other than interest due; ment; (d) General License No. 4; (b) Any individual who is a citizen or subject of Germany (e) General License No. 5; or Japan and who at any time on or since December 7, (f) General License No. Z5; 1941 has been within the territory of either country or (g) General License No. 2.6; within any other territory while it was designated as (h) General License No. 2.7; "enemy territory" under General Ruling No. 11; (i) General License No. 19; (c) Any partnership, association, corporation or other (j) General License No. 30; organization which is organized under the laws of, (k) General License No. 30A; or which at any time on or since December 7,1941 has (1) General License No. 31; had its principal place of business in, any territory of (m) General License No. 42.. Germany or Japan; (3) Continued applicability of certain specific licenses. Any (d) Any partnership, association, corporation, or other specific license conferring generally licensed national status organization, situated within any foreign country, on any person or authorizing the sale, purchase, or exchange which is a national of Germany or Japan by reason of of any securities shall continue applicable, notwithstanding the interest therein of any government or person speci- the provisions of paragraph (1) of this general ruling. fied in this paragraph. HERBERT E. GASTON, (2.) Continued applicability of certain general licenses. The Acting Sectetary of the Treasury* Passage of Reserve Ratio Bill By Act of Congress, approved June iz, 1945, the reserve requirements of Federal Reserve Banks were reduced to a uniform minimum of 2.5 per cent in gold certificates against Federal Reserve notes in circulation and deposit liabilities, the authority for the use of direct obligations of the United States as collateral security for Federal Reserve notes was extended indefinitely, the authority to issue Federal Reserve Bank notes was terminated, and the authority to issue United States notes under the Thomas Amendment of May 12., 1943, was terminated. The text of this enactment, known as Public Law 84-79^ Congress, will appear in next month's edition of the BULLETIN. JUNE 1945 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ABSORPTION OF EXCHANGE CHARGES There is quoted below a statement addressed to all their practices and, if desirable, advise customers member banks of the Federal Reserve System by the affected. Board of Governors under date of June 22, 194s, with It will be expected that no member bank in respect to the absorption of exchange charges. This any case will utilize the absorption of exchange letter has been transmitted by the Comptroller of the charges as a device for compensating a depositor Currency to national banks with a covering letter under for the use of funds in order to obtain or retain date of June 25, 194s, and by each Federal Reserve demand deposits, but the absorption of such Bank to State member banks in its district with a charges in amounts aggregating not more than similar covering letter under date of June 25, 1945. $1.00 for any one depositor in any calendar month or in any other regularly established period of 30 days will be considered as trivial To All Member Banks of the Federal Reserve and will be disregarded, provided the bank keeps System: such records as the appropriate supervisory Subject: Absorption of Exchange Charges authority may require for reconcilement purposes. It should be clearly understood, how- The Board of Governors of the Federal Reserve ever, that if it is ascertained that any member System wishes to invite your attention to the bank has engaged in the practice of absorbing provision of the Federal Reserve Act prohibiting exchange charges in amounts aggregating more member banks of the Federal Reserve System than $2_.oo for any one depositor in any calendar from paying interest on demand deposits "dimonth or in any other regularly established rectly or indirectly, by any device whatsoever. period of 30 days, it will be presumed that the This provision authorizes the Board to deterlaw has been violated. mine what shall be deemed to be a payment of The Board has also decided that adequate time interest and to prescribe such rules and regulafor such adjustments as may be necessary or detions as it may deem necessary to effectuate the sirable in order to conform to this decision will purposes of this provision and prevent evasions. be afforded by fixing August 1, 1945 as the date The Board's Regulation "Q" provides that on and after which all member banks will be "within this regulation, any payment to or for expected to comply with this provision of the the account of any depositor as compensation for law. The Comptroller of the Currency and the the use of funds constituting a deposit shall be Board of Governors are in agreement that if considered interest." after that date it is ascertained that any member In developing a program for the enforcement bank, national or State, is absorbing exchange of this provision of the law with respect to cases charges in violation of the law as explained involving the absorption of exchange charges, it herein, the measures of enforcement provided by has been pointed out that the discontinuance of law will be invoked. the practice of absorbing such charges in order This letter is being sent to each member bank to conform to the law involves the question of the Federal Reserve System. whether and to what extent trivial items may be Very truly yours, disregarded and also the fixing of a period of time CHESTER MORRILL, within which the banks concerned may adjust Secretary. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled May 2$, and released for publication May 26. Figures shown on charts may differ from preliminary figures used in text. Output and employment at factories declined the first quarter of this year, showed little somewhat in April. Department store sales change in April. Output of stone, clay, and showed a marked decline and wholesale com- glass products was maintained at the first quarter modity prices continued to advance slightly. level, while lumber production continued to decline. INDUSTRIAL PRODUCTION Production of textiles and manufactured food Industrial production, which had advanced products declined slightly in April and was at earlier this year, declined in April to the same the level of a year ago. Cotton consumption general level that prevailed during the last half showed a decrease of 5 per cent from March but of 1944. The Board's seasonally adjusted index rayon shipments rose further to a record level. was 2.31 per cent of the 1935-39 average as com- Activity at meatpacking establishments, which pared with Z35 in the first quarter. had shown little change during the first quarter Activity in the machinery and transportation after allowing for seasonal fluctuations, declined equipment industries declined about 3 per cent 10 per cent in April. Output of rubber products in April, reflecting curtailed munitions produc- decreased as the shortage of carbon black contion; the largest part of the decrease was ac- tinued to limit production despite measures to counted for by a further reduction in operations stretch available supplies. Production of most at shipyards. As a result of the decline in ship- other nondurable goods showed little change. building during the last ii months, activity in Bituminous coal production recovered in the the transportation equipment industries in April latter part of April from a substantial decline was 10 per cent below a year ago. earlier in the month due to work interruptions Steel production was maintained at the March accompanying contract negotiations. Output level as a decline in output at open hearth fur- for the month was 8 per cent below that of naces was offset by a further rise in steel produced March and in the first two weeks of May conin electric furnaces. Production of nonferrous tinued at this lower rate. Anthracite production metals, which had increased somewhat during INCOME PAYMENTS TO INDIVIDUALS INDUSTRIAL PRODUCTION BILLIONS OF DOLLARS ANNUAL RATES, SEASONALLY ADJUSTED BILLIONS OF DOLLARS 140 IICAL VOLUME SEASONALLY ADJUSTED, 1935-39=100 FOR TOTAL POINTS IN TOTAL 260 \i - / ir • 120 240 I V MACHINERY ft A" TRANSPORTATION - 220 EQUIPMENT / 100 TOTAL1 ) OTAL M N A O N N lFAGTURES \ - I I A S N A D L A W R G ES E S/ / - A i-- / - j f / u OTHE 0URAB - 140 7 / • OTHER PAYMENTS - 120J V 100 MINERAL r 80 1940 " 1942 1944 1940 1942 1944 Based on Department of Commerce estimates. Wages and salaries Federal Reserve indexes. Groups are expressed in terms of points in include military pay. Monthly figures raised to annual rates, latest the total index. Monthly figures, latest shown are for April. shown are for March. JUNE 1945 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in April was 14 per cent higher than in the pre- and lumber, however, were in smaller volume, ceding month but declined sharply in May prior reflecting reductions in output of these commodito agreement on a new wage contract on May 19. ties. Output of crude petroleum has been maintained COMMODITY PRICES at record levels and iron ore production has Wholesale prices of farm products advanced in shown an exceptionally large increase this spring April and then showed little change in the first due to early opening of the navigation season on 3 weeks of May. Maximum prices for coal, the Great Lakes* steel products, and various other industrial DISTRIBUTION commodities have been raised somewhat in recent weeks. Department store sales declined sharply in Retail price changes for foods and other com- April and the Board's seasonally adjusted index modities apparently have continued to be small was 181 per cent of the 1935-39 average as comin April and the early part of May. pared with an average of in in the first quarter and with 171 in April. 1944. Sales in the first BANK CREDIT half of May were only slightly larger than in the During the four weeks ended May 16 total decorresponding period a year ago. Owing to unposit and currency holdings of businesses and seasonably warm weather and expectations of individuals increased by nearly 3 billion dollars. shortages, much spring shopping, which would Increases of about 300 million in currency and of usually be done in April and May, occurred this over 400 million in reserves required to be held year in February and March. In mid-April against expanding deposits at member banks many stores were closed immediately following resulted in an increased demand for reserve funds the death of President Roosevelt. Also, in by member banks. This demand was supplied particular cities part of the recent decrease in largely by an increase of about 500 millions of sales appears to have been associated with actual dollars in Reserve Bank holdings of Government or anticipated income declines resulting from securities, mostly bills and certificates, and in cutbacks in war production. part by a temporary decline in Treasury deposits Freight carloadings of most manufactured at the Reserve Banks. Excess reserves rose products were maintained at a high level in slightly to around a billion dollars. April and the early part of May and were above In the 5 months between war loan drives, the same period a year ago. Shipments of coal December 10 to May 16, reporting banks in 101 COST OF LIVING cities reduced their holdings of short-term Gov- 1935-39-100 ernment securities by around z.3 billion dollars in order to maintain adequate reserve balances. But during the same period bond holdings of these banks were increased by 1.6 billion dollars. Loans to brokers and dealers for purchasing or carrying Government securities, which had declined in early April to a level comparable with that reached before the Sixth War Loan Drive, rose substantially during the three weeks immediately preceding the Seventh War Loan Drive. Commercial loans declined during the interdrive period, reaching a level about 500 million dollars 1937 1938 1939 1940 1941 1942 1943 1944 1945 Bureau of Labor Statistics' indexes. Last month in each calendar lower than that prevailing just before the Sixth quarter through September 1940, monthly thereafter. Midmonth figures, latest shown are for April. War Loan Drive. 566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 569 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements . . 570-571 Federal Reserve Bank statistics 572.-574 Guaranteed war production loans 575 Deposits and reserves of member banks 575~57^ Money in circulation 577-578 Gold stock; bank debits and deposit turnover 578 Deposits and currency; Postal Savings System; bank suspensions . . 579 All banks in the United States, by classes 580-581 All insured commercial banks in the United States, by classes 582.-583 Weekly reporting member banks 584-587 Commercial paper, bankers' acceptances, and brokers' balances .. 588 Money rates and bond yields 589 Security prices and new issues . 590-591 Corporate earnings and dividends ... 592. Treasury finance ... 593-595 Government corporations and credit agencies ... 596 Business indexes 597~6©6 Department store statistics . 607-609 Consumer credit statistics 610-611 Wholesale prices 612. Current statistics for Federal Reserve chart book 613-614 Changes in number of banking offices in the United States 615 Banks and branches—Number in operation on Dec. 30, 1944 616-617 All member banks—Assets and liabilities on Mar. 2.0, 1945 by class of bank 618 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. JUNE 1945 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 30 15 15 JO 10 1933 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for May 23. See p. 569. 68 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars! Reserve Bank credit outstanding Member bank reserve Date v c a o D a a n u n i d c s n d - - e t s s T U o . t a S l s . e G c ' b u r o a u e i r n v l r i a d l e t y s s i r - e n s me o n A 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 c u e o e a i u n n r a u n y r c g s t d - y - - - M i c n t u o io 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 n r e t e d a i v h r k - t e s a e s s - - l b p m N e o r e o s m n d it - e s - - c O s F o e e R a t e u r r h c v e d a n - e - e l - t r s Tot b a a l lan E c x es cess2 ertificates Monthly averages of daily figures: 1944—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 rl,150 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 ^978 Apr. 75 12,711 0,102 2,609 450 13 235 21,490 4,093 21,312 2 330 324 1 922 356 12,574 886 1945—Feb.. 233 19,152 6,440 2,712 494 19J879 20,519 4! 125 25,527 2^377 536 l,f633 410 14,040 952 Mar 245 19,509 7,313 2,196 500 20,253 20,448 4,120 25,s^n 2,357 269 1 495 423 14,429 1 010 Apr. 360 20^115 7,985 2,129 459 20,934 20,400 4)l20 26,'nno 2^367 504 1516 437 14,621 931 End of month figures: 1944—Feb.29 34 11,632 9,050 2,582 426 12,092 21,712 4,091 20,824 2,356 194 1,878 333 12,311 1,055 Mar.31 63 12,115 9,503 2,613 392 12,571 21,600 4,091 21,115 2,319 603 1,985 350 11,889 548 Apr.29 118 13,220 10,614 2,606 462 13,800 21,429 4,092 21,552 2,323 400 2,007 356 12,684 865 1945—Feb.28 321 19,439 16,748 2,692 398 20,158 20,506 4,122 25,751 2,355 460 1,581 410 14,228 965 Mar.31 245 19,669 17,490 2,180 396 20,311 20,419 4,119 25,899 2,346 647 1,361 429 14,166 796 Apr.30 489 20,455 18,344 2,111 362 21,307 20,374 4,130 26,189 2,371 446 1,549 437 14,818 918 Wednesday figures: 1944—July 5 22 14,738 12,091 2,647 325 15,085 21,133 4,107 22,598 2,296 219 1,861 364 12,987 1,355 July 12 45 14,816 12,174 2,642 374 15,236 21,114 4,107 22,561 2,303 517 1,863 364 12,849 1,304 July 19 39 14,556 12 037 2 519 403 14,999 21,047 4,109 22,531 2,348 360 1,798 364 12 754 1 079 July 26 37 14^802 12',309 2^493 285 15^124 20^996 4J11 22',584 2',313 403 l',773 365 12^793 1^041 Aug. 2 36 14,891 12,429 2,462 321 15,249 20,996 4 112 22,734 2,339 261 1 771 368 12 884 1 027 Aug. 9 62 15^222 12!781 2*441 319 15^604 20^996 4^108 22]910 2^340 487 1^790 371 12^810 '927 Aug. 16 53 15,231 12,828 2,404 397 15,682 20,998 4,109 23,020 2,345 317 1,804 368 12,935 954 Aug. 23 107 15,592 13,226 2,366 300 15,999 20,947 4,112 23,047 2,404 549 1,766 370 12,922 822 Aug. 30 85 15,852 13,502 2,350 230 16,167 20,946 4,114 23,221 2,407 318 1,779 370 13,132 884 Sept. 6 105 16,030 13.688 2,342 374 16,509 20,906 4,114 23,432 2,380 354 1,768 373 13,221 835 Sept.13 116 16,407 14,065 2,342 392 16,916 20,885 4,112 23,495 2,384 370 1,765 373 13,526 964 Sept.20 172 16,540 14,220 2,320 524 17,237 20,885 4,114 23,558 2,390 699 1,758 385 13,445 864 Sept 27 88 16,501 14,190 2,311 353 16,943 20,825 4,114 23,658 2,373 483 1,627 386 13,355 861 Oct. 4 33 16,660 14,350 2,311 406 17,099 20,824 4,113 23,881 2,372 347 1,612 391 13,433 888 Oct. 11.... 148 17,016 14,699 2,317 339 17,503 20,725 4,113 24,099 2,366 211 1,568 390 13,708 989 Oct. 18 185 17,087 14,768 2,319 523 17,795 20,728 4,114 24,157 2,362 315 1,598 390 13,814 895 Oct. 25 322 17,261 14,922 2,339 316 17,899 20,727 4,115 24,216 2,359 229 1,606 391 13,940 861 Nov. 1.... 359 17,605 15,259 2,346 301 18,265 20,727 4,115 24,409 2,372 216 1,633 393 14,083 894 Nov. 8.... 401 17,957 15,605 2,352 296 18,655 20,726 4,115 24,674 2,313 314 1,640 395 14,159 869 Nov. 15.... 357 17,941 15,586 2,355 509 18,807 20,694 4,114 24,717 2,338 119 1,488 395 14,557 1,055 Nov. 22.... 473 18,411 16,054 2,357 457 19,341 20,693 4,117 24,881 2,339 251 1,567 395 14,719 998 Nov. 29 .... 593 18,553 16,196 2,357 374 19,520 20,688 4,120 24,997 2,334 292 1,549 395 14,761 1,151 Dec. 6.... 383 18,311 15,522 2,789 435 19,130 20,668 4,122 25,107 2,337 258 1,636 397 14,184 1,260 Dec. 13.... 176 18,577 15,783 2,794 558 19,311 20,667 4,123 25,163 2,348 503 1,597 397 14,092 1,184 Dec. 20 218 19,009 16,208 2,801 886 20,113 20,646 4,127 25,280 2,369 1,250 1,621 408 13,958 1,155 Dec. 27 153 19,064 16,253 2,812 604 19,821 20,639 4,131 25335 2,377 901 1,601 409 13,969 1,260 1945—Jan. 3 30 18,734 15,927 2,808 706 19,470 20,619 4,130 25326 2,368 592 1,609 402 13,921 1,158 Jan. 10 130 18,907 16,120 2,787 449 19,486 20,593 4,130 25257 2,372 528 1,590 405 14,057 1,197 Jan. 17 129 18,651 15,880 2,771 529 19,310 20,572 4,129 25 209 2,370 334 1,538 404 14,156 1,161 Jan. 24 141 18,620 15,880 2,739 459 19,220 20,571 4,129 25 175 2,380 479 1,397 404 14,085 1,049 Jan. 31 176 19,006 16,272 2,734 370 19,552 20,550 4,127 25 290 2,371 648 1,634 402 13,884 869 Feb. 7 200 19,062 16,340 2,722 442 19,703 20,548 4,126 25411 2,372 593 1,643 409 13,950 922 Feb. 14 230 19,181 16,465 2,716 506 19,918 20,507 4,124 25533 2,389 547 1,649 409 14,022 975 Feb. 21 294 19,231 16,534 2,698 478 20,003 20,506 4,124 25652 2,384 517 1,672 410 13,999 851 Feb. 28 321 19,439 16,748 2,692 398 20,158 20,506 4,122 25 751 2,355 460 1,581 410 14,228 965 Mar. 7 304 19,350 17,152 2,198 495 20,150 20,454 4,121 25864 2,365 288 1,586 415 14,208 899 Mar. 14 255 19,576 17,378 2,198 465 20,296 20,453 4,120 25881 2,364 263 1,485 417 14,459 1,013 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 1,067 Mar 28 218 19,516 17,326 2,190 341 20,074 20,419 4,118 25834 2,356 310 1,377 429 14,305 852 Apr. 4 220 19,580 17,414 2,167 455 20,255 20,418 4,117 25865 2,379 335 1,420 438 14,353 934 Apr. 11 323 20,091 17,975 2,116 349 20,763 20,417 4,118 25939 2,364 409 1,553 439 14,593 946 Aor. 18 341 20,153 18,037 2,116 478 20,973 20,396 4,117 26,068 2,374 430 1,594 437 14,582 806 Apr. 25 508 20,444 18,331 2,113 358 21,310 20,374 4,120 26,074 2,371 651 1,563 437 14,708 835 May 2 569 20,479 18,374 2,104 358 21,406 20,374 4,130 26,204 2,382 423 1,571 438 14,892 927 May 9.... 552 20,720 18,617 2,103 318 21,589 20,352 4,132 26,312 2,384 447 1,463 439 15,029 961 May 16.... 487 20,668 18,555 2,113 432 21,587 20,351 4,137 26,372 2,376 102 1,541 438 15,246 ^1,053 May 23.... 724 20,929 18,809 2,120 327 21,980 20,271 4,142 26,399 2,319 526 1,592 440 15,117 P879 r Revised. v Preliminary. 1 Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. The estimates originally published have been revised on the basis of reports of deposits submitted by member banks for reserve computation purposes; figures heretofore published were unrevised preliminary estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JUNE 1945 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Federal Reserve Bank A G c d a t o i l v o l v a a n e n b s r c l n e m e m s i a n e s t n u e o t c r n i u o n e r b g e y l d e i o g a r b a r y - b m e a d y t i o u s n c r d i o n u o g n n t o e s r y o c e f a a a l r l n a a d b n l d e Other s [S e e c c u . r e 1 d 0 ( a b d )] vances (last par. Sec. 13) or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p 1 e 3 r a)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 1 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 1 Aug. 25, 1939 Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 1 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 1 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 1 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 1 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942" 1 Sept. 16, 1939 Oct. 27, 1942 Minneapolis.., Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 1 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 1 Sept. 16, 1939 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Sept. 16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and 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 UnitedStates, 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 RE D S E E R R V S E E C A T C IO T N 1 13b Maturity M Ra a t y e o 3 n 1 In g i e n ff n ec in t g b - e- Pre ra v t i e ous [In M ef a f t e u c r t it M ie a s y n 3 o 1 t . ex P c e e r e c d e i n n t g p f e i r v e a n y n e u a m rs ] Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s \ O O c c t t . . 2 20 0 , , 1 1 9 9 3 3 3 3 I 1 K On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills, On On. Portion On comi u f p o d n e si r r e e q d u e b s y t t b h e e f o s r e e l l m er, a t w ur e i r t e y , m w ad o e u l o d n s e c l o l n b d a it c i k o n bi t l h ls a t o t f h e l ik R e e s a e m rv o e u n B t a a n n k d , loans2 co m m e m nt i s t- fo i r n s w ti h tu ic - h ma R in e- ing mitments maturity at the same rate of discount. Since May 15, 1943, all purchases tion is portion ha 2 v e M b in ee im n u m m a d b e u s y u i b n j g e c r t a t t e o s r o ep n u p rc ri h m as e e b o a p n t k io e n r . s' acceptances. obligated Back figures—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston 2H-5 H-l 8 I m)4-l New York 23^-5 YrVA Philadelphia 2H-5 H-VA 3 Cleveland 2M-5 V2-1X Richmond 2)4-5 8 G M UA IT R M AN E T N E T E R F A E T E E S S A C N H D A R M G A E X A I B M L U E M U N IN D T E E R R E R S E T G A U N L D A T C IO O N M- A Ch tl i a c n ag ta o 2 23 )1 4 - - 5 5 M f T V N O A N V L Y O A D N E S P A G R U T A M R E A N N T T , E A ED N D B Y M W AR AR IT I D M E E P A C R O T M M M E I N S T - , M St. i n L n o ea u p is olis 2 23 ^ 4 - - 5 5 K-iK MrlK 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 E N R T N A O C . T 9112 D K a a l n l s a a s s City 2 2 ) ^ 4 - - 5 5 Y V z r - - V V A A iii * M y r v lK A OF 1944 San Francisco 2)4-5 Yr-VA 6H- r iM [Rates in effect May 31] x^See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- Percentage of loan guaranteed centage of amount of interest payable by borrower)1 MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31,1935 Jan.1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits. [Per cent per annum] Postal savings deposits... Other deposits payable: In 6 months or more— Maximum rate of interest.... In 90 days to 6 months. Maximum commitment rate.. 21A In less than 90 days 2)1 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. 57° 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 r b e e c a s n i e n N t t r y k r v e s a t e l de R m b e c a a s i n n t e d y k r v s d e ep C os o b i u a t n s n 1 k tr s y d m b e T a e p i n ( m o m a k s l b s e l i e ) t r s For P R r e e e x s s t c e e r n r i v b s e i e o d S n s y b s y E o t e B x f m c o c h a r i a r n e d n d a g i o c e t f c o b A G r y d o c a v t b n e r o c r o f n e k o 1 e 9 r w r s s 3 i 4 t o h a f n t d S h e e d c e F u a e r l i d e ti e r e s r s a o l n N F 1 o e 1 9 9 b v 3 4 . . 7 5 4 - 1 , , E F ff 1 e e 9 b c 4 . t 5 i 5 v , e listed securities, under Regulation T 40 50 June 21, 1917-Aug. 15, 1936 13 10 7 3 For short sales, under Regulation T 50 50 Aug. 16, 1936-Feb. 28, 1937 19^ 15 10^ 4H For loans by banks on stocks, under Regulation U.... 40 50 Mar. 1, 1937-Apr. 30, 1937 11% 17H 5% May 1, 1937-Apr. 15, 1938 26 20 14 6 1 Regulations T and U limit the amount of credit that may be extended on Apr. 16, 1938-Oct. 31, 1941 22^ 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. 1 Demand deposits subject to reserve requirements, i.e., demand de- Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1945 1945 1944 May 30 May 23 May [6 May 9 May 2 Apr. 25 Apr. 18 Apr. 11 May April May Assets Gold certificates 17416,46517,429,46017513,46517,508,36017533 36017545 36017,58? 76517,607,26517416 46317 S3336418 741,125 Redemption fund—F.R. notes. 695,094 683,713 681,041 677,377 673,970 663798 649023 646,242 695,095 673,969 355,674 Other cash 248,091 254,888 241,771 240,801 250056 256 108 250970 253,743 248,175 249,214 265,076 Total reserves 18,359 65018368,06118436,27718,426,53818,457 38618465 26618,482 25818,507,25018359,73318,456,54719,361,875 Discounts and advances: For member banks 884 744 723,374 486 204 550,659 568 191 507,471 340 438 321,939 873 774 488,260 236,027 For nonmember banks, etc. 790 790 790 790 790 790 790 790 790 790 600 Total discounts and advances 885 534 724,164 486 994 551,449 568981 508,261 341 228 322,729 874 564 489,050 236,627 Industrial loans 4 302 4,592 4 835 4 212 4420 3,914 4 268 4,300 4 230 4 443 11,791 U. S. Government securities: Direct: Bills: Under repurchase option 5078 961 5068,504 4 99? 875 5,246640 S10? 387 S,?8? S17 5 100 677 s 129,539 4 898 361 34 S 4,093 385 Other 8,035 136 8 061,436 8 038 591 7,957 774 7886 143 7810 046 771? 341 7611,041 8055 176 7,886 143 4,372,283 Certificates: Special Other 5,827 311 5 678,711 5 573 711 5^412 ?ii 5385 711 5,?38 011 5 774 011 5 234,011 's 870^011 S,333 ?11 3,147,490 Notes * 1,016 450 1005,350 Q978 SO 987 8S0 987 8 SO 987,850 987 8 SO 991,850 1017 4 SO 987 8 SO 1 186 264 Bonds 1,115 142 1 115,142 1,115 14? 1,115 14? 1 11649? 1,175 49? 1 17809? 1 124,392 1117647 1,1?3 ?9? 1,447,496 Guaranteed 3,771 Total U. S. Government securities, including guaranteed securities.. 21,023 00020,929,14320,668,16920,719 6172047858320,443,91620 152,971 20 090,8332095364020,454 841 14,250,689 Other Reserve Bank credit outstanding 345467 322,247 426,871 314050 354,377 353,747 474,408 345,084 298878 358 304 260,150 Total Reserve Bank credit outstanding 22,258 30321,980,14621,586 86921,589 32821406,36121,309,83820 972,875 20 762,94622 13131221,306 63814,759,257 Liabilities Federal Reserve notes 22,844 88722761,04722,782 31722,722 46022631,06622,505,37422504,029 22368,0522288530722,597 582 18,531,796 Deposits: Me a m cc b o e u r nt bank—reserve 15,371 39215116,6481574590S 15,029 35?14891630147079S91458?373 14593,42915295863 14,817 807 n ,045,575 U. a S c . c o T u r n e t asurer—general 475 501 526,232 101 877 446 614 w\ 16S 6S1,^80 4?9,946 408,931 S61 S71 94 S 307 484 Foreign 1,159 080 1,187,244 1,134 984 1,071 542 1158,994 1,167,896 1191,486 1,194,886 1,142 847 1,158 579 1,553,508 Other deposits 459676 404,600 406 104 391845 411,916 394,807 402,297 357,858 446,312 390 593 392,739 Total deposits 17,415 64917234,72416,888 86816,939 35316885 70516,921,94216606,052 16,555,104 17,246 59316,812 92415,299,306 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 45.6 45.9 16.5 -16.5 46.7 46.8 47.3 47.5 45.7 16.8 57.2 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars! May 30, 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 a to y s 90 9 m 1 t o o d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e o e a a r rs s 5 O y v e e a r rs Discounts and advances 885,534 801,829 57,310 12,355 14,040 Industrial loans .. . 4,302 3,105 7 8 33 "43 877 108 121 U. S. Government, securities 21,023,000 3,295,147 2,086,683 4,228,511 4,729,696 1,657,050 3,494,621 273,800 507,652 749,840 JUNE 1945 571 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: ' Apr. 25 17,545,360 919,789 4,769,971 952,526 ,313,824 875,862 940,169 ,379,969 631,853 349,394 631,808 488,009 ,292,186 May 2 17,533,360 891,935 4,711,949 973,958 ,306,504 884,430 920,9803,394,317 642,167 353,574 645,328 507,911 ,300,307 May 9 17,508,360 918,716 4,576,298 968,078 ,326,760 882,071 933,473 ,429,334 633,300 347,809 648,821 515,192 ,328,508 May 16 17,513,465 888,610 4,735,936 959,287 ,318,164 886,243 932,008 ,331,178 632,863 344,978 649,403 522,482 ,312,313 May 23 17,429,460 894,744 4,655,854 971,181 ,339,996 890,407 912,631 ,272,962 634,965 354,711 642,541 514,190 ,345,278 Redemption fund— F. R. notes: 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 May 2 673,970 45,736 129,613 45,772 62,758 52,093 37,899 110,635 32,021 15,969 27,162 20,113 94,199 May 9 677,377 45,657 134,321 45,638 62,659 51,465 37,808 110,528 31,990 15,955 27,137 20,086 94,133 May 16 681,041 46,522 133,849 48,479 62,527 50,691 37,627 110,346 31,925 16,332 27,072 20,019 95,652 May 23 683,713 46,459 133,609 48,380 62,444 50,171 39,546 110,250 33,896 16,322 27,051 19,997 95,588 Other cash: 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 May 2 250,056 22,504 62,327 20,169 23,069 14,383 18,461 30,114 10,623 4,745 11,356 8,529 23,776 May 9 240,801 22,438 60,259 19,532 20,857 14,267 18,862 28,069 9,818 4,499 11,953 8,427 21,820 May 16 241,771 22,394 62,030 19,703 22,067 13,034 17,428 28,068 10,290 5,145 11,700 8,815 21,097 May 23 254,888 22,922 62,676 20,815 20,831 15,035 21,397 29,631 11,327 5,348 12,621 9,768 22,517 Total reserves: Apr. 25 18,465,266 989,023 4,963,042 ,018,888 ,397,820 942,540 998,171 ,519,379 676,139 370,290 671,897 517,012 ,401,065 May 2 18,457,386 960,175 4,903,889 ,039,899 ,392,331 950,906 977,3403,535,066 684,811 374,288 683,846 536,553 ,418,282 May 9 18,426,538 986,811 4,770,878 ,033,248 ,410,276 947,803 990,1433,567," 675,108 368,263 687,911 543,705 ,444,461 May 16 18,436,277 957,526 4,931,815 ,027,469 ,402,758 949,968 987,063 ,469,592 675,078 366,455 688,175 551,316 ,429,062 May 23 18,368,061 964,125 4,852,139 ,040,376 ,423,271 955,613 973,5743,412,843 680,188 376,381 682,213 543,955 ,463,383 Discounts & advances: Secured by U. S.. Govt. securities: 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 May 2 568,981 12,200 374,034 "5,005 14,870 22,055 11,250 42,025 28/802 23,150 11,840 1,250 22,500 May 9 551,449 15,160 329,929 11,265 33,170 14,885 3,250 45,500 25,800 22,475 16,315 200 33,500 May 16 486,994 24,440 262,364 9,235 24,980 14,205 3,100 59,750 19,805 27,97. 13,740 200 27,200 May 23 724,164 29,600 426,364 11,325 44,975 15,155 6,400 70,100 40,780 36,075 15,690 200 27,500 Other: Apr. 25 May 2 May 9 May 16 May 23 Total discounts and advances: 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 May 2 568,981 12,200 374,034 5,005 14,870 22,05; 11,250 42,025 28,802 23,150 11,840 1,250 22,500 May 9 551,449 15,160 329,929 11,265 33,170 14,885 3,250 45,500 25,800 22,475 16,315 200 33,500 May 16 486,994 24,440 262,364 9,235 24,980 14,205 3,100 59,750 19,805 27,975 13,740 200 27,200 May 23 724,164 29,600 426,364 11,325 44,975 15,15; 6,400 70,100 40,780 36,075 15,690 200 27,500 Industrial loans: Apr. 25 3,914 164 3,201 94 23 425 May 2 4,420 163 3,43. 94 275 23 425 May 9 4,212 163 3,225 94 275 23 425 May 16 4,835 163 3,823 94 275 23 450 May 23 4,592 130 3,642 94 . 275 19 425 U. S. Govt. securities: Bills: Under repurchase option: 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 May 2 5,102,387 100,104 3,136,748 183,326 107,122 52,670 39,621 717,439 247,684 71,691 39,206 23,966 382,810 May 9 5,246,640 94,237 3,269,113 184,779 134,662 33,805 30,796 774,176 246,095 17,511 33,901 25,320 402,245 May 16 4,992,875 116,259 3,134,076 201,663 80,842 38,350 27,696 703,941 250,963 24,171 29,305 23,42. 362,185 May 23 5,068,504 87,377 3,141,630 199,618 84,388 50,875 28,146 783,099 228,979 25,720 41,426 29,861 367,385 Other bills: Apr. 25 7,810,046 633,840 565,437 549,221 998,530 693,334 622,1321,321,365 229,499 201,327 473,925 371,0461,150,390 May 2 7,886,143 643,225 583,915 565,0391,011,073 712,164 626,0071,267,208 234,27^ 208,533 502,203 374,53. 1,157,965 May 9 7,957,774 640,595 601,308 588,113 995,601 726,395 629,6551,252,654 247,751 257,552 485,270 367,7841,165,096 May 16 8,038,591 594,738 620,93! 562,6171,025,866 724,215 633,7711,356,892 244,424 243,778 484,07. 374,1421,173,141 May 23 8,061,436 644,853 626,479 555,5741,014,411 721,456 634,9341,380,351 239,183 233,627 473,011 362,1421,175,415 Certificates: Apr. 25 5,238,011 358,418 1,300,276 405,11: 500,075 336,358 271,912 654,188 258,778 140,233 256,019 227,64: 529,001 May 2 5,385,711 368,978 1,336,399 416,529 514,804 345,677 279,481 672,660 265,821 144,407 263,224 233,956 543,775 May 9 5,412,211 370,874 1,342,879 418,578 517,449 347,34 280,83' 675,975 267,084 145,155 264,519 235,088 546,426 May 16 5,523,711 378,907 1,370,077 427,196 528,652 354,361 286,539 689,925 272,365 148,333 269,956 239,841 557,559 May 23 5,678,711 390,056 1,407,905 439,177 544,204 364,116 294,466 709,314 279,720 152,744 277,515 246,455 573,039 Notes: Apr. 25 987,850 67,596 245,222 76,401 94,310 63,435 51,281 123,374 48,804 26,447 48,283 42,93 99,766 May 2 987,850 67,679 245,123 76,400 94,426 63,404 51,263 123,380 48,75' 26,486 48,281 42,912 99,739 May 9 987,850 67,694 245,105 76,399 94,446 63,399 51,260 123,381 48,749 26,494 48,280 42,909 99,734 May 16 997,850 68,449 247,503 77,172 95,500 64,015 51,762 124,633 49,203 26,796 48,767 43,328 100,722 May 23 1,005,350 69,056 249,253 77,751 96,346 64,462 52,131 125,575 49,521 27,042 49,131 43,632 101,450 Bonds: Apr. 25 1,125,492 77,014 279,390 87,04' 107,451 72,273 58,426 140,565 55,604 30,131 55,011 48,913 113,667 May 2 1,116,492 76,492 277,044 86,349 106,722 71,661 57,938 139,447 55,107 29,93.r 54,569 48.50C 112,728 May 9 1,115,142 76,416 276,689 86,244 106,617 71,56f 57,865 139,279 55,030 29,908 54,501 48,43? 112,586 May 16 1,115,142 76,494 276,595 86,243 106,726 71,540 57,847 139,283 54,987 29,946 54,499 48,42: 112,561 May 23... 1,115,142 76,597 276,474 86,242 106,867 71,502 57,825 139,289 54,928 29,995 54,497 48,397 112,529 Total U. S. securities: Govt. Apr. 25... 20,443,9161,248,728 5,609,2811,335,8951,823,2481,230,2401,035,944 2,,983.341 842.264 472,069 874,620 713,80:2,274,484 May 2.. 20,478,5831,256,478 5,579,2291,327,6431,834,14"1,245,5761,054,3102,920)134 851,646 481,052 907,483 723,8652,297,017 May 9.. 20,719,6171,249,816 5,735,09' 1,354,1131,848,7751,242,5151,050,4132,965,465 864,709 476,620 886,47 719,53' 2,3-26,087 May 16.. 20,668,1651,234,847 5,649,1831,354," 1,837,5861,252,48 1,057,6153,014,674 871,942 473,024 886,602 729,15*2,306,168 May 23.. 20,929,1431,267,939 5,701,74.'1,358,362l,846,21i 1,272,41:1,067,5023,137,628 852,331 469,128 895,580 730,48'2,329,818 572- 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n ciscc Total loans and sec: Apr. 25 20956,091 ,276,861 5,898,232 ,356,616 853,998 ,251,855 ,041,944 ,998,866 875,076 491,869 897,483 713,852 ,299,439 May 2 21051,984 ,268,841 5,953,270 ,336,081 (849,017 ,267,725 ,065,560 ,962,434 880,448 504,202 919,346 725,118 ,319,942 May 9 21 275,278 ,265,139 6,065,030 ,368,603 j881,945 ,257,494 ,053,663 ,011,240 890,509 499,095 902,809 719,739 ,360,012 May 16 21 159998 259,450 5,911 554 ,367,949 862,566 , 266,780 ,060,715 ,074,699 891 747 500 999 900 365 729 356 333 518 May 23 21 657',899 ^297,669 6,128^112 329 891 i191 ',2&l'6,60 ',073,'902 ^208^003 893',111 505 ^203 911,'289 730 \687 |357^743 Due from foreign banks: Apr. 25 116 9 129 12 12 6 5 18 4 3 4 4 10 May 2 116 8 *42 10 10 5 4 16 3 3 3 3 9 May 9 113 8 10 10 5 4 15 4 3 3 3 9 May 16 112 8 *38 10 10 5 4 15 4 3 3 3 9 May 23 112 8 10 10 5 4 15 4 3 3 3 9 Federal Reserve notes of other Banks: 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 May 2 91,436 6,633 21,867 5,606 3,502 7,338 8,243 9,801 4,350 1,916 4,234 2,845 15,101 May 9 84,371 6,793 20,121 5,365 3,382 4,830 8,236 8,601 5,533 1,597 3,404 2,731 13,778 May 16 . 86 100 7,175 21040 2,425 3,740 221 8,668 9440 5,194 837 3,914 3,229 13,217 May 23 87^343 7,898 18,127 3,310 3,880 l\238 7,652 10*646 991 ij686 181 3,273 461 Uncollected items: Apr. 25 1859,370 136,357 388,504 119,325 212,663 131,119 109,729 283,010 77,316 36,026 86,326 83,887 195,108 May 2 1869,408 149,129 391,561 116,178 192,328 139,793 124,880 296,903 80,718 38,004 93,526 70,658 175,730 May 9 1,559,223 117,160 350,717 97,606 140,420 109,870 108,832 215,243 70,966 33,001 78,341 65,399 171,668 May 16 2,124,134 162,583 502,844 123,118 238,284 140,203 119,293 350,122 92,095 40,314 97,509 73,175 184,594 May 23 1,786,465 133,618 381,352 106,491 184,602 145,332 102,583 264,592 71,496 36,322 94,261 73,187 192,629 Bank premises: Apr. 25 34,265 1,596 8,839 3,409 4,064 2,825 1,598 3,151 2,100 1,247 2,644 879 1,913 May 2 34,221 1,591 8,821 3,409 4,064 2,825 1,597 3,150 2,096 1,244 2,638 873 1,913 May 9 34,221 1,591 8,821 3,409 4,064 2,825 1,597 3,150 2,096 1,244 2,638 873 1,913 May 16 34 221 1,591 8,821 3,409 4,064 2,825 1,597 3,150 2,096 1,244 2,638 873 1,913 May 23. 34 191 1,591 8,821 3,397 4,054 2,818 1,596 3,150 2,096 1,244 2,638 873 1,913 Other assets: Apr. 25 54 612 3,557 11,753 3 881 5,559 3,431 3,200 8081 2,938 1,424 2,529 2,487 5,772 May 2 55 213 3 747 11,708 3966 5,315 3,348 3,199 8 192 3,034 1,409 2,766 2,497 6,032 May 9 57451 3 855 12,323 4 102 5,351 3,498 3,291 8 475 3 114 1,485 2,792 2,548 6,617 May 16.... 59381 4 009 12,844 4 234 5,629 3,622 3 440 8 726 3 195 1,517 2,940 2,726 6,499 May 23.... 59 631 4 177 13,109 4 403 5,760 3,695 3,371 7945 3,230 1,515 3,050 2,770 6,606 Total assets Apr. 25. . 41,459 2312,413 00311,290,8562,507 5513478,448 2,338,5072,162,8056,821 6471,639 846 901,9621,665,0171,321,0004,918,589 May 2. . 41,559 7642,390 12411,291,1582,505 1493446,5672,371,9402,180 8236,815 5621,655,460 921,0661,706,3591,338,5474,937,009 May 9 ... 41,437 1952,381 35711,227,9292,512 3433445 4482,326,3252,165 7666,814 6551,647,330 904,6881,677,8981,334,9984,998,458 May 16... 41,900 2232,392 34211,388 9562,528,614 517 0512,369,624 2,180 7806,915 7441,669 409 912,3691,695,5441,360,6784,969,112 May 23... 41,993 7022,409,086 11,401 6982,531 3163 512 7682,402 3612,162 6826,907 1941,656 116 922,3541,697,6351,354,7485,035 744 Liabilities Federal Reserve notes Apr. 25 22,505 3741,428 450 5,015 1231,487 3801962 4511,502 7541,319 4814,140 042 951 611 493,072 828 170 555 8292,821,011 May 2 22,631 0661,433 763 5,041 7701,491 6681964 9131,515 9411,335 7954,154 445 958 769 495,440 837 710 566 2312,834 621 May 9 22,722 4601,440 540 5,061 7761,499 2391976 8811,518 2571,336 7034,173 568 962 252 498 512 840,452 566 2052,848 075 May 16 22,782 3171,443 896 5 065 1871,504 5381982 3601,519,8401,338 6294,187 372 964 111 499 110 840 189 564 6522,872 433 May 23 22,761 0471,441 331 5,056 3501,497 7081984 2701,517 4171,333 0984,185 053 961 267 498 854 838 237 563 0092,884 453 Deposits: Member bank— reserve account: Apr. 25 14,707 959 681 148 4,821 700 734 2591 123560 608 770 656 7972,199 232 540453 315 817 680424 622 5561,723 243 May 2 14,891 630 690027 4,936 540 7490681142 190 614 138 652 2342,176 787 528 663 326 075 690 816 639 2661,745 826 May 9 15,029 352 685988 4,916 882 764 7511164790 618 860 669 3232,221 158 545 567 329 181 701052 647 4561,764 344 May 16 15,245 908 693 658 5,016 802 777 8191172981 646 662 668,514 2,232 193 554 163 335 703 709 391 675 5831,762 439 May 23 15,116 648 685 638 5,008 228 7714411161520 643 361 6583982,211 312 545 543 335 541 696434 655 6761,743 556 U. S. Treasurergeneral account: Apr. 25 651,280 68 262 243464 40 968 63 742 33 318 23 762 56 945 20 822 21 797 19274 20982 37 944 May 2 423,165 30 703 89 847 26 103 31 576 38 013 19923 30,980 40 266 27 792 40 748 20014 27 200 May 9 446,614 42 827 109 135 36 190 40 680 20 811 16307 46 324 21812 11502 18690 19790 62 546 May 16 101,872 2,545 38 778 1,634 13818 •381 6445 8 340 11423 3 792 5 637 8 253 826 May 23 526,232 48,123 129488 28,381 59 145 31 166 17678 78,491 20320 13969 21 206 22 70 55 558 Foreign: Apr. 25 1,167,896 79,815 2445318 99,048 97922 47 273 39 394 146,320 33 766 25887 33 766 33 76 85 621 May 2 1,158,994 75,632 2443 555 98,390 98 572 46 959 39 133 145,349 33 542 25 716 33 542 33 54 85 062 May 9 1,071,542 70,47 2409 442 91,165 90,129 43 511 36 259 134,676 31079 23827 31 079 31 07 78825 May 16 1,134,984 75,812 2431 991 96,642 95,544 46 125 38,437 142,767 32,946 25 259 32,946 32 94 83 569 May 23 1,187,244 77,40 2456 606 100,657 99,513 48 041 40,034 148,697 34,315 26308 34,315 34 31 87 036 Other: Apr. 25 394,807 4,466 294,456 5,551 4,738 9 834 6,288 4,443 11,06 1,757 4,91o 2,79 44 507 May 2 411,916 4,72 316,839 4,346 5,626 7 746 2,988 5,343 12,10 2,76 1',75 3,86 43,814 May 9 391,845 5,79 297,193 3,896 4,738 7,114 2,35 5,03 11,20 2,132 2,53 ' 1,67 48,181 May 16 406,10 5,26 302,226 4,411 6,737 8,072 3,94 6,79 13,84 2,164 2,71 1,84 48,091 May 23 404,60 4,50 297,094 4,360 8,852 7,973 3,34 7,879 14,13 3,994 1,920 1,22 49,323 Total deposits: Apr. 25 16,921,94 833,69 5,804,938 879,826 1,289,962 699,19 726,24 2,406,940 606,10 365,25 738,37 680,09 1,891,315 May 2 16,885,70 801,08 5,786,78 877,907 1,277,964 706,85 714,27 2,358,45 614,57 382,35 766,85 696,68 1,901,902 May 9 16,939,35 805,07 5,732,652 896,002 1,300,33 690,29 724,24 2,407,19 609,65 366,64 753,36 699,99 1,953,896 May 16 16,888,86 777,27 5,789,79 880,506 1,289,080 701,24 717.34 2,390.09 612,37 366,91 750,69 718,62 1,894,925 May 23 17,234,72 815,67 5,891,416 904,839 1,329,030 730,54 719,45 2,446,37 614,31 379,81 753 713,92 1,935,473 Deferred availability items: Apr. 25 1,505,73 116,21 296,829 95,963 177,36 112,13 96,58. 204,73 63,98 29,68 80,851 67,62 163,772 May 2 1,515,14 120,47 288,398 91,078 155,02 124,66 110,17 232,39 63,86 29,28 84,021 58,21 157,543 May 9 1,245,28 100,85 258,49 72,385 119 26 93,16 84,18 1*63,60 57,08 25,43 66. 23; 51,28 153,299 May 16 1,697,37 136,18 358,40 98,813 196,49 123,84 104,11 267,67 74,58 32,25 86,80^I 59,78 158,429 May 23 1,464,33 117,02 278,030 83,884 150,16 129,53 89,27 204,83 62,12 29,56 87,55() 60,09 172,241 1 After deducting $87,000 participations of other Federal Reserve Banks on Apr. 25; and $74,000 on May 2, May 9, May 16, and May 23. 2 After deducting $718,095,000 participations of other Federal Reserve Banks on Apr. 25, $713,329,000 on May 2; $660,949,000 on May 9; $700,657,000 on May 16; and $729,760,000 on May 23. JUNE 1945 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Contmued [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.: Apr. 25 11,213 890 3,128 751 1,071 569 504 1,592 444 315 419 423 1,107 May 2 10,767 854 2,945 756 1,056 538 479 1,614 388 303 436 333 1,065 May 9 11,481 861 3,319 871 1,142 574 489 1,574 393 374 437 355 1,092 May 16 11,559 889 3,445 771 1,147 563 477 1,610 385 337 437 400 1,098 May 23 11,853 871 3,361 780 1,169 628 550 1,735 364 336 443 447 1,169 Total liabilities: Apr. 25 40,944,2682,379,25011,120,018 2,463,920 3,430,849 2,314,652 2 1,809 6753,305 1,622,138 888,3311,647,819 1,303,972 4,877,205 May 2 41,042,6852,356,18311,119,894 2,461,409 3,398,956 2,348,003 21,160,724 6,746,914 1,637,605 907,3771,689,0241,321,465 4,895,131 May 9 40,918,5802,347,333 11,056,238 2,468,497 3,,397,628 2,302,293 2!,, 1456,20 6,745,9411,629,384 890,966 11,660,4821,317,836 4:, 956,362 May 16 41,380,1192,358,24311,216,836 2,484,628 ,469,085 2,345,483 21,160,562 6,846,7471,651,452 898,6171,678,1201,343,4614:, 926,885 May 23 41,471,9542,374,89811,229,1572,487,2113,464,635 2,378,116 21,142,377 6,838,001 ,638,071 908,5631,680,1111,337,478 4:,, 993,336 Capital Accounts Capital paid in: 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 May 2 167,706 10,244 59,850 12,655 16,767 6,760 6,077 20,215 5,414 3,657 5,363 5,656 15,048 May 9 167,871 10,244 59,859 12,660 16,844 6,760 6,079 20,214 5,449 3,660 5,363 5,683 15,056 May 16 167,987 10,247 59,865 12,720 16,861 6,776 6,079 20,221 5,452 3,661 5,363 5,686 15,056 May 23 168,077 10,253 59,865 12,720 16,891 6,776 6,090 20,242 5,452 3,663 5,370 5,687 15,068 Surplus (section 7): 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 May 2 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 May 9 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 May 16 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 May 23 228,153 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): Apr. 25 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 May 2 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 May 9 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 May 16 27,165 2,r- 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 May 23 27,165 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: 2,880 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 May 2 94,055 5,578 19,368 6,745 10,766 6,074 5,324 13,803 4,866 4,009 4,639 4,094 8,789 May 9 95,426 5,661 19,786 6,846 10,898 6,169 5,369 13,870 4,922 4,039 4,720 4,147 8,999 May 16 96,799 5,733 20,209 6,926 11,027 6,262 5,441 14,146 4,930 4,068 4,728 4,199 9,130 May 23 98,353 5,816 20,630 7,045 11,164 6,366 5,517 14,321 5,018 4,105 4,821 4,251 9,299 Total liabilities and capital accounts: Apr. 25 41,459,2312,413,00311,290,856 2,507,,5513,478, 448 2,338, ,162, 805 6,821,6471,639,846 901,962 1,665,0171,321,,000 4,,918,589 May 2 41,559,7642,390,124 11,291,158 2,505,,149 3,446,5672,371,940 2!, 180,823 6,815,5621,655,460 921,0661,706,3591,338,,547 4,,937,009 May 9 41,437,19: 2,381,357 11,227,929 2,512,1,343 31,445,4'4"8" 2,326, 325 21,165,766 6,814,655 1,647,330 904,6881,677,8981,334,998 4,,998,458 May 16 41,900,22. 2,392,342 11,388,956 2,528,614 3,,517, 051 2,369, 624 21,,1801,,780 6,915,744 1,669,409 912,369 1,695,5441,360,678 4,,969,112 May 23 41,993,7022,409,086 11,401,698 2,531,316 3,512, 768 21,402,3612,1621,,682 6,907,1941,656,116 922,354 1,697,635 1,354,, 748 5,.035,744 Commitments to make industrial loans: Apr. 25 3,581 100 2,358 400 653 May 2 3,237 100 2,053 400 614 May 9 3,731 100 2,347 400 200 614 May 16 3,858 100 2,049 400 450 200 589 May 23 4,058 100 2,224 400 450 200 614 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS jln thousands of dollars] Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t- ta Chicago L S o t u .# is M ap in o n li e s -K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes outstanding (issued to Bank): Apr. 25 23,204,6951,469,1805,179,134 1,530,6912,016,775 ,543,8251,375,5054,221,264 989,853 503,222849,994 587,689 2,937,563 May 2 23,235,3631,471,8405,172,4861,539,447 2,020,935 543,6701,375,0914,228,918 992,410 504,645855,338593,282 2,,937,301 May 9 23,355,1581,476,4605,236,6911,545,0212,025,575 ,544,1851,379,4674,244,246 993,207 506,657858,877594,5452,950,227 May 16 23,414,4571,482,2425,205,6471,550,5252,036,569 ,549,36"1,380,579 4,268,8611,002,334 508,818864,619590,064 2",974,832 May 23 23,426,1871,487,1535,192, 21~9 1,529,9152,037,078 549,1431,387,661 4,272,144 999,504 509,365865,152590,2113,006,642 Collateral held against notes outstanding: Gold certificates: Apr. 25 10,610,000 575,0002,690,000 622,000 770,000 580,000 635,000 2,140,000 375,000 190,000 320,000239,000 1,474,000 May 2 10,589,000 575,0002,690,000 636,000 775,000 580,000 635,000 2,170,000 375,000190,000 320,,000219,000 1,424,000 May 9 10,549,000 575,000 2,620,000 641,000 780,000 600,000 635,000 2!,170,000 375,000190,000320;,000000 219,000 1,424,000 May 16 10,546,000 575,000 2,620,000 598,000 790,000 600,000 635,000 2,200,000 375,000190,000 320,,000000219,000 1,424,000 May 23 10,521,000 575,000 2,,545,000 598,000 790,000 600,000 635,0002,200,000 375,000 190,000320,000219,000 1,474,000 Eligible paper: Apr. 25 455,936 27,969 288,944 17,520 21,521 32,812 19,800 22,840 24,530 May 2 499,586 12,200 374,034 5,005 22,055 28,802 23,150 11,840 22,500 May 9 469,329 15,160 329,929 11,265 14,885 25,800 22,475 16,315 33,500 May 16 398,964 24,440 262,364 9,235 14,205 19,805 27,975 13,740 27,200 May 23 602,489 29,600 426,364 11,325 15,155 40,780 36,075 15,690 27,500 U. S. Govt. securities: Apr. 25 12,749,579 900,000 2,,400,000 900,0001,250,000 975,000 750,0002,100,000 724,579 315,,000 150,000385,0001,500,000 May 2 12,847,684 900,000 f2,400,000 900,000 1',250,000 975,000 750,0002,100,000 722,684315,000 150,000385,0001,600,000 May 9 12,846,09.r 900,0002,400,000 900,000 1,250,000 975,000 750,0002,100,000 721,095315,000 150,000385,0001,600,000 May 16 12,910,963 900, ",400,000 950,000 1,250,000 975,000 750,0002,100,000 725,963325,000 150,000385,0001,600,000 May 23 12,913,979 900,0002,400,000 950,000 1 ,250,000 975,000 775,0002,100,000 703,979 3"2,5000 150,000385,000 1,600,000 Total collateral: Apr. 25 23,815,515 ,502,9695,378,9441,539,520 ,020,000 1,576,521 ,385,000 4,240,000 1,132,391524,800892,840 124,0002,998,530 May 2 23,936,270 ,487,2005,464,0341,541,005 ,025, ,577,055 ,385,!,000 4,270,000 1, 126,486 528,150 881,840 604,000 3,046,500 May 9 23,864,424 ,490,1605,349,9""29" 1,552,265 1,030,000 1,589,885 ,385,;,ooo4,270, ,121,895 5277,475886,315 604,000 3,057,500 May 16 23,855,927 ,499,4405,282,3641,557,235 1,040,000 1,589,205 ,385,000 4,,300, ,120,768 5422,975883,740 604 000 3,051,200 May 23 24,037,468 ,504,600 "5,371,3641,559,3252,040,000 1',590,155 410,1,000 4,300,000 1,119,759 5511,075885,690 604 000 3,101,500 574 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 Applications Ap- BANKS UNDER REGULATION V W D ed a n t e e s ( d l a a y s t or a t p o p d ro a v te ed b p u ro t v n e o d t L o o u a t n - s C m om en m ts it- p P a a t r i t o i n c s i- [Amounts in thousands of dollars] las p t e d ri a o y d ) of Number Amount (a p m c l o e o m t u e - d n 1 t) s ( t a a m n o d u in n g t) 2 s (a ta m o n u o d t u i - n n g t) ( s a t m a o n u o d t u - i n n t g ) Gua a r u a t t n o h t o e d r e a i d z te e l d oans Gua o r u a t n st t a e n ed d in lo g ans a A v a a d m i d la i o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 7 6 2 2 19 4 2 9 0 8 3 6 0 1 1 1 2 3 5 4 9 0 , , ,9 4 8 8 9 2 3 9 7 1 8 3 1 , , , 2 3 5 2 6 4 6 8 9 3 2 2 2 0 5 , , , 4 2 52 9 1 6 3 6 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7 , , , 7 2 2 7 0 3 8 8 8 Number Amount am To o t u a n l t g P u o te a r e t r i d a o n n - a o n u t t m e s e t e a a n n g t d s r i e n e g - 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 2908 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 Sept. 30 1,658 944,204 427,918 356,677 230,720 1942 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 June 24 3 352 338,822 26,346 11,265 16,832 26,430 Dec. 31 3 423 408,737 4,248 14,126 10,661 17,305 1943 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 1943 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Mar. 31 3 443 459,296 5,164 13,182 13,143 20,316 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 June 30 3 452 475,468 3,203 13,044 12,132 19,070 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Sept. 30 3 460 483,608 2,860 12,227 11,474 18,928 Dec. 31 471 491,342 926 10,532 9,270 17,930 1944 Jan. 31 5,565 6,989,682 2,020,294 1,691,802 3,278,822 1944 Feb. 29 5,720 7,172,719 2,030,547 1,700,400 3,451,581 Mar. 31 3 481 503,330 1,408 11,774 9,069 18,267 Mar. 31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 June 30 3 483 510,857 45 11,366 4,048 11,063 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 Sept. 30 3 487 519,120 645 9,274 4,400 9,851 May 31 6,283 7,797,400 2,033,579 1,706,421 3,795,558 Dec. 30 3 489 525,532 1,295 3,894 4,165 2,705 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 July 31 6,590 8,333,741 2,083,435 1,765,841 3,904,215 1945 Aug. 31 6,744 8,487,623 2,010,958 1,706,363 4,107,606 Jan. 31 3491 526 659 560 4,066 3,461 2,405 Sept.30 6,882 8,685,753 1,960,785 1,663,489 4,301,322 Feb. 28 3 492 527,700 585 3,921 3,547 2,374 Oct. 31 7,051 8,985,617 1,895,733 1,611,873 4,367,332 Mar. 31 3 493 528,936 85 4,214 3,321 2,365 Nov. 30 7,237 9,133,750 1,776,539 1,507,709 4,476,988 Apr. 30 3 500 533 037 1,370 4,553 3,285 2,361 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 1 Includes applications approved conditionally by the Federal Reserve 1945 Banks and under consideration by applicant. Jan. 31 7,581 9,407,853 1,700,632 1,448,995 3,911,058 c F l e u 2 d d e I e n r d a c l l i u R n d e e i s n s e d i r u n v s d e t u r B i s a t a r l n ia l k o l s a . l n o s a n o s u p ts a t s a t n d d i u n e g 3 i n m w o e n e th kl s y o s r t a m te o m re e , n w t h o ic f h c o a n re d i n ti o o t n i o n f - A M Fe p a b r r . . . 3 2 3 0 8 1 8 7 7 , , , 0 7 8 4 2 8 7 0 5 9 9 9 , , , 5 8 6 1 7 4 7 2 5 , , , 2 8 3 7 6 2 2 6 8 1 1 1 , , , 6 5 5 4 9 5 6 9 8 , , , 1 1 2 6 2 7 0 0 0 1 1 1 , , , 3 3 4 3 6 0 2 5 2 , , , 0 6 9 5 4 5 0 6 9 4 3 3 , , , 0 9 9 0 6 6 2 4 3 , , , 7 8 9 7 3 6 2 0 1 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and NOTE.—The difference between guaranteed loans authorized and sum applications for loans and commitments withdrawn or expired. of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees available but not completed, and authorizations expired or withdrawn. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANK DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 APRIL 1945 [Averages of daily figures. In millions of dollars] Central reserve m A em ll - city banks se R r e v - e Coun- In places of 15,000 In places of under and over population 15,000 population ba b n e k r s1 New Chicago b c a i n t k y s banks1 York Federal Reserve district Demand Demand deposits Time deposits Time To 1 t 9 a 4 l 4 — re M se a r r v ch es held: 12,431 3,488 796 4,921 3,226 e i b x n a c t n e e k r p - 2 t deposits e b i x n a c t n e e k p r 2 - t deposits April 12,574 3,580 797 5,007 3,190 1945—March 14,429 3,911 887 5,739 3,892 April 14,621 4,022 890 5,793 3,916 Total. 14,479 6,374 9,360 4,389 Week ending (Friday) 1945—Apr. 6 14,373 3,963 799 5,709 3,902 Boston 1,926 701 294 185 Apr. 13 14,576 3,987 885 5,779 3,925 New York.... 2,835 1,616 869 878 Apr. 20 14,668 4,035 905 5,818 3,910 Philadelphia. 1,022 562 755 656 Apr. 27 14,723 4,075 915 5,831 3,902 Cleveland.... 1,277 706 869 594 May 4 14,874 4,107 927 5,871 3,969 May 11 15,050 4,167 934 5,931 4,018 Richmond. 1,142 318 678 332 May 18 15,203 4,216 937 5,995 4,055 Atlanta.. .. 1,301 351 553 149 May 25 15,198 4,257 946 5,975 4,020 Chicago 1,872 1,045 1,281 675 St. Louis.. 522 247 781 196 Excess reserves: 1944—March 978 16 -1 263 700 Minneapolis 436 207 505 303 April 886 17 11 259 599 Kansas City 421 84 1,163 153 1945—March 1,010 18 2 272 719 Dallas 748 93 1,139 45 April 931 12 14 227 678 San Francisco 977 443 474 223 Week ending (Friday): 1945—Apr. 6 977 20 9 239 709 Apr. 13 956 11 7 240 698 1 Includes any banks in outlying sections of reserve cities which have Apr. 20 914 16 7 226 665 been given permission to carry the same reserves as country banks. All Apr. 27 865 10 5 211 639 reserve cities have a population of more than 15,000. May 4 948 11 6 238 693 2 Includes war loan deposits, shown separately for all country banks May 11 995 14 6 255 720 in the table on the following page. May 18 PI,022 13 5 264 May 25 p951 13 7 224 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. JUNE 1945 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Reserves Demand Fed C e l r a a s l s R o e f s e b r a v n e k d a i n s d trict Total I b n a te n r k w G m a U o 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 d s a t e i n - t d s d 4 e- p T o d i s e m - it e s5 d b o a m l f d a r u o n e e m s c t e i s c Held qu R i e r - ed Excei deposits2 First half of April 1945 All member banks 87,067 11,365 10,925 64,777 61,218 67,011 20,780 5,698 14,534 13,545 Central reserve city banks: New York 24,414 3,879 3,818 16,717 15,692 19,501 1,101 94 3,983 3,966 17 Chicago 5,193 1,150 795 3,247 3,002 4,031 629 122 867 844 23 Reserve city banks 32,316 5,170 3,757 23,389 21,672 25,084 8,352 1,798 5,760 5,518 242 Boston 2,156 302 382 1,472 1,387 1,640 142 50 338 337 2 New York 537 26 51 460 434 441 229 20 105 102 3 Philadelphia 2,466 329 323 1,814 1,705 1,961 168 74 410 402 8 Cleveland 4,026 525 463 3,038 2,841 3,197 1,017 172 733 700 33 Richmond 1,894 311 293 1,290 1,199 1,411 341 102 326 303 23 Atlanta 1,992 531 170 1,291 1,174 1,570 316 138 351 333 18 Chicago 4,061 440 508 3,113 2,911 3,066 1,460 290 732 701 32 St. Louis 1,898 570 190 1,137 1,025 1,483 252 115 322 312 10 Minneapolis 1,004 244 170 589 529 717 129 57 153 151 2 Kansas City 2,569 852 216 1,501 1,347 1,927 269 275 431 402 29 Dallas..... 2,020 483 175 1,362 1,269 1,535 241 220 359 322 37 San Francisco 7,694 557 816 6,322 5,851 6,137 3,786 287 1,500 1,455 45 Country banks 25,144 1,167 2,555 21,423 20,851 18,393 10,699 3,685 3,924 3,217 707 Boston 2,348 98 378 1,873 1,796 1,725 882 172 337 294 43 New York 3,834 80 521 3,234 3,121 2,914 2,481 293 634 557 77 Philadelphia 1,806 12 199 1,595 1,556 1,362 1.211 210 322 263 59 Cleveland 2,186 28 253 1,905 1,859 1,579 1,292 310 390 299 91 Richmond 2,020 195 202 1,623 1,558 1,430 647 330 289 239 50 Atlanta 2,095 241 157 1,697 1,649 1,498 498 400 307 240 67 Chicago. 3,233 68 353 2,811 2,760 2,342 1,708 492 530 430 100 St. Louis 1,455 152 92 1,211 1,179 1,077 440 257 212 177 35 Minneapolis 1,014 69 84 861 841 751 507 161 167 136 31 Kansas City 1,658 74 94 1,490 1,473 1,169 235 385 232 178 55 Dallas 2,003 123 114 1,766 1,736 1,422 137 444 273 207 66 San Francisco 1,491 26 108 1,357 1,323 1,125 662 229 231 197 34 Second half of April 1945 All member banks 86,531 11,277 9,107 66,147 62,665 68,471 21,001 5,597 14,709 13,836 873 Central reserve city banks: New York . . 24,094 3,911 3,133 17,050 16,062 19,940 1,107 57 4,062 4,054 8 Chicago 5,408 1,067 659 3,681 3,457 4,357 638 169 914 910 4 Reserve city banks 32,168 5,138 3,159 23,871 22,139 25,535 8,430 1,783 5,825 5,613 212 Boston 2,143 304 318 1,521 1,429 1,688 143 46 353 346 6 New York 546 26 45 475 449 455 232 21 107 105 2 Philadelphia1'1 2,439 323 266 1,850 1,741 1,995 172 69 415 409 6 Cleveland 4,008 516 391 3,101 2,900 3,247 1,021 171 748 711 37 Richmond 1,850 302 241 1,308 1,220 1,428 345 97 324 306 17 Atlanta 2,000 524 144 1,332 1,215 1,606 320 136 354 340 13 Chicasfo 4,023 429 429 3,165 2,976 3,121 1,474 290 742 713 29 St. Louis 1,904 567 160 1,177 1,064 1,534 255 98 327 322 5 Minneapolis 973 241 140 592 538 725 128 55 154 153 2 Kansas City 2,585 856 184 1,546 1,389 1,964 273 284 439 409 30 Dallas 2,041 497 148 1,396 1,291 1,559 244 232 357 327 31 San Francisco 7,656 553 694 6,408 5,927 6,214 3,822 283 1,505 1,472 33 Country banks 24,861 1,161 2,156 21,545 21,007 18,640 10,825 3,588 3,907 3,259 648 Boston 2,291 103 315 1,873 1,798 1,734 889 171 333 296 37 New York 3,734 79 433 3,221 3,116 2,933 2,508 268 634 561 73 Philadelphia 1,772 12 168 1,592 1,554 1,374 1,225 196 319 266 54 Cleveland 2,162 27 213 1,921 1,878 1,609 1,309 299 389 304 85 Richmond 2,006 191 168 1,646 1,584 1,450 654 332 286 242 44 Atlanta 2,093 239 134 1,719 1,674 1,531 503 391 297 244 53 Chicago 3,209 68 309 2,833 2,786 2,381 1,732 478 532 437 95 St. Louis 1,451 148 78 1,225 1,195 1,098 445 249 214 180 33 Minneapolis 1,003 67 71 865 847 761 514 155 165 137 28 Kansas City 1,660 75 80 1,505 1,489 1,188 238 383 235 181 55 Dallas 2,014 122 95 1,797 1,768 1,451 139 447 275 211 63 San Francisco 1,466 27 91 1,348 1,318 1,130 669 220 227 198 29 1 Averages of daily closing figures for reserves and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. 3 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan 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. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and smalldenomination currency2 Large denomination currency2 End of year and in cir- Unasmonth cula- sorted tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—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 ,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 ,481 2,912 407 749 9 22 2 1944—January .. 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 ,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 ,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 ,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 ,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 ,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 1945—January... 25,290 17,456 1,150 950 77 2,102 5,936 7,242 7,837 2,022 4,228 566 990 10 21 3 February.. 25,751 17,778 1,158 953 75 2,135 6,076 7,381 7,974 2,059 4,317 571 994 10 24 1 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 April 26,189 18,353 1,180 957 73 2,151 6,238 7,754 7,837 :2,126 4,210 527 932 9 33 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury destroyed. 3 Paper currency ,only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s A o ta t p 1 a n r 9 l . d 4 o i 3 5 n u 0 g , t- , A g s a o s g s l i d a e lv i c n a e u s r n r t d ity Tr c e a a s s h ury R F B e e F a s d e o n e r r k r v a s e l B h F R a a e n e e g l d k s d e e s e n r r b t a v a s y n e l d Ap 1 r 9 . 4 3 5 0, M 1 a 9 r. 4 5 31, Ap 1 r 9 . 4 3 4 0, certificates and agents Gold 20 374 18 260 22,114 Gold certificates , , 18 260 15,392 2,815 52 53 54 Federal Reserve notes 23,218 130 704 22,384 22,100 17,852 Treasury currency—total 4,130 ""z'l',79'2 ' 128 249 3,753 3,746 3,646 Standard silver dollars 494 272 99 2 122 120 100 Silver bullion 1 520 1,520 Silver certificates and Treasury notes of 1890 1,792 198 1,594 1,591 1,552 Subsidiary silver coin 806 20 14 772 765 682 Minor coin . .. . 297 5 5 287 285 257 United States notes 347 3 23 321 320 321 Federal Reserve Bank notes 544 1 6 537 544 608 National bank notes 122 1 121 122 127 Total—Apr. 30, 1945 1 20,052 2,371 15,392 3,769 26,189 Mar. 31, 1945 20,110 2,346 15,446 3,803 25^899 Apr. 30, 1944 21,097 2,323 16,449 3,721 21,552 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. 569, and seasonally adjusted figures in table on p. 578. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,979,894 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. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible pledged as collateral may be co ._ __ . . . ... gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JUNE 1945 577 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 ] Ear- 1 Amount— Amount— Change in Gold marked Domes- Date f u o n r a s d e j a u s s o te n d al ad s j e u a s s te o d n al for s a e d as ju o s n t a e l d ly Period a s t t o e c n k d I i n n c r g e o a l s d e N im et p g o o r l t d go c l r d e : a s d e e- p ti r c o d g u o c ld variation variation series1 of period stock or in- tion^ crease (—) End of year figures: 1939 7,598 +742 19342. 8,238 4,202.5 1,133.9 82.6 92.9 1940 .... 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2,428 1936 3 11,258 ' 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937 M2.76O 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 —333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 3,574.2 —534.4 161.7 1940 21,995 4,351.2 4,744.5 -644.7 170.2 Monthly averages of daily 1941 22,737 741.8 982.4 —407.7 169.1 figures: 1942 22,726 — 10.3 315.7 —458.4 125.4 1943—September 18,729 18,767 +480 1943 21,938 -788.5 68.9 -803.6 48.3 October 19,001 19,001 +234 1944 20,619 —1,319.0 —459.8 35.1 November 19,566 19,507 +506 December 20,243 19,944 +437 1944—April 21,429 -170.7 4-139.0 -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 July 22,580 22,625 +217 December. .. 20,619 -69.6 -46.3 2.8 August 22,988 23,104 +479 1945—January 20,550 -69.0 -58.2 2.5 September 23,525 23,572 +468 February.... 20,506 —43.8 —37.4 2.3 October 24,112 24,112 +540 March 20,419 -87.3 -46.9 2.4 November 24,738 24,664 +552 April 20,374 —45.1 —53.2 2 3 December 25,207 24,957 +293 May p2O,27O P—103.4 5-66.9 4 3 Jan .-May ... p2O,27O P-348.7 5-262.5 m. 9 1945—January 25,243 25,167 +210 February 25,527 25,527 +360 P Preliminary. f Figure carried forward. March 25,850 25,928 +401 1 Annual figures through 1943 are estimates of the United States Mint. April 26,009 26,219 +291 Annual figure for 1944 and monthly figures are estimates of American May 26,351 26,537 +318 Bureau of Metal Statistics. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 1 For end of year figures, represents change computed on absolute 3 Includes gold in 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 April 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- 4,199.7 million dollars on May 31, 1945. All of this was earmarked directly fected, beginning with December 1942; seasonally adjusted figures for for foreign account except 102.8 million dollars which was earmarked in money in circulation, as shown in Banking and Monetary Statistics, Table the name of a domestic bank as security for a foreign loan. 111, p. 414, and described on p. 405, are based on an older series of adjust- NOTE.—For back figures, see Banking and Monetary Statistics, Table 156,, ment factors. pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to 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 T re o c p t e a o n l r t , t e i a r n s l g l Y N C o e it w r y k 1 1 c 4 e 0 n o t t e h r e s1 r r c e e O p n o t t h r e t e r i r n s2 g Y N C o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y C N o i e t r w y k 10 le c 0 a i t d o i i e t n h s g er 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e r r ie ie s s s 3 . . . . . . . 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 34 4 7 2 , , 8 4 3 3 7 0 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—January C71,904 27,031 c37,960 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February 70,688 27,592 36,469 6,627 17.7 11.3 22,887 31,566 24.0 18.5 March c76,090 29,644 C39,412 7,034 16.5 c10.6 25,650 33,937 22.8 17.4 April C66,719 25,297 C34,944 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 C83,881 33,563 C42,629 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 C73,891 28,558 C38,336 6,997 16.9 c10.3 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 82,748 34,990 40,297 7,461 18.6 9.9 30,826 34,801 27.0 16.9 February 70,243 29,065 34,717 6,461 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 April 74,131 29,413 37,838 6,880 17.2 9.9 25,115 32,430 20.8 15.5 c Corrected. l National series for which bank debit figures are available beginning with 1919. J Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. « See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks m 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation, 57" FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total End of month a c d o u d T e b u r j a p a o u t r n o n s e t s d i a s k n t d i e l s c t e d s y a c d d o u d e e b u r j p m a a u r t n o n s e s a i d s n k t d n i e c s t e d d s y a d d T e j p o u o s ta s te i l t d s D d -. e d e p j m u o s a s t n i e t d s d1 d G U e S m o p n t v a o e it e t s n e e r i t d t s n s - Total b m a C e n T r o k c i m i m s a 3 - l e 4 dep M s b o a a s u v n i t i t u k n s a s g 4 l s S S P a y o v s s i t n t e a g m l s 5 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19', 192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June , 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—April 127,500 82,000 107,600 62,100 10,900 34,600 20,500 12,200 1,900 19,900 May 128,000 85,600 107,500 65,100 7,100 35,300 21,000 12,300 2,000 20,500 June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 July 139,300 82,700 118,100 61,500 20,300 36,300 21,600 12,600 2,100 21,200 August 139,200 86,000 117,500 64,300 16,100 37,100 22,200 12,800 2,100 21,700 September 139,100 87,700 116,900 65,500 13,500 37,900 22,800 12,900 2,200 22,200 October 139,900 92,300 117,100 69,500 8,700 38,900 23,500 13,100 2,300 22,800 November 143,200 95,800 119,900 72,500 8,200 39,200 23,700 13,200 2,300 23,300 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—January? 151,100 92,300 127,400 68,600 18,300 40,500 24,600 13,500 2,400 23,700 February37 150,900 93,900 126,700 69,700 15,600 41,400 25,200 13,700 2,500 24,200 March? 150,700 95,300 126,500 71,100 13,400 42,000 25,700 13,800 2,500 24,200 April? 151,000 98,300 126,500 73,800 9,800 42,900 26,300 14,000 2,600 24,500 ? Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 6 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 i N ns o u n r - ed End of month itors' Cash securities Cash bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D ec i- t G a u n a - r- f e u t n c d .2 s 1934-39 291 15 6 189 81 teed 1940 22 1 18 3 1941 ... 8 4 3 1 1934—Dec 1,207 1,237 540 597 467 130 100 1 1 9 9 4 4 2 3 9 4 2 6 2 3 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.-May 0 1937—Dec 1,270 1,308 131 1,097 931 167 80 1938—Dec 1,252 1,291 86 1,132 965 166 73 Deposits of suspended banks 1939—Dec 1,279 1,319 53 1,192 1,046 146 74 (in thousands of dollars) :2 1940-Dec 1,304 1,348 36 1,224 1,078 146 88 1934-39. 125,991 14,616 26,548 44,348 40,479 1941—Dec 1,314 1,396 26 1,274 1,128 146 95 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 1940. 5,943 256 5,341 346 1943—Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1944— M Ap a r y 1 1 , , 9 9 4 9 7 4 2 2 , , 0 0 0 5 8 3 9 9 1 1 , , 8 9 7 1 0 2 1 1 , , 8 9 7 1 0 2 1 1 2 3 9 2 1 1 1 9 9 9 4 4 4 2 3 4 6 1 , ,7 2 4 0 2 0 2 3 5 4J982 1 1 , , 3 2 4 7 4 0 5 1 5 327 J J u u n ly e 2 2 , , 0 0 3 8 4 4 2 2 , , 0 14 9 7 5 9 8 2 1, , 9 0 5 0 1 6 1 2 , , 9 0 5 0 1 6 1 1 3 3 5 3 1945—Jan.-May 0 Aug 2,140 2,202 8 2,050 2,050 143 Sept 2,198 2,262 8 2,110 2,110 143 1 Represents banks which, during the periods shown, closed temporarily Oct 2,257 2,323 8 2,165 2,165 150 or permanently on account of financial difficulties; does not include banks Nov 2,305 2,374 8 2,214 2,214 152 whose deposit liabilities were assumed by other banks at the time of closing Dec 2,342 2,411 8 2,252 2,252 152 (in some instances with the aid of Federal Deposit Insurance Corporation loans). 1945—Jan 2,404 2,477 8 2,308 2,308 162 2 Deposits of member banks and insured nonmember banks suspended are Feb 2,458 2,536 8 2,363 2,363 164 as of dates of suspension, and deposits of noninsured nonmember banks Mar ?2,513 are based on the latest data available at the time the suspensions were Apr ?2,562 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. P Preliminary. 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. t Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. JUNE 1945 579 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 dollarsl Loans and investments Deposits Investments Other Cl c a a ss l a l n o d d f a b te ank Total Loans Total G m U ov . e S e n . r t n- Other TotaU I b n a te n r k - ! Demand Time o N f u b m a b n e k r s obliga- securities 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 at all insured commercial banks. 2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 580 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 and Number call date Total Loans Total G o m U b o l v e . i n e S g r t a . n - - se O cu t r h i e t r ies Total1 I b n a te n r k - 1 Demand Time of banks 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 3034 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 1,843 402 1,185 257 906 1 1 9 9 4 4 1 2 — — D Ju e n c e . 3 3 0 1 34 1 1 , , 0 4 0 3 7 4 3 4 3 5 9 2 9 6 8 6 2 8 4 7 7 4 7 2 2 1 3 9 9 1 1 1 , , 1 83 6 7 1 2 3 1 3 1 5 1,2 6 5 9 5 3 2 2 5 4 7 7 8 8 2 5 9 1 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 1 1 9 9 4 4 0 1 — — D D e e c c . . 3 3 1 12 1 1 0 0 , ,3 2 7 4 9 8 4 4 , , 9 9 5 0 9 5 5 5 , , 4 2 7 8 4 9 3 3 , , 2 7 2 0 4 0 2 1, , 7 0 7 6 4 5 1 1 0 0 , , 6 53 5 2 8 1 1 0 0 , , 6 5 5 3 8 2 5 5 5 4 1 8 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 1 1 9 9 4 4 4 3 — — D D D J J u u e e e n n c c c e e . . . 3 3 3 3 3 0 1 1 0 0 1 1 1 1 1 1 0 2 1 3 , , , , , 8 7 9 2 9 7 4 7 4 3 1 6 6 8 1 4 4 4 4 4 , , , , , 4 4 6 5 3 8 1 9 8 7 4 4 8 1 0 6 8 6 9 7 , , , , , 5 6 3 0 5 6 8 6 4 6 2 7 6 8 0 4 6 5 8 7 , , , , , 0 2 5 3 3 9 9 2 0 5 0 0 8 6 9 1 1 1 1 1 , , , , , 2 2 4 2 3 9 5 3 8 7 7 7 2 9 6 1 1 1 1 1 1 0 2 1 3 , , , , , 7 6 4 1 3 3 6 7 4 7 8 4 1 1 6 1 1 1 1 1 2 1 1 0 3 , , , , , 4 1 7 6 3 7 4 3 6 7 1 1 8 4 6 5 5 5 5 5 4 4 4 4 4 5 3 5 6 4 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 1 1 9 9 4 4 0 1 — — D D e e c c . . 3 3 1 12 1 1 , , 6 6 5 9 5 3 6 6 3 4 7 2 1 1 , , 0 0 1 5 8 0 5 62 4 9 8 4 4 7 2 0 1 1 1 , , 8 7 1 8 8 9 1 1 , , 8 7 1 8 8 9 5 5 3 2 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 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. JUNE 1945 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for u . S. Government obligations Com- purchasing Obli- Total mer- or carrying gations Cl c a a ss l a l n o d d f a b te ank i m n l a o v e n a n e d n s ts s t- 1 Total1 o c c p l i i i n n u a e - g d l n , - - A t c u g a u r l r l 1 - - i- br T s o e o k c - uriti T e o s 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 - - D s irect G a u n a - r- p S o a t c l o a n a i f 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'"7; 178 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 1,042 47,336 40,705 4,462 6^727 5,799 20,999 2,718 3,533 3,098 1943—Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 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 1,106 73,207 67,085 4,708 15,46611,834 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 3,971 15,30015,778 39,848 978 3,422 2,733 Member banks, total * 19^4 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 1,965 3,262 X1 >97*3JT7t XD—'Ve^cV'.* 3\J X1 • • • • 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 1,033 65,503 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 87772,893 67,685 3,74813,98214,127 34,927 902 2,857 2,350 1945—Mar. 20.... 90,524 17,219 73,305 67,915 2,989 2,400 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 25117,190 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 1941; Mar 20 22,734 5,054 17,681 16,568 515 598 Chicago* 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. 20.... 5,212 1,012 4,199 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 31214,813 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.... 33,452 6,346 27,106 25,304 1,034 768 Country banks: 1934—Dec. 31.... 8,780 4,025 64 996 1,026 1,?38 4,756 2,463 13 562 1,533 355 741 1,552 1937—Dec. 31.... 10,124 4,446 25 824 1,219 2,377 5,677 3,168 29 786 1,675 678 879 1,630 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 1,028 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 1944—June 30.... 24,850 4,780 1,096 671 33 345 1,708 536 392 20,071 18,009 926 3,362 3,355 10,114 252 1,212 849 Dec. 30.... 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 194 c: Mar 20 29,126 4,807 24,319 22,204 1 264 851 Insured nonmember commercial banks: 1 X 1 9 Z 9 r 5 3 V/ 4 T 7 C — D D X-^ e e t^ c V c . '» 3 \J 3 1 X 1 . . . . . • . • 4 5 ^ 6 4 3 7 5 0 2 2 , , 5 78 8 9 6 3 2 8 1 3 3 1 8 3 3 1 1 , , 0 0 9 6 4 2 1 1, , 3 1 6 0 3 3 2 2^ ,0 6 4 8 9 1 1,2 8 9 1 7 8 2 7 2 1 9 8 1 5 4 7 1 0 1 0 2 29 2 9 1 4 5 4 4 6 0 8 7 4 8 4 5 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. A, 1 Classifications of loans and investments were revised as of Dec. 31, 1938, ancl 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. 582. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demanc deposits Time deposits Interbank Cl c a a s l s l a o n d f d at b e ank F s B s e e w e R d R a r r e i n e v e v t - r - e k h e a s s l C va a in u sh lt b m a B w a d n e n a o i c s t k l - e t h - i s s c 4 j p m u a D o d s a d 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 b n i a i t o d d t i e c n i s - a s l c C h c e f o a e e 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 e k r- P m U G o i S e a n r s a . e o n g n S t v n v d a s - . - t - l S v s p i t a i u s o a c n i b t l a o i e d d l t n s - i s -a v p s n a i p I t h d d r i o n i t o u r p n d c n a a s e i o s l - - , r r s - - , B r in o o g w r s - - c C o t a a a u c l p n - i t - s All Insured commercial banks: 1934—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. 20.... 14,605 1,365 5,772 61,175 10,2501,016 12,409 4,030 1,305 59,409 65 101 378 20,004 285 7,138 New York City:z 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. 20... 3,949 104 62 15,309 2,996 914 4,296 293 494 15,614 11 8 18 1,065 164 1,995 Chicago:* 1934—Dec. 31... 415 40 207 1,189 445 2 46 182 23 1,073 1 381 226 1937—Dec. 31... 596 27 179 1,438 528 5 65 207 23 1,354 8 445 255 1940—Dec. 31... 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 1941—Dec. 31... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31... 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31... 821 38 158 3,050 972 14 713 174 44 3,097 2 i 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. 20... 892 45 144 3,289 1,092 16 900 162 34 3,324 1 631 353 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 '""l 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. 20... 5,836 470 1,874 21,735 5,094 78 4,260 1,615 416 21,456 33 38 179 8,028 '"'76' 2,395 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. 20... 3,927 745 3,693 20,842 1,068 8 2,952 1,959 361 19,014 21 56 181 10,279 51 2,395 Insured nonmember com- • mercial 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—r>ec 31 199 1,329 2,879 83 3 20 535 47 2,357 14 31 106 3,182 15 1,032 1940—Dec 31 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31... 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31... 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Tune 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. JUNE 1945 583 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 Total mer- Date or month i m n lo a v e n a 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 R l s o e t a a a n l t - e s L ba o t n a o 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 r e - n - s - Notes Bonds G a u n a - r- s O r e it t c i h u e e s - r t a c u g u r r a l- i l - G U t l o i i o o g b . v S n a - t - . s . O c t s t u i h e e r - e s i- r G U t l o i i o o g . b v S n a - t . s - . O c t s t u i h e e r - e s i- r d n e e e d b s - t s - teed Total—101 Cities 1944—Apr 51,437 10,553 6,156 680 619 451 295 1,077 71 1,204 40,884 37,999 3,167 8,963 7,193 18,026 650 2,885 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 Apr. 57,271 11,039 5,989 881 755 651 350 1,041 76 1,296 46,232 43,152 1,706 11,143 7,412 22,564 327 3,080 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 May 2 57,176 11,316 5,904 1,084 810 604 384 1,047 105 1,378 45,860 42,844 1,530 10,845 7,369 22,782 318 3,016 May 9 56,995 11,220 5,829 1,132 794 593 353 1,045 85 1,389 45,775 42,748 1,339 10,832 7,350 22,906 321 3,027 May 16 57,228 11,358 5,797 1,237 830 587 362 1,044 105 1,396 45,870 42,853 1,399 10,767 7,350 22,999 338 3,017 May 23 57,482 11,546 5,790 1,446 832 581 362 1,046 100 1,389 45,936 42,897 1,218 10,774 7,357 23,209 339 3,039 New York City 1944—Apr 18,778 4,130 2,400 490 483 231 116 85 51 274 14,648 13,710 1,178 3,367 2,740 6,213 212 938 Dec 21,601 5,454 2,430 1,145 537 736 138 72 53 343 16,147 15,174 439 3,481 3,310 7,780 164 973 1945—Jan 21,500 5,140 2,454 942 547 602 144 71 60 320 16,360 15,405 843 3,346 3,340 7,713 163 955 Feb 21,019 4,798 2,437 787 588 409 146 68 63 300 16,221 15,253 664 3,348 3,290 7,878 73 968 Mar 20,631 4,574 2,372 721 582 332 141 67 59 300 16,057 15,071 575 3,823 2,665 7,940 68 986 Apr 20,277 4,392 2,301 699 580 230 146 65 64 307 15,885 14,834 423 3,710 2,612 8,032 57 1,051 Feb. 28 20,881 4,730 2,411 767 590 396 140 67 60 299 16,151 15,192 530 3,313 3,358 7,919 72 959 Mar. 7 20,799 4,668 2,391 749 572 381 141 67 72 295 16,131 15,189 630 3,864 2,696 7,927 72 942 Mar. 14 20,608 4,634 2,385 755 572 353 141 67 60 301 15,974 15,031 562 3,828 2,658 7,915 68 943 Mar. 21 20,594 4,530 2,365 719 580 309 142 67 50 298 16,064 15,049 582 3,819 2,655 7,929 64 1,015 Mar. 28.... 20,524 4,463 2,346 660 606 284 142 66 55 304 16,061 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 16,165 15,111 674 3,773 2,599 8,000 65 1,054 Apr. 11. . . . 20,260 4,303 2,311 620 561 239 143 65 55 309 15,957 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 15,621 14,586 234 3,632 2,601 8,069 50 1,035 May 2... . 20,262 4,687 2,267 922 621 200 177 66 90 344 15,575 14,585 277 3,532 2,579 8,147 50 990 May 9 20,162 4,612 2,219 959 606 196 151 66 69 346 15,550 14,547 161 3,525 2,595 8,214 52 1,003 May 16 20,278 4,744 2,207 1,049 640 191 159 65 88 345 15,534 14,535 155 3,475 2,600 8,245 60 999 May 23 20,505 4,926 2,201 1,249 639 184 161 65 79 348 15,579 14,559 117 3,413 2,596 8,386 47 1,020 Outside New York City 1944—Apr 32,659 6,423 3,756 190 136 220 179 992 20 930 26,236 24,289 1,989 5,596 4,453 11,813 438 1,947 Dec 37,835 7,487 4,024 303 176 783 203 986 26 986 30,348 28,420 1,838 6,791 5,854 13,487 450 1,928 1945—Jan 38,090 7,216 3,951 254 179 634 213 982 17 986 30,874 28,940 1,970 6,662 5,898 13,960 450 1,934 Feb 37,777 6,970 3,883 204 175 520 208 979 13 988 30,807 28,821 1,725 6,724 5,859 14,226 287 1,986 Mar 37,481 6,776 3,785 179 169 468 205 975 9 986 30,705 28,708 1,658 7,626 4,783 14,366 275 1,997 Apr 36,994 6,647 3,688 182 175 421 204 976 12 989 30,347 28,318 1,283 7,433 4,800 14,532 270 2,029 Feb.28 37,620 6,904 3,840 197 183 503 206 977 11 987 30,716 28,720 1,610 6,681 5,848 14,296 285 1,996 Mar. 7 37,625 6,849 3,807 202 173 483 206 977 10 991 30,776 28,788 1,720 7,691 4,782 14,314 281 1,988 Mar. 14 37,547 6,785 3,801 169 164 471 205 975 10 990 30,762 28,768 1,676 7,670 4,774 14,371 277 1,994 Mar. 21 37,477 6,754 3,790 170 168 461 205 974 7 979 30,723 28,724j 1,678 7,613 4,775 14,385 273 1,999 Mar. 28 37,273 6,717 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 6,674 3,706 192 176 417 205 978 11 989 30,453 28,433 1,354 7,477 4,806 14,527 269 2,020 Apr. 18.... 37,063 6,626 3,677 176 176 415 203 976 12 991 30,437 28,399 1,343 7,406 4,785 14,594 271 2,038 Apr. 25.... 36,913 6,607 3,654 183 176 409 205 975 15 990 30,306 28,268 1,263 7,341 4,787 14,609 268 2,038 May 2 36,914 6,629 3,637 162 189 404 207 981 15 1,034 30,285 28,259 1,253 7,313 4,790 14,635 268 2,026 May 9 36,833 6,608 3,610 173 188 397 202 979 16 1,043 30,225 28,201 1,178 7,307 4,755 14,692 269 2,024 May 16 36,950 6,614 3,590 188 190 396 203 979 17 1,051 30,336 28,318 1,244 7,292 4,750 14,754 278 2,018 May 23 36,977 6,620 3,589 197 193 397 201 981 21 1,041 30,357 28,338 1,101 7,361 4,761 14,823 292 2,019 Back figures .See Banking and Monetary Statistics, pp. 127-227. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n a e t v d k h - l e - s v C a i a n u s l h t m b a w a n d e n i o s c t k - t e h i s s c j p m u o a d s a d s t e n e i - - t d d s 1 s p u p n v c h a o a a o e i n i r d l r p r r d s a - t - - s , - - , S p s d s a t i i o u i c a n o v l a b t d n i i e l - t s - - s c C c h o e a f e e e f i t n e f r r c c d i d s t . - k i ' - s m U G e e r . o n n v S t - - . s p p u h a n v c o a a n o i e i r r p d l d r r a t s - - - s - - , , S s p d s a i t i o i u c o a n v l a b t n d i i e l - t - s - s P m U G S o a i e n a s n o r e . g v n t S d n v a s - - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t c a a n - l p ts - B d i e a t b s n - 2 k tions tions Total 101 Cities 1944—Apr 8,659 547 2,034 33,853 33,936 1,848 779 8,651 6,370 128 56 8,102 40 869 83 4,356 51,766 Dec 9,394 647 2,289 35,459 35,922 1,742 925 12,992 7,473 113 45 9,550 35 883 242 4,532 73,623 1945—Jan 9,340 585 2,260 35,506 35,842 1,777 987 12,941 7,643 113 46 9,419 33 904 141 4,617 65,627 Feb 9,448 567 2,141 36,493 36,772 1,904 933 11,290 7,812 123 45 8,917 34 939 247 4,662 55,440 Mar 9,643 596 2,152 37,429 37,523 1,977 817 9,498 7,982 124 44 9,061 40 937 234 4,683 64,932 Apr 9,806 578 2,130 38,231 38,202 2,096 853 7,690 8,109 104 44 9,035 46 955 327 4,718 57,545 Feb. 28 9,560 565 2,164 37,018 37,347 1,939 905 10,523 7,883 125 44 8,883 32 951 288 4,676 12,978 Mar. 7 9,551 564 2,121 37,149 37,168 1,923 798 9,942 7,936 125 44 9,065 34 945 310 4,682 14,365 Mar. 14 9,725 619 2,218 37,635 38,158 1,921 835 9,481 7,956 125 44 9,195 42 930 203 4,676 13,955 Mar. 21 9,753 594 2,159 37,585 37,569 1,986 807 9,345 8,011 123 44 9,082 41 936 206 4,687 14,501 Mar. 28 9,543 607 2,110 37,347 37,198 2,077 829 9,222 8,028 125 44 8,902 42 938 215 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 44 938 237 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 42 953 283 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 48 957 335 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 48 972 452 4,725 13,331 May 2 9,997 567 2,138 39,147 38,907 2,289 990 6,484 8,190 108 44 9,110 47 976 531 4,741 15,179 May 9 10,077 566 2,115 39,490 39,044 2,271 795 5,898 8,240 107 44 9,160 48 995 472 4,747 13,199 May 16 10,254 587 2,230 39,900 40,006 2,239 842 5,792 8,285 110 44 9,408 47 1,013 429 4,746 15,097 May 23 10,216 605 2,123 40,516 40,153 2,308 1,019 5,343 8,298 109 44 9,148 48 1,017 635 4,754 14,986 New York City 1944—Apr 3,257 89 32 12,611 12,965 187 457 3,552 769 19 6 2,609 1 787 56 1,716 21,284 Dec 3,342 107 28 12,809 13,240 202 530 5,578 884 17 7 2,963 1 798 182 1,768 33,064 1945—Jan 3,345 91 26 12,768 13,219 172 590 5,543 899 18 7 2,985 1 817 69 1,792 30,826 Feb 3,443 92 26 13,241 13,631 240 574 4,745 922 18 7 2,850 1 849 99 1,805 25,416 Mar 3,540 95 32 13,681 14,026 235 442 3,929 952 19 7 2,859 1 844 130 1,806 28,924 Apr 3,619 *95 42 14,121 14,485 233 471 3,163 966 18 8 2,869 1 857 131 1,816 25,115 Feb. 28 3,509 88 24 13,434 13,862 239 529 4,390 928 18 7 2,888 1 861 128 1,811 5,474 Mar. 7 . 3,497 92 21 13,521 13,873 213 456 4,131 933 19 7 2,911 1 855 172 1,809 6,638 Mar. 14 3,523 98 25 13,679 14,142 209 455 3,930 939 19 7 2,891 1 837 95 1,806 6,368 Mar. 21 3,530 92 28 13,691 13,968 271 399 3,856 968 18 8 2,844 1 841 119 1,807 6,116 Mar. 28 3,610 98 51 13,831 14,122 246 456 3,799 967 18 8 2,791 1 842 134 1,803 6,593 Apr. 4 3,541 92 80 13,910 14,262 214 544 3,639 958 18 8 2,823 1 841 96 1,815 6,419 Apr. 11 3,618 98 35 13,983 14,338 214 449 3,289 963 18 8 2,908 1 858 92 1,817 5,827 Apr. 18 3,629 95 27 14,183 14,630 249 446 3,003 968 18 8 2,921 1 857 113 1,818 5,848 Apr. 25 3,689 93 27 14,411 14,710 256 446 2,721 973 18 8 2,822 1 871 223 1,816 5,781 May 2 3,797 84 24 14,505 14,837 313 583 2,581 987 19 8 2,941 1 873 339 1,826 6,674 May 9 3,767 92 21 14,699 14,969 277 437 2,336 989 19 8 2,934 1 895 241 1,828 6,183 May 16 3,843 91 30 14,938 15,277 282 488 2,287 998 19 8 2,973 1 910 199 1,827 7,024 May 23 3,856 92 24 15,359 15,597 279 679 2,054 995 19 8 2,877 1 914 338 1,828 6,868 Outside New York City 1944—Apr. 5,402 458 2,002 21,242 20,971 1,661 322 5,099 5,601 109 50 5,493 39 82 27 2,640 30,482 Dec. .. 6,052 540 2,261 22,650 22,682 1,540 395 7,414 6,589 96 38 6,587 34 85 60 2,764 40,559 1945—Jan 5,995 494 2,234 22,738 22,623 1,605 397 7,398 6,744 95 39 6,434 32 87 72 2,825 34,801 Feb... 6,005 475 2,115 23,252 23,141 1,664 359 6,545 6,890 105 38 6,067 33 90 148 2,857 30,024 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 Apr 6,187 483 2,088 24,110 23,717 1,863 382 4,527 7,143 86 36 6,166 45 98 196 2,902 32,430 Feb. 28 6,051 477 2,140 23,584 23,485 1,700 376 6,133 6,955 107 37 5,995 31 90 160 2,865 7,504 Mar. 7 6,054 472 2,100 23,628 23,295 1,710 342 5,811 7,003 106 37 6,154 33 90 138 2,873 7,727 Mar. 14 6,202 521 2,193 23,956 24,016 1,712 380 5,551 7,017 106 37 6,304 41 93 108 2,870 7,587 Mar. 21 6,223 502 2,131 23,894 23,601 1,715 408 5,489 7,043 105 36 6,238 40 95 87 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 41 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 43 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 41 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 47 100 222 2,903 7,817 Apr. 25 6,244 501 2,094 24,688 24,192 1,927 374 3,965 7,190 88 36 6,053 47 101 229 2,909 7,550 May 2 6,200 483 2,114 24,642 24,070 1,976 407 3,903 7,203 89 36 6,169 46 103 192 2,915 8,505 May 9 6,310 474 2,094 24,791 24,075 1,994 358 3,562 7,251 88 36 6,226 47 100 231 2,919 7,016 May 16 6,411 496 2,200 24,962 24,729 1,957 354 3,505 7,287 91 36 6,435 46 103 230 2,919 8,073 May 23 6,360 513 2,099 25,157 24,556 2,029 340 3,289 7,303 90 36 6,271 47 103 297 2,926 8,118 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. JUNE 1945 585 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 e i n n s n d - t t - s Total t d a r i u n i n s a d - - l, U T .S o . others e R l s o t e a a a n t l e s - L ba o t n a o k n s s O lo t a h n e s r Total Total Bills D c i a o e n r t f - t e if s i- Notes Bonds G a u n a - r- r O s it e t i c h e u e s - r agri- Govt.Other debt- teed cul- obli- secu- edtural ga- rities ness tions Boston Apr. 25 2,960 651 396 29 24 12 16 64 102 2,309 2,235 94 618 299 1,218 74 May 2 2,938 638 389 19 22 12 16 64 109 2,300 2,228 95 616 298 1,217 72 May 9 2,929 636 385 20 24 12 15 64 109 2,293 2,219 86 609 295 1,227 74 May 16 2,916 655 383 38 23 13 15 64 110 2,261 2,186 64 595 297 1,228 75 May 23 2,901 660 388 39 22 12 15 64 109 2,241 2,166 43 584 295 1,242 75 New York* Apr. 25 22,168 4,854 2,430 867 576 233 168 140 368 17,314 16,207 305 4,009 2,844 8,988 1,107 May 2 22,272 5,019 2,415 926 626 220 197 141 404 17,253 16,192 331 3,904 2,825 9,066 1,061 May 9 22,182 4,944 2,364 967 612 214 171 141 406 17,238 16,160 227 3,895 2,835 9,135 1,078 May 16 22,300 5,078 2,352 1,056 647 210 180 140 405 17,222 16,14( 212 3,846 2,841 9,174 1,073 May 23 22,551 5,253 2,346 1,250 645 203 182 140 408 17,298 16,203 169 3,805 2,839 9,322 1,095 Philadelphia Apr. 25 2,380 411 206 36 5 10 34 114 1,969 1,791 91 305 260 1,081 178 May 2 2,387 412 205 34 5 10 33 120 1,975 1,799 108 297 260 1,080 176 May 9 2,391 410 202 34 5 10 33 121 1,981 1,805 113 298 271 1,069 176 May 16 2,370 416 205 35 5 10 33 121 1,954 1,77 91 290 282 1,060 177 May 23 2,383 418 202 39 5 10 33 122 1,965 1,790 95 286 1,064 175 Cleveland Apr. 25 4,651 838 380 21 89 16 154 126 3,813 3,572 97 909 591 1,965 241 May 2 4,670 837 380 22 89 16 154 126 3,833 3,592 108 919 589 1,966 241 May 9 4,643 831 378 22 85 15 154 127 3,812 3,570 69 929 589 1,973 242 May 16 4,667 828 375 21 85 15 154 127 3,839 3,594 91 913 589 1,990 245 May 23 4,683 827 375 19 85 15 153 126 3,856 3,611 85 925 586 2,005 245 Richmond Apr. 25 1,872 28: 128 5 29 9 46 58 1,591 1,532 82 318 25: 867 59 May 2 1,867 282 127 5 29 9 46 59 1,585 1,526 73 315 25: 873 59 May 9 1,881 282 125 5 30 9 45 60 1,599 1,539 85 315 249 877 60 May 16 1,882 28 123 5 31 10 45 59 1,60: 1,541 84 322 249 877 60 May 23 1,874 28: 122 5 32 9 46 59 1,593 1,533 65 329 248 883 60 Atlanta Apr. 25 1,821 32 184 30 7 26 64 1,500 1,369 48 359 296 660 131 May 2 1,816 322 185 29 7 25 67 1,494 1,362 36 366 300 654 132 May 9 1,823 32C 185 29 7 25 64 1,503 1,370 37 362 298 667 133 May 16 1,826 32C 184 29 7 25 65 1,506 1,372 45 363 297 661 134 May 23 1,841 320 183 28 7 25 68 1,521 1,386 48 364 290 678 135 Chicago* Apr. 25 8,570 1.45C 914 121 58 136 118 7,11' 6,556 374 1,859 1,05: 3,234 558 May 2 8,631 1.48C 909 114 57 147 132 7,15 6,595 405 1,842 1,051 3,260 556 May 9 8,540 1,463 895 112 58 146 132 7,077 6,532 346 1,843 1,024 3,281 545 May 16 8,606 1,452 891 109 59 143 131 7,154 6,62' 420 1,847 1,006 3,308 525 May 23 8,566 1,467 896 105 58 143 130 7,099 6,577 331 1,868 1,00" 3,316 522 St. Louis Apr. 25 1,829 42 232 19 12 66 84 1,408 1,286 38 306 259 670 122 May 2 1,832 42' 229 19 13 66 91 1,405 1,284 37 303 259 672 121 May 9 1,839 42i 227 19 12 66 93 1,413 1,291 45 297 260 676 122 May 16 1,841 422 223 19 12 66 92 1,41" 1,29! 45 297 259 681 124 May 23.. 1,846 411 219 20 12 66 91 1,427 1,303 53 300 261 676 124 Minneapolis Apr. 25 1,098 19< 115 6 23 45 902 857 7 199 163 485 45 May 2 1,104 19' 113 6 23 50 905 860 10 199 16: 486 45 May 9 1,103 19< 110 6 23 50 90' 862 10 200 162 487 45 May 16 1,103 19i 111 6 23 49 907 86 6 193 162 497 46 May 23 1,100 18! 107 6 22 47 911 864 4 198 162 497 47 Kansas City Apr. 25 1,978 33. 211 15 37 57 1,645 1,515 73 387 318 713 130 May 2 1,990 32? 206 16 37 57 1,662 1,531 85 385 319 718 131 May 9 2,007 33 208 16 37 57 1,676 1,545 92 390 319 720 131 May 16 2,032 332 208 16 38 58 1,700 1,569 98 397 327 722 131 May 23 2,042 33 207 16 38 58 1,~" 1,580 86 403 348 719 131 Dallas Apr. 25 1,666 395 263 28 22 60 1,267 1,220 62 389 223 536 47 May 2 1,671 40. 266 29 22 60 1,268 1,220 60 390 226 534 48 May 9 1,673 40/ 268 29 22 61 1,266 1,218 58 390 221 539 48 May 16 1,677 409 260 29 23 70 1,268 1,220 60 391 218 541 48 May 23 1,675 405 266 29 23 61 1,270 1,222 59 392 213 548 48 San Francisco Apr. 25 6,065 97C 479 36 292 103 5,095 4,71 226 1,315 831 2,261 381 May 2 5,998 969 480 36 289 103 5,029 4,655 182 1,309 828 2,256 374 May 9 5,984 97. 482 36 289 109 5,010 4,637 171 1,304 827 2,255 373 May 16 6,008 969 482 35 290 109 5,039 4,660 183 1,313 823 2,260 379 May 23 6,020 976 479 40 293 110 5,044 4,662 180 1,320 822 2,259 382 City of Chicago* Apr. 25 5,118 98; 679 68 27 61 4,133 3,760 314 1,046 593 1,803 373 May 2 5,103 999 675 61 27 73 4,104 3,732 290 1,031 593 1,814 372 May 9 5,073 984 662 60 27 74 4, """ 3,726 288 1,033 594 1,806 363 May 16 5,085 978 658 58 24 73 4,107 3,764 313 1,026 594 1,826 343 May 23 5,037 993 663 56 24 73 4,044 3,704 224 1,042 592 1,829 340 * 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. 586 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 d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R a e e r i n r e a t d v - h k l - e s C - i a a n s u h lt m b a w n a d e o c n i s t - e k t h i s s c p m u o a d s a e d s t n e - i - t d d s s u p p v h n c a a a o i i e o n d p l r r r r s d t - a - s - , - , - p d s s t a i o i u a i c n o v l b t a i d n e i - t l - s - s C : c h • o a f e e e e i f n e f t r r c c i d t s d k - i . ' - s U m G e . r o e S n v n . - - t s p u p v h n c a a a o i i o e n r l d p r r r s d t a - s - - - , - , S p d s a t i o u i a c n v b l t a d i i e - l t - s - P U m G S i e o a n . a r o e n s g n v v n t S d s a - - - t . l m D a e n b - d ank T s ime b e F a i o g n r n k - s B r i o n o w g r s - - :o C i a t u a c a p n - l - ts d B i e t a b s n - 2 k , tions tions Boston (6 cities) Apr. 25 460 66 109 2,190 2,158 119 463 365 288 20 276 628 May 2 469 64 117 2,203 2,183 117 438 368 304 20 277 704 May 9 468 64 105 2,217 2,181 115 395 370 308 19 277 570 May 16 477 67 114 2,218 2,215 113 383 371 315 20 277 657 May 23 466 69 114 2,230 2,210 111 346 372 310 21 278 751 New York (8 cities) Apr. 25 3,943 127 108 15,817 15,903 501 ,911 1,535 2,888 873 ,965 i, 135 May 2 4,050 116 111 15,906 16,041 549 615 ,770 1,551 3,010 876 ,976 ',136 May 9 4,015 125 110 16,111 16,165 518 469 ,510 1,556 3,002 897 ,978 >,571 May 16 4,099 124 120 16,366 16,513 531 515 :,458 1,567 3,045 912 ,977 7,415 May 23 4,127 126 107 16,828 16,819 562 706 2,214 1,565 2,947 916 ,978 7,235 Philadelphia (4 cities) Apr. 25 431 31 75 1,852 1,853 100 23 280 197 344 243 584 May 2 433 29 84 1,883 I,!"" 98 19 272 198 348 243 619 May 9 443 28 77 1,917 1,1 111 20 246 199 337 244 499 M M a a y y 2 1 3 6 4 4 4 4 9 6 3 3 0 0 8 7 8 8 1 1 , , 9 9 0 3 4 4 1 1 , , 9 9 2 3 8 0 1 9 0 7 4 1 1 2 8 2 2 3 4 1 3 1 1 9 9 9 9 3 33 5 5 2 2 24 4 5 4 5 5 8 6 7 8 Cleveland (10 cities) Apr. 25 771 76 189 3,182 3,211 139 42 413 1,080 503 461 835 May 2 763 73 199 3,167 3,198 137 40 442 1,085 521 461 994 May 9 787 71 194 3,176 3,181 144 39 402 1,090 520 462 796 May 16 788 75 203 3,197 3,267 145 47 396 1,093 548 462 914 May 23 798 78 194 3,245 3,265 146 42 368 1,095 525 462 911 Richmond (12 cities) Apr. 25 308 38 145 1,246 1,229 90 19 242 303 374 124 361 May 2 308 35 155 1,248 1,232 94 22 228 305 381 124 395 May 9 312 35 148 1,280 1,252 94 18 208 307 387 124 358 May 16 326 37 150 1,29: 1,289 93 21 203 307 400 124 387 May 23 326 38 151 1,313 1,271 114 22 184 308 393 125 371 Atlanta (8 cities) Apr. 25 347 29 144 1,257 1,172 179 11 136 355 482 119 340 May 2 351 28 141 1,233 1,153 183 9 134 357 494 119 375 May 9 355 26 139 1,252 1,169 181 10 125 360 496 119 322 May 16 357 28 152 1,270 1,200 182 10 122 362 499 119 371 May 23 349 30 129 1,276 1,194 176 13 111 362 488 120 419 Chicago (12 cities) Apr. 25 ,512 101 392 5,940 5,761 486 76 977 1,614 1,465 556 1,955 May 2 ,475 100 381 5,923 5,689 516 100 951 1,617 1,495 2,431 May 9 ,520 97 381 5,937 5,678 517 72 868 1,629 1,494 1,765 May 16 ,519 101 400 5,938 5,816 495 69 863 1,636 1,573 2,235 May 23 ,514 104 384 5,988 5,796 504 63 798 1,642 1,512 560 2,095 St. Louis (5 cities) Apr. 25 329 21 109 1,115 1,156 65 11 162 297 562 127 372 May 2 320 20 111 1,082 1,118 64 13 179 299 575 127 423 May 9 326 20 110 1,109 1,140 68 11 164 300 576 127 339 May 16 339 20 108 1,122 1,178 68 11 162 302 580 126 376 May 23 331 22 102 1,091 1,126 64 12 175 302 572 127 416 Minneapolis (8 cities) Apr. 25 17 11 73 677 646 84 9 151 180 253 82 211 May 2 183 10 78 685 647 90 11 142 181 267 82 232 May 9 185 10 78 695 653 88 10 128 182 271 82 223 May 16 188 11 81 704 671 10 123 182 269 82 237 May 23 188 11 77 694 659 10 116 183 271 82 247 Kansas City (12 cities Apr. 25 425 24 276 1,339 1,325 145 20 173 247 798 137 465 May 2 416 23 285 1,344 1,324 148 22 170 248 819 138 444 May 9 423 23 298 1,371 1,337 143 21 154 250 836 138 414 May 16 434 23 310 1,394 1,387 143 23 158 251 860 138 477 May 23 424 25 282 1,378 1,354 147 19 153 251 853 139 439 Dallas (9 cities) Apr. 25 338 25 233 1,263 1,275 72 24 154 226 502 122 366 May 2 342 24 220 1,269 1,257 82 24 147 227 496 122 352 May 9 350 23 223 1,275 1,265 79 20 135 229 513 122 310 May 16 373 23 243 1,305 1,314 75 20 133 230 531 122 350 May 23 351 25 244 1,296 1,295 76 20 130 230 520 123 382 San Francisco (7 cities) Apr. 25 45 268 3,221 3,213 203 79 624 1,764 416 513 1,079 May 2 4. 256 3,204 3,177 211 82 611 1,754 400 513 1,074 May 9 893 44 252 3,150 3,135 213 75 563 1,768 420 514 1,032 May 16 905 48 261 3,190 3,228 209 68 548 1,785 436 515 1,091 May 23 896 47 261 3,243 3,234 216 70 517 1,789 422 515 1,102 City of Chicago* Apr. 25 925 44 178 3,550 3,532 203 41 635 659 1,047 354 1,165 May 2 921 45 174 3,533 3,493 236 44 617 659 1,063 356 1,532 May 9 939 44 174 3,571 3,492 232 40 559 664 1,062 356.1,106 May 16 950 45 177 3,553 3,591 209 34 546 668 1,122 356 1,350 May 23 963 45 176 3,611 3,597 222 29 497 670 1,076 357 1,287 * 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. JUNE 1945 587 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 out- out- Imports Exports shipped between standing standing Total O bi w lls n b B ou il g ls ht Others2 U S i n t n a i t t t o e e d s U S f n t r a o i t t m e e s d ex D c o h l a l n ar ge Unite p d oints F in oreign States countries s 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 8 30 May 151 113 90 49 41 24 71 10 28 June 137 112 44 43 25 74 11 8 24 July 143 110 46 41 23 72 12 (3) 24 August 141 110 82 44 38 28 75 10 22 September 141 111 85 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 (3J 25 February 157 126 97 52 46 29 87 12 (f) 24 March 147 128 96 54 42 32 87 11 25 April 119 117 90 52 38 26 81 10 24 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' bal D an e c b e i s t m in bal D an e c b e i s t in Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances ba ( d n l e a e b n t i ) c t 1 es a in n p a v d a c e r c t s t o r n t a u m e d n r e i t s n s n ' g t a in n a v d c e c f t i s o r r t m u a m n d e t i s 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 e e t) r i a I n n n a v d c p e c t a s o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c I d e n c s t f o r t i u m a rm n d 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 IS 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—May e79O e55O e400 June 887 5 253 196 619 424 95 15 ii 216 July e940 e660 e420 August e940 e630 e410 September e940 e640 *420 October e950 e670 e430 November ^40 e640 e430 December 1,041 7 260 209 726 472 96 18 8 227 • 1945—January «l,070 e73O e530 February «l,100 e73O e540 March 3l,034 3722 3553 April 31,065 3701 3575 * Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' ownr2 p a In rt c n lu e d rs e . s money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 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. 588 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 r k , , or m m 4 p P - c o e a r o r n t i p m o c m t e i h - r 6 a e , s l - i a b a P d c n a e r c a 9 r i c n e y s m 0 e k ' p s s - e l t , - c S h l n c a e t o r a e o a l e x a n w - c l - n l g k - e m G b o i 3 o l n - l v s t e h 3 rnm d 9 c m - e o e c e b f r o t a n o t t t n t i i e e f n t d s 1 i h s - - 2 - e - cu 3 t r a n - y i x o t t e o i a t e a e b s r s 5 l - e 1936 average1 1 T 9 2 o . c 6 t i a 8 ti l es Y N C 1 o . e i 7 t w r 2 y k 7 e E N r c a 3 n o O i s . t 0 r i t t a t e e 4 h h n s r e - n d r 1 W e 1 r c 3 n e S i . s t 4 o i a t e 0 u e n s r t d n hness 1937 average1. „ ,....... 2.59 1.73 2.88 3.25 1938 average1.... „....... .„ 2.53 1.69 2.75 3.26 1 1 1 9 9 9 4 4 4 2 3 4 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 '"" . . 7 is 9 " 1 1 1 . . . 4 3 3 6 4 3 1 1 1 9 9 94 3 4 1 0 9 a a a v v v e e e r r r a a a g g g e e e . ... „.......... .„..... 2 2 2 . . . 7 6 5 8 3 4 2 2 1 . . . 0 0 9 7 4 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 3 5 1 8 1 9 1944—May .75 .44 1.00 .375 .77 1.35 1942 average.... 2.61 2.07 2.58 3.26 J J u u n ly e . . 7 7 5 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 9 7 1 1. . 3 3 1 4 1 1 9 9 4 4 3 4 a a v v e e r r a a g g e e ......... 2 2 . . 7 5 2 9 2 2 . . 1 3 1 0 2 2 . . 8 6 0 8 3 3. . 0 1 2 3 A O N D Se c o u e p t c v g o e t e u b e m m s e m t b r b e b e r r er.... . . . . . 7 7 7 7 7 5 5 5 5 5 . . . . . 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 5 5 5 5 5 . . . . . 7 7 8 8 8 9 6 0 0 1 1 1 1 1 1 . . . . . 3 3 3 3 3 5 1 4 0 5 1 1 9 94 4 1 0 — — D J M S u e e n a c p e r e t c e m h m b b e e r r .... 2 2 2 2 . . . . 5 6 5 5 9 8 8 5 2 2 2 1 . . . . 1 9 0 0 4 0 6 5 2 2 2 2 . . . . 5 5 5 5 6 3 8 3 3 3 3 3 . . . . 4 3 2 2 3 6 5 3 September 2.60 1.98 2.62 3.29 1945—January .75 .44 1.00 .375 .78 1.31 December .. 2.41 1.88 2.45 2.99 February .75 .44 1.00 .375 .77 1.22 1942—March 2.48 1.85 2.48 3.20 A M M p a a r y r i c l h . . . 7 7 7 5 5 5 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 7 7 8 7 8 0 1 1 1 . . . 1 1 1 4 6 8 J D S u e e n p c e t e e m m b b e e r r . . . 2 2 2 . . . 7 6 6 0 2 3 2 2 2 . . . 0 0 2 7 9 8 2 2 2 . . . 6 5 6 6 6 3 3 3 3 . . . 3 2 2 4 5 6 Week ending: 1943—March 2.76 2.36 2.76 3.24 Apr.28 7A 1.00 .375 .79 1.14 June 3.00 2.70 2.98 3.38 May 5 % 1.00 .375 .79 1.14 September.. 2.48 2.05 2.71 2.73 May 12 7A 1.00 .375 .79 1.16 December.. 2.65 2.10 2.76 3.17 May 19 1.00 .375 .80 1.17 May 26 I 1.00 .375 .81 1.17 1944—March 2.63 2.10 2.75 3.12 June 2.63 2.23 2.55 3.18 1 Monthly figures are averages of weekly prevailing rates. September.. 2.69 2.18 2.82 3.14 2 The average rate on 90-day stock exchange time loans was 1.25 per December.. 2.39 1.93 2.61 2.65 cent during the entire period. 3 Rate on new issues offered within period. 1945—March 2.53 1.99 2.73 2.91 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. l Prior to*March 1939 figures were reported monthly on a basis not strictly 448-459, and the BULLETIN for May 1945, pp. 483-490. comparable with the current quarterly series. Back figures—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND 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- (highex ta e x m - pt y 7 e t a o r s 9 15 o a v y n e e d r ars grade)2 grade)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 1-7 15 5 120 30 30 30 30 40 40 40 1942 average 2.09 1.93 2.46 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average 1.92 1.94 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944—May. 1.94 1.95 2.49 1.86 2.58 3.06 2.73 2.81 3.07 3.63 2.81 3.41 2.97 June 1.91 1.95 2.49 1.87 2.58 3.05 2.73 2.81 3.07 3.59 2.79 3.40 2.96 July 1.89 1.95 2.49 1.84 2.59 3.04 2.72 2.80 3.05 3.57 2.79 3.37 2.95 August 1.90 1.93 2.48 1.82 2.57 3.02 2.71 2.79 3.04 3.55 2.79 3.34 2.94 September 1.93 1.92 2.47 1.83 2.55 3.03 2.72 2.79 3.05 3.56 2.79 3.35 2.94 October 1.93 1.93 2.48 1.87 2.55 3.02 2.72 2.81 3.01 3.55 2.79 3.32 2.96 November 1.90 1.92 2.48 1.88 2.61 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 December 1.87 1.93 2.48 1.87 2.59 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 1945—January 1.81 1.89 2.44 1.81 2.58 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 May 1.68 1.57 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 Week ending: Apr. 28 1.68 1.60 2.39 1.54 2.49 2.90 2.61 2.73 2.90 3.35 2.69 3.06 2.94 May 5 1.68 1.56 2.39 1.54 2.51 2.89 2.61 2.73 2.89 3.33 2.68 3.05 2.94 May 12 1.69 1.56 2.40 1.54 2.52 2.89 2.61 2.73 2.88 3.33 2.68 3.05 2.94 May 19 1.69 1.59 2.39 1.59 2.54 2.89 2.62 2.72 2.88 3.33 2.69 3.05 2.93 May 26 1.68 1.58 2.38 1.63 2.54 2.88 2.62 2.71 2.88 3.32 2.69 3.05 2.92 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 the BULLETIN for May 1945, pp. 483-490. JUNE 1945 589 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 trading7 Year, month, or week m u Ge e r . on 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 - Tot M al ediu In m d - u a s n - d lo R w ai e l 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 [ s i s n a h n a t d h r s e o s o u ) f trial road utility Number of issues. 1-7 15 15 50 10 20 20 15 15 402 354 20 28 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1944—May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 88 730 June 100.16 135.5 120.9 114.5 121.5 106.2 115.9 61.2 175.8 102 104 101 90 1,598 July 100.19 136.1 121.3 114.7 121.1 106.8 116.3 61.3 177.6 104 107 105 91 1,283 August 100.35 136.5 121.2 114.8 120.9 107.3 116.2 57.3 176.9 103 105 103 92 872 September. 100.40 136.2 121.2 114.5 120.1 107.0 116.5 55.5 177.4 101 103 99 91 738 October... 100.29 135.5 121.1 115.5 119.9 109.6 116.9 59.1 177.4 104 106 103 93 776 November.. 100.26 135.2 120.9 115.9 119.9 110.9 116.7 61.2 178.5 103 105 105 92 850 December.. 100.34 135.5 121.4 116.9 120.7 113.2 116.8 65.8 180.9 105 106 114 92 1,421 1945—January... 100.97 136.6 121.6 117.3 121.2 113.7 117.0 68.6 183.3 108 110 121 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 May 101.74 141.3 122.3 117.9 122.1 115.0 116.5 77.5 191.2 118 120 135 101 1,357 Week ending: 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 May 5 . 101.71 142.2 122.7 118.0 122.3 115.2 116.4 77.4 192.3 118 120 133 100 1,443 May 12.. 101.65 142.2 122.3 117.9 122.1 115.2 116.5 77.8 192.3 118 121 132 101 1,511 May 19.. 101.66 141.2 122.2 117.8 121.9 115.0 116.5 77.3 190.8 118 120 134 101 1,245 May 26.. 101.87 140.3 122.2 117.9 122.2 114.8 116.6 77.2 190.2 117 119 133 101 1,186 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 the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] ]For new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e a f i e o n g s r d n - ti ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o n t d e d r s a s te Stocks F ei o g r n - 2 m e a f e i o g n s 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 1942 2,114 1,075 1,075 342 108 624 506 118 1 039 1 039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,153 923 906 235 45 627 404 223 17 3,230 3,215 404 388 2,423 2,135 288 15 1944—April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 6 May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 June 213 42 42 23 4 15 11 5 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 7 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September.. 478 42 42 13 29 15 14 436 436 6 30 401 351 50 October 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November... 480 39 39 6 '"io" 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 April 769 138 136 19 6 111 60 51 2 631 631 30 46 555 530 25 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. 590 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 Estimated Estimated Year or month pro g c r e o e s d s s£ pro n c e e t eds3 New money Retirement of securities Repay o m f ent Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n al g Total Bo n n o d t s e s and ' Pr s e t f o e c r k red other debt purposes 1934 . 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936. 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 ... 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1.170 1,147 308 141 167 739 667 72 73 27 1944 3;ou 2,956 575 224 351 2,310 1,972 338 35 37 1943—September 70 69 12 6 6 51 41 10 5 1 October 142 139 10 4 5 105 101 4 22 2 November 199 197 119 64 55 71 66 6 6 1 December 116 113 20 8 12 81 77 4 5 7 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 M Ju a n y e 1 1 4 6 8 3 1 16 4 0 6 2 2 3 3 1 8 7 1 6 5 1 11 2 7 0 1 1 0 1 3 5 1 5 3 1 3 8 i" July 192 188 60 36 24 122 109 13 6 August 229 226 57 24 33 166 147 19 3 September 438 429 27 17 10 395 357 38 1 5 October 735 722 123 9 114 590 566 24 2 7 November 347 340 24 11 13 316 207 109 December 154 152 54 4 50 96 96 1 1 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 April 643 632 102 55 47 513 501 12 14 3 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—September 4 4 49 4 41 4 16 4 10 2 ....... October 28 28 53 2 50 2 57 7 27 22 November 26 3 23 38 38 131 115 11 6 2 1 1 December 3 3 78 71 6 29 13 10 6 3 3 1944—January 8 8 61 61 81 26 53 2 February 9 9 30 30 55 40 3 12 March 29 29 140 6 134 28 14 11 4 ""2" 2" April 28 28 118 49 65 3 4 3 1 May . ... 2 2 58 58 85 19 62 4 1 1 June 45 4 41 24 23 1 58 17 22 19 33 2 31 O A T Se u c u p l t g v o t u e b s m e t r ber 1 1 2 3 3 8 1 6 4 9 2 1 1 1 2 9 0 "l 1 l 7 3 5 9 5 " 4 1 9 5 2 4 8 8 6 9 '".' 8 5 5 " 4 1 8 5 3 2 4 2 8 4 ""2" 6 5 1 1 8 8 6 0 5 6 6 9 1 3 3 1 1 4 8 3 0 7 2 7 7 0 7 5 1 ""2 5 2 1 " 6 2 ""2" 4 i " " ""2" November 52 4 48 259 4 255 29 16 11 1 1 December 82 82 10 10 18 12 5 42 "42" 1945— F J e a b n r u u a a ry ry 1 1 1 0 9 8 "l2" 1 9 1 6 9 6 6 5 0 6 6 5 0 8 2 2 7 28 9 5 1 4 6 1 1 0 8 8 7 2 6 ""s A M p a r r i c l h 360 14 346 1 1 2 3 4 7 1 2 2 1 1 2 2 5 2 1 9 2 3 0 4 6 1 4 5 5 0 5 2 1 1 4 5 1 4 2 f ""l 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. wt.Se Sonf FJSpilatioas of back figures, see Banking and Monetary Statistics (Table 138, p. 49!), a publication of the Board of Governors. 591 JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS *•• [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o e d 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 t a e r u o h n t n n i e a s p t r - - - f m p e N u a r r e c n r o 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 - s r t F o b a a o b e g n o a v d e c d e s c r s , - o , p r r a e i o O n f n d i g i d n l u - c- c I h n c tr e a d i m l a u s l s i- - O g d n o u b o t o h r l n e a d e - - s r s n c M e i e e c r l o i e v l s u a s - - - s pr N of e it t s , 1 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 .. r2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,770 226 159 209 183 138 90 151 152 164 136 161 r888 88 552 1943 1,802 r204 165 201 182 128 83 162 186 170 149 171 902 86 r556 1944 . . .. rl,889 194 174 r222 183 115 88 175 r220 187 147 183 r963 86 r611 Quarterly 1941—1 r509 86 44 79 53 39 23 36 29 49 44 r28 r285 22 150 2 r547 84 48 73 56 36 28 43 42 53 48 r33 ''295 23 165 3 r558 81 46 60 56 38 30 44 56 52 49 r44 r282 23 170 4 r549 72 55 61 62 40 32 37 46 52 46 r47 r275 24 221 1942—1 r413 52 38 46 '•646 36 19 32 35 39 39 r31 r206 21 134 2 r358 52 35 25 r643 32 18 32 27 35 27 r32 174 23 135 4 3 r r 4 5 4 5 5 4 5 7 1 2 3 4 6 9 4 9 6 2 r r6 6 5 44 1 3 3 4 6 3 2 0 2 4 4 2 4 4 4 2 9 4 4 1 8 3 3 5 5 r4 5 6 2 r r 2 2 1 9 3 6 2 2 0 3 1 1 2 5 5 8 1943—1 r431 r52 39 47 r648 34 19 39 36 r41 36 39 r209 21 127 4 2 3 r r r 4 4 4 7 6 3 7 1 3 r4 5 5 7 3 1 r r 4 4 4 1 5 1 4 5 5 9 2 3 r r r6 6 6 4 4 4 1 6 6 r3 3 3 1 2 1 2 2 2 2 0 3 ' r r • 4 4 3 3 3 7 4 4 5 2 9 8 r r 4 4 4 7 0 1 r r r 3 3 3 6 9 S r r 5 3 U 0 8 r r 2 2 2 4 2 2 7 6 1 r2 2 2 2 2 1 1 1 1 7 2 3 0 7 2 1944—1 r442 47 40 52 r650 29 20 r38 49 42 36 39 222 r21 142 4 3 2 r r r 5 4 4 1 5 7 7 6 3 r r 5 4 4 5 7 6 r3 4 5 8 0 5 r ^ 5 5 5 5 5 9 r r T 6 - - 6 6 4 4 4 6 2 6 3 2 2 0 8 8 r r 2 2 2 1 5 2 r r 4 4 4 9 5 3 ' r ' 6 5 5 4 6 2 r4 4 5 9 3 3 r3 3 3 7 7 7 r r r 4 5 5 2 2 0 r r 2 2 2 4 7 2 2 1 7 2 2 2 2 0 3 1 1 1 8 4 3 4 9 7 1945—1 471 50 39 54 647 32 21 39 62 48 39 41 '239 20 142 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 a c f o o o x m r * m e e e i . n c N om et e 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 6 re e e inc N o e m t e1 d D e i n v d i- s O re p v i e n e r 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 in N co e m t e1 d D e i n v d i- s 1939 , 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 ,.., 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 .., 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 r9,055 r2,211 r873 r217 3,464 914 502 410 1,537 374 180 168 1944 9,437 1,971 668 246 3,618 915 499 390 1,641 399 174 168 Quarterly 1941—1 1,152 96 69 28 751 209 154 (') 295 67 43 44 3 2 . . ., 1 1 , , 2 4 7 6 2 8 2 1 6 4 7 5 1 1 0 8 3 9 3 3 6 4 7 75 2 0 3 1 1 8 8 2 3 1 10 2 7 6 (7) 3 3 0 1 8 1 6 6 9 6 4 4 4 5 4 4 4 5 4 . . 1,454 166 138 87 805 200 139 321 68 46 40 1942—i ..... 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792 195 105 84 342 72 39 39 4 2,139 534 327 101 839 222 150 131 359 83 43 38 1943—1 ..,.. 2,091 r515 r214 r29 864 254 136 99 366 88 42 40 2 . 2,255 r608 r244 r52 835 221 118 100 r382 96 44 42 3 ,,„ 2,368 653 r25O r36 859 210 114 99 r391 94 45 43 4 2,340 r435 166 100 906 228 133 113 r398 96 48 r43 1944—1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—1 2,277 425 139 30 960 292 139 102 436 115 46 41 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. r Revised. 2 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 3 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 4 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. ° After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. 7 Not available. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated'.; Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures,, see pp. 214-217 of the March 1942 BULLETIN. 591 FBDERAL 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 ] Total Marketable public issues1 Nonmarketable public issues Fully Total interest- Non- guaran- End of month d g d i r e r o e b s c t s t b d e d i a e r r e b i c n t t g Totaiz Tre b a il s l u s ry in c C d a e n e t r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U v o . i n S n d . g s s T t s r a n a e x v o a i t s a n e u n s g r d s y S i p ss e u c e ia s l i b n e t d e a e r r b e in t s g t- s t b e t e e e c e r a u d e r r s i i i n t t n - i g - es 1941—Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 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 L.37O 4,225 1944—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 ,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 ,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 ,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 ,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 May 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 "3,071 1,151 1 Including amounts held by Government agencies and trust funds, which aggregated 5,281 million dollars on Mar. 31, 1945, and 5,240 million on Apr. 30, 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 on Nov. 20, 1944. 4 Including prepayments amounting to 947 million dollars on securities dated June 1,1945, sold in the Seventh War Loan, beginning on May 14, 1945. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, MAY 31, 1945 [In millions of dollars] lOn basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- month tions Issue and coupon rate Amount Issue and coupon rate Month standing Tr J e u a n s e u ry 7 b , i 1 l 9 l 4 s1 5 1,310 T D re e a c. s u 1 r 5 y , b 19 o 4 n 8 d -5 s 0 — Cont. 2 571 at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es June 14, 1945 1,316 June 15, 1949-51 2 1,014 June 21, 1945 1,303 Sept. 15, 1949-51 2 1,292 1943—Sept. 24,478 1,927 1,400 139 387 155 June 28, 1945 1,314 Dec. 15, 1949-51 2 2,098 Oct 26,056 1,708 1,340 93 275 144 July 5, 1945 1,317 Dec. 15, 1949-52 3H 491 Nov. 26,697 798 665 23 109 170 July 12, 1945 1,304 Dec. 15, 1949-53 2lA 1,786 Dec 27,363 853 728 24 101 207 July 19, 1945 1,318 Mar. 15, 1950-52 2 1,963 July 26, 1945 1,310 Sept. 15, 1950-52 2lA 1,186 1944—Jan 28,901 1,698 1,085 127 487 188 A A A A A u u u u u g g g g g . . . . . 3 2 1 0 9 3 6 2 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 5 5 5 5 1 1 1 1 1 , , , , , 3 3 3 3 3 0 0 1 1 1 7 7 4 4 3 J D S S S u e e e e n p p p c e t t t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 1 1 1 0 1 - - - - - 5 5 5 5 5 5 4 2 3 3 2 2 } % 4 2 2 3 4 7 1 1 , , , , 9 6 7 9 1 2 3 1 5 8 7 5 8 9 6 A M F M Ju e p a a n b r y r e 3 3 3 3 3 2 1 1 2 4 , , , , , 4 5 9 9 6 9 1 7 8 0 7 5 4 7 6 2 1 , , 7 8 7 7 7 8 4 3 5 0 2 2 9 1 9 2 1 , ,3 1 6 5 6 5 0 0 2 7 0 2 6 4 6 1 1 2 1 1 5 1 3 5 9 7 5 3 5 1 1 1 7 1 2 1 1 7 4 2 1 0 2 2 2 2 1 3 6 4 7 8 7 8 8 9 5 Cert, of indebtedness M De a c r . . 1 1 5 5 , , 1 1 9 9 5 5 2 1 - - 5 5 4 5 2lA 2 1,0 5 2 1 4 0 J A u u l g y 3 3 6 6 , , 5 8 3 8 8 3 2,1 6 2 0 5 2 1,6 4 8 9 7 9 10 1 1 8 3 8 3 5 8 2 2 7 2 9 7 J A u u n g e . 1 1 , , 1 1 9 9 4 4 5 5 % y8 4 2 , , 7 5 7 11 0 J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 2 2 - - 5 5 5 4 2% 2 5 1 , ,5 8 0 2 1 5 O Se c p t t 3 3 7 7 , , 6 3 4 2 5 3 6 6 9 9 5 2 5 59 9 9 1 1 1 4 6 8 8 3 5 4 2 0 8 1 3 Sept. 1,1945 Y% 3,694 Dec. 15, 1952-54 2 8,662 Nov 38,308 1,023 807 43 174 382 Oct. 1, 1945 y% 3,492 June 15, 1953-55 2 725 Dec 40,361 2,386 1,855 125 406 365 Dec. 1, 1945 ys 4,395 June 15, 1954-56 1>A 681 Feb. 1, 1946 Y% 5,043 Mar. 15, 1955-60 2Y8 2,611 1945—Jan 41,140 1,074 804 42 228 341 Mar. 1, 1946 % 4,147 Mar. 15, 1956-58 2Y2 1,449 Feb 41,698 848 653 31 164 323 M Ap a r y . 1 1, , 1 1 9 9 4 4 6 6 % yB 4 1 , ,5 8 7 1 9 1 S Se e p p t t . . 1 15 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 9 2 2 M % 3,8 9 2 8 3 2 M Ap a r r 4 4 2 2 , , 6 1 2 5 6 9 8 8 . 8 S 9 8 6 7 8 1 4 2 2 2 6 3 1 1 5 3 0 0 4 40 6 4 4 June 15, 1958-63. 2% 919 May 43,767 1,540 1,195 63 282 426 Treasury notes Dec. 15, 1960-65 2% 1,485 Dec. 15, 1945 % 531 June 15, 1962-67 2Vi 2,118 Jan. 1, 1946 90 3,416 Dec. 15, 1963-68 2XA 2,831 Mar. 15, 1946 1 1,291 June 15, 1964-69 2H 3,761 M De a c r . . 1 1 5 5 , , 1 1 9 9 4 4 7 6 1 V M /i 3 1 , ,9 2 4 6 8 1 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 2 2 M lA 3 5 . ,1 8 9 3 7 8 Maturities and amounts outstanding, May 31, 1945 S S S e e e p p p t t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 7 8 1 W \% > 2 | 2 3 1 , , , 6 7 7 8 0 4 7 7 8 P M S o e s a p t r t a . . l 1 15 5 S , , a 1 1 v 9 9 i 6 6 n 7 6 g - - 7 s 7 2 1 b onds. 2 2 2 X H ^ A 3 2 , , 4 7 1 8 1 1 1 6 7 Year of maturity All S A er - i D es Se E ries Series Se G ries. Conversion bonds 3 29 Treasury bonds Panama Canal loan — 3 50 D Se e p c. t . 1 1 5 5 , , 1 1 9 9 4 4 5 5 -47... 2 2 Y % 2 21,2 5 1 4 4 1 Total direct issues 162,652 1 1 9 9 4 4 5 6 3 1 2 3 6 3 3 1 2 3 6 3 M J J O D M u u e c a a n n c t r r e e . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 8 7 6 6 6 7 - - - - 5 - 4 5 4 5 0 8 6 9 2 . . . . . . . . . 3 3 4 % H ^ 2 3 2 1 1 , , 0 1 4 8 7 7 3 1 8 1 0 5 6 5 9 9 1 9 Gu H F a e o J V r d m u a e a n n e r r e i a t o O e l u 1 e w s H , d n 1 o 9 e s u 4 r e s s 5 c i ' - n u 4 L g r 7 o i t a A i n e d s C m V o in r / p v . . 37 3 5 4 5 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 5 5 5 7 8 9 2 1 0 5 1, , 6 0 4 4 8 9 6 8 1 8 0 9 2 2 4 9 2 1 4 4 8 9 4 8 9 1 4 0 9 1 4 3 2 5 1, , 2 0 1 8 9 2 M Ju a n r e . 1 1 5 5 , , 1 1 9 9 4 4 8 8 -51... 1 2% % 3 1 , ,2 0 2 6 3 2 Total guaranteed issues 789 1 1 9 9 5 5 3 4 1 9 3 , , 5 1 3 2 8 5 1 8 0 , , 1 1 2 8 6 1 5 2 9 1 9 6 2 1 , ,1 3 9 4 5 4 Sept. 15, 1948 2lA 451 1955 6,418 3,257 683 2,477 1956 3,607 760 2,847 1 Sold on discount basis. See table on Open-Market Money Rates, 1957 1,099 175 924 p. 589. Unclassified 82 2 Called for redemption on Sept. 15, 1945. 3 Called for redemption on June 1, 1945. Total. 43,767 3,597 27,866 2,433 9,788 593 JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 End of month s i e b n c T e t u e a o r r r i t e i t a n i s l e t g - s S i e s p a r s e n u n c m d e i s a e t l r n u t s a t g f e P i u s n u s n c u b d i e l e s i s s c R F B H e e a d s e n e e l k d 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 v u 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 b r u k t l h e e e e s t r - inv m e i s N s a a t s o r o b u k n r l e s e e - s t- 1941—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 March 233,145 17,567 5,303 19,669 190,606 77,100 8,700 20,400 34,300 50,100 l Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars] U.S. U.S. Gov- 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 e a r e r n e a d v - k l - e s m b C a e o n r m c k i s - a 1 l b M t s i a n u a n g u v a k l s - - s p I a c n a o n s n m c u i e e r - - s Other End of month s T t o i o a n u n t g t a d - l - a m e c a g r n i e e e n d n n s - t - B s F e R e a r e r e n a v d - k l e - sb C m a c o n i e m a k r l - - s b M s t i a n u a n g v u 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 trust funds funds Total:2 Treasury bonds: 1943—June 99,218 3,319 7,202 48,665 5,16112,486 22,385 Total: Dec 118,813 3,78711,543 55,549 5,96214,386 27,586 1943—June 57,520 3,045 1,46824,226 4,72511,44212,615 1944—June 141,591 4,60414,901 63,523 7,15816,471 34,935 Dec 67,944 3,614 1,55928,264 5,50613,38915,613 Nov 146,376 4,59418,388 66,396 7,13217,035 32,830 1944—June 79,244 4,437 1,46430,910 6,73615,76819,929 Dec 162,843 5,33818,846 72,045 8,18318,761 39,670 Nov 81,102 4,418 1,24334,225 6,60915,81118,795 1945—Jan 163,458 5,26019,006 72,918 8,39219,082 38,801 Dec 91,585 5,173 1,24336,508 7,704 17,85923,098 Feb 163,166 5,25119,439 72,543 8,47619,289 38,168 1945—Jan 92,221 5,091 1,16637,418 7,90918,07722,561 Mar 163,412 5,267 19,669 71,872 8,48219,554 38,568 Feb 92,349 5,056 1,13237,737 7,93118,18222,311 Treasury bills: Mar... 92,377 5,039 1.12838,068 7,87918,16722,097 1943—June 11,864 11 3,815 6,502 21 154 1.361 Maturing within 5 years: Dec 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 1211,868 2,935 7 1,583 1944—June 7,824 536 4,697 189 663 1,740 Dec 16.428 611,148 4.113 1 i 1,159 Nov. . 8 692 591 5,382 161 588 1,968 1945—Jan 16,403 711,376 3,931 2 1,087 Dec 7,824 518 4,834 137 556 1,777 Feb 16,399 1111,830 3,387 7 1,164 1945—Jan 7,824 518 4,799 144 525 1,836 Mar 16,921 2312,079 2,720 12 21 2,066 Feb 7,824 518 4,770 172 510 1,856 Certificates: Mar 8,939 564 5,554 268 535 2,015 1943—June 16,561 51 1,092 9,823 184 305 5,106 Maturing in 5-10 years: Dec 22,843 50 2,467 12,701 208 367 7,050 1943—June 17,921 776 10,107 1,308 2,326 3,401 1944—June 28,822 67 3,382 15,037 126 339 9,871 Dec 28,360 1,495 15,642 2,030 3,254 5,934 Nov 29,545 69 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 62 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 66 4,897 15,145 133 357 9,804 Dec. 44,087 1 504 24,445 3,556 4,23010,357 Feb 30,396 80 4,917 15,259 203 429 9,509 1945—Jan 44,531 1,421 25,194 3,710 4,357 9,850 Mar 34,544 110 5,411 17,830 269 698 10,225 Feb 44,645 1,362 25,507 3,743 4,467 9,569 Treasury notes: Mar 43,564 1,297 24,987 3,588 4,385 9,307 1943—June 9,168 61 774 5,500 155 276 2,402 Maturing in 10-20 years: 11,175 66 665 7,389 197 275 2,583 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 1944—June......... 17,405 58 1,180 11,718 286 337 3,826 Dec 14,310 1,270 6,051 1,219 2,571 3,203 Nov 17,936 58 1,111 12,387 277 577 3,525 1944—June 15,482 1,097 5,509 1,857 2,792 4,228 Dec 23,039 60 1,566 15,411 336 568 5,098 Nov 14,445 1,029 5,272 1,902 2,609 3,635 1945—Jan 23,039 56 1,566 15,487 342 628 4,960 Dec 14,445 1,028 5,354 1,887 2,612 3,563 Feb 23,039 62 1,560 15,560 330 662 4,866 1945—Jan 14,445 1,006 5,475 1,880 2,603 3,480 Mar 18,588 54 1,051 12,657 318 651 3,858 Feb 14,445 1,003 5,466 1,829 2,607 3,538 Guaranteed securities: Mar. 14,445 998 5,500 1,812 2,569 3,561 1943—June 3,908 116 54 2,602 76 309 751 Maturing after 20 years: 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 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 1 3 960 6 22 203 Nov. 21,946 2,705 1,793 1,998 9,144 6,306 1945—Jan 1,197 3 3 921 6 19 245 Dec 25,227 3,366 1,873 2,12510,462 7,401 Feb 786 6 586 4 16 175 1945—Jan 25,420 3,312 1,946 2,17610,591 7,396 Mar 787 6 581 4 17 179 Feb 25,433 3*306 1^991 2 187io'600 7,349 Mar 25,427 3; 308 2,024 2,20910,675 7,214 I banks, mutual savings banks, and the f commercial banks has been expanded. „ _ •> by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Mar. 31, 1945, commercial banks reporting to the Treasury held 25,814 million dollars of U. S. Government securities due or callable within one year out of a total of 59,834 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 594 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 i a o e e l s l e u a 1 - r - - - s S S t r a o e i x c c ty 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 r i e p 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- c T f o e t r e r a r u a t u s c c n n - s . s t t t o s - , p O t e u e t n h r x d e - e s i r - e b T i x u t p o u d e t r g a n e e l s d t - 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 a r n n n a c n l d - l e 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 46i June 1943 16,094 4,553 1,508 1,230 23 ,'385 22*. 282 l*.8O8 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—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 May 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e f u i n n d penditures Period c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c i a G n i o g n m o u e g c v n n e h e t a c n e s r c i t c n e o - k - s f - ce R i e p - ts I m nv e e n s ts t- p t e u n r d e i s - Total R F p e e D o s d i s e e n e i - r t r v s a e l d s p p e D o p e i s n e c o i - i s t a s i l - O as t s h e e t r s l T ia t o i b e t i a s l l i- Total W a b i n o n a c 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—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 18007 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 37 313 250 322 -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 71 412 228 137 11,809 1,224 9,492 1,093 443 11,366 10,603 May 592 271 42 -154 530 276 10,055 1,140 7,941 974 430 9,625 8,862 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 Manufac- 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 - r c r a C o e t r u i n p o r t o - n - t B a a x c e k s p E t r x a o c x f e 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 d e t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a a c x o c - e o s S t t a a x m e p s re t e t t u a a a x r n x i c e l d e i e r s s s r e ' 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 7^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 1944—April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 M Ju a n y e 2 4 , , 2 5 8 6 9 8 1,2 3 4 0 5 9 1,54 3 5 8 1,04 8 4 6 4 2 9 8 2,1 3 7 1 4 2 1 1 0 9 4 4 9 8 9 3 i 4 5 2 0 1 1 8 9 2 5 8 8 1 1 4 4 6 7 4 7 1 9 0 7 3 July 1,729 133 1,179 93 28 290 7 754 128 48 210 77 5 72 214 August 1,712 73 1,258 72 43 260 6 777 194 63 202 86 6 88 139 September 4,490 1,330 18 953 31 2,133 25 529 29 35 183 78 4 85 115 October 1,810 82 1,233 110 26 350 9 544 19 39 196 78 5 95 113 November 1,633 37 1,203 70 31 285 7 520 32 204 81 5 95 103 December 3,670 294 18 980 40 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 rl,737 61 956 r59 2,170 13 560 89 171 74 6 104 116 April 2,408 772 915 160 109 443 9 517 75 171 68 5 97 100 r Revised. * Withheld by employers (Current Tax Payment Act of 1943). JUNE 1945 595 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 Corporation or agency Total Cash r L e a o c b e a l i n e v s - m m p C t s a l i o u a o i n e p e t d m d s - e s i , , - - - G r s U i e o t . c i S I v e u m n . t s - v . e e n O r s s t i e t t s t h c - i e e u r s - e m L s t q u a t a r u e r n u n e n i d p c d s t - , - , 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 a t F g B n u a u u o t r n a e l e n d l r e s y d - d s p d , a e n y O b o e a t t n b h e - l e s e , r O l i i t a t i h b e e i s l r - G in m U o t v e . e S e r n e . r t n st -v o i a w P n e t t r s e n e i t l - e r y d rials by U. S. All agencies: Sept. 30, 1944... 31,435 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 6,387 2,942 1,632 424 16,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Mar. 31, 1945... 31,309 5,789 2,960 1,756 388 16,734 1,001 1,913 1,124 1,263 4,962 23,510 451 Classification by agency, Mar. 31, 1945 Department of Agriculture^ Farm Credit Administration: Banks for cooperatives 282 194 43 24 24 2 248 Federal intermediate credit banks 335 277 38 279 2 55 Federal land banks 1,346 1,094 191 43 201 219 Production credit corporations 68 58 127 Regional Agricultural Credit Corp 21 6 ) () 19 Others 21 20 21 Federal Farm Mortgage Corp _ 290 266 9 11 272 Rural Electrification Administration 376 368 6 376 War Food Administration: Commodity Credit Corp. 1,721 30 1,524 134 343 900 477 Farm Security Administration 505 354 ( 46 5 499 Federal Crop Insurance Corp 1 1 2 Federal Surplus Commodities Corp 6 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 321 233 50 125 85 Federal Savings and Loan Insurance Corp. 158 153 100 Home Owners' Loan Corp. 1,113 1,013 15 26 769 313 United States Housing Corp (2) Federal Housing Administration 147 "87 "26 114 Federal Public Housing Authority and affiliate: Federal Public Housing Authority .... 559 290 217 549 Defense Homes Corp 70 1 68 69 Federal National Mortgage Association ... 50 50 49 R. F. C. Mortgage Company 81 (2V Reconstruction Finance Corp. and certain affiliates: Reconstruction Finance Corp 1,583 1,146 270 1 6 54 212 1,371 Certain affiliates4 8,44 78 970 1 6,655 219 513 1,333 7,116 Office of Emergency Management: Export-Import Bank 216 213 () 72 144 Smaller War Plants Corp 176 40 14 1 ) 1 175 War Shipping Administration 6,071 20 5,456 357 144 723 5,348 Other* 555 ""2 408 11 25 73 160 395 Federal Deposit Insurance Corp 861 10 818 (2) 16 567 155 Federal Works Agency 241 67 90 "48 35 241 Tennessee Valley Authority 728 3 714 (2) 10 718 U. S. Maritime Commission 4,631 7 3,380 328 797 720 3,912 All other 256 101 27 64 31 225 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1945 Dec. 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 b i c F n r a a e e e t n t e d e d d k r i . i - s - t f o B o p t r a i e v n r c 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 C O 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 s i . 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 a R f t f F e il s C 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 31 g , e a n 1 l 9 l c 4 ie 4 s , To aid agriculture 1,168 335 278 195 35 368 494 0) 164 3,037 3,385 To aid home owners 1,027 11 110 1 1,149 1,237 To aid industry: Railroads 260 21 281 343 Other 37 "75" 115 226 191 To aid financial institutions: Banks 32 18 49 54' Other 61 32 93 162 Other "290" 775 25 213 106 1,409 1,462 Less: Reserve for losses.. 74 69 '"(*)" 141 14 151 454 448 Tota ( l n l e o t a ) ns receivable 1,094 266 278 194 30 368 354 1,013 290 61 1,146 209 213 273 5,789 6,387 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 Corporations previously classified "war corporations" are now shown under two headings: (1) "certain affiliates" under Reconstruction Finance 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). The item "certain affiliates" also includes Disaster Loan Corp. 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, FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r n a th nd ( I 1 m v n = 9 p a c e 3 a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u v p f l M a r e o r = - c o l a u t d u n 1 m u r 0 u N c e d e - 0 t s ) u o i o * r n - n 2 - M er i a n ls - To a t w a 1 l a 9 c r 2 d 3 o e R - n d t 2 d i e e t 5 a r n s l a ( i - = v - c a t 1 s lu 0 o e 0 A t ) h 3 l e l r N t a c u g o u r r l n a - i - E - l 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t p o 3 o 1 ^ a l 0 9 r y c l y 0 s - - 44 = F c 1 a r = i 9 r e n l 3 i g o 1 g 5 s a 0 - h * d 3 0 t 9 - D 19 m s = ( s u e 3 v t a e p o e 5 a l 1 ) a e r - n l * 0 3 e r - s t 6 0 t 9 - p W m r = c i 1 h s o o c 9 a o d e m 1 2 l l i e s 0 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 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 I35 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 Yl2.(y 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!o 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 I33 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 P233.4 P235 P353 p171 p140 41 16 61 127.5 166.7 334.2 140 186 104 !o 125.5 1942 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 214.8 240 241 360 177 134 60 36 80 131.4 177.2 177.3 330.4 141 171 103.2 123.9 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 52 128.0 169.4 168.6 335.0 138 173 103.9 124.6 Mav 232.1 236 236 356 169 143 33 16 46 127.7 167.7 166.7 334.3 138 181 104.0 125.1 ^JauJrne 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 73 125.3 160.3 160.7 327.3 141 209 104.4 126.6 December 239.0 232 230 343 173 137 51 14 81 125.7 160.7 161.0 331.8 137 194 104.7 127.0 1945 J F a e n b u ru ar a y ry 2 2 4 4 1 5 . . 9 2 2 2 3 3 4 6 2 23 3 2 0 3 3 4 4 7 5 1 1 7 7 5 6 1 1 4 4 0 1 4 5 8 9 1 1 3 4 9 7 6 5 r r 1 1 2 2 6 6 . . 7 6 r1 1 6 6 0 1 . . 2 0 1 1 6 59 0 . . 7 1 r r 3 3 3 2 0 9 . . 5 0 1 1 4 3 3 9 1 21 9 1 9 1 1 0 0 4 5 . . 9 2 1 1 2 26 7 . . 9 1 March 244.1 235 -232 345 176 142 72 15 118 126.6 158.4 158.0 325.7 145 223 105.3 126.8 April ^242.1 ^231 *>229 ?337 ?174 P140 P75 ?20 pn9 ^124.9 ^155.4 *>154.7 141 181 105.7 127.1 * Average per working day. p Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 598^601. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 605 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. 607-609. 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. JUNE 1945 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted jor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. Industrial Production—Total. 241 239 236 235 230 232 230 232 232 232 234 236 235 p231 Manufactures—Total 259 256 253 251 246 248 246 248 248 249 251 253 252 V247 Durable Manufactures 364 361 356 354 347 348 342 344 341 343 345 347 345 Iron and Steel 214 213 210 204 202 203 202 206 201 198 197 202 r210 207 Pig iron 206 206 203 198 196 198 196 197 192 190 188 192 198 188 Steel 238 236 234 225 222 224 222 225 218 215 219 226 P234 234 Open hearth. 191 192 188 183 184 183 183 187 186 181 176 180 189 184 Electric 570 549 559 526 491 512 502 492 453 456 r526 r552 r561 590 Machinery 452 445 437 442 435 434 427 428 422 431 431 436 432 p424 Manufacturing Arsenals and Depots1.... Transportation Equipment p650 Automobiles p23S (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 234 257 266 Smeellttiinngg aanndd refiningg 191 P194 ((CCooppp er smmeellttiinngg;; LLead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating ; 283 293 282 268 243 252 252 246 252 .247 280 284 296 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)x Lumber and Products. 126 124 127 120 120 122 122 126 123 121 Lumber 118 115 118 111 109 112 111 118 110 P102 Furniture. 142 142 146 139 143 141 142 142 144 Stone, Clay, and Glass Products. 165 161 •162 159 161 160 163 162 166 V165 Glass products 183 173 169 165 174 169 174 164 168 175 Plate glass 59 66 66 66 64 56 51 60 56 61 "62 Glass containers 227 210 204 200 212 208 218 200 207 216 Cement 78 76 88 86 88 88 90 87 87 86 Clay products 125 122 122 116 115 116 116 125 r122 124 ^120 Gypsum and plaster products.... 183 176 181 175 179 175 171 182 185 183 p180 A O b th ra er s iv st e o n a e n d a n a d sb c e l s a t y o s p r p o r d o u d c u t c s1 t s . . . , 297 300 295 302 292 295 307 r302 r306 307 P306 Nondurable Manufactures .. 172 169 169 165 168 168 169 173 173 r175 176 176 p174 Textiles and Products. 151 147 145 139 141 147 146 149 152 150 155 153 Textile fabrics . 141 137 135 129 132 137 136 139 141 139 144 141 Cotton consumption 151 142 141 139 140 148 140 149 146 145 152 150 143 N Ra y y lo o n n a d n e d li v s e il r k ie s c '. onsumption1... 196 195 196 193 189 196 199 209 215 215 215 212 Wool textiles 155 153 152 148 131 140 144 150 143 152 146 151 149 Carpet wool consumption... 46 51 53 49 41 47 42 50 56 57 49 44 43 Apparel wool consumption. 216 213 213 196 185 193 197 213 206 215 225 238 248 Woolen and worsted yarn.. 171 167 167 163 144 154 158 164 156 165 156 160 156 Woolen yarn 174 171 169 166 148 163 162 170 161 170 162 170 166 Worsted yarn 167 163 163 159 138 141 153 156 148 157 148 146 142 Woolen and worsted cloth.. 172 168 165 163 144 153 160 164 151 166 159 169 166 Leather and Products., 112 112 115 105 112 121 115 116 114 113 121 122 p121 Leather tanning 107 117 110 113 113 108 120 111 112 115 113 119 117 Cattle hide leathers 113 125 118 124 126 118 132 119 122 127 125 137 132 Calf and kip leathers 79 88 86 85 78 82 92 88 84 86 85 89 89 Goat and kid leathers 86 79 86 84 81 77 80 80 81 72 68 63 69 Sheep and lamb leathers. 155 168 136 141 144 144 157 149 144 154 154 148 143 Shoes 116 116 114 117 100 114 122 117 119 113 114 123 126 P124 Manufactured Food Products 159 158 154 153 153 147 146 149 154 155 155 158 160 p159 W Ca h n e e a t s u fl g o a u r r meltings1 114 114 110 110 113 116 113 118 125 123 130 125 Manufactured dairy products.. P135 p139 p153 P139 P165 P145 ^143 Butter 96 92 93 93 83 85 82 82 78 83 81 84 87 Cheese 15! 155 153 158 152 145 146 149 156 154 163 162 168 181 Canned and dried milk 156 169 173 180 185 180 184 179 181 179 172 175 189 204 Ice cream Meat packing 20: 198 180 173 175 169 161 154 158 158 146 146 146 134 Pork and lard 270 266 239 225 219 197 176 159 167 164 149 135 139 137 Beef 143 136 124 121 127 138 140 140 141 149 147 169 165 139 Veal 96 107 100 117 160 191 196 218 213 175 123 101 104 88 Lamb and mutton 110 109 113 125 134 125 135 145 142 149 143 129 129 121 r Revised. » Preliminary. * Series included in total and group indexes but not available for publication separately. 598 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Other manufactured foods 160 158 157 154 153 148 147 150 155 159 r162 165 169 Processed fruits and vegetables 155 152 145 136 130 112 121 139 145 146 r162 163 180 ^166 Confectionery 147 154 152 147 135 123 115 118 128 138 137 143 151 Other food products... . 164 161 161 160 162 162 159 158 162 165 167 170 170 P170 Alcoholic Beverages 137 123 116 119 128 186 156 166 184 169 213 '169 C141 143 Malt liquor 167 146 135 140 146 152 172 177 197 174 167 167 153 152 Whiskey 0 0 0 0 0 100 6 0 0 0 198 11 0 0 Other distilled spirits 33 39 34 31 37 647 68 104 76 74 452 232 57 58 Rectified liquors 173 172 174 177 205 232 270 305 353 355 346 312 265 283 Industrial Alcohol from Beverage Plants1 Tobacco Products 123 126 124 121 122 126 124 120 135 131 121 123 123 120 Cigars 92 89 89 89 86 92 95 93 105 95 85 95 93 91 Cigarettes 154 161 154 151 154 152 149 142 157 155 147 145 147 143 Other tobacco products 73 73 80 79 78 92 87 93 107 108 95 97 91 90 Paper and Paper Products 137 138 142 140 133 142 142 143 143 135 136 137 141 Paper and pulp 134 134 137 136 129 137 137 139 138 132 132 134 137 Pulp 150 151 151 156 153 159 156 165 158 150 152 156 157 Groundwood pulp 108 110 108 108 114 119 118 126 111 115 111 113 113 Soda pulp 93 97 92 91 92 96 92 96 97 97 95 98 101 Sulphate pulp 209 213 217 232 232 234 231 245 238 212 214 227 227 Sulphite pulp 137 136 135 137 127 138 135 142 136 133 137 139 139 Paper 132 131 135 133 125 134 134 135 135 129 129 130 134 Paperboard 147 152 159 156 148 158 • 159 158 160 145 153 152 157 158 Fine paper 120 117 115 110 99 111 113 111 106 93 85 87 84 Printing paper 117 119 115 115 103 118 116 116 120 125 119 125 127 Tissue and absorbent paper 154 156 159 159 158 149 149 149 150 156 147 143 148 Wrapping paper.. 128 120 127 125 118 127 127 132 130 125 128 127 133 Newsprint 77 73 76 80 83 77 84 81 81 85 76 83 82 80 Paperboard containers (same as Paperboard) . Printing and Publishing 100 101 98 100 95 102 99 103 103 104 102 105 105 p106 Newsprint consumption 83 84 81 85 87 87 83 89 86 84 85 84 83 85 Printing paper (same as shown under Paper) Petroleum and Coal Products 234 233 237 242 247 251 258 266 268 268 273 276 272 268 Petroleum refining 243 242 246 252 259 264 272 281 283 283 289 r292 288 Gasoline 129 129 130 136 137 138 141 140 144 141 143 150 145 143 Fuel oil 163 161 162 164 164 159 162 167 165 165 171 174 166 Lubricating oil 130 120 118 131 125 125 132 135 136 133 133 126 134 Kerosene 130 125 126 130 128 126 126 124 124 119 123 126 131 Other petroleum products1 Coke 174 176 175 i72 172 171 168 170 170 167 167 168 171 161 By-product coke 165 167 166 164 164 164 162 164 164 163 162 163 164 157 Beehive coke 487 463 470 463 442 419 389 384 367 296 334 367 r387 282 Chemical Products .... 341 323 324 319 314 314 307 307 307 312 r3l7 r318 318 Paints 140 138 137 138 142 143 139 139 141 141 142 140 140 P\V Soap 133 137 137 138 134 132 131 129 133 137 r136 r136 135 ^135 Rayon 233 232 235 237 237 240 237 239 242 242 244 r241 244 P238 Industrial chemicals 405 408 410 411 408 408 400 395 394 396 396 400 400 p399 Explosives and ammunition1 Other chemical products1 . .... Rubber Products 242 231 230 228 227 231 230 231 231 239 247 247 236 P?,30 Minerals—Total 139 140 143 142 139 142 143 143 143 137 140 141 142 p140 Fuels .. 141 143 146 146 143 147 148 148 148 141 145 146 147 P145 Coal 148 150 154 152 144 148 147 149 149 132 140 143 142 P136 Bituminous coal 155 155 159 158 151 154 151 152 155 138 151 150 149 PUS Anthracite 123 129 134 128 118 124 129 133 126 109 96 112 115 PUl Crude petroleum 138 139 142 143 142 146 149 148 148 146 148 148 150 P150 Metals 126 122 120 120 117 114 113 HI 112 HI 111 111 P110 Metals other than gold and silver 189 184 182 181 178 175 175 171 170 168 170 r170 170 P169 Iron ore.. (Copper; Lead; Zinc)1 Gold 31 28 27 25 24 23 22 22 22 23 24 24 24 Silver 75 73 67 72 67 63 57 58 64 62 56 50 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. JUNE 1945 599 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 = 100J 1944 1945 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total.. 238 237 236 236 232 235 234 234 232 230 230 232 232 P229 Manufactures—Total 257 255 252 252 248 251 249 250 248 248 248 250 249 p245\ Durable Manufactures 363 361 357 354 348 349 343 346 341 M2 343 345 344 ^337 Iron and Steel 214 213 210 204 202 203 202 206 201 198 197 202 r210 207 Pig iron 206 206 203 198 196 198 196 197 192 190 188 192 198 188 Steel 238 236 234 225 222 224 222 225 218 215 219 226 r234 234 Open hearth .. 191 192 188 183 184 183 183 187 186 181 176 180 189 184 Electric 570 549 559 526 491 512 502 492 453 456 r526 r552 r561 590 Machinery 452 445 437 442 435 434 427 422 431 431 436 432 P424 Manufacturing Arsenals and Depots1 Transportation Equipment ... 734 730 726 716 704 707 695 704 699 709 706 r698 677 P650 Automobiles 233 232 226 228 223 229 226 229 230 235 235 242 238 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 287 292 279 263 243 245 238 233 234 229 253 257 266 P266 Smelting and refining ; m 297 273 252 244 226 205 200 191 186 187 191 194 P194 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 283 282 243 252 246 252 247 '280 284 296 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 124 125 127 133 130 135 128 125 120 113 113 114 116 Lumber . . 110 116 119 127 123 129 123 117 109 97 99 97 101 Furniture . 149 142 144 143 146 139 143 141 142 142 146 144 142 Stone, Clay, and Glass Products. . 163 165 169 165 167 164 167 163 159 156 156 162 163 Glass products 175 184 186 174 175 169 178 170 163 161 163 175 Plate glass 59 183 66 65 60 66 66 64 56 51 60 56 61 Glass containers 216 59 225 228 213 213 204 218 210 202 196 201 216 Cement 68 227 79 90 94 100 100 102 95 82 71 66 71 Clay products 126 74 122 125 124 125 120 122 121 120 116 118 119 Gypsum and plaster products 188 122 179 183 182 182 179 182 177 175 176 177 177 P177 Abrasive and asbestos products . .. 308 181 300 297 294 295 302 292 295 307 r302 r306 307 Other stone and clay products1 297 Nondurable Manufactures .. 171 169 168 169 167 171 173 173 173 171 170 172 171 Textiles and Products 151 151 145 139 141 147 146 149 152 150 155 153 Textile fabrics 141 141 137 135 129 132 137 136 139 141 139 144 141 Cotton consumption 151 151 142 141 139 140 148 140 149 146 145 152 150 143 Rayon deliveries 191 196 195 196 193 189 196 199 209 215 215 215 212 220 Nylon and silk consumption1 .. Wool textiles 155 153 152 148 131 140 144 150 143 152 146 151 149 Carpet wool consumption .. 46 51 53 49 41 47 42 50 56 57 49 44 43 Apparel wool consumption . 216 213 213 196 185 193 197 213 206 215 225 238 248 Woolen and worsted yarn .. 171 167 167 163 144 154 158 164 156 165 156 160 156 Woolen yarn 174 171 169 166 148 163 162 170 161 170 162 170 166 Worsted yarn 167 163 163 159 138 141 153 156 148 157 148 146 142 Woolen and worsted cloth . 172 168 165 163 144 153 160 164 151 166 159 166 Leather and Products . 112 116 114 103 HI 121 115 118 113 114 125 122 P121 Leather tanning 106 116 110 111 107 107 118 112 116 114 113 128 116 Cattle hide leathers 113 125 118 119 119 114 129 121 127 127 128 148 132 Calf and kip leathers 77 85 83 87 77 86 90 90 86 84 83 93 87 Goat and kid leathers 86 81 84 85 80 75 81 80 79 73 68 '66 68 Sheep and lamb leathers . 150 165 147 139 134 148 153 149 153 146 143 162 139 Shoes 116 116 114 117 100 114 122 117 119 113 114 r123 126 Manufactured Food Products 142 143 147 153 163 165 166 159 155 150 143 141 142 p144 Wheat flour 110 106 106 112 115 123 125 122 130 132 122 P12S Cane sugar meltings1 Manufactured dairy products . PI 13 P143 'P225 *»178 H25 P98 Butter 87 94 120 128 107 91 82 70 62 61 69 71 77 Cheese 137 161 205 225 187 162 149 134 117 111 120 133 151 188 Canned and dried milk ... 153 191 240 249 215 186 170 145 130 138 140 157 186 231 Ice cream Meat packing 187 183 180 172 162 147 148 156 175 184 171 139 135 122 Pork and lard 251 242 239 225 193 151 139 150 195 217 195 132 129 125 Beef 130 128 124 118 128 140 151 153 146 149 150 156 150 131 Veal 90 105 104 117 160 188 215 248 228 165 114 89 98 86 Lamb and mutton 108 105 115 116 129 122 144 151 142 146 152 131 126 118 r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Cowfow/K?*/ (^Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Other manufactured foods 142 140 141 145 159 170 174 167 161 155 148 149 148 pW Processed fruits and vegetables 85 92 94 105 169 213 236 180 133 114 r105 103 99 *>101 Confectionery 137 128 117 109 111 132 148 154 151 139 141 144 140 Other food products . 157 154 158 162 165 165 162 166 171 169 160 161 163 *>163 Alcoholic Beverages . 128 127 127 143 151 198 159 168 159 146 191 157 133 147 Malt liquor . . . 155 153 154 111 183 173 174 164 151 140 137 150 142 160 Whiskey 0 0 0 0 0 100 6 o 0 0 198 11 0 0 Other distilled spirits 21 23 21 19 22 609 94 270 159 81 414 209 37 35 Rectified liQuors 173 172 174 177 205 232 270 305 353 355 346 312 265 283 Industrial Alcohol from Beverage Plants^ Tobacco Products 117 120 124 126 127 129 131 125 137 121 121 118 117 115 Cigars 92 89 89 89 86 92 95 93 105 95 85 95 93 91 Cigarettes 143 150 154 158 162 160 160 148 160 142 147 136 137 133 Other tobacco products 73 73 81 80 78 89 93 99 110 95 93 94 91 90 Paper and Paper Products 137 138 142 141 132 141 141 143 143 134 136 138 141 Paper and pulp . ... .... .... 134 134 137 137 128 137 137 139 138 132 132 134 137 Pulp 150 153 152 156 151 157 154 164 159 150 152 157 158 Groundwood pulp 115 121 117 109 101 105 105 117 117 117 115 118 121 Soda pulp 93 97 92 91 92 96 92 96 97 97 95 98 101 Sulphate pulp . . ... 209 213 217 232 232 234 231 245 238 212 214 227 227 Sulphite pulp 137 136 135 137 127 138 135 142 136 133 137 139 139 Paper .. 132 132 135 134 125 134 134 135 135 129 129 131 134 Paperboard 147 152 159 156 148 158 159 158 160 145 153 152 157 158 Fine paper 120 117 115 110 99 111 113 111 106 93 85 87 84 Printing paper . 117 119 115 115 103 118 116 116 120 125 119 125 127 Tissue and absorbent paper 154 157 159 162 151 149 149 151 150 151 145 148 148 Wrapping paper 128 120 127 125 118 127 127 132 130 125 128 127 133 Newsprint 77 75 77 80 82 77 84 81 82 84 76 83 82 82 PaDerboard containers (same as Paoerboard) Printing and Publishing . 101 104 100 100 89 98 100 105 107 106 99 104 107 P108 Newsprint consumption 86 89 84 84 75 78 84 93 93 88 79 83 87 90 Printing paper (same as shown under Paper) Petroleum and Coal Products 234 233 237 242 247 251 258 266 268 268 275 276 272 Petroleum refining 243 242 246 252 259 264 272 281 283 283 289 '292 288 Gasoline 129 129 130 136 137 138 141 140 144 141 143 150 145 ?143 Fuel oil 163 161 162 164 164 159 162 167 165 165 171 174 166 Lubricating oil . ..128 125 123 131 124 124 132 135 136 132 129 125 132 Kerosene 132 127 127 123 119 121 124 124 128 123 126 132 134 Other Detroleum Droducts* Coke 174 176 175 172 172 171 168 170 170 167 167 168 171 161 By-product coke . . - 165 167 166 164 164 164 162 164 164 163 162 163 164 157 Beehive coke 487 463 470 463 442 419 389 384 367 296 334 367 r387 282 Chemical Products 344 325 323 316 310 310 307 309 308 313 r316 r319 320 P319 Paints 140 140 142 142 140 142 138 139 139 141 139 139 140 *>138 Soap . ... 133 134 132 136 133 133 136 135 134 137 r133 r135 135 *>133 Rayon .... 233 232 235 237 237 240 237 239 242 242 244 r24l 244 ^238 Industrial chemicals • . 405 408 410 411 408 408 400 395 394 396 396 400 400 ^399 Explosives and ammunition* Other chemical products* Rubber Products 242 231 230 228 227 231 230 231 231 239 247 247 236 P230 Minerals—Total 133 138 146 146 143 147 147 144 140 131 134 135 136 P140 Fuels 141 143 146 146 143 147 148 148 148 141 145 146 147 P145 Coal 148 150 154 152 144 148 147 149 149 132 140 143 142 P136 Bituminous coal . . 155 155 159 158 151 154 151 152 155 138 151 150 149 P13S Anthracite . 123 129 134 128 118 124 129 133 126 109 96 112 115 P131 Crude petroleum 138 139 142 143 142 146 149 148 148 146 148 148 150 P150 Metals 86 112 144 148 142 145 138 123 89 68 r68 r68 72 P108 Metals other than gold and silver 120 168 226 231 222 227 215 188 130 94 95 r98 104 *>166 Iron ore 76 188 313 330 323 336 311 259 133 61 63 68 80 216 (Copper; Lead; Zinc)1 Gold . . .. 27 25 24 24 23 25 25 26 25 24 "23 21 "21 Silver 77 73 66 69 66 62 57 58 64 62 56 51 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. 601 JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1945 1944 1945 Mar. Apr. Dec. Jan. | Feb. Mar. Apr. Feb. 1 Mar. Apr. Dec. Jan. Feb. Mar. Total 171.6 168.6 161.0 160.1 159.7 158.0 154.7 344.7 341.3 335.0 331.8 r330.5 r329.0 325.7 Durable goods 237.3 233.2 216.1 215.9 215.2 212.2 206.9 487.3 481.6 474.8 455.9 454.3 r451.1 444.3 Nondurable goods 119.8 117.7 117.6 116.1 115.9 115.2 113.6 205.3 204.1 198.2 210.5 209.4 r209.6 209.7 Iron and Steel and Products 171.9 169.4 166.5 167.1 168.0 167.3 164.2 321.2 316.5 310.9 316.7 316.3 318.0 319.1 Blast furnaces, steel works, etc ' 126 125 122 122 123 123 225 111 111 116 224 224 229 Steel c astings 261 256 238 240 241 239 487 478 463 455 457 454 458 Tin cans and other tinware 112 114 124 125 129 132 186 186 189 216 219 227 231 Hardware 132 131 130 130 131 131 266 271 266 276 274 278 281 Stoves and heating equipment 134 133 139 137 139 138 253 254 248 269 267 274 270 Steam, hot-water heating apparatus.. 190 188 183 183 184 182 366 357 352 354 358 355 350 Stamped and enameled ware 163 160 157 157 158 156 329 326 313 332 337 338 331 Structural and ornamentalmetal work 212 212 205 206 206 197 419 424 415 402 395 396 369 Electrical Machinery 295.9 291.5 271.1 269.2 268.6 267.5 263.5 524.2 524.7 513.2 504.3 504.8 505.0 504.7 Electrical equipment 257 254 239 238 237 236 466 466 456 452 454 452 453 Radios and phonographs. 304 300 274 271 270 268 576 570 556 537 540 535 529 Machinery, except Electrical 236.7 232.2 219.2 220.0 220.' 218.0 213.5 449.2 443.4 434.4 422.9 421.9 424.6 419.2 Machinery and machine shop products 239 235 222 223 225 111 447 441 429 419 421 424 420 Engines and turbines 388 383 363 365 362 356 824 825 803 808 790 791 767 Tractors 192 191 183 184 183 181 300 301 298 294 295 291 286 Agricultural, excluding tractors 166 164 160 160 161 158 321 331 333 322 322 328 325 Machine tools 227 219 203 203 204 204 405 401 384 381 379 382 382 Machine-tool accessories 293 282 258 258 259 256 520 503 481 452 458 466 457 Pumps 345 340 305 305 300 295 742 732 769 650 649 646 630 Refrigerators 154 151 150 149 149 145 283 276 269 287 271 111 266 Transportation Equipment, except Autos ,566.5 ,538.3 ,320.7 1,311.7 1,286.6 ,240.9 ,181.13,213.93,171.9 3,152.7 2,893.7 2,852.5 2,757.32,645.4 Aircraft, except aircraft engines ... ,975 1,925 ,604 1,613 1,629 ,607 3,827 3,728 3,627 3,198 '3,257 r3,235 3,190 Aircraft engines ,916 2,913 1,422 "2,395 '2,404 ,368 ,240 5,194 5,239 4,295 "4,335 r4,368 4,258 Shipbuilding and boatbuilding ,752 1,723 ,498 1,474 1,405 ,325 3,630 3,599 3,621 3,446 3,313 3,108 2,907 Automobiles 183.7 180.1 168.3 169.4 169.1 166.0 163.1 347.8 342.1 336.5 312.6 319.3 r319.2 312.7 Nonferrous Metals and Products 193.5 188.3 173.1 173.6 176.0 177.6 176.4 370.9 362.9 351.7 336., 337. 343.0 348.1 Primary smelting and refining..... 196 189 144 143 144 143 371 356 348 264 1(A 264 265 Alloying and rolling, except aluminum 188 185 179 182 185 187 355 352 340 348 355 r362 367 Aluminum manufactures 349 333 274 284 292 299 639 615 585 512 530 542 556 Lumber and Timber Basic Products 114. 113.1 107.6 107.1 107.0 106.5 105.9 202.9 204.0 205.8 193. 192.9 196.5 195.9 Sawmills and logging camps 81 80 77 76 76 76 146 147 149 139 138 140 140 Planing and plywood mills 105 102 97 97 97 96 173 174 171 167 167 170 168 Furniture and Lumber Products 107.9 105.8 103.6 103.3 103.9 102.9 100.7 191.3 191. 186.0 194.0 194.0 196.9 195.8 Furniture 103 100 97 96 97 96 184 183 176 180 180 184 182 Stone, Clay and Glass Products 116.8 115.6 112.3 111.6 111.3 111.4 109.9 191.0 191. 189.4 192. T189.0 189.6 193.2 Glass and glassware 133 133 126 126 126 127 208 Ill 209 204 101 101 207 Cement 72 72 72 69 68 68 106 104 108 114 107 106 108 Brick, tile, and terra cotta 78 76 73 73 73 72 124 121 117 118 117 119 121 Pottery and related products 127 126 121 119 119 118 188 193 193 194 185 187 191 Textile-Mill and Fiber Products 100.6 98.6 95.5 94. 94.0 93., 91.4 174.1 173.7 169.8 176.6 173.9 173.1 173.0 Cotton goods except small wares.. 115 113 110 109 108 107 202 202 201 111 210 207 207 Silk and rayon goods 78 76 75 74 74 74 139 138 135 142 138 140 139 Woolen ana worsted manufactures 106 104 99 98 98 97 199 200 193 195 194 193 193 Hosiery 69 67 64 63 63 62 110 109 103 106 103 102 101 Dyeing and finishing textiles 96 94 90 90 154 155 152 157 152 151 151 Apparel and Other Finished Textiles... 114.7 111.3 107.8 106.0 106. 105.9 103. 196.8 200., 181.0 191.8 195., 202.6 206.2 Men's clothing, n.e.c 99 98 94 92 93 92 163 167 158 165 165 171 174 Shirts, collars, and nightwear 78 77 72 70 70 70 133 137 130 128 126 132 133 Women's clothing, n.e.c 85 82 80 79 79 78 148 153 132 144 149 154 157 Millinery 86 78 80 83 84 141 141 109 113 131 155 158 Leather and Leather Products 91. 89.8 154.2 155.8 154.9 160.8 162.5 164.3 167.7 Leather 87 86 84 84 84 83 145 145 147 146 147 149 150 Boots and shoes 81 80 80 79 79 79 138 139 138 146 148 150 154 Food and Kindred Products 117.3 117. 123. 118.6 116. 114.6 113. 188.. 185. 185.1 205.0 195.8 189.1 187.3 Slaughtering and meat packing 134 130 129 128 120 113 227 212 206 228 111 188 178 Flour 117 113 118 119 119 117 191 184 181 199 206 204 201 Baking 112 111 115 111 112 111 161 163 160 177 168 169 170 Confectionery 119 116 126 r118 r117 117 187 191 183 211 r198 199 199 Malt liquors 132 134 142 137 139 138 182 186 192 205 195 201 201 Canning and preserving 67 74 85 78 75 71 133 127 141 163 154 149 143 Tobacco Manufactures 90. 87.6 86.4 154.7 146.5 142.7 177.8 166.4 r165.3 165.2 Cigarettes 118 123 133 128 128 127 180 160 164 113 211 208 207 Cigars 75 73 68 65 65 65 142 143 133 147 134 r135 135 Paper and Allied Products 119. 118. 117. 116.5 116. 115.7 190.0 190.5 187.6 197.0 194.9 195.3 195.2 Paper and pulp 107 106 107 107 107 106 176 176 175 185 183 183 183 Paper goods, n.e.c 127 126 121 119 119 119 195 198 195 198 198 r199 199 Paper boxes 119 116 114 112 113 112 183 183 177 185 182 184 182 r Revised. NOTE.—Figures for April 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. 6O2_ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw/m**/ {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1944 1945 1944 1945 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Printing and Publishing 102.4 101.2 102.3 100.8 100.5 100.2 99.0 134.6 135.1 133.5 144.1 142.8 141.1 142.4 Newspaper periodicals 93 93 94 92" 92 92 113 114 114 122 118 118 120 Book and job 107 105 107 106 106 105 147 147 144 160 160 157 157 Chemical and Allied Products 216.6 208.6 215.4 217.8 221.3 221.6 220.2 389.0 372.1 358.8 377.8 384.2 389.9 394.1 Drugs, medicines, and insecticides. 190 189 182 r179 180 182 274 276 268 111 r273 r277 280 Rayon and allied products 108 108 112 112 113 113 169 172 171 180 182 r180 182 Chemicals, n.e.c 173 173 166 166 166 166 296 294 295 291 293 295 297 Explosives and safety fuses 997 942 1,289 1,311 1,349 1,361 1,563 1,509 1,434 1,970 1,999 2,020 2,092 Ammunition, small-arms 1,644 1,359 1,292 1,431 rl,544 1,576 4,200 3,203 2,718 2,633 2,915 r3,O7O 3,167 Cottonseed oil 113 102 134 130 120 106 241 215 194 289 r276 r255 223 Fertilizers 148 139 114 123 134 143 274 305 286 250 269 302 341 Products of Petroleum and Coal 120.1 121.0 125.3 126.0 126.1 126.2 126.1 201.4 203.9 206.4 220.4 r221.7 r223.3 223.9 Petroleum refining 116 118 125 126 126 126 192 196 200 215 r216 r218 221 Coke and by-products 106 105 101 102 102 102 182 180 179 182 189 186 180 Rubber Products 167.2 162.8 161.6 163.2 163.4 162.9 158.4 295.7 297.0 281.3 305.2 319.8 320.2 296.7 Rubber tires and inner tubes 173 169 174 179 178 177 296 299 280 319 342 340 302 Rubber goods, other 147 143 138 138 140 140 261 258 249 256 261 266 265 Miscellaneous Industries 171.3 169.3 162.2 161.8 r163.1 163.4 161.8 325.6 325.0 320.1 319.7 322.4 324.6 326.3 Instruments, scientific .... 584 576 534 532 539 541 1,116 1,109 1,091 1,058 1,057 1,063 1,068 Photographic apparatus 170 169 162 162 162 162 279 280 271 259 278 276 275 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 1001 1944 1945 Group Mar Apr. May June July Aug. Sept. Oct Nov Dec. Jan Feb Mar. Apr. Total 172.1 169.4 167.7 166.7 165.2 164.1 162.6 1610 160.3 160.7 161.0 r160.2 158.4 "155.4 Durable 237.7 233.4 230.3 228.2 225.3 224.1 220.4 2173 215.6 216.1 216.3 215.7 212.5 ^207.1 Nondurable 120.4 118.9 118.3 118.3 117.9 116.8 117.0 1166 116.7 117.0 117.3 r116.5 115.8 ^114.7 ^ 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 year 1944\ 1945 1944 Feb. Mar. No\f. Dec Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. I Mar. ,4// Manufacturing. 45. 3 45.3 45. 3 45.6 45.4 45.5 45.5100.3 100.6 103.5 104.0 104.6 104.3 I 104.5 Durable Goods 46.7 46.7 46.7 47.1 46.8 46.9 46.9 110.0 110.3 113.6 114.0 r114.4 113.8 | 113.') Iron and Steel and Products 47.1 46.9 46 8 47.4 46.9 47.0 47.1 106.9 107.0 108.9 109.5 110.1 109.8 110.7 Electrical Machinery 46.8 46.7 46 3 46.6 r46.5 46.7 46.6 100.5 101.0 104.9 105.9 106.9 "106.7 107.3 Machinery Except Electrical 49.1 49.1 48 2 48.9 r48.7 48.9 48.8 110.7 111.0 113.4 114.6 r114.9 115.0 115.1 Transportation Equipment Except Autos 46 9 47.0 47 8 48 4 48.0 r47.5 47.3 124.7 125.1 131.8 130.9 r130.4 '130.1 129.7 Automobiles 46.3 46.3 45 5 45.7 45.2 46.5 46.5 125.7 126.1 128.0 127.9 131.4 "128.0 128.0 Nonferrous Metals and Products 47 0 46.9 46 9 47 6 47.2 r47.3 47.5 104.0 104.4 105.8 106.9 r107.9 "107.6 108.0 Lumber and Timber Basic Products 42 9 43.2 43 0 42 3 42.6 43.2 43.1 77.0 77.1 79.1 79.4 79.1 79.3 79.7 Furniture and Finished Lumber Products. 44 2 44.5 44 4 44 3 44.4 44.8 44.7 79.2 79.7 83.3 84.4 r84.5 r84.9 85.3 Stone, Clay, and Glass Products 43 3 43.6 44 1 44 1 r43.6 43.9 44.3 87.9 88.2 91.0 91.3 r91.7 r91.6 92.4 Nondurable Goods 43 2 43.2 43 2 43 5 43.4 43.4 43.5 84.2 84.6 87.7 88.3 89.1 89.3 89.7 Textiles—Mill and Fiber Products 41 8 41.9 42 3 42 8 42.3 42.3 42.4 68.6 69.0 72.2 72.5 r72.9 r73.1 73.3 Apparel and other Finished Products 38 7 38.9 38 0 37 7 38.2 38.9 39.1 77.8 78.9 82.4 83.1 84.9 86.0 87.2 Leather and Manufactures 41 2 41.4 41 2 41 6 r41.8 r42.1 42.4 77.8 78.2 81.9 82.4 82.9 83.6 84.8 Food and Kindred Products 45 5 45.3 45.2 46.0 45.6 44.9 45.1 83.8 83.9 85.9 86.5 r86.7 86.5 86.8 Tobacco Manufactures 41.3 40.9 44 2 45 0 43.4 r43.3 43.2 67.8 67.9 73.5 73.8 73.6 73.7 74.1 Paper and Allied Products 45 6 45.8 46 5 46 6 r46.2 46.3 46.4 82.9 83.4 86.3 86.4 r86.9 r86.6 87.3 Printing, Publishing, and Allied Industries 40 7 40.8 41 3 41 4 41.5 41.0 41.5 104.4 104.9 110.4 r110.8 r110.9 111.3 112.1 Chemicals and Allied Products 45 7 45.8 45.7 45 7 r45.7 r45.5 45.9 93.5 93.8 95.6 96.4 '"97.2 97.3 97.5 Products of Petroleum and Coal 46 5 46.6 46 9 47 1 46.6 47.3 47.3 115.9 116.3 118.6 120.0 120.6 119.6 119.5 Rubber Products 45 7 45.6 45 7 46 6 47.3 47.3 45.3 107.2 108.6 110.7 113.0 r115.1 114.9 111.7 Miscellaneous Industries 46 2 46.3 45.5 45 7 r45.7 45.8 45.9 93.8 94.2 97.5 98.5 99.3 99.1 99.4 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. JUNE 1945 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 M t a u n r u in fa g c- Mining truction* 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 a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1940—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 16,391 719 3,763 6,982 4,257 5,905 May 38,749 16,203 673 3,768 6,997 4,363 5,902 June 38,766 16,093 677 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 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January r38,426 15,633 805 r633 3,797 7,210 4,394 5,954 February r38,457 r15,595 r802 r646 r3,848 r7,164 4,404 5,998 March 38,419 15,452 796 673 3,846 7,208 4,421 6,023 April 37,919 15,179 776 680 3,816 7,002 4,463 6,003 UNADJUSTED 1943—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 38,889 15,632 594 3,770 7,611 4,304 6,172 1945—January r37,952 15,555 801 r582 3,740 7,030 4,350 5,894 February r3-7,957 r15,517 r798 r588 r3,771 r6,985 4,360 5,938 March 38,026 15,375 796 619 3,788 7,078 4,377 5,993 April 37,750 15,103 772 646 3,797 6,988 4,441 6,003 * Includes Contract Construction and Federal Force Account Construction. r Revised. 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. April 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. 6O4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b es u i i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 .1945 J F a e n b u ru ar a y ry 1 1 3 5 7 9 . . 2 2 1 1 4 4 0 7 . . 9 0 4 2 1 4 . . 0 9 1 1 9 9 . . 5 3 3 2 4 9 . . 0 9 4 6 5 6 . . 2 6 4 4. . 5 1 8 7 . . 5 5 iJ -0 8 .2 .7 4 3 . . 9 0 2 2 1 3 . . 1 1 2 1 3 7 . . 9 6 5 5 5 0 . . 1 3 3 3 2 9 . . 0 8 March .. 176.4 328.9 35.2 26.9 48.7 160.4 7.4 10.0 4.4 4.6 19.5 36.3 61.3 90.6 April 179.3 395.8 37.8 42.7 33.0 174.5 6.1 12.3 5.4 4.3 25.0 49.9 72.0 111.9 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 69 2 276 7 746 1 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States 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 Apr. Mar. Apr. January 351 159 141 316 122 75 35 37 66 Boston 7,162 11,317 7,467 February.... 394 137 147 364 109 74 30 28 73 Slew York 18,977 13,158 20,956 March 340 176 329 304 133 221 36 43 107 Philadelphia 38,952 9,102 12,484 April 303 179 253 133 50 46 Cleveland 20,642 17,179 13,589 May 234 144 192 98 42 46 Richmond 48,701 22,313 41,081 June 230 164 183 122 46 42 Atlanta 149,784 34,442 22,953 July 184 191 122 148 61 42 Chicago 38,445 86,002 28,630 August 414 169 351 125 62 44 St Louis 23,282 69,217 7,714 September... 175 176 120 127 56 49 Minneapolis 5,673 3,248 3,218 October 214 145 157 102 56 43 Kansas City 12,938 24,862 8,329 November... 184 165 135 103 50 62 Dallas 31,242 38,034 12,865 December ... 252 188 198 114 54 74 Total (11 districts) 395,798 328,874 179,286 Year 3,2741,994 2,6951,435 579 559 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title ILoans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o m r o e t v n y p - e t - - S s h c t t o m i o r o m u n a n c - l e l - f 1 h ( a o - T m I u i t I t o s i ) l l e e y s 4- h R o ( g T e u a ro n s i n t i u t d l n a e p g l h ( o W T V u i a s t I r l ) i e ng End of month Total b m c a i n e a r k l - s b s i t a n u a n g v a k s - l s a a s l t a s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 ID 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1943 942 96 1 243 * 601 Dec 2,409 1,162 130 224 542 201 150 1944 886 125 216 7 537 1944—Mar 62 6 * 13 44 1941— J M un ar e 2 2, , 7 5 5 9 5 8 1 1 , , 3 2 1 4 8 6 1 15 4 7 6 2 23 3 7 0 6 6 6 0 8 6 2 22 1 0 0 1 1 6 5 0 4 Apr 68 9 * 13 ' 1 45 Sept. .... 2,942 1,400 171 246 722 225 178 May 69 9 * 18 42 Dec 3,107 1,465 186 254 789 234 179 June 66 9 * 18 "2 36 July 71 7 # 18 45 1942—Mar 3,307 1,549 201 264 856 237 200 Aug 81 11 * 20 50 June 3,491 1,623 219 272 940 243 195 Sept 83 14 * 20 3 46 Dec 3,620 1,669 236 276 1,032 245 163 Oct 84 12 * 22 1 49 Nov 82 17 22 43 1943—June 3,700 1,700 252 284 1,071 235 158 Dec 66 11 18 37 Dec 3,626 1,705 256 292 1,134 79 159 1945—Jan 67 8 * 19 39 1944—June 3,554 1,669 258 284 1,119 73 150 Feb 68 19 * 14 * 34 Dec 3,399 1,590 260 269 1,072 68 140 Mar 60 13 * 17 30 Apr 53 10 15 28 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States * Less than $500,000. Housing Corporation. NOTE.—Figures represent gross insurance written during the period and 2 Including mortgage companies, finance companies, industrial banks, do not take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. Figures include some reinsured mortgages, which are shown in the month NOTE.—Figures represent gross amount of mortgages held, excluding in which they were reported by FHA. Reinsured mortgages on rental and terminated mortgages and cases in transit to or being audited at the Fedgroup housing (Title II) are not necessarily shown in the month in which eral Housing Administration. reinsurance took place. 605 JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 January 325 r482 r749 PI,124 P900 229 254 229 P300 P334 96 228 r520 P824 P566 February 303 r483 r728 PI,107 P881 234 254 234 P313 P324 69 r230 r494 P794 P557 March 357 r637 r988 ?1,197 pl,023 268 272 249 P359 P365 89 r365 '"739 P838 P658 April 387 717 r989 PI,226 PI,004 287 235 258 P360 P365 100 482 r731 P866 P639 May 385 r542 1,092 PI,454 297 191 281 P386 r351 r811 pl,068 June 330 r650 1,003 PI,296 280 215 295 P331 r435 r708 P964 July 365 rl,265 PI,197 278 213 302 P294 87 r446 r963 P903 August 460 r7O5 rl,28O PI,188 282 186 316 P302 178 r518 r964 P886 September 425 732 rl,269 PI,192 262 196 286 P281 162 536 r983 P911 October 666 r803 rl,238 PI,142 304 200 329 P329 362 r603 r909 P814 November... 492 r788 rl,O73 PI,185 281 168 311 P323 211 r620 H62 P863 December 653 r883 rl,288 P934 344 r3S8 281 P336 309 r525 r\,006 P598 January-April. 1,372 r2,318 '3,454 P4.654 ! P3,808 j 1,0181,014 970 PI,332 PI,388 354 rl,304 r2,485 P3.322 P2,420 P Preliminary. r Revised. 1 Including Doth domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for stora^ ;e 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; 1935-39average == 100] RAILROADS [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p F r e o o s r t d - - Ore l M e a e n i l s e - - - M c d h i e s a r e n - - op r T a e i o r l a w ta t a i l n y g ra rlp i o lw t. a a i1 y o r p a e N i r lw a e t t a in y g i . nc N o e m t e ucts ous l.c.1. revenues expenses income 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 c902 1943 137 138 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 I944 140 144 186 139 124 144 181 147 67 1944 9,437 8,343 1093 C668 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1944—February 142 148 180 148 135 146 193 147 67 1944—January.. . 778 662 116 78 March 140 139 185 136 131 141 174 149 67 February... 775 671 103 65 April 138 r140 190 123 120 141 195 146 67 March 782 690 92 53 May 138 147 190 128 118 140 195 144 67 April 780 689 91 54 June 139 148 194 135 124 148 187 143 67 May 779 688 91 52 July 143 143 194 144 124 156 189 150 66 June 810 701 109 71 August 142 146 185 131 121 155 188 149 68 July 804 706 98 61 September .... 139 147 182 126 114 137 184 146 67 August.. 781 710 71 32 October 137 143 182 147 120 133 153 143 66 September 790 710 80 42 November 141 143 181 150 135 138 153 149 68 October... 791 709 82 46 December 137 127 166 134 128 135 133 151 68 November.... 788 697 91 57 December 780 711 69 33 1945—January 143 141 176 128 120 142 161 157 66 February 139 139 178 119 121 133 168 152 66 1945—January 766 673 93 60 March 145 137 190 134 129 134 218 159 67 February 781 678 103 68 April 141 126 180 160 124 133 210 153 71 March 796 698 98 P63 UNADJUSTED UNADJUSTED M i M J F A J A O N D S x u u e & e p c u e o f a l n b l y p c y t r g v r v e o i r e c t u e l u b m e h m s a e m t b r r b y e b e r r er.... 1 1 1 1 1 1 1 1 1 1 1 3 3 4 3 2 4 4 4 4 4 5 3 5 8 2 8 4 4 6 7 1 0 r1 1 1 1 1 1 1 1 1 1 1 4 2 4 4 4 4 4 4 3 4 4 0 7 7 8 6 7 8 3 9 3 3 1 1 1 1 1 1 1 1 1 1 1 7 8 9 7 8 8 8 8 7 9 8 8 6 1 5 1 1 7 8 8 1 8 1 1 1 1 1 1 1 1 1 1 1 4 4 2 3 4 4 2 0 7 1 4 7 5 6 7 7 2 5 8 2 3 1 1 1 1 1 1 1 1 1 1 1 1 8 2 7 0 5 1 0 0 0 0 0 4 4 0 7 1 5 0 3 2 8 6 1 1 1 1 1 1 1 1 1 1 1 4 2 6 4 3 5 5 4 4 4 4 0 0 2 8 5 7 4 1 0 6 1 2 2 3 2 2 1 2 1 3 4 8 7 0 4 9 3 5 8 6 7 1 1 6 2 8 1 8 1 1 8 1 1 1 1 1 1 1 1 1 1 1 4 5 5 5 4 5 4 5 4 3 4 2 6 5 8 7 1 4 1 5 8 2 6 6 6 6 6 6 7 7 6 6 6 9 5 8 8 6 6 0 0 4 7 7 1944— N J A O D J M S A M F u J u e e o e c u p a a l a n p b c t v y n g r r y o e t e i r e u c u e l b u m m h a s m e a r t b r b y r b e y e e r r r 8 8 8 8 7 7 7 7 7 7 7 7 1 0 5 3 9 0 6 9 8 9 3 4 9 9 7 6 9 4 0 9 1 7 5 1 r7 6 6 6 7 7 7 7 7 6 6 7 0 8 8 2 7 3 1 0 1 0 4 5 3 7 9 1 2 5 0 0 0 6 8 6 1 1 r 9 9 9 8 9 8 7 0 0 9 8 8 4 2 7 9 9 8 0 0 1 9 7 5 r 4 4 6 6 4 6 5 6 5 4 5 5 9 1 0 4 8 0 9 1 6 8 4 7 1945— F M A J e a p a b n r r i r u c l u a h a ry ry 1 1 1 1 3 3 3 3 6 0 9 2 1 1 1 1 3 2 3 4 7 6 9 1 1 1 1 1 9 8 8 7 2 8 5 6 1 1 1 1 1 2 4 2 7 4 1 8 1 1 1 9 0 1 1 7 2 5 1 1 1 1 1 3 2 2 3 4 8 8 3 2 4 4 6 0 0 2 3 3 1 1 1 1 4 5 4 5 2 1 3 1 6 6 6 7 8 4 3 1 1945— M F J e a a b n r r u c u a h a ry ry 8 7 7 1 1 5 3 3 1 6 6 7 4 1 7 0 3 8 10 7 7 0 3 3 P6 3 3 3 7 9 P Preliminary. c Corrected. r Revised. Kevisea. NOTE.—Descriptive material and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN forfrom the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa-by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classesvisions not available monthly. with weights derived from revenue data of the Interstate Commerce Commission. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month U S n t i a t t e e d s Boston Y N o e r w k - d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 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 "ll9 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 62 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 1944... 186 162 149 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—May 158 146 130 148 157 183 196 146 164 138 163 191 192 June 167 145 133 151 164 201 209 157 184 144 187 220 200 July 171 147 137 154 171 197 221 168 185 148 184 220 199 August .... 165 143 135 144 164 189 201 161 177 149 174 208 198 September 162 139 133 149 158 196 210 151 171 147 179 211 189 October 174 145 137 154 170 194 222 169 188 148 194 231 211 November 180 158 143 161 178 199 220 174 197 166 210 227 212 December 166 148 133 144 164 197 208 154 172 146 174 215 206 1944—January 175 148 136 159 169 202 224 172 182 160 207 206 208 February 175 148 138 156 166 198 225 162 194 176 203 241 211 March 185 162 153 173 183 213 228 173 195 159 rl94 247 219 April 173 157 141 r161 166 200 r221 165 173 157 181 232 201 May 181 164 150 168 181 211 233 167 197 158 192 228 216 June 176 151 144 159 166 207 237 163 189 151 192 245 210 July 192 160 149 170 191 211 r262 187 208 165 212 277 223 August 187 154 151 158 182 214 r243 180 207 173 204 250 221 September — 183 156 149 170 180 218 247 168 193 162 200 241 217 October 194 165 152 168 190 227 260 192 215 158 215 252 228 November... r209 177 162 183 203 231 r271 201 235 189 244 264 253 December 194 174 158 171 190 220 258 180 207 175 208 263 233 1945—January 199 162 150 173 186 231 268 193 211 181 241 261 247 February 211 166 166 189 204 238 274 200 236 208 246 284 257 March 223 r201 189 204 222 r250 r274 213 235 205 r240 283 249 April 181 157 150 162 174 210 235 170 188 157 199 240 219 UNADJUSTED 1943—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 142 115 115 123 133 159 194 131 153 122 161 200 178 March 170 144 139 162 167 203 221 159 185 141 182 227 198 April 172 161 137 r158 172 r194 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 142 110 100 117 140 151 197 139 154 130 168 202 185 August 157 118 110 123 159 177 r216 151 178 154 191 220 202 September 196 170 158 173 191 231 257 185 212 184 220 265 226 October 209 184 173 190 204 249 273 197 221 179 226 272 238 Novemoer 248 207 207 231 244 294 r317 231 268 218 264 314 299 December 320 300 270 305 303 369 r417 295 333 269 339 421 373 1945—January 156 132 124 133 145 174 r214 147 173 136 178 211 197 February r172 130 137 149 163 191 r236 162 187 144 194 239 217 March 212 r187 176 200 214 r25O r282 200 233 186 r233 269 232 April 175 156 143 152 171 193 228 168 192 156 195 228 205 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. 607 JUNE 1945 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] Amount Index of stocks Without seasonal adjustment (In millions of dollars) (1935-39 average = 100) 1941 1942 1943 1944 Oct. 18.... .141 Oct. 17......166 Oct. 16.....189 Oct. 14.... .221 Out- 25.... . .144 24 172 23 194 21 20Q 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 o h s f ) ( o s e t r n i a d n d n e g d r o s - f a S d e j a a u l s l s o y t n ed - j U u n st a e d d - Nov. 2 1 1 8 5 2 . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 5 4 3 5 0 5 9 9 Nov 3 2 1 1 1 7 4 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 8 8 8 6 2 2 2 8 Nov. 2 1 3 6 0 3 0 . . . . . . . . . . . . . . . . 1 2 2 2 8 0 2 1 7 2 3 1 Nov. 1 2 1 4 8 8 1 . ' . . .' . . .' . . . . ' . .. . . 2 2 2 2 0 1 3 5 7 5 1 2 month) 29.... ..176 28......176 27... .201 25. .236 Dec. 6 225 Dec. 5 250 Dec. 4 269 Dec. 2 304 1 1 1 9 9 9 4 4 3 1 0 9 a a a v v v e e e r r r a a a g g g e e e 1 1 1 5 2 3 6 8 6 4 3 3 1 4 5 9 4 3 ""lO 19 8 4 " 1 1 2 9 0 0 9 1 2 2 1 0 7 3 . . . . . . . . . . . . . . . . 1 2 .2 9 9 5 9 1 0 2 1 1 6 2 9 . . . . . . ' . . . ' . . . ' . 2 . . 3 2 2 3 9 2 3 5 2 1 1 5 1 8 . . . '.' . . . . . ' . . . 2 3 29 7 2 7 4 1 1 2 9 6 3 . . ." . . . . ." . . .'' . . 3 3 3 6 6 7 5 9 7 1 1 1 9 9 9 4 4 4 4 2 3 a a a v v v e e e r r r a a a g g g e e e 2 1 2 2 0 7 7 4 9 5 5 5 9 0 3 9 8 1 5 5 2 5 3 6 8 0 3 1 1 1 4 5 7 6 3 2 Jan. 3 19 . 4 .. 2 ..111 Jan. 1 2 9 4 . 3 ....117 Jan. 1 1 94 . 4 ....110 Jan. 3 1 0 6 9 4 . 5 .... . 1 1 4 2 5 3 10.... ..135 9 ....146 8... .143 13 .....166 1943— N D A O S J e u o e u c p l c t v g y t 3 2 2 2 1 1 3 5 3 0 6 5 8 9 0 5 8 1 4 5 5 5 5 5 6 7 8 9 6 0 7 6 6 3 4 7 4 5 5 5 6 6 9 6 6 5 9 1 1 2 4 0 2 8 1 1 1 1 1 1 4 4 6 6 6 5 3 3 2 2 9 3 1 1 1 1 1 1 6 3 7 6 6 4 5 4 0 2 8 6 Feb. 2 2 1 3 2 1 7 8 1 4 1 4 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 .1 2 2 1 2 1 2 3 7 2 9 5 5 2 6 Feb. 2 2 1 3 2 1 6 0 7 3 0 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 6 7 5 4 2 3 2 2 8 5 3 6 9 5 Feb. 2 1 1 2 1 2 5 6 9 9 5 2 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 3 4 4 4 4 4 4 7 2 6 2 6 4 6 M Fe a b r . . 2 2 1 2 1 3 4 3 0 0 7 7 . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 6 7 6 7 6 7 8 1 7 3 2 0 2 6 1944— N O M M J A J A S F J u u a e e o c p u a a n l n b p t v r g y y r e t r2 2 2 2 2 2 1 1 1 1 1 2 2 9 3 5 0 9 6 7 9 6 5 0 9 4 7 6 9 7 0 6 3 r r 5 5 4 5 5 6 5 5 5 5 5 2 3 2 0 7 2 7 8 6 1 1 5 1 5 0 9 2 9 3 8 6 3 r4 4 5 5 5 5 5 5 6 5 6 8 5 7 7 7 0 2 9 2 2 2 3 9 5 4 6 8 7 0 6 8 1 r1 1 1 1 1 1 1 1 1 1 1 4 5 5 4 6 5 5 4 6 7 4 9 4 7 5 5 4 4 4 1 0 7 r r 1 1 1 1 1 1 1 1 1 1 1 5 5 3 6 7 5 4 5 4 6 6 2 1 7 7 2 2 7 1 8 6 3 M A M p a a r y r . . 2 1 1 2 2 1 1 4 2 7 9 5 1 8 1 8 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 3 5 3 7 4 4 2 4 4 2 4 7 7 0 0 6 8 9 7 0 7 9 M A M p a a r r y . . 1 2 1 1 2 2 1 8 3 5 6 1 4 7 0 7 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 4 5 5 4 7 6 8 6 4 6 4 7 5 0 4 0 8 2 1 2 9 9 A M M p a a r y r . . 2 1 2 1 2 1 1 6 8 4 1 3 5 9 5 2 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 2 2 6 9 7 8 6 8 6 5 0 1 5 0 7 2 2 3 4 8 2 8 2 3 M Ap ay r. 1 2 2 1 1 3 2 1 1 2 5 1 8 9 7 4 1 4 0 7 r . . . . . . . . . . 1 2 2 2 1 2 1 1 1 1 1 9 0 2 3 9 1 5 8 8 7 9 6 4 6 0 2 4 6 4 1 8 3 Dec 385 444 620 136 127 3 23 0 . . . . . . . . . . . . 1 1 0 2 4 5 2 2 9 2 . . . . . . . . .. . 1 1 5 5 3 1 2 2 0 7 . . . . . . . . 1 1 6 7 8 7 June 2 2 6 .182 1945— M F A T e a p a b n r r ^ r r 2 1 2 1 8 9 1 9 4 8 0 8 r r 4 5 4 9 2 6 4 3 2 r8 7 7 1 7 6 7 0 5 * r1 > 1 1 1 4 4 4 5 7 8 8 6 r r 1 1 1 5 4 3 0 2 3 June 2 2 1 6 7 0 3 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 0 2 2 7 9 9 8 June 2 1 1 6 5 9 2 . . . . . . . . . . . . . . . .. . . . . . . . 1 1 1 1 3 6 5 6 2 8 1 8 June 2 1 1 3 4 7 0 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 7 6 7 5 2 3 3 1 3 2 1 9 0 3 6 r Revised. p Preliminary. r Revised. 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] A 19 p 4 r 5 . M 19 a 4 r 5 . F m 1 o 9 o 4 u s 5 . r A 19 p 4 r 5 . Mar F m 1 o 9 o 4 u s 5 r . A 19 p 4 r 5 . M 19 a 4 r 5 . F m 1 o 9 o 4 u s 5 r . A 19 p 4 r 5 . M 19 a 4 r 5 . United States. +1 +26 +15 Bo N B P P S st p r o o e o o r w r n s i v t t n l o i a g H d n n f e i a d n e v l c d e e n.... - - - + 1 1 - 1 5 2 0 3 1 c + + + + + + 3 2 3 1 3 3 2 7 4 9 1 2 + + + + + + 1 1 1 8 7 8 2 5 2 R C i le W c E P Y v h i r o e t h m i l t u e e a s o n . e n b n g l d u i d s n — r t g g o C h w o n nt. + - + - - 2 3 2 6 3 r+ + + + + 2 3 2 3 2 7 8 5 1 6 + + + + + 2 1 1 2 1 2 4 0 0 4 Ch T D D F F I i n c l e o e e a i d r r s n t g r t i r t e o a M o W — n i H t o a C a i p a n y o o u e n n l s t t i e . e s . 1 . . . . . . . . + + 8 8 5 * 0 r+ + + + + + 2 5 5 3 2 3 0 0 8 4 9 3 * * * * + + + + + + 2 5 1 1 2 3 2 5 0 6 8 3 Da H F S D S l a o h l o a a n r r u l s t e l s a A v t W s e o n p n t o o o r n r th t io + + + - - 1 8 7 6 5 1 0 + + + + + + 2 2 1 1 1 1 6 4 5 3 5 8 + + + + + + 2 1 1 1 1 8 3 7 6 1 4 C P N l h e e T Y A C U W N N L C C N P R C B B P A B E S R S i w v l r y h o a o o l k i a l u e a e c t i e r o e i l e i e m n i n a b i n r r d w u a l l i r f n w h c l c d Y a v n a u f l c k o g g k a e d c g t h e a a i a n c g e a o n l i t m n o h a a r e i l h n p e Y o n d d u l r n a e r o n r y s a s a h s k k b e n n e k a s p g t - o m t n i e c e e u l a B e a o r d . p r F e s t t t r k ; r a i a o h p t a r d n s i l C r a y l i e s e i . — . . t . . . . y . . . . . . - - - - + - - - - + 1 - - 1 + + + + - + - - + 1 1 - — 4 6 4 3 4 3 2 4 1 9 2 6 1 0 3 5 9 1 2 7 4 4 0 0 0 0 4 ,. + + + + + + + + + + + + + + + + + + + + + + + + + + + 4 3 2 4 2 2 3 1 3 3 4 2 3 4 3 2 3 3 3 2 2 2 2 3 2 2 2 0 5 4 0 8 4 9 6 2 0 7 2 2 4 2 5 4 0 8 3 6 9 4 8 8 3 7 + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 9 8 6 2 5 8 2 7 4 0 6 7 7 0 1 6 7 8 6 3 8 4 9 2 5 5 A C t h H M M T A N B M N W G L C M B K l B R J A W C J N C a i a a a c y i h e a i u u a o l n r h t a n o i a c c o r i c a a a e m l w n t a l a r g s n o n m t a c k b k a n h s r o t e f g a m r h c u x o i t t s k i h s n s o p t m n l n m i i o t l h v g t O o e v n s o s i n e l n a t i a v o n b t k i a o b s o i n n g o n R g a l r i n l t g u m u n l l v l l h o r o t e - l o e e t r r e d o i e a S n o o e g g a u l n , m l . r n a n g g W e y l S s a e e . . . m . V C . a , . . . . . - - + + + + + + + + - + + 2 - - - - 1 - - - - 4 7 1 1 3 1 4 8 2 0 1 7 7 4 6 4 8 4 2 1 0 1 i i r r r • + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 3 2 4 3 1 2 2 3 2 3 3 3 1 2 4 3 4 3 2 2 3 2 1 2 2 2 8 9 4 2 9 3 4 9 5 3 3 6 7 7 4 1 2 5 8 8 1 1 2 3 + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 3 2 2 1 2 1 1 1 1 2 1 1 2 1 1 1 2 1 2 1 1 1 1 1 4 4 9 0 4 4 4 0 1 1 5 8 5 3 8 1 9 9 7 0 8 1 6 5 2 2 7 S M K t a T W . M M F E L P H M G L Q S D J L i S K O O S G n n o p u o o o t v L a t i r u u e m k a r a e n s . i i . p t r e p e n u r a a l o n c i t n a t l d m i e l t w e n L a c J b a l n s e n i n h u v i s s i e a s n o h i h c h n k s l p g s d o a a i i S e n v o p y s o s a t i o v C a f h s u u r R B a m g i n e o i n m i l i R k i e i p s l l s o l s a C t i l e l e i o y h a a t c d e s y e h i n p k t C i y d . i . s t . . y . . . + + + + + + + - + - + + + + + + + - - - + - 1 1 1 7 2 8 4 1 6 3 3 5 4 5 5 3 4 3 3 8 7 3 8 0 3 2 * * r+ + + + + + + + + + + + + + + + + + + + + + + + + + 3 2 2 2 4 3 2 2 2 2 2 2 2 3 3 1 3 2 2 3 4 4 3 4 3 2 3 8 2 9 1 1 5 4 2 1 6 9 7 4 0 7 2 7 9 4 4 3 8 0 3 6 * * * * * * + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 2 2 1 2 1 1 1 1 1 1 1 1 2 1 1 1 2 1 3 3 1 2 7 5 5 8 4 7 1 6 7 4 2 2 9 8 6 4 1 9 5 4 8 7 6 0 8 1 Sa V B R S S S S S P B T P L S T S E F S Y O S B L n a a a t a h o o a o p r a a i u e a e v o a a N o a S v B n n n F e n l i o c c n o a r l l c k k e s k s c t l a s l e t t o r a e t r s e g k e i e r i e l k a l n n t r a n F a o J A m D n m m r a e r a L a l j s t o m a o k s e g n n o n i r n t n B o i n a i f R a B x a t p a n s e d h c e d a e d n i e g k e e n e l a d i e g o e a n n e a e e s l c a m r s o d d y l c c t a i n n a e o h s o n C a s d c N d r o i d t a i y p n . a o . + - + + + + + + 1 + + + + - - + + + + + - + 1 4 2 4 0 3 6 8 1 3 3 4 8 1 1 5 3 2 5 7 7 3 0 0 0 0 r r r r r r + + + + + + + + + + + + + + + + + + + + + + + + 1 + 1 1 2 2 2 1 1 1 3 1 2 2 2 2 2 3 2 1 2 2 2 2 1 9 3 5 1 9 9 l 9 2 9 0 2 4 0 6 2 2 1 9 7 3 4 0 7 9 + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 2 1 8 8 2 2 5 9 7 5 0 8 8 2 2 2 4 5 1 5 8 9 7 4 1 9 5 Springfield — -8 +28 +9 Chicago +24 +15 Tulsa.... +13 +38 +27 Toledo -2 +32 +15 Peoria +36 *+27 r Revised. * Data not yet available. **Three months. i Sales in April 1944 were unusually small owing to a strike by store clerks. 608 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) Mar. reporting Mar. Three mos. Mar. 1945 1945 1945 1945 1944 GRAND TOTAL—entire store 352 +24 +20 -2 1.9 2.4 MAIN STORE—total 352 +23 +20 -2 2.0 2.5 Women's apparel and accessories 349 +31 +25 -2 1.4 1.9 Coats and suits 328 +28 +25 +2 0.8 1.0 Dresses 332 +39 +31 +16 1.3 1.5 Blouses, skirts, sportswear, etc 312 +44 +33 +11 2.0 2.6 J In u f n a i n o t r s s ' ' w an e d a r girls' wear v 2 2 9 9 7 5 + + 4 3 9 7 + + 4 2 0 6 + + 1 3 5 1 1 . . 1 7 2 1 . . 0 6 Aprons, housedresses, uniforms 284 +32 +26 -21 1.5 2.5 Underwear, slips, negligees 322 +39 +30 —9 1.7 2.6 Corsets, brassieres 328 +35 +31 _9 1.3 1.9 Hosiery (women's and children's) 342 +26 +19 -45 0.8 1.8 Gloves (women's and children's) 324 +50 +33 +1 1.6 2.4 Shoes (women's and children's) 242 +43 +37 -23 1.9 3.4 Furs 260 -56 -26 +46 3.6 1.1 Neckwear and scarfs 242 +39 +22 33 1.4 2.0 Handkerchiefs 280 +45 +28 3.3 4.2 Millinery 167 +49 +32 0.7 1.0 Handbags and small leather goods 299 +4 +3 1.5 1.4 +8 Men's and boys' wear 319 +43 +30 -11 2.6 4.1 Men's clothing 230 -\-36 +25 -18 2.6 4.3 Men's furnishings, hats, caps 305 +40 +28 -13 3.0 4.8 Boys' clothing and furnishings 280 +53 +37 +13 2.0 2.7 Men's and boys' shoes and slippers. 175 +43 +39 -27 3.4 6.7 Home furnishings 313 +14 +12 -8 3.1 3.8 Furniture, beds, mattresses, springs. 230 +22 +21 +5 3.3 3.9 Domestic floor coverings 238 -19 2.8 3.3 Draperies, curtains, upholstery 289 +19 +20 -6 2.4 3.0 Major household appliances 171 +47 +32 -35 1.5 3.4 Domestics, blankets, linens, etc 289 0 -25 2.7 3.6 Lamps and shades 218 +18 +20 +2 4.2 4.9 China and glassware 215 +11 +11 —5 3.9 4.5 Housewares 219 +30 +28 -4 3.4 4.6 Piece goods 283 +13 +22 -22 1.3 1.9 Cotton wash goods 117 +8 +14 —22 1.0 1.4 Small wares 333 -5 +5 +18 3.3 2.6 Lace, trimmings, embroideries, ribbons 118 +30 +20 +23 2.4 2.6 Notions 220 +24 +21 2.9 3.7 Toilet articles, drug sundries, and prescriptions 317 -28 -13 +39 3.8 2.0 Jewelry and silverware 267 y +2 +16 3.5 2.8 Art needlework 239 +13 +18 0 3.1 3.4 Stationery, books, and magazines 231 +21 +22 +11 2.7 2.9 Miscellaneous 289 +20 +18 +8 2.4 2.8 Luggage 219 -34 -19 -4 2.9 2.0 BASEMENT STORE-total .., 214 +31 +23 -1 1.8 2.4 Women's apparel and accessories 203 +35 +27 +6 1.4 1.8 Men's and boys' clothing and furnishings . 167 +46 +29 -2 2.8 4.1 Home furnishings 122 +5 +9 -7 2.7 3.0 Piece goods 51 +14 +23 -28 1.4 2.2 Shoes 134 +48 +21 -17 2.8 5.1 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES/jACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Chargesales ment account 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 sales 1944—March 143 182 73 114 40 79 79 100 62 4 34 April 132 171 r55 104 38 79 r69 107 62 4 34 May 141 180 58 112 36 82 67 109 62 4 34 June 127 165 50 99 34 78 61 111 63 3 34 July 103 138 44 76 32 67 56 103 65 4 31 August 126 167 60 93 32 70 58 92 64 4 32 September 149 193 66 116 33 81 61 96 63 4 33 October 164 211 81 127 35 90 69 115 63 4 33 November 191 245 95 149 40 102 75 130 62 4 34 December 245 326 105 181 46 128 77 135 64 4 32 ^945—January 126 164 57 96 43 97 77 r168 63 4 33 M Fe a b r r c u h a . ry 1 1 7 2 8 6 2 1 3 6 0 3 . 5 7 7 3 1 9 4 8 1 3 4 9 0 8 9 4 6 6 7 8 7 r r 1 11 2 9 8 r63 r3 4 3 3 3 4 April 133 172 49 107 37 88 65 127 62 3 35 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. JUNE 1945 609 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 s o e u t d a m i l t er in e T ta o 1m ta A l n f* Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t c C vC h C a O r U g .il e 1 Service credit lH& cr la e l d ll i l t cIll. 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 ,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 ,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 ,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 ,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 ,650 560 1941 9,959 5,984 3,747 1,942 1,805 2,237 1,601 ,764 610 1942 6,529 2,999 1,494 482 1,012 1,505 1,369 ,513 648 1943 5,379 2,002 816 175 641 1,186 1,192 ,498 687 1944 r5,791 r2,084 836 200 636 ''1,248 1,220 ,758 729 1944 Apr 5,037 ,847 690 171 519 1,157 1,139 ,346 705 May 5,148 ,859 700 181 519 1,159 1,189 ,390 710 June 5,209 ,882 707 192 515 1,175 1,241 ,370 716 July 5,148 ,889 706 204 502 1,183 1,250 ,287 722 Aug 5,192 ,896 709 210 499 1,187 1,239 ,330 727 Sept 5,272 ,912 720 210 510 1,192 1,231 ,402 727 Oct 5,412 ,937 743 210 533 1,194 1,231 ,516 728 Nov r5,596 rl,974 773 208 565 rl,201 1,231 1,664 727 Dec r5,791 r2,084 836 200 636 rl,248 1,220 1,758 729 1945 Jan... f5,482 r2,014 778 192 586 rl,236 1,206 1,528 734 Feb.... 5,326 1,968 743 186 557 1,225 1,188 1,432 738 xMar... "5,575 Pi,991 "731 P184 ^547 PI,260 PI,181 VL.662 Apr P5,411 PL.987 P719 P184 P535 PI,268 PI,182 PI,500 P742 p Preliminary. p Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Insured End o r o f y e m ar onth ex m T a c o o u lu b t t d o a i - i l l , n e g D s m m e t a p o a e n r a i n d e l r t - s t- F s t u t u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - J s e t w o e re lr s y s o r t e t A o h ta r l e l e i r l s m E o y n n e d t a h r o f or Total m b C a e o n r m c k i s - a 1 p S c l a m o o n a m a i n e l - l s b p I a n c a t n o d n r k i m i u a i e s l n - s - g 2 C un re io d n it s M l l a e n i n s e d c o e e u r l s - s m i r l z o o e a a d a p t n n e a i d o r s ir n n 3 order stores houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 532 44 246 125 32 60 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... ,195 258 350 221 93 125 148 1935 865 186 336 171 40 132 1938... ,271 312 346 230 112 117 154 1936 1,147 256 406 255 56 174 1939 ,671 523 435 257 147 96 213 1937 1,368 314 469 307 68 210 1940 »,O57 692 505 288 189 99 284 1938 1,343 302 485 266 70 220 1941 ,237 784 535 298 217 102 301 1939 1,525 377 536 273 93 246 1942 L,505 426 424 202 147 91 215 1940 1,721 439 599 302 110 271 1943 ,186 312 372 165 123 86 128 1941 1,805 469 619 313 120 284 1944. r ,248 r358 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 Apr ,157 319 363 164 118 85 108 May ,159 325 362 165 118 85 104 1944 June.. . .175 335 365 169 119 85 102 Apr 519 142 229 18 48 82 July ,183 339 367 170 119 85 103 May 519 141 235 16 45 82 Aug ,187 343 363 172 118 85 106 June 515 138 237 15 44 81 Sept ,192 342 364 172 118 85 111 July 502 132 234 14 43 79 Oct.. ,194 344 361 172 117 85 115 Aug 499 132 233 13 42 79 Nov r\,201 r346 365 172 116 85 117 Sept 510 138 236 13 43 80 Dec rl,248 r358 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 rl,236 r359 378 172 116 87 124 Feb 1,225 357 372 168 114 86 128 1945 Mar p1,260 P374 P381 P171 PI 16 P87 p131 Jan 586 172 249 12 61 92 Apr PI,268 P3 78 P381 P172 P116 P87 P134 Feb 557 163 240 12 54 88 Mar p547 ^163 P238 pll P49 p86 Apr P535 P156 P237 PH P47 P84 P Preliminary. r Revised. 1 These figures 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 (17 million dollars at the end of April 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 6io FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il bile c O re h t t a h a s e i e l r d , R e m r e a n p n o i d a d z i a - r - i s m n P o s e e n t n r a a - t l l Month or year Co b m an m k e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l 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—March 497 52 82 61 78 224 1940 927 536 320 April 496 52 85 61 76 222 1941 983 558 372 May 505 53 89 62 76 225 1942 792 798 408 247 June 518 56 93 62 76 231 1943 636 809 364 228 July 527 61 94 62 77 233 1944... r744 876 403 234 August.. 532 62 95 62 78 235 September. 534 62 96 62 80 234 1943 October.. 538 60 97 67 80 234 September 57 70 32 21 November. 544 59 97 70 r82 r236 October. 51 67 28 19 December. 559 57 99 75 83 245 November .. 50 70 29 18 December. 58 95 32 23 1945—January. r562 r56 100 80 82 244 February. 556 55 101 76 83 241 1944 March?' 573 56 107 76 84 250 January 49 53 27 15 April?'. 579 55 109 77 86 252 February 51 60 29 18 March 73 94 38 26 Volume extended during April 56 61 30 16 month: May 65 72 35 20 1944—March. 95 9 19 10 5 52 June 69 75 38 22 April 82 11 18 11 6 36 July 63 73 33 19 May 97 12 21 15 7 42 August 64 70 35 20 June 100 12 20 13 ' 8 47 September 60 67 33 19 A J S u e u l p y g t u e s m t ber. 9 8 9 5 9 4 r1 1 1 5 3 0 r1 1 1 9 9 7 1 1 1 1 2 1 9 9 8 4 4 4 1 2 2 N O D o c e t c v o e e b m m e b r b e e r . r . r r 6 6 n 1 1 1 6 0 7 8 6 7 3 3 3 4 4 7 2 1 1 3 8 8 N O D o c e t c v o e e b m m e b r b . e e r r . r1 •r 0 9 9 3 2 2 1 1 8 0 0 r1 1 1 9 8 8 r1 1 1 5 5 8 9 8 8 4 4 5 1 0 0 J F a e n b u ru ar a y ry . 1945 r6 6 6 1 5 5 8 6 3 3 3 0 1 1 6 6 1945— F J e a b n r u u a a ry ry.. 9 8 6 6 9 9 2 1 0 9 1 1 7 2 7 7 4 3 3 9 M Ap a r rc il h ? ? . J. 6 8 9 2 9 7 4 0 3 4 4 2 2 1 3 8 March? 113 12 24 14 9 54 Apr UP. 101 9 21 16 10 45 p Preliminary. r Revised. 1 These figures for loans made include only personal instalment cash loans p Preliminary. r Revised. and retail automobile direct loans, which are shown elsewhere on this page, 1 Includes not only loans insured by Federal Housing Administration and a small amount of other retail direct loans (3 million dollars in April 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 P h e a r n c g e e n t f a r g o e m Instalment accounts a C cc h o a u r n ge ts preceding corresponding Item month pre m ce o d n i t n h g o y f ear Month Depart- Furni- h H o o ld u s a e p - - Jewelry Department ture pliance stores ment Apr. Mar. Feb. Apr. Mar. Feb. stores stores stores stores 1945 1945 1945 1945 1945 1945 Net sales: 1944 T C o as ta h l sales - - 6 6 j '" + + 2 2 5 5 +2 + + 1 6 8 + + 2 1 8 7 + + 2 1 0 2 A M p a r r i c l h. 3 3 6 2 2 2 3 3 2 2 6 6 3 2 4 8 6 6 5 3 Cred C I i n t h s a s t r a a g l l e e m s e : a n c t count "8 I r+ + 1 3 8 0 j ! + — 7 6 + + 9 1 r+ r+ 1 7 5 + + 4 7 J M J u u a l n y y e . 3 3 3 0 2 1 2 2 2 5 4 3 2 2 2 8 6 9 3 3 3 0 0 1 6 6 6 4 3 1 August 34 24 32 31 64 Accounts receivable, at end of September ... 35 24 33 32 64 fo'hth: October. 39 26 36 34 65 T In o s t t a a l lment -1 i -1| - - 3 3 +1 + + 2 + + 1 1 N D o ec v e e m m b b e e r r. 3 3 9 6 2 2 4 3 3 3 9 7 3 4 4 9 6 6 7 1 Collections during month: 1945 T In o s t t a a l lment + + + 1 9 2 + + 6 4 + + 9 9 + + 5 1 J F M a e a n b r u r c u a h r a y ry . 3 3 3 2 0 6 2 2 2 4 1 1 r r 3 3 3 5 2 6 r3 3 3 3 1 0 6 6 6 1 1 6 Inventories, end of month, at j April 30 22 36 33 62 retail value i +3 +4; +5 +4 +3 r Revised. T Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. JUNE 1945 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 e d xt 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 i p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c r C o a a l h l d s l e u i a e m 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- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1944—April 103.9 123.2 104.9 98.4 116.9 97.8 83.0 103.7 115.2 95.5 104.3 93.5 May 104.0 122.9 105.0 98.5 117.0 97.8 83.2 103.7 115.7 95.5 104.3 93.5 June 104.3 125.0 106.5 98.5 116.4 97.8 83.3 103.7 115.9 95.3 104.3 93.5 July 104.1 124.1 105.8 98.5 116.2 98.0 83.2 103.7 115.9 95.5 104.3 93.6 August.... 103.9 122.6 104.8 98.6 116.0 98.4 83.2 103.8 116.0 95.5 104.4 93.6 September. 104.0 122.7 104.2 98.6 116.0 99.2 83.0 103.8 116.0 94.9 104.4 93.6 October... 104.1 123.4 104.2 98.7 116.2 99.4 82.9 103.7 116.3 95.0 104.4 93.6 November. 104.4 124.4 105.1 98.8 116.2 99.4 83.1 103.7 116.4 94.8 104.4 94.0 December. 104.7 125.5 105.5 98.9 117.4 99.5 83.1 103.8 116.4 94.8 104.4 94.2 1945—January... 104.9 126.2 104.7 99.1 117.5 99.6 83.3 104.0 116.8 94.9 104.5 94.2 February.. 105.2 127.0 104.7 99.2 117.6 99.7 83.3 104.2 117.0 94.9 104.5 94.6 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 April 105.7 129.0 105.8 99.3 117.9 99.6 83.5 104.2 117.1 94.9 104.5 94.8 Week ending: 1945—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 May 5.... 105.7 129.8 106.5 99.5 118.3 99.1 84.0 104.3 117.0 94.9 106.2 94.6 May 12... 105.7 129.5 106.6 99.6 118.3 99.1 84.3 104.4 117.2 94.9 106.2 94.6 May 19.... 105.8 129.5 106.8 99.7 118.3 99.1 84.6 104.3 117.2 94.9 106.2 94.6 May 26.... 105.9 130.5 107.4 99.7 118.3 99.1 84.6 104.4 117.2 • 94.9 106.2 94.6 1945 1944 1945 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains 129.6 129.3 129.8 129.8 130.5 Agricultural implements 97.2 97.5 97.5 97.5 97.5 Livestock and poultry 123.6 131.1 133.8 135.6 136.4 Farm machinery » 98.3 98.7 98.7 98.7 98.7 Other farm products 120.3 121.5 121.4 120.5 123.2 Iron and steel 97.1 97.7 98.0 98.1 98.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.2 110.8 110.8 110.8 110.7 Nonferrous metals 85.8 85.9 85.9 85.9 85.9 Cereal products 95.2 94.7 94.9 95.1 95.4 Plumbing and heating 91.8 92.4 92.4 92.4 92.4 Fruits and vegetables 126.5 114.4 118.1 115.9 123.4 Building Materials: Meats 106.2 106.4 106.5 107.7 108.2 Brick and tile 100.3 110.4 110.5 110.7 110.6 Other foods 92.2 97.3 95.1 94.7 94.7 Cement 93.9 97.4 99.0 99.4 99.4 Hides and Leather Products: Lumber 153.4 153.8 153.9 153.8 153.9 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials... 104.4 106.3 106.4 106.3 106.3 Hides and skins 111.2 114.8 115.4 116.4 117.0 Plumbing and heating 91.8 92.4 92.4 92.4 92.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.... 102.8 103.5 103.6 103.8 103.8 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 96.3 95.8 95.8 95.8 95.8 Cotton goods 113.9 119.7 119.9 119.9 119.7 Drugs and Pharmaceuticals1 112.0 106.9 106.9 106.8 106.8 Hosiery and underwear 70.5 71.5 71.5 71.5 71.5 Fertilizer materials 81.4 81.9 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 112.5 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings.., 107.2 107.5 107.5 107.5 107.5 Fuel and Lighting Materials: Furniture 101.4 101.5 101.5 101.5 101.5 Anthracite 95.8 95.3 95.3 95.3 95.3 Miscellaneous: Bituminous coal 120.3 120.5 120.5 120.6 120.6 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 59.9 60.0 61.1 Paper and pulp 107.2 107.6 108.0 108.0 109.0 Gas 77.1 75.7 76.9 Rubber, crude 46.2 46.2 46.2. 46.2 46.2 Petroleum products 64.0 64.3 64.3 64.3 Other miscellaneous 96.7 98.2 98.9 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. 6iz 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 A 2 p 5 r . M 2 a y M 9 a y M 1 a 6 y M 2 a 3 y page Feb. Mar. Apr. WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars EESERVES AND CURRENCY Reserve Bank credit, total 2 21.31 21.41 21.59 21.59 RESERVES AND CURRENCY U. S. Govt. securities, total 3 20.44 20.48 20.72 20.67 20.93 Reserve Bank credit 6 19.88 20.25 20.93 Bills. 3 13.09 12.99 13.20 13.03 13.13 Gold stock. _ 6 20.52 20.45 20.40 Certificates 3 5.24 5.39 5.41 5.52 5.68 Money in circulation 6 25.53 25.85 26.01 Notes 3 .99 .99 .99 1.00 1.01 Treasury cash 6 2.38 2.36 2.37 Bonds 3 1.13 1.12 1.12 1.12 1.12 Treasury deposits 6 .54 .27 .50 Discounts and advances 2 .51 .57 .55 .49 .72 Member bank reserves, total 6,7 14.04 14.43 14.62 T M M T G r r o e o e e l m n d a a e s s b y u u s e t r r r o y y i n c b k c d a c a e n i s p r k h c o u s r l e i a t s s t e i r o v n es 2, 4 2 2 2 2 2 2 1 2 6 0 4 . . . . . 3 3 0 7 6 7 7 7 1 5 2 2 1 2 6 0 4 . . . . . 3 3 2 8 4 7 8 9 0 2 2 2 1 0 2 6 5 . . . . . 3 3 3 0 4 5 8 1 3 5 2 2 1 2 6 0 5 . . . . . 3 3 3 2 1 5 8 7 5 0 2 2 1 2 0 6 5 . . . . . 3 2 1 4 5 7 2 2 0 3 Requ R C C C i e e r e o e s n n u d e t t n r r r t v a a r r l e l e y s r r e c b e e r i s s a v ty e e n e r r k s v v b , s e e a t o n c c t k i a i s t t l y y b b a a n n k k s s 1 1 1 1 7 3 3 3 3 1 4 5 3 4 3 . . . . . 6 6 5 7 0 8 9 5 9 7 1 4 5 3 4 3 . . . . . 8 8 7 7 42 9 0 4 8 1 4 5 3 4 3 . . . . . 9 7 9 8 6 2 9 1 9 9 Required reserves. 4 13.87i 13.96 14.07 14.1914.24 Reserve city banks 13 5.34 5.47 5.57 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 62 (weekly average), totale .. 4 5 . . 8 8 4 7 ! . . 9 9 3 5 1. . 0 9 0 6 P ^1 I. . 0 0 5 2 P P . . 8 9 8 5 Exce C ss o u re n s tr e y r v b es a , n k t s o tal 1 7 3 3. . 1 9 0 5 3 1 . . 1 0 7 1 3. . 2 9 4 3 N R C C e e h o w s i u c e n a r Y t v g r e o y o r c k b i a t C y n i k b ty s a e nks 5 5 5 5 (3) . . . 2 0 64 1 1 . . . . 2 6 0 0 4 9 1 1 . . . . 7 0 0 2 2 6 1 1 P. . . . 7 2 0 0 4 6 1 1 P. . . . 7 2 0 0 1 2 1 1 M Ba o l n R C a B e n e o y c s i u l e e l n i s s r n t v r d o e y c u f i c r e b $ i c a 5 t f u y r n 0 l o k a m b a s t a i n o n d b n k a , o s n v t k e o r s t : al 1 1 8 3 8 3 2 3 5 1 7 . . . . 6 7 7 9 3 5 6 7 2 3 5 1 7 . . . . 6 8 9 9 6 0 0 0 2 1 3 6 7 . . . . 7 6 8 1 9 4 4 9 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 13.46 13.67 13.99 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.32 4.33 4.36 Loans and investments 57.06 57.18 57.00 57.2357.48 New D L U U Y o . . e a o m S S n r . . k a s n G G d C o o v v i d t t t e y . . p : d o o e b s p l i i t o g s s a i a t t i d s o j n u s sted 4 3 1 2 9 6 1 . . . . 8 7 1 1 5 3 0 3 4 3 1 2 9 6 1 . . . . 8 5 1 3 4 3 5 2 4 3 1 2 9 5 1 . . . . 9 7 4 2 4 5 9 2 4 3 1 2 9 5 1 . . . .. 8 9 3 5 0 6 4 4 1 0 5 2 1 . . . . 3 5 9 5 9 2 0 5 T D T C o i e u m t m r a r e l a e n n d d d c e e y p p d o o o e s s u p i i A t t o t s s s L s i L i d a t e s n B d A b a N c n u K k r S r s e I n N c y U . S. 9 9 9 9 P P 1 P P 6 5 4 2 9 0 1 4 . . . . 9 7 4 2 0 0 0 0 P1 P P P 5 7 4 2 O 1 2 4 . . . . 7 1 0 2 O 0 0 0 P P P P 1 7 4 5 2 3 2 1 4 . . . . 0 8 9 5 0 0 0 0 Loans and investments 20.15 20.26 20.16 20.2820.51 U. S. Govt. deposits 9 P15.60 P13.40 P9.80 U. S. Govt. obligations, total 14.59 14.59 14.55 14.54 14.56 D I T L U n i o . e n t a m e S a n e r B N B C C . a b s o i n e o G , o d a l d r n t m l e n o t t s e d o p i k v s m f d s t o i t a e . c e a s d l p a r i n e d t c o t s p d e e i s a s o p i g l t s o s u i s t a i s a t r d s . j s u e s c t u ed rities 1 8 3 2 3 4 2 2 4 . . . . . . . . . . 0 6 6 6 7 5 2 4 2 9 7 3 5 9 3 2 8 1 3 9 1 8 3 2 2 3 4 2 4 1 . . . . . . . . . . 1 6 5 8 5 0 2 6 5 2 5 3 3 2 9 1 7 9 1 8 1 8 3 2 2 3 4 2 4 1 . . . . . . . . . . 5 2 6 3 8 0 7 2 6 1 3 1 5 4 3 1 0 2 1 6 1 8 3 2 3 4 2 4 2 1 . . . . . . . . . . 2 6 0 3 9 7 1 2 5 2 0 4 6 4 6 1 1 8 3 2 2 3 4 2 1 5 . . . . . . . . . . 3 4 6 0 7 0 9 2 3 1 9 1 4 6 9 1 3 0 6 2 Cons I S C S u n i e h m n s r a g t v e r a I I l i r g e c l n n e m e s s p c t t e a c r a a a A O C n e c r y l l O t e d c u m m t m h d N o i t c e e t o e i e u S , t r r n n m U n n e t t t t M t d o s o s l i b E l a o t t o i R , a l a l e a l e n t n o C s c s t r R a e E l d D i I t T , total 18, 1 1 1 1 1 1 1 1 1 8 9 9 8 8 9 8 9 9 5 1 1 1 1 . . . . . . . . . 3 4 2 9 1 7 5 1 7 3 3 3 7 9 4 6 9 4 P P P P P P P 5 I i P P I I . . . . . . . ! 7 7 5 5 l 9 6 2 1 5 4 8 8 3 9 6 6 8 P P P P P P P P P 5 I I I I . . . . . . . . . 9 5 2 4 7 5 1 1 7 9 0 7 1 2 4 8 8 4 For purchasing securities: Brokers'—on U. S. Govts. .... .92 .96 1.05 1.25 TREASURY FINANCE B To r o o k t e h r e s' r — s on other securities.. . . 5 3 7 6 . . 6 3 2 8 . .3 6 . 1 . . 6 3 4 5 . .3 6 5 4 U. t S ot . a G l o i v n t t . e r o e b s l t i - g b a e t a io ri n n s g outstanding, 20 232.97 233.15 234.19 100 c L U i o . t i a e S n s A B . s l o G o l a n u o o n d t v s t d s h t i . d e i e n r o v b N e li s e g t w m at e Y io n o n ts r s k , : total 3 2 1 . 6 8 4 . . . . 9 2 6 4 1 7 1 5 3 2 1 6 8 4 . . . . 9 2 6 5 1 6 4 0 3 2 1 8 6 4 . . . . 8 2 6 4 0 9 3 8 36. . 9 5 5 0 36. . 9 4 8 9 By c B N S S la a p o o s v e n t s c i e d e n i s s s a g , l s o ( c i m f b e s o r s a s t u n r e ., e k d c s s e u a t r a n a i n d b t d i l e b e s t i : a l i l x s s s n u o e t s e ) s . 2 2 2 2 0 0 0 0 9 6 5 1 2 9 2 7 . . . . 1 3 8 3 3 5 3 4 9 5 7 1 1 2 0 7 . . . . 8 5 0 3 3 7 5 8 9 5 7 1 2 2 0 7 . . . . 3 9 4 1 8 2 6 1 L T D I U n o i . e t m a m e S n e r N B C . a s b , i G n e o d a l d r t e l n t o t s e o p i k v s f d o t i t a e . s c a d l p i a n e d t o t s p d e e s s o p i g t s o s u i s t a i s a t r s d . j s u e s c te u d rities 2 4 6 6 7 5 7 4 1 . . . . . . . . 3 2 0 2 0 2 6 6 4 0 6 6 1 0 8 9 2 3 6 7 5 7 6 4 1 . . . . . . . . 2 3 9 6 0 3 2 6 5 2 4 6 1 9 3 4 2 5 3 1 6 4 7 6 7 . . . . . . . . 1 0 3 6 3 3 6 7 8 2 1 7 1 0 9 4 2 5 3 7 6 6 4 1 7 . . . . . . . . 2 0 5 2 5 6 3 9 4 3 4 9 8 1 8 62 5 3 7 6 5 7 6 1 . . . . . . . . 3 0 4 1 3 6 3 1 3 5 2 0 6 2 9 6 By m W W B 5 5 5 C - - a i e 2 1 y i i l t r t t 0 0 l e u h s t h a i r i i y y f n r 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 2 2 2 2 2 2 2 0 0 0 0 0 0 0 8 4 5 3 5 7 1 5 4 4 0 9 7 6 . . . . . . . 7 6 2 4 7 4 6 5 0 8 5 4 0 9 8 4 3 5 5 7 1 3 3 8 4 7 9 6 . . . . . . . 1 6 9 6 2 0 5 7 2 5 0 6 3 4 8 4 3 5 7 5 1 3 3 4 8 9 7 7 . . . . . . . 6 1 6 4 0 3 0 0 7 5 8 8 1 4 A F C o l o l r m o p m t u h e r e r c r c h i a a s l ing securities 3 1. . . 9 6 9 8 5 7 3 2. . . 0 6 9 3 4 6 3 2 . . . 6 0 9 1 4 6 3 2 . . . 5 0 9 9 5 8 3 2 . . . 5 0 9 9 4 9 Hold F F C 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 G v 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 fu at n i d o s n . s . : 2 2 2 1 1 1 7 2 1 7 2 9 . . . 4 9 4 4 0 0 7 2 1 7 2 9 . . . 6 1 8 7 0 7 2 2 0 3 . . 4 1 5 9 Mutual savings banks 21 8.70 8.70 Per cent per annum Insurance companies 21 20.20 20.40 MONEY RATES, ETC. Other investors, total 21 84.30 84.40 Treasury bills (new issues) -24 .375 .375 .375 .375 .37, Marketable issues 21 33.70 34.30 Treasury notes (taxable) 24 1.14 1.14 1.16 1.17 1.1 U. S. Goyt. bonds: Partially tax-exempt 24, 26 1.68 1.68 1.69 1.69 1.68 Per cent per annum Taxable 24, 26 2.39 2.39 2.40 2.39 2.38 High-grade corporate bonds (5 issues) 26 2.49 2.51 2.52 2.54 2.54 MONEY RATES, ETC. Corporate Aaa bonds 26 2.61 2.61 2.61 2.62 2.6: Corporate Aaa bonds 2.65 2.62 2.61 Corporate Baa bonds 26 3.35 3.33 3.33 3.33 3.32 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 27 117 118 118 118 11 Industrial 27 119 120 121 120 119 In unit indicated Railroad 27 136 133 132 134 133 Public utility 27 100 100 101 101 101 Volume of trading (mill shares) 27 1.53 1.44 1.51 1.25 1.19 Stock prices (1935-39 = 100): BUSINESS CONDITIONS T In o d t u a s l. t r . i # al 2 2 7 7 1 1 1 1 3 5 1 1 1 1 2 4 1 1 1 1 4 7 Steel production (% of capacity) 37 93.2 95.8 95.1 95.3 Railroad 27 125 124 129 Electric power prod. (mill. kw. hrs.) 37 4,416 4,397 4,302 4,377 Public utility 27 97 96 98 Freight carloadings (thous. cars) 45 899 863 839 869 Volume of trading (mill, shares) 27 1.66 1.20 1.27 Department store sales (1935-39 = 100)... 45 184 193 196 178 182 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 49 105.7 105.7 105.7 105.8105.9 Credit extended customers 29 el,100 1,034 1,065 Farm products 49 130.5 129.8 129.5 129.5130.5 Money borrowed 29 e730 722 701 Other than farm and food 49 99.5 99.5 99.6 99.7 99.7 Customers' free credit balances 29 e540 r553 575 For footnotes see following page. 613 JUNE 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 Feb. Mar. Apr. page Feb. Mar. Apt. MONTHLY FIGURES-Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Wholesale prices (1926 = 100): Income payments (mill, dollars):5 Total 105.2 105.3 105.7 Total 30 13,727 13,665^13,553 Farm products 127.0i 127.2 129.0 Salaries and wages . 30 9,602 9,599 *>9,515 Other than farm and food 99.21 99.2 99.3 Other 30 4,125 4,066 ^4,038 Cash farm income (mill, dollars): Total . 31 1,399 1,445 pl,566 L G C i r o v o v e p t s s . t o p c a k y m an e d n t p s roducts . . . 3 3 3 1 1 1 5 7 5 9 4 5 6 8 8 5 6 1 6 8 7 0 ^ P p1 5 8 5 2 8 0 9 7 QUARTERLY FIGURES J S u e l p y t - . O De c c t . .- J M an a . r - . Armed forces (mill, persons) . 32 12.0 12.0 12.1 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total 32 51.4 51.7 51.9 Bank rates on customer loans: Male . 33 33.7 33.7 33.8 Total, 19 cities 2.69 2.39 2.53 Female . 33 17.8 17.9 18.1 New York City 2.18 1.93 1.99 Unemployment . 32 .9 .8 .8 Other Northern and Eastern cities 2.S2 2.61 2.73 Employment . 32 50.6 50.8 51.2 Southern and Western cities 3.14 2.65 2.91 Nonagricultural . 33 43.8 43.5 43.4 [ndustrial pr A o g d r u ic c u ti l o tu n r :5 al . 33 6.8 7.3 7.8 SECURITY MARKETS In millions of dollars Total (1935-39 = 100) . 35 236 235 ^231 Corporate security issues: Groups (points in total index): Net proceeds: Durable manufactures 35 r131.6 131.0 J)127.7 All issues 28 843 1,214 708 Nondurable manufactures . 35 82.7 82.3 Industrial 28 260 233 201 Minerals . 35 21.5 21.6 ?'2l!3 Railroad. . ' 28 344 170 227 New orders, shipments, and inventories (1939 = 100): Public utility 28 232 766 248 New orders: New money: Total . 36 323 p309 All issues 28 144 201 111 Durable 36 481 y>454 Industrial 28 82 142 78 Shipments: Railroad 28 49 5 12 Total . 36 287 ^283 Public utility 28 10 12 2 Durable . 36 394 P384 Nondurable 36 214 1944 1945 Inventories: Total . 36 166 ^165 Durable . 36 189 p189 June Dec. Mar. Nondurable . 36 146 p143 30 30 20 Factory employment and pay rolls (1939 = 100): CALL DATE FIGURES Pay rolls . 38 r329.0 325.7 In bilHons of dollars Employment 38 159.7 158.0 ^154*. 7 ALL MEMBER BANKS Hours and earnings at factories: Weekly earnings (dollars) . 39 47.43 47.51 Loans and investments, total 10 83.59 91.57 90.52 Hourly earnings (cents) 39 104.3 104.5 U. S. Govt. obligations, total 10 60.34 67.69 67.92 Hours worked (per week) 39 45.5 45.5 Bonds 11 30.12 34.93 Nonagricultural employment (mill, persons):5 Certificates 11 14.23 13.98 Total 40 r38.5 38.4 P37.9 Notes 11 10.64 14.13 Manufacturing and mining . 40 16.4 16.2 ^16.0 Bills 11 4.47 3.75 Trade 40 7.2 7.2 P7.0 Guaranteed obligations 11 .89 .90 () Government . . 40 6.0 6.0 P6.0 Other securities, total ' 10 5.17 5.21 5.39 Transportation and utilities . 40 3.8 3.8 ^3.8 State and local government obligations 11 2.83 2.86 2.99 Construction . 40 0.6 0.7 p0.7 Other securities 11 2.33 2.35 2.40 Construction contracts (3 mo. moving average, mill, Loans, total 10 18.08 18.68 17.22 dollars) :5 Commercial 11 7.02 7.53 Total . 41 241 294 P30t Real estate 11 3.21 3.21 Residential . 41 25 28 P31 Brokers' 11 1.66 1.74 Other 41 216 266 P2(& Agricultural 11 1.02 1.20 () Residential contracts (mill, dollars):5 Demand deposits adjusted 10 51.83 57.31 61.17 Total . . . 42 24 25 Public 42 9 15 Private, total . 42 17 16 2C CLASSES OF BANKS 1- and 2-family dwellings . 42 12 13 1/ Central reserve city banks: Other 42 Loans and investments, total 12 27.79 29.45 27.95 Freight car loadings:5 U. S. Govt. obligations 12 19.85 21.09 20.41 Total (1935-39 = 100) . 43 139 145 141 Other securities 12 1.41 1.41 1.47 Groups (points in total index): Loans 12 6.54 6.94 6.07 Miscellaneous . 43 83.1 86.9 84.C Demand deposits adjusted 12 16.32 17.08 18.60 Coal 43 29 5 29.1 26.£ Time deposits 12 1.44 1.63 1.73 All other 43 26.9 29.3 30. t Reserve city banks: Department stores (1935-39 = 100) :5 Loans and investments, total 12 30.94 33.60 33.45 Sales . 44 211 223 181 U. S. Govt. obligations 12 22.48 25.04 25.30 Stocks . . 44 148 rl47 15^ Other securities 12 1.70 1.74 1.80 Exports and imports (mill, dollars): Loans 12 6.76 6.82 6.35 Exports . 46 P881 v1,023 Demand deposits adjusted 12 18.41 20.27 21.74 Excluding Lend-Lease exports . 46 P222 ^298 P301 Time deposits. ... 12 6.81 7.79 8.28 Imports . 46 2*324 ^365 ^36= Country banks: Excess of exports excluding Lend-Lease exports.. . 46 P-102 P-66 P-64 Loans and investments, total 13 24.85 28.52 29.13 Cost of living (1935-39 = 100): U. S. Govt. obligations 13 18.01 21.55 22.20 All items 47 126.9 126.8 127.1 Other securities 13 2.06 2.06 2.12 Food. 47 136.5 135.9 136. ( Loans 13 4.78 4.91 4.81 Clothing . 47 143.3 143:7 144.( Demand deposits adjusted 13 17.10 19.96 20.84 Jvcnt . 47 108.3 108.3 Time deposits 13 8.70 9.90 10.54 e Estimated. v Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Revised figures beginning July 1944 may be found on p. 569. 3 Less than 5 million dollars. 4 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. 5 Adjusted for seasonal variation. 6 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

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial banks Mutual savings banks All Member banks Nonmember banks1 banks Total Total National m S em ta b te er Total Insured2 isn N s o u n re - d2 Insured in N s o ur n e - c Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 857 8,439 •39 579 December 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 December 31 1941 14,825 14,277 36,619 5,117 31,502 7,661 6,810 851 a 52 496 December 31, 1942 14,680 14,134 36,679 5,081 31,598 7,458 6,667 791 s 56 490 December 31, 1943 14,579 14,034 36,738 5,040 31,698 7,299 6,535 764 3184 361 December 31 1944 14,535 13,992 36,814 5,025 31,789 7,181 6,452 729 3192 351 March 31, 1945 . . 14,538 13,995 36,827 5,020 31,807 7,171 6,444 727 3192 351 Branches and Additional Offices4 December 31, 1933 2,911 2,786 2,081 1,121 960 705 705 1 December 31, 1934 3,133 3,007 2,224 1,243 981 783 &783 5196 December 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 December 31 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 December 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 December 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 March 31, 1945 4,087 3,946 2,911 1,829 1,082 1,035 981 54 100 41 Bank Changes—Jan. 1-Mar. 31, 1945 Increases in number of banks: Primary organizations (new banks)8 +22 +22 +2 + 1 + 1 +20 + 18 +2 Decreases in number of banks: Consolidations and absorptions -14 -14 -7 —5 -2 -7 y Voluntary liquidations7 -5 —5 -2 -2 -3 -1 -2 Inter-class bank changes: Conversions— National into State -3 +3 +3 Fede S r t a a l te R e in se to r v n e a m tio em na b l ership8 +3 +4 " il{" -3 -3 Admissions of State banks +20 +20 -20 -20 Withdrawals of State banks Federal deposit insurance9 Admission of State banks +3 -3 Withdrawals of State banks +1 Net increase or decrease in number of banks +3 +3 +13 -5 +18 -10 0 -2 Branch Changes—Jan. 1-Mar. 31, 19454 Increases in number of branches: De novo branches +16 +15 + 11 +7 +4 +4 +4 +1 Banks converted into branches +6 +6 +5 +5 +1 +1 Decrease in number of branches: Branches discontinued -4 -1 -1 -3 -3 In F te r r o - m cl a n s a s ti b o r n a a n l c h t o c S ha ta n t g e e m s: ember .. -4 -1 +1 Banking offices at military reservations: Established + 13 + 11 +9 +2 +2 +2 Discontinued -8 -7 -4 -3 -1 -1 +13 Net increase or decrease in number of branches and additional offices +23 +22 +19 + 16 +3 +3 +3 , +1 Q 1 Includes unincorporated (private) banks. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." taries and financial agents of the Government. Four of these banking fa* arate tellers windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 615 JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 30, 1944 Number of banks Number of banks maintaining branches or additional offices1 Commercial banks Commercial banks Mutual sav- Mutual sav- Geographic division Member Nonmember ings banks Member Nonmember ings banks and State All banks banks All banks banks banks banks Total Total t N io a n - al m S b t e e a m t r - e s I u n r - ed in N s o u n re - d su In re - d in N su o r n e - d ti N o a n - al m S b t e a e m r te - su In re - d in N s o u n re - d su In re - d in N s o u n re - d United States... 14,535 213,992 5,025 21,789 6,452 729 2192 351 1,225 1,142 333 203 574 32 51 32 New England 899 545 312 52 124 57 338 122 92 34 24 23 11 1 29 Maine 97 65 35 5 17 26 24 22 4 4 10 4 2 N M V Rh e e a w o r s m d s e a H o c n a I h t m s u la s p e n s t d h ts ire 3 1 8 3 8 0 0 5 3 7 1 6 7 9 2 5 2 2 6 1 5 3 2 1 2 9 4 1 3 2 0 1 1 3 3 4 3 1 4 1 4 1 0 1 4 9 2 9 1 6 1 3 8 6 3 4 1 1 2 7 2 1 3 2 1 9 1 2 6 "'5 2 6 ' 1 25 1 1 Connecticut 197 125 51 13 35 26 70 5 2 Middle Atlantic 2,250 2,088 1,289 364 391 44 160 2 265 217 87 91 34 48 New York 828 697 403 190 91 13 131 149 108 39 50 17 41 New Jersey 378 354 220 73 52 9 22 "2 59 56 23 26 7 3 Pennsylvania.: 1,044 1,037 666 101 248 22 7 57 53 25 15 10 4 East North Central . 3,001 22,990 885 2625 1,406 77 29 230 230 38 40 147 Ohio 682 679 240 177 246 16 3 39 39 18 13 Indiana 499 2495 124 2104 245 23 23 46 46 3 34 Illinois 833 833 350 124 348 11 6 6 6 Michigan 428 428 75 153 183 17 51 51 12 14' "22' Wisconsin 559 2555 96 267 384 10 4 5 78 West North Central. 3,250 3,249 746 263 1,897 343 172 172 21 145 Minnesota 673 672 184 25 435 28 2 2 2 M N N K I S o o e a o i w u s b n r a s t t r s h h o a a u s s D D r k i a a a k k o o t t a a 4 5 6 6 1 1 0 9 1 4 6 5 7 4 9 0 4 3 4 5 6 6 1 1 0 1 9 4 5 6 7 9 4 0 3 4 1 1 4 3 3 7 2 6 0 6 "2 9 6 3 1 4 6 3 8 7 4 3 2 2 1 1 8 2 0 3 0 0 7 5 7 5 5 3 1 5 3 5 7 6 4 1 3 0 1 1 2 1 1 4 3 6 6 1 2 1 1 4 6 3 5 6 6 4 4 4 6 1 111' South Atlantic 1,576 1,564 461 156 882 65 188 184 51 30 99 M D V D i e i a r s l r g t a y . i w n l o a i a f a n r e d Columbia... r 3 1 1 4 2 8 2 2 1 4 3 1 4 1 2 7 0 2 1 4 1 6 3 1 9 3 0 3 6 1 4 9 4 7 1 9 2 1 1 3 2 8 3 1 4 3 1 8 5 1 2 4 2 1 5 7 8 2 " 1 4 5 0 " 3 6 7 7 1 4 1 6 West Virginia 178 178 76 30 67 5 North Carolina 227 227 45 9 168 5 6 40 South Carolina 146 146 22 6 92 26 4 3 Georgia 293 293 47 12 217 17 12 3 Florida 173 173 56 5 104 8 10 4 East South Central . 1,103 1,103 252 758 45 19 53 Kentucky 392 392 93 250 29 3 10 Tennessee 292 292 70 207 7 7 14 Alabama 217 217 66 17 130 4 7 1 Mississippi 202 202 23 3 171 5 2 28 West South Central. 1,578 1,578 719 140 656 63 43 37 Arkansas 213 213 51 15 140 7 4 15 Louisiana 149 149 32 8 108 1 7 22 Oklahoma 382 382 200 15 158 9 6 Texas 834 834 436 102 250 46 26 Mountain 473 473 205 99 161 Montana 111 111 41 33 37 Idaho 46 46 16 10 19 6 Wyoming 56 56 26 11 19 1 Colorado 141 141 77 15 42 4 New Mexico 41 41 22 5 14 1 6 Arizona 12 12 5 2 5 2 3 Utah 57 57 12 22 23 3 3 Nevada 9 6 1 2 3 1 Pacific 405 402 156 42 177 27 20 22 Washington.. 128 126 41 15 67 3 8 3 Oregon 71 70 24 34 4 3 4 California 206 206 91 76 20 9 15 See following page for footnotes. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 30, 1944—Continued Number of branches and additional offices1 Location of branches and additional offices except offices at military reservations Commercial banks Geog a ra n p d h i S c t a d t i e vision ba A n l k l s M b e a m nk b s er Non b m an e k m s ber Mutu b a a l n s k a s vings he In ad Outside head office city O m r f e f t i s i i l c e o i e t r n s a v s r a y a - t Total t N io a n - al m S em ta b te er Insured in N su o r n e - d Insured in N su o r n e - d o c f i f t i y ce I c n o o f u f h i n c e t e a y d c t I o i n g u u n c o o ti u n e s - s c I c o n u o u o n n n u t o t i s i g n e - - s United States 4,064 3,924 1,813 1,079 978 54 99 1,708 882 494 672 308 New England 307 261 95 46 25 9 37 143 100 49 5 10 Maine 64 62 5 23 6 2 6 31 26 1 N V e e w rm H on a t mpshire 1 3 8 9 2 2 1 ••y 1 1 "ll" 3 7 Massachusetts 156 124 69 46 9 '32" 113 37 2 4 R C h o o n d n e e c I t s ic la u n t d 4 1 7 9 4 1 5 9 10 1 3 8 7 1 8 0 2 1 5 9 1 5 6 5 6 2 3 Middle Atlantic.... 976 899 279 520 94 6 77 811 106 29 27 New York 720 661 185 417 56 59 632 49 20 16 New Jersey 133 129 42 65 22 3 4 90 36 1 6 Pennsylvania. ...... 123 109 52 38 16 14 89 21 5 3 East North Central. 574 574 137 217 210 290 219 38 11 16 Ohio 171 171 39 111 21 10 119 45 5 2 Indiana 76 76 13 15 47 "i" 25 47 4 Illinois 6 6 6 6 Michigan 179 179 64 "84 "23' "8" 128 "27' 10 11 3 Wisconsin 142 142 15 7 119 18 100 23 1 1 West North Central 249 249 44 198 155 57 11 18 Minnesota 6 6 6 7 Iowa 157 157 1 123' 33' 1 M N N K So e a o i u s b n r s t t r s h h o a a u s s D D r k i a a a k k o o t t a a '. 4 2 5 5 6 5 5 4 2 5 5 6 5 5 "22 4 6 5 ' 2 2 3 3 1 "2 5 1 1 3 9 " 1 1 2 2 "3 5 3 6 " South Atlantic 464 137 228 12 139 105 71 77 Delaware 14 13 10 3 6 1 Maryland 100 85 29 12' 54 19 6 4 Dist. of Columbia.. 34 34 18 1 30 4 Virginia 26 49 24 29 "7' 14 West Virginia North Carolina.... 149 149 10 127 36 57 35 10 South Carolina.... 33 33 28 3 1 3 16 9 Georgia 42 42 31 3 1 7 17 Florida 19 19 12 6 18 East South Central. 177 177 71 87 62 25 22 25 Kentucky 35 35 18 10 8 2 4 Tennessee 59 59 25 23 19 6 7 Alabama 28 28 26 1 5 4 Mississippi 55 55 2 53 30 13 West South Central 117 117 68 44 23 41 6 45 Arkansas 21 21 4 17 13 4 3 Louisiana 63 63 31 27 28 2 9 Oklahoma 6 6 6 6 Texas 27 27 27 27 Mountain 127 127 103 20 19 39 40 26 Montana Idaho 43 ""43 "41 3 12' 25' "3 Wyoming 1 1 1 1 Colorado 4 4 4 4 New Mexico 8 8 1 7 2 2 Arizona 35 35 29 6 1 13 7 Utah 20 20 15 4 1 2 6 7 Nevada 16 16 12 1 1 3 6 2 Pacific 1,057 1,056 879 125 51 248 92 146 507 64 Washington 102 101 93 1 7 17 11 27 39 8 Oregon 71 71 67 4 11 5 7 46 2 California 884 719 124 40 220 76 112 422 54 • 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. The table does not include "seasonal agencies, "which are only in operation at certain periods of the year. 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." Back figures—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp, 14 and 294-295; and BULLETINS for July 1943, pp. 687-688, and June 1944, pp. 612-613. JUNE 1945 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON MARCH 20, 1945, BY CLASS OF BANK [Amounts in thousands of dollars] Ne C w e m n Y t e r m o a r l b k e r e r ! s e b r a v C n e h k i s c c 1 i a t g y o m R b e e a c s m n i e t k y b rv s e 1 e r C m b o e a u m n n k b t s e r 1 y r m b e a A m n l k b l s er m n b a e a t A m i n o l k b l n s e a r l m b S e a A t m n a l k t b l e s er ASSETS Loans and investments 22,734,243 5,211,513 33,452,325 29,125,858 90,523,939 57,966,023 32,557,916 Loans (including overdrafts) 5,053,651 1,012,125 6,346,335 4,806,956 17,219,067 10,525,626 6,693,441 United States Government direct and guaranteed obligations 16,567,734 3,839,793 25,303,537 22,204,321 67,915,385 43,801,212 24,114,173 Obligations of States and political subdivisions 514,750 176,575 1,034,052 1,263,758 2,989,135 2,124,786 864,349 Other bonds, notes, and debentures 501,044 167,336 654,692 773,898 2,096,970 1,369,441 727,529 Corporate stocks (including Federal Reserve Bank stock) 97,064 15,684 113,709 76,925 303,382 144,958 158,424 Reserves, cash, and bank balances 5,217,894 1,312,095 9,938,299 8,859,927 25,328,215 17,143,364 8,184,851 Reserve with Federal Reserve Banks 3,949,351 891,770 5,836,233 3,927,488 14,604,842 9,491,332 5,113,510 Cash in vault # ; 104,141 44,951 470,359 745,208 1,364,659 946,817 417,842 Demand balances with banks in United States (except private banks and American branches of foreign banks). 58,878 141,968 1,857,884 3,675,301 5,734,031 4,364,881 1,369,150 Other balances with banks in United States 2,750 1,649 16,435 17,406 38,240 28,478 9,762 Balances with banks in foreign countries 9,844 538 4,903 1,531 16,816 9,196 7,620 Cash items in process of collection 1,092,930 231,219 1,752,485 492,993 3,569,627 2,302,660 1,266,967 Due from own foreign branches 284 1,349 1,633 1,349 284 Bank premises owned and furniture and fixtures 178,375 16,677 277,053 341,308 813,413 509,751 303,662 Other real estate owned 6,172 13,510 16,957 36,639 16,783 19,856 Investments and other assets indirectly representing bank premises or other real estate 4,725 218. 50,144 13,928 69,015 47,643 21,372 Customers' liability on acceptances 25,035 2,965 16,465 2,598 47,063 30,138 16,925 Income accrued but not yet collected 50,778 11,925 74,867 31,159 168,729 102,961 65,768 Other assets 20,399 3,002 38,198 30,980 92,579 50,522 42,057 Total assets 28,237,905 6,558,395 43,862,210 38,422,715 117,081,225 75,868,534 41,212,691 LIABILITIES Demand deposits 24,607,958 5,528,633 32,919,698 25,362,736 88,419,025 57,156,405 31,262,620 Individuals, partnerships, and corporations . 15,614,419 3,324,275 21,456,350 19,014,308 59,409,352 38,294,433 21,114,919 United States Government: War loan and Series E bond accounts 4,248,852 893,267 4,171,089 2,836,361 12,149,569 7,243,485 4,906,084 Other 47,051 7,198 88,878 115,859 258,986 217,117 41,869 States and political subdivisions 293,499 161,670 1,615,415 1,959,068 4,029,652 2,973,106 1,056,546 B B a an n k k s s i i n n f U o n re it ig ed n S co ta u t n e t s r i # es • 2, 9 9 1 9 3 6 , , 7 0 9 4 3 4 1,0 1 9 6 2 , , 2 0 6 6 1 7 5,09 7 3 8 , , 9 0 1 6 1 5 1,068 7 , , 2 6 7 8 7 0 1 1 0 , , 0 2 1 5 5 0 , , 7 2 9 99 9 7, 4 1 9 1 4 4 , ,1 4 8 5 3 4 3, 5 1 2 3 1 6 , , 3 1 4 1 5 6 Certified and officers' checks, cash letters of credit and travelers' checks, etc 494,300 33,895 415,990 361,183 1,305,368 819,627 485,741 Time deposits 1,101,214 631,883 8,277,402 10,537,028 20,547,527 13,746,449 6,801,078 Individuals, partnerships, and corporations. 1,064,843 631,233 8,028,290 10,279,467 20,003,833 13,346,497 6,657,336 United States Government 7,842 36,813 52,766 97,421 77,756 19,665 P S o ta s t t e a s l a sa n v d i n p g o s l itical subdivi • s . i#ons 17,659 650 178,5 7 7 8 3 9 18 2 0 , , 9 9 3 8 9 9 37 3 7 , , 7 87 2 1 8 27 3 8 , , 2 8 1 0 1 0 99,0 5 7 1 1 7 B B a a n n k k s s i i n n f U o n re i i t g ed n c S o ta u t n e t s ries 9 1 , , 8 02 5 0 0 31 1 , ,0 9 0 3 0 7 20,5 2 9 7 2 5 53,549 3 3 6 , , 5 63 5 5 0 < e 1 7 6 , , 5 9 7 1 5 4 11,125 Total deposits 25,709,172 6,160,516 41,197,100 35,899,764 70,902,854 38,063,698 108,966,552 Due to own foreign branches 182,432 156,152 26,280 Bills payable, rediscounts, and other liabilities for borrowed 182,432 money. 164,100 70,050 50,974 285,124 130,389 154,735 Acceptances outstanding 28,918 3,456 21,376 2,604 56,354 36,448 19,906 Dividends declared but not yet payable 11,669 2,235 10,196 2,638 26,738 13,418 13,320 Income collected but not yet earned 6,454 1,831 19,207 12,218 39,710 26,328 13,382 Expenses accrued and unpaid 93,494 28,525 118,082 48,063 288,164 179,038 109,126 Other liabilities 46,451 8,967 31,415 11,126 97,959 47,876 50,083 Total liabilities 26,242,690 6,205,530 41,467,426 36,027,387 109,943,033 71,492,503 38,450,530 CAPITAL ACCOUNTS Capital 588,438 131,500 811,950 952,268 2,484,156 1,572,359 911,797 Surplus 1,001,820 146,350 1,044,429 891,716 3,084,315 1,830,843 1,253,472 Undivided, profits 309,811 31,845 353,861 416,545 1,112,062 703,257 408,805 Other capital accounts 95,146 43,170 184,544 134,799 457,659 269,572 188,087 Total capital accounts. 1,995,215 352,865 2,394,784 2,395,328 7,138,192 4,376,031 2,762,161 Total liabilities and capital accounts. 28,237,905 6,558,395 43,862,210 38,422,715 117,081,225 75,868,534 41,212,691 MEMORANDA Par on face value of capital.. 588,438 131,500 811,950 952,877 2,484,765 1,572,594 912,171 Capital notes and debentures 200 15,708 13,234 29,142 29,142 First preferred stock 8,010 58,061 68,964 135,035 79,380 55,655 Second preferred stock 550 7,934 8,484 4,875 3,609 Common stock 580,228 131,500 737,631 862,745 2,312,104 1,488,339 823,765 Retirable value of capital: First preferred stock 20,025 Second preferred stock. Net demand deposits subject to reserve Demand deposits adjusted2 Number of banks 1 Banks are classed . lying sections of reserve c Figures for each class of banks are located. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAOB Gold reserves of central banks and governments. . 61.0 Gold production. . 6zi Gold movements . . 6xi Net capital movements to United States since January x, 1935. . 6zx Central banks. . 613-616 Money rates in foreign countries . , 617 Commercial banks. . 6z8 Foreign exchange rates . 619 Price movements: Wholesale prices . 630 Retail food prices and cost of living. . 631 Security prices . 631 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JUNE 1945 619 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 S n ta i t t e e s d g t A e i r n n - - a1 g B i e u l m - 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 - a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 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 28 1941—Dec 22,737 354 734 70 274 5 30 16 1 61 44 52 2,000 29 1942—Dec 22,726 2658 735 115 274 6 36 25 16 61 44 52 2,000 29 1943—Dec... 21,938 *939 734 254 274 5 51 59 46 61 44 52 2,000 29 1944—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 61 44 52 1,777 29 1945—Jan 20,550 409 732 330 274 7 57 94 121 44 52 1,777 Feb 20,506 409 732 340 274 6 57 95 126 1,777 Mar 20,419 409 715 341 5 97 1,777 Apr 20,374 715 6 99 1,777 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r - Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- R n um ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 4525 1939—Dec 24 26 144 164 90 32 692 23 94 20 J84 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—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 30 834 106 Mar 220 23 30 2*848 Apr 219 30 851 Government gold reserves1 not included in previous figures End of month S d w e e n - S l w a i n t d zer- 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 z e ue n l e a - Y sl u a g v o i - a B.I.S. c O t o t r u i h e n e s - r 6 End of month U St n a i t t e e s d U K d n i o n i m t g e - d France g B iu e m l- 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 68 52 59 7 178 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 90 29 82 12 170 May 477 1941—Dec 223 665 92 100 41 383 12 166 June... 85 17 1942—Dec 335 824 114 89 68 21 185 Sept.... 164 3876 1943—Dec 387 964 161 121 89 45 229 Dec 156 17 1940—June... 86 17 1944—May 430 1,010 191 136 110 39 242 Dec. ... 48 292 17 June 432 1,023 210 139 110 39 242 1941—June... 89 17 July 435 1,030 221 142 110 39 243 Dec 25 4151 17 Aug 449 1,029 221 148 110 39 244 1942—June. .. 8 17 Sept 454 1,033 221 149 110 39 244 Dec 12 ... -.....-.. 17 Oct 456 1,029 221 149 110 39 244 1943—June.... 11 17 Nov 462 1,040 221 151 125 36 244 Dec 43 17 Dec 463 1,052 221 157 130 37 245 1944—Mar.... 14 1945—Jan 477 I, 058 221 159 130 37 245 June.. . 21 17 Feb 475 PI,061 221 164 147 246 Sept.... 25 Mar 474 pl,072 147 246 Dec 12 Apr P,103 161 246 f Preliminary. 1 Reported at infrequent intervals or on de- 1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad- layed basis: U. S.—• Exchange Stabilization Fund dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- (Special A/c No. 1); U. K.—Exchange Equalilonging to the Argentine Stabilization Fund. zation Account; France—Exchange Stabilization 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance. 2 Figure for end of September. 3 Figures relate to last official report dates for the respective countries, as follows: Greece— 3 Reported figure for total British gold reserves on Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia Aug. 31,1939, less reported holdings of Bank of Eng- -Feb. 28, 1941. land on that date. 4 Figure for December 1938 is that officially reported on Apr. 30,1938. 4 Figure for Sept. 1, 1941. 5 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, NOTE.—For available back figures and for details Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El regarding special internal gold transfers affecting Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, the British and French institutions, see Banking Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward and Monetary Statistics, p. 526, and BULLETIN for from last previous official report. February 1945, p. 190. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. 6xo FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o ia - I I A W fri e c s a t * I 1 B C e o lg ng ia p n S U S n ta it t e e d s* t | r aCTa ,9n j aaR da |\ 5 f [ - MT; erfxt6 ic o Colo b m ia - rh C n* h ile I N | ica g r u a a - 7 Au li s a tr 8 a -1 I B I r n i d ti i s a h 9 $1 = 15Agrains of gold fQfine; i.e.,an ounceof fine gold = $35 1934.. 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23 135 12,045 8,350 1,166 30,559 11,223 1935.. 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23858 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 26465 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 29591 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 32306 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.. r663,247 429,787 20,746 18,445 35,065 101,980 19,374 7,131 7,865 16,310 6,545 1944—Apr 53,887 34,879 1,771 1,610 2,936 8,568 1,363 486 665 945 665 May 57,227 36,921 1,749 1,575 2,881 8,989 2,020 473 693 1,330 595 June 54,775 36,264 1,702 1,435 2,431 8,397 1,732 644 560 1,435 175 July r55,879 36,430 1,763 1,400 2,959 8,247 1,901 r911 590 1,295 385 Aug 57,226 37,022 1,732 1,470 2,779 8,290 2,044 604 625 2,100 560 Sept 54,826 35,810 1,724 1,540 3,028 8,274 1,421 523 615 1,365 525 Oct 54,461 35,821 1,714 1,575 2,863 8,051 1,370 560 653 1,295 560 Nov 53,675 35,270 1,680 1,575 2,974 7,809 1,380 555 613 1,260 560 Dec r53,387 34,836 rl,733 1,610 2,769 8,012 1,162 506 765 1,470 525 1945—Jan ^55,219 36,216 1,674 1,610 2,463 8,166 1,882 '506 672 1,470 560 Feb pS0,98Q 33,698 '1,674 1,575 2,342 7,432 1,379 '506 590 1,260 525 Mar P54,701 36,458 '1,674 1,610 2,446 ^8,050 1,382 '506 615 1,365 595 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. v Preliminary. ' Figure carried forward. r Revised. 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 threemonths of year. 7 Gold exports, reported by the Banco Nadonal 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 m 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 t o h r im To n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w e e n - e S r w la 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 o c tr o t A i h u e l e n s l r 2 - 19343 1,131,994 499,870 260,223 8,902 94,348 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 s284,208 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 -138,989 378 382-10,810 Mav 410 311-14,803 June ... 367 190-13,271 July . . 565 235-14,179 Aug 3,655 84-12,767 Sept 295 93 -5,299 Oct 10,649 321 1,051 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. JUNE 1945 62.1 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 18.3 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 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940-Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100:9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 29 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 7,423.4 4,740.8 2,622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 7,440.9 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30 7,430.9 4,661.2 2,498.8 2,162.3 883.5 1,026.2 737.8 122.2 Oct. 31 7,460.2 4,680.3 2,489.8 2,190.4 891.3 1,025.8 735.8 127.1 Nov. 30 7,530.5 4,775.1 2,541.0 2,234.1 872.7 1,025.3 732.4 125.0 Dec. 31 7,475.7 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 7,633.1 4,723.9 2,468.7 2,255.2 848.2 1,025.9 909.0 126.1 Feb. 28 7,755.4 34,887.3 32,587.3 32,300.0 3859.8 1,033.4 845.0 3129.9 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding Feb. 28, in millions of dollars: total foreign banking funds in United States, 5,553.1, including official funds 3,224.9, and other funds, 2,328.2; United States banking funds abroad, 275.6; and brokerage balances (net due "foreigners"), 53.1. 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. 6zz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s i n s m te i r l l l i i n o g n ) s of Gold* a O ss th et e s r '5 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i s c n a e t d s s - Se ti c e u s rition3 Bankers' D P e u p b o l s i i c ts Other O lia t t i h b e e i s l r i- 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 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 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 578O.O .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec 30 .2 5950.0 .9 26 8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 61,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—May 31 .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 June 28 .2 1,150.0 .9 19.4 1.2 282.2 1,130.9 217.7 12.5 55.6 17.9 July 26 .2 1,150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Aug 30 .2 51,200.0 1.5 54 2 6.2 228.4 1,146.0 201.9 14.4 56.2 18.0 Sept. 27 .2 1,200.0 2.0 45.7 4.3 252.6 1,154.6 221.5 9.8 55.3 18.1 Oct. 25 .2 1,200.0 2.3 35.9 8.8 234.9 1,164.4 203.8 6.2 54.1 17,7 Nov 29 .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Dec. 27 .2 51,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—jan 3i .2 1,250.0 1.5 30.6 6.6 263.6 1,219.6 215.1 11.6 57.8 17.9 Feb. 28 .2 1,250.0 1.7 33.1 8.5 261.1 1,217.1 207.8 18.1 60.5 18.0 Mar. 28 .2 1,250.0 1.5 14.5 18.6 268.4 1,235.8 218.9 8.9 57.0 18.1 Apr. 25 . . .2 1,250.0 1.3 15.0 20.1 269.9 1,235.2 229.6 8.5 50.5 17.7 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n r s s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N ul o a t t e ion* liab O i t l h it e ie r s8 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 7.7? 1936—Dec. 31. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 9 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—May 31 .3 879.0 548.7 23.8 911.5 377.7 101.8 26.6 34.1 Tune 30 .2 803.5 576.1 39.9 920.5 414.7 8.2 22.0 54.3 July 31 25.9 801.6 602.6 24.4 942.4 414.9 43.0 22.3 31.9 Aug. 31 48.7 849.4 593.8 26.9 960.4 432.5 53.9 34.3 37.9 Sept. 30 45.9 833.1 625.5 22.1 982.8 454.8 21.9 33.3 33.8 Oct. 31 62.8 875.7 622.9 58.6 1,012.5 454.3 76.9 32.4 43. S Nov. 30 172.3 868.6 618.9 29.3 1,007.8 437.2 10.8 20.4 212.9 Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Jan. 31.. 172.3 914.5 590.2 28.0 1,020.6 413.1 23.2 36.0 212.1 Feb. 28. 170.4 891.6 595.5 29.0 1,028.6 397.6 27.9 37.2 195.1 Mar. 31. 177.1 926.5 608.7 33.2 1,048.7 422.0 18.7 52.7 203.4 Apr. 30.. 196.6 937.7 621.7 49.7 1,062.3 448.9 39.5 50.8 204.2 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939 when it was officially set at 168 shillings per fine ounce. ' 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939,200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 millionJpounds transferred from Exchange Account to Bank; on Sept. 6,1939,279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7, Aug. 2, and Dec. 6, 1944. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Advances to Domestic bills Government Deposits (Figures in millions Foreign Other Note Other of francs) Gold* ex- assets circula- liabilichange Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec/27. 41,668 25,942 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26. 53,578 26,179 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30. 68,863 21,111 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27. 66,296 1,328 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30. 60,359 1,460 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30. 58,933 911 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29. 87,265 821 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28. 597,267 112 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26. 584,616 42 661 3,646 72,317 63,900 23,179 218,383 984 4i * 466 27,202 3,586 1941—Dec. 31. 84,598 38 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30 84,598 37 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Jan. 27 84,598 37 12 8,196 343,300 56,050 21,614 506,035 825 12,365 34,339 5,112 Feb. 24 84,598 37 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 Mar. 30 84,598 37 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27 84,598 37 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25. 84,598 37 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 June 29 84,598 37 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13 84,598 37 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 75,151 42 48 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan.. 25.. 75,151 42 16 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb. 22 . 75,151 42 9 23,473 426,000 7,700 737,903 568,900 778 43,697 4,797 Mar. 29.. 75,151 44 2 16,601 426,000 17,550 742,093 580,123 775 39,951 5,075 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. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1 1 1 9 9 9 4 4 4 2 1 3 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . 7 7 7 6 7 7 7 7 7 1 1 1 2 4 2 9 1 1 , , , 2 3 6 8 5 4 3 6 2 3 2 2 2 5 7 1 8 0 7 1 7 2 2 1 8 6 0 3 5 2 2 1 , , , 3 3 6 1 6 3 1 4 7 3 2 1 3 4 9 , , , 6 3 3 8 7 2 3 5 5 8 5 3 , , , 1 2 6 8 9 4 6 2 9 1 1 1 , , , 6 9 4 8 8 9 0 0 3 1944—Feb. 29 77 C8) 39,269 26 66 2,360 33,508 6,636 1,654 Mar. 31 77 40,379 46 33 2,281 33,792 7,237 1,788 Apr. 29 77 40,909 38 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 23 2,096 35,229 7,240 1,9.15 June 30 77 42,150 26 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. 3lp. 64,625 199 51,207 13,566 P 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 fromJExchange 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. J 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. 624 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. I Feb. Apr. Central Bank of the Argentine Re- National Bank of Denmark (millions (Dec. public (millions of pesos): of kroner): 1944) Gold reported separately 1,242 1,242 1,157 Gold 97 97 Other gold and foreign exchange... 2,638 2,528 2,228 Foreign exchange 22 22 Government securities 872 Clearing accounts (net) 2,762 2,272 Rediscounted paper Loans and discounts 55 29 O N t o h t e e r c a ir s c s u et l s ation 2,3 1 9 3 1 7 2,3 1 5 50 4 2,0 1 0 6 8 4 S G e o c v u t r . it c i o es m . p .t ensation account6 9 8 5 5 8 7 5 2 Deposits—Member bank 1,361 cl,337 1,281 Other assets 4,389 3,076 Government 638 578 628 Note circulation 1,658 1,455 Other 201 C195 133 Deposits—Government 2,327 1,478 Certificates of participation in Other 3,009 2,314 Government securities 139 126 221 Other liabilities 512 406 Other liabilities 176 203 168 Central Bank of Ecuador (thousands (Nov. Commonwealth Bank of Australia of sucres): 1944)4 (thousands of pounds): Gold 283,780 249,644 Issue department: Foreign exchange (net) 174,043 71,649 Gold and English sterling 50,856 50,856 46,793 Loans and discounts 83,361 82,897 Securities 149,380 150,857 144,879 Other assets 109,756 95,843 Banking department: Note circulation 305,183 222,472 Coin, bullion, and cash 19,662 19,596 10,142 Demand deposits 288,254 235,138 London balances 144,214 133,538 87,358 Other liabilities 57,503 42,422 Loans and discounts 23,951 25,362 20,953 National Bank of Egypt7 (thou- Securities 273,179 265,644 244,799 sands of pounds): (Jan.)* Deposits 218,671 205,697 176,643 Gold 6,241 6,241 Note circulation 191,744 193,244 183,262 Foreign exchange 15,659 14,148 National Bank of Belgium (millions Loans and discounts 6,144 2,343 of belgas) i1 British, Egyptian, and other Gov- Gold2 6,265 6,265 6,419 ernment securities 265,124 228,803 Foreign exchange 554 567 209 Other assets 22,738 14,480' Loans to Government 7,920 7,446 6,738 Note circulation 117,078 98,563 Other loans and discounts 106 134 344 Deposits—Government 69,868 62,820 Claim against Bank of Issue 12,918 12,918 12,918 Other 115,540 91,262 Other assets 410 399 419 Other liabilities 13,421 13,369 Note circulation 10,569 10,255 9,589 Central Reserve Bank of El Salva- Demand deposits 1,065 827 689 dor (thousands of colones): Blocked Treasury account2 2,099 2,099 2,099 Gold.. 33,186 33,205 32,612 Notes and blocked accounts3 14,235 14,347 14,468 Foreign exchange 37,694 34,546 36,390 Other liabilities 205 203 202 Loans and discounts 535 1,290 438 National Bank of Bohemia and (Nov. Government debt and securities... 4,932 5,999 6,340 Moravia (millions of koruny): 1944)4 Other assets 1,482 1,527 1,324 Gold 1,517 1,515 Note circulation 48,403 47,794 43,412 Foreign exchange 800 774 Deposits 22,612 21,895 27,779 Discounts 3,793 2,578 Other liabilities 6,815 6,878 5,914 Loans 1 Bank of Finland5 Other assets 55,027 36^845 Bank of Greece5 Note circulation 32,705 24,833 National Bank of Hungary (millions (Nov Demand deposits 13,942 8,030 of pengo): 1944)4 Other liabilities 14,491 Gold 100 100 Central Bank of Bolivia (millions i 3 6 of bolivianos): (Jan.) ^ Foreign exchange reserve 11,977 4,436 Gold at home and abroad 600 578 Discounts 511 546 Foreign exchange 414 432 Loans—To Treasury 1,074 979 Loans and discounts 289 290 To foreign countries 6 Securities—Government 626 632 Other 1,082 1,497 Other 41 41 Other assets 10,672 5,191 Nati O O D N o t t e o n h h p t a e e e o l r r s c B i a l i t i r s s a a c s b n u e i k l t l a s i t . t o i i e o f s n Bulgaria5 1,2 7 5 9 0 7 1 1 8 6 1,1 8 9 5 3 8 9 1 5 6 Rese N D O C r o t e o v 1 h m n t e 9 e e s r a 3 o B c n 1 l l i i d a i . r d a . n c a . b d u k . t i e e . l l . a p d i . o t t . o i i f e o s f s i n o I ts r n e d ig i n a ( c m re i d ll i i t o s n s o f of 2 1 , , 7 3 1 5 1 3 2 0 1, 9 4 0 6 1 6 2 2 Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 277 273 Gold at home and abroad 444 444 444 Discounts for member banks 341 146 Sterling securities 9,783 9,543 7,898 Loans to Government 710 719 Indian Govt. securities 578 578 583 Other loans and discounts 973 987 Rupee coin 141 105 158 Other assets 1,206 1,077 Note circulation 10,849 10,593 8,968 Note circulation 2,580 2,323 Banking department: Deposits—Bank 447 442 Notes of issue department 77 116 Other 157 157 Balances abroad 3,851 3,690 1,804 Other liabilities 324 280 Treasury bills discounted 33 47 10 Bank of the Republic of Colombia Loans to Government 12 3 (thousands of pesos): Other assets 231 "267 149 Gold 169,343 167,090 140,685 Deposits 3,928 3,798 1,838 Foreign exchange 102,571 109,079 96,852 Other liabilities 296 282 245 Loans and discounts 40,187 c29,031 1,385 Central Bank of Ireland (thousands Government loans and securities.. 66,676 65,981 56,858 of pounds): Other assets 30,626 C28,281 31,292 Gold 2,646 2,646 2,646 2,646 Note circulation 172,407 167,208 125,656 Sterling funds 30,264 30,223 29,292 25,790 Deposits 149,846 141,907 136,135 Note circulation 32,910 32,869 31,938 28,436 Other liabilities 87,150 90,347 65,281 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. 6 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 7 Items for issue and banking departments consolidated. JUNE 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS-Continued Central Bank 1945 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) April Mar. Feb Apr. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 i 659 642 623 507 Note circulation 17,298 16,161 "Authorized" holdings of securi- Deposits—Government 1,698 1,966 ties, etc 1,647 1,608 1,573 1,371 Other 3,407 4,023 Bills and discounts 406 405 388 245 Other liabilities 488 530 Other assets 87 69 62 55 Bank of Sweden (millions of kronor): Note circulation 1,390 1,395 1,356 1,176 Gold 1,046 1,047 940 Demand liabilities 1,245 1,174 '1,137 853 Foreign assets (net) 575 585 559 Other liabilities 164 155 154 149 Swedish Govt. securities and ad- Netherlands Bank (millions of (Oct vances to National Debt Office6. 1,189 1,314 1,140 guilders): 1944)2 Other domestic bills and advances. 24 34 74 G Si o lv ld er .. (including subsidiary coin).. 932 N Ot o h t e e r c a ir s c s u et l s ation 2 1 , , 4 0 0 5 2 0 2 1 , , 3 05 4 1 5 2, 9 1 6 5 7 8 Foreign bills 4,404 3,910 Demand deposits—Government 576 608 616 Discounts 3 Other 236 344 272 Loans 136 134 Other liabilities 669 734 634 Other assets 96 84 Swiss National Bank (millions of Note circulation 4,879 4,021 francs): Deposits—Government 149 108 Gold 4,771 4,639 4,591 4,343 Other 320 754 Foreign exchange 102 112 108 79 Other liabilities 223 176 Loans and discounts 339 286 86 Reserve Bank of New Zealand (thou- Other assets (7) 81 162 sands of pounds): Note circulation 3,558 3,564 3,478 2,962 A G St d o e v l r d l a i . n n c g e s e x t c o h a S n t g a e te r o e r s e S rv ta e te under- 4 2 7 , , 8 53 0 5 2 4 2 7 , , 8 3 0 08 2 2 2 9 , , 8 7 0 6 2 6 Cen O O tr t t a h h l e e r r B l s i a i a g n b h k i t l i l t i i o a e f s b il t i h ti e e s Republic of 1 ( , 7 4 ) 47 1, 7 333 1,301 1,4 2 2 8 8 0 takings 29,598 31,125 38,279 Turkey (thousands of pounds): Investments 13,257 11,737 11,743 Gold 276,382 238,650 Other assets 1,750 1,689 2,584 Foreign exchange and foreign Note circulation 40,154 39,316 37,026 clearings 85,070 102,297 Demand deposits 49,993 51,440 44,464 Loans and discounts 835,281 736,268 Other liabilities 4,795 3,906 3,684 Securities 173,893 196,437 Bank of Norway3 Other assets 21,155 18,526 Bank of Paraguay—Monetary Dept. Note circulation 961,056 878,946 (thousands of guaranies):4 Deposits—Gold 85,586 85,139 Gold 3,329 3,332 Other 174,526 138,191 Foreign exchange 22,194 22,800 Other liabilities 170,613 189,902 Loans and discounts 3,787 4,559 Bank of the Republic of Uruguay Government loans and securities... 10,673 10,698 (thousands of pesos): Other assets 1,256 1,117 Issue department: Note circulation 26,895 25,655 Gold and silver 122,751 119,193 Demand deposits 12,744 15,281 Note circulation 158,172 133,125 Other liabilities 1,600 1,570 Banking department: Central Reserve Bank of Peru (thou- Gold and silver 139,998 88,786' sands of soles): Notes and coin 23,164 44,898 Gold and foreign exchange 127,667121,177 157,737 Advances to State and to gov- Discounts 21,579 20,991 11,781 ernment bodies 16,550 12,885 Government loans 498,2"84 458,180 370,705 Other loans and discounts 91,761 99,275 Other assets 22,888 20,754 25,777 Other assets 297,080 228,876 Note circulation 422,617 :17,363 365,077 Deposits 263,021 205,403 Deposits 218,566 177,441 178,688 Other liabilities 305,533 269,316 Other liabilities 29,233 26,298 22,235 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- (June sands of bolivares): cudos): 1944)2 Golds 392,758 349,741380,249 307,208 Gold5 1,412 1,408 Foreign exchange (net) 85,213 94,573 77,155 65,927 Other reserves (net) 4,871 4,610 Credits to national banks 20,310 20,310 20,310 26,370 Nonreserve exchange 9,010 8,653 Other assets 21,038 20,072 13,817 24,752 Loans and discounts 236 237 Note circulation—Central Bank.... 316,042 309,522304,741 251,208 Government debt 1,023 1,023 National banks.. 15,459 15,619 16,079 24,198 Other assets 910 936 Deposits 180,838136,603160,945 132,646 Note circulation 6,946 6,768 Other liabilities 6,980 22,952 9,768 16,206 Other sight liabilities 9,577 9,172 National Bank of the Kingdom of Other liabilities 940 927 Yugoslavia3 National Bank of Rumania3 Bank for International Settlements South African Reserve Bank (thou- (thousands of Swiss gold francs):9 (Jan.) sands of pounds): Gold in bars 114,039 118,180 Gold 103,228 101,228 88,213 Cash on hand and on current ac- Foreign bills 29,921 28,558 21,826 count with banks 44,913 14,674 Other bills and loans 3,642 2,881 1,792 Sight funds at interest 12,818 6,699 Other assets 92,431 91,973 85,025 Rediscountable bills and accept- Note circulation 59,865 56,520 51,988 ances (at cost) 77,361 107,168 Deposits 164,854 162,581 140,481 Time funds at interest 8,856 21,075 Other liabilities 4,504 5,539 4,387 Sundry bills and investments 199,331 198,483 Bank of Spain (millions of pesetas): Other assets 98 361 Gold 1,166 1,074 Demand deposits (gold) 19,560 28,765 Silver 609 621 Short-term deposits (various cur- Government loans and securities... 15,983 16,043 rencies): Other loans and discounts 3,387 2,765 Central banks for own account 6,599 6,993 Other assets 1,747 2,178 Other 2,128 2,799 Long-term deposits: Special accounts 229,001 229,001 Other liabilities .... 200,128 199,082 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 4 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 5 Valued at average cost beginning October 1940. 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. 6z6 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 J 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 M a a t y e ef D fe a ct t i e ve ba C n e k n tr of a — l R M 3 a a 1 t y e ef D fe a ct t i e ve In effect Dec. 31, 1936 2 2 4 2 2 m Albania 58 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 IK Latvia 5 Feb. 17, 1940 A Se u p g t . . 3 4 4 3K Moravia.... sy2 Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Nov. 13 May 10, 1938 '•4"" " M M a a y y 3 1 0 3 'iy2' 3 B B o ri l t i i v s i h a India.. 3 6 N N o o v v . . 28 8 , , 1 1 9 9 3 4 5 0 M Ne e t x h i e c r o l . a . n . d s . . f4K J J u un n e e 2 4 7 , , 1 1 9 9 4 4 2 1 Sept. 28 "3 Bulgaria 5 Dec, 1, 1940 New Zealand July 26, 1941 Oct. 27 "v/i' Canada IK Feb. 8, 1944 Norway May 13, 1940 Nov. 25 Chile 3-4K Dec. 16, 1936 Peru Aug. 1, 1940 Jan. 4,1939 Colombia July 18, 1933 Portugal.... Jan. 12, 1944 Apr. 17 4 2K May 11 3 July 6 2H Aug. 24 •"'4" Denmark 4 Oct. 16, 1940 Rumania.... 4 May 8, 1944 Aug. 29 3 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Sept. 28 3 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Oct. 26 2 Estonia 4K Oct. 1, 1935 Sweden Feb. 9,1945 Dec. 15 "3"" Finland Dec. 3, 1934 Switzerland. Nov. 26,1936 Jan. 25, 1940 "i"" Apr. 9 May 17 sy Mar. 17, 1941 2 France \% Jan. 20, 1945 Turkey 4 July 1, 1938 May 29 3 Germany 3K Apr. 9, 1940 United King- June 27. "2H" Greece 11 Dec. 1, 1944 dom 2 Oct. 26, 1939 Jan. 16, 1945 IK Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 Jan. 20 IVs" Ireland 2K Nov. 23, 1943 Yugoslavia.. 5 Feb. 1, 1935 Feb. 9 "214" In effect Mav 31, 1945 ". 2 \% IK IK NOTE.—Changes since April 30: none. OPEN-MARKET RATES f Per cent per annum J Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l lo a d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to n th s s 3 d P is r r c i a v o t a e u t n e t 1929—Mar.. 5.33 5.30 4.51 6.31 6.97 4.64 5.05 3.39 1930—Mar.. 2.78 2.55 3.20 5.12 5.57 2.50 2.61 2.60 1931—Mar.. 2.60 2.56 2.20 4.76 5.00 1.09 1.04 .99 1932—Mar.. 2.59 2.28 2.40 6.10 7.76 1.22 1.06 1.50 1933—Mar.. .62 .46 .64 3.88 4.97 .64 1.11 1.50 1934—Mar.. .95 .84 .88 3.88 4.89 1.24 1.07 1.50 1935—Mar.. .57 .50 .72 3.38 3.94 .60 1.00 1.50 1936—Mar.. .56 .52 .75 3.00 2.99 1.11 1.68 2.26 1937—Mar.. .55 .51 .75 3.00 3.10 .19 1.00 1.00 1938—Mar.. .53 .50 .75 2.88 2.86 .13 .50 1.00 1939—Mar.. .63 .70 .75 2.88 2.70 .29 .50 1.00 1940—Mar.. 1.03 1.02 .99 2.50 2.16 1.35 2.49 1.25 1941—Mar.. 1.03 1.01 1.00 2.25 1.83 2.07 2.75 1.25 1942—Mar.. 1.03 1.00 1.03 2.13 1.95 1.25 1943—Mar.. 1.03 1.00 .90 2.13 1.94 1.25 1944—Mar.. 1.03 1.00 1.13 2.13 1.93 1.25 1944—Apr... 1.03 1.01 1.13 2.13 1.91 1.25 May.. 1.03 1.00 1.13 2.13 1.90 1.25 June.. 1.03 1.00 1.13 2.13 1.92 1.25 July.. 1.03 1.00 1.13 2.13 1.90 1.25 Aug.. 1.03 1.00 1.13 2.13 1.89 1.25 Sept.. 1.03 1.01 1.13 2.13 1.93 1.25 Oct.. 1.03 1.00 1.10 2.13 1.25 Nov.. 1.03 1.00 1.00 2.13 1.25 Dec. 1.03 1.00 1.02 2.13 1.25 1945—Jan... 1.03 1.01 1.00 2.13 1.25 Feb.. 1.03 1.00 1.00 Mar.. 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. JUNE 1945 6l 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s 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 s a e s rv 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 t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y Securities Loans to a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O bi t l h i e ti r es 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—April 430 164 149 1,314 ,152 762 285 4,017 2,672 1,345 240 May 418 173 174 1,310 ,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 ,169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 ,175 765 289 4,121 2,744 1,377 244 August 439 205 211 1,337 ,180 750 283 4,161 2,775 1,386 243 September 443 191 209 1,444 ,183 744 282 4,251 2,827 1,424 244 October... 453 191 170 1,567 ,172 744 291 4,342 2,876 1,467 245 November. 460 205 198 1,548 ,192 748 292 4,398 2,922 1,475 245 December. 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—January... 460 198 159 1,663 ,165 765 301 4,462 2,968 1,495 248 February.. 455 188 140 1,639 ,160 769 305 4,405 2,904 1,501 250 March 464 180 149 1,681 1,153 780 299 4,459 2,944 1,516 246 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 a e f n r ig e a d u d r i e b a s n a n in d k o s m . l l i a l 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 d e 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 1942—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—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 3,450 761 335 4,726 2,262 2,464 31,282 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 March 544 78 1,094 219 3,606 708 31 4,938 2,214 2,725 1,280 France Assets Liabilities (4 larg f e i g b u a r o e n f s k s i f . n r a n m E c i s n l ) l d io o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n t d e i d s- Loans a O s t s h e e ts r Deposits ac O c w ep n t- lia O b t i h li e ti r es Total Demand Time ances 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—December* 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 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August — 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September. 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October... 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November. 7,203 3,960 86,754 14,561 2,653 107,200 105,811 1,390 404 7,326 December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January... 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 419 6,168 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at \Ys per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 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." 4 Figures for three banks 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. 648-655, 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] Ar ( g p e e n so t ) ina A ( u p s o t u r n a d li ) a Bel- (c B ru r z a e z i i r l o1) British Bui- Canada (dollar) Chile (peso) China Year or month gium India garia (yuan Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export Sh h a a n i) g- 1937. 32 959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30 850 353.38 16.852 6.0027 33.279 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5^0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941. 29.773 223!704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944.. 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1944—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 Apr 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.506 Year or month C ( o p b l e i o s a m o) -C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n k - e) ( l F m k a i a a n n ) r d - k- F ( r fr a a n nc c ) e ( m m r G e a a i e c r n k h r y - ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) I ( t li a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) l h d d - - s (p N Z l o a e e u n w a n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 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 22.0l01 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—May .... 57 277 20.582 324.42 June 57.277 20.582 324.42 July 57.277 20.576 324.42 Aug. 57.277 20.580 324.42 Sept 57.277 20.581 324.42 Oct. 57 277 20.582 324.42 Nov 57.272 20.582 324.42 Dec 57.220 20.582 324.42 1945—Jan 57.180 20.582 324.42 Feb 57.140 20.582 324.42 Mar... 57.036 20.582 324.42 Apr 56.980 ?n 589 324.42 1 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P (z o l l o a ty n ) 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 o r e t l a t n l l i a e t t r s s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree t C ro o ll n e - ( d peso t N r ) c o o o ll n n e - - d Y ( s d u l 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 23o!789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 383.00 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-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 Apr.. 398.00 403.50 65.830 54.253 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. 6x9 JUNE 1945 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- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month - (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1 ( 9 O 0 c 0 t = o 1 b 0 e 0 r ) (1 = 9 2 1 6 0 - 0 3 ) 0 (1935 = 100) (Ju=l 1y0 109)14 1926 100 100 * 124 695 134 237 106 i 126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 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 "223 1944—April 104 103 166 118 p420 195 223 May 104 103 166 118 p412 197 223 June 104 103 166 118 HI7 197 223 July 104 103 167 119 198 224 August 104 102 168 118 197 224 September 104 102 167 118 196 223 October 104 102 167 118 195 p223 November 104 102 167 118 195 P222 December. 105 103 167 195 *>221 1945—January 105 103 167 195 p221 February 105 103 167 195 P221 March. . 105 103 168 195 *>221 April 106 P\03 ?168 196 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 Induspr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u r ly e - d f m c a h c a i t e n u f u r l e y - d Foods pr I o n tr d d i u u a c l s- ts p A r g t o u r d i r u c a c u l t l s - a t f n r i i d n a i l s s h e ra m e w d igoods goods products 1926..., 100 100 100 100 100 100 129 130 1932 48 61 70 48 55 70 85 91 1933 51 61 71 51 57 70 83 87 87 1934 65 71 78 59 64 73 85 90 96 91 1935 79 84 78 64 66 73 87 90 102 92 1936 81 82 80 69 71 74 92 96 105 94 1937 86 86 85 87 84 81 102 112 105 96 1938 69 74 82 74 73 78 97 104 106 94 1939 65 70 81 64 67 75 97 106 108 95 1940 68 71 83 67 75 82 133 138 111 99 1941 82 83 89 71 82 89 146 156 112 100 1942 106 100 96 83 90 92 158 160 115 102 1943 123 107 97 96 99 93 160 164 119 102 1944 123 105 99 103 104 94 158 170 1944—April 123 105 98 104 105 94 158 169 122 103 May 123 105 99 102 104 94 158 170 122 103 June 125 107 99 102 104 94 158 170 122 102 July 124 106 99 102 104 93 161 170 125 102 August 123 105 99 101 104 94 159 172 124 102 September 123 104 99 101 103 94 157 172 122 102 October 123 104 99 103 103 94 156 172 122 103 November 124 105 99 103 103 94 156 173 122 103 December 126 106 99 103 104 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 99 105 105 94 156 174 April 129 106 99 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 63O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Can- U K n i i n t g ed - Ger- Nether-S er w la it n z d - United Can- U K n i i n t g ed - Ger- Aether- S er w la it n z d - Year or month ( S 19 ta 35 t - e 3 s 9 (1 a 93 d 5 a -39 d (J o u m ly (1 m 9 a 13 n - y 14(1 la 9 n 11 d -1 s 3 (June Year or month States ada dom many lands (June = 100) = 100) 1914 = 100) = 100) 1914 (1 = 9 3 1 5 00 -3 ) 9 (1 = 9 3 1 5 00 -3 ) 9 ( 1 J 9 u 1 l 4 y (1 = 9 1 1 3 0 - 0 1 ) 4 (1 = 9 1 1 1 0 - 0 1 ) 3 1914 = 100) = 100) = 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 1132 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 P208 1944—April 135 132 168 138 215 1944—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. 136 131 168 136 October.. 127 119 201 140 ^208 November. 137 132 168 136 November 127 119 201 141 P208 December 137 130 168 p215 December. 127 119 201 P208 1945—January. . I 137 130 168 P216 1945—January... 127 119 202 P209 February.. 137 131 168 February 127 119 202 P209 March 136 131 168 March 127 119 202 ?>209 April 137 168 April 127 P119 202 vr Prrreenlimmiinnaarryy.. 11 VR» evi•_s e_ dI •i nd1ex from March 1936 (see BULLETIN for April 1937, p. 3377*3,),.. 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds i Common stocks Year or month U S n ta it t e e d s K U in n g i d te o d m France Germany Nether- U S n ta it t e e d s (1926 = 100) Nether- ( p d r e i r c i e v ) e 1 d ( 1 D 92 e 1 c e = m 1 b 0 e 0 r ) (1913=100) (a p v r e ic ra e g )2 e lands3 (1 = 9 3 1 5 0 - 0 3 ) 9 K U in n g i d te o d m France Germany (19 l 3 a 0 n = d 10 s 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.: 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 695.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 HlO.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 *>98.7 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 94.7 69.4 75.3 P476 142.1 131.5 1943 120.3 127.8 98.5 91.9 84.5 145.0 151.0 1944 120.9 127.5 99.8 88.6 1944—April 120.7 127.1 105.0 95.1 87.2 145.8 152.6 M ay. . 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 90.1 145.2 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 122.7 128.7 111.8 91.1 April. 122.9 129.3 114.4 92.0 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade 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 B 2 a n S k i i n n c g e A an p d r . M 1 o , n 1 et 9 a 3 r 5 y , th St e a t 1 is 3 t 9 ic b s, o nd T s a b in le c l 1 u 3 d 0 e , d p . i n 4 7 t 5 h , e a n ca d l T cu a l b a l t e i o 1 n 3 3 o , f p ; t 4 h 7 e 9 a . verage 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. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. B 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. 631 JUNE 1945 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 O. E. FOULK, Fiscal Agent J. E. HORBETT, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE 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. GLFFORD, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JULIAN B. BALRD, MINNEAPOLIS DISTRICT WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel A. E. BRADSHAW, KANSAS CITY DISTRICT E. A. GOLDENWEISER, Economist C. O. HARDY, Associate Economist C. A. SIENKIEWICZ, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEP 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 63 2- 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. Huntcr2 O. A. Schlaikjer New York Beardsley Ruml Allan Sproul J. W. Jones H. V. Roelsc 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. Mcllhenny8 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. Kecscc2 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 S. P. Schessler Allan M. Black2 E. C. Harris Chicago Simeon E. Leland C. S. Youn8 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. Attebcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart H. G. McConnell E. W. Swanson Minneapolis.... W. C. Coffey J. N. Peyton A. W. Mills2 Sigurd Ueland Roger B. Shepard O. S. Powell Otis R. Preston Harry I. Ziemer Kansas City.. .. Robert B. Caldwell H. G. Lccdy O. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry O. Koppang L. H. Earhart G. H. Pipkin C. O. Hardy D. W. Woollcy3 Dallas Jay Taylor R. R. Gilbert E. B. Austin3 W. O. Ford J. R. Parten W. D. Gentry R. B. Coleman W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. 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. Smith* Minneapolis Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City Denver G. H. Pipkin* Oklahoma City O. P. Cordill* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart5 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom5 New Orleans E. P. Paris* San Antonio W. H. Holloway5 Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. 5 Vice President. 6 Manager. JUNE 1945 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 0 w > BOUNDARIES OF FEDERAL RESERVE OtSTRICTS BOUNDARIES OF FEOERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE 8RANCH CITIES BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM g Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis